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Volume 88 • Number 6 • J u n e 2002

Federal Reserve

BULLETIN

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



PUBLICATIONS COMMITTEE

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

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




Table of Contents
259 PROFITS AND BALANCE SHEET
DEVELOPMENTS AT U.S. COMMERCIAL
BANKS IN 2001

Despite the economic slowdown, the profitability of the U.S. commercial banking industry
remained high in 2001. Although the weak economy contributed to a sharp rise in provisions for
loan and lease losses, those losses were offset
in large part by an advance in realized gains
on investment account securities as banks' portfolios benefited from declining short- and
intermediate-term market interest rates. Profits
were also supported by reductions in noninterest
expense, as large merger-related charges in 2000
were not repeated last year. Lower short-term
interest rates also spurred a rapid increase in
core deposits, which provided banks with plentiful, low-interest-rate funding. The expansion of
bank balance sheets was slower in 2001 than in
the preceding year, as weaker economic activity
held down growth in loans to businesses. Loans
to households advanced relatively rapidly,
though at a somewhat slower pace than in 2000.
An increase in the share of banks' portfolios
consisting of mortgage-backed securities issued
by government agencies, which have lower risk
weights than loans, together with continued
strong earnings, contributed to an increase in
risk-based capital ratios.
289

ANNOUNCEMENTS

Postponement of recent amendments to Regulation C (Home Mortgage Disclosure Act).
Interagency guidance on risks of parallel-owned
banking organizations.
Availability of the Board's 88th Annual Report,
2001 and the Annual Report, Budget Review,
2002.




Discontinuance of ten statistical tables in the
Federal Reserve Bulletin.
Enforcement action.
293 LEGAL

DEVELOPMENTS

Various bank holding company, bank service
corporation, and bank merger orders; and pending cases.
A I FINANCIAL AND BUSINESS

STATISTICS

These tables reflect data available as of
April 25, 2002.
A3 GUIDE TO TABLES

A4 Domestic Financial Statistics
A42 Domestic Nonfinancial Statistics
A50 International Statistics
A63 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
A64 INDEX TO STATISTICAL

TABLES

A66 BOARD OF GOVERNORS AND

STAFF

A68 FEDERAL OPEN MARKET COMMITTEE
STAFF; ADVISORY
COUNCILS
A70 FEDERAL RESERVE BOARD

PUBLICATIONS

A72 SCHEDULE OF RELEASE DATES
PERIODIC RELEASES

FOR

A74 MAPS OF THE FEDERAL RESERVE
A76 FEDERAL RESERVE BANKS,
AND OFFICES

AND

SYSTEM

BRANCHES,

Profits and Balance Sheet Developments
at U.S. Commercial Banks in 2001
William F. Bassett and Mark Carlson, of the Board's
Division of Monetary Affairs, prepared this article.
Thomas C. Allard assisted in developing the database
used in this article and was responsible for maintaining it. Mark Gibson provided research assistance.
Despite the economic slowdown in 2001, the profitability of the U.S. commercial banking industry
remained high (chart 1). The weak economy contributed to a sharp rise in provisions for loan and lease
losses, as did, in the fourth quarter, the collapse of
Enron and the economic turmoil in Argentina. However, the rise in provisioning was offset in large part
by realized gains on investment account securities;
these gains developed as banks' portfolios benefited
from declining short- and intermediate-term market
interest rates (chart 2). Profitability was also supported by reductions in noninterest costs and by a
small rise in net interest income.
In response to the slowing economy, the Federal
Reserve eased policy eleven times last year and shortNOTE. Except where otherwise indicated, data in this article are
from the quarterly Reports of Condition and Income (Call Reports) for
insured domestic commercial banks and nondeposit trust companies
(hereafter, banks); the most recent data are from the December 2001
Call Reports. The data consolidate information from foreign and
domestic offices and have been adjusted to take account of mergers.
For additional information on the adjustments to the data, see the
appendix in William B. English and William R. Nelson, "Profits and
Balance Sheet Developments at U.S. Commercial Banks in 1997,"
Federal Reserve Bulletin, vol. 84 (June 1998), p. 408. Size categories,
based on assets at the start of each quarter, are as follows: the 10
largest banks, large banks (those ranked 11 through 100), mediumsized banks (those ranked 101 through 1,000), and small banks. At the
start of the fourth quarter of 2001, the approximate asset sizes of the
banks in those groups were as follows: the 10 largest banks, more than
$87 billion; large banks, $7 billion to $85 billion; medium-sized
banks, $352 million to $6.9 billion; and small banks, less than
$352 million.
Many of the data series reported here begin in 1985 because the
Call Reports were significantly revised in 1984. Data for 1984 and
earlier years are taken from Federal Deposit Insurance Corporation,
Statistics on Banking (FDIC, 1999). The data reported here are also
available on the Internet at http://www.fdic.gov/bank/statistical/
statistics/index.html.
Data shown in this article may not match data published in earlier
years because of revisions and corrections. In the tables, components
may not sum to totals because of rounding. Appendix table A.1, A-E,
reports portfolio composition, income, and expense items, all as
a percentage of average net consolidated costs. Appendix table A.2
reports income statement data for all banks.




term interest rates moved down considerably. During
the first half of 2001, interest rates on residential
mortgages remained well below the average for 2000,
and their further decline during the third quarter of
last year significantly boosted an already high level
of refinancing activity in that market. Investmentgrade corporate bond yields also fell well below their
average level in 2000 and prompted an increased
volume of corporate bond issuance. Favorable conditions in the corporate bond market led to a substantial
paydown of commercial paper last year; however, a
considerable number of corporate debt downgrades
and investors' increased aversion to risk also contributed to the runoff. The terrorist attacks and revelations of corporate accounting irregularities also
heightened investors' perceptions of risk last year,
and yields on below-investment-grade corporate
bonds rose throughout much of the year and were
somewhat volatile.
Aside from loan losses, the economic slowdown
and changes in market interest rates had a number
of other effects on banks' balance sheets last year.
Lower short-term interest rates spurred a sharp
increase in core deposits, which provided banks with
plentiful, low-interest-rate funding, even as their asset
growth slowed between 2000 and 2001. Loan growth
was restrained, largely because of reduced demand
for commercial and industrial loans associated with
1.

M e a s u r e s o f bank profitability, 1 9 8 5 - 2 0 0 1

260

2.

Federal Reserve Bulletin • June 2002

3. Number of banks and share of assets
at the largest banks, 1985-2001

Selected interest rates, 1999-2002:Q 1
Percent

8
Ten-year Treasury security

Number

7
6
5

Intended federal funds rate

4
3
2

High-yield bonds

NOTE. For definition of bank size, see text note 1.
Moody's Baa corporate bond

SOURCE. For intended federal funds rate. Federal Reserve Board
(www.federalreserve.gov/fomc/fundsrate.htm); for Treasury security rates,
mortgage rate, and Moody's bond rates, Federal Reserve Board, Statistical Release H.15, "Selected Interest Rates" (www.federalreserve.gov/
releases/hl5); for high-yield bond rates, Merrill Lynch Master II index.

the sluggish economy and a paydown of such obligations with the proceeds of bond issuance. However,
a strong residential real estate sector continued to
generate substantial credit demands, which banks
helped meet both by direct lending and by accelerating acquisitions of mortgage-backed securities. Substantial retained earnings and the increased share of
government agency securities (which have lower
capital charges than loans) in banks' portfolios contributed to an increase in risk-based capital ratios.
According to the FDIC, four banks failed and
required government assistance to dispose of their
insured deposits and assets last year, down from
seven in 2000. Although the amount of assets held at
the time of failure, $1.8 billion, was a tiny percentage
of total industry assets, it was more than four times
greater than the previous year. The number of commercial banks that merged, were bought outright, or
otherwise changed their charters fell from 475 in
2000 to 376 in 2001. Meanwhile, 149 new banks
were created in 2001, down from 217 in 2000 and the
fewest since 1995. The result was a reduction in the



number of commercial banks operating in the United
States, to 8,129 as of December 31, 2001 (chart 3).1
Mergers between Chase Manhattan and Morgan
Guaranty and between U.S. Bank and Firstar Bank
enlarged the share of bank assets held by the 10
largest commercial banks from 38 percent in 2000 to
40 percent in 2001. However, the share of assets held
by the 100 largest banks edged up only slightly, to
73 percent.
The number of mergers between bank holding
companies (BHCs) declined from 180 in 2000 to 155
in 2001, and the share of banking and nonbanking
assets held by the top 50 BHCs ticked up, to almost
78 percent last year. However, newly created BHCs
pushed up the total number of BHCs by 11 over the
year, to 5,943. Finally, the number of BHCs that have
acquired financial holding company status, which
increases the scope of their allowed activities under
the Gramm-Leach-Bliley Act, rose to 672 in 2001
from 552 at the end of 2000.

BALANCE

SHEET

DEVELOPMENTS

Total bank assets grew 5.2 percent in 2001, down
from 8.7 percent in 2000 but about equal to the pace
in 1999 (table 1). The slowdown was caused entirely
1. This count of commercial banks, derived from Call Report data,
may vary slightly from measures, such as those in the Federal
Reserve's Annual Report, that are based on the definition of a bank
given in the Bank Holding Company Act and implemented in the
Federal Reserve's Regulation Y.

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

1.

261

A n n u a l rates o f g r o w t h o f b a l a n c e sheet items, 1 9 9 2 - 2 0 0 1
Percent
MEMO:

Item

Assets
Interest-earning assets
Loans and leases (net)
Commercial and industrial
Real estate
Booked in domestic offices
One- to four-family
residential
Other
Booked in foreign offices
Consumer
Other loans and leases
Loan-loss reserves and
unearned income
Securities
Investment account
U.S. Treasury
U.S. government agency and
corporation obligations
Other
Trading account
Other
Non-interest-earning assets
Liabilities
Core deposits
Transaction deposits
Savings and small time deposits
Managed liabilities'
Deposits booked in foreign
offices
Large time
Subordinated notes and
debentures
Other managed liabilities
Other
Equity capital

1997

1998

1999

2000

2001

Dec.
2001
(billions
of
dollars)

6.10
5.79
8.12
7.24
5.45
5.51

9.23
8.67
5.33
12.02
9.30
9.52

8.25
8.29
8.90
12.94
7.99
7.97

5.43
5.83
8.03
7.88
12.22
12.36

8.74
8.72
9.34
8.44
10.71
10.99

5.22
4.03
1.79
-6.63
7.77
7.85

6,492
5,582
3,778
975
1,787
1,754

10.05
6.24
2.81
9.50
14.23

4.66
6.75
3.18
4.90
22.28

9.67
9.32
.34
-2.19
-7.91

6.36
10.29
8.79
.99
14.06

9.70
16.06
6.28
-1.47
6.69

9.24
13.28
-1.62
8.06
8.06

5.56
10.75
3.94
4.39
-2.18

959
795
33
611
479

-2.21
-4.14
-1.73
n.a.

.25
.57
-1.58
-19.21

-.06
.86
-1.10
14.28

-.49
8.85
8.66
-8.86

3.47
8.40
12.06
-25.17

2.35
5.11
6.68
-1.89

8.02
6.35
2.85
-32.72

12.60
7.64
9.32
-40.50

74
1,312
1,157
44

n.a.
n.a.
51.84
-8.10
-.30

n.a.
n.a.
-20.46
3.30
31.61

6.43
4.20
18.51
8.60
6.06

3.63
1.83
14.44
1.04
8.28

14.18
11.20
10.00
38.55
13.04

17.00
26.99
-13.32
3.80
7.98

1.83
20.90
-6.93
-8.37
2.81

3.75
13.37
37.16
10.29
8.87

13.39
12.58
-3.48
13.03
13.16

701
412
155
492
910

1.35
5.09
14.62
.18
-6.07

5.12
1.49
5.47
-.85
12.30

8.31
-.17
-.32
-.07
17.58

7.17
3.96
-3.09
8.37
10.44

5.96
4.13
-3.44
8.35
9.66

9.12
4.52
-4.55
9.03
13.83

8.13
7.05
-1.41
10.73
9.60

5.57
.23
-8.97
3.80
15.50

8.58
7.53
-1.31
10.53
8.79

4.52
10.74
10.16
10.92
-2.82

5,904
3,186
739
2,448
2,302

-5.85
-26.20

15.06
-9.21

30.89
8.72

5.13
19.61

4.27
21.17

11.13
20.14

8.71
9.09

14.60
14.19

7.84
19.35

-10.97
-3.75

629
542

34.90
6.94
-1.02

10.82
22.18
15.30

9.23
12.91
79.17

6.61
11.24
20.46

17.74
8.21
2.60

21.05
12.23
23.79

17.00
9.88
8.58

5.07
17.69
-6.41

13.98
3.91
15.40

9.57
2.33
3.24

95
1,036
416

13.75

12.58

5.24

12.00

7.73

10.45

9.61

3.94

10.48

12.80

588

-4.03
n.a.

-.60
n.a.

4.01
n.a.

6.34
.67

7.67
2.06

10.12
14.15

11.37
22.12

15.42
-3.34

12.14
3.28

12.66
30.17

808
604

1992

1993

1994

1995

2.19
2.56
-1.04
-1.10
1.94
2.57

5.68
6.43
6.05
.52
6.13
6.17

8.06
5.29
9.83
9.33
7.90
7.64

7.55
7.77
10.53
12.26
8.32
8.47

7.53
-2.86
-17.80
-1.66
-1.24

11.08
.22
4.67
9.06
9.98

10.09
4.35
18.35
16.01
5.29

-1.85
12.29
11.44
n.a.

-5.82
12.26
8.11
n.a.

n.a.
n.a.
21.01
1.89
-.65

1996

MEMO

Commercial real estate loans2
Mortgage-backed securities

NOTE. Data are from year-end to year-end.
1. Measured as the sum of deposits in foreign offices, large time deposits in
domestic offices, federal funds purchased and securities sold under repurchase
agreements, demand notes issued to the U.S. Treasury, subordinated notes and
debentures, and other borrowed money.

2. Measured as the sum of construction and land development loans secured
by real estate; real estate loans secured by nonfarm nonresidential properties;
real estate loans secured by multifamily residential properties; and loans to
finance commercial real estate, construction, and land development activities
not secured by real estate.

by a deceleration in the growth of total loans and
leases to 1.8 percent, a level well below the average
of 8.7 percent over the past two years. Acquisitions
of mortgage-backed securities boosted growth in
securities held, even as U.S. Treasury securities on
bank balance sheets continued to run off.
The expansion of total loans and leases was not
spread evenly across types of loans. Commercial and
industrial lending contracted over the course of
the year, as banks' lending standards tightened and
demand for short-term credit declined. Real estate
lending, both commercial and residential, continued
to grow smartly with the support of falling interest
rates. Some slowing in consumer borrowing and an
increase in securitizations held down growth of consumer loans on banks' balance sheets.

Growth of bank liabilities slowed to 4.5 percent
in 2001. The 10.7 percent surge in core deposits
(transaction, savings, and small time deposits)
reflected the sharp drop in short-term interest rates
last year and the resulting dramatic reduction in
the opportunity cost of holding liquid deposits.
These inflows allowed banks to pay down managed liabilities, which declined for the first time in
several years. The ratio of capital to risk-weighted
assets rose steadily over the course of the year. This
advance was due to an 8.5 percent increase in tier 1
capital (primarily common equity) and a reduction
in the average capital charge on banks' assets resulting from an increase in the share of agency securities and a drop in the share of loans in banks'
portfolios.




262

Federal Reserve Bulletin • June 2002

Loans to

Businesses

Commercial and industrial (C&I) loans declined
6.6 percent in 2001. The contraction accelerated over
the course of the year, from a 2 percent annual rate
in the first quarter to an 11 percent annual rate in the
fourth quarter. The runoff in C&I loans occurred
against a backdrop of both tightened loan standards
by banks and decreased loan demand by firms. (Information on standards and demand is from the Federal
Reserve's Senior Loan Officer Opinion Survey of
Bank Lending Practices—informally, the bank lending practices survey, or BLPS—which covers about
sixty large domestic banks.)
To some extent, the decline in demand for bank
credit was part of an overall ebbing of demand by
nonfinancial firms for outside financing. Inventories
declined substantially, and the financing gap narrowed as firms reduced capital spending relative to
their internally generated funds (chart 4). Demand for
C&I loans was also trimmed by paydowns from the
proceeds of bond issues as firms took advantage of
low long-term rates to lock in funding. Accordingly,
the decline in C&I lending was concentrated at larger
banks, which provide loans to firms more likely to
have access to bond markets. C&I loans decreased
9.6 percent at the top 100 banks but rose 6.2 percent
at other banks. At the smallest banks, those not
ranked in the top 1,000, C&I lending grew 14.6 percent, only a slightly smaller increase than in 2000.
The contraction of C&I lending last year also
reflected more conservative lending practices by

banks (see box "Effect of Lending Standards on
Business Loan Growth"). The share of BLPS respondents that reported tightening their business lending
standards for C&I loans was elevated relative to
historical levels (chart 5, middle panel). Indeed, more
than 80 percent of banks reported that they had
tightened standards at least once during 2001 and no
banks reported that they had eased standards. The
share of banks reporting having tightened standards
peaked in the January 2001 survey and, except for a
jump in the October survey, generally declined thereafter. The October bump likely reflected the financial
turmoil and economic uncertainty surrounding the
September 11 terrorist attack (see box "Effects of
September 11"). Loan terms were also tightened
last year, most frequently by increasing premiums
charged on riskier loans and raising spreads of loan
rates over the banks' cost of funds. The most common reason banks gave for tightening terms and
standards was a less favorable economic outlook,

5. C&I loan demand and terms at selected banks,
large and medium-sized borrowers, 1999-2002:Q1
Percent

Net percentage of banks reporting increases in demand

that tightened standards

4. Financing gap at nonfarm nonfinancial corporations,
1991-2001

that increased spreads over cost of funds
premiums for riskier loans
—

100

Increased premiums —

80

—

60

40
—

20

_J
2000

NOTE. The data are four-quarter moving averages. The financing gap is the
difference between capital expenditures and internally generated funds.
SOURCE. Federal Reserve Board, Statistical Release Z.l, "Flow of Funds
Accounts of the United States," table L. 101 (www.federalreserve.gov/
releases/zl).




2001

2002

NOTE. Net percentage is the percentage of banks reporting an increase in
demand, a tightening of standards, or an increase in spreads or premiums
less, in each case, the percentage reporting the opposite. The definition for
firm size suggested for, and generally used by, survey respondents is that
large and medium-sized firms have sales greater than $50 million.
SOURCE. Federal Reserve Board, "Senior Loan Officer Opinion Survey on
Bank Lending Practices."

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

followed by worsening industry-specific problems
and reduced tolerance for risk.
Evidence from special questions in the BLPS sheds
more light on how changes in the cost of credit
depended on risk and industry. In May, banks were
asked how terms on commercial paper backup lines
had changed over the preceding year. They indicated
that firms with an A2/P2 rating were more likely to
have faced higher spreads, higher fees, and a reduction in the size of their credit lines than firms with an
A l / P l rating. In the August survey, more than half
of the respondents indicated that, during the previous
twelve months, they had tightened lending standards
more for firms in the high-tech sectors than for firms
in other industries. In response to a question on
changes to the banks' internal ratings for C&I loans
in the October survey, banks indicated that loans to
certain industries, such as commercial airlines and
nondefense aerospace, were more likely to have been
downgraded than loans to firms in other industries.
Banks also tightened terms to high-risk borrowers,
according to the Federal Reserve's quarterly Survey
of Terms of Business Lending (STBL). For loans not
made under commitment, the terms of which are
more likely to reflect the banks' current outlook than
those for loans made under previously committed
credit lines, the average spread on low-risk loans
remained within a range typical of the past five years,
while the average spread on high-risk loans continued to trend up, reaching the highest point since
the risk ratings were added to the survey in 1997
(chart 6).2
In contrast to C&I lending, commercial real estate
lending was fairly strong last year, although down
from 2000. Nonfarm nonresidential loans, which
constitute about two-thirds of total commercial real
estate lending, grew nearly 9 percent during 2001,
down from about 12 percent in 2000, while construction and land development lending expanded 19 percent, about the same rate as in 2000. However,
growth of construction lending declined over the year
as vacancy rates rose and office construction waned.
Growth of lending for multifamily structures, the
smallest component of commercial lending, declined
to half of its rate of expansion the previous year.
Most of the slowing in commercial real estate
lending was at the top 100 banks by assets, where

2. Loans in the STBL receive risk ratings ranging from 1 to 5,
which correspond, respectively, to minimal risk, low risk, moderate
risk, acceptable risk, and classified. For more information on loan
rating categories in the STBL, see Thomas F. Brady, William B.
English, and William R. Nelson, "Recent Changes to the Federal
Reserve's Survey of Terms of Business Lending," Federal
Reserve
Bulletin, vol. 84 (August 1998), pp. 604-15.




263

6. C&I loan rate spreads at banks, by risk,
1997:Q2-2002:Q1
Basis points

1997

1998

1999

2000

2001

2002

NOTE. Lower-risk loans are rated 1 or 2. Higher-risk loans are rated from 3
to 5. Loans shown were not made under commitment. Spreads are over the
market interest rate on an instrument of comparable maturity. For definitions
of risk ratings, see text note 2.
SOURCE. Results for domestic banks in "Survey of Terms of Business
Lending," Federal Reserve Board.

growth fell below 5 percent. Indeed, large banks
reported that they had tightened standards and faced
weaker demand (chart 7). On net, about 78 percent of
banks responding to the BLPS indicated that they had
tightened standards on commercial real estate loans
at some point in 2001. Although a handful of banks
in each survey reported facing stronger demand, an
average of 35 percent of banks, on net, indicated that
demand had weakened over the preceding quarter.
In particular, respondents to a special question in the

7. Net percentage of selected banks that tightened standards
for commercial real estate loans, 1999-2002:Q1
Percent

NOTE. Net percentage is the percentage of banks that reported a tightening
of standards less the percentage that reported an easing.
SOURCE. Federal Reserve Board, "Senior Loan Officer Opinion Survey on
Bank Lending Practices."

264

Federal Reserve Bulletin • June 2002

Effect of Lending Standards on Business Loan Growth
The recent weakness in C&I loans has been mirrored in the
contraction of a broader measure, total committed business
lending facilities, which is defined as the sum of C&I loans
and unused C&I loan commitments at commercial banks
(chart A). Using data from the Federal Reserve's Senior
Loan Officer Opinion Survey on Bank Lending Practices
(BLPS), we can identify the sources of this slowdown at the
individual bank level. Other researchers have linked movements in aggregated survey responses to the growth of total
bank business lending.1 Here we use individual bank
responses in an attempt to parse the change in committed
lending facilities into changes in supply and demand.
Of the banks that responded to every one of the BLPS
during the past two years, 29 percent reported that they had
tightened C&I lending standards no more than once, 24 percent reported tightening two or three times, and 46 percent
tightened four or more times (table A). The largest banks in
1. Cara S. Lown, Donald P. Morgan, and Sonali Rohatgi, "Listening to
Loan Officers: The Impact of Commercial Credit Standards on Lending and
Output," Federal Reserve Bank of New York, Economic Policy Review,
vol. 6 (July 2000), pp. 1-16.

A. Growth of committed lending facilities, 1990-2001
Percent, annual rate

1991

1993

1995

1997

1999

2001

NOTE. Committed lending facilities is the sum of C&I loans and unused
C&I loan commitments.

May BLPS reported weaker demand for commercial
real estate loans in sectors such as office buildings,
hotels, and retail establishments and slightly stronger
demand for loans for multifamily dwellings.
Growth in commercial real estate loans at banks
other than the top 100, which are not included in the
BLPS, was 18 percent. The high growth at smaller
banks continues a five-year trend that increased the
share of commercial real estate loans in total assets of
such banks to 21 percent at the end of 2001.



A. Distribution of banks, and growth of lending facilities,
by number of tightenings of credit standards, 2000-01
Percent
Item

0-1

2-3

4 or more

Banks
Lending facilities
2000
2001

29.3

24.4

46.3

6.4
3.8

5.5
-1.3

4.7
-4.0

NOTE. Banks are those that responded to all surveys in 2000-01.
SOURCE. Federal Reserve Senior Loan Officer Opinion Survey on Bank
Lending Practices; Call Report.

the survey were generally among those that tightened their
business lending standards at least four times.
As shown in the table, reported changes in standards
appear to be reflected in changes in the growth rate of
lending facilities. Business lending facilities at banks that
tightened two or more times during the past two years
shrank in 2001 after posting moderate growth in 2000. The
continued growth of business lending facilities in 2001 at
the least restrictive banks, albeit at a slower pace than in
2000, suggests that some borrowers had shifted from more
restrictive to less restrictive banks.
To examine more formally the relationship between supply conditions and the growth of committed lines and to
account as well for changes in reported demand, we used a
regression model. We constructed a sample of all banks that
participated in the BLPS for at least twelve consecutive
quarters from 1991 :Q3 to 2001 :Q4, a selection that yielded
a sample of 79 different commercial banks and almost
2,200 bank-quarter observations.
We then analyzed the annualized quarterly growth rate of
business lending facilities at each bank using four indicator
variables for supply and demand. The two demand variables
indicated whether the bank reported stronger or weaker
demand for C&I loans and credit lines during the quarter.
The two supply variables correspond to whether a bank
reported that it had tightened or eased credit standards
during the quarter. The coefficient on each of the four
variables had the expected sign, and the coefficients were
statistically significant at conventional levels (table B).

Loans

to

Households

With the economy weakening, the growth of residential mortgage loans slowed in 2001 from the very
rapid pace of the preceding two years but remained
brisk at 5.6 percent. Residential mortgage lending
was supported by historically low mortgage interest
rates and a surge in refinancing activity. The refinancing index of the Mortgage Bankers Association
reached its highest level in more than a decade

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

265

Effect of Lending Standards on Business Loan Growth—Continued
B. Regression analysis
Variable
Stronger demand
Weaker demand
Tightened standards
Eased standards

Coefficient

Standard error

2.2
-6.2
-7.1
4.1

1.0
1.1
1.3
1.6

NOTE. Sample included 79 banks with at least 12 consecutive quarters of
survey data from 1991 :Q3 to 2001 :Q4. The dependent variable is the
annualized growth of committed lending facilities.

Using these estimates of the bank-level effects, we constructed estimates of the aggregate quarterly effect of
reported changes in supply and demand conditions on the
growth rate of business lending facilities at banks in the
panel. For example, in any given quarter, the aggregate
effect of banks reporting stronger demand was calculated as
the share of total business lending facilities at banks that
reported stronger demand multiplied by the coefficient on
the corresponding indicator variable. This value is shown
by the shaded bars in the top panel of chart B, and the open
bars show the aggregate effect on the growth of business
lending facilities of banks reporting weaker demand.
As shown, reported weakness in demand is estimated to
have reduced the growth rate of business credit facilities at
surveyed banks since the end of 2000 an average of about
3.5 percentage points per quarter at an annual rate. The
estimated contribution of supply factors is shown in the
bottom panel of chart B. The results suggest that more
restrictive supply conditions could account for a reduction
of growth at surveyed banks of about 4.5 percentage points
per quarter at an annual rate on average since the beginning
of 2001.
The growth of lending facilities also is affected by the
availability of creditworthy borrowers. Thus, to the extent
that banks tightened standards in response to a worsening of
corporate balance sheets, these results will overstate the
amount of credit stringency that has originated in the banking sector because some firms that had wanted to borrow
would no longer be creditworthy even if standards had
remained unchanged. Also, the responses to the BLPS refer

(chart 8). BLPS respondents indicated that many
of their customers drew on the equity value of their
homes by increasing the size of the loan when they
refinanced, contributing to the growth in mortgage
debt last year and supporting consumer spending.
Half of the survey respondents said that more than
20 percent of their mortgage customers increased the
size of their mortgage loan by an amount typically
ranging between 5 percent and 15 percent of the
outstanding loan amount. Banks indicated that debt



only to changes in bank lending standards and observed
demand, not to the underlying levels of credit standards and
demand. For example, banks likely had already tightened
credit standards significantly before the survey question on
changes in credit standards began appearing regularly in
1990:Q3.
B. Contribution of reported changes in demand and
supply to growth of committed lending facilities,
1990-2001
Percent, annual rate

Demand
•
•

Stronger
Weaker

H
L ii 11j i ! j ;
H
h j H-Hl ' H-i I r
I
I

M
ji

JI

i
i

ffi-r

I I I I I I I I I I I I I I I II I I M I I M I I I I I I I I I I I I I I I I I II I
Supply
•
—

Eased

•

Tightened

—

I i I i i i I i M I i i i h i i I i i i I i i i I i i i I i i i I i i i h i i I i i H i ri
1992

1995

1998

2001

NOTE. Changes in supply have been reported since 1990:Q3, whereas
banks were not consistently asked to report changes in demand until
1991:Q3.

repayment was the most common use of funds
obtained from mortgage refinancing. According to
the BLPS, banks kept their standards for residential
mortgages essentially unchanged last year.
Although the growth of home equity loans was
not as exceptional as in 2000, it reached 21 percent
during 2001. Indeed, expanding at more than a
30 percent annual rate in the third quarter, home
equity lending picked up even as other residential
housing lending was slowing. Households tapped

266

Federal Reserve Bulletin • June 2002

Index of home mortgage refinancing activity, 1991-2001

9. Net percentage of selected banks that tightened
standards and terms on consumer loans, 1998-2002:Q1

January 4, 1991 = 1
Percent

Credit card loans
Standards

Terms

SOURCE. Mortgage Bankers Association.

their home equity lines in volume at the same time
that they were using some of the proceeds of the
heavy mortgage refinancing to consolidate debt. This
high rate of growth led the ratio of outstanding home
equity loans to total loans to exceed 4 percent for the
first time.
Information on banks' securitization of residential
loans became available on the Call Report last year.
At year-end, the outstanding principal balance of
single-family first-lien residential loans that banks
had sold or securitized was about equal to the value
of such assets that remained on their books. A much
smaller share of home equity loans is securitized—
only 12 percent of the value of home equity loans
held by banks at the end of 2001.
Total consumer loans originated by banks that were
either held or securitized grew 7.6 percent over the
course of the year, a pace down only slightly from
that in 2000 despite the reported debt consolidation
associated with mortgage refinancing noted earlier.
The growth in consumer lending was propelled
largely by the origination of credit card loans, which
expanded 10.1 percent for the year. The share of
consumer loans that was securitized, most of which
are credit card loans, climbed to a record 35 percent
of all consumer loans in the second half of the year.
Consumer loans held by banks increased 4.4 percent
in 2001.
In contrast to commercial loans, relatively few
banks acted to restrain consumer lending last year.
The net share of BLPS respondents that reported
tightening standards for approving credit card applications or for approving other consumer loans generally remained between 10 percent and 20 percent for
each type of loan during each quarter of 2001
(chart 9). The most common method for tightening



Other

NOTE. Net percentage is the percentage of banks that reported a tightening
of standards or terms less the percentage that reported an easing. Tightening
or easing of terms represented by increase or decrease respectively in spread
of loan yield over bank's cost of funds.
SOURCE. Federal Reserve Board, "Senior Loan Officer Opinion Survey on
Bank Lending Practices."

lending terms was to increase the minimum required
credit scores and to increase spreads on loans over
the bank's cost of funds.

Other Loans and

Leases

Other loans and leases contracted 2 percent during
2001. Leases grew at a 2 percent annual rate, a
further deceleration from their historically slow rate
of growth in 2000. As many leases are made to
businesses, the deceleration may be a result of the
general economic slowdown and the reduction in
business spending. The slow growth of leases may
also be part of a move by some banks to reduce or
discontinue their automobile leasing activities, as
they have found that profit margins were below
expectations. Lending to other depository institutions, the second largest item in this category after
leases, declined over the year, as did agricultural

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

267

Effects of September 11
The terrorist attacks of September 11 significantly disrupted
the payments system and caused temporary distortions to
bank balance sheets. Banks had the flexibility to absorb
these shocks, however, and their effects dissipated quickly.
The effects on the secondary markets for loans and on
banks' perceptions of risk were longer lasting, but these,
too, had diminished by the end of the year.
Weekly data for the domestic offices of large domestically chartered banks show that, between September 5 and
September 12, the disruption of the payment system caused
bank balance sheets to balloon. On the asset side, lending
in the form of federal funds and repurchase agreements
with other commercial banks rose from $87 billion to
$190 billion, and "other loans," mainly unplanned overdrafts, increased from $79 billion to $162 billion. Cash
assets, which include balances due from other depository
institutions and deposits at Federal Reserve Banks, rose
from $165 billion to $223 billion, in large part because of
the massive provision of reserves by the Federal Reserve
following the attacks. Loans to purchase or carry securities
rose from $13 billion to $47 billion. C&I loans went up
$15 billion as the temporary closing of the commercial
paper market forced some issuers to tap backup lines of
credit. On the liability side, transaction deposits soared
$164 billion, while borrowing from banks and borrowing
from others each increased about $50 billion.1
These changes were rapidly reversed. Cash assets, "other
loans," and C&I loans returned to normal levels by September 19. Federal funds and repurchase agreements decreased
1. See also "Monetary Policy Report to the Congress," Federal Reserve
Bulletin, vol. 88 (March 2002), pp. 141-72, especially the box "Monetary
Policy after the Terrorist Attacks" (p. 142).

lending and lending for the purchase or carrying of
securities.

Securities
Banks' holdings of securities expanded 7.6 percent
last year, 1.3 percentage points more than in 2000.
The growth was entirely in banks' investment
accounts, as security holdings in trading accounts ran
off last year after a rapid expansion in 2000. At
year-end, 22.8 percent of banks' assets consisted of
securities, a share in line with historical norms but
the highest proportion since the fourth quarter of
1999 (chart 10).
Banks' investment accounts grew 9.3 percent during 2001. Most of this increase was due to mortgagebacked securities, which expanded 30 percent and



$68 billion in that week but remained slightly elevated for
another few weeks. Transaction deposits declined $113 billion between September 12 and September 19. Borrowing
from banks completely reversed the previous week's
increase, while the volume of borrowing from others
returned about one-third of the way back to its level on
September 5.
In late September, the Board informally contacted several
banks that participate in the Federal Reserve's Senior Loan
Officer Opinion Survey on Bank Lending Practices (BLPS)
to assess changes in their outlook regarding the business
climate in the wake of the attacks. The impression emerging
from these consultations was that the banks generally had
not changed lending standards, although they had tightened
loan covenants somewhat. Several banks noted a decrease
in loan demand following the attacks, even as they noted
a tendency for riskier firms to increase the use of their
credit lines. Banks reported that internal ratings were being
assessed case by case, although no ratings had been changed
as of that date. In the next regularly scheduled BLPS,
conducted in October, the percentage of banks reporting
tightening terms and standards for C&I loans, which had
been declining, moved up. Banks primarily cited deterioration in economic conditions as a reason for tightening.
The October BLPS also asked banks whether they saw
any persistent effect on the secondary market for loans from
the events of September 11. Sixty-four percent of banks, on
net, indicated that trading volume in the secondary loan
market had declined, and 62 percent, on net, indicated that
bid-asked spreads had increased. However, bid-asked
spreads in the secondary market had largely returned to
late-August levels by January 2002, according to trade
association reports.

climbed as a share of investment account securities
from 44 percent in the fourth quarter of 2000 to
52 percent in the fourth quarter of 2001. Treasury
securities, by contrast, fell 40 percent, to only 4 percent of investment securities holdings at year-end,
down from 29 percent in 1991.
The strength of the residential mortgage market in
2001 boosted volume in the mortgage-backed securities market. At the same time, the paydown of the
federal debt last year reduced relative rates of return
available on Treasury securities. The shift in the
relative return likely provided some of the motivation
for the shift in banks' security holdings from Treasury securities to mortgage-backed securities.
A large share of the investment portfolio (that
designated "available for sale") must be marked to
market; declines in intermediate and longer-term
interest rates during the second half of 2000 raised

268

Federal Reserve Bulletin • June 2002

10. Bank holdings of securities as a share of total bank
assets, 1991-2001

Selected domestic liabilities at banks as a share of their
total domestic liabilities, 1996-2001

Percent

the market value of securities held in investment
accounts to above book value in the first quarter of
2001. With short- and intermediate-term rates falling,
the rise in the ratio of market value to book value
continued during the course of the year and accounted
for about 1.6 percentage points of reported growth
of the value in investment account securities in 2001.
These unrealized gains contributed to the rise in
equity capital last year (see below).

most, 11 percent. Domestic large time deposits eked
out weak growth in the first two quarters before
declining in the second half of the year; the declines
were at the largest 100 banks, where managed liabilities fell 5 percent over the year. At banks not in the
top 100, managed liabilities rose 8 percent, which
was still a deceleration from the 20 percent increase
posted in 2000.

Capital
Liabilities
Deposit rates moved down last year, but in the case of
liquid deposits, by less than the substantial decline in
shorter-term market rates induced by the policy easings. As the opportunity cost of holding these deposits declined, the growth of core deposits accelerated
from 7.5 percent in 2000 to 10.7 percent in 2001, the
fastest pace since 1986. The pickup in transaction
deposits was almost entirely in the fourth quarter,
when these accounts grew at a stunning 59 percent
annual rate, possibly as part of an effort by businesses
to increase their liquidity. Savings deposits increased
rapidly over the course of the year, while small time
deposits declined (chart 11). Core deposits at yearend represented 54 percent of bank liabilities, the
highest share since the financial market disruptions
during the fourth quarter of 1998.
Given the strong inflows of core deposits, banks
reduced their managed liabilities 2.8 percent, thereby
partly unwinding an 8.8 percent jump in 2000. Much
of the runoff was in the fourth quarter, when transaction deposits surged. Most of the components of
managed liabilities followed a similar pattern. Foreign deposits, the largest component, declined the



Equity capital advanced nearly $67 billion, or
12.8 percent, in 2001, the fastest growth since 1992.
Net income, after taxes, increased $5.7 billion, to
$75 billion, allowing banks to boost retained income
$3 billion, to $20 billion, even after dividends were
increased. Paid-in capital increased $41 billion, of
which about $25 billion was attributable to new capital. Capital infusions by the banks' parent holding
companies contributed $17 billion to new capital, the
largest dollar increase in over a decade. The remaining expansion in paid-in capital was due to an
increase in value attributed to goodwill. Unrealized
gains on available-for-sale securities accounted for
$4 billion of last year's increase in equity capital.
Virtually all assets in the commercial banking system were at well-capitalized banks (chart 12, top
panel), and the average margin by which domestic commercial banks remained well capitalized
increased after a slight decline in 2000 (chart 12,
bottom panel). 3 Tier 1 capital grew 8.4 percent
3. Well-capitalized banks are those with a total capital ratio
greater than 10; a tier 1 ratio greater than 6; a leverage ratio greater
than 5; and a composite CAMELS rating of 1 or 2. Each letter in the
CAMELS stands for a key element of bank financial condition—

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

12. Assets and regulatory capital at well-capitalized banks,
1991-2001

269

13. Regulatory capital ratios, 1991-2001
Percent

Percent

Share of industry assets at well-capitalized banks
—

14

— ^ ^

12

—

10

—

—

8

Total (tier 1 + tier 2) ratio

Tier 1 ratio
40
_J

I
Leverage ratio

Percentage points

Average margin by which banks were well capitalized
3.0

1
1
1991

1
1
1993

1
1
1995

1
1
1997

1
1
1999

1
1
2001

NOTE. For the definition of capital ratios, see text note 4.

Derivatives
NOTE. For the definition of well capitalized and of the margin by which
banks remain well capitalized, see text note 3.

over the past year, while tier 2 capital expanded
8.1 percent.
Banks shifted their asset portfolios away from
loans and leases, most of which have full risk
weights, and toward government and agency securities, which have lower risk weights. This shift caused
risk-weighted assets to grow 2 percentage points less
than total assets and caused the ratio of tier 1 capital
to risk-weighted assets to grow steadily over the year
(chart 13). The ratio of total capital to risk-weighted
assets increased 60 basis points between the fourth
quarter of 2000 and the fourth quarter of 2001. The
leverage ratio, which does not take account of the
shifting mix of bank assets, increased just 8 basis
points. 4

capital adequacy, asset quality, management, earnings, liquidity, and
sensitivity to market risks. The average margin by which banks
remained well capitalized was computed as follows. First, among the
leverage, tier 1, and total capital ratios of each well-capitalized bank,
the institution's tightest capital ratio is defined as the one closest to the
regulatory standard for being well capitalized. The bank's margin is
then defined as the percentage-point difference between its tightest
capital ratio and the corresponding regulatory standard. The average
margin among all well-capitalized banks—the measure referred to in
the text—is the weighted average of all the individual margins, with
the weights being each bank's share of the total assets of wellcapitalized banks.
4. The tier 1 ratio is the ratio of tier 1 capital to risk-weighted
assets, and the total ratio is the ratio of the sum of tier 1 and tier 2
capital to risk-weighted assets. Tier 1 capital consists primarily of
common equity (excluding intangible assets such as goodwill and
excluding net unrealized gains on investment account securities classified as available for sale) and certain perpetual preferred stock. Tier 2




The use of off-balance-sheet derivatives contracts
at banks has continued to increase. The fair value, or
replacement price, of banks' derivatives contracts
that had positive value was $643 billion at the end of
last year, which is equivalent to about 10 percent
of bank assets. Banks also had derivatives contracts
with a negative fair value of $612 billion. The resulting net fair value of $31 billion is a marked increase
from $2 billion in 2000 and was the largest amount
since information became available on the fair value
of derivatives contracts in 1995.
The notional value of the derivatives contracts—
the value of the underlying assets used to compute
the stream of payments that the derivatives contract
is expected to produce—was about $45.5 trillion, or
about seven times the value of bank assets in 2001.
By comparison, in 1997 the notional value was about
$25.5 trillion, or five times the value of bank assets.
Use of derivatives contracts remains highly concentrated, with the ten largest banks holding 97 percent
of derivatives contracts by either notional value or
gross fair value.
The three most common types of derivatives contracts are forwards, options, and swaps. Forwards are
agreements to buy or sell something for a designated

capital consists primarily of subordinated debt, preferred stock not
included in tier 1 capital, and loan-loss reserves. Risk-weighted assets
are calculated by multiplying the amount of assets and the creditequivalent amount of off-balance-sheet items (an estimate of the
potential credit exposure posed by the item) by the risk weight for
each category. The risk weights rise from zero to 1 as the credit risk of
the assets increases. The leverage ratio is the ratio of tier 1 capital to
average tangible assets. Tangible assets are equal to total assets less
assets excluded from common equity in the calculation of tier 1
capital.

270

Federal Reserve Bulletin • June 2002

price at a particular future date. Options give the
holder the opportunity to buy or sell an asset for a
designated price by a particular future date. Swaps
can be viewed as a combination of several forward
contracts generally involving the exchange of the
streams of payments from two underlying assets.
Swaps accounted for 56 percent of all bank derivatives contracts by notional value.
Banks employ derivatives contracts in several
areas. Interest rate contracts are by far the most
common and comprised about 84 percent of the
notional value of all bank derivatives contracts in
2001. This share has been rising steadily over the
past decade. Swaps are the most common type of
interest rate contract. Foreign exchange contracts
continue to be the second most important category of
derivatives contract, although the notional value of
the contracts held by the banks has plateaued over the
last several years. Sixty-eight percent of foreign
exchange contracts held by banks are forward contracts. Equity and commodity contracts had been
increasing rapidly in importance at banks until last
year, when their value fell, likely because of the
decline in the value of equities and commodities.
The least common category of derivatives held by
banks, credit derivatives, are usually structured so
that the seller (guarantor) pays the buyer (beneficiary) in the event that an asset held by the beneficiary goes into default. Banks act as guarantors on
some contracts and beneficiaries on others. In the role
of beneficiary for these derivatives, banks reduce the
risk associated with their loans while maintaining a
relationship with their borrowers. When acting as the
guarantor for these contracts, banks use their credit
evaluation skills to diversify risks without making
new loans. Currently these contracts are less than
1 percent of the total notional value of banks' derivative contracts. Last year was the first since 1996
(when data became available) in which the notional
value of banks' contracts as guarantors (which rose in

2.

2001) exceeded the notional value of their contracts
as beneficiaries (which fell). The gross value of these
contracts was down slightly for the year.5

TRENDS IN

Total net income of commercial banks rose 8 percent in 2001, to $75.3 billion. A notable share of the
increase reflected the markedly improved profitability of banks that had booked substantial one-time
charges in 2000. Despite the economic slowdown
and associated asset quality problems, the number of
banks that had negative net income remained about
unchanged from 2000, at 624. Moreover, the banks
that lost money held only 1.3 percent of industry
assets last year, a sharp drop from 4.7 percent in
2000, and the smallest share since 1997.
Industrywide return on assets (ROA) edged up
1 basis point in 2001, to 1.19 percent (table 2). ROA
was bolstered by realized gains on investment
account securities generated by lower interest rates
and by a decline in noninterest expense, the latter
mostly reflecting the relative absence of restructuring
costs at the largest banks. These developments were
just large enough to offset soaring provisions for loan
losses that were necessitated by the deterioration in
asset quality. In contrast to 2000, when small banks
were the only size group to show profit gains, the
increase in net income was concentrated at the largest
banks last year.
Although dividends grew 5 percent in 2001, these
payments, made primarily to parent holding com-

5. For more information on derivatives contracts at banks, see
English and Nelson, "Profits and Balance Sheet Development at U.S.
Commercial Banks in 1997"; and Gerald A. Edwards, Jr., and
Gregory E. Eller, "Derivatives Disclosures by Major U.S. Banks,
1995," Federal
Reserve
Bulletin,
vol. 82 (September 1996),
pp. 791-801.

Selected income and expense items as a proportion of assets, 1992-2001
Percent
Item
Net interest income
Noninterest income
Noninterest expense
Loss provisioning
Realized gains on investment account securities
Income before taxes and extraordinary items

mm




PROFITABILITY

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

14. Indexes of bank stock prices and the S&P 500,
1999-March 2002

271

15. Net interest margin, by size of bank, 1985-2001
Percent

January 2001 = 100

Other banks

Top 225

—

3.5

S&P 500

NOTE. Banks are ranked by market value, and stock prices are weighted by
market value.
SOURCE. Standard and Poor's and American Banker.

panies, decreased 2 basis points as a percentage of
assets after having declined 7 basis points in 2000.
Because dividend growth trailed that of net income,
retained income rose from 0.29 percent of assets in
2000, the lowest level in a decade, to 0.32 percent
last year. A significant advance in equity capital at
banks last year outstripped profit growth, and return
on equity fell about 40 basis points, to 13.6 percent.
In part as a result of their strong earnings performance relative to some other sectors of the economy,
the stocks of the top 50 BHCs (by market value)
outperformed the S&P 500 in 2001 (chart 14). However, concerns about credit quality plagued these
companies all year, and the exposure of several of the
largest BHCs to Enron and Argentina somewhat
damped investor optimism late in the year. A broader
index of bank stocks, encompassing the top 225
BHCs, substantially outperformed the top 50 BHC
index last year.

Interest Income and

Expense

Gross interest expense dropped 14 percent relative to
2000, while gross interest income fell only 3.8 percent, a differential resulting in an 8 percent increase
in net interest income. Interest-earning assets grew
only half that rate; as a result, the nearly decade-long
decline in industrywide net interest margins (NIM)—
the ratio of net interest income to average interestearning assets—was arrested, with the measure rising
5 basis points, to 3.98 percent (chart 15).
The increase in NIM was almost entirely attributable to the ten largest banks, where it climbed



NOTE. Net interest margin is net interest income divided by average
interest-earning assets. For definition of bank size, see text note 1.

19 basis points, to 3.57 percent (chart 15). Much of
the increase at the ten largest banks, however, can be
explained by changes in the lineup of banks in the
group as a result of mergers during the year and a
very large increase at one other bank that was in the
group in both years. NIM also rose slightly at both
large and medium-sized banks. By contrast, weakness during the first half of the year caused NIM to
fall 15 basis points, to 4.41 percent, at small banks
last year.
Although NIM edged up over the first three quarters of last year, on net, the bulk of the increase in
NIM occurred in the fourth quarter. The sharp and
unexpected drop in short-term interest rates after the
terrorist attack of September 11 may have benefited
banks by temporarily trimming liability costs more
rapidly than asset returns. Moreover, the surge in
demand for core deposits that resulted from lower
interest rates and heightened demand for safe and
liquid assets allowed banks to substitute this relatively low-interest-rate funding for their higheryielding managed liabilities.
NIM may also have been boosted by more restrictive lending practices. During the past several years,
a substantial majority of the largest commercial banks
has reported in the BLPS that they were widening
the spreads of business loan rates over their cost
of funds; in 2001, smaller fractions of banks also
indicated that they were increasing spreads on
consumer loans. On the other hand, the same banks
have also been tightening lending standards, which
would tend to lower the average interest rate spread
because higher-quality borrowers generally merit
better terms.

272

Federal Reserve Bulletin • June 2002

Noninterest

Income and

Expense

16. Noninterest income and its components as a
share of total revenue, 1985-2001

The 5.4 percent growth of noninterest income at
commercial banks is slightly below that of the previous year and a marked slowdown from the doubledigit gains of the late 1990s. The ratio of noninterest
income to total revenue, which had been trending up
for most of the past decade, flattened out in 2000 and
slipped somewhat in 2001 (chart 16, top panel). The
slowdown in the growth of noninterest income in
2001 reflects a decline in fiduciary income, primarily
fees received for services rendered by bank trust
departments (chart 16, middle panel). In addition,
trading revenue inched up just 1 percent after two
years of double-digit growth. By contrast, deposit
fees rose 14 percent as banks' reported efforts to
increase fee income from these accounts appear to
have borne fruit. Revenue from the sale and servicing
of mutual funds also grew significantly, but that
activity accounts for less than 5 percent of total
noninterest income.
Other noninterest income, which accounts for more
than 60 percent of total noninterest income, grew
5.2 percent in 2001, a pace about double that of 2000.
As of 2001, the Call Report contains much greater
detail on several components of revenue previously
aggregated in this category, as shown here.
Distribution of other noninterest income as a share
of total revenue, 2001
Item

Percent

Gains from sales of other assets
Venture capital gains
Residual other noninterest income

4.3
3.0
2.5
1.2
.8
.6
-.2
13.9

Total

26.1

Securitization income
Loan servicing fees
Capital market fees
Gains from loan sales

The itemization reveals that a significant portion of
noninterest income last year resulted from activities
that are closely linked to banks' traditional business
of making loans. Income derived from loan securitizations accounted for about 4 percent of banks' total
revenue, and an additional 3 percent of their revenue
came from loan servicing fees. Profits on the sales
of loans and other assets (not including securities)
accounted for almost another 2 percent of total revenue in 2001.
Most of the revenue generated by capital markets
business conducted by BHCs remains outside the
purview of their commercial bank subsidiaries. Fees



Total

I

I I I

J

I

I

L

J
I
1996

J

I

L

Selected components

Other

J
1986

I

I

I I
1991

L

2001

and commissions from investment banking, advisory,
brokerage, and underwriting activities accounted for
just 2.5 percent of total commercial bank revenue in
2001, as opposed to about 15 percent of revenue at
the top 50 BHCs. Venture capital activity, which has
been highly publicized in recent years, accounted for
a tiny loss at commercial banks last year. Commercial banks generated just 0.8 percent of their total
revenue from commissions and fees on insurance
products. The residual category, which includes
income from professional services, fees earned on
credit cards, and ATM surcharges, accounted for
about 14 percent of total revenue and one-third of
total noninterest income.
The long-term downward trend in the ratio of
noninterest expense to total revenue had stalled in
recent years as a string of mergers and subsequent
restructuring at several large banks boosted costs.
Last year, however, this effect was considerably
reduced, and the ratio declined nearly a full percentage point, to 59.9 percent (chart 17, top panel). A rise
in industry employment of about 2 percent helped
push up total salary and wage costs 6.3 percent, a rate
slightly less than the growth of revenue (chart 17,
bottom panel). Similarly, the ratio of the cost of

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

17.

N o n i n t e r e s t e x p e n s e as a proportion o f r e v e n u e ,
1985-2001

18.

273

D e b t b u r d e n s o f b u s i n e s s e s and h o u s e h o l d s , 1 9 8 5 - 2 0 0 1

Percent

Total
Nonfinancial corporations

Households

NOTE. The debt burden for nonfinancial corporations is calculated as
interest payments as a percentage of cash flow. The debt burden for households is an estimate of the ratio of debt payments to disposable personal
income; debt payments consist of the estimated required payments on
outstanding mortgage and consumer debt.
SOURCE. National income and product accounts and the Federal Reserve
System.

Components

Premises and fixed assets
—

1986

1991

1996

10

2001

premises and fixed assets to total revenue edged
down again last year. Other components of noninterest expense grew but still fell to 27.5 percent of
revenue.

Loan Performance

and Loss

Provisioning

The credit quality of banks' loan portfolios, already
worsening because of the economic slowdown, came
under further pressure over the final third of the year
from the dislocations in the economy caused by the
terrorist attacks on September 11, as well as the
highly publicized problems at Enron and in Argentina. The deterioration was most pronounced in the
business sector, where delinquency and net chargeoff rates increased substantially for the second consecutive year, particularly in the fourth quarter. Pressures on businesses were reflected in an increase in
their debt-service burden as lower interest rates and
associated refinancing were more than offset by the
decline in profits last year (chart 18).
On the household side, delinquency rates on credit
cards and other consumer loans rose, on balance, last



year. The increases were exacerbated by a further rise
in the ratio of household debt-service payments to
disposable income, which reached its highest level in
fifteen years. In addition, the personal bankruptcy
rate surged last year, probably because of efforts by
debtors to file in advance of legislation that they
viewed as making bankruptcy less attractive. By contrast, delinquency rates on residential mortgages
remained at a relatively low level.

C&I Loans
The delinquency rate on C&I loans, which has been
increasing since 1998, jumped more than 1 percentage point in 2001, reaching 3.50 percent (chart 19,
top panel). Moreover, banks aggressively charged off
loans during the fourth quarter of last year, thereby
keeping the delinquency rate from rising even further
(chart 19, bottom panel). Indeed, the charge-off rate
on C&I loans during the fourth quarter exceeded the
previous peak reached in the fourth quarter of 1991.
The high ratio of charge-offs to delinquencies last
year may reflect, in part, banks' sales of troubled
loans in the secondary loan market because banks
must charge off the difference between the book
value and fair market value of the loan when it is
transferred to the held-for-sale account. While most
of the deterioration in commercial credit quality last
year occurred at the largest banks, delinquency and
charge-off rates on business loans at smaller banks
also increased somewhat.

274

19.

Federal Reserve Bulletin • June 2002

D e l i n q u e n c y and c h a r g e - o f f rates f o r l o a n s to
b u s i n e s s e s , b y t y p e o f loan, 1 9 9 1 - 2 0 0 1
Percent

Delinquencies

reduced maximum loan-to-value ratios in 2001, up
from 10 percent that reported having done so a year
earlier. Moreover, 52 percent, on net, reported that
they required higher debt-service-coverage ratios
in 2001, up from 37 percent in the previous year's
survey.

Commercial real estate

Loans to Households

Net

The delinquency and net charge-off rates on credit
card loans drifted upward through the third quarter
of 2001 as the slumping economy took its toll on
indebted consumers (chart 20). During the fourth
quarter, credit card loan charge-offs jumped to the
highest rate on record—and by enough to account for
the entire decline in the credit card delinquency rate
during that quarter. On balance, the delinquency rate
on credit card loans increased 19 basis points, to
4.80 percent, over the year.
Some of the increase in the delinquency and
charge-off rates on credit card loans probably stems
from the jump in the personal bankruptcy rate. In

20.

D e l i n q u e n c y and c h a r g e - o f f rates f o r l o a n s to
h o u s e h o l d s , b y t y p e o f loan, 1 9 9 1 - 2 0 0 1

NOTE. The data are seasonally adjusted. Delinquent loans are loans that are
not accruing interest and those that are accruing interest but are more than
thirty days past due. The delinquency rate is the end-of-period level of
delinquent loans divided by the end-of-period level of outstanding loans. The
net charge-off rate is the annualized amount of charge-offs over the period,
net of recoveries, divided by the average level of outstanding loans over the
period.

Percent

Delinquencies

Credit card
Other consumer

Commercial Real Estate Loans
Vacancy rates for commercial office space increased
sharply last year, while commercial rents and property values stagnated. However, these indicators of
the health of the commercial real estate sector have
not deteriorated to the extent that they did during the
last recession in the early 1990s, and commercial real
estate loans continued to perform relatively well last
year. Although their delinquency rate picked up
somewhat in 2001, it remained at historically low
levels of less than 2 percent, and net charge-off rates
edged up only slightly.
The resilience of credit quality in the commercial
real estate market may also reflect the tightening of
credit standards in this sector that was reported in the
BLPS as early as 1998. The tightening has continued
this year: In the January 2002 survey, 43 percent
of domestic banks, on net, indicated that they had



Residential real estate

NOTE.

See note to chart 19.

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

addition, the increase likely reflects deterioration in
the quality of loans to so-called subprime borrowers,
among whom delinquency rates skyrocketed last year
(chart 21).6 However, according to the January 2002
BLPS, only a few of the respondent banks make
subprime credit card loans, and these loans represent
only a small percentage of total loans at those banks.
Nonetheless, a majority of the surveyed banks that
are active in this market also reported that the performance of loans to these borrowers was worse than
they had expected even after accounting for the condition of the economy. Moreover, a small number of
institutions specialize in subprime credit card borrowing, and charge-off rates at some of those banks rose
substantially last year.
The delinquency rate on consumer installment
loans rose 12 basis points, to 3.19 percent, near the
top of the range of this series over the past decade. As
in the credit card sector, part of this increase reflects a
rise in the delinquency rate on subprime loans, presumably for automobiles. In the May 2001 BLPS,
banks that reported having tightened credit standards
for loans to households indicated that realized and
expected increases in consumer delinquency rates
were an important reason for changing consumerlending policies.
The breakneck pace of mortgage refinancing last
year also may have helped hold down delinquency
rates on consumer loans. As noted earlier, BLPS

275

respondents reported that large fractions of households that took cash out against existing home equity
when they refinanced used the proceeds to repay
other debt. Indeed, the proportion of households that
was reported to have used the proceeds from refinancing to repay other debt was much larger than that
for any other single purpose.
The delinquency rate on residential mortgage loans
declined 4 basis points in 2001, to 2.26 percent. In
addition, the net charge-off rate on residential mortgages remained very low in 2001, despite a blip in
the third quarter of the year that reflected the sale of
impaired subprime loans by one large bank. The
continuation of robust existing home sales and solid
gains in median home prices has undoubtedly helped
sustain this performance by making it easier for distressed borrowers or foreclosing banks to sell homes
quickly at prices that cover the outstanding mortgage
amount. Also, the strong flow of new mortgages
helped hold down the delinquency rate because new
mortgages are less likely to be delinquent than mortgages that have been outstanding for several years.
However, the delinquency rate on securitized residential mortgages, data on which became available in the
Call Report only this year, was just under 5 percent,
more than double the delinquency rate for mortgages
remaining on banks' books.

Loss Provisioning
6. N o single definition of "subprime" may cover all markets or
institutions. A description of "subprime" is presented in the Federal
Reserve Supervision and Regulation letter dated January 31, 2001
(SR 01-4).

21.

Delinquency rates for subprime loans, by type of loan,
1998-2001

In response to actual and anticipated loan losses,
commercial banks aggressively stepped up loan-loss
provisioning in 2001 (chart 22). Loss provisioning,
which increased 45 percent in 2001 on the heels of a
41 percent jump in 2000, amounted to 11.4 percent of

22. Provisioning for loan and lease losses as a
percentage of total revenue, 1985-2001
Percent

1998

1999

2000

2001

SOURCE. For auto loans, Federal Reserve staff estimates based on data
from Moody's Investors Service; for mortgages, Mortgage Information
Corporation.




276

Federal Reserve Bulletin • June 2002

23.

R e s e r v e s f o r l o a n and l e a s e l o s s e s , 1 9 8 5 - 2 0 0 1

1995, and the ratio is now very near its early 1990s
lows (chart 23, bottom panel).

INTERNATIONAL OPERATIONS
COMMERCIAL
BANKS

1 I I 1 t

I I I I I I I -f/'fv; I I I I

chart 19.

total revenue, the highest percentage since 1992. The
increase in the ratio of provisioning to total revenue
was particularly acute at the 100 largest banks, while
the increase in provisioning at smaller banks was
much less pronounced. The sharp rise in loss provisioning exceeded the jump in net charge-offs, resulting in a 12.8 percent advance in loan-loss reserves.
That increase easily outstripped the growth of total
loans and leases, and the ratio of loan-loss reserves to
total loans and leases increased 18 basis points, to
1.85 percent in the fourth quarter—the first year-overyear increase in that ratio since 1992 (chart 23, top
panel).
Although the current high levels of capital and
profitability provide important additional buffers
against further increases in loan losses, some measures of the adequacy of loan-loss reserves fell
sharply last year. The ratio of loan-loss reserves to
delinquent loans dropped 10 percentage points, to
68 percent, although it remained substantially above
the levels posted in the late 1980s and early 1990s
(chart 23, middle panel). The significant decline in
the ratio of loan-loss reserves to net charge-offs continued a fairly sharp downward trend evident since



OF U.S.

Sluggish growth in the world economy crimped
banks' foreign operations in 2001, particularly in the
fourth quarter, when increased loss provisioning in
light of economic difficulties in Argentina led to
losses on foreign operations at two of the largest
banks. Revenue attributable to foreign operations fell
to less than 9 percent of total revenue, the smallest
share since 1998, when world markets were disrupted
by the Russian debt default and several banks posted
large losses in their foreign operations. The decline
in revenue from foreign operations was especially
noticeable at the ten largest banks, and most of the
decrease resulted from a sharp fall in noninterest
income and a jump in loan-loss provisions.
The share of U.S. bank assets booked at foreign
offices fell for the fourth consecutive year, to
11.8 percent. However, a major U.S. bank's acquisition of a large Mexican bank added substantially to
the exposure of the U.S. banking sector to that country (table 3). The acquisition was also almost entirely
responsible for the climb in the industry's exposure
to selected economies in Asia, Latin America, and
Eastern Europe, which climbed from 55 percent of
tier 1 capital at the end of 2000 to 70 percent at the
end of 2001. U.S. banks increased their exposure to
Brazil for the second year in a row, and they held
their exposure to Russia and the rest of Eastern
Europe fairly constant last year. By contrast, banks
significantly reduced their exposure to Argentina and
also continued to pare back their exposure to emerging Asia.

RECENT

DEVELOPMENTS

GDP growth picked up substantially during the first
quarter of 2001, but the consensus forecast showed
growth slowing down again in the second quarter.
Monetary policy entered a holding pattern as the
Federal Reserve left the federal funds rate unchanged
at the first three meetings of 2002. Longer-term interest rates on government bonds, home mortgages, and
investment-grade corporate debt edged up, but the
apparently improved economic prospects led to some
decline in interest rates on high-yield bonds.
BHC stock prices continued to outperform the
S&P 500 index, and the broader index of the top

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

3.

E x p o s u r e o f banks to s e l e c t e d e c o n o m i e s at y e a r - e n d relative to tier 1 capital, b y bank s i z e ,
Percent

Bank and year

Eastern Europe

277

1998-2001

Latin America

Selected
Asian
countries1

All

Russia

All

Mexico

Argentina

Brazil

15.49
14.37
13.17
12.09

3.49
2.85
4.35
4.29

.43
.37
.49
.60

42.93
39.00
37.88
54.06

9.88
9.50
9.08
25.97

9.66
9.40
8.41
6.61

11.27
10.49
11.15
12.99

61.90
56.22
55.40
70.44

24.02
20.73
19.98
17.88

5.61
4.25
6.83
6.47

.68
.55
.77
.91

64.20
53.90
54.98
79.08

14.10
12.62
12.69
38.54

15.19
13.63
12.68
9.79

17.04
14.53
16.40
18.74

93.83
78.88
81.79
103.43

2.08
1.75
1.41
1.07

.16
.08
.08
.14

.00
.01
.00
.00

9.51
9.41
8.35
6.45

3.24
3.31
2.84
2.04

.97
1.01
1.04
.57

.00
2.47
2.08
2.05

11.75
11.24
9.84
7.66

37.87
37.45
37.30
36.32

8.53
7.43
12.33
12.88

1.05
.95
1.39
1.80

104.96
101.63
107.31
162.39

24.15
24.77
25.71
78.00

23.62
24.51
23.82
19.87

27.55
27.34
31.59
39.01

151.36
146.51
156.94
211.59

Total

All
1998
1999
2000
2001

Money center and other large banks
1998
1999
2000
2001

Other
1998
1999
2000
2001
MEMO

Total exposure (billions of dollars)
1998
1999
2000
2001

NOTE. For definition of tier 1 capital, see text note 4. Exposures consist of
lending and derivatives exposures for cross-border and local-office operations.
Respondents may file information on one bank or on the bank holding company as a whole.
At year-end 2001, "all reporting" banks consisted of 79 institutions with a
total of $300 billion in tier 1 capital; of these institutions, 10 were "large" banks

225 BHCs continued to outperform the index of
the top 50. Return on assets at commercial banks
increased to 1,29 percent in the first quarter, up
10 basis points from the average for 2001. Net interest margins remained higher than their average for all
of 2001 but fell back a tad after having jumped




(5 money center banks and 5 other large banks) with $197 billion in tier 1
capital, and the remaining 69 were "other" banks with $104 billion in tier 1
capital. The average "other" bank at year-end 2001 had $20 billion in assets.
1. Indonesia, Korea, Malaysia, Philippines, and Thailand.
SOURCE. Federal Financial Institutions Examination Council Statistical
Release E.16, "Country Exposure Survey," available at www.lfiec.gov/E16.htm/

in the fourth quarter of last year. Noninterest income
rose substantially, reportedly buoyed by continued
mortgage refinancing activity. Loss provisioning
remained very elevated; although it declined somewhat relative to 2001 :Q4, it was well above yearearlier levels.
•

Table A.l begins on page 278.

278

A. 1.

Federal Reserve Bulletin • June 2002

P o r t f o l i o c o m p o s i t i o n , interest rates, and i n c o m e and e x p e n s e , all U.S. banks,

1992-2001

A. All banks
Item

1992

1994

1993

1995

1996

1997

1998

2000

1999

2001

Balance sheet items as a percentage of average net consolidated assets
mgm

Interest-earning assets
Loans and leases, net
Commercial and industrial
U.S. addressees
Foreign addressees
Consumer
Credit card
Installment and other
Real estate
In domestic offices
Construction and land development
Farmland
One- to four-family residential
Home equity
Other
Multifamily residential
Nonfarm nonresidential
In foreign offices
To depository institutions and acceptances
of other banks
Foreign governments
Agricultural production
Other loans
Lease-financing receivables
LESS: Unearned income on loans
LESS: LOSS r e s e r v e s 1

Securities
Investment account
Debt
U.S. Treasury
U.S. government agency and
corporation obligations
Government-backed mortgage pools . . .
Collateralized mortgage obligations
Other
State and local government
Private mortgage-backed securities
Other
Equity2
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories
Non-interest-earning assets
Revaluation gains held in trading accounts3
Other
Liabilities
Interest-bearing liabilities
Deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Small-denomination time deposits
Large-denomination time deposits
Gross federal funds purchased and RPs
Other
Non-interest-bearing liabilities
Demand deposits in domestic offices
Revaluation losses held in trading accounts3 ..
Other
Capital account

88.94
57.30
15.78
13.54
2.24
11.00
3.80
7.20
24.87
24.18
2.64
.56
12.91
2.09
10.83
.75
7.32
.69

89.06
56.25
14.88
12.72
2.16
11.00
3.88
7.11
24.80
24.18
1.99
.57
13.49
2.07
11.42
.79
7.33
.62

87.11
56.07
14.51
12.35
2.16
11.43
4.21
7.22
24.43
23.80
1.65
.56
13.74
1.91
11.84
.79
7.07
.63

86.97
58.37
15.20
12.87
2.33
12.08
4.69
7.39
25.01
24.36
1.59
.56
14.42
1.88
12.54
.81
6.97
.65

87.38
59.89
15.60
13.07
2.53
12.21
4.87
7.34
25.06
24.43
1.63
.56
14.43
1.85
12.57
.85
6.96
.63

87.15
58.69
15.78
13.18
2.60
11.44
4.55
6.89
25.02
24.41
1.73
.55
14.42
1.94
12.48
.83
6.88
.61

86.77
58.33
16.37
13.62
2.75
10.36
3.96
6.39
24.87
24.30
1.86
.55
14.26
1.89
12.37
.82
6.81
.57

87.17
87.05
60.52
59.36
17.16
17.07
14.43
14.67
2.64 M 2.49
M
9.71
9.38
3.52
3.51
5.87
6.20
25.44
27.04
24.87 I"-"' 26.50
2.18
2.51
.56
.56
14.10
14.96
1.76 M i 1.96
M
12.34 Igji 13.00
.99
.88
7.48
7.15
.57
.54

86.53
58.98
16.07
13.68
2.39
9.24
3.62
5.62
27.10
26.60
2.84
.55
14.66
2.18
12.49
.97
7.57
.50

1.29
.73
1.02
3.45
1.03
-.28
-1.60
23.52
21.18
21.18
n.a.

1.13
.67
.99
3.50
.99
-.21
-1.51
25.37
22.50
22.50
n.a.

1.47
.41
1.00
3.29
1.03
-.16
-1.36
24.32
21.60
21.21
6.71

1.92
.30
.96
3.11
1.19
-.14
-1.26
21.94
19.39
18.98
5.25

2.33
.26
.92
3.32
1.51
-.12
-1.21
21.01
18.20
17.75
4.20

1.93
.18
.90
2.80
1.87
-.09
-1.13
20.41
17.25
16.75
3.38

1.91
1.97
1.87
.12
.15
.16
.89
.83
.78
2.58
2.78
2.75
2.14
2.53 | 1 2.65
-.07
-.06
-.05
-1.07
-1.04
-1.02
20.02
20.38 m 20.40
17.49
18.34 TV 17.59
16.94
16.93
17.73 fr-V
1.66
2.71 1 2 1 4

1.84
.10
.75
2.35
2.62
-.04
-1.04
I 19.55
16.83
16.50
.85

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2.34
4.54
3.58
11.06
n.a.
11.06

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2.87
4.27
3.18
10.94
n.a.
10.94

10.26
4.70
3.19
2.36
2.01
.64
1.56
.39
2.71
3.82
2.90
12.89
2.95
9.94

9.81
4.47
2.67
2.68
1.80
.62
1.49
.41
2.55
3.93
2.73
13.03
2.90
10.12

9.75
4.80
2.11
2.83
1.68
.61
1.51
.45
2.81
3.82
2.66
12.62
2.25
10.38

9.74
4.94
1.94
2.86
1.59
.50
1.54
.50
3.16
5.18
2.86
12.85
2.59
10.26

10.28
5.17
2.13
2.99
1.57
.67
1.71
.55
2.90
5.37
2.69
13.23
2.95
10.28

10.85
5.24
2.15
3.46
1.62
.88
2.24
.61
2.06
4.61
2.68
12.95
2.57
10.38

92.82
75.32
62.94
8.37
54.56
7.65
20.28
19.21
7.42
7.02
5.36
17.50
13.24
n.a.
4.27

92.15
73.92
60.26
8.32
51.94
8.24
20.91
16.98
5.81
7.47
6.19
18.23
13.86
n.a.
4.37

92.12
71.86
57.34
9.39
47.96
7.80
19.60
15.33
5.23
7.60
6.92
20.26
13.49
2.69
4.55

91.99
71.86
56.30
10.28
46.03
6.63
17.48
16.14
5.77
7.71
7.85
20.13
12.68
2.88
4.57

91.73
71.62
55.87
10.01
45.86
4.75
18.71
15.97
6.42
7.18
8.56
20.11
12.82
2.14
5.14

91.57
71.36
55.01
10.02
44.99
3.62
19.12
15.17
7.08
8.13
8.21
20.21
12.16
2.64
5.42

91.51
71.32
54.66
10.15
44.51
3.11
19.91
14.15
7.33
7.99
8.68
20.18
11.00
2.97
6.21

7.85

7.88

8.01

8.27

8.43

9.83
.19
32.08

9.92
.14
32.73
4,376

7.18

5Sh&"..




