Full text of Federal Reserve Bulletin : May 2000
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Volume 86 • Number 5 • May 2000
Federal Reserve
BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
Table of Contents
301 U.S. INTERNATIONAL
IN 1999
The U.S. current account deficit increased substantially in 1999 as the balances on goods and
services, investment income, and unilateral
transfers all became more negative. The remarkable strength of the U.S. economy contributed
significantly to a marked decrease in the balance
on goods and services; to a lesser extent, previous declines in U.S. price competitiveness also
played a role. The balance on investment income
decreased because of the additional net income
payments on the growing U.S. external indebtedness. In 2000, domestic spending may well
continue to outstrip domestic production and
increase the current account deficit. But adjustments that should slow the process are also at
work.
315 INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION FOR MARCH
2000
Industrial production increased 0.3 percent in
March, to 142.0 percent of its 1992 average,
after having increased an average of xh percent
in the previous three months. The rate of capacity utilization for total industry edged down in
March to 81.4 percent, a level about Vi percentage point below its 1967-99 average.
318 STATEMENTS
TO THE
CONGRESS
Alan Greenspan, Chairman, Board of Governors, discusses the options available for placing
social security and Medicare on a firmer fiscal
footing and states that increasing our national
saving is essential to any successful reform of
social security or Medicare; he testifies further
that the most important decision facing policymakers today is not about the distribution of
future resources but about the level of future
resources available for future workers and retirees and that the most effective means of raising the level of future resources is to allow the
budget surpluses projected in the coming years
to be used to pay down the nation's debt (Testimony before the Senate Special Committee on
Aging, March 27, 2000).
TRANSACTIONS
320 Louise L. Roseman, Director, Division of
Reserve Bank Operations and Payment Systems,
comments on a variety of issues that affect our
nation's coins and currency, in particular the
advantages and disadvantages of issuing U.S.
bank notes in denominations higher than $100;
she testifies that the law enforcement community has expressed concern about the disproportionate use of large-denomination bank notes for
illicit activity, including money laundering, drug
trafficking, and tax evasion, and that in weighing the marginal benefits of introducing a
high-denomination U.S. bank note against law
enforcement concerns, there does not seem to be
any immediate need to issue high-denomination
notes (Testimony before the Subcommittee on
Domestic and International Monetary Policy of
the House Committee on Banking and Financial
Services, March 28, 2000).
324
ANNOUNCEMENTS
Action by the Federal Open Market Committee
and an increase in the discount rate.
Revisions to the official staff commentary on
Regulation Z.
Amendments to the interim rule regarding procedures for electing to be treated as a financial
holding company.
Interim rule listing financial activities that will
be permissible for financial holding companies.
Interim rule permitting qualifying state member
banks to establish financial subsidiaries.
Interim rule on operating standards for financial
holding companies that have securities affiliates.
Elections to be treated as financial holding
companies.
Interim rule governing the merchant banking
activities of financial holding companies.
Interim rule on an alternative to the debt
rating requirement for establishing financial
subsidiaries.
Issuance of host state loan-to-deposit ratios to
determine compliance with section 109 of the
Interstate Act (Riegle-Neal Interstate Banking
and Branching Efficiency Act of 1994).
Enforcement actions and terminations of previous actions.
Publication of a new edition of Guide to the
Flow of Funds Accounts.
328 MINUTES OF THE FEDERAL OPEN
COMMITTEE MEETING HELD ON
FEBRUARY 1-2,
2000
DEVELOPMENTS
Various bank holding company, bank service
corporation, and bank merger orders; and pending cases.
RESERVE
List of Directors, by Federal Reserve District.
A1 FINANCIAL
AND BUSINESS
STATISTICS
These tables reflect data available as of
March 29, 2000.
A 3 GUIDE TO TABULAR
PRESENTATION
A4 Domestic Financial Statistics
A42 Domestic Nonfinancial Statistics
A50 International Statistics
MARKET
At this meeting, the Committee voted to approve without change the growth ranges for M2,
M3, and debt for 2000 that it had established on
a tentative basis on June 30, 1999. For the
intermeeting period ahead, the Committee voted
to tighten reserve conditions by a modest
amount consistent with an increase in the federal
funds rate of lA percentage point to a level of
53A percent.
339 LEGAL
353 DIRECTORS OF THE FEDERAL
BANKS AND BRANCHES
A63 GUIDE TO STATISTICAL
SPECIAL
RELEASES
AND
TABLES
A76 INDEX TO STATISTICAL
TABLES
A78 BOARD OF GOVERNORS
AND
STAFF
A80 FEDERAL OPEN MARKET COMMITTEE
STAFF; ADVISORY
COUNCILS
A82 FEDERAL RESERVE
BOARD
A84 MAPS OF THE FEDERAL
A86 FEDERAL RESERVE
AND OFFICES
PUBLICATIONS
RESERVE
BANKS,
AND
SYSTEM
BRANCHES,
PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Jennifer J. Johnson • Karen H. Johnson • Donald L. Kohn • Stephen R. Malphrus
• J. Virgil Mattingly, Jr. • Michael J. Prell • Dolores S. Smith • Richard Spillenkothen • Richard C. Stevens
The Federal Reserve Bulletin is issued monthly under the direction of the staff publications committee. This committee is responsible for opinions expressed
except in official statements and signed articles. It is assisted by the Economic Editing Section headed by S. Ellen Dykes, the Graphics Center under the direction
of Christine S. Griffith, and Publications Services supervised by Linda C. Kyles.
U.S. International Transactions in 1999
which moved into deficit in 1998 for the first time
since 1914—became even more negative, mainly
because of a large decline in net portfolio income.
The current account deficit reached 3.7 percent of
U.S. gross domestic product (GDP) last year, surpassing the previous record set in 1987. This deficit and
the continued U.S. investment abroad were more than
financed by huge foreign acquisitions of U.S. assets.
A record amount of private foreign investment
poured into the United States; moreover, substantial
foreign official inflows resumed after the Asian and
Russian financial crises of 1997 and 1998.
Francis E. Warnock, of the Board's Division of International Finance, prepared this article. Nancy E.
Baer provided research assistance.
The U.S. current account deficit increased substantially in 1999 as the balances on goods and services,
investment income, and unilateral transfers all
became more negative. The remarkable strength of
the U.S. economy contributed significantly to a
marked decrease in the balance on goods and services; to a lesser extent, previous declines in U.S.
price competitiveness also played a role. The balance
on investment income decreased because of the additional net income payments on the growing U.S.
external indebtedness.
Most of the widening of the current account deficit
in 1999 was due to the large and growing gap
between U.S. imports and U.S. exports of goods
(table 1). Exports increased as foreign economies
rebounded sharply after a weak performance in 1998,
but imports increased even more, primarily because
of the greater strength of the U.S. economy. The
dollar did not strengthen further in 1999, but the
continued effect of its sharp appreciation in 1997 and
1998 increased imports and reduced exports. A
reduced surplus in trade of services and an increased
deficit in unilateral transfers added to the growth
of the deficit. The balance on investment income—
1.
MAJOR ECONOMIC INFLUENCES
INTERNATIONAL
TRANSACTIONS
ON U.S.
Several factors shaped the U.S. current and financial
accounts in 1999.1 The most important of these were
1. To conform with international conventions, U.S. international
transactions are now presented in three groups—a current account, a
capital account, and a financial account. Previously, transactions were
presented in two groups—a current account and a capital account. The
new financial account is the same as the previous capital account. The
new capital account consists of a small part of unilateral transfers that
were previously in the current account. More details may be found in
Christopher L. Bach, "U.S. International Transactions, Revised Estimates for 1982-98," Survey of Current Business, vol. 79 (July 1999),
pp. 60-72.
U.S. international transactions, 1995-99
Billions of dollars except as noted
1995
1996
1997
1998
1999
Change,
1998 to 1999
Trade in goods and services, net
Goods, net
Services, net
-98
-174
76
-104
-191
87
-105
-197
92
-164
-247
83
-268
-347
80
-103
-100
-3
Unilateral current transfers, net
24
-35
22
-42
8
-42
-7
-44
-19
-47
-12
-3
-114
-129
-143
-221
-339
-118
99
38
133
61
17
269
-29
239
53
325
82
87
137
194
286
210
378
168
Item
Current account balance
Official capital, net
Private capital, net
Financial account balance
Capital account balance
Statistical discrepancy
0
I
0
1
0
-1
-24
-65
-143
10
-39
-49
-1.5
-1.7
-1.7
-2.5
-3.7
MEMO
Current account as percentage of GDP
NOTE. In this and the tables that follow, components may not sum to totals
because of rounding.
. . . Not applicable.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, U.S.
international transactions accounts.
302
Federal Reserve Bulletin • May 2000
the recovery of foreign economic activity after the
crises of 1997 and 1998, a rebound in the prices of
primary commodities, the continued strong performance of the U.S. economy, and the lingering effects
of a strong dollar on the price competitiveness of U.S.
goods.
Foreign Economic
currency, the real, and abandoned its currency peg in
January. Once allowed to float, the real soon fell
nearly 50 percent against the dollar, generating fears
of a depreciation-inflation spiral that could return
Brazil to its high-inflation past and renewing financial strains in other Latin American economies. By
spring, the Brazilian central bank's commitment to
fighting inflation led to sharply higher interest rates
and buoyed investor confidence. In time, financial
markets stabilized in the region, but the combination
of high interest rates and diminished access to international capital markets tended to damp economic
activity in much of Latin America. An exception was
Mexico, where economic activity, raised by strong
growth of exports to the United States and rising oil
prices, increased more than 5 percent for the year.
The recovery of activity last year was sharper and
more widespread in Asian developing countries than
in Latin America, just as the downturn had been
the previous year. A combination of accommodative
monetary policies, a shift toward fiscal stimulus, and
an ongoing boost to net exports provided by previous
sharp currency depreciations and the boom in the
global electronics market spurred economic growth.
Korea's recovery was the most robust, with growth
of 14 percent in 1999 after a decline of 6 percent
the previous year. However, significant weaknesses
remained in Asia, as evidenced by the recent near
collapse of Daewoo, Korea's second largest conglomerate, and by continuing problems in financial sectors.
Activity
After a year and a half of financial crises and
depressed growth, foreign economies rebounded
remarkably quickly in 1999. Foreign economic
growth, at a robust 4.3 percent on average for the
year, showed a sharp improvement over the 0.8 percent growth in 1998 (table 2). In 1999, the pace of
activity increased in developing countries, with Asian
emerging-market economies in particular bouncing
back strongly from output declines of the previous
year. Activity also recovered in Latin America, with
especially strong growth in Mexico but a more
mixed performance in other countries. Real growth
improved in all of the major industrial countries as
well. Growth in Canada was particularly strong.
Economic activity in Japan remained weak but was
stronger than in 1998.
The year started with concerns that the financial
crises of 1997 and 1998 would continue to spread.
With the effects of the August 1998 collapse of the
ruble and the default on Russian government debt
still reverberating, Brazil experienced pressure on its
2.
Change in real GDP in the United States and abroad, 1996-99
Percentage change, annual rate
Half years
Country
1996
1997
1998
1999
1997:H2
1999:H1
1999:H2
4.9
2.8
6.5
4.6
3.4
4.1
.8
4.3
3.6
.4
1.2
4.5
4.2
4.7
-5.1
3.7
5.7
1.1
2.2
8.2
-1.9
-7.2
-5.5
-10.3
-17.7
-5.8
9.5
8.2
6.8
14.0
10.6
6.0
8.6
6.2
2.3
-10.4
.7
3.2
3.2
-2.4
6.9
-6.1
-16.2
-15.8
-12.8
-29.3
-8.1
6.7
2.4
2.9
6.1
-7.7
-4.2
-3.4
12.4
9.2
3.2
15.2
17.5
11.5
5.7
1.7
7.3
10.6
12.8
4.1
.8
11.7
11.0
6.3
7.1
5.5
9.3
.6
6.1
6.7
2.2
7.8
6.7
1.0
2.6
-1.6
-.6
-5.0
3.7
5.2
3.2
.1
-4.6
6.2
6.8
1.9
8.0
2.8
3.3
4.0
2.4
5.4
.6
-1.3
1.3
-5.4
-6.3
-10.2
2.8
5.0
3.6
-3.5
-7.7
4.6
5.5
2.9
3.8
-1.3
5.2
2.4
2.2
-.5
4.4
3.6
-3.1
2.8
1.7
.0
4.7
3.2
.6
4.5
3.5
-2.7
1.9
2.4
-3.4
3.7
1.1
5.1
4.3
2.8
-4.7
5.0
3.5
4.1
4.1
Total foreign'
4.3
7.0
3.8
6.8
9.6
10.2
5.5
9.2
Latin America 3
Mexico
Brazil
Argentina
Venezuela
Japan
Canada
Western Europe
NOTE. Aggregate measures are weighted by moving bilateral shares in U.S.
exports of nonagricultural merchandise. Annual data are four-quarter changes.
Half-yearly data are calculated as Q4/Q2 or Q2/Q4 changes at an annual rate.
1. Selected regions and countries are shown below.
1998:H2
4.7
United States
Asian emerging markets2 ..
Thailand
Korea
Malaysia
Indonesia
Hong Kong
China
1998:H1
4.5
2. Weighted average of China, Hong Kong, Indonesia, Korea, Malaysia,
Philippines, Singapore, Taiwan, and Thailand.
3. Weighted average of Mexico, Argentina, Brazil, Chile, Colombia, and
Venezuela.
SOURCE. Various national sources.
U.S. International Transactions in 1999
Economic activity accelerated in nearly all of the
major industrial countries. In Europe, the process was
aided by decreases in official interest rates early in
the year and by the global recovery, which stimulated
external demand. In Canada, real growth rose sharply,
as strong external demand from the United States and
a recovery in commodity prices contributed to large
income and employment gains. After two consecutive years of decline, Japanese real GDP was flat;
fiscal stimulus in the first half of the year supported
growth, but private consumption remained weak.
Prices of Primary
303
Perhaps more surprising was the 2 percent decline
in world oil production, attributable primarily to the
reduction in supply from the Organization of Petroleum Exporting Countries (OPEC) and other key
producers. In March 1999, OPEC agreed to reduce
crude oil production; non-OPEC Mexico, Russia,
Oman, and Norway also pledged reductions. The
consistently high level of compliance with the March
accord stands in contrast to the widespread noncompliance that characterized earlier agreements. A new,
pro-OPEC political administration in Venezuela and
increased cooperation between Iran and Saudi Arabia
helped maintain the agreement.
Commodities
After falling sharply in 1997 and 1998, prices of
primary commodities firmed in 1999 in response to
stronger demand and reduced supply. Primary commodity prices, which helped mute consumer price
inflation in the United States while they fell in 1997
and 1998, began to put upward pressure on U.S.
prices in 1999.
Oil Prices
The precipitous decline in the price of oil in 1997 and
1998—caused by weak global economic activity and
a strong increase in oil production—was more than
fully reversed in 1999. The average spot price for
West Texas intermediate, the U.S. benchmark crude,
rose steadily to reach $25 per barrel by the end of the
year (chart 1). Strengthened world demand and constrained world supply drove the rebound in oil prices.
Not surprisingly, the strong U.S. economy, combined
with a recovery of economic activity abroad, led to
an increase of 1 percent in world oil consumption.
Prices of Non-Oil Primary Commodities
After falling about 20 percent over the previous two
years, prices of world primary commodities other
than oil appeared to bottom out in 1999 (chart 2).
From the end of 1997 through 1998, weak global
demand, combined with a large increase in supply in
response to the high prices of the mid-1990s (especially for agricultural commodities such as grains,
oilseeds, and coffee), put severe pressure on commodity prices. Prices fell 5 percent more in the first
half of 1999, but reduced supplies and the recovery in
global economic activity reversed this decline in the
second half of the year, and prices ended the year
about where they began.
U.S. Economic
U.S. economic performance remained extraordinary
in 1999, as the rise in real GDP exceeded 4 percent
2.
1. Oil prices, 1985-99
Activity
Prices of world non-oil primary commodities, 1985-99
1990 - 100
Dollars per barrel
West Texas intermediate
— - 120
—
i
—
—
—
1
—
—
\
/
90
—
1
1990
1995
NOTE. The data are monthly.
SOURCE. Wall Street Journal and the U.S. Department of Commerce. Bureau
of Economic Analysis.
100
V
U.S. import
1985
110
1
1985
1
1
1
1
1
1990
1
1
1
1
1
1
1
80
1
1995
NOTE. The data are quarterly.
SOURCE. International Monetary Fund, International Financial Statistics.
index of non-oil commodity prices.
304
Federal Reserve Bulletin • May 2000
for the fourth year in a row (table 2). Growth in
household expenditures, which was exceptionally
rapid for the second straight year, was bolstered by
further substantial gains in real income, favorable
borrowing conditions, and a rising stock market.
Seeking to maintain their competitiveness and profitability, businesses continued to invest heavily in hightech equipment. The annual increase in government
spending, on both investment and consumption, was
the largest of the current expansion. In all, domestic
demand continued to surge ahead faster than domestic production, even as the latter was being boosted
by strong gains in productivity; the result was a large
trade deficit. The gains in productivity, along with
considerable though shrinking slack in economies
abroad, helped contain inflation despite strong
domestic demand and tight labor markets.
A key element in the vigorous expansion has been
the boom in capital investment by the private sector.
Looking at the sources of financing for this investment offers one perspective on the U.S. trade and
current account deficits. As an accounting identity,
investment must be financed out of a combination of
national savings and savings from abroad. National
savings consist of private savings and government
savings. Government savings are the opposite of
the fiscal deficit, whereas private savings consist of
both household savings (that part of after-tax income
not spent on consumption) and corporate savings
(broadly, retained earnings). Savings from abroad are
net foreign investment in the United States, which
corresponds to the current account deficit less net
exports of gold and certain other transactions.
Chart 3 shows the role that foreign savings has
played in financing investment in the United States.
3. U.S. investment, savings, and current account balance
as a percentage of GDP, 1980-99
Current account balance
_
"
1 II
1980
i
I M
I M
1985
M
II
1990
I I I I I I
ri
Exchange
Value of the
Dollar
The dollar's exchange value, measured on a tradeweighted basis against a broad range of trading partners, rose about 6 percent in the first half of the year
and then fell a like amount to end the year about
unchanged (chart 4). On the heels of its sharp appreciation over the previous few years, which reflected
the financial crises that afflicted many developing
countries, the dollar remains at a high level.
Though over the year the dollar's aggregate value
was little changed, its movements against two major
currencies diverged. For the second straight year, the
dollar depreciated 10 percent against the Japanese
yen. The yen's appreciation in 1999 coincided with
a hint of economic recovery in Japan and reports
of large inflows of foreign capital into the Japanese stock market, and it prompted official foreign
exchange intervention from the Japanese authorities.
Against the euro, which came into operation at the
start of the year, the dollar appreciated sharply,
16 percent on balance. 2 Early in the year, the euro's
depreciation against the dollar was attributed to slow
economic growth in the euro area. Its further depreciation later in the year, when growth picked up, was
attributed in part to concerns about the prospective
relative returns on euro-area investment, given the
disappointing pace of market-oriented structural
reforms in the area, as well as surprisingly strong
growth in the United States.
1
1995
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
national income and product accounts, and U.S. international transaction
accounts.
In the mid-1980s, the strong increase in foreign savings cushioned U.S. investment from the full impact
of a sharp fall in national savings. In the late 1980s,
foreign savings dropped as investment fell more
quickly than national savings. In the early part of the
current expansion, national savings increased, as the
swing from the large budgetary deficits of the early
1990s to the budget surpluses of recent years enabled
the increase in government savings to outpace the fall
in private savings. However, in the past two years,
national savings have leveled off: Private savings
have continued to fall, and an increase in government
spending has slowed the increase in government savings. As in the mid-1980s, this leveling-off has not
dragged down investment because the decline in
national savings has been offset by an increase in
foreign savings—that is, U.S. investment prospects
have attracted huge capital inflows.
2. For more information about the euro, see Carol C. Bertaut and
Murat F. Iyigun, "The Launch of the Euro," Federal Reserve Bulletin,
vol. 85 (October 1999), pp. 6 5 5 - 6 6 .
U.S. International Transactions in 1999
4.
Foreign exchange value of the U.S. dollar, 1996-99
January 1 9 9 6 = 100
sharp depreciation of the Brazilian real in early 1999.
The dollar's value against currencies of Asian
emerging-market economies was on average steady,
but it remains at a high level after the jump that
coincided with the large depreciations of those currencies in 1997.
DEVELOPMENTS
SERVICES
1996
1997
1998
1999
NOTE. The broad index included thirty-five currencies until the beginning
of stage three of European Economic and Monetary Union on January 1, 1999,
when the euro replaced the ten euro-area currencies; the broad index now has
twenty-six currencies. Currencies of all foreign countries or regions that had a
share of U.S. non-oil imports or nonagricultural exports of at least Vi percent
in 1997 are included in the broad index. The data for the euro use the restated
German mark before January 1999. The data are monthly.
The dollar fell slightly against the Mexican peso
and the Canadian dollar, the currencies of two important U.S. trading partners, and rose markedly against
South American currencies, mainly because of the
305
IN U.S. TRADE IN GOODS
AND
The overall U.S. trade deficit was substantially larger
in 1999 than in 1998 (table 3). The nominal trade
deficit for goods and services increased $103 billion,
to $268 billion, in 1999, as exports expanded less
rapidly than imports. Although strong GDP growth
inkey foreign markets boosted the demand for U.S.
goods, the decline in price competitiveness of U.S.
goods in 1997 and 1998 continued to damp the
growth of exports. The strong growth of imports in
1999 reflected the strength of U.S. economic activity
and the past real appreciation of the dollar, which
made imports inexpensive relative to domestic goods.
Relatively inexpensive imports, coupled with the
growing trade deficit, led to worsening trade tensions
but to no substantial shift in U.S. trade policy.
3. U.S. international trade in goods and services, 1996-99
Billions of dollars except as noted
Percentage
change,
1998 to 1999
1996
1997
1998
1999
Dollar
change,
1998 to 1999
Balance on goods and services
-104
-105
-164
-268
-103
Exports of goods and services
Services
Goods
Agricultural products
Nonagricultural goods
850
238
612
61
551
939
259
680
58
621
934
264
670
53
617
960
277
683
49
634
26
13
13
-4
16
2.8
5.1
1.9
-6.9
2.7
253
31
44
36
143
138
65
70
25
296
41
49
39
166
148
74
77
27
300
54
45
38
164
138
73
79
26
311
53
47
47
164
139
75
81
29
10
-1
1
9
0
1
2
1
3
3.5
-1.1
2.9
24.5
.3
.5
2.1
1.7
11.5
954
151
803
73
731
1,043
167
876
72
805
1,098
181
917
51
866
1,228
197
1,030
68
962
130
16
113
17
96
11.8
9.1
12.3
33.1
11.1
Capital goods
Aircraft and parts
Computers, peripherals, and parts ..
Semiconductors
Other machinery and equipment . . .
228
13
62
37
117
253
17
70
37
130
270
22
72
33
142
297
23
81
38
154
27
2
9
4
13
10.1
7.1
12.4
12.6
8.9
Industrial supplies
Automotive products
Consumer goods
Food and other goods
137
129
172
65
146
140
194
72
152
149
217
79
157
180
240
90
4
30
23
11
2.9
20.4
10.7
13.8
Item
Capital goods
Aircraft and parts
Computers, peripherals, and parts ..
Semiconductors
Other machinery and equipment . . .
Industrial supplies
Automotive products
Consumer goods
Other nonagricultural exports
Imports of goods and services
Services
Goods
Oil
Non-oil goods
. . . Not applicable.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, U.S.
international transactions accounts.
306
Federal Reserve Bulletin • May 2000
Proximate Determinants
and Services
of Trade in Goods
The savings-investment balance, discussed earlier,
provides useful insights for understanding current
account imbalances. However, as an accounting identity, it does not explain the forces that are driving the
current account deficit. It is useful, therefore, to look
at the proximate determinants of trade flows: U.S.
GDP growth, foreign GDP growth, and the price
competitiveness of U.S. goods (see box).
There are close historical associations between U.S.
real imports and U.S. real GDP and between US. real
exports and foreign real GDP, as well as between the
price competitiveness of U.S. goods and the overall
trade deficit (chart 5).3 As growth in U.S. real GDP
slowed late in the previous expansion, so did growth
in U.S. imports (chart 5, top panel). In the current
expansion, growth of U.S. imports has picked up.
Similarly, U.S. export growth has broadly mirrored
foreign real GDP growth. U.S. export growth—strong
3. In each panel of chart 5, the variable represented by the black
line is a key proximate determinant of the variable represented by the
red line.
in the late 1980s, when foreign economic activity
was particularly robust—slowed considerably along
with world economic growth in the early 1990s
(chart 5, middle panel). Export growth rebounded in
the mid-1990s before succumbing to the global economic slowdown of 1997 and 1998. In 1999, U.S.
export growth increased, but by less than might have
been expected if one looked only at the strong recovery in foreign economic activity.
The price competitiveness of U.S. goods helps
explain why U.S. export growth staged only a weak
recovery in 1999. When prices of U.S. goods increase
relative to the U.S. dollar price of foreign goods, the
trade deficit tends to increase, albeit with a lag,
because U.S. residents tend to increase their purchases of the relatively less expensive foreign goods
while foreigners cut back their purchases of the relatively expensive U.S. goods. The large trade deficits
of the mid-1980s came on the heels of a sharp
increase in the relative price of US. goods, just as the
marked improvement in the trade balance in the late
1980s coincided with a sharp decrease in relative
prices (chart 5, bottom panel). Over 1997 and 1998,
the real exchange value of the dollar appreciated
15 percent, and the trade deficit increased sharply
Measuring the Proximate Determinants of Trade Flows
Demand for any product is determined by, among other
things, income and relative prices. In international comparisons, GDP is often considered a suitable proxy for income,
and the real exchange rate is used as a measure of relative
prices. These comparisons entail a great number of countries. To summarize this information, indexes are created.
Because an index is one number, the weighting or aggregation scheme is particularly important.
For the trade balance (the bottom panel of chart 5),
relative prices are measured by a real exchange rate index
that combines a relative export price index with a relative
import price index. In a U.S. export price index—an index
that captures the price competitiveness of U.S. goods in
foreign markets—the weight of a country's exchange-rateadjusted prices takes into account the degree to which its
goods compete with U.S. goods directly in its market and
indirectly in other foreign markets. For example, Germany's
weight consists of the share of U.S. exports to Germany and
the shares of German exports to other U.S. export markets
(weighted by U.S. export shares to those markets). The
weighting scheme for a U.S. import price index—an index
that captures the price competitiveness of U.S. goods in the
U.S. market—is more straightforward: It consists only of
bilateral import shares. The broad real exchange rate, which
consists of real (CPI-adjusted) exchange rates of thirty-five
major U.S. trading partners, combines import and export
competitiveness of U.S. goods into one measure. The
weighting scheme is an average of bilateral import shares
and an export weight that depends on the amount of direct
exports from the United States as well as the extent to
which a foreign country's exports go to third-country
markets.1
For exports (middle panel of chart 5), foreign activity is
measured by aggregate foreign GDP, for which the weights
are each country's share in U.S. exports. Alternatively, the
weighting scheme could be based on the share of each
country's GDP in world GDP. However, given that the goal
is to explain U.S. exports, a weighting scheme based on
bilateral export shares is appropriate: This export-shareweighted measure of foreign GDP weights Mexico's GDP
more heavily than its share in world GDP.
For imports (top panel of chart 5), U.S. GDP has proven
to be a suitable proxy for U.S. demand, but its use is not
clear-cut. Conceptually, different types of imports depend
on different measures of activity. Imports that are used as
intermediate inputs in the production process are determined by production, or GDP; but imports that are final
consumer goods are determined by domestic demand.
1. For a complete description of the broad real index of the dollar's
foreign exchange value, see Michael P. Leahy, "New Summary Measures of
the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84
(October 1998), pp. 811-18.
U.S. International Transactions in 1999
5. Economic growth, real exchange rate, and trade balance,
1975-99
Percent, Q4/Q4
Percent, Q4/Q4
A. Change in U.S. imports and U.S. GDP
U.S. real GDP
Percent, Q4/Q4
Percent, Q4/Q4
B. Change in U.S. exports and foreign GDP
Foreign real GDP
Percent
1996 = 100
C. U.S. trade deficit as a percentage of GDP
and the broad real exchange rate
1975
1980
1985
1990
1995
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
various national sources, and the Federal Reserve Board.
relative to the size of the U.S. economy. Recently,
relative prices have had a more muted effect on the
trade deficit, as the strong growth of the U.S. economy has dominated all other factors. However, even
though U.S. price competitiveness did not deteriorate
further in 1999, the lagged effects of the deterioration
of the past few years—reflecting the sharp nominal
appreciation of the dollar (chart 4)—continued to
hold down the expansion of exports and support the
expansion of imports during the year.
307
increase in goods exports. After large increases in
each of the previous three years, exports of aircraft
and parts decreased slightly in 1999. The value of
agricultural exports fell for the third straight year, as
prices dropped 5 percent largely because of robust
world supplies, particularly in world grain and oilseed markets.
In services, the increase was due mainly to
enlarged receipts in three categories: "other private
services," a catchall category that includes mostly
business, professional, technical, and financial services; foreign travel to the United States; and freight
and port expenditures by foreigners.
Exports of goods to Asian emerging markets
increased $7 billion, or about 7 percent, in 1999, after
declining in 1998 (table 4). Within that total, exports
to Korea in particular rose strongly. However, exports
to the region remain below the levels of 1997, partly
because Asian currencies are still relatively weak.
Reflecting the strength in economic activity in
North America, US. exports to Canada and Mexico
continued to advance rapidly throughout 1999. U.S.
exports to Mexico expanded $8 billion, with
increases spread over all major trade categories, and
over the past four years have almost doubled. The
growth in exports to Canada was also strong, increasing $10 billion, or about 6 percent; exports of automotive products accounted for almost half the
increase, as cross-border shipments of automotive
parts were boosted by strong vehicle sales in the
United States.
In contrast to the strength of exports to Mexico,
Canada, and emerging-market countries in Asia, a
more mixed picture emerged for exports of goods to
the rest of the world. Exports to Europe increased
4. U.S. exports of goods to its major trading partners,
1996-99
Billions of dollars
1996
1997
1998
1999
Change,
1998 to 1999
Total goods exports ..
612
680
670
683
13
Exports
Asia
Japan
Other Asia1
176
66
110
183
65
118
154
57
97
161
56
104
7
0
7
The value of U.S. exports of goods and services rose
$26 billion in 1999, to a level of $960 billion, after a
$5 billion decrease in 1998 (table 3). Receipts for
services rose 5 percent, after a 2 percent increase in
1998. The value of goods exports rose 2 percent,
following a decline of about the same magnitude in
1998.
The value of exports of semiconductors increased
25 percent in 1999 to account for most of the overall
Latin America
Mexico
Other countries
Brazil
109
57
52
12
135
71
63
16
142
78
63
15
141
87
55
13
0
8
-8
-2
Canada
Western Europe
All other 2
135
138
54
152
153
57
157
159
59
166
162
52
10
3
-6
Importing region
1. Includes China, Hong Kong, Korea, Singapore, Taiwan, Indonesia, Philippines, Malaysia, and Thailand.
2. Includes Australia, New Zealand, Middle East, Eastern Europe, and Africa.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, U.S.
international transactions accounts.
308
Federal Reserve Bulletin • May 2000
only slightly even though economic growth had
picked up in the area. Exports to Japan showed little
change after falling sharply in 1998; this apparent
bottoming out may be attributable to a strong yen and
a steadier Japanese economy. Exports of goods to
Latin America (excluding Mexico) fell sharply, and
the weakness was widespread.
The quantity of exports rose almost 5 percent in
1999, more than twice as fast as in 1998 (table 5).
Increases were spread across major trade categories,
particularly computers, other machinery, industrial
supplies, and consumer goods. In terms of composition, about 45 percent of U.S. goods exports were
capital equipment, 20 percent were industrial supplies, and roughly 10 percent each were agricultural,
automotive, and consumer goods.
Prices of U.S. exported goods rose lA percent in
1999, exhibiting the first increase in four years, notwithstanding the 5 percent drop in agricultural export
prices (table 6). The turnaround in overall export
prices was due largely to a 0.7 percent increase in
the export prices of nonagricultural goods; a large
increase in prices of exported industrial supplies more
than offset continued decreases in hedonic price
indexes (which are adjusted for technological change
and quality improvements) for computers and semiconductors. Prices of exported services rose 2.7 percent in 1999, following a small decrease in 1998.
Imports
In 1999, the value of U.S. imports of goods and
services grew $130 billion, or 12 percent, about twice
as fast as the rate in 1998 (table 3). The expansion
5.
Change in the quantity of U.S. exports, 1996-99
Percent, fourth quarter to fourth quarter
Item
Exports of goods and services
Services
Goods 1
Agricultural products
Industrial supplies
Capital equipment
Aircraft and parts
Computers, peripherals, and parts ..
Semiconductors
Other machinery and equipment . . .
Automotive vehicles and parts
Consumer goods
1996
1997
1998
1999
9.8
9.2
2.0
2.3
12.2
2.6
1.8
3.7
5.3
3.7
6.0
3.3
6.3
.3
-2.6
-1.7
6.4
15.5
39.9
21.6
44.6
3.4
18.2
10.3
26.1
21.0
17.1
4.5
48.8
7.1
9.3
-7.9
5.8
-16.6
12.0
33.4
6.3
5.9
9.8
14.4
7.2
-2.0
1.2
1.9
5.6
NOTE. Quantities are measured in chained (1996) dollars.
1. Selected categories are shown below.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
national income and product accounts; and the Federal Reserve Board.
Percent, fourth quarter to fourth quarter
Item
Total exports of goods and services
Services
Goods
Agricultural products
Nonagricultural goods
Computers, peripherals,
and parts
Semiconductors
Other goods
1996
1997
1998
1999
-2.1
-.8
-2.6
1.0
2.5
4.0
-2.9
-4.1
.8
-1.5
-3.2
-1.3
-.4
-3.5
-10.1
-3.0
2.7
.3
-5.0
.7
-18.2
-33.1
-.1
-11.0
-13.3
.6
-12.7
-5.6
-1.9
-6.8
-3.1
1.7
-2.8
-.5
-7.4
4.1
-1.8
-4.2
-5.0
3.3
1.8
-2.5
38.8
-5.7
-2.1
-4.6
-20.2
-2.8
-.3
-5.9
-35.7
-3.5
2.7
3.4
93.2
-.9
-15.1
-53.2
-.7
-14.8
-14.9
-.8
-16.5
-8.2
-1.9
-11.3
-3.6
.2
-2.7
-.1
-6.8
4.3
MEMO
Industrial supplies
Total imports of goods and services . . .
Services
Goods
Oil
Non-oil
Computers, peripherals,
and parts
Semiconductors
Other goods
MEMO
Industrial supplies
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
national income and product accounts; chain-weighted indexes; and the Federal
Reserve Board.
was fueled by the sharp growth of U.S. domestic
expenditures. Declines in non-oil import prices
through most of the year contributed as well.
In each of the previous three years, prices of
imported goods and services had fallen and thereby
helped to mute inflation in the United States. In
contrast, such prices, sparked by a sharp rise in the
price of oil, rose 3 percent in 1999 (table 6). Non-oil
import prices declined almost 1 percent over the
course of the year, but there was a notable break in
trend in the second half of the year; after three years
of much larger price declines, a slight real depreciation of the dollar along with the turnup in primary
commodity prices combined to increase non-oil
import prices. The biggest shift was in imported
industrial supplies, the price of which increased more
than 4 percent after three years of decline.
4.8
8.9
10.1
6. Change in prices of U.S. imports and exports of goods and
services, 1996-99
Oil Imports
The value of U.S. oil imports increased 33 percent
in 1999 (table 3)—even though the volume of oil
imports changed little—because of the dramatic
increase in the average price of imported oil (chart 1).
The quantity of U.S. oil imports remained steady at
11.3 million barrels per day. U.S. oil consumption
increased (in line with economic activity), whereas
U.S. oil production decreased as a result of both
increasing field maturity and depressed exploration
U.S. International Transactions in 1999
and development activity following the low oil prices
of 1998 and early 1999. With flat oil imports, U.S. oil
inventories, which had been large at the end of 1998,
were drawn down to accommodate the widened gap
between domestic consumption and production.
Non-Oil Imports
The quantity of non-oil imports grew 15 percent in
1999 (table 7). An expansion in a broad range of
goods was fueled by robust growth of U.S. domestic
demand and was supported by declines in non-oil
import prices. Reflecting the strength of spending by
households and businesses in the United States, real
imports of consumer goods, automotive products,
computers, semiconductors, machinery, and industrial supplies advanced strongly throughout the year.
The size of the increase in automotive imports in
1999 reflected buoyant automotive sales in the United
States.
Payments to foreigners for services rose strongly
in 1999, with increases in all service categories but
especially in travel (U.S. residents traveling abroad),
transportation, and other private services.
Trade
309
meant that growing imports were less of a threat and
did not provoke calls for restrictions in most other
industries. As a result, there was no fundamental shift
in U.S. trade policy, and strong imports have not, for
the most part, been interpreted as damaging. Rather,
they have been correctly attributed to the relative
strength of the U.S. economy and credited with helping to mute inflation.
DEVELOPMENTS
ACCOUNT
IN THE NONTRADE
CURRENT
The two major components of the current account,
other than trade in goods and services, are net unilateral current transfers and net investment income.
Unilateral
Current
Transfers
Net unilateral current transfers include government
grant and pension payments as well as net private
transfers to foreigners. In 1999, the deficit on unilateral transfers increased $3 billion, to $47 billion
(table 1). Most of the increase was in private remittances, mainly from large nonprofit institutions.
Policy
Investment
Trade tensions worsened over the past two years as
the strong dollar made imports relatively inexpensive, fueling competition in many industries. The
steel industry was successful in gaining import protection, resulting in a reduction of steel imports by
weight of 14 percent in 1999. In contrast, the robust
U.S. economy, coupled with low unemployment,
7. Change in the quantity of imports, 1996-99
Percent, fourth quarter to fourth quarter
Item
Imports of goods and services
Services
Goods
Oil
Non-oil1
Capital goods1
Aircraft and parts
Computers, peripherals,
and parts
Semiconductors
Industrial supplies
Automotive products
Consumer goods
Foods
1996
1997
1998
1999
11.2
14.2
10.8
12.6
5.3
12.3
7.8
12.8
16.7
25.5
13.6
14.3
4.0
15.2
24.4
26.1
8.4
11.3
4.1
11.7
11.2
31.0
6.9
13.8
-3.3
15.2
19.8
-3.5
17.7
56.7
11.9
8.0
15.1
13.5
32.4
32.8
7.3
8.0
14.5
9.7
26.9
-7.4
8.4
15.9
9.4
5.4
26.1
35.4
9.0
15.2
15.8
11.2
NOTE. Quantities are measured in chained (1996) dollars.
1. Selected categories are shown below.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
national income and product accounts; and the Federal Reserve Board.
Income
Net investment income is the difference between
the amount that U.S. residents earn on their direct
and portfolio investments abroad (receipts) and the
amount that foreigners earn on their direct and portfolio investments in the United States (payments). 4
Data revised in light of the results of the Benchmark
Survey of U.S. Ownership of Foreign Long-Term
Securities indicate that net investment income turned
negative in 1998 for the first time since 1914
(table 8). Reflecting the large and persistent current
account deficits over the past two decades, foreign
assets in the United States have grown more rapidly
than U.S. assets abroad. However, net investment
income remained positive long after the net investment position became negative because foreign direct
investment in the United States has earned a far
lower rate of return than U.S. direct investment
abroad (chart 6).
4. An investment is considered direct if a single owner or affiliated
group acquires 10 percent or more of the voting equity in a company.
All other U.S. claims on foreigners or foreign claims on the United
States are included in the portfolio investment category.
310
Federal Reserve Bulletin • May 2000
8. U.S. net investment income, 1995-99
Billions of dollars
1995
1998
1997
1996
24
Item
1999
Change,
1998 to 1999
Portfolio investment income, net
Receipts
Payments
8
-7
-19
-12
68
103
36
69
116
47
59
103
43
58
117
58
-1
14
15
-40
114
154
Direct investment income, net
Receipts
Payments
22
64
96
32
Investment income, net
-46
120
166
-61
141
202
-66
154
220
-78
155
233
-11
2
13
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
U.S. international transactions accounts.
In 1998, the net investment income balance
became negative because receipts from U.S. direct
investment abroad declined and the negative balance
on portfolio investment increased. In 1999, a large
decline in the balance on portfolio investment,
coupled with a modest decrease in net direct investment income, resulted in a significant widening of the
negative investment income balance.
Direct Investment Income
Net direct investment income—the difference
between direct investment receipts from U.S. direct
investment abroad and U.S. payments on foreign
direct investment in the United States—decreased
slightly in 1999, as the dollar increase in payments
exceeded the increase in receipts (table 8).
Income on U.S. direct investment abroad has
tended to increase with the growth of U.S. investments although it has also varied with economic
conditions abroad; the decreases in receipts in 1991
6.
U.S. net international investment:
Position and receipts, 1980-99
and 1998, in particular, were attributable to weak
economic conditions in key countries for U.S. investment (chart 7). In 1999, direct investment receipts
rose sharply, to $117 billion, because of the recovery
of foreign economic growth, continued large additions to holdings by U.S. investors, and the surge in
oil prices (about 10 percent of U.S. direct investment
abroad is in petroleum operations).
Strong economic growth in Mexico, Canada, and
Western Europe (areas that account for almost twothirds of U.S. direct investment abroad) contributed
to the robust increase in receipts in 1999. The economic recovery in Asia (which accounts for slightly
more than 10 percent of U.S. direct investment
abroad) coincided with a strong rebound in direct
investment receipts, especially from Japan, Hong
Kong, and Malaysia. Receipts from Latin America,
excluding Mexico, were flat; a significant downturn
in profits from Brazil was offset by increases elsewhere, most notably Panama and Chile. Given the
recovery of economic growth and the surge in oil
7
Billions of dollars
•
u s
- d i r e c t investment abroad:
Position and receipts, 1980-99
Billions of dollars
Billions of dollars
Net income
40
+
0
Billions of dollars
Receipts from U.S. investments abroad
1,200
1,000
800
40
600
80
400
120
200
+
1 M I 1! I I 1 I I I I I 1 i I I I I M
1980
1985
1990
1995
NOTE. The net position data are averages of the end-of-year positions for the
current and previous years. The year-end position for 1999 was constructed by
adding the recorded portfolio investment flows during 1999 to the recorded
year-end position for 1998. The net position excludes U.S. gold holding and
foreign holdings of U.S. currency.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis; and
the Federal Reserve Board.
Position
0
I Mill
M I I I I I I I I I
1980
1985
1990
I I I I- I 1
1995
NOTE. The position data are averages using the current-cost measures as of
year-end for the current and previous years. The year-end data for 1999 were
constructed by adding the recorded direct investment capital flows and current
cost adjustment during 1999 to the recorded year-end position for 1998.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis; and
the Federal Reserve Board.
U.S. International Transactions in 1999
prices, it is surprising that the overall rate of return on
U.S. direct investment abroad increased only slightly
in 1999—to 9.7 percent (calculated using the receipts
and position data that appear in chart 7); this figure is
considerably below the 11.9 percent earned in 1997.
Income payments on foreign direct investment in
the United States, after falling in 1998, increased
more than 30 percent in 1999 (table 8). Direct investment payments have not always kept pace with the
growth of foreign direct investment in the United
States; in the 1980s the direct investment position
increased substantially, but payments showed no
upward trend (chart 8). Since the early 1990s,
payments have increased smartly, in line with
the increased profitability of U.S. corporations. The
robust increase in 1999 resulted from both the bright
profits picture for the U.S. economy and the massive
acquisitions undertaken by foreign direct investors in
1998 and again in 1999. The overall rate of return on
a current cost basis rose significantly, from 5.3 percent to 5.7 percent, but is still well below both the
1997 return of almost 6.5 percent and the current
return on U.S. direct investment abroad.
The balance on direct investment income remains
positive because of the positive net direct investment
position and the large differential in the rates of
return on U.S. direct investment abroad and foreign
direct investment in the United States. While the
reasons for the differential in the rates of return are
not well understood, age-related factors appear to be
important: Foreign direct investment in the United
States is typically newer than US. direct investment
abroad and is hence more likely to be incurring
startup and restructuring costs and less likely to have
Foreign direct investment in the United States:
Position and payments, 1980-99
Billions of dollars
Billions of dollars
1,000
100
800
80
600
60
400
40
Position
200
+
20
+
Payments to foreign investors in the United States
311
9. Net portfolio investment: Position and income, 1980-99
Bitlions of dollars
Billions of dollars
200
20
40
1980
1985
1990
1995
NOTE. The net position data are averages of the end-of-year net positions for
the current and previous years. The year-end position for 1999 was constructed
by adding the recorded portfolio investment flows during 1999 to the recorded
year-end position for 1998.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis; and
the Federal Reserve Board.
reaped the benefits of experience. However, last year,
as in 1998, the positive balance on net direct investment income did not offset the negative balance on
net portfolio investment income.
Portfolio Investment Income
Portfolio investment income consists of dividends
and interest paid on a wide range of claims and
liabilities. Receipts and payments are estimated
by the Bureau of Economic Analysis (BEA) of the
Department of Commerce based on estimates of holdings, dividend-payout ratios, and interest rates.
Investment income does not include capital gains
associated with changes in securities prices. The balance on portfolio income has been in deficit since
1985, and its size has broadly mirrored the net portfolio investment position (chart 9).
In 1998, net payments did not grow nearly so fast
as the net liability position because interest rates fell
and rapidly rising equity prices in the United States
increased the value of foreign holdings of U.S. equities without a commensurate increase in dividend
payments. This can be seen by the narrowing gap
between the bars (the position) and the line (net
income) in chart 9. In 1999, a further decline in
interest rates and an increase in equity prices again
damped the increase in net payments relative to the
deterioration of the net position.
I I 1 I I I I I I 1 I I II II 1 I I
1980
1985
1990
1995
NOTE. The position data are averages using the current-cost measures as of
year-end for the current and previous years. The year-end data for 1999 were
constructed by adding the recorded direct investment capital flows and currentcost adjustment during 1999 to the recorded year-end position for 1998.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis; and
the Federal Reserve Board.
The 1997 Benchmark Survey of U.S.
of Foreign Long-Term
Securities
Ownership
The data on net portfolio investment income were
recently revised to take into account the newly avail-
312
9.
Federal Reserve Bulletin • May 2000
U.S. holdings of foreign long-term securities, by country of issuer, December 31, 1997
Billions of U.S. dollars except as noted
Bonds
Equities
All securities
Country or area
Amount
Percent
Amount
Percent
Amount
Percent
547
100
1,208
100
1,755
100
107
209
54
13
20
38
10
2
71
736
218
107
6
61
18
9
177
945
272
120
10
54
15
7
Latin America
Mexico
93
29
17
5
95
35
8
3
188
64
11
4
Caribbean financial centers 2
22
4
51
4
72
4
Asia
Japan
73
30
13
5
213
136
18
11
286
166
16
9
Total
1
Canada
Europe
United Kingdom
Netherlands
1. Selected regions and countries are shown below.
2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands
Antilles, and Panama.
able results of the Treasury Department's Benchmark
Survey of U.S. Ownership of Foreign Long-Term
Securities, conducted as of year-end 1997. The previous benchmark survey had been conducted as of
March 1994.
A comparison of the two benchmark surveys indicates that, between surveys, official statistics significantly underestimated U.S. portfolio holdings of foreign equities and long-term debt instruments (those
with original maturities greater than one year). The
1997 survey measured U.S. holdings of foreign securities 21 percent higher than predicted by the 1994
survey and subsequent transactions data adjusted for
prices and exchange rates.5 Based on preliminary
results from the 1997 survey, BEA increased its
estimate of U.S. holdings of foreign assets, thereby
increasing its estimate of U.S. investment income
earned abroad and reducing the estimated deficit in
the balance of payments accounts. Further adjustments will be made this year with the release of final
data.
The benchmark survey offers a snapshot of U.S.
holdings of foreign securities at year-end 1997. At
that time, US. holdings of foreign long-term securities totaled $1,755 billion (table 9). U.S. holdings
were widespread—fifty-four countries attracted at
least $1 billion in U.S. investment—but relatively
concentrated, with 67 percent of total investment
occurring in ten countries. The United Kingdom,
with some $272 billion in U.S. investment, was the
5. The data on U.S. international capital flows are collected regularly by the Treasury International Capital (or TIC) Reporting System;
they cover only transactions (that is, purchases and sales of securities),
not holdings. Between benchmark surveys of U.S. holdings of foreign
securities, which have occurred in 1943, 1994, and 1997, BEA uses
the TIC transactions data, along with estimates of price and exchange
rate changes, to estimate holdings.
SOURCE. U.S. Department of the Treasury.
country of choice for U.S. investors, followed by
Canada, Japan, the Netherlands, and Germany. U.S.
investors held considerably more foreign equities
than foreign debt securities, with $1,208 billion
invested in equities and $547 billion in debt. The
Treasury Department estimates that, until 1987, U.S.
investors held more foreign debt securities than foreign equities.
The survey showed that U.S. holdings of foreign
securities doubled between March 1994 and December 1997. Many studies find that net purchases of
foreign equity in a particular market are positively
related to the expected equity returns in that market—
that is, local market conditions matter. Information
asymmetries likely also matter, however, as a closer
look at the types of foreign equities that U.S. investors are holding reveals. When investing directly in a
foreign market, U.S. investors must glean information
produced by accounting practices that may differ
from general U.S. accounting practices. However,
foreign stocks that are listed on U.S. exchanges,
either directly or as exchange-traded American
Depositary Receipts (ADRs), must conform to general U.S. accounting practices, thereby reducing the
information costs to the U.S. investor.6 In fact, U.S.
investors seem to prefer foreign equities that trade
on U.S. exchanges: About 30 percent of the foreign equities held by U.S. investors trade on U.S.
exchanges. Moreover, the fact that shares of Dutch
companies make up many of the largest exchangetraded ADR programs helps to explain the apparent
6. ADRs, specifically marketed to U.S. investors, are receipts for
shares of stock in foreign companies that are held in a custodial
account by or for a U.S. bank. These receipts are then traded on U.S.
securities exchanges in U.S. dollars. ADRs entitle the owners to all
dividends, capital gains or losses, and voting rights just as if they
directly owned the underlying shares.
U.S. International Transactions in 1999
313
10. Composition of U.S. capital flows, 1995-99
Billions of dollars
Item
1995
Official capital, net
1997
1998
1999
-114
Current account balance
1996
-129
-144
-221
-339
99
Private capital, net
Net inflows reported by U.S. banking offices
Securities transactions, net
Private foreign net purchases of U.S. securities
Treasury securities
Corporate and other bonds
Corporate stocks
U.S. net purchases of foreign securities
Bonds
Stocks
Stock swaps
Direct investment, net
Foreign direct investment in the United States
U.S. direct investment abroad
133
17
-29
53
110
-10
-1
127
7
-1
18
-1
0
-22
-7
0
45
9
0
38
Foreign official assets in the United States
U.S. official reserve assets
Other U.S. government assets
61
269
239
325
-45
95
-75
169
4
254
16
161
6
206
195
100
82
14
285
155
119
11
343
146
128
69
264
46
171
48
304
-22
231
95
-100
-50
-50
0
-116
-56
-60
0
-89
-47
-42
0
-103
-25
-78
-86
-98
0
-98
-114
-40
60
-100
-4
89
-93
-1
109
-110
61
193
-133
130
283
-152
Foreign holdings of U.S. currency
12
25
17
22
Other
14
-41
-13
-16
-40
-24
-66
-143
10
-39
Statistical discrepancy
17
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
U.S. international transactions accounts.
overweighting of Dutch stocks in U.S. portfolios.
Dutch stocks make up 9 percent of U.S. investors'
foreign equities portfolios but less than 4 percent of
the market capitalization outside the United States.
In U.S. investors' foreign debt portfolios, 58 percent of the foreign debt is dollar-denominated. While
U.S. investors seek the higher returns of foreign debt,
generally they try to avoid direct currency risk,
although in doing so they are subject to increased
credit risk.
FINANCIAL AND CAPITAL
TRANSACTIONS
ACCOUNT
As described in footnote 1, the capital account has
recently been redefined. It now consists mainly of
debt forgiveness and transfers of goods and financial
assets by migrants as they enter or leave the country.
Transactions in the new capital account are quite
small in the U.S. data (table 1) but are much larger for
some developing countries.
The new financial account, previously termed the
capital account, consists of private and official capital
flows. In time, these may come to be called financial
flows, but in general they are still referred to as
capital flows.
U.S. capital flows in 1999 reflected the relatively
strong cyclical position of the U.S. economy and the
global wave of corporate mergers. Net private capital
inflows reached $325 billion in 1999, a sharp acceleration from their robust pace of 1998, to exceed the
record total set in 1997 (table 10). The faster pace
was due mainly to record capital inflows; capital
outflows, both direct and portfolio, remained at their
high levels of the past few years.
Net foreign purchases of U.S. securities were
strong in 1999, reaching $304 billion. Underneath the
near-record amount lay a significant shift in the composition. U.S. budget surpluses reduced the supply of
U.S. Treasury securities, and government-sponsored
enterprises such as Fannie Mae and Freddie Mac,
as well as some large U.S. corporations, strove to fill
the void by issuing "benchmark" or "reference"
debt that mimics many of the attributes of Treasury
securities. Private foreigners on net sold $22 billion
in U.S. Treasury securities in 1999, the first year of
foreign net sales since 1990. These were more than
offset by a pickup in foreign purchases of their nearest substitutes—agency bonds and corporate bonds.
Foreign purchases of agency bonds reached $74 billion in 1999, and foreign purchases of corporate
bonds reached $158 billion; purchases of both types
of bonds were significantly higher than the previous
314
Federal Reserve Bulletin • May 2000
record levels recorded in 1998. Private foreign purchases of U.S. stocks also reached record levels
($95 billion) in 1999.
Foreign direct investment flows into the United
States were also extremely robust in 1999, easily
surpassing the record inflow set in 1998. As in 1998,
direct investment inflows were elevated by several
large mergers, the largest of which was the Vodafone
AirTouch deal. These mergers left their imprint on
other parts of the capital account as well. In the past
two years, many of the largest mergers have been
financed by swapping equity in the foreign acquiring
firm—which has usually been European—for equity
in the U.S. firm that is being acquired. The BEA
estimates that, through this mechanism, U.S. residents acquired $114 billion of foreign equity in 1999.
It is likely that to rebalance their portfolios, U.S.
investors subsequently sold a significant portion of
the equity acquired through stock swaps. On net, U.S.
residents acquired large amounts of Japanese and
European equities in 1999.
U.S. residents made modest net purchases of foreign bonds in 1999. U.S. direct investment flows
abroad also reflected the global wave of merger activity in 1999 and exceeded their record level of 1998.
Net official capital inflows picked up in 1999,
reaching $53 billion, a marked increase over 1997
and 1998 but far below the record level of $133 billion set in 1996. Foreign official assets in the United
States increased $45 billion after a moderate decline
in 1998. The 1998 decline in foreign official assets in
the United States was fairly widespread, as many
countries found their currencies under unwanted
downward pressure during the turmoil. In contrast,
the increase in foreign official reserves in the United
States in 1999 was fairly concentrated, as a relatively
few countries experienced unwanted upward pressure
on their currencies vis-a-vis the U.S. dollar. In particular, increases in Japanese reserves in the United
States, which were associated with intervention in the
foreign exchange market, more than accounted for
the overall increase in 1999.
With net recorded capital inflows to the United
States exceeding the large current account deficit in
1999, the U.S. international accounts recorded a negative statistical discrepancy, after a small positive discrepancy in 1998 and an extremely large negative
one in 1997. A negative discrepancy indicates that
net payments in the current account or net outflows
in the financial account have been unrecorded. For
example, illegal drug imports would contribute to a
negative discrepancy, as would unrecorded investments abroad by U.S. residents or overstated investments in the United States by foreigners. Inadequacies in the data on trade in services also confound the
international accounts, although the effect on the
discrepancy is not clear. Given the severity of the
swings in the discrepancy over the past few years,
the negative discrepancy in 1999 was likely caused
by overstated capital inflows.
PROSPECTS
FOR
2000
Domestic spending may well continue to outstrip
domestic production and increase the current account
deficit. But adjustments that should slow the process
are also at work. If recovery in foreign economies
stays on course, U.S. exports should continue to
expand. The sharp appreciation of the dollar in 1997
and 1998 should have a diminished effect on U.S.
trade; without further dollar appreciation, the price
competitiveness of U.S. goods should improve, a
change that would tend to reduce the deficit. Net
investment income is likely, however, to continue to
increase the current account deficit, as the large
excess of foreign assets in the United States above
U.S. assets abroad implies that foreign investors
should continue to earn more in the United States
than U.S. investors earn in other countries.
•
315
Industrial Production and Capacity Utilization
for March 2000
Released for publication
April 14
Industrial production increased 0.3 percent in March
after having increased an average of V percent in the
2
previous three months. At 142.0 percent of its 1992
average, industrial production in March was 5.1 percent higher than in March 1999. For the first quarter
as a whole, the total index increased at an annual rate
of 6.4 percent, up from a gain of 5.3 percent in the
fourth quarter. The acceleration in the first quarter
reflects a rebound in the output of utilities, which had
fallen sharply in the fourth quarter. Although manufacturing output expanded slightly less rapidly in the
first quarter than in the fourth, it increased at a rate
still well above the average for 1998 and 1999. The
rate of capacity utilization for total industry edged
down in March to 81.4 percent, a level about xh percentage point below its 1967-99 average.
Industrial production and capacity utilization
Ratio scale, 1992= 100
Percent of capacity
140
130
120
110
100
1990
1992
1994
1996
1998
2000
Industrial production, market groups
Ratio scale, 1992= 100
Ratio scale, 1992= 100
155
145
135
125
115
105
95
190
205
175
190
175
160
160
145
145
130
130
115
115
100
85
1990
1992
1994
1996
1998
2000
100
85
1990
1992
All series are seasonally adjusted. Latest series, March. Capacity is an index of potential industrial production.
1994
1996
1998
2000
316
Federal Reserve Bulletin • May 2000
Industrial production and capacity utilization, March 2000
Industrial production, index, 1992=100
Percentage change
Category
1999
2000
2000 1
1999'
Dec/
Jan.
Total
140.1
Previous estimate
140.2
Major market groups
Products, total 2
Consumer goods
Business equipment
Construction supplies
Materials
Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities
r
Mar. 1999
to
Mar. 2000
Feb/
Mar.P
Dec/
Jan/
Feb/
Mar.P
141.5
141.6
142.0
.5
1.0
.1
.3
5.1
141.7
142.1
.5
1.1
.3
128.5
118.1
175.5
134.9
159.7
130.0
119.2
179.4
136.5
160.8
130.2
119.2
180.0
136.6
161.0
130.3
119.0
181.5
136.5
162.0
.4
.4
.3
.5
.5
1.2
.9
2.2
1.1
.7
.1
.0
.3
.1
.1
.1
-.2
.9
-.1
.6
3.4
2.0
8.4
3.6
7.8
145.6
178.4
113.7
99.5
113.5
146.8
181.0
113.8
99.9
117.7
147.0
181.2
113.9
99.1
118.6
147.6
182.5
113.9
100.0
115.7
.4
.6
.1
-.2
2.4
.8
1.4
.0
.5
3.7
.1
.1
.1
-.9
.8
.4
.8
.0
1.0
-2.5
5.7
8.6
1.9
2.6
-.9
MEMO
Capacity utilization, percent
Capacity,
percentage
change,
Mar. 1999
to
Mar. 2000
1999
71.1
Dec/
Jan/
Feb/
Mar.P
80.5
81.1
81.6
81.5
81.4
3.8
81.1
82.0
Total
Low,
1982
1999
Mar.
Average,
1967-99
81.7
81.7
85.4
80.3
79.2
83.9
82.8
88.4
80.7
79.7
83.9
83.3
91.6
80.6
79.5
83.9
82.7
92.3
80.6
79.5
84.0
83.6
89.9
4.3
5.2
2.0
-.6
1.3
Previous estimate
Manufacturing
Advanced processing
Primary processing .
Mining
Utilities
81.1
80.5
82.4
87.3
87.5
69.0
70.4
66.2
80.3
75.9
85.7
84.2
88.9
88.0
92.6
NOTE. Data seasonally adjusted or calculated from seasonally adjusted
monthly data.
1. Change from preceding month.
MARKET
GROUPS
The output of consumer goods edged down 0.2 percent in March, as an increase of 0.4 percent in the
production of durable consumer goods was more than
offset by a decline in the production of nondurables.
The gain in the production of durable consumer
goods mostly reflected a 0.7 percent rebound in the
output of automotive products. The output of other
consumer durable goods edged up 0.1 percent in
February and March after having posted sizable gains
in the previous two months. The production of nondurable non-energy consumer goods slipped 0.2 percent in March, as solid gains in the production of
consumer chemicals and paper products were mostly
offset by declines in the output of foods and tobacco
and of clothing. The output of consumer energy
products, which fell back 1.6 percent, was pushed
down by a decrease in utilities' sales to residences.
The production of business equipment increased
0.9 percent, advancing at about the same pace that it
2000
High,
1988-89
79.6
78.5
82.9
80.9
91.9
2. Contains components in addition to those shown,
r Revised,
p Preliminary.
had averaged in the previous three months. The production of information processing and related equipment increased 2.0 percent on the strength of gains
in the output of communications equipment and
computers. The production index for the "other
equipment" category also posted a strong gain that
reflected a sharp increase in the output of farm
machinery and equipment; even so, output for this
category has only partially recovered from its steep
drop in the first half of last year. The output of transit
equipment fell again in March because of continued
declines in the production of commercial aircraft and
reductions in the production of medium and heavy
trucks. The production of industrial equipment fell
back 0.7 percent, retracing the gain in February;
some of the decrease reflected a decline in the output
of construction machinery, which had posted substantial increases in the previous three months.
The production index for construction supplies
edged down 0.1 percent and remains close to its
recent peak in January; it was up 5.0 percent (annual
Industrial Production and Capacity Utilization
rate) in the first quarter, a rise similar to the gain in
the fourth quarter of last year. The output of materials
was up 0.6 percent in March, slightly more than
the average gain in the preceding three months. The
output of durable goods materials rose 0.8 percent,
with another strong increase in equipment parts, particularly semiconductors. The output indexes for nondurable goods materials and for energy materials rose
0.2 percent.
INDUSTRY
GROUPS
Manufacturing output rose 0.4 percent in March, led
by gains in the production of durable goods; the
production of nondurable goods, which had risen
sharply in the fourth quarter, has been little changed
since the end of last year. Among durable goods,
which accelerated to an annual rate of 9.7 percent in
317
the first quarter, continued increases in the production
of high-technology goods accounted for most of the
overall gain. In particular, more rapid output of communications equipment contributed importantly to
the acceleration. The output of nondurables advanced
at an annual rate of only 1.6 percent in the first
quarter. The production of food, paper, printing, and
chemicals all decelerated between the fourth and first
quarters.
