Full text of Federal Reserve Bulletin : May 1982
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VOLUME 68 •
NUMBER 5 •
MAY 1982
FEDERAL RESERVE
BULLETIN
Board of Governors of the Federal Reserve System
Washington, D.C.
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield
John M. Denkler • Janet O. Hart • James L. Kichline • Edwin M. Truman
Naomi P. Salus,
Coordinator
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson,
the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen.
Table of Contents
281
Borrowing by households in the mortgage
and consumer credit markets has slowed
considerably during the past two years of
sluggish economic activity and high interest
rates.
291
292
write a constitutional amendment to induce
fiscal discipline, which has been lacking
during much of the postwar period, before
the Subcommittee on Monopolies and
Commercial Law of the House Committee
on the Judiciary, May 5, 1982.
RECENT
DEVELOPMENTS
IN THE MORTGAGE
AND
CONSUMER
CREDIT
MARKETS
STAFF
302
Phaseout of incentive pricing of automated
clearinghouse services.
STUDIES
"Divisia Monetary Aggregates: Compilation, Data, "and Historical Behavior" explains the concepts, definitions, methodical
procedures, and data sources used in the
Divisia measures of the monetary aggregates used by the Board staff on an experimental basis in conjunction with the published measures.
Availability of commentary on Regulation
M (Consumer Leasing).
INDUSTRIAL
Availability of supplement to Federal Reserve System Compliance Handbook.
Modification of reserve requirements on
long-term nonpersonal time deposits and
extension through the end of 1982 of the
deferral of deposit reporting and reserve
requirements for small nonmember depository institutions.
PRODUCTION
Output declined about 0.6 percent in April.
294
ANNOUNCEMENTS
STATEMENTS
TO
Proposal to make exemption and preemption determinations on the relationship to
the Truth in Lending Act of the consumer
credit protection laws of six states; proposed application of a bank holding company to own a securities firm and engage in
certain securities brokerage and related activities; proposed updating of commentary
on Regulation Z (Truth in Lending).
CONGRESS
J. Charles Partee, Member, Board of Governors, discusses important issues related
to the regulation of financial markets in light
of the extremely rapid development of financial futures markets and the probable
introduction of additional option and futures contracts, before the Subcommittee
on Telecommunications, Consumer Protection, and Finance of the House Committee
on Energy and Commerce, April 23, 1982.
298 Paul A. Volcker, Chairman, Board of
Governors, testifies on House Joint
Resolution 350 to amend the Constitution to
encourage a balanced federal budget and
emphasizes the difficulty of attempting to
Changes in Board Staff.
Admission of three state banks to membership in the Federal Reserve System.
305
LEGAL
DEVELOPMENTS
Amendments to Regulations D, H, and Y
and to various rules; bank holding company
and bank merger orders; and pending cases.
Al
FINANCIAL
AND B USINESS
ST A TISTICS
A3 Domestic Financial Statistics
A46 Domestic Nonfinancial Statistics
A54 International Statistics
A 7 3 FEDERAL
PRESENTATION,
AND
SPECIAL
A 7 0 BOARD
AND
RESERVE
BRANCHES,
A 6 9 GUIDE TO TABULAR
STATISTICAL
RELEASES,
TABLES
OF GOVERNORS
A 7 2 FEDERAL OPEN MARKET
AND STAFF; ADVISORY
STAFF
A 7 4 FEDERAL
AND
COMMITTEE
COUNCILS
BANKS,
OFFICES
RESERVE
BOARD
PUBLICATIONS
A 7 6 INDEX
A 7 8 MAP
TO STATISTICAL
OF FEDERAL
TABLES
RESERVE
SYSTEM
Recent Developments in the
Mortgage and Consumer Credit Markets
JL
This article was prepared by Charles Luckett of
the Board's Division of Research and Statistics.
As the economic downturn deepened in the
opening quarter of 1982, net borrowing by households continued at about the slack pace of late
last year. Activity in housing markets remained
depressed during the first quarter in the face of
near-record interest rates, although net mortgage
borrowing by households increased from the
unusually small amount that occurred during the
fourth quarter of 1981. Consumer outlays for
autos and household durable goods, though rebounding a bit from the fourth-quarter lows,
were still relatively weak, and new extensions of
consumer installment credit during the first quarter again barely exceeded repayments on existing
balances.
The subdued growth in household borrowing
early this year was consistent with trends already
well established in 1981, when mortgage debt
expanded at less than half the record pace of
1978 and consumer debt grew about one-third as
fast as in that year of rapid expansion. The
unusually high and volatile interest rates of the
past two years have contributed to the softness
in the mortgage and consumer credit markets by
making the acquisition of loanable funds more
costly for creditors while subjecting their portfolios of loans to greater capital risk, and by
substantially raising the price of credit to the
ultimate borrower.
In this context, household net borrowing might
have been still weaker during the past two years
but for significant alterations in the terms and
characteristics of credit instruments, changes
made possible in many cases by the broad pattern
of deregulation that has occurred in the financial
markets. Adjustable-rate lending, for instance, has
become more prevalent in response to efforts by
creditors to make yields on their portfolios more
responsive to short-term market interest rates. A
wide variety of techniques, designed to reduce
monthly payments for an initial period in order to
bring them more into line with household incomes,
have surfaced in the mortgage market. These
changes in market practices have been accompanied by substantial shifts in market shares among
lenders; at least temporarily, savings and loan
associations serve a much smaller proportion of
the mortgage market and commercial banks command a diminished share of the consumer credit
market (table 1).
One result of the slower pace of borrowing
during the past two years is that households in
the aggregate have avoided a serious deterioration in their financial positions. With growth in
liabilities held in check, the financial net worth of
households rose on balance during the 1980-81
period, despite an erosion in the value of stock
market holdings and despite the adverse impact
of two economic recessions. Also, by the first
quarter of 1982, debt repayments were taking
their smallest slice of disposable personal income
in six years. Other evidence, however—principally rising delinquency rates on home mortgages—suggests that the economic slowdown
may have begun to create cash-flow problems for
some households.
HOUSEHOLD
BORROWING
The household sector added about $78 billion to
its combined mortgage and installment debt during 1981—slightly less than in 1980 and barely
half the record increase of $153 billion in 1978.
These estimates of household sector borrowing
cover most credit obtained from outside the
sector through home mortgages, credit cards,
sales finance contracts, and personal cash loans;
they exclude an unknown volume of debt transactions within the sector associated with a re-
282
Federal Reserve Bulletin • May 1982
1. Sources of funds to households through mortgage and consumer credit markets
Percentage
distribution
Billions of dollars
Source
1978
1979
1980
All sources
Savings and loans
Commercial banks
Mortgage pools'
Finance companies
Credit unions
Mutual savings banks
Federal and related agencies
State and local governments
Others
152.5
45.4
47.7
12.4
10.5
7.3
5.1
10.9
1.9
11.2
150.9
39.7
38.2
22.8
15.0
2.8
2.4
11.5
4.7
13.7
82.4
26.1
4.1
18.0
7.7
-2.0
.7
10.4
7.5
9.9
All sources
Savings and loans
Commercial banks
Mortgage pools'
Finance companies
Credit unions
Mutual savings banks
Federal and related agencies
State and local governments
Others
109.4
45.5
24.1
12.4
1.1
.6
4.6
10.9
1.9
8.4
112.5
38.4
20.0
22.8
1.0
.6
2.4
11.5
4.7
11.1
81.0
24.6
11.3
18.0
-.7
.5
.6
10.4
7.5
8.8
All sources
Savings and loans
Commercial banks
Mortgage pools'
Finance companies
Credit unions
Mutual savings banks
Federal and related agencies
State and local governments
Others
43.1
38.4
1.3
18.2
1.4
1.5
-7.2
14.0
2.2
8.4
-2.5
.1
1981
1978
1981
100
30
31
8
7
5
3
7
1
7
100
19
19
16
18
3
100
42
22
11
1
1
4
10
2
8
100
23
21
22
1
1
19.9
1.7
2.3
100
100
9
12
*
*
13.1
1.9
22
16
66
9
Total funds raised
77.6
15.0
14.5
12.6
13.8
2.2
.1
7.5
6.0
5.9
*
10
8
8
Home mortgages
57.7
13.3
12.2
12.6
.7
.3
.1
7.5
6.0
4.9
13
11
8
Consumer installment credit
*
23.6
•
9.4
6.7
.5
*
*
55
*
*
*
*
*
*
*
*
•
•
•
2.6
1.1
1.0
*
*
2.8
portedly substantial increase in the frequency of
"takebacks" of first and second mortgages by
sellers of existing homes.
In the first quarter of 1982, household borrowing amounted to little more than $65 billion
(annual rate), an increase of less than 5 percent
per year. Continued anemic growth in real disposable personal income, an unsettled employment outlook, and expenditure of a relatively
large share of income on necessities have discouraged many households from taking on the
debt often necessary to finance investment in
homes and consumer durable goods. Historically
high interest rates, as noted, have also deterred
borrowing, especially through mortgages on
which aggregate credit costs bulk large relative
to the amount of funds advanced.
*
*
*
1. Pools of mortgages backing passthrough securities guaranteed by
the Government National Mortgage Association, Federal Home Loan
Mortgage Corporation, or Farmers Home Administration, some of
which may have been purchased by the institutions shown separately
and reported among their nonmortgage assets.
•
*
6
5
*Less than $0.1 billion or less than 0.5 percent.
NOTE. Home mortgage credit figures include a small amount of
construction loans to other than households.
Mortgage
Markets
Interest rates in mortgage and other credit markets have remained high in recent months despite
a substantial easing of inflation, as expectations
of unusually heavy federal credit demands and
fears of a possible resumption of rapid inflation
have exerted upward pressure on rates. For
example, interest rates on new commitments by
savings and loan associations for 30-year, fixedrate conventional home mortgages (chart 1) generally fluctuated between 11 Vi percent and a
record 1816 percent from August 1981 through
the early months of this year, before slipping
below 17 percent in April.
The disrupting influence of high and unpredictable interest rates has left both lenders and
Recent Developments
in the Mortgage and Consumer Credit Markets
283
1. Housing credit and prices
Billions of dollars
1976
1978
1980 * ^
1982
Net borrowing is at seasonally adjusted annual rates, from the
household sector of the Federal Reserve quarterly flow of funds
accounts. Mortgage interest rates at a sample of savings and loans are
for new commitments on fixed-rate level-payment conventional loans.
borrowers reluctant to enter into long-term mortgage arrangements. The prospect of capital loss
in the event of future increases in interest rates
has deterred many investors from expanding
their portfolios of fixed-rate home mortgages. At
the same time, the high absolute level of interest
rates, in conjunction with high home prices, has
erected a formidable barrier to prospective home
buyers.
This situation has motivated market participants to structure financing in a way that attempts to shield lenders from some of the capital
risk as well as to accommodate borrower budget
constraints in determining the size of monthly
loan payments. As a result, adjustable-rate
loans, graduated-payment mortgages, and other
nonstandard instruments have become more
prevalent. In addition, buyers and sellers of
homes have often reduced financing costs by
working out arrangements such as "buydowns,"
assumptions, and seller takebacks of first or
second mortgages. (See David F. Seiders,
"Changing Patterns of Housing Finance," FEDERAL RESERVE BULLETIN, vol. 6 7 , June 1 9 8 1 ,
pp. 4 6 1 - 7 2 , and Daniel J. Larkins, "Recent
Thousands of dollars
The average home price is the Census Bureau series for new homes
sold. The average monthly payment is on new conventional loans
closed during the month and partly reflects mortgage amounts and
interest rates determined earlier.
Developments in Mortgage Markets," Survey of
Current Business, vol. 62, February 1982, pp.
19-36.)
On the lending side, the exposure of traditional
mortgage lenders to the consequences of capital
loss has become more serious during the past
two years. Wide fluctuations in money market
interest rates and the ongoing deregulation of the
liabilities of depository institutions have made
the cost of funds to traditional mortgage lenders
quite volatile. New authority to pay marketrelated rates on short-term accounts has helped
thrift institutions—historically the dominant supplier of home mortgage credit—to retain and
attract deposits. But it has also exacerbated an
earnings squeeze for these institutions whose
assets are concentrated in long-term, fixed-rate
mortgages, many of which were acquired when
interest rates were much lower. By 1981, many
savings and loan associations and mutual savings
banks were operating with a negative spread
between the average yield on their mortgage
portfolios and their average cost of funds. In this
environment, the adjustable-rate mortgage has
been gaining favor with financial institutions as
284
Federal Reserve Bulletin • May 1982
an attractive means of reducing exposure to the
interest rate risk inherent in an imbalance in
maturity structure between their assets and liabilities. Bolstering the appeal of such instruments have been recent changes in regulations
that, coupled with the relaxation of statutory
ceilings on mortgage interest rates, have made
larger rate adjustments possible.
Pension funds and other investors with diversified portfolios have expanded their participation
in mortgage financing in recent years through the
purchase of securities backed by pools of mortgages. This practice has augmented the range of
outlets for mortgage originators that are unable
or unwilling to carry mortgages themselves, and
has thereby broadened the access of home buyers to the capital markets. Investors have found
in federally underwritten pass-through securities
a mortgage-related instrument of high quality and
liquidity that generally has provided a greater
yield than Treasury securities of similar contractual maturity. State and local governments have
increased their holdings of mortgages—usually
granted at subsidized interest rates—in connection with their issuance of tax-exempt mortgage
revenue bonds. Such activity was curtailed last
year, however, after federal legislation capped
the volume of mortgage revenue bonds that
could be offered and established certain other
limitations on their issuance. Tightened regulation was prompted by concern over the loss of
federal tax revenues and the belief that, contrary
to the intent of public policy, middle- and upperincome buyers were benefiting from the program
more than lower-income buyers.
On the borrower side of the market, the sharp
uptrend in interest rates in recent years has had a
sizable impact on the aflfordability of mortgage
credit. During the recent years when inflation
was most rapid, even though real interest rates
may have been stable or falling, upward adjustments in nominal rates substantially increased
monthly payments on standard level-payment
mortgages, while household income tended to
rise more slowly. The ratio of monthly payments
on newly originated conventional home mortgages to average disposable income—a rough
measure of initial payment burden—rose considerably in the late 1970s. More recently, with
mortgage rates still near their peaks and home
prices increasing much less rapidly, this ratio has
remained on a historically high plateau. The
monthly payment of principal and interest on a
conventional first mortgage for the purchase of a
new house averaged more than $850 in the first
quarter of 1982 (chart 1), about 35 percent of
average after-tax income.
In response to the prospect of burdensome
payments on standard mortgages, home buyers
have been cautiously receptive to financing arrangements that help reduce initial monthly payments. Graduated-payment mortgages, on which
payments are set lower at the outset and scaled
up in later years, are one type of loan tailored to
this purpose. These loans have become especially popular under lending programs insured by
the Federal Housing Administration. Institutional mortgage lenders have been reluctant to offer
such mortgages in the conventional segment of
the market, however, partly because of the lower
initial cash flow that the mortgages generate.
Another barrier has been unfavorable tax treatment of interest accrued but not yet received by
lenders when negative amortization occurs.
Home buyers, meanwhile, have become more
reconciled to borrowing through an adjustablerate mortgage and have been able to choose
among a variety of plans that differ in the frequency, size, and cumulative total of allowable
rate adjustments, and in the translation of rate
changes into adjustment of either the monthly
payment or the maturity date. In exchange for
the borrower's acceptance of a larger share of
the risk that interest rates might go higher,
lenders often have been willing to make significant initial concessions on rates. Moreover, an
adjustable-rate mortgage allows the borrower to
benefit in the event of falling interest rates without resort to costly refinancing. Spreads between
fixed- and adjustable-rate loans have generally
been around Vi to 1 percentage point, but in some
cases they have been as wide as 2 percentage
points. Most recently, they appear to have narrowed, perhaps reflecting some shift toward expectations that interest rates will come down.
Increasingly, home sellers and buyers have
taken the initiative in adopting unorthodox financing methods. Home builders, in particular,
have utilized the buy down technique, a device
for graduating mortgage payments so that a bor-
Recent Developments
in the Mortgage and Consumer Credit Markets
rower during the initial years of a mortgage
typically makes payments calculated at a belowmarket interest rate. The builder pays to the
lender the difference between the borrower's
payment and a payment based on a market rate.
To some extent, the interest subsidy may be
recaptured in a higher home price; but given the
pressure many builders are under to liquidate
slow-moving inventory carried at high financing
cost, sellers may not be able fully to incorporate
the buy down payment into the selling price.
Even if they could do so, the home buyer's
monthly payments still would be lower initially.
In a recent survey of members by the National
Association of Home Builders, more than half of
the respondents reported using buydowns to
close sales.
"Creative financing" techniques have become
perhaps even more common in the market for
existing homes. For instance, the home seller is
often making payments on an older mortgage
with a comparatively low interest rate that, if
assumed by the buyer, can provide the buyer
with a total financing cost below the current
market. Such an arrangement helps to make
monthly payments more manageable, which may
be a prerequisite for the sale. By providing
lower-cost financing, the seller is usually able to
obtain a higher price for the house. The belowmarket assumable loan is in essence a subsidy
from a third party—the mortgage holder—to the
buyer and the seller of the house. Understandably, a number of mortgage holders have attempted to enforce "due on sale" clauses included in many outstanding conventional mortgages,
but currently more than one-third of the states
restrict the application of such clauses.
Because balances on many older mortgages
represent a small proportion of a home's appreciated value, a buyer usually must obtain financing
in addition to the loan being assumed. In some
cases when a prospective purchaser cannot afford the payments that such supplementary financing would entail at market rates, a home
seller is willing to accept a junior mortgage from
the buyer at a below-market rate. Frequently,
this seller financing is provided at maturities of
three to five years, and often with a large final
(balloon) payment that likely will need to be
refinanced. On occasion, sellers have provided
285
first mortgages on similar terms. Some estimates
place the frequency of seller takebacks of first or
second mortgages at a third or more of sales
transactions on existing homes. The National
Association of Realtors estimated that in January
of this year takebacks were involved in 54 percent of existing-home sales.
Because data on creative financing are not
collected on a continuing comprehensive basis,
the extent of such financing is difficult to assess.
Still, limited surveys and trade reports leave little
doubt that such practices have become more
prevalent in the past two years as interest rates
have reached unprecedented levels. Even with
creative financing, however, overall mortgage
lending has remained well below the levels of the
late 1970s.
Consumer
Credit
Markets
Average interest rates have risen about as much
on consumer loans as on mortgage loans during
the past few years; on new-car loans at commercial banks, for instance, they have climbed from
11 percent in 1978 to 17 percent early this year
(chart 2).
Although reaching unprecedented levels in
1981, interest rates on consumer loans have
increased less rapidly than the cost of funds to
lenders or the net return on many alternative
investment outlets. In part, restrictive statutory
rate ceilings in many states have prevented consumer loan rates from rising to market-determined levels. Many states, however, recognizing
the market hindrance that usury laws present,
have acted to relax these statutes, and some
creditors have redirected their consumer loan
operations to states with more lenient regulations. Higher operating costs, including increased chargeoffs for uncollectable loans involved in personal bankruptcies, have also
reduced the willingness of creditors to make
consumer loans.
Because of the narrower margin between cost
and return on consumer loans, some of the more
diversified lenders shifted resources to other
forms of lending during the 1980-81 period. The
declining attractiveness of consumer loans to
diversified lenders has been evident in the sharp
286
Federal Reserve Bulletin • May 1982
2. Consumer installment credit
Billions of dollars
NET BORROWING
J/
i
i
i
i *
i
\
i
i
Percent
FINANCE RATES
/J-
A
Finance companies
"
t
i 15
Commercial banks
i
1976
^ V
Ih \ / Jf
i
l
1978
i
t
1980
i
1982
Net borrowing is at seasonally adjusted annual rates. The finance
rate at banks represents the most common rate charged on 36-month
new-car loans. The finance rate at finance companies is the average
rate charged, regardless of maturity, on new-car loans by the subsidiary companies of the automobile manufacturers.
drop in market share of commercial banks. This
shift is particularly noticeable in the auto credit
category, in which banks have reduced their
holdings by almost $9 billion (or 13 percent) since
the end of 1979, with a resulting decline in their
share of such lending from 58 percent to the
current 47 percent. Finance companies, principally the subsidiaries of the auto manufacturers,
which have a special interest in supporting car
sales, increased their auto credit portfolios by
$18.5 billion during the period, expanding their
market share from 23 percent to 36 percent. The
market share of credit unions dropped about 2
percentage points.
Another aspect of the diminishing appeal of
traditional installment lending is a movement
among consumer finance companies away from
smaller, often unsecured, cash loans toward larger-ticket junior mortgages. Regular reports to the
Federal Reserve reveal that finance companies
held at least $13 billion of second-mortgage debt
at the end of 1981; some unspecified amount may
also have been included in other loan categories.
One major finance company announced in February of this year that it had discontinued nearly
all unsecured lending and would limit credit
almost exclusively to homeowners willing to post
the equity in their homes as collateral. The
amount of junior mortgage receivables at other
creditors is difficult to gauge because no datagathering system currently in use breaks out
junior mortgages separately. Moreover, some
institutions include junior mortgages among their
consumer loan totals, and others classify them as
mortgage loans.
Issuers of credit cards or other types of openend credit have reacted to the sharply higher cost
of funds by taking various steps to improve the
minimal operating profitability that characterizes
many card plans. Perhaps the most widespread
action has been the adoption of periodic (usually,
annual) user fees unrelated to activity within the
accounts. Such fees generally range from $10 to
$20 per year. Several commercial banks initiated
user fees in late 1979, and the trend gained
momentum during the period of credit controls
from March to July of 1980. The requirement
under this program that creditors post a special
non-interest-bearing reserve deposit tied to the
growth in their holdings of certain types of
consumer credit gave creditors both an added
cost incentive to establish annual fees and a
convenient justification for such actions. User
fees, of course, enhance profitability in two
ways: they generate additional income beyond
finance charges, which are often limited by legislated ceilings, and they may induce some consumers to close "convenience" accounts, which
generate little finance-charge income.
Many open-end creditors have sought to boost
profitability by granting larger-than-normal credit lines to preferred-risk account holders. Larger
loan balances enable lenders to economize on the
predominantly fixed cost of servicing an account. A few creditors, including a major brokerage firm and several banks, have established
plans that feature a sizable open-end credit line
secured by a second lien on home equity.
As in mortgage markets, some creditors have
responded to the experience of high and volatile
costs of funds by introducing adjustable-rate
consumer loans. The number of institutions offering such loans is believed to be small, but
growing. Recent evidence from a survey of
households suggests that about a tenth of consumer loans outstanding carry an adjustable in-
Recent Developments
in the Mortgage and Consumer Credit Markets
terest rate. Most such plans involve closed-end
loans, but a small number of commercial banks
also have adopted adjustable rates for credit card
accounts. Under one such plan, rates are pegged
at 6.5 percentage points above the twenty-sixweek average yield on six-month Treasury bills
sold at weekly auction, up to a maximum rate of
25 percent.
On the demand side of the consumer credit
market, high interest rates probably have been a
lesser deterrent to borrowing for consumption
goods and services than high mortgage rates
have been for home purchases. Because the
amounts financed are considerably smaller and
the maturities shorter than on the typical first
mortgage, a given change in the interest rate
affects monthly payments on consumer loans
less than on mortgages. At typical loan sizes and
maturities, a rise of 1 percentage point in the
interest rate increases the monthly auto loan
payment about $3, compared with $40 or more
on a mortgage.
At the margin, of course, some households
have likely deferred consumption expenditures
because financing costs were considered too
high: in recent consumer attitudinal surveys,
respondents have frequently cited financing
costs as a deterrent to major purchases. Particularly with general price inflation slowing at a time
2. Car prices, loan terms, and monthly payments
Averages for selected months, 1979-81
Month
1979
Nov. . . .
1980
May
Nov....
1981
May
Nov....
Car
Amount
price 1 financed2
(dollars) (dollars)
Interest
Maturity 4 Payment 5
rate3
(months) (dollars)
(percent)
7,000
5,600
12.85
44.3
159.42
7,507
8,646
6,006
6,917
15.72
14.29
44.4
44.8
179.26
200.13
8,936
9,781
7,149
7,825
16.04
17.36
45.2
45.3
211.79
236.75
1. Initial price of $7,000 is approximately equal to the average price
of a domestic auto in the gross national product accounts in the fourth
quarter of 1979. Price in subsequent months is determined by multiplying the initial price by an index reflecting percentage changes in the
unweighted average of manufacturer's suggested list price for base car
of four popular models: Oldsmobile Cutlass, Chevrolet Impala, Ford
Fairmont, and Toyota Corolla.
2. Calculated as 80 percent of price from first column.
3. Average of most common finance rates on 36-month new-car
loans at a sample of commercial banks (E.12 statistical release).
4. Weighted average maturity on all new-car loans at finance
company subsidiaries of the domestic auto manufacturers.
5. Calculated from tables on annual percentage rates under the
Board's Regulation Z (Truth in Lending).
287
3. Change in monthly payment from November 1979
and distribution by source of change
Dollars
Month
1980
May
Nov....
1981
May
Nov....
Amount of change in monthly payment
due to change in
Total
change in
monthly
payment
Car
price
Interest
rate
Maturity
19.84
40.71
11.55
37.49
8.00
3.99
-.29
-1.40
.58
.63
52.37
77.33
44.09
63.34
8.93
12.68
-2.46
-2.72
1.81
4.03
Interaction 1
1. Joint effect of concurrent changes in factors determining monthly
payments.
when nominal interest rates have remained high,
any buy-in-advance motivation for borrowing
should have diminished considerably. Nevertheless, sluggish growth in personal income, consumer caution in the face of rising unemployment, and in some cases high product prices
probably have been among the more dominant
factors restraining expenditures and associated
financing for big-ticket items.
For new-car loans, for instance, a rise in
interest rates of about AVi percentage points
since the end of 1979 has accounted for only
about a sixth of the estimated increase in average
monthly loan payment; rising car prices have
accounted for the bulk of the payment increase
(tables 2 and 3). In the mid-1970s, when car
prices had also risen sharply, a gradual shift from
36 to 48 months as the standard maturity helped
to hold monthly payments down and to cushion
consumer resistance to the higher auto prices.
With little change in the average auto loan maturities during the past two years, the full impact of
increases in auto prices and interest rates has
been incorporated in the monthly payment.
To a great extent, the weak growth in consumer credit since 1979 can be viewed as the normal
by-product of a general economic contraction. A
common pattern is that the rate of growth in
consumer credit reaches a high a few months
before a business cycle peak, and becomes negative a few months into the ensuing recession. In
the second quarter of 1980, under the impact of
credit controls as well as a recession, consumer
credit declined at an annual rate of 8 percent, but
a contraction of 2 to 3 percent in the midst of a
recession is more common. In the current economic downturn through the first quarter of
288
Federal Reserve Bulletin • May 1982
1982, growth of consumer credit has remained
positive by a small margin, partly because consumer credit never reached a phase of doubledigit growth after the 1980 recession; with only a
moderate buildup of debt during the expansive
stages after the summer of 1980, subsequent debt
liquidation has been more moderate, too.
HOUSEHOLD
FINANCIAL
CONDITION
While households as a group were slowing their
borrowing during the past two years, they also
stepped up their acquisition of assets. As a
result, their estimated financial net worth increased on balance, counter to the usual pattern
during years marked by recession. In fact, financial net worth—consisting of financial assets held
by households less their aggregate liabilities—
increased in 1980 at the fastest rate in a decade
(22 percent), before a decline in stock market
values retarded the advance during 1981 and in
the first quarter of this year. By comparison, in
the early stages of recession in 1974 and 1970,
financial net worth of households fell sharply.
Total net worth of households, which includes
their holdings of both tangible and financial as3. Net worth of household sector
Thousands of 1972 dollars
1970
1975
1980
Financial net worth is total financial assets less total liabilities of the
household sector, from the Federal Reserve quarterly flow of funds
accounts and converted to a per capita basis. Total household net
worth is financial net worth plus consumer durable goods, residential
structures, land, and certain other tangible assets.
sets, also rose during the past two years, although its advance was curtailed by substantially
slower growth in the estimated value of houses,
the largest component of tangible assets.
Perhaps the best way to view movements in
financial and total net worth over several cycles
is to express these measures in constant dollars,
adjusted for population growth (chart 3). From
this perspective, the relative strength in household net worth during 1980-81 compared with
1973-74 is readily apparent. The chart also underscores the divergence between total and financial net worth in real terms that occurred
during the 1970s as a result of increased investment in houses, and the appreciation in value of
houses and land at a faster rate than the general
price level.
The slow pace of debt expansion during the
past two years has caused the ratio of annual
mortgage and installment debt repayments to
current disposable personal income to drop to its
lowest level in six years (chart 4). This measure
of debt burden suggests that households are, on
average, in a relatively sound debt-management
position, although several factors impair comparisons of this ratio over time. A trend toward
longer payback periods on consumer debt, for
instance, has tended to restrain the growth of
repayments relative to income while boosting the
total stock of debt outstanding at a given time.
Use of credit cards as a convenient substitute for
cash or check payments, on the other hand, has
elevated measured repayments of installment
debt. Even though between one-third and onehalf of cardholders use credit cards mainly for
convenience as a transaction medium, paying
bills in full without a finance charge, all extensions and repayments on credit cards are included in the consumer credit aggregates.
The debt-burden ratio and balance-sheet statistics share an additional limitation common to
most aggregate statistics: they provide no indication of how assets and debts are distributed
among households. For any given degree of
aggregate debt burden, for instance, obligations
could be held disproportionately by the most
vulnerable households or spread among a large
number of households better able to handle them
comfortably.
Measures that more directly reflect consumer
Recent Developments
in the Mortgage and Consumer Credit Markets
4. Debt repayments relative to DPI
__________
1976
Percent
1978
1980
1982
Consumer debt repayments include prepayments as well as scheduled payments of principal and interest on installment loans. Mortgage
debt repayments are Federal Reserve staff estimates of scheduled
payments of principal and interest on debt secured by one-unit
homeowner properties. DPI is disposable personal income.
financial difficulties include loan delinquency
rates and bankruptcy filings. Delinquencies on
consumer installment loans fell sharply during
most of 1981, after peaking around the third
quarter of 1980. The average delinquency rate on
various types of installment loans at commercial
banks had fallen to the low end of its nine-year
range by the third quarter of 1981, before rising a
bit in the fourth (chart 5). Home mortgage delinquencies, on the other hand, trended upward
from mid-1980 through early this year, after
holding at relatively low levels in 1979 and in the
first part of 1980.
The improvement in consumer loan delinquencies and the contrasting deterioration in mortgage delinquencies during the recovery from the
1980 recession—a pattern that also occurred
after the 1973-75 recession—reflect in part the
widely differing maturity structures of the two
types of debt. Because consumer debt is of much
shorter maturity on average, adoption of stringent credit standards by lenders and belt-tightening efforts of households can more quickly redress a buildup of "problem" loans. Supply
conditions in consumer credit markets were generally accommodative through 1978, but became
progressively tighter from early 1979 through the
fall of 1981, primarily in response to rising costs
of funds relative to consumer finance rates. Because maturities on consumer loans generally
289
run three to four years, higher-risk pre-1979
loans by now account for a small share of consumer credit portfolios. In contrast, most home
mortgage loans made under earlier more relaxed
credit standards are still on the books, with much
of the principal still outstanding.
Other factors, of course, have operated to
push up delinquency rates on home mortgages.
Aside from the usual impact of sluggish income
growth and worsening unemployment, the persistence of high interest rates has intensified
mortgage payment difficulties. Home buyers
who obtained long-term conventional mortgages
in late 1979 at a then-record interest rate of 13
percent, hoping to refinance later at lower rates,
have been disappointed. Those who recently
have had to refinance maturing "rollover" mortgages may also find it hard to make timely
payments on new higher-rate loans. At this
point, not enough rollover mortgages or balloon
payments have come due for them to be a major
problem, but the number of such loans needing
to be refinanced is expected to increase during
the next several years.
Personal bankruptcies have soared since the
end of 1979. While bankruptcies normally rise
during an economic slowdown, the upsurge in
filings in 1980 far exceeded the normal recessionrelated increase. Most of the additional increase
appears to be traceable to sweeping changes in
the National Bankruptcy Act effective in late
5. Delinquency rates
1976
1978
1980
1982
Consumer loan delinquency rates at commercial banks are the
proportions of closed-end installment loans (excludes credit card
accounts) past due 30 days or more, from the American Bankers
Association; delinquent mortgages at savings and loans are those past
due 60 days or more, from the Federal Home Loan Bank Board.
290
Federal Reserve Bulletin • May 1982
1979 that made bankruptcy less onerous for
debtors, particularly its provisions for broader
protection of assets from liquidation than generally had been available under previously applicable state regulation. The uptrend in bankruptcies
slowed considerably in 1981, however, suggesting that the legal changes may have led to a onetime adjustment in the level of bankruptcies
rather than a pattern of continuous sharp year-to-
year increases. Moreover, some states have exercised a right under the federal law to reimpose
their own set of property exemptions, which
most likely has helped to retard the advance.
Nevertheless, the earlier surge in bankruptcies,
together with concern over possible future increases, has prompted more conservative lending practices, such as the growing emphasis on
securing loans by real estate.
•
291
Staff Studies
The staffs of the Board of Governors of the
Federal Reserve System and of the Federal
Reserve Banks undertake studies that cover a
wide range of economic and financial subjects.
In some instances the Federal Reserve System
finances similar studies by members of the academic profession.
From time to time, papers that are of general
interest to the professions and to others are
selected for the Staff Studies series. These papers are summarized—or, occasionally, printed
in full—in the FEDERAL RESERVE BULLETIN.
STUDY
DIVISIA
In all cases the analyses and conclusions set
forth are those of the authors and do not necessarily indicate concurrence by the Board of Governors, by the Federal Reserve Banks, or by the
members of their staffs.
Single copies of the full text of each of the
studies or papers summarized in the BULLETIN
are available without charge. The list of Federal
Reserve Board publications at the back of each
BULLETIN includes a separate section entitled
"Staff Studies" that lists the studies that are
currently available.
SUMMARY
MONETARY
William A. Barnett
AGGREGATES:
COMPILATION,
and Paul A. Spindt—Staff,
DATA,
Board of
AND HISTORICAL
BEHAVIOR
Governors
Prepared as a staff paper in early 1981
Since 1977 the staff of the Federal Reserve Board
has been intensively engaged in identifying measures of money most useful in the analysis of
economic and financial developments and in the
implementation of monetary policy. This effort
resulted in the adoption and publication of a new
set of monetary aggregates. It also spawned
extensive work on the rigorous use of economic
aggregation and index-number theory, aimed at
the construction of a later generation of monetary aggregates based upon the Divisia quantity
index, rather than upon the current, simplesummation procedure. This report explains the
concepts, definitions, methodological procedures, and data sources used in the Divisia
measures of the monetary aggregates, which are
used by the Board staff on an experimental basis
in conjunction with the published measures.
While regular monthly updates of the Divisia
monetary aggregates currently are available to
the public only upon request, this staff study
provides tables and charts of the historical data.
The paper is organized as follows: first, a ,
short, nontechnical discussion of the underlying
conceptual issues; second, a "cookbook" of the
data sources and the formulas for constructing
the Divisia index; and finally, a compendium of
historical series.
The new index numbers result from an application of techniques that have been in the literature
for decades, and the reasons for preferring Divisia to simple-sum quantity aggregation are well
established in aggregation theory. The authors'
research has demonstrated the direct applicability of that theory to aggregation of monetary
components, and the empirical results strongly
suggest that these new measures of the monetary
aggregates are a valuable alternative tool for
analyzing monetary policy actions and their impact on economic and financial developments.
With research on the new Divisia monetary
index nearing completion, this staff study offers
the historical data and interpretation to potential
users outside the Federal Reserve System.
292
Industrial Production
Released for publication May 14
Seasonally adjusted, ratio scale, 1967=100
Industrial production declined an estimated 0.6
percent in April, after a cutback of 0.8 percent in
March. Large reductions occurred in April in
output of business equipment, construction supplies, and durable goods materials, while consumer durable goods increased markedly and
defense and space equipment moderately. At
140.7 percent of the 1967 average in April, the
total index has declined 8.6 percent since its
recent high in July 1981.
In marker groupings, output of consumer
goods rose 0.6 percent in April, reflecting increases in auto assemblies and in home goods.
Production of nondurable consumer goods
changed little. Auto assemblies, at an annual rate
of 5.1 million units, have increased more than 40
percent from their extraordinarily low rate in
January, but they remain depressed compared
with earlier periods. Output of business equipment declined 1.6 percent further in April and
has fallen 10 percent since its high in July 1981—
Grouping
Mar."
170
150
130
110
BUSINESS E Q U I P M E N T
„
MATERIALS
190
Nondurable
170
150
130
110
_ CONSUMER GOODS
170
1
150
r'
CONSTRUCTION
SUPPLIES
I* /
/ -^
N
Federal Reserve indexes, seasonally adjusted. Latest figures: April.
Auto sales and stocks include imports.
Percentage change from preceding month
1967 = 100
1982
TOTAL INDEX
1982
1981
Apr. e
Dec.
-1.9
-2.3
-2.4
-1.7
-2.5
-1.4
-3.8
-1.7
-1.7
-2.2
-1.3
Jan.
Feb.
Percentage
change,
Apr. 1981
to Apr.
1982
Mar.
Apr.
1.4
-.8
-.6
-7.4
1.1
1.0
1.5
4.2
.5
-.4
2.3
1.7
2.3
2.0
-.6
-.5
.0
1.9
-.6
-1.8
.8
-1.1
-.9
-1.2
-.3
-.1
.6
2.7
-.1
-1.6
.3
-.8
-1.0
-1.0
-5.3
-4.4
-4.3
-9.2
-2.4
-8.5
7.2
-8.4
-15.7
-10.5
-.6
-.7
-.6
-2.9
-.8
-.4
-.4
-.2
-3.3
-.2
-8.3
-10.4
-5.7
-1.0
.4
Major market groupings
Total industrial production
141.5
140.7
-2.0
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials
143.7
143.5
141.7
127.6
147.3
168.4
108.5
144.2
125.9
138.2
143.3
143.3
142.5
131.0
147.1
165.7
108.8
143.1
124.7
136.8
-.9
-.6
-1.4
-5.0
-.1
.0
1.6
-1.9
-2.4
-3.9
Manufacturing
Durable
Nondurable
Mining
Utilities
139.9
128.2
156.7
138.3
168.6
139.4
127.7
156.4
133.8
168.3
-2.1
-2.3
-1.8
-.5
-.4
Major industry groupings
p Preliminary.
e Estimated.
NOTE. Indexes are seasonally adjusted.
-2.5
-3.2
-1.5
1.3
2.1
1.7
1.6
1.7
-1.5
-1.1
293
most of it since the beginning of 1982. Production
of industrial equipment generally continued to
contract in April, and an especially large decline
occurred in building and mining equipment because of reduced oil well drilling. Production
both of construction and of business supplies
also was reduced further in April.
Materials output declined 1.0 percent in April,
and was nearly 12 percent below its peak last
July; most of that large decline occurred before
the turn of the year. In April, a further sharp
contraction occurred in production of durable
materials—particularly metals and equipment
parts. Production of nondurable materials edged
up a little, while energy materials receded 0.9
percent further.
In industry groupings, manufacturing output
was reduced 0.4 percent in April, reflecting declines in both durables and nondurables. Sharp
decreases occurred in primary metals, fabricated
metal products, and nonelectrical machinery,
while production of motor vehicles and parts
increased. Mining output was reduced more than
3 percent, reflecting cutbacks in metal mining,
coal mining, and oil and gas extraction. Utility
output changed little.
294
Statements to Congress
Statement by J. Charles Partee, Member, Board
of Governors of the Federal Reserve System,
before the Subcommittee on Telecommunications, Consumer Protection, and Finance of the
Committee on Energy and Commerce, U.S.
House of Representatives, April 23, 1982.
I appreciate the opportunity to appear before this
subcommittee to discuss important issues related
to the regulation of financial markets. Although
these hearings were occasioned by the pending
reauthorization of the Commodity Futures Trading Commission (CFTC) and the associated legislation proposed to implement the jurisdictional
agreement reached between that agency and the
Securities and Exchange Commission (SEC), I
think that in any case these hearings would be
quite appropriate at this time. The extremely
rapid development of financial futures markets
and the likely introduction of additional options
and futures contracts highlight the need for the
Congress to review again the purposes and structure of federal regulation of these markets. I will
be addressing some of these issues today, with
particular emphasis on margin regulations because that is an area in which the Congress has
given the Federal Reserve considerable direct
authority.
BACKGROUND
Our financial system has long offered participants a chance to hedge or speculate by entering
into contracts for future delivery of a financial
instrument. Until around 10 years ago, trading in
such contracts was conducted over the counter,
with participation generally limited to small numbers of sophisticated investors. Since the early
1970s, however, exchange trading has been established first for options on stock and later for
futures on a wide range of debt securities, foreign
currencies, and now stock price indexes. Trading
in these instruments has increased rapidly,
spawning proposals to expand futures trading to
contracts keyed to an ever-widening array of
securities and to establish markets in options
contracts on debt instruments, on indexes of
stock prices, and even on futures contracts themselves.
The growth of options and futures markets
reflects a number of different forces. The exchanges, for example, have shown great ingenuity in devising contracts to fulfill the public's
desire to reduce risk or to match wits with the
market in projecting future movements in interest rates, stock prices, or foreign exchange values. More fundamentally perhaps, the new instruments have found a receptive audience
because of the volatility of the economic and
financial environment in recent years, which has
enhanced the desirability of hedging against price
and interest rate movements and increased the
potential for profits (and also losses) from speculation. I believe that the recent volatility is likely
to subside as the economy successfully moves
through the difficult transition to a more sustainable, noninflationary basis for growth. But even
so, these new markets are likely to be a permanent feature of our financial landscape, and questions remain as to their appropriate regulation
and to the contribution they make to the effective
operation of the securities and capital markets.
In considering the possible effects of the wide
array of new financial contracts, it is important
to remember that these instruments are similar in
a number of fundamental ways, although their
specific provisions may differ. Futures, options,
and options on futures all are ways of transferring the risk of future price changes. They are
sufficiently similar so that it is generally possible
to determine how the prices of two such instruments keyed to the same underlying security
ought to behave relative to each other and relative to price changes in the underlying instrument. Some market participants follow these
295
price relationships carefully, looking for opportunities to make profits if they get out of line. As
a result of the activity of such arbitragers, these
markets are tied very closely to one another, and
developments in any one market will very quickly be transmitted to markets for related instruments.
REGULATORY
STRUCTURE
Given the fundamental similarity of these markets and the economic forces binding them together, logic and sound public policy would seem
to dictate that their regulation be comparable and
parallel in fundamental respects. Of course, this
need not apply to all regulation; some aspects
must be keyed to the particular characteristics of
the market or instrument involved, and regulation can serve different purposes in different
markets. But if common features of related markets are subject to significantly different rules,
the effective level of regulation will tend toward
the weakest level. Attempts to protect a particular market sector from the effects of certain
actions or to discourage certain practices are less
likely to be successful in the absence of comparable rules in other markets linked by arbitrage to
the protected sector.
Tendencies in this regard will be strengthened
by the propensity for some market participants
to seek out the less-regulated market, if the
regulation is seen as constraining actions in any
significant way or adding to costs. In this way,
the less-protected market will be seen to have a
competitive advantage, and pressures will be
brought to bear to reduce regulation in other
sectors. Rules and regulations thus can be a
competitive factor, and their function in protecting the public interest may receive insufficient
weight.
One way to promote evenhanded and coordinated regulation of related markets would be to
place them under the same agency. The single
regulator could balance the rules in the different
markets to ensure that both competitive balance
and the public interest were being served. Vesting authority in a single regulator is not essential,
however. Similar results could be achieved when
more than one agency is involved, provided that
the Congress endows the agencies with parallel
regulatory powers that are then exercised in a
coordinated way. In addition, the agencies must
cooperate in surveillance and enforcement activities across related markets, as has been occurring increasingly for securities and related instruments.
Thus, the kind of division of responsibilities
agreed to by the CFTC and SEC seems reasonable and workable. In many respects SEC and
CFTC regulation of their respective markets is
already comparable. For example, both agencies
have basically similar rules requiring the firms
they supervise to meet minimum capitalization
standards; this helps to assure investors and
others doing business with the firms that they
can meet their obligations. At the same time, the
agencies have moved to enhance coordination
and cooperation, including the development of
procedures for interchange of information crucial
to surveillance of markets. The Federal Reserve
and the Treasury also share in this information as
it affects markets of interest to them.
But in some important aspects of market regulation—especially margin requirements and rules
designed to protect the interests of retail customers—notable differences between the two agencies remain that are not entirely related to dissimilarities in the basic nature of the markets
they regulate. In these areas, the SEC (along
with the Federal Reserve in the case of margins)
has fairly stringent rules or exercises close oversight of exchange procedures, while the CFTC
takes a different approach. The CFTC, constrained in part by its enabling legislation, places
greater reliance on the judgment of participants
to protect their own interests and less emphasis
on the potential for more general disruptions
stemming from difficulties in one of the markets
it supervises. The accord between the two agencies does not affect this difference in regulatory
outlook.
The degree to which government regulation of
financial markets ought to constrain private participants is largely a matter of judgment. In
general, the Board's view is that in a market
economy the presumption ought always to favor
maximum scope for private decisionmaking,
with government involvement justified only
when it is shown to be needed to protect the
296
Federal Reserve Bulletin • May 1982
general public well-being. Because the financial
markets play an important role in determining
the level and composition of economic activity,
the public has a strong interest in ensuring that
they continue to function smoothly. Most of our
country's savings pass through financial markets, encouraged in part by the existence of
liquid markets that make possible rapid changes
in asset portfolios. The markets serve to channel
these savings to business and household borrowers to finance capital formation, housing, and
consumer purchases. They are an important
channel through which monetary policy impulses
are transmitted to the economy and the forum in
which federal and state and local governments
must borrow to finance deficits and fund capital
projects.
A wide variety of investors have been attracted to the new derivative instruments—options or
futures—to hedge or speculate. And the range of
participants is likely to widen even further as
additional stock index futures contracts become
available to be traded. The greater numbers of
people and growing sums of money involved
increase the potential that difficulties in one
market may have effects extending beyond that
sector. This possibility certainly was illustrated
by events in the silver market, which was being
dominated by clearly speculative activity unrelated to the metal's use as an industrial commodity when the 1980 crisis very nearly had serious
consequences for financial markets more generally. This situation suggests a significant role for
governmental regulation and oversight in financial futures markets—although such regulation
should be kept to the minimum necessary to
safeguard the public interest.
Moreover, the risk that rules established by
private market participants may not adequately
protect against market disruption may be greater
at this time, when the markets are in a state of
competitive flux. New instruments are being
introduced constantly, and the rivalry between
the exchanges for business is especially intense
because experience suggests that the first exchange to establish successful trading in contracts on a particular security or commodity has
an advantage over later entrants. An exchange
would not deliberately establish rules that expose its members to greatly enlarged risks, of
course, but the possibility exists that it might be
tempted to shade its standards at the inception of
market trading in order to gain the initial advantage. This possibility reinforces the present need
for close oversight and review by federal regulatory agencies of exchange rules and practices.
MARGIN
REQUIREMENTS
Margin requirements are an area in which these
public policy concerns are sharply drawn. Margin requirements are the one major type of
market regulation the CFTC is explicitly barred
from exercising or even overseeing, unless it can
show an emergency already exists, and such
requirements are therefore an aspect of private
rulemaking especially subject to competitive
pressures. Moreover, this situation contrasts
sharply with the securities markets, in which the
Federal Reserve sets initial margin requirements
on equities and the SEC has the power to review
the maintenance margins of the self-regulatory
organizations. Thus, margin requirements are
one prominent aspect of regulation in which
similar instruments receive widely divergent
treatment.
In part, this divergence reflects differences in
the purposes of margins in the different markets.
In commodities markets, margin deposits are
viewed as a performance bond—they are put up
to guarantee that those who enter into the contract can meet its terms. Margin deposits generally are equal to maximum price movements
expected over a day or so because at the end of
each day payments are made between clearinghouses and the firms to reflect gains and losses
on each futures contract; gains generally are
passed through to customers, and losses are met
from customer margin deposits. If these payments reduce the cushion provided by margin
deposits to levels below the minimum margin
requirement, the loser can be called on to put up
additional cash on short notice or risk being sold
out. Because the exchanges and the firms constituting them are presumed to have the strongest
interest in preventing defaults on contracts and
the greatest knowledge of what is necessary to
accomplish this, their judgment is relied upon to
set the proper level of margins.
Statements
In securities markets, exchanges set maintenance margin levels to assure adequate protection for the creditor—equivalent in concept to
the function performed by margins in the futures
market—but the Federal Reserve establishes initial margin requirements to further the accomplishment of other objectives as well. The Congress, in establishing the Federal Reserve's
authority in this area, cited concerns about the
diversion of credit from other uses, protecting
investors by limiting leveraging possibilities, and
preventing speculative bubbles in stock prices
resulting from credit-financed purchases or sales
to meet margin calls.
To be sure, more than just regulatory differences exist between futures margins and those in
securities markets—especially cash markets. For
example, the former need not normally involve
traditional loans, although they may do so indirectly through borrowing to meet margins or use
of bank letters of credit. But in one important
sense they are quite similar. In both cases the
margins serve to limit the size of position that
can be taken with a given amount of resources—
dictating how much cash or collateral must be
put up to participate in later price movements of
the instrument. And by setting limits on the
leveraging possibilities, margins affect the degree
of risk that can be assumed by market participants. The function of margins in the futures and
options markets is closely analogous, which is
not surprising in light of the similarity of the two
instruments.
This basic resemblance makes it necessary to
evaluate margins in different markets with respect to their effect on leveraging possibilities.
To the extent that control of leverage is an
important goal of margins, failure to have roughly comparable regulation will tend to undermine
the effects of the more stringent requirements, as
well as create artificial competitive imbalances
between markets. The development of such a
situation with respect to stocks and instruments
based on stocks would be of particular concern
to the Federal Reserve, which has concentrated
its margin regulation on equities markets. In
recognition of this potential, the Federal Reserve
has asserted its authority over margins on futures
contracts based on stock price indexes. Such a
contract is in many respects functionally similar
to Congress
297
to an option, and if leveraging possibilities were
allowed to expand substantially beyond those
already available in equities, such expansion
would tend to reduce any effect the Federal
Reserve's margin requirements were having in
achieving their statutory objectives of protecting
stock market investors or preventing speculative
movements in stock prices. Investors in equityrelated instruments could assume much more
risky positions, and arbitrage between markets
would quickly cause any speculative impulses
originating in futures markets to be reflected in
the stock market itself.
We have not yet mandated a margin level for
futures on stock because the exchanges have
agreed to keep their margins at what appears to
be a reasonable level, but we have taken steps to
begin putting into place the regulatory framework for possible future action. We are prepared
to take appropriate action to assure that our
margin requirement structure is not undermined
or that differing margins do not create serious
competitive imbalances among markets. While
not essential, it would be helpful in this regard
for the Congress to clarify the authority of the
Federal Reserve with respect to setting margins
on equity-related instruments, thus avoiding unnecessary controversy and possible litigation.
The willingness of the Federal Reserve to use
its margin-setting authority on stock index futures, together with the lack of evidence that
trading in these contracts may cause harm to the
economy and the stated intent of all concerned
parties to monitor the development of these
markets carefully, seems to us to argue against
the imposition of a moratorium on this contract,
as proposed in H.R. 5515. At the same time, I
would note that several of us on the Board have
some skepticism about the economic utility of
this instrument, and we will be monitoring closely its use, activity, and possible effects on the
stock market.
The Federal Reserve has some margin authority over private debt securities, but in general we
have not actively exercised it in recent years. We
do not have authority over margins on securities
issued by the federal or state and local governments, or their agencies. But federal oversight in
these areas is still exercised by the SEC, which
since 1975 has been empowered to review the
298
Federal Reserve Bulletin • May 1982
rules of the exchanges and other self-regulatory
organizations—including maintenance of margin
standards—and to forestall the implementation
of those it feels are inadequate. The Congress
gave the SEC this veto power to ensure that the
rules of the self-regulatory organizations were in
themselves adequate to protect the working of
the market—to minimize the chance of failure to
perform in one part of the market and to limit the
potential that any difficulties might spill over to
other participants or markets. The decisionmaking power remains with the self-regulatory organizations, but the public interest in exchange
decisions is protected by the SEC review process.
This fact suggests a model of use for margin
regulation in financial futures markets. The Congress might consider granting some federal agency similar oversight powers over exchange margin practices in financial futures. Given the
current structure of regulation, that authority
could be vested in the CFTC, to be exercised in
coordination with the SEC to assure that the
margins required in various related markets are
fair to the participants in those markets and to
protect the public interest in sound, smoothly
functioning credit markets.
REMAINING
ISSUES
Even if this structure of regulation were to be
established, a number of questions remain in the
area of margin regulation. The Federal Reserve
Bank of New York recently completed a comprehensive study of the Board's implementation of
Statement by Paul A. Volcker, Chairman, Board
of Governors of the Federal Reserve
System,
before the Subcommittee on Monopolies and
Commercial Law of the Committee on the Judiciary, U.S. House of Representatives,
May 5,
1982.
Mr. Chairman, your invitation to discuss the
important issue of fiscal discipline, and specifically House Joint Resolution 350 to amend the
Constitution to encourage budgetary balance,
initial margin requirements in equity markets.
The study noted the lack of evidence that our
regulations had had any appreciable impact on
stock price movements, although definitive conclusions in this area are not possible. It also
made a number of suggestions for simplifying the
regulations and reducing their burden on market
participants, many of which we are now in the
process of implementing. The New York Federal
Reserve study, however, did not deal with several important aspects of margins, such as the need
for federal oversight of maintenance margins for
market protection purposes or of the role of
margins in futures markets. Nor did it address a
number of other questions concerning the safeguarding of market mechanisms—such as the
strength of the clearing corporations. We intend
to discuss these important issues with our sister
agencies and will report any further conclusions
to you. Depending on the outcome of such an
examination, the Congress may want to redefine
the purposes of margin regulations, especially in
light of the numerous changes in financial market
practices and regulations since 1934. Such a
decision, in turn, might raise questions concerning the appropriate agency or agencies to administer the regulations. If the market protection
function of margins were to be given primary
emphasis, for example, consideration might be
given to transferring margin authority from the
Federal Reserve to the SEC and the CFTC.
These agencies, after all, have the detailed expertise in the functioning of markets under their
supervision and are responsible for implementing
and monitoring other rules governing market and
investor protection.
•
has left me with mixed feelings. We face the hard
fact that we have had inappropriately large budgetary deficits during much of the postwar period—and so far we have failed to resolve a truly
threatening budgetary gap in the years ahead.
Consequently, an effort to correct the apparent
bias toward deficits in the political process seems
timely. At the same time, I can only be impressed by the difficulty of attempting to write a
constitutional provision to induce discipline otherwise lacking, a provision that will serve us in
Statements
fair weather and foul, and in economic circumstances that can be only dimly foreseen.
I must at the start emphasize that the questions
we face today about the size of the federal
sector, the composition of spending, and the
means of financing that spending require resolution long before the time-consuming process of
amending the Constitution can be completed. I
have often expressed my concern about the
critical need to break the inflationary momentum
that came to grip the nation in the 1970s and have
spoken of the indispensable role that monetary
policy has to play in that effort. At the same time,
I have emphasized the difficulties that result
from placing too heavy a burden on monetary
policy alone in the fight on inflation—difficulties
manifested in exceptionally heavy pressures on
financial markets and interest rates, and therefore on credit-dependent sectors of the economy.
Current developments reflect needed progress
on the inflation front, but they only reinforce my
concern about imbalance in our policy approach—an imbalance reflected in prospective
deficits far larger, when economic activity is
taken into account, than in the past. In the
absence of needed corrective action, potential
strains on credit markets implicit in the prospective budgetary picture call into question the
assumption of healthy economic recovery and
growth, upon which those budget projections are
based. And those prospective deficits are a contributing factor in today's high interest rates, as
lenders and borrowers "discount" their impact
on credit market conditions.
The Judiciary Committee is, of course, not the
body to address this serious immediate problem.
But I can only urge that deliberations on a
constitutional amendment to provide for a balanced budget not become a kind of substitute or
surrogate for the action needed, here and now, to
deal with the pressing current situation. The
debate will serve us ill to the extent that it diverts
attention from the present need.
I can only be sympathetic with the basic
objectives of the amendment proposed in H.J.
Res. 350. A budget surplus has been realized
only once in the past two decades and only eight
times in the past fifty years. The deficits of the
Great Depression and World War II were, by and
large, both unavoidable and, in the circum
to Congress
299
stances, justified. Those particular circumstances, as well as developments in economic
doctrine, had the effect of discarding the unwritten, but operational, rule that budgets should
always be balanced. In the process, some of the
traditional disciplines on debt financing were
lost. During World War I, the Congress put aside
the practice of separately authorizing each Treasury debt issue. The "debt ceiling" authorizations that followed have failed to focus debate
and to provide strong discipline, partly because
that legislation, by its nature, comes at the end of
the fiscal process when payments already committed must be made. The budgetary reforms
instituted in recent years do seem to me constructive in forcing more attention to the budgetary aggregates and the relationships among
them, but these reforms do not appear to have
effectively dealt with the deficit problem.
In economic theory, purely discretionary fiscal
policy would not be expected to result in deficits
following one after another, in good times and
bad, in war and in peace. Yet, that is what has
occurred in the past two decades. The results
seem to me apparent. Over time, inflationary
pressures or the crowding out of private investment, or both, are the economic costs of inappropriate deficits.
At a different level, one can legitimately question whether loss of a balanced budget discipline
has not permitted us to escape hard, but necessary, choices between high- and low-priority
federal spending, at a cost of efficiency and
excessive growth of government. Such a condition is not an argument that smaller government
expenditures are always better than larger ones,
or that "efficiency" should not sometimes give
way to widely shared social objectives. The point
is that a balance has to be struck, and it should be
struck consciously, with awareness of the costs.
If the realization or presumption exists that government expenditures over time must be covered
by taxes, we are likely to have a clearer "marketlike" test of whether a contemplated expenditure
really reflects national priorities.
In other words, I share the feeling of the
supporters of H.J. Res. 350 that the political
process as it has worked in practice, in the
absence of a strong presumption that budgets
should be balanced, suggests some bias toward
300
Federal Reserve Bulletin • May 1982
more spending and less taxation—in other
words, toward budgetary deficits—than is
healthy for the economy or for governmental
efficiency. The cost has been obscured, but it is
real: a bias toward inflation, toward too little
private investment, and possibly toward a federal sector that is inefficiently large. In principle,
economic analysis and wise economic advice
could counterbalance a political bias toward deficits. But economics is far from being exact.
Economists differ in their policy prescriptions. If
plausible economic reasoning can be found to
rationalize existing political bias, or if dispassionate economics merely gives ambiguous results in many instances, the political bias is likely
to prevail.
At the same time, I cannot argue that budgetary balance is always appropriate. The challenge, therefore, is to establish rules or presumptions that will provide discipline but not a
straitjacket. That is, as I understand it, precisely
what the proponents of H.J. Res. 350 seek. In my
judgment, they have come closer to that goal
than earlier drafters of a constitutional amendment. But I am left with an uneasy feeling that a
number of unresolved problems remain.
For example, would this amendment really be
of help in the current situation, when a sizable
deficit for a few years ahead appears inevitable?
Somehow, a 60 percent vote of the entire House
and Senate would need to be marshaled for a
deficit budget. In concept, the need to marshal
that vote would result in pressure to strike a
compromise at a smaller projected deficit. But
we know convictions about particular parts of
the budget are deeply held, and the process of
reconciling those differences might be even more
difficult, leading to an impasse in adopting a
budget. I am left with a question about how the
impasse might be resolved if a strong-willed
majority could not command the necessary 60
percent vote.
In assessing the workability of the proposed
amendment, I suspect much would depend upon
the nature and practicality of arrangements to
enforce the budgetary decision. A lack of specification exists—not only in the amendment itself
but in any related material of which I am aware—
of the procedures through which the Congress
and the President shall ensure that actual outlays
remain within budget totals. The point has added
force when we recall the large proportion of
federal expenditures made pursuant to entitlements, cost-plus contracts, interest obligations,
and so forth. The sponsors may well have in
mind such procedures as altered handling of
budget rescissions or line-item vetoes. Indeed,
such provisions, on their own merits, could go
far in correcting some of the political biases now
affecting fiscal policy. But such procedures to
carry out the mandate of the amendment would
appear to have implications for the delicate issue
of the balance between executive and legislative
powers. I have no special expertise on these
issues, and they go well beyond the purview of
the Federal Reserve. However, they do seem to
me to be worth consideration before the fundamental step of amending the Constitution is
undertaken.
I also have reservations about other parts of
the amendment. Section 2, which limits the
growth of revenues in the absence of an affirmative vote of the Congress, could have some
peculiar implications. There is no obvious economic logic to limiting the growth rate of revenues for budget purposes in a fiscal year to the
rate of change of income during the previous
calendar year, which might be a year of recession or expansion. Moreover, many specific tax
structures would give rise to levels of revenue
differing from the amount contemplated by the
formulation in section 2, thus requiring annual
reaffirmations of the tax structure. The consequent requirement for relatively more frequent
votes on the overall tax structure, even if only to
reaffirm it, could increase uncertainty about the
tax structure in ways that would not be helpful in
terms of the continuity of the tax structure and
private planning. This section does have the
advantage of reducing somewhat the potential
problem of relying on "biased" revenue estimates. However, that problem can be approached more directly, as it is to some extent
today with "competing" estimates by an administration and by a nonpartisan Congressional
Budget Office.
Section 4, which pertains to federal-state fiscal
relations, seems, on the one hand, to provide a
needed safeguard against the "exploitation" of
state budgets for federal purposes, but, on the
Statements
other hand, would seem to pose some potential
hazards to the formulation of new state-federal
programs that might, on their merits, be sensible.
I gather that this section has so far received less
scrutiny than others, and I urge you to give it
careful consideration.
In summary, I recognize and applaud the serious efforts that both the House and the Senate
a/e directing to the important issue of how to
establish firmer fiscal discipline. I would agree
that the record of the federal budget for quite a
few past years, and the critical federal deficit
prospects for the future, suggest that we should
no longer dismiss out of hand a constitutional
approach. But I would continue to approach the
question of a constitutional amendment with
great caution; the Constitution cannot, and
should not, be changed lightly to meet consider-
to Congress
301
ations or situations that are transient in nature,
or to "lock in" a particular economic doctrine. I
am not personally satisfied that the proposal, as
it stands, is fully workable. Nor do I believe that
the matter of a constitutional amendment, given
the years that must elapse before it became
effective, is nearly so urgent as resolving constructively the current budgetary impasse.
In a sense, the current budget debate seems to
me to provide an acid test of the will of the
Congress—and of the nation—with regard to
budgetary responsibility. A vote for a future
amendment seems to me not nearly so meaningful as action now—and cannot substitute for it. If
we fail that challenge, the case for a constitutional amendment seems to me vastly strengthened.
But, for the moment, I would rather see us meet
the budgetary test directly.
•
302
Announcements
ACH
END
OPERATIONS:
OF INCENTIVE
PRICING
REGULATION
The Federal Reserve Board has announced a
plan to end incentive pricing of automated clearinghouse services by 1985.
To achieve a smooth transition, the Board will
increase its automated clearinghouse (ACH)
prices in stages as follows: New ACH prices to
be announced later this year will amount to 40
percent of the current costs plus the private
sector adjustment factor. This ratio will rise to 60
percent in 1983, 80 percent in 1984, and 100
percent in 1985.
Announcement of the program came in a letter
from Lyle E. Gramley, Member, Board of Governors of the Federal Reserve System, to Senator John H. Chafee, Chairman of the Subcommittee on Consumer Affairs of the Senate Banking,
Housing, and Urban Affairs Committee, April
26, 1982.
When the Board originally established its pricing policies after passage of the Monetary Control Act in 1980, the automated clearinghouse
was still in the developmental stage and needed
encouragement to grow. Consequently, the
Board established an incentive pricing policy to
encourage growth to the point at which economies of scale could be realized.
In making the announcement, the Board said
the development of business plans in the private
sector should benefit from knowing when fullcost pricing of ACH services by the Federal
Reserve will begin.
The Board determined that incentive pricing
should be phased out rather than ended abruptly
because an abrupt change in ACH prices could
very well cause many ACH users to revert to
paper checks. This would jeopardize the future
of a cost-effective and efficient service. One
necessary ingredient in the private sector's determining whether to provide ACH services is a
sufficient volume to allow potential operators to
offer the service at an attractive price.
M:
COMMENTARY
POLICY
The staff of the Federal Reserve Board has made
public in final form a commentary on the Board's
Regulation M (Consumer Leasing).
The commentary replaces outstanding individual staff and Board interpretations of the regulation, formerly part of Regulation Z (Truth in
Lending), and applies and interprets the requirements of Regulation M. Good faith compliance
with the commentary affords protection from
civil liability under the Truth in Lending Act.
Compliance with the commentary becomes
mandatory on October 1, 1982. Until then, lessors may comply with Regulation M or with the
previous version of the Board's rules on consumer leasing that was contained in Regulation Z.
The commentary attempts to make interpretations and applications more general than has
been the case with previous interpretations and
in that way to provide adequate guidance for
compliance with the regulation while avoiding
unnecessary detail. It adopts the substance of
most previous individual leasing interpretations.
The commentary will be updated periodically.
The commentary in final form differs in numerous instances from the proposals published in
October 1981. A number of these differences
may be found in the introductory material to the
commentary.
The complete text of the commentary may be
obtained from the Federal Reserve Board and
the Federal Reserve Banks.
REGULATION
D
Ruling
The Federal Reserve Board has announced a
modification of reserve requirements on longterm nonpersonal time deposits under Regulation
D (Reserve Requirements of Depository Institutions), effective April 29, 1982.
Announcements
Under the change, nonpersonal time deposits
with original maturities of V/2 years or more will
have no required reserve. Nonpersonal time deposits with original maturities of less than V/2
years will continue to be subject to a 3 percent
reserve requirement.
The existing Board regulation provides for a 3
percent reserve requirement on all nonpersonal
time deposits with original maturities of less than
four years. The new action was taken in light of
authority granted by the Depository Institutions
Deregulation Committee (DIDC) for a new ceiling-free time deposit with an original maturity of
V/2 years or more, which may be offered by
institutions beginning May 1 in either negotiable
or nonnegotiable form.
A negotiable time deposit is defined in the
Monetary Control Act as nonpersonal and thus
subject to reserve requirements regardless of
ownership.
Depository institutions will be required to
maintain reserve requirements based on this
modification beginning May 13 (based on deposit
levels for the week of April 29 through May 5).
This action should not be regarded as a commitment by the Board to continue shortening the
maturity of time deposits subject to this reserve
requirement in line with the announced schedule
of DIDC for ceiling-free deposits. Future decisions of this nature will depend on experience
and prevailing monetary and credit conditions.
Deferral
of
Requirements
The Federal Reserve Board has extended
through the end of 1982 the deferral of deposit
reporting and reserve requirements for nonmember depository institutions that had less than $2
million in total deposits on December 31, 1979.
The Board acted to avoid burdening very small
nonmember banks and thrift institutions with
reporting and reserve maintenance requirements, and in view of pending legislation that
would give small depository institutions a permanent exemption.
The Board had previously deferred the requirements of Regulation D for such small depositories through May of this year.
The deferral affects more than 17,000 depository institutions, or 42 percent of the total, but
303
these institutions hold only 0.4 of 1 percent of all
deposits.