10.08
5.13
1.96
2.99
1.49
1.09
2.98
.34
2.72
5.11
2.90
13.47
2.37
11.10

91.51
72.51
54.79
10.46
44.33
2.81
21.00
13.10
7.42
7.97
9.75
19.00
9.78
2.52
6.70

91.58
73.30
54.67
10.92
43.75
2.46
20.64
12.49
8.16
7.83
10.79
18.28
8.62
2.29
7.37

91.24
72.46
54.61
10.18
44.43
2.37
22.29
11.60
8.17
7.95
9.90
18.78
8.00
2.21
8.58

8.49

8.49

8.42

8.76

9.99
.11
34.09

10.12
.08
34.94

10.87
.06
36.58

11.58
.05
38.82

12.09
.05
37.39

4,733

5,144

5,439

5,905

6,334

•xi

MEMO

Commercial real estate loans . . .
Other real estate owned
Managed liabilities
Average net consolidated assets
(billions of dollars)

10.31
4.75
1.92
3.63
1.52
.95
2.48
.66
2.43
4.12
2.52
12.83
2.29
10.54

gat

11.34
.82
28.70

10.63
.63
28.28

9.94
.36
29.61

3,442

3,566

3,863

Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

279

A.l.—Continued
A. All banks
Item

1992

1993

1994

1995

1996

1997

1998

Effective interest rate (percent)

1999

2000

2001

4

Rates earned
Interest-earning assets
Taxable equivalent
Loans and leases, gross
Net of loss provisions
Securities
Taxable equivalent
Investment account
U.S. Treasury securities and U.S.
government agency obligations
(excluding MBS)
Mortgage-backed securities
Other
Trading account
Gross federal funds sold and reverse RPs ..
Interest-bearing balances at depositories —

8.27
8.37
9.20
7.87
7.04
7.34
7.11

7.61
7.71
8.69
7.87
6.08
6.36
6.07

7.61
7.70
8.62
8.12
5.96
6.20
5.79

8.33
8.40
9.25
8.74
6.51
6.73
6.35

8.14
8.21
8.99
8.39
6.42
6.66
6.35

8.15
8.22
9.01
8.34
6.50
6.73
6.45

7.99
8.06
8.84
8.15
6.37
6.63
6.29

7.70
7.76
8.48
7.83
6.25
6.46
6.23

8.23
8.27
9.01
8.19
6.53
6.65
6.52

7.43
7.51
8.24
7.10
6.02
6.31
5.98

n.a.
n.a.
n.a.
6.40
3.58
7.31

n.a.
n.a.
n.a.
6.16
3.04
6.61

n.a.
n.a.
n.a.
7.41
4.26
5.71

n.a.
n.a.
n.a.
7.73
5.63
6.84

n.a.
n.a.
n.a.
6.86
5.21
6.20

n.a.
n.a.
n.a.
6.75
5.45
6.23

n.a.
n.a.
n.a.
6.85
5.29
6.32

n.a.
n.a.
n.a.
6.47
4.78
5.95

n.a.
n.a.
n.a.
6.63
5.56
6.48

5.73
6.22
5.74
6.35
3.90
4.03

Rates paid
Interest-bearing liabilities
Interest-bearing deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Large time deposits5
Other time deposits5
Gross federal funds purchased and RPs
Other interest-bearing liabilities

4.75
4.51
7.32
4.07
2.70
3.25
4.90
5.15
3.64
7.87

4.01
3.65
6.82
3.14
1.99
2.50
4.00
4.19
3.07
8.02

4.01
3.53
5.59
3.14
1.85
2.58
4.09
4.17
4.18
7.25

4.99
4.47
6.12
4.11
2.06
3.19
5.47
5.44
5.65
7.47

4.82
4.33
5.54
4.07
2.04
2.99
5.39
5.40
5.12
6.93

4.92
4.39
5.44
4.16
2.25
2.93
5.45
5.54
5.17
6.95

4.88
4.31
5.66
4.01
2.29
2.79
5.22
5.48
5.19
6.89

4.47
3.87
4.91
3.63
2.08
2.49
4.92
5.09
4.73
6.48

5.17
4.45
5.61
4.18
2.34
2.86
5.78
5.69
5.77
6.97

4.18
3.64
3.95
3.57
1.96
2.21
5.08
5.48
3.85
5.99

—

Income and expense as a percentage of average net consolidated assets
Gross interest income
Taxable equivalent
Loans
Securities
Gross federal funds sold and reverse RPs ..
Other

7.45
7.54
5.40
1.51
.17
.37

6.86
6.94
5.00
1.37
.13
.36

6.65
6.73
4.91
1.25
.17
.33

7.29
7.35
5.48
1.23
.23
.35

7.16
7.21
5.47
1.16
.21
.32

7.15
7.20
5.40
1.11
.29
.35

6.98
7.03
5.27
1.10
.29
.32

6.73
6.78
5.12
1.14
.23
.24

7.19
7.23
5.54
1.15
.23
.27

6.45
6.49
4.97
1.01
.20
.24

Gross interest expense
Deposits
Gross federal funds purchased and RPs
Other

3.56
2.87
.27
.42

2.96
2.23
.24
.50

2.87
2.05
.32
.50

3.57
2.54
.44
.58

3.43
2.46
.38
.59

3.48
2.48
.43
.56

3.46
2.43
.43
.59

3.22
2.20
.39
.63

3.76
2.56
.45
.75

3.00
2.10
.31
.59

3.89
3.98

3.90
3.98

3.78
3.86

3.72
3.79

3.73
3.78

3.67
3.72

3.52
3.57

3.52
3.57

3.43
3.47

3.45
3.49

—

Net interest income
Taxable equivalent
Loss provisioning6

.78

.47

.28

.30

.37

.41

.41

.39

.50

.68

Noninterest income
Service charges on deposits
Fiduciary activities
Trading revenue
Interest rate exposures
Foreign exchange rate exposures
Other commodity and equity exposures ..
Other

1.95
.41
.30
.18
n.a.
n.a.
n.a.
1.05

2.13
.42
.31
.26
n.a.
n.a.
n.a.
1.14

2.00
.40
.31
.16
n.a.
n.a.
n.a.
1.13

2.02
.39
.31
.15
n.a.
n.a.
n.a.
1.17

2.18
.39
.33
.17
.09
.06
.02
1.29

2.23
.39
.35
.17
.08
.08
1.32

2.40
.38
.37
.15
.05
.09
.01
1.49

2.65
.40
.38
.19
.07
.09
.03
1.69

2.58
.40
.38
.21
.08
.09
.04
1.59

2.54
.43
.35
.20
.10
.07
.03
1.56

Noninterest expense
Salaries, wages, and employee benefits
Occupancy
Other

3.86
1.61
.53
1.72

3.94
1.64
.52
1.78

3.75
1.58
.49
1.68

3.64
1.54
.48
1.62

3.71
1.55
.48
1.69

3.61
1.53
.47
1.62

3.77
1.55
.47
1.75

3.76
1.58
.48
1.70

3.65
1.51
.45
1.69

3.58
1.49
.44
1.64

Net noninterest expense

1.91

1.81

1.75

1.62

1.53

1.38

1.36

1.11

1.07

1.05

.11

.09

-.01

.01

.03

.04

.06

1.32
.42
.01

1.70
.56
.06

1.73
.58

1.81
.63

1.85
.65

1.93
.68

1.80
.62
.01

2.03
.72

.91
.41
.49

1.20
.62
.58

1.15
.73
.42

1.18
.75
.43

1.20
.90
.30

1.25
.90
.35

1.19
.80
.39

1.31
.96
.35

1.18
.89
.29

1.19
.87
.32

12.64

15.32

14.63

14.69

14.52

14.84

14.06

15.41

13.98

13.57

Gains on investment account securities
Income before taxes and extraordinary items ..
Taxes
Extraordinary items, net of income taxes . . .
Net income
Cash dividends declared
Retained income
MEMO: Return on equity

*

*

*

*

*

* In absolute value, less than 0.005 percent.
n.a. Not available.
MMDA Money market deposit account.
RP Repurchase agreement.
CD Certificate of deposit.
1. Includes allocated transfer risk reserves.
2. As in the Call Report, equity securities are combined with "other debt securities" before 1989.
3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities"
if a gain and "other non-interest-bearing liabilities" if a loss.
4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports.
5. Prior to 1997, large time open accounts included in other time deposits.
6. Includes provisions for allocated transfer risk.




*

*

-.04

.07

1.81
.63

1.79
.60
-.01

*

280

A.l.

Federal Reserve Bulletin • June 2002

P o r t f o l i o c o m p o s i t i o n , interest rates, and i n c o m e and e x p e n s e , all U.S. banks,

1992-2001

B. Ten largest banks by assets
Item

1992

1994

1993

1995

1996

1997

1998

1999

2000

2001

Balance sheet items as a percentage of average net consolidated assets
Interest-earning assets
Loans and leases, net
Commercial and industrial
U.S. addressees
Foreign addressees
Consumer
Credit card
Installment and other
Real estate
In domestic offices
Construction and land development
Farmland
One- to four-family residential
Home equity
Other
Multifamily residential
Nonfarm nonresidential
In foreign offices
To depository institutions and acceptances
of other banks
Foreign governments
Agricultural production
Other loans
Lease-financing receivables
LESS: Unearned income on loans
LESS: LOSS r e s e r v e s 1

Securities
Investment account
Debt
U.S. Treasury
U.S. government agency and
corporation obligations
Government-backed mortgage pools . . .
Collateralized mortgage obligations
Other
State and local government
Private mortgage-backed securities
Other
Equity2
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories
Non-interest-earning assets
Revaluation gains held in trading accounts3
Other
Liabilities
Interest-bearing liabilities
Deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Small-denomination time deposits
Large-denomination time deposits
Gross federal funds purchased and RPs
Other
Non-interest-bearing liabilities
Demand deposits in domestic offices
Revaluation losses held in trading accounts3 ..
Other
Capital account

85.32
58.34
20.32
12.00
8.32
7.31
2.61
4.70
19.93
17.07
2.48
.07
10.08
1.63
8.46
.58
3.86
2.85

84.90
55.57
18.65
10.75
7.90
7.33
2.50
4.83
18.54
15.99
1.59
.07
10.29
1.60
8.68
.53
3.51
2.55

77.26
49.91
16.43
9.16
7.27
6.59
2.28
4.31
16.21
13.80
.84
.06
9.69
1.40
8.29
.41
2.79
2.41

77.12
50.05
16.16
8.66
7.50
6.60
1.96
4.65
15.82
13.48
.58
.06
9.62
1.40
8.22
.38
2.83
2.35

80.12
53.51
17.17
9.59
7.59
6.22
1.23
4.99
16.53
14.44
.51
.06
10.43
1.53
8.90
.38
3.05
2.09

81.84
50.91
16.90
10.24
6.66
6.40
1.34
5.06
17.42
15.69
.68
.09
11.02
1.70
9.31
.39
3.52
1.73

81.25
50.76
18.07
11.76
6.31
6.04
1.30
4.74
16.51
15.08
.77
.09
10.33
1.72
8.61
.38
3.51
1.43

81.49
53.37
19.20
13.14
6.06
5.94
1.36
4.58
16.96
15.55
.90
.10
10.77
1.54
9.22
.43
3.35
1.41

82.23
55.22
19.86
13.95
5.92
5.43
1.34
4.09
19.82
18.48
.98
.11
13.37
1.60
11.76
.60
3.42
1.34

81.74
53.86
18.81
13.41
5.41
6.17
1.60
4.56
19.23
18.05
1.27
.11
12.40
1.78
10.63
.51
3.76
1.18

2.64
2.75
.28
5.97
1.51
-.27
-2.08
19.13
10.70
10.70
n.a.

2.47
2.46
.27
6.71
1.30
-.21
-1.94
22.74
12.45
12.45
n.a.

3.49
1.27
.25
6.32
1.14
-.16
-1.63
20.61
11.68
10.10
2.06

5.04
.90
.21
5.76
1.14
-.14
-1.45
19.53
10.65
9.03
2.03

6.14
.69
.23
6.34
1.59
-.11
-1.30
19.83
10.60
8.94
1.93

4.20
.45
.31
4.15
2.24
-.07
-1.08
20.00
10.97
9.42
1.56

4.05
.35
.28
3.74
2.81
-.06
-1.01
19.72
12.12
10.58
1.70

4.34
.38
.26
3.96
3.40
-.05
-1.03
18.34
13.08
11.38
1.98

3.78
.28
.23
3.76
3.07
-.04
-.97
18.98
13.71
11.97
1.96

3.24
.20
.28
3.51
3.43
-.04
-.97
17.81
12.14
11.30
.68

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
8.43
3.23
4.61
14.68
n.a.
14.68

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.30
2.71
3.88
15.10
n.a.
15.10

5.08
2.79
2.22
.06
.61
.43
3.03
.39
8.93
2.68
4.05
22.74
11.23
11.51

4.46
2.89
1.50
.08
.49
.32
2.97
.38
8.88
3.20
4.34
22.88
10.77
12.11

4.59
3.58
.95
.06
.39
.30
3.01
.38
9.23
3.10
3.68
19.88
7.63
12.25

5.34
4.26
.93
.15
.51
.32
2.81
.42
9.03
7.56
3.37
18.16
7.36
10.80

6.31
5.13
.93
.26
.47
.60
2.57
.47
7.60
7.81
2.96
18.75
7.62
11.13

6.35
5.03
.79
.52
.45
.57
3.22
.51
5.25
6.64
3.14
18.51
6.66
11.85

6.59
4.88
.93
.78
.51
.51
3.47
.68
5.26
5.02
3.01
17.77
5.66
12.10

6.84
4.99
1.11
.74
.55
.58
3.22
.26
5.67
6.38
3.69
18.26
5.47
12.78

94.44
73.08
55.73
27.16
28.56
3.38
14.91
5.72
4.56
6.19
11.16
21.36
11.05
n.a.
10.30

93.24
71.56
52.91
25.51
27.41
3.45
15.33
5.09
3.53
6.70
11.94
21.68
11.27
n.a.
10.41

93.42
64.33
48.20
26.10
22.10
2.91
12.70
3.98
2.51
5.83
10.29
29.09
10.15
10.22
10.51

93.59
63.37
47.49
28.36
19.12
2.30
10.56
4.04
2.23
6.17
9.71
30.22
8.88
10.68
10.66

93.04
64.45
47.87
26.41
21.46
1.61
12.31
4.68
2.86
5.88
10.69
28.59
9.73
7.27
11.59

92.61
65.83
47.36
22.18
25.18
1.21
14.26
5.82
3.89
10.26
8.20
26.78
8.98
7.53
10.27

92.58
65.81
47.65
20.17
27.48
.99
15.83
6.03
4.62
9.78
8.37
26.77
8.46
7.67
10.65

92.28
66.87
48.79
21.04
27.76
.72
16.84
5.66
4.54
8.84
9.24
25.41
7.83
6.51
11.06

92.36
67.81
49.27
21.62
27.66
.74
16.73
5.38
4.80
8.89
9.65
24.56
7.28
5.69
11.59

92.14
66.76
49.09
19.22
29.88
.90
19.23
5.13
4.61
9.04
8.62
25.38
7.50
5.10
12.79

5.56

6.76

6.58

6.41

6.96

7.39

7.42

7.72

7.64

7.86

8.01
1.13
50.82

6.46
1.02
49.23

4.65
.58
46.21

4.40
.27
47.94

4.65
.18
47.39

5.45
.13
46.02

5.61
.09
44.42

5.69
.06
45.49

5.87
.04
46.84

6.68
.04
43.38

775

818

949

1,051

1,189

1,514

1,820

1,935

2,234

2,527

MEMO

Commercial real estate loans
Other real estate owned
Managed liabilities
Average net consolidated assets
(billions of dollars)




Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

281

A.l.—Continued
B. Ten largest banks by assets
Item

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Effective interest rate (percent)4
Rates earned
Interest-earning assets
Taxable equivalent
Loans and leases, gross
Net of loss provisions
Securities
Taxable equivalent
Investment account
U.S. Treasury securities and U.S.
government agency obligations
(excluding MBS)
Mortgage-backed securities
Other
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories

8.67
8.72
9.36
7.51
7.38
7.54
7.96

8.16
8.20
9.07
7.95
6.69
6.77
6.90

8.15
8.18
8.89
8.38
7.09
7.19
6.57

8.20
8.22
8.84
8.62
7.41
7.47
7.06

7.72
7.74
8.32
8.11
6.80
6.85
6.71

7.55
7.60
8.25
7.93
6.70
6.85
6.61

7.54
7.57
8.21
7.62
6.79
6.89
6.71

7.35
7.39
7.99
7.50
6.52
6.65
6.50

7.77
7.78
8.46
7.79
6.52
6.55
6.45

6.91
6.98
7.62
6.53
6.25
6.53
6.08

n.a.
n.a.
n.a.
6.69
3.65
9.29

n.a.
n.a.
n.a.
6.45
3.02
8.34

n.a.
n.a.
n.a.
7.79
4.52
7.27

n.a.
n.a.
n.a.
7.83
5.20
7.15

n.a.
n.a.
n.a.
6.90
4.92
6.71

n.a.
n.a.
n.a.
6.81
5.45
6.91

n.a.
n.a.
n.a.
6.92
5.20
7.16

n.a.
n.a.
n.a.
6.56
4.52
7.22

n.a.
n.a.
n.a.
6.70
4.93
7.43

4.92
6.07
6.52
6.66
3.91
3.75

Rates paid
Interest-bearing liabilities
Interest-bearing deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Large time deposits5
Other time deposits5
Gross federal funds purchased and RPs
Other interest-bearing liabilities

6.17
5.33
7.55
3.25
1.97
2.95
4.66
3.81
4.04
10.40

5.60
4.50
6.87
2.36
1.28
2.14
3.55
3.01
3.26
11.16

5.43
4.32
6.04
2.35
1.10
2.35
3.12
2.80
4.05
10.87

5.88
4.99
6.07
3.42
1.29
3.11
3.73
5.08
5.22
9.80

5.44
4.57
5.62
3.32
1.32
2.76
4.62
4.58
4.93
8.86

5.41
4.54
5.52
3.69
1.97
2.68
5.17
5.45
5.02
9.13

5.29
4.40
5.83
3.39
1.67
2.45
4.53
5.21
5.18
8.85

4.79
3.82
4.99
3.04
1.44
2.11
4.36
4.95
4.53
8.61

5.37
4.40
5.67
3.51
1.61
2.43
5.32
5.53
5.47
8.15

4.14
3.30
4.02
2.90
1.68
1.95
4.45
5.25
3.82
7.15

Income and expense as a percentage of average net consolidated assets

1.00

6.26
6.27
4.48
.71
.18
.88

6.31
6.33
4.31
.73
.45
.82

6.21
6.22
4.27
.81
.42
.70

6.01
6.03
4.35
.85
.30
.51

6.39
6.41
4.74
.88
.25
.51

5.63
5.65
4.20
.74
.26
.43

3.74
2.43
.35
.95

3.52
2.26
.31
.95

3.55
2.26
.54
.75

3.48
2.20
.54
.74

3.16
1.97
.40
.79

3.61
2.33
.49
.78

2.72
1.76
.35
.61

2.68
2.70

2.73
2.75

2.76
2.79

2.73
2.75

2.84
2.86

2.78
2.80

2.92
2.94

Gross interest income
Taxable equivalent
Loans
Securities
Gross federal funds sold and reverse RPs
Other

7.69
7.72
5.65
.85
.14
1.05

7.22
7.25
5.22
.86
.11
1.04

6.37
6.40
4.49
.77
.15
.97

6.42
6.43
4.44
.75
.21

Gross interest expense
Deposits
Gross federal funds purchased and RPs
Other

4.54
3.09
.28
1.17

4.06
2.48
.24
1.35

3.52
2.15
.24
1.13

Net interest income
Taxable equivalent

3.15
3.18

3.16
3.19

2.86
2.88

Loss provisioning6

1.12

.64

.26

.11

.11

.16

.31

.26

.38

.60

Noninterest income
Service charges on deposits
Fiduciary activities
Trading revenue
Interest rate exposures
Foreign exchange rate exposures
Other commodity and equity exposures
Other

2.59
.30
.37
.66
n.a.
n.a.
n.a.
1.27

2.99
.30
.39
.91
n.a.
n.a.
n.a.
1.38

2.33
.26
.36
.53
n.a.
n.a.
n.a.
1.18

2.16
.25
.30
.46
n.a.
n.a.
n.a.
1.15

2.34
.28
.31
.52
.30
.17
.05
1.23

2.12
.32
.34
.43
.23
.20
1.04

2.15
.33
.32
.33
.10
.20
.03
1.17

2.55
.37
.31
.46
.17
.19
.09
1.41

2.54
.40
.27
.48
.20
.18
.11
1.39

2.26
.45
.29
.43
.21
.14
.08
1.09

Noninterest expense
Salaries, wages, and employee benefits
Occupancy
Other

3.86
1.78
.65
1.43

4.13
1.88
.66
1.59

3.56
1.65
.55
1.36

3.32
1.58
.50
1.24

3.57
1.57
.50
1.50

3.24
1.45
.47
1.33

3.47
1.45
.47
1.54

3.45
1.57
.50
1.38

3.31
1.46
.47
1.39

3.17
1.38
.45
1.34

Net noninterest expense

*

1.27

1.14

1.23

1.16

1.23

1.12

1.32

.90

.77

.90

Gains on investment account securities

.11

.13

.02

.03

.04

.08

.11

.03

-.03

.08

Income before taxes and extraordinary items
Taxes
Extraordinary items, net of income taxes

.87
.26

1.39
.48

1.44
.55

1.44
.52

1.56
.58

1.22
.44

1.71
.66

1.60
.60

*

1.50
.53
.16

*

*

*

*

*

1.49
.49
-.01

Net income
Cash dividends declared
Retained income

.61
.18
.43

1.13
.28
.85

.91
.58
.33

.88
.57
.31

.92
.70
.21

.98
.82
.15

.78
.53
.25

1.05
.79
.26

1.00

.86
.13

.99
.67
.32

10.91

16.75

13.86

13.78

13.21

13.22

10.53

13.58

13.04

12.61

MEMO: Return on equity

* In absolute value, less than 0.005 percent.
n.a. Not available.
MMDA Money market deposit account.
RP Repurchase agreement.
CD Certificate of deposit.
1. Includes allocated transfer risk reserves.
2. As in the Call Report, equity securities are combined with "other debt securities" before 1989.
3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities"
if a gain and "other non-interest-bearing liabilities" if a loss.
4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports.
5. Prior to 1997, large time open accounts included in other time deposits.
6. Includes provisions for allocated transfer risk.




*

*

282

A.l.

Federal Reserve Bulletin • June 2002

P o r t f o l i o c o m p o s i t i o n , interest rates, and i n c o m e and e x p e n s e , all U.S. banks,

1992-2001

C. Banks ranked 11 through 100 by assets
Item

1992

1994

1993

1995

1996

1997

1998

1999

2000

2001

Balance sheet items as a percentage of average net consolidated assets
Interest-earning assets
Loans and leases, net
Commercial and industrial
U.S. addressees
Foreign addressees
Consumer
Credit card
Installment and other
Real estate
In domestic offices
Construction and land development
Farmland
One- to four-family residential
Home equity
Other
Multifamily residential
Nonfarm nonresidential
In foreign offices
To depository institutions and acceptances
of other banks
Foreign governments
Agricultural production
Other loans
Lease-financing receivables
LESS: Unearned income on loans
LESS: LOSS r e s e r v e s 1

Securities
Investment account
Debt
U.S. Treasury
U.S. government agency and
corporation obligations
Government-backed mortgage pools . . .
Collateralized mortgage obligations
Other
State and local government
Private mortgage-backed securities
Other
Equity2
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories
Non-interest-earning assets
Revaluation gains held in trading accounts3
Other
Liabilities
Interest-bearing liabilities
Deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Small-denomination time deposits
Large-denomination time deposits
Gross federal funds purchased and RPs
Other
Non-interest-bearing liabilities
Demand deposits in domestic offices
Revaluation losses held in trading accounts3 ..
Other
Capital account

88.43
58.30
18.83
17.78
1.05
11.72
5.16
6.56
21.89
21.78
3.02
.14
11.36
2.50
8.85
0.66
6.61
.11

88.81
57.33
18.03
17.05
.98
11.47
5.23
6.24
22.11
22.01
2.08
.13
12.30
2.54
9.76
.71
6.79
.10

88.58
58.56
18.03
16.99
1.04
12.62
5.99
6.63
22.26
22.17
1.63
.14
12.98
2.33
10.65
.71
6.72
.09

88.71
62.68
19.26
18.10
1.16
14.23
7.34
6.89
23.25
23.10
1.50
.13
14.16
2.19
11.97
.77
6.54
.15

88.26
64.24
18.95
17.71
1.24
15.67
8.26
7.40
23.26
23.10
1.55
.13
14.15
2.08
12.07
.89
6.37
.16

87.50
63.89
19.01
17.78
1.22
15.62
8.50
7.12
22.99
22.85
1.69
.14
13.88
2.22
11.65
.93
6.21
.15

87.91
64.42
18.92
17.59
1.33
14.53
7.67
6.86
24.60
24.42
2.03
.17
14.86
2.17
12.69
1.00
6.36
.18

88.47
64.28
19.40
18.18
1.22
13.57
6.78
6.79
24.81
24.63
2.43
.19
14.15
2.08
12.07
1.02
6.82
.19

88.78
64.97
18.20
17.66
.55
13.80
6.98
6.82
26.23
26.13
3.00
.22
14.52
2.49
12.03
1.11
7.28
.09

88.23
62.27
15.81
15.33
.48
13.21
6.98
6.23
27.32
27.24
3.31
.23
15.50
2.90
12.61
1.16
7.03
.09

1.47
.33
.31
4.24
1.49
-.17
-1.79
20.38
19.24
19.24
n.a.

1.34
.30
.29
4.01
1.47
-.11
-1.60
21.97
20.60
20.60
n.a.

1.52
.28
.29
3.45
1.60
-.07
-1.41
21.19
19.82
18.57
6.86

1.61
.20
.26
3.29
1.96
-.07
-1.32
18.64
17.88
16.60
4.82

1.53
.20
.28
3.27
2.41
-.06
-1.27
16.87
16.06
14.70
3.34

1.30
.09
.29
3.18
2.70
-.05
-1.24
15.80
15.07
13.61
2.81

1.09
.06
.33
3.35
2.75
-.04
-1.16
16.67
16.13
14.52
2.25

.93
.06
.33
2.99
3.32
-.04
-1.11
17.80
17.29
15.53
1.70

1.05
.03
.37
2.57
3.87
-.03
-1.12
17.33
16.11
14.19
1.12

1.42
.03
.31
2.04
3.28
-.02
-1.13
19.01
17.71
16.72
.67

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.14
4.78
4.98
11.57
n.a.
11.57

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.37
4.98
4.53
11.19
n.a.
11.19

9.38
5.40
3.04
.94
1.20
.95
1.22
.32
1.38
5.11
3.72
11.42
.60
10.81

9.40
5.06
2.82
1.51
1.11
1.02
1.16
.37
.76
4.52
2.87
11.29
.50
10.78

9.12
5.42
2.16
1.54
.99
.96
1.21
.44
.80
4.26
2.89
11.74
.51
11.23

8.98
5.17
2.13
1.68
.88
.73
1.18
.49
.73
4.38
3.43
12.50
.69
11.81

9.93
4.98
2.83
2.12
.92
.96
1.53
.55
.54
3.57
3.24
12.09
.75
11.34

10.58
5.12
2.89
2.56
.99
1.35
2.02
.65
.51
3.34
3.06
11.53
.57
10.96

9.71
4.31
2.55
2.84
.96
1.66
2.06
.60
1.22
3.77
2.71
11.22
.41
10.80

10.09
5.19
2.42
2.48
.99
2.01
3.56
.39
1.30
4.07
2.88
11.77
.56
11.22

93.13
74.66
56.99
6.20
50.79
6.26
20.21
15.98
8.34
11.45
6.22
18.47
14.52
n.a.
3.95

92.56
73.38
54.22
6.78
47.43
7.21
20.60
14.19
5.44
11.93
7.23
19.18
15.38
n.a.
3.80

92.47
72.86
53.03
8.05
44.98
6.91
20.13
13.26
4.68
11.48
8.34
19.62
15.27
.57
3.89

92.23
74.05
52.32
8.12
44.20
5.62
18.78
14.24
5.55
11.37
10.36
18.18
14.26
.49
3.43

92.02
73.14
51.81
7.52
44.30
3.06
20.76
14.09
6.39
10.00
11.32
18.89
14.47
.49
3.93

91.85
72.60
51.45
7.85
43.60
1.95
21.08
13.43
7.15
9.36
11.79
19.24
14.17
.68
4.39

91.63
73.40
51.51
8.15
43.36
1.75
21.41
12.84
7.36
9.48
12.41
18.23
12.40
.76
5.07

91.65
74.95
51.51
7.97
43.55
1.60
22.47
11.86
7.62
9.78
13.67
16.70
10.52
.58
5.59

91.57
76.44
51.61
7.35
44.26
1.32
22.35
11.80
8.78
9.28
15.56
15.12
8.62
.41
6.09

91.14
75.97
51.97
6.87
45.10
1.20
24.38
10.66
8.87
9.73
14.27
15.17
7.16
.51
7.50

6.87

7.44

7.53

7.77

7.98

8.15

8.37

8.35

8.43

8.86

11.09
0.70
32.59

10.29
.47
31.76

9.69
.25
32.89

9.42
.13
35.68

9.38
.08
35.60

9.44
.06
36.60

10.11
.04
38.09

11.00
.03
39.81

12.07
.03
41.94

12.08
.04
40.78

1,003

1,082

1,204

1,338

1,450

1,604

1,745

1,880

2,029

2,128

MEMO

Commercial real estate loans
Other real estate owned
Managed liabilities
Average net consolidated assets
(billions of dollars)




Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

283

A.l.—Continued
C. Banks ranked 11 through 100 by assets
Item

1992

1993

1994

1995

1996

1997

1998

Effective interest rate (percent)

1999

2000

2001

4

Rates earned
Interest-earning assets
Taxable equivalent
Loans and leases, gross
Net of loss provisions
Securities
Taxable equivalent
Investment account
U.S. Treasury securities and U.S.
government agency obligations
(excluding MBS)
Mortgage-backed securities
Other
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories

7.97
8.07
8.75
7.45
7.00
7.30
7.12

7.35
7.45
8.25
7.46
6.05
6.32
6.14

7.29
7.37
8.22
7.68
5.70
5.92
5.70

8.31
8.37
9.10
8.49
6.38
6.56
6.34

8.16
8.23
8.87
8.05
6.42
6.66
6.41

8.31
8.36
9.03
8.11
6.50
6.70
6.52

8.10
8.17
8.82
8.01
6.21
6.46
6.22

7.84
7.88
8.50
7.68
6.34
6.46
6.36

8.47
8.49
9.15
8.13
6.71
6.77
6.74

7.60
7.65
8.34
6.91
5.92
6.11
6.00

n.a.
n.a.
n.a.
4.73
3.70
6.76

n.a.
n.a.
n.a.
4.74
3.11
6.50

n.a.
n.a.
n.a.
5.75
4.31
4.69

n.a.
n.a.
n.a.
7.27
5.91
6.78

n.a.
n.a.
n.a.
6.53
5.31
5.82

n.a.
n.a.
n.a.
6.05
5.45
5.76

n.a.
n.a.
n.a.
5.86
5.46
5.67

n.a.
n.a.
n.a.
5.58
5.12
4.81

n.a.
n.a.
n.a.
6.25
6.06
5.49

5.92
6.37
5.29
4.85
3.89
4.38

Rates paid
Interest-bearing liabilities
Interest-bearing deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Large time deposits5
Other time deposits 5
Gross federal funds purchased and RPs
Other interest-bearing liabilities

4.43
4.30
7.26
3.96
2.43
3.07
5.10
5.07
3.57
5.77

3.76
3.51
7.37
2.98
1.70
2.33
4.30
4.06
3.04
5.97

3.72
3.25
4.60
3.03
1.62
2.46
4.21
4.18
4.28
5.24

4.94
4.35
6.30
4.01
1.89
3.10
5.70
5.35
5.86
6.43

4.70
4.15
5.29
3.96
1.78
2.91
5.50
5.26
5.19
5.95

4.79
4.22
5.23
4.04
2.01
2.84
5.47
5.43
5.29
5.85

4.76
4.15
5.22
3.96
2.41
2.76
5.32
5.35
5.22
5.81

4.38
3.76
4.70
3.60
2.03
2.49
4.96
5.03
4.87
5.41

5.22
4.42
5.38
4.26
2.57
2.94
5.88
5.73
6.02
6.36

4.18
3.63
3.67
3.63
2.34
2.31
5.16
5.48
3.87
5.32

7.56
7.59
6.07
1.09
.22
.18

6.77
6.80
5.34
1.06
.16
.15

Income and expense as a percentage of average net consolidated assets
Gross interest income
Taxable equivalent
Loans
Securities
Gross federal funds sold and reverse RPs
Other

7.12
7.19
5.23
1.37
.18
.34

6.58
6.64
4.84
1.26
.15
.32

6.46
6.51
4.91
1.13
.21
.21

7.40
7.45
5.79
1.13
.27
.21

7.24
7.28
5.80
1.03
.23
.18

7.26
7.30
5.87
.98
.22
.19

7.16
7.20
5.79
.19
.18

6.99
7.02
5.57
1.10
.18
.14

Gross interest expense
Deposits
Gross federal funds purchased and RPs
Other

3.26
2.48
.43
.35

2.74
1.93
.38
.43

2.67
1.73
.51
.43

3.62
2.29
.67
.66

3.39
2.18
.55
.66

3.41
2.23
.51
.68

3.45
2.23
.51
.71

3.26
2.02
.51
.73

3.96
2.41
.56
.98

3.16
2.02
.38
.76

Net interest income
Taxable equivalent

3.86
3.93

3.84
3.91

3.79
3.85

3.78
3.84

3.84
3.89

3.85
3.89

3.71
3.75

3.72
3.76

3.60
3.63

3.61
3.64

6

1.00

.78

.47

.32

.39

.54

.60

.53

.54

.68

.92

Noninterest income
Service charges on deposits
Fiduciary activities
Trading income
Interest rate exposures
Foreign exchange rate exposures
Other commodity and equity exposures
Other

2.25
.44
.38
.09
n.a.
n.a.
n.a.
1.33

2.29
.46
.38
.14
n.a.
n.a.
n.a.
1.32

2.25
.45
.39
.08
n.a.
n.a.
n.a.
1.33

2.38
.44
.40
.09
n.a.
n.a.
n.a.
1.45

2.61
.44
.43
.08
.03
.04
.01
1.67

2.76
.44
.44
.08
.02
.05

3.07
.42
.49
.09
.03
.06

3.35
.42
.48
.08
.02
.06

3.14
.42
.52
.08
.02
.05

1.79

2.07

2.37

2.13

3.31
.42
.42
.08
.04
.03
•
2.39

Noninterest expense
Salaries, wages, and employee benefits
Occupancy
Other

3.98
1.53
.49
1.95

3.95
1.52
.47
1.95

3.86
1.50
.47
1.89

3.79
1.47
.47
1.85

3.85
1.51
.48
1.86

3.85
1.51
.46
1.88

4.03
1.53
.46
2.04

4.11
1.53
.45
2.13

3.96
1.44
.43
2.10

3.93
1.48
.42
2.04

Net noninterest expense

1.73

1.65

1.61

1.41

1.24

1.10

.96

.76

.83

.62

.15

.09

-.01

.02

.02

.02

.03

-.01

-.05

.09

Income before taxes and extraordinary items
Taxes
Extraordinary items, net of income taxes

1.50
.48
.03

1.81
.56

1.85
.63

2.01
.70

2.09
.75
•

2.18
.77

2.24
.79

2.41
.87
•

2.04
.70

2.16
.75

Net income
Cash dividends declared
Retained income

1.04
.46
.58

1.25
.76
.49

1.22
.86
.36

1.31
.85
.46

1.34
1.07
.26

1.42
.93
.48

1.46
.96
.50

1.54
1.16
.38

1.33
.94
.39

1.41
.96
.45

15.16

16.86

16.27

16.84

16.78

17.36

17.38

18.48

15.82

15.89

Loss provisioning

Gains on investment account securities

MEMO: Return on equity

•

*

#

*

•

*

*

* In absolute value, less than 0.005 percent.
n.a. Not available.
MMDA Money market deposit account.
RP Repurchase agreement.
CD Certificate of deposit.
1. Includes allocated transfer risk reserves.
2. As in the Call Report, equity securities are combined with "other debt securities" before 1989.
3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities"
if a gain and "other non-interest-bearing liabilities" if a loss.
4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports.
5. Prior to 1997, large time open accounts included in other time deposits.
6. Includes provisions for allocated transfer risk.




*

*

*

284

Federal Reserve Bulletin • June 2002

A.l.

P o r t f o l i o c o m p o s i t i o n , interest rates, and i n c o m e and e x p e n s e , all U.S. banks, 1 9 9 2 - 2 0 0 1
D. Banks ranked 101 through 1,000 by assets
Item

1992

1994

1993

1995

1996

1997

1998

1999

2000

2001

Balance sheet items as a percentage of average net consolidated assets
Interest-earning assets
Loans and leases, net
Commercial and industrial
U.S. addressees
Foreign addressees
Consumer
Credit card
Installment and other
Real estate
In domestic offices
Construction and land development
Farmland
One- to four-family residential
Home equity
Other
Multifamily residential
Nonfarm nonresidential
In foreign offices
To depository institutions and acceptances
of other banks
Foreign governments
Agricultural production
Other loans
Lease-financing receivables
LESS: Unearned income on loans
LESS: Loss reserves1
Securities
Investment account
Debt
U.S. Treasury
U.S. government agency and
corporation obligations
Government-backed mortgage pools . . .
Collateralized mortgage obligations
Other
State and local government
Private mortgage-backed securities
Other
Equity2
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories
Non-interest-earning assets
Revaluation gains held in trading accounts3
Other
Liabilities
Interest-bearing liabilities
Deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Small-denomination time deposits
Large-denomination time deposits
Gross federal funds purchased and RPs
Other
Non-interest-bearing liabilities
Demand deposits in domestic offices
Revaluation losses held in trading accounts3 ..
Other
Capital account

90.02
58.49
13.34
13.16
0.18
14.18
5.38
8.80
28.11
28.07
2.86
.32
14.25
2.56
11.69
.95
9.68
.04

90.45
57.93
12.19
12.03
.16
14.82
5.63
9.19
28.61
28.58
2.26
.34
15.16
2.51
12.66
1.07
9.75
.02

90.90
59.75
12.07
11.91
.16
15.84
6.05
9.79
29.42
29.39
2.08
.36
16.25
2.33
13.92
1.13
9.57
.03

90.97
62.19
12.70
12.54
.16
16.27
6.32
9.95
30.81
30.79
2.21
.40
17.49
2.36
15.13
1.21
9.48
.02

91.10
62.63
12.80
12.61
.18
15.88
6.66
9.22
31.36
31.34
2.38
.46
17.34
2.30
15.03
1.29
9.87
.02

91.32
62.22
12.43
12.19
.23
14.03
5.52
8.52
33.23
33.21
2.69
.53
18.14
2.30
15.84
1.29
10.56
.02

91.36
61.13
12.48
12.16
.32
12.28
4.48
7.80
33.94
33.92
2.88
.56
18.19
2.15
16.05
1.26
11.03
.02

91.68
61.48
12.64
12.32
.32
10.79
3.37
7.41
35.90
35.88
3.49
.58
18.26
1.99
16.27
1.44
12.12
.02

91.49
62.14
12.95
12.60
.36
10.19
3.27
6.92
36.93
36.91
4.15
.65
17.16
2.10
15.06
1.58
13.36
.02

91.15
62.48
13.03
12.65
.38
9.76
3.62
6.14
37.65
37.63
4.91
.67
16.19
2.20
13.98
1.69
14.18
.02

.83
.05
.54
2.45
.78
-.30
-1.49
24.13
23.78
23.78
n.a.

.47
.03
.56
2.13
.77
-.21
-1.44
25.92
25.63
25.63
n.a.

.42
.02
.62
1.98
.83
-.15
-1.30
25.72
25.40
23.94
8.17

.36
.02
.69
1.78
.90
-.12
-1.22
23.08
22.88
21.32
6.48

.50
.02
.71
1.68
1.01
-.10
-1.22
22.67
22.55
20.71
5.61

.59
.02
.74
1.47
.99
-.10
-1.18
23.45
23.35
20.92
4.96

.53
.03
.80
1.30
.99
-.09
-1.13
24.26
24.15
21.15
3.92

.46
.03
.78
1.25
.78
-.08
-1.06
25.17
25.09
21.70
2.53

.37
.03
.82
1.22
.75
-.08
-1.04
24.34
24.25
20.30
1.81

.38
.03
.85
1.22
.74
-.07
-1.12
22.79
22.68
20.56
1.32

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
.35
4.92
2.47
9.98
n.a.
9.98

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
.28
4.49
2.11
9.55
n.a.
9.55

12.76
5.64
4.34
2.79
2.29
.73
.99
.43
.31
3.64
1.79
9.10
.02
9.08

12.23
5.42
3.56
3.25
2.13
.68
.89
.47
.20
3.92
1.78
9.03
.05
8.99

12.66
5.69
3.12
3.85
2.24
.76
.77
.52
.12
3.87
1.93
8.90
.02
8.88

13.97
6.22
3.01
4.73
2.44
.59
.78
.61
.10
3.60
2.05
8.68

15.13
6.46
3.22
5.44
2.70
.65
1.06
.69
.11
4.17
1.80
8.64

8.68

8.64

16.29
6.72
3.52
6.05
2.91
LOO
1.60
.77
.08
3.35
1.68
8.32
.01
8.31

15.56
6.22
3.04
6.30
2.91
.99
2.19
.79
.09
3.40
1.60
8.51
.02
8.49

14.69
6.27
3.08
5.35
2.90
.93
2.41
.43
.11
4.19
1.68
8.85
.01
8.85

92.47
75.98
65.65
1.56
64.09
9.14
23.34
23.56
8.06
7.18
3.15
16.49
14.39
n.a.
2.10

91.85
74.42
63.05
1.43
61.62
9.94
24.06
20.78
6.84
7.43
3.94
17.43
15.07
n.a.
2.36

91.62
74.77
60.38
1.69
58.69
9.70
22.92
19.29
6.78
8.45
5.94
16.85
14.58
.02
2.26

91.36
75.00
59.67
1.71
57.96
8.54
20.75
21.11
7.56
8.31
7.02
16.36
14.07
.05
2.24

91.06
75.06
59.99
1.33
58.66
6.20
22.50
21.61
8.34
8.19
6.88
16.00
13.84
.02
2.14

90.78
75.19
61.47
1.23
60.25
4.96
23.59
22.03
9.66
7.09
6.62
15.60
13.15
.01
2.44

90.55
75.42
62.39
1.31
61.09
4.23
25.65
21.22
9.99
6.16
6.86
15.13
11.90
.01
3.22

90.90
76.76
61.94
1.20
60.74
3.75
27.35
19.61
10.03
6.90
7.92
14.15
10.19
.01
3.95

90.95
77.43
62.68
1.28
61.40
3.32
27.03
19.44
11.61
6.30
8.45
13.52
8.97
4.54

90.31
77.00
63.10
1.24
61.86
3.27
27.65
18.80
12.14
5.76
8.14
13.31
8.23
.01
5.07

7.53

8.15

8.38

8.64

8.94

9.22

9.45

9.10

9.05

9.69

13.91
.80
20.00

13.37
.57
19.68

13.05
.28
22.89

13.19
.17
24.62

13.83
.13
24.78

14.77
.11
24.66

15.38
.09
24.46

17.28
.08
26.32

19.32
.07
28.01

21.03
.08
27.75

967

978

1,031

1,092

1,076

968

935

972

986

1,001

*

*

*

MEMO

Commercial real estate loans
Other real estate owned
Managed liabilities
Average net consolidated assets
(billions of dollars)




Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

285

A.l.—Continued
D. Banks ranked 101 through 1,000 by assets
Item

1992

1993

1994

1995

1996

1997

1998

Effective interest rate (percent)

1999

2000

2001

4

Rates earned
Interest-earning assets
Taxable equivalent
Loans and leases, gross
Net of loss provisions
Securities
Taxable equivalent
Investment account
U.S. Treasury securities and U.S.
government agency obligations
(excluding MBS)
Mortgage-backed securities
Other
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories

8.15
8.26
9.12
7.83
6.89
7.19
6.90

7.43
7.55
8.57
7.77
5.78
6.10
5.79

7.58
7.68
8.64
8.11
5.69
5.93
5.69

8.44
8.53
9.45
8.77
6.23
6.50
6.24

8.41
8.50
9.39
8.60
6.32
6.60
6.32

8.49
8.59
9.48
8.60
6.42
6.69
6.42

8.32
8.44
9.37
8.61
6.22
6.57
6.21

7.83
7.92
8.74
8.12
6.02
6.29
6.01

8.51
8.58
9.44
8.60
6.50
6.71
6.50

7.84
7.96
8.78
7.80
5.87
6.26
5.87

n.a.
n.a.
n.a.
5.62
3.48
4.62

n.a.
n.a.
n.a.
4.74
3.02
3.52

n.a.
n.a.
n.a.
5.29
4.05
4.28

n.a.
n.a.
n.a.
5.55
5.45
6.07

n.a.
n.a.
n.a.
5.94
5.29
5.69

n.a.
n.a.
n.a.
6.37
5.42
5.44

n.a.
n.a.
n.a.
6.84
5.31
5.76

n.a.
n.a.
n.a.
7.33
4.98
5.07

n.a.
n.a.
n.a.
9.30
6.16
5.72

5.73
6.16
5.43
6.51
3.93
3.96

Rates paid
Interest-bearing liabilities
Interest-bearing deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Large time deposits5
Other time deposits5
Gross federal funds purchased and RPs
Other interest-bearing liabilities

4.20
4.17
4.25
4.17
2.67
3.34
4.78
5.35
3.46
5.28

3.33
3.26
3.35
3.26
2.02
2.58
3.90
4.40
2.95
4.44

3.57
3.31
4.31
3.28
1.86
2.64
4.23
4.40
4.12
4.93

4.65
4.26
5.94
4.21
2.02
3.24
5.62
5.53
5.61
6.32

4.58
4.27
5.72
4.24
1.97
3.11
5.48
5.57
5.16
5.89

4.66
4.34
5.42
4.32
2.16
3.08
5.56
5.57
5.21
6.09

4.60
4.28
5.55
4.25
2.15
2.97
5.51
5.64
5.14
6.00

4.19
3.84
5.07
3.82
1.99
2.65
5.17
5.11
4.83
5.36

4.93
4.46
6.13
4.43
2.27
3.07
6.01
5.74
5.95
6.45

4.12
3.82
4.45
3.81
1.78
2.22
5.26
5.53
3.85
5.42

Income and expense as a percentage of average net consolidated assets
Gross interest income
Taxable equivalent
Loans
Securities
Gross federal funds sold and reverse RPs
Other

7.36
7.46
5.46
1.64
.17
.08

6.74
6.84
5.06
1.48
.14
.06

6.90
6.99
5.26
1.45
.14
.06

7.69
7.78
5.99
1.43
.21
.07

7.68
7.76
5.99
1.42
.20
.06

7.75
7.83
6.00
1.50
.19
.06

7.63
7.71
5.85
1.50
.22
.06

7.19
7.27
5.47
1.51
.17
.04

7.80
7.88
5.97
1.58
.21
.04

7.16
7.24
5.59
1.33
.16
.04

Gross interest expense
Deposits
Gross federal funds purchased and RPs
Other

3.17
2.75
.25
.17

2.46
2.07
.22
.17

2.65
2.01
.35
.29

3.46
2.56
.46
.44

3.41
2.58
.43
.40

3.47
2.70
.37
.40

3.44
2.71
.32
.41

3.20
2.44
.34
.42

3.79
2.87
.38
.54

3.14
2.48
.22
.44

Net interest income
Taxable equivalent

4.20
4.30

4.28
4.37

4.25
4.34

4.24
4.32

4.28
4.35

4.28
4.36

4.19
4.27

3.99
4.07

4.01
4.08

4.02
4.10

6

.77

.47

.32

.43

.50

.56

.48

.39

.53

.62

Noninterest income
Service charges on deposits
Fiduciary activities
Trading income
Interest rate exposures
Foreign exchange rate exposures
Other commodity and equity exposures
Other

1.69
.44
.28
.02
n.a.
n.a.
n.a.
.95

1.84
.45
.29
.03
n.a.
n.a.
n.a.
1.08

1.86
.42
.28
.02
n.a.
n.a.
n.a.
1.14

1.84
.42
.27
.03
n.a.
n.a.
n.a.
1.12

1.88
.41
.29
.02
.01
.01

2.08
.40
.32
.01
.01

2.25
.39
.37
.02
.01

2.32
.38
.38
.02
.01

2.36
.36
.44
.01
.01

2.37
.39
.40

1.16

1.34

1.48

1.54

1.56

1.59

Noninterest expense
Salaries, wages, and employee benefits
Occupancy
Other

3.88
1.51
.49
1.88

3.92
1.51
.48
1.92

3.78
1.49
.46
1.83

3.68
1.44
.45
1.79

3.69
1.44
.45
1.80

3.73
1.50
.46
1.76

3.86
1.57
.47
1.83

3.70
1.56
.47
1.68

3.84
1.59
.47
1.79

3.88
1.61
.46
1.81

Net noninterest expense

2.18

2.08

1.92

1.84

1.81

1.65

1.61

1.38

1.48

1.51

.10

.06

-.05

-.01

.02

.02

.04

-.01

-.04

.05

1.34
.44

1.78

1.96
.67

1.98
.69

2.10
.73

2.14
.73
.06

2.20
.75
.01

1.96
.68

1.94
.67
.01

Loss provisioning

Gains on investment account securities
Income before taxes and extraordinary items
Taxes
Extraordinary items, net of income taxes
Net income
Cash dividends declared
Retained income
MEMO: Return on equity

*

*

*

*

*

*

*

*

-.01
*
*

.04

1.96
.67
•

.90
.48
.42

1.21
.79
.43

1.29
.81
.48

1.28
.87
.41

1.29
1.04
.25

1.37
1.09
.28

1.47
1.01
.45

1.47
1.06
.41

1.28
.91
.37

1.28
1.32
-.04

12.01

14.91

15.40

14.82

14.47

14.90

15.52

16.16

14.19

13.17

*

.61

*

*

*

* In absolute value, less than 0.005 percent.
n.a. Not available.
MMDA Money market deposit account.
RP Repurchase agreement.
CD Certificate of deposit.
1. Includes allocated transfer risk reserves.
2. As in the Call Report, equity securities are combined with "other debt securities" before 1989.
3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities"
if a gain and "other non-interest-bearing liabilities" if a loss.
4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports.
5. Prior to 1997, large time open accounts included in other time deposits.
6. Includes provisions for allocated transfer risk.




*
*

*

286

A . 1.

Federal Reserve Bulletin • June 2002

P o r t f o l i o c o m p o s i t i o n , interest rates, and i n c o m e and e x p e n s e , all U.S. banks,

1992-2001

E. Banks not ranked among the 1,000 largest by assets
Item

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Balance sheet items as a percentage of average net consolidated assets
Interest-earning assets
Loans and leases, net
Commercial and industrial
U.S. addressees
Foreign addressees
Consumer
Credit card
Installment and other
Real estate
In domestic offices
Construction and land development
Farmland
One- to four-family residential
Home equity
Other
Multifamily residential
Nonfarm nonresidential
In foreign offices
To depository institutions and acceptances
of other banks
Foreign governments
Agricultural production
Other loans
Lease-financing receivables
LESS: Unearned income on loans
LESS: Loss reserves1
Securities
Investment account
Debt
U.S. Treasury
U.S. government agency and
corporation obligations
Government-backed mortgage pools . . .
Collateralized mortgage obligations
Other
State and local government
Private mortgage-backed securities
Other
Equity2
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories
Non-interest-earning assets
Revaluation gains held in trading accounts3
Other

92.20
53.03
9.74
9.69
.04
9.68
1.00
8.68
30.16
30.15
1.97
2.06
16.44
1.34
15.10
.77
8.91

92.43
52.95
9.24
9.20
.04
9.18
.92
8.26
31.10
31.09
1.93
2.20
16.82
1.27
15.56
.84
9.30

*

*

92.48
54.64
9.31
9.26
.05
9.38
.96
8.42
32.19
32.19
2.14
2.34
16.94
1.21
15.73
.93
9.83
•

.20
.01
3.55
.92
.17
-.43
-.96
32.10
32.04
32.04
n.a.

.16
.02
3.58
.82
.18
-.36
-.97
33.08
33.01
33.01
n.a.

.17
.01
3.89
.77
.20
-.31
-.95
32.90
32.86
30.64
10.75

*

*

*

*

3.95
.72
.22
-.30
-.93
30.51
30.48
27.92
9.19

3.93
.69
.23
-.27
-.90
29.53
29.50
26.51
7.85

4.05
.67
.25
-.24
-.87
28.25
28.21
24.58
6.70

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
.05
5.10
1.97
7.80
n.a.
7.80

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
.07
4.67
1.74
7.57
n.a.
7.57

15.24
4.73
3.05
7.46
5.00
.26
.96
.43
.04
3.42
1.52
7.52

15.13
4.19
2.76
8.18
4.69
.20
.81
.45
.03
3.91
1.45
7.52

15.67
4.21
2.46
9.00
4.62
.18
.68
.49
.03
4.04
1.51
7.55

7.52

7.52

Liabilities
Interest-bearing liabilities
Deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Small-denomination time deposits
Large-denomination time deposits
Gross federal funds purchased and RPs
Other
Non-interest-bearing liabilities
Demand deposits in domestic offices
Revaluation losses held in trading accounts3 ..
Other

91.07
77.83
75.75
0.07
75.68
12.33
22.10
32.85
8.40
1.36
.72
13.24
12.23
n.a.
1.01

90.63
76.88
74.54
.08
74.45
13.16
23.55
30.09
7.66
1.44
.90
13.74
12.82
n.a.
.93

90.43
76.19
73.14
.09
73.05
13.31
23.23
28.83
7.68
1.89
1.16
14.24
13.34

90.04
75.74
72.70
.11
72.59
12.37
20.41
30.92
8.89
1.78
1.25
14.30
13.23

.90

1.07

1.10

1.06

1.10

1.05

1.19

1.46

8.93

9.37

9.57

9.97

10.19

10.37

10.46

10.25

10.11

10.43

11.85
.65
10.56

12.21
.52
10.09

13.02
.35
10.83

13.72
.25
12.05

14.18
.20
12.99

14.80
.16
14.02

15.26
.13
14.76

16.33
.11
16.08

17.92
.11
18.07

19.10
.12
18.63

697

687

679

666

661

647

644

651

655

677

Capital account

•

*

92.48
56.61
9.65
9.59
.06
9.54
1.01
8.53
33.55
33.55
2.39
2.48
17.45
1.20
16.26
.95
10.28

92.45
57.38
9.97
9.90
.07
9.42
1.03
8.38
34.11
34.10
2.61
2.55
17.48
1.20
16.28
.92
10.54

92.44
58.75
10.16
10.08
.08
8.98
.85
8.14
35.55
35.54
2.82
2.69
18.16
1.24
16.92
.95
10.92

92.64
59.11
10.33
10.25
.08
8.46
.70
7.76
36.04
36.04
3.02
2.83
18.04
1.21
16.84
.93
11.21

92.55
59.75
10.64
10.55
.08
8.15
.68
7.47
36.84
36.84
3.28
2.95
17.66
1.17
16.49
.98
11.97

92.52
62.31
11.09
11.02
.07
7.97
.58
7.39
39.30
39.30
3.70
3.06
18.43
1.28
17.15
1.04
13.06

92.23
62.56
11.10
11.02
.08
7.42
.56
6.86
40.20
40.20
4.22
3.03
18.21
1.37
16.83
1.06
13.68

*

*

*

*

*

*

*

4.28
.67
.24
-.20
-.86
26.70
26.66
22.30
5.05

.14
.01
4.06
.67
.26
-.15
-.87
26.92
26.88
21.82
3.34

.12
.01
3.85
.69
.27
-.11
-.88
25.40
25.38
19.43
2.12

3.74
.67
.27
-.08
-.88
22.91
22.90
19.76
1.33

15.43
3.90
2.02
9.51
4.80
.16
.68
.54
.04
5.13
1.72
7.36

16.89
3.95
2.00
10.94
4.96
.26
.89
.53
.03
4.17
1.71
7.45

16.95
3.47
1.70
11.78
4.64
.23
.88
.56
.02
3.22
1.59
7.48

15.33
3.83
1.98
9.53
4.50
.31
1.12
.30
.01
4.99
1.78
7.77

7.55

15.58
4.01
2.19
9.38
4.60
.19
.61
.52
.03
3.95
1.49
7.56
»
7.56

7.36

7.45

7.48

7.77

89.81
75.59
72.47
.10
72.37
11.75
19.57
31.29
9.77
1.70
1.41
14.23
13.12

89.63
75.47
72.05
.09
71.96
11.39
18.98
31.09
10.50
1.67
1.74
14.16
13.09

89.54
75.35
71.77
.07
71.70
11.18
19.01
30.42
11.10
1.49
2.09
14.19
13.09

89.75
75.90
71.41
.07
71.34
11.07
19.69
29.07
11.50
1.79
2.70
13.86
12.81

89.89
76.05
70.54
.05
70.48
10.57
19.03
28.42
12.47
2.06
3.45
13.84
12.65

89.57
75.97
70.90
.06
70.85
10.16
19.23
28.02
13.44
1.56
3.51
13.60
12.14

.19

*

*

.21

*

*

.20

*

.14

*

*

*

*

*

*

.12
*

*

*

MEMO

Commercial real estate loans
Other real estate owned
Managed liabilities
Average net consolidated assets
(billions of dollars)




Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001

287

A. 1.—Continued
E. Banks not ranked among the 1,000 largest by assets
Item

1992

1993

1994

1995

1996

1997

1998

Effective interest rate (percent)

1999

2000

2001

4

Rates earned
Interest-earning assets
Taxable equivalent
Loans and leases, gross
Net of loss provisions
Securities
Taxable equivalent
Investment account
U.S. Treasury securities and U.S.
government agency obligations
(excluding MBS)
Mortgage-backed securities
Other
Trading account
Gross federal funds sold and reverse RPs
Interest-bearing balances at depositories

8.42
8.58
9.81
9.05
6.99
7.40
6.99

7.62
7.78
9.13
8.62
5.93
6.33
5.93

7.57
7.72
9.00
8.65
5.61
5.99
5.61

8.38
8.53
9.80
9.39
6.09
6.49
6.09

8.33
8.48
9.72
9.29
6.09
6.51
6.09

8.49
8.63
9.80
9.35
6.25
6.65
6.25

8.33
8.49
9.69
9.21
5.98
6.46
5.98

8.05
8.18
9.28
8.77
5.89
6.29
5.89

8.49
8.59
9.56
9.00
6.21
6.55
6.21

7.99
8.12
9.11
8.55
5.87
6.34
5.87

n.a.
n.a.
n.a.
7.12
3.50
5.59

n.a.
n.a.
n.a.
4.83
2.95
4.53

n.a.
n.a.
n.a.
6.03
4.08
4.64

n.a.
n.a.
n.a.
6.12
5.95
5.88

n.a.
n.a.
n.a.
6.48
5.32
5.63

n.a.
n.a.
n.a.
6.33
5.51
5.64

n.a.
n.a.
n.a.
5.26
5.35
5.67

n.a.
n.a.
n.a.
3.60
4.96
5.69

n.a.
n.a.
n.a.
4.01
6.26
6.40

5.95
6.23
5.35
6.43
3.85
4.58

Rates paid
Interest-bearing liabilities
Interest-bearing deposits
In foreign offices
In domestic offices
Other checkable deposits
Savings (including MMDAs)
Large time deposits 5
Other time deposits5
Gross federal funds purchased and RPs
Other interest-bearing liabilities

4.43
4.43
3.97
4.43
3.13
3.61
4.88
5.35
3.72
5.00

3.54
3.53
2.91
3.53
2.42
2.91
3.96
4.39
3.17
4.68

3.49
3.44
3.92
3.44
2.29
2.83
4.12
4.28
4.12
4.98

4.46
4.39
5.73
4.39
2.50
3.32
5.55
5.51
5.61
6.46

4.48
4.43
5.34
4.43
2.41
3.24
5.48
5.59
5.08
5.78

4.60
4.53
4.77
4.53
2.46
3.36
5.53
5.66
5.23
6.31

4.60
4.53
5.08
4.53
2.45
3.39
5.53
5.63
4.99
6.45

4.28
4.22
4.34
4.22
2.28
3.21
5.21
5.25
4.73
5.63

4.80
4.68
5.13
4.67
2.47
3.56
5.92
5.70
5.70
6.22

4.42
4.33
3.82
4.33
1.98
2.82
5.57
5.61
4.11
5.86

Income and expense as a percentage of average net consolidated assets
Gross interest income
Taxable equivalent
Loans
Securities
Gross federal funds sold and reverse RPs
Other

7.78
7.93
5.29
2.24
.18
.07

7.06
7.20
4.92
1.96
.14
.05

7.01
7.15
4.99
1.84
.15
.04

7.78
7.91
5.63
1.86
.25
.04

7.74
7.86
5.66
1.80
.24
.04

7.90
8.02
5.86
1.76
.24
.04

7.75
7.87
5.80
1.59
.29
.06

7.48
7.61
5.62
1.58
.22
.06

7.86
7.98
6.02
1.58
.21
.05

7.43
7.54
5.80
1.34
.20
.05

Gross interest expense
Deposits
Gross federal funds purchased and RPs
Other

3.45
3.36
.05
.04

2.72
2.64
.04
.04

2.65
2.52
.07
.06

3.37
3.19
.10
.08

3.38
3.21
.08
.08

3.48
3.28
.08
.11

3.46
3.25
.07
.13

3.26
3.03
.08
.15

3.64
3.31
.12
.21

3.36
3.09
.06
.21

Net interest income
Taxable equivalent

4.34
4.48

4.34
4.48

4.36
4.50

4.41
4.54

4.36
4.49

4.42
4.54

4.29
4.41

4.22
4.35

4.22
4.33

4.07
4.17

Loss provisioning6

.41

.27

.19

.24

.25

.27

.29

.31

.35

.36

Noninterest income
Service charges on deposits
Fiduciary activities
Trading income
Interest rate exposures
Foreign exchange rate exposures
Other commodity and equity exposures
Other

1.16
.45
.16
.01
n.a.
n.a.
n.a.
.55

1.25
.45
.16
.01
n.a.
n.a.
n.a.
.64

1.30
.44
.17

1.42
.44
.19

1.44
.44
.20

1.52
.42
.23

1.44
.42
.26

1.32
.43
.21
.01

1.36
.44
.26

n.a.
n.a.
n.a.
.69

1.38
.44
.22
.01
n.a.
n.a.
n.a.
.71

Noninterest expense
Salaries, wages, and employee benefits
Occupancy
Other

3.66
1.69
.49
1.49

3.74
1.73
.49
1.53

3.78
1.75
.49
1.55

3.80
1.79
.50
1.51

Net noninterest expense

2.51

2.49

2.48

2.42

.09

.07

-.03

Income before taxes and extraordinary items
Taxes
Extraordinary items, net of income taxes

1.51
.47
.02

1.65
.51
.05

1.66
.51

Net income
Cash dividends declared
Retained income

1.05
.51
.54

1.19
.56
.63

1.15
.57
.58

1.20
.62
.58

1.25
.64
.62

1.30
.74
.57

1.26
.82
.44

1.15
.68
.48

1.15
.79
.36

1.11
.67
.44

11.78

12.67

12.03

12.06

12.31

12.56

12.02

11.26

11.38

10.61

Gains on investment account securities

MEMO: Return on equity

*

*

*

1.75
.55
*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*
#

*

*

.79

.86

.75

.68

.65

3.69
1.11
.49
1.44

3.71
1.80
.49
1.41

3.74
1.82
.49
1.43

3.73
1.82
.49
1.42

3.59
1.78
.47
1.33

3.58
1.80
.48
1.31

2.28

2.27

2.23

2.29

2.27

2.23

.01

.01

.02

1.84
.59

1.89
.59

1.79
.53

»
.78

*

*

*

* In absolute value, less than 0.005 percent.
n.a. Not available.
MMDA Money market deposit account.
RP Repurchase agreement.
CD Certificate of deposit.
1. Includes allocated transfer risk reserves.
2. As in the Call Report, equity securities are combined with "other debt securities" before 1989.
3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities"
if a gain and "other non-interest-bearing liabilities" if a loss.
4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports.
5. Prior to 1997, large time open accounts included in other time deposits.
6. Includes provisions for allocated transfer risk.




*

1.62
.47
*

*

*

-.01

.04

1.59
.45

1.52
.41

*

*

288

A.2.

Federal Reserve Bulletin • June 2002

Report o f i n c o m e , all U.S. banks, 1 9 9 2 - 2 0 0 1
Millions of dollars
1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Gross interest income
Taxable equivalent
Loans
Securities
Gross federal funds sold and reverse
repurchase agreements
Other

256,415
259,394
185,938
51,825

244,742
247,620
178,425
48,678

257,065
259,822
189,764
48,299

302,376
305,010
227,218
51,030

313,120
315,579
239,310
50,603

338,224
340,657
255,498
52,661

359,179
361,643
270,945
56,597

366,177
368,804
278,577
62,116

424,461
427,099
327,399
67,684

408,363
411,070
314,811
63,699

5,913
12,739

4,796
12,843

6,415
12,587

9,744
14,382

9,265
13,944

13,658
16,407

14,999
16,637

12,327
13,155

13,549
15,831

12,765
17,089

Gross interest expense
Deposits
Gross federal funds purchased and
repurchase agreements
Other

122,517
98,809

105,615
79,503

110,850
79,106

147,958
105,329

150,047
107,467

164,514
117,350

178,000
125,217

174,903
119,666

222,120
151,185

190,086
133,261

9,263
14,441

8,442
17,669

12,476
19,269

18,424
24,204

16,775
25,806

20,440
26,724

22,182
30,600

21,130
34,106

26,867
44,069

19,660
37,165

Net interest income
Taxable equivalent

133,898
136,877

139,127
142,005

146,215
148,972

154,418
157,052

163,073
165,532

173,710
176,143

181,179
183,643

191,274
193,901

202,341
204,979

218,277
220,984

Item

Loss provisioning1

26,813

16,841

10,991

12,631

16,206

19,176

21,222

21,121

29,753

43,263

Noninterest income
Service charges on deposits
Fiduciary activities
Trading revenue
Other

67,044
14,126
10,452
6,273
36,193

75,847
14,898
11,199
9,238
40,513

77,224
15,281
12,124
6,249
43,572

83,851
16,057
12,890
6,337
48,567

95,278
17,043
14,288
7,523
56,424

105,765
18,558
16,604
8,019
62,587

123,487
19,769
19,269
7,705
76,743

144,198
21,497
20,502
10,478
91,720

152,415
23,720
22,220
12,446
94,028

160,600
27,129
22,025
12,566
98,882

132,815
55,484
18,152
59,181

140,523
58,507
18,578
63,439

144,905
60,904
18,978
65,023

151,137
64,013
19,760
67,363

162,401
67,776
20,883
73,742

170,988
72,342
22,082
76,563

193,702
79,506
24,161
90,036

204,400
86,151
25,864
92,385

215,756
89,044
26,766
99,946

226,944
94,671
28,091
104,181

65,771

64,676

67,681

67,286

67,123

65,223

70,215

60,202

63,341

66,344

Noninterest expense
Salaries, wages, and employee benefits ..
Occupancy
Other
Net noninterest expense
Gains on investment account
securities

3,957

3,054

-568

481

1,123

1,825

3,090

250

-2,298

4,647

Income before taxes
Taxes
Extraordinary items, net of income taxes .

45,273
14,450
401

60,662
19,861
2,085

66,974
22,429
-17

74,980
26,222
28

80,866
28,431
88

91,137
31,986
56

92,833
31,892
506

110,201
39,263
169

106,947
37,383
-32

113,317
37,739
-322

Net income

31,224

42,886

44,528

48,785

52,522

59,206

61,447

71,108

69,532

75,258

14,226
16,997

22,068
20,816

28,165
16,362

31,105
17,681

39,391
13,132

42,752
16,454

41,206
20,241

51,956
19,152

52,533
16,999

55,201
20,056

Cash dividends declared
Retained income

1. Includes provisions for loan and lease losses and for allocated transfer risk.




289

Announcements
POSTPONEMENT OF RECENT
AMENDMENTS
TO REGULATION C (HOME
MORTGAGE
DISCLOSURE
ACT)

The Federal Reserve Board approved on May 2,
2002, a final rule that postpones the effective date of
the recent amendments to Regulation C (Home Mortgage Disclosure Act) from January 1, 2003, to January 1, 2004.
On February 15, 2002, the Board published in the
Federal Register amendments to Regulation C effective for data collected beginning January 1, 2003, and
solicited comment on several related issues with a
comment period that closed on April 12. Financial
institutions and their trade associations requested a
postponement of the effective date until January 1,
2004, on the grounds that a 2003 deadline does not
afford institutions adequate time to take the steps
necessary to ensure full compliance with the new
rules. Consumer and community organizations generally opposed postponement of the effective date.
The Board has weighed the financial institutions'
claims and underlying assumptions against public
policy benefits of collecting the new data as soon as
possible. The Board believes that some Home Mortgage Disclosure Act (HMDA) reporters, especially
the largest ones, will not be able to fully implement
the new rules by January 1, 2003, without jeopardizing the quality and usefulness of the data and incurring substantial additional implementation costs that
could be avoided by a postponement.
The Board is, however, adopting an interim amendment to Regulation C, effective January 1, 2003,
mandating the use of 2000 census data in HMDA
reporting. Given the many changes that have
occurred since the 1990 census, use of 2000 census
tracts and demographics will produce more accurate
and useful data in the HMDA disclosure statements
and aggregate reports.

INTERAGENCY GUIDANCE ON RISKS OF
PARALLEL-OWNED BANKING
ORGANIZATIONS

The federal bank and thrift regulatory agencies issued
on April 23, 2002, guidance that reviews the risks of



parallel-owned banking organizations. The guidance
sets forth an approach for supervising those risks.
A parallel-owned banking organization consists of
a U.S. depository institution and a foreign bank that
are both controlled directly or indirectly by one person or group of persons who are closely associated
in their business dealings or act in concert. It does
not include an organization controlled by a company
subject to the Bank Holding Company Act or the
Savings and Loan Holding Company Act or where
one institution is a subsidiary of the other. Control
may exist if a person or group of persons controls
10 percent or more of any class of voting shares of
the depository institutions.
The guidance describes various risks that may be
increased because of the structure of parallel-owned
banking organizations, including engaging in transactions that prefer the foreign bank member of the
group over the U.S. depository institution. The agencies will address these risks by coordinating their
supervision of the U.S. operations of parallel-owned
banking organizations. Enhanced communication and
cooperation with foreign bank supervisors is also
important to this process.
When an applicant proposes to acquire or establish
a U.S. depository institution that will be part of a
parallel-owned banking organization, the application
will be reviewed on a case-by-case basis. In appropriate circumstances, special conditions may be
imposed in a regulatory decision, including restrictions on the ability of the U.S. depository institution
to engage in transactions with its foreign affiliates. In
cases where a parallel-owned banking organization is
formed in a way that does not require review by the
banking agencies, the guidance recommends that a
U.S. depository institution inform the appropriate federal banking agency prior to becoming part of a
parallel-owned banking organization.

PUBLICATION OF THE ANNUAL REPORT
BUDGET REVIEW

AND

The 88th Annual Report, 2001, of the Board of Governors of the Federal Reserve System, covering
operations for the calendar year 2001, is now avail-

290

Federal Reserve Bulletin • June 2002

able from Publications Services, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551, or phone 202-452-3244 or
3245. Also available from Publications Services is
a separately printed companion document, Annual
Report, Budget Review, 2002, which describes the
budget expenses of the Federal Reserve Banks
for 2002, the 2002 phase of the Board's current two-year (2002-03) budget, and income and
expenses for 2000 and 2001. Both reports are also
available on the Federal Reserve Board's web site:
www.federalreserve.gov.

DISCONTINUANCE OF TEN STATISTICAL TABLES
IN THE FEDERAL RESERVE
BULLETIN

After this issue (June 2002), the Federal Reserve
Bulletin will no longer publish ten statistical tables
that have run in its "Financial and Business Statistics" section. Each table, plus information on where
to obtain the data presented in that table, is listed
below.
1.38: Federal Fiscal and Financing Operations.
Monthly totals are from Monthly Treasury Statements, which are available on the web site of the U.S.
Department of the Treasury at www.fms.treas.gov/
mts/index.html or telephone (202) 874-9880. Fiscal
year totals are from The Budget of the U.S. Government, which can be found on the web site of
the U.S. Office of Management and Budget, at
www.whitehouse.gov/omb/budget/index.html or telephone (202) 395-3080.
1.39: U.S. Budget Receipts and Outlays. Fiscal
year totals are from The Budget of the U.S. Government, which is available on the web site of the Office
of Management and Budget, at www.whitehouse.gov/
omb/budget/index.html or telephone (202) 395-3080.
Monthly and half-year totals are from the Monthly
Treasury
Statements,
www.fms.treas.gov/mts/
index.html or telephone (202) 874-9880.
1.48: Corporate Profits and Their Distribution.
Data are from the Survey of Current Business, which
is available on the web site of the U.S. Department
of Commerce, Bureau of Economic Analysis, at
www.bea.gov/bea/pubs.htm or telephone (202) 6065304.
2.10: Nonfinancial Business Activity. Data for
lines 1-9 are available in the Federal Reserve Bulle


tin, tables 2.13 (lines 1-8) and 2.12 (line 9). Current
data are available in the Board's monthly statistical
release G.17 "Industrial Production and Capacity
Utilization" at www.federalreserve.gov/releases/
G17/. Historical data are also available on the
Board's web site: www.federalreserve.gov/releases/
G17/download.htm. Data for the remaining lines of
the table are available from the following sources:
• Line 10, McGraw-Hill Construction Information Group: http://dodge.construction.com/Analytics/
defaultl.jsp or telephone (800) 591-4462.
• Lines 11-15, data are from Employment and
Earnings. The U.S. Bureau of Labor Statistics,
National Employment, Hours, and Earnings, Current
Employment Statistics (CES): www.bls.gov/ces/ or
telephone (202) 691-6555. For CES data questions,
e-mail cesinfo@bls.gov.
• Lines 16-19, data are from the Survey of Current Business. Bureau of Economic Analysis:
www.bea.gov/bea/pubs.htm or telephone: (202) 6065304.
• Line 20, data are from the Advance Monthly
Sales release. The U.S. Department of Commerce,
Bureau of the Census: www.census.gov/svsd/www/
advtable.html.
• Line 21, data are from Employment and Earnings. The U.S. Bureau of Labor Statistics, Division of
Consumer Prices and Price Indexes: www.bls.gov/
CPI or telephone (202) 691-7000. For CPI data questions, e-mail cpi_info@bls.gov.
• Line 22, data are from Employment and Earnings. The U.S. Bureau of Labor Statistics, Producer Price Index: www.bls.gov/PPI or telephone
(202) 691-7705. For PPI data questions, e-mail
ppi-info@bls.gov.
2.11: Labor Force, Employment, and Unemployment. Data are from Employment and Earnings and
are available on the web site of the The U.S. Bureau
of Labor Statistics:
• Lines 1-5, www.bls.gov/cps or telephone Labor
Force Statistics, Current Population Survey (CPS):
(202) 691-6378. For CPS data questions, e-mail
cpsinfo@bls.gov.
• Lines 6-14, www.bls.gov/ces or telephone
National Employment, Hours, and Earnings, Current
Employment Statistics (CES): (202) 691-6555. For
CES data questions, e-mail cesinfo@bls.gov.
2.14: Housing and Construction. Data are available
from the U.S. Bureau of the Census and the National
Association of Realtors, as follows:

Announcements

• Lines 1-13, new residential construction,
www .census. go v/ftp/pub/const/w w w/
newresconstindex.html.
• Lines 14-17, new residential sales, www.census.
gov/ftp/pub/const/www/newressalesindex.html.
For further information, contact the Residential
Construction Branch, telephone (301) 763-5160.
• Lines
18-20,
existing
home
sales,
www.REALTOR.org/Research.nsf/Pages/EHSdata.
Telephone
(202)
383-7518
or
e-mail
eresearch @ realtors .org
• Lines 21-33, www.census.gov/ftp/pub/const/
www/c30index.html or telephone (301) 763-4673.
2.15: Consumer and Producer Prices. Data are
available on the web site of the U.S. Bureau of Labor
Statistics:
• Lines 1-6, consumer price index, www.bls.gov/
CPI or telephone the Bureau of Labor Statistics,
Division of Consumer Prices and Price Indexes
(202) 691-7000. For CPI data questions, e-mail
cpi_info @ bis. go v.
• Lines 7-16, producer price index, www.bls.gov/
PPI or telephone the Bureau of Labor Statistics,
Producer Price Index (202) 691-7705. For PPI data
questions, e-mail ppi-info@bls.gov.
2.16: Gross Domestic Product and Income. Data
are from the Survey of Current Business, which is
available on the web site of the Bureau of Economic
Analysis at www.bea.gov/bea/pubs.htm or telephone
(202) 606-5304.
2.17: Personal Income and Saving. Data are from
the Survey of Current Business, which is available on
the web site of the Bureau of Economic Analysis at
www.bea.gov/bea/pubs.htm or telephone (202) 6065304.
3.11: U.S. Foreign Trade. Data are available in
the FT900 release on the web site of the U.S.
Bureau of the Census, Foreign Trade Division, at
www.census.gov/foreign-trade/Press-Release/
current_press_release/exhl .txt.