The factory operating rate, at 80.6 percent, was
unchanged. The utilization rate for primaryprocessing industries increased slightly, to 84.0 percent, while that for advanced-processing industries
remained at 79.5 percent.
The output of utilities fell back 2.5 percent because
of unseasonably warm weather; the operating rate
at utilities fell to 89.9 percent. Mine production
increased 1.0 percent, more than reversing the decline
in February.
•
318
Statements to the Congress
Statement by Alan Greenspan, Chairman, Board of
Governors of the Federal Reserve System, before the
Special Committee on Aging, U.S. Senate, March 27,
2000
I am pleased to be here today as you begin your
discussion of using general revenue transfers to shore
up social security and Medicare. A thorough consideration of the options available for placing these
programs on a firmer fiscal footing is essential given
the pressures that loom in the not-too-distant future. I
commend the committee for your efforts to advance
this important discussion.
As you are well aware, the dramatic increase in the
number of retirees relative to workers that is set to
begin in about ten years makes our pay-as-you-go
social security and Medicare programs, as currently
constituted, unsustainable in the long run. Eventually,
social security and Medicare will have to undergo
reform. The goal of this reform must be to increase
the real resources available to meet the needs and
expectations of retirees without blunting the growth
in living standards among our working population
and, presumably without necessitating sizable reductions in other government spending programs.
The only measures that can accomplish this goal
are those aimed at increasing the total amount of
goods and services produced by our economy. As
I have argued many times before, any sustainable
retirement system—private or public—requires that
sufficient resources be set aside over a lifetime of
work to fund an adequate level of retirement consumption. At the most rudimentary level, one could
envision households saving by actually storing goods
purchased during their working years for consumption during retirement. Even better, the resources that
would have otherwise gone into the stored goods
could be diverted to the production of new capital
assets, which would cumulatively produce an even
greater quantity of goods and services to be consumed in retirement.
From this perspective, it becomes clear that
increasing our national saving is essential to any
successful reform of social security or Medicare. The
impressive improvement in the budget picture since
the early 1990s has helped greatly in this regard. And
it appears that both the Administration and the Con
gress have wisely chosen to wall off the bulk of the
unified budget surpluses projected for the next several years and allow it to build. This course would
boost saving, raise the productive capital stock, and
thus help provide the wherewithal to meet our future
obligations.
The idea that we should stop borrowing from the
social security trust fund to finance other outlays has
gained surprising—and welcome—traction. It has
established, in effect, a new budgetary framework
that is centered on the on-budget surplus and the way
it should be used. The focus on the on-budget surplus
measure is useful because it offers a clear objective
that should help to strengthen budgetary discipline.
Moreover, it moves the budget process closer to
accrual accounting, the private-sector norm, and—I
believe—a sensible direction for federal budget
accounting.
Under accrual accounting, benefits would be
counted when they are earned by workers rather than
when they are paid out. Under full accrual accounting, the social security program would have shown a
substantial deficit last year. So would have the total
federal budget. To the extent that such accruals are
not formally accounted for in the unified budget—as
they generally are not—we create contingent liabilities that, under most reasonable sets of assumptions,
currently amount to many trillions of dollars for
social security benefits alone. The contingent liabilities implicit in the Medicare program are much more
difficult to calculate—but they are likely also in the
trillions of dollars. For the federal government as a
whole, an accrual-based budget measure would
record noticeable unified budget deficits over the next
few years and increasing, rather than decreasing,
implicit national indebtedness.
The expected slowdown in the growth of the labor
force, the direct result of the decrease in the birth rate
after the baby boom, means that financing our debt—
whether explicit debt or the implicit debt represented
by social security and Medicare's contingent
liabilities—will become increasingly difficult. I
should add, parenthetically, that the problem we face
is much smaller than that confronting the more rapidly aging populations of Europe and Japan. Nonetheless, pressures will mount, and I believe that the
growth potential of our economy is best served by
319
maintaining the unified budget surpluses presently in
train and thereby reducing Treasury debt held by the
public. The resulting boost to the pool of domestic
saving will help sustain the current boom in
productivity-generating investment in the private sector. Indeed, if productivity growth continues at its
recent pace, our entitlement programs will be in
much better shape. Saving the surpluses—if politically feasible—is, in my judgment, the most important fiscal measure we can take at this time to foster
continued improvements in productivity.
The vehicle through which we save our surpluses
is less important than the fact that we save them. One
method that has been proposed, and that is the focus
of today's hearing, is to transfer general revenues
from the on-budget accounts to the social security
trust fund. These transfers in themselves do nothing
to the unified budget surplus. The on-budget surplus
is reduced, but the off-budget surplus increases commensurately. The transfers have no effect on the debt
held by the public and, hence, no direct effect on
national saving. But transferring monies from the
on-budget to the off-budget social security accounts
could make it politically more likely that the large
projected unified surpluses will, in fact, materialize.
Given that our record of sustaining surpluses for
extended periods of time is not good, any device that
might accomplish this goal is worth examining.
Using general revenues to fund social security is an
idea that has been considered previously but rejected.
Indeed, the commission that I chaired in 1983 was
strongly opposed, for a variety of reasons, to the
notion of using general revenues to shore up social
security. One argument was that using general revenues would blur the distinction between the social
security system, which was viewed as a social insurance program, and other government spending
programs.
Both social security and, for that matter, Medicare
part A are loosely modeled on private insurance
systems, with benefits financed out of worker contributions. Like private insurance systems, they are
intended to be in long-term balance. But the standard
adopted for social security and Medicare part A—that
taxes and other income are to be sufficient to pay
benefits for seventy-five years—falls short of the
in-perpetuity full funding standard of private pension
plans, and, in many years, social security and Medicare have not met even this less stringent standard.
Furthermore, the requirement that social security
and Medicare be in long-term balance does not mean
that each generation gets in benefits only what it
contributed in taxes plus earnings. Indeed, most
social security beneficiaries to date have received far
higher rates of return on their contributions than that
available, for example, on U.S. Treasury securities.
But the reduction in the birth rate after the baby
boom and the continued increase in life expectancy
beyond age sixty-five mean that the social security
system will no longer provide workers with such high
returns.
Although the analogy between social security and
private insurance has never been that tight, the perception of social security as insurance has been widespread and quite powerful. Many supporters of social
security feared that breaking the link between payroll
taxes and benefits by moving to greater reliance on
general revenue financing would transform social
security into a welfare program.
But now, when payroll taxes are no longer projected to be sufficient to pay even currently legislated
benefits, moving toward a system of general revenue
finance raises the concern that the fiscal discipline of
the current social security system could be reduced.
Once the link between payroll taxes and social security benefits is broken, the pressure to reform the
social security system may ease, particularly in this
environment of budget surpluses. For example, Medicaid and Medicare part B—both of which will face
increasing demands as the population ages—are
already financed with general revenues, and, consequently, there has been much less pressure to date to
reform these programs.
The availability of general revenue finance when
the baby boom generation begins to enter retirement
and press on our overall fiscal resources could make
it more difficult to argue for program cuts, regardless
of their broader merits. As I have testified on many
previous occasions, there are a number of social
security benefit reforms—such as extending the age
of full retirement benefit entitlement and indexing it
to longevity, altering the benefit calculation bend
points and adjusting annual cost-of-living escalation
to a more accurate measure—that should be given
careful consideration. The potential for enhancing
efficiency by restructuring the Medicare program is
probably even greater than in social security. Relaxing fiscal discipline in the Medicare program by
expanding the use of general revenues before the
underlying program has been tightened could take the
steam out of efforts to improve the way health services are delivered.
That said, I think it is important to note that most
government programs are funded through general
revenues, so allowing general revenues to finance
some of social security or Medicare part A is clearly
an idea that would not necessarily eliminate all fiscal
responsibility. It might be feasible, for example, to
320
Federal Reserve Bulletin • May 2000
legislate temporary general revenue transfers that
would end long before the baby boom generation
starts to retire, without opening the possibility of
completely eliminating the need for program cuts in
social security or changes to Medicare.
It is, of course, difficult to predict the political and
economic environment that will be facing policymakers fifteen or twenty years in the future. Legislation
passed today that affects the distribution of resources
between future workers and retirees could easily be
changed later. That is why the most important deci-
sion facing policymakers today is not about the distribution of future resources but about the level of
future resources available for future workers and
retirees. The most effective means of raising the level
of future resources, in my judgment, is to allow the
budget surpluses projected in the coming years to be
used to pay down the nation's debt. The Congress
and the Administration will have to decide whether
transferring general revenues to the entitlement programs is the best way to preserve the surpluses, or
whether better mechanisms exist.
Statement by Louise L. Roseman, Director, Division
of Reserve Bank Operations and Payment Systems,
Board of Governors of the Federal Reserve System,
before the Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, U.S. House of Representatives, March 28, 2000
tion. Each year the Federal Reserve Board determines
the need for new currency and submits an order to the
Treasury's Bureau of Engraving and Printing (BEP).
Typically, more than 80 percent of the new currency
replaces currency destroyed by the Reserve Banks
because it is unfit for further circulation. The remainder is printed to meet expected increases in the
demand for currency. The Federal Reserve pays the
BEP the cost of printing new currency and arranges
and pays the cost of transporting the currency from
the BEP facilities to the Federal Reserve cash offices.
The Federal Reserve distributes new and fit currency into circulation, detects counterfeits, and
destroys unfit currency. When a depository institution
orders currency from a Federal Reserve Bank, the
Bank provides the requested shipment to an armored
carrier arranged by the depository institution and
charges the depository institution's account (or the
account of the bank that acts as its settlement agent)
for the amount of the order. Similarly, when a depository institution returns excess currency to the Federal
Reserve, it receives a corresponding credit to its
account. The deposited currency is stored in secure
vaults until it is verified on a note-by-note basis by
processing on very sophisticated equipment. During
this verification, deposited currency is counted for
accuracy, counterfeit notes are identified, and unfit
notes are destroyed. The fit currency is returned to
the secure vault and is used to fill future currency
orders.
Federal Reserve notes in circulation are recorded
as a liability on the Federal Reserve's balance sheet.
The Federal Reserve, as required by law, pledges
collateral (principally U.S. Treasury securities) equal
to the face value of currency in circulation. Each day,
as orders are filled and deposits are received, the
Federal Reserve determines the net change and takes
any necessary action to ensure the currency is fully
collateralized.
Thank you for the opportunity to comment on a
variety of issues that affect our nation's coins and
currency. The new dollar coin and the Fifty States
Commemorative Quarter program have renewed the
public's interest in coins. These changes in our coinage are occurring as the Treasury Department prepares to release new $5 notes and $10 notes later this
spring, completing the design series that began with
the $100 note in 1996. Before I address the issues
raised by the subcommittee, it may be useful first
to describe briefly how the Federal Reserve, as the
nation's central bank, issues, distributes, processes,
and accounts for currency and coin.
ROLE OF THE FEDERAL
RESERVE
The Federal Reserve provides cash services to more
than 9,600 of the 22,000 banks, savings and loans
associations, and credit unions in the United States to
carry out its responsibility under the Federal Reserve
Act "to furnish an elastic currency." The remaining
institutions choose to obtain their cash through correspondent banks rather than directly from the Federal
Reserve.
CURRENCY
Federal Reserve notes account for about 95 percent
of the $564 billion of currency and coin in circula
Statements to the Congress
321
The Federal Reserve's role in coin operations is more
limited than its role in currency. The Mint determines
the annual coin production and monitors Federal
Reserve coin inventories weekly to identify trends in
coin demand. To help the Mint plan, the Reserve
Banks in March provide the Mint with their projected
monthly coin orders for the next fiscal year. In addition, the Reserve Banks provide preliminary estimates of their coin needs for the two following fiscal
years. The Federal Reserve buys coin from the Mint
at face value, and the Mint pays the expense of
transporting the coin from its production facilities to
the Reserve Banks.
The Federal Reserve's coin operations consist primarily of storage and distribution but not processing
because coins do not require fitness sorting. In addition to the Federal Reserve offices, Reserve Banks
use more than 100 additional sites, known as coin
terminals, to handle nearly 80 percent of the Federal
Reserve's coin volume. Coin terminals, which are
generally operated by armored carriers, reduce the
transportation required and make the coin distribution system more efficient. Many retailers and depository institutions need to have coin wrapped, a service
provided by armored carriers. Depository institutions
order and deposit coin, like currency, to meet customer demand, and the Reserve Banks adjust the
appropriate bank's account accordingly. Rather than
piece-verify coin deposits, the Reserve Banks and the
coin terminals generally weigh coin bags to verify the
value of coin received. The Reserve Banks account
for the coin in their vaults and at the coin terminals as
an asset on their balance sheets.
tion from pennies to higher-denomination coins to
avoid shortages there. Faced with coin orders that
exceeded the Mint's near-term production capabilities, the Federal Reserve centralized its management
of coin inventories in a single office. Centralized
management has allowed the Federal Reserve to
coordinate better with the Mint to distribute new
coins equitably and balance coin inventories across
Federal Reserve sites. In addition, the Mint and the
Federal Reserve have encouraged depository institutions to make it easier for the public to deposit coins.
We also understand that some depository institutions
shifted their coin inventories among their offices to
better meet their customers' needs in all geographic
areas they served.
Coin circulates much differently than currency.
This is especially true for pennies, which do not
circulate with the same frequency as other coin
denominations. The Mint and Federal Reserve have
experienced other periods in the 1980s and 1990s
when the demand for pennies exceeded the Reserve
Bank inventories and the Mint's production capacity.
The location of the coin, not the amount of coin, is
quite often the problem. People tend to accumulate
coins in desk drawers, jars, or on the tops of dressers.
One company identified this phenomenon as a business opportunity and placed coin collection machines
in supermarkets. In 1999, this company returned
20 billion coins to circulation.
The Federal Reserve and the Mint are working
collaboratively to better understand coin demand and
coin circulation patterns. Efforts are under way to
develop better models for forecasting coin demand
and to improve coin distribution and inventory management systems.
COIN
DOLLAR
COIN
DEMAND
During 1999, the Federal Reserve experienced exceptional demand for all denominations of coins. In
several regions, the demand for pennies, and later in
the year, for other denominations, at times exceeded
the Federal Reserve's ability to meet orders. The
average number of coins flowing out of Reserve
Banks during 1999 (minus coins flowing into Reserve
Banks) was nearly 30 percent higher than in 1998.
That number, in turn, was 27 percent higher than in
1997. The strong economy and the public's interest
in collecting state quarters were likely contributing
factors to the recent higher coin demand.
To address this situation, the Mint increased its
coin production to 20 billion coins in fiscal year 1999
from 15 billion coins in 1998. It also shifted produc
COIN
The recent introduction of the new dollar coin illustrates the Federal Reserve's role in coin distribution.
The original plan, developed last summer, called for
the Federal Reserve to begin distributing the new
dollar coin to the banking industry in March 2000.
Depository institutions, armored carriers, and the
Federal Reserve had requested this release date to
ensure that any increased currency flows around the
Y2K period had diminished before distribution and
inventory build-up efforts began for the dollar coin.
In December 1999, the Mint notified the Federal
Reserve and banking industry representatives that it
planned to enter into a corporate partnership with
Wal-Mart to promote the new dollar coin beginning
in January. Banking industry representatives objected
322
Federal Reserve Bulletin • May 2000
to a retailer's distributing the new coin before the
banking industry obtained it, and they asked that the
industry receive the new dollar coin at the same time.
The Mint and the Federal Reserve tried to accommodate the depository institutions, but the production
and distribution logistics associated with this accelerated schedule made it difficult for the Mint and the
Federal Reserve to meet depository institutions' initial orders for the dollar coin.
By January 30, the launch date for the Wal-Mart
promotion, the Mint had shipped boxes of wrapped
new dollar coins directly to Wal-Mart stores. In contrast, the Mint began limited shipments to the Federal
Reserve on January 18, but some West Coast Federal
Reserve offices did not receive the coin until January 28, two days after the coin was officially
released to the public. Additionally, Wal-Mart
received more initial supplies of the new dollar coins
than did the Federal Reserve. By February 11, the
Mint had shipped 60 million coins to Wal-Mart.
In contrast, by the same date, the Mint had shipped
51 million coins to the Federal Reserve, which we
used to begin meeting the demand for the rest of the
U.S. economy.
Once the Reserve Bank coin facilities received the
initial supply of dollar coins, the Reserve Banks
equitably distributed the unwrapped dollar coins and
partially filled depository institutions' orders through
normal armored carrier transportation routes. Depository institutions typically received the new dollar
coins several days later to allow time for the armored
carriers to wrap the coin and deliver it. Because
of the limited initial quantities of coin available to
the Federal Reserve, many community banks and
branches of large banks did not receive dollar coins
until after Wal-Mart had released them to the public.
To address the banking industry's desire to have
dollar coin inventories as soon as possible, the Federal Reserve worked closely with the Mint to develop
a direct shipment program for depository institutions.
This temporary program, managed by the Mint, is
designed to expedite delivery of limited quantities
of dollar coins to small depository institutions. We
expect that within the next few weeks the distribution
channels will catch up to initial demand and the
Federal Reserve will be able to fill all depository
institutions' orders for the new dollar coin.
ANTICOUNTERFEITING
MEASURES
Although the Secretary of the Treasury, and not the
Federal Reserve, has authority to approve currency
designs, the Federal Reserve works actively and col
laboratively with the Treasury, the Secret Service,
and the Bureau of Engraving and Printing on anticounterfeiting efforts. Counterfeit-deterrent features
in U.S. currency continue to evolve to ensure a secure
currency in which the public has confidence. Currency design changes in 1990 introduced a security
thread, microprinting, and new covert features.
The 1996 series design includes both publicly
recognizable anticounterfeiting features, such as an
enhanced security thread, a watermark, and colorshifting ink, as well as additional covert, machinereadable features. The Federal Reserve also provides
information to the Secret Service on all counterfeits
the Reserve Banks receive in its deposits, including
the most sophisticated counterfeits.
Given that about two-thirds of U.S. currency circulates overseas, we monitor and analyze international
currency flows and counterfeiting data to understand
better the international use of U.S. currency and the
incidents of U.S. currency counterfeiting in foreign
countries. The Federal Reserve maintains close contact with commercial banks that provide currency
internationally as well as with other central banks so
that we can closely monitor counterfeiting activity.
Ongoing research efforts are aimed at defending
against future counterfeiting threats, especially those
posed by continued improvements in, and the lowcost availability of, inkjet printers and computer
scanners. For instance, the Federal Reserve and the
Bureau of Engraving and Printing have devoted significant resources to a twenty-four nation effort,
through the Bank for International Settlements, to
combat color copier counterfeiting and, more
recently, the growing threat of inkjet counterfeiting.
The Federal Reserve is not active in anticounterfeiting efforts for coin. Economic loss and the number of counterfeiting incidents associated with coin
are low compared with those involving currency.
Moreover, because the Federal Reserve's coin processing operations do not include piece inspections,
our ability to detect counterfeit coin is limited.
HIGH-DENOMINATION
BANK
NOTES
The subcommittee has asked for our views on the
advantages and disadvantages of issuing U.S. bank
notes in denominations higher than $100. We considered how a higher-denomination note could enhance
the attractiveness of using U.S. currency and could
provide savings by reducing printing, processing, and
transportation costs. These benefits were weighed
against the concern that high-denomination bank
Statements to the Congress
notes could facilitate money laundering and drug
trafficking.
Demand for U.S. currency and for specific denominations is driven by many factors, including the needs
for a medium of exchange and a store of value.
Domestic demand for currency is largely transactionoriented and is influenced by income levels, prices,
and the availability of alternative payment methods.
Increases in domestic demand for high-denomination
bank notes ($50s and $100s) have been generally
modest because Americans tend to use checks, credit
or debit cards, or other noncash forms of payment
for larger-dollar transactions. The introduction of a
higher-denomination bank note saves printing and
processing costs, but only to the extent that the public
shifts its demand from $100s to larger-denomination
notes. Even if such a shift occurred, any savings
would likely be minimal without a substantial reduction in the demand for other notes—$ls through
$20s account for about 85 percent of the production
of the BEP and more than 90 percent of the Federal
Reserve's processing.
International demand for U.S. currency is influenced largely by the stability of foreign currencies,
the confidence in the U.S. dollar as a stable currency
backed by a strong economy, and the lack of any
recall of U.S. currency. As I mentioned earlier,
approximately two-thirds of U.S. currency is held
internationally, but about three-fourths of the
$100 notes in circulation are held overseas. Foreign-
323
ers use high-denomination U.S. bank notes primarily
for savings, but we also find that countries with
transitioning economic and political environments
use U.S. currency as a medium of exchange. Ultimately, we believe the strength and stability of our
economy will continue to be the primary factors
influencing international demand for U.S. currency.
Thus, the introduction of a high-denomination U.S.
bank note would likely produce minimal increases in
demand for U.S. currency.
Although there are some benefits associated with a
high-denomination bank note, the law enforcement
community has expressed concern about the disproportionate use of large-denomination bank notes
for illicit activity, including money laundering, drug
trafficking, and tax evasion. In addition to making
large-value transactions more efficient, a highdenomination note could inadvertently facilitate
illegitimate transactions by making them more efficient as well. Such concerns prompted the Canadian
government's recent proposal to cease issuing its
$1,000 bank note.
In weighing the marginal benefits of introducing
a high-denomination U.S. bank note against law
enforcement concerns about illegitimate activities,
we do not foresee any immediate need to issue highdenomination notes.
We appreciate the opportunity to share our
thoughts on these issues.
•
324
Announcements
ACTION BY THE FEDERAL OPEN MARKET
COMMITTEE AND AN INCREASE IN THE
DISCOUNT
RATE
The Federal Open Market Committee voted on
March 21, 2000, to raise its target for the federal
funds rate by 25 basis points to 6 percent. In a related
action, the Board of Governors approved a 25 basis
point increase in the discount rate to 5 Vi percent.
Economic conditions and considerations addressed
by the Committee are essentially the same as when
the Committee met in February. The Committee
remains concerned that increases in demand will
continue to exceed the growth in potential supply,
which could foster inflationary imbalances that
would undermine the economy's record economic
expansion.
Against the background of its long-run goals of
price stability and sustainable economic growth and
of the information currently available, the Committee
believes the risks are weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future.
In taking the discount rate action, the Federal
Reserve Board approved requests submitted by the
Boards of Directors of the Federal Reserve Banks of
Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis,
Kansas City, and San Francisco. Subsequently the
Board approved a similar request by the board of
directors of the Federal Reserve Bank of Dallas,
effective March 23. The discount rate is the rate
charged depository institutions when they borrow
short-term adjustment credit from their District Federal Reserve Banks.
REGULATION Z: REVISIONS
STAFF
COMMENTARY
TO THE
OFFICIAL
The Federal Reserve Board on March 24, 2000,
announced revisions to its Regulation Z (Truth in
Lending) official staff commentary, which applies
and interprets the requirements of the regulation.
The commentary revisions address cash advances
commonly called "payday loans." The Board is also
publishing technical corrections to the regulation and
commentary. The revisions are effective immediately.
Compliance is optional until October 1, 2000, when it
becomes mandatory.
AMENDMENTS TO THE INTERIM RULE
REGARDING PROCEDURES FOR ELECTING
TO BE TREATED AS A FINANCIAL
HOLDING
COMPANY
The Federal Reserve Board on March 15, 2000,
announced amendments to its interim rule regarding
procedures for bank holding companies and foreign
banks to elect to be treated as financial holding
companies. The interim rule was issued on January 19, 2000. The amendments announced on
March 15 are effective immediately.
The Board has changed the procedures for processing elections filed by foreign banks to allow the use
of the thirty-one-day notice procedure applicable to
U.S. bank holding companies. The Board based its
decision on its assessment of the comparability of the
standards used in the first elections filed by foreign
banks. Given this experience, the Board believes it
can effectively perform its statutory responsibilities
using a notice procedure. The Board also adopted
several other amendments to the interim rule.
The Board will accept comments on these amendments until April 17, 2000.
INTERIM RULE LISTING FINANCIAL
THAT WILL BE PERMISSIBLE FOR
HOLDING
COMPANIES
ACTIVITIES
FINANCIAL
The Federal Reserve Board on March 10, 2000,
approved an interim rule, effective March 11, 2000,
listing financial activities permissible for financial
holding companies under the Gramm-Leach-Bliley
Act.
The list will also help identify companies subject
to the provisions of the act governing the privacy of
customer information. The privacy provisions apply
to a company doing a financial business regardless of
whether the company is affiliated with a bank.
325
The interim rule, which amends Regulation Y
(Bank Holding Companies and Change in Bank Control), establishes procedures for financial holding
companies to engage in the listed financial activities.
It also establishes procedures by which a party may
ask the Board to list additional activities as financial
in nature or as incidental to, or complementary to, a
financial activity.
Comments are requested on the interim rule by
May 12, 2000. The Board will revise it as appropriate
after reviewing the comments.
or agency of a foreign bank and a U.S. securities
affiliate.
This interim rule will become effective on
March 11, 2000. The Board requests comments on
the interim rule by May 12, 2000, and will revise it as
appropriate after reviewing comments.
All eight of the operating standards, as well as the
Board's current 25 percent revenue test, will continue
to apply to bank holding companies that control
section 20 subsidiaries pursuant to section 4(c)(8) of
the Bank Holding Company Act.
INTERIM RULE PERMITTING QUALIFYING
STATE
MEMBER BANKS TO ESTABLISH
FINANCIAL
SUBSIDIARIES
ELECTIONS
HOLDING
The Federal Reserve Board on March 10, 2000,
announced the approval of an interim rule permitting
qualifying state member banks to establish financial
subsidiaries and thereby engage in activities that have
been determined to be financial in nature or incidental to financial activities. The interim rule establishes
a streamlined notice procedure for state member
banks that wish to acquire control of, or an interest
in, a financial subsidiary. The Board's rule parallels
that adopted by the Comptroller of the Currency for
financial subsidiaries of national banks.
The interim rule is effective on March 11, 2000,
the effective date of Title I of the Gramm-LeachBliley Act. Comments will be accepted on the interim
rule until May 12, 2000. The Board will revise the
interim rule as appropriate after reviewing the
comments.
INTERIM RULE ON OPERATING STANDARDS FOR
FINANCIAL HOLDING COMPANIES THAT HAVE
SECURITIES
AFFILIATES
The Federal Reserve Board on March 10, 2000,
approved an interim rule that would apply two of
eight operating standards that currently apply to bank
holding companies that control so-called section 20
affiliates to financial holding companies authorized
under the Gramm-Leach-Bliley Act that have securities affiliates. These two prudential provisions (1) require that intra-day extensions of credit to a securities
firm from an affiliated bank or thrift institution or
U.S. branch or agency of a foreign bank be on market
terms consistent with section 23B of the Federal
Reserve Act and (2) apply the limitations of sections 23A and 23B of the Federal Reserve Act to
certain covered transactions between a U.S. branch
TO BE TREATED AS
COMPANIES
FINANCIAL
The Federal Reserve Board on March 13, 2000,
announced that the elections to become or be treated
as financial holding companies of 117 bank holding
companies and foreign banking organizations were
effective as of that date.
The Federal Reserve Board and the Secretary of
the Treasury anticipate issuing shortly an interim rule
governing the merchant banking activities of financial holding companies. Any financial holding company that engages in merchant banking activities
will be expected to comply with the interim rule
when it becomes effective.
The Federal Reserve Board announced on
March 23, 2000, that the elections of 27 bank holding
companies and foreign banking organizations to
become or be treated as financial holding companies
were effective on that date.
As they become effective, future financial holding
company elections will be posted on the Board's
public web site at www.federalreserve.gov/
generalinfo/fhc/
INTERIM RULE GOVERNING THE MERCHANT
BANKING ACTIVITIES OF FINANCIAL
HOLDING
COMPANIES
The Federal Reserve Board and the Secretary of the
Treasury jointly announced on March 17, 2000, their
approval of an interim rule governing the merchant
banking activities of financial holding companies.
The interim rule implements the merchant banking
provisions of the Financial Modernization Act. It
includes provisions on recordkeeping and reporting;
risk-management practices; holding periods for merchant banking investments; corporate separateness
and limits on involvement in management; and limits
on exposure of financial holding companies to mer-
326
Federal Reserve Bulletin • May 2000
chant banking investments. The interim rule was
effective on March 17.
The Board also announced on March 17 that it
is seeking public comment on a proposed rule,
developed in consultation with the Secretary of the
Treasury, that would govern the regulatory capital
treatment for equity investments in nonfinancial
companies held by bank holding companies. The
proposed rule would generally impose a 50 percent
capital requirement on merchant banking investments
and certain similar investments.
Comments will be accepted on the interim rule and
the capital proposal until May 22, 2000. The interim
rule and the capital proposal will be revised as appropriate after the comments are reviewed.
INTERIM RULE ON AN ALTERNATIVE TO
THE DEBT RATING REQUIREMENT FOR
ESTABLISHING FINANCIAL
SUBSIDIARIES
The Federal Reserve Board and the Secretary of
the Treasury on March 14, 2000, announced their
approval of an interim rule, effective March 14, 2000,
establishing alternative criteria for debt ratings that
certain large banks may satisfy to establish a financial
subsidiary under the Financial Modernization Act.
Under the act, a national or state member bank
ranked among the largest fifty insured banks may
control a financial subsidiary only if the bank meets
certain criteria, including having an issue of highly
rated debt outstanding. The next fifty largest insured
banks may control a financial subsidiary if they satisfy this debt rating requirement or an alternative
requirement determined by the Treasury and the Federal Reserve. Under the interim rule, a bank meets the
alternative requirement if it has a current long-term
issuer credit rating from a nationally recognized statistical rating organization that is within the three
highest investment-grade rating categories used by
the rating organization.
Comments will be accepted on the interim rule
until May 15, 2000.
ISSUANCE OF HOST STATE
LOAN-TO-DEPOSIT
RATIOS TO DETERMINE COMPLIANCE
mm
SECTION 109 OF THE INTERSTATE ACT
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and
the Office of the Comptroller of the Currency on
March 23, 2000, issued the host state loan-to-deposit
ratios that the banking agencies will use to determine
compliance with section 109 of the Riegle-Neal
Interstate Banking and Branching Efficiency Act
of 1994 (Interstate Act). These ratios update data
released on September 3, 1999.
Section 109 prohibits any bank from establishing
or acquiring a branch or branches outside its home
state primarily for the purpose of deposit production
and provides a process to test compliance with the
statutory requirements. The Gramm-Leach-Bliley
Act expanded the coverage of section 109 to include
any branch of a bank controlled by an out-of-state
bank holding company.
The first step in the process involves a loan-todeposit ratio screen that compares a bank's statewide
loan-to-deposit ratio with the host state loan-todeposit ratio for banks in a particular state.
A second step is conducted if a bank's statewide
loan-to-deposit ratio is less than one-half of the published ratio for that state or if data are not available at
the bank to conduct the first step. The second step
requires the banking agencies to determine if the
bank is reasonably helping to meet the credit needs of
the communities served by the bank's interstate
branches.
A bank that fails both steps is in violation of
section 109 and is subject to sanctions by the banking
agencies.
ENFORCEMENT ACTIONS AND
OF PREVIOUS ACTIONS
TERMINATIONS
The Federal Reserve Board on March 3, 2000,
announced the issuance of a prompt corrective action
directive against the New Century Bank, Southfield,
Michigan.
The Federal Reserve Board on March 9, 2000,
announced the execution of a written agreement by
and between Banco Popular de Puerto Rico, Hato
Rey, Puerto Rico, and the Federal Reserve Bank of
New York.
The Federal Reserve Board on March 17, 2000,
announced the issuance of a consent order against
Sunshine Financial and Frederick K. Wall,
institution-affiliated parties of the First Western Bank,
Cooper City, Florida, a state member bank.
The parties, without admitting to any allegations,
consented to the order to resolve allegations that they
violated the Change in Bank Control Act in connection with the acquisition of beneficial ownership of
the shares of the bank.
Announcements
The Federal Reserve Board on March 17, 2000,
announced the issuance of an order of prohibition
against Vinay B. Malhotra, a former vice president
and officer of the Chicago Branch of The Bank of
Tokyo-Mitsubishi, Ltd., Tokyo, Japan.
Mr. Malhotra, without admitting to any allegations,
consented to the issuance of the order due to his
alleged breach of fiduciary duties and misapplication
of bank funds for his personal benefit.
The Federal Reserve Board on March 17, 2000,
announced the issuance of a consent order against the
R&T Foundation and James R. Sellers, institutionaffiliated parties of the First Western Bank, Cooper
City, Florida, a state member bank. The parties, without admitting to any allegations, consented to the
order to resolve allegations that they violated the
Change in Bank Control Act in connection with the
acquisition of beneficial ownership of the shares of
the bank.
The Federal Reserve Board on March 22, 2000,
announced the execution of a written agreement by
and between the Security Dollar Bank, Niles, Ohio,
and the Federal Reserve Bank of Cleveland.
The Federal Reserve Board announced on
March 13, 2000, that it had terminated the temporary
orders to cease and desist issued against Banco
Nacional de Mexico, Mexico City, Mexico; Banco
Internacional, S.A., Mexico City, Mexico; and
Banco Santander, Madrid, Spain.
The temporary orders to cease and desist were
issued on May 18, 1998, in connection with Operation Casablanca, a law enforcement undercover
operation that resulted in numerous convictions of
drug traffickers, bankers, and two foreign banking
organizations with operations in the United States for
money-laundering offenses.
Banco Nacional de Mexico, Banco Internacional,
S.A., and Banco Santander were not charged with
any criminal activity in connection with Operation
Casablanca.
327
The temporary orders to cease and desist required
Banco Nacional de Mexico, Banco Internacional,
S.A., and Banco Santander to enhance their antimoney-laundering policies and procedures in the
United States. The banks have been in full compliance with the temporary orders.
PUBLICATION OF GUIDE TO THE FLOW OF
FUNDS ACCOUNTS
A new edition of the comprehensive Guide to the
Flow of Funds Accounts is now available from the
Board of Governors. The 1,200-page publication, in
two volumes, provides general information helpful in
understanding and using the accounts and detailed
information on the sources for derivation of data
provided in the accounts.
The introductory section of the Guide (1) explains
the principles underlying the construction of the
accounts and the relationship of the accounts to the
national income and product accounts; (2) describes
the organization of the accounts into sectors in the
U.S. economy and the financial transactions by which
economic activity takes place; (3) illustrates analytical uses of the accounts; and (4) lists sources of data
(including World Wide Web addresses) and methods
of estimation and adjustment of the data.
The balance of the Guide consists of seventy-six
explanatory tables that correspond to the flow tables
in the Federal Reserve Board's publication of the
flow of funds accounts, the Z. 1 statistical release. The
tables give—for each data series in each table—
complete information on the source of the data or the
methods for calculating the series along with recent
annual data.
The Guide can be purchased, for $20.00, from
Publications Services, Board of Governors of the
Federal Reserve System, Washington, DC 20551
(202-452-3244 or 3245).
•
328
Minutes of the Meeting of the
Federal Open Market Committee
Held on February 1-2, 2000
A meeting of the Federal Open Market Committee
was held in the offices of the Board of Governors of
the Federal Reserve System in Washington, D.C., on
Tuesday, February 1, 2000, at 2:30 p.m. and continued on Wednesday, February 2, 2000, at 9:00 a.m.
Present:
Mr. Greenspan, Chairman
Mr. McDonough, Vice Chairman
Mr. Broaddus
Mr. Ferguson
Mr. Gramlich
Mr. Guynn
Mr. Jordan
Mr. Kelley
Mr. Meyer
Mr. Parry
Mr. Hoenig, Ms. Minehan, Messrs. Moskow
and Poole, Alternate Members of the
Federal Open Market Committee
Messrs. Boehne, McTeer, and Stern, Presidents
of the Federal Reserve Banks of Philadelphia,
Dallas, and Minneapolis respectively
Mr. Kohn, Secretary and Economist
Mr. Bernard, Deputy Secretary
Ms. Fox, Assistant Secretary
Mr. Gillum, Assistant Secretary
Mr. Mattingly, General Counsel
Mr. Baxter, Deputy General Counsel
Ms. Johnson, Economist
Mr. Prell, Economist
Mr. Beebe, Ms. Cumming, Messrs. Eisenbeis,
Goodfriend, Howard, Lindsey, Reinhart,
Simpson, Sniderman, and Stockton,
Associate Economists
Mr. Fisher, Manager, System Open Market Account
Mr. Winn,1 Assistant to the Board, Office of
Board Members, Board of Governors
Mr. Ettin, Deputy Director, Division of Research
and Statistics, Board of Governors
1. Attended Tuesday's session only.
Messrs. Madigan and Slifman, Associate Directors,
Divisions of Monetary Affairs and Research
and Statistics respectively, Board of Governors
Messrs. Oliner and Whitesell, Assistant Directors,
Divisions of Research and Statistics and
Monetary Affairs respectively, Board of
Governors
Mr. Small,2 Section Chief, Division of Monetary
Affairs, Board of Governors
Messrs. Brayton,2 Morton,3 and Rosine,3 Senior
Economists, Divisions of Research and
Statistics, International Finance, and
Research and Statistics respectively,
Board of Governors
Ms. Garrett and Mr. Hooker,3 Economists, Division
of Monetary Affairs, Board of Governors
Ms. Low, Open Market Secretariat Assistant,
Division of Monetary Affairs, Board of
Governors
Ms. Browne, Messrs. Hakkio and Hunter,
Ms. Krieger, Messrs. Lang, Rasche, Rolnick,
and Rosenblum, Senior Vice Presidents, Federal
Reserve Banks of Boston, Kansas City, Chicago,
New York, Philadelphia, St. Louis, Minneapolis,
and Dallas respectively
In the agenda for this meeting, it was reported that
advices of the election of the following members and
alternate members of the Federal Open Market Committee for the period commencing January 1, 2000,
and ending December 31, 2000, had been received
and that these individuals had executed their oaths of
office.
The elected members and alternate members were
as follows:
William J. McDonough, President of the Federal Reserve
Bank of New York, with Jamie B. Stewart, Jr., First
Vice President of the Federal Reserve Bank of
New York, as alternate
2. Attended portion of meeting relating to the staff presentation of
policy alternatives.
3. Attended portion of meeting relating to the Committee's review
of the economic outlook and consideration of its money and debt
ranges for 2000.
329
J. Alfred Broaddus, Jr., President of the Federal Reserve
Bank of Richmond, with Cathy E. Minehan, President
of the Federal Reserve Bank of Boston, as alternate
Jerry L. Jordan, President of the Federal Reserve Bank
of Cleveland, with Michael H. Moskow, President
of the Federal Reserve Bank of Chicago, as alternate
Jack Guynn, President of the Federal Reserve Bank
of Atlanta, with William Poole, President of the
Federal Reserve Bank of St. Louis, as alternate
Robert T. Parry, President of the Federal Reserve Bank of
San Francisco, with Thomas M. Hoenig, President of
the Federal Reserve Bank of Kansas City, as alternate
By unanimous vote, the following officers of the
Federal Open Market Committee were elected to
serve until the election of their successors at the first
meeting of the Committee after December 31, 2000,
with the understanding that in the event of the discontinuance of their official connection with the Board of
Governors or with a Federal Reserve Bank they
would cease to have any official connection with the
Federal Open Market Committee:
Alan Greenspan
William J. McDonough
Donald L. Kohn
Normand R.V. Bernard
Lynn S. Fox
Gary P. Gillum
J. Virgil Mattingly, Jr.
Thomas C. Baxter, Jr.
Karen H. Johnson
Michael J. Prell
Chairman
Vice Chairman
Secretary and Economist
Deputy Secretary
Assistant Secretary
Assistant Secretary
General Counsel
Deputy General Counsel
Economist
Economist
Jack H. Beebe, Christine Cumming, Robert A. Eisenbeis,
Marvin S. Goodfriend, David H. Howard, David E.
Lindsey, Vincent R. Reinhart, Thomas D. Simpson,
Mark S. Sniderman, and David J. Stockton,
Associate Economists
By unanimous vote, the Federal Reserve Bank of
N e w York was selected to execute transactions for
the System Open Market Account until the adjournment of the first meeting of the Committee after
December 31, 2000.
By unanimous vote, Peter R. Fisher was selected to
serve at the pleasure of the Committee as Manager,
System Open Market Account, on the understanding
that his selection was subject to being satisfactory to
the Federal Reserve Bank of N e w York.
Secretary's note: Advice subsequently was received that
the selection of Mr. Fisher as Manager was satisfactory
to the board of directors of the Federal Reserve Bank of
New York.
By unanimous vote, the Committee approved an
addition to the Authorization for Domestic Open
Market Operations regarding adjustments to the
stance of monetary policy during intermeeting
periods. As had previously been agreed, the temporary authority given to the Federal Reserve Bank of
New York to sell options to counter potential centurydata-change pressures in financial markets was
allowed to lapse. Accordingly, the Authorization was
adopted, effective February 1, 2000, as shown below.
AUTHORIZATION
OPEN MARKET
FOR DOMESTIC
OPERATIONS
1. The Federal Open Market Committee authorizes and
directs the Federal Reserve Bank of New York, to the
extent necessary to carry out the most recent domestic
policy directive adopted at a meeting of the Committee:
(a) To buy or sell U.S. Government securities, including securities of the Federal Financing Bank, and securities
that are direct obligations of, or fully guaranteed as to
principal and interest by, any agency of the United States in
the open market, from or to securities dealers and foreign
and international accounts maintained at the Federal
Reserve Bank of New York, on a cash, regular, or deferred
delivery basis, for the System Open Market Account at
market prices, and, for such Account, to exchange maturing U.S. Government and Federal agency securities with
the Treasury or the individual agencies or to allow them to
mature without replacement; provided that the aggregate
amount of U.S. Government and Federal agency securities
held in such Account (including forward commitments) at
the close of business on the day of a meeting of the
Committee at which action is taken with respect to a
domestic policy directive shall not be increased or
decreased by more than $12.0 billion during the period
commencing with the opening of business on the day
following such meeting and ending with the close of business on the day of the next such meeting;
(b) To buy U.S. Government securities and obligations that are direct obligations of, or fully guaranteed as to
principal and interest by, any agency of the United States,
from dealers for the account of the Federal Reserve Bank
of New York under agreements for repurchase of such
securities or obligations in 90 calendar days or less, at rates
that, unless otherwise expressly authorized by the Committee, shall be determined by competitive bidding, after
applying reasonable limitations on the volume of agreements with individual dealers; provided that in the event
Government securities or agency issues covered by any
such agreement are not repurchased by the dealer pursuant
to the agreement or a renewal thereof, they shall be sold in
the market or transferred to the System Open Market
Account.
(c) To sell U.S. Government securities and obligations that are direct obligations of, or fully guaranteed as to
principal and interest by, any agency of the United States to
dealers for System Open Market Account under agreements for the resale by dealers of such securities or obligations in 90 calendar days or less, at rates that, unless
otherwise expressly authorized by the Committee, shall be
determined by competitive bidding, after applying reason-
330
Federal Reserve Bulletin • May 2000
able limitations on the volume of agreements with individual dealers.
2. In order to ensure the effective conduct of open
market operations, the Federal Open Market Committee
authorizes the Federal Reserve Bank of New York to lend
on an overnight basis U.S. Government securities held in
the System Open Market Account to dealers at rates that
shall be determined by competitive bidding but that in no
event shall be less than 1.0 percent per annum of the
market value of the securities lent. The Federal Reserve
Bank of New York shall apply reasonable limitations on
the total amount of a specific issue that may be auctioned,
and on the amount of securities that each dealer may
borrow. The Federal Reserve Bank of New York may
reject bids which could facilitate a dealer's ability to control a single issue as determined solely by the Federal
Reserve Bank of New York.
3. In order to ensure the effective conduct of open
market operations, while assisting in the provision of shortterm investments for foreign and international accounts
maintained at the Federal Reserve Bank of New York, the
Federal Open Market Committee authorizes and directs the
Federal Reserve Bank of New York (a) for System Open
Market Account, to sell U.S. Government securities to such
foreign and international accounts on the bases set forth in
paragraph 1(a) under agreements providing for the resale
by such accounts of those securities within 90 calendar
days on terms comparable to those available on such
transactions in the market; and (b) for New York Bank
account, when appropriate, to undertake with dealers, subject to the conditions imposed on purchases and sales of
securities in paragraph 1(b), repurchase agreements in U.S.
Government and agency securities, and to arrange corresponding sale and repurchase agreements between its own
account and foreign and international accounts maintained
at the Bank. Transactions undertaken with such accounts
under the provisions of this paragraph may provide for a
service fee when appropriate.
4. In the execution of the Committee's decision regarding policy during any intermeeting period, the Committee
authorizes and directs the Federal Reserve Bank of New
York, upon the instruction of the Chairman of the Committee, to adjust somewhat in exceptional circumstances the
degree of pressure on reserve positions and hence the
intended federal funds rate. Any such adjustment shall be
made in the context of the Committee's discussion and
decision at its most recent meeting and the Committee's
long-run objectives for price stability and sustainable economic growth, and shall be based on economic, financial,
and monetary developments during the intermeeting
period. Consistent with Committee practice, the Chairman,
if feasible, will consult with the Committee before making
any adjustment.
With Mr. Broaddus dissenting, the Authorization
for Foreign Currency Operations and the Foreign
Currency Directive were reaffirmed in the forms
shown below.
AUTHORIZATION
OPERATIONS
FOR FOREIGN
CURRENCY
1. The Federal Open Market Committee authorizes and
directs the Federal Reserve Bank of New York, for System
Open Market Account, to the extent necessary to carry out
the Committee's foreign currency directive and express
authorizations by the Committee pursuant thereto, and in
conformity with such procedural instructions as the Committee may issue from time to time:
A. To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward
transactions on the open market at home and abroad,
including transactions with the U.S. Treasury, with the U.S.
Exchange Stabilization Fund established by Section 10
of the Gold Reserve Act of 1934, with foreign monetary
authorities, with the Bank for International Settlements,
and with other international financial institutions:
Canadian dollars
Danish kroner
Euro
Pounds sterling
Japanese yen
Mexican pesos
Norwegian kroner
Swedish kronor
Swiss francs
B. To hold balances of, and to have outstanding forward contracts to receive or to deliver, the foreign currencies listed in paragraph A above.
C. To draw foreign currencies and to permit foreign
banks to draw dollars under the reciprocal currency
arrangements listed in paragraph 2 below, provided that
drawings by either party to any such arrangement shall be
fully liquidated within 12 months after any amount outstanding at that time was first drawn, unless the Committee, because of exceptional circumstances, specifically
authorizes a delay.
D. To maintain an overall open position in all foreign
currencies not exceeding $25.0 billion. For this purpose,
the overall open position in all foreign currencies is defined
as the sum (disregarding signs) of net positions in individual currencies. The net position in a single foreign
currency is defined as holdings of balances in that currency, plus outstanding contracts for future receipt, minus
outstanding contracts for future delivery of that currency,
i.e., as the sum of these elements with due regard to sign.
2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal
currency arrangements ("swap" arrangements) for the System Open Market Account for periods up to a maximum of
12 months with the following foreign banks, which are
among those designated by the Board of Governors of the
Federal Reserve System under Section 214.5 of Regulation
N, Relations with Foreign Banks and Bankers, and with the
approval of the Committee to renew such arrangements on
maturity:
Foreign bank
Amount of arrangement
(millions of dollars
equivalent)
2,000
3,000
Any changes in the terms of existing swap arrangements,
and the proposed terms of any new arrangements that may
be authorized, shall be referred for review and approval to
the Committee.
3. All transactions in foreign currencies undertaken under paragraph 1A. above shall, unless otherwise expressly
authorized by the Committee, be at prevailing market rates.
Minutes of the Federal Open Market Committee
For the purpose of providing an investment return on
System holdings of foreign currencies, or for the purpose
of adjusting interest rates paid or received in connection
with swap drawings, transactions with foreign central
banks may be undertaken at non-market exchange rates.
4. It shall be the normal practice to arrange with foreign
central banks for the coordination of foreign currency
transactions. In making operating arrangements with foreign central banks on System holdings of foreign currencies, the Federal Reserve Bank of New York shall not
commit itself to maintain any specific balance, unless
authorized by the Federal Open Market Committee. Any
agreements or understandings concerning the administration of the accounts maintained by the Federal Reserve
Bank of New York with the foreign banks designated by
the Board of Governors under Section 214.5 of Regulation N shall be referred for review and approval to the
Committee.
5. Foreign currency holdings shall be invested to ensure
that adequate liquidity is maintained to meet anticipated
needs and so that each currency portfolio shall generally
have an average duration of no more than 18 months
(calculated as Macaulay duration). When appropriate in
connection with arrangements to provide investment
facilities for foreign currency holdings, U.S. Government
securities may be purchased from foreign central banks
under agreements for repurchase of such securities within
30 calendar days.
6. All operations undertaken pursuant to the preceding
paragraphs shall be reported promptly to the Foreign Currency Subcommittee and the Committee. The Foreign Currency Subcommittee consists of the Chairman and Vice
Chairman of the Committee, the Vice Chairman of the
Board of Governors, and such other member of the Board
as the Chairman may designate (or in the absence of
members of the Board serving on the Subcommittee, other
Board members designated by the Chairman as alternates,
and in the absence of the Vice Chairman of the Committee,
his alternate). Meetings of the Subcommittee shall be
called at the request of any member, or at the request of the
Manager, System Open Market Account ("Manager"), for
the purposes of reviewing recent or contemplated operations and of consulting with the Manager on other matters
relating to his responsibilities. At the request of any member of the Subcommittee, questions arising from such
reviews and consultations shall be referred for determination to the Federal Open Market Committee.
7. The Chairman is authorized:
A. With the approval of the Committee, to enter into
any needed agreement or understanding with the Secretary
of the Treasury about the division of responsibility for
foreign currency operations between the System and the
Treasury;
B. To keep the Secretary of the Treasury fully advised
concerning System foreign currency operations, and to
consult with the Secretary on policy matters relating to
foreign currency operations;
C. From time to time, to transmit appropriate reports
and information to the National Advisory Council on International Monetary and Financial Policies.
8. Staff officers of the Committee are authorized
to transmit pertinent information on System foreign currency operations to appropriate officials of the Treasury
Department.
331
9. All Federal Reserve Banks shall participate in the
foreign currency operations for System Account in accordance with paragraph 3 G(l) of the Board of Governors'
Statement of Procedure with Respect to Foreign Relationships of Federal Reserve Banks dated January 1, 1944.
FOREIGN CURRENCY
DIRECTIVE
1. System operations in foreign currencies shall generally be directed at countering disorderly market conditions, provided that market exchange rates for the U.S.
dollar reflect actions and behavior consistent with the
IMF Article IV, Section 1.
2. To achieve this end the System shall:
A. Undertake spot and forward purchases and sales
of foreign exchange.
B. Maintain reciprocal currency ("swap") arrangements with selected foreign central banks.
C. Cooperate in other respects with central banks
of other countries and with international monetary
institutions.
3. Transactions may also be undertaken:
A. To adjust System balances in light of probable
future needs for currencies.
B. To provide means for meeting System and Treasury commitments in particular currencies and to facilitate
operations of the Exchange Stabilization Fund.
C. For such other purposes as may be expressly
authorized by the Committee.
4. System foreign currency operations shall be
conducted:
A. In close and continuous consultation and cooperation with the United States Treasury;
B. In cooperation, as appropriate, with foreign monetary authorities; and
C. In a manner consistent with the obligations
of the United States in the International Monetary
Fund regarding exchange arrangements under the IMF
Article IV.
Mr. Broaddus dissented in the votes on the Authorization and the Directive because they provide the
foundation for foreign exchange market intervention.
He continued to believe that the Federal Reserve's
participation in foreign exchange market intervention
compromises its ability to conduct monetary policy
effectively. Because sterilized intervention cannot
have sustained effects in the absence of conforming
monetary policy actions, Federal Reserve participation in foreign exchange operations in his view risks
one of two undesirable outcomes. First, the independence of monetary policy is jeopardized if the System
adjusts its policy actions to support short-term foreign exchange objectives set by the U.S. Treasury.
Alternatively, the credibility of monetary policy is
damaged if the System does not follow interventions
with compatible policy actions, the interventions consequently fail to achieve their objectives, and the
332
Federal Reserve Bulletin • May 2000
System is associated in the mind of the public with
the failed operations.
By unanimous vote, the Procedural Instructions
with Respect to Foreign Currency Operations, in the
form shown below, were reaffirmed.
PROCEDURAL INSTRUCTIONS WITH
RESPECT TO FOREIGN CURRENCY
OPERATIONS
In conducting operations pursuant to the authorization and
direction of the Federal Open Market Committee as set
forth in the Authorization for Foreign Currency Operations
and the Foreign Currency Directive, the Federal Reserve
Bank of New York, through the Manager, System Open
Market Account ("Manager"), shall be guided by the
following procedural understandings with respect to consultations and clearances with the Committee, the Foreign
Currency Subcommittee, and the Chairman of the Committee. All operations undertaken pursuant to such clearances
shall be reported promptly to the Committee.
1. The Manager shall clear with the Subcommittee
(or with the Chairman, if the Chairman believes that consultation with the Subcommittee is not feasible in the time
available):
A. Any operation that would result in a change in the
System's overall open position in foreign currencies
exceeding $300 million on any day or $600 million since
the most recent regular meeting of the Committee.
B. Any operation that would result in a change on
any day in the System's net position in a single foreign
currency exceeding $150 million, or $300 million when the
operation is associated with repayment of swap drawings.
C. Any operation that might generate a substantial
volume of trading in a particular currency by the System,
even though the change in the System's net position in that
currency might be less than the limits specified in l.B.
D. Any swap drawing proposed by a foreign bank not
exceeding the larger of (i) $200 million or (ii) 15 percent of
the size of the swap arrangement.
2. The Manager shall clear with the Committee (or with
the Subcommittee, if the Subcommittee believes that consultation with the full Committee is not feasible in the time
available, or with the Chairman, if the Chairman believes
that consultation with the Subcommittee is not feasible in
the time available):
A. Any operation that would result in a change in the
System's overall open position in foreign currencies
exceeding $1.5 billion since the most recent regular meeting of the Committee.
B. Any swap drawing proposed by a foreign bank
exceeding the larger of (i) $200 million or (ii) 15 percent of
the size of the swap arrangement.
3. The Manager shall also consult with the Subcommittee or the Chairman about proposed swap drawings by the
System and about any operations that are not of a routine
character.
On January 19, 2000, the continuing rules, regulations, and other instructions of the Committee were
distributed with the advice that, in accordance with
procedures approved by the Committee, they were
being called to the Committee's attention before the
February 1-2 organization meeting to give members
an opportunity to raise any questions they might have
concerning them. Members were asked to indicate
if they wished to have any of the instruments in
question placed on the agenda for consideration at
this meeting.
The Rules of Procedure were placed on the agenda
and by unanimous vote the Committee approved
updating changes, effective upon publication in the
Federal Register. The changes relate to electronic and
telephone communications.
Secretary's note: The revised Rules of Procedure were
published in the Federal Register on February 9, 2000.
By unanimous vote, the Program for Security of
FOMC Information was amended with regard to certain security classifications and staff access to confidential FOMC information.
By unanimous vote, the minutes of the meeting of
the Federal Open Market Committee held on December 21, 1999, were approved.
The Manager of the System Open Market Account
reported on recent developments in foreign exchange
markets. There were no open market operations in
foreign currencies for the System's account in the
period since the previous meeting, and thus no vote
was required of the Committee.
The Manager also reported on developments in
domestic financial markets and on System open market transactions in government securities and federal
agency obligations during the period December 21,
1999, to February 1, 2000. By unanimous vote, the
Committee ratified these transactions.
The Committee then turned to a discussion of the
economic and financial outlook, the ranges for the
growth of money and debt in 2000, and the implementation of monetary policy over the intermeeting
period ahead.
The information reviewed at this meeting suggested that economic activity had expanded rapidly
in recent months. Consumer spending had remained
very brisk, business fixed investment had continued
on a strong upward trend, and housing demand was
still at a relatively high level despite some slippage
recently. The growth of domestic demand had been
met in part through further advances in imports.
Domestically, industrial production and nonfarm payrolls had continued to increase briskly. Despite very
tight labor markets, labor costs had been climbing
more slowly than in 1998. Consumer price inflation
Minutes of the Federal Open Market Committee
had stayed moderate over the past few months,
despite a recent resurgence in energy prices.
Labor demand remained robust through year-end,
as nonfarm payroll employment posted a further large
increase in December. Job growth in the services
industry was brisk, construction hiring rose somewhat further against a backdrop of good weather and
project backlogs, and manufacturing employment
was essentially unchanged. The civilian unemployment rate held at 4.1 percent in December, its low
for the year, and initial claims for unemployment
insurance persisted at a very low level through late
January.
Industrial production recorded a sharp advance in
the fourth quarter. Manufacturing and mining output
rose briskly, but utilities output was held down by
lackluster demand during a period of unseasonably
warm weather in several parts of the country. Output
gains in manufacturing were widespread and the factory operating rate rose further, though capacity utilization was still a little below its long-term average.
Consumer spending apparently was very robust in
the fourth quarter. Total nominal retail sales rose
sharply further in December, with outlets for durable
and nondurable goods recording substantial gains in
sales. Expenditures related to Y2K concerns appeared
to have been relatively limited. Outlays for services
in October and November (latest data) were strong,
even though spending for heating was down in
response to the unseasonably warm weather.
Housing activity was still at a relatively high level
at year-end, buoyed by continuing strong gains in
jobs and incomes despite the rise that had occurred in
mortgage interest rates. Total private housing starts
rebounded sharply in December from a decline in
November, although part of the December pickup
might have been associated with favorable weather
patterns. Sales of new homes fell in November (latest
data), reversing much of the sizable October rise, but
average sales for the two-month period were only
slightly below their strong rate of the first half of the
year. Sales of existing homes were down in December, but they also were only a little below their
elevated first-half pace.
The available information suggested that growth of
business spending for durable equipment slowed
abruptly in the fourth quarter and that investment in
nonresidential structures fell further. At least some of
the deceleration in spending for capital equipment
reflected a hesitancy to spend on computers and other
high-tech equipment just in advance of the century
rollover. The weakness in the nonresidential sector
was evidenced by further declines in construction
outlays and new building contracts in October and
333
November. Office construction appeared to be leveling off in response to the higher cost of financing and
to perceptions that the office space currently coming
on line would be sufficient to meet demand.
The book value of manufacturing and trade inventories surged in November after having climbed moderately on balance earlier in the year. Even though the
rise might have been related to concerns about supply
disruptions around year-end, inventory-sales ratios
generally declined a little in association with very
strong increases in sales, and the ratios were at or
near the bottom of their ranges for the previous
twelve months.
The U.S. trade deficit in goods and services widened significantly over the October-November period
from its average for the third quarter. The value of
exports rose appreciably over the two months, largely
reflecting growth in industrial supplies and service
receipts, but the value of imports increased noticeably more, with some of the rise reflecting increases
in import prices. The available information suggested
that economic expansion remained robust in most
foreign industrial nations. In Japan, however, economic activity was sluggish, with a seemingly small
rise in the fourth quarter following a third-quarter
decline. Economic activity in the developing countries apparently continued to pick up in recent
months, although the pace of recovery varied widely.
Economic growth appeared to have been brisk in
Mexico, Korea, China, Hong Kong, and Taiwan but
was mixed among the ASEAN countries and slower
in Brazil.
Price inflation had remained moderate in recent
months. Consumer price inflation was subdued in
December in spite of a sizable increase in energy
prices; however, for the year as a whole, sharp
increases in energy prices noticeably boosted overall
consumer inflation. Excluding the volatile energy
component, consumer price inflation slowed somewhat in 1999. By contrast, the subdued rise in the
core PCE chain price index in 1999 was essentially
the same as in 1998. At the producer level, prices of
finished goods other than food and energy changed
little in December and registered a considerably
reduced increase in 1999. At earlier stages of processing, however, core producer prices recorded somewhat larger advances than those for finished goods
in December and for the year. With regard to labor
costs, average hourly earnings rose by a larger
amount in December than in November, but the
increase in this measure in 1999 was about the same
as for 1998.
At its meeting on December 21, the Committee
adopted a directive that called for maintaining condi-
334
Federal Reserve Bulletin • May 2000
tions in reserve markets consistent with an unchanged
federal funds rate of about 5'/z percent and that did
not contain any bias relating to the direction of possible adjustments to policy during the intermeeting
period. The members noted that such a directive,
which suggested that they did not expect a further
change in policy before the February meeting, should
foster steady conditions in financial markets during
the sensitive century-date-change period. The Committee also agreed, however, that the statement
accompanying the announcement of its decision
would note that the Committee was especially concerned about the potential for inflation pressures to
increase and would want to consider at its February
meeting whether policy action would be needed to
contain such pressures.
Open market operations during the intermeeting
period were directed toward maintaining the federal
funds rate at around 516 percent. The funds rate
averaged close to the Committee's target over the
intermeeting interval despite very strong demands for
additional currency and market liquidity through the
year-end and a rapid unwinding thereafter. Against
the background of the Committee's announced concern about the inflationary implications of unsustainably rapid economic growth, incoming information
suggesting that aggregate demand retained considerable momentum led to upward pressure on market
interest rates once the century-date-change period
had passed without incident. The effects of higher
interest rates apparently offset those of unexpectedly
high corporate earnings, and most broad stock market
indexes fell slightly on balance over the intermeeting
period.
In foreign exchange markets, the trade-weighted
value of the dollar was up on balance over the intermeeting interval in relation to indexes of major foreign currencies and those of other important U.S.
trading partners. Reflecting market expectations of
substantial Federal Reserve tightening, the dollar
appreciated considerably against the yen and the euro
while depreciating somewhat against the Canadian
dollar.
M2 growth picked up appreciably during December and January, evidently reflecting extra demands
for liquidity and safety during the century-datechange period. M3 accelerated by even more than
M2 in December. Its non-M2 component ballooned
as banks issued substantial volumes of large time
deposits to meet very high credit demands and as
institutional money market funds became recipients
of some of their customers' precautionary liquid balances. From the fourth quarter of 1998 through the
fourth quarter of 1999, M2 and M3 increased at rates
somewhat above the Committee's annual ranges for
1999. Total domestic nonfinancial debt expanded in
1999 at a pace in the upper portion of its range.
The staff forecast prepared for this meeting suggested that the expansion would gradually moderate
from its currently elevated pace to a rate around or
perhaps a little below the growth of the economy's
estimated potential. The expansion of domestic final
demand increasingly would be held back by the
anticipated waning of positive wealth effects associated with earlier large gains in equity prices and by
higher interest rates. As a result, growth of spending
on consumer durables and houses was expected to
slow; in contrast, however, overall business investment in equipment and software was projected to
strengthen in response to the upward trend in replacement demand, especially for computers and software;
also, continued solid economic growth abroad was
expected to boost the growth of U.S. exports for some
period ahead. Core price inflation was projected to
rise somewhat over the forecast horizon, partly as a
result of higher import prices and some firming of
gains in nominal labor compensation in persistently
tight labor markets that would not be fully offset by
productivity growth.
