Full text of Federal Reserve Bulletin : June 1988
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOLUME 7 4 •
1
NUMBER 6 •
JUNE 1988
FEDERAL RESERVE
BULLETIN
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D . C .
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Michael Bradfield • S. David Frost
• Griffith L. Garwood • Donald L. Kohn • Michael J. Prell • Edwin M. Truman
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Section headed by Mendelle T.
Berenson, the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Linda C. Kyles.
Table of Contents
361 HOME
EQUITY
LINES
OF
Proposed concept of same-day payment for
checks presented to paying banks by private-sector collecting banks; proposed
amendment to Regulation T.
CREDIT
Homeowners have been acquiring and borrowing against home equity lines of credit
rapidly during the past two years, and lenders have been marketing the accounts with
increasing vigor. This article describes the
market for these accounts and discusses
their risks and benefits for creditors and
consumers.
3 7 4 INDUSTRIAL
PRODUCTION
Revised List of OTC Stocks Subject to
Margin Regulations now available.
Admission of four state banks to membership in the Federal Reserve System.
383 LEGAL
Various bank holding company, bank service corporation, and bank merger orders;
and pending cases.
Industrial production increased an estimated 0.1 percent in March.
3 7 6 STATEMENT
TO
DEVELOPMENTS
CONGRESS
William Taylor, Staff Director, Division of
Banking Supervision and Regulation, Board
of Governors of the Federal Reserve System, discusses ongoing supervisory efforts
to develop a risk-based framework for assessing the capital adequacy of commercial
banking organizations and says that banking organizations will be stronger and more
competitive, and the international banking
system more resistant to financial strains, if
bank supervisory authorities from the major
countries cooperate in the establishment of
consistent and credible standards for the
assessment of bank capital adequacy, before the House Committee on Banking,
Finance and Urban Affairs, April 21, 1988.
A i FINANCIAL
AND BUSINESS
STATISTICS
A3 Domestic Financial Statistics
A44 Domestic Nonfinancial Statistics
A53 International Statistics
A 6 9 GUIDE TO TABULAR
STATISTICAL
RELEASES,
TABLES
A 8 0 BOARD
OF GOVERNORS
A 8 2 FEDERAL
OPEN
PRESENTATION,
AND
SPECIAL
AND
MARKET
COMMITTEE
AND STAFF; ADVISORY
A 8 4 FEDERAL
RESERVE
STAFF
COUNCILS
BOARD
PUBLICATIONS
381
ANNOUNCEMENTS
A 8 7 SCHEDULE
Supervisory policy statement issued.
Annual report on priced service operations
issued.
Supplement 1 of the Bank Holding Company Supervision Manual now available.
Appendix approved for proposed Regulation CC.
PERIODIC
A 8 9 INDEX
OF RELEASE
TO STATISTICAL
A 9 1 FEDERAL RESERVE
AND
OFFICES
A92
MAP
DATES
FOR
RELEASES
OF FEDERAL
TABLES
BANKS,
RESERVE
BRANCHES,
SYSTEM
Home Equity Lines of Credit
Glenn B. Canner, James T. Fergus, and Charles
A. Luckett, of the Board's Division of Research
and Statistics, prepared this article, with the
assistance of John P. Ferraro and Patricia A.
Boerschig. In preparing the article, the authors benefited from discussions with, and comments from, John H. Lindgren, Jr., Richard F.
DeMong, and Sandra L. Schmidt, of the Center
for Financial Services Studies, Mclntire School
of Commerce, University of Virginia. Notes appear at the end of the article.
Prominent among the many innovations in consumer lending offered by financial institutions in
recent years is the home equity line of credit, a
revolving account that allows homeowners to
borrow against the equity in their homes. Unlike
traditional second mortgages, which are extended for a specified period of time and generally require repayment of principal and interest in
equal monthly installments, home equity accounts are ongoing arrangements, often without
a fixed maturity, that allow the borrower great
flexibility in the size and timing of drawdowns
and payments. The term "home equity accounts" will be used in this article to refer
exclusively to these new lines of credit and not to
traditional second mortgages or any other type of
account.
Consumer surveys indicate that homeowners
have been acquiring and borrowing against home
equity accounts rapidly during the past two
years, and lenders have been marketing them
with increasing vigor. The proliferation of home
equity accounts has focused attention on the
risks as well as the benefits of using this type of
credit. To learn more about this new credit
instrument, the Federal Reserve Board sponsored surveys of consumers in 1987 (see appendix A). The results, along with those from several
industry-sponsored surveys of financial institutions, provide information on the features and
use of home equity accounts. In addition, the
year-end 1987 Report of Condition made comprehensive information available for the first time
about the extension of home equity credit by
commercial banks. This article uses this new
information to describe the market for home
equity accounts and relates the information to
governmental proposals to modify the terms under which such accounts are advanced.
THE GROWTH AND
OF HOME EQUITY
THE
CHARACTERISTICS
ACCOUNTS
Although some consumers reported opening
their home equity lines of credit as early as 1982,
three-fourths of all existing accounts were
opened in 1986 or 1987 (table 1). Balances owed
on home equity lines are estimated to have
doubled during 1986 to approximately $40-$45
billion. Recent information suggests that by yearend 1987, outstanding balances on home equity
accounts had risen to about $75 billion.
Reasons for Rapid Growth
The fast expansion of borrowing under home
equity plans stems from several factors, including tax revisions affecting the deductibility of
interest paid on consumer credit, finance rates
1. Distribution of home equity lines of credit,
by year in which they were established, 1982-87
Year
1982
1983
1984
1985
1986
1987'
Total
Percent
1
3
9
11
34
42
100
1. First 10 months.
SOURCE. For this and subsequent tables, unless otherwise noted,
University of Michigan, Survey of Consumer Attitudes, March, April,
September, and October 1987, Survey Research Center.
362
Federal Reserve Bulletin • June 1988
more attractive than for alternative loan products, and intensive marketing programs including
price concessions.
The Tax Reform Act of 1986 mandates the
gradual removal of federal income tax deductions
currently allowed for interest paid on nonmortgage consumer credit. However, within specified
limits, such deductions would still be allowed for
interest paid on loans secured by a home. By
raising the after-tax interest cost of consumer
credit, the new tax rules encourage homeowners
to substitute home equity loans for other types of
consumer borrowing. Many creditors have prominently featured the tax advantages of home
equity loans in their marketing programs.
For the past few years, the interest rates
charged on home equity accounts have been
significantly lower than on most types of consumer credit, especially credit cards (table 2).
The relatively attractive finance rates on home
equity accounts have created an incentive for
consumers to use them both for new borrowing
and to repay debts carrying higher interest rates.
Creditors have intensively promoted home equity accounts. In 1986, for example, nearly half
of all large financial institutions spent more advertising dollars on home equity accounts than
on any other loan product.1 Moreover, creditors
have offered substantial inducements to consumers—in the form of low introductory interest
rates or discounted or rebated closing costs—to
encourage them to establish home equity accounts.
Characteristics
of Home Equity
Accounts
Amounts borrowed under home equity accounts
are secured by a lien on real estate, usually the
borrower's principal residence. Consequently,
the creditor may foreclose on the mortgage and
force a sale of the property if the debt is not
repaid as scheduled.
Other features of home equity accounts vary
among creditors. According to a survey sponsored by the Consumer Bankers Association (see
appendix B), most lenders limit the maximum
line of credit to the equivalent of 70 to 80 percent
of the homeowner's equity (the appraised value
of the property less all mortgage indebtedness);
however, some creditors allow the line to equal
2. Interest rates for home equity lines of credit and
selected other types of consumer credit, 1984-87'
Rate (percent, annual average)
Type of credit
Home equity line of credit
Credit card
New car loan (48-month
maturity)
Personal loan (24-month
maturity)
1984
1985 | 1986 | 1987
14.0
18.8
11.9
18.7
10.3
18.3
10.2
17.9
13.7
12.9
11.3
10.5
16.5
15.9
14.8
14.2
I. The rate shown for home equity accounts is the prime rate plus
2 percentage points. On average, a bank using a prime rate as its base
index adds a margin of nearly 2 percentage points to determine its
contract rate on the home equity account. The rates shown for other
types of credit are those reported by commercial banks.
SOURCE. Federal Reserve Board statistical release G.19, February
5,
1988, a n d
FEDERAL RESERVE B U L L E T I N , t a b l e s
1.33 a n d
1.56,
various issues.
100 percent of the owner's equity in the
property.2 Most creditors specify a minimum and
maximum dollar amount for the credit lines they
offer; in 1987 the average minimum credit line
was $5,000, and the average maximum was
$100,000. Nearly all lenders evaluate a consumer's ability to repay when determining the size of
the credit line they will allow; and if a family's
income or home equity increases, 90 percent of
surveyed lenders will increase the size of the
line.
Creditors offer customers a variety of ways to
draw on their lines of credit. We estimate that in
rough terms 90 percent of lenders allow access
by check, 20 percent permit telephone transfers,
13 percent provide access through automatic
teller machines, and 9 percent permit access
through credit cards. Although creditors rarely
place restrictions on the frequency with which
credit lines can be drawn down, they often
establish a minimum amount for each draw; in
1987 the typical minimum for access by check
was $300.
The finance rate assessed for balances owed on
most home equity accounts is variable (typically
monthly) and is determined by adding a fixed
margin to a specified index (table 3). About
three-fourths of creditors use a prime rate as
their selected index, most often the prime rate
published in the Wall Street Journal; an additional 17 percent use the rate on one of several
different Treasury bills; and the remainder use
other indexes, such as their average cost of funds
or the discount rate established by a Federal
Home Equity Lines of Credit
363
3. Pricing of variable-rate home equity lines of credit, 1986
Creditors
using index
(percent)
Average
margin (basis
points)'
Range of
margin (basis
points)'
Prime rate
Wall Street Journal
Bank
77
47
30
184
184
186
0-400
50-300
0-400
Treasury bill rate
1 year
6 month
90 day
30 day
17
1
7
8
1
396
450
397
394
338
Federal Reserve
discount rate
2
Management discretion
1
Other
3
Type of index
Frequency of interest rate adjustment (percent of creditors)
Daily
Monthly
Quarterly
Other
4
6
1
69
65
77
16
21
9
11
9
14
200-550
400-500
300-550
200-550
325-350
0
0
0
0
0
60
33
68
52
100
33
0
32
43
0
7
67
0
5
0
369
175-500
0
67
17
17
75
0-150
0
100
0
0
230
138-350
0
75
13
13
1. One hundred basis points equals I percent.
SOURCE. John H. Lindgren, Jr., Richard F. DeMong, and Sandra L.
Schmidt, Consumer Bankers Association
Home Equity
Lending
Survey, Year-End 1986, conducted by the Center for Financial Services Studies. Mclntire School of Commerce, University of Virginia
(Arlington, Va.: Consumer Bankers Association, n.d.).
Reserve Bank. Only about 4 percent of creditors
who provide home equity accounts offer such
accounts with a fixed interest rate.
Until recently, most home equity accounts
with variable rates have had no annual or lifetime
limit on adjustments to the initial interest rate.
However, the Competitive Equality Banking Act
of 1987 requires all home equity accounts established after December 9, 1987, to carry a life-ofplan interest rate ceiling; the act does not specify
any maximum or minimum for this ceiling nor
any annual restriction on changes in interest
rates. Only about 10 percent of creditors provide
annual caps on the rate. A few creditors also
establish annual or lifetime floors on the finance
rates they charge.
As noted, some creditors have offered a low
introductory interest rate to promote their home
equity accounts. After a specified period of time,
the promotional rate reverts to the interest rate
determined by the formula in the credit contract.
In the first half of 1987, about 23 percent of larger
financial institutions used such promotions.
Competition among lenders to market home
equity accounts in 1986 and 1987 caused many of
them to absorb some or all of the fees that
lenders usually charge to open credit accounts
secured by real estate. These charges include
origination fees and closing costs for items such
as the title search, property appraisal, credit
report, title insurance, and mortgage recording
fee. In 1987, 8 percent of large commercial banks
and thrift institutions charged no fees, and 68
percent promoted home equity accounts by
waiving fees or crediting them against accrued
interest.3 Low introductory interest rates and
rebating of initial fees encourage consumers to
establish home equity plans and provide incentives for borrowing right away. Fee waivers, on
the other hand, do not promote immediate use.
Some lenders assess other fees such as annual
maintenance charges (31 percent of creditors) or
transaction fees (about 1 percent of creditors). 4 A
few creditors also charge a fee when an account
is terminated or is inactive for a period of time.
Most home equity accounts specify a maximum term for repayment. The duration of such
accounts is usually about 10 to 15 years; however, nearly two-fifths of creditors offer accounts
with indefinite terms. 5 Virtually all agreements
permit repayment of outstanding balances at any
time without a penalty. Minimum payments on
outstanding balances are nearly always required,
usually monthly, but the calculation of the minimum varies widely among plans. The minimum
can be a fixed dollar amount, a specified percentage of the outstanding balance, or only the interest due on the amount owed. A minimum
monthly payment will not fully amortize the loan
by the end of the term under many plans; in such
cases the borrower faces a large end-of-term
payment ("balloon" payment). In 1987, about 40
364
Federal Reserve Bulletin • June 1988
percent of creditors offering home equity accounts allowed an interest-only monthly payment option.
CONSUMER
OF HOME
ACCEPTANCE
EQUITY
AND
USE
of Home Equity
Accounts
Although home equity accounts were still relatively new in 1987, 80 percent of the homeowners
interviewed were aware of such accounts (table
4). Only a small proportion of homeowners—
about 4 percent—had a home equity account;
Status regarding
home equity account
Holds
Considering
Aware of, but not interested . . .
Not aware of
ACCOUNTS
The surge of consumer borrowing through home
equity accounts is noteworthy for several reasons. First, the rapid increase in such borrowing
helps account for the sudden slowdown in the
growth of consumer installment debt that began
in late 1986 and carried through the first half of
1987. Also, a number of consumer interest organizations and some members of the Congress
have expressed concern about the suitability of
home equity loans for consumers. They have
warned borrowers to exercise caution in using
home equity accounts and have criticized certain
lender practices in connection with them. On a
broader scale, some observers have questioned
the economic effects of home equity accounts,
viewing them as an encouragement to increase
current spending at the expense of saving and as
an inducement for consumers to deplete their
housing equity instead of preserving that asset to
help finance longer-term needs such as retirement.
To obtain information about the prevalence of
home equity accounts and the ways that homeowners have been using them, the Federal Reserve Board sponsored consumer surveys in the
spring and fall of 1987. Consumers were asked
whether they were aware of home equity accounts and whether they had one or had applied
for one. Families with a home equity account
were questioned about the amount of such credit
available to them, how much of it they had used,
how frequently they had made draws, and the
purposes of the draws. This section discusses the
results of these surveys.
Prevalence
4. Distribution of homeowners, by status regarding
home equity lines of credit, 1987
Total
Percent
4
I
4
71
20
100
another 1 percent of homeowners had applied for
such an account but had not yet received approval. The American Bankers Association estimates that creditors approve roughly 75 to 85
percent of applications for home equity accounts; thus, most of these pending applications
probably were approved by the end of 1987. If
so, approximately 2.5 million to 3 million homeowners had home equity accounts at that time.
Moreover, prospects for continued growth
seemed good, since an additional 4 percent of
homeowners interviewed said they were considering applying for such an account in the next
few months.
Characteristics
of Account
Holders
As a group, families with home equity accounts
have economic and demographic characteristics
that set them apart from the average family. By
definition, home equity accounts are available
only to homeowners—about 65 percent of all
families. Furthermore, home equity account
holders typically have considerably higher incomes and have built up substantially more home
equity than homeowners without such accounts
(table 5). Families with home equity accounts
had median 1986 family incomes of $42,000,
compared with $27,000 for homeowners without
such accounts. For homeowners with home equity accounts, the median amount of home equity
was $64,000; for homeowners without such accounts, it was $46,000.
Holders of home equity accounts typically are
younger and have had more years of education
than other homeowners. According to information from the consumer surveys, the median age
of the family head was 43 years for families that
had home equity accounts, compared with 50
Home Equity Lines of Credit
365
5. Selected characteristics of homeowners, by holding of home equity lines of credit, 1987
Homeowner
Homeowner equity 1
(dollars)
1986 family income
(dollars)
Median age
(years)
Education
(median grade
completed)
43
14
Mean
Median
Mean
Median
Holds home equity account
49,611
42,000
83,549
64,000
Does not hold home equity account ..
34,027
27,000
61,907
46,000
50
12
All homeowners
34,711
28,000
62,761
47,000
50
12
1. Homeowner equity consists of the market value of the home less
all debts secured by the home, including balances outstanding on
equity lines of credit.
years for other homeowners. Heads of families
that had home equity accounts typically had
completed 14 years of education, compared with
12 years for other homeowners. In view of these
financial and personal characteristics, home equity account holders seem to be better prepared
than the average consumer to cope with the
complexity and risks of using a home equity
account.
Size of Credit
Lines
One attraction of home equity accounts is the
relatively large credit line for which many homeowners can qualify. Except for the wealthy, most
homeowners can finance major expenditures
only by borrowing against their major asset—the
accumulated equity in their homes. More than 70
percent of the accounts sampled in 1987 had a
credit line of $20,000 or more (table 6).
Home equity credit lines are large relative to
the lines ordinarily available with other types of
loans, but on the whole, consumers and creditors
have held credit lines to a rather moderate level.
The typical home equity line averaged about half
of the homeowner's equity, compared with an
6. Distribution of home equity lines of credit,
by size of line, 1987
Amount (dollars)
Less than 10,000
10,000-19,999
20,000-49,999
50,000 or more
Total
Percent
8
20
39
33
100
MEMO (dollars)
Mean amount
Median amount
45,000
30,000
upper limit of 70 to 80 percent that lenders
ordinarily allow.
Use of Home Equity
Accounts
The surveys suggest that, so far, consumers have
used their home equity accounts in a fairly conservative manner. A substantial proportion of
account holders—18 percent—had never borrowed against their credit lines (table 7, memo).
Few of the unused accounts were opened only
recently; almost all of them were at least three
months old, and almost half were at least six
months old. These account holders evidently had
established their accounts either in anticipation
of some specific use or as a standby source of
liquidity.
Account holders who had used their credit line
reported a large variety of first uses. Many of
them reported more than one use for their first
drawdown.
7. U s e s of home equity lines of credit,
by order of use, 1987
Percent of account users
Use
Pay off other debt
Home improvement
Automobile purchase
Education and medical care
Other 3
First use 1
All later
uses 2
53
25
12
8
48
7
19
16
13
21
Memo
MEMO
Never used account
Used account only once
18
55
1. Percentages add to more than 100 because some account holders
reported more than one type of first use.
2. Percentages do not add to 100 because some account users
reported only a first use.
3. Includes real estate purchases, vacations, business investments,
and financial investments such as individual retirement accounts.
366
Federal Reserve Bulletin • June 1988
The most prevalent first use—reported by over
half of all account users—was to pay off other
indebtedness (table 7), about two-thirds of which
was credit card debt and auto loans. The substitution of home equity account balances for other
types of consumer debt generally improves a
consumer's current financial position because, at
the prevailing interest rates for home equity
accounts and most types of consumer installment
loans, it reduces borrowing costs. Use of a home
equity account also typically produces greater
tax savings and, with the exception of credit
cards and overdraft features of checking accounts, permits more flexibility in adjusting payments to match variations in income. Of course,
it is difficult to evaluate the longer-run effects
that could result if, for example, interest rates on
home equity accounts should rise sharply.
The next most frequent first use of home
equity accounts was for home improvements,
suggesting that another large share of the initial
debt substituted for unsecured home improvement loans and traditional second mortgages.
Other first uses included purchases of automobiles, payment of educational and medical expenses, business and financial investments, and
expenditures for various consumer durables. Fifty-five percent of account users drew against
their accounts only once (table 7, memo). These
borrowers established their accounts for particular purposes and have not drawn on them for
any additional borrowing.
Table 7 also shows the percent of account
users that employed home equity accounts for
specified purposes after the first time the account
had been tapped. Borrowings after the first
tended to be for purposes different from those of
the initial borrowing. For example, the proportion of users who paid off other debts in later uses
was much smaller than the proportion who paid
off debts for their first use. The most prevalent
type of later use was for home improvement,
followed closely by automobile purchases.
Information on outstanding balances also supports the view that consumers, on the whole,
have been cautious in their use of home equity
accounts. According to the 1987 consumer surveys, 28 percent of home equity account holders
had at least half of their lines of credit in use
(table 8), but an equal proportion had no out-
8. Distribution of home equity lines of credit,
by proportion of credit line in use, 1987
Proportion of line in use (percent)
Percent
0
1-24
25-49
50-100
28'
23
22
28
Total
100
MEMO2
Mean proportion
Median proportion
42
36
1. Differs from corresponding value in table 7 because it includes
those who have used their line but have paid off their balance.
2. For accounts with an outstanding balance.
standing balance on their accounts. Overall, the
median proportion of the credit line in use for
those with such debt was 36 percent.
SUPPLIER
PARTICIPATION
IN THE
MARKET
According to the 1987 consumer surveys, depository institutions have been the principal source
of home equity accounts (table 9)—about 41
percent of such accounts were issued by commercial banks, 38 percent by thrift institutions
(savings and loan associations and savings
banks), and 12 percent by credit unions. Less
than 10 percent of the accounts were issued by
nondepository financial institutions, such as finance companies or brokerage firms.
Home Equity Account
Debt
Outstanding
Until recently, no comprehensive data have been
available about suppliers of home equity account
credit. The collection of information about bal9. Distribution of home equity lines of credit,
by source of credit, 1987
Source
Commercial banks
Thrift institutions'
Credit unions
Other creditors 2
Total
Percent
41
38
12
8
100
1. Savings and loan associations and savings banks.
2. Includes finance and loan companies and brokerage firms.
Home Equity Lines of Credit
367
10. Proportion of all commercial banks that offer home equity lines of credit, and home equity balances
as a proportion of selected loan balances, by asset size of bank, December 31, 1987
Assets (millions of dollars)
Percent offering
home equity
accounts
Less than 100
Percent of total balance
represented by
home equity account balances
Consumer loans
plus home
equity accounts
Consumer loans
plus all loans
secured by homes
4
2
23
100-249
250-999
1,000 or more
All banks
SOURCE. Report of Condition for December 31, 1987.
ances outstanding on such accounts at all commercial banks began with the Report of Condition of December 31, 1987; comprehensive
information on the home equity debt outstanding
at other types of institutions is still not available.
The Report of Condition shows that home equity
account debt was outstanding at 32 percent of
commercial banks (4,322 banks out of a total of
13,604) at the end of 1987, in the amount of $30.4
billion.
The consumer surveys showed that about twofifths of all home equity accounts had been
obtained from banks. Assuming that nonbank
home equity credit lines had been drawn down to
the same extent as bank lines, two-fifths of all
home equity account debt equaled about $30
billion in late 1987, and therefore such debt from
all sources equaled about $75 billion ($30 billion
divided by 0.4) 6
Differences
by Size of
in
Participation,
Lender
The data from the Report of Condition also
indicate that participation by commercial banks
in the home equity account market increases
with the size of the bank. Less than one-fourth of
the smallest commercial banks reported any revolving loans secured by residential properties
(table 10). By contrast, more than four-fifths of
the largest commercial banks offered open-end
home equity lines of credit.
The importance of home equity account loans
relative to other types of consumer lending also
varies substantially according to bank size (table
10). For example, at the smallest institutions,
home equity account debt typically amounted to
only 4 percent of consumer debt plus home
equity account debt. By contrast, the ratio was 9
percent for banks in the largest size category, on
average, partly reflecting the greater proportion
of such banks that offer home equity accounts.
Similarly, when measured as a percentage of
consumer debt plus all loan balances secured by
residential property, home equity account balances were only 2 percent for the smallest banks
but were 6 percent for the largest banks.
A substantially different picture of small-bank
involvement in home equity accounts emerges
when banks that do not offer home equity accounts are excluded (table 11). As a group, the
smaller banks had ratios of home equity lending
to consumer and real-estate-secured lending little
11. Home equity credit line balances as a proportion
of selected loan balances at banks offering home
equity accounts, by asset size of bank,
December 31, 1987
Percent of total balance represented by
home equity account balances
Assets
(millions of dollars)
Less than 100
100-249
250-999
1,000 or more
Consumer loans plus
home equity
accounts
Consumer loans plus
all loans secured by
homes
u
7
11
All banks
SOURCE. Report of Condition for December 31, 1987.
368
Federal Reserve Bulletin • June 1988
different from the corresponding proportions for
the larger banks. This result suggests that, although a lower proportion of smaller banks participate in the home equity account market, those
who do so are able to generate home equity
account business in about the same proportion,
relative to other types of loans, as larger institutions.
ADVANTAGES
FOR
OF HOME
EQUITY
ACCOUNTS
LENDERS
Home equity accounts are attractive to lenders
because the accounts provide opportunities for
controlling or reducing costs and for increasing
revenues. For instance, when compared with
other types of consumer loans, particularly other
types of revolving credit, home equity accounts
carry a relatively low risk of loss from default
because outstanding balances are secured by the
borrower's home.
Lenders might achieve additional savings if the
customer could be encouraged to make draws
from a home equity line in place of a series of
closed-end junior mortgages or personal loans,
thereby avoiding the recurrent fixed costs associated with establishing successive loans. Expenses of originating a home equity line are
relatively high, but the start-up costs are often at
least partially offset by initial fees. Moreover, as
discussed below, the credit line customer tends
to be a customer of the same institution for future
borrowing needs.
Variable-rate pricing for home equity accounts
appeals to lenders because the automatic adjustment of interest rates to changes in financial
market conditions shifts at least some of the risk
of future rate movements to the borrower. Without such adjustments, lenders would bear the
entire risk of losses due to increases in their cost
of funds as well as the risk that returns on
alternative investments might increase while the
yields on home equity loans remained fixed.
Some features of home equity accounts may
help to establish a long-term relationship with the
borrower. Because of the relatively high lending
limits on home equity accounts, and lender willingness to raise limits over time, a borrower
would ordinarily want, or be able, to obtain only
one such credit arrangement. The practice of
imposing appraisal fees, loan origination fees,
and the like also fosters a long-term link between
borrower and lender by making it costly for
consumers to shift home equity accounts from
one lender to another. In the early years of home
equity accounts, virtually all lenders charged
initial fees. But in the heavily competitive market
of the past two years, many lenders have waived
or substantially reduced these fees, thereby
weakening the tie between an equity line user
and the initial supplier of credit. Still, the complexity of the application process itself, and in
some cases the charging of close-out fees, serve
as disincentives to switch lenders frequently or
for slight cause.
Home equity accounts are also desirable to
creditors because they provide opportunities to
cross-sell other products and services, such as
checking accounts, credit or debit cards, or
credit insurance. For example, roughly 60 percent of creditors offering home equity accounts
also offer credit life insurance, and nearly 30
percent of their customers purchase such insurance. To be sure, other loan products also afford
opportunities for cross-selling, but the home equity account is particularly attractive because it
delivers a higher-income, more-educated pool of
prospects. Moreover, homeowners with home
equity and family incomes typical of home equity
accounts holders are much more likely than other
homeowners to hold money market deposit accounts, certificates of deposit, individual retirement accounts, and trust accounts (table 12). The
12. Proportion of selected groups using selected
financial services, 1983
Percent
market deposit
count
Money market mutual
fund
Certificate of deposit
IRA or Keogh account...
Trust account
Homeowners
typical of
home equity
account
holders'
All homeowners
All
families
29.6
12.0
9.4
31.8
36.9
60.0
13.6
9.2
26.6
23.1
4.4
7.5
20.2
17.4
4.0
I. $75,000 or more in home equity and family incomes greater than
$40,000.
SOURCE. Board of Governors of the Federal Reserve System, 1983
Survey of Consumer Finances, Division of Research and Statistics.
Home Equity Lines of Credit
long-term relationship with the borrower promised by home equity accounts should provide
numerous opportunities for the creditor to promote these ancillary services—for example,
through mailings of periodic statements. In 1987,
9 percent of larger financial institutions reported
they offered reduced fees for deposit accounts or
lower finance rates for other credit products to
customers that have home equity lines of credit.7
A final attraction of home equity accounts is
that the prospects for longer-term growth of such
accounts appear generally favorable. Substantial
latitude exists for continued substitution of home
equity accounts for consumer installment credit
and traditional second mortgages. As discussed,
only 4 or 5 percent of homeowners already have
home equity accounts. In comparison, about 62
percent of homeowners have consumer installment debt obligations. 8 About two-thirds of this
group, or two-fifths of all homeowners, had at
least $25,000 in home equity, so there is considerable room for the expansion of home equity
accounts merely as a substitute for other forms of
credit. Second, the phaseout by 1991 of tax
deductibility for interest on nonmortgage consumer loans provides an increasing incentive for
replacing other kinds of consumer loans with
home equity credit. Third, a growing proportion
of the baby boom population has reached the
stage at which increasing homeownership, growing home equity, rising needs for credit, and
relatively high income levels seem likely to favor
the growth of home equity accounts.
POSSIBLE
EQUITY
DISADVANTAGES
ACCOUNTS
FOR
OF
HOME
LENDERS
From the lender's perspective, a number of actual or potential disadvantages are associated
with home equity accounts. These drawbacks
mainly involve credit standards and product
pricing.
Credit
Standards
The intensity of competition for home equity
accounts among lenders has caused some observers to question the credit standards applied
in granting such loans. For example, some lend-
369
ers have been criticized for using the less costly,
but also less thorough, "drive-by" method of
appraisal. Lenders who rely on less-rigorous
evaluations of collateral value are exposed to
greater risk of default, but the actual extent of the
problem is unknown. However, in addition to
evaluating the collateral, almost all lenders assess the borrower's ability to repay. We estimate
that 98 percent of creditors who use drive-by
appraisals also evaluate a loan applicant's debtto-income ratio. Also, some of these lenders may
be extending home equity accounts to customers
who already have a first mortgage or other accounts at the same institution. Such creditors
may be well-equipped to gauge creditworthiness
and collateral value for such applicants. Thus, in
itself, the use of drive-by appraisals does not
indicate an absence of prudent credit standards.
Credit problems with home equity accounts at
commercial banks have been fairly limited so far.
About 0.7 percent of the home equity credit lines
in use were delinquent, on average, during the
last three quarters of 1987. By comparison, delinquency rates during the same period averaged
2.33 percent for credit card plans and 1.72 percent for new-auto loans. 9 However, most home
equity accounts have been opened relatively
recently, so the delinquency experience on them
may not remain as favorable once the accounts
have aged.
Pricing
Problems
Aggressive competition among lenders for home
equity accounts—such as low interest rates and
waived or discounted fees—has attracted customers, but such competition also can impair the
profitability of the accounts. Survey evidence
indicates that some consumers establish the account but use it little or not at all. Other consumers, attracted mainly by the pricing concessions,
might close the account before interest earnings
had offset the initial costs involved or might
switch to a still more attractively priced account
at another institution.
To protect themselves against these risks, some
lenders charge a fee when an account is closed.
Other institutions gradually rebate the initial fees
against interest payments instead of absorbing all
of them when the account is established.
370
Federal Reserve Bulletin • June 1988
Another problem with the low interest rates on
home equity accounts is that the home equity
account may be used to retire higher-priced
credit, such as credit card debt, held by the same
lender. However, the effect of such developments on net earnings is not entirely clear, because lower gross revenue on the home equity
account might be matched to some extent by
reductions in costs such as bad-debt expenses.
POLICY
ISSUES
The recent proliferation of home equity accounts
has focused public attention on their risks and
benefits to consumers and stimulated debate
about appropriate public policy. One area of
concern involves the appropriateness of current
disclosure rules for home equity accounts. Under
current provisions of the Truth-in-Lending Act
and the Federal Reserve's Regulation Z, which
implements that law, home equity accounts are
treated in the same manner as other types of
open-end credit programs for purposes of disclosure and advertising. But home equity accounts
are more complex than other types of open-end
credit plans and may pose a greater risk to the
financial well-being of consumers if they fail to
understand the terms and conditions. Consequently, some have questioned whether existing
disclosure rules ensure that consumers receive
timely and adequate information about the key
characteristics of these accounts.
A second area of concern involves features in
many home equity accounts that, critics believe,
pose significant risks to borrowers or are inherently unfair and therefore should be prohibited or
severely restricted.10 One feature considered unfair allows creditors to change the terms and
conditions of the plan unilaterally. Provisions
frequently criticized as too risky for borrowers
include repayment schedules, such as interestonly payment options, that may result in balloon
payments and clauses allowing the creditor to
terminate the account and demand full payment
of the outstanding balance at any time.
Financial institutions and their trade associations have responded to some of the concerns
raised about home equity accounts. For example, in December 1986 the American Bankers
Association (ABA) issued guidelines for lenders
regarding proper advertising of home equity accounts. The ABA also has developed an educational brochure about home equity loans for
distribution to consumers. Efforts to guide lenders and educate consumers regarding home equity accounts have also been made by the Consumer Bankers Association, the Credit Union
National Association, and the U.S. League of
Savings Institutions."
The Congress and the Federal Reserve Board
have responded to the concerns raised about
home equity accounts. The Congress currently is
considering several bills that would amend the
Truth-in-Lending Act to require creditors to provide prospective loan applicants with specific
disclosures about home equity accounts. 12 These
bills also would require creditors to provide
consumers with a copy of an information brochure published by the Federal Reserve (or a
suitable substitute) that describes how home
equity accounts operate.
The Federal Reserve Board has issued proposed revisions to Regulation Z that would require home equity account creditors to provide
disclosures when they give an application form to
the consumer or before the consumer pays a
nonrefundable fee, whichever is earlier. The
Board also has proposed requiring that creditors
distribute educational brochures explaining some
of the key characteristics and potential risks
associated with home equity plans. The Board's
action reflects a view that providing enhanced
disclosures about home equity lines at an earlier
point in the credit approval process than is now
required will help consumers understand and
shop for this type of credit. Although the proposed rules would impose some additional costs
on creditors, better-informed consumers are
more likely to be cautious in their use of home
equity accounts and therefore will be less likely
to overextend themselves. Minimizing such
problems would benefit consumers and creditors
alike.
The Congress has considered other provisions
that would restrict or prohibit credit terms that
are commonly available under many home equity
plans. For example, the Congress has enacted
legislation potentially affecting the level of finance rates charged on home equity accounts.
Home Equity Lines of Credit
As already mentioned, the Competitive Equality
Banking Act of 1987 requires creditors to establish an interest rate ceiling applicable to all
adjustable-rate mortgages secured by a consumer's dwelling, including home equity accounts.
The practical effects of this rule are unclear
because creditors are free to select whatever rate
ceiling they choose. That rate, of course, would
be subject to competitive market forces and, in
some instances, to state usury laws, but would
not be limited in any way by the Competitive
Equality Banking Act.
Both S. 3456 and H.R. 3468 contain provisions
that would limit some of the credit terms currently available on home equity accounts. For
example, H.R. 3468 would require consumers to
follow a fixed payment schedule that would fully
amortize the principal and interest in connection
with each separate credit extension under a home
equity account over a specified period of time.
This provision would eliminate options for nonamortizing payment schedules, which result in
balloon payments. The bill also would limit the
size of increases in the interest rate to no more
than 2 percentage points per year and would
require that introductory or promotional interest
rates remain in effect for at least one year.
Another provision of the bill would prohibit
creditors from offering credit lines in excess of 75
percent of the equity in the home (its fair market
value less all secured debts).
Provisions such as those in H.R. 3468 that
restrict the credit terms of home equity accounts
would result in major changes in the structure of
the home equity plans offered by most-financial
institutions. For example, restrictions on repayment options, such as prohibiting interest-only
plans and requiring all advances to be repaid
under fixed amortization schedules, would reduce the flexibility now afforded borrowers. Consumers who prefer more flexible repayment options and who could use them prudently would
be inconvenienced by having to abide by more
rigid terms. Similarly, the proposed limitation of
credit lines on home equity accounts to 75 percent of equity might hamper consumers who
would like to obtain a larger credit line. Although
such consumers could seek additional credit
from other sources, the loans might bear higher
interest rates and in any case would involve the
371
inconvenience and cost associated with making
another credit application. In the absence of
evidence that such restrictions are necessary to
prevent misleading or abusive practices, the Federal Reserve Board testified before the Congress
in opposition to regulations that would place
these restrictions on home equity accounts. 13
AGGREGATE
AND
CONSUMPTION
BORROWING
Whether the availability of large equity-secured
lines of credit affects the consumption or borrowing behavior of individual households has been
an element of the public discussion of home
equity accounts. This issue has implications for
the pattern and aggregate level of economic
activity. The following discussion briefly addresses some theoretical and empirical aspects of
the interactions between home equity accounts
and aggregate consumption and borrowing behavior.
Perhaps the most widely used descriptive
model of consumer behavior is the "life-cycle"
model, which asserts that consumers plan their
spending with a view toward the earnings they
expect to achieve over their lifetimes. During the
early years of family formation, when needs are
substantial and future earnings are expected to
rise appreciably with work experience, families
might spend beyond the limits of current income
by borrowing. Later, during years of greater
earning power, families build up assets by saving
part of their income, and these accumulated
assets then finance consumption during old age
when labor income falls.
Under a life-cycle model, the willingness of a
lender to provide someone credit under a home
equity account generally would not alter that
person's pattern of consumption, because the
availability of credit would not affect a person's
income prospects or asset values. Of course, if
households in the early stage of their life cycles
were unable to consume along a preferred path
because of impediments to borrowing, development of a new source of credit could' stimulate
increased consumption in the short run. By and
large, though, it would appear that home equity
accounts do not greatly alter the liquidity con-
372
Federal Reserve Bulletin • June 1988
straints on consumption activity. Although home
equity accounts clearly have advantages in convenience and flexibility, equity-secured credit
has long been available through traditional second mortgages, at interest rates not much higher
than those on the newer, open-end instruments.
In theory, the rapid growth of borrowing
against home equity accounts could be adding to
the total stock of household debt, or it could be
substituting for other types of credit with little
effect on the aggregate borrowing by households.
An indication that debt under home equity accounts primarily has substituted for consumer
debt is provided by statistical models designed to
project the separate growth paths of consumer
and home mortgage debt. We "explained" historical patterns for each credit aggregate through
1984 (that is, before the period of rapid growth of
home equity accounts) by their correlation with
such economic variables as outlays for housing
construction, personal consumption expenditure, the proportion of spending devoted to consumer durables, mortgage interest rates, and the
like.
We then projected the historical relationships
into 1985-87 to obtain rates of credit growth that
would have been expected to prevail in the
absence of home equity accounts. The projected
growth in consumer credit was stronger than
actually occurred, and the projected growth in
mortgage debt (of which debt under home equity
accounts is a part) was weaker than actually took
place. Moreover, when the projected amounts
for mortgage and consumer credit were added
together, the growth path of this series closely
matched the path for the actual total of mortgage
and consumer debt. This result suggests that
consumers shifted from using consumer debt to a
form of mortgage debt but that they did not much
increase their total borrowing.
The purposes for which individuals say they
have used home equity accounts also suggest
that this credit instrument has proved to be more
of a substitute for traditional means of borrowing
than a supplement to them. As reported above,
the most prevalent initial use that survey respondents had'for their equity lines was to pay off
existing loans, which doesn't expand total indebtedness, and to finance home improvements,
which may primarily entail substitution of openend for closed-end second mortgage credit.
APPENDIX
SURVEY
A:
OF CONSUMER
ATTITUDES
To obtain information on the prevalence of home
equity accounts and their use by homeowners,
the Federal Reserve Board developed questions
that were included in the March, April, September, and October 1987 rounds of the Survey of
Consumer Attitudes, conducted by the Survey
Research Center, University of Michigan. Interviews were conducted by telephone, with telephone numbers chosen from a cluster sample of
residential numbers. The sample was chosen to
be broadly representative of the four major regions—Northeast, North Central, South, and
West—in proportion to their populations (Alaska
and Hawaii were not included). At each telephone number drawn, an adult from the family
was randomly selected as the respondent.
The survey defines the family to be any group
of persons living together who are related by
marriage, blood, or adoption, and any individual
living alone or with persons to whom the individual is not related. The head of the family is
defined as the individual living alone, the male of
a married couple, or the adult in a family with
more than one person and only one adult. Generally, when there is no married couple and more
than one adult, the head is the economically
dominant person or the one closest to age 45.
Adults are persons aged 18 years or more.
Together the surveys sampled 2,454 families,
1,746 of whom were homeowners. Overall, 96
homeowners reported having home equity accounts. The survey data have been weighted to
be representative of the population, thereby correcting for differences among families in the
probability of their being selected as survey
respondents. Estimates of population characteristics derived from samples are subject to errors
based on the degree to which the sample differs
from the general population. Table A.l indicates
the sampling errors for proportions derived from
samples of different sizes.
Home Equity Lines of Credit
A. 1 Approximate sampling errors of survey results,
by size of sample
Percentage points
Size of sample
Survey result
(percent)
50
30 or 70
20 or 80
10 or 90
5 or 95
100
300
2,500
10.5
9.6
8.4
6.3
4.6
6.2
5.7
4.9
3.7
2.7
2.6
2.4
2.1
1.6
1.1
1. Ninety-five percent confidence level, 1.96 standard errors.
APPENDIX
B:
HOME EQUITY
LENDING
SURVEY
To obtain current information on developments
in the market for home equity accounts, the
Center for Financial Services Studies of the t
Mclntire School of Commerce, University of
Virginia, surveyed 1,476 financial institutions in
1987.14 The Consumer Bankers Association,
sponsor of the study, plans to repeat the survey.
Conducted by mail in June 1987, the survey
covered a stratified systematic sample of financial institutions in the United States that had
assets of at least $100 million. The groups receiving questionnaires were all commercial banks
with assets of more than $250 million (954
banks), a random sample of 411 commercial
banks drawn from the 1,645 banks in the $100
million to $250 million asset size category, and
the 111 largest thrift institutions in the United
States. From the total sample of 1,476 financial
institutions, 302 responses were received.
NOTES
3. Trans Data, Home Equity Lines of Credit, table 32,
p. 36. Also, see Lindgren and others, Home Equity Lending
Survey, for a description of the proportion of creditors that
charge specific types of fees.
4. Trans Data, Home Equity Lines of Credit, table 24,
p. 26.
5. Ibid., table 6, p. 9.
6. A more precise estimate of total home equity debt
outstanding could be derived if consistent estimates of average balances at different types of institutions were available.
However, evidence about average account sizes is mixed.
7. Trans Data, Home Equity Lines of Credit, table 28,
p. 32.
8. Data as of 1986 for homeowners 25 or more years of age.
Computed from data on interviews with 2,822 families (Board
of Governors of the Federal Reserve System, 1986 Survey of
Consumer Finances, Division of Research and Statistics.)
9. Various issues of the "Consumer Credit Delinquency
Bulletin," published by the American Bankers Association,
Washington, D.C. For each credit type, the delinquency rate
is the number of loans delinquent 30 days or more as a
percentage of the total number of loans outstanding.
10. The Consumer Federation of America and Consumers
Union have argued for substantive regulation. See Stephen
Brobeck and Tom Ciaglo, Home Equity Loan Survey (Washington, D.C.: Consumer Federation of America, May 1987);
and Consumers Union, The Inequities of Home Equity Lines
of Credit: A Survey of Lenders in Three Major Metropolitan
Areas (Washington, D.C.: Consumers Union, May 1987). See
also Robert M. Garsson, "Home Equity Safeguards
Sought," American Banker, May 18, 1987, pp. 15, 18; and
Thomas Durkin, "Home Equity Credit Lines in Perspective," Finance Facts, June-July 1987.
11. Another brochure about home equity accounts was
recently issued for consumers by the American Institute of
Certified Public Accountants in cooperation with the U.S.
Office of Consumer Affairs and the Council of Better Business Bureaus' Foundation.
12. H.R. 3011, the Home Equity Loan Consumer Protection Act, originally introduced on July 23, 1987, was revised
and reintroduced on December 26, 1987. H.R. 3468, the
Home Equity Loan Disclosure Act of 1987, was introduced
on October 9, 1987. S. 3456, the Home Equity Loan Consumer Protection Act of 1988, passed the Senate on March
30, 1988.
13. For testimony on H.R. 3011, see "Statement by
Martha R. Seger, Member, Board of Governors of the
Federal Reserve System, before the Subcommittee on Consumer Affairs and Coinage of the Committee on Banking,
Finance and Urban Affairs, U.S. House of Representatives,
O c t o b e r 6,
1. Trans Data Corporation, Home Equity Lines of Credit:
Structure, Marketing and Performance (Salisbury, Md.:
Trans Data, 1987), p. 17.
2. John H. Lindgren, Jr., Richard F. DeMong, and Sandra
L. Schmidt, Consumer Bankers Association Home Equity
Lending Survey, Year-End 1986, conducted by the Center for
Financial Services Studies, Mclntire School of Commerce,
University of Virginia (Arlington, Va.: Consumer Bankers
Association, n.d.). Unless otherwise noted, the data we
report are from this survey; also, estimates we report as our
own are based on the data in this survey.
373
1 9 8 7 , " FEDERAL RESERVE BULLETIN, v o l .
73
(December 1987), pp. 910-13; for testimony on H.R. 3011 and
on H.R. 3468, see "Statement by Martha R. Seger, Member,
Board of Governors of the Federal Reserve System, before
the Subcommittee on Consumer Affairs of the Committee on
Banking, Housing, and Urban Affairs, U.S. Senate, Novemb e r 18, 1 9 8 7 , " FEDERAL RESERVE BULLETIN, v o l . 7 4 ( J a n -
uary 1988), pp. 27-31.
14. Lindgren and others, Home Equity Lending Survey.
Copies of the executive summary are available from the
Consumer Bankers Association, 1300 N. 17th St., Arlington,
VA 22209-3880.
374
Industrial Production
Released for publication April 15
Industrial production edged up 0.1 percent in
March, after no change in the index in February.
Gains in business equipment and a pickup in
motor vehicle assemblies during March were
about ofFset by weakness in construction supplies and nonauto consumer goods. Output of
materials edged up 0.2 percent in March, after
two months of declines. At 134.6 percent of the
1977 average, the total index in March was 5.6
percent higher than it was a year earlier.
In market groups, production of consumer
goods was unchanged in March. Automobile
assemblies rebounded to an annual rate of 6.6
million units from February's rate of 6.1 million
units. Truck production also increased. But production of consumer home goods, which has
Ratio scale, 1977 = 100
1982
1984
1986
All series are seasonally adjusted. Latest figures: March.
198?
1982
1984
1986
1988
375
1977 = 100
Percentage change from preceding month
1988
Group
1987
Mar.
Feb.
Nov.
1988
Dec.
Jan.
Feb.
Mar.
Percentage
change,
Mar. 1987
to Mar.
1988
Major market groups
Total industrial production
134.4
134.6
.5
.5
.4
.0
.1
5.6
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials
143.2
141.6
131.9
121.2
135.8
151.4
190.3
148.8
136.2
122.4
143.3
141.9
131.9
122.0
135.5
152.4
189.8
148.3
134.4
122.6
.1
-.1
.3
-.4
.5
-.2
-.8
.8
.7
1.1
.2
.4
.3
-2.9
1.4
1.0
.1
-.5
-.3
1.0
1.0
.9
1.2
1.1
1.3
.7
.6
1.4
2.3
-.6
.3
.3
.4
-.2
.6
.3
.1
.2
-.5
-.5
.1
.2
.0
.6
-.2
.6
-.3
-.3
-1.3
.2
5.1
5.0
4.0
1.9
4.8
7.4
.6
5.2
3.0
6.4
.0
.1
.0
-1.0
.5
.2
.3
.0
.4
-1.2
5.6
5.2
6.1
4.1
6.1
Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities
139.8
138.3
141.9
102.3
114.4
139.5
137.9
141.8
101.9
115.8
.4
-.1
1.1
1.0
1.0
.7
.4
1.2
-.1
-1.3
.4
.3
.4
-1.6
3.1
NOTE. Indexes are seasonally adjusted.
been weak since late last year, declined further,
and output of consumer goods was cut back.
Business equipment rose 0.6 percent; all major
categories advanced, with the most significant
gains in manufacturing equipment and motor
vehicles for business use. Production of defense
Total industrial production—Revisions
Estimates as shown last month and current estimates
Index (1977=100)
Month
December
January
February
March
Percentage change
from previous
months
Previous
Current
Previous
Current
133.8
134.2
134.4
133.9
134.4
134.4
134.6
.5
.3
.2
.5
.4
.0
.1
and space equipment remained sluggish. Output
of construction supplies fell for the second successive month, retracing some of the large January gain. After having surged in the second half
of 1987, production of materials dropped back in
January and February but rose moderately last
month. The March levels of output of chemical
and textile materials and basic metals—particularly steel—remained below levels for December
1987.
In industry groups, manufacturing output increased 0.2 percent in March. Durable manufacturing increased 0.3 percent, while nondurable
manufacturing was unchanged. Production at
utilities was down 1.2 percent, and mining output
increased 0.4 percent.
376
Statement to Congress
Statement by William Taylor, Staff Director,
Division of Banking Supervision and Regulation,
Board of Governors of the Federal Reserve System, before the Subcommittee on General Oversight and Investigations of the Committee on
Banking, Finance and Urban Affairs, House of
Representatives, April 21, 1988.
I appreciate the opportunity to appear before this
committee on behalf of the Board of Governors
to discuss ongoing supervisory efforts to develop
a risk-based framework for assessing the capital
adequacy of commercial banking organizations.
As has been reported to this committee in the
past, the Federal Reserve, together with the
other federal banking agencies, has been working
for some time on an approach for assessing
capital adequacy that takes into account differences in risk profiles among banking organizations. Early last year, U.S. supervisory authorities issued for comment, jointly with the Bank of
England, a risk-based capital proposal applicable
to all U.S. and U.K. banking organizations.
Action on this proposal was deferred in an effort
to enlist the participation of a larger number of
countries in the development of a more broadly
based international framework.
An important measure of progress toward this
goal was achieved last December when the central bank governors from the Group of Ten
industrial countries endorsed a proposed framework developed jointly by the regulatory authorities represented on the Basle Supervisors'
Committee.1 This proposal, which supersedes
the earlier U.S.-U.K. measure, is currently being reviewed, or has been published for public
1. The Basle Supervisors' Committee consists of representatives of the central banks and supervisory authorities from
the Group of Ten countries (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, the United
Kingdom, and the United States), Switzerland, and Luxembourg.
comment, in each of the G-10 countries. The
international framework and the implementing
guidelines being proposed by the U.S. banking
authorities incorporate many of the public comments received in response to prior risk-based
capital proposals—although we recognize that
additional comments and important issues will
have to be carefully considered and discussed
internationally before a final standard is adopted.
It is our hope and expectation that the framework, with whatever modifications and refinements are deemed necessary, will be put into
place by most or all of the major industrial
countries by the end of this year or early next
year.
The Board has long believed that capital adequacy is a particularly important factor in promoting the soundness of individual banking organizations as well as the health and stability of
the banking and financial system. For this reason
we have implemented policies and procedures
over the years—both in connection with on-site
examinations and in the review of regulatory
applications—designed to encourage institutions,
when necessary, to strengthen their capital positions. In this regard, the risk-based capital proposal represents a continuation of our ongoing
efforts to ensure that banks are adequately capitalized and that our supervisory policies are
responsive to changing practices and trends
within the banking system.
Equally important, however, is the element of
international cooperation that lies at the heart of
this proposal. Indeed, development of the riskbased framework in conjunction with central
bank and supervisory authorities from the major
industrial countries represents a significant cooperative step at the international level toward
greater harmonization of important supervisory
standards among nations with major financial
centers. This is particularly important in view of
the growing internationalization of banking and
financial markets around the world. The risk-
Statement to Congress
based capital proposal underscores the common
interests that supervisors from the leading industrial countries share in fostering a stable and
resilient international banking system and in
reducing sources of competitive inequality for
international banking organizations that stem
from differences in national supervisory requirements.
Before addressing the risk-based capital proposal and related issues in greater detail, I would
like to make some general observations about the
Federal Reserve's supervisory policies on capital
adequacy and why we believe movement to a
risk-based standard is particularly important and
timely.
BACKGROUND
As I have indicated, the Board has long viewed
adequate capital as a critical determinant of the
health of our nation's banking institutions—a
view that I know is shared by many members of
the Congress. The capital ratios of some of our
larger banking organizations declined throughout
most of the period from the early 1970s to the
early 1980s. This was due, in part, to the rapid
growth in assets, including the overseas loans of
these institutions, the effect of intensified foreign
and domestic competition on profit margins, and
the adverse impact of inflation on bank balance
sheets. These developments, together with increasing concern about the level of bank risks
both domestically and internationally, led the
Federal Reserve, in conjunction with the other
federal banking agencies, to establish formal
supervisory standards on minimum acceptable
levels of capital.
These standards, stated in terms of the ratio of
primary capital (equity plus loan-loss reserves
and mandatory convertible debt securities) to
total assets, were designed to establish a floor
below which a banking organization's capital,
under normal circumstances, would not be allowed to fall. In adopting these guidelines, the
Federal Reserve indicated that it would modify
its examination and regulatory policies to encourage organizations that did not meet the minimums to strengthen their capital bases over
time. In our view, this program achieved an
377
important measure of success—since the end of
1981, the average ratio of primary capital (net
of intangible assets) to total assets for the 50 largest U.S. banking organizations has risen from
well below 5 percent to more than 7 percent
today.
As we are all well aware, however, the difficulties and challenges facing banking organizations also increased during this period. Since the
beginning of this decade, our banking system has
been confronted with asset quality problems relating to the energy, agriculture, real estate, and
export sectors of our economy and to a deterioration in the condition of some less developed
country (LDC) borrowers. These conditions
have led to a significant increase in the number of
problem institutions and record levels of bank
failures. While all of this has been happening, the
environment in which banks operate has also
been undergoing rapid change. Banking organizations today must cope with greater volatility in
financial markets; intensified competition from
both domestic and foreign banks, as well as
nonbank financial institutions; the increasing
size, complexity, and speed of financial transactions; accelerating financial and technological
innovation; the rapid growth and widespread use
of off-balance-sheet financing techniques; and an
existing legal framework that hampers the ability
of U.S. banking organizations to compete effectively in the provision of important financial
services.
The pressures facing many banking organizations and the conditions that I have just described underscore the importance of strengthening capital ratios and suggest that the increase in
primary capital to which I have alluded does not,
by itself, give a complete picture of the capital
adequacy of our nation's commercial banking
organizations. For example, our traditional ratios
of primary capital to total assets do not take
explicit account of the growth of off-balancesheet items; nor do they recognize differences in
the level of risk among broad categories of bank
assets. Moreover, primary capital includes certain convertible debt instruments and loan-loss
reserves, whose relative roles in primary capital
have changed as a result of heavy loan-loss
provisions relating to LDC exposure and to other
asset quality problems. At the same time, there
378
Federal Reserve Bulletin • June 1988
has been a decline in stockholders' equity in
many of our larger institutions; in some cases,
ratios of common equity to total assets have
fallen below 4 percent—roughly the level at
which they stood in the late 1970s and early
1980s.
Taken together, these developments suggest
the need for a measure of capital adequacy that is
more sensitive to broad differences in the degree
of risk associated with a bank's assets, including
the existence of off-balance-sheet exposures, and
that addresses the changes that have been taking
place in the composition and quality of bank
capital.
Another major factor in the development of an
international risk-based capital framework is the
growing globalization of banking and financial
markets. Over the last decade or more, U.S.
banking organizations have increasingly found
themselves in direct competition—both in this
country and abroad—with major banking organizations from other countries. Moreover, technological advances and deregulation have resulted
in increasingly complex financial linkages and
trading relationships among the world's major
financial centers. Given these developments, we
simply cannot ignore the impact of differing
regulatory standards on U.S. banks' ability to
compete worldwide. More consistent supervisory standards among countries can contribute to
greater competitive equality and, in the long run,
to a safer and more stable international banking
system.
The Congress, too, as you are well aware,
recognized this situation in passing the International Lending Supervision Act of 1983. One of
the major goals of this legislation was to
strengthen the bank regulatory framework by
encouraging greater coordination among regulatory authorities in different countries. In this
regard, the act instructed U.S. banking authorities to work with governments, central banks,
and regulatory authorities of other major countries in an effort to maintain and, when necessary, strengthen the capital positions of banking
organizations involved in international lending.
The active role played by U.S. regulators in
formulating the international proposal represents
an important step in carrying out the congressional mandate.
RISK-BASED
CAPITAL
FRAMEWORK
I would now like to summarize the major elements of the risk-based capital proposal and
some of the issues relating to its implementation
by the Federal Reserve.
Briefly stated, the risk-based capital framework comprises the following four elements:
1. A consistent international definition of core
or common equity capital and a "menu" of
recognized noncommon equity components that,
at the discretion of the national supervisor, can
supplement the equity capital base.
2. A framework for relating capital requirements in a more systematic fashion to broad risk
considerations, including risks associated with
off-balance-sheet activities.
3. A schedule for achieving a minimum ratio of
total capital to weighted risk assets of 7.25 percent by 1990—of which at least 3.25 percentage
points should be in the form of common stockholders' equity; and 8.0 percent by 1992—of
which at least 4.0 percentage points should be in
the form of common stock.
4. Transitional arrangements designed to provide a reasonable amount of time for organizations to bring their capital positions into conformity with the risk-based framework.
Proposed guidelines for implementing this
framework for U.S. banking organizations have
been issued for public comment, and I can assure
you that the Federal Reserve will, as in the past,
carefully consider these comments before continuing our international discussions on the final
shape of the risk-based capital framework.
Time does not permit me to address the riskbased capital proposal in detail; however, there
are several important general observations that I
would like to make concerning the development
and implementation of the standard.
Perhaps more significant than any specific provision or detail of the proposal is the recognition
of the importance of international cooperation in
achieving key supervisory goals. These goals are
to encourage banking organizations, in particular
large international institutions, to strengthen
their capital positions when necessary, and to
reduce sources of competitive inequality arising
from significant differences in national supervisory requirements. We believe that the develop-
Statement to Congress
ment of the risk-based capital framework has
contributed importantly not only to the realization of these goals, but also to strengthening and
broadening the process of international cooperation itself—a point that is particularly important
in light of increasing financial volatility and the
growing internationalization of banking and financial markets.
The risk-based capital proposal is in some
respects quite complex—indeed development of
the framework required judgments and compromises on several complicated supervisory issues
and difficult decisions at the margin. Nonetheless, we believe that implementation of the riskbased capital framework will improve our existing capital policies in two important respects:
1. The framework will require that any significant credit risks associated with off-balancesheet items, including many of the more recent
and innovative financial instruments, as well as
more traditional contingencies and guarantees,
be subject to minimum capital requirements.
2. The framework removes disincentives to
holding liquid, low-risk assets by explicitly recognizing that assets such as cash, government
securities, and liquid interbank claims require
less capital support than do standard commercial
loans. This is done by assigning assets and offbalance-sheet exposures to one of five risk categories based upon broad distinctions in relative
credit riskiness. Unlike our current ratios, which
treat all assets alike, the risk-based framework
will apply lower risk weights and, therefore,
establish lower capital requirements for those
assets that involve credit risks that are less than
normal.
While reasonable people may differ on certain
details of the proposal, we believe that explicit
recognition of off-balance-sheet exposures and
differences in credit risk among major categories
of assets will give clearer and more rational
supervisory signals on the need to support risktaking with adequate capital.
The risk-based capital proposal also addresses
the composition of capital. In doing this, the
proposal emphasizes the importance of a strong
base of common stockholders' equity—requiring
that, after the transition period, at least one-half
of a bank's total capital be made up of this
component—while giving appropriate credit,
379
subject to certain limitations, for the strength
provided by other (supplementary) elements of
bank capital, such as preferred stock, subordinated debt, and loan-loss reserves. The important role played by common equity capital reflects the fact that this component is both freely
available to absorb unanticipated losses and provides maximum strength and flexibility to an
organization when it is experiencing losses or
other financial pressures.
The determination of what constitutes an "adequate" level of capital for banking organizations
is obviously a difficult judgment that requires
consideration of several complex factors. The
major function of capital, of course, is to absorb
unanticipated losses, thereby lessening the probability of bank failures and minimizing the attendant economic and social costs stemming from
bank closings. In this regard, we believe that the
equity and total capital standards incorporated in
the risk-based capital framework should be
viewed as minimums. Our experience suggests
that banking organizations should endeavor to
operate above these minimum standards if they
are to maintain a critical buffer of safety during
periods of financial strain or prolonged adversity.
Indeed, banking organizations with strong capital
bases are better positioned to withstand financial
shocks, including large losses, and, other things
equal, have more time to resolve their asset or
earnings problems than those organizations with
thin or marginal capital positions.
In general, the overwhelming majority of community and regional banking organizations will
have little difficulty meeting the standards incorporated in the risk-based capital proposal. For
those organizations that do have to raise additional capital, including some large institutions,
the transitional arrangements and phase-in period should provide a reasonable amount of time
to bring their capital bases into compliance with
the minimum risk-based standards.
Another point that I would like to address
relates to the manner in which the Federal Reserve is proposing to apply the risk-based capital
ratio. The international proposal was designed to
address the activities of international banking
organizations and those institutions engaged in
off-balance-sheet activities, although national supervisory authorities have the latitude to apply
380
Federal Reserve Bulletin • June 1988
the framework more broadly to banks under their
jurisdiction. Because the fundamental principle
of relating capital needs to risk considerations
has wide applicability, we are proposing to employ the general framework in evaluating the
capital adequacy of all U.S. banking organizations, regardless of size—although we intend to
minimize any unnecessary burden or disruption
the framework could entail, particularly for small
institutions.
In accord with reasonable and prudent transitional arrangements, we also intend to apply the
framework in analyzing the capital positions of
foreign banks seeking to make acquisitions in the
United States. This application is consistent with
our nation's policy of national treatment in that it
requires foreign banks operating in this country
to be held to essentially the same standards of
financial strength and soundness that apply to
domestic institutions.
While the risk-based capital proposal establishes a broadly consistent framework for use in
the leading industrial countries, it does not mandate rigid uniformity among countries. Instead,
the proposal provides a degree of flexibility to
national supervisory authorities to accommodate
certain differences among countries in accounting conventions, the structure and evolution of
banking and financial markets, and supervisory
techniques and methodologies. Moreover, the
proposal acknowledges that the evaluation of
capital ratios is but one step in the overall
assessment of capital adequacy. Any final judgment of an organization's capital position must
take account of many other important factors
that are not included in the risk-based capital
calculation. These factors include the level and
severity of an organization's problem assets,
liquidity, exposure to interest rate movements,
the level and trend of earnings, and the quality of
an institution's internal systems and controls.
Ultimately, of course, no single index or ratio
by itself can capture all of the critical factors that
go into the assessment of capital adequacy. We
believe, however, that by emphasizing the importance of a minimum base of equity capital and
by making the assessment of capital needs more
systematically sensitive to risk considerations,
including the risks associated with off-balance
activities, the risk-based capital framework represents a significant strengthening of our supervisory policies for assessing capital adequacy.
Certainly development of the framework underscores the critical role of capital in helping banking organizations withstand financial stress and
weather prolonged periods of economic adversity—a point that is important for both small
community or regional banking institutions as
well as large international organizations.
In a very important sense, both bank regulators and bankers themselves share a common
interest in the level of bank capital. The maintenance of strong capital positions need not be a
burden or hamper a bank's ability to compete.
Indeed banking organizations with strong core
capital positions are often effective competitors
with good earnings and sound asset portfolios.
This is not surprising since a significant commitment of resources by the shareholder-owners
gives them a particularly strong incentive to
oversee the affairs of their bank. To be sure,
strong capital positions may actually give institutions a competitive advantage during periods in
which customers, depositors, or investors seek
stability and fundamental strength as well as
convenience and high returns. Moreover, strong
capital can serve not only as a critical cushion to
help banks weather the kinds of pressures experienced in the 1980s, but it can also provide
banks with the financial strength to adapt successfully to future changes—changes that we
hope and expect will involve additional powers
and new opportunities to compete more freely
in the provision of banking and financial
services.
In the end, our banking organizations will be
stronger and more competitive, and the international banking system more resistant to financial
strains, if bank supervisory authorities from the
major countries cooperate in the establishment of
consistent and credible standards for the assessment of bank capital adequacy. I believe the
risk-based capital proposal constitutes an important and constructive step in this direction.
381
Announcements
SUPERVISOR
Y POLICY
STATEMENT
ISSUED
The Federal Reserve Board issued on April 20,
1988, a supervisory policy statement regarding
selection of securities dealers and unsuitable
investment practices.
The purpose of this supervisory policy is to
provide state member banks with recommended
procedures to be used in the selection of a
securities dealer and to advise them of certain
securities practices that are viewed by federal
banking regulators as unsuitable for an investment portfolio.
In addition, the supervisory policy discusses
several types of securities with very volatile
prices and high risk characteristics that, therefore, may be unsuitable for an institution's investment portfolio, particularly if held in significant amounts.
ANNUAL
REPORT
OPERATIONS
ON PRICED
SERVICE
ISSUED
The Federal Reserve Board issued on April 12,
1988, a report summarizing developments in the
priced services areas for 1987, including detailed
financial results of providing those services.
The Board issues a report on priced services
annually and a priced service balance sheet and
income statement quarterly in the FEDERAL R E SERVE B U L L E T I N . The financial statements are
designed to reflect standard accounting practices, taking into account the nature of the Federal Reserve's activities and its unique position
in this field.
BANK HOLDING COMPANY SUPERVISION
M A N U A L : SUPPLEMENT
1 NOW
AVAILABLE
The Bank Holding Company Supervision Manual was recently revised and updated by the
Division of Banking Supervision and Regulation.
The update, Supplement 1, includes supervisory
developments, regulatory requirements, policies,
Board orders, and inspection procedures
adopted through September 1987. The December
1987 "Guidelines for Real Estate Appraisal Policies and Review Procedures" are also included.
The entire text was revised and published in
December 1986 and was made available for purchase by the public and all previous subscribers
at a cost of $40.00 per copy. Supplement 1 will be
mailed, free of charge, to all previous subscribers
who paid the $40.00 fee for the December 1986
publication. Copies may be ordered from Publications Services, Board of Governors of the
Federal Reserve System, Washington, D.C.
20551 (tel. 202-452-3245).
When Supplement 1 is received, please refer to
Sections 1040.0 and 1050.0 for the summary of
changes and filing instructions. Comments and
suggestions on the manual's contents should be
directed to the Staff Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
If Supplement 1 is not received and the $40.00
subscription fee has been paid, please contact
Publications Services.
APPENDIX
REGULATION
APPROVED
FOR
PROPOSED
CC
The Federal Reserve Board has approved Appendix D of proposed Regulation CC, which sets
out endorsement standards to be used by
banks—defined in the proposed regulation as all
depository institutions—when processing checks
for collection and return.
These standards will become effective on September 1, 1988, and are being made public before
the adoption of the remainder of Regulation CC
382
Federal Reserve Bulletin • June 1988
to allow banks the maximum amount of time
possible to comply.
PROPOSED
ACTIONS
The Federal Reserve Board issued for public
comment on April 5, 1988, a proposed concept of
same-day payment for checks presented to paying banks by private-sector collecting banks.
Under the proposed concept, paying banks
would pay for checks presented by collecting
banks prior to 2:00 p.m. in same-day final funds,
without the imposition of presentment fees.
Based upon the comments received, a specific
proposal may be developed, which could be
issued for public comment before establishment
of formal rules on this issue. Comments should
be submitted to the Board by August 3, 1988.
Specific comment is requested on five aspects of
same-day payment:
• What is the potential demand for same-day
payment and the anticipated public benefits if it
were implemented?
• What operational characteristics should a
same-day payment arrangement assume?
• What impact would same-day payment have
on various parties, and on the overall check
collection system?
• What are the factors affecting risk arising
from same-day payment?
• Are there alternatives to the same-day payment arrangement?
The Federal Reserve Board also issued for
public comment on April 20, 1988, a proposed
amendment to Regulation T (Credit by Brokers
and Dealers) to make certain foreign sovereign
debt securities marginable. Comments were to be
submitted to the Board by May 27, 1988.
REVISED
LIST
MARGIN
REGULATIONS
OF OTC
STOCKS
NOW
SUBJECT
TO
AVAILABLE
The Federal Reserve published on April 22,1988,
a revised list of over-the-counter (OTC) stocks
that are subject to its margin regulations, effective May 9, 1988.
The List of Marginable OTC Stocks supersedes the revised List of Marginable OTC Stocks
that was effective on February 8, 1988. Changes
that have been made in the list, which now
includes 3,215 OTC stocks, are as follows: 75
stocks have been included for the first time, 62
under National Market System (NMS) designation; 55 stocks previously on the list have been
removed for substantially failing to meet the
requirements for continued listing; 81 stocks
have been removed for reasons such as listing on
a national securities exchange or involvement in
an acquisition.
The list includes all over-the-counter securities
designated by the Board pursuant to its established criteria as well as all stocks designated as
NMS securities for which transaction reports are
required to be made pursuant to an effective
transaction reporting plan. Additional OTC securities may be designated as NMS securities in the
interim between the Board's quarterly publications and will be immediately marginable. The
next publication of the Board's list is scheduled
for August 1988.
Besides NMS-designated securities, the Board
will continue to monitor the market activity of
other OTC stocks to determine which stocks
meet the requirements for inclusion and continued inclusion on the list.
SYSTEM
MEMBERSHIP.ADMISSION
OF STATE
BANKS
The following state banks were admitted to membership in the Federal Reserve System during the
period April 1 through April 30, 1988:
Florida
Sarasota . . . . West Coast Bank of Sarasota
Ohio
Chardon
First County Bank
Virginia
Leesburg
Bank of Loudoun
Mechanicsville
Hanover Bank
383
Legal Developments
FINAL RULE—REGULATION
CC
The Board of Governors has adopted a standard form
of indorsement for use by banks (defined in the proposed regulation to include all depository institutions
as well as branches of foreign banks in the United
States) when indorsing checks during the collection
and return process. The new standard is designed to
provide for clear and uniform indorsements for all
collecting and returning banks, plus a unique standard
for depositary bank indorsements. The standard will
facilitate the identification of the depositary bank and
the prompt return of unpaid checks. This standard will
be part of Regulation CC—Availability of Funds and
Collection of Checks (12 C.F.R. Part 229) which the
Board proposed for comment in December 1987. The
Board expects to act on the remainder of Regulation
CC in May 1988; it has adopted the indorsement
standard now to give banks and equipment vendors
additional time to comply with the standard.
Effective September 1, 1988, the Board adopts a
final rule to Regulation CC as follows:
Part 229—Availability of Funds and Collection
of Checks
1. The authority citation for 12 C.F.R. Part 229 continues to read as follows:
Authority: Title VI of Pub. L. No. 100-86, 101 Stat.
552, 635, 12 U.S.C. 4001 et seq.
2. Title 12, Chapter II of the Code of Federal Regulations is amended by adding Part 229 to read as follows:
Part 229—Availability of Funds and Collection
of Checks
Subparts A-C— [Reserved]
Appendixes A-C—[Reserved]
Appendix D
Indorsement
Standards
1. The depositary bank shall indorse a check according
to the following specifications:
—The indorsement shall contain—
—the bank's nine-digit routing number, set off by
arrows at each end of the number and pointing
toward the number;
—the bank's name/location;
—the indorsement date.