291

Print copies of several publications in which source
data appear are available from the Government Printing Office at (202) 512-1800 or toll free (866) 5121800. Orders may also be made on line at bookstore.gpo.gov. The publications that may be ordered
through GPO are the following:
• The Budget of the U.S. Government
• Monthly Treasury Statements
• Survey of Current Business
• Construction Reports (Housing Starts, New Residential Construction, and Value of Construction Put
in Place)
In addition, print copies or Excel files of history
tables of new residential construction and sales data
from the U.S. Bureau of the Census may be ordered.
Subscriptions to monthly news releases for many
series from the Bureau of Labor Statistics may be
requested from the offices listed for specific table
data.
ENFORCEMENT

ACTION

The Federal Reserve Board announced on April 26,
2002, the issuance of a consent order of assessment
of a civil money penalty against the Community
Bank of Granbury, Granbury, Texas, a state member
bank.
The Community Bank of Granbury, without admitting to any allegations, consented to the issuance of
the order in connection with its alleged violations of
the Board's regulations implementing the National
Flood Insurance Act.
The order requires the Community Bank of Granbury to pay a civil money penalty of $10,000, which
will be remitted to the Federal Emergency Management Agency for deposit into the National Flood
Mitigation Fund.
•

293

Legal Developments
FINAL RULE—AMENDMENT TO RISK-BASED CAPITAL
STANDARDS: CLAIMS ON SECURITIES FIRMS

78w; 31 U.S.C. 5318; 42 U.S.C. 4012a, 4104a, 4104b,
4106, and 4128.

The Office of the Comptroller of the Currency, Treasury
(OCC); Board of Governors of the Federal Reserve System
(Board); Federal Deposit Insurance Corporation (FDIC);
and Office of Thrift Supervision, Treasury (OTS), (collectively, the Agencies) are amending their respective riskbased capital standards for banks, bank holding companies,
and savings associations (collectively, institutions or banking organizations) with regard to the risk weighting of
claims on, and claims guaranteed by, qualifying securities
firms. This rule reduces the risk weight applied to certain
claims on, and claims guaranteed by, qualifying securities
firms incorporated in the United States and in other countries that are members of the Organization for Economic
Cooperation and Development (OECD) from 100 percent
to 20 percent under the Agencies' risk-based capital rules.
In addition, consistent with the existing rules of the FRB
and the OCC, the FDIC and OTS are amending their
risk-based capital standards to permit a zero percent risk
weight for certain claims on qualifying securities firms that
are collateralized by cash on deposit in the lending institution or by securities issued or guaranteed by the United
States or other OECD central governments.
The text of the other Agencies' final rules can be found
in 12 C.F.R. Parts 3, 325, and 567, and was published in
the Federal Register on April 9, 2002 (67 Federal Register
16971-16980 (2002)). The Board adopted the amendment
to Regulation H, Membership of State Banking Institutions
in the Federal Reserve System, and Regulation Y, Bank
Holding Companies and Change in Bank Control,
12 C.F.R. Parts 208 and 225, on March 27, 2002.
Effective July 1, 2002, 12 C.F.R. Parts 208 and 225 are
amended as follows. The Agencies will not object if an
institution wishes to apply the provisions of this final rule
beginning on April 9, 2002.

2. In Appendix A to Part 208, the following amendments
are made:
a. In sections III. and IV., footnotes 38 through 54 are
redesignated as footnotes 41 through 57;
b. In section III.C.2. under the title Category 2: 20
percent, the three existing paragraphs are designated as 2.a. through 2.c., and a new paragraph 2.d.
is added with new footnotes 38, 39, and 40;
c. In section III.C.4.b., a new sentence is added at the
end of the paragraph; and
d. In Attachment III, under Category 2, new paragraphs 12 and 13 are added.

Part 208—Membership of State Banking
Institutions in the Federal Reserve System
(Regulation H)
1. The authority citation for Part 208 continues to read as
follows:
Authority: 12 U.S.C. 24, 36, 92a, 93a, 248(a), 248(c), 321338a, 37 Id, 461, 481-486, 601, 611, 1814, 1816, 1818,
1820(d)(9), 1823(j), 1828(o), 1831, 1831o, 1831p-l,
1831r-l, 1835(a), 1882, 2901-2907, 3105, 3310, 33313351, and 3906-3909; 15 U.S.C. 78b, 15 U.S.C.
715 U.S.C.(b), 781(g), 781(i), 78o-4(c)(5), 78q, 78q-l, and



The revision and additions read as follows:

Appendix A to Part 208—Capital Adequacy
Guidelines for State Member Banks: Risk-Based
Measure
JJJ

*

*

*

C ***
2 ***
d. This category also includes claims38 on, or guaranteed by, a qualifying securities firm incorporated in
the United States or other member of the OECDbased group of countries39 provided that: the qualifying securities firm has a long-term issuer credit
rating, or a rating on at least one issue of long-term
debt, in one of the three highest investment grade
rating categories from a nationally recognized statistical rating organization; or the claim is guaranteed by the firm's parent company and the parent

38. Claims on a qualifying securities firm that are instruments the
firm, or its parent company, uses to satisfy its applicable capital
requirements are not eligible for this risk weight.
39. With regard to securities firms incorporated in the United States,
qualifying securities firms are those securities firms that are brokerdealers registered with the Securities and Exchange Commission
(SEC) and are in compliance with the SEC's net capital rule, 17 C.F.R.
240.15c3-l. With regard to securities firms incorporated in any other
country in the OECD-based group of countries, qualifying securities
firms are those securities firms that a bank is able to demonstrate are
subject to consolidated supervision and regulation (covering their
direct and indirect subsidiaries, but not necessarily their parent organizations) comparable to that imposed on banks in OECD countries.
Such regulation must include risk-based capital requirements comparable to those applied to banks under the Accord on International
Convergence of Capital Measurement and Capital Standards (1988, as
amended in 1998) (Basel Accord).

294

Federal Reserve Bulletin • June 2002

company has such a rating. If ratings are available
from more than one rating agency, the lowest rating
will be used to determine whether the rating requirement has been met. This category also includes a collateralized claim on a qualifying securities firm in such a country, without regard to
satisfaction of the rating standard, provided that the
claim arises under a contract that:
(1) Is a reverse repurchase/repurchase agreement
or securities lending/borrowing transaction executed using standard industry documentation;
(2) Is collateralized by debt or equity securities
that are liquid and readily marketable;
(3) Is marked-to-market daily;
(4) Is subject to a daily margin maintenance requirement under the standard industry documentation; and
(5) Can be liquidated, terminated, or accelerated
immediately in bankruptcy or similar proceeding, and the security or collateral agreement
will not be stayed or avoided, under applicable
law of the relevant jurisdiction.40
^

^

^

^ ** =
1
=
b. * * * This category also includes claims representing capital of a qualifying securities firm.

Attachment III—Summary of Risk Weights and
Risk Categories for State Member Banks
J 2c
j< f

5: jfc
}

Category 2: 20 Percent * * *
12. Claims on, and claims guaranteed by, qualifying securities firms incorporated in the United States or other member of the OECD-based group of countries provided that:
a. The qualifying securities firm has a rating in one of
the top three investment grade rating categories
from a nationally recognized statistical rating organization; or
b. The claim is guaranteed by a qualifying securities
firm's parent company with such a rating.
13. Certain collateralized claims on qualifying securities
firms in the United States or other member of the OECDbased group of countries, without regard to satisfaction of
the rating standard, provided that the claim arises under a
contract that:

40. For example, a claim is exempt from the automatic stay in
bankruptcy in the United States if it arises under a securities contract
or a repurchase agreement subject to section 555 or 559 of the
Bankruptcy Code, respectively (11 U.S.C. 555 or 559), a qualified
financial contract under section 11(e)(8) of the Federal Deposit Insurance Act (12 U.S.C. 1821(e)(8)), or a netting contract between financial institutions under sections 401^-07 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4401-4407), or
the Board's Regulation EE (12 C.F.R. Part 231).




a. Is a reverse repurchase/repurchase agreement or
securities lending/borrowing transaction executed
using standard industry documentation;
b. Is collateralized by liquid and readily marketable
debt or equity securities;
c. Is marked to market daily;
d. Is subject to a daily margin maintenance requirement
under the standard industry documentation; and
e. Can be liquidated, terminated, or accelerated immediately in bankruptcy or similar proceeding, and the
security or collateral agreement will not be stayed
or avoided, under applicable law of the relevant
jurisdiction.

Part 225—Bank Holding Companies and Change in
Bank Control (Regulation Y)
1. The authority citation for Part 225 continues to read as
follows:
Authority. 12 U.S.C. 1817(j)(13), 1818, 1828(o), 1831i,
183 lp-1, 1843(c)(8), 1844(b), 1972(1), 3106, 3108, 3310,
3331-3351, 3907, and 3909.
2. In Appendix A to Part 225, the following amendments
are made:
a. In sections III. and IV., footnotes 42 through 58 are
redesignated as footnotes 45 through 61;
b. In section III.C.2. under the title Category 2: 20
percent, the three existing paragraphs are designated as 2.a. through 2.c., and a new paragraph 2.d.
is added with new footnotes 42, 43, and 44;
c. In section III.C.4.b., a new sentence is added at the
end of the paragraph; and
d. In Attachment III, under Category 2, new paragraphs 12 and 13 are added.
The revision and additions read as follows:

Appendix A to Part 225—Capital Adequacy
Guidelines for Bank Holding Companies:
Risk-Based Measure
jU * * *
£ ***
2 ** *
d. This category also includes claims42 on, or guaranteed by, a qualifying securities firm43 incorporated

42. Claims on a qualifying securities firm that are instruments the
firm, or its parent company, uses to satisfy its applicable capital
requirement are not eligible for this risk weight.
43. With regard to securities firms incorporated in the United States,
qualifying securities firms are those securities firms that are broker-

Legal Developments

in the United States or other member of the OECDbased group of countries provided that: the qualifying securities firm has a long-term issuer credit
rating, or a rating on at least one issue of long-term
debt, in one of the three highest investment grade
rating categories from a nationally recognized statistical rating organization; or the claim is guaranteed by the firm's parent company and the parent
company has such a rating. If ratings are available
from more than one rating agency, the lowest rating
will be used to determine whether the rating requirement has been met. This category also includes collateralized claims on, or guaranteed by, a
qualifying securities firm in such a country, without
regard to satisfaction of the rating standard, provided the claim arises under a contract that:
(1) Is a reverse repurchase/repurchase agreement
or securities lending/borrowing transaction executed under standard industry documentation;
(2) Is collateralized by debt or equity securities
that are liquid and readily marketable;
(3) Is marked-to-market daily;
(4) Is subject to a daily margin maintenance requirement under the standard industry documentation; and
(5) Can be liquidated, terminated, or accelerated
immediately in bankruptcy or similar proceeding, and the security or collateral agreement
will not be stayed or avoided, under applicable
law of the relevant jurisdiction.44

4 ***
b. * * * This category also includes claims representing capital of a qualifying securities firm.

295

Attachment III—Summary of Risk Weights and
Risk Categories for Bank Holding Companies

Categotry 2: 20 Percent * * *
12. Claims on, and claims guaranteed by, qualifying securities firms incorporated in the United States or other
member of the OECD-based group of countries provided that:
a. The qualifying securities firm has a rating in one of
the top three investment grade rating categories
from a nationally recognized statistical rating organization; or
b. The claim is guaranteed by a qualifying securities
firm's parent company with such a rating.
13. Certain collateralized claims on qualifying securities
firms in the United States or other member of the
OECD-based group of countries, without regard to
satisfaction of the rating standard, provided that the
claim arises under a contract that:
a. Is a reverse repurchase/repurchase agreement or
securities lending/borrowing transaction executed
under standard industry documentation;
b. Is collateralized by liquid and readily marketable
debt or equity securities;
c. Is marked to market daily;
d. Is subject to a daily margin maintenance requirement under the standard industry documentation;
and
e. Can be liquidated, terminated, or accelerated immediately in bankruptcy or similar proceeding, and the
security or collateral agreement will not be stayed
or avoided, under applicable law of the relevant
jurisdiction.

4 ***
b. * * * This category also includes claims representing capital of a qualifying securities firm.
dealers registered with the Securities and Exchange Commission and
are in compliance with the SEC's net capital rule, 17 C.F.R.
240.15c3-l. With regard to securities firms incorporated in other
countries in the OECD-based group of countries, qualifying securities
firms are those securities firms that a banking organization is able to
demonstrate are subject to consolidated supervision and regulation
(covering their direct and indirect subsidiaries, but not necessarily
their parent organizations) comparable to that imposed on banks in
OECD countries. Such regulation must include risk-based capital
requirements comparable to those applied to banks under the Accord
on International Convergence of Capital Measurement and Capital
Standards (1988, as amended in 1998) (Basel Accord).
44. For example, a claim is exempt from the automatic stay in
bankruptcy in the United States if it arises under a securities contract
or repurchase agreement subject to section 555 or 559 of the Bankruptcy Code, respectively (11 U.S.C. 555 or 559), a qualified financial
contract under section 11(e)(8) of the Federal Deposit Insurance Act
(12 U.S.C. 1821(e)(8)), or a netting contract between financial institutions under sections 401-407 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4401-4407), or the
Board's Regulation EE (12 C.F.R. Part 231).




FINAL RULE—AMENDMENT

TO REGULATION

Z

The Board of Governors is amending 12 C.F.R. Part 226,
its Regulation Z (Truth in Lending). The Board is publishing revisions to the official staff commentary to Regulation Z, which implements the Truth in Lending Act. The
commentary applies and interprets the requirements of
Regulation Z. The revisions clarify how creditors that
place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement
for providing the disclosures, in a form the consumer may
keep, before consummation. In addition, the revisions provide guidance on disclosing costs for certain credit insurance policies and on the definition of "business day" for
purposes of the right to rescind certain home-secured loans.

296

Federal Reserve Bulletin • June 2002

The Board is also publishing technical corrections to the
commentary and regulation.
Effective April 9, 2002, 12 C.F.R. Part 226 is amended
as follows:

Part 226—Truth in Lending (Regulation Z)
1. The authority citation for Part 226 continues to read as
follows:
Authority: 12U.S.C. 3806; 15 U.S.C. 1604 and 1637(c)(5).

Section

226.17—[Amended]

2. Section 226.17, in paragraph (a)(1), footnote 38, is
amended by removing " § 226.18(f)(4)" and adding
" § 226.18(f)(l)(iv)" in its place.
3. In Supplement I to Part 226:
a. Under Section 226.2—Definitions and Rules of
Construction, under 2(a)(6) Business Day, paragraph 2. is revised.
b. Under Section 226.4—Finance Charge, under 4(d)
Insurance and Debt Cancellation Coverage, paragraph 12. is revised.
c. Under Section 226.6—Initial Disclosure Requirements, under Paragraph 6(b), paragraph l.vi. is
amended by removing "comment 4(a)-5" and adding "comment 4(a)-4" in its place.
d. Under Section 226.17—General Disclosure Requirements, under 17(b) Time of Disclosures, a new
paragraph 3. is added.
e. Under Section 226.32—Requirements for Certain
Closed-End Home Mortgages, under Paragraph
32(c)(3), paragraph 1. is revised; and under
Paragraph 32(c)(4), paragraph 1. is amended by
removing " § 226.19(b)(2)(x)"
and adding
" § 226.19(b)(2)(viii)(B)'' in its place.

Supplement I to Part 226—Official Staff
Interpretations

Subpart A—General

Section 226.2—Definition and Rules of
Construction
2(a)(6) Business day.

2. Rescission rule. A more precise rule for what is a
business day (all calendar days except Sundays and



the federal legal holidays listed in 5 U.S.C. 6103(a))
applies when the right of rescission or mortgages
subject to section 226.32 are involved. (See also comment 31(c)(l)-l.) Four federal legal holidays are identified in 5 U.S.C. 6103(a) by a specific date: New
Year's Day, January 1; Independence Day, July 4;
Veterans Day, November 11; and Christmas Day, December 25. When one of these holidays (July 4, for
example) falls on a Saturday, federal offices and other
entities might observe the holiday on the preceding
Friday (July 3). The observed holiday (in the example,
July 3) is a business day for purposes of rescission or
the delivery of disclosures for certain high-cost mortgages covered by Section 226.32.

Section 226.4—Finance

Charge

4(d) Insurance and debt cancellation coverage.

12. Initial term; alternative, i. General. A creditor has the
option of providing cost disclosures on the basis
of an assumed initial term of one year of insurance or debt- cancellation coverage instead of a
longer initial term (provided the premium or fee
is clearly labeled as being for one year) if:
A. The initial term is indefinite or not clear, or
B. The consumer has agreed to pay a premium
or fee that is assessed periodically but the
consumer is under no obligation to continue the coverage, whether or not the consumer has made an initial payment.
ii. Open-end plans. For open-end plans, a creditor
also has the option of providing unit-cost disclosure on the basis of a period that is less than
one year if the consumer has agreed to pay a
premium or fee that is assessed periodically,
for example monthly, but the consumer is under no obligation to continue the coverage.
iii. Examples. To illustrate: A. A credit life insurance policy providing coverage for a 30-year
mortgage loan has an initial term of 30 years,
even though premiums are paid monthly and
the consumer is not required to continue the
coverage. Disclosures may be based on the
initial term, but the creditor also has the option
of making disclosures on the basis of coverage
for an assumed initial term of one year.

Legal Developments

Subpart C—Closed-End Credit

Section 226.17—General Disclosure

Requirements

17(b) Time of disclosu res.

3. Disclosures provided on credit contracts. Creditors must
give the required disclosures to the consumer in writing, in
a form that the consumer may keep, before consummation
of the transaction. See section 226.17(a)(1) and (b). Sometimes the disclosures are placed on the same document
with the credit contract. Creditors are not required to give
the consumer two separate copies of the document before
consummation, one for the consumer to keep and a second
copy for the consumer to execute. The disclosure requirement is satisfied if the creditor gives a copy of the document containing the unexecuted credit contract and disclosures to the consumer to read and sign; and the consumer
receives a copy to keep at the time the consumer becomes
obligated. It is not sufficient for the creditor merely to show
the consumer the document containing the disclosures before the consumer signs and becomes obligated. The consumer must be free to take possession of and review the
document in its entirety before signing,
i. Example. To illustrate:
A. A creditor gives a consumer a multiple-copy
form containing a credit agreement and TILA
disclosures. The consumer reviews and signs
the form and returns it to the creditor, who
separates the copies and gives one copy to the
consumer to keep. The creditor has satisfied
the disclosure requirement.

Subpart E—Special Rules for Certain Home
Mortgage Transactions

Section 226.32—Requirements for Certain
Closed-End Home Mortgages

297

creditors may rely on the rules set forth in section
226.18(g); however, the amounts for voluntary items,
such as credit life insurance, may be included in the
regular payment disclosure only if the consumer has
previously agreed to the amounts.
i. If the loan has more than one payment level,
the regular payment for each level must be
disclosed. For example:
A. In a 30-year graduated payment mortgage
where there will be payments of $300 for
the first 120 months, $400 for the next 120
months, and $500 for the last 120 months,
each payment amount must be disclosed,
along with the length of time that the payment will be in effect.
B. If interest and principal are paid at different
times, the regular amount for each must be
disclosed.
C. In discounted or premium variable-rate
transactions where the creditor sets the initial interest rate and later rate adjustments
are determined by an index or formula, the
creditor must disclose both the initial payment based on the discount or premium and
the payment that will be in effect thereafter.
Additional explanatory material which does
not detract from the required disclosures
may accompany the disclosed amounts. For
example, if a monthly payment is $250 for
the first six months and then increases
based on an index and margin, the creditor
could use language such as the following:
' 'Your regular monthly payment will be $250
for six months. After six months your regular
monthly payment will be based on an index
and margin, which currently would make
your payment $350. Your actual payment at
that time may be higher or lower."

ORDERS ISSUED UNDER BANK HOLDING
ACT

COMPANY

Orders Issued Under Section 3 of the Bank Holding
Company Act
Charter One Financial, Inc.
Cleveland, Ohio

Paragraph 32(c)(3) Regular payment; balloon payment.
1. General. The regular payment is the amount due from
the borrower at regular intervals, such as monthly,
bimonthly, quarterly, or annually. There must be at
least two payments, and the payments must be in an
amount and at such intervals that they fully amortize
the amount owed. In disclosing the regular payment,



Charter-Michigan Bancorp, Inc.
Dearborn, Michigan
Order Approving the Acquisition of a Bank and the
Formation of a Bank Holding Company
Charter One Financial, Inc. ("Charter One Financial"), a
bank holding company within the meaning of the Bank

298

Federal Reserve Bulletin • June 2002

Holding Company Act ("BHC Act"), has requested the
Board's approval under section 3 of the BHC Act
(12 U.S.C. § 1842) for several applications related to the
conversion of Charter One Bank, F.S.B., Cleveland, Ohio
("Charter One FSB"), a thrift institution, to a national
bank charter. On its conversion, Charter One FSB would
become Charter One Bank, N.A., Cleveland, Ohio
("National Bank"); and Charter-Michigan Bancorp, Inc.
("Charter-Michigan"), a wholly owned subsidiary of Charter One Financial, would become a bank holding company.
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published
(67 Federal Register 1979 (2002)). The time for filing
comments has expired, and the Board has considered the
proposal and all comments received in light of the factors
set forth in section 3 of the BHC Act.
Charter One Financial, with total consolidated assets of
$38.2 billion, is the 28th largest commercial banking organization in the United States, controlling less than 1 percent of total assets of insured depository institutions in
the United States.1 Charter One Financial operates depository institutions in Illinois, Massachusetts, Michigan,
New York, Ohio, and Vermont. Charter One Financial is
headquartered in Ohio, where it is the ninth largest banking
organization, controlling deposits of $5.7 billion in the
state, representing approximately 3.2 percent of total deposits in insured depository institutions in the state.2
Competitive Considerations
The BHC Act prohibits the Board from approving an
application under section 3 of the BHC Act if the proposal
would result in a monopoly or would be in furtherance of
any attempt to monopolize the business of banking. The
BHC Act also prohibits the Board from approving a proposed combination that would substantially lessen competition or tend to create a monopoly in any relevant banking
market, unless the Board finds that the anticompetitive
effects of the proposal are clearly outweighed in the public
interest by the probable effects of the proposal in meeting
the convenience and needs of the community to be served.3
The proposal represents the conversion of Charter One
Financial's subsidiary savings association into a national
bank and does not involve the acquisition of any depository institution not already controlled by Charter One
Financial. Accordingly, and based on all the facts of record,
the Board concludes that consummation of the proposal
would not have a significantly adverse effect on competition or on the concentration of banking resources in any
relevant banking market and that competitive considerations are consistent with approval.4

1. Asset and ranking data are as of December 31, 2001.
2. Deposit data are as of June 30, 2001. In this context, depository
institutions include commercial banks, savings banks, and savings
associations.
3. 12 U.S.C. § 1842(c).
4. The Department of Justice has reviewed the proposal and advised
the Board that its consummation would not likely have any signifi-




Convenience Needs Considerations
In acting on proposals under section 3 of the BHC Act, the
Board is required to consider the effects of the proposal on
the convenience and needs of the communities to be served
and take into account the records of the relevant depository
institutions under the Community Reinvestment Act
("CRA"). 5 The CRA requires the federal financial supervisory agencies to encourage financial institutions to help
meet the credit needs of local communities in which they
operate, consistent with safe and sound operation, and
requires the appropriate federal supervisory agency to take
into account an institution's record of meeting the credit
needs of its entire community, including low- and
moderate-income ("LMI") neighborhoods, in evaluating
bank expansion proposals. The Board has carefully considered the convenience and needs factor and the CRA performance records of the subsidiary depository institutions of
Charter One Financial in light of all the facts of record,
including public comments received on the effect of the
proposal.
A. Summary of Public Comments
The Board received comments from three commenters who
opposed the proposal and expressed concerns about the
CRA performance record of Charter One Financial and
Charter One FSB. Commenters generally criticized Charter
One FSB's record of home mortgage lending to LMI and
minority residents and in LMI communities and communities with predominantly minority populations ("minority
communities") in the Chicago and Cleveland areas. The
commenters alleged or expressed concern that data submitted under the Home Mortgage Disclosure Act ("HMDA") 6
demonstrated that Charter One FSB engaged in disparate
treatment of LMI or minority individuals in Chicago and
Cleveland. One commenter expressed concern about the
level of Charter One FSB's community development and
outreach activity in the Cleveland area.7

cantly adverse competitive effects in any relevant markets. The Office
of the Comptroller of the Currency ("OCC") and the Federal Deposit
Insurance Corporation ("FDIC") have been afforded an opportunity
to comment and have not objected to consummation of the proposal.
5. 12 U.S.C. § 2901 etseq.
6. 12 U.S.C. § 2801 et seq.
7. This commenter also criticized Charter One FSB's management
for not reaching an agreement with some local community groups and
for management's waning responsiveness to requests for meetings
with these community groups. The Board notes that the CRA requires
that in considering an acquisition proposal, the Board carefully reviews the actual performance records of the relevant depository institutions in helping to meet the credit needs of the communities. Neither
the CRA nor the federal banking agencies' CRA regulations require
depository institutions to make pledges concerning future performance under the CRA, confer authority on the agencies to enforce
pledges made to third parties, or require depository institutions to
meet with particular persons. The Board also notes that future activities of Charter One's subsidiary depository institutions will be considered by the Board in any subsequent applications by Charter One
Financial to acquire a depository institution.

Legal Developments

B. CRA Performance Evaluations
As provided in the CRA, the Board has evaluated the
convenience and needs factor in light of examinations of
the CRA performance records by the appropriate federal
supervisors of the relevant insured depository institutions.
An institution's most recent CRA performance evaluation
is a particularly important consideration in the applications
process because it represents a detailed, on-site evaluation
of the institution's overall record of performance under the
CRA by its appropriate federal supervisor.8
Charter One Financial's two subsidiary depository institutions received "satisfactory" ratings at their most recent
CRA evaluations. Charter One FSB, which currently accounts for almost all of Charter One Financial's total
consolidated assets, received a "satisfactory" rating from
its primary federal supervisor, the Office of Thrift Supervision ("OTS"), at its most recent CRA evaluation, as of
May 14, 2001 (the "Charter One FSB Examination").
Charter One Commercial, Albany, New York ("Charter
One Commercial"), received a "satisfactory" rating
from the FDIC at its most recent CRA evaluation, as of
March 27, 2001.9
Examiners found no evidence of prohibited discrimination or other illegal credit practices at either of Charter One
Financial's insured depository institutions and no violations of substantive provisions of the fair lending laws.
Examiners also reviewed the assessment areas delineated
by Charter One Financial's subsidiary depository institutions and did not report that these assessment areas were
unreasonable or arbitrarily excluded LMI areas.
C. Charter One's CRA Performance Record
Overview. Examiners rated the thrift "satisfactory" overall
based on its total performance in community lending,
investment, and services throughout its assessment areas.
In particular, examiners reported that Charter One FSB's
responsiveness to the credit needs in its assessment areas
was generally good, noting that lending activity levels
were excellent in four out of Charter One FSB's six assessment areas in Ohio, and good or better in most of Charter
One FSB's assessment areas in Michigan and New York.10
Examiners noted that the distribution of loans by Charter
One FSB among borrowers at all income levels was adequate or better in all major Metropolitan Statistical Area
("MSA") markets in which Charter One FSB operated.
According to the Charter One FSB Examination, the thrift
had certain weaknesses in its geographic distribution of
loans. Examiners stated that geographic distribution of
8. See Interagency Questions and Answers Regarding Community
Reinvestment, 66 Federal Register 36,639 (2001)
9. Charter One Commercial is a limited purpose bank offering
commercial loan products in the Albany, New York, banking market.
See 12 C.F.R. 345.25.
10. The Charter One FSB Examination focused primarily on Charter One FSB's performance in Michigan, New York, and Ohio because the majority of Charter One FSB's resources and business
activity is in those states.




299

loans by Charter One FSB reflected a poor distribution in
large assessment areas, including the Cleveland-Akron,
Ohio; Detroit-Ann Arbor, Michigan; Rochester, New York;
and Buffalo, New York MSAs. Examiners noted that the
geographic distribution of loans by Charter One FSB was
adequate in non-MSA areas of Ohio, Michigan, and Vermont and excellent in New York non-MSA areas.
Examiners reported that Charter One FSB offered a
variety of products and programs to assist in meeting the
housing-related credit needs of LMI individuals and communities, including government-sponsored home mortgage
loan programs, such as those sponsored by the Federal
Housing Authority ("FHA") and the Veterans Administration ("VA"). Charter One FSB has also created a "core city
delivery channel" for its affordable housing loan products
through community-based loan originators. The loan originators operate primarily out of branches in central cities
and/or LMI neighborhoods and provide expanded services,
including loan counseling, free mortgage loan preapprovals and prequalifications, confidential credit counseling
services, and workshops for first-time home buyers. Examiners also noted a flexible home loan program developed
by Charter One FSB, the Central City Home Ownership
Programs ("CCHAP"). 11
Examiners commended Charter One FSB for its high
level of community development lending. Examiners also
determined that Charter One FSB had a significant level of
qualified community development investments, including a
significant volume of investments qualifying for lowincome housing tax credits.
Examiners found that Charter One FSB provided a good
level of banking services in many of its assessment areas.
For example, examiners noted that Charter One FSB was a
leader in providing community development services in the
Cleveland-Akron and Detroit-Ann Arbor assessment areas.
Examiners found that Charter One FSB's services did not
vary in a way that inconvenienced any portion of its
assessment areas.
Chicago. Examiners noted that Charter One FSB did not
have a significant presence in the Chicago Primary Metropolitan Statistical Area ("PMSA") before its merger with
St. Paul Bancorp, Inc. in October 1999. Examiners also
noted that the Chicago assessment area of Charter One
FSB was a highly competitive market and although Charter
One FSB had increased its market share of deposits since
October 1999, it remained a relatively small market participant with 1.9 percent of total deposits in the Chicago
assessment area, as of June 30, 2000. Examiners reported
that in view of these facts, Charter One FSB demonstrated
an adequate responsiveness to the credit needs of the
assessment area.

11. Examiners noted that the CCHAP program permits down payments as low as 5 percent. Points are not required and, depending on
the program selected, borrowers benefit from reduced closing costs,
higher permitted debt ratios, and interest rates as low as 5 percent less
than Charter One FSB's conventional loan programs. CCHAP programs are available for one- or two-family home loans, and borrower
income cannot exceed 115 percent of the MSA median family income.

300

Federal Reserve Bulletin • June 2002

From January 1, 2000, to March 21, 2001 (the "Chicago
review period"), Charter One FSB originated or purchased
6,329 HMDA-reportable loans, totaling $1.2 billion, compared with approximately $3.7 billion in deposits that
Charter One FSB held in the Chicago assessment area, as
of June 30, 2001. Approximately 11.7 percent of Charter
One FSB's HMDA-reportable loans were originated to
borrowers in LMI census tracts, compared with 16.7 percent of the HMDA-reportable loans by Chicagoassessment-area lenders in the aggregate in 1999. Although
examiners noted that Charter One FSB's penetration in
LMI census tracts lagged the percentage achieved by all
HMDA reporters in 1999, examiners considered Charter
One FSB's lending to borrowers of different income levels
to be good. During the Chicago review period, Charter One
FSB made 26.3 percent of its HMDA-reportable loans to
LMI borrowers, compared with 27.5 percent of the
HMDA-reportable loans by lenders in the aggregate in
1999.
Examiners noted that Charter One FSB made good use
of flexible lending practices to help meet the Chicago
assessment area's credit needs. In addition to the FHA, VA,
and CCHAP flexible lending programs that the thrift offers
in all its assessment areas, Charter One FSB offers five
other programs in Illinois.12 In 2000, Charter One FSB
originated 212 loans in the Chicago PMSA under its various flexible lending programs, totaling almost $22 million.
Examiners also noted that, during the Chicago review
period, Charter One FSB made three community development loans, totaling more than $1.9 million, to nonprofit
organizations that provided LMI housing in the Chicago
assessment area.
Charter One FSB received a "High Satisfactory" for its
investment activities in Illinois. Examiners noted that Charter One FSB had a significant level of innovative complex
qualified investments, totaling more than $2.8 million during the Chicago review period, and noted that Charter One
FSB made grants and donations totaling $337,475 to organizations that provided community development services
in the Chicago assessment area.
Examiners reported that Charter One FSB's banking
services were reasonably accessible to all residents of the
assessment area and that services did not vary in a way that

12. These programs are:
(1) The City of Chicago Department of Housing Programs, a
partnership between Charter One FSB and the City of Chicago to assist LMI first-time home buyers;
(2) The Assist Program, which provides closing costs and downpayment funding to LMI borrowers who occupy their home
as a primary residence;
(3) The Chicago Public Schools Program, a program for LMI
employees of the Chicago Public Schools that provides a
credit toward closing costs and a .25-percent discount off
market rates;
(4) The New Cities Program, which provides LMI borrowers
with counseling and financial assistance in the purchase of a
primary residence; and
(5) The Illinois Housing Development Authority Program, which
helps LMI residents become homeowners through education,
below-market interest rates, and down-payment grants.




inconvenienced portions of the assessment area. Examiners
also noted that Charter One FSB maintained alternative
delivery systems, including 24-hour telephone banking,
internet banking, and automated teller machines ("ATMs")
with bilingual instructions. In addition, bilingual employees and brochures were available to assist customers.
Cleveland. Charter One FSB received a "High Satisfactory" for its lending activities in Ohio, based primarily on
its performance in the Cleveland-Akron assessment area.13
Examiners found that Charter One FSB's high overall
volume of home lending in the Cleveland-Akron assessment area reflected an excellent responsiveness to the areas
credit needs and noted that Charter One FSB was a market
leader in providing home purchase and refinance loans in
the area. Based on 1999 aggregate HMDA data, Charter
One FSB ranked second with a 5.3 percent market share of
the number of HMDA-reportable loans made in the
Cleveland-Akron CMSA.
From April 1, 1998, to March 31, 2001 (the "Cleveland
review period"), Charter One FSB originated or purchased
17,678 HMDA-reportable loans, totaling $2 billion. During
the Cleveland review period, 8.9 percent of its HMDAreportable loans were to borrowers residing in LMI census
tracts, compared with 20.1 percent of the HMDAreportable loans by lenders in the aggregate in 1999. Although examiners noted that Charter One FSB's level of
penetration in LMI census tracts was poor compared with
the level achieved by all HMDA reporters in 1999 (it
ranked fifth in market share in LMI census tracts), examiners considered Charter One FSB's lending to borrowers of
different income levels to be good. During the Cleveland
review period, Charter One FSB made 27.3 percent of its
HMDA-reportable loans to LMI borrowers, compared with
29.8 percent of the HMDA-reportable loans by lenders in
the aggregate in 1999.
Examiners noted that Charter One FSB made good use
of flexible lending practices to help meet the ClevelandAkron assessment area's credit needs. From April 1, 1998,
to December 31, 2000, Charter One FSB originated 761
loans in the Cleveland-Akron assessment area under its
FHA, VA, and CCHAP flexible lending programs, totaling
more than $51.5 million. In addition to the FHA, VA, and
CCHAP flexible lending programs, Charter One FSB offers
two other flexible lending programs in the ClevelandAkron assessment area: the Cleveland Down Payment
Match Program, in which Charter One FSB provides
matching down-payment grants of up to $2,000 applied to
a 5-percent down payment for home purchases in LMI
census tracts in Cleveland; and the City of Akron
Refinance/Rehabilitation Program, a program coordinated
with the City of Akron in which Charter One FSB provides
financing for home rehabilitation for homes in neighborhoods that the City of Akron has identified as LMI neighborhoods in Akron's inner city.

13. Charter One FSB's Cleveland-Akron assessment area includes
most of the Cleveland-Akron Consolidated Metropolitan Statistical
Area ("CMSA").

Legal Developments

Examiners also noted favorably that during the Cleveland review period, Charter One FSB made twelve community development loans in the Cleveland-Akron assessment
area, totaling $32.7 million. Examiners reported that these
loans funded twelve projects that primarily benefited LMI
residents, including six multifamily housing projects and
six projects that provided multiple-site, single-family home
financing.
Charter One FSB also received a "High Satisfactory"
rating for its investment activities in Ohio. Examiners
noted that Charter One FSB had a significant level of
innovative complex qualified investments in the ClevelandAkron assessment area, totaling more than $603 million
during the Cleveland review period. Examiners noted that
these qualified investments included low-income housing
tax credits, such as National Equity Fund Limited Partnerships, which channeled corporate equity investments into
low-income housing developments, and Enterprise Social
Investment Corporation Limited Partnerships, which provided funds to develop inner city affordable housing
projects. In addition to these investments, examiners noted
that Charter One FSB and its affiliates maintained $650,000
in deposits with a community development financial institution that specialized in urban revitalization loan programs in LMI neighborhoods in Cleveland. During the
Cleveland review period, Charter One FSB made grants
and donations totaling $265,475 to organizations that provided community development services in the ClevelandAkron assessment area.
Charter One FSB also received a "High Satisfactory"
rating for its retail banking services in Ohio. As of May 14,
2001, Charter One FSB operated 72 full-service retail
offices in the Cleveland-Akron assessment area. Examiners
reported that 15.2 percent of these offices were in LMI
census tracts. Although examiners noted that the percentage of offices in LMI census tracts was lower than the
percentage of LMI census tracts in the assessment area,
and that individuals in LMI census tracts had limited
access to Charter One FSB's offices in Cleveland, examiners reported that individuals residing in LMI census tracts
had good access to Charter One FSB offices in Akron.
Examiners noted that Charter One FSB's Cleveland-Akron
assessment area branches offered a full array of bank
products and services and maintained branch hours that did
not inconvenience any portion of Charter One FSB's
Cleveland-Akron assessment area or any group of individuals. In addition, examiners cited the bank's alternative
delivery systems, including ATMs with bilingual instructions on some machines, 24-hour telephone banking, and
free internet banking.
Examiners commended Charter One FSB for its leadership in providing community development services to its
Cleveland-Akron assessment area. Charter One FSB provided support through employee involvement with organizations that promoted affordable housing for LMI individuals, provided community services targeted to LMI
individuals, or conducted activities that revitalized or stabilized LMI areas. For instance, Charter One FSB provided
community development services through its participation



301

in several projects to construct new homes and rental units
in LMI areas of Cleveland.
D. HMDA Data
The Board has considered Charter One FSB's record in
light of comments received relating to the HMDA data
reported by the thrift and its subsidiaries.14 In its Chicago
assessment area, Charter One FSB's percentage of HMDAreportable loans to African-American and Hispanic applicants, as well as to borrowers in predominantly minority
census tracts, lagged the percentage for lenders in the
aggregate from 1999 to 2000. Charter One FSB's denial
disparity ratios for African-American and Hispanic individuals were higher than the denial disparity ratios of lenders
in the aggregate in its Chicago assessment area in 1999 and
2000.15
The Board also notes that Charter One FSB only recently entered the Chicago market with the acquisition of
St. Paul Bancorp, Inc. in October 1999. Data for 1999
through 2000 indicate that Charter One FSB's HMDA
lending volume increased significantly in its Chicago assessment area from 1999 to 2000. By comparison, lending
volume for lenders in the aggregate decreased in Chicago
in 2000. Moreover, Charter One FSB's origination rates to
African-American and Hispanic applicants in its Chicago
assessment area significantly exceeded the levels for lenders in the aggregate.16
In its Cleveland-Akron assessment area, the HMDA data
show that Charter One FSB's denial disparity ratios for
African-American and Hispanic individuals were higher
than the denial disparity ratios for lenders in the aggregate
in its Cleveland-Akron assessment area in 1999 and 2000.
Data for 1998 through 2000 indicate that Charter One's
percentage of HMDA-reportable loans to AfricanAmerican applicants and to borrowers in predominantly
minority census tracts lagged the corresponding percentages for lenders in the aggregate, while Charter One FSB's
lending percentage to Hispanic applicants approximated
the aggregate during the same period. Charter One FSB's
origination rate to Hispanic applicants slightly lagged the
area's aggregate levels, but its origination rate to AfricanAmerican applicants and to borrowers residing in predominantly minority census tracts significantly exceeded the
area's aggregate levels.17
14. Commenters criticized Charter One FSB's record of home
mortgage lending to LMI and minority individuals or in LMI and
predominantly minority communities in the Chicago and Cleveland
MSAs.
15. The denial disparity ratio compares the denial rate for minority
loan applicants with the denial rate for nonminority applicants.
16. In 2000, 52.2 percent of the HMDA-reportable loan applications
Charter One FSB received from African-American applicants and
68.2 percent from Hispanic applicants in its Chicago assessment area
resulted in originations, while the aggregate origination rate in the
Chicago assessment area for the same period was 39.2 percent
African-American applicants and 57.3 percent for Hispanic applicants.
17. In 2000, 50 percent of the HMDA-reportable loan applications
Charter One FSB received from African-American applicants,

302

Federal Reserve Bulletin • June 2002

The Board is concerned when the record of an institution
indicates disparities in lending and believes that all banks
are obligated to ensure that their lending practices are
based on criteria that ensure not only safe and sound
lending, but also equal access to credit by creditworthy
applicants regardless of their race or income level. The
Board recognizes, however, that HMDA data alone provide
an incomplete measure of an institution's lending in its
community because these data cover only a few categories
of housing-related lending. HMDA data, moreover, provide only limited information about the covered loans.18
HMDA data, therefore, have limitations that make them an
inadequate basis, absent other information, for concluding
that an institution has not assisted adequately in meeting its
community's credit needs or has engaged in illegal lending
discrimination.
Because of the limitations of HMDA data, the Board has
considered these data carefully in light of other information. As a result of the disparities noted in Charter One
FSB's HMDA data, examiners specifically conducted a
thorough on-site fair lending exam and found no evidence
of prohibited discrimination or other illegal credit practices
at Charter One FSB or any of its affiliates or subsidiaries.
In addition, the OCC conducted a preconversion examination of Charter One FSB in late February 2002 in connection with its application to convert to a national bank
charter. The preconversion examination also included a fair
lending review, which found no evidence of prohibited
discrimination or other illegal credit practices.19 The record
also indicates that Charter One FSB has taken a number of
affirmative steps to ensure compliance with fair lending
laws. Charter One FSB has instituted monthly reviews of
denied, withdrawn, and approved loan application files, a
second-review process for denied applications, regularly
scheduled self-assessments, annual audits by its internal

audit department,20 and annual training on applicable fair
lending laws and regulations.21
The Board also has considered the HMDA data in light
of Charter One Financial's overall lending record, which
show that its subsidiary depository institutions significantly
assist in helping to meet the credit needs of the communities served, including LMI areas.
E. Conclusion on Convenience and Needs
In reviewing the effects of the proposal on the convenience
and needs of the communities to be served, the Board has
carefully considered the entire record, including all the
information provided by commenters and Charter One
Financial, evaluations of the CRA performance of each of
Charter One Financial's insured depository institution subsidiaries, and confidential supervisory information. As
noted above, the CRA examination of Charter One FSB
found some weaknesses in its lending performance. However, examiners also noted a number of strengths in Charter
One FSB's lending, investment, and service activities and
determined that the overall CRA performance record of
Charter One FSB was "satisfactory." The Board also notes
that Charter One has instituted steps to address weaknesses
in its performance and has shown some improvement in its
lending. The Board expects that Charter One will continue
these efforts. Based on a review of all the facts of record,
and for the reasons discussed above, the Board concludes
that considerations relating to the convenience and needs
factor, including the CRA performance records of Charter
One FSB and Charter One Commercial, are consistent with
approval of the proposal.
Financial, Managerial, and Other Supervisory Factors
The BHC Act also requires the Board, in acting on an
application, to consider the financial and managerial resources and future prospects of the companies and banks
involved in a proposal, and certain other supervisory factors. The Board has carefully considered the financial and

44.3 percent from Hispanic applicants, and 44.1 percent from borrowers in predominantly minority census tracts in its Cleveland- Akron
assessment area resulted in originations, while the aggregate origination rate in the Cleveland-Akron assessment area for the same period
for loan applications received from African American applicants was
36.2 percent for African-American applicants, 50.2 percent for Hispanic applicants, and 27.1 percent for borrowers in predominantly
minority census tracts.
18. For example, the data do not account for the possibility that an
institution's outreach efforts may attract a larger proportion of marginally qualified applicants than other institutions attract and do not
provide a basis for an independent assessment of whether an applicant
who was denied credit was, in fact, creditworthy. Credit history
problems and excessive debt levels relative to income (reasons most
frequently cited for a credit denial) are not available from HMDA
data. HMDA data also may be incomplete and may not identify all
applicants with regard to income level, ethnicity, or other demographic factors.
19. The OCC approved the proposed conversion on March 13,
2002.




20. The annual audits review compliance with applicable fair lending laws and regulations in each lending area of Charter One FSB.
They also review the self-assessment programs and related procedures
of the lending areas.
21. One commenter contended, based in part on HMDA data, that
Charter One FSB, through its subsidiary, Charter One Credit Corp.
("Charter One Credit"), improperly markets higher-cost subprime
loan products to LMI and predominantly minority communities in its
Cleveland-Akron assessment area, while marketing lower-cost prime
loan products to nonminority and more affluent communities.
The Board notes that subprime lending is a permissible activity and
provides needed credit to consumers who have difficulty meeting
conventional underwriting criteria. As discussed above, Charter One
FSB has taken a number of affirmative steps to ensure compliance
with fair lending laws, and examiners found no evidence of prohibited
discrimination or other illegal credit practices at Charter One FSB or
any of its affiliates or subsidiaries, including Charter One Credit. In
addition, Charter One Credit has implemented a procedure for referring borrowers that appear to qualify for traditional "prime" home
mortgage loans to Charter One Financial's prime lenders, Charter One
FSB and Charter One Mortgage Company.

Legal Developments

managerial resources and future prospects of Charter One
Financial and its subsidiary depository institutions, and
other supervisory factors in light of all the facts of record.
As part of this consideration, the Board has reviewed
relevant reports of examination and other supervisory information. Charter One Financial, Charter-Michigan, and
their subsidiary depository institutions are well capitalized
and are expected to remain so after consummation of the
proposal. The Board also notes that this proposal represents a corporate reorganization and does not involve the
acquisition of an additional institution.
Based on all the facts of record, the Board concludes that
considerations relating to the financial and managerial resources and future prospects of Charter One Financial,
Charter-Michigan, and their respective subsidiaries are consistent with approval of the proposal, as are the other
supervisory factors that the Board must consider under
section 3 of the BHC Act.
Conclusion
Based on the foregoing, and in light of all the facts of
record, the Board has determined that the applications
should be, and hereby are, approved.22 In reaching its
conclusion, the Board has considered all the facts of record
in light of the factors that it is required to consider under
the BHC Act and all other applicable statutes. The Board's
approval is specifically conditioned on compliance by
Charter One Financial and Charter-Michigan with all the
commitments made in connection with the proposal and
with the conditions discussed in this order. These representations, commitments, and conditions are deemed to be
conditions imposed in writing by the Board in connection
with its findings and decision and, as such, may be enforced in proceedings under applicable law.
The transaction shall not be consummated before the
fifteenth calendar day after the effective date of this order,
of this, unless such period is extended for good cause by
the Board or by the Federal Reserve Bank of Cleveland,
acting pursuant to delegated authority.

22. Two commenters requested that the Board hold a public meeting
or hearing on the proposal. Section 3(b) of the BHC Act does not
require the Board to hold a public hearing on an application unless the
appropriate supervisory authority for the bank to be acquired makes a
timely written recommendation of denial of the application. The
Board has not received such a recommendation from the appropriate
supervisory authorities. Under its rules, the Board in its discretion also
may hold a public meeting or hearing on an application to acquire a
bank if a meeting or hearing is necessary or appropriate to clarify
factual issues related to the application and to provide an opportunity
for testimony. 12 C.F.R. 225.16(e). The Board has considered carefully the commenters' requests in light of all the facts of record. In the
Board's view, commenters have had ample opportunity to submit their
views, and commenters have submitted written comments that have
been considered carefully by the Board in acting on the proposal. The
commenters' requests fail to demonstrate why their written comments
do not present their views adequately. For these reasons, and based on
all the facts of record, the Board has determined that a public meeting
or hearing is not required or warranted in this case. Accordingly, the
requests for a public meeting or hearing on the proposal are denied.




303

By order of the Board of Governors, effective April 22,
2002.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson.

ROBERT DEV. FRIERSON

Deputy Secretary of the Board

Chinatrust Financial Holding Company, Ltd.
Taipei, Taiwan
Order Approving the Formation of a Bank Holding
Company
Chinatrust Financial Holding Company, Ltd. (In Formation) ("CFHC") has requested the Board's approval under
section 3 of the Bank Holding Company Act
(12 U.S.C. § 1842(a)(1)) ("BHC Act") to become a bank
holding company by indirectly acquiring Chinatrust Bank
(U.S.A.), Torrance, California ("Chinatrust USA"), as a
result of acquiring all the voting shares of Chinatrust
Commercial Bank, Ltd., also in Taipei ("CCB"), a registered bank holding company under the BHC Act and a
foreign bank within the meaning of the International Banking Act ("IBA").1 CFHC would be formed under the laws
of Taiwan for the purpose of acquiring CCB.2
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published
(67 Federal Register 2662 (2002)). The time for filing
comments has expired, and the Board has considered the
proposal and all comments received in light of the factors
set forth in section 3 of the BHC Act.
CCB, with total consolidated assets of $26 billion, is the
ninth largest bank in Taiwan. In the United States, CCB
operates Chinatrust USA, which has branches in California, Maryland, New Jersey, and New York, and a loan
production office in the State of Washington. CCB also
maintains a state-licensed branch in New York, New York.
Chinatrust USA is the 58th largest banking organization in
California, controlling total deposits of $780.9 million,
representing less than 1 percent of total deposits in depository institutions in the state.3 After consummation of the
proposal, CFHC's only assets and operations would consist
of CCB's assets and operations.

1. CCB indirectly owns all the shares of Chinatrust USA through a
wholly owned subsidiary, China Trust Holdings Corp., New York,
New York ("Holdings"). Holdings is a registered bank holding company.
2. CFHC would be formed under the Financial Holding Company
Law of Taiwan ("FHCL"), which was promulgated July 9, 2001, and
became elfective November 1, 2001. The formation would be effected
through an exchange of shares with CCB. CFHC's corporate existence
would begin on consummation of the exchange of shares, and CCB
would be a direct, wholly owned subsidiary of CFHC. The transaction
would not affect CCB's U.S. operations.
3. Deposit and ranking data are as of June 30, 2001. In this context,
depository institutions include commercial banks, savings banks, and
savings associations.

304

Federal Reserve Bulletin • June 2002

Competitive Considerations
The BHC Act prohibits the Board from approving any
proposal under section 3 that would result in a monopoly
or would be in furtherance of any attempt to monopolize
the business of banking in any relevant banking market.
The BHC Act also prohibits the Board from approving a
proposed bank acquisition that would substantially lessen
competition in any relevant banking market, unless the
Board finds that the anticompetitive effects of the proposal
clearly are outweighed in the public interest by the probable effect of the proposal in meeting the convenience and
needs of the community to be served.4
The proposal involves only the formation of a top-tier
holding company under Taiwan law and does not involve
the acquisition of a second bank in the United States.
Accordingly, based on all the facts of record, the Board
concludes that consummation of the proposal would not
have any significantly adverse effects on competition or on
the concentration of banking resources in any relevant
banking market, and that competitive considerations are
consistent with approval.
Financial, Managerial, and Supervisory Considerations
The BHC Act requires that the Board, in acting on an
application, consider the financial and managerial resources
and future prospects of the companies and banks involved
in a bank acquisition proposal, the effect the proposed
transaction would have on such resources, and other supervisory factors. In assessing the financial and managerial
strength of CFHC and its affiliates, the Board has reviewed
information from the home country authority responsible
for supervising CCB and CFHC concerning the proposal
and the condition of the parties; confidential financial information from CCB and CFHC; reports of examination from
the appropriate federal and state supervisors of CCB's
branch office and Chinatrust USA assessing the financial
and managerial resources of the organization's U.S. operations; and publicly reported and other financial information, as well as public comments received on the proposal.5
The proposal is a corporate reorganization that involves
only an exchange of shares. On consummation, CCB's
capital levels would exceed the minimum levels that would
be required under the Basel Capital Accord and are consid4. 12 U.S.C. § 1842(c).
5. The Board received one comment on the proposal that cited press
reports about the activities of CCB, its affiliates, and companies
owned or controlled by officers or directors of CCB or their relatives.
The issues raised in these press reports included investments in
offshore companies made to avoid taxes in Taiwan or to engage in
stock speculation outside Taiwan, and other financial and nonfinancial
issues concerning the entities previously noted. In addition, the press
reports described a credit rating agency's decision in August 2001 to
downgrade the outlook on CCB's counterparty credit ratings. The
press reports also noted allegations of underreporting of nonperforming loans by financial institutions generally in Taiwan. The Board has
considered this information in the context of the supervisory and other
information noted above, including information from the relevant
home country authorities.




ered equivalent to the capital levels that would be required
of a U.S. banking organization under similar circumstances. Based on all the facts of record, the Board concludes that the financial and managerial resources and
future prospects of the organization involved are consistent
with approval.
Under section 3 of the BHC Act, the Board may not
approve an application involving a foreign bank unless the
bank is "subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities
in the bank's home country."6 The Board previously has
determined that CCB is subject to comprehensive consolidated supervision by its home country supervisors.7 No
material changes have occurred in the manner of CCB's
supervision that would alter the Board's previous determination. Based on all the facts of record, the Board has
concluded that CCB continues to be subject to comprehensive supervision and regulation on a consolidated basis by
its home country supervisors.8
The BHC Act also requires the Board to determine that
CFHC has provided adequate assurances that it will make
available to the Board such information on its operations
and activities and those of its affiliates that the Board
deems appropriate to determine and enforce compliance
with the BHC Act.9 The Board has reviewed the restrictions on disclosure in jurisdictions where CFHC would
have material operations and has communicated with relevant government authorities concerning access to information. CCB has committed that it will make available to the
Board such information on its operations and the operations of any of its affiliates that the Board deems necessary
to determine and enforce compliance with the BHC Act,

6. 12 U.S.C. § 1842(c)(3)(B). As provided in Regulation Y, the
Board determines whether a foreign bank is subject to consolidated
home country supervision under the standards set forth in Regulation K. See 12 C.F.R. 225.13(a)(4). Regulation K provides that a
foreign bank may be considered subject to consolidated supervision if
the Board determines that the bank is supervised or regulated in such a
manner that its home country supervisor receives sufficient information on the worldwide operations of the foreign bank, including the
relationships of the bank to its affiliates, to assess the foreign bank's
overall financial condition and compliance with law and regulation.
See 12 C.F.R. 211.24(c)(1)(h).
7. See Chinatrust Commercial Bank, Ltd., 84 Federal Reserve
Bulletin 1121 (1998). Pursuant to delegated authority, the Federal
Reserve Bank of New York ("Reserve Bank") approved CCB's
application to acquire Chinatrust USA. See letter dated April 18, 2001,
from the Reserve Bank to Barbara Mendelson, Esq.
8. Regarding the supervision of the new parent company of CCB,
the Board has considered that the parent, CFHC, would be subject to
supervision by the Ministry of Finance ("Ministry"). Under the
FHCL, the supervisor of a financial holding company in Taiwan is the
competent authority designated in the Taiwan Banking Law, which at
present is the Ministry. The FHCL contains prudential restrictions on
transactions with affiliates and imposes capital adequacy requirements
on financial holding companies. The Ministry may order a financial
holding company and its subsidiaries to provide financial statements,
transaction information, or other related data for inspection, and may
send internal or outside independent auditors to audit and inspect the
operations and the financial records of the financial holding company
or any of its subsidiaries.
9. See 12 U.S.C. § 1842(c)(3)(A).

Legal Developments

the IBA, and other applicable federal law. CCB also has
committed to cooperate with the Board to obtain any
waivers or exemptions that may be necessary to enable it to
make such information available to the Board. CFHC,
CCB's ultimate parent under the terms of the proposal, is
in formation and, consequently, has not yet provided assurances of access to information. The Board's action on this
proposal is subject to the condition that, immediately on its
formation, CFHC will provide the Board with commitments as prescribed by the Board with respect to access to
information and consent to jurisdiction. In light of the
commitments provided by CCB, the condition stated
above, and other facts of record, the Board has concluded
that CFHC has provided adequate assurances of access to
any appropriate information the Board may request. For
these reasons, and based on all the facts of record, the
Board has concluded that the supervisory factors it is
required to consider under section 3(c)(3) of the BHC Act
are consistent with approval.
Convenience and Needs Considerations
In acting on a proposal under section 3 of the BHC Act, the
Board is required to consider the effects of the proposal on
the convenience and needs of the communities to be served
and take into account the records of the relevant insured
depository institutions under the Community Reinvestment
Act ("CRA"). 10 The CRA requires the federal financial
supervisory agencies to encourage financial institutions to
help meet the credit needs of local communities in which
they operate, consistent with safe and sound operation, and
requires the appropriate federal supervisory agency to take
into account an institution's record of meeting the credit
needs of its entire community, including low- and
moderate-income ("LMI") neighborhoods, in evaluating
bank expansion proposals. The Board has considered carefully the convenience and needs factor and the CRA performance record of Chinatrust USA in light of all the facts of
record, including the public comment noted above.11
As provided in the CRA, the Board has evaluated the
convenience and needs factor in light of examinations by
the appropriate federal supervisor of the CRA performance
record of the relevant institution. An institution's most
recent CRA performance evaluation is a particularly important consideration in the applications process because it
represents a detailed, on-site evaluation of the institution's

10. 12 U.S.C. §2901 etseq.
11. The commenter criticized Chinatrust USA's 1999 decision to
discontinue its consumer loan products in favor of focusing on originating commercial loans; its omission of Bronx County, New York,
from its New York/New Jersey assessment area; and its record of
lending to small businesses, including in Kings and Bronx Counties,
New York. The commenter also criticized Chinatrust USA's foreclosure policies in connection with a newspaper report suggesting that
Chinatrust USA was considering foreclosing on property subject to a
construction loan to a developer who is now in bankruptcy. This
matter would be subject to applicable bankruptcy statutes and proceedings.




305

overall record of performance under the CRA by its appropriate federal supervisor.12
Chinatrust USA received a "satisfactory" overall rating
in the most recent examination of Chinatrust USA's CRA
performance by the Federal Deposit Insurance Corporation
("FDIC"), as of May 29, 2001 ("2001 examination").13
Examiners found no substantive violations of antidiscrimination laws and, in general, commended Chinatrust USA
for originating a high percentage of loans in its assessment
areas. Examiners also reviewed the assessment areas delineated by Chinatrust USA, including in New York, and
concluded that the assessment areas consist of whole census tracts, do not arbitrarily exclude any LMI census tracts,
and reflect no illegal discrimination.
A. Lending
Chinatrust USA received a "high satisfactory" rating under the lending test in the 2001 examination, which covered the period from May 1999 through May 2001 ("examination period").14 Examiners concluded that Chinatrust
USA's lending record during the examination period reflected a good response to community credit needs in light
of Chinatrust USA's strategy, lending volume, and competition.15 Examiners noted that the geographic distribution
of loans originated by Chinatrust USA reflected a good
penetration throughout its assessment areas, and that Chinatrust USA's lending performance in LMI areas in 1999
was favorable compared with the aggregate data of all
lenders in Chinatrust USA's delineated communities (the
"aggregate").16
Examiners reported that Chinatrust USA originated 60
small business loans, totaling approximately $22.9 million,
in LMI census tracts in its assessment areas during the
examination period.17 These small business loans represented more than 33 percent of Chinatrust USA's overall

12. See Interagency Questions and Answers Regarding Community
Reinvestment, 66 Federal Register 36,639 (2001).
13. The New York State Banking Department also rated Chinatrust
USA "satisfactory" in its most recent assessment of Chinatrust USA's
record of helping to meet the credit needs of its entire community, as
of April 4, 1998, pursuant to section 28-b of New York Banking Law.
See N.Y. Banking Law § 28-b (McKinney 2002).
14. The small business lending data reviewed in the 2001 examination included all small business loans originated by Chinatrust USA
during 1999 and 2000.
15. Examiners noted that in 1999 Chinatrust USA discontinued
offering all types of consumer loan products except as accommodations to existing customers but did not criticize this decision.
16. Based on information in the 2001 examination, the commenter
argued that Chinatrust USA makes only limited use of innovative and
flexible lending practices throughout its assessment areas and criticized Chinatrust USA's record for lending in LMI census tracts in its
New York/New Jersey assessment area. However, examiners noted
that Chinatrust USA offered flexible lending programs that benefited
LMI individuals and small businesses throughout its assessment areas
and concluded that Chinatrust USA's geographic distribution of loans
in its New York/New Jersey assessment area reflected good penetration throughout the assessment area.
17. In this context, "small business loans" refers to loans of less
than $1 million to businesses.

306

Federal Reserve Bulletin • June 2002

volume of business loans. Examiners observed that Chinatrust USA's level of penetration of small business loans
in its assessment areas increased in 2000, and examiners
commended Chinatrust USA's efforts to respond to small
business credit needs in LMI areas. Examiners also commended Chinatrust USA's dispersion of its business loans
among businesses of different sizes, noting that the number
and dollar amount of loans to small businesses18 by Chinatrust USA during 1999 compared favorably with the
aggregate in both its Los Angeles, California, and New
York/New Jersey assessment areas.19 Examiners also noted
that Chinatrust USA originated 18 community development loans, totaling $13.3 million, which examiners found
to represent an adequate level of community development
loans.
B. Investment
Chinatrust USA also received a "high satisfactory" rating
under the investment test in the 2001 examination. Examiners stated that Chinatrust USA made a significant level of
qualified community development investments and grants
during the examination period. Examiners observed that
the 39 qualified investments by Chinatrust USA, totaling
$6.5 million, approximately doubled the number and volume of qualified investments made by Chinatrust USA
during its previous examination period. Examiners concluded that Chinatrust USA's community development investments were responsive to the needs of the communities
in its assessment areas, including LMI census tracts.
In the 2001 examination, Chinatrust USA's investment
performance in its New York/New Jersey assessment area
was considered adequate. Examiners noted that Chinatrust
USA made 20 community development investments or
grants in the assessment area, totaling approximately $1.8
million, including a $700,000 investment commitment to
the Community Preservation Corporation ("CPC").20 According to CFHC, these investments by Chinatrust USA
included a purchase of almost $480,000 in mortgagebacked securities guaranteed by government-sponsored entities, with underlying collateral primarily consisting of
loans to individuals earning 80 percent or less of the
median income in their respective communities.
C. Service
Chinatrust USA received a "high satisfactory" rating under the service test in the 2001 examination. Examiners

18. In this context, "loans to small businesses" refers to commercial loans to businesses with gross annual revenues of $1 million or
less.
19. Examiners noted that Chinatrust USA's levels of lending to
small businesses declined in 2000, but attributed the decline to Chinatrust USA's decision to focus its lending strategy primarily on
middle-sized businesses.
20. CPC is a mortgage lender specializing in the financing of
housing for LMI families. CFHC has indicated that since the examination, Chinatrust USA has funded more than 23 percent of its commitment to CPC.




concluded that Chinatrust USA's banking services and
delivery systems, including alternative delivery systems,
are accessible to essentially all portions of Chinatrust
USA's community, including LMI areas and individuals,
and that Chinatrust USA's business hours are reasonable.
D. Montgomery County Assessment Area
Although Chinatrust USA received a "satisfactory" overall CRA rating, the commenter criticized Chinatrust USA's
CRA performance, noting that examiners rated the bank
"needs to improve" for Maryland in the 2001 examination.
This rating was based on a review of Chinatrust USA's
CRA activities in its Montgomery County, Maryland, assessment area.
Since the completion of the examination, Chinatrust
USA has prepared an action plan to increase its lending in
the assessment area. Chinatrust USA made a draft of this
plan available for public comment in late 2001 but received no comments. The FDIC, the primary federal regulator of Chinatrust USA, has reviewed and approved the
plan. The Board expects Chinatrust USA to implement its
action plan, and has considered its activities in Maryland in
the context of its overall CRA rating and the views of the
FDIC on the adequacy of the plan for strengthening Chinatrust USA's CRA performance in Maryland.
E. Conclusion on Convenience and Needs
In reviewing the effects of the proposal on the convenience
and needs of the communities to be served, the Board has
carefully considered the entire record, including the information provided by the commenter and CFHC, evaluations
of the CRA performance of Chinatrust USA, and confidential supervisory information. Based on all the facts of
record and for the reasons discussed above, the Board
concludes that considerations relating to the convenience
and needs factor, including the CRA performance record of
Chinatrust USA, are consistent with approval.
Conclusion
Based on the foregoing and all facts of record, the Board
has determined that the application should be, and hereby
is, approved, subject to all the terms and conditions in this
order. In reaching its conclusion, the Board has considered
all the facts of record in light of the factors that it is
required to consider under the BHC Act and other applicable statutes.21
21. The commenter also requested that the Board hold a public
hearing on the proposal. Section 3(b) of the BHC Act does not require
the Board to hold a public hearing on an application unless the
appropriate supervisory authority for the bank to be acquired makes a
timely written recommendation of denial of the application. The
Board has not received such a recommendation from the appropriate
supervisory authority.
Under its rules, the Board also may, in its discretion, hold a public
meeting or hearing on an application to acquire a bank if a meeting or
hearing is necessary or appropriate to clarify factual issues related to

Legal Developments

307

The Board's approval is specifically conditioned on compliance by CCB and CFHC with all the conditions set forth
in this order and on all the representations and commitments made in connection with this application. The
Board's approval also is conditioned specifically on the
Board's receiving access to information on the operations
or activities of CFHC and any of its affiliates that the Board
determines to be appropriate to determine and enforce
compliance by CFHC and its affiliates with applicable
federal statutes.22 These representations, commitments, and
conditions are deemed to be conditions imposed in writing
by the Board in connection with its finding and decision
and, as such, may be enforced in proceedings under applicable law.
The proposal may not be consummated before the fifteenth calendar day after the effective date of this order,
and the proposal may not be consummated later than three
months after the effective date of this order, unless such
period is extended for good cause by the Board or the
Reserve Bank, acting pursuant to delegated authority.
By order of the Board of Governors, effective April 19,

foreign bank within the meaning of the International Banking Act ("IBA").1 The proposal involves the affiliation of
Bank SinoPac with an unaffiliated nonbanking company in
Taiwan and the creation under Taiwan law of SPH as the
top-tier holding company of the newly combined organization.2
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published
(67 Federal Register 2662 (2002)). The time for filing
comments has expired, and the Board has considered the
proposal and all comments received in light of the factors
set forth in section 3 of the BHC Act.
On consummation of the proposal, SPH would become
the 14th largest banking organization in Taiwan, with total
consolidated assets equivalent to approximately $10.6 billion.3 Bank SinoPac operates a branch in Los Angeles.
FENB is the 45th largest banking organization in California, controlling total deposits of $946.5 million, representing less than 1 percent of total deposits in depository
institutions in the state.4

2002.

Competitive and Convenience and Needs Considerations

Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson.

The BHC Act prohibits the Board from approving an
application under section 3 of the BHC Act if the proposal
would result in a monopoly or would substantially lessen
competition in any relevant banking market, unless the
Board finds that the anticompetitive effects of the proposal
are clearly outweighed in the public interest by the probable effects of the proposal in meeting the convenience and
needs of the community to be served.5 The proposal involves the formation of a new top-tier holding company for
the combined organization under Taiwan law and does not
involve the acquisition of a second bank in the United
States. Based on all the facts of record, the Board has

ROBERT DEV. FRIERSON

Deputy Secretary of the Board.

SinoPac Holdings
Taipei, Taiwan
Order Approving the Formation of a Bank Holding
Company
SinoPac Holdings (In Formation) ("SPH") has requested
the Board's approval under section 3 of the Bank Holding
Company Act (12 U.S.C. § 1842) ("BHC Act") to become a bank holding company by indirectly acquiring Far
East National Bank (U.S.A.), Los Angeles, California
("FENB"), as a result of acquiring all the voting shares of
Bank SinoPac, also in Taipei ("Bank SinoPac"), a registered bank holding company under the BHC Act and a
the application and to provide an opportunity for testimony. 12 C.F.R.
225.16(e). The Board has considered carefully the commenter's request in light of all the facts of record. In the Board's view, the public
has had ample opportunity to submit comments on the proposal, and
in fact, the commenter has submitted written comments that the Board
has considered carefully in acting on the proposal. The commenter's
request fails to demonstrate why its written comments do not present
its evidence adequately and fails to identify disputed issues of fact that
are material to the Board's decision that would be clarified by a public
meeting or hearing. For these reasons, and based on all the facts of
record, the Board has determined that a public meeting or hearing is
not required or warranted in this case. Accordingly, the request for a
public meeting or hearing on the proposal is denied.
22. In addition, the Board's action on this proposal is subject to the
condition that there be no change in the ownership structure of CFHC
or its subsidiaries that would result in Chinatrust USA no longer being
supervised as a subsidiary of CCB by the appropriate supervisory
authority in Taiwan without the prior approval of the Board.




1. Bank SinoPac indirectly owns all the voting shares of FENB
through a wholly owned subsidiary, SinoPac Bancorp, also in Los
Angeles ("Bancorp"). Bancorp is a registered bank holding company.
2. SPH would be formed under the Financial Holding Company
Law ("FHCL") of Taiwan, which was promulgated July 9, 2001, and
became effective November 1, 2001. The formation would occur
through an exchange of shares with Bank SinoPac; SinoPac Securities, Inc. ("SSI"), a majority-owned nonbanking subsidiary of Bank
SinoPac that primarily engages in securities activities; and National
Securities Corporation ("NSC"), an unaffiliated nonbanking company
that also engages primarily in securities activities, all in Taipei. In the
United States, NSC engages in minimal activities permissible under
section 211.23(f) of Regulation K. 12 C.F.R. 211.23(f). SPH's corporate existence would begin on consummation of the exchange of
shares, and Bank SinoPac, SSI, and NSC would be direct, wholly
owned subsidiaries of SPH. After consummation of the transaction,
SPH would merge SSI into NSC. The transaction would not affect
Bank SinoPac's U.S. operations. FENB would be a wholly owned
subsidiary of Bancorp directly and Bank SinoPac indirectly.
3. Asset data are as of December 31, 2001, and are based on
exchange rates then in effect. Currently, Bank SinoPac is the 16th
largest banking organization in Taiwan, with total consolidated assets
equivalent to approximately $9.3 billion.
4. Deposit and ranking data are as of June 30, 2001. In this context,
depository institutions include commercial banks, savings banks, and
savings associations.
5. 12 U.S.C. § 1842(c).

308

Federal Reserve Bulletin • June 2002

concluded that consummation of the proposal would not
have a significantly adverse elfect on competition or on the
concentration of banking resources in any relevant banking
market, and that competitive considerations are consistent
with approval.
The Board also has considered the effect of the transaction on the convenience and needs of the communities to
be served, including the performance record of FENB
under the Community Reinvestment Act ("CRA"). 6 In
light of all the facts of record, the Board also has concluded that considerations related to the convenience and
needs of the communities to be served are consistent with
approval of this proposal.
Financial, Managerial, and Certain Supervisory
Considerations
The BHC Act requires the Board to consider the financial
and managerial resources and future prospects of the companies and banks involved in a bank acquisition proposal.
In assessing the financial and managerial strength of SPH
and its affiliates, the Board has reviewed information from
the home country authority responsible for supervising
Bank SinoPac and SPH concerning the proposal and the
condition of the parties; confidential financial information
from SPH, NSC, Bank SinoPac and FENB; and reports of
examination from the appropriate federal and state supervisors of the affected organizations assessing the financial
and managerial resources of the organizations' U.S. operations. The Board notes that the proposal is intended to
enhance the overall financial strength and future prospects
of the combined organization. Bank SinoPac's capital levels exceed the minimum levels that would be required
under the Basel Capital Accord, and are considered equivalent to the capital levels that would be required of a
United States banking organization under similar circumstances. Based on all the facts of record, the Board concludes that the financial and managerial resources and
future prospects of the organizations involved are consistent with approval.
Section 3 of the BHC Act also provides that the Board
may not approve an application involving a foreign bank
unless the bank is "subject to comprehensive supervision
or regulation on a consolidated basis by the appropriate
authorities in the bank's home country."7 The Board previ-

6. 12 U.S.C. § 2901 et seq. FENB received a "satisfactory" CRA
performance rating from the Office of the Comptroller of the Currency
at its most recent examination in January 2001.
7. 12 U.S.C. § 1842(c)(3)(B). As provided in Regulation Y, the
Board determines whether a foreign bank is subject to consolidated
home country supervision under the standards set forth in Regulation K. 12 C.F.R. 225.13(a)(4). Regulation K provides that a foreign
bank may be considered subject to consolidated supervision if the
Board determines that the bank is supervised in such a manner that its
home country supervisor receives sufficient information on the worldwide operations of the foreign bank, including the relationships of the
bank to its affiliates, to assess the foreign bank's overall financial
condition and compliance with law and regulation. 12 C.F.R.
211.24(c)(l)(ii).




ously has determined that Bank SinoPac is subject to
comprehensive consolidated supervision by its home country authorities.8 No material changes have occurred in the
manner of Bank SinoPac's supervision that would alter the
Board's previous determination. Based on all the facts of
record, the Board has concluded that Bank SinoPac continues to be subject to comprehensive supervision and regulation on a consolidated basis by its home country supervisors.9
The BHC Act also requires the Board to determine that
the applicant has provided adequate assurances that it will
make available to the Board such information on its operations and activities and those of their affiliates that the
Board deems appropriate to determine and enforce compliance with the BHC Act.10 The Board has reviewed the
restrictions on disclosures in jurisdictions where SPH
would have material operations and has communicated
with relevant government authorities concerning access to
information. Bank SinoPac previously has committed that
it will make available to the Board such information on its
operations and the operations of any of its affiliates that the
Board deems necessary to determine and enforce compliance with the BHC Act, the IBA, and other applicable
federal law. Bank SinoPac also has committed to cooperate
with the Board to obtain any waivers or exemptions that
may be necessary to enable it to make such information
available to the Board. SPH, Bank SinoPac's ultimate
parent under the terms of the proposal, is in formation and,
consequently, has not yet provided assurances of access to
information. The Board's action on this proposal is subject
to the condition that, immediately on its formation, SPH
will provide the Board with commitments as prescribed by
the Board with respect to access to information and consent to jurisdiction. In light of the commitments provided
by Bank SinoPac, the condition stated above, and other
facts of record, the Board has concluded that SPH has
provided adequate assurances of access to any necessary
information the Board may request. For these reasons, and
based on all the facts of record, the Board has concluded
that the supervisory factors it is required to consider under
section 3(c)(3) of the BHC Act are consistent with approval.

8. See Bank SinoPac, 83 Federal Reserve Bulletin 669 (1997).
9. Regarding the supervision of the new parent company of Bank
SinoPac, the Board has considered that the parent, SPH, would be
subject to supervision by the Ministry of Finance of Taiwan ("MOF").
Under the FHCL, the supervisor of a financial holding company in
Taiwan is the competent authority designated in the Taiwan Banking
Law, which at present is the MOF. The FHCL contains prudential
restrictions on transactions with affiliates and imposes capital adequacy requirements on financial holding companies. The MOF may
order a financial holding company and its subsidiaries to provide
financial statements, transaction information, or other related data for
inspection and may send internal or outside independent auditors to
audit and inspect the operations and the financial records of the
financial holding company or any of its subsidiaries.
10. See 12 U.S.C. § 1842(c)(3)(A).