In the Committee's review of current and prospective economic developments, members commented
that the economy still seemed to be growing very
vigorously as it entered the new year, while core
inflation remained subdued. The members were concerned, however, that recent trends in economic
activity, if they continued, might undermine the
economy's remarkable performance. The economy's
potential to produce goods and services had been
accelerating over time, but the demand for output had
been growing even more strongly. If this imbalance
continued, inflationary pressures were likely to build
that would interfere with the economy's performance
and could lead to a disruptive adjustment in economic activity. Accelerating productivity, although
adding to the growth of the economy's potential
output, also had induced expectations of rapidly
accelerating business earnings that in turn had generated sharp increases in stock market wealth and lifted
the growth of purchasing power and spending above
that in incomes. Relatively high real interest rates
that reflected the increased productivity and damped
the rise in asset values would be needed to help
restore balance. In that regard, members questioned
whether rates would be high enough without policy
tightening to bring the growth of demand in line with
that of supply and contain pressures in labor markets.
In the view of some members, taut labor markets
together with a turnaround in some of the factors that
Minutes of the Federal Open Market Committee
had been temporarily damping inflation, such as oil
and import prices, already lent an upward bias to the
inflation outlook, and all agreed that a significant
further tightening of labor resource utilization would
appreciably raise the risk of deterioration in the
underlying inflation picture over time.
In keeping with the practice at meetings preceding
the Federal Reserve's semiannual report to Congress
on the economy and monetary policy and the Chairman's associated testimony, the members of the
Committee and the Federal Reserve Bank presidents
not currently serving as members had prepared individual projections of the growth in nominal and real
GDP, the rate of unemployment, and the rate of
inflation for the year 2000. The forecasts of the
growth of nominal GDP were concentrated in a range
of 5lA to 5V2 percent, and for the rate of expansion
in real GDP they had a central tendency of V-h to
33A percent. Growth at these rates was expected to
hold the civilian unemployment rate in a range of
4 to AlA percent in the fourth quarter of 2000. The
central tendency of the projections of inflation for
2000—as measured by the chain price index for
personal consumption expenditures—encompassed a
range of \3A to 2 percent, on the low side of the
2 percent rise in this index experienced in 1999 when
energy prices had surged.
Mirroring developments in the overall economy,
reports of economic conditions in the individual Federal Reserve districts continued to display broadbased strength, apart from softness in construction
activity in some areas and weakness in agriculture.
Retail sales appeared to have strengthened further
during the opening weeks of the new year after a
surge during the holiday season. Motor vehicle sales
in particular had continued to hold up at a remarkably
high level. Consumption was being supported by
robust growth in jobs and incomes, very high levels
of consumer confidence, and the lagged wealth
effects from earlier advances in stock market prices.
Even so, growth in consumer spending was thought
likely to moderate over time to a pace more in line
with the expansion in consumer incomes, unless the
stock market posted large further increases from current levels. As the experience of recent years had
amply demonstrated, however, the future course of
stock market prices was highly uncertain, and equity
markets had shown a remarkable resilience to higher
interest rates as earning prospects continued to be
marked up in association with the acceleration in
productivity.
Opportunities to enhance profits by using new technology were likely to lead to robust further growth in
business fixed investment, boosted mainly by spend
335
ing for equipment and software over the year ahead.
While the huge amount of capital deepening already
accomplished in recent years and the projected deceleration in aggregate demand were negative factors in
the outlook for business capital spending, they were
likely to be overridden by persisting declines in the
prices of high-tech equipment and the rising importance of replacement demand that was associated
with relatively short-lived investments in high-tech
equipment and computer software that had tended to
characterize the buildup in business equipment in
recent years. With regard to other types of investment, spending on nonresidential business structures
appeared to be softening in many areas and would
tend to hold down the growth in overall business
expenditures for capital. However, spending by state
and local governments on roadbuilding and other
projects appeared to be on a robust uptrend.
Housing construction was expected to remain at a
relatively elevated level, albeit below recent peaks, as
a consequence of moderating demand stemming from
higher mortgage interest rates and indications of
overbuilding in some areas. Members also noted,
however, that building activity in some parts of the
country was still being held back by shortages of
skilled construction workers and scarcities of some
building supplies. The resulting backlogs along with
low inventories of houses in some areas were factors
that should limit the expected decline in residential
construction this year. Moreover, many homebuyers
were shifting from fixed-rate long-term mortgages to
currently lower-cost adjustable rate mortgages. More
fundamentally, however, the income and wealth
effects that were boosting household expenditures
generally should help to sustain a perhaps somewhat
diminished but still high level of homebuilding activity for a while, despite higher mortgage financing
costs.
Rapid increases in U.S. exports in conjunction with
the strengthening of foreign economies were likely to
add to demands on domestic producers. Consistent
with this outlook, several members cited anecdotal
reports of improving foreign markets, notably in East
Asian countries. At the same time, despite some
expected deceleration in imports as domestic demand
moderated, the nation's trade deficit was projected to
increase somewhat further over the year ahead. There
was a risk that, as global portfolios came to be
increasingly weighted toward dollar assets, expected
returns on those assets would need to rise to attract
world savings, with much of the adjustment potentially occurring through a decline in the exchange
rate of the dollar that would add to pressures on
U.S. prices.
336
Federal Reserve Bulletin • May 2000
Concerning the outlook for inflation, the members
continued to see the risks as primarily tilted toward
rising inflationary pressures, though they anticipated
that further gains in productivity would hold down
increases in unit labor costs and prices, at least over
the nearer term. A key issue was whether growth in
aggregate demand would moderate sufficiently to at
least avoid greater pressures on what were already
very tight labor markets. In this regard, several cited
recent statistical and anecdotal evidence of larger
increases in labor compensation, although unit labor
costs did not appear to be trending higher at this
point. However, some nonlabor input prices already
were rising faster. The prospects for energy prices
were very difficult to predict, but even if such prices
were to stabilize, the passthrough of the large earlier
increases into inflation and wage expectations, as
well as into the prices of products that were heavily
energy dependent, was likely to exert some upward
pressure on prices throughout the economy.
On the positive side for the near-term inflation
outlook, there was no evidence that the acceleration
in productivity was coming to an end. Members
commented in this regard that business firms across
the country were continuing to improve the efficiency
of their operations in a variety of ways in order to
hold down costs. These efforts included persistingly
large investments in new equipment, rationalization
of business organizations, and training or retraining
existing workers for more demanding or new tasks.
Members also noted that longer-run inflation expectations generally did not appear to be worsening,
though there had been a slight widening of the spread
between nominal and inflation-indexed Treasury
bond yields. While there seemed to be an increasing
number of exceptions, business contacts continued to
report that raising their prices was very difficult to
carry out successfully and often impossible. On balance, the outlook for inflation remained subject to a
marked degree of uncertainty. Given current levels of
resource use and the strength of the economic expansion relative to the growth of the economy's long-run
potential, however, the members expected that inflation pressures would gather some momentum over
time unless financial conditions became tighter.
In keeping with the requirements of the Full
Employment and Balanced Growth Act of 1978
(the Humphrey-Hawkins Act), the Committee
reviewed at this meeting the ranges for growth of the
monetary and debt ranges that it had established on a
tentative basis in June 1999. The tentative ranges
approved in June for the period from the fourth
quarter of 1999 to the fourth quarter of 2000 included
growth of 1 to 5 percent for M2, 2 to 6 percent for
M3, and 3 to 7 percent for total domestic nonfinancial
debt.
All but one of the members favored the adoption of
the ranges that had been selected on a tentative basis
at the meeting in June. They noted that for some
years the ranges for monetary growth had been chosen to encompass rates of increase that would be
expected under conditions of price stability, assuming
historical velocity relationships. This approach had
been adopted partly as a result of the substantial
unreliability of the linkage between the growth of the
broad monetary aggregates and economic performance. Since the current benchmark ranges had first
been adopted in the mid-1990s, however, structural
productivity growth had increased substantially, raising the expected rate of growth of money at price
stability, other things equal. One member supported
a proposal to adjust the monetary growth ranges
upward by at least enough to reflect this development. However, other members emphasized the
uncertainties about the dimensions of this new trend
in productivity growth, the measured rate of increase
in prices that would be consistent with reasonable
price stability, and the long-run behavior of velocity.
They felt that raising the benchmark ranges risked
misleading the public about the Committee's confidence in the implied values for these variables going
forward, about the Committee's determination to pursue its fundamental objectives of price stability and
sustainable economic expansion, and about the very
low weight most Committee members continued to
place on the monetary aggregates in policy deliberations owing to the uncertainties surrounding them.
At the conclusion of this discussion, the Committee voted to approve without change the ranges for
2000 that it had established on a tentative basis on
June 30, 1999. With Mr. Meyer dissenting, the following statement of longer-run policy and growth
ranges for 2000 was approved for inclusion in the
domestic policy directive:
The Federal Open Market Committee seeks monetary
and financial conditions that will foster price stability and
promote sustainable growth in output. In furtherance of
these objectives, the Committee at this meeting established
ranges for growth of M2 and M3 of 1 to 5 percent and 2 to
6 percent respectively, measured from the fourth quarter of
1999 to the fourth quarter of 2000. The range for growth of
total domestic nonfinancial debt was set at 3 to 7 percent
for the year. The behavior of the monetary aggregates will
continue to be evaluated in the light of movements in their
velocities and developments in prices, the economy, and
financial markets.
Votes for this action: Messrs. Greenspan, McDonough,
Broaddus, Ferguson, Gramlich, Guynn, Jordan, Kelley,
and Parry. Vote against this action: Mr. Meyer.
Minutes of the Federal Open Market Committee
In dissenting, Mr. Meyer noted that although the
money growth ranges do not play an important role in
the conduct of monetary policy today, the Congress
has mandated that the FOMC set and report ranges
for money and credit growth. In recent years, the
money ranges have been set to be consistent with
price stability and normal velocity behavior. The rate
of money growth consistent with price stability
depends on the average growth of real GDP. Therefore, when there is a significant increase in the projected average growth rate in real GDP, money
growth ranges should be adjusted upward so that they
remain consistent with price stability. While considerable uncertainty remains about the average rate of
growth in real GDP, there is a strong consensus that it
is significantly higher today than when the target
ranges were set at their current values. The failure to
adjust monetary aggregate ranges makes them less
useful signals of Federal Reserve intentions. As long
as the Federal Reserve is required to set and report
ranges for money and debt growth, it should update
them as appropriate.
In the Committee's discussion of policy for the
upcoming intermeeting period, all the members supported a proposal to tighten reserve conditions by a
modest amount consistent with an increase in the
federal funds rate of VA percentage point to a level of
53A percent. The Committee's decision to tighten its
policy stance was intended to help bring the growth
of aggregate demand into better alignment with the
expansion of sustainable aggregate supply in an effort
to avert rising inflationary pressures in the economy.
Relatively high real interest rates would be required
to accomplish this objective, given the effects of
increasing productivity and profits on the demand for
capital goods and, through the wealth effect, on consumption spending. Private long-term rates already
had risen considerably, but whether they had reached
a level that would lead to a rebalancing of demand
and supply was an open question. Moreover, these
rates already encompassed expectations of a tightening of monetary policy at this and several subsequent
meetings. For a number of reasons, including uncertainties about the outlook for the expansion of aggregate demand in relation to that of potential supply,
the economy's response to the Committee's earlier
policy actions, and the recently somewhat unsettled
conditions in financial markets, a majority of the
members expressed a preference for a limited policy
move at this time. As long as inflation and inflation
expectations remained damped, these members saw
little risk in a gradual approach to policy tightening
and considerable advantage to preserving the possibility of calibrating those actions to the emerging
337
situation. A few members expressed a preference for
an increase of 50 basis points in the federal funds rate
in order to provide greater assurance against a
buildup of inflationary expectations and inflation over
coming months. Other members acknowledged that
the Committee might need to move more aggressively at a later meeting should imbalances continue
to build and inflation and inflation expectations
clearly begin to pick up.
The members agreed that the statement to be issued
after this meeting should highlight their view that
even after their firming today the risks remained
weighted mainly in the direction of rising inflation
pressures. There were few signs thus far that the rise
in interest rates over recent quarters was restraining
demand in line with potential supply, and the members generally agreed that further tightening actions
might well be needed to ensure that financial conditions had adjusted sufficiently to rising productivity
growth to forestall escalating pressures on labor costs
and prices. With the cushion of unutilized labor
resources having dwindled over recent years and
with the willingness of global investors to continue
to acquire dollar assets to finance major further
increases in imports at current interest and exchange
rates in question, the need to achieve the appropriate
financial and economic balance had become more
pressing. In the circumstances, it was important for
the public to understand that the Committee saw
inflation risks as persisting even after today's action.
At the conclusion of this discussion, members who
favored a 50 basis point increase indicated that, in
light of the clear intention of the Committee to act, if
necessary, in a timely manner to contain inflation, the
contemplated inclusion of a statement about the risks
of higher inflation in the press release for this meeting, and the likelihood that the Board of Governors
would approve a 25 basis point increase in the discount rate later in the day, they could accept a
25 basis point rise in the federal funds rate.
At the conclusion of this discussion, the Committee voted to authorize and direct the Federal Reserve
Bank of New York, until it was instructed otherwise,
to execute transactions in the System Account in
accordance with the following policy directive:
To further the Committee's long-run objectives of price
stability and sustainable economic growth, the Committee
in the immediate future seeks conditions in reserve markets
consistent with increasing the federal funds rate to an
average of around 5 3A percent.
The vote also encompassed approval of the sentence
below for inclusion in the press statement to be released
shortly after the meeting:
Against the background of its long-run goals of price
stability and sustainable economic growth and of the infor-
338
Federal Reserve Bulletin • May 2000
mation currently available, the Committee believes the
risks are weighted mainly toward conditions that may
generate heightened inflation pressures in the foreseeable
future.
Votes for this action: Messrs. Greenspan, McDonough,
Broaddus, Ferguson, Gramlich, Guynn, Jordan, Kelley,
Meyer, and Parry. Votes against this action: None.
The meeting was recessed briefly after this vote,
and the members of the Board of Governors left the
room to vote on pending increases in the discount
rate at several Federal Reserve Banks. On the Board
members' return, Chairman Greenspan announced
that the Board had approved a 'A percentage point
increase in the discount rate. The Committee concluded its meeting with a review of the press release
announcing the joint policy action.
The members noted with deep regret the recent
death of Frank E. Morris, former president of the
Federal Reserve Bank of Boston and a member of the
Committee over the course of twenty years before his
retirement at the end of 1988. Mr. Morris is remembered as a highly respected colleague and friend who
made outstanding contributions to the work of the
Committee, the Federal Reserve Bank of Boston, and
the Federal Reserve System more generally.
It was agreed that the next meeting of the Committee would be held on Tuesday, March 21, 2000.
The meeting adjourned at 11:50 a.m. on February 2, 2000.
Donald L. Kohn
Secretary
339
Legal Developments
FINAL RULE—AMENDMENT TO REGULATION A
The Board of Governors is amending 12 C.F.R. Part 201,
its Regulation A (Extensions of Credit by Federal Reserve
Banks), to reflect its approval of an increase in the basic
discount rate at each Federal Reserve Bank. The Board
acted on requests submitted by the Boards of Directors of
the twelve Federal Reserve Banks.
Effective March 21, 2000, 12 C.F.R. Part 201 is amended
as follows:
Part 201—Extensions of Credit by Federal Reserve
Banks (Regulation A)
1. The authority citation for 12 C.F.R. Part 201 continues
to read as follows:
Authority:
12 U.S.C. 343 et seq., 347a, 347b, 347c, 347d,
348 et seq., 357, 374, 374a and 461.
Effective March 24, 2000, 12 C.F.R. Part 226 is amended
as follows:
Part 226—Truth in Lending (Regulation Z)
1. The authority citation for Part 226 continues to read as
follows:
Authority:
12 U.S.C. 3806; 15 U.S.C. 1604 and 1637(c)(5).
Subpart B—Open-End Credit
2. Section 226.5a(a)(3) is revised to read as follows:
Section 226.5a—Credit and charge card
applications and solicitations
2. Section 201.51 is revised to read as follows:
(a)
Section 201.51—Adjustments credit for depository
institutions
The rates for adjustment credit provided to depository
institutions under section 201.3(a) are:
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.5
Effective
March 21, 2000
March 21, 2000
March 21, 2000
March 21, 2000
March 21, 2000
March 21, 2000
March 21, 2000
March 22, 2000
March 21, 2000
March 21, 2000
March 23, 2000
March 21, 2000
FINAL RULE—AMENDMENT TO REGULATION Z
The Board of Governors is amending 12 C.F.R. Part 226,
its Regulation Z (Truth in Lending), to reflect revisions
addressing short-term cash advances commonly called
"payday loans." The Board is also publishing technical
corrections to the commentary and regulation.
(3) Exceptions. This section does not apply to homeequity plans accessible by a credit or charge card
that are of the type subject to the requirements of
section 226.5b; overdraft lines of credit tied to
asset accounts accessed by check-guarantee cards
or by debit cards; or lines of credit accessed by
check-guarantee cards or by debit cards that can be
used only at automated teller machines.
3. In section 226.12, paragraph (g) is revised to read as
follows:
Section 226.12—Special credit card provisions
(g) Relation to Electronic Fund Transfer Act and Regulation E. For guidance on whether Regulation Z (12
C.F.R. Part 226) or Regulation E (12 C.F.R. Part 205)
applies in instances involving both credit and electronic fund transfer aspects, refer to Regulation E,
12 C.F.R. 205.12(a) regarding issuance and liability for
unauthorized use. On matters other than issuance and
liability, this section applies to the credit aspects of
combined credit/electronic fund transfer transactions,
as applicable.
340
Federal Reserve Bulletin • May 2000
4. In Supplement I to Part 226:
a. Under Section 226.2-Definitions and Rules of Construction, under 2(a)(14) Credit., paragraph 2. is
added.
b. Under Section 226.13-Billing Error Resolution, under 13(i) Relation to Electronic Fund Transfer Act
and Regulation E„ paragraph 3. is revised.
c. Under Section 226.19-Certain Residential Mortgage and Variable-Rate Transactions, under 19(b)
Certain variable-rate transactions, paragraph 5. is
revised.
d. Under Section 226.19-Certain Residential Mortgage and Variable-Rate Transactions, under Paragraph 19(b)(2), paragraph 4. is amended by removing "section 226.19(b)(2)(xi)" and adding "section
226.19(b)(2)(x)" in its place.
e. Under Section 226.19-Certain Residential Mortgage
and Variable-Rate Transactions, under Paragraph
19(b)(2)(vi), paragraph 1. is amended by removing
"comments 19(b)(2)(viii)-7 and 19(b)(2)(x)-4" and
adding
"comments
19(b)(2)(viii)(A)-7
and
19(b)(2)(viii)(B)-4" in its place.
f. Under Section 226.19-Certain Residential Mortgage
and Variable-Rate Transactions, under Paragraph
19(b)(2)(vii), paragraph 1. is amended by removing
"comments 19(b)(2)(viii)-6 and 19(b)(2)(x)-3" and
adding
"comments
19(b)(2)(viii)(A)-6
and
19(b)(2)(viii)(B)-3" in its place.
g. Under Section 226.32-Requirements for Certain
Closed-End Home Mortgages, under Paragraph
32(a)(l)(ii), the second sentence of paragraph 2. is
revised and paragraph 2.v. is added; and
h. Under Section 226.32-Requirements for Certain
Closed-End Home Mortgages, under Paragraph
32(c)(4), paragraph 1. is amended by removing
"section 226.19(b)(2)(x)" and adding "section
226.19(b)(2)(viii)(B)" in its place.
Supplement I to Part 226—Official Staff
Interpretations
Subpart A—General
the consumer's deposit account, and where the parties
agree either that the check will not be cashed or deposited, or that the consumer's deposit account will not be
debited, until a designated future date. This type of
transaction is often referred to as a "payday loan" or
"payday advance" or "deferred presentment loan." A
fee charged in connection with such a transaction may
be a finance charge for purposes of section 226.4, regardless of how the fee is characterized under state law.
Where the fee charged constitutes a finance charge
under section 226.4 and the person advancing funds
regularly extends consumer credit, that person is a creditor and is required to provide disclosures consistent
with the requirements of Regulation Z. See section
226.2(a)(17).
Subpart B—Open-End Credit
>}:
%
^
Section 226.13—Billing Error Resolution
13(i) Relation to Electronic Fund Transfer Act and
Regulation E
3. Application to debit/credit transactions-examples. If a
consumer withdraws money at an automated teller machine and activates an overdraft credit feature on the
checking account:
i. An error asserted with respect to the transaction is
subject, for error resolution purposes, to the applicable Regulation E provisions (such as timing and
notice) for the entire transaction.
ii. The creditor need not provisionally credit the consumer's account, under section 205.1 l(c)(2)(i) of
Regulation E, for any portion of the unpaid extension of credit.
iii. The creditor must credit the consumer's account
under section 205.11(c) with any finance or other
charges incurred as a result of the alleged error.
iv. The provisions of section 226.13(d) and (g) apply
only to the credit portion of the transaction.
Section 226.2—Definitions and Rules of
Construction
Subpart C—Closed-End Credit
2(a) Definitions
Section 226.19—Certain Residential Mortgage and
Variable-Rate Transactions
2(a)(14) Credit
2. Payday loans; deferred presentment. Credit includes a
transaction in which a cash advance is made to a consumer in exchange for the consumer's personal check,
or in exchange for the consumer's authorization to debit
19(b) Certain variable-rate transactions
5. Examples of variable-rate transactions.
i. The following transactions, if they have a term
greater than one year and are secured by the consumer's principal dwelling, constitute variable-rate trans-
Legal Developments
actions subject to the disclosure requirements of section 226.19(b).
A. Renewable balloon-payment instruments where
the creditor is both unconditionally obligated to
renew the balloon-payment loan at the consumer's option (or is obligated to renew subject to
conditions within the consumer's control) and
has the option of increasing the interest rate at
the time of renewal. (See comment 17(c)(l)-l 1
for a discussion of conditions within a consumer's control in connection with renewable
balloon-payment loans.)
B. Preferred-rate loans where the terms of the legal
obligation provide that the initial underlying
rate is fixed but will increase upon the occurrence of some event, such as an employee leaving the employ of the creditor, and the note
reflects the preferred rate. The disclosures under
sections 226.19(b)(1) and 226.19(b)(2)(v),
(viii), (ix), and (xii) are not applicable to such
loans.
C. "Price-level-adjusted mortgages" or other indexed mortgages that have a fixed rate of interest but provide for periodic adjustments to payments and the loan balance to reflect changes in
an index measuring prices or inflation. The disclosures under section 226.19(b)(1) are not applicable to such loans, nor are the following
provisions to the extent they relate to the determination of the interest rate by the addition of a
margin, changes in the interest rate, or interestrate discounts: Section 226.19(b)(2)(i), (iii),
(iv), (v), (vi), (vii), (viii), and (ix). {See comments 20(c)-2 and 30-1 regarding the inapplicability of variable-rate adjustment notices and
interest-rate limitations to price-level-adjusted
or similar mortgages.)
ii. Graduated-payment mortgages and step-rate transactions without a variable-rate feature are not considered
variable-rate transactions.
Subpart E—Special Rules for Certain Home
Mortgage Transactions
Section 226.32—Requirements for Certain
Closed-End Home Mortgages
32(a) Coverage
Paragraph
32(a)(l)(ii)
2. Annual adjustment of $400 amount. * * * The $400
figure is adjusted annually on January 1 by the annual
percentage change in the CPI that was in effect on the
preceding June l. * * *
341
v. For 2000, $451, reflecting a 2.3 percent increase in
the CPI-U from June 1998 to June 1999, rounded to
the nearest whole dollar.
ORDERS ISSUED UNDER BANK HOLDING COMPANY
ACT
Orders Issued Under Section 4 of the Bank Holding
Company Act
Wells Fargo & Company
San Francisco, California
Order Approving Notice to Engage in Nonbanking
Activities
Wells Fargo & Company ("Wells Fargo"), a bank holding
company within the meaning of the Bank Holding Company Act ("BHC Act"), has requested the Board's approval under section 4(c)(8) of the BHC Act (12 U.S.C.
§ 1843(c)(8)) and section 225.24 of the Board's Regulation Y (12 C.F.R. 225.24) to acquire all the outstanding
voting shares of Ragen MacKenzie Group Incorporated
("Ragen MacKenzie"), and thereby acquire control of its
subsidiaries, Ragen MacKenzie Incorporated ("Company") and Ragen MacKenzie Investment Services, Inc., all
in Seattle, Washington. Wells Fargo would thereby engage
in the following nonbanking activities:
(1) Providing financial and investment advisory services, in accordance with section 225.28(b)(6) of
Regulation Y (12 C.F.R. 225.28(b)(6));
(2) Providing securities brokerage, riskless principal,
private placement, and other agency transactional
services,
in
accordance
with
section
225.28(b)(7)(i), (ii), (iii), and (v) of Regulation Y
(12 C.F.R. 225.28(b)(7)(i), (ii), (iii), and (v));
(3) Underwriting and dealing in government obligations and money market instruments in which state
member banks may underwrite and deal under
12 U.S.C. §§ 335 and 24(7) ("bank-eligible securities"), and engaging in investing and trading activities, in accordance with section 225.28(b)(8)(i) and
(ii) of Regulation Y (12 CF.R. 225.28(b)(8)(i) and
(ii)); and
(4) Underwriting and dealing in, to a limited extent, all
types of debt and equity securities other than interests in open-end investment companies ("bankineligible securities").
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published (65
Federal Register 3963 (2000)). The time for filing comments has expired, and the Board has considered the notice
and all comments received in light of the factors set forth
in section 4(c)(8) of the BHC Act.
Wells Fargo, with total consolidated assets of approximately $207 billion, is the seventh largest banking organi-
342
Federal Reserve Bulletin • May 2000
zation in the United States.1 Wells Fargo operates subsidiary banks with branches in numerous western and
midwestern states, and engages through other subsidiaries
in a broad range of permissible nonbanking activities.
Ragen MacKenzie, with total consolidated assets of
$649 million, engages directly and indirectly in a broad
range of securities underwriting and dealing, securities
brokerage, investment advisory, and other activities.2 Company is, and after consummation of the proposal will
continue to be, registered as a broker-dealer with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.) and a
member of the National Association of Securities Dealers,
Inc. ("NASD"). Accordingly, Company is, and will continue to be, subject to the record-keeping and reporting
obligations, fiduciary standards, and other requirements of
the Securities Exchange Act of 1934, the SEC, and the
NASD.
Wells Fargo, through its existing section 20 subsidiary,
Norwest Investment Services, Inc., Minneapolis, Minnesota ("NISI"), currently underwrites and deals in, to a
limited extent, certain types of bank-ineligible debt securities and engages in other permissible nonbanking activities.3 Wells Fargo does not propose to merge NISI with
Company at this time.
Underwriting and Dealing in Bank-Ineligible Securities
The Board previously determined that, subject to the
framework of prudential limitations established in previous
decisions to address the potential for conflicts of interests,
unsound banking practices, or other adverse effects, underwriting and dealing in bank-ineligible securities is so
closely related to banking as to be a proper incident thereto
within the meaning of section 4(c)(8) of the BHC Act.4
The Board also previously determined that underwriting
and dealing in bank-ineligible securities are consistent with
section 20 of the Glass-Steagall Act (12 U.S.C. § 377),
1. Asset and ranking data are as of September 30, 1999.
2. Ragen MacKenzie currently holds certain investments in securities that may exceed the levels permissible for bank holding companies. Wells Fargo has committed to conform, within two years of
consummation of the proposal, all investments held by Ragen MacKenzie and its subsidiaries to the requirements of section 4 of the
BHC Act and the Board's regulations and interpretations thereunder.
3. See Norwest Corporation, 84 Federal Reserve Bulletin 552
(1998).
4. See J.P. Morgan & Co. Inc., et al., 75 Federal Reserve Bulletin
192 (1989), aff'd sub nom. Securities Industry Ass'n v. Board of
Governors of the Federal Reserve System, 900 F.2d 360 (D.C. Cir.
1990); Citicorp, 73 Federal Reserve Bulletin 473 (1987), aff'd sub
nom. Securities Industry Ass 'n v. Board of Governors of the Federal
Reserve System, 839 F.2d 47 (2d Cir.), cert, denied, 486 U.S. 1059
(1988), as modified by Review of Restrictions on Director, Officer and
Employee Interlocks, Cross-Marketing Activities, and the Purchase
and Sale of Financial Assets Between a Section 20 Subsidiary and an
Affiliated Bank or Thrift, 61 Federal Register 57,679 (1996); Amendments to Restrictions in the Board's Section 20 Orders, 62 Federal
Register 45,295 (1997); and Clarification to the Board's Section 20
Orders, 63 Federal Register 14,803 (1998) (collectively, "Section 20
Orders").
provided that the company engaged in the activity derives
no more than 25 percent of its gross revenues from underwriting and dealing in bank-ineligible securities.5 Wells
Fargo has committed that Company will conduct its underwriting and dealing activities using the methods and procedures and subject to the prudential limitations established
by the Board in the Section 20 Orders. Wells Fargo also
has committed that Company will conduct its bankineligible securities underwriting and dealing activities
subject to the Board's revenue restriction.6 As a condition
of this order, Wells Fargo is required to conduct the bankineligible securities activities of Company subject to the
revenue restrictions and Operating Standards established
for section 20 subsidiaries ("Operating Standards").7
Other Activities Approved by Regulation or Order
The Board previously determined that financial and investment advisory activities; securities brokerage, riskless principal, private placement, and other agency transactional
activities; bank-eligible securities underwriting and dealing; and investing and trading activities are closely related
to banking within the meaning of section 4(c)(8) of the
BHC Act.8 Wells Fargo has committed that it will conduct
these activities in accordance with the limitations set forth
in Regulation Y and the Board's orders and interpretations
relating to each of the activities.
5. Compliance with the revenue limitation shall be calculated in
accordance with the method stated in the Section 20 Orders, as
modified by the Order Approving Modifications to the Section 20
Orders, 75 Federal Reserve Bulletin 751 (1989); 10 Percent Revenue
Limit on Bank-Ineligible Activities of Subsidiaries of Bank Holding
Companies Engaged in Underwriting and Dealing in Securities, 61
Federal Register 48,953 (1996); and Revenue Limit on Bank-Ineligible
Activities of Subsidiaries of Bank Holding Companies Engaged in
Underwriting and Dealing in Securities, 61 Federal Register 68,750
(1996) (collectively, "Modification Orders"). In light of the fact that
Wells Fargo proposes to acquire Company as a going concern, the
Board concludes that allowing Company to calculate compliance with
the revenue limitation on an annualized basis during the first year after
consummation, and thereafter on a rolling quarterly average basis,
would be consistent with the Section 20 Orders. See U.S. Bancorp, 84
Federal Reserve Bulletin 483 (1998); Dauphin Deposit
Corporation,
11 Federal Reserve Bulletin 672 (1991).
6. As noted above, Wells Fargo intends to operate Company and
NISI as separate corporate entities. Company and NISI will be independently subject to the 25-percent revenue limitation on underwriting and dealing in bank-ineligible securities. See Citicorp, 73 Federal
Reserve Bulletin 473, 486 n.45 (1987), aff'd sub nom. Securities
Industry Ass 'n v. Board of Governors of the Federal Reserve System,
839 F.2d 47 (2d Cir.), cert, denied, 486 U.S. 1059 (1988).
7. 12 C.F.R. 225.200. Company may provide services that are
necessary incidents to the proposed underwriting and dealing activities. Unless Company receives specific approval under section 4(c)(8)
of the BHC Act to conduct the incidental activities independently, any
revenues from such activities must be treated as ineligible revenues
subject to the Board's revenue limitation.
8. See 12 C.F.R. 225.28(b)(6), (7)(i), (ii), (iii), and (v), and (8)(i)
and (ii).
Legal Developments
Other Considerations
In order to approve this notice, the Board also must determine that performance of the proposed activities is a proper
incident to banking; that is, that the proposed activities
"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."9 As part of its review of these factors, the
Board considers the financial and managerial resources of
the notificant and its subsidiaries and the effect the transaction would have on such resources.10
In considering the financial resources of the notificant,
the Board has reviewed the capitalization of Wells Fargo
and Company in accordance with the standards set forth in
the Section 20 Orders and has found the capitalization of
each to be consistent with approval. This determination is
based on all the facts of record, including Wells Fargo's
projections of the volume of the bank-ineligible underwriting and dealing activities of Company.
The Board also has reviewed the managerial resources
of each of the entities involved in this proposal in light of
examination reports and other supervisory information. In
connection with the proposal, the Federal Reserve Bank of
Minneapolis ("Reserve Bank") has reviewed the policies
and procedures of Company to ensure compliance with this
order and the Section 20 Orders, including Company's
operational and managerial infrastructure; computer, audit,
and accounting systems; and internal risk management
procedures and controls. On the basis of the Reserve
Bank's review and all other facts of record, including the
commitments provided in this case and the proposed managerial and risk management systems of Company, the
Board has concluded that financial and managerial considerations are consistent with approval of the notice.
The Board has carefully considered the competitive
effects of the proposal. To the extent that Ragen MacKenzie offers different types of products and services than
Wells Fargo, the proposed acquisition would result in no
loss of competition. In those markets where the product
offerings of Wells Fargo's nonbanking subsidiaries overlap
with the product offerings of Ragen MacKenzie, such as
securities brokerage, investment advisory, and securities
underwriting and dealing activities, there are numerous
existing and potential competitors. Consummation of the
proposal, therefore, would have a de minimis effect on
competition in the markets for these services, and the
Board has concluded that the proposal would not have
significantly adverse competitive effects in any relevant
market.
The Board also expects that consummation of the proposal would provide added convenience to the customers
of Wells Fargo and Ragen MacKenzie. Wells Fargo has
9. 12 U.S.C. § 1843(c)(8).
10. See 12 C.F.R. 225.26.
343
indicated that consummation of the proposal would expand
the range of products and services available to its customers and those of Ragen MacKenzie. Wells Fargo also has
stated that the proposal would allow it to be a more
effective competitor in the financial services industry. In
addition, there are public benefits to be derived from permitting capital markets to operate so that bank holding
companies can make potentially profitable investments in
nonbanking companies and from permitting banking organizations to allocate their resources in the manner they
consider to be most efficient when such investments and
actions are consistent, as in this case, with the relevant
considerations under the BHC Act.
Based on all the facts of record, the Board has determined that performance of the proposed activities by Wells
Fargo, under the framework established in this and prior
decisions, can reasonably be expected to produce public
benefits that outweigh any reasonably expected adverse
effects of the proposal. Accordingly, the Board has determined that the performance of the proposed activities by
Wells Fargo is a proper incident to banking for purposes of
section 4(c)(8) of the BHC Act.
Conclusion
On the basis of all the facts of record, the Board has
determined that the notice should be, and hereby is, approved, subject to all the terms and conditions described in
this order and the Section 20 Orders, as modified by the
Modification Orders. The Board's approval of the proposal
extends only to activities conducted within the limitations
of this order, including the Board's reservation of authority
to establish additional limitations to ensure that the activities of Company are consistent with safety and soundness,
avoidance of conflicts of interests, and other relevant considerations under the BHC Act. Underwriting and dealing
in any manner other than as approved in this order is not
within the scope of the Board's approval and is not authorized for Company.
The Board's determination also is subject to all the terms
and conditions set forth in Regulation Y, including those in
sections 225.7 and 225.25(c) (12 C.F.R. 225.7 and
225.25(c)), and to the Board's authority to require modification or termination of the activities of a bank holding
company or any of its subsidiaries as the Board finds
necessary to ensure compliance with, or to prevent evasion
of, the provisions and purposes of the BHC Act and the
Board's regulations and orders issued thereunder. The
Board's decision is specifically conditioned on compliance
with all the commitments made in connection with this
notice, including the commitments discussed in this order
and the conditions set forth in this order and the Board
regulations and orders noted above. The commitments and
conditions are deemed to be conditions imposed in writing
by the Board in connection with its findings and decision,
and, as such, may be enforced in proceedings under applicable law.
This proposal shall not be consummated later than three
months after the effective date of this order, unless such
344
Federal Reserve Bulletin • May 2000
period is extended for good cause by the Board or the
Federal Reserve Bank of San Francisco, acting pursuant to
delegated authority.
By order of the Board of Governors, effective March 13,
2000.
Voting for this action: Chairman Greenspan and Governors Kelley,
Meyer, and Gramlich. Absent and not voting: Vice Chairman Ferguson.
ROBERT DEV. FRIERSON
Associate Secretary of the Board
ORDERS ISSUED UNDER INTERNATIONAL BANKING
ACT
National Bank of Egypt
Cairo, Egypt
Order Approving Establishment of a Branch
National Bank of Egypt ("Bank"), Cairo, Egypt, a foreign
bank within the meaning of the International Banking Act
("IBA"), has applied under section 7(d) of the IBA
(12 U.S.C. § 3105(d)) to establish a state-licensed branch
in New York, New York. The Foreign Bank Supervision
Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the
Board to establish a branch in the United States.
Notice of the application, affording interested persons an
opportunity to comment, has been published in a newspaper of general circulation in New York, New York (The
New York Times, December 4, 1998). The time for filing
comments has expired, and the Board has considered the
application and all comments received.
Bank, with total consolidated assets of approximately
US $19.6 billion, is the largest commercial bank in Egypt.1
Founded in 1898 as a privately owned commercial bank
with central bank responsibilities, Bank is now wholly
owned by the Egyptian government and engages in a wide
range of commercial banking activities, serving retail and
corporate clients in the domestic and international markets.
Bank has more than 340 domestic branches, a bank subsidiary in London, and a representative office in South Africa.
Through 14 nonbank subsidiaries, Bank engages in trust,
investment, housing development, manufacturing, and
trade-related activities in Egypt and abroad. Bank does not
have any direct operations in the United States, but does
own a nonvoting equity interest in Arab American Bank
("AAB"), New York, New York, a state-chartered consortium bank. Bank would purchase virtually all the assets and
liabilities of AAB through the proposed New York branch
and would offer services to clients based in the Middle East
and to U.S. enterprises seeking to do business there. Bank
would be a qualifying foreign banking organization within
the meaning of Regulation K (12 C.F.R. 211.23(b)).
1. Asset data are as of September 30, 1999.
In order to approve an application by a foreign bank to
establish a branch in the United States, the IBA and Regulation K require the Board to determine that the foreign
bank applicant engages directly in the business of banking
outside of the United States and has furnished to the Board
the information it needs to assess the application adequately. The Board also shall take into account whether the
foreign bank and any foreign bank parent is subject to
comprehensive supervision or regulation on a consolidated
basis by its home country supervisor (12 U.S.C.
§ 3105(d)(2); 12 C.F.R. 211.24).2 The Board may also take
into account additional standards as set forth in the IBA
and Regulation K (12 U.S.C. § 3105(d)(3)-(4); 12 C.F.R.
211.24(c)(2)-(3)).
The IBA includes a limited exception to the general
requirement relating to comprehensive, consolidated supervision (12 U.S.C. § 3105(d)(6)). This exception provides
that, if the Board is unable to find that a foreign bank
seeking to establish a branch, agency, or commercial lending company is subject to comprehensive supervision or
regulation on a consolidated basis by the appropriate authorities in its home country, the Board may nevertheless
approve an application by such foreign bank if:
(i) The appropriate authorities in the home country of
the foreign bank are actively working to establish
arrangements for the consolidated supervision of
such bank; and
(ii) All other factors are consistent with approval
(12 U.S.C. § 3105(d)(6)(A)). In deciding whether
to exercise its discretion to approve an application
under authority of this exception, the Board shall
also consider whether the foreign bank has adopted
and implements procedures to combat money laundering (12 U.S.C. § 3105(d)(6)(B)).
The Board also may take into account whether the home
country of the foreign bank is developing a legal regime to
address money laundering or is participating in multilateral
efforts to combat money laundering (12 U.S.C.
§ 3105(d)(6)(B)).
Bank engages directly in the business of banking outside
the United States through its banking operations in Egypt
2. In assessing this standard, the Board considers, among other
factors, the extent to which the home country supervisors:
(i) ensure that the bank has adequate procedures for monitoring
and controlling its activities worldwide;
(ii) obtain information on the condition of the bank and its
subsidiaries and offices through regular examination reports,
audit reports, or otherwise;
(iii) obtain information on the dealings with and relationship
between the bank and its affiliates, both foreign and domestic;
(iv) receive from the bank financial reports that are consolidated
on a worldwide basis or comparable information that permits
analysis of the bank's financial condition on a worldwide
consolidated basis;
(v) evaluate prudential standards, such as capital adequacy and
risk asset exposure, on a worldwide basis. These are indicia
of comprehensive, consolidated supervision. No single factor
is essential, and other elements may inform the Board's
determination.
Legal Developments
and elsewhere. Bank also has provided the Board with
information necessary to assess the application through
submissions that address the relevant issues.
With respect to supervision by Bank's home country
authorities, the Board has considered the following information. The Central Bank of Egypt is the licensing, regulatory, and supervisory authority for all financial institutions
in Egypt, including Bank. The Central Bank obtains information on the condition of Bank, Bank's subsidiaries, and
Bank's foreign operations through regular examinations,
periodic financial reports, and follow-up consultations with
Bank's management. The Central Bank performs comprehensive, mandatory on-site examinations of Bank every
other year and targeted periodic examinations, as needed.
In addition, Bank's consolidated financial statements are
audited annually by two government-approved external
auditors. These auditors conduct on-site examinations of
Bank, as needed, and provide their findings to the Central
Bank. The Central Bank examiners and Bank's external
auditors review Bank's internal controls, financial condition, asset quality, compliance with law and regulation, and
transactions with affiliates.3 The Central Bank conducts
follow-up meetings with Bank's management whenever
weaknesses are noted. The Central Bank is also actively
reviewing its processes with a view to enhancing the
overall effectiveness of its supervisory program.
Off-site inspections consist of the Central Bank's review
of periodic reports and other information received from
Bank and from Bank's external auditors. These materials
address various aspects of Bank's operations and are used
by the Central Bank to monitor Bank's compliance, on a
consolidated basis, with prudential limits on capital adequacy,4 asset classification and provisioning, credit and
foreign currency exposure, and liquidity, and with statutory
reserve requirements.
The Central Bank supervises Bank's foreign offices and
foreign banking subsidiaries principally through off-site
surveillance. Bank employs locally based external auditors
who are required to provide their reports to Bank's
Egyptian-based external auditors and to the Central Bank.
The Egyptian auditors are required to use those reports in
assessing Bank's overall financial condition. In addition,
the Central Bank exchanges information with host country
regulators.
Bank monitors the operations of its domestic and overseas offices through a combination of annual on-site audits
and a review of periodic reports submitted to Bank's head
office. Bank's internal audit department reviews assets/
liabilities, revenues/expenses, and off-balance-sheet activities; compliance with governing rules, regulations, and
3. Egyptian banking laws do not impose limits on transactions with
affiliates but do limit a bank's exposure to single borrowers (or related
groups of borrowers) to no more than 30 percent of the bank's capital
base. The Central Bank scrutinizes all transactions between Bank and
its affiliates that are on preferential terms.
4. All banks operating in Egypt (other than branches of foreign
banks) must maintain a capital to risk-weighted asset ratio of at least
8 percent, calculated on a consolidated basis.
345
policies; and compliance with internal controls. Bank's
internal audit findings are provided to the Central Bank and
to Bank's external auditors.5
With regard to measures to prevent money laundering,
although Egypt has not formally adopted the recommendations of the Financial Action Task Force ("FATF") regarding the prevention and detection of money laundering, the
Egyptian Banking Association, in collaboration with the
Central Bank, has issued rules for detecting and deterring
money laundering operations that are generally consistent
with the institution-specific recommendations of the FATF.
These rules require the reporting of suspicious transactions
to the Central Bank, require banks to ascertain the sources
of funds for large transactions, and require customer identification on the opening of an account and profiling as part
of the ongoing monitoring of accounts.
Bank has implemented policies and procedures to ensure
compliance with these rules. Bank's policies include
"know your customer" procedures, large transaction reviews, and record-keeping requirements; specify internal
lines for reporting suspicious transactions; and detail procedures for investigating suspicious transactions and reporting them to the Central Bank and law enforcement authorities. Bank's internal and external auditors monitor
compliance with these policies and procedures, and provide their findings to Bank's board of directors and the
Central Bank.
Based on all the facts of record, the Board has determined that Bank's home country authorities are actively
working to establish arrangements for the consolidated
supervision of Bank, and that considerations relating to the
steps taken by Bank and its home country to combat
money laundering are consistent with approval under this
standard.
The Board has also taken into account the additional
standards set forth in the IBA (12 U.S.C. § 3105(d)(3)-(4);
12 C.F.R. 211.24(c)(2)-(3)). The Central Bank has no objection to establishment of the proposed branch.
Bank must comply with the minimum capital standards
of the Basel Capital Accord ("Accord"), as implemented
by Egypt. Bank's capital is in excess of the minimum
levels that would be required by the Accord and is considered equivalent to the capital that would be required of a
U.S. banking organization. Managerial and other financial
resources of Bank are also considered consistent with
approval, and Bank appears to have the experience and
capacity to support the proposed branch. Bank has established controls and procedures for the proposed branch to
5. In general, the Central Bank treats Bank's nonbank subsidiaries
as investments. In evaluating these investments, the Central Bank
considers whether they are properly valued, sufficiently reserved
against, and consistent with a sensible investment policy. Bank monitors the operations of its nonbank subsidiaries through representation
on each subsidiary's board of directors. The board representative
provides Bank, Bank's external auditors, and the Central Bank with a
comprehensive annual report prepared by the subsidiary's independent external auditor, highlighting any transactions between Bank and
the subsidiary that are on preferential terms.
346
Federal Reserve Bulletin • May 2000
ensure compliance with U.S. law, as well as controls and
procedures for its worldwide operations generally.
With respect to access to information about Bank's
operations, the Board has reviewed the restrictions on
disclosure in relevant jurisdictions in which Bank operates
and has communicated with relevant government authorities regarding access to information. Bank has committed
to make available to the Board such information on the
operations of Bank and any of its affiliates that the Board
deems necessary to determine and enforce compliance with
the IB A, the Bank Holding Company Act of 1956, as
amended, and other applicable federal law. To the extent
that the provision of such information to the Board may be
prohibited by law, Bank has committed to cooperate with
the Board to obtain any necessary consents or waivers that
might be required from third parties for disclosure of such
information. In addition, subject to certain conditions, the
Central Bank may share information on Bank's operations
with other supervisors, including the Board. In light of
these commitments and other facts of record, and subject to
the condition described below, the Board concludes that
Bank has provided adequate assurances of access to any
necessary information that the Board may request.
On the basis of all the facts of record, and subject to the
commitments made by Bank, as well as the terms and
conditions set forth in this order, the Board has determined
that Bank's application to establish a branch should be, and
hereby is, approved. Should any restrictions on access to
information on the operations or activities of Bank and its
affiliates subsequently interfere with the Board's ability to
obtain information to determine and enforce compliance by
Bank or its affiliates with applicable federal statutes, the
Board may require termination of any of Bank's direct or
indirect activities in the United States. Approval of this
application also is specifically conditioned on compliance
by Bank with the commitments made in connection with
this application and with the conditions in this order.6 The
commitments and conditions referred to above are conditions imposed in writing by the Board in connection with
its decision and may be enforced in proceedings under
12 U.S.C. § 1818 against Bank and its affiliates.
By order of the Board of Governors, effective March 20,
2000.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Kelley, Meyer, and Gramlich.
R O B E R T DEV. FRIERSON
Associate Secretary of the Board
6. The Board's authority to approve the establishment of the proposed branch parallels the continuing authority of the State of New
York to license offices of a foreign bank. The Board's approval of this
application does not supplant the authority of the State of New York
and the New York State Banking Department ("Department") to
license the proposed office of Bank in accordance with any terms or
conditions that the Department may impose.
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT
By the Secretary of the Board
Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to
the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Section 3
Applicant(s)
Bank(s)
Effective Date
Old Kent Financial Corporation,
Grand Rapids, Michigan
Grand Premier Financial, Inc.,
Wauconda, Illinois
Grand National Bank,
Wauconda, Illinois
March 6, 2000
Applicant(s)
Bank(s)
Effective Date
Centura Banks, Inc.,
Rocky Mount, North Carolina
NCS Mortgage Services, LLC,
Norcross, Georgia
National Consumer Services, II, LLC,
Norcross, Georgia
March 24, 2000
Section 4
Legal Developments
347
Section 4—Continued
Applicant(s)
Bank(s)
Effective Date
First Security Corporation,
Salt Lake City, Utah
Star Systems, Inc.,
Maitland, Florida
Bank Network Securities,
Chicago, Illinois
March 15, 2000
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to
the Reserve Banks.
Section 3
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
Baytree Bancorp, Inc.,
Chicago, Illinois
Branson Bancshares, Inc.,
Branson, Missouri
Capitol Bancorp Ltd.,
Lansing, Michigan
Sun Community Bancorp Limited,
Phoenix, Arizona
Nevada Community Bancorp
Limited,
Las Vegas, Nevada
Capitol Bancorp Ltd.,
Lansing, Michigan
Sun Community Bancorp Limited,
Phoenix, Arizona
Sunrise Capital Corporation,
Albuquerque, New Mexico
Central Financial Corporation,
Hutchinson, Kansas
Concord Bancshares, Inc.,
St. Louis, Missouri
Crown Bankshares, Inc.,
Eden Prairie, Minnesota
Davis Trust Financial Corporation,
Elkins, West Virginia
First Charter Corporation,
Concord, North Carolina
First Northern Community Bancorp,
Dixon, California
The Leaders Group, Inc.,
Oak Brook, Illinois
Kane.Commerce Co.,
Davenport, Iowa
Maries County Bancorp, Inc.,
Vienna, Missouri
Baytree National Bank & Trust Co.,
Chicago, Illinois
Branson Bank,
Branson, Missouri
Black Mountain Community Bank,
Henderson, Nevada
Chicago
February 29, 2000
St. Louis
March 2, 2000
Chicago
March 10, 2000
Sunrise Bank of Albuquerque,
Albuquerque, New Mexico
Chicago
March 22, 2000
NorthStar Bancshares, Inc.,
Riverside, Missouri
Concord Bank,
St. Louis, Missouri
Crown Bank,
Edina, Minnesota
Davis Trust Company,
Elkins, West Virginia
Carolina First Bancshares, Inc.,
Lincolnton, North Carolina
First Northern Bank of Dixon,
Dixon, California
The Leaders Bank,
Oak Brook, Illinois
Community State Bank of Plymouth,
Plymouth, Illinois
Branson Bancshares, Inc.,
Branson, Missouri
Branson Bank,
Branson, Missouri
Kansas City
March 9, 2000
St. Louis
February 29, 2000
Minneapolis
March 22, 2000
Richmond
March 7, 2000
Richmond
March 20, 2000
San Francisco
March 8, 2000
Chicago
March 13, 2000
Chicago
March 13, 2000
St. Louis
March 2, 2000
348
Federal Reserve Bulletin • May 2000
Section 3—Continued
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
National Commerce Bancorporation,
Memphis, Tennessee
Piedmont Bancorp, Inc.,
Hillsborough, North Carolina
Hillsborough Savings Bank, Inc., SSB,
Hillsborough, North Carolina
Mesilla Valley Bank,
Las Cruces, New Mexico
NorthStar Bank, National Association,
Kansas City, Missouri
Ohio Legacy Bank, N.A.,
Wooster, Ohio
United National Bank,
Fayetteville, North Carolina
SNB Corp.,
Greenville, Ohio
UB Bancshares, Inc.,
Bucyrus, Ohio
Premier Bank,
Denver, Colorado
Scottsdale Community Bank,
Scottsdale, Arizona
Three Rivers Bank and Trust Company,
Monroeville, Pennsylvania
Vision Bank,
Gulf Shores, Alabama
Michigan Financial Corporation,
Marquette, Michigan
MFC First National Bank,
Marquette, Michigan
MFC First National Bank,
Menominee, Michigan
MFC First National Bank,
Ironwood, Michigan
MFC First National Bank,
Iron River, Michigan
MFC First National Bank,
Iron Mountain, Michigan
MFC First National Bank,
Houghton, Michigan
MFC First National Bank,
Escanaba, Michigan
St. Louis
February 28, 2000
Dallas
March 22, 2000
Kansas City
March 1, 2000
Cleveland
February 29, 2000
Richmond
March 7, 2000
Cleveland
March 6, 2000
Cleveland
March 6, 2000
Kansas City
March 2, 2000
San Francisco
March 15, 2000
Cleveland
March 20, 2000
Atlanta
March 7, 2000
San Francisco
March 15, 2000
New Mexico First Financial, Inc.,
Dover, Delaware
NorthStar Bancshares, Inc.,
Riverside, Missouri
Ohio Legacy Corp.,
Wooster, Ohio
Omni Financial Services, Inc.,
Atlanta, Georgia
Park National Corporation,
Newark, Ohio
Park National Corporation,
Newark, Ohio
Premier Capital Corp.,
Denver, Colorado
Scottsdale Bancorp,
Woodbury, Minnesota
Three Rivers Bancorp., Inc.,
Monroeville, Pennsylvania
Vision Bancshares, Inc.,
Gulf Shores, Alabama
Wells Fargo & Company,
San Francisco, California
Section 4
Applicant(s)
Nonbanking Activity/Company
Reserve Bank
Effective Date
Bank of Montreal,
Toronto, Ontario, Canada
Bankmont Financial Corp.,
Chicago, Illinois
The Chase Manhattan Bank,
New York, New York
Chase Manhattan Bank Delaware,
Wilmington, Delaware
Lending, Inc.,
Chicago, Illinois
Chicago
March 10, 2000
CSL Leasing, Inc.,
Wilmington, Delaware
New York
March 17, 2000
Legal Developments
349
Section 4—Continued
Applicant(s)
Nonbanking Activity/Company
Reserve Bank
Effective Date
Heartland Bancshares, Inc.,
Lenox, Iowa
Iowa State Bank Holding Company,
Des Moines, Iowa
Klein Financial, Inc.,
Chaska, Minnesota
Marquette Bancshares, Inc.,
Minneapolis, Minnesota
First Community National Bank,
Corning, Iowa
To engage de novo in extending credit
and servicing loans
Home Town Mortgage, Inc.,
Chaska, Minnesota
Apocalypse Corporation,
Minneapolis, Minnesota
Offerman & Company, Inc.,
Minneapolis, Minnesota
To engage in leasing personal or real
property
Fleet One, L.L.C.,
Nashville, Tennessee
Republic Bank, of Chicago,
Darien, Illinois
CashMart, Inc.,
Atlanta, Georgia
Valley Forge Asset Management
Corporation,
King of Prussia, Pennsylvania
Valley Forge Investment Company Inc.,
King of Prussia, Pennsylvania
Prediction Company LLC,
Santa Fe, New Mexico
Billpoint, Inc.,
San Jose, California
Chicago
March 23, 2000
Chicago
March 3, 2000
Minneapolis
February 29, 2000
Minneapolis
March 9, 2000
Chicago
March 15, 2000
St. Louis
February 28, 2000
Chicago
March 7, 2000
Atlanta
March 1, 2000
Philadelphia
February 24, 2000
New York
March 17, 2000
San Francisco
March 7, 2000
MSB Holding Company,
Moorhead, Iowa
National Commerce Bancorporation,
Memphis, Tennessee
Republic Bancorp Co.,
Orland Park, Illinois
Summitt Bank Corporation,
Atlanta, Georgia
Susquehanna Bancshares, Inc.,
Philadelphia, Pennsylvania
UBS AG,
Zurich, Switzerland
Wells Fargo & Company,
San Francisco, California
APPLICATIONS APPROVED UNDER BANK MERGER ACT
By the Secretary of the Board
Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to
the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Applicant(s)
Bank(s)
Effective Date
AmSouth Bank,
Birmingham, Alabama
Old Kent Bank,
Grand Rapids, Michigan
First American Federal Savings Bank,
Dalton, Georgia
Grand National Bank,
Wauconda, Illinois
March 8, 2000
March 6, 2000
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to
the Reserve Banks.
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
Atlantic Bank,
Ocean City, Maryland
Wilmington Trust FSB,
Salisbury, Maryland
Richmond
March 13, 2000
350
Federal Reserve Bulletin • May 2000
By Federal Reserve Banks—Continued
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
Citizens Bank,
Flint, Michigan
Citizens Trust Bank,
Atlanta, Georgia
Great Lakes National Bank Michigan,
Ann Arbor, Michigan
Mutual Federal Savings Bank of
Atlanta,
Atlanta, Georgia
Old Kent Bank,
Grand Rapids, Michigan
Peoples State Bank of Mansfield,
Mansfield, Illinois
Chicago
March 16, 2000
Atlanta
March 10, 2000
Chicago
March 6, 2000
Chicago
March 22, 2000
CSB Bank,
Capac, Michigan
Weldon State Bank and Trust,
Weldon, Illinois
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.
Folstad v. Board of Governors, No. 00-1056 (6th Cir., filed
January 14, 2000). Appeal of district court order granting
summary judgment to the Board in a Freedom of Information Act case.
Albrecht v. Board of Governors, No. 00-CV-317 (CKK)
(D.D.C., filed February 18, 2000). Action challenging the
funding of the retirement plan for certain Board employees.
Board of Governors v. Interfinancial Services, Ltd., No. 00-75
(RCL) (D.D.C., filed February 9, 2000). Action to enforce
administrative subpoena issued by the Board.
Toland v. Internal Revenue Service, Federal Reserve System,
et al., No. CV-S-99-1769-JBR-RJJ (D. Nevada, filed December 29, 1999). Challenge to income taxation and Federal Reserve notes. On February 16, 2000, the government
filed a motion to dismiss the action.
Irontown Housing Corp. v. Board of Governors, No. 99-9549
(10th Cir., filed December 27, 1999). Petition for review of
Board order dated December 13, 1999, approving the
merger of Zions Bancorporation with First Security Corporation.
Artis v. Greenspan, No. 1:99CV02073 (EGS) (D.D.C., filed
August 3, 1999). Employment discrimination action.
Sheriff Gerry Ali v. U.S. State Department, No. 99-7438 (C.D.
Cal., filed July 21, 1999). Action relating to impounded
bank drafts.
Kerr v. Department of the Treasury, No. 99-16263 (9th Cir.,
filed April 28, 1999). Appeal of dismissal of action challenging income taxation and Federal Reserve notes.
Sedgwick v. Board of Governors, No. Civ.-99-0702 (D. Arizona, filed April 14, 1999). Action under Federal Tort
Claims Act alleging violation of bank supervision requirements. The Board filed a motion to dismiss on June 15,
1999.
Hunter v. Board of Governors, No. 1:98CV02994 (ESH)
(D.D.C., filed December 9, 1998). Action under the Freedom of Information Act, the Privacy Act, and the first
amendment. The Board filed a motion to dismiss or for
summary judgment on July 22, 1999.
Nelson v. Greenspan, No. 1.99CV00215 (EGS) (D.D.C., filed
January 28, 1999). Employment discrimination complaint.
On February 25, 2000, the court granted the Board's motion
to dismiss the complaint.
Fraternal Order of Police v. Board of Governors, No.
1:98CV03116 (WBB) (D.D.C., filed December 22, 1998).
Declaratory judgment action challenging Board labor practices. On February 26, 1999, the Board filed a motion to
dismiss the action.
Board of Governors v. Carrasco, No. 98 Civ. 3474 (LAK)
(S.D.N.Y„ filed May 15, 1998). Action to freeze assets of
individual pending administrative adjudication of civil
money penalty assessment by the Board. On May 26, 1998,
the court issued a preliminary injunction restraining the
transfer or disposition of the individual's assets and appointing the Federal Reserve Bank of New York as receiver for
those assets. Following entry of the Board's order requiring
restitution, 85 Federal Reserve Bulletin 142 (1998), the
court granted the Board's motion for judgment in the asset
freeze action and authorized a judicial sale of the seized
property.
Board of Governors v. Pharaon, No. 98-6101 (2d Cir., filed
May 4, 1998). Appeal and cross-appeal of district court
order granting in part and denying in part the Board's
motion for summary judgment seeking prejudgment interest
and a statutory surcharge in connection with a civil money
penalty assessed by the Board. On February 24, 1999, the
court granted the Board's appeal and denied the crossappeal, and remanded the matter to the district court for
determination of prejudgment interest due to the Board.
Bettersworth v. Board of Governors, No. 97-CA-624 (W.D.
Tex., filed August 21, 1997). Privacy Act case. On February 17, 2000, the court granted the Board's motion for
Legal Developments
summary j u d g m e n t and dismissed the action. On March 28,
351
TERMINATION OF ENFORCEMENT ACTIONS
2 0 0 0 , the plaintiff filed a notice of appeal.
Banco Nacional de Mexico
Mexico City, Mexico
FINAL ENFORCEMENT ORDERS ISSUED BY THE
BOARD OF GOVERNORS
Vinay B. Malhotra
Tokyo, Japan
The Federal Reserve Board announced on March
the issuance of an Order of Prohibition against
Malhotra, a former vice president and officer of
cago Branch of The Bank of Tokyo-Mitsubishi,
kyo, Japan.
R&T
Banco
Madrid,
17, 2000,
Vinay B.
The ChiLtd., To-
Sellers
City,
Florida
The Federal Reserve Board announced on March 17, 2000,
the issuance of a consent Order against the R&T Foundation and James R. Sellers, institution-affiliated parties of
the First Western Bank, Cooper City, Florida, a state member bank.
Sunshine
Santander
Spain
The Federal Reserve Board announced on March 13, 2000,
the termination of the Temporary Orders to Cease and
Desist issued against Banco Nacional de Mexico, Mexico
City, Mexico; Banco Internacional, S.A., Mexico City,
Mexico; and Banco Santander, Madrid, Spain.
Foundation
James R.
Cooper
Banco Internacional,
S.A.
Mexico City, Mexico
Financial
Frederick K. Wall
Cooper City, Florida
The Federal Reserve Board announced on March 17, 2000,
the issuance of a consent Order against Sunshine Financial
and Frederick K. Wall, institution-affiliated parties of the
First Western Bank, Cooper City, Florida, a state member
bank.
WRITTEN AGREEMENTS APPROVED BY FEDERAL
RESERVE BANKS
Banco Popular de Puerto
Hato Rey, Puerto Rico
Rico
The Federal Reserve Board announced on March 9, 2000,
the execution of a Written Agreement by and between
Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, and
the Federal Reserve Bank of New York.
Security Dollar
Niles, Ohio
Bank
The Federal Reserve Board announced on March 22, 2000,
the execution of a Written Agreement by and between the
Security Dollar Bank, Niles, Ohio, and the Federal Reserve
Bank of Cleveland.