—The indorsement may also contain—
—an optional branch identification;
—an optional trace/sequence number;
—an optional telephone number for receipt of notification of large-dollar returned checks; and
—other optional information provided that the inclusion of such information does not interfere
with the readability of the indorsement.
—The indorsement shall be written in dark purple or
black ink.
—The indorsement shall be placed on the back of the
check in the following location:
—The indorsement shall be placed so that the routing number is wholly contained in the area 3.0
inches from the leading edge of the check to 1.5
inches from the trailing edge of the check. 1
—The indorsement shall not be placed in the MICR
clear band, extending along the bottom edge of
the check to a height of 0.625 inches.
2. Each subsequent collecting bank indorser shall
protect the identifiability and legibility of the depositary bank indorsement by:
—including only its nine-digit routing number
(without arrows), the indorsement date, and an
optional trace/sequence number;
—using an ink color other than purple;
—indorsing in the area on the back of the check
from 0.0 inches to 3.0 inches from the leading
edge of the check.
1. The leading edge is defined as the right side of the check looking
at it from the front. The trailing edge is defined as the left side of the
check looking at it from the front. See American National Standards
Committee on Financial Services Specification for the Placement and
Location of MICR Printing, X 9.13.
384
Federal Reserve Bulletin • June 1988
3. Each returning bank indorser shall protect the
identifiability and legibility of the depositary bank
indorsement by:
—using an ink color other than purple;
—staying clear of the area on the back of the check
from 3.0 inches from the leading edge of the check
to the trailing edge of the check.
AMENDMENT
DELEGATION
TO RULES
REGARDING
OF AUTHORITY
The Board of Governors is amending 12 C.F.R. Part
265, its Rules Regarding Delegation of Authority, to
extend the 30-day period for buy-ins of securities that
were not received.
Effective April 11, 1988, the Board amends
12 C.F.R. Part 265 as follows:
Part 265—Rules Regarding Delegation of
Authority
1. The authority citation for 12 C.F.R. Part 265 continues to read as follows:
Authority: Sec. 11(K), 38 Stat. 261 and 80 Stat. 1314
(12 U.S.C. 248(k)).
2. Section 265.2 is amended by adding new paragraph
(c)(36) as follows:
Section 265.2—Specific Functions Delegated to
Board Employees and to Federal Reserve
Banks
(36) Under section 403.5(g) of the Treasury Department regulations (17 C.F.R. 403.5(g)) implementing
the Government Securities Act of 1986 (Pub. L. 99571), to approve the application of a state member
bank, a state branch or agency of a foreign bank, a
foreign bank, or a commercial lending company
owned or controlled by a foreign bank to extend for
one or more limited periods commensurate with the
circumstances the 30-day time period for obtaining
possession or control of securities specified in
17 C.F.R. 403.5(c)(l)(iii), provided the Staff Director is satisfied that the applicant is acting in good
faith and that exceptional circumstances warrant
such action.
AMENDMENT
DELEGATION
TO RULES
REGARDING
OF AUTHORITY
The Board of Governors is amending 12 C.F.R. Part
265, its Rules Regarding Delegation of Authority, to
delegate to the General Counsel, after consultation
with supervisory staff, the authority to grant requests
for temporary director interlocks under the Board's
Regulation L for newly chartered banking organizations, organizations in low-income areas or minority or
women's banks. It is expected that this delegation of
authority will relieve the Board from having to act on
matters that are more efficiently and effectively handled by Board staff.
Effective May 4, 1988, the Board amends 12 C.F.R.
Part 265 as follows:
Part 265—Rules Regarding Delegation
Authority
of
1. The authority citation for 12 C.F.R. Part 265 continues to read as follows:
Authority: Sec. 11(K), 38 Stat. 261 and 80 Stat. 1314
(12 U.S.C. 248(k)).
2. Section 265.2 is amended by adding new paragraph
(b)(13) as follows:
Section 265.2—Specific Functions Delegated to
Board Employees and to Federal Reserve
Banks
(b)* * *
(13) Under the provisions of section 212.4(b)(1) and
(2) of this chapter, after consultation with the Director of the Division of Banking Supervision and
Regulation, to grant requests for temporary director
interlocks under Regulation L for newly chartered
banking organizations, organizations in low-income
areas or minority or women's banks.
ORDERS ISSUED
COMPANY
ACT
UNDER BANK
HOLDING
Orders Issued Under Section 3 of the Bank
Holding Company Act
City Financial Bancorp, Inc.
Chicago, Illinois
Order Approving Acquisition of a Bank Holding
Company
City Financial Bancorp, Inc., Chicago, Illinois ("City
Financial"), a bank holding company within the meaning of the Bank Holding Company Act ("Act"),
Legal Developments
12 U.S.C. § 1841 et seq., has applied for the Board's
approval, pursuant to section 3(a)(3) of the Act, to
acquire 100 percent of the voting shares of Potomac
Bancorp, Inc., Potomac, Illinois, and thereby indirectly to acquire Goodwine State Bank, Potomac,
Illinois; and to acquire 80.2 percent of the voting
shares of Rankin State Bank, Rankin, Illinois.
Notice of the applications, affording interested persons an opportunity to submit comments, has been
duly published (52 Federal Register 2,288 and. 2,539
(1988)). The time for filing comments has expired, and
the Board has considered the applications and all
comments received in light of the factors set forth in
section 3(c) of the Act.
City Financial, with deposits of $58.0 million,1 is
one of the smaller commercial banking organizations
in Illinois, controlling less than 1.0 percent of the total
deposits in commercial banking organizations ("total
deposits") in the state. Goodwine State Bank and
Rankin State Bank are two of the smaller commercial
banking organizations in Illinois, with deposits of
$19.0 million and $4.8 million respectively, representing less than 1.0 percent of the total deposits in the
state. Upon consummation of this proposal, City Financial will control deposits of $81.8 million, representing less than 1.0 percent of the total deposits in the
state. Consummation of this proposal would not have
any significant adverse effect upon the concentration
of banking resources in Illinois.
City Financial competes directly with Goodwine
State Bank in the Danville banking market,2 where
City Financial is the eighth largest of 12 commercial
banking organizations, controlling deposits of $17.0
million, representing 3.0 percent of the total deposits
in the market.3 Goodwine State Bank is the fifth
largest commercial banking organization in the market, controlling 3.4 percent of the total deposits in the
market. Upon consummation of this proposal, City
Financial would become the fourth largest commercial
banking organization in the market, controlling deposits of $36.0 million, representing 6.4 percent of the
total deposits in the market. The four-firm concentration ratio would increase from 78.7 percent to 81.2
percent, and the Herfindahl-Hirschman Index
("HHI") would increase by 20 points to 1981.4
1. State banking data are as of June 30, 1987.
2. The Danville banking market is approximated by Vermillion
County, Illinois, except Butler, Grant and Sidell Townships.
3. Market data are as of June 30, 1986.
4. Under the revised Department of Justice Merger Guidelines, 49
Federal Register 26,823 (June 29, 1984), a market in which the
post-merger HHI is above 1800 is considered highly concentrated. In
such markets, the Department is likely to challenge a merger that
increases the HHI by more than 50 points unless other factors indicate
that the merger will not substantially lessen competition. The Depart
ment has informed the Board that a bank merger or acquisition
385
City Financial competes with Rankin State Bank in
the Watseka banking market.5 City Financial is the
second largest of 14 commercial banking organizations, controlling deposits of $40.9 million, representing 11.4 percent of the total deposits in the market.
Rankin State Bank is the 13th largest commercial
banking organization in the market, controlling 1.6
percent of the total deposits in the market. Upon
consummation of this proposal, City Financial will
remain the second largest commercial banking organization in the market, controlling deposits of $45.7
million, representing 13.0 percent of the total deposits
in the market. The four-firm concentration ratio would
increase from 48.1 percent to 49.7 percent and the
HHI would increase by 34 points to 995.
In view of the market shares of the resulting organization and the small increase in concentration, the
Board concludes that consummation of the proposal
would not have a substantial adverse effect on existing
competition in the Danville and Watseka banking
markets.
In evaluating the applications, the Board has considered the financial resources of City Financial and
the effect on these resources of the proposed acquisition. The Board has stated and continues to believe
that capital adequacy is an important factor in the
analysis of bank holding company proposals. In this
regard, the Board notes that it appears that City
Financial will be able to service its debt while maintaining capital above the minimum levels in the
Board's Capital Adequacy Guidelines. Accordingly,
the Board concludes that financial and managerial
resources of City Financial, Potomac Bancorp, Inc.,
Goodwine State Bank and Rankin State Bank are
consistent with approval. Considerations relating to
the convenience and needs of the communities to be
served also are consistent with approval.
Based on the foregoing and other facts of record, the
Board has determined that the applications should be,
and hereby are, approved. The transactions shall not
be consummated before the thirtieth calendar day
following the effective date of this Order, or later than
three months after the effective date of this Order,
unless such periods are extended for good cause by the
Board or by the Federal Reserve Bank of Chicago,
pursuant to delegated authority.
generally will not be challenged (in the absence of other factors
indicating anticompetitive effects) unless the post-merger HHI is at
least 1800 and the merger increases the HHI by at least 200 points. The
Justice Department has stated that the higher than normal HHI
thresholds for screening bank mergers for anticompetitive effects
implicitly recognizes the competitive effect of limited-purpose lenders
and other non-depository financial entities.
5. The Watseka banking market is approximated by Iroquois
County, plus Butler and Grant Townships in Vermillion County,
Illinois.
386
Federal Reserve Bulletin • June 1988
By order of the Board of Governors, effective
April 25, 1988.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, and Heller. Absent and not voting:
Governor Kelley.
JAMES M C A F E E
Associate Secretary of the Board
Merrimack Bancorp, Inc.
Lowell, Massachusetts
Order Approving the Acquisition of a Bank
Merrimack Bancorp, Inc., Lowell, Massachusetts
("Merrimack"), a bank holding company within the
meaning of the Bank Holding Company Act ("BHC
Act") (12 U.S.C. § 1841 et seq.), has applied for the
Board's approval under section 3 of the BHC Act
(12 U.S.C. § 1842) to acquire the successor by merger
to Hillsborough Bank & Trust Company, Milford,
New Hampshire ("Hillsborough").1
Notice of the applications, affording an opportunity
for interested persons to submit comments, has been
published (53 Federal Register 2,783 (1988)). The time
for filing comments has expired, and the Board has
considered the applications and all comments received
in light of the factors set forth in section 3(c) of the
BHC Act (12 U.S.C. § 1842(c)).
Section 3(d) of the BHC Act, 12 U.S.C. § 1842(d),
the Douglas Amendment, prohibits the Board from
approving an application by a bank holding company
to acquire a bank located outside of the holding
company's home state unless the law of the state in
which the target bank is located specifically authorizes
such an acquisition.2 The statute laws of New Hampshire authorize an out-of-state New England bank
holding company to acquire a New Hampshire bank or
bank holding company with the approval of the New
Hampshire Bank Commissioner.3 The commissioner
must find that the principal banking business of the
acquiring institution is conducted in a New England
state which would allow a similar acquisition by a New
1. As required by New Hampshire law, Merrimack is forming
Merrimack Bancorp of New Hampshire, Inc., Milford, New Hampshire, which has applied to become a bank holding company. Merrimack Bancorp of New Hampshire will be a second-tier bank holding
company wholly-owned by Merrimack with direct control of Hillsborough.
2. A bank holding company's home state is the state in which the
operations of the bank holding company's subsidiary banks were
principally conducted on July 1, 1966, or on the date on which the
company became a bank holding company, whichever is later.
12 U.S.C. § 1842(d). Merrimack's home state is Massachusetts.
3. N.H. Rev. Stat. Ann. § 384:45 (1987).
Hampshire bank or bank holding company under
conditions no more restrictive than those imposed by
New Hampshire law. 4
The New Hampshire Bank Commissioner has found
that Massachusetts would allow the acquisition of a
Massachusetts banking organization by a New Hampshire banking organization under conditions no more
restrictive than those imposed by New Hampshire
law.5 Accordingly, the New Hampshire Board of Trust
Company Incorporation approved Merrimack's application on February 29, 1988. In light of the foregoing,
the Board has determined that the proposed acquisition is specifically authorized by the statute laws of
New Hampshire, and is thus not prohibited by the
Douglas Amendment.
Merrimack is the seventy-ninth largest banking organization in Massachusetts, operating one subsidiary
bank with total deposits of $219.3 million, representing
less than one percent of the total deposits in commercial banks in Massachusetts.6 Hillsborough is the
sixty-first largest commercial banking organization in
New Hampshire, controlling deposits of $20.9 million,
representing less than one percent of total deposits in
commercial banks in New Hampshire. Consummation
of the proposal would not have any significant adverse
effect upon the concentration of banking resources in
Massachusetts or New Hampshire.
Merrimack and Hillsborough do not compete directly in any banking market. Accordingly, consummation of the proposal would not eliminate any significant existing competition in any relevant banking
market. The Board has also considered the effects of
the proposed acquisition on probable future competition in the markets in which Merrimack or Hillsborough, but not both, compete. In light of the existence
of numerous potential entrants into the relevant markets, the Board concludes that consummation of the
proposed transaction would not have any significant
adverse effect on probable future competition in any
relevant banking market.
The financial and managerial resources of Merrimack, its subsidiary, and Hillsborough are consistent
with approval.7 Considerations relating to the conve-
4. N.H. Rev. Stat. Ann. § 384:47(11) (1987).
5. See January 18, 1988 letter to the New Hampshire Attorney
General from the New Hampshire Bank Commissioner.
6. All banking data are as of September 30, 1987.
7. Merrimack has also requested relief from certain commitments
relating to savings bank life insurance ("SBLI") activities that it made
in connection with its acquisition of Lowell Institution for Savings,
Lowell, Massachusetts. Merrimack meets and will continue to meet
all of the requirements set out by the BHC Act as amended by the
Competitive Equality Banking Act of 1987 for bank holding companies
that desire to engage in SBLI activities through qualified savings bank
subsidiaries. Thus, the Board has determined that Merrimack should
be, and hereby is, granted relief from its previous commitments.
Legal Developments
nience and needs of the communities to be served also
are consistent with approval of this application.
Based on the foregoing and other facts of record, the
Board has determined that the applications should be,
and hereby are, approved, subject to the express
condition that Merrimack obtain the approval of the
Massachusetts Commissioner of Banks.8 This transaction shall not be consummated before the thirtieth
calendar day following the effective date of this Order,
or later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board or by the Federal Reserve Bank of
Boston, acting pursuant to delegated authority.
By order of the Board of Governors, effective
April 5, 1988.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, Heller, and Kelley.
JAMES M C A F E E
Associate Secretary of the Board
New Hampshire Savings Bank Corp.
Nashua, New Hampshire
Order Approving Acquisition of a Bank
New Hampshire Savings Bank Corp., Nashua, New
Hampshire ("NHSB Corp."), a bank holding company within the meaning of the Bank Holding Company Act ("Act"), (12 U.S.C. § 1841 et seq.), has
applied for the Board's approval pursuant to section
3(a)(3) of the Act (12 U.S.C. § 1842(a)(3)) to acquire
100 percent of the voting shares of the successor by
merger to New Hampshire Savings Bank of Nashua,
Nashua, New Hampshire ("NHSB Bank"), and First
Federal Bank, FSB, Nashua, New Hampshire
("FFB").
Notice of the application, affording interested persons an opportunity to submit comments, has been
duly published (52 Federal Register 45,693 (1987)).
The time for filing comments has expired, and the
Board has considered the application and all comments received in light of the factors set forth in
section 3(c) of the Act.
FFB is a federal stock savings bank, the accounts of
which are insured by the Federal Savings and Loan
Insurance Corporation ("FSLIC"). FFB has adopted
a conversion plan by which it will convert to a statechartered cooperative bank, the accounts of which will
8. The Massachusetts Board of Bank Incorporation must approve
all acquisitions of banks by Massachusetts bank holding companies.
Mass. Gen. Laws Ann. ch. 167A § 2 (West 1987).
387
be insured by the Federal Deposit Insurance Corporation ("FDIC"). NHSB Corp. proposes to establish
NHSB Bank as a state-chartered guaranty savings
bank, the accounts of which will be insured by the
FDIC. After the conversion, NHSB Corp. will acquire
by merger FFB. 1
Because FFB, at the time of its acquisition by
NHSB Corp., will be an FDIC-insured bank, FFB
would be a "bank" for purposes of the Act, 2 and
NHSB Corp. properly has applied to acquire FFB
under section 3 of the Act, which governs the acquisition of banks by bank holding companies.
NHSB Corp., with deposits of $790.0 million,3 is the
sixth largest depository institution among commercial
banks and thrift organizations in New Hampshire,
controlling 5.7 percent of the total deposits of commercial banks and thrift organizations in the state.4
FFB is the twelfth largest depository institution among
commercial banks and thrift organizations in New
Hampshire, controlling deposits of $234.0 million,
representing 1.7 percent of the total deposits in commercial banks and thrift organizations in the state.
Upon consummation of this proposal, NHSB Corp.
will become the fourth largest depository institution in
New Hampshire and control deposits of approximately $1.1 billion, representing 7.4 percent of the
total deposits in commercial banks and thrift organizations in the state. Consummation of this proposal
would not have any significant adverse effect upon the
concentration of banking resources in New Hampshire.
NHSB Corp. competes directly with FFB in the
Nashua and Portsmouth-Dover-Rochester banking
markets. In the Nashua banking market,5 NHSB
Corp. is the eleventh largest depository institution
among commercial banks and thrift organizations,
controlling deposits of $18.9 million, representing 1.1
percent of the total deposits in commercial banks and
thrift organizations in the market. FFB is the fourth
largest depository institution among commercial banks
and thrift organizations in the market, controlling
1. NHSB Corp. has also applied to acquire warrants representing
up to 24.9 percent of the common stock of FFB. Because FFB
currently operates as an FSLIC-insured thrift institution, NHSB
Corp. will not acquire warrants representing more than 4.9 percent of
the voting shares without Board approval.
2. As an FDIC-insured bank, FFB would qualify as a "bank" under
section 2(c) of the Act, as amended by section 101(a) of the Competitive Equality Banking Act of 1987 ("CEBA"), Pub. L. No. 100-86,
101 Stat. 552, 554 (1987) (to be codified at 12 U.S.C. § 1841(c)).
3. Deposit data are as of September 30, 1987.
4. State data are as of June 30, 1987.
5. The Nashua banking market is approximated by the Nashua
RMA plus the New Hampshire towns of Greenville, Lyndeboro and
Mason.
388
Federal Reserve Bulletin • June 1988
deposits of $199.2 million, representing 11.9 percent of
the total deposits in commercial banks and thrift
organizations in the market. Upon consummation of
this proposal, NHSB Corp. would become the fourth
largest depository institution in the market, controlling
deposits of $218.1 million, representing 13.0 percent of
the total deposits in the market. The four-firm concentration ratio would increase from 72.1 to 73.3 percent,
and the Herfindahl-Hirschman Index ("HHI") 6 would
increase 27 points to 1542. In view of the small
increase in concentration, the Board has concluded
that consummation of this proposal will not have a
substantial adverse effect upon competition in the
Nashua banking market.
In the Portsmouth-Dover-Rochester banking
market,7 NHSB Corp. is the ninth largest depository
institution among commercial banks and thrift organizations, controlling deposits of $79.4 million, representing 3.3 percent of the total deposits in commercial
banks and thrift organizations in the market. FFB is
the 23rd largest depository institution among commercial banks and thrift organizations in the market,
controlling deposits of $21.6 million, representing less
than one percent of the total deposits in commercial
banks and thrift organizations in the market. Upon
consummation of this proposal, NHSB Corp. would
become the seventh largest depository institution in
the market, controlling deposits of $101.0 million,
representing 4.2 percent of the total deposits in the
market. The HHI would increase by 6 points to 669
and the market would remain unconcentrated. In view
of the unconcentrated nature of the market and the
small increase in concentration, consummation of this
proposal would not have a substantial adverse effect
upon concentration in the Portsmouth-Dover-Rochester banking market.
The financial and managerial resources of NHSB
Corp. and FFB are consistent with approval. Considerations relating to the convenience and needs of the
6. Under the revised Department of Justice Merger Guidelines (49
Federal Register 26,823 (June 29, 1984)), any market in which the
post-merger HHI is between 1000 and 1800 is considered moderately
concentrated, and the Department is unlikely to challenge a merger or
acquisition resulting in an HHI between 1000 and 1800 if the increase
in the HHI is less than 100 points. The Department has informed the
Board that a bank merger or acquisition generally will not be challenged (in the absence of other factors indicating anticompetitive
effects, unless the post-merger HHI is at least 1800 and the merger
increases the HHI by at least 200 points. The Justice Department has
stated that the higher than normal HHI thresholds for screening bank
acquisitions for anti-competitive effects implicitly recognizes the
competitive effects of limited purpose lenders and other non-depository financial entities.
7. The Portsmouth-Dover-Rochester banking market is approximated by the Portsmouth-Dover-Rochester MSA plus the N e w Hampshire towns of Brentwood, Brookfield, Epping, Freemont, Hampton
Falls, Kensington, Middleton, N e w Durham, Northwood, Nottingham, Strafford, and Wakefield, plus Lebanon, Maine.
communities to be served are also consistent with
approval.
The Board notes that this application involves the
acquisition of a bank that results from a conversion of
a non-failing FSLIC-insured federal savings bank. The
acquisition proposed here, however, does not fall
within the scope of the Board's policy and rulings
regarding acquisitions of thrift institutions under section 4 of the Act8 or the provisions of the 1982 GarnSt Germain Depository Institutions Act regarding acquisitions of thrift institutions. FFB, when acquired by
NHSB Corp., will be a state-chartered cooperative
bank, the accounts of which are insured by the FDIC.
As an FDIC-insured institution, FFB will qualify as a
"bank" under the Act.
In addition, the Board has considered the one year
moratorium on thrift conversions imposed by the
Competitive Equality Banking Act of 1987
("CEBA"). 9 CEBA, however, provides an exemption
from the moratorium for institutions, like FFB, which
entered into a letter of intent to affiliate with an
FDIC-insured institution before March 31, 1987. FFB
entered into a letter of intent to affiliate with an
FDIC-insured institution before March 31, 1987, and
statements by certain members of the Senate during
consideration of the conference report on CEBA support a determination that FFB is not subject to the
CEBA moratorium on thrift conversions.
The Congressional debates on the moratorium provisions of CEBA indicate that an institution that
entered into a letter of intent before March 31, 1987,
and as a part of the process initiated a change of its
insurance status, was exempt from the CEBA restrictions, notwithstanding the fact that the institution
modified its FDIC insurance application after the
initial proposed merger fell through.10 The legislative
history further states that the exempt status attaches
even though the original merger transaction was not
consummated, because the application to change insurance stems from the date of the letter of intent.
Because FFB entered into an agreement to affiliate
with an FDIC-insured institution before March 31,
1987, the moratorium does not apply to this
transaction.11
The Board expects that NHSB Corp. will comply
with all state and federal requirements necessary for
8 . D.H.
Baldwin
Company,
6 3 F E D E R A L RESERVE B U L L E T I N 2 8 0
(1977).
9. Competitive Equality Banking Act of 1987, Pub. L. N o . 100-86,
§ 306(h), 101 Stat. 552, 602 (1987) (to be codified at 12 U . S . C § 1730
note).
10. 133 Cong. Rec. S 11213, 11214 (daily ed. August 4, 1987).
11. The Federal Home Loan Bank Board determined that FFB is
exempt from the CEBA moratorium on thrift conversions and approved FFB's application to convert to an FDIC-insured statechartered bank on March 16, 1988.
Legal Developments
consummation of the acquisition, and the Board's
approval of this application under the Act is not
intended to preempt any such requirements.12 The
Board has previously stated that its approval of transactions under section 3 of the Act does not relieve an
applicant or the bank involved of the responsibility to
obtain approval under other federal or state laws and
regulations and does not shield an applicant from the
consequences of violations of other laws.13
Based on the foregoing and other facts of record, the
Board has determined that the application should be,
and hereby is, approved. This transaction shall not be
consummated before the thirtieth calendar day following the effective date of this Order, or later than three
months after the effective date of this Order, unless
such period is extended for good cause by the Board or
by the Federal Reserve Bank of Boston, acting pursuant to delegated authority.
By order of the Board of Governors, effective
April 18, 1988.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, and Heller. Absent and not voting:
Governor Kelley.
JAMES M C A F E E
Associate Secretary of the Board
PNC Financial Corp
Pittsburgh, Pennsylvania
Order Approving the Acquisition of a Bank
PNC Financial Corp, Pittsburgh, Pennsylvania
("PNC"), a bank holding company within the meaning
of the Bank Holding Company Act of 1956, as
amended (the "Act") (12 U.S.C. § 1841 et seq.), has
applied for the Board's approval under section 3(a)(3)
of the Act (12 U.S.C. § 1842(a)(3)) to acquire 100
percent of the voting shares of PNC National Bank of
New Jersey, Cherry Hill, New Jersey, a de novo bank
("Bank").
Notice of the application, affording interested persons an opportunity to submit comments, has been
published (53 Federal Register 2,783 (1988)). The time
for filing comments has expired, and the Board has
considered the application and all comments received
in light of the factors set forth in section 3(c) of the
Act.
12. The Board may not approve an application that would result in
a violation of federal or state law. Whitney National Bank v. Bank of
New
Orleans,
13. Crocker
379 U . S . 411 (1964).
National
Corporation,
TIN 66 (1979); Royal Trust Company,
18,415 (1972).
66 FEDERAL RESERVE B U L L E -
37 Federal Register
18,414,
389
PNC is the second largest banking organization in
Pennsylvania and operates 26 subsidiary banks in
Florida, Indiana, Kentucky, Ohio and Pennsylvania,
with total domestic deposits of $20.9 billion.1 Bank is
a newly chartered national bank that will be located in
New Jersey. Because the bank to be acquired is a de
novo bank, consummation of this proposal would not
result in an increase in the concentration of banking
resources in New Jersey.
Section 3(d) of the Act (12 U.S.C. § 1842(d)), the
Douglas Amendment, prohibits the Board from approving an application by a bank holding company to
acquire control of any bank located outside of the
holding company's home state, unless such acquisition
is "specifically authorized by the statute laws of the
state in which [the] bank is located, by language to that
effect and not merely by implication."2 The Board has
previously determined that New Jersey has by statute
expressly authorized a Pennsylvania bank holding
company to acquire a New Jersey bank or bank
holding company.3 Accordingly, approval of PNC's
proposal to acquire Bank is not barred by the Douglas
Amendment.
Bank is to be located in Cherry Hill, New Jersey,
and will compete in the Philadelphia/Trenton banking
market.4 Because Bank is a de novo institution, consummation of the proposal will not have any significant adverse effects on either existing or potential
competition in any relevant market.
The financial and managerial resources and future
prospects of PNC, its subsidiaries and Bank are consistent with approval. Considerations relating to the
convenience and needs of the communities to be
served are also consistent with approval of this application.
Based on the foregoing and other facts of record, the
Board has determined that the application should be,
and hereby is, approved. This transaction shall not be
consummated before the thirtieth calendar day following the effective date of this Order, or later than three
months after the effective date of this Order, and Bank
shall be opened for business not later than six months
after the effective date of this Order. The latter two
1. Banking data are as of September 30, 1987.
2. A bank holding company's home state is that state in which the
operations of the bank holding company's bank subsidiaries were
principally conducted on July 1, 1966, or the date on which the
company became a bank holding company, whichever is later.
3. CoreStates Financial Corporation, 72 FEDERAL RESERVE BULLETIN 796 (1986). On October 16, 1987, the New Jersey Commissioner
of Banking issued a Determination of Eligibility finding that PNC was
a bank holding company eligible to acquire Bank under New Jersey
law.
4. The Philadelphia/Trenton banking market is approximated by
Bucks, Chester, Delaware, Montgomery and Philadelphia Counties in
Pennsylvania, and Burlington, Camden, Gloucester and Mercer Counties in New Jersey.
390
Federal Reserve Bulletin • June 1988
periods may be extended for good cause by the Board
or by the Federal Reserve Bank of Cleveland, acting
pursuant to delegated authority.
By order of the Board of Governors, effective
April 19, 1988.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, and Heller. Absent and not voting:
Governor Kelley.
JAMES M C A F E E
Associate Secretary of the Board
SunTrust Banks, Inc.
Atlanta, Georgia
Sun Banks, Inc.
Orlando, Florida
Order Approving Acquisition of a Bank
SunTrust Banks, Inc., Atlanta, Georgia, and Sun
Banks, Inc., Orlando, Florida (together, "SunTrust"),
bank holding companies within the meaning of the
Bank Holding Company Act of 1956, as amended
(12 U.S.C. § 1841 et seq.) ("Act"), have applied
jointly for the Board's approval under section 3(a)(3)
of the Act (12 U.S.C. § 1842(a)(3)), to acquire all of
the voting shares of Commercial Bank In Panama
City, Panama City, Florida ("Commercial Bank").
Notice of the application, affording an opportunity
for interested persons to submit comments, has been
given in accordance with section 3 of the Act. (53
Federal Register 179 (1988)). The time for filing comments has expired, and the Board has considered the
application and all comments received, including comments in opposition to the application from Direct
Involvement Savannahians Together Urging Responsive Banking Services ("DISTURBS"), in light of the
factors set forth in section 3(c) of the Act (12 U.S.C.
§ 1842(c)).
SunTrust controls fifty-two bank subsidiaries in
Florida, Georgia and Tennessee. SunTrust is the second largest banking organization in Florida, controlling deposits in that state of $11.5 billion, representing
13.3 percent of the total deposits in commercial banks
("total deposits") in Florida.1 Commercial Bank controls $166.9 million in total deposits in the state of
Florida, representing 0.2 percent of total deposits in
the state. As part of this proposal, SunTrust intends to
acquire Lynn Haven Commercial Bank, Lynn Haven,
Florida ("Lynn Haven Bank"), and Springfield Com-
1. Deposit data are as of September 30, 1987.
mercial Bank, Springfield, Florida ("Springfield
Bank"), through bank-to-bank mergers with Commercial Bank. The Lynn Haven Bank, Springfield Bank
and Commercial Bank (together "Banks") are under
common management and ownership. After the
merger of Lynn Haven Bank and Springfield Bank into
Commercial Bank, SunTrust will control deposits
equalling $11.7 billion, representing 13.5 percent of
commercial deposits in Florida. Consummation of this
proposal will have no significant effect upon the concentration of commercial banking resources in Florida.
The Banks to be acquired operate in the Bay County
banking market.2 SunTrust does not operate in this
market, and thus, consummation of the proposal
would not eliminate any substantial existing competition between SunTrust and Banks in the Bay County
market. In addition, consummation of the proposal
would not substantially lessen probable future competition in any market.
The Board considers the financial and managerial
resources of SunTrust, its subsidiary banks and Commercial Bank to be consistent with approval of the
application.
In considering the convenience and needs of the
communities to be served, the Board has also taken
into account SunTrust's record under the Community
Reinvestment Act (12 U.S.C. § 2901 et seq.)
("CRA"). The CRA requires the Board, in its evaluation of a bank holding company application, to assess
the record of an applicant in meeting the credit needs
of the entire community, including low- and moderateincome neighborhoods, consistent with safe and sound
operation. The Board has received comments from
DISTURBS, which represents low-income groups and
individuals in Savannah, Georgia. DISTURBS requests that the Board not approve the application due
to the failure of Trust Company Bank of Savannah,
Savannah, Georgia ("Savannah Bank"), a bank subsidiary of SunTrust, to meet the local credit needs of
Savannah, Chatham County, Georgia.3 SunTrust has
met privately with DISTURBS on two occasions and
has requested further meetings with the latter to discuss specific problems.
In accordance with the Board's practice and procedure for handling protested applications,4 the Board
2. The Bay County banking market is approximated by Bay
County, Florida.
3. DISTURBS asserts that in Savannah, Georgia, SunTrust has
failed to ascertain and meet the credit needs of low- and moderateincome neighborhoods and minority residents and has inadequately
marketed credit services to same; has conducted inadequate small
business lending efforts; has engaged in credit discrimination against
women and minorities; and has inconvenient locations and hours of
operation in low- and moderate-income neighborhoods.
4. See 12 C.F.R. § 262.25(c) (1987).
Legal Developments
reviewed the allegations made by DISTURBS and
SunTrust's response. The Board has also considered
Savannah Bank's CRA record as detailed in its report
of examination, as required by the CRA. In addition,
SunTrust has indicated it will take a number of steps to
enhance Savannah Bank's CRA performance. Savannah Bank will strengthen and expand consumer compliance by instituting more extensive training and
review procedures for responsible personnel. The
Bank will also strengthen its program to market credit
services to minorities and low- and moderate-income
neighborhoods, and its efforts to ascertain the credit
needs of minorities and low- and moderate-income
neighborhoods, through meetings with community
representatives. Savannah Bank will also enhance its
efforts to promote community development for minorities and low- and moderate-income neighborhoods
by, among other things, engaging in discussions with
representatives from the City of Savannah. SunTrust
will file quarterly reports with the Federal Reserve
Bank of Atlanta detailing SunTrust's progress in meeting its CRA objectives. Finally, SunTrust has also
committed to strengthen consumer compliance in all of
its banking subsidiaries.
The Board has carefully reviewed the record of
SunTrust in meeting the convenience and needs of the
community of Savannah, Chatham County, Georgia.
Based on this review and after taking into account
SunTrust's commitments to enhance its service to
meet the convenience and needs of all segments of the
community, the Board concludes that convenience
and needs considerations are consistent with approval
of this application.5
Based on the foregoing and other facts of record, the
Board has determined that the application under section 3 of the Act should be, and hereby is, approved.
The acquisition of Commercial Bank shall not be
consummated before the thirtieth calendar day following the effective date of this Order or later than three
months after the effective date of the Order, unless
such period is extended for good cause by the Board or
by the Federal Reserve Bank of Atlanta, pursuant to
delegated authority.
5. DISTURBS has also requested that the Board order a public
meeting to receive public testimony on the issues presented by this
application. Although section 3(b) of the Act does not require a formal
hearing in this instance, the Board may order a formal or informal
hearing. In the Board's view, the parties have had ample opportunity
to present their arguments in writing and to respond to one another's
submissions. Moreover, the Savannah Bank has requested additional
meetings with DISTURBS to discuss specific problems. In light of
these facts, SunTrust's proposals to expand its services, and other
facts of record, the Board has determined that a hearing would serve
no useful purpose. Accordingly, DISTURBS' request for a public
hearing is hereby denied.
391
By order of the Board of Governors, effective
April 12, 1988.
Voting for this action: Chairman Greenspan and Governors
Seger, Angell, Heller, and Kelley. Absent and not voting:
Governor Johnson.
JAMES M C A F E E
Associate Secretary of the Board
Orders Issued Under Section 4 of the Bank
Holding Company Act
The Chase Manhattan Corporation
New York, New York
Order Approving Application to Engage in Limited
Underwriting and Dealing in Commercial Paper
The Chase Manhattan Corporation ("Chase" or "Applicant"), New York, New York, a bank holding
company within the meaning of the Bank Holding
Company Act ("BHC Act"), has applied for the
Board's approval under section 4(c)(8) of the BHC Act
(12 U.S.C. § 1843(c)(8)) and section 225.23 of the
Board's Regulation Y (12 C.F.R. § 225.23) to engage
de novo through Chase Manhattan Treasury Corporation, New York, New York ("Company"), in underwriting and dealing in, on a limited basis, commercial
paper.
Company currently underwrites and deals in securities that state member banks are permitted to underwrite and deal in under the Glass-Steagall Act (hereinafter "bank-eligible securities"), as permitted by
section 225.25(b)(16) of Regulation Y (12 C.F.R.
§ 225.25(b)(16)). Company has also previously received Board approval under section 4(c)(8) of the
BHC Act to underwrite and deal in 1-4 family mortgage-related securities, certain municipal revenue
bonds (including "public ownership" industrial development bonds) and consumer-receivable-related securities ("CRRs") (hereinafter "ineligible securities").
These activities must be limited so as not to exceed 5
percent of Company's gross revenues and 5 percent of
the market share for each security. Citicorp, J.P.
Morgan & Co. Incorporated and Bankers Trust New
York Corporation,
73 FEDERAL RESERVE BULLETIN
473 (1987) ("Citicorp/Morgan!Bankers Trust"); and
Chemical New York Corporation, The Chase Manhattan Corporation, Bankers Trust New York Corporation, Citicorp, Manufacturers Hanover Corporation
and Security Pacific Corporation, 73 FEDERAL RESERVE BULLETIN 731 (1987) ("Chemical").
Applicant
has proposed to conduct Company's underwriting and
dealing in commercial paper in the same manner and to
392
Federal Reserve Bulletin • June 1988
the same extent as previously approved by the Board
in the foregoing Orders.1 The proposed new underwriting and dealing activities would be provided in
addition to the above activities.
Chase, with consolidated assets of $99.1 billion, is
the second largest banking organization in the nation.
It operates seven subsidiary banks and engages directly and through subsidiaries in a broad range of
permissible nonbanking activities.2
Notice of the application, affording interested persons an opportunity to submit comments on the proposal, has been published (53 Federal Register 6,201
(1988)). The Securities Industry Association ("SIA"),
a trade association of the investment banking industry,
opposes the application for the reasons stated in its
earlier protests to similar applications by Citicorp, J.P.
Morgan & Co. Incorporated and Bankers Trust New
York Corporation.
On April 30, 1987, the Board approved applications
by Citicorp, J.P. Morgan and Bankers Trust to underwrite and deal in, through their bank-eligible securities
underwriting subsidiaries, 1-4 family mortgagebacked securities, municipal revenue bonds (and certain industrial development bonds) and (except for
Citicorp) commercial paper.3 The Board concluded
that the underwriting subsidiaries would not be "engaged principally" in underwriting or dealing in securities within the meaning of section 20 of the GlassSteagall Act4 provided they derived no more than 5
percent of their total gross revenues from underwriting
and dealing in the approved securities over any twoyear period and their underwriting and dealing activities did not exceed 5 percent of the market for each
1. In its CilicorplMorgan/Bankers
Trust Order, the Board stated
that it "will not consider the underwriting subsidiaries to be engaged
principally in ineligible underwriting and dealing activities under
section 20 of the Glass-Steagall Act under the conditions established
below for the conduct of the activity under the BHC Act, if (1) the
underwriting subsidiaries derive no more than 5 percent of their total
gross revenues from ineligible underwriting and dealing activity on
average over any two year period, (2) their underwriting activities in
connection with each particular type of ineligible security do not
account for more than 5 percent of the total amount of that type of
security underwritten domestically by all firms (or, in the case of
commercial paper, the average amount of dealer-placed commercial
paper outstanding) during the previous calendar year, and (3) they
limit the amount of each particular type of security held for dealing so
as not to exceed the amount of the underwriting market share
limitation described in paragraph (2) above." 73 FEDERAL RESERVE
BULLETIN at 485-486.
2. All data are as of December 31, 1987.
3. Citicorp/Morgan/Bankers
Trust, supra. The Board subsequently
approved similar applications by a number of other bank holding
companies.
4. Section 20 of the Glass-Steagall Act (12 U.S.C. § 377) prohibits
the affiliation of a member bank with "any corporation . . . engaged
principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of
stocks, bonds, debentures, notes, or other securities . . . . "
particular type of security involved.5 The Board further found that, subject to the prudential framework of
limitations established in those cases to address the
potential for conflicts of interest, unsound banking
practices or other adverse effects, the proposed underwriting and dealing activities were so closely related to
banking as to be a proper incident thereto within the
meaning of section 4(c)(8) of the BHC Act. 6
For the reasons set forth in the Board's Citicorp/Morgan/Bankers Trust Order, the Board concludes that Applicant's proposal to engage through
Company in underwriting and dealing in commercial
paper would not result in a violation of section 20 of
the Glass-Steagall Act and is closely related and a
proper incident to banking within the meaning of
section 4(c)(8) of the BHC Act provided Applicant
limit Company's activities as provided in that Order.
Accordingly, the Board has determined to approve the
underwriting application subject to all of the terms and
conditions established in the Citicorp!Morgan!Bankers
Trust Order. The Board hereby adopts and incorporates herein by reference the reasoning and analysis
contained in that Order.
The Board's approval of this application extends
only to activities conducted within the limitations of
the Citicorp!Morgan!Bankers Trust Order, including
the Board's reservation of authority to establish additional limitations to ensure that the subsidiary's activities are consistent with safety and soundness, conflicts of interest and other relevant considerations
under the BHC Act. Underwriting or dealing in commercial paper in any manner other than as approved in
that Order is not within the scope of the Board's
approval and is not authorized for Company.
The Board's determination is subject to all of the
conditions set forth in the Board's Regulation Y,
including those in sections 225.4(d) and 225.23(b), and
to the Board's authority to require modification or
termination of the activities of a bank holding company or any of its subsidiaries as the Board finds
necessary to assure compliance with, and to prevent
5. In this regard, the Board notes that the U.S. Court of Appeals for
the Second Circuit has upheld the Board's determination that the
underwriting subsidiaries would not be engaged principally in ineligible securities underwriting and dealing under the above revenue
limitation. Securities Industry Association v. Board of Governors of
the Federal Reserve System, 839 F.2d 47 (2d Cir. 1988). The court,
however, stated that the 5 percent market share limitation was not
adequately supported by the facts of record. Because the SIA has
sought Supreme Court review of the decision, the Board believes it
appropriate to retain the market share limitation until resolution of the
litigation. In the event the Second Circuit's decision becomes final,
the Board will consider a petition by Chase for relief from the
limitation.
6. On July 14, 1987, the Board subsequently decided that underwriting and dealing in CRRs is so closely related to banking as to be a
proper incident thereto within the meaning of section 4(c)(8) of the
BHC Act. Chemical, supra.
Legal Developments
evasion of, the provisions of the BHC Act and the
Board's regulations and orders issued thereunder.
The Board notes that the SIA has sought judicial
review by the U.S. Supreme Court of the Citicorp/Morgan/Bankers Trust Order to which this Order
pertains. The Board notes that the U.S. Court of
Appeals for the Second Circuit has stayed the effectiveness of that Order and subsequent ineligible securities underwriting orders pending judicial review. In
light of the pendency of this litigation, the Board has
determined that this Order should be stayed for such
time as the stay of the prior decisions is effective.
By order of the Board of Governors, effective
April 27, 1988.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, and Kelley. Absent and not voting:
Governor Heller.
York.1 Chemical operates two subsidiary banks and
engages through certain of its subsidiaries in a variety
of nonbanking activities. CFI is a futures commission
merchant ("FCM") registered with the Commodity
Futures Trading Commission ("CFTC") that engages
in the execution and clearance of futures contracts and
options on futures contracts for bullion, foreign exchange, government securities, certificates of deposit,
and other money market instruments that a bank may
buy or sell in the cash market for its own account,
pursuant to section 225.25(b)(18) of the Board's Regulation Y, 12 C.F.R. § 225.25(b)(18). CFI also provides investment advice on financial futures and options on futures pursuant to section 225.25(b)(19) of
Regulation Y, 12 C.F.R. § 225.25(b)(19).
The Board has previously approved the execution
and clearance of futures contracts on The Bond Buyer
Municipal Bond Index. Bankers Trust New York Corporation,
JAMES MCAFEE
Associate Secretary of the Board
Chemical New York Corporation
New York, New York
Order Approving Application to Execute and Clear
Futures Contracts on a Municipal Bond Index and
to Provide Futures Advisory Services
Chemical New York Corporation, New York, New
York ("Chemical"), a bank holding company within
the meaning of the Bank Holding Company Act
(12 U.S.C. § 1841 et seq.) ("BHC Act"), has applied
pursuant to section 4(c)(8) of the BHC Act to engage,
through its subsidiary, Chemical Futures, Inc.
("CFI"), in the solicitation, execution and clearance
of futures contracts on a municipal bond index on
major commodities exchanges for non-affiliated persons, and the provision of advisory services to nonaffiliated persons with respect to such futures contracts. The proposed futures contract is a financial
future that is based on an index of general obligation
bonds and revenue bonds selected by The Bond Buyer.
Notice of the application, affording interested persons an opportunity to submit comments on the relation of the proposed activities to banking and on the
balance of public interest factors, has been duly published (53 Federal Register 7,236 (1988)). The time for
filing comments has expired, and the Board has considered the application and all comments received in
light of the public interest factors set forth in section
4(c)(8) of the BHC Act.
Chemical, with total consolidated assets of $78.2
billion, is the third largest banking organization in New
393
71 FEDERAL RESERVE BULLETIN 111 (1985)
("Bankers Trust"). The factors upon which the Board
based its approval decision in Bankers Trust are present in this application. Applicant's subsidiary, The
Chemical Bank, has long been a major participant in
the municipal securities market as an underwriter of
and dealer in municipal bonds and municipal notes.
The Board has determined that Chemical's proposal
to execute and clear such futures contracts is substantially similar to the proposal approved by the Board in
Bankers Trust, and Chemical's prior experience in the
municipal securities markets indicates that CFI would
have the expertise to provide the proposed services.
Accordingly, the Board concludes that, in the manner
proposed, and subject to the conditions set forth in
section 225.25(b)(18) of Regulation Y, Chemical's proposal to execute and clear futures contracts on a
municipal bond index is closely related to banking.
With respect to the proposed advisory services,
such services also were authorized in Bankers Trust
and several other cases. 2 Chemical proposes to provide investment and advisory services to FCM customers and others. Chemical has committed to limit
these advisory services so as to be consistent with the
limits in section 225.25(b)(19) of Regulation Y which
are placed on the provision of similar advisory services. 3 Based on the facts of this case, and subject to
1. All financial data are as of December 31, 1987.
2 . J.P.
Morgan
& Co.,
Incorporated,
LETIN 7 8 0 ( 1 9 8 4 ) ; Manufacturers
Hanover
7 0 F E D E R A L RESERVE B U L Corporation,
7 0 FEDERAL
RESERVE BULLETIN 3 6 9 ( 1 9 8 4 ) .
3. Section 225.25(b)(19) limits an FCM that is providing investment
advice related to the futures contracts it is executing and clearing, to
providing such advice to financial institutions and other financially
sophisticated customers that have significant dealings or holdings in
the underlying commodities, securities, or instruments.
394
Federal R e s e r v e Bulletin • June 1988
the commitments made by Applicant, the Board concludes that these activities are closely related to banking.
Under section 4 of the BHC Act, the Board is also
required to determine that the performance of the
proposed activities by applicant "can reasonably be
expected to produce benefits to the public . . . that
outweigh possible adverse effects, such as undue
concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking
practices." 12 U.S.C. § 1843(c)(8).
Consummation of Chemical's proposal would provide added convenience to its clients. The Board
expects that the de novo entry of Chemical into the
market for these services would increase the level of
competition among providers of these services already
in operation. Accordingly, the Board concludes that
the performance of the proposed activities by Chemical can reasonably be expected to provide benefits to
the public.
Moreover, there is no evidence in the record that
consummation of the proposed FCM activities would
result in any adverse effects such as undue concentration of resources, decreased or unfair competition,
conflicts of interests, or unsound banking practices. In
addition, the Board has taken into account and has
relied on the regulatory framework established pursuant to law by the CFTC for the trading of futures.
The financial and managerial resources and future
prospects of Applicant are considered consistent with
approval. Based upon a consideration of all the relevant facts, the Board concludes that the balance of the
public interest factors that it is required to consider
under section 4(c)(8) is favorable. Accordingly, based
on all the facts of record and the commitments made
by Applicant, and subject to the conditions in this
Order, the Board has determined that the proposed
application should be, and hereby is, approved. This
determination is subject to all of the conditions set
forth in Regulation Y, including sections 225.4(d) and
225.23(b)(3) (12 C.F.R. §§ 225.4(d) and 225.23(b)(3)),
and to the Board's authority to require such modification or termination of the activities of a bank holding
company or any of its subsidiaries as the Board finds
necessary to assure compliance with, or to prevent
evasion of, the provisions and purposes of the BHC
Act and the Board's regulations and orders issued
thereunder.
The transaction shall be made not later than three
months after the effective date of this Order, unless
such period is extended for good cause by the Board or
by the Federal Reserve Bank of New York, pursuant
to delegated authority.
By order of the Board of Governors, effective
April 19, 1988.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, and Heller. Absent and not voting:
Governor Kelley.
JAMES M C A F E E
Associate
Secretary of the Board
Orders Issued Under Sections 3 and 4 of the
Bank Holding Company Act
Constitution Bancorp of New England, Inc.
Fairfield, Connecticut
Order Approving Acquisition of Bank Holding
Companies
Constitution Bancorp of New England, Inc., Fairfield,
Connecticut, has applied for the Board's approval
under section 3 of the Bank Holding Company Act
("Act") (12 U.S.C. § 1841 et seq.), to become a bank
holding company by acquiring 100 percent of Lafayette Bancorp, Inc., Bridgeport, Connecticut ("Lafayette"), and thereby to acquire indirectly Lafayette
Bank and Trust Company, Bridgeport, Connecticut;
and to acquire American Bancorp, Inc., Hamden,
Connecticut ("American"), and thereby to acquire
indirectly American National Bank, Hamden, Connecticut. Applicant has also applied under section
4(c)(8) of the Act (12 U.S.C. § 1843(c)(8)) to acquire
DCG Acquisition, Inc., Hamden, Connecticut
("DCG"), a nonbanking subsidiary of American, and
thereby engage in data processing activities.
Notice of the applications, affording interested persons an opportunity to submit comments, has been
duly published (52 Federal Register 2,446 (1987)). The
time for filing comments has expired, and the Board
has considered the applications and all comments
received in light of the factors set forth in sections 3(c)
and 4(c)(8) of the Act.
Applicant is a non-operating corporation formed for
the purpose of becoming a bank holding company by
acquiring Lafayette and American. Lafayette is the
twelfth largest commercial banking organization in
Connecticut, controlling deposits of $208 million, 1
representing less than 1 percent of the total deposits in
commercial banking organizations in the state. American is the eleventh largest commercial banking organization in Connecticut, controlling $258 million in
deposits, also representing less than 1 percent of the
total deposits in commercial banking organizations in
the state. Upon consummation of the proposal, Appli-
1. All state banking data are as of June 30, 1987.
Legal Developments
cant will become the seventh largest commercial banking organization in Connecticut, controlling deposits
of $466 million, which represent 1.9 percent of the
total deposits in commercial banking organizations in
the state. Accordingly, consummation of this proposal
would not result in a significant increase in banking
resources in Connecticut.
The Board has considered the effects of the proposal
upon competition in the relevant banking markets.2
American's sole subsidiary bank operates in the Hartford and New Haven, Connecticut, banking markets,
where it controls less than 6.5 percent of the total
deposits in commercial banks in each market.3 Lafayette's sole bank subsidiary operates in the Bridgeport
banking market,4 where it controls 7.6 percent of the
market's total commercial bank deposits. Because
American does not operate a bank in any market in
which Lafayette operates a banking subsidiary, consummation of the proposal would not eliminate significant existing competition in any relevant banking
market.
In its evaluation of Applicant's managerial resources, the Board has considered certain violations
by American National Bank ("American Bank") and
Lafayette Bank and Trust Company ("Lafayette
Bank") of the Currency and Foreign Transactions
Reporting Act ("CFTRA") and the regulations
thereunder.5
Lafayette Bank has implemented appropriate remedial measures designed to prevent a recurrence of the
CFTRA violations. These measures include the establishment of a centralized exempt list, enhancement of
the teller training program regarding large currency
transaction reporting and the implementation of comprehensive audit procedures. Examiners from the appropriate bank supervisory authority have reviewed
the measures implemented by Lafayette Bank and
determined that they are adequate to assure future
compliance with the CFTRA.
The Board also has considered certain violations by
American Bank of the CFTRA. In that regard, American Bank has entered into an agreement with the
United States Attorney for the District of Connecticut,
2. All market data are as of June 30, 1986.
3. The Hartford banking market is approximated by the Hartford
RMA minus the Tolland County Township of Manfield and the
Windham County Township of Windham, plus the Windham County
Township of Ashford, the Hartford County Township of Hartland and
the Tolland County Township of Union, and the remaining portions of
Plymouth and East Haddam not already included in the Hartford
RMA, all of Connecticut. The N e w Haven banking market is approximated by the N e w Haven RMA.
4. The Bridgeport banking market is approximated by the Bridgeport RMA, minus the Fairfield County Township of Newton, plus the
N e w Haven County Township of Beacon Falls, all of Connecticut.
5. 31 U.S.C. § 5311 et seq., 31 C.F.R. § 103.
395
pursuant to which it pled guilty to a one count felony
violation of the CFTRA with respect to certain unreported currency transactions and was levied a fine of
$200,000. In addition, Bank has agreed to file additional currency transaction reports for certain unreported transactions. The United States Attorney has
advised the Board that his investigation into these
matters has been concluded. American Bank also has
entered into a Memorandum of Understanding with
the Department of the Treasury with respect to the
unreported currency transactions.
American Bank also has taken remedial action designed to address the potential for future CFTRA
violations by reviewing and enhancing its CFTRA
compliance policies and procedures. American Bank
has appointed a CFTRA compliance officer, implemented a formal CFTRA training program, and appropriate procedural manuals have been made available in
all branches. In addition, American Bank has adopted
a model audit program and engaged an outside consultant to conduct semi-annual reviews of its CFTRA
compliance. Further, examiners from the appropriate
bank supervisory authorities have reviewed the
CFTRA procedures adopted by American Bank and
determined that they are sufficient to ensure future
compliance with the CFTRA. The Board also has
consulted with appropriate enforcement agencies with
respect to this matter, and has considered American
Bancorp's past record of compliance with the law.
Based upon the foregoing and all of the facts of
record, the Board concludes that the managerial resources of Applicant, American, Lafayette, and their
subsidiary banks, are consistent with approval. The
Board also finds that the financial resources and future
prospects of these organizations are consistent with
approval of the proposal. Considerations related to the
convenience and needs of the communities to be
served also are consistent with approval.
Applicant has also applied, pursuant to section
4(c)(8) of the Act, to acquire DCG and thereby engage
in the provision of data processing services to financial
institutions. These activities have been determined by
the Board to be closely related to banking and permissible for bank holding companies. 12 C.F.R.
§ 225.25(b)(7). DCG previously conducted these activities as a subsidiary of American,6 and there is no
evidence in the record to indicate that approval of this
proposal would result in undue concentration of resources, decreased or unfair competition, conflicts of
interest, unsound banking practices, or other adverse
effects on the public interest. Accordingly, the Board
6. The Federal Reserve Bank of Boston, pursuant to authority
delegated by the Board, approved American's acquisition of DCG on
N o v e m b e r 7 , 1 9 8 6 . 7 3 F E D E R A L RESERVE B U L L E T I N 7 5 ( 1 9 8 7 ) .
396
Federal Reserve Bulletin • June 1988
has determined that the balance of the public interest
factors it must consider under section 4(c)(8) of the
Act is consistent with approval of the application to
acquire DCG.
Based on the foregoing and other facts of record, the
Board has determined that the applications under
sections 3 and 4 of the Act should be, and hereby are,
approved. The acquisition of American and Lafayette
shall not be consummated before the thirtieth calendar
day following the effective date of this Order or later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or the Federal Reserve Bank of Boston,
pursuant to delegated authority. The determinations as
to the nonbanking activities are subject to all of the
conditions set forth in Regulation Y, including sections
225.4(d) and 225.23(b) (12 C.F.R. §§ 225.4(d) and
ORDERS APPROVED
UNDER BANK HOLDING
225.23(b)), and to the Board's authority to require
such modification or termination of the activities of the
holding company or any of its subsidiaries as the
Board finds necessary to assure compliance with, or to
prevent evasion of, the provisions and purposes of the
Act and the Board's regulations and orders issued
thereunder.
By order of the Board of Governors, effective
April 11, 1988.
Voting for this action: Chairman Greenspan and Governors
Seger, Angell, Heller, and Kelley. Absent and not voting:
Governor Johnson.
COMPANY
JAMES MCAFEE
Associate Secretary of the Board
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
Aspen Bank Shares, Ltd.,
Aspen, Colorado
Bancorp New Jersey, Inc.,
Somerville, New Jersey
Bath State Bancorp,
Bath, Indiana
Beverly Bancorporation, Inc.,
Chicago, Illinois
Buffalo Bancshares, Inc.,
Buffalo, Oklahoma
Citizens Bancshares of Beebe,
Inc.,
Beebe, Arkansas
Citizens Financial Group, Inc.,
Providence, Rhode Island
CNB, Inc.,
Lake City, Florida
Citizens National Bancorp, Inc.,
Athens, Tennessee
City National Bancorporation,
Inc.,
Washington, D.C.
Bank(s)
Pitkin County Bank and Trust,
Aspen, Colorado
New Jersey Savings Bank,
Somerville, New Jersey
The Bath State Bank,
Bath, Indiana
Martinsville State Bank,
Martinsville, Illinois
The First State Bank of Gage,
Gage, Oklahoma
Citizens Bank,
Beebe, Arkansas
Citizens Savings Bank,
Providence, Rhode Island
Citizens Bank of Live Oak,
Live Oak, Florida
Citizens National Bank of Athens,
Athens, Tennessee
City National Bank of Washington,
Washington, D.C.
Reserve
Bank
Effective
date
Kansas City
April 7, 1988
New York
April 22, 1988
Chicago
March 24, 1988
Chicago
April 8, 1988
Kansas City
April 7, 1988
St. Louis
April 6, 1988
Boston
April 25, 1988
Atlanta
March 31, 1988
Atlanta
April 1, 1988
Richmond
April 4, 1988
Legal Developments
397
Section 3—Continued
Applicant
Columbia Bancorp,
Columbia, Maryland
Commerce Bancshares, Inc.,
Kansas City, Missouri
CommunityBanc, Inc.,
Crooksville, Ohio
Community Bancshares of Alva,
Inc.,
Alva, Oklahoma
Community Financial
Corporation,
Mableton, Georgia
Community National Bancorp,
Inc.,
Staten Island, New York
Delmar Bancorp,
Delmar, Maryland
Golden Bancorp, Inc.,
Milton, West Virginia
ENB Financial Corporation,
Elkridge, Maryland
Fairland Holding Company, Inc.,
Neosho, Missouri
Granby Bancshares, Inc.,
Neosho, Missouri
Fifth Third Bancorp,
Cincinnati, Ohio
First Alma Bancshares, Inc.,
Alma, Kansas
First American Corporation,
Nashville, Tennessee
FirstBancorp, Inc.,
Marathon, Florida
First Colony Bancshares, Inc.,
Alpharetta, Georgia
The First Corporation,
Opelika, Alabama
First Dubuque Corp.,
Dubuque, Iowa
F.N.B.C. of La Grange, Inc.,
La Grange, Illinois
First United Bancorporation,
Anderson, South Carolina
Fourth Financial Corporation,
Inc.,
Wichita, Kansas
Bank(s)
Reserve
Bank
Effective
date
The Columbia Bank,
Columbia, Maryland
Commerce Bank - Nixa, N.A.,
Nixa, Missouri
Crooksville Bank,
Crooks ville, Ohio
Community National Bank,
Alva, Oklahoma
Richmond
April 1, 1988
Kansas City
April 22, 1988
Cleveland
April 19, 1988
Kansas City
April 20, 1988
Community Bank & Trust
Company,
Mableton, Georgia
Community National Bank and
Trust Company of New York,
Staten Island, New York
The Bank of Delmar,
Delmar, Maryland
The Commercial Bank of Bluefield,
Bluefield, West Virginia
Elkridge National Bank,
Elkridge, Maryland
The First National Bank of Fairland,
Fairland, Oklahoma
Atlanta
April 12, 1988
New York
April 6, 1988
Richmond
April 26, 1988
Richmond
April 25, 1988
Richmond
April 27, 1988
Kansas City
April 1, 1988
Cleveland
April 6, 1988
Kansas City
April 27, 1988
Atlanta
March 31, 1988
Atlanta
April 8, 1988
Atlanta
April 4, 1988
Atlanta
April 6, 1988
Chicago
April 14, 1988
Chicago
April 15, 1988
Richmond
April 12, 1988
Kansas City
April 15, 1988
Security Bank, Inc.,
Covington, Kentucky
The First National Bank in Alma,
Alma, Kansas
First American Bancshares, Inc.,
Cooke ville, Tennessee
The First National Bank of the
Florida Keys,
Marathon, Florida
First Colony Bank,
Alpharetta, Georgia
The First National Bank of Opelika,
Opelika, Alabama
ANDREW FINANCIAL CORP.,
Bellevue, Iowa
Wesco Investment Corporation,
La Grange, Illinois
Spartanburg National Bank (in
organization),
Spartanburg, South Carolina
Mid-America Bancshares, Inc.,
Wichita, Kansas
398
Federal Reserve Bulletin • June 1988
Section 3—Continued
Applicant
Governors Bank Corporation,
West Palm Beach, Florida
Independent Bancshares, Inc.,
Ocala, Florida
Jackson Hole Bancshares
Corporation,
Jackson, Wyoming
Key Centurion Bancshares, Inc.,
Charleston, West Virginia
Key Centurion Bancshares, Inc.,
Charleston, West Virginia
Landmark/Community Bancorp,
Inc.,
Hartford, Connecticut
MNC Financial, Inc.,
Baltimore, Maryland
National City Bancshares, Inc.,
Evansville, Indiana
Newberry Bancorp, Inc.,
Newberry, Michigan
Old National Bancorp,
Evansville, Indiana
Oxford Bank Corporation,
Oxford, Michigan
Park Ridge Bancshares, Inc.,
Stevens Point, Wisconsin
Putnam-Greene Financial
Corporation,
Eatonton, Georgia
Shelby Investments, Inc.,
Great Falls, Montana
S. Y. Bancorp, Inc.,
Louisville, Kentucky
Thomson Holdings, Inc.,
Centerville, South Dakota
W B BANCORP, INC.,
New Berlin, Illinois
W.T.B. Financial Corporation,
Spokane, Washington
Warrior Bank Corporation, Inc.
Cashion, Oklahoma
Bank(s)
Reserve
Bank
Effective
date
Governors Bank,
West Palm Beach, Florida
Independent Bank of Ocala,
Ocala, Florida
Bank of Jackson Hole,
Jackson, Wyoming
Atlanta
March 30, 1988
Atlanta
March 28, 1988
Kansas City
April 11, 1988
The Lincoln National Bank of
Hamlin,
Hamlin, West Virginia
The National Bank of Commerce of
Williamson,
Williamson, West Virginia
Landmark Financial Corporation,
Hartford, Connecticut
Community Bancorp, Inc.,
Glastonbury, Connecticut
SBT Corp.,
Old Saybrook, Connecticut
Atlantic Coast Mortgage Company,
Fairfax, Virginia
The Peoples National Bank of
Grayville,
Grayville, Illinois
Newberry State Bank,
Newberry, Michigan
The Peoples National Bank in
Lawrenceville,
Lawrenceville, Illinois
Oxford Bank,
Oxford, Michigan
Bank of Park Ridge,
Park Ridge, Wisconsin
The Pembroke State Bank,
Pembroke, Georgia
Richmond
April 5, 1988
Richmond
April 11, 1988
Boston
April 26, 1988
Richmond
March 30, 1988
St. Louis
March 24, 1988
Minneapolis
April 25, 1988
St. Louis
April 22, 1988
Chicago
April 8, 1988
Chicago
April 6, 1988
Atlanta
April 1, 1988
Village Bank of Great Falls,
Great Falls, Montana
Stock Yards Bank and Trust
Company,
Louisville, Kentucky
Bank of Centerville,
Centerville, South Dakota
First State Bank,
New Berlin, Illinois
Norban Financial Group, Inc.,
Coeur d'Alene, Idaho
Community State Bank,
Cashion, Oklahoma
Minneapolis
April 27, 1988
St. Louis
April 22, 1988
Minneapolis
April 8, 1988
Chicago
April 11, 1988
San Francisco
April 7, 1988
Kansas City
March 25, 1988
Legal Developments
399
Section 3—Continued
Applicant
Way mar Bancorporation,
Spirit Lake, Iowa
West Iowa Banc Corp.,
Marcus, Iowa
Wheeler Bancshares, Inc.
Wheeler, Texas
Bank(s)
First Bank and Trust,
Spirit Lake, Iowa
The Farmers State Bank,
Marcus, Iowa
First National Bank in Wheeler,
Wheeler, Texas
Reserve
Bank
Effective
date
Chicago
April 7, 1988
Chicago
March 25, 1988
Dallas
April 12, 1988
Section 4
Applicant
Bank Corporation of Georgia,
Macon, Georgia
Bank South Corporation,
Atlanta, Georgia
BSD Bancorp, Inc.,
San Diego, California
First American Bank Corporation,
Elk Grove Village, Illinois
First National Holding Company,
Inc.,
Fullerton, Nebraska
Fleet/Norstar Financial Group,
Inc.,
Albany, New York
Progressive Bank, Inc.,
Pawling, New York
The Sanwa Bank Limited,
Osaka, Japan
Sovran Financial Corporation,
Norfolk, Virginia
Nonbanking
Activity/Company
Atlanta Capital Corporation,
Roswell, Georgia
engage de novo in finance leasing of
personal and real properties
Financial Data Dimensions, Inc.,
Thomson, Georgia
engage in trust activities
Reserve
Bank
Effective
date
Atlanta
April 11, 1988
Atlanta
March 28, 1988
San Francisco
March 31, 1988
Keystone Data Corporation,
Kankakee, Illinois
Black Insurance Agency,
Fullerton, Nebraska
Chicago
March 25, 1988
Kansas City
April 14, 1988
engage in the purchase and sale of
gold and silver bullion, bars,
rounds and coins for the account
of its customers
The Stockbridge Group, Ltd.,
Hopewell Junction, New York
Lake Leasing Corporation,
Rochester, Michigan
Commerce Union Financial
Markets, Inc.,
Nashville, Tennessee
Boston
March 29, 1988
New York
April 1, 1988
San Francisco
April 26, 1988
Richmond
April 7, 1988
Sections 3 and 4
. . .
PP
Southern Development
Bancorporation, Inc.,
Little Rock, Arkansas
Bank(s)/ Nonbanking
Company
Elk Horn Bancshares, Inc.,
Arkadelphia, Arkansas
Opportunity Lands Corporation,
Little Rock, Arkansas
Reserve
Bank
St. Louis
Effective
date
March 31, 1988
400
Federal Reserve Bulletin • June 1988
Section 3 and 4—Continued
. . .
Bank(s)/Nonbanking
Company
p
Stuart Family Partnership,
Lincoln, Nebraska
The Catherine Stuart Family
Partnership,
Lincoln, Nebraska
The James Stuart, Jr. Family
Partnership,
Lincoln, Nebraska
The Scott Stuart Family
Partnership,
Lincoln, Nebraska
ORDERS APPROVED
First Commerce Bancshares, Inc.,
Lincoln, Nebraska
UNDER BANK MERGER
Reserve
Bank
Kansas City
Effective
date
April 15, 1988
ACT
By Federal Reserve Banks
Applicant
Central Bank,
Hollidaysburg, Pennsylvania
The Commercial Savings Bank,
Adrian, Michigan
Commonwealth Bank,
Arlington, Texas
Old Kent Bank of Kalamazoo,
Kalamazoo, Michigan
Bank(s)
Broad Top City Office of Mellon
Bank (Central), N.A.,
State College, Pennsylvania
The Jipson-Carter State Bank,
Blissfield, Michigan
Commonwealth Bank-Lamar, N.A.
Arlington, Texas
Old Kent Bank of Allegan,
Allegan, Michigan
Old Kent Bank of Battle Creek,
Battle Creek, Michigan
Old Kent Bank of South Haven,
South Haven, Michigan
Old Kent Bank of Three Rivers,
Three Rivers, Michigan
Reserve
Bank
Effective
date
Philadelphia
March 28, 1988
Chicago
April 15, 1988
Dallas
April 1, 1988
Chicago
April 22, 1988
Legal Developments
PENDING
CASES INVOLVING
THE BOARD
OF
401
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.
Bonilla v. Board of Governors, No. 88-1464 (7th Cir.,
filed March 11, 1988).
Cohen v. Board of Governors, No. 88-1061 (D.N.J.,
filed March 7, 1988).
Irving Bank Corporation v. Board of Governors, No.
88-1176 (D.C. Cir., filed March 1, 1988).
Stoddard v. Board of Governors, No. 88-1148 (D.C.
Cir., filed Feb. 25, 1988).
Securities Industry Association v. Board of Governors, No. 87-4161 (2d Cir., filed Dec. 15, 1987).
Independent Insurance Agents of America, Inc. v.
Board of Governors, No. 87-1686 (D.C. Cir., filed
Nov. 19, 1987).
National Association of Casualty and Surety Agents,
et al., v. Board of Governors, Nos. 87-1644,
87-1801, 88-1001 88-1206, 88-1245, 88-1270 (D.C.
Cir., filed Nov. 4, Dec. 21, 1987, Jan. 4, March 18,
March 30, April 7, 1988).
Teichgraeber v. Board of Governors, No. 87-2505-0
(D. Kan., filed Oct. 16, 1987).
Securities Industry Association v. Board of Governors, No. 87-4135 (2d Cir., filed Oct. 8, 1987).
Independent Insurance Agents of America, Inc. v.
Board of Governors, No. 87-4118 (2d Cir., filed
Sept. 17, 1987).
Citicorp v. Board of Governors, No. 87-1475 (D.C.
Cir., filed Sept. 9, 1987).
Securities Industry Association v. Board of Governors, No. 87-4115 (2d Cir., filed Sept. 9, 1987).
Barrett v. Volcker, No. 87-2280 (D.D.C., filed
Aug. 17, 1987).
Northeast Bancorp v. Board of Governors, No.
87- 1365 (D.C. Cir., filed July 31, 1987).
National Association of Casualty & Insurance Agents
v. Board of Governors, Nos. 87-1354, 87-1355 (D.C.
Cir., filed July 29, 1987).
The Chase Manhattan Corporation v. Board of Governors, No. 87-1333 (D.C. Cir., filed July 20, 1987).
Securities Industry Association v. Board of Governors, Nos. 87-4091, 87-4093, 87-4095 (2d Cir., filed
July 1 and July 15, 1987).
Lewis v. Board of Governors, Nos. 87-3455, 87-3545
(11th Cir., filed June 25, Aug. 3, 1987).
Securities Industry Association v. Board of Governors, et al. No. 87-4041 and consolidated cases (2d
Cir., filed May 1, 1987).
Securities Industry Association v. Board of Governors, et al., No. 87-1169 (D.C. Cir., filed April 17,
1987).
Independent Community Bankers Association of
South Dakota v. Board of Governors, No. 86-5373
(8th Cir., filed Oct. 3, 1986).
Jenkins v. Board of Governors, No. 86-1419 (D.C.
Cir., filed July 18, 1986).
CBC, Inc. v. Board of Governors, No. 86-1001 (10th
Cir., filed Jan. 2, 1986).
Melcher v. Federal Open Market Committee, No.
87-1546 (S.Ct., filed April 30, 1984).