The Board said it would send letters to the
Congress urging enactment of legislation to permit permanent exemption of small depositories
from the requirements of Regulation D.
At the same time, the Board required currently
deferred depositories that had deposits of $15
million or more on December 31, 1981, to report
their deposits beginning with the reserve computation period of May 20 through May 26. These
institutions will be notified by their District Reserve Bank of their reserve responsibilities. Other institutions with deposits of $15 million or
more are required to contact their District Reserve Bank to determine when they are required
to report and maintain reserves.
COMPLIANCE
SUPPLEMENT:
AVAILABILITY
Supplement No. 7 to the Federal Reserve System
Compliance Handbook is now available for complimentary distribution. The 150-page supplement includes new material on several laws
related to consumers, including the following:
Community Reinvestment, Truth in Lending,
Consumer Leasing, Fair Credit Reporting, Real
Estate Settlement Procedures, Flood Insurance
Protection, and Right to Financial Privacy.
Users of the Handbook may request the supplement from Publications Services, Board of
Governors of the Federal Reserve System,
Washington, D.C. 20551.
PROPOSED
ACTIONS
The Federal Reserve Board has asked for public
comment on proposals to make exemption and
preemption determinations on the relationship to
the Truth in Lending Act of the consumer credit
protection laws of six states. The Board requested comment by June 15, 1982.
The Board has also asked for public comment
by May 22, 1982, on the application of a bank
holding company to own a securities firm and
engage in certain securities brokerage and related activities.
The staff of the Federal Reserve Board has
placed on the record for comment a proposed
304
Federal Reserve Bulletin • May 1982
updating of its commentary on the Board's Regulation Z (Truth in Lending). The staff asked for
comment by June 28, 1982.
Corporation. He has a B.A. and a J.D. from
Catholic University.
SYSTEM
CHANGES
IN BOARD
STAFF
The Board of Governors has announced the
following staff actions, effective April 26, 1982.
Nancy P. Jacklin appointed Assistant General
Counsel for International Banking. Ms. Jacklin
has been with the Department of the Treasury
since 1973. She has a B.S.F.S. and a J.D. from
Georgetown University.
Richard M. Ashton appointed Assistant General Counsel for Litigation and Enforcement.
Before joining the Board's staff in 1976, Mr.
Ashton was with the Federal Deposit Insurance
ADMISSION
MEMBERSHIP:
OF STATE
BANKS
The following banks were admitted to membership in the Federal Reserve System during the
period March 11 through April 10, 1982:
California
South San Francisco
Liberty Bank
North Carolina
Davidson
Piedmont Bank and Trust
Company
Virginia
Lawrenceville
Bank of Brunswick
305
Legal Developments
AMENDMENTS
TO REGULATION
D
Maintenance
periods'
The Board of Governors of the Federal Reserve System has amended Regulation D—Reserve Requirements of Depository Institutions (12 CFR Part 204) to
modify the two-year phase-in of reserve requirements
that is accorded to de novo depository institutions.
This action makes permanent a temporary rule adopted by the Board on November 19, 1981.
Effective April 28, 1982, the Board of Governors of
the Federal Reserve System amends Regulation D
(12 CFR Part 204) as follows:
Part 204—Reserve Requirements
of Depository Institutions
Paragraph (d)(3) of § 204.3 is amended by adding at the
end thereof a new sentence to read as follows:
Section 204.3—Computation and maintenance
^^ * * *
(3) * * * The Board may require any depository
institution that is experiencing above normal growth
to report on a weekly basis prior to reporting $15
million or more in total deposits for two consecutive
calendar quarters.
2. By revising paragraph (e) of § 204.4 to read as
follows:
Percentage 2
1
2
3
4
5
6
7
8 AND SUCCEEDING
40
45
50
55
65
75
85
100
'Maintenance periods occurring during successive quarters after
entering into business.
Percentage of reserve requirement to be maintained.
This subparagraph also shall apply to a United States
branch or agency of a foreign bank if such branch or
agency is the foreign bank's first office in the United
States. Additional branches or agencies of such a
foreign bank shall be entitled only to the remaining
phasein available to the initial office.
(2) Notwithstanding paragraph (e)(1) of this section, the required reserves of any depository
institution that:
(i) Was not engaged in business on November
18, 1981; and
(ii) Has $50 million or more in daily average
total transaction accounts, nonpersonal time
deposits and Eurocurrency liabilities for any
computation period after commencing business;
shall be 100 per cent of the required reserves
computed under § 204.3 starting with the maintenance period that begins eight days after the
computation period during which such institution
has daily average total transaction accounts, nonpersonal time deposits and Eurocurrency liabilities of $50 million or more.
AMENDMENT
TO REGULATION
H AND
Y
Section 204.4—Transitional adjustments
*
*
*
*
*
(3) De novo institutions.
(1) The required reserves of any depository institution that was not engaged in business on September 1, 1980, shall be computed under § 204.3
in accordance with the following schedule:
The Board of Governors of the Federal Reserve System has adopted a revised Form TA-1 registration
statement for transfer agents that would substantially
reduce the information required to be filed. The Board
has simultaneously amended its Regulations H
(12 CFR Part 208, Membership of State Banking
Institutions in the Federal Reserve System) and Y
(12 CFR Part 225, Bank Holding Companies and
Change in Bank Control) to require transfer agents to
306
Federal Reserve Bulletin • May 1982
amend within sixty calendar days information contained in the revised Form TA-1 which has become
inaccurate, misleading or incomplete for any reason.
Previously, amendments were required within twentyone calendar days.
Effective April 5, 1982, the Board of Governors of
the Federal Reserve System amends Regulation H
(12 CFR Part 208) and Regulation Y (12 CFR Part 225)
as follows:
Part 208—Membership of State Banking
Institutions in the Federal Reserve System
Authority to rescind the authority delegated to the
Director of the Division of Consumer and Community
Affairs to grant state exemptions from the requirements of the Truth in Lending Act and the Electronic
Fund Transfer Act.
Effective April 19, 1982, the Board of Governors
amends Rules Regarding Delegation of Authority
(12 CFR Part 265) by rescinding and removing paragraphs (h)(2) and (h)(4)(ii), and by redesignating paragraphs (h)(3) and (h)(4)(i) as (h)(2) and (h)(3) respectively.
BANK
HOLDING
COMPANY
AND
BANK
MERGER
1. 12 CFR 208.8 (f)(2) is revised to read:
ORDERS
Section 208.8—[Amended]
Orders Issued Under Section 3 of Bank Holding
Company Act
^ * * *
NBD Bancorp, Inc.,
Detroit, Michigan
(2) If the information contained in Form TA-1 becomes inaccurate, misleading or incomplete for any
reason, the bank or its subsidiary shall, within sixty
calendar days thereafter, file an amendment to Form
TA-1 correcting the inaccurate, misleading or incomplete information.
Part 225—Bank Holding Companies
Change in Bank Control
and
1. 12 CFR 225.5(c)(2) is revised to read:
Section 225.5—[Amended]
(c) * * *
(2) If the information contained in Form TA-1 becomes inaccurate, misleading or incomplete for any
reason, the bank holding company or its nonbank
subsidiary shall, within sixty calendar days thereafter, file an amendment to Form TA-1 correcting the
inaccurate, misleading or incomplete information.
(Copies of Form TA-1, as it appeared in the Federal
Register, may be obtained from Publications Services,
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.)
AMENDMENT
TO RULES
DELEGATION
OF
BY THE BOARD
OF
GOVERNORS
West Michigan Financial Corporation,
Cadillac, Michigan
Order Approving Acquisition of Bank
NBD Bancorp, Inc., Detroit, Michigan ("NBD"), and
its wholly-owned subsidiary, West Michigan Financial
Corporation, Cadillac, Michigan ("Corporation"),
have applied pursuant to section 3 of the Bank Holding
Company Act (12 U.S.C. § 1842) to acquire Northland
State Bank, Kalkaska, Michigan ("Bank"), a de novo
bank.
Notice of these applications, affording opportunity
for interested persons to submit comments and views,
has been given in accordance with section 3(b) of the
act. The comment period on these applications expired
on February 2, 1982. On February 3, 1982, the Federal
Reserve Bank of Chicago ("Reserve Bank"), acting
pursuant to section 265.2(f)(22) of the Board's Rules
Regarding Delegation of Authority (12 CFR
§ 265.2(f)(22)), approved these applications. Also on
that date, a timely letter of protest was received at the
Board from Michigan Housing Coalition ("MHC") a
community organization based in Detroit, Michigan.1
In its letter, MHC raised issues concerning the record
of NBD's lead bank subsidiary, National Bank of
Detroit, Detroit, Michigan ("NBD Bank"), under the
Community Reinvestment Act ("CRA") (12 U.S.C.
§ 2901 et seq.) that warranted further investigation.
REGARDING
AUTHORITY
The Board of Governors of the Federal Reserve System is amending its Rules Regarding Delegation of
ISSUED
1. The record indicates that this letter was sent on February 1,
1982, the day before the comment period closed. The Board's Rules of
Procedure (12 CFR § 262.3(e)) provide that a comment is timely if it is
sent in a timely fashion. Thus, based on the record, it was determined
that the letter from MHC was timely.
Legal Developments
Accordingly, pursuant to section 265.3 of the Board's
Rules Regarding Delegation of Authority (12 CFR
§ 265.3) on February 12, 1982, it was determined that
the Reserve Bank's approval of these applications
should be reviewed by the Board. The Board has
considered these applications and all comments received, including those from MHC, in light of the
factors set forth in section 3(c) of the act and the CRA.
In addition to objecting to these applications on the
basis of NBD Bank's CRA record, MHC requested
that the Board order a public hearing in order to
receive testimony on the merits of these applications
from interested individuals and community organizations. In its letter of protest, MHC submitted statistics
relating to the geographic disparity in the residential
lending patterns of NBD Bank, as well as its level of
participation in FHA and VA loan programs. MHC
also indicated that in the event a public hearing were
not held, it could provide the Board with additional written comments concerning NBD Bank's CRA
record.2
Under section 3 of the act, the Board is required to
hold a formal hearing on an application only when the
appropriate state or Federal banking authority makes a
timely written recommendation of denial of the application, and no such recommendation has been received from the Michigan Financial Institutions
Board. While no formal hearing is required in this
instance, the Board could in its discretion order a
formal or informal proceeding, as it deems appropriate. Normally, the Board will order a formal administrative hearing when there are material questions of
fact in dispute that can be resolved by such a proceeding. The Board has reviewed the record in this case
and has determined that because NBD has not disputed MHC's statistical data, there are no material factual
disputes that warrant a formal hearing on these applications. Rather, MHC and NBD have submitted arguments concerning the interpretation that should be
accorded certain facts in the record. Because the
Board is charged by the statute with making these
judgments, and because MHC has been afforded ample opportunity to submit information into the record,
the Board has denied MHC's request for a formal
hearing. Accordingly, the Board has considered these
applications and the objections raised by MHC on the
merits.
2. In its letter of protest, MHC indicated it was interested in
continuing discussions with N B D directly. The Board notes that in
order to help clarify and resolve the issues, the Reserve Bank invited
representatives of MHC and N B D to a private meeting. After this
meeting, the Reserve Bank requested MHC to provide additional
information to aid in considering the need for a public proceeding on
the applications. In response, MHC indicated it had no further
information to submit.
307
NBD, the largest banking organization in Michigan,
controls 14 subsidiary banks with aggregate deposits
of $7.6 billion, representing 18.0 percent of commercial bank deposits in the state. 3 Corporation, a whollyowned subsidiary of NBD, controls two banking subsidiaries, Cadillac State Bank, Cadillac, Michigan
("Cadillac Bank") (deposits of $136.8 million), and
The First National Bank of Evart, Evart, Michigan
(deposits of $20.9 million).
These applications represent a corporate reorganization whereby the assets of two branches of Cadillac
Bank, both located in Kalkaska, Michigan, will be
transferred to Bank. Upon consummation, Bank will
have $40.1 million in deposits. Thus, this proposal will
not alter the share of deposits controlled by NBD or
Corporation and it appears that consummation of this
proposal will have no adverse effect on concentration
of banking resources or on existing or potential competition in any relevant market. The financial and
managerial resources and future prospects of NBD,
Corporation, their banking subsidiaries, and Bank are
satisfactory and the Board concludes that banking
factors are consistent with approval of these applications.
In connection with its consideration of the convenience and needs of the communities to be served, the
Board has considered the record of NBD's subsidiary
banks in meeting the credit needs of their communities
including low- and moderate-income areas, consistent
with safe and sound banking practice, as provided in
the CRA and the Board's Regulation BB (12 CFR
Part 228). Specifically, the Board has reviewed the
CRA records of NBD's banking subsidiaries other
than NBD Bank, and concludes that the record of each
is satisfactory. In addition, the Board has taken into
account the conclusions reached by the Office of the
Comptroller of the Currency from an examination of
NBD Bank that included an assessment of NBD
Bank's record under the CRA. The Board notes that
NBD Bank has delineated its community as the area
within 25 miles of its home office in Detroit and that
this delineation, which has not been challenged by
MHC, appears to be reasonable. Moreover, NBD
Bank has posted a CRA statement in each of its branch
offices and is otherwise in compliance with the technical requirements of the CRA.
The Board has also considered the comments of
MHC concerning NBD Bank's record of meeting the
credit needs of its entire community as provided in the
3. All banking data are as of June 30, 1981. Subsequently, N B D
received approval to acquire Roscommon State Bank, Roscommon,
Michigan (deposits of $102.4 million), and Wolverine State Bank,
Sandusky, Michigan (deposits of $86.0 million). Upon acquisition of
these two banks, N B D will control approximately 18.4 percent of
statewide commercial bank deposits.
308
Federal Reserve Bulletin • May 1982
CRA. Based on an analysis of NBD Bank's Home
Mortgage Disclosure Act ("HMDA") data for the
years 1976-1980, MHC alleges that NBD Bank has not
provided a "fair share" 4 of mortgage and home improvement loans to low- and moderate-income neighborhoods, to predominantly minority neighborhoods,
and in neighborhoods in which the housing stock is
relatively old. MHC also asserts that NBD Bank has
extended few FHA or VA loans, and that of the few
government-insured loans extended by NBD Bank, a
small percentage have been to low- and moderateincome areas.
While the statistics furnished by MHC indicate that
there are disparities in NBD Bank's lending patterns,
there is no evidence that these disparities are the result
of discriminatory credit practices. Moreover, MHC
has submitted no evidence to indicate there are individuals who believe they have been treated unfairly or
in a discriminatory manner in seeking credit from
NBD Bank. In fact, the record indicates NBD Bank
promotes its residential loan services in all areas of its
community by advertising its mortgage and home
improvement credit in newspapers of general circulation and in local community newsletters within the
city. Moreover, the figures submitted by MHC do not
account for variations in demand for mortgage and
residential credit among neighborhoods, nor for the
presence in the market of other mortgage lenders such
as thrifts and mortgage bankers. In this connection,
the Board notes that NBD Bank extends a substantial
number of home improvement loans in the neighborhoods where it makes few mortgage loans. In addition,
from the record it appears that in the Detroit SMS A,
thrifts and mortgage bankers provide over 70 percent
of the residential mortgage credit. In this regard, the
record reveals that in addition to the residential lending activities of NBD Bank, NBD engages in mortgage
lending activities through its nonbanking subsidiary,
NBD Mortgage Company ("NBD Mortgage"). 5 NBD
Mortgage actively solicits and extends FHA and VA
loans as well as conventional mortgage credit in the
Detroit SMSA. In 1980, NBD Mortgage extended 316
mortgage loans.
The Board notes that NBD Bank participates in a
number of programs designed to help meet the credit
needs of Detroit residents. For example, NBD Bank is
4. "Fair share" is defined by MHC as a comparison of two ratios.
First, MHC has computed the ratio of NBD Bank's residential lending
in "target neighborhoods" to its total residential lending. Second,
MHC has computed the ratio of targeted neighborhoods in the Detroit
SMSA to total neighborhoods. When these two ratios are equal, MHC
asserts that a lender is providing a fair share of its residential lending
to targeted areas. The Board notes that the CRA does not require the
allocation of credit based on arbitrary formulas.
5. As of April 30, 1981, NBD Bank had S7.6 million in FHA loans
and $5.1 million in VA loans in its mortgage portfolio.
a participant in the Detroit Mortgage Plan. 6 Moreover,
in 1979 when the Detroit Mortgage Plan was established, NBD placed full page ads in the Detroit Free
Press and in the Michigan Chronicle (a local minority
newspaper) explaining how the plan would operate.
NBD Bank has participated in Neighborhood Housing
Services and in the Michigan Housing Development
Authority Home Improvement and Neighborhood
Loan Program ("Neighborhood Loan Program"). 7 In
addition, NBD Bank has established consumer counseling centers in Detroit, and during 1980 and 1981,
sponsored four leadership training workshops in the
city. Finally, although the small business lending record of NBD Bank has not been challenged, the Board
notes that in 1969 NBD Bank formed a special lending
group to make loans to new and existing small businesses. In each of the past two years, this group has
approved loans totaling $3.9 million.
Based on the foregoing, and all the facts of record,
the Board concludes that NBD's record of meeting the
convenience and needs of the communities it serves,
including its record of compliance with the CRA, is
consistent with approval. Accordingly, the Board's
judgment is that the proposed transaction would be in
the public interest and that the application should be
approved.
On the basis of the record, these applications are
approved for the reasons summarized above. The
transaction shall not be consummated before the thirtieth calendar day following the effective date of this
Order, or later than three months after the effective
date of this Order, unless such period is extended for
good cause by the Board or by the Federal Reserve
Bank of Chicago, acting pursuant to delegated authority.
By order of the Board of Governors, effective
April 12, 1982.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, and Teeters. Absent and not voting: Governors Rice and Gramley. Present and not voting: Vice Chairman Martin.
(Signed) JAMES MCAFEE,
[SEAL]
Associate Secretary of the Board.
6. The Detroit Mortgage Plan is comprised of area lenders who
have agreed on liberalized criteria for approving mortgage applications in certain neighborhoods. These lenders also serve on an appeals
committee, and at the request of an applicant, review rejected
mortgage applications.
7. Neighborhood Housing Services is a neighborhood and home
improvement project involving 1900 homes in northwest Detroit. This
organization helps individuals obtain residential credit, often on more
favorable terms than would otherwise be available. NBD Bank has
committed funds to its operation. The Neighborhood Loan Program
extends credit to credit-worthy low-income borrowers who would not
otherwise be able to obtain credit.
Legal Developments
Shawmut Corporation,
Boston, Massachusetts
Order Approving Merger of Bank Holding
Companies and Acquisition of Wornat Development
Corporation and Wornat Insurance Agency, Inc.
Shawmut Corporation, Boston,
Massachusetts
("Shawmut"), a bank holding company within the
meaning of the Bank Holding Company Act of 1956, as
amended (12 U.S.C. § 1841 et seq.), has applied for
the Board's approval under section 3(a)(5) of the act
(12 U.S.C. § 1842(a)(5)) to merge with Worcester
Bancorp, Inc., Worcester, Massachusetts ("Worcester"), also a bank holding company, under the charter
and name of Shawmut.
Shawmut has also applied for the Board's approval
under section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8))
and section 225.4(b)(2) of the Board's Regulation Y
(12 CFR § 225.4(b)(2)), to acquire Wornat Development Corporation, Worcester, Massachusetts ("Wornat Development"), and thereby engage in the activity
of liquidating loans receivable and real estate acquired
through debts previously contracted; and to acquire
Wornat Insurance Agency, Inc., Worcester, Massachusetts ("Wornat Insurance"), and thereby engage in
the activity of acting as an insurance agent or broker
with respect to credit life insurance, credit accident
and health insurance, property and casualty insurance,
and mortgage redemption insurance, all directly related to extensions of credit by Worcester's banking and
nonbanking subsidiaries. These activities have been
determined by the Board to be closely related to
banking (12 CFR §§ 225.4(a)(1) and (9)).
Notice of receipt of these applications, affording
opportunity for interested persons to submit comments and views, has been given in accordance with
sections 3 and 4 of the Bank Holding Company Act
(47 Federal Register 343-44 (1982)). The time for filing
comments and views has expired, and the Board has
considered the applications and all comments received, including those of Mr. Vincent F. Zarilli,
Boston, Massachusetts, and the Independent Insurance Agents of Massachusetts, Boston, Massachusetts
("IIAM"), in light of the factors set forth in section
3(c) of the act (12 U.S.C. § 1842(c)), and the considerations specified in section 4(c)(8) of the act (12 U.S.C.
§ 1843(c)(8)).
Shawmut, the fourth largest commercial banking
organization in Massachusetts, controls nine subsidiary banks with aggregate deposits of $2.4 billion,
representing 11.2 percent of total deposits in commercial banks in the state. 1 Worcester is the seventh
1. All banking data as of June 30, 1981.
309
largest commercial banking organization in Massachusetts, controlling five subsidiary banks with aggregate
deposits of $718 million, which represent 3.3 percent
of total deposits in commercial banks in the state.
Upon consummation of the proposal, Shawmut would
become the second largest banking organization in
Massachusetts.
A combination of commercial banking organizations
that hold aggregate deposits of such size and control
such proportions of commercial bank deposits in a
state might normally raise some concern about the
effects of the merger on statewide banking structure.
In the circumstances of this case, however, the Board
believes that certain characteristics of the structure of
the commercial banking industry in Massachusetts
would substantially mitigate any adverse effects on
statewide banking structure. For example, the present
size distribution of the state's banking organizations
indicates that maintaining a base of operations in
Boston is of significant advantage to commercial banking organizations in Massachusetts. While Worcester
has a banking subsidiary in the Boston market,
Worcester's presence in that market is not viewed as
significant and therefore, despite its size, the Board
does not view Worcester as an effective statewide
competitor for the Boston-based banking organizations. In addition, an evaluation of the record of
expansion of major Massachusetts commercial banking organizations in recent years indicates that trends
toward statewide commercial bank deposit concentration have been moderate and not seriously anticompetitive. On the basis of all the facts of record, the Board
concludes that the proposed merger would have no
seriously adverse effects on the concentration of banking resources in Massachusetts.
Shawmut's largest subsidiary, Shawmut Bank of
Boston, N.A., Boston, Massachusetts, is the second
largest banking organization in the Boston banking
market2 and holds approximately $2 billion in deposits, representing about 13.5 percent of deposits in
commercial banks in the market. One of Worcester's
subsidiaries, The Peoples National Bank of Marlborough, Marlborough, Massachusetts, also competes in
the Boston banking market. With deposits of $24
million, it ranks as the 43rd largest banking organization in the market, controlling 0.16 percent of deposits
in commercial banks in the market. In view of the large
number of participants in, and the relatively unconcentrated nature of, the Boston banking market, the
Board does not view as significant any elimination of
2. The Boston banking market consists of the Boston Rand-McNally Metropolitan Area ("RMA"), excluding the N e w Hampshire towns
of Brentwood, Chester, and Derry, plus the Massachusetts towns of
Pepperell and Berlin.
310
Federal Reserve Bulletin • May 1982
existing competition in this market resulting from
consummation of this proposal. Because the Boston
banking market is the only banking market in which
subsidiaries of Shawmut and Worcester compete directly, the Board believes that consummation of the
proposal would not have any significantly adverse
effects upon existing competition in any relevant market.
With regard to probable future competition, Shawmut is represented in two Massachusetts banking
markets, Springfield and New Bedford, 3 in which
Worcester is not currently represented. However,
Worcester does not appear reasonably likely to enter
either of these markets by alternative means. Worcester is represented in six banking markets in which
Shawmut is not currently represented: Worcester,
Cape Cod, Fitchburg, Amherst, Greenfield, and
Athol.4 The Cape Cod banking market is not highly
concentrated, with a three-firm concentration ratio of
61 percent. The Amherst, Greenfield, and Athol banking markets do not appear attractive for de novo entry
or expansion, and Shawmut does not appear reasonably likely to enter any of these markets by alternative
means. While Shawmut's prior activities in the Fitchburg market tend to indicate that it may be reasonably
likely to enter that market by alternative means, the
market as a whole does not appear attractive for de
novo entry or expansion, and a relatively large number
of probable future entrants remains outside the market.
The Board has reviewed the effect of this acquisition
on probable future competition in the Worcester market. In this regard, the Board has published for comment proposed guidelines delineating certain circumstances that the Board believes raise substantial
questions concerning probable future competition, and
thus require intensive examination to determine
whether entry into a market should be by less anticompetitive means than through acquisition of one of the
largest and dominant banks in the market. The Board
3. The Springfield banking market consists of the Springfield RMA,
excluding the towns of Russell and Brimfield, Massachusetts, plus the
town of Warren, Massachusetts. The N e w Bedford banking market
consists of the N e w Bedford RMA plus the town of Wareham,
Massachusetts.
4. The Worcester banking market consists of the Worcester RMA,
excluding the town of Princeton, Massachusetts, plus the towns of
Charlton, Dudley, and Webster, Massachusetts. The Cape Cod banking market consists of Barnstable County, Massachusetts. The Fitchburg banking market consists of the Fitchburg-Leominster RMA,
excluding the town of N e w Ipswich, N e w Hampshire. The Amherst
banking market consists of the Amherst-Northampton RMA, plus the
towns of Shutesbury, Goshen, Chesterfield, Westhampton, and
Whately, Massachusetts. The Greenfield banking market consists of
Franklin County, Massachusetts, excluding the towns of Warwick,
Orange, N e w Salem, Shutesbury, Leverett, Sunderland, and Whately, Massachusetts. The Athol banking market consists of the Massachusetts towns of Warwick, Orange, N e w Salem, Athol, Royalston,
Phillipston, and Petersham.
believes that analysis of the facts of this case under
those guidelines raises the question whether consummation of the proposal may have a serious anticompetitive effect.
First, the Worcester market is highly concentrated
with a three-firm concentration ratio of 87.8 percent.
Second, there are only a small number of probable
future entrants into the Worcester market. Third,
Worcester's subsidiary bank is the largest commercial
bank in the Worcester market, and holds 45.5 percent
of the total deposits in commercial banks in the
market. This concentration of deposits is one and onehalf times the amount of deposits held by the market's
second largest commercial bank.
However, with respect to the guideline gauging
market attractiveness—a key element in the Board's
analysis under the doctrine of probable future competition—the available data fall short of indicating that
the Worcester market is attractive for de novo entry or
future expansion. 5 This conclusion and the record as a
whole6 persuade the Board that the proposal is acceptable under the competitive standards of the act, albeit
only by a small margin.
The Board will continue to monitor those cases that
present substantial issues of probable future competition as reflected in the Board's proposed guidelines
and will consider the factors delineated above in such
cases. In marginal cases, in particular, the Board is
prepared to consider as a mitigating factor a divestiture plan offered by an applicant to address any
anticompetitive effects of a proposal. The Board will
also consider an applicant's commitment to serve the
convenience and needs of the community. Among the
ways in which this commitment may be evaluated is by
reference to the applicant's subsidiary banks' record
in meeting the credit needs of the community under
the Community Reinvestment Act.
The financial and managerial resources and future
prospects of Shawmut, Worcester, and their subsidiaries are regarded as generally satisfactory. Shawmut
has indicated that after consummation of the merger it
will extend certain of its retail banking policies to
Worcester's banking subsidiaries, resulting in reductions of minimum balance requirements for NOW
accounts and increases in interest rates offered on
particular categories of time deposits. Shawmut has
5. The deposit growth figures for this market (8.8 percent) as
compared with the state (12.0 percent) and national (9.6 percent)
figures for the same time period, indicate that the Worcester market
may be considered only marginally attractive for de novo entry or
expansion.
6. The Board notes that the Worcester market contains twenty
thrift institutions that hold over $2 billion in deposits compared with
$889.9 million in deposits held by the eight commercial banks in the
market. In addition, the savings banks in the market hold approximately 41 percent of the NOW accounts in the market.
Legal Developments
also represented that it would extend its system-wide
mortgage lending program to all banking subsidiaries
of Worcester and would make Shawmut's new computer systems, automated cash management services,
and experience in international activities available to
all Worcester's banking subsidiaries as well. Based
upon all the facts of record, the Board finds that
convenience and needs factors lend sufficient weight
toward approval of the application to outweigh any
adverse competitive effects of the proposal.
With respect to the applications by Shawmut submitted pursuant to section 4(c)(8) of the act, Wornat
Development is currently engaged in the activity of
completely liquidating its assets, which consist of
loans receivable and real estate acquired through debts
previously contracted, and Wornat Insurance is currently engaged in the activity of acting as an insurance
agent or broker with respect to credit life insurance,
credit accident and health insurance, property and
casualty insurance, and mortgage redemption insurance, all directly related to extensions of credit by
Worcester's banking and nonbanking subsidiaries.
The Board notes that it was previously determined
that the balance of public interest factors prescribed
by section 4(c)(8) of the act favored approval of
Worcester's earlier applications to engage in each of
these activities through Wornat Development 7 and
Wornat Insurance respectively (60 FEDERAL RESERVE
BULLETIN 393 (1974)). Nothing in the record of these
applications substantially suggests that Shawmut's acquisition of Wornat Development or Wornat Insurance
would alter that balance. Additionally, there is no
substantial evidence in the record that acquisition
of either Wornat Development or Wornat Insurance
would result in undue concentration of resources,
decreased or unfair competition, conflicts of interests,
unsound banking practices, or other adverse effects on
the public interest. Accordingly, the Board has determined that the balance of public interest factors it must
consider under section 4(c)(8) of the act favors approval of the applications filed under that section and that
the applications should be approved.
In connection with the application to acquire Wornat Insurance, the Board has considered comments
submitted by IIAM, which has stated its view that the
operation of Wornat Insurance by Shawmut would be
against the law and public policy of Massachusetts.
IIAM makes several statements in support of this
view, among them assertions that Massachusetts law
7. On November 28, 1980, Worcester received prior approval to
acquire Wornat Development, pursuant to section 4(c)(8) of the act
and section 225.4(a)(1) of the Board's Regulation Y, for the sole
purpose of conducting an orderly liquidation of Wornat Development's assets.
311
and public policy prohibit a bank or bank holding
company from owning an insurance agency, that
Shawmut's acquisition of Wornat Insurance would
result in a change in the kind of activities Wornat
Insurance engages in, that Shawmut is not permitted
under Massachusetts law to engage in insurance activities, that the license held by Wornat Insurance was
dormant during a specified period, and that Wornat
Insurance at one point expanded its insurance agency
activities in a way IIAM believes to be improper.
Shawmut responds that IIAM's contentions are
without merit, and that in any event, this application is
not an appropriate vehicle for resolving the issues
involved. Shawmut asserts that its application to acquire Worcester would not involve an extension of the
activities of Wornat Insurance to subsidiaries of Shawmut, that there would be no change in the nature of the
activities of Wornat Insurance as a result of the merger
of Worcester with Shawmut, that Wornat Insurance
has specific statutory authority to engage in its present
activities, and that Shawmut's acquisition of Wornat
Insurance raises no issues as to public policy in
Massachusetts. Shawmut also asserts that its acquisition of Wornat Insurance would not affect the legal
status of the license of Wornat Insurance to engage in
insurance activities in Massachusetts.
Massachusetts law8 prohibits the issuance of the
type of license required for the activities in which
Wornat Insurance is engaged to any affiliate of any
bank, as the terms "affiliate" and "bank" are particularly defined.9 However, those banks or bank affiliates
that held this type of license prior to October 11, 1972,
are exempted from this prohibition. 10 In interpreting a
particular state law, the Board considers the statute
itself, any judicial interpretations of that law, and in
the absence of any such interpretations, opinions of
the state's Attorney General or relevant administrative
agency.11 Neither the courts of the Commonwealth of
Massachusetts nor the Massachusetts Commissioner
of Insurance have interpreted these provisions.
After considering the statute itself in light of all the
facts of record and the statements and assertions of the
parties involved, the Board believes that the statute
would not prohibit the issuance of the type of insurance license required for the activities in which Wornat Insurance is engaged to Wornat Insurance upon or
after its acquisition by Shawmut. The Board has
considered each of IIAM's assertions regarding Shawmut's proposed operation of Wornat Insurance in light
8. Massachusetts General Laws Chapter 175, Section 174E.
9. Massachusetts General Laws Chapter 167A, Section 1(e), and
Chapter 175, Section 174E.
10. Massachusetts General Laws Chapter 175, Section 174E.
11. Virginia National Bankshares, Inc., 66 FEDERAL RESERVE
BULLETIN 6 6 8 , 6 6 9 ( 1 9 8 0 ) .
312
Federal Reserve Bulletin • May 1982
of the Board's interpretation of the statute and all the
facts of record, and has concluded that Shawmut's
operation of Wornat Insurance would not violate Massachusetts law in any of the respects HAM has maintained.
In the Board's view, the Massachusetts statute in
question grants an exemption from its licensing prohibition to all banks or bank affiliates that held licenses
prior to October 11, 1972. Because the record indicates that Wornat Insurance is a bank affiliate within
the meaning of the statute and that Wornat Insurance
held a license of the type covered by the statute prior
to that date, the Board concludes that the statutory
exemption currently applies to Wornat Insurance to
the extent of the activities covered by that license. The
statute does not address the effect of the purchase and
sale of a bank or bank affiliate covered by this exemption on the ability of that bank or bank affiliate to
retain the exemption after its purchase and sale.
Accordingly, the statute does not indicate that upon
the sale of Wornat Insurance by Worcester to Shawmut, Wornat Insurance would lose its statutory exemption. 12
IIAM asserts that Shawmut is not permitted under
Massachusetts law to engage in insurance activities
and is not covered by the statutory exemption that
covers Wornat Insurance. In the Board's view, the
statutory exemption would apply to Wornat Insurance
as a bank affiliate upon its purchase by Shawmut
regardless of whether the exemption applies to Shawmut itself. Shawmut has stated that its application to
acquire Worcester through merger would not involve
an extension of Wornat Insurance activities to subsidiaries of Shawmut. Accordingly, the insurance activities engaged in by Wornat Insurance would be the only
insurance activities engaged in by any subsidiary of
Shawmut as a result of the proposed merger. Furthermore, Shawmut has confirmed that it has no plans to
offer services currently offered by Wornat Insurance
through any other Shawmut subsidiaries upon the
approval of this merger.
IIAM maintains that Shawmut's acquisition of Wornat Insurance would result in a change in the kind of
activities Worcester engages in simply by virtue of
Shawmut's size. On the basis of the record, the Board
does not believe that upon Shawmut's acquisition of
Wornat Insurance, Shawmut's size alone would alter
the nature of the activities of Wornat Insurance,
particularly in light of Shawmut's statement that there
12. The Board does not regard IIAM's statement that the Massachusetts statute in question prohibits a bank or bank holding company
from owning an insurance agency in the state as accurate. The statute
restricts the availability of insurance licenses and does not directly
address the legal authority of banks, bank holding companies, or their
affiliates to own insurance agencies.
would be no change in the nature of the activities of
Wornat Insurance as a result of the merger.
The Board notes that any future extension of the
activities of Wornat Insurance to other subsidiaries or
any change in the nature of such activities would
constitute a "significant alteration," within the meaning of section 225.4(c) of the Board's Regulation Y
(12 CFR § 225.4(c)), of the activities involved in the
application to acquire Wornat Insurance, and would
thus require the Federal Reserve's prior approval.
Furthermore, the Board expects Wornat Insurance
and Shawmut to comply with applicable state law with
regard to any such changes or expansions.
IIAM also argues that the license held by Wornat
Insurance was dormant during a particular period of
time and that at one point Wornat Insurance applied
for authority to expand its insurance agency activities,
and implies that this action was improper in light of the
Massachusetts statute here involved. It does not appear from the statute that dormancy, inactivity, or
attempted expansion of a license issued pursuant to
the statute's exemption provision affects a license
holder's coverage under that exemption. Accordingly,
based on the record, the Board has determined that
IIAM's comments do not present grounds for denial of
these applications.13
Based on the foregoing and other considerations
reflected in the record, the Board has determined that
the applications under sections 3(a)(5) and 4(c)(8)
should be and hereby are approved. 14 The merger of
Shawmut and Worcester shall not be made before the
thirtieth calendar day following the effective date of
this Order, or later than three months after the effective date of this Order unless such period is extended
for good cause by the Board or the Federal Reserve
Bank of Boston, under delegated authority. Acquisition of the nonbank subsidiaries under section 4(c)(8)
is subject to the conditions set forth in section 225.4(c)
of Regulation Y, and to the Board's authority to
require such modification or termination of the activities of a holding company or any of its subsidiaries as
13. IIAM has requested that the Board hold a hearing, "if appropriate," on the application to acquire Wornat Insurance. Because IIAM
has presented no material factual issues in dispute, has not shown that
written presentations are insufficient, and has not described the
evidence that would be presented at such a hearing, and because it
appears to the Board that each of the issues addressed by IIAM has
been satisfactorily addressed through written submissions, the Board
finds that a hearing is not warranted under the Board's Rules of
Procedure (12 CFR § 262.3(e)).
14. Also in connection with these applications, the Board has
considered comments submitted by Mr. Vincent F. Zarilli, concerning
the lending and deposit-taking activities of Shawmut Bank of Boston,
N.A. The Board has reviewed the circumstances surrounding the
events to which Mr. Zarilli's comments refer, and on the basis of all
the facts of record has determined that these comments do not present
grounds for denial of any of these applications.
Legal Developments
the Board finds necessary to assure compliance with
the provisions and purposes of the act and the Board's
regulations and orders issued thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective April 2,
1982.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, Teeters, and Rice. Absent and not voting:
Governor Gramley. Governor Wallich abstained from consideration of the application to acquire Wornat Insurance Agency, Inc. Vice Chairman Martin was not a member of the
Board at the time this action was taken.
(Signed) JAMES MCAFEE,
[SEAL]
Associate Secretary of the Board.
Concurring Statement of Governor Teeters
I agree with the majority's view that the facts of record
do not warrant denial of these applications. However,
I wish to state my view that the circumstances of this
case relating to the Worcester banking market would
have substantially satisfied the criteria for extensive
review contained in the Board's proposed probable
future competition guidelines, had those guidelines
been in effect when these applications were submitted.
Furthermore, even without reference to the proposed
guidelines as such, I believe that the facts of this case
present a significant possibility that approval of the
applications would involve substantially adverse competitive effects. Accordingly, a more intensive review
may well have been warranted in these circumstances.
Had the guidelines been in effect when these applications were submitted, I believe the Applicant would
have been required to provide additional information
for the Board's intensive examination in light of the
effects of the proposal on probable future competition.
The four criteria of the Board's proposed guidelines
are substantially satisfied in this case.
The first criterion of the proposed guidelines is
satisfied because the market's three-firm concentration ratio is 87.8 percent, and the minimum under the
guidelines is 75 percent.
The second criterion is satisfied because there are
only three probable future entrants into the market,
excluding the Applicant, and the existence of six or
fewer probable future entrants activates close review
under the guidelines.
The fourth criterion is satisfied because Worcester's
bank subsidiary in the Worcester market is the largest
commercial banking organization in the market and
has a 45.5 percent market share. A market share of 10
percent or more held by a bank in this position
activates close review under the guidelines.
313
The third criterion is not completely satisfied, because although the Worcester market is an SMSA
market that has total commercial banking deposits of
over $250 million, the market does not meet the
growth specifications of this criterion. However, the
market growth rate of commercial bank deposits during the last two years has been only slightly lower than
the corresponding national rate. In light of the extent
to which the facts satisfy three of the criteria, the
failure to meet the exact specifications of the fourth
criterion should not preclude intensive examination.
As indicated in the policy statement issued in connection with the proposed guidelines, the Board would,
when necessary, require intensive examination in a
particular instance even if the circumstances presented do not satisfy the criteria in every detail. In my
view, this would be such a case.
April 2, 1982
Wyoming Bancorporation,
Cheyenne, Wyoming
Order Denying Acquisition of Bank
Wyoming Bancorporation, Cheyenne, Wyoming, a
bank holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 3(a)(3) of the act (12 U.S.C.
§ 1842(a)(3)) to acquire 80 percent or more of the
voting shares of American National Bank of Powell,
Powell, Wyoming ("Bank"). The bank into which
Bank is to be merged has no significance except as a
means to facilitate the acquisition of Bank. Accordingly, the proposed acquisition of shares of the successor
organization is treated herein as the proposed acquisition of the shares of Bank.
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received, including those of Bank, in light
of the factors set forth in section 3(c) of the act
(12 U.S.C. § 1842(c)).
Applicant, the largest banking organization in the
state of Wyoming, controls 21 subsidiary banks with
deposits of $474.4 million, representing 16.0 percent of
the total deposits in commercial banks in the state. 1
Upon acquisition of Bank, with deposits of $21.9
million, Applicant's share of deposits in commercial
banks in Wyoming would increase by only 0.7 percent.
1. All banking data are as of March 31, 1981.
314
Federal Reserve Bulletin • May 1982
Accordingly, consummation of this proposal would
not have an appreciable effect upon the concentration
of commercial banking resources in Wyoming.
Bank is located in Park County, Wyoming. Applicant currently has two banking subsidiaries located in
Park County, First Wyoming Bank-Cody, Cody, Wyoming ("Cody Bank"), and First Wyoming Bank,
N.A.-Meeteetse, Meeteetse, Wyoming ("Meeteetse
Bank"). Park County is a sparsely populated area in
the northwest part of Wyoming, consisting primarily
of mountainous and desert terrain, with some irrigated
farmland.
Applicant contends that Park County should be
divided into two separate banking markets, with the
northern portion of the county, which includes Powell
where Bank is located, plus the adjoining portion of
Big Horn County, including Lovell, Wyoming, regarded as the relevant geographic banking market for the
purposes of analyzing the competitive effects of the
proposed transaction. Applicant's proposed market
would exclude the southern portion of Park County
including the towns of Cody and Meeteetse, where
Cody Bank and Meeteetse Bank are located. Applicant bases its contention on the lack of significant
primary service area overlap between Bank and Cody
Bank, the differences in interest rates charged on loans
by the two banks, a claimed dearth of commuting and
other evidence of commercial interaction between the
towns of Powell and Cody, and the failure of Bank and
Cody Bank to advertise in each other's service area.
The Board believes that the relevant geographic
banking market must reflect the commercial and banking realities of the situation and be economically
significant.2 In situations such as presented by this
application, the Board has stated that the relevant
geographic market consists of the area in which the
banks involved offer their services and to which their
customers can practicably turn for alternatives. 3 As
the Supreme Court has stated, "the proper question is
not where the parties to the merger do business or
even where they compete, but where, within the area
of competitive overlap, the effect of the merger on
competition will be direct and immediate." (United
States v. Philadelphia National Bank, 374 U.S. 321,
357 (1970)). This area "must be charted by careful
selection of the market area in which the seller operates and to which the purchaser can practicably turn
for supplies." {Id. at 359).
Applying these principles to the facts of this case,
the Board concludes that the relevant geographic
market within which to evaluate the competitive ef2. See Brown Shoe Co. v. United States, 370 U.S. 294, 336-337
(1962).
3. See e.g., Independent Bank Corporation, 67 FEDERAL RESERVE
BULLETIN 4 3 6 ( 1 9 8 1 ) .
fects of this proposal is Park County, Wyoming, and
the adjoining portion of Big Horn County, including
the town of Lovell, Wyoming. It is this area that the
Board regards as economically significant in terms of
this proposal and is the area in which the Board
believes the effect of Applicant's proposal will be
direct and immediate.
The facts show that Powell and Cody are the primary population centers for Park County 4 and are
located 24 miles apart with no intervening geographic
barriers. The closest town of similar size in Wyoming
and with comparable commercial alternatives to either
Cody or Powell is Worland, Wyoming, which is about
80 miles from Cody and Powell.
The town of Cody and Powell are connected by a
direct and well maintained highway. Wyoming State
Highway Department statistics show that the average
daily traffic count on the road between Powell and
Cody is approximately 2,480 cars, and indicates that
the majority of this traffic can be attributed to local
travel.
In addition, the towns of Powell and Cody each have
characteristics that encourage commercial interaction
between them. Cody is the county seat and is the
location of the only airport with scheduled air service
in Park County and the entire Big Horn Basin. Also
located in Cody is the area's only orthodontist, as well
as a small chain of all-night convenience grocery
stores. The only local college is in Powell, and a twice
daily shuttle bus operates between Cody and Powell to
transport students to and from school.
Finally, a study of checks and other cash items
cleared by Cody Bank during a one-week period
suggests that Powell residents initiate more than 400
cash items per day directly in Cody. 5 In view of the
fact that there are approximately 2,000 households in
Powell, this activity indicates that residents of Powell
substantially rely on the goods and services available
in Cody.
The Board has also considered the areas from which
Bank and Cody Bank derive their business. Applicant
has indicated that Bank derives 4.0 percent of its
deposits and 8.7 percent of its loans from Cody
residents, while Cody Bank derives 4.3 percent of its
deposits and 2.7 percent of its loans from Powell
residents. These statistics demonstrate that some customers in each town have found it practical to do
4. Cody has a population of 6,706. Powell has a population of 5,302.
5. The figure is based on Applicant's survey of all cash items
cleared by Cody Bank during a one-week period. Excluding checks
mailed by Powell residents to a regional cable television company that
maintains its deposits in Cody Bank, Cody Bank receives approximately 200 cash items per day that were initiated in Cody by Powell
residents. Assuming that all banks located in Cody receive cash items
in proportion to their deposit business, it is estimated that Powell
residents initiate over 400 cash items per day in Cody.
Legal Developments
banking business in the other town, and that there is
existing competition between the two banks. 6 This
evidence also indicates that neither Cody Bank nor
Bank has regarded the other town as being so far
removed from its "major service area as to warrant a
refusal to extend credit to borrowers there. Indeed, it
appears that, in terms of lending, Bank, which offers
somewhat lower interest rates on consumer loans, has
made a significant inroad into Cody Bank's service
area.
Applicant argues that neither Bank nor Cody Bank
solicits business from the other's service area, as
evidenced by the fact that neither bank advertises in
the newspaper or on radio stations outside of the town
where it is located. The evidence of the record reveals,
however, that Applicant has sponsored a regional
radio show on the Powell radio station, and that some
of its advertising has been designed to show its close
connection with all of Park County. Moreover, inasmuch as the Powell newspaper, which is published
twice weekly, derives 13 percent of its subscribers
from Cody, Bank's advertising in that paper reaches a
significant portion of Cody households. Finally, it
appears that the radio stations broadcasting from Cody
and Powell are received in both towns, so that advertising on one station reaches residents of both towns.
With respect to Applicant's claim regarding differences in interest rates charged by Bank and Cody
Bank on loans, evidence submitted by Applicant comparing the rates charged by Bank and Cody Bank over
the past 15 months demonstrates that, notwithstanding
the different standards upon which each bank bases its
interest rate, in 14 of 15 periods cited the changes in
rates where in the same direction or caused the rates to
converge. Numerous other factors also affect interest
rates such as the maturity of a loan, the level of
monthly or other payments, the amount of collateral
required, and the level of compensating balances required. Thus, Applicant's contention, that the relative
interest rates and their changes prove a lack of competition between Cody Bank and Bank, is not supported
by the evidence.
The Board's judgment is that each town offers to
residents of the other, an available and practical
alternative for a variety of commercial and other
services, including banking services. This judgment is
based on the following: the relative proximity of
Powell and Cody; the ready accessibility of each to the
other; their positions as the economic, governmental
and trade centers of the Park County region; the
6. In a previous application filed with the Board, Applicant stated
that "[i]n Wyoming, residents drive long distances for many services
and products. To travel fifty miles (or an hour) to bank simply is not
extraordinary."
315
substantial distance to other comparable commercial
centers; and the interaction between the two towns.
These facts contradict Applicant's thesis that Powell
and Cody are two separate banking markets, which are
isolated from competitive forces in the other and
whose residents would not turn outside of their local
community to the other nearby community for banking
services.7 The Board's view is that Applicant's proposed market definition disregards the economic reality and market forces presently existing between the
towns of Cody and Powell and throughout the Park
County, Wyoming area. Based on these and all of the
facts of record, the Board concludes that the towns of
Cody and Powell are part of the same relevant geographic market, and that the area includes all of Park
County, Wyoming and portions of adjoining Big Horn
County, Wyoming.
Within the relevant banking market, Bank is the fifth
largest of seven banking organization, and holds 10.8
percent of deposits in commercial banks in the market.
Applicant, with two banking subsidiaries in the market, holds total deposits of $48.2 million, representing
23.8 percent of deposits in commercial banks in the
market. As a result of the proposed acquisition of
Bank, Applicant would become the largest banking
organization in the market, and its share of market
deposits would increase to 34.6 percent. 8 In addition,
consummation of the proposal would increase the
portion of market deposits held by the four largest
banking organizations from 83.7 percent to 94.5 percent. Thus, the Board concludes that the effect of
consummation of this proposal may be to substantially
lessen competition in the Park County banking market.9
The financial and managerial resources of Applicant, its subsidiaries and Bank are generally satisfactory and consistent with approval. Consummation of
the proposed transaction would allow Bank to have
access to Applicant's greater capital resources and
sophisticated loan marketing capabilities. In the
Board's view, these considerations relating to the
convenience and needs of the community do not
7. The Board notes that both Applicant and the Reserve Bank
conducted informal studies to ascertain whether the residents of each
town would turn to the other for alternative banking services. The
Board has not relied on either of the surveys, inasmuch as neither was
based on a random sample.
8. The Board evaluated the impact of thrift institutions and credit
unions in the relevant banking market and has found their impact to be
minimal in view of the relatively small amount of total deposits held by
such institutions.
9. The Board notes that Applicant has committed to divest Meeteetse Bank, if the Board found that such divestiture would mitigate
the adverse competitive elfects of the proposed transaction. Inasmuch
as Meeteetse Bank holds deposits of $6.2 million, representing 3.1
percent of market deposits, the Board does not view the proposed
divestiture as a significant mitigating factor.
316
Federal Reserve Bulletin • May 1982
outweigh the substantially adverse competitive effects
of this proposal.
Based on the foregoing and other considerations
reflected on the record, the Board's judgment is that
the proposed acquisition is not in the public interest
and that the application should be, and here is, denied.
By order of the Board of Governors, effective April 22,
1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley.
(Signed) JAMES MCAFEE,
[SEAL]
Associate Secretary of the Board.
Orders Under Section 4 of Bank Holding
Company Act
Interstate Financial Corporation,
Dayton, Ohio
Order Approving Acquisition of Stock Savings and
Loan Association
Interstate Financial Corporation, Dayton, Ohio, a
bank holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 4(c)(8) of the act (12 U.S.C.
§ 1843(c)(8)) and section 225.4(b)(2) of the Board's
Regulation Y (12 C.F.R. § 225.4(b)(2)), to acquire all
of the shares of Scioto Savings Association, Columbus, Ohio ("Scioto"), a state-chartered savings and
loan association, insured by the Ohio Deposit Guarantee Fund. Upon consummation of the proposed acquisition, Applicant will engage through Scioto, in the
activity of operating a savings and loan association.1
Although the Board has not added the operation of a
thrift institution to the list of activities specified in
section 225.4(a) of Regulation Y as generally permissible for bank holding companies, the Board has determined in several individual cases that the operation of
a thrift institution is closely related to banking.2
The Ohio Superintendent of Building and Loan
Associations has requested that the Board act expeditiously upon this application because of the current
financial condition of Scioto. In light of this request
and in light of the significant public interest in the
prompt processing of this application, the Board has
expedited the period for comment normally provided
for applications filed under section 4 of the act in the
Federal Register notice. The Board, however, has
provided notice of the proposal through newspaper
publication in Columbus, and has provided for a public
meeting in Columbus, on April 3, 1982, to obtain views
and comments on the proposal from interested persons. The Board has considered all comments and
views presented in light of the factors set forth in
section 4(c)(8) of the act.
Applicant is a bank holding company by virtue of its
control of The Third National Bank and Trust Company, Dayton, Ohio ("Third National"), which operates
27 banking offices and controls $470.9 million in deposits (as of February 28, 1982) in the Dayton banking
market. Third National also operates an equipment
leasing subsidiary and a mortgage banking company.
Applicant proposes to acquire Scioto, a stock savings
and loan association, which operates four offices and
controls $56.8 million in deposits (as of February 28,
1982) in the Columbus market. 3 In view of the fact that
Applicant's subsidiary bank and Scioto operate in
separate markets and there is no significant amount of
direct competition between them, consummation of
the proposed acquisition would not have a significant
effect on existing competition in any relevant market.
Although Applicant's mortgage banking subsidiary
does make some loans in Columbus, it has no offices in
that area, and the number of loans it makes there has
declined considerably in recent years. In view of the
number and size of financial organizations operating in
the Columbus market and the small size and limited
presence of Scioto in that market, 4 the Board finds
SERVE BULLETIN 417 (1972); American Fletcher Corp., 60 FEDERAL
RESERVE BULLETIN 8 6 8 ( 1 9 7 4 ) ; Profile
RESERVE B U L L E T I N 9 0 1 ( 1 9 7 5 ) ; D.
Bancshares,
H.
RESERVE BULLETIN 2 8 0 ( 1 9 7 7 ) ; Heritage
1. The Board has recently determined that, if it is not to be
considered a "bank" for purposes of the act, a thrift institution that
offers NOW accounts may exercise no greater commercial lending
powers than are now permitted by statute to federal thrift institutions
(i.e., federal savings and loan associations and federal savings banks).
First Bancorporation (Press Release of March 12, 1982). Applicant
has agreed to so limit Scioto's activities, and thus this application is
properly filed under section 4 of the act. In addition, Applicant has
commited to further limit Scioto's activities to those permissible under
section 4(c)(8) of the act.
2. Newport Savings and Loan Ass'n., 58 FEDERAL RESERVE BULLETIN 3 1 3 ( 1 9 7 2 ) ; Old
Colony
Cooperative
Bank,
5 8 FEDERAL R E -
Baldwin
Banks,
Inc.,
61 F E D E R A L
& Co.,
63 FEDERAL
Inc.,
6 6 FEDERAL
RESERVE BULLETIN 590 (1980); First Financial Group, 66 FEDERAL
RESERVE BULLETIN 594 (1980); and BankEast Corporation, 68 FEDERAL RESERVE B U L L E T I N 1 1 6 ( 1 9 8 2 ) .
3. The Columbus market is situated in central Ohio and comprises
all of Franklin, Fairfield, Delaware, and Licking Counties, all of
Pickaway County except Perry and Salt Creek Townships, the southern two-thirds of Madison County and Thorn Township in northwestern Perry County.
4. As of December 31, 1980, Scioto ranked as the thirteenth largest
savings and loan association in the Columbus market, holding 1.9
percent of the total deposits of savings and loan associations in that
market.
Legal Developments
that this acquisition would not have any significant
adverse effect on potential competition. Indeed, the
proposed acquisition would have a substantial beneficial impact on competition by ensuring the continued
operation of Scioto as a viable institution.
Section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8))
authorizes a bank holding company to acquire a nonbank company where the activities of the nonbank
company are determined by the Board to be "so
closely related to banking or managing or controlling
banks as to be a proper incident thereto." The act
provides that the Board may make such determinations by order or by regulation. As stated earlier, the
Board has determined previously that the operation of
a thrift institution is closely related to banking. A
recent Board staff study of thrift institutions supports
the view that operating a thrift institution is closely
related to banking.5
With respect to the "proper incident" requirement,
however, section 4(c)(8) of the act requires the Board
to consider whether the performance of the activity by
an affiliate of a holding company "can reasonably be
expected to produce benefits to the public, such as
greater convenience, increased competition, or gains
in efficiency that outweigh possible adverse effects,
such as undue concentration of resources, decreased
or unfair competition, conflicts of interests, or unsound banking practices."
In 1977, the Board considered the general question
whether savings and loan association ("S&L") activities are a proper incident to banking. At that time, the
Board determined that, as a general matter, S&L
activities are not a proper incident to banking since the
potential adverse effects of generally allowing affiliations of banks and S&Ls were then sufficiently strong
to outweigh such benefits as might result in individual
cases. (D. H. Baldwin
& Co., 63 FEDERAL RESERVE
BULLETIN 280 (1977)). The Board has reexamined, in
the context of this application, the general adverse
factors cited in the Board's 1977 D. H. Baldwin decision, including regulatory conflict, erosion of institutional rivalry, and the potential for undermining interstate banking prohibitions. The Board has also
considered the adverse factors that might be associated with this particular application,6 including the potential for unfair competition, conflicts of interests,
financial risks, diversion of funds, participation in
impermissible activities, and evasion of interest rate
limitations.
5. Bank Holding Company Acquisitions of Thrift Institutions, September 1981.
6. As stated above, the Board has examined the competitive effects
associated with this particular application and has concluded that
there are no significant adverse effects associated therewith.
317
In view of the determination by the Ohio Superintendent of Building and Loan Associations and the
Board with respect to Scioto's financial condition, the
lack of any other viable alternative to address Scioto's
condition, the present circumstances of the thrift industry and the financial condition of a large number of
its members, and the conditions and other considerations detailed below, the Board has determined that
the substantial benefits to the public associated with
preserving Scioto as a thrift competitor are sufficient
to outweigh the generalized adverse effects found by
the Board in the D. H. Baldwin case. By this decision,
the Board does not overrule its conclusion in the D. H.
Baldwin case that, as a general matter, the operation of
a thrift institution by a bank holding company is not a
proper incident to banking.
The Board considers Applicant's acquisition of Scioto to be a substantial and compelling public benefit in
that Applicant will provide Scioto with sufficient new
capital funds to enable Scioto to continue its operations and to remain a viable competitor. 7 The record
establishes that Applicant has the financial and managerial resources and commitment to serving the convenience and needs of the public to achieve this result. 8
The acquisition will preserve a competitor in the
Columbus market, ensuring the continuation of services by Scioto to its customers and protecting the
interests of Scioto's depositors, the depositing public
in the Columbus market and the state of Ohio, and the
Ohio Deposit Guarantee Fund.
The Board's judgment is that in light of the commitments made by Applicant as summarized below, the
public benefits associated with the preservation of
Scioto as a competitor outweigh any adverse effects
that are associated with this particular application.
Applicant has committed to ensure the separate operation of Scioto and Third National; 9 to obtain federal
insurance for Scioto upon the elimination of Regulation Q; to generally abide by the Regulation Q interest
rate ceilings within two years; to limit Scioto's branching to that permitted under the branching laws of the
state of Ohio, as if Scioto were a commercial bank; not
to engage in any transactions that would be in violation
of section 23A of the Federal Reserve Act, as if Scioto
7. The Ohio Deposit Guarantee Fund will provide some financial
assistance in effecting the subject acquisition.
8. Because the only organization, other than Applicant, that has
expressed an interest in acquiring Scioto did not have the financial
resources to support Scioto, the Board finds that Applicant's acquisition of Scioto is necessary to preserve Scioto as a competitor. The
Board has considered that there are no provisions of Ohio law
permitting an S&L to be placed in conservatorship or receivership.
9. In this connection, Applicant has committed that Scioto will be
operated under its own name and identity and will not advertise that it
is affiliated with Third National. In addition, Third National will not be
used as a deposit gathering device for Scioto.
318
Federal Reserve Bulletin • May 1982
were a member bank; and to limit Scioto's activities to
those permitted to federal thrift institutions currently
under the Home Owners' Loan Act and to bank
holding companies and their subsidiaries under section
4(c)(8) of the Bank Holding Company Act.
The Board has considered the request of the Independent Bankers Association of America ("IBAA")
that the Board defer action on this application and any
other application for acquisition of a thrift institution
by a bank holding company under section 4(c)(8) of the
act until Congress has passed specific remedial legislation giving the federal financial institution regulatory
agencies authority to deal with the present financial
condition of thrift institutions. In mid-1981, the Board
and other federal financial institution regulatory agencies urged Congress to enact such legislation. Over the
past several months, the Board has, through its Chairman, informed the Congress on various occasions,
both orally and in writing, that the exigencies of a
particular situation could require the Board to consider using its authority under existing law to approve an
acquisition by a bank holding company of a thrift
institution. The Board believes that the public interest,
and particularly the present financial condition of
Scioto, require such action by the Board on this
application at this time. Accordingly, the Board denies
the request of the IBAA to defer action on this
application.
In view of the foregoing and all the facts of record, 10
the Board finds that the acquisition of Scioto by
Applicant would result in substantial and compelling
public benefits, unachievable by other means, that are
sufficient to outweigh any adverse effects associated
with this proposal, including any potential adverse
effects of the affiliation of a commercial banking
organization with a thrift.
Based upon the foregoing and other facts and circumstances reflected in the record, the Board has
determined that the balance of the public interest
factors the Board is required to consider under section
4(c)(8) is favorable in this particular case. Accordingly, the application is approved subject to the commitments and limitations described in this Order and
included in the record on this application. The Board's
decision is limited to the particular facts presented in
this case and is not to be considered a precedent.
The Board's decision is further subject to the conditions set forth in section 225.4(c) of Regulation Y and
to the Board's authority to require such modification
or termination of the activities of a holding company or
any of its subsidiaries as the Board finds necessary to
10. The Board has also considered and given weight to Applicant's
specific proposals to increase Scioto's services to the community.
assure compliance with the provisions and purposes of
the act and the Board's regulations and orders issued
thereunder, or to prevent evasion thereof. The transaction shall be made not later than three months after
the effective date of this Order, unless that period is
extended for good cause by the Board or by the
Federal Reserve Bank of Cleveland acting pursuant to
authority hereby delegated.
By order of the Board of Governors, effective April 4,
1982.
Voting for this action: Vice Chairman Martin and Governors Partee, Teeters, and Gramley. Absent and not voting:
Chairman Volcker and Governors Wallich and Rice.
[SEAL]
( S i g n e d ) WILLIAM W. WILES,
Secretary
of the
Board.
Seafirst Corporation,
Seattle, Washington
Order Concerning Permissibility of Underwriting
Group Mortgage Life Insurance
Seafirst Corporation, Seattle, Washington, a bank
holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 4(c)(8) of the act (12 U.S.C.
§ 1843(c)(8)) and Section 225.4(b)(2) of the Board's
Regulation Y (12 C.F.R. § 225.4(b)(2)), to engage
through its wholly-owned subsidiary, Seafirst Life
Insurance Company, Seattle, Washington ("SLIC"),
in underwriting group mortgage life insurance directly
related to residential real estate loans made or acquired by its subsidiaries. The Board has not heretofore determined this activity to be closely related to
banking.
Section 225.4(a) of Regulation Y (12 CFR
§ 225.4(a)) provides that a bank holding company may
file an application to engage in activities other than
those determined to be permissible for bank holding
companies if it is of the opinion that the proposed
activities in the circumstances surrounding its case are
closely related to banking or managing or controlling
banks. The regulation further provides that the Board
will publish in the Federal Register a notice of opportunity for hearing regarding the proposed activity only
if the Board believes there is a reasonable basis for the
bank holding company's opinion.
Because the Board has not found the proposed
activity to be closely related to banking, Applicant, as
a proponent of the activity, is required to demonstrate,
in accordance with section 225.4(a) of the Board's
Regulation Y, that there is a reasonable basis for its
Legal Developments
opinion that these activities are closely related to
banking.
Applicant contends that underwriting group mortgage life insurance directly related to extensions of
credit by Applicant's subsidiaries is closely related to
banking. It bases its contention on the Board's determination that underwriting credit life, accident and
health insurance is permissible for bank holding companies. Applicant argues that there is no substantive
difference between the underwriting activities it proposes to engage in and those presently permissible
pursuant to section 225.4(a)(10) of Regulation Y.
The Board rejected similar arguments in a proposal
by Bank America Corporation 1 to reinsure home loan
life mortgage insurance. Applicant claims its proposal
is different from BankAmerica's proposal because it
involves group insurance, because the insurance is
offered at the time of the loan transaction, and because
such insurance is limited in value to the limit set for
credit life insurance. These differences, however, are
not significant in view of the nature of underwriting
mortgage life insurance. The Board notes that whether
the insurance is group insurance or individual insurance is irrelevant from the standpoint of reinsurance
activities. Moreover, while the insurance product to
be underwritten may be likened to ordinary credit life
insurance policies, the banking industry has never
generally engaged in underwriting mortgage insurance.
In determining whether a proposed activity is closely related to banking, the Board found recent court
decisions dealing with section 4(c)(8) of the act particularly useful. A federal circuit court has set forth
guidelines for determining whether an activity is closely related to banking: banks generally have in fact
provided the proposed services; banks generally provide services that are operationally or functionally so
similar to the proposed services as to equip them
particularly well to provide the proposed services; or
banks generally provide services that are so integrally
related to the proposed services as to require their
provision in a specialized form. 2 The Board has analyzed proposed activities in terms of the court's guide-
319
lines to determine whether there is a reasonable basis
for finding them closely related to banking.
In this regard, the Board finds that there is little
evidence in the record to show that banks have
engaged in the proposed activity. The Board understands that banks traditionally have engaged in underwriting credit life, accident and health insurance, but
have not been engaged in the underwriting of group
mortgage life insurance. Indeed, mortgage life insurance generally is underwritten by life insurance companies and may more appropriately be characterized
as a type of term life insurance. Further, there is
insufficient evidence to support the conclusion that the
proposed activity is operationally or functionally so
similar to activities presently conducted by bank holding companies as to indicate that bank holding companies are particularly well equipped to provide the
proposed activity. In this regard, the Board notes
Applicant seeks to engage in the proposed service only
as reinsurer and will continue to utilize the expertise of
an independent, direct underwriter. Lastly, there is no
evidence that banks generally provide services that are
so integrally related to the underwriting of home loan
life insurance as to require bank holding companies to
provide this service in a specialized form. In fact,
adequate service is presently being provided by the
insurance industry. Accordingly, the Board finds that
there is no reasonable basis for finding the activity is
closely related to banking or managing and controlling
banks.
Based upon the foregoing and the other facts of
record, the Board concludes that Applicant has failed
to demonstrate that there is a reasonable basis for the
opinion that the activity is closely related to banking or
managing or controlling banks as to be a proper
incident thereto within the meaning of the Section
225.4(a)(10) of the Board's Regulation Y or within the
meaning of section 4(c)(8) of the act. Accordingly, the
Board has denied the request and determined that a
Federal Register notice of opportunity for hearing on
this matter should not be published.
By order of the Board of Governors, effective April 29,
1982.
1. 6 6 FEDERAL RESERVE B U L L E T I N 6 6 0 ( 1 9 8 0 ) .
2. National Courier Association v. Board of Governors of the
Federal Reserve System, 516 F.2d 1229, 1737 (D.C. Cir. 1975). These
guidelines are cited, for example, in Association of Bank Travel
Bureaus, Inc. v. Board of Governors of the Federal Reserve System,
568 F.2d 549 (7th Cir. 1978), and Alabama Association of Insurance
Agents v. Board of Governors of the Federal Reserve System, 533
F.2d 224, 241 (5th Cir. 1976), rehearing denied, 658 F.2d 729 (1977),
cert, denied, 435 U.S. 904 (1978).
Voting for this action: Chairman Volcker and Governors
Martin, Partee, Teeters, and Rice. Absent and not voting:
Governors Wallich and Gramley.
(Signed) JAMES MCAFEE,
[SEAL]
Associate Secretary of the Board.
Legal Developments continued on next page.