Legal Developments

Conclusion
Based on the foregoing, the Board has determined that this
application should be, and hereby is, approved, subject to
all the terms and conditions in this order. In reaching its
conclusion, the Board considered all the facts of record in
light of the factors that it is required to consider under the
BHC Act and other applicable statutes.
The Board's approval is specifically conditioned on compliance by SPH and Bank SinoPac with all the conditions
set forth in this order and on all the representations and
commitments made or relied on in connection with this
application. In addition, the Board's order is specifically
conditioned on the Board's receiving access to information
on the operations or activities of SPH and any of its
affiliates that the Board determines to be appropriate to
determine and enforce compliance by SPH or its affiliates
with applicable federal statutes.11 These representations,

11. The Board's action on this proposal also is subject to the
condition that there will be no change in the ownership structure of

309

commitments, and conditions are deemed to be conditions
imposed in writing by the Board in connection with its
findings and decision and, as such, may be enforced in
proceedings under applicable law.
The transaction shall not be consummated before the
fifteenth calendar day after 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 San Francisco,
acting pursuant to delegated authority.
By order of the Board of Governors, effective April 11,
2002.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson.

ROBERT DEV. FRIERSON

Deputy Secretary of the Board
SPH and its subsidiaries that would result in FENB no longer being
supervised as a subsidiary of Bank SinoPac by the appropriate supervisory authority in Taiwan without the prior approval of the Board.

APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT

By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to
the Reserve Banks.
Section 3
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Banknorth Group, Inc.,
Portland, Maine

Ipswich Bancshares, Inc.,
Ipswich, Massachusetts
Ipswich Savings Bank,
Ipswich, Massachusetts
The Bancorp, Inc.,
Cedarburg, Wisconsin
Northwoods State Bank,
Elcho, Wisconsin
Century Bank of Kentucky, Inc.,
Lawrenceburg, Kentucky
Commercial Bank,
Maryland Heights, Missouri
Crow River State Bank,
Delano, Minnesota
Union State Bank,
Arkansas City, Kansas
Eurobank,
Hato Rey, Puerto Rico
Bank of Wilmington,
Wilmington, North Carolina

Boston

April 10, 2002

Chicago

April 5, 2002

St. Louis

March 27, 2002

St. Louis

April 5, 2002

Minneapolis

April 3, 2002

Kansas City

April 5, 2002

New York

April 5, 2002

Richmond

April 11, 2002

The Baraboo Bancorporation, Inc.,
Baraboo, Wisconsin

Century Bancshares, Inc.,
Lawrenceburg, Kentucky
Commercial Bancshares, Inc.,
Maryland Heights, Missouri
CRSB Bancorp, Inc.,
Delano, Minnesota
Docking Bancshares, Inc.,
Arkansas City, Kansas
EuroBancshares, Inc.,
Hato Rey, Puerto Rico
First Citizens Bancorporation of
South Carolina, Inc.,
Columbia, South Carolina




310

Federal Reserve Bulletin • June 2002

Section 3—Continued
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

First Financial Corporation,
Arthur, North Dakota

Omega City Holding Company,
LaMoure, North Dakota
First State Bank of LaMoure,
LaMoure, North Dakota
Florida Community Bank,
Immokalee, Florida
Gilford Bancorp, Inc.,
Gilford, Illinois
The Gifford State Bank,
Gilford, Illinois
Williamstown Mutual Holding
Company,
Williamstown, Massachusetts
Williamstown Savings Bank,
Williamstown, Massachusetts
MountainOne Financial Partners, Inc.,
North Adams, Massachusetts
Legends Bank,
Clarksville, Tennessee
Bank of Jonesboro,
Jonesboro, Arkansas
The Bank Brevard,
Melbourne, Florida

Minneapolis

April 5, 2002

Atlanta

April 5, 2002

Chicago

April 3, 2002

Boston

April 15, 2002

Atlanta

April 5, 2002

St. Louis

April 9, 2002

Atlanta

April 22, 2002

Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Bayerische Hypo- und Vereinsbank
AG,
Munich, Germany
Allianz AG,
Munich, Germany
Munchener RuckverischerungsGesellschaft Aktiengesellschaft In
Munchen,
Munich, Germany
Identrus, LLC,
New York, New York
First Financial Bancorp,
Hamilton, Ohio

Digital Signature Trust Company,
Salt Lake City, Utah

New York

April 16, 2002

First Financial Capital Advisors, LLC,
Hamilton, Ohio

Cleveland

April 8, 2002

Florida Community Banks, Inc.,
Immokalee, Florida
Gilford Bancorp, Inc. Employee
Stock Ownership Plan,
Gilford, Illinois
Hoosac Financial Services, Inc.,
North Adams, Massachusetts

Legends Financial Holdings, Inc.,
Clarksville, Tennessee
Liberty Bancshares, Inc.,
Jonesboro, Arkansas
THE BANKshares, Inc.,
Melbourne, Florida

Section 4




Legal Developments

311

Sections 3 and 4
Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Outsource Holdings, Inc.,
Lubbock, Texas
Outsource Delaware Holdings, Inc.
Dover, Delaware

First Citizens Bank, National
Association,
Dallas, Texas
Jefferson Mortgage Services, Inc.
Dallas, Texas
Orr Lease, Inc.,
Dallas, Texas
Thomson Investment, Inc.,
Savanna, Illinois
Savanna State Bank,
Savanna, Illinois
Thomson State Bank,
Thomson, Illinois
Thomson LLC,
Thomson, Illinois

Dallas

April 15, 2002

Chicago

April 2, 2002

Savanna-Thomson Investment, Inc.
Fulton, Illinois

APPLICATIONS APPROVED UNDER BANK MERGER ACT

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

Bank(s)

Reserve Bank

Effective Date

Community Banks of Southern
Colorado,
Rocky Ford, Colorado
State Bank of Howards Grove,
Howards Grove, Wisconsin

Rocky Ford Federal Savings and Loan
Association,
Rocky Ford, Colorado
Citizens Bank of Pennsylvania,
Philadelphia, Pennsylvania

Kansas City

April 22, 2002

Chicago

April 16, 2002

PENDING CASES INVOLVING THE BOARD OF GOVERNORS

This list of pending cases does not include suits against the
Federal Reserve Banks in which the Board of Governors is not
named a party.
Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), removed on April 1, 2002, from No. 02-1502 (D.C. Superior
Court, originally filed March 1, 2002). Action seeking damages for personal injury.
Community Bank & Trust v. United States, No. 01-571C
(Ct. Fed. Cl„ filed October 3, 2001). Action challenging on
constitutional grounds the failure to pay interest on reserve
accounts held at Federal Reserve Banks.
Laredo National Bancshares, Inc. v. Whalen v. Board of Governors, No. 01-CV-134 (S.D. Tex.), removed on September 5, 2001, from No. 99CVQ00940-D3 (District Court,
341st Judicial District, Webb County, Texas, originally filed
July 26, 2001). Third-party petition seeking indemnification



or contribution from the Board in connection with a claim
asserted against defendant Whalen alleging tortious interference with a contract.
Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C.,
complaint filed June 11, 2001). Action under the Federal
Tort Claims Act for injury on Board premises.
Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint
filed February 22, 2001. Employment discrimination action.
On August 15, 2001, the district court consolidated the
action with Artis v. Greenspan, No. 99-CV-2073 (EGS)
(D.D.C., filed August 3, 1999), also an employment discrimination action.
Howe v. Bank for International Settlements, No. 00CV12485
RCL (D. Mass., filed December 7, 2000). Action seeking
damages in connection with gold market activities and the
repurchase by the Bank for International Settlements of its
privately-owned shares. On March 26, 2002, the district
court dismissed the action against all defendants.

312

Federal Reserve Bulletin • June 2002

Trans Union LLC v. Federal Trade Commission, et al.,
No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of
district court order entered April 30, 2001, upholding challenged provisions of an interagency rule regarding Privacy
of Consumer Finance Information
Albrecht v. Board of Governors, No. 00-CV-317 (CKK)
(D.D.C., filed February 18, 2000). Action challenging the
method of funding of the retirement plan for certain Board




employees. On March 30, 2001, the district court granted in
part and denied in part the Board's motion to dismiss.
Fraternal Order of Police v. Board of Governors,
No. 1:98CV03116 (WBB)(D.D.C., filed December 22,
1998). Declaratory judgment action challenging Board labor practices. On February 26, 1999, the Board filed a
motion to dismiss the action.

A1

Financial and Business Statistics
A3

Federal Finance—Continued

GUIDE TO TABLES
DOMESTIC

FINANCIAL

STATISTICS

Money Stock and Bank Credit
A4
A5
A6

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

All

Gross public debt of U.S. Treasury—
Types and ownership
A28 U.S. government securities
dealers—Transactions
A29 U.S. government securities dealers—
Positions and financing
A30 Federal and federally sponsored credit
agencies—Debt outstanding

Securities Markets and Corporate Finance
Policy Instruments
A7
A8
A9

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

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

Monetary and Credit Aggregates

A31 New security issues—Tax-exempt state and local
governments and corporations
A32 Open-end investment companies—Net sales
and assets
A32 Corporate profits and their distribution
A32 Domestic finance companies—Assets and liabilities
A3 3 Domestic finance companies—Owned and managed
receivables

Real Estate
A34 Mortgage markets—New homes
A3 5 Mortgage debt outstanding

A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock and debt measures

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

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

Consumer Credit
A3 6 Total outstanding
A36 Terms

Flow of Funds
A37
A39
A40
A41

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

Federal Finance
A25 Federal fiscal and financing operations
A26 U.S. budget receipts and outlays
A27 Federal debt subject to statutory limitation



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

NONFINANCIAL

STATISTICS

Selected Measures
A42
A42
A43
A44
A46
A47
A48
A49

Nonfinancial business activity
Labor force, employment, and unemployment
Output, capacity, and capacity utilization
Industrial production—Indexes and gross value
Housing and construction
Consumer and producer prices
Gross domestic product and income
Personal income and saving

A2

Federal Reserve Bulletin • June 2002

INTERNATIONAL STATISTICS
Summary

Reported by Nonbanking
Enterprises in the United

Statistics

A50
A51
A51
A51

U.S. international transactions
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
A52 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United

A58 Liabilities to unaffiliated foreigners
A59 Claims on unaffiliated foreigners
Securities Holdings and

A52
A53
A55
A56

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A56 Banks' own claims on unaffiliated foreigners
A57 Claims on foreign countries—Combined
domestic offices and foreign branches

Transactions

A60 Foreign transactions in securities
A61 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange

States

Business
States

Rates

A62 Foreign exchange rates
A63 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
A64 INDEX TO STATISTICAL TABLES

Discontinuation of Certain Statistical Tables in the Federal Reserve

Bulletin

The following ten tables will be discontinued in the Financial and Business Statistics section of the Federal Reserve Bulletin
after this issue (June 2002). Information on the sources of data in these tables appears in the Announcements section on
page 290.
Discontinued tables and their page numbers in this issue:
1.38 (A25)

1.39 (A26)

1.48 (A32)

2.10 (A42)

2.11 (A42)

2.14 (A46)

2.15 (A47)

2.16 (A48)

2.17 (A49)

3.11 (A51)

Page numbers of the tables in the Financial and Business Statistics section will be revised in the July issue.




A3

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

*

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

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

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

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

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




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

A4
1.10

Domestic Financial Statistics • June 2002
RESERVES, MONEY STOCK, A N D DEBT MEASURES
Percent annual rate of change, seasonally adjusted1
2001

2002

2001

2002

Monetary or credit aggregate
Q2

Q4

Qi

Nov.

4.0
6.4
2.9
6.2

76.3
14.8
65.0
14.8

-30.2
23.2
-20.4
6.5'

-11.9
-11.5
-11.6
8.8

-124.9
-133.1
-124.1
-1.8'

5.7
1.3
6.2
9.4

12.0
19.6
12.5
12.0

6.0
9.5 r
13.7 r
5.7

16.5
11.5 r
10.3
5.7

1.5
9.4'
12.3'
7.0'

5.1
5.2
4.9
n.a.

2.2'
9.8
13.4
7.3'

15.0
9.3
10.4
6.3'

10.5 r
23.1

10.0 r
1.9

11.7
18.7 r

5.2
4.1

11.8'
21.3'

20.1
-7.6
-1.1

19.7
-10.4
-8.2

23.3
-12.1
-7.9

20.2
-16.1
10.4

22.0
4.1
11.5

25.2
-5.1
14.9

27.1
-11.8
3.3

27.3
-14.7
-1.7

5.7'
49.7

7.1'
27.2

8.9'
49.2

-12.1
-.9

18.9
7.0

-9.0r
-1.0

-1.5'
-1.9'

9.4
5.8

-7.0
8.6

3.1
6.3

3.9
7.6'

Dec.

Jan.

Feb.'

Mar.

-4.3
-3.5
-3.7
9.6

-11.3
-12.5
-12.7
6.3

3.1
2.2
-1.1'
2.1'

1.3
6.5
6.2
5.1

2.1
-1.4
.6
n.a.

7.7
12.7'

2.0
-8.4'

8.0
5.5

-2.4
5.1

28.3'
-16.1
-10.3

23.0
-18.7
7.2

18.8
-17.3
20.9'

21.9
-14.5
4.6

5.1
-12.7
17.6

26.1
-14.4
-15.5

14.1
-13.2
-7.3

24.2
-19.8
11.6

41.7
-12.8
-6.3

30.0
-8.1
-7.3

3.7'
33.0

2.2
26.2

-19.8'
-30.2

-15.3
-.8

-27.5
1.6

55.5'
22.1

3.2'
-16.7'

2.3'
-7.3'

12.2
37.4

-7.3
11.5

-.1
8.9'

3.1
I f f

-.5
2.7'

7.5
4.6

n.a.
n.a.

institutions2

1
2
3
4

Reserves of depository
Total
Required
Nonborrowed
Monetary base 3

5
6
7
8

Concepts of money and debt4
Ml
M2
M3
Debt

Nontransaction
9 In M 2 5
10 In M 3 only 6

Q3

components

Time and savings
deposits
Commercial banks
Savings, including M M D A s
Smalltime7
Large time 8 - 9
Thrift institutions
14
Savings, including M M D A s
15
Smalltime7
16
Large time 8
11
12
13

Money market mutual
17 Retail
18 Institution-only

funds

Repurchase agreements and
19 Repurchase agreements 1 0
20 Eurodollars 1 0
Debt
components4
21 Federal
22 Nonfederal

eurodollars

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault C a s h " and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted M l is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: M l plus (1) savings (including M M D A s ) , (2) small-denomination time deposits (time
deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds. Seasonally adjusted M 2 is
calculated by summing savings deposits, small-denomination time deposits, and retail money
f u n d balances, each seasonally adjusted separately, and adding this result to seasonally
adjusted M1.
M3: M 2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2)
balances in institutional money funds, (3) R P liabilities (overnight and term) issued by all




n.a.
n.a.

depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom
and Canada. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Seasonally adjusted M 3 is calculated
by summing large time deposits, institutional money f u n d balances, R P liabilities, and
eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted
M2.
Debt: T h e debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors—the federal sector (U.S. government, not including government-sponsored
enterprises or federally related mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial corporate and nonfarm
noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and
corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data,
which are derived from the Federal Reserve B o a r d ' s flow of funds accounts, are breakadjusted (that is, discontinuities in the data have been smoothed into the series) and
month-averaged (that is, the data have been derived by averaging adjacent month-end levels).
5. Sum of (1) savings deposits (including M M D A s ) , (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institutional money f u n d balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
7. Small time deposits—including retail R P s — a r e those issued in amounts of less than
$100,000. All I R A and Keogh account balances at commercial banks and thrift institutions
are subtracted from small time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
10. Includes both overnight and term.

Money Stock and Bank Credit
1.11

A5

RESERVES OF DEPOSITORY INSTITUTIONS A N D RESERVE B A N K CREDIT 1
Millions of dollars
Average of
daily figures
2002

Factor

Average of daily figures f o r w e e k e n d i n g on date indicated

2002

Feb. 27

Mar. 6

Mar. 13

Mar. 20

Mar. 27

636,437

631,999

636,235

634,241

637,270

635,201

565,884
0

567,332
0

568,510
0

571,914
0

574,098
0

575,740
0

10
0
34,750
0

10
0
28,856
0

10
0
32,392
0

10
0
25,043
0

10
0
26,614
0

10
0
22,214
0

31
24
0
0
9
38,633

2
16
0
0
-58
35,833

5
12
0
0
33
35,752

13
14
0
0
-374
35,671

3
20
0
0
727
36,524

6
20
0
0
-376
36,897

14
20
0
0
-171
37,374

11,044
2,200
33,575

11,044
2,200
33,490'

11,044
2,200
33,510'

11,044
2,200
33,529'

11,044
2,200
33,549

11,044
2,200
33,563

11,044
2,200
33,577

11,044
2,200
33,591

636,140 R
0
410

640,031
0
421

635,017 R
0
408

638,840 R
0
407

637,836'
0
410

638,543
0
415

639,608
0
421

640,009
0
429

640,588
0
422

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

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

4,976
314
9,376
222
17,715
6,525

4,892
136
9,445
219
17,791
11,461

4,696
127
9,061
218
17,887
8,537

5,473
124
9,048
248
18,007
11,171

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

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

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

Mar.

Feb. 13

631,364

636,572

627,817

564,721
0

573,087
0

562,646
0

10
0
34,752
0

10
0
29,562
0

10
0
26,689
0

10
0
26,464
0

45
15
0
0
384
37,683

13
17
0
0
74
36,967

6
19
0
0
-38
36,799

11,045
2,200
33,237'

11,044
2,200
33,503 R

634,083'
0
425

6,999
185
8,980
241
17,527
9,135

Jan.

Feb.

631,094
558,206
0

Feb. 2 0

SUPPLYING RESERVE FUNDS
1 R e s e r v e B a n k credit outstanding
U.S. g o v e r n m e n t securities 2
2
Bought outright—System account3
3
Held under r e p u r c h a s e a g r e e m e n t s
Federal agency obligations
4
B o u g h t outright
H e l d under r e p u r c h a s e a g r e e m e n t s
Repurchase agreeements—triparty4
6
7
Acceptances
L o a n s to depository institutions
8
A d j u s t m e n t credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
E x t e n d e d credit
17
Float
Other Federal R e s e r v e assets
13
14 Gold stock
IS Special d r a w i n g rights certificate a c c o u n t
16 Treasury currency o u t s t a n d i n g
ABSORBING RESERVE FUNDS
17 C u r r e n c y in circulation
18 R e v e r s e r e p u r c h a s e a g r e e m e n t s — t r i p a r t y 4
19 Treasury c a s h h o l d i n g s
Deposits, other than reserve balances,
with Federal R e s e r v e B a n k s
Treasury
Foreign
Service-related balances and a d j u s t m e n t s
??
Other
74 Other Federal R e s e r v e liabilities and capital
25 R e s e r v e balances with Federal R e s e r v e B a n k s 5

?o
?.i
?3

....

End-of-month

Wednesday

figures

figures

Jan.

Feb.

Mar.

Feb. 13

Feb. 20

Feb. 27

Mar. 6

Mar. 13

Mar. 2 0

Mar. 27

640,289

636,381

642,186

628,252

640,357

635,346

641,428

633,336

640,563

637,341

561,376
0

567,634
0

575,356
0

564,317
0

566,822
0

568,702
0

570,091
0

572,728
0

573,844
0

576,093
0

10
0
37,500
0

10
0
34,499
0

10
0
29,500
0

10
0
25,500
0

10
0
35,749
0

10
0
31,999
0

10
0
35,249
0

10
0
24,000
0

10
0
28,550
0

10
0
24,000
0

10
9
0
0
3,656
37,728

61
7
0
0
-1,232
35,402

0
19
0
0
-476
37,776

2
19
0
0
-497
38,901

1
14
0
0
2,244
35,517

10
12
0
0
-1,341
35,954

10
18
0
0
-58
36,108

0
22
0
0
-103
36,679

3
22
0
0
1,093
37,041

1
21
0
0
-343
37,559

11,045
2,200
33,47 l r

11,044
2,200
33,549 R

11,044
2,200
33,605

11,044
2,200
33,490'

11,044
2,200
33,510 1

11,044
2,200
33,529'

11,044
2,200
33,549

11,044
2,200
33,563

11,044
2,200
33,577

11,044
2,200
33,591

631,14 LR
0
415

638,325 R
0
414

641,848
0
412

637,408'
0
407

639,792'
0
409

638,893'
0
414

640,379
0
419

640,617
0
430

641,199
0
424

642,639
0
412

13,688
162
9,017
286
17,385
14,909

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

5,692
256
9,870
181
18,163
12,614

4,108
356
9,376
212
17,602
5,519

4,946
81
9,445
241
17,501
14,695

4,908
79
9,061
212
17,654
10,898

5,410
75
9,048
241
18,252
14,396

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

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

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

SUPPLYING RESERVE FUNDS
1 R e s e r v e B a n k credit outstanding
U.S. g o v e r n m e n t securities 2
2
Bought outright—System account5
3
H e l d u n d e r repurchase a g r e e m e n t s
Federal agency obligations
4
B o u g h t outright
5
H e l d under r e p u r c h a s e a g r e e m e n t s
Repurchase agreeements—triparty4
6
Acceptances
7
L o a n s to depository institutions
A d j u s t m e n t credit
8
9
Seasonal credit
10
Special Liquidity Facility credit
11
E x t e n d e d credit
Float
P
O t h e r Federal R e s e r v e assets
13
14 Gold stock
IS Special d r a w i n g rights certificate a c c o u n t
16 Treasury currency o u t s t a n d i n g
ABSORBING RESERVE FUNDS
17 Currency in circulation
18 R e v e r s e repurchase a g r e e m e n t s — t r i p a r t y 4
19 Treasury cash holdings
Deposits, other than reserve balances, with
Federal R e s e r v e B a n k s
70
Treasury
Foreign
71
Service-related balances and a d j u s t m e n t s
Other
74 Other Federal R e s e r v e liabilities a n d capital
25 R e s e r v e balances with Federal R e s e r v e B a n k s 5

77
73

....

1. A m o u n t s of cash held as reserves are s h o w n in table 1.12, line 2.
2. Includes securities l o a n e d — f u l l y g u a r a n t e e d by U.S. g o v e r n m e n t securities p l e d g e d
with Federal R e s e r v e B a n k s — a n d e x c l u d e s securities sold and scheduled to b e bought back
under matched s a l e - p u r c h a s e transactions.
3. Includes c o m p e n s a t i o n that a d j u s t s f o r the effects of inflation on the principal of
inflation-indexed securities.




4. C a s h value of a g r e e m e n t s arranged through third-party custodial banks. T h e s e agreem e n t s are collateralized b y U.S. g o v e r n m e n t and federal a g e n c y securities.
5. Excludes required clearing b a l a n c e s and a d j u s t m e n t s to c o m p e n s a t e f o r float,

A6
1.12

Domestic Financial Statistics • June 2002
RESERVES A N D BORROWINGS

Depository Institutions'

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

Reserve balances with Reserve Banks 2
Total vault cash 3
Applied vault cash 4
Surplus vault cash 5
Total reserves 6
Required reserves
Excess reserve balances at Reserve Banks 7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility 8
Extended credit

2000

2001

Dec.

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

1999

Dec.

Dec.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.'

Mar.

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

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

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

25,633
43,436
31,934
11,502
57,567
38,549
19,019
3,385
3,292
93

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

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

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

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

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

9,134
42,634
31,124
11,510
40,257
38,857
1,401
79
59
20

0

0

0

0

0

0

' '

2001

0

2002

' '

0

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

2001

2002

Nov. 28

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

Reserve balances with Reserve Banks 2
Total vault cash 3
Applied vault cash 4
Surplus vault cash 5
Total reserves 6
Required reserves
Excess reserve balances at Reserve Banks 7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility 8
Extended credit'

Dec. 12

Dec. 26

Jan. 9

Jan. 23

Feb. 6

Feb. 20

Mar. 6'

Mar. 20

Apr. 3

9,626
42,766
31,528
11,238
41,154
39,707
1,447
53
22
32

8,587
42,081
30,727
11,355
39,314
37,938
1,375
60
26
34

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

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

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

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

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

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

8,571
42,270
30,564
11,706
39,135
37,846
1,289
24
4
20

9,457
43,065
31,462
11,602
40,919
39,310
1,609
180
157
23

0

0

0

0

0

0

' '

0

' '

0

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




0

' '

0

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

Policy Instruments
1.14

A7

FEDERAL RESERVE B A N K INTEREST RATES
Percent per year
C u r r e n t and p r e v i o u s levels
S e a s o n a l credit 2

Adjustment credit'
On
5/10/02

E x t e n d e d credit 3
On
5/10/02

On
5/10/02

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

R a n g e of rates f o r a d j u s t m e n t credit in recent y e a r s 4
R a n g e (or
level)—All
F.R. B a n k s

In e f f e c t D e c . 31, 1981
1982—July

20
23
Aug. 2
3

12

F.R. B a n k
of
N.Y.

12

E f f e c t i v e date

1 9 9 1 — S e p t . 13
17
Nov. 6
7
Dec. 2 0
24

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

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

9
13
Nov. 21
26
D e c . 24

8.5-9
9
8.5-9
8.5
8

9
9
8.5
8.5
8

1995—Feb.

1985—May 20
24

7.5-8
7.5

7.5
7.5

1986—Mar.

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

7
7
6.5
6.5
6
5.5
5.5

1
6

5-5.5
5
4.5-5
4.5
3.5-4.5
3.5

F.R. B a n k
of
N.Y.

5
5
4.5
4.5
3.5
3.5

1984—Apr.

7
10
Apr. 21
23
July 11
A u g . 21
22

1987—Sept.

4
11

5.5-6
6

6
6

1988—Aug.

9
11

6-6.5
6.5

6.5
6.5

1989—Feb. 24

6.5-7
7

7
7

27
6.5

6.5

6-6.5
6
5.5-6
5.5

6
6
5.5
5.5

1 9 9 0 — D e c . 19
1991—Feb.

1
4
Apr. 3 0
May 2

2
7

3-3.5
3

17
18
A u g . 16
18
Nov. 15
17

3-3.5
3.5
3.5-^t
4
4-4.75
4.75

3.5
3.5
4
4
4.75
4.75

1
9

4.75-5.25
5.25

1 9 9 6 — J a n . 31
Feb.
3

5.00-5.25
5.00

15
16
Nov. 17
19

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

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

In e f f e c t M a y 10, 2 0 0 2

1.25

1.25

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00

1994—May

2
4
Mar. 21
23
M a y 16
19
3
4
5
31
Feb. 1
Mar. 2 0
21
Apr. 18
20

1. Available on a s h o r t - t e r m b a s i s to h e l p d e p o s i t o r y institutions m e e t t e m p o r a r y n e e d s f o r
f u n d s that c a n n o t be m e t t h r o u g h r e a s o n a b l e a l t e r n a t i v e sources. T h e h i g h e s t rate established
f o r l o a n s to d e p o s i t o r y institutions m a y b e c h a r g e d on a d j u s t m e n t credit l o a n s of unusual size
that result f r o m a m a j o r o p e r a t i n g p r o b l e m at the b o r r o w e r ' s facility.
2. Available to h e l p relatively small d e p o s i t o r y institutions m e e t r e g u l a r seasonal n e e d s f o r
f u n d s that arise f r o m a clear p a t t e r n of i n t r a y e a r l y m o v e m e n t s in their d e p o s i t s and loans and
that c a n n o t be m e t t h r o u g h special industry lenders. T h e d i s c o u n t rate on seasonal credit t a k e s
into a c c o u n t rates c h a r g e d by m a r k e t s o u r c e s of f u n d s a n d ordinarily is reestablished on the
first b u s i n e s s d a y of e a c h t w o - w e e k r e s e r v e m a i n t e n a n c e p e r i o d ; h o w e v e r , it is n e v e r less than
the d i s c o u n t rate a p p l i c a b l e to a d j u s t m e n t credit.
3. M a y be m a d e a v a i l a b l e to d e p o s i t o r y institutions w h e n similar assistance is not
r e a s o n a b l y available f r o m o t h e r s o u r c e s , i n c l u d i n g special industry lenders. S u c h credit m a y
be p r o v i d e d w h e n e x c e p t i o n a l c i r c u m s t a n c e s ( i n c l u d i n g sustained d e p o s i t drains, i m p a i r e d
access to m o n e y m a r k e t f u n d s , or s u d d e n d e t e r i o r a t i o n in loan r e p a y m e n t p e r f o r m a n c e ) or




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

5.25
5.25
5.50
5.50
5.50
6.00

2001—Jan.

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

4.75
4.75
4.75
5.00

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

15
17
J u n e 27
29
A u g . 21
23
Sept. 17
18
Oct.
2
4
Nov. 6
8
D e c . 11
13

2001—May

4.75
4.75
4.50
4.50

1 9 9 9 — A u g . 24
26
Nov. 16
18

F.R. B a n k
of
N.Y.

5.00
5.00

1998—Oct.

R a n g e (or
level)—All
F.R. B a n k s

E f f e c t i v e date

5.25
5.25

2000—Feb.

27
30
O c t . 12
13
Nov. 22
26
D e c . 14
15
17

1992—July

Range(or
level)—All
F.R. B a n k s

3
3

practices i n v o l v e only a p a r t i c u l a r institution, or to m e e t the n e e d s of institutions e x p e r i e n c i n g
difficulties a d j u s t i n g to c h a n g i n g m a r k e t c o n d i t i o n s o v e r a l o n g e r p e r i o d (particularly at t i m e s
of deposit d i s i n t e r m e d i a t i o n ) . T h e d i s c o u n t r a t e a p p l i c a b l e t o a d j u s t m e n t credit ordinarily is
c h a r g e d on e x t e n d e d - c r e d i t loans o u t s t a n d i n g less than thirty d a y s ; h o w e v e r , at the discretion
of the Federal R e s e r v e B a n k , this t i m e p e r i o d m a y be s h o r t e n e d . B e y o n d this initial p e r i o d , a
flexible rate s o m e w h a t a b o v e rates c h a r g e d on m a r k e t s o u r c e s of f u n d s is c h a r g e d . T h e rate
ordinarily is r e e s t a b l i s h e d on the first b u s i n e s s d a y of e a c h t w o - w e e k r e s e r v e m a i n t e n a n c e
period, but it is n e v e r less than the d i s c o u n t rate a p p l i c a b l e to a d j u s t m e n t credit plus 5 0 basis
points.
4. For earlier data, see the f o l l o w i n g p u b l i c a t i o n s of the B o a r d of G o v e r n o r s : Banking
and
Monetary
Statistics,
1914-1941,
a n d 1941-1970;
a n d the Annual Statistical
Digest,
19701979, and 1980-1989.
S e e a l s o the B o a r d ' s Statistics: R e l e a s e s a n d Historical Data w e b
p a g e s ( h t t p : / / w w w . f e d e r a l r e s e r v e . g O v / r e l e a s e s / H 15/data.htm).

A8
1.15

DomesticNonfinancialStatistics • June 2002
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 1
Requirement
Type of deposit
Percentage of
deposits

Net transaction
accounts2
1 $ 0 m i l l i o n - $ 4 1 . 3 million 3
2 More than $41.3 million 4

Effective date

3
10

12/27/01
12/27/01

0

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




12/27/90

0

12/27/90

succeeding calendar year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis as of June 30. N o
corresponding adjustment is made in the event of a decrease. The exemption applies only to
accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 27, 2001, for depository institutions that report
weekly, and with the period beginning January 17, 2002, for institutions that report quarterly,
the exemption was raised f r o m $5.5 million to $5.7 million.
4. The reserve requirement was reduced f r o m 12 percent to 10 percent on April 2, 1992,
for institutions that report weekly, and on April 16, 1992, for institutions that report quarterly.
5. For institutions that report weekly, the reserve requirement on nonpersonal time deposits
with an original maturity of less than 1.5 years was reduced from 3 percent to 1.5 percent for
the maintenance period that began December 13, 1990, and to zero for the maintenance
period that began December 27, 1990. For institutions that report quarterly, the reserve
requirement on nonpersonal time deposits with an original maturity of less than 1.5 years was
reduced f r o m 3 percent to zero on January 17, 1991.
The reserve requirement on nonpersonal time deposits with an original maturity of 1.5
years or more has been zero since October 6, 1983.
6. The reserve requirement on eurocurrency liabilities was reduced f r o m 3 percent to zero
in the same manner and on the same dates as the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1.5 years (see note 5).

Policy Instruments
1.17

A9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS 1
Millions of dollars
2002

2001
Type of transaction
and maturity

1999

2000

2001
Aug.

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

U.S. TREASURY SECURITIES2
Outright transactions (excluding
transactions)
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases
Gross sales
Redemptions

matched
0
0
464,218
464,218
0

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

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

2,899
0
55,231
55,231
0

348
0
42,268
42,268
1,543

772
0
44,132
44,132
0

3,075
0
59,292
59,292
0

812
0
43,771
43,771
0

2,772
0
55,521
55,521
0

1,042
0
54,619
54,619
0

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

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

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

1,385
0
9,379
-6,873
1,055

0
0
0
0
0

1.411
0
6.535
-11.809
473

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

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

0
0
0
0
0

2,894
0
0
0
0

19,731
0
-44,032
42,604

14,482
0
-52,068
46,177

22,814
0
-45,211
64,519

810
0
-9,379
5,290

851
0
0
0

22
0
-2,164
11,809

1,920
0
-3,073
7,967

634
0
-5,235
6,666

2,872
0
0
0

1,101
0
0
0

4,303
0
-5,841
7,583

5,871
0
-6,801
6,585

6,003
0
-21,063
6,063

935
0
1,043
1,043

0
0
0
0

422
0
-4,372
0

459
0
-1,824
1,592

101
0
0
0

0
0
0
0

334
0
0
0

9,428
0
-717
3,139

5,833
0
-3,155
1,894

8,531
0
-4,062
1,423

720
0
-1,043
540

0
0
0
0

1,184
0
0
0

0
0
-975
0

448
0
0
0

582
0
0
0

1,054
0
0
0

45,357
0
1,429

43,670
0
28,301

68,513
0
26,897

6,749
0
1,055

1,199
0
1,543

3.811
0
473

6,862
0
0

4,937
0
0

6,226
0
0

6,425
0
0

4,413,430
4,431,685

4,415,905
4,397,835

4,722,667
4,724,743

406,143
405,627

508,129
515,429

431,887
425,110

377,247
378,129

387,033
390,617

407,791
404,296

367,906
368,060

281,599
301,273

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

5,999

33,439

39,540

6,211

-7,645

10,114

5,980

1,354

9,720

6,271

0
0
157

0
0
51

0
0
120

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Repurchase
agreements
34 Gross purchases
35 Gross sales

360,069
370,772

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

36 Net change in federal agency obligations

-10,859

-51

-120

0

0

0

0

0

0

0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

304,989
164,349

890,236
987,501

1,497,713
1,490,838

105,000
101,595

406,930
388,805

110,885
113,715

121,530
130,080

117,650
103,900

118,550
131,300

101,749
104,750

140,640

-97,265

6,875

3,405

18,125

-2,830

-8,550

13,750

-12,750

-3,001

135,780

-63,877

46,295

9,616

10,480

7,284

-2,570

15,104

-3,030

3,270

f
7
3
4
5
6
7
8
9
10
11
12
N
14
15
16
17
18
19
20
71
22
23
74
25

Matched
transactions
76 Gross purchases
27 Gross sales
Repurchase
agreements
28 Gross purchases
29 Gross sales
30 Net change in U.S. Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright
transactions
31 Gross purchases
3? Gross sales
33 Redemptions

Reverse repurchase
37 Gross purchases
38 Gross sales

agreements

Repurchase
agreements
39 Gross purchases
40 Gross sales
41 Net change in triparty obligations
42 Total net change in System O p e n M a r k e t Account

..

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




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

A10
1.18

DomesticNonfinancialStatistics • June 2002
F E D E R A L RESERVE B A N K S

Condition and Federal Reserve Note Statements 1

Millions of dollars
Wednesday

2002

Account

Feb. 27

Mar. 6

End of month

2002

Mar. 13

Mar. 20

Mar. 27

Jan.

Feb.

Mar.

Consolidated condition statement

ASSETS
11,044
2,200
1,125

11,044
2,200
1,111

11,044
2,200
1.094

11,044
2,200
1,085

11,044
2,200
1,078

11.045
2,200
1,166

11,044
2,200
1,132

11,044
2,200
1,094

22
0
0

28
0
0

22
0
0

24
0
0

22
0
0

19
0
0

68
0
0

20
0
0

Tripartv
obligations
1 Repurchase agreements—triparty 2

31,999

35,249

24,000

28,550

24,000

37,500

34,499

29,500

Federal agency
obligations3
8 Bought outright
9 Held under repurchase agreements

10
0

10
0

10
0

10
0

10
0

10
0

10
0

10
0

10 Total U.S. T r e a s u r y s e c u r i t i e s 3

568,702

570,091

572,728

573,844

576,093

561,376

567,634

575,356

11 Bought outright 4
12
Bills
13
Notes
14
Bonds
15 Held under repurchase agreements

568,702
190,295
274.269
104,138
0

570,091
190,971
274,981
104,138
0

572,728
191,062
277,510
104,156
0

573,844
191,443
278,167
104,235
0

576,093
193.104
278,461
104,528
0

561,376
188,341
268,568
104,467
0

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

575.356
192,364
278,463
104,530
0

16 Total l o a n s a n d s e c u r i t i e s

600,733

605,378

596,761

602,429

600,125

598,905

602,211

604,886

7,037
1,509

8,626
1,509

7,506
1,510

8,916
1,511

7,292
1,511

11,046
1,509

5,270
1,509

5,306
1,511

14.193
20,262

14,508
20,103

14,591
20,576

14,530
21,003

14,388
21,453

14,165
22,070

14,242
19,653

14,379
21,681

658,103

664,480

655,281

662,718

659,092

662,105

657,262

662,100

606,904
0

608,361
0

608,578
0

609,132
0

610,539
0

599,252
0

606,322
0

609,749
0

24 Total d e p o s i t s

26,014

29,562

20,819

28,039

23,382

38,695

26,965

28,544

25
26
27
28

20,815
4,908
79
212

23,837
5,410
75
241

15,301
4,997
316
205

22,146
5,600
74
219

18,099
5,009
71
203

24,559
13,688
162
286

20,869
5,752
89
254

22,415
5,692
256
181

7,531
2,361

8,305
2,373

7.770
2,417

7,597
2,381

7,259
2,440

6,773
2,363

6,183
2,420

5,645
2,436

642,810

648,601

639,584

647,149

643,619

647,084

641,890

646,373

7,635
7.266
392

7,636
7,273
970

7,650
7.274
772

7,646
7,273
649

7,650
7,270
552

7.433
7,250
338

7,636
7,266
469

7,648
7,270
809

658,103

664,480

655,281

662,718

659,092

662,105

657,262

662,100

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4 To depository institutions
5 Other
6 Acceptances held under repurchase agreements

17 Items in process of collection
18 Bank premises
Other assets
19 Denominated in foreign currencies 5
20 All other 6
21 Total assets
LIABILITIES
22 Federal Reserve notes
23 Reverse repurchase agreements—triparty 2

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

29 Deferred credit items
30 Other liabilities and accrued dividends 7
31 Total liabilities
CAPITAL ACCOUNTS
32 Capital paid in
33 Surplus
34 Other capital accounts
35 Total liabilities a n d c a p i t a l a c c o u n t s

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

Federal Reserve note statement

37 Federal Reserve notes outstanding (issued to Banks)
38
LESS: Held by Federal Reserve B a n k s
Federal Reserve notes, net
39

40
41
4?
43

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

4 4 Total c o l l a t e r a l

750,901
143,997
606,904

750,375
142,014
608,361

750.373
141,795
608.578

749,676
140,545
609,132

748,344
137,806
610,539

750,502
151,250
599,252

750,608
144,285
606,322

747,765
138,016
609,749

11,044
2,200
0
593,659

11,044
2,200
0
595.117

11,044
2.200
0
595,334

11,044
2,200
0
595,888

11,044
2,200
0
597,294

11,045
2,200
0
586,007

11,044
2,200
0
593,078

11,044
2,200
0
596,505

606,904

608,361

608,578

609,132

610,539

599,252

606,322

609,749

1. S o m e of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release. For ordering address, see inside front cover.
2. Cash value of agreements arranged through third-party custodial banks.
3. Face value of the securities.
4. Includes securities l o a n e d — f u l l y guaranteed by U.S. Treasury securities pledged with
Federal Reserve B a n k s — a n d includes compensation that adjusts for the effects of inflation on
the principal of inflation-indexed securities. Excludes securities sold and scheduled to be
bought back under m a t c h e d s a l e - p u r c h a s e transactions.




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

Federal Reserve Banks
1.19

F E D E R A L RESERVE B A N K S

All

Maturity Distribution of Loan and Security Holding

Millions of dollars
Wednesday
2002

Type of holding and maturity
Feb. 27

Mar. 6

End of month
2002

Mar. 13

Mar. 20

Mar. 27

Jan.

Feb.

Mar.

1 Total loans

22

28

22

24

22

19

68

20

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

22
0
0

15
14
0

7
16
0

24
0
0

22
0
0

17
2
0

64
4
0

18
1
0

5 Total U.S. T r e a s u r y securities 2

568,702

570,091

572,728

573,844

576,093

561,376

567,634

575,355

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

28,483
117.816
132,889
157,109
51,446
80,959

16,853
129,529
133,416
157,379
51,953
80,960

17,402
130,581
133,362
158,466
51,955
80,962

25,007
124,213
132,506
159,197
51,957
80,965

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

7,322
122,862
142,024
157,648
51,627
79,894

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

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

12 Total federal agency obligations

10

10

10

10

10

10

10

10

13
14
15
lb
17
18

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

7
8
9
10
11

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

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




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

A12
1.20

DomesticNonfinancialStatistics • June 2002
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS A N D M O N E T A R Y BASE 1
Billions of dollars, averages of daily figures
2001
Item

1998
Dec.

1999
Dec.

2000
Dec.

2002

2001
Dec.
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.'

Mar.

40.90
40.82
40.82
39.42
629.47'

41.10
41.03
41.03
39.46
634.38'

41.51
41.46
41.46
40.11
640.70'

41.36
41.33
41.33
39.99
645.84

40.97
40.90
40.90
39.57
649.24

Seasonally adjusted

ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2
1
2
3
4
5

Total reserves 3
N o n b o r r o w e d reserves 4
N o n b o r r o w e d reserves plus e x t e n d e d credit 5
Required reserves
M o n e t a r y base 6

45.14
45.02
45.02
43.62
513.55

41.82
41.50
41.50
40.53
593.12

38.54
38.33
38.33
37.11
584.04

41.10
41.03
41.03
39.46
634.38 r

40.08
39.90
39.90
38.87
616.03

58.21
54.83
54.83
39.20
639.69'

45.66
45.53
45.53
44.33
630.44'

Not seasonally a d j u s t e d

6
7
8
9
10

Total reserves 7
N o n b o r r o w e d reserves
N o n b o r r o w e d reserves plus e x t e n d e d credit 5
R e q u i r e d reserves 8
M o n e t a r y base 9

45.31
45.19
45.19
43.80
518.27

41.89
41.57
41.57
40.59
600.72

38.53
38.32
38.32
37.10
590.06

41.07
41.01
41.01
39.43
639.89'

39.76
39.58
39.58
38.55
614.55

57.68
54.29
54.29
38.66
637.97'

45.19
45.06
45.06
43.87
628.27'

40.29
40.20
40.20
38.80
629.77'

41.07
41.01
41.01
39.43
639.89'

43.46
43.41
43.41
42.06
644.12'

42.38
42.35
42.35
41.00
645.33

40.23
40.15
40.15
38.83
648.80

45.21
45.09
45.09
43.70
525.06
1.51
.12

41.65
41.33
41.33
40.36
608.02
1.30
.32

38.47
38.26
38.26
37.05
596.98
1.43
.21

40.96
40.89
40.89
39.32
648.72'
1.64
.07

39.67
39.48
39.48
38.46
622.04
1.21
.18

57.57
54.18
54.18
38.55
645.73'
19.02
3.39

45.06
44.93
44.93
43.74
636.37'
1.32
.13

40.16
40.07
40.07
38.67
637.74'
1.49
.08

40.96
40.89
40.89
39.32
648.72'
1.64
.07

43.47
43.42
43.42
42.07
653.13'
1.41
.05

42.40
42.37
42.37
41.02
654.55
1.37
.03

40.26
40.18
40.18
38.86
658.35
1.40
.08

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS10
11
12
13
14
15
16
17

Total r e s e r v e s "
N o n b o r r o w e d reserves
N o n b o r r o w e d reserves plus e x t e n d e d credit 5
R e q u i r e d reserves
M o n e t a r y base 1 2
E x c e s s reserves 1 3
B o r r o w i n g s f r o m the Federal R e s e r v e

1. Latest m o n t h l y and biweekly figures are available f r o m the B o a r d ' s H.3 (502) weekly
statistical release. Historical data starting in 1959 and estimates of the effect on required
reserves of c h a n g e s in reserve requirements are available f r o m the M o n e y and R e s e r v e s
Projections Section, Division of M o n e t a r y Affairs, Board of G o v e r n o r s of the Federal
R e s e r v e S y s t e m , Washington, D C 2 0 5 5 1 .
2. Figures reflect a d j u s t m e n t s f o r discontinuities, or " b r e a k s , " associated with regulatory
c h a n g e s in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, b r e a k - a d j u s t e d total reserves equal seasonally adjusted, breaka d j u s t e d required reserves (line 4) plus e x c e s s reserves (line 16).
4. Seasonally adjusted, b r e a k - a d j u s t e d n o n b o r r o w e d reserves equal seasonally adjusted,
b r e a k - a d j u s t e d total reserves (line 1) less total b o r r o w i n g s of depository institutions f r o m the
Federal Reserve (line 17).
5. E x t e n d e d credit consists of b o r r o w i n g at the discount w i n d o w under the terms and
conditions established f o r the e x t e n d e d credit p r o g r a m to help depository institutions deal
with sustained liquidity pressures. B e c a u s e there is not the s a m e need to repay such
b o r r o w i n g p r o m p t l y as with traditional short-term a d j u s t m e n t credit, the m o n e y market effect
of e x t e n d e d credit is similar to that of n o n b o r r o w e d reserves.
6. T h e seasonally adjusted, b r e a k - a d j u s t e d m o n e t a r y base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
c o m p o n e n t of the m o n e y stock, plus (3) (for all quarterly reporters on the " R e p o r t of
Transaction Accounts, Other Deposits a n d Vault C a s h " and for all those weekly reporters
w h o s e vault cash exceeds their required reserves) the seasonally adjusted, b r e a k - a d j u s t e d
d i f f e r e n c e b e t w e e n current vault cash and the a m o u n t applied to satisfy current reserve
requirements.
7. B r e a k - a d j u s t e d total reserves equal b r e a k - a d j u s t e d required reserves (line 9) plus e x c e s s
reserves (line 16).




8. To a d j u s t required reserves for discontinuities that are d u e to regulatory c h a n g e s in
reserve requirements, a multiplicative p r o c e d u r e is used to estimate w h a t required reserves
would have b e e n in past periods had current reserve r e q u i r e m e n t s been in effect. B r e a k adjusted required reserves include required reserves against transactions deposits and n o n p e r sonal time and savings deposits (but not reservable nondeposit liabilities).
9. T h e b r e a k - a d j u s t e d monetary base equals (1) b r e a k - a d j u s t e d total reserves (line 6), plus
(2) the ( u n a d j u s t e d ) currency c o m p o n e n t of the m o n e y stock, plus (3) (for all quarterly
reporters on the " R e p o r t of Transaction A c c o u n t s , O t h e r Deposits and Vault C a s h " and f o r all
those weekly reporters w h o s e vault cash e x c e e d s their required reserves) the b r e a k - a d j u s t e d
difference b e t w e e n current vault cash and the a m o u n t applied to satisfy current reserve
requirements.
10. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
a d j u s t m e n t s to eliminate the effects of discontinuities associated with regulatory c h a n g e s in
reserve requirements.
11. R e s e r v e balances with Federal R e s e r v e B a n k s plus vault cash used to satisfy reserve
requirements.
12. T h e m o n e t a r y base, not b r e a k - a d j u s t e d and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and a d j u s t m e n t s to c o m p e n s a t e f o r float
at Federal R e s e r v e Banks, plus (3) the currency c o m p o n e n t of the m o n e y stock, plus (4) (for
all quarterly reporters on the " R e p o r t of T r a n s a c t i o n A c c o u n t s , Other Deposits and Vault
C a s h " and for all those w e e k l y reporters w h o s e vault cash e x c e e d s their required reserves) the
d i f f e r e n c e b e t w e e n current vault cash and the a m o u n t applied to satisfy current reserve
requirements. Since February 1984. currency and vault cash figures have b e e n m e a s u r e d over
the c o m p u t a t i o n periods e n d i n g on M o n d a y s .
13. U n a d j u s t e d total reserves (line 11) less u n a d j u s t e d required reserves (line 14).

Monetary and Credit Aggregates
1.21

A13

M O N E Y STOCK A N D D E B T M E A S U R E S 1
Billions of dollars, averages of daily figures
2002

2001
1998
Dec.

Item

1999
Dec.

2000
Dec.

2001
Dec. r
Dec.

r

Jan.

r

Feb.'

Mar.

Seasonally adjusted

1
2
3
4

Measures1
Ml
M2
M3
Debt

5
6
7
8

Ml
Currency 3
Travelers checks 4
Demand deposits 5
Other checkable deposits 6

Nontransaction
9 In M2 7
10 In M 3 only 8

1,096.5
4,386.3
6,042.1
16,277.3

1,124.4
4,655.0
6,541.7
17,360.8

1,088.9
4,942.3
7,116.0
18,278.3'

1,178.1
5,463.2
8,031.9
19,375.5

1,178.1
5,463.2
8,031.9
19,375.5

1,181.1
5,473.4
8,024.3
19,410.0

1,182.4
5,503.2
8,065.8
19,493.1

1,184.5
5,496.6
8,069.9
n.a.

459.3
8.2
378.4
250.5

516.9
8.3
354.5
244.7

530.1
8.0
309.9
240.9

579.9
7.8
329.3
261.2

579.9
7.8
329.3
261.2

585.7
7.8
326.5
261.1

590.6
7.8
324.1
259.9

594.0
7.7
323.0
259.8

3,289.8
1,655.8

3,530.7
1,886.7

3,853.5
2,173.6

4,285.0
2,568.8

4,285.0
2,568.8

4,292.2
2,550.9

4,320.8
2,562.5

4,312.0
2,573.3

1,187.5
626.1
583.2

1,289.1
635.0
652.0

1,423.7
699.1
717.9

1,746.0
638.8
672.8

1,746.0
638.8
672.8

1,773.3
629.6
684.5

1,805.6
622.0
687.1

1,813.2
615.4
697.2

414.7
325.6
88.6

449.7
320.4
91.1

452.1
344.5
102.9

561.4
333.7
113.9

561.4
333.7
113.9

572.7
328.2
115.0

592.6
324.7
114.4

607.4
322.5
113.7

736.0
538.2

836.6
633.6

934.0
792.5

1,005.1
1,197.2

1,005.1
1,197.2

988.5
1,167.1

975.9
1,166.3

953.5
1,167.9

293.4
152.5

336.0
174.0

364.0
196.4

372.0
212.9

372.0
212.9

372.7
211.6

376.5
218.2

374.2
220.3

3,751.1
12,526.3

3,660.1
13,700.7

3,381.4
15,994.1

3,381.4
15,994.1

3,380.1
16,029.9

3,401.2
16,091.9

n.a.
n.a.

components

Commercial
banks
11 Savings deposits, including M M D A s . .
12 Small time deposits 9
13 Large time deposits 1 0 1 1
institutions
Thrift
14 Savings deposits, including M M D A s
15 Small time deposits 9
16 Large time deposits 1 0
Money market mutual
17 Retail
18 Institution-only

..

funds

Repurchase agreements and
19 Repurchase agreements 1 2
20 Eurodollars 1 2

eurodollars

Debt
components
21 Federal debt
22 Nonfederal debt

3,400.4
14,877.9'

Not seasonally adjusted

23
74
25
26

Measures2
Ml
M2
M3
Debt

27
28
29
30

Ml
components
Currency 3
Travelers checks 4
Demand deposits 5
Other checkable deposits 6

1,120.4
4,406.4
6,070.9
16,264.9

1,148.3
4,675.8
6,573.3
17,352.9

1,112.3
4,966.0
7,151.1
18,270.1'

1,202.3
5,488.0
8,070.0
19,363.8

1,202.3
5,488.0
8,070.0
19,363.8

1,184.1
5,476.8
8,051.7
19,407.0

1,169.7
5,494.3
8,096.8
19,483.5

1,186.5
5,542.2
8,151.8
n.a.

463.3
8.4
395.9
252.8

521.5
8.4
371.8
246.6

535.2
8.1
326.5
242.5

584.9
7.9
347.0
262.5

584.9
7.9
347.0
262.5

584.3
8.0
329.0
262.9

590.1
8.0
316.2
255.4

595.0
7.9
321.7
262.0

3,286.0
1,664.5

3,527.6
1,897.5

3,853.7
2,185.1

4,285.7
2,582.0

4,285.7
2,582.0

4,292.7
2,574.9

4,324.6
2,602.5

4,355.6
2,609.7

Commercial
banks
33 Savings deposits, including M M D A s
34 Small time deposits 9
35 Large time deposits 1 0 1 '

1,186.0
626.5
583.5

1,288.8
635.7
652.4

1,426.9
700.0
718.4

1,750.4
639.5
672.9

1,750.4
639.5
672.9

1,766.2
631.7
677.0

1,795.5
623.8
685.5

1,824.0
615.8
699.7

Thrift
institutions
36 Savings deposits, including M M D A s
37 Small time deposits 9
38 Large time deposits 1 0

414.2
325.8
88.6

449.6
320.8
91.2

453.1
345.0
103.0

562.8
334.0
113.9

562.8
334.0
113.9

570.4
329.3
113.8

589.3
325.7
114.1

611.0
322.7
114.1

Money market mutual
39 Retail
4 0 Institution-only

733.5
547.5

832.8
643.2

928.7
801.4

999.0
1,208.3

999.0
1,208.3

995.3
1,198.8

990.3
1,204.2

982.1
1,198.3

290.4
154.5

334.7
176.0

364.2
198.2

372.7
214.1

372.7
214.1

372.7
212.6

378.1
220.6

375.1
222.5

3,754.9
12,510.0

3,663.2
13,689.8

3,403.5
14,866.6'

3,384.0
15,979.8

3,384.0
15,979.8

3,372.0
16,035.1

3,396.3
16,087.2

Nontransaction
31 In M2 7
32 In M 3 only 8

components

funds

Repurchase agreements and
41 Repurchase agreements 1 2
42 Eurodollars 1 2

eurodollars

Debt
components
43 Federal debt
44 Nonfederal debt
Footnotes appear on following page.




n.a.
n.a.

A14

DomesticNonfinancialStatistics • June 2002

N O T E S T O T A B L E 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release. Historical data starting in 1959 are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted M l is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: M l plus (1) savings deposits (including MMDAs), (2) small-denomination time
deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3)
balances in retail money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by summing savings deposits, small-denomination time deposits,
and retail money fund balances, each seasonally adjusted separately, and adding this result to
seasonally adjusted M l .
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more)
issued by all depository institutions, (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars
(overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and
at all banking offices in the United Kingdom and Canada. Excludes amounts held by
depository institutions, the U.S. government, money market funds, and foreign banks and
official institutions. Seasonally adjusted M 3 is calculated by summing large time deposits,
institutional money fund balances, R P liabilities, and eurodollars, each seasonally adjusted
separately, and adding this result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial
sectors—the federal sector (U.S. government, not including government-sponsored enter-




prises or federally related mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial corporate and nonfarm
noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and
corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data,
which are derived from the Federal Reserve Board's flow of funds accounts, are breakadjusted (that is, discontinuities in the data have been smoothed into the series) and
month-averaged (that is, the data have been derived by averaging adjacent month-end levels).
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at commercial banks and foreign-related institutions other than those
owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees.
9. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are
subtracted from small time deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
12. Includes both overnight and term.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A15

Assets and Liabilities 1

A. All commercial banks
Billions of dollars
Wednesday figures

Monthly averages
Account

Mar.'

Sept.'

Oct.'

2002

2002

2001

2001

Nov.'

Dec.'

Jan.'

Feb/

Mar.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Seasonally adjusted

Assets
1 Bank credit
Securities in bank credit
?
U.S. government securities
Other securities
4
Loans and leases in bank credit 2
6
Commercial and industrial
Real estate
7
8
Revolving home equity
9
Other
Consumer
in
Security 3
ii
Other loans and leases
i?
n Interbank loans
14 Cash assets 4
15 Other assets 5

17
18
19
?n
?i
77.
73
74
75
26

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

27 Totalliabilities
28 Residual (assets less liabilities)

7

5,428.7
1,472.1
807.5
664.6
3,956.6
1,053.4
1,753.4
148.9
1,604.5
552.1
154.2
443.5
301.9
302.5
487.9

5,459.2
1,488.2
815.5
672.6
3,971.1
1,042.4
1,773.7
150.7
1,622.9
559.6
154.1
441.4
286.1
296.7
485.4

5,451.6
1,491.2
832.1
659.2
3,960.3
1,033.4
1,786.6
154.0
1,632.7
558.4
145.6
436.3
292.6
297.5
480.0

5,435.5
1,491.3
821.0
670.3
3,944.2
1,024.8
1,782.8
157.2
1,625.6
561.2
150.2
425.2
292.4
299.1
481.6

5,437.0
1,484.5
813.2
671.2
3,952.5
1,032.1
1,788.6
160.5
1,628.1
563.8
149.8
418.2
276.4
295.5
482.4

5,425.5
1,481.1
829.8
651.3
3,944.4
1,029.6
1,785.6
165.9
1,619.7
561.7
155.8
411.7
268.3
295.8
462.5

5,421.1
1,484.9
819.7
665.2
3,936.2
1,030.1
1,785.4
163.6
1,621.8
561.3
150.3
409.0
265.5
303.8
460.3

5,410.0
1,470.1
817.7
652.4
3,939.9
1,028.3
1,786.3
164.9
1,621.4
558.6
153.5
413.1
266.8
286.7
464.3

5,426.0
1,488.2
833.1
655.1
3,937.8
1,032.2
1,785.2
165.7
1,619.5
563.0
148.3
409.2
264.8
296.9
462.8

5,440.0
1,480.9
840.4
640.5
3,959.1
1,030.6
1,786.4
167.4
1,619.0
563.7
164.6
413.8
277.8
298.0
455.0

6,505.6

6,451.0

6,456.6

6,449.2

6,434.3

6,416.9

6,377.5

6,376.1

6,353.2

6,375.7

6,395.9

3,950.8
604.9
3,345.9
946.4
2,399.4
1,251.6
395.3
856.3
214.4
363.3

4,219.6
690.7
3,528.9
965.3
2,563.6
1,291.4
450.8
840.6
172.8
399.4

4,181.6
641.0
3,540.6
982.0
2,558.6
1,269.8
425.4
844.4
178.1
371.2

4,200.2
635.5
3,564.7
984.7
2,579.9
1,255.8
413.8
841.9
160.0
401.7

4,242.6
640.7
3,601.9
983.6
2,618.3
1,250.6
416.0
834.6
146.5
354.7

4,254.1
635.9
3,618.1
996.6
2,621.5
1,237.8
413.4
824.4
125.6
338.6

4,266.8
625.4
3,641.4
1,008.5
2,632.9
1,233.3
407.2
826.1
106.4
333.4

4,302.3
622.3
3,680.0
1,020.3
2,659.8
1,203.4
394.5
809.0
108.7
305.9

4,284.6
604.5
3,680.1
1,008.1
2,672.0
1,211.0
398.7
812.3
112.8
310.7

4,291.4
611.4
3,680.0
1,009.5
2,670.5
1,185.7
391.6
794.2
107.4
311.2

4,291.3
632.8
3,658.5
1.017.5
2,641.0
1,203.0
391.9
811.2
123.7
297.8

4,324.8
656.1
3,668.6
1,033.0
2,635.6
1,212.3
394.0
818.3
98.1
300.7

5,780.0

16 Total assets 6

5,429.4
1,443.6
776.5
667.2
3,985.8
1,064.6
1,726.6
142.7
1,583.9
551.8
177.0
465.9
346.6
327.2
470.3

6,209.0

....

5,287.8
1,345.6
756.3
589.4
3,942.2
1,102.2
1,687.5
132.4
1,555.1
544.0
175.7
432.8
275.3
284.7
426.3

6,083.3

6,000.6

6,017.7

5,994.4

5,956.0

5,939.9

5,920.3

5,919.1

5,895.8

5,915.8

5,935.8

422.3

450.4

438.9

454.8

478.3

477.0

457.2

457.1

457.4

459.9

460.1

429.0

Not seasonally adjusted

Assets
79 Bank credit
Securities in bank credit
31
U.S. government securities
37
Other securities
33
Loans and leases in bank credit 2 . . . .
Commercial and industrial
34
35
Real estate
Revolving home equity
36
Other
37
38
Consumer
39
Credit cards and related plans . .
Other
40
41
Security 3
47
Other loans and leases
43 Interbank loans
44 Cash assets 4
45 Other assets 5

5,282.7
1,350.7
761.9
588.8
3,932.1
1,103.8
1,680.4
131.1
1,549.3
541.4
208.6
332.7
172.9
433.6
280.6
275.2
425.9

5,424.2
1,440.4
773.5
666.9
3,983.8
1,062.4
1,728.3
143.4
1,584.9
551.1
217.4
333.7
175.8
466.2
338.7
323.8
472.8

5,431.4
1,471.8
804.3
667.4
3,959.7
1,054.9
1,755.2
149.3
1,605.9
552.6
216.8
335.7
156.3
440.7
297.0
304.4
486.6

5,474.8
1,491.9
816.2
675.6
3,983.0
1,043.9
1,778.1
151.3
1,626.8
562.0
225.8
336.2
157.3
441.6
289.7
306.0
486.6

5,484.4
1,498.6
836.9
661.7
3,985.8
1,033.2
1,791.0
154.1
1,636.9
567.9
232.2
335.7
152.0
441.8
298.9
317.3
483.1

5,452.9
1,499.3
826.1
673.2
3,953.5
1,020.3
1,782.1
157.0
1,625.0
569.0
228.9
340.0
154.1
428.0
290.5
312.0
483.2

5,442.1
1,492.0
820.3
671.7
3,950.1
1,031.0
1,783.5
160.5
1,623.0
566.2
225.1
341.0
151.3
418.1
275.2
296.7
481.4

5,419.8
1,486.8
836.1
650.7
3,933.0
1,031.0
1,778.1
164.4
1,613.7
558.9
221.9
337.0
153.6
411.4
273.2
286.0
461.9

5,430.0
1,495.3
829.3
666.0
3,934.7
1,031.4
1,779.2
162.8
1,616.4
560.0
222.9
337.0
153.6
410.5
276.1
295.5
462.8

5,408.7
1,479.5
825.2
654.3
3,929.3
1,027.3
1,780.1
163.6
1,616.4
556.4
218.9
337.6
154.0
411.4
271.9
278.2
463.6

5,417.9
1,491.2
838.0
653.2
3,926.7
1,035.2
1,776.4
164.0
1,612.4
560.5
222.8
337.7
146.7
407.9
265.9
284.0
461.4

5,422.1
1,482.3
843.8
638.5
3,939.8
1,031.8
1,777.2
165.5
1,611.8
560.2
223.7
336.5
158.5
412.0
274.5
283.7
449.9

46 Total assets 6

6,199.2

6,491.4

6,449.6

6,486.1

6,511.0

6,464.5

6,420.7

6,366.3

6,389.4

6,347.6

6,354.3

6,355.5

3,955.3
600.3
3,355.0
946.7
2,408.3
1,250.1
400.1
849.9
215.9
362.8

4,190.0
683.7
3,506.3
952.8
2,553.5
1,286.5
441.8
844.6
173.5
399.5

4,166.8
635.3
3,531.6
976.5
2,555.1
1,271.4
423.4
848.0
177.4
371.5

4,219.5
641.6
3,577.8
991.5
2,586.3
1,258.5
411.0
847.6
163.3
407.4

4,293.3
669.3
3,624.0
998.0
2,625.9
1,250.6
417.6
832.9
153.1
360.3

4,279.9
649.0
3,631.0
1,009.3
2,621.6
1,251.3
418.7
832.6
133.0
344.3

4,282.7
620.2
3,662.6
1,015.6
2,646.9
1,236.6
412.5
824.1
112.8
338.5

4,307.6
617.4
3,690.3
1,021.1
2,669.2
1,201.9
398.9
803.0
110.3
305.6

4,307.1
602.2
3,704.9
1,010.5
2,694.4
1,214.4
405.1
809.3
114.8
311.8

4,299.1
606.7
3,692.4
1,009.8
2,682.6
1,183.4
395.7
787.7
109.1
311.3

4,280.6
620.8
3,659.7
1,016.3
2,643.5
1,207.2
397.1
810.1
125.2
296.9

4,309.2
644.4
3,664.8
1,035.1
2,629.7
1,203.5
396.4
807.1
103.6
302.2

5,784.1

6,049.5

5,987.2

6,048.7

6,057.3

6,008.5

5,970.7

5,925.4

5,948.1

5,902.9

5,910.0

5,918.4

415.2

441.9

462.4

437.4

453.7

456.0

450.1

440.9

441.3

444.7

444.3

437.1

47
48
49
50
51
57.
53
54
55
56

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

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




A16
1.26

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

Assets and Liabilities '—Continued

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

2001
Mar.'

Wednesday figures

2001
Sept.'

Oct.'

2002
Nov.'

Dec.'

Jan.'

Feb.'

2002
Mar.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Seasonally adjusted

1
2
i
4
5
6
7
8
y
to
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit 2
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets 5

....

16 Total assets 6

17
18
19
20
21
22
23
24
25
26

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

27 Total liabilities
28 Residual (assets less liabilities) 7

4,666.3
1,134.3
689.9
444.4
3,532.0
885.5
1,669.6
132.4
1,537.3
544.0
68.7
364.2
246.0
245.4
390.0

4,833.9
1,217.6
732.9
484.7
3,616.3
863.8
1,707.9
142.7
1,565.2
551.8
97.0
395.8
320.9
283.5
436.6

4,837.4
1,242.3
750.6
491.7
3,595.1
856.8
1,734.7
148.9
1,585.8
552.1
78.8
372.7
278.2
263.5
455.4

4,861.3
1,252.7
755.5
497.2
3,608.6
846.3
1,754.7
150.7
1,604.0
559.6
77.1
370.9
261.1
258.6
451.3

4,857.3
1,254.1
774.2
479.9
3,603.1
838.7
1,767.6
154.0
1,613.6
558.4
71.4
367.1
272.1
258.5
449.5

4,847.0
1,257.2
766.9
490.3
3,589.8
831.6
1,763.9
157.2
1,606.6
561.2
76.3
356.8
267.1
259.7
450.3

4,848.5
1,253.5
763.8
489.7
3,595.1
834.7
1,770.0
160.5
1,609.5
563.8
78.4
348.1
256.5
255.9
452.4

4,835.3
1,255.1
778.9
476.1
3,580.3
828.0
1,766.8
165.9
1,600.9
561.7
82.2
341.5
247.2
255.8
435.7

4,833.4
1,255.9
768.4
487.6
3,577.5
832.3
1,766.9
163.6
1,603.3
561.3
78.0
338.9
239.6
264.1
433.4

4,821.7
1,242.9
766.7
476.2
3,578.8
828.9
1.768.1
164.9
1,603.1
558.6
79.5
343.7
248.2
247.7
437.7

4,838.1
1,263.9
782.7
481.1
3,574.3
827.6
1,766.2
165.7
1,600.5
563.0
78.6
338.9
246.6
255.5
435.8

4,843.6
1,256.3
789.7
466.6
3,587.3
826.6
1,767.2
167.4
1,599.8
563.7
86.9
342.9
255.8
258.2
428.7

5,482.9

5,807.4

5,764.9

5,761.9

5,765.3

5,750.2

5,739.2

5,699.8

5,696.2

5,681.0

5,701.6

5,711.8

3,562.6
595.3
2,967.4
570.2
2,397.1
1,012.3
369.2
643.1
211.9
277.8

3,808.8
678.2
3,130.6
569.4
2,561.2
1,071.2
420.1
651.0
189.2
317.8

3,758.2
630.1
3,128.1
572.4
2,555.7
1,061.5
401.4
660.1
193.4
295.4

3,766.7
624.7
3,142.0
565.1
2,576.9
1,042.7
389.4
653.2
189.1
323.9

3,797.9
629.5
3,168.4
553.6
2,614.9
1,047.6
391.2
656.4
193.6
279.2

3,788.1
624.8
3,163.4
544.7
2,618.6
1,050.0
391.1
658.9
183.2
262.9

3,795.8
614.8
3,181.0
552.6
2,628.4
1,043.4
384.3
659.2
172.9
259.0

3,820.8
611.8
3,208.9
551.7
2,657.2
1,018.0
372.9
645.1
175.6
240.6

3,817.0
593.9
3,223.2
553.7
2,669.5
1,013.9
374.5
639.4
170.8
243.4

3,815.9
601.4
3,214.5
546.6
2,667.9
1,002.5
371.7
630.8
168.9
245.3

3,812.6
622.6
3,190.0
551.5
2,638.5
1,020.1
371.0
649.1
186.9
233.8

3,830.5
644.9
3,185.6
552.6
2,633.0
1,031.3
372.7
658.6
175.0
236.7

5,064.6

5,387.0

5,308.5

5,322.3

5,318.4

5,284.2

5,271.2

5,255.0

5,245.1

5,232.7

5,253.3

5,273.5

418.2

420.4

456.4

439.6

446.9

466.0

468.0

444.8

451.2

448.4

448.3

438.3

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit 2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets 5

46 Total assets 6

47
48
49
50
51
52
53
54
55
56

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

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




4,662.0
1,139.4
695.6
443.8
3,522.7
885.7
1,662.5
131.1
1,531.4
541.4
208.6
332.7
68.9
364.2
251.3
236.9
388.6

4,831.7
1,214.4
730.0
484.5
3,617.2
861.8
1,709.6
143.4
1,566.2
551.1
217.4
333.7
98.2
396.5
312.9
280.2
438.6

4,840.1
1,242.0
747.4
494.6
3,598.1
857.6
1,736.5
149.3
1,587.1
552.6
216.8
335.7
80.8
370.7
273.2
264.5
454.7

4,874.3
1,256.4
756.2
500.2
3,617.9
846.2
1,759.2
151.3
1,607.9
562.0
225.8
336.2
79.3
371.1
264.7
265.5
452.7

4,882.6
1,261.5
779.1
482.4
3,621.1
836.8
1,771.9
154.1
1,617.8
567.9
232.2
335.7
73.8
370.7
278.4
275.9
451.8

4,858.8
1,265.3
772.1
493.2
3,593.5
826.4
1,763.1
157.0
1,606.1
569.0
228.9
340.0
76.2
358.9
265.3
270.5
451.1

4,849.6
1,260.9
770.8
490.1
3,588.7
832.0
1,764.9
160.5
1,604.4
566.2
225.1
341.0
77.7
348.0
255.2
256.3
450.8

4,829.5
1,260.8
785.2
475.6
3,568.8
828.1
1,759.3
164.4
1,594.9
558.9
221.9
337.0
82.2
340.3
252.1
247.1
434.3

4,840.2
1,266.3
777.9
488.4
3,573.9
832.0
1,760.7
162.8
1,597.9
560.0
222.9
337.0
81.7
339.5
250.2
256.2
434.6

4,819.9
1,252.3
774.2
478.1
3,567.7
827.0
1,761.8
163.6
1,598.2
556.4
218.9
337.6
81.0
341.5
253.3
240.3
435.5

4,828.9
1,266.9
787.7
479.2
3,562.0
828.5
1,757.4
164.0
1,593.4
560.5
222.8
337.7
78.8
336.8
247.7
243.9
433.8

4,826.7
1,257.8
793.2
464.6
3,568.9
826.6
1,758.0
165.5
1,592.5
560.2
223.7
336.5
84.1
340.0
252.5
245.0
423.2

5,473.9

5,795.5

5,763.2

5,786.6

5,816.4

5,771.9

5,737.7

5,688.7

5,706.6

5,674.5

5,679.8

5,673.2

3,565.5
590.8
2,974.7
568.7
2,406.0
1,010.8
374.0
636.8
210.3
275.9

3,789.1
671.0
3,118.1
566.9
2,551.1
1,066.2
411.2
655.0
188.7
317.4

3,750.1
624.3
3,125.8
573.6
2,552.2
1,063.1
399.4
663.7
194.2
296.3

3,782.4
630.6
3,151.8
568.5
2,583.3
1,045.4
386.6
658.9
193.8
330.2

3,836.2
657.3
3,178.9
556.5
2,622.4
1,047.6
392.9
654.7
197.6
283.7

3,803.4
637.5
3,165.8
547.2
2,618.7
1,063.5
396.4
667.1
187.4
267.4

3,806.3
609.4
3,196.8
554.5
2,642.3
1,046.7
389.5
657.2
176.7
263.0

3,823.9
607.1
3,216.9
550.3
2,666.6
1,016.5
377.4
639.1
174.1
239.2

3,839.0
591.7
3,247.3
555.5
2,691.8
1,017.2
380.8
636.4
171.3
244.0

3,823.2
597.0
3,226.3
546.3
2,680.0
1,000.2
375.8
624.3
168.4
244.6

3,801.3
610.9
3,190.4
549.5
2,640.9
1,024.3
376.2
648.1
184.2
231.4

3,808.6
633.3
3,175.4
548.2
2,627.1
1,022.5
375.1
647.4
174.5
236.0

5,062.4

5,361.4

5,303.8

5,351.7

5,365.1

5,321.7

5,292.6

5,253.8

5,271.5

5,236.4

5,241.2

5,241.6

411.5

434.1

459.4

434.9

451.3

450.2

445.0

434.9

435.1

438.2

438.6

431.5

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL B A N K S IN THE U N I T E D STATES

A17

Assets and Liabilities 1 —Continued

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

Monthly averages
Account

Mar. r

Sept.'

Oct.1"

2002

2002

2001

2001

Nov. r

Dec. r

Jan.'

Feb.'