A1
Financial and Business Statistics
CONTENTS
WEEKLY REPORTING
Domestic
MONEY
Financial
Statistics
STOCK AND BANK
CREDIT
A3 Reserves, money stock, liquid assets, and debt
measures
A4 Reserves of depository institutions, Reserve
Bank credit
A5 Reserves and borrowings—Depository
institutions
A6 Selected borrowings in immediately available
funds—Large member banks
POLICY
INSTRUMENTS
A7 Federal Reserve Bank interest rates
A8 Reserve requirements of depository institutions
A9 Federal Reserve open market transactions
FEDERAL RESERVE
BANKS
A10 Condition and Federal Reserve note statements
A l l Maturity distribution of loan and security
holdings
MONETARY
AND CREDIT
AGGREGATES
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock, liquid assets, and debt measures
A15 Bank debits and deposit turnover
A16 Loans and securities—All commercial banks
COMMERCIAL
BANKING
INSTITUTIONS
A17 Major nondeposit funds
A18 Assets and liabilities, last-Wednesday-of-month
series
A19
A20
A21
A22
COMMERCIAL
BANKS
Assets and liabilities
All reporting banks
Banks in New York City
Branches and agencies of foreign banks
Gross demand deposits—individuals,
partnerships, and corporations
FINANCIAL
MARKETS
A23 Commercial paper and bankers dollar
acceptances outstanding
A23 Prime rate charged by banks on short-term
business loans
A24 Interest rates—money and capital markets
A25 Stock market—Selected statistics
A26 Selected financial institutions—Selected assets
and liabilities
FEDERAL
FINANCE
A28
A29
A30
A30
Federal fiscal and financing operations
U.S. budget receipts and outlays
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A31 U.S. government securities dealers—
Transactions
A32 U.S. government securities dealers—Positions
and financing
A3 3 Federal and federally sponsored credit
agencies—Debt outstanding
SECURITIES MARKETS AND
CORPORATE
FINANCE
A34 New security issues—State and local
governments and corporations
A35 Open-end investment companies—Net sales and
asset position
A35 Corporate profits and their distribution
A36 Nonfinancial corporations—Assets and
liabilities
45
Federal Reserve Bulletin • June 1988
A36 Total nonfarm business expenditures on new
plant and equipment
A37 Domestic finance companies—Assets and
liabilities and business credit
A55 Foreign branches of U.S. banks—Balance sheet
data
A57 Selected U.S. liabilities to foreign official
institutions
REAL
REPORTED BY BANKS
ESTATE
A38 Mortgage markets
A39 Mortgage debt outstanding
CONSUMER
INSTALLMENT
CREDIT
A40 Total outstanding and net change
A41 Terms
IN THE UNITED
A57
A58
A60
A61
Liabilities to and claims on foreigners
Liabilities -to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A61 Banks' own claims on unaffiliated foreigners
A62 Claims on foreign countries—Combined
domestic offices and foreign branches
REPORTED BY NONBANKING
BUSINESS
ENTERPRISES IN THE UNITED STATES
FLOW OF FUNDS
A42 Funds raised in U.S. credit markets
A43 Direct and indirect sources of funds to credit
markets
A63 Liabilities to unaffiliated foreigners
A64 Claims on unaffiliated foreigners
Domestic
SECURITIES HOLDINGS
SELECTED
Nonfinancial
Statistics
MEASURES
A44 Nonfinancial business activity—Selected
measures
A45 Labor force, employment, and unemployment
A46 Output, capacity, and capacity utilization
A47 Industrial production—Indexes and gross value
A49 Housing and construction
A50 Consumer and producer prices
A51 Gross national product and income
A52 Personal income and saving
International
Statistics
S UMMAR Y STA TISTICS
A53
A54
A54
A54
U.S. international transactions—Summary
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
STATES
AND
TRANSACTIONS
A65 Foreign transactions in securities
A66 Marketable U.S. Treasury bonds and notes—
Foreign transactions
INTEREST AND EXCHANGE
RATES
A67 Discount rates of foreign central banks
A67 Foreign short-term interest rates
A68 Foreign exchange rates
A69 Guide to Tabular
Presentation,
Statistical Releases, and Special
Tables
SPECIAL
TABLES
A70 Assets and liabilities of commercial banks,
December 31, 1987
A76 Assets and liabilities of U.S. branches and
agencies of foreign banks, December 31, 1987
Money Stock and Bank Credit
1.10
RESERVES, M O N E Y STOCK, LIQUID ASSETS, A N D DEBT
A3
MEASURES
Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent)1
Item
1988
1987
1988
Nov.
Dec.
3.3
2.8
1.3
8.7
-10.4
-6.4
-4.0
6.9
-11.4
-13.8
-14.7
3.1
3.9'
3.9'
5.4'
5.8'
9.8
3.9
6.8
6.6
n.a.
9.9
-5.6
.8'
4.8r
3.3'
11.6
3.5
10.8r
3.8r
ii. r
7.9
5.8
22.4
-2.7
17.1
10.1
7.4
6.8
.7
14.8
10.5
19.2
1.2
-5.1
7.0
9.3
9.9
8.8
9.0
8.2'
5.9
9.0
6.2
Feb.'
Mar.
18.4
13.0
12.2
16.6
2.5
6.0
17.0
4.7
3.7
8.2
-24.3
5.2
-3.(V
1.9r
1.4
y
8.7
12.9^
10.0
8.3'
10.6'
8.7'
1.1
8.7
9.8
9.0
11.2
5.8
9.2
7.1
n.a.
n.a.
3.0'
20.2
3.6
-.3
9.0
1.9'
11.4
14.0
10.4
-.9
6.3
13.6
2.2
-1.3
23.7
18.1
.0
9.4
4.5
5.4
10.6
-12.2
13.4
17.3
13.5
15.2
11.9
3.0
-3.8
16.0
22.2
-2.4
21.4
15.4
-9.1
25.9
25.6
-4.1
19.4
23.5
-3.6
18.4'
10.4
-.5
25.5
16.2
7.7
18.4
1.5
7.5
10.6
5.5
9.1
10.2
4.8
12.6
11. r
2.6
8.0
8.9
-1.0
5.1
9.8'
5.9
11.3
11.2
8.3
n.a.
n.a.
8.2
Q2
Q3
Q4
8.0
8.4
5.4
6.9
-1.6
-.5
-.4
5.1
1.4
.3
1.2
7.7
6.6
2.7
4.6
4.1
8.9
.8
2.8
4.4'
4.3'
8.2
1.3
12.6'
Q1
Jan.
institutions2
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed 3
Monetary base
5
6
7
8
9
Concepts of money, liquid assets, and debt4
Ml
M2
M3
L
Debt
Nontrgnsaction
10 In M25
11 In M3 only6
1987
components
Time and savings deposits
Commercial banks
Savings
Small-denomination time8
Large-denomination time 9 ' 10
Thrift institutions
15 Savings
16 Small-denomination time
17 Large-denomination time9
12
13
14
Debt components4
18 Federal
19 Nonfederal
20 Total loans and securities at commercial banks"
1. Unless otherwise noted, rates of change are calculated from average
amounts outstanding in preceding month or quarter.
2. Figures incorporate adjustments for discontinuities associated with the
implementation of the Monetary Control Act and other regulatory changes to
reserve requirements. To adjust for discontinuities due to changes in reserve
requirements on reservable nondeposit liabilities, the sum of such required
reserves is subtracted from the actual series. Similarly, in adjusting for discontinuities in the monetary base, required clearing balances and adjustments to
compensate for float also are subtracted from the actual series.
3. The monetary base not adjusted for discontinuities consists of total
reserves plus required clearing balances and adjustments to compensate for float
at Federal Reserve Banks plus the currency component of the money stock less
the amount of vault cash holdings of thrift institutions that is included in the
currency component of the money stock plus, for institutions not having required
reserve balances, the excess of current vault cash over the amount applied to
satisfy current reserve requirements. After the introduction of contemporaneous
reserve requirements (CRR), currency and vault cash figures are measured over
the weekly computation period ending Monday.
Before CRR, all components of the monetary base other than excess reserves
are seasonally adjusted as a whole, rather than by component, and excess
reserves are added on a not seasonally adjusted basis. After CRR, the seasonally
adjusted series consists of seasonally adjusted total reserves, which include
excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted
currency component of the money stock plus the remaining items seasonally
adjusted as a whole.
4. Composition of the money stock measures and debt is as follows:
Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults
of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions,
the U.S. government, and foreign banks and official institutions less cash items in
the process of collection and Federal Reserve float; and (4) other checkable
deposits (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
share draft accounts, and demand deposits at thrift institutions.
M2: M1 plus overnight (and continuing contract) repurchase agreements (RPs)
issued by all commercial banks and overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks worldwide, Money Market Deposit Accounts
(MMDAs), savings and small-denomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both taxable and
tax-exempt general purpose and broker-dealer money market mutual funds.Excludes individual retirement accounts (IRA) and Keogh balances at depository
institutions and money market funds. Also excludes all balances held by U.S.
commercial banks, money market funds (general purpose and broker-dealer),
foreign governments and commercial banks, and the U.S. government.
M3: M2 plus large-denomination time deposits and term RP liabilities (in
amounts of $100,000 or more) issued by commercial banks and thrift institutions,
term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and
balances in both taxable and tax-exempt, institution-only money market mutual
funds. Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions. Also subtracted
is the estimated amount of overnight RPs and Eurodollars held by institution-only
money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term
Treasury securities, commercial paper and bankers acceptances, net of money
market mutual fund holdings of these assets.
Debt: Debt of domestic nonfinancial sectors consists of outstanding credit
market debt of the U.S. government, state and local governments, and private
nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers
acceptances, and other debt instruments. The source of data on domestic
nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt
data are based on monthly averages. Growth rates for debt reflect adjustments for
discontinuities over time in the levels of debt presented in other tables.
5. Sum of overnight RPs and Eurodollars, money market fund balances
(general purpose and broker-dealer), MMDAs, and savings and small time
deposits less the estimated amount of demand deposits and vault cash held by
thrift institutions to service their time and savings deposit liabilities.
6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents,
money market fund balances (institution-oniy), less a consolidation adjustment
that represents the estimated amount of overnight RPs and Eurodollars held by
institution-only money market mutual funds.
7. Excludes MMDAs.
8. Small-denomination time deposits—including retail RPs—are those issued
in amounts of less than $100,000. All IRA and Keogh accounts at commercial
banks and thrifts are subtracted from small time deposits.
9. Large-denomination time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
10. Large-denomination time deposits at commercial banks less those held by
money market mutual funds, depository institutions, and foreign banks and
official institutions.
11. Changes calculated from figures shown in table 1.23.
A4
Domestic Financial Statistics • June 1988
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week ending
1988
1988
Factors
Jan.
Feb.
Mar.
Feb. 17
Feb. 24
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
246,090
238,789
239,867
239,738
238,397
239,403
238,216
240,698
239,716
240,581
219,855
219,069
786
7,806
7,503
303
0
1,028
1,784
15,617
11,074
5,018
18,205
214,625
214,625
0
7,402
7,402
0
0
353
1,627
14,782
11,065
5,018
18,265
215,545
215,545
0
7,401
7,401
0
0
1,690
622
14,609
11,063
5,018
18,315
212,608
212,608
0
7,402
7,402
0
0
509
3,920
15,299
11,065
5,018
18,263
215,898
215,898
0
7,402
7,402
0
0
340
617
14,141
11,064
5,018
18,277
216,354
216,354
0
7,402
7,402
0
0
384
672
14,591
11,063
5,018
18,290
215,219
215,219
0
7,402
7,402
0
0
690
623
14,282
11,063
5,018
18,300
216,630
216,630
0
7,402
7,402
0
0
1,311
461
14,893
11.063
5,018
18,310
214,621
214,621
0
7,401
7,401
0
0
2,537
461
14,696
11,063
5,018
18,320
215,325
215,325
0
7,399
7,399
0
0
2,465
509
14,882
11,062
5,018
18,330
226,414
441
224,337
449
225,434
468
225,042
448
224,506
452
223,743
456
224,799
460
225,685
467
225,695
472
225,708
477
5,774
274
3,711
241
2,894
238
3,425
230
4,111
240
2,921
265
2,951
214
3,309
249
2,676
213
2,568
226
2,233
432
2,301
335
1,909
408
2,002
321
2,193
296
2,493
446
1,964
335
1,823
380
1,914
428
1,863
483
7,432
7,303
7,153
8,193
7,166
7,112
7,046
7,114
7,262
7,214
37,389
34,461
35,758
34,424
33,793
36,339
34,829
36.064
35,458
36,451
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
2
U.S. government securities1
3
Bought outright
Held under repurchase agreements
4
5
Federal agency obligations
Bought outright
6
7
Held under repurchase agreements
8
Acceptances
Loans
9
10 Float
11 Other Federal Reserve assets
12 Gold stock2
13 Special drawing rights certificate account...
14 Treasury currency outstanding
ABSORBING RESERVE F U N D S
15 Currency in circulation
16 Treasury cash holdings2
Deposits, other than reserve balances, with
Federal Reserve Banks
17 Treasury
18 Foreign
19 Service-related balances and
adjustments
20 Other
21 Other Federal Reserve liabilities and
capital
22 Reserve balances with Federal
Reserve Banks3
End-of-month figures
Wednesday figures
1988
1988
Jan.
Feb.
Mar.
Feb. 17
Feb. 24
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
23 Reserve Bank credit
242,517
239,795
242,542
242,390
237,250
239,031
238,243
241,227
241,387
240,110
24
U.S. government securities'
25
Bought outright
26
Held under repurchase agreements
27 Federal agency obligations
28
Bought outright
29
Held under repurchase agreements
30 Acceptances
31 Loans
32 Float
33 Other Federal Reserve assets
34 Gold stock2
35 Special drawing rights certificate account...
218,411
218,411
0
7,423
7,423
0
0
333
396
15,954
11,068
5,018
216,891
216,891
0
7,402
7,402
0
0
336
897
14,269
11,063
5,018
217,4%
217,496
0
7,399
7,399
0
0
2,311
298
15,038
11,063
5,018
217,534
217,534
0
7,402
7,402
0
0
462
2,804
14,188
11,065
5,018
214,901
214,901
0
7,402
7,402
0
0
253
433
14,261
11,063
5,018
215,546
215,546
0
7,402
7,402
0
0
525
1,220
14,338
11,063
5,018
213,583
213,583
0
7,402
7,402
0
0
2,148
629
14,481
11,063
5,018
215,680
215,680
0
7,402
7,402
0
0
2,967
488
14,690
11,063
5,018
215,579
215,579
0
7,399
7,399
0
0
3,194
349
14,866
11,062
5,018
215,160
215,160
0
7,399
7,399
0
0
2,134
430
14,987
11,063
5,018
18,233
18,289
18,339
18,275
18,289
18,299
18,309
18,319
18,329
18,339
223,188
438
223,615
457
227,099
479
225,292
451
224,027
456
224,178
456
225,419
466
225,934
470
225,684
477
226,492
475
10,276
343
2,472
343
2,403
534
4,986
243
2,505
206
3,034
252
3,300
267
3,221
265
2,145
225
3,190
207
1,674
315
1,658
438
1,671
436
1,681
314
1,681
274
1,658
392
1,657
329
1,654
524
1,654
361
1,671
479
SUPPLYING RESERVE FUNDS
36 Treasury currency outstanding
ABSORBING RESERVE FUNDS
37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
39 Treasury
40 Foreign
41 Service-related balances and
adjustments
42 Other
43 Other Federal Reserve liabilities and
capital
44 Reserve balances with Federal
Reserve Banks
6,926
7,139
7,234
6,874
6,997
6,880
6,952
6,932
7,092
7,047
33,664
38,043
37,106
36,908
35,475
36,561
34,244
36,627
38,158
34,969
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes any securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Revised for periods between October 1986 and April 1987. At times during
this interval, outstanding gold certificates were inadvertently in excess of the gold
stock. Revised data not included in this table are available from the Division of
Research and Statistics, Banking Section.
3. Excludes required clearing balances and adjustments to compensate for
float.
NOTE. For amounts of currency and coin held as reserves, see table 1.12.
Money Stock and Bank Credit
1.12 RESERVES AND BORROWINGS
Millions of dollars
A5
Depository Institutions1
Monthly averages 9
Reserve classification
1
?.
3
4
5
6
7
8
9
10
Reserve balances with Reserve Banks 2
Total vault cash
Vault4
Surplus
Total reserves 6
Required reserves
Excess reserve balances at Reserve Banks
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks
Extended credit at Reserve Banks 8
1988
1985
1986
1987
1987
Dec.
Dec.
Dec.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
27,620
22,953
20,522
2,431
48,142
47,085
1,058
1,318
56
499
37,360
24,079
22,199
1,879
59,560
58,191
1,369
827
38
303
37,673
26,155
24,449
1,706
62,123
61,094
1,029
777
93
483
35,616
24,644
22,745
1,899
58,361
57,329
1,032
647
279
132
36,685
24,854
23,128
1,726
59,813
59,020
793
940
231
409
37,249
25,587
23,857
1,730
61,106
59,977
1,129
943
189
449
37,453
25,431
23,752
1,679
61,205
60,282
923
625
126
394
37,673
26,155
24,449
1,706
62,123
61,094
1,029
777
93
483
37,485
26,919
25,155
1,764
62,640
61,345
1,295
1,082
59
372
34,211
28,119
25,836
2,283
60,047
58,914
1,133
396
75
205
Biweekly averages of daily figures for weeks ending
1987
11
1?
n
14
15
16
17
18
19
20
Reserve balances with Reserve Banks 2
Total vault cash 3
Vault4
Surplus
Total reserves
Required reserves
^
Excess reserve balances at Reserve Banks
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks
Extended credit at Reserve Banks 8
1988
Dec. 16
Dec. 30
Jan. 13
Jan. 27
Feb.10
Feb. 24
Mar. 9
Mar. 23
Apr. 6
Apr. 20
38,272
25,372
23,824
1,549
62,095
60,890
1,206
815
83
653
37,055
26,960
25,105
1,855
62,160
61,354
806
671
102
316
39,175
26,566
24,937
1,629
64,112
62,805
1,307
1,945
66
485
37,002
26,533
24,840
1,694
61,842
60,554
1,288
508
54
332
33,691
29,417
26,965
2,452
60,656
59,368
1,288
287
55
144
34,087
27,954
25,673
2,282
59,759
58,688
1,071
425
77
232
35,577
25,987
23,999
1,988
59,576
58,600
976
537
111
255
35,761
26,224
24,330
1,894
60,091
59,188
903
1,924
123
1,685
37,000
25,336
23,610
1,726
60,610
59,693
917
2,817
122
2,494
39,133
25,205
23,699
1,507
62,832
62,139
693
3,619
124
3,277
1. These data also appear in the Board's H.3 (502) release. For address, see inside front cover.
2. Excludes required clearing balances and adjustments to compensate for
float.
3. Dates refer to the maintenance periods in which the vault cash can be used
to satisfy reserve requirements. Under contemporaneous reserve requirements,
maintenance periods end 30 days after the lagged computation periods in which
the balances are held.
4. Equal to all vault cash held during the lagged computation period by
institutions having required reserve balances at Federal Reserve Banks plus the
amount of vault cash equal to required reserves during the maintenance period at
institutions having no required reserve balances.
5. Total vault cash at institutions having no required reserve balances less the
amount of vault cash equal to their required reserves during the maintenance
period.
6. Total reserves not adjusted for discontinuities consist of reserve balances
with Federal Reserve Banks, which exclude required clearing balances and
adjustments to compensate for float, plus vault cash used to satisfy reserve
requirements. Such vault cash consists of all vault cash held during the lagged
computation period by institutions having required reserve balances at Federal
Reserve Banks plus the amount of vault cash equal to required reserves during the
maintenance period at institutions having no required reserve balances.
7. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy
reserve requirements less required reserves.
8. Extended credit consists of borrowing at the discount window under the
terms and conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures. Because there is
not the same need to repay such borrowing promptly as there is with traditional
short-term adjustment credit, the money market impact of extended credit is
similar to that of nonborrowed reserves.
9. Before February 1984, data are prorated monthly averages of weekly
averages; beginning February 1984, data are prorated monthly averages of
biweekly averages.
A6
Domestic Financial Statistics • June 1988
1.13 SELECTED BORROWINGS IN IMMEDIATELY AVAILABLE FUNDS
Large Member Banks1
Averages of daily figures, in millions of dollars
1987 week ending Monday
Maturity and source
1
2
3
4
Federal funds purchased, repurchase agreements, and
other selected borrowing in immediately available
funds
From commercial banks in the United States
For one day or under continuing contract
For all other maturities
From other depository institutions, foreign banks and
foreign official institutions, and U.S. government
agencies
For one day or under continuing contract
For all other maturities
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
70,262
8,888
66,374
9,170
74,386
8,209
76,610
8,611
75,793
9,040
74,961
9,384
75,965
9,781
79,120
10,341
76,821
10,353
27,159
6,895
25,696
6,773
25,513
5,978
26,970
6,562
24,791
7,056
23,348
8,487
24,574
8,510
25,943
8,645
26,635
8,238
Repurchase agreements on U.S. government and federal
agency securities in immediately available funds
Brokers and nonbank dealers in securities
For one day or under continuing contract
For all other maturities
All other customers
For one day or under continuing contract
For all other maturities
13,289
15,032
13,685
15,720
15,505
12,059
14,496
11,934
15,254
11,053
14,825
12,021
15,544
12,306
13,351
12,424
13,080
13,080
26,808
8,943
26,957
8,891
27,240
8,054
26,338
8,611
26,758
7,761
28,608
9,044
28,666
9,710
28,274
10,277
27,616
10,209
MEMO: Federal funds loans and resale agreements in
immediately available funds in maturities of one day
or under continuing contract
9 To commercial banks in the United States
10 To all other specified customers 2
30,303
14,172
29,348
14,600
33,209
14,751
30,926
12,971
33,064
13,429
36,169
14,211
35,913
14,502
33,803
14,362
34,054
14,889
5
6
7
8
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
These data also appear in the Board's H.5 (507) release. For address, see inside
front cover.
2. Brokers and nonbank dealers in securities; other depository institutions;
foreign banks and official institutions; and United States government agencies,
Policy Instruments
A7
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Extended credit 2
Adjustment credit
and
Seasonal credit1
Federal Reserve
Bank
On
4/29/88
Effective
date
Previous
rate
On
4/29/88
Effective
date
6
9/9/87
9/4/87
9/4/87
9/4/87
9/5/87
9/4/87
5to
6
9/9/87
9/4/87
9/4/87
9/4/87
9/5/87
9/4/87
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco . . .
6
After 30 days of borrowing3
First 30 days of borrowing
9/4/87
9/9/87
9/8/87
9/4/87
9/11/87
9/9/87
5Vl
6
9/4/87
9/9/87
9/8/87
9/4/87
9/11/87
9/9/87
Previous
rate
On
4/29/88
Effective
date
Previous
rate
Effective date
7.40
4/21/88
4/21/88
4/21/88
4/21/88
4/21/88
4/21/88
7.20
4/7/88
4/7/88
4/7/88
4/7/88
4/7/88
4/7/88
5 Vl
5</>
7.40
Range of rates for adjustment credit in recent years
Effective date
In effect Dec. 31, 1977.
1978-—Jan. 9
20
May 11
12
July 3
10
Aug. 21
Sept. 22
Oct. 16
20
Nov. 1
3
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
6
6
6 to
6V4
7
7
7'/4
7'/4
73/4
8
6 - 6 to
6to
6 Vi-1
1
7-7 V*
71/4
73/4
8
8-8'/!
m
m
8 Vl
9Vi
9 Vl
1979-- J u l y 20
Aug. 17
20
Sept. 19
21
Oct. 8
10
10
10-10'/!
10
10W
ioto
11
1980-- F e b . 15
19
May 29
30
June 13
16
12-13
13
12-13
13
13
13
12
11-12
11
12
11
11
8to-9to
9to
10to
10to-l 1
11
11-12
12
n
12
12
Effective date
10-11
10
10
10
12
12-13
13
1981—May
13-14
14
13-14
13
12
5
8
Nov. 2
6
Dec. 4
1982—July 20
23
Aug. 2
3
16
27
30
Oct. 12
13
Nov. 22
26
Dec. 14
15
17
11
llto-12
1 \Vi
11-11 to
11
ioto
10-10to
10
9to-10
9to
9-9'A
9
8>/2-9
8V2-9
8 to
11
12
14
14
13
13
12
Vl
11
11
111/!
11
low
10
10
9 Vl
9 Vl
9
9
9
4/7/88
4/7/88
4/7/88
4/7/88
4/7/88
4/7/88
7.20
4
F.R.
Bank
of
N.Y.
1980—July 28
29
Sept. 26
Nov. 17
Dec. 5
1. Adjustment credit is available on a short-term basis to help depository
institutions meet temporary needs for funds that cannot be met through reasonable alternative sources. After May 19, 1986, the highest rate established for loans
to depository institutions may be charged on adjustment credit loans of unusual
size that result from a major operating problem at the borrower's facility.
Seasonal credit is available to help smaller depository institutions meet regular,
seasonal needs for funds that cannot be met through special industry lenders and
that arise from a combination of expected patterns of movement in their deposits
and loans. A temporary simplified seasonal program was established on Mar. 8,
1985, and the interest rate was a fixed rate Vl percent above the rate on adjustment
credit. The program was reestablished on Feb. 18, 1986 and again on Jan. 28,
1987; the rate may be either the same as that for adjustment credit or a fixed rate
Vl percent higher.
2. Extended credit is available to depository institutions, where similar assistance is not reasonably available from other sources, when exceptional circumstances or practices involve only a particular institution or when an institution is
experiencing difficulties adjusting to changing market conditions over a longer
period of time.
3. For extended-credit loans outstanding more than 30 days, a flexible rate
Range (or
level)—
All F.R.
Banks
4/21/88
4/21/88
4/21/88
4/21/88
4/21/88
4/21/88
Effective date
1984—Apr.
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
9
13
Nov. 21
26
Dec. 24
8to-9
9
8to-9
8to
8
9
9
1985—May 20
24
7to-8
7to
7to
1986—Mar.
7
10
Apr. 21
July 11
Aug. 12
22
1987—Sept.
4
11
In effect April 29, 1988
1 Vi
1-1 Vi
1
m
8 to
8
6to-7
6
5to-6
5 Vl
7
7
6to
6
5 to
5 to
5to-6
6
6
6
6
6
m
8to
somewhat above rates on market sources of funds ordinarily will be charged, but
in no case will the rate charged be less than the basic discount rate plus 50 basis
points. The flexible rate is reestablished on the first business day of each
two-week reserve maintenance period. At the discretion of the Federal Reserve
Bank, the time period for which the basic discount rate is applied may be
shortened.
4. For earlier data, see the following publications of the Board of Governors:
Banking and Monetary Statistics, 1914-1941, and 1941-1970-, Annual Statistical
Digest, 1970-1979.
In 1980 and 1981, the Federal Reserve applied a surcharge to short-term
adjustment credit borrowings by institutions with deposits of $500 million or more
that had borrowed in successive weeks or in more than 4 weeks in a calendar
quarter. A 3 percent surcharge was in effect from Mar. 17, 1980 through May 7,
1980. There was no surcharge until Nov. 17,1980, when a 2 percent surcharge was
adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and
to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective
Sept. 22, 1981, and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981 the
formula for applying the surcharge was changed from a calendar quarter to a
moving 13-week period. The surcharge was eliminated on Nov. 17, 1981.
A8
Domestic Financial Statistics • June 1988
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1
Percent of deposits
Type of deposit, and
deposit interval
Net transaction
Depository institution requirements
after implementation of the
Monetary Control Act
Percent of
deposits
Effective date
3
12
12/15/87
12/15/87
3
0
10/6/83
10/6/83
3
11/13/80
accounts3'4
Nonpersonal time deposits
By original maturity
Eurocurrency liabilities
1. Reserve requirements in effect on Dec. 31, 1987. Required reserves must be
held in the form of deposits with Federal Reserve Banks or vault cash. Nonmembers 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 and of the FEDERAL
RESERVE BULLETIN. Under provisions of the Monetary Control Act, depository
institutions include commercial banks, mutual savings banks, savings and loan
associations, credit unions, agencies and branches of foreign banks, and Edge
corporations.
2. The Garn-St Germain Depository Institutions Act of 1982 (Public Law
97-320) requires that $2 million of reservable liabilities (transaction accounts,
nonpersonal time deposits, and Eurocurrency liabilities) of each depository
institution be subject to a zero percent reserve requirement. The Board is to adjust
the amount of reservable liabilities subject to this zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage
increase in the total reservable liabilities of all depository institutions, measured
on an annual basis as of June 30. No corresponding adjustment is to be made in
the event of a decrease. On Dec. 15, 1987, the exemption was raised from $2.9
million to $3.2 million. In determining the reserve requirements of depository
institutions, the exemption shall apply in the following order: (1) net NOW
accounts (NOW accounts less allowable deductions); (2) net other transaction
accounts; and (3) nonpersonal time deposits or Eurocurrency liabilities starting
with those with the highest reserve ratio. With respect to NOW accounts and
other transaction accounts, the exemption applies only to such accounts that
would be subject to a 3 percent reserve requirement.
3. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, and telephone and preauthorized transfers in excess of
three per month for the purpose of making payments to third persons or others.
However, MMDAs and similar accounts subject to the rules that permit no more
than six preauthorized, automatic, or other transfers per month, of which no more
than three can be checks, are not transaction accounts (such accounts are savings
deposits subject to time deposit reserve requirements).
4. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement applies be modified
annually by 80 percent of the percentage increase in transaction accounts held by
all depository institutions, determined as of June 30 each year. Effective Dec. 15,
1987 for institutions reporting quarterly and Dec. 29, 1987 for institutions
reporting weekly, the amount was increased from $36.7 million to $40.5 million.
5. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which a beneficial interest is
held by a depositor that is not a natural person. Also included are certain
transferable time deposits held by natural persons and certain obligations issued
to depository institution offices located outside the United States. For details, see
section 204.2 of Regulation D.
Policy Instruments
1.17
FEDERAL RESERVE OPEN MARKET
A9
TRANSACTIONS1
Millions of dollars
1988
1987
Type of transaction
1985
1986
1987
Sept.
Aug.
Nov.
Oct.
Dec.
Jan.
Feb.
U . S . TREASURY SECURITIES
Outright transactions (excluding matched
transactions)
Treasury bills
Gross purchases
Gross sales
Exchange
4 Redemptions
22,214
4,118
0
3,500
22,602
2,502
0
1,000
18,983
6,050
0
9,029
499
0
0
0
4,528
0
0
3,657
1,095
300
0
0
3,388
0
0
0
150
0
0
0
0
49
0
600
346
538
0
1,600
1,349
0
19,763
-17,717
0
190
0
18,673
-20,179
0
3,658
300
21,502
-20,388
70
0
0
2,723
-1,787
0
443
300
1,500
-917
300
0
816
-1,178
0
670
0
2,247
-3,728
70
479
0
1,400
-1,742
0
0
0
950
-754
0
0
0
1,939
-2,868
0
2,185
0
-17,459
13,853
893
0
-17,058
16,984
10,231
452
-17,974
18,938
5
0
-2,122
1,612
2,551
0
-1,500
917
0
0
-761
1,178
50
0
-1,900
3,278
2,589
0
-1,400
1,742
0
0
-840
749
0
800
-952
2,643
458
100
-1,857
2,184
236
0
-1,620
2,050
2,441
0
-3,529
950
0
0
-601
100
619
0
0
0
0
0
-55
0
0
0
-347
300
596
0
0
0
0
0
-110
5
0
175
-987
150
293
0
-447
1,679
158
0
0
1,150
1,858
0
0
500
0
0
0
75
493
0
0
0
0
0
0
0
0
0
0
150
445
0
0
0
0
0
0
0
0
0
0
75
26,499
4,218
3,500
24,078
2,502
1,000
37,171
6,802
9,099
504
0
0
8,633
300
3,657
1,395
300
0
4,108
0
70
4,259
0
0
0
49
600
346
1,513
1,600
Matched transactions
?S
26 Gross purchases
866,175
865,968
927,997
927,247
950,923
950,935
60,731
62,594
61,321
61,347
77,497
73,779
85,288
85,494
104,833
105,917
78,358
78,513
97,892
99,139
Repurchase agreements2
77 Gross purchases
28 Gross sales
134,253
132,351
170,431
160,268
314,620
324,666
9,013
12,311
34,080
34,080
65,675
57,380
15,853
18,751
23,512
25,264
10,591
14,237
0
0
20,477
29,989
11,235
-931
4,702
5,673
1,346
3,591
-4,140
-1,520
0
0
162
0
0
398
0
0
276
0
0
0
0
0
0
0
0
56
0
0
1
0
0
13
0
0
131
0
0
21
22,183
20,877
31,142
30,522
80,353
81,351
2,369
3,298
7,174
7,174
18,523
15,607
6,786
7,425
9,718
10,679
4,042
5,357
0
0
1,144
222
-1,274
-929
0
2,860
-640
-975
-1,446
-21
21,621
30,211
9,961
-1,861
4,702
8,533
706
2,617
-5,586
-1,541
1
?
Others within 1 year
Gross purchases
6
7
8
9
Maturity shift
Exchange
Redemptions
1 to 5 years
Gross purchases
Gross sales
1?
Maturity shift
13 Exchange
10
11
14
IS
16
17
18
19
20
21
5 to 10 years
Gross purchases
Maturity shift
Exchange
Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
All maturities
?? Gross purchases
73 Gross sales
24 Redemptions
29 Net change in U.S. government securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
30 Gross purchases
11 Gross sales
32 Redemptions
Repurchase agreements2
33 Gross purchases
34
35 Net change in federal agency obligations
36 Total net change in System Open Market
1. Sales, redemptions, and negative figures reduce holdings of the System Open
Market Account; all other figures increase such holdings. Details may not add to
totals because of rounding.
2. In July 1984 the Open Market Trading Desk discontinued accepting bankers
acceptances in repurchase agreements,
A10
Domestic Financial Statistics • June 1988
1.18 FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements1
Millions of dollars
Account
Mar.
2
Mar.
9
Wednesday
End of month
1988
1988
Mar.
16
Mar.
23
Mar.
30
Jan.
Feb.
Mar.
Consolidated condition statement
ASSETS
1
2
3
Gold certificate account
Special drawing rights certificate account
11,063
5,018
511
11,063
5,018
510
11,063
5,018
512
11,062
5,018
513
11,063
5,018
489
11,068
5,018
478
11,063
5,018
517
11,063
5,018
480
525
0
0
2,148
0
0
2,967
0
0
3,194
0
0
2,134
0
0
333
0
0
336
0
0
2,311
0
0
7,402
0
7,402
0
7,402
0
7,399
0
7,399
0
7,423
0
7,402
0
7,399
0
9
10
11
12
13
14
Loans
To depository institutions
Other
Acceptances held under repurchase agreements
Federal agency obligations
Bought outright
Held under repurchase agreements
U.S. Treasury securities
Bought outright
Bills
Notes
Bonds
Total bought outright
Held under repurchase agreements
Total U.S. Treasury securities
105,306
81,923
28,317
215,546
0
215,546
103,343
81,923
28,317
213,583
0
213,583
105,440
81,923
28,317
215,680
0
215,680
105,339
81,923
28,317
215,579
0
215,579
104,920
81,923
28,317
215,160
0
215,160
107,196
82,973
28,242
218,411
0
218,411
106,651
81,923
28,317
216,891
0
216,891
107,256
81,923
28,317
217,4%
0
217,496
15
Total loans and securities
223,473
223,133
226,049
226,172
224,693
226,167
224,629
227,206
16
17
7,507
711
6,641
715
7,151
713
5,783
715
5,994
716
6,489
705
5,197
712
6,267
716
18
19
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies 3
All other 4
6,635
6,992
6,641
7,125
6,648
7,329
6,654
7,497
6,621
7,650
6,714
8,535
6,635
6,922
6,652
7,670
20
Total assets
261,910
260,846
264,483
263,414
262,244
265,174
260,693
265,072
206,846
208,085
208,597
208,345
209,117
205,871
206,300
209,719
38,219
3,034
252
392
35,901
3,300
267
329
38,281
3,221
265
524
39,812
2,145
225
361
36,640
3,190
207
479
35,338
10,276
355
315
39,701
2,472
343
438
38,777
2,403
534
436
41,897
39,797
42,291
42,543
40,516
46,284
42,954
42,150
6,287
2,511
6,012
2,473
6,663
2,435
5,434
2,593
5,564
2,547
6,093
2,654
4,300
2,558
5,969
2,607
257,541
256,367
259,986
258,915
257,744
260,902
256,112
260,445
2,075
2,047
247
2,083
2,047
349
2,085
2,047
365
2,086
2,047
366
2,093
2,047
360
2,062
2,042
168
2,075
2,047
459
2,095
2,047
485
4
5
6
7
8
LIABILITIES
22
23
24
25
Federal Reserve notes
Deposits
To depository institutions
U.S. Treasury—General account
Foreign—Official accounts
Other
26
Total deposits
27
28
Deferred credit items
Other liabilities and accrued dividends
29
Total liabilities
21
CAPITAL ACCOUNTS
30
31
32
Capital paid in
Surplus
Other capital accounts
33
Total liabilities and capital accounts
261,910
260,846
264,483
263,414
262,244
265,174
260,693
265,072
34
MEMO: Marketable U.S. Treasury securities held in
custody for foreign and international account
222,477
224,689
227,000
225,159
225,449
210,410
220,250
226,340
Federal Reserve note statement
254,346
47,500
206,846
254,740
46,655
208,085
255,133
46,536
208,597
255,360
47,015
208,345
255,333
46,216
209,117
253,303
47,432
205,871
254,289
47,989
206,300
255,201
45,482
209,719
38
39
40
41
Federal Reserve notes outstanding issued to bank
LESS: Held by bank
Federal Reserve notes, net
Collateral held against notes net:
Gold certificate account
Special drawing rights certificate account
Other eligible assets
U.S. Treasury and agency securities
11,063
5,018
0
190,765
11,063
5,018
0
192,004
11.063
5,018
0
192,516
11,062
5,018
0
192,265
11,063
5,018
0
193,036
11,068
5,018
0
189,785
11,063
5,018
0
190,219
11,063
5,018
0
193,638
42
Total collateral
206,846
208,085
208,597
208,345
209,117
205,871
206,300
209,719
35
36
37
1. Some of these data also appear in the Board's H.4.1 (503) release. For
address, see inside front cover.
2. Includes securities loaned—fully guaranteed by U.S. Treasury securities
pledged with Federal Reserve Banks—and excludes securities sold and scheduled
to be bought back under matched sale-purchase transactions.
3. Valued monthly at market exchange rates.
4. Includes special investment account at the Federal Reserve Bank of Chicago
in Treasury bills maturing within 90 days.
5. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
Federal Reserve Banks
1.19 FEDERAL RESERVE BANKS
All
Maturity Distribution of Loan and Security Holdings
Millions of dollars
Type and maturity groupings
1 Loans—Total
2 Within 15 days
3
16 days to 90 days
6
7
Within 15 days
16 days to 90 days
9 U.S. Treasury securities—Total
10 Within 15 days 1
11
16 days to 90 days
12 91 days to 1 year
13 Over 1 year to 5 years
14 Over 5 years to 10 years
15 Over 10 years
16 Federal agency obligations—Total
17 Within 15 days 1
18
16 days to 90 days
20
21
Over 1 year to 5 years
Over 5 years to 10 years
Wednesday
End of month
1988
1988
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Jan. 29
Feb. 29
Mar. 31
525
494
31
0
2,148
2,115
33
0
2,967
2,950
17
0
3,194
3,177
17
0
2,134
2,113
21
0
333
326
7
0
336
303
33
0
2,311
2,271
40
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
215,546
11,261
50,748
66,280
47,562
14,196
25,499
213,583
8,324
51,705
66,297
47,562
14,196
25,499
215,680
11,300
54,147
62,976
47,562
14,196
25,499
215,579
8,295
54,131
65,896
47,562
14,196
25,499
215,160
10,595
51,377
65,931
47,562
14,196
25,499
218,411
4,402
55,664
70,303
47,410
15,208
25,424
216,891
5,411
57,207
67,016
47,562
14,196
25,499
217,496
7,362
51,566
71,273
47,600
14,196
25,499
7,402
75
710
1,855
3,246
1,327
189
7,402
78
928
1,634
3,246
1,327
189
7,402
7
949
1,634
3,406
1,217
189
7,399
279
674
1,634
3,406
1,217
189
7,399
385
592
1,634
3,381
1,217
190
7,423
170
886
1,538
3,323
1,317
189
7,402
364
710
1,609
3,203
1,327
189
7,399
385
592
1,634
3,381
1,217
190
1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
A12
Domestic Financial Statistics • June 1988
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE 1
Billions of dollars, averages of daily figures
Item
1984
Dec.
1987
1985
Dec.
1986
Dec.
1988
1987
Dec.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
58.44
58.62
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS 2
1 Total reserves3
2
3
4
5
Nonborrowed reserves
Nonborrowed reserves plus extended credit
Required reserves
Monetary base 5
39.91
46.06
56.17
57.44
57.88
57.83
58.50
57.99
57.44
58.32
36.72
39.33
39.06
199.60
44.74
45.24
45.00
217.34
55.34
55.64
54.80
239.52
56.66
57.14
56.41
256.68
57.23
57.36
56.84
251.00
56.89
57.29
57.03
252.25
57.55
58.00
57.37
254.56
57.36
57.76
57.06
256.02
56.66
57.14
56.41
256.68
57.23
57.61
57.02
260.24
58.04
56.87
58.25
58.35
57.31' 57.70
261.26 262.40
Not seasonally adjusted
6 Total reserves3
7
8
9
10
Nonborrowed reserves
Nonborrowed reserves plus extended credit4
Required reserves
Monetary base 5
40.94
47.24
57.64
58.96
57.39
57.50
58.04
58.09
58.96
60.17
57.65
57.80
37.75
40.35
40.08
202.70
45.92
46.42
46.18
220.82
56.81
57.11
56.27
243.63
58.19
58.67
57.94
261.21
56.74
56.88
56.36
251.42
56.56
56.96
56.70
251.60
57.09
57.54
56.91
253.29
57.47
57.86
57.17
256.82
58.19
58.67
57.94
261.21
59.09
59.46
58.88
261.20
57.25
57.46
56.51
258.19
56.05
57.53
56.88
259.92
40.70
48.14
59.56
62.12
58.36
59.81
61.11
61.20
62.12
62.64
60.05
60.07
37.51
40.09
39.84
204.18
46.82
47.41
47.08
223.53
58.73
59.04
58.19
247.71
61.35
61.86
61.09
266.16
57.71
57.76
57.33
254.36
58.87
58.85
59.02
255.69
60.16
61.22
59.98
258.08
60.58
60.79
60.28
261.67
61.35
61.86
61.09
266.16
61.56
62.12
61.34
265.79
59.65
59.82
58.91
262.60
58.32
59.58
59.15
263.97
N O T ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS
11 Total reserves3
12
13
14
15
Nonborrowed reserves
Nonborrowed reserves plus extended credit
Required reserves
Monetary base 5
1. Latest monthly and biweekly figures are available from the Board's H.3(502)
statistical release. Historical data and estimates of the impact on required reserves
of changes in reserve requirements are available from the Monetary and Reserves
Projections Section. Division of Monetary Affairs. Board of Governors of the
Federal Reserve System, Washington, D.C. 20551.
2. Figures incorporate adjustments for discontinuities associated with the
implementation of the Monetary Control Act and other regulatory changes to
reserve requirements. To adjust for discontinuities due to changes in reserve
requirements on reservable nondeposit liabilities, the sum of such required
reserves is subtracted from the actual series. Similarly, in adjusting for discontinuities in the monetary base, required clearing balances and adjustments to
compensate for float also are subtracted from the actual series.
3. Total reserves not adjusted for discontinuities consist of reserve balances
with Federal Reserve Banks, which exclude required clearing balances and
adjustments to compensate for float, plus vault cash held during the lagged
computation period by institutions having required reserve balances at Federal
Reserve Banks plus the amount of vault cash equal to required reserves during the
maintenance period at institutions having no required reserve balances.
4. Extended credit consists of borrowing at the discount window under the
terms and conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures. Because there is
not the same need to repay such borrowing promptly as there is with traditional
short-term adjustment credit, the money market impact of extended credit is
similar to that of nonborrowed reserves.
5. The monetary base not adjusted for discontinuities consists of total reserves
plus required clearing balances and adjustments to compensate for float at Federal
Reserve Banks and the currency component of the money stock plus, for institutions not having required reserve balances, the excess of current vault cash over
the amount applied to satisfy current reserve requirements. Currency and vault
cash figures are measured over the weekly computation period ending Monday.
The seasonally adjusted monetary base consists of seasonally adjusted total
reserves, which include excess reserves on a not seasonally adjusted basis, plus
the seasonally adjusted currency component of the money stock and the remaining items seasonally adjusted as a whole.
6. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with
implementation of the Monetary Control Act or other regulatory changes to
reserve requirements.
Monetary and Credit Aggregates
A13
1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES1
Billions of dollars, averages of daily figures
1988
1987
Item'1
1984
Dec.
1985
Dec.
1986
Dec.
1987
Dec.
Dec.
Jan.
Feb.'
Mar.
Seasonally adjusted
1
?
4
5
Ml components
Currency
Travelers checks
Demand deposits 5
Other checkable deposits
6
7
8
9
551.9
2,363.6
2,978.3
3,519.4
5,932.6
620.1
2,562.6
3,196.4
3,825.9
6,749.4
725.4
2,807.8
3,491.5
4,135.0r
7,607.1
750.8'
2,901.O'
3,660.8r
4,325.4'
8,318.8'
750.8'
2,901 .(y
3,660.8'
4,325.4'
8,318.8'
758.9
2,925.0'
3,686.0'
4,363.5'
8,379.2'
759.6
2,946.3
3,717.5
4,398.4
8,457.6
763.2
2,968.0
3,740.1
n.a.
n.a.
156.1
5.2
244.1
146.4
167.7
5.9
267.2
179.2
180.4
6.5
303.3
235.2
196.5
7.1
288.0
259.3
196.5
7.1
288.0
259.3
198.4
7.2
289.9
263.4
199.3
7.3
287.8
265.1
200.9
7.3
287.9
267.0
1,811.7
614.7
1,942.5
633.8
2,082.4
683.7
2,150.1'
759.8'
2,150.1'
759.8'
2,166.1'
761.0'
2,186.6
771.3
2,204.9
772.0
in
11
Nontransactions components
In M2*
In M3 only8
t?
13
Savings deposits 9
Commercial Banks
Thrift institutions
122.6
162.9
124.8
176.6
155.5
215.2
178.2
236.0
178.2
236.0
179.0
235.3
181.0
235.2
183.2
236.6
14
15
Small denomination time deposits 10
Commercial Banks
Thrift institutions
386.3
497.0
383.3
496.2
364.6
488.6
384.6
528.5
384.6
528.5
388.0
536.6'
393.6
547.9
397.4
556.3
16
17
Money market mutual funds
General purpose and broker-dealer
Institution-only
167.5
62.7
176.5
64.5
208.0
84.4
221.r
89.6
221.1'
89.6
225.0'
94.4
231.1
98.7
235.0
97.4
18
19
Large denomination time
deposits"
Commercial Banks 1
Thrift institutions
270.2
146.8
284.9
151.6
288.9
150.3
323.5
161.2
323.5
161.2
320.2
162.6
324.9
164.8
326.5
165.0
70
21
Debt components
Federal debt
Nonfederal debt
1,365.3
4,567.3
1,584.3
5,165.1
1,804.5
5,802.6
1,952.4
6,366.4'
1,952.4
6,366.4'
1,960.8
6,418.4'
1,979.2
6,478.4
n.a.
n.a.
745.1
2,933.6
3,706.0
4,394.1
8,421.8
752.3
2,959.4
3,733.2
n.a.
n.a.
Not seasonally adjusted
??
73
74
75
26
564.5
2,373.2
2,991.4
3,532.7
5,927.1
633.5
2,573.9
3,211.0
3,841.4
6,740.6
740.6
2,821.5
3,508.3
4,153.0'
7,592.8
765.9
2,914.6r
3,677.4'
4,343.5'
8,302.6'
765.9
2,914.6'
3,677.4'
4,343.5'
8,302.6'
764.8
2,937.3'
3,698.5'
4,382.2'
s ^ ^
158.5
4.9
253.0
148.2
170.2
5.5
276.9
180.9
183.0
6.0
314.4
237.3
199.4
6.5
298.5
261.5
199.4
6.5
298.5
261.5
197.1
6.6
295.8
265.3
197.2
6.8
279.1
261.9
199.2
6.9
279.9
266.3
1,808.7
618.2
1,940.3
637.1
2,080.8
686.8
2,148.7'
762.7'
2,148.7'
762.7'
2,172.5'
761.2'
2,188.5
772.4
2,207.1
773.8
27
78
79
30
Ml components
Currency
Travelers checks
Demand deposits
Other checkable deposits 6
31
32
Nontransactiohs components
M27 . . . „
M3 only 8
33
34
Money market deposit accounts
Commercial Banks
Thrift institutions
267.4
149.4
332.8
180.8
379.6
192.9
358.2
167.0
358.2
167.0
358.9
165.2
359.0
163.6
360.7
164.0
35
36
Savings deposits 9
Commercial Banks
Thrift institutions
121.5
161.5
123.7
174.8
154.2
212.9
176.7
233.3
176.7
233.3
178.2
233.0
179.5
232.8
182.5
236.1
37
38
Small denomination time deposits 10
Commercial Banks
Thrift institutions
386.9
498.2
384.0
497.5
365.3
489.7
385.2
529.3
385.2
529.3
389.4
540.2
394.0
550.6
397.1
556.9
39
40
Money market mutual funds
General purpose and broker-dealer
Institution-only
167.5
62.7
176.5
64.5
208.0
84.4
221.1'
89.6
221.1'
89.6
225.0'
94.4
231.1
98.7
235.0
97.4
41
42
Large denomination time deposits"
Commercial Banks
Thrift institutions
270.9
146.8
285.4
151.9
289.1
150.7
323.6
161.7
323.6
161.7
321.3
163.8
325.1
166.0
328.6
165.2
43
44
Debt components
Federal debt
Nonfederal debt
1,364.7
4,562.4
1,583.7
5,156.9
1,804.0
5,788.8
1,951.9
6,350.8'
1,951.9
6,350.8'
1,959.4
6,401.5'
1,972.3
6,449.5
For notes see following page.
n.a.
n.a.
A14
Domestic Financial Statistics • June 1988
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508)
release. Historical data are available from the Banking Sections, Division of
Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
2. Composition of the money stock measures and debt is as follows:
Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults
of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions,
the U.S. government, and foreign banks and official institutions less cash items in
the process of collection and Federal Reserve float; and (4) other checkable
deposits (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
share draft accounts, and demand deposits at thrift institutions.
M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs)
issued by all commercial banks and overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks worldwide, MMDAs, savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in both taxable and tax-exempt general purpose
and broker-dealer money market mutual funds. Excludes individual retirement
accounts (IRA) and Keogh balances at depository institutions and money market
funds. Also excludes all balances held by U.S. commercial banks, money market
funds (general purpose and broker-dealer), foreign governments and commercial
banks, and the U.S. government.
M3: M2 plus large-denomination time deposits and term RP liabilities (in
amounts of $100,000 or more) issued by commercial banks and thrift institutions,
term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and
balances in both taxable and tax-exempt, institution-only money market mutual
funds. Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions. Also subtracted
is the estimated amount of overnight RPs and Eurodollars held by institution-only
money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term
Treasury securities, commercial paper and bankers acceptances, net of money
market mutual fund holdings of these assets.
Debt: Debt of domestic nonfinancial sectors consists of outstanding credit
market debt of the U.S. government, state and local governments, and private
nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers
acceptances, and other debt instruments. The source of data on domestic
nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt
data are based on monthly averages.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of
depository institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in
demand deposits.
5. Demand deposits at commercial banks and foreign-related institutions other
than those due to depository institutions, the U.S. government, and foreign banks
and official institutions less cash items in the process of collection and Federal
Reserve float.
6. Consists of NOW and ATS balances at all depository institutions, credit
union share draft balances, and demand deposits at thrift institutions.
7. Sum of overnight RPs and overnight Eurodollars, money market fund
balances (general purpose and broker-dealer), MMDAs, and savings and small
time deposits.
8. Sum of large time deposits, term RPs, and term Eurodollars of U.S.
residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market
funds.
9. Savings deposits exclude MMDAs.
10. Small-denomination time deposits—including retail RPs—are those issued
in amounts of less than $100,000. All individual retirement accounts (IRA) and
Keogh accounts at commercial banks and thrifts are subtracted from small time
deposits.
11. Large-denomination time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
12. Large-denomination time deposits at commercial banks less those held by
money market mutual funds, depository institutions, and foreign banks and
official institutions.
Monetary and Credit Aggregates
A15
1.22 BANK DEBITS AND DEPOSIT TURNOVER 1
Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates.
1987
Bank group, or type of customer
19852
19862
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Seasonally adjusted
DEBITS TO
Demand deposits
1 All insured banks
2 Major New York City banks
3 Other banks
4 ATS-NOW accounts 4
5 Savings deposits
1988
19872
156,091.6
70,585.8
85,505.9
1,823.5
384.9
188,345.8
91,397.3
96,948.8
2,182.5
403.5
217,115.9
104,496.3
112,619.6
2,402.7
526.5
221,729.0
109,062.5
112,666.5
2,333.1
518.8
219,182.9
105,149.4
114,033.4
2,349.0
524.0
234,398.3
110,833.6
123,564.6
2,591.3
582.4
219,386.1
103,693.6
115,692.5
2,536.1
570.8
203,290.6
92,640.1
110,650.5
2,525.7
556.0
213,270.8
98,733.8
114,537.0
2,352.7
534.9
500.3
2,196.9
305.7
15.8
3.2
556.5
2,498.2
321.2
15.6
3.0
612.1
2,670.6
357.0
13.8
3.1
623.3
2,718.2
357.0
13.2
3.0
625.3
2,715.1
365.7
13.2
3.0
654.9
2,744.7
389.1
14.4
3.3
619.0
2,620.2
367.4
14.2
3.3
590.4
2,608.1
358.3
14.2
3.2
602.5
2,600.3
362.5
13.0
3.0
DEPOSIT TURNOVER
6
7
8
9
10
Demand deposits 3
All insured banks
Major New York City banks
Other banks
ATS-NOW accounts 4
Savings deposits
Not seasonally adjusted
DEBITS TO
Demand deposits
11 All insured banks
12 Major New York City banks
13 Other banks
14 ATS-NOW accounts 4
15 MMDA
16 Savings deposits
156,052.3
70,559.2
85,493.1
1,826.4
1,223.9
385.3
188,506.4
91,500.0
97,006.6
2,184.6
1,609.4
404.1
217,124.8
104,518.6
112,606.1
2,404.8
1,954.2
526.8
214,145.9
103,822.8
110,323.1
2,226.4
1,752.7
524.2
216,728.0
104,234.0
112,494.0
2,414.9
1,846.6
519.0
233,999.8
111,398.9
122,600.8
2,577.7
2,247.8
604.3
202,230.1
96,035.9
106,194.2
2,375.8
1,959.8
519.9
222,338.9
102,548.7
119,790.3
2,645.3
2,276.4
568.9
210,029.1
40.3
112,189.0
2,565.2
2,305.6
552.5
499.9
2,196.3
305.6
15.8
4.0
3.2
556.7
2,499.1
321.2
15.6
4.5
3.0
612.3
2,674.9
356.9
13.8
5.3
3.1
612.5
2,721.9
354.2
12.8
4.8
3.0
620.2
2,751.0
361.1
13.7
5.1
3.0
657.8
2,824.8
387.6
14.6
6.3
3.5
565.6
2,467.8
333.3
13.3
5.5
3.0
615.0
2,661.4
370.9
14.6
6.4
3.2
578.7
2,430.3
347.7
13.9
6.5
3.1
DEPOSIT TURNOVER
17
18
19
20
21
22
Demand deposits 3
All insured banks
Major New York City banks
Other banks
ATS-NOW accounts 4
MMDA6
Savings deposits
1. Historical tables containing revised data for earlier periods may be obtained
from the Banking Section, Division of Monetary Affairs, Board of Governors of
the Federal Reserve System, Washington, D.C. 20551.
These data also appear on the Board's G.6 (406) release. For address, see inside
front cover.
2. Annual averages of monthly figures.
3. Represents accounts of individuals, partnerships, and corporations and
of states and political subdivisions.
4. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts authorized for automatic transfer to demand deposits (ATS). ATS data are
available beginning December 1978.
5. Excludes ATS and NOW accounts, MMDA and special club accounts, such
as Christmas and vacation clubs.
6. Money market deposit accounts.
A16
Domestic Financial Statistics • June 1988
1.23 LOANS AND SECURITIES
All Commercial Banks1
Billions of dollars; averages of Wednesday figures
1987
Apr.
May
June
July
Aug.
1988
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Seasonally adjusted
1 Total loans and securities2
2 U.S. government securities
J Other securities
4 Total loans and leases
5 Commercial and industrial . . . . .
6
Bankers acceptances held . . .
7
Other commercial and
industrial
8
U.S. addressees 4
9
Non-U. S. addressees
10 Real estate
11 Individual
12 Security
13 Nonbank financial
institutions
14 Agricultural
15 State and political
subdivisions
16 Foreign banks
17 Foreign official institutions
18 Lease financing receivables . . . .
19 All other loans
2,152.0
2,166.0
2,176.7
2,181.3
2,199.0
2,214.7
2,227.6
2,232.1
2,230.6
2,242.0
2,257.6
2,273.1
318.1
194.4
1,639.6
549.1
4.8
321.3
195.5
1,649.3
551.9
4.8
321.3
195.9
1,659.6
554.4
4.6
322.9
194.3
1,664.1
553.6
4.5
328.5
193.7
1,676.8
554.0
5.3
331.3
193.7
1,689.8
559.0
5.4
331.7
194.2
1,701.7
562.8
5.5
331.1
196.2
1,704.8
563.1
4.6
333.2
196.0
1,701.4
565.5
4.3
334.1
194.0
1,713.9
568.5
4.5
334.0
195.7
1,727.9
569.9
4.5
338.9
197.4
1,736.8
568.1
4.8
544.3
536.0
8.3
524.8
317.8
44.6
547.1
539.0
8.1
532.6
319.1
43.6
549.8
541.3
8.4
542.6
318.9
44.0
549.1
540.8
8.4
549.6
319.7
43.9
548.7
540.5
8.2
556.8
321.5
45.4
553.6
545.6
8.0
561.7
322.8
46.1
557.3
549.3
8.0
569.4
324.1
47.1
558.5
550.9
7.6
576.2
325.0
39.3
561.2
553.0
8.2
582.3
325.9
33.4'
564.0
555.1
8.9
586.9
327.8
36.3'
565.4
556.7'
8.8
592.4
330.2
41.3'
563.2
555.0
8.2
597.9
334.2
39.8
35.6
29.9
35.8
30.0
34.5r
30.0
32.5'
29.8
31.5'
29.7
31.4'
29.6
31.7'
29.6
31.9'
29.3
31.9'
29.2
32.1'
29.4
32.7'
29.5'
32.1
29.5
56.6
9.3
6.8
23.3
41.8
56.4
9.3
6.1
23.7
40.9
56.1
9.6
5.8
23.9
39.8'
55.5
9.0
5.7
23.9
40.7'
54.7
9.1
5.7
24.0
44.3'
54.6
9.2
5.7
24.1
45.5'
54.1
9.6
5.8
24.3
43.2'
53.4
8.8
5.7
24.5
47.6'
51.2
8.2
5.6
24.8
43.3'
52.C
8.3
5.6'
25.0
42.2'
52.(K
8.0
5.2
25.0
41.8'
51.8
8.3
5.2
24.9
45.0
Not seasonally adjusted
20 Total loans and securities2
2,153.1
2,163.4
2,173.7
2,172.8
2,188.8
2,211.6
2,222.4
2,231.3
2,247.0
2,254.7
2,262.3
2,273.4
21 U.S. government securities
22 Other securities
23 Total loans and leases2
24 Commercial and industrial . . . . .
25
Bankers acceptances held . . .
26
Other commercial and
industrial
27
U.S. addressees 4
28
Non-U.S. addressees
29 Real estate
30 Individual
31 Security
32 Nonbank financial
institutions
33 Agricultural
34
State and political
subdivisions
35 Foreign banks
36 Foreign official institutions
37
Lease financing receivables . . . .
38 All other loans
318.0
194.0
1,641.1
552.8
4.8
320.0
195.5
1,647.9
554.4
4.8
318.4
195.3
1,660.0
555.9
4.7
322.1
193.0
1,657.7
551.3
4.6
328.3
193.6
1,666.9
549.5
5.3
331.3
193.8
1,686.6
555.7
5.5
329.3
193.3
1,699.8
558.7
5.4
331.0
195.6
1,704.7
562.0
4.6
333.1
196.6
1,717.3
569.6
4.4
335.6
196.7
1,722.4
568.1
4.3
339.1
196.4
1,726.8
569.2
4.5
340.7
197.0
1,735.6
573.2
4.8
548.0
539.9
8.2
523.9
315.0
46.4
549.6
541.4
8.2
532.0
316.5
43.9
551.2
542.7
8.5
542.4
316.9
45.4
546.7
538.1
8.6
549.7
318.4
43.3
544.2
535.9
8.3
556.8
321.5
43.3
550.2
542.1
8.2
562.4
324.3
44.8
553.3
545.2
8.1
570.0
325.7
45.6
557.4
549.2
8.2
576.8
326.7
39.4
565.2
557.0
8.2
583.2
330.2
35.1'
563.8
555.7
8.1
587.3
331.2
37.1'
564.7
556.4
8.3
591.7
329.6
39.7'
568.4
560.4
8.0
597.0
331.1
39.3
35.5
29.1
35.6
29.7
34.6'
30.3
32.3'
30.5
31.4'
30.6
31.8'
30.7
31.7'
30.4
32.3'
29.6
33.2'
29.0
32.4'
28.6'
31.6
28.5'
31.1
28.5
57.1
8.9
6.8
23.5
42.2
56.4
9.0
6.1
23.8
40.5
55.7
9.5
5.8
24.0
39.5'
54.7
9.0
5.7
23.9
54.1
8.9
5.7
23.9
41.0'
53.8
9.5
5.7
24.0
43.9'
53.2
9.8
5.8
23.9
44.8'
52.3
8.8
5.7
24.2
46.8'
51.2
8.6
5.6
24.8
46.8'
53.8'
8.5
5.6'
25.2
44.7'
53.2'
8.2
5.2
25.1
44.7'
52.7
8.1
5.2
25.1
44.2
1. These data also appear in the Board's G.7 (407) release. For address, see
inside front cover.
2. Excludes loans to commercial banks in the United States.
3. Includes nonfinancial commercial paper held.
4. United States includes the 50 states and the District of Columbia.
Commercial Banking Institutions
A17
1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS 1
Monthly averages, billions of dollars
1988
1987
Source
Total nondeposit funds
Seasonally adjusted
Not seasonally adjusted
Federal funds, RPs, and other
borrowings from nonbanks
3 Seasonally adjusted
4 Not seasonally adjusted
5 Net balances due to foreign-related
institutions, not seasonally adjusted
1
2
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
161.3
160.8
170.6
170.7
167.2
164.1
160.4
156.7
166.7
166.8
177.3
177.7
176.2
176.3
173.7
176.0
177.1
178.0
177.4
177.8
174.6
177.2
171.7
172.5
172.1
171.6
170.6
170.6
168.4
165.3
167.2
163.6
167.1
167.2
165.0
165.4
164.6
164.7
165.8
168.1
161.9
162.8
169.2
169.5
172.7
175.3
176.2
177.1
1.9
-4.5
r
-10.8
.1
-1.2
-6.9
-.3'
12.3
11.6
7.9
15.2
8.3
-23.0
70.5
47.5
-15.5
68.5
53.0
-15.5
67.1
51.5
-22.2
66.4
44.2
-17.7
64.5
46.8
-11.8
63.8
52.0
-14.7
67.7
53.0
-17.1
70.4
53.3
-14.1
69.6
55.5
-17.4
72.1
54.7
-21.5
74.1
52.T
-26.7
78.0
51.3
12.2
73.4
85.6
15.5
76.0
91.5
14.3
77.4
91.8
15.4
77.4
92.8
17.4r
77.7
95.0
24.1
77.3
101.4
26.3
79.7
106.0
25.0
83.2
108.2r
29.3
79.7
109.0
25.7
85.2
110.9
23.4
87.3
110.7
22.1
88.6
110.8
99.2
98.7
99.9
100.0
101.9
98.8
' 103.0
99.4
105.2
105.3
107.5
107.9
107.6
107.7
106.9
109.3
106.4
107.2
108.7
109.0
107.2
109.8
107.6
108.4
21.4
21.6
25.3
30.8
26.9
25.5
24.4
26.6
28.5
21.6
24.9
25.5
34.2
30.7
35.7
25.8
26.1
22.4
18.6
24.9
22.6
28.2
24.9
22.3
358.9
358.5
365.7
366.3
372.1
371.4
372.5
370.0
372.3
371.8
373.0
373.2
380.5
380.4
387.0
387.0
389.2
389.3
389.1
390.2
394.4
394.7
396.1
398.3
MEMO
6 Domestically chartered banks' net positions
with own foreign branches,
not seasonally adjusted
7 Gross due from balances
8 Gross due to balances
9 Foreign-related institutions' net positions
with directly related institutions,
not seasonally adjusted
10 Gross due from balances
11 Gross due to balances
Security RP borrowings
1? Seasonally adjusted
13 Not seasonally adjusted
U.S. Treasury demand balances
14 Seasonally adjusted
15 Not seasonally adjusted
Time deposits, $100,000 or more 8
16 Seasonally adjusted
17 Not seasonally adjusted
1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks. New
York investment companies majority owned by foreign banks, and Edge Act
corporations owned by domestically chartered and foreign banks.
These data also appear in the Board's G. 10(411) release. For address, see
inside front cover.
2. Includes seasonally adjusted federal funds, RPs, and other borrowings from
nonbanks and not seasonally adjusted net Eurodollars.
3.Other borrowings are borrowings on any instrument, such as a promissory
note or due bill, given for the purpose of borrowing money for the banking
business. This includes borrowings from Federal Reserve Banks and from
foreignbanks, term federal funds, overdrawn due from bank balances, loan RPs,
and participations in pooled loans.
4. Averages of daily figures for member and nonmember banks.
5. Averages of daily data.
6. Based on daily average data reported by 122 large banks.
7. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
8. Averages of Wednesday figures.
A18
1.25
Domestic Financial Statistics • June 1988
ASSETS A N D LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS
Last-Wednesday-of-Month Series1
Billions of dollars
1987
1988
Account
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
2,325.8
494.5
307.4
187.0
21.4
1,810.0
161.8
1.648.1
555.1
533.8
316.9
242.3
2,321.0
492.7
304.6
188.0
20.2
1,808.2
150.7
1,657.5
554.6
544.4
317.3
241.1
2,331.6
497.1
309.4
187.7
20.4
1,814.1
156.5
1.657.6
548.1
552.9
319.4
237.2
2.348.8
501.1
313.7
187.4
19.5
1,828.2
160.8
1,667.5
548.2
558.2
322.1
239.0
2,374.8
501.7
313.8
187.9
19.5
1,853.6
157.4
1,696.2
560.7
564.1
325.3
246.0
2,402.4
503.8
316.0
187.9
19.6
1,878.9
172.9
1,706.1
559.7
571.7
326.7
248.0
2,389.9
508.0
317.3
190.7
20.3
1,861.6
162.0
1,699.7
561.1
577.4
326.9
234.3
2,430.5
514.4
321.4
193.1
16.9
1.899.2
172.1
1,727.2
576.4
586.3
332.4
232.1
2,415.2
515.2
322.9
192.4
18.3
1,881.6
160.5
1,721.1
565.3
588.5
330.8
236.5
2,420.7
513.9
322.2
191.8
22.0
1,884.8
162.5
1,722.3
569.1
591.9
329.8
231.4
2.443.2
518.3
324.7
193.7
20.3
1,904.5
160.6
1,743.9
576.4
599.5
332.5
235.6
231.9
37.5
25.1
81.6
214.2
33.5
24 2
74.7
208.4
32.5
24.5
69.0
210.7
37.3
24.7
65.9
223.8
32.9
24.5
81.6
223.5
38.3
25.0
79.0
215.2
33.8
24.0
76.1
232.5
36.2
28.5
79.9
209.6
33.3
25.8
70.7
202.3
32.8
25.1
66.8
207.5
32.1
24.8
74.1
36.5
51.2
30.4
51.4
31.0
51.5
30.8
52.1
32.7
52.1
32.3
48.9
32.9
48.4
36.6
51.4
31.4
48.5
30.1
47.6
31.7
45.0
A L L COMMERCIAL BANKING
INSTITUTIONS 2
Loans and securities
Investment securities
U.S. government securities
Other
Trading account assets
Total loans
I Interbank loans
Loans excluding interbank
8
Y
Commercial and industrial
Real estate
10
Individual
N
12
Ail other
1
2
3
4
5
6
13
14
15
16
17
18
Total cash assets
Reserves with Federal Reserve Banks.
Cash in vault
Cash items in process of collection . . .
Demand balances at U.S. depository
institutions
Other cash assets
19
Other assets
203.7
197.4
182.5
184.5
193.6
186.3
187.5
184.0
176.0
178.1
187.5
20
Total assets/total liabilities and capital....