320
Federal Reserve Bulletin • May 1982
ORDERS APPROVING
AND BANK MERGER
APPLICATIONS
ACT
UNDER
THE BANK
HOLDING
COMPANY
ACT
By the Board of Governors
During April 1982, the Board of Governors approved the applications listed below. Copies are available upon
request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
Section 3
Centerre Bancorporation,
St. Louis, Missouri
Continental Illinois Corporation,
Chicago, Illinois
Dakota Bankshares, Inc.,
Fargo, North Dakota
First Maryland Bancorp,
Baltimore, Maryland
Inter First Corporation,
Dallas, Texas
Mercantile Texas Corporation,
Dallas, Texas
U.S. Bancorp,
Portland, Oregon
Board action
(effective
date)
Bank(s)
Applicant
Centerre Bank of South County, N.A.,
St. Louis County, Missouri
Bank of Oakbrook Terrace,
Oakbrook Terrace, Illinois
First National Bank of Hettinger,
Hettinger, North Dakota
First Omni Bank, N.A.,
Millsboro, Delaware
The Peoples National Bank of Tyler,
Tyler, Texas
State National Financial Corporation,
Corsicana, Texas
The State National Bank of Corsicana,
Corsicana, Texas
First National Bank of Oregon,
Canby, Oregon
April 21, 1982
April 13, 1982
April 22, 1982
April 6, 1982
April 14, 1982
April 29, 1982
April 19, 1982
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are
available upon request to the Reserve Banks.
Section 3
Applicant
Alden Bancshares, Inc.,
Alden, Kansas
Ameribanc, Inc.,
St. Joseph, Missouri
American Bancorporation Holding
Company,
Brainerd, Minnesota
American Eagle Holding Corporation,
Piedmont, Oklahoma
Area Financial Corp.,
Redwood City, California
Reserve
Bank
Effective
date
Alden State Bank,
Alden, Kansas
Laurel Bancshares, Inc.,
Raytown, Missouri
American National Bank of
Brainerd,
Brainerd, Minnesota
Rolling Hills State Bank,
Piedmont, Oklahoma
Kansas City
April 14, 1982
Kansas City
March 29, 1982
Minneapolis
April 23, 1982
Kansas City
April 2, 1982
Bay Area Bank,
Redwood City, California
San Francisco
April 13, 1982
Bank(s)
Legal Developments
321
Section 3—Continued
Applicant
Baldy Bancshares, Inc.,
Lyle, Minnesota
Bancorp of Mississippi, Inc.,
Tupelo, Mississippi
Bay Bankshares, Inc.,
Oldsmar, Florida
Cairo Bancshares, Inc.,
Cairo, Georgia
Canadian Commercial Bank,
Edmonton, Canada
CCB Bancorp,
Los Angeles, California
Carbondale, Bancshares, Inc.,
Carbondale, Kansas
Central Capital Corporation,
Morton, Mississippi
Central Financial Corporation,
Wichita, Kansas
Colonial Bancshares of Greenville,
Inc.,
Greenville, Texas
Community Bankshares, Inc.,
Cornelia, Georgia
Crowley Holding Company,
Crowley, Texas
Cullen/Frost Bankers, Inc.,
San Antonio, Texas
DeKalb County Bancshares, Inc.,
Clarksdale, Missouri
Exchange Financial Corporation,
Ardmore, Oklahoma
Farmers National Bancorp,
Annapolis, Maryland
First Alabama Bancshares, Inc.
Montgomery, Alabama
First & Merchants Corporation,
Richmond, Virginia
„ ,, .
Bank(s)
Reserve
Effective
BanR
date
Farmer's State Bank of Lyle,
Lyle, Minnesota
Bank of Mississippi,
Tupelo, Mississippi
Bank of Oldsmar,
Oldsmar, Florida
Cairo Banking Company,
Cairo, Georgia
Westlands Diversified Bancorp,
Inc.,
Santa Ana, California
Minneapolis
April 5, 1982
St. Louis
April 9, 1982
Atlanta
April 2, 1982
Atlanta
April 6, 1982
San Francisco
March 25, 1982
State Bank of Carbondale,
Carbondale, Kansas
Citizens Bank and Trust Company,
Morton, Mississippi
The Central Bank and Trust Company,
Wichita, Kansas
Colonial Bank of Greenville,
Greenville, Texas
Kansas City
April 14, 1982
Atlanta
April 16, 1982
Kansas City
April 12, 1982
Dallas
April 16, 1982
Atlanta
March 29, 1982
Dallas
April 2, 1982
Dallas
March 31, 1982
Kansas City
April 16, 1982
Kansas City
April 12, 1982
Richmond
April 21, 1982
Atlanta
April 8, 1982
Richmond
April 20, 1982
Northeastern Banking Company,
Commerce, Georgia
The Bank of Crowley,
Crowley, Texas
United States National Bancshares
Inc.,
Galveston, Texas
United States National Bank,
Galveston, Texas
Sugarland State Bank,
Sugarland, Texas
New Galveston Company, Inc.,
San Antonio, Texas
The Clarksdale Bank of Clarksdale,
Clarksdale, Missouri
Exchange National Corporation,
Ardmore, Oklahoma
Farmers National Bank,
Annapolis, Maryland
The Caroline County Bank,
Greensboro, Maryland
First Farmers and Merchants National Bank of Troy,
Troy, Alabama
The Wise County National Bank,
Wise, Virginia
322
Federal Reserve Bulletin • May 1982
Section 3—Continued
Applicant
First Bancshares of Texas, Inc.,
Longview, Texas
First Freeport Corporation,
Freeport, Illinois
First Indiana Bancorp,
Elkhart, Indiana
First National Bancorp,
Gainesville, Georgia
First National Bancorp of Rutherford County, Inc.,
Smyrna, Tennessee
First National Corporation of Picayune,
Picayune, Mississippi
First of Murphysboro Corp.,
Murphysboro, Illinois
First Selmer Bancshares, Inc.,
Selmer, Tennessee
First State Bancshares, Inc.,
Pineville, Kentucky
Florida National Banks of Florida,
Inc.,
Jacksonville, Florida
Frontier Bancshares, Inc.,
Eagle Pass, Texas
Gary-Wheaton Corporation,
Wheaton, Illinois
Goddard Financial Corporation,
Goddard, Kansas
Graceville Bancorporation, Inc.,
Graceville, Minnesota
Garrison Bancshares, Inc.,
Garrison, Texas
Gulf Coast Holding Corp.,
Panama City, Florida
Hawkeye Bancorporation,
Des Moines, Iowa
Hudson Bancshares, Inc.,
Hudson, Kansas
Indiana Southern Financial Corp.,
Sellersburg, Indiana
Bank(s)
Reserve
Bank
Effective
date
Bank of Tyler, N.A.,
Tyler, Texas
Polo Bancorp, Inc.,
Polo, Illinois
First National Bank,
Elkhart, Indiana
First Cornelia Corporation,
Cornelia, Georgia
First Bank of Habersham,
Cornelia, Georgia
The First National Bank of Rutherford County,
Smyrna, Tennessee
First National Bank of Picayune,
Picayune, Mississippi
Dallas
April 16, 1982
Chicago
April 2, 1982
Chicago
April 12, 1982
Atlanta
April 20, 1982
Atlanta
April 12, 1982
Atlanta
April 12, 1982
The First Bank and Trust Company
of Murphysboro,
Murphysboro, Illinois
First National Bank of Selmer,
Selmer, Tennessee
First State Bank of Pineville,
Pineville, Kentucky
Peoples Bank of St. Augustine,
St. Augustine, Florida
St. Louis
April 12, 1982
St. Louis
April 19, 1982
Cleveland
April 9, 1982
Atlanta
March 29, 1982
Dallas
April 7, 1982
Chicago
April 2, 1982
Kansas City
March 24, 1982
Minneapolis
April 2, 1982
Dallas
April 5, 1982
Atlanta
April 6, 1982
Chicago
April 6, 1982
Frontier State Bank,
Eagle Pass, Texas
Batavia Investment Company,
Batavia, Illinois
Suburban West State Bank,
Goddard, Kansas
First State Bank of Graceville,
Graceville, Minnesota
The Commercial State Bank,
Garrison, Texas
First National Bank,
Panama City, Florida
Ankeny Bankshares, Inc.,
Ankeny, Iowa
Hawkeye Bank & Trust,
Humbolt, Iowa
Hudson State Bank,
Hudson, Kansas
Indiana Southern Bank of Sellersburg,
Sellersburg, Indiana
Indiana Sointerim Bank,
Sellersburg, Indiana
April 5, 1982
Kansas City
April 15, 1982
St. Louis
April 12, 1982
Legal Developments
323
Section 3—Continued
Applicant
International Bancorp.,
Denver, Colorado
Jeffersonville Bancorp,
Jeffersonville, New York
Kansas State Financial Corporation,
Wichita, Kansas
NBE Bancshares, Inc.,
Earlville, Illinois
National Bancshares, Inc.,
Clovis, New Mexico
Northwest Bancshares, Inc.,
Houston, Texas
Overbrook Bancshares, Inc.,
Overbrook, Kansas
Peachtree Bancshares, Inc.,
Atlanta, Georgia
Peoples Bancorp, Inc.,
Burlington, Kansas
Rock Creek Bancshares, Inc.,
Burlington, Kansas
Rocky Financial Corporation,
Rocky, Oklahoma
Santa Barbara Bancorp.,
Santa Barbara, California
Sarcoxie Bancorp, Inc.,
Sarcoxie, Missouri
Satanta Bancshares, Inc.,
Satanta, Kansas
Security National Corporation,
Washington, D.C.
Smith Center Bancshares, Inc.,
Smith Center, Kansas
Snook Bancshares, Inc.,
Snook, Texas
Standard Bancshares, Inc.,
Evergreen Park, Illinois
State Bancshares, Inc.,
Benkelman, Nebraska
Bank(s)
International Bank,
Denver, Colorado
Community Bank and Trust Company,
Englewood, Colorado
The First National Bank of Jeffersonville,
Jeffersonville, New York
Central Financial Corporation,
Wichita, Kansas
The Kansas State Bank and Trust
Company,
Wichita, Kansas
National Bank of Earlville,
Earlville, Illinois
First National Bank of Clovis,
Clovis, New Mexico
Northwest Bank and Trust,
Houston, Texas
First Security Bank,
Overbrook, Kansas
Bank of Woodstock,
Woodstock, Georgia
The First National Bank of Elk
City,
Elk City, Kansas
Peoples Bancorp, Inc.,
Burlington, Kansas
The State Bank of Rocky,
Rocky, Oklahoma
Santa Barbara Bank and Trust
Company,
Santa Barbara, California
The First National Bank of Sarcoxie,
Sarcoxie, Missouri
The State Bank of Satanta,
Satanta, Kansas
Security National Bank,
Washington, D.C.
First National Bank of Smith
Center,
Smith Center, Kansas
First Bank of Snook,
Snook, Texas
Heritage/Standard Bank and Trust
Company,
Evergreen Park, Illinois
State Bank of Benkelman,
Benkelman, Nebraska
Reserve
Bank
Effective
date
Kansas City
April 6, 1982
New York
April 12, 1982
Kansas City
April 12, 1982
April 12, 1982
Chicago
April 15, 1982
Dallas
April 16, 1982
Dallas
April 1, 1982
Kansas City
April 12, 1982
Atlanta
April 16, 1982
Kansas City
April 12, 1982
Kansas City
April 12, 1982
Kansas City
April 16, 1982
San Francisco
April 12, 1982
Kansas City
April 22, 1982
Kansas City
April 12, 1982
Richmond
April 14, 1982
Kansas City
April 1, 1982
Dallas
April 22, 1982
Chicago
April 2, 1982
Kansas City
April 9, 1982
324
Federal Reserve Bulletin • May 1982
Section 3—Continued
.
Applicant
Stockmens Financial Corporation,
Cotulla, Texas
United Bancorp of Maryland, Inc.
Oxon Hill, Maryland
United Banks of Colorado, Inc.,
Denver, Colorado
Victoria Bankshares, Inc.,
Victoria, Texas
Williamsburg Holding Company
Omaha, Nebraska
Winnsboro Bancshares, Incorporated,
Winnsboro, Louisiana
r, w x
Bank(s)
Stockmens National Bank in Cotulla,
Cotulla, Texas
United Bank and Trust Company of
Maryland,
Oxon Hill, Maryland
United Bank of Cherry Creek,
N.A.,
Denver, Colorado
United Bank of Southwest Plaza,
N.A.,
Littleton, Colorado
The First National Bank of Gonzales,
Gonzales, Texas
Security Savings Bank,
Williamsburg, Iowa
Winnsboro State Bank & Trust
Company,
Winnsboro, Louisiana
Reserve
„ .
Bank
Effective
,
date
Dallas
April 9, 1982
Richmond
April 9, 1982
Kansas City
April 19, 1982
Dallas
April 5, 1982
Chicago
April 8, 1982
Dallas
April 9, 1982
Section 4
Applicant
First National Bancorp, Inc.,
Shreveport, Louisiana
First Mortgage Corporation of
Shreveport,
Shreveport, Louisiana
Manufacturers Hanover Corporation,
New York, New York
Southern Bancorporation, Inc.,
Greenville, South Carolina
Nonbanking
company
(or activity)
Reserve
Bank
Effective
date
Jean Fore Mortgage Company, Inc.
Shreveport, Louisiana
Dallas
April 5, 1982
Indiana Financial, Inc.,
Merrillville, Indiana
Family Budget Finance of Tifton,
Inc.,
Tifton, Georgia
New York
April 5, 1982
Richmond
April 14, 1982
Legal Developments
325
Sections 3 and 4
Caneyville Bancshares,
Inc.,
Caneyville, Kentucky
Collinsville Bancorp,
Inc.,
Collinsville, Oklahoma
Letchworth Independent Bancshares Corporation,
Castile, New York
Loup Valley Bancshares, Inc.,
North Loup,
Nebraska
Midland California
Holdings Limited,
London, England
New London Agency,
Inc.,
New London, Minnesota
Taylor County Bancshares, Inc.,
Campbells ville,
Kentucky
ORDERS APPROVED
Nonbanking
company
(or activity)
Bank(s)
Applicant
Bank of Caneyville,
Caneyville, Kentucky
American Exchange
Bank,
Collinsville, Oklahoma
The Bank of Castile,
Castile, New York
North Loup Valley
Bank,
North Loup,
Nebraska
Crocker National Corporation,
San Francisco, California
First State Bank of
New London,
New London, Minnesota
Taylor County Bank,
Campbellsville,
Kentucky
UNDER BANK MERGER
Reserve
Bank
Effective
date
Caneyville Insurance
Agency, Inc.,
Caneyville, Kentucky
F & M Insurance
Agency Partnership,
Collinsville, Oklahoma
Letchworth Ag Credit
Corporation,
Castile, New York
St. Louis
April 15, 1982
Kansas City
April 2, 1982
New York
April 16, 1982
North Loup Insurance
Agency, Inc.,
North Loup,
Nebraska
Kansas City
April 1, 1982
San Francisco
April 8, 1982
Minneapolis
April 23, 1982
St. Louis
April 15, 1982
to sell general insurance in a community
with a population of
less than 5,000.
Taylor County Insurance Agency, Inc.,
Campbellsville,
Kentucky
ACT
By Federal Reserve Banks
Applicant
The Bank of New Jersey,
Camden, New Jersey
Fidelity Union Bank,
Newark, New Jersey
First Virginia Bank,
Falls Church, Virginia
Peoples Bank of Danville,
Danville, Virginia
Bank(s)
Prospect Park National Bank,
Wayne, New Jersey
Fidelity Union Bank N.A.,
Red Bank, New Jersey
Fidelity Union Bank N.A.,
Garden State,
Paramus, New Jersey
First Virginia Bank-Eastern,
Warrenton, Virginia
First Virginia Bank—Loudoun,
Leesburg, Virginia
Aquia Bank and Trust Company,
Stafford, Virginia
Reserve
Bank
Effective
date
Philadelphia
New York
April 8, 1982
Richmond
April 7, 1982
Richmond
April 5, 1982
March 1, 1982
326
Federal Reserve Bulletin • May 1982
PENDING
CASES INVOLVING
THE BOARD
OF
GOVERNORS*
*This list of pending cases does not include suits
against the Federal Reserve Banks in which the Board
of Governors is not named a party.
First Bancorporation v. Board of Governors, filed
April 1982, U.S.C.A. for the Tenth Circuit.
Charles G. Vick v. Paul A. Volcker, et al., filed March
1982, U.S.D.C. for the District of Columbia.
Jolene Gustafson v. Board of Governors, filed March
1982, U.S.C.A. for the Fifth Circuit.
Darnell Hilliard v. Esmond Langley, filed February
1982, Superior Court of the District of Columbia.
C. A. Cavendes, Sociedad Financiera v. Board of
Governors, filed January 1982, U.S.C.A. for the
District of Columbia.
First Lakefield BanCorporation v. Board of Governors, et al., filed January 1982, U.S.D.C. for the
District of Minnesota.
Christian Educational Association, Inc. v. Federal
Reserve System, filed January 1982, U.S.D.C. for
the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed December 1981, U.S.C.A. for the Second
Circuit.
Edwin F. Gordon v. Board of Governors, et al., filed
October 1981, U.S.C.A. for the Eleventh Circuit
(two consolidated cases).
Wendall Hall v. Board of Governors, et al., filed
September 1981, U.S.D.C. for the Northern District
of Georgia.
Allen Wolf son v. Board of Governors, filed September
1981, U.S.D.C. for the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed September 1981, U.S.C.A. for the Second
Circuit (two cases).
Bank Stationers Association, Inc., et al. v. Board of
Governors, filed July 1981, U.S.D.C. for the Northern District of Georgia.
Public Interest Bounty Hunters v. Board of Governors, et al., filed June 1981, U.S.D.C. for the
Northern District of Georgia.
Edwin F. Gordon v. John Heimann, et al., filed May
1981, U.S.C.A. for the Fifth Circuit.
Wilshire Oil Company of Texas v. Board of Governors, et al., filed April 1981, U.S.C.A. for the Third
Circuit.
People of the State of Arkansas v. Board of Governors, et al., filed March 1981, U.S.C.A. for the
Western District of Arkansas.
First Bank & Trust Company v. Board of Governors,
filed February 1981, U.S.D.C. for the Eastern District of Kentucky.
9 to 5 Organization for Women Office Workers v.
Board of Governors,
filed
December 1980,
U.S.D.C. for the District of Massachusetts.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.D.C. for the
District of Columbia.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.C.A. for the
District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.D.C. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.C.A. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
August 1980, U.S.D.C. for the District of Columbia.
Berkovitz, et al. v. Government of Iran, et al., filed
June 1980, U.S.D.C. for the Northern District of
California.
Darnell Hilliard v. G. William Miller, et al., filed
September 1976, U.S.C.A. for the District of Columbia.
50
Financial and Business Statistics
WEEKLY REPORTING
CONTENTS
Domestic
Financial
Statistics
A3 Monetary aggregates and interest rates
A4 Reserves of depository institutions, reserve,
bank credit
A5 Reserves and borrowings of depository
institutions
A6 Federal funds and repurchase agreements of
large member banks
FEDERAL RESERVE
BANKS
A l l Condition and Federal Reserve note statements
A12 Maturity distribution of loan and security
holdings
AND CREDIT
AGGREGATES
A12 Bank debits and deposit turnover
A13 Money stock measures and components
A14 Aggregate reserves of depository institutions
and monetary base
A15 Loans and securities of all commercial banks
COMMERCIAL
MARKETS
UMENTS
A7 Federal Reserve Bank interest rates
A8 Depository institutions reserve requirements
A9 Maximum interest rates payable on time and
savings deposits at federally insured institutions
A10 Federal Reserve open market transactions
MONETARY
BANKS
Assets and liabilities
A18 All reporting banks
A19 Banks with assets of $1 billion or more
A20 Banks in New York City
A21 Balance sheet memoranda
A22 Branches and agencies of foreign banks
A23 Commercial and industrial loans
A24 Gross demand deposits of individuals,
partnerships, and corporations
FINANCIAL
POLIC YINSTR
COMMERCIAL
BANKS
A16 Major nondeposit funds
A17 Assets and liabilities, last Wednesday-of-month
series
A25 Commercial paper and bankers dollar
acceptances outstanding
A26 Prime rate charged by banks on short-term
business loans
A26 Terms of lending at commercial banks
A27 Interest rates in money and capital markets
A28 Stock market—Selected statistics
A29 Selected financial institutions—Selected assets
and liabilities
FEDERAL
A30
A31
A32
A32
FINANCE
Federal fiscal and financing operations
U.S. budget receipts and outlay
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A33 U.S. government marketable securities—
Ownership, by maturity
A34 U.S. government securities dealers—
Transactions, positions, and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding
51
Federal Reserve Bulletin • May 1982
International
SECURITIES MARKETS
AND
CORPORATE
FINANCE
A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A38 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A39 Domestic finance companies—Assets and
liabilities; business credit
REAL
ESTATE
A40 Mortgage markets
A41 Mortgage debt outstanding
CONSUMER
INSTALLMENT
CREDIT
A42 Total outstanding and net change
A43 Extension and liquidations
FLOW OF
Nonfinancial
Statistics
A46 Nonfinancial business activity—Selected
measures
A46 Output, capacity, and capacity utilization
A47 Labor force, employment, and unemployment
A48 Industrial production—Indexes and gross value
A50 Housing and construction
A51 Consumer and producer prices
A52 Gross national product and income
A53 Personal income and saving
A54
A55
A55
A55
U.S. international transactions—Summary
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
A56 Foreign branches of U.S. banks—Balance sheet
data
A58 Selected U.S. liabilities to foreign official
institutions
REPORTED
BY BANKS
IN THE UNITED
STATES
A58
A59
A61
A62
Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A62 Banks' own claims on unaffiliated foreigners
A63 Claims on foreign countries—Combined
domestic offices and foreign branches
REPORTED BY NONBANKING
ENTERPRISES IN THE UNITED
BUSINESS
STATES
A64 Liabilities to unaffiliated foreigners
A65 Claims on unaffiliated foreigners
FUNDS
A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to credit
markets
Domestic
Statistics
SECURITIES
HOLDINGS
AND
TRANSACTIONS
A66 Foreign transactions in securities
A67 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions
INTEREST AND EXCHANGE
RATES
A67 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A68 Foreign exchange rates
A69 Guide to Tabular
Presentation,
Statistical Releases, and Special
Tables
Domestic Financial Statistics
1.10
A3
MONETARY AGGREGATES AND INTEREST RATES
1982
1981
Q3
Q2
Q4
Nov.
Q1
1982
1981
Dec.
Feb.
Jan.
Mar.
Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent) 1
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed
Monetary base 2
institutions
5
6
7
8
Concepts of money and liquid
Ml
M2
M3
L
4.2
5.0
-2.4
5.8
4.0
3.1
7.9
4.3
3.2
3.5
10.5
3.9
8.3
7.9
0.4
8.0
1.0
-1.1
17.0
3.3
11.3
12.1
12.3
11.3
9.2
12.0
12.2
10.6
.3
8.3
11.2
11.9
5.7
8.8
9.2
10.5 r
11.9
-8.9
16.2
19.9
3.2
18.4
-22.7
24.3
36.0
2.6
8.5
8.7
22.2
19.4
-4.0
11.6
10.4
9.7
8.6
n.a.
9.7
13.7
13.1
13.3
12.4
8.4
7.3
5.8'
21.0
12.2
8.9'
8.0'
8.3
-11.9
20.8
5.4
2.7
7.5
8.7
9.7
4.6
3.1
6.9
8.5
17.4
-5.2
4.2
1.6
4.6
-.3
2.2
1.3
5.0
14.5
4.4
1.1
1.1
3.7
3.1
3.3
-9.5'
-10.2
-6.9
-18.8
3.4
4.7
3.1
12.1
4.1
assets3
Time and savings deposits
Commercial banks
9
Total
10
Savings 4
11
Small-denomination time 5
12
Large-denomination time 6
13 Thrift institutions 7
14 Total loans and securities at commercial banks 8
1981
Q2
Q3
Q4
1982
1981
Q1
Dec.
4.7'
-3.5'
4.3
5.8
n.a.
2.4
11.2
11.3
n.a.
11.1'
.8
16.1'
10.7'
5.2
19.9'
13.6
25.1
17.2
7.6
11.0'
7.7
1982
Jan.
Feb.
Mar.
Apr.
Interest rates (levels, percent per annum)
15
16
17
18
Short-term rates
Federal funds 9
Discount window borrowing 1 0
Treasury bills (3-month market yield) 1 1
Commercial paper (3-month) 1 1 ' 1 2
Long-term rates
Bonds
19
U.S. government 1 3
20
State and local government 1 4
21
A a a utility (new issue) 1 5
22 Conventional mortgages' 6
17.78
13.62
14.91
16.15
17.58
14.00
15.05
16.78
13.59
13.04
11.75
13.04
14.23
12.00
12.81
13.81
12.37
12.10
10.85
12.12
13.22
12.00
12.28
13.09
14.78
12.00
13.48
14.53
14.68
12.00
12.68
13.80
14.94
12.00
12.70
14.06
13.49
10.69
15.41
16.15
14.51
12.11
16.82
17.50
14.14
12.54
15.67
17.33
14.27
13.02
15.71'
17.10
13.73
12.91
15.20
17.00
14.57
13.28
15.68
17.30
14.48
12.97
15.93
17.20
13.75
12.82
15.43'
16.80
13.57
12.59
15.83
16.65
1. Unless otherwise noted, rates of change are calculated from average amounts
outstanding in preceding month or quarter.
2. Includes reserve balances at Federal Reserve Banks in the current week plus
vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U . S . Treasury, Federal Reserve Banks,
the vaults of depository institutions, and surplus vault cash at depository institutions.
3. M l : Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) d e m a n d deposits at all commercial banks other than those due
to domestic banks, the U . S . government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft ( C U S D ) accounts,
and demand deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions and
term RPs at commercial banks and savings and loan associations and balances of
institution-only money market mutual funds.
L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and o t h e r
liquid Treasury securities, and U.S. savings bonds.
4. Savings deposits exclude N O W and ATS accounts at commercial banks and
thrifts and C U S D accounts at credit unions.
5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000 or
more.
7. Savings and loan associations, mutual savings banks, and credit unions.
8. Changes calculated from figures shown in table 1.23. D e c e m b e r 1981 and 1981
Q4 rates reflect shifts of foreign loans and securities f r o m U.S. banking offices to
international banking facilities.
9. Averages of daily effective rates (average of the rates on a given date weighted
by the volume of transactions at those rates).
10. Rate for the Federal Reserve Bank of New York.
11. Quoted on a bank-discount basis.
12. Unweighted average of offering rates quoted by at least five dealers.
13. Market yields adjusted to a 20-year maturity by the U.S. Treasury.
14. Bond Buyer series for 20 issues of mixed quality.
15. Weighted averages of new publicly offered bonds rated A a a , A a , and A by
Moody's Investors Service and adjusted to an A a a basis. Federal Reserve compilations.
16. Average rates on new commitments for conventional first mortgages on new
homes in primary markets, unweighted and rounded to nearest 5 basis points, f r o m
Dept. of Housing and U r b a n Development.
A4
1.11
Domestic Financial Statistics • May 1982
RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week ending
1982
1982
Factors
Feb.
Mar.
Apr.
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
A p r . 21 P
Apr. 28p
SUPPLYING R E S E R V E FUNDS
1 Reserve Bank credit outstanding
2
3
4
5
6
7
8
9
10
11
U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets
12 Gold stock
13 Special drawing rights certificate a c c o u n t . . .
14 Treasury currency outstanding
150,544
146,815
150,436
146,815
147,269
146,407
147,408
148,694
152,131
150,837
126,948
125,599
1,349
9,102
9,044
58
165
1,713
3,292
9,334
124,600
124,303
297
9,035
9,017
18
47
1,611
2,420
9,102
127,526
126,542
984
9,123
9,010
113
150
1,580
2,705
9,352
125,074
124,631
443
9,028
9,013
15
55
1,462
2,188
9,009
125,383
125,383
0
9,013
9,013
0
0
1,652
2,108
9,113
124,426
124,198
228
9,025
9,013
12
70
1,656
2,059
9,172
124,622
123,755
867
9,038
9,013
25
172
1,480
2,968
9,128
125,592
125,592
0
9,011
9,011
0
0
1,335
3,535
9,222
129,436
128,109
1,327
9,117
9,008
109
209
1,659
2,368
9,342
128,370
128,055
315
9,058
9,008
50
27
1,822
2,025
9,534
11,151
3,559
13,801
11,150
3,568
13,723
11,150
3,660
13,744
11,150
3,568
13,720
11,150
3,568
13,727
11,150
3,568
13,729
11,150
3,568
13,734
11,150
3,568
13,737
11,150
3,639
13,750
11,150
3,818
13,752
142,622
465
140,951
474
143,024
490
141,326
472
141,058
475
140,902
481
142,054
487
143,702
491
143,477
490
142,831
490
5,506
304
472
3,312
280
560
4,695
289
443
3,074
287
488
3,329
286
448
3,097
284
416
3,938
243
471
3,626
307
435
4,258
247
380
4,788
255
487
ABSORBING R E S E R V E FUNDS
15 Currency in circulation
16 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
17
Treasury
18
Foreign
19
Other
20
Required clearing balances
21 Other Federal Reserve liabilities and
capital
22 Reserve accounts 2
139
156
172
156
164
165
169
172
174
175
5,396
26,161
5,121
24,401
5,237
24,640
5,090
24,360
5,050
24,905
5,134
24,376
5,219
23,280
5,073
23,343
5,261
26,383
5,295
25,235
End-of-month figures
Wednesday figures
1982
1982
Feb.
Mar.
Apr.
147,618
148,729
158,729
150,492
148,483
148,729
148,586
149,477
155,488
158,702
125,410
125,410
0
9,026
9,026
0
0
1,180
2,959
9,043
125,589
123,992
1,597
9,095
9,013
82
488
2,646
1,882
9,029
134,257
128,988
5,269
10,004
9,008
996
768
1,799
1,507
10,394
126,939
126,326
613
9,034
9,013
21
143
1,959
3,259
9,158
125,407
125,407
0
9,013
9,013
0
0
1,777
3,088
9,198
125,589
123,992
1,597
9,095
9,013
82
488
2,646
1,882
9,029
120,426
120,426
0
9,013
9,013
0
0
2,291
7,399
9,457
123,831
123,831
0
9,008
9,008
0
0
4,444
2,890
9,304
130,615
127,949
2,666
9,228
9,008
220
128
3,043
2,955
9,519
130,371
128,166
2,205
9,356
9,008
348
192
6,180
2,870
9,732
11,150
3,568
14,579
11,150
3,568
13,734
11,149
3,818
13,756
11,150
3,568
13,723
11,150
3,568
13,728
11,150
3,568
13,734
11,150
3,568
13,734
11,150
3,568
13,745
11,150
3,818
13,751
11,150
3,818
13,756
140,525
470
141,673
484
143,044
491
141,575
472
141,198
479
141,673
484
143,358
487
144,220
491
143,346
489
143,361
491
3,835
416
414
139
2,866
421
425
167
12,239
966
450
176
4,172
219
526
155
2,408
302
400
160
2,866
421
425
167
4,934
197
392
168
2,909
239
373
171
7,031
224
486
174
10,869
264
484
175
6,291
24,825
4,955
26,190
5,561
24,526
4,950
26,864
4,841
27,141
4,955
26,190
4,873
22,629
4,946
24,591
5,211
27,246
5,282
26,498
Mar. 17
Mar. 24
Mar. 31
Apr. 7
A p r . 14
Apr. 21
A p r . 28
SUPPLYING R E S E R V E FUNDS
23 Reserve Bank credit outstanding
24
25
26
27
28
29
30
31
32
33
U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets
34 Gold stock
35 Special drawing rights certificate a c c o u n t . . .
36 Treasury currency outstanding
ABSORBING R E S E R V E FUNDS
37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
39
Treasury
40
Foreign
41
Other
42 Required clearing balances
43 Other Federal Reserve liabilities and
capital
44 Reserve accounts 2
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Excludes required clearing balances,
NOTE. For amounts of currency and coin held as reserves, see table 1.12.
Depository Institutions
1.12
RESERVES AND BORROWINGS
A5
Depository Institutions
Millions of dollars
M o n t h l y averages of daily figures
R e s e r v e classification
Dec.
1 R e s e r v e b a l a n c e s with R e s e r v e B a n k s 1 . . . .
2 Total vault cash ( e s t i m a t e d )
3
V a u l t cash at institutions with r e q u i r e d
reserve balances2
4
V a u l t cash e q u a l to r e q u i r e d r e s e r v e s at
o t h e r institutions
5
Surplus vault cash at o t h e r institutions 3 .
6 R e s e r v e b a l a n c e s + total vault c a s h 4
7 R e s e r v e b a l a n c e s + total vault cash u s e d
to satisfy r e s e r v e r e q u i r e m e n t s 4 - 5
8 Required reserves (estimated)
9 Excess reserve balances at Reserve Banks 4 , 6
10
T o t a l b o r r o w i n g s at R e s e r v e B a n k s
11
Seasonal borrowings at Reserve Banks
12
E x t e n d e d credit at R e s e r v e B a n k s
1982
1981
1980
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.P
26,664
18,149
27,000
18,435
25,499
18,925
25,690
18,810
25,892
18,844
26,163
19,538
26,721
20,284
25,963
19,251
24,254
18,749
24,640
18,573
12,602
12,549
13,041
12,924
12,986
13,577
14,199
13,082
12,663
12,774
704
4,843
44,940
1,477
4,409
45,435
2,053
3,831
44,424
2,097
3,789
44,500
2,073
3,785
44,736
2,178
3,783
45,701
2,290
3,795
47,005
2,235
3,934
45,214
2,313
3,773
43,003
2,218
3,581
43,216
40,097
40,067
30
1,617
116
n.a.
41,026
40,731
295
1,408
220
79
40,593
40,177
416
1,473
222
301
40,711
40,433
278
1,149
152
442
40,951
40,604
347
695
79
178
41,918
41,606
312
642
53
149
43,210
42,785
425
1,526
75
197
41,280
40,981
299
1,713
132
232
39,230
38,873
357
1,611
174
309
39,635
39,289
346
1,580
167
245
A p r . 21 P
Apr. 28p
Weekly averages of daily figures f o r w e e k e n d i n g :
1982
F e b . 24
13 R e s e r v e b a l a n c e s with R e s e r v e B a n k s 1 . . . .
14 T o t a l vault cash ( e s t i m a t e d )
15
V a u l t cash at institutions with r e q u i r e d
reserve b a l a n c e s 2
16
V a u l t cash e q u a l t o r e q u i r e d r e s e r v e s at
o t h e r institutions
17
Surplus vault cash at o t h e r institutions 3 .
18 R e s e r v e b a l a n c e s + total vault cash 4
19 R e s e r v e b a l a n c e s + total vault cash used
t o satisfy r e s e r v e r e q u i r e m e n t s 4 - 5
20 R e q u i r e d r e s e r v e s ( e s t i m a t e d )
21 Excess reserve balances at Reserve Banks 4 - 6
22
T o t a l b o r r o w i n g s at R e s e r v e B a n k s
Seasonal b o r r o w i n g s at R e s e r v e B a n k s
23
24
E x t e n d e d credit at R e s e r v e B a n k s . . . .
Mar. 3
M a r . 10
M a r . 24
M a r . 31
Apr. 7
A p r . 14
26,112
18,155
26,048
18,908
22,622
19,936
24,360
18,796
24,905
17,621
24,376
18,574
23,280
18,858
23,343
19,208
26,383
17,269
25,235
18,696
12,462
12,785
13,250
12,560
12,141
12,653
12,800
12,950
11,982
12,997
2,089
3,604
44,267
2,222
3,901
44,956
2,591
4,095
42,558
2,354
3,882
43,156
2,084
3,396
42,526
2,261
3,660
42,950
2,355
3,703
42,138
2,404
3,854
42,551
2,034
3,253
43,655
2,185
3,514
43,934
40,663
40,660
3
1,902
146
222
41,055
40,542
513
1,562
147
288
38,463
38,156
307
1,446
151
306
39,274
38,937
337
1,462
187
301
39,130
38,861
269
1,652
173
311
39,290
38,824
466
1,656
200
324
38,435
38,163
272
1,480
166
279
38,697
38,379
318
1,335
154
234
40,402
40,250
152
1,659
159
248
40,420
40,111
309
1,822
177
227
1. A s of A u g . 13, 1981 excludes r e q u i r e d clearing balances of all d e p o s i t o r y
institutions.
2. B e f o r e N o v . 13, 1980, t h e figures s h o w n reflect only the vault cash held by
member banks.
3. T o t a l vault cash at institutions w i t h o u t r e q u i r e d reserve balances less vault
cash e q u a l t o their r e q u i r e d reserves.
4. A d j u s t e d t o include waivers of p e n a l t i e s f o r reserve deficiencies in a c c o r d a n c e
with B o a r d policy, e f f e c t i v e N o v . 19, 1975, of permitting transitional relief o n a
g r a d u a t e d basis o v e r a 2 4 - m o n t h p e r i o d w h e n a n o n m e m b e r b a n k m e r g e d i n t o an
M a r . 17
existing m e m b e r b a n k , o r w h e n a n o n m e m b e r b a n k j o i n s t h e F e d e r a l R e s e r v e
System. F o r w e e k s f o r which figures are p r e l i m i n a r y , figures by class of b a n k d o
not a d d to total because a d j u s t e d d a t a by class a r e n o t available.
5. R e s e r v e balances with F e d e r a l R e s e r v e B a n k s which e x c l u d e r e q u i r e d clearing
balances plus vault cash at institutions with r e q u i r e d r e s e r v e b a l a n c e s p l u s vault
cash equal to r e q u i r e d reserves at o t h e r institutions.
6. R e s e r v e balances with F e d e r a l R e s e r v e B a n k s which e x c l u d e r e q u i r e d clearing
balances plus vault cash u s e d t o satisfy reserve r e q u i r e m e n t s less r e q u i r e d r e s e r v e s .
(This m e a s u r e of excess r e s e r v e s is c o m p a r a b l e t o the old excess r e s e r v e c o n c e p t
published historically.)
A6
1.13
Domestic Financial Statistics • May 1982
FEDERAL FUNDS AND REPURCHASE AGREEMENTS
Large Member Banks1
Averages of daily figures, in millions of dollars
1982, week ending Wednesday
By maturity and source
Mar. 3
One day and continuing
contract
1 Commercial banks in United States
2 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
Nonbank securities dealers
4 All other
All other maturities
Commercial banks in United States
6 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
7 Nonbank securities dealers
8 All other
MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract
9 Commercial banks in United States
10 Nonbank securities dealers
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
A p r . 21
A p r . 28
55,596
60,986 r
58,786'
54,579
52,588 r
61,397
61,983
57,673
53,753
17,934
3,802
21,860
18,620
3,241
22,256
20,379
3,718
22,767
20,440
4,266
22,184
19,910 r
3,939 r
23,246 r
18,378
3,979
22,949
18,862
3,547
19,809
18,822
3,604
21,104
18,737
3,452
22,024
4,296
4,216
4,048
4,190
4,167
4,104
5,045
4,658
4,582
7,581
4,066
8,934
7,645
4,108
9,525
7,735
3,726
9,058
8,000
3,741
9,203
8,141
3,783
9,405 r
8,394
3,639
9,552
8,620
3,906
12,984
8,712
3,674
11,114
8,906
4,078
9,432
20,109
3,786
21,739
4,361
21,068 r
4,035
18,935
4,506
17,094 r
4,470'
20,082
4,414
18,539
4,307
19,423
4,186
18,473
4,632
Policy Instruments
A7
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per annum
Current and previous levels
Extended credit'
Short-term adjustment credit
and seasonal credit
Federal Reserve
Bank
First 60 days
of borrowing
Next 90 days
of borrowing
After 150 days
Effective date
for current rates
Rate on
4/30/82
Effective
date
Previous
rate
Rate on
4/30/82
Previous
rate
Rate on
4/30/82
Previous
rate
Rate on
4/30/82
Previous
rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
12
12
12
12
12
12
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
13
13
13
13
13
13
12
12
12
12
12
12
13
13
13
13
13
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
14
14
14
14
15
15
15
15
15
15
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o . . . .
12
12
12
12
12
12
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
13
13
13
13
13
13
12
12
12
12
12
12
13
13
13
13
13
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
14
14
14
14
15
15
15
15
15
15
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
Range of rates in recent years 2
Effective date
In effect Dec. 31, 1972
1973— Jan. 15
Feb. 26
Mar. 2
Apr. 23
May 4
11
18
June 11
15
July
2
Aug. 14
23
1974— Apr. 25
Dec.
9
16
1975— Jan.
6
10
24
Feb. 5
7
Mar. 10
14
May 16
23
Range (or
level)—
All F . R .
Banks
F.R.
Bank
of
N.Y.
4Vi
5
5-51/5
4>/5
5
51/5
5V5
1976— Jan.
19.
23.
Nov. 22.
5'A
26.
5 Vl-6
51/2
51/4-51A
51/4
53/4
6
6
1977— Aug. 30.
31.
Sept. 2.
Oct. 26.
51/4—53/4
51/4-53/4
53/4
6
51/4
53/4
53/4
6
5Vi
53/4
5 3 /4-6
6
6-6
6 V5
7
Vi
51Vi
61A
1-1 Vi
m
1
1 Vi
71/5-8
8
7 3 /4-8
73/4
73/4
73/4
7V4-73/4
71/4-73/4
7'/4
63/4-71/4
63/4
6l/4-63/4
6'/4
6-61/4
6
73/4
71/4
71/4
63/4
7Vi
Effective date
71A
3
6 /4
61/4
61/4
6
6
1978— Jan.
9.
20.
May
11.
12.
July
3.
July 10.
Aug. 21.
Sept. 22.
Oct. 16.
20.
Nov.
1.
3.
1979— July 20.
Aug. 17.
20.
1. Applicable to advances when exceptional circumstances or practices involve
only a particular depository institution and to advances when an institution is under
sustained liquidity pressures. See section 201.3(b)(2) of Regulation A.
2. Rates for short-term adjustment credit. For description and earlier data see
the following publications of the Board of Governors: Banking and Monetary
Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and 1980.
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
51A
5V4
5'/4
6-6 Vi
6!A
6V5-7
7
7-71/4
71/4
73/4
61/5
7
7
7V4
71/4
73/4
6'A
8-81/5
81/2
8 V5-91/5
91/5
to
lO-lOVi
10'/5
81/5
8 'A
9'A
9V5
Effective date
1979— Sept. 19
21
Oct. 8
10
Range (or
level)—
All F.R.
Banks
10'A-ll
11
11-12
12
F.R.
Bank
of
N.Y.
11
11
12
12
1980— Feb. 15
19
May 29
30
June 13
16
July 28
29
Sept. 26
Nov. 17
Dec. 5
8
12-13
13
12-13
12
11-12
11
10-11
10
11
12
12-13
13
13
13
13
12
11
11
10
10
5
8
2
6
4
13-14
14
13-14
13
12
14
14
13
13
12
12
12
1981— May
May
Nov.
Nov.
Dec.
11
12
13
13
10
1015
10'A
In effect Apr. 30, 1982
In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment credit borrowings by institutions with deposits of $500 million or more
that had borrowed in successive weeks or in more than 4 weeks in a calendar
quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7,
1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was
adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and
to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective
Sept. 22, 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for
applying the surcharge was changed from a calendar quarter to a moving 13-week
period. The surcharge was eliminated on Nov. 17, 1981.
A8
1.15
Domestic Financial Statistics • May 1982
DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS'
Percent of deposits
Type of deposit, and deposit interval
in millions of dollars
Member bank requirements
before implementation of the
Monetary Control Act
Percent
Net demand2
0-2
2-10
10-100
100-400
Over 400
Time and
Savings
Effective date
12/30/76
12/30/76
12/30/76
12/30/76
12/30/76
3
Effective date
3
12
11/13/80
11/13/80
Nonpersonal time deposits8
By original maturity
Less than 4 years
4 years or more
3
0
11/13/80
11/13/80
Eurocurrency
All types
3
11/13/80
7
3/16/67
3
2l/i
1
3/16/67
1/8/76
10/30/75
6
2 Vi
1
12/12/74
1/8/76
10/30/75
1. For changes in reserve requirements beginning 1963, see Board's Annual
Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for
1976, table 13. U n d e r provisions of the Monetary Control Act, depository institutions include commercial banks, mutual savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act
corporations.
2. (a) Requirement schedules are graduated, and each deposit interval applies
to that part of the deposits of each bank. D e m a n d deposits subject to reserve
requirements were gross demand deposits minus cash items in process of collection
and demand balances due from domestic banks.
(b) The Federal Reserve Act as amended through 1978 specified different ranges
of requirements for reserve city banks and for other banks. Reserve cities were
designated under a criterion adopted effective Nov. 9,1972, by which a bank having
net demand deposits of more than $400 million was considered to have the character
of business of a reserve city bank. The presence of the head office of such a bank
constituted designation of that place as a reserve city. Cities in which there were
Federal Reserve Banks or branches were also reserve cities. Any banks having net
demand deposits of $400 million or less were considered to have the character of
business of banks outside of reserve cities and were permitted to maintain reserves
at ratios set for banks not in reserve cities.
(c) Effective Aug. 24, 1978, the Regulation M reserve requirements on net
balances due from domestic banks to their foreign branches and on deposits that
foreign branches lend to U.S. residents were reduced to zero from 4 percent and
1 percent respectively. The Regulation D reserve requirement on borrowings from
unrelated banks abroad was also reduced to zero from 4 percent.
(d) Effective with the reserve computation period beginning Nov. 16, 1978,
domestic deposits of Edge corporations were subject to the same reserve requirements as deposits of m e m b e r banks.
3. (a) Negotiable order of withdrawal ( N O W ) accounts and time deposits such
as Christmas and vacation club accounts were subject to the same requirements as
savings deposits.
(b) The average reserve requirement on savings and other time deposits before
implementation of the Monetary Control Act had to be at least 3 percent, the
minimum specified by law.
4. (a) Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent
was imposed on large time deposits of $100,000 or more, obligations of affiliates,
and ineligible acceptances. This supplementary requirement was eliminated with
the maintenance period beginning July 24, 1980.
(b) Effective with the reserve maintenance period beginning Oct. 25, 1979, a
marginal reserve requirement of 8 percent was added to managed liabilities in
excess of a base amount. This marginal requirement was increased to 10 percent
beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and
N O T E T O T A B L E 1.16
NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally
insured commercial banks, mutual savings banks, and savings and loan associations
were established by the Board of Governors of the Federal Reserve System, the
Board of Directors of the Federal Deposit Insurance Corporation, and the Federal
H o m e Loan Bank Board under the provisions of 12 C F R 217, 329, and 526 respectively. Title II of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish
maximum rates of interest pbe on deposits to the Depository Institutions Deregulation Committee. The maximum rates on time deposits in denominations of
$100,000 or more with maturities of 30-89 days were suspended in June 1970; such
deposits maturing in 90 days or more were suspended in May 1973. For information
regarding previous interest rate ceilings on all types of accounts, see earlier issues
of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal,
and the Annual Report of the Federal Deposit Insurance
Corporation.
Depository institution requirements
after implementation of the
Monetary Control Act 5
Percent
Net transaction accounts6
7
9>/2
113/4
123/4
16 !/4
savings2-3
Time 4
0-5, by maturity
30-179 days
180 days to 4 years
4 years or more
Over 5, by maturity
30-179 days
180 days t o 4 years
4 years or more
Type of deposit, and
deposit interval
liabilities
was reduced to zero beginning July 24, 1980. Managed liabilities are defined as
large time deposits. Eurodollar borrowings, repurchase agreements against U.S.
government and federal agency securities, federal funds borrowings f r o m nonmember institutions, and certain other obligations. In general, the base for the
marginal reserve requirement was originally the greater of (a) $100 million or (b)
the average amount of the managed liabilities held by a member b a n k , Edge
corporation, or family of U.S. branches and agencies of a foreign bank for the two
statement weeks ending Sept. 26, 1979. For the computation period beginning Mar.
20, 1980, the base was lowered by (a) 7 percent or ( b j the decrease in an institution's
U.S. office gross loans to foreigners and gross balances due from foreign offices
of other institutions between the base period (Sept. 13-26, 1979) and the week
ending Mar. 12, 1980, whichever was greater. For the computation period beginning
May 29,1980, the base was increased by 7'/5 percent above the base used to calculate
the marginal reserve in the statement week of May 14-21, 1980. In addition,
beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and
balances declined.
5. For existing nonmember banks and thrift institutions at the time of implementation of the Monetary Control Act, the phase-in period ends Sept. 3, 1987.
For existing member banks the phase-in period is about three years, depending on
whether their new reserve requirements are greater or less than the old requirements. For existing agencies and branches of foreign banks, the phase-in ends Aug.
12, 1982. All new institutions will have a two-year phase-in beginning with the date
that they open for business.
6. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment
orders of withdrawal, and telephone and preauthorized transfers (in excess of three
per month) for the purpose of making payments to third persons or others.
7. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement will apply be modified
annually to 80 percent of the percentage increase in transaction accounts held by
all depository institutions on the previous June 30. At the beginning of 1982 the
amount was accordingly increased from $25 million to $26 million.
8. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which the beneficial interest is
held by a depositor that is not a natural person. Also included are certain transferable time deposits held by natural persons, and certain obligations issued to
depository institution offices located outside the United States. For details, see
section 204.2 of Regulation D.
NOTE. Required reserves must be held in the form of deposits with Federal
Reserve Banks or vault cash. After implementation of the Monetary Control Act,
nonmembers may maintain reserves on a pass-through basis with certain approved
institutions.
Policy Instruments
1.16
A9
MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions
Percent per annum
Savings and loan associations and
mutual savings banks (thrift institutions)
Commercial banks
Type and maturity of deposit
In effect April 30, 1982
Percent
1 Savings
2 Negotiable order of withdrawal accounts 2
Time accounts 3
Fixed ceiling rates by maturity 4
3
14-89 days "
4
90 days to 1 vear
5
1 to 2 years 7
6
2 to 2 Yl years 7
7
2V5 to 4 years 7
8
4 to 6 years 8
9
6 to 8 years 8
10
8 years or more 8
11
Issued to governmental units (all maturities) 10
12
Individual retirement accounts and Keogh (H.R. 10)
plans (3 years or more) 1 0 1 1
13
14
15
16
Special variable ceiling rates by maturity
6-month money market time deposits 12
12-month all savers certificates
2V5 years to 4 years
Accounts with no ceiling rates
Individual retirement accounts and Keogh (H.R. 10)
plans (18 months or more)
5V4
51/4
5V4
53/4
Effective
date
V/2
73/4
8/1/79
1/1/80
mm
11/1/73
12/23/74
6/1/78
6/1/78
6/1/78
Effective
date
In effect April 30, 1982
Percent
7/1/73
1/1/74
51/5
5
5'/!
5 Vi
53/4
53/4
7/1/73
7/1/73
1/21/70
1/21/70
1/21/70
( )
6
. 71/4
7%
11/1/73
73/4
73/4
51/4
Effective
date
63/4
51/4
5
6
1/1/80
(')
i 2/23/74
(')
11/1/73
12/23/74
6/1/78
6/1/78
7/6/77
6/1/78
71/5
Percent
7/1/79
12/31/80
6
61/2
Previous maximum
( )3
5 /4
53/4
6
6
a IVi
(6)1
73/4
73/4
ri3\
17
( )
1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loan
associations.
2. For authorized states only. Federally insured commercial banks, savings and
loan associations, cooperative banks, and mutual savings banks in Massachusetts
and New Hampshire were first permitted to offer negotiable order of withdrawal
(NOW) accounts on Jan. 1, 1974. Authorization to issue N O W accounts was extended to similar institutions throughout New England on Feb. 27, 1976, in New
York State on Nov. 10, 1978, and in New Jersey on Dec. 28, 1979. Authorization
to issue N O W accounts was extended to similar institutions nationwide effective
Dec. 31, 1980.
3. For exceptions with respect to certain foreign time deposits see the BULLETIN
for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167).
4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts
at savings and loan associations was decreased to 14 days and the minimum maturity
period for time deposits at savings and loan associations in excess of $100,000 was
decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice
period for time deposits was decreased from 30 to 14 days at mutual savings banks.
5. Effective Oct. 30, 1980, the minimum maturity or notice period for time
deposits was decreased from 30 to 14 days at commercial banks.
6. No separate account category.
7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was
required for savings and loan associations, except in areas where mutual savings
banks permitted lower minimum denominations. This restriction was removed for
deposits maturing in less than 1 year, effective Nov. 1, 1973.
8. No minimum denomination. Until July 1, 1979, the minimum denomination
was $1,000 except for deposits representing funds contributed to an individual
retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the
Internal Revenue Code. The $1,000 minimum requirement was removed for such
accounts in December 1975 and November 1976 respectively.
9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or
more with minimum denominations of $1,000 had no ceiling; however, the amount
of such certificates that an institution could issue was limited to 5 percent of its
total time and savings deposits. Sales in excess of that amount, as well as certificates
of less than $1,000, were limited to the 6V5 percent ceiling on time deposits maturing
in 2V5 years or more. Effective Nov. 1,1973, ceilings were reimposedon certificates
matunng in 4 years or more with minimum denomination of $1,000. There is no
limitation on the amount of these certificates that banks can issue.
10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denomination requirements.
11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate
as thrifts on I R A and Keogh accounts and accounts of governmental units when
such deposits are placed in the new 2'/5-year or more variable-ceiling certificates
or in 26-week money market certificates regardless of the level of the Treasury bill
rate.
12. Must have a maturity of exactly 26 weeks and a minimum denomination of
$10,000, and must be nonnegotiable.
13. Commercial banks ana thrift institutions were authorized to offer money
market time deposits effective June 1, 1978. These deposits have a minimum denomination requirement of $10,000 and a maturity of 26 weeks. The ceiling rate
of interest on these deposits is indexed to the discount rate (auction average) on
most recently issued 26-week U.S. Treasury bills. Interest on these certificates may
not be compounded. Effective for all 6-month money market certificates issued
beginning Nov. 1, 1981, depository institutions may pay rates of interest on these
deposits indexed to the higher of (1) the rate for 26-week Treasury bills established
immediately before the aate of deposit (bill rate) or (2) the average of the four
rates for 26-week Treasury bills established for the 4 weeks immediately prior to
the date of deposit (4-week average bill rate). Rate ceilings are determined as
follows:
Bill rate or 4-week
Commercial bank ceiling
average bill rate
7.50 percent or below
7.75 percent
Above 7.50 percent
1/4 of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
Percent
7/1/79
12/31/80
7/1/73
6'/5
7'/4
Previous maximum
07)
C7)
(,7)
17
( )
(17)
Bill rate or 4-week
average bill rate
Thrift ceiling
7.25 percent or below
Above 7.25 percent, but below
8.50 percent
8.50 percent or above, but below
8.75 percent
8.75 percent or above
7.75 percent
V5 of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
9 percent
1/4 of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
The maximum allowable rates in April for commercial banks and thrifts based on
the bill rate were as follows: April 6, 13.052; April 13, 13.149; April 20, 12.969;
April 27, 12.890. The maximum allowable rates in April for commercial banks and
thrifts based on the 4-week average bill rate were as follows: April 6, 13.170; April
13, 13.154; April 20, 13.165; April 27, 13.015.
14. Effective Oct. 1, 1981, depository institutions are authorized to issue all
savers certificates (ASCs) with a 1-year maturity and an annual investment yield
equal to 70 percent of the average investment yield for 52-week U.S. Treasury bills
as determined by the auction of 52-week Treasury bills held immediately before
the calendar week in which the certificate is issued. A maximum lifetime exclusion
of $1,000 ($2,000 on a joint return) from gross income is generally authorized for
interest income from ASCs. The annual investment yields for ASCs issued in April
(in percent) were as follows: April 18, 10.37.
15. Effective Aug. 1, 1981, commercial banks may pay interest on any variable
ceiling nonnegotiable time deposit with an original maturity of 2'/5 years to less
than 4 years at a rate not to exceed >/4 of 1 percent below the average 2'/2-year
yield for U.S. Treasury securities as determined and announced by the Treasury
Department immediately before the date of deposit. Thrift institutions may pay
interest on these certificates at a rate not to exceed the average 2'/5 -year yield for
Treasury securities as determined and announced by the Treasury Department
immediately before the date of deposit. If the announced average 2'/5-year yield
for Treasury securities is less than 9.50 percent, commercial banks may pay 9.25
percent and thrift institutions 9.50 percent for these deposits. These deposits have
no required minimum denomination, and interest may be compounded on them.
The ceiling rates of interest at which they may be offered vary biweekly. The
maximum allowable rates in April (in percent) for commercial banks were as
follows: April 13, 14.10; April 27, 13.85; and for thrift institutions: April 13. 14.35;
April 27, 14.10.
16. Between Jan. 1, 1980, and Aug. 1, 1981, commercial banks, and thrift institutions were authorized to offer variable ceiling nonnegotiable time deposits with
no required minimum denomination and with maturities of 2'/5 years or more.
Effective Jan. 1, 1980, the maximum rate for commercial banks was 3/4 percentage
point below the average yield on 2'/2-year U.S. Treasury securities; the ceiling rate
for thrift institutions was Va percentage point higher than that for commercial banks.
Effective Mar. 1, 1980, a temporary ceiling of ll 3 /4 percent was placed on these
accounts at commercial banks and 12 percent on these accounts at savings and loan
associations. Effective June 2, 1980, the ceiling rates for these deposits at commercial banks and savings and loans was increased V5 percentage point. The temporary ceiling was retained, and a minimum ceiling of 9.25 percent for commercial
banks and 9.50 percent for thrift institutions was established.
17. Effective Dec. 1, 1981, depository institutions were authorized to offer time
deposits not subject to interest rate ceilings when the funds are deposited to the
credit of, or in which the entire beneficial interest is held by, an individual pursuant
to an IRA agreement or Keogh (H.R. 10) plan. Such time deposits must have a
minimum maturity of 18 months, and additions may be made to the time deposit
at any time before its maturity without extending the maturity of all or a portion
of the balance of the account.
For NOTE see opposite page.
A10
1.17
Domestic Financial Statistics • May 1982
FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1981
Type of transaction
1979
1980
1982
1981
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
U . S . G O V E R N M E N T SECURITIES
Outright transactions (excluding matched
transactions)
1
2
3
4
Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions
5
6
7
8
9
15,998
6,855
0
2,900
7,668
7,331
0
3,389
13,899
6,746
0
1,816
1,753
945
0
500
241
1,157
0
200
1,765
0
0
16
2,170
0
0
0
0
2,756
0
600
1,017
868
0
0
474
995
0
600
Others within 1 year1
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions
3,203
0
17,339
-11,308
2,600
912
0
12,427
-18,251
0
317
23
13,794
-12,869
0
0
0
628
-599
0
0
0
425
0
0
0
0
1,389
-3,047
0
80
0
887
-754
0
0
0
542
0
0
20
0
2,633
-940
0
0
0
900
-1,479
0
10
11
12
13
1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange
2,148
0
-12,693
7,508
2,138
0
-8,909
13,412
1,702
0
-10,299
10,117
0
0
-628
599
0
0
-425
0
100
0
-1,057
2,325
526
0
-887
754
0
0
-542
0
50
0
-974
765
0
0
-900
1,479
14
15
16
17
5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
523
0
-4,646
2,181
703
0
-3,092
2,970
393
0
-3,495
1,500
0
0
0
0
0
0
0
0
0
0
-332
400
165
0
0
0
0
0
0
0
0
0
-1,659
100
0
0
0
0
18
19
20
21
Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
454
0
0
1,619
811
0
-426
1,869
379
0
0
1,253
0
0
0
0
0
0
0
0
0
0
0
322
108
0
0
0
0
0
0
0
0
0
0
75
0
0
0
0
22
23
24
All maturities1
Gross purchases
Gross sales
Redemptions
22,325
6,855
5,500
12,232
7,331
3,389
16,690
6,769
1,816
1,753
945
500
241
1,157
200
1,865
0
16
3,049
0
0
0
2,756
600
1,087
868
0
474
995
600
25
26
Matched transactions
Gross sales
Gross purchases
627,350
624,192
674,000
675,496
589,312
589,647
52,055
51,555
58,581
58,372
42,012
41,900
54,098
54,044
51,132
51,717
28,033
28,258
38,946
38,650
27
28
Repurchase agreements
Gross purchases
Gross sales
107,051
106,968
113,902
113,040
79,920
78,733
0
0
3,902
3,902
9,505
7,709
14,180
12,760
12,962
12,914
18,656
21,919
8,595
6,998
6,896
3,869
9,626
-192
-1,325
3,534
4,415
-2,724
-2,820
179
853
399
134
668
0
145
494
0
108
0
0
33
0
0
15
494
0
10
0
0
4
0
0
68
0
0
32
0
0
13
37,321
36,960
28,895
28,863
13,320
13,576
0
0
787
787
1,607
1,288
1,647
1,697
800
935
872
1,006
554
471
681
555
130
-33
-15
802
-54
-203
-166
70
36 Outright transactions, net
37 Repurchase agreements, net
0
116
0
73
0
-582
0
0
0
0
0
744
0
-549
0
402
0
-597
0
488
38 Net change in bankers acceptances
116
73
-582
0
0
744
-549
402
-597
488
7,693
4,497
9,175
-225
-1,340
5,080
3,812
-2,524
-3,583
737
29 Net change in U.S. government securities
F E D E R A L A G E N C Y OBLIGATIONS
30
31
32
Outright transactions
Gross purchases
Gross sales
Redemptions
33
34
Repurchase agreements
Gross purchases
Gross sales
35 Net change in federal agency obligations
B A N K E R S ACCEPTANCES
39 Total net change in System Open Market
Account
1. Both gross purchases and redemptions include special certificates created
when the Treasury borrows directly from the Federal Reserve, as follows (millions
of dollars): March 1979, 2,600.
NOTE. Sales, redemptions, and negative figures reduce holdings of the System
Open Market Account; all other figures increase such holdings. Details may not
add to totals because of rounding.
Reserve Banks
1.18
FEDERAL RESERVE BANKS
All
Condition and Federal Reserve Note Statements
Millions of dollars
Account
Mar. 31
Apr. 7
Wednesday
E n d of month
1982
1982
A p r . 21
A p r . 14
Mar.
Feb.
A p r . 28
Apr.
Consolidated condition statement
ASSETS
11,150
3,568
432
11,150
3,568
418
11,150
3,568
413
11,150
3,818
402
11,150
3,818
403
11,150
3,568
453
11,150
3,568
432
11,149
3,818
411
2,646
0
2,291
0
4,444
0
3,043
0
6,180
0
1,180
0
2,646
0
1,799
0
1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4
To depository institutions
5
Other
Acceptances
6
Held undeT repurchase agreements
Federal agency obligations
7
Bought outright
8
H e l d under repurchase agreements
U.S. government securities
Bought outright
9
Bills
10
Notes
11
Bonds
12
Total 1
13
Held under repurchase agreements
14 Total U.S. government securities
488
0
0
128
192
0
488
768
9,013
82
9,013
0
9,008
0
9,008
220
9,008
348
9,026
0
9,013
82
9,008
996
45,543
60,359
18,090
123,992
1,597
125,589
41,977
60,359
18,090
120,426
0
120,426
45,382
60,359
18,090
123,831
0
123,831
49,470
60,389
18,090
127,949
2,666
130,615
49,687
60,389
18,090
128,166
2,205
130,371
46,961
60,359
18,090
125,410
0
125,410
45,543
60,359
18,090
123,992
1,597
125,589
49,704
61,143
18,141
128,988
5,269
134,257
15 Total loans and securities
137,818
131,730
137,283
143,014
146,099
135,616
137,818
146,828
7,989
510
14,192
510
9,591
511
10,025
512
9,427
515
8,672
505
7,989
510
8,449
514
4,953
3,566
4,970
3,977
4,970
3,823
4,974
4,033
4,981
4,236
5,137
3,401
4,953
3,566
5,591
4,289
169,986
170,515
171,309
177,928
180,629
168,502
169,986
181,049
128,855
130,529
131,379
130,486
130,500
126,869
128,855
130,189
26,357
2,866
421
425
22,797
4,934
197
392
24,762
2,909
239
373
27,420
7,031
224
486
26,673
10,869
264
484
24,964
3,835
416
414
26,357
2,866
421
425
24,702
12,239
966
450
30,069
28,320
28,283
35,161
38,290
29,629
30,069
38,357
6,107
2,155
6,793
2,001
6,701
2,053
7,070
2,306
6,557
2,374
5,713
3,341
6,107
2,155
6,942
2,497
167,186
167,643
168,416
175,023
177,721
165,552
167,186
177,985
1,298
1,278
224
1,299
1,278
295
1,305
1,278
310
1,305
1,278
322
1,308
1,278
322
1,291
1,278
381
1,298
1,278
224
1,308
1,278
478
169,986
170,515
171,309
177,928
180,629
168,502
169,986
181,049
92,825
92,832
91,760
91,167
90,775
94,816
92,825
90,609
16 Cash items in process of collection
17 Bank premises
Other assets
18
Denominated in foreign currencies 2
19
All other 3
20 Total assets
LIABILITIES
21 Federal Reserve notes
Deposits
22
Depository institutions
23
U.S. Treasury—General account
24
Foreign—Official accounts
25
Other
26 Total deposits
27 Deferred availability cash items
28 Other liabilities and accrued dividends 4
29 Total liabilities
CAPITAL ACCOUNTS
30 Capital paid in
31 Surplus
32 Other capital accounts
33 Total liabilities and capital accounts
34 MEMO: Marketable U . S . government securities held in
custody for foreign and international account
Federal Reserve note statement
35 Federal Reserve notes outstanding (issued to bank)
36
LESS: Held by bank 5
37
Federal Reserve notes, net
Collateral for Federal Reserve notes
38
Gold certificate account
39
Special drawing rights certificate account
40
Other eligible assets
41
U.S. government and agency securities
42 Total collateral
152,039
23,184
128,855
152,104
21,575
130,529
152,236
20,857
131,379
152,675
22,189
130,486
152,898
22,398
130,500
150,636
23,767
126,869
152,039
23,184
128,855
11,150
3,568
64
11,150
3,568
515
115,296
11,150
3,568
79
11,150
3,818
11,150
3,818
11,150
3,568
11,150
3,568
64
116,582
115,518
115,532
112,151
114,073
131,379
130,486
130,500
126,869
128,855
114,073
130,529
128,855
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies and foreign currencies warehoused for the U.S. Treasury. Assets shown in this line are revalued monthly at market exchange rates.
0
0
0
3. Includes special investment account at Chicago of Treasury bills maturing
within 90 days.
4. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank
are exempt from the collateral requirement.
A12
1.19
Domestic Financial Statistics • May 1982
FEDERAL RESERVE BANKS
Maturity Distribution of Loan and Security Holdings
Millions of dollars
Type and maturity groupings
Mar. 31
Apr. 7
Wednesday
End of month
1982
1982
Apr. 14
Apr. 21
A p r . 28
Feb. 26
Mar. 31
A p r . 30
1 Loans—Total
2
Within 15 days
3
16 days to 90 days
4
91 days to 1 year
2,646
2.552
94
0
2,291
2,137
154
0
4,444
4,360
84
0
3,043
3,023
20
0
6,180
6,140
40
0
1,180
1,069
111
0
2,646
2,552
94
0
1,799
1,704
95
0
5 Acceptances—Total
6
Within 15 days
7
16 days to 90 days
8
91 days to 1 year
488
488
0
0
0
0
0
0
0
0
0
0
128
128
0
0
192
192
0
0
0
0
0
0
488
488
0
0
768
768
0
0
9 U.S. government securities—Total
10
Within 15 days 1
11
16 days to 90 days
12
91 days to 1 year
13
Over 1 year t o 5 years
14
Over 5 years to 10 years
15
Over 10 years
125,589
3,889
25,506
33,389
35,903
10,193
16,709
120,426
2,201
23,075
32,345
35,903
10,193
16,709
123,831
4,603
24,049
32,374
35,904
10,193
16,708
130,615
7,477
27,431
32,887
35.918
10,193
16,709
130,371
6,451
27,186
33,915
35,918
10,192
16,709
125,410
2,617
26,558
33,520
35,814
10,193
16,708
125,589
3,889
25,506
33,389
35,903
10,193
16,709
134,257
9,832
26,284
34,442
36,665
10,274
16,760
16 Federal agency obligations—Total
17
Within 15 days 1
18
16 days to 90 days
19
91 days to 1 year
20
Over 1 year to 5 years
21
Over 5 years to 10 years
22
Over 10 years
9,095
326
400
1,460
5,444
934
531
9,013
85
520
1,465
5,483
929
531
9,008
71
513
1,604
5,361
928
531
9,228
362
444
1,612
5,365
911
534
9,356
433
465
1,592
5,413
919
534
9,026
173
540
1,369
5,396
976
572
9,095
326
400
1,460
5,444
934
531
10,004
1,082
465
1,591
5,413
919
534
1. Holdings under repurchase agreements are classified as maturing within 15
days in accordance with maximum maturity of the agreements.