352
Federal Reserve Bulletin • May 2000
353
Directors of
Federal Reserve Banks and Branches
Regional decentralization and a combination of governmental and private characteristics are important hallmarks
of the uniqueness of the Federal Reserve System. Under
the Federal Reserve Act, decentralization was achieved by
division of the country into twelve regions called Federal
Reserve Districts and the establishment in each District of
a separately incorporated Federal Reserve Bank with its
own board of directors. The blending of governmental and
private characteristics is provided through ownership of the
stock of the Reserve Bank by member banks in its District,
which also elect the majority of the board of directors, and
by the general supervision of the Reserve Banks by the
Board of Governors, an agency of the federal government.
The Board also appoints a minority of each board of
directors. Thus, there are essential elements of regional
participation and counsel in the conduct of the System's
affairs for which the Federal Reserve relies importantly on
the contributions of the directors of the Federal Reserve
Banks and Branches.
The following list of directors of Federal Reserve Banks
and Branches shows for each director the class of directorship, the principal business affiliation, and the date the
current term expires. Each Federal Reserve Bank has nine
members on its board of directors: The member banks elect
the three Class A and three Class B directors, and the
Board of Governors appoints the three directors in Class C.
Directors are chosen without discrimination as to race,
creed, color, sex, or national origin.
DISTRICT
Class A directors of each Reserve Bank represent the
stockholding member banks of the Federal Reserve District. Class B and Class C directors represent the public and
are chosen with due, but not exclusive, consideration to the
interests of agriculture, commerce, industry, services, labor,
and consumers; they may not be officers, directors, or
employees of any bank. In addition, Class C directors may
not be stockholders of any bank. The Board of Governors
designates annually one Class C director as chairman of
the board of directors of each District Bank and designates
another Class C director as deputy chairman.
Each of the twenty-five Branches of the Federal Reserve
Banks has a board of either seven or five directors, a
majority of whom are appointed by the parent Federal
Reserve Bank; the others are appointed by the Board of
Governors. One of the Board's appointees is designated
annually as chairman of the board of that Branch in a
manner prescribed by the parent Federal Reserve Bank.
The list of directors below is current as of April 26,
2000.
The names of the chairman and deputy chairman of the
board of directors of each Reserve Bank and of the chairman of each Branch are published monthly in the Federal
Reserve Bulletin.1
1. The current list appears on page A86 of this Bulletin.
Term expires
December 31
1—BOSTON
Class A
Edwin N. Clift
Terrence Murray
Paul M. Ferguson
President and Chief Executive Officer, Merrill Merchants Bank,
Bangor, Maine
Chairman and Chief Executive Officer, FleetBoston Financial Corporation,
Boston, Massachusetts
President and Chief Executive Officer, Pemigewasset National Bank,
Plymouth, New Hampshire
2000
2001
2002
Class B
Edward Dugger III
Robert R. Glauber
Orit Gadiesh
President and Chief Executive Officer, UNC Partners, Inc.,
Boston, Massachusetts
Adjunct Lecturer, John F. Kennedy School of Government,
Harvard University, Cambridge, Massachusetts
Chairman, Bain & Company, Boston, Massachusetts
2000
2002
President, Graphic Communications International Union, Washington, D.C.
Professor of Economics, Yale University, New Haven, Connecticut
Chairman Emeritus, The Boston Globe, Boston, Massachusetts
2000
2001
2002
2001
Class C
James J. Norton
William C. Brainard
William O. Taylor
354
Federal Reserve Bulletin • May 2000
Term Expires
December 31
DISTRICT 2—NEW YORK
Class A
Walter V. Shipley
T. Joseph Semrod
George W. Hamlin IV
Retired Chairman, The Chase Manhattan Corporation, New York,
New York
Chairman and Chief Executive Officer, Summit Bancorp,
Princeton, New Jersey
President and Chief Executive Officer, The Canandaigua National Bank
and Trust Company, Canandaigua, New York
2000
Chairman, President, and Chief Executive Officer, Consolidated Edison
Company of New York, Inc., New York, New York
President, Phipps Houses, New York, New York
Executive Vice President, Kraft Foods, Inc., and President, Coffee &
Cereals Division, Tarrytown, New York
2000
2001
2002
Class B
Eugene R. McGrath
Ronay Menschel
Ann M. Fudge
2001
2002
Class C
Charles A. Heimbold, Jr.
Peter G. Peterson
Albert J. Simone
Chairman and Chief Executive Officer, Bristol-Myers Squibb Co.,
New York, New York
Chairman, The Blackstone Group, New York, New York
President, Rochester Institute of Technology, Rochester, New York
2000
2001
2002
BUFFALO BRANCH
Appointed by the Federal Reserve Bank
William E. Swan
Maureen Torrey Marshall
Kathleen R. Whelehan
Geraldine C. Ochocinska
President and Chief Executive Officer, First Niagara Bank,
Lockport, New York
Co-owner, Torrey Farms, Inc., Elba, New York
Executive Vice President, Consumer Finance Division, HSBC,
Buffalo, New York
Director, Region 9, UAW, Buffalo, New York
2000
2000
2001
2002
Appointed by the Board of Governors
John E. Friedlander
Bal Dixit
Patrick P. Lee
President and Chief Executive Officer, Kaleida Health, Buffalo, New York
President and Chief Executive Officer, Newtex Industries, Inc.,
Victor, New York
Chairman and Chief Executive Officer, International Motion Control, Inc.,
Buffalo, New York
2000
2001
President and Chief Executive Officer, First National Bank of Absecon,
Absecon, New Jersey
Chairman, President, and Chief Executive Officer, Fulton Financial
Corporation, Lancaster, Pennsylvania
Chairman, President, and Chief Executive Officer, Atlantic Central Bankers
Bank, Camp Hill, Pennsylvania
2000
President and Chief Executive Officer, Burris Foods, Inc.,
Milford, Delaware
Chairman and Chief Executive Officer, Conectiv, Wilmington, Delaware
Chairman and Chief Executive Officer, Penn Mutual Life Insurance Co.,
Philadelphia, Pennsylvania
2000
2002
DISTRICT 3—PHILADELPHIA
Class A
Harry Elwell III
Rufus A. Fulton, Jr.
Frank Kaminski, Jr.
2001
2002
Class B
Robert D. Burris
Howard E. Cosgrove
Robert E. Chappell
2001
2002
Directors of Federal Reserve Banks and Branches
DISTRICT
355
Term Expires
December 31
3—PHILADELPHIA—Continued
Class C
Glenn A. Schaeffer
Charisse R. Lillie
Joan Carter
DISTRICT
President, Pennsylvania Building and Construction Trades Council,
Harrisburg, Pennsylvania
Partner, Ballard Spahr Andrews & Ingersoll, Philadelphia, Pennsylvania
President and Chief Operating Officer, UM Holdings Ltd.,
Haddonfield, New Jersey
2000
President and Chief Executive Officer, Southwest Bank,
Greensburg, Pennsylvania
Chairman and Chief Executive Officer, FirstMerit Corporation,
Akron, Ohio
Chairman and President, Heartland BancCorp, Gahanna, Ohio
2000
2001
2002
4—CLEVELAND
Class A
David S. Dahlmann
John R. Cochran
2001
2002
Tiney M. McComb
Class B
Cheryl L. Krueger-Horn
Wayne R. Embry
David L. Nichols
President and Chief Executive Officer, Cheryl&Co., Westerville, Ohio
President and Chief Operating Officer, Cleveland Cavaliers,
Cleveland, Ohio
Cincinnati, Ohio
2000
2001
2002
Class C
Vacancy
David H. Hoag
Phillip R. Cox
Former Chairman, The LTV Corporation, Cleveland, Ohio
President and Chief Executive Officer, Cox Financial Corporation,
Cincinnati, Ohio
2000
2001
2002
CINCINNATI BRANCH
Appointed by the Federal Reserve Bank
Stephen P. Wilson
Judith G. Clabes
Jean R. Hale
V. Daniel Radford
President and Chief Executive
Lebanon, Ohio
President and Chief Executive
Cincinnati, Ohio
President and Chief Executive
Pikeville, Kentucky
Executive Secretary-Treasurer,
Cincinnati, Ohio
Officer, Lebanon Citizens National Bank,
2000
Officer, Scripps Howard Foundation,
2000
Officer, Community Trust Bancorp, Inc.,
2001
Cincinnati AFL-CIO Labor Council,
2002
Appointed by the Board of Governors
Wayne Shumate
Thomas Revely III
George C. Juilfs
Chairman and Chief Executive Officer, Kentucky Textiles, Inc.,
Paris, Kentucky
President and Chief Executive Officer, Cincinnati Bell Supply Co.,
Cincinnati, Ohio
President and Chief Executive Officer, SENCORP, Newport, Kentucky
2000
2001
2002
PITTSBURGH BRANCH
Appointed by the Federal Reserve Bank
Thomas J. O'Shane
Edward V. Randall, Jr.
Georgia Berner
Peter N. Stephans
Senior Executive Vice President, Sky Financial Group,
New Castle, Pennsylvania
Management Consultant, Babst Calland Clements & Zomnir,
Pittsburgh, Pennsylvania
President, Berner International Corp., New Castle, Pennsylvania
Chairman and Chief Executive Officer, Trigon Incorporated,
McMurray, Pennsylvania
2000
2001
2002
2002
356
Federal Reserve Bulletin • May 2000
DISTRICT
4—CLEVELAND—Continued
Term Expires
December 31
PITTSBURGH BRANCH—Continued
Appointed by the Board of
John T. Ryan III
Gretchen R. Haggerty
Charles E. Bunch
DISTRICT
Governors
Chairman and Chief Executive Officer, Mine Safety Appliances Company,
Pittsburgh, Pennsylvania
Vice President—Accounting and Finance, U.S. Steel Group,
Pittsburgh, Pennsylvania
Senior Vice President, Strategic Planning and Corporate Services,
PPG Industries, Inc., Pittsburgh, Pennsylvania
2000
2001
2002
5—RICHMOND
Class A
Elizabeth A. Duke
James M. Culberson, Jr.
Fred L. Green III
President and Chief Executive Officer, The Bank of Tidewater,
Virginia Beach, Virginia
Chairman Emeritus, First National Bank and Trust Company,
Asheboro, North Carolina
President and Chief Executive Officer, The National Bank
of South Carolina, Columbia, South Carolina
2000
President and Chief Executive Officer, Martha Jefferson Hospital,
Charlottesville, Virginia
President, Ruppert Nurseries Inc., Laytonsville, Maryland
President and Chief Executive Officer, Columbia Energy Resources,
Charleston, West Virginia
2000
2001
2002
Class B
James E. Haden
Craig A. Ruppert
W. Henry Harmon
2001
2002
Class C
Wesley S. Williams, Jr.
Irwin Zazulia
Jeremiah J. Sheehan
Partner, Covington & Burling, Washington, D.C.
President and Chief Executive Officer, Hecht's, Arlington, Virginia
Chairman and Chief Executive Officer, Reynolds Metals Company,
Richmond, Virginia
2000
2001
2002
BALTIMORE BRANCH
Appointed by the Federal Reserve Bank
William L. Jews
Virginia W. Smith
Jeremiah E. Casey
Dyan Brasington
President and Chief Executive Officer, Blue Cross Blue Shield of
Maryland, Owings Mills, Maryland
President and Chief Executive Officer, Union National Bank,
Westminster, Maryland
Director and Former Chairman, Allfirst Financial, Inc., Baltimore, Maryland
President, High Technology Council of Maryland, Rockville, Maryland
2000
2000
2001
2002
Appointed by the Board of Governors
Betty Bednarczyk
Owen E. Herrnstadt
George L. Russell, Jr.
International Secretary-Treasurer, Service Employees International Union,
AFL-CIO, CLC, Washington, D.C.
Director, International Department, International Association of Machinists
and Aerospace Workers, AFL-CIO, Upper Marlboro, Maryland
Law Offices of Peter G. Angelos, Baltimore, Maryland
2000
2001
2002
CHARLOTTE BRANCH
Appointed by the Federal Reserve Bank
Elleveen T. Poston
Cecil W. Sewell, Jr.
William H. Nock
Lucy J. Reuben
President, Quality Transport, Inc., Lake City, South Carolina
Chairman and Chief Executive Officer, Centura Banks, Inc.,
Rocky Mount, North Carolina
President and Chief Executive Officer, Sumter National Bank,
Sumter, South Carolina
Dean, School of Business, South Carolina State University,
Orangeburg, South Carolina
2000
2000
2001
2002
Directors of Federal Reserve Banks and Branches
DISTRICT 5—RICHMOND—Continued
CHARLOTTE
357
Term Expires
DECEMBER 31
BRANCH—Continued
Appointed by the Board of Governors
Joan H. Zimmerman
James F. Goodmon
Michael A. Almond
DISTRICT
President, Southern Shows, Inc., Charlotte, North Carolina
President and Chief Executive Officer, Capitol Broadcasting Company,
Inc., Raleigh, North Carolina
President and Chief Executive Officer, Carolinas Partnership,
Charlotte, North Carolina
2000
2001
Chairman and Chief Executive Officer, Compass Bancshares, Inc.,
Birmingham, Alabama
Chairman and Chief Executive Officer, First Farmers and Merchants
National Bank, Columbia, Tennessee
President and Chief Executive Officer, Trustmark Corporation,
Jackson, Mississippi
2000
2002
6—ATLANTA
Class A
D. Paul Jones, Jr.
Waymon L. Hickman
Richard G. Hickson
2001
2002
Class B
John Dane III
Suzanne E. Boas
Juanita P. Baranco
Vice Chairman, Friede Goldman Halter, Inc., Pass Christian, Mississippi
President, Consumer Credit Counseling Service, Inc,. Atlanta, Georgia
Executive Vice President, Baranco Automotive Group, Morrow, Georgia
2000
2001
2002
President, Lovell Communications, Inc., Nashville, Tennessee
Executive Vice President, Miami Free Zone Corporation, Miami, Florida
Chief Executive Officer and Chairman, John Wieland Homes and
Neighborhoods, Inc., Atlanta, Georgia
2000
2001
2002
Class C
Paula Lovell
Maria Camila Leiva
John F. Wieland
BIRMINGHAM BRANCH
Appointed by the Federal Reserve Bank
Roland Pugh
Hundley Batts, Sr.
Robert M. Barrett
W. Charles Mayer III
Chairman, Roland Pugh Construction, Inc., Northport, Alabama
Owner and Managing Agent, Hundley Batts & Associates,
Huntsville, Alabama
Past President, Union Planters National Bank, Deatsville, Alabama
President, Alabama Banking Group, AmSouth Bank,
Birmingham, Alabama
2000
2000
2001
2002
Appointed by the Board of Governors
D. Bruce Carr
Catherine Sloss Crenshaw
V. Larkin Martin
Labor-Relations Liaison, Laborers' District Council of Alabama,
Gadsden, Alabama
President, Sloss Real Estate Group, Birmingham, Alabama
Managing Partner, Martin Farm, Courtland, Alabama
2000
2001
2002
JACKSONVILLE BRANCH
Appointed by the Federal Reserve Bank
Terry R. West
Michael W. Poole
Harvey R. Heller
Jerry M. Smith
President and Chief Executive Officer, Jax Navy Federal Credit Union,
Jacksonville, Florida
Principal, Poole Carbone Capital Partners, Inc., Winter Park, Florida
President, Heller Bros. Packing Corp., Winter Garden, Florida
Chairman and President, First National Bank of Alachua,
Alachua, Florida
2000
2000
2001
2002
358
Federal Reserve Bulletin • May 2000
DISTRICT 6—ATLANTA—Continued
JACKSONVILLE
Term Expires
December 31
BRANCH—Continued
Appointed by the Board of
William E. Flaherty
Julie K. Hilton
Marsha G. Rydberg
Governors
Chairman, Blue Cross and Blue Shield of Florida, Inc.,
Jacksonville, Florida
Vice President, Hilton Inc., Panama City Beach, Florida
Partner, The Rydberg Law Firm, Tampa, Florida
2000
2001
2002
MIAMI BRANCH
Appointed by the Federal Reserve Bank
Carlos A. Migoya
Rudy E. Schupp
D. Keith Cobb
James W. Moore
Regional President, Dade and Monroe Counties, First Union National
Bank of Florida, Miami, Florida
Chairman and Chief Executive Officer, Republic Security Bank,
West Palm Beach, Florida
Chairman, Laundromax, Inc., Ft. Lauderdale, Florida
Managing Partner, Riverside Capital, LLC, Fort Myers, Florida
2000
2001
2002
2002
Appointed by the Board of Governors
Kaaren Johnson-Street
Gregg Borgeson
Mark T. Sodders
President, Kaaren Street Associates, Inc., Miami, Florida
President and Chief Executive Officer, QuoteShip.com., Inc.,
Boston, Massachusetts
President, Lakeview Farms, Inc., Pahokee, Florida
2000
2001
2002
NASHVILLE BRANCH
Appointed by the Federal Reserve Bank
James E. Dalton, Jr.
John E. Seward, Jr.
Dale W. Polley
Leonard A. Walker, Jr.
President and Chief Executive Officer, Quorum Health Group, Inc.,
Brentwood, Tennessee
President and Chief Executive Officer, PLC, Inc.,
Piney Flats, Tennessee
Past President, First American Corporation, Nashville, Tennessee
Chairman and Chief Executive Officer, First National Bank and Trust
Company, Athens, Tennessee
2000
2000
2001
2002
Appointed by the Board of Governors
Whitney Johns Martin
Frances F. Marcum
Chairman and Chief Executive Officer, Capital Across America,
Nashville, Tennessee
Past Chairman and Chief Executive Officer, Micro Craft, Inc.,
Tullahoma, Tennessee
2000
2001
2002
Vacancy
NEW ORLEANS BRANCH
Appointed by the Federal Reserve Bank
Teri G. Fontenot
David Guidry
Howell N. Gage
C.R. Cloutier
President and Chief Executive Officer, Woman's Health Foundation,
Baton Rouge, Louisiana
President and Chief Executive Officer, Guico Machine Works, Inc.,
Harvey, Louisiana
Chairman, Vicksburg Advisory Group, BankCorp South,
Vicksburg, Mississippi
President and Chief Executive Officer, Midsouth National Bank,
Lafayette, Louisiana
2000
2000
2001
2002
Directors of Federal Reserve Banks and Branches
DISTRICT 6—ATLANTA—Continued
NEW ORLEANS
359
Term Expires
December 31
BRANCH—Continued
Appointed by the Board of Governors
Ben Tom Roberts
Senior Executive Vice President-Owner, Roberts Brothers, Inc.,
Mobile, Alabama
President and Chief Executive Officer, Mississippi Power Company,
Gulfport, Mississippi
President and Chief Executive Officer, Pumpelly Oil Inc.,
Sulphur, Louisiana
Dwight H. Evans
R. Glenn Pumpelly
DISTRICT
2000
2001
2002
7—CHICAGO
Class A
Managing Director and Chief Executive Officer, First Bank & Trust,
Evanston, Illinois
President, Maquoketa State Bank and Ohnward Bancshares Inc.,
Maquoketa, Iowa
President, BANK ONE Corporation, Chicago, Illinois
Robert R. Yohanan
Alan R. Tubbs
Verne G. Istock
2000
2001
2002
Class B
President, The Hall-Perrine Foundation, Cedar Rapids, Iowa
Chairman and Chief Executive Officer, Johnson Controls, Inc.,
Milwaukee, Wisconsin
President, Women's Self-Employment Project, Chicago, Illinois
Jack B. Evans
James H. Keyes
Connie E. Evans
2000
2001
Managing Partner, Washington, Pittman & McKeever, Chicago, Illinois
Chairman and Chief Executive Officer, Sears, Roebuck and Co.,
Hoffman Estates, Illinois
Chairman and Chief Executive Officer, Prime Advantage Chicago,
Chicago, Illinois
2000
2001
2002
Class C
Lester H. McKeever, Jr.
Arthur C. Martinez
Robert J. Darnall
DETROIT
2002
BRANCH
Appointed by the Federal Reserve Bank
David J. Wagner
Chairman, President, and Chief Executive Officer, Old Kent Financial
Corporation, Grand Rapids, Michigan
President and Chief Executive Officer, The First National Bank of
Three Rivers, Three Rivers, Michigan
Board Director, Ford Motor Company, Dearborn, Michigan
President, Elder Ford, Troy, Michigan
Richard M. Bell
Edsel B. Ford II
Irma B. Elder
2000
2001
2002
2002
Appointed by the Board of Governors
Timothy D. Leuliette
Senior Managing Director and Chief Executive Officer, Heartland
Industrial Partners LP, Bloomfield Hills, Michigan
Chairman and Chief Executive Officer, R.L. Polk & Co.,
Southfield, Michigan
Vice President, International Union UAW, Detroit, Michigan
Stephen R. Polk
Elizabeth Bunn
DISTRICT
8—ST.
2000
2001
2002
LOUIS
Class A
Michael A. Alexander
Thomas H. Jacobsen
Lunsford W. Bridges
Chairman and President, First National Bank, Mt. Vernon, Illinois
Chairman, Firstar Corporation, Milwaukee, Wisconsin
President and Chief Executive Officer, Metropolitan National Bank,
Little Rock, Arkansas
2000
2001
2002
360
Federal Reserve Bulletin • May 2000
DISTRICT 8—ST.
LOUIS—Continued
Term Expires
December 31
Class B
Robert L. Johnson
Bert Greenwalt
Joe Gliessner
Chairman and Chief Executive Officer, Johnson Bryce, Inc.,
Memphis, Tennessee
Partner, Greenwalt Company, Hazen, Arkansas
Executive Director, New Directions Housing Corp.,
Louisville, Kentucky
2000
Chairman and Chief Executive Officer, Systems Service Enterprises, Inc.,
St. Louis, Missouri
Chairman, President, and Chief Executive Officer, Ameren Corporation,
St. Louis, Missouri
Managing Director, Lange, Mullen & Bohn, LLC, Global Financial
Solutions, St. Louis, Missouri
2000
2001
2002
Class C
Susan S. Elliott
Charles W. Mueller
Gayle P.W. Jackson
LITTLE ROCK
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Raymond E. Skelton
Lawrence A. Davis, Jr.
Everett Tucker III
Ross M. Whipple
Chief Executive Officer, Mercantile Bank of Arkansas, N.A.,
Little Rock, Arkansas
Chancellor, University of Arkansas at Pine Bluff,
Pine Bluff, Arkansas
Moses Nosari Tucker Real Estate, Little Rock, Arkansas
Chairman, Summit Bank, Arkadelphia, Arkansas
2000
2001
2002
2002
Appointed by the Board of Governors
Diana T. Hueter
Vick M. Crawley
A. Rogers Yarnell II
LOUISVILLE
President and Chief Executive Officer, Hueter & Associates, Inc.,
Little Rock, Arkansas
Plant Manager, Baxter Healthcare Corporation, Mountain Home, Arkansas
President, Yarnell Ice Cream Co., Inc., Searcy, Arkansas
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Frank J. Nichols
Orson Oliver
Larry E. Dunigan
Edwin K. Page
Chairman, President, and Chief Executive Officer, Community Financial
Services, Inc., Benton, Kentucky
President, Mid-America Bank of Louisville, Louisville, Kentucky
Chairman and Chief Executive Officer, Holiday Management Corp.,
Evansville, Indiana
Vice President, External Affairs, AP Technoglass Co.,
Elizabethtown, Kentucky
2000
2001
2002
2002
Appointed by the Board of Governors
Debbie Scoppechio
Roger Reynolds
J. Stephen Barger
Chairman and Chief Executive Officer, Creative Alliance, Inc.,
Louisville, Kentucky
President and Chief Executive Officer, Reynolds Coatings, LLC,
Louisville, Kentucky
Executive Secretary-Treasurer, Kentucky State District Council of
Carpenters, AFL-CIO, Frankfort, Kentucky
2000
2001
2002
Directors of Federal Reserve Banks and Branches
Term
DISTRICT 8—ST. LOUIS—Continued
MEMPHIS
361
Expires
DECEMBER 31
BRANCH
Appointed by the Federal Reserve Bank
E.C. Neelly III
Walter L. Morris, Jr.
James A. England
John C. Kelley, Jr.
Chief Executive Officer, First American National Bank, Iuka, Mississippi
President, H&M Lumber Co., Inc., West Helena, Arkansas
Chairman, President, and Chief Executive Officer, Decatur County Bank,
Decaturville, Tennessee
President, Business Financial Services, First Tennessee Bank,
Memphis, Tennessee
2000
2001
2002
Senior Vice President, Memphis Area Chamber of Commerce,
Memphis, Tennessee
Senior Vice President and Corporate Counsel, Baptist Memorial Health
Care Corporation, Memphis, Tennessee
Partner, Due West, Glendora, Mississippi
2000
2002
Appointed by the Board of Governors
Carol G. Crawley
Gregory M. Duckett
Mike P. Sturdivant, Jr.
DISTRICT
2001
2002
9—MINNEAPOLIS
Class A
Bruce Parker
W.W. LaJoie
Roger N. Berglund
President, Norwest Bank Montana, Billings, Montana
Chief Executive Officer and Chairman, Central Savings Bank,
Sault Ste. Marie, Michigan
Chairman and President, Dakota Western Bank, Bowman, North Dakota
2000
2001
2002
Owner, Bitterroot Motors, Missoula, Montana
President and Owner, Hoeschler Corporation, La Crosse, Wisconsin
Vice President, Wheeler Mfg. Co., Inc., Lemmon, South Dakota
2000
2001
2002
President, United Food & Commercial Workers, Local 653,
Plymouth, Minnesota
Chairman, President, and Chief Executive Officer, Northern States Power
Company, Minneapolis, Minnesota
President, Ceridian Performance Partners, Minneapolis, Minnesota
2000
Class B
Kathryn L. Ogren
Jay F. Hoeschler
Rob L. Wheeler
Class C
Ronald N. Zwieg
James J. Howard
Linda Hall Whitman
HELENA
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Emil W. Erhardt
Sandra M. Stash, P.E.
Richard E. Hart
Chairman and President, Citizens State Bank, Hamilton, Montana
Vice President, Environmental Services, ARCO Environmental
Remediation L.L.C., Anaconda, Montana
President, Mountain West Bank, Great Falls, Montana
2000
2000
2001
Appointed by the Board of Governors
William P. Underriner
Thomas O. Markle
General Manager, Selover Buick Inc., Billings, Montana
President and Chief Executive Officer, Markle's Inc., Glasgow, Montana
2000
2001
President, Bankers' Bank of Kansas, Wichita, Kansas
President and Chief Executive Officer, First Nationai Bank,
Newman Grove, Nebraska
Vice Chairman, FirstBank Holding Company of Colorado,
Lakewood, Colorado
2000
2001
DISTRICT 10—KANSAS CITY
Class A
Bruce A. Schriefer
Jeffrey L. Gerhart
Dennis E. Barrett
2002
362
Federal Reserve Bulletin • May 2000
Term
DISTRICT 10—-KANSAS CITY—Continued
Expires
December
31
Class B
Hans Helmerich
Frank A. Potenziani
Paula Marshall-Chapman
Class C
Terrence P. Dunn
President and Chief Executive Officer, J.E. Dunn Construction Company,
Kansas City, Missouri
Area Managing Partner, Ernst & Young, LLP, Minneapolis, Minnesota
Vice President, Kauffman Center for Entrepreneurial Leadership at the
Ewing Marion Kauffman Foundation, Kansas City, Missouri
Jo Marie Dancik
Rhonda Holman
DENVER
President and Chief Executive Officer, Helmerich & Payne, Inc.,
Tulsa, Oklahoma
M & T Trust, Albuquerque, New Mexico
Chief Executive Officer, The Bama Companies, Inc., Tulsa, Oklahoma
2000
2001
2002
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Robert M. Murphy
John W. Hay III
Albert C. Yates
C.G. Mammel
President, Sandia Properties Ltd., Co., Albuquerque, New Mexico
President, Rock Springs National Bank, Rock Springs, Wyoming
President, Colorado State University, Ft. Collins, Colorado
President and Chief Executive Officer, The Bank of Cherry Creek, N.A.,
Denver, Colorado
2000
2000
2001
2002
Appointed by the Board of Governors
Kathryn A. Paul
President—Western Operations (Retired), Kaiser Permanente,
Denver, Colorado
Chief Executive Officer, BT, Inc., Riverton, Wyoming
Partner and Chief Executive Officer, Avila Retail, Albuquerque,
New Mexico
James A. King
Kathleen Avila
OKLAHOMA
CITY
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Michael S. Samis
Betty Bryant Shaull
W. Carlisle Mabrey III
William H. Braum
President and Chief Executive Officer, Macklanburg-Duncan Co.,
Oklahoma City, Oklahoma
President-Elect and Director, Bank of Cushing and Trust Company,
Cushing, Oklahoma
President and Chief Executive Officer, Citizens Bank & Trust Co.,
Okmulgee, Oklahoma
President, Braum Ice Cream Co., Oklahoma City, Oklahoma
2000
2001
2001
2002
Appointed by the Board of Governors
Patricia B. Fennell
David L. Kruse II
Larry W. Brummett
OMAHA
Executive Director, Latino Community Development Agency,
Oklahoma City, Oklahoma
Senior Vice President, American Airlines, Inc., Tulsa, Oklahoma
Chairman, President, and Chief Executive Officer, ONEOK, Inc.,
Tulsa, Oklahoma
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Frank L. Hayes
H.H. Kosman
Bill L. Fairfield
Judith A. Owen
President, Hayes & Associates, L.L.C., Omaha, Nebraska
Chairman, President, and Chief Executive Officer, Platte Valley National
Bank, Scottsbluff, Nebraska
Omaha, Nebraska
President and Chief Executive Officer, Norwest Bank Nebraska, N.A.,
Omaha, Nebraska
2000
2000
2001
2002
Directors of Federal Reserve Banks and Branches
Term
DISTRICT 10—KANSAS CITY—Continued
363
Expires
December
31
OMAHA BRANCH—Continued
Appointed by the Board of Governors
A.F. Raimondo
Gladys Styles Johnston
Bob L. Gottsch
DISTRICT
Chairman and Chief Executive Officer, Behlen Mfg. Co.,
Columbus, Nebraska
Chancellor, University of Nebraska at Kearney, Kearney, Nebraska
Vice President, Gottsch Feeding Corporation, Hastings, Nebraska
2000
2001
2002
11—DALLAS
Class A
Kirk A. McLaughlin
Dudley K. Montgomery
Kenneth T. Murphy
President and Chief Executive Officer, Security Bank, Ralls, Texas
President and Chief Executive Officer, The Security State Bank of Pecos,
Pecos, Texas
Chairman, President, and Chief Executive Officer, First Financial
Bankshares, Inc., Abilene, Texas
2000
2001
Partner, Allen Investments, Houston, Texas
Vice President, Texas Instruments, Dallas, Texas
President, Rice University, Houston, Texas
2000
2001
2002
Chairman and Chief Executive Officer, H.B. Zachry Company,
San Antonio, Texas
Chairman Emeritus, Ultramar Diamond Shamrock Corp.,
San Antonio, Texas
President, Patterson Investments, Inc., Dallas, Texas
2000
2002
Class B
Judy Ley Allen
Julie S. England
Malcolm Gillis
Class C
H.B. Zachry, Jr.
Roger R. Hemminghaus
Patricia M. Patterson
EL PASO
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Cecil E. Nix
Member, International Brotherhood of Electrical Workers, Local 460,
Midland, Texas
2000
Lester L. Parker
President and Chief Executive Officer, United B a n k of El Paso,
2001
James D. Renfrow
Melissa W. O'Rourke
El Paso, Texas
President and Chief Executive Officer, The Carlsbad National Bank,
Carlsbad, New Mexico
President, Charlotte's Inc., El Paso, Texas
2002
2002
Appointed by the Board of Governors
Gail S. Darling
Beauregard Brite White
James Haines
HOUSTON
President, Gail Darling Inc., El Paso, Texas
Rancher, J.E. White, Jr. & Sons, Marfa, Texas
Chief Executive Officer and President, El Paso Electric Company,
El Paso, Texas
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Alan R. Buckwalter III
Richard W. Weekley
Ray B. Nesbitt
Priscilla D. Slade
Chairman and Chief Executive Officer, Chase Bank of Texas, N.A.,
Houston, Texas
Chairman, Weekley Development Company, Houston, Texas
President (Retired), Exxon Chemical Company, Houston, Texas
President, Texas Southern University, Houston, Texas
2000
2001
2002
2002
364
Federal Reserve Bulletin • May 2000
DISTRICT 11—DALLAS—Continued
Term Expires
December 31
HOUSTON BRANCH—Continued
Appointed by the Board of Governors
Jeffrey K. Skilling
Edward O. Gay lord
Peggy Pearce Caskey
SAN ANTONIO
President and Chief Operating Officer, Enron Corporation,
Houston, Texas
Chairman, Jacintoport Terminal Company, Houston, Texas
President, PPC Holdings, L.L.C., Houston, Texas
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Arthur R. Emerson
R. Tom Roddy
Mary Rose Cardenas
Daniel B. Hastings, Jr.
Vice President/General Manager, KVDA-TV 60, San Antonio, Texas
Chairman, CaminoReal Bank, San Antonio, Texas
Executive Vice President, Cardenas Motors, Inc., Brownsville, Texas
President and Owner, Daniel B. Hastings, Inc., Laredo, Texas
2000
2001
2002
2002
Appointed by the Board of Governors
Marvin L. Ragsdale
Ron R. Harris
Patty P. Mueller
President, Iron Workers District Council of the State of Texas,
Austin, Texas
President and Chief Executive Officer, Pervasive Software,
Austin, Texas
Vice President, Mueller Energetics Corp., Corpus Christi, Texas
2000
2001
2002
DISTRICT 12—SAN FRANCISCO
Class A
John V. Rindlaub
Warren K.K. Luke
E. Lynn Caswell
President, Northwest Region, Bank of America, Seattle, Washington
Chairman and Chief Executive Officer, Hawaii National Bank,
Honolulu, Hawaii
Vice Chairman and Chief Executive Officer, EarthOne Capital Group.com,
Laguna Hills, California
2000
2001
President and Chief Executive Officer, Sierra Machinery, Inc.,
Sparks, Nevada
President, Semiconductor Industry Association, San Jose, California
Senior Vice President and Chief Financial Officer (Retired), and
Consultant, Amgen, Inc., Los Angeles, California
2000
2002
Class B
Krestine Corbin
George M. Scalise
Robert S. Attiyeh
2001
2002
Class C
Nelson C. Rising
President and Chief Executive Officer, Catellus Development Corporation,
San Francisco, California
Consultant, Harris Consulting, Litchfield Park, Arizona
Chairman and Chief Executive Officer, Albertson's, Inc.,
Boise, Idaho
Sheila D. Harris
Gary G. Michael
LOS ANGELES
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Liam E. McGee
Linda Griego
Russell Goldsmith
John H. Gleason
President, Bank of America Southern California, Los Angeles, California
Managing Partner, Engine Co. No. 28, Los Angeles, California
Chairman and Chief Executive Officer, City National Bank,
Beverly Hills, California
Executive Vice President, Del Webb Corporation, Phoenix, Arizona
2000
2000
2001
2002
Directors of Federal Reserve Banks and Branches
DISTRICT
12—SAN
FRANCISCO—Continued
365
Term Expires
DECEMBER 31
LOS ANGELES BRANCH—Continued
Appointed by the Board of Governors
Lonnie Kane
William D. Jones
President, Karen Kane, Inc., Los Angeles, California
Chairman, President, and Chief Executive Officer, CityLink Investment
Corporation, San Diego, California
President, Los Angeles Neighborhood Housing Service,
Los Angeles, California
Lori R. Gay
PORTLAND
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Guy L. Williams
Vacancy
Phyllis A. Bell
Martin Brantley
President and Chief Executive Officer, Security Bank, Coos Bay, Oregon
President, Oregon Coast Aquarium, Newport, Oregon
President and General Manager, Oregon's 12—KPTV, Portland, Oregon
2000
2001
2002
2002
Appointed by the Board of Governors
Patrick Borunda
Director, Oweesta Fund, First Nation's Development Institute,
Vancouver, Washington
Vice President, Stahlbush Island Farms, Inc., Corvallis, Oregon
President, Marylhurst University, Marylhurst, Oregon
Karla S. Chambers
Nancy Wilgenbusch
SALT LAKE CITY
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
R.D. Cash
Curtis H. Harris
J. Pat McMurray
Maria Garciaz
Chairman, President, and Chief Executive Officer, Questar Corporation,
Salt Lake City, Utah
Chairman, President, and Chief Executive Officer, Barnes Banking
Company, Kaysville, Utah
President, First Security Bank, N.A., Boise, Idaho
Executive Director, Salt Lake Neighborhood Housing Services,
Salt Lake City, Utah
2000
2001
2002
2002
Appointed by the Board of Governors
Barbara L. Wilson
Vacancy
H. Roger Boyer
SEATTLE
Idaho and Regional Vice President, U. S. West, Boise, Idaho
Chairman, The Boyer Company, Salt Lake City, Utah
2000
2001
2002
BRANCH
Appointed by the Federal Reserve Bank
Betsy Lawer
Peter H. van Oppen
Mary E. Pugh
James C. Hawkanson
Vice Chair and Chief Operating Officer, First National Bank of Anchorage,
Anchorage, Alaska
Chairman and Chief Executive Officer, Advanced Digital Information
Corp., Redmond, Washington
President, Pugh Capital Management, Inc., Seattle, Washington
Managing Director and Chief Executive Officer, The Commerce Bank of
Washington, N.A., Seattle, Washington
2000
2001
2002
2002
Appointed by the Board of Governors
Richard R. Sonstelie
Helen M. Rockey
Boyd E. Givan
Chairman, Puget Sound Energy, Inc., Bellevue, Washington
Seattle, Washington
Senior Vice President and Chief Financial Officer (Retired),
The Boeing Company, Seattle, Washington
2000
2001
2002
366
Federal Reserve Bulletin • May 2000
A1
Financial and Business Statistics
A3
GUIDE TO TABULAR
DOMESTIC
FINANCIAL
STATISTICS
Money Stock and Bank Credit
A4
A5
A6
Reserves, money stock, and debt measures
Reserves of depository institutions and Reserve Bank
credit
Reserves and borrowings—Depository
institutions
Policy Instruments
A7
A8
A9
Federal Finance—Continued
PRESENTATION
Federal Reserve Bank interest rates
Reserve requirements of depository institutions
Federal Reserve open market transactions
Federal Reserve Banks
A10 Condition and Federal Reserve note statements
A l l Maturity distribution of loan and security
holding
A27 Gross public debt of U.S. Treasury—
Types and ownership
A28 U.S. government securities
dealers—Transactions
A29 U.S. government securities dealers—
Positions and financing
A30 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate Finance
A31 New security issues—Tax-exempt state and local
governments and corporations
A3 2 Open-end investment companies—Net sales
and assets
A32 Corporate profits and their distribution
A32 Domestic finance companies—Assets and liabilities
A3 3 Domestic finance companies—Owned and managed
receivables
Real Estate
Monetary and Credit Aggregates
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock and debt measures
Commercial Banking Institutions—
Assets and Liabilities
A15
A16
A17
A19
A20
All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
A34 Mortgage markets—New homes
A3 5 Mortgage debt outstanding
Consumer Credit
A36 Total outstanding
A3 6 Terms
Flow of Funds
A37
A39
A40
A41
Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities
Financial Markets
A22 Commercial paper and bankers dollar
acceptances outstanding
A22 Prime rate charged by banks on short-term
business loans
A23 Interest rates—Money and capital markets
A24 Stock market—Selected statistics
Federal Finance
A25 Federal fiscal and financing operations
A26 U.S. budget receipts and outlays
A27 Federal debt subject to statutory limitation
DOMESTIC
NONFINANCIAL
STATISTICS
Selected Measures
A42
A42
A43
A44
A46
A47
A48
A49
Nonfinancial business activity
Labor force, employment, and unemployment
Output, capacity, and capacity utilization
Industrial production—Indexes and gross value
Housing and construction
Consumer and producer prices
Gross domestic product and income
Personal income and saving
2
Federal Reserve Bulletin • May 2000
INTERNATIONAL
Summary
STATISTICS
Statistics
A50
A51
A51
A51
U.S. international transactions
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
A52 Selected U.S. liabilities to foreign official
institutions
Securities Holdings and
Transactions
A60 Foreign transactions in securities
A61 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange
Rates
A62 Foreign exchange rates
A63 GUIDE TO STATISTICAL
SPECIAL
SPECIAL
RELEASES
AND
TABLES
TABLES
Reported by Banks in the United States
A52
A53
A55
A56
Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A56 Banks' own claims on unaffiliated foreigners
A57 Claims on foreign countries—Combined
domestic offices and foreign branches
Reported by Nonbanking
Business
Enterprises in the United States
A58 Liabilities to unaffiliated foreigners
A59 Claims on unaffiliated foreigners
A64 Assets and liabilities of commercial banks,
December 31, 1999
A66 Terms of lending at commercial banks,
February 2000
A72 Assets and liabilities of U.S. branches and agencies
of foreign banks, December 31, 1999
A76 INDEX TO STATISTICAL
TABLES
A3
Guide to Tabular Presentation
SYMBOLS
c
e
n.a.
P
r
*
0
ATS
BIF
CD
CMO
CRA
FFB
FHA
FHLBB
FHLMC
FmHA
FNMA
FSLIC
G-7
G-10
GENERAL
AND
ABBREVIATIONS
Corrected
Estimated
Not available
Preliminary
Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
Calculated to be zero
Cell not applicable
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Financing Bank
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Federal Savings and Loan Insurance Corporation
Group of Seven
Group of Ten
GNMA
GDP
HUD
IMF
IO
IPCs
IRA
MMDA
MSA
NOW
OCD
OPEC
OTS
PMI
PO
REIT
REMIC
RHS
RP
RTC
SCO
SDR
SIC
VA
Government National Mortgage Association
Gross domestic product
Department of Housing and Urban
Development
International Monetary Fund
Interest only
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
Negotiable order of withdrawal
Other checkable deposit
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only
Real estate investment trust
Real estate mortgage investment conduit
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Department of Veterans Affairs
INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
A4
1.10
DomesticNonfinancialStatistics • May 2000
RESERVES, M O N E Y STOCK, A N D DEBT MEASURES
Percent annual rate of change, seasonally adjusted 1
1999 r
1999
2000
Monetary or credit aggregate
Ql
Q3 1
Q4 r
Oct.
Nov.
Dec.
Jan. 1
Feb.
-1.2
1.0
-1.3
8.7
-6.6
-5.6
-6.7
9.6
-15.4
-15.0
-17.1
9.2
-7.9
—9.4
-7.5
20.0
-33.3
-33.0
-32.0
16.4
7.5
2.2
8.9
25.6
9.4
10.4
7.0
44.2
47.0
27.2
45.8
1.3
-46.3
-22.0
-39.2
-38.1
1.9
7.5
8.2
6.7
2.1
-1.8
5.2
4.9
6.1
4.9
5.0
9.7
6.4
5.6
4.2
9.2
6.4
9.0
4.9
14.4
4.7
15.6
7.3
16.8
6.8
-3.1
5.9
8.1
6.0
-17.0
2.2
4.2
n.a.
9.3
10.1
7.3
5.9
7.5
4.0
5.0
22.8
3.8
22.9
3.7
39.9
4.6
41.9
8.8
13.7
8.2
9.2
14.0
-5.2
.5
10.7
-2.0
-.9
10.6
.2
4.2
6.8
36.9
3.7
6.6
50.2
-.7
9.0
52.7
-3.1
8.2
47.8
2.1
7.4
6.3
12.4
9.2
19.0
14.2
-6.7r
8.0
14.5
-6.3
-4.4
13.3
-3.2
1.2
-3.3
5.0
6.3
-6.1
4.2
.0
-4.5
8.3
20.1
-8.0
6.4
5.3
-3.7
8.2
36.8
7.2
2.2
7.6
18.7
19.8
11.2
14.1
8.0
9.3
9.4
21.4
7.1
22.9
9.2
29.9
20.2
31.0
26.9
31.8
4.1
-11.5
17.4
-1.3
-1.2r
21.7
9.1
-9.7
12.8
9.1
-.4
-11.6
31.0
61.4
49.3
65.8
-20.4
29.5
47.4
-21.2
-3.1
9.6
-2.3
9.7
-.3
8.0
-4.4
9.4
-5.8
9.8
-7.7
8.1
.8
8.4
-4.4
8.8
institutions2
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed
Monetary base 3
5
6
7
8
Concepts of money and debt4
Ml
M2
M3
Debt
Nontransaction
9 In M2 5
10 In M3 only 6
Q2
6.0
6.0
Iff
components
Time and savings deposits
Commercial banks
Savings, including M M D A s
Small time 7
Large time 8 ' 9
Thrift institutions
14
Savings, including MMDAs
15
Small time 7
16
Large time 8
11
12
13
Money market mutual funds
17 Retail
18 Institution-only
Repurchase agreements and
19 Repurchase agreements 1 0
20 Eurodollars 10
Debt components4
21 Federal
22 Nonfederal
Eurodollars
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with
regulatory changes in reserve requirements. (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted M l is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: M l plus (1) savings (including MMDAs), (2) small-denomination time deposits (time
deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds. Seasonally adjusted M2 is
calculated by summing savings deposits, small-denomination time deposits, and retail money
fund balances, each seasonally adjusted separately, and adding this result to seasonally
adjusted M l .
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2)
balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all
2.1
n.a.
n.a.
depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom
and Canada. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated
by summing large time deposits, institutional money fund balances, RP liabilities,
and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally
adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial
sectors—the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial corporate and nonfarm
noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and
corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data,
which are derived from the Federal Reserve Board's flow of funds accounts, are breakadjusted (that is, discontinuities in the data have been smoothed into the series) and
month-averaged (that is, the data have been derived by averaging adjacent month-end levels).
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
7. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRA and Keogh account balances at commercial banks and thrift institutions
are subtracted from small time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
10. Includes both overnight and term.
Money Stock and Bank Credit
1.11
A5
RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT 1
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
2000
2000
1999
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
571,877
565,741
558,370
555,751
557,686
557,049
494,824
0
497,578
0
500,503
0
501,838
0
502,470
0
502,193
0
181
0
67,421
0
181
0
40,754
0
179
0
28,821
0
175
0
21,143
0
175
0
18,419
0
150
0
19,826
0
150
0
21,041
0
40
44
17
0
679
33,840
856
31
127
0
1,032
35,238
242
28
16
0
403
35,430
117
27
17
0
3,365
35,637
82
24
33
0
976
35,434
41
29
17
0
201
35,030
27
44
19
0
667
34,483
42
52
15
0
1,010
32,546
11,048
6,200
28,177
11,048
6,200
28,314
11,048
6,200
28,146
11,048
6,200
28,192
11,048
6,200
28,237
11,048
6,200
28,282
11,048
6,200
28,296
11,048
6,200
28,310
11,048
6,200
28,324
601,159
0
110
587,982
0
121
565,424
0
148
599,272
0
121
581,666
0
122
571,880
0
125
566,817
0
126
565,669
0
131
565,704
0
146
565,747
0
162
8,250
136
7,513
248
18,505
5,616
8,148
93
7,676 r
361
18,240
5,114
5,259
92
7,415
244
18,684
4,987
5,326
74
7,967
191
18,188
3,835
5,390
101
7,473
250
18,446
3,870
7,205
83
7,771
237
18,491
5,434
6,131
146
7,230
248
18,344
4,859
5,259
91
7,872
249
18,469
3,556
5,306
88
7,895
237
18,795
5,074
5,334
81
6,960
238
18,823
5,278
Dec.
Jan.
Feb.
Jan. 12
Jan. 19
595,909
582,309
556,692
589,581
492,467
0
491,902
0
501,923
0
484,695
0
181
0
68,012
0
180
0
53,099
0
158
0
19,991
0
160
69
74
0
761
34,186
315
30
48
0
1,344
35,392
11,048
6,652
27,928
SUPPLYING RESERVE F U N D S
1 Reserve Bank credit outstanding
U.S. government securities 2
2
Bought outright—System account
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreements—triparty 4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account
16 Treasury currency outstanding
ABSORBING RESERVE FUNDS
17 Currency in circulation
. .. .
18 Reverse repurchase agreements—triparty . . .
19 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital .
25 Reserve balances with Federal Reserve Banks'
Wednesday figures
End-of-month figures
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
585,632
568,808
571,162
554,775
563,385
557,308
560,717
499,138
0
501,078
0
502,331
0
502,699
0
500,423
0
Dec.
Jan.
Feb.
Jan. 12
653,561
561,444
558,483
SUPPLYING RESERVE F U N D S
1 Reserve Bank credit outstanding
U.S. government securities 2
2
Bought outright—System account
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreements—triparty 4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account
16 Treasury currency outstanding
477,963
0
500,228
0
500,771
0
485,719
0
496,110
0
181
0
140,640
0
175
0
23,105
0
150
0
24,768
0
181
0
62,895
0
181
0
34,610
0
175
0
25,105
0
175
0
19,110
0
175
0
25,280
0
150
0
21,505
0
150
0
24,255
77
27
23
0
-629
34,914
37
41
17
0
242
35,262
19
49
18
0
482
32,385
48
53
16
0
2,998
32,775
0
140
47
47
0
-237
34,781
86
21
22
0
2,986
34,820
29
64
16
0
339
32,347
946
32
22
0
365
35,472
127
32
13
0
2,335
35,401
154
23
21
0
10,713
35,832
11,048
6,200
28,013
11,048
6,200
28,282
11,048
6,200
28,338
11,048
6,200
28,146
11,048
6,200
28,192
11,048
6,200
28,237
11,048
6,200
28,282
11,048
6,200
28,296
11,048
6,200
28,310
11,048
6,200
28,324
628,359
0
109
566,568
0
125
564,593
0
162
589,928
0
121
577,837
0
125
569,593
0
125
566,771
0
129
566,967
0
143
566,545
0
162
566,033
0
162
28,402
71
7,867
1,261
17,256
15,498
6,119
82
7,230
265
18,101
8,484
5,004
129
6,917
243
18,785
8,237
5,454
110
7,967
229
18,019
9,200
3,716
80
7,473
256
18,187
6,574
8,780
81
7,771
237
18,363
11,697
4,896
143
7,231
266
17,802
3,069
4,860
81
7,872
247
18,487
10,273
4,775
108
7,895
256
18,548
4,578
4,818
107
6,960
238
18,609
9,362
ABSORBING RESERVE FUNDS
17 Currency in circulation
18 Reverse repurchase agreements—triparty 4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital .
25 Reserve balances with Federal Reserve Banks"
1. Amounts of cash held as reserves are shown in table 1.12, line 2.
2. Includes securities loaned—fully guaranteed by U.S. government securities pledged
with Federal Reserve Banks—and excludes securities sold and scheduled to be bought back
under matched sale-purchase transactions.
3. Includes compensation that adjusts for the effects of inflation on the principal of
inflation-indexed securities.
4. Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities.
5. Excludes required clearing balances and adjustments to compensate for float,
A6
DomesticNonfinancialStatistics • May 2000
1.12
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly averages of biweekly averages
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks"
Total vault cash 3
Applied vault cash 4
Surplus vault cash 5
Total reserves 6
Required reserves
Excess reserve balances at Reserve Banks 7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility 8
Extended credit9
1997
1998
1999
Dec.
Reserve classification
2000
Dec.
Dec.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. r
Feb.
10,664
44,742
37,255
7,486
47,920
46,235
1,685
324
245
79
9,021
44,293
35,997
8,296
45,018
43,435
1,583
117
101
15
7,802
44,603
34,069
10,533
41,871
40,742
1,129
344
72
271
0
0
5,260
60,499
36,384
24,116
41,643
40,332
1,311
320
179
67
74
0
7,698
44,447
34,089
10,359
41,787
40,590
1,197
338
56
282
0
0
6,768
47,030
33,933
13,096
40,702
39,549
1,153
281
52
221
8
0
6,285
50,754
34,660
16,094
40,944
39,610
1,334
236
157
71
7
0
5,260
60,499
36,384
24,116
41,643
40,332
1,311
320
179
67
74
0
5,207
73,898
39,097
34,802
44,304
42,279
2,025
374
296
31
46
0
5,072
63,745
37,015
26,731
42,087
40,971
1,116
108
45
44
19
0
1999
0
Biweekly averages of daily figures for two week periods ending on dates indicated
1999
2000
r
Feb. 9 r
Feb. 23
4,145
80,804
40,334
40,470
44,479
43,333
1,146
114
62
27
25
0
5,172
58,780
36,271
22,509
41,443
40,260
1,183
100
35
48
17
0
Nov. 3
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks 2
Total vault cash 3
Applied vault cash 4
Surplus vault cash 5
Total reserves 6
Required reserves
Excess reserve balances at Reserve Banks 7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility 8
Extended credit9
Nov. 17
Dec. 1
Dec. 15
Dec. 29
Jan. 12
Jan. 26
6,721
47,593
34,014
13,579
40,735
39,742
993
246
72
153
22
0
6,524
49,519
34,046
15,474
40,569
39,196
1,373
329
263
62
5
0
5,927
52,813
35,470
17,343
41,397
40,027
1,370
133
64
62
7
0
5,434
56,693
35,346
21,347
40,780
39,682
1,098
181
94
61
27
0
4,888
63,663
37,329
26,334
42,217
40,956
1,261
425
222
79
124
0
6,308
68,851
37,491
31,360
43,799
40,674
3,125
657
530
38
90
0
4,644
75,759
40,031
35,728
44,675
43,278
1,396
224
180
28
17
0
1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For
ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of' adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates refer
to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
Mar. 8
6,233
49,745
33,772
15,973
40,005
39,090
915
119
44
61
15
0
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash
(line 3).
7. Total reserves (line 5) less required reserves (line 6).
8. Borrowing at the discount window under the terms and conditions established for the
Century Date Change Special Liquidity Facility in effect from October 1, 1999 through
April 7, 2000.
9. Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained
liquidity pressures. Because there is not the same need to repay such borrowing promptly as
with traditional short-term adjustment credit, the money market effect of extended credit is
similar to that of nonborrowed reserves.
Policy Instruments
1.14
A7
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit 1
Federal Reserve
Bank
On
4/7/00
Effective
date
Boston
New York . . .
Philadelphia .
Cleveland . . .
Richmond . . .
Atlanta
Special Liquidity Facility credit
Effective
date
On
4/7/00
Previous
rate
Effective
date
On
4/7/00
3/21/00
3/22/00
3/21/00
3/21/00
3/23/00
3/22/00
Previous
rate
On
4/7/00
Effective
date
6.45
Previous
rate
7.50
3/21/00
3/21/00
3/21/00
3/21/00
3/21/00
3/21/00
3/21/00
Chicago
St. Louis
Minneapolis .
Kansas City . .
Dallas
San Francisco
Extended credit 3
Seasonal credit
7.25
Range of rates for adjustment credit in recent years
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
6-6.5
6.5
6.5-7
7
7-7.25
7.25
7.75
6.5
6.5
7
7
7.25
7.25
7.75
8
8.5
8.5
9.5
9.5
In effect Dec. 31, 1977
9
20
11
12
3
10
21
22
16
20
1
3
8.5
8.5-9.5
9.5
1979—July 20
Aug. 17
20
Sept. 19
21
Oct. 8
10
10
10-10.5
10.5
10.5-11
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
1978—Jan.
May
July
Aug.
Sept.
Oct.
Nov.
1981—May
5
Nov.
2
Dec.
4
1982—July 20
23
Aug. 2
3
16
27
30
10
10.5
10.5
11
11
12
12
10-11
10
11
12
12-13
13
13
13
13
12
11
11
10
10
11
12
13
13
13-14
14
13-14
13
12
14
14
13
13
12
11
11.5-12
11.5
11-11.5
11
10.5
10-10.5
10
11.5
11.5
11
11
10.5
10
10
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
1982—Oct. 12
13
Nov. 22
26
Dec. 14
15
17
9.5-10
9.5
9-9.5
9
8.5-9
8.5-9
8.5
9.5
9.5
9
9
9
8.5
8.5
1984—Apr.
9
13
Nov. 21
26
Dec. 24
8.5-9
9
8.5-9
8.5
8
9
9
8.5
8.5
8
1985—May 20
24
7.5-8
7.5
7.5
7.5
1986—Mar.
7
10
Apr. 21
23.
July 11
Aug. 21
22
7-7.5
7
6.5-7
6.5
6
5.5-6
5.5
7
7
6.5
6.5
6
5.5
5.5
1987—Sept. 4
11
5.5-6
6
6
6
1988—Aug.
9
11
6-6.5
6.5
6.5
6.5
1989—Feb. 24
27
6.5-7
7
7
7
3-3.5
3.5
3.5-4
4
4-4.75
4.75
3.5
3.5
4
4
4.75
4.75
4.75-5.25
5.25
5.25
5.25
5.00-5.25
5.00
5.00
5.00
1998—Oct. 15
16 . . . .
Nov. 17 . . . .
19 . . . .
4.75-5.00
4.75
4.50-4.75
4.50
4.75
4.75
4.50
4.50
1999—Aug. 24
4.50-4.75
4.75
4.75-5.00
5.00
4.75
4.75
4.75
5.00
5.00-5.25
5.25
5.25-5.50
5.50
5.25
5.25
5.50
5.50
5.50
5.50
1994—May 17
18
....
Aug. 16 . . . .
18
Nov. 15
17 . . . .
1995—Feb.
1 .. ..
9
1996—Jan.
Feb.
....
31....
5 . . . .
26
....
Nov. 16
18
6.5
6-6.5
6
5.5-6
5.5
5-5.5
5
4.5-5
4.5
3.5—4.5
3.5
Apr.
May
Sept.
Nov.
Dec.
1992—July
3-3.5
3
In effect Apr. 7, 2000
6
6
5.5
5.5
5
5
4.5
4.5
3.5
3.5
2
7
....
....
Mar. 21 . . . .
23 . . . .
6.5
1
4
30
2
13
17
6
7
20
24
1990—Dec. 19
1991—Feb.
2000—Feb.
2
4
1. Available on a short-term basis to help depository institutions meet temporary needs for
funds that cannot be met through reasonable alternative sources. The highest rate established
for loans to depository institutions may be charged on adjustment credit loans of unusual size
that result from a major operating problem at the borrower's facility.
2. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans and
that cannot be met through special industry lenders. The discount rate on seasonal credit takes
into account rates charged by market sources of funds and ordinarily is reestablished on the
first business day of each two-week reserve maintenance period; however, it is never less than
the discount rate applicable to adjustment credit.
3. May be made available to depository institutions when similar assistance is not
reasonably available from other sources, including special industry lenders. Such credit may
be provided when exceptional circumstances (including sustained deposit drains, impaired
access to money market funds, or sudden deterioration in loan repayment performance) or
practices involve only a particular institution, or to meet the needs of institutions experiencing
difficulties adjusting to changing market conditions over a longer period (particularly at times
of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is
charged on extended-credit loans outstanding less than thirty days; however, at the discretion
of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a
flexible rate somewhat above rates charged on market sources of funds is charged. The rate
Range (or
level)—All
F.R. Banks
3
3
ordinarily is reestablished on the first business day of each two-week reserve maintenance
period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis
points.
4. Available in the period between October 1, 1999, and April 7, 2000, to help depository
institutions in sound financial condition meet unusual needs for funds in the period around the
century date change. The interest rate on loans from the special facility is the Federal Open
Market Committee's intended federal funds rate plus 150 basis points.
5. For earlier data, see the following publications of the Board of Governors: Banking and
Monetary Statistics, 1914-1941, and 1941-1970', and the Annual Statistical Digest, 19701979.
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 four weeks in a calendar quarter. A 3 percent surcharge was
in effect from Mar. 17, 1980, through May 7, 1980. A surcharge of 2 percent was reimposed
on Nov. 17, 1980; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and to
4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective Sept. 22, 1981,
and to 2 percent effective Oct. 12, 1981. As of Oct. 1, 1981, the formula for applying the
surcharge was changed from a calendar quarter to a moving thirteen-week period. The
surcharge was eliminated on Nov. 17, 1981.
A8
DomesticNonfinancialStatistics • May 2000
1.15
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1
Type of deposit
1
2
Net transaction accounts
$0 million-$44.3 million 3 .
More than $44.3 million 4 .
12/30/99
12/30/99
3
Nonpersonal time deposits5
12/27/90
4
Eurocurrency liabilities 6 .. .
12/27/90
1. Required reserves must be held in the form of deposits with Federal Reserve Banks
or vault cash. Nonmember institutions may maintain reserve balances with a Federal
Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For
previous reserve requirements, see earlier editions of the Annual Report or the Federal
Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions
include commercial banks, savings banks, savings and loan associations, credit unions,
agencies and branches of foreign banks, and Edge Act corporations.
2. Transaction accounts include all deposits against which the account holder is permitted
to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit no more than six
preauthorized, automatic, or other transfers per month (of which no more than three may be
by check, draft, debit card, or similar order payable directly to third parties) are savings
deposits, not transaction accounts.
3. The Monetary Control Act of 1980 requires that the amount of transaction accounts
against which the 3 percent reserve requirement applies be modified annually by 80 percent of
the percentage change in transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance period beginning
December 30, 1999, for depository institutions that report weekly, and with the period
beginning January 20, 2000, for institutions that report quarterly, the amount was decreased
from $46.5 million to $44.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the
amount of reservable liabilities subject to a zero percent reserve requirement each year for the
succeeding calendar year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis as of June 30. No
corresponding adjustment is made in the event of a decrease. The exemption applies only to
accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 30, 1999, for depository institutions that report
weekly, and with the period beginning January 20, 2000, for institutions that report quarterly,
the exemption was raised from $4.9 million to $5.0 million.
4. The reserve requirement was reduced from 12 percent to 10 percent on
Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that
report quarterly.
5. For institutions that report weekly, the reserve requirement on nonpersonal time deposits
with an original maturity of less than 1 '/i years was reduced from 3 percent to 1 Vi percent for
the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that
began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1 l/z years was reduced from 3
percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an original maturity of 1
years or more has been zero since Oct. 6, 1983.
6. The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero
in the same manner and on the same dates as the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1 '/2 years (see note 5).
Policy Instruments
A9
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS 1
Millions of dollars
1999
Type of transaction
and maturity
1997
1999
1998
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
U . S . T R E A S U R Y SECURITIES 2
1
4
5
6
7
8
9
Outright transactions (excluding matched
transactions)
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
74
25
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
A11 maturities
Gross purchases
Gross sales
Redemptions
76
27
Matched transactions
Gross purchases
Gross sales
78
29
Repurchase agreements
Gross purchases
Gross sales
30
Net change in U.S. Treasury securities
10
11
1?