2,761.4
2,732.6
2,722.6
2,744.0
2,792.2
2,812.2
2,792.6
2,847.1
2,800.7
2,801.2
2,838.2
21
22
23
24
25
26
27
Deposits
Transaction deposits
Savings deposits
Time deposits
Borrowings
Other liabilities
Residual (assets less liabilities)
1,942.5
598.1
541.0
803.4
429.9
200.0
189.0
1,927.4
579.6
537.6
810.1
419.5
202.0
183.7
1,928.8
575.3
538.7
814.8
414.6
202.5
176.7
1,930.4
574.1
537.9
818.4
426.4
209.6
177.6
1,972.4
612.4
535.3
824.7
416.3
224.7
178.8
1,971.2
598.1
531.7
841.4
435.7
225.5
179.8
1,974.1
592.0
531.1
851.0
420.1
218.9
179.5
2,009.1
623.3
528.0
857.9
426.2
231.5
180.4
1,968.1
576.0
531.4
860.6
443.2
208.7
180.7
1,973.9
567.3
535.2
871.4
440.9
205.3
181.1
2.003.9
587.6
539.6
876.8
444.8
209.5
180.0
321.0
317.0
323.8
326.8
327.7
329.9
331.7
332.4
336.9
339.3
340.2
194.8
195.8
193.8
193.8
193.5
193.5
196.6
198.9
196.7
196.6
198.4
2.160.3
469.5
296.9
172.5
21.4
1,669.5
128.7
1,540.8
475.1
525.0
316.5
224.2
2,157.0
468.1
295.1
173.0
20.2
1,668.7
120.9
1,547.8
471.3
535.5
317.0
224.0
2,162.8
472.1
299.4
172.7
20.4
1,670.3
122.0
1,548.3
465.2
543.5
319.1
220.4
2,179.6
476.2
303.5
172.6
19.5
1,684.0
128.6
1.555.4
464.4
548.4
321.8
220.8
2,195.4
475.9
302.9
173.0
19.5
1,700.0
125.0
1.575.0
470.2
554.0
325.0
225.8
2,218.6
478.7
305.7
173.0
19.6
1,720.3
133.3
1,587.0
470.6
561.9
326.4
228.1
2,213.8
482.6
306.4
176.2
20.3
1,711.0
130.5
1,580.4
472.0
567.3
326.6
214.6
2,238.5
488.3
311.0
177.3
16.9
1,733.3
135.3
1,598.0
479.4
575.0
332.1
211.6
2.231.2
487.0
311.3
175.8
18.3
1,725.9
131.0
1,594.9
472.6
577.1
330.5
214.7
2,235.6
485.9
310.7
175.2
22.0
1,727.6
133.1
1.594.5
475.4
579.8
329.5
209.8
2,255.6
490.3
313.2
177.1
20.3
1,745.0
131.8
1,613.2
481.0
587.4
332.1
212.7
215.4
35.9
25.0
81.2
197.7
32.1
24.1
74.2
191.6
31.3
24.4
68.5
192.7
36.2
24.6
65.4
204.8
30.9
24.4
81.0
207.8
36.5
24.9
78.4
199.3
31.5
24.0
75.7
214.9
35.1
28.4
79.5
191.9
31.7
25.7
70.2
184.4
30.5
25.1
66.3
191.7
30.1
24.7
73.5
34.5
38.8
28.7
38.6
29.3
38.0
29.2
37.2
30.8
37.7
30.6
37.3
31.4
36.7
34.7
37.3
29.7
34.6
28.5
34.0
30.0
33.3
MEMO
28 U.S.
29
government securities (including
trading account)
Other securities (including trading
account)
DOMESTICALLY CHARTERED
COMMERCIAL BANKS 3
30
31
32
33
34
35
36
37
38
39
40
41
Loans and securities
Investment securities
U.S. Treasury securities
Other
Trading account assets
Total loans
Interbank loans
Loans excluding interbank
Commercial and industrial
Real estate
Individual
All other
42
43
44
45
46
Total cash assets
Reserves with Federal Reserve Banks.
Cash in vault
Cash items in process of collection . . .
Demand balances at U.S. depository
institutions
Other cash assets
47
48
Other assets
142.3
132.8
120.5
119.9
134.2
130.0
123.7
127.2
118.8
122.0
126.6
49
Total assets/liabilities and capital
2,517.9
2,487.5
2,474.9
2,492.2
2,534.5
2,556.4
2,536.8
2,580.7
2,542.0
2,541.9
2,573.9
50
51
52
53
54
55
56
Deposits
Transaction deposits
Savings deposits
Time deposits
Borrowings
Other liabilities
Residual (assets less liabilities)
1,880.1
590.0
539.0
751.1
336.3
115.8
185.7
1,865.7
571.4
535.6
758.7
327.0
114.4
180.5
1,868.3
567.4
536.6
764.3
318.9
114.2
173.5
1,868.8
566.0
535.7
767.1
333.0
116.0
174.4
1,910.3
603.9
533.2
773.3
324.7
123.8
175.6
1,909.1
589.5
529.5
790.1
345.7
125.0
176.6
1,912.4
583.7
528.8
799.9
323.2
124.8
176.3
1,944.6
614.9
525.7
804.1
331.9
127.0
177.2
1,905.9
567.7
529.1
809.1
344.7
113.9
177.5
1,911.2
559.4
532.8
819.0
342.9
109.9
177.9
1,939.9
579.1
537.2
823.6
343.4
113.8
176.8
1. Back data are available from the Banking and Monetary Statistics section,
Board of Governors of the Federal Reserve System, Washington. D.C., 20551.
These data also appear in the Board's weekly H.8 (510) release.
Figures are partly estimated. They include all bank-premises subsidiaries and
other significant majority-owned domestic subsidiaries. Loan and securities data
for domestically chartered commercial banks are estimates for the last Wednesday of the month based on a sample of weekly reporting banks and quarter-end
condition report data. Data for other banking institutions are estimates made for
the last Wednesday of the month based on a weekly reporting sample of
foreign-related institutions and quarter-end condition reports.
2. Commercial banking institutions include insured domestically chartered
commercial banks, branches and agencies of foreign banks, Edge Act and
Agreement corporations, and New York State foreign investment corporations.
3. Insured domestically chartered commercial banks include all member banks
and insured nonmember banks.
Weekly Reporting Commercial
1.26
ASSETS A N D LIABILITIES OF LARGE W E E K L Y REPORTING COMMERCIAL
Banks
A19
BANKS1
Millions of dollars, Wednesday figures
1988
Account
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 2
Mar. 9
Mar. 16
108,164
121,433
97,516
104,813
93,205
92,066
107,796
1 Cash and balances due from depository institutions
1,102,779 1,102,076 1,103,668 1,094,241 1,103,004 1,101,424 1,101,833
2 Total loans, leases, and securities, net
133,412
132,140
131,927
132,168
132,810
132,663
130,904
3 U.S. Treasury and government agency
17,361
18,301
17,188
18,052
17,195
17,333
15,963
4 Trading account
114,779
114,594
115,112
114,980
115,467
114,758
114,941
S Investment account
39,210
39,416
38,932
38,655
39,222
39,297
38,973
6 Mortgage-backed securities
All other maturing in
17,639
17,570
16,639
17,092
17,126
17,696
16,346
7
One year or less
47,959
47,796
48,106
48,202
48,046
48,503
48,048
8
Over one through five years
10,997
9,851
9,998
10,918
10,851
9,972
11,574
9
Over five years
72,519
72,955
72,289
72,037
72,544
72,149
73,483
10 Other securities
1,885
1,895
2,003
1,790
1,727
1,857
1,765
11 Trading account
70,247
71,228
70,404
70,649
70,516
70,292
71,718
1? Investment account
50,458
49,872
49,554
49,504
49,450
49,888
50,758
13
States and political subdivisions, by maturity
5,947
5,977
6,145
5,984
6,014
5,908
6,316
14
One year or less
43,473
44,313
43,926
43,570
43,490
44,441
43,980
IS
Over one year
20,796
20,770
20,531
20,761
20,962
20,788
20,960
16
Other bonds, corporate stocks, and securities
2,858
2,822
2,781
3,367
3,150
2,823
2,426
17 Other trading account assets
77,017
68,171
71,232
70,146
72,896
71,552
75,143
18 Federal funds sold3
45,312
47,228
47,442
43,121
44,453
46,457
44,952
19 To commercial banks
17,997
18,421
18,274
19,734
19,510
17,717
20,706
70 To nonbank brokers and dealers in securities
10,055
7,457
6,629
6,560
9,484
7,269
7,378
71 To others
858,659
863,426
864,262
863,128
865,902
862,157
859,724
Other
loans
and
leases,
gross
7?
842,335
837,563
843,148
842,021
844,758
838,620
?3 Other loans, gross
841,111
291,045
292,183
292,613
291,405
289,349
289,111
290.022
Commercial and industrial
74
2,405
2,143
2,063
2,029
2,246
2,383
7.S
2,174
Bankers acceptances and commercial paper
289,777
286,969
288,982
290,367
289,022
287,175
287,994
76
All other
287,126
284,004
285,927
285,052
287,533
286,314
284,140
U.S. addressees
77
2,651
2,965
3,055
2,834
3,035
2,942
2,708
Non-U.S. addressees
28
268,485
269,582
270,094
270,933
268,394
268,538
268,080
79
Real estate loans
17,561
17,656
17,669
17,740
17,802
17,876
17,489
30
Revolving, home equity
251,841
250,829
253,057
250,833
250,870
252,292
250,591
31
All other
159,6%
159,642
159,657
159,644
159,706
159,497
3?
160,050
To individuals for personal expenditures
49,606
49,385
49,567
48,764
48,653
49,877
48,730
33
To depository and financial institutions
23,285
22,683
22,798
22,744
22,228
22,978
23,020
Commercial banks in the United States
34
4,030
4,004
4,579
3,822
3,593
3,972
35
Banks in foreign countries
4,120
22,854
22,230
22,507
21,782
22,087
22,530
22,738
36
Nonbank depository and other financial institutions . . .
13,641
12,851
13,685
12,805
13,823
12,853
13,510
For purchasing and carrying securities
37
5,447
5,356
5,314
5,385
5,426
5,364
5,416
38
To finance agricultural production
31,941
31,837
31,818
32,081
32,076
32,160
32,233
39
To states and political subdivisions
2,315
2,352
2,362
2,298
2,258
2,333
2,434
40
To foreign governments and official institutions
19,261
18,984
19,027
19,339
18,974
20.123
20,162
41
All other
21,107
21,144
21,097
21,091
21,104
21,113
21,046
4? Lease financing receivables
4,762
4,776
4,659
4,675
4,706
4,690
4,662
43 LESS: Unearned income
36,481
36,440
36,651
36,518
36,455
36,472
36,672
Loan and lease reserve
44
821,911
824,686
822,249
818,577
823,075
45 Other loans and leases, net
817,319
820,823
125,534
128,800
126,800
122,588
128,106
126,517
125,511
46 All other assets
1,336,086 1,321,798 1,351,902 1,314,345 1,333,352 1,321,596 1,338,797
47 Total assets
230,239
230,735
245,280
214,894
215,428
220,783
234,203
48 Demand deposits
189,816
180,012
178,766
174,021
167,736
172,798
179,296
49 Individuals, partnerships, and corporations
6,445
6,521
6,447
5,716
6,279
6,743
7,194
SO States and political subdivisions
2,417
1,895
1,662
3,988
2,764
3,250
SI
5,380
U.S. government
21,791
27,837
24,266
20,928
23,633
21,878
52 Depository institutions in the United States
24,614
6,600
7,561
6,986
5,938
6,525
53
6,313
5,899
Banks in foreign countries
794
714
674
722
650
673
720
54
Foreign governments and official institutions
10,334
9,957
10,652
SS Certified and officers' checks
8,048
7,665
8,942
11,098
71,532
70,284
69,248
72,107
71,637
70,228
71,209
S6 Transaction balances other than demand deposits
589,962
592,961
588,344
588,169
587,949
592,140
586,082
57 Nontransaction balances
552,525
547,766
547,278
549,567
551,625
548,248
546,053
58 Individuals, partnerships, and corporations
29,722
29,454
29,502
29,915
29.698
29,797
29,198
59 States and political subdivisions
911
928
882
892
913
886
889
60
U.S. government
8,989
9,262
9,003
9,037
9,026
9,143
9,180
Depository institutions in the United States
61
759
756
721
780
770
761
767
67
Foreign governments, official institutions, and banks
278,478
275,166
277,147
278,288
275,516
275,250
274,065
63 Liabilities for borrowed money
2,775
320
265
1,950
200
75
0
Borrowings from Federal Reserve Banks
64
18,016
22,071
16,915
19,154
16.518
11,990
17,421
65 Treasury tax-and-loan notes
256,358
258,798
260,142
257,986
263,206
256,644
253,103
66 All other liabilities for borrowed money79,884
79,842
81,221
84,298
81,542
79,717
84,671
67 Other liabilities and subordinated notes and debentures
1,250,229 1,236,094 1,266,509 1,228,882 1,247,357 1,236,069 1,253,358
68 Total liabilities
85,995
85,439
85,704
85.393
85,463
85,527
85,857
69 Residual (total assets minus total liabilities)6
MEMO
70
71
77
73
74
75
76
77
Total loans and leases (gross) and investments adjusted
Total loans and leases (gross) adjusted
Time deposits in amounts of $100,000 or more
U.S. Treasury securities maturing in one year or less
Loans sold outright to affiliates—total
Commercial and industrial
Other
Nontransaction savings deposits (including MMDAs)
. . . 1,076,142
869,328
181,706
16,968
1,075
852
223
247,985
1,073,961
866,220
182,832
17,484
1,059
837
222
248,456
1. Beginning Jan. 6, 1988, the "Large bank" reporting group was revised
somewhat, eliminating some former reporters with less than $2 billion of assets
and adding some new reporters with assets greater than $3 billion.
2. Includes U.S. government-issued or guaranteed certificates of participation
in pools of residential mortgages.
3. Includes securities purchased under agreements to resell.
4. Includes allocated transfer risk reserve.
5. Includes federal funds purchased and securities sold under agreements to
1,074,720
866,197
181,772
18,053
1,077
854
223
249,418
1,069,289
861,796
182,456
17.658
1,111
888
223
248,263
1,076,940
868,243
182,583
17,812
1,538
1,049
490
249,969
1,073,441
865,480
183,071
18,117
1,530
1,040
490
251,237
1,074,452
867,452
183,139
18,109
1,554
1.056
498
251,661
Mar. 23
Mar. 30
98,632
1,097,126
130,920
16,329
114,591
40,190
101,556
1,100,538
129,797
15,539
114,258
40,401
17,194
17,480
46,647
46,930
9,991
10,016
72,732
72,078
1,717
1,759
71,014
70,319
49,399
49,406
5,981
5,965
43,418
43,441
21,616
20,913
2,922
3,028
68,683
68,735
41,875
42,230
18,163
18,476
8,645
8,028
863,865
867,690
846,687
842,622
293,578
291,054
2,440
2,353
291,138
288,702
288,500
286,066
2,638
2,636
271,643
271,337
17,949
18,068
253,575
253,388
160,399
159,881
48,177
48,746
22,323
22,576
3,581
4,185
22,274
21,984
14,216
13,440
5,417
5,445
31,632
31,804
2,279
2,179
19,444
18,636
21,003
21,242
4,803
4,781
36,614
36,588
826,299
822,470
125,120
126,254
1,322,012 1,327,214
223,226
214,738
175,045
167,993
5,882
6,378
3,069
2,889
21,954
22,176
5,991
6,463
605
943
10,342
8,234
70,977
70,745
590,904
592,729
552,380
550,775
29,341
29,612
933
941
9,099
9,059
756
736
273,862
276,351
1,900
2,839
17,476
19,119
254,485
254,393
83,336
81,928
1,236,492 1,242,305
84,909
85,520
1,073,714
867,793
182,949
17,601
1,537
1,044
493
251,442
1,077,731
872,175
181,559
17,487
1,588
1,100
488
250,782
repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.
6. This is not a measure of equity capital for use in capital-adequacy analysis or
for other analytic uses.
7. Exclusive of loans and federal funds transactions with domestic commercial
banks.
8. Loans sold are those sold outright to a bank's own foreign branches,
nonconsolidated nonbank affiliates of the bank, the bank's holding company (if
not a bank), and nonconsolidated nonbank subsidiaries of the holding company.
A20
DomesticNonfinancialStatistics • June 1988
1.28 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS
IN NEW YORK CITY1
Millions of dollars, Wednesday figures
1988
Account
Feb. 3
1 Cash balances due from depository institutions
2 Total loans, leases and securities, net2
Securities
3 U.S. Treasury and government agency 3
4
Trading account 3
5
Investment account
6
Mortgage-backed securities 4
All other maturing in
7
One year or less
Over one through five years
8
9
Over five years
10 Other securities 3
11 Trading account 3
12
Investment account
13
States and political subdivisions, by maturity
14
One year or less
Over one year
15
16
Other bonds, corporate stocks, and securities
17 Other trading account assets
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Loans and leases
Federal funds sold5
To commercial banks
To nonbank brokers and dealers in securities
To others
Other loans and leases, gross
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial paper
All other
U.S. addressees
Non-U.S. addressees
Real estate loans
Revolving, home equity
All other
To individuals for personal expenditures
To depository and financial institutions
Commercial banks in the United States
Banks in foreign countries
Nonbank depository and other financial institutions
For purchasing and carrying securities
To finance agricultural production
To states and political subdivisions
To foreign governments and official institutions
All other
Lease financing receivables
LESS: Unearned income
Loan and lease reserve
Other loans and leases, net 6
All other assets 7
47 Total assets
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
Deposits
Demand deposits
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Transaction balances other than demand deposits
(ATS, NOW, Super NOW, telephone transfers)
Nontransaction balances
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Depository institutions in the United States
Foreign governments, official institutions, and banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 8
Other liabilities and subordinated note and debentures
68 Total liabilities
69 Residual (total assets minus total liabilities)9
Feb. 10
Feb. 17
Feb. 24
Mar. 2 r
Mar. 9
Mar. 16
Mar. 23
Mar. 30
27,911
21,133
27,592
23,556
24,393
20,270
28,639
23,732
24,166
223,393
224,257
223,274
218,521
219,235
217,875
216,161
219,362
222,439
0
0
15,035
5,794
0
0
14,729
5,806
0
0
14,647
5,697
0
0
14,799
5,674
0
0
15,034
5,954
0
0
15,080
5,954
0
0
15,402
6,116
0
0
15,923
6,464
0
0
15,966
6,483
1,734
4,793
2,714
0
0
18,083
13,901
1,200
12,701
4,182
0
2,073
4,829
2,020
0
0
17,925
13,878
1,201
12,678
4,047
0
2,185
4,801
1,964
0
0
17,505
13,668
1,218
12,449
3,838
0
2,387
4,765
1,973
0
0
17,643
13,776
1,215
12,560
3,867
0
2,489
4,613
1,978
0
0
17,493
13,617
1,242
12,375
3,876
0
2,494
4,606
2,026
0
0
17,357
13,585
1,255
12,329
3,772
0
2,463
4,744
2,079
0
0
17,271
13,593
1,269
12,324
3,678
0
2,515
4,787
2,158
0
0
17,219
13,552
1,265
12,286
3,667
0
2,517
4,826
2,140
0
0
17,306
13,597
1,281
12,317
3,709
0
30,703
11,868
13,162
5,674
175,167
170,346
57,531
434
57,097
56,513
584
47,810
2,831
44,978
22,759
21,560
12,493
2,378
6,690
5,763
306
7,397
649
6,570
4,820
1,534
14,061
159,572
57,721
35,222
15,421
12,397
7,403
172,015
167,144
57,026
433
56,593
56,078
515
47,665
2,841
44,823
22,742
21,026
12,115
2,295
6,616
4,589
288
7,392
586
5,830
4,871
1,545
14,088
156,382
59,332
31,601
16,431
10,462
4,708
175,126
170,246
57,461
407
57,054
56,423
630
47,505
2,847
44,657
22,717
21,769
12,485
2,299
6,985
5,833
276
7,382
613
6,689
4,880
1,528
14,078
159,520
61,924
29,952
14,681
11,020
4,250
171,738
166,843
56,368
441
55,927
55,405
523
47,060
2,860
44,200
22,635
21,306
12,587
2,384
6,334
4,935
287
7,372
604
6,276
4,895
1,535
14,075
156,128
59,856
28,620
12,323
11,397
4,899
173,798
168,888
57,754
460
57,294
56,766
529
47,133
2,868
44,265
22,651
22,158
12,648
2,910
6,599
4,870
298
7,348
703
5,971
4,910
1,572
14,138
158,088
62,542
29,161
13,650
10,489
5,022
172,048
167,133
56,498
478
56,020
55,518
502
47,307
2,877
44,430
22,657
21,366
12,741
2,100
6,525
5,020
298
7,344
634
6,010
4,915
1,614
14,157
156,277
61,731
26,430
11,284
10,553
4,594
172,825
167,895
56,484
543
55,940
55,472
468
47,393
2,891
44,503
22,656
21,861
13,290
1,938
6,632
5,159
292
7,394
717
5,939
4,930
1,627
14,141
157,057
63,145
28,988
13,622
10,288
5,078
172,952
168,016
56,314
482
55,832
55,354
478
47,487
2,900
44,587
22,694
21,964
12,819
2,582
6,563
5,386
293
7,388
675
5,814
4,936
1,632
14,088
157,232
58,625
31,102
13,964
11,033
6,105
173,779
168,829
56,806
505
56,301
55,744
558
47,513
2,913
44,600
22,820
21,444
12,839
2,124
6,482
6,078
291
7,318
592
5,968
4,950
1,644
14,070
158,064
57,769
309,025
304,722
312,790
301,934
306,169
299,875
307,945
301,719
304,374
59,249
39,182
1,285
1,177
6,677
4,730
572
5,625
55,607
38,797
1,288
553
5,0%
5,145
542
4,186
63,141
43,191
1,168
362
6,489
6,151
648
5,131
53,968
36,891
1,185
655
5,993
5,208
567
3,467
57,636
39,756
926
230
5,897
5,810
526
4,490
52,316
38,014
921
282
4,834
4,667
593
3,005
60,028
40,666
1,180
675
6,216
5,194
524
5,572
54,327
36,629
1,302
547
6,464
5,336
465
3,583
56,881
39,052
1,177
603
5,428
4,802
753
5,067
9,493
109,090
100,276
6,774
36
1,685
319
72,716
0
4,444
68,272
34,005
9,353
109,136
100,434
6,873
37
1,485
306
75,997
0
4,712
71,285
30,309
9,327
109,511
100,674
6,947
33
1,559
298
73,859
0
5,487
68,372
32,686
9,234
108,962
100,100
7,049
37
1,503
272
74,684
0
5,895
68,789
30,884
9,459
109,419
100,608
6.984
31
1,503
291
74,771
0
4,320
70,452
30,452
9,465
109,451
100,590
6,966
32
1,576
287
76,026
1,140
3,223
71,664
28,077
9,450
109,745
100,836
7,001
30
1,600
278
73,657
0
5,656
68,001
30,489
9,353
109,511
100,655
6,930
36
1,617
272
71,360
700
5,597
65,063
32,594
9,418
108,853
100,094
6,860
32
1,576
289
71,957
0
5,597
66,360
32,942
284,553
280,402
288,524
277,732
281,738
275,336
283,369
277,144
280,052
24,472
24,320
24,266
24,202
24,432
24,540
24,576
24,575
24,322
214,627
181,509
39,160
3,586
212,354
179,700
39,322
4,172
209,964
177,811
39,368
4,436
206,863
174,421
39,004
4,196
209,974
177,446
39,077
4,080
207,255
174,818
38,985
4,454
207,354
174,681
39,591
4,585
208,641
175,498
39,102
4,368
211,350
178,078
38,474
4,666
MEMO
70
71
72
73
Total loans and leases (gross) and investments adjusted •
Total loans and leases (gross) adjusted 10
Time deposits in amounts of $100,000 or more
U.S. Treasury securities maturing in one year or less
1. These data also appear in the Board's H.4.2 (504) release. For address, see
inside front cover.
2. Excludes trading account securities.
3. Not available due to confidentiality.
4. Includes U.S. government-issued or guaranteed certificates of participation
in pools of residential mortgages.
5. Includes securities purchased under agreements to resell.
6. Includes allocated transfer risk reserve.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
7. Includes trading account securities.
8. Includes federal funds purchased and securities sold under agreements to
repurchase.
9. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
10. Exclusive of loans and federal funds transactions with domestic commercial banks.
Weekly Reporting
Commercial
1.30 LARGE WEEKLY REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS 1
Liabilities
Banks
A21
Assets and
Millions of dollars, Wednesday figures
1988
Account
Feb. 10
Feb. 17
Feb. 27
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
11,302
101,060
10,510
101,812
10,122
101,039
10,410
101,129
10,457
100,226
9,641
100,385
9,690
101,657
10,453
103,260
9,976
102,722
7,774
7,861
8,940
6,391
2,549
76,484
50,315
7,811
7,756
9,595
7,529
2,066
76,649
49,156
8,001
7,940
7,615
5,872
1,742
77,483
50,334
7,706
7,977
8,414
6,585
1,829
77,032
50,552
7,722
7,931
5,823
3,947
1,876
78,750
51,625
8,096
7,895
7,038
5,004
2,034
77,356
50,504
8,130
7,901
7,907
6,016
1,890
77,720
51,634
8,134
7,894
9,530
7,554
1,976
77,702
50,766
7,762
7,899
7,298
4,924
2,374
79,764
52,049
1,391
48,924
46,373
2,551
15,308
11,088
1,016
3,203
1,468
47,688
45,278
2,410
16,402
12,136
1,005
3,261
1,600
48,734
46,114
2,620
15,966
11,712
1,064
3,191
1,636
48,916
46,604
2,312
15,657
11,634
992
3,032
1,667
49,958
47,468
2,491
15,984
11,767
1,052
3,165
1,634
48,869
46,440
2,429
15,923
11,800
1,031
3,092
1,571
50,063
47,599
2,464
15,282
11,343
994
2,945
1,625
49,141
46,814
2,327
15,954
11,600
1,313
3,041
1,649
50,400
47,991
2,409
16,930
12,390
1,398
3,143
426
1,851
8,585
30,670
14,853
157,884
419
1,872
8,800
31,120
16,176
159,618
416
1,994
8,773
30,463
15,831
157,455
410
1,607
8,805
30,510
13,807
155,856
429
1,887
8,825
30,538
16,400
157,622
422
1,787
8,719
30,845
16,028
156,899
460
1,624
8,719
30,791
17,253
159,391
464
1,680
8,838
30,742
16,306
160,762
484
1,546
8,755
30,902
16,081
159,682
42,638
3,337
42,432
3,156
42,112
3,099
41,577
2,970
41,693
2,940
41,663
3,082
42,315
3,444
42,693
3,341
42,712
3,271
1,932
1,405
39,301
1,914
1,242
39,277
2,072
1,027
39,013
1,875
1,095
38,607
1,821
1,118
38,753
1,933
1,149
38,581
2,068
1,375
38,872
2,045
1,296
39,352
2,105
1,166
39,441
32,300
7,001
32,411
6,866
32,045
6,969
31,766
6,840
31,979
6,774
31,758
6,823
32,055
6,816
32,200
7,152
32,274
7,167
61,583
32,134
62,816
32,490
61,292
31,070
58,649
28,198
61,619
30,107
62,226
30,547
63,229
31,162
61,778
31,081
61,304
28,688
19,712
12,423
29,449
19,969
12,521
30,326
18,322
12,748
30,221
14,834
13,364
30,451
15,621
14,486
31,512
15,673
14,874
31,679
16,815
14,347
32,067
16,897
14,184
30,697
15,698
12,990
32,616
22,628
6,820
31,792
21,870
157,884
23,074
7,252
32,124
22,245
159,618
22,851
7,370
31,650
22,401
157,455
23,248
7,203
31,860
23,770
155,856
24,015
7,497
31,390
22,920
157,622
23,722
7,956
32,430
20,579
156,899
24,211
7,855
32,273
21,573
159,391
23,069
7,628
32,306
23,983
160,762
24,030
8,587
32,802
22,864
159,682
83,581
67,945
82,146
66,578
83,455
67,514
82,910
67,227
84,512
68,859
83,581
67,590
84,298
68,267
84,106
68,078
85,408
69,748
Feb. 3
1 Cash and due from depository institutions . . .
2 Total loans and securities
3 U.S. Treasury and government agency
securities
4 Other securities
5 Federal funds sold
6
To commercial banks in the United States.
7 To others
8 Other loans, gross
9 Commercial and industrial
10
Bankers acceptances and commercial
paper
All other
11
12
U.S. addressees
Non-U.S. addressees
13
14 To financial institutions
15
Commercial banks in the United States..
16
Banks in foreign countries
17
Nonbank financial institutions
18 To foreign governments and official
institutions
19 For purchasing and carrying securities
20
All other
21 Other assets (claims on nonrelated parties) . .
22 Net due from related institutions
23 Total assets
24
Deposits or credit balances due to other
than directly related institutions
25
Transaction accounts and credit balances 3 .
26
Individuals, partnerships, and
corporations
27
Other
28
Nontransaction accounts
Individuals, partnerships, and
29
corporations
30
Other
31
Borrowings from other than directly
related institutions
32
Federal funds purchased
33
From commercial banks in the
United States
34
From others
Other liabilities for borrowed money
35
36
To commercial banks in the
United States
37
To others
38 Other liabilities to nonrelated parties
39 Net due to related institutions
40 Total liabilities
MEMO
41 Total loans (gross) and securities adjusted
42 Total loans (gross) adjusted 6
..
1. Effective Jan. 1, 1986, the reporting panel includes 65 U.S. branches and
agencies of foreign banks that include those branches and agencies with assets of
$750 million or more on June 30, 1980, plus those branches and agencies that had
reached the $750 million asset level on Dec. 31,1984. These data also appear in the
Board's H.4.2 (504) release. For address, see inside front cover.
2. Includes securities purchased under agreements to resell.
3. Includes credit balances, demand deposits, and other checkable deposits.
4. Includes savings deposits, money market deposit accounts, and time deposits.
5. Includes securities sold under agreements to repurchase.
6. Exclusive of loans to and federal funds sold to commercial banks in the
United States.
A22
DomesticNonfinancialStatistics • June 1988
1.31 GROSS DEMAND DEPOSITS Individuals, Partnerships, and Corporations1
Billions of dollars, estimated daily-average balances, not seasonally adjusted
Commercial banks
1986
Type of holder
1982
Dec.
1983
Dec.
1984
Dec.
1987
1985
Dec. 3 ' 4
Sept.
Dec.
Mar.
June
Sept.
Dec.
1 AU holders—Individuals, partnerships, and
corporations
291.8
293.5
302.7
321.0
333.6
363.6
335.9
340.2
339.0
344.9
2
3
4
5
6
35.4
150.5
85.9
3.0
17.0
32.8
161.1
78.5
3.3
17.8
31.7
166.3
81.5
3.6
19.7
32.3
178.5
85.5
3.5
21.2
35.9
185.9
86.3
3.3
22.2
41.4
202.0
91.1
3.3
25.8
35.9
183.0
88.9
2.9
25.2
36.6
187.2
90.1
3.2
23.1
36.5
188.2
88.7
3.2
22.4
36.9
191.7
89.9
3.4
23.0
Financial business
Nonfinancial business
Consumer
Foreign
Weekly reporting banks
1986
1982
Dec.
7 All holders—Individuals, partnerships, and
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
1983
Dec.
1987
1985
Dec. 3 4
Sept.
Dec.
Mar.
June
Sept.
Dec.
144.2
146.2
157.1
168.6
174.7
195.1
178.1
179.3
179.1
187.0
26.7
74.3
31.9
2.9
8.4
24.2
79.8
29.7
3.1
9.3
25.3
87.1
30.5
3.4
10.9
25.9
94.5
33.2
3.1
12.0
28.9
94.8
35.0
3.2
12.8
32.5
106.4
37.5
3.3
15.4
28.7
94.4
36.8
2.8
15.5
29.3
94.8
37.5
3.1
14.6
29.3
96.0
37.2
3.1
13.5
29.5
100.8
39.4
3.3
14.0
1. Figures include cash items in process of collection. Estimates of gross
deposits are based on reports supplied by a sample of commercial banks. Types
of depositors in each category are described in the June 1971 BULLETIN, p. 466.
Figures may not add to totals because of rounding.
2. Beginning in March 1984, these data reflect a change in the panel of weekly
reporting banks, and are not comparable to earlier data. Estimates in billions of
dollars for December 1983 based on the new weekly reporting panel are: financial
business, 24.4; nonfinancial business, 80.9; consumer, 30.1; foreign, 3.1; other
9.5.
3. Beginning March 1985, financial business deposits and, by implication, total
gross demand deposits have been redefined to exclude demand deposits due to
1984
Dec. 2
thrift institutions. Historical data have not been revised. The estimated volume of
such deposits for December 1984 is $5.0 billion at all insured commercial banks
and $3.0 billion at weekly reporting banks.
4. Historical data back to March 1985 have been revised to account for
corrections of bank reporting errors. Historical data before March 1985 have not
been revised, and may contain reporting errors. Data for all commercial banks for
March 1985 were revised as follows (in billions of dollars): all holders, - . 3 ;
financial business, - . 8 ; nonfinancial business, - . 4 ; consumer, .9; foreign, .1;
other, - . 1 . Data for weekly reporting banks for March 1985 were revised as
follows (in billions of dollars): all holders, - . 1 ; financial business, - . 7 ; nonfinancial business, - . 5 ; consumer, 1.1; foreign, .1; other, - . 2 .
Financial Markets
A23
1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
1987
1983
Dec.
Instrument
1984
Dec.
1985
Dec.
1986
Dec.
1987
Dec.
Sept.
Oct.
1988
Nov. 1
Dec.
Jan. 2
Feb.
Commercial paper (seasonally adjusted unless noted otherwise)
1 All issuers
Financial companies'
Dealer-placed paper
Total
Bank-related (not seasonally
adjusted)
Directly placed papers
4
Total
Bank-related (not seasonally
5
adjusted)
6 Nonfinancial companies
2
3
187,658
237,586
298,779
329,991
357,129
356,993
356,577
351,844
357,129
380,475
389,027
44,455
56,485
78,443
101,072
101,958
114,435
109,020'
105,196'
101,958
116,730
121,376'
2,441
2,035
1,602
2,265
1,428
2,600
2,688
1,893
1,428
1,694
1,724
97,042
110,543
135,320
151,820
173,939
165,319
170,403
169,779
173,939
175,467
174,595
35,566
46,161
42,105
70,558
44,778
85,016
40,860
77,099
43,173
81,232
46,790
77,239
46,249
77,154
45,353
76,869
43,173
81,232
45,425
88,278
43,987
93,056
Bankers dollar acceptances (not seasonally adjusted) 7
7 Total
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others
Basis
14 Imports into United States
15 Exports from United States
16 All other
8
9
10
11
12
13
78,309
78,364
68,413
64,974
70,565
68,771
71,891
71,068
70,565
62,957
62,419
9,355
8,125
1,230
9,811
8,621
1,191
11,197
9,471
1,726
13,423
11,707
1,716
10,943
9,464
1,479
10,521
9,400
1,121
10,856
9,742
1,114
10,701
9,714
987
10,943
9,464
1,479
8,602
7,759
843
9,629
8,561
1,067
418
729
67,807
0
671
67,881
0
937
56,279
0
1,317
50,234
0
965
58,658
0
1,467
56,784
0
1,400
59,635
0
1,134
59,234
0
965
58,658
0
831
53,524
0
833
51,958
15,649
16,880
45,781
17,845
16,305
44,214
15,147
13,204
40,062
14,670
12,960
37,344
16,483
15,227
38,855
17,198
15,046
36,526
17,814
15,949
38,128'
16,942
15,435
38,691
16,483
15,227
38,855
14,468
14,054
34,436
14,354
13,891
34,173
1. A change in the reporting panel in November resulted in a slight understatement of outstanding volume.
2. Data reflect a break in series resulting from additions to the reporting
panel.
3. Institutions engaged primarily in activities such as, but not limited to,
commercial savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities.
4. Includes all financial company paper sold by dealers in the open market.
5. As reported by financial companies that place their paper directly with
investors.
6. Includes public utilities and firms engaged primarily in such activities as
communications, construction, manufacturing, mining, wholesale and retail trade,
transportation, and services.
7. Beginning January 1988, the number of respondents in the bankers acceptance survey were reduced from 155 to 111 institutions—those with $100 million
or more in total acceptances. The new reporting group accounts for over 90
percent of total acceptances activity.
1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per year
Rate
10.50
10.00
9.50
9.00
8.50
8.00
7.50
Month
Effective Date
1987—Apr.
May
1
1
15
Sept. 4
Oct. 7
22
Nov. 5
1988—Feb.
2
7.75
8.00
8.25
8.75
9.25
9.00
8.75
8.50
NOTE. These data also appear in the Board's H.15 (519) release. For address,
see inside front cover.
Average
rate
10.61
1985—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
10.50
10.50
10.50
10.31
9.78
9.50
9.50
9.50
9.50
9.50
9.50
1986—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
9.50
9.50
9.10
8.83
8.50
8.50
8.16
7.90
1986—Sept.
Oct.
Nov.
Dec.
1987—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct..
Nov.
Dec.
1988—Jan.
Feb.
Mar.
A24
1.35
DomesticNonfinancialStatistics • June 1988
I N T E R E S T R A T E S M o n e y and Capital Markets
Averages, percent per year; weekly and monthly figures are averages of business day data unless otherwise noted.
1987
Instrument
1985
1986
1988
1988, week ending
1987
Dec.
Jan.
Feb.
Mar.
Feb. 26
Mar. 4
Mar. 11
Mar. 18
Mar. 25
MONEY MARKET RATES
1 Federal funds 1 ' 2
2 Discount window borrowing 1, •
Commercial paper 4,5
3
1-month
4
3-month
5
6-month
Finance paper, directly placed •
6
1-month
7
3-month
8
6-month
>
Bankers acceptances ,6
9
3-month
10 6-month
Certificates of deposit, secondary market
11
1-month
12. 3-month
13 6-month
14 Eurodollar deposits^ 3-month 8
U.S. Treasury bills 5
Secondary market 9
15
3-month
16 6-month
17
1-year
„
Auction average
18 3-month
19 6-month
20
8.10
7.69
6.80
6.32
6.66
5.66
6.77
6.00
6.83
6.00
6.58
6.00
6.58
6.00
6.64
6.00
6.60
6.00
6.51
6.00
6.61
6.00
6.51
6.00
7.93
7.95
8.00
6.61
6.49
6.39
6.74
6.82
6.85
7.76
7.61
7.49
6.76
6.87
6.92
6.55
6.58
6.58
6.57
6.62
6.64
6.53
6.58
6.60
6.54
6.56
6.57
6.55
6.59
6.60
6.56
6.61
6.63
6.58
6.64
6.68
7.90
7.77
7.74
6.57
6.38
6.31
6.61
6.54
6.37
7.23
6.97
6.64
6.65
6.62
6.53
6.45
6.39
6.27
6.44
6.38
6.23
6.43
6.38
6.24
6.35
6.30
6.16
6.45
6.38
6.19
6.46
6.40
6.25
6.45
6.37
6.26
7.91
7.95
6.38
6.28
6.75
6.78
7.48
7.41
6.77
6.83
6.49
6.49
6.51
6.55
6.50
6.50
6.45
6.45
6.50
6.53
6.50
6.54
6.53
6.60
7.96
8.04
8.24
8.28
6.61
6.51
6.50
6.71
6.75
6.87
7.01
7.06
7.86
7.66
7.67
7.86
6.78
6.92
7.10
7.11
6.55
6.60
6.69
6.73
6.56
6.63
6.78
6.74
6.55
6.61
6.73
6.79
6.54
6.58
6.68
6.71
6.55
6.62
6.75
6.74
6.55
6.61
6.76
6.73
6.57
6.64
6.84
6.75
7.47
7.65
7.81
5.97
6.02
6.07
5.78
6.03
6.33
5.77
6.36
6.69
5.81
6.25
6.52
5.66
5.93
6.21
5.70
5.91
6.28
5.63
5.81
6.20
5.63
5.86
6.20
5.73
5.88
6.28
5.64
5.79
6.23
5.77
5.98
6.35
7.47
7.64
7.80
5.98
6.03
6.18
5.82
6.05
6.33
5.80
6.36
6.74
5.90
6.31
6.67
5.69
5.96
6.18
5.69
5.91
6.30
5.64
5.83
5.62
5.86
5.74
5.93
5.65
5.78
6.30
5.76
5.96
8.42
9.27
9.64
10.12
10.50
10.62
10.97
10.79
6.45
6.86
7.06
7.30
7.54
7.67
7.85
7.78
6.77
7.42
7.68
7.94
8.23
8.39
7.17
7.86
8.13
8.45
8.82
8.99
6.99
7.63
7.87
8.18
8.48
8.67
6.64
7.18
7.38
7.71
8.02
8.21
6.71
7.27
7.50
7.83
8.19
8.37
6.63
7.17
7.35
7.70
8.00
8.20
6.63
7.12
7.33
7.63
7.96
8.17
6.72
7.23
7.45
7.78
8.11
8.32
6.63
7.21
7.44
7.78
8.15
8.33
6.77
7.38
7.60
7.95
8.31
8.48
8.59
9.12
8.83
8.43
8.63
8.43
8.41
8.57
8.60
8.74
10.75
8.14
8.64
9.12
8.82
8.41
8.61
8.41
8.39
8.55
8.57
8.72
8.60
9.58
9.11
6.95
7.76
7.34
7.14
8.17
7.65
7.45
8.42
7.96
7.29
8.12
7.69
7.05
7.62
7.49
7.20
7.80
7.74
7.00
7.65
7.52
7.00
7.65
7.47
7.10
7.75
7.67
7.15
7.70
7.75
7.30
7.90
7.89
12.05
11.37
11.82
12.28
12.72
9.71
9.02
9.47
9.95
10.39
9.91
9.38
9.68
9.99
10.58
10.59
10.11
10.33
10.62
11.29
10.37
9.88
10.09
10.43
11.07
9.89
9.40
9.60
9.94
10.62
9.86
9.39
9.59
9.89
10.57
9.83
9.33
9.54
9.88
10.56
9.75
9.27
9.47
9.80
10.48
9.80
9.34
9.54
9.83
10.50
9.83
9.36
9.56
9.86
10.55
9.92
9.44
9.66
9.94
10.64
12.06
9.61
9.95
10.42
10.05
9.75
9.91
9.75
9.78
9.83
9.98
10.01
10.49
4.25
8.76
3.48
8.37
3.08
9.08
3.71
9.04
3.66
9.02
3.56
9.07
3.48
9.10
3.48
9.08
3.45
9.07
3.43
9.07
3.45
9.05
3.45
CAPITAL MARKET RATES
U.S. Treasury notes and bonds 11
Constant maturities
21
1-year
2-year
n
23
3-year
7.4
5-year
25
7-year
26
10-year
•>7
28
30-year
Composite
29
Over 10 years (long-term)
State and local notes and bonds
Moody's series 14
30
Aaa
31
Baa
32 Bond Buyer series
Corporate bonds
Seasoned issues 16
33
All industries
34
Aaa
35
Aa
36
A
37
Baa
38
A-rated, recently-offered utility
bonds 17
MEMO: Dividend/price ratio 18
39
Preferred stocks
40
Common stocks
1. Weekly and monthly figures are averages of all calendar days, where the
rate for a weekend or holiday is taken to be the rate prevailing on the preceding
business day. The daily rate is the average of the rates on a given day weighted by
the volume of transactions at these rates.
2. Weekly figures are averages for statement week ending Wednesday.
3. Rate for the Federal Reserve Bank of New York.
4. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before November 1979, maturities for data shown are 30-59 days, 90-119 days,
and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and
150-179 days for finance paper.
5. Yields are quoted on a bank-discount basis, rather than in an investment
yield basis (which would give a higher figure).
6. Dealer closing offered rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
7. Unweighted average of offered rates quoted by at least five dealers early in
the day.
8. Calendar week average. For indication purposes only.
9. Unweighted average of closing bid rates quoted by at least five dealers.
10. Rates are recorded in the week in which bills are issued. Beginning with the
Treasury bill auction held on Apr. 18, 1983, bidders were required to state the
percentage yield (on a bank discount basis) that they would accept to two decimal
places. Thus, average issuing rates in bill auctions will be reported using two
rather than three decimal places.
11. Yields are based on closing bid prices quoted by at least five dealers.
12. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields
are read from a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.
13. Averages (to maturity or call) for all outstanding bonds neither due nor
callable in less than 10 years, including one very low yielding "flower" bond.
14. General obligations based on Thursday figures; Moody's Investors Service.
15. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
16. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
17. Compilation of the Federal Reserve. This series is an estimate of the yield
on recently-offered, A-rated utility bonds with a 30-year maturity and 5 years of
call protection. Weekly data are based on Friday quotations.
18. Standard and Poor's corporate series. Preferred stock ratio based on a
sample o f t e n issues: four public utilities, four industrials, one financial, and one
transportation. Common stock ratios on the 500 stocks in the price index.
NOTE. These data also appear in the Board's H. 15 (519) and G. 13 (415) releases.
For address, see inside front cover.
Financial Markets
1.36 STOCK MARKET
A23
Selected Statistics
1987
Indicator
1985
1986
1988
1987
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
Transportation
3
4
Utility
Finance
5
6 Standard & Poor's Corporation
(1941-43 = 10)'
7 American Stock Exchange 2
(Aug. 31, 1973 = 50)
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
108.09
123.79
104.11
56.75
114.21
136.00
155.85
119.87
71.36
147.19
161.70
195.31
140.39
74.29
146.48
174.28
214.12
157.49
74.18
152.27
184.18
226.49
164.02
78.20
160.94
178.39
219.52
158.58
76.13
154.08
157.13
189.86
140.95
73.27
137.35
137.21
163.42
117.57
69.86
118.30
134.88
162.19
115.85
67.39
111.47
140.55
168.47
121.20
70.01
119.40
145.13
173.44
126.09
72.89
124.36
149.88
181.57
135.15
71.16
125.27
186.84
236.34
286.83
310.09
329.36
318.66
280.16
245.01
240.96
250.48
258.13
265.74
229.10
264.38
316.61
348.68
361.52
353.72
306.34
249.42
248.52
267.29
276.54
295.78
109,191
8,355
141,385
11,846
188,642
13,832
180,356
12,857
193,477
13,604
177,319
12,381
277,026
18,173
179,481
11,268
178,517
13,422
174,755
9,853
184,688
9,961
176,189
12,442
Customer financing (end-of-period balances, in millions of dollars)
10 Margin credit at broker-dealers
28,390
36,840
31,990
40,250
41,640
44,170
38,250
34,180
31,990
31,320
31,990
32,660
Free credit balances at brokers4
11 Margin-account
12 Cash-account
2,715
12,840
4,880
19,000
4,750
15,640
4,095
15,930
4,240
16,195
4,270
15,895
8,415
18,455
6,700
15,360
4,750
15,640
4,675
15,270
4,555
14,695
4,615
14,355
Margin requirements (percent of market value and effective date) 6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
Jan. 3, 1974
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
50
50
50
1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40
financial.
2. Beginning July 5, 1983, the American Stock Exchange rebased its index
effectively cutting previous readings in half.
3. Beginning July 1983, under the revised Regulation T, margin credit at
broker-dealers includes credit extended against stocks, convertible bonds, stocks
acquired through exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds,
and subscription issues was discontinued in April 1984.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.
5. New series beginning June 1984.
6. These regulations, adopted by the Board of Governors pursuant to the
Securities Exchange Act of 1934, limit the amount of credit to purchase and carry
"margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities other than options are the
difference between the market value (100 percent) and the maximum loan value of
collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15,
1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968;
and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in
Regulation T the initial margin required for writing options on securities, setting
it at 30 percent of the current market-value of the stock underlying the option. On
Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the
same as the option maintenance margin required by the appropriate exchange or
self-regulatory organization; such maintenance margin rules must be approved by
the Securities and Exchange Commission. Effective Jan. 31, 1986, the SEC
approved new maintenance margin rules, permitting margins to be the price of the
option plus 15 percent of the market value of the stock underlying the option.
A26
DomesticNonfinancialStatistics • June 1988
1.37 SELECTED FINANCIAL INSTITUTIONS
Selected Assets and Liabilities
Millions of dollars, end of period
1988
1987
Account
1985
1986
Mar.
Apr.
May
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Savings and loan associations
1 Assets
948,781
963,316
939,721
944,229
952,671
949,069
949,223
955,105
956,517
973,816
978,319
977,978
981,285
2 Mortgage-backed securities
3 Cash and investment securities'
4 Other
97,303
126,712
103,768
123,257
142,700
110,445
129,274
138,746
101,031
134,746
136,370
102,566
141,023
138,303
103,250
142,241
138,125
103,861
140,897
138,520
103,915
144,146
137,207
105,120
146,209
131,729
104,445
150,275
139,648
105,580
152,932
138,234
106,143
154,383
135,710
106,208
153,131
136,883
106,419
5 Liabilities and net worth
948,781
963,316
939,721
944,229
952,671
949,069
949,223
955,105
956,517
973,816
978,319
977,978
981,285
750,071
138,798
73,888
64,910
19,045
741,081
159,742
80,194
79,548
20,071
722,548
158,192
76,469
81,723
18,958
716,798
165,883
77,857
88,026
20,869
718,633
171,279
78,583
92,696
22,628
715,662
175,394
79,188
96,206
19,584
716,385
174,358
78,888
95,470
20,684
717,257
178,643
79,546
99,097
21,956
721,407
180,382
80,848
99,534
19,174
727,333
190,644
83,303
107,341
21,036
731,061
191,020
84,266
106,754
21,287
737,347
191,037
87,697
103,340
16,760
742,686
188,218
86,629
101,589
18,185
41,064
42,423
40,023
40,678
40,127
38,428
37,796
37,249
35,554
34,803
34,951
32,833
32,172
6 Savings capital
7 Borrowed money
8
FHLBB
9
Other
10 Other
11 Net worth 2
FSLIC-insured federal savings banks
131,868
210,562
241,418
246,277
253,006
264,105
268,781
272,316
272,837
276,556
279,223
284,296
284,329
72,355
15,676
11,723
113,638
29,766
19,034
138,882
36,088
16,605
140,854
37,500
17,034
144,581
39,371
17,200
150,421
40,969
17,923
152,881
42,714
17,523
154,054
43,532
17,793
154,655
44,421
17,572
156,459
45,132
17,410
158,885
45,251
17,353
161,909
45,877
17,303
161,728
46,208
17,736
16 Liabilities and net worth
131,868
210,562
241,418
246,277
253,006
264,105
268,781
272,316
272,837
276,556
279,223
284,296
284,329
17
18
19
70
21
22
103,462
19,323
10,510
8,813
2,732
6,351
157,872
37,329
19,897
17,432
4,263
11,098
178,672
43,919
21,104
22,815
5,264
13,564
180,637
46,125
21,718
24,407
5,547
13,978
182,802
49,896
22,788
27,108
6,044
14,272
189.998
53,255
24,486
28,769
5,987
14,871
193,890
53,652
24,981
28,671
6,144
15,100
194,853
55,660
25,546
30,114
6,455
15,172
195,213
56,549
26,287
30,262
5,632
15,445
197,298
57,551
27,350
30,201
6,304
15,417
199,114
58,277
27,947
30,330
6,363
15,483
203,231
60,695
29,617
31,078
5,290
15,098
204,390
59,187
28,280
30,907
5,784
14,992
12 Assets
13 Mortgages
14 Mortgage-backed securities
15 Other
Savings capital
Borrowed money
FHLBB
Other
Other
Net worth
Savings banks
23 Assets
216,776
236,866
240,739
243,454
245,906
244,760
246,833
249,888
251,472
255,989
260,600
259,643'
258,628
110,448
30,876
118,323
35,167
121,178
38,012
122,769
37,136
124,936
37,313
128,217
35,200
129,624
35,591
130,721
36,793
133,298
36,134
135,317
36,471
137,044
37,189
138,494r
33,871'
137,858
35,095
13,111
19,481
2,323
21,199
6,225
13,113
14,209
25,836
2,185
20,459
6,894
13,793
13,631
27,463
2,041
19,598
5,703
13,713
13,743
28,700
2,063
19,768
5,308
13,967
13,650
28,739
2,053
19,956
5,176
14,083
13,549
27,785
2,059
18,803
4,939
14,208
13,498
28,252
2,050
18,821
4,806
14,191
13,720
28,913
2,038
18,573
4,823
14,307
13,122
29,655
2,023
18,431
4,484
14,325
13,817
30,202
2,034
18,062
5,529
14,557
15,694
31,144
2,046
17,583
5,063
14,837
13,510'
32,772'
2,003'
18,772'
5,864'
14,357'
12,776
32,241
1,994
18,780
4,841
15,043
32 Liabilities
216,776
236,866
240,739
243,454
245,906
244,760
246,833
249,888
251,472
255,989
260,600
259,643'
258,628
33 Deposits
34
Regular
35
Ordinary savings
36
Time
37
Other
38 Other liabilities
39 General reserve accounts . . . .
185,972
181,921
33,018
103,311
4,051
17,414
12,823
192,194
186,345
37,717
100,809
5,849
25,274
18,105
193,693
188,432
40,558
100,896
5,261
27,003
18,830
193,347
187,791
41.326
100,308
5,556
29,105
19,423
194,742
189,048
41,967
100,607
5,694
30,436
19,603
193,274
187,669
42,178
100,604
5,605
30,515
19,549
194,549
188,783
41,928
102,603
5,766
31,655
19,718
195,895
190,335
41,767
105,133
5,560
32,467
20,471
196,824
191,376
41,773
107,063
5,448
32,827
20,407
199,336
193,777
42,045
109,486
5,559
34,226
20,365
202,030
196,724
42,493
112,231
5,306
36,167
21,133
201,497'
196,037'
41,959'
112,429'
5,460'
35,720'
20,633'
199,545
194,322
41,047
112,781
5,223
36,836
20,514
24
25
26
27
28
29
30
31
Loans
Mortgage
Other
Securities
U.S. government
Mortgage-backed securities
State and local government
Corporate and other
Cash
Other assets
Financial Markets A23
1.37—Continued
1987
Account
1985
1988
1986
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Credit unions 4
40 Total assets/liabilities
and capital
41
42
Federal
State
43 Loans outstanding ..
44
Federal
45
State
46 Savings
47
Federal
48
State
118,010
147,726
153,253
154,549
156,086
160,644
77,861
40,149
95,483
52,243
98,799
54,454
99,751
54,798
100,153
55,933
104,150
56,494
73,513
47,933
25,580
105,963
70,926
35,037
86,137
55,304
30,833
134,327
87,954
46,373
86,101
55,118
30,983
138,810
91,042
47,768
87,089
55,740
31,349
140,014
92,012
48,002
87,765
55,952
31,813
141,635
97,189
49,248
90,912
58,432
32,480
148,283
96,137
52,146
1 1 1 1 1 1 1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1 I 1 1 1 1 1
Life insurance companies
49 Assets
50
51
52
53
54
55
56
57
58
59
60
Securities
Government
United States 5 ..
State and local .
Foreign 6
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets
825,901
937,551
978,455
978,455
985,942
995,576
75,230
51,700
9,708
13,822
423,712
346,216
77,496
171,797
28,822
54,369
71,971
84,640
59,033
11,659
13,948
492,807
401,943
90,864
193,842
31,615
54,055
80,592
90,337
65,661
10,860
13,816
519,766
417,933
101,833
195,743
31,834
53,652
82,105
89,711
64,621
11,068
14,022
522,097
420,474
101,623
197,315
32,011
53,572
83,749
89,554
64,201
11,208
14,145
528,789
425,788
103,001
198,760
32,149
53,468
83,222
87,279
61,405
11,485
14,389
537,507
432,095
105,412
200,382
32,357
53,378
84,390
1. Holdings of stock of the Federal Home Loan Banks are in "other assets."
2. Includes net undistributed income accrued by most associations.
3. Excludes checking, club, and school accounts.
4. Data include all federally insured credit unions, both federal and state
chartered, serving natural persons.
5. Direct and guaranteed obligations. Excludes federal agency issues not
guaranteed, which are shown in the table under "Business" securities.
6. Issues of foreign governments and their subdivisions and bonds of the
International Bank for Reconstruction and Development.
NOTE. Savings and loan associations: Estimates by the FHLBB for all
associations in the United States based on annual benchmarks for non-FSLICinsured associations and the experience of FSLIC-insured associations.
FSLIC-insured federal savings banks: Estimates by the FHLBB for federal
savings banks insured by the FSLIC and based on monthly reports of federally
insured institutions.
1,005,592 1,017,018 1,026,919 1,021,148 1,024,460 1,033,170
88,199
62,461
11,277
14,461
555,423
448,146
107,277
201,297
32,699
53,338
85,420
89,924
64,150
11,190
14,584
551,701
442,604
109,097
202,241
32,992
53,330
86,830
89,408
63,352
11,087
14,969
558,787
451,453
107,334
204,264
33,048
53,422
87,991
90,782
64,880
11,363
14,539
549,426
455,678
93,748
206,507
33,235
53,413
87,785
91,227
65,186
11,539
14,502
548,767
459,537
89,230
208,839
33,538
53,334
88,755
91,302
64,551
11,758
14,993
553,486
461,942
91,544
212,375
34,016
53,313
88,678
n.a.
Savings banks: Estimates by the National Council of Savings Institutions for all
savings banks in the United States and for FDIC-insured savings banks that have
converted to federal savings banks.
Credit unions: Estimates by the National Credit Union Administration for
federally chartered and federally insured state-chartered credit unions serving
natural persons.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for
differences between market and book values are not made on each item separately
but are included, in total, in "other assets."
A28
DomesticNonfinancialStatistics • June 1988
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
Fiscal
year
1986
Fiscal
year
1987
Oct.
Nov.
Dec.
62,354
45,992
16,362
93,055'
76,87C
16,185
-30,701 r
-30,878'
176
56,987
40,630
13,357
83,911'
67,140'
16,770
-26,924'
-26,510'
-414
85,525
67,645
17,880
109,771'
77,876'
31,896
-24,246'
-10,230'
-14,016
Jan.
Feb.
2
U.S. budget
1 Receipts, total
2
On-budget
3
Off-budget
4 Outlays, total
5
On-budget
6
Off-budget
7 Surplus, or deficit ( - ) , total
8
On-budget
9
Off-budget
Source of financing (total)
Borrowing from the public
Operating cash (decrease, or increase
(-),
12
Other 3
10
11
769,091
568,862
200,228
990,258
806,760
183,498
-221,167
-237,898
16,731
854,143
640,741
213,402
1,004,586
810,754
193,832
-150,444
-170,014
19,570
236,187
150,070
27,282
23,603
9,766
-14,324
-696
-5,052
5,426
-1,879
5,298'
17,164
-13,843'
-1,218
15,698'
-17,555
-3,73c
11,002
-7,257'
6,009
5,979
31,384
7,514
23,870
36,436
9,120
27,316
38,315
8,898
29,416
21,151
3,595
17,556
22,369
5,313
17,056
39,924
10,276
29,648
28,922
2,473
26,450
22,913
2,403
20,510
81,791
60,645
21,146
65,786'
66,573'
-787
16,005'
-5,928'
21,933
60,355
40,610
19,745
84,258'
66,505'
17,753
-23,903'
-25,895'
1,992
5,281
64,961
44,189
20,772
94,108
76,088
18,020
-29,147
-31,899
2,752
17,160
MEMO
13 Treasury operating balance (level, end of
period)
14
Federal Reserve Banks
15
Tax and loan accounts
1. FY 1987 total outlays and deficit do not correspond to the monthly data
because the Monthly Treasury Statement has not completed the monthly distribution of revisions reflected in the fiscal year total in The Budget of the U.S.
Government, Fiscal Year 1989.
2. In accordance with the Balanced Budget and Emergency Deficit Control Act
of 1985, all former off-budget entries are now presented on-budget. The Federal
Financing Bank (FFB) activities are now shown as separate accounts under the
agencies that use the FFB to finance their programs. The act has also moved two
social security trust funds (Federal old-age survivors insurance and Federal
disability insurance trust funds) off-budget.
3. Includes SDRs; reserve position on the U.S. quota in the IMF; loans to
international monetary fund; other cash and monetary assets; accrued interest
payable to the public; allocations of special drawing rights; deposit funds;
miscellaneous liability (including checks outstanding) and asset accounts;
seigniorage; increment on gold; net gain/loss for U . S . currency valuation adjustment; net gain/loss for I M F valuation adjustment; and profit on the sale of gold.
SOURCE. Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government and the Budget of the U.S.
Government.
Federal Finance
A29
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS 1
Millions of dollars
Calendar year
Source or type
Fiscal
year
1986
Fiscal
year
1987
1986
1987
1988
HI
H2
HI
H2
Jan.
Feb.
Mar.
RECEIPTS
769,091
854,143
394,345
387,524
447,282
421,712
81,791
60,355
64,961
348,959
314,803
36
105,994
71,873
392,557
322,463
33
142,957
72,896
169,444
153,919
31
78,981
63,488
183,156
164,071
4
27,733
8,652
205,157
156,760
30
112,421
64,052
192,575
170,203
4
31,223
8,853
43,987
24,979
0
19,262
255
25,651
28,046
4
1,179
3,577
19,868
33,296
7
4,315
17,751
80,442
17,298
102,859
18,933
41,946
9,557
42,108
8,230
52,396
10,881
52,821
7,119
4,450
820
2,652
1,677
14,909
2,203
283,901
303,318
156,714
134,006
163,519
143,755
28,162
28,500
25,676
255,062
273,185
139,706
122,246
146,696
130,388
26,920
25,739
25,141
11,840
24,098
4,742
13,987
25,418
4,715
10,581
14,674
2,333
1,338
9,328
2,429
12,020
14,514
2,310
1,889
10,977
2,390
819
883
360
1,368
2,399
362
880
179
356
32,919
13,327
6,958
19,884
32,510
15,032
7,493
19,307
15,944
6,369
3,487
10,002
15,947
7,282
3,649
9,605
15,845
7,129
3,818
10,299
17,680
7,993
3,610
10,399
2,393
1,195
531
1,893
2,204
1,296
566
1,164
2,885
1,444
622
1,760
18 All types
990,231
1,004,586
486,058
505,980''
502,223'
532,107'
65,706
84,257
94,108
19
20
21
22
23
24
National defense
International affairs
General science, space, and technology . . . .
Energy
Natural resources and environment
Agriculture
273,375
14,152
8,976
4,735
13,639
31,449
281,999
11,649
9,216
4,115
13,363
27,356
135,367
5,384
12,519
2,484
6,245
14,482
138,544
8,876
4,594
2,735
7,141
16,160
142,886
4,374
4,324
2,335
6,175
11,824
146,995
4,487
5,469
1,468
7,590
14,640
19,895
1,074
773
247
1,097
2,275
23,670
516
749
-1,635
969
1,014
26,484
1,490
956
538
1,082
1,160
25
26
27
28
Commerce and housing credit
Transportation
Community and regional development
Education, training, employment, and
social services
4,823
28,117
7,233
6,182
26,228
5,051
860
12,658
3,169
3,647
14,745
3,494
4,893
12,113
3,108
3,852
14,096
2,075
1,216
1,990
452
-866
1,995
459
2,409
1,838
535
1 All sources
2 Individual income taxes, net
Withheld
3
4
Presidential Election Campaign Fund
Nonwithheld
5
6
Refunds
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social insurance taxes and contributions,
net
10
Employment taxes and
contributions
11
Self-employment taxes and
contributions
12
Unemployment insurance
13
Other net receipts
14
15
16
17
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts
OUTLAYS
30,585
29,724
14,712
15,287
14,182
15,592
2,771
3,041
2,545
29 Health
30 Social security and medicare
31 Income security
35,935
268,921
119,796
39,968
282,473
123,250
17,872
135,214
60,786
18,795
138,299
60,628
20,318
142,864
62,248
20,750
158,469
61,201
3,577
6,951
10,220
3,650
24,585
11,264
3,765
26,145
11,969
32
33
34
35
36
37
26,356
6,603
6,104
6,431
136,008
-33,007
26,782
7,548
5,948
1,621
138,570
-36,455
12,193
3,352
3,566
2,179
68,054
-17,183 r
14,447
3,360
2,786
2,886
65,816
-16,286 r
12,264
3,626
3,344
337
70,110
-19,102'
14,956
4,291
3,560
1,175
71,933
-20,492'
1,207
706
-52
403
13,551
-2,647
2,170
704
806
45
13,988
-2,868
2,555
868
383
0
12,187
-2,802
Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Net interest 6
Undistributed offsetting receipts
1. Functional details do not add to total outlays for calendar year data because
revisions to monthly totals have not been distributed among functions. Fiscal year
total for outlays does not correspond to calendar year data because revisions from
the Budget have not been fully distributed across months.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Federal employee retirement contributions and civil service retirement and
disability fund.
5. Deposits of earnings by Federal Reserve Banks and other miscellaneous
receipts.
6. Net interest function includes interest received by trust funds.
7. Consists of rents and royalties on the outer continental shelf and U.S.
government contributions for employee retirement.
SOURCES. U.S. Department of the Treasury, Monthly Treasury Statement of
Receipts and Outlays of the U.S. Government, and the U.S. Office of Management and Budget, Budget of the U.S. Government, Fiscal Year 1988.
A30
DomesticNonfinancialStatistics • June 1988
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1985
1986
1987
Item
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
1 Federal debt outstanding
1,827.5
1,950.3
1,991.1
2,063.6
2,129.5
2,218.9
2,250.7
2,313.1
2,354.3
2 Public debt securities
3
Held by public
4
Held by agencies
1,823.1
1,506.6
316.5
1,945.9
1,597.1
348.9
1,986.8
1,634.3
352.6
2,059.3
1,684.9
374.4
2,125.3
1,742.4
382.9
2,214.8
1,811.7
403.1
2,246.7
1,839.3
407.5
2,309.3
1,871.1
438.1
2,350.3
1,893.1
457.2
4.4
3.3
1.1
4.4
3.3
1.1
4.3
3.2
1.1
4.3
3.2
1.1
4.2
3.2
1.1
4.0
3.0
1.1
4.0
2.9
1.1
3.8
2.8.
1.0
4.0
3.0
1.0
5 Agency securities
6
Held by public
7
Held by agencies
1,823.8
1,932.4
1,973.3
2,060.0
2,111.0
2,200.5
2,232.4
2,295.0
2,336.0
9 Public debt securities
10 Other debt 1
8 Debt subject to statutory limit
1,822.5
1.3
1,931.1
1.3
1,972.0
1.3
2,058.7
1.3
2,109.7
1.3
2,199.3
1.3
2,231.1
1.3
2,293.7
1.3
2,334.7
1.3
11 MEMO: Statutory debt limit
1,823.8
2,078.7
2,078.7
2,078.7
2,111.0
2,300.0
2,300.0
2,320.0
2,800.0
1. Includes guaranteed debt of Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District
of Columbia stadium bonds.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY
SOURCES. Treasury Bulletin and Monthly
United States.
Statement
of the Public Debt of the
Types and Ownership
Billions of dollars, end of period
1987
Type and holder
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
State and local government series
Foreign issues'
Government
Public
Savings bonds and notes
Government account series 3
14 Non-interest-bearing debt
15
16
17
18
19
20
21
22
23
24
25
26
By holder4
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Money market funds
Insurance companies
Other companies
State and local Treasury s
Individuals
Savings bonds
Other securities
Foreign and international 5
Other miscellaneous investors 6
1984
1987
Q1
Q2
Q3
Q4
1,410.7
1,663.0
1,945.9
2,214.8
2,214.8
2,246.7
2,309.3
2,350.3
1,400.9
1,050.9
343.8
573.4
133.7
350.0
36.7
10.4
10.4
.0
70.7
231.9
1,660.6
1,247.4
374.4
705.1
167.9
413.2
44.4
9.1
9.1
1,943.4
1,437.7
399.9
812.5
2,212.0
2,244.0
1,635.7
406.2
955.3
259.3
608.3
118.5
4.9
4.9
73.1
286.2
505.7
87.5
7.5
7.5
.0
78.1
332.2
2,212.0
1,619.0
426.7
927.5
249.8
593.1
110.5
4.7
4.7
.0
90.6
386.9
93.0
391.4
2,306.7
1,659.0
391.0
984.4
268.6
647.7
125.4
5.1
5.1
.0
95.2
421.6
2,347.8
1.676.0
378.3
1.005.1
277.6
671.8
129.0
4.4
4.4
.0
97.0
440.7
9.8
2.3
2.5
2.8
2.7
2.6
2.5
236.3
151.9
1,022.6
348.9
181.3
1,417.2
230.1
25.1
95.8
59.0
403.1
211.3
1,602.0
232.1
88.7
39.7
155.1
289.6
160.9
1,212.5
183.4
25.9
76.4
50.1
179.4
438.1
212.3
1,657.7
237.1
20.6
n.a.
78.7
n.a.
457.2
211.9
1,682.6
250.5
n.a.
n.a.
80.2
n.a.
71.5
61.9
166.3
259.8
74.5
69.3
192.9
360.6
79.8
75.0
212.5
n.a.
96.8
68.6
270.1
n.a.
98.5
70.4
268.4
n.a.
188.8
22.8
1. Includes (not shown separately): Securities issued to the Rural Electrification Administration; depository bonds, retirement plan bonds, and individual
retirement bonds.
2. Nonmarketable dollar-denominated and foreign currency-denominated series held by foreigners.
3. Held almost entirely by U.S. Treasury agencies and trust funds.
4. Data for Federal Reserve Banks and U.S. Treasury agencies and trust funds
are actual holdings; data for other groups are Treasury estimates.
1986
.0
211.1
403.1
211.3
1,619.0
426.7
927.5
249.8
593.1
110.5
4.7
4.7
.0
90.6
386.9
.0
28.6
28.6
106.9
68.8
n.a.
106.9
68.8
n.a.
407.5
196.4
1,641.4
232.0
18.8
n.a.
73.4
n.a.
92.3
70.5
251.5
n.a.
92.3
70.5
251.5
n.a.
94.7
68.3
250.7
n.a.
1,602.0
232.1
5. Consists of investments of foreign and international accounts. Excludes
non-interest-bearing notes issued to the International Monetary Fund.
6. Includes savings and loan associations, nonprofit institutions, credit unions,
mutual savings banks, corporate pension trust funds, dealers and brokers, certain
U.S. Treasury deposit accounts, and federally-sponsored agencies.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly
Statement of the Public Debt of the United States; data by holder. Treasury
Bulletin.
Federal Finance
1.42 U.S. GOVERNMENT SECURITIES DEALERS
A31
Transactions1
Par value; averages of daily figures, in millions of dollars
1988
Item
1
2
3
4
5
6
V
8
9
10
11
12
13
14
15
16
17
18
Immediate delivery 2
U.S. Treasury securities
By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 3
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures contracts
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions
U.S. Treasury securities
Federal agency securities
1985
1986
Jan/
Feb/
Mar.
Feb. 24
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
75,331
95,445
110,052
108,501
105,589
90,640
91,826
95,652
88,724
78,322
96,372
102,780
32,900
1,811
18,361
12,703
9,556
34,247
2,115
24,667
20,456
13,961
37,924
3,272
27,918
24,014
16,923
31,955
3,788
28,692
27,315
16,751
28,127
3,708
30,072
24,285
19,398
28,277
2,986
23,706
21,797
13,874
25,202
3,628
30,481
18,822
13,693
22,997
3,431
24,435
29,189
15,600
25,866
2,628
20,680
24,532
15,019
28,075
2,731
18,305
18,099
11,111
27,626
2,960
28,087
22,646
15,054
32,771
3,301
30,484
21,641
14,584
3,336
3,670
2,936
2,755
2,996
2,743
2,584
3,296
3,239
2,389
2,393
2,786
36,222
35,773
11,640
4,016
3,242
12,717
49,558
42,218
16,748
4,355
3,272
16,660
61,539
45,576
18,087
4,112
2,965
17,135
63,590
42,155
18,086
4,709
3,173
19,478
59,599
42,993
17,754
3,634
2,781
17,981
52,625
35,272
15,677
3,127
2,278
17,257
52,172
37,070
15,938
3,737
2,676
18,204
54,330
38,025
18,165
3,410
2,544
18,847
49,920
35,564
18,322
3,246
2,508
17,547
44,304
31,628
15,820
2,370
2,132
18,608
56,913
37,066
11,197
3,232
2,243
17,575
62,387
37,606
13,767
3,717
2,252
14,712
5,561
6,085
252
3,311
7,175
16
3,233
8,964
5
2,783
9,414
1
2,637
9,566
3
2,768
9,414
6
1,731
8.549
0
2,587
10,745
8
2,332
9,494
0
2,166
6,534
0
3,018
11,086
0
3,123
10,804
30
1,283
3,857
1,876
7,831
2,029
9,290
1,699
6,545
3,605
6,910
1,454
8,426
2,135
4,705
1,558
5,759
1,424
8,856
761
10,006
2,747
9,565
955
5,733
1. Transactions are market purchases and sales of securities as reported to the
Federal Reserve Bank of New York by the U.S. government securities dealers on
its published list of primary dealers.