Mar.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Seasonally adjusted

1 Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
6
Other securities
7
Trading account
Investment account
8
9
State and local government . .
in
Other
11
Loans and leases in bank credit 2 . . . .
17
Commercial and industrial
Bankers acceptances
n
14
Other
Real estate
15
16
Revolving home equity
17
Other
18
Consumer
Security 3
19
20
Federal funds sold to and
repurchase agreements
with broker-dealers
Other
71
??.
State and local government
Agricultural
23
24
Federal funds sold to and
repurchase agreements with
others
?5
All other loans
76
Lease-financing receivables
27 Interbank loans
28
Federal funds sold to and
repurchase agreements with
commercial banks
79
Other
30
31 Other assets 5

2,601.7
592.1
344.2
35.4
308.7
247.9
131.9
116.0
28.0
88.1
2,009.6
590.5
.8
589.7
843.1
84.9
758.3
248.6
60.8

2,690.9
642.8
367.1
37.9
329.3
275.6
160.8
114.9
27.4
87.5
2,048.1
561.9
.0
561.9
847.3
90.2
757.1
254.7
88.3

2,640.8
651.2
369.7
35.8
334.0
281.5
165.7
115.8
26.8
89.0
1,989.5
553.8
.0
553.8
846.5
93.2
753.3
244.8
70.8

2,641.6
654.3
370.2
40.5
329.7
284.1
165.4
118.7
27.1
91.6
1,987.3
544.8
.0
544.8
856.4
94.3
762.2
246.3
69.1

2,608.6
638.3
378.9
33.9
345.0
259.5
130.0
129.5
27.3
102.1
1,970.3
535.0
.0
535.0
858.6
96.0
762.6
246.2
63.3

2,576.4
636.2
366.7
32.6
334.2
269.5
128.4
141.1
27.5
113.6
1,940.2
528.4
.0
528.4
846.0
98.2
747.9
239.6
68.3

2,574.9
631.8
359.8
33.6
326.2
272.0
130.0
142.0
28.0
114.0
1,943.1
529.6
.0
529.6
847.0
99.9
747.1
247.2
70.3

2,556.2
630.3
367.6
32.7
334.9
262.7
122.5
140.3
28.0
112.3
1,925.8
524.0
.0
524.0
840.3
103.8
736.5
244.5
74.3

2,552.8
629.8
357.9
32.1
325.8
271.9
130.4
141.5
27.9
113.7
1,923.0
527.0
n.a.
527.0
840.9
102.0
738.9
244.9
70.1

2,544.3
617.2
355.6
29.6
325.9
261.6
120.0
141.6
27.7
113.9
1,927.1
524.4
n.a.
524.4
842.1
103.3
738.8
244.4
71.5

2,557.6
638.4
370.2
32.1
338.1
268.1
124.1
144.0
28.2
115.8
1,919.2
524.2
n.a.
524.2
839.0
103.8
735.3
245.2
70.6

2,564.2
633.4
379.1
34.6
344.6
254.2
117.5
136.8
28.2
108.6
1,930.8
523.3
n.a.
523.3
840.0
104.6
735.4
244.7
78.7

45.1
15.8
13.1
10.4

61.7
26.6
14.4
9.5

57.2
13.6
15.3
9.6

54.5
14.6
15.7
9.6

48.4
14.9
15.0
9.5

54.9
13.4
14.6
9.6

57.4
12.9
14.6
9.6

61.1
13.1
14.6
9.6

58.2
11.9
14.6
9.6

58.7
12.9
14.7
9.6

56.2
14.4
14.6
9.7

65.5
13.2
14.5
9.6

24.9
86.2
131.9
141.2

31.8
109.6
130.7
201.8

29.9
94.3
124.7
173.1

30.3
90.6
124.4
152.4

28.5
84.6
129.6
166.6

26.3
75.2
132.1
168.3

22.6
70.3
131.9
153.0

20.9
66.2
131.4
145.8

20.1
64.1
131.6
140.2

21.1
67.8
131.5
146.5

20.6
63.9
131.4
143.1

21.3
67.2
131.3
150.9

73.7
67.5
143.6
287.7

126.7
75.1
173.4
308.6

93.0
80.1
153.6
322.3

90.0
62.4
149.5
320.6

96.8
69.7
147.2
314.2

92.0
76.2
146.2
312.7

79.6
73.3
143.2
307.8

75.0
70.8
143.0
288.3

69.5
70.7
151.2
286.7

76.5
70.0
136.3
289.8

73.9
69.2
141.9
290.0

77.7
73.2
144.0
285.0

32 Total assets 6

3,136.3

3,336.6

3,250.3

3,224.3

3,195.3

3,160.4

3,135.1

3,089.5

3,087.1

3,072.9

3,088.6

3,099.9

1,721.1
303.8
1,417.3
269.2
1,148.1
682.5
220.0
462.6
196.5
224.7

1.858.8
375.5
1,483.3
264.4
1,218.9
715.7
264.3
451.4
178.7
255.4

1,790.4
322.7
1,467.7
261.0
1,206.7
688.2
233.5
454.7
184.0
230.4

1,791.7
320.1
1,471.6
253.4
1,218.2
663.8
219.7
444.1
178.8
258.5

1,800.7
322.9
1,477.8
248.3
1,229.6
659.7
218.8
440.9
183.6
213.9

1,790.4
315.8
1,474.5
242.0
1,232.6
655.1
213.7
441.4
174.3
194.0

1.788.5
308.0
1,480.5
249.7
1,230.8
655.3
209.1
446.2
162.1
188.4

1,800.1
303.8
1,496.3
248.7
1,247.6
636.8
202.9
433.8
166.6
170.1

1,796.1
295.2
1,500.9
250.4
1.250.6
633.9
202.9
431.0
161.2
172.9

1,795.4
301.1
1,494.3
243.3
1,251.0
623.3
202.1
421.2
161.0
174.4

1,793.9
310.3
1,483.6
249.2
1,234.4
636.4
198.9
437.5
176.7
162.8

1,808.4
318.6
1,489.9
249.8
1,240.1
647.8
203.0
444.8
166.1
166.4

2,824.8

3,008.6

2,892.9

2,892.9

2,857.9

2,813.8

2,794.2

2,773.6

2,764.1

2,754.1

2,769.9

2,788.8

311.5

328.0

357.4

331.4

337.4

346.6

340.9

315.9

323.0

318.8

318.8

311.1

•>

3
4

33
34
35
36
37
38
39
40
41
42

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

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




A18
1.26

DomesticNonfinancialStatistics • June 2002
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities 1 —Continued

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

2001
Mar.'

Wednesday figures

2001
Sept.'

Oct.'

2002
Nov.'

Dec.'

Jan.'

Feb.'

2002
Mar.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Not seasonally adjusted
Assets
45 Bank credit
46
Securities in bank credit
47
U.S. government securities
48
Trading account
49
Investment account
50
Mortgage-backed securities .
51
Other
52
One year or less
53
One to five years
54
More than five years . . . .
55
Other securities
56
Trading account
57
Investment account
58
State and local government .
59
Other
60
Loans and leases in bank credit 2 . . .
61
Commercial and industrial
62
Bankers acceptances
63
Other
64
Real estate
65
Revolving home equity
66
Other
Commercial
67
Consumer
68
69
Credit cards and related plans .
Other
70
71
Security'
72
Federal funds sold to and
repurchase agreements
with broker-dealers
73
Other
74
State and local government
/5
Agricultural
76
Federal funds sold to and
repurchase agreements
with others
77
All other loans
78
Lease-financing receivables
79 Interbank loans
80
Federal funds sold to and
repurchase agreements
with commercial banks
Other
81
82 Cash assets 4
83 Other assets'
84 Total assets 6

85
86
87
88
89
90
91
92
93
94

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

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




2,602.0
595.2
347.9
35.8
312.0
220.1
91.9
31.9
34.5
25.6
247.3
131.6
115.8
27.9
87.9
2,006.8
591.0
.8
590.2
838.6
84.1
455.9
298.6
248.7
82.7
166.0
60.8

2,686.9
640.5
365.1
37.7
327.4
252.3
75.1
19.0
34.6
21.4
275.4
160.6
114.8
27.4
87.4
2,046.4
561.5
.0
561.5
847.5
90.5
455.1
301.9
252.1
84.7
167.5
89.7

2,638.5
651.9
367.5
35.5
332.0
272.6
59.4
10.3
32.0
17.1
284.4
167.4
117.0
27.1
89.9
1,986.6
554.6
.0
554.6
845.5
93.2
440.8
311.4
241.9
74.3
167.7
72.9

2,649.4
658.2
371.1
40.6
330.5
270.7
59.8
15.2
30.4
14.2
287.1
167.1
120.0
27.4
92.5
1,991.2
545.7
.0
545.7
858.2
94.4
451.6
312.3
245.1
76.5
168.6
71.0

2,621.8
643.2
381.3
34.1
347.1
284.6
62.5
14.8
35.3
12.3
262.0
131.2
130.7
27.6
103.2
1,978.5
532.9
.0
532.9
860.4
95.7
453.8
310.9
249.3
80.1
169.2
65.5

2,586.2
643.2
370.8
32.9
337.9
274.5
63.4
13.8
36.7
12.8
272.4
129.8
142.6
27.8
114.8
1,943.0
524.1
.0
524.1
845.6
97.8
440.1
307.7
243.5
71.5
172.1
68.4

2,579.7
637.6
365.1
34.1
331.0
259.6
71.4
16.8
43.1
11.6
272.4
130.2
142.3
28.1
114.2
1.942.2
528.4
.0
528.4
843.8
100.0
436.2
307.6
249.7
76.6
173.0
69.6

2,555.1
633.8
371.6
33.1
338.5
264.2
74.3
19.7
42.9
11.7
262.2
122.2
140.0
27.9
112.1
1,921.4
524.4
.0
524.4
835.7
102.8
425.9
307.0
244.7
74.8
169.9
74.0

2,564.2
638.8
366.1
32.9
333.2
260.8
72.4
19.9
41.3
11.2
272.8
130.8
142.0
28.0
114.0
1,925.4
527.7
n.a.
527.7
837.3
101.5
428.6
307.2
246.0
75.9
170.1
73.3

2,546.8
624.0
360.6
30.1
330.5
257.6
72.9
19.8
42.0
11.1
263.5
120.8
142.6
27.9
114.8
1,922.7
523.3
n.a.
523.3
838.4
102.4
429.0
307.0
244.7
74.5
170.2
72.7

2,554.0
639.3
373.1
32.4
340.7
265.4
75.3
20.1
43.2
12.0
266.2
123.2
143.0
28.0
115.0
1,914.7
525.1
n.a.
525.1
833.9
102.6
424.3
307.0
245.3
75.0
170.3
70.7

2,552.2
631.8
379.6
34.6
345.0
269.4
75.6
19.2
44.2
12.2
252.3
116.5
135.7
28.0
107.7
1,920.3
523.0
n.a.
523.0
833.8
103.3
423.4
307.0
244.5
75.1
169.4
76.0

45.1
15.7
13.1
10.3

62.6
27.1
14.4
9.5

58.9
14.0
15.3
9.5

56.0
15.0
15.7
9.6

50.0
15.4
15.0
9.5

55.0
13.4
14.6
9.6

56.8
12.8
14.6
9.5

60.9
13.1
14.6
9.5

60.9
12.4
14.6
9.5

59.6
13.1
14.7
9.5

56.3
14.4
14.6
9.5

63.3
12.7
14.5
9.5

26.3
85.1
132.8
141.4

32.6
110.2
128.8
196.3

28.8
94.1
124.1
168.9

30.6
91.2
124.1
154.0

29.3
86.6
130.1
170.4

28.0
75.0
134.2
167.7

24.0
69.3
133.4
151.2

20.9
65.4
132.3
146.0

20.6
63.7
132.7
141.6

21.2
65.9
132.4
146.4

20.4
62.9
132.2
142.6

21.0
65.9
132.0
148.4

73.8
67.6
138.6
286.3

123.3
73.0
170.4
310.5

90.7
78.2
154.2
321.6

90.9
63.1
152.6
322.0

99.0
71.3
158.3
316.5

91.7
75.9
154.4
313.5

78.7
72.5
143.9
306.2

75.1
70.9
138.1
286.9

70.2
71.4
145.3
288.0

76.5
69.9
132.3
287.7

73.6
69.0
136.2
288.0

76.5
72.0
136.3
279.5

3,130-3

3,325.8

3,244.0

3,238.1

3,225.5

3,178.8

3,137.2

3,082.2

3,094.9

3,069.0

3,076.7

3,072.4

1,719.7
300.9
1,418.8
267.7
1,151.1
681.0
224.8
456.2
194.9
222.8

1,849.5
370.1
1,479.4
261.9
1,217.4
710.8
255.4
455.4
178.2
254.9

1,786.6
318.1
1,468.5
262.2
1,206.3
689.8
231.5
458.3
184.8
231.3

1,800.7
323.6
1,477.0
256.8
1,220.2
666.6
216.9
449.7
183.5
264.8

1,818.4
340.8
1,477.6
251.2
1,226.4
659.7
220.4
439.2
187.6
218.3

1.795.3
324.5
1,470.8
244.4
1,226.4
668.6
219.0
449.6
178.5
198.5

1,795.0
304.6
1,490.4
251.6
1,238.8
658.6
214.3
444.3
165.8
192.3

1,798.7
300.8
1,497.9
247.3
1,250.7
635.2
207.4
427.8
165.1
168.7

1,807.7
291.9
1,515.8
252.2
1,263.6
637.3
209.3
428.0
161.7
173.4

1,797.9
298.0
1,499.9
243.0
1,256.8
620.9
206.2
414.8
160.4
173.7

1,785.0
303.9
1,481.1
247.2
1,233.9
640.6
204.2
436.5
174.0
160.5

1,789.9
312.0
1,477.9
245.5
1,232.4
639.0
205.4
433.6
165.6
165.7

2,818.4

2,993.4

2,892.5

2,915.6

2,884.0

2,840.9

2,811.7

2,767.8

2,780.1

2,752.9

2,760.1

2,760.2

311.8

332.5

351.4

322.5

341.5

337.9

325.5

314.4

314.7

316.0

316.6

312.2

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL B A N K S IN THE UNITED STATES

A19

Assets and Liabilities'—Continued

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

Monthly averages
2001

Account

Mar. r

Sept. r

Oct/

2002

2002

2001
Nov/

Dec/

Jan.'

Feb/

Mar.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Seasonally adjusted

Assets
1 Bank credit
?
Securities in bank credit
3
U.S. government securities
Other securities
4
Loans and leases in bank credit 2
Commercial and industrial
6
7
Real estate
Revolving home equity
9
Other
in
Consumer
Security 3
ii
i?
Other loans and leases
n Interbank loans
14 Cash assets 4
15 Other assets 5

17
18
19
20
21
2?
23
24
25
26

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

27 Totalliabilities
28 Residual (assets less liabilities)

7

2,196.7
591.1
380.9
210.2
1,605.6
303.1
888.2
55.7
832.5
307.4
8.0
99.0
105.1
109.9
133.1

2,219.7
598.4
385.3
213.1
1,621.3
301.5
898.3
56.4
841.8
313.2
7.9
100.3
108.7
109.1
130.8

2,248.7
615.8
395.4
220.4
1,632.9
303.7
909.0
57.9
851.0
312.2
8.1
99.9
105.5
111.3
135.3

2,270.7
621.0
400.2
220.8
1,649.7
303.2
917.9
59.1
858.8
321.6
8.0
99.0
98.9
113.5
137.6

2,273.6
621.7
404.0
217.7
1,652.0
305.1
923.0
60.6
862.4
316.6
8.2
99.1
103.5
112.7
144.6

2,279.2
624.7
411.3
213.4
1,654.4
304.0
926.5
62.1
864.4
317.2
7.9
98.8
101.4
112.8
147.4

2,280.6
626.1
410.5
215.6
1,654.5
305.3
926.0
61.6
864.4
316.4
7.9
98.9
99.5
112.9
146.7

2,277.4
625.7
411.1
214.6
1,651.7
304.5
925.9
61.6
864.3
314.2
7.9
99.1
101.7
111.5
147.9

2,280.6
625.5
412.5
213.0
1,655.1
303.4
927.2
62.0
865.2
317.8
7.9
98.7
103.5
113.6
145.8

2,279.4
622.9
410.6
212.4
1,656.5
303.4
927.1
62.8
864.3
319.0
8.1
98.9
104.8
114.2
143.8

2,470.8

2,514.6

2,537.5

2,570.0

2,589.9

2,604.1

2,610.3

2,609.2

2,608.1

2,613.0

2,611.9

1,841.6
291.5
1,550.1
301.0
1,249.1
329.8
149.3
180.5
15.4
53.1

1,950.0
302.7
1,647.3
305.0
1,342.3
355.4
155.8
199.6
10.5
62.5

1,967.8
307.4
1,660.4
311.4
1,349.0
373.3
167.9
205.4
9.5
65.0

1,975.0
304.5
1,670.4
311.7
1,358.7
378.8
169.7
209.1
10.2
65.4

1,997.2
306.6
1,690.6
305.3
1,385.3
387.9
172.4
215.5
10.0
65.4

1,997.8
308.9
1,688.8
302.8
1,386.1
394.9
177.5
217.4
8.9
68.9

2,007.3
306.8
1,700.4
302.9
1,397.5
388.1
175.2
212.9
10.9
70.7

2,020.6
308.0
1,712.6
303.0
1,409.6
381.3
170.0
211.3
9.0
70.5

2,020.9
298.7
1,722.2
303.3
1,418.9
380.0
171.5
208.4
9.6
70.6

2,020.5
300.3
1,720.1
303.3
1,416.9
379.2
169.7
209.6
7.9
70.9

2,018.7
312.3
1,706.4
302.3
1,404.1
383.7
172.1
211.6
10.2
71.0

2,022.1
326.3
1,695.7
302.8
1,393.0
383.5
169.7
213.8
8.9
70.3

2,239.8

16 Total assets 6

2,143.0
574.9
365.8
209.1
1.568.2
301.9
860.7
52.5
808.1
297.1
8.7
99.8
119.1
110.1
128.0

2,346.6

....

2,064.6
542.2
345.7
196.5
1,522.4
295.0
826.5
47.5
779.0
295.4
7.8
97.7
104.8
101.8
102.3

2,378.4

2,415.6

2,429.4

2,460.5

2,470.5

2,477.0

2,481.4

2,481.0

2,478.6

2,483.5

2,484.7

109.5

119.4

127.1

128.9

128.2

129.5

129.5

127.2

106.7

92.4

99.0

108.1

Not seasonally adjusted

29
3n
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit 2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets 5

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

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

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




2,060.1
544.2
347.7
196.5
1,515.9
294.7
823.9
47.1
776.8
292.6
125.9
166.7
8.1
96.6
109.9
98.4
102.3

2,144.8
574.0
364.9
209.1
1,570.8
300.2
862.1
52.9
809.2
298.9
132.7
166.2
8.5
101.0
116.6
109.7
128.0

2,201.6
590.1
379.9
210.2
1,611.5
302.9
891.0
56.1
834.9
310.6
142.6
168.1
7.9
99.0
104.3
110.3
133.1

2,224.9
598.2
385.2
213.1
1,626.6
300.5
901.0
56.9
844.1
316.9
149.3
167.5
8.3
99.9
110.7
112.9
130.8

2,260.8
618.3
397.8
220.4
1,642.6
303.8
911.5
58.4
853.2
318.6
152.1
166.5
8.3
100.2
108.1
117.6
135.3

2,272.6
622.1
401.3
220.8
1,650.6
302.3
917.5
59.3
858.3
325.5
157.5
168.0
7.8
97.5
97.6
116.1
137.6

2,269.9
623.4
405.7
217.7
1,646.5
303.6
921.1
60.5
860.7
316.5
148.5
168.0
8.1
97.2
104.0
112.3
144.6

2,274.4
627.0
413.6
213.4
1,647.4
303.7
923.6
61.6
862.0
314.3
147.1
167.1
8.2
97.6
106.1
109.0
147.4

2,276.0
627.5
411.9
215.6
1,648.5
304.3
923.4
61.3
862.1
314.0
147.1
166.9
8.4
98.4
108.6
110.9
146.7

2,273.2
628.2
413.7
214.6
1,644.9
303.6
923.4
61.2
862.2
311.8
144.4
167.4
8.2
97.9
106.9
107.9
147.9

2,274.9
627.6
414.6
213.0
1,647.3
303.4
923.5
61.4
862.1
315.2
147.9
167.4
8.1
97.1
105.1
107.8
145.8

2,274.5
625.9
413.6
212.4
1,648.6
303.6
924.2
62.1
862.1
315.7
148.6
167.1
8.1
97.0
104.1
108.8
143.8

2,343.6

2,469.7

2,519.2

2,548.5

2,591.0

2,593.1

2,600.5

2,606.5

2,611.8

2,605.6

2,603.1

2,600.7

1,845.7
289.9
1,555.9
301.0
1,254.9
329.8
149.3
180.5
15.4
53.1

1,939.6
300.9
1,638.7
305.0
1,333.7
355.4
155.8
199.6
10.5
62.5

1,963.5
306.2
1,657.3
311.4
1,345.9
373.3
167.9
205.4
9.5
65.0

1,981.7
307.0
1,674.7
311.7
1,363.0
378.8
169.7
209.1
10.2
65.4

2,017.8
316.5
1,701.3
305.3
1,396.0
387.9
172.4
215.5
10.0
65.4

2,008.1
313.0
1,695.0
302.8
1,392.3
394.9
177.5
217.4
8.9
68.9

2,011.3
304.8
1,706.4
302.9
1,403.5
388.1
175.2
212.9
10.9
70.7

2,025.2
306.3
1,718.9
303.0
1,415.9
381.3
170.0
211.3
9.0
70.5

2,031.3
299.8
1,731.5
303.3
1,428.2
380.0
171.5
208.4
9.6
70.6

2,025.3
298.9
1,726.4
303.3
1,423.1
379.2
169.7
209.6
7.9
70.9

2,016.2
307.0
1,709.3
302.3
1,407.0
383.7
172.1
211.6
10.2
71.0

2,018.7
321.2
1,697.5
302.8
1,394.7
383.5
169.7
213.8
8.9
70.3

2,244.0

2,368.0

2,411.2

2,436.2

2,481.1

2,480.8

2,481.0

2,486.0

2,491.4

2,483.4

2,481.0

2,481.4

99.7

101.7

108.0

112.4

109.8

112.3

119.5

120.5

120.4

122.2

122.0

119.4

A20
1.26

DomesticNonfinancialStatistics • June 2002
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities 1 —Continued

E. Foreign-related institutions
Billions of dollars
Monthly averages
Account

2001

2001
Mar.

r

Wednesday figures

Sept.'

Oct.'

2002
Nov.'

Dec.'

Jan.'

Feb.'

2002
Mar.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit 2
Commercial and industrial
Real estate
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets 5

14
15
16
17
18
19
20
21

594.3
237.1
57.8
179.3
357.2
194.7
19.0
74.2
69.3
20.5
39.0
30.5

588.5
234.1
54.0
180.0
354.4
193.2
18.9
73.8
68.4
25.3
39.4
31.3

588.5
231.0
49.5
181.6
357.5
197.5
18.6
71.3
70.1
20.0
39.6
30.0

590.2
226.1
50.9
175.2
364.1
201.5
18.8
73.5
70.3
21.1
40.0
26.8

587.7
229.0
51.3
177.7
358.7
197.8
18.5
72.3
70.1
25.9
39.8
26.9

588.3
227.2
51.0
176.2
361.1
199.4
18.3
74.0
69.4
18.6
39.0
26.7

587.9
224.3
50.3
173.9
363.6
204.6
19.0
69.7
70.3
18.2
41.4
27.0

596.4
224.6
50.7
173.9
371.8
204.0
19.2
77.7
70.9
22.0
39.8
26.3

698.2

686.1

694.8

683.9

684.1

677.7

677.7

679.9

672.2

674.1

684.1

410.8
12.5
398.3
220.2
30.6
189.6
-16.4
81.6

423.4
10.9
412.5
208.3
24.0
184.3
-15.3
75.8

433.6
10.9
422.7
213.1
24.4
188.7
-29.1
77.8

444.7
11.2
433.5
203.0
24.8
178.2
-A1.2
75.5

465.9
11.2
454.8
187.8
22.2
165.6
-57.5
75.6

471.0
10.6
460.5
189.9
22.9
166.9
-66.5
74.4

481.5
10.4
471.1
185.4
21.6
163.8
-66.9
65.3

467.6
10.7
457.0
197.1
24.2
172.9
-58.0
67.3

475.5
10.0
465.5
183.2
19.9
163.4
-61.5
65.9

478.7
10.1
468.6
182.9
20.8
162.1
-63.2
64.0

494.2
11.2
483.0
181.0
21.3
159.7
-77.0
64.0

696.3

692.1

695.4

676.0

671.8

668.7

665.3

674.0

663.1

662.5

662.3

10.7

22 Total liabilities
23 Residual (assets less liabilities) 7

597.9
235.5
60.0
175.5
362.5
196.1
18.9
77.0
70.4
25.0
38.1
34.1

715.4

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

591.2
229.8
56.9
172.9
361.5
196.6
18.7
75.4
70.8
23.8
39.0
32.4

388.1
9.7
378.5
239.3
26.1
213.2
2.5
85.5

13 Total assets 6

595.5
226.0
43.5
182.5
369.5
200.7
18.7
80.0
70.1
25.8
43.6
33.6

726.1

....

621.5
211.3
66.4
144.9
410.2
216.7
17.9
107.1
68.6
29.3
39.3
36.3

1.9

-6.0

-.6

7.9

12.3

9.0

12.4

5.9

9.0

11.6

21.8

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit 2
Commercial and industrial
Real estate
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets 5

40 Total assets 6
41
42
43
44
45
46
47
48

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

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




....

620.7
211.3
66.4
9.7
56.6
144.9
98.8
46.1
409.4
218.2
17.9
104.0
69.4
29.3
38.3
37.4

592.6
226.0
43.5
12.0
31.5
182.5
108.1
74.4
366.6
200.6
18.7
77.6
69.7
25.8
43.6
34.3

591.3
229.8
56.9
14.4
42.5
172.9
107.0
65.9
361.5
197.3
18.7
75.5
70.0
23.8
39.8
31.9

600.6
235.5
60.0
13.5
46.5
175.5
107.5
67.9
365.1
197.7
18.9
78.0
70.5
25.0
40.4
33.9

601.9
237.1
57.8
12.5
45.3
179.3
107.5
71.8
364.7
196.4
19.0
78.2
71.1
20.5
41.4
31.3

594.1
234.1
54.0
11.7
42.4
180.0
103.8
76.2
360.0
194.0
18.9
77.9
69.2
25.3
41.5
32.2

592.4
231.0
49.5
11.1
38.4
181.6
101.3
80.2
361.4
199.0
18.6
73.6
70.2
20.0
40.4
30.6

590.3
226.1
50.9
10.5
40.4
175.2
95.0
80.2
364.2
202.9
18.8
71.4
71.1
21.1
39.0
27.6

589.8
229.0
51.3
11.3
40.0
177.7
97.9
79.7
360.8
199.4
18.5
71.9
71.1
25.9
39.3
28.1

588.8
227.2
51.0
10.4
40.6
176.2
95.6
80.6
361.6
200.4
18.3
73.0
69.9
18.6
37.9
28.1

589.0
224.3
50.3
10.3
40.1
173.9
94.3
79.6
364.7
206.6
19.0
67.9
71.2
18.2
40.1
27.6

595.4
224.6
50.7
10.4
40.2
173.9
93.6
80.3
370.8
205.2
19.2
74.4
72.0
22.0
38.7
26.6

725.3

695.9

686.4

699.5

694.6

692.6

683.0

677.6

682.7

673.1

674.5

682.4

389.8
9.5
380.3
239.3
26.1
213.2
5.6
86.9

400.9
12.7
388.2
220.2
30.6
189.6
-15.2
82.2

416.7
11.0
405.7
208.3
24.0
184.3
-16.8
75.2

437.1
11.1
426.1
213.1
24.4
188.7
-30.5
77.3

457.1
12.0
445.1
203.0
24.8
178.2
^14.5
76.7

476.6
11.4
465.1
187.8
22.2
165.6
-54.4
76.9

476.5
10.7
465.7
189.9
22.9
166.9
-63.8
75.5

483.7
10.3
473.4
185.4
21.6
163.8
-63.8
66.4

468.0
10.5
457.6
197.1
24.2
172.9
-56.4
67.9

475.9
9.8
466.1
183.2
19.9
163.4
-59.3
66.7

479.3
9.9
469.4
182.9
20.8
162.1
-59.0
65.5

500.5
11.1
489.4
181.0
21.3
159.7
-70.9
66.2

721.6

688.1

683.4

697.0

692.2

686.9

678.0

671.6

676.6

666.5

668.8

676.8

3.7

7.8

3.0

2.5

2.4

5.7

5.0

6.0

6.2

6.5

5.7

5.5

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL B A N K S IN THE UNITED STATES

A21

Assets and Liabilities'—Continued

F. M e m o items
Billions of dollars
Wednesday

Monthly averages

Account

Mar. r

Sept.'

Oct.'

2002

2002

2001

2001

Nov.'

Dec.'

Jan.'

Feb.'

figures

Mar.

Mar. 6

M a r . 13

Mar. 20

Mar. 27

Not seasonally adjusted

7
8
9
10
11

MEMO
Large domestically
chartered
banks,
adjusted for
mergers
R e v a l u a t i o n gains o n o f f - b a l a n c e - s h e e t
items8
R e v a l u a t i o n losses o n o f f - b a l a n c e sheet i t e m s 8
M o r t g a g e - b a c k e d securities 9
Pass-through
C M O , R E M I C , and other
N e t u n r e a l i z e d g a i n s (losses) on
a v a i l a b l e - f o r - s a l e securities 1 0
O f f - s h o r e credit t o U.S. r e s i d e n t s ' 1 . . . .
Securitized consumer loans'2
Credit c a r d s a n d r e l a t e d p l a n s
Other
Securitized business loans12

12
13
14
15

Small domestically
chartered
commercial
banks, adjusted
for
mergers
M o r t g a g e - b a c k e d securities 9
Securitized consumer loans12
C r e d i t c a r d s a n d related p l a n s
Other

1
2
3
4
5
6

Foreign-related
institutions
16 R e v a l u a t i o n gains on o f f - b a l a n c e sheet items8
17 R e v a l u a t i o n losses on o f f - b a l a n c e sheet i t e m s 8
18 Securitized b u s i n e s s l o a n s ' 2

80.8

98.1

100.8

104.3

80.6

86.3

81.7

73.2

81.7

74.5

73.0

68.6

79.8
242.0
176.7
65.3

84.9
275.7
212.4
63.3

86.0
299.6
230.9
68.7

86.5
298.8
213.7
85.1

68.4
320.3
217.9
102.4

66.5
318.0
219.3
98.7

59.4
301.1
205.4
95.7

52.5
301.9
205.3
96.6

57.8
300.5
203.5
97.0

53.5
298.5
201.2
97.3

51.3
306.4
210.3
96.1

49.1
301.3
205.6
95.8

3.6
22.6
79.9
70.4
9.5
12.7

7.1
20.3
97.1
87.2
10.0
20.0

9.2
20.0
97.8
87.8
9.9
21.1

9.7
19.2
99.3
88.3
11.0
20.6

4.6
19.1
99.4
88.7
10.7
19.7

2.9
19.4
94.7
84.3
10.4
19.4

4.4
19.7
92.8
82.6
10.3
19.4

4.3
19.6
94.2
82.4
11.9
17.7

5.5
19.8
93.8
81.8
12.0
18.9

5.1
19.7
95.1
83.1
11.9
18.6

4.5
19.8
94.4
82.6
11.8
17.3

4.4
19.3
93.4
81.6
11.8
16.9

216.8
235.1
227.1
8.1

251.3
240.1
232.4
7.7

261.4
243.7
236.3
7.5

268.9
246.5
238.7
7.8

280.9
251.9
244.3
7.6

281.5
259.3
251.9
7.4

283.9
253.8
246.6
7.2

286.5
251.0
243.9
7.1

286.3
252.4
245.2
7.2

287.3
252.3
245.1
7.1

286.9
248.4
241.3
7.1

285.6
250.2
243.1
7.0

56.0

54.8

56.8

55.5

55.1

52.3

52.8

47.0

49.5

47.9

45.9

45.9

54.2
34.8

50.5
26.6

49.1
27.1

48.7
26.4

49.3
25.2

49.3
25.5

49.2
25.1

41.7
24.1

43.8
24.7

42.3
24.3

41.0
24.1

40.8
23.8

NOTE. Tables 1.26, 1.27, a n d 1.28 h a v e b e e n r e v i s e d to reflect c h a n g e s in the B o a r d ' s H . 8
statistical release, " A s s e t s a n d Liabilities of C o m m e r c i a l B a n k s in the U n i t e d S t a t e s . " T a b l e
1.27, " A s s e t s a n d Liabilities of L a r g e W e e k l y R e p o r t i n g C o m m e r c i a l B a n k s , " a n d table 1.28,
" L a r g e W e e k l y R e p o r t i n g U.S. B r a n c h e s a n d A g e n c i e s of F o r e i g n B a n k s , " are n o l o n g e r
b e i n g p u b l i s h e d in the Bulletin. I n s t e a d , a b b r e v i a t e d b a l a n c e s h e e t s f o r b o t h large a n d s m a l l
d o m e s t i c a l l y c h a r t e r e d b a n k s h a v e b e e n i n c l u d e d in table 1.26, parts C a n d D . D a t a are b o t h
m e r g e r - a d j u s t e d a n d b r e a k - a d j u s t e d . In addition, d a t a f r o m large w e e k l y r e p o r t i n g U.S.
b r a n c h e s a n d a g e n c i e s of f o r e i g n b a n k s h a v e b e e n r e p l a c e d b y b a l a n c e sheet e s t i m a t e s of all
f o r e i g n - r e l a t e d institutions a n d are i n c l u d e d in table 1.26, part E . T h e s e d a t a are b r e a k adjusted.
T h e n o t - s e a s o n a l l y - a d j u s t e d d a t a f o r all tables n o w contain additional b a l a n c e s h e e t items,
w h i c h w e r e a v a i l a b l e as of O c t o b e r 2, 1996.
1. C o v e r s the f o l l o w i n g t y p e s of institutions in the fifty states a n d the District of C o l u m b i a :
d o m e s t i c a l l y c h a r t e r e d c o m m e r c i a l b a n k s that s u b m i t a w e e k l y report of c o n d i t i o n (large
d o m e s t i c ) ; o t h e r d o m e s t i c a l l y c h a r t e r e d c o m m e r c i a l b a n k s (small d o m e s t i c ) ; b r a n c h e s a n d
a g e n c i e s of f o r e i g n b a n k s , a n d E d g e A c t a n d a g r e e m e n t c o r p o r a t i o n s ( f o r e i g n - r e l a t e d institutions). E x c l u d e s I n t e r n a t i o n a l B a n k i n g Facilities. D a t a are W e d n e s d a y v a l u e s or p r o rata
a v e r a g e s of W e d n e s d a y v a l u e s . L a r g e d o m e s t i c b a n k s constitute a u n i v e r s e ; d a t a f o r small
d o m e s t i c b a n k s a n d f o r e i g n - r e l a t e d institutions are e s t i m a t e s b a s e d o n w e e k l y s a m p l e s a n d on
q u a r t e r - e n d c o n d i t i o n reports. D a t a are a d j u s t e d f o r b r e a k s c a u s e d by reclassifications of
assets a n d liabilities.
T h e d a t a f o r large a n d small d o m e s t i c b a n k s p r e s e n t e d o n pp. A 1 7 - 1 9 are a d j u s t e d to
r e m o v e the e s t i m a t e d e f f e c t s of m e r g e r s b e t w e e n t h e s e t w o g r o u p s . T h e a d j u s t m e n t f o r
m e r g e r s c h a n g e s past levels to m a k e t h e m c o m p a r a b l e with c u r r e n t levels. E s t i m a t e d
q u a n t i t i e s of b a l a n c e s h e e t i t e m s a c q u i r e d in m e r g e r s are r e m o v e d f r o m past d a t a f o r the b a n k
g r o u p that c o n t a i n e d the a c q u i r e d b a n k a n d p u t into p a s t data f o r the g r o u p c o n t a i n i n g the




a c q u i r i n g b a n k . B a l a n c e s h e e t d a t a f o r a c q u i r e d b a n k s are o b t a i n e d f r o m Call R e p o r t s , and a
ratio p r o c e d u r e is u s e d to a d j u s t past levels.
2. E x c l u d e s f e d e r a l f u n d s sold to, reverse R P s with, a n d l o a n s m a d e to c o m m e r c i a l b a n k s
in the U n i t e d States, all of w h i c h are i n c l u d e d in " I n t e r b a n k l o a n s . "
3. C o n s i s t s of r e v e r s e R P s w i t h b r o k e r s a n d d e a l e r s a n d loans to p u r c h a s e a n d carry
securities.
4 . I n c l u d e s vault c a s h , c a s h i t e m s in p r o c e s s of collection, b a l a n c e s d u e f r o m d e p o s i t o r y
institutions, a n d b a l a n c e s d u e f r o m F e d e r a l R e s e r v e B a n k s .
5. E x c l u d e s the d u e - f r o m p o s i t i o n w i t h related f o r e i g n offices, w h i c h is included in " N e t
d u e to related f o r e i g n o f f i c e s . "
6. E x c l u d e s u n e a r n e d i n c o m e , r e s e r v e s f o r losses o n l o a n s a n d leases, a n d r e s e r v e s f o r
t r a n s f e r risk. L o a n s are r e p o r t e d g r o s s of these items.
7. T h i s b a l a n c i n g i t e m is not i n t e n d e d as a m e a s u r e of e q u i t y capital f o r use in capital
a d e q u a c y analysis. O n a s e a s o n a l l y a d j u s t e d basis, this item reflects any d i f f e r e n c e s in the
s e a s o n a l p a t t e r n s e s t i m a t e d f o r total assets a n d total liabilities.
8. Fair v a l u e of derivative c o n t r a c t s (interest rate, f o r e i g n e x c h a n g e rate, o t h e r c o m m o d i t y
a n d e q u i t y contracts) in a g a i n / l o s s p o s i t i o n , as d e t e r m i n e d u n d e r F A S B Interpretation N o . 39.
9. I n c l u d e s m o r t g a g e - b a c k e d s e c u r i t i e s i s s u e d by U.S. g o v e r n m e n t a g e n c i e s , U.S.
g o v e r n m e n t - s p o n s o r e d e n t e r p r i s e s , a n d p r i v a t e entities.
10. D i f f e r e n c e b e t w e e n f a i r v a l u e a n d historical cost f o r securities classified as availablef o r - s a l e u n d e r F A S B S t a t e m e n t N o . 115. D a t a are reported net of tax e f f e c t s . D a t a s h o w n are
restated to i n c l u d e an e s t i m a t e of t h e s e tax e f f e c t s .
11. M a i n l y c o m m e r c i a l a n d industrial l o a n s but also i n c l u d e s an u n k n o w n a m o u n t of credit
e x t e n d e d to o t h e r than n o n f i n a n c i a l b u s i n e s s e s .
12. Total a m o u n t o u t s t a n d i n g .

A22
1.32

DomesticNonfinancialStatistics • June 2002
C O M M E R C I A L PAPER O U T S T A N D I N G
Millions of dollars, seasonally adjusted, end of period
Year ending December

2001

2002

Item
1997

2
3

2001

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

1,163,303

1,403,023

1,615,341

1,438,764

1,423,004

1,436,254

1,435,808

1,438,764

1,428,494

1,402,875

614,142
322,030

786,643
337,240

973,060
298,848

989,364
224,553

950,346
255,122

984,996
232,407

993,491
227,422

989,364
224,553

984,251
224,595

984,441
218,266

200,857

4 Nonfinancial companies 4

2000

513,307
252,536

Financial companies'
Dealer-placed paper, total 2
Directly placed paper, total 3

1999

966,699

1 All issuers

1998

227,132

279,140

343,433

224,847

217,537

218,851

214,894

224,847

219,648

200,168

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

1.33

PRIME RATE C H A R G E D B Y B A N K S

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

Short-Term Business Loans 1

Percent per year
Date of change

Rate

1999—Jan.
1
July 1
Aug. 25
Nov. 17

7.75
8.00
8.25
8.50

2000—Feb. 3
Mar. 22
May 17

8.75
9.00
9.50

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

9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75

4
1
21
19
16
28
22
18
3
7
12

Period

1999
2000
2001

Average
rate

....

8.00
9.23
6.91

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

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

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




Average
rate

Average
rate

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

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

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

2002—Jan.
Feb.
Mar.
Apr.

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

4.75
4.75
4.75
4.75

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

Financial Markets
1.35

INTEREST RATES

A23

Money and Capital Markets

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

2000

2002, week ending

2002

2001
1999

Item

2001
Dec.

Jan.

Feb.

Mar.

Mar. 1

Mar. 8

Mar. 15

Mar. 22

Mar. 2 9

MONEY MARKET INSTRUMENTS
1 F e d e r a l f u n d s 1,2,3
2 Discount window borrowing2,4

1.82
1.33

1.73
1.25

1.74
1.25

1.73
1.25

1.75
1.25

1.74
1.25

1.71
1.25

1.76
1.25

1.70
1.25

5.09
5.14
5.18

6.27
6.29
6.31

3.78
3.68
3.65

1.84
1.79
1.78

1.70
1.69
1.70

1.76
1.76
1.79

1.78
1.82
1.86

1.75
1.77
1.78

1.78
1.80
1.80

1.78
1.83
1.87

1.78
1.83
1.88

1.79
1.84
1.91

6.28
6.30
6.33

3.80
3.71
3.65

1.83
1.81
1.81

1.72
1.71
1.72

1.77
1.78
1.80

1.80
1.82
1.87

1.77
1.79
1.80

1.79
1.80
1.84

1.81
1.83
1.88

1.80
1.83
1.89

1.79
1.82
1.90

5.19
5.33
5.46

6.35
6.46
6.59

3.84
3.71
3.66

1.90
1.83
1.90

1.75
1.74
1.85

1.81
1.82
1.95

1.84
1.91
2.16

1.82
1.83
1.96

1.83
1.86
2.03

1.85
1.92
2.16

1.85
1.94
2.22

1.85
1.97
2.29

5.31

6.45

3.70

1.84

1.75

1.82

1.91

1.81

1.85

1.92

1.93

1.96

4.64
4.75
<4.81

5.82
5.90
5.78

3.40
3.34
3.84

1.69
1.78
n.a.

1.65
1.73
n.a.

1.73
1.82
n.a.

1.79
2.01
n.a.

1.74
1.85
n.a.

1.76
1.91
n.a.

1.81
2.01
n.a.

1.82
2.07
n.a.

1.79
2.07
n.a.

5.08
5.43
5.49
5.55
5.79
5.65
6.20
5.87

Financial
1-month
2-month
3-month

9
10
11

3.88
3.40

6.11
6.26
6.22
6.16
6.20
6.03
6.23
5.94

3.49
3.83
4.09
4.56
4.88
5.02
5.63
5.49

2.22
3.11
3.62
4.39
4.86
5.09
5.76
5.48

2.16
3.03
3.56
4.34
4.79
5.04
5.69
5.45

2.23
3.02
3.55
4.30
4.71
4.91
5.61
5.40

2.57
3.56
4.14
4.74
5.14
5.28
5.93
n.a.

2.28
3.08
3.61
4.30
4.73
4.90
5.61
n.a.

2.41
3.34
3.89
4.55
4.97
5.13
5.80
n.a.

2.58
3.58
4.16
4.77
5.18
5.34
5.98
n.a.

2.66
3.70
4.32
4.84
5.23
5.37
6.00
n.a.

2.70
3.71
4.31
4.88
5.26
5.38
6.00
n.a.

5.28
5.70
5.43

5.58
6.19
5.71

4.99
5.75
5.15

5.18
5.81
5.25

5.05
5.64
5.16

4.93
5.71
5.11

5.09
5.92
5.29

4.91
5.69
5.07

4.99
5.80
5.19

5.06
5.90
5.30

5.15
5.98
5.34

5.16
6.00
5.32

7.45

7.98

7.49

7.43

7.24

7.18

7.44

7.18

7.33

7.48

7.50

7.49

7.05
7.36
7.53
7.88

7.62
7.83
8.11
8.37

7.08
7.26
7.67
7.95

6.77
7.19
7.70
8.05

6.55
7.03
7.50
7.87

6.51
6.95
7.37
7.89

6.81
7.22
7.62
8.11

6.53
6.96
7.35
7.88

6.69
7.12
7.51
8.00

6.85
7.26
7.67
8.13

6.88
7.28
7.67
8.17

6.87
7.26
7.66
8.16

1.25

1.15

1.32

1.36

1.38

1.43

1.37

1.42

1.36

1.37

1.37

1.38

paper3,5,6

Commercial
Nonfinancial
1 -month
2-month
3-month

6
7
8

6.24
5.73

5.11
5.16
5.22

3
4
5

4.97
4.62

Certificates
of deposit,
1-month
3-month
6-month

secondary

market3,7

3 8
12 E u r o d o l l a r deposits, 3 - m o n t h -

US. Treasury
bills
Secondary market3,5
13
3-month
6-month
14
1-year
15
U.S. TREASURY NOTES AND BONDS

16
17
18
19
70
21
77
23

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

maturities9

STATE AND LOCAL NOTES AND BONDS
Moody's
series'0
74 Aaa
75 Baa
2 6 Bond Buyer series 1 1
CORPORATE BONDS
27 S e a s o n e d issues, all industries 1 2

78
70
30
31

Rating
Aaa13
Aa
A
Baa

group

MEMO
Dividend-price
ratio14
32 C o m m o n stocks

NOTE. S o m e of the d a t a in this table also a p p e a r in the B o a r d ' s H . 1 5 ( 5 1 9 ) w e e k l y
statistical release. F o r o r d e r i n g a d d r e s s , see inside f r o n t cover.
1. T h e daily e f f e c t i v e f e d e r a l f u n d s rate is a w e i g h t e d a v e r a g e of rates on trades t h r o u g h
N e w York b r o k e r s .
2. W e e k l y figures are a v e r a g e s of s e v e n c a l e n d a r days, e n d i n g on W e d n e s d a y of the
c u r r e n t w e e k ; m o n t h l y figures i n c l u d e e a c h c a l e n d a r d a y in the m o n t h .
3. A n n u a l i z e d using a 3 6 0 - d a y y e a r or b a n k interest.
4. R a t e f o r the F e d e r a l R e s e r v e B a n k of N e w York.
5. Q u o t e d on a d i s c o u n t basis.
6. Interest rates interpolated f r o m d a t a on certain c o m m e r c i a l p a p e r trades settled by the
D e p o s i t o r y T r u s t C o m p a n y . T h e trades r e p r e s e n t sales of c o m m e r c i a l p a p e r by d e a l e r s or
direct issuers to investors (that is, the o f f e r side). S e e the B o a r d ' s C o m m e r c i a l P a p e r w e b
pages (http://www.federalreserve.gov/releases/cp) for more information.
7. A n a v e r a g e of d e a l e r o f f e r i n g rates o n nationally traded certificates of deposit.




8. B i d rates f o r e u r o d o l l a r d e p o s i t s c o l l e c t e d a r o u n d 9 : 3 0 a . m . E a s t e r n t i m e . D a t a are f o r
indication p u r p o s e s only.
9. Y i e l d s on actively traded issues a d j u s t e d to c o n s t a n t maturities. SOURCE: U.S. D e p a r t m e n t of the Treasury.
10. G e n e r a l o b l i g a t i o n b o n d s b a s e d on T h u r s d a y figures; M o o d y ' s I n v e s t o r s S e r v i c e .
11. State a n d local g o v e r n m e n t g e n e r a l o b l i g a t i o n b o n d s m a t u r i n g in t w e n t y y e a r s are u s e d
in c o m p i l i n g this index. T h e t w e n t y - b o n d index h a s a rating r o u g h l y e q u i v a l e n t to M o o d y s '
A1 rating. B a s e d on T h u r s d a y figures.
12. Daily figures are a v e r a g e s of A a a , A a , A, a n d B a a yields f r o m M o o d y ' s I n v e s t o r s
Service. B a s e d on yields to m a t u r i t y o n selected l o n g - t e r m b o n d s .
13. E f f e c t i v e D e c e m b e r 7, 2 0 0 1 , the M o o d y ' s A a a yield includes yields o n l y f o r industrial
firms. Prior to D e c e m b e r 7, 2 0 0 1 , the A a a yield r e p r e s e n t e d b o t h utilities a n d industrial.
14. S t a n d a r d & P o o r ' s c o r p o r a t e series. C o m m o n stock ratio is b a s e d on the 5 0 0 stocks in
the price index.

A24
1.36

DomesticNonfinancialStatistics • June 2002
STOCK M A R K E T

Selected Statistics
2001

Indicator

1999

2000

2002

2001
July

Sept.

Aug.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Prices and trading volume (averages of daily figures)

Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1 9 6 5 - 5 0 )
2
Industrial
Transportation
3
4
Utility
5
Finance

619.52
775.29
491.62
284.82
530.97

643.71
809.40
414.73
478.99
552.48

606.03
749.46
444.45
377.72
596.61

613.36
756.04
469.80
374.11
614.54

604.52
748.65
458.35
357.76
605.59

544.39
672.89
382.68
339.72
538.01

556.04
688.35
371.56
341.51
553.16

575.31
715.98
410.05
330.78
577.85

582.82
727.67
433.70
325.33
585.47

581.74
723.56
446.13
322.92
591.94

569.55
715.80
453.51
301.32
570.18

600.74
751.79
490.51
316.25
609.72

6 Standard & Poor's Corporation
(1941—43 - 10)1

1,327.33

1,427.22

1,194.18

1,204.45

1,178.51

1,044.64

1,076.59

1,129.68

1,144.93

1,140.21

1,100.67

1,153.79

770.90

922.22

879.08

892.74

883.01

823.78

825.91

814.78

828.19

835.02

845.81

891.08

799,554
32,629

1,026,867
51,437

1,216,529
68,074

1,120,074
56,735

1,012,907
48,304

1,666,980
72,319

1,293,019
66,765

1,242,965
88,694

1,240,245
53,337

1,401,913
55,151

1,362,830
55,657

1,321,351
56,375

7 American Stock Exchange
(Aug. 31, 1973 - 50) 2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

Customer financing (millions of dollars, end-of-period balances)
10 M a r g i n credit at b r o k e r - d e a l e r s 3
Free credit balances at brokers4
11 Margin accounts 5
12 Cash accounts

228,530

198,790

150,450

165,250

161,130

144,670

144,010

148,650

150,450

150,390

147,030

149,370

55,130
79,070

100,680
84,400

101,640
78,040

97,950
73,490

103,990
73,710

115,450
74,220

101,850
69,550

98,330
72,090

101,640
78,040

97,330
75,110

99,350
72,730

93,700
69,790

Margin requirements (percent of market value and effective date) 6
Mar. 11, 1968

13 Margin stocks
14 Convertible bonds
15 Short sales

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

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




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

Federal Finance
1.38

A25

FEDERAL FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year

Fiscal y e a r

2002

2001

T y p e of a c c o u n t or o p e r a t i o n
1999

2000

2001
Oct.

U.S. budget1
1 Receipts, total
?
On-budget
3
Off-budget
4 O u t l a y s , total
On-budget
6
Off-budget
7 S u r p l u s or deficit ( - ) , total
8
On-budget
9
Off-budget
Source of financing
(total)
10 B o r r o w i n g f r o m the p u b l i c
11 O p e r a t i n g c a s h (decrease, or i n c r e a s e [ - ] )
12 O t h e r 2
MEMO
13 T r e a s u r y o p e r a t i n g b a l a n c e (level, e n d of
period)
14
Federal R e s e r v e B a n k s
Tax a n d l o a n a c c o u n t s
15

Dec.

Jan.

Feb.

Mar.

1,827,454
1,382,986
444,468
1,701,932
1,381,154
320,778
125,522
1,832
123,690

2,025,218
1,544,634
480,584
1,788,826
1,458,061
330,765
236,392
86,573
149,819

1,991,030
1,483,511
507,519
1,863,926
1,516,933
346,993
127,104
-33,422
160,526

157,163
122,004
35,159
166,548
134,014
32,534
-9,385
-12,010
2,625

121,233
83,375
37,858
175,500
140,388
35,112
-54,267
-57,013
2,746

187,914
150,941
36,973
161,347
162,916
-1,569
26,567
-11,975
38,542

203,452
153,541
49,911
159,726
127,001
32,726
43,726
26,540
17,185

97,962
57,087
40,875
174,018
137,713
36,304
-76,056
-80,626
4,571

111,220
65,624
45,596
175,458
138,167
37,290
-64,238
-72,543
8,306

-88,674
-17,580
-19,268

-222,807
3,799
-17,384

-90,118
8,440
-45,426

-3,695
16,612
-3,532

72,036
-2,908
-14,861

-8,813
-21,837
4,083

-15,240
-23,016
-5,470

63,882
30,729
-18,555

2,128
30,545
31,565

56,458
6,641
49,817

52,659
8,459
44,199

44,219
9,796
34,423

27,607
5,112
22,495

30,515
6,219
24,295

52,352
6,645
45,707

75,368
13,688
61,680

44,639
5,752
38,887

14,094
5,692
8,403

1. S i n c e 1990, o f f - b u d g e t i t e m s h a v e b e e n the social security trust f u n d s (Federal O l d - A g e ,
S u r v i v o r s , a n d Disability I n s u r a n c e ) a n d the U.S. Postal Service.
2. I n c l u d e s special d r a w i n g rights ( S D R s ) ; reserve position o n the U.S. q u o t a in the
International M o n e t a r y F u n d ( I M F ) ; loans to the I M F ; other c a s h a n d m o n e t a r y assets;
a c c r u e d interest p a y a b l e to the public; allocations of S D R s ; d e p o s i t f u n d s ; m i s c e l l a n e o u s
liability ( i n c l u d i n g c h e c k s o u t s t a n d i n g ) and asset a c c o u n t s ; s e i g n i o r a g e ; i n c r e m e n t on gold;
net gain or loss f o r U.S. c u r r e n c y valuation a d j u s t m e n t ;




Nov.

net gain or loss f o r I M F l o a n - v a l u a t i o n a d j u s t m e n t ; and profit on sale of gold.
SOURCE. M o n t h l y totals; U.S. D e p a r t m e n t of the Treasury, Monthly Treasury Statement
of
Receipts and Outlays of the U.S. Government;
a n d fiscal y e a r totals: U.S. O f f i c e of M a n a g e m e n t and B u d g e t , Budget of the U.S. Government
w h e n available.
Table 1.38 will n o l o n g e r be p u b l i s h e d in the Federal Reserve Bulletin a f t e r this i s s u e ( J u n e
2 0 0 2 ) . F o r i n f o r m a t i o n on w h e r e to o b t a i n the d a t a p r e s e n t e d in this table, p l e a s e see the
" A n n o u n c e m e n t s " section, pp. 2 9 0 - 9 1 .

A26
1.39

DomesticNonfinancialStatistics • June 2002
U.S. B U D G E T RECEIPTS A N D OUTLAYS 1
Millions of dollars
Fiscal year

Calendar year

Source or type

2000
2000

2001

2002

2001
HI

H2

HI

H2

Jan.

Feb.

Mar.

RECEIPTS
1 All sources

2,025,218

2 Individual income taxes, net
3
Withheld
4
Nonwithheld
5
Refunds
Corporation income taxes
Gross receipts
6
7
Refunds
8 Social insurance taxes and contributions, net
9
Employment taxes and contributions 2
10
Unemployment insurance
11
Other net receipts 1
12
13
14
15

Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 4

....

1,991,030

1,089,763

953,667

1,120,040

875,322

203,452

97,962

111,220

1,004,462
780,397
358,049
134,046

994.339
793.386
383.146
182.251

550,208
388,526
281,103
119.477

458,679
395.572
77,732
14,628

580,632
402,417
308,418
130,256

420,105
398,365
76,199
54,461

112,095
64,403
49,132
1,442

35,745
62,002
3,341
29,607

25,022
65,528
6,256
46,778

235,655
28,367
652,852
620,451
27.640
4,761

186,732
35.657
693,967
661,442
27.812
4,713

119,166
13.781
353.514
333,584
17,562
2,368

123,962
15,776
310,122
297,665
10,097
2,360

102,947
20,262
379,878
359,648
17,842
2,387

90,970
21,945
314,678
302.518
9,880
2,281

12,321
3,071
66,164
64,593
1,223
348

2,995
4,935
54,617
52,243
2,016
358

23,444
8,117
59.044
58,335
271
438

68,865
19,914
29,010
42,826

66.068
19.369
28,400
37,812

33,532
9,218
15,073
22,831

35,501
10,676
13,216
17,286

32,490
9,370
15.471
19,517

29,124
10,032
12,643
19,595

9,162
1,562
2,389
2,831

3,834
1,351
1.881
2,473

6,063
1,219
2,074
2,471

OUTLAYS
1,788,826

1,863,926

892,947

895,630

948,750

954,307

159,723 r

174,018

175,458

17
18
19
20
21
22

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

294.494
17,216
18,637
-1,060
25,031
36,641

308,533
16.601
19,896
89
26.335
26,553

143,476
7,250
9,601
-893
10,814
11.164

147,651
11,902
10,389
130
12,907
20.977

153,154
6,522
10,073
-244
11,059
10,832

160,877
9,072
10,868
494
13,310
19,954

24,693
4,833
1,523
-409
2,067
2,727

27,391
2,036
1,689
-289
1,916
1,856

31,545
868
1,716
391
2,288
2,291

23
24
25
26

Commerce and housing credit
Transportation
Community and regional development
Education, training, employment, and
social services

3,211
46,854
10,629

6,030
55,220
11.977

-2.497
21.054
5.050

4,408
25.841
5,962

-1.539
23,810
5,265

6.941
33,006
8,450

1,411
4,539
579

-1,638
4,387
948

1,044
4.399
761

16 All types

59,201

57,302

31,234

29,263

35,698

28.290

7,398

6,699

5,788

27 Health
28 Social security and Medicare
29 Income security

154,534
606,549
247,895

172.634
650,593
269.770

75.871
306.966
133,915

81,413
307,473
113,212

87,427
328,072
146,913

92,411
331,522
124,312

16,718
53,838
23,150

14,699
56,542
38,398

15,768
57,291
32,868

30
31
32
33
34

47,083
27,820
13,454
223,218
-42,581

45.828
30.443
15.153
206.199
-55.230

23,174
13,981
6,198
115,545
-19.346

22,615
14,635
6,461
104,685
-24,070

23.171
14,694
8,887
107,824
-22.865

24,769
16,209
8,688
89,692
-24.516

2,390
2,451
424
15,095
-3,700

4,340
2,503
2,149
14,282
-3,891

3,544
2,977
890
14,523
-3,494

Veterans benefits and services
Administration of justice
General government
Net interest 5
Undistributed offsetting receipts 6

1. Functional details do not sum to total outlays for calendar year data because revisions to
monthly totals have not been distributed among functions. Fiscal year total for receipts and
outlays do 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. Federal employee retirement contributions and civil service retirement and disability
fund.
4. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
5. Includes interest received by trust funds.




6. Rents and royalties for the outer continental shelf, U.S. government contributions for
employee retirement, and certain asset sales.
SOURCE. Fiscal year totals: U S . Office of Management and Budget, Budget of the U.S.
Government, Fiscal Year 2003; monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.
Table 1.39 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
"Announcements" section, pp. 290-91.

Federal Finance
1.40

A27

FEDERAL D E B T SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2002

2001

2000
Item

Mar. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

1 Federal debt outstanding

5,801.5

5,714.2

5,701.9

5,689.6

5,800.6

5,753.9

5,834.5

5,970.3

n.a.

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

5,773.4
3,688.0
2,085.4

5,685.9
3,495.7
2,190.2

5.674.2
3,438.5
2,235.7

5,662.2
3,413.5
2,248.7

5,773.7
3,434.4
2,339.4

5,726.8
3,274.2
2,452.6

5,807.5
3,338.7
2,468.8

5,943.4
3,393.8
2,549.7

6,006.0'
n.'a.
n.'a.

28.1
27.8
.4

28.3
28.2
.1

27.7
27.6
.1

27.4
27.3
.1

26.8
26.8
.1

27.1
27.1
.0

27.0
27.0
.0

26.8
26.8
.0

5 Agency securities
6
Held by public
7
Held by agencies

n.'a.
n.'a.
n.'a.

5,686.5

5,600.6

5,591.6

5,580.5

5,692.5

5,645.0

5,732.6

5,871.4

5,935.1 r

9 Public debt securities
10 Other debt 1

5.686.3
.2

5,600.5
.2

5,591.4
.2

5,580.2
.2

5,692.3
.2

5,644.8
.2

5,807.5
.2

5,943.4
.3

6,006.0'
.2'

MEMO
11 Statutory debt limit

5,950.0

5.950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0'

8 D e b t subject to s t a t u t o r y limit

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

1.41

GROSS PUBLIC D E B T OF U.S. T R E A S U R Y

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

of the Public Debt of the

Types and Ownership

Billions of dollars, end of period
2002

2001
Type and holder

1998

1999

2000

2001
Q2

1 Total gross public debt

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

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds 1
Nonmarketable 2
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4
Non-interest-bearing

By holder5
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks 6
18 Private investors
19
Depository institutions
20
Mutual funds
21
Insurance companies
State and local treasuries 7
22
Individuals
Savings bonds
23
24
Pension funds
25
Private
76
State and Local
27
Foreign and international 8
Other miscellaneous investors 7 9
28

Q4

Ql

5,614.2

5,776.1

5,662.2

5,943.4

5,726.8

5,807.5

5,943.4

6,006.0

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

5,766.1
3,281.0
737.1
1,784.5
643.7
100.7
2,485.1
165.7
31.3
31.3
.0
179.4
2.078.7
10.0

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

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

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

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

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

5,962.2
3.003.3
834.4
1,411.7
596.7
145.6
2,958.9
141.1
14.6
14.6
.0
183.6
2,589.7
43.8

1,828.1
452.1
3,334.0
237.3
343.3
141.7
269.3

2,064.2
478.0
3,233.9
246.5
335.4
123.4
266.8

2,249.0
511.7
2,880.4
199.2
312.6
110.2
236.2

2,572.2
551.7
2,819.5
182.2
258.5
85.7
205.4

2,469.1
535.1
2,722.6
190.1
219.2
94.8
224.0

2,493.7
534.1
2,779.7
189.5
231.6
88.5
208.9

2,572.2
551.7
2,819.5
182.2
258.5
85.7
205.4

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

186.6
356.9
139.1
217.7
1,278.7
517.5

186.4
349.7
138.5
211.2
1,268.7
444.1

184.8
333.4
137.7
195.7
1,201.3
276.9

190.3
288.4
102.4
186.0
1,218.1
n.a.

185.5
308.4
104.0
204.4
1,167.4
210.5

186.4
287.3
99.6
187.7
1,170.1
279.4

190.3
288.4
102.4
186.0
1,218.1
n.a.

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

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

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




Q3

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

A28
1.42

DomesticNonfinancialStatistics • June 2002
U.S. G O V E R N M E N T SECURITIES D E A L E R S

Transactions'

Millions of dollars, daily averages
2001

Dec.

By type of security
1 U.S. T r e a s u r y bills
T r e a s u r y c o u p o n securities by m a t u r i t y
2
T h r e e years or less
3
M o r e than three but less than or
equal to six years
4
M o r e than six but less than or e q u a l
to e l e v e n y e a r s
5
M o r e than e l e v e n
Inflation-indexed2
6

7
8
9
10
11
12

Federal agency and governmentsponsored enterprises
D i s c o u n t notes
C o u p o n securities by m a t u r i t y
T h r e e y e a r s or less
M o r e than three y e a r s but less than
or e q u a l to six y e a r s
M o r e than six y e a r s but less than
or equal to e l e v e n y e a r s . . . .
M o r e than e l e v e n y e a r s
Mortgage-backed

C o r p o r a t e securities
O n e y e a r or less
13
14
M o r e than o n e y e a r

15
16
17
18
19
20
21
22

By type of
counterparty
W i t h interdealer b r o k e r
U.S. T r e a s u r y
Federal a g e n c y a n d g o v e r n m e n t sponsored enterprises
Mortgage-backed
Corporate
With other
U.S. T r e a s u r y
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate

2002

Jan.

2002, week ending

Feb.

Jan. 30

F e b . 13

Feb. 2 0

F e b . 27

Mar. 6

Mar. 13

Mar. 2 0

Mar. 27

37,927

37,522

42,233

40,004

37,395

41,228

42,734

46,041

45,570

40,283

44,145

45,143

97,643

137,139

122,427

145,437

116,619

108,801

94,762

154,118

165,986

126,245

133,712

176,569

74,502

80,482

82,210

101,788

91,706

80,396

70,507

82,332

99,504

98,852

83,989

84,674

57,308
18,470
1,228

72,361
18,413
2,153

69,912
15,747
1,735

77,416
21.583
977

80,380
17,776
1,977

71,579
15,597
1,306

63,140
13,833
1,798

64,496
15,490
1,981

73,869
17,318
1.433

80,437
23,711
1,876

87,647
24,174
1,618

68,496
20,340
2,073

59,418

56,379

54,029

54,037

57,942

49,799

58,498

50,547

59,060

48,300

45,465

46,347

9.412

11,890

10,672

10,019

11,759

10,542

7,320

11,993

13,773

13,394

9,495

11,634

8,016

9,585

10,590

13,170

7,978

10,972

8,197

14,042

11,442

18,286

8,750

13,461

7,031
1,435

10,687
980

6,019
1,473

9,957
995

7,625
1.421

5,737
1,049

4,893
2,755

5,698
930

7,114
1,384

5,683
1,116

5,434
1,543

11,596
886

113,262

140.307

136,655

120,841

137,347

172,382

123,213

105,130

166,643

186,160

120,768

85,962

102,218'
18,835'

78,578
25,238

106,206'
17,310'

101,309
20,437

106,007
17,147

96,351
19,117

104,988
22,264

103,347
25,585

119,179
23,063

111,132
26,930

71,082
15,326

75.514r
20,307r

127,310

155,689

156,162

171,019

159,212

151,247

133,799

170.629

185,646

163,503

165,508

187,493

9,762
29,886
382

12,346
37,059
568

10.972
34,770
536

12,860
31,044
607

11,346
31.671
517

10,773
44,779
511

9,698
31,651
500

11,518
28,067
592

12,834
43,109
608

13,593
50,720
638

10,109
30,510
635

13,361
21,395
634

159,770

192,381

178,102

216,186

186,642

167,660

152,975

193,829

218,032

207,901

209,777

209,801

75,549
83,376
86,026

77,175
103,248
95,252'

71,811
101,885
120,517'

75,318
89,797
103,209

75,379
105,676
122,999'

67,326
127,602
121,235

71,966
91,562
122,655

71,692
77,063
114,876

79,940
123,534
126,644

73,186
135,439
128,294

60,578
90,258
141,607

70,562
64,567
137,429

1. T h e figures r e p r e s e n t p u r c h a s e s a n d sales in the m a r k e t by the p r i m a r y U.S. g o v e r n m e n t
securities dealers r e p o r t i n g to the F e d e r a l R e s e r v e B a n k of N e w York. O u t r i g h t transactions
i n c l u d e all U.S. g o v e r n m e n t , f e d e r a l a g e n c y , g o v e r n m e n t - s p o n s o r e d enterprise, m o r t g a g e b a c k e d , a n d c o r p o r a t e securities s c h e d u l e d f o r i m m e d i a t e a n d f o r w a r d delivery, as well as all
U.S. g o v e r n m e n t securities t r a d e d o n a w h e n - i s s u e d basis b e t w e e n the a n n o u n c e m e n t and
issue date. D a t a d o not i n c l u d e t r a n s a c t i o n s u n d e r r e p u r c h a s e a n d reverse r e p u r c h a s e (resale)
a g r e e m e n t s . A v e r a g e s are b a s e d o n the n u m b e r of trading d a y s in the w e e k .




Feb. 6

2. O u t r i g h t T r e a s u r y i n f l a t i o n - i n d e x e d securities ( T I I S ) t r a n s a c t i o n s are r e p o r t e d at principal value, e x c l u d i n g a c c r u e d interest, w h e r e principal v a l u e reflects the original i s s u a n c e p a r
a m o u n t ( u n a d j u s t e d f o r inflation) t i m e s the p r i c e t i m e s the index ratio.
NOTE. M a j o r c h a n g e s in the report f o r m filed by p r i m a r y d e a l e r s i n d u c e d a b r e a k in the
dealer d a t a series as of t h e w e e k e n d i n g July 4, 2 0 0 1 . C u r r e n t w e e k l y d a t a m a y b e f o u n d at the
Federal R e s e r v e B a n k of N e w York w e b site ( h t t p : w w w . n e w y o r k f e d . o r g / p i h o m e / s t a t i s t i c s )
u n d e r the P r i m a r y D e a l e r h e a d i n g .

Federal Finance
1.43

A29

Positions and Financing 1

U.S. G O V E R N M E N T SECURITIES DEALERS
Millions of dollars
2001

2002

2002, week ending

i t e m , Dy t y p e ot security
Dec.

Jan.'

Feb.

Jan. 30 r

Feb. 6

F e b . 13

Feb. 20

Feb. 27

Mar. 6

Mar. 13

Mar. 2 0

Net Outright Positions2

1 U S . T r e a s u r y bills
T r e a s u r y c o u p o n securities by m a t u r i t y
T h r e e y e a r s or l e s s
M o r e than three y e a r s but less t h a n
or equal to six y e a r s
4
M o r e than six but less than
or equal to e l e v e n years
5
M o r e than e l e v e n
6
Inflation-indexed
2
3

39,006

28,500

28,170

24,799

21,321

21,238

33,513

35,459

29,365

28,240

24,139

-26,923

-27,102

-28,348

-29,185

-28,808

-29,054

-29,903

-26,162

-25,054

-25,831

-21,968

-23,893

-23,434

-23,482

-29,186

-25,085

-24,584

-20,171

-23,869

-26,630

-33,222

-34,689

-16,503
4,361
2,940

-17,847
9,521
3,415

-13,477
12,230
3,450

-17,922
12,145
3,284

-12,857
12,228
3,568

-14,206
12,804
3,432

-13,088
12,277
3,491

-13,353
11,791
3,358

-15,694
10,973
3,235

-19,007
9,360
3,980

-15,430
5,014
4,292

48,745

46,497

49,069

47,310

48,092

49,430

50,726

49,300

39,201

48,806

46,367

10,803

13,976

11,856

14,926

11,943

12,148

12,102

11,775

8,144

9,985

8,167

-1,037

707

1,318

1,037

283

1,810

686

2,817

-1,979

248

-555

1,788
3,373

472
3,443

1,111
3,479

1,181
3,635

1,108
3,065

1,410
3,411

711
3,855

1,248
3,571

869
3,155

1,601
3,006

1,637
2,123

12 M o r t g a g e - b a c k e d

19,169

13,742

6,195

13,827

13,005

7,461

6,415

202

-3,110

7,207

9,355

C o r p o r a t e securities
13
O n e y e a r or less
14
M o r e than o n e y e a r

17,586
39,165

18,398
39,681

17,989
36,235

15,140
38,054

17,265
34,047

15,803
35,251

19,118
37,845

19,184
37,172

21,379
38,416

21,638
41,053

23,988
43,072

7
8
9
10
11

Federal a g e n c y a n d g o v e r n m e n t sponsored enterprises
D i s c o u n t notes
C o u p o n securities, by m a t u r i t y
T h r e e y e a r s or less
M o r e than three y e a r s but less than
or equal to six y e a r s
M o r e than six but less than
or e q u a l to e l e v e n years
M o r e than e l e v e n

Financing3

Securities in, U.S. Treasury
15 O v e r n i g h t a n d c o n t i n u i n g
16 T e r m
Federal a g e n c y a n d g o v e r n m e n t sponsored enterprises
17 O v e r n i g h t a n d c o n t i n u i n g
18 T e r m
M o r t g a g e - b a c k e d securities
19 O v e r n i g h t and c o n t i n u i n g
20 Term
C o r p o r a t e securities
21 O v e r n i g h t and c o n t i n u i n g
22 Term
MEMO
Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 O v e r n i g h t a n d c o n t i n u i n g
28 Term
M o r t g a g e - b a c k e d securities
29 O v e r n i g h t a n d c o n t i n u i n g
30 Term
C o r p o r a t e securities
31 O v e r n i g h t a n d c o n t i n u i n g
32 T e r m
MEMO
Repurchase agreements
33 O v e r n i g h t a n d c o n t i n u i n g
34 T e r m

537,442
714,984

539,785
642,804

547,472
656,569

548,749
671,119

556,347
698,290

523,105
715,048

558,369
586,616

551,470
635,463

560,526
634,291

569,429
687,783

565,327
704,872

127,437
241,111

131,213
224,528

140,693
224,572

134,466
231,744

143,080
227,156

141,845
228,523

145,829
213,966

131,699
228,884

145,325
225,458

139,231
237,047

145,875
225,112

31,406
224,217

30,400
212,612

35,759
217,733

30,657
214,710

33,451
215,615

32,697
222,147

37,700
216,347

38,201
216,524

40,355
217,717

39,769
220,960

33,249
217,599

37,508
18,653

38,733
19,861

41,282
22,077

40,732
21,499

39,034
22,255

41,358
22,074

41,700
22,562

42,354
21,483

43,808
21,788

44,549
21,594

44,718
24,156

350,965
1,072,648

356,539
967,513

381,084
997,678

375,740
1,010,669

381,637
1,044,500

350,895
1,066,793

393,304
919,194

395,633
970,575

401,710
972,051

404,460
1,033,257

399,789
1,037,880

528,953
662,681

537,222
572,591

551,187
580,525

524,470
614,564

553,071
627,275

507,440
647,568

565,251
505,379

578,501
551,633

556,471
559,003

552,577
612,452

541,628
639,945

219,344
194,382

234,669
167,974

248,413
167,477

244,198
170,989

249,943
166,411

249,698
174,082

253,204
160,571

242,416
168,268

238,684
170,434

230,978
182,742

235,062
172,942

280,666
130,237

288,665
122,101

286,742
127,225

274,190
123,855

274,085
121,904

289,354
134,011

294,026
125,271

290,597
126,382

266,431
131,224

294,422
133,294

292,810
134,162

95,841
10,774

97,931
14,398

100,801
17,993

99,232
17,705

98,515
17,413

98,645
16,365

102,059
19,887

103,742
18,234

100,217
17,913

105,171
19,233

116,128
17,016

980,434
976,295

1,010,207
854,628

1,044,255
872,476

999,193
905,362

1,031,238
914,919

1,003,818
949,954

1,072,141
790,127

1,071,774
843,039

1,017,584
857,963

1,041,599
926,003

1,033,480
944,365

1. D a t a f o r p o s i t i o n s a n d financing are o b t a i n e d f r o m reports s u b m i t t e d to the Federal
R e s e r v e B a n k of N e w York b y the U.S. g o v e r n m e n t securities dealers on its p u b l i s h e d list of
p r i m a r y dealers. W e e k l y figures are c l o s e - o f - b u s i n e s s W e d n e s d a y data. P o s i t i o n s f o r c a l e n d a r
d a y s of the report w e e k are a s s u m e d to b e c o n s t a n t . M o n t h l y a v e r a g e s are b a s e d on the
n u m b e r of c a l e n d a r d a y s in the m o n t h .
2. N e t o u t r i g h t p o s i t i o n s i n c l u d e all U.S. g o v e r n m e n t , f e d e r a l a g e n c y , g o v e r n m e n t s p o n s o r e d enterprise, m o r t g a g e - b a c k e d , a n d c o r p o r a t e securities s c h e d u l e d f o r i m m e d i a t e a n d
f o r w a r d delivery, as well as U.S. g o v e r n m e n t securities traded o n a w h e n - i s s u e d basis
b e t w e e n the a n n o u n c e m e n t a n d issue date.




3. Figures c o v e r financing U.S. g o v e r n m e n t , f e d e r a l a g e n c y , g o v e r n m e n t - s p o n s o r e d enterprise, m o r t g a g e - b a c k e d , a n d c o r p o r a t e securities. F i n a n c i n g t r a n s a c t i o n s f o r T r e a s u r y
i n f l a t i o n - i n d e x e d securities ( T I I S ) are r e p o r t e d in actual f u n d s p a i d or received, except f o r
p l e d g e d securities. T I I S that are i s s u e d as p l e d g e d securities are r e p o r t e d at p a r value, w h i c h
is the v a l u e of the security at original i s s u a n c e ( u n a d j u s t e d f o r inflation).
NOTE. M a j o r c h a n g e s in the r e p o r t f o r m filed b y p r i m a r y d e a l e r s i n c l u d e d a b r e a k in m a n y
series as of the w e e k e n d i n g J u l y 4, 2 0 0 1 . C u r r e n t w e e k l y d a t a m a y be f o u n d at the Federal
R e s e r v e B a n k of N e w York w e b site ( h t t p : / / w w w . n e w y o r k f e d . o r g / p i h o m e / s t a t i s t i c s ) u n d e r the
Primary Dealer heading.