N
14
15
16
17
18
19
70
?1
22
9,147
0
435,907
435,907
0
3,550
0
450,835
450,835
2,000
0
0
464,218
464,218
0
0
0
42,037
42,037
0
0
0
37,052
37,052
0
0
0
42,643
42,643
0
0
0
35,844
35,844
0
0
0
36,882
36,882
0
0
0
42,468
42,468
0
0
0
37,029
37,029
0
5,549
0
41,716
-27,499
1,996
6,297
0
46,062
-49,434
2,676
11,895
0
50,590
-53,315
1,429
951
0
3,279
-368
41
429
0
7,669
-10,798
0
960
0
3,468
-2,125
0
0
0
3,831
-368
170
964
0
6,675
-10,150
0
1,450
0
3,936
-2,175
0
0
0
3,566
-4,360
390
20,080
0
-37,987
20,274
12,901
0
-37,777
37,154
19,731
0
-44,032
42,604
0
0
-3,279
0
1,272
0
-4,751
8,433
0
0
-3,468
2,125
0
0
-3,831
0
1,014
0
-3,685
8,015
3,514
0
-3,936
2,175
160
0
-3,566
4,045
3,449
0
-1,954
5,215
2,294
0
-5,908
7,439
4,303
0
-5,841
7,583
0
0
0
373
447
0
-2,918
1,290
0
0
0
0
0
0
0
0
0
0
— 2,273
2,135
581
0
0
0
809
0
0
316
5,897
0
-1,775
2,360
4,884
0
-2,377
4,842
9,428
0
-717
3,139
0
0
0
0
1,075
0
0
1,075
0
0
0
0
0
0
0
374
925
0
-717
0
1,257
0
0
0
1,069
0
0
0
44,122
0
1,996
29,926
0
4,676
45,357
0
1,429
951
0
41
3,223
0
0
960
0
0
0
0
170
2,903
0
0
6,802
0
0
2,038
0
390
3,577,954
3,580,274
4,395,430
4,399,330
4,395,998
4,414,253
347,067
346,747
374,032
373,159
348,014
350,151
332,708
330,856
317,537
318,294
488,845
510,605
492,277
471,663
810,485
809,268
512,671
514,186
281,599
301,273
27,707
33,612
23,097
23,717
29,369
24,337
100
7,707
0
0
0
0
0
0
41,022
19,835
5,999
-4,675
3,476
3,855
-5,924
2,146
-14,959
22,262
0
0
1.540
0
25
322
0
0
157
0
0
10
0
0
11
0
0
0
0
0
50
0
0
7
0
0
0
0
0
6
160,409
159,369
284,316
276,266
360,069
370,772
46,941
48,840
61,968
56,053
53,224
47,963
9,636
24,092
0
0
0
0
0
0
FEDERAL A G E N C Y OBLIGATIONS
31
3?
33
Outright transactions
Gross purchases
Gross sales
Redemptions
34
35
Repurchase agreements
Gross purchases
Gross sales
- 6
Net change in federal agency obligations
-500
7,703
-10,859
-1,909
5,904
5,261
-14,506
37
38
Reverse repurchase agreements
Gross purchases
Gross sales
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Repurchase agreements
Gross purchases
Gross sales
0
0
0
0
304,989
164,349
0
68,061
0
0
0
0
40
0
45,501
81,350
54,470
155,578
64,378
61,345
178,880
41
Net change in triparty obligations
42
Total net change in System Open Market Account. ..
39
0
0
140,640
0
0
0
22,560
26,880
91,200
-117,535
40,522
27,538
135,780
-6,584
9,380
9,116
2,130
29,019
76,241
-95,279
1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
- 7
0
36
2. Transactions exclude changes in compensation for the effects of inflation on the principal
of inflation-indexed securities.
A10
t.18
DomesticNonfinancialStatistics • May 2000
FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements 1
Millions of dollars
End of month
Wednesday
2000
Account
Jan. 26
Feb. 2
Feb. 9
1999
Feb. 16
Feb. 23
2000
Dec. 31
Jan. 31
Feb. 29
Consolidated condition statement
ASSETS
11,048
6.200
325
11,048
6.200
351
11,048
6,200
389
11,048
6,200
408
11,048
6,200
425
11,048
6,200
207
11,048
6,200
357
11,048
6,200
422
198
0
0
127
0
0
95
0
0
86
0
0
117
0
0
233
0
0
130
0
0
109
0
0
25,105
19,110
25,280
21,505
24,255
140,640
23,105
24,768
175
0
175
0
175
0
150
0
150
0
181
0
175
0
150
0
499,138
501,078
502,331
502,699
500,423
477,963
500,228
500,771
11 Bought outright
Bills
12
13
Bonds
14
15 Held under repurchase agreements
499,138
197,111
219,012
83,015
0
501,078
197,981
219,013
84,084
0
502,331
199,234
219,013
84,084
0
502,699
199,601
217,843
85,254
0
500,423
197,326
217,843
85,254
0
477,963
176,517
218,467
82,978
0
500,228
197,131
219,013
84,084
0
500,771
197,674
217,843
85,254
0
16 Total loans and securities
524,617
520,490
527,881
524,440
524,945
619,017
523,638
525,798
17 Items in process of collection
18 Bank premises
17,122
1,366
7,756
1,365
7,649
1,374
7,965
1,375
13,285
1,375
6,524
1,365
4,511
1,365
9,642
1,380
Other assets
19 Denominated in foreign currencies 5
20 All other 6
16,155
18,307
15,500
18,023
15,504
18,369
15,508
15,479
15,513
15,874
16,140
17,294
15,528
17,949
15,234
15,633
595,140
580,733
588,414
582,423
588,665
677,795
580,597
585,357
541,807
0
538,969
0
539,203
0
538,804
0
538,296
0
600,662
0
538,768
0
536,839
0
28,592
16,116
23,243
17,632
21,703
53,760
21,789
20,548
19,494
8,780
81
237
10,812
4,896
143
266
18,055
4,860
81
247
12,493
4,775
108
256
16,539
4,818
107
238
24,027
28,402
71
1,261
15,322
6,119
82
265
15,173
5,004
129
243
6,379
4,465
7.845
4,410
7,481
4,715
7,439
4,716
10,056
4,689
6,117
4,392
1,939
4,461
9,186
4,683
581,243
567,341
574,642
568,591
574,744
664,931
566,957
571,256
6,648
6,432
818
6.650
6,325
417
6,664
6,364
744
6,678
6,404
751
6,697
6,431
792
6,432
6,432
0
6,650
6,314
676
6,699
6,404
999
595,140
580,733
588,414
582,423
588,665
677,795
580,597
585,357
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4 To depository institutions
5 Other
6 Acceptances held under repurchase agreements
Triparty Obligations
7 Repurchase agreements—triparty 2
Federal agency obligations'
8 Bought outright
9 Held under repurchase agreements
10 Total U.S. Treasury securities 3
4
21 Total assets
LIABILITIES
22 Federal Reserve notes
23 Reverse repurchase agreements—triparty 2
24 Total deposits
25
26
27
28
Depository institutions
U.S. Treasury—General account
Foreign—Official accounts
Other
79 Deferred credit items
30 Other liabilities and accrued dividends 7
31 Total liabilities
CAPITAL ACCOUNTS
3? Capital paid in
33 Surplus
34 Other capital accounts
35 Total liabilities and capital accounts
MEMO
36 Marketable U.S. Treasury securities held in custody for
foreign and international accounts
Federal Reserve note statement
37 Federal Reserve notes outstanding (issued to Banks)
38
LESS: Held by Federal Reserve Banks
Federal Reserve notes, net
39
40
41
42
43
Collateral held against notes, net
Gold certificate account
Special drawing rights certificate account
Other eligible assets
U.S. Treasury and agency securities
44 Total collateral
811,652
269,846
541,807
807,687
268,717
538,969
805,873
266,670
539,203
804,031
265,227
538,804
801,624
263,327
538,296
821,959
221,297
600,662
809,367
270,599
538,768
799,674
262,835
536,839
11,048
6,200
140
524,418
11,048
6,200
1,358
520,363
11,048
6,200
0
521,955
11,048
6,200
0
521,556
11,048
6,200
0
521,048
11,048
6,200
0
583,414
11,048
6,200
0
521,520
11,048
6,200
0
519,590
541,807
538,969
539,203
538,804
538,296
600,662
538,768
536,839
1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release. For ordering address, see inside front cover.
2. Cash value of agreements arranged through third-party custodial banks.
3. Face value of the securities.
4. Includes securities loaned—fully guaranteed by U.S. Treasury securities pledged with
Federal Reserve Banks—and includes compensation that adjusts for the effects of inflation on
the principal of inflation-indexed securities. Excludes securities sold and scheduled to be
bought back under matched sale-purchase transactions.
5. Valued monthly at market exchange rates.
6. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
7. Includes exchange-translation account reflecting the monthly revaluation at market
exchange rates of foreign exchange commitments.
Federal Reserve Banks
1.19
FEDERAL RESERVE BANKS
All
Maturity Distribution of Loan and Security Holding
Millions of dollars
End of month
Wednesday
Type of holding and maturity
1999
2000
Jan. 26
Feb. 2
Feb. 9
2000
Feb. 16
Feb. 23
Dec. 31
Jan. 31
Feb. 29
1 Total loans
198
127
95
86
117
233
130
109
2 Within fifteen days'
3. Sixteen days to ninety days
4. 91 days to 1 year
175
23
0
79
48
0
54
41
0
71
15
0
99
18
0
207
20
7
101
29
0
81
28
0
5 Total U.S. Treasury securities 2
499,138
501,078
502,331
502,699
500,423
477,963
500,228
500,771
Within fifteen days 1
Sixteen days to ninety days
Ninety-one days to one year
One year to five years
Five years to ten years
More than ten years
16,070
100,111
141,636
124,330
50,720
66,271
20,579
101,043
136,588
124,808
50,720
67,340
15,184
102,705
141,573
124,808
50,720
67,340
16,535
102,973
139,878
124,578
50,941
67,793
14,512
102,796
139,803
124,578
50,941
67,793
4,632
91,919
139,866
124,169
51,107
66,270
20,547
100,224
136,588
124,808
50,720
67,340
13,372
106,030
138,688
123,947
50,941
67,793
175
175
175
150
150
181
175
150
25
10
10
10
120
0
25
10
10
10
120
0
25
10
10
10
120
0
0
10
10
10
120
0
0
10
10
10
120
0
0
31
20
10
120
0
25
10
10
10
120
0
0
10
10
10
120
10
6
7
8
9
10
11
12 Total federal agency obligations
13
14
15
16
17
18
Within fifteen days 1
Sixteen days to ninety days
Ninety-one days to one year
One year to five years
Five years to ten years
More than ten years
1. Holdings under repurchase agreements are classified as maturing within fifteen days in
accordance with maximum maturity of the agreements.
2. Includes compensation that adjusts for the effects of inflation on the principal of
inflation-indexed securities.
A12
1.20
Domestic Financial Statistics • May 2000
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
1999
Item
1996
Dec.
1997
Dec.
1998
Dec.
2000
1999
Dec.
July
Aug.
Oct.
Nov.
Dec.
Jan. r
Feb.
40.94
40.66
40.66
39.79
557.75 r
41.20
40.96
40.96
39.86
569.66 r
41.52
41.20
41.20
40.21
590.65 r
43.15
42.77
42.77
41.12
591.30
41.48
41.38
41.38
40.37
572.51
Sept.
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
2
3
4
5
Total reserves 3
Nonborrowed reserves 4
Nonborrowed reserves plus extended credit 5
Required reserves
Monetary base 6
50.16
50.01
50.01
48.75
451.61
46.86
46.54
46.54
45.18
479.16
44.90
44.79
44.79
43.32
512.59
41.52
41.20
41.20
40.21
590.65 r
41.98
41.67
41.67
40.90
541.25
42.07
41.72
41.72
40.94
544.63
42.11
41.77
41.77
40.92
550.22
Not seasonally adjusted
6
7
8
9
10
Total reserves 7
Nonborrowed reserves
Nonborrowed reserves plus extended credit 5
Required reserves 8
Monetary base 9
51.45
51.30
51.30
50.04
456.63
48.01
47.69
47.69
46.33
484.98
45.12
45.00
45.00
43.54
518.28
41.72
41.40
41.40
40.41
600.46 r
41.85
41.54
41.54
40.77
540.98
41.92
41.58
41.58
40.79
543.87
41.85
41.51
41.51
40.65
548.13
40.77
40.49
40.49
39.62
555.51
41.02
40.78
40.78
39.68
571.89
41.72
41.40
41.40
40.41
600.46 r
44.29
43.92
43.92
42.27
597.03
42.10
41.99
41.99
40.98
571.68
51.17
51.02
51.02
49.76
463.40
1.42
.16
47.92
47.60
47.60
46.24
491.79
1.69
.32
45.02
44.90
44.90
43.44
525.06
1.58
.12
41.64
41.32
41.32
40.33
607.93 r
1.31
.32
41.80
41.49
41.49
40.73
548.07
1.08
.31
41.87
41.53
41.53
40.74
550.86
1.13
.34
41.79
41.45
41.45
40.59
555.19
1.20
.34
40.70
40.42
40.42
39.55
562.64
1.15
.28
40.94
40.71
40.71
39.61
579.02
1.33
.24
41.64
41.32
41.32
40.33
607.93 r
1.31
.32
44.30
43.93
43.93
42.28
604.76
2.03
.37
42.09
41.98
41.98
40.97
579.02
1.12
.11
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 1 0
11
12
13
14
15
16
17
Total reserves 1 1
Nonborrowed reserves
Nonborrowed reserves plus extended credit 5
Required reserves
Monetary base 1 2
Excess reserves 1 3
Borrowings from the Federal Reserve
1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release. Historical data starting in 1959 and estimates of the effect on required
reserves of changes in reserve requirements are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. Extended credit consists of borrowing at the discount window under the terms and
conditions established for the extended credit program to help depository institutions deal
with sustained liquidity pressures. Because there is not the same need to repay such
borrowing promptly as with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrowed reserves.
6. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
7. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).
8. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves
would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
9. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
10. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
11. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
12. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
13. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).
Monetary and Credit Aggregates
1.21
A13
MONEY STOCK AND DEBT MEASURES1
Billions of dollars, averages of daily figures
1999r
Item
1996
Dec.
1997
Dec.
1998
Dec.
2000
1999r
Dec.
Nov.
Dec.
Jan. r
Feb.
Seasonally adjusted
1
2
3
4
Measures2
Ml
M2
M3
Debt
5
6
7
8
Ml components
Currency 3
Travelers checks 4
Demand deposits 5
Other checkable deposits 6
1,081.1
3,822.9
4,952.4
14,446.5r
1,073.9
4,040.8
5,402.2
15,209.2r
1,097.4
4,397.0
5,996.9 r
16,230.9r
1,123.8
4,652.2
6,467.3
17,314.9
1,109.4
4,624.2
6,378.0
17,217.5
1,123.8
4,652.2
6,467.3
17,314.9
1,120.9
4,675.2
6,511.0
17,401.7
1,105.0
4,683.7
6,533.6
n.a.
394.3
8.3
402.3
276.1
424.8
8.1
395.3
245.8
459.5
8.2
379.3
250.3
515.6
8.3
355.9
244.0
504.3
8.2
355.7
241.2
515.6
8.3
355.9
244.0
524.3
8.2
345.4
243.0
518.2
8.1
338.1
240.6
2,741.8
1,129.5
2,966.9
1,361.3
3,299.6
1,599.9
3,528.4
1,815.1
3,514.9
1,753.8
3,528.4
1,815.1
3,554.4
1,835.8
3,578.7
1,849.9
Commercial banks
11 Savings deposits, including MMDAs
12 Small time deposits 9
13 Large time deposits' 0, 11
904.0
593.3
413.9
1,020.5
625.4
488.3
1,184.8
626.1
539.3
1,285.8
634.5
610.5
1,289.1
630.2
587.1
1,285.8
634.5
610.5
1,288.1
638.4
613.7
1,301.4
643.3
623.4
Thrift institutions
14 Savings deposits, including MMDAs
15 Small time deposits 9
16 Large time deposits' 0
366.6
353.6
78.3
376.6
342.8
85.6
413.8
325.6
88.9
448.7
320.6
91.4
451.7
318.9
91.0
448.7
320.6
91.4
447.3
322.8
94.2
450.0
323.4
94.8
Money market mutual funds
17 Retail
18 Institution-only
524.4
312.0
601.7
380.8
749.4
518.4
838.9
607.4
825.0
592.1
838.9
607.4
857.7
623.5
860.6
617.5
Repurchase agreements and Eurodollars
19 Repurchase agreements 12
20 Eurodollars 12
210.7
114.6
256.0
150.7
300.8r
152.6
334.7
171.1
321.5
162.2
334.7
171.1
329.0
175.3
342.0
172.2
3,781.3
10,665.2r
3,800.3
ll,408.9 r
3,750.8
12,480.1r
3,658.9
13,656.0
3,656.5
13,561.0
3,658.9
13,656.0
3,645.6
13,756.1
n.a.
n.a.
Nontransaction
9 In M2 7
10 In M3 only 8
components
Debt components
21 Federal debt
22 Nonfederal debt
Not seasonally adjusted
23
24
25
26
Measures2
Ml
M2
M3
Debt
27
28
29
30
Ml components
Currency 3
Travelers checks 4
Demand deposits 5
Other checkable deposits 6
1,105.1
3,845.1
4,973.4
14,443.3r
1,097.7
4,063.9
5,426.1
15,206.3r
1,121.3
4,422.2
6,026.5
16,227.8r
1,148.3
4,680.5
6,502.3
17,313.0
1,112.8
4,626.6
6,389.6
17,192.2
1,148.3
4,680.5
6,502.3
17,313.0
1,127.6
4,685.8
6,527.4
17,382.9
1,096.5
4,681.8
6,553.0
n.a.
397.9
8.6
419.9
278.8
428.9
8.3
412.4
248.2
464.1
8.4
395.9
252.8
521.3
8.4
371.9
246.7
505.2
8.3
359.0
240.4
521.3
8.4
371.9
246.7
523.1
8.4
350.1
246.0
517.2
8.3
331.7
239.3
2,740.0
1,128.2
2,966.3
1,362.2
3,300.9
1,604.3
3,532.2
1,821.9
3,513.7
1,763.1
3,532.2
1,821.9
3,558.2
1,841.6
3,585.3
1,871.2
Commercial banks
33 Savings deposits, including MMDAs
34 Small time deposits 9
35 Large time deposits 10 ' 11
903.3
592.7
413.2
1,020.4
625.3
487.2
1,186.0
626.5
537.8
1,288.6
635.3
608.6
1,288.8
631.7
590.1
1,288.6
635.3
608.6
1,286.3
640.0
604.9
1,294.0
645.8
619.0
Thrift institutions
36 Savings deposits, including MMDAs
37 Small time deposits 9
38 Large time deposits 10
366.3
353.2
78.1
376.5
342.8
85.4
414.2
325.8
88.6
449.7
321.0
91.1
451.6
319.7
91.4
449.7
321.0
91.1
446.7
323.6
92.9
447.4
324.7
94.1
Money market mutual funds
39 Retail
40 Institution-only
524.3
315.6
601.3
386.7
748.3
527.9
837.5
618.9
822.0
595.1
837.5
618.9
861.5
638.2
873.4
640.6
Repurchase agreements and Eurodollars
41 Repurchase agreements 12
42 Eurodollars 12
205.7
115.7
250.5
152.3
295,4 r
154.5
330.0
173.2
324.1
162.4
330.0
173.2
329.2
176.5
343.9
173.6
3,754.9
12,472.9r
3,662.5
13,650.5
3,641.4
13,550.8
3,662.5
13,650.5
3,638.4
13,744.5
Nontransaction
31 In M2
32 In M3 only 8
components
Debt components
43 Federal debt
44 Nonfederal debt
Footnotes appear on following page.
3,787.9
10,655.4r
3,805.8
1 l,400.5 r
n.a.
n.a.
A14
DomesticNonfinancialStatistics • May 2000
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release. Historical data starting in 1959 are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
2. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time
deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3)
balances in retail money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by summing savings deposits, small-denomination time deposits,
and retail money fund balances, each seasonally adjusted separately, and adding this result to
seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more)
issued by all depository institutions, (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars
(overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and
at all banking offices in the United Kingdom and Canada. Excludes amounts held by
depository institutions, the U.S. government, money market funds, and foreign banks and
official institutions. Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted
separately, and adding this result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial
sectors—the federal sector (U.S. government, not including government-sponsored enter-
prises or federally related mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial corporate and nonfarm
noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and
corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data,
which are derived from the Federal Reserve Board's flow of funds accounts, are breakadjusted (that is, discontinuities in the data have been smoothed into the series) and
month-averaged (that is, the data have been derived by averaging adjacent month-end levels).
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at commercial banks and foreign-related institutions other than those
owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and
term) of U.S. addressees.
9. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are
subtracted from small time deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
12. Includes both overnight and term.
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A15
Assets and Liabilities1
A. All commercial banks
Billions of dollars
Wednesday figures
Monthly averages
1999r
1999
Account
Feb.
Aug.
Sept.
Oct.
2000
Nov.
Dec.
Jan.'
2000
Feb.
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
17
18
19
20
21
22
23
24
25
26
28 Residual (assets less liabilities)
7
4,639.5
1,256.2
813.8
442.4
3,383.3
986.0
1,420.5
100.3
1,320.2
478.7
111.2
386.9
222.6
270.1
358.2
4,702.8
1,250.3
799.0
451.3
3,452.5
1,004.2
1,434.5
101.8
1,332.6
482.2
134.1
397.5
219.1
276.2
366.2
4,781.4
1,268.6
803.7
464.9
3,512.8
1,006.9
1,472.0
107.3
1,364.7
492.6
155.6
385.7
223.7
290.5
372.3
4,788.5
1,260.1
805.2
454.9
3,528.4
1,008.9
1,489.3
110.7
1,378.6
499.2
147.1
384.0
220.7
283.3
387.3
4,810.1
1,251.0
800.7
450.3
3,559.2
1,022.3
1,504.2
112.6
1,391.6
503.9
144.6
384.2
235.5
280.9
395.0
4,800.4
1,253.5
804.5
449.1
3346.9
1,018.2
1,493.5
111.8
1,381.7
502.6
146.7
385.9
226.1
270.8
387.9
4,792.8
1,245.2
796.7
448.5
3,547.5
1,018.2
1,498.2
112.1
1,386.1
503.1
143.4
384.5
232.2
289.5
389.5
4,801.9
1,248.6
797.2
451.4
3,553.3
1,022.9
1,502.3
112.3
1,390.0
503.6
141.4
383.0
235.4
260.4
389.9
4,818.5
1,256.2
803.0
453.2
3,562.3
1,024.9
1,506.7
112.9
1,393.7
504.3
143.5
382.9
239.6
285.7
406.0
5,3373
5374.7
5,4313
5,504.9
5,608.0
5,620.6
5,662.4
5,626.0
5,645.0
5,628.4
5,690.7
3,384.4
635.9
2,748.4
718.0
2,030.5
1,028.0
336.4
691.6
222.5
279.0
3,394.3
634.0
2,760.3
727.7
2,032.5
1,047.1
340.4
706.7
218.3
282.0
3,434.8
630.4
2,804.5
766.0
2,038.4
1,045.2
347.6
697.6
219.8
291.5
3,482.2
623.3
2,859.0
806.3
2,052.6
1,061.6
349.2
712.3
226.2
297.1
3,533.3
630.2
2,903.1
836.7
2,066.5
1,123.6
346.2
777.4
221.5
298.8
3,547.2
621.5
2,925.7
847.4
2,078.2
1,130.5
358.6
771.9
227.9
284.4
3,572.9
621.2
2,951.6
853.4
2,098.2
1,129.5
367.5
762.0
233.0
290.3
3,561.1
610.7
2,950.4
851.7
2,098.7
1,129.0
359.2
769.7
219.1
297.1
3,561.0
614.8
2,946.2
847.7
2,098.5
1,124.9
364.8
760.2
234.7
291.4
3,558.6
607.2
2,951.4
858.6
2,092.8
1,108.7
367.1
741.6
240.1
295.0
3,575.3
638.8
2,936.6
851.3
2,085.3
1,144.6
369.2
775.4
222.1
291.9
4,874.2
27 Total liabilities
4,607.7
1,247.1
817.8
429.3
3,360.6
980.3
1,396.5
99.4
1,297.1
480.2
116.2
387.5
208.2
264.0
354.0
3,378.7
655.7
2,723.0
732.2
1,990.8
994.6
314.1
680.5
206.6
294.3
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
4,583.3
1,242.9
820.2
422.7
3,340.4
972.3
1,380.2
99.6
1,280.6
479.3
122.4
386.2
215.1
253.8
343.8
5,300.0
16 Total assets 6
4,520.0
1,204.7
793.3
411.4
3,315.3
950.6
1348.0
102.7
1,245.2
498.3
139.0
379.4
227.9
254.6
355.8
4,913.9
4^»41.6
4,9913
5,067.0
5,1773
5,189.9
5,225.7
5,206.2
5,212.0
5,202.4
5,233.9
425.9
423.4
433.0
439.9
437.9
430.7
430.6
436.7
419.7
433.0
426.0
456.7
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Assets
Bank credit
Securities in bank credit
US. government securities
Other securities
Loans and leases in bank credit 2 . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
45
46
47
48
49
50
51
52
53
54
55 Total liabilities
56 Residual (assets less liabilities)
7
4,597.8
1,235.9
807.6
428.3
3,361.9
976.4
1,400.1
100.2
1,300.0
483.1
112.8
389.4
204.7
261.3
356.0
4,643.9
1,252.7
808.2
444.5
3,391.3
987.0
1,424.2
101.0
1,323.2
479.4
112.0
388.6
219.2
270.4
355.6
4,716.8
1,256.8
801.2
455.6
3,460.1
1,004.2
1,439.2
102.7
1,336.5
482.5
135.5
398.7
225.9
283.5
364.7
4,797.7
1,272.6
805.0
467.7
3,525.1
1,005.9
1,474.5
107.7
1,366.8
497.5
157.8
389.4
230.3
307.2
373.1
4,798.7
1,265.1
806.5
458.6
3,533.6
1,007.0
1,488.7
110.7
1,378.0
505.0
147.0
386.0
222.1
296.8
379.2
4,806.2
1,257.6
805.9
451.6
3,548.6
1,022.4
1,497.7
112.0
1,385.7
503.5
143.5
381.4
235.0
281.5
391.3
4,809.3
1,262.2
809.2
452.9
3,547.1
1,017.9
1,490.2
111.6
1,378.6
506.2
146.9
386.0
226.7
271.8
386.6
4,790.9
1,253.6
802.7
450.9
3,537.3
1,016.5
1,495.9
111.7
1,384.1
504.0
139.8
381.1
230.9
273.5
384.0
4,799.1
1,254.9
802.2
452.8
3,544.2
1,023.3
1,496.9
111.8
1,385.1
503.5
139.5
381.0
236.7
270.2
386.9
4,802.3
1,259.6
807.1
452.5
3,542.7
1,023.6
1,496.0
112.2
1,383.8
503.2
141.5
378.4
234.4
295.1
400.0
5300.7
53603
5,430.0
5,531.4
5,6483
5,637.8
5,654.9
5,635.4
5,6203
5,633.9
5,672.8
3,355.7
650.8
2,704.9
732.9
1,972.0
997.3
314.4
682.8
216.2
296.7
3,370.5
619.6
2,750.8
715.3
2,035.5
1,004.6
329.3
675.2
217.4
278.9
3,392.9
628.2
2,764.7
729.2
2,035.5
1,042.0
336.7
705.3
214.3
280.9
3,437.4
622.2
2,815.2
767.6
2,047.6
1,048.4
345.3
703.2
221.5
290.0
3,508.6
632.9
2,875.7
811.5
2,064.2
1,068.7
353.5
715.2
227.9
297.2
3,565.6
662.7
2,902.9
842.5
2,060.4
1,125.8
352.3
773.5
227.2
299.6
3,544.8
635.6
2,909.3
845.3
2,064.0
1,147.8
363.9
783.8
230.8
285.3
3,548.3
615.3
2,933.0
854.2
2,078.9
1,130.5
367.7
762.9
245.7
293.0
3,541.9
612.0
2,929.9
849.3
2,080.7
1,149.9
363.9
786.0
219.7
298.9
3,528.2
596.8
2,931.5
848.1
2,083.4
1,124.3
363.8
760.5
244.1
294.4
3,541.6
610.7
2,930.8
857.7
2,073.1
1,114.5
368.7
745.7
250.1
297.5
3,541.1
629.7
2,911.5
852.2
2,059.2
1,142.0
368.6
773.3
248.4
294.4
4,865.9
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices . . . .
Other liabilities
4,562.3
1,230.0
808.4
421.6
3,332.3
963.6
1,382.8
99.8
1,283.0
480.4
118.7
386.7
207.4
243.4
346.6
5,295.2
44 Total assets 6
4,517.5
1,210.1
797.5
412.6
3,307.4
952.1
1,342.2
102.3
1,239.9
498.1
138.6
376.3
227.7
255.7
352.5
4,871.4
4,930.1
4,9973
5,1023
5,218.2
5,208.7
5,2173
5,210.4
5,191.0
5,203.7
5,225.9
429.3
429.3
430.2
432.7
428.9
430.3
429.1
437.5
425.0
429.5
430.3
446.9
107.3
96.5
98.5
100.1
99.9
103.9
100.6
104.1
104.8
102.7
107.1
104.8
106.2
98.7
97.2
97.8
98.9
102.3
99.3
104.1
105.7
103.1
107.3
104.9
MEMO
57 Revaluation gains on off-balance-sheet
items8
58 Revaluation losses on olf-balancesheet items8
Footnotes appear on p. A21.
A16
1.26
Domestic Financial Statistics • May 2000
COMMERCIAL BANKS IN THE UNITED STATES
Assets and Liabilities1—Continued
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account
1999
Feb.
Wednesday figures
1999'
Aug.
Sept.
Oct.
2000
2000
Nov.
Dec.
Jan. r
Feb.
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5
16 Total assets 6
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices . . . .
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)7
3,955.8
1,002.6
708.5
294.0
2,953.2
739.7
1,327.2
102.7
1,224.5
498.3
79.3
308.7
196.5
220.0
318.4
4,059.6
1,052.9
736.2
316.7
3,006.6
776.9
1,362.7
99.6
1,263.1
479.3
67.5
320.3
189.4
214.3
314.8
4,088.7
1,057.7
736.1
321.5
3,031.1
783.2
1,379.0
99.4
1,279.6
480.2
64.8
323.9
185.3
221.6
324.7
4,109.8
1,060.9
731.4
329.5
3,048.9
787.2
1,403.1
100.3
1,302.8
478.7
56.2
323.6
197.1
225.2
326.6
4,154.6
1,051.4
719.5
331.9
3,103.3
804.2
1,417.5
101.8
1,315.7
482.2
68.8
330.5
193.9
225.2
331.7
4,225.5
1,062.0
722.1
339.9
3,163.6
812.3
1,455.2
107.3
1,347.9
492.6
88.6
315.0
195.4
235.2
335.1
4,241.6
1,061.5
726.1
335.4
3,180.1
814.6
1,472.2
110.7
1,361.6
499.2
80.2
313.9
191.4
229.5
348.1
4,272.8
1,064.2
727.6
336.6
3,208.6
825.1
1,486.9
112.6
1,374.4
503.9
77.8
314.8
202.2
229.0
356.5
4,259.4
1,061.0
727.4
333.6
3,198.4
822.8
1,476.1
111.8
1,364.3
502.6
80.1
316.7
193.7
221.5
348.4
4,256.6
1,057.6
722.1
335.5
3,199.0
822.3
1,481.1
112.1
1,368.9
503.1
77.9
314.7
200.2
238.0
350.9
4,269.5
1,064.7
725.4
339.3
3,204.9
826.7
1,485.1
112.3
1,372.8
503.6
75.9
313.6
198.5
208.6
351.7
4,283.2
1,070.9
731.5
339.4
3,212.3
826.7
1,489.3
112.9
1,376.4
504.3
79.1
312.9
205.6
232.8
367.2
4,632.5
4,719.6
4,761.3
4,799.8
4,846.3
4,931.6
4,951.6
5,001.7
4,964.1
4,987.0
4,969.4
5,030.0
3,056.3
643.8
2,412.5
423.1
1,989.4
811.9
296.0
515.9
117.3
224.2
3,075.4
624.9
2,450.4
423.9
2,026.5
853.5
312.9
540.6
150.4
217.5
3,083.5
623.2
2,460.3
433.0
2,027.4
875.9
315.3
560.6
152.1
217.6
3,106.0
619.7
2,486.2
449.7
2,036.6
868.2
325.7
542.5
166.3
226.1
3,124.0
612.7
2,511.3
460.6
2,050.7
874.8
323.2
551.6
182.2
230.2
3,155.4
619.4
2,535.9
470.3
2,065.6
942.0
321.7
620.3
182.5
228.8
3,161.1
611.1
2,550.0
473.1
2,076.9
948.9
336.6
612.3
194.4
215.1
3,188.7
610.6
2,578.1
481.3
2,096.8
951.9
347.0
604.9
209.4
219.4
3,176.4
599.8
2,576.6
478.9
2,097.7
946.2
336.6
609.7
193.9
223.9
3,178.9
603.8
2,575.0
477.6
2,097.4
947.7
344.1
603.7
207.6
221.1
3,172.1
596.6
2,575.5
483.8
2,091.7
935.7
347.0
588.7
213.9
224.1
3,192.0
628.2
2,563.8
480.4
2,083.4
968.3
349.3
619.0
202.8
221.2
4,209.7
4,296.8
4,329.1
4,366.5
4,411.3
4,508.6
4,519.4
4,569.3
4,540.5
4,555.2
4,545.8
4,584.3
422.8
422.8
432.2
433.3
435.0
423.0
432.1
432.4
423.6
431.7
423.5
445.7
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5
44 Total assets 6
45
46
47
48
49
50
51
52
53
54
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices . . . .
Other liabilities
55 Total liabilities
56 Residual (assets less liabilities)7
3,949.7
1,006.4
712.4
294.0
2,943.3
739.3
1,321.1
102.3
1,218.7
498.1
79.3
305.4
196.2
221.7
313.9
4,042.2
1,041.3
725.4
315.9
3,000.9
770.0
1,365.4
99.8
1,265.6
480.4
63.7
321.5
181.7
204.3
317.0
4,079.7
1,047.2
726.9
320.3
3,032.5
779.6
1,382.6
100.2
1,282.5
483.1
61.2
325.9
181.7
219.1
326.3
4,110.3
1,054.7
725.8
328.9
3,055.6
787.2
1,406.6
101.0
1,305.6
479.4
57.4
325.0
193.7
224.9
324.1
4,165.6
1,054.7
721.3
333.4
3,110.9
803.0
1,422.1
102.7
1,319.4
482.5
71.0
332.3
200.7
231.6
330.0
4,238.6
1,066.9
723.1
343.9
3,171.7
808.6
1,457.6
107.7
1,349.9
497.5
90.3
317.7
202.1
249.5
334.5
4,248.3
1,065.9
727.6
338.3
3,182.3
811.0
1,471.5
110.7
1,360.8
505.0
80.1
314.8
192.7
242.3
339.7
4,265.6
1,069.1
732.4
336.8
3,196.5
823.7
1,480.1
112.0
1,368.1
503.5
77.3
311.8
201.7
230.8
351.8
4,263.2
1,067.2
732.0
335.2
3,195.9
821.5
1,472.6
111.6
1,361.0
506.2
80.1
315.6
194.3
222.8
346.6
4,251.0
1,063.7
727.4
336.3
3,187.3
819.3
1,478.4
111.7
1,366.6
504.0
75.0
310.6
198.8
222.9
344.1
4,263.3
1,069.4
730.1
339.2
3,194.0
824.5
1,479.4
111.8
1,367.5
503.5
75.2
311.3
199.7
219.2
347.9
4,267.1
1,074.3
735.2
339.1
3,192.8
824.2
1,478.3
112.2
1,366.1
503.2
78.1
309.0
200.5
243.7
360.6
4,623.7
4,686.5
4,747.8
4,794.2
4,868.7
4,965.1
4,964.3
4,991.2
4,968.2
4,958.2
4,971.4
5,013.2
3,034.6
639.2
2,395.4
425.6
1,969.8
814.5
296.4
518.2
123.4
225.0
3,064.1
608.7
2,455.3
422.1
2,033.2
830.0
305.8
524.2
147.5
217.3
3,082.5
616.8
2,465.7
432.5
2,033.2
870.8
311.6
559.2
149.8
216.9
3,108.5
611.5
2,496.9
451.7
2,045.3
871.5
323.4
548.1
166.2
225.2
3,151.0
622.5
2,528.5
466.6
2,061.9
882.0
327.6
554.4
181.2
229.5
3,183.4
651.6
2,531.7
473.6
2,058.1
944.1
327.7
616.4
183.0
228.1
3,162.0
625.1
2,536.8
475.1
2,061.7
966.1
341.9
624.2
195.4
215.8
3,165.4
604.8
2,560.5
483.9
2,076.6
952.9
347.2
605.8
219.1
220.4
3,160.6
601.1
2,559.5
481.1
2,078.4
967.2
341.2
626.0
194.7
224.8
3,148.2
586.2
2,561.9
480.8
2,081.1
947.1
343.1
604.0
215.2
222.3
3,158.1
600.3
2,557.9
487.1
2,070.8
941.4
348.7
592.8
220.5
225.0
3,158.2
619.2
2,539.0
482.0
2,056.9
965.6
348.7
616.9
224.1
222.2
4,197.6
4,258.9
4,320.0
4,371.3
4,443.7
4,538.6
4,539.3
4,557.8
4,547.3
4,532.8
4,545.1
4,570.1
426.1
427.7
427.8
422.8
425.0
426.5
425.0
433.4
420.9
425.4
426.4
443.1
64.9
58.4
60.1
60.9
59.8
64.5
62.7
64.8
63.6
63.6
67.9
66.3
65.4
342.1
62.5
343.7
59.8
346.5
60.0
346.6
59.8
348.1
63.9
347.7
61.8
347.7
64.3
347.6
63.9
345.5
63.3
344.9
67.7
345.7
66.0
349.9
MEMO
57 Revaluation gains on off-balance-sheet
items 8
58 Revaluation losses on off-balancesheet items 8
59 Mortgage-backed securities 9
Footnotes appear on p. A21.
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A17
Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks
Billions of dollars
Wednesday figures
Monthly averages
Account
1999r
1999
Feb.
Aug.
Sept.
Oct.
2000
2000
Nov.
Dec.
Jan. r
Feb.
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Seasonally adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
U.S. government securities
4
Trading account
5
Investment account
6
Other securities
7
Trading account
8
Investment account
9
State and local government .
10
Other
11
Loans and leases in bank credit 2 . . .
12
Commercial and industrial
13
Bankers acceptances
14
Other
15
Real estate
16
Revolving home equity
17
Other
18
Consumer
19
Security 3
20
Federal funds sold to and
repurchase agreements
with broker-dealers
21
Other
22
State and local government
23
Agricultural
24
Federal funds sold to and
repurchase agreements
with others
25
All other loans
26
Lease-financing receivables
27 Interbank loans
28
Federal funds sold to and
repurchase agreements with
commercial banks
29
Other
30 Cash assets 4
31 Other assets5
32 Total assets 6
33
34
35
36
37
38
39
40
41
42
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
43 Total liabilities
44 Residual (assets less liabilities) 7
Footnotes appear on p. A21.
2,482.9
571.8
387.7
17.9
369.8
184.2
87.5
96.7
24.7
72.0
1,911.1
548.9
1.2
547.8
739.7
74.0
665.7
308.8
74.0
2,509.8
597.9
399.4
23.3
376.2
198.5
77.5
121.0
25.7
95.3
1,911.9
573.4
1.1
572.3
738.4
69.4
669.0
284.8
62.6
2,525.6
601.0
397.7
20.9
376.8
203.3
78.1
125.2
25.7
99.5
1,924.6
576.8
1.2
575.6
749.7
69.2
680.6
282.8
59.8
2,524.6
601.9
391.6
20.0
371.6
210.3
81.7
128.5
25.8
102.7
1,922.7
574.6
1.1
573.5
760.6
69.2
691.3
281.6
51.3
2,566.1
598.0
385.6
18.0
367.6
212.4
82.4
129.9
26.4
103.5
1,968.1
589.5
1.1
588.4
769.1
70.6
698.5
285.5
63.3
2,625.8
610.8
392.1
19.4
372.7
218.7
87.1
131.7
26.4
105.3
2,015.0
595.8
1.1
594.7
800.8
75.5
725.3
291.1
83.2
2,626.4
607.2
391.7
21.4
370.3
215.5
81.8
133.7
26.7
107.0
2,019.2
595.2
1.1
594.2
811.3
78.2
733.2
294.9
75.0
2,640.7
605.8
388.5
22.3
366.1
217.4
86.2
131.2
26.9
104.3
2,034.9
603.3
1.0
602.3
817.0
79.5
737.5
298.8
72.5
2,640.5
606.0
391.7
25.1
366.7
214.3
84.3
130.1
26.8
103.3
2,034.4
601.9
1.0
600.9
812.3
79.1
733.2
299.6
74.9
2,633.1
600.9
384.6
21.7
362.9
216.4
86.0
130.4
27.0
103.4
2,032.1
601.6
1.0
600.5
814.6
79.3
735.3
299.9
72.5
2,637.7
607.2
386.8
22.9
363.9
220.4
88.7
131.7
27.0
104.7
2,030.5
604.8
1.0
603.8
815.6
79.3
736.3
297.8
70.6
2,647.0
611.0
391.3
23.0
368.3
219.7
87.9
131.8
26.8
105.0
2,035.9
604.3
1.0
603.3
817.6
79.7
737.9
298.5
73.9
58.0
16.1
11.6
9.2
45.4
17.2
12.2
8.9
42.2
17.6
12.3
9.2
34.2
17.0
12.3
9.6
45.2
18.1
12.2
9.6
63.4
19.8
12.1
9.6
53.9
21.1
12.3
9.8
49.1
23.4
12.4
10.1
52.0
23.0
12.3
10.0
48.4
24.1
12.3
10.0
46.6
24.0
12.4
10.0
51.0
22.9
12.4
10.1
12.8
92.5
113.5
135.7
7.9
100.4
123.4
138.4
11.2
98.0
124.7
136.5
10.0
95.6
127.0
149.9
12.3
97.5
129.2
141.6
11.8
80.5
130.1
141.8
11.2
79.3
130.1
138.9
11.3
79.7
129.8
146.8
82.0
130.4
140.0
11.1
79.7
130.3
144.7
10.8
78.5
130.0
142.3
11.6
78.1
129.4
150.2
84.9
50.9
152.9
248.7
86.7
51.7
143.5
236.5
83.8
52.7
150.2
246.7
92.4
57.6
154.3
244.4
73.8
67.8
153.2
250.3
70.9
70.9
159.8
252.6
66.0
72.8
160.5
261.2
73.2
73.6
160.9
272.2
64.8
75.2
153.4
263.7
70.9
73.8
169.8
266.3
68.8
73.6
144.4
269.1
75.3
74.9
162.7
282.4
2,981.2
2,989.5
3,020.0
3,034.2
3,072.1
3,140.6
3,148.5
3,182.5
3,1593
3,175.9
3,155.4
3,204.1
1,725.4
365.2
1,360.2
233.8
1,126.4
640.2
216.3
423.9
114.1
195.5
1,709.7
342.8
1,366.9
227.7
1,139.2
653.8
220.2
433.7
147.0
184.9
1,715.8
343.7
1,372.0
235.5
1,136.5
671.4
222.3
449.0
148.7
183.9
1,716.7
340.1
1,376.6
245.7
1,131.0
667.5
238.7
428.8
162.0
191.1
1,724.4
335.7
1,388.7
252.7
1,136.0
675.5
238.4
437.1
177.7
195.5
1,738.3
343.5
1,394.9
260.4
1,134.4
735.9
237.6
498.3
178.0
193.7
1,734.0
337.2
1,396.8
261.7
1,135.0
735.7
250.6
485.1
189.3
181.5
1,744.5
335.0
1,409.6
265.9
1,143.6
735.6
260.4
475.3
204.1
183.6
1,743.1
328.2
1,414.8
265.9
1,149.0
734.7
251.1
483.6
188.6
188.7
1,741.4
332.3
1,409.1
263.5
1,145.6
734.1
259.6
474.5
202.5
185.3
1,732.2
324.2
1,408.0
268.1
1,139.8
723.1
261.5
461.6
209.0
187.4
1,741.7
344.6
1,397.1
264.3
1,132.9
749.9
263.5
486.4
197.3
184.9
2,675.1
2,695.4
2,719.8
2,7373
2,773.0
2,845.9
2,840.5
2,867.9
2,855.0
2,8633
2,851.6
2^73.7
306.1
294.1
300.3
296.9
299.0
294.7
307.9
314.6
304.3
312.6
303.8
330.4
11.0
A18
1.26
Domestic Financial Statistics • May 2000
COMMERCIAL BANKS IN THE UNITED STATES
Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Monthly averages
Account
1999r
1999
Feb.
Wednesday figures
Aug.
Sept.
Oct.
2000
Nov.
Dec.
Jan. r
2000
Feb.
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Not seasonally adjusted
Assets
45 Bank credit
46
Securities in bank credit
47
U.S. government securities
48
Trading account
Investment account
49
50
Mortgage-backed securities . .
51
Other
52
One year or less
53
One to five years
54
More than five years . . .
Other securities
55
56
Trading account
57
Investment account
58
State and local government . .
59
Other
60
Loans and leases in bank credit2 . .
61
Commercial and industrial
62
Bankers acceptances
63
Other
64
Real estate
65
Revolving home equity
66
Other
67
Commercial
68
Consumer
69
Security 3
70
Federal funds sold to and
repurchase agreements
with broker-dealers . . . .
71
Other
72
State and local government . . . .
73
Agricultural
74
Federal funds sold to and
repurchase agreements
with others
All other loans
75
Lease-financing receivables . . . .
76
77 Interbank loans
Federal funds sold to and
78
repurchase agreements
with commercial banks
Other
79
80 Cash assets 4
81 Other assets5
83
84
85
86
87
88
89
90
91
92
93 Total liabilities
94 Residual (assets less liabilities)7
....
2,513.4
592.8
390.3
20.7
369.6
246.3
123.3
24.8
59.1
39.4
202.6
78.1
124.5
25.6
98.9
1,920.6
574.3
1.2
573.2
750.0
69.6
413.3
267.1
284.7
56.3
2,526.3
598.8
389.0
20.8
368.2
244.3
123.8
25.6
59.9
38.3
209.8
81.7
128.1
25.9
102.2
1,927.5
576.1
1.1
575.0
762.6
69.8
419.7
273.1
281.6
52.4
2,580.0
603.5
389.7
19.9
369.7
244.7
125.0
23.9
60.6
40.4
213.9
82.4
131.5
26.6
1019
1,976.5
589.8
1.1
588.7
773.2
71.2
426.0
276.1
285.3
65.5
2,640.8
615.9
393.0
20.0
373.0
244.5
128.5
25.2
61.6
41.7
222.9
87.1
135.8
26.6
109.2
2,024.9
593.1
1.1
592.0
805.1
75.7
450.3
279.1
294.2
84.9
2,640.0
612.1
393.7
21.7
372.0
242.8
129.2
26.1
61.2
41.9
218.5
81.8
136.7
26.9
109.7
2,027.8
592.5
1.1
591.4
814.6
78.2
453.5
282.9
300.0
74.9
2,645.0
612.8
394.7
23.2
371.6
243.2
128.4
30.3
58.0
40.1
218.0
86.2
131.9
27.0
104.9
2,032.2
602.3
1.0
601.3
815.4
79.1
451.7
284.6
299.3
72.0
2.653.2
614.0
397.8
25.6
372.2
240.0
132.2
28.9
61.6
41.7
216.2
84.3
131.9
26.9
105.0
2,039.2
601.2
1.0
600.2
813.1
78.8
450.7
283.6
302.8
74.9
2,637.8
608.4
390.8
21.7
369.1
240.7
128.4
29.4
58.8
40.2
217.7
86.0
131.7
27.1
104.6
2,029.4
599.3
1.0
598.2
816.8
79.0
453.7
284.1
301.2
69.6
2,643.7
614.3
393.4
23.9
369.5
241.6
127.9
29.6
58.0
40.4
221.0
88.7
132.3
27.1
105.2
2,029.4
603.3
1.0
602.3
815.3
78.9
451.8
284.6
298.5
69.9
2,643.5
616.9
396.8
23.5
373.2
245.7
127.6
30.2
57.6
39.8
220.1
87.9
132.1
26.9
105.2
2,026.6
602.2
1.0
601.2
812.2
79.1
448.3
284.8
298.4
72.9
58.5
15.6
11.7
8.8
41.9
16.9
12.3
9.1
38.9
17.4
12.4
9.5
35.3
17.1
12.4
9.8
47.5
18.0
12.3
9.6
64.6
20.2
12.2
9.6
54.5
20.4
12.3
9.8
49.6
22.5
12.4
9.7
53.3
21.6
12.3
9.7
47.5
22.2
12.3
9.7
47.2
22.7
12.4
9.7
50.5
22.4
12.4
9.7
12.8
91.1
114.8
135.5
7.9
99.6
122.8
133.3
11.2
98.6
123.5
134.2
10.0
96.6
126.1
145.4
12.3
100.7
127.8
142.3
11.8
84.5
129.5
144.4
11.2
80.5
132.1
140.3
11.3
78.6
131.2
146.6
11.0
82.2
132.0
141.1
11.1
77.5
131.8
142.9
10.8
78.0
131.5
144.1
11.6
76.4
130.8
147.8
85.5
50.1
153.6
245.6
81.8
51.5
136.7
238.0
81.9
52.3
149.0
248.0
88.6
56.7
154.8
241.8
76.6
65.6
157.4
246.9
74.6
69.8
170.5
252.0
68.9
71.3
170.2
256.3
74.0
72.6
161.5
269.1
68.6
72.5
153.9
263.2
71.1
71.8
157.0
262.2
71.0
73.0
152.4
266.5
73.3
74.5
171.0
276.9
2,9593
3,0053
3,029.4
3,087.4
3,168.4
3,168.7
3,184.2
3,1733
3,161.9
3,168.7
3,201.4
1,721.2
362.3
1,358.9
236.2
1,122.7
645.4
217.8
427.6
120.2
195.5
1,699.8
333.5
1,366.3
225.9
1,140.4
630.3
213.8
416.5
144.0
184.9
1,711.8
340.3
1,371.4
235.1
1,136.4
663.6
218.2
445.5
146.4
183.9
1,715.4
334.9
1,380.4
247.7
1,132.7
667.9
234.5
433.4
161.9
191.1
1,738.7
341.8
1,396.9
258.7
1,138.1
680.4
240.9
439.5
176.7
195.5
1,761.7
365.2
1,396.5
263.7
1,132.8
736.1
241.6
494.4
178.6
193.7
1,743.1
347.2
1,395.9
263.8
1,132.2
752.8
255.2
497.6
190.4
181.5
1,738.7
330.9
1,407.8
268.5
1,139.3
739.8
261.8
478.0
213.9
183.6
1,740.6
329.3
1,411.3
268.0
1,143.2
755.1
255.4
499.7
189.4
188.7
1,728.5
318.4
1,410.1
266.7
1,143.4
737.3
260.2
477.1
210.1
185.3
1,734.9
328.0
1,406.9
271.4
1,135.6
730.5
263.9
466.7
215.6
187.4
1,729.5
339.1
1,390.4
266.0
1,124.4
750.2
263.9
486.3
218.6
184.9
2,6823
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From nonbanks in the U.S
Net due to related foreign offices . . .
Other liabilities
2,490.3
587.9
390.4
22.2
368.3
243.1
125.2
25.2
59.9
40.0
197.4
77.5
120.0
25.4
94.6
1,902.5
567.6
1.1
566.6
739.0
69.7
408.4
260.9
285.3
58.8
2,983.4
82 Total assets 6
2,487.6
577.9
393.1
18.6
374.5
258.2
116.3
26.6
48.6
41.1
184.8
87.5
97.3
24.8
72.5
1,909.7
548.9
1.2
547.7
738.4
73.7
408.8
255.9
309.2
74.1
2,659.0
2,705.6
2,7363
2,7913
2,870.1
2,867.7
2,876.0
2,873.8
2,8613
2,8685
2,883.2
301.1
300.3
299.7
293.1
296.1
298.4
300.9
308.3
299.4
300.6
300.3
318.2
64.9
58.4
60.1
60.9
59.8
64.5
62.7
M.8
63.6
63.6
67.9
66.3
65.4
286.6
191.4
62.5
278.6
186.8
59.8
281.0
185.4
60.0
279.4
184.8
59.8
282.1
187.9
63.9
282.1
188.8
61.8
279.8
187.9
64.3
278.4
190.3
63.9
277.3
189.0
63.3
276.2
187.8
67.7
276.9
188.8
66.0
280.4
192.4
MEMO
95 Revaluation gains on off-balancesheet items8
96 Revaluation losses on off-balancesheet items8
97 Mortgage-backed securities9
98
Pass-through securities
CMOs, REMICs, and other
99
mortgage-backed securities . .
100 Net unrealized gains (losses) on
available-for-sale securities 10 . . .
101 Offshore credit to U.S. residents" . . .
Footnotes appear on p. A21.
95.2
91.7
95.6
94.6
94.2
93.2
92.0
88.2
88.3
88.4
88.2
88.0
2.3
38.9
-4.2
32.2
-4.9
27.8
-5.6
26.7
-5.8
24.8
-6.0
24.0
-7.4
23.2
-7.8
23.6
-8.1
23.5
-7.8
23.2
-7.9
23.8
-7.8
23.9
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A19
Assets and Liabilities1—Continued
D. Small domestically chartered commercial banks
Billions of dollars
Wednesday figures
Monthly averages
1999r
1999
Account
Feb.
Aug.
Sept.
Oct.
2000
2000
Nov.
Dec.
Jan. r
Feb.
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets4
Other assets 5
1,472.8
430.7
320.9
109.9
1,042.1
190.8
587.5
28.7
558.7
189.5
5.3
69.1
60.7
67.1
69.6
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
28 Residual (assets less liabilities) 7
1,588.6
453.4
333.9
119.5
1,135.2
214.7
648.4
31.3
617.2
196.7
5.5
69.8
52.3
72.0
81.4
1,599.8
451.2
330.0
121.2
1,148.6
216.5
654.4
31.8
622.6
201.5
5.4
70.9
53.6
75.4
82.6
1,615.3
454.3
334.4
119.9
1,161.0
219.3
660.9
32.5
628.4
204.3
5.2
71.2
52.5
69.0
86.9
1,632.0
458.4
339.1
119.3
1,173.7
221.8
669.9
33.1
636.9
205.1
5.3
71.5
55.4
68.2
84.2
1,618.9
455.0
335.7
119.3
1,164.0
220.9
663.8
32.7
631.1
203.0
5.2
71.1
53.7
68.1
84.7
1,623.6
456.7
337.5
119.2
1,166.9
220.7
666.5
32.8
633.6
203.3
5.3
71.2
55.5
68.2
84.6
1,631.8
457.5
338.6
118.9
1,174.3
221.9
669.5
33.0
636.5
205.8
5.3
71.9
56.1
64.2
82.6
1,636.2
459.9
340.2
119.7
1,176.4
222.4
671.7
33.3
638.4
205.9
5.2
71.2
55.4
70.1
84.9
1,730.1
1,7413
1,765.7
1,774.2
1,791.0
1,803.1
1,819.1
1,804.8
1,811.1
1,814.0
1,825.9
1,331.0
278.7
1,052.3
189.3
863.0
171.7
79.7
92.0
3.2
28.7
1,365.7
282.2
1,083.5
196.2
887.3
199.7
92.7
106.9
3.5
32.6
1,367.7
279.4
1,088.3
197.4
890.9
204.5
93.0
111.6
3.4
33.7
1,389.3
279.7
1,109.6
204.0
905.6
200.7
87.0
113.8
4.3
35.0
1,399.6
277.0
1,122.6
207.9
914.7
199.3
84.9
114.4
4.5
34.7
1,417.0
276.0
1,141.1
209.9
931.1
206.1
84.1
122.0
4.5
35.1
1,427.1
273.9
1,153.2
211.4
941.8
213.2
85.9
127.2
5.1
33.6
1,444.2
275.6
1,168.6
215.4
953.2
216.2
86.6
129.6
5.2
35.8
1,433.3
271.5
1,161.8
213.1
948.7
211.6
85.5
126.1
5.3
35.2
1,437.4
271.5
1,165.9
214.1
951.8
213.6
84.5
129.2
5.1
35.8
1,439.9
272.4
1,167.6
215.7
951.9
212.6
85.6
127.1
4.9
36.7
1,450.2
283.6
1,166.6
216.1
950.6
218.4
85.8
132.6
5.5
36.4
1,601.4
1,609.3
1,6293
1,638.2
1,662.6
1,678.9
1,701.4
1,685.4
1,691.9
1,6943
1,710.6
116.8
27 Total liabilities
1,585.2
459.0
339.8
119.3
1,126.2
212.6
642.5
31.0
611.5
197.2
5.0
69.0
47.2
70.9
82.2
1,534.6
....
1,563.1
456.7
338.5
118.2
1,106.4
206.4
629.3
30.3
599.0
197.4
4.9
68.4
48.7
71.4
78.0
1,651.4
16 Total assets 6
1,549.8
455.0
336.8
118.2
1,094.7
203.6
624.3
30.2
594.1
194.5
4.9
67.4
50.9
70.8
78.3
128.7
132.0
136.4
136.0
128.3
124.2
117.7
119.3
119.2
119.7
115.3
1,620.6
456.3
337.6
118.7
1,164.3
221.4
664.8
33.0
631.8
204.2
5.3
68.6
55.1
69.2
1,613.1
455.3
336.6
118.6
1,157.9
220.0
661.6
32.8
628.8
202.8
5.3
68.1
55.9
65.9
81.9
1,619.6
455.0
336.8
118.3
1,164.6
221.3
664.1
32.9
631.2
205.0
5.3
68.9
55.6
66.8
81.4
1,623.6
457.4
338.5
119.0
1,166.2
222.0
666.1
33.1
633.0
204.8
5.2
68.1
52.6
72.6
83.7
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security'
Other loans and leases
Interbank loans
Cash assets4
Other assets5
1,462.1
428.5
319.3
109.2
1,033.6
190.4
582.7
28.6
554.0
188.9
5.3
66.3
60.7
68.1
68.4
45
46
47
48
49
50
51
52
53
54
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
55 Total liabilities
56 Residual (assets less liabilities)7
....
1,566.3
454.3
336.6
117.7
1,112.0
205.3
632.7
30.5
602.1
198.5
4.9
70.6
47.5
70.1
78.4
1,584.0
455.9
336.8
119.1
1,128.1
211.1
644.0
31.2
612.7
197.8
5.0
70.2
48.3
70.1
82.2
1,585.5
451.2
331.6
119.6
1,134.4
213.2
648.9
31.6
617.4
197.2
5.5
69.6
58.4
74.2
83.1
1,597.8
451.0
330.1
120.9
1,146.8
215.5
652.6
32.0
620.5
203.2
5.4
70.1
57.7
79.0
82.5
1,608.3
453.8
334.0
119.8
1,154.5
218.5
656.8
32.5
624.4
205.0
5.2
69.0
52.4
72.1
83.4
82.7
1,610.0
453.2
334.2
119.0
1,156.7
220.3
659.5
32.7
626.8
203.4
5.2
68.4
53.2
68.9
83.4
1,640.3
44 Total assets 6
1,551.9
453.4
335.0
118.4
1,098.5
202.3
626.4
30.1
596.3
195.1
4.9
69.7
48.4
67.6
79.0
1,727.2
1,742.4
1,764.8
1,7813
1,796.7
1,795.6
1,807.0
1,794.9
1,7963
1,802.7
1,811.8
1,313.4
276.9
1,036.5
189.3
847.2
169.1
78.5
90.6
3.2
29.5
1,364.3
275.3
1,089.0
196.2
892.8
199.7
92.0
107.7
3.5
32.4
1,370.8
276.5
1,094.3
197.4
896.8
207.2
93.4
113.7
3.4
33.0
1,393.1
276.6
1,116.5
204.0
912.5
203.6
88.9
114.7
4.3
34.1
1,412.3
280.7
1,131.6
207.9
923.7
201.6
86.6
115.0
4.5
34.0
1,421.6
286.4
1,135.2
209.9
925.3
208.0
86.1
121.9
4.5
34.4
1,418.9
277.9
1,140.9
211.4
929.6
213.4
86.7
126.7
5.1
34.2
1,426.6
274.0
1,152.7
215.4
937.3
213.2
85.4
127.8
5.2
36.8
1,420.0
271.8
1,148.2
213.1
935.2
212.1
85.8
126.2
5.3
36.1
1,419.7
267.9
1,151.8
214.1
937.7
209.7
82.9
126.9
5.1
37.0
1,423.2
272.2
1,151.0
215.7
935.3
210.9
84.8
126.1
4.9
37.6
1,428.7
280.1
1,148.6
216.1
932.5
215.4
84.8
130.7
5.5
37.3
1,515.3
1,599.8
1,614.4
1,635.0
1,652.4
1,668.6
1,671.5
1,681.8
1,673.5
1,671.5
1,676.6
1,686.9
125.0
127.4
128.1
129.7
128.9
128.1
124.1
125.2
121.4
124.8
126.1
124.9
55.6
65.1
65.5
67.3
66.0
65.6
67.8
69.2
68.2
68.7
68.8
69.4
MEMO
57 Mortgage-backed securities'
Footnotes appear on p. A21.
A20
1.26
Domestic Financial Statistics • May 2000
COMMERCIAL BANKS IN THE UNITED STATES
Assets and Liabilities1—Continued
E. Foreign-related institutions
Billions of dollars
Monthly averages
Account
1999
Feb.
1999
Aug.
Sept.
Wednesday figures
r
Oct.
2000
Nov.
Dec.
Jan. r
2000
Feb.
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . .
Commercial and industrial
Real estate
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5
14
15
16
17
18
19
20
21
548.2
198.9
79.5
119.4
349.2
199.9
17.0
65.3
67.0
25.2
51.1
34.5
555.9
206.6
81.6
125.0
349.2
194.6
16.9
67.0
70.7
28.3
55.4
37.2
546.9
198.6
79.2
119.5
348.3
194.3
17.0
66.9
70.0
29.4
53.8
39.2
537.4
186.8
73.1
113.7
350.6
197.1
17.3
66.7
69.5
33.3
51.8
38.5
541.0
192.5
77.1
115.4
348.5
195.4
17.4
66.6
69.2
32.4
49.3
39.4
536.1
187.6
74.7
113.0
348.5
196.0
17.2
65.5
69.8
32.0
51.5
38.7
532.3
183.9
71.8
112.1
348.4
196.3
17.2
65.5
69.4
37.0
51.8
38.2
535.3
185.3
71.5
113.8
350.0
198.2
17.3
64.4
70.1
33.9
53.0
38.8
617.7
613.4
631.4
658.7
676.4
669.0
660.7
661.9
658.1
659.0
660.7
309.0
298.0
174.6
23.5
151.0
72.0
61.5
310.8
10.8
299.9
171.2
25.1
146.1
66.1
64.4
328.9
10.6
318.2
176.9
21.9
155.1
53.5
65.5
358.2
10.5
347.7
186.8
26.0
160.8
44.0
66.8
377.9
10.7
367.2
181.7
24.5
157.2
39.0
70.1
386.1
10.4
375.7
181.6
22.1
159.6
33.5
69.3
384.2
10.7
373.5
177.6
20.5
157.1
23.7
71.0
384.7
10.9
373.8
182.7
22.6
160.1
25.2
73.2
382.1
11.0
371.2
177.2
20.7
156.5
27.1
70.4
386.5
10.6
375.9
173.0
20.1
153.0
26.2
70.8
383.4
10.6
372.8
176.4
19.9
156.4
19.4
70.6
617.1
6123
624.8
655.8
668.7
6703
656.4
665.8
656.8
656.6
649.7
3.0
23 Residual (assets less liabilities)7
529.7
195.3
82.4
112.8
334.4
198.8
17.4
54.9
63.3
25.5
44.9
31.6
664.5
22 Total liabilities
519.0
189.4
81.6
107.8
329.6
197.1
17.5
51.4
63.6
22.9
42.4
29.3
322.4
11.8
310.5
182.7
18.1
164.7
89.3
70.1
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
523.8
190.0
84.0
106.0
333.8
195.3
17.5
55.0
66.0
25.7
39.5
29.0
667.5
13 Total assets 6
564.2
202.1
84.7
117.4
362.1
210.9
20.8
59.6
70.7
31.5
34.7
37.4
.6
.8
6.6
2.9
7.7
-1.5
4.3
-3.9
1.3
2.5
11.0
11.0
Not seasonally adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit2 . . .
Commercial and industrial
Real estate
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5
41
42
43
44
45
46
47
48
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
....
49 Total liabilities
50 Residual (assets less liabilities)7
520.0
188.7
83.0
16.5
66.5
105.7
64.9
40.9
331.3
193.6
17.4
55.0
65.2
25.7
39.1
29.6
518.1
188.7
80.7
14.9
65.9
108.0
69.3
38.7
329.4
196.7
17.5
51.6
63.6
22.9
42.1
29.7
533.6
197.9
82.4
14.3
68.0
115.6
69.3
46.2
335.7
199.9
17.6
54.6
63.6
25.5
45.5
31.5
551.3
202.0
79.9
8.5
71.5
122.1
80.7
41.5
349.2
201.2
17.1
671.5
40 Total assets 6
567.8
203.7
85.1
20.0
65.1
118.6
70.8
47.8
364.1
212.8
21.2
59.3
70.9
31.5
34.0
38.5
66.4
25.2
51.8
34.6
559.1
205.7
81.9
6.7
75.2
123.8
80.6
43.2
353.3
197.3
16.9
67.5
71.6
28.3
57.7
38.7
550.4
199.1
78.9
7.5
71.4
120.3
76.0
44.3
351.3
196.0
17.2
66.9
71.2
29.4
54.5
39.5
540.5
188.4
73.5
7.3
66.3
114.9
73.1
41.8
352.1
198.7
17.6
66.2
69.6
33.3
50.7
39.5
546.1
195.0
77.3
9.3
68.0
117.7
73.8
43.9
351.2
196.4
17.6
66.8
70.4
32.4
49.0
40.0
540.0
189.9
75.3
7.8
67.5
114.6
72.6
42.0
350.0
197.2
17.5
64.8
70.5
32.0
50.6
40.0
535.8
185.6
72.0
6.3
65.8
113.5
71.9
41.6
350.2
198.7
17.5
64.3
69.7
37.0
51.0
39.0
535.2
185.3
71.9
6.6
65.3
113.4
72.1
41.3
349.9
199.4
17.7
63.4
69.4
33.9
51.4
39.4
6142
612.6
635.8
662.7
683.4
6733
663.7
667.2
6623
6623
659.6
321.1
11.6
309.5
182.7
18.1
164.7
92.8
71.7
306.4
10.9
295.5
174.6
23.5
151.0
69.9
61.7
310.3
11.3
299.0
171.2
25.1
146.1
64.6
64.0
328.9
10.6
318.3
176.9
21.9
155.1
55.3
64.8
357.7
10.4
347.2
186.8
26.0
160.8
46.7
67.7
382.3
11.1
371.2
181.7
24.5
157.2
44.2
71.5
382.9
10.4
372.4
181.6
22.1
159.6
35.3
69.5
383.0
10.5
372.5
177.6
20.5
157.1
26.5
72.6
381.3
10.8
370.5
182.7
22.6
160.1
25.0
74.1
380.1
10.5
369.5
177.2
20.7
156.5
28.9
72.1
383.4
10.5
372.9
173.0
20.1
153.0
29.6
72.6
383.0
10.5
372.5
176.4
19.9
156.4
24.3
72.2
668.4
3.2
6123
610.1
626.0
658.8
679.6
669.4
659.7
663.1
658.2
658.6
655.8
1.7
2.4
9.8
3.9
3.8
4.1
4.0
4.1
4.1
3.9
3.9
42.4
38.1
38.4
39.2
40.1
39.4
38.0
39.4
41.1
39.1
39.2
38.5
37.4
37.8
36.3
39.1
38.4
37.5
39.8
41.8
39.8
39.6
38.9
MEMO
51 Revaluation gains on off-balance-sheet
items 8
52 Revaluation losses on off-balancesheet items 8
Footnotes appear on p. A21.
40.7
Commercial Banking Institutions—Assets and Liabilities
A21
NOTES TO TABLE 1.26
NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States." Table
1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28,
"Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer
being published in the Bulletin. Instead, abbreviated balance sheets for both large and small
domestically chartered banks have been included in table 1.26, parts C and D. Data are both
merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S.
branches and agencies of foreign banks have been replaced by balance sheet estimates of all
foreign-related institutions and are included in table 1.26, part E. These data are breakadjusted.
The not-seasonally-adjusted data for all tables now contain additional balance sheet items,
which were available as of October 2, 1996.
1. Covers the following types of institutions in the fifty states and the District of
Columbia: domestically chartered commercial banks that submit a weekly report of condition
(large domestic); other domestically chartered commercial banks (small domestic); branches
and agencies of foreign banks, and Edge Act and agreement corporations (foreign-related
institutions). Excludes International Banking Facilities. Data are Wednesday values or pro
rata averages of Wednesday values. Large domestic banks constitute a universe; data for
small domestic banks and foreign-related institutions are estimates based on weekly samples
and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications
of assets and liabilities.
The data for large and small domestic banks presented on pp. A 1 7 - 1 9 are adjusted to
remove the estimated effects of mergers between these two groups. The adjustment for
mergers changes past levels to make them comparable with current levels. Estimated
quantities of balance sheet items acquired in mergers are removed from past data for the bank
group that contained the acquired bank and put into past data for the group containing the
acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a
ratio procedure is used to adjust past levels.
2. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
4. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
5. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
6. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
7. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and
equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
9. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
10. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
11. Mainly commercial and industrial loans but also includes an unknown amount of credit
extended to other than nonfinancial businesses.
A22
1.32
DomesticNonfinancialStatistics • May 2000
COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December
1999
2000
Item
1995
2
3
1999
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
775,371
966,699
1,163,303
1,403,023
1,257,658
1,274,726
1,321,163
1,369,100
1,403,023
1,407,789
361,147
229,662
513,307
252,536
614,142
322,030
786,643
337,240
710,320
290,228
718,380
293,381
751,245
296,998
802,194
299,777
786,643
337,240
821,870
299,599
188,260
4 Nonfinancial companies 4
1998
275,815
210,829
Financial companies 1
Dealer-placed paper, total 2
Directly placed paper, total 3
1997
674,904
1 All issuers
1996
184,563
200,857
227,132
279,140
257,110
262,965
272,920
267,128
279,140
286,319
1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal, and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.
2. Includes all financial-company paper sold by dealers in the open market.
3. As reported by financial companies that place their paper directly with investors.
4. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.
B. Bankers Dollar Acceptances1
Millions of dollars, not seasonally adjusted, year ending September 2
Item
1996
1. Includes eligible, dollar-denominated bankers acceptances legally payable in the United
States. Eligible acceptances are those that are eligible for discount by Federal Reserve Banks;
that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal
Reserve Act (12 U.S.C. §372).
1.33
PRIME RATE CHARGED BY BANKS
1998
1999
25,832
25,774
14,363
10,094
709
7,770
736
6,862
523
4,884
461
4,261
9,361
1 Total amount of reporting banks' acceptances in existence
2 Amount of other banks' eligible acceptances held by reporting banks
3 Amount of own eligible acceptances held by reporting banks (included in item 1)
4 Amount of eligible acceptances representing goods stored in, or shipped between, foreign countries
(included in item 1)
1997
10,467
5,413
3,498
2. Data on bankers dollar acceptances are gathered from approximately 55 institutions;
includes U.S. chartered commerical banks (domestic and foreign offices), U.S. branches and
agencies of foreign banks, and Edge and agreement corporations. The reporting group is
revised every year.
Short-Term Business Loans 1
Percent per year
Date of change
Rate
1997—Jan.
1
Mar. 26
8.25
8.50
1998—Sept. 30
Oct. 16
Nov. 18
8.25
8.00
7.75
1999—July
1
Aug. 25
Nov. 17
8.00
8.25
8.50
2000—Feb. 3
Mar. 22
8.75
9.00
Period
Average
rate
1997
1998
1999 .
8.44
8.35
8.00
1997—Jan
Feb
Mar
Apr.
Mav
June
July
Aug
Sept
Oct
Nov.
Dec
8.25
8.25
8.30
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.50
1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call
Period
1998—Jan
Feb
Mar.
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.49
8.12
7.89
7.75
Period
Average
rate
1999—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
7.75
7.75
7.75
7.75
7.75
7.75
8.00
8.06
8.25
8.25
8.37
8.50
2000—Jan
Feb
8.50
8.73
8.83
Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases. For ordering address, see inside front cover.
Financial Markets
1.35
INTEREST RATES
A23
M o n e y and Capital Markets
Percent per year; figures are averages of business day data unless otherwise noted
1997
1998
2000, week ending
2000
1999
Item
1999
Nov.
Dec.
Jan.
Feb.
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
MONEY MARKET INSTRUMENTS
1 Federal funds 1 ' 2 3
2 Discount window borrowing 2 ' 4
5.46
5.00
5.35
4.92
4.97
4.62
5.42
4.86
5.30
5.00
5.45
5.00
5.73
5.24
5.43
5.00
5.66
5.04
5.71
5.25
5.75
5.25
5.72
5.25
Commercial paper3,5,6
Nonfinancial
3
1-month
4
2-month
5
3-month
5.57
5.57
5.56
5.40
5.38
5.34
5.09
5.14
5.18
5.37
5.82
5.81
5.97
5.91
5.87
5.59
5.67
5.74
5.76
5.81
5.87
5.64
5.71
5.79
5.77
5.80
5.85
5.75
5.80
5.86
5.75
5.80
5.86
5.76
5.83
5.88
5.59
5.59
5.60
5.42
5.40
5.37
5.11
5.16
5.22
5.38
5.85
5.85
6.02
5.95
5.93
5.62
5.72
5.81
5.78
5.84
5.90
5.65
5.74
5.82
5.79
5.82
5.88
5.77
5.84
5.88
5.77
5.84
5.90
5.77
5.87
5.92
5.54
5.58
5.62
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
6
7
8
Financial
1-month
2-month
3-month
(historical)3'5'7
9
10
11
Commercial paper
1-month
3-month
6-month
12
13
14
Finance paper, directly placed (historical)3'5'8
1-month
3-month
6-month
5.44
5.48
5.48
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
15
16
Bankers acceptances3'5,9
3-month
6-month
5.54
5.57
5.39
5.30
5.24
5.30
5.94
5.83
6.00
5.94
5.88
5.99
5.94
6.11
5.87
5.98
5.94
6.05
5.93
6.10
5.94
6.11
5.96
6.15
17
18
19
Certificates of deposit, secondary market7"10
1-month
3-month
6-month
5.54
5.62
5.73
5.49
5.47
5.44
5.19
5.33
5.46
5.50
6.00
5.97
6.34
6.05
6.07
5.74
5.95
6.15
5.83
6.01
6.26
5.78
5.94
6.15
5.85
6.01
6.24
5.82
6.01
6.25
5.82
6.00
6.25
5.82
6.02
6.28
5.61
5.45
5.31
5.97
6.06
5.94
6.02
5.94
6.03
6.01
6.00
6.02
5.06
5.18
5.32
4.78
4.83
4.80
4.64
4.75
4.81
5.07
5.20
5.24
5.20
5.44
5.51
5.32
5.50
5.75
5.55
5.72
5.84
5.41
5.55
5.78
5.50
5.66
5.86
5.49
5.72
5.83
5.55
5.74
5.85
5.62
5.74
5.84
5.07
5.18
5.36
4.81
4.85
4.85
4.66
4.76
4.78
5.07
5.17
5.17
5.23
5.43
5.35
5.34
5.52
5.65
5.57
5.75
5.91
5.39
5.52
n.a.
5.56
5.71
5.91
5.55
5.77
n.a.
5.51
5.76
n.a.
5.64
5.77
n.a.
5.63
5.99
6.10
6.22
6.33
6.35
6.69
6.61
5.05
5.13
5.14
5.15
5.28
5.26
5.72
5.58
5.08
5.43
5.49
5.55
5.79
5.65
6.20
5.87
5.55
5.86
5.92
5.97
6.17
6.03
6.48
6.15
5.84
6.10
6.14
6.19
6.38
6.28
6.69
6.35
6.12
6.44
6.49
6.58
6.70
6.66
6.86
6.63
6.22
6.61
6.65
6.68
6.72
6.52
6.54
6.23
6.17
6.48
6.54
6.63
6.72
6.68
6.77
6.57
6.24
6,61
6.63
6.66
6.70
6.58
6.61
6.33
6.20
6.68
6.74
6.76
6.80
6.62
6.60
6.30
6.23
6.65
6.71
6.74
6.76
6.55
6.55
6.23
6.22
6.54
6.57
6.59
6.63
6.38
6.44
6.13
6.67
5.69
6.14
6.42
6.63
6.81
6.49
6.73
6.56
6.56
6.50
6.39
5.32
5.50
5.52
4.93
5.14
5.09
5.28
5.70
5.43
5.77
6.23
5.86
5.82
6.25
5.95
5.91
6.38
6.08
5.88
6.35
6.00
5.92
6.39
6.08
5.89
6.37
6.05
5.93
6.39
6.02
5.85
6.34
5.98
5.83
6.31
5.94
7.54
6.87
7.45
7.73
7.87
8.06
7.96
7.99
7.92
7.98
7.99
7.96
7.27
7.48
7.54
7.87
6.53
6.80
6.93
7.22
7.05
7.36
7.53
7.88
7.36
7.62
7.79
8.15
7.55
7.78
7.96
8.19
7.78
7.96
8.15
8.33
7.68
7.82
8.02
8.29
7.73
7.86
8.08
8.29
7.65
7.78
8.02
8.22
7.69
7.84
8.08
8.30
7.70
7.84
8.09
8.32
7.68
7.82
8.04
8.29
1.77
1.49
1.25
1.21
1.18
1.18r
1.21
1.20
1.19
1.19
1.21
1.24
20 Eurodollar deposits, 3-month 3 ' 11
24
25
26
U.S. Treasury bills
Secondary market 3,5
3-month
6-month
1-year
Auction high
3-month
6-month
1-year
71
28
29
30
31
32
33
34
Constant maturities'3
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
?]
??
23
U.S. TREASURY NOTES AND BONDS
Composite
35 More than 10 years (long-term)
STATE AND LOCAL NOTES AND B O N D S
Moody's series14
36 Aaa
37 Baa
38 Bond Buyer series 15
CORPORATE B O N D S
39 Seasoned issues, all industries 16
40
41
4?
43
Rating group
Aaa
Aa
A
Baa
MEMO
Dividend-price ratio
44 Common stocks
NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly and
G.13 (415) monthly statistical releases. For ordering address, see inside front cover.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. Rate for the Federal Reserve Bank of New York.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages
(http://www.federalreserve.gov/releases/cp) for more information.
7. An average of offering rates on commercial paper for firms whose bond rating is AA or
the equivalent. Series ended August 29, 1997.
8. An average of offering rates on paper directly placed by finance companies. Series
ended August 29, 1997.
9. Representative closing yields for acceptances of the highest-rated money center banks.
10. An average of dealer offering rates on nationally traded certificates of deposit.
11. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
12. Auction date for daily data; weekly and monthly averages computed on an issue-date
basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before
that, they are weighted average yields from multiple-price auctions.
13. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Department of the Treasury.
14. General obligation bonds based on Thursday figures; Moody's Investors Service.
15. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys'
A1 rating. Based on Thursday figures.
16. Daily figures from Moody's Investors Service. Based on yields to maturity on selected
long-term bonds.
17. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
A24
1.36
DomesticNonfinancialStatistics • May 2000
STOCK MARKET
Selected Statistics
1999
Indicator
1997
1998
2000
1999
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Prices and trading volume (averages of daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
456.99
574.97
415.08
143.87
424.84
550.65
684.35
468.61
190.52
516.65
619.52
775.29
491.62
284.82
530.97
629.53
783.96
520.66
241.36
546.43
648.83
809.33
528.72
250.50
557.92
621.03
778.82
492.13
241.84
521.59
607.87
769.47
462.33
237.71
493.37
599.04
753.94
450.13
285.16
490.92
634.22
791.41
474.78
502.58
539.20
638.17
808.28
461.04
511.78
510.99
634.07
814.73
456.35
485.82
495.23
606.03
767.08
398.69
482.30
471.65
6 Standard & Poor's Corporation
( 1 9 4 1 - 4 3 = 10)1
873.43
1,085.50
1,327.33
1,322.55
1,380.99
1,327.49
1,318.17
1,300.01
1,390.99
1,428.68
1,425.59
1,388.88
7 American Stock Exchange
(Aug. 31, 1973 = 50) 2
628.34
682.69
770.90
772.01
803.75
781.33
788.74
786.96
819.60
838.24
878.73
910.00
523,254
24,390
666,534
28,870
799,554
32,629
723.025
28,806
721,294
25,754
709,569
27,795
772,627
32,540
882,422
35,762
866,281
33,330
884,141
41,076
1,058,021
47,530
1,032,791
51,134
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers"
Free credit balances at brokers''
11 Margin accounts 5
12 Cash accounts
126,090
140,980
228,530
176,930
178,360
176,390
179,316
182,272
206,280
228,530
243,490
265,210
31,410
52,160
40,250
62,450
55,130
79,070
42,865
64,100
44,330
60,000
44,230
62,600
47,125
62,810
51,040
61,085
49,480
68,200
55,130
79,070
57,800
75,760
56,470
79,700
Margin requirements (percent of market value and effective date) 6
Mar. 11, 1968
13 Margin stocks
14 Convertible bonds
15 Short sales
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
1. In July 1976 a financial group, composed of banks and insurance companies, was added
to the group of stocks on which the index is based. The index is now based on 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and
40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.
Jan. 3, 1974
50
50
50
6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.
Federal Finance
1.38
A25
FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Calendar year
Fiscal year
Type of account or operation
1998
1999
Sept.
U.S. budget1
1 Receipts, total
2
On-budget
3
Off-budget
4 Outlays, total
5
On-budget
6
Off-budget
7 Surplus or deficit (—), total
8
On-budget
9
Off-budget
Source of financing (total)
10 Borrowing from the public
11 Operating cash (decrease, or increase (—))
12 Other 2
2000
1999
1997
Oct.
Nov.
Dec.
Jan.
Feb.
1,579,292
1,187,302
391,990
1,601,235
1,290,609
310,626
-21,943
-103,307
81,364
1,721,798
1,305,999
415,799
1,652,552
1,335,948
316,604
69,246
—29,949
99,195
1,827,454
1,382,986
444,468
1,702,940
1,382,262
320,778
124,414
724
123,690
200,413
161,321
39,092
142,369
107,250
35,119
58,044
54,071
3,973
121,035
89,009
32,026
147,691
119,495
28,196
-26,656
-30,486
3,830
121,375
86,909
34,466
148,407
116,387
32,020
-27,031
-29,478
2,446
201,196
162,772
38,424
168,114
165,504
2,611
33,081
-2,732
35,813
189,478
143,838
45,640
127,326
97,451
29,875
62,152
46,387
15,765
108,675
71,090
37,585
150,409
118,340
32,069
-41,734
-47,250
5,516
38,171
604
-16,832
-51,211
4,743
-22,778
-88,304
-17,580
-18,530
-47,718
-20,069
9,743
5,754
8,891
12,011
6,132
41,488
-20,589
35,749
-77,248
8,418
-83,985
20,592
1,241
17,131
40,773
-16,170
43,621
7,692
35,930
38,878
4,952
33,926
56,458
6,641
49,817
56,458
6,641
49,817
47,567
4,527
43,040
6,079
5,025
1,054
83,327
28,402
54,925
62,735
6,119
56,615
21,962
5,004
16,958
MEMO
13 Treasury operating balance (level, end of
period)
14
Federal Reserve Banks
15
Tax and loan accounts
1. Since 1990, off-budget items have been the social security trust funds (federal old-age
survivors insurance and federal disability insurance) and the U.S. Postal Service.
2. Includes special drawing rights (SDRs); reserve position on the U.S. quota in the
International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets;
accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous
liability (including checks outstanding) and asset accounts; seigniorage; increment on gold;
net gain or loss for U.S. currency valuation adjustment; net gain or loss for IMF loanvaluation adjustment; and profit on sale of gold.
SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly Treasury Statement of
Receipts and Outlays of the U.S. Government; fiscal year totals: U.S. Office of Management
and Budget, Budget of the U.S. Government.
A26
1.39
DomesticNonfinancialStatistics • May 2000
U.S. BUDGET RECEIPTS AND OUTLAYS'
Millions of dollars
Fiscal year
Calendar year
Source or type
1998
1998
1999
1999
2000
1999
HI
H2
HI
H2
Dec.
Jan.
Feb.
RECEIPTS
1,721,798
1 All sources
2 Individual income taxes, net
Withheld
3
4
Nonwithheld
Refunds
5
Corporation income taxes
6
Gross receipts
7
Refunds
8 Social insurance taxes and contributions, net . . .
9
Employment taxes and contributions 2
10
Unemployment insurance
11
Other net receipts 3
12
13
14
15
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 4
1,827,454
922,630
825,057
966,045
892,266 r
201,196
189,478
108,675
828,586
646,483
281,527
99,476
879,480
693,940
308,185
122,706
447,514
316,309
219,136
87,989
392,332
339,144
65,204
12,032
481,527
351,068
240,278
109,467
425,451
372,012
68,302
14,841
94,535
88,311
7,373
1,149
111,306
65,922
46,556
1,173
45,731
65,868
3,730
23,875
213,008
24,593
571,831
540,014
27,484
4,333
216,324
31,645
611,833
580,880
26,480
4,473
109,353
14,220
312,713
293,520
17,080
2,112
104,163
14,250
268,466
256,142
10,121
2,202
106,861
17,092
324,831
306,235
16,378
2,216
110,111
13,996
292,551
280,059
10,173
2,319
46.486
1,540
48,421
47,742
266
412
7,135
1,800
60,484
58,819
1,319
346
4,903
3,126
50,514
47,859
2,280
376
57,673
18,297
24,076
32,658
70,414
18,336
27,782
34,929
29,922
8,546
12,971
15,829
33,366
9,838
12,359
18,735
31,015
8,440
14,915
15,140
34,262 r
10,287
14,001
19,569r
5,709
1,612
2,575
3,398
5,316
1,457
2,116
3,464
5,076
1,212
1,768
2,597
OUTLAYS
1,652,552
l,702,940 r
815,884
877,414
817,227 r
882,794 r
168,114
127,326
150,409
17
18
19
20
21
22
National defense
International afFairs
General science, space, and technology
Energy
Natural resources and environment
Agriculture
268,456
13,109
18,219
1,270
22,396
12,206
274,873
15,243
18,125
912
23,970 r
23,011
129,351
4,610
9,426
957
10,051
2,387
140,196
8,297
10,142
699
12,671
16,757
134,414
6,879
9,319
797
10,351
9,803
149,820
8,530
10,089
-90
12,100r
20,887
31,261
3,527
1,853
32
2,350
4,362
17,581
1,404
1,229
94
1,490
4,213
22,136
1,366
1,569
-238
1,779
1,896
23
24
25
26
Commerce and housing credit
Transportation
Community and regional development
Education, training, employment, and
social services
1,014
40,332
9,720
2,649 r
42,531
11,870
-2,483
16,196
4,863
4,046
20,836
6,972
-1,629
17,082
5,368
7,353 r
22,971
7,135
-696
3,858
1,300
-1,336
3,112
270
-1.685
2,909
-23
16 All types
54,919
56,402
25,928
27,762
29,003
27,532
5,593
4,788
5,385
27 Health
28 Social security and Medicare
29 Income security
131,440
572,047
233,202
141,079
580,488
237,707
65,053
286,305
125,196
67,838
316,809
109,481
69,320
261,146
126,552
74,490
295,030
113,504
13,462
52,720
23,747
11,575
45,336
16,565
11,567
49,858
32,110
30
31
32
33
34
41,781
22,832
13,444
243,359
-47,194
43,212
25,924
15,771r
229,735
-40,445
19,615
11,287
6,139
122,345
-21,340
22,750
12,041
9,136
116,954
-25,793
20,105
13.149
6,64 l r
116,655
-17,724
23,412
13,459
7,006 r
112,420
-22,850
5,320
2,163
1,974
18,328
-3,040
1,991
2,224
490
19,428
-3,129
3,741
2,147
38
18,884
-3,030
Veterans benefits and services
Administration of justice
General government
Net interest 5
Undistributed offsetting receipts 6
1. Functional details do not sum to total outlays for calendar year data because revisions to
monthly totals have not been distributed among functions. Fiscal year total for receipts and
outlays do not correspond to calendar year data because revisions from the Budget have not
been fully distributed across months.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Federal employee retirement contributions and civil service retirement and
disability fund.
4. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
5. Includes interest received by trust funds.
6. Rents and royalties for the outer continental shelf, U.S. government contributions for
employee retirement, and certain asset sales.
SOURCE. Fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S.
Government, Fiscal Year 2001\ monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.
Federal Finance
1.40
All
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1997
1998
1999
Item
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
1 Federal debt outstanding
5,536
5,573
5,578
5,556
5,643
5,681
5,668
5,685
29
2 Public debt securities
3
Held by public
4
Held by agencies
5,502
3,847
1,656
5,542
3,872
1,670
5,548
3,790
1,758
5,526
3,761
1,766
5,614
3,787
1,827
5,652
3,795
1,857
5,639
3,685
1,954
5,656
3,667
1,989
5,776
3,716 r
2,06 r
34
27
7
31
26
5
30
26
4
29
26
4
29
29
1
29
28
1
29
28
1
29
28
1
29
28r
lr
5,417
5,457
5,460
5,440
5,530
5,566
5,552
5,568
5,687
5,416
0
5,456
0
5,460
0
5,439
0
5,530
0
5,566
0
5,552
0
5,568
0
5,687
0
5,950
5,950
5,950
5,950
5,950
5,950
5,950
5,950
5,950
5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1
Dec. 31
MEMO
11 Statutory debt limit
1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.
1.41
GROSS PUBLIC DEBT OF US. TREASURY
SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Treasury Bulletin.
Types and Ownership
Billions of dollars, end of period
1999
Type and holder
1996
1997
1998
1999
Q1
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds'
Nonmarketable 2
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4
Non-interest-bearing
By holder 5
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks
18 Private investors
Depository institutions
19
20
Mutual funds
Insurance companies
21
22
State and local treasuries 6
Individuals
23
Savings bonds
24
Pension funds
25
Private
26
State and Local
27
Foreign and international 7
28
Other miscellaneous investors 6,8
Q3
Q4
5,323.2
5,502.4
5,614.2
5,776.1
5,651.6
5,638.8
5,656.3
5,776.1
5,317.2
3,459.7
777.4
2,112.3
555.0
n.a.
1,857.5
101.3
37.4
47.4
.0
182.4
1,505.9
6.0
5,494.9
3,456.8
715.4
2,106.1
587.3
33.0
2,038.1
124.1
36.2
36.2
.0
181.2
1,666.7
7.5
5,605.4
3,355.5
691.0
1,960.7
621.2
50.6
2,249.9
165.3
34.3
34.3
.0
180.3
1,840.0
8.8
5,766.1
3,281.0
737.1
1,784.5
643.7
68.2
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0
5,643.1
3,361.3
725.5
1,912.0
632.5
59.2
2,281.8
167.5
33.5
33.5
.0
180.6
1,870.2
8.5
5,629.5
3,248.5
647.8
1,868.5
632.5
59.9
2,381.0
172.6
30.9
30.9
.0
180.0
1,967.5
9.3
5,647.2
3,233.0
653.2
1,828.8
643.7
67.6
2,414.2
168.1
31.0
31.0
.0
180.0
2,005.2
9.0
5,766.1
3,281.0
737.1
1,784.5
643.7
68.2
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0
1,497.2
410.9
3,431.2
296.6
315.8
214.1
257.0
1,655.7
451.9
3,414.6
300.3
321.5
176.6
239.3
1,826.8
471.7
3,334.0
237.3
343.2
144.5r
269.3
2,060.6
477.7
3,234.2
n.a.
n.a.
n.a.
n.a.
1,857.1
464.5
3,327.6
246.5 r
351.8 r
143.8
272.5
1,953.6
493.8
3,199.3
240.6 r
335.4 r
142.5r
279.1
1,989.1
496.5
3,175.6
240.6
332.6
138.2
271.6
2,060.6
477.7
3,234.2
n.a.
n.a.
n.a.
n.a.
187.0
392.7
189.2
203.5
1,102.1
665.9
186.5
421.0
204.1
216.9
1,241.6
527.9
186.7
434.7
218.1
216.6
1,278.7
439.6
186.5
n.a.
n.a.
n.a.
1,268.7
n.a.
186.6
438.3 r
220.0
218.3 r
1,272.1
416.6
186.6
449. r
226.6
222.5 r
1,258.6
307.4 r
186.6r
444.9
228.3
216.6
1,281.3
279.8
186.5
n.a.
n.a.
n.a.
1,268.7
n.a.
1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State and
local treasuries." The data shown here have been revised accordingly.
Q2
7. Includes nonmarketable foreign series treasury securities and treasury deposit funds.
Excludes treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
8. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
SOURCE. U.S. Treasury Department, data by type of security, Monthly Statement of the
Public Debt of the United States; data by holder, Treasury Bulletin.
A28
1.42
DomesticNonfinancialStatistics • May 2000
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
1999
2000
1999-2000, week ending
2000, week ending
item
Nov.
OUTRIGHT TRANSACTIONS
1
2
3
4
5
6
7
8
9
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency
Mortgage-backed
With other
13
U.S. Treasury
14
Federal agency
15
Mortgage-backed
10
11
12
16
17
18
19
20
21
22
23
24
Jan.
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
2
By type of security
U.S. Treasury bills
Coupon securities, by maturity
Five years or less
More than five years
Inflation-indexed
Federal agency
Discount notes
Coupon securities, by maturity
One year or less
More than one year, but less than
or equal to five years
More than five years
Mortgage-backed
FUTURES
Dec.
33,106 r
32,152 r
27,270
34,003
30,830
28,132
26,516
23,388
29,997
25,658
28,301
36,030
100,720r
64,919 r
750
72,670 r
42,039
481
104,587
68,628
1,548
37,615
16,996
318
77,282
41,462
743
99,003
64,020
2,950
93,941
65,701
1,309
120,711
76,617
827
132,069
95,038
1,618
123,653
117,810
1,379
107,635
82,512
601
111,093
65,400
687
48,014 r
44,153 r
47,295
43,577
39,820
43,264
48,908
48,762
56,356
57,374
52,220
47,914
794 r
792
1,496
589
683
1,905
1,779
1,716
790
876
1,245
1,236
5,867 r
4,039 r
55,736
4,356
2,886
43,291
8,147
7,269
66,234
2,071
894
10,951
4,500
1,810
41,333
10,158
14,777
96,924
7,655
4,311
74,707
9,228
5,897
46,093
7,461
7,432
59,435
7,940
9,004
103,218
11,369
9,240
66,634
7,153
5,113
50,841
104,228r
4,651'
20,443
77,166 r
3,741 r
16,453
102,847
6,092
25,422
45,922
2,597
3,223
78,684
3,372
15,946
97,212
6,498
32,779
98,129
5,476
28,794
111,093
6,697
20,734
130,522
8,152
24,832
136,646
8,417
36,862
112,587
7,220
28,271
106,793
6,855
22,804
95,267 r
54,063 r
35,294
70,174 r
48,447 r
26,838
99,186
58,115
40,812
43,008
44,533
7,728
71,633
43,442
25,386
96,893
63,604
64,145
89,337
57,177
45,914
110,452
58,906
25,359
128,200
63,887
34,602
131,854
66,776
66,356
106,461
66,854
38,363
106,417
54,560
28,037
TRANSACTIONS3
By type of deliverable security
U.S." Treasury bills
.'
Coupon securities, by maturity
Five years or less
More than five years
Inflation-indexed
Federal agency
Discount notes
Coupon securities, by maturity
One year or less
More than one year, but less than
or equal to five years
More than five years
Mortgage-backed
n.a.
n.a.
n.a.
n.a.
3,292 r
16,038r
0
3,356 r
12,095r
0
3,687
18,119
0
668
4,105
0
2,782
11,224
0
3,550
16,249
0
2,921
19,068
0
3,222
19,182
0
6,875
24,776
0
6,521
26,651
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
n.a.
0
0
n.a.
0
n.a.
0
0
5,817
16,193
0
5,662
20,458
0
OPTIONS TRANSACTIONS4
25
26
27
28
29
30
31
32
33
By type of underlying security
U.S. Treasury bills
Coupon securities, by maturity
Five years or less
More than five years
Inflation-indexed
Federal agency
Discount notes
Coupon securities, by maturity
One year or less
More than one year, but less than
or equal to five years
More than five years
Mortgage-backed
0
0
0
0
0
0
0
0
0
0
0
0
1,045'
3,831'
0
1,457
5,536
0
456
0
0
1,105
5,118
0
1,676
7,460
0
1,623
3,941
0
1,439
4,987
0
1,200
6,323
0
1,480
6,800
0
1,145
4,147
0
1,847
7,022
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
671
0
0
577'
0
0
647
0
0
0
n.a.
n.a.
432
0
0
370
0
0
1,203
0
0
590
0
0
494
0
0
931
0
0
404
0
0
948
1.8161
4,759 r
0
1. Transactions are market purchases and sales of securities as reported to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Monthly averages are based on the number of trading days in the month.
Transactions are assumed to be evenly distributed among the trading days of the report week.
Immediate, forward, and futures transactions are reported at principal value, which does not
include accrued interest; options transactions are reported at the face value of the underlying
securities.
Dealers report cumulative transactions for each week ending Wednesday.
2. Outright transactions include immediate and forward transactions. Immediate delivery
refers to purchases or sales of securities (other than mortgage-backed federal agency securities) for which delivery is scheduled in five business days or less and "when-issued"
securities that settle on the issue date of offering. Transactions for immediate delivery of mortgagebacked agency securities include purchases and sales for which delivery is scheduled in thirty business
days or less. Stripped securities are reported at market value by maturity of coupon or corpus.
Forward transactions are agreements made in the over-the-counter market that specify
delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt
securities are included when the time to delivery is more than five business days. Forward
contracts for mortgage-backed agency securities are included when the time to delivery is
more than thirty business days.
3. Futures transactions are standardized agreements arranged on an exchange. All futures
transactions are included regardless of time to delivery.
4, Options transactions are purchases or sales of put and call options, whether arranged on
an organized exchange or in the over-the-counter market, and include options on futures
contracts on U.S. Treasury and federal agency securities.
NOTE, "n.a." indicates that data are not published because of insufficient activity.
Federal Finance
1.43
U.S. GOVERNMENT SECURITIES DEALERS
A29
Positions and Financing1
Millions of dollars
2000, week ending
1999-2000, week ending
Nov.
Jan.
Dec.
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Positions 2
N E T OUTRIGHT POSITIONS-
1
2
3
4
5
6
7
8
9
By type of security
U.S. Treasury bills
Coupon securities, by maturity
Five years or less
More than five years
Inflation-indexed
Federal agency
Discount notes
Coupon securities, by maturity
One year or less
More than one year, but less than
or equal to five years
More than five years
Mortgage-backed
9,570 r
21,385 r
-28,928
- 2 3 , 2 5 lr
3,164
— 24,622 r
—29,849 r
2,438
43,941
r
14,304
16,191
25,113
22,050
11,137
8,118
5,747
3,667
-2,846
-38,777
-32,995
2,894
-21,275
-31,002
2,041
-34,261
-32,798
2,150
—42,507
-32,520
2,739
-43,659
-33,589
3,303
-31,790
-36,048
2,626
-41,018
-28,754
3,659
-39,008
-21,045
3,131
-40,533
-23,939
3,049
45,011
39,668
44,790
47,888
37,799
38,342
41,467
33,400
41,209
35,515
6,272 r
5,436
7,101
5,043
5,179
6,271
6,797
8,558
8,571
8,474
10,855
4,525 r
3,356 r
23,743
1,910
2,706 r
25,603
7,172
6,114
21,183
114
2,187
26,331
1,824
3,606
23,834
6,276
7,382
24,008
8,669
7,414
27,317
10,333
5,808
15,517
7,252
5,453
13,922
2,519
3,162
18,182
7,556
4,627
20,133
n.a.
n.a.
N E T FUTURES POSITIONS4
10
11
12
13
14
15
16
17
18
By type of deliverable
security
U.S. Treasury bills
Coupon securities, by maturity
Five years or less
More than five years
Inflation-indexed
Federal agency
Discount notes
Coupon securities, by maturity
One year or less
More than one year, but less than
or equal to five years
More than five years
Mortgage-backed
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7,121 r
408
0
11,986
8,056
0
6,865
1,455
0
10,084
4,336
0
13,989
7,687
0
12,347
10,229
0
10,623
10,737
0
12,487
5,497
0
17,902
1,658
0
13,660
-615
0
0
0
n.a.
4,327 r
324
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
N E T OPTIONS POSITIONS
19
20
21
22
23
24
25
26
27
By type of deliverable
security
U.S. Treasury bills
Coupon securities, by maturity
Five years or less
More than five years
Inflation-indexed
Federal agency
Discount notes
Coupon securities, by maturity
One year or less
More than one year, but less than
or equal to five years
More than five years
Mortgage-backed
0
—475r
-359r
0
0
— l,855 r
241 r
0
0
0
0
0
0
0
0
0
0
-3,840
-1,465
0
-2,483
593
0
-3,413
-2,202
0
-4,289
-3,562
0
-4,939
-3,911
0
-3,192
1,129
0
-3,009
2,003
0
-3,616
2,310
0
-3,870
2,222
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
175
29
-272
n.a.
n.a.
1,260
0
n.a.
2,215
n.a.
n.a.
1,360
n.a.
n.a.
2,043
0
n.a.
1,804
0
n.a.
2,498
n.a.
n.a.
2,188
n.a.
n.a.
2,602
n.a.
n.a.
3,271
n.a.
n.a.
2,616
Financing 5
Reverse repurchase agreements
28 Overnight and continuing
29 Term
288,146
799,629
260,169
847,806
281,382
729,307
237,547
881,410
264,786
670,899
273,333
735,505
286,065
718,016
284,404
754,718
298,458
759,268
281,516
823,767
313,199
652,298
Securities borrowed
30 Overnight and continuing
31 Term
239,510
97,728
224,527
117,116
240,177
112,088
220,331
130,567
217,192
130,230
225,106
122,843
245,091
105,809
248,722
103,952
265,418
99,073
262,639
102,979
258,495
101,040
1,965
n.a.
1,647
n.a.
1,677
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,709
n.a.
1,632
n.a.
n.a.
n.a.
n.a.
n.a.
Repurchase
agreements
34 Overnight and continuing
35 Term
673,755
715,763
647,385
761,776
690,465
619,703
587,167
823,824
639,876
581,011
670,637
626,160
708,930
601,385
707,884
644,252
718,575
640,630
727,628
682,425
742,894
517,879
Securities loaned
36 Overnight and continuing
37 Term
9,049
6,744
8,843
7,283
9,344
7,149
9,012
8,040
7,970
8,026
8,711
7,855
9,012
6,544
10,005
6,633
11,143
6,856
11,513
6,642
9,980
5,732
Securities pledged
38 Overnight and continuing
39 Term
50,099
6,745
49,236
10,713
47,887
10,985
46,612
13,866
46,789
14,118
44,444
13,837
50,609
8,608
48,243
9,529
49,496
9,223
50,432
7,750
48,757
8,255
Collateralized
40 Total
23,590
14,892
20,093
23,821
26,109
22,766
17,113
19,539
15,282
16,272
17,367
Securities received as pledge
32 Overnight and continuing
33 Term
loans
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Securities positions are reported at market value.
3. Net outright positions include immediate and forward positions. Net immediate positions include securities purchased or sold (other than mortgage-backed agency securities) that
have been delivered or are scheduled to be delivered in five business days or less and
"when-issued" securities that settle on the issue date of offering. Net immediate positions for
mortgage-backed agency securities include securities purchased or sold that have been
delivered or are scheduled to be delivered in thirty business days or less.
Forward positions reflect agreements made in the over-the-counter market that specify
delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt
securities are included when the time to delivery is more than five business days. Forward
contracts for mortgage-backed agency securities are included when the time to delivery is
more than thirty business days.
4. Futures positions reflect standardized agreements arranged on an exchange. All futures
positions are included regardless of time to delivery.
5. Overnight financing refers to agreements made on one business day that mature on the
next business day; continuing contracts are agreements that remain in effect for more than one
business day but have no specific maturity and can be terminated without advance notice by
either party; term agreements have a fixed maturity of more than one business day. Financing
data are reported in terms of actual funds paid or received, including accrued interest.
NOTE, "n.a." indicates that data are not published because of insufficient activity.
A30
1.44
DomesticNonfinancialStatistics • May 2000
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
Debt Outstanding
Millions of dollars, end of period
1999
Agency
1996
1997
1998
1999
Aug.
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department 1
4
Export-Import Bank 2 ' 3
5
Federal Housing Administration 4
6
Government National Mortgage Association certificates of
participation 5
V Postal Service 6
8
Tennessee Valley Authority
9
United States Railway Association 6
10 Federally sponsored agencies 7
11
Federal Home Loan Banks
12
Federal Home Loan Mortgage Corporation
13
Federal National Mortgage Association
14
Farm Credit Banks 8
Student Loan Marketing Association 9
15
16
Financing Corporation10
17
Farm Credit Financial Assistance Corporation"
Resolution Funding Corporation 12
18
Sept.
Oct.
Nov.
Dec.
1,616,492
925,823
1,022,609
1,296,477
1,616,492
1,491,900
1,525,916
n.a.
n.a.
29,380
6
1,447
84
27,792
6
552
102
26,502
6
n.a.
205
26,376
6
n.a.
126
26,107
6
n.a.
109
26,384
6
n.a.
114
28,218
6
n.a.
126
28,218
6
n.a.
126
26,376
6
n.a.
126
n.a.
n.a.
27,853
n.a.
n.a.
n.a.
27,786
n.a.
n.a.
n.a.
26,496
n.a.
n.a.
n.a.
26,370
n.a.
n.a.
n.a.
26,101
n.a.
n.a.
n.a.
26,378
n.a.
n.a.
n.a.
28,212
n.a.
n.a.
n.a.
28,212
n.a.
n.a.
n.a.
26,370
n.a.
896,443
263,404
156,980
331,270
60,053
44,763
8,170
1,261
29,996
994,817
313,919
169,200
369,774
63,517
37,717
8,170
1,261
29,996
1,269,975
382,131
287,396
460,291
63,488
35,399
8,170
1,261
29,996
1,590,116
529,005
360,711
547,619
68,883
41,988
8,170
1,261
29,996
1,465,793
458,320
340,972
517,200
67,269
40,310
8,170
1,261
29,996
1,499,532
481,639
341,144
524,880
67,938
41,921
8,170
1,261
29,996
n.a.
489,401
352,487
527,403
68,338
44,224
8,170
1,261
29,996
n.a.
502,842
357,317
540,364
67,654
44,402
8,170
1,261
29,996
1,590,116
529,005
360,711
547,619
68,883
41,988
8,170
1,261
29,996
58,172
49,090
44,129
42,152
39,341
43,116
42,843
42,152
1,431
n.a.
n.a.
n.a.
n.a.
552
n.a.
n.a.
n.a.
n.a.
T
F
T
T
T
F
T
F
T
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
I
1
I
1
T
•
I
18,325
16,702
21,714
13,530
14,898
20,110
9,500
14,091
20,538
MEMO
19 Federal Financing Bank debt 13
20
21
22
23
24
Lending to federal and federally sponsored agencies
Export-Import Bank 3
Postal Service 6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association 6
+
F
1
1
42,843R
1
T
T
I
1
14
Other lending
25 Farmers Home Administration
26 Rural Electrification Administration
21 Other
1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration, the Department
of Health, Education, and Welfare, the Department of Housing and Urban Development, the
Small Business Administration, and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agricultural Mortgage Corporation, therefore details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.
6,665
14,085
21,402
7,270
13,969
18,102
7,125
13,885
22,106
6,115'
14,025r
22,043 r
6,775
14,025
22,043
6,665
14,085
21,402
10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.
Securities Markets and Corporate Finance
1.45
NEW SECURITY ISSUES
A31
Tax-Exempt State and Local Governments
Millions of dollars
1999
Type of issue or issuer,
or use
1997
1998
2000
1999
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
1 AH issues, new and refunding 1
214,694
262,342
215,427
18,671
15,746
18,433
17,497
17,428
14,751
8,969
10,905
By type of issue
2 General obligation
3 Revenue
69,934
134,989
87,015
175,327
73,308
142,120
6,206
12,465
4,268
11,478
5,171
13,262
4,183
13,314
4,996
12,433
3,715
11,035
3,454
5,516
4,473
6,433
By type of issuer
4 State
5 Special district or statutory authority 2
6 Municipality, county, or township
18,237
134,919
70,558
23,506
178,421
60,173
16,376
152,418
46,634
2,194
13,572
2,906
911
11,578
3,257
2,341
13,449
2,642
1,753
12,186
3,557
929
12,613
3,886
834
10,640
3,277
863
5,784
2,322
1,730
7,414
1,761
7 Issues for new capital
135,519
160,568
161,065
12,172
12,530
14,973
14,908
14,084
11,475
8,009
9,382
31,860
13,951
12,219
27,794
6,667
35,095
36,904
19,926
21,037
n.a.
8,594
42,450
36,563
17,394
15,098
n.a.
9,099
47,896
3,415
1,264
535
n.a.
850
2,729
2,842
1,955
1,038
n.a.
585
3,255
2,885
1,886
1,976
n.a.
1,271
3,941
2,049
1,674
1,176
n.a.
726
4,509
2,732
892
1,893
n.a.
668
5,213
3,095
1,201
1,008
n.a.
707
3,141
2,189
1,064
588
n.a.
89
2,885
2,548
723
115
n.a.
647
2,804
8
9
10
11
12
13
By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.
1.46
NEW SECURITY ISSUES
SOURCE. Securities Data Company beginning January
Digest before then.
1990; Investment
Dealer's
U.S. Corporations
Millions of dollars
1999
Type of issue, offering,
or issuer
1997
1998
2000
1999r
June
July
Aug.
Sept.
Oct.
Nov.
Dec. r
Jan.
1 All issues 1
929,256
1,128,491
1,072,877
96,608
96,608
83,466
82,414
58,613
85,016 r
50,815
55,550
2 Bonds 2
811,376
1,001,736
941,309
88,338
83,546
75,708
75,807
47,103
61,033
42,487
44,220
By type of offering
3 Sold in the United States
4 Sold abroad
708,188
103,188
923,771
77,965
818,694
122,615
79,031
9,306
69,451
14,095
63,383
12,325
65,679
10,128
37,721
9,382
53,908
7,125
36,499
5,989
30,784
13,436
6,441
2,133
1,670
1,640
1,632
1,237
3,241
967
MEMO
5 Private placements, domestic
n.a.
n.a.
n.a.
By industry group
6 Nonfinancial
7 Financial
222,603
588,773
307,935
693,801
293,974
647,335
24,531
63,807
25,526
58,020
22,704
53,005
20,655
55,151
13,990
33,112
24,283
36,750
14,625
27,863
14,599
29,620
8 Stocks 3
117,880
126,755
131,568
8,270
13,062
7,758
6,607
11,510
23,983 r
8,328
11,330
By type of offering
9 Public
10 Private placement 4
117,880
55,450
126,755
78,850
131,568
86,300
8,270
7,192
13,062
7,192
7,758
7,192
6,607
7,192
11,510
7,192
23,983 r
7,192
8,328
7,192
11,330
n.a.
By industry group
11 Nonfinancial
12 Financial
60,386
57,494
74,113
52,642
110,284
6,436
1,834
11,589
1,473
6,379
1,379
5,647
960
10,961
549
22,61 l r
1,372
7,450
878
9,083
2,247
21,284
1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, and Yankee bonds. Stock data include ownership securities
issued by limited partnerships.
2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data are not available.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.
A32
1.47
DomesticNonfinancialStatistics • May 2000
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets1
Millions of dollars
1999
Item
1998
2000
1999
July
Sept.
Aug.
Oct.
Nov.
Jan. r
Dec.
Feb.
1 Sales of own shares 2
1,461,430
1,791,894
140,926
132,991
132,226
140,738
155,490
185,898
226,251
237,595
2 Redemptions of own shares
3 Net sales 3
1,217,022
244,408
1,621,987
169,906
128,173
12,754
125,908
7,084
126,207
6,019
124,052
16,686
143,688
11,801
178,855
7,042
204,380
21,871
197,214
40,381
4,173,531
5,233,191
4,585,131
4,548,784
4,498,964
4,705,746
4,874,733
5,233,191
5,114,482
5,378,593
191,393
3,982,138
219,189
5,014,002
209,061
4,376,070
209,349
4,339,435
209,709
4,289,255
225,762
4,479,985
214,751
4,659,982
219,189
5,014,002
222,729
4,891,753
233,181
5,145,412
4 Assets
4
5 Cash 5
6 Other
1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.
1.48
4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE. Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.
CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted annual rates
1998
Account
1997
1998
1999
1999
QI
1 Profits with inventory valuation and
capital consumption adjustment
2 Profits before taxes
3 Profits-tax liability
4 Profits after taxes
5 Dividends
6 Undistributed profits
7 Inventory valuation
8 Capital consumption adjustment
837.9
795.9
238.3
557.6
333.7
223.9
846.1
781.9
240.2
541.7
348.6
193.1
7.4
34.6
20.9
43.3
n.a.
n.a.
52.0
Q4
QL
Q2
Q3
847.9
792.0
241.1
550.9
347.3
203.6
843.8
780.1
244.3
535.8
348.4
187.4
834.3
766.7
235.6
531.0
352.2
178.8
882.0
818.1
248.0
570.1
356.4
213.7
875.5
835.8
254.4
581.4
361.5
219.9
879.2
853.8
259.4
594.3
367.3
227.0
29.5
39.9
364.7
Q3
858.3
788.9
239.9
548.9
346.5
202.5
n.a.
n.a.
n.a.
n.a.
Q2
13.6
42.4
19.8
43.9
20.8
46.9
13.3
50.6
-13.6
53.2
-26.7
52.1
Q4
n.a.
n.a.
n.a.
n.a.
373.5
n.a.
n.a.
52.0R
SOURCE. U.S. Department of Commerce, Survey of Current Business.
1.51
DOMESTIC FINANCE COMPANIES
Assets and Liabilities1
Billions of dollars, end of period; not seasonally adjusted
1998
Account
1997
1998
1999
1999
Q2
Q3
Q4
QL
Q2
Q3
Q4
ASSETS
1
2
3
4
Accounts receivable, gross2
Consumer
Business
Real estate
5
6
LESS: Reserves for unearned income
Reserves for losses
7
8
9
663.3
256.8
318.5
87.9
711.7
261.8
347.5
102.3
812.5
279.8
406.2
126.5
676.0
251.3
334.9
89.9
687.6
254.0
335.1
98.5
711.7
261.8
347.5
102.3
733.8
261.7
362.8
109.2
756.5
269.2
373.7
113.5
776.3
271.0
383.0
122.3
812.5
279.8
406.2
126.5
52.7
13.0
56.3
13.8
54.1
13.6
53.2
13.2
52.4
13.2
56.3
13.8
52.9
13.4
53.4
13.4
54.0
13.6
54.1
13.6
Accounts receivable, net
All other
597.6
312.4
641.6
337.9
744.8
388.1
609.6
340.1
622.0
313.7
641.6
337.9
667.6
363.3
689.7
373.2
708.6
368.5
744.8
388.1
Total assets
910.0
979.5
1,132.9
949.7
935.7
979.5
1,030.8
1,062.9
1,077.2
1,132.9
Bank loans
Commercial paper
24.1
201.5
26.3
231.5
35.1
223.9
22.3
225.9
24.9
226.9
26.3
231.5
24.8
222.9
25.1
231.0
27.0
205.3
223.9
64.7
328.8
189.6
101.3
61.8
339.7
203.2
117.0
105.8
394.8
228.9
144.5
60.0
348.7
188.9
103.9
58.3
64.6
366.7
103.6
61.8
339.7
203.2
117.0
65.4
337.6
185.4
15
Debt
Owed to parent
Not elsewhere classified
All other liabilities
Capital, surplus, and undivided profits
220.3
131.5
383.1
226.1
132.2
84.5
396.2
216.0
148.2
105.8
394.8
228.9
144.5
16
Total liabilities and capital
910.0
979.5
1,132.9
949.7
936.6
979.5
1,030.8
1,062.9
1,077.2
1,132.9
LIABILITIES A N D CAPITAL
10
11
12
13
14
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.
2. Before deduction for unearned income and losses,
35.1
Securities Market and Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
A33
Owned and Managed Receivables1
Billions of dollars, amounts outstanding
1999
Type of credit
1997
1998
2000
1999r
Aug.
Sept.
Oct.
Nov.
Jan.
980.6 r
984.8 r
993.9 r
1,019.1
385.2
152.7
446.9 r
385.3
154.7
453.9
r
391.4
158.9
468.9
l,003.2 r
1,019.1
Dec.
Seasonally adjusted
1 Total
810.5
2
3
4
327.9
121.1
361.5
Consumer
Real estate
Business
875.8
993.9
352.8
131.4
391.6
385.3
154.7
453.9
967.4
380.8
146.7
439.9
972.8
381.9
148.9
442.0
384.0
149.3
447.2 r
Not seasonally adjusted
5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Consumer
Motor vehicles loans
Motor vehicle leases
Revolving 2
Other 3
Securitized assets 4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets 4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans 5
Leases
Equipment
Loans
Leases
Other business receivables 6
Securitized assets 4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables 6
818.1
884.0
1,003.2
962.2
968.4
978.8 r
986.3 r
330.9
87.0
96.8
38.6
34.4
356.1
103.1
93.3
32.3
33.1
388.8
114.7
98.3
33.8
33.1
382.0
112.7
98.3
33.0
31.6
383.1
109.5
98.1
30.7
32.8
384.5
110.2
98.4
31.5
32.4
386.5
111.6
99.1
30.5
33.2
388.8 r
114.7r
98.3
33.8r
33.l r
390.8
117.5
99.3
33.9
33.1
44.3
10.8
.0
19.0
121.1
59.0
28.9
54.8
12.7
8.7
18.1
131.4
75.7
26.6
71.1
9.7
10.5
17.7
154.7
88.3
38.3
68.0
10.8
9.4
18.1
146.7
86.0
33.7
73.5
10.6
10.2
17.8
148.9
87.7
34.6
74.1
10.3
10.1
17.6
149.3
87.7
35.1
74.6
10.0
10.2
17.4
152.7
89.4
37.1
71.1
9.7
10.5
17.7
154.7
88.3
38.3
69.6
9.5
10.4
17.4
158.9
90.8
38.6
33.0
.2
366.1
63.5
25.6
27.7
10.2
203.9
51.5
152.3
51.1
29.0
.1
396.5
79.6
28.1
32.8
18.7
198.0
50.4
147.6
69.9
28.0
.2
459.6
87.8
33.2
34.7
19.9
221.9
52.2
169.7
95.5
26.8
.2
433.5
78.6
33.3
26.8
18.5
210.5
53.1
157.4
92.7
26.5
.2
436.3
80.3
34.5
26.8
19.0
208.0
48.2
159.8
94.7
26.2
.2
445.0 r
84.3
34.9
30.3
19.1
212.8 r
51.5 r
161.3
97.1
25.9
.2
447.r
85.4
33.7
32.6
19.2
211.2 r
49.1
162.1r
98.2
28.0
.2
459.6
87.8
33.2
34.7
19.9
221.9
52.2
169.7
95.5
29.3
.2
469.5
88.1
33.5
34.6
19.9
222.4
51.8
170.5
97.6
33.0
2.4
30.5
.0
10.7
4.2
6.5
4.0
29.2
2.6
24.7
1.9
13.0
6.6
6.4
6.8
31.5
2.9
26.4
2.1
14.6
7.9
6.7
8.4
30.4
2.7
25.7
2.0
13.5
6.9
6.6
7.8
31.0
2.6
26.4
2.0
14.6
7.7
6.9
7.7
28.8
2.5
24.3
2.0
14.3
7.6
6.8
7.7
30.6
3.0
25.6
2.0
14.0
7.4
6.6
7.7
31.5
2.9
26.4
2.1
14.6
7.9
6.7
8.4
31.5
2.9
26.5
2.1
21.8
15.1
6.7
8.1
NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For
ordering address, see inside front cover.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown
before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.
A34
1.53
DomesticNonfinancialStatistics • May 2000
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
2000
1999
Item
1997
1998
1999
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Terms and yields in primary and secondary markets
PRIMARY M A R K E T S
1
2
3
4
5
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount) 2
Yield (percent per year)
6 Contract rate'
7 Effective rate 1 ' 3
8 Contract rate (HUD series)4
180.1
140.3
80.4
28.2
1.02
195.2
151.1
80.0
28.4
.89
210.7
161.7
78.7
28.8
.77
213.8
163.1
78.3
28.5
.68
210.3
161.8
78.8
29.1
.64
214.4
165.1
79.0
29.1
.71
220.8
167.0
77.4
29.0
.73
216.3
167.2
78.6
29.0
.71
223.7
169.9
77.9
29.1
.75
216.9
165.6
78.4
29.1
.71
7.57
7.73
7.76
6.95
7.08
7.00
6.94
7.06
7.45
6.99
7.09
7.87
6.99
7.09
7.76
7.06
7.17
7.77
7.13
7.24
7.79
7.18
7.28
7.95
7.34
7.45
8.21
7.43
7.54
8.20
7.89
7.26
7.04
6.43
7.74
7.03
8.10
7.53
8.05
7.42
8.02
7.52
8.06
7.37
8.55
7.58
8.56
7.84
8.53
7.96
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203) 5
10 GNMA securities 6
Activity in secondary markets
FEDERAL N A T I O N A L M O R T G A G E ASSOCIATION
Mortgage holdings (end of period)
11 Total
12
FHA/VA insured
Conventional
13
316,678
31,925
284,753
414,515
33,770
380,745
523,941
55,318
468,623
495,302
47,846
447,456
504,938
49,456
455,482
509,990
50,639
459,351
518,337
52,632
465,705
523,941
55,318
468,623
527,977
57,369
470,608
535,096
58,294
476,802
14 Mortgage transactions purchased (during period)
70,465
188,448
195,210
21,094
15,200
10,057
14,683
11,416
9,035
11,484
Mortgage commitments (during period)
15 Issued7
16 To sell 8
69,965
1,298
193,795
1,880
187,948
5,900
18,153
478
7,998
609
10,480
1,710
12,050
381
9,931
1,592
9,130
1,287
9,811
612
Mortgage holdings (end of period f
17 Total
18
FHA/VA insured
Conventional
19
164,421
177
164,244
255,010
785
254,225
324,443
1,848
322,595
306,214
1,708
304,506
315,968
1,689
314,279
318,682
1,744
316,938
323,027
1,848
321,179
324,443
1,848
322,595
325,914
1,806
324,108
328,598
1,719
326,879
Mortgage transactions (during period)
20 Purchases
21 Sales
117,401
114,258
267,402
250,565
239,793
233,031
18,674
17,468
15,238
14,153
13,323
12,671
11,869
11,129
9,335
8,589
12,942r
12,764r
6,747
6,424
22 Mortgage commitments contracted (during period) 9
120,089
281,899
228,432
18,951
14,608
10,810
10,501
11,587
8,341
7,156
FEDERAL H O M E L O A N M O R T G A G E CORPORATION
1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured
by the Federal Housing Administration (FHA) for immediate delivery in the private
secondary market. Based on transactions on first day of subsequent month.
6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for FNMA
exclude swap activity.