Averages for transactions are based on the number of trading days in the period.
The figures exclude allotments of, and exchanges for, new U.S. Treasury
securities, redemptions of called or matured securities, purchases or sales of
securities under repurchase agreement, reverse repurchase (resale), or similar
contracts.
2. Data for immediate transactions do not include forward transactions.
3. Includes, among others, all other dealers and brokers in commodities and
1988
1987r
securities, nondealer departments of commercial banks, foreign banking agencies,
and the Federal Reserve System.
4. Futures contracts are standardized agreements arranged on an organized
exchange in which parties commit to purchase or sell securities for delivery at a
future date.
5. Forward transactions are agreements arranged in the over-the-counter
market in which securities are purchased (sold) for delivery after 5 business days
from the date of the transaction for Treasury securities (Treasury bills, notes, and
bonds) or after 30 days for mortgage-backed agency issues.
A32
DomesticNonfinancialStatistics • June 1988
1.43 U.S. GOVERNMENT SECURITIES DEALERS
Positions and Financing1
Averages of daily figures, in millions of dollars
1988
Item
1985
1986
1988
1987'
Jan.
Feb/
Mar.
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Positions
1
Net immediate 2
U.S. Treasury securities
7,391
12,912
-6,216
-13,286 r
-10,233
-10,138
-6,582
-9,703
-9,294
-14,050
-10,322
2
3
4
5
6
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
10,075
1,050
5,154
-6,202
-2,686
12,761
3,706
9,146
-9,505
-3,197
4,317
1,557
649
-6,564
-6,174
2,293
-761
-70'
-5,610
-9,137
3,156
-784
2,730
-7,492
-7,843
3,290
-780
2,992
-8,193
-7,447
2,672
-668
6,353
-8,208
-6,731
1,782
-523
4,427
-8,485
-6,904
3,215
-801
3,038
-7,643
-7,102
3,038
-1,109
735
-9,126
-7,587
3,655
-802
2,834
-7,590
-8,419
7
8
9
10
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures positions
Treasury bills
Treasury coupons
Federal agency securities
Forward positions
U.S. Treasury securities
Federal agency securities
22,860
9,192
4,586
5,570
32,984
10,485
5,526
8,089
31,910
8,188
3,661
7,496
23,943
5,866
2,246
5,533
26,654
5,314
2,880
5,819
28,780
5,619
3,197
6,204
26,783
4,668
3,431
6,331
29,375
5,403
3,649
6,452
30,177
5,367
2,832
6,489
28,747
5,808
2,823
6,102
27,324
6,175
3,219
5,752
-7,322
4,465
-722
-18,059
3,473
-153
-3,373
5,988
-95
-2,128
7,826
0
-4,556
5,066
0
-4,192
5,406
0
-6,027
5,615
0
-6,046
5,127
0
-3,680
5,557
0
-2,886
5,353
0
-3,274
5,578
0
-911
-9,420
-2,144
-11,840
-1,211
-18,817
-1,175
-14,396
736
-15,611
734
-16,442
287
-14,375
720
-15,563
-5
-18,184
736
-17,208
1,393
-15,738
11
12
13
14
15
Financing 3
Reverse repurchase agreements 4
Overnight and continuing
Term
Repurchase agreements
18 Overnight and continuing
19 Term
16
17
68,035
80,509
98,954
108,693
124,791
148,033
126,667
155,658
127,093
162,899
n.a.
n.a.
128,559
155,772
133,085
154,126
127,703
152,514
n.a.
n.a.
n.a.
n.a.
101,410
70,076
141,735
102,640
170,840
120,980
160,399
122,464
163,346
131,616
n.a.
n.a.
165,187
124,334
167,593
127,084
170,670
125,601
n.a.
n.a.
n.a.
n.a.
1. Data for dealer positions and sources of financing are obtained from reports
submitted to the Federal Reserve Bank of New York by the U.S. Treasury
securities dealers on its published list of primary dealers.
Data for positions are averages of daily figures, in terms of par value, based on
the number of trading days in the period. Positions are net amounts and are shown
on a commitment basis. Data for financing are in terms of actual amounts
borrowed or lent and are based on Wednesday figures.
2. Immediate positions are net amounts (in terms of par values) of securities
owned by nonbank dealer firms and dealer departments of commercial banks on
a commitment, that is, trade-date basis, including any such securities that have
been sold under agreements to repurchase (RPs). The maturities of some
repurchase agreements are sufficiently long, however, to suggest that the securities involved are not available for trading purposes. Immediate positions include
reverses to maturity, which are securities that were sold after having been
obtained under reverse repurchase agreements that mature on the same day as the
securities. Data for immediate positions do not include forward positions.
3. Figures cover financing involving U.S. Treasury and federal agency securities, negotiable CDs, bankers acceptances, and commercial paper.
4. Includes all reverse repurchase agreements, including those that have been
arranged to make delivery on short sales and those for which the securities
obtained have been used as collateral on borrowings, that is, matched agreements.
5. Includes both repurchase agreements undertaken to finance positions and
"matched book" repurchase agreements.
NOTE. Data on positions for the period May 1 to Sept. 30, 1986, are partially
estimated.
Federal Finance
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
A33
Debt Outstanding
Millions of dollars, end of period
1987
1984
Agency
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department 1
Export-Import Bank 2 '
4
5
Federal Housing Administration
6
Government National Mortgage Association participation
certificates
7
Postal Service 6
8
Tennessee Valley Authority
United States Railway Association 6
9
10 Federally sponsored agencies 7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Farm Credit Banks
15
Student Loan Marketing Association 8
16 Financing Corporation
1985
1988
1986
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
271,220
293,905
307,361
320,789
328,990
334,300'
341,386
338,483
35,145
142
15,882
133
36,390
71
15,678
115
36,958
33
14,211
138
37,177
15
12,650
178
37,207
15
12,470
182
37,303
15
12,470
182
37,981
13
11,978
183
37,637
13
11,978
98
37,286
12
11,978
101
n.a.
2,165
1,337
15,435
51
2,165
1,940
16,347
74
2,165
3,104
17,222
85
1,965
4,603
17,766
0
1,965
4,603
17,972
0
1,965
4,603
18,068
0
1,615
6,103
18,089
0
1,615
6,103
17,830
0
1,165
6,103
17,927
0
237,012
65,085
10,270
83,720
72,192
5,745
n.a.
257,515
74,447
11,926
93,896
68,851
8,395
n.a.
270,553
88,752
13,589
93,563
62,478
12,171
n.a.
283,920'
104,380
14,949
92,618
55,584'
16,389
n.a.
291,783
108,108
16,703
94,298
55,854
16,220
600
296,997'
111,185
17,762
95,096
55,584'
16,125
1,200
303,405
115,725
17,645
97,057
55,275
16,503
1,200
300,846
116,374
15,581
97,195
54,072
16,424
1,200
n.a.
117,569
n.a.
98,593
55,275
16,923
1,850
145,217
153,373
157,510
157,250'
156,919
156,850
152,417
152,099
150,178
15,852
1,087
5,000
13,710
51
15,670
1,690
5,000
14,622
74
14,205
2,854
4,970
15,797
85
12,644
4,353
4,940'
16,386
0
12,464
4,353
4,940'
16,592
0
12,464
4,353
4,940'
16,688
0
11,972
5,853
4,940
16,709
0
11,972
5,853
4,940
16,450
0
11,972
5,853
4,940
16,547
0
58,971
20,693
29,853
64,234
20,654
31,429
65,374
21,680
32,545
65,009
21,197
32,721'
64,934
21,226
32,41(y
64,934
21,215
32,256'
59,674
21,191
32,078
59,674
21,187
32,023
59,674
19,193
31,999
MEMO
17 Federal Financing Bank debt10
18
19
20
21
22
Lending to federal and federally sponsored
Export-Import Bank 3
Postal Service 6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association
Other Lending11
23 Farmers Home Administration
24 Rural Electrification Administration
25 Other
agencies
1. Consists of mortgages assumed by the Defense Department between 1957
and 1963 under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter.
4. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the
securities market.
5. Certificates of participation issued before fiscal 1969 by the Government
National Mortgage Association acting as trustee for the Farmers Home Administration; Department of Health, Education, and Welfare; Department of Housing
and Urban Development; Small Business Administration; and the Veterans
Administration.
6. OfF-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Some data are estimated.
8. Before late 1981, the Association obtained financing through the Federal
Financing Bank (FFB).
9. The Financing Corporation, established in August 1987 to recapitalize the
Federal Savings and Loan Insurance Corporation, undertook its first borrowing in
October 1987.
10. The FFB, which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since FFB
incurs debt solely for the purpose of lending to other agencies, its debt is not
included in the main portion of the table in order to avoid double counting.
11. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any
particular agency being generally small. The Farmers Home Administration item
consists exclusively of agency assets, while the Rural Electrification Administration entry contains both agency assets and guaranteed loans.
A34
DomesticNonfinancialStatistics • June 1988
1.45 NEW SECURITY ISSUES
Tax-Exempt State and Local Governments
Millions of dollars
1987
Type of issue or issuer,
or use
1985
1986
1988
1987
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.'
Mar.
1 All issues, new and refunding1
214,189
147,011
95,029
6,500
5,510
6,257
7,758
7,671
5,412
8,585
9,113
Type of issue
2 General obligation
3 Revenue
52,622
161,567
46,346
100,664
29,599
65,430
1,975
4,525
1,755
3,755
1,127
5,130
2,449
5,309
1,894
5,777
1,259
4,153
2,880
5,705
2,836
6,277
Type of issuer
4 State
5 Special district and statutory authority
6 Municipalities, counties, and townships
13,004
134,363
66,822
14,474
89,997
42,541
8,426
61,663
24,940
398
4,508
1,594
535
3,712
1,263
385
4,668
1,204
431
4,612
2,715
550
4,972
2,149
423
3,220
1,769
1,197
5,154
2,234
613
5,823
2,677
7 Issues for new capital, total
156,050
83,490
53,677
5,084
4,340
4,095
6,628
5,351
2,862
5,773
5,773
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
16,658
12,070
26,852
63,181
12,892
24,398
16,948
11,666
35,383
17,332
5,594
47,433
9,217
3,589
7,299
9,627
6,083
17,862
869
226
424
903
1,630
1,033
653
311
491
647
412
1,826
480
168
590
896
683
1,278
1,006
329
1,042
1,784
229
2,238
748
451
350
1,134
1,155
1,513
841
189
326
740
153
613
754
826
655
650
2,473
415
921
656
1,017
1,160
235
1,784
8
9
10
11
12
13
1. Par amounts of long-term issues based on date of sale.
2. Includes school districts beginning 1986.
1.46 NEW SECURITY ISSUES
SOURCES. Securities Data/Bond Buyer Municipal Data Base beginning 1986.
Public Securities Association for earlier data.
U.S. Corporations
Millions of dollars
1988
Type of issue or issuer,
or use
1987
July
Aug.
Sept.
Nov.
Feb.
1 All issues
239,015
423,726
286,929
27,411
21,888
29,363
20,710
14,322
11,872
22,102'
21,873
2 Bonds 3
203,500
355,293
233,578
22,071
17,685
23,705
17,631
13,624
11,098
19,412'
17,978
Type of offering
3 Public, domestic
4 Private placement, domestic 3 .
5. Sold abroad
119,559
46,200
37,781
231,936
80,760
42,596
209,279
n.a.
24,299
19,045
n.a.
3,026
14,852
n.a.
2,833
22,045
n.a.
1,660
16,135
n.a.
1,496
12,891
n.a.
733
10,763
n.a.
335
18,173
n.a.
1,239
16,187
n.a.
1,791
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
63,973
17,066
6,020
13,649
10,832
91,958
91,548
40,124
9,971
31,426
16,659
165,564
45,240
19,918
2,039
17,412
5,792
143,182
5,552
1,037
343
1,654
119
13,366
3,343
296
1,533
856
10,377
3,506
1,479
25
1,702
930
16,063
2,724
1,165
263
1,025
1,384
11,071
1,280
483
0
895
290
10,676
891
2,577
226
1,570
510
5,324
3,034'
2,084'
0
1,142'
206
12,946'
3,134
1,347
200
1,718
101
11,478
12 Stocks3
35,515
68,433
n.a.
5,340
4,203
5,658
3,079
698
774
2,690
3,895
Type
13 Preferred
14 Common
15 Private placement 3
6,505
29,010
11,514
50,316
6,603
10,123
43,228
n.a.
1,157
4,183
n.a.
906
3,297
n.a.
1,112
4,546
n.a.
236
2,843
n.a.
162
533
n.a.
61
713
n.a.
1,388'
1,302'
n.a.
361
3,534
n.a.
5,700
9,149
1,544
1,966
978
16,178
15,027
10,617
2,427
4,020
1,825
34,517
9,642
11,461
1,795
3,839
1,264
25,350
1,046
879
379
472
294
2,270
370
996
0
85
277
2,475
703
656
40
75
107
1,498
237
86
149
25
1
200
76
14
1
0
268'
295
39
397
142
0
3,022
6
7
8
9
10
11
16
17
18
19
20
21
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
1. Figures which represent gross proceeds of issues maturing in more than one
year, are principal amount or number of units multiplied by offering price.
Excludes secondary offerings, employee stock plans, investment companies other
than closed-end, intracorporate transactions, equities sold abroad, and Yankee
bonds. Stock data include ownership securities issued by limited partnerships.
1,281
807
11
529
75
3,378
11
672
360
1
100
60
1,901'
2. Monthly data include only public offerings.
3. Data are not available on a monthly basis.
SOURCES. IDD Information Services, Inc., U.S. Securities and Exchange
Commission and the Board of Governors of the Federal Reserve System.
Securities
1.47 OPEN-END INVESTMENT COMPANIES
Market
and Corporate
Finance
A35
Net Sales and Asset Position
Millions of dollars
1987
Item
1986
1988
1987
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
INVESTMENT COMPANIES 1
1 Sales of own shares 2
411,751
381,260
27,970
26,455
24,834
25,990
21,927
26,494
30,343
23,265
2 Redemptions of own shares 3
3 Net sales
239,394
172,357
314,252
67,008
22,807
5,763
22,561
3,894
28,323
-3,489
34,597
-8,607
20,400
1,507
28,099
-1,605
22,324
8,019
20,914
2,351
4 Assets4
424,156
453,842
531,022
539,171
521,007
456,422
446,479
453,842
468,998
481,232
5 Cash position 5
6 Other
30,716
393,440
38,006
415,836
41,587
489,435
40,802
498,369
42,397
478,610
40,929
415,493
41,432
405,047
38,006
415,836
40,157
428,841
41,232
439,995
5. Also includes all U.S. government securities and other short-term debt
securities.
1. Excluding money market funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment of capital gains distributions and share issue of conversions from one fund
to another in the same group.
3. Excludes share redemption resulting from conversions from one fund to
another in the same group.
4. Market value at end of period, less current liabilities.
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the
Securities and Exchange Commission. Data reflect newly formed companies after
their initial offering of securities.
1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1986
Account
1 Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
2
3
4
5
6
7 Inventory valuation
8 Capital consumption adjustment
1985
1987
1987''
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4 R
277.6
224.8
96.7
128.1
81.3
46.8
284.4
231.9
105.0
126.8
86.8
40.0
304.7
274.0
136.3
137.7
93.8
43.9
288.0
218.9
98.1
120.9
84.3
36.6
282.3
224.4
102.1
122.3
86.6
35.7
286.4
236.3
106.1
130.2
87.7
42.5
281.1
247.9
113.9
134.0
88.6
45.4
294.0
257.0
128.0
129.0
90.3
38.7
296.8
268.7
134.2
134.5
92.4
42.1
314.9
284.9
143.0
141.9
95.2
46.7
313.0
285.6
140.0
145.6
97.3
48.3
-.8
53.5
6.5
46.0
-17.5
48.1
17.8
51.3
11.3
46.7
6.0
44.0
-8.9
42.1
-11.3
48.2
-20.0
48.0
-17.6
47.7
-21.3
48.7
SOURCE. Survey of Current Business (Department of Commerce).
1986
A36
DomesticNonfinancialStatistics • June 1988
1.50 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment A
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1987
1986
Industry
1 Total nonfarm business
Manufacturing
2 Durable goods industries
3 Nondurable goods industries
Nonmanufacturing
4 Mining
Transportation
5
Railroad
6
Air
Other
7
Public utilities
8
Electric
9
Gas and other
10 Commercial and other 2
1986
1987
Q3
Q4
Q1
Q2
Q3
Q4
QL 1
Q2 1
379.47
388.60
422.96
375.50
386.09
374.23
377.65
393.13
409.37
422.75
427.09
69.14
73.56
70.91
74.55
75.75
83.93
69.42
70.01
69.87
74.20
70.47
70.18
68.76
72.03
71.78
75.78
72.64
80.20
80.13
81.00
76.92
84.53
11.22
11.34
12.07
10.14
10.31
10.31
11.02
11.64
12.39
12.26
12.41
6.66
6.26
5.89
5.91
6.55
6.39
6.51
7.52
7.06
7.02
5.78
6.01
6.41
6.84
6.25
5.55
7.46
5.97
5.77
5.72
6.19
6.21
5.91
7.05
6.10
7.12
6.35
7.29
7.72
7.48
6.31
7.34
6.80
33.91
12.47
160.38
31.58
13.18
168.19
32.13
14.41
183.57
33.81
12.00
161.31
33.78
12.34
166.08
30.85
12.75
160.70
31.13
12.35
164.69
31.31
13.58
169.87
33.01
14.06
177.50
31.59
14.56
180.72
33.01
13.82
185.97
ATrade and services are no longer being reported separately. They are included
in Commercial and other, line 10.
1. Anticipated by business.
1988
19881
2. "Other" consists of construction; wholesale and retail trade: finance and
insurance; personal and business services; and communication.
SOURCE. Survey of Current Business (Department of Commerce).
Securities
1.51
DOMESTIC FINANCE COMPANIES
Markets
and Corporate
Finance
A37
Assets and Liabilities1
Billions of dollars, end of period
1987
1986
Account
1983
1984
1985
Q2
Q3
Q4
QL
Q2
Q3
Q4
ASSETS
1
2
1
4
Accounts receivable, gross
Consumer
Business
Real estate
Total
5
6
Less:
Reserves for unearned income
Reserves for losses
7
8
9
83.3
113.4
20.5
217.3
89.9
137.8
23.8
251.5
113.4
158.3
28.9
300.6
125.1
167.7
30.8
323.6
137.1
161.0
32.1
330.2
136.5
174.8
33.7
345.0
133.9
182.8
35.1
351.8
138.0
189.0
36.9
363.9
144.4
188.7
38.3
371.5
143.8
202.6
40.3
386.8
30.3
3.7
33.8
4.2
39.2
4.9
40.7
5.1
42.4
5.4
41.4
5.8
40.4
5.9
41.2
6.2
42.8
6.6
45.3
6.8
Accounts receivable, net
All other
183.2
34.4
213.5
35.7
256.5
45.3
277.8
48.8
282.4
59.9
297.8
57.9
305.5
59.0
316.5
57.7
322.1
65.0
334.7
58.2
Total assets
217.6
249.2
301.9
326.6
342.3
355.6
364.5
374.2
387.1
392.9
18.3
60.5
20.0
73.1
20.6
99.2
19.2
108.4
20.2
112.8
22.2
117.8
17.3
119.1
17.2
120.4
16.2
123.5
16.5
126.5
11.1
67,7
31.2
28.9
12.9
77.2
34.5
31.5
12.5
93.1
40.9
35.7
15.4
105.2
40.1
38.4
16.0
109.8
44.1
39.4
17.2
115.6
43.4
39.4
21.6
118.4
46.3
41.8
24.4
121.5
48.3
42.3
26.9
128.0
48.7
43.8
27.0
130.1
50.1
42.6
217.6
249.2
301.9
326.6
342.3
355.6
364.5
374.2
387.1
392.9
LIABILITIES
12
13
14
15
Bank loans
Commercial paper
Debt
Other short-term
Long-term
All other liabilities
Capital, surplus, and undivided profits
16
Total liabilities and capital
10
11
1. NOTE. Components may not add to totals because of rounding.
1.52 DOMESTIC FINANCE COMPANIES
Business Credit Outstanding and Net Change1
Millions of dollars, seasonally adjusted
1988
1987
Type
1
2
3
4
5
6
7
8
9
10
Total
Retail financing of installment sales
Automotive (commercial vehicles)
Business, industrial, and farm equipment
Wholesale financing
Automotive
Equipment
All other
Leasing
Automotive
Equipment
Loans on commercial accounts receivable and factored
commercial accounts receivable
All other business credit
1985
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan/
Feb.
156,297
171,966
191,637
193,752
201,129
202,829
205,869
206,755
207,278
20,660
22,483
25,952
22,950
32,042
23,870
32,656
24,328
33,865
24,763
34,454
24,764
35,674
24,987
36,419
25,474
36,318
25,241
23,988
4,568
6,809
23,419
5,423
7,079
27,782
5,504
7,768
26,792
5,527
7,956
30,396
5,729
8,074
30,901
5,794
8,151
31,059
5,693
8,408
30,115
5,308
8,454
28,654
5,323
8,331
16,275
34,768
19,783
37,833
21,333
40,636
21,842
41,134
21,883
41,911
22,013
41,964
21,943
43,002
22,943
43,245
23,100
43,877
15,765
10,981
15,959
13,568
17,418
15,284
17,713
15,804
18,362
16,146
18,501
16,287
18,024
17,079
18,506
16,291
19,372
17,062
Net change (during period)
11
12
13
14
15
16
17
18
19
20
Retail financing of installment sales
Automotive (commercial vehicles)
Business, industrial, and farm equipment
Wholesale financing
Automotive
Equipment
All other
Leasing
Automotive
Equipment
Loans on commercial accounts receivable and factored
commercial accounts receivable
All other business credit
19,607
15,669
2,418
2,115
7,377
1,700
3,040
886
523
5,067
-363
5,292
467
948
143
614
458
1,209
435
589
1
1,220
223
745
487
-101
-232
5,423
-867
1,069
-569
855
270
-321
90
104
-990
23
188
3,604
202
118
505
65
77
158
-101
257
-944
-385
46
-1,461
14
-123
3,896
2,685
3,508
3,065
526
419
509
498
41
777
130
53
-70
1,038
1,000
243
157
632
2,161
536
194
2,587
258
251
295
520
649
342
139
141
-477
792
482
-788
867
770
1. These data also appear in the Board's G.20 (422) release. For address, see
inside front cover.
A38
1.53
DomesticNonfinancialStatistics • June 1988
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1987
1988
Item
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
6
Conventional mortgages on new homes
Terms
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)
Contract rate (percent per year)
Yield (percent per year)
7 FHLBB series 3
8 HUD series 4
104.1
77.4
77.1
26.9
2.53
11.12
118.1
86.2
75.2
26.6
2.48
9.82
137.0
100.5
75.2
27.8
2.26
8.94
140.2
100.8
74.6
27.3
2.08
9.03
145.3
106.1
75.0
28.3
2.34
8.86
135.9
100.2
75.4
28.3
2.33
8.92
147.3
107.7
74.9
28.2
2.22
8.78
150.1
108.4
74.0
28.2
2.17
8.75
139.4'
104.3r
76.4r
28.1
2.23'
8.76r
144.6
105.3
75.5
27.3
2.27
8.77
11.58
12.28
10.25
10.07
9.31
10.13
9.37
10.86
9.25
10.87
9.30
10.59
9.15
10.52
9.10
10.09
9.12 r
n.a.
9.14
n.a.
12.24
11.61
9.91
9.30
10.12
9.42
10.71
10.40
10.90
10.53
10.76
9.96
10.63
10.18
10.17
9.83
n.a.
9.53
n a.
9.53
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (HUD series) 5
10 GNMA securities 6
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA-insured
13 Conventional
94,574
34,244
60,331
98,048
29,683
68,365
95,030
21,660
73,370
94,884
21,620
73,264
95,097
21,481
73,617
95,411
21,510
73,902
96,649
20,288
76,361
97,159
20,237'
76,923'
98,358
20,181'
78,177'
99,787
20,094
79,693
Mortgage transactions (during period)
14 Purchases
21,510
30,826
20,531
1,743
1,278
1,297
3,747
1,267
2,629
2,776
Mortgage
commitments1
15 Contracted (during period)
16 Outstanding (end of period)
20,155
3,402
32,987
3,386
25,415
4,886
1,842
5,627
1,566
5,046
2,899
5,845
3,115
4,886
2,254
5,542
2,516
4,966
3,823
6,149
Mortgage holdings (end of period f
17 Total
18
FHA/VA
19 Conventional
12,399
841
11,559
13,517
746
12,771
12,802
686
12,116
12,940
672
12,269
12,782
666
12,115
12,904
663
12,240
12,871
657
12,215
13,090
632
12,458
A
Mortgage transactions (during period)
20 Purchases
21 Sales
44,012
38,905
103,474
100,236
76,845
75,082
4,297
4,160
3,079
3,111
2,978
2,742
3,267
3,201
2,168
1,832
n.a.
n.a.
I
1
Mortgage
commitments9
22 Contracted (during period)
48,989
110,855
71,467
3,507
3,011
2,668
2,693
3,868
FEDERAL HOME LOAN MORTGAGE CORPORATION
1. Weighted averages based on sample surveys of mortgages originated by
major institutional lender groups; compiled by the Federal Home Loan Bank
Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the
borrower or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages; from Department of Housing and Urban Development.
5. Average gross yields on 30-year, minimum-downpayment, Federal Housing
Administration-insured first mortgages for immediate delivery in the private
secondary market. Based on transactions on first day of subsequent month. Large
monthly movements in average yields may reflect market adjustments to changes
in maximum permissable contract rates.
T
1
A
T
1
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying
the prevailing ceiling rate. Monthly figures are averages of Friday figures from the
Wall Street Journal.
7. Includes some multifamily and nonprofit hospital loan commitments in
addition to 1- to 4-family loan commitments accepted in FNMA's free market
auction system, and through the FNMA-GNMA tandem plans.
8. Includes participation as well as whole loans.
9. Includes conventional and government-underwritten loans. FHLMC's mortgage commitments and mortgage transactions include activity under mortgage/
securities swap programs, while the corresponding data for FNMA exclude swap
activity.
Real Estate
A39
1.54 MORTGAGE DEBT OUTSTANDING 1
Millions of dollars, end of period
1986
Type of holder, and type of property
1985
1986
1987
1987
Q4
Qi
Q2
Q3
Q4
1 All holders
2,269,173
2,568,562
2,906,394
2,568,562
2,665,207
2,756,124
2,831,431
2,906,394
2 1- to 4-family
3 Multifamily
4 Commercial
5
1,467,409
214,045
482,029
105,690
1,668,209
247,024
556,569
96,760
1,889,364
272,604
654,288
90,138
1,668,209
247,024
556,569
%,760
1,714,213
257,615
599,822
93,557
1,783,521
263,513
616,968
92,122
1,835,671
268,322
636,508
90,930
1,889,364
272,604
654,288
90,138
1,390,394
429,196
213,434
23,373
181,032
11,357
1,507,289
502,534
235,814
31,173
222,799
12,748
1,699,702
587,557
273,214
32,433
267,221
14,689
1,507,289
502,534
235,814
31,173
222,799
12,748
1,559,549
519,474
243,518
29,515
233,234
13,207
1,606,622
544,381
255,672
30,496
244,385
13,828
1,650,462
566,213
262,869
31,311
257,882
14,151
1,699,702
587,557
273,214
32,433
267,221
14,689
760,499
554,301
89,739
115,771
688
171,797
12,381
19,894
127,670
11,852
28,902
777,312
558,412
97,059
121,236
605
193,842
12,827
20,952
149,111
10,952
33,601
861,233
602,740
107,054
150,680
0
210,563
13,142
22,168
165,364
9,889
40,349
777,312
558,412
97,059
121,236
605
193,842
12,827
20,952
149,111
10,952
33,601
809,245
555,693
104,035
148,712
805
195,743
12,903
20,934
151,420
10,486
35,087
824,961
572,075
102,933
149,183
0
200,382
12,745
21,663
155,611
10,363
36,898
841,658
586,221
104,764
149,904
0
204,263
12,742
21,968
159,464
10,089
38,328
861,233
602,740
107,054
150,680
0
210,563
13,142
22,168
165,364
9,889
40,349
166,928
1,473
539
934
733
183
113
159
278
203,800
889
47
842
48,421
21,625
7,608
8,446
10,742
192,401
455
24
431
42,978
18,111
7,903
6,592
10,372
203,800
889
47
842
48,421
21,625
7,608
8,446
10,742
199,509
687
46
641
48,203
21,390
7,710
8,463
10,640
196,514
667
45
622
48,085
21,157
7,808
8,553
10,567
191,520
458
25
433
42,978
18,111
7,903
6,592
10,372
192,401
455
24
431
42,978
18,111
7,903
6,592
10,372
4,920
2,254
2,666
98,282
91,966
6,316
47,498
2,798
44,700
14,022
11,881
2,141
5,047
2,386
2,661
97,895
90,718
7,177
39,984
2,353
37,631
11,564
10,010
1,554
5,479
2,551
2,928
%,649
89,666
6,983
33,930
1,996
31,934
12,910
11,580
1,330
5,047
2,386
2,661
97,895
90,718
7,177
39,984
2,353
37,631
11,564
10,010
1,554
5,177
2,447
2,730
95,140
88,106
7,034
37,362
2,198
35,164
12,940
11,774
1,166
5,268
2,531
2,737
94,064
87,013
7,051
35,833
2,108
33,725
12,597
11,172
1,425
5,330
2,452
2,878
94,884
87,901
6,983
34,930
2,055
32,875
12,940
11,570
1,370
5,479
2,551
2,928
%,649
89,666
6,983
33,930
1,9%
31,934
12,910
11,580
1,330
44 Mortgage pools or trusts 6
45
Government National Mortgage Association
46
1- to 4-family
47
Multifamily
48
Federal Home Loan Mortgage Corporation
49
1- to 4-family
50
Multifamily
51
Federal National Mortgage Association
1- to 4-family
52
Multifamily
53
54
Farmers Home Administration 5
1- to 4-family
55
56
Multifamily
57
Commercial
Farm
58
415,042
212,145
207,198
4,947
100,387
99,515
872
54,987
54,036
951
47,523
22,186
6,675
8,190
10,472
531,591
262,697
256,920
5,777
171,372
166,667
4,705
97,174
95,791
1,383
348
142
0
132
74
671,749
319,360
311,567
7,793
212,105
205,460
6,645
139,960
137,988
1,972
324
139
0
122
63
531,591
262,697
256,920
5,777
171,372
166,667
4,705
97,174
95,791
1,383
348
142
0
132
74
575,435
281,116
274,710
6,406
186,295
180,602
5,693
107,673
106,068
1,605
351
154
0
127
70
615,142
293,246
286,091
7,155
200,284
194,238
6,046
121,270
119,617
1,653
342
149
0
126
67
648,219
308,9%
301,456
7,540
208,350
201,786
6,564
130,540
128,770
1,770
333
144
0
124
65
671,749
319,360
311,567
7,793
212,105
205,460
6,645
139,960
137,988
1,972
324
139
0
122
63
59 Individuals and others 7
60
1- to 4-family
61
Multifamily
Commercial
62
Farm
63
296,809
165,835
55,424
49,207
26,343
325,882
180,8%
66,133
54,845
24,008
342,542
180,837
74,964
64,309
22,432
325,882
180,8%
66,133
54,845
24,008
330,714
179,517
70,146
57,866
23,185
337,846
182,010
73,924
59,110
22,802
341,230
181,241
74,838
62,542
22,609
342,542
180,837
74,964
64,309
22,432
6 Selected financial institutions
7
Commercial banks
8
1- to 4-family
Multifamily
9
10
Commercial
11
Farm
12
13
14
15
16
17
18
19
20
21
22
Savings institutions 3
1- to 4-family
Multifamily
Commercial
Farm
Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm
Finance companies
23 Federal and related agencies
Government National Mortgage Association
24
25
1- to 4-family
26
Multifamily
27
Farmers Home Administration 5
28
1- to 4-family
Multifamily
29
30
Commercial
Farm
31
32
33
34
35
36
37
38
39
40
41
42
43
Federal Housing and Veterans Administration
1- to 4-family
Multifamily
Federal National Mortgage Association
1- to 4-family
Multifamily
Federal Land Banks
1- to 4-family
Farm
Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily
1. Based on data from various institutional and governmental sources, with
some quarters estimated in part by the Federal Reserve. Multifamily debt refers
to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not bank trust
departments.
3. Includes savings banks and savings and loan associations. Beginning 1987:1,
data reported by FSLIC-insured institutions include loans in process and other
contra assets.
4. Assumed to be entirely 1- to 4-family loans.
5. FmHA-guaranteed securities sold to the Federal Financing Bank were
reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:4,
because of accounting changes by the Farmers Home Administration.
6. Outstanding principal balances of mortgage pools backing securities insured
or guaranteed by the agency indicated.
7. Other holders include mortgage companies, real estate investment trusts,
state and local credit agencies, state and local retirement funds, noninsured
pension funds, credit unions, and other U.S. agencies.
A40
DomesticNonfinancialStatistics • June 1988
1.55 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change, seasonally adjusted
Millions of dollars
198V
Holder, and type of credit
1986r
1988
1987r
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan/
Feb.
Amounts outstanding (end of period)
1 Total
571,833
613,022
587,878
593,513
598,190
602,977
606,926
608,728
613,022
619,258
624,563
By major holder
Commercial banks . . . .
Finance companies . . .
Credit unions
Retailers 3
Savings institutions . . .
Gasoline companies . . .
262,139
133,698
76,191
39,660
56,881
3,264
281,564
140,072
81,065
42,782
63,949
3,590
269,711
135,595
78,271
40,896
59,836
3,569
272,287
136,414
79,124
41,144
60,944
3,600
273,879
137,663
79,816
41,381
61,798
3,653
276,805
138,395
80,351
41,632
62,098
3,696
278,855
139,236
80,672
42,012
62,457
3,694
279,550
138,928
80,923
42,291
63,412
3,624
281,564
140,072
81,065
42,782
63,949
3,590
284,753
141,695
81,662
42,926
64,633
3,590
287,424
142,946
82,011
43,080
65,398
3,704
By major type of credit
8 Automobile
9
Commercial banks ..
10 Credit unions
11
Finance companies..
12 Savings institutions .
246,109
100,907
38,413
92,350
14,439
267,180
108,438
43,474
98,026
17,242
254,212
104,187
40,080
94,586
15,359
256,585
104,859
40,836
95,132
15,758
259,558
105,661
41,515
96,287
16,095
261,902
106,685
42,118
96,809
16,290
263,823
107,414
42,612
97,261
16,536
264,474
107,727
43,071
96,733
16,943
267,180
108,438
43,474
98,026
17,242
269,883
109,298
43,959
99,147
17,479
273,195
111,020
44,312
100,123
17,739
13 Revolving
14
Commercial banks ..
15
Retailers
16 Gasoline companies.
17 Savings institutions .
18 Credit unions
136,381
86,757
34,320
3,264
8,366
3,674
159,307
98,808
36,959
3,590
13,279
6,671
144,777
90,913
35,346
3,569
10,675
4,274
147,809
93,025
35,542
3,600
10,956
4,686
149,815
94,142
35,731
3,653
11,194
5,095
152,553
96,083
35,941
3,696
11,333
5,500
155,196
97,416
36,270
3,694
11,922
5,894
156,425
97,378
36,501
3,624
12,636
6,286
159,307
98,808
36,959
3,590
13,279
6,671
162,065
100,879
37,087
3,590
13,601
6,908
163,551
101,543
37,231
3,704
13,946
7,127
19 Mobile home
20
Commercial banks ..
21
Finance companies..
22
Savings institutions .
26,883
8,926
8,822
9,135
25,957
9,101
7,771
9,085
26,810
9,131
8,469
9,210
26,966
9,168
8,452
9,346
26,879
9,156
8,281
9,442
26,845
9,157
8,235
9,453
26,698
9,174
8,228
9,296
26,604
9,169
8,211
9,224
25,957
9,101
7,771
9,085
25,926
9,064
7,753
9,109
25,869
9,047
7,679
9,143
23 Other
24
Commercial banks ..
25
Finance companies..
26
Credit unions
27
Retailers
28
Savings institutions .
162,460
65,549
32,526
34,104
5,340
24,941
160,578
65,217
34,275
30,920
5,823
24,343
162,079
65,480
32,540
33,917
5,550
24,592
162,153
65,235
32,830
33,602
5,602
24,884
161,938
64,920
33,095
33,206
5,650
25,067
161,677
64,880
33,351
32,733
5,691
25,022
161,209
64,851
33,747
32,166
5,742
24,703
161,225
65,276
33,984
31,566
5,790
24,609
160,578
65,217
34,275
30,920
5,823
24,343
161,384
65,512
34,795
30,795
5,839
24,444
161,948
65,813
35,144
30,571
5,849
24,571
2
3
4
5
6
7
Net change (during period)
29 Total
54,078
41,189
6,643
5,635
4,677
4,787
3,949
1,802
4,294
6,236
5,305
By major holder
Commercial banks
Finance companies 2
Credit unions
Retailers 3
Savings institutions
Gasoline companies
20,495
22,670
4,268
466
7,223
-1,044
19,425
6,374
4,874
3,122
7,068
326
2,529
1,220
1,082
172
1,622
18
2,576
819
853
248
1,108
31
1,592
1,249
692
237
854
53
2,926
732
535
251
300
43
2,050
841
321
380
359
-2
695
-308
251
279
955
-70
2,014
1,144
142
491
537
-34
3,189
1,623
597
144
684
0
2,671
1,251
349
154
765
114
By major type of credit
36 Automobile
37
Commercial banks
38
Credit unions
39
Finance companies
40
Savings institutions
36,473
8,178
2,388
22,823
3,084
21,071
7,531
5,061
5,676
2,803
2,471
493
656
907
415
2,373
672
756
546
399
2,973
802
679
1,155
337
2,344
1,024
603
522
195
1,921
729
494
452
246
651
313
459
-528
407
2,706
711
403
1,293
299
2,703
860
485
1,121
237
3,312
1,722
353
976
260
41 Revolving
42
Commercial banks
43
Retailers
44
Gasoline companies
45
Savings institutions
Credit unions
46
14,368
11,150
47
-1,044
2,078
2,137
22,926
12,051
2,639
326
4,913
2,997
2,900
2,038
134
18
569
141
3,032
2,112
196
31
281
412
2,006
1,117
189
53
238
409
2,738
1,941
210
43
139
405
2,643
1,333
329
-2
589
394
1,229
-38
231
-70
714
392
2,882
1,430
458
-34
643
385
2,758
2,071
128
0
322
237
1,486
664
144
114
345
219
47 Mobile home
48
Commercial banks
49
Finance companies
Savings institutions
50
49
-627
-472
1,148
-926
175
-1,051
-50
171
16
-14
169
156
37
-17
136
-87
-12
-171
96
-34
1
-46
11
-147
17
-7
-157
-94
-5
-17
-72
-647
-68
-440
-139
-31
-37
-18
24
-57
-17
-74
34
51 Other
52
Commercial banks
Finance companies
53
54
Credit unions
55
Retailers
Savings institutions
56
3,188
1,794
319
-257
419
913
-1,882
-332
1,749
-3,184
483
-598
1,101
-18
327
285
38
469
74
-245
290
-315
52
292
-215
-315
265
-3%
48
183
-261
-40
256
-473
41
-45
-468
-29
396
-567
51
-319
16
425
237
-600
48
-94
-647
-59
291
-646
33
-266
806
295
520
-125
16
101
564
301
349
-224
10
127
30
31
32
33
34
35
1. The Board's series cover most short- and intermediate-term credit extended
to individuals that is scheduled to be repaid (or has the option of repayment) in
two or more installments.
These data also appear in the Board's G.19 (421) release. For address, see
inside front cover.
2. More detail for finance companies is available in the G. 20 statistical release.
3. Excludes 30-day charge credit heldby travel and entertainment companies.
Consumer Installment
Credit
A41
1.56 TERMS OF CONSUMER INSTALLMENT CREDIT1
Percent unless noted otherwise
1987
Item
1985
1986
1988
1987
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
INTEREST RATES
1
2
3
4
5
6
Commercial banks 2
48-month new car 3
24-month personal
120-month mobile home
Credit card
Auto finance companies
New car
Used car
12.91
15.94
14.96
18.69
11.33
14.82
13.99
18.26
10.45
14.22
13.38
17.92
10.37
14.22
13.24
17.85
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.86
14.58
13.62
17.82
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.72
14.46
13.45
17.80
11.98
17.59
9.44
15.95
10.73
14.60
9.63
14.53
8.71
14.58
10.31
14.76
12.24
14.90
12.23
14.97
12.19
14.56
12.26
14.75
51.5
41.4
50.0
42.6
53.5
45.2
52.1
45.4
50.7
45.2
52.8
45.2
55.4
45.3
55.5
45.3
55.5
47.2
55.9
46.8
91
94
91
97
93
98
93
98
93
98
93
99
94
99
93
99
93
98
94
99
9,915
6,089
10,665
6,555
11,203
7,420
11,374
7,763
11,455
7,476
11,585
7,537
11,630
7,646
11,645
7,718
11,534
7,612
11,447
7,619
OTHER TERMS 4
7
8
9
10
11
12
Maturity (months)
New car
Used car
Loan-to-value ratio
New car
Used car
Amount financed (dollars)
New car
Used car
1. These data also appear in the Board's G.19 (421) release. For address, see
inside front cover.
2. Data for midmonth of quarter only.
3. Before 1983 the maturity for new car loans was 36 months, and for mobile
home loans was 84 months.
4. At auto finance companies.
A42
1.57
DomesticNonfinancialStatistics • June 1988
F U N D S R A I S E D IN U . S . CREDIT M A R K E T S
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1984
H2
1985
HI
1986
H2
HI
1987
H2
HI
H2
Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors
550.2
753.9
854.8
831.7
685.2
790.4
722.7
986.8
679.1
984.4
653.7
716.8
By sector and instrument
2 U.S. government
J
Treasury securities
4
Agency issues and mortgages
186.6
186.7
-.1
198.8
199.0
-.2
223.6
223.7
-.1
215.0
214.7
.4
141.4
142.3
-.9
207.2
207.3
-.1
204.8
204.9
-.1
242.5
242.5
-.1
207.2
207.4
-.1
222.8
222.0
.9
150.7
151.7
-1.0
132.0
132.9
-.9
5 Private domestic nonfinancial sectors
6
Debt capital instruments
7
Tax-exempt obligations
8
Corporate bonds
9
Mortgages
10
Home mortgages
11
Multifamily residential
12
Commercial
13
Farm
363.6
253.4
53.7
16.0
183.6
117.5
14.2
49.3
2.6
555.1
313.6
50.4
46.1
217.1
129.7
25.1
63.2
-.9
631.1
447.8
136.4
73.8
237.7
151.9
29.2
62.5
-6.0
616.7
452.7
30.8
121.3
300.6
201.2
33.1
74.6
-8.4
543.9
456.5
31.3
125.4
299.8
212.6
23.8
69.5
-6.1
583.3
342.5
67.0
69.8
205.7
119.9
22.4
63.8
-.4
518.0
350.4
67.0
62.2
221.2
139.2
25.0
59.5
-2.5
744.3
545.2
205.8
85.3
254.2
164.7
33.4
65.5
-9.5
471.8
365.6
-15.6
135.3
245.9
163.9
31.3
59.7
-9.0
761.6
539.8
77.2
107.3
355.4
238.6
34.9
89.6
-7.7
503.0
470.7
32.7
127.4
310.5
226.9
29.8
63.1
-9.3
584.7
442.3
29.8
123.4
289.0
198.3
17.8
75.9
-2.9
14
15
16
17
18
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other
110.2
56.6
23.2
-.8
31.3
241.5
90.4
67.1
21.7
62.2
183.3
94.6
38.6
14.6
35.5
164.0
65.8
66.5
-9.3
41.0
87.4
30.1
14.2
2.3
40.8
240.8
86.2
63.0
16.8
74.7
167.5
95.3
21.0
14.4
36.8
199.1
93.9
56.2
14.8
34.2
106.3
71.0
12.2
-13.1
36.2
221.7
60.6
120.8
-5.5
45.8
32.3
19.5
-24.6
4.5
32.9
142.5
40.7
53.1
.1
48.6
19
20
21
22
23
24
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
363.6
34.0
188.2
4.1
77.0
60.3
555.1
27.4
234.6
-.1
97.0
196.0
631.1
91.8
293.4
-13.9
93.1
166.7
616.7
44.3
281.1
-15.1
116.2
190.2
543.9
33.3
245.6
-10.0
102.5
172.6
583.3
38.6
234.2
.4
92.2
217.8
518.0
56.3
259.8
-7.0
85.7
123.2
744.3
127.2
327.1
-20.8
100.5
210.3
471.8
4.3
233.0
-16.9
96.7
154.7
761.6
84.3
329.3
-13.3
135.6
225.8
503.0
35.4
240.4
-17.8
100.7
144.3
584.7
31.2
250.7
-2.2
104.2
200.9
25 Foreign net borrowing in United States
26
Bonds
21
Bank loans n.e.c
28
Open market paper
29
U.S. government loans
17.3
3.1
3.6
6.5
4.1
8.3
3.8
-6.6
6.2
5.0
1.2
3.8
-2.8
6.2
-6.0
9.0
2.6
-1.0
11.5
-4.0
3.1
6.3
-3.9
2.1
-1.5
-19.4
6.3
-11.9
-4.3
-9.6
-5.8
5.5
-5.8
2.8
-8.2
8.2
2.1
.1
9.6
-3.7
21.5
6.2
1.5
19.1
-5.3
-3.5
-1.1
-3.5
3.9
-2.7
-7.4
-1.7
-3.2
-5.3
2.7
13.5
14.2
-4.6
9.5
-5.7
567.5
762.2
856.0
840.7
688.3
771.0
716.9
995.0
700.5
980.9
646.4
730.3
30 Total domestic plus foreign
Financial sectors
31 Total net borrowing by financial sectors
By instrument
32 U.S. government related
33
Sponsored credit agency securities
34
Mortgage pool securities
3S
36 Private financial sectors
3/
Corporate bonds
38
Mortgages
39
Bank loans n.e.c
40
Open market paper
41
Loans from Federal Home Loan Banks
By sector
42 Sponsored credit agencies
43 Mortgage pools
44 Private financial sectors
45
Commercial banks
46
Bank affiliates
4/
Savings and loan associations
48
Finance companies
49
REITs
50
CMO Issuers
99.3
151.9
199.0
295.3
283.4
150.7
175.1
222.8
242.3
348.2
318.5
248.8
67.8
1.4
66.4
74.9
30.4
44.4
220.1
21.7
200.0
180.5
8.1
174.0
158.6
51.7
106.9
73.5
41.5
.4
.7
16.0
14.9
78.3
48.9
2.3
14.6
12.5
106.3
14.6
89.5
22
116.5
48.3
.1
2.9
49.4
15.9
136.1
8.7
126.5
-.1
21.3
-7.0
169.3
29.9
140.2
- 8
114.1
62.0
.3
-1.1
28.4
24.4
96.8
26.6
70.3
77.0
36.2
.4
.7
24.1
15.7
178.1
15.2
163.3
-.4
117.2
69.0
.1
4.0
24.2
19.8
77.3
31.5
45.8
31.5
17.4
101.5
20.6
79.9
1.1
97.4
48.6
.1
2.6
32.0
14.2
106.2
72.1
.6
4.0
15.1
14.4
128.1
66.0
-.5
4.0
33.4
25.2
138.0
79.5
.2
-4.7
49.4
13.6
90.2
44.6
.4
2.6
7.4
35.2
1.4
66.4
31.5
5.0
12.1
-2.1
12.9
-.1
3.7
30.4
44.4
77.0
7.3
15.6
22.7
18.9
.1
12.4
21.7
79.9
97.4
-4.9
14.5
22.3
53.9
-.7
12.2
14.9
163.3
117.2
-3.6
4.6
29.8
49.7
-.3
37.1
29.2
140.2
114.1
8.5
4.8
35.2
26.5
.9
38.1
31.5
45.8
73.5
-5.3
10.8
23.3
29.6
.1
15.0
26.6
70.3
78.3
-4.7
10.2
14.2
49.7
-.6
9.5
16.8
89.5
116.5
-5.0
18.9
30.4
58.1
-.8
14.9
9.5
126.5
106.2
-2.7
-1.7
25.5
53.1
.6
31.4
20.2
200.0
128.1
-4.6
10.9
34.0
46.3
-1.3
42.8
6.6
174.0
138.0
14.1
11.5
29.1
30.8
52.5
51.7
106.9
90.2
2.9
-1.8
41.3
22.2
1.9
23.7
*
*
All sectors
51 Total net borrowing
666.8
914.1
52
53
54
55
56
57
58
59
254.4
53.7
36.5
183.6
56.6
26.7
26.9
28.4
273.8
50.4
86.1
217.4
90.4
61.1
52.0
82.9
U.S. government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c
Open market paper
Other loans
1,054.9 1,136.0
324.2
136.4
126.1
237.7
94.6
38.3
52.8
44.8
393.5
30.8
192.9
300.7
65.8
69.5
26.4
56.5
971.7
921.8
892.1
1,217.8
942.8
1,329.1
964.9
979.1
311.5
31.3
193.7
300.1
30.1
9.3
32.8
63.0
284.5
67.0
117.6
206.0
86.2
51.8
28.6
80.0
301.7
67.0
116.6
221.2
95.3
17.5
31.8
41.1
346.6
205.8
135.7
254.2
93.9
59.2
73.7
48.6
342.5
-15.6
213.6
246.5
71.0
17.7
21.0
46.1
444.5
77.2
172.1
354.9
60.6
121.3
31.7
66.8
332.8
32.7
205.2
310.8
19.5
-32.5
48.6
47.8
290.6
29.8
182.2
289.5
40.7
51.2
17.0
78.1
External corporate equity funds raised in United States
60 Total new share issues
61.8
-36.4
19.9
91.6
-9.3
-24.9
3.0
36.7
100.8
82.3
84.5
-103.2
61
62
63
64
65
27.2
34.6
28.3
2.6
3.7
29.3
-65.7
-74.5
7.8
.9
85.7
-65.8
-81.5
12.0
3.7
163.3
-71.7
-80.8
8.3
.7
64.5
-73.8
-76.5
5.1
-2.4
32.2
-57.1
-69.4
8.8
3.5
64.2
-61.2
-75.5
11.2
3.1
107.1
-70.4
-87.5
12.8
4.3
155.5
-54.7
-68.7
7.5
6.6
171.1
-88.7
-92.7
9.1
-5.1
147.2
-62.7
-70.0
5.4
1.9
-18.2
-85.0
-83.0
4.8
-6.8
Mutual funds
All other
Nonfinancial corporations
Financial corporations
Foreign shares purchased in United States
Flow of Funds
1.58
A43
D I R E C T A N D I N D I R E C T S O U R C E S O F F U N D S TO C R E D I T M A R K E T S
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates.
1984
Transaction category, or sector
1 Total funds advanced in credit markets to domestic
nonfinancial sectors
2
3
4
5
6
By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
FHLB advances to savings and loans
Other loans and securities
1983
1984
1985
1986
1985
1987
1986
1987
H2
HI
H2
HI
H2
HI
H2
550.2
753.9
854.8
831.7
685.2
790.4
722.7
986.8
679.1
984.4
653.7
716.8
114.0
26.3
76.1
-7.0
18.6
157.6
39.3
56.5
15.7
46.2
202.3
47.1
94.6
14.2
46.3
319.7
84.8
160.3
19.8
54.7
233.6
51.4
136.7
24.4
21.0
182.5
51.0
57.4
14.9
59.2
195.8
50.3
88.6
12.5
44.4
208.7
43.9
100.7
15.9
48.2
264.7
74.0
123.7
14.4
52.6
374.6
95.6
196.9
25.2
56.9
247.7
48.3
166.8
13.6
19.0
219.4
54.5
106.8
35.2
22.9
7
8
9
10
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
9.7
69.8
10.9
23.7
17.1
74.3
8.4
57.9
16.8
101.5
21.6
62.3
9.5
177.3
30.2
102.6
-9.7
166.0
8.6
68.6
26.6
75.2
4.8
75.9
25.1
96.4
27.5
46.8
8.4
106.7
15.8
77.8
10.8
128.2
13.2
112.5
8.2
226.5
47.2
92.7
-9.3
168.1
10.8
78.0
-10.6
164.4
6.5
59.2
11
12
Agency and foreign borrowing not in line 1
Sponsored credit agencies and mortgage pools
Foreign
67.8
17.3
74.9
8.3
101.5
1.2
178.1
9.0
169.3
3.1
77.3
-19.4
96.8
-5.8
106.3
8.2
136.1
21.5
220.1
-3.5
180.5
-7.4
158.6
13.5
Private domestic funds advanced
13 Total net advances
14
U.S. government securities
15
State and local obligations
16 Corporate and foreign bonds
17 Residential mortgages
18 Other mortgages and loans
19 LESS: Federal Home Loan Bank advances
521.3
228.1
53.7
14.5
55.0
162.4
-7.0
679.5
234.5
50.4
35.1
98.2
276.9
15.7
755.2
277.0
136.4
40.8
86.4
228.8
14.2
699.2
308.7
30.8
83.4
74.0
222.1
19.8
624.1
260.1
31.3
110.1
99.6
147.3
24.4
665.7
233.5
67.0
53.0
84.8
242.3
14.9
618.0
251.3
67.0
39.7
75.5
197.0
12.5
892.5
302.7
205.8
42.0
97.4
260.6
15.9
571.9
268.6
-15.6
100.2
71.5
161.7
14.4
826.4
348.9
77.2
66.6
76.5
282.4
25.2
579.2
284.5
32.7
100.0
89.9
85.7
13.6
669.4
236.1
29.8
120.3
109.2
209.2
35.2
Private financial intermediation
20 Credit market funds advanced by private financial
institutions
21
Commercial banking
22
Savings institutions
23
Insurance and pension funds
24
Other finance
395.8
144.3
135.6
100.1
15.8
559.8
168.9
150.2
121.8
118.9
579.5
186.3
83.0
156.0
154.2
726.9
194.7
105.5
176.7
249.9
567.7
127.5
140.7
203.6
95.9
532.1
145.5
133.5
95.3
157.8
483.8
143.3
54.5
139.4
146.5
675.2
229.4
111.4
172.5
161.9
638.5
117.2
94.5
169.0
257.9
815.3
272.3
116.6
184.4
241.9
585.9
103.1
104.5
215.9
162.4
549.5
151.8
176.8
191.4
29.4
25 Sources of funds
26
Private domestic deposits and RPs
27
Credit market borrowing
395.8
215.4
31.5
559.8
316.9
77.0
579.5
213.2
97.4
726.9
271.4
117.2
567.7
128.3
114.1
532.1
353.5
73.5
483.8
191.4
78.3
675.2
235.0
116.5
638.5
252.2
106.2
815.3
290.6
128.1
585.9
55.2
138.0
549.5
199.2
90.2
28
29
30
31
32
148.9
14.6
-5.3
109.7
30.0
165.9
8.8
4.0
118.6
34.5
268.9
19.7
10.3
141.0
98.1
338.3
12.9
1.7
152.8
170.9
325.3
45.3
5.0
207.8
67.2
105.1
1.7
10.8
74.6
18.0
214.1
10.8
13.9
118.6
71.4
323.6
28.6
6.6
163.4
124.7
280.1
11.9
-4.2
136.6
135.8
396.5
14.0
7.6
168.9
206.1
392.7
24.5
4.3
217.7
146.2
260.0
66.0
5.7
197.9
-9.6
Private domestic nonfinancial investors
33 Direct lending in credit markets
34
U.S. government securities
35
State and local obligations
36
Corporate and foreign bonds
37
Open market paper
38
Other
157.0
99.3
40.3
-11.6
12.0
17.0
196.7
123.6
30.4
5.2
9.3
28.1
273.2
145.3
47.6
11.8
43.9
24.6
89.4
47.1
-5.4
34.7
-4.8
17.9
170.5
54.8
52.2
50.2
5.3
8.0
207.1
84.3
50.4
36.9
3.0
32.5
212.5
156.2
14.8
15.4
3.5
22.6
333.9
134.5
80.4
8.2
84.2
26.6
39.7
42.2
-67.6
68.8
-17.3
13.6
139.2
51.9
56.8
.7
7.7
22.1
131.3
67.3
19.5
12.1
24.2
8.2
210.2
42.8
84.8
88.3
-13.5
7.8
39 Deposits and currency
40
Currency
41
Checkable deposits
42
Small time and savings accounts
43
Money market fund shares
44
Large time deposits
Security RPs
45
46
Deposits in foreign countries
232.8
14.3
28.8
215.4
-39.0
-8.3
18.5
3.1
320.4
8.6
28.0
150.7
49.0
84.3
5.0
-5.1
223.5
12.4
41.5
138.6
8.9
7.6
16.6
-2.1
291.8
14.4
100.1
120.8
43.8
-11.6
18.3
5.9
141.1
15.6
-9.3
69.3
22.3
18.2
27.9
-2.8
354.0
3.6
29.9
169.9
73.4
79.1
1.2
-3.1
198.3
15.9
13.8
162.1
10.6
-7.3
12.2
-9.0
248.7
8.8
69.2
115.1
7.1
22.5
21.1
4.9
261.9
10.7
82.5
112.6
46.9
.2
10.0
-.9
321.6
18.2
117.8
129.0
40.6
-23.3
26.5
12.8
40.3
9.6
-21.5
52.1
-3.1
5.0
22.7
-24.5
239.8
21.6
2.8
86.5
47.6
29.3
33.0
19.0
47 Total of credit market instruments, deposits, and
currency
389.9
517.1
496.7
381.2
311.6
561.1
410.7
582.6
301.6
460.9
171.6
450.1
20.1
75.9
38.2
20.7
82.4
66.7
23.6
76.7
82.0
38.0
104.0
115.5
33.9
91.0
113.9
23.7
79.9
77.6
27.3
78.3
57.7
21.0
75.6
106.4
37.8
111.6
124.4
38.2
98.7
106.7
38.3
101.2
102.6
30.0
82.1
125.2
61.8
27.2
34.6
51.1
10.7
-36.4
29.3
-65.7
19.7
-56.1
19.9
85.7
-65.8
43.4
-22.9
91.6
163.3
-71.7
50.6
41.0
-9.3
64.5
-73.8
45.9
-55.2
-24.9
32.2
-57.1
39.7
-64.6
3.0
64.2
-61.2
59.5
-55.8
36.7
107.1
-70.4
27.3
9.5
100.8
155.5
-54.7
46.5
54.3
82.3
171.1
-88.7
54.6
27.7
84.5
147.2
-62.7
72.6
11.9
-103.2
-18.2
-85.0
19.2
-122.4
48
49
50
Other sources
Foreign funds
Treasury balances
Insurance and pension reserves
Other, net
Public holdings as percent of total
Private financial intermediation (in percent)
Total foreign funds
MEMO: Corporate equities not included above
51 Total net issues
52
Mutual fund shares
53
Other equities
54 Acquisitions by financial institutions
55 Other net purchases
NOTES BY LINE NUMBER.
1. Line 1 of table 1.57.
2. Sum of lines 3 - 6 or 7-10.
6. Includes farm and commercial mortgages.
11. Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
13. Line 1 less line 2 plus line 11 and 12. Also line 20 less line 27 plus line 33.
Also sum of lines 28 and 47 less lines 40 and 46.
18. Includes farm and commercial mortgages.
26. Line 39 less lines 40 and 46.
27. Excludes equity issues and investment company shares. Includes line 19.
29. Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates, less
claims on foreign affiliates and deposits by banking in foreign banks.
30. Demand deposits and note balances at commercial banks.
31. Excludes net investment of these reserves in corporate equities.
32. Mainly retained earnings and net miscellaneous liabilities.
33. Line 13 less line 20 plus line 27.
34-38. Lines 14-18 less amounts acquired by private finance plus amounts
borrowed by private finance. Line 38 includes mortgages.
40. Mainly an offset to line 9.
47. Lines 33 plus 39, or line 13 less line 28 plus 40 and 46.
48. Line 2/line 1.
49. Line 20/line 13.
50. Sum of lines 10 and 29.
51. 53. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Flow of Funds Section, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington,
D.C. 20551.
A44
Domestic Nonfinancial Statistics • June 1988
2.10 NONFINANCIAL BUSINESS ACTIVITY
Selected Measures1
1977 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1987
Measure
1985
1986
1988
1987
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.'
Feb.'
Mar.
1 Industrial production
123.7''
125.1'
129.8
130.6
131.2
131.0
132.5
133.2
133.9'
134.4
134.4
134.6
Market
groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
130.6'
131.C
119.8'
145.8'
129.3'
114.3'
133.3'
132.5'
124.0'
143.6'
136.2'
113.8'
138.3
136.8
127.7
148.8
143.5
118.2
139.5
137.9
128.9
149.7
145.0
118.5
139.9
138.4
129.4
150.2
145.3
119.4
139.4
137.8
127.7
151.2
144.9
119.7
140.9
139.3
129.0
153.0
146.1
121.2
141.0
139.2
129.4
152.2
147.3
122.5
141.3'
139.8'
129.8'
153.1'
146.5'
123.7'
142.8
141.1
131.4
154.0
148.5
123.0
143.2
141.6
131.9
154.4
148.8
122.4
143.3
141.9
131.9
155.2
148.3
122.6
126.4'
129.1'
134.6
135.6
135.9
135.7
137.3
137.9
138.9'
139.5
139.5
139.8
80.1
80.2
79.8
78.5
81.0
80.5
81.5
80.6
81.5
81.1
81.3
81.2
82.0
82.1
82.2
82.9
82.5
83.7
82.8
83.0
82.6
82.4
82.5
82.4
2
3
4
5
6
7
Industry
groupings
8 Manufacturing
Capacity utilization (percent) 2
9
Manufacturing
10
Industrial materials industries
11 Construction contracts (1982 = 100)3
136.0
158.0
162.0
165.0
174.0
160.0
164.0
157.0
157.0
145.0
159.0
154.0
12
13
14
15
16
17
18
19
20
21
Nonagricultural employment, total 4
Goods-producing, total
Manufacturing, total
Manufacturing, production-worker
Service-producing
Personal income, total
Wages and salary disbursements
Manufacturing
Disposable personal income
Retail sales
118.3
102.4
97.8
92.6
125.0
207.0
198.7
172.8
206.0
190.6
120.8
102.4
96.5
91.2
128.9
219.9
210.2
176.4
219.1
199.9
123.8
102.2
97.1
92.1
132.9
233.1
222.6
181.5
230.7
208.7
123.8
102.1
97.0
92.1
132.9
232.6
222.3
180.1
230.4
211.2
124.0
102.2
97.2
92.2
133.1
233.9
224.2
182.0
231.6
215.7
124.2
102.4
97.4
92.5
133.4
235.3
225.4
183.7
232.9
212.2
124.9
103.0
97.8
92.9
134.1
239.8
227.1
184.7
237.8
210.5
125.2
103.4
98.2
93.3
134.4
238.8
228.6
185.7
236.4
211.2
125.6
103.8
98.5
93.6
134.8
240.7
229.5
186.0
238.1
213.5
125.9
103.5
98.5
93.7
135.3
240.9
230.7
186.6
239.0
213.7
126.5
104.1
98.6
93.9
135.9
242.3
232.1
186.6
240.9
215.1
126.8
104.4
98.6
93.9
136.2
244.1
233.3
189.1
242.2
216.9
22
23
Prices 7
Consumer (1982 = 100)
Producer finished goods (1982 = 100) . . .
107.6
104.7
109.6
103.2
113.6
105.4
113.8
106.0
114.4
105.9
115.0
105.7
115.3
106.3
115.4
106.2
115.4
105.7
115.7
106.2
116.0
105.9
116.5
106.2
1. A major revision of the industrial production index and the capacity
utilization rates was released in July 1985. See " A Revision of the Index of
Industrial Production" and accompanying tables that contain revised indexes
( 1 9 7 7 = 1 0 0 ) t h r o u g h D e c e m b e r 1984 in t h e FEDERAL RESERVE BULLETIN, v o l . 71
(July 1985), pp. 487-501. The revised indexes for January through June 1985 were
shown in the September BULLETIN.
2. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, Department of Commerce, and other sources.
3. Index of dollar value of total construction contracts, including residential,
nonresidential and heavy engineering, from McGraw-Hill Information Systems
Company, F. W. Dodge Division.
4. Based on data in Employment and Earnings (U.S. Department of Labor).
Series covers employees only, excluding personnel in the Armed Forces.
5. Based on data in Survey of Current Business (U.S. Department of Commerce).
6. Based on Bureau of Census data published in Survey of Current
Business.
1. Data without seasonal adjustment, as published in Monthly Labor
Review.
Seasonally adjusted data for changes in the price indexes may be obtained from
the Bureau of Labor Statistics, U.S. Department of Labor.
NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5,and 6,
and indexes for series mentioned in notes 3 and 7 may also be found in the Survey
of Current Business.
Figures for industrial production for the last two months are preliminary and
estimated, respectively.
Selected Measures
2.11
A45
LABOR FORCE, EMPLOYMENT, A N D U N E M P L O Y M E N T
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1987
Category
1985
1986
1988
1987
Aug.
Sept.
Oct.
Nov.
Dec.
Jan/
Feb/
Mar.
HOUSEHOLD SURVEY DATA
1 Noninstitutional population1
180,440
182,822
185,010
185,264
185,428
185,575
185,737
185,882
186,083
186,219
186,361
2 Labor force (including Armed Forces) 1
Civilian labor force
3
Employment
4
Nonagricultural industries
5
Agriculture
Unemployment
6
Number
7
Rate (percent of civilian labor f o r c e ) . . . .
8 Not in labor force
117,695
115,461
120,078
117,834
122,122
119,865
122,568
120,306
122,230
119,963
122,651
120,387
122,861
120,594
122,984
120,722
123,436
121,175
123,598
121,348
123,153
120,903
103,971
3,179
106,434
3,163
109,232
3,208
109,907
3,143
109,688
3,184
109,961
3,249
110,332
3,172
110,529
3,215
110,836
3,293
111,182
3,228
110,899
3,204
8,312
7.2
62,745
8,237
7.0
62,744
7,425
6.2
62,888
7,256
6.0
62,696
7,091
5.9
63,198
7,177
6.0
62,924
7,090
5.9
62,876
6,978
5.8
62,898
7,046
5.8
62,647
6,938
5.7
62,621
6,801
5.6
63,208
97,519
99,610
102,105
102,275
102,434
102,983
103,285
103,612
103,827
104,344
104,606
19,260
927
4,673
5,238
23,073
5,955
22,000
16,394
18,994
783
4,904
5,244
23,580
6,297
23,099
16,710
19,112
742
5,032
5,377
24,056
6,588
24,136
17,063
19,129
751
5,006
5,377
24,063
6,624
24,279
17,046
19,169
759
4,989
5,416
24,129
6,629
24,295
17,048
19,247
764
5,053
5,436
24,239
6,650
24,406
17,188
19,336
759
5,074
5,459
24,294
6,657
24,493
17,213
19,382
756
5,121
5,473
24,329
6,668
24,612
17,271
19,401
746
5,058
5,485
24,503
6,684
24,683
17,267
19,418
749
5,175
5,504
24,623
6,687
24,884
17,304
19,417
755
5,254
5,522
24,644
6,694
24,967
17,353
ESTABLISHMENT SURVEY DATA
9 Nonagricultural payroll employment3
10
11
12
13
14
15
16
17
Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government
1. Persons 16 years of age and over. Monthly figures, which are based on
sample data, relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures. By definition, seasonality does not exist in
population figures. Based on data from Employment and Earnings (U.S. Department of Labor).
2. Includes self-employed, unpaid family, and domestic service workers.
3. Data include all full- and part-time employees who worked during, or
received pay for, the pay period that includes the 12th day of the month, and
exclude proprietors, self-employed persons, domestic servants, unpaid family
workers, and members of the Armed Forces. Data are adjusted to the March 1984
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).
A46
Domestic Nonfinancial Statistics • June 1988
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
1987
Q2
Q3
1988
Q4
Q1
Output (1977 = 100)
1987
Q2
1988
Q4
Q3
Q1
1987
Q2
Capacity (percent of 1977 output)
Q3
1988
Q4'
Q1
Utilization rate (percent)
1 Total industry
128.2
130.9
133.0
134.5
160.4
161.3
162.2
163.1
79.9
81.2
82.1
82.4
2 Mining
3 Utilities
99.0
108.3
100.6
111.6
103.2
112.5
102.5
115.1
129.7
138.3
129.0
138.8
128.4
139.4
127.7
139.8
76.3
78.3
78.0
80.5
81.2
80.6
80.1
82.3
4 Manufacturing
133.2
135.7
137.9
139.6
165.6
166.7
167.7
168.9
80.5
81.4
82.3
82.6
5 Primary processing
b Advanced processing...
116.1
143.5
119.2
145.8
122.1
147.5
122.7
149.6
139.0
181.6
139.8
182.9
140.6
184.1
141.6
185.6
83.5
79.0
85.3
79.7
86.9
80.1
86.7
80.7
7 Materials
116.5
119.1
121.9
122.6
146.7
147.2
147.8
148.5
79.4
81.0
82.9
82.6
122.9
77.0
124.0
125.1
137.7
125.3
125.5
83.6
128.2
130.5
144.5
130.7
129.6
91.1
129.3
132.3
131.3
86.6
130.3
133.1
163.1
110.0
143.8
143.4
143.9
149.8
163.9
109.4
144.7
144.4
145.1
150.9
164.7
108.8
145.6
145.4
165.7
108.8
146.8
146.7
75.4
70.0
86.2
87.2
95 7
83 6
76.7
76.5
88.6
90.4
99 6 r
86 3'
79.1
84.0
89.3
91.5
99 2
89 1
79.2
79.6
88.7
90.7
98.7
100.0
101.8
100.9
120.2
120.1
119.9
119.7
82.1
83.3
85.2
84.3
8 Durable goods
9
Metal materials
10 Nondurable goods
11 Textile, paper, and chemical..
17
13
14 Energy materials
Previous cycle 2
High
Low
Latest cycle 3
1987
Low
Mar.
High
1987
July
Aug.
Sept.
1988
Oct.
Nov.
Dec.
Jan/
Feb/
Mar.