A30
1.44

DomesticNonfinancialStatistics • June 2002
F E D E R A L A N D FEDERALLY S P O N S O R E D CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period
2002

2001
1998

Agency

1999

2000

2001
Sept.

MEMO
19 Federal Financing B a n k d e b t 1 1

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

n.a.

n.a.

n.a.

276
6
n.a.
26,828

290
6
n.a.
26,741

1,616,492

1,851,632

2,071,164

26,781

26,502
6
n.a.
205

26,376
6
n.a.
126

25,666
6
n.a.
255

276
6
n.a.
26,828

27,017
6
n.a.
231

6
n.a.
252
n.a.

275
6
n.a.
26,655

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

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

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

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

n.a.
n.a.
27,011
n.a.

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

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

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

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

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

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

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

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

2,044,147
614,325
534,434
727,000
76,385
49,404
8,170
1,261
29,996

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

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

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

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

42,152

40,575

39,096

42,825

40,574

40,485

39,096

38,140

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

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

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

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

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

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

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

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

9,500
14,091
20,538

6,665
14,085
21,402

5,275
13,126
22,174

n.a.
13,876
25,220

4,375
13,599
30,851

n.a.
13,698
26,876

n.a.
13,822
26,663

n.a.
13,876
25,220

n.a.

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




Jan.

44,129

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 8
15
Student Loan Marketing Association 9
16
Financing Corporation 1 "
17
Farm Credit Financial Assistance Corporation"
18
Resolution Funding Corporation 1 2

20
21
22
23
24

Dec.

1,296,477

1 Federal a n d federally sponsored agencies
2 Federal agencies
3
Defense Department 1
4
Export-Import Bank 2 -1
5
Federal Housing Administration 4
6
Government National Mortgage Association certificates of
participation 5
7
Postal Service 6
8
Tennessee Valley Authority
9
United States Railway Association 6

Lending to federal and federally sponsored
Export-Import Bank 3
Postal Service 6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association 6

Nov.

Oct.

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

n.a.
13,982
24,158

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

Securities Markets and Corporate Finance
1.45

NEW SECURITY ISSUES

A31

Tax-Exempt State and Local Governments

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

1999

2000

2002

2001
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1 All issues, new a n d r e f u n d i n g '

215,427

180,403

270,566

21,152

13,159

30,446

30,105

28,363

20,523

20,175

23,842

By type of issue
2 General obligation
3 Revenue

73,308
142,120

64,475
115,928

100,519
170,047

8,796
12,356

3,926
9,233

14,302
16,144

10,163
19,942

9,218
19,146

8,157
12,366

8,652
11,523

10,269
13,574

By type of issuer
4 State
5 Special district or statutory authority 2
6 Municipality, county, or township

16,376
152,418
46,634

19,944
111,695
39,273

30,099
281,427
61,040

2,713
12,351
6,088

1,504
9,137
2,518

6,008
17,382
7,056

2,271
21,601
6,233

746
22,525
5,093

1,826
14,369
4,329

3,238
11,950
4,987

3,265
15,479
5,098

7 Issues f o r new capital

161,065

154,257

192,161

13,550

10,110

21,249

21,009

21,389

14,631

13,248

16,856

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

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

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

2,950
1,669
1,228
n.a.
708
4,524

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

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

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

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

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

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

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

8
9
10
11
12
13

By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

SOURCE. Securities Data Company beginning January 1990; Investment
before then.

Dealer's

Digest

U.S. Corporations

Millions of dollars
2002

2001
Type of issue, offering,
or issuer

1999

2000

2001
July

1 AI1 issues'

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

1,072,866

942,198

1,382,003

93,451

97,944

89,855

139,181

123,517

96,576

102,688

86,090

2 Bonds 2

941,298

807,281

1,253,449

84,872

89,990

84,509

123,346

110,888

81,339

88,241

79,515

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

818,683
122,615

684,484
122,798

1,197,060
56,389

79,508
5,364

86,759
3,231

80,223
4,286

120,162
3,185

106,563
4,326

79,636
1,703

79,472
8,770

73,474
6,041

MEMO
5 Private placements, domestic

24,703

18,370

8,734

12

48

0

224

4,936

2,880

0

0

By industry group
6 Nonfinancial
7 Financial

293,963
647,335

242,207
565,074

445,930
807,519

18,904
65,968

28,546
61,443

31,920
52,589

43,830
79,517

42,189
68,699

21,647
59,692

18,894
69,348

30,770
48,746

8 Stocks 3

223,968

283,717

128,554

8,579

7,954

5346

15,835

12,629

15,237

14,447

6,575

By type of offering
9 Public
10 Private placement 4

131,568
92,400

134,917
148,800

128,554
n.a.

8,579
n.a.

7,954
n.a.

5,346
n.a.

15,835
n.a.

12,629
n.a.

15,237
n.a.

14,447
n.a.

6,575
n.a.

By industry group
11 Nonfinancial
12 Financial

110,284
21,284

118,369
16,548

77,577
50,977

4,237
4,342

5,487
2,467

81
5,265

7,611
8,224

7,592
5,037

7,771
7,466

9,579
4,868

4,024
2,551

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




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

A32
1.47

DomesticNonfinancialStatistics • June 2002
Net Sales and Assets 1

OPEN-END INVESTMENT COMPANIES
Millions of dollars

2002

2001
Item

2000

2001
Aug.

Sept.

Nov.

Oct.

Feb. r

Jan.

Dec.

Mar.

1 Sales of own shares 2

2,279,315

1,806,474

142,577

105,038

153,827

147,192

151,779

171,499

141,463

171,298

2 Redemptions of own shares
3 Net sales 3

2,057,277
222,038

1,677,266
129,208

131,408
11,169

127,995
-22,957

137,837
15,990

124,060
23,132

149,705
2,074

138,773
32,726

123,013
18,450

131,828
39,470

4 Assets 4

5,123,747

4,689,624

4,635,477

4,253,850

4,376,923

4,625,601

4,689,624

4,667,688

4,623,041

4,816,572

5 Cash 5
6 Other

277,386
4,846,361

219,620
4,470,004

240,329
4,395,148

223,077
4,030,773

229,576
4,147,347

239,671
4,385,930

219,620
4,470,004

240,141
4,427,547

234,510
4,388,531

241,236
4,575,336

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

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

1.48

CORPORATE PROFITS A N D THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted annual rates
2000
Account

1999

2001

2001

2000

Q1
1 Profits with inventory valuation and
capital consumption adjustment
2 Profits before taxes
3 Profits-tax liability
4 Profits after tax
5
Dividends
Undistributed profits
6
7 Inventory valuation
8 Capital consumption adjustment

DOMESTIC FINANCE COMPANIES

Q3

Q4

Ql

Q2

Q3

Q4

825.2
776.3
253.0
523.3
343.5
179.8

876.4
845.4
271.5
573.9
379.6
194.3

767.1
698.5
216.0
482.5
416.6
65.9

870.3
844.9
277.0
567.8
361.5
206.3

892.8
862.0
280.4
581.6
373.7
207.9

895.0
858.3
274.9
583.4
386.2
197.2

847.6
816.5
253.5
563.0
397.0
165.9

789.8
755.7
236.8
518.9
405.2
113.7

759.8
738.3
228.0
510.3
412.3
98.0

697.0
680.6
204.9
475.6
420.4
55.2

822.0
619.4
194.1
425.2
428.7
-3.5

-2.9
51.7

-12.4
43.4

2.2
66.4

-23.8
49.2

-14.8
45.5

-3.6
40.4

-7.3
38.4

-1.9
36.0

-8.8
30.3

3.1
13.4

16.6
186.1

SOURCE. U.S. Department of Commerce, Survey of Current Business.
Table 1.48 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002).

1.51

Q2

For information on where to obtain the data presented in this table, please see the "Announcements" section, pp. 290-91.

Assets and Liabilities 1

Billions of dollars, end of period; not seasonally adjusted
2001

2000
Account

1999

2000

2002

2001
Q3

Q4

Ql

Q2

Q3

Q4

Ql

ASSETS
1
3
4

845.4
304.4
395.1
145.8

958.6
327.9
458.4
172.3

970.9
340.2
447.0
183.7

939.9
331.5
443.0
165.4

958.6
327.9
458.4
172.3

954.4
319.2
459.1
176.1

988.7
324.5
481.9
182.3

967.7
329.2
451.1
187.4

970.9
340.2
447.0
183.7

^
(S

61.4
14.7

69.7
16.7

60.7
20.2

68.3
15.6

69.7
16.7

69.9
17.2

61.5
17.4

60.8
18.0

60.7
20.2

7
8

769.3
406.6

872.2
461.5

890.1
500.1

856.1
442.3

872.2
461.5

867.3
474.8

909.7
459.0

888.9
478.8

890.1
500.1

1,175.9

1,333.7

1,390.1

1,298.4

1,333.7

1,342.1

1,368.7

1,367.7

1,390.1

n.a.

35.4
230.4

35.9
238.8

49.4
157.3

35.7
218.8

35.9
238.8

41.6
180.9

45.3
181.6

44.5
171.0

49.4
157.3

n.a.

12
13
14
15

87.8
429.9
237.8
154.5

102.5
502.2
301.8
152.5

99.5
564.1
330.8
189.1

100.0
507.3
288.1
148.5

102.5
502.2
301.8
152,5

97.2
533.8
325.1
163.5

93.4
542.1
336.3
170.0

91.7
555.8
327.6
177.2

99.5
564.1
330.8
189.1

n.a.

16

1,175.9

1,333.7

1,390.1

1,298.4

1,333.7

1,342.1

1,368.7

1,367.7

1,390.1

n.a.

P
LIABILITIES AND CAPITAL
10
11
Debt

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




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

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

A33

Owned and Managed Receivables 1

Billions of dollars, amounts outstanding
2002

2001
Type of credit

1999

2000

2001
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Seasonally adjusted

1 Total
2
3
4

Consumer
Real estate
Business .

1,031.2

1,186.9

1,251.6

1,246.7

1,255.3

1,262.0

1,251.6

l,236.2 r

1,243.3

410.2
174.0
446.9

465.2
198.9
522.8

513.9
211.6
526.2

496.0
213.1
537.6

499.4
219.7
536.1

511.0
213.1
537.9

513.9
211.6
526.2

511.5 r
205.3
519.4'

518.8
205.6
519.0

Not seasonally adjusted

5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving 2
Other 3
Securitized assets 4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets 4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans 5
Leases
Equipment
Loans
Leases
Other business receivables 6
Securitized assets 4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables 6

1,036.4

1,192.1

1,256.9

1,239.5

1,250.1

1,256.3

1,256.9

1,240.2'

1,244.5

412.7
129.2
102.9
32.5
39.8

468.3
141.6
108.2
37.6
40.7

517.4
173.9 r
103.5
31.5
31.1

498.0
151.6
108.3
35.9
33.4

501.1
164.6
107.3
28.5
31.2

514.2
177.2'
105.5
30.2
31.4

517.4
173.9'
103.5
31.5
31.1

512.2'
168.9'
102.4'
29.9'
31.3'

517.1
172.6
101.2
29.2
31.6

73.1
9.7
6.7
18.8
174.0
108.2
37.6

97.1
6.6
19.6
17.1
198.9
130.6
41.7

131.9'
6.8
24.3
14.3
211.6
142.5
41.2

117.5
7.0
29.3
15.0
213.1
144.8
42.6

124.3
6.9
23.5
14.8
219.7
150.1
44.1

125.0'
7.0
23.4
14.5
213.1
142.9
44.9

131.9'
6.8
24.3
14.3
211.6
142.5
41.2

135.1'
6.7'
23.9
13.8
205.3
118.3
41.0

136.8
6.6
25.3
13.9
205.6
118.7
41.1

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

24.7
1.9
525.0
75.5
18.3
39.7
17.6
283.5
70.2
213.3
99.4

22.2
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

22.8
2.9
528.4
57.8
16.7
23.6
17.5
288.2
76.8
211.4
105.1

22.7
2.9
529.3
52.7
16.8
18.7
17.2
294.4
80.2
214.1
108.3

22.4
2.9
529.0
52.9
16.2
19.5
17.2
291.8
76.7
215.1
110.8

22.2
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

40.3
5.7
522.7'
52.0'
16.4
18.0'
17.6
287.4
75.9
211.5
103.8'

40.1
5.7
521.8
54.5
17.0
20.1
17.5
285.7
74.8
210.9
100.9

31.5
2.9
26.4
2.1
14.6
7.9
6.7
8.4

37.8
3.2
32.5
2.2
23.1
15.5
7.6
5.6

50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7

48.0
2.6
42.8
2.7
23.1
15.1
8.0
6.1

45.3
2.4
40.3
2.7
22.5
14.5
8.0
6.1

43.9
3.0
38.3
2.7
23.4
15.5
7.9
6.2

50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7

49.1
4.7
41.9
2.5
22.7
15.9
6.8
7.7

46.7
4.6
39.6
2.5
26.2
19.4
6.7
7.8

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




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

A34
1.53

DomesticNonfinancialStatistics • June 2002
MORTGAGE MARKETS

Mortgages on N e w Homes

Millions of dollars except as noted
2002

2001

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Terms and yields in primary and s e c o n d a r y markets

PRIMARY MARKETS

1
2
3
4
5

Terms'
Purchase price (thousands of dollars)
A m o u n t of loan ( t h o u s a n d s of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan a m o u n t ) 2

234.5
177.0
77.4
29.2
.70

245.0
184.2
77.3
28.8
.67

246.6
184.3
77.1
29.0
.61

242.9
181.2
76.9
28.5
.67

252.2
189.1
77.2
28.6
.63

253.0
190.0
77.2
28.9
.69

245.8
186.7
78.1
28.8
.66

250.6
190.1
78.2
28.8
.62

255.6
193.3
78.2
29.1
.62

6.94
7.06
7.45

7.41
7.52
n.a.

6.90
7.00
n.a.

6.80
6.89
n.a.

6.63
6.73
n.a.

6.54
6.63
n.a.

6.68
6.79
n.a.

6.77
6.87
n.a.

6.72
6.82
n.a.

6.66
6.76
n.a.

7.74
7.03

Yield (percent per year)
6 Contract rate 1
7 Effective rate 1 J
8 Contract rate ( H U D series) 4

210.7
161.7
78.7
28.8
.77

n.a.
7.57

n.a.
6.36

n.a.
6.03

n.a.
5.86

n.a.
5.96

n.a.
6.43

n.a.
6.32

n.a.
6.13

n.a.
6.50

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

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

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

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

SECONDARY MARKETS
Yield (percent per year)
9 F H A m o r t g a g e s (section 203) 3
10 G N M A securities 6

Activity in s e c o n d a r y markets

FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of
1 1 Total
12
F H A / V A insured
13
Conventional

period)
523,941
55.318
468,623

610.122
61,539
548,583

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

14 M o r t g a g e transactions p u r c h a s e d (during period)

195,210

154,231

270,384

16,016

20,020

25,389

36,769

36,392

33,249

21,305

Mortgage
15 I s s u e d '
16 To sell 8

187,948
5,900

163,689
11,786

304.084
7,586

16,650
261

35,275
1,676

49,909
807

19,867
2,083

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

324,443
1,836
322.607

385,693
3,332
382,361

491,719
3,506
488.213

470.850
2,597
468.253

477,588
2,553
475,035

483,911
3,562
480,349

491,719
3,506
488,213

508,238
3,447
504,791

522,886
3,387
519,499

526,107
3,332
522,775

239,793
233.031

174,043
166,901

n.a.
389,611

n.a.
32,666

n.a.
31,646

n.a.
38,958

n.a.
50,532

n.a.
49,031

n.a.
47,473

n.a.
42,545

228,432

169,231

417,434

31,140

41,346

42,619

51,456

47,076

41,442

41,561

commitments

(during

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

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

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

period)

FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end of period
17 Total
F H A / V A insured
18
19
Conventional
Mortgage transactions
20 P u r c h a s e s
21 Sales

(during

f

period)

22 M o r t g a g e c o m m i t m e n t s contracted (during period) 9

1. Weighted averages b a s e d on s a m p l e surveys of mortgages originated by m a j o r institutional lender groups f o r p u r c h a s e of newly built h o m e s ; c o m p i l e d by the Federal Housing
Finance Board in cooperation with the Federal D e p o s i t Insurance C o r p o r a t i o n .
2. Includes all fees, c o m m i s s i o n s , discounts, and " p o i n t s " paid (by the b o r r o w e r or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed f o r purchase of newly built homes,
a s s u m i n g p r e p a y m e n t at the e n d of ten years.
4. Average contract rate on n e w c o m m i t m e n t s for conventional first m o r t g a g e s ; f r o m U.S.
D e p a r t m e n t of H o u s i n g and U r b a n D e v e l o p m e n t ( H U D ) . B a s e d o n transactions on the first
day of the subsequent m o n t h .
5. Average gross yield o n thirty-year, m i n i m u m - d o w n p a y m e n t first m o r t g a g e s insured by
the Federal H o u s i n g Administration ( F H A ) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent m o n t h .




6. Average net yields to investors o n fully modified pass-through securities b a c k e d by
m o r t g a g e s and guaranteed by the G o v e r n m e n t National M o r t g a g e Association ( G N M A ) ,
a s s u m i n g p r e p a y m e n t in t w e l v e years on pools of thirty-year m o r t g a g e s insured by the
Federal H o u s i n g Administration or g u a r a n t e e d by the D e p a r t m e n t of Veterans Affairs.
7. D o e s not include standby c o m m i t m e n t s issued, but includes standby c o m m i t m e n t s
converted.
8. Includes participation loans as well as w h o l e loans.
9. Includes conventional and g o v e r n m e n t - u n d e r w r i t t e n loans. T h e Federal H o m e L o a n
M o r t g a g e C o r p o r a t i o n ' s m o r t g a g e c o m m i t m e n t s and m o r t g a g e transactions include activity
under m o r t g a g e securities s w a p p r o g r a m s , w h e r e a s the c o r r e s p o n d i n g data f o r the Federal
National M o r t g a g e Association e x c l u d e s w a p activity.

Real Estate
1.54

A35

MORTGAGE D E B T OUTSTANDING 1
Millions of dollars, end of period
2000
Type of holder and property

1999

1998

2001

2000
Q4

1 AH holders
2
3
4
5

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

By type of holder
6 Major financial institutions
7
Commercial banks 2
One- to four-family
8
9
Multifamily
10
Nonfarm, nonresidential
11
Farm
12
Savings institutions 3
One- to four-family
13
14
Multifamily
15
Nonfarm, nonresidential
Farm
16
17
Life insurance companies
One- to four-family
18
19
Multifamily
20
Nonfarm, nonresidential
21
Farm
22 Federal and related agencies
23
Government National Mortgage Association
24
One- to four-family
25
Multifamily
Farmers Home Administration 4
26
27
One- to four-family
28
Multifamily
29
Nonfarm, nonresidential
Farm
30
Federal Housing and Veterans' Administrations
31
One- to four-family
32
Multifamily
33
34
Resolution Trust Corporation
35
One- to four-family
36
Multifamily
37
Nonfarm, nonresidential
38
Farm
Federal Deposit Insurance Corporation
39
40
One- to four-family
41
Multifamily
42
Nonfarm, nonresidential
Farm
43
44
Federal National Mortgage Association
45
One- to four-family
46
Multifamily
Federal Land Banks
47
48
One- to four-family
49
Farm
50
Federal Home Loan Mortgage Corporation
51
One- to four-family
52
Multifamily
53 Mortgage pools or trusts 5
54
Government National Mortgage Association
One- to four-family
55
56
Multifamily
57
Federal Home Loan Mortgage Corporation
58
One- to four-family
59
Multifamily
60
Federal National Mortgage Association
61
One- to four-family
62
Multifamily
63
Farmers Home Administration 4
64
One- to four-family
Multifamily
65
66
Nonfarm, nonresidential
67
Farm
Private mortgage conduits
68
69
One- to four-family 6
70
Multifamily
71
Nonfarm, nonresidential
72
Farm
73 Individuals and others 7
74
One- to four-family
Multifamily
/5
Nonfarm, nonresidential
lb
11
Farm

Q2

Q3

Q4

5,722,564

6,360,244

6,934,256

6,934,256

7,056,489

7,266,508

7,465,623

7,658,000

4,368,902
333,969
923,186
96,506

4,804,019
376,771
1,076,492
102,962

5,224,846
413,358
1,187,217
108,836

5,224,846
413,358
1,187,217
108,836

5,318,138
421,532
1,206,945
109,873

5,476,209
433,213
1,244,035
113,050

5,622,701
446,925
1,281,332
114,666

5,757,906
460,605
1,324,179
115,310

2,195.869
1,338,273
798,009
54,174
457,054
29,035
643,957
533,895
56,847
52,798
417
213,640
6,590
31,522
164,004
11,524

2,396,265
1,496,844
880,208
67,666
517,130
31,839
668,634
549,046
59,168
59,945
475
230,787
5,934
32,818
179,048
12,987

2,620,886
1,661,411
966,502
77,821
583,071
34,016
723,534
595,053
61,094
66,852
535
235,941
4,903
33,681
183,757
13,600

2,620,886
1,661,411
966,502
77,821
583,071
34,016
723,534
595,053
61,094
66,852
535
235,941
4,903
33,681
183,757
13,600

2,664,837
1,688.673
978,144
79,890
596,405
34,234
741,114
608,289
62,666
69,589
569
235,050
4,877
33,557
183,078
13,538

2,716,269
1,727,463
999,396
80,542
612,366
35,159
751,660
616.506
63,193
71.378
583
237,146
5,003
33,842
184,634
13,667

2,737,607
1,740,321
989,081
84,051
631,757
35,432
758,343
620,882
64,193
72,695
574
238,943
5,085
33,842
186,235
13,781

2,792,020
1,793,061
1,024,842
84,981
647,669
35,569
758,109
620,975
64,323
72,275
536
240,850
5,187
33,947
187,673
14,043

293,602
7
7
0
40,851
16,895
11,739
7,705
4,513
3,674
1,849
1,825
24
0
0
0
0
361
58
70
233
0
157,675
147,594
10,081
32,983
1,941
0
57,085
49,106
7,979

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

343,962
6
6
0
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
-892
0
0
0
0
45
7
9
29
0
155,363
144,150
11,213
36,326
2,137
0
59,240
42,871
16,369

343,962
6
6
0
73,323
16.372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
0
0
45
7
9
29
0
155,363
144,150
11,213
36,326
2,137
0
59,240
42,871
16,369

346,276
6
6
0
73,361
16,297
11,725
41,247
4,093
2,873
1,276
1,597
0
0
0
0
0
50
8
10
32
0
156,294
145,014
11,280
37,072
2,181
0
60,110
42,771
17,339

355,218
6
6
0
73,206
16,153
11,720
41,262
4,072
2,918
1,267
1,651
0
0
0
0
0
24
4
5
15
0
159,221
147,730
11,491
38,686
2,276
0
61,542
42,537
19,005

360,906
9
9
0
72,118
15,916
11,710
40,470
4,023
3,155
1,251
1,904
0
0
0
0
0
26
4
5
17
0
163,592
151,786
11,806
39,722
2,337
0
59,638
39,217
20,421

373,050
8
8
0
72,452
15,824
11,712
40,965
3,952
3.290
1.260
2,031
0
0
0
0
0
13
2
3
8
0
167,121
155,060
12,061
39,722
2,337
0
62,793
40,310
22,483

2,581,395
537,446
522,498
14,948
646,459
643,465
2,994
834,517
804,204
30,313
1
0
0
0
562,972
405,153
33,784
124,035
0

2,948,294
582,263
565,189
17,074
749,081
744,619
4,462
960,883
924,941
35,942
0
0
0
0
0
656,067
455,021
42,293
158,754
0

3,231,426
611,553
592.624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
739,813
499,834
48,786
191,193
0

3,231,426
611,553
592,624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
739,813
499,834
48,786
191,193
0

3,301,680
601,523
581,743
19,780
833,616
827,769
5,847
1,099,049
1,055,412
43,637
0
0
0
0
0
767,492
523,300
49,026
195,166
0

3,438,372
595,679
574,888
20,792
873,750
867,924
5,826
1,163,978
1,116,534
47,444
0
0
0
0
0
804,965
539,200
51,662
214,103
0

3,593,772
603,798
582,408
21,391
927,490
921,709
5,781
1,228,131
1,177,995
50,136
0
0
0
0
0
834,353
550,021
54,522
229,810
0

3,717,398
589,458
567,550
21,908
948,409
940,933
7,476
1,290,351
1,238,125
52,226
0
0
0
0
0
889,180
574,500
60,158
254,522
0

651,697
436,684
77,684
117,355
19,974

693,553
471,348
80,826
120,162
21,217

737,983
510,148
84,243
121,244
22,348

737,983
510,148
84,243
121,244
22,348

743,696
514,759
84,961
121,428
22,547

756,649
527,387
85,827
120,276
23,160

773,337
542,568
86,950
120,348
23,471

775,532
543,553
87,087
121,067
23,825

1

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




Qi

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

A36
1.55

DomesticNonfinancialStatistics • June 2002
C O N S U M E R CREDIT 1
Millions of dollars, amounts outstanding, end of period
2001
Holder and type of credit

1999

2000

2002

2001'
Sept.

Oct.

Nov.

Dec.'

Jan.'

Feb.

Seasonally adjusted

1 Total

1,416,316

1,560,571

1,655,295

1,620,752

1,633,515

1,653,474

1,655,295

1,662,312

1,669,391

597,669
818,647

2 Revolving
3 Nonrevolving 2

666,544
894,027

692,395
962,900

691,122
929,630

690,749
942,765

698,049
955,426

692,395
962,900

693,758
968,555

694,509
974,882

Not seasonally adjusted

1,446,127

1,593,051

1,688,894

1,619,10 9

1,633,430

1,661,001

1,688,894

1,675,362

1,666,625

Bv major holder
Commercial banks
Finance companies
Credit unions
Savings institutions
Nonfinancial business
Pools of securitized assets 3

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

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

557,099
236,511
186,286
68,028
67,939
573,032

535,254
220,884
185,732
68,535
60,204
548,499

540,498
224,260
185,523
68,364
58,763
556,023

550,072
238,850'
186,070
68,199
60,383
557,427'

557,099
236,511
186,286
68,028
67,939
573,032

556,714
230,180
184,836
68,729
63,148
571,755

550,875
233,404
183,287
69,430
58,974
570,656

By major type of credit4
11 Revolving
Commercial banks
12
13
Finance companies
14
Credit unions
Savings institutions
15
16
Nonfinancial business
Pools of securitized assets 3
17

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

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

719,524
224,470
31,484
22,819
16,979
29,790
393,983

686,173
202,924
35,901
21,879
16,915
25.207
383,346

684,685
209,697
28,489
21,666
16,936
23,709
384,187

697,677
219,555
30,245
22,044
16,957
24,463
384,413

719,524
224,470
31,484
22,819
16,979
29,790
393,983

705,161
218,099
29,932
22,051
16,970
26,280
391,830

695,358
215,987
29,168
21,656
16,962
23,016
388,569

18 Nonrevolving
19
Commercial banks
20
Finance companies
21
Credit unions
22
Savings institutions
23
Nonfinancial business
24
Pools of securitized assets 3

824,213
310,406
169,066
147,280
45,689
37,528
114,244

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

969.370
332,629
205,027
163,467
51.049
38,148
179,049

932.936
332,330
184,983
163,853
51,620
34,997
165,153

948,745
330,800
195,771
163,857
51,428
35,054
171,836

963,324
330,517
208,605'
164,026
51,242
35,921
173,014'

969.370
332,629
205,027
163,467
51,049
38,148
179,049

970,201
338,616
200,248
162,785
51,759
36,868
179,926

971,267
334,888
204,235
161,631
52,468
35,958
182,087

4 Total

5
6
7
8
9
10

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

1.56

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

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

1999

2000

2002

2001
Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

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

8.44
13.39

9.34
13.90

8.50
13.22

8.31
13.25

n.a.
n.a.

n.a.
n.a.

7.86
12.62

n.a.
n.a.

n.a.
n.a.

7.50
11.72

Credit card plan
3 All accounts
4 Accounts assessed interest

15.21
14.81

15.71
14.91

14.89
14.44

14.60
14.64

n.a.
n.a.

n.a.
n.a.

14.22
13.88

n.a.
n.a.

n.a.
n.a.

13.65
12.98

Auto finance
5 New car
6 Used car

6.66
12.60

6.61
13.55

5.65
12.18

6.41
12.06

5.42
12.01

2.71
11.41

2.89
10.96

3.31
10.89

4.02
10.84

n.a.
n.a.

52.7
55.9

54.9
57.0

55.1
57.5

57.7
57.6

57.2
57.6

53.7
57.2

51.0
56.7

48.6
56.5

48.8
57.3

56.4
57.8

92
99

92
99

91
100

91
100

92
101

94
100

92
100

91
100

90
100

89
100

19,880
13,642

20,923
14,058

22,822
14,416

22,591
14,321

23,049
14,408

24,443
14,627

24,934
14,669

24,812
14,653

24,137
14,355

22,741
14,049

companies

OTHER TERMS3
Maturity (months)
7 New car
8 Used car
Loan-to-value
9 New car
10 Used car

ratio

Amount financed
11 New car
12 Used car

(dollars)

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




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

Flow of Funds
1.57

A3 9

F U N D S R A I S E D IN U.S. CREDIT MARKETS 1
Billions of dollars; quarterly data at seasonally adjusted annual rates
2001

2000
Transaction category or sector

1996

1997

1998
Q2

Q3

Q4

Ql

Q2

Q3

Q4

Nonfinancial sectors

1 Total net b o r r o w i n g by domestic nonfinancial sectors . .

733.7

804.7

1,046.9

1,100.6

871.6

976.1

815.1

766.1

991.9

981.3

1,297.4

1,141.4

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

145.0
146.6
-1.6

23.1
23.2
-.1

-52.6
-54.6
2.0

-71.2
-71.0
-.2

-295.9
-294.9
-1.0

-408.7
-410.5
1.8

-226.2
-223.8
-2.4

-331.3
-330.2
-1.2

-4.3
-2.1
-2.2

-256.0
-257.1
1.1

255.7
256.0
-.4

-17.6
-16.9
-.7

5 Nonfederal

588.6

781.6

1,099.5

1,171.8

1,167.4

1,384.8

1,041.4

1,097.5

996.2

1,237.3

1,041.7

1,159.0

7
S
9
in
I i
l?
n
14
n
16

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

-.9
2.6
116.3
70.4
28.7
280.4
245.7
9.4
22.6
2.7
91.3

13.7
71.4
150.5
106.4
59.5
322.5
258.3
7.5
53.5
3.1
57.5

24.4
96.8
218.7
108.1
82.1
494.4
388.7
23.5
75.6
6.5
75.0

37.4
68.2
229.9
82.6
57.1
597.1
435.0
40.5
115.8
5.8
99.5

48.1
35.3
171.1
103.1
101.5
569.4
422.2
36.1
104.6
6.5
139.0

110.4
30.1
153.8
166.5
124.2
655.9
490.1
47.6
108.1
10.1
143.7

56.1
31.0
168.8
47.0
16.5
568.2
441.6
26.8
93.3
6.5
153.8

-4.0
60.1
175.6
59.3
125.2
550.5
395.6
40.9
112.1
2.0
130.7

-199.2
110.7
399.5
-5.9
-12.6
559.8
434.0
35.4
86.2
4.2
144.0

-133.4
112.4
419.5
-153.2
118.2
798.2
613.1
41.2
131.6
12.4
75.5

-66.1
56.0
187.9
-10.8
81.9
768.3
555.8
55.6
150.1
6.8
24.4

45.5
203.2
305.9
-180.2
-110.7
758.3
528.3
54.0
169.8
6.1
137.0

17
18
19
?0
71
22

By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

343.8
251.6
179.4
67.3
4.9
-6.8

332.7
392.8
291.9
94.7
6.2
56.1

466.0
553.2
405.5
139.7
8.0
80.3

516.8
602.6
441.7
155.4
5.5
52.3

554.6
585.7
429.1
145.7
10.9
27.2

625.6
741.0
546.7
184.5
9.7
18.2

579.9
437.8
301.5
129.1
7.2
23.8

508.8
535.0
388.0
134.2
12.8
53.7

538.3
354.1
226.7
121.3
6.0
103.9

663.4
465.3
324.9
130.6
9.8
108.7

629.7
369.0
257.1
108.6
3.4
43.0

609.9
377.5
262.7
104.8
10.0
171.5

88.4
11.3
67.0
9.1
1.0

71.8
3.7
61.4
8.5
-1.8

43.4
7.8
34.9
6.7
-6.0

27.9
16.3
16.8
.5
-5.7

67.0
31.7
25.2
11.3
-1.3

-7.9
12.0
-27.3
5.7
1.7

88.6
7.0
71.4
11.9
-1.7

66.8
50.1
9.0
12.2
-4.6

-8.0
-26.5
17.1
13.0
-11.6

-52.8
-6.7
-15.9
-31.0
.7

-102.8
-27.6
-78.8
4.4
-.8

-4.1
3.9
6.1
-16.3
2.1

822.0

876.5

1,090.2

1,128.5

938.5

968.1

903.8

832.9

983.9

928.4

1,194.6

1,137.3

23 Foreign net borrowing in United States
24
Commercial paper
?5
Bonds
26
Bank loans n.e.c
Other loans and advances
27
28 Total domestic plus foreign

Financial sectors

29 Total net b o r r o w i n g by financial sectors

30
31
32
33

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

34 Private
35
Open market paper
36
Corporate bonds
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages

40
41
42
43
44
45
46
47
48
49
50
51

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




550.1

662.2

1,087.2

1,084.4

815.6

897.1

794.0

963.1

864.2

786.1

1,084.8

928.7

231.4
90.4
141.0
.0

212.9
98.4
114.6
.0

470.9
278.3
192.6
.0

592.0
318.2
273.8
.0

433.5
234.1
199.4
.0

381.1
248.9
132.2
.0

514.8
278.1
236.7
.0

613.6
304.5
309.1
.0

432.6
262.3
170.3
.0

665.2
268.3
396.9
.0

830.2
326.2
504.0
.0

584.0
308.8
275.2
.0

318.7
92.2
178.1
12.6
27.9
7.9

449.3
166.7
218.9
13.3
35.6
14.9

616.3
161.0
310.1
30.1
90.2
24.8

492.5
176.2
218.2
-14.2
107.1
5.1

382.1
127.7
205.9
-.3
42.5
6.2

516.1
136.7
243.3
6.9
119.2
10.0

279.2
106.5
205.0
-6.7
-31.6
6.0

349.5
153.2
203.7
-4.4
1.8

431.7
-134.6
438.9
27.1
107.8
-7.5

120.9
-85.4
186.8
14.3
-11.0
16.2

254.6
-85.6
291.4
-7.3
58.0
-1.9

344.7
58.2
288.1
12.2
-15.3
1.5

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

46.1
19.7
.1
.2
98.4
114.6
202.2
57.8
-4.6
39.6
8.1
79.9

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

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

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

99.3
69.0
.9
-1.1
248.9
132.2
146.0
139.4
2.7
9.8
-.7
50.6

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

18.8
20.4
1.0
-.7
304.5
309.1
307.9
26.1
1.0
-8.1
-6.6
-10.4

148.3
62.5
-.6
-2.4
262.3
170.3
295.8
-72.8
.7
-6.1
-23.9
30.1

-15.8
16.1
.8
.1
268.3
396.9
172.3
64.1
.6
10.5
35.7
-163.6

59.0
19.2
1.5
3.5
326.2
504.0
289.1
21.5
.8
-2.4
12.6
-150.2

25.6
-72.5
4.4
1.4
308.8
275.2
364.4
^10.6
.6
9.1
-19.0
71.3

A38
1.57

DomesticNonfinancialStatistics • June 2002
F U N D S RAISED IN U.S. CREDIT MARKETS 1 —Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
2000
Transaction category or sector

1996

1997

1998

1999

2001

2000
Q2

Q3

Q4

Qi

Q2

Q3

Q4

All sectors

52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

1,372.1

1,538.7

2,177.4

2,212.9

1,754.1

1,865.3

1,697.8

1,796.0

1,848.1

1,714.6

2,279.5

2,065.9

102.6
376.4
2.6
361.3
92.1
57.7
288.2
91.3

184.1
236.0
71.4
430.8
128.2
93.2
337.4
57.5

193.1
418.3
96.8
563.7
145.0
166.3
519.2
75.0

229.9
520.7
68.2
465.0
68.9
158.5
602.2
99.5

207.5
137.6
35.3
402.2
114.1
142.7
575.6
139.0

259.1
-27.6
30.1
369.8
179.2
245.1
665.9
143.7

169.7
288.6
31.0
445.2
52.2
-16.8
574.2
153.8

199.3
282.2
60.1
388.3
67.1
115.8
552.4
130.7

-360.2
428.2
110.7
855.5
34.1
83.6
552.2
144.0

-225.5
409.2
112.4
590.5
-170.0
107.9
814.4
75.5

-179.3
1,085.9
56.0
400.5
-13.6
139.2
766.4
24.4

107.6
566.4
203.2
600.1
-184.3
-123.8
759.8
137.0

Funds raised through mutual funds and corporate equities

61 Total net issues

232.9

185.2

113.7

156.6

189.7

181.0

221.1

-38.7

234.4

415.0

83.4

344.5

62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
Financial corporations
65
66 Mutual fund shares

-4.7
-69.5
82.8
-18.1
237.6

-79.9
-114.4
57.6
-23.1
265.1

-165.8
-267.0
101.3
-.1
279.5

-34.6
-143.5
114.4
-5.6
191.2

-45.3
-159.7
99.7
14.7
235.0

-22.7
-245.7
185.9
37.2
203.6

-54.0
-87.8
61.1
-27.3
275.1

-188.2
-367.5
89.4
89.9
149.5

137.6
-25.3
109.2
53.7
96.8

132.1
-71.5
220.3
-16.7
283.0

-79.0
-120.8
23.0
18.8
162.5

80.2
-5.1
36.9
48.5
264.3

1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F.2 through F4. For ordering address, see inside front cover.




Flow of Funds
1.58

A3 9

S U M M A R Y OF FINANCIAL TRANSACTIONS 1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
2001

2000
Transaction category or sector

1996

1997

1998

1999

2000
Q2

Q3

Q4

Ql

Q2

Q3

Q4

1,865.3

1,697.8

1,796.0

1,848.1

1,714.6

2,279.5

2,065.9

-198.8
-210.8
-24.7

-36.9
-1.1
-19.1
-6.2
-10.4
3.6
387.5
1,925.3
8.7
234.8
215.4
16.5
-1.4
4.2
-8.3
61.7
8.8
179.3
5.1
-16.7
-74.2
379.1
103.7
-8.4
265.9
504.0
262.3
-42.0
1.7
7.8
236.0
-184.0

-214.0
-261.4
-2.0
-7.2
56.6
12.0
556.8
1,711.1
70.5
284.5
246.5
6.2
12.2
19.6
60.1
61.8
8.6
129.8
12.9
39.9
7.3
112.2
156.8
-8.4
275.1
275.2
342.1
-17.9
1.2
29.0
-170.4
40.9

NET LENDING IN CREDIT MARKETS2
1 Total n e t l e n d i n g in c r e d i t m a r k e t s
? Domestic nonfederal nonfinancial sectors
Household
4
Nonfinancial corporate business
N o n f a r m noncorporate business
A
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
Commercial banking
11
U.S.-chartered banks
1?
Foreign banking offices in United States
N
Bank holding companies
14
Banks in U.S.-affiliated areas
IS
16
Savings institutions
Credit unions
17
18
Bank personal trusts and estates
19
Life insurance companies
20
Other insurance companies
Private pension f u n d s
71
77
State and local government retirement funds
73
Money market mutual f u n d s
Mutual f u n d s
74
75
Closed-end funds
76
Government-sponsored enterprises
Federally related mortgage pools
27
78
Asset-backed securities issuers (ABSs)
29
Finance companies
Mortgage companies
30
31
Real estate investment trusts (REITs)
37
Brokers and dealers
Funding corporations
33

1,372.1

1,538.7

2,177.4

2,212.9

1,754.1

74.0
113.7
-10.2
4.2
-33.7
-7.2
414.4
890.9
12.3
187.5
119.6
63.3
3.9
.7
19.9
25.5
-7.7
69.6
22.5
-4.1
35.8
88.8
48.9
4.6
97.4
141.0
120.5
18.9
8.2
4.4
-15.7
12.6

-22.2
-12.6
-12.7
3.0
.1
5.1
311.3
1,244.5
38.3
324.3
274.9
40.2
5.4
3.7
-4.7
16.8
-25.0
104.8
25.2
47.6
67.1
87.5
80.9
-2.6
106.6
114.6
163.8
23.1
-9.1
20.2
14.9
50.4

177.2
40.5
-16.0
18.1
134.5
13.5
254.2
1,732.5
21.1
305.2
312.0
-11.9
-.9
6.0
36.1
19.0
-12.8
76.9
5.8
-22.8
72.1
244.0
127.3
5.5
314.6
192.6
281.7
77.3
3.2
-5.1
6.8
-15.8

216.2
168.5
-2.8
7.1
43.4
5.8
208.8
1,782.0
25.7
308.2
317.6
-20.1
6.2
4.4
68.6
27.5
27.8
53.5
-3.0
25.4
46.9
182.0
48.4
7.4
291.7
273.8
205.2
97.0
.3
-2.6
-34.7
133.0

-154.9
-174.6
12.6
-2.1
9.2
7.3
279.3
1,622.3
33.7
358.4
339.8
24.0
-12.2
6.7
56.5
30.5
17.1
57.9
-8.7
39.9
54.6
143.0
21.0
-8.4
250.9
199.4
166.4
108.0
.2
-6.3
68.9
39.4

111.8
9.5
62.0
.4
39.9
7.7
197.9
1,547.8
-5.4
497.4
510.9
-22.3
3.5
5.4
65.0
31.6
13.8
52.9
-18.1
20.6
31.5
-118.2
39.4
-8.4
250.9
132.2
111.4
147.6
5.5
-2.5
89.8
210.9

-250.5
-216.8
-13.3
-4.0
-16.4
4.5
216.2
1,727.6
39.1
363.2
324.8
32.8
-6.7
12.3
62.7
21.2
17.6
74.8
6.2
56.8
37.6
256.1
50.2
-8.4
228.6
236.7
120.9
102.8
-.5
-3.6
152.1
-86.5

-232.9
-209.7
-32.6
-2.7
12.1
10.6
387.8
1,630.5
-.9
157.0
75.3
81.1
-3.2
3.8
42.5
33.6
18.1
38.8
-11.7
26.1
86.1
272.7
57.8
-8.4
318.8
309.1
278.9
36.2
2.0
-2.8
-69.0
45.7

41.5
4.6
410.6
1,631.7
53.7
152.8
107.9
41.3
7.3
-3.6
52.5
23.2
10.7
95.3
2.1
23.1
-70.7
326.7
78.1
-8.4
327.8
170.3
269.8
-.9
1.4
4.0
289.5
-169.5

-242.6
-224.0
11.3
-5.2
-24.8
9.4
349.2
1,598.6
26.4
133.9
179.7
-48.6
-2.8
5.6
57.3
7.6
13.4
124.9
.1
25.7
77.0
166.2
165.7
-8.4
316.2
396.9
150.0
126.7
1.1
1.1
35.4
-218.6

1,372.1

1,538.7

2,177.4

2,212.9

1,754.1

1,865.3

1,697.8

1,796.0

1,848.1

1,714.6

2,279.5

2,065.9

-6.3
-.5
.5
85.9
-51.6
15.7
97.2
114.0
145.4
41.4
-4.7
237.6
123.3
52.4
44.5
148.3
19.5
-5.3
5.8
526.1

.7
-.5
.5
107.7
-19.7
41.2
97.1
122.5
155.9
120.9
-79.9
265.1
139.7
111.0
59.3
201.4
22.3
-49.9
-40.2
493.6

6.6
.0
.6
6.5
-32.3
47.4
152.4
92.1
287.2
91.3
-165.8
279.5
109.2
103.3
48.0
227.6
21.3
-41.8
-52.3
949.1

-8.7
-3.0
1.0
61.0
18.4
151.4
44.7
130.6
249.1
169.7
-34.6
191.2
222.3
104.3
50.8
196.1
22.3
-6.5
-15.5
719.3

-.4
^t.O
2.4
120.8
13.6
-71.5
190.7
118.4
233.3
110.7
-45.3
235.0
166.8
146.1
50.2
217.2
21.7
-29.7
12.8
1.016.6

-8.8
-8.0
3.2
3.4
275.4
-33.8
123.0
101.2
71.5
155.1
-22.7
203.6
212.9
-95.3
45.6
266.2
26.5
-33.1
13.8
893.6

.7
-4.0
4.2
^10.8
24.4
5.0
224.5
152.9
250.9
277.1
-54.0
275.1
138.8
97.5
53.0
220.7
4.1
-29.2
32.2
1,478.3

4.9
-4.0
.0
207.4
18.0
-50.2
310.8
65.2
371.0
-265.4
-188.2
149.5
121.8
74.4
47.3
151.8
25.4
-28.0
11.6
713.5

-1.5
.0
-1.1
235.5
-181.0
186.9
288.3
130.6
621.5
-109.5
137.6
96.8
25.1
-140.9
52.7
257.2
6.9
-26.1
5.2
485.4

4.7
.0
1.1
-170.2
19.0
90.7
194.2
51.9
322.5
187.9
132.1
283.0
-96.2
-28.5
53.2
165.6
17.1
-22.7
29.5
890.3

19.1
.0
.0
83.5
20.2
235.0
229.1
16.3
367.7
242.3
-79.0
162.5
-13.4
547.2
80.2
205.4
95.4
-28.2
-9.7
940.8

-3.4
.0
.0
100.0
188.6
287.5
328.4
56.7
402.7
-196.3
80.2
264.3
-20.6
-412.2
69.2
189.9
-66.6
-28.2
18.7
717.1

2,961.4

3,287.5

4,307.3

4,476.6

4,259.5

4,058.7

4,809.2

3,532.9

3,917.6

3,839.6

5,393.8

4,042.0

-.4
59.4
-3.3
2.4
23.1
-184.5

-.2
106.2
-19.9
63.2
28.0
-239.6

-.1
-8.5
3.4
57.7
19.7
-154.6

-.7
45.8
3.5
36.1
6.5
^120.0

-1.2
70.9
17.4
115.8
14.1
-284.8

-.7
-82.2
5.4
58.2
4.8
-394.3

.9
-90.8
-12.1
170.3
-1.8
10.6

-3.3
193.4
51.1
-300.3
44.1
-312.9

-3.6
180.8
16.7
-265.7
4.9
-181.3

-.5
-150.2
13.6
189.5
-12.0
-526.8

-1.4
78.8
7.2
25.7
-8.0
125.0

-.7
46.4
33.3
-210.5
9.0
-212.9

.5
-4.0
-25.4

-2.7
-3.9
-29.2

2.6
-3.1
-51.3

-7.4
-.8
42.9

9.0
1.7
-29.5

16.3
1.4
-34.9

3.0
1.9
-10.6

-2.1
2.4
21.5

66.8
3.8
27.9

-.1
3.9
-12.7

7.3
5.1
-23.1

-58.5
5.5
34.4

3,093.9

3,385.5

4,441.6

4,770.7

4,346.2

4,484.7

4,737.7

3,839.1

4,067.2

4,335.1

5,177.2

4,395.9

RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows t h r o u g h c r e d i t m a r k e t s

35
36
37
38
39
40
41
47
43
44
45
46
47
48
49
50
51
57
53
54

Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
M o n e y market f u n d shares
Security repurchase agreements
Corporate equities
Mutual f u n d shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous

55 Total financial s o u r c e s

56
57
58
59
60
61

Liabilities not identified as assets (—)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets (—)
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total i d e n t i f i e d to s e c t o r s a s assets

1. Data in this table also appear in the B o a r d ' s Z. 1 (780) quarterly statistical release, tables
F. 1 and F.5. For ordering address, see inside front cover.




2. Excludes corporate equities and mutual f u n d shares.

A40
1.59

DomesticNonfinancialStatistics • June 2002
S U M M A R Y OF CREDIT MARKET DEBT OUTSTANDING 1
Billions of dollars, end of period
2000
Q2

2001

Q4

Q3

Ql

Q2

Q3

Q4

Nonfinancial sectors
1 Total credit m a r k e t d e b t owed by
domestic nonfinancial sectors
By sector and instrument
2 Federal government
Treasury securities
3
4
Budget agency securities and mortgages
5 Nonfederal

15,244.3

16,291.1

17,426.4

18,317.0

17,837.0

18,034.7

18,317.0

18,557.9

18,729.4

19,036.4

19,420.6

3,804.9
3,778.3
26.5

3,752.2
3,723.7
28.5

3,681.0
3,652.8
28.3

3,385.2
3,357.8
27.3

3,464.0
3,435.7
28.2

3,410.2
3,382.6
27.6

3,385.2
3,357.8
27.3

3,408.8
3,382.1
26.8

3,251.4
3,224.4
27.0

3,320.1
3,293.1
27.0

3,379.6
3,352.8
26.8

11,439.4

12,538.9

13,745.3

14,931.9

14,373.0

14,624.5

14,931.9

15,149.1

15,477.9

15,716.3

16,041.0

6
7
8
y
10
11
12
13
14
15
16

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

168.6
1,367.5
1,610.9
1,040.4
825.1
5,155.4
3,978.3
285.7
801.4
90.0
1,271.6

193.0
1,464.3
1,829.6
1,148.5
907.2
5,649.8
4,367.0
309.2
877.0
96.6
1,346.6

230.3
1,532.5
2,059.5
1,231.2
964.5
6,281.2
4,802.0
350.0
1,026.9
102.3
1,446.1

278.4
1,567.8
2,230.6
1,334.2
1,077.1
6,850.6
5,224.2
386.2
1,131.4
108.8
1,593.1

296.8
1,551.6
2,144.5
1,306.9
1,037.2
6,559.6
5,003.5
369.2
1,080.1
106.8
1,476.5

307.0
1,550.3
2,186.7
1,311.3
1,039.5
6,710.3
5,122.6
375.9
1,103.4
108.3
1,519.6

278.4
1,567.8
2,230.6
1,334.2
1,077.1
6,850.6
5,224.2
386.2
1,131.4
108.8
1,593.1

253.2
1,597.5
2,330.4
1,323.9
1,083.2
6,975.6
5,317.6
395.0
1,153.0
109.9
1,585.3

223.3
1,629.8
2,435.3
1,292.9
1,110.6
7,177.8
5,473.6
405.3
1,185.9
113.1
1,608.1

201.3
1,635.3
2,482.3
1,282.6
1,116.8
7,378.9
5,621.6
419.2
1,223.4
114.7
1,619.1

190.1
1,688.4
2,558.8
1,247.3
1,096.4
7,571.8
5,757.0
432.7
1,265.9
116.2
1,688.3

17
18
19
20
21
22

By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

5,556.9
4,763.0
3,383.1
1,224.0
155.9
1,119.5

6,022.9
5,316.2
3,788.6
1,363.7
163.9
1,199.8

6,540.1
5,953.2
4,264.7
1,519.1
169.4
1,252.1

7,113.7
6,538.8
4,693.8
1,664.8
180.2
1,279.3

6,771.3
6,336.1
4,560.8
1,599.1
176.2
1,265.7

6,937.2
6,424.3
4,616.0
1,630.3
177.9
1,263.1

7,113.7
6,538.8
4,693.8
1,664.8
180.2
1,279.3

7,184.5
6,657.1
4,782.0
1,695.5
179.7
1,307.5

7,358.6
6,781.4
4,868.4
1,727.9
185.2
1,337.8

7,526.3
6,849.4
4,909.6
1,753.9
185.8
1,340.6

7,724.1
6,930.9
4,962.2
1,781.1
187.5
1,386.1

23 Foreign credit m a r k e t d e b t held in
United States

608.0

651.5

679.6

746.7

702.5

731.0

746.7

743.4

729.2

706.1

704.8

24 Commercial paper
25
26 Bank loans n.e.c
27 Other loans and advances

65.1
427.7
52.1
63.0

72.9
462.6
58.9
57.2

89.2
479.4
59.4
51.7

120.9
504.6
70.7
50.5

101.2
484.5
64.7
52.1

109.8
502.4
67.7
51.2

120.9
504.6
70.7
50.5

112.8
508.9
73.9
47.7

110.1
504.9
66.2
47.9

106.3
485.2
67.3
47.3

106.7
486.8
63.2
48.1

15,852.3

16,942.7

18,106.0

19,063.7

18,539.5

18,765.7

19,063.7

19,301.3

19,458.5

19,742.5

20,125.3

28 Total credit m a r k e t debt owed by nonfinancial
sectors, domestic a n d foreign

Financial sectors
29 Total credit m a r k e t d e b t owed by
financial sectors

5,458.0

6,545.2

7,629.6

8,457.1

7,993.5

8,190.8

8,457.1

8,657.3

8,853.8

9,118.3

9,370.4

30
31
32
33
34
35
36
37
38
39

By instrument
Federal government-related
Government-sponsored enterprise securities . . .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

2,821.1
995.3
1,825.8
.0
2,636.9
745.7
1,568.6
77.3
198.5
46.8

3,292.0
1,273.6
2,018.4
.0
3,253.2
906.7
1,878.7
107.5
288.7
71.6

3,884.0
1,591.7
2,292.2
.0
3,745.6
1,082.9
2,096.9
93.2
395.8
76.7

4,317.4
1,825.8
2,491.6
.0
4,139.7
1,210.7
2,314.8
93.0
438.3
82.9

4,035.3
1,680.2
2,355.2
.0
3,958.2
1,135.2
2,212.0
93.1
436.9
81.0

4,164.0
1,749.7
2,414.3
.0
4,026.7
1,151.6
2,269.7
92.8
430.2
82.5

4,317.4
1,825.8
2,491.6
.0
4,139.7
1,210.7
2,314.8
93.0
438.3
82.9

4,422.9
1,888.7
2,534.2
.0
4,234.4
1,180.8
2,424.3
97.3
450.9
81.1

4,589.2
1,955.8
2,633.4
.0
4,264.6
1,144.5
2,483.9
100.4
450.7
85.1

4,796.8
2,037.4
2,759.4
.0
4,321.5
1,110.2
2,559.2
100.2
467.2
84.6

4,942.8
2,114.5
2,828.2
.0
4,427.7
1,148.8
2,616.1
104.5
473.2
85.0

40
41
42
43
44
45
46
47
48
49
50
51
52

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

140.6
168.6
160.3
.6
1.8
995.3
1,825.8
1,076.6
35.3
568.3
16.0
96.1
372.6

188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,398.0
42.5
625.5
17.7
158.8
412.6

230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,621.4
25.3
695.7
17.8
165.1
504.0

266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,829.6
40.9
776.9
17.9
167.8
503.7

265.4
229.3
280.7
2.9
2.7
1,680.2
2,355.2
1,697.0
36.2
740.8
17.8
170.4
515.0

265.2
236.9
276.0
3.1
2.7
1,749.7
2,414.3
1,742.3
42.6
761.8
17.7
169.8
508.7

266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,829.6
40.9
776.9
17.9
167.8
503.7

273.8
266.5
295.1
3.2
1.9
1,888.7
2,534.2
1,893.7
35.0
756.2
18.1
166.2
524.7

274.7
269.0
294.4
3.5
1.9
1,955.8
2,633.4
1,942.4
43.9
769.0
18.2
168.9
478.6

281.4
272.7
305.6
3.8
2.8
2,037.4
2,759.4
2,016.7
47.1
771.2
18.5
168.3
433.6

297.1
266.4
294.0
4.9
3.1
2,114.5
2,828.2
2,110.0
42.3
770.0
18.6
170.5
450.6

All sectors

53 Total credit m a r k e t d e b t , domestic a n d foreign .
54
55
56
57
58
59
60
61

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

21,310.3

23,487.8

25,735.6

27,520.8

26,533.0

26,956.5

27,520.8

27,958.6

28,312.4

28,860.8

29,495.8

979.4
6,626.0
1,367.5
3,607.2
1,169.8
1,086.6
5,202.2
1,271.6

1,172.6
7,044.3
1,464.3
4,170.8
1,314.9
1,253.0
5,721.4
1,346.6

1,402.4
7,565.0
1,532.5
4,635.8
1,383.8
1,412.0
6,357.9
1,446.1

1,610.0
7,702.6
1,567.8
5,050.0
1,497.9
1,565.9
6,933.6
1,593.1

1,533.3
7,499.3
1,551.6
4,841.0
1,464.6
1,526.2
6,640.6
1,476.5

1,568.3
7,574.2
1,550.3
4,958.7
1,471.7
1,520.9
6,792.8
1,519.6

1,610.0
7,702.6
1,567.8
5,050.0
1,497.9
1,565.9
6,933.6
1,593.1

1,546.8
7,831.7
1,597.5
5,263.7
1,495.1
1,581.8
7,056.6
1,585.3

1,477.9
7,840.6
1,629.8
5,424.2
1,459.5
1,609.2
7,263.0
1,608.1

1,417.8
8,116.8
1,635.3
5,526.7
1,450.2
1,631.3
7,463.5
1,619.1

1,445.6
8,322.4
1,688.4
5,661.6
1,415.1
1,617.6
7,656.8
1,688.3

1. Data in this table appear in the Board's Z.l (780) quarterly statistical release, tables L.2
through L.4. For ordering address, see inside front cover.




Flow of Funds A3 9
1.60

S U M M A R Y OF FINANCIAL A S S E T S A N D LIABILITIES 1
Billions of dollars except as noted, end of period
2001

2000
Transaction category or sector

1997

1998

2000
Q2

Q3

Q4

QL

Q2

Q3

Q4

CREDIT MARKET DEBT OUTSTANDING 2
21,310.3

23,487.8

25,735.6

27,520.8

26,533.0

26,956.5

27,520.8

27,958.6

28,312.4

28 860 8

29,495.8

2,945.7
2,030.4
257.5
52.7
605.0
205.4
2,257.3
15,901.8
431.4
4,031.9
3,450.7
516.1
27.4
37.8
928.5
305.3
207.0
1,751.1
515.3
674.6
632.5
721.9
901.1
98.3
939.4
1,825.8
937.7
568.2
32.1
50.6
182.6
166.7

3,094.6
2,044.5
241.5
69.1
739.4
219.1
2,539.8
17,634.4
452.5
4,335.7
3,761.2
504.2
26.5
43.8
964.6
324.2
194.1
1,828.0
521.1
651.8
704.6
965.9
1,028.4
103.7
1,253.9
2,018.4
1,219.4
645.5
35.3
45.5
189.4
152.3

3,380.9
2,281.3
238.7
78.0
782.8
258.0
2,676.2
19,420.5
478.1
4,643.9
4,078.9
484.1
32.7
48.3
1,033.2
351.7
222.0
1,886.0
518.2
677.2
751.4
1,147.8
1,076.8
111.1
1,545.6
2,292.2
1,424.6
742.5
35.6
42.9
154.7
285.0

3,188.9
2,069.6
251.4
75.9
792.0
265.4
3,004.6
21,061.9
511.8
5,002.3
4,418.7
508.1
20.5
55.0
1,089.7
382.2
239.1
1,943.9
509.4
717.1
806.0
1,290.9
1,097.8
102.7
1,803.7
2,491.6
1,602.9
850.5
35.9
36.6
223.6
324.4

3,309.3
2,189.7
246.1
77.6
795.8
261.6
2,809.9
20,152.3
505.1
4,847.4
4,295.4
478.1
23.0
51.0
1,062.5
370.1
230.2
1,914.1
510.8
696.3
775.1
1,159.4
1,072.5
106.9
1,649.2
2,355.2
1,486.3
812.3
35.5
38.2
188.2
337.0

3,239.4
2,131.9
242.2
76.6
788.7
262.7
2,861.7
20,592.7
511.5
4,931.0
4,368.2
487.5
21.3
54.0
1,082.2
376.0
234.6
1,935.1
512.4
710.5
784.5
1,212.5
1,087.1
104.8
1,714.3
2,414.3
1,522.9
830.0
35.4
37.3
243.3
313.0

3,188.9
2,069.6
251.4
75.9
792.0
265.4
3,004.6
21,061.9
511.8
5,002.3
4,418.7
508.1
20.5
55.0
1,089.7
382.2
239.1
1,943.9
509.4
717.1
806.0
1,290.9
1,097.8
102.7
1,803.7
2,491.6
1,602.9
850.5
35.9
36.6
223.6
324.4

3,113.5
2,011.0
225.3
74.7
802.4
266.6
3,112.9
21,465.7
523.9
5,015.7
4,424.4
515.0
22.3
54.1
1,101.6
386.5
241.8
1,967.2
510.0
722.8
788.3
1,403.8
1,113.9
100.6
1,869.7
2,534.2
1,660.5
848.0
36.2
37.6
312.3
291.0

3,033.7
1,931.7
229.4
73.4
799.1
268.9
3,200.1
21,809.6
535.1
5,044.4
4,463.2
504.2
21.6
55.5
1,116.4
391.8
245.1
1,996.9
510.0
729.3
807.6
1,414.6
1,160.3
98.5
1,951.1
2,633.4
1,703.7
878.5
36.5
37.9
288.4
230.2

3,014.3
1,924.2
225.0
71.9
793.3
269.8
3,294.3
22,282.3
534.1
5,096.4
4,508.8
509.9
21.3
56.5
1,118.4
407.8
247.3
2,044.2
511.3
725.1
789.0
1,498.0
1,188.2
96.4
2,019.1
2,759.4
1,771.2
859.4
36.9
39.8
366.4
173.8

3,015.0
1,894.4
242.8
70.1
807.8
272.8
3,430.6
22,777.4
551.7
5,202.8
4,605.1
512.0
24.3
61.4
1,130.1
420.8
249.5
2,076.2
514.5
735.0
790.9
1,536.9
1,223.9
94.2
2,098.1
2,828.2
1,859.0
867.0
37.2
47.1
321.2
193.1

21,310.3

23,487.8

25,735.6

27,520.8

26,533.0

26,956.5

27,520.8

27,958.6

28,312.4

28,860.8

29,495.8

48.9
9.2
19.3
618.5
219.4
1,286.1
2,474.1
713.4
1,042.5
822.4
2,989.4
469.1
665.0
7,323.4
1,967.3
151.1
942.5
6,731.6

60.1
9.2
19.9
642.3
189.0
1,333.4
2,626.5
805.5
1,329.7
913.7
3,613.1
572.3
718.3
8,209.0
2,076.5
172.4
1,001.0
7,653.4

50.1
6.2
20.9
703.6
205.3
1,484.8
2,671.2
936.1
1,578.8
1,083.4
4,538.5
676.6
783.9
9,080.2
2,298.8
194.7
1,130.4
8,195.4

46.1
2.2
23.2
824.5
222.6
1,413.3
2,861.9
1,054.5
1,812.1
1,194.1
4,434.6
822.7
819.1
9,091.4
2,465.5
216.4
1,019.4
9,008.8

46.0
4.2
22.1
782.8
194.7
1,409.7
2,738.8
987.4
1,627.1
1,185.2
4,718.8
780.3
806.5
9,214.2
2,371.6
211.4
1,114.4
8,627.9

44.9
3.2
23.2
772.6
206.0
1,385.7
2,790.9
1,025.9
1,697.8
1,238.6
4,781.6
805.8
818.7
9,355.5
2,418.3
214.9
1,106.7
9,130.2

46.1
2.2
23.2
824.5
222.6
1,413.3
2,861.9
1,054.5
1,812.1
1,194.1
4,434.6
822.7
819.1
9,091.4
2,465.5
216.4
1,019.4
9,008.8

42.8
2.2
22.9
883.4
156.0
1,405.7
2,965.3
1,078.0
1,994.7
1,179.3
3,990.4
785.4
823.0
8,616.3
2,447.3
225.7
929.1
9,443.4

43.4
2.2
23.2
840.8
163.9
1,452.0
2,992.3
1,087.1
2,014.8
1,205.2
4,259.5
781.5
840.3
8,880.4
2,418.9
225.1
964.4
9,702.3

49.0
2.2
23.2
861.7
177.7
1,485.7
3,047.0
1,090.7
2,116.1
1,253.1
3,753.1
920.0
847.0
8,309.3
2,429.1
251.3
859.6
10,110.2

46.8
2.2
23.2
886.7
232.5
1,599.1
3,121.9
1,118.4
2,240.7
1,237.9
4,136.4
814.1
868.1
8,723.5
2,439.3
229.6
912.0
10,078.3

53 Total liabilities

49,803.3

55,433.2

61,374.6

64,853.4

63,376.2

64,777.1

64,853.4

64,949.6

66,209.6

66,446.7

68,206.6

Financial
assets not included in liabilities
(+)
54 G o l d and special drawing rights
55 Corporate equities
5 6 H o u s e h o l d e q u i t y in n o n c o r p o r a t e b u s i n e s s

21.1
13,301.7
4,051.3

21.6
15,577.3
4,394.4

21.4
19,581.2
4,663.5

21.6
17,566.4
4,956.3

21.5
19,396.1
4,819.5

21.4
19,244.2
4,873.0

21.6
17,566.4
4,956.3

21.4
15,311.0
5,009.1

21.5
16,240.7
5,038.9

22.0
13,628.2
5,087.0

21.8
15,186.0
5,105.5

-6.3
535.0
-32.2
172.9
104.2
-1,571.2

-6.4
542.8
-27.0
230.6
122.9
-2,372.7

-7.1
588.9
-25.5
266.7
122.7
-2,791.3

-8.5
659.9
-4.3
382.5
128.5
-3,201.2

-7.9
634.2
-11.6
419.6
134.5
-2,985.6

-7.6
611.5
-17.6
453.5
124.6
-2,719.1

-8.5
659.9
-4.3
382.5
128.5
-3,201.2

-9.4
705.1
1.7
339.2
114.3
-3,096.0

-9.5
667.5
5.5
368.7
134.4
-3,074.3

-9.8
687.2
6.0
369.5
148.5
-2,942.8

-10.0
698.8
11.5
330.8
99.7
-3,308.2

-8.1
26.2
126.8

-3.9
23.1
76.6

-9.9
22.3
120.9

-2.3
24.0
96.1

-5.6
22.5
16.5

-7.8
15.5
9.9

-2.3
24.0
96.1

-1.9
21.1
53.3

-4.8
25.5
25.0

-5.9
19.2
17.2

-14.1
28.6
102.7

67,830.0

76,840.3

87,352.8

89,323.1

89,396.8

90,452.8

89,323.1

87,163.8

89,372.6

86,894.9

90,580.2

1
2
3
4
5
6
7
8
9
10
II
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
3?
33

Domestic nonfederal nonfinancial sectors
Household
Nonfinancial corporate business
Nonfarm noncorporate business
State and local g o v e r n m e n t s
Federal government
R e s t of the w o r l d
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
F o r e i g n b a n k i n g o f f i c e s in U n i t e d S t a t e s
Bank holding companies
B a n k s in U . S . - a f f i l i a t e d a r e a s
Savings institutions
Credit unions
B a n k p e r s o n a l trusts a n d e s t a t e s
Life insurance companies
Other insurance companies
Private pension funds
S t a t e a n d local g o v e r n m e n t r e t i r e m e n t f u n d s
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities ( A B S s ) issuers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit m a r k e t d e b t

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

57
58
59
60
61
62

Other
liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
N e t i n t e r b a n k liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
M o n e y market f u n d shares
Security repurchase agreements
Mutual f u n d shares
Security credit
Life insurance reserves
Pension f u n d reserves
Trade payables
Taxes payable
I n v e s t m e n t in b a n k p e r s o n a l t r u s t s
Miscellaneous

Liabilities
not identified as assets
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous

(-)

Floats not included in assets (—)
63 Federal government checkable deposits
64 Other checkable deposits
65 T r a d e credit
66 Totals identified to sectors a s assets

1. D a t a in this t a b l e a l s o a p p e a r in the B o a r d ' s Z . l ( 7 8 0 ) q u a r t e r l y statistical r e l e a s e , t a b l e s
L . l a n d L . 5 . F o r o r d e r i n g a d d r e s s , see i n s i d e f r o n t c o v e r .




2. E x c l u d e s c o r p o r a t e e q u i t i e s a n d m u t u a l f u n d s h a r e s .

A42
2.10

Domestic Nonfinancial Statistics • June 2002
NONFINANCIAL BUSINESS ACTIVITY

Selected Measures

Monthly data seasonally adjusted, and indexes 1992=100, except as noted
2001
Measure

1999

2000

2002

2001
July

1 I n d u s t r i a l production 1

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.'

Feb.'

Mar.f

139.4

145.7

140.1

140.4

140.0

138.5

137.7

137.2

136.7 r

137.4

137.9

138.8

129.6
131.8
119.9
153.5
123.2
155.6

133.5
135.8
121.9
161.8
126.4
166.4

129.4
132.0'
120.7
152.3
121.4
158.0 r

130.3
133.2
122.2
152.7
121.4
157.2

129.4
132.0
121.4
150.5
121.6
157.6

127.7
130.0
119.9
147.1
120.7
156.5

126.8
129.2
119.6
145.4
119.6
155.9

126.7
129.4
120.0
145.0
118.9
154.8

126.5'
129.1'
120.6'
142.7'
118.6'
153.6'

126.5
129.1
120.5
142.9
118.8
155.7

126.8
129.2
121.0
142.0
119.6
156.5

127.5
129.8
121.7
142.3
120.7
157.9

144.7

151.6

144.8

145.2

144.5

142.9

142.1

142.0

141.6'

142.5

142.7

143.9

80.6

80.7

75.1

75.1

74.6

73.7

73.3

73.2

72.9

73.3

73.4

73.9

10 Construction contracts 3

114.9r

129.6 r

138.1'

138.0'

134.0'

142.0'

136.0'

134.0'

150.0'

141.0

139.0

147.0

11 Nonagricultural employment, total 4
12
Goods-producing, total
13
Manufacturing, total
14
Manufacturing, production workers
15
Service-producing
16 Personal income, total
17
Wages and salary disbursements
18
Manufacturing
Disposable personal income 5
19
20 Retail sales 5

118.7
109.8
102.5
103.7
121.1
144.3
149.9
134.0
139.2
155.1

121.3
110.7
102.0
102.8
124.2
154.3
162.2
142.3
147.9
167.0

121.8
108.1
97.7
97.0
125.5
161.8
170.9
144.3
156.0
172.6

122.0
108.1
97.7
96.8
125.7
162.7
171.8
144.9
157.9
172.6

121.9
107.5
96.8
95.9
125.9
162.8
171.8
144.1
161.0
172.9

121.8
107.1
96.4
95.3
125.8
162.7
171.7
143.4
159.1
169.2

121.4
106.5
95.7
94.6
125.4
162.5
171.3
142.1
156.2
180.8

121.0
105.8
94.8
93.6
125.2
162.5
171.4
140.9
156.3
174.9

120.9
105.3
94.1
92.8
125.2
163.0
172.2
140.7
156.6
174.5

120.8
104.5
93.5
92.2
125.3
163.8
172.2
140.3
159.5
174.7

120.8
104.4
93.2
91.9
125.3
164.7
172.8
140.2
160.6
175.0

120.9
104.0
93.0
91.7
125.5
n.a.
n.a.
n.a.
n.a.
175.5

Prices6
21 Consumer (1982-84-100)
22 Producer finished goods (1982=100)

166.6
133.0

172.2
138.0

177.1
140.7

177.5
140.5

177.5
140.9

178.3
141.6

177.7
139.7

177.4
138.3'

176.7
137.2

177.1
137,5

177.8
137.7

178.8
138.9

2
3
4
5
6
/
8

Market groups
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
Industry groups
Manufacturing

9 Capacity utilization, manufacturing (percent) 2

..

1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2001. The recent annual revision is described in the March 2002
issue of the Bulletin. For a description of the methods of estimating industrial production and
capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision
and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92,
and the references cited therein. For details about the construction of individual industrial
production series, see "Industrial Production: 1989 Developments and Historical Revision,"
Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Ratio of index of production to index of capacity. Based on data from the Federal
Reserve, U.S. Department of Commerce, and other sources.

2.11

3. Index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering, from McGraw-Hill Info. Systems Co., F.W. Dodge Division.
4. Based on data from the U.S. Department of Labor, Employment and Earnings. Series
covers employees only, excluding personnel in the armed forces.
5. Based on data from U.S. Department of Commerce, Survey of Current Business.
6. Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price
indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics,
Monthly Labor Review.
NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for
series mentioned in notes 3 and 6, can also be found in the Survey of Current Business.
Table 2.10 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
"Announcements" section, pp. 290-91.

LABOR FORCE, EMPLOYMENT, A N D UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
2001
Category

1999

2000

2002

2001
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.'

Feb.'

Mar.

HOUSEHOLD SURVEY DATA1
1 Civilian labor force 2
Employment
2
Nonagricultural industries 3
3
Agriculture
Unemployment
4
Number
5
Rate (percent of civilian labor force)

139,368

140,863

141,815

141,380

142,068

142,280

142,279

142,314

141,390

142,211

142,005

130,207
3,281

131,903
3,305

131,929
3,144

131,282
3,126

131,823
3,181

131,412
3,203

131,099
3,154

130,809
3,246

130,195
3,273

131,073
3,246

130,768
3,126

5,880
4.2

5,655
4.0

6,742
4.8

6,972
4.9

7,064
5.0

7,665
5.4

8,026
5.6

8,259
5.8

7,922
5.6

7,891
5.5

8,111
5.7

128,916

131,759

132,213

132,395

132,230

131,782

131,427

131,321

131,212

131,210

131,268

18,552
539
6,415
6,834
29,758
7,555
39,055
20,206

18,469
543
6,698
7,019
30,331
7,560
40,460
20,681

17,698
563
6,861
7,070
30,502
7,624
41,024
20,873

17,533
569
6,861
7,082
30,593
7,623
41,129
21,005

17,448
569
6,871
7,070
30,524
7,633
41,134
20,981

17,159
567
6,851
6,952
30,365
7,638
40,889
21,006

17,039
564
6,850
6,915
30,303
7,632
40,957
21,061

16,923
563
6,787
6,898
30,341
7,638
40,992
21,070

16,869
557
6,817
6,898
30,377
7,624
40,983
21,085

16,831
555
6,780
6,892
30,369
7,618
41,101
21,122

ESTABLISHMENT SURVEY DATA
6 N o n a g r i c u l t u r a l payroll employment 4
7
8
9
10
11
12
13
14

Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government

1. Beginning January 1994, reflects redesign of current population survey and population
controls from the 1990 census.
2. Persons sixteen years of age and older, including Resident Armed Forces. Monthly
figures are based on sample data collected during the calendar week that contains the twelfth
day; annual data are averages of monthly figures. By definition, seasonality does not exist in
population figures.
3. Includes self-employed, unpaid family, and domestic service workers.
4. Includes all full- and part-time employees who worked during, or received pay for, the




17,325
569
6,852
7,016 '
30,393
7,634
40,995
20,998

pay period that includes the twelfth day of the month; excludes proprietors, self-employed
persons, household and unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this
time.
SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings.
Table 2.11 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
"Announcements" section, pp. 290-91.