1.20
BANK DEBITS AND DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates.
1981
Bank group, or type of customer
1979
1978
1982
1980
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
83,804.4
35,117.6
48,686.8
85,274.3
35,983.8
49,290.5
83,617.4
34,218.3
49,399.1
934.7
104.4
636.8
1,675.8
836.7
95.2
534.8
1,466.7
935.4
115.4
586.9
1,637.6
293.4
1,129.0
191.2
307.1
1,252.1
198.0
304.7
1,211.7
200.7
14.3
12.5
4.2
7.5
13.0
12.1
3.6
6.6
14.2
14.6
3.9
7.3
Debits to demand deposits 1 (seasonally adjusted)
1 All commercial banks
2 M a j o r New York City banks
3 Other banks
40,297.8
15,008.7
25.289.1
49,775.0
18,512.7
31,262.3
63.013.4
25.192.5
37,820.9
83,671.3
35,109.8
48,561.5
82,000.3
34,237.6
47,762.6
86,430.0
34,937.3
51,492.7
Debits to savings deposits 2 (not seasonally adjusted)
4 ATS/NOW3
6 Others 5
17.1
56.7
359.7
432.9
83.3
77.3
515.2
675.8
158.4
93.4
605.3
857.2
833.4
117.2
581.6
1,532.2
753.3
96.3
539.7
1,389.2
903.5
117.9
597.0
1,618.4
D e m a n d deposit turnover 1 (seasonally adjusted)
8 All commercial banks
9 M a j o r New York City banks
10 O t h e r banks
139.4
541.9
96.8
163.5
646.2
113.3
201.6
813.7
134.3
296.2
1,109.8
193.6
292.0
1,128.3
190.7
309.2
1,156.8
206.6
Savings deposit turnover 2 (not seasonally adjusted)
11
12
13
14
ATS/NOW3
Business 4
Others 5
All accounts
7.0
5.1
1.7
1.9
7.8
7.2
2.7
3.1
1. Represents accounts of individuals, partnerships, and corporations, and of
states and political subdivisions.
2. Excludes special club accounts, such as Christmas and vacation clubs.
3. Accounts authorized for negotiable orders of withdrawal ( N O W ) and accounts
authorized for automatic transfer to demand deposits (ATS). ATS data availability
starts with December 1978.
4. Represents corporations and other profit-seeking organizations (excluding
commercial banks but including savings and loan associations, mutual savings banks,
credit unions, the Export-Import Bank, and federally sponsored lending agencies).
5. Savings accounts other tnan N O W ; business; and, from December 1978, ATS.
9.7
9.3
3.4
4.2
14.6
14.1
3.9
7.2
12.8
11.7
3.6
6.4
14.6
13.9
4.0
7.4
NOTE. Historical data for the period 1970 through June 1977 have b e e n estimated;
these estimates are based in part on the debits series for 233 SMS As, which were
available through June 1977. Back data are available from Publications Services,
Board of Governors of the Federal Reserve System, Washington, D . C . 20551.
Debits and turnover data for savings deposits are not available before July 1977.
Monetary Aggregates
1.21
A13
MONEY STOCK MEASURES AND COMPONENTS
Billions of dollars, averages of daily figures
1982
1981
item
1978
Dec.
1979
Dec.
1980
Dec.
1981
Dec.
Nov.
Dec.
Jan.
Feb.
Mar.
Seasonally adjusted
MEASURES1
1 Ml
2 M2
3 M3
4 L2
363.2
1,403.9
1,629.0
1,938.9
389.0
1,518.9
1,779.3
2,153.9
414.5
1,656.1
1,963.1
2,370.4
97.4
3.5
253.9
8.4
479.9
533.9
194.6
106.1
3.7
262.2
16.9
421.7
652.6
221.8
116.2
4.2
267.2
26.9
398.9
751.7
257.9
440.9
1,822.4
2,187.8
2,643.3 r
436.4
1,809.7
2,174.5
2,628.3
447.3 r
1,847.5
2,214.5 r
n.a.
448.2
1,864.7
2,235.4
n.a.
123.8
4.3
239.3
81.1
348.8
852.3
302.7
124.6
4.3
234.5
83.8
348.6
859.5
308.0 r
125.1
4.4
233.0
85.7
350.7
870.1
312.2
453.4
1,848.8
2,216.8
n.a.
437.1
l,842.4r
2,215.5'
n.a.
440.0
1,861.5
2,237.0
n.a.
440.9
1,822.4
2,187.8
2,643.3 r
448.6
1,840.9
2,203.9 r
n.a
123.1
4.3
236.4
77.0
343.6
854.7
300.4
SELECTED COMPONENTS
5
6
7
8
9
10
11
Currency
Traveler's checks 3
D e m a n d deposits
Other checkable deposits 7
Savings deposits 4
Small-denomination time deposits 5
Large-denomination time deposits 6
123.1
4.3
236.4
77.0
343.6
854.7
300.4
121.8
4.3
235.7
74.7
340.9
856.8
300.6
Not seasonally adjusted
MEASURES1
12
13
14
15
Ml
M2
M3
L2
451.2
1,829.1
2,199.6
2,654.3 r
372.5
1,408.5
1,637.5
1,946.6
398.8
1,524.6
1,789.2
2,162.8
424.6
1,662.4
1,973.8
2,380.2
439.7
1,809.3
2,175.4
2,627.5
451.2
1,829.1
2,199.6
2,654.3 r
99.4
3.3
261.5
8.4
24.1
478.0
531.1
108.2
3.5
270.1
17.0
26.3
420.5
649.7
118.3
3.9
275.1
27.2
35.0
398.0
748.9
125.4
4.1
243.3
78.4
38.1
343.0
851.7
122.9
4.1
237.5
75.2
36.9
342.2
851.9
125.4
4.1
243.3
78.4
38.1
343.0
851.7
123.3
4.1
243.6
82.5
43.3
346.8
857.4 r
123.0
4.1
228.5
81.4
43.0
344.5
868.5
123.8
4.2
228.2
83.8
43.3
346.1
879.7
7.1
3.1
198.6
34.3
9.3
226.0
61.8
13.9
262.3
150.8
33.7
305.5
144.6
32.0
301.8
150.8
33.7
305.5
154.4
32.5
307.6 r
155.4
30.5
314.2 r
158.4
31.5
317.0
SELECTED COMPONENTS
16
17
18
19
20
21
22
Currency
Traveler's checks 3
D e m a n d deposits
Other checkable deposits 7
Overnight R P s and Eurodollars 8
Savings deposits 4
Small-denomination time deposits 5
Money market mutual funds
23
General purpose and broker/dealer
24
Institution only
25 Large-denomination time deposits 6
1. Composition of the money stock measures is as follows:
M l : Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due
to domestic banks, the U . S . government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft ( C U S D ) accounts,
and demand deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U . S . residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions, term
RPs at commercial banks and savings and loan associations, and balances of institution-only money market mutual funds.
2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U . S . savings bonds.
3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank
issuers.
4. Savings deposits exclude N O W and ATS accounts at commercial banks and
thrift institutions and C U S D s at credit unions.
5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000
or more and are net of the holdings of domestic banks, thrift institutions, the U.S.
government, money market mutual funds, and foreign banks and official institutions.
7. Includes A T S and N O W balances at all institutions, credit union share draft
balances, and demand deposits at mutual savings banks.
8. Overnight (and continuing contract) RPs are those issued by commercial
banks to other than depository institutions and money market mutual funds (general
purpose and broker/dealer),
and overnight Eurodollars are those issued b y Caribbean branches of member banks to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer).
NOTE. Latest monthly and weekly figures are available from the Board's H . 6
(508) release. Back data are available from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D . C . 20551.
A14
1.22
DomesticNonfinancialStatistics • May 1982
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE"
Billions of dollars, averages of daily figures
1981
Item
1978
Dec.
1979
Dec.
1982
1980
Dec.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Seasonally adjusted
A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 2
1 Total reserves 3
35.08
36.37
39.01
39.62
39.73
39.81
40.31
40.12
40.15
40.53
41.28
40.93
40.09
2 Nonborrowed reserves
3 Required reserves
4 Monetary base 4
34.22
34.85
134.7
34.90
36.04
145.0
37.32
38.49
158.0
37.58
39.28
161.7
38.05
39.39
162.5
38.39
39.52
162.9
38.86
39.90
163.7
38.94
39.84
163.8
39.49
39.81
164.3
39.89
40.21
165.8
39.76
40.86
167.4
39.14
40.62 r
167.9
39.53
40.73
168.5
Not seasonally adjusted
5 Total reserves 3
35.66
36.97
39.70
39.05
39.64
39.48
40.09
40.22
40.33
41.26
42.70
40.74
40.53
6 Nonborrowed reserves
7 Required reserves
8 Monetary base 4
34.80
35.43
137.4
35.50
36.65
147.9
38.01
39.19
161.0
37.02
38.72
161.2
37.96
39.30
163.3
38.06
39.19
163.2
38.63
39.67
163.3
39.04
39.94
163.8
39.67
39.99
165.6
40.63
40.94
168.9
41.18
42.28
168.5
38.95
40.44
166.1
38.98
40.18
166.5
41.68
43.91
40.66
40.44
41.01
41.02
40.59
40.71
40.95
41.92
43.20
41.29
39.23
40.81
41.45
144.6
42.43
43.58
156.2
38.97
40.15
162.4
38.41
40.10
163.3
39.33
40.67
165.4
39.60
40.73
165.4
39.13
40.18
163.9
39.53
40.43
164.3
40.29
40.60
166.3
41.29
41.60
169.7
41.69
42.78
169.1
39.50
40.98
166.8
37.68
38.88
165.4
N O T A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 5
9 Total reserves 3
10 Nonborrowed reserves
11 Required reserves
12 Monetary base 4
1. Reserve measures from November 1980 to date reflect a one-time increase—
estimated at $550 million to $600 million—in required reserves associated with the
reduction of week-end avoidance activities of a few large banks.
2. Reserve aggregates include required reserves of member banks and Edge Act
corporations and other depository institutions. Discontinuities associated with the
implementation of the Monetary Control Act, the inclusion of Edge Act corporation
reserves, and other changes in Regulation D have been removed.
3. Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions with required reserve balances plus
vault cash equal to required reserves at other institutions.
4. Includes reserve balances and required clearing balances at Federal Reserve
Banks in the current week plus vault cash held two weeks earlier used to satisfy
reserve requirements at all depository institutions plus currency outside the U.S.
Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus
vault cash at depository institutions.
5. Reserves of depository institutions series reflect actual reserve requirement
percentages with no adjustments to eliminate the effect of changes in Regulation
D, including changes associated with the implementation of the Monetary Control
Act. Includes required reserves of member banks and Edge Act corporations and,
beginning Nov. 13, 1980, other depository institutions. Under the transitional phasein program of the Monetary Control Act of 1980, the net changes in required
reserves of depository institutions have been as follows: effective Nov. 13, 1980,
a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12,
1981, an increase of $75 million; May 14, 1981, an increase of $245 million; Aug.
13, 1981, an increase of $245 million; Sept. 3, 1981, a reduction of $1.3 billion;
and Nov. 19, 1981, an increase of $220 million.
NOTE. Latest monthly and weekly figures are available from the Board's H.3(502)
statistical release. Back data and estimates of the impact on required reserves and
changes in reserve requirements are available from the Banking Section, Division
of Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Monetary Aggregates
1.23
LOANS AND SECURITIES
A15
All Commercial Banks1
Billions of dollars; averages of Wednesday figures
„
1982
1981
1980
Dec.
Dec. 2
Jan. 2
Feb. 2
Mar. 2
Seasonally adjusted
1 Total loans and securities 9
2 U.S. Treasury securities
3 Other securities
4 Total loans and leases 3
5
Commercial and industrial loans
6
Real estate loans
7
Loans to individuals
8
Security loans
9
Loans to nonbank financial
institutions
10
Agricultural loans
11
Lease financing receivables
12
All other loans
1,239.6
1,317.0 4
1982
1981
1980
Dec.
Dec. 2
Jan.2
Feb. 2
Mar. 2
Not seasonally adjusted
1,322.1
1,334.6 5
1,344.1 6
1,249.5
s
6
1,326.9"
1,324.7
1,330.4 s
1,338.9*
110.0
214.4
915.1
326.8
262.6
179.6
18.5
111.0
231.6
974.5 4
358.5 4 - 7
285.7 4
185.1
21.9 4
114.3
232.0
975.8
361.1
287.4
186.0
20.6
115.3
232.6 5
986.6 5
366.0
290.0 5
186.1
20.8
114.6
233.6 6
995.9 6
370.2
292.5 6
186.6
20.9
110.5
215.7
923.3
328.8
263.3
180.9
19.1
111.4
233.0
982.5 4
360.6 4 - 7
286.5 4
186.4
22.7
113.8
232.3
978.6
360.9
288.0
186.5
20.8
115.8 s
232.1 s
982.5 s
364.7
289.7 s
185.5
20.1
116.3 6
233.I 6
989.6 6
369.3
291.6 6
185.0
20.3
29.0
31.5
10.9
56.2
30.2 4
33.0
12.7
47.4
31.1
33.2
13.0
43.5
31.4
33.4
13.1
45.8
32.7
33.8
13.1
46.1
29.9
31.4
10.9
59.0
31.2 4
33.0
12.7
49.4
31.2
32.9
13.0
45.3
31.5
32.9
13.1
45.0
32.2
33.1
13.1
44.9
1,242.3
1,319.8"
1,325.0
1,337.4 s
1,347.0''
1252.2
1,329.7"
1,327.5
1,333.2 s
1,341.8®
917.8
2.7
977.3 4
2.8
978.7
2.9
989.5 s
2.8
998.8 6
2.8
926.0
2.7
985.3 4
2.8
981.5
2.9
985.3 s
2.8
992.4 6
2.8 6
328.6
1.8
7.8
360.6 4 - 7
2.2
8.9
363.3
2.2
8.7
368.2
2.2
8.9
372.4
2.2
9.6
330.6
1.8
9.2
362.8 4 ' 7
2.2
9.8
363.1
2.2
9.1
366.9
2.2
9.0
371.5
2.2
9.3
319.0
297.6
21.4
23.4
349.5
335.1
14.5
19.0
352.4
339.8
12.6
15.5
357.1
344.3
12.8
16.7
360.6
347.7
12.8
16.1
320.3
297.1
23.2
25.1
350.8
334.4
16.4
20.1
351.8
338.6
13.3
16.2
355.6
342.8
12.9
16.3
360.0
347.3
12.7
15.7
MEMO:
13 Total loans and securities plus loans
sold 3,8
14 Total loans plus loans sold 3 ' 8
15 Total loans sold to affiliates 8
16 Commercial and industrial loans plus
loans sold 8
17
Commercial and industrial loans sold 8
18
Acceptances held
19
Other commercial and industrial
loans
20
To U.S. addressees 9
21
To non-U.S. addressees
22 Loans to foreign banks
1. Includes domestically chartered banks; U.S. branches and agencies of foreign
banks, New York investment companies majority owned by foreign banks, and
Edge Act corporations owned by domestically chartered and foreign banks.
2. Beginning D e c e m b e r 1981, shifts of foreign loans and securities from U.S.
banking offices to international banking facilities reduced the levels (not seasonally
adjusted) of several items as follows: line 1, $23.2 billion; line 4, $22.8 billion; line
21, $10.9 billion; line 22, $5.9 billion; line 12, $11.8 billion; and line 3, $0.5 billion.
For January 1982, levels were reduced as follows: line 1, $30.2 billion; line 4, $29.6
billion; line 21, $13.9 billion; line 22, $7.5 billion; line 12, $15.7 billion; and line
3, $0.6 billion. For February 1982, levels were reduced as follows: line 1, $30.5
billion; line 4, $29.9 billion; line 21, $14.0 billion; line 22, $7.6 billion; line 12,
$15.9 billion; and line 3, $0.6 billion.
3. Excludes loans to commercial banks in the United States.
4. Absorption of a nonbank affiliate by a large commercial bank added the
following to February 1981 figures: total loans and securities, $1.0 billion; total
loans and leases, $1.0 billion; commercial and industrial loans, $.5 billion; real
estate loans, $.1 billion; nonbank financial, $.1 billion.
5. The merger of a commercial bank with a mutual savings bank beginning Feb.
24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities,
$0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and
real estate loans, $0.7 billion.
6. The merger of a commercial bank with a mutual savings bank beginning Mar.
17, 1982, increased total loans and securities $0.6 billion; U.S. Treasury securities,
$0.1 billion; other securities $0.1 billion; total loans and leases, $0.4 billion; and
real estate loans, $0.4 billion.
7. An accounting procedure change by one bank reduced commercial and industrial loans by $0.1 billion as of Apr. 1, 1981.
8. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company.
9. United States includes the 50 states and the District of Columbia.
NOTE. D a t a are prorated averages of Wednesday estimates for domestically
chartered banks, based on weekly reports of a sample of domestically chartered
banks and quarterly reports of all domestically chartered banks. For foreign-related
institutions, data are averages of month-end estimates based on weekly reports
from large agencies and branches and quarterly reports from all agencies, branches,
investment companies, and Edge Act corporations engaged in banking.
A16
1.24
DomesticNonfinancialStatistics • May 1982
MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1
Monthly averages, billions of dollars
1980
1981
1982
Source
Dec.
1
2
3
4
5
6
Total nondeposit funds
Seasonally adjusted 2
Not seasonally adjusted
Federal funds, RPs, and other borrowings from
nonbanks 3
Seasonally adjusted
Not seasonally adjusted
Net balances due to foreign-related institutions. not seasonally adjusted
Loans sold to affiliates, not seasonally
adjusted 4
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
121.9
122.5
120.1
125.7
124.1
126.0
122.7
124.6
123.3
127.4
119.8
125.0
116.3
118.3
116.2
120.8
98.7
99.1
89.5
87.9
87.8
88.1
83.5
84.3
111.0
111.6
108.7
114.2
115.3
117.2
113.8
115.7
110.5
114.6
108.2
113.3
109.1
111.1
110.1
114.7
114.4
114.8
116.2
114.6
113.7
114.0
113.5
114.3
8.2
8.7
5.9
6.2
10.1
8.9
4.5
3.4r
-18.5
-29.6
-28.8
-32.9
2.7
2.8
2.9
2.7
2.6
2.7
2.7
2.7
2.8
2.9
2.8
2.8
-14.7
37.5
22.8
-13.6
43.4
29.8
-14.6
42.5
27.8
-14.6
45.0
30.4
-10.2
43.7
33.5
-12.3
44.5
32.2
-15.4
45.5
30.1
-22.4
54.9
32.5
-27.1
57.1
30.0
-26.1
57.2
31.1
-29.0
59.2
30.2
22.9
32.5
55.4
22.3
35.7
57.9
20.6
36.9
57.4
20.8
37.4
58.2
20.4
38.0
58.4
21.2
40.1
61.3
19.9
38.3
58.2
18.4
39.1
57.4
3.9
48.1
52.0
-2.5
50.0
47.5
-2.7
50.5
47.8
-3.8
50.0
46.2
64.0
62.3
64.3
67.6
70.8
70.5
69.2
68.9
65.7
67.6
63.0
65.9
64.9
64.7
65.0
67.3
70.0
68.2
73.0
69.2
71.0
69.1
71.4
70.0
9.5
9.0
12.5
12.5
11.4
12.5
10.9
10.8
8.3
7.5
9.3
10.9
11.1
13.3
12.1
9.7
11.8
11.3
13.5
14.6
19.8
17.9
17.4
15.4
267.0
272.4
294.9
293.9
302.4
298.2
313.1
304.7
321.7
314.8
324.7
320.2
324.8
322.6
323.4
324.6
324.0
330.3
324.3
330.6
327.2
335.2
331.9
337.2
MEMO
7 Domestically chartered banks net positions
with own foreign branches, not seasonally adjusted 5
8
Gross due from balances
9
Gross due to balances
10 Foreign-related institutions net positions with
directly related institutions, not seasonally adjusted 6
11
Gross due from balances
12
Gross due to balances
13
14
15
16
17
18
Security R P borrowings
Seasonally a d j u s t e d '
Not seasonally adjusted
U.S. Treasury demand balances 8
Seasonally adjusted
Not seasonally adjusted
Time deposits, $100,000 or more 9
Seasonally adjusted
Not seasonally adjusted
1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks. New
York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks.
2. Includes seasonally adjusted federal funds, RPs, and other borrowings from
nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. Includes averages of Wednesday data for domestically chartered banks and averages
of current and previous month-end data for foreign-related institutions.
3. Other borrowings are borrowings on any instrument, such as a promissory
note or due bill, given for the purpose of borrowing money for the banking business.
This includes borrowings from Federal Reserve Banks and from foreign banks,
term federal funds, overdrawn due from bank balances, loan RPs, and participations in pooled loans. Includes averages of daily figures for member banks and
averages of current and previous month-end data for foreign-related institutions.
4. Loans initially booked by the bank and later sold to affiliates that are still
held by affiliates. Averages of Wednesday data.
-14.9'
47.9
32.9
5. Averages of daily figures for m e m b e r and n o n m e m b e r banks.
6. Averages of daily data.
7. Based on daily average data reported by 122 large banks.
8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
9. Averages of Wednesday figures.
NOTE. Beginning December 1981, shifts of foreign assets and liabilities f r o m U.S.
banking offices to international banking facilities (IBFs) reduced levels for several
items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5,
$20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion. For January 1982, levels
were reduced as follows: lines 1 and 2, $29.6 billion; lines 3 and 4, $2.4 billion;
line 5, $27.2 billion; line 7, $4.7 billion; and line 10. $22.4 billion.
After January 1982. levels were reduced as follows: lines 1 and 2, $29.9 billion;
lines 3 and 4, $2.4 billion; line 5, $27.5 billion; line 7, $4.8 billion; and line 10,
$22.7 billion.
Commercial Banks
1.25
ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS
A17
Last-Wednesday-of-Month Series
Billions of dollars except for number of banks
1982
1981
Account
June
July
Aug.
1,206.1
874.2
295.4
578.8
113.4
218.4
1,214.1
881.2
298.3
582.9
113.1
219.8
1,221.3
888.7
301.2
587.5
111.3
221.4
165.7
19.0
25.4
56.8
64.5
156.8
19.5
27.0
52.7
57.6
168.4
20.0
25.4
61.4
61.6
Oct.
Nov.
1,242.5
906.2
308.5
597.8
109.4
226.9
1,239.9
902.9
308.5
594.3
110.0
227.1
1,249.4
912.8
312.6
600.2
106.7
229.9
1,268.1
926.6
320.9
605.7
109.6
231.8
190.2
19.2
26.8
68.9
75.4
149.8
19.7
25.3
49.3
55.5
162.8
18.3
26.1
52.0
66.4
173.1
22.0
28.0
54.5
68.7
Sept.
Dec.
Jan.
Feb.
Mar.
Apr.
1,272.8
929.9
325.7
604.2
112.5
230.4
1,286.8
940.5
332.8
607.7
114.5
231.8
1,293.4
947.8
336.7
611.1
113.0
232.6
151.3
19.7
24.8
50.8
56.1
164.4
18.9
25.7
55.8
64.0
153.7
19.9
25.5
52.4
55.8
DOMESTICALLY C H A R T E R E D
COMMERCIAL B A N K S 1
1
2
3
4
5
6
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
7
8
9
10
11
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
1,262.5
920.6
321.LR
599.5R
111.7
230.2
155.1
19.8
30.2
50.1
55.0
12
Other assets 2
172.2
162.8
168.3
184.5
175.5
194.4
212.5
202.5
220.0
206.8
13
Total assets/total liabilities and capital...
1,544.0
1,533.7
1,558.0
1,617.2
1,565.2
1,606.7
1,653.7
1,615.4^
1,626.6
1,671.1
1,653.9
14
15
16
17
Deposits
Demand
Savings
Time
1,164.6
350.8
220.0
593.8
1,160.0
333.7
219.2
607.2
1,181.3
342.5
217.2
621.6
1,224.4
378.0
216.7
629.7
1,177.1
324.0
214.0
639.1
1,206.0
339.2
217.9
648.9
1,241.2
364.6
222.4
654.2
1,206.LR
322.6
223.0
660.6R
1,214.0
317.1
222.5
674.4
1,251.6
338.6
229.9
683.0
1,231.7
315.6
226.7
689.4
18
19
20
Borrowings
Other liabilities
Residual (assets less liabilities)
170.3
81.8
127.3
160.4
86.3
127.0
164.4
89.8
122.5
176.9
91.4
124.4
174.5
89.3
124.3
179.3
95.2
126.2
190.1
91.7
130.7
191.7
89.9
127.7R
190.9
92.7
129.0
196.4
94.5
128.7
201.0
92.4
128.8
17.4
14,719
7.2
14,719
6.4
14,720
15.3
14,720
13.9
14,740
5.6
14,743
13.6
14,744
16.6
14,690
17.0
14,702
10.8
14,709
16.6
14,710
1,291.2
955.1
345.5
609.8
115.8
220.4
1,297.9
960.8
350.3
610.4
115.3
221.8
1,306.7
969.8
354.2
615.6
113.5
223.4
1,334.3
993.8
366.3
627.5
111.6
228.9
1,324.7
983.6
361.7
621.9
111.9
229.2
1,335.5
994.7
365.5
629.2
108.8
232.0
1,330.6
984.7
361.4
623.4
112.3
233.6
L,322.1R
975.5R
359.8R
615.7R
114.6
231.9R
1,333.0
985.1
364.7
620.4
115.7
232.1
1,347.0
995.9
372.9
623.0
117.6
233.5
1,350.4
1,000.0
374.0
626.0
116.1
234.3
207.5
19.0
26.5
94.4
67.5
187.8
19.5
28.0
81.4
58.9
205.2
20.1
26.6
95.7
62.9
234.5
19.2
28.1
110.7
76.5
165.4
19.7
26.5
62.5
56.6
179.3
18.3
27.5
66.0
67.4
188.0
22.0
29.3
67.0
69.7
165.6
19.7
26.1
62.8
57.1
178.8
18.9
26.9
67.9
65.0
167.8
19.9
26.8
64.2
56.8
197.8
MEMO:
21
22
U.S. Treasury note balances included in
borrowing
N u m b e r of banks
A L L COMMERCIAL BANKING
INSTITUTIONS 3
24
25
26
27
28
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
29
30
31
32
33
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
34
Other assets 2
238.0
228.4
233.7
251.0
244.0
267.0
290.1
278.7
296.2
279.6
35
Total assets/total liabilities and capital...
1,736.9
1,714.1
1,745.6
1,819.8
1,734.0
1,781.7
1,808.7
l,766.9 r
1,777.3
1,822.0
1,797.8
36
37
38
39
Deposits
Demand
Savings
Time
1,235.5
389.3
220.3
625.9
1,221.5
362.4
219.5
639.7
1,250.3
378.3
217.5
654.5
1,293.7
412.2
216.9
664.7
1,224.6
337.1
214.3
673.1
1,254.1
352.6
218.1
683.4
1,289.7
378.4
222.7
688.6
L,251.8R
335.4
223.2
693.2R
1,258.6
329.7
222.8
706.2
1,295.8
351.1
230.2
714.5
1,273.7
328.2
226.9
718.6
40
41
42
Borrowings
Other liabilities
Residual (assets less liabilities)
231.6
140.6
129.4
218.7
145.0
128.9
223.5
147.4
124.4
242.7
157.0
126.3
236.8
146.4
126.3
246.2
153.3
128.1
250.8
135.6
132.6
253.2R
132.3R
129.6R
255.8
132.0
130.9
260.6
135.0
130.5
259.9
133.6
130.7
17.4
15,188
7.2
15,188
6.4
15,189
15.3
15,189
13.9
15,209
5.6
15,212
13.6
15,213
17.0
15,201
10.8
15,214
16.6
15,215
23
169.8
19.8
31.3
62.5
56.1
275.0
MEMO:
U.S. Treasury note balances included in
borrowing
44 Number of banks
43
1. Domestically chartered commercial banks include all commercial banks in the
United States except branches of foreign banks; included are member and nonmember banks, stock savings banks, and nondeposit trust companies.
2. Other assets include loans to U.S. commercial banks.
3. Commercial banking institutions include domestically chartered commercial
banks, branches and agencies of foreign banks, Edge Act and Agreement corporations, and New York State foreign investment corporations.
16.6
15,185
NOTE. Figures are partly estimated. They include all bank-premises subsidiaries
and other significant majority-owned domestic subsidiaries. D a t a for domestically
chartered commercial banks are for the last Wednesday of the month. D a t a for
other banking institutions are for the last day of the quarter until June 1981;
beginning July 1981, these data are estimates made on the last Wednesday of the
month based on a weekly reporting sample of foreign-related institutions and quarterend condition report data.
A18
1.26
DomesticNonfinancialStatistics • May 1982
ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Mar. 3
Mar. 10
Mar. 1 7
Mar. 2 4
50,417
45,466
48,868
43,271
50,878
46,630
50,417
47,527
44,829
6,594
36,711
5,998
33,595
7,190
34,533
6,257
34,158
6,878
33,405
6,705
30,705
6,621
32,959
6,496
34,901
6,454
33,228
610,843
615,430
608,001
603,883
611,776
621,229
617,531
614,297
610,585
38,374
7,628
30,747
10,685
17,570
2,492
79,222
3,200
76,022
16,174
57,044
7,967
49,077
2,803
37,313
6,656
30,657
10,665
17,538
2,454
81,018
4,758
76,261
16,223
57,224
8,090
49,133
2,814
37,459
6,859
30,600
10,622
17,588
2,390
79,768
3,488
76,279
16,201
57,212
8,004
49,208
2,866
37,673
6,922
30,751
10,908
17,518
2,326
79,634
3,146
76,487
16,196
57,386
8,072
49,314
2,906
38,574
8,228
30,345
10,525
17,573
2,247
79,299
3,034
76,265
16,187
57,195
8,049
49,145
2,882
41,435
10,154
31,282
11,200
17,677
2,404
80,242
4,326
75,916
15,971
57,056
7,797
49,259
2,888
40,153
9,099
31,054
10,966
17,696
2,392
79,391
3,590
75,800
15,887
57,020
7,810
49,210
2,894
39,538
9,458
30,080
10,486
17,335
2,258
79,218
3,468
75,750
15,862
56,964
7,856
49,107
2,924
36,999
7,451
29,548
10,120
17,291
2,137
78,769
2,824
75,944
15,967
57,033
7,847
49,186
2,944
37,516
26,802
8,012
2,702
468,450
198,941
3,966
194,975
188,555
6,420
126,815
72,126
42,728
28,949
9,328
4,452
467,162
199,148
4,101
195,046
188,553
6,494
127,024
71,954
35,708
25,644
7,606
2,458
467,890
200,043
4,144
195,900
189,323
6,576
127,236
71,768
31,900
21,530
7,986
2,384
467,390
200,029
3,937
196,092
189,527
6,565
127,348
71,515
34,010
23,658
8,154
2,198
472,431
202,645
4,535
198,110
191,586
6,524
127,320
71,781
37,673
26,229
8,750
2,694
474,506
204,395
4,751
199,644
193,022
6,622
127,410
71,660
36,916
26,338
7,920
2,659
473,713
203,825
4,784
199,041
192,453
6,588
127,844
71,726
34,700
22,816
9,326
2,558
473,535
204,872
4,144
200,728
194,020
6,708
128,171
72,010
33,191
21,800
8,588
2,803
474,322
204,731
4,421
200,310
193,550
6,760
128,538
72,100
Loan loss reserve
Other loans, net
Lease financing receivables
All other assets
6,926
7,922
10,762
16,001
6,455
2,707
5,776
14,018
5,857
6,863
455,730
11,105
110,110
6,880
7,628
10,518
15,834
5,646
2,660
5,827
14,043
5,926
6,865
454,370
11,107
109,906
6,678
7,376
11,389
15,909
5,193
2,582
5,834
13,882
5,948
6,876
455,066
11,110
107,351
6,166
7,706
11,322
15,989
5,131
2,573
5,866
13,747
5,883
6,830
454,677
11,101
109,280
6,239
7,655
11,746
16,269
5,220
2,562
5,934
15,061
5,800
6,738
459,893
11,135
113,219
6,694
7,187
11,473
16,364
6,785
2,574
5,938
14,025
5,860
6,768
461,878
11,123
112,802
6,243
7,567
11,627
16,250
5,905
2,592
5,935
14,198
5,876
6,766
461,071
11,109
108,521
6,306
6,881
11,112
16,223
5,581
2,545
6,019
13,814
5,891
6,803
460,841
11,080
109,529
6,195
7,166
11,762
16,334
4,899
2,585
6,004
14,006
5,889
6,807
461,626
11,074
108,919
Total assets
825,780
821,502
817,054
807,949
827,289
829,195
827,158
823,830
815,090
169,273
690
125,658
4,492
3,331
19,762
7,396
967
6,977
370,510
79,314
75,877
2,859
554
24
291,196
253,750
21,367
338
11,180
162,961
557
124,016
4,518
1,868
17,590
7,036
1,360
6,015
370,377
79,308
75,911
2,874
501
23
291,069
253,610
21,438
360
11,050
165,454
551
125,228
4,526
1,376
18,488
6,492
1,416
7,376
369,643
79,338
76,009
2,803
505
21
290,305
253,382
21,328
374
10,714
157,815
506
118,861
4,564
2,227
17,218
6,769
1,245
6,425
371,995
79,238
75,880
2,850
491
17
292,757
255,586
21,512
390
10,831
172,923
679
131,879
5,133
1,118
19.703
6,403
1,040
6,968
372,464
80.438
76,960
2,885
574
19
292,026
255,510
21,046
399
10,720
171,473
653
130,178
4,582
2,022
19,720
6,111
1,036
7,171
373,580
82,458
78,983
2,873
585
17
291,122
254,843
20,558
440
10,854
170,656
591
130,531
4,672
2,667
18,235
6,152
925
6,882
372,917
82,225
78,842
2,831
535
18
290,692
254,070
20,821
438
10,909
164,172
539
125,500
4,420
2,182
17,569
6,175
1,018
6,768
373,739
81,355
78,003
2,798
538
16
292,384
255,514
21,006
544
10,946
157,940
456
120,484
4,640
2,958
16,143
6,316
883
6,058
373,733
78,902
75,539
2,807
539
16
294,831
257,536
21,378
562
11,023
4,562
4,610
4,506
4,438
4,351
4,427
4,454
4,374
4,332
3,783
10,454
145,265
2,693
8,482
150,420
1,037
9,076
145,298
694
9,682
140,638
1,421
8,080
142,169
1,575
2,782
151,712
3,664
2,489
150,449
2,135
12,034
143,783
4,408
12,432
138,479
Cash items in process of collection
Demand deposits due f r o m banks in the United
States
3 All other cash and due from depository institutions . .
1
2
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Total loans and securities
Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivisions, by maturity . . . .
O n e year or less
Over one year
Other bonds, corporate stocks and securities . . . .
Loans
Federal funds sold 1
To commercial banks
To nonbank brokers and dealers in securities
To others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial paper
All other
U.S. addressees
Non-U.S. addressees
Real estate
To individuals for personal expenditures
To financial institutions
Commercial banks in the United States
Banks in foreign countries
Sales finance, personal finance companies, e t c . . .
Other financial institutions
To nonbank brokers and dealers in securities
To others for purchasing and carrying s e c u r i t i e s 2 . . .
To finance agricultural production
All other
LESS: U n e a r n e d i n c o m e
Deposits
D e m a n d deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations o p e r a t e d for profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and
debentures
70
Total liabilities
71
Residual (total assets minus total liabilities) 4
Apr. IP
Apr. 14 p
Apr. 2 1 P
Apr. 28P
71,158
71,257
71,581
71,946
74,757
72,439
71,328
72,516
72,797
770,443
766,190
762,089
752,770
771,815
773,562
771,504
768,379
759,789
55,337
55,312
54,965
55,179
55,474
55,632
55,654
55,451
55,301
1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreements to
repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 3 1 , 1 9 7 7 , see table 1.13.
4. Not a measure of equity capital for use in capital adequacy analysis or for
FRASER
other analytic uses.
Digitized for
Mar. 3 1 P
NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting banks shifted $4.7 billion of
assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net
positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later.
Weekly Reporting Banks
1.27
A19
LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Mar. 3
1 Cash items in process of collection
2 D e m a n d deposits due f r o m banks in the United S t a t e s . . . .
3 All other cash and due f r o m depository institutions
4 Total loans and securities
5
6
7
8
9
10
11
12
13
14
13
16
17
18
Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivision, by maturity
O n e year or less
Over one year
Other bonds, corporate stocks and securities
Mar. 10
Mar. 17
47,319
5,907
34,061
42,910
5,465
31,113
46,048
6,512
32,043
40,686
5,579
31,565
48,016
6,194
30,722
43,798
6,082
28,659
47,316
6,042
30,505
44,445
5,862
32,387
41,721
5,852
30,618
571,401
576,026
568,753
565,315
572,609
581,215
578,237
574,968
571,939
35,278
7,531
27,746
9,590
15,961
2,196
72,784
3,098
69,685
14,967
52,097
7,122
44,975
2,621
34,220
6,522
27,698
9,581
15,958
2,158
74,597
4,647
69,950
15,020
52,298
7,229
45,069
2,632
34,365
6,760
27,605
9,495
16,016
2,094
73,342
3,370
69,973
15,002
52,287
7,205
45,082
2,684
34,558
6,820
27,739
9,760
15,949
2,030
73,195
3,010
70,184
15,002
52,459
7,270
45,189
2,723
35,469
8,082
27,386
9,442
15,993
1,952
72,898
2,941
69,957
14,991
52,262
7,242
45,020
2,704
38,313
10,000
28,313
10,131
16,072
2,110
73,867
4,218
69,649
14,783
52,158
7,035
45,124
2,708
37,115
8,978
28,137
9,925
16,116
2,096
73,054
3,504
69,550
14,698
52,139
7,047
45,091
2,713
36,549
9,358
27,191
9,461
15,768
1,963
72,863
3,344
69,519
14,670
52,111
7,127
44,984
2,738
34,024
7,367
26,657
9,095
15,705
1,856
72,436
2,723
69,713
14,789
52,167
7,121
45,046
2,757
Mar. 24
Mar. 3IP
Apr. 7p
A p r . 14P
A p r . 2IP
A p r . 28P
Loans
19 Federal funds sold 1
20
T o commercial banks
21
T o nonbank brokers and dealers in securities
22
T o others
23 O t h e r loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc
34
Other financial institutions
35
T o nonbank brokers and dealers in securities
36
T o others for purchasing and carrying securities 2
37
To finance agricultural production
38
All other
39 LESS: U n e a r n e d income
40
Loan loss reserve
41 O t h e r loans, net
42 Lease financing receivables
43 All other assets
32,884
22,971
7,264
2,649
442,187
188,950
3,844
185,106
178,774
6,332
119,776
64,895
38,057
25,112
8,549
4,395
440,950
189,165
3,981
185,184
178,781
6,403
119,973
64,737
31,252
21,970
6,923
2,358
441,624
190,043
4,018
186,025
179,541
6,484
120,188
64,551
28,159
18,443
7,401
2,315
441,122
189,937
3,786
186,150
179,674
6,477
120,300
64,344
29,908
20,254
7,558
2,096
445,883
192,505
4,362
188,142
181,698
6,444
120,286
64,422
32,761
22,192
7,939
2,630
447,882
194,134
4,586
189,548
183,014
6,534
120,418
64,310
32,670
22,817
7,278
2,575
447,017
193,556
4,620
188,936
182,444
6,492
120,774
64,398
30,372
19,182
8,728
2,462
446,852
194,620
3,987
190,634
184,022
6,612
121,061
64,692
29,622
18,963
7,969
2,690
447,531
194,436
4,276
190,160
183,496
6,663
121,414
64,765
6,751
7,828
10,594
15,615
6,405
2,492
5,631
13,248
5,228
6,502
430,456
10,769
106,734
6,695
7,558
10,339
15,428
5,603
2,448
5,682
13,321
5,295
6,504
429,152
10,770
106,431
6,471
7,307
11,205
15,533
5,150
2,371
5,693
13,112
5,314
6,516
429,794
10,771
103,945
5,934
7,629
11,140
15,597
5,086
2,341
5,726
13,086
5,246
6,472
429,403
10,764
105,696
5,993
7,573
11,562
15,874
5,177
2,333
5,794
14,364
5,169
6,380
434,334
10,796
109,493
6,457
7,102
11,276
15,965
6,739
2,350
5,792
13,339
5,202
6,406
436,274
10,785
109,011
5,989
7,493
11,431
15,854
5,863
2,373
5,790
13,496
5,216
6,404
435,398
10,771
104,684
6,052
6,820
10,923
15,821
5,534
2,330
5,871
13,127
5,228
6,439
435,184
10,741
105,734
5,989
7,105
11,565
15,938
4,851
2,369
5,855
13,244
5,229
6,444
435,857
10,736
105,115
44 Total assets
776,192
772,716
768,074
759,606
777,831
779,551
777,556
774,138
765,981
157,048
658
116,377
3,970
2,879
18,158
7,333
964
6,708
347,969
73,196
70,011
2,640
521
24
274,773
239,426
19,616
304
10,865
4,562
151,626
533
115,136
3,979
1,681
16,229
6,964
1,347
5,756
347,720
73,171
70,033
2,649
466
23
274,548
239,216
19,681
313
10,728
4,610
153,795
533
116,199
3,846
1,181
17,099
6,424
1,415
7,098
346,936
73,176
70,103
2,584
467
21
273,760
238,946
19,596
323
10,389
4,506
146,718
489
110,356
3,886
1,992
15,862
6,713
1,240
6,180
349,209
73,110
70,008
2,624
461
17
276,098
241,075
19,723
339
10,524
4,438
160,947
657
122,560
4,546
978
18,153
6,336
1,036
6,680
349,527
74,186
71,014
2,655
497
19
275,341
240,919
19,324
343
10,404
4,351
159,392
625
120,881
3,919
1,755
18,253
6,053
1,031
6,874
350,476
76,099
72,886
2,652
543
17
274,377
240,165
18,872
380
10,533
4,427
158,362
576
121,163
4,006
2,216
16,818
6,098
921
6,563
349,783
75,861
72,739
2,605
499
18
273,922
239,378
19,127
380
10,583
4,454
152,125
526
116,316
3,848
1,626
16,185
6,112
1,013
6,499
350,587
75,063
71,973
2,572
503
16
275,524
240,714
19,328
488
10,620
4,374
146,116
445
111,611
4,033
2,270
14,836
6,253
882
5,785
350,740
72,809
69,702
2,588
503
16
277,931
242,722
19,677
506
10,693
4,332
3,748
9,590
136,774
69,159
2,595
7,808
141,952
69,153
1,037
8,340
136,933
69,513
616
8,888
132,510
69,938
1,299
7,428
133,949
72,675
1,552
2,574
142,946
70,482
3,634
2,314
142,010
69,304
2,037
11,154
135,694
70,599
4,244
11,566
130,722
70,848
724,288
720,855
716,554
707,880
725,825
727,422
725,407
722,196
714,236
51,904
51,861
51,520
51,725
52,006
52,129
52,149
51,942
51,744
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Deposits
D e m a n d deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit . . . .
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and banks .
Liabilities for borrowed money
Borrowings f r o m Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 4
1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.
4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
A20
1.28
DomesticNonfinancialStatistics • May 1982
LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Apr. 21 p
A p r . 28p
14,967
14,511
13,450
992
7,944
1,144
7,139
1,248
5,439
134,814
135,822
132,576
133,920
7,052
1,768
4,735
549
7,369
1,990
4,677
703
7,142
1,728
4,722
693
6,414
1,416
4,408
590
6,335
1,628
4,238
468
14,847
2,210
11,760
2,200
9,560
878
14,583
2,152
11,573
2,031
9,542
858
14,574
2,122
11,582
2,044
9,539
869
14,597
2,107
11,624
2,056
9,569
865
14,534
2,070
11,607
2,075
9,532
856
14,594
2,092
11,646
2,105
9,540
856
7,216
3,757
2,481
978
107,155
56,003
1,445
54,559
53,036
1,522
17,840
11,029
6,374
2,515
2,982
876
106,775
55,372
1,401
53,971
52,435
1,536
17,824
11,039
8,026
4,038
3,224
765
109,487
56,560
1,598
54,962
53,412
1,550
17,814
11,106
6,773
3,068
2,906
798
109,754
57,216
1,662
55,555
53,870
1,685
17,793
11,112
7,894
4,246
2,682
966
109,863
56,948
1,573
55,375
53,751
1,624
17,793
11,124
7,051
2,482
3,536
1,033
108,285
57,468
1,465
56,002
54,403
1,599
17,848
11,182
8,014
3,882
3,036
1,097
108,674
57,290
1,480
55,810
54,257
1,553
18,033
11,184
2,103
2,981
4,547
4,440
2,985
697
434
3,828
1,444
2,225
102,927
2,304
44,819
1,954
2,823
4,996
4,475
3,131
633
438
3,832
1,461
2,234
103,461
2,303
41,147
1,939
3,092
4,892
4,558
3,054
608
440
3,957
1,470
2,195
103,110
2,303
42,341
2,103
3,157
5,316
4,582
3,261
599
451
4,537
1,453
2,159
105,875
2,308
44,977
2,203
2,779
4,984
4,639
4,187
617
432
3,790
1,479
2,176
106,099
2,305
48,118
1,795
3,096
5,197
4,727
4,168
621
427
3,964
1,484
2,190
106,189
2,302
44,721
1,875
2,540
4,733
4,704
3,466
602
431
3,435
1,501
2,208
104,576
2,302
45,940
1,813
2,966
5,293
4,777
2,810
620
403
3,485
1,491
2,207
104,976
2,302
44,584
203,941
204,120
200,468
197,376
206,649
206,558
206,748
203,614
200,943
43,672
277
28,864
388
844
3,660
5,695
699
3,245
66,537
9,398
9,030
44,659
233
30,225
649
449
4,037
5,356
1,125
2,583
66,621
9,420
9,072
44,708
230
30,044
451
284
3,861
4,885
1,173
3,780
66,589
9,395
9,061
41,788
219
27,682
540
514
3,650
5,160
996
3,027
67,334
9,383
9,054
47,751
309
33,336
682
208
4,671
4,795
812
2,938
66,584
9,579
9,253
46,123
275
31,746
399
472
4,691
4,624
799
3,117
67,705
9,848
9,495
44,481
285
30,870
425
654
4,074
4,615
653
2,904
67,293
9,889
9,547
42,353
250
29,269
408
521
3,440
4,605
748
3,110
67,828
9,829
9,491
40,714
208
28,438
400
789
2,948
4,739
617
2,575
68,213
9,462
9,118
236
128
4
57,139
48,258
2,380
89
4,061
237
107
3
57,202
48,405
2,365
104
4,014
233
98
3
57,193
48,446
2,364
115
4,028
228
98
2
57,952
49,106
2,344
97
4,222
225
99
2
57,005
48,258
2,295
92
4,196
233
119
1
57,857
49,033
2,219
116
4,301
230
110
2
57,404
48,607
2,235
116
4,258
225
111
2
57,999
49,119
2,232
117
4,315
228
114
2
58,751
49,654
2,381
110
4,456
2,351
2,314
2,241
2,183
2,164
2,188
2,188
2,217
2,151
1,540
2,637
45,109
1,475
2,243
44,709
2,546
42,803
201
2,670
41,471
300
2,224
42,002
488
688
45,798
2 350
792
46,663
1 030
3,340
43,166
1 610
3,674
41,154
26,919
26,916
26,460
26,598
30,217
28,205
27,631
28,533
28,303
186,415
186,623
183,104
180,062
189,078
189,007
189,210
186,251
183,667
17,526
17,496
17,364
17,313
17,571
17,551
17,538
17,363
17,276
Mar. 10
Mar. 17
Mar. 24
Mar. 31 p
Apr. IP
13,244
14,091
15,251
12,696
16,353
13,643
1,066
8,737
995
7,450
1,470
7,945
1,114
7,642
1,155
6,319
879
6,798
133,642
134,460
132,352
131,281
135,537
6,800
1,373
4,828
599
6,918
1,586
4,733
599
6,887
1,553
4,735
599
6,951
1,755
4,646
550
14,636
2,236
11,587
2,122
9,465
813
14,750
2,226
11,689
2,195
9,494
835
14,788
2,219
11,698
2,175
9,523
870
8,019
4,150
2,585
1,284
107,832
55,529
1,098
54,432
52,953
1,478
17,788
11,062
9,866
4,685
3,724
1,456
106,596
55,661
1,268
54,392
52,877
1,515
17,837
11,084
2,008
3,319
4,741
4,480
3,648
710
415
4,131
1,421
2,222
104,188
2,307
44,943
Mar. 3
1 Cash items in process of collection
2 D e m a n d deposits due f r o m banks in the United
States
3 All other cash and due from depository institutions..
4 Total loans and securities
s
1
A p r . 14 P
Securities
6
7
Investment account, by maturity
One year or less
Over one through five years
Over five years
8
y
10
11
1?
13
14
15
16
17
18
Investment account
U.S. government agencies
States and political subdivision, by maturity . . . .
One year or less
Over one year
Other bonds, corporate stocks and s e c u r i t i e s . . . .
Loans
19 Federal funds sold 3
20
To commercial banks
21
To nonbank brokers and dealers in securities
T o others
22
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc...
34
Other financial institutions
To nonbank brokers and dealers in securities
35
36
To others for purchasing and carrying securities 4 .
To finance agricultural production
37
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets 5
44 Total assets
4b
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
Deposits
D e m a n d deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for
profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
66
67
Treasury tax-and-loan notes
All other liabilities for borrowed money 6
68
69 Other liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 7
1.
2.
3.
4.
Excludes trading account securities.
Not available due to confidentiality.
Includes securities purchased under agreements to resell.
Other than financial institutions and brokers and dealers.
5. Includes trading account securities.
6. Includes federal funds purchased and securities sold under agreements to
repurchase.
7. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
Weekly Reporting Banks
1.29
LARGE WEEKLY REPORTING COMMERCIAL BANKS
A21
Balance Sheet Memoranda
Millions of dollars, Wednesday figures
1982
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31 P
Apr. I f
Apr. U P
Apr. 21P
B A N K S WITH A S S E T S OF $ 7 5 0 M I L L I O N OR M O R E
1 Total loans (gross! and securities adjusted 1
2 Total loans (gross) adjusted 1
3 Demand deposits adjusted 2
589,835
472,238
95,763
592,392
474,060
98,037
588,503
471,276
96,722
588,901
471,594
95,100
594,417
476,544
101,225
600.932
479,255
103,101
597,592
478,048
99,337
597,869
479,114
96,894
4 Time deposits in accounts of $100,000 or more . . .
5
Negotiable CDs
6
Other time deposits
187,468
134,280
53,189
186,806
133,438
53,368
185,673
132,569
53,104
187,576
134,389
53,187
186,382
133,171
53,211
184.933
132,007
52,926
184,007
131,093
52,914
185,113
132,176
52,937
2,775
2,165
610
2,837
2,231
606
2,823
2,220
603
2,878
2,265
613
2,858
2,211
646
2,860
2,260
601
2,835
2,233
602
2,877
2,260
617
10 Total loans (gross) and securities adjusted 1
11 Total loans (gross) adjusted 1
12 Demand deposits adjusted 2
553,410
445,348
88,691
556,017
447,200
90,806
552,142
444,434
89,467
552,657
444,903
88,178
557,912
449,545
93,800
564,175
451,994
95,585
561,051
450,881
92,011
561,403
451,991
89,870
13 Time deposits in accounts of $100,000 or more . . .
14
Negotiable CDs
15
Other time deposits
179,145
129,218
49,927
178,424
128,324
50,100
177,318
127,491
49,827
179,167
129,373
49,794
177,987
128,129
49,857
176,576
126,954
49,622
175,672
126,063
49,610
176,762
127,120
49,642
2,694
2,100
593
2,755
2,166
2,745
2,157
587
2,800
2,203
597
2,781
2,151
630
2,776
2,192
584
2,749
2,164
586
2,781
2,181
600
131,128
109,692
25,924
131,342
109,674
26,081
130,335
108,660
25,312
130,492
108,694
24,929
133,008
111,372
26,519
133,199
111,256
27,318
133,455
111,715
24,786
131,927
110,979
23,880
44,021
32,846
11,175
43,998
32,756
11,242
43,950
32,983
10,967
44,709
33,904
10,805
43,718
32,868
10,850
44,388
33,515
10,872
43,926
33,049
10,876
44,405
33,627
10,778
7 Loans sold outright to affiliates 3
8
Commercial and industrial
9
Other
B A N K S WITH A S S E T S OF $ 1 B I L L I O N OR M O R E
16 Loans sold outright to affiliates 3
17
Commercial and industrial
18
Other
B A N K S IN N E W Y O R K C I T Y
19 Total loans (gross) and securities adjusted 1 , 4
20 Total loans (gross) adjusted 1
21 Demand deposits adjusted 2
22 Time deposits in accounts of $100,000 or more . . .
23
Negotiable CDs
24
Other time deposits
1. Exclusive of loans and federal funds transactions with domestic commercial
banks.
2. All demand deposits except U.S. government and domestic banks less cash
items in process of collection.
3. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company,
4. Excludes trading account securities.
A22
1.291
DomesticNonfinancialStatistics • May 1982
LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS
Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31 p
Apr. I P
Apr. 14 p
A p r . 21 p
Apr. 28p
Cash and due from depository institutions
Total loans and securities
U.S. Treasury securities
Other securities
Federal funds sold 1
To commercial banks in U . S
To others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U.S. addressees
Non-U.S. addressees
To financial institutions
Commercial banks in U . S
Banks in foreign countries
Nonbank financial institutions
For purchasing and carrying securities ..
All other
Other assets (claims on nonrelated
parties)
Net due from related institutions
Total assets
5,676
47,965
2,597
806
2,801
2,631
170
41,760
19,701
5,868
47,856
2,522
793
3,394
3,108
286
41,147
19,645
6,062
47,395
2,795
809
3,001
2,834
168
40,790
19,636
5,978
49,831
2,308
801
5,287
5,158
130
41,435
19,970
6,075
48,101
2,526
785
3,907
3,623
284
40,882
19,876
5,880
47,567
2,316
765
3,886
3,571
314
40,600
19,401
5,879
45,968
2,295
759
3,265
2,960
305
39,649
19,375
6,074
44,455
2,298
750
2,335
2,103
232
39,071
19,264
5,813
44,967
2,522
766
2,936
2,714
221
38,742
18,884
3,629
16,072
13,876
2,196
17,442
13,694
3,365
383
668
3,950
3,579
16,066
13,881
2,185
17,318
13,743
3,210
365
450
3,733
3,705
15,930
13,758
2,172
16,888
13,480
2,926
482
417
3,849
3,600
16,370
14,150
2,221
17,081
13,732
2,842
507
476
3,908
3,713
16,163
14,045
2,118
16,627
13,322
2,784
521
489
3,890
3,688
15,713
13,701
2,012
16,572
13,220
2,824
529
720
3,906
3,790
15,585
13,530
2,055
16,175
13,047
2,612
516
261
3,838
3,679
15,586
13,484
2,102
15,658
12,428
2,702
529
306
3,842
3,372
15,511
13,392
2,119
15,522
12,351
2,645
526
310
4,028
12,235
13,270
79,146
12,452
12,638
78,814
12,370
11,842
77,668
12,488
11,371
79,669
13,050
12,418
79,644
12,734
12,968
79,149
12,884
12,406
77,137
13,071
12,474
76,075
12,639
11,972
75,392
23 Deposits or credit balances 2
24
Credit balances
25
D e m a n d deposits
26
Individuals, partnerships, and
corporations
27
Other
28
Total time and savings
29
Individuals, partnerships, and
corporations
30
Other
31 Borrowings 3
32
Federal funds purchased 4
33
From commercial banks in U . S
34
From others
35
Other liabilities for borrowed money . . .
36
To commercial banks in U . S
37
To others
38 Other liabilities to nonrelated parties
39 Net due to related institutions
40 Total liabilities
22,836
283
1,993
22,456
284
2,125
21,689
304
1,919
23,101
298
1,897
23,432
247
2,102
23,576
286
2,098
23,885
209
2,279
22,271
261
2,072
21,908
244
2,248
751
1,242
20,560
802
1,323
20,047
850
1,068
19,466
783
1,114
20,905
807
1,295
21,083
894
1,204
21,191
1,023
1,256
21,397
932
1,140
19,938
994
1,253
19,416
17,494
3,066
34,387
9,363
7,977
1,386
25,024
22,487
2,536
12,279
9,644
79,146
17,014
3,033
35,587
10,631
9,335
1,297
24,956
22,331
2,624
12,379
8,392
78,814
16,367
3,099
33,571
9,252
7,885
1,367
24,319
21,713
2,606
12,360
10,049
77,668
17,660
3,245
33,107
8,245
7,057
1,188
24,862
21,991
2,871
12,455
11,006
79,669
17,782
3,301
33,106
8,474
7,333
1,141
24,632
22,026
2,606
12,986
10,121
79,644
17,689
3,503
32,472
8,257
7,242
1,015
24,215
21,769
2,446
12,733
10,368
79.149
17,872
3,525
31,349
7,523
6,442
1,081
23,826
21,317
2,509
12,782
9,121
77,137
16,504
3,433
31,253
7,498
6,216
1,282
23,755
21,312
2,443
13,182
9,369
76,075
15,848
3,568
30,253
6,932
5,755
1,176
23,321
20,994
2,327
13,087
10,144
75,392
31,640
28,236
31,005
27,690
31,082
27,477
30,941
27,832
31,156
27,844
30,776
27,695
29,961
26,907
29,924
26,875
29,902
26,613
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
MEMO
41 Total loans (gross) and securities
adjusted'
42 Total loans (gross) adjusted 5
1.
2.
3.
4.
5.
Includes securities purchased under agreements to resell.
Balances due to other than directly related institutions.
Borrowings from other than directly related institutions.
Includes securities sold under agreements to repurchase.
Excludes loans and federal funds transactions with commercial banks in U.S.
NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting branches and agencies shifted
$22.2 billion of assets to their IBFs in the six weeks ending Jan. 13,1982. Domestic
offices net positions with IBFs are now included in net due from or net due to
related institutions. More detail will be available later.
Weekly Reporting Banks
1.30
LARGE WEEKLY REPORTING COMMERCIAL BANKS
A23
Domestic Classified Commercial and Industrial Loans
Millions of dollars
Outstanding
Industry classification
1982
1981
Dec. 30
Net change during
Jan. 27
Feb. 24
Mar. 31
Apr. 28p
Q4
Adjustment
bank 1
1982
1981
Q1
Feb.
Mar.
Apr.P
1 Durable goods m a n u f a c t u r i n g . . . .
26,902
27,158
28,314
28,622
29,085
795
1,704
1,155
308
463
17
2 Nondurable goods manufacturing
3
Food, liquor, and tobacco
21,787
4,201
21,628
4,160
21,948
4,419
23,170
4,553
23,584
4,814
-1,613
-229
1,372
350
320
259
1,222
134
414
261
11
2
4,180
4,867
4,340
4,198
4,172
4,587
4,486
4,223
4,427
4,142
4,746
4,214
4,535
4,452
5,140
4,490
4,654
4,417
5,187
4,511
-896
911
-1,408
10
353
-415
797
287
254
-444
260
-9
108
309
394
277
119
-34
47
21
2
4
5
6
7
Textiles, apparel, and l e a t h e r . .
Petroleum refining
Chemicals and rubber
Other nondurable goods
8 Mining (including crude petroleum and natural gas)
2
4
24,364
24,552
25,804
25,858
26,792
3,082
1,493
1,253
53
934
9 Trade
10
Commodity dealers
11
Other wholesale
12
Retail
28,009
2,292
12,947
12,770
28,135
2,297
13,252
12,586
27,793
1,802
13,172
12,819
28,893
2,322
13,608
12,963
28,667
1,858
13,557
13,252
1,010
635
313
62
819
30
641
148
-342
-495
-81
233
1,100
520
436
145
-226
-464
-51
288
13 Transportation, communication,
and other public utilities
14
Transportation
15
Communication
16
Other public utilities
23,157
8,592
3,954
10,611
23,418
8,739
4,026
10,652
23,381
8,890
4,076
10,415
23,639
9,152
4,242
10,246
23,682
9,100
4,470
10,111
1,299
134
419
745
458
538
287
-367
-36
151
49
-236
258
262
166
-170
42
-51
228
-134
24
22
17 Construction
18 Services
19 All o t h e r 2
7,193
26,484
16,966
7,060
26,738
17,178
7,202
27,270
16,883
7,262
27,124
17,130
7,413
27,344
16,929
-53
1,144
1,148
23
536
-45
142
532
-295
60
-146
247
152
220
-201
45
104
209
174,861
175,868
178,596
181,698
183,496
6,812
6,360
2,728
3,102
1,799
476
83,117
85,201
87,829
87,238
88,259
-1,019
1,952
2,628
-591
1,021
169
20 Total domestic loans
21 MEMO: T e r m loans (original maturity more than 1 year) included in domestic loans
1. Adjustment bank amounts represent accumulated adjustments originally made
to offset the cumulative effects of mergers. These adjustment amounts should be
added to outstanding data for any date in the year to establish comparability with
any date in the subsequent year. Changes shown have been adjusted for these
amounts.
2. Includes commercial and industrial loans at a few banks with assets of $1
billion or more that d o not classify their loans.
65
20
45
1
NOTE. New series. T h e 134 large weekly reporting commercial banks with domestic assets of $1 billion or more as of Dec. 31, 1977, are included in this series.
The revised series is on a last-Wednesday-of-the-month basis. Partly estimated
historical data are available from the Banking Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D . C .
20551.
A24
1.31
DomesticNonfinancialStatistics • May 1982
GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations1
Billions of dollars, estimated daily-average balances
Commercial banks
Type of holder
1977
Dec.
1978
Dec.
1980
19792
Dec.
June
Sept.
1981
Dec.
Mar. 3
June 4
Sept.
Dec.
1 All holders—Individuals, partnerships, and
corporations
274.4
294.6
302.2
288.6
302.0
315.S
280.8
277.5
288.9
2
3
4
5
6
25.0
142.9
91.0
2.5
12.9
27.8
152.7
97.4
2.7
14.1
27.1
157.7
99.2
3.1
15.1
27.7
145.3
97.9
3.3
14.4
29.6
151.9
101.8
3.2
15.5
29.8
162.3
102.4
3.3
17.2
30.8
144.3
86.7
3.4
15.6
28.2
148.6
82.1
3.1
15.5
28.0
154.8
86.6
2.9
16.7
Financial business
Nonfinancial business
Consumer
Foreign
Other
n.a.
Weekly reporting banks
1977
Dec.
1978
Dec.
1980
19795
Dec.
June
7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
Dec.
Mar. 3
June 4
Sept.
Dec.
139.1
147.0
139.3
133.9
140.6
147.4
133.2
131.3
137.5
18.5
76.3
34.6
2.4
7.4
19.8
79.0
38.2
2.5
7.5
20.1
74.1
34.3
3.0
7.8
20.2
69.2
33.9
3.1
7.5
21.2
72.4
36.0
3.1
7.9
21.8
78.3
35.6
3.1
8.6
21.9
69.8
30.6
3.2
7.7
20.7
71.2
28.7
2.9
7.9
21.0
75.2
30.4
2.8
8.0
1. Figures include cash items in process of collection. Estimates of gross deposits
are based on reports supplied by a sample of commercial banks. Types of depositors
in each category are described in the June 1971 BULLETIN, p. 466.
2. Beginning with the March 1979 survey, the demand deposit ownership survey
sample was reduced to 232 banks from 349 banks, and the estimation procedure
was modified slightly. T o aid in comparing estimates based on the old and new
reporting sample, the following estimates in billions of dollars for December 1978
have been constructed using the new smaller sample; financial business, 27.0;
nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1.
3. D e m a n d deposit ownership data for March 1981 are subject to greater than
normal errors reflecting unusual reporting difficulties associated with funds shifted
to N O W accounts authorized at year-end 1980. For the household category, the
$15.7 billion decline in demand deposits at all commercial banks between December
1980 and March 1981 has an estimated standard error of $4.8 billion.
Sept.
1981
n a.
4. Demand deposit ownership survey estimates for June 1981 are not yet available
due to unresolved reporting errors.
5. After the end of 1978 the large weekly reporting bank panel was changed to
170 large commercial banks, each of which had total assets in domestic offices
exceeding $750 million as of Dec. 31, 1977. See " A n n o u n c e m e n t s , " p. 408 in the
May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estimates for these large banks are constructed quarterly on the basis of 97 sample
banks and are not comparable with earlier data. The following estimates in billions
of dollars for December 1978 have been constructed for the new large-bank panel;
financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5;
other, 6.8.
Deposits and Commercial Paper
1.32
A25
COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
Instrument
1977
Dec.
1978
Dec.
1979 1
Dec.r
1982
1981
1980 r
Dec.
Sept.'
Oct.r
Nov.'
Dec.r
Jan.r
Feb.r
Mar.
Commercial paper (seasonally adjusted)
1 All issuers
2
3
4
5
6
Financial companies 2
Dealer-placed paper3
Total
Bank-related
Directly placed paperA
Total
Bank-related
Nonfinancial companies 5
65,051
83,438
112,803
124,524
163,987
164,026
164,958
165,508
165,088
164,738
166,341
8,796
2,132
12,181
3,521
17,359
2,784
19,790
3,561
31,346
6,182
30,081
5,640
30,024
5,735
30,188
6,045
29,321
6,526
30,069
6,865
31,578
7,429
40,574
7,102
15,681
51,647
12,314
19,610
64,757
17,598
30,687
67,854
22,382
36,880
82,842
26,427
49,799
82,822
25,397
51,123
82,291
26,225
52,643
81,660
26,914
53,660
80,331
28,567
55,436
79,142
27,207
55,527
77,933
27,190
56,830
Bankers dollar acceptances (not seasonally adjusted)
7 Total
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others
Basis
14 Imports into United States
15 Exports from United States
16 All other
8
9
10
11
12
13
25,450
33,700
45,321
54,744
65,048
66,072
68,749
69,226
70,088
70,468
10,434
8,915
1,519
8,579
7,653
927
9,865
8,327
1,538
10,564
8,963
1,601
10,022
9,040
982
10,511
9,522
989
11,253
10,268
985
10,857
9,743
1,115
10,227
9,095
1,132
11,953
10,928
1,025
954
362
13,700
1
664
24,456
704
1,382
33,370
776
1,791
41,614
0
1,243
53,783
0
1,428
54,133
0
1,408
56,089
0
1,442
56,926
0
1,427
58,434
0
1,530
56,985
6,378
5,863
13,209
8,574
7,586
17,540
10,270
9,640
25,411
11,776
12,712
30,257
13,992
13,514
37,542
14,699
13,981
37,391
14,851
14,936
38,962
14,765
15,400
39,061
14,727
15,599
39,762
15,430
16,119
38,919
1. A change in reporting instructions results in offsetting shifts in the dealerplaced and directly placed financial company paper in October 1979.