Capacity utilization rate (percent)
15 Total industry
88.6
72.1
86.9
69.5
79.7
81.1
81.4
81.1
81.9
82.1
82.4
82.6
82.4
82.3
16 Mining
17 Utilities
92.8
95.6
87.8
82.9
95.2
88.5
76.9
78.0
75.5
78.2
76.8
80.2
78.2
81.3
79.1
80.0
80.6
80.5
81.5
81.2
81.5
80.4
80.4
82.4
79.8
82.8
80.3
81.8
18 Manufacturing
87.7
69.9
86.5
68.0
80.3
81.5
81.5
81.3
82.0
82.2
82.5
82.8
82.6
82.5
19 Primary processing
20 Advanced processing..
91.9
86.0
68.3
71.1
89.1
85.1
65.1
69.5
83.1
79.1
85.4
79.8
85.3
79.9
85.1
79.5
86.2
80.1
87.0
80.0
87.8
80.1
87.2
80.7
86.5
80.7
86.3
80.6
21 Materials
92.0
70.5
89.1
68.5
78.7
80.6
81.1
81.2
82.1
82.9
83.7
83.0
82.4
82.4
22 Durable goods
23
Metal materials
91.8
99.2
64.4
67.1
89.8
93.6
60.9
45.7
75.2
68.7
76.5
73.9
76.6
77.5
77.0
78.3
78.3
82.4
79.0
83.3
80.2
87.6
79.6
80.1
79.0
79.1
79.1
79.6
24 Nondurable goods
91.1
66.7
88.1
70.7
84.8
88.4
88.6
88.7
88.2
89.0
90.5
89.1
88.5
88.5
76
77
92.8
98.4
92.5
64.8
70.6
64.4
89.4
97.3
87.9
68.8
79.9
63.5
85.8
94.6
82.2
90.0
100.5
85.1
90.5
99.9
86.4
90.7
98.5
87.4
90.4
97.4
88.0
91.0
98.7
88.6
92.7
101.6
90.8
91.2
100.5
88 6
90.4
98 2
88 3
90.5
28 Energy materials
94.6
86.9
94.0
82.3
80.8
82.4
84.0
83.5
84.9
85.7
85.1
84.7
84.1
84.0
25
Textile, paper, and
chemical
1. These data also appear in the Board's G.3 (402) release. For address, see
inside front cover.
2. Monthly high 1973; monthly low 1975.
3. Monthly highs 1978 through 1980; monthly lows 1982.
Selected Measures
2.13
A47
Indexes and Gross Value1
INDUSTRIAL PRODUCTION
Monthly data are seasonally adjusted
portion
1988
1987
1977
Groups
1987
avg.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec/
Jan.
Feb."
Mar.'
Index (1977 = 100)
MAJOR MARKET
1 Total index
?
3
4
5
Intermediate products
6
7 Materials
8 Durable consumer goods
9
Automotive products
10
Autos and trucks
11
Autos, consumer
1?
Trucks, consumer
N
Auto parts and allied goods
14
IS
Appliances, A/C and TV
Appliances and TV
16
17
Carpeting and furniture
Miscellaneous home goods
18
19 Nondurable consumer goods
70
Consumer foods and tobacco
??
Nonfood staples
Consumer chemical products
r\
Consumer paper products
74
75
Consumer energy
Consumer fuel
76
Residential utilities
27
71
Equipment
?8 Business and defense equipment
79
Business equipment
Construction, mining, and farm
30
31
37
33
34
35
Transit
Defense and space equipment
Intermediate products
36 Construction supplies
37 Business supplies
38
General business supplies
Commercial energy products
39
100.00
129.8
127.3
127.4
128.4
129.1
130.6
131.2
131.0
132.5
133.2
133.9
134.4
134.4
134.6
57.72
44.77
25.52
19.25
12.94
42.28
138.3
136.8
127.7
148.8
143.4
118.2
136.2
135.0
127.5
145.0
140.4
115.2
137.2
134.5
126.6
144.9
139.9
116.2
137.2
135.8
128.2
145.8
142.1
116.3
137.8
136.2
127.2
148.1
143.3
117.2
139.5
137.9
128.9
149.7
145.0
118.5
139.9
138.4
129.4
150.2
145.3
119.4
139.4
137.8
127.7
151.2
144.9
119.7
140.9
139.3
129.0
153.0
146.1
121.2
141.0
139.2
129.4
152.2
147.3
122.5
141.3
139.8
129.8
153.1
146.5
123.7
142.8
141.1
131.4
154.0
148.5
123.0
143.2
141.6
131.9
154.4
148.8
122.4
143.3
141.9
131.9
155.2
148.3
122.6
6.89
2.98
1.79
1.16
.63
1.19
3.91
1.24
1.19
.96
1.71
120.2
118.5
115.1
90.7
160.5
123.5
121.6
141.5
142.1
130.7
102.0
121.2
121.2
121.6
100.9
159.9
120.5
121.2
142.9
143.8
131.3
99.8
118.1
115.7
111.5
91.8
148.1
121.9
119.9
137.7
139.2
133.5
99.4
120.2
118.0
113.1
91.0
154.2
125.3
121.8
142.2
142.3
133.3
100.7
117.4
114.9
107.9
87.4
146.0
125.4
119.3
133.4
133.4
132.3
101.8
120.4
117.5
112.3
86.4
160.4
125.3
122.5
141.7
142.6
134.1
102.2
121.2
118.0
112.4
76.8
178.4
126.6
123.6
147.1
145.5
132.0
102.0
118.6
114.2
107.2
79.1
159.4
124.8
121.9
141.8
140.6
131.6
102.2
124.3
124.3
122.2
94.7
173.2
127.5
124.3
145.7
146.1
132.9
104.1
123.9
121.3
118.7
91.9
168.5
125.2
125.8
150.1
150.5
133.5
103.9
120.3
115.4
110.2
83.7
159.5
123.3
123.9
142.7
142.6
133.9
104.8
121.5
118.8
112.8
77.5
178.3
127.8
123.7
141.7
140.4
134.1
104.8
121.2
117.9
111.8
79.5
171.6
127.2
123.8
142.1
143.1
132.7
105.5
122.0
121.0
116.4
86.3
18.63
15.29
7.80
7.49
2.75
1.88
2.86
1.44
1.42
130.5
137.3
136.2
138.5
162.9
151.8
106.3
93.1
119.8
129.8
136.5
134.8
138.2
165.7
147.5
105.8
94.1
117.7
129.8
136.4
134.4
138.5
164.7
148.9
106.5
94.5
118.7
131.1
137.7
135.6
139.9
165.9
152.9
106.4
92.1
121.0
130.9
137.6
136.0
139.2
164.4
153.1
105.9
91.9
120.2
132.1
138.9
137.2
140.6
165.7
153.8
108.0
92.7
123.6
132.5
139.2
137.4
141.2
167.4
153.9
107.7
91.4
124.3
131.0
137.8
137.0
138.6
163.6
153.2
105.0
91.6
118.7
130.8
137.4
137.5
137.2
160.0
151.8
105.8
92.4
119.4
131.5
138.3
137.3
139.4
163.5
152.8
107.4
93.2
121.8
133.3
140.7
139.2
142.2
167.7
157.0
108.0
95.4
120.7
135.0
142.6
140.5
144.8
172.0
157.3
110.6
95.4
126.1
135.8
143.6
141.2
146.1
172.7
159.4
111.8
97.0
135.5
143.3
18.01 153.6
14.34 144.5
2.08 62.2
3.27 117.9
1.27 82.6
5.22 226.5
2.49 108.4
3.67 188.9
150.1
140.8
58.1
110.9
81.7
219.7
114.0
186.6
150.0
140.8
58.6
111.1
82.4
220.9
110.4
186.1
150.8
141.7
61.2
111.5
84.0
222.0
110.1
186.5
153.2
144.2
63.0
117.2
84.0
226.7
105.4
188.6
154.4
145.6
65.0
120.4
81.8
227.9
106.1
188.7
154.5
145.6
66.4
120.9
82.8
227.7
104.7
189.1
155.2
146.3
66.1
122.0
81.1
229.1
105.1
189.8
157.2
148.7
66.5
120.5
83.0
232.4
112.5
190.3
156.6
148.3
66.3
120.6
83.1
232.1
111.2
188.7
157.8
149.8
67.4
122.2
84.2
235.5
109.1
188.9
158.9
150.9
67.3
125.3
86.2
237.3
106.5
190.1
159.3
151.4
65.8
125.5
87.0
238.4
107.7
190.3
160.0
152.4
66.3
126.5
87.6
239.5
109.0
189.8
128^0
122.7
141.0
146 J
5.95
6.99
5.67
1.31
131.5
153.5
158.6
131.1
128.5
150.5
155.2
130.3
127.3
150.5
155.5
129.0
128.3
153.8
158.2
135.0
131.5
153.4
158.5
131.1
133.1
155.2
160.5
132.3
132.5
156.3
161.0
135.8
132.3
155.6
160.9
132.7
133.3
157.1
162.3
134.6
134.2
158.4
164.3
132.9
133.8
157.4
163.3
131.8
136.9
158.4
163.9
134.8
136.2
159.6
165.3
134.8
134.4
40 Durable goods materials
41
4?
43
Durable materials n.e.c
44
Basic metal materials
20.50
4.92
5.94
9.64
4.64
125.0
100.9
159.0
116.4
86.7
121.8
98.9
155.8
112.6
80.8
122.2
96.2
157.1
114.1
81.8
121.6
95.2
156.0
113.9
81.9
124.0
99.2
158.3
115.5
83.6
125.2
98.5
159.3
117.7
86.6
125.5
99.6
159.5
117.9
90.4
126.4
99.0
161.1
118.9
91.3
128.7
102.3
162.2
121.6
95.3
130.2
103.1
163.2
123.6
96.5
132.0
104.6
165.3
125.5
100.0
131.6
104.8
167.0
123.5
92.9
130.9
104.0
167.3
122.3
91.5
131.3
104.3
167.7
122.7
91.8
45 Nondurable goods materials
Textile, paper, and chemical
46
10.09
125.8
122.8
125.4
125.3
124.1
127.6
128.3
128.6
128.2
129.6
132.5
130.4
130.0
130.3
7.53
1.52
1.55
4.46
2.57
127.6
111.7
141.0
128.4
120.4
124.0
118.5
134.7
122.1
119.2
126.9
125.0
137.4
125.0
121.1
126.5
129.6
117.8
145.4
128.1
122.0
130.6
116.7
145.0
130.4
121.4
131.2
116.0
143.3
132.2
120.9
131.0
113.0
142.0
133.4
119.7
132.3
112.7
144.4
134.7
121.7
135.6
113.6
149.0
138.4
123.3
133.4
112.0
147.8
135.4
121.9
132.6
111.0
144.9
135.5
133.3
137.4
125.0
122.0
125.1
111.9
139.0
124.9
120.9
11.69
7.57
4.12
99.8
105.0
90.3
97.0
101.5
88.9
97.5
102.3
88.7
99.3
103.6
91.4
99.4
104.0
91.0
99.0
102.5
92.5
100.9
104.6
94.1
100.2
104.6
92.2
101.8
106.8
92.7
102.8
108.4
92.6
101.7
107.7
90.7
101.5
107.3
90.7
100.7
105.2
92.5
100.5
47
48
49
50
Pulp and paper materials
Chemical materials
Miscellaneous nondurable materials . . .
51
5?
53
Converted fuel materials
A48
Domestic Nonfinancial Statistics • June 1988
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued
1987
Groups
1988
1987
avg.
SIC
code
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec/
Jan.
Feb."
Mar/
Index (1977. = 100)
MAJOR INDUSTRY
1 Mining and utilities
2
Mining
3
Utilities
4 Manufacturing
5
Nondurable
6
Durable
15.79
9.83
5.96
84.21
35.11
49.10
104.3
100.7
110.3
134.6
136.7
133.1
101.9
98.3
107.9
132.4
133.7
131.5
101.4
98.6
106.0
132.4
134.6
130.9
103.1
99.2
109.6
133.2
135.7
131.4
103.0
99.2
109.4
134.0
136.9
132.0
103.7
99.2
111.2
135.6
138.5
133.5
105.4
100.9
112.9
135.9
138.8
133.8
105.4
101.9
111.2
135.7
138.6
133.7
106.8
103.6
112.1
137.3
138.1
136.8
107.9
104.6
113.2
137.9
139.6
136.7
107.3
104.6
111.7
138.9
141.3
137.3
107.5
102.9
115.2
139.5
141.9
137.7
107.1
101.9
115.8
139.5
141.8
137.9
106.9
102.3
114.4
139.8
141.9
138.3
10
11.12
13
14
.50
1.60
7.07
.66
77.5
131.8
92.7
128.2
71.2
122.3
92.4
123.8
65.7
121.9
93.1
125.4
71.7
127.2
92.1
127.6
70.7
128.8
91.8
128.5
71.4
127.9
91.8
130.7
79.3
130.5
93.0
130.3
86.5
133.3
93.3
130.0
85.6
140.3
94.1
131.0
90.4
142.9
94.2
134.1
96.5
140.6
94.1
135.6
91.5
140.2
92.5
132.2
133.7
92.4
133.4
131.0
93.5
1
8
9
10
Mining
Metal
Coal
Oil and gas extraction
Stone and earth minerals
11
12
13
14
15
Nondurable
manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
20
21
22
23
26
7.96
.62
2.29
2.79
3.15
137.7
103.4
115.8
107.4
144.4
137.3
101.1
112.6
105.4
139.9
136.0
99.6
116.6
105.3
140.5
137.4
106.6
115.7
106.4
141.3
137.7
107.0
117.2
107.7
142.6
138.5
138.8
110.4
119.8
108.4
148.9
139.5
101.7
118.2
107.6
147.4
138.0
103.7
116.8
108.0
146.0
138.9
106.5
117.3
109.4
148.3
140.1
110.5
118.2
107.8
150.6
141.2
107.0
116.2
108.8
149.7
142.0
118.3
109.7
148.8
16
17
18
19
20
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastic p r o d u c t s . . . .
Leather and products
27
28
29
30
31
4.54
8.05
2.40
2.80
.53
172.0
140.1
93.5
163.6
60.0
167.6
135.3
92.1
158.6
59.4
169.2
137.3
94.0
160.5
60.2
171.4
138.1
92.6
162.2
61.4
174.1
139.3
92.3
165.4
60.8
174.0
140.8
94.1
167.2
59.2
174.7
142.3
92.9
164.8
61.3
174.9
142.4
93.5
165.2
60.7
175.2
141.5
94.6
166.7
59.6
175.7
144.4
93.3
169.9
60.7
176.9
147.9
96.1
170.6
57.5
179.2
148.9
96.3
170.3
58.3
180.7
148.0
96.6
170.7
58.9
24
25
32
2.30
1.27
2.72
130.3
152.8
119.1
128.9
149.9
119.8
127.8
148.2
120.6
130.3
150.5
117.2
131.1
153.9
117.9
132.8
156.2
118.8
131.1
155.2
116.5
126.9
155.9
118.6
129.8
156.0
118.9
134.0
158.5
120.5
133.6
159.4
120.1
136.1
157.4
120.2
135.5
156.1
120.8
33
331.2
34
35
36
5.33
3.49
6.46
9.54
7.15
81.5
70.8
111.0
152.7
172.3
77.0
65.4
110.5
148.5
168.5
76.1
65.0
109.9
150.4
168.4
77.0
65.7
108.5
149.7
171.1
78.8
68.3
111.1
151.8
170.5
81.4
70.9
111.1
155.3
172.5
85.1
76.0
110.1
154.3
174.3
84.5
74.6
111.1
156.6
173.4
90.6
82.0
113.5
158.0
175.5
90.2
79.7
113.6
157.2
175.6
90.6
81.9
115.8
161.0
175.9
86.6
77.9
117.2
162.5
177.0
85.6
75.7
117.9
162.7
177.8
118.2
164.0
177.9
37
371
9.13
5.25
129.2
111.8
132.2
116.5
127.8
109.8
129.4
112.0
126.5
107.4
127.6
109.4
128.1
109.1
125.5
105.6
132.0
116.0
130.4
114.0
128.1
110.2
128.6
109.7
128.4
109.1
129.9
112.8
372-6.9
38
39
3.87
2.66
1.46
152.8
143.9
102.6
153.4
140.3
103.9
152.3
142.8
101.4
153.1
142.1
101.9
152.4
144.5
101.2
152.3
143.8
100.5
153.9
146.3
102.2
152.5
145.6
102.1
153.7
146.7
104.6
152.7
147.8
104.5
152.4
145.5
105.6
154.2
148.7
104.0
154.6
149.3
105.0
153.2
149.1
4.17
126.6
123.6
122.3
128.8
128.8
131.0
132.0
127.5
126.8
127.5
125.6
130.3
131.2
Durable
manufactures
21 Lumber and products
22 Furniture and fixtures
23 Clay, glass, stone products
24
25
26
27
28
Primary metals
Iron and steel
Fabricated metal products
Nonelectrical machinery
Electrical machinery
29 Transportation equipment
30
Motor vehicles and parts
31
Aerospace and miscellaneous
transportation equipment
32 Instruments
33 Miscellaneous m a n u f a c t u r e s . . . .
Utilities
34 Electric
116.0
148.1
181.4
97.8
85.9
Gross value (billions of 1982 dollars, annual rates)
MAJOR MARKET
35 Products, total
517.5
1,735.8 1.725.2 1,710.0 1,723.0 1,720.4 1.732.5 1,741.7 1,735.9 1,774.1 1,772.4 1,778.8 1,791.6 1,793.6 1803.9
36 Final
37
Consumer goods.
38
Equipment
39 Intermediate
405.7
272.7
133.0
111.9
1,333.8 1.330.3 1,316.5 1,324.7 1,320.1 1.326.6 1,334.9 1,330.3 1,360.9 1,359.9 1,359.4 1,375.8 1,381.2 1388.8
866.0 868.1 857.1 862.8 855.1 863.2 866.4 856.9 876.6 879.8 881.2 894.4 896.5 899.6
467.8 462.2 459.4 461.9 465.0 463.5 468.5 473.4 484.4 480.1 478.2 481.5 484.7 489.2
402.0 394.9 393.6 398.4 400.3 405.9 406.8 405.6 413.2 412.5 419.4 415.7 412.4 415.0
1. These data also appear in the Board's G.12.3 (414) release. For address, see
inside front cover.
A major revision of the industrial production index and the capacity
utilization rates was released in July 1985. See " A Revision of the Index of
Industrial Production" and accompanying tables that contain revised indexes
( 1 9 7 7 = 1 0 0 ) t h r o u g h D e c e m b e r 1984 in t h e FEDERAL RESERVE BULLETIN, v o l . 71
(July 1985), pp. 487-501. The revised indexes for January through June 1985 were
shown in the September BULLETIN.
Selected Measures
2.14
A49
HOUSING A N D CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1988
1987
Item
1985
1986
1987
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.'
Jan.'
Feb.
Private residential real estate activity (thousands of units)
N E W UNITS
1
2
3
Permits authorized
1-family
2-or-more-family
1,733
957
111
1,750
1,071
679
1,524
1,030
495
1,493
1,009
484
1,517
1,039
478
1,487
993
494
1,502
1,023
479
1,502
992
510
1,463
977
486
1,469
983
486
1,361
974
387
1,257
920
337
1,422
1,003
419
4
6
Started
1-family
2-or-more-family
1,742
1,072
669
1,805
1,179
626
1,621
1,146
474
1,599
1,125
474
1,583
1,086
497
1,594
1,142
452
1,583
1,109
474
1,679
1,211
468
1,538
1,105
433
1,661
1,129
532
1,399
1,035
364
1,382
1,016
366
1,514
1,106
408
7
8
9
Under construction, end of period 1 .
1-family
2-or-more-family
1,063
539
524
1,074
583
490
1,069
626
443
1,060
622
438
1,052
621
431
1,044
621
423
1,046
627
419
1,044
627
417
1,042
625
417
1,016
618
398
1,007
615
392
986
602
384
10
11
12
Completed
1-family
2-or-more-family
1,703
1,072
631
1,756
1,120
637
1,687
1,178
509
1,612
1,111
501
1,680
1,112
568
1,633
1,069
564
1,591
1,100
491
1,565
1,114
451
1,571
1,088
483
1,624
1,104
520
1,532
1,086
446
1,425
1,016
409
13
Mobile homes shipped
284
244
233
224
234
243
234
240
234
222
227
200
208
688
350
748
361
672
370
649
356
640
359
672
359
673
361
644
361
653
360
625
362
582
365
522
369
628
365
Merchant builder activity in
1-family units
14 Number sold
15 Number for sale, end of period
16
Price (thousands of dollars j1
Median
Units sold
17
Units sold
18
Number sold
19
20
Price of units sold
(thousands of dollars)
Median
Average
987'
591'
397'
l ^
1,123'
546'
84.3
92.2
104.5
104.9
109.0
105.0
106.8
106.5
106.5
117.0
110.0
118.0
110.8
101.0
112.2
127.9
126.6
135.8
128.6
128.5
133.5
125.8
139.2
135.5
145.7
139.0
3,217
3,566
3,530
3,740
3,580
3,470
3,410
3,430
3,470
3,370
3,330
3,170
3,250
75.4
90.6
80.3
98.3
85.6
106.2
86.0
107.5
85.9
107.1
88.3
109.8
86.5
107.0
85.5
106.9
84.6
106.1
85.0
106.6
85.4
107.1
87.4
108.7
88.1
110.4
EXISTING UNITS ( 1 - f a m i l y )
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
355,995
388,815
398,189' 396,680
397,191
398,465
402,872
402,782
398,930' 403,963r 403,884
392,525
391,474
22 Private
23
Residential
24
Nonresidential, total
Buildings
25
Industrial
26
Commercial
27
Other
28
Public utilities and other
291,665
158,475
133,190
316,589
187,147
129,442
322,948' 321,414
190,508' 195,871
132,440' 125,543
324,256
200,864
123,392
323,847
198,005
125,842
329,831
200,241
129,590
324,857
196,969
127,888
322,213' 327,020' 326,272
194,521' 193,731' 194,535
127,692' 133,289' 131,737
318,094
190,126
127,968
316,777
188,091
128,686
15,769
59,629
12,619
45,173'
13,747
56,762
13,216
45,717'
13,095
53,201
15,254
44,728
13,376
53,224
14,926
44,017
13,023
51,831
14,769
43,769
13,005
52,537
15,317
44,983
13,659
54,055
14,888
46,988
14,387
52,800
15,079
45,622
13,536'
53,912'
15,593'
44,651'
14,336'
57,683'
16,158'
45,112'
13,579
54,982
17,321
45,855
13,248
54,257
16,510
43,953
13,510
53,550
18,846
42,780
64,326
3,283
21,756
4,746
34,541
72,225
3,919
23,360
4,668
40,278
75,239'
4,204
23,248
5,142'
42,645
75,266
4,397
22,607
4,839
43,423
72,935
4,352
21,704
5,498
41,381
74,618
5,009
22,441
5,328
41,840
73,041
4,193
22,005
5,127
41,716
77,924
6,083
23,489
4,978
43,374
76,716'
4,308
24,993'
5,445'
41,970'
76,943'
4,738
24,713
4,725'
42,767'
77,613
3,164
25,792
5,565
43,092
74,431
4,634
24,605
3,983
41,209
74,696
4,411
24,744
3,844
41,697
29 Public
30
Military
31
Highway
32
Conservation and d e v e l o p m e n t . . .
33
Other
1. Not at annual rates.
2. Not seasonally adjusted.
3. Value of new construction data in recent periods may not be strictly
comparable with data in prior periods because of changes by the Bureau of the
Census in its estimating techniques. For a description of these changes see
Construction Reports (C-30-76-5), issued by the Bureau in July 1976.
NOTE. Census Bureau estimates for all series except (1) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing
Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices
of existing units, which are published by the National Association of Realtors. All
back and current figures are available from the originating agency. Permit
authorizations are those reported to the Census Bureau from 16,000 jurisdictions
beginning with 1978.
A50
2.15
Domestic Nonfinancial Statistics • June 1988
C O N S U M E R A N D P R O D U C E R PRICES
Percentage changes based on seasonally adjusted data, except as noted
Change from 12
months earlier
Change from 3 months earlier
(at annual rate)
Item
1987
1987
Mar.
Change from 1 month earlier
1988
1987
1988
1988
Mar.
June
Sept.
Dec.
Index
level
Mar.
1988
(1982
= 100)'
Mar.
Nov.
Dec.
Jan.
Feb.
Mar.
CONSUMER PRICES2
1 All items
2
3 Energy items
4 All items less food and energy
5
Commodities
6
Services
3.0
3.9
4.3
3.9
3.2
4.2
.3
.2
.3
.2
.5
116.5
4.7
-5.6
3.0
5.8
6.6
2.1
6.0
2.8
.1
.4
.3
-.3
-.8
3.8
3.7
3.8
2.9
4.3
2.5
5.0
-.7
.5
-.6
4.4
.3
.3
.4
.2
.3
.0
4.0
2.4
1.4
-4.9
5.4
4.7
5.9
.4
.6
.1
.4
115.9
86.5
121.9
114.6
126.1
3.1
.4
1.7
-4.5
.6
.2
-1.1
-.8
.6
.7
.9
.3
.4
4.8
.8
3.5
4.8
4.4
-3.9
4.4
.2
-.2
.4
.2
.6
.7
.5
PRODUCER PRICES
7 Finished goods
8
Consumer foods
9
Consumer energy
10 Other consumer goods
11 Capital equipment
12 Intermediate materials 3
13
Excluding energy
14
15
16
Crude materials
Foods
Energy
Other
1.7
1.8
1.8
3.5
3.8
-1.8
16.5
4.6
-2.6
-5.7
-12.5
1.4
5.6
-16.9
5.7
1.9
9.6
2.0
1.8
1.1
4.0
-.7
3.2
.R
.R
-.8
.R
,I
-.1
1.1
4.9
6.2
5.3
4.2
5.6
3.5
.4'
5.3
4.8
7.6
7.4
.5
2.3
-4.0
7.6
-6.5
2.6
24.3
25.2
11.3
27.2
-4.8
5.9
39.4
-5.2
-15.7
16.9
3.1
-10.5
2.9
2.0
-3.5
3.4
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers and reflect a
rental equivalence measure of homeownership after 1982.
17.2
-23.2
14.8
-2.5''
-.9'
.r
-1.3'
-1.6'
.3
.2
-.2
.2
.4
106.2
110.0
58.1
117.0
113.2
.3'
.5
.3
.0
.6
.9
.2
.7
104.8
112.8
.6'
-1.6'
.2'
.9
-3.8
1.3
2.3
-.3
.8
-2.4
1.4
99.7
68.8
132.8
.8
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.
Selected Measures
2.16
A51
GROSS N A T I O N A L PRODUCT A N D INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1987
Account
1985
1986
1988
1987
QI
Q2
Q3
Q4
QL
GROSS NATIONAL PRODUCT
1
Total
4,010.3
4,235.0
4,488.5
4,377.7
4,445.1
4,524.0
4,607.4
4,660.9
2
3
4
5
By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services
2,629.4
368.7
913.1
1,347.5
2,799.8
402.4
939.4
1,458.0
2,967.8
413.7
982.9
1,571.2
2,893.8
396.1
969.9
1,527.7
2,943.7
409.0
982.1
1,552.6
3,011.3
436.8
986.4
1,588.1
3,022.6
413.0
993.1
1,616.5
3,068.7
425.7
993.9
1,649.0
641.6
631.6
442.6
152.5
290.1
189.0
671.0
655.2
436.9
137.4
299.5
218.3
717.5
671.5
443.4
134.2
309.2
228.1
699.9
648.2
422.8
128.7
294.1
225.4
702.6
662.3
434.6
129.7
304.9
227.7
707.4
684.5
456.6
137.1
319.5
227.9
760.2
690.8
459.6
141.1
318.5
231.2
761.9
704.9
477.2
140.4
336.8
227.8
10.0
13.6
15.7
16.8
46.1
36.2
51.6
48.7
40.3
27.3
22.9
11.1
69.4
57.5
57.0
37.7
6
7
8
9
10
11
12
13
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Change in business inventories
Nonfarm
14
15
16
Net exports of goods and services
Exports
Imports
-79.2
369.9
449.2
-105.5
376.2
481.7
-119.6
427.8
547.4
-112.2
397.3
509.5
-118.4
416.5
534.8
-123.7
439.2
562.9
-124.3
458.1
582.4
-115.4
470.6
586.0
17
18
19
Government purchases of goods and services
Federal
State and local
818.6
353.9
464.7
869.7
366.2
503.5
922.8
379.4
543.4
896.2
366.9
529.3
917.1
379.6
537.6
929.0
382.1
546.9
948.8
388.9
559.9
945.6
376.8
568.9
20
21
22
23
24
25
By major type of product
Final sales, total
Goods
Durable
Nondurable
Services
Structures
4,000.3
1,637.9
704.3
933.6
1,969.2
403.1
4,219.3
1,693.8
726.8
967.0
2,116.2
425.0
4,442.5
1,782.2
773.3
1,008.9
2,271.2
435.0
4,326.0
1,738.7
747.0
991.7
2,212.0
426.9
4.404.8
1,763.5
756.7
1,006.8
2,252.2
429.4
4,501.1
1,798.3
785.7
1,012.6
2,289.3
436.4
4,537.9
1,828.4
803.8
1,024.6
2,331.5
447.5
4,603.9
1,844.7
818.1
1,026.6
2,375.9
440.2
26
27
28
Change in business inventories
Durable goods
Nondurable goods
10.0
7.3
2.7
15.7
4.8
10.9
46.1
25.3
20.7
51.6
35.2
16.5
40.3
22.1
18.2
22.9
-1.9
24.8
69.4
46.0
23.4
57.0
23.4
33.6
3,607.5
3,713.3
3,821.0
3,772.2
3,795.3
3,835.9
3,880.8
3,902.6
2 9 MEMO
Total GNP in 1982 dollars
NATIONAL INCOME
30
Total
3,229.9
3,422.0
3,636.0'
3,548.3
3,593.3
3,659.0
3,743.5'
n.a.
31
32
3.3
34
35
36
37
Compensation of employees
Wages and salaries
Government and government enterprises
Other
Supplement to wages and salaries
Employer contributions for social insurance
Other labor income
2,370.8
1,974.7
372.3
1,602.6
396.1
203.8
192.3
2,504.9
2,089.1
394.8
1,694.3
415.8
214.7
201.1
2,647.6
2,212.7
421.4
1,791.3
434.8
224.6
210.2
2,589.9
2,163.3
412.2
1,751.1
426.6
220.0
206.7
2,623.4
2,191.4
418.1
1,773.3
432.0
222.5
209.5
2,663.5
2,226.5
424.5
1,801.9
437.0
225.9
211.1
2,713.5
2,269.9
430.9
1,839.0
443.6
230.1
213.5
2,762.4
2,306.5
439.1
1,867.4
455.9
240.5
215.4
38
39
40
Proprietors' income 1
Business and professional 1
Farm 1
257.3
227.6
29.7
289.8
252.6
37.2
327.4
279.0
48.4
320.9
269.7
51.3
323.1
275.8
47.3
322.7
282.1
40.6
342.7
288.4
54.3
336.7
292.6
44.1
41
Rental income of persons 2
9.0
16.7
20.0
18.9
17.3
42
43
44
45
Corporate profits 1
Profits before tax 3
Inventory valuation adjustment
Capital consumption adjustment
277.6
224.8
-.7
53.5
284.4
231.9
6.5
46.0
304.7'
274. V
-17.5
48.2
294.0
257.0
-11.3
48.2
296.8
268.7
-20.0
48.0
314.9
284.9
-17.6
47.7
313.0'
285.6'
-21.3
48.7
-15.9
45.9
46
Net interest
315.3
326.1
337.1
323.6
331.1
340.6
353.3
356.2
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
19.3
20.9
3. For after-tax profits, dividends, and the like, see table 1.48.
SOURCE. Survey of Current Business (Department of Commerce).
21.1
n.a.
n.a.
A52
Domestic Nonfinancial Statistics • June 1988
2.17
PERSONAL INCOME A N D SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1988
1987
Account
1985
1986
QL
Q2
Q3
Q4
QL
PERSONAL INCOME AND SAVING
1 Total personal income
2 Wage and salary disbursements
Commodity-producing industries
3
4
Manufacturing
5
Distributive industries
6
Service industries
7
Government and government enterprises
8
9
10
11
12
13
14
15
16
17
3,534.3
3,746.5
3,662.0
3,708.6
3,761.0
3,854.4
3,897.2
1,974.9
609.2
460.9
473.0
520.4
372.3
2,089.1
623.3
470.5
497.1
573.9
394.8
2,212.7
641.1
484.0
522.9
627.3
421.4
2,163.3
632.9
477.2
511.5
606.7
412.2
2,191.4
635.0
479.0
518.9
619.3
418.1
2,226.1
641.8
485.1
526.3
633.9
424.2
2,270.2
654.7
494.7
535.0
649.3
431.2
2,306.5
661.6
499.8
542.9
662.9
439.1
192.3
257.3
227.6
29.7
9.0
76.3
476.5
489.7
253.4
201.1
289.8
252.6
37.2
16.7
81.2
497.6
518.3
269.2
210.2
327.4
279.0
48.4
19.3
87.5
516.2
543.1
282.8
206.7
320.9
269.7
51.3
20.0
84.5
499.8
533.7
278.0
209.5
323.1
275.8
47.3
18.9
86.3
506.3
541.5
282.3
211.1
322.7
282.1
40.6
17.3
88.7
520.0
545.8
284.4
213.5
342.7
288.4
54.3
20.9
90.5
538.8
551.4
286.5
215.4
336.7
292.6
44.1
21.1
92.1
545.8
569.0
297.8
3,327.0
Other labor income
Proprietors' income 1
Business and professional
Farm 1
Rental income of persons
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits . . .
LESS: Personal contributions for social insurance
18 EQUALS: Personal income
148.9
159.6
169.9
166.7
168.4
170.7
173.6
189.4
3,327.0
3,534.3
3,746.5
3,662.0
3,708.6
3,761.0
3,854.4
3,897.2
485.9
512.2
564.8
536.1
578.0
565.7
579.4
577.0
20 EQUALS: Disposable personal income
2,841.1
3,022.1
3,181.7
3,125.9
3,130.6
3,195.3
3,275.0
3,320.2
21
LESS: Personal outlays
2,714.1
2,891.5
3,062.7
2,987.5
3,037.4
3,106.5
3,119.3
3,167.1
22 EQUALS: Personal saving
127.1
130.6
119.0
138.4
93.2
88.8
155.7
153.1
15,073.7
9,830.2
10,622.0
4.5
15,369.6
10,142.8
10,947.0
4.3
15,672.6
10,242.8
10,980.0
3.7
15,523.4
10,188.9
11,008.0
4.4
15,586.4
10,215.6
10,865.0
3.0
15,714.4
10,326.5
10,958.0
2.8
15,859.4
10,235.4
11,090.0
4.8
15,909.5
10,306.5
11,151.0
4.6
27 Gross saving
531.3
532.0
565.2'
554.3
551.3
559.3
595.Y
n.a.
28
29
30
31
664.2
127.1
99.6
-.7
679.8
130.6
92.6
6.5
672.6'
119.0
74.6r
-17.5
683.8
138.4
75.6
-11.3
639.9
93.2
70.1
-20.0
648.7
88.8
76.8
-17.6
718.2'
155.7
75.7r
-21.3
n.a.
153.1
n.a.
-15.9
269.1
168.5
282.8
173.8
296.2
182.8
291.8
178.0
294.5
182.1
297.8
185.3
300.9
186.0
304.4
188.5
-147.8
-204.7
56.8
-107.4'
-151.4'
44.V
-129.5
-170.5
41.0
-88.6
-139.2
50.6
-89.3
-135.8
46.5
19
LESS: Personal tax and nontax payments
MEMO
Per capita (1982 dollars)
23
Gross national product
24
Personal consumption expenditures
25
Disposable personal income
26 Saving rate (percent)
GROSS SAVING
Gross private saving
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment
Capital consumption
32 Corporate
33 Noncorporate
allowances
34
Government surplus, or deficit ( - ) , national income and
product accounts
36
State and local
-132.9
-196.0
63.1
37 Gross investment
525.7
527.1
560.6
552.1
548.1
548.4
593.8
609.4
641.6
-115.9
671.0
-143.9
717.5
-156.9
699.9
-147.7
702.6
-154.5
707.4
-159.0
760.2
-166.4
761.9
-152.6
-5.6
-4.9
-2.2
-3.1
-10.9
38 Gross private domestic
39 Net foreign
40 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
—4.6 R
—122.3r
-160.2 r
37.9'
-2.1'
SOURCE. Survey of Current Business (Department of Commerce).
n.a.
n.a.
n.a.
-2.1
Summary Statistics
3.10
U.S. INTERNATIONAL TRANSACTIONS
A53
Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
Item credits or debits
-116,394
-141,352
-160,682
- I 22,148
215,935
-338,083
-3,338
25,398
-1,005
-4,079
-11,222
-i44,339
224,361
-368,700
-3,662
20,844
1,463
-3,885
-11,772
-i59,201
250,814
-410,015
-2,078
14,483
-418
-3,526
-9,942
11 Change in U.S. government assets, other than official
reserve assets, net (increase, - )
-2,831
-1,920
1,219
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
-3,858
0
-897
908
-3,869
312
0
-246
1,500
-942
9,150
0
-509
2,070
7,590
17 Change in U.S. private assets abroad (increase, - ) 3
18
Bank-reported claims
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net 3
-24,711
-1,323
1,361
-7,481
-17,268
-94,374
-59,039
-3,986
-3,302
-28,047
-74,166
-33,431
23
24
25
26
27
22 Change in foreign official assets in the United States
(increase, +)
U.S. Treasury securities
Other U.S. government obligations
Other U.S. government liabilities
Other U.S. liabilities reported by U.S. banks
Other foreign official assets
-1,140
-838
-301
823
645
-1,469
34,698
34,515
-1,214
1,723
554
44,289
43,301
1,570
-3,227
3,705
-880
-1,060
28 Change in foreign private assets in the United States
(increase, +) 3
29
U.S. bank-reported liabilities
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
Foreign purchases of other U.S. securities, net
33
Foreign direct investments in the United States, net 3
131,012
41,045
-450
20,433
50,962
19,022
178,689
77,350
-2,791
8,275
70,802
25,053
158,296
77,857
0
17,920
0
23,947
17,920
23,947
1 Balance on current account
2
Not seasonally adjusted
3
Merchandise trade balance 2
4
Merchandise exports
5
Merchandise imports
6
Military transactions, net
7
Investment income, net 3
8
Other service transactions, net
9
Remittances, pensions, and other transfers
10
U.S. government grants (excluding military)
34 Allocation of SDRs
35 Discrepancy
36
Owing to seasonal adjustments
37
Statistical discrepancy in recorded data before seasonal
adjustment
-3,654
-38,194
Q4
Q1
Q2
Q3
Q4"
-37,977
-36,398
-38,595
57,021
-95,616
-495
4,492
759
-1,151
-2,987
-36,909
-33,435
-38,920
56,769
-95,689
-37
5,513
-390
-989
-2,086
-41,338
-42,028
-39,742
59,875
-99,617
29
1,589
-150
-837
-2,227
-43,442
-48,317
-40,365
65,110
-105,475
-735
294
289
-833
-2,092
-38,993
-36,902
-40,174
69,060
-109,234
-1,335
7,088
225
-177
355
816
132
0
-31
283
1,956
0
76
606
1,274
3,419
0
-171
335
3,255
32
0
407
-165
3,743
0
-205
722
3,226
13,170
25,686
-1,163
-1,345
-18,320
-15,685
2,603
384
-5,622
-27,559
-20,107
-327
-923
-6,202
-41,457
-23,325
363
860
714
-377
-211
-624
19,904
19,212
662
35
-242
237
38,974
32,290
-120
-32,351
-31,800
170
3,113
-3,834
-10,008
-210
-168
-868
-3,536
- i ,770
-16,362
1,003
4,572
-117
-607
-2,435
-410
-1,381
3,611
-360
10,070
11,084
256
-1,504
547
-313
57,428
34,604
1,035
-3,074
12,269
12,594
12,802
-13,614
1,761
-1,570
18,499
7,726
39,494
14,823
1,526
-2,211
15,870
9,486
67,026
44,358
525
-2,855
12,693
12,305
548
-4,928
11,064
0
21,892
0
11,750
3,904
0
-5,197
2,959
0
6,852
-1,700
0
3,226
-4,833
0
17,013
3,577
21,892
7,846
-8,156
8,552
8,059
' -6,088
42,134
40,581
13,953
12,145
-62
MEMO
Changes in official assets
U.S. official reserve assets (increase, - )
Foreign official assets in the United States (increase, +)
excluding line 25
40 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39
1. Seasonal factors are not calculated for lines
38-41.
2. Data are on an international accounts (IA)
basis data, shown in table 3.11, for reasons of
exports are excluded from merchandise data and
3. Includes reinvested earnings.
-3,858
312
9,150
132
1,956
3,419
32
3,743
-1,963
32,975
47,516
1,610
15,334
11,574
739
19,869
-6,709
-8,508
-10,006
-5,195
-2,901
-2,651
-1,721
-2,733
46
101
94
53
26
13
47
6, 10, 12-16, 18-20, 22-34, and
basis. Differs from the Census
coverage and timing. Military
are included in line 6.
4. Primarily associated with military sales contracts and other transactions
arranged with or through foreign o f f i c i i agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business
(Department of Commerce).
A54
3.11
International Statistics • June 1988
U.S. FOREIGN TRADE1
Millions of dollars; monthly data are not seasonally adjusted.
1987
Item
1
EXPORTS of domestic and foreign
merchandise excluding grant-aid
shipments, f.a.s. value
2
GENERAL IMPORTS including
merchandise for immediate
consumption plus entries into
bonded warehouses, c.i.f. value
3
Trade balance
1985
218,815
1986
226,808
1988
1987
252,866
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
20,222
20,986
21,752
23,799
24,801
22,330
23,559
352,463
382,964
424,082
35,905
35,062
39,383
37,016
37,003
34,767
37,387
-133,648
-156,156
-171,217
-15,683
-14,076
-17,631
-13,218
-12,202
-12,437
-13,828
1. The Census basis data differ from merchandise trade data shown in table
3.10, U.S. International Transactions Summary, for reasons of coverage and
timing. On the export side, the largest adjustment is the exclusion of military sales
(which are combined with other military transactions and reported separately in
the "service account" in table 3.10, line 6). On the import side, additions are made
for gold, ship purchases, imports of electricity from Canada, and other transac-
tions; military payments are excluded and shown separately as indicated above.
As of Jan. 1, 1987 census data are released 45 days after the end of the month.
Total exports and the trade balance reflect adjustments for undocumented exports
to Canada.
SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade"
(Department of Commerce, Bureau of the Census).
3.12 U.S. RESERVE ASSETS
Millions of dollars, end of period
1987
Type
1984
1985
1988
1986
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
1
Total
34,934
43,186
48,511
45,070
46,200
46,779
45,798
42,955
43,064
43,186
2
Gold stock, including Exchange
Stabilization Fund
11,096
11,090
11,064
11,075
11,085
11,082
11,078
11,068
11,063
11,063
3
Special drawing rights 2,3
5,641
7,293
8,395
9,078
9,373
9,937
10,283
9,765
9,761
9,899
4
Reserve position in International
Monetary Fund
11,541
11,947
11,730
10,918
11,157
11,369
11,349
10,804
10,445 '
10,645
6,656
12,856
17,322
13,999
14,585
14,391
13,088
11,318
11,795
11,579
5
Foreign currencies
4
1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.13. Gold stock is valued at $42.22 per fine troy ounce.
2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based
on a weighted average of exchange rates for the currencies of member countries.
From July 1974 through December 1980, 16 currencies were used; from January
1981, 5 currencies have been used. The U.S. SDR holdings and reserve position
in the IMF also are valued on this basis beginning July 1974.
3. Includes allocations by the International Monetary Fund of SDRs as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus transactions in SDRs.
4. Valued at current market exchange rates.
3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS 1
Millions of dollars, end of period
1987
Assets
1984
1985
Sept.
1 Deposits
Assets held in custody
i
2 U.S. Treasury securities
3 Earmarked gold
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
267
480
287
456
236
351
244
355
343
534
118,000
14,242
121,004
14,245
155,835
14,048
179,097
14,015
182,072
13,998
187,767
13,965
195,126
13,919
206,675
13,882
215,308
13,824
175,554
13,773
1. Excludes deposits and U.S. Treasury securities held for international and
regional organizations.
2. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
1988
1986
3. Earmarked gold and the gold stock are valued at $42.22 per fine troy ounce,
Earmarked gold is gold held for foreign and international accounts and is not
included in the gold stock of the United States.
Summary Statistics
3.14 FOREIGN BRANCHES OF U.S. BANKS
A55
Balance Sheet Data1
Millions of dollars, end of period
1987
Asset account
1984
1985
1988
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
All foreign countries
1 Total, all currencies
2 Claims on United States
Parent bank
4
Other banks in United States
5
Nonbanks
6 Claims on foreigners
7
Other branches of parent bank
8
Banks
9
Public borrowers
10
Nonbank foreigners
453,656
458,012
456,628
473,540
490,367r
521,587'
525,696'
518,906'
503,500
495,107
113,393
78,109
13,664
21,620
320,162
95,184
100,397
23,343
101,238
119,706
87,201
13,057
19,448
315,676
91,399
102,960
23,478
97,839
114,563
83,492
13,685
17,386
312,955
96,281
105,237
23,706
87,731
124,737
89,958
14,739
20,040
314,727
97,988
108,068
21,537
87,134
137,468'
101,885''
15,949
19,634
319,761'
103,281'
108,482'
21,592'
86,406'
138,221
99,450
17,826
20,945
347,493'
116,556'
118,240'
22,094'
90,603'
140,439
102,814
16,701
20,924
346,66C
116,509'
115,587'
22,303'
92,261'
138,132
105,943
16,416
15,773
342,253'
122,057
108,843'
21,741'
89,612'
131,376
95,482
14,910
20,984
333,957
115,249
108,176
21,280
89,252
131,062
94,348
15,396
21,318
326,181
111,594
105,580
21,243
87,764
20,101
22,630
29,110
34,076
33,138'
35,873'
38,597'
38,521'
38,167
37,864
12 Total payable in U.S. dollars
350,636
336,520
317,487
322,286
340,917'
354,504'
353,024'
350,550'
335,606
331,067
n Claims on United States
14
Parent bank
15 Other banks in United States
16 Nonbanks
17 Claims on foreigners
18 Other branches of parent bank
19 Banks
70
Public borrowers
21
Nonbank foreigners
111,426
77,229
13,500
20,697
228,600
78,746
76,940
17,626
55,288
116,638
85,971
12,454
18,213
210,129
72,727
71,868
17,260
48,274
110,620
82,082
12,830
15,708
195,063
72,197
66,421
16,708
39,737
118,964
87,844
12,830
18,290
189,958
73,327
64,106
15,115
37,410
131,934'
100,026'
13,942
17,966
195,086'
77,699
64,516'
14,943
37,928
131,659
97,257
15,627
18,775
209,097
86,693
68,931
14,988
38,485
133,731
100,123
14,632
18,976
203,914
85,548
65,771
14,952
37,643
132,121
103,349
14,657
14,115
202,282
88,186
63,706
14,730
35,660
124,820
92,393
13,439
18,988
196,109
84,443
61,384
14,720
35,562
124,836
91,271
13,886
19,679
190,766
82,987
58,175
14,619
34,985
10,610
9,753
11,804
13,364
13,897'
13,748'
15,379'
16,147'
14,677
15,465
11 Other assets
22 Other assets
United Kingdom
23 Total, all currencies
144,385
148,599
140,917
148,039
149,633
163,472
167,726
159,186
160,244
157,575
74 Claims on United States
7,5 Parent bank
26
Other banks in United States
71
Nonbanks
7.8 Claims on foreigners
29
Other branches of parent bank
30
Banks
31
Public borrowers
32
Nonbank foreigners
27,675
21,862
1,429
4,384
111,828
37,953
37,443
5,334
31,098
33,157
26,970
1,106
5,081
110,217
31,576
39,250
5,644
33,747
24,599
19,085
1,612
3,902
109,508
33,422
39,468
4,990
31,628
31,377
25,627
1,585
4,165
108,293
30,794
40,082
4,761
32,656
32,581
27,128
1,349
4,104
108,562
33,334
38,390
4,725
32,113
33,904
27,710
1,870
4,324
120,079
37,402
42,929
4,881
34,867
35,406
29,553
1,694
4,159
121,473
39,138
41,649
5,272
35,414
32,518
27,350
1,259
3,909
115,700
39,903
36,735
4,752
34,310
32,464
26,923
1,558
3,983
118,407
39,702
39,697
4,639
34,369
32,869
27,484
1,535
3,850
115,430
38,077
38,654
4,613
34,086
4,882
5,225
6,810
8,369
8,490
9,489
10,847
10,968
9,373
9,276
99,656
105,515
107,289
101,065
102,075
101,642
33 Other assets
34 Total payable in U.S. dollars
35 Claims on United States
36
Parent bank
37
Other banks in United States
38
Nonbanks
39 Claims on foreigners
40
Other branches of parent bank
41
Banks
47
Public borrowers
43
Nonbank foreigners
44 Other assets
112,809
108,626
95,028
96,510
26,868
21,495
1,363
4,010
82,945
33,607
26,805
4,030
18,503
32,092
26,568
1,005
4,519
73,475
26,011
26,139
3,999
17,326
23,193
18,526
1,475
3,192
68,138
26,361
23,251
3,677
14,849
29,519
24,853
1,309
3,357
63,265
23,155
22,646
3,473
13,991
30,791
26,423
1,105
3,263
64,561
25,600
21,522
3,377
14,062
31,820
26,850
1,504
3,466
69,276
27,810
22,941
3,426
15,099
33,409
28,685
1,408
3,316
68,864
29,166
21,833
3,472
14,393
30,439
26,304
1,044
3,091
64,560
28,635
19,188
3,313
13,424
30,083
25,781
1,132
3,170
67,458
29,336
20,814
3,313
13,995
30,971
26,565
1,273
3,133
66,313
29,813
19,516
3,347
13,637
2,996
3,059
3,697
3,726
4,304
4,419
5,016
6,066
4,534
4,358
Bahamas and Caymans
45 Total, all currencies
46 Claims on United States
47
Parent bank
48
Other banks in United States
49
Nonbanks
50 Claims on foreigners
51
Other branches of parent bank
57
Banks
53
Public borrowers
54
Nonbank foreigners
55 Other assets
56 Total payable in U.S. dollars
146,811
142,055
142,592
139,986
152,146
156,951
155,100
160,321
148,718
143,630
77,296
49,449
11,544
16,303
65,598
17,661
30,246
6,089
11,602
74,864
50,553
11,204
13,107
63,882
19,042
28,192
6,458
10,190
78,048
54,575
11,156
12,317
60,005
17,296
27,476
7,051
8,182
72,558
45,697
12,111
14,750
62,336
18,228
29,160
6,873
8,075
81,913
53,902
13,538
14,473
65,622
18,698
31,692
6,988
8,244
83,383
53,289
14,721
15,373
68,713
18,936
35,014
7,018
7,745
82,366
52,759
13,980
15,627
67,658
18,905
33,479
7,196
8,078
85,318
60,048
14,277
10,993
70,162
21,277
33,751
7,428
7,706
79,893
51,249
12,472
16,172
63,469
19,777
29,365
7,257
7,070
78,015
48,402
13,042
16,571
60,111
18,460
27,705
7,071
6,875
3,917
3,309
4,539
5,092
4,611
4,855
5,076
4,841
5,356
5,504
142,622
145,841
144,525
151,434
141,135
135,916
141,562
136,794
136,813
1. Beginning with June 1984 data, reported claims held by foreign branches
have been reduced by an increase in the reporting threshold for "shell" branches
130,985
from $50 million to $150 million equivalent in total assets, the threshold now
applicable to all reporting branches.
A56
3.14
International Statistics • June 1988
Continued
1987
Liability account
1988
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
All foreign countries
57 Total, all currencies
453,656
458,012
456,628
473,540
490,367'
521,587'
525,696'
518,906'
503,500
495,107
58 Negotiable CDs
59 To United States
60
Parent bank
61
Other banks in United States
62
Nonbanks
37,725
147,583
78,739
18,409
50,435
34,607
156,281
84,657
16,894
54,730
31,629
152,465
83,394
15,646
53,425
33,648
141,913
74,906'
15,289
51,718'
35,724
153,877'
80,993'
17,246
55,638'
36,796
156,678'
80,215'
18,868
57,595'
34,690
156,118'
83,844'
18,868
53,406'
30,929
161,303'
87,634'
20,558
53,111'
29,272
150,621
78,531
15,886
56,204
31,153
149,380
84,668
14,400
50,312
63 To foreigners
64
Other branches of parent bank
65
Banks
66
Official institutions
67
Nonbank foreigners
68 Other liabilities
247,907
93,909
78,203
20,281
55,514
20,441
245,939
89,529
76,814
19,520
60,076
21,185
253,775
95,146
77,809
17,835
62,985
18,759
278,883
97,908
87,449
21,016
72,510
19,096
281,152'
104,025'
85,682'
20,266'
71,179'
19,614'
307,087'
114,825'
98,097'
20,370'
73,795'
21,026'
312,498'
116,978'
97,462'
21,873'
76,185'
22,390'
304,707'
124,563'
87,23C
19,564'
73,35C
21,967'
301,956
116,375
89,539
21,130
74,912
21,651
292,762
111,729
88,245
20,364
72,424
21,812
69 Total payable in U.S. dollars
367,145
353,712
336,406
333,377
352,199'
365,735'
361,526'
361,283'
344,682
341,493
70 Negotiable CDs
71 To United States
72
Parent bank
73
Other banks in United States
74
Nonbanks
35,227
143,571
76,254
17,935
49,382
31,063
150,905
81,631
16,264
53,010
28,466
144,483
79,305
14,609
50,569
29,634
132,907
70,126'
14,086
48,695'
30,933
143,812
75,702'
15,829
52,281'
32,117
145,382'
74,710'
17,313
53,359'
30,075
143,104'
77,729'
17,194
48,181'
26,768
148,359'
81,815'
19,154
47,39C
24,785
139,134
73,009
14,518
51,607
26,290
138,592
78,917
13,081
46,594
75 To foreigners
76 Other branches of parent bank
77
Banks
78
Official institutions
79
Nonbank foreigners
80 Other liabilities
178,260
77,770
45,123
15,773
39,594
10,087
163,583
71,078
37,365
14,359
40,781
8,161
156,806
71,181
33,850
12,371
39,404
6,651
163,427
72,620
34,808
15,527
40,472
7,409
169,564'
78,096'
35,294'
14,247'
41,927
7,890'
179,442'
84,410'
40,144'
13,405'
41,483'
8,794'
179,44c
84,572
38,904'
14,161
41,803'
8,907'
177,641'
90,431'
35,034'
12,409"
39,767
8,515'
172,215
84,239
33,305
12,736
41,935
8,548
167,460
82,781
32,238
12,071
40,370
9,151
•.
United Kingdom
81 Total, all currencies
144,385
148,599
140,917
148,039
149,633
163,472
167,726
159,186
160,244
157,575
82 Negotiable CDs
83 To United States
84
Parent bank
85
Other banks in United States
86 Nonbanks
34,413
25,250
14,651
3,125
7,474
31,260
29,422
19,330
2,974
7,118
27,781
24,657
14,469
2,649
7,539
29,363
22,202
13,234
1,875
7,093
31,451
22,462
13,357
2,073
7,032
32,523
22,868
12,251
2,382
8,235
30,475
24,961
14,018
2,103
8,840
26,988
23,470
13,223
1,740
8,507
25,184
25,209
14,177
1,596
9,436
26,786
26,533
15,527
1,615
9,391
87 To foreigners
88 Other branches of parent bank
89
Banks
90 Official institutions
91 Nonbank foreigners
92 Other liabilities
77,424
21,631
30,436
10,154
15,203
7,298
78,525
23,389
28,581
9,676
16,879
9,392
79,498
25,036
30,877
6,836
16,749
8,981
87,745
23,379
34,414
9,670
20,282
8,729
86,813
26,094
31,681
10,387
18,651
8,907
98,215
29,718
38,502
10,248
19,747
9,866
101,686
30,727
37,690
12,000
21,269
10,604
98,689
33,078
34,290
11,015
20,306
10,039
100,001
33,344
34,820
11,571
20,266
9,850
94,084
30,350
33,520
11,048
19,166
10,172
93 Total payable in U.S. dollars
117,497
112,697
99,707
99,163
102,202
108,440
108,481
102,550
105,138
105,162
94 Negotiable CDs
95 To United States
%
Parent bank
97
Other banks in United States
98
Nonbanks
33,070
24,105
14,339
2,980
6,786
29,337
27,756
18,956
2,826
5,974
26,169
22,075
14,021
2,325
5,729
27,264
19,578
12,608
1,694
5,276
28,776
19,528
12,609
1,883
5,036
29,991
18,819
11,283
2,080
5,456
27,999
19,800
12,792
1,789
5,219
24,926
17,752
12,026
1,512
4,214
22,875
20,799
13,307
1,398
6,094
24,281
23,019
14,626
1,401
6,992
99 To foreigners
UN)
Other branches of parent bank
101
Banks
102 Official institutions
103 Nonbank foreigners
104 Other liabilities
56,923
18,294
18,356
8,871
11,402
3,399
51,980
18,493
14,344
7,661
11,482
3,624
48,138
17,951
15,203
4,934
10,050
3,325
49,183
15,565
15,471
7,872
10,275
3,138
50,386
17,994
14,359
8,060
9,973
3,512
55,209
20,018
17,786
7,115
10,290
4,421
56,443
20,826
17,024
7,970
10,623
4,239
55,919
22,334
15,580
7,530
10,475
3,953
57,620
22,870
16,119
7,993
10,638
3,844
53,444
21,753
14,401
7,045
10,245
4,418
Bahamas and Caymans
105 Total, all currencies
146,811
142,055
142,592
152,146
156,951
155,100
160,321
148,718
143,630
106 Negotiable CDs
107 To United States
108 Parent bank
109 Other banks in United States
110 Nonbanks
615
102,955
47,162
13,938
41,855
610
104,556
45,554
12,778
46,224
847
106,081
49,481
11,715
44,885
975
98,085
42,275'
12,276
43,534'
886
108,205
47,165'
13,5%
47,444'
890
111,976
49,387'
14,872
47,717'
861
108,039
50,065'
15,204
42,77C
885
113,950
53,353'
17,224
43,373'
851
105,149
46,729
13,017
45,403
940
99,840
49,032
11,455
39,353
40,320
16,782
12,405
2,054
9,079
2,921
35,053
14,075
10,669
1,776
8,533
1,836
34,400
12,631
8,617
2,719
10,433
1,264
39,437
16,465
9,514
2,935
10,523
1,489
41,417
16,965
10,435
1,814
12,203
1,638
42,295
17,090
11,589
2,158
11,458
1,790
44,398
17,812
12,611
2,064
11,911
1,802
43,815
19,185'
10,769'
1,504
12,357
1,671
40,820
18,627
9,344
1,377
11,472
1,898
41,215
18,585
9,825
1,179
11,626
1,635
143,582
138,322
138,774
134,354
145,402
149,472
146,485
141,750
136,540
111 To foreigners
112 Other branches of parent bank
113 Banks
114 Official institutions
115 Nonbank foreigners
116 Other liabilities
117 Total payable in U.S. dollars
139,986
152,927
Summary Statistics
3.15
A57
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1987
Item
1 Total1
2
3
4
5
6
7
8
9
10
11
12
By type
Liabilities reported by banks in the United States'1
U.S. Treasury bills and certificates
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities
By area
Western Europe 1
Canada
Latin America and Caribbean
Asia
Other countries 6
1985
1988
1986
Aug.
Sept.'
Oct.
Nov.
Dec.
Jan.
Feb."
178,380
211,834'
237,818'
239,689
252,551'
254,080'
259,635'
267,075
275,981
26,734
53,252
27,92C
75,650
29,728'
78,210
32,044
75,701
38,337'
78,819
34,259'
82,542
31,821
88,829
32,548
90,635
31,826
93,407
77,154
3,550
17,690
91,368
1,300
15,596
115,101
300
14,479
116,442
300
15,202
118,909'
300
16,186
120,762'
300
16,217
122,556'
300
16,129
127,674
300
15,918
134,775
300
15,673
74,447
1,315
11,148
86,448
1,824
3,199
88,629'
2,004
8,417'
105,868
1,503
5,412
106,863'
4,189
8,813'
109,529
1,837
6,589
108,398
4,529
8,561
109,487
1,618
7,094
116,510'
5,152
9,217
114,106
1,474
6,089'
117,628
4,884
8,924
116,417'
1,562
4,665
124,609'
4,961
8,308
116,208'
1,402
4,147
127,769
6,182
7,925
119,299
1,458
4,442
127,266
6,839
8,271
127,427
1,493
4,682
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness (including those payable
in foreign currencies through 1974) and Treasury bills issued to official institutions
of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes
bonds and notes payable in foreign currencies.
5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.
NOTE. Based on Treasury Department data and on data reported to the
Treasury Department by banks (including Federal Reserve Banks) and securities
dealers in the United States.
3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies1
Millions of dollars, end of period
1987
1984
Item
1 Banks' own liabilities
2 Banks' own claims
3
Deposits
4
Other claims
5 Claims of banks' domestic customers
8,586
11,984
4,998
6,986
569
1. Data on claims exclude foreign currencies held by U.S. monetary authorities.
2. Assets owned by customers of the reporting bank located in the United
1985
15,368
16,294
8,437
7,857
580
1986
29,702
26,180
14,129
12,052
2,507
Mar.'
June'
Sept.'
Dec.
38,168
34,539
15,466
19,074
2,012
39,102
34,244
12,034
22,210
923
45,872
41,744
15,753
25,992
1,067
55,029
50,877
18,190
32,688
551
States that represent claims on foreigners held by reporting banks for the accounts
of the domestic customers.
A58
International Statistics • June 1988
A
3 17
LIABILITIES TO FOREIGNERS
Ranks in the United States
Reported by Banks
Payable in U . S . dollars
1988
Millions of dollars, end of period
1987
1986
Oct.
Nov.
586,148r
605,116'
618,622'
554,803'
605,074'
540,9%
306,898
19,571
110,413
26,268
150,646
341,070
21,107
117,278
29,305
173,381
406,485
23,789
130,891
42.705
209,100
415,441r
21,821'
137,698'
42,288r
213,635''
448,220'
20,869'
148,106'
50,164'
229,081'
462,986'
22,876'
151,925'
53,047'
235,138'
457,634'
23,736
147,162'
52,474'
234,262'
100,408
94,656
69,133
134,511
90,398
139,361
92.705
137,928
89,747
142,130
91,374
5,293
17,964
7,558
15,417
28,6%
16,042 I 15,933
15,259
34,823
31,397 I 32,139
4,454
5,821
2,014
254
1,26 /
493
2,621
85
2,067
469
5,807
3,958
199
2,065
1,693
2,440
916
3,200
1,736
1.849
259
1,464
1,590
407,306 I 435,726
1 AB foreigners
2 Banks' own liabilities .
3 Demand deposits .. •
4 Time deposits
5 Other
^••'i
6 Own foreign offices
certificates 5
I
9
^
Other negotiable, and readily transferable
instruments
Other
10
11 Nonmonetary intern
organizations
I
••••
reSS&ses*
19
B a
H
u s
T r e ^ r y b f f l s M d certificates5''.
readily transferable
U.S.
Other negotiable and
e
instruments"
Other
28
;'.'.'.'.'.'.'.'.'.'.'.'. • • I
[
29 Banks
31
Unaffiliated foreign banks
32
33
34
35
Demand deports
Time deposits
Other
• • -j
Own foreign offices
39
159,003
108,276
16,737
34,090
30,68c/
16,712
16,654
34,383
15,569
35,157
5,809-
4,373'
5,875
4,052
790
1,583
1.678
6,475
1,124
2,481
2,869
586
3,195'
74
1,094
2,027'
2,612'
249
1,523
839'
1,914
285
2,614
747
1,761
265
1,823
613
2,011
415
1,811
55
1,497
120,650
28,686'
1,948
12,429'
14,309
1,680
107
4,580'
80
1,235
3,264'
1,378
0
0
W7,745'
117,156'
116,801'
28,940
1,861
11,639
15,440
91,965
88,829
93,262
90,635
%,294
93,407
2,993
200
2,990
146
2.442
185
2,592
294
414,024'
391,577
387,164
400,611'
76,658'
31,621'
234,262'
371,204'
123,633'
10,918'
79,926'
32,790'
247,571'
345,395
111,723
9,774
71,249
30,700
233,671
341,529
112,190
9,739
72,125
30,327
229,339
31,066'
20,835
2,077
10,949
7,809
34,785'
1,905
16,584'
16,296'
59,150
53,252
78,142
75,650
81,505
78,210
79,401
75,701
82,372
78,819
85,735
82,542
2,347
145
3,151
144
3,540
160
3,328
225
84
5,824
75
248,893
275,589
362,957'
390,742'
9,374
5 9
'
9 7 6
6 > 9
66
23,525
11,448
351,745
310,166
101,066
10,303
64,232
26,531
209,100
22,866
9,832
319,957'
106,322'
9,900'
69,353'
27,069'
213,635'
41,579
9,984
43,000
9,100
' "
x"ea^ry'bills'and certificates .. • • • • • • • • •
Other negotiable and readily transferable
instruments
48 Other
49 MEMO: Negotiable time certificates of deposit in
custody for foreigners
74,331
79,875
60,477
6,938
52,678
861
1,820'
13,707'
15,539
!
354,402'
120,140'
11,862'
43,739
9,206
46,321
8,961
46,209
9,480
42,819'
9,134'
46,182
8,979
45,634
9.526
5,221
5,454
31,906
5,586
31,143
5,390
28,296'
5,580
31,624
4,432
31,676
81,853'
79,575'
80,446 1
81,218
66,154
9,425
54,237
2,492
29,312
7,236
4,841
67,894
405,636'
347,002' 359,316'
117,922' 124,178'
11,369'
9,799'
79,583'
77,468'
33,225'
30,656'
229,081' 235,138'
123,183 1 125,233
29,921
1,605
11,725
16,591
28,344'
1,800
14,266'
12,278'
40 Other foreigners
£
g
154,897
103,861
107,938'
26,433'
1,907
13,580'
10,946
instruments
Other
41 Banks' own liabilities
42 Demand deposits
43 Time deposits
44 Other
5,332
2,498
44
807
1,647
0
225,368
74,722
10,556
47,095
17,071
150,646
30 Banks' own liabilities . • •
149,135'
101,743'
25,427
2,267
10,497
12,663
67,026
•••• • •• • I
|
147,440
96,612
103,569
19,039
21 Banks' own liabilities
22 D e m a n d d e p o f i t s
23 Time deposits
24 Other 2
443,097
22,148
140,483
51,128
229,339
79,985
86,065
20 Official institutions
469,487'
22,704'
148,152'
51,059'
247,571'
8,486
0
instruments
Other
602,100
446,184
21,444
138,930
52,138
233,671
3,594
1 1 S V
ational and regional
111*3 own liabilities
*
12 Banks'
Demand deports
Time deposits
2
Other
Feb/
Sept.
Dec.
Aug.
1985
1984
Holder and type of liability
78,576'
79,911'
66.554'
9,970'
53,958'
2,626'
68,294'
55,137'
3,966'
78,729'
67,206'
9,495r
54,772'
2,940'
68,970'
9,981
55,703'
3,287'
66,985'
9,589'
54,275'
3,121'
66,816
9,275
54,373
3,169
13,629
3,633
15,064
4,928
7,417
4,029
9,439
4,314
12,941
4,506
12,022
3,761
11,617
3,046
11,523
3,309
12,882
3,842
12,589
3,515
5,594
2,667
5,904
2,668
5.527
2,686
6,347
2,693
6,836
2,238
7,422
2,575
3,021
367
6,315
2,120
7,024
3,U2
4,636
489
7,314
7,647
7,370
6,458
6,501
6,676
7,361
7,4%
10,476
9,845
-
bills
'TSSSaS^SSs^MiS,
i i i M S i S S ^ a^fSstStea — - - - -
J - - — - - < - — - to"e"tr"
Nonbank-Reported
3.17
Data
Continued
1987
Area and country
1984
1985
1988
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
1 Total
407,306
435,726
540,996
554,803'
586,148'
605,116'
605,074'
618,622'
601,081
602,100
2 Foreign countries
402,852
429,905
535,189
549,470'
578,397'
601,522'
599,265'
614,249'
595,206
593,615
153,145
615
4,114
438
418
12,701
3,358
699
10,762
4,731
1,548
597
2,082
1,676
31,740
584
68,671
602
7,192
79
537
164,114
693
5,243
513
496
15,541
4,835
666
9,667
4,212
948
652
2,114
1,422
29,020
429
76,728
673
9,635
105
523
180,556
1,181
6,729
482
580
22,862
5,762
700
10,875
5,600
735
699
2,407
884
30,534
454
85,334
630
3,326
80
702
208,534'
1,066
9,754
576
535'
27,003
7,746'
636
7,667
5,462'
593
700
2,287
1,387
28,265'
514
107,149'
491
6,016
45
640'
215,293'
i,28C
10,463'
590
507'
27,899
6,834'
690
8,410
6,119'
663
684
2,526
1,639
27,332'
398
110,235'
519
7,958'
51
494'
233,296'
1,166
10,833'
704
571'
28,255
8,562'
738
10,282'
6,725'
1,187'
724
2,683
1,582'
29,053'
550
119,308'
508
9,18c
87
599'
229,008'
1,254'
10,917'
628
461
27,522
8,548'
715'
10,016'
6,490
1,074
858
2,614
2,882
30,167
433
115,122'
485
8,184
36
602
234,662'
920
9,304'
757'
377
29,954'
7,061
689
12,063
5,013
1,362
801
2,619
1,379
33,754'
703
116,778'
711
9,798'
31
588'
225,540
992
9,386
547
401
28,198
7,788
638
11,258
5,272
1,196
725
2,359
1,393
31,925
674
111,747
541
9,720
37
743
225,873
964
9,798
655
405
28,847
8,675
639
11,000
5,317
828
780
2,433
1,719
31,372
592
112,066
557
8,345
49
831
16,059
17,427
26,345
22,560'
26,065'
25,74C
28,681
30,083
28,691
25,966
214.306'
5,267'
70,946'
2,231'
4,136'
78,236'
2,218
4,305
9
1,087
1,032
150
14,508
5,234
7,503'
1,205
1,526
9,075
5,639'
220,313'
4,994
74,589'
2,335'
4,00C
81,632'
2,21C
4,205
12
1,082
1,080
160
14,534
4,972
7,400
1,271
1,579
9,035
5,223'
211,991
4,893
69,171
2,137
3,936
78,4%
2,122
3,947
8
1,115
1,098
150
15,021
4,987
7,329
1,235
1,670
9,174
5,502
210,451
5,078
64,936
2,022
4,226
80,055
2,358
3,892
9
1,132
1,098
148
15,127
5,156
6,983
1,326
1,752
9,728
5,426
3 Europe
4
Austria
Belgium-Luxembourg
5
6
Denmark
7
Finland
8
France
9
Germany
10 Greece
Italy
11
Netherlands
12
13 Norway
14
Portugal
Spain
IS
Sweden
16
17 Switzerland
18 Turkey
19
United Kingdom
7.0 Yugoslavia
Other Western Europe 1
7.1
77
U.S.S.R
23
Other Eastern Europe
24 Canada
?s Latin America and Caribbean
7.6 Argentina
77
Bahamas
78
Bermuda
79
Brazil
30
British West Indies
31
Chile
3?