Selected Measures
2.12

A43

OUTPUT, CAPACITY, A N D CAPACITY UTILIZATION 1
Seasonally adjusted
2002

2001
Q2

Q3

Q4

r

Qi

2002

2001
Q2

Q3

Q4

Ql

Capacity (percent of 1992 output)

Output (1992=100)

2002

2001
Q2

Q3

Q4'

Qi

Capacity utilization rate (percent) 2

1 Total i n d u s t r y

141.3

139.6

137.2

138.0

182.6

183.2

183.6

184.1

77.4

76.2

74.7

2 Manufacturing

146.0

144.2

141.9

143.0

193.2

193.6

194.0

194.4

75.6

74.5

73.1

73.6

Primary processing 3
Advanced processing 4

168.9
133.3

167.1
131.5

164.5
129.3

167.8
129.4

223.0
176.6

223.8
176.9

224.5
177.2

225.3
177.4

75.8
75.5

74.7
74.3

73.3
73.0

74.5
72.9

5
6
7
8
9
10
11
12
13

Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment

181.9
113.2
120.5
117.3
124.6
217.0
509.2
166.8

178.3
115.5
117.8
115.7
120.6
208.8
485.3
169.5

174.1
112.7
109.1
104.0
115.3
202.2
485.7
165.1

176.2
114.3
112.7
109.6
116.8
204.1
498.9
172.6

246.3
148.5
150.8
147.4
155.3
297.3
735.6
220.1

247.5
148.8
150.6
146.8
155.6
298.8
745.4
221.5

248.5
149.1
150.4
146.2
155.8
299.8
752.5
222.9

249.4
149.2
149.4
144.4
155.9
300.3
763.3
224.1

73.8
76.2
79.9
79.6
80.2
73.0
69.2
75.8

72.0
77.6
78.2
78.8
77.5
69.9
65.1
76.5

70.1
75.6
72.6
71.2
74.0
67.5
64.6
74.1

70.6
76.6
75.5
75.9
74.9
67.9
65.4
77.0

99.0

95.9

91.2

86.1

135.3

135.2

135.1

135.1

73.2

71.0

67.5

63.7

14
15
16
17
18
19

Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products

111.5
88.0
108.9
119.6
116.4
115.5

111.0
85.3
108.5
121.1
117.4
113.2

110.2
82.4
105.8
122.4
115.6
113.7

110.6
85.5
104.8
123.0
113.7
115.4

143.0
117.4
138.7
158.3
152.5
122.2

142.9
116.4
138.8
158.5
153.0
122.4

142.9
115.4
139.0
158.6
153.4
122.7

142.9
114.3
139.0
158.8
153.8
122.9

77.9
74.9
78.5
75.6
76.3
94.5

77.7
73.3
78.1
76.4
76.7
92.5

77.1
71.5
76.1
77.2
75.4
92.7

77.4
74.8
75.4
77.4
73.9
93.9

102.9
120.0
123.6

101.8
119.1
122.2

98.6
116.9
121.1

96.3
117.8
122.1

112.0
136.2
135.1

112.2
138.1
137.4

112.6
139.9
139.8

112.9
141.6
141.9

91.8
88.1
91.5

90.7
86.3
88.9

87.6
83.6
86.7

85.4
83.2
86.0

1973

1975

Previous cycle 5

High

Low

High

3
4

20 Mining
21 Utilities
22
Electric

Low

Latest cycle 6
High

Low

2001
Mar.

2001
Oct.

75.0

2002

Nov.

Dec/

Jan.'

Feb.'

Mar.P

75.4

Capacity utilization rate (percent) 2

1 Total i n d u s t r y

89.2

72.6

87.3

71.1

85.4

78.1

78.5

75.0

74.7

74.4

74.7

74.9

2 Manufacturing

88.5

70.5

86.9

69.0

85.7

76.6

76.7

73.3

73.2

72.9

73.3

73.4

73.9

91.8
86.5

67.3
72.5

88.6
86.3

65.7
71.0

88.3
84.2

76.7
76.6

76.8
76.6

73.9
72.9

73.2
73.1

72.7
73.0

73.9
72.9

74.4
72.8

75.1
73.1

Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and
equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment. . .

89.2
88.7
100.2
105.8
90.8

68.9
61.2
65.9
66.6
59.8

87.7
87.9
94.2
95.8
91.1

63.9
60.8
45.1
37.0
60.1

84.6
93.6
92.7
95.2
89.3

73.1
75.5
73.7
71.8
74.2

75.3
75.4
77.9
75.3
80.7

70.1
75.7
75.5
75.4
75.5

70.1
75.4
73.3
73.3
73.3

70.0
75.7
68.9
64.8
73.3

70.4
75.4
74.6
74.1
74.9

70.5
76.4
75.4
76.4
74.3

71.1
78.0
76.4
77.1
75.6

96.0
89.2
93.4

74.3
64.7
51.3

93.2
89.4
95.0

64.0
71.6
45.5

85.4
84.0
89.1

72.3
75.0
55.9

76.2
73.6
74.7

67.7
64.6
70.7

67.9
64.5
74.4

66.8
64.5
77.0

68.0
64.9
76.8

67.6
65.3
77.1

68.2
65.9
77.1

78.4

67.6

81.9

66.6

87.3

79.2

74.1

69.4

67.3

65.8

64.6

63.8

62.8

Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products

87.8
91.4
97.1
87.6
102.0
96.7

71.7
60.0
69.2
69.7
50.6
81.1

87.5
91.2
96.1
84.6
90.9
90.0

76.4
72.3
80.6
69.9
63.4
66.8

87.3
90.4
93.5
86.2
97.0
88.5

80.7
77.7
85.0
79.3
74.8
85.1

78.6
77.0
76.5
76.7
78.9
93.9

77.5
71.7
77.8
77.7
77.7
93.7

77.1
71.0
76.4
77.2
75.6
93.0

76.8
71.7
74.1
76.6
72.9
91.4

77.2
72.4
75.3
77.3
72.8
93.7

77.3
74.9
75.0
77.4
73.5
94.1

77.7
77.0
75.8
77.7
75.5
93.8

94.3
96.2
99.0

88.2
82.9
82.7

96.0
89.1
88.2

80.3
75.9
78.9

88.0
92.6
95.0

87.0
83.4
87.1

91.6
90.2
93.3

88.4
85.7
88.0

87.9
83.0
87.1

86.4
82.0
84.8

86.2
81.4
84.8

85.6
83.6
85.9

84.3
84.6
87.4

3
4
5
6
7
8
9
10
11
12
13

14
15
16
17
18
19

Primary processing 3
Advanced processing 4

20 Mining
21 Utilities
22
Electric

1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2001. The recent annual revision is described in the March
2002 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.




3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic
materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass;
primary metals; fabricated metals; semiconductors and related electronic components; and
motor vehicle parts.
4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing
and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather
and products, machinery except semiconductors and related electronic components, transportation equipment except motor vehicle parts, instruments, and miscellaneous manufacturing.
5. Monthly highs, 1978-80; monthly lows, 1982.
6. Monthly highs, 1988-89; monthly lows, 1990-91.

A44
2.13

Domestic Nonfinancial Statistics • June 2002
INDUSTRIAL PRODUCTION

Indexes and Gross Value 1

Monthly data seasonally adjusted

Group

1992
proportion

2002

2001
2001
avg.
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec. r

Jan. r

Feb. r

Mar.P

I n d e x ( 1 9 9 2 = 100)

MAJOR MARKETS
1 Total i n d e x
2 Products
3
Final products
4
C o n s u m e r goods, total
5
Durable c o n s u m e r goods
6
Automotive products
7
Autos and trucks
8
Autos, c o n s u m e r
9
Trucks, c o n s u m e r
10
Auto parts and allied goods
11
Other
12
Appliances, televisions, and air
conditioners
13
Carpeting and furniture
14
Miscellaneous h o m e goods
15
Nondurable c o n s u m e r goods
16
Foods and tobacco
17
Clothing
18
Chemical products
19
Paper products
20
Energy
21
Fuels
22
Residential utilities

xoo.o

140.1

142.9

142.0

141.6

140.3

140.4

140.0

138.5

137.7

137.2

136.7

137.4

137.9

138.8

60.8
46.3
29.0
5.8
2.5
1.6
0.9
0.7
0.9
3.3

129.4
132.0
120.7
151.3
149.9
160.5
94.0
231.4
133.5
151.5

132.1
135.1
121.8
152.9
149.8
159.6
97.0
226.3
134.7
155.1

131.0
134.0
121.3
152.2
149.6
160.1
96.0
228.4
133.5
153.9

130.9
133.9
121.4
154.2
152.8
165.7
97.9
237.9
132.5
154.5

130.0
132.9
121.1
153.2
152.3
163.4
97.2
234.0
135.1
152.9

130.3
133.2
122.2
157.0
161.1
178.3
97.5
264.3
133.9
151.0

129.4
132.0
121.4
154.1
155.6
169.1
90.6
252.6
134.5
151.0

127.7
130.0
119.9
151.8
152.5
163.9
92.7
239.8
134.8
149.8

126.8
129.2
119.6
146.2
145.4
154.5
86.9
226.5
131.3
145.9

126.7
129.4
120.0
152.1
155.4
170.7
94.8
251.5
131.3
146.9

126.5
129.1
120.6
156.2
160.7
177.8
101.1
259.5
133.6
149.7

126.5
129.1
120.5
154.5
158.3
175.0
101.2
253.6
132.0
148.7

126.8
129.2
121.0
155.5
158.1
173.6
110.5
240.9
133.7
151.3

127.5
129.8
121.7
156.9
158.5
173.1
102.3
248.6
135.4
153.9

0.9
0.8
1.6
23.2
10.4
2.4
4.6
2.9
3.0
0.8
2.1

283.2
119.1
114.2
113.3
108.8
78.3
145.0
105.5
117.4
114.2
119.2

284.0
123.1
117.7
114.3
109.3
82.8
143.8
106.9
119.8
113.9
122.8

284.0
119.9
117.4
113.9
108.9
82.0
143.4
107.4
118.7
114.6
120.7

292.1
117.7
117.7
113.6
108.6
80.6
145.2
106.7
116.9
115.6
117.2

285.0
118.6
116.2
113.4
108.9
78.2
145.7
106.6
115.8
115.2
115.8

271.7
116.2
117.7
113.9
109.3
79.0
147.5
106.0
116.0
114.3
116.5

289.5
117.6
112.7
113.6
108.7
76.4
146.7
105.7
117.8
112.2
120.5

288.2
118.5
110.5
112.3
107.7
74.8
145.9
105.1
114.8
113.9
115.0

271.9
116.4
109.2
113.1
108.2
74.4
148.5
103.9
116.9
116.1
117.0

280.1
119.2
107.5
112.3
108.6
73.2
148.0
102.1
113.4
115.2
112.0

297.9
118.8
108.0
112.2
109.0
74.7
148.5
100.2
111.6
112.6
110.7

292.6
118.3
107.9
112.4
109.5
75.5
148.8
98.8
111.8
117.4
108.5

300.9
119.5
109.5
112.9
110.2
75.6
148.1
97.3
114.9
116.3
113.8

303.1
121.3
112.2
113.4
110.8
77.1
149.0
96.6
115.5
114.8
115.5

23
24
25
26
27
28
29
30
31
32
33

Equipment
Business equipment
Information processing
C o m p u t e r and office equipment
Industrial
Transit
Autos and trucks
Other
D e f e n s e and space equipment
Oil and gas well drilling
Manufactured homes

17.3
13.2
5.4
1.1
4.0
2.5
1.2
1.3
3.4
0.6
0.2

152.3
175.9
279.5
948.2
125.1
127.6
145.8
139.1
74.0
140.2
93.7

159.6
185.4
294.1
996.5
132.6
135.6
151.1
143.3
74.5
151.0
87.3

157.3
182.1
288.4
970.9
129.1
133.8
148.0
143.1
74.4
152.2
88.6

156.5
181.3
286.8
950.6
129.0
134.5
152.5
139.1
73.5
151.9
91.7

154.1
177.8
279.6
948.7
125.2
133.1
150.5
140.7
73.4
150.4
96.0

152.7
176.1
275.2
934.2
123.1
133.8
157.1
140.8
73.6
147.1
95.4

150.5
173.3
271.9
925.5
122.2
128.7
149.6
139.8
73.5
143.1
97.9

147.1
168.4
266.0
903.0
119.6
124.6
143.6
131.7
73.8
140.4
102.9

145.4
166.9
267.9
913.2
119.4
119.2
136.2
129.2
74.2
127.2
100.2

145.0
167.2
269.1
927.8
118.3
118.6
143.6
134.2
74.3
114.4
99.5

142.7
164.3
265.5
941.2
114.5
118.7
151.4
130.2
74.7
107.8
97.7

142.9
164.7
266.2
953.3
115.9
116.1
150.5
133.1
74.9
107.3
93.1

142.0
163.5
266.6
967.6
113.7
115.5
153.7
131.7
75.1
105.3
93.5

142.3
163.7
269.5
979.2
114.5
111.7
151.1
134.6
75.9
103.7
93.5

34
35
36

Intermediate products, total
Construction supplies
Business supplies

14.5
5.4
9.1

121.4
137.6
111.9

123.4
139.4
113.8

122.2
139.0
112.2

122.2
138.7
112.4

121.4
138.0
111.6

121.4
137.3
112.0

121.6
138.8
111.3

120.7
138.1
110.4

119.6
134.6
110.7

118.9
134.0
109.8

118.6
135.6
108.6

118.8
135.7
108.8

119.6
137.5
108.9

120.7
139.2
109.7

39.2
20.7
4.0
7.5
9.2
3.1
8.9
1.1
1.8
4.0
2.1
9.6
6.2
3.4

158.0
212.7
155.8
441.8
125.2
113.7
104.2
90.8
108.6
102.8
109.8
103.3
98.8
111.7

160.9
218.0
155.0
464.3
127.2
114.5
104.9
95.3
106.0
104.8
108.7
104.5
99.1
115.5

160.3
216.4
155.1
452.9
127.9
117.6
104.7
95.0
110.2
101.8
110.6
104.9
99.5
115.7

159.4
216.2
159.6
446.5
127.5
116.7
103.0
90.9
108.3
100.5
109.4
103.8
99.0
113.1

157.4
212.9
157.7
436.1
126.2
115.5
102.2
90.8
104.8
100.3
109.3
103.1
99.5
109.1

157.2
212.6
160.2
429.9
126.4
115.7
102.7
87.6
107.7
100.9
109.7
102.3
98.5
109.0

157.6
212.0
160.8
429.6
125.4
113.6
104.0
90.1
109.5
102.2
109.8
103.0
98.4
111.4

156.5
209.4
155.3
430.4
123.8
113.3
104.2
89.0
110.5
102.1
110.2
103.1
99.4
109.3

155.9
207.9
152.3
431.7
122.5
111.0
104.7
87.2
112.4
103.5
108.8
102.6
98.2
110.9

154.8
206.5
155.0
427.9
120.5
106.7
103.1
84.7
106.9
102.2
110.4
102.6
98.8
109.1

153.6
206.0
157.5
426.7
119.0
101.9
101.1
84.5
103.1
99.3
111.2
101.6
97.9
107.9

155.7
209.6
160.6
434.4
120.9
108.1
102.9
85.1
106.4
101.9
110.5
101.6
97.7
108.5

156.5
210.4
160.2
438.0
121.4
108.8
103.3
87.7
105.1
102.7
110.7
102.3
97.5
111.0

157.9
213.1
163.8
441.5
122.8
109.8
104.7
90.4
106.4
103.7
112.2
101.9
96.8
111.5

97.3
95.3

139.8
139.0

142.6
142.0

141.7
141.0

141.1
140.2

139.9
139.0

139.5
138.7

139.4
138.5

138.0
137.2

137.5
136.8

136.6
135.8

135.8
134.9

136.6
135.7

137.0
136.1

138.1
137.1

98.4
27.5
26.1

134.2
118.5
121.1

136.9
119.8
122.0

136.0
119.3
121.6

135.7
119.0
122.0

134.4
118.8
121.8

134.6
119.1
122.9

134.1
118.8
121.8

132.8
117.6
120.6

132.0
117.8
119.9

131.5
117.2
120.8

130.9
117.4
121.7

131.6
117.5
121.6

132.0
118.1
121.8

132.9
118.9
122.5

12.0

179.7

189.8

186.4

184.9

181.3

178.4

176.2

171.5

170.8

170.1

165.7

166.2

164.4

165.1

12.0
29.6

146.8
175.7

154.7
179.3

152.1
178.2

151.7
177.4

148.5
175.0

147.2
175.0

144.7
175.2

140.6
173.7

139.0
173.0

139.1
171.5

136.3
170.3

136.4
173.2

135.1
174.0

135.2
176.2

37 Materials
38
Durable goods materials
39
Durable c o n s u m e r parts
40
Equipment parts
41
Other
42
Basic metal materials
43
Nondurable goods materials
44
Textile materials
Paper materials
45
46
Chemical materials
47
Other
48
Energy materials
49
Primary energy
Converted fuel materials
50
SPECIAL AGGREGATES
51 Total excluding autos and trucks
52 Total excluding motor vehicles and parts
53 Total excluding computer and office
equipment
54 C o n s u m e r goods excluding autos and trucks . .
55 C o n s u m e r goods excluding energy
56 Business equipment excluding autos and
trucks
57 Business equipment excluding computer and
office equipment
58 Materials excluding energy




Selected Measures
2.13

INDUSTRIAL PRODUCTION

A45

Indexes and Gross Value 1 —Continued

Monthly data seasonally adjusted

Group

SIC
code 2

1992
proportion

2002

2001
2001
avg.
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.'

Jan.'

Feb.'

Mar.f

Index(1992= 100)

MAJOR INDUSTRIES
100.0

140.1

142.9

142.0

141.6

140.3

140.4

140.0

138.5

137.7

137.2

136.7

137.4

137.9

138.8

85.4
31.0
54.4

144.8
167.9
132.0

147.9
170.7
135.1

146.7
170.1
133.7

146.4
169.4
133.6

145.0
167.3
132.5

145.2
167.4
132.9

144.5
167.3
131.7

142.9
166.6
129.8

142.1
165.6
129.1

142.0
164.4
129.5

141.6
163.5
129.3

142.5
166.2
129.3

142.7
167.6
129.0

143.9
169.6
129.8

' 24
25

44.8
2.1
1.4

179.3
113.0
138.7

184.7
111.8
142.5

182.9
111.8
141.8

182.7
113.7
140.4

180.1
114.2
138.3

180.0
114.0
138.4

178.9
116.2
138.7

176.1
116.4
135.1

173.9
112.8
133.5

174.3
112.4
134.8

174.1
113.0
135.4

175.4
112.6
134.3

175.8
114.0
136.4

177.5
116.4
139.2

32
33
331,2
331PT
333-6,9
34

2.1
3.1
1.8
0.1
1.4
5.0

130.8
116.9
112.6
102.8
122.3
130.4

132.9
117.5
111.3
107.0
125.1
132.2

133.1
121.2
115.8
99.2
127.8
131.0

133.0
120.8
118.4
106.2
124.0
131.0

130.0
119.5
117.7
107.8
122.0
129.5

130.0
119.5
118.8
108.3
120.8
131.1

130.8
117.5
115.7
106.2
119.9
131.0

129.9
116.4
112.7
105.8
121.2
128.7

130.3
113.6
110.4
99.5
117.6
127.5

128.8
110.2
107.1
95.1
114.1
127.2

126.3
103.6
94.6
85.5
114.2
129.1

127.0
111.7
107.7
100.0
116.8
128.3

127.3
112.7
110.4
101.3
115.8
128.4

129.9
113.8
110.7
99.8
117.8
130.1

59 Total index
60 Manufacturing
Primary processing
61
62
Advanced processing
63
64
65
66

79
80

Durable goods
Lumber and products
Furniture and fixtures
Stone, clay, and glass
products
Primary metals
Iron and steel
Raw steel
Nonferrous
Fabricated metal products . .
Industrial machinery and
equipment
Computer and office
equipment
Electrical machinery
Transportation equipment . .
Motor vehicles and parts .
Autos and light trucks .
Aerospace and
miscellaneous
transportation
equipment
Instruments
Miscellaneous

81
82
83
84
85
86
87
88
89
90
91

Nondurable goods
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing . . . .
Chemicals and products . . . .
Petroleum products
Rubber and plastics
Leather and products

67
68
69
70
71
72
73
74
75
76
77
78

92 Mining
Metal
93
94
Coal
95
Oil and gas extraction
96
Stone and earth minerals
97 Utilities
98
Electric
99
Gas

35

7.8

213.3

225.5

220.2

217.0

213.8

210.2

211.0

205.1

202.8

203.4

200.4

204.2

203.0

205.0

357
36
37
371
371PT

1.6
7.1
9.4
4.7
2.5

1,088.0
504.2
128.5
162.9
154.1

1,137.1
533.6
131.0
163.7
154.2

1,112.9
518.8
130.5
163.2
154.4

1,095.1
511.4
133.2
169.7
159.5

1,095.4
497.6
131.9
167.7
157.2

1,074.6
485.9
134.6
174.6
170.2

1,064.8
485.5
131.6
169.9
160.9

1,035.7
484.6
128.5
164.2
156.6

1,049.1
484.8
124.6
157.3
147.4

1,067.2
485.1
127.2
165.9
162.7

1,087.0
487.3
129.1
172.1
169.6

1,101.3
492.4
128.2
171.8
167.1

1,117.8
498.1
128.0
172.7
167.1

1,131.2
506.1
127.5
173.1
165.6

372-6,9
38
39

4.7
5.4
1.3

96.3
115.3
117.5

100.4
117.7
119.9

99.9
117.2
120.4

98.9
116.8
119.0

98.3
114.5
119.8

97.1
115.0
120.7

95.7
113.9
116.7

95.0
112.8
114.5

93.8
113.6
113.6

91.0
113.7
110.7

88.9
112.8
114.1

87.3
113.4
114.4

86.2
112.7
115.5

84.9
113.8
119.0

20
21
22
23
26
27
28
29
30
31

40.6
9.6
1.6
1.8
2.2
3.5
6.8
10.0
1.4
3.5
0.3

111.4
112.9
93.8
86.7
93.1
108.1
101.6
121.1
114.3
136.8
63.1

112.5
113.6
93.3
91.0
97.4
106.0
104.3
121.4
114.7
138.8
67.5

111.8
112.6
94.8
90.4
97.0
110.6
102.5
119.5
115.4
137.9
65.7

111.5
112.8
92.9
86.7
96.5
108.8
102.3
119.9
115.6
137.1
63.6

111.1
112.9
93.8
86.8
94.0
107.1
101.3
119.5
115.5
137.7
62.2

111.5
113.1
95.0
84.3
95.1
108.1
101.1
121.2
114.6
138.0
62.1

111.1
113.0
93.2
85.8
91.2
107.7
100.7
121.2
112.9
137.3
62.8

110.5
111.7
92.7
85.9
89.4
109.7
99.7
121.0
112.1
136.5
61.4

110.8
112.2
92.8
83.0
87.8
108.1
99.8
123.2
114.9
134.4
60.0

110.2
113.0
92.7
81.9
87.3
106.2
98.9
122.4
114.0
133.4
59.2

109.7
114.0
90.8
82.5
88.8
103.1
97.3
121.4
112.2
134.8
58.4

110.3
114.0
93.1
83.0
89.2
104.7
96.7
122.6
115.1
134.6
60.2

110.4
114.3
95.0
85.7
89.3
104.3
95.3
122.9
115.6
135.3
59.3

111.0
114.9
95.4
87.7
91.6
105.4
95.1
123.5
115.3
136.1
59.9

' ' 10
12
13
14

6.8
0.4
1.0
4.8
0.6

101.3
88.4
111.7
96.1
132.6

102.5
87.9
115.5
97.1
133.0

103.1
92.1
114.9
97.6
134.3

103.0
91.3
113.9
97.4
137.1

102.5
88.6
115.9
97.0
133.7

101.9
88.8
111.9
97.0
130.6

101.4
87.9
111.7
96.3
132.2

102.1
91.2
111.7
97.0
131.2

99.5
85.6
106.5
94.8
129.6

99.0
80.0
106.6
94.5
129.5

97.4
80.1
105.8
92.6
129.8

97.3
81.6
104.5
92.1
133.6

96.6
80.8
107.0
91.1
131.9

95.1
79.9
99.0
90.5
130.3

491,3PT
492,3PT

7.8
6.2
1.6

119.8
123.1
109.1

121.8
124.7
110.3

121.3
125.2
107.1

119.7
122.8
107.8

119.1
122.9
105.2

118.2
121.0
107.4

121.1
124.5
108.1

118.1
121.0
106.9

119.4
122.3
108.0

116.2
121.8
96.2

115.2
119.3
100.5

114.9
119.8
97.2

118.3
121.9
105.3

120.2
124.6
104.2

80.7

143.9

147.0

145.8

145.1

143.7

143.5

143.0

141.7

141.3

140.6

139.7

140.7

140.9

142.1

83.8

138.0

140.8

139.8

139.5

138.1

138.4

137.7

136.2

135.4

135.3

134.8

135.7

135.9

137.0

5.6

1,048.5

1,127.5

1,089.4

1,065.4

1,036.7

1,006.7

999.5

994.8

1,002.4

1,002.5

1,006.0

1,026.0

1,045.1

1,060.0

81.3

121.2

123.3

122.6

122.6

121.5

122.0

121.3

119.9

119.1

118.9

118.4

119.0

119.1

120.0

79.8

118.2

120.0

119.4

119.4

118.5

119.0

118.4

117.0

116.3

116.1

115.7

116.4

116.4

117.3

2,704.7

SPECIAL AGGREGATES
100 Manufacturing excluding motor
vehicles and parts
101 Manufacturing excluding
computers and office
equipment
102 Computers, communications
equipment, and
semiconductors
103 Manufacturing excluding
computers and
semiconductors
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors

Gross value (billions of 1996 dollars, annual rates)

MAJOR MARKETS
105 Products, total

100.0

106 Final
107
Consumer goods
108
Equipment

77.2
51.9
25.3

109 Intermediate

22.8

2,720.1

2,776.5 2,754.8

2,101.5 2,145.9
1,303.7 1,311.5
839.5
797.4

2,129.3
1,307.1
825.8

630.8

625.7

618.9

2,759.1 2,741.6

2,753.0

2,732.0

2,694.5

2,669.6

2,679.2

2,683.2

2,682.7

2,690.9

2,133.0 2,118.1 2,129.7
1,312.4 1,307.9 1,322.5
823.3
811.6
806.5

2.107.0
1.312.1
793.3

2,075.1
1,298.5
773.1

2,056.7
1,291.1
761.0

2,070.6 2,075.1
1,301.9 1,313.7
753.5
763.5

2,073.7
1,311.4
754.8

2,075.7 2,082.7
1,316.2 1,322.5
751.0
751.0

625.0

619.4

612.9

626.3

1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2001. The recent annual revision is described in the March 2002
issue of the Bulletin. For a description of the methods of estimating industrial production and
capacity utilization, see "Industrial Production and Capacity Utilization: Historical




623.7

623.5

608.8

608.3

609.2

615.2

622.1

Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp.
67-92, and the references cited therein. For details about the construction of individual
industrial production series, see "Industrial Production: 1989 Developments and Historical
Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Standard Industrial Classification.

A46
2.14

Domestic Nonfinancial Statistics • June 2002
HOUSING A N D CONSTRUCTION
Monthly figures at seasonally adjusted annual rates except as noted
2001
Item

1999

2000

2002

2001
May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Private residential real estate activity (thousands of units except as noted)

NEW UNITS
1
2
3
4
5
6
7
8
9
10
11
12
13

Permits authorized
One-family
Two-family or more
Started
One-family
Two-family or more
Under construction at end of period 1 . . . .
One-family
Two-family or more
Completed
One-family
Two-family or more
Mobile homes shipped

1,664
1,247
417
1,641
1,302
339
953
648
305
1,605
1,270
335
348

1,592
1,198
394
1,569
1,231
338
934
623
310
1,574
1,242
332
250

1,611
1,221
390
1,603
1,273
329
959
638
321
1,571
1,256
315
193

1,621
1,205
416
1,610
1,285
325
1,016
688
328
1,499
1,225
274
186

1,587
1,225
362
1,634
1,292
342
1,012
688
324
1,643
1,275
368
198

1,571
1,211
360
1,660
1,290
370
1,019
693
326
1,583
1,269
314
193

1,571
1,210
361
1,559
1,271
288
1,009
691
318
1,620
1,276
344
199

1,528
1,164
364
1,585
1,265
320
1,015
691
324
1,543
1,258
285
206

1,485
1,140
345
1,518
1,225
293
1,009
682
327
1,577
1,317
260
207

1,595
1,211
384
1,616
1,244
372
1,008
680
328
1,574
1,262
312
203

1,654
1,247
407
1,602
1,312
290
998
673
325
1,703
1,361
342
206

1,721
1,335
386
l,713 r
l,346 r
367'
1,005'
674'
331'
1,594'
1,290'
304'
195

1,774
1,379
395
1,785
1,470
315
1,013
682
331
1,667
1,376
291
182

880
315

877
301

908 r
310'

882
296

889
301

877
307

871
309

854
310

860
308

937
309

988 r
307 r

853'
310

906
310

161.0
195.8

169.0
207.2

174.1
211.9

175.3
211.4

179.4
211.7

175.0
209.3

173.7
207.5

166.4
203.3

171.3
207.1

168.1
206.9

180.2 r
228.7'

185.1'
226.1'

182.9
223.8

EXISTING UNITS (one-family)
18 Number sold

5,205

5,152

5,296

5,400

5,300

5,300

5,490

5,010

5,270

5,250

5,200

6,050

5,890

Price of units sold
of dollars)1
19 Median
20 Average

133.3
168.3

139.0
176.2

147.8
185.3

145.0
183.6

152.2
191.1

151.7
190.6

153.7
193.5

147.4
185.2

145.4
181.8

147.1
182.9

153.1
192.2

150.3
190.6

149.4
189.6

Merchant builder activity in
one-family units
14 Number sold
15 Number for sale at end of period'
Price of units sold
of dollars)2
16 Median
17 Average

(thousands

(thousands

Value of new construction (millions of dollars) 3

CONSTRUCTION
21 Total p u t in place

763,914

817,130

862,261

869,574

861,571

863,742

856,629

851,883

856,097

855,952

862,567

869,653

879,427

22 Private
23
Residential
24
Nonresidential
25
Industrial buildings
Commercial buildings
26
27
Other buildings
28
Public utilities and other

595,667
349,560
246,107
32,794
104,531
40,906
67,876

641,269
375,268
266,001
31,984
116,988
44,505
72,523

667,012
395,608
271,404
31,286
117,050
46,088
76,982

670,838
394,330
276,508
31,943
118,601
46,643
79,321

665,322
391,508
273,814
32,966
116,842
46,020
77,986

667,765
395,668
272,097
34,645
115,894
45,549
76,009

663,108
399,558
263,550
31,884
110,860
44,851
75,955

660,249
398,136
262,113
31,291
111,249
44,829
74,744

656,913
400,147
256,766
26,126
111,744
45,998
72,898

651,509
396,518
254,991
23,934
109,015
46,012
76,030

654,297
399,241
255,056
23,888
106,692
47,121
77,355

649,853
402,828
247,025
22,776
104,730
47,657
71,862

660,676
416,687
243,989
21,147
101,508
47,187
74,147

29 Public
30
Military
Highway
31
32
Conservation and development
Other
33

168,247
2,142
52,024
5,995
108,086

175,861
2,334
52,851
6,043
114,634

195,249
2,346
57,743
7,169
127,991

198,736
2,274
60,437
7,216
128,809

196,249
2,477
61,534
6,592
125,646

195,977
2,375
60,470
6,063
127,069

193,521
2,539
55,667
7,265
128,050

191,635
2,362
53,534
7,344
128,395

199,184
2,343
55,982
7,489
133,370

204,443
2,353
58,717
7,392
135,981

208,270
2,152
59,840
7,548
138,730

219,800
2,213
68,301
8,571
140,715

218,751
2,307
65,733
8,465
142,246

1. Not at annual rates.
2. Not seasonally adjusted.
3. Recent data on value of new construction may not be strictly comparable with data for
previous periods because of changes by the Bureau of the Census in its estimating techniques.
For a description of these changes, see Construction Reports ( C - 3 0 - 7 6 - 5 ) , issued by the
Census Bureau in July 1976.
SOURCE. Bureau of the Census 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 19,000 jurisdictions beginning in 1994.
Table 2.14 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
"Announcements" section, pp. 290-91.

Selected Measures
2.15

A47

C O N S U M E R A N D PRODUCER PRICES
Percent changes based on seasonally adjusted data except as noted
C h a n g e f r o m 3 m o n t h s earlier
( a n n u a l rate)

C h a n g e f r o m 12
m o n t h s earlier
Item

2001

2002

2001
2001
Mar.

C h a n g e f r o m 1 m o n t h earlier
Index
level,
Mar.
2002'

2002

2002
Mar.
June

Sept.

Dec.

Mar.

Nov.

Dec.

Jan.

Feb.

Mar.

CONSUMER PRICES2
(1982-84=100)
1 All i t e m s

2.9

1.5

3.9

.7

-1.8

3.0

-.1

-.1

.2

.2

.3

178.8

2 Food
3 Energy items
4 All i t e m s less f o o d a n d e n e r g y
5
Commodities
6
Services

3.1
6.0
2.7
.6
3.5

2.6
-10.7
2.4
-1.1
3.9

3.1
20.3
2.4
-1.6
4.3

2.8
-19.1
2.6
.6
3.5

1.4
2.6
-1.4
4.0

3.0
16.5
2.1
-1.9
3.8

-.1
-4.9
.4
.2
.5

.0
-3.0
.1
-.4
.3

.3
.9
.2
-.3
.4

.2
-.8
.3
.0
.4

.2
3.8
.1
-.1
.1

176.1
115.6
189.8
144.6
215.9

7 Finished goods
8
Consumer foods
9
Consumer energy
10
Other consumer goods
11
Capital e q u i p m e n t

3.0
3.7
8.9
1.8
.9

-1.4
1.8
-13.5
.7
-.1

.0
.6
-6.9
2.6
.3

-1.7
1.7
-17.1
1.0
1.2

-9.6
-4.2
-43.4
-.8
-2.0

5.6
10.0
26.3
.0
.3

-.6
-8r
-3.9r
.2
-.1

-,5r
- R
-3.3r
.0
.0

.1
.8
.1
-.1
-.1

.2
1.0
.4
-.1
.1

1.0
.6
5.5
.2
.1

138.9
143.7
85.6
157.4
139.5

Intermediate
materials
12 E x c l u d i n g f o o d s a n d f e e d s
13 E x c l u d i n g e n e r g y

2.2
1.0

-3.4
-1.7

-1.5
-.9

-5.6
-3.5

-10.1
-3.5

3.5
1.2

-.1'
-.2

-6r
-.2

-.1
.0

-.1
.0

1.0
.3

127.1
135.1

7.6
38.6
-10.1

-5.7
-38.6
-6.6

^t.O
-52.0
-15.3

3.8
-63.7
-2.4

-34.7
-51.3
-9.0

21.6
67.1
1.3

-4.9r
19.9'
-3r

-2.1r
-15.2'
-.6'

4.0
5.6
-.5

2.3
-6.5
1.5

-1.3
15.2
-.7

102.9
87.2
126.7

PRODUCER PRICES
(1982=100)

Crude
14 F o o d s
15 E n e r g y
16 O t h e r

materials

1. N o t s e a s o n a l l y a d j u s t e d .
2. F i g u r e s f o r c o n s u m e r p r i c e s are f o r all u r b a n c o n s u m e r s a n d reflect a r e n t a l - e q u i v a l e n c e
m e a s u r e of h o m e o w n e r s h i p .
SOURCE. U.S. D e p a r t m e n t of L a b o r , B u r e a u of L a b o r Statistics.




T a b l e 2 . 1 5 will n o l o n g e r be p u b l i s h e d in the Federal Reserve Bulletin a f t e r this issue ( J u n e
2 0 0 2 ) . F o r i n f o r m a t i o n o n w h e r e to o b t a i n the d a t a p r e s e n t e d in this table, p l e a s e see the
" A n n o u n c e m e n t s " section, p p . 2 9 0 - 9 1 .

A48
2.16

Domestic Nonfinancial Statistics • June 2002
GROSS DOMESTIC PRODUCT A N D INCOME
Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates

Q4

Ql

Q2

Q3

GROSS DOMESTIC PRODUCT
9,268.6

9,872.9

10,208.1

10,027.9

10,141.7

10,202.6

10,224.9

By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services

6.250.2
760.9
1.831.3
3,658.0

6.728.4
819.6
1,989.6
3,919.2

7,064.5
858.3
2,055.1
4,151.1

6.871.4
818.7
2.025.1
4.027.5

6,977.6
838.1
2.047.1
4,092.4

7,044.6
844.7
2.062.3
4,137.6

7,057.6
840.6
2.057.5
4,159.4

6 Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures

1,636.7
1,578.2
1,174.6
283.5
891.1
403.5

1.767.5
1,718.1
1,293.1
313.6
979.5
425.1

1,633.9
1,692.4
1.246.0
330.3
915.8
446.3

1,780.3
1.741.6
1.318.2
330.9
987.3
423.4

1,722.8
1.748.3
1.311.2
345.8
965.4
437.0

1,669.9
1.706.5
1,260.2
338.6
921.7
446.2

1.624.8
1.682.6
1,231.0
334.3
896.8
451.6

Change in business inventories
Nonfarm

58.6
60.1

49.4
51.1

-58.4
-56.8

38.7
37.8

-25.5
-26.2

-36.6
-35.3

-57.8
-55.9

14 Net exports of goods and services
15
Exports
16
Imports

-250.9
989.8
1,240.6

-364.0
1,102.9
1,466.9

-329.8
1.050.4
1.380.1

-390.6
1,121.0
1,511.6

-363.8
1.117.4
1,481.2

-347.4
1.079.6
1,427.0

-294.4
1,020.6
1,315.0

17 Government consumption expenditures and gross investment
18
Federal
19
State and local

1,632.5
564.0
1,068.5

1,741.0
590.2
1,150.8

1.839.5
615.7
1,223.8

1,766.8
594.2
1,172.6

1,805.2
605.3
1,199.8

1.835.4
609.9
1.225.5

1.836.9
615.7
1,221.2

By major type of product
20 Final sales, total
21
Goods
22
Durable
23
Nondurable
24
Services
25
Structures

9.210.0
3,418.6
1,618.8
1,799.8
4.939.1
852.4

9.823.6
3,644.8
1,735.2
1.909.7
5,268.5
910.3

10,266.6
3,719.6
1,735.4
1.984.2
5.580.3
966.7

9,989.2
3.670.6
1.740.7
1,929.9
5,393.0
925.6

10,167.2
3,718.8
1,755.8
1,963.1
5,482.8
965.6

10,239.1
3,715.0
1,737.2
1,977.8
5,545.7
978.4

10,282.7
3.690.3
1,704.9
1.985.4
5.626.5
965.9

58.6
35.3
23.3

49.4
34.7
14.7

-58.4
-54.8
-3.7

38.7
31.5
7.2

-25.5
-31.0
5.5

-36.6
-42.3
5.8

-57.8
-55.3
-2.5

8,856.5

9,224.0

9,333.8

9,303.9

9,334.5

9,341.7

9,310.4

30 Total

7,462.1

7,980.9

8,217.5

8,124.0

8,169.7

8,207.9

8.189.6

31 Compensation of employees
32
Wages and salaries
33
Government and government enterprises . .
34
Other
35
Supplement to wages and salaries
36
Employer contributions for social insurance
37
Other labor income

5,310.7
4,477.4
724.3
3,753.1
833.4
323.6
509.7

5,715.2
4,837.2
768.4
4,068.8
878.0
343.8
534.2

6,010.0
5,098.2
806.0
4,292.2
911.8
358.0
553.8

5,868.9
4,973.2
776.6
4,196.6
895.7
350.8
544.9

5,955.7
5,049.4
788.8
4,260.6
906.3
357.1
549.3

6,010.8
5,099.8
799.6
4,300.2
911.0
358.8
552.2

6.037.7
5,123.4
812.5
4,311.0
914.2
358.8
555.4

672.0
645.4
26.6

715.0
684.4
30.6

743.5
715.9
27.6

725.2
693.5
31.7

735.2
705.4
29.8

745.3
716.6
28.7

752.7
720.5
32.3

1 Total.

2
3
4
5

12
13

26 Change in business inventories
27
Durable goods
28
Nondurable goods
MEMO
29 Total G D P in chained 1996 dollars
NATIONAL INCOME

38 Proprietors' income 1
39
Business and professional 1
40
Farm 1
41 Rental income of persons 2

147.7

141.6

142.6

141.7

139.6

139.0

144.0

42 Corporate profits 1
43
Profits before tax 3
44
Inventory valuation adjustment .
45
Capital consumption adjustment

825.2
776.3
-2.9
51.7

876.4
845.4
-12.4
43.4

767.1
698.5
2.2
66.4

847.6
816.5
-7.3
38.4

789.8
755.7
-1.9
36.0

759.8
738.3
30.3

697.0
680.6
3.1
13.4

46 Net interest .

506.5

532.7

554.3

540.6

549.4

553.0

558.3

1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
3. For after-tax profits, dividends, and the like, see table 1.48.
SOURCE. U.S. Department of Commerce, Survey of Current Business.




-8.8

Table 2.16 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
"Announcements" section, pp. 290-91.

Selected Measures
2.17

A49

PERSONAL INCOME A N D SAVING
Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
2001

2000
Account

1999

2000

2001
Q4

Q2

Ql

Q3

Q4

PERSONAL INCOME AND SAVING
1 Total p e r s o n a l i n c o m e

7,777.3

8,319.2

8,723.5

8,519.6

8,640.2

8,714.6

8,771.8

8,767.2

2 W a g e and salary disbursements
C o m m o d i t y - p r o d u c i n g industries
3
Manufacturing
4
Distributive industries
6
Service industries
7
G o v e r n m e n t and g o v e r n m e n t enterprises

4,472.2
1,088.7
782.0
1,021.0
1,638.2
724.3

4,837.2
1,163.7
830.1
1,095.6
1,809.5
768.4

5,098.2
1,197.3
842.1
1,145.5
1,949.4
806.0

4,973.2
1,195.5
852.2
1,125.9
1,875.2
776.6

5,049.4
1,206.3
853.3
1,140.3
1,914.0
788.8

5,099.8
1,204.4
850.2
1,148.2
1,947.6
799.6

5,123.4
1,197.5
841.1
1,148.1
1,965.4
812.5

5,120.0
1,181.1
823.9
1,145.2
1,970.6
823.2

509.7
672.0
645.4
26.6
147.7
343.1
950.0
1,019.6
588.0

534.2
715.0
684.4
30.6
141.6
379.2
1,000.6
1,069.1
617.3

553.8
743.5
715.9
27.6
142.6
416.3
993.6
1,148.8
664.4

544.9
725.2
693.5
31.7
141.7
396.6
1,013.1
1,089.0
626.5

549.3
735.2
705.4
29.8
139.6
404.8
1,010.9
1,123.1
651.4

552.2
745.3
716.6
28.7
139.0
411.9
1,001.0
1,139.4
660.1

555.4
752.7
720.5
32.3
144.0
420.0
991.5
1,159.0
670.8

558.5
740.8
721.2
19.6
147.7
428.4
970.9
1,173.8
675.2

337.1

357.7

373.3

364.1

372.1

374.0

374.2

372.8
8,767.2

8
9
10
11
17
N
14
15
16
17

Other labor income
Proprietors' income 1
Business and professional 1
Rental income of persons 2
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits
LESS; Personal contributions for social insurance

18 EQUALS: Personal income

7,777.3

8,319.2

8,723.5

8,519.6

8,640.2

8,714.6

8,771.8

19

1,159.2

1,288.2

1,306.2

1,329.8

1,345.2

1,351.4

1,195.5

1,332.7

LESS: Personal tax and nontax p a y m e n t s

2 0 EQUALS: Disposable personal income

6,618.0

7,031.0

7,417.3

7,189.8

7,295.0

7,363.2

7,576.4

7,434.5

21

6,457.2

6,963.3

7,298.9

7,115.1

7,216.2

7,281.7

7,291.0

7,406.6
27.9

LESS: Personal outlays

160.9

67.7

118.4

74.7

78.8

81.5

285.3

32,441.9
21,862.6
23,150.0

32,652.6
22,152.4
23,148.0

32,646.2
22,560.8
23,687.0

32,779.0
22,340.5
23,376.0

32,800.7'
22,448.7
23,470.0

32,729.9'
22,522.8
23,541.0

32,512.9
22,502.8'
24,157.0

32,542.7
22,766.9'
23,580.0

2.4

1.0

1.6

1.0

1.1

1.1

3.8

.4

27 G r o s s s a v i n g

1,707.4

1,785.7

1,740.8

1,799.7

1,754.0

1,750.5

1,751.9

1,706.7

28 Gross private saving

1,348.0

1,323.0

1,380.5

1,332.7

1,307.9

1,321.2

1,534.4

1,358.4

79 Personal saving
30 Undistributed corporate profits'
31 Corporate inventory valuation a d j u s t m e n t

160.9
228.7
-2.9

67.7
225.3
-12.4

118.4
134.5
2.2

74.7
197.0
-7.3

78.8
147.8
-1.9

81.5
119.5
-8.8

285.3
71.7
3.1

27.9
199.1
16.6

Capital consumption
37 Corporate
33 Noncorporate

669.2
284.1

727.1
302.8

798.6
329.0 r

749.7
311.3

763.8
317.5

785.6
334.6

847.0
330.4

798.0
333.3

359.4
210.9
91.7
119.2
148.5
106.4
42.1

462.8
315.0
96.4
218.6
147.8
114.9
32.8

360.3
218.6
99.6
119.0
141.8
124.2
17.6

467.1
320.5
97.9
222.5
146.6
118.0
28.6

446.1
303.7
98.4
205.3'
142.5
120.2
22.3

429.3
286.2
99.4
186.7'
143.2
121.9
21.3

217.6
86.2
99.8
-13.6'
131.4
129.5
1.9

348.3
198.3
100.9
97.4'
150.0
125.2
24.8

41 G r o s s i n v e s t m e n t

1,634.7

1,655.3

1,590.9

1,649.7

1,633.5

1,607.3

1,602.3

1,520.7

4 7 Gross private domestic investment
4 3 Gross government investment
4 4 Net foreign investment

1,636.7
304.6
-306.6

1,767.5
318.3
^130.5

1,633.9
341.1
-384.1

1,780.3
322.8
-453.4

1,722.8
330.9
-420.2

1,669.9
344.0
-406.6

1,624.8
331.9
-354.5

1,518.2
357.7
-355.3

-72.7

-130.4

-149.8

-150.0

-120.5

-143.2

-149.7

-186.0

22 EQUALS: Personal saving
MEMO
Per capita (chained 1996 dollars)
73 Gross domestic product
24 Personal consumption expenditures
25 Disposable personal i n c o m e
26 Saving rate (percent)
GROSS SAVING

allowances

3 4 Gross g o v e r n m e n t saving
35
Federal
C o n s u m p t i o n of fixed capital
36
37
Current surplus or deficit ( - ) , national accounts
38
State and local
39
C o n s u m p t i o n of fixed capital
40
Current surplus or deficit ( - ) , national accounts

45 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. U.S. Department of C o m m e r c e , Survey of Current Business.




Table 2.17 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
" A n n o u n c e m e n t s " section, pp. 2 9 0 - 9 1 .

A50
3.10

International Statistics • June 2002
U.S. INTERNATIONAL TRANSACTIONS

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1
2000
Item credits or debits

1999

2000

2001

2001
Q4

-324,364
-261,838
957.353
-1,219,191
-13,613
-8,511
67,044
-75,555
-5,102
-48,913

-444,667
-375,739
1,065,702
-1,441,441
-14,792
-9,621
81,231
-90,852
-5,171
-54,136

11 C h a n g e in U.S. g o v e r n m e n t assets other than official
reserve assets, net (increase, - )

2,751

-944

12 C h a n g e in U.S. official reserve assets (increase, - )
13
Gold
14
Special d r a w i n g rights ( S D R s )
15
R e s e r v e position in International M o n e t a r y F u n d
16
Foreign currencies

8,747
0
10
5,484
3,253

-290
0
-722
2,308
-1,876

-448,565
-76,263
-85,700
-131,217
-155,385

22 C h a n g e in foreign official assets in U n i t e d States (increase, +)
23
U S . Treasury securities
24
Other U.S. g o v e r n m e n t obligations
25
Other U.S. g o v e r n m e n t liabilities 2
26
Other U.S. liabilities reported by U.S. banks 2
27
Other foreign official assets 3

1 Balance on current account
2
Balance on g o o d s and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
C o m p e n s a t i o n of e m p l o y e e s
10
Unilateral current transfers, net

17,429
-347,810
1,004,589
-1,352,399
-19,118
-13,754
95,221
-108,975
-5,364
-50,501

Ql

Q2

Q3

Q4

-116,324
-100,293
270,131
-370,424
642
1,971
25,703
-23,732
-1,329
-16,673

-112,129
-95,312
268,614
-363,926
-4,991
-3,639
22,698
-26,337
-1,352
-11,826

-107,932
-90,835
258,833
-349,668
-4,961
-3,637
23,451
-27,088
-1,330
-12,130

-98,531
-78,450
243,143
-321,593
-7,412
-6,095
21,974
-28,069
-1,317
-12,669

-98,835
-83,215
234,000
-317,215
-1,744
-378
27,102
-27,480
-1,366
-13,876

-359

21

-786

21

171

0
-630
-3,600
-681

-1,410
0
-180
-1,083
-147

190
0
-189
574
-195

-1,343
0
-156
-1,015
-172

-3,559
0
-145
-3,242
-172

-199
0
-140
83
-142

-579,718
-138,500
-163,846
-124,935
-152,437

^134,079
-104,332
-76,067
-97,661
-156,019

-179,779
-71,574
—44,514
-24,621
-39,070

-243,513
-109,789
-61,011
-31,591
-41,122

-70,228
-105
22,232
-51,109
^11,246

-13,905
59,116
-40,361
10,564
-43,224

-106,432
-53,554
3,073
-25,525
-30,426

43,551
12,177
20,350
-2,855
12,964
915

37,619
-10,233
40,909
-1,987
5,803
3,127

6,092
10,760
20,920
-2,482
-28,825
5,719

-3,573
-13,436
8,196
-293
980
980

4,898
-1,027
3,574
-1,246
2,594
1,003

-20,879
-20,783
9,932
-926
-10,130
1,028

16,877
15,810
-216
119
-817
1,981

5.196
16,760
7,630
-429
-20,472
1,707

28 C h a n g e in foreign private assets in U n i t e d States (increase, +)
29
U.S. b a n k - r e p o r t e d liabilities 4
30
U.S. n o n b a n k - r e p o r t e d liabilities
Foreign private p u r c h a s e s of U.S. Treasury securities, net
31
32
U.S. currency flows
33
Foreign p u r c h a s e s of other U.S. securities, net
34
Foreign direct investments in U n i t e d States, net

770,193
54,232
69,075
-20,490
22,407
343,963
301,006

986,599
87,953
177,010
-52,792
1,129
485,644
287,655

889,367
95,214
98,222
15,779
23,783
498,433
157,936

298,894
43,365
48,344
-10,395
6,230
126,643
84,707

342,108
6,890
130,624
656
2,311
148,809
52,818

247,806
44,271
3,375
-8,678
2,772
140,512
65,554

40,841
-59,350
-3,941
-9,459
8,203
82,777
22,611

258,610
103,403
-31,836
33,260
10,497
126,335
16,951

35 Capital account transactions, net 5
36 D i s c r e p a n c y
37
D u e to seasonal a d j u s t m e n t
38
B e f o r e seasonal a d j u s t m e n t

-3,491
-48,822

705
696

726
-39,193

-48,822

696

-39,193

184
2,367
3,856
-1,489

173
8,252
9,008
-756

177
^16,815
-1,643
^15,172

182
58,074
-8,580
66,654

194
-58,705
1,214
-59,919

8,747

17 C h a n g e in U.S. private assets a b r o a d (increase, - )
18
Bank-reported claims 2
19
Nonbank-reported claims
20
U.S. p u r c h a s e of f o r e i g n securities, net
21
U.S. direct investments abroad, net

MEMO
Changes in official
assets
39 U.S. official reserve assets (increase, - )
4 0 Foreign official assets in U n i t e d States, e x c l u d i n g line 25
(increase, +)
41 C h a n g e in Organization of P e t r o l e u m Exporting Countries official
assets in United States (part of line 22)

-290

-^4,91 1

-1,410

190

-1,343

-3,559

-199

46,406

39,606

8,574

-3,280

6,144

-19,953

16,758

5,625

1,621

11,582

-1,851

164

589

-1,743

-4,045

3,348

1. Seasonal f a c t o r s are not calculated f o r lines 1 1 - 1 6 , 1 8 - 2 0 , 2 2 - 3 5 , and 3 8 - 4 1 .
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. c o r p o r a t e stocks a n d in debt securities of private
corporations and state and local g o v e r n m e n t s .
4. Reporting b a n k s included all types of depository institutions as well as s o m e brokers
and dealers.




-573
-4,911

5. Consists of capital transfers (such as t h o s e of a c c o m p a n y i n g m i g r a n t s entering or
leaving the country and debt forgiveness) and the acquisition and disposal of n o n p r o d u c e d
nonfinancial assets.
SOURCE. U.S. D e p a r t m e n t of C o m m e r c e , B u r e a u of E c o n o m i c Analysis, Survey of Current
Business.

Summary Statistics
3.11

A51

U.S. FOREIGN TRADE 1
Millions of dollars; monthly data seasonally adjusted
2002

2001
Item

1999

2000

2001
Aug.

Sept.

Oct.

Nov.

Dec.

Jan. r

Feb.P

1 Goods and services, balance
2
Merchandise
Services
3

-261,838
-345,434
83,596

-375,739
-452,207
76,468

-347,461
^126,266
78,805

-28,390
-34,107
5,717

-19,388
-35,566
16,178

-29,627
-35,080
5,453

-28,514
-34,271
5,757

-24,713
-30,983
6,270

-28,245
-33,779
5,534

-31,512
-36,935
5,423

4 Goods and services, exports
5
Merchandise
6
Services

957,353
684,553
272,800

1,065,702
772,210
293,492

1,004,609
720,851
283,758

83,835
59,400
24,435

76,957
55,464
21,493

77,878
56,457
21,421

78,099
56,015
22,084

78,043
54,954
23,089

78,239
55,003
23,236

79,189
55,118
24,071

7 Goods and services, imports
8
Merchandise
9
Services

-1,219,191
-1,029,987
-189,204

-1,441,441
-1,224,417
-217,024

-1,352,070
-1,147,117
-204,953

-112,225
-93,507
-18,718

-96,345
-91,030
-5,315

-107,505
-91,537
-15,968

-106,613
-90,286
-16,327

-102,756
-85,937
-16,819

-106,484
-88,782
-17,702

-110,701
-92,053
-18,648

1. Data show monthly values consistent with quarterly figures in the U.S. balance of
payments accounts.
SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of
Economic Analysis.

3.12

Table 3.11 will no longer be published in the Federal Reserve Bulletin after this issue (June
2002). For information on where to obtain the data presented in this table, please see the
"Announcements" section, pp. 290-91.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2002

2001
Asset

1998

1999

2000
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.P

1 Total

81,761

71,516

67,647

70,963

69,707

69,158

68,654

67,532

67,357

67,574

67,844

2 Gold stock 1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund 2
5 Foreign currencies 4

11,046
10,603

11,048
10,336

11,046
10,539

11,045
10,919

11,045
10,827

11,045
10,864

11,045
10,774

11,044
10,657

11,044
10,763

11,044
10,809

11,044
10,988

24,111
36,001

17,950
32,182

14,824
31,238

18,404
30,595

17,787
30,048

17,293
29,956

17,854
28,981

17,602
28,229

17,169
28,381

17,078
28,643

16,184
29,628

SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United Slates; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.

3.13

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS 1
Millions of dollars, end of period
2002

2001
Asset

1998

1999

2000
Sept.

1 Deposits
Held in custody
2 U.S. Treasury securities 2
3 Earmarked gold 3

Nov.

Dec.

Jan.

Feb.

167

71

215

608

75

528

61

162

89

607,574
10,343

632,482
9,933

594,094
9,451

587,566
9,100

599,043
9,099

600,129
9,099

592,630
9,099

592,031
9,098

591,202
9,098

1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.




Oct.

Mar.
256 r

593,865
9,098

Apr.P

111

589,531
9,091

3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.

A52
3.15

International Statistics • June 2002
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2001
Item

1999

2002

2000
Aug.'

4
5
6
7
8
9
10
11
12

By type
Liabilities reported by banks in the United States 2
U.S. Treasury bills and certificates 3
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities 5
By area
Europe 1
Canada
Latin America and Caribbean
Asia
Africa
Other countries

Nov.

Dec.

Jan.

Feb.?

845,869

842,400

852,195

860,445 r

867,512 r

857,786 r

861,508 r

869,045

138,847
156,177

144,593
153,010

137,759
154,670

143,632
153,899

140,003
161,081

130,661
167,562

123,125
161,719

122,181'
166,640

133,846
164,076

422,266
6,111
82,917

415,964
5,348
126,954

407,323
4,805
137,843

409,872
4,036
140,756

412,111'
3,520
143,730

418,377'
3,398
147,514

419,438'
3,411
150,093

416,438'
3,433
152,816

414,261
3,138
153,724

244,805
12,503
73,518
463,703
7,523
4,266

253,592
12,394
76,753
488,170
9,165
5,795

260,829
12,037
78,621
474,985
9,862
6,066

262,503
11,299
75,712
488,485
10,246
3,950

263,75(X
11,780
77,555
490,897
10,337
6,126

262,119'
12,589
77,244
498,815
9,560
7,185

256,404'
12,107
77,374
497,333
9,646
4,922

262,573'
12,421
74,931
495,025'
10,901
5,657

256,502
13,126
74,057
509,800
10,208
5,352

1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.

3.16

Oct.

806318

1 Total'

2
3

Sept.'

LIABILITIES TO, A N D CLAIMS ON, FOREIGNERS

5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
department by banks (including Federal Reserve Banks) and securities dealers in the United
States, and on the 1994 benchmark survey of foreign portfolio investment in the United
States.

Reported by Banks in the United States 1

Payable in Foreign Currencies
Millions of dollars, end of period
2001
Item

1998

1999

2000
Mar.

1 Banks' liabilities
2 Banks' claims
Deposits
3
4
Other claims
5 Claims of banks' domestic customers 2

101,125
78,162
45,985
32,177
20,718

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.




88,537
67,365
34,426
32,939
20,826

77,779
56,912
23,315
33,597
24,411

June

Sept.

Dec.

89,394
73,179
29,902
43,277
21,105

108,418
77,400
32,765
44,635
21,144

93,513
69,068
36,574
32,494
20,885

90,532
75,846
45,382
30,464
17,631

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

Nonbank-Reported
3.17

LIABILITIES TO FOREIGNERS

Data

A53

Reported by Banks in the United States 1

Payable in U.S. dollars
Millions of dollars, end of period
2002

2001
Item

1999

2000

2001
Nov.

Oct.

Jan.

Dec.

Feb.e

Aug.'

Sept.'

1,512,566

1,503,862

1,585,457' 1,670,617

1,640,042'

1,583,211' 1,621,750

1,174,737'
33,582
154,667'
201,093
785,395'

1,109,709'
31,690
152,661'
210,042'
715,316'

1,140,850
33,407
146,489
216,208
744,746

BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners
? Banks' own liabilities
3
Demand deposits
4
Time deposits 2
Other 3
Own foreign offices 4
6
7 Banks' custodial liabilities 5
8
U.S. Treasury bills and certificates 6
Short-term agency securities 7
9
Other negotiable and readily transferable
10
instruments 8
Other
11
9
12 Nonmonetary international and regional organizations
13
Banks' own liabilities
Demand deposits
14
Time deposits 2
15
Other 3
16

17
18
19
20
21

Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Short-term agency securities 7
Other negotiable and readily transferable
instruments 8
Other

?? Official institutions 10
?3
Banks' own liabilities
Demand deposits
74
Time deposits 2
25
Other 3
26

71
78
29
30
31

Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Short-term agency securities 7
Other negotiable and readily transferable
instruments 8
Other

3? B a n k s "
33
Banks' own liabilities
Unaffiliated foreign banks
34
Demand deposits
35
Time deposits 2
36
Other 3
37
Own foreign offices 4
38
39
40
41
42
43

Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Short-term agency securities 7
Other negotiable and readily transferable
instruments 8
Other

44 Other foreigners
45
Banks' own liabilities
Demand deposits
46
Time deposits 2
47
Other 3
48

1,511,410

l,640,042 r

971,536
42,884
163,620
155,853
609,179

1,077,636
33,365
187,883
171,401
684,987

r

l,174,737
33,582
154,667 r
201,093
785,395 r

1,078,889
33,698
174,885
205,288
665,018

1,071,272
35,785
178,029
197,782
659,676

1,133,038'
29,730
167,864'
207,758
727,686'

1,197,054
34,709
155,997'
220,824
785,524'

437,204
185,676
n.a.

433,774
177,846
n.a.

465,305
185,925
59,781

433,677
174,269
63,592

432,590
173,237
62,117

452,419
182,927
65,652

473,563
191,048
59,723

465,305
185,925
59,781

473,502
190,033
52,515'

480,900
187,733
66,056

132,617
118,911

145,840
110,088

80,026
139,573

75,309
120,507

75,332
121,904

77,465
126,375

79,074
143,718

80,026
139,573

80,270'
150,684

82,153
144,958

15,276
14,357
98
10,349
3,910

12,542
12,140
41
6,246
5,853

10,804
10,166
34
3,755
6,377

13,214
12,983
21
2,738
10,224

13,309
13,075
36
2,299
10,740

10,336'
9,773'
40
2,827'
6,906

11,168
10,332
21
3,133
7,178

10,804
10,166
34
3,755
6,377

17,155
16,227
35
7,581'
8,611'

15,453
14,553
31
5,482
9,040

919
680
n.a.

402
252
n.a.

638
577
40

231
92
117

234
118
102

563
521
18

836
779
36

638
577
40

928
883
24

900
859
24

233
6

149
1

21
0

21
1

13
1

13
11

17
4

21
0

21
0

17
0

295,024
97,615
3,341
28,942
65,332

297,603
96,989
3,952
35,573
57,464

284,844
83,524
2,988
19,471
61,065

292,429
94,056
2,934
26,442
64,680

297,531
101,420
3,038
31,997
66,385

301,084
96,143
2,496
24,275
69,372

298,223
92.346
3,336
18,348
70,662

284,844
83,524
2,988
19,471
61,065

288,821'
87,346'
2,877
15,141
69,328'

297,922
85,434
2,442
16,265
66,727

197,409
156,177
n.a.

200,614
153,010
n.a.

201,320
161,719
36,351

198,373
154,670
41,133

196,111
153,899
39,961

204,941
161,081
41,078

205,877
167,562
35,037

201,320
161,719
36,351

201,475
166,640
31,445

212,488
164,076
45,085

41,182
50

47,366
238

2,180
1,070

2,384
186

2,230
21

1,946
836

1,715
1,563

2,180
1,070

2,191
1,199

2,307
1,020

900,379
728,492
119,313
17,583
48,140
53,590
609,179

972,932
821,306
136,319
15,522
66,904
53,893
684,987

1,065,965'
907,869'
122,474'
13,089
52,910'
56,475
785,395'

954,545
810,631
145,613
14,586
64,347
66,680
665,018

942,612
800,631
140,955
15,675
64,335
60,945
659,676

1,011,191'
863,890'
136,204'
11,166
61,244'
63,794
727,686'

1,084,114
921,782
136,258'
13,149
56,132'
66,977
785,524'

1,065,965'
907,869'
122,474'
13,089
52,910'
56,475
785,395'

1,004,583'
836,093'
120,777'
10,376
51,849'
58,552
715,316'

1,035,034
872,563
127,817
12,812
47,784
67,221
744,746

171,887
16,796
n.a.

151,626
16,023
n.a.

158,096
11,499
2,078

143,914
9,929
2,328

141,981
8,784
2,629

147,301
10,288
2,868

162,332
10,907
2,470

158,096
11,499
2,078

168,490
10,181
2,525'

162.471
10,289
1,916

45,695
109,396

36,036
99,567

21,981
122,538

25,176
106,481

24,176
106,392

23,900
110,245

23,384
125,571

21,981
122,538

22,959'
132,825

24,117
126,149

198,061
131,072
21.862
76,189
33,021

228,333
147,201
13,850
79,160
54,191

278,429'
173,178'
17,471
78,531'
77.176

252,378
161,219
16,157
81,358
63,704

250,410
156,146
17,036
79,398
59,712

262,846
163,232
16,028
79,518
67,686

277,112
172,594
18,203
78,384
76,007

278,429'
173,178'
17,471
78,531'
77,176

272,652
170,043
18,402
78,090
73,551

273,341
168,300
18,122
76,958
73.220

1,408,740

49 Banks' custodial liabilities 5
50
U.S. Treasury bills and certificates 6
Short-term agency securities 7
51
Other negotiable and readily transferable
52
instruments 8
Other
53

66,989
12,023
n.a.

81,132
8,561
n.a.

105,251
12,130
21,312

91,159
9,578
20,014

94,264
10,436
19,425

99,614
11,037
21,688

104,518
11,800
22,180

105,251
12,130
21,312

102,609
12,329
18,521

105.041
12.509
19.031

45,507
9,459

62,289
10,282

55,844
15,965

47,728
13,839

48,913
15,490

51,606
15,283

53,958
16,580

55,844
15,965

55,099
16,660

55,712
17,789

MEMO
54 Negotiable time certificates of deposits in custody for
foreigners
7
55 Repurchase agreements

30,345
n.a.

34,217
n.a.

20,440
152,681

23,266
127,455

23,228
111,109

22,646
128,392'

22,778
136,459

20,440
152,681

22,095'
130,178

22,831
132,753

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers. Excludes bonds and notes of maturities longer than one year.
2. Excludes negotiable time certificates deposit, which are included in "Other negotiable
and readily transferable instruments."
3. Includes borrowing under repurchase agreements.
4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign bank, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
5. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers.




6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
7. Data available beginning January 2001.
8. Principally bankers acceptances, commercial paper, and negotiable time certificates of
deposit.
9. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
10. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
11. Excludes central banks, which are included in "Official institutions."

A54
3.17

International Statistics • June 2002
LIABILITIES TO FOREIGNERS

Reported by Banks in the United States 1 —Continued

Payable in U.S. dollars
Millions of dollars, end of period
2001
Item

1999

2000

2002

2001
Aug.'

Sept.'

Oct.

Nov.

Dec.

Jan.

Feb.?

AREA OR COUNTRY
56 Total, all foreigners

1,408,740

1,511,410

l,640,042 r 1,512,566

1,503,862

l,585,457 r 1,670,617

l,640,042 r

57 Foreign countries

1,393,464

1,498,867

l,629,238 r 1,499,352

1,490,553

l,575,120 r 1,659,449

l,629,238 r l,566,056 r 1,606,297

441,810
2,789
44,692
2,196
1,658
49,790
24,753
3,748
6,775
n.a.
8,143
1,327
2,228
5,475
10,426
4,652
63,485
7,842
172,687
n.a.
286
28,858

446,788
2,692
33,399
3,000
1,411
37,833
35,519
2,011
5,072
n.a.
7,047
2,305
2,403
19,018
7,787
6,497
74,635
7,548
167,757
n.a.
276
30,578

58 Europe
59
Austria
60
Belgium 12
Denmark
61
62
Finland
63
France
64
Germany
Greece
65
66
Italy
67
Luxembourg 1 2
68
Netherlands
69
Norway
70
Portugal
Russia
71
72
Spain
Sweden
73
74
Switzerland
75
Turkey
76
United Kingdom
77
Channel Islands and Isle of Man 1 3
78
Yugoslavia 14
Other Europe and other former U.S.S.R. 15
79
80 Canada

523,353 r
2,919
6,548
3,625
1,445
49,034
22,342
2,303
6,342 r
16,875
12,404
3,725
4,029
20,782
8,791 r
3,371
66,380
7,472
206,641
36,057
309
41,959

432,586
2,413
6,510
3,551
1,040
39,663
27,761
2,597
4,739
14,432
11,686
3,967
2,831
22,704
7,309
3,244
53,159
7,159
137,795
35,745
290
43,991

416,536
2,491
7,119
3,213
1,276
38,447
20,426
2,414
5,794
15,123
11,164
3,606
2,746
22,942
8,994
3,726
39,735
6,204
139,769
36,072
313
44,962

456,816'
2,117
6,960
3,752
1,223
49,059
23,707
2,409
5,445
14,612
12,286
3,145
3,787
23,431
9,785
3,461
39,706
6,749
164,664'
36,392
313
43,813

522,657
2,944
6,640
4,248
1,135
49,692
23,111
2,081
5,913
16,536
13,079
3,056
3,924
21,243
10,595
3,705
81,128
6,822
186,351
36,161
310
43,983

523,353'
2,919
6,548
3,625
1,445
49,034
22,342
2,303
6,342'
16,875
12,404
3,725
4,029
20,782
8,791'
3,371
66,380
7,472
206,641
36,057
309
41,959

l,583,211 r 1,621,750

506,078'
2,996'
6,567'
3,148
1,371
45,083'
23,753
2,702
5,587
15,100
13,350
4,975
4,366
19,758
12,599'
3,099'
80,804
8,087
172,450
36,472
298
43,513

518,182
3,047
6,561
2,969
1,158
41,150
23,707
2,852
5,101
14,727
13,875
4,870
4,795
20,857
10,214
3,695
94,693
10,540
171,584
37,224
318
44,245

34,214

30,982

27,099

28,026

26,251

25,522

27,920

27,099

27,986

27,341

117,495
18,633
12,865
7,008
5,669
1,956
1,626
30,717
4,415
1,142
2,386
20,192
10,886

120,041
19,451
10,852
5,892
4,542
2,112
1,601
32,166
4,240
1,427
3,003
24,730
10,025

117,494'
10,640'
14,132'
4,929
4,667'
2,373'
1,876'
39,628'
3,588'
1,350'
3,160
24,915'
6,236

123,238
11,262
16,137
5,319
4,588
2,164
1,476
40,341
3,628
1,534
2,996
26,987
6,806

119,664
15,128
17,279
5,746
4,454
2,110
1,451
37,343
3,761
1,450
2,726
21,818
6,398

122,518'
13,400'
16,400
5,415
4,589
2,101
1,851
40,367
3,741
1,509
3,133'
23,584
6,428

120,259
10,772
14,289
5,297
4,643
2,004
1,934
40,243
3,523
1,585
3,299
26,100
6,570

117,494'
10,640'
14,132'
4,929
4,667'
2,373'
1,876'
39,628'
3,588'
1,350'
3,160
24,915'
6,236

115,223'
9,843
13,095
5,265'
4,482
2,214
1,854
40,118
3,511
1,335
2,643
24,205
6,658

114,683
10,379
12,879
5,144
4,568
2,353
1,815
40,555
3,601
1,341
2,535
22,904
6,609

94 Caribbean
95
Bahamas
96
Bermuda
97
British West Indies 17
98
Cayman Islands 17
Cuba
99
100
Jamaica
Netherlands Antilles
101
102
Trinidad and Tobago
Other Caribbean 16
103

461,200
135,811
7,874
312,278
n.a.
75
520
4,047
595
n.a.

573,337
189,298
9,636
367,197
n.a.
90
794
5,428
894
n.a.

649,739'
179,187'
10,423
n.a.
442,452
88
1,179
3,168 r
1,266
11,976'

614,817
184,768
7,409
n.a.
407,066
45
975
3,339
1,438
9,777

607,577
178,270
7,887
n.a.
403,425
154
971
4,584
1,415
10,871

649,595'
212,415
9,641'
n.a.
406,402
86
880
6,094
1,509
12,568

669,870
201,674
9,209
n.a.
439,303
85
930
4,070
1,768
12,831

649,739'
179,187'
10,423
n.a.
442,452
88
1,179
3,168'
1,266
11,976'

615,975
166,576
9,568
n.a.
423,065
88
1,103
3,465
1,977
10,133

627,602
164,647
11,825
n.a.
435,265
89
1,101
3,112
1,570
9,993

104 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries 18
Other

319,489

305,554

293,969

280,261

301,197

301,042'

299,103

293,969

280,288'

299,169

12,325
13,603
27,701
7,367
6,567
7,488
159,075
12,988
3,268
6,050
21,314
41,743

16,531
17,352
26,462
4,530
8,514
8,053
150,415
7,955
2,316
3,117
23,763
36,546

10,472
17,562
26,494
3,703
12,381
7,826
155,260
9,014
1,764
4,742
20,022
24,729

15,989
22,974
23,856
4,062
11,988
7,752
132,914
7,022
1,675
3,803
20,492
27,734

16,902
22,276
24,591
4,017
11,903
8,995
149,724
7,733
1,774
3,379
20,936
28,967

17,891
19,194
23,158
3,891
12,351
7,343
160,015
7,725'
1,756
3,666
18,443
25,609

12,378
21,116
26,305
3,916
11,758
7,742
157,763
8,098
2,109
4,792
18,620
24,506

10,472
17,562
26,494
3,703
12,381
7,826
155,260
9,014
1,764
4,742
20,022
24,729

8,473'
16,931
25,212
3,761
11,890
10,710
146,906
6,712
1,901
4,649
17,838
25,305

21,138
21,470
23,705
4,162
11,575
9,416
151,675
6,526
1,495
5,037
16,919
26,051

9,468
2,022
179
1,495
14
2,914
2,844

10,824
2,621
139
1,010
4
4,052
2,998

11,343'
2,774
273
833
4
4,372
3,087'

12,143
3,640
168
1,273
5
3,842
3,215

11,585
3,026
233
751
2
4,456
3,117

12,088
2,910
331
886
4
4,980
2,977

11,222
3,110
344
1,018
1
3,967
2,782

11,343'
2,774
273
833
4
4,372
3,087'

12,969
4,267
242
1,131
6
4,160
3,163

12,125
3,958
196
923
2
3,918
3,128

124 Other countries
125
Australia
126
New Zealand 20
All other
127

9,788
8,377
n.a.
1,411

11,341
10,070
n.a.
1,271

6,241
5,590
239
412

8,281
7,290
522
469

7,743
6,815
437
491

7,539
6,584
506
449

8,418
7,799
218
401

6,241
5,590
239
412

7,537
6,752
370'
415'

7,195
6,371
418
406

128 Nonmonetary international and regional organizations
129
International 21
Latin American regional 22
130
Other regional 23
131

15,276
12,876
1,150
1,250

12,543
11,270
740
533

10,804
9,305
480
935

13,214
12,090
509
558

13,309
12,224
569
476

10,337'
8,784

11,168
9,410
462
1,234

10,804
9,305
480
935

17,155
15,521'
443
1,113'

15,453
13,714
520
1,140

81 Latin America
82
Argentina
83
Brazil
84
Chile
85
Colombia
86
Ecuador
87
Guatemala
88
Mexico
89
Panama
Peru
90
91
Uruguay
92
Venezuela
93
Other Latin America 1 6

105
106
107
108
109
110
111
112
113
114
115
116

117 Africa
118
Egypt
119
Morocco
South Africa
120
Congo (formerly Zaire)
121
122
Oil-exporting countries' 9
Other
123

12. Before January 2001, data for Belgium-Luxembourg were combined.
13. Before January 2001, these data were included in data reported for the United
Kingdom.
14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
15. Includes the Bank for International Settlements and the European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia,
Croatia, and Slovenia.
16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
17. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.