2. Institutions engaged primarily in activities such as, but not limited to, commercial, savings, and mortgage banking; sales, personal, and mortgage financing;
factoring, finance leasing, and other business lending; insurance underwriting; and
other investment activities.
n a.
3. Includes all financial company paper sold by dealers in the open market.
4. As reported by financial companies that place their paper directly with investors.
5. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade,
transportation, and services.
A26
1.33
DomesticNonfinancialStatistics • May 1982
PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per annum
Rate
Effective D a t e
20.00
20.50
20.00
20.50
20.00
19.50
19.00
18.00
1981—Nov.
Dec.
1982—Feb.
17.50
17.00
16.5017.00
16.50
16.00
15.75
3
9
17
20
24
1
16.50
17.00
16.50
2.
18.
23.
1.34
Average
rate
Month
1980—Oct
Nov
Dec
13.79
16.06
20.35
1981—Jan
Feb
Mar
Apr
May
June
20.16
19.43
18.05
17.15
19.61
20.03
1981—July
Aug.
Sept.
Oct.
Nov.
Dec.
1982—Jan.
Feb.
Mar.
Apr.
TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 1-6, 1982
Size of loan (in thousands of dollars)
Item
All
sizes
1,000
1-24
50-99
25^9
100-499
500-999
and over
S H O R T - T E R M COMMERCIAL AND
INDUSTRIAL L O A N S
1 A m o u n t of loans (thousands of dollars)
7. N u m b e r of loans
3 Weighted-average maturity (months)
4 Weighted-average interest rate (percent per annum) .
5
Interquartile range 1
6
7
8
31,600,736
167,711
1.4
17.13
16.61-17.55
879,384
120,258
3.5
18.34
17.23-19.12
560,057
18,056
3.8
17.88
17.00-18.97
686,973
10,419
4.4
18.20
17.42-19.05
2,391,858
13,787
3.7
17.65
16.75-18.64
938,120
1,443
3.8
17.31
16.50-17.98
26,144,343
3,748
1.0
16.99
16.56-17.44
40.0
54.9
17.5
35.4
27.8
13.9
46.6
36.5
16.8
57.3
41.5
18.6
64.4
51.0
26.4
70.4
63.5
32.7
36.3
56.6
16.2
Percentage of amount of loans
With floating rate
Made under commitment
With no stated maturity
L O N G - T E R M COMMERCIAL AND
INDUSTRIAL L O A N S
9
10
11
12
13
A m o u n t of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1
14
15
Percentage of amount of loans
With floating rate
Made under commitment
3,541,678
22,169
51.6
16.59
16.12-17.50
319,977
19,773
31.6
19.06
17.23-19.57
330,461
1,627
39.7
17.58
16.75-18.25
184,046
274
43.0
16.93
16.50-17.75
2,707,194
495
56.0
16.15
15.75-17.00
69.5
61.6
32.9
26.9
61.9
44.6
76.0
67.1
74.4
67.5
CONSTRUCTION AND
16
17
18
19
20
A m o u n t of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1
1,209,125
26,525
12.9
17.86
17.27-19.25
112,588
16,202
7.8
19.90
17.98-20.46
172,993
4,869
9.8
19.37
18.83-20.17
285,350
3,865
13.4
18.84
18.27-19.51
230,605
1,400
10.5
14.83
8.75-18.54
407,589
189
16.3
17.68
17.23-18.27
52.3
87.3
50.9
4.6
19.5
56.8
55.4
10.8
59.8
85.5
26.1
4.4
40.6
99.3
28.8
3.7
51.5
94.9
51.8
7.8
66.8
83.7
75.0
1.8
30.0
13.3
56.6
35.4
1.8
62.8
27.5
1.6
70.8
74.4
.8
24.8
17.3
43.3
39.4
5.8
13.3
80.9
Percentage of amount of loans
21 With floating rate
72 Secured by real estate
2 3 Made under commitment
2 4 With no stated maturity
25
26
27
Type of construction
1- to 4-family
Multifamily
Nonresidential
All
sizes
28
29
30
31
32
A m o u n t of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range'
33
34
35
36
37
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Other
250
25-49
50-99
100-249
and over
1,266,037
57,806
7.1
17.68
17.11-18.39
138,005
36,774
6.2
17.65
16.65-18.54
166,907
11,122
8.3
17.33
16.64-18.27
164,173
4,955
7.5
17.67
17.18-18.27
194,427
2,920
7.5
17.66
16.75-18.52
216,317
1,655
6.3
17.63
17.18-18.27
386,208
380
6.9
17.88
17.50-18.47
17.57
17.42
17.66
17.93
17.85
18.16
17.96
17.58
17.38
17.86
17.42
16.78
17.29
17.42
17.85
17.82
17.50
17.53
17.11
18.35
17.31
18.17
17.48
19.04
17.20
18.05
17.38
17.44
18.29
17.70
17.98
1. Interest rate range that covers the middle 50 percent of the total dollar amount
of loans made.
2. Fewer than 10 sample loans.
10-24
1-9
(2)
(2)
NOTE. For more detail, see the Board's E . 2 (111) statistical release,
(2)
{1
l
Securities Markets
1.35
All
INTEREST RATES Money and Capital Markets
Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
1982, week ending
1982
Instrument
1979
1980
1981
Jan.
Feb.
Mar.
Apr.
Apr. 2
Apr. 9
A p r . 16
A p r . 23
A p r . 30
MONEY MARKET RATES
1 Federal funds 1 ' 2
Commercial paper 3 , 4
2
1-month
3
3-month
4
6-month
Finance paper, directly placed 3 , 4
5
1-month
6
3-month
7
6-month
Bankers acceptances 4 , 5
3-month
8
9
6-month
Certificates of deposit, secondary market 6
1-month
1(1
11
3-month
6-month
12
13 Eurodollar deposits, 3-month 2
U.S. Treasury bills 4
Secondary market 7
14
3-month
15
6-month
1-year
16
Auction average 8
17
3-month
18
6-month
19
11.19
13.36
16.38
13.22
14.78
14.68
14.94
14.99
15.15
14.68
15.01
14.72
10.86
10.97
10.91
12.76
12.66
12.29
15.69
15.32
14.76
12.90
13.09
13.35
14.62
14.53
14.27
13.99
13.80
13.47
14.38
14.06
13.64
14.64
14.29
13.86
14.47
14.19
13.74
14.65
14.24
13.78
14.24
13.94
13.53
14.04
13.79
13.46
10.78
10.47
10.25
12.44
11.49
11.28
15.30
14.08
13.73
12.67
12.56
12.56
14.41
13.59
13.58
13.73
12.91
12.89
14.17
13.21
13.09
14.44
13.20
13.16
14.35
13.34
13.24
14.45
13.33
13.19
13.91
13.10
12.96
13.85
13.03
12.90
11.04
n.a.
12.78
n.a.
15.32
14.66
13.06
13.31
14.47
14.09
13.73
13.33
13.95
13.49
14.18
13.69
14.13
13.59
14.08
13.61
13.85
13.41
13.73
13.33
11.03
11.22
11.44
11.96
12.91
13.07
12.99
14.00
15.91
15.91
15.77
16.79
13.03
13.51
14.25
14.29
14.78
15.00
15.12
15.75
14.12
14.21
14.25
14.90
14.44
14.44
14.42
15.18
14.68
14.70
14.69
15.31
14.54
14.56
14.54
15.28
14.61
14.60
14.57
15.43
14.36
14.34
14.31
15.25
14.17
14.21
14.25
14.85
10.07
10.06
9.75
11.43
11.37
10.89
14.03
13.80
13.14
12.28
12.83
12.77
13.48
13.61
13.11
12.68
12.77
12.47
12.70
12.80
12.50
13.32
13.17
12.76
13.10
13.06
12.69
12.77
12.92
12.59
12.39
12.61
12.38
12.42
12.57
12.30
10.041
10.017
9.817
11.506
11.374
10.748
14.077
13.811
13.159
12.412
12.930
13.143
13.780
13.709
13.180
12.493
12.621
12.509
12,821
12.861
12.731
13.399
13.243
12.893
12.802
12.849
12.899
12.497
12.719
12.731
12.469
12.640
10.67
10.12
12.05
11.77
14.78
14.56
14.32
14.57
14.73
14.82
13.95
14.19
13.98
14.20
14.32
14.51
14.07
14.27
11.55
11.48
11.43
11.46
11.39
11.30
14.44
14.24
14.06
13.91
13.72
13.44
14.64
14.65
14.67
14.59
14.57
14.22
14.73
14.54
14.46
14.43
14.48
14.22
14.13
13.98
13.93
13.86
13.75
13.53
14.18
14.00
13.94
13.87
13.57
13.37
14.47
14.34
14.30
14.15
13.92
13.70
14.21
14.00
13.90
13.85
13.51
13.31
13.86
14.09
14.10
14.09
13.85
13.76
13.69
13.39
13.19
13.75
13.99
9.71
9.52
9.48
9.44
9.33
9.29
14.20
14.40
14.35
14.36
14.25
14.21
14.13
13.88
13.66
8.74
10.81
12.87
13.73
13.63
12.98
12.84
13.17
13.10
12.79
12.69
12.73
5.92
6.73
6.52
7.85
9.01
8.59
10.43
11.76
11.33
12.30
13.95
13.28
12.20
13.83
12.97
11.95
13.70
12.82
11.66
13.29
12.59
11.90
13.70
13.13
12.30
13.70
12.99
11.70
13.30
12.54
11.20
13.00
12.29
11.20
12.78
11.97
10.12
9.63
9.94
10.20
10.69
12.75
11.94
12.50
12.89
13.67
15.06
14.17
14.75
15.29
16.04
16.05
15.18
15.75
16.19
17.10
16.13
15.27
15.72
16.35
17.18
15.68
14.58
15.21
16.12
16.82
15.53
14.46
14.90
15.95
16.78
15.73
14.66
15.18
16.14
16.91
15.70
14.68
15.10
16.09
16.89
15.59
14.53
14.91
15.96
16.80
15.42
14.31
14.81
15.85
16.69
15.40
14.31
14.75
15.82
16.70
10.03
10.02
12.74
12.70
15.56
15.56
15.68
15.88
15.93
15.97
15.26
15.19
15.83
15.45
15.88
15.25
16.13
15.65
15.78
15.39
15.55
15.27
15.55
9.07
5.46
10.57
5.25
12.36
5.41
13.19
5.95
13.20
6.06
12.97
6.28
12.90
5.99
13.15
6.22
12.89
6.01
13.01
6.00
12.92
6.01
12.76
5.94
CAPITAL M A R K E T R A T E S
U.S. Treasury notes and bonds 9
Constant maturities 1 0
20
1-year
21
2-year
T)
23
3-year
24
5-year
25
7-year
26
10-year
27
20-year
28
30-year
29
Composite 1 2
Over 10 years (long-term)
State and local notes and bonds
Moody's series 1 3
30
Aaa
31
Baa
32
Bond Buyer series 1 4
33
34
35
36
37
38
39
Corporate bonds
Seasoned issues 15
All industries
Aaa
Aa
A
Baa
Aaa utility bonds 1 6
Recently offered issues
MEMO: Dividend/price ratio 1 7
40
Preferred stocks
41
Common stocks
1. Weekly and monthly figures are averages of all calendar days, where the
rate for a weekend or holiday is taken to be the rate prevailing on the preceding
business day. T h e daily rate is the average of the rates on a given day weighted
by the volume of transactions at these rates.
2. Weekly figures are statement week averages—that is, averages for the week
ending Wednesday.
3. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before November 1979, maturities for data shown are 30-59 days, 90-119 days,
and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 150179 days for finance paper.
4. Yields are q u o t e d on a bank-discount basis, rather than an investment yield
basis (which would give a higher figure).
5. Dealer closing o f f e r e d rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
6. Unweighted average of offered rates quoted by at least five dealers early in
the day.
7. Unweighted average of closing bid rates auoted by at least five dealers.
8. Rates are recorded in the week in which Dills are issued.
9. Yields are based on closing bid prices quoted by at least five dealers.
10. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields
are read from a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.
14.02
13.87
13.82
13.78
13.47
13.28
11. Each weekly figure is calculated on a biweekly basis and is the average of
five business days ending on the Monday following the calendar week. T h e biweekly
rate is used to determine the maximum interest rate payable in the following twoweek period on small saver certificates. (See table 1.16.)
12. Unweighted averages of yields (to maturity or call) for all outstanding notes
and bonds neither due nor callable in less than 10 years, including several very low
yielding "flower" bonds.
13. General obligations only, based on figures for Thursday, from Moody's
Investors Service.
14. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
15. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
16. Compilation of the Federal Reserve. Issues included are long-term (20 years
or more). New-issue yields are based on quotations on date of offering; those on
recently offered issues (included only for first 4 weeks after termination of underwriter price restrictions), on Friday close-of-business quotations.
17. Standard and Poor's corporate series. Preferred stock ratio based on a sample
of ten issues: four public utilities, four industrials, one financial, and one transportation. Common stock ratios on the 500 stocks in the price index.
A28
1.36
DomesticNonfinancialStatistics • May 1982
STOCK MARKET
Selected Statistics
1981
Indicator
1979
1980
1982
1981
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6 Standard & Poor's Corporation
(1941—43 = 10) 1
7 American Stock Exchange
(Aug. 31, 1973 = 1 0 0 ) . . . .
107.94
118.71
128.05
129.63
186.56
300.94
343.58 r
364.60
Volume of trading
(thousands of shares)
8 New York Stock Exchange . . . .
9 American Stock Exchange
32,233
4,182
44,867
6,377
46,967 r
5,346
43,838 r
5,137
46,042
5,556
55.67
61.82
45.20
36.46
58.65
68.06
78.64
60.52
37.35
64.28
74.02
85.44
72.61
38.90
73.52
75.24
86.72
73.27
40.22
73.76
69.40
78.94
65.65
38.87
72.58
71.49
80.86
67.68
40.73
76.47
118.27
119.84
122.92
123.79
117.41
114.50
110.84
116.31
313.60
308.81
321.0
322.65'
296.49
275.10
255.08
271.15
45,287'
4,233
50,791
5,257
43,598'
4,992
48,419'
4,497
51,169
4,400
55,227
4,329
54,119
3,938
68.37
78.07
63.67
38.17
69.38
71.81
81.70
68.27
40.22
74.74
67.91
76.85
62.04
39.30
70.99
66.16
74.78
59.09
38.32
70.50
63.86
71.51
55.19
38.57
69.08
66.68
75.59
57.91
39.20
71.44
Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin credit at
brokers-dealers 2
11,619
14,721
14,411
14,585
14,023
13,926
14,124
14,411
13,441
13,023
12,095
11 Margin stock 3
12 Convertible bonds
13 Subscription issues
11,450
167
2
14,500
219
2
14,150
259
2
14,310
274
1
13,760
263
13.660
263
3
13,860
261
3
14,150
259
2
13,190
249
2
12,770
251
2
11,840
249
6
1,105
4,060
2,105
6,070
3,515
7,150
2,645
6,640
2,940
6,555
2,990
6,100
3,290
6,865
3,515
7,150
3,455
6,575
3,755
6,595
3,895
6,510
Free credit balances at
14 Margin-account
15 Cash-account
n a.
brokers4
Margin-account debt at brokers (percentage distribution, end of period)
16 Total
17
18
19
20
21
22
By equity class fin
U n d e r 40
40-49
50-59
60-69
70-79
80 or more
100.0
100.0
100.0
100.0
100.0
100.0
16.0
29.0
27.0
14.0
8.0
7.0
14.0
30.0
25.0
14.0
9.0
8.0
37.0
21.0
22.0
10.0
6.0
6.0
38.5
24.0
15.0
10.0
6.0
6.0
47.0
22.0
13.0
8.0
5.0
5.0
32.0
28.0
18.0
10.0
6.0
6.0
100.0
100.0
100.0
100.0
100.0
37.0
24.0
17.0
10.0
6.0
6.0
37.0
24.0
16.0
10.0
7.0
6.0
44.0
22.0
15.0
8.0
6.0
5.0
39.0
24.0
16.0
10.0
6.0
5.0
26,850
28,030
percent)5
30.0
25.0
21.0
11.0
6.0
7.0
n a.
\
Special miscellaneous-account balances at brokers (end of period)
23 Total balances (millions of dollars) 6 ...
Distribution by equity status
(percent)
24 Net credit status
Debt status, equity of
25
60 percent or more
26
Less than 60 percent
16,150
21,690
24,962
25,234
25,870
25,409
25,870
26,080
44.2
47.8
58.0
55.0
55.0
57.0
58.0
58.0
58.0
59.0
47.0
8.8
44.4
7.7
31.0
11.0
33.0
12.0
35.0
10.0
33.0
10.0
31.0
31.0
30.0
12.0
28.0
13.0
11.0
11.0
Margin requirements (percent of market value and effective date) 7
27 Margin stocks
28 Convertible bonds
29 Short sales
Mar. 11, 1968
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40
financial.
2. Margin credit includes all credit extended to purchase or carry stocks or related
equity instruments and secured at least in part by stock. Credit extended is endof-month data for member firms of the New York Stock Exchange.
In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan values for convertible bonds and stock acquired
through exercise of subscription rights.
3. A distribution of this total by equity class is shown on lines 17-22.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.
Jan. 3, 1974
50
50
50
5. Each customer's equity in his collateral (market value of collateral less net
debit balance) is expressed as a percentage of current collateral values.
6. Balances that may be used by customers as the margin deposit required for
additional purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur.
7. Regulations G , T, and U of the Federal Reserve Board of Governors, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount
of credit to purchase and carry margin stocks that may be extended on securities
as collateral by prescribing a maximum loan value, which is a specified percentage
of the market value of the collateral at the time the credit is extended. Margin
requirements are the difference between the market value (100 percent) and the
maximum loan value. The term "margin stocks" is defined in the corresponding
regulation.
Financial Institutions
1.37
SELECTED FINANCIAL INSTITUTIONS
A29
Selected Assets and Liabilities
Millions of dollars, end of period
1982
1981
1979
1980R
June
July
Sept.
Aug.
Nov.
Oct.
Dec.
Jan.
Feb.'
Mar?
Savings and loan associations
1 Assets
578,962
630,712
647,704
649,807
653,022
655,658
659,073
660,326
663,844
667,600
671,895
676,505
2 Mortgages
3 Cash and investment securities1
4 Other
475,688
46,341
56,933
503,192
57,928
69,592
515,256
57,980
74,468
511,990
57,817
75,000
518,172
58,932
75,918
518,778
59,530
77,350
519,248
61,517
78,308
519,146
61,369
79,811
518,350
62,756
82,738
517,493
64,089
86,018
516,284
66,585
89,026
515,125
67,739
93,641
578,962
630,712
647,704
649,807
653,022
655,658
659,073
660,326
663,844
667,600
671,895
676,505
470,004
55,232
40,441
14,791
9,582
11,506
511,636
64,586
47,045
17,541
8,767
12,394
518,359
74,875
53,836
21,039
7,985
14,933
514,805
79,704
57,188
22,516
7,741
16,556
513,438
83,456
60,025
23,431
7,354
18,275
515,649
87,477
61,857
25,620
7,040
15,307
519,288
86,108
62,000
24,108
6,757
17,506
519,777
86,255
61,922
24,333
6,451
19,101
524,374
89,097
62,794
26,303
6,369
15.612
526,382
89,099
62,581
26,518
6,249
18,356
529,064
89,465
62,690
26,775
6,144
20,145
534,312
91,278
63,861
27,417
6,379
18,141
12 N e t w o r t h 2
32,638
33,329
31,552
31,001
30,499
30,185
29,414
28,742
28,392
27,514
27,077
26,395
13 MEMO: M o r t g a g e l o a n c o m m i t m e n t s
outstanding3
16,007
16,102
18,037
17,235
16,689
16,012
15,733
15,758
15,225
15,131
15,397
15,826
5 Liabilities and net w o r t h
6
7
8
9
10
11
Savings capital
Borrowed money
FHLBB
Other
L o a n s in p r o c e s s
Other
M u t u a l savings b a n k s 4
14 Assets
15
16
17
18
19
20
21
Loans
Mortgage
Other
Securities
U.S. government5
State a n d local g o v e r n m e n t
Corporate and other6
Cash
O t h e r assets
163,405
171,564
174,387
174,578
174,761
175,234
175,693
175,258
175,612
175,802
175,624
98,908
9,253
99,865
11,733
99,993
14,403
100,095
14,359
99,987
14,560
99,944
14,868
99,903
14,725
99,879
15,073
100,015
14,740
99,770
15,015
98,799
15,620
7,658
2,930
37,086
3,156
4,412
8,949
2,390
39,282
4,334
5,011
9,230
2,337
38,418
4,473
5,534
9,361
2,291
38,374
4,629
5,469
9,369
2,326
38,180
4,791
5,547
9,594
2,323
38,118
4,810
5,577
9,765
2,394
38,108
5,118
5,681
9,508
2,271
37,874
5,039
5,615
9,861
2,274
37,674
5,415
5,632
10,060
2,275
37,721
5,191
5,771
9,974
2,280
37,695
5,374
5,882
22 Liabilities
163,405
171,564
174,387
174,578
174,761
175,234
175,693
175,258
175,612
175,802
175,624
23
24
25
26
27
28
29
30
146,006
144,070
61,123
82,947
1,936
5,873
11,525
154,805
151,416
53,971
97,445
2,086
6,695
11,368
154,926
152,603
51,594
101,009
2,323
8,634
10,827
153,757
151,394
50,593
100,800
28,494
10,156
10,665
153,120
150,753
49,003
101.750
27,073
11,125
10,516
153,412
151.072
49,254
101,818
25,769
11,458
10,364
154,066
151,975
48,238
103,737
24,806
11,513
10,114
153,809
151,787
48,456
126,889
2,023
11,434
10,015
154,913
152,834
49,409
126,334
2,079
10,731
9,969
154,638
152,609
48,864
125,578
2,029
11,370
9,794
154,436
152,449
48,279
125,276
1,987
11,536
9,652
3,182
1,476
1,577
1,401
1,333
1,218
1,140
1,207
1,293
916
950
Deposits
Regular7
Ordinary savings
Time and other
Other
O t h e r liabilities
General reserve accounts
MEMO: M o r t g a g e l o a n c o m mitments outstanding8
n a.
Life insurance companies
31 Assets
32
33
34
35
36
37
38
39
40
41
42
Securities
Government
United States9
State a n d local
Foreign10
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
O t h e r assets
432,282
479,210
500,316
503,994
506,585
509,478
515,079
519,281
521,354
525,331
526,573
338
4,888
6,428
9,022
222,332
178,371
39,757
118,421
13,007
34,825
27,563
21,378
5,345
6,701
9,332
238,113
190,747
47,366
131,080
15,033
41,411
31,702
23,415
7,119
6,876
9,420
248,737
201,402
47,335
135,318
16,966
44,970
30,910
23,691
7,359
6,865
9,467
250,186
203,016
41,170
135,928
17,429
45,591
31,169
23,949
7,544
6,904
9,501
250,371
204,501
45,870
136,516
17,626
46,252
31,971
24,280
7,670
7,033
9,577
250,315
205,908
44,407
136,982
17,801
47,042
33,058
24,621
7,846
7,129
9,646
253,976
208,004
45,972
137,736
18,382
47,731
32,633
25,200
8,321
7,148
9,731
255,632
209,194
46,438
138,433
18,629
48,275
33,112
25,310
8,578
6,968
9,764
254,978
208,587
46,391
139,046
19,157
48,741
34,122
26,157
9,204
7,063
9,890
257,614
211,686
45,928
139,596
19,276
49,092
33,288
26,847
9,887
7,043
9,917
257,318
212,685
44,633
139,777
18,999
49,535
34,097
n a.
Credit unions
4 3 Total assets/liabilities a n d
capital
65,854
71,709
75,781
76,043
75,656
76,145
76,123
76,830
77,682
78,012
78,986
81,055
44
45
46
47
48
49
50
51
35,934
29,920
53,125
28,698
24,426
56,232
35,530
25,702
39,801
31,908
47,774
25,627
22,147
64,399
36,348
28,051
41,443
34,338
50,271
27,133
23,138
68,317
37,618
30,699
41,678
34,365
50,724
27,378
23,346
67,690
37,176
30,514
41,394
34,262
51,207
27,701
23,506
66,943
36,713
30,230
41,682
34,463
51,407
27,871
23,536
67,512
36,928
30,584
41,727
34,396
51,029
27,686
23,343
67,625
37,015
30,610
42,025
34,805
50,631
27,508
23,123
67,981
37,261
30,720
42,382
35,300
50,448
27,458
22,990
68,871
37,574
31,297
42,512
35,500
49,949
27,204
22,745
69,432
37,875
31,557
43,111
35,875
49,610
27,051
22,559
70,227
38,331
31,896
44,263
36,792
49,668
27,119
22,549
72,218
39,431
32,787
Federal
State
Loans outstanding
Federal
State
Savings
Federal (shares)
State (shares and deposits)
F o r n o t e s see b o t t o m of p a g e A 3 0 .
A30
1.38
DomesticNonfinancialStatistics • May 1982
FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
Fiscal
year
1979
Fiscal
year
1980
Fiscal
year
1981
1980
H2
U.S. budget
1 Receipts'
2 Outlays 1 - 2
3 Surplus, or deficit ( - )
4
Trust funds
5
Federal f u n d s 3
Off-budget
1981
HI
1982
H2
Jan.
Feb.
Mar.
463,302
490,997
-27,694
18,335
-46,030
517,112
576,675
-59,563
8,801
-68,364
599,272
657,204
-57,932
6,817
-64,749
260,569
309.389
-48,821
-2,551
-46.270
317,304
333,115
-15,811
5,797
-21,608
301,777
358,558
-56,780
-8,085
-48,697
55,269
45,930
9,339
10,799
-1,460
43,042
57,822
-14,780
-1,892
-12,888
45,291
63,546
-18,255
966
-19,221
-13,261
793
-14,549
303
-20,769
-236
-7.552
376
-11,046
-900
- 8,728
-1,752
-1.241
11
-435
222
-601
83
-40,162
-73,808
-78,936
-55,998
-27.757
-67,260
8,109
-14,993
-18,773
33,641
70,515
79,329
54,764
33,213
54,081
9.783
10,693
12,305
-408
6,929
-355
3.648
-1,878
1,485
-6.730
7,964
2,873
-8,328
-1,111
14,290
-13,371
-4.521
4,973
-673
7,035
-567
24,176
6,489
17,687
20,990
4,102
16,888
18,670
3,520
15,150
12.305
3.062
9,243
16.389
2,923
13.466
12,046
4,301
7.745
24,710
8,285
16,425
20.668
3.835
16,833
13,001
2,866
10,135
entities (surplus, or deficit
(-))
6 Federal Financing Bank outlays
7 Other 4 - 5
U.S. budget plus off-budget,
including
Federal Financing Bank
8 Surplus, or deficit ( - )
Source or financing
9
Borrowing from the public
10
Cash and monetary assets (decrease, or
increase ( - ) )
11
Other7
MEMO:
12 Treasury operating balance (level, end of
period)
13
Federal Reserve Banks
14
Tax and loan accounts
1. T h e Budget of the U.S. Government, Fiscal Year 1983, has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
3. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
4. Includes Postal Service Fund; Rural Electrification and Telephone Revolving
Fund; and Rural Telephone Bank.
5. Other off-budget includes petroleum acquisition and transportation, strategic
petroleum reserve effective November 1981.
6. Includes U.S. Treasury operating cash accounts; special drawing rights; gold
tranche drawing rights; loans to International Monetary Fund; and other cash and
monetary assets.
7. Includes accrued interest payable to the public; allocations of special drawing
rights; deposit funds; miscellaneous liability (including checks outstanding) and
asset accounts; seigniorage; increment on gold; net gain/loss for U.S. currency
valuation adjustment; net gain/loss for I M F valuation adjustment; and profit on
the sale of gold.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
G o v e r n m e n t , " Treasury Bulletin, and the Budget of the United States
Government,
Fiscal Year 1983.
N O T E S T O T A B L E 1.37
1. Holdings of stock of the Federal H o m e L o a n Banks are included in "other
assets."
2. Includes net undistributed income, which is accrued by most, but not all,
associations.
3. Excludes figures for loans in process, which are shown as a liability.
4. The N A M S B reports that, effective April 1979, balance sheet data are not
strictly comparable with previous months. Beginning April 1979, data are reported
on a net-of-valuation-reserves basis. Before that date, data were reported on a
gross-of-valuation-reserves basis.
5. Beginning April 1979, includes obligations of U.S. government agencies. Before that date, this item was included in " C o r p o r a t e and o t h e r . "
6. Includes securities of foreign governments and international organizations
and, before April 1979, nonguaranteed issues of U.S. government agencies.
7. Excludes checking, club, and school accounts.
8. Commitments outstanding (including loans in process) of banks in New York
State as reported t o the Savings Banks Association of the state of New York.
9. Direct and guaranteed obligations. Excludes federal agency issues not guaranteed, which are shown in the table under "Business" securities.
10. Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development.
NOTE. Savings and loan associations: Estimates by the F H L B B for all associations
in the United States. D a t a are based on monthly reports of federally insured
associations and annual reports of other associations. Even when revised, data for
current and preceding year are subject to further revision.
Mutual savings banks: Estimates of National Association of Mutual Savings
Banks for all savings banks in the United States.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but
are included, in total, in "other assets."
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and state-chartered credit unions that account for about 30 percent
of credit union assets. Figures are preliminary and revised annually to incorporate
recent benchmark data.
Federal Finance
1.39
A31
U.S. BUDGET RECEIPTS AND OUTLAYS
Millions of dollars
Calendar year
Source or type
Fiscal
year
1979
Fiscal
year
1980
Fiscal
year
1981
1980
1982
1981
H2
HI
H2
Jan.
Feb.
Mar.
RECEIPTS
1 All sources 1
463,302
517,112
599,272
260,569
317,304
301,777
55,269
43,042
45,291
217,841
195,295
36
56,215
33,705
244,069
223,763
39
63,746
43,479
285,917
256,332
41
76,844
47.299
131.962
120.924
4
14,592
3,559
142.889
126,101
36
59.907
43.155
147,035
134,199
5
17.391
4.559
32,646
20,810
0
12,000
163
21,007
23,882
4
1,608
4,487
13.391
23,307
11
4,329
14.255
71,448
5,771
72,380
7,780
73,733
12,596
28.579
4.518
44.048
6.565
31.056
6,847
3,212
738
3,055
1,763
8.435
1,525
138,939
157,803
182,720
75.679
101,316
91,592
14,575
15,109
18.752
115,041
133,042
156,953
66.831
83,851
82,984
13,085
12,495
17,740
5,034
15,387
3,477
5,723
15,336
3,702
6,041
16,129
3,598
188
6.742
1.919
6,240
9,205
2,020
244
6,355
2,009
530
604
357
539
1,734
342
488
130
395
18,745
7.439
5,411
9,252
24,329
7,174
6,389
12,748
40.839
8,083
6,787
13,790
15.332
3,717
3.499
6.318
21,945
3.926
3.259
6.487
22.097
4,661
3.742
8.441
3,087
696
615
1,176
2,908
644
866
1,215
3,182
812
787
1,457
18 All types 1,6
490,997
576,675
657,204
309,389
333,115
358,558
45,930
57,822
63,546
19
20
21
22
23
24
National defense
International affairs
General science, space, and technology . . .
Energy
Natural resources and environment
Agriculture
117,681
6,091
5,041
6,856
12,091
6,238
135,856
10,733
5,722
6,313
13,812
4,762
159,765
11,130
6,359
10,277
13,525
5,572
72,457
5,430
3,205
3.997
7.722
1.892
80.005
5.999
3,314
5,677
6,476
3,101
87,421
4,655
3,388
4,394
7,296
5,181
14,131
759
496
383
933
2.701
14,578
555
568
446
651
1,163
16,436
1,796
617
519
1,017
2,621
Commerce and housing credit
Transportation
Community and regional d e v e l o p m e n t . . . .
Education, training, employment, social
services
29 Health 1
30 Income security 6
2,579
17,459
9,542
7,788
21,120
10,068
3,946
23,381
9,394
3.163
11.547
5.370
2,073
11.991
4,621
1,825
10.753
4,269
849
1,465
591
-259
2,166
439
-235
1,241
488
29,685
46,962
160.159
30,767
55,220
193,100
31,402
65,982
225,099
15.221
29.680
107.912
15.928
33,113
113,490
13,878
35,322
129,269
2,160
5,711
7,370
2,198
5,841
20.345
1,952
6,578
22,074
19.928
4,153
4,093
8,372
52,566
-18,488
21.183
4,570
4,505
8,584
64,504
-21,933
22.988
4,698
4,614
6,856
82,537
-30,320
11,731
2.299
2,432
4,191
35,909
-14.769
10,531
2.344
2,692
3.015
41.178
-12.432
12,880
2,290
2,311
3,043
47,667
-17.281
763
340
210
1,451
6,634
- 1.017
1.911
381
549
129
7,634
-1,474
2,273
478
692
13
6,664
-1,679
2 Individual income taxes, net
3
Withheld
4
Presidential Election Campaign F u n d . . .
5
Nonwithheld
6
Refunds
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social insurance taxes and contributions.
net
10
Payroll employment taxes and
contributions 2
11
Self-employment taxes and
contributions 3
12
Unemployment insurance
13
Other net receipts 1 - 4
14
15
16
17
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 5
OUTLAYS
25
26
27
28
31
32
33
34
35
36
Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Interest
Undistributed offsetting receipts 7
1. The Budget of the U.S. Government,
Fiscal Year 1983 has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Federal employee retirement contributions and Civil Service retirement and
disability fund.
5. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the D e p a r t m e n t of
Labor.
7. Consists of interest received by trust funds, rents and royalties on the Outer
Continental Shelf, and U.S. government contributions for employee retirement.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government" and the Budget of the U.S. Government, Fiscal Year 1983.
A32
1.40
DomesticNonfinancialStatistics • May 1982
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1979
1980
1981
Item
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
1 Federal debt outstanding
852.2
870.4
884.4
914.3
936.7
970.9
977.4
1,003.9
1,034.7
2 Public debt securities
3
Held by public
4
Held by agencies
845.1
658.0
187.1
863.5
677.1
186.3
877.6
682.7
194.9
907.7
710.0
197.7
930.2
737.7
192.5
964.5
773.7
190.9
971.2
771.3
199.9
997.9
789.8
208.1
1,028.7
825.5
203.2
7.1
5.6
1.5
7.0
5.5
1.5
6.8
5.3
1.5
6.6
5.1
1.5
6.5
5.0
1.5
6.4
4.9
1.5
6.2
4.7
1.5
6.1
4.6
1.5
6.0
4.6
1.4
5 Agency securities
6
Held by public
Held by agencies
7
8 Debt subject to statutory limit
846.2
864.5
878.7
908.7
931.2
965.5
972.2
998.8
1,039.3
9 Public debt securities
10 Other debt 1
844.5
1.7
862.8
1.7
877.0
1.7
907.1
1.6
929.6
1.6
963.9
1.6
970.6
1.6
997.2
1.6
1,037.7
1.6
11 MEMO: Statutory debt limit
879.0
879.0
925.0
925.0
935.1
985.0
985.0
999.8
1,079.8
1. Includes guaranteed debt of government agencies, specified participation certificates, notes to international lending organizations, and District of Columbia
stadium bonds.
1.41
GROSS PUBLIC DEBT OF U.S. TREASURY
NOTE. Data from Treasury Bulletin (U.S. Treasury Department),
Types and Ownership
Billions of dollars, end of period
1981
Type and holder
1977
1978
1979
Dec.
1 Total gross public debt
2
3
4
5
6
1
H
9
10
11
12
13
14
By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
Convertible bonds 2
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4
15 Non-interest-bearing debt
1982
1980
Jan.
Feb.
Mar.
Apr.
718.9
789.2
845.1
930.2
1,028.7
1,038.4
1,048.2
1,061.3
1,065.7
715.2
459.9
161.1
251.8
47.0
255.3
2.2
13.9
22.2
21.0
1.2
77.0
139.8
782.4
487.5
161.7
265.8
60.0
294.8
2.2
24.3
29.6
28.0
1.6
80.9
157.5
844.0
530.7
172.6
283.4
74.7
313.2
2.2
24.6
28.8
23.6
5.3
79.9
177.5
928.9
623.2
216.1
321.6
85.4
305.7
1,027.3
720.3
245.0
375.3
99.9
307.0
1,032.7
726.5
250.6
374.4
101.6
306.1
1,042.2
737.5
254.0
382.1
101.4
304.7
1,059.8
752.6
256.2
395.0
101.4
307.2
1,064.5
755.8
254.9
399.7
101.3
308.7
23.8
24.0
17.6
6.4
72.5
185.1
23.0
19.0
14.9
4.1
68.1
196.7
22.7
18.9
14.8
4.1
67.8
196.4
22.7
18.4
14.3
4.1
67.6
195.7
23.2
19.6
15.6
41
67.4
196.7
23.2
19.4
15.4
4.1
67.3
198.5
1.5
1.1
3.7
6.8
1.2
1.3
1.4
5.7
6.0
16
17
18
19
20
21
22
23
By holder5
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other companies
State and local governments
154.8
102.8
461.3
101.4
5.9
15.1
20.5
55.2
170.0
109.6
508.6
93.2
5.0
15.7
19.6
64.4
187.1
117.5
540.5
96.4
4.7
16.7
22.9
69.9
192.5
121.3
616.4
116.0
5.4
20.1
25.7
78.8
203.3
131.0
694.5
109.4
5.2
19.1
37.8
85.6
202.8
127.7
707.3
111.4
5.4
19.5
37.9
86.2
201.1
125.4
720.8
111.8
5.4
18.7
37.5
86.2
24
25
26
21
Individuals
Savings bonds
Other securities
Foreign and international 6
Other miscellaneous investors 7
76.7
28.6
109.6
49.7
80.7
30.3
137.8
58.9
79.9
36.2
124.4
90.1
72.5
56.7
127.7
106.9
68.0
75.6
141.4
152.3
67.9
76.2
142.1
160.7
67.7
77.0
140.0
174.5
1. Includes (not shown separately): Securities issued to the Rural Electrification
Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
2. These nonmarketable bonds, also known as Investment Series B Bonds, may
be exchanged (or converted) at the owner's option for l'/2 percent, 5-year marketable Treasury notes. Convertible bonds that have been so exchanged are removed f r o m this category and recorded in the notes category (line 5).
3. Nonmarketable dollar-denominated and foreign currency-denominated series
held by foreigners.
4. Held almost entirely by U.S. government agencies and trust funds.
n.a.
n.a.
5. Data for Federal Reserve Banks and U.S. government agencies and trust
funds are actual holdings; data for other groups are Treasury estimates.
6. Consists of investments of foreign balances and international accounts in the
United States.
7. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, certain government deposit accounts, and
government sponsored agencies.
NOTE. Gross public debt excludes guaranteed agency securities.
Data by type of security from Monthly Statement of the Public Debt of the United
States (U.S. Treasury D e p a r t m e n t ) ; data by holder from Treasury
Bulletin.
Federal Finance
1.42
U.S. G O V E R N M E N T M A R K E T A B L E SECURITIES
A33
O w n e r s h i p , by maturity
Par value; millions of dollars, end of period
1982
Type of holder
1980
1982
1980
1981
Jan.
1981
Jan.
Feb.
Feb
1 to 5 years
All maturities
1 All holders
623,186
720,293
726,542
737,532
197,409
228,550
223,333
234,503
2 U.S. government agencies and trust funds
3 Federal Reserve Banks
9,564
121,328
8,669
130,954
8,670
127,733
8,042
124,819
1,990
835
1,906
38,223
1,906
37,582
1,906
35,425
492,294
77,868
3,917
11,930
7,758
4,225
21,058
365,539
580,671
74,618
3,971
12,090
4,214
4,122
18,991
462,663
590,139
77,375
4,177
12,834
4,477
4,915
20,797
465,563
604,671
77,688
4,206
12,409
4,305
4,767
21,581
479,714
159,585
44,482
1,925
4,504
2,203
2,289
4,595
99,577
188,422
39,021
1,870
5,596
1,146
2,260
4,278
134,251
183,845
40,244
1,930
6,165
1,258
2,487
4,479
127,282
197,172
40,449
1,961
5,766
1,024
2,508
4,766
140,699
4 Private investors
5
Commercial banks
6
Mutual savings banks
7
Insurance companies
8
Nonfinancial corporations
9
Savings and loan associations
10
State and local governments
11
All others
Total, within 1 year
12 All holders
13 U.S. government agencies and trust funds
14 Federal Reserve Banks
15 Private investors
16
Commercial banks
17
Mutual savings banks
18
Insurance companies
19
Nonfinancial corporations
20
Savings and loan associations
21
State and local governments
22
All others
5 to 10 years
297,385
340,082
346,336
353,309
56,037
63,483
66,973
57,279
830
56,858
647
64,113
648
61,518
20
62,593
1,404
13,548
779
11,854
779
11,823
779
10,093
239,697
25,197
1,246
1,940
4,281
1,646
7,750
197,636
275,322
29,480
1,569
2,201
2,421
1,731
7,536
230,383
284,169
30,553
1,680
2,044
2,528
2,148
7,923
237,293
290,695
31,448
1,748
2,213
2,604
2,032
7,770
242,880
41,175
5,793
455
3,037
357
216
2,030
29,287
50,851
4,496
238
2,507
344
98
2,365
40,804
54,370
4,504
249
2,619
345
237
2,395
44,021
46,407
2,858
185
2,329
268
158
2,299
38,310
10 to 20 years
Bills, within 1 year
23 All holders
24 U.S. government agencies and trust funds
25 Federal Reserve Banks
26 Private investors
27
Commercial banks
28
Mutual savings banks
29
Insurance companies
30
Nonfinancial corporations
31
Savings and loan associations
32
State and local governments
33
All others
216,104
1
43,971
172,132
9,856
394
672
2,363
818
5,413
152,616
250,562
254,037
36,854
44,744
44,709
46,432
49,679
2
47,095
2
46,961
3,686
5,919
3,996
6,692
3,996
6,644
3,996
6,617
195,335
9,667
423
760
1,173
363
5,126
177,824
203,465
10.677
483
708
1,291
754
5,469
184,083
207,074
11,504
582
681
1,731
737
5,236
186,603
27,250
1,071
181
1,718
431
52
3,597
20,200
34,055
873
151
1,119
131
16
2,824
28,940
34,069
984
169
1,276
167
19
3,632
27,822
35,819
1,083
171
1,325
200
26
4,238
28,776
245,015
»
Over 20 years
Other, within 1 year
34 All holders
81,281
95,068
95,774
99,272
35,500
43,434
45,192
46,010
35 U.S. government agencies and trust funds
36 Federal Reserve Banks
829
12,888
647
14,433
646
14,424
19
15,632
1,656
9,258
1,340
10,073
1,340
10,166
1,340
10,092
37 Private investors
38
Commercial banks
39
Mutual savings banks
40
Insurance companies
41
Nonfinancial corporations
42
Savings and loan associations
43
State and local governments
44
All others
67,565
15,341
852
1,268
1,918
828
2,337
45,020
79,987
19,814
1,146
1,442
1,248
1,368
2,410
52,560
80,704
19,876
1,197
1,336
1,237
1,393
2,454
53,210
83,622
19,945
1,167
1,532
873
1,295
2,534
56,277
24,587
1,325
110
730
476
21
3,086
18,838
32,020
749
144
666
172
17
1,988
28,285
33,686
1,091
149
730
178
23
2,370
29,145
34,578
1,850
141
776
209
43
2,508
29,049
NOTE. Direct public issues only. Based on Treasury Survey of Ownership from
Treasury Bulletin (U.S. Treasury D e p a r t m e n t ) .
Data complete for U.S. government agencies and trust funds and Federal Reserve
Banks, but data for other groups include only holdings of those institutions that
report. The following figures show, for each category, the number and proportion
reporting as of Feb. 28,1982: (1)5,301 commercialbanks, 448 mutual savings banks.
and 724 insurance companies, each about 80 percent; (2) 408 nonfinancial corporations and 468 savings and loan associations, each about 50 percent; and (3)
489 state and local governments, about 40 percent.
"All others," a residual, includes holdings of all those not reporting in the
Treasury Survey, including investor groups not listed separately.
A34
1.43
DomesticNonfinancialStatistics • May 1982
U.S. GOVERNMENT SECURITIES DEALERS
Transactions
Par value; averages of daily figures, in millions of dollars
1982
Item
1979
1980
1982, week ending Wednesday
1981
Jan.'
Feb."
Mar.
Mar. 17
Mar. 24
Mar. 31
Apr. 7
A p r . 14
1
Immediate delivery 1
U.S. government securities
13,183
18,331
24,728
26,344
30,524
27,446
25,576
28,340
26,960
26,405
28,546
2
3
4
5
6
By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
7,915
454
2,417
1,121
1,276
11,413
421
3,330
1,464
1,704
14,768
621
4,360
2,451
2,528
16,469
593
4,449
2,540
2,293
17,557
665
6,070
2,968
3,264
15,051
747
5,606
2,843
3,199
15,493
643
4,381
2,508
2,550
15,552
595
6,269
2,658
3,266
13,649
805
7,070
2,429
3,007
14,236
756
4,440
4,421
2,552
17,292
883
4,600
2,910
2,861
/
8
9
10
11
12
13
14
15
16
17
18
By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 2
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures transactions 3
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions 4
U.S. government securities
Federal agency securities
1,448
1,484
1,640
1,508
1,556
1,392
1,422
1,619
1,438
1,369
1,575
5,170
i,564
2,723
1,764
7.610
9,237
3,258
2,472
11,750
11,337
3,306
4,477
1,807
6,128
13,181
11,655
2,713
4,233
1,879
7,200
15,239
13,729
3,617
4,961
2,208
7,791
13,701
12,352
3,315
4,355
2,115
7,217
12,944
11,210
3,466
3,780
1,879
7,008
13,474
13,247
2,859
5,135
2,189
6,831
12,221
13,301
3,551
4,148
1,940
7,096
13,006
12,030
2,855
4,081
2,647
7,134
13,627
13,344
4,075
4,030
2,298
7,519
3,523
1,330
234
5,202
1,148
225
4,682
1,545
261
5,096
1,179
204
6,028
1,093
222
3,855
1,064
213
4,851
1,171
176
4,712
837
152
3,930
853
291
365
1,370
473
1,275
876
1,409
493
1,358
437
1,526
928
967
358
968
262
1,207
230
1,405
n a.
n.a.
1. Before 1981, data for immediate transactions include forward transactions.
2. Includes, among others, all other dealers and brokers in commodities and
securities, nondealer departments of commercial banks, foreign banking agencies,
and the Federal Reserve System.
3. Futures contracts are standardized agreements arranged on an organized exchange in which parties commit to purchase or sell securities for delivery at a future
date.
4. Forward transactions are agreements arranged in the over-the-counter market
in which securities are purchased (sold) for delivery after 5 business days from the
1.44
U.S. GOVERNMENT SECURITIES DEALERS
date of the transaction for government securities (Treasury bills, notes, and bonds)
or after 30 days for mortgage-backed agency issues.
NOTE. Averages for transactions are based on number of trading days in the
period.
Transactions are market purchases and sales of U.S. government securities dealers reporting to the Federal Reserve Bank of New York. The figures exclude
allotments of, and exchanges for, new U.S. government securities, redemptions of
called or matured securities, purchases or sales of securities under repurchase
agreement, reverse repurchase (resale), or similar contracts.
Positions and Financing
Averages of daily figures, in millions of dollars
1982
Item
1979
1980
1982, week ending Wednesday
1981
Jan.'
Feb/
Mar.
Feb. 24
Mar. 3
Mar. 10
Mar. 17
M a r . 24
Positions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Net immediate 1
U.S. government securities.
Bills
Other within 1 year
1 - 5 years
5-10 years
Over 10 years
Federal agency securities..
Certificates of deposit . . . .
Bankers acceptances
Commercial paper
Future positions
Treasury bills
Treasury coupons
Federal agency securities..
Forwards positions
U.S. government securities
Federal agency securities..
3,223
3,813
-325
-455
160
30
1,471
2,794
I
4,306
4,103
-1,062
434
166
665
797
3,115
1
n.a.
1
1T
n a.
9,033
6,485
-1,526
1,488
292
2,294
2,277
3,435
1,746
2,658
8,331
3,527
287
2,891
-247
1,872
2,848
3,611
2,159
2,405
9,879
4,557
83
3,287
-580
2,532
2,311
3,389
1,953
2,560
12,247
6,594
-118
3,333
-513
2,952
2,505
3,884
2,276
3,151
5,228
2,817
-3,205
3,852
-785
2,548
2,465
3,869
2,086
2,923
11,678
5,572
-173
3,313
132
2,835
2,351
4,265
2,435
3,279
12,632
6,322
6
3,414
-232
3,122
2,332
4,228
2,186
3,317
10,821
5,877
-88
2,578
-504
2,959
2,523
3,471
1,840
3,049
13,196
7,337
-157
3,743
-726
2,999
2,673
3,870
2,234
2,921
-8,934
-2,733
522
-6,251
-2,562
-66
-7,588
-2,593
493
-6,652
-2,528
-161
-6,971
-2,468
418
-8,227
-2,610
167
-7,372
-2,671
-106
-6,953
-2,535
-191
-6,527
-2,632
-287
-603
-451
-415
-1,196
-719
-1,207
-518
-1,007
-721
-1,199
-421
-1,149
-538
-1,043
-521
-1,039
-552
-1,021
Financing 2
Reverse repurchase agreements 3
Overnight and continuing . . . .
Term agreements
Repurchase agreements 4
18
Overnight and continuing . . . .
19
Term agreements
16
17
For notes see opposite page.
14,568
32,048
25,006
47,632
21,854
45,520
24,745
42,608
22,131
46,369
20,246
43,931
22,858
46,731
27,211
41,883
35,919
29,449
49,809
38,804
43,005
38,313
48,139
38,833
37,872
40,433
41,659
36,682
47,150
38,696
51,236
40,460
Federal Finance
1.45
A35
F E D E R A L A N D F E D E R A L L Y S P O N S O R E D C R E D I T A G E N C I E S Debt Outstanding
Millions of dollars, end of period
1982
1981
Agency
1 Federal and federally sponsored agencies'
2 Federal agencies
3
Defense D e p a r t m e n t 2
4
Export-Import Bank 3 - 4
5
Federal Housing Administration 5
6
Government National Mortgage Association
participation certificates 6
7
Postal Service 7
8
Tennessee Valley Authority
9
United States Railway Association 7
10 Federally sponsored agencies'
11 Federal H o m e Loan Banks
12
Federal H o m e Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Federal Land Banks
15 Federal Intermediate Credit Banks
16 Banks for Cooperatives
17 Farm Credit Banks'
18 Student Loan Marketing Association 8
19 Other
1978
1980
1979
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
137,063
163,290
193,229
218,362
223,393
226,010
226,269
227,210
226,418
226,539
23,488
968
8,711
588
24,715
738
9,191
537
28,606
610
11.250
477
30,088
526
12,385
449
30.870
516
12.855
432
31.069
514
12,845
427
31.156
490
12,829
419
31.806
484
13.339
413
31.053
470
13,135
406
30,806
460
12,861
397
3,141
2,364
7,460
356
2,979
1,837
8.997
436
2.817
1.770
11.190
492
2,715
1,538
12,260
215
2.715
1,538
12.599
215
2,715
1,538
12,830
200
2.715
1,538
12,965
200
2,715
1,538
13,115
202
2.191
1.538
13,115
198
2.165
1.538
13.187
198
113,575
27,563
2,262
41,080
20,360
11,469
4,843
5,081
915
2
138.575
33.330
2,771
48,486
16.006
2,676
584
33,216
1,505
1
164.623
41.258
2.536
55.185
12,365
1.821
584
48,153
2,720
1
188,274
55,161
2.408
56,372
10.317
1,388
220
58,306
4,100
2
192,523
58.276
2,308
56.688
10,317
1.388
220
59.024
4.300
2
194,941
57.990
2,308
57,805
9,717
1,388
220
60.911
4,600
2
195,113
57,854
2,608
58,533
9,717
1,388
220
60.191
4,600
2
195.404
58.090
2.604
58.749
9,717
1,388
220
60.034
4,600
2
195,365
57,387
2,604
58.860
8.717
1.388
220
61,187
5,000
2
195,733
57,743
2,604
59,018
8,717
1,388
220
61,041
5,000
2
51,298
67,383
87,460
103,597
107,309
108,171
109,495
110,698
111,965
112,367
6,898
2,114
915
5,635
356
8,353
1,587
1.505
7,272
436
10.654
1.520
2,720
9.465
492
11,933
1.288
4,100
10.535
215
12.409
1.288
4.300
10,874
215
12,409
1,288
4,600
11,105
200
12.409
1.288
4.600
11,240
200
12,741
1,288
4,600
11,390
202
12,741
1,288
5,000
11,435
198
12,741
1,288
5,000
11,462
198
23.825
4,604
6,951
32.050
6.484
9,696
39.431
9.196
13.982
47,171
11,861
16,494
48.821
12,343
17.059
48,571
12,674
17,324
49.029
12.924
17.805
48,821
13,516
18,140
49.026
13.836
18,441
49,081
13,989
18,608
MEMO:
20 Federal Financing Bank debt 1 , 9
21
22
23
24
25
Lending to federal and federally
sponsored
agencies
Export-Import Bank 4
Postal Service 7
Student Loan Marketing Association 8
Tennessee Valley Authority
United States Railway Association 7
Other
Lending10
26 Farmers H o m e Administration
27 Rural Electrification Administration
28 Other
1. In September 1977 the Farm Credit Banks issued their first consolidated bonds,
and in January 1979 they began issuing these bonds on a regular basis to replace
the financing activities of the Federal Land Banks, the Federal Intermediate Credit
Banks, and the Banks for Cooperatives. Line 17 represents those consolidated
bonds outstanding, as well as any discount notes that have been issued. Lines 1
and 10 reflect the addition of this item.
2. Consists of mortgages assumed by the Defense Department between 1957 and
1963 under family housing and homeowners assistance programs.
3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
4. Off-budget Aug. 17. 1974, through Sept. 30, 1976; on-budget thereafter.
5. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the securities market.
6. Certificates of participation issued prior to fiscal 1969 by the Government
National Mortgage Association acting as trustee for the Farmers Home Administration; Department of Health, Education, and Welfare; Department
N O T E S T O T A B L E 1.44
1. Immediate positions are net amounts (in terms of par values) of securities
owned by nonbank dealer firms and dealer departments of commercial banks on
a commitment, that is, trade-date basis, including any such securities that have
been sold under agreements to repurchase (RPs). The maturities of some repurchase agreements are sufficiently long, however, to suggest that the securities
involved are not available for trading purposes. Securities owned, and hence dealer
positions, do not include securities to resell (reverse RPs). Before 1981, data for
immediate positions include forward positions.
2. Figures cover financing involving U.S. government and federal agency securities, negotiable CDs, bankers acceptances, and commercial paper.
of Housing and Urban Development; Small Business Administration: and the
Veterans Administration.
7. Off-budget.
8. Unlike other federally sponsored agencies, the Student Loan Marketing Association may borrow from the Federal Financing Bank (FFB) since its obligations
are guaranteed by the Department of Health. Education, and Welfare.
9. The FFB. which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since F F B incurs
debt solely for the purpose of lending to other agencies, its debt is not included in
the main portion of the table in order to avoid double counting.
10. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any particular agency being generally small. The Farmers H o m e Administration item consists
exclusively of agency assets, while the Rural Electrification Administration entry
contains both agency assets and guaranteed loans.
3. Includes all reverse repurchase agreements, including those that have been
arranged to make delivery on short sales and those for which the securities obtained
have been used as collateral on borrowings, i.e.. matched agreements.
4. Includes both repurchase agreements undertaken to finance positions and
"matched book" repurchase agreements.
NOTE. Data for positions are averages of daily figures, in terms of par value,
based on the number of trading days in the period. Positions are shown net and
are on a commitment basis. Data for financing are based on Wednesday figures,
in terms of actual money borrowed or lent.
A36
1.46
DomesticNonfinancialStatistics • May 1982
N E W S E C U R I T Y I S S U E S of State and L o c a l G o v e r n m e n t s
Millions of dollars
Type of issue or issuer,
or use
1981
1979
1980
July
1 All issues, new and refunding
1
1982
1981
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.'
Feb.
43,365
48,367
47,732
3,211
3,113
3,910
4,097
5,355
4,744
3,878
3,495
12,109
53
31,256
67
14,100
38
34,267
57
12,394
34
35,338
55
1,075
5
2,136
1
1.000
8
2,113
4
560
2
3,350
9
748
2
3,349
5
1,315
3
4,040
2
749
1
3,995
3
1,056
1
2,822
4
1,028
1
2,467
6
Type of issuer
6 State
7 Special district and statutory authority
8 Municipalities, counties, townships, school
districts
4,314
23,434
15,617
5,304
26,972
16,090
5,288
27,499
14,945
353
1.733
1,125
446
1.701
966
92
2,749
1.070
439
2,467
1,191
518
3,439
1,398
315
3,308
1,120
514
2,132
1,232
234
2,004
1,257
9 Issues for new capital, total
41,505
46,736
46,530
3,200
2,460
3,904
4,009
5,318
4,683
3,722
3,455
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
5,130
2,441
8,594
15,968
3,836
5.536 r
4,572
2,621
8,149
19,958
3,974
7,462 r
4,547
3,447
10,037
12,729
7,651
8,119
257
537
844
712
377
473
257
113
524
770
316
480
153
222
1,626
515
874
514
203
499
700
953
1,015
639
576
286
757
1,873
676
1,150
561
355
955
1,813
523
476
236
138
1,178
889
455
826
254
206
1.257
731
414
593
2
3
4
5
10
11
12
13
14
15
Type of issue
General obligation
U.S. government loans 2
Revenue
U.S. government loans 2
1. Par amounts of long-term issues based on date of sale.
2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration.
1.47
SOURCE. Public Securities Association.
N E W S E C U R I T Y I S S U E S of C o r p o r a t i o n s
Millions of dollars
Type of issue or issuer,
or use
1981
1979
1980
1982
1981'
Aug.
Sept.
Oct.
Nov.
Dec.'
Jan.
Feb.
1 All issues'
51,533
73,694
69,283
3,097
4,696
4,368
8,518
5,908
2,451 r
2,906
2 Bonds
40,208
53,206
44,643
1,616
2,797
2,845
6,724
3,893
840 r
1,537
Type of offering
3 Public
4 Private placement
25.814
14,394
41,587
11,619
37,653
6,989
905
711
2,198
599
2,582
263
6,560
164
3,576
317
614 r
226
1,364
173
9,678
3,948
3,119
8,153
4,219
11,094
15,409
6,693
3,329
9,557
6,683
11,534
12,325
5,229
2,054
8,963
4,280
11,793
308
390
95
360
115
348
452
201
63
1,012
471
598
21
617
51
1,008
83
1,065
2,054
949
130
802
326
2,463
954
850
82
582
106
1,319
185
168
28
284
138
59
174 r
304
335
701
11,325
20,489
24,642
1,481
1,899
1,523
1,794
2,015
1,611 r
1,369
3,574
7,751
3,631
16,858
1,796
22,846
14
1.467
186
1.713
141
1,382
59
1,735
80
1,935
199
l,412r
145
1,224
1,679
2,623
255
5,171
303
12,931
4,839
5,245
549
6,230
567
3,059
4,838
7,436
735
5,486
1,778
4,371
160
661
91
248
12
310
117
487
87
514
369
325
193
449
23
438
7
412
407
564
15
405
85
318
258
456
23
604
95
580
129 r
669'
25
449
58
281 r
67
420
73
703
2
104
5
6
7
8
9
10
Industry group
Manufacturing
Commercial and miscellaneous
Public utility
Real estate and financial
11 Stocks
Type
12 Preferred
13 Common
14
15
16
17
18
19
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
1. Figures, which represent gross proceeds of issues maturing in more than one
year, sold for cash in the United States, are principal amount or number of units
multiplied by offering price. Excludes offerings of less than $100,000, secondary
offerings, undefined or exempted issues as defined in the Securities Act of
1933, employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
SOURCE. Securities and Exchange Commission.
Corporate Finance
1.48
OPEN-END INVESTMENT COMPANIES
A37
Net Sales and Asset Position
Millions of dollars
1982
1981
1980
Item
1981
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
INVESTMENT C O M P A N I E S 1
1
2
3
Sales of own shares 2
Redemptions of own shares 3
Net sales
15,266
12,012
3,254
20,596
15,866
4,730
1,449
1,422
35
1,768
1,457
-8
1,729
593
1,175
2,140
1,125
604
3,032
1,769
371
2,049
1,475
1,557
2,049
1,456
593
3,324
2,056
1,268
4
5
6
Assets 4
Cash position 5
Other
58,400
5,321
53,079
55,207
5,277
49,930
54,221
5,058
49,163
51,659
5,409
46,250
54,335
5,799
48,536
57,408
6,269
51,139
55,207
5,277
49,930
54,347
5,424
48,923
52,695'
5,540'
47,155'
52,976
5,655
47,321
5. Also includes all U.S. government securities and other short-term debt securities.
1. Excluding money market funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment
of capital gains distributions and share issue of conversions from one fund to another
in the same group.
3. Excludes share redemption resulting from conversions from one fund to another in the same group.
4. Market value at end of period, less current liabilities.
1.49
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. D a t a reflect newly formed companies after
their initial offering of securities.
CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1980
1979
Account
1980
Q2
1
2
3
4
5
6
Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
7
8
Inventory valuation
Capital consumption adjustment
SOURCE. Survey of Current Business
1981
1981'
Q3
Q4
Q1
Q2
Q3
Q4'
196.8
255.3
87.6
167.7
50.1
117.6
182.7
245.5
82.3
163.2
56.0
107.2
191.7
233.3
77.7
155.5
63.1
92.4
169.3
217.9
71.5
146.5
55.7
90.7
177.9
237.6
78.5
159.1
56.7
102.4
183.3
249.5
85.2
164.3
57.7
106.6
203.0
257.0
87.7
169.2
59.6
109.6
190.3
229.0
76.4
152.7
62.0
90.6
195.7
234.4
78.1
156.3
64.8
91.5
177.6
212.8
68.8
144.0
66.0
78.0
-42.6
-15.9
-45.7
-17.2
-27.7
-13.9
-31.1
-17.6
-41.7
-17.9
-48.4
-17.8
-39.2
-14.7
-24.0
-14.7
-25.3
-13.4
-22.3
-12.8
(U.S. Department of Commerce).
A38
1.50
DomesticNonfinancialStatistics • May 1982
NONFINANCIAL CORPORATIONS
Current A s s e t s and Liabilities
Billions of dollars, except for ratio
1980
Account
1975
1976
1977
1978
1981
1979
Q4
1 Current assets
Q1
Q2
Q4
Q3
759.0
826.8
902.1
1,030.0
1,200.9
1,281.6
1,321.2
1,317.4
1,349.2
1,361.4
82.1
19.0
272.1
315.9
69.9
88.2
23.4
292.8
342.4
80.1
95.8
17.6
324.7
374.8
89.2
104.5
16.3
383.8
426.9
98.5
116.1
15.6
456.8
501.7
110.8
121.0
17.3
491.2
525.4
126.7
120.5
17.0
507.3
542.8
133.6
118.5
17.7
507.4
540.0
133.7
118.3
16.0
519.7
557.2
138.1
124.5
15.8
512.3
565.3
143.4
7 Current liabilities
451.6
494.7
549.4
665.5
809.1
877.2
910.9
908.1
951.1
962.3
8 Notes and accounts payable
9 Other
264.2
187.4
281.9
212.8
313.2
236.2
373.7
291.7
456.3
352.8
498.3
378.9
504.0
406.9
500.8
407.2
529.1
422.0
541.3
421.0
307.4
332.2
352.7
364.6
391.8
404.4
410.3
409.3
398.1
399.1
1.681
1.672
1.642
1.548
1.484
1.461
1.450
1.451
1.419
1.415
Cash
U.S. government securities
Notes and accounts receivable
Inventories
Other
2
3
4
5
6
10 Net working capital
11 MEMO: Current ratio
1
1. Ratio of total current assets to total current liabilities.
All data in this table reflect the most current benchmarks. Complete data are
available upon request from the Flow of Funds Section. Division of Research and
Statistics.
NOTE. For a description of this series, see "Working Capital of Nonfinancial
Corporations" in the July 1978 BULLETIN, pp. 533-37.
SOURCE. Federal Trade Commission.
1.51
T O T A L N O N F A R M B U S I N E S S E X P E N D I T U R E S on N e w Plant and E q u i p m e n t
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1980
Industry
1 Total nonfarm business
2
3
4
5
6
7
8
9
10
11
Manufacturing
Durable goods industries
Nondurable goods industries
Nonmanufacturing
Mining
Transportation
Railroad
Air
Other
Public utilities
Electric
Gas and other
Trade and services
Communication and other 2
1980
1981
1982
Q4
Q1
Q2 1
Q3
Q4
Ql'
Q21
295.63
321.49
345.11
299.58
312.24
316.73
328.25
327.83
330.34
336.77
58.91
56.90
61.84
64.95
67.24
69.58
59.77
58.86
61.24
63.27
63.10
62.40
62.58
67.53
60.78
66.14
62.95
66.28
64.79
68.72
13.51
16.86
18.33
15.28
16.20
16.80
17.55
16.81
17.26
17.20
4.25
4.01
3.82
4.24
3.81
4.00
4.55
4.15
4.83
4.54
3.77
3.39
4.23
3.85
3.66
4.38
3.29
4.04
4.18
3.34
4.09
4.18
4.82
4.12
4.39
3.23
4.52
4.37
2.97
4.71
28.12
7.32
81.79
36.99
29.74
8.65
86.33
41.06
31.77
8.43
90.48
45.75
27.54
7.41
82.91
36.11
27.69
8.36
83.43
40.32
29.32
8.53
85.88
39.02
30.54
9.01
87.55
41.89
31.14
8.60
88.33
42.92
30.86
8.46
89.46
42.93
31.59
8.04
89.92
44.45
1. Anticipated by business.
2. " O t h e r " consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
1981
1982'
SOURCE. Survey of Current Business (U.S. Dept. of Commerce).
Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
A39
Assets and Liabilities
Billions of dollars, end of period
1981
Account
1975
1976
1977
1979
1978
1980
Q4
Q3
Q2
Q1
ASSETS
Accounts receivable, gross
Consumer
Business
Total
LESS: Reserves for unearned income and losses . . . .
Accounts receivable, net
Cash and bank deposits
Securities
All other
36.0
39.3
75.3
9.4
65.9
2.9
1.0
11.8
38.6
44.7
83.4
10.5
72.9
2.6
1.1
12.6
44.0
55.2
99.2
12.7
86.5
2.6
.9
14.3
52.6
63.3
116.0
15.6
100.4
3.5
1.3
17.3
65.7
70.3
136.0
20.0
116.0
73.6
72.3
145.9
23.3
122.6
76.1
72.7
148.7
24.3
124.5
79.0
78.2
157.2
25.7
131.4
84.5
76.9
161.3
27.7
133.6
85.5
81.0
166.5
28.9
138.1
24.9 1
27.5
30.8
31.6
34.5
34.2
81.6
89.2
104.3
122.4
140.9
150.1
155.3
163.0
168.1
172.3
10 Bank loans
11 Commercial paper
8.0
22.2
6.3
23.7
5.9
29.6
6.5
34.5
8.5
43.3
13.2
43.4
13.1
44.2
14.4
49.0
14.7
51.2
15.4
51.2
12
13
14
4.5
27.6
6.8
5.4
32.3
8.1
6.2
36.0
11.5
8.1
43.6
12.6
8.2
46.7
14.2
7.5
52.4
14.3
8.2
51.6
17.3
8.5
52.6
17.0
11.9
50.7
17.1
9.6
54.8
17.8
12.5
13.4
15.1
17.2
19.9
19.4
20.9
21.5
22.4
23.6
81.6
89.2
104.3
122.4
140.9
150.1
155.3
163.0
168.1
172.3
1
2
3
4
5
6
7
8
9 Total assets
LIABILITIES
Short-term, n.e.c
Long-term, n.e.c
Other
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
1. Beginning Q 1 1979, asset items on lines 6, 7, and 8 are combined.
NOTE. Components may not add to totals due to rounding.