Real Estate
1.54
A35
MORTGAGE DEBT OUTSTANDING 1
Millions of dollars, end of period
1999
1998
Type of holder and property
1996
1997
1998
Q4
1 All holders
2
3
4
5
By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm
By type of holder
6 Major financial institutions
7
Commercial banks 2
8
One- to four-family
9
Multifamily
10
Nonfarm, nonresidential
Farm
11
12
Savings institutions 3
One- to four-family
13
14
Multifamily
15
Nonfarm, nonresidential
16
Farm
17
Life insurance companies
18
One- to four-family
19
Multifamily
20
Nonfarm, nonresidential
21
Farm
22 Federal and related agencies
23
Government National Mortgage Association
24
One- to four-family
Multifamily
25
26
Farmers Home Administration 4
27
One- to four-family
28
Multifamily
29
Nonfarm, nonresidential
30
Farm
31
Federal Housing and Veterans' Administrations
32
One- to four-family
33
Multifamily
34
Resolution Trust Corporation
35
One- to four-family
36
Multifamily
37
Nonfarm, nonresidential
38
Farm
39
Federal Deposit Insurance Corporation
40
One- to four-family
Multifamily
41
42
Nonfarm, nonresidential
43
Farm
44
Federal National Mortgage Association
One- to four-family
45
46
Multifamily
47
Federal Land Banks
48
One- to four-family
49
Farm
50
Federal Home Loan Mortgage Corporation
51
One- to four-family
Multifamily
52
53 Mortgage pools or trusts 5
Government National Mortgage Association
54
55
One- to four-family
56
Multifamily
57
Federal Home Loan Mortgage Corporation
58
One- to four-family
Multifamily
59
60
Federal National Mortgage Association
61
One- to four-family
62
Multifamily
63
Farmers Home Administration 4
64
One- to four-family
65
Multifamily
Nonfarm, nonresidential
66
67
Farm
68
Private mortgage conduits
69
One- to four-family 6
70
Multifamily
71
Nonfarm, nonresidential
72
Farm
73 Individuals and others 7
74
One- to four-family
75
Multifamily
76
Nonfarm, nonresidential
77
Farm
Q2
Q3'
Q4 P
4,880,736 r
5,184,691 r
5,683,280 r
5,683,280 r
5,819,743 r
5,968,122 r
6,173,523
6,318,783
3,721,917
288,929 r
782,755 r
87,134
3,959,565
301,516 r
833,31 l r
90,299
4,328,434
328,714 r
929,626 r
96,506
4,328,434
328,714 r
929,626 r
96,506
4,420,898'
339,266'
962,175'
97,404
4,533,031'
346,240'
989,206'
99,644'
4,663,148
357,423
1,051,551
101,403
4,759,962
370,381
1,085,896
102,544
1,981,885
1,145,389
677,603
45,451
397,452
24,883
628,335
513,712
61,570
52,723
331
208,161
6,977
30,750
160,314
10,120
2,083,978
1,245,315
745,510
49,670
423,148
26,986
631,822
520,672
59,543
51,252
354
206,841
7,187
30,402
158,780
10,472
2,194,813 r
1,337,217
797,195 r
52,871
458,115
29,035
643,957
533,792
56,825
52,923
417
213,640
6,590
31,522
164,004
11,524
2,194,813 r
1,337,217
797,195 r
52,871
458,115
29,035
643,957
533,792
56,825
52,923
417
213,640
6,590
31,522
164,004
11,524
2,202,306'
1,336,733'
782,135'
56,731'
468,355'
29,513'
646,510
534,772
56,763
54,539
435
219,063
6,956
31,528
168,862
11,717
2,242,525'
1,361,365'
790,043'
59,15 l r
481,635'
30,536 r
656,518
544,832
55,020
56,222
443
224,642
7,295
31,813
173,568
11,966
2,321,448
1,418,819
826,936
62,477
498,087
31,320
676,346
560,483
57,286
58,118
459
226,282
7,435
32,011
174,642
12,194
2,393,404
1,495,717
879,299
66,010
518,569
31,839
668,634
548,926
59,143
60,090
475
229,053
7,278
32,460
177,092
12,223
295,192
2
2
0
41,596
17,303
11,685
6,841
5,768
6,244
3,524
2,719
0
0
0
0
0
2,431
365
413
1,653
0
168,813
155,008
13,805
29,602
1,742
27,860
46,504
41,758
4,746
286,167
8
8
0
41,195
17,253
11,720
7,370
4,852
3,821
1,767
2,054
0
0
0
0
0
724
109
123
492
0
161,308
149,831
11,477
30,657
1,804
28,853
48,454
42,629
5,825
292,636
7
7
0
40,851
16,895
11,739
7,705
4,513
3,674
1,849
1,825
0
0
0
0
0
361
54
61
245
0
157,675
147,594
10,081
32,983
1,941
31,042
57,085
49,106
7,979
292,636
7
7
0
40,851
16,895
11,739
7,705
4,513
3,674
1,849
1,825
0
0
0
0
0
361
54
61
245
0
157,675
147,594
10,081
32,983
1,941
31,042
57,085
49,106
7,979
288,176'
6
6
0
40,691
16,777
11,731
7,769
4,413
3,538'
1,713'
1,825
0
0
0
0
0
315
47
54
214
0
157,185
147,063
10,122
33,128
1,949
31,179
53,313
44,140
9,173
288,038
8
8
0
40,766
16,653
11,735
7,943
4,435
3,490
1,623
1,867
0
0
0
0
0
189
28
32
129
0
155,637
145,033
10,604
33,666
1,981
31,685
54,282
43,574
10,708
322,098
8
8
0
73,705
16,583
11,745
41,068
4,308
3,889
2,013
1,876
0
0
0
0
0
163
24
28
111
0
154,420
142,982
11,438
34,218
2,013
32,205
55,695
44,010
11,685
321,717
7
7
0
73,871
16,506
11,741
41,355
4,268
3,737
1,862
1,876
0
0
0
0
0
152
23
26
103
0
152,633
141,195
11,438
34,640
2,038
32,602
56,676
44,321
12,355
2,044,049 r
506,340
494,158
12,182
554,260
551,513
2,747
650,780
633,210
17,570
3
0
0
0
3
332,666 r
261,900
16,113 r
54,654 r
0
2,240,928 r
536,879
523,225
13,654
579,385
576,846
2,539
709,582
687,981
21,601
2
0
0
0
2
415,080 r
318,000
20,278 r
76,802 r
0
2,587,942 r
537,446
522,498
14,948
646,459
643,465
2,994
834,518
804,205
30,313
2,587,942 r
537,446
522,498
14,948
646,459
643,465
2,994
834,518
804,205
30,313
2,715,181'
543,280
527,886
15,395
687,179
684,240
2,939
881,815
849,513
32,302
2,810,119'
553,196'
537,287'
15,909
718,085
714,844
3,241
911,435
877,863
33,572
1
1
1
569,518 r
410,900
32,586 r
126,033r
0
569,518 r
410,900
32,586 r
126,033'
0
2,954,654
582,296
565,222
17,074
749,081
744,619
4,462
960,883
924,941
35,942
0
0
0
0
0
662,394
462,600
40,164
159,630
0
559,609
363,143
69,179
109,119
18,169
573,619
366,744
72,629
115,467
18,779
607,888
392,343
74,971
120,600
19,974
607,888
392,343
74,971
120,600
19,974
649,008
421,125
77,690
129,057
21,137
1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.
QL
1
1
1
1
0
0
0
0
0
0
0
0
0
602,906'
430,653
35,455'
136,798'
0
0
0
0
1
627,403'
447,938
37,065'
142,400'
0
2,891,145
569,038
552,670
16,368
738,581
735,088
3,493
938,484
903,531
34,953
0
0
0
0
0
645,041
455,276
38,551
151,215
0
614.081
393,047
75,249
125,638
20,147
627,440'
404,028
75,524
127,310
20,578'
638,833
414,094
75,512
128,311
20,917
6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.
A36
DomesticNonfinancialStatistics • May 2000
CONSUMER CREDIT1
1.55
Millions of dollars, amounts outstanding, end of period
1999
Holder and type of credit
1997
1998
2000
1999r
Aug.
Oct. r
Sept.
Nov.1"
Dec/
Jan.
Seasonally adjusted
1,234,122
1,300,491
1,395,406
1,363,184
1,366,575
1,371,887
1,385,037
1,395,406
1,412,361
531,295
702,828
1 Total
2 Revolving
3 Nonrevolving 2
560,653
739,838
595,964
799,442
584,523
778,661
584,512
782,063
584,845
787,041
589,803
795,233
595,964
799,442
603,455
808,906
Not seasonally adjusted
4 Total
1,264,103
1,331,742
1,428,519
1,364,404
1,370,079
1,376,998
1,391,686
1,428,519
1,421,679
By major holder
Commercial banks
Finance companies
Credit unions
Savings institutions
Nonfinancial business
Pools of securitized assets 3
512,563
160,022
152,362
47,172
78,927
313,057
508,932
168,491
155,406
51,611
74,877
372,425
499,758
181,573
170,284
61,527
80,316
435,061
476,561
177,331
162,412
59,091
68,896
420,113
472,524
172,956
164,055
60,055
67,456
433,033
474,042
174,081
165,912
60,544
67,965
434,454
480,763
175,296
167,887
61,035
70,289
436,416
499,758
181,573
170,284
61,527
80,316
435,061
498,137
184,553
170,168
62,019
76,041
430,761
By major type of credit4
11 Revolving
12
Commercial banks
13
Finance companies
14
Credit unions
IS
Savings institutions
16
Nonfinancial business
17
Pools of securitized assets 3
555,858
219,826
38,608
19,552
11,441
44,966
221,465
586,528
210,346
32,309
19,930
12,450
39,166
272,327
623,444
189,352
33,814
20,840
15,838
42,783
320,817
580,691
170,272
33,014
19,335
13,233
35,421
309,416
581,361
168,882
30,731
19,489
13,461
34,156
314,642
583,612
167,469
31,453
19,452
14,254
34,534
316,450
592,179
172,345
30,512
19,739
15,046
36,002
318,535
623,444
189,352
33,814
20,840
15,838
42,783
320,817
614,056
184,353
33,938
20,325
16,631
39,746
319,063
18 Nonrevolving
19
Commercial banks
20
Finance companies
21
Credit unions
22
Savings institutions
23
Nonfinancial business
24
Pools of securitized assets 3
708,245
292,737
121,414
132,810
35,731
33,961
91,592
745,214
298,586
136,182
135,476
39,161
35,711
100,098
805,075
310,406
147,759
149,444
45,689
37,533
114,244
783,713
306,289
144,317
143,077
45,858
33,475
110,697
788,718
303,642
142,225
144,566
46,594
33,300
118,391
793,386
306,573
142,628
146,460
46,290
33,431
118,004
799,507
308,418
144,784
148,148
45,989
34,287
117,881
805,075
310,406
147,759
149,444
45,689
37,533
114.244
807,623
313,784
150,615
149,843
45,388
36,295
111,698
5
6
/
8
9
10
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release. For ordering address, see inside front cover.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.
1.56
3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.
TERMS OF CONSUMER CREDIT1
Percent per year except as noted
1999
Item
1997
1998
2000
1999
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
INTEREST RATES
Commercial banks2
1 48-month new car
2 24-month personal
9.02
13.90
8.72
13.74
8.44
13.39
n.a.
n.a.
8.44
13.38
n.a.
n.a.
n.a.
n.a.
8.66
13.52
n.a.
n.a.
n.a.
n.a.
Credit card plan
3 All accounts
4 Accounts assessed interest
15.77
15.57
15.71
15.59
15.21
14.81
n.a.
n.a.
15.08
14.79
n.a.
n.a.
n.a.
n.a.
15.13
14.77
n.a.
n.a.
n.a.
n.a.
Auto finance companies
5 New car
6 Used car
7.12
13.27
6.30
12.64
6.66
12.60
6.68
12.67
6.28
12.96
6.47
13.13
7.07
13.28
7.44
13.27
7.32
13.28
7.18
12.95
54.1
51.0
52.1
53.5
52.7
55.9
52.0
56.1
51.7
55.8
52.1
55.9
53.2
55.8
53.9
55.8
53.4
55.6
52.9
56.8
92
99
92
99
92
99
92
99
92
100
92
100
92
100
91
99
91
99
91
98
18,077
12,281
19,083
12,691
19,880
13,642
19,873
13,609
20,012
13,374
20,154
13,449
20,335
13,613
20,517
13,777
20,699
13,970
20,503
13,906
OTHER TERMS3
Maturity (months)
7 New car
8 Used car
Loan-to-value ratio
9 New car
10 Used car
Amount financed (dollars)
11 New car
12 Used car
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release. For ordering address, see inside front cover.
2. Data are available for only the second month of each quarter,
3. At auto finance companies,
Flow of Funds
1.57
A37
F U N D S R A I S E D I N U.S. C R E D I T M A R K E T S 1
Billions of dollars; quarterly data at seasonally adjusted annual rates
1999
1998
Transaction category or sector
Q2
Q3
Q4
Q1
l,056.5 r
l,276.6 r
Q2
Q3'
Q4
1,168.2
1,107.4
Nonfinancial sectors
888.2 r
871.5 r
1 Total net borrowing by domestic nonfinancial sectors . . .
568.0 r
712.0 r
735.6 r
775.8 r
l,011.3 r
l,033.7 r
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
155.8
155.7
.2
144.4
142.9
1.5
145.0
146.6
-1.6
23.1
23.2
-.1
-52.6
-54.6
2.0
-28.4
-26.9
-1.4
-113.5
-113.1
-.4
-54.1
-66.3
12.2
-75.2
-73.7
-1.5
-112.2
-112.8
.6
-83.1
-83.2
.0
-16.9
-16.9
.0
5 Nonfederal
412.2 r
567.6
590.6r
752.7r
l,063.9 r
l,062.0 r
1,001.7'
l,110.7 r
l,351.8 r
983.7 r
1,251.3
1,124.3
6
7
8
9
10
11
17
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
21.4
-35.9
23.3
75.2
34.0
169.3r
183.4
-3.5r
— 12.9r
2.2
124.9
18.1
-48.2
91.1
103.7
67.2
196.7r
180.4
5.5 r
9.3 r
1.6
138.9
-.9
2.6
116.3
70.5
33.5
280.0 r
245.3
9.3 r
22.9 r
2.6
88.8
13.7
71.4
150.5
106.5
69.1
289.0 r
237.6
7.7'
40.6 r
3.2
52.5
24.4
96.8
218.7
108.2
74.3
473.9s
367.9
19.2'
80.5r
6.2
67.6
3.8
101.3
294.8
169.2
40.8
390. r
289.1
19.8r
74.5 r
6.7
62.1
85.6
82.9
108.0
107.8
77.7
460.2 r
375.2
13.2r
66.3 r
5.5
79.6
-43.0
89.6
193.2
120.9
102.5
577.5'
429.1
25.9 r
113.9r
8.6
69.9
58.3 r
100.7
274.0
70.0
154,l r
563. r
414.9 r
32,4 r
112,l r
3.6
131.5r
-2.6r
48.0
287.6
22.2
— 14.3r
580.4 r
422.9
32.(f
116.6r
9.0
62.4 r
49.8
77.0
202.8
112.8
78.9
652.8
492.8
43.7
109.1
7.2
77.3
44.0
47.0
155.2
123.7
66.6
571.9
396.4
45.7
124.9
4.9
115.9
17
18
19
20
21
22
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
316.3
142.2r
134.5r
3.3
4.4
-46.2
350.9
268.2 r
234.7 r
30.6
2.9
-51.5
354.0
243.4 r
154.91
83.8
4.8
-6.8
327.3
369.4 r
285.7 r
77.4
6.2
56.1
471.9
511.7 r
405.7 r
98.4
7.7
80.3
420.3
559.8 r
456.9'
95.4
7.5
82.0
473.4
458.3'
353.4r
97.6
7.3
70.0
528.6
507.0 r
396. l r
103.3
7.5
75.1
558.6 r
705.8 r
597.5 r
101.6
6.6
87.4
519.4 r
428.6 r
315.3 r
114.2
— 1.0r
35.7
614.6
579.7
449.9
120.2
9.7
57.0
533.8
559.8
413.4
140.8
5.6
30.7
23 Foreign net borrowing in United States
24
Commercial paper
75
Bonds
26
Bank loans n.e.c
27
Other loans and advances
-13.9
-26.1
12.2
1.4
-1.4
71.1
13.5
49.7
8.5
-.5
77.2
11.3
55.8
9.1
1.0
57.6
3.7
47.2
8.5
-1.8
33.6
7.8
25.1
6.7
-6.0
97.9
-25.5
119.2
8.4
-4.2
-19.6
6.2
-27.2
3.6
-2.2
-38.9
-4.7
-34.2
9.8
-9.7
17.0r
IS.O1
.9
.9
-2.8
-36.8r
-27.5'
-12.6
5.6
-2.3
62.2
41.1
29.4
-6.6
-1.6
30.8
33.6
-8.2
2.4
3.0
28 Total domestic plus foreign
554.1 r
783.1 r
812.9 r
833.4 r
l,017.7 r
l,293.5 r
834.8 r
1,230.4
1,138.2
l,044.9 r
l,131.6 r
868.6 r
Financial sectors
29 Total net borrowing by financial sectors
30
31
32
33
By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government
34 Private
35
Open market paper
Corporate bonds
36
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
468.4
453.9
548.9
652.2
1,068.8
988.9
1,056.3
1,298.7
l,213.1 r
l,016.1 r
1,078.0
1,056.5
287.5
176.9
115.4
-4.8
204.1
105.9
98.2
.0
231.5
90.4
141.1
.0
212.8
98.4
114.5
.0
470.9
278.3
192.6
.0
405.4
166.4
239.0
.0
555.8
294.0
261.7
.0
673.3
510.5
162.8
.0
592.2
193.0
399.2
.0
578.9'
304.7
274.3
.0
653.0
407.1
245.9
.0
543.9
367.9
176.0
.0
180.9
40.5
121.8
-13.7
22.6
9.8
249.8
42.7
195.9
2.5
3.4
5.3
317.5
92.2
176.9
12.6
27.9
7.9
439.4
166.7
209.0
13.2
35.6
14.9
597.9
161.0
291.8
30.1
90.2
24.8
583.5
135.6
361.8
-9.7
76.0
19.9
500.5
141.0
177.4
60.2
82.3
39.6
625.4
130.7
281.9
12.4
169.9
30.6
620.9'
78.3
489.7 r
-8.8
41.6
20.1
437.2'
57.8
263.2'
10.5
117.9
-12.3
425.1
89.8
184.9
-6.2
147.2
9.4
512.6
478.9
-56.8
-50.1
121.8
18.8
20.1
12.8
.2
.3
172.1
115.4
76.5
48.7
-11.5
10.2
.5
23.1
22.5
2.6
-.1
-.1
105.9
98.2
142.4
50.2
-2.2
4.5
-5.0
34.9
13.0
25.5
.1
1.1
90.4
141.1
153.9
45.9
4.1
11.9
-2.0
64.1
46.1
19.7
.1
.2
98.4
114.5
200.7
48.7
-4.6
39.6
8.1
80.7
72.9
52.2
.6
.7
278.3
192.6
316.3
43.0
1.6
62.7
7.2
40.7
80.8
31.2
.2
-.6
166.4
239.0
352.4
91.9
-28.2
64.4
20.0
-28.6
61.7
63.7
1.0
1.6
294.0
261.7
294.2
-12.0
2.3
79.3
-2.6
11.2
66.3
103.2
.4
1.8
510.5
162.8
335.7
17.8
3.0
44.0
12.4
40.9
31.1
58.0
1.5
3.3
193.0
399.2
299.4 r
71.2
-4.6
25.6
-31.1
166.5
72.7
58.6
1.4
3.0
304.7
274.3'
309.2'
88.4
5.1
-19.7
-17.4
-63.8
111.3
55.2
2.8
1.1
407.1
245.9
227.4
-22.6
-6.1
7.9
16.9
31.2
62.7
11.5
3.3
-4.4
367.9
176.0
114.3
88.2
6.2
17.7
-37.3
250.5
A38
1.57
DomesticNonfinancialStatistics • May 2000
FUNDS RAISED IN U.S. CREDIT MARKETS 1 —Continued
1998
Transaction category or sector
1994
1995
1996
1997
1999
1998
Q2
Q3
Q4
Ql
Q2
Q3'
Q4
l,850.9 r
2,308.5
2,194.7
180.6
569.8
77.0
417.1
100.0
224.5
662.1
77.3
556.5
527.0
47.0
90.3
75.9
191.4
590.7
115.9
All sectors
52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
l,022.5 r
1,237.0 r
l,361.8 r
l,485.6 r
2,113.7 r
2,120.5 r
l,924.9 r
2,316.4 r
2,506.6 r
35.7
448.1
-35.9
157.3
62.9
50.4
179.0'
124.9
74.3
348.5
-48.2
336.7
114.7
70.1
202.0'
138.9
102.6
376.5
2.6
348.9
92.1
62.5
287.9 r
88.8
184.1
235.9
71.4
406.7
128.2
102.8
303.9'
52.5
193.1
418.3
96.8
535.6
145.0
158.5
498.6'
67.6
113.8
377.1
101.3
775.8
167.9
112.5
410.0'
62.1
232.7
442.3
82.9
258.2
171.6
157.8
499.8'
79.6
83.0
619.1
89.6
440.9
143.0
262.7
608.1'
69.9
154.6'
517.0
100.7
764.6'
62.1
192.9'
583.2'
131.5'
2i.r
466.8'
48.0
538.2'
38.3
101.3'
568.2'
62.4'
Funds raised through mutual funds and corporate equities
61 Total net issues
113.4
131.5
209.1
165.6
76.5 r
261.6 r
—166.6r
—3.5r
135.4r
143.3 r
47.7
167.7
62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65
Financial corporations
66 Mutual fund shares
12.8
-44.9
48.1
9.6
100.6
-16.0
-58.3
50.4
-8.1
147.4
-28.5
-69.5
60.0
-19.0
237.6
-99.6
-114.4
42.0
-27.1
265.1
-198.1'
-267.0
77.8
-8.9'
274.6
-116.2'
-129.1
12.3
.6'
377.8
-340.0'
-308.4
-32.8
-228.3'
-491.3
317.4
-54.5'
224.8
-117.9'
-52.2'
-33.4
-32.3'
253.3
-64.91
-338.2'
270.9
2.4'
208.2
-79.1
-138.6
76.7
-17.2
126.8
-9.2
-41.6
64.0
-31.6
176.9
1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F.2 through F.4. For ordering address, see inside front cover.
1.1'
173.4
Flow of Funds
1.58
A3 9
SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
1999
1998
Transaction category or sector
1994
1995
1997
1996
1998
Q1
Q4
Q3
Q2
Q2
Q3'
Q4
2,506.6 r
l,850.9 r
2,308.5
2,194.7
398.8'
347.4R
147.9
147.9
34.6
-.6
-33.9
11.4
371.3
1,777.8
-59.1
82.1
.0
32.0
12.9
237.3
1,889.5
N E T LENDING IN CREDIT M A R K E T S 2
1
Total net lending in credit markets
7 Domestic nonfederal nonfinancial sectors
3
Household
Nonfinancial corporate business
4
Nonfarm noncorporate business
5
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
Commercial banking
11
U.S.-chartered banks
1?
Foreign banking offices in United States
13
Bank holding companies
14
Banks in U.S.-affiliated areas
15
Savings institutions
16
17
Credit unions
18
Bank personal trusts and estates
19
Life insurance companies
?0
Other insurance companies
71
Private pension funds
State and local government retirement funds
?.?.
?3
Money market mutual funds
Mutual funds
74
?5
Closed-end funds
Government-sponsored enterprises
26
Federally related mortgage pools
71
78
Asset-backed securities issuers (ABSs)
79
Finance companies
30
Mortgage companies
31
Real estate investment trusts (REITs)
3?
Brokers and dealers
Funding corporations
33
2,113.7 r
2,120.5 r
l,924.9 r
l,361.8 r
l,485.6 r
I5.R
63.4R
- 10.2 R
-4.3
-33.7
-7.4
414.4
939.7
R
—79.2
-76.5R
-2.3
-.6
.1
5.1
310.7
1,249.0
35.l
—64.0R
— .3 R
.0
99.5
13.5
249.3
L,815.8R
461.4
335,O R
-47.9
.0
174.3
12.9
321.8
L,324.5 R
27.9
- 106.6R
8.9 R
.0
125.7
-44.2
-17.8
38.3
324.3
274.9
40.2
5.4
3.7
-4.7
16.8
-25.0
104.8
25.2
65.5
63.8
87.5
80.9
-2.9
94.3
114.5
162.3
21.9
-9.1
20.2
14.9
55.6
21.1
305.2
312.0
-11.9
4.2
-7.6
16.2
-8.3
100.0
21.5
56.0
33.6
86.5
52.5
10.5
86.7
98.2
120.6
49.9
-3.4
1.4
90.1
-21.2
12.3
187.5
119.6
63.3
3.9
.7
19.9
25.5
-7.7
69.6
22.5
52.3
37.3
88.8
48.9
4.7
84.2
141.1
123.6
18.4
8.2
4.4
-15.7
14.0
6.0
36.3
19.0
-12.8
76.9
20.4
118.7
66.0 r
244.0
124.8
4.5
260.8
192.6
276.7
51.9
3.2
-5.1
6.8 r
5.0 r
11.5
132.7
130.0
15.2
-17.6
5.1
2.1
22.7
-11.3
63.4
-1.5
130.1
78.4
208.1
146.4
4.5
150.6
239.0
321.4
24.0
-56.4
6.1
— 133.2 r
— 14.2r
l,022.5 r
l,237.0 r
l,361.8 r
l,485.6 r
2,113.7 r
2,120.5 r
-5.8
.0
253.4'
8.8
2.2
.6
35.3
10.0
-12.7
96.6
65.6
142.3
110.5
-16.0
147.4
128.9
26.7
45.8
235.1
6.2
4.0
65.6 r
453.6 r
-6.3
-.5
.1
85.9
-51.6
15.8
97.2
114.0
145.8
41.4
-28.5
237.6
114.8
52.4
44.5
246.9
16.0
-8.6
5.1'
508.l r
r
2,793.S
r
r
-.2
43.0
-2.7
67.7
16.6
- 120.2r
-.5
25.1
-3.1
20.2
21.1
-179.5r
-6.0
-3.8
15.6
l,022.5 r
R
l,237.0 r
R
223.4
260.2R
17.7
.6
-55.0
-27.4
132.3
694.1
-98.4
-3.0R
-8.8
4.7
-91.4
-.2
273.9
1,061.7
31.5
163.4
148.1
11.2
.9
3.3
6.7
28.1
7.1
72.0
24.9
46.1
30.9
30.0
-7.1
-3.7
117.8
115.4
69.4
48.3
-24.0
12.7
265.9
186.5
75.4
-.7
-.3
r
-.9
R
R
2,316.4 r
R
55.0
60.8
L,822.3 R
-304.3
—425.4R
29.3R
.0
91.7
11.7
390.7
2,218.3'
52.2
17.0'
253.3'
1,837.5'
351.3'
280.9'
17.3'
-.2
53.3
6.9'
37.4'
1,455.2'
41.6
250.1
309.2
-68.1
6.0
2.9
17.9
21.0
-16.0
65.6
-7.7
95.5 r
68.7 r
255.5
92.9
4.5
264.7
261.7
248.7
79.5
4.5
-11.3
146.0 r
-61.4r
3.5
531.5
540.2
-12.1
-7.4
10.7
113.3
16.0
-13.5
86.0
67.6
174.5'
49.5'
353.1
103.5
4.5
429.5
162.8
312.7
75.3
6.0
-40.8
-226.1'
9.4'
71.8
68.9
134.1
-54.9
-6.0
-4.4
102.7
34.7
-7.6
82.2
-19.7
60.6'
76.5'
227.6
103.0
4.4
157.2
399.2
281.8'
92.2
-9.1
1.7
88.0'
21.5'
62.4
135.4
231.5
-105.7
.4
9.2
88.8
32.1
-8.4
84.0
26.7
150.0
27.3'
-92.6
121.0
4.4
259.2
274.3'
292.4'
79.6
10.2
-2.2
-193.7'
104.4'
34.1
435.5
410.7
30.6
-12.4
6.6
60.9
36.6
-8.6
52.9
-14.4
45.4
38.4
232.1
-20.2
4.3
287.5
245.9
218.9
94.7
-12.1
16.3
32.4
21.2
-9.1
71.3
-12.6
104.9
49.1
360.8
1.1
4.3
264.6
176.0
84.5
116.9
12.3
-7.3
-37.4
140.0
1,924.9 r
2,316.4 r
2,506.6 r
1,850.9'
2,308.5
2,194.7
8.6
.0
-2.3
-131.9
-118.9'
72.8
281.2
104.4
313.1
-181.8'
-228.3'
224.8
-56.9'
-25.7'
59.0
314.8'
8.4'
-48.8
16.3'
577.8R
-14.0
.0
127.7
49.5'
61.1
-68.0
-5.9
204.9
253.3'
-117.9'
253.3
144.8'
-66.6'
40.8
286.1'
-8.0'
-32.0
10.1'
129.4'
-5.4
.0
2.1
99.3
90.6'
10.1
100.0
42.6
100.5
-27.9'
-64.9'
208.2
237.1'
139.9'
59.6
324.4
41.8'
-25.9
16.0'
1,223.6'
-8.5
-4.0
2.0
63.6
-36.0
141.0
144.7
105.2
180.3
114.6
-79.1
126.8
190.8
29.5
41.5
305.0
-1.8
-34.3
-47.4
360.0
-5.5
-4.0
-4.1
-55.9
-55.4
394.2
4.3
379.2
516.7
345.7
-9.2
176.9
90.4
271.1
63.2
373.5
14.0
-32.3
-18.5
682.3
3,751.3 r
4,422.5 r
3,902.2
5,321.4
13.8
-I.r
.4
-2.7
-65.7
592.8
494.2
49.5
42.6
6.6
22.0
RELATION OF LIABILITIES
TO FINANCIAL A S S E T S
34 Net flows through credit markets
35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
51
5?
53
54
Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous
55 Total financial sources
56
57
58
59
60
61
Liabilities not identified as assets ( - )
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets ( —)
62 Federal government checkable deposits
6 3 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets
.7
52.9
89.8
-9.7
-39.9
19.6
43.3
78.2
12.8
100.6
120.0
-.1
35.5
254.7
2.6
17.8
62.7 r
2,ttl.6
-4.8
-2.8
27.4
2,087.5 r
2,904.5 r
—32.3'
47.6
152.4
92.1
285.5
91.3 r
-198.1'
274.6
27.9 r
103.3r
53.3
290.4 r
12.5r
-48.0
- 19.9r
710.0 r
92.9
40.1
90.1
84.9
-5.6
247.2
50.7 r
— 116.2 r
377.8
-27.9
131.3 r
53.3
272.8 r
1.9r
-46.5
- 19.2r
434. l r
8.9
.0
1.7
84.9
44.7 r
-24.9
144.7
81.8
367.9
274.8 r
—340.0r
173.4
51.9'
149.5r
51.7
219.2'
27.5
-51.2
—64.0r
749.8R
3,376.2*"
3,962.6 r
3,790.4 r
3,943.2 r
3,502.8 r
59.6
-3.3
4.5
22.8
-37.3r
-.6
106.8
-19.9
62.3
26.8
— 214.7 r
-.7
-8.1
3.4
r
54. l
17.7r
r
-58.3
149.9
8.9
-18.6r
9.1
— 323.0 r
1.1
69.9
22.3
153.8'
28.2
—70.6r
-3.4
-156.5
-52.8
-11.0'
19.1 r
.7'
62.7
58.7
209.4'
- 15.4r
-408.9'
.6
83.5'
-1.7
67.5'
4.8 r
-568.0'
.2
19.9
-1.0
43.0
2.4
-539.2
-6.3
13.6
-53.1
-153.9
-10.1
-112.4
.5
-4.0
-21.2
-2.7
-3.9
33.2
2.6
-3.1
—30.9r
-44.4
-2.9
-110.5
32.4
-3.6
—65.0r
14.0
-1.8
-20.2'
-1.8
-1.9
45.8'
-41.4
-1.0
-9.9'
23.0
71.7
-8.7
.1
39.7
3,986.1 r
4,122.2 r
3,774.7 r
3,714.5 r
3,804.3 r
4,888. l r
4,282.6
5,612.6
2,992.0
-.9
2,971.4 r
1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F.l and F.5. For ordering address, see inside front cover.
.7
-.5
.0
106.8
-19.7
41.5
97.1
122.5
157.6
120.9
-99.6
265.1
125.9
111.0
59.3
304.0
16.8
-56.3
9.9 r
527.5R
3,388.8 r
6.6
.0
8.1
.0
.0
.2
-.2
-.3
-4.0
-1.5
2. Excludes corporate equities and mutual fund shares.
-.5
A40
1.59
DomesticNonfinancialStatistics • May 2000
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
1998
1997
1999
1998
Q2
Q3
Q4
Qi
Q2
Q3'
Q4
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
13,723.8r
14,459.4 r
15,233.8 r
16,245.0 r
15,710.4 r
15,921.7 r
16,245.0'
16,557.5'
16,730.6 r
17,048.8
17,385.6
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
3,636.7
3,608.5
28.2
3,781.8
3,755.1
26.6
3,804.9
3,778.3
26.5
3,752.2
3,723.7
28.5
3,749.0
3,723.4
25.6
3,720.2
3,694.7
25.5
3,752.2
3,723.7
28.5
3,759.7
3,731.6
28.1
3,651.7
3,623.4
28.3
3,632.7
3,604.5
28.3
3,680.4
3,652.1
28.3
10,087. l r
10,677.7r
ll,428.9 r
12,492.8'
11,961.4'
12,201.5'
12,492.8'
12,797.8'
13,078.9'
13,416.1
13,705.2
6
7
8
y
10
ii
12
13
14
13
lb
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
157.4
1,293.5
1,344.1
863.6
736.9
4,568.8 r
3,510.4
265.5r
708.5 r
84.6
1,122.8
156.4
1,296.0
1,460.4
934.1
770.4
4,848.9 r
3,721.9
278.4 r
761.4 r
87.1
1,211.6
168.6
1,367.5
1,610.9
1,040.5
839.5
5,137.8 r
3,959.5
286. l r
801.9 r
90.3
1,264.1
193.0
1,464.3
1,829.6
1,148.8
913.8
5,611.7'
4,327.5
305.3'
882.4'
96.5
1,331.7
202.5
1,429.3
1,754.3
1,097.6
873.1
5,347.9'
4,122.0
295.5'
837.4'
93.0
1,256.8
216.9
1,439.9
1,781.3
1,120.6
886.8
5,469.5'
4,222.4
298.8'
853.9'
94.4
1,286.6
193.0
1,464.3
1,829.6
1,148.8
913.8
5,611.7'
4,327.5
305.3'
882.4'
96.5
1,331.7
223.9
1,491.0
1,898.1
1,165.2
957.5'
5,742.9'
4,420.2'
313.6'
911.7'
97.4
1,319.3
232.4
1,510.0
1,970.0
1,178.5
953.5'
5,894.2'
4,532.1
321.6'
940.8'
99.6'
1,340.4
239.3
1,518.6
2,020.7
1,202.9
967.1
6,097.4
4,662.4
332.6
1,001.0
101.4
1,370.1
230.3
1,532.5
2,059.5
1,231.0
985.4
6,238.1
4,759.2
344.0
1,032.2
102.7
1,428.5
17
18
19
20
21
22
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
4,782.8
4,234. l r
2,936.6r
1,152.4
145.1
1,070.2
5,108.0
4,506.2 r
3,120.2 r
1,236.1
149.9
1,063.4
5,438.0
4,871.4 r
3,401.7'
1,313.6
156.1
1,119.5
5,909.9
5,383.1'
3,807.3'
1,411.9
163.8
1,199.8
5,618.8
5,171.8'
3,649.0'
1,361.8
161.0
1,170.8
5,752.1
5,270.7'
3,722.1'
1,385.5
163.1
1,178.8
5,909.9
5,383.1'
3,807.3'
1,411.9
163.8
1,199.8
5,993.0
5,581.7'
3,981.8'
1,437.4
162.4
1,223.2
6,136.7
5,704.0'
4,071.9'
1,466.0
166.1
1,238.2
6,306.1
5,867.6
4,203.6
1,495.3
168.7
1,242.4
6,466.8
5,985.9
4,285.7
1,531.1
169.1
1,252.5
23 Foreign credit market debt held in
United States
441.4
518.7
570.1
603.7
617.1
612.8
603.7
607.8
598.2
614.7
622.0
24
23
26
27
56.2
291.9
34.6
58.8
67.5
347.7
43.7
59.8
65.1
394.9
52.1
58.0
72.9
420.0
58.9
52.0
71.4
435.4
55.5
54.8
74.0
428.6
56.4
53.8
72.9
420.0
58.9
52.0
77.2
420.2
59.1
51.3
70.1
417.1
60.5
50.5
81.8
424.4
58.8
49.7
89.2
422.4
59.4
51.0
5 Nonfederal
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
28 Total credit market debt owed by nonfinancial
sectors, domestic and foreign
14,165.2 r
14,978.1 r
15,803.9 r
16,848.7 r
16,327.4'
16,534.4 r
16,848.7 r
17,165.3 r
17,328.8 r
17,663.6
18,007.6
Financial sectors
29 Total credit market debt owed by
financial sectors
4,278.8
4,827.7
5,446.8
6,515.6
5,926.8
6,195.5
6,515.6
6,809.0 r
7,073.3 r
7,347.6
7,606.6
30
31
32
33
34
35
36
il
38
39
By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
2,376.8
806.5
1,570.3
.0
1,901.9
486.9
1,204.7
51.4
135.0
24.1
2,608.3
896.9
1,711.4
.0
2,219.4
579.1
1,381.5
64.0
162.9
31.9
2,821.1
995.3
1,825.8
.0
2,625.7
745.7
1,557.5
77.2
198.5
46.8
3,292.0
1,273.6
2,018.4
.0
3,223.6
906.7
1,849.4
107.2
288.7
71.6
2,981.4
1,072.5
1,908.9
.0
2,945.4
838.9
1,738.7
88.2
225.6
54.1
3,121.7
1,146.0
1,975.7
.0
3,073.8
874.2
1,786.2
103.2
246.2
64.0
3,292.0
1,273.6
2,018.4
.0
3,223.6
906.7
1,849.4
107.2
288.7
71.6
3,434.1
1,321.8
2,112.3
.0
3,374.9'
926.4
1,968.6'
104.1
299.1
76.6
3,580.7'
1,398.0
2,182.7'
.0
3,492.6'
940.9
2,042.8'
106.8
328.6
73.6
3,745.9
1,499.8
2,246.1
.0
3,601.8
963.4
2,091.9
105.2
365.4
75.9
3,884.0
1,591.7
2,292.3
.0
3,722.6
1,082.9
2,069.6
93.6
395.8
80.6
40
41
42
43
44
43
46
47
48
49
30
31
32
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
102.6
148.0
115.0
.4
.5
806.5
1,570.3
712.5
29.3
483.9
16.5
44.6
248.6
113.6
150.0
140.5
.4
1.6
896.9
1,711.4
866.4
27.3
529.8
20.6
56.5
312.7
140.6
168.6
160.3
.6
1.8
995.3
1,825.8
1,078.2
35.3
554.5
16.0
96.1
373.7
188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,394.6
42.5
597.5
17.7
158.8
414.4
159.6
190.5
170.7
.8
1.6
1,072.5
1,908.9
1,230.4
40.1
596.9
16.3
128.0
410.5
169.6
196.1
186.6
1.0
2.0
1,146.0
1,975.7
1,307.0
39.4
589.4
16.9
147.8
417.9
188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,394.6
42.5
597.5
17.7
158.8
414.4
187.5
202.6
226.9
1.5
3.3
1,321.8
2,112.3
1,463.1'
34.8
614.4
16.5
165.2
459.1
202.7
205.5
241.6
1.8
4.0
1,398.0
2,182.7'
1,539.9'
30.4
639.2
17.8
160.3
449.5
224.2
211.9
255.4
2.5
4.3
1,499.8
2,246.1
1,599.8
34.6
628.5
16.3
162.2
462.0
232.2
219.4
258.3
3.4
3.2
1,591.7
2,292.3
1,632.1
25.3
653.8
17.8
166.7
510.5
All sectors
53 Total credit market debt, domestic and foreign . . .
54
33
36
3/
58
39
60
61
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Coasumer credit
18,444.0r
19,805.8 r
21,250.7 r
23,364.4 r
22,254.2 r
22,730.0'
23,364.4'
23,974.3 r
24,402.2 r
25,011.2
25,614.2
700.4
6,013.6
1,293.5
2,840.7
949.6
930.6
4,592.9 r
1,122.8
803.0
6,390.0
1,296.0
3,189.6
1,041.7
993.1
4,880.8 r
1,211.6
979.4
6,626.0
1,367.5
3,563.3
1,169.8
1,095.9
5,184.7'
1,264.1
1,172.6
7,044.3
1,464.3
4,098.9
1,314.9
1,254.4
5,683.3'
1,331.7
1,112.7
6,730.3
1,429.3
3,928.3
1,241.3
1,153.6
5,402.0'
1,256.8
1,165.1
6,841.9
1,439.9
3,996.0
1,280.3
1,186.8
5,533.5'
1,286.6
1,172.6
7,044.3
1,464.3
4,098.9
1,314.9
1,254.4
5,683.3'
1,331.7
1,227.6
7,193.8
1,491.0
4,286.9'
1.328.3
1,307.8'
5,819.6'
1,319.3
1,243.3
7,232.4'
1,510.0
4,429.9'
1,345.7
1,332.6'
5,967.8'
1,340.4
1,284.5
7,378.6
1,518.6
4,536.9
1,366.9
1,382.2
6,173.3
1,370.1
1,402.4
7,564.4
1,532.5
4,551.5
1,383.9
1,432.2
6,318.7
1,428.5
1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
L.2 through L.4. For ordering address, see inside front cover.
Flow of Funds
1.60
A41
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES 1
Billions of dollars except as noted, end of period
1999
1998
Transaction category or sector
1995
1996
1997
1998
Q2
Q3
Q4
Q1
Q2
Q3'
Q4
CREDIT MARKET D E B T OUTSTANDING2
1 Total credit market assets
7
3
4
5
6
7
8
9
10
11
12
N
14
15
16
17
18
19
20
21
22
7.3
24
25
26
27
28
79
30
31
3?
33
Domestic nonfederal nonfinancial sectors
Household
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
Foreign banking offices in United States
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities issuers (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
18,444.0 r
19,805.8 r
21,250.7 r
23,364.4 r
22,254.2 r
22,730.0 r
23,364.4 r
23,974.3'
24,402.2 r
25,011.2
25,614.2
2,846.3'
1,885.0'
280.4
42.3
638.6
202.7
1,531.1
13,863.9
380.8
3,520.1
3,056.1
412.6
18.0
33.4
913.3
263.0
239.7
1,587.5
468.7
716.9
531.0
545.5
771.3
96.4
750.0
1,570.3
653.4
526.2
33.0
26.0
183.4
87.4
2,906.7'
1,993.7'
270.2
38.0
604.8
195.3
1,926.6
14,777.2
393.1
3,707.7
3,175.8
475.8
22.0
34.1
933.2
288.5
232.0
1,657.0
491.2
769.2
568.2
634.3
820.2
101.1
807.9
1,711.4
777.0
544.5
41.2
30.4
167.7
101.4
2,783.8'
l,873.5 r
268.0
37.4
605.0
200.4
2,256.8
16,009.8
431.4
4,031.9
3,450.7
516.1
27.4
37.8
928.5
305.3
207.0
1,751.1
515.3
834.7
632.0
721.9
901.1
98.3
902.2
1,825.8
939.3
566.4
32.1
50.6
182.6
152.3
2,790.6'
2,837.8'
R
1,910.3'
1,781. L
267.6'
238.5
37.4
37.4
704.4
651.6
207.5
213.9
2,396.0
2,534.3
17,825.6' 16,812.9'
452.5
440.3
4,335.7
4,136.4
3,543.6
3,761.2
525.6
504.2
26.8
26.5
40.4
43.8
930.8
964.8
315.1
324.2
194.1
201.5
1,793.2
1,828.0
520.8
535.7
953.4
885.9
1
668.5
698.0
815.9
965.9
979.1
1,025.9
100.5
102.8
989.4
1,163.0
2,018.4
1,908.9
1,068.9
1,216.0
579.0
618.4
32.7
35.3
58.5
45.5
209.4'
189.4'
178.3
158.7'
2,850.6'
1,889.0'
243.2'
37.4
681.1
210.9
2,412.2
17,256.3'
446.5
4,195.7
3,616.2
510.1
28.3
41.1
939.3
320.5
197.5
1,810.6
518.8
909.8
685.7'
869.9
1,005.9
101.7
1,055.4
1,975.7
1,134.2
592.7
33.8
55.7
245.9'
161.3'
2,790.6'
1,781.1'
267.6'
37.4
704.4
213.9
2,534.3
17,825.6'
452.5
4,335.7
3,761.2
504.2
26.5
43.8
964.8
324.2
194.1
1,828.0
535.7
953.4
698.0'
965.9
1,025.9
102.8
1,163.0
2,018.4
1,216.0
618.4
35.3
45.5
189.4'
158.7'
2,877.6'
1,878.2'
244.9'
37.5
717.1
218.1'
2,601.8'
18,276.7'
466.0
4,338.4
3,782.9
487.8
25.0
42.7
990.8
330.2
192.2
1,853.7
530.8
968.5
717.2'
1,036.2
1,050.8
103.9
1,201.9
2,112.3
1,280.1'
639.9
33.0
45.9
211.4
173.5'
2,918.4'
1,898.9'
249.6'
37.5'
732.3
219.8
2,609.8'
18,654.2'
485.1
4,383.4
3,847.6
465.7
25.1
45.0
1,011.4
341.0
190.1
1,874.7
537.5
1,006.0
724.0'
1,001.8
1,084.0
105.0
1,267.0
2,182.7'
1,352.7'
660.9
35.6
45.3
162.9'
202.9'
2,964.9
1,944.2
261.4
37.3
721.9
255.6
2,703.5
19,087.3
489.3
4,488.3
3,944.3
475.3
22.0
46.7
1,030.8
350.2
188.0
1,889.2
533.9
1,017.4
733.6
1,049.7
1,083.0
106.1
1,338.6
2,246.1
1,410.5
678.2
32.5
44.7
167.0
210.3
3,021.4
1,960.4
300.9
37.3
722.8
258.8
2,736.7
19,597.3
478.1
4,643.9
4,078.9
484.0
32.6
48.3
1,033.4
355.3
185.7
1,902.7
530.7
1,043.6
745.8
1,147.8
1,077.1
107.1
1,405.1
2,292.3
1,435.4
714.2
35.6
42.8
157.7
263.0
18,444.0 r
19,805.8 r
21,250.7 r
23,364.4 r
22,254.2 r
22,730.0 r
23,364.4 r
23,974.3 r
24,402.2 r
25,011.2
25,614.2
63.7
10.2
18.2
418.8
290.7
1,229.3
2,279.7
476.9
745.3
660.0
1,852.8
305.7
566.2
5,767.8
1,698.0
107.6
803.0
5,645.8'
53.7
9.7
18.3
516.1
240.8
1,245.1
2,377.0
590.9
891.1
701.5
2,342.4
358.1
610.6
6,642.5
1,812.8
123.6
871.7
6,119.6'
48.9
9.2
18.3
618.8
219.4
1,286.6
2,474.1
713.4
1,048.7
822.4
2,989.4
469.1
665.0
7,894.4
1,938.6
140.4
942.5
6,698.5'
60.1
9.2
18.3
639.9
188.9'
1,334.2
2,626.5
805.5
1,334.2
913.7'
3,610.5
572.3'
718.3
9,079.2'
1,966.5'
152.8'
1,001.0
7,147.3'
50.1
9.2
18.4
630.4
189.2
1,320.7
2,531.0
754.0
1,153.7
892.1'
3,438.4
539.6'
690.6
8,730.8
1,933.9
144.6
999.8
6,860.2'
54.5
9.2
18.8
651.7
198.9'
1,282.3
2,553.8
776.5
1,249.7
960.5'
3,137.3
573.6'
703.5
8,116.5'
1,953.0'
155.0
908.6
7,041.3'
60.1
9.2
18.3
639.9
188.9'
1,334.2
2,626.5
805.5
1,334.2
913.7'
3,610.5
572.3'
718.3
9,079.2'
1,966.5'
152.8'
1,001.0
7,147.3'
53.6
8.2
18.3
671.8
181.8'
1,311.4
2,637.6
804.3
1,416.0
980.3
3,758.4
552.7
730.9
9,267.0'
1,970.0'
159.6'
1,012.5
7,162.6'
50.9
8.2
18.8
696.6
203.2'
1,354.1
2,644.6
809.0
1,398.1
970.8'
4,049.4
589.3'
745.8
9,729.0'
2,028.8'
162.1'
1,059.8
7,311.5'
52.1
7.2
19.3
712.5
195.8
1,354.9
2,666.6
837.5
1,449.6
999.3
3,933.6
593.2
756.2
9,487.5
2,082.0
165.5
998.3
7,255.7
50.1
6.2
18.3
698.5
199.1
1,485.8
2,671.8
935.8
1,584.8
1,085.2
4,515.3
665.8
772.0
10,360.4
2,132.3
164.4
1,116.6
7,542.8
R E L A T I O N OF L I A B I L I T I E S
TO FINANCIAL A S S E T S
34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous
53 Total liabilities
Financial assets not included in liabilities ( +)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business
57
58
59
60
61
62
Liabilities not identified as assets (—)
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets (—)
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Total identified to sectors as assets
41,383.6
45,331.1
50,248.3
55,542.8 r
53,140.9 r
53,074.8 r
55,542.8 r
56,671.4 r
58,232.1 r
58,577.8
61,619.3
22.1
8,495.7
3,640.4
21.4
10,255.8
3,833.2'
21.1
13,181.4
4,171.8
21.6
15,413.4
4,395.3
21.0
14,987.0
4,284.7
21.2
13,121.2
4,331.3
21.6
15,413.4
4,395.3
20.7
15,893.6
4,404.7'
20.8
17,018.0
4,488.7'
21.3
16,008.3
4,543.3
21.4
18,876.7
4,630.3
-8.2
-6.7
-7.4
-7.2
-8.0
-8.4
-5.8
-7.3
-8.0
431.4
547.6
565.1
547.2
583.7'
360.2
534.0
547.2
562.8
-10.6
-17.1
-15.4
-27.0
-10.6
-32.2
-27.0
-11.3
-9.0
90.9
153.1
216.8'
276.8'
86.4
207.2'
171.6'
207.2'
263.6'
76.7
95.8
102.2
103.4'
111.8'
62.4
93.5
103.4'
90.6'
- 1 , 0 0 0 . 3 ' -1,318.8' -1,636.8' -2,213.3' -1,907.9' -1,959.4' - 2 , 2 1 3 . 3 ' -2,382.4' -2,510.0'
-8.2
588.7
-13.0
294.0
94.4
-2,974.4
-9.7
592.1
-28.2
248.7
92.4
-2,953.8
-7.2
18.9
123.4'
-12.4
22.1
105.0'
-10.2
14.5
119.8
-9.8
22.3
204.8
78,340.3 r
81,201.2 r
81,045.3
86,988.9
3.1
34.2
198.2
53,812.5 r
-1.6
30.1
176.7
59,973.5 r
-8.1
26.2
199.5
68,300.6 r
1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
L.l and L.5. For ordering address, see inside front cover.
-3.9
23.1
168.0
76,576.3 r
-16.1
24.2
119.4
73,423.6 r
-12.0
15.7
98.9 r
71,543.7 r
-3.9
23.1
168.0
76,576.3 r
2. Excludes corporate equities and mutual fund shares.
A42
2.10
Domestic Nonfinancial Statistics • May 2000
NONFINANCIAL BUSINESS ACTIVITY
Selected Measures
Monthly data seasonally adjusted, and indexes 1992=100, except as noted
1999
Measure
1997
1998
2000
1999
June
1 Industrial production
1
July
Aug.
Sept.
Oct.
Nov/
Dec. r
Jan. r
Feb/
127.1
132.4
137.1
136.6
137.4
137.7
138.1
139.1
139.4
140.2
141.7
142.1
119.6
121.1
115.1
132.1
115.3
139.0
123.7
125.4
116.2
142.7
118.8
146.5
126.5
128.0
116.9
148.9
122.1
154.8
126.8
128.3
117.0
148.3
121.7
153.1
126.9
128.6
116.8
149.3
121.5
155.0
127.6
129.5
117.6
150.5
121.7
154.6
127.6
129.1
117.1
150.2
122.6
155.7
128.5
130.2
118.2
151.2
123.2
156.8
128.0
129.8
117.6
151.4
122.4
158.8
128.5
130.1
118.2
151.3
123.2
160.1
130.1
132.1
119.6
154.2
123.9
161.3
130.2
132.1
119.5
154.4
124.2
162.3
130.1
136.4
142.3
141.4
142.0
142.5
142.9
144.2
145.0
145.6
147.0
147.5
82.4
80.9
79.8
79.6
79.7
79.7
79.7
80.2
80.3
80.4
80.9
80.9
10 Construction contracts 3
144.1
161.1
176.0
186.0
181.0
166.0
172.0
172.0
172.0
171.0
174.0
175.0
11 Nonagricultural employment, total 4
12
Goods-producing, total
13
Manufacturing, total
14
Manufacturing, production workers
15
Service-producing
16 Personal income, total
17
Wages and salary disbursements
18
Manufacturing
19
Disposable personal income 5
20 Retail sales 5
120.3
101.2
98.3
99.6
126.5
175.4
171.3
144.6
172.9
170.1
123.4
102.7
98.8
99.8
130.0
185.7
184.4
152.4
181.7
178.5
126.2
102.3
97.0
97.8
133.8
196.6
197.0
156.9
191.9
194.4
126.0
102.1
96.8
97.5
133.6
196.4
196.3
156.8
191.8
192.6
126.3
102.3
97.1
98.0
134.0
197.0
197.8
158.2
192.1
194.5
126.5
101.9
96.7
97.4
134.3
197.9
198.6
158.0
193.4
197.1
126.6
102.1
96.7
97.4
134.4
198.1
199.5
158.6
193.0
197.1
126.9
102.1
96.6
97.3
134.7
200.5 r
200.7
159.7
195.6
197.7
127.1
102.4
96.6
97.4
135.0
201.3 r
201.3
158.8
196.4r
200.3
127.4
102.5
96.6
97.4
135.4
201.9 r
202.6 r
158.8r
196.7r
204.2
127.8
103.0
96.8
97.5
135.7
203.3
204.4
160.3
198.5
205.0
127.8
102.9
96.8
97.6
135.8
204.2
205.0
161.0
199.1
207.2
Prices6
21 Consumer (1982-84=100)
22 Producer finished goods (1982=100)
160.5
131.8
163.0
130.7
166.6
133.1
166.2
132.7
166.7
132.9
167.1
133.7
167.9
134.7
168.2
135.1
168.3
135.0
168.3
135.0
168.7
134.7
169.7
136.0
2
3
4
5
6
7
Market groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
Industry groupings
8 Manufacturing
9 Capacity utilization, manufacturing (percent) 2 . .
1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 1999. The recent annual revision is described in an article in the
March 2000 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Ratio of index of production to index of capacity. Based on data from the Federal
Reserve, U.S. Department of Commerce, and other sources.
2.11
3. Index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering, from McGraw-Hill Information Systems Company, F.W. Dodge
Division.
4. Based on data from the U.S. Department of Labor, Employment and Earnings. Series
covers employees only, excluding personnel in the armed forces.
5. Based on data from U.S. Department of Commerce, Survey of Current Business.
6. Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price
indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics,
Monthly Labor Review.
NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for series
mentioned in notes 3 and 6, can also be found in the Survey of Current Business.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
1999
Category
1997
1998
2000
1999
July
Aug.
Sept.
Oct.
Nov.
Dec/
Jan/
Feb.
1
HOUSEHOLD SURVEY DATA
1 Civilian labor force 2
Employment
2
Nonagricultural industries3
3
Agriculture
Unemployment
4
Number
5
Rate (percent of civilian labor force)
136,297
137,673
139,368
139,336
139,372
139,475
139,697
139,834
140,108
140,910
141,165
126,159
3,399
128,085
3,378
130,207
3,281
130,121
3,278
130,296
3,234
130,471
3,179
130,702
3,238
130,788
3,310
131,141
3,279
131,850
3,371
131,954
3,408
6,739
4.9
6,210
4.5
5,880
4.2
5,937
4.3
5,842
4.2
5,825
4.2
5,757
4.1
5,736
4.1
5,688
4.1
5,689
4.0
5,804
4.1
122,690
125,826
128,616
128,816
128,945
129,048
129,332
129,589
129,898
130,282
130,325
18,675
596
5,691
6,408
28,614
7,109
36,040
19,557
18,772
590
5,985
6,600
29,127
7,407
37,526
19,819
18,431
535
6,273
6,792
29,792
7,632
39,000
20,161
18,449
528
6,270
6,799
29,915
7,647
39,055
20,153
18,378
524
6,246
6,813
29,919
7.650
39,205
20,210
18,366
527
6,293
6,831
29,903
7,653
39,257
20,218
18,356
528
6,314
6,841
29,955
7,668
39,433
20,237
18,361
527
6,369
6,862
29,972
7,675
39,554
20,269
18,361
529
6,393
6,897
30,061
7,685
39,657
20,315
18,382
528
6,509
6,902
30,115
7,679
39,799
20,368
18,387
530
6,483
6,894
30,156
7,689
39,805
20,381
ESTABLISHMENT SURVEY D A T A
6 Nonagricultural payroll employment 4
7
8
9
10
11
12
13
14
Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government
1. Beginning January 1994, reflects redesign of current population survey and population
controls from the 1990 census.
2. Persons sixteen years of age and older, including Resident Armed Forces. Monthly
figures are based on sample data collected during the calendar week that contains the twelfth
day; annual data are averages of monthly figures. By definition, seasonality does not exist in
population figures.
3. Includes self-employed, unpaid family, and domestic service workers.
4. Includes all full- and part-time employees who worked during, or received pay for, the
pay period that includes the twelfth day of the month; excludes proprietors, self-employed
persons, household and unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this
time.
SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings.
Selected Measures
2.12
A43
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
1999
1999
1999
Series
Ql
Q2
Q4 r
Q3
Ql
Q2
Q3
Q4
Ql
Q4r
Q3
Capacity utilization rate (percent) 2
Capacity (percent of 1992 output)
Output (1992=100)
Q2
1 Total industry
134.6
136.1
137.7
139.6
167.3
169.2
170.7
172.3
80.4
80.5
80.7
81.0
2 Manufacturing
139.2
140.9
142.5
145.0
174.8
176.9
178.7
180.6
79.6
79.6
79.7
80.3
Primary processing 3
Advanced processing 4
122.2
148.1
122.5
150.5
123.4
152.5
125.4
155.2
147.4
188.6
148.2
191.4
149.0
193.7
149.8
196.1
82.9
78.5
82.7
78.6
82.8
78.7
83.7
79.2
6
7
8
9
10
11
12
13
Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
167.1
122.2
122.3
116.9
129.1
221.3
349.4
147.5
170.8
122.5
125.1
121.4
129.6
227.9
374.6
150.6
174.4
120.5
128.7
126.6
131.2
232.3
400.9
153.3
177.4
120.6
130.9
129.1
133.1
240.0
420.5
154.7
210.3
145.3
147.6
148.5
146.5
265.7
461.8
184.8
214.2
146.3
148.5
150.0
146.8
275.5
482.0
184.8
217.6
147.4
149.3
151.3
147.0
285.3
498.5
184.9
221.0
148.4
150.1
152.5
147.2
295.8
514.6
185.0
79.5
84.1
82.9
78.7
88.1
83.3
75.7
79.8
79.8
83.7
84.2
80.9
88.3
82.7
77.7
81.5
80.2
81.7
86.2
83.7
89.3
81.4
80.4
82.9
80.3
81.3
87.2
84.6
90.4
81.1
81.7
83.6
98.9
95.9
93.8
89.6
126.8
126.6
126.2
125.8
78.0
75.7
74.3
71.2
14
I5!
16
17
18
19
Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products
111.8
109.6
115.8
115.9
122.9
116.3
111.6
111.1
115.1
116.3
123.5
114.1
111.5
111.6
116.0
117.0
124.2
114.6
113.4
111.6
117.9
121.7
130.2
114.1
139.1
131.4
133.8
150.0
135.9
121.8
139.5
131.5
134.5
150.4
137.2
122.2
139.9
131.6
135.3
150.7
138.4
122.7
140.3
131.8
136.1
151.0
139.6
123.1
80.4
83.4
86.6
77.3
90.4
95.6
80.0
84.5
85.6
77.3
90.0
93.3
79.7
84.8
85.7
77.6
89.7
93.4
80.8
84.7
86.6
80.6
93.3
92.7
97.6
114.6
116.6
97.1
116.6
118.9
98.2
118.4
120.8
99.6
113.5
116.5
120.4
126.9
124.7
120.3
127.3
125.2
120.2
127.8
125.6
120.2
128.2
126.1
81.1
90.3
93.5
80.7
91.6
95.0
81.7
92.7
96.2
82.9
88.5
92.4
1973
1975
Previous cycle 5
High
Low
High
3
4
70 Mining
71 Utilities
Electric
22
Low
Latest cycle 6
High
Low
1999
Feb.
2000
1999
Sept.
Oct.
Nov.r
Dec. r
Jan. r
Feb. p
81.7
Capacity utilization rate (percent) 2
89.2
72.6
87.3
71.1
85.4
78.1
80.4
80.6
81.0
80.9
81.1
81.7
88.5
70.5
86.9
69.0
85.7
76.6
79.7
79.7
80.2
80.3
80.4
80.9
80.9
91.2
87.2
68.2
71.8
88.1
86.7
66.2
70.4
88.9
84.2
77.7
76.1
82.8
78.7
82.8
78.7
83.4
79.1
83.8
79.2
83.8
79.2
84.0
79.9
84.2
79.7
Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and
equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
89.2
88.7
100.2
105.8
90.8
68.9
61.2
65.9
66.6
59.8
87.7
87.9
94.2
95.8
91.1
63.9
60.8
45.1
37.0
60.1
84.6
93.6
92.7
95.2
89.3
73.1
75.5
73.7
71.8
74.2
79.3
84.2
81.4
77.1
86.7
80.0
81.0
85.8
83.0
89.3
80.3
81.4
86.1
82.1
91.1
80.3
80.7
87.4
85.7
89.4
80.3
81.6
88.2
86.2
90.7
81.1
82.3
88.1
85.7
91.2
81.0
81.8
88.4
86.3
90.9
96.0
89.2
93.4
74.3
64.7
51.3
93.2
89.4
95.0
64.0
71.6
45.5
85.4
84.0
89.1
72.3
75.0
55.9
83.4
75.2
80.0
81.6
79.8
84.1
81.6
81.1
84.2
81.1
81.3
84.2
80.7
82.8
82.5
81.8
84.9
84.6
81.3
85.0
83.9
78.4
67.6
81.9
66.6
87.3
79.2
78.3
73.1
71.9
71.2
70.5
70.2
69.6
Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products
87.8
91.4
97.1
87.6
102.0
96.7
71.7
60.0
69.2
69.7
50.6
81.1
87.5
91.2
96.1
84.6
90.9
90.0
76.4
72.3
80.6
69.9
63.4
66.8
87.3
90.4
93.5
86.2
97.0
88.5
80.7
77.7
85.0
79.3
74.8
85.1
80.7
84.1
86.7
77.7
92.0
96.0
79.9
84.1
86.4
77.8
90.5
93.3
80.6
85.5
86.9
79.4
94.0
93.2
81.0
84.5
86.7
81.3
95.4
91.7
81.0
84.0
86.3
81.0
90.3
93.3
81.1
85.6
86.3
80.7
91.5
92.6
81.3
84.9
86.9
81.4
94.8
93.4
94.3
96.2
99.0
88.2
82.9
82.7
96.0
89.1
88.2
80.3
75.9
78.9
88.0
92.6
95.0
87.0
83.4
87.1
80.9
88.7
92.1
81.8
92.0
95.2
82.6
89.9
92.8
83.0
86.5
91.8
83.1
89.1
92.6
83.7
91.3
94.2
91.9
94.5
1 Total industry
2 Manufacturing
3
4
6
7
8
9
10
11
12
13
14
15
16
17
18
19
3
Primary processing
Advanced processing 4
20 Mining
71 Utilities
22
Electric
1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 1999. The recent annual revision is described in an article in the
March 2000 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted
index of industrial production to the corresponding index of capacity.