Colombia
33
Cuba
34
Ecuador
35
Guatemala
36
Jamaica
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
Venezuela
47
Other
43
153,381
4,394
56,897
2,370
5,275
36,773
2,001
2,514
10
1,092
896
183
12,303
4,220
6,951
1,266
1,394
10,545
4,297
167,856
6,032
57,657
2,765
5,373
42,674
2,049
3,104
11
1,239
1,071
122
14,060
4,875
7,514
1,167
1,552
11,922
4,668
210,318
4,757
73,619
2,922
4,325
72,263
2,054
4,285
7
1,236
1,123
136
13,745
4,970
6,886
1,163
1,537
10,171
5,119
201,251'
5,074
61,738'
2,265'
3,967'
74,165'
2,119
4,429'
7
1,101
1,087
171
14,549
5,338
7,122'
1,203
1,485
10,249'
5,181'
214,096'
4,674
70,718'
2,234
4,413'
78,582'
2,248
4,199'
7
1,097
1,072
156
14,286'
5,218
7,179'
1,206
1,492
9,866'
5,451'
217,859'
5,075
72,547'
2,442'
3,691'
80,303'
2,191
4,195'
12
1,062'
1,053
140
14,325'
5,305
7,457'
1,205
1,494'
9,929'
5,434'
71,187
72,280
108,831
106,964'
112,294'
115,683'
118,834'
121,177'
121,113
122,849
1,153
4,990
6,581
507
1,033
1,268
21,640
1,730
1,383
1,257
16,804
12,841
1,607
7,786
8,067
712
1,466
1,601
23,077
1,665
1,140
1,358
14,523
9,276
1,476
18,902
9,393
674
1,547
1,892
47,410
1,141
1,866
1,119
12,352
11,058
2,011
15,377
9,012'
902
1,541
1,036
49,872
1,388
1,208
1,180'
12,676
10,760'
1,775
15,197
8,653'
771
1,440'
1,105
53,747'
1,714
1,152
1,116'
14,043
11,58c
1,699
18,302
9,59C
606
1,336
2,170
53,268'
1,557'
1,331
1,275
13,660
10,888'
1,435
21,564
10,541
701
1,677
1,221
52,735'
1,606
1,259
1,483
13,379'
11,232
1,162
21,494'
10,196
588
1,399
1,477'
54,109'
1,599'
1,085
1,345
13,993
12,73C
1,336
22,869
9,284
866
1,474
1,265
55,128
1,739
1,035
1,433
12,503
12,181
1,352
23,884
9,984
880
1,587
1,355
56,293
1,502
1,003
1,354
12,409
11,248
57 Africa
58
Egypt
59
Morocco
60
South Africa
Zaire
61
Oil-exporting countries 4
62
63
Other
3,396
647
118
328
153
1,189
961
4,883
1,363
163
388
163
1,494
1,312
4,021
706
92
270
74
1,519
1,360
4,194
1,158
74
227
69
1,331'
1,335
4,011
1,118
81
198'
81
1,179'
1,354
3,918'
1,104
70
280
71
1,081
1,313
4,065
1,169
75
246
82
1,108
1,386
3,944'
l.lSC
194
202
67
1,014
1,316
3,757
1,142
71
214
89
981
1,261
3,755
1,118
69
194
86
1,047
1,241
64 Other countries
65
Australia
66
All other
5,684
5,300
384
3,347
2,779
568
5,118
4,196
922
5,968'
5,065'
904'
6,638'
5,684'
955r
5,026'
4,057'
969'
4,372'
3,711
661'
4,069'
3,325
744'
4,114
3,319
795
4,720
3,817
903
67 Nonmonetary international and regional
organizations
International 5
Latin American regional
Other regional 6
4,454
3,747
587
120
5,821
4,806
894
121
5,807
4,620
1,033
154
5,332
3,819
1,070
443
7,751'
6,103'
1,126
522
3,594
2,107
1,155
331
5,809'
3,724'
1,478
608
4,373'
2,739'
1,272
362
5,875
4,301
1,181
393
8,486
6,445
1,505
536
44 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle-East oil-exporting countries 3
Other
45
46
47
48
49
50
51
57
53
54
55
56
68
69
70
1. Includes the Bank for International Settlements and Eastern European
countries that are not listed in line 23.
2. Comprises Bulgaria, Czechoslovakia, the German Democratic Republic,
Hungary, Poland, and Romania.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Excludes "holdings of dollars" of the International Monetary Fund.
6. Asian, African, Middle Eastern, and European regional organizations,
except the Bank for International Settlements, which is included in "Other
Western Europe."
A59
A60
3.18
International Statistics • June 1988
BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1987r
Area and country
1984
1985
1988
1986
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. p
1 Total
400,162
401,608
444,745
427,804
447,788
461,224
459,788
458,714
442,234
440,426
2 Foreign countries
399,363
400,577
441,724
424,681
443,104
458,393
452,618
454,131
439,423
438,239
99,014
433
4,794
648
898
9,157
1,306
817
9,119
1,356
675
1,243
2,884
2,230
2,123
1,130
56,185
1,886
5%
142
1,389
106,413
598
5,772
706
823
9,124
1,267
991
8,848
1,258
706
1,058
1,908
2,219
3,171
1,200
62,566
1,964
998
130
1,107
107,823
728
7,498
688
987
11,356
1,816
648
9,043
3,296
672
739
1,492
1,964
3,352
1,543
58,335
1,835
539
345
948
104,270
784
9,587
868
1,031
12,529
1,333
375
6,412
3,076
803
667
1,945
2,474
2,674
1,757
54,186
1,742
548
521
958
105,925
683
9,586
747
1,266
12,780
1,487
406
6,542
3,247
722
638
2,234
2,746
2,614
1,681
54,739
1,741
608
544
915
111,006
929
10,133
790
1,089
14,348
2,104
430
7,412
3,964
812
570
1,859
2,527
2,825
1,564
55,906
1,750
539
473
983
107.259
927
9,551
881
1,030
13,512
1,557
452
7,286
3,813
938
545
2,032
2,640
2,880
1,566
53,960
1,697
662
437
892
101,409
793
9,377
718
1,010
13,473
2,060
463
7,467
2,619
934
477
1,849
2,269
2,659
1,675
49,959
1,700
665
389
852
97,007
762
9,629
852
876
11,687
2,189
573
6,516
2,902
842
471
1,629
2,106
2,572
1,631
48,318
1,694
578
386
794
99,974
800
9,781
746
835
12,203
1,893
746
6,164
2,897
745
499
1,966
2,304
3,068
1,638
50,096
1,706
725
376
786
3 Europe
4
Austria
5
Belgium-Luxembourg
6
Denmark
7
Finland
8
France
9
Germany
10 Greece
11
Italy
12 Netherlands
13 Norway
14
Portugal
15
Spain
16 Sweden
17 Switzerland
18 Turkey
19 United Kingdom
20
Yugoslavia
21
Other Western Europe 1
22
U.S.S.R
23
Other Eastern Europe
24 Canada
16,109
16,482
21,006
18,484
21,599
21,402
25,313
25,269
23,380
21,890
207,862
11,050
58,009
592
26,315
38,205
6,839
3,499
0
2,420
158
252
34,885
1,350
7,707
2,384
1,088
11,017
2,091
202,674
11,462
58,258
499
25,283
38,881
6,603
3,249
0
2,390
194
224
31,799
1,340
6,645
1,947
960
10,871
2,067
208,825
12,091
59,342
418
25,716
46,284
6,558
2,821
0
2,439
140
198
30,698
1,041
5,436
1,661
940
11,108
1,936
202,866
12,295
55,867
359
26,693
43,586
6,519
2,784
0
2,385
105
202
30,718
987
4,625
1,549
966
11,368
1,857
214,718
11,857
64,951
328
26,047
47,866
6,469
2,730
0
2,367
124
198
30,591
1,034
4,580
1,479
962
11,277
1,857
217,010
12,119
63,666
418
25,803
51,721
6,388
2,730
0
2,396
131
191
30,307
1,013
4,566
1,457
961
11,224
1,920
211,906
12,054
61,437
331
25,453
49,549
6,429
2,730
0
2,334
145
184
30,101
1,113
4,685
1,459
975
11,109
1,818
213,253
11,987
64,788
478
25,288
48,757
6,304
2,739
1
2,286
144
188
29,526
980
4,739
1,323
968
10,998
1,761
206,889
12,106
60,881
380
25,358
47,013
6,332
2,709
0
2,339
134
202
29,123
1,029
4,304
1,316
%1
10,917
1,785
202,411
11,974
57,512
321
25,640
46,263
6,260
2,667
0
2,236
140
190
29,211
1,121
3,791
1,336
954
11,038
1,755
66,316
66,212
96,126
91,557
93,361
100,328
100,272
106,231
104,925
106,718
710
1,849
7,293
425
724
2,088
29,066
9,285
2,555
1,125
5,044
6,152
639
1,535
6,797
450
698
1,991
31,249
9,226
2,224
845
4,298
6,260
787
2,681
8,307
321
723
1,634
59,674
7,182
2,217
578
4,122
7,901
919
2,772
6,594
565
624
1,450
61,120
4,589
2,151
545
4,315
5,916
894
2,980
6,953
551
622
1,591
60,120
4,616
2,126
453
4,848
7,608
543
4,224
6,887
527
625
1,331
65,679
4,9%
2,082
446
5,063
7,924
870
4,784
7,312
502
601
1,293
64,767
4,982
2,040
439
5,157
7,524
968
4,577
8,135
510
580
1,363
69,098
5,004
2,069
491
4,841
8,5%
886
3,994
7,591
495
571
1,279
71,085
4,919
1,961
517
3,567
8,060
887
4,002
7,721
548
632
1,211
73,231
4,734
1,966
520
3,437
7,829
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
Other
63
6,615
728
583
2,795
18
842
1,649
5,407
721
575
1,942
20
630
1,520
4,650
567
598
1,550
28
694
1,213
4,738
586
603
1,497
35
861
1,156
4,707
541
582
1,508
40
887
1,149
5,375
538
605
1.546
38
1,530
1,118
4,668
526
585
1,494
36
903
1,123
4,742
521
542
1,507
15
1,003
1,153
4,805
510
491
1,520
36
1,019
1,229
4,869
469
490
1,461
82
1,086
1,280
64 Other countries
65
Australia
66
All other
3,447
2,769
678
3,390
2,413
978
3,294
1,949
1,345
2,764
1,689
1,075
2,793
1,837
955
3,272
2,035
1,237
3,201
2,093
1,109
3,228
2,189
1,039
2,418
1,428
991
2,378
1,430
947
800
1,030
3,021
3,123
4,684
2,830
7,170
4,583
2,811
2,187
25 Latin America and Caribbean
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
British West Indies
30
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala
36
Jamaica
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean
44
45
46
47
48
49
50
51
52
53
54
55
56
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries
Other Asia
67 Nonmonetary international and regional
organizations 6
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German
Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in
"Other Western Europe."
Nonbank-Reported
Data
3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States1
Payable in U.S. Dollars
Millions of dollars, end of period
1987'
Type of claim
1984
1985
1988
1986
Aug.
Sept.
Oct.
Nov.
461,224
64,967
218,396
134,104
63,193
70,911
43,756
459,788
69,483
220,479
126,389
58,052
68,337
43,437
Dec.
1 Total
433,078
430,489
478,650
2 Banks' own claims on foreigners
Foreign public borrowers
3
4
Own foreign offices
5
Unaffiliated foreign banks
Deposits
6
7
Other
8
All other foreigners
400,162
62,237
156,216
124,932
49,226
75,706
56,777
401,608
60,507
174,261
116,654
48,372
68,282
50,185
444,745
64,095
211,533
122,946
57,484
65,462
46,171
32,916
3,380
28,881
3,335
33,905
4,413
33,809
3,103
37,726
3,672
23,805
19,332
24,044
22,071
26,684
5,732
6,214
5,448
8,636
7,370
37,103
28,487
25,706
21,788
23,317
40,714
38,102
41,434 R
9 Claims of banks' domestic customers 3 ...
11
481,597
427,804
66,127
196,225
122,204
57,270
64,934
43,248
447,788
67,104
210,267
127,475
60,143
67,332
42,941
Jan.
Feb.''
442,234
63,531
217,103
119,784
55,265
64,520
41,816
440,426
62,222
218,132
118,398
55,283
63,115
41,673
34,216
39,387
496,440
458,714
65,329
223,110
127,319
60,250
67,068
42,957
Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: C u s t o m e r liability o n
Dollar deposits in banks abroad,
reported by nonbanking business
enterprises in the United States 5 . . . .
41,118
39,734
42,272
37,905
37,919
3. Assets owned by customers of the reporting bank located in the United
States that represent claims on foreigners held by reporting banks for the account
of their domestic customers.
4. Principally negotiable time certificates of deposit and bankers acceptances.
5. Includes demand and time deposits and negotiable and nonnegotiable
certificates of deposit denominated in U.S. dollars issued by banks abroad. For
description of changes in data reported by nonbanks, see July 1979 BULLETIN,
p. 550.
1. Data for banks' own claims are given on a monthly basis, but the data for
claims of banks' own domestic customers are available on a quarterly basis only.
2. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of
foreign banks: principally amounts due from head office or parent foreign bank,
and foreign branches, agencies, or wholly owned subsidiaries of head office or
parent foreign bank.
3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1987'"
Maturity; by borrower and area
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
By borrower
Maturity of 1 year or less 1
Foreign public borrowers
All other foreigners
Maturity over 1 year
Foreign public borrowers
All other foreigners
By area
Maturity of 1 year or less 1
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 2
Maturity of over 1 year 1
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 2
1. Remaining time to maturity.
1984
1985
1986
Mar.
June
Sept.
Dec.
243,952
227,903
232,295
226,297
236,828
236,490
234,325
167,858
23,912
143,947
76,094
38,695
37,399
160,824
26,302
134,522
67,078
34,512
32,567
160,555
24,842
135,714
71,740
39,103
32,637
155,156
25,382
129,774
71,141
38,751
32,390
167,488
24.088
143,400
69,340
39,341
29,999
166,156
27,157
138,998
70,334
39,470
30,864
163,380
26,149
137,231
70,945
38,714
32,231
58,498
6,028
62,791
33,504
4,442
2,593
56,585
6,401
63,328
27,966
3,753
2,791
61,784
5,895
56,271
29,457
2,882
4,267
57,987
5,568
54,733
29,688
3,154
4,026
68,872
5,603
55,489
31,155
2,989
3,380
62,228
5,733
58,439
32,133
2,871
4,751
58,601
5,664
56,078
36,389
2,823
3,825
9,605
1,882
56,144
5,323
2,033
1,107
7,634
1,805
50,674
4,502
1,538
926
6,737
1,925
56,719
4,043
1,539
777
6,755
1,855
56,214
4,123
1,630
564
6,479
1,664
55,580
3,495
1,512
611
6,753
1,579
55.089
3,497
1,622
1,794
6,778
2,631
53,767
3,667
1,726
2,375
2. Includes nonmonetary international and regional organizations.
A61
A62
3.21
International Statistics • June 1988
CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1-2
Billions of dollars, end of period
1985
Area or country
lytsi
1986
1987
iy&4
Dec.
Mar.
June
Sept.
Dec.
Mar.
June'
Sept.
Dec.
434.0
405.7
385.3
385.6
389.7
389.5
389.6
393.4r
382.9
384.8'
381.8'
167.8
12.4
16.2
11.3
11.4
3.5
5.1
4.3
65.3
8.3
29.9
148.1
8.7
14.1
9.0
10.1
3.9
3.2
3.9
60.3
7.9
27.1
146.0
9.2
12.1
10.5
9.6
3.7
2.7
4.4
63.0
6.8
23.9
152.8
8.2
13.6
11.2
8.3
3.5
2.8
5.3
67.4
6.0
26.5
160.3
9.0
15.1
11.5
9.3
3.4
2.9
5.6
69.2
7.0
27.2
159.0
8.5
14.7
12.5
8.1
3.9
2.7
4.8
70.3
6.2
27.4
158.0
8.4
13.8
11.7
9.0
4.6
2.4
5.8
71.9
5.4
25.0
162.2'
9.0 r
13.3'
12.7'
8.6
4.4
3.0
5.8
73.4'
5.1'
26^
157.7
8.3
12.5
11.2
7.5
7.3
2.4
5.7
71.8
4.6
26.3
154.6'
8.1'
13.7'
10.5'
6.6'
4.8
2.6'
5.4
71.3'
4.6'
27.0'
161.6'
10.1
13.6
12.6
7.3
4.1
2.1
5.5
70.6
5.6
30.1'
13 Other developed countries
14
Austria
15
Denmark
16
Finland
17 Greece
18
Norway
19 Portugal
20
Spain
21
Turkey
22
Other Western Europe
23
South Africa
:
24
Australia
36.0
1.9
3.4
2.4
2.8
3.3
1.5
7.1
1.7
1.8
4.7
5.4
33.6
1.6
2.2
1.9
2.9
3.0
1.4
6.5
1.9
1.7
4.5
6.0
29.9
1.5
2.3
1.6
2.6
2.9
1.2
5.8
1.8
2.0
3.2
5.0
31.1
1.5
2.5
1.9
2.5
2.7
1.0
6.4
2.1
2.4
3.1
4.9
30.7
1.7
2.4
1.6
2.6
3.0
1.1
6.4
2.5
2.1
3.1
4.2
29.5
1.7
2.3
1.7
2.3
2.7
1.0
6.7
2.1
1.6
3.1
4.1
26.2
1.7
1.7
1.4
2.3
2.4
.8
5.8
2.0
1.4
3.1
3.5
25.7'
1.9
1.7
1.4
2.1
2.2
.8'
6.3
1.7'
1.4
3.0'
3.2
25.2
1.8
1.5
1.4
2.0
2.1
.8
6.1
1.7
1.5
3.0
3.1
26.2'
1.9
1.6
1.4
1.9
2.3'
.8
7.4
1.5'
1.6
2.9'
2.9
26.2
1.9
1.7
1.3
2.0
2.3
.6
8.0
1.6
1.6
2.9
2.5'
25 OPEC countries 3
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries
28.4
2.2
9.9
3.4
9.8
3.0
24.9
2.2
9.3
3.3
7.9
2.3
21.3
2.1
8.9
3.0
5.3
2.0
20.4
2.2
8.7
3.3
4.5
1.8
20.6
2.1
8.8
3.0
5.0
1.7
20.0
2.2
8.7
2.8
4.6
1.7
19.6
2.2
8.6
2.5
4.5
1.7
20.2'
2.1
8.7'
2.4
5.4'
1.6'
19.0
2.1
8.6
2.2
4.4
1.7
19.1'
2.0'
8.4'
2.0
4.9'
1.7
17.3
1.9
8.2
1.9
3.6
1.7
1 Total
2 G-10 countries and Switzerland
3
Belgium-Luxembourg
France
4
5 Germany
6
Italy
7
Netherlands
Sweden
8
9
Switzerland
10
United Kingdom
11
Canada
12 Japan
110.8
111.8
104.2
102.9
102.0
100.0
99.7
99.3'
99.5
96.6'
96.6'
32
33
34
35
36
37
38
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America
9.5
23.1
6.4
3.2
25.8
2.4
4.2
8.7
26.3
7.0
2.9
25.7
2.2
3.9
8.8
25.4
6.9
2.6
23.9
1.8
3.4
8.8
25.6
7.0
2.3
23.9
1.7
3.3
9.2
25.5
7.1
2.2
24.0
1.6
3.3
9.3
25.4
7.2
2.0
24.0
1.5
3.3
9.5
25.3
7.1
2.1
24.0
1.5
3.1
9.5
25.5'
7.2'
2.0
23.9"
1.4
3.0
9.5
24.4
7.2
1.9
25.3
1.3
3.0
9.3
24.5'
7.0'
1.9'
24.7
1.2
2.8
9.4
24.1
6.9
2.0
23.6
1.1
2.8
39
40
41
42
43
44
45
46
47
Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
.3
5.2
.9
1.9
11.2
2.8
6.1
2.2
1.0
.7
5.1
.9
1.8
10.6
2.7
6.0
1.8
1.1
.5
4.5
1.2
1.6
9.2
2.4
5.7
1.4
1.0
.6
4.3
1.2
1.3
9.2
2.2
5.6
1.3
.9
.6
3.7
1.3
1.6
8.7
2.0
5.7
1.1
.8
.6
4.3
1.3
1.4
7.3
2.1
5.4
1.0
.7
.4
4.9
1.2
1.5
6.7
2.1
5.4
.9
.7
.9
5.5
1.7'
1.4
6.2
1.9
5.4
.9
.6
.6
6.6
1.7
1.3
5.6
1.7
5.4
.8
.7
.3
5.9
1.9
1.3
4.9'
1.6
5.4
.7
.7
.3
8.2
1.9
1.0
4.9
1.5
5.1
.7
.7
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 4
1.5
.8j
1.2
.8j
1.0
.9j
.9
.9
.7
.9
2A
L9
L7
L6
.7
.9
.1
1.6
.6
.9
.1
.9'
.6
.9
.1
1.1
.6
.8
2.3
.9
.9
J
L9
L0'
.5
.9
.0
i.r
52 Eastern Europe
53
U.S.S.R
54
Yugoslavia
55
Other
5.3
.2
2.4
2.8
4.4
.1
2.3
2.0
4.1
.1
2.2
1.8
4.0
.3
2.0
1.7
4.0
.3
2.0
1.7
3.4
.1
1.9
1.4
3.2
.1
1.7
1.4
3.0'
.1
1.6
1.3
3.3
.3
1.7
1.3
3.4
.5
1.7
1.2'
3.0
.4
1.6
1.0
56 Offshore banking centers
57
Bahamas
58
Bermuda
59
Cayman Islands and other British West Indies
60
Netherlands Antilles
61
Panama
62
Lebanon
63
Hong Kong
64
Singapore
65
Others 6
68.9
21.7
.9
12.2
4.2
5.8j
62.9
21.2
.7
11.6
2.2
6.0
1
1L4
9.8
.0
57.5
21.2
.7
9.2
2.2
4.3
J
1L4
8.4
.0
55.4
17.1
.4
12.2
2.4
4.2
J
9*5
9.3
.0
60.5
19.9
.4
12.8
1.9
5.1
63.2
22.3
.7
13.6
1.8
4.1
63.2'
24.(y
.8
11.1'
1.7
5.4
60.2
19.7
.6
12.4
1.3
5.2
63.7'
25.5'
.6
10.7'
1.2
5.1'
53.1'
17.1'
.6
11.2'
1.2
4.5
13^8
10.3
.0
65.6
21.5
.9
11.8
3.4
6.7
1
1L4
9.8
.0
lois
9.7
.0
1L2
9.4
.0
1L4
8.6'
.0
12*5
8.3
.0
12^3
8.1'
.0
1L2
7.0
.0
66 Miscellaneous and unallocated 7
16.8
17.3
16.9
16.8
16.8
17.2
19.8
19.8
18.0
21.3
24.1'
31 Non-OPEC developing countries
1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are
adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.18 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches).
2. Beginning with June 1984 data, reported claims held by foreign branches
have been reduced by an increase in the reporting threshold for "shell" branches
from $50 million to $150 million equivalent in total assets, the threshold now
applicable to all reporting branches.
3. This group comprises the Organization of Petroleum Exporting Countries
shown individually, other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates), and Bahrain and
Oman (not formally members of OPEC).
4. Excludes Liberia.
5. Includes Canal Zone beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.
Nonbank-Reported
Data
A63
3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the
United States'
Millions of dollars, end of period
1987
1986
Type, and area or country
1984
1983
1985
Dec.
Mar.
June
Sept.
Dec."
1 Total
25,346
29,357
27,825
25,850^
27,551r
28,953'
28,339
27,322
2 Payable in dollars
3 Payable in foreign currencies
22,233
3,113
26,389
2,968
24,2%
3,529
21,9%'
3,854'
23,361r
4,19c
24,466'
4,487'
24,018
4,321
22,192
5,129
By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
10,572
8,700
1,872
14,509
12,553
1,955
13,600
11,257
2,343
12,371r
9,886'
2,485'
13,232'"
10,4%'
2,737'
14,148'
l l ^
2,899'
12,839
10,127
2,712
11,310
8,068
3,242
7 Commercial liabilities
8
Trade payables
Advance receipts and other liabilities . .
9
14,774
7,765
7,009
14,849
7,005
7,843
14,225
6,685
7,540
13,479
6,447
7,032
14,318
6,985
7,333
14,805
7,139
7,666
15,500
7,389
8,111
16,012
7,394
8,618
13,533
1,241
13,836
1,013
13,039
1,186
12,110
1,368
12,865
1,453
13,218
1,587
13,891
1,609
14,125
1,887
5,742
302
843
502
621
486
2,839
6,728
471
995
489
590
569
3,297
7,700
349
857
376
861
610
4,305
8,138'
270
661r
368'
704
646
5,199
8,484'
232
758'
463'
693
663'
5,414'
9,765'
257
822'
402'
669
655'
6,698'
9,188
230
615
386
641
636
6,394
7,577
202
415
583
1,014
480
4,690
764
863
839
399
431
10
11
12
13
14
15
16
17
18
19
Payable in dollars
Payable in foreign currencies
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
441
407
357
1,744'
398
0
22
1,223
29
2'
%1
280
0
22
581
17
3
845
278
0
25
475
13
0
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
2,5%
751
13
32
1,041
213
124
5,086
1,926
13
35
2,103
367
137
3,184
1,123
4
29
1,843
15
3
i,%r
614
4
32
1,163
22
c
2,366'
669
0
26
1,545
30
C
27
28
29
Asia
Japan
Middle East oil-exporting countries 2 .
1,424
991
170
1,777
1,209
155
1,815
1,198
82
l,805 r
1,398'"
8
1,882'
1,48c
7
2,131'
1,751'
7
2,204
1,734
7
2,428
2,042
8
30
Africa
19
0
14
0
12
0
1
1
3
1
1
0
2
0
4
1
27
41
50
67
67
66
76
98
3,245
62
437
427
268
241
732
4,001
48
438
622
245
257
1,095
4,074
62
453
607
364
379
976
4,494
101
351
722
460
387
1,346
4,521
85
379
591
372
484
1,309
4,987
111
422
594
339
557
1,380
4,973
56
437
679
350
556
1,475
5,629
125
449
915
437
558
1,660
31
32
33
34
35
36
37
38
39
40
Oil-exporting countries 3
All other 4
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
1,841
1,975
1,449
1,393
1,352
1,253
1,263
1,285
41
42
43
44
45
46
47
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
1,473
1
67
44
6
585
432
1,871
7
114
124
32
586
636
1,088
12
77
58
44
430
212
890
32
132
61
48
213
217
1,089
28
297
82
88'
185
224
1,037
13
245
88
63'
160
203
1,050
22
223
40
44
231
176
862
19
165
46
20
189
162
48
49
50
Asia
Japan
...
Middle East oil-exporting countries 2 ' 3
6,741
1,247
4,178
5,285
1,256
2,372
6,046
1,799
2,829
5,098
2,051
1,686
5,818
2,468
1,948
5,921
2,480
1,870
6,516
2,422
2,109
6,566
2,579
1,956
51
52
Africa
Oil-exporting countries 3
553
167
588
233
587
238
622
197
520
170
524
166
571
151
584
135
53
AU other 4
921
1,128
982
981
1,019
1,083
1,128
1,085
1. For a description of the changes in the International Statistics tables, see
July 1979 BULLETIN, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
5. Revisions include a reclassification of transactions, which also affects the
totals for Asia and the grand totals.
A64
International Statistics • June 1988
3.23 CLAIMS ON UNAFFILIATED FOREIGNERS
United States1
Reported by Nonbanking Business Enterprises in the
Millions of dollars, end of period
1986
Type, and area or country
1983
1984
1987
1985
Dec.
Mar.
June'
Sept.
Dec."
1 Total
34,911
29,901
28,876
33,5^
34,103'
31,644
31,390
29,965
2 Payable in dollars
3 Payable in foreign currencies
31,815
3,0%
27,304
2,597
26,574
2,302
30,989''
2,530'
31,303'
2,800'
28,518
3,126
28,695
2,6%
26,716
3,249
By type
4 Financial claims
5
Deposits
6
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies
23,780
18,4%
17,993
503
5,284
3,328
1,956
19,254
14,621
14,202
420
4,633
3,190
1,442
18,891
15,526
14,911
615
3,364
2,330
1,035
23,424r
17,283r
16,726'
557r
6,141'
4,792r
1,349
24,149'
17,407'
16,573'
833'
6,742'
5,400'
1,342'
21,691
14,871
13,666
1,205
6,820
5,551
1,269
21,055
15,827
14,954
873
5,228
4,114
1,114
19,426
13,505
12,132
1,373
5,921
4,772
1,149
11 Commercial claims
12 Trade receivables
13 Advance payments and other claims
11,131
9,721
1,410
10,646
9,177
1,470
9,986
8,6%
1,290
10,095
8,902
1,192
9,954
8,898
1,056
9,953
8,910
1,043
10,335
9,394
942
10,539
9,538
1,001
14
15
10,494
637
9,912
735
9,333
652
9,471
624
9,330
624
9,301
652
9,626
709
9,812
727
6,488
37
150
163
71
38
5,817
5,762
15
126
224
66
66
4,864
6,929
10
184
223
161
74
6,007
8,827'
41
138
111
151'
185'
7,957
9,403'
15
172
163
132'
77'
8,491
9,958
6
154
92
140
98
9,268
9,473
23
169
98
157
44
8,783
9,014
6
330
64
282
76
8,046
16
17
18
19
20
21
22
Payable in dollars
Payable in foreign currencies
By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
5,989
3,988
3,260
3,%5'
3,782'
3,330
2,885
2,805
10,234
4,771
102
53
4,206
293
134
8,216
3,306
6
100
4,043
215
125
7,846
2,698
6
78
4,571
180
48
9,209'
2,628'
6
73
6,078
174
21'
9,55C
3,951'
3
71
5,150'
164
20'
7,553
2,588
6
103
4,404
167
20
7,502
2,518
2
102
3,687
173
18
6,725
1,865
2
53
4,351
172
19
Asia
Japan
Middle East oil-exporting countries 2
764
297
4
%1
353
13
731
475
4
1,316'
999
7'
1,189'
931
7'
776
439
6
1,105
737
10
760
480
10
Africa
Oil-exporting countries 3
147
55
210
85
103
29
85
28
84
19
58
9
71
14
65
7
159
117
21
22
140
16
20
58
3,670
135
459
349
334
317
809
3,801
165
440
374
335
271
1,063
3,533
175
426
346
284
284
898
3,718
133
410
447
173
217
998
3,703
145
417
451
165
196
1,070
3,855
137
437
532
182
187
1,072
4,121
168
413
551
199
205
1,227
4,004
175
588
549
139
184
981
23
Canada
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
31
32
33
34
35
36
37
38
39
40
41
42
43
All other
4
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
44
Canada
829
1,021
1,023
928
929
904
901
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
2,695
8
190
493
7
884
272
2,052
8
115
214
7
583
206
1,753
13
93
206
6
510
157
1,981
28
170
235
51
411
234
1,944
11
157
217
18'
445
171
1,882
14
153
202
12
347
201
1,852
12
125
227
13
367
189
2,094
19
159
222
45
369
294
52
53
54
Asia
Japan
Middle East oil-exporting countries
3,063
1,114
737
3,073
1,191
668
2,982
1,016
638
2,751
881
565
2,707
926
529
2,645
952
455
2,783
1,022
436
2,882
1,148
451
55
56
Africa
Oil-exporting countries 3
588
139
470
134
437
130
495
135
432
141
379
123
407
124
406
144
57
All other 4
286
229
257
222
240
262
268
252
1. For a description of the changes in the International Statistics tables, see
July 1979 BULLETIN, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
927
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
Securities
Holdings
and Transactions
A65
3.24 FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
1986
1988
1987
1988
Transactions, and area or country
1987'
Jan.Feb.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
U.S. corporate securities
STOCKS
1
2
Foreign purchases
Foreign sales
148,114
129,395
249,072
232,849
29,258
29,611
24,807'
24,579'
22,489'
19,455'
30,237'
27,784'
13,626
20,325
13,627
16,630
12,916
12,891
16,342
16,720
3
Net purchases, or sales ( - )
18,719
16,223
-353
228'
3,034'
2,452'
-6,699
-3,004
25
-378
4
Foreign countries
18,927
16,271
-289
126'
2,944'
2,438'
-6,651
-2,943
56'
-345
106'
-69
28
135
-325
15C
-37'
188
-255
171
16
-63
1,312
-15
-12
79
435
770
-52'
157
135
1,242
20
132
138
58
380
-40
294
-624
252'
-512
569
2,014
7
-30
-5,948
-541
-183
-169
-1,574
-3,407
169
-561
-83
-28
11
-211
-2,329
-393
-149
32
-743
-959
111
-50
-448
-160
-6
-61
-226
-96
67
-72
-114
-136
147
-143
104
156
7
12
-324
-29
-37
59
-253
-130
-167
260
-251
70
-18
85
-48
-61
-32
-33
5
6
7
8
9
10
11
12
13
14
15
16
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
9,559
459
341
936
1,560
4,826
816
3,031
976
3,876
297
373
1,886
905
-74
890
-1,163
539
1,048
1,314
-1,360
12,896
123
365
-550
-124
30
-13
-367
-266
-20
117
-147
226
-11
97
17
Nonmonetary international and
regional organizations
-208
-48
-65
102
90
15
123,169
72,520
105,823
78,128
11,457
11,217
7,099'
5,638
8,662
4,786
9,158
7,275
5,716'
5,386'
6,773'
5,461'
5,024'
5,187'
BONDS 2
6,433
6,031
18
19
Foreign purchases
Foreign sales
20
Net purchases, or sales ( - )
50,648
27,695
239
1,461'
3,876
1,883
33C
1,313'
-163'
402
21
Foreign countries
49,801
26,955
985
1,62/f
3,836
1,874
72'
913
465'
521
22
73
24
25
26
27
28
29
30
31
32
33
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
39,313
389
-251
387
4,529
33,900
548
1,476
-2,961
11,270
16
139
22,176
194
-8
269
1,651
19,934
1,296
2,473
-551
1,606
16
-61
551
64
188
-14
10
382
0
294
-240
414
-22
-12
1,687'
26
-22
44
306
1,388'
-8
44
-14
-93
-17
20
3,149
-37
-56
116
166
2,828
47
682
-87
52
-6
-1
922
55
-98
36
136
1,012
305
524
42
65
24
-9
409
-34
-26
-16
-39
371
68
-15
-92
-254'
-10
-33
550
-13
17
1
-203
751
114
292
-20
-25
3
0
279'
51
61
-13
-50
333'
29
-22
-164
347
0
-4
272
13
127
-1
60
49
-29
316
-76
67
-22
-8
34
Nonmonetary international and
regional organizations
847
740
-746
-159
40
10
257
400'
841'
4,897'
4,055'
-627
-119
517'
4,989'
4,472
-659
5,714
6,373
-1,326'
12.81C
14,136'
-1,439
15,852
17,291
Foreign securities
1,127
95,208
94,082
-142
10,703
10,845
-401'
8,770'
9,171'
483'
8,816'
8,333'
2,089'
12,974'
10,885'
704'
7,592'
6,889'
-3,685'
166,992
170,677'
-7,601
199,121
206,722
-2,764
28,663
31,427
-279'
12,350'
12,628'
-638'
13,031'
13,669'
-2,566
18, IW
20,684
-1,929
17,753'
19,682'
35
36
37
Stocks, net purchases, or sales ( - )
Foreign purchases
Foreign sales
-2,360
49,587
51,947
38
39
40
Bonds, net purchases, or sales ( - )
Foreign purchases
Foreign sales
-1,379
12,433
13,812
41
Net purchases, or sales ( - ) , of stocks and bonds
-6,045'
-6,474
-2,906
—68C
-155'
-477'
-1,225'
-538'
-sor
-2,097
42
Foreign countries
-7,000
-6,618
-2,992
-1,273'
-476'
289'
-1,125'
-224'
-874'
-2,117
43
44
45
46
47
48
Europe
Canada
Latin America and Caribbean
-18,533
-876
3,476
10,858
52
-1,977
-11,972
-4,065
828
9,322
89
-820
-1,930
-1,306
62
-160
12
331
-891'
-527'
83
232'
5
-176'
-505'
-274'
-20
85'
14
224'
-926'
-37'
-152
1,330'
16
59
-1,582'
-498
329
421'
3
201
-381'
107
2
159
10
-121
-319'
-656
126
-197'
9
163
-1,611
-651
-63
37
3
168
49
Nonmonetary international and
regional organizations
144
85
-767
-101
-314
65
20
Africa
Other countries
955'
1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait,
Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
2. Includes state and local government securities, and securities of U.S.
government agencies and corporations. Also includes issues of new debt securi-
594
320
ties sold abroad by U.S. corporations organized to finance direct investments
abroad.
A66
International Statistics • June 1988
3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES
Millions of dollars
Foreign Transactions
1988
Country or area
1986
1987
1988
1987
Jan.Feb.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
Transactions, net purchases or sales ( - ) during period 1
1 Estimated total2
19,388
25,755'
16,691
1,110
523
-1,232'
6,380
2,675
4,645
12,046
2 Foreign countries 2
20,491
31,057'
18,535
2,787
704
-5,497'
7,676
4,290
5,740
12,794
16,326
-245
7,670
1,283
132
329
4,546
2,613
0
881
23,610
653
13,295
-911
233
1,925
3,955
4,479
-19
4,534
10,149
711
4,434
-46
-35
-1,070
4,273
1,857
26
915
-1,007
366
780
-254
-153
-688
-431
-631
4
378
-1,167
-25
130
-296
-156
-99
-985
259
5
203
-954
165
31
-707
4
-609
-642
804
0
-389
6,340
-2
1,820
314
182
-297
3,163
1,158
3
679
1,282
-103
1,121
-76
51
-522
1,200
-391
1
720
4,321
469
3,045
-337
-61
118
-101
1,179
9
356
5,827
242
1,389
291
26
-1,188
4,373
678
16
559
926
-96
1,130
-108
1,345
-22
-54
1,067
-2,146
150
-1,096
-1,200
4,707'
877
-56
407
849
-1
503
346
6,708
7,974
-13
-72
-675
30
-49
-656
4,318
1,839
-24
-204
-29
55
-155
72
1,762
799
3
-68
-117
-63
-227
173
-5,304'
-5,272
2
1,263
472
35
367
69
1,476
1,757
-29
-1,260
-141
1
167
-309
2,429
2,020
49
-48
219
0
184
36
772
2,979
-38
110
629
-1
319
311
5,936
4,9%
25
-182
21 Nonmonetary international and regional organizations
22
International
23
Latin American regional
-1,104
-1,430
157
-5,301'
-4,387'
3
-1,844
-1,902
6
-1,677
-1,722
0
-180
111
-10
4,265
4,326
0
-1,296
-1,492
0
-1,615
-1,620
0
-1,095
-1,023
8
-749
-879
-2
Memo
24 Foreign countries 2
25
Official institutions
26
Other foreign
20,491
14,214
6,283
31,057'
31,188'
-135'
18,535
12,219
6,316
2,787
2,612
175
704
1,341'
-637'
-5,497'
2,466'
-7,965'
7,676
1,854
5,822
4,290
1,794
2,497
5,740
5,118
622
12,794
7,101
5,694
-1,529
5
-3,111
16
-1,152
0
329
0
-509
0
-695
-1
-891
-1
368
-1
-809
0
-343
0
3 Europe 2
4
Belgium-Luxembourg
5
Germany
6
Netherlands
7
Sweden
8
Switzerland
9
United Kingdom
10 Other Western Europe
11
Eastern Europe
12 Canada
13
14
15
16
17
18
19
20
27
28
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other
Oil-exporting countries
Middle East 3
Africa
1. Estimated official and private transactions in marketable U.S. Treasury
securities with an original maturity of more than 1 year. Data are based on
monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and
notes held by official institutions of foreign countries.
2. Includes U.S. Treasury notes publicly issued to private foreign residents
denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria,
Interest and Exchange Rates
A67
3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per year
Rate on Apr. 30, 1988
Rate on Apr. 30,
Country
Country
Month
effective
Austria..
Belgium .
Brazil . . .
Canada..
Denmark
Rate on Apr. 30, 1988
Country
3.0
6.5
49.0
9.06
7.0
Dec. 1987
Mar. 1988
Mar. 1981
Apr. 1988
Oct. 1983
France
Germany, Fed. Rep. of
Italy
Japan
Netherlands
1. As of the end of February 1981, the rate is that at which the Bank of France
discounts Treasury bills for 7 to 10 days.
2. Minimum lending rate suspended as of Aug. 20, 1981.
NOTE. Rates shown are mainly those at which the central bank either discounts
Percent
Month
effective
7.25
2.5
12.0
2.5
3.25
Jan. 1988
Dec. 1987
Aug. 1987
Feb. 1987
Jan. 1988
Month
effective
Norway
Switzerland
.
United Kingdom'
Venezuela
2.5
June 1983
Dec. 1987
8.0
Oct. 1985
8.0
or makes advances against eligible commercial paper and/or government commercial banks or brokers. For countries with more than one rate applicable to
such discounts or advances, the rate shown is the one at which it is understood the
central bank transacts the largest proportion of its credit operations.
3.27 FOREIGN SHORT-TERM INTEREST RATES
Percent per year, averages of daily figures
1987
Country, or type
1
2
3
4
5
6
7
8
9
10
1985
1986
1988
1987
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
8.27
12.16
9.64
5.40
4.92
6.70
10.87
9.18
4.58
4.19
7.07
9.65
8.38
3.97
3.67
8.29
9.92
9.12
4.70
4.03
7.41
8.87
8.70
3.92
3.65
7.86
8.71
8.95
3.65
3.51
7.11
8.84
8.75
3.40
2.09
6.73
9.18
8.58
3.29
1.48
6.74
8.83
8.63
3.38
1.61
7.05
8.25
8.90
3.37
1.83
Netherlands
France
Italy
Belgium
Japan
6.29
9.91
14.86
9.60
6.47
5.56
7.68
12.60
8.04
4.96
5.24
8.14
11.15
7.01
3.87
5.63
8.15
11.85
6.84
3.89
4.99
8.66
11.36
6.93
3.90
4.65
8.48
11.25
6.57
3.90
4.24
8.19
10.47
6.49
3.88
3.98
7.54
10.80
6.19
3.82
3.97
7.89
11.11
6.09
3.82
3.98
7.99
10.54
6.08
3.80
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.
A68
3.28
International Statistics • June 1988
FOREIGN EXCHANGE RATES1
Currency units per dollar
1987
Country/currency
1
2
3
4
5
6
Australia/dollar 2
Austria/schilling
Belgium/franc
Canada/dollar
China, P.R./yuan
Denmark/krone
7
8
9
10
11
12
13
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Ireland/punt
14
15
16
17
18
19
20
Italy/lira
Japan/yen
Malay sia/ringgit
Netherlands/guilder
New Zealand/dollar 2
Norway/krone
Portugal/escudo
21
22
23
24
25
26
27
28
29
30
Singapore/dollar
South Africa/rand
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound 2
1985
1986
1988
1987
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
70.026
20.676
59.336
1.3658
2.9434
10.598
67.093
15.260
44.662
1.3896
3.4615
8.0954
70.136
12.649
37.357
1.3259
3.7314
6.8477
68.60
11.843
35.190
1.3167
3.7314
6.4962
71.06
11.500
34.186
1.3075
3.7314
6.3043
71.11
11.635
34.576
1.2855
3.7314
6.3562
71.40
11.920
35.473
1.2682
3.7314
6.4918
73.29
11.767
35.126
1.2492
3.7314
6.4261
74.80
11.744
34.962
1.2353
3.7314
6.4207
6.1971
8.9799
2.9419
138.40
7.7911
12.332
106.62
5.0721
6.9256
2.1704
139.93
7.8037
12.597
134.14
4.4036
6.0121
1.7981
135.47
7.7985
12.943
148.79
4.1392
5.7099
1.6821
132.42
7.7968
12.972
158.08
4.0462
5.5375
1.6335
129.46
7.7726
12.934
162.63
4.0391
5.5808
1.6537
131.92
7.7872
13.040
160.64
4.1159
5.7323
1.6963
135.56
7.7978
13.065
156.87
4.0483
5.6893
1.6770
134.60
7.8028
12.979
159.33
4.0064
5.6704
1.6710
133.86
7.8166
13.158
159.81
1908.90
238.47
2.4806
3.3184
49.752
8.5933
172.07
1491.16
168.35
2.5830
2.4484
52.456
7.3984
149.80
1297.03
144.60
2.5185
2.0263
59.327
6.7408
141.20
1238.89
135.40
2.4989
1.8931
61.915
6.4233
136.84
1203.74
128.24
2.4944
1.8382
64.664
6.3820
133.77
1216.88
127.69
2.5400
1.8584
65.818
6.3538
135.87
1249.62
129.17
2.5812
1.9051
66.386
6.4167
138.84
1240.67
127.11
2.5689
1.8837
66.239
6.3337
137.48
1240.99
124.90
2.5743
1.8749
66.143
6.2140
136.77
2.2008
2.2343
861.89
169.98
27.187
8.6031
2.4551
39.889
27.193
129.74
2.1782
2.2918
884.61
140.04
27.933
7.1272
1.7979
37.837
26.314
146.77
2.1059
2.0385
825.93
123.54
29.471
6.3468
1.4918
31.756
25.774
163.98
2.0444
1.9738
802.30
113.26
30.519
6.0744
1.3825
29.813
25.495
177.54
2.0127
1.9525
798.34
110.80
30.644
5.9473
1.3304
29.004
25.249
182.88
2.0261
1.9755
791.31
112.34
30.825
5.9749
1.3466
28.628
25.235
180.09
2.0185
2.0529
776.85
114.36
30.859
6.0524
1.3916
28.665
25.324
175.82
2.0133
2.1330
757.37
112.38
30.892
5.9497
1.3863
28.687
25.232
183.30
2.0044
2.1428
745.31
110.80
30.939
5.8892
1.3823
28.695
25.171
187.82
143.01
112.22
96.94
91.49
88.70
89.29
91.08
89.73
88.95
MEMO
31 United States/dollar 3
1. Averages of certified noon buying rates in New York for cable transfers.
Data in this table also appear in the Board's G.5 (405) release. For address, see
inside front cover.
2. Value in U.S. cents.
3. Index of weighted-average exchange value of U.S. dollar against the
currencies of 10 industrial countries. The weight for each of the 10 countries is the
1972-76 average world trade of that country divided by the average world trade of
all 10 countries combined. Series revised as of August 1978 (see FEDERAL
RESERVE BULLETIN, v o l . 6 4 , A u g u s t 1978, p . 7 0 0 ) .
A69
Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE TO TABULAR
Symbols
c
e
p
r
*
and
PRESENTATION
Abbreviations
Corrected
Estimated
Preliminary
Revised (Notation appears on column heading when
about half of the figures in that column are changed.)
Amounts insignificant in terms of the last decimal place
shown in the table (for example, less than 500,000
when the smallest unit given is millions)
General
0
n.a.
n.e.c.
IPCs
REITs
RPs
SMSAs
....
Calculated to be zero
Not available
Not elsewhere classified
Individuals, partnerships, and corporations
Real estate investment trusts
Repurchase agreements
Standard metropolitan statistical areas
Cell not applicable
Information
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed
issues of U.S. government agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
STATISTICAL
List Published
obligations of the Treasury. "State and local government"
also includes municipalities, special districts, and other political subdivisions.
In some of the tables, details do not add to totals because of
rounding.
RELEASES
Semiannually,
with Latest
Bulletin
Reference
Anticipated schedule of release dates for periodic releases
SPECIAL
Published
Issue
Page
June 1988
A87
TABLES
Irregularly,
with Latest Bulletin
Reference
Assets and liabilities of commercial banks, March 31, 1987
Assets and liabilities of commercial banks, June 30, 1987
Assets and liabilities of commercial banks, September 30, 1987
Assets and liabilities of commercial banks, December 31, 1987
Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1987
Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1987
Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 1987
Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1987
Terms of lending at commercial banks, February 1987
Terms of lending at commercial banks, May 1987
Terms of lending at commercial banks, August 1987
Terms of lending at commercial banks, November 1987
Pro forma balance sheet and income statements for priced service operations, June 30, 1987
Pro forma balance sheet and income statements for priced service operations, September 30,1987 .
Special tables begin on next
page.
October
February
April
June
August
November
February
June
May
September
January
May
November
February
1987
1988
1988
1988
1987
1987
1988
1988
1987
1987
1988
1988
1987
1988
A70
A70
A70
A70
A70
A70
A76
A76
A70
A70
A70
A70
A74
A80
A70
4.20
Special Tables • June 1988
DOMESTIC AND FOREIGN OFFICES, Insured Commercial Bank Assets and Liabilities1-2
Consolidated Report of Condition, December 31, 1987
Millions of dollars
Banks with domestic
offices only 8
Banks with foreign offices5-7
Item
Total
Total
1 Total assets6
2 Cash and balances due from depository institutions
3 Cash items in process of collection, unposted debits, and currency and coin . . .
4
Cash items in process of collection and unposted debits
5
Currency and coin
6 Balances due from depository institutions in the United States
7 Balances due from banks in foreign countries and foreign central banks
8 Balances due from Federal Reserve Banks
Foreign
Domestic
Over 100
2,947,724
1,703,543
445,763
1,319,328
830,766
413,416
353,184
246,768
79,324
n.a.
n.a.
36,695
106,983
23,767
128,611
1,686
n.a.
n.a.
23,231
103,480
214
118,157
77,638
64,969
12,669
13,465
3,503
23,552
69,403
29,392
21,095
8,297
22,656
5,339
12,017
37,0.12
n.a.
n.a.
7,983
13,847
12,571
n a.
Noninterest-bearing balances due from commercial banks in the United
States (included in balances due from depository institutions in the U.S.)
10 Total securities, loans and lease financing receivables, net
11 Total securities, book value
12 U.S. Treasury securities and U.S. government agency and corporation
obligations
13
U.S. Treasury securities
14
U.S. government agency and corporation obligations
All holdings of U.S. government-issued or guaranteed certificates of
15
participation in pools of residential mortgages
16
All other
17 Securities issued by states and political subdivisions in the United States
18
Taxable
Tax-exempt
19
20 Other securities
">1
22
All holdings of private certificates of participation in pools of
residential mortgages
23
All other
">4
25
26
27
28
29
30
31
Federal funds sold and securities purchased under agreements to resell
Total loans and lease financing receivables, gross
LESS: Unearned income on loans
Total loans and leases (net of unearned income)
LESS: Allowance for loan and lease losses
LESS: Allocated transfer risk reserves
EQUALS: Total loans and leases, net
Total loans, gross, by category
32 Loans secured by real estate
33 Construction and land development
34
Farmland
35
1-4 family residential properties
36
Multifamily (5 or more) residential properties
37 Nonfarm nonresidential properties
38 Loans to depository institutions
39 To commercial banks in the United States
40 To other depository institutions in the United States
41 To banks in foreign countries
42 Loans to finance agricultural production and other loans to farmers
43 Commercial and industrial loans
44
To U.S. addressees (domicile)
45
To non-U.S. addressees (domicile)
46 Acceptances of other banks
47
U.S. banks
48
Foreign banks
49 Loans to individuals for household, family, and other personal expenditures
(includes purchased paper)
50 Credit cards and related plans
Other (includes single payment and installment)
51
52 Obligations (other than securities) of states and political subdivisions in the U.S.
(includes nonrated industrial development obligations)
53 Taxable
54 Tax-exempt
55 All other loans
Loans to foreign governments and official institutions
56
57
Other loans
Loans for purchasing and carrying securities
58
59
All other loans
60
61
62
63
64
65
Lease financing receivables
Assets held in trading accounts
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
6 6 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs . . .
67 Intangible assets
68 Other assets
n a.
1
MEMO
9
Under 100
2,385,209
1,298,702
n.a.
n.a.
727,345
359,162
509,111
213,317
30,017
183,300
174,510
121,284
310,215
n a.
n a.
112,918
66,096
46,822
714
548
166
112,204
65,548
46,656
110,006
63,136
46,871
87,291
n a.
n a.
71,853
n.a.
119,033
1,918
117,114
79,863
38,531
8,292
50,154
366
49,788
50,245
21,246
70
96
754
0
754
28,549
1,414
38,461
8,196
49,400
366
49,034
21,696
19,832
19,659
27,212
44,311
733
43,579
20,193
19,805
13,663
n.a.
24,567
820
23,747
9,426
8,084
42,393
4,179
17,067
28,999
0
1,414
27,135
4,179
15,653
1,864
2,965
16,840
387
941
8,485
128,786
1,810,697
14,715
1,795,982
48,513
156
1,747,312
58,485
1,070,586
6,622
1,063,965
36,909
156
1,026,899
330
221,266
2,117
219,149
n.a.
n.a.
n.a.
58,156
849,320
4,505
844,816
n.a.
n.a.
n.a.
45,294
521,280
5,572
515,709
8,167
1
507,541
25,007
218,830
2,522
216,308
3,437
0
212,871
591,217
280,732
A
17,103
63,775
n .a.
n .a.
n.a.
n.a.
i
T
57,406
23,003
4,163
30,241
n.a.
1
t
26,942
951
366
25,625
263,629
79,429
1,617
101,784
9,520
71,279
30,464
22,052
3,797
4,616
210,345
32,248
4,065
99,056
6,157
68,819
5,392
4,491
767
135
100,140
7,831
8,773
55,249
2,063
26,224
977
n.a.
n.a.
n.a.
29,366
586,616
n .a.
n .a.
4,938
n .a.
n .a.
5,576
410,185
313,410
96,775
1,171
369
801
325
108,374
15,125
93,249
361
32
329
5,251
301,811
298,284
3,527
810
338
472
6,307
128,908
128,516
392
2,028
n.a.
n.a.
17,483
47,523
n.a.
n.a.
1,739
n .a.
n.a.
330,675
88,232
242,443
148,678
45,216
103,463
12,475
n.a.
n.a.
136,203
n.a.
n.a.
136,474
40,626
95,848
45,522
2,391
43,132
52,310
1,374
50,936
120,877
n.a.
n.a.
n.a.
n .a.
32,256
451
31,804
108,539
39,011
69,529
n.a.
n.a.
558
0
558
50,573
36,454
14,119
n.a.
n.a.
31,698
451
31,246
57,967
2,557
55,410
14,277
41,133
17,610
809
16,801
9,940
222
9,717
1,905
7,812
2,444
114
2,330
2,397
n .a.
n .a.
n .a.
n.a.
30,923
32,396
44,482
11,032
2,320
37,575
n.a.
4,444
76,921
26,043
31,827
23,221
4,757
1,585
37,121
n.a.
3,002
56,559
4,554
14,445
21,489
17,382
n.a.
n.a.
n.a.
n.a.
40,357
n.a.
n.a.
4,276
409
13,954
3,537
681
429
n.a.
1,273
13,574
604
160
7,307
2,738
54
25
n.a.
169
6,788
n.a.
|
t
t
4
I
1
n.a.
1
t
Commercial Banks
4.20
A71
Continued
Banks with domestic
offices only 5
Banks with foreign offices 3 ' 4
Total
Total
Foreign
Domestic
Over 100
Under 100
830,766
69 Total liabilities, limited-life preferred stock, and equity capital
2,947,724
1,703,543
70 Total liabilities7
71
Limited-life preferred stock
2,770,244
84
1,620,311
67
446,361
n.a.
1,235,497
n.a.
771,895
15
72 Total deposits
73
Individuals, partnerships, and corporations
74
U.S. government
75
States and political subdivisions in the United States
76
Commercial banks in the United States
77
Other depository institutions in the United States
78
Banks in foreign countries
79
Foreign governments and official institutions
80 Certified and official checks
81
All other 8
2,294,832
1,240,736
340,582
186,962
19,194
28,472
10,745
n.a.
26,755
637
126,229
900,154
802,899
3,051
37,218
32,814
4,459
7,888
1,718
685,438
622,684
1,856
41,272
11,109
2,467
143
303
5,604
10,108
82 Total transaction accounts
83 Individuals, partnerships, and corporations
84
U.S. government
85
States and political subdivisions in the United States
86 Commercial banks in the United States
87 Other depository institutions in the United States
88
Banks in foreign countries
89
Foreign governments and official institutions
90 Certified and official checks
91
Mother
324,808
269,675
10,108
209,942
183,697
1,371
10,560
7,044
1,590
72
5
5,604
92 Demand deposits (included in total transaction accounts)
93
Individuals, partnerships, and corporations
94
U.S. government
95
States and political subdivisions in the United States
96
Commercial banks in the United States
97
Other depository institutions in the United States
98
Banks in foreign countries
99
Foreign governments and official institutions
100 Certified and official checks
101 All other
102 Total nontransaction accounts
103 Individuals, partnerships, and corporations
104 U.S. government
105 States and political subdivisions in the United States
106 Commercial banks in the United States
107
U.S. branches and agencies of foreign banks
108
Other commercial banks in the United States
109 Other depository institutions in the United States
110 Banks in foreign countries
111
Foreign branches of other U.S. banks
112
Other banks in foreign countries
113 Foreign governments and official institutions
114 M o t h e r
256,945
203,577
2,078
7,188
21,911
3,821
7,210
1,052
10,108
136,937
115,485
1,348
5,7%
7,043
1,585
72
5
5,604
575,346
533,223
951
28,289
10,903
594
10,309
638
677
11
666
665
475,4%
438,987
485
30,713
4,065
221
3,844
877
71
6
65
298
3,074
524
966
25
435
n.a.
4,357
35,376
n.a.
16,048
683
515
458
115
116
117
118
119
120
121
122
Federal funds purchased and securities sold under agreements to repurchase..
Demand notes issued to the U.S. Treasury
Other borrowed money
Banks liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge and agreement subsidiaries, and I B F s . . .
M other liabilities
Total equity capital 9
123
124
125
126
127
128
Holdings of commercial paper included in total loans, gross
Total individual retirement accounts (IRA) and Keogh plan accounts
Total brokered deposits
Total brokered retail deposits
Issued in denominations of $100,000 or less
Issued in denominations greater than $100,000 and participated out by the
broker in shares of $100,000 or less
Savings deposits
Money market deposit accounts (MMDAs)
Other savings deposits (excluding MMDAs)
Total time deposits of less than $100,000
Time certificates of deposit of $100,000 or more
Open-account time deposits of $100,000 or more
All NOW accounts (including Super NOW)
Total time and savings deposits
2,100
8,929
21,911
3,821
7,211
1,052
234,654
n.a.
98,901
37,721
17,423
n.a.
69,169
177,396
MEMO
129
130
131
132
133
134
135
183,594
n.a.
76,365
37,267
14,769
n.a.
54,042
83,165
777
n.a.
31,627
7,216
n.a.
n.a.
n.a.
n.a.
182,817
13,537
44,738
30,051
n.a.
n.a.
n.a.
47,985
3,482
21,571
429
2,219
n.a.
10,770
58,855
2,309
1,493
816
34,364
27,344
6,827
934
1,457
32,763
4,797
2,878
2,161
Quarterly averages
136 Total loans
137 Obligations (other than securities) of states and political subdivisions
in the United States
138 Transaction accounts in domestic offices (NOW accounts, ATS accounts, and
telephone and preauthorized transfer accounts)
Nontransaction accounts in domestic offices
139 Money market deposit accounts (MMDAs)
140 Other savings deposits
141 Time certificates of deposit of $100,000 or more
142 All other time deposits
143 Number of banks
Footnotes appear at the end of table 4.22
13,516
253
21,191
58,176
50,947
587
2,589
818
378
n.a.
n.a.
2,845
12
264,571
243,449
206
18,904
1,239
n.a.
n.a.
748
n.a.
n.a.
n.a.
n.a.
25
5,892
717
58
167,695
71,520
146,326
162,874
26,931
63,380
643,209
126,948
68,710
184
92,272
3,983
70,212
548,501
54,427
34,472
131,352
42,766
1,553
44,035
310,481
813,120
502,809
212,131
32,924
17,514
n.a.
67,079
70,351
44,534
166,555
71,522
157,970
170,839
128,186
69,574
90,983
183,953
54,924
34,361
41,630
131,807
2,294
10,%9
n.a.
A72
4.21
Special Tables • June 1988
DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or more or with foreign offices1-2-3
Consolidated Report of Condition, December 31, 1987
Millions of dollars
Members
Item
Total
1 Total assets
6
2 Cash and balances due from depository institutions
3 Cash items in process of collection and unposted debits
4 Currency and coin
5 Balances due from depository institutions in the United States
6 Balances due from banks in foreign countries and foreign central banks
7 Balances due from Federal Reserve Banks
8 Total securities, loans and lease financing receivables, (net of unearned income)
9 Total securities, book value
10 U.S. Treasury securities
11 U.S. government agency and corporation obligations
12
All holdings of U.S. government-issued or guaranteed certificates of
participation in pools of residential mortgages
13
All other
14 Securities issued by states and political subdivisions in the United States
15
16 Tax-exempt
17 Other domestic securities
18
All holdings of private certificates of participation in pools of residential mortgages
19
All other
20
Foreign securities
Nonmembers
Total
National
State
2,150,094
1,747,994
1,380,937
367,058
402,099
187,561
86,064
20,966
36,120
8,842
35,569
157,141
78,461
17,563
24,741
6,629
29,747
123,875
61,719
14,584
20,508
5,211
21,853
33,265
16,742
2,979
4,233
1,417
7,894
30,420
7,603
3,403
11,379
2,213
5,822
1,821,785
1,467,792
1,172,936
294,856
353,993
357,811
128,684
93,527
276,476
99,753
70,953
215,865
79,593
56,913
60,612
20,159
14,039
81,334
28,931
22,575
58,120
35,407
93,711
1,099
92,613
39,637
7,143
32,494
2,251
48,691
22,262
74,654
774
73,879
29,107
5,720
23,387
2,010
38,333
18,580
55,153
600
54,554
23,514
3,241
20,273
691
10,358
3,682
19,500
175
19,326
5,594
2,480
3,114
1,319
9,429
13,145
19,058
324
18,733
10,530
1,423
9,107
241
103,450
86,445
66,371
20,074
17,005
1,370,601
10,076
1,360,524
1,112,565
7,694
1,104,871
896,597
5,897
890,701
215,968
1,798
214,170
258,036
2,382
255,653
473,974
111,678
5,682
200,840
15,676
140,098
26,542
4,563
4,750
11,558
364,221
91,840
3,856
151,180
12,338
105,007
23,117
4,289
4,664
9,328
309,686
75,693
3,401
129,051
10,794
90,747
18,538
3,451
2,366
8,267
54,535
16,147
455
22,129
1,543
14,260
4,580
838
2,298
1,061
109,753
19,838
1,826
49,661
3,338
35,091
3,425
274
86
2,230
430,719
426,800
3,919
356,974
353,418
3,556
278,278
275,366
2,912
78,696
78,052
644
73,745
73,383
363
2,838
884
691
2,007
732
573
1,759
615
526
249
116
47
830
152
118
41 Loans to individuals for household, family, and other personal expenditures
(includes purchased paper)
42 Loans to foreign governments and official institutions
43 Obligations (other than securities) of states and political subdivisions in the United States
44
45
46 Other loans
47 Loans for purchasing and carrying securities
48
All other loans
272,677
2,779
49,308
1,260
48,047
65,127
16,182
48,945
221,524
2,658
41,298
769
40,529
59,337
14,525
44,812
180,838
1,880
30,794
645
30,149
42,029
9,391
32,638
40,686
777
10,504
124
10,380
17,308
5,135
12,174
51,153
122
8,010
491
7,519
5,790
1,657
4,133
49 Lease financing receivables
50 Customers' liability on acceptances outstanding
51 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs
52
25,765
29,553
40,357
111,196
23,147
28,349
36,927
94,713
18,711
20,351
25,583
63,774
4,436
7,997
11,344
30,939
2,617
1,204
3,430
16,482
21 Federal funds sold and securities purchased under agreements to resell
22 Total loans and lease financing receivables, gross
23 LESS: Unearned income on loans
24 Total loans and leases (net of unearned income)
25
26
27
28
29
30
31
32
33
34
Total loans, gross, by category
Loans secured by real estate
Construction and land development
Farmland
1-4 family residential properties
Multifamily (5 or more) residential properties
Nonfarm nonresidential properties
Loans to commercial banks in the United States
Loans to other depository institutions in the United States
Loans to banks in foreign countries
Loans to finance agricultural production and other loans to farmers
35 Commercial and industrial loans
36 To U.S. addressees (domicile)
37 To non-U.S. addressees (domicile)
38 Acceptances of other banks 10
39 Of U.S. banks
40 Of foreign banks
Commercial Banks
4.21
Continued
Members
National
Total
State
53 Total liabilities and equity capital
2,150,094
1,747,994
1,380,937
367,058
54 Total liabilities 7
2,007,392
1,634,433
1,292,424
342,009
55 Total deposits
56
Individuals, partnerships, and corporations
57
U.S. government
58
States and political subdivisions in the United States
59
Commercial banks in the United States
60
Other depository institutions in the United States
61
Banks in foreign countries
62
Foreign governments and official institutions
63
Certified and official checks
1,585,592
1,425,582
4,907
78,490
43,923
6,926
8,031
2,020
15,712
1,255,155
1,124,643
4,039
59,666
39,346
5,597
7,324
1,797
12,745
1,007,579
906,343
3,479
49,871
29,821
4,119
4,061
833
9,053
247,576
218,300
560
9,794
9,525
1,478
3,263
963
3,692
64 Total transaction accounts
65
Individuals, partnerships, and corporations
66
U.S. government
67
States and political subdivisions in the United States
68
Commercial banks in the United States
69
Other depository institutions in the United States
70
Banks in foreign countries
71
Foreign governments and official institutions
72
Certified and official checks
534,750
453,372
3,471
19,488
28,955
5,411
7,283
1,057
15,712
437,953
366,205
2,831
15,980
27,501
4,776
6,909
1,007
12,745
343,370
290,406
2,371
13,067
20,765
3,429
3,810
470
9,053
94,583
75,799
460
2,913
6,735
1,347
3,100
537
3,692
73 Demand deposits (included in total transaction accounts)
74
Individuals, partnerships, and corporations
75
U.S. government
76
States and political subdivisions in the United States
77
Commercial banks in the United States
78
Other depository institutions in the United States
79
Banks in foreign countries
80
Foreign governments and official institutions
81
Certified and official checks
393,882
319,062
3,426
12,984
28,954
5,405
7,281
1,056
15,712
329,555
262,788
2,791
11,042
27,500
4,774
6,908
1,007
12,745
252,418
203,579
2,335
8,979
20,765
3,427
3,810
470
9,053
77,137
59,209
456
2,063
6,735
1,347
3,098
537
3,692
1,050,842
972,210
1,436
59,002
14,968
815
14,153
1,515
748
17
731
963
817,202
758,438
664,209
615,937
82 Total nontransaction accounts
83
Individuals, partnerships, and corporations
84
U.S. government
85
States and political subdivisions in the United States
86
Commercial banks in the United States
87
U.S. branches and agencies of foreign banks
88
Other commercial banks in the United States
89
Other depository institutions in the United States
90
Banks in foreign countries
91
Foreign branches of other U.S. banks
92
Other banks in foreign countries
93
Foreign governments and official institutions
94
95
96
97
98
99
100
Federal funds purchased and securities sold under agreements to repurchase
Demand notes issued to the U.S. Treasury
Other borrowed money
Banks liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs
Remaining liabilities
101 Total equity capital 9
MEMO
102
103
104
105
106
107
108
109
110
111
112
113
114
Holdings of commercial paper included in total loans, gross
Total individual retirement accounts (IRA) and Keogh plan accounts
Total brokered deposits
Total brokered retail deposits
Issued in denominations of $100,000 or less
Issued in denominations greater than $100,000 and participated out by the broker in shares
of $100,000 or less
Savings deposits
Money market deposit accounts (MMDAs)
Other savings accounts
Total time deposits of less than $100,000
Time certificates of deposit of $100,000 or more
Open-account time deposits of $100,000 or more
All NOW accounts (including Super NOW accounts)
Total time and savings deposits
Quarterly averages
115 Total loans
116 Obligations (other than securities) of states and political subdivisions in the United States . . .
117 Transaction accounts (NOW accounts, ATS accounts, and telephone preauthorized
transfer accounts)
118
119
120
121
Nontransaction accounts
Money market deposit accounts (MMDAs)
Other savings deposits
Time certificates of deposit of $100,000 or more
All other time deposits
122 Number of banks
Footnotes appear at the end of table 4.22
1,208
1,108
43,686
11,845
161
11,684
415
12
403
790
36,804
9,055
96
8,960
690
252
2
250
363
152,993
142,501
99
6,881
2,790
65
2,725
131
163
10
153
426
230,802
17,019
66,309
30,480
2,219
21,191
74,970
209,853
15,525
57,675
29,276
1,365
18,000
65,584
162,129
12,729
43,552
21,242
1,241
13,793
43,952
47,723
2,796
14,123
8,034
125
4,207
21,632
142,702
113,561
88,513
25,048
2,273
67,127
32,142
9,705
3,096
1,771
52,232
26,604
7,089
2,039
1,500
43,255
22,016
6,137
1,898
271
8,977
4,587
952
142
6,609
5,050
4,239
810
294,643
140,230
329,910
255,146
30,914
133,593
1,191,710
233,940
247,338
200,695
27,017
102,746
925,601
189,726
84,539
208,980
162,822
18,143
85,714
755,162
44,215
23,673
38,358
37,873
8,874
17,032
170,439
1,315,930
50,438
1,066,214
42,626
856,586
31,564
209,628
137,430
106,383
87,529
18,854
294,741
141,096
248,953
354,793
234,091
108,480
195,958
270,161
190,312
85,531
159,230
223,360
43,778
22,949
36,729
46,801
2,547
1,481
1,253
228
821
108,212
11,062
A71
A74
4.22
Special Tables • June 1988
DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities1
Consolidated Report of Condition, December 31, 1987
Millions of dollars
Members
Item
Total
1 Total assets
6
2 Cash and balances due from depository institutions
3
Currency and coin
4
Noninterest-bearing balances due from commercial banks
5
Other
6 Total securities, loans, and lease financing receivables (net of unearned income)
7
8
9
10
11
12
13
14
15
16
17
18
Total securities, book value
U.S. Treasury securities and U.S. government agency and corporation obligations
Securities issued by states and political subdivisions in the United States
Taxable
Tax-exempt
Other securities
All holdings of private certificates of participation in pools of residential mortgages . .