1.53
DOMESTIC FINANCE COMPANIES
Business Credit
Millions of dollars, seasonally adjusted except as noted
Type
Accounts
receivable
outstanding
Feb. 28,
19821
Changes in accounts
receivable
1981
Dec.
Extensions
1982
Jan.
1982
1981
Feb.
Repayments
1981
1982
Dec.
Jan.
Feb.
Dec.
Jan.
Feb.
1 Total
80,898
102
119
652
15,733
17,496
19,436
15,631
17,377
18,784
2
3
4
5
11,361
12,965
27,779
-5
48
387
14
-70
-60
168
-351
804
898
3,408
1,701
873
4,565
1,566
1,076
5,420
1,919
903
3,456
1,314
859
4,635
1,626
908
5,771
1,115
8,801
19,992
-91
-141
258
-23
-52
83
7,378
2,348
8,565
1,927
8,939
2,082
7,469
2,489
8,307
1,950
8,991
1,999
Retail automotive (commercial vehicles)
Wholesale automotive
Retail paper on business, industrial, and farm e q u i p m e n t . . . .
Loans on commercial accounts receivable and factored commercial accounts receivable
6 All other business credit
1.
Not seasonally adjusted.
A40
1.54
DomesticNonfinancialStatistics • May 1982
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1981
Item
1979
1980
1982
1981
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
6
Conventional mortgages on new homes
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount) 2
Contract rate (percent per annum)
Yield (percent per
7 F H L B B series 5
8 H U D series 4
74.4
53.3
73.9
28.5
1.66
10.48
83.4
59.2
73.2
28.2
2.09
12.25
90.4
65.3 r
74.8
27.7
2.67
14.16
89.1
64.8
74.1
26.6
2.75
14.69
89.2
63.5
73.0
27.4
2.86
15.04
84.5
62.7
77.3
23.4
2.52
15.68
88.7
64.4
75.3
27.7
2.87
15.23
102.6
71.3 r
73.5 r
27.4
2.55
14.66
97.3
71.1
76.5
28.1
3.01
14.44
93.2
67.9
76.1
27.2
3.00
15.04
10.77
11.15
12.65
13.95
14.74
16.52
15.29
18.30
15.65
18.05
16.38
16.95
15.87
17.00
15.25
17.30
15.12
17.20
15.83
16.80
10.87
10.22
13.42
12.55
16.29
15.29
18.55
17.06
17.43
16.54
15.98
15.10
16.43
15.51
17.38
16.19
17.10
16.21
16.41
15.54
11.17
11.77
14.11
14.43
16.70
16.64
18.99
19.14
18.13
18.61
16.64
17.20
16.92
16.95
17.80
17.33
18.00
17.91
17.29
17.09
annum)
SECONDARY MARKETS
9
10
11
12
Yield (percent per annum)
F H A mortgages ( H U D series) 5
G N M A securities 6
F N M A auctions 7
Government-underwritten loans
Conventional loans
Activity in secondary markets
FEDERAL NATIONAL M O R T G A G E ASSOCIATION
Mortgage holdings (end of
13 Total
14
FHA/VA-insured
15
Conventional
Mortgage transactions
16 Purchases
17 Sales
period)
(during
46,050
33,673
14,377
55,104
37,364
17,724
58,675
39,342
19,334
59,682
39,792
19,890
60,489
40,043
20,445
60,949
40,056
20,885
61,412
39.997
21,435
61,721
39.937
21,784''
62,112
39,926
22,185
62,544
39,893
22,654
10,812
0
8,099
0
6,112
2
1,125
0
1,000
0
594
0
655
0
430
0
519
0
604
0
10,179
6,409
8,083
3,278
9,331
3,577
811
3,997
533
3,447
560
3,354
1,272
3,577
703
3,285
1,037
3,470
1,585
4,277
8,860.4
3,920.9
8,605.4
4.002.0
2,487.2
1,478.0
145.9
64.1
66.3
37.3
79.0
34.4
59.2
27.0
41.5
30.8
41.7
23.4
45.7
29.6
4,495.3
2,343.6
3,639.2
1.748.5
2,524.7
1,392.3
120.7
67.9
43.2
27.5
147.7
63.1
84.4
48.0
31.7
11.5
28.6
13.6
65.0
32.3
3,543
1,995
1.549
4,362
2,116
2,246
5,245
2,236
3,010
5.431
2.264
3.167
5,469
2.267
3,202
5,283
2,232
3,051
5,255
2,227
3,028
5.240
2.209
3.032
5,342
2,218
3,124
5,320
2,227
3,094
5,717
4,544
3,723
2,527
3,789
3,531
337
249
290
244
416
596
1,140
1,158
1.628
162
1,228
1,115
1,479
1,564
5,542
797
3,859
447
6,974
3,518
365
982
1,834
2,863
2,011
4,451
203
3,518
328
5,033
565
4,336
2,523
5,461
period)
Mortgage
commitments8
18 Contracted (during period)
19 Outstanding (end of period)
Auction of 4-month commitments to buy
Government-underwritten loans
Offered
Accepted
Conventional loans
22
Offered
23
Accepted
20
21
FEDERAL H O M E LOAN M O R T G A G E CORPORATION
Mortgage holdings (end of
24 Total
25
FHA/VA
26
Conventional
Mortgage transactions
27 Purchases
28 Sales
period)9
(during
Mortgage
commitments10
29 Contracted (during period)
30 Outstanding (end of period)
period)
1. Weighted averages based on sample surveys of mortgages originated by major
institutional lender groups. Compiled by the Federal H o m e Loan Bank Board in
cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower
or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages,
rounded to the nearest 5 basis points; from Department of Housing and Urban
Development.
5. Average gross yields on 30-year, minimum-downpayment. Federal Housing
Administration-insured first mortgages for immediate delivery in the private secondary market. Any gaps in data are due to periods of adjustment to changes in
maximum permissible contract rates.
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities,
assuming prepayment in 12 years on pools of 30-year F H A / V A mortgages carrying
the prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. Average gross yields (before deduction of 38 basis points for mortgage servicing) on accepted bids in Federal National Mortgage Association's auctions of
4-month commitments to purchase home mortgages, assuming prepayment in 12
years for 30-year mortgages. No adjustments are made for F N M A commitment
fees or stock related requirements. Monthly figures are unweighted averages for
auctions conducted within the month.
8. Includes some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in F N M A ' s free market auction
system, and through the F N M A - G N M A tandem plans.
9. Includes participation as well as whole loans.
10. Includes conventional and government-underwritten loans.
Real Estate Debt
1.55
MORTGAGE DEBT
A41
OUTSTANDING
Millions of dollars, end of period
1982
1981
T y p e of h o l d e r , a n d t y p e of p r o p e r t y
1
? 1- to 4-family
3 Multifamily
4 Commercial
5
7
8
9
in
ii
12
13
14
IS
16
M a j o r financial institutions
Commercial banks1
1- to 4-family
Multifamily
Commercial
Farm
M u t u a l savings b a n k s
1- to 4-family
Multifamily
Commercial
Farm
1979
1980
1981
Q1
Q2
Q3
Q4
Q1
1,326,785'
880,369 r
128,167 r
235,572'
82,677
1,445,966 r
961,340'
136,953'
255,655'
92,018
1,544,797'
1,021,480'
141,932'
279,578'
101,807'
1,468,053'
974,411'
137,946'
261,242'
94,454'
1,499,066'
993,794'
139,199'
268,561'
97,512
1,525,598'
1,010,725'
140,396'
274,445'
100,032'
1,544,797'
1,021,480'
141,932'
279,578'
101,807'
1,559,167
1,030,248
143,160
281,850
103,909
938,567
245,187
149,460
11,180
75,957
8,590
98,908
66,140'
16,557 r
16,162'
49 r
997,168
263,030
160,326
12,924
81,081
8,699
99,865'
67,489'
16,058'
16,278'
40'
1,044,037
286,626
172,549
14,905
90,717
8,455
100,015'
68,200'
15,962'
15,813'
40'
1,007,240
266,734
161,758
13,282
83,133
8,561
99,719
67,619'
15,955'
16,105'
40'
1,023,793
273,225
164,873
13,800
86,091
8,461
99,993
68,035'
15,909'
15,999'
50'
1,036,880'
281,126
169,378
14,478
88,836
8,434
99,994'
68,116'
15,939'
15,909'
30'
1,044,037'
286,626
172,549
14,905
90,717
8,455
100,015'
68,200'
15,962'
15,813'
40'
1,045,187
291,426
175,559
15,155
92,237
8,475
98,500
67,186
15,711
15,563
40
17
18
19
20
Savings a n d loan associations
1- to 4-family
Multifamily
Commercial
475,688
394,345
37,579
43,764
503,192
419,763
38,142
45,287
518,350
433,289
38,306
46,755
507,556
423,606
38,219
45,731
515,256
430,703
38,077
46,476
518,778
433,646
38,338
46,794
518,350
433,289
38,306
46,755
515,125
430,593
38,068
46,464
2.1
V.
23
24
25
Life insurance c o m p a n i e s
1- to 4-family
Multifamily
Commercial
Farm
118,784
16,193
19,274
71,137
12,180
131,081
17,943
19,514
80,666
12,958
139,046
17,382
19,486
89,089
13,089
133,231
17,847
19,579
82,839
12,966
135,319
17,646
19,603
85,038
13,032
136,982
17,512
19,592
86,742
13,136
139,046
17,382
19,486
89,089
13,089
140,136
17,332
19,674
90,105
13,025
97,084
3,852
763
3,089
114,300
4,642
704
3,938
126,112'
4,765
693
4,072
116,243
4,826
696
4,130
119,124
4,972
698
4,274
121,772
4,382
696
3,686
126,112'
4,765
693
4,072
128,259
4,550
698
3,852
26 F e d e r a l a n d r e l a t e d agencies
Government National Mortgage Association
27
28
1- t o 4-family
Multifamily
29
30
31
32
33
34
Farmers H o m e Administration
1- t o 4-family
Multifamily
Commercial
Farm
1,274
417
71
174
612
3,492
916
610
411
1,555
2,235
914
473
506
342
2,837
1,321
528
479
509
2,662
1,151
464
357
690
1,562
500
242
325
495
2,235
914
473
506
342
1,985
864
423
456
242
35
36
37
Federal Housing and Veterans Administration
1- t o 4-family
Multifamily
5,555
1,955
3,600
5,640
2,051
3,589
5,999'
2,289'
3,710'
5,799
2,135
3,664
5,895
2,172
3,723
6,005
2,240
3,765
5,999'
2,289'
3,710'
6,007
2,267
3,740
38
39
40
Federal National Mortgage Association
1- t o 4-family
Multifamily
51,091
45,488
5,603
57,327
51,775
5,552
61,412
55,986
5,426
57,362
51,842
5,520
57,657
52,181
5,476
59,682
54,227
5,455
61,412
55,986
5,426
62,544
57,142
5,402
41
42
43
Federal Land Banks
1- to 4-family
Farm
31,277
1,552
29,725
38,131
2,099
36,032
46,446
2,788
43,658
40,258
2,228
38,030
42,681
2,401
40,280
44,708
2,605
42,103
46,446
2,788
43,658
47,731
2,869
44,862
44
45
46
Federal H o m e Loan Mortgage Corporation
1- to 4-family
Multifamily
4,035
3,059
976
5,068
3,873
1,195
5,255
4,018
1,237
5,161
3,953
1,208
5,257
4,025
1,232
5,433
4,166
1,267
5,255
4,018
1,237
5,442
4,182
1,260
119,278
76,401
74,546
1,855
142,258
93,874
91,602
2,272
147,246
97,184
94,810
2,374
152,308
100,558
98,057
2,501
158,140
103,750
101,068
2,682
162,273
105,790
103,007'
2,783'
169,894
108,645
105,769
2,876
47 M o r t g a g e pools or trusts 2
48
G o v e r n m e n t N a t i o n a l M o r t g a g e Association
49
1- t o 4-family
50
Multifamily
162,273
105,790
103,007'
2,783'
51
5?,
53
Federal H o m e Loan Mortgage Corporation
1- to 4-family
Multifamily
15,180
12,149
3,081
16,854
13,471
3,383
19,843
15,888
3,955
17,067
13,641
3,426
17,565
14,115
3,450
17,936
14,401
3,535
19,843
15,888
3,955
23,959
18,995
4,964
54
55
56
57
58
Farmers H o m e Administration
1- t o 4-family
Multifamily
Commercial
Farm
27,697
14,884
2,163
4,328
6,322
31,530
16,683
2,612
5,271
6,964
36,640
18,378
3,426
6,161
8,675
32,995
16,640
2,853
5,382
8,120
34,185
17,165
3,097
5,750
8,173
36,454
18,407
3,488
6,040
8,519
36,640
18,378
3,426
6,161
8,675
37,290
18,478
3,476
6,211
9,125
171,856'
99,418'
23,189'
24,050'
25,199'
192,240'
112,645'
27,164'
26,661'
25.770'
212,375'
126,099'
28,191'
30,537'
27,548'
197,324'
116,315'
27,208'
27,573'
26,228'
203,841'
120,572'
27,593'
28,850'
26,826'
208,806'
123,763'
27,929'
29,799'
27,315'
212,375'
126,099'
28,191'
30,537'
27,548'
59 Individual a n d o t h e r s 3
60
1- to 4-family
61
Multifamily
6?
Commercial
63
Farm
1. Includes loans held by n o n d e p o s i t trust c o m p a n i e s b u t n o t b a n k trust departments.
2. O u t s t a n d i n g principal balances of m o r t g a g e s b a c k i n g securities insured or
g u a r a n t e e d by the agency indicated.
3. O t h e r h o l d e r s include m o r t g a g e c o m p a n i e s , real estate investment trusts, state
a n d local credit agencies, state a n d local r e t i r e m e n t f u n d s , n o n i n s u r e d pension
f u n d s , credit unions, a n d U . S . agencies f o r which a m o u n t s are small or for which
s e p a r a t e d a t a are n o t readily available.
215,827
128,314
28,559
30,814
28,140
NOTE. B a s e d on d a t a f r o m various institutional a n d g o v e r n m e n t a l sources, with
s o m e q u a r t e r s estimated in p a r t by the F e d e r a l R e s e r v e in c o n j u n c t i o n with the
F e d e r a l H o m e L o a n B a n k B o a r d a n d the D e p a r t m e n t of C o m m e r c e . S e p a r a t i o n
of n o n f a r m m o r t g a g e d e b t by type of p r o p e r t y , if n o t r e p o r t e d directly, a n d interpolations and e x t r a p o l a t i o n s w h e n r e q u i r e d , are e s t i m a t e d mainly by the F e d e r a l
R e s e r v e . Multifamily d e b t r e f e r s to loans on structures of five or m o r e units.
A42
1.56
DomesticNonfinancialStatistics • May 1982
C O N S U M E R I N S T A L L M E N T C R E D I T 1 T o t a l O u t s t a n d i n g , and N e t C h a n g e A
Millions of dollars
1981
Holder, and type of credit
1978
1979
1982
1980
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Amounts outstanding (end of period)
1 Total
273,645
312,024
313,472
328,187
328,652
329,053
333,375
330,135
327,435
327,131
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline c o m p a n i e s . . . .
Mutual savings banks . .
136,016
54,298
44,334
25,987
7,097
3,220
2,693
154,177
68,318
46,517
28,119
8,424
3,729
2,740
147,013
76,756
44,041
28,448
9,911
4,468
2,835
147,060
88,698
46,791
26,594
11,236
5,007
2,801
146,889
89,583
46,416
26,922
11,348
4,713
2,781
146,687
89,956
46,092
27,510
11,529
4,487
2,792
149,300
89,818
45,954
29,551
11,598
4,403
2,751
148,162
88,925
45,907
28,179
11,668
4,541
2,753
146,922
89,009
45,586
27,013
11,738
4,433
2,734
146,454
89,591
45,632
26,530
11,926
4,229
2,769
By major type of credit
9 Automobile
10
Commercial b a n k s . . .
11
Indirect paper
12
Direct loans
13
Credit unions
14
Finance companies . .
101,647
60,510
33,850
26,660
21,200
19,937
116,362
67,367
38,338
29,029
22,244
26,751
116,838
61,536
35,233
26,303
21,060
34,242
125,703
59,451
34,616
24,835
22,375
43,877
126,344
59,242
34,651
24,591
22,196
44,906
126,385
59,125
34,781
24,344
22,041
45,219
126,431
59,181
35,097
24,084
21,975
45,275
125,525
58,849
35,029
23,820
21,953
44,723
125,294
58,604
34,920
23,684
21,799
44,891
125,559
58,510
34,888
23,622
21,821
45,228
15 Revolving
16
Commercial b a n k s . . .
17
Retailers
18
Gasoline companies .
48,309
24,341
20,748
3,220
56,937
29,862
23,346
3,729
58,352
29,765
24,119
4,468
58,318
30,686
22,625
5,007
58,451
30,763
22,975
4,713
58,923
30,876
23,560
4,487
63,049
33,110
25,536
4,403
61,433
32,643
24,249
4,541
59,514
31,923
23,158
4,433
58,491
31,532
22,730
4,229
19 Mobile home
20
Commercial b a n k s . . .
21
Finance companies . .
22
Savings and l o a n s . . . .
23
Credit unions
15,235
9,545
3,152
2,067
471
16,838
10,647
3,390
2,307
494
17,322
10,371
3,745
2,737
469
18,124
10,241
4,282
3,103
498
18,300
10,288
4,384
3,134
494
18,380
10,267
4,439
3,184
490
18,486
10,300
4,494
3,203
489
18,397
10,206
4,481
3,222
488
18,343
10,111
4,506
3,241
485
18,363
10,037
4,548
3,293
486
24 Other
25
Commercial b a n k s . . .
26
Finance companies . .
27
Credit unions
28
Retailers
29
Savings and l o a n s . . . .
30
Mutual savings banks
108,454
41,620
31,209
22,663
5,239
5,030
2,693
121,887
46,301
38,177
23,779
4,773
6,117
2,740
120,960
45,341
38,769
22,512
4,329
7,174
2,835
126,042
46,682
40,539
23,918
3,969
8,133
2,801
125,557
46,596
40,293
23,726
3,947
8,214
2,781
125,365
46,419
40,298
23,561
3,950
8,345
2,792
125,409
46,709
40,049
23,490
4,015
8,395
2,751
124,780
46,464
39,721
23,466
3,930
8,446
2,753
124,284
46,284
39,612
23,302
3,855
8,497
2,734
124,718
46,375
39,815
23,326
3,800
8,633
2,769
443
75
990
2
3
4
5
6
7
8
Net change (during period) 3
31 Total.
43,079
38,381
1,448
2,975
1,002
600
32
33
34
35
36
37
38
By major holder
Commercial banks
Finance companies . .
Credit unions
Retailers 2
Savings and loans.
Gasoline companies..
Mutual savings banks
23,641
9,430
6,729
2,497
7
257
518
18,161
14,020
2,185
2,132
1,327
509
47
-7,163
8,438
-2,475
329
1,485
739
95
427
2,682
-134
11
71
-42
-20
-76
1,204
-209
104
32
-81
-11
433
462
-224
-126
121
-98
15
1,160
-414
-369
-338
57
39
-31
10
-597
689
27
172
36
103
-171
307
-135
-124
173
-150
-11
166
673
-122
171
251
39
40
41
42
43
44
By major type of credit
Automobile
Commercial b a n k s . . .
Indirect paper
Direct loans
Credit unions
Finance companies . .
18,736
10,933
6,471
4,462
3,101
4,702
14,715
6,857
4,488
2,369
1,044
6,814
477
-5,830
-3,104
-2,726
-1,184
7,491
2,079
-404
-79
-325
-82
2,565
1,024
-226
16
-242
-98
1,348
564
220
371
-151
-77
421
68
236
413
-177
-200
32
-121
103
232
-129
345
-569
-56
-180
-141
-39
-59
183
-28
-248
-130
-118
-55
275
45 Revolving
46
Commercial b a n k s . .
47
Retailers
48
Gasoline companies
9,035
5,967
2,811
257
8,628
5,521
2,598
509
1,415
-97
773
739
571
593
40
-62
324
182
184
-42
21
198
-96
-81
59
467
-310
-98
-196
-276
41
39
-155
-65
-126
36
307
296
161
-150
49 Mobile home
50
Commercial banks.
51
Finance companies
52
Savings and loans..
53
Credit unions
286
419
74
-276
69
1,603
1,102
238
240
23
483
-276
355
430
-25
157
30
102
26
-1
122
28
74
23
-3
75
-9
42
45
-3
143
81
49
15
-2
-26
-74
6
30
12
-44
-110
56
14
-4
15
-82
52
47
-2
15,022
6,322
4,654
3,559
-314
283
518
13,435
4,681
6,968
1,118
-466
1,087
47
-927
-960
592
-1,266
-444
1,056
95
168
208
15
-51
-29
45
-20
-468
-60
-218
-108
-80
9
-11
-60
24
-1
-144
-30
76
15
-303
376
-495
-167
-28
42
-31
786
257
-34
332
-14
142
103
330
184
68
-72
2
159
-11
696
200
346
-65
10
204
54 Other
55
Commercial banks
56
Finance companies . .
57
Credit unions
58
Retailers
59
Savings and loans
60
Mutual savings banks
1. The Board's series cover most short- and intermediate-term credit extended
to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes,
and scheduled to be repaid (or with the option of repayment) in two or more
installments.
2. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
-33
1
1
3. Net change equals extensions minus liquidations (repayments, charge-offs and
other credit); figures for all months are seasonally adjusted.
NOTE; Total consumer noninstallment credit outstanding—credit scheduled t o
be repaid in a lump sum, including single-payment loans, charge accounts, and
service credit—amounted to not seasonally adjusted $71.3 billion at the end of
1979, $74.8 billion at the end of 1980. and $80.2 billion at the end of 1981.
A These data have been revised from January 1980 through D e c e m b e r 1981.
Consumer Debt
1.57
A43
CONSUMER INSTALLMENT CREDIT Extensions and Liquidations A
Millions of dollars; monthly data are seasonally adjusted.
1982
1981
. ,
.
t
1078
1979
1980
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Extensions
297,668
324,777
306,076
29,406
26,836
27,370
26,656
26,888
27,150
27,462
142,433
50,505
38,111
44,571
3,724
16,017
2,307
154,733
61,518
34,926
47,676
5,901
18,005
2,018
134,960
60,801
29,594
49,942
6,621
22,253
1,905
12,384
7,158
2,558
4,568
573
2,035
130
11,610
5,327
2,621
4,559
553
2,021
145
12,430
5,287
2,571
4,279
668
1,963
172
13,264
4,089
2,517
4,142
588
1,931
125
11,775
4,433
3,326
4,385
716
2,000
253
12,431
4,857
2,695
4,254
754
2,007
152
12,519
5,002
2,631
4,536
788
1,835
151
By major type of credit
9 Automobile
10
Commercial banks
Indirect paper
11
1?
Direct loans
13
Credit unions
14
Finance companies
87,981
52,969
29,342
23,627
18,539
16,473
93,901
53,554
29,623
23,931
17,397
22,950
83,454
41,109
22,558
18,551
15,294
27,051
9,000
3,218
1,932
1,286
1,337
4,445
7,490
3,263
1,966
1,297
1,308
2,919
8,073
3,979
2,516
1,463
1,342
2,752
7,352
3,978
2,489
1,489
1,345
2,029
7,474
3,696
2,293
1,403
1,702
2,076
7,283
3,415
1,875
1,540
1,363
2,505
7,183
3,393
1,875
1,518
1,420
2,370
15 Revolving
Commercial banks
16
17
Retailers
Gasoline companies
18
105,125
51,333
37,775
16,017
120,174
61,048
41,121
18,005
128,068
61,593
44,222
22,253
12,263
6,124
4,104
2,035
11,753
5,578
4,154
2,021
11,379
5,584
3,832
1,963
11,592
5,961
3,700
1,931
11,070
5,135
3,935
2,000
11,730
5,928
3,795
2,007
12,143
6,235
4,073
1,835
5,412
3,697
886
609
220
6,471
4,542
797
948
184
5,093
2,937
898
1,146
113
532
291
134
95
12
475
254
123
89
9
479
235
108
127
9
508
308
106
86
8
434
188
99
122
25
364
136
117
102
9
411
156
120
126
9
99,150
34,434
33,146
19,352
6,796
3,115
2,307
104,231
35,589
37,771
17,345
6,555
4,953
2,018
89,461
29,321
32,852
14,187
5,720
5,476
1,905
7,611
2,751
2,579
1,209
464
478
130
7,118
2,515
2,285
1,304
405
464
145
7,439
2,632
2,427
1,220
447
541
172
7,204
3,017
1,954
1,164
442
502
125
7,910
2,756
2,258
1,599
450
594
253
7,773
2,952
2,235
1,323
459
652
152
7,725
2,735
2,512
1,202
463
662
151
1
?
3
4
5
6
7
8
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 1
Savings and loans
Gasoline companies
Mutual savings banks
19 Mobile home
70
Commercial banks
Finance companies
71
Savings and loans
7,2
Credit unions
23
24 Other
75
Commercial banks
26
Finance companies
27
Credit unions
28
Retailers
29
Savings and loans
Mutual savings banks
30
Liquidations
254,589
286,396
304,628
26,431
25,834
26,770
26,689
26,445
27,075
26,472
118,792
41,075
31,382
42,074
3,717
15,760
1,789
136,572
47,498
32,741
45,544
4,574
17,496
1,971
142,123
52,363
32,069
49,613
5,136
21,514
1,810
11,957
4,476
2,692
4,557
502
2,097
150
11,686
4,123
2,830
4,455
521
2,063
156
11,997
4,825
2,795
4,405
547
2,044
157
12,104
4,503
2,886
4,480
531
2,029
156
11,765
5,030
2,637
4,358
544
1,961
150
12,602
4,550
2,830
4,378
581
1,971
163
12,353
4,329
2,753
4,365
537
1,985
150
By major type of credit
39 Automobile
40
Commercial banks
41
Indirect paper
4?
Direct loans
43
Credit unions
44
Finance companies
69,245
42,036
22,871
19,165
15,438
11,771
79,186
46,697
25,135
21,562
16,353
16,136
82,977
46,939
25,662
21,277
16,478
19,560
6,921
3,622
2,011
1,611
1,419
1,880
6,466
3,489
1,950
1,539
1,406
1,571
7,509
3,759
2,145
1,614
1,419
2,331
7,284
3,742
2,076
1,666
1,545
1,997
7,595
3,593
2,061
1,532
1,357
2,645
7,339
3,595
2,016
1,579
1,422
2,322
7,211
3,641
2,005
1,636
1,475
2,095
45 Revolving
Commercial banks
46
Retailers
47
Gasoline companies
48
96,090
45,366
34,964
15,760
111,546
55,527
38,523
17,496
126,653
61,690
43,449
21,514
11,692
5,531
4,064
2,097
11,429
5,396
3,970
2,063
11,358
5,386
3,928
2,044
11,533
5,494
4,010
2,029
11,266
5,411
3,894
1,961
11,885
5,993
3,921
1,971
11,836
5,939
3,912
1,985
49 Mobile home
SO Commercial banks
51
Finance companies
52
Savings and loans
Credit unions
53
5,126
3,278
812
885
151
4,868
3,440
559
708
161
4,610
3,213
543
716
138
375
261
32
69
13
353
226
49
66
12
404
244
66
82
12
365
227
57
71
10
460
262
93
92
13
408
246
61
88
13
396
238
68
79
11
84,128
28,112
28,492
15,793
7,110
2,832
1,789
90,796
30,908
30,803
16,227
7,021
3,866
1,971
90,388
30,281
32,260
15,453
6,164
4,420
1,810
7,443
2,543
2,564
1,260
493
433
150
7,586
2,575
2,503
1,412
485
455
156
7,499
2,608
2,428
1,364
477
465
157
7,507
2,641
2,449
1,331
470
460
156
7,124
2,499
2,292
1,267
464
452
150
7,443
2,768
2,167
1,395
457
493
163
7,029
2,535
2,166
1,267
453
458
150
31 Total
37
33
34
35
36
37
38
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 1
Savings and loans
Gasoline companies
Mutual savings banks
54 Other
55
Commercial banks
56
Finance companies
Credit unions
57
58
Retailers
59
Savings and loans
Mutual savings banks
60
1. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
A These data have been revised from January 1980 through December 1981.
A44
1.58
DomesticNonfinancialStatistics • May 1982
F U N D S R A I S E D IN U . S . C R E D I T M A R K E T S
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1979
Transaction category, sector
1976
1977
1978
1979
1980
1980
1981
1981
HI
H2
HI
H2
HI
H2
Nonfinancial sectors
1 Total funds raised
2 Excluding equities
By sector and instrument
3 U.S. government
4
Treasury securities
5
Agency issues and mortgages
6 All other nonfinancial sectors
7
Corporate equities
8
Debt instruments
y
Private domestic nonfinancial sectors
10
Corporate equities
u
Debt instruments
12
Debt capital instruments
u
State and local obligations
14
Corporate bonds
Mortgages
lb
H o m e mortgages
16
Multifamily residential
17
Commercial
18
Farm
19
Other debt instruments
20
Consumer credit
21
Bank loans n.e.c
22
Open market paper
23
Other
24
25
26
2/
28
29
30
31
32
33
34
35
36
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
Foreign
Corporate equities
Debt instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. government loans
273.6
262.8
336.6
333.5
395.6
396.3
387.0
394.0
371.9
357.0
393.0
399.9
385.0
394.7
389.0
393.3
339.0
330.1
404.9
383.8
423.5
422.0
362.5
377.9
69.0
69.1
-.1
204.6
10.8
193.8
185.0
10.5
174.5
123.7
15.7
22.8
56.8
57.6
-.9
279.9
3.1
276.7
266.0
2.7
263.2
172.2
21.9
21.0
53.7
55.1
-1.4
342.0
-.6
342.6
308.7
- .1
308.8
193.7
26.1
20.1
37.4
38.8
-1.4
349.6
-7.1
356.7
328.6
-7.8
336.4
200.1
21.8
21.2
79.2
79.8
-.6
292.7
15.0
277.8
263.4
12.9
250.6
179.4
26.9
30.4
87.3
87.7
-.4
305.7
-6.9
312.6
274.9
-6.9
281.8
150.0
25.3
25.1
30.0
32.3
-2.3
355.0
-9.8
364.7
341.0
-9.6
350.6
203.0
20.9
21.7
44.7
45.2
-.5
344.3
-4.3
348.6
316.1
-6.1
322.2
197.2
22.7
20.7
66.5
67.2
-.6
272.5
8.9
263.6
241.3
6.9
234.4
177.0
21.6
35.3
91.9
92.4
-.6
313.0
21.0
292.0
285.6
18.8
266.8
181.9
32.1
25.6
85.7
86.3
-.5
337.8
1.5
336.3
301.9
.9
301.0
171.7
28.7
27.7
88.9
89.2
-.4
273.6
-15.4
289.0
248.0
-14.7
262.7
128.3
21.9
22.4
64.0
3.9
11.6
5.7
50.7
25.4
4.4
4.0
16.9
96.3
7.4
18.5
7.1
91.0
40.2
26.7
2.9
21.3
108.5
9.4
22.1
7.5
115.1
47.6
37.1
5.2
25.1
113.7
7.8
24.4
11.3
136.3
46.3
49.2
11.1
29.7
81.7
8.5
22.4
9.5
71.1
2.3
37.3
6.6
24.9
60.0
7.2
22.6
9.8
131.8
26.4
53.0
19.0
33.4
117.6
8.0
23.4
11.6
147.6
50.9
55.5
8.0
33.1
109.8
7.6
25.4
11.0
125.0
41.6
42.8
14.2
26.4
76.5
8.2
24.8
10.6
57.4
-5.1
13.5
24.8
24.1
87.0
8.8
19.9
8.4
84.9
9.7
61.2
-11.6
25.6
73.4
6.4
26.7
8.9
129.3
29.1
45.0
17.6
37.6
46.7
8.0
18.6
10.8
134.4
23.8
61.0
20.5
29.1
185.0
15.2
89.6
10.2
5.7
64.3
266.0
17.3
139.1
12.3
12.7
84.6
308.7
20.9
164.3
15.0
15.3
93.2
328.6
18.4
170.6
20.8
14.0
104.8
263.4
25.3
101.7
14.5
15.8
106.1
274.9
22.5
106.7
17.2
15.1
113.5
341.0
17.9
179.1
21.2
13.5
109.3
316.1
18.9
162.1
20.4
14.5
100.2
241.3
19.7
94.2
17.9
11.0
98.4
285.6
30.9
109.1
11.1
20.6
113.8
301.9
26.1
123.4
22.7
17.0
112.7
248.0
18.9
90.1
11.6
13.2
114.2
19.6
.3
19.3
8.6
5.6
1.9
3.3
13.9
.4
13.5
5.1
3.1
2.4
3.0
33.2
- .5
33.8
4.2
19.1
6.6
3.9
21.0
.8
20.3
3.9
2.3
11.2
3.0
29.3
2.1
27.2
.8
11.5
10.1
4.7
30.8
30.8
5.3
6.5
13.9
5.2
14.0
-.2
14.1
2.8
2.1
6.1
3.1
28.1
1.7
26.4
4.9
2.4
16.3
2.8
31.2
1.9
29.2
2.0
6.1
15.7
5.4
21A
2.2
25.2
-.4
17.0
4.5
4.0
35.9
.6
35.3
3.3
6.1
20.6
5.3
25.7
-.7
26.3
7.2
6.8
7.1
5.1
*
Financial sectors
37 Total funds raised
38
39
40
41
42
43
44
45
46
47
48
49
By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate equities
Debt instruments
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper and RPs
Loans from Federal H o m e Loan Banks
By sector
50 Sponsored credit agencies
51 Mortgage pools
52 Private financial sectors
53
Commercial banks
54
Bank affiliates
55
Savings and loan associations
Other
insurance companies
56
57
Finance companies
58
REITs
5y
Open-end investment companies
23.4
51.4
76.8
84.3
66.7
86.9
87.8
80.8
59.8
73.5
90.8
83.0
15.1
3.3
12.2
-.4
8.2
-.2
8.4
9.8
2.1
-3.7
2.2
-2.0
21.9
7.0
16.1
-1.2
29.5
2.6
26.9
10.1
3.1
-.3
9.6
4.3
36.7
23.1
13.6
0
40.1
1.8
38.3
7.5
.9
2.8
14.6
12.5
48.2
24.3
24.0
0
36.0
2.5
33.6
7.8
-1.2
-.4
18.2
9.2
43.0
24.4
18.6
0
23.7
6.2
17.5
7.1
-.9
-.5
4.6
7.1
43.1
29.6
13.5
0
43.8
8.9
34.9
-.9
-3.1
2.7
20.0
16.2
43.7
21.2
22.5
0
44.1
3.6
40.6
8.2
.3
-1.4
25.4
8.2
52.8
27.3
25.5
0
28.0
1.4
26.6
7.5
-2.6
.6
10.9
10.1
44.7
25.1
19.6
0
15.2
7.1
8.1
10.1
-5.8
-.8
4.6
41.3
23.7
17.6
0
32.2
5.2
27.0
4.2
4.0
-.9
10.1
9.6
38.7
24.0
14.7
0
52.1
10.4
41.8
-1.7
-2.9
4.6
23.7
18.0
47.6
35.2
12.4
0
35.4
7.4
28.0
-.1
-3.3
.7
16.3
14.5
2.9
12.2
8.2
2.3
5.4
.1
.9
4.3
-2.2
-2.4
5.8
16.1
29.5
1.1
2.0
9.9
1.4
16.9
-2.3
.4
23.1
13.6
40.1
1.3
7.2
14.3
.8
18.1
-1.1
-.5
24.3
24.0
36.0
1.6
6.5
11.4
.9
16.8
-.4
-.6
24.4
18.6
23.7
.5
6.9
6.9
.9
5.8
-1.7
4.4
29.6
13.5
43.8
.4
8.3
13.6
.9
13.7
-.7
-7.6
21.2
22.5
44.1
1.3
8.0
11.1
.9
22.7
-.6
.7
27.3
25.5
28.0
1.8
4.9
11.7
.9
10.9
-.2
-1.9
25.1
19.6
15.2
.8
5.8
-1.4
.9
5.2
-1.4
5.3
23.7
17.6
32.2
.3
8.0
15.2
.9
6.3
-2.0
3.4
24.0
14.7
52.1
.2
6.9
17.0
.9
18.6
-.8
9.3
35.4
12.4
35.4
.5
9.6
10.3
.9
8.7
-.5
5.9
*
All sectors
60 Total funds raised, by instrument
297.0
388.0
472.5
471.3
438.6
479.9
472.8
469.7
398.8
478.4
514.4
445.5
61 Investment company shares
62 Other corporate equities
63 Debt instruments
64
U.S. government securities
65
State and local obligations
66
Corporate and foreign bonds
6/
Mortgages
68
Consumer credit
69
Bank loans n.e.c
10
Open market paper and RPs
11
Other loans
-2.4
13.1
286.4
84.6
15.7
41.2
87.2
25.4
6.2
8.1
17.8
.4
5.3
382.3
79.9
21.9
36.1
132.3
40.2
29.5
15.0
27.4
-.5
1.7
471.3
90.5
26.1
31.8
148.3
47.6
59.0
26.4
41.5
-.6
-4.0
475.8
85.7
21.8
32.8
155.9
46.3
51.0
40.5
41.9
4.4
16.8
417.5
122.3
26.9
38.4
121.1
2.3
48.4
21.4
36.7
7.6
-5.6
478.0
130.6
25.3
29.4
96.5
26.4
62.1
52.9
54.8
.7
-6.9
479.0
73.8
20.9
32.6
160.6
50.9
56.2
39.5
44.4
-1.9
-1.0
472.6
97.6
22.7
33.0
151.1
41.6
45.8
41.5
39.3
5.3
10.7
382.9
111.3
21.6
47.4
114.2
-5.1
19.6
39.7
34.1
3.4
22.8
452.1
133.2
32.1
29.5
128.0
9.7
77.2
3.1
39.3
9.3
2.6
502.5
124.5
28.7
29.3
112.4
29.1
55.8
61.9
60.8
5.9
-13.9
453.5
136.6
21.9
29.5
80.6
23.8
68.5
43.9
48.7
Flow of Funds
1.59
A45
DIRECT A N D INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates
1979
Transaction category, or sector
1 Total funds advanced in credit markets to nonfinancial
sectors
2
3
4
5
6
7
8
9
10
11
By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
F H L B advances to savings and loans
Other loans and securities
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1
Private domestic funds advanced
12 Total net advances
13
U.S. government securities
14
State and local obligations
15
Corporate and foreign bonds
16
Residential mortgages
17
Other mortgages and loans
LESS: Federal H o m e Loan Bank advances
18
Private financial
intermediation
19 Credit market funds advanced by private financial
institutions
20
Commercial banking
21
Savings institutions
Insurance
and pension funds
22
Other finance
23
24 Sources of funds
25
Private domestic deposits
26
Credit market borrowing
O t h e r sources
27
Foreign funds
28
29
Treasury balances
30
Insurance and pension reserves
O t h e r , net
31
Private domestic nonfinancial
investors
32 Direct lending in credit markets
33
U.S. government securities
34
State and local obligations
35
Corporate and foreign bonds
Commercial paper
36
Other
37
38 Deposits and currency
39
Currency
40
Checkable deposits
41
Small time and savings accounts
42
Money market fund shares
43
Large time deposits
44
Security RPs
45
Foreign deposits
46 Total of credit market instruments, deposits and
currency
1977
1976
1978
1979
1980
1980
1981
1981
HI
H2
HI
H2
HI
H2
262.8
333.5
396.3
394.0
357.0
399.9
394.7
393.3
330.1
383.8
422.0
377.9
49.8
23.1
12.3
-2.0
16.4
79.2
34.9
20.0
4.3
20.1
101.9
36.1
25.7
12.5
27.6
74.0
-6.2
36.7
9.2
34.3
92.1
15.6
31.1
7.1
38.2
90.0
16.1
22.1
16.2
35.6
49.6
-27.1
35.7
8.2
32.8
98.5
14.7
37.8
10.1
35.8
102.9
23.2
33.3
4.6
41.7
81.3
8.0
28.9
9.6
34.8
101.2
21.6
20.8
18.0
40.8
78.8
10.6
23.3
14.5
30.3
7.9
16.8
9.8
15.2
15.1
10.0
22.4
7.1
39.6
21.9
17.1
39.9
7.0
38.0
36.7
19.0
53.4
7.7
-6.1
48.2
23.7
43.8
4.5
20.0
43.0
24.9
44.4
9.2
11.5
43.1
19.8
47.8
-.9
-17.2
43.7
18.3
58.9
16.2
5.1
52.8
25.4
42.4
12.1
23.0
44.7
22.1
45.2
-3.1
17.0
41.3
29.9
40.4
-7.1
38.0
38.7
19.9
48.4
25.4
-14.9
47.6
228.1
61.5
15.7
30.5
55.5
62.9
-2.0
276.2
45.1
21.9
22.2
83.7
107.7
4.3
331.0
54.3
26.1
22.4
92.1
148.6
12.5
368.2
91.9
21.8
24.0
84.6
155.1
9.2
307.9
106.7
26.9
26.2
59.1
96.2
7.1
353.1
114.4
25.3
25.7
45.0
158.9
16.2
388.9
101.0
20.9
24.0
89.8
161.4
8.2
347.6
82.9
22.7
24.0
79.5
148.7
10.1
271.9
88.1
21.6
32.5
51.2
83.1
4.6
343.8
125.3
32.1
19.9
66.9
109.3
9.6
359.5
102.9
28.7
24.5
58.9
162.5
18.0
346.7
126.0
21.9
26.8
31.2
155.3
14.5
191.4
59.6
70.5
49.7
11.6
260.9
87.6
82.0
67.8
23.4
302.4
128.7
73.5
75.0
25.2
292.5
121.1
55.9
66.4
49.0
270.3
99.7
58.4
79.8
32.4
309.6
103.3
27.9
83.8
94.5
316.9
130.3
59.6
72.3
54.8
268.0
112.0
52.2
60.5
43.3
246.1
58.5
35.5
89.2
62.8
294.4
140.9
81.3
70.3
1.9
321.0
101.9
42.0
79.3
97.7
298.2
104.8
13.9
88.3
91.2
191.4
124.4
8.4
58.5
-4.7
-.1
34.3
29.0
260.9
138.9
26.9
95.1
1.2
4.3
50.1
39.5
302.4
140.8
38.3
123.2
6.3
6.8
62.2
48.0
292.5
143.2
33.6
115.7
25.6
.4
47.8
41.9
270.3
171.1
17.5
81.6
-22.3
-2.6
64.1
42.4
309.6
188.6
34.9
86.1
6.6
.6
72.2
6.7
316.9
135.1
40.6
141.2
45.6
5.0
52.3
38.4
268.0
151.2
26.6
90.3
5.6
-4.2
43.4
45.4
246.1
158.7
8.1
79.4
-22.8
-2.3
70.0
34.5
294.4
183.6
27.0
83.8
-21.9
-2.8
58.1
50.4
321.0
203.4
41.8
75.8
-6.6
10.3
62.7
9.3
298.2
173.8
28.0
96.3
19.7
-9.1
81.7
4.0
45.1
16.4
3.3
11.8
1.9
11.7
42.2
24.1
-.8
-3.8
9.6
13.2
67.0
35.6
1.4
-2.9
16.5
16.4
109.3
62.8
1.4
10.3
11.4
23.5
55.1
32.6
3.1
3.6
-3.8
19.7
78.4
48.2
14.1
-9.1
5.0
20.1
112.5
71.0
2.6
4.6
11.4
22.9
106.1
54.5
.2
16.0
11.4
24.0
33.9
19.3
-1.8
4.8
-4.5
16.0
76.4
45.8
7.9
2.3
-3.1
23.3
80.3
37.2
20.5
-5.0
5.8
21.8
76.5
59.3
7.7
-13.2
4.3
18.5
133.4
7.3
10.4
123.7
-12.0
2.3
1.7
148.5
8.3
17.2
93.5
.2
25.8
2.2
1.3
152.1
9.3
16.3
63.5
6.9
46.6
7.5
2.0
152.6
7.9
19.2
61.7
34.4
21.2
6.6
1.5
182.3
10.3
4.2
80.9
29.2
50.3
6.5
.9
195.7
8.7
15.5
37.4
107.5
27.6
.7
-1.6
149.3
9.0
16.6
66.5
30.2
3.3
18.5
5.2
155.9
6.9
21.9
56.9
38.6
39.1
-5.3
-2.3
167.6
8.5
-1.5
66.7
61.9
26.3
5.3
.4
197.1
12.1
9.9
95.2
-3.4
74.2
7.8
1.3
209.4
4.8
29.6
13.7
104.1
48.3
7.7
1.2
181.9
12.6
1.3
61.2
110.8
6.8
-6.3
-4.5
*
178.5
190.7
219.1
261.9
237.5
274.1
261.8
262.0
201.5
273.4
289.7
258.5
Public support rate (in percent)
Private financial intermediation (in percent)
Total foreign funds
19.0
83.9
10.5
23.7
94.4
40.8
25.7
91.3
44.3
18.8
79.4
19.5
25.8
87.8
-2.3
22.5
87.7
18.1
12.6
81.5
28.4
25.0
77.1
10.7
31.2
90.5
.2
21.2
85.6
-4.8
24.0
89.3
31.4
20.8
86.0
4.8
MEMO: Corporate equities not included above
50 Total net issues
51
Mutual fund shares
52
Other equities
10.6
-2.4
13.1
5.7
.4
5.3
1.2
-.5
1.7
-4.6
-.6
-4.0
21.1
4.4
16.8
2.0
7.6
-5.6
-6.2
.7
-6.9
-2.9
-1.9
-1.0
16.0
5.3
10.7
26.3
3.4
22.8
11.9
9.3
2.6
-8.0
5.9
-13.9
53 Acquisitions by financial institutions
54 Other net purchases
12.5
-1.9
7.4
-1.6
4.5
-3.4
10.6
-15.1
17.7
3.4
21.7
-19.8
7.1
-13.4
14.0
-16.9
10.5
5.5
24.9
1.4
26.4
-14.5
17.0
-25.0
47
48
49
N O T E S BY LINE NUMBER.
1.
2.
6.
11.
12.
17.
25.
26.
28.
29.
Line 2 of table 1.58.
Sum of lines 3 - 6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum
of lines 27, 32, and 38 less lines 40 and 46.
Includes farm and commercial mortgages.
Line 38 less lines 40 and 46.
Excludes equity issues and investment company shares. Includes line 18.
Foreign deposits at commercial banks, bank borrowings from foreign branches,
and liabilities of foreign banking agencies to foreign affiliates.
Demand deposits at commercial banks.
30. Excludes net investment of these reserves in corporate equities.
31. Mainly retained earnings and net miscellaneous liabilities.
32. Line 12 less line 19 plus line 26.
33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes
mortgages.
39. Mainly an offset to line 9.
46. Lines 32 plus 38, or line 12 less line 27 plus 39 and 45.
47. Line 2/line 1.
48. Line 19/line 12.
49. Sum of lines 10 and 28.
50. 52. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types quarterly, and annually
for flows and for amounts outstanding, may be obtained from Flow of Funds
Section. Division of Research and Statistics, Board of Governors of the Federal
Reserve System, Washington, D . C . 20551.
A46
2.10
Domestic Nonfinancial Statistics • May 1982
NONFINANCIAL BUSINESS ACTIVITY
Selected Measures
1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1982
1981
1979
Measure
1980
1981
July
1 Industrial production 1
2
3
4
5
6
7
Market
groupings
P r o d u c t s , total
Final, total
Consumer goods
Equipment
Intermediate
Materials
Industry
groupings
8 Manufacturing
Capacity utilization ( p e r c e n t ) 1 - 2
9
Manufacturing
10
Industrial m a t e r i a l s industries
....
11 C o n s t r u c t i o n c o n t r a c t s (1977 =
100) 3
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.'
Feb.
Mar.''
Apr.e
152.5
147.0
151.0
153.9
153.6
151.6
149.1
146.3
143.4
140.7
142.7
141.5
140.7
150.0
147.2
150.8
142.2
160.5
156.4
146.7
145.3
145.4
145.2
151.9
147.6
150.6
149.5
147.9'
151.8
154.4
151.6
153.0
152.1
150.7
154.1
156.2
155.3
152.6
151.5
149.6
154.0
156.8
155.2
151.0
150.0
147.8
152.9
154.6
152.5
149.4
148.9
146.5
152.1
151.4
148.5
147.5
147.2
144.0
151.5
148.7
144.6
146.2
146.3
142.0
152.1
145.9
139.0
142.9
142.8
139.6
147.2
143.4
137.2
144.5
144.2
141.7
147.7
145.8
139.9
143.7
143.5
141.7
146.0
144.2
138.2
143.3
143.3
142.5
144.5
143.1
136.8
153.6
146.7
150.4
153.2
153.2
151.1
148.2
145.0
142.0
138.5
140.8
139.9
139.4
85.7
87.4
79.1
80.0
78.5
79.9
79.8
81.9
79.6
81.7
78.3
80.0
76.6
77.7
74.8
75.5
73.1
72.4
71.1
71.4
72.1
72.6
71.5
71.6
71.1
70.8
121.0
106.0
107.0
99.0
99.0
100.0
101.0
92.0
112.0
115.0
97.0
105.0
n.a.
12 Nonagricultural e m p l o y m e n t , t o t a l 4 .
13
G o o d s - p r o d u c i n g , total
14
M a n u f a c t u r i n g , total
15
Manufacturing, productionworker
16
Service-producing
17 Personal i n c o m e , total
18
W a g e s a n d salary d i s b u r s e m e n t s . .
19
Manufacturing
20 D i s p o s a b l e personal i n c o m e 5
136.5
113.5
108.2
137.6
110.3
104.4
139.1
110.2
104.2
139.6
111.3
105.6
139.7
111.3
105.4
139.9
111.2
105.4
139.6
110.1
104.1
139.1
109.1
102.9
138.5
107.7
101.5
138.1
106.4
100.5
138.3'
106.6
100.3
137.9'
105.6'
99.5'
137.6
104.8
99.0
105.3
149.1
308.5
289.5
248.6
299.6
99.4
152.6
342.9
314.7
261.5
332.5
98.5
155.0
381.5
347.3
288.9
379.6
100.1
155.2
384.0
347.8
292.1
369.7
99.9
155.2
387.8
351.4
294.3
372.9
99.8
155.6
390.9
353.7
294.9
375.5
98.1
155.7
392.8
355.4
293.7
379.6
96.4
155.6
395.6
357.8
292.0
382.0
94.5
155.3
395.6
356.5
288.8
381.8
93.2
155.5
396.7
358.6
289.3
384.0
93.1
155.7'
399.1'
361.2'
292.4'
385.9
92.2'
155.7'
400.8
361.4
291.5
388.3
91.6
155.6
n.a.
n.a.
n.a.
n.a.
21 Retail sales 6
281.6
303.8
330.6'
333.8
338.5
338.9
331.1
333.3
334.1
326.0
334.9
332.9
337.4
Prices 7
22
Consumer
23
P r o d u c e r finished g o o d s
217.4
217.7
246.8
247.0
272.4
269.8
274.4
271.8
276.5
271.5
279.3
271.5'
279.9
274.V
280.7
274.7'
281.5
275.3
282.5
277.4
283.4
277.4'
283.1
276.9
n.a.
n.a.
6. B a s e d on B u r e a u of C e n s u s d a t a published in Survey of Current
Business.
7. D a t a without seasonal a d j u s t m e n t , as published in Monthly Labor
Review.
Seasonally a d j u s t e d d a t a f o r c h a n g e s in t h e price indexes m a y b e o b t a i n e d f r o m
the B u r e a u of L a b o r Statistics, U . S . D e p a r t m e n t of L a b o r .
1. T h e industrial p r o d u c t i o n a n d capacity utilization series have been revised
back to J a n u a r y 1979.
2. R a t i o s of i n d e x e s of p r o d u c t i o n t o indexes of capacity. B a s e d o n d a t a f r o m
F e d e r a l R e s e r v e , M c G r a w - H i l l E c o n o m i c s D e p a r t m e n t , a n d D e p a r t m e n t of C o m merce.
3. Index of dollar value of total construction contracts, including residential,
nonresidential, a n d heavy e n g i n e e r i n g , f r o m M c G r a w - H i l l I n f o r m a t i o n Systems
C o m p a n y , F. W . D o d g e Division.
4. B a s e d o n d a t a in Employment
and Earnings ( U . S . D e p a r t m e n t of L a b o r ) .
Series covers e m p l o y e e s only, excluding p e r s o n n e l in the A r m e d F o r c e s .
5. Based on data in Survey of Current Business (U.S. Department of Commerce).
2.11
NOTE. Basic d a t a (not index n u m b e r s ) f o r series m e n t i o n e d in n o t e s 4, 5, a n d
6, and indexes for series m e n t i o n e d in n o t e s 3 a n d 7 m a y also b e f o u n d in the
Survey of Current
Business.
Figures for industrial p r o d u c t i o n f o r t h e last two m o n t h s are p r e l i m i n a r y a n d
e s t i m a t e d , respectively.
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION
Seasonally adjusted
1981
o
1981
1982
1982
1981
1982
.
Q2
Q3
04
Ql'
O u t p u t (1967 = 100)
02
Q3
Q4
Ql
Capacity (percent of 1967 o u t p u t )
1 Manufacturing
2 P r i m a r y processing
3 A d v a n c e d processing
152.4
156.5
150.2
152.5
155.8
150.7
145.0
143.5
145.8
139.7
136.8
141.6
190.9
195.0
188.7
192.4
196.3
190.4
193.9
197.5
192.0
195.2
198.6
193.5
4 Materials
153.4
154.3
144.0
138.4
189.0
190.3
191.5
152.3
112.8
178.4
185.9
114.5
151.0
231.6
125.1
152.8
114.2
175.8
182.8
115.5
152.2
224.9
131.6
140.2
99.5
164.5
169.4
106.8
147.0
206.2
127.9
130.7
90.5
160.3
163.5
101.0
145.5
198.5
129.8
192.9
141.7
209.2
219.4
140.6
160.7
277.5
154.3
194.2
141.9
211.2
221.7
141.0
161.9
281.0
155.0
195.3
142.1
213.1
223.9
141.6
162.8
284.4
155.8
5 Durable goods
6
M e t a l materials
7 Nondurable goods
8
Textile, p a p e r , a n d chemical
9
Textile
10
Paper
11
Chemical
12 E n e r g y materials
02
03
Q4
Ql'
Utilization r a t e ( p e r c e n t )
79.8
80.3
79.6
79.3
79.4
79.2
74.8
72.7
75.9
71.6
68.9
73.2
192.6
81.2
81.1
75.2
71.9
196.4
142.3
214.6
225.6
142.1
163.8
287.3
156.5
78.9
79.6
85.3
84.8
81.4
93.9
83.5
81.1
78.7
80.5
83.3
82.5
81.8
94.1
80.0
84.9
71.8
70.1
77.2
75.7
75.4
90.3
72.5
82.1
66.6
63.6
74.7
72.5
71.1
88.8
69.1
83.0
Labor Market
2.11
A47
Continued
Previous cycle 1
Latest cycle 2
1982
1981
Cpfipc
High
Low
High
Low
Apr.
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Mar.r
Feb.
Apr
Capacity utilization rate (percent)
13 Manufacturing
88.0
69.0
87.2
74.9
79.8
79.6
78.3
76.6
74.8
73.1
71.1
72.1
71.5
71.1
14
15
93.8
85.5
68.2
69.4
90.1
86.2
71.0
77.2
80.7
79.4
79.9
79.4
78.2
78.3
75.7
77.0
72.7
75.8
69.6
75.0
68.5
72.8
69.8
73.6
68.3
73.2
67.7
73.0
16 Materials
17
Durable goods
18
Metal materials
92.6
91.5
98.3
69.4
63.6
68.6
88.8
88.4
96.0
73.8
68.2
59.6
81.1
78.8
79.9
81.6
79.4
83.0
80.0
77.3
79.1
77.7
74.7
73.9
75.5
72.2
70.8
72.4
68.5
65.5
71.4
66.2
65.8
72.6
67.4
64.4
71.6
66.1
60.7
70.8
64.8
56.6
19
20
94.5
67.2
91.6
77.5
85.9
83.0
82.9
80.3
77.3
74.1
73.2
75.7
75.2
75.2
21
22
23
Nondurable goods
Textile, paper, and
chemical
Textile
Paper
Chemical
95.1
92.6
99.4
95.5
65.3
57.9
72.4
64.2
92.2
90.6
97.7
91.3
75.3
80.9
89.3
70.7
85.5
81.9
94.9
84.1
82.3
82.3
93.6
79.7
82.1
81.3
95.7
79.2
79.1
78.8
92.1
76.2
75.9
75.5
92.3
72.4
72.2
72.0
86.5
69.0
70.7
68.6
87.6
67.4
73.5
71.9
89.9
70.1
73.3
72.9
89.0
69.9
73.0
73.1
88.1
69.7
24
Energy materials
94.6
84.8
88.3
82.7
79.9
85.6
83.0
82.5
82.2
81.6
83.7
83.0
82.1
81.2
Primary processing
Advanced processing
1. Monthly high 1973; monthly low 1975.
2. Preliminary; monthly highs December 1978 through January 1980; monthly
lows July 1980 through October 1980.
2.12
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1981
Category
1979
1980
1982
1981
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
H O U S E H O L D SURVEY D A T A
1 Noninstitutional population 1
166,952
169,848
172,272
172,967
173,154
173,330
173,494
173,657
173,842
174,019
2 Labor force (including A r m e d Forces) 1 . . .
3
Civilian labor force
107,050
104,962
109,042
106,940
111,812
108,670
111,170
109,012
111,430
109,272
111,348
109,184
111,038
108,879
111,333
109,165
111,521
109,346
111,823
109,648
Nonagricultural industries 2
Agriculture
Unemployment
6
Number
7
Rate (percent of civilian labor force) .
8 Not in labor force
95,477
3,347
95,938
3,364
97,030
3,368
96,965
3,378
96,800
3,372
94,404
3,209
96,170
3,411
96,217
3,373
96,144
3,349
96,032
3,309
6,137
5.8
59,902
7,637
' 7.1
60,806
8,273
7.6
60,460
8,669
8.0
61,797
9,100
8.3
61,724
9,571
8.8
61,982
9,298
8.5
62,456
9,575
8.8
62,324
9,354
9.0
62,321
10,307
9.4
62,196
89,823
90,564
91,548
91,832
91,522
91,113
90,879
91,019 r
90,760 r
90,562
21,040
958
4,463
5,136
20,192
4,975
17,112
15,947
20,300
1,020
4,399
5,143
20,386
5,168
17,901
16,249
20,264
1,104
4,307
5,152
20,736
5,330
18,598
16,056
20,241
1,162
4,259
5,168
20,916
5,360
18,788
15,938
20,017
1,172
4,229
5,147
20,838
5,355
18,838
15,926
19,736
1,175
4,193
5,122
20,735
5,366
18,856
15,930
19,550
1,166
4,085
5,124
20,849
5,361
18,845
15,899
19,506 r
1,165 r
4,165 r
5,105'
20,934 r
5,366 r
18,893'
15,885 r
19,340'
1,159 r
4,110 r
5,088 r
20,892 r
5,377 r
18,887 r
15,907 r
19,258
1,151
4,026
5,100
20,822
5,371
18,952
15,882
4
5
ESTABLISHMENT S U R V E Y D A T A
9 Nonagricultural payroll employment 3
10
11
12
13
14
15
16
17
Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government
1. Persons 16 years of age and over. Monthly figures, which are based on sample
data, relate to the calendar week that contains the 12th day; annual data are
averages of monthly figures. By definition, seasonality does not exist in population
figures. Based on data f r o m Employment and Earnings (U.S. Department of Labor).
2. Includes self-employed, unpaid family, and domestic service workers.
3. Data include all full- and part-time employees who worked during, or
received pay for, the pay period that includes the 12th day of the m o n t h , and
exclude proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the A r m e d Forces. Data are adjusted to the March 1979
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. D e p a r t m e n t of Labor).
A48
2.13
Domestic Nonfinancial Statistics • May 1982
INDUSTRIAL PRODUCTION
I n d e x e s and G r o s s V a l u e
Monthly data are seasonally adjusted.
Grouping
1967
proportion
1981
average
1981
Mar.
Apr.
May
June
July
1982
Aug.
Sept.
Oct.
Nov.
Dec
Feb.
Mar.?
Apr.
Index (1967 = 100)
MAJOR MARKET
1 Total index
2 Products
3
Final products
4
Consumer goods
5
Equipment
6
Intermediate products
V Materials
Consumer goods
8 Durable consumer goods
9
Automotive products
Autos and utility vehicles .
10
11
Autos
A u t o parts and allied
12
goods
13
H o m e goods
14
Appliances, A/C, and T V .
lb
Appliances and T V
16
Carpeting and furniture . . .
17
Miscellaneous home goods
18 Nondurable consumer g o o d s . . .
19
Clothing
20
Consumer staples
21
Consumer foods and
tobacco
Nonfood staples
22
23
Consumer chemical
products
24
Consumer paper
products
25
Consumer energy
products
26
Residential u t i l i t i e s . . .
100.00
151.0
152.1
151.9
152.7
152.9
153.9
153.6
151.6
149.1
146.3
143.4
140.7
142.7
141.5
140.7
60.71
47.82
27.68
20.14
12.89
39.29
150.6
149.5
147.9
151.8
154.4
151.6
150.7
149.0
148.3
150.0
157.1
154.4
151.3
149.9
148.9
151.4
156.3
152.9
152.3
151.3
150.7
152.1
156.1
153.4
152.2
151.4
150.3
153.0
154.9
154.0
153.0
152.1
150.7
154.1
156.2
155.3
152.6
151.5
149.6
154.0
156.8
155.2
151.0
150.0
147.8
152.9
154.6
152.5
149.4
148.9
146.5
152.1
151.4
148.5
147.5
147.2
144.0
151.5
148.7
144.6
146.2
146.3
142.0
152.1
145.9
139.0
142.9
142.8
139.6
147.2
143.4
137.2
144.5
144.2
141.7
147.7
145.8
139.9
143.7
143.5
141.7
146.0
144.2
138.2
143.3
143.3
142.5
144.5
143.1
136.8
7.89
2.83
2.03
1.90
140.5
137.9
111.2
103.4
143.6
139.2
116.1
107.8
144.3
142.9
120.2
113.2
147.3
151.8
129.1
120.0
147.9
153.1
131.4
122.2
146.5
147.6
123.0
118.1
142.5
137.6
107.8
104.0
140.4
139.1
110.0
103.3
136.3
132.8
101.7
92.5
129.7
121.7
88.9
81.1
123.2
119.2
87.5
78.1
120.1
109.2
71.6
61.3
125.2
117.2
82.0
70.5
127.6
124.9
93.6
79.8
131.0
130.3
101.1
87.2
80
5.06
1.40
1.33
1.07
2.59
205.6
142.0
119.6
121.2
158.0
147.4
197.5
146.1
129.1
131.2
160.2
149.4
200.8
145.0
121.2
122.6
165.2
149.7
209.5
144.8
121.4
122.3
163.1
149.9
208.0
145.0
120.0
121.4
166.3
149.8
210.0
145.8
123.6
124.8
163.2
150.7
213.1
145.3
126.8
128.9
160.1
149.2
212.9
141.1
119.0
121.4
158.6
145.8
211.8
138.2
116.7
118.7
152.6
143.9
205.0
134.1
107.7
108.7
146.9
143.2
199.7
125.4
85.7
86.6
144.4
139.1
204.4
126.3
100.6
101.6
137.9
135.4
206.5
129.8
103.5
104.1
147.4
136.8
204.1
129.2
97.2
97.6
151.1
137.5
204.4
131.4
104.1
19.79
4.29
15.50
150.9
119.8
159.5
150.1
118.9
158.8
150.7
120.6
159.0
152.1
122.1
160.3
151.2
120.9
159.6
152.3
122.8
160.5
152.5
121.9
161.0
150.8
119.3
159.5
150.5
117.8
159.6
149.7
116 1
159.0
149.5
113 8
159.4
147.4
106 0
158.9
148.2
147.3
147.1
159.1
158.5
158.5
8.33
7.17
150.3
170.0
150.5
168.4
150.2
169.3
151.3
170.8
149.6
171.3
150.5
172.2
150.6
173.0
149.5
171.1
150.7
169.9
150.4
169.1
150.9
169.3
150.0
169.1
151.1
168.3
149.4
169.0
169.6
2.63
223.1
220.0
224.1
225.1
224.4
226.8
227.7
227.5
223.0
220.3
220.1
220.1
218.2
219.7
137.2
1.92
127.9
128.7
127.4
127.7
129.2
127.6
128.9
127.7
126.9
125.7
127.2
127.0
129.6
129.3
2.62
1.45
147.7
166.3
143.7
161.1
144.9
162.9
147.9
168.9
148.9
170.4
150.0
172.6
150.4
169.7
146.4
162.8
148.2
166.2
149.4
167.4
149.1
167.5
148.9
172.3
146.5
171.6
147.3
12.63
6.77
1.44
3.85
1.47
181.1
166.4
286.2
127.9
149.7
179.3
164.6
276.6
128.6
149.3
181.0
165.9
281.7
128.5
149.9
182.0
167.0
286.4
128.4
150.8
183.6
169.0
289.7
130.6
151.2
184.8
169.4
290.3
130.8
151.6
184.8
170.2
293.0
130.8
152.7
182.7
168.9
293.6
129.3
150.4
180.5
166.9
295.6
125.7
148.4
179.0
165.1
293.8
123.6
147.1
179.0
164.0
294.6
122.0
145.5
172.2
158.1
289.0
116.9
137.4
171.5
156.4
275.9
117.4
141.1
168.4
150.3
256.2
115.6
137.9
165.7
146.0
242.2
114.1
135.0
5.86
3.26
1.93
67
198.0
258.7
125.4
112.0
196.2
252.7
127.8
118.5
198.6
254.5
131.5
119.7
199.4
258.0
130.0
113.9
200.4
259.9
129.7
114.9
202.5
263.7
128.4
118.0
200.9
264.3
124.6
111.8
198.5
264.2
121.0
102.1
196.2
259.8
120.6
104.6
195.0
260.6
116.6
101.7
196.3
262.9
117.5
98.9
188.5
256.1
109.0
88.4
189.0
255.1
110.4
94.2
189.0
257.0
110.3
84.9
188.4
255.5
111.0
36 Defense and space
7.51
102.7
100.7
101.5
102.0
101.7
102.6
102.8
103.0
104.5
105.3
107.0
105.2
107.6
108.5
108.8
Intermediate
products
37 Construction supplies
38 Business supplies
39
Commercial energy products
6.42
6.47
1.14
141.9
166.7
176.4
149.0
165.1
174.7
147.9
164.7
175.2
146.5
165.6
179.0
143.4
166.2
177.7
144.3
168.0
180.0
144.0
169.5
176.6
139.7
169.4
174.2
135.2
167.5
174.3
130.1
167.1
177.0
127.0
164.6
177.3
124.2
162.4
181.7
127.1
164.4
182.2
125.9
162.3
178.4
124.7
20.35
4.58
5.44
10.34
5.57
149.1
114.5
191.2
142.3
112.0
152.2
118.4
191.1
146.7
118.3
151.8
119.7
192.8
144.3
113.8
152.8
121.1
194.0
145.1
114.3
152.4
123.1
193.2
143.9
112.8
153.6
123.2
193.8
145.9
114.5
154.3
121.8
194.7
147.4
117.4
150.4
114.5
192.7
144.1
113.1
145.6
107.6
190.3
138.9
106.5
141.0
102.8
188.7
132.9
101.6
134.0
92.9
183.3
126.1
94.8
129.7
86.9
177.2
123.6
94.5
132.3
92.2
180.1
124.9
93.9
130.1
94.1
177.6
121.0
87.9
127.6
96.1
174.2
117.0
Equipment
27 Business
28
Industrial
29
Building and mining
30
Manufacturing
31
Power
32
33
34
35
Commercial transit, f a r m . . . .