6m

822

18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
19. Comprises Algeria, Gabon, Libya, and Nigeria.
20. Before January 2001, these data were included in "All other."
21. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
22. Principally the Inter-American Development Bank.
23. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."

Nonbank-Reported
3.18

BANKS' OWN CLAIMS ON FOREIGNERS

Data

Reported by Banks in the United States 1

Payable in U.S. dollars
Millions of dollars, end of period
2001
Area or country

1999

2002

2001

2000

Aug.'

Sept.'

Oct.'

Nov.'

Dec.'

Jan.'

Feb.P

1 Total, all foreigners

793,139

904,642

1,052,652'

951,522

963,630

1,016,715

1,052,755

1,052,652

1,004,242

1,005,148

2 Foreign countries

788,576

899,956

l,047,725 r

946,971

959,154

1,011,820

1,047,497

1,047,725

1,00032

1,001,340

311,686
2,643
10,193
1,669
2,020
29,142
29,205
806
8,496
n.a.
11,810
1,000
1,571
713
3,796
3,264
79,158
2,617
115,971
n.a.
50
7,562

378,115
2,926
5,399
3,272
7,382
40,035
36,834
646
7,629
n.a.
17,043
5,012
1,382
517
2,603
9,226
82,085
3,059
144,938
n.a.
50
8,077

461,605'
5,006
6,339
1,105
10,350
60,670
29,902
330
4,205
1,267
15,927
6,249
1,603
594
3,231
12,544
87,363
2,124
201,556 r
4,478
n.a.
6,762 r

413,032
3,130
4,473
1,569
8,350
56,434
47,732
276
6,177
1,010
16,309
3,821
1,227
875
3,432
11,501
79,942
2,410
157,042
3,162
4
4,156

405,920
3,116
4,549
1,804
10,917
51,670
37,770
302
6,598
911
18,412
4,870
1,286
942
4,470
12,067
72,578
2,323
162,534
3,900
4
4,897

433,898
3,848
6,424
933
12,065
60,732
39,605
333
7,750
1,088
17,256
3,617
1,164
863
3,713
11,800
71,968
2,324
178,428
3,783
4
6,200

498,286
3,412
7,994
2,507
11,010
58,769
36,295
327
6,321
1,392
17,173
4,603
1,709
680
5,398
12,897
121,798
2,243
194,372
3,819
n.a.
5,567

461,605
5,006
6,339
1,105
10,350
60,670
29,902
330
4,205
1,267
15,927
6,249
1,603
594
3,231
12,544
87,363
2,124
201,556
4,478
n.a.
6,762

464,060
4,063
6,426
1,649
14,431
56,285
31,189
327
4,453
1,601
13,880
4,779
1,969
687
5,363
11,924
95,331
2,147
196,217
3,747
n.a.
7,592

466,073
3,604
5,603
1,024
14,410
54,467
29,134
348
4,329
2,884
15,151
4,435
1,998
612
4,987
13,260
114,379
2,183
181,818
3,986
n.a.
7,461

25 Canada

37,206

39,837

54,844'

42,851

50,327

48,773

51,197

54,844

50,425

52,755

26 Latin America
2.7
Argentina
28
Brazil
79
Chile
30
Colombia
31
Ecuador
37
Guatemala
33
Mexico
34
Panama
35
Peru
36
Uruguay
37
Venezuela
38
Other Latin America 6

74,040
10,894
16,987
6,607
4,524
760
1,135
17,899
3,387
2,529
801
3,494
5,023

76,561
11,519
20,567
5,815
4,370
635
1,244
17,415
2,933
2,807
673
3,518
5,065

69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,066
2,185
447
3,077
3,359

76,369
13,090
22,128
5,407
3,725
506
1,275
17,535
3,198
2,418
456
3,417
3,214

74,649
12,071
22,449
5,283
3,609
508
1,265
16,896
3,223
2,437
461
3,222
3,225

74,177
11,603
21,427
5,423
3,564
507
1,568
17,272
3,426
2,435
492
3,221
3,239

72,924
11,350
20,453
5,522
3,598
504
1,522
16,996
3,415
2,369
540
3,306
3,349

69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,066
2,185
447
3,077
3,359

69,420
10,437
19,700
5,200
3,563
465
1,417
17,035
2,765
2,125
437
3,181
3,095

68,764
10,307
19,353
5,166
3,547
491
1,651
16,561
2,788
2,090
471
3,288
3,051

281,128
99,066
8,007
167,189
n.a.
0
295
5,982
589
n.a.

319,403
114,090
9,260
189,289
n.a.
0
355
5,801
608
n.a.

367,655'
101,034'
7,900
n.a.
247,086'
n.a.
418
6,729
931
3,557

329,933
99,066
6,803
n.a.
207,997
n.a.
367
10,228
1,086
4,386

340,772
114,744
7,005
n.a.
204,541
n.a.
369
9,818
940
3,355

360,024
124,546
11,440
n.a.
211,484
n.a.
380
7,647
858
3,669

326,271
97,916
6,015
n.a.
208,198
n.a.
406
9,583
880
3,273

367,655
101,034
7,900
n.a.
247,086
n.a.
418
6,729
931
3,557

327,814
91,440
7,018
n.a.
217,311
n.a.
383
7,599
940
3,123

326,948
90,050
6,449
n.a.
220,013
n.a.
384
6,046
955
3,051

75,143

77,829

85,882'

77,553

80,636

87,331

91,337

85,882

80,650

78,905

4,427
3,897
7,984
1,609
1,935
4,592
34,665
14,742
2,021
1,283
10,088
4,094

2,073
4,407
9,995
1,348
1,752
4,396
34,125
10,622
2,587
2,499
7,882
4,196

3,526
3,422
7,670
1,167
1,768
4,211
30,973
12,689
1,951
1,743
7,559
3,971

2,418
4,101
7,319
1,217
1,644
4,195
30,722
12,745
1,681
745
7,341
4,777

3 Europe
4
Austria
5
Belgium 2
6
Denmark
Finland
7
8
France
9
Germany
10
Greece
11
Italy
12
Luxembourg 2
13
Netherlands
14
Norway
Portugal
15
16
Russia
17
Spain
18
Sweden
19
Switzerland
20
Turkey
United Kingdom
2.1
Channel Islands and Isle of Man 3
22
Yugoslavia 4
23
24
Other Europe and other former U.S.S.R. 5

39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies 7
Cayman Islands 7
43
44
Cuba
45
Jamaica
46
Netherlands Antilles
Trinidad and Tobago
47
Other Caribbean 6
48
49
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries 8
Other

2,110
1,390
5,903
1,738
1,776
1,875
28,641
9,426
1,410
1,515
14,267
5,092

1,606
2,247
6,669
2,178
1,914
2,729
34,974
7,776
1,784
1,381
9,346
5,225

2,073
4,407
9,995'
1,348
1,752
4,396
34,125
10,622
2,587
2,499
7,882
4,196'

2,207
2,754
5,776
1,625
1,975
3,621
34,934
10,754
1,740
1,439
8,262
2,466

3,478
3,195
6,400
1,600
1,944
3,621
32,301
11,852
2,092
1,204
7,943
5,006

4,118
4,244
5,161
1,561
1,965
3,980
39,940
11,137
1,505
1,470
8,290
3,960

67 Africa
63
Egypt
Morocco
64
65
South Africa
Congo (formerly Zaire)
66
Oil-exporting countries 9
67
68
Other

2,268
258
352
622
24
276
736

2,094
201
204
309
0
471
909

2,135
416
106
710
n.a.
167
736

2,050
401
149
661
2
128
709

1,877
412
152
492
n.a.
151
670

1,878
381
148
443
n.a.
169
737

2,108
477
116
571
1
179
764

2,135
416
106
710
n.a.
167
736

2,043
324
100
700
n.a.
195
724

1,937
331
97
640
n.a.
201
668

69 Other countries
70
Australia
71
New Zealand 10
72
All other

7,105
6,824
n.a.
281

6,117
5,868
n.a.
249

5,842'
5,455'
349
38

5,183
4,807
264
112

4,973
3,980
329
664

5,739
5,402
275
62

5,374
4,964
330
80

5,842
5,455
349
38

5,980
5,336
603
41

5,958
5,207
732
19

4,563

4,686

4,927

4,551

4,476

4,904

5,258

4,927

3,850

3,808

50
51
52
53
54
55
56
57
58
59
60
61

73 Nonmonetary international and regional organizations"

..

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
5. Includes the Bank for International Settlements and European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia) and Bosnia,
Croatia, and Slovenia.




6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."

A55

A56
3.19

International Statistics • June 2002
BANKS' OWN A N D DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS

Reported by Banks in the United States 1

Payable in U S . dollars
Millions of dollars, end of period
2002

2001
Aug.

Sept.'

Oct.'

Nov.'

1,016,715
49,592
699,281
95,647
25,663
69,984
172,195

1,052,755
56,820
721,650
100,608
29,998
70,610
173,677

Jan.'

Feb.P

1,004,242
52,924
697,236
98,381
26,926
71,455
155,701

1,005,148
48,538
716,045
91,992
25,841
66,151
148,573

Dec.'

I Total

944,937

1,095,869

l,255,031 r

2 Banks' claims
3
Foreign public borrowers
4
Own foreign offices 2
5
Unaffiliated foreign banks
Deposits
6
7
Other
All other foreigners
8

793,139
35,090
529,682
97,186
34,538
62,648
131,181

904,642
37,907
630,137
95,243
23,886
71,357
141,355

1,052,652'
48,999
745,834'
100,575'
26,189'
74,386'
157,244'

151,798
88,006

191,227
100,352

202,379
92,546

172,780
71,537

202,379
92,546

51,161

78,147

94,016

91,408

94,016

12,631

12,728

15,817

9,835

15,817

4,553
n.a.

4,257
n.a.

2,588
137,984

117,224

2,468
111,844

144,250

144,901

2,588
137,984

119,466

123,049

31,125

53,153

60,711

60,299

54,932

57,698

66,930

60,711

54,563

55,165

9 Claims of banks' domestic customers 1
Deposits
10
11
Negotiable and readily transferable
instruments 4
12
Outstanding collections and other
claims
MEMO
13 Customer liability on acceptances
14 Banks' loans under resale agreements 5
15 Dollar deposits in banks abroad, reported by
nonbanking business enterprises in the
United States 6

1,136,410
951,522'
47,159'
655,431'
84,348'
15,610'
68,738'
164,584'

BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS

1,255,031
1,052,652
48,999
745,834
100,575
26,189
74,386
157,244

principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
3. Assets held by reporting banks in the accounts of their domestic customers.
4. Principally negotiable time certificates of deposit and bankers acceptances, and commercial paper.
5. Data available beginning January 2001.
6. Includes demand and time deposits and negotiable and nonnegotiable certificates of
deposit denominated in U.S. dollars issued by banks abroad.

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for quarter ending with month indicated.
Reporting banks include all types of depository institution as well as some brokers and
dealers.
2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists

3.20

963,630
45,780
663,840
92,533
20,022
72,511
161,477

Reported by Banks in the United States 1

Payable in U.S. dollars
Millions of dollars, end of period
2001
Maturity, by borrower and area 2

1999

1998

2000
Mar.

1 Total

2
3
4
5
6
7

8
9
10
11
12
13
14
15
16
17
18
19

By borrower
Maturity of one year or less
Foreign public borrowers
All other foreigners
Maturity of more than one year
Foreign public borrowers
All other foreigners
By area
Maturity of one year or less
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 3
Maturity of more than one year
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 3

Sept.

Dec.

250,418

267,082

274,009

307,564

302,060

298,514

304,595

186,526
13,671
172,855
63,892
9,839
54,053

187,894
22,811
165,083
79,188
12,013
67,175

186,103
21,399
164,704
87,906
15,838
72,068

194,943
23,701
171,242
112,621
24,991
87,630

191,738
26,621
165,117
110,322
25,018
85,304

178,185
19,994
158,191
120,329
24,903
95,426

199,825
27,274
172,551
104,770
21,064
83,706

68,679
10,968
81,766
18,007
1,835
5,271

80,842
7,859
69,498
21,802
1,122
6,771

142,464
8,323
151,840
43,371
2,263
11,717

89,553
7,050
72,242
20,730
970
4,398

80,682
8,624
72,848
24,124
971
4,489

70,700
7,897
75,289
19,381
707
4,211

83,087
10,062
70,419
29,642
1,144
5,471

14,923
3,140
33,442
10,018
1,232
1,137

22,951
3,192
39,051
11,257
1,065
1,672

57,770
3,174
82,684
19,536
1,567
5,954

38,259
3,252
50,151
17,187
763
3,009

39,944
3,995
47,068
15,240
774
3,301

41,594
4,292
52,517
17,491
798
3,637

34,064
3,633
47,237
15,185
769
3,882

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.




June

2. Maturity is time remaining until maturity,
3. Includes nonmonetary international and regional organizations.

Nonbank-Reported
3.21

CLAIMS ON FOREIGN COUNTRIES

Data

Held by U.S. and Foreign Offices of U.S. Banks 1

Billions of dollars, end of period

1997

2001

2000

1999
Area or country

1998
Dec.

Mar.

June

Sept.

Dec.

Mar.

Sept.'

June
r

r

Dec.

721.8

1,051.6

945.5

955.0

991.0

954.4

1,027.3

l,149.3

1,303.3

989.4

242.8
11.0
15.4
28.6
15.5
6.2
3.3
7.2
113.4
13.7
28.6

217.7
10.7
18.4
30.9
11.5
7.8
2.3
8.5
85.4
16.8
25.4

243.4
14.3
29.0
38.7
18.1
12.3
3.0
10.3
79.3
16.3
22.1

272.4
14.2
27.1
37.3
19.9
17.0
3.9
10.1
101.9
17.3
23.5

313.6
13.9
32.6
31.5
20.5
16.0
3.5
13.8
138.2
18.2
25.4

280.3
13.0
29.0
37.6
18.6
17.5
4.3
10.9
112.8
18.5
18.1

300.7
14.2
29.6
45.1
21.3
18.4
3.6
13.2
115.6
16.7
23.0

340.7'
15.3
30.1'
48.7'
20.4
22.3
4.7
13.9
142.0'
15.4
28.0

349.8'
13.3'
36.3'
54.5'
23.7
18.7
4.7
13.5
129.5'
22.0'
33.6'

306.8
14.6
34.9
43.9
22.8
20.9
5.2
13.0
98.7
21.1
31.8

479.9
19.4
40.0
45.2
21.0
19.5
5.4
12.6
257.8
20.3
38.7

13 Other industrialized countries
14
Austria
Denmark
15
16
Finland
17
Greece
Norway
18
19
Portugal
20
Spain
21
Turkey
22
Other Western Europe
23
South Africa
24
Australia

65.5
1.5
2.4
1.3
5.1
3.6
.9
12.6
4.5
8.3
2.2
23.1

69.0
1.4
2.2
1.4
5.9
3.2
1.4
13.7
4.8
10.4
4.4
20.3

68.4
3.5
2.6
.9
6.0
3.3
1.0
12.1
4.8
6.8
3.8
23.5

62.7
2.6
1.5
.8
5.7
3.0
1.0
11.3
5.1
8.4
4.8
18.6

75.3
2.8
1.2
1.2
6.7
4.6
2.0
12.2
5.6
7.9
4.6
26.3

73.7
3.5
1.8
2.8
6.4
8.5
1.5
10.5
5.6
8.3
4.2
20.5

74.5
4.1
1.9
1.5
8.3
8.3
2.0
10.3
5.9
6.5
3.6
22.1

75.8'
3.9'
3.1
1.4
4.1
10.2
1.9
12.7'
5.1
7.3
4.1
21.9

70.4'
3.6
2.7
1.2
3.6
7.9
1.4
12.5'
4.5
6.9
3.8
22.1

70.9
4.5
2.7
1.3
3.6
6.2
1.4
13.8
4.1
7.3
4.4
21.7

70.4
4.8
2.6
1.1
3.2
8.1
1.6
12.2
3.9
8.4
3.9
20.6

25 OPEC 2
Ecuador
26
27
Venezuela
28
Indonesia
29
Middle East countries
African countries
30

26.0
1.3
2.5
6.7
14.4
1.2

27.1
1.3
3.2
4.7
17.0
1.0

31.4
.8
2.8
4.2
23.1
.5

28.9
.7
3.0
3.9
21.1
.2

32.1
.7
2.9
4.1
23.8
.7

31.4
.6
2.9
4.4
22.4
1.2

28.9
.6
2.5
4.6
20.3
.8

28.3'
.6
2.7
4.4
20.1
.5

27.2'
.6
2.7'
4.2'
19.3
.4

27.7
.6
2.7
4.0
20.1
.4

27.5
.6
2.5
3.8
20.3
.3

1 Total
2 G-10 countries and Switzerland
Belgium and Luxembourg
3
4
France
Germany
6
Italy
7
Netherlands
Sweden
8
9
Switzerland
10
United Kingdom
11
Canada
12
Japan

l,154.9

139.2

143.4

149.4

154.6

158.1

149.5

145.5

150.5'

160.0'

204.0

193.7

32
33
34
35
36
37
38

Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other

18.4
28.6
8.7
3.4
17.4
2.0
4.1

23.1
24.7
8.3
3.2
18.9
2.2
5.4

23.2
27.7
7.4
2.5
18.7
1.7
5.9

22.4
28.1
8.2
2.5
18.3
1.9
6.5

21.6
28.3
8.1
2.4
20.4
2.1
6.7

21.4
28.5
7.3
2.4
17.5
2.1
6.2

21.4
28.8
7.6
2.4
15.7
2.0
6.3

20.9
29.4'
7.3
2.4
16.7
2.0
8.7'

20.1'
31.2'
7.4'
2.6'
16.8'
2.0
8.3'

19.6
31.3
6.7
2.6
60.0
1.9
8.2

19.6
28.5
7.3
2.6
56.0
1.9
9.0

39
40
41
42
43
44
45
46
47

Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia

3.2
9.5
4.9
.7
15.6
5.1
5.7
5.4
4.3

3.0
13.3
5.5
1.1
13.7
5.6
5.1
4.7
2.9

3.6
12.0
7.7
1.8
15.2
6.1
6.2
4.1
2.9

4.6
12.6
7.9
3.3
17.7
6.5
5.3
4.3
2.0

3.8
12.6
8.2
1.5
21.7
6.8
5.3
4.0
1.9

3.4
12.8
5.8
1.1
21.4
6.9
4.7
3.9
1.7

2.9
10.8
9.1
2.7
15.5
7.1
5.1
4.0
1.9

3.2
11.2'
6.5
2.5'
19.9'
6.5
5.2
4.2
1.7

6.7
10.7
11.8
2.6'
19.3'
6.8'
5.4
4.2
1.8

5.9
10.9
14.1
3.9
19.5
6.1
5.2
3.9
1.6

5.0
12.3
6.9
4.7
18.7
6.7
5.6
5.1
1.9

48
49
50
51

Africa
Egypt
Morocco
Zaire
Other Africa 1

.9
.6
.0
.8

1.3
.5
.0
1.0

1.4
.4
.0
1.0

1.4
.3
.0
.9

1.3
.3
.0
.9

1.1
.4
.0
.8

1.1
.3
.0
.7

1.2
.3
.0
.7

1.2
.3
.0
.7

1.4
.3
.0
.8

1.2
.1
.0
.7

9.1
5.1
4.0

5.5
2.2
3.3

5.2
1.6
3.6

6.3
1.7
4.7

9.4
1.5
7.9

9.0
1.4
7.6

10.1
1.0
9.1

9.5
1.5
8.0

9.5
1.5
8.0

10.2
1.6
8.5

10.1
1.6
8.5

140.2
24.2
9.8
43.4
14.6
3.1
.1
32.2
12.7
.1
99.1

93.9
35.4
4.6
12.8
2.6
3.9
.1
23.3
11.1
.2
495.1

59.9
13.7
8.0
1.3
1.7
3.9
.1
21.0
10.1
.1
387.9

53.9
14.4
7.3
.0
2.5
3.4
.1
22.2
4.1
.1
376.1

60.6
8.8
6.3
5.1
2.6
3.3
.1
20.7
13.6
.1
342.1

59.4
9.3
6.3
5.9
1.9
2.5
.1
20.6
12.6
.1
351.1

76.3
13.5
9.0
14.6
1.9
3.2
.1
18.7
15.2
.2
391.2

72.0
7.0
7.9
14.3
2.9
3.8
.1
21.5
14.6'
.1
472.4

59.7'
.0
5.8'
12.6
1.7
4.2'
.1
22.4'
12.9
.1
478.4

75.7
1.1
7.6
23.4
5.8
4.4
.1
17.9
15.3
.0
608.1

73.7
7.5
7.7
16.9
3.0
4.1
.1
18.9
15.5
.1
133.9

31 Non-OPEC developing countries

52 Eastern Europe
53
Russia 4
54
Other
55 Offshore banking centers
56
Bahamas
57
Bermuda
Cayman Islands and other British West Indies
58
59
Netherlands Antilles
60
Panama 5
61
Lebanon
62
Hong Kong, China
63
Singapore
64
Other
65 Miscellaneous and unallocated 7

1. The banking offices covered by these data include U.S. offices and foreign branches of
U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered
include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include
large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository
institutions as well as some types of brokers and dealers. To eliminate duplication, the data
are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign
branch of the same banking institution.
These data are on a gross claims basis and do not necessarily reflect the ultimate country
risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks
are available in the quarterly Country Exposure Lending Survey published by the Federal
Financial Institutions Examination Council.




2. Organization of Petroleum Exporting Countries, shown individually; other members of
OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United
Arab Emirates), and Bahrain and Oman (not formally members of OPEC).
3. Excludes Liberia. Beginning March 1994 includes Namibia.
4. As of December 1992, excludes other republics of the former Soviet Union.
5. Includes Canal Zone.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.

A57

A58
3.22

International Statistics • June 2002
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2000
Type of liability, and area or country

1998

1999

2001

2000
Sept.

Dec.

Mar.

June

Sept.

Dec. p

1 Total

46,570

53,044

73,904

76,644

73,904

73,655

68,113

53,526

66,718

2 Payable in dollars
3 Payable in foreign currencies

36,668
9,902

37,605
15,415

48,931
24,973

51,451
25,193

48,931
24,973

46,526
27,129

41,819
26,294

35,347
18,179

42,957
23,761

By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies

19,255
10,371
8,884

27,980
13,883
14,097

47,419
25,246
22,173

49,895
26,159
23,736

47,419
25,246
22,173

47,808
23,201
24,607

41,908
17,655
24,253

27,502
11,415
16,087

41,034
18,763
22,271

7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities

27,315
10,978
16,337

25,064
12,857
12,207

26,485
14,293
12,192

26,749
13,918
12,831

26,485
14,293
12,192

25,847
12,481
13,366

26,205
13,213
12,992

26,024
11,740
14,284

25,684
11,820
13,864

10
11

Payable in dollars
Payable in foreign currencies

26,297
1,018

23,722
1,318

23,685
2,800

25,292
1,457

23,685
2,800

23,325
2,522

24,164
2,041

23,932
2,092

24,194
1,490

12
13
14
15
16
17
18

By area or country
Financial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

12,589
79
1,097
2,063
1,406
155
5,980

23,241
31
1,659
1,974
1,996
147
16,521

34,172
147
1,480
2,168
2,016
104
26,362

36,175
169
1,299
2,132
2,040
178
28,601

34,172
147
1,480
2,168
2,016
104
26,362

37,422
112
1,553
2,624
2,169
103
28,812

32,785
98
1,222
2,463
1,763
93
25,363

22,083
76
1,538
1,994
1,998
92
14,819

31,806
154
2,841
2,344
1,954
94
22,852

19

Canada

693

284

411

249

411

718

628

436

955

20
21
22
23
24
25
26

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

1,495
7
101
152
957
59
2

892
1
5
126
492
25
0

4,125
6
1,739
148
406
26
2

3,447
105
1,182
132
501
35
0

4,125
6
1,739
148
406
26
2

3,632
18
1,837
26
1,657
31
1

2,100
40
461
21
1,508
20
1

414
5
47
22
243
24
3

2,858
157
960
35
1,627
36
2

27
28
29

Asia
Japan
Middle Eastern oil-exporting countries 1

3,785
3,612
0

3,437
3,142
4

7,965
6,216
11

9,320
4,782
7

7,965
6,216
11

5,324
4,757
15

5,639
3,297
8

3,869
3,442
9

5,042
3,269
10

30
31

Africa
Oil-exporting countries 2

28
0

28
0

52
0

48
0

52
0

38
0

61
0

59
5

53
5

32

All other 1

665

98

694

656

694

674

695

672

320

10,030
278
920
1,392
429
499
3,697

9,262
140
672
1,131
507
626
3,071

9,629
293
979
1,047
300
502
2,847

9,411
201
716
1,023
424
647
2,951

9,629
293
979
1,047
300
502
2,847

8,792
251
689
982
349
623
2,542

8,723
297
665
1,017
343
697
2,706

8,855
160
892
966
343
683
2,296

9,230
99
735
908
1,163
790
2,280

33
34
35
36
37
38
39

Commercial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

40

Canada

1,390

1,775

1,933

1,889

1,933

1,625

2,043

1,569

1,633

41
42
43
44
45
46
47

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

1,618
14
198
152
10
347
202

2,310
22
152
145
48
887
305

2,381
31
281
114
76
841
284

2,443
15
377
167
19
1,079
124

2,381
31
281
114
76
841
284

2,166
5
280
239
64
792
243

2,292
31
367
279
21
762
218

2,879
44
570
312
28
884
242

2,729
52
591
290
45
901
166

48
49
50

Asia
Japan
Middle Eastern oil-exporting countries'

12,342
3,827
2,852

9,886
2,609
2,551

10,983
2,757
2,832

11,133
1,998
3,706

10,983
2,757
2,832

11,542
2,431
3,359

11,384
2,377
3,087

11,114
2,421
3,053

10,532
2,592
2,642

51
52

Africa
Oil-exporting countries 2

794
393

950
499

948
483

1,220
663

948
483

1,072
566

1,115
539

938
471

836
436

53

Other 3

1,141

881

614

653

614

650

648

669

724

1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).




2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.

Nonbank-Reported Data
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
the United States

A59

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2001

2000
Type of claim, and area or country

1998

1999

2000
Sept.

Dec.

Mar.

June

Sept.

Dec.P

1 Total

77,462

76,669

90,157

94,803

90,157

107,705

97,946

94,076

113,155

2 Payable in dollars
3 Payable in foreign currencies

72,171
5,291

69,170
7,472

79,558
10,599

82,872
11,931

79,558
10,599

94,932
12,773

88,166
9,780

83,292
10,784

103,937
9,218

By type
4 Financial claims
Deposits
5
6
Payable in dollars
Payable in foreign currencies
7
Other financial claims
8
9
Payable in dollars
Payable in foreign currencies
10

46,260
30,199
28,549
1,650
16,061
14,049
2,012

40,231
18,566
16,373
2,193
21,665
18,593
3,072

53,031
23,374
21,015
2,359
29,657
25,142
4,515

58,303
30,928
27,974
2,954
27,375
20,541
6,834

53,031
23,374
21,015
2,359
29,657
25,142
4,515

74,255
25,419
23,244
2,175
48,836
41,417
7,419

61,891
25,381
23,174
2,207
36,510
32,038
4,472

60,015
22,391
19,888
2,503
37,624
32,076
5,548

81,287
29,801
27,850
1,951
51,486
46,621
4,865

11 Commercial claims
Trade receivables
12
Advance payments and other claims
13

31,202
27,202
4,000

36,438
32,629
3,809

37,126
33,104
4,022

36,500
31,530
4,970

37,126
33,104
4,022

33,450
28,958
4,492

36,055
31,107
4,948

34,061
29,328
4,733

31,868
27,586
4,282

14
15

Payable in dollars
Payable in foreign currencies

29,573
1,629

34,204
2,207

33,401
3,725

34,357
2,143

33,401
3,725

30,271
3,179

32,954
3,101

31,328
2,733

29,466
2,402

16
17
18
19
20
21
22

By area or country
Financial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

12,294
661
864
304
875
414
7,766

13,023
529
967
504
1,229
643
7,561

23,136
296
1,206
848
1,396
699
15,900

23,706
304
1,477
696
2,486
626
16,191

23,136
296
1,206
848
1,396
699
15,900

31,855
430
3,142
1,401
2,313
613
20,938

23,975
262
1,376
1,163
1,072
653
15,913

23,069
372
1,682
1,112
954
665
15,670

26,118
625
1,450
1,068
2,138
589
16,510

2,503

2,553

4,576

7,517

4,576

4,847

4,787

4,254

6,193

27,714
403
39
835
24,388
1,245
55

18,206
1,593
11
1,476
12,099
1,798
48

19,317
1,353
19
1,827
12,596
2,448
87

21,691
1,358
22
1,568
15,722
2,280
101

19,317
1,353
19
1,827
12,596
2,448
87

28,791
561
1,729
1,648
21,227
2,461
38

24,403
818
426
1,877
17,505
2,633
66

26,099
649
80
2,065
19,234
2,910
80

41,201
976
918
2,127
32,965
3,075
83

3,027
1,194
9

5,457
3,262
23

4,697
1,631
80

4,002
1,726
85

4,697
1,631
80

7,215
3,867
86

6,829
1,698
76

5,274
1,761
100

6,430
1,604
135

Africa
Oil-exporting countries 2

159
16

286
15

411
57

284
3

411
57

430
42

476
35

456
83

414
49

All other 3

563

706

894

1,103

894

1,117

1,421

891

931

13,246
238
2,171
1,822
467
483
4,769

16,389
316
2,236
1,960
1,429
610
5,827

15,938
452
3,095
1,982
1.729
763
4,502

16,486
393
2,921
2,159
1,310
684
5,193

15,938
452
3,095
1,982
1,729
763
4,502

13,775
395
3,479
1,586
757
634
3,562

14,582
404
3,192
1,993
863
472
3,819

14,381
354
3,062
1,977
844
514
3,571

14,036
268
2,922
1,662
529
611
3,839

23

Canada

24
25
26
27
28
29
30

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

31
32
33

Asia
Japan
Middle Eastern oil-exporting countries 1

34
35
36

37
38
39
40
41
42
43

Commercial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

44

Canada

2,617

2,757

3,502

2,953

3,502

3,392

3,496

3,116

2,855

45
46
47
48
49
50
51

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

6,296
24
536
1,024
104
1,545
401

5,959
20
390
905
181
1,678
439

5,851
37
376
957
137
1,507
328

5,788
75
387
981
55
1,612
379

5,851
37
376
957
137
1,507
328

5,144
20
407
975
130
1,350
292

6,107
39
650
1,364
135
1,416
321

5,590
35
526
1,183
124
1,442
301

4,874
42
369
958
95
1,401
288

52
53
54

Asia
Japan
Middle Eastern oil-exporting countries'

7,192
1,681
1,135

9,165
2,074
1,625

9,630
2,796
1,024

8,986
2,074
1,199

9,630
2,796
1,024

8,985
2,560
966

9,692
3,154
1,051

8,704
2,438
919

7,855
2,007
851

55
56

Africa
Oil-exporting countries 2

711
165

631
171

672
180

895
392

672
180

773
165

669
154

838
170

645
88

1,140

1,537

1,572

1,392

1,572

1,381

1,509

1,432

1,603

57

Other

3

1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).




2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.

A60

International Statistics • June 2002

3.24

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2002
Transaction, and area or country

2000

2001

2002

200 l r
Jan.Feb.

Aug/

Sept.'

Oct/

Nov/

Dec/

Jan/

Feb/

241,318
228,147

239,289
226,004

255,725
247,109

259,951
257,850

U.S. corporate securities

STOCKS
1 Foreign purchases
2 Foreign sales

3,605,196
3,430,306

3,051,355
2,934,969

515,676
504,959

247,297
239,594

193,492
205,024

255,682
248,425

3 Net purchases, or sales ( - )

174,890

116,386

10,717

7,703

-11,532

7,257

13,171

13,285

8,616

2,101

4 Foreign countries

174,903

116,183

10,840

7,704

-11,521

7,234

13,162

13,266

8,737

2,103

164,656
5,727
31.752
4,915
11,960
58,736
n.a.
5,956
-17,812
9,189
12,494
2,070
415
5

88,098
5,914
8,415
10,919
3,456
38,492
-698
10,984
-5,157
1,789
20,727
6,788
-366
108

13,172
1,606
908
506
1,036
5,295
-184
1,048
-5,942
-69
2,207
-15
37
387

9,199
623
463
594
-127
6,164
24
-230
-2,930
826
619
54
72
148

-7,327
-2,609
-435
358
-688
-564
-73
1,137
-4,780
664
-879
-806
-37
-299

7,478
1,969
825
552
352
3,313
-23
197
-1,508
-514
1,551
1,148
-31
61

8,492
-845
698
1,096
326
3,248
-198
938
1,833
-105
1,811
414
-9
202

6,740
101
688
1,271
854
2,033
20
1,250
3,931
249
600
65
-7
503

8,730
1,302
479
406
470
3,972
-81
591
-1,447
96
572
-209
32
163

4,442
304
429
100
566
1,323
-103
457
^t,495
-165
1,635
194
5
224

-11

203

-123

-1

-11

23

9

19

-121

-2

1,208,386
871,416

1,943,158
1,556,217

350,243
317,222

157,685
132,938

156,458
137,848

192,442
151,612

187,115
156,019

177,721
155,238

181,519
161,985

168,724
155,237

5
6
/
8
9
10
11
12
13
14
15
16
1/
18

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man 1
Canada
Latin America and Caribbean
Middle East 2
Other Asia
Japan
Other countries

19 N o n m o n e t a r y international a n d
regional organizations
BONDS3
20 Foreign purchases
21 Foreign sales
22 Net purchases, o r sales ( - )

336,970

386,941

33,021

24,747

18,610

40,830

31,096

22,483

19,534

13,487

23 Foreign countries

337,074

386,376

32,841

24,549

18,455

41,002

30,853

22,452

19,624

13,217

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

180,917
2,216
4,067
1,130
3,973
141,223
n.a.
13,287
59,444
2,076
78,794
39,356
938
1,618

195,798
5,028
12,362
1,538
5,721
153,158
2,000
4,595
77,217
2,338
106,812
34,099
760
-1,144

12,509
82
-160
-945
969
9,359
144
95
10,732
762
8,896
-1,674
-8
-145

9,675
-1,035
472
-297
628
8,809
106
-1,434
8,961
-22
7,568
1,641
135
-334

9,659
-573
454
457
-51
9,672
93
-644
2,519
8
7,281
1,066
-6
-362

15,513
601
1,666
83
292
10,422
355
1,335
2,270
307
21,044
15,243
272
261

16,172
270
2,001
-154
417
12,928
69
25
7,838
432
6,593
1,104
71
-278

8,077
330
-12
-637
75
5,985
404
892
5,765
455
7,721
-810
-45
—413

7,890
68
93
-1,495
143
7,619
130
338
4,655
420
6,802
-717
-30
-451

4,619
14
-253
550
826
1,740
14
-243
6,077
342
2,094
-957
22
306

-70

566

180

198

155

-172

243

31

-90

270

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man 1
Canada
Latin America and Caribbean
Middle East'
Other Asia
Japan
Africa
Other countries

38 N o n m o n e t a r y international a n d
regional organizations

Foreign securities
39 Stocks, net purchases, or sales ( - )
Foreign purchases
40
41
Foreign sales
42 Bonds, net purchases, or sales ( - )
Foreign purchases
43
44
Foreign sales

-13,088
1,802,185
1,815,273
-4,054
958,932
962,986

-50,113
1,397,664
1,447,777
30,393
1,159,155
1,128,762

1,097
198,699
197,602
1,276
182,778
181,502

-2,105
96,415
98,520
10,535
88,714
78,179

2,331
99,588
97,257
10,326
87,083
76,757

-3,097
105,799
108,896
-754
94.591
95,345

2,795
108,043
105,248
-1,214
95,672
96,886

-8,955
88,033
96,988
-945
69,504
70,449

3,817
103,336
99,519
-1,009
93,549
94,558

-2,720
95,363
98,083
2,285
89,229
86,944

45 Net purchases, or sales ( - ) , of stocks a n d b o n d s

-17,142

-19,720

2,373

8,430

12,657

-3,851

1,581

-9,900

2,808

-435

46 Foreign countries

-17,278

-19,132

2,402

8,290

12,659

-3,657

1,587

-9,832

2,824

-422

-25,386
-3,888
-15,688
24,488
20,970
943
2,253

-12,117
2,943
4,245
-11,869
-20,116
-557
-1,777

-1,849
1,093
1,173
1,707
-247
134
144

6,243
-1,516
1,226
1,987
616
-25
375

5,993
1,297
2,663
2,534
-391
-34
206

-4,904
-676
-571
3,070
1,441
-565
-11

2,206
-470
1,973
-2,138
-3,575
191
-175

-9,831
1,010
118
-1,494
-1,924
134
231

-2,422
1,381
2,643
1,072
400
72
78

573
-288
-1,470
635
-647
62
66

150

-587

-29

140

-2

-194

-6

-68

-16

-13

47
48
49
50
51
52
53

Europe
Canada
Latin America and Caribbean
Japan
Africa
Other countries

54 N o n m o n e t a r y international a n d
regional organizations

1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).




3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.

Securities Holdings and Transactions
3.25

MARKETABLE U.S. TREASURY BONDS A N D NOTES

A61

Foreign Transactions'

Millions of dollars; net purchases, or sales (-) during period

Area or country
Jan.Feb.

Aug.

Sept.

1 Total e s t i m a t e d

-54,032

18,472

-16,931

4,410

-1,990

14,969

12,676

10,497

-16,762

2 Foreign countries

-53,571

19,158

-17,520

4,590

-2,138

14,884

12,902

10,531

-17,027

-493

3
4
5
6
7
8
9
10
11
12
13

Europe
Belgium 2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United K i n g d o m
Channel Islands and Isle of M a n 3
Other Europe and f o r m e r U.S.S.R
Canada

-50,704
73
-7,304
n.a.
2,140
1,082
-10,326
-33,669
n.a.
-2,700
-550

-20,510
-598
-1,668
462
-6,728
-1,190
l,412r
-7,185r
-179
-4,836
-4,136r

-6,767
-371
-3,743
-640
-1,286
-567
198
1,852
44
-2,254
-2,269

321
42
67
-64
2,437
593
-45'
^t,609'
11
1,889
-357'

-782
174
-113
-348
-2,653
1,037
979
1,992
-1
-1,849
-947

2,339
-146
-392
285
-1,336
-109
-339
7,359
-34
-2,949
-3,091

-5,850
-9
54
-5
-701
268
215
-7,374
7
1,695
—430

278
202
1,075
-34
-948
-197
335
2,007
-136
-2,026
2,978

-6,688
-108
-3,466
-514
-2,098
-337
313
-3
-389
-3,473

-79
-263
-277
-126
812
-230
-115
1,938
47
-1,865
1,204

14
15
16
17
18
19
20
21

Latin A m e r i c a and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other

-4,914
1,288
-11,581
5,379
1,639
10,580
-414
1,372

5,046
290
15,500
-10,744
37,992'
17,774
-880
1,646

-3,591
21
-1,437
-2,175
-5,359
-4,193
69
397

3,711
-128
67
3,772
577'
324
-120
458

-541
39
-524
-56
-150
-3,329
47
235

3,998
-129
4,065
11,755
16,640
-396
279

6,266
103
8,393
-2,230
11,820
1,737
53
1,043

-6,368
3
-3,984
-2,387
14,423
4,379
-293
-487

2,603
33
1,635
935
-9,221
-6,649
-65
-183

-6,194
-12
-3,072
-3,110
3,862
2,456
134
580

-461
-483
76

-686
-290
41

589
190
14

-180
103
-3

148
-65
0

85
8
1

-226
63
43

-34
43
-25

265
138
-1

324
52
15

14,884
2,239
12,645

12,902
6,266
6,636

10,531
1,061
9,470

-17,027
-3,000
-14,027

-493
-2,177
1,684

2,442
0

2,217
0

784
0

22 N o n m o n e t a r y international and regional organizations
23
International
24
Latin American Caribbean regional
MEMO
25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting
28 Middle East
29 A f r i c a 5

-53,571
-6,302
-47,269

19,158
3,474'
15,684'

-17,520
-5,177
-12,343

4,590
343
4,247

-2,138
2,549
-4,687

3,483
0

865

834
-1

-308

-586

-2

-2

62

-86

countries

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. B e f o r e January 2001, combined data reported for Belgium and L u x e m b o u r g .




-2

3. B e f o r e January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Qatar, Saudi Arabia, and United A r a b
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.

A62
3.28

International Statistics • June 2002
FOREIGN EXCHANGE RATES A N D INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR 1
Currency units per U.S. dollar except as noted
2001

Nov.

2002

Dec.

Jan.

Feb.

Mar.

Apr.

E x c h a n g e rates
COUNTRY/CURRENCY UNIT
1
2
3
4
5
6
7
8
9
10
11
12

Australia/dollar 2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3
Greece/drachma
H o n g Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso

13
14
15
16
17
18
19
7,0
21
71
23
24

N e w Zealand/dollar 2
Norway/krone
Singapore/dollar
South A f r i c a / r a n d
South K o r e a / w o n
Sri L a n k a / r u p e e
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

64.54
1.8207
1.4858
8.2783
6.9900
1.0653
306.30
7.7594
43.13
113.73
3.8000
9.553

58.15
1.8301
1.4855
8.2784
8.0953
0.9232
365.92
7.7924
45.00
107.80
3.8000
9.459

51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337

51.65
2.5481
1.5922
8.2769
8.3832
0.8883
n.a.
7.7996
48.04
122.41
3.8000
9.225

51.38
2.3635
1.5788
8.2761
8.3526
0.8912
n.a.
7.7989
47.93
127.59
3.8000
9.157

51.70
2.3799
1.5997
8.2771
8.4183
0.8832
n.a.
7.7989
48.35
132.68
3.8000
9.164

51.28
2.4242
1.5964
8.2767
8.5343
0.8707
n.a.
7.7996
48.72
133.64
3.8002
9.105

52.56
2.3450
1.5877
8.2773
8.4795
0.8766
n.a.
7.7997
48.77
131.06
3.8000
9.064

53.52
2.3227
1.5815
8.2772
8.4397
0.8860
n.a.
7.8000
48.94
130.77
3.8000
9.165

52.94
7.8071
1.6951
6.1191
1,189.84
70.868
8.2740
1.5045
32.322
37.887
161.72
606.82

45.68
8.8131
1.7250
6.9468
1,130.90
76.964
9.1735
1.6904
31.260
40.210
151.56
680.52

42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10

41.58
8.9296
1.8295
9.7388
1,282.10
92.670
10.6117
1.6509
34.498
44.411
143.56
745.10

41.57
8.9713
1.8382
11.6761
1,292.29
93.194
10.5753
1.6566
34.682
43.952
144.13
753.64

42.45
8.9684
1.8394
11.6258
1,316.34
93.473
10.4561
1.6709
35.027
44.036
143.22
762.40

41.87
8.9492
1.8312
11.4923
1,320.55
93.650
10.5501
1.6970
35.073
43.854
142.27
898.51

43.33
8.8072
1.8295
11.4863
1,322.90
94.903
10.3324
1.6743
35.020
43.415
142.30
922.66

44.28
8.6102
1.8285
11.0832
1,318.09
96.030
10.3070
1.6542
34.917
43.442
144.29
871.38

Indexes 4
NOMINAL
25 Broad (January 1 9 9 7 - 1 0 0 ) 5
26 M a j o r currencies ( M a r c h 1973=100) 6
27 O t h e r important trading partners (January
1997-100)7

116.87
94.07

119.67
98.32

126.09
104.32

127.33
105.64

127.52
106.30

129.26
108.10

130.03
108.82

129.27
107.76

128.95
107.03

129.94

130.33

136.34

137.19

136.62

137.95

138.64

138.49

138.86

100.78
97.06

104.32
103.17

110.41'
110.73

111.18'
112.47'

111.05'
112.66'

112.52'
114.66'

113.10'
115.65'

112.79'
114.60'

112.73
114.15

114.25

114.53

119.20

118.77

118.23

119.15

119.26

119.86'

120.27

REAL
28 B r o a d ( M a r c h 1 9 7 3 - 1 0 0 ) 5
29 M a j o r currencies ( M a r c h 1 9 7 3 = 1 0 0 ) 6
30 Other important trading partners ( M a r c h
1973—100) 7

1. Averages of certified n o o n b u y i n g rates in N e w York for cable transfers. Data in this
table also appear in the B o a r d ' s G . 5 (405) m o n t h l y statistical release. For ordering address,
see inside front cover.
2. U.S. cents per currency unit.
3. T h e euro is reported in p l a c e of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars p e r euro. T h e bilateral currency rates can be derived f r o m the
euro rate by using the fixed c o n v e r s i o n rates (in currencies per euro) as s h o w n below:
E u r o equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564

Austrian schillings
Belgian f r a n c s
Finnish m a r k k a s
French f r a n c s
German marks
Irish p o u n d s




1,936.27
40.3399
2.20371
200.482
166.386
340.750

Italian lire
Luxembourg francs
N e t h e r l a n d s guilders
P o r t u g u e s e escudos
Spanish pesetas
Greek drachmas

4. Starting with the February 2 0 0 2 Bulletin,
revised index values resulting f r o m the
periodic revision of data that underlie the calculated trade weights are reported. For m o r e
information on the indexes of the f o r e i g n e x c h a n g e value of the dollar, see Federal
Reserve
Bulletin, vol. 84 (October 1998), pp. 8 1 1 - 8 1 8 .
5. Weighted a v e r a g e of the f o r e i g n e x c h a n g e value of the U.S. dollar against the currencies
of a broad g r o u p of U.S. trading partners. T h e w e i g h t f o r each currency is c o m p u t e d as an
a v e r a g e of U.S. bilateral import shares f r o m and export shares to the issuing country and of a
m e a s u r e of the importance to U.S. exporters of that c o u n t r y ' s trade in third country markets.
6. Weighted average of the f o r e i g n e x c h a n g e value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. T h e w e i g h t f o r each
currency is its broad index weight scaled so that the w e i g h t s of the subset of currencies in the
index sum to one.
7. Weighted a v e r a g e of the f o r e i g n e x c h a n g e value of the U.S. dollar against a subset of
broad index currencies that d o not circulate widely outside the country of issue. T h e weight
f o r each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.

A63

Guide to Special Tables and Statistical Releases
SPECIAL TABLES—Data Published

Irregularly,

with Latest Bulletin

Reference

Title and Date

August
November
February
May

August
November
February
May

of applications

Small loans to businesses
1999
2000
Community
1999
2000

development

2001
2002
2002
2002

All
A72
A65
A72

August 2001
October 2001
January 2002

A76
A64
A64

A64
A64

A73
A73

September 2000
September 2001

Disposition
1999
2000

A66
A66
A66
A66

August
February
March
May

A76
A76

September 2000
September 2001

of foreign

Pro forma financial statements for Federal Reserve priced
March 3 1 , 2 0 0 1
June 3 0 , 2 0 0 1
September 3 0 , 2 0 0 1
lending reported

2001
2001
2002
2002

A79
A79

Issue
June 2 0 0 2

Page
A72

banks

Assets and liabilities of U.S. branches and agencies
March 3 1 , 2 0 0 1
June 30, 2001
September 3 0 , 2 0 0 1
December 31, 2001

Residential
1999
2000

A64
A64
A64
A64

banks

March 31, 2001
June 30, 2001
September 30, 2001
December 31, 2001
Terms of lending at commercial
May 2001
August 2001
November 2001
February 2002

2001
2001
2002
2002

September 2000
September 2001

of commercial

Page

September 2000
September 2001

Assets and liabilities

Issue

under the Home Mortgage

for private

mortgage

banks

services*

Disclosure

Act

insurance

and farms

lending reported

under the Community Reinvestment

STATISTICAL RELEASES—A List of Statistical
is Printed Semiannually in the Bulletin

Releases

Schedule of anticipated release dates for periodic releases

Published

Act

by the Federal

Reserve

NOTE. The pro forma financial statements for Federal Reserve priced services will no longer be published in the Bulletin
after the January 2 0 0 2 issue. Year-end figures for 2001 are available in the Board's 88th Annual
Report,
2001
(http://www.federalreserve.gov/boarddocs/rptcongress).




A64

Federal Reserve Bulletin • June 2002

Index to Statistical Tables
References are to pages A3-A62,

although the prefix 'A" is omitted in this index.

ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 32, 33
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 36
Production, 44, 45
BANKERS acceptances, 5, 10, 23
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 31
Rates, 23
Business activity, nonfinancial, 42
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 43
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 36
Real estate mortgages held, by holder and property, 35
Time and savings deposits, 4
Commercial paper, 22, 23, 32
Condition statements (See Assets and liabilities)
Construction, 42, 46
Consumer credit, 36
Consumer prices, 42
Consumption expenditures, 48, 49
Corporations
Profits and their distribution, 32
Security issues, 31, 61
Cost of living (See Consumer prices)
Credit unions, 36
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4-6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 32
EMPLOYMENT, 42
Euro, 62
FARM mortgage loans, 35
Federal agency obligations, 5, 9-11, 28, 29
Federal credit agencies, 30




Federal finance
Debt subject to statutory limitation, and types and ownership
of gross debt, 27
Receipts and outlays, 25, 26
Treasury financing of surplus, or deficit, 25
Treasury operating balance, 25
Federal Financing Bank, 30
Federal funds, 23, 25
Federal Home Loan Banks, 30
Federal Home Loan Mortgage Corporation, 30, 34, 35
Federal Housing Administration, 30, 34, 35
Federal Land Banks, 35
Federal National Mortgage Association, 30, 34, 35
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 27
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 30
Finance companies
Assets and liabilities, 32
Business credit, 33
Loans, 36
Paper, 22, 23
Float, 5
Flow of funds, 37-41
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 62
Foreign-related institutions, 20
Foreign trade, 51
Foreigners
Claims on, 52, 55-7, 59
Liabilities to, 51-4, 58, 60, 61
GOLD
Certificate account, 10
Stock, 5, 51
Government National Mortgage Association, 30, 34, 35
Gross domestic product, 48, 49
HOUSING, new and existing units, 46
INCOME, personal and national, 42, 48, 49
Industrial production, 42, 44
Insurance companies, 27, 35
Interest rates
Bonds, 23
Consumer credit, 36
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 34
Prime rate, 22
International capital transactions of United States, 50-61
International organizations, 52, 53, 55, 58, 59
Inventories, 48
Investment companies, issues and assets, 32
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 35
LABOR force, 42
Life insurance companies (See Insurance companies)

A65

Loans (See also specific types)
Commercial banks, 15—21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 35
Insured or guaranteed by United States, 34, 35
MANUFACTURING
Capacity utilization, 43
Production, 43, 45
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 45
Mobile homes shipped, 46
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 32
Mutual savings banks (See Thrift institutions)
NATIONAL defense outlays, 26
National income, 48
OPEN market transactions, 9
PERSONAL income, 49
Prices
Consumer and producer, 42, 47
Stock market, 24
Prime rate, 22
Producer prices, 42, 47
Production, 42, 44
Profits, corporate, 32
REAL estate loans
Banks, 15-21, 35
Terms, yields, and activity, 34
Type and holder and property mortgaged, 35
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4-6, 12
Federal Reserve Banks, 10
U.S. reserve assets, 51
Residential mortgage loans, 34, 35
Retail credit and retail sales, 36, 42
SAVING
Flow of funds, 37-41
National income accounts, 48




Savings deposits (See Time and savings deposits)
Savings institutions, 35, 36, 37-41
Securities (See also specific types)
Federal and federally sponsored credit agencies, 30
Foreign transactions, 60
New issues, 31
Prices, 24
Special drawing rights, 5, 10, 50, 51
State and local governments
Holdings of U S . government securities, 27
New security issues, 31
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 31
Prices, 24
Student Loan Marketing Association, 30
TAX receipts, federal, 26
Thrift institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Trade, foreign, 51
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10, 25
Treasury operating balance, 25
UNEMPLOYMENT, 42
U.S. government balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10, 25
U.S. government securities
Bank holdings, 15-21, 27
Dealer transactions, positions, and financing, 29
Federal Reserve Bank holdings, 5, 10, 11, 27
Foreign and international holdings and transactions, 10, 27, 61
Open market transactions, 9
Outstanding, by type and holder, 27, 28
Rates, 23
U.S. international transactions, 50-62
Utilities, production, 45
VETERANS Affairs, Department of, 34, 35
WEEKLY reporting banks, 17, 18
Wholesale (producer) prices, 42, 47
YIELDS (See Interest rates)

A66

Federal R e s e r v e Bulletin • June 2 0 0 2

Federal Reserve Board of Governors
and Official Staff
ALAN GREENSPAN, Chairman
ROGER W. FERGUSON, JR., Vice Chairman

OFFICE OF BOARD

MEMBERS

LYNN S. FOX, Assistant to the Board
MICHELLE A. SMITH, Assistant to the Board
DONALD J. WINN, Assistant to the Board
DONALD L. KOHN, Adviser to the Board
WINTHROP P. HAMBLEY, Deputy Congressional
Liaison
NORMAND R.V. BERNARD, Special Assistant to the Board
JOHN LOPEZ, Special Assistant to the Board
BOB STAHLY MOORE, Special Assistant to the Board
ROSANNA PIANALTO-CAMERON, Special Assistant to the Board
DAVID W. SKIDMORE, Special Assistant to the Board

LEGAL

DIVISION

J. VIRGIL MATTINGLY, JR., General Counsel
SCOTT G. ALVAREZ, Associate General Counsel
RICHARD M. ASHTON, Associate General Counsel
KATHLEEN M. O'DAY, Associate General Counsel
STEPHANIE MARTIN, Assistant General Counsel
ANN E. MISBACK, Assistant General Counsel
STEPHEN L. SICILIANO, Assistant General Counsel
KATHERINE H. WHEATLEY, Assistant General Counsel
CARY K. WILLIAMS, Assistant General Counsel

OFFICE OF THE

SECRETARY

JENNIFER J. J O H N S O N ,

Secretary

ROBERT DEV. FRIERSON, Deputy Secretary
MARGARET M. SHANKS, Assistant
Secretary
SHARON L. MOWRY, Visiting Assistant
Secretary
DIVISION OF BANKING
AND
REGULATION
RICHARD SPILLENKOTHEN,

SUPERVISION
Director

STEPHEN C. SCHEMERING, Deputy Director
HERBERT A. BIERN, Senior Associate
Director
ROGER T. COLE, Senior Associate
Director
WILLIAM A. RYBACK, Senior Associate
Director
GERALD A. EDWARDS, JR., Associate
Director
STEPHEN M. HOFFMAN, JR., Associate
Director
JAMES V. HOUPT, Associate
Director
JACK P. JENNINGS, Associate
Director
MICHAEL G. MARTINSON, Associate
Director
MOLLY S. WASSOM, Associate
Director
HOWARD A. AMER, Deputy Associate
Director
NORAH M. BARGER, Deputy Associate
Director
BETSY CROSS, Deputy Associate
Director
DEBORAH P. BAILEY, Assistant
Director
BARBARA J. BOUCHARD, Assistant
Director
ANGELA DESMOND, Assistant
Director
JAMES A. EMBERSIT, Assistant
Director
CHARLES H. HOLM, Assistant
Director
WILLIAM G. SPANIEL, Assistant
Director




EDWARD M . GRAMLICH
SUSAN SCHMIDT BIES

DIVISION

AND

OF BANKING

SUPERVISION

REGULATION—Continued

DAVID M. WRIGHT, Assistant
Director
WILLIAM C. SCHNEIDER, JR., Project Director,
National Information Center

DIVISION OF INTERNATIONAL
KAREN H . JOHNSON,

FINANCE

Director

DAVID H. HOWARD, Deputy
Director
THOMAS A. CONNORS, Associate
Director
DALE W. HENDERSON, Associate
Director
RICHARD T. FREEMAN, Deputy Associate
Director
WILLIAM L. HELKIE, Deputy Associate
Director
STEVEN B. KAMIN, Deputy Associate
Director
JON W. FAUST, Assistant
Director
JOSEPH E. GAGNON, Assistant
Director
MICHAEL P. LEAHY, Assistant
Director
D. NATHAN SHEETS, Assistant
Director
RALPH W. TRYON, Assistant
Director
DIVISION

OF RESEARCH

D A V I D J. STOCKTON,

AND

STATISTICS

Director

EDWARD C. ETTIN, Deputy Director
DAVID W. WILCOX, Deputy Director
MYRON L. KWAST, Associate
Director
STEPHEN D. OLINER, Associate
Director
PATRICK M. PARKINSON, Associate
Director
LAWRENCE SLIFMAN, Associate
Director
CHARLES S. STRUCKMEYER, Associate
Director
JOYCE K. ZICKLER, Deputy Associate
Director
J. NELLIE LIANG, Assistant
Director
S. WAYNE PASSMORE, Assistant
Director
DAVID L. REIFSCHNEIDER, Assistant
Director
JANICE SHACK-MARQUEZ, Assistant
Director
WILLIAM L. WASCHER, Assistant
Director
A L I C E PATRICIA W H I T E , Assistant

Director

GLENN B. CANNER, Senior Adviser
DAVID S. JONES, Senior Adviser
THOMAS D. SIMPSON, Senior Adviser

DIVISION OF MONETARY
VINCENT R . REINHART,

AFFAIRS

Director

DAVID E. LINDSEY, Deputy
Director
BRIAN F. MADIGAN, Deputy
Director
WILLIAM C. WHITESELL, Deputy Associate
JAMES A. CLOUSE, Assistant
Director
WILLIAM B. ENGLISH, Assistant
Director
RICHARD D. PORTER, Senior Adviser

Director

A67

MARK W . OLSON

AND COMMUNITY

AFFAIRS

DIVISION OF RESERVE BANK
AND PAYMENT SYSTEMS

DOLORES S . S M I T H ,

Director

LOUISE L . ROSEMAN,

DIVISION

OF

CONSUMER

GLENN E. LONEY, Deputy Director
SANDRA F. BRAUNSTEIN, Assistant
Director
MAUREEN R ENGLISH, Assistant
Director
ADRIENNE D. HURT, Assistant
Director
IRENE S H A W N M C N U L T Y , Assistant

Director

OFFICE OF
STAFF DIRECTOR
FOR
MANAGEMENT
STEPHEN R. MALPHRUS, Staff Director
SHEILA CLARK, EEO Programs
Director

MANAGEMENT

Director

STEPHEN J. CLARK, Associate
Director
DARRELL R. PAULEY, Associate
Director
DAVID L. WILLIAMS, Associate
Director
CHRISTINE M. FIELDS, Assistant
Director

DIVISION

OF INFORMATION

RICHARD C . STEVENS,

TECHNOLOGY

Director

MARIANNE M. EMERSON, Deputy Director
MAUREEN T. HANNAN, Associate
Director
TILLENA G. CLARK, Assistant
Director
GEARY L. CUNNINGHAM, Assistant
Director
WAYNE A. EDMONDSON, Assistant
Director
Po KYUNG KIM, Assistant
Director
SUSAN F. MARYCZ, Assistant
Director
RAYMOND ROMERO, Assistant
Director
ROBERT F. TAYLOR, Assistant
Director




Director

PAUL W. BETTGE, Associate
Director
JEFFREY C. MARQUARDT, Associate
Director
KENNETH D. BUCKLEY, Assistant
Director
JOSEPH H. HAYES, JR., Assistant
Director
EDGAR A. MARTINDALE III, Assistant
Director
MARSHA W. REIDHILL, Assistant
Director
JEFF J. STEHM, Assistant
Director
JACK K. WALTON, Assistant
Director

OFFICE OF THE INSPECTOR

GENERAL

BARRY R. SNYDER, Inspector
General
DONALD L. ROBINSON, Deputy Inspector

DIVISION

W I L L I A M R . JONES,

OPERATIONS

General

A68

Federal Reserve Bulletin • June 2002

Federal Open Market Committee
and Advisory Councils
FEDERAL

OPEN MARKET

COMMITTEE
MEMBERS

A L A N GREENSPAN,

WILLIAM J. MCDONOUGH, Vice

Chairman

Chairman

S U S A N SCHMIDT B I E S

JERRY L . JORDAN

A N T H O N Y M . SANTOMERO

ROGER W . FERGUSON, JR.

ROBERT D . MCTEER, JR.

GARY H . STERN

E D W A R D M . GRAMLICH

MARK W . OLSON

ALTERNATE
J. ALFRED B R O A D D U S , JR.

M I C H A E L H . MOSKOW

JACK G U Y N N

MEMBERS

ROBERT T. PARRY

JAMIE B . STEWART, JR.

STAFF
CHRISTINE M. CUMMING, Associate
Economist
DAVID H. HOWARD, Associate
Economist
DAVID E. LINDSEY, Associate
Economist
LORETTA J. MESTER, Associate
Economist
STEPHEN D. OLINER, Associate
Economist
ARTHUR J. ROLNICK, Associate
Economist
HARVEY ROSENBLUM, Associate
Economist
MARK S. SNIDERMAN, Associate
Economist
DAVID W. WILCOX, Associate
Economist

DONALD L. KOHN, Secretary and Economist
NORMAND R.V. BERNARD, Deputy
Secretary
GARY P. GILLUM, Assistant
Secretary
MICHELLE A. SMITH, Assistant
Secretary
J. VIRGIL MATTINGLY, JR., General Counsel
THOMAS C. BAXTER, JR., Deputy General Counsel
K A R E N H . JOHNSON,

Economist

V I N C E N T R . REINHART,
DAVID J. STOCKTON,

Economist
Economist

THOMAS A. CONNORS, Associate

Economist

DINO KOS, Manager, System Open Market

FEDERAL

ADVISORY

COUNCIL

D A V I D A . DABERKO,

President

L. M. BAKER, JR., Vice

President

ALAN G. MCNALLY, Seventh District
DAVID W. KEMPER, Eighth District
R. SCOTT JONES, Ninth District
CAMDEN R. FINE, Tenth District
RICHARD W. EVANS, JR., Eleventh District
MICHAEL E. O'NEILL, Twelfth District

DAVID A. SPINA, First District
DAVID A. COULTER, Second District
RUFUS A. FULTON, JR., Third District
DAVID A. DABERKO, Fourth District
L. M. BAKER, JR., Fifth District
L. PHILLIP HUMANN, Sixth District




Account

JAMES A N N A B L E ,
WILLIAM J. KORSVIK,

Co-Secretary
Co-Secretary

A69

CONSUMER

ADVISORY

COUNCIL

DOROTHY BROADMAN, Falls Church, Virginia, Chairman
RONALD A. REITER, San Francisco, California, Vice Chairman

A N T H O N Y S . ABBATE, S a d d l e b r o o k , N e w J e r s e y

PATRICK LIDDY, C i n c i n n a t i , O h i o

JANIE BARRERA, S a n A n t o n i o , T e x a s

RUHI MAKER, R o c h e s t e r , N e w Y o r k

KENNETH BORDELON, Baton Rouge, Louisiana

OSCAR MARQUIS, Park Ridge, Illinois

TERESA A . BRYCE, S t . L o u i s , M i s s o u r i

PATRICIA M C C O Y , C l e v e l a n d , O h i o

M A N U E L CASANOVA, JR., B r o w n s v i l l e , T e x a s

JEREMY NOWAK, P h i l a d e l p h i a , P e n n s y l v a n i a

CONSTANCE K . CHAMBERLIN, R i c h m o n d , V i r g i n i a

ELIZABETH RENUART, B o s t o n , M a s s a c h u s e t t s

ROBERT M . C H E A D L E , A d a , O k l a h o m a

D E B R A REYES, T a m p a , F l o r i d a

BENSON ROBERTS, Washington, District of Columbia

ROBIN COFFEY, C h i c a g o , I l l i n o i s
LESTER W M . FIRSTENBERGER, P i t t s f i e l d , N e w

Hampshire

AGNES B U N D Y SCANLAN, B o s t o n , M a s s a c h u s e t t s

THOMAS FITZGIBBON, C h i c a g o , I l l i n o i s

RUSSELL W . SCHRADER, S a n F r a n c i s c o , C a l i f o r n i a

LARRY HAWKINS, H o u s t o n , T e x a s

FRANK TORRES, III, Washington, District of Columbia
HUBERT VAN TOL, Sparta, Wisconsin

EARL JAROLIMEK, Fargo, North Dakota

THRIFT INSTITUTIONS

ADVISORY

COUNCIL

MARK H. WRIGHT, San Antonio, Texas, President
KAREN L. MCCORMICK, Port Angeles, Washington, Vice President

JOHN B . DICUS, T o p e k a , K a n s a s

K E V I N E . PIETRINI, V i r g i n i a , M i n n e s o t a

R O N A L D S . ELIASON, P r o v o , U t a h

HERBERT M . S A N D L E R , O a k l a n d , C a l i f o r n i a

D. R. GRIMES, Alpharetta, Georgia

WILLIAM J. SMALL, D e f i a n c e , O h i o

JAMES F. M C K E N N A , B r o o k f i e l d , W i s c o n s i n

EVERETT STILES, Franklin, North Carolina

CHARLES C . PEARSON, JR., H a r r i s b u r g , P e n n s y l v a n i a

DAVID L . VIGREN, R o c h e s t e r , N e w Y o r k




A70

Federal Reserve Bulletin • June 2002

Federal Reserve Board Publications
For ordering
assistance,
write PUBLICATIONS SERVICES,
M S - 1 2 7 , Board of Governors of the Federal Reserve System,
Washington, D C 2 0 5 5 1 , or telephone (202) 4 5 2 - 3 2 4 4 , or F A X
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BOOKS AND MISCELLANEOUS
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AND

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T H E FEDERAL RESERVE A C T A N D O T H E R STATUTORY PROVISIONS
THE FEDERAL

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PAMPHLETS

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use. Multiple

copies

are

Consumer Handbook on Adjustable Rate Mortgages
Consumer Handbook to Credit Protection Laws
A Guide to Business Credit for Women, Minorities, and Small
Businesses
Series on the Structure of the Federal Reserve
System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
A Consumer's Guide to Mortgage Lock-Ins
A Consumer's Guide to Mortgage Settlement Costs
A Consumer's Guide to Mortgage Refinancings
H o m e Mortgages: Understanding the Process and Your Right
to Fair Lending
H o w to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Making Sense of Savings
W e l c o m e to the Federal Reserve
When Your H o m e is on the Line: What You Should K n o w
About H o m e Equity Lines of Credit
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Privacy Choices for Your Personal Financial Information
When Is Your Check N o t a Check?

A71

STAFF STUDIES: Only Summaries

Printed in the

167.

A SUMMARY OF MERGER PERFORMANCE STUDIES IN B A N K ING, 1 9 8 0 - 9 3 , A N D AN ASSESSMENT OF THE

BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1—158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-174 are available on line at
www.federalreserve.gov/
pubs/staff,'studies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications
Services.

PERFORMANCE"

AND

"EVENT

STUDY"

"OPERATING

METHODOLOGIES,

by Stephen A. Rhoades. July 1994. 37 pp.
1 7 0 . T H E COST OF IMPLEMENTING CONSUMER FINANCIAL R E G U LATIONS: A N A N A L Y S I S OF EXPERIENCE WITH THE T R U T H

IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.

N E W DATA ON THE PERFORMANCE OF N O N B A N K

T H E COST OF B A N K REGULATION: A R E V I E W OF THE E V I -

172.
159.

171.

U S I N G S U B O R D I N A T E D D E B T AS AN INSTRUMENT OF M A R -

DENCE, by Gregory Elliehausen. April 1998. 35 pp.

SUBSIDI-

KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
6 9 pp.

ARIES OF B A N K HOLDING COMPANIES, b y N e l l i e L i a n g a n d

Donald Savage. February 1990. 12 pp.
160.

BANKING
VICES

BY

MARKETS
SMALL

AND

AND

THE

USE

OF F I N A N C I A L

MEDIUM-SIZED

SER-

BUSINESSES,

Gregory E. Elliehausen and John D. Wolken. September
1 9 9 0 . 35 pp.
1 6 2 . EVIDENCE ON THE S I Z E OF B A N K I N G MARKETS FROM M O R T GAGE L O A N

RATES

IN T W E N T Y

CITIES,

by

Stephen

A.

REAL

ESTATE,

by

Rhoades. February 1992. 11 pp.
164.

THE

1989-92

CREDIT

CRUNCH

FOR

James T. Fergus and John L. Goodman, Jr. July
20 pp.




173.

by

1993.

IMPROVING

PUBLIC

DISCLOSURE

IN

BANKING,

by

Study

Group on Disclosure, Federal Reserve System. March 2000.
3 5 pp.
174.

B A N K MERGERS A N D B A N K I N G STRUCTURE IN THE U N I T E D

STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp.

A72

Federal Reserve Bulletin • June 2002

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM (PAYMENT MUST ACCOMPANY REQUESTS)

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A73

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1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures.
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4.23

1.57, 1.58,
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2. The data in some releases are also reported in the Bulletin statistical
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3. These releases are also available on the Board's web site,
www.federalreserve.gov/releases.
n.a. Not available.

A74

Federal Reserve Bulletin • June 2002

Maps of the Federal Reserve System

1

Bos
U

S A N FRANCISCO

10

3

C L E V E L A N D

KANSAS

•
P R ,

ION

N E W YORK
X 1 ) E L P H I A

RICHMOND

IBllPli*
I I N I M H I

11

ALASK\

LEGEND

Both pages
•

Federal Reserve Bank city

•

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

Facing page
• Federal Reserve Branch city
— Branch boundary

NOTE

The Federal Reserve officially identifies Districts by number and Reserve Bank city (shown on both pages) and by
letter (shown on the facing page).
In the 12th District, the Seattle Branch serves Alaska,
and the San Francisco Bank serves Hawaii.
The System serves commonwealths and territories as
follows: the New York Bank serves the Commonwealth



of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of
Governors revised the branch boundaries of the System
most recently in February 1996.

A75

2-B

1—A

4-D

3-C

5-E

MF.

Pittsburgh

/
't

VT
""A
Buffalo

NH
MA
CT

®

-

/

Baltimore

MD

NC

• Cincinnati

• Charlotte

NJ

R1

PHILADELPHIA

N E W YORK

BOSTON
6-F

RICHMOND

CLEVELAND

7-G
TN —

• Nashville
KY

Birmingha 1 1
1

Ml

M ,

(

" V

LA

U. ) IN

W1

MS

Detroit®

[A

GA

r

Louisville

MO

-A

-

• Memphis

Now Orleans
>

TN

AR

Jaeksonx ille

Little /
Rock (

Miami

ATLANTA

CHICAGO

„c
MS

ST. LOUIS

Nl>

• Helena

MINNEAPOLIS
12-L

10-J
WY

Omaha*

CO

MO
KS
\L \ M \ \

Denver

\VA

Seattle
Oklahoma Cits

Portland

OK

OR

)

KANSAS CITY

ID
s v j

11-K

•

-M
N




*

(

•

Salt Lake City
IT

• L o s Angeles
San A n i o n i o "
HAWAII
AY.

DALLAS

S A N FRANCISCO

A76

Federal Reserve Bulletin • June 2002

Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE B A N K
branch, or facility

Zip

Chairman
Deputy Chairman

President
First Vice President

BOSTON*

02106

William O. Taylor
James J. Norton

Cathy E. Minehan
Paul M. Connolly

NEW YORK*

10045

Peter G. Peterson
Gerald M. Levin
Patrick P. Lee

Vice President
in charge of branch

William J. McDonough
Jamie B. Stewart, Jr.

Buffalo

14240

Barbara L. Walter 1

PHILADELPHIA

19105

Charisse R. Lillie
Glenn A. Schaeffer

Anthony M. Santomero
William H. Stone, Jr.

CLEVELAND*

44101

Jerry L. Jordan
Sandra Pianalto

Cincinnati
Pittsburgh

45201
15230

David H. Hoag
Robert W. Mahoney
George C. Juilfs
Charles E. Bunch

RICHMOND*

23219

J. Alfred Broaddus, Jr.
Walter A. Varvel

Baltimore
Charlotte

21203
28230

Jeremiah J. Sheehan
Wesley S. Williams, Jr.
George L. Russell, Jr.
James F. Goodmon
John F. Wieland
Paula Lovell
V. Larkin Martin
Marsha G. Rydberg
Rosa Sugranes
Beth Dortch Franklin
R. Glenn Pumpelly

Jack Guynn
Patrick K. Barron

Robert J. Darnall
W. James Farrell
Timothy D. Leuliette

Michael H. Moskow
Gordon R. G. Werkema

Charles W. Mueller
Walter L. Metcalfe, Jr.
A. Rogers Yarnell, II
J. Stephen Barger
Russell Gwatney

William Poole
W. LeGrande Rives

Ronald N. Zwieg
Linda Hall Whitman
Thomas O. Markle

Gary H. Stern
James M. Lyon

Terrence P. Dunn
Richard H. Bard
Robert M. Murphy
Patricia B. Fennell
Bob L. Gottsch

Thomas M. Hoenig
Richard K. Rasdall

H. B. Zachry, Jr.
Patricia M. Patterson
Gail Darling
Edward O. Gaylord
Ron Harris

Robert D. McTeer, Jr.
Helen E. Holcomb

Nelson C. Rising
George M. Scalise
William D. Jones
Nancy Wilgenbusch
H. Roger Boyer
Boyd E. Givan

Robert T. Parry
John F. Moore

ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans

30303
35242
32231
33152
37203
70161

CHICAGO*

60690

Detroit

48231

ST. LOUIS

63166

Little Rock
Louisville
Memphis

72203
40232
38101

MINNEAPOLIS

55480

Helena
K A N S A S CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio

59601
64198
80217
73125
68102
75201
79999
77252
78295

S A N FRANCISCO

94120

Los Angeles
Portland
Salt Lake City
Seattle

90051
97208
84125
98124

Barbara B. Henshaw
Robert B. Schaub

William J. Tignanelli 1
Dan M. Bechter 1
James M. McKee 1
Lee C. Jones
Christopher L. Oakley
James T. Curry III
Melvyn K. Purcell 1
Robert J. Musso 1

Glenn Hansen 1

Robert A. Hopkins
Thomas A. Boone
Martha Perine Beard

Samuel H. Gane

Maryann Hunter 1
Dwayne E. Boggs
Steven D. Evans

Sammie C. Clay
Robert Smith III'
James L. Stull 1

Mark L. Mullinix 2
Richard B. Hornsby
Andrea P. Wolcott
D.Kerry Webb 1

*Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424;
Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee,
Wisconsin 53202; and Peoria, Illinois 61607.
1. Senior Vice President.
2. Executive Vice President




A77

Publications of Interest
FEDERAL RESERVE

REGULATORY

SERVICE

To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
Requirements
The Monetary Policy and Reserve
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, dealing with extensions of credit for the purchase of securities, together
with related statutes, Board interpretations, rulings,
and staff opinions. Also included is the Board's list of
foreign margin stocks.
The Consumer and Community Affairs
Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

GUIDE TO THE FLOW OF FUNDS

ACCOUNTS

A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.l quarterly statistical release),




The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price including additional air mail costs is
$250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Services, mail stop 127, Board
of Governors of the Federal Reserve System, Washington, DC 20551.

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Services, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

A78

Federal Reserve Bulletin • June 2002

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z. 1

Flow of Funds

Quarterly




release

Frequency

of release


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102