All other
Federal funds sold and securities purchased under agreements to resell
Total loans and lease financing receivables, gross
LESS: Unearned income on loans
Total loans and leases (net of unearned income)
Total loans, gross, by category
19 Loans secured by real estate
20
Construction and land development
21
Farmland
22
1-4 family residential properties
23
Multifamily (5 or more) residential properties
24
Nonfarm nonresidential properties
25
26
27
28
29
30
31
32
33
34
35
36
37
Loans to depository institutions
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans
Acceptances of other banks
Loans to individuals for household, family, and other personal expenditures
(includes purchased paper)
Obligations (other than securities) of states and political subdivisions in the United States
Nonrated industrial development obligations
Other obligations (excluding securities)
All other loans
Lease financing receivables
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs
Remaining assets
38 Total liabilities and equity capital
7
Nonmembers
Total
National
State
2,563,509
1,920,847
1,522,006
398,842
642,662
224,573
24,807
34,401
165,364
172,992
19,188
19,188
134,616
137,040
15,910
16,050
105,079
35,953
3,278
3,138
29,537
51,581
5,619
15,214
30,748
2,184,384
1,619,038
1,2%,083
322,955
565,346
479,094
309,501
118,279
1,918
116,360
51,314
8,084
43,230
128,457
1,589,430
12,598
1,576,833
324,924
205,186
84,423
1,079
83,344
35,316
6,166
29,149
97,919
1,204,988
8,794
1,1%, 194
255,399
164,474
63,157
855
62,301
27,768
3,542
24,226
76,003
971,457
6,776
964,681
69,526
40,711
21,266
224
21,042
7,548
2,624
4,924
21,916
233,531
2,018
231,513
154,170
104,316
33,856
839
33,017
15,999
1,918
14,081
30,538
384,442
3,804
380,638
574,114
119,508
14,455
256,090
17,739
166,322
406,167
95,232
6,857
174,771
13,216
116,091
343,648
78,453
5,807
148,010
11,513
99,864
62,519
16,779
1,050
26,760
1,702
16,227
167,947
24,276
7,597
81,319
4,524
50,231
36,833
29,041
478,242
4,577
32,567
15,716
378,006
2,804
24,805
13,325
295,301
2,441
7,762
2,391
82,705
363
4,266
13,324
100,236
1,773
318,199
51,752
1,374
50,378
70,304
26,368
29,577
40,357
124,975
241,064
42,273
817
41,456
63,024
23,366
28,359
36,927
100,458
1%,720
31,613
683
30,930
44,721
18,884
20,359
25,583
68,525
44,345
10,660
133
10,527
18,304
4,483
8,000
11,344
31,934
77,135
9,478
557
8,921
7,280
3,002
1,218
3,430
24,517
2,563,509
1,920,847
1,522,006
398,842
642,662
370,937
592,731
39 Total liabilities
2,385,430
1,792,698
1,421,761
40 Total deposits
41
Individuals, partnerships, and corporations
42
U.S. government
43
States and political subdivisions in the United States
44
Commercial banks in the United States
45
Other depository institutions in the United States
46
Certified and official checks
47
All other
1,954,250
1,761,326
5,723
104,512
45,981
8,061
18,558
10,089
1,409,152
1,265,218
4,369
69,562
40,685
6,159
14,020
9,139
1,133,629
1,021,377
3,753
58,032
30,858
4,599
10,097
4,912
275,524
243,840
616
11,530
9,827
1,559
3,923
4,227
545,097
496,108
1,353
34,950
5,297
1,902
4,538
949
48 Total transaction accounts
49
Individuals, partnerships, and corporations
50
U.S. government
51
States and political subdivisions in the United States
52
Commercial banks in the United States
53 Other depository institutions in the United States
54
Certified and official checks
55
All other
638,836
545,667
4,081
26,606
29,774
5,798
18,558
8,352
481,602
404,852
3,069
18,653
28,130
4,955
14,020
7,923
379,267
322,242
2,565
15,283
21,216
3,579
10,097
4,286
102,335
82,610
503
3,370
6,915
1,376
3,923
3,638
157,234
140,815
1,012
7,953
1,644
843
4,538
429
56 Demand deposits (included in total transaction accounts)
57
Individuals, partnerships, and corporations
58
U.S. government
59
States and political subdivisions in the United States
60
Commercial banks in the United States
61
Other depository institutions in the United States
62
Certified and official checks
63
All other
452,059
370,008
4,013
15,573
29,773
5,784
18,558
8,350
354,574
284,509
3,023
12,023
28,130
4,948
14,020
7,922
272,886
221,392
2,526
9,799
21,215
3,573
10,097
4,285
81,689
63,118
497
2,224
6,915
1,375
3,923
3,636
97,484
85,499
990
3,550
1,643
836
4,538
428
1,315,413
1,215,659
1,642
77,906
16,207
2,263
1,736
927,550
860,366
1,301
50,909
12,555
1,204
1,216
754,362
699,136
1,188
42,749
9,643
1,020
626
173,188
161,230
113
8,160
2,912
184
590
387,863
355,293
341
26,997
3,653
1,059
520
64 Total nontransaction accounts
65
Individuals, partnerships, and corporations
66
U.S. government
67
States and political subdivisions in the United States
68
Commercial banks in the United States
69
Other depository institutions in the United States
70
All other
Commercial
4.22
Banks
Continued
Members
Item
Nonmembers
Total
Total
71
72
73
74
75
76
77
A75
Federal funds purchased and securities sold under agreements to repurchase
Demand notes issued to the U.S. Treasury
Other borrowed money
Banks liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs
Remaining liabilities
National
State
233,876
17,544
67,274
30,505
2,654
21,191
79,327
211,446
15,765
58,268
29,286
1,433
18,000
67,348
163,331
12,921
43,931
21,249
1,302
13,793
45,399
48,115
2,844
14,337
8,037
131
4,207
21,949
22,430
1,799
9,006
1,218
1,221
3,191
11,979
178,079
128,149
100,245
27,904
49,931
79 Assets held in trading accounts
80
U.S. Treasury securities
81
U.S. government agency corporation obligations
82
Securities issued by states and political subdivisions in the United States
83
Other bonds, notes and debentures
84
Certificates of deposit
85
Commercial paper
86
Bankers acceptances
87
Other
17,951
8,806
3,088
2,443
193
646
75
1,674
802
17,708
8,785
3,088
2,435
193
631
75
1,630
796
10,166
4,313
1,797
1,648
73
562
75
1,233
397
7,542
4,472
1,291
787
120
69
0
398
399
242
21
0
7
0
15
0
44
6
88 Total individual retirement accounts (IRA) and Keogh plan accounts
89 Total brokered deposits
90 Total brokered retail deposits
91
Issued in denominations of $100,000 or less
92
Issued in denominations greater than $100,000 and participated out by the broker in
shares of $100,000 or less
83,174
32,825
10,220
3,553
58,634
26,921
7,311
2,228
48,520
22,271
6,313
2,051
10,114
4,650
998
177
24,540
5,904
2,909
1,326
6,667
5,083
4,262
821
1,584
349,071
174,702
461,262
297,912
32,467
177,628
1,502,191
257,830
122,651
299,149
220,365
27,556
120,758
1,054,578
209,298
96,039
251,157
179,283
18,584
100,629
860,743
48,532
26,611
47,992
41,081
8,972
20,129
193,835
91,241
52,051
162,113
77,547
4,911
56,870
447,613
1,528,061
1,155,806
929,226
226,580
372,255
181,963
124,494
102,513
21,981
57,470
349,665
175,457
290,583
486,599
258,211
122,845
215,080
321,985
210,087
96,982
175,229
265,639
48,124
25,863
39,851
56,346
91,454
52,612
75,503
164,614
13,516
5,663
4,572
1,091
7,853
78 Total equity capital9
MEMO
93
94
95
96
97
98
99
10
Savings deposits
Money market deposit accounts (MMDAs)
Other savings deposits
Total time deposits of less than $100,000
Time certificates of deposit of $100,000 or more
Open-account time deposits of $100,000 or more
All NOW accounts (including Super NOW)
Total time and savings deposits
Quarterly averages
100 Total loans
101 Transaction accounts (NOW accounts, ATS accounts, and telephone and preauthorized
transfer accounts)
102
103
104
105
Nontransaction accounts
Money market deposit accounts (MMDAs)
Other savings deposits
Time certificates of deposit of $100,000 or more
All other time deposits
106 Number of banks
1. Effective Mar. 31, 1984, the report of condition was substantially revised
for commercial banks. Some of the changes are as follows: (1) Previously, banks
with international banking facilities (IBFs) that had no other foreign offices were
considered domestic reporters. Beginning with the Mar. 31, 1984 call report these
banks are considered foreign and domestic reporters and must file the foreign and
domestic report of condition; (2) banks with assets greater than $1 billion have
additional items reported; (3) the domestic office detail for banks with foreign
offices has been reduced considerably; and (4) banks with assets under $25 million
have been excused from reporting certain detail items.
2. The " n . a . " for some of the items is used to indicate the lesser detail
available from banks without foreign offices, the inapplicability of certain items to
banks that have only domestic offices and/or the absence of detail on a fully
consolidated basis for banks with foreign offices.
3. All transactions between domestic and foreign offices of a bank are
reported in "net due f r o m " and "net due to." All other lines represent
transactions with parties other than the domestic and foreign offices of each bank.
Since these intraoffice transactions are nullified by consolidation, total assets and
total liabilities for the entire bank may not equal the sum of assets and liabilities
respectively, of the domestic and foreign offices.
4. Foreign offices include branches in foreign countries, Puerto Rico, and in
U.S. territories and possessions; subsidiaries in foreign countries; all offices of
Edge act and agreement corporations wherever located and IBFs.
5. The 'over 100' column refers to those respondents whose assets, as of June
30 of the previous calendar year, were equal to or exceeded $100 million. (These
respondents file the FFIEC 032 or FFIEC 033 call report.) The 'under 100' column
refers to those respondents whose assets, as of June 30 of the previous calendar
year, were less than $100 million. (These respondents filed the FFIEC 034 call
report.)
6. Since the domestic portion of allowances for loan and lease losses and
allocated transfer risk reserve are not reported for banks with foreign offices, the
components of total assets (domestic) will not add to the actual total (domestic).
7. Since the foreign portion of demand notes issued to the U.S. Treasury is not
reported for banks with foreign offices, the components of total liabilities (foreign)
will not add to the actual total (foreign).
8. The definition of 'all other' varies by report form and therefore by column
in this table. See the instructions for more detail.
9. Equity capital is not allocated between the domestic and foreign offices of
banks with foreign offices.
10. Components of assets held in trading accounts are only reported for banks
with total assets of $1 billion or more; therefore the components will not add to the
totals for this item.
A76
4.30
Special Tables • June 1988
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1987
Millions of dollars
All states 2
Item
1 Total assets4
Total
including
IBFs
New York
IBFs
only 3
Total
including
IBFs
California
IBFs
only 3
Total
including
IBFs
Illinois
IBFs
only 3
Total
including
IBFs
IBFs
only 3
460,787
233,338
339,119
185,850
69,427
30,329
29,244
10,688
2 Claims on nonrelated parties
3 Cash and balances due from depository institutions
4
Cash items in process of collection and unposted
debits
5 Currency and coin (U.S. and foreign)
6 Balances with depository institutions in United States
7
U.S. branches and agencies of other foreign banks
(including their IBFs)
8
Other depository institutions in United States
(including their IBFs)
9
Balances with banks in foreign countries and with
foreign central banks
10
Foreign branches of U.S. banks
11
Other banks in foreign countries and foreign central
banks
12 Balances with Federal Reserve Banks
423,279
109,616
192,650
90,659
314,591
92,059
153,767
75,985
61,367
8,948
25,743
8,285
29,244
6,970
9,952
5,549
368
24
60,168
0
n.a.
44,487
342
18
49,216
0
n.a.
36,054
6
2
5,515
0
n.a.
4,935
6
2
4,482
0
n.a.
3,159
52,875
42,176
43,143
33,952
5,124
4,861
3,904
3,055
7,293
2,311
6,074
2,102
391
74
578
104
47,086
2,239
46,171
2,191
40,738
2,004
39,930
1,962
3,360
105
3,350
104
2,404
119
2,390
114
44,848
1,970
43,981
n.a.
38,734
1,746
37,968
n.a.
3,256
65
3,246
n.a.
2,285
76
2,276
n.a.
13 Total securities and loans
252,841
94,432
174,572
71,821
42,321
16,352
20,691
4,026
33,033
5,695
9,823
n.a.
26,227
5,329
7,387
n.a.
4,406
149
2,116
n.a.
1,258
125
215
n.a.
14 Total securities, book value
15 U.S. Treasury
16 Obligations of U.S. government agencies and
corporations
17 Other bonds, notes, debentures and corporate stock
(including state and local securities)
3,604
n.a.
3,562
n.a.
23,733
9,823
17,336
7,387
4,215
2,116
1,133
215
18 Federal funds sold and securities purchased under
agreements to resell
19 U.S branches and agencies of other foreign banks . . . .
20
Commercial banks in United States
21
Other
18,095
11,078
4,124
2,893
3,080
1,564
651
865
16,553
9,992
3,892
2,669
2,648
1,233
638
778
967
822
61
85
265
235
10
20
231
132
69
30
95
65
0
30
220,001
193
219,808
84,685
76
84,609
148,454
109
148,345
64,473
39
64,434
37,989
73
37,916
14,274
37
14,236
19,439
6
19,433
3,811
0
3,811
14,312
67,308
34,801
30,494
4,307
171
48,998
18,359
17,346
1,014
7,118
48,943
24,987
21,208
3,778
136
33,850
11,493
10,716
777
3,051
12,819
7,289
6,902
387
29
10,693
5,235
5,054
181
1,988
3,976
2,267
2,164
103
0
3,152
1,500
1,444
56
110
32,397
1,030
31,367
6,101
47
30,592
942
29,650
829
66
23,891
822
23,068
3,847
38
22,319
736
21,583
747
10
5,520
146
5,374
1,056
0
5,458
145
5,313
43
25
1,684
61
1,623
910
0
1,652
61
1,591
28
108,573
85,680
22,893
723
186
537
18,518
174
18,344
30
0
30
68,156
49,493
18,663
627
126
501
15,619
164
15,455
24
0
24
19,223
16,470
2,753
51
35
16
2,178
10
2,168
0
0
0
12,058
11,548
510
6
0
6
404
0
404
6
0
6
17,618
15,857
15,328
13,897
1,312
1,275
246
221
2,994
2,373
33
249
2,606
1,830
32
169
354
123
0
56
0
255
0
0
42,727
30,223
19,349
10,874
4,479
n.a.
n.a.
n.a.
31,407
21,769
11,891
9,879
3,313
n.a.
n.a.
n.a.
9,130
7,290
6,631
659
842
n.a.
n.a.
n.a.
1,353
664
627
37
282
n.a.
n.a.
n.a.
12,505
37,508
4,479
40,688
9,638
24,528
3,313
32,083
1,841
8,060
842
4,585
689
0
282
736
37,508
n.a.
24,528
n.a.
8,060
n.a.
n.a.
40,688
n.a.
32,083
n.a.
4,585
n.a.
52 Total liabilities4
460,787
233,338
339,119
185,850
69,427
30,329
29,244
10,688
53 Liabilities to nonrelated parties
401,710
212,420
309,629
171,541
62,059
27,548
16,372
7,185
22 Total loans, gross
23
Less: Unearned income on loans
24
Equals: Loans, net
Total loans, gross, by category
25 Real estate loans
26 Loans to depository institutions
27
Commercial banks in United States (including IBFs) .
28
U.S. branches and agencies of other foreign banks .
29
Other commercial banks in United States
30 Other depository institutions in United States
(including IBFs)
31
Banks in foreign countries
32
Foreign branches of U.S. banks
33
Other banks in foreign countries
34 Other financial institutions
35 Commercial and industrial loans
36
U.S. addressees (domicile)
37
Non-U.S. addressees (domicile)
38 Acceptances of other banks
39
U.S. banks
40
Foreign banks
41 Loans to foreign governments and official institutions
(including foreign central banks)
42 Loans for purchasing or carrying securities
(secured and unsecured)
43 All other loans
44 All other assets
45
Customers' liability on acceptances outstanding
46
U.S. addressees (domicile)
47
Non-U.S. addressees (domicile)
48
Other assets including other claims on nonrelated
parties
49 Net due from related depository institutions 5
Net due from head office and other related depository
50
institutions 5
51
Net due from establishing entity, head offices,
and other related depository institutions 5
41
n.a.
0
0
n.a.
n.a.
736
U.S. Branches and Agencies
4.30
All
Continued
Millions of dollars
All states2
Item
54 Total deposits and credit balances
55
Individuals, partnerships, and corporations
56
U.S. addressees (domicile)
57
Non-U.S. addressees (domicile)
58 Commercial banks in United States (including IBFs) .
59
U.S. branches and agencies of other foreign banks .
60
Other commercial banks in United States
61
Banks in foreign countries
62
Foreign branches of U.S. banks
Other banks in foreign countries
63
64
Foreign governments and official institutions
(including foreign central banks)
65
All other deposits and credit balances
66
Certified and official checks
67 Transaction accounts and credit balances
(excluding IBFs)
Individuals, partnerships, and corporations
68
69
U.S. addressees (domicile)
70
Non-U .S. addressees (domicile)
Commercial banks in United States (including IBFs) .
71
72
U.S. branches and agencies of other foreign banks .
73
Other commercial banks in United States
74 Banks in foreign countries
75
Foreign branches of U.S. banks
76
Other banks in foreign countries
Foreign governments and official institutions
77
(including foreign central banks)
All other deposits and credit balances
78
79
Certified and official checks
80 Demand deposits (included in transaction accounts
and credit balances)
81
Individuals, partnerships, and corporations
82
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
83
84 Commercial banks in United States (including IBFs) .
85
U.S. branches and agencies of other foreign banks .
Other commercial banks in United States
86
87
Banks in foreign countries
88
Foreign branches of U.S. banks
89
Other banks in foreign countries
Foreign governments and official institutions
90
(including foreign central banks)
91
All other deposits and credit balances
92 Certified and official checks
93 Non-transaction accounts (including MMDAs,
excluding IBFs)
94 Individuals, partnerships, and corporations
95
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
96
97 Commercial banks in United States (including IBFs) .
98
U.S. branches and agencies of other foreign banks .
Other commercial banks in United States
99
100 Banks in foreign countries
101
Foreign branches of U.S. banks
102
Other banks in foreign countries
103 Foreign governments and official institutions
(including foreign central banks)
104 All other deposits and credit balances
105 IBF deposit liabilities
106 Individuals, partnerships, and corporations
107
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
108
109 Commercial banks in United States (including IBFs) .
no
U.S. branches and agencies of other foreign banks .
Other commercial banks in United States
111
112 Banks in foreign countries
Foreign branches of U.S. banks
113
Other banks in foreign countries
114
115
Foreign governments and official institutions
(including foreign central banks)
116 All other deposits and credit balances
For notes see end of table.
Total
excluding
IBFs
New York
IBFs
only3
Total
excluding
IBFs
IBFs
only3
Total
excluding
IBFs
60,042
47,004
36,715
10,289
8,298
3,858
4,440
2,004
231
1,773
164,825
13,404
298
13,106
54,319
46,180
8,139
87,659
8,325
79,334
49,910
37,801
30,816
6,984
7,686
3,336
4,350
1,916
231
1,685
147,718
9,283
2%
8,987
47,442
40,156
7,286
81, 889
7,598
74,291
1,923
1,807
500
1,307
12
6
6
16
0
16
1,277
1,005
454
9,326
117
n.a.
1,194
937
376
8,987
116
n.a.
15
48
26
5,959
3,619
2,101
1,519
434
61
373
995
46
950
n.a.
5,008
2,902
1,711
1,191
427
61
366
934
46
889
Illinois
California
n.a.
179
143
88
55
1
0
1
6
0
6
IBFs
only3
Total
excluding
IBFs
9,049
439
0
439
4,674
4,184
489
3,884
454
3,430
3,152
2,562
2,368
194
564
503
61
2
0
2
52
0
2
3
18
n.a.
n.a.
205
180
176
4
0
0
0
2
0
2
358
99
454
288
81
376
1
2
26
2
3
18
4,779
3,080
1,823
1,257
67
7
60
817
1
816
4,040
2,564
1,531
1,033
61
6
54
757
1
755
124
90
53
38
1
0
1
6
0
6
192
167
163
4
0
0
0
2
0
2
n.a.
n.a.
n.a.
300
61
454
231
52
376
1
0
26
2
3
18
54,083
43,385
34,615
8,770
7,864
3,796
4,068
1,009
185
824
44,903
34,899
29,106
5,794
7,259
3,276
3,984
982
185
797
1,745
1,664
412
1,251
11
6
5
10
0
10
2,946
2,382
2,192
190
564
503
60
0
0
0
n.a.
906
857
919
906
n.a.
n.a.
164,825
13,404
298
13,106
54,319
46,180
8,139
87,659
8,325
79,334
9,326
117
n a.
n.a.
8,987
116
n.a.
3,026
30
0
30
1,651
1,374
277
1,327
198
1,129
17
0
n a.
n.a.
n.a.
n.a.
0
1
13
46
147,718
9,283
296
8,987
47,442
40,156
7,286
81,889
7,598
74,291
IBFs
only3
9,049
439
0
439
4,674
4,184
489
3, 884
454
3,430
52
0
n a.
3,026
30
0
30
1,651
1,374
277
1,327
198
1,129
17
0
A78
4.30
Special Tables • June 1988
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1987'—Continued
Millions of dollars
All states 2
Item
117
118
119
170
121
122
123
124
125
126
127
128
129
130
131
Federal funds purchased and securities sold under
agreements to repurchase
U.S. branches and agencies of other foreign banks . . .
Other commercial banks in United States
Other
Other borrowed money
Owed to nonrelated commercial banks in United States
(including IBFs)
Owed to U.S. offices of nonrelated U.S. banks
Owed to U.S. branches and agencies of
nonrelated foreign banks
Owed to nonrelated banks in foreign countries
Owed to foreign branches of nonrelated U.S. banks . .
Owed to foreign offices of nonrelated foreign b a n k s . . .
Owed to others
All other liabilities
Branch or agency liability on acceptances executed
and outstanding
Other liabilities to nonrelated parties
132 Net due to related depository institutions 5
133 Net due to head office and other related
depository institutions 5
134 Net due to establishing entity, head office, and other
related depository institutions 5
Total
including
IBFs
Total
including
IBFs
IBFs
only 3
Illinois
California
New York
Total
including
IBFs
IBFs
only 3
Total
including
IBFs
IBFs
only 3
IBFs
only 3
37,161
11,413
9,865
15,883
96,288
3,733
1,855
269
1,609
39,987
27,531
7,177
5,733
14,621
52,786
2,605
1,058
136
1,410
18,300
7,815
3,2%
3,565
954
33,459
946
684
133
129
16,8%
1,465
760
461
243
7,547
136
/0
0
66
3,775
62,478
27,223
15,552
2,644
32,475
17,032
4,636
851
24,000
7,697
9,464
1,490
4,027
1,885
823
35,255
22,638
3,089
19,548
11,172
12,908
21,946
3,032
18,914
2,490
15,443
11,916
1,171
10,744
8,396
3,785
11,279
1,124
10,155
2,386
16,303
7,363
1,585
5,778
2,095
7,974
7,347
1,580
5,767
85
2,142
2,968
286
2,681
552
/46
2,943
43,394
3,874
31,684
2,918
9,813
656
1,183
248
33,563
9,831
n.a.
n.a.
2,918
8,590
1,223
n.a.
3,874
23,794
7,890
656
670
513
n.a.
248
59,077
20,918
29,490
14,309
7,368
2,781
12,872
3,504
59,077
n. a.
29,490
n. a.
7,368
n.a.
12,872
n.a.
n.a.
20,918
n.a.
14,309
n.a.
2,781
n.a.
3,504
77
28b
2,657
10
MEMO
135 Non-interest bearing balances with commercial banks
in United States
136 Holding of commercial paper included in total loans
137 Holding of own acceptances included in commercial
and industrial loans
138 Commercial and industrial loans with remaining maturity
of one year or less
139
Predetermined interest rates
Floating interest rates
140
141 Commercial and industrial loans with remaining maturity
of more than one year
147 Predetermined interest rates
Floating interest rates
143
2,854
1,095
6
2,629
1,649
60,966
37,723
23,243
35,952
21,146
14,805
47,607
15,895
31,712
n.a.
6
2,611
898
32,205
10,103
22,102
<
n.a.
102
87
730
11,713
8,721
2,992
7,509
3,232
4,277
0
i
n.a.
59
104
0
110
8,026
5,002
3,024
4,032
1,709
2,323
n.a.
U.S. Branches and Agencies
4.30
A79
Continued
Millions of dollars
All states 2
Item
144 Components of total nontransaction accounts,
included in total deposits and credit balances of
nontransactional accounts, including IBFs
145 Time CDs in denominations of $100,000 or more
146 Other time deposits in denominations of $100,000
or more
147 Time CDs in denominations of $100,000 or more
with remaining maturity of more than
12 months
Total
excluding
IBFs
69,664
40,682
9,062
19,920
New York
Total
excluding
IBFs
IBFs
only 3
1
I
n.a.
All states 2
Total
including
IBFs
148 Market value of securities held
149 Immediately available funds with a maturity greater than
one day included in other borrowed money
60,687
33,786
8,272
1
1
Total
excluding
IBFs
1,615
1,112
358
Total
including
IBFs
IBFs
only 3
IBFs
only 3
1
1
Total
excluding
IBFs
3,177
2,315
369
145
California
Total
including
IBFs
IBFs
only 3
493
Illinois
Total
including
IBFs
9,528
30,721
7,250
4,037
1,956
1,245
56,765
n.a.
30,426
n.a.
22,295
n.a.
2,776
1. Data are aggregates of categories reported on the quarterly form FFIEC 002,
"Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign
Banks." Details may not add to totals because of rounding. This form was first
used for reporting data as of June 30, 1980, and was revised as of December 31,
1985. From November 1972 through May 1980, U.S. branches and agencies of
foreign banks had filed a monthly FR 886a report. Aggregate data from that report
were available through the Federal Reserve statistical release G . l l , last issued on
July 10, 1980. Data in this table and in the G . l l tables are not strictly comparable
because of differences in reporting panels and in definitions of balance sheet
items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations
D and Q to permit banking offices located in the United States to operate
International Banking Facilities (IBFs). As of December 31, 1985, data for IBFs
are reported in a separate column. These data are either included in or excluded
from the total columns as indicated in the headings. The notation " n . a . " indicates
229
122
IBFs
only 3
I
1
n.a.
n.a.
n.a.
18,629
Illinois
37,130
502
IBFs
only 3
New York
IBFs
only 3
California
IBFs
only 3
216
n.a.
51
that no IBF data are reported for that item, either because the item is not an
eligible IBF asset or liability or because that level of detail is not reported for
IBFs. From December 1981 through September 1985, IBF data were included in
all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or due
to related banking institutions in the United States and in foreign countries (see
footnote 5). On the former monthly branch and agency report, available through
the G . l l statistical release, gross balances were included in total assets and total
liabilities. Therefore, total asset and total liability figures in this table are not
comparable to those in the G . l l tables.
5. "Related banking institutions" includes the foreign head office and other
U.S. and foreign branches and agencies of the bank, the bank's parent holding
company, and majority-owned banking subsidiaries of the bank and of its parent
holding company (including subsidiaries owned both directly and indirectly).
6. In some cases two or more offices of a foreign bank within the same
metropolitan area file a consolidated report.
A80
Federal Reserve Board of Governors
ALAN GREENSPAN, Chairman
MANUEL H . JOHNSON, Vice
OFFICE OF BOARD
MARTHA R . SEGER
Chairman
MEMBERS
JOSEPH R. COYNE, Assistant
DONALD J. WINN, Assistant
to the
to the
WAYNE D . ANGELL
DIVISION
Board
Board
LYNN SMITH FOX, Special Assistant to the Board
BOB STAHLY MOORE, Special Assistant to the Board
OF INTERNATIONAL
E D W I N M . T R U M A N , Staff Director
LARRY J. PROMISEL, Senior Associate
CHARLES J. S I E G M A N , Senior Associate
D A V I D H . H O W A R D , Deputy Associate
ROBERT F. GEMMILL, Staff
LEGAL
DIVISION
MICHAEL BRADFIELD, General
Counsel
Deputy General Counsel
RICHARD M. ASHTON, Associate General Counsel
OLIVER IRELAND, Associate General Counsel
RICKI R. TIGERT, Assistant General Counsel
MARYELLEN A. BROWN, Assistant to the General Counsel
FINANCE
Director
Director
Director
Adviser
D O N A L D B . A D A M S , Assistant
Director
PETER HOOPER I I I , Assistant
Director
K A R E N H . JOHNSON, Assistant
Director
RALPH W . SMITH, J R . , Assistant
Director
J. VIRGIL MATTINGLY, J R . ,
OFFICE OF THE
SECRETARY
DIVISION
OF RESEARCH
AND
MICHAEL J. PRELL, Director
E D W A R D C . E T T I N , Deputy
Director
JARED J. E N Z L E R , Associate
Director
THOMAS D . SIMPSON, Associate
Director
LAWRENCE SLIFMAN, Associate
WILLIAM W . WILES,
Secretary
BARBARA R. LOWREY, Associate
JAMES MCAFEE, Associate
Secretary
Secretary
DIVISION OF CONSUMER
AND COMMUNITY
AFFAIRS
GRIFFITH L . GARWOOD,
Director
G L E N N E . L O N E Y , Assistant
Director
E L L E N M A L A N D , Assistant
Director
DOLORES S . SMITH, Assistant
Director
WILLIAM TAYLOR,
Staff Director
D O N E . K L I N E , Associate
Director
FREDERICK M . STRUBLE, Associate
Director
WILLIAM A . RYBACK, Deputy Associate
Director
Deputy Associate Director
Deputy Associate Director
HERBERT A . B I E R N , Assistant
Director
JOE M. CLEAVER, Assistant Director
A N T H O N Y C O R N Y N , Assistant
Director
JAMES I. GARNER, Assistant
Director
JAMES D . GOETZINGER, Assistant
Director
MICHAEL G . MARTINSON, Assistant
Director
ROBERT S . PLOTKIN, Assistant
Director
S I D N E Y M . S U S S A N , Assistant
Director
L A U R A M . HOMER, Securities Credit Officer
STEPHEN C . SCHEMERING,
RICHARD SPILLENKOTHEN,
Director
ELEANOR J. STOCKWELL, Associate
Director
MARTHA B E T H E A , Deputy Associate
Director
PETER A . TINSLEY, Deputy Associate
Director
MARK N . G R E E N E , Assistant
Director
M Y R O N L . K W A S T , Assistant
Director
S U S A N J. LEPPER, Assistant
Director
MARTHA S . S C A N L O N , Assistant
Director
D A V I D J. STOCKTON, Assistant
Director
JOYCE K . ZICKLER, Assistant
Director
L E V O N H . G A R A B E D I A N , Assistant
Director
(Administration)
DIVISION
DIVISION OF BANKING
SUPERVISION AND
REGULATION
STATISTICS
OF MONETARY
AFFAIRS
Director
Deputy Director
BRIAN F . M A D I G A N , Assistant
Director
RICHARD D . PORTER, Assistant
Director
NORMAND R.V. BERNARD, Special Assistant to the Board
DONALD L. KOHN,
DAVID E . LINDSEY,
OFFICE OF THE INSPECTOR
BRENT L. BOWEN, Inspector
GENERAL
General
A81
and Official Staff
H . ROBERT HELLER
E D W A R D W . KELLEY, JR.
OFFICE OF
STAFF DIRECTOR
OFFICE OF STAFF DIRECTOR FOR
FEDERAL RESERVE BANK
ACTIVITIES
FOR MANAGEMENT
S . D A V I D FROST, Staff Director
E D W A R D T . M U L R E N I N , Assistant Staff Director
PORTIA W . THOMPSON, Equal Employment
Opportunity
Programs Officer
DIVISION
DIVISION OF FEDERAL
BANK
OPERATIONS
OF HUMAN
RESOURCES
MANAGEMENT
D A V I D L . S H A N N O N , Director
JOHN R . W E I S , Associate
Director
A N T H O N Y V . D I G I O I A , Assistant
Director
JOSEPH H . H A Y E S , J R . , Assistant
Director
F R E D HOROWITZ, Assistant
Director
OFFICE OF THE
THEODORE E. ALLISON, Staff Director
C L Y D E H . FARNSWORTH, J R . , Director
ELLIOTT C . M C E N T E E , Associate
Director
D A V I D L . ROBINSON, Associate
Director
C . WILLIAM SCHLEICHER, J R . , Associate
Director
CHARLES W . B E N N E T T , Assistant
Director
JACK D E N N I S , JR., Assistant
Director
E A R L G . H A M I L T O N , Assistant
Director
JOHN H. PARRISH, Assistant Director
LOUISE L . ROSEMAN, Assistant
Director
CONTROLLER
FLORENCE M . YOUNG,
GEORGE E . LIVINGSTON, Controller
STEPHEN J . CLARK, Assistant Controller
(Programs
and Budgets)
DARRELL R . P A U L E Y ,
DIVISION
Assistant Controller (Finance)
OF SUPPORT
SERVICES
ROBERT E . FRAZIER, Director
GEORGE M . L O P E Z , Assistant
D A V I D L . WILLIAMS, Assistant
Director
Director
OFFICE OF THE EXECUTIVE
INFORMATION RESOURCES
DIRECTOR FOR
MANAGEMENT
A L L E N E . B E U T E L , Executive Director
STEPHEN R . M A L P H R U S , Associate
Director
DIVISION
SYSTEMS
OF HARDWARE
AND
SOFTWARE
Director
Assistant Director
ELIZABETH B . RIGGS, Assistant
Director
ROBERT J. Z E M E L , Assistant
Director
BRUCE M . BEARDSLEY,
THOMAS C . J U D D ,
DIVISION OF APPLICATIONS
STATISTICAL SERVICES
RICHARD C .
PATRICIA A .
DEVELOPMENT
Director
Assistant Director
STEVENS, Assistant
Director
W E L C H , Assistant
Director
WILLIAM R . JONES,
DAY W . RADEBAUGH,
RESERVE
AND
Adviser
A82
Federal Reserve Bulletin • June 1988
Federal Open Market Committee
FEDERAL OPEN MARKET
COMMITTEE
MEMBERS
Chairman
A L A N GREENSPAN,
E . GERALD CORRIGAN,
H . ROBERT HELLER
W . LEE HOSKINS
M A N U E L H . JOHNSON
WAYNE D . ANGELL
ROBERT P . BLACK
ROBERT P . FORRESTAL
ALTERNATE
E D W A R D W . KELLEY, JR.
ROBERT T . PARRY
MARTHA R . SEGER
MEMBERS
THOMAS C . MELZER
FRANK E . MORRIS
ROGER GUFFEY
SILAS KEEHN
Vice Chairman
THOMAS M . TIMLEN
STAFF
DONALD L. KOHN, Secretary and
Economist
NORMAND R . V . BERNARD, Assistant
Secretary
Deputy Assistant
ROSEMARY R . LONEY,
MICHAEL BRADFIELD, General
ERNEST T . PATRIKIS,
MICHAEL J. PRELL,
EDWIN M. TRUMAN,
Secretary
Counsel
Deputy General Counsel
Economist
Economist
JOHN H. BEEBE, Associate
Economist
PETER D . STERNLIGHT, Manager
SAM Y . CROSS, Manager for
FEDERAL ADVISORY
J. ALFRED BROADDUS, JR., Associate
Economist
JOHN M. DAVIS, Associate
Economist
RICHARD G. DAVIS, Associate
Economist
DAVID E. LINDSEY, Associate
Economist
CHARLES J. SIEGMAN, Associate
Economist
THOMAS D. SIMPSON, Associate
Economist
LAWRENCE SLIFMAN, Associate
Economist
SHEILA L. TSCHINKEL, Associate
Economist
for Domestic Operations, System Open Market Account
Foreign Operations, System Open Market Account
COUNCIL
CHARLES T . FISHER, III,
BENNETT A . BROWN,
J. TERRENCE MURRAY, First District
WILLARD C . BUTCHER, Second District
SAMUEL A . MCCULLOUGH, Third District
THOMAS H . O ' B R I E N , Fourth District
FREDERICK D E A N E , JR., Fifth District
BENNETT A . BROWN, Sixth District
President
Vice President
CHARLES T.
DONALD N.
DEWALT H .
F . PHILLIPS
FISHER, I I I , Seventh District
BRANDIN, Eighth District
ANKENY, JR., Ninth District
GILTNER, Tenth District
(VACANCY), Eleventh District
PAUL HAZEN, Twelfth District
HERBERT V . PROCHNOW,
Secretary
WILLIAM J. KORSVIK, Associate
Secretary
A83
and Advisory Councils
CONSUMER
ADVISORY
COUNCIL
STEVEN W . H A M M , Columbia, South Carolina,
E D W A R D J. WILLIAMS, Chicago, Illinois, Vice
Chairman
Chairman
NAOMI G. ALBANESE, Greensboro, North Carolina
STEPHEN BROBECK, Washington, D.C.
E D W I N B . BROOKS, JR., Richmond, Virginia
JUDITH N. BROWN, Edina, Minnesota
MICHAEL S . CASSIDY, New York, New York
BETTY TOM C H U , Arcadia, California
JERRY D. CRAFT, Atlanta, Georgia
DONALD C. D A Y , Boston, Massachusetts
RICHARD B. DOBY, Denver, Colorado
RICHARD H. F I N K , Washington, D.C.
ROBERT A . HESS, W a s h i n g t o n , D . C .
ROBERT J. HOBBS, Boston, Massachusetts
RAMON E. JOHNSON, Salt Lake City, Utah
ROBERT W. JOHNSON, West Lafayette, Indiana
A . J. (JACK) KING, Kalispell, Montana
JOHN M. KOLESAR, Cleveland, Ohio
NEIL J. FOGARTY, Jersey City, N e w Jersey
SANDRA PHILLIPS, Pittsburgh, Pennsylvania
JANE SHULL, Philadelphia, Pennsylvania
STEPHEN GARDNER,
KENNETH A. H A L L ,
ELENA G. HANGGI,
Dallas, Texas
Picayune, Mississippi
Little Rock, Arkansas
THRIFT INSTITUTIONS
ADVISORY
ROBERT S. DUNCAN, Hattiesburg, Mississippi
RAY MARTIN, Los Angeles, California
JOE C. MORRIS, Emporia, Kansas
RICHARD L. D. MORSE, Manhattan, Kansas
WILLIAM E. ODOM, Dearborn, Michigan
SANDRA R. PARKER, Richmond, Virginia
RALPH
E.
SPURGIN,
Columbus, Ohio
LAWRENCE WINTHROP, Portland, Oregon
COUNCIL
JAMIE J. JACKSON,
GERALD M. CZARNECKI,
BETTY GREGG, Phoenix, Arizona
THOMAS A. KINST, Hoffman Estates,
ALAN B. LERNER, Dallas, Texas
Illinois
Houston, Texas, President
Honolulu, Hawaii, Vice President
JOSEPH W. MOSMILLER, Baltimore, Maryland
JANET M. PAVLISKA, Arlington, Massachusetts
LOUIS H. PEPPER, Seattle, Washington
WILLIAM G. SCHUETT, Milwaukee, Wisconsin
D O N A L D B. SHACKELFORD, Columbus, Ohio
A84
Federal Reserve Board Publications
Copies are available from PUBLICATIONS SERVICES,
Mail Stop 138, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. When a charge is indicated, payment should accompany request and be made to the
Board of Governors of the Federal Reserve System. Payment
from foreign residents should be drawn on a U.S. bank.
Stamps and coupons are not accepted.
THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 1984. 120 p p .
A N N U A L REPORT.
A N N U A L REPORT: BUDGET REVIEW, 1 9 8 6 - 8 7 .
FEDERAL RESERVE BULLETIN. Monthly. $ 2 0 . 0 0 per year or
$ 2 . 0 0 each in the United States, its possessions, Canada,
and Mexico; 10 or more of same issue to one address,
$ 1 8 . 0 0 per year or $ 1 . 7 5 each. Elsewhere, $ 2 4 . 0 0 per
year or $ 2 . 5 0 each.
BANKING AND MONETARY STATISTICS. 1 9 1 4 - 1 9 4 1 . (Reprint
of Part I only) 1976. 682 pp. $5.00.
BANKING AND MONETARY STATISTICS. 1941-1970. 1976.
1,168 pp. $15.00.
1980. 305 pp.
1982. 239 pp.
1983. 266 pp.
1984. 264 pp.
1985. 254 pp.
1986. 231 pp.
1987. 2 8 8 pp.
$10.00 per copy.
$ 6.50 per copy.
$ 7.50 per copy.
$11.50 per copy.
$12.50 per copy.
$15.00 per copy.
1986.
$ 1 5 . 0 0 per copy.
HISTORICAL CHART BOOK. Issued annually in Sept. $ 1 . 2 5
each in the United States, its possessions, Canada, and
Mexico; 10 or more to one address, $1.00 each. Elsewhere, $1.50 each.
SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF CHARTS. Weekly. $21.00 per year or $.50 each in
the United States, its possessions, Canada, and Mexico;
10 or more of same issue to one address, $19.50 per year
or $.45 each. Elsewhere, $26.00 per year or $.60 each.
THE FEDERAL RESERVE ACT, and other statutory provisions
affecting the Federal Reserve System, as amended
through April 20, 1983, with Supplements covering
amendments through August 1987. 576 pp. $7.00.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE F E D ERAL RESERVE SYSTEM.
A N N U A L PERCENTAGE RATE TABLES (Truth in Lending—
Regulation Z) Vol. I (Regular Transactions). 1969. 100
pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each
volume $2.25; 10 or more of same volume to one
address, $2.00 each.
FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY
UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one
address, $1.50 each.
THE BANK
HOLDING COMPANY MOVEMENT TO 1978:
Looseleaf; updated at least 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.
Federal Reserve Regulatory Service. 3 vols. (Contains all
three Handbooks plus substantial additional material.)
$200.00 per year.
Rates for subscribers outside the United States are as
follows and include additional air mail costs:
Federal Reserve Regulatory Service, $250.00 per year.
Each Handbook, $90.00 per year.
FEDERAL RESERVE REGULATORY SERVICE.
THE U . S . ECONOMY IN AN INTERDEPENDENT WORLD: A
MULTICOUNTRY MODEL, May 1984. 590 pp. $14.50 each.
WELCOME TO THE FEDERAL RESERVE.
PROCESSING A N APPLICATION THROUGH THE FEDERAL R E -
SERVE SYSTEM. A u g u s t 1985. 30 pp.
December 1986.
440 pp. $9.00 each.
FINANCIAL FUTURES A N D OPTIONS IN THE U . S . ECONOMY.
December 1986. 264 pp. $10.00 each.
CONSUMER 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
Fair Credit Billing
Federal Reserve Glossary
A Guide to Business Credit and the Equal Credit Opportunity
Act
Guide to Federal Reserve Regulations
How to File A Consumer Credit Complaint
If You Borrow To Buy Stock
If You Use A Credit Card
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
Organization and Advisory Committees
PAMPHLETS FOR FINANCIAL
INSTITUTIONS
Short pamphlets on regulatory compliance, primarily suitable for banks, bank holding companies and creditors.
A
COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to
one address, $2.25 each.
INTRODUCTION TO FLOW OF F U N D S . 1980. 68 pp. $1.50 each;
10 or more to one address, $1.25 each.
1981. 326 pp.
$13.50 each.
INDUSTRIAL PRODUCTION—1986 EDITION.
A N N U A L STATISTICAL DIGEST
1974-78.
1981.
1982.
1983.
1984.
1985.
PUBLIC POLICY AND CAPITAL FORMATION.
Limit of 50 copies
The Board of Directors' Opportunities in Community Reinvestment
A85
The Board of Directors' Role in Consumer Law Compliance
Combined Construction/Permanent Loan Disclosure and
Regulation Z
Community Development Corporations and the Federal Reserve
Construction Loan Disclosures and Regulation Z
Finance Charges Under Regulation Z
How to Determine the Credit Needs of Your Community
Regulation Z: The Right of Rescission
The Right to Financial Privacy Act
Signature Rules in Community Property States: Regulation B
Signature Rules: Regulation B
Timing Requirements for Adverse Action Notices: Regulation B
What An Adverse Action Notice Must Contain: Regulation B
Understanding Prepaid Finance Charges: Regulation Z
Closing the Loan: A Consumer's Guide to Mortgage Settlement Costs
Refinancing Your Mortgage
A Consumer's Guide to Lock-Ins
134. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET
INTERVENTION: A REVIEW OF THE LITERATURE, b y
Ralph W. Tryon. October 1983. 14 pp. Out of print.
135. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET
INTERVENTION: APPLICATIONS TO C A N A D A , GERMA-
NY, AND JAPAN, by Deborah J. Danker, Richard A.
Haas, Dale W. Henderson, Steven A. Symansky, and
Ralph W. Tryon. April 1985. 27 pp. Out of print.
136. THE EFFECTS OF FISCAL POLICY ON THE U . S . ECONO-
MY, by Darrell Cohen and Peter B. Clark. January
1984. 16 pp. Out of print.
137. THE IMPLICATIONS FOR B A N K MERGER POLICY OF
FINANCIAL DEREGULATION, INTERSTATE BANKING,
AND FINANCIAL
SUPERMARKETS,
by
Stephen
A.
Rhoades. February 1984. Out of print.
138. ANTITRUST L A W S , JUSTICE DEPARTMENT G U I D E LINES, AND THE LIMITS OF CONCENTRATION IN LOCAL BANKING MARKETS, by James Burke. June 1984.
14 pp. Out of print.
139. SOME IMPLICATIONS OF FINANCIAL INNOVATIONS IN
THE UNITED STATES, by Thomas D. Simpson and
Patrick M. Parkinson. August 1984. 20 pp.
STAFF STUDIESSummaries
Only Printed
in the
Bulletin
Studies and papers on economic and financial subjects that
are of general interest. Requests to obtain single copies of
the full text or to be added to the mailing list for the series
may be sent to Publications Services.
140. GEOGRAPHIC MARKET DELINEATION: A REVIEW OF
THE LITERATURE, by John D. Wolken. November
1984. 38 pp. Out of print.
141. A COMPARISON OF DIRECT DEPOSIT A N D CHECK PAYMENT COSTS, by William Dudley. November 1984.
15 pp. Out of print.
142. MERGERS A N D
BANKS, 1 9 6 0 - 8 3 ,
ACQUISITIONS
A.
by Stephen
1984. 30 pp. Out of print.
Staff Studies 115-125 are out of print.
BY
COMMERCIAL
Rhoades. December
143. COMPLIANCE COSTS A N D CONSUMER BENEFITS OF
THE ELECTRONIC F U N D TRANSFER ACT: RECENT
SURVEY EVIDENCE, by Frederick J. Schroeder. April
1985. 23 pp. Out of print.
114. MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON COMPETITION AND PERFORMANCE IN
BANKING MARKETS, by Timothy J. Curry and John T.
144. SCALE ECONOMIES IN COMPLIANCE COSTS FOR CONSUMER CREDIT REGULATIONS: THE TRUTH IN L E N D ING AND EQUAL CREDIT OPPORTUNITY L A W S , b y
126. DEFINITION A N D MEASUREMENT OF EXCHANGE MAR-
Gregory E. Elliehausen and Robert D. Kurtz. May
1985. 10 pp.
KET INTERVENTION, by Donald B. Adams and Dale
W. Henderson. August 1983. 5 pp. Out of print.
145. SERVICE CHARGES AS A SOURCE OF BANK INCOME
AND THEIR IMPACT ON CONSUMERS, by Glenn B .
U . S . EXPERIENCE WITH EXCHANGE MARKET INTERVENTION: JANUARY-MARCH 1 9 7 5 , by Margaret L .
Canner and Robert D. Kurtz. August 1985. 31 pp. Out
of print.
Rose. Jan. 1982. 9 pp.
127.
Greene. August 1984. 16 pp. Out of print.
128. U . S . EXPERIENCE WITH EXCHANGE MARKET INTERVENTION: SEPTEMBER 1977-DECEMBER 1 9 7 9 , b y M a r -
garet L. Greene. October 1984. 40 pp. Out of print.
129. U . S . EXPERIENCE WITH EXCHANGE MARKET INTERVENTION: OCTOBER I98O-OCTOBER 1 9 8 1 , by Margaret
L. Greene. August 1984. 36 pp.
130. EFFECTS OF EXCHANGE RATE VARIABILITY ON INTERNATIONAL TRADE AND OTHER ECONOMIC VARIABLES: A REVIEW OF THE LITERATURE, by Victoria S .
Farrell with Dean A. DeRosa and T. Ashby McCown.
January 1984. Out of print.
131. CALCULATIONS OF PROFITABILITY FOR U . S . D O L L A R DEUTSCHE MARK INTERVENTION, by Laurence R.
Jacobson. October 1983. 8 pp.
132. TIME-SERIES STUDIES OF THE RELATIONSHIP BETWEEN EXCHANGE RATES AND INTERVENTION: A
REVIEW OF THE TECHNIQUES AND LITERATURE, b y
Kenneth Rogoff. October 1983. 15 pp.
133. RELATIONSHIPS AMONG EXCHANGE RATES, INTERVENTION, A N D INTEREST RATES: A N EMPIRICAL IN-
VESTIGATION, by Bonnie E. Loopesko. November
1983. Out of print.
146. THE ROLE OF THE PRIME RATE IN THE PRICING OF
BUSINESS LOANS BY COMMERCIAL BANKS, 1977-84,
by Thomas F. Brady. November 1985. 25 pp.
147. REVISIONS IN THE MONETARY SERVICES (DIVISIA)
INDEXES OF THE MONETARY AGGREGATES, by Helen
T. Farr and Deborah Johnson. December 1985. 42 pp.
148. T H E MACROECONOMIC A N D SECTORAL EFFECTS OF
THE ECONOMIC RECOVERY TAX ACT: SOME SIMULA-
TION RESULTS, by Flint Brayton and Peter B. Clark.
December 1985. 17 pp.
149. THE OPERATING PERFORMANCE OF ACQUIRED FIRMS
IN BANKING BEFORE A N D AFTER ACQUISITION, b y
Stephen A. Rhoades. April 1986. 32 pp.
150. STATISTICAL COST ACCOUNTING MODELS IN BANKING: A REEXAMINATION A N D AN APPLICATION, b y
John T. Rose and John D. Wolken. May 1986. 13 pp.
151. RESPONSES TO DEREGULATION: RETAIL DEPOSIT
PRICING FROM 1 9 8 3 THROUGH 1 9 8 5 , b y P a t r i c k I.
Mahoney, Alice P. White, Paul F. O'Brien, and Mary
M. McLaughlin. January 1987. 30 pp.
152. DETERMINANTS OF CORPORATE MERGER ACTIVITY: A
REVIEW OF THE LITERATURE, by Mark J. War-
shawsky. April 1987. 18 pp.
A86
by Carolyn D. Davis
and Alice P. White. September 1987. 14 pp.
153. STOCK MARKET VOLATILITY,
154. THE EFFECTS ON CONSUMERS A N D CREDITORS OF
PROPOSED CEILINGS ON CREDIT CARD INTEREST
RATES, by Glenn B. Canner and James T. Fergus.
October 1987. 783 pp.
155. THE F U N D I N G OF PRIVATE PENSION PLANS, by Mark
J. Warshawsky. November 1987. 25 pp.
156. INTERNATIONAL BANKING TRENDS FOR U . S . BANKS
A N D BANKING MARKETS, by James V. Houpt. April
1988. 47 pages.
A Financial Perspective on Agriculture. 1/84.
Survey of Consumer Finances, 1983. 9/84.
Bank Lending to Developing Countries. 10/84.
Survey of Consumer Finances, 1983: A Second Report.
12/84.
Union Settlements and Aggregate Wage Behavior in the
1980s. 12/84.
The Thrift Industry in Transition. 3/85.
A Revision of the Index of Industrial Production. 7/85.
Financial Innovation and Deregulation in Foreign Industrial
Countries. 10/85.
Recent Developments in the Bankers Acceptance Market.
1/86.
REPRINTS OF BULLETIN
ARTICLES
Most of the articles reprinted do not exceed 12 pages.
Limit of 10 copies
Foreign Experience with Targets for Money Growth. 10/83.
Intervention in Foreign Exchange Markets: A Summary of
Ten Staff Studies. 11/83.
The Use of Cash and Transaction Accounts by American
Families. 2/86.
Financial Characteristics of High-Income Families. 3/86.
Prices, Profit Margins, and Exchange Rates. 6/86.
Agricultural Banks under Stress. 7/86.
Foreign Lending by Banks: A Guide to International and
U.S. Statistics. 10/86.
Recent Developments in Corporate Finance. 11/86.
U.S. International Transactions in 1986. 5/87.
Measuring the Foreign-Exchange Value of the Dollar. 6/87.
Changes in Consumer Installment Debt: Evidence from the
1983 and 1986 Surveys of Consumer Finances. 10/87.
A87
ANTICIPATED
SCHEDULE
OF RELEASE DATES FOR PERIODIC RELEASES—BOARD
OF THE FEDERAL RESERVE
Weekly
SYSTEM' (Payment
Releases
must
accompany
Annual
rate
OF
GOVERNORS
requests.)
noximate
release days
Date or period
to which data refer
• Aggregate Reserves of Depository Institutions and
the Monetary Base. H.3 (502) [1.20]
$12.00
Thursday
Week ended previous
Wednesday
• Actions of the Board: Applications and Reports
Received. H.2 (501)
$21.00
Friday
Week ended previous Saturday
• Assets and Liabilities of Insured Domestically
Chartered and Foreign Related Banking
Institutions. H.8 (510) [1.25]
$12.00
Monday
Wednesday, 3 weeks earlier
• Changes in State Member Banks. K.3 (615)
$12.00
Tuesday
Week ended previous Saturday
• Factors Affecting Reserves of Depository
Institutions and Condition Statement of Federal
Reserve Banks. H.4.1 (503) [1.11]
$12.00
Thursday
Week ended previous
Wednesday
• Foreign Exchange Rates. H.10 (512) [3.28]
$12.00
Monday
Week ended previous Friday
• Money Stock, Liquid Assets, and Debt Measures.
H.6 (508) [1.21]
$21.00
Thursday
Week ended Monday of
previous week
• Selected Borrowings in Immediately Available
Funds of Large Member Banks. H.5 (507) [1.13]
$12.00
Wednesday
Week ended Thursday of
previous week
• Selected Interest Rates. H.15 (519) [1.35]
$12.00
Monday
Week ended previous Saturday
• Weekly Consolidated Condition Report of Large
Commercial Banks, and Domestic Subsidiaries.
H.4.2 (504) [1.26, 1.28, 1.29, 1.30]
$12.00
Friday
Wednesday, 1 week earlier
Monthly
Releases
• Capacity Utilization: Manufacturing, Mining,
Utilities and Industrial Materials. G.3 (402) [2.12]
3.00
Midmonth
Previous month
• Changes in Status of Banks and Branches. G.4.5
(404)
9.00
1st of month
Previous month
• Consumer Installment Credit. G.19 (421) [1.55, 1.56]
$ 3.00
5th working day of
month
2nd month previous
• Debits and Deposit Turnover at Commercial Banks.
G.6 (406) [1.22]
$ 3.00
12th of month
Previous month
• Finance Companies. G.20 (422) [1.51, 1.52]
$ 3.00
5th working day of
month
2nd month previous
• Foreign Exchange Rates. G.5 (405) [3.28]
$3.00
1st of month
Previous month
• Industrial Production. G.12.3 (414) [2.13]
$ 7.00
Midmonth
Previous month
• Loans and Securities at all Commercial Banks. G.7
(407) [1.23]
$ 3.00
3rd week of month
Previous month
• Major Nondeposit Funds of Commercial Banks.
G. 10 (411) [1.24]
$ 3.00
3rd week of month
Previous month
• Monthly Report of Assets and Liabilities of
International Banking Facilities. G. 14 (416)
$ 3.00
20th of month
Wednesday, 2 weeks earlier
1. Release dates are those anticipated or usually met. However, please note that for some releases there is normally a certain variability because
of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later
than anticipated.
The respective BULLETIN tables that report the data are designated in brackets.
A88
Monthly
Releases—Continued
Annual
rate
. proximate
release days
Date or period
to which data refer
1st of month
Previous month
$ 3.00
3rd working day of
month
Previous month
• Agricultural Finance Databook. E.15 (125)
$ 4.00
End of March,
June, September,
and December
January, April, July, and
October
• Country Exposure Lending Survey. E.16 (126)
$ 4.00
January, April,
July, and
October
Previous 3 months
• Domestic Offices, Commercial Bank Assets and
Liabilities Consolidated Report of Condition.
E.3.4 (113) [1.26, 1.28]
$ 3.00
March, June,
September, and
December
Previous 6 months
• Flow of Funds: Seasonally Adjusted and
Unadjusted. Z.l (780) 1.58, 1.59
$ 7.00
23rd of February,
May, August,
and November
Previous quarter
• Flow of Funds Summary Statistics Z.l. (788) [1.57,
1.58]
$2.00
15th of February,
May, August,
and November
Previous quarter
• Geographical Distribution of Assets and Liabilities
of Major Foreign Branches of U.S. Banks. E.ll
(121)
$ 2.00
15th of March,
June, September,
and December
Previous quarter
Midmonth of
March, June,
September, and
December
February, May, August, and
November
$ 4.00
January, April,
July, and
October
February, May, August, and
November
$ 2.00
October and April
Previous year
February
End of previous June
• Research Library— Recent Acquisitions. G.15 (417)
• Selected Interest Rates. G. 13 (415) [1.35]
Releases
Quarterly
• Survey of Terms of Bank Lending. E.2 (111) [4.23]
• List of OTC Margin Stocks. E.7 (117)
Semiannual
$2.00
Releases
• Balance Sheets of the U.S. Economy. C.9 (108)
Annual
Free of
charge
Releases
• Aggregate Summaries of Annual Surveys of
Securities Credit Extension. C.2 (101)
$ .50
A89
Index to Statistical Tables
References are to pages A3-A79 although the prefix "A" is omitted in this index
ACCEPTANCES, bankers (See Bankers acceptances)
Agricultural loans, commercial banks, 19, 20
Assets and liabilities (See also Foreigners)
Banks, by classes, 18-20, 70-75
Domestic finance companies, 37
Federal Reserve Banks, 10
Financial institutions, 26
Foreign banks, U.S. branches and agencies, 21, 76-79
Nonfinancial corporations, 36
Automobiles
Consumer installment credit, 40, 41
Production, 47, 48
BANKERS acceptances, 9, 23, 24
Bankers balances, 18-20, 70, 72, 74 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 34
Rates, 24
Branch banks, 21, 55, 76-79
Business activity, nonfinancial, 44
Business expenditures on new plant and equipment, 36
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 18, 71, 73, 75
Federal Reserve Banks, 10
Central banks, discount rates, 67
Certificates of deposit, 24
Commercial and industrial loans
Commercial banks, 16, 19, 70, 72, 74, 76
Weekly reporting banks, 19-21
Commercial banks
Assets and liabilities, 18-20, 70-75
Commercial and industrial loans, 16, 18, 19, 20, 21, 70-75
Consumer loans held, by type, and terms, 40, 41
Loans sold outright, 19
Nondeposit funds, 17
Number, by classes, 71, 73, 75
Real estate mortgages held, by holder and property, 39
Time and savings deposits, 3
Commercial paper, 23, 24, 37
Condition statements (See Assets and liabilities)
Construction, 44, 49
Consumer installment credit, 40, 41
Consumer prices, 44, 50
Consumption expenditures, 51, 52
Corporations
Nonfinancial, assets and liabilities, 36
Profits and their distribution, 35
Security issues, 34, 65
Cost of living (See Consumer prices)
Credit unions, 26, 40. (See also Thrift institutions)
Currency and coin, 18, 70, 72, 74
Currency in circulation, 4, 13
Customer credit, stock market, 25
DEBITS to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits
Banks, by classes, 18-21, 71, 73, 75
Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 22
Turnover, 15
Depository institutions
Reserve requirements, 8
Reserves and related items, 3, 4, 5, 12
Deposits (See also specific types)
Banks, by classes, 3, 18-20, 21, 71, 73, 75
Federal Reserve Banks, 4, 10
Turnover, 15
Discount rates at Reserve Banks and at foreign central
banks and foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 35
EMPLOYMENT, 45
Eurodollars, 24
FARM mortgage loans, 39
Federal agency obligations, 4, 9, 10, 11, 31, 32
Federal credit agencies, 33
Federal finance
Debt subject to statutory limitation, and types and
ownership of gross debt, 30
Receipts and outlays, 28, 29
Treasury financing of surplus, or deficit, 28
Treasury operating balance, 28
Federal Financing Bank, 28, 33
Federal funds, 6, 17, 19, 20, 21, 24, 28
Federal Home Loan Banks, 33
Federal Home Loan Mortgage Corporation, 33, 38, 39
Federal Housing Administration, 33, 38, 39
Federal Land Banks, 39
Federal National Mortgage Association, 33, 38, 39
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 4, 10, 11, 30
Federal Reserve credit, 4, 5, 10, 11
Federal Reserve notes, 10
Federal Savings and Loan Insurance Corporation insured
institutions, 26
Federally sponsored credit agencies, 33
Finance companies
Assets and liabilities, 37
Business credit, 37
Loans, 40, 41
Paper, 23, 24
Financial institutions
Loans to, 19, 20, 21
Selected assets and liabilities, 26
Float, 4
Flow of funds, 42, 43
Foreign banks, assets and liabilities of U.S. branches and
agencies, 21, 76-79
Foreign currency operations, 10
Foreign deposits in U.S. banks, 4, 10, 19, 20
Foreign exchange rates, 68
Foreign trade, 54
Foreigners
Claims on, 55, 57, 60, 61, 62, 64
Liabilities to, 20, 54, 55, 57, 58, 63, 65, 66
A90
GOLD
Certificate account, 10
Stock, 4, 54
Government National Mortgage Association, 33, 38, 39
Gross national product, 51
HOUSING, new and existing units, 49
INCOME, personal and national, 44, 51, 52
Industrial production, 44, 47
Installment loans, 40, 41
Insurance companies, 26, 30, 39
Interest rates
Bonds, 24
Consumer installment credit, 41
Federal Reserve Banks, 7
Foreign central banks and foreign countries, 67
Money and capital markets, 24
Mortgages, 38
Prime rate, 23
International capital transactions of United States, 53-67
International organizations, 57, 58, 60, 63, 64
Inventories, 51
Investment companies, issues and assets, 35
Investments (See also specific types)
Banks, by classes, 18, 19, 20, 21, 26
Commercial banks, 3, 16, 18-20, 39, 70
Federal Reserve Banks, 10, 11
Financial institutions, 26, 39
LABOR force, 45
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 18-20
Commercial banks, 3, 16, 18-20, 70, 72, 74
Federal Reserve Banks, 4, 5, 7, 10, 11
Financial institutions, 26, 39
Insured or guaranteed by United States, 38, 39
Real estate loans—Continued
Financial institutions, 26
Terms, yields, and activity, 38
Type of holder and property mortgaged, 39
Repurchase agreements, 6, 17, 19, 20, 21
Reserve requirements, 8
Reserves
Commercial banks, 18, 71
Depository institutions, 3, 4, 5, 12
Federal Reserve Banks, 10
U.S. reserve assets, 54
Residential mortgage loans, 38
Retail credit and retail sales, 40, 41, 44
SAVING
Flow of funds, 42, 43
National income accounts, 51
Savings and loan associations, 26, 39, 40, 42 (See also
Thrift institutions)
Savings banks, 26, 39, 40
Savings deposits (See Time and savings deposits)
Securities (See also specific types)
Federal and federally sponsored credit agencies, 33
Foreign transactions, 65
N issues, 34
Prices, 25
Special drawing rights, 4, 10, 53, 54
State and local governments
Deposits, 19, 20
Holdings of U.S. government securities, 30
New security issues, 34
Ownership of securities issued by, 19, 20, 26
Rates on securities, 24
Stock market, selected statistics, 25
Stocks (See also Securities)
New issues, 34
Prices, 25
Student Loan Marketing Association, 33
MANUFACTURING
Capacity utilization, 46
Production, 46, 48
Margin requirements, 25
Member banks (See also Depository institutions)
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Mining production, 48
Mobile homes shipped, 49
Monetary and credit aggregates, 3, 12
Money and capital market rates, 24
Money stock measures and components, 3, 13
Mortgages (See Real estate loans)
Mutual funds, 35
Mutual savings banks (See Thrift institutions)
NATIONAL defense outlays, 29
National income, 51
OPEN market transactions, 9
PERSONAL income, 52
Prices
Consumer and producer, 44, 50
Stock market, 25
Prime rate, 23
Producer prices, 44, 50
Production, 44, 47
Profits, corporate, 35
REAL estate loans
Banks, by classes, 16, 19, 20, 39, 72
TAX receipts, federal, 29
Thrift institutions, 3. (See also Credit unions and Savings
and loan associations)
Time and savings deposits, 3, 13, 17, 18, 19, 20, 21, 71,
73, 75
Trade, foreign, 54
Treasury cash, Treasury currency, 4
Treasury deposits, 4, 10, 28
Treasury operating balance, 28
UNEMPLOYMENT, 45
U.S. government balances
Commercial bank holdings, 18, 19, 20
Treasury deposits at Reserve Banks, 4, 10, 28
U.S. government securities
Bank holdings, 18-20, 21, 30, 70, 72, 74
Dealer transactions, positions, and financing, 32
Federal Reserve Bank holdings, 4, 10, 11, 30
Foreign and international holdings and transactions, 10,
30, 66
Open market transactions, 9
Outstanding, by type and holder, 26, 30
Rates, 24
U.S. international transactions, 53-67
Utilities, production, 48
VETERANS Administration, 38, 39
WEEKLY reporting banks, 19-21
Wholesale (producer) prices, 44, 50
YIELDS (See Interest rates)
A91
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK, Chairman
branch, or facility
Zip
Deputy Chairman
President
First Vice President
BOSTON*
02106
George N. Hatsopoulos
Richard N. Cooper
Frank E. Morris
Robert W. Eisenmenger
NEW YORK*
10045
John R. Opel
To be announced
Mary Ann Lambertsen
E. Gerald Corrigan
Thomas M. Timlen
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
Nevius M. Curtis
Peter A. Benoliel
Edward G. Boehne
William H. Stone, Jr.
CLEVELAND*
44101
W. Lee Hoskins
William H. Hendricks
Cincinnati
Pittsburgh
45201
15230
Charles W. Parry
John R. Miller
Owen B. Butler
James E. Haas
RICHMOND*
23219
Robert A. Georgine
Hanne M. Merriman
Thomas R. Shelton
G. Alex Bernhardt
Robert P. Black
Jimmie R. Monhollon
Bradley Currey, Jr.
Larry L. Prince
Roy D. Terry
E. William Nash, Jr.
Sue McCourt Cobb
Condon S. Bush
Sharon A. Perlis
Robert P. Forrestal
Jack Guynn
Robert J. Day
Marcus Alexis
Richard T. Lindgren
Silas Keehn
Daniel M. Doyle
Thomas C. Melzer
James R. Bowen
Gary H. Stern
Baltimore
21203
Charlotte
28230
Culpeper Communications
and Records Center 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30303
35283
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
Robert L. Virgil, Jr.
H. Edwin Trusheim
James R. Rodgers
Lois H. Gray
Sandra B. Sanderson
MINNEAPOLIS
55480
Michael W. Wright
John A. Rollwagen
Helena
59601
Marcia S. Anderson
KANSAS CITY
64198
Denver
Oklahoma City
Omaha
DALLAS
80217
73125
68102
75222
El Paso
Houston
San Antonio
79999
77252
78295
Irvine O. Hockaday, Jr.
Fred W. Lyons, Jr.
James C. Wilson
Patience S. Latting
Kenneth L. Morrison
Bobby R. Inman
Hugh G. Robinson
Peyton Yates
Walter M. Mischer, Jr.
Robert F. McDermott
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84125
98124
Robert F. Erburu
Carolyn S. Chambers
Richard C. Seaver
Paul E. Bragdon
Don M. Wheeler
Carol A. Nygren
Vice President
in charge of branch
Charles A. Cerino1
Harold J. Swart1
Robert D. McTeer, Jr.1
Albert D. Tinkelenberg1
John G. Stoides1
Delmar Harrison1
Fred R. Herr1
James D. Hawkins1
James Curry III
Donald E. Nelson
Robert J. Musso
Roby L. Sloan1
John F. Breen
James E. Conrad
Paul I. Black, Jr.
Thomas E. Gainor
Robert F. McNellis
Roger Guffey
Henry R. Czerwinski
Enis Alldredge, Jr.
William G. Evans
Robert D. Hamilton
Robert H. Boykin
William H.Wallace
Robert T. Parry
Carl E. Powell
Tony J. Salvaggio1
Sammie C. Clay
Robert Smith, III1
Thomas H. Robertson
John F. Hoover1
Thomas C. Warren2
Angelo S. Carella1
E. Ronald Liggett1
Gerald R. Kelly1
* Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, New Jersey 07016;
Jericho, New York 11753; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West
Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.
1. Senior Vice President.
2. Executive Vice President.
A92
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
®
Dallas®
, Houston
San Antonio
April 1984
LEGEND
Boundaries of Federal Reserve Districts
®
Federal Reserve Bank Cities
Boundaries of Federal Reserve Branch
Territories
*
Federal Reserve Branch Cities
Federal Reserve Bank Facility
Q
Board of Governors of the Federal Reserve
System
Publications of Interest
FEDERAL RESERVE
PUBLICATIONS
CONSUMER
CREDIT
The Federal Reserve Board publishes a series of
pamphlets covering individual credit laws and topics,
as pictured below. The series includes such subjects as
how the Equal Credit Opportunity Act protects women against discrimination in their credit dealings, how
to use a credit card, and how to resolve a billing error.
The Board also publishes the Consumer Handbook
to Credit Protection Laws, a complete guide to consumer credit protections. This 44-page booklet ex-
Fair
Credit
Billing
1i !
ii !
plains how to use the credit laws to shop for credit,
apply for it, keep up credit ratings, and complain about
an unfair deal.
Protections offered by the Electronic Fund Transfer
Act are explained in Alice in Debitland. This booklet
offers tips for those using the new "paperless" systems for transferring money.
Copies of consumer publications are available free
of charge from Publications Services, Mail Stop 138,
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551. Multiple copies for classroom use are also available free of charge.
Publications of Interest
FEDERAL RESERVE
REGULATORY
SERVICE
To promote public understanding of its regulatory
functions, the Board publishes the Federal Reserve
Regulatory Service, a three-volume looseleaf service
containing all Board regulations and related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are
published separately as handbooks pertaining to monetary policy, securities credit, and consumer affairs.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains
conversion tables, 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 con-
tains Regulations G, T, U, and X, dealing with extensions of credit for the purchase of securities, together
with all related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's
list of OTC margin stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, M, Z, AA, and BB and
associated materials.
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. All
subscription requests must be accompanied by a check
or money order payable to Board of Governors of the
Federal Reserve System. Orders should be addressed
to Publications Services, Mail Stop 138, Federal Reserve Board, 20th Street and Constitution Avenue,
N.W., Washington, D.C. 20551.
r
r
-
I I
A
1:1 \ W r v w
V ^ ^ ^ H