Commercial
Transit
Farm
Materials
40 Durable goods materials
41
Durable consumer parts
42
Equipment parts
43
Durable materials n.e.c
44
Basic metal materials
45 Nondurable goods materials . . .
Textile, paper, and chemical
46
materials
47
Textile materials
Paper materials
48
49
Chemical materials
50
Containers, nondurable
51
Nondurable materials n.e.c. .
10.47
174.6
177.5
179.3
179.0
176.9
176.5
175.4
175.5
170.6
164.7
158.3
156.8
162.5
161.7
162.1
7.62
1.85
1.62
4.15
1.70
1.14
181.4
113.0
150.6
224.0
169.3
137.4
185.1
114.4
152.6
229.5
168.7
139.6
186.8
115.1
152.2
232.4
172.0
139.7
187.3
114.9
150.9
233.9
167.8
140.5
183.7
113.4
149.8
228.4
171.4
139.6
183.5
115.5
150.0
227.1
171.7
136.6
182.4
116.0
151.5
224.1
169.4
137.8
182.5
114.9
155.1
223.4
170.9
136.2
176.4
111.6
149.6
215.9
166.7
137.1
169.9
106.9
150.2
205.8
163.5
131.9
161.9
102.0
141.2
196.8
161.9
128.6
159.1
97.3
143.2
193.0
162.4
132.4
165.7
102.1
147.2
201.4
166.1
135.9
165.7
103.6
146.0
201.2
163.7
132.0
165.6
52 Energy materials
Primary energy
53
54
Converted fuel m a t e r i a l s . . . .
8.48
4.65
3.82
129.0
115.0
145.9
130.9
116.9
148.1
123.1
104.2
146.1
123.0
104.4
145.5
129.3
113.7
148.2
133.3
120.3
149.2
132.6
120.9
146.9
128.9
117.4
142.9
128.3
116.4
142.8
128.1
115.6
143.4
127.4
115.9
141.4
130.9
119.2
145.1
130.0
119.7
142.4
128.6
119.2
140.1
127.5
9.35
12.23
3.76
8.48
131.8
137.4
156.4
129.0
133.6
137.7
153.1
130.9
133.8
132.6
154.1
123.1
134.4
133.5
157.3
123.0
133.9
138.0
157.6
129.3
135.2
141.2
159.1
133.3
134.5
140.5
158.4
132.6
131.1
136.8
154.8
128.9
128.8
136.9
156.1
128.3
125.9
137.2
157.8
128.1
120.1
136.7
157.7
127.4
117.0
139.5
158.8
130.9
120.3
138.4
157.3
130.0
119.0
137.3
156.7
128.6
119.8
136.6
Supplementary
groups
55 H o m e goods and clothing
56 Energy, total
5/
Products
58
Materials
127.5
Output
2.13
A49
Continued
Grouping
SIC
code
1967
proportion
1981
avg.r
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
Jan.1
Feb.
Mar.?
Apr
Index (1967 = 100)
M A J O R INDUSTRY
1 Mining and utilities
2
Mining
3
Utilities
4
Electric
5 Manufacturing
6
Nondurable
7
Durable
12.05
6.36
5.69
3.88
87.95
35.97
51.98
155.0
142.2
169.1
190.9
150.4
164.8
140.5
154.8
143.2
167.8
188.9
151.6
165.3
142.1
150.5
135.2
167.6
188.6
152.0
165.9
142.5
152.1
135.4
170.7
192.9
152.8
166.4
143.5
156.3
141.7
172.7
195.6
152.4
165.8
143.2
159.1
146.5
173.1
196.2
153.2
167.1
143.6
158.2
146.0
171.9
194.2
153.2
167.3
143.4
155.8
145.0
167.8
188.3
151.1
165.9
140.9
156.1
145.3
168.1
189.4
148.0
162.8
137.8
155.4
143.3
168.9
190.9
145.0
160.3
134.4
154.7
142.6
168.2
190.2
142.0
157.4
131.3
157.4
144.5
171.8
195.2
138.5
155.1
127.1
155.4
142.4
169.9
192.4
140.8
157.7
129.1
152.6
138.3
168.6
190.5
139.9
156.7
128.2
150.1
133.8
168.3
190.3
139.4
156.4
127.7
150.2
137.9
8
9
10
11
Mining
Metal
Coal
Oil and gas extraction
Stone and earth minerals
10
11.12
13
14
.51
.69
4.40
.75
123.1
141.3
146.8
129.4
131.1
151.2
144.1
138.8
123.1
75.9
146.1
133.7
125.0
77.0
146.2
132.2
123.5
122.9
148.2
132.7
123.6
170.0
147.7
133.3
124.1
167.4
148.2
128.2
121.5
161.9
148.8
123.4
119.8
166.9
148.9
122.0
115.4
160.8
148.4
116.7
110.9
145.5
150.5
115.7
121.3
147.9
151.5
115.8
120.6
156.0
146.7
119.5
110.1
155.6
142.3
118.2
12
13
14
15
16
Nondurable
manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
20
21
22
23
26
8.75
.67
2.68
3.31
3.21
152.1
122.2
135.7
120.4
155.0
152.4
125.7
136.2
120.2
157.6
151.9
122.2
138.9
121.6
157.0
152.2
122.3
138.8
122.6
155.9
151.3
120.9
138.3
121.1
153.4
151.6
121.3
139.4
122.6
154.9
151.9
123.8
140.7
122.6
156.7
150.7
122.4
136.3
122.5
158.6
151.4
124.3
132.5
117.8
153.3
153.0
119.6
126.1
113.8
152.6
152.8
112.6
122.8
114.1
146.6
151.1
112.7
120.0
105.7
148.3
151.7
124.7
125.6
150.6
150.9
149.0
148.5
17
18
19
20
21
Printing and publishing
Chemicals and products
Petroleum products
R u b b e r and plastic products
Leather and products
27
28
29
30
31
4.72
7.74
1.79
2.24
.86
144.2
215.6
129.7
274.0
69.3
142.7
218.5
130.3
269.5
68.8
141.6
219.8
130.0
275.2
68.9
141.3
220.6
129.8
280.3
69.8
143.1
218.4
129.3
285.1
68.4
144.4
221.5
128.7
285.3
70.1
146.1
219.2
130.4
286.7
69.6
145.9
216.3
129.1
282.2
69.7
145.6
208.8
128.3
276.0
71.2
143.4
204.6
128.0
264.1
70.8
145.3
199.8
128.3
247.3
65.6
145.6
196.7
123.3
244.7
63.1
146.4
201.5
119.1
250.8
64.0
144.0
200.2
122.5
249.3
66.0
143.0
Durable
manufactures
22 Ordnance, private and
government
23 Lumber and products
24 Furniture and fixtures
25 Clay, glass, stone products
19.91
24
25
32
3.64
1.64
1.37
2.74
81.1
119.1
157.2
147.9
78.5
125.6
155.6
154.6
79.8
126.3
158.7
154.3
80.9
126.2
158.9
151.7
80.9
122.5
162.4
148.1
80.6
122.9
164.9
148.7
81.8
119.1
163.3
148.2
82.3
113.2
159.9
147.3
82.5
109.6
157.2
143.4
84.3
104.7
153.7
135.9
85.5
104.8
149.4
131.5
84.1 86.2
99.2 104.9
144.3 148.4
128.5 134.0
87.0
103.4
150.1
133.7
87.7
26
27
28
29
30
33
331.2
34
35
36
6.57
4.21
5.93
9.15
8.05
107.9
99.8
136.4
171.2
178.4
114.9
108.0
139.2
169.2
177.4
110.6
103.4
139.5
169.7
178.8
111.9
105.6
138.4
172.1
179.9
107.4
98.5
139.3
174.1
180.1
109.4
99.7
140.1
176.7
180.9
113.1
105.1
140.0
176.4
182.6
108.6
99.2
136.8
173.9
180.0
102.3
92.2
133.8
169.7
179.6
96.6
87.2
130.2
167.9
175.7
89.6
79.2
126.1
167.4
170.7
89.7 88.2
79.6 78.5
120.7 121.4
160.9 159.4
168.2 172.8
83.0
73.5
120.1
156.4
172.2
118.9
154.2
173.7
37
371
9.27
4.50
116.1
122.3
119.5
127.1
121.3
130.7
123.7
136.4
123.4
137.5
119.8
130.5
115.4
123.1
114.2
120.4
110.6
113.8
106.1
105.5
103.7
100.4
96.6 102.1
90.4 98.6
104.8
106.3
106.9
111.4
372-9
38
39
4.77
2.11
1.51
110.2
170.3
154.7
112.3
170.0
155.4
112.4
170.0
157.3
111.8
170.6
157.0
110.2
171.3
158.8
109.7
172.1
159.4
108.2
172.3
158.6
108.5
169.7
154.2
107.5
168.6
151.5
106.8
167.1
151.7
106.8
166.8
147.9
102.4 105.4
162.2 164.5
144.9 140.8
103.4
163.0
143.0
102.8
161.7
142.7
Primary metals
Iron and steel
Fabricated metal products
Nonelectrical machinery
Electrical machinery
31 Transportation equipment
32
Motor vehicles and parts
33
Aerospace and miscellaneous
transportation equipment
34 Instruments
35 Miscellaneous manufactures
125.5
123.0
78.0
Gross value (billions of 1972 dollars, annual rates)
MAJOR MARKET
36 Products, total
507.4'
612.3
618.0
616.2
622.2
619.2
621.4
616.5
611.5
605.0
597.6
592.8
577.4
587.9
586.5
585.7
37 Final
38
Consumer goods
39
Equipment
40 Intermediate
390.9 1
277.5 1
113.4'
116.6 1
474.1
318.0
156.1
138.2
476.4
320.5
155.9
141.7
476.3
320.0
156.3
139.9
482.4
324.3
158.1
139.8
480.5
322.1
158.5
138.7
481.9
324.0
157.9
139.5
476.4
319.3
157.1
140.1
473.0
317.7
155.3
138.4
470.1
314.3
155.8
134.9
465.2
310.5
154.7
132.4
462.3
307.2
155.1
130.5
448.8
298.9
149.9
128.7
457.2
305.8
151.5
130.7
456.9
306.9
150.0
129.6
457.0
308.7
148.3
128.7
1. 1972 dollar value.
NOTE. Published groupings include some series and subtotals not shown separately. For description and historical data, see Industrial Production—1976
Revision
(Board of Governors of the Federal Reserve System: Washington, D . C . ) , December 1977.
A50
2.14
Domestic Nonfinancial Statistics • May 1982
HOUSING AND
CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1981
Item
1979
1980
1982
1981
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.'
Feb.'
Mar.
Private residential real estate activity (thousands of units)
NEW UNITS
1 Permits authorized
2
1-family
3
2-or-more-family
1,552
981
571
1,191
710
481
969
558
412
865
494
371
850
453
397
722
398
324
723
401
322
789
454
335
832
462
370
795
433
362
858
459
399
4 Started
5
1-family
6
2-or-more-family
1,745
1,194
551
1,292
852
440
1,084
705
379
946
614
332
899
623
276
854
507
347
860
554
306
882
550
332
885
592
293
924
559
365
947
606
341
7 Under construction, end of period 1
8
1-family
9
2-or-more-family
1,140
639
501
896
515
382
682
382
301 r
800
445
355
770
428
342
731
410
321
705
397
309
689
391
298'
685
394
291
694
403
291
1,855
1,286
569
1,502
957
545
1,266
818
447
1,233
814
419
1,202
782
420
1,265
725
540
1,067
673
394
1,114'
676'
438'
1,063
638
425
894
534
360
13 Mobile homes shipped
277
222
241
238
232
208
207
206
211
251
Merchant builder activity in 1-family
units
14 N u m b e r sold
15 Number for sale, end of period 1
709
402
545
342
436'
278
364
308
335
304
359
291
388
282
456'
272
393
275
369
277
334
273
62.8
64.7
68.8
72.6
65.8
69.6
71.2
68.4'
66.3
65.8
68.3
71.9
76.4
83.1
87.0
81.3
82.5
85.3
82.8
77.8
81.6
86.7
3,701
2,881
2,350
2,240
2,070
1,930
1,900
1,940
1,860
1,950
1,990
55.5
64.0
62.1
72.7
66.1
78.0
68.1
80.5
67.1
79.1
66.0
76.6
65.9
77.5
66.6
78.6
66.4
79.8
66.9
78.8
67.2
79.3
10 Completed
11
1-family
12
2-or-more-family
16
Price (thousands
Median
Units sold
17
Units sold
of
n a.
2
dollars)
EXISTING U N I T S ( 1 - f a m i l y )
18 Number sold
Price of units sold (thous. of
19 Median
20 Average
dollars)2
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
230,781
230,273
237,035
229,844
230,892
230,368
233,026
235,844
232,672
232,953
231,208
22 Private
23
Residential
24
Nonresidential, total
Buildings
25
Industrial
26
Commercial
27
Other
Public utilities and other
28
181,690
99,032
82,658
174,896
87,260
87,636
183,502
85,805
97,697
180,576
80,535
100,041
178,649
78,503
100,146
179,248
78,292
100,956
180,602
78,219
102,383
182,761
79,779
102,982
181,057
78,230
102,827
181,402
76,226
105,176
179,207
76,046
103,161
14,953
24,919
7,427
35,359
13,839
29,940
8,654
35,203
16,884
33,485
9,377
37,951
18,295
33,721
9,367
38,658
18,344
33,412
9,402
38,988
18,558
33,046
9,553
39,799
18,373
34,506
9,193
40,311
17,736
35,921
9,019
40,306
17,213
36,789
9,867
38,958
17,598
37,907
10,113
39,558
16,179
38,610
10,048
38,324
49,088
1,648
11,998
4,586
30,856
55,371
1,880
13,784
5,089
34,618
53,534
1,944
13,162
5,267
33,161
49,268
2,105
12,227
4,717
30,219
52,243
2,065
12,537
4,910
32,731
51,120
1,943
11,515
6,978
30,684
52,423
1,946
12,478
4,868
33,131
53,083
1,909
11,642
4,908
34,624
51,616
2,108
12,600
5,378
31,530
51,551
1,850
13,275
5,395
31,031
52,001
2,223
14,018
5,094
30,666
29 Public
30
Military
31
Highway
32
Conservation and development
33
Other
1. Not at annual rates.
2. Not seasonally adjusted.
3. Value of new construction data in recent periods may not be strictly comparable
with data in prior periods due to changes by the Bureau of the Census in its
estimating techniques. For a description of these changes see Construction
Reports
(C-30-76-5), issued by the Bureau in July 1976.
NOTE. Census Bureau estimates for all series except (a) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing Institute
and seasonally adjusted by the Census Bureau, and (b) sales and prices of existing
units, which are published by the National Association of Realtors. All back and
current figures are available from originating agency. Permit authorizations are
those reported to the Census Bureau f r o m 16,000 jurisdictions beginning with 1978.
Prices
2.15
A51
CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data, except as noted
12 months to
1981
Item
1981
Mar.
1 month to
3 months (at annual rate) to
1982
1981
Index
level
Mar.
1982
(1967
= 100)»
1982
1982
Mar.
June
Sept.
Dec.
Mar.
Nov.
Jan.
Dec.
Mar.
Feb.
CONSUMER PRICES2
1
All items
2 Commodities
3
Food
4
Commodities less food
5
Durable
6
Nondurable
7 Services
8
Rent
9
Services less rent
10
11
12
Other groupings
All items less food
All items less food and energy
Homeownership
10.6
6.8
8.1
12.8
5.4
1.0
.5
.4
.3
.2
9.6
10.1
9.4
8.3
10.7
11.9
8.8
12.4
3.6
4.0
3.5
6.2
.3
11.3
8.2
11.7
3.2
2.2
3.8
9.7
-1.4
14.8
7.7
15.8
8.5
7.7
9.0
10.8
4.6
19.2
10.2
20.4
3.6
1.7
4.3
1.2
3.8
7.8
9.0
7.6
-.8
3.9
-2.6
3.5
-4.9
3.5
5.9
3.3
.2
.1
.2
.1
.5
.9
.7
1.0
.3
.1
.4
.3
-.3
.5
.7
.4
.1
.7
-.1
.2
.2
.5
.6
.5
.2
.6
.0
.4
-.8
.4
.4
.4
- . 3
283.1
-.5
-.4
-.5
.2
.0
.5
.0
258.8
283.0
245.2
233.5
258.4
325.5
219.6
345.7
10.6
9.9
11.5
7.4
8.7
8.6
9.3
11.6
16.9
13.9
15.0
21.5
6.2
5.6
.3
.9
3.0
-2.4
.6
.4
.2
.4
.5
.2
.2
.3
-.1
.2
.4
.4
-.2
.0
-.9
281.7
269.8
365.7
10.8
10.7
8.1
11.8
11.2
10.2
4.1
3.4
1.8
4.0
6.8
3.6
7.1
6.4
3.5
7.6
10.0
8.0
3.4
2.8
1.6
3.2
5.7
5.2
5.2
4.0
-3.7
7.2
9.7
2.8
.6
.3
5.8
-1.7
2.1
-1.5
.5
.4
-.7
.9
.7
.4
.2
.1
.0
.1
.6
.2
.4
.5
1.1
.2
.4
.3
-.1
-.1
.5
-.3
-.4
-.3
-.1
-.3
-.2
-.4
.5
-.3
276.9
277.2
257.1
283.3
275.7
316.3
24.0
6.3
-2.7
-5.4
16.1
6.4
1.1
-18.2
-5.6
-25.5
-18.4
23.3
-.6
-2.2
.2
-2.8
-1.1
4.4
-1.9
.7
-2.0
.2
475.0
247.9
- . 7
PRODUCER PRICES
13 Finished goods
14
Consumer
15
Foods
16
Excluding foods
17
Capital equipment
3
1 8 Intermediate materials
Crude materials
19
Nonfood
20
Food
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers.
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.
A52
2.16
Domestic Nonfinancial Statistics • May 1982
GROSS NATIONAL PRODUCT A N D
INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1981
Account
1979
1980
1982
1981
Q1
Q2
Q3
Q4
Q1P
GROSS NATIONAL PRODUCT
1 Total
2,413.9
2,626.1
2,925.5
2,853.0
2,885.8
2,965.0
2,998.3
2,995.1
1,510.9
212.3
602.2
696.3
1,672.8
211.9
675.7
785.2
1.857.8
232.0
743.2
882.6
1,810.1
238.3
726.0
845.8
1,829.1
227.3
735.3
866.5
1,883.9
236.2
751.3
896.4
1,908.3
226.4
760.3
921.5
1,950.7
236.8
766.1
947.8
415.8
398.3
279.7
96.3
183.4
118.6
113.9
395.3
401.2
296.0
108.8
187.1
105.3
100.3
450.5
434.4
328.9
125.7
203.1
105.5
100.0
437.1
432.7
315.9
117.2
198.7
116.7
111.4
458.6
435.3
324.6
123.1
201.5
110.7
105.4
463.0
435.6
335.1
128.3
206.8
100.5
94.9
443.3
434.0
339.8
134.3
205.5
94.2
88.4
392.6
432.6
339.8
134.1
205.7
92.7
87.1
17.5
13.4
-5.9
-4.7
16.2
13.8
4.5
6.8
23.3
21.5
27.5
23.1
9.4
3.7
-40.0
-38.8
15 Net exports of goods and services
16
Exports
17
Imports
13.4
281.3
267.9
23.3
339.8
316.5
26.0
367.3
341.3
29.2
367.4
338.2
20.8
368.2
347.5
29.3
368.0
338.7
24.7
365.6
341.0
23.8
359.0
335.1
18 Government purchases of goods and services
19
Federal
2U
State and local
473.8
167.9
305.9
534.7
198.9
335.8
591.2
230.2
361.0
576.5
221.6
354.9
577.4
219.5
357.9
588.9
226.4
362.5
622.0
253.3
368.7
628.0
255.7
372.3
2,396.4
1,055.9
451.2
604.7
1,097.2
260.8
2,632.0
1,130.4
458.6
671.9
1,229.6
266.0
2.909.4
1,272.3
506.9
765.4
1,371.7
281.6
2,848.5
1,247.5
501.4
746.1
1.317.1
288.4
2,862.5
1,257.0
516.9
740.1
1,344.7
284.1
2.937.6
1,298.3
525.2
773.0
1,390.5
276.3
2.989.0
1,286.4
484.2
802.2
1.434.4
277.5
3,035.1
1,261.7
461.8
799.9
1,459.3
274.1
17.5
11.5
6.0
-5.9
-4.0
-1.8
16.2
7.4
8.8
4.5
-4.2
8.6
23.3
18.5
4.8
27.5
18.6
8.9
9.4
-3.3
12.7
-40.0
-37.5
-2.5
1,483.0
1,480.7
1,510.3
1,516.4
1,510.4
1,515.8
1,498.4
1,483.6
31 Total
1,963.3
2,121.4
2,347.2
2,291.1
2,320.9
2,377.6
2,399.1
32 Compensation of employees
33
Wages and salaries
34
Government and government enterprises
3b
Other
Supplement to wages and salaries
36
37
Employer contributions for social insurance
38
Other labor income
1.460.9
1.235.9
235.9
1,000.0
225.0
106.4
118.6
1,596.5
1,343.6
253.6
1,090.0
252.9
115.8
137.1
1.771.6
1.482.8
273.9
1.208.8
288.8
134.7
154.1
1.722.4
1,442.9
267.1
1,175.7
279.5
131.5
148.0
1,752.0
1,467.0
270.5
1,196.4
285.1
133.2
151.8
1,790.7
1,498.7
274.7
1,224.0
292.0
135.6
156.3
1,821.3
1,522.5
283.2
1,239.2
298.8
138.4
160.4
1,844.9
1,538.8
287.1
1,251.7
306.1
142.3
163.8
131.6
100.7
30.8
130.6
107.2
23.4
134.8
112.4
22.4
132.1
113.2
18.9
134.1
112.5
21.7
137.1
112.4
24.7
135.9
111.5
24.4
129.0
110.8
18.2
2
3
4
b
By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services
6 Gross private domestic investment
Fixed investment
7
8
Nonresidential
9
Structures
1U
Producers' durable equipment
11
Residential structures
12
Nonfarm
13
14
Change in business inventories
Nonfarm
By major type of
21 Final sales, total
Goods
22
23
Durable
24
Nondurable
2b
Services
26
Structures
product
27 Change in business inventories
28
Durable goods
29
Nondurable goods
30 MEMO: Total GNP in 1972 dollars
N A T I O N A L INCOME
39 Proprietors' income 1
40
Business and professional 1
41
Farm 1
42 Rental income of persons 2
43 Corporate profits 1
44
Profits before tax 3
4b
Inventory valuation adjustment
46
Capital consumption adjustment
47 Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustments.
n.a.
30.5
31.8
33.6
32.7
33.3
33.9
34.5
34.8
196.8
255.4
-42.6
-15.9
182.7
245.5
-45.7
-17.2
191.7
233.3
-27.7
-13.9
203.0
257.0
-39.2
-14.7
190.3
229.0
-24.0
-14.7
195.7
234.4
-25.3
-13.4
177.6
212.8
-22.3
-12.8
-10.6
-9.7
143.4
179.8
215.4
200.8
211.0
220.2
229.7
237.9
3. For after-tax profits, dividends, and the like, see table 1.49.
SOURCE. Survey of Current Business (Department of Commerce).
National Income Accounts
2.17
PERSONAL INCOME A N D
A53
SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1982
1981
Account
1980
1979
1981
Q2
Ql
Q4
Q3
Q1P
P E R S O N A L I N C O M E AND SAVING
1 Total personal income
1,943.8
2,160.2
2,404.1
2,319.8
2,368.5
2,441.7
2,486.5
2,512.7
2 Wage and salary disbursements
3
Commodity-producing industries
4
Manufacturing
5
Distributive industries
6
Service industries
7
Government and government enterprises
1,236.1
437.9
333.4
303.0
259.2
236.1
1,343.7
465.4
350.7
328.9
295.7
253.6
1,482.7
512.7
387.3
361.1
335.0
273.9
1,442.9
501.3
377.4
351.9
322.5
267.1
1,467.0
508.1
386.7
357.8
330.5
270.5
1,498.5
520.2
393.9
365.3
338.5
274.5
1,522.5
521.0
391.0
369.5
348.7
283.3
1,539.0
521.2
390.3
373.5
357.0
287.3
118.6
131.6
100.8
30.8
30.5
48.6
209.6
249.4
131.8
137.1
130.6
107.2
23.4
31.8
54.4
256.3
294.2
153.8
154.1
134.8
112.4
22.4
33.6
61.3
308.5
333.2
180.4
148.0
132.1
113.2
18.9
32.7
58.0
288.7
319.6
169.8
151.8
134.1
112.5
21.7
33.3
60.2
300.9
324.2
172.0
156.3
137.1
112.4
24.7
33.9
63.0
315.7
342.2
188.5
160.4
135.9
111.5
24.4
34.5
64.1
328.7
347.0
191.2
163.8
129.0
110.8
18.2
34.8
64.7
338.5
354.1
194.5
8
9
10
11
12
13
14
15
16
17
Other labor income
Proprietors' income 1
Business and professional 1
Farm 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits
LESS: Personal contributions for social insurance
18 EQUALS: Personal income
80.6
87.9
104.2
102.3
103.1
105.0
106.5
111.2
1,943.8
2,160.2
2,404.1
2,319.8
2.368.5
2,441.7
2,486.5
2,512.7
302.0
338.5
388.2
372.0
382.9
399.8
398.0
397.4
20 EQUALS: Disposable personal income
1,641.7
1,821.7
2,016.0
1,947.8
1.985.6
2,042.0
2,088.5
2,115.3
21
LESS: Personal outlays
1,555.5
1,720.4
1,908.4
1,858.9
1,879.0
1,935.1
1,960.5
2,003.3
22 EQUALS: Personal saving
86.2
101.3
107.6
88.9
106.6
106.9
128.0
112.1
6,588
4,135
4,493
5.2
6,503
4,108
4,473
5.6
6,570
4,171
4,526
5.3
6,619
4,191
4,511
4.6
6,581
4,162
4,517
5.4
6,585
4,184
4,535
5.2
6,494
4,150
4,541
6.1
6,417
4,182
4,534
5.3
412.0
401.9
455.5
442.6
465.3
469.4
444.7
398.9
86.2
59.1
-42.6
432.9
101.3
44.3
-45.7
480.1
107.6
50.8
-27.7
451.1
88.9
55.7
-39.2
475.3
106.6
52.0
-24.0
486.2
106.9
52.8
-25.3
507.7
128.0
42.9
-22.3
n.a.
112.1
n.a.
-10.6
155.4
98.2
.0
175.4
111.8
.0
197.7
123.9
.0
187.5
119.0
.0
194.6
122.0
.0
201.1
125.4
.0
207.7
129.1
.0
211.7
132.1
.0
11.9
-14.8
26.7
-32.1
-61.2
29.1
-25.7
-62.4
36.7
-9.7
-46.6
36.9
-11.2
-47.2
36.1
-17.9
-55.7
37.8
-64.1
-100.0
35.9
19
LESS: Personal tax and nontax payments
MEMO:
Per capita (1972 dollars)
23
Gross national product
24
Personal consumption expenditures
25
Disposable personal income
26 Saving rate (percent)
G R O S S SAVING
27 Gross saving
28
29
30
31
Gross private saving
Personal saving
Undistributed corporate profits'
Corporate inventory valuation adjustment
Capital consumption
allowances
33 Noncorporate
34 Wage accruals less disbursements
35 Government surplus, or deficit ( - ) , national income and product
accounts
36
Federal
37
State and local
n.a.
n.a.
n.a.
n.a.
1.1
1.1
1.1
1.1
1.1
1.1
1.1
.0
39 Gross investment
414.1
401.2
454.7
446.0
458.3
469.6
444.8
392.4
40 Gross private domestic
41 Net foreign
415.8
-1.7
395.3
5.9
450.5
4.2
437.1
8.8
458.6
-.2
463.0
6.5
443.3
1.5
392.6
-.2
2.2
-.7
-.8
3.4
-6.9
.2
.2
.2
38 Capital grants received by the United States, net
42 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. Survey of Current Business (Department of Commerce).
A54
3.10
International Statistics • May 1982
U . S . I N T E R N A T I O N A L T R A N S A C T I O N S Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1980
Item credits or debits
1979
1980
1981
mi?
Q4
1 Balance on current account
2
Not seasonally adjusted
3
4
5
6
7
8
9
10
2
Merchandise trade balance
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, net 3
Other service transactions, net
Remittances, pensions, and other transfers
U.S. government grants (excluding military)
Q1
Q2
03
Q4P
1,414
3,723
6,578
1,390
3,244
3,334
3,546
1,212
2,438
2,115
-863
-85
1,457
-27,346
184,473
-211,819
-1,947
33,462
2,839
-25,342
223,966
-249,308
-2,515
32,762
5,874
-27,817
236,300
-264,117
-1,943
36,757
6,344
-5,570
57,149
-62,719
-715
8,257
1,762
-4,661
60,990
-65,651
-568
9,083
1,007
-6,894
60,369
-67,263
-698
8,764
1,558
-7,026
57,929
-64,955
-87
9,257
1,819
-9,236
57,012
-66,248
-590
9,650
1,962
-2,057
-3,536
-2,397
-4,659
-2,302
-4,460
-720
-1,624
-550
-977
-553
-965
-599
-1,249
-602
-1,269
11 Change in U.S. government assets, other than official reserve assets, net (increase, - )
-3,767
-5,165
-5,138
-1,094
-1,395
-1,485
-1,282
-976
12 Change in U . S . official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16
Foreign currencies
-1,132
-65
-1,136
-189
257
-8,155
0
-16
-1,667
-6,472
-5,175
0
-1,823
-2,491
-861
-4,279
0
1,285
-1,240
-4,324
-4,529
0
-1,441
-707
-2,381
-905
0
-23
-780
-102
-4
0
-225
-647
868
262
0
-134
-358
754
17 Change in U . S . private assets abroad (increase, - ) 3
18
Bank-reported claims
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net 3
-57,739
-26,213
-3,026
-4,552
-23,948
-71,456
-46,947
-2,653
-3,310
-18,546
-96,265
-84,462
n.a.
-5,536
-6,995
-22,622
-13,139
-2,005
-356
-7,122
-16,483
-11,241
-3,192
-488
-1,562
-19,590
-15,627
2,470
1,479
-4,954
-15,423
-15,209
1,451
-642
-1,023
-44,771
-42,385
n.a.
-2,928
542
22 Change in foreign official assets in the United States
(increase, + )
U.S. Treasury securities
Other U . S . government obligations
Other U . S . government liabilities 4
Other U.S. liabilities reported by U.S. banks
Other foreign official assets 5
-13,757
-22,435
463
-133
7,213
1,135
15,492
9,683
2,187
636
-159
3,145
5,208
5,008
1,279
170
3,916
2,667
7,712
6,911
587
205
-460
469
5,503
7,242
454
-112
-2,910
829
-2,779
-2,069
536
177
-2,070
647
-5,663
-4,634
545
-161
-2,387
974
8,147
4,469
-256
266
3,451
217
52,703
32,607
2,065
4,820
1,334
11,877
34,769
10,743
5,109
2,679
5,384
10,853
69,148
41,332
n.a.
2,914
7,078
18,664
16,157
7,737
3,228
893
2,240
2,059
1,637
-3,889
-820
1,405
2,454
2,487
15,667
7,916
-293
733
3,472
3,839
21,512
16,795
273
-449
759
4,134
30,333
20,510
n.a.
1,225
393
8,205
1,139
21,140
1,152
29,640
1,093
24,551
0
2,736
2,139
1,093
10,840
-401
0
7,880
1,161
0
-1,255
-2,631
0
7,090
1,875
21,140
29,640
24,551
597
11,241
6,719
1,376
5,215
23
24
25
26
27
28 Change in foreign private assets in the United States
(increase, + y
29
U.S. bank-reported liabilities
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U . S . Treasury securities, net
32
Foreign purchases of other U.S. securities, net
33
Foreign direct investments in the U n i t e d States, net 3
34 Allocation of S D R s
35 Discrepancy
36
Owing to seasonal adjustments
37
Statistical discrepancy in recorded data before seasonal
adjustment
MEMO:
Changes in official assets
U.S. official reserve assets (increase,
Foreign official assets in the United States
(increase, + )
40 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39
-1,132
-8,155
-5,175
-4,279
-4,529
-905
-4
262
-13,624
14,856
5,038
7,507
5,615
-2,956
-5,502
7,881
5,543
12,744
13,419
1,024
5,446
2,676
3,065
2,232
305
635
581
211
192
214
132
44
1. Seasonal factors are no longer calculated for lines 12 through 41.
2. D a t a are on an international accounts (IA) basis. Differs from the Census
basis data, shown in table 3.11, for reasons of coverage and timing; military exports
are excluded f r o m merchandise data and are included in line 6.
3. Includes reinvested earnings of incorporated affiliates.
4. Primarily associated with military sales contracts and other transactions arranged with or through foreign official agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOTE. D a t a are from Bureau of Economic Analysis, Survey of Current
(U.S. Department of Commerce).
Business
Trade and Reserve and Official Assets
3.11
A55
U.S. FOREIGN T R A D E
Millions of dollars; monthly data are seasonally adjusted.
1981
Item
1979
1980
Sept.
1
E X P O R T S of domestic and foreign
merchandise excluding grant-aid
shipments
2
G E N E R A L I M P O R T S including merchandise for immediate consumption plus entries into bonded
warehouses
3
Trade balance
181,860
220,626
233,677
Oct.
19,551
Nov.
19,163
Dec.
19,153
18,885
Feb.
Jan.
Mar.
18,737
18,704
18,602
209,458
244,871
261,305
21,274
23,077
22,508
19,746
22,829
19,090
20,349
-27,598
-24,245
-27,628
-1,723
-3,914
-3,355
-861
-4,092
-387
-1,747
NOTE. T h e data through 1981 in this table are reported by the Bureau of Census
data on a free-alongside-ship (f.a.s.) value basis—that is, value at the port of export.
Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census
basis trade data; this adjustment has been made for all data shown in the table.
Beginning with 1982 data, the value of imports are on a customs valuation basis.
The Census basis data differ from merchandise trade data shown in table 3.10,
U.S. International Transactions Summary, for reasons of coverage and timing. On
the export side, the largest adjustments are: (a) the addition of exports to Canada
3.12
1982
1981
not covered in Census statistics, and (b) the exclusion of military sales (which are
combined with other military transactions and reported separately in the "service
account" in table 3.10, line 6). On the import side, additions are made for gold,
ship purchases, imports of electricity from Canada and other transactions; military
payments are excluded and shown separately as indicated above.
SOURCE. FT900 "Summary of U.S. Export and Import Merchandise T r a d e "
(U.S. Department of Commerce, Bureau of the Census).
U.S. R E S E R V E ASSETS
Millions of dollars, end of period
1981
Type
1978
1979
1982
1980
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1
Total 1
18,650
18,956
26,756
30,248
31,002
30,075
30,098
30,060
29,944
31,552
2
Gold stock, including Exchange Stabilization Fund 1
11,671
11,172
11,160
11,152
11,152
11,151
11,151
11,150
11,150
11,149
3
Special drawing rights 2 ' 3
1,558
2,724
2,610
3,949
4,109
4,095
4,176
4,359
4,306
4,294
4
Reserve position in International Monetary Fund 2
1,047
1,253
2,852
4,736
5,009
5,055
5,237
5,275
5,367
6,022
5
Foreign currencies 4 , 5
4,374
3,807
10,134
10,411
10,732
9,774
9,534
9,276
9,121
10,087
3. Includes allocations by the International Monetary Fund of S D R s as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus net transactions in SDRs.
4. Beginning November 1978, valued at current market exchange rates.
5. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies, if any.
1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.22.
2. Beginning July 1974, the I M F adopted a technique for valuing the S D R based
on a weighted average of exchange rates for the currencies of m e m b e r countries.
From July 1974 through D e c e m b e r 1980, 16 currencies were used; from January
1981, 5 currencies have been used. T h e U.S. S D R holdings and reserve position
in the I M F also are valued on this basis beginning July 1974.
3.13
FOREIGN OFFICIAL ASSETS H E L D A T FEDERAL RESERVE BANKS
Millions of dollars, end of period
1981
Assets
1978
1979
Oct.
1 Deposits
Assets held in custody
2 U.S. Treasury securities 1
3 Earmarked gold 2
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.''
367
429
411
547
534
505
333
416
421
966
117,126
15,463
95,075
15,169
102,417
14,965
101,068
14,811
103,894
14,802
104,680
14,804
104,631
14,802
103,557
14,791
103,964
14,798
102,346
14,788
1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
2. T h e value of earmarked gold increased because of the changes in par value
of the U.S. dollar in May 1972 and in October 1973.
1982
1980
NOTE. Excludes deposits and U.S. Treasury securities held for international and
regional organizations. E a r m a r k e d gold is gold held for foreign and international
accounts and is not included in the gold stock of the United States,
A56
3.14
International Statistics • May 1982
F O R E I G N B R A N C H E S OF U.S. B A N K S
Balance Sheet Data
Millions of dollars, end of period
1982
1981
Aug.
Sept.
Oct.
Nov.
Dec.
462,635
Jan.
Feb./"
All foreign countries
1 Total, all currencies
2 Claims on United States
3
Parent bank
4
Other
5 Claims on foreigners
6
Other branches of parent bank
7
Banks
8
Public borrowers 2
9
N o n b a n k foreigners
10 Other assets
11 Total payable in U.S. dollars
12 Claims on United States
13
Parent bank
14
Other
15 Claims on foreigners
16
Other branches of parent bank
17
Banks
18
Public borrowers 2
19
Nonbank foreigners
20 Other assets
306,795
364,409
401,135
435,007
450,234
444,654
462,810
459,913
461,337
17,340
12,811
4,529
32,302
25,929
6,373
28,460
20,202
8,258
41.533
29,782
11,751
46,369
32,249
14,120
41,554
26,833
14.721
44,562
26,540
18,022
63,435'
42,940'
20,495 r
66.854
46,712
20,142
65,834
45,058
20,776
278,135
70,338
103,111
23,737
80,949
317,330
79,662
123,420
26,097
88,151
354,960
77,019
146,448
28,033
103,460
374,143
83.171
153,947
29,270
107,755
384,407
84,627
159,637
29,927
110,216
383,463
83,597
156,833
30,211
112,822
397,825'
89,269
161,510'
30,181
116,865
379,193'
87,840'
150,919'
28,193
112.241
373,118
91,934
145,548
26,632
109,004
375,610
92,464
146,411
26,911
109,824
11,320
14,777
17,715
19,331
19,458
19,637
20,423'
20.007
19,941
19,893
350,564
351,180
353,200
224,940
267,713
291,798
330,539
343,067
336,839
348,945
16,382
12,625
3,757
31,171
25,632
5,539
27,191
19,896
7,295
40,250
29,490
10.760
45,116
31,991
13,125
40,370
26,639
13,731
43,271
26,347
16,924
61,838'
42,397'
19,441'
65,327
46,155
19,172
64,279
44,465
19,814
203,498
55,408
78,686
19,567
49,837
229,120
61,525
96,261
21,629
49,705
255,391
58,541
117,342
23,491
56,017
278,690
65,477
126,155
24,410
62,648
286,367
66,279
131,524
24,709
63,855
284,590
65,859
127,944
25,199
65,588
293,690'
69,938
131,576 r
25,121
67,055
277,059'
69,382'
122,287'
22,859
62,531
273,663
74,895
117,157
21,244
60,367
276,841
75,918
118,281
21,543
61,099
5,060
7,422
9,216
11,599
11,584
11,879
11,984'
11,667
12,190
12,080
United Kingdom
21 Total, all currencies
22 Claims on United States
23
Parent bank
24
Other
25 Claims on foreigners
26
Other branches of parent bank
27
Banks
28
Public borrowers 2
29
Nonbank foreigners
30 Other assets
31 Total payable in U.S. dollars
32 Claims on United States
33
Parent bank
34
Other
35 Claims on foreigners
36
Other branches of parent bank
37
Banks
38
Public borrowers 2
39
Nonbank foreigners
40 Other assets
106,593
130,873
144,717
150,161
154,0%
153,615
161,531
157,229
157,892
162,351
5,370
4,448
922
11,117
9,338
1,779
7,509
5,275
2,234
9,995
7,189
2,806
11,167
7,842
3,325
9,668
6,351
3,317
9,315
5,162
4,153
11,823
7,885
3,938
12,045
8,374
3,671
13,458
9,618
3,840
98,137
27,830
45,013
4,522
20,772
115,123
34,291
51,343
4,919
24,570
131,142
34,760
58,741
6.688
30.953
134,034
38,035
58,362
6,665
30.972
137,056
39,117
58,986
7,112
31,841
137,879
38,799
59,307
7,305
32,468
145,889
41,476
63,044
7,463
33,906
138,888
41,367'
56,315
7,490
33,716
139,843
43,358
56,164
7,249
33,072
142,623
43,361
57,975
7,370
33,917
3,086
4,633
6.066
6,132
5,873
6,068
6,327
6,518
6,004
6,270
75,860
94,287
99,699
109,008
113,014
112,064
117,454
115,188
116,870
121,436
5,113
4.386
727
10,746
9,297
1,449
7,116
5,229
1,887
9,552
7,128
2,424
10,703
7,779
2.924
9,201
6,299
2,902
8,811
5,110
3,701
11,249
7,724
3,525
11,574
8,234
3,340
12,966
9,456
3,510
69.416
22.838
31.482
3,317
11.779
81,294
28,928
36,760
3,319
12,287
89,723
28,268
42,073
4,911
14,471
95,887
31,710
42,957
5,006
16,214
98,611
32,845
43,605
5,281
16,880
98,934
32,698
43,345
5,485
17,406
104,741
34,905
46,463
5,500
17,873
99,847
35,436'
40,703'
5,595
18,113
101,337
37,739
40,610
5,423
17,565
104,286
38,122
42,453
5,467
18,244
1,331
2,247
2,860
3.569
3,700
3,929
3,902
4,092
3,959
4,184
149,051
146,516
142,972
Bahamas and Caymans
41 Total, all currencies
42 Claims on United States
43
Parent bank
44
Other
45 Claims on foreigners
46
Other branches of parent bank
47
Banks
48
Public borrowers 2
49
Nonbank foreigners
50 O t h e r assets
51 Total payable in U.S. dollars
91,735
108,977
123,837
147,904
142,687
148,557
29,909
17,665
12,244
46,246
31,323'
14,923'
49,597
34,849
14.748
47,678
32,262
15,416
113,486
13,972
61,337
12,741
25,436
98,302
12,951
55,333
10,006
20,012
92,519
15,101
50.736
8,709
17,973
90,795
15,732
49,012
8,580
17,471
9,635
6,429
3,206
19,124
15,196
3,928
17,751
12,631
5,120
27,131
19,303
7,828
29,896
20,372
9,524
26,741
16,717
10,024
79,774
12,904
33,677
11,514
21,679
86,718
9,689
43,189
12,905
20,935
101,926
13,342
54,861
12,577
21,146
109,888
13,909
59.316
12,610
24,053
113,048
13,174
62,946
12,431
24,497
110,781
13,066
60,220
12,637
24,858
2,326
3,135
4,160
5,068
4,960
5,165
5,162
4,503
4,400
4,499
85,417
102,368
117,654
136,054
142,053
136,854
142,632
143,686
141,379
137,936
1. In May 1978 the exemption level for branches required to report was increased,
which reduced the n u m b e r of reporting branches.
2. In May 1978 a broader category of claims on foreign public borrowers, in-
142,087
eluding corporations that are majority owned by foreign governments, replaced
the previous, more narrowly defined claims on foreign official institutions.
Overseas Branches
3.14
A57
Continued
1981
I inh'l't
t
19781
1979
1982
1980
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.?
All foreign countries
52 Total, all currencies
53 To United States
54
Parent bank
Other banks in United States
55
Nonbanks
56
To foreigners
Other branches of parent bank
Banks
Official institutions
Nonbank foreigners
61
57
58
59
60
62 O t h e r liabilities
63 Total payable in U.S. dollars
64 To United States
Parent bank
65
Other banks in United States
66
Nonbanks
67
To foreigners
Other branches of parent bank
Banks
71
Official institutions
Nonbank foreigners
72
68
69
70
73 Other liabilities
306,795
364,409
401,135
435,007
450,234
444,654
462,810
462,635
459,913
461,337
58,012
28,654
12,169
17,189
66,689
24,533
13,968
28,188
91,079
39,286
14,473
37,275
116,190
44,010
15,686
56,494
124.096
48,592
17,657
57,847
120,039
45,909
16,464
57,666
128,084
49,385
16,663
62,036
137,686'
56,144'
19,319'
62,223'
144,002
55,813
20,042
68,147
145,082
55,092
22,661
67,329
238,912
67,496
97,711
31,936
41,769
283,510
77,640
122,922
35,668
47,280
295,411
75,773
132,116
32,473
55,049
300,081
80,991
125,563
28,209
65,318
306.785
83.336
127.794
28,715
66.940
305,040
82,038
128,536
27,685
66,781
316,232'
87,831
132,111'
24,696
71,594
305,643'
86,423'
124,889'
25,997
68,334
296,364
85,800
118,504
25,126
66,934
296,653
84,679
119,001
24,626
68,347
18,494 r
9,871
14,210
14,690
18,736
19,353
19,575
19,547
19,602
230,810
273,857
303,281
343,351
355,030
349,602
360,971
364,228
364,063
367,105
55,811
27,519
11,915
16,377
64,530
23,403
13,771
27,356
88,157
37,528
14,203
36,426
113,526
42,481
15,529
55,516
121.130
46,766
17,479
56,885
117,362
44,170
16,313
56,879
125,121
47,456
16,564
61,101
134,582
54,252'
19,005'
61.325
141,038
53,782
19,915
67,341
142,177
53,150
22,430
66,597
169,927
53,396
63,000
26,404
27,127
201,514
60,551
80,691
29,048
31,224
206,883
58,172
87,497
24,697
36,517
217,239
64,338
83,842
22,056
47,003
221,090
66,256
84.670
22,836
47,328
219,818
65,160
84,552
21,948
48,158
224,610'
69,561
84,789'
18,911
51,349
217,487'
69,189'
79,590
20,288
48,420
211,042
69,305
74,283
19,939
47,515
213,368
68,505
76,161
19,323
49,379
5,072
7,813
8,241
12,586
12.810
12,422
11,240'
12,159
11,983
11,560
157,229
19,306'
United Kingdom
74 Total, all currencies
75
76
77
78
T o United States
Parent bank
Other banks in United States
Nonbanks
79 To foreigners
Other branches of parent bank
80
81
Banks
Official institutions
82
Nonbank foreigners
83
84
Other liabilities
85
Total payable in U.S. dollars
86
87
88
89
To United States
Parent bank
Other banks in United States
Nonbanks
To foreigners
Other branches of parent bank
Banks
Official institutions
93
Nonbank foreigners
94
90
91
92
95
Other liabilities
106,593
130,873
144,717
150,161
154,096
153,615
161,531
157,892
162,351
9,730
1,887
4,189
3,654
20,986
3,104
7,693
10,189
21,785
4,225
5,716
11,844
31,408
4,189
5,646
21,573
34,143
5,370
6,396
22,377
32,960
3,542
6,054
23,364
36,316
4,045
6,652
25,619
38,022'
5,444'
7.502
25,076
40,740
6,385
7,313
27,042
43,185
6,592
8,973
27,620
93,202
12,786
39,917
20,963
19,536
104,032
12,567
47,620
24,202
19,643
117,438
15,384
56,262
21,412
24,380
113,191
15,255
51,532
17,866
28,538
113,862
15,121
51,830
18,687
28,224
114,415
15,544
53,634
17,442
27,795
118,401
16,090
56,239
15,089
30,983
112,255'
16,545'
51,336
16,517
27,857
110,064
16,298
49,622
16,110
28,034
111,590
16,719
49,937
15,965
28,969
3,661
5,855
5,494
5,562
6,091
6,240
6,814
6,952
7,088
7,576
77,030
95,449
103,440
114,191
117,920
117,346
122,362
120,277
121,407
127,029
9,328
1,836
4,101
3,391
20,552
3,054
7,651
9,847
21,080
4,078
5,626
11,376
30,661
4,132
5,594
20,935
33.464
5,309
6.317
21,838
32,408
3.484
5,976
22,948
35,706
3,956
6,611
25,139
37,325'
5.343'
7,249
24,733
40,248
6,268
7,289
26,691
42,646
6,497
8,884
27,265
66,216
9,635
25,287
17,091
14,203
72,397
8,446
29,424
20,192
14,335
79,636
10,474
35,388
17,024
16,750
79,988
10,943
32,914
14,244
21,887
80,638
10,747
33,010
15,514
21,367
81,260
11,121
34,312
14,415
21,412
82,766
11,457
35,141
12,133
24,035
79,041'
12,055'
32,298
13,612
21,076
77,491
11,928
30,995
13,497
21,071
80,744
12,417
32,249
13,418
22,660
1,486
2,500
2,724
3,542
3,818
3,678
3,890
3,911
3,668
3,639
149,051
Bahamas and Caymans
Total, all currencies
91,735
108,977
123,837
142,087
147,904
142,687
148,557
146,516
142,972
97
98
99
100
To United States
Parent bank
Other banks in United States
Nonbanks
39,431
20,482
6,073
12,876
37,719
15,267
5,204
17,248
59,666
28,181
7,379
24,106
73,924
31,265
8,938
33,721
77,533
33,282
9,964
34,287
75,991
33,387
9,349
33,255
80,161
36,066
8,971
35,124
85,704
39,250'
10,620
35,834
88,967
37,627
11,335
40,005
87,355
36,683
12,167
38,505
101
102
103
104
105
To foreigners
Other branches of parent bank
Banks
Official institutions
Nonbank foreigners
50,447
16,094
23,104
4,208
7,041
68,598
20,875
33,631
4,866
9,226
61,218
17,040
29,895
4,361
9,922
64,565
20,315
27,538
4,605
12,107
66,627
22.393
27,983
4,028
12,223
62,795
20,521
25,396
4,078
12,800
64,462
23,307
24,712
3,381
13,062
60,012
20,641
23,202
3,498
12,671
54,491
20,721
18,590
3,149
12,031
52,417
19,814
18,271
2,505
11,827
106
Other liabilities
96
107
Total payable in U.S. dollars
1,857
2,660
2,953
3,598
3,744
3,901
3,934
3,335
3,058
3,200
87,014
103,460
119,657
137,754
143,507
138,094
144,034
145,227
142,728
139,366
A58
3.15
International Statistics • May 1982
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1981
Item
1 Total'
2
3
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
Western Europe 1
Canada
Latin America and Caribbean
Other countries 6
1979
Sept.'
Oct.'
Nov.'
Dec.
JanP
Feb.P
Mar.P
149,697
164,578
161,591
159,795
164,545
169,436
167,959
166,168
166,568
30,540
47,666
30,381
56,243
22,870
50,181
20,928
48,867
23,436
49,644
26,306
52,389
24,099
52,306
24,482
48,364
24,865
47,048
37,590
17,387
16,514
41,455
14,654
21,845
50,308
12,402
25,830
51,940
12,191
25,869
53,937
11,791
25,737
53,150
11,791
25,800
53,992
11,791
25,771
56,333
11,291
25,698
57,644
11,291
25,720
85,633
1,898
6,291
52,978
2,412
485
81,592
1,562
5,688
70,784
4,123
829
64,419
1,366
5.429
87,326
2,090
961
61,086
1,073
5,089
89,187
2,149
1,212
63,107
2,248
5,051
91,161
1,792
1,186
65,218
2,403
6,934
91,790
1,849
1,242
63,048
2,369
5,923
94,137
1,649
833
62,034
1,669
6,283
93,559
1,474
1,149
60,292
1,647
6,449
95,244
1,336
1,600
5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial
paper, negotiable time certificates of deposit, and borrowings under repurchase
agreements.
3. Includes nonmarketable certificates of indebtedness (including those payable
in foreign currencies through 1974) and Treasury bills issued to official institutions
of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes bonds
and notes payable in foreign currencies.
3.16
1982
1980
NOTE. Based on Treasury D e p a r t m e n t data and on data reported to the Treasury
Department by banks (including Federal Reserve Banks) and securities dealers in
the United States.
LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies
Millions of dollars, end of period
1981
Item
1978
1979
1980
Mar.
1
2
3
4
5
Banks' own liabilities
Banks' own claims 1
Deposits
Other claims
Claims of banks' domestic customers 2
1. Includes claims of banks' domestic customers through March 1978.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the accounts of
their domestic customers.
2,406
3.671
1,795
1,876
358
1.918
2,419
994
1,425
580
3,748
4,206
2,507
1,699
962
3.298
4,287 r
1,779
2,508 r
444
June
3,031
3,699
2,050
1.649
347
Sept.
2,878
4,078
2,409
1,669
248
Dec.
3,667
5,331
3,592
1,738
972
NOTE. D a t a on claims exclude foreign currencies held by U.S. monetary authorities.
Nonbank-Reported
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Data
A59
Reported by Banks in the United States
Millions of dollars, end of period
1982
1981
Holder and type of liability
1978
1979
1980
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.P
166,842
187,521
205,297
216,555'
199,272'
209,024'
242,533'
250,432'
253,612
259,367
78,661
19,218
12,427
9,705
37,311
117,196
23,303
13,623
16,453
63,817
124,791
23,462
15,076
17,583
68,670
142,362'
23,592
17,319 r
13,641'
87,809'
124,454'
19,072'
17,647'
11,225
76,511
133,308'
21,127
18,101'
14,129
79,951'
162,433'
19,677
29,381'
17,371'
96,003'
170,972'
18,334'
31,161'
16,451'
105,026'
178,911
17,830
36,354
16,963
107,864
185,696
16,568
42,700
19,209
107,220
88,181
68,202
70,325
48,573
80,506
57,595
74,193'
52,369'
74,819'
51,281
75,717'
52,005
80,100
55,312
79,460'
55,131
74,701
51,332
73,671
50,152
17,472
2,507
19,396
2,356
20,079
2,832
17,312 r
4,512'
18,257
5,281'
18,269'
5,442
18,819
5,970
18,842'
5,487
18,528
4,842
18,907
4,612
2,607
2,356
2,344
1,826
1,981
2,317
2,721
2,148
2,091
2,049
906
330
84
492
714
260
151
303
444
146
85
212
398
249
60
89
303
185
58
60
555
388
74
93
638
262
58
318
373
130
86
156
298
135
76
87
450
209
143
96
1,701
201
1,643
102
1,900
254
1,428
96
1,678
184
1,762
142
2,083
541
1,775
217
1,792
277
1,599
109
1,499
1
1,538
2
1,646
0
1,332
0
1,494
0
1,621
0
1,542
0
1,558
0
1,515
0
1,490
0
20 Official institutions 8
90,742
78,206
86,624
73,051'
69,796
73,080'
78,696
76,405'
72,846
71,914
21 Banks' own liabilities
22
D e m a n d deposits
23
Time deposits 1
24
Other 2
12,165
3,390
2,560
6,215
18,292
4,671
3,050
10,571
17,826
3,771
3,612
10,443
13,956'
2,697
1,986'
9,273
11,869
2,668
1,692
7,509
14,214'
2,459
1,910'
9,846
16,672
2,612
4,192
9,868
14,626'
2,404'
3,684'
8,538'
14,919
2,385
4,236
8,297
15,141
2,347
4,692
8,102
25 Banks' custody liabilities 4
26
U.S. Treasury bills and certificates 5
27
Other negotiable and readily transferable
instruments 6
28
Other
78,577
67,415
59,914
47,666
68,798
56,243
59,094 r
50,181'
57,927
48,867
58,866'
49,644
62,024
52,389
61,778'
52,306
57,927
48,364
56,773
47,048
10,992
170
12,196
52
12,501
54
8,659
255
9,013
46
9,171'
51
9,587
47
9,445'
27
9,527
37
9,685
40
1 All foreigners
2 Banks' own liabilities
3
D e m a n d deposits
4
Time deposits 1
5
Other 2
6
Own foreign offices 3
7 Banks' custody liabilities 4
8
U.S. Treasury bills and certificates 5
9
Other negotiable and readily transferable instruments 6
10
Other
11 Nonmonetary international and regional
organizations 7
12 Banks' own liabilities
13
D e m a n d deposits
14
Time deposits 1
15
Other 2
16 Banks' custody liabilities 4
17
U.S. Treasury bills and certificates
18
Other negotiable and readily transferable Instruments 6
19
Other
r
29 Banks 9
57,423
88,316
96,415
118,050
30 Banks' own liabilities
31
Unaffiliated foreign banks
32
D e m a n d deposits
33
Time deposits 1
34
Other 2
35
Own foreign offices 3
52,626
15,315
11,257
1,429
2,629
37,311
83,299
19,482
13,285
1,667
4,530
63,817
90,456
21,786
14,188
1,703
5,895
68,670
108,755'
20,946'
15,199
1,875'
3,873'
87,809'
4,797
300
5,017
422
5,959
623
2.425
2,072
2,415
2,179
36 Banks' custody liabilities 4
37
U.S. Treasury bills and certificates
Other negotiable and readily transferable
38
instruments 6
39
Other
103,348'
109,204'
135,167'
145,577'
150,563
156,251
92,786
16,275
11,346
1,631
3,298
76,511
98,369'
18,418
12,908
1,837
3,673
79,951'
123,452'
27,449'
11,614
9,169'
6,666'
96,003'
133,691'
28,664'
10,893'
10,472
7,299'
105,026'
139,812
31,948
10,444
13,400
8,104
107,864
145,049
37,832
9,263
18,037
10,532
107,217
9,296'
1,439
10,562'
1,574
10,835
1,584
11,715
1,683
11,886
1,853
10,751
1,876
11,202
2,213
2,748
2,588
3,898'
3,958'
4,091
4,897'
4,169
5,082
4,421
4,858
5,611
5,176
4,405
4,470
4,255
4,734
40 Other foreigners
16,070
18,642
19,914
23,628'
24,148'
24,424'
25,949'
26,303'
28,113
29,153
41 Banks' own liabilities
42
D e m a n d deposits
43
Time deposits
44
Other 2
12,964
4,242
8.353
368
14,891
5,087
8,755
1,048
16,065
5,356
9,676
1,033
19,253'
5,447
13,399'
406
19,496'
4,873'
14,266'
358
20,170'
5,373
14,280'
517
21,671'
5,189
15,963
520'
22,282'
4,906'
16,918'
458'
23,882
4,866
18,542
474
25,056
4,749
19,827
479
3,106
285
3,751
382
3,849
474
4,375'
654
4,652
656
4,253
635
4,278
698
4,021
755
4,231
815
4,098
782
2,557
264
3,247
123
3,185
190
3,422'
300
3,659
337
3,309
309
3,268
312
2,981
284
3,081
335
2,998
318
11,007
10,984
10,745
9,467'
9,424
9,985'
10,547
10,470'
10,916
11,215
45 Banks' custody liabilities 4
46
U.S. Treasury bills and certificates
47
Other negotiable and readily transferable instruments 6
48
Other
49 MEMO: Negotiable time certificates of
deposit in custody for foreigners
1. Excludes negotiable time certificates of deposit, which are included in " O t h e r
negotiable and readily transferable instruments." D a t a for time deposits before
April 1978 represent short-term only.
2. Includes borrowing under repurchase agreements.
3. U.S. banks: includes amounts due to own foreign branches and foreign subsidiaries consolidated in "Consolidated R e p o r t of Condition" filed with bank regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due to head office or parent foreign bank, and foreign
branches, agencies or wholly owned subsidiaries of head office or parent foreign
bank.
4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued
to official institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, and negotiable time certificates of deposit.
7. Principally the International Bank for Reconstruction and Development, and
the Inter-American and Asian Development Banks.
8. Foreign central banks and foreign central governments and the Bank for
International Settlements.
9. Excludes central banks, which are included in "Official institutions."
A60
3.17
International Statistics • May 1982
Continued
1981
Area and country
1978
1979
1980
Sept.
Oct.
Nov.
Dec.A
Jan.
1 Total
166,842
187,521
205,297
216,555 '
199,272'
209,024'
242,533'
250,432'
253,612
259,367
2 Foreign countries
164,235
185,164
202,953
214,729'
197,292'
206,708'
239,812'
248,284'
251,521
257,318
85,172
513
2,550
1,946
346
9,214
17,283
826
7,739
2,402
1,271
330
870
3,121
18,225
157
14,272
254
3,440
82
330
90,952
413
2,375
1,092
398
10,433
12,935
635
7,782
2.337
1,267
557
1,259
2,005
17,954
120
24,700
266
4,070
52
302
90,897
523
4,019
497
455
12,125
9,973
670
7,572
2,441
1,344
374
1,500
1,737
16,689
242
22,680
681
6,939
68
370
85,125'
590
4,852
163
198
7,637
8,410
578
6,264
2,240
1,008
486
1,189
2,102
16,980'
234
26,376r
366
5,010
28
414
77,652'
583
3,644
232
187
7,125
6,555
496
5,677'
2,173
1,449
424
975
1,609
17,114
252
23,985
265
4,472
42
396
82,302'
595
3,989
306
196
7,385
7,211
428
5,656
2,351
1,642
358
954
1,508
18,937
197
24,258
380
5,394'
72
486
90,622
587
4,117
333
296
8,486
7,665
463
7,290
2,773
1,457
354
916
1,545
18,878
518
28,230
375
5,798
49
493
89,708'
719'
3,954'
512
157
8,078'
6,953'
469'
7,104'
2,808'
1,245'
301'
1,024'
1,274'
18,927'
336
30,581'
215
4,710'
69
271'
91,574
647
3.252
524
292
8,042
6,668
535
6,495
2,926
1,129
275
946
1,480
18,590
216
33,799
219
5,204
52
284
93,406
520
3,001
514
273
7,784
7,696
472
4,300
3,066
1,518
272
1,130
1,358
19,454
283
35,141
223
5,939
44
417
3 Europe
4
Austria
5
Belgium-Luxembourg
Denmark
6
Finland
7
8
France
Germany
9
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
21
Other Western Europe1
22
U.S.S.R
23
Other Eastern Europe2
24 C a n a d a
6,969
7,379
10,031
10,119
8,934
10,091
10,256
11,572'
10,999
10,707
25 Latin A m e r i c a a n d C a r i b b e a n
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British W e s t Indies
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala3
36
Jamaica3
37
Mexico
38
N e t h e r l a n d s Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
O t h e r Latin A m e r i c a a n d C a r i b b e a n . .
31,638
1,484
6,752
428
1,125
5,974
398
1,756
13
322
416
52
3,467
308
2,967
363
231
3,821
1,760
49,686
1,582
15,255
430
1,005
11,138
468
2,617
13
425
414
76
4,185
499
4,483
383
202
4,192
2,318
53,170
2,132
16,381
670
1,216
12,766
460
3,077
6
371
367
97
4,547
413
4,718
403
254
3,170
2,123
66,757'
1,979
25,552'
806
1,301
14,456
491
2,527
8
394
476
92
6,021
697
4,974'
380
259
3,982
2,362
59,896'
1,929
21,325'
721
1,265
10,472
538
2,759
6
403
419
147
5,902'
2,771
4,599
379 r
249
4,044
1,969
62,011'
2,012
23,625'
624
1,285'
9,524'
505
2,776
7
516
444
96
6,047'
2,896
4,904
473
266
3,971
2,041'
84,504'
2,445
34,380'
765
1,548
17,692
664
2,993
9
434
479
87
7,163
3,073
4,852
694
367
4,245
2,612
92,203'
2,879'
43,522'
680'
1,608'
17,868'
771'
2,861'
7
355'
485'
120
6,668'
3,042
3,478'
594'
481'
4,557'
2,227'
94,415
2,897
43,589
855
1,803
18,783
815
2,924
10
370
519
100
7,246
3,135
3,338
531
344
4,713
2,443
96,491
2,926
43,546
1,103
1,338
18,668
950
2,648
7
513
590
129
7,578
3,422
4,188
530
322
5,117
2,917
44 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
M i d d l e - E a s t oil-exporting c o u n t r i e s 4 . .
Other Asia
36,492
33,005
42,420
48,733'
46,851'
48,632'
49,810
50,658'
50,290
52,544
67
502
1,256
790
449
688
21,927
795
644
427
7,534
1,414
49
1,393
1,672
527
504
707
8,907
993
795
277
15,300
1,879
49
1,662
2,548
416
730
883
16,281
1,528
919
464
14,453
2,487
76
2,195'
4,062
491
809
412
20,745'
1,434
832
392
13,295'
3,990'
85
2,189'
4,158
433
1,269
418
20,204
1,291
691
274
12,196
3,643
200
2,147
4,090
514
985
475
19,988
1,322
736
409
13,603
4,163
158
2,082
3,950
385
640
589
20,559
2,013
876
534
13,172
4,852
183
2,227'
3,946'
512'
1,230
546'
20,051'
2,146'
757
369
13,623'
5,068'
215
2.253
4,302
414
1,241
507
20,664
2,162
739
494
13,564
3,735
257
2,213
4,198
433
1,127
449
21,938
2,138
671
340
14,747
4,033
57 A f r i c a
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
63
Other Africa
2,886
404
32
168
43
1,525
715
3,239
475
33
184
110
1,635
804
5,187
485
33
288
57
3,540
783
2,561
433
43
244
76
1,040
725
2,535
343
28
282
44
1,165
672
2,381
328
37
202
56
830
929
3,201
360
32
420
134
1,395
860
3,065'
571'
36
252'
33
1,207'
966'
2,814
339
35
368
40
1,112
920
2,395
297
36
327
69
627
1,039
64 O t h e r c o u n t r i e s
65
Australia
66
All o t h e r
1,076
838
239
904
684
220
1,247
950
297
1,434
1,174
260
1,423
1,212
211
1,291
1.065
226
1,419
1,223
196
1,078'
853'
225
1,430
1,204
226
1,775
1,550
225
67 N o n m o n e t a r y international a n d regional
organizations
International
L a t i n A m e r i c a n regional
O t h e r regional 6
2,607
1,485
808
314
2,356
1,238
806
313
2,344
1,157
890
296
1,826
631
750
445
1,981
945
724
312
2.317
1,128
797
391
2,721
1,661
710
350
2,148
1,072
17
1,059
2,091
1,082
706
303
2,049
1,081
634
335
45
46
47
48
49
50
51
52
53
54
55
56
68
69
70
1. Includes the B a n k for I n t e r n a t i o n a l S e t t l e m e n t s . Beginning April 1978, also
includes E a s t e r n E u r o p e a n c o u n t r i e s n o t listed in line 23.
2. Beginning April 1978 c o m p r i s e s B u l g a r i a , Czechoslovakia, the G e r m a n D e m ocratic R e p u b l i c , H u n g a r y , P o l a n d , a n d R o m a n i a .
3. I n c l u d e d in " O t h e r Latin A m e r i c a a n d C a r i b b e a n " t h r o u g h M a r c h 1978.
4. C o m p r i s e s B a h r a i n , I r a n , I r a q , K u w a i t , O m a n , Q a t a r , Saudi A r a b i a , a n d
U n i t e d A r a b E m i r a t e s (Trucial States).
5. C o m p r i s e s A l g e r i a , G a b o n , L i b y a , a n d Nigeria.
6. A s i a n , A f r i c a n , M i d d l e E a s t e r n , a n d E u r o p e a n regional o r g a n i z a t i o n s , e x c e p t
the B a n k for I n t e r n a t i o n a l S e t t l e m e n t s , which is included in " O t h e r W e s t e r n
Europe."
A Liabilities and claims of b a n k s in the U n i t e d States w e r e i n c r e a s e d , b e g i n n i n g
in D e c e m b e r 1981, by the shift f r o m f o r e i g n b r a n c h e s t o I n t e r n a t i o n a l B a n k i n g
Facilities in the U n i t e d States of liabilities to, a n d claims o n , f o r e i g n residents.
Nonbank-Reported
3.18
Data
A61
B A N K S ' O W N C L A I M S O N F O R E I G N E R S R e p o r t e d by B a n k s in the U n i t e d S t a t e s
P a y a b l e in U . S . D o l l a r s
Millions of dollars, end of period
1982
1981
A r e a and country
1979
1978
1980
Sept.
Oct.
Nov.
Dec.A
Jan.
Feb.
Mar.P
1
115,545
133,943
172,592
210,856'
197,584 r
208,754'
250,136
255,456'
264,068
275,237
2 Foreign countries
115,488
133,906
172,514
210,801'
197,540'
208,713'
250,080
255,405'
264,021
275,180
24,201
140
1,200
254
305
3,735
845
164
1,523
677
299
171
1,120
537
1,283
300
10,147
363
122
360
657
28,388
284
1,339
147
202
3,322
1,179
154
1,631
514
276
330
1,051
542
1,165
149
13,795
611
175
268
1,254
32,108
236
1,621
127
460
2,958
948
256
3,364
575
227
331
993
783
1,446
145
14,917
853
179
281
1,410
41,078'
436
2,628'
158
347'
3,351
1,267
287
4,016
573'
300
328
1,711
930
1,953'
144
19,569'
932
185
232
1,733
34,678'
138
1,761'
187'
397
2,563
841
235
4,322
567'
230
353
1,627
871
1,475'
153
16,047'
954
148
203
1,605
39,637'
179
2,025'
208'
528'
3,261
979
255
4,559
570'
281
390
1,693
1,339'
1,963'
144
18,204'
1,016
197
248
1,596
48,711
127
2,832
186
549
4,069
936
333
5,186
685
384
529
2,100
1,206
2,211
421
23,431
1,224
209
367
1,725
51,584'
198'
2,788
226
555
4,682'
1,084
378'
5,461'
729
384
584
2,171'
1,329'
1,845'
464
24,986
1,213'
235
455
1,816
53,005
172
3,259
253
573
4,933
874
319
5,601
808
437
666
2,505
1,504
1,999
522
25,067
1,243
192
262
1,816
56,465
134
3,667
282
569
5,549
1,127
323
5,183
950
455
770
2,602
1,579
1,709
492
27,675
1,154
317
212
1,716
3 Europe
4
Austria
5
Belgium-Luxembourg
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
21
Other Western E u r o p e 1
22
U.S.S.R
23
Other Eastern E u r o p e 2
5,152
4,143
4,810
8,067'
7,456'
7,079'
9,041
9,478'
9,755
10,772
25 Latin America and Caribbean
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala 3
36
Jamaica 3
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean
57,565
2,281
21,555
184
6,251
9,694
970
1,012
0
705
94
40
5,479
273
3,098
918
52
3,474
1,485
67,993
4,389
18,918
496
7,713
9,818
1,441
1,614
4
1,025
134
47
9,099
248
6,041
652
105
4,657
1,593
92,992
5,689
29,419
218
10,496
15,663
1,951
1,752
3
1,190
137
36
12,595
821
4,974
890
137
5,438
1,583
112,088'
5,772'
38,380'
490
9,877'
19,162'
2,514
1,487
3
1,298
119
54'
17,264'
869
6,674'
788
142
5,326'
1,869'
108,289'
5,887
36,921'
335
10,374
17,262'
2,567
1,529
4
1,282
127
40
17,153'
933'
5,798'
796
166
5,273
1,843'
113,073'
6,044
39,438'
255
10,823
17,890'
2,643'
1,598
3
1,328
123
45
18,505'
951
5,655'
705
148
5,129
1,790
137,718
7,506
43,351
326
16,874
21,579
3,682
2,018
3
1,531
124
62
22,358
1,068
6,719
1,213
157
7,046
2,102
143,098'
8,704'
44,739'
481'
17,379'
21,021'
4,169'
2,112'
7
1,723'
119
177
23,098'
950
6,918'
1,432'
267'
7,307'
2,494'
147,494
. 8,826
45,616
449
17,872
21,941
4,370
2,607
9
1,752
119
115
24,235
1,131
7,269
1,432
240
7,704
2,348
152,067
8,920
47,462
422
18,646
22,840
4,495
2,013
3
1,839
106
164
24,966
895
7,256
1,474
229
8,097
2,241
44
25,362
30,730
39,078
45,493'
43,263'
45,008'
49,690
45,960'
48,165
49,888
4
1,499
1,479
54
143
888
12,646
2,282
680
758
3,125
1,804
35
1,821
1,804
92
131
990
16,911
3,793
737
933
1,548
1,934
195
2,469
2,247
142
245
1,172
21,361
5,697
989
876
1,432
2,252
153
2,476
3,717'
144
363
1,086
25,166'
6,542'
1,530
549
1,394
2,374'
148
2,349
3,786'
176
267
1,200
22,790
6,632'
1,448
559
1,381
2,526'
199
2,262
3,923'
179
329
1,325
23,785
6,733
1,621
546
1,569
2,537'
107
2,461
4,115
134
346
1,561
26,682
7,311
1,817
564
1,597
2,996
85
2,643'
4,091'
148
325'
1,318
24,109'
6,567'
1,766
527
1,613
2,767
83
2,215
4,287
188
330
1,467
26,081
6,272
1,989
559
1,964
2,730
84
2,300
5,430
212
356
1,234
25,843
6,566
2,270
513
1,966
3,114
2,221
107
82
860
164
452
556
1,797
114
103
445
144
391
600
2,377
151
223
370
94
805
734
2,964'
145
273
917
102
689
839'
2,796
147
269
848
102
534
896
2,803
137
243
904
100
531
888
3,546
238
284
1,011
112
657
1,244
3,822
259
273
948
98
786'
1,458'
4,019
293
273
1,249
93
593
1,518
4,212
327
294
1,426
87
626
1,451
988
877
111
855
673
182
1,150
859
290
1,110
959
152
1,059
962
97
1,114
989
125
1,374
1,197
177
1,463
1,280
183
1,583
1,385
198
1,776
1,500
276
56
36
78
55
43
40
56
47
57
24 Canada
45
46
47
48
49
50
51
52
53
54
55
56
China
Mainland
Taiwan
H o n g Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 4
Other Asia
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
63
Other
64 Other countries
65
Australia
66
All other
67 Nonmonetary international and regional
organizations 6
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern E u r o p e a n countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the G e r m a n Democratic Republic, Hungary, Poland, and Romania.
3. Included in " O t h e r Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United A r a b Emirates (Trucial States).
51'
5. Comprises Algeria, G a b o n , Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in " O t h e r
Western E u r o p e . "
NOTE. Data for period prior to April 1978 include claims of banks' domestic
customers on foreigners.
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.
A62
3.19
International Statistics • May 1982
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1981
Type of claim
1978
1979
1982
1980
Sept.
Nov.
Oct.
Dec.A
1 Total
126,787
154,030
198,698
246,560 '
2
3
4
5
6
7
8
115,545
10,346
41,605
40,483
5,428
35,054
23,111
133,943
15,937
47,428
40,927
6,274
34,654
29,650
172,592
20,882
65,084
50,168
8,254
41,914
36,459
210,856 '
25,024'
88,419'
58,928'
13,461'
45,467'
38,484'
11,243
480
20,088
955
26,106
885
35,704'
992
37,264
1,355
5,396
13,100
15,574
25,297'
25,786
5,366
6,032
9,648
9,415
10,123
15,030
18,021
22,714
27.640
29,636
13,668
22,253
24,249
36,466'
Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices'
Unaffiliated foreign banks
Deposits
Other
All other foreigners
9 Claims of banks' domestic customers 2 . .
Jan.
Feb.
Mar. P
287,400
197,584'
25,436
78,988'
55,711'
13,148'
42,563'
37,449'
208,754'
26,397'
84,651'
58,477'
13,637'
44,840'
39,228'
250,136
30,930
96,607
73,462
21,992
51,470
49,137
255,456'
33,325'
96,268'
75,951'
23,485'
52,466'
49,912'
264,068
33,286
96,823
82,233
25,514
56,719
51,726
275,237
33,237
101,255
86,662
28,493
58,169
54,083
42,049'
43,496
n.a.
11 Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: Customer liability on
Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States 5 . . .
41,608'
39,177
4. Data for March 1978 and for period before that are outstanding collections
only.
5. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U . S . dollars issued by banks abroad. For description of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550.
± Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.
NOTE. Beginning April 1978, data for banks' own claims are given on a monthly
basis, but the data for claims of banks' own domestic customers are available on
a quarterly basis only.
1. U.S. banks: includes amounts due f r o m own foreign branches and foreign
subsidiaries consolidated in "Consolidated R e p o r t of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due from head office or parent foreign bank, and foreign
branches, agencies, or wholly owned subsidiaries of head office or parent foreign
bank.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the account of their
domestic customers.
3. Principally negotiable time certificates of deposit and bankers acceptances.
3.20
40,000'
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1978
1979
1980
Dec.
Dec.
Dec.
1981
Maturity; by borrower and area
1 Total
By borrower
Maturity of 1 year or less 1
Foreign public borrowers
All other foreigners
Maturity of over 1 year'
Foreign public borrowers
All other foreigners
2
3
4
5
6
7
8
9
10
11
12
13
By area
Maturity of 1 year or less'
Europe
Canada
Latin America and Caribbean
Africa
All other 2
Maturity of over 1 year'
14
Europe
15
Canada
16
Latin America and Caribbean
17
18
Africa
19
All other 2
1. Remaining time to maturity.
2. Includes n o n m o n e t a r y international and regional organizations.
Mar.
June
Sept
Dec-A
r
122,257'
151,955
73,635
86,181
106,748
107,276
58,345
4,633
53,712
15,289
5,395
9,894
65,152
7.233
57,919
21,030
8.371
12,659
82.555
9.974
72.581
24,193
10.152
14,041
83,471
10,734
72,737
23,805
10,250
13,555
91,982'
11.733'
80,248'
25,463'
11,022
14,441'
94,722'
12,955'
81.767'
27,535'
12,410'
15,125'
114,059
15,071
98,988
37,897
15,607
22,290
15,169
2,670
20,895
17,545
1,496
569
15.235
1,777
24,928
21,641
1,077
493
18,715
2.723
32,034
26,686
1,757
640
18,681
2,743
31,329
28,363
1,624
730
21,095'
3,319'
33,514'
31.489'
1,768
797
22.898'
3,906'
35,524'
29,296'
2,324
774
27,145
4,273
47,576
31,653
2,474
938
3,142
1,426
8,464
1,407
637
214
4.160
1,317
12,814
1.911
655
173
5,118
1,448
15,075
1,865
507
179
5,585
1,180
14.841
1,530
531
138
6,307'
1,317
15,448
1,680
551
159
6,424'
1,347
17,478'
1,565
548
172
8,080
1,729
25,187
1,749
893
260
117,445
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift f r o m foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.
Nonbank-Reported
Data
A63
C L A I M S O N F O R E I G N C O U N T R I E S H e l d by U . S . O f f i c e s and F o r e i g n B r a n c h e s of U . S . - C h a r t e r e d B a n k s 1
3.21
Billions of dollars, end of period
1981
1980
A r e a or country
1977
19782
1979
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
240.0
266.2
303.9
308.5
328.8
339.3
352.0
370.6
381.9
398.6
409.8
116.4
8.4
11.0
9.6
6.5
3.5
1.9
3.6
46.5
6.4
18.8
124.7
9.0
12.2
11.3
6.7
4.4
2.1
5.3
47.3
6.0
20.6
138.4
11.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4
141.3
10.8
12.0
11.4
6.2
4.3
2.4
4.3
57.6
6.9
25.4
154.2
13.1
14.1
12.7
6.9
4.5
2.7
3.3
64.4
7.2
25.5
158.8
13.6
13.9
12.9
7.2
4.4
2.8
3.4
66.7
7.7
26.1
162.1
13.0
14.1
12.1
8.2
4.4
2.9
5.0
67.4
8.4
26.5
167.9
13.5
14.5
13.2
7.7
4.6
3.2
5.1
68.2
8.8
29.1
167.8
13.8
14.7
12.1
8.4
4.1
3.1
5.2
66.7
10.8
28.9
171.8
14.0
16.0
12.7
8.6
3.7
3.4
5.1
68.5
11.6
28.1
172.3
13.2
15.2
12.6
9.7
4.0
3.7
5.3
68.7
10.4
29.4
13 Other developed countries
14
Austria
15
Denmark
16
Finland
17
Greece
18
Norway
19
Portugal
20
Spain
21
Turkey
22
Other Western E u r o p e
23
South Africa
24
Australia
18.2
1.3
1.6
1.2
2.2
1.9
.6
3.6
1.5
.9
2.4
1.4
19.4
1.7
2.0
1.2
2.3
2.1
.6
3.5
1.5
1.3
2.0
1.4
19.9
2.0
2.2
1.2
2.4
2.3
.7
3.5
1.4
1.4
1.3
1.3
18.8
1.7
2.1
1.1
2.4
2.4
.6
3.5
1.4
1.4
1.1
1.2
20.3
1.8
2.2
1.3
2.5
2.4
.6
3.9
1.4
1.6
1.5
1.2
20.6
1.8
2.2
1.2
2.6
2.4
.7
4.2
1.3
1.7
1.2
1.2
21.6
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3
23.5
1.8
2.4
1.4
2.7
2.8
.6
5.5
1.5
1.8
1.5
1.4
24.8
2.1
2.3
1.3
3.0
2.8
.8
5.7
1.4
1.8
1.9
1.7
26.4
2.2
2.5
1.4
2.9
3.0
1.0
5.8
1.5
1.9
2.5
1.9
28.5
2.0
2.4
1.7
2.7
3.1
1.1
6.6
1.4
2.2
2.8
2.5
25 O P E C countries 3
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries
17.6
1.1
5.5
2.2
6.9
1.9
22.7
1.6
7.2
2.0
9.5
2.5
22.9
1.7
8.7
1.9
8.0
2.6
21.8
1.8
7.9
1.9
7.8
2.5
20.9
1.8
7.9
1.9
6.9
2.5
21.4
1.9
8.5
1.9
6.7
2.4
22.7
2.1
9.1
1.8
6.9
2.8
21.7
2.0
8.3
2.1
6.7
2.6
22.2
2.0
8.7
2.1
6.8
2.6
23.5
2.1
9.2
2.5
7.1
2.6
24.4
2.2
9.6
2.5
7.5
2.5
31 N o n - O P E C developing countries
48.7
52.6
63.0
63.7
67.7
73.0
77.4
81.9
84.6
90.0
95.9
2.9
12.7
.9
1.3
11.9
1.9
2.6
3.0
14.9
1.6
1.4
10.8
1.7
3.6
5.0
15.2
2.5
2.2
12.0
1.5
3.7
5.5
15.0
2.5
2.1
12.1
1.3
3.6
5.6
15.3
2.7
2.2
13.6
1.4
3.6
7.6
15.8
3.2
2.4
14.4
1.5
3.9
7.9
16.2
3.7
2.6
15.9
1.8
3.9
9.4
16.8
4.0
2.4
17.0
1.8
4.7
8.5
17.3
4.8
2.5
18.2
1.7
3.8
9.2
17.6
5.5
2.5
20.0
1.8
4.2
9.3
19.0
5.8
2.6
21.5
2.0
4.4
1 Total
2 G - 1 0 countries and Switzerland
3
Belgium-Luxembourg
4
France
5
Germany
6
Italy
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
12
Japan
32
33
34
35
36
37
38
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America
39
40
41
42
43
44
45
46
47
Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
.0
3.1
.3
.9
3.9
.7
2.5
1.1
.4
.0
2.9
.2
1.0
3.9
.6
2.8
1.2
.2
.1
3.4
.2
1.3
5.4
1.0
4.2
1.5
.5
.1
3.6
.2
.9
6.4
.8
4.4
1.4
.5
.1
3.8
.2
1.2
7.1
1.1
4.6
1.5
.5
.1
4.1
.2
1.1
7.3
1.1
4.8
1.5
.5
.2
4.2
.3
1.5
7.1
1.1
5.1
1.6
.6
.2
4.4
.3
1.3
7.7
1.2
4.8
1.6
.5
.2
4.6
.3
1.8
8.7
1.4
5.1
1.5
.7
.2
5.1
.3
1.5
8.5
1.4
5.6
1.4
.8
.2
5.1
.3
2.0
9.4
1.7
6.0
1.5
1.0
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 4
.3
.5
.3
.7
.4
.6
.2
1.4
.6
.6
.2
1.7
.7
.6
.2
1.8
.8
.5
.2
1.9
.6
.6
.2
2.1
.8
.7
.2
2.1
.8
.6
.2
2.2
.7
.5
.2
2.1
1.0
.7
.2
2.2
1.1
.7
.2
2.3
52 Eastern E u r o p e
53
U.S.S.R
54
Yugoslavia
55
Other
6.3
1.6
1.1
3.7
6.9
1.3
1.5
4.1
7.3
.7
1.8
4.8
7.3
.6
1.9
4.9
7.2
.5
2.1
4.5
7.3
.5
2.1
4.7
7.4
.4
2.3
4.6
7.7
.4
2.4
4.8
7.7
.5
2.5
4.8
7.7
.4
2.5
4.7
7.9
.6
2.5
4.9
26.1
9.9
.6
3.7
.7
3.1
.2
3.7
3.7
.5
31.0
10.4
.7
7.4
.8
3.0
.1
4.2
3.9
.5
40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4
42.6
13.9
.6
11.3
.9
4.9
.2
5.7
4.7
.4
44.3
13.7
.6
9.8
1.2
5.6
.2
6.9
5.9
.4
44.6
13.2
.6
10.1
1.3
5.6
.2
7.5
5.6
.4
47.0
13.7
.6
10.6
2.1
5.4
.2
8.1
5.9
.3
53.1
15.2
.7
11.7
2.3
6.5
.2
8.4
7.3
.9
59.0
17.8
.7
12.4
2.4
6.9
.2
10.3
8.1
.3
61.2
21.0
.8
11.9
2.2
6.7
.2
10.3
8.0
.1
62.3
18.1
.7
12.2
3.1
7.5
.2
11.8
8.6
.1
5.3
9.1
11.7
13.2
14.3
13.7
14.0
14.9
15.7
18.2
18.4
56 Offshore banking centers
57
Bahamas
58
Bermuda
59
Cayman Islands and other British West Indies
60
Netherlands Antilles
61
Panama 5
62
Lebanon
63
Hong Kong
64
Singapore
65
Others 6
66 Miscellaneous and unallocated 7
1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U . S . agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.13 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.17 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches). However,
see also footnote 2.
2. Beginning with data for June 1978, the claims of the U.S. offices
in this table include only banks' own claims payable in dollars. For earlier dates
the claims of the U.S. offices also include customer claims and foreign currency
claims (amounting in June 1978 to $10 billion).
3. In addition to the Organization of Petroleum Exporting Countries shown
individually, this group includes other members of O P E C (Algeria, G a b o n , Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United A r a b Emirates) as
well as Bahrain and O m a n (not formally members of O P E C ) .
4. Excludes Liberia.
5. Includes Canal Z o n e beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.
A64
International Statistics • May 1982
3.22
L I A B I L I T I E S T O U N A F F I L I A T E D F O R E I G N E R S R e p o r t e d by N o n b a n k i n g B u s i n e s s E n t e r p r i s e s in t h e
U n i t e d States 1
Millions of dollars, end of period
1980
Type, and area or country
1978
1979
1981
1980
Sept.
Dec.
Mar.
June
Sept.
1 Total
14,952'
17,174'
21,652'
18,790'
21,652'
21,672'
21,192'
21,275'
2 Payable in dollars
3 Payable in foreign currencies 2
11,523 r
3,429
14,100'
3,075
17,944'
3.709
15,453'
3,337
17,944'
3,709
18,145'
3,528'
17,944'
3,247
18,284'
2,992
By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
6,368
3,853
2,515
7,485'
5,215'
2,270
11,135'
8,363'
2,772
8,453'
5,966'
2,487
11,135'
8,363'
2,772
11,506'
8,873'
2,633
11,414'
9,082'
2,333
10,921
8,739
2,182
7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities.
8,584'
4,001
4,583 r
9,690'
4,421
5,268'
10,517'
4,708
5,810'
10,337
4,377
5,960
10,517'
4,708
5,810'
10,166'
4,758'
5,409'
9,777
4,377
5,401
10,355'
4,351'
6,003'
7,670'
914
8,885'
805
9,581'
936
9,487
850
9,581'
936
9,272'
895'
8,862
915
9,545'
810
3,971
293
173
366
391
248
2,167
4,658'
345
175
497
829
170
2,463'
6,320'
487'
327
582
663
354
3,772'
5,327'
435'
360
557
781
224
2,839'
6,320'
487'
327
582
663
354
3,772'
6,019'
558'
324
498
544
315
3,668'
5,955'
532'
367'
451'
746'
321
3,422'
6,073
440
607
430
583
335
3,526
10
11
12
13
14
15
16
17
18
Payable in dollars
Payable in foreign currencies
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
19
Canada
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
27
28
29
Asia
Japan
Middle East oil-exporting countries 3
30
Africa
31
32
532
964'
648'
964'
1,096'
978
977
1,483
375
81
18
514
121
72
3,103
964
1
23
1.452
99
81
1,734
407
1
20
708
108
74
3,103
964
1
23
1,452
99
81
3,483
1,217
1
19
1,458
97
85
3,592
1,272
1
20
1,534
98
91
3,032
1,019
0
20
1,296
107
90
784
717
32
804'
726
31
723
644
38
712
618
37
723
644
38
880
766
51
861
741
29
805
687
30
5
2
4
1
11
1
11
1
11
1
6
1
5
0
3
1
5
4
15
21
15
23
24
29
3,047
97
321
523
246
302
824
3,636
137
467
545
227
310
1,077
4.197
90
582
679
219
493
1.017
4,074
109
501
686
276
452
1,047
4,197
90
582
6l9
219
493
1,017
Oil-exporting countries 4
All other 5
33
34
35
36
37
38
39
40
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
41
42
43
44
45
46
47
Latin America
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
48
49
50
Asia
Japan
Middle East oil-exporting countries 3
51
52
Africa
Oil-exporting countries 4
53
247
1,357
478
4
10
194
102
49
All other
5
3,892
72
558
617
225
375
950
3,955'
78
575
590'
238'
563
925'
667
868
806
591
806
740'
652
997
25
97
74
53
106
303
1,323
69
32
203
21
257
301
1,244
8
73
111
35
326
307
1.361
8
114
156
12
324
293
1,244
8
73
111
35
326
307
1,287
1
111
84
16
421
253
1,149
4
72
54
34
319
290
1,087'
3
113
61
11
345
273'
2,927'
448
l,518r
2,902'
494
1,014'
3,001'
802
890'
2,909
502
944
3,001'
802
890'
3,071
810
955
2,787
867
837
3,221'
775'
881'
742
743
312
728
384
814
514
1,006
633
814
514
828
519
676
392
757'
355'
203
233
456
396
456
440
622
593
1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p . 5 5 0 .
2. Before December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.
3,801'
83
547'
640'
246
385
881'
3. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Qatar, Saudi A r a b i a , and
United A r a b Emirates (Trucial States).
4. Comprises Algeria, G a b o n , Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.
Nonbank-Reported
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
U n i t e d States 1
Data
A65
R e p o r t e d by N o n b a n k i n g B u s i n e s s E n t e r p r i s e s in the
Millions of dollars, end of period
1981
1980
Type, and area or country
1978
1979
1980
Sept.
Dec.
Mar.
June
Sept.
1 Total
28,001'
31,315'
34,469'
32,064'
34,469'
37,619'
35,152'
33,855
2 Payable in dollars
3 Payable in foreign currencies 2
24,998'
3,003
28,122'
3,193
31,543'
2,926
28,728'
3,336
31,543'
2,926
34,613'
3,007'
32,245'
2,907'
30,866
2,989
By type
4 Financial claims
5
Deposits
6
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies
16,644
11,201
10,133
1,068
5,443
3,874
1,569
18,443'
12,809'
11,893'
916
5,634
3,808
1,826
19,844'
14,010'
13,235'
775
5,834
4,152
1,683
18,646'
12,587'
11,374'
1,213
6,059
4,404
1,655
19,844'
14,010'
13,235'
775
5,834
4,152
1,683
22,175'
16,446'
15,651'
795
5,729
4,082
1,646
20,027'
14,398'
13,672'
725
5,629'
3,992
1,638'
18,949
13,239
12,508
732
5,710
4,009
1,701
11 Commercial claims
12
Trade receivables
13
Advance payments and other claims..
11,357'
10,798'
559
12,872'
12,178'
694
14,625'
13,906'
720
13,418
12,717'
702
14,625'
13,906'
720
15,445'
14,644'
801
15,125
14,295
830
14,906
14,047
859
14
15
10,991'
366
12,422'
450
14,157'
468
12,950'
469
14,157'
468
14,879'
566'
14,581
544
14,349
556
5,225
48
178
510
103
98
4,031
6,167'
32
177
409
53
73
5,111'
6,098'
195
337'
230
32
59
4,968'
5,692
17
409
168
30
41
4,646
6,098'
195
337'
230
32
59
4,968'
6,054'
170
411
213
42
90
4,856'
16
17
18
19
20
21
22
Payable in dollars
Payable in foreign currencies
By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
5,114'
174
377
139
34
96
3,948'
4,628
26
348
320
48
67
3,476
23
Canada
4,549
4,984
5,057
4,948
5,057
6,611
6,159'
6,018
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
5,714
3,001
80
151
1,291
162
157
6,290'
2,765'
30
163
2,007
157
143
• 7,709'
3,448'
135
96
2,684'
208
137
6,825'
2,858'
65
116
2,342
192
128
7,709'
3,448'
135
96
2,684'
208
137
8,568'
3,957'
13
22
3,404'
168
131
7,891'
3,240'
33
20
3,396
162
143
7,313
3,128
15
66
3,010
273
143
31
32
33
Asia
Japan
Middle East oil-exporting countries ;
920
305
18
706
199
16
710
177
20
853
331
20
710
177
20
691
191
17
609'
99'
19
653
120
29
34
Africa
181
10
253
49
238
26
260
29
238
26
214
27
216
39
222
41
55
44
32
68
32
36
37
116
3,983
144
609
399
267
198
824
4,909
202
727
589
298
272
901
5,467
235
783
572
308
474
1,067
5,347
220
767
580
308
404
1,032
35
36
37
38
39
40
41
42
43
44
Oil-exporting countries 4
All o t h e r 5
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
5,502'
233
1,127'
589'
318
351
928'
4,709
230
710
571
289
339
994
5,502'
233
1,127'
589'
318
351
928'
5,807'
277
900'
597
347
461
1,190'
1,094
849
896'
934
896'
1,034'
991
1,011
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
2,546
109
215
628
9
505
291
2,869'
21
197
645
16
698
343
3,753'
21
108'
861
34
1,091'
409'
3,389
53
81
712
17
992
388
3,753'
21
108'
861
34
1,091'
409'
3,838'
15
170
799
15
1,053'
439'
3,793
29
192
823
34
1,113
420
3,726
18
241
726
13
983
454
52
53
54
Asia
Japan
Middle East oil-exporting countries^
3,108'
1,006
713'
3,451'
1,177'
765'
3,505'
1,045
819'
3,446'
1,140'
835'
3,505'
1,045
819'
3,761'
1,294
923'
3,767
1,218
934
3,653
1,104
828
55
56
Africa
Oil-exporting countries 4
447
136
554
133
651
151
669
135
651
151
678
143
703
137
717
154
57
All other 5
178
240
318
272
318
327'
404
451
1. For a description of the changes in the International Statistics tables, see July
1 9 7 9 BULLETIN, p . 5 5 0 .
2. Prior to December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.
3. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Qatar, Saudi Arabia, and
United A r a b Emirates (Trucial States).
4. Comprises Algeria, G a b o n , Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.
A66
3.24
International Statistics • May 1982
F O R E I G N T R A N S A C T I O N S IN SECURITIES
Millions of dollars
1982
Transactions, and area or country
1980
1981
1982
1981
Jan.Mar.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.P
U.S. corporate securities
STOCKS
1 Foreign purchases
2 Foreign sales
40,293'
34,870
40,582'
34,821'
7,218
6,241
2.851'
2,322
2,839
2,792
r
2,689
2,494
2,940
2,740
2,016
1,748
2,524
1,988
2,678
2,505
3
Net purchases, or sales ( - )
5,423'
5,761
977
529'
47
195
200
268
536
173
4
Foreign countries
5,405'
5,737'
965
535'
53
207
199
263
537
164
5
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
O t h e r countries
3,112''
490
172'
-328
308
2,523
887
148
1,206
16
- 1
38
3,599'
889
-28
37
276'
2,210
783'
-30
1,140
284'
7
-46
770
-59
70
42
-53
734
-143
- 1
272
57
- 2
12
38
10
-48
- 3
-68
132
44
-81
497
33'
0
4
46
21
6
13
-97
86
-47
7
164
-117
0
- 2
109
- 7
- 4
28
0
96
7
54
46
- 7
1
- 3
176
5
- 6
-73
75
171
8
-36
-24
74
0
1
231
- 2
11
3
40
169'
-45
-13
51
40
0
- 1
347
- 6
17
38
-33
317
20
31
137
- 6
1
6
192
-52
42
-6
-12
0
5
-1
9
6
7
8
9
10
11
12
13
14
lb
16
17
Nonmonetary international and
regional organizations
18
24
1
-60
248
-118
-19
84
23
- 3
6
13
-5
3,494
3,189
1,306
1,051
1,176'
1,203
1,099
1,303
1,192
1,038
946
778
929
930
1,619
1,481
BONDS2
18
19
Foreign purchases
Foreign sales
15,425
9,964
17,192'
12,152'
20
Net purchases, or sales ( - )
5,461
5,039'
305
255
-26'
-204
153
168
-1
138
21
Foreign countries
5,526
4,973'
309
243
-17'
-212
157
154
10
145
22
23
24
2B
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
1,576
129
213'
-65
54
1,257
135
185
3,499
117
5
10
1,353'
11
848'
70'
108'
178
-12'
132
3,465
44
- 1
- 7
330
40
417
19
42
-201
73
31
-194
76
- 7
- 1
5
4
64
- 2
-23
-53
-12
7
252
- 9
0
- 1
-96
5
43
13'
7
-164
-35
-12
84
43
0
0
-112
4
67
9
10
-174
-29
4
-72
- 1
- 1
- 2
139
7
52
3
- 3
55
- 2
22
-62
60
0
- 2
144
15
88
2
19
3
29
17
-89
53
0
0
16
14
104
0
8
-102
15
-11
-63
52
0
2
169
12
225
17
15
-102
29
26
-41
-29
- 6
- 3
-4
12
9
-4
14
-11
-6
82
699
617
159
521
362
44
507
463
25
672
647
-94
1,514
1,607
-320
2,541
2,861
138
-50
-295
109'
-110
-311
117
-415
95
-123
- 5
18
26
27
28
29
30
31
32
33
34
Nonmonetary international and
regional organizations
-65
66
-10
Foreign securities
35
36
3/
Stocks, net purchases, or sales ( - )
Foreign purchases
Foreign sales
-2,141'
7,888
10,029
5'
9,199'
9,195'
228
1,700
1,472
191
794
603
-30
588
617
38
39
40
Bonds, net purchases, or sales ( - )
Foreign purchases
Foreign sales
-1,001'
17,084'
18,086
— 5,177R
17,796'
22,973'
-435
5,276
5,712
-255'
1,023
1,279'
-109'
1,553
1,661'
-1,945'
2,297'
4,242
-772
1,980
2,751
41
Net purchases, or sales ( —), of stocks and bonds .
-3,143'
-5,172'
-207
-64'
-139'
-2,015
-689
42
43
44
45
46
47
48
49
Foreign countries
Europe
Canada
Latin America and Caribbean
-4,019'
-4,416'
-312
-78'
-311'
-1,426'
31
-1,108
-1,948
81'
-1,147
24
79'
-642'
-3,698'
170
-287
-53
94'
209
-597
229
-144
-21
12
78'
-325'
1
177
- 6
- 3
-45
-205'
50
-113
1
0
-453
-878'
- 6
-148
1
57
136
-166
- 2
49
6
8
143
-80
67
- 2
-15
- 4
-52
-102
67
-20
-588
-720
28
60
Africa
Other countries
Nonmonetary international and
regional organizations
876
-756
1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait,
O m a n , Q a t a r , Saudi Arabia, and United A r a b Emirates (Trucial States).
104
14
173
-70
625
695
-22'
1,222
1,243
-1
- 3
16
2. Includes state and local government securities, and securities of U . S . government agencies and corporations. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investments abroad.
Investment Transactions and Discount Rates
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
A67
Foreign Holdings and Transactions
Millions of dollars
1982
1980
Country or area
1982
1981
1981
Jan.Mar.
Sept.
Nov.
Oct.
Dec.
Holdings (end of period)
57,549
70,201 r
67,002 r
68,482 r
52,961
64,530
r
r
r
3 Europe2
4
Belgium-Luxembourg
5
Germany2
6
Netherlands
7
Sweden
8
Switzerland 2
9
United Kingdom
10
Other Western E u r o p e
11
Eastern E u r o p e
12 Canada
24,468
77
12,327
1,884
595
1,485
7,323
777
0
449
23,976
543
11,861
1,955
643
846
6,709
1,419
0
514 r
24,334
372
12,830
1,756
646
876
6,469
1,385
0
521 r
13
14
15
16
17
18
19
20
999
292
285
421
26,112
9,479
919
14
736
286
319
131
38,671 r
10,780 r
631
2
854
294
313
246
35,506
10,102
1,140
8
21 Nonmonetary international and regional organizations
4,588
5,671
4,639
22
23
4,548
36
5,637
1
4,636
1
1 Estimated total 2
2 Foreign countries
2
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other
International
Latin American regional
62,363
Mar/
70,201 r
71,487 r
73,800
65,893
64,530
r
65,850 r
68,274
70,095
24,531
384
13,029
1,784
661
861
6,446
1,367
0
540 r
24,952
329
13,226
1,889
645
833
6,693
1,337
0
501 r
23,976
543
11,861
1,955
643
846
6,709
1,419
0
514 r
24,373
614
11,898'
1,998
644
904
6,800
1,514
0r
533 r
25,332
363
12,845
2,038
635
984
6,931
1,535
0
500
25,928
374
13,055
2,052
697
1,033
7,037
1,680
0
459
788
289
317
182
37,052
10,094
1,141
8
761
306
289
165
38,638 r
10,732
1,037
3
736
286
319
131
38,671 r
10,780
631
2
721
286
321
113
39,700 r
10,844
519
3
728
286
337
104
41,310
11,022
400
5
760
286
370
103
42,531
11,203
401
17
4,421 r
4,477
5,671
5,637
5,526
5,542
4,419
1
4,462
1
5,637
1
5,603
1
5,493
-4
5,529
-4
64,061
70,370 r
Feb.
Jan.
1
75,637
Transactions (net purchases, or sales ( - ) during period)
6,066
12,652 r
5,436
571
1,480
1,888 r
-169
1,286
2,314
1,837
25 Foreign countries
26
Official institutions
27
Other foreign 2
28 Nonmonetary international and regional organizations..
6,906
3,865
3,040
-843
11,568 r
11,694 r
-127r
1,085
5,565
4,494
1,069
-127
791
1,376
-585
-220
1,698
1,632 r
65
-217
1,832'
1,997 r
-165
57'
-1,363
-787
-576
1,194
1,320
841
478
-33
2,424
2,343
81
-110
1,821
1,311
510
16
MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4
7,672
327
11,156
-289
2,862
-231
1,354
0
1,442
0
1,250
-102
17
-407
1,019
-112
1„373
-119
470
0
24 Total 2
2
1. Estimated official and private holdings of marketable U.S. Treasury securities
with an original maturity of more than I year. Data are based on a benchmark
survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
3.26
2. Beginning December 1978, includes U.S. Treasury notes publicly issued to
private foreign residents denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Q a t a r , Saudi Arabia, and
United A r a b Emirates (Trucial States).
4. Comprises Algeria, G a b o n , Libya, and Nigeria.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Rate on Apr. 30, 1982
Rate on A p r . 30, 1982
Country
Country
Percent
Argentina
Austria . .
Belgium..
Brazil
Canada . .
Denmark.
168.9
6.75
14.0
49.0
15.23
11.00
Percent
Month
effective
Mar.
Mar.
Apr.
Mar.
Apr.
Oct.
1982
1980
1982
1981
1982
1980
France 1
Germany, Fed. Rep. of
Italy
Japan
Netherlands
Norway
1. As of the end of February 1981, the rate is that at which the Bank of France
discounts Treasury bills for 7 to 10 days.
2. Minimum lending rate suspended as of Aug. 20, 1981.
NOTE. Rates shown are mainly those at which the central bank
Rate on A p r . 30, 1982
Country
either
16.0
7.5
19.0
5.5
8.0
9.0
Month
effective
Apr.
May
Mar.
Dec.
Mar.
Nov.
1982
1980
1981
1981
1982
1979
Percent
Sweden
Switzerland
United KingdomVenezuela
10.0
5.5
14.0
discounts or makes advances against eligible commercial paper and/or
government
commercial
banks
or
brokers.
For
countries
with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts the
largest proportion of its credit operations.
A68
International Statistics • May 1982
3.27
FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1981
Country, or type
1979
1980
Nov.
Oct.
1
2
3
4
5
6
7
8
9
10
1982
1981
Dec.
Jan.
Mar.
Feb.
Apr.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
11.96
13.60
11.91
6.64
2.04
14.00
16.59
13.12
9.45
5.79
16.79
13.86
18.34
12.05
9.15
16.34
16.27
18.84
11.72
10.85
13.33
15.03
16.53
11.05
9.88
13.24
15.31
15.97
10.72
9.76
14.29
15.14
15.01
10.43
8.53
15.75
14.47
15.25
10.22
8.29
14.90
13.53
15.67
9.84
6.37
15.20
13.69
15.74
9.30
4.96
Netherlands
France
Italy
Belgium
Japan
9.33
9.44
11.85
10.48
6.10
10.60
12.18
17.50
14.06
11.45
11.52
15.28
19.98
15.28
7.58
12.57
16.47
21.00
15.83
7.13
11.70
15.35
21.12
15.28
7.15
11.03
15.30
21.24
15.48
6.75
10.49
15.07
21.38
15.09
6.41
10.06
14.58
21.34
14.89
6.38
8.90
15.21
20.63
14.02
6.43
8.20
16.36
20.62
14.95
6.57
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and J a p a n , Gensaki rate.
3.28
FOREIGN EXCHANGE RATES
Currency units per dollar
1982
1981
Country/currency
1979
1980
1981
Nov.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
7(1
21
7?
23
24
25
2.6
27
28
29
30
31
37
33
34
35
36
37
38
39
40
Argentina/peso
Australia/dollar 1
Austria/schilling
Belgium/franc
Brazil/cruzeiro
Canada/dollar
Chile/peso
China, P.R./yuan
Colombia/peso
Denmark/krone
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
H o n g Kong/dollar
India/rupee
Indonesia/rupiah
Iran/rial
Ireland/pound 1
Israel/shekel
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar 1
Norway/krone
Peru/sol
Philippines/peso
Portugal/escudo
Singapore/dollar
South Africa/rand/ 1
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Thailand/baht
United Kingdom/pound 1
Venezuela/bolivar
Dec.
Jan.
Feb.
Mar.
Apr.
n.a.
111.77
13.387
29.342
n.a.
1.1603
n.a.
n.a.
n.a.
5.2622
3.8886
4.2566
1.8342
n.a.
n.a.
8.1555
n.a.
n.a.
204.65
n.a.
831.10
219.02
2.1721
22.816
2.0072
102.23
5.0650
n.a.
n.a.
48.953
n.a.
118.72
n.a.
67.158
15.570
4.2892
1.6643
n.a.
212.24
n.a.
n.a.
111.57
12.945
29.237
n.a.
1.1693
n.a.
n.a.
n.a.
5.6345
3.7206
4.2250
1.8175
n.a.
n.a.
7.8866
n.a.
n.a.
213.53
n.a.
856.20
226.63
2.1767
22.968
1.9875
98.65
4.9381
n.a.
n.a.
50.082
n.a.
122.72
n.a.
71.758
16.167
4.2309
1.6772
n.a.
227.74
n.a.
n.a.
114.57
15.948
37.194
92.374
1.1990
n.a.
1.7031
n.a.
7.1350
4.3128
5.4396
2.2631
n.a.
5.5678
8.6807
n.a.
79.324
161.32
n.a.
1138.60
220.63
2.3048
24.547
2.4998
86.848
5.7430
n.a.
7.8113
61.739
2.1053
114.77
n.a.
92.396
18.967
5.0659
1.9674
21.731
202.43
4.2781
6425.20
114.55
15.621
37.420
117.71
1.1872
39.100
1.7409
57.175
7.1720
4.3442
5.6240
2.2292
56.297
5.6681
9.1350
632.00
80.606
158.95
14.537
1191.60
223.13
2.2562
25.722
2.4442
83.104
5.8164
469.83
8.0868
64.375
2.0610
103.82
688.56
95.398
20.826
5.4894
1.8844
23.050
190.25
4.2961
7417.10
113.39
15.852
38.296
121.98
1.1851
39.100
1.7405
57.129
7.3210
4.3666
5.7141
2.2579
57.231
5.6329
9.1304
632.36
79.000
157.30
15.363
1206.40
218.95
2.2477
26.071
2.4734
82.784
5.7801
487.73
8.1446
65.348
2.0530
103.10
694.68
96.97
20.259
5.5411
1.7859
23.050
190.33
4.2958
9910.00
111.41
16.066
39.027
130.14
1.1926
39.100
1.7713
59.409
7.4977
4.4033
5.8298
2.2938
58.811
5.7959
9.1525
645.7
n.a.
153.97
16.163
1228.20
224.80
2.2575
26.469
2.5145
81.399
5.8623
515.21
8.2132
66.492
2.0607
103.46
705.17
98.357
20.228
5.6206
1.8152
23.050
188.60
4.2960
10256.00
108.50
16.587
41.144
137.97
1.2140
39.100
1.8200
60.129
7.7950
4.5058
6.0176
2.3660
60.973
5.8857
9.2144
645.89
n.a.
148.86
17.488
1263.20
235.31
2.3662
31.736
2.5947
79.325
5.9697
534.47
8.2530
69.067
2.1095
101.95
710.05
100.70
20.611
5.7579
1.8909
23.050
184.70
4.2960
10795.65
106.03
16.711
44.379
144.07
1.2205
39.100
1.8429
60.956
8.0396
4.5663
6.1428
2.3800
61.769
5.8298
9.2935
649.00
n.a.
147.25
18.766
1293.29
241.23
2.3265
45.366
2.6186
77.698
6.0255
561.08
8.3291
70.488
2.1213
97.930
714.67
104.53
20.700
5.8361
1.8886
23.050
180.53
4.3012
11761.36
105.15
16.853
45.292
151.03
1.2252
39.407
1.8565
61.057
8.1591
4.6097
6.2457
2.3970
63.541
5.8270
9.3923
651.14
n.a.
144.22
20.014
1321.60
244.11
2.3395
46.152
2.6594
76.562
6.0820
591.29
8.3565
72.493
2.1329
94.880
721.03
106.15
20.575
5.9144
1.9624
23.025
177.20
4.3023
88.09
87.39
102.94
104.53
105.21
106.96
110.36
112.45
114.07
MEMO:
United States/dollar 2
1. Value in U.S. cents.
2. Index of weighted-average exchange value of U.S. dollar against currencies of other G - 1 0 countries plus Switzerland. March 1973 = 100.
Weights are 1972-76 global trade of each of the 10 countries. Series
revised as of August 1978. For description and back data, see " I n d e x of
the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on page
700 of the August 1978 BULLETIN.
NOTE. Averages of certified noon buying rates in New York for cable transfers.
A69
Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE TO TABULAR
PRESENTATION
Symbols and Abbreviations
c
e
p
r
*
Corrected
Estimated
Preliminary
Revised (Notation appears on column heading when more
than half of figures in that column are changed.)
Amounts insignificant in terms of the last decimal place
shown in the table (for example, less than 500,000 when
the smallest unit given is millions)
0
n.a.
n.e.c.
IPCs
REITs
RPs
SMSAs
Calculated to be zero
Not available
Not elsewhere classified
Individuals, partnerships, and corporations
Real estate investment trusts
Repurchase agreements
Standard metropolitan statistical areas
Cell not applicable
General Information
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed
issues of U.S. government agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
STATISTICAL
obligations of the Treasury. "State and local government"
also includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of
rounding.
RELEASES
List Published Semiannually, with Latest Bulletin Reference
Anticipated schedule of release dates for periodic releases
SPECIAL
Issue
Page
June 1981
A78
TABLES
Published Irregularly, with Latest Bulletin Reference
Commercial bank assets and
Assets and liabilities of U.S.
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
liabilities, December 31, 1980
branches and agencies of foreign banks, December 31, 1981
liabilities, March 31, 1981
liabilities, June 30, 1981
liabilities, September 30, 1981
liabilities, December 31, 1981
April
April
July
October
January
April
1981
1982
1981
1981
1982
1982
All
A78
All
A74
A70
All
A70
Federal Reserve Board of Governors
PAUL A . VOLCKER, Chairman
PRESTON MARTIN, Vice Chairman
HENRY C. WALLICH
J. CHARLES PARTEE
OFFICE OF BOARD MEMBERS
OFFICE OF STAFF DIRECTOR FOR
MONETARY AND FINANCIAL POLICY
JOSEPH R . C O Y N E , Assistant to the Board
D O N A L D J. W I N N , Assistant to the Board
FRANK O ' B R I E N , J R . , Deputy Assistant to the Board
A N T H O N Y F . COLE, Special Assistant to the Board
WILLIAM R . M A L O N I , Special Assistant to the Board
NAOMI P . S A L U S , Special Assistant to the Board
JAMES L . S T U L L , Manager, Operations Review Program
LEGAL DIVISION
MICHAEL B R A D F I E L D , General Counsel
ROBERT E . M A N N I O N , Deputy General Counsel
J. VIRGIL MATTINGLY, J R . , Associate General Counsel
GILBERT T . SCHWARTZ, Associate General Counsel
RICHARD M . A S H T O N , Assistant General Counsel
N A N C Y P . JACKLIN, Assistant General Counsel
MARYELLEN A . B R O W N , Assistant to the General Counsel
OFFICE OF THE SECRETARY
WILLIAM W . W I L E S , Secretary
BARBARA R . L O W R E Y , Associate Secretary
JAMES M C A F E E , Associate Secretary
*DOLORES S . S M I T H , Assistant Secretary
STEPHEN H . A X I L R O D , Staff Director
E D W A R D C . E T T I N , Deputy Staff Director
MURRAY A L T M A N N , Assistant to the Board
STANLEY J. SIGEL, Assistant to the Board
N O R M A N D R . V . B E R N A R D , Special Assistant
to the Board
DIVISION OF RESEARCH AND STATISTICS
JAMES L . K I C H L I N E , Director
JOSEPH S . ZEISEL, Deputy Director
MICHAEL J. PRELL, Associate Director
JARED J. E N Z L E R , Senior Deputy Associate
Director
D O N A L D L . K O H N , Senior Deputy Associate Director
ELEANOR J. STOCKWELL, Senior Deputy Associate Director
J. CORTLAND G . PERET, Deputy Associate Director
H E L M U T F . W E N D E L , Deputy Associate Director
MARTHA B E T H E A , Assistant Director
JOE M . CLEAVER, Assistant Director
ROBERT M . FISHER, Assistant Director
D A V I D E . L I N D S E Y , Assistant Director
LAWRENCE S L I F M A N , Assistant Director
FREDERICK M . STRUBLE, Assistant Director
STEPHEN P . TAYLOR, Assistant Director
PETER A . TINSLEY, Assistant Director
LEVON H . GARABEDIAN, Assistant Director (Administration)
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
DIVISION OF INTERNATIONAL FINANCE
JANET O . H A R T , Director
GRIFFITH L . G A R W O O D , Deputy Director
JERAULD C . K L U C K M A N , Associate Director
G L E N N E . L O N E Y , Assistant Director
E D W I N M . T R U M A N , Director
ROBERT F . GEMMILL, Associate Director
CHARLES J. SIEGMAN, Associate Director
LARRY J. PROMISEL, Senior Deputy Associate
Director
Deputy Associate Director
SAMUEL PIZER, Staff Adviser
RALPH W . SMITH, J R . , Assistant Director
DALE W . HENDERSON,
DIVISION OF BANKING
SUPERVISION AND REGULATION
JOHN E . R Y A N , Director
FREDERICK R . D A H L , Associate Director
D O N E . K L I N E , Associate Director
WILLIAM TAYLOR, Associate Director
JACK M . EGERTSON, Assistant Director
ROBERT A . JACOBSEN, Assistant Director
ROBERT S . PLOTKIN, Assistant Director
THOMAS A . S I D M A N , Assistant Director
SAMUEL H . T A L L E Y , Assistant Director
L A U R A M . HOMER, Securities Credit Officer
A71
and Official Staff
NANCY H.
E M M E T T J.
OFFICE
STAFF
TEETERS
LYLE E.
OF
DIRECTOR
OFFICE
FOR
MANAGEMENT
JOHN M . DENKLER, Staff
Director
EDWARD T . MULRENIN, Assistant
Staff
Director
JOSEPH W . DANIELS, S R . , Director
of Equal
Employment
Opportunity
DIVISION
OF DATA
PROCESSING
CHARLES L . HAMPTON,
Director
BRUCE M . BEARDSLEY, Deputy
Director
ULYESS D . BLACK, Associate
Director
GLENN L . CUMMINS, Assistant
Director
NEAL H . HILLERMAN, Assistant
Director
C . WILLIAM SCHLEICHER, JR., Assistant
ROBERT J. ZEMEL, Assistant
Director
DIVISION
OF
Director
PERSONNEL
DAVID L . S H A N N O N ,
Director
JOHN R . WEIS, Assistant
Director
CHARLES W . W O O D , Assistant
Director
OFFICE
OF THE
CONTROLLER
JOHN KAKALEC,
Controller
GEORGE E . LIVINGSTON, Assistant
DIVISION
GRAMLEY
RICE
OF SUPPORT
Controller
SERVICES
DONALD E . ANDERSON,
Director
ROBERT E . FRAZIER, Associate
Director
WALTER W . KREIMANN, Associate
Director
*On loan from the Division of Consumer and Community Affairs.
tOn loan from the Federal Reserve Bank of N e w York.
FEDERAL
OF STAFF
DIRECTOR
RESERVE
BANK
THEODORE E . ALLISON, Staff
DIVISION
OF FEDERAL
BANK
OPERATIONS
FOR
ACTIVITIES
Director
RESERVE
CLYDE H . FARNSWORTH, JR.,
Director
LORIN S . MEEDER, Associate
Director
WALTER ALTHAUSEN, Assistant
Director
CHARLES W . B E N N E T T , Assistant
Director
RICHARD B . GREEN, Assistant
Director
EARL G . HAMILTON, Assistant
Director
ELLIOTT C . M C E N T E E , Assistant
Director
DAVID L . ROBINSON, Assistant
Director
t H o w A R D F . CRUMB, Acting
Adviser
A72
Federal Reserve Bulletin • May 1982
FOMC and Advisory Councils
FEDERAL OPEN MARKET
COMMITTEE
PAUL A . VOLCKER, Chairman
JOHN J. BALLES
ROBERT P . BLACK
WILLIAM F . FORD
ANTHONY M . SOLOMON, Vice
LYLE E . GRAMLEY
PRESTON MARTIN
J. CHARLES PARTEE
STEPHEN H . AXILROD, Staff
Director
MURRAY A L T M A N N ,
Secretary
NORMAND R . V . BERNARD, Assistant
Secretary
NANCY M . STEELE, Deputy
Assistant
Secretary
MICHAEL BRADFIELD, General
Counsel
JAMES H . OLTMAN, Deputy
General
Counsel
ROBERT E . M A N N I O N , Assistant
General
Counsel
JAMES L . KICHLINE,
Economist
JOHN M . DAVIS, Associate
Economist
Chairman
EMMETT J. RICE
N A N C Y H . TEETERS
HENRY C . WALLICH
WILLIS J. W I N N
RICHARD G . DAVIS, Associate
E D W A R D C . ETTIN, Associate
MICHAEL W . KERAN, Associate
DONALD L . KOCH, Associate
JAMES PARTHEMOS, Associate
MICHAEL J. PRELL, Associate
CHARLES J. SIEGMAN, Associate
E D W I N M . TRUMAN, Associate
JOSEPH S . ZEISEL, Associate
Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist
PETER D . STERNLIGHT, Manager
for Domestic
Operations,
System
Open Market
Account
SAM Y . CROSS, Manager
for Foreign
Operations,
System
Open Market
Account
FEDERAL ADVISORY
COUNCIL
D O N A L D C. PLATTEN, Second District,
ROBERT M . SURDAM, Seventh District, Vice
RONALD TERRY, Eighth District
CLARENCE G . FRAME, Ninth District
GORDON E. WELLS, Tenth District
T. C . FROST, JR., Eleventh District
JOSEPH J. PINOLA, Twelfth District
WILLIAM S. EDGERLY, First District
JOHN H . WALTHER, Third District
JOHN G . MCCOY, Fourth District
VINCENT C . BURKE, JR., Fifth District
ROBERT STRICKLAND, Sixth District
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate
CONSUMER
ADVISORY
President
President
Secretary
Secretary
COUNCIL
CHARLOTTE H . SCOTT, Charlottesville, Virginia,
Chairman
MARGARET REILLY-PETRONE, U p p e r M o n t c l a i r , N e w J e r s e y , Vice
ARTHUR F . BOUTON, Little Rock, Arkansas
JULIA H. BOYD, Alexandria, Virginia
ELLEN BROADMAN, W a s h i n g t o n , D . C .
GERALD R. CHRISTENSEN, Salt Lake City, Utah
JOSEPH N. CUGINI, Westerly, Rhode Island
RICHARD S. D'AGOSTINO, Philadelphia, Pennsylvania
SUSAN PIERSON D E WITT, Springfield, Illinois
JOANNE S . FAULKNER, N e w H a v e n , C o n n e c t i c u t
MEREDITH FERNSTROM, New York, New York
ALLEN J. FISHBEIN, W a s h i n g t o n , D . C .
E . C. A. FORSBERG, S R . , Atlanta, Georgia
LUTHER R. GATLING, New York, New York
VERNARD W. H E N L E Y , Richmond, Virginia
JUAN J. HINOJOSA, McAllen, Texas
Chairman
SHIRLEY T . HOSOI, Los Angeles, California
GEORGE S . IRVIN, Denver, Colorado
HARRY N. JACKSON, Minneapolis, Minnesota
F . THOMAS JUSTER, Ann Arbor, Michigan
ROBERT J. M C E W E N , S . J . , Chestnut Hill, Massachusetts
STAN L. MULARZ, Chicago, Illinois
WILLIAM J. O ' C O N N O R , Buffalo, New York
WILLARD P. OGBURN, Boston, Massachusetts
JANET J. RATHE, Portland, Oregon
RENE REIXACH, Rochester, New York
PETER D . SCHELLIE, W a s h i n g t o n , D . C .
NANCY Z. SPILLMAN, Los Angeles, California
CLINTON WARNE, Cleveland, Ohio
FREDERICK T . WEIMER, Chicago, Illinois
A73
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK, Chairman
branch, or facility
Zip
Deputy Chairman
President
First Vice President
BOSTON*
02106
Robert P. Henderson
Thomas I. Atkins
Frank E. Morris
James A. Mcintosh
NEW YORK*
10045
Robert H. Knight, Esq.
Boris Yavitz
Frederick D. Berkeley, III
Anthony M. Solomon
Thomas M. Timlen
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
Jean A. Crockett
Robert M. Landis, Esq.
Edward G. Boehne
Richard L. Smoot
CLEVELAND*
44101
J. L. Jackson
William H. Knoell
Clifford R. Meyer
Milton G. Hulme, Jr.
Karen N. Horn
Walter H. MacDonald
Steven Muller
Paul E. Reichardt
Edward H. Covell
Naomi G. Albanese
Robert P. Black
Jimmie R. Monhollon
Cincinnati
Pittsburgh
45201
15230
RICHMOND*
23219
Baltimore
Charlotte
21203
28230
Culpeper
and Records
Robert E. Showalter
Harold J. Swart
Robert D. McTeer, Jr.
Stuart P. Fishburne
Communications
Center
22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30301
35202
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75222
79999
77001
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84130
98124
Vice President
in charge of branch
Albert D. Tinkelenberg
William A. Fickling, Jr.
John H. Weitnauer, Jr.
William H. Martin, III
Copeland D. Newbern
Eugene E. Cohen
Cecelia Adkins
Leslie B. Lampton
William F. Ford
Robert P. Forrestal
John Sagan
Stanton R. Cook
Russell G. Mawby
Silas Keehn
Daniel M. Doyle
Armand C. Stalnaker
W. L. Hadley Griffin
Richard V. Warner
James F. Thompson
Donald B. Weis
Lawrence K. Roos
Donald W. Moriarty, Jr.
William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick
E. Gerald Corrigan
Thomas E. Gainor
Paul H. Henson
Doris M. Drury
Caleb B. Hurtt
Christine H. Anthony
Robert G. Lueder
Roger Guffey
Henry R. Czerwinski
Gerald D. Hines
John V. James
A. J. Losee
Jerome L. Howard
Pat Legan
Robert H. Boy kin
William H. Wallace
Caroline L. Ahmanson
Alan C. Furth
Bruce M. Schwaegler
John C. Hampton
Wendell J. Ashton
John W. Ellis
John J. Balles
John B. Williams
Hiram J. Honea
Charles D. East
F. J. Craven, Jr.
Jeffrey J. Wells
James D. Hawkins
William C. Conrad
John F. Breen
Donald L. Henry
Robert E. Matthews
Betty J. Lindstrom
Wayne W. Martin
William G. Evans
Robert D. Hamilton
Joel L. Koonce, Jr.
J. Z. Rowe
Thomas H. Robertson
Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly
*Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, N e w Jersey 07016;
Jericho, New York 11753; Utica at Oriskany, N e w York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West
Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.
A74
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A75
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BELOW THE BOTTOM LINE: THE U S E OF CONTINGENCIES
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Alice in Debitland
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The Equal Credit Opportunity Act and . . . Age
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Perspectives on Personal Saving. 8/80.
The Impact of Rising Oil Prices on the Major Foreign
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Federal Reserve and the Payments System: Upgrading Electronic Capabilities for the 1980s. 2/81.
Survey of Finance Companies, 1980. 5/81.
Bank Lending in Developing Countries. 9/81.
U.S. International Transactions in 1981. 4/82.
A76
Index to Statistical Tables
References are to pages A3 through A68 although the prefix 'A" is omitted in this index
ACCEPTANCES, bankers, 10, 25, 27
Agricultural loans, commercial banks, 18, 19, 20, 26
Assets and liabilities (See also Foreigners)
Banks, by classes, 17, 18-21
Domestic finance companies, 39
Federal Reserve Banks, 11
Foreign banks, U.S. branches and agencies, 22
Nonfinancial corporations, 38
Savings institutions, 29
Automobiles
Consumer installment credit, 42, 43
Production, 48, 49
BANKERS balances, 17, 18-20
(See also Foreigners)
Banks for Cooperatives, 35
Bonds (See also U.S. government securities)
New issues, 36
Yields, 3
Branch banks, 15, 21, 22, 56
Business activity, nonfinancial, 46
Business expenditures on new plant and equipment, 38
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 17
Federal Reserve Banks, 11
Central banks, 67
Certificates of deposit, 21, 27
Commercial and industrial loans
Commercial banks, 15, 17, 22, 26
Weekly reporting banks, 18-22, 23
Commercial banks
Assets and liabilities, 17, 18-21
Business loans, 26
Commercial and industrial loans, 15, 17, 22, 23, 26
Consumer loans held, by type, 42, 43
Loans and securities, 3,15
Loans sold outright, 21
Nondeposit funds, 16
Number by classes, 17
Real estate mortgages held, by holder and property, 41
Time and savings deposits, 3
Commercial paper, 3, 25, 27, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer installment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations
Assets and liabilities of nonfinancial corporations, 38
Profits and their distribution, 37
Security issues, 36, 66
Cost of living (See Consumer prices)
Credit unions, 29, 42, 43
Currency and coin, 5, 17
Currency in circulation, 4, 13
Customer credit, stock market, 28
DEBITS to deposit accounts, 12
D e b t (See
specific
types
of debt
or
securities)
Demand deposits
Adjusted, commercial banks, 12
Banks, by classes, 17, 18-21
Ownership by individuals, partnerships, and
corporations, 24
Subject to reserve requirements, 14
Turnover, 12
Depository institutions
Reserve requirements, 8
Reserves, 3, 4, 5, 14
D e p o s i t s (See
also
specific
types)
Banks, by classes, 3, 17, 18-21, 29
Federal Reserve Banks, 4, 11
Subject to reserve requirements, 14
Turnover, 12
Discount rates at Reserve Banks and at foreign central
banks (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Eurodollars, 27
FARM mortgage loans, 41
Federal agency obligations, 4, 10, 11, 12, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 32
Receipts and outlays, 31
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 3, 6, 18, 19, 20, 27, 30
Federal Home Loan Banks, 35
Federal Home Loan Mortgage Corporation, 35, 40, 41
Federal Housing Administration, 35, 40, 41
Federal Intermediate Credit Banks, 35
Federal Land Banks, 35, 41
Federal National Mortgage Association, 35, 40, 41
Federal Reserve Banks
Condition statement, 11
Discount rates (See Interest rates)
U.S. government securities held, 4, 11, 12, 32, 33
Federal Reserve credit, 4, 5, 11, 12
Federal Reserve notes, 11
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 39
Business credit, 39
Loans, 18, 19, 20, 42, 43
Paper, 25, 27
Financial institutions
Loans to, 18, 19, 20
Selected assets and liabilities, 29
Float, 4
Flow of funds, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 22
Foreign currency operations, 11
Foreign deposits in U.S. banks, 4, 11, 18, 19, 20
Foreign exchange rates, 68
Foreign trade, 55
Foreigners
Claims on, 56, 58, 61, 62, 63, 65
Liabilities to, 21, 55, 56-60, 64, 66, 67
All
GOLD
Certificates, 11
Stock, 4, 55
Government National Mortgage Association, 35, 40, 41
Gross national product, 52, 53
HOUSING, new and existing units, 50
INCOME, personal and national, 46, 52, 53
Industrial production, 46, 48
Installment loans, 42, 43
Insurance companies, 29, 32, 33, 41
Interbank loans and deposits, 17
Interest rates
Bonds, 3
Business loans of banks, 26
Federal Reserve Banks, 3, 7
Foreign central banks and foreign countries, 67
Money and capital markets, 3, 27
Mortgages, 3, 40
Prime rate, commercial banks, 26
Time and savings deposits, 9
International capital transactions of United States, 56-67
International organizations, 58, 59-62, 64-67
Inventories, 52
Investment companies, issues and assets, 37
I n v e s t m e n t s ( S e e also
specific
types)
Banks, by classes, 17, 29
Commercial banks, 3, 15, 17, 18-20
Federal Reserve Banks, 11, 12
Savings institutions, 29, 41
LABOR force, 47
Life insurance companies (See Insurance companies)
L o a n s (See
also specific
types)
Banks, by classes, 17, 18-21
Commercial banks, 3, 15, 17, 18-21, 22, 26
Federal Reserve Banks, 3, 4, 5, 7, 11, 12
Insured or guaranteed by United States, 40, 41
Savings institutions, 29, 41
MANUFACTURING
Capacity utilization, 46
Production, 46, 49
Margin requirements, 28
Member banks
Borrowing at Federal Reserve Banks, 5, 11
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Reserves and related items, 14
Mining production, 49
Mobile home shipments, 50
Monetary aggregates, 3, 14
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3,13
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 3, 9, 18-20, 29, 32, 33, 41
NATIONAL defense outlays, 31
National income, 52
REAL estate loans
Banks, by classes, 18-20, 41
Rates, terms, yields, and activity, 3, 40
Savings institutions, 27
Type of holder and property mortgaged, 41
Repurchase agreements and federal funds, 6, 18, 19, 20
Reserve requirements, 8
Reserves
Commercial banks, 17
Depository institutions, 3, 4, 5, 14
Federal Reserve Banks, 11
Member banks, 14
U.S. reserve assets, 55
Residential mortgage loans, 40
Retail credit and retail sales, 42, 43, 46
SAVING
Flow of funds, 44, 45
National income accounts, 53
Savings and loan assns., 3, 9, 29, 33, 41, 44
Savings deposits (See Time deposits)
Securities (See also U.S. government securities)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 66
New issues, 36
Prices, 28
Special drawing rights, 4, 11, 54, 55
State and local governments
Deposits, 18, 19, 20
Holdings of U.S. government securities, 32, 33
New security issues, 36
Ownership of securities issued by, 18, 19, 20, 29
Yields of securities, 3
Stock market, 28
Stocks (See also Securities)
New issues, 36
Prices, 28
TAX receipts, federal, 31
Time deposits, 3, 9, 12, 14, 17, 18-21
Trade, foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 11, 30
Treasury operating balance, 30
UNEMPLOYMENT, 47
U.S. balance of payments, 54
U.S. government balances
Commercial bank holdings, 18, 19, 20
Member bank holdings, 14
Treasury deposits at Reserve Banks, 4, 11, 30
U.S. government securities
Bank holdings, 17, 18-20, 32, 33
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 11, 12, 32, 33
Foreign and international holdings and transactions, 11,
32, 67
Open market transactions, 10
Outstanding, by type and ownership, 32, 33
Ownership of securities issued by, 29
Rates, 3, 27
Utilities, production, 49
OPEN market transactions, 10
PERSONAL income, 53
Prices
Consumer and producer, 46, 51
Stock market, 28
Prime rate, 26
Production, 46, 48
Profits, corporate, 37
VETERANS Administration, 40, 41
WEEKLY reporting banks, 18-23
Wholesale (producer) prices, 46, 51
YIELDS (See Interest rates)
A78
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
LEGEND
Boundaries of Federal Reserve Districts
®
Federal Reserve Bank Cities
Boundaries of Federal Reserve Branch
Territories
•
Federal Reserve Branch Cities
Federal Reserve Bank Facility
Q
Board of Governors of the Federal Reserve
System
@FedFRASER