83.3
3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic
materials', fertilizer materials; petroleum products: rubber and plastics; stone, clay, and glass;
primary metals; and fabricated metals.
4. Advanced processing includes foods; tobacco; apparel; furniture and fixtures; printing
and publishing; chemical products such as drugs and toiletries; agricultural chemicals; leather
and products; machinery; transportation equipment; instruments; and miscellaneous manufactures.
5. Monthly highs, 1978-80; monthly lows, 1982.
6. Monthly highs, 1988-89; monthly lows, 1990-91.
A44
2.13
Domestic Nonfinancial Statistics • May 2000
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
Group
1992
proportion
1999
2000
1999
avg.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.r
Dec. r
Jan.
Feb. p
Index (1992 = 100)
MAJOR MARKETS
1 Total index
100.0
137.1
134.5
135.1
135.5
136.2
136.6
137.4
137.7
138.1
139.1
139.4
140.2
141.7
142.1
2 Products
3
Final products
4
Consumer goods, total
Durable consumer goods
5
Automotive products
6
Autos and trucks
7
Autos, consumer
8
9
Trucks, consumer
Auto parts and allied goods . . . .
10
Other
11
12
Appliances, televisions, and air
conditioners
13
Carpeting and furniture
14
Miscellaneous home goods
15
Nondurable consumer goods
16
Foods and tobacco
Clothing
17
18
Chemical products
19
Paper products
20
Energy
21
Fuels
Residential utilities
22
60.5
46.3
29.1
6.1
2.6
1.7
.9
.7
.9
3.5
126.5
128.0
116.9
152.6
144.6
151.8
102.6
202.4
133.8
158.6
125.8
127.3
117.2
150.9
142.0
148.7
100.2
198.5
131.8
158.0
126.0
127.3
116.7
149.9
140.0
147.0
101.6
194.1
129.3
157.8
126.2
127.6
116.5
152.0
142.0
149.0
102.3
197.3
131.4
160.0
126.8
128.2
116.8
152.8
145.4
153.2
99.9
207.4
133.6
158.3
126.8
128.3
117.0
154.0
147.4
157.5
101.8
214.2
132.5
158.8
126.9
128.6
116.8
153.4
143.7
148.9
102.4
197.2
135.3
161.1
127.6
129.5
117.6
155.5
150.6
162.9
105.0
221.6
132.8
158.7
127.6
129.1
117.1
153.5
145.5
152.8
105.5
201.9
134.4
159.7
128.5
130.2
118.2
157.4
147.9
155.1
103.9
207.8
136.7
165.0
128.0
129.8
117.6
154.4
146.2
154.3
107.2
203.6
133.8
160.7
128.5
130.1
118.2
155.6
144.4
148.7
99.8
199.0
137.0
164.8
130.1
132.1
119.6
159.3
149.5
155.2
105.4
206.6
140.3
167.1
130.2
132.1
119.5
157.8
146.9
150.5
105.0
198.0
140.6
166.6
1.0
.8
1.6
23.0
10.3
2.4
4.5
2.9
2.9
.8
2.1
324.5
121.7
114.7
108.7
107.3
90.6
121.7
102.3
114.1
111.3
115.1
320.0
122.8
113.6
109.3
109.4
92.0
122.8
100.4
109.9
113.4
108.2
317.6
119.6
115.7
108.9
108.4
91.3
121.6
98.8
115.4
110.7
117.2
325.8
120.2
116.9
108.3
107.8
91.8
118.7
99.9
115.1
111.5
116.4
311.1
121.0
117.2
108.4
107.7
90.2
120.5
100.3
114.7
110.9
116.1
319.0
121.0
116.2
108.4
107.3
90.2
120.2
101.5
115.3
109.9
117.4
329.9
124.1
115.9
108.3
106.7
89.2
119.4
102.0
118.6
111.1
121.7
319.0
122.1
115.4
108.9
106.5
90.1
122.7
103.2
116.6
110.0
119.3
326.3
124.1
114.4
108.7
106.2
89.9
120.9
104.7
117.6
112.0
119.7
363.1
124.8
114.8
109.3
106.8
89.4
123.1
106.3
114.5
112.4
114.9
348.4
117.4
115.0
109.1
107.3
90.6
126.0
105.1
106.7
110.1
104.3
359.4
122.1
116.7
109.5
107.4
89.6
126.4
103.1
112.4
111.7
112.1
364.5
126.5
116.9
110.5
107.9
91.0
126.7
104.3
115.6
110.9
117.2
361.8
125.1
117.4
110.7
107.8
90.4
127.4
104.5
117.1
114.6
117.7
23
24
25
26
27
28
29
30
31
32
33
Equipment
Business equipment
Information processing and related
Computer and office equipment
Industrial
Transit
Autos and trucks
Other
Defense and space equipment
Oil and gas well drilling
Manufactured homes
17.2
13.2
5.4
1.1
4.0
2.5
1.2
1.3
3.3
.6
.2
148.9
171.6
248.6
840.1
135.3
126.7
131.4
131.3
74.4
106.8
155.2
144.9
166.3
224.5
703.1
135.8
131.2
128.9
139.9
75.4
97.4
169.2
145.9
167.5
229.2
736.1
135.2
129.5
129.0
143.0
75.6
100.8
168.8
147.0
169.4
236.9
773.0
136.0
129.4
130.7
135.7
75.1
97.2
164.7
148.4
171.2
244.3
805.8
135.3
128.9
131.2
134.0
75.2
99.8
161.3
148.3
171.2
248.2
830.2
133.7
128.2
132.2
130.2
74.6
100.1
158.9
149.3
172.6
253.8
851.9
135.4
127.5
131.2
123.8
74.5
102.0
151.5
150.5
173.9
259.9
892.8
133.6
128.1
135.3
123.2
74.7
107.1
151.3
150.2
173.7
261.3
926.9
133.9
124.0
132.0
126.4
73.6
111.3
144.4
151.2
174.8
265.6
950.5
134.9
122.3
133.4
125.1
73.7
115.7
142.6
151.4
175.0
266.7
970.0
134.6
121.2
134.2
127.5
73.0
121.3
139.3
151.3
174.9
270.1
985.6
134.9
116.6
127.8
126.8
72.4
124.3
138.3
154.2
179.4
278.8
1,016.1
138.5
119.3
135.7
125.6
70.6
125.5
138.5
154.4
179.6
282.3
1,041.5
138.2
116.6
133.1
125.1
70.2
127.7
134.3
34
35
36
Intermediate products, total
Construction supplies
Business supplies
14.2
5.3
8.9
122.1
133.4
115.4
121.3
132.5
114.7
121.6
131.7
115.6
121.7
131.3
116.1
122.3
132.9
116.1
121.7
132.6
115.3
121.5
133.2
114.6
121.7
132.9
115.1
122.6
134.1
115.8
123.2
135.4
115.9
122.4
134.3
115.2
123.2
135.0
116.2
123.9
136.6
116.4
124.2
137.4
116.4
37 Materials
38
Durable goods materials
Durable consumer parts
39
40
Equipment parts
41
Other
42
Basic metal materials
43
Nondurable goods materials
44
Textile materials
45
Paper materials
46
Chemical materials
47
Other
Energy materials
48
Primary energy
49
50
Converted fuel materials
39.5
20.8
4.0
7.6
9.2
3.1
8.9
1.1
1.8
3.9
2.1
9.7
6.3
3.3
154.8
198.9
150.7
360.9
131.4
121.8
114.5
101.0
117.0
117.2
113.5
101.7
99.2
107.2
148.7
189.2
148.4
324.4
129.8
116.8
112.4
100.2
115.6
112.8
114.4
101.7
99.1
106.7
150.3
191.9
149.9
331.5
130.9
119.8
112.7
101.2
116.3
113.6
113.3
102.4
99.1
108.9
150.8
193.1
147.7
340.5
130.4
120.1
112.8
101.8
116.5
114.2
111.9
102.2
97.3
111.7
151.7
194.3
148.4
345.0
130.4
119.9
113.8
101.8
115.3
116.0
114.2
102.2
98.3
109.9
153.1
197.2
150.5
355.2
130.6
122.6
114.2
101.2
117.7
116.9
112.0
101.6
98.9
106.8
155.0
200.3
153.9
364.6
131.1
122.8
114.5
101.2
116.3
117.7
113.0
102.9
100.2
108.0
154.6
199.9
147.2
369.0
131.6
123.3
114.4
101.1
116.3
117.4
113.2
102.3
100.3
106.1
155.7
202.3
156.0
371.4
131.2
122.1
114.7
100.3
118.6
117.7
112.5
101.8
99.6
106.1
156.8
203.4
153.7
377.5
131.7
123.5
117.4
102.3
118.5
122.0
114.9
101.5
98.8
106.5
158.8
206.7
154.8
386.8
133.4
125.6
119.1
103.3
119.3
125.1
114.9
101.6
100.1
104.1
160.1
209.6
154.8
398.8
134.1
126.4
118.3
100.9
118.5
123.3
116.9
101.9
99.8
105.9
161.3
212.0
155.4
406.8
134.9
126.2
117.3
99.3
117.7
122.5
115.7
103.0
100.5
107.7
162.3
213.7
157.0
414.0
134.8
126.1
118.7
99.6
118.8
124.8
116.2
102.3
99.0
108.9
97.1
95.1
137.0
136.4
134.4
133.9
135.1
134.6
135.4
134.9
136.1
135.6
136.4
135.9
137.3
136.7
137.4
137.1
138.0
137.2
138.9
138.3
139.3
138.7
140.3
139.6
141.6
141.0
142.1
141.5
98.2
27.4
26.2
131.1
115.1
117.3
129.1
115.5
118.0
129.5
115.1
116.9
129.7
114.8
116.7
130.2
114.8
117.0
130.6
114.8
117.2
131.2
115.0
116.6
131.4
115.2
117.7
131.5
115.2
117.1
132.4
116.3
118.7
132.7
115.6
118.8
133.3
116.5
118.8
134.6
117.7
120.0
134.9
117.9
119.8
12.0
176.1
170.6
171.9
173.8
175.7
175.7
177.4
178.3
178.5
179.5
179.7
180.3
184.4
184.9
12.1
29.8
143.7
171.9
142.4
163.6
142.6
165.5
143.4
166.3
144.2
167.4
143.6
169.5
144.4
171.6
144.6
171.3
143.6
173.0
144.0
174.7
143.7
177.4
143.2
179.0
146.8
180.2
146.3
181.8
SPECIAL AGGREGATES
51 Total excluding autos and trucks
52 Total excluding motor vehicles and parts
53 Total excluding computer and office
equipment
54 Consumer goods excluding autos and trucks .
55 Consumer goods excluding energy
56 Business equipment excluding autos and
trucks
57 Business equipment excluding computer and
office equipment
58 Materials excluding energy
Selected Measures
2.13
INDUSTRIAL PRODUCTION
Group
Indexes and Gross Value1—Continued
1992
proportion
SIC
code
A45
Mar.
Apr.
May
June
July
Aug
Sept.
Oct.
Nov.r
Feb.?
Dec
Index (1992 = 100)
MAJOR INDUSTRIES
100.0
137.1
134.5
135.1
135.5
136.2
136.6
137.4
137.7
138.1
139.1
139.4
140.2
141.7
142.1
85.4
26.5
58.9
142.3
123.3
151.8
139.3
122.1
148.4
139.7
122.4
148.8
140.2
122.2
149.6
141.0
122.5
150.7
141.4
122.7
151.2
142.0
123.3
151.8
142.5
123.4
152.6
142.9
123.6
153.1
144.2
124.8
154.5
145.0
125.6
155.2
145.6
125.8
156.0
147.0
126.3
157.9
147.5
126.7
158.4
" ' 24
25
45.0
2.0
1.4
172.8
121.6
125.4
166.8
122.3
124.6
168.1
121.7
125.8
169.4
121.5
123.8
170.8
123.9
124.4
172.2
122.2
124.4
173.8
121.5
125.7
174.4
120.2
126.4
175.0
119.7
127.9
176.5
120.5
127.0
177.4
119.8
125.2
178.5
121.4
126.9
181.3
122.5
125.8
181.9
122.1
126.6
32
33
331,2
331PT
333-6,9
34
2.1
3.1
1.7
.1
1.4
5.0
130.5
126.6
123.2
113.3
130.9
128.7
132.2
120.1
114.6
106.8
127.0
128.4
130.8
124.0
118.1
108.3
131.4
128.5
128.8
123.9
119.4
109.3
129.4
128.0
128.5
123.9
120.1
111.4
128.6
127.2
127.8
127.4
124.5
110.7
130.8
128.3
129.3
128.0
126.2
111.1
130.2
128.6
130.2
129.6
127.6
115.9
132.1
128.5
129.6
128.3
125.9
112.4
131.4
128.4
131.2
129.0
124.9
121.8
134.0
128.8
132.4
131.1
130.7
124.0
131.7
129.7
131.3
132.6
131.8
124.2
133.5
128.8
131.1
132.7
131.3
123.1
134.4
130.4
131.4
133.1
132.4
124.6
134.0
130.6
59 Total index
60 Manufacturing
Primary processing
61
62
Advanced processing
63
64
65
66
35
8.0
230.1
221.7
224.6
227.0
228.4
228.2
230.0
231.4
235.5
238.3
239.7
241.8
247.8
249.2
357
36
37
371
371PT
1.8
7.3
9.5
4.9
2.6
1,061.6
390.1
122.4
151.0
137.8
907.1
347.5
123.2
147.8
135.0
947.6
354.0
122.6
148.1
134.0
987.5
366.4
122.1
148.4
135.7
1,021.6
373.3
122.8
150.6
138.3
1,048.2
384.2
123.5
152.9
142.0
1,075.1
399.2
122.9
152.2
135.8
1,123.7
401.3
122.9
152.2
146.8
1,167.5
402.1
123.1
155.6
139.4
1,196.6
412.6
122.3
155.7
140.7
1,222.8
418.1
121.8
155.8
141.0
1,246.3
430.8
119.8
152.7
135.0
1,285.2
447.8
121.5
156.9
141.2
1,317.3
455.4
120.6
155.8
137.6
79
80
Durable goods
Lumber and products
Furniture and fixtures
Stone, clay, and glass
products
Primary metals
Iron and steel
Raw steel
Nonferrous
Fabricated metal products . .
Industrial machinery and
equipment
Computer and office
equipment
Electrical machinery
Transportation equipment. . .
Motor vehicles and parts .
Autos and light trucks .
Aerospace and
miscellaneous
transportation
equipment
Instruments
Miscellaneous
372-6,9
38
39
4.6
5.4
1.3
94.8
116.5
124.7
99.3
112.9
121.8
97.9
113.7
122.9
96.5
115.1
124.2
96.0
116.7
125.5
95.2
117.0
124.5
94.7
117.2
125.2
94.7
117.7
125.2
92.2
117.2
125.1
90.6
118.3
125.0
89.5
118.9
125.0
88.6
119.7
126.4
88.0
118.2
127.0
87.2
118.6
125.7
81
82
83
84
85
86
87
88
89
90
91
Nondurable goods
Foods
Tobacco products
Textile null products
Apparel products
Paper and products
Printing and publishing . . . .
Chemicals and products . . . .
Petroleum products
Rubber and plastic products .
Leather and products
20
21
22
23
26
27
28
29
30
31
40.4
9.4
1.6
1.8
2.2
3.6
6.7
9.9
1.4
3.5
.3
111.8
110.1
94.3
110.9
90.7
116.2
104.4
117.4
114.7
137.7
69.8
112.3
111.4
99.2
110.5
92.2
115.9
104.3
116.6
117.0
135.6
71.5
111.8
110.9
95.4
110.1
91.8
115.9
103.7
116.8
114.9
135.8
71.3
111.5
110.6
94.1
111.4
92.4
115.0
104.2
115.6
114.6
136.2
70.6
111.9
110.6
95.4
110.9
91.2
114.6
104.1
117.0
114.2
137.4
70.9
111.3
110.0
94.5
110.8
90.7
115.7
103.5
116.3
113.4
136.4
71.3
111.0
108.9
96.0
112.3
89.8
115.0
102.8
115.8
115.1
138.0
69.1
111.5
108.9
94.8
111.7
89.2
115.8
103.6
117.7
114.1
137.6
70.2
111.8
109.6
90.9
110.8
89.0
117.2
104.6
117.4
114.6
139.3
69.5
113.0
110.1
91.9
112.7
89.1
118.0
106.0
119.8
114.5
138.9
68.2
113.6
110.3
93.1
111.4
89.1
118.1
105.7
122.7
112.8
139.3
67.7
113.7
110.0
94.7
110.8
89.2
117.7
105.6
122.4
115.0
141.4
65.2
113.9
110.1
96.7
113.0
89.7
117.8
105.5
122.1
114.1
142.6
68.1
114.2
110.6
94.6
112.0
89.8
118.8
105.3
123.3
115.3
141.8
66.4
10
12
13
14
6.9
.5
1.0
4.8
.6
98.0
97.2
108.1
92.5
124.4
97.4
101.3
108.9
90.7
127.1
97.5
98.5
103.9
92.1
126.6
96.7
100.5
107.3
90.8
121.8
97.4
100.2
106.1
91.8
123.9
97.1
98.9
107.0
91.4
123.3
97.8
96.2
110.0
92.3
120.5
98.5
93.0
110.7
93.2
123.0
98.3
91.4
109.4
93.0
125.5
99.2
94.2
108.8
94.0
126.3
99.7
94.5
110.0
94.5
125.0
99.8
95.8
109.5
95.0
122.7
100.5
95.8
106.3
96.6
121.7
99.8
93.5
101.9
95.8
127.9
491,493PT
492,493PT
7.7
6.2
1.6
115.7
118.2
105.4
112.6
114.9
102.5
116.8
119.1
106.4
116.3
118.6
105.7
116.1
118.4
105.8
117.4
119.6
107.5
119.8
122.6
107.4
117.8
120.0
108.2
117.7
119.8
108.5
115.2
116.9
107.9
110.9
115.8
88.2
114.3
116.9
102.6
117.3
119.1
109.9
118.1
119.6
111.6
80.5
141.7
138.9
139.3
139.8
140.5
140.8
141.4
142.0
142.3
143.6
144.5
145.3
146.5
147.1
83.6
135.3
133.0
133.1
133.4
134.1
134.3
134.8
135.1
135.3
136.5
137.1
137.6
138.8
139.1
676.0
700.3
731.6
67
68
69
70
71
72
73
74
75
76
77
78
92 Mining
93
Metal
94
Coal
95
Oil and gas extraction
96
Stone and earth minerals
97 Utilities
98 Electric
99 Gas
SPECIAL AGGREGATES
100 Manufacturing excluding motor
vehicles and parts
101 Manufacturing excluding
computer and office
equipment
102 Computers, communications
equipment, and
semiconductors
103 Manufacturing excluding
computers and
semiconductors
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors
5.9
794.1
753.3
780.5
812.1
830.4
843.0
863.9
887.7
917.1
959.9
984.6
81.1
121.6
121.1
121.0
120.9
121.3
121.2
121.3
121.6
121.7
122.6
122.9
122.9
123.9
123.9
79.5
119.3
119.1
118.9
118.7
119.1
118.9
118.9
119.1
119.3
120.1
120.4
120.5
121.1
121.1
Gross value (billions of 1992 dollars, annual rates)
Major Markets
105 Products, total
2,001.9
2,726.1
2,699.9
2,701.8
2,710.2
2,721.9
2,723.6
2,726.1
2,742.0
2,740.2
2,762.6
2,740.0
2,751.0
2,792.2
2,793.7
2,100.3
2,102.8
2,118.5
2,112.5
2,132.5
2,115.8
2,120.8
2,157.5
2,158.2
1,295.1
806.7
622.1
1,292.4
812.3
622.0
1,301.3
819.0
622.4
1,297.0
817.5
626.4
1,311.7
822.5
628.9
1,294.7
823.4
623.0
1,302.4
820.3
628.9
1,319.3
840.7
633.5
1,320.8
839.8
634.3
106 Final
1,552.1
2,101.5
2,079.5
2,080.1
2,087.2
2,095.3
107 Consumer goods
108 Equipment
109 Intermediate
1,049.6
502.5
449.9
1,295.0
808.1
623.4
1,292.3
788.1
619.1
1,287.9
793.3
620.4
1,288.4
800.1
621.7
1,290.1
806.7
625.2
1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 1999. The recent annual revision is described in an article in the
March 2000 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Standard industrial classification.
A46
2.14
Domestic Nonfinancial Statistics • May 2000
HOUSING AND CONSTRUCTION
Monthly figures at seasonally adjusted annual rates except as noted
1999
Item
1997
1998
2000
1999'
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.r
Dec. r
Jan.
Private residential real estate activity (thousands of units except as noted)
N E W UNITS
1
2
3
4
b
6
/
8
9
10
11
12
13
Permits authorized
One-family
Two-family or more
Started
One-family
Two-family or more
Under construction at end of period1
One-family
Two-family or more
Completed
One-family
Two-family or more
Mobile homes shipped
1,441
1,062
379
1.474
1,134
340
833 r
570
264
1,404r
1,120
285
354
1,612
1,188
425
1,617
1,271
346
935
637 r
297
1,473
1,158
315
374
1,640
1,232
408
1,667
1,335
332
1,022
704
318
1,634
1,306
328
348
1,572
1,214
358
1,561
1,248
313
l,026 r
704 r
322 r
l,635 r
l,325 r
310 r
368
1,591
1,243
348
1,649
1,368
281
1,026r
706 r
320 r
1,680r
l,355 r
325 r
365
1,641
1,241
400
1,562
1,269
293
l,013 r
698 r
315
l,657 r
l,336 r
321r
355
1,641
1,247
394
1,704
1,348
356
l,017 r
702 r
315 r
1,619'
l,262 r
357r
336
1,619
1,210
409
1,657
1,285
372
1,026
706 r
320 r
l,581 r
l,251 r
330 r
340
1,506
1,171
335
1,628
1,290
338
1,021
702 r
319 r
1,642r
l,307 r
335 r
320
1,594
1,178
416
1,636
1,343
293
1,020r
706 r
314
l,608 r
l,274 r
334r
321
1,612
1,200
412
1,663
1,344
319
1,022
708
314
1,653
1,345
308
316
1,622
1,228
394
1,769
1,441
328
1,028
712
316
1,644
1,315
329
304
1,772
1,318
454
1,758
1,363
395
1,041
720
321
1,556
1,258
298
307
804
287
886
300
907
327
930 r
301 r
896r
305 r
948 r
305 r
936 r
306 r
914 r
307
848r
311
906 r
314R
886
318
921
321
882
326
146.0
176.2
152.5
181.9
160.0
194.9
160.0
191.4
154.8
188.2
158.3
193.4
157.9
188.8
154.9
193.3
162.0
194.4
160.0r
200.3 r
170.7
211.5
164.0
203.8
154.4
194.8
18 Number sold
4,382 r
4,970
5,197
5,240 r
5,040 r
5,590 r
5,310 r
5,300 r
5,150 r
4,880 r
5,150
5,140
4,450
Price of units sold (thousands
of dollars)2
19 Median
20 Average
121.8
150.5
128.4
159.1
133.3
168.3
130.7
163.8
132.8
167.4
136.9
174.2
136.0
171.9
137.4
174.3
134.4
170.2
132.5
167.2
133.2
168.9
133.7
168.8
132.2
168.9
Merchant builder activity in
one-family units
14 Number sold
15 Number for sale at end of period1
Price of units sold (thousands
of dollars)2
16 Median
17 Average
EXISTING UNITS ( o n e - f a m i l y )
Value of new construction (millions of dollars) 3
CONSTRUCTION
21 Total put in place
617,877
664,451
706,216
704,582
698,461
698,852
701,961
698,439
698,168
701,933
716,458
731,832
751,764
22 Private
23
Residential
24
Nonresidential
25
Industrial buildings
26
Commercial buildings
2/
Other buildings
28
Public utilities and other
474,842
265,908
208,933
31,355
86,190
37,198
54,190
518,987
293,569
225,418
32,308
95,252
39,438
58,421
547,282
321,746
225,536
26,621
103,028
38,734
57,153
547,885
322,213
225,672
26,217
102,180
39.737
57,538
546,880
321,803
225,077
24,975
104,134
38,876
57,092
546,931
320,913
226,018
25,465
104,457
38,592
57,504
545,992
320,350
225,642
26,246
103,355
38,412
57,629
541,793
319,656
222,137
25,703
102,407
37,791
56,236
540,939
320,048
220,891
25,566
102,728
37,727
54,870
543,796
322,658
221,138
25,268
102,454
38,436
54,980
549,331
325,734
223,597
26,036
104,182
37,726
55,653
556,327
330,133
226,194
26,063
103,485
38,393
58,253
569,007
338,234
230,773
26,116
107,929
38,946
57,782
29 Public
30
Military
31
Highway
32
Conservation and development
Other
33
143,035
2,559
44,295
5,576
90,605
145,464
2,588
45,067
5,487
92,322
158,934
2,133
50,749
6,174
99,878
156,697
2,268
50,897
6,016
97,516
151,581
2,128
48,542
5,101
95,810
151,921
2,137
45,518
5,845
98,421
155,969
2,275
47,822
5,820
100,052
156,646
1,682
48,182
6,598
100,184
157,229
1,947
49,031
6,268
99,983
158,137
2,092
46,988
6,305
102,752
167,128
1,946
54,061
6,683
104,438
175,505
2,380
59,434
6,970
106,721
182,757
1. Not at annual rates.
2. Not seasonally adjusted.
3. Recent data on value of new construction may not be strictly comparable with data for
previous periods because of changes by the Bureau of the Census in its estimating techniques.
For a description of these changes, see Construction Reports (C-30-76-5), issued by the
Census Bureau in July 1976.
1,848
66,242
6,465
108,202
SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, which are
private, domestic shipments as reported by the Manufactured Housing Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices of existing units, which are
published by the National Association of Realtors. All back and current figures are available
from the originating agency. Permit authorizations are those reported to the Census Bureau
from 19,000 jurisdictions beginning in 1994.
Selected Measures
2.15
A47
CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data except as noted
Change from 12
months earlier
Change from 3 months earlier
(annual rate)
Item
Change from 1 month earlier
1999
1999
Feb.
Index
level,
Feb.
2000
2000
1999
2000
Feb.
Mar.
June
Sept.
Dec.
Oct.
Nov.
Dec.
Jan.
Feb.
CONSUMER PRICES2
(1982-84=100)
1 All items
1.6
3.2
1.7
2.7
3.9
2.4
.2
.2
.2
.2
.5
169.7
2.4
-5.7
2.1
.7
2.8
1.8
19.9
2.1
.3
2.8
1.7
4.5
1.4
-2.7
2.9
1.5
16.5
2.1
1.7
2.3
2.5
26.0
2.5
2.5
2.5
2.2
7.8
1.8
-.6
3.1
.2
.0
.2
.1
.2
.2
.1
.2
-.2
.4
.1
1.8
.1
-.1
.2
-.1
1.0
.2
-.2
.3
.4
4.6
.2
.0
.3
166.3
116.7
179.4
144.2
199.5
7 Finished goods
8
Consumer foods
Consumer energy
9
10
Other consumer goods
11
Capital equipment
.5
.4
-7.6
3.6
.1
4.0
1.3
24.7
1.5
.3
1.5
2.7
8.6
-.8
-.3
2.5
-.6
22.4
.8
.0
6.8
3.3
37.6
3.8
.3
1.2
-1.8
6.9
1.1
1.2
.0
-,3r
— ,4r
.2
.2
.2
-.f
1.7r
.0
-.1
.1
.0
.4
.1
.1
.0
.1
.7
-.4
.1
1.0
.4
5.2
.5
.0
136.0
135.9
87.4
153.6
138.4
Intermediate materials
12 Excluding foods and feeds
13 Excluding energy
-2.6
-1.8
5.6
2.7
.7
-.9
5.7
2.8
6.6
3.4
4.2
2.4
,2r
.2
,5r
.1
.4
.2
.4
.3
.8
.2
127.7
135.4
-6.6
-18.0
-13.1
-.6
73.8
15.4
10.2
-21.1
2.2
-7.7
163.8
7.0
3.7
134.4
22.6
-4.0
-24.3
24.5
.R
1.0 R
-7.01
2.4 r
9.9 r
l.lr
-2.1
-8.7
2.0
.7
4.4
3.2
.7
10.0
-.2
97.6
102.2
151.0
2 Food
3 Energy items
4 All items less food and energy
Commodities
5
6
Services
PRODUCER PRICES
(1982=100)
Crude materials
14 Foods
15 Energy
16 Other
1. Not seasonally adjusted.
2. Figures for consumer prices are for all urban consumers and reflect a rental-equivalence
measure of homeownership.
SOURCE. U.S. Department of Labor, Bureau of Labor Statistics.
A48
2.16
Domestic Nonfinancial Statistics • May 2000
GROSS DOMESTIC PRODUCT AND INCOME
Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
1998
Account
1997
1998
1999
1999
Q4
QL
Q2
Q3
Q4
GROSS DOMESTIC PRODUCT
1 Total
8,300.8
8,759.9
9,254.6
8,947.6
9,072.7
9,146.2
9,297.8
9,501.6
By source
2 Personal consumption expenditures
3
Durable goods
4
Nondurable goods
Services
5,524.4
642.9
1,641.7
3,239.8
5,848.6
698.2
1,708.9
3,441.5
6,257.3
758.6
1,842.7
3,656.0
5,973.7
722.8
1,742.9
3,508.0
6,090.8
739.0
1,787.8
3,564.0
6,200.8
751.6
1,824.8
3,624.3
6,303.7
761.8
1,853.9
3,688.0
6,434.2
782.0
1,904.3
3,747.9
6 Gross private domestic investment
7
Fixed investment
8
Nonresidential
y
Structures
10
Producers' durable equipment
ii
Residential structures
1,383.7
1,315.4
986.1
254.1
732.1
329.2
1,531.2
1,460.0
1,091.3
272.8
818.5
368.7
1,622.9
1,577.8
1,166.5
272.7
893.8
411.3
1,580.3
1,508.9
1,121.4
278.0
843.4
387.5
1,594.3
1,543.3
1,139.9
274.7
865.2
403.4
1,585.4
1,567.8
1,155.4
272.5
882.9
412.4
1,635.0
1,594.2
1,181.6
272.1
909.5
412.7
1,676.9
1,605.8
1,189.2
271.5
917.7
416.6
68.3
65.6
71.2
70.9
45.1
41.7
71.4
56.2
51.0
40.9
17.6
12.8
40.8
40.1
71.1
73.0
14 Net exports of goods and services
li
Exports
16
Imports
-88.3
968.0
1,056.3
-149.6
966.3
1,115.9
-255.5
997.4
1,252.9
-161.2
981.8
1,143.1
-201.6
966.9
1,168.5
-245.8
978.2
1,224.0
-278.2
1,008.5
1,286.6
-296.4
1,036.2
1,332.6
17 Government consumption expenditures and gross investment
18
Federal
State and local
19
1,481.0
537.8
943.2
1,529.7
538.7
991.0
1,629.8
570.5
1,059.3
1,554.8
546.7
1,008.1
1,589.1
557.4
1,031.8
1,605.9
561.6
1,044.3
1,637.2
569.8
1,067.4
1,687.0
593.2
1,093.8
By major type of product
20 Final sales, total
21
Goods
Durable
22
23
Nondurable
24
Services
25
Structures
8,232.4
3,074.1
1,424.8
1,649.3
4,434.7
723.7
8,688.7
3,239.1
1,528.9
1,710.3
4,664.6
785.1
9,209.4
3,437.7
1,619.3
1,818.5
4,930.5
841.2
8,876.2
3,318.4
1,571.4
1,747.0
4,747.9
809.9
9,021.6
3,365.6
1,584.3
1,781.3
4,820.7
835.3
9,128.6
3,406.6
1,601.7
1,804.9
4,885.5
836.5
9,257.0
3,453.2
1,631.1
1,822.2
4,963.7
840.1
9,430.5
3,525.5
1,660.0
1,865.5
5,052.1
852.9
68.3
35.6
32.8
71.2
39.0
32.3
45.1
26.2
19.0
71.4
38.6
32.8
51.0
24.1
27.0
17.6
6.3
11.4
40.8
23.0
17.8
71.1
51.4
19.7
8,165.1
8,516.3
8,867.0
8,659.2
8,737.9
8,778.6
8,900.6
9,050.9
30 Total
6,634.9
7,036.4
n.a.
7,193.8
7,334.5
7,423.1
7,522.1
n.a.
31 Compensation of employees
32
Wages and salaries
33
Government and government enterprises
34
Other
35
Supplement to wages and salaries
Employer contributions for social insurance
36
37
Other labor income
4,675.7
3,884.7
664.4
3,220.3
791.0
290.1
500.9
5,011.2
4,189.5
692.8
3,496.7
821.7
306.0
515.7
5,331.8
4,472.4
726.5
3,745.9
859.4
323.6
535.8
5,134.7
4,300.8
702.8
3,598.0
833.9
311.8
522.1
5,217.7
4,371.5
715.8
3,655.7
846.2
318.3
528.0
5,287.1
4,432.6
721.3
3,711.3
854.5
321.5
533.0
5,373.6
4,509.4
730.3
3,779.1
864.2
325.7
538.5
5,448.8
4,576.0
738.6
3,837.4
872.8
329.1
543.7
578.6
549.1
29.5
606.1
581.0
25.1
658.5
627.1
31.4
637.1
596.0
41.1
639.9
607.5
32.5
655.3
621.2
34.1
654.0
633.0
21.0
684.8
646.6
38.2
12
13
Change in business inventories
Nonfarm
26 Change in business inventories
27
Durable goods
Nondurable goods
28
MEMO
29 Total GDP in chained 1996 dollars
NATIONAL INCOME
38 Proprietors' income 1
39
Business and professional 1
Farm 1
40
41 Rental income of persons 2
130.2
137.4
145.9
147.0
148.6
148.8
139.0
147.1
42 Corporate profits 1
Ptofits before tax 3
43
44
Inventory valuation adjustment
Capital consumption adjustment
45
837.9
795.9
7.4
34.6
846.1
781.9
20.9
43.3
n.a.
n.a.
n.a.
52.0
834.3
766.7
20.8
46.9
882.0
818.1
13.3
50.6
875.5
835.8
-13.6
53.2
879.2
853.8
-26.7
52.1
n.a.
n.a.
n.a.
52.0
46 Net interest
412.5
435.7
n.a.
440.8
446.3
456.4
476.3
n.a.
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
3. For after-tax profits, dividends, and the like, see table 1.48.
SOURCE. U.S. Department of Commerce, Survey of Current Business.
Selected Measures
2.17
A49
PERSONAL INCOME AND SAVING
Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
1999
1998
Account
1997
1999 r
1998
Q4
Q3
Q2
Qi
Q4 r
PERSONAL INCOME AND SAVING
1 Total personal income
6,951.1
7,358.9
7,791.0
7,530.8
7,630.2
7,732.6
7,831.4
7,969.6
2 Wage and salary disbursements
Commodity-producing industries
4
Manufacturing
Distributive industries
5
6
Service industries
7
Government and government enterprises
3,888.9
975.5
718.8
879.1
1,369.8
664.4
4,186.0
1,038.7
757.5
944.6
1,509.9
692.8
4,472.4
1,082.4
779.7
1,005.8
1,657.7
726.5
4,297.3
1,056.6
765.6
969.9
1,568.0
702.8
4,371.5
1,062.9
767.0
986.3
1,606.6
715.8
4,432.6
1,075.1
774.8
997.6
1,638.5
721.3
4,509.4
1,090.2
786.4
1,013.4
1,675.5
730.3
4,576.0
1,101.3
790.6
1,025.7
1,710.4
738.6
Other labor income
Proprietors' income
Business and professional'
Farm
Rental income of persons 2
Dividends
Personal interest income
1 5 Transfer payments
16
Old age survivors, disability, and health insurance benefits
500.9
578.6
549.1
29.5
130.2
333.4
854.9
962.4
565.8
515.7
606.1
581.0
25.1
137.4
348.3
897.8
983.6
578.1
535.8
658.5
627.1
31.4
145.9
364.3
930.5
1,018.1
596.4
522.1
637.1
596.0
41.1
147.0
351.9
906.4
991.0
581.1
528.0
639.9
607.5
32.5
148.6
356.1
907.4
1,007.8
588.9
533.0
655.3
621.2
34.1
148.8
361.2
920.5
1,013.6
593.0
538.5
654.0
633.0
21.0
139.0
367.0
938.8
1,021.3
599.0
543.7
684.8
646.6
38.2
147.1
373.1
955.5
1,029.8
604.7
17
298.1
315.9
334.6
322.0
328.9
332.3
336.7
340.4
7,630.2
7,732.6
7,831.4
7,969.6
8
9
10
11
12
n
14
LESS: Personal contributions for social insurance
6,951.1
18 EQUALS: Personal income
19
LESS: Personal tax and nontax payments
7,358.9
7,791.0
7,530.8
968.3
1,072.6
1,151.9
1,113.0
1,124.8
1,139.4
1,160.4
1,183.2
6,593.2
6,671.0
6,786.5
20 EQUALS: Disposable personal income
5,982.8
6,286.2
6,639.0
6,417.8
6,505.4
21
5,711.7
6,056.6
6,483.5
6,190.3
6,310.3
6,425.2
6,531.5
6,666.8
139.5
119.6
LESS: Personal outlays
271.1
229.7
155.5
227.5
195.1
168.0
30,466.7
20,275.2
21,954.0
31,471.8
21,059.2
22,636.0
32,456.0
21,965.4
23,309.0
31,882.1
21,339.3
22,924.0
32,112.7
21,640.6
23,110.0
32,179.8
21,854.1
23,239.0
32,543.4
22,059.5
23,343.0
33,008.2
22,320.5
23,542.0
4.5
3.7
2.3
3.5
3.0
2.5
2.1
1.8
27 Gross saving
1,521.3
1,646.0
n.a.
1,685.4
1,727.8
1,709.5
1,735.6
n.a.
28 Gross private saving
1,362.0
1,371.2
n.a.
1,382.3
1,389.4
1,359.3
1,355.7
n.a.
119.6
n.a.
n.a.
22 EQUALS: Personal saving
MEMO
Per capita (chained 1996 dollars)
Gross domestic product
24 Personal consumption expenditures
25 Disposable personal income
?3
26 Saving rate (percent)
GROSS SAVING
?9 Personal saving
30 Undistributed corporate profits'
31 Corporate inventory valuation adjustment
271.1
265.9
7.4
229.7
257.2
20.9
155.5
n.a.
n.a.
227.5
246.5
20.8
195.1
277.6
13.3
168.0
259.5
-13.6
139.5
252.4
-26.7
Capital consumption
Corporate
33 Noncorporate
579.4
249.8
619.2
261.5
666.3
278.9
637.1
267.7
645.8
271.0
657.2
274.6
676.5
287.2
685.8
282.8
159.3
37.7
86.6
-48.8
121.5
94.0
27.5
274.8
134.3
87.4
46.9
140.5
98.8
41.7
n.a.
n.a.
90.9
n.a.
n.a.
105.1
n.a.
303.0
147.8
88.1
59.7
155.2
101.1
54.2
338.3
187.2
89.6
97.6
151.1
102.4
48.7
350.2
208.3
90.2
118.1
141.9
104.3
37.6
379.9
225.1
91.2
133.8
154.8
106.0
48.9
n.a.
n.a.
92.4
n.a.
n.a.
107.8
n.a.
1,518.1
1,598.4
1,623.0
1,628.4
1,574.0
1,594.4
1,580.3
272.6
-229.9
1,594.3
289.8
-255.7
1,585.4
292.2
-303.7
1,635.0
295.7
-336.3
1,676.9
312.8
n.a.
-62.4
-99.4
-135.5
-141.2
n.a.
allowances
3?
34 Gross government saving
35
Federal
36
Consumption of fixed capital
37
Current surplus or deficit (—), national accounts
38
State and local
39
Consumption of fixed capital
40
Current surplus or deficit ( - ) , national accounts
41 Gross investment
42 Gross private domestic investment
43 Gross government investment
44 Net foreign investment
45 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
1,383.7
258.1
-123.7
1,531.2
268.7
-201.5
-3.2
-47.6
n.a.
1,622.9
297.6
n.a.
n.a.
SOURCE. U.S. Department of Commerce, Survey of Current
Business.
n.a.
A50
3.10
International Statistics • May 2000
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 seasonally adjusted except as noted 1
1999
1998
Item credits or debits
1997
1999
1998
Q4
1 Balance on current account
Balance on goods and services
?
3
Exports
Imports
4
5
Income, net
6
Investment, net
Direct
7
Portfolio
8
9
Compensation of employees
Unilateral current transfers, net
10
11 Change in U.S. government assets other than official
reserve assets, net (increase, —)
-143,465
-104,730
938,543
-1,043,273
3,231
8,185
69,220
-61,035
-4,954
-41,966
-220,562
-164,282
933,907
-1,098,189
-12,205
-6,956
59,405
-66,361
-5,249
-44,075
-338,918
-267,548
960,088
-1,227,636
-24,789
-19,186
58,433
-77,619
-5,603
-46,581
Ql
Q2
Q3
Q4 P
-61,669
-43,262
236,904
-280,166
-4,933
-3,571
14,558
-18,129
-1,362
-13,474
—68,902 r
-54,177r
231,567 r
—285,744'
—4,419 r
—3,029 r
14,757 r
— 17,786 r
— l,390 r
-10,306r
-81,157r
—65,290 r
234,174 r
-299,464'
—4,692 r
-3,308r
13,913 r
-17,221r
- l,384 r
— ll,175r
-89,085
-72,588
243,254
-315,842
-5,289
-3,887
16,543
-20,430
-1,402
-11,208
-99,779
-75,496
251,092
-326,588
-10,391
-8,964
13,218
-22,182
-1,427
-13,892
68
-429
-365
-50
119
-392
-686
594
-1,010
0
-350
-3,575
2,915
-6,784
0
-149
-5,118
-1,517
8,749
0
12
5,485
3,252
-2,369
0
-227
-1,924
-218
4,068
0
563
3
3,502
1,159
0
-190
1,413
-64
1,950
0
-185
2,268
-133
1,572
0
-176
1,801
-53
-464,354
-144,822
-120,403
-89,174
-109,955
-285,605
-24,918
-25,041
-102,817
-132,829
-380,951
-61,424
-69,493
-97,882
-152,152
-48,188
37,192
16,202
-70,809
-30,773
-114,652
-8,799
-24,066
-34,431
-47,356
-90,988
-37,877
-14,758
-7,004
-31,349
22 Change in foreign official assets in United States (increase, + )
73
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities 3
26
Other U.S. liabilities reported by U.S. banks'
27
Other foreign official assets 4
18,119
-6,690
4,529
-1,798
22,286
-208
-21,684
-9,957
6,332
-3,113
-11,469
-3,477
44,570
12,073
20,350
-3,698
14,937
908
24,352
31,836
1,562
-1,054
-7,133
-859
4,708
800
5,993
-1,594
-589
98
-628
-6,708
5,792
-647
1,437
-502
11,881
12,963
1,835
-1,070
-2,032
185
28,609
5,018
6,730
-387
16,121
1,127
28 Change in foreign private assets in United States (increase, + )
29
U.S. bank-reported liabilities*
30
U.S. nonbank-reported liabilities
Foreign private purchases of U.S. Treasury securities, net
31
37
U.S. currency flows
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net
733,542
149,026
107,779
146,433
24,782
196,258
109,264
524,321
40,731
9,412
46,155
16,622
218,026
193,375
706,195
67,713
29,411
-21,756
22,407
325,913
282,507
125,453
-21,811
-53,210
24,391
6,250
49,328
120,505
84,260 r
-14,184
20,188
-8,781
2,440
61,540
23,057 r
275,007 r
34,938
8,871
-5,407
3,057
79,067
154,481 r
195,854
22.629
3,475
9,639
4,697
94,573
60,841
151,077
24,330
-3,123
-17,207
12,213
90,733
44,131
292
-143,192
617
10,126
-172
-39,108
-143,192
10,126
-39,108
166
-37,695
4,144
-41,839
166
—4,838 r
5,650 r
-10,488
178
—38,441 r
662 r
-39,103
175
-5,437
-9,615
4,178
-691
9,606
3,301
6,305
12 Change in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
Foreign currencies
16
17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims 3
Nonbank-reported claims
19
20
U.S. purchases of foreign securities, net
21
U.S. direct investments abroad, net
35 Capital account transactions, net 5
36 Discrepancy
37
Due to seasonal adjustment
Before seasonal adjustment
38
- 19,581 r
27,771
-13,853
8,132
-41,631r
— 155,726 r
-42,519
-16,816
-64,579
-31,812r
MEMO
Changes in official assets
39 U.S. official reserve assets (increase, —)
40 Foreign official assets in United States, excluding line 25
(increase, + )
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
-1,010
-6,784
8,749
-2,369
4,068
1,159
1,950
1,572
19,917
-18,571
48,268
25,406
6,302
19
12,951
28,996
12,124
-11,499
968
2,057
2,058
1,966
-983
-2,073
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and
1.
2. Reporting banks included all types of depository institutions as well as some brokers
and dealers.
3. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
4. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.
Summary Statistics
3.11
A51
U.S. FOREIGN TRADE 1
Millions of dollars; monthly data seasonally adjusted
1999 r
Item
1997
1998
2000
1999
July
Sept.
Aug.
Nov.
Oct.
Jan. p
Dec.
1 Goods and services, balance
2
Merchandise
3
Services
-104,731
-196,652
91,921
-164,282
-246,932
82,650
-271,310
-347,130
75,820
-25,295
-31,482
6,187
—23,747
-30,192
6,445
-23,548
-30,271
6,723
-24,935
-31,876
6,941
-25,974
-32,869
6,895
-24,610
-31,494
6,884
-28,003
-34,740
6,737
4 Goods and services, exports
Merchandise
5
6
Services
938,543
679,715
258,828
933,907
670,246
263,661
958,491
683,021
275,470
78,798
55,795
23,003
82,188
59,044
23,144
82,266
58,839
23,427
82,711
58,832
23,879
83,021
59,184
23,837
85,562
61,942
23,620
84,064
60,426
23,638
7 Goods and services, imports
8
Merchandise
9
Services
-1,043,273
-876,366
-166,907
—1,098,189
-917,178
-181,011
-1,229,802
-1,030,152
-199,650
-104,093
-87,277
-16,816
-105,935
-89,236
-16,699
-105,814
-89,110
-16,704
-107,646
-90,708
-16,938
-108,995
-92,053
-16,942
-110,172
-93,436
-16,736
-112,067
—95,166
-16,901
1. Data show monthly values consistent with quarterly figures in the U.S. balance of
payments accounts.
3.12
SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of
Economic Analysis.
U.S. RESERVE ASSETS
Millions of dollars, end of period
1999
Asset
1996
1997
2000
1998
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar. p
75,090
1 Total
2 Gold stock, including Exchange
Stabilization Fund 1
3 Special drawing rights 2 ' 3
4 Reserve position in International Monetary
Fund 2
5 Foreign currencies 4
69,954
81,755
72,649
73,414
73,230
72,318
71,516
69,898
69,309
70,789
11,049
10,312
11,050
10,027
11,041
10,603
11,046
10,152
11,047
10,284
11,049
10,232
11,049
10,326
11,089
10,336
11,048
10,199
11,048
10,277
11,048
10,335
15,435
38,294
18,071
30,809
24,111
36,001
19,885
31,566
19,978
32,105
19,571
32,378
18,707
32,236
17,950
32,182
17,710
30,941
17,578
30,406
17,871
31,535
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
3.13
SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS 1
Millions of dollars, end of period
2000
1999
Asset
1996
1997
1998
Aug.
1 Deposits
Held in custody
2 U.S. Treasury securities 2
3 Earmarked gold 3
Oct.
Nov.
Dec.
Jan.
Feb.
Mar. p
167
457
167
166
243
189
501
71
82
87
125
638,049
11,197
620,885
10,763
607,574
10,343
626,669
10,271
634,086
10,155
621,351
10,114
629,430
10,015
632,482
9,933
627,326
9,866
631,421
9,771
641,830
9,711
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
Sept.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.
A52
3.15
International Statistics • May 2000
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1999 r
Item
1997
2000
1998
July
1 Total 1
2
3
4
5
6
7
8
9
10
11
12
Sept.
Oct.
Nov.
Dec.
Jan.?
776,505
By area
Europe 1
Canada
Latin America and Caribbean
Asia
Other countries
759,928
773,497
782,490
778,640
782,865
779,191
805,939
803,786
135,384
148,301
125,883
134,177
125,873
147,492
126,220
153,499
124,148
152,457
124,523
154,582
122,505
153,465
138,572
156,073
130,065
153,548
428,004
5,994
58,822
432,127
6,074
61,667
420,197
6,022
73,913
422,591
6,060
74,120
420,877
6,098
75,060
419,629
6,139
77,992
417,304
6,177
79,740
422,266
6,111
82,917
429,029
6,152
84,992
252,289
36,177
96,942
400,144
9,981
7,058
By type
Liabilities reported by banks in the United States
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
256,026
36,715
79,503
400,631
10,059
3,080
240,546
39,147
77,832
430,032
8,397
3,629
243,334
39,342
75,339
438,264
8,140
4,157
241,233
39,337
74,279
437,895
8,236
3,746
243,412
39,682
73,627
439,811
7,868
4,551
242,587
39,081
70,632
441,070
7,174
4,733
244,802
38,666
73,414
463,434
7,520
4,189
241,577
39,439
71,888
463,561
8,205
5,202
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue;
3.16
Aug.
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies
Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April
1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
department by banks (including Federal Reserve Banks) and securities dealers in the United
States, and on the 1994 benchmark survey of foreign portfolio investment in the United
States.
Reported by Banks in the United States1
Millions of dollars, end of period
1999
Item
1996
1997
1998
Mar. r
1 Banks' liabilities
2 Banks' claims
3
Deposits
4
Other claims
5 Claims of banks' domestic customers 2
103,383
66,018
22,467
43,551
10,978
1. Data on claims exclude foreign currencies held by U.S. monetary authorities.
117,524
83,038
28,661
54,377
8,191
101,125
78,162
45,985
32,177
20,718
June r
Sept. r
Dec.
101,360
80,640
40,957
39,683
11,039
97,820
67,946
39,801
28,145
23,474
111,221
79,418
45,099
34,319
11,534
97,223
79,155
46,232
32,923
20,826
2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.
Bank-Reported Data
3.17 LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
A53
Reported by Banks in the United States1
Millions of dollars, end of period
2000
1999
Item
1997
1998
1999'
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.P
B Y HOLDER A N D T Y P E OF LIABILITY
1,283,027
11 Nonmonetary international and regional organizations 8
12
Banks' own liabilities
Demand deposits
13
14
Time deposits 2
Other 3
15
16
17
18
19
Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Other negotiable and readily transferable
instruments 7
Other
20 Official institutions 9
21
Banks' own liabilities
22
Demand deposits
23
Time deposits 2
24
Other 3
25
26
27
28
Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Other negotiable and readily transferable
instruments 7
Other
29 Banks 10
30
Banks' own liabilities
31
Unaffiliated foreign banks
32
Demand deposits
Time deposits 2
33
Other 3
34
35
Own foreign offices 4
36
37
38
39
Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Other negotiable and readily transferable
instruments 7
Other
40 Other foreigners
41
Banks' own liabilities
Demand deposits
42
43
Time deposits 2
44
Other 3
45
46
47
48
Banks' custodial liabilities 5
U.S. Treasury bills and certificates 6
Other negotiable and readily transferable
instruments 7
Other
..
1,342,632
1,387,383
1,378,738
1,374,075
l,444,376 r
1,425,495
1,422,102
884,939
29,558
151,761
140,752
562,868
975,822
42,917
167,253
162,445
603,207
889,734
43,183
156,294
152,455
537,802
907,997
44,940
154,433
152,766
555,858
927,131
44,594
156,352
160,883
565,302
931,730
39,451
162,273
155,743
574,263
976,368 r
42,889 r
166,483r
162,825r
604,171 r
975,822
42,917
167,253
162,445
603,207
980,232
36,580
164,416
174,462
604,774
462,898
183,494
449,673
185,677
452,898
187,872
479,386
192,096
451,607
189,030
442,345
188,486
468,008'
184,675
449,673
185,677
441,870
181,819
93,641
113,167
7 Banks' custodial liabilities5
U.S. Treasury bills and certificates 6
8
9
Other negotiable and readily transferable
instruments 7
Other
10
1,425,495
400,047
193,239
2 Banks' own liabilities
3
Demand deposits
4
Time deposits 2
5
Other 3
6
Own foreign offices 4
1,347,837
882,980
31,344
198,546
168,011
485,079
1 Total, all foreigners
141,699
137,705
132,575
131,421
123,813
141,213
133,789
153,501
131,726
130,851
131,464
122,395
131,859
151,474'
132,575
131,421
128,899
131,152
11,690
11,486
16
5,466
6,004
11,883
10,850
172
5,793
4,885
14,902
13,983
98
10,349
3,536
18,463
16,964
66
7,380
9,518
18,268
16,856
31
6,419
10,406
18,646
17,726
21
7,370
10,335
17,893
17,052
187
8,772
8,093
14,043
13,156
70
7,675
5,411
14,902
13,983
98
10,349
3,536
20,949
20,093
202
9,621
10,270
204
69
1,033
636
919
680
1,499
953
1,412
896
920
661
841
628
887
658
919
680
856
625
133
2
397
0
233
6
533
13
516
0
259
0
213
0
229
0
233
6
225
6
283,685
102,028
2,314
41,396
58,318
260,060
80,256
3,003
29,506
47,747
294,645
97,373
3,341
28,770
65,262
273,365
80,400
2,652
26,326
51,422
279,719
77,801
2,537
24,407
50,857
276,605
76,780
2,932
25,301
48,547
279,105
79,376
2,314
29,152
47,910
275,970'
80,029'
2,829
27,009'
50,191
294,645
97,373
3,341
28,770
65,262
283,613
82,435
2,645
25,195
54,595
181,657
148,301
179,804
134,177
197,272
156,073
192,965
147,492
201,918
153,499
199,825
152,457
199,729
154,582
195,941
153,465
197,272
156,073
201,178
153,548
33,151
205
44,953
674
41,152
47
45,094
379
48,297
122
46,633
735
44,804
343
42,331
145
41,152
47
47,077
553
815,247
641,447
156,368
16,767
83,433
56,168
485,079
885,336
676,057
113,189
14,071
45,904
53,214
562,868
914,005
729,472
126,265
17,583
48,273
60,409
603,207
853,461
656,476
118,674
14,086
49,523
55,065
537,802
888,409
677,012
121,154
15,436
49,623
56,095
555,858
877,973
692,332
127,030
14,084
49,655
63,291
565,302
874,089
698,212
123,949
17,111
48,693
58,145
574,263
945,756'
739,976'
135,805'
14,402
54,388
67,015'
604,171'
914,005
729,472
126,265
17,583
48,273
60,409
603,207
915,848
736,959
132,185
12,955
51,183
68,047
604,774
173,800
31,915
209,279
35,359
184,533
16,927
196,985
28,284
211,397
26,314
185,641
24,749
175,877
22,203
205,780'
19,512
184,533
16,927
178,889
17,582
35,393
106,492
45,332
128,588
45,695
121,911
37,663
131,038
41,541
143,542
40,370
120,522
41,529
112,145
44,889
141,379'
45,695
121,911
40,393
120,914
172,405
128,019
12,247
68,251
47,521
190,558
117,776
12,312
70,558
34,906
201,943
134,994
21,895
79,861
33,238
197,343
135,894
26,379
73,065
36,450
200,987
136,328
26,936
73,984
35,408
205,514
140,293
27,557
74,026
38,710
202,988
137,090
19,839
75,656
41,595
208,607
143,207
25,588'
77,411'
40,208
201,943
134,994
21,895
79,861
33,238
201,692
140,745
20,778
78,417
41,550
44,386
12,954
72,782
13,322
66,949
11,997
61,449
11,143
64,659
11,387
65,221
11,163
65,898
11,073
65,400
11,040
66,949
11,997
60,947
10,064
24,964
6,468
51,017
8,443
45,495
9,457
40,523
9,783
43,435
9,837
44,464
9,594
44,918
9,907
44,410
9,950
45,495
9,457
41,204
9,679
16,083
27,026
30,345
21,811
22,565
24,367
26,550
28,320
30,345
28,344
MEMO
49 Negotiable time certificates of deposit in custody for
foreigners
1. Reporting banks include all types of depository institutions as well as some brokers and
dealers. Excludes bonds and notes of maturities longer than one year.
2. Excludes negotiable time certificates of deposit, which are included in "Other negotiable and readily transferable instruments."
3. Includes borrowing under repurchase agreements.
4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign bank, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
5. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers.
6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
7. Principally bankers acceptances, commercial paper, and negotiable time certificates of
deposit.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions."
A54
3.17
International Statistics • May 2000
LIABILITIES TO FOREIGNERS Reported by Banks in the United States1—Continued
1999
Item
1997
2000
1999 R
1998
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.P
AREA
5 0 Total, all foreigners
1,283,027
1,347,837
1,425,495
1,342,632
1,387,383
1,378,738
1,374,075
l,444,376 r
1,425,495
1,422,102
51 Foreign countries
1,271,337
1,335,954
1,410,593
1,324,169
1,369,115
1,360,092
1,356,182
l,430,333 r
1,410,593
1,401,153
419,672
2,717
41,007
1,514
2,246
46,607
23,737
1,552
11,378
7,385
317
2,262
7,968
18,989
1,628
39,023
4,054
181,904
239
25,145
427,375
3,178
42,818
1,437
1,862
44,616
21,357
2,066
7,103
10,793
710
3,236
2,439
15,781
3,027
50,654
4,286
181.554
233
30,225
447,999
2,789
44,692
2,196
1,658
49,790
24,748
3,748
6,775
8,310
1,327
2,228
5,475
10,426
4,652
65,985
7,842
176,165
286
28,907
440,903
2,770
33,913
1,143
1,358
42,622
23,950
3,168
6,426
12,206
1,184
2,237
2,756
7,700
3,851
60,758
7,786
200,038
289
26,748
452,653
3,210
36,668
1,811
1,335
42,424
23,719
3,121
5,832
11,292
1,333
1,912
2,665
8,202
3,779
76,176
7,883
192, 431
270
28,590
456,956
3,205
36,890
1,903
1,222
45,809
24,485
3,358
6,231
11,634
1,225
1,976
2,816
9,479
4,571
69,338
8,368
196,490
442,523
3,299
38,590
2,658
1,269
45,764
25,479
3,322
6,306
13,882
951
1,875
3,713
9,287
5,381
65,967
8,252
178,022
267
28,239
470,915R
2,842
447,999
2,789
44,692
2,196
1,658
49,790
24,748
3,748
6,775
8,310
1,327
2,228
5,475
10,426
4,652
65,985
7,842
176,165
286
28,907
449,106
2,675
42,434
2,510
1,290
48,530
23,279
3,118
6,259
7,266
834
2,034
6,404
12,531
4,673
68,718
6,897
184,442
273
24,939
5 2 Europe
53
Austria
54
Belgium and Luxembourg
55
Denmark
56
Finland
57
France
58
Germany
59
Greece
Italy
60
61
Netherlands
62
Norway
63
Portugal
64
Russia
Spain
65
66
Sweden
67
Switzerland
68
Turkey
69
United Kingdom
Yugoslavia11
70
Other Europe and other former U.S.S.R. 1 "
71
7 2 Canada
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Uruguay
Venezuela
Other
92
93
94
95
96
9/
98
99
100
101
102
103
104
3,197
1,894
50,262
26,537
3,365
5,264
12,775
1,364
2,148
3,655
11,181
5,518
67,027
8,817 r
195,465
267
28,006
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries 13
Other
105 Africa
106
Egypt
107
Morocco
108
South Africa
109
Zaire
Oil-exporting countries 14
110
111
Other
112 Other
113
Australia
114
Other
115 Nonmonetary international and regional organizations . .
International 15
116
117
Latin American regional 16
Other regional 17
118
28,341
30,212
34,119
29,862
30,409
29,728
34,995
33,746
34,119
32,951
536,393
20,199
112,217
6,911
31,037
276,418
4,072
3,652
66
2,078
1,494
450
33,972
5,085
4,241
893
2,382
21,601
9,625
554,866
19,014
118,085
6,846
15,815
302,486
5,015
4,624
62
1,572
1,336
577
37,157
5.010
3,864
840
2,486
19,894
10,183
590,004
18,529
134,407
7,877
12,860
325,159
7,008
5,656
75
1,956
1,621
520
30,718
3,997
4,415
1,142
2,386
20,189
11,489
554,419
17,205
122,465
9,410
15,413
294,245
6,744
4,637
70
1,975
1,425
471
39,024
3,010
3,846
837
2,323
20,437
10,882
581,419
17,064
132,442
9,319
15,423
315,843
5,805
4,455
72
1,724
1,521
533
36,301
3,408
3,816
995
2,151
19,797
10,750
570,309
15,547
139,101
8,747
16,241
299,669
6,601
4,711
76
1,792
1,471
550
35,028
2,927
4,029
1,042
2,177
19,451
11,149
573,215
17,546
134,111
10,902
13,253
308,593
6,559
5,011
72
1,833
1,484
549
32,208
2,688
4,007
959
2,218
19,914
11,308
616,376 r
15,042 r
139,179
8,859
14,184 r
350,030 r
6,521
4,783
73
1,930
1,577
546
31,187
3,389
3,834
991'
2,585 r
20,311
ll, 3 4 9 r
590,004
18,529
134,407
7,877
12,860
325,159
7,008
5,656
75
1,956
1,621
520
30,718
3,997
4,415
1,142
2,386
20,189
11,489
610,074
15,321
149,643
9,975
12,135
331,243
6,363
4,427
75
1,969
1,619
540
32,064
4,269
4,020
1,068
2,257
21,397
11,689
269,379
7 3 Latin America and Caribbean
74
Argentina
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
266
27,690
41,33 l r
307,960
319,350
283,218
288,982
287,227
287,963
292,078 r
319,350
290,085
18,252
11,840
17,722
4,567
3,554
6,281
143,401
13,060
3,250
6,501
14,959
25,992
13,441
12,708
20,900
5,250
8,282
7,749
168,563
12,524
3,324
7,359
15,609
32,251
12,325
13,595
27,697
7,367
6,567
7,488
159,064
12,840
3,253
6,050
21,280
41,824
10,872
12,482
24,200
5,864
7,309
5,076
145,652
12,792
2,177
6,054
15,581
35,159
12,359
12,678
24,149
5,408
6,633
5,059
145,403
12,723
2,189
5,809
15,942
40,630
11,914
12,514
23,368
5,625
6,468
5,688
149,578
11,903
2,414
5,281
14,367
38,107
10,460
12,023
24,299
5,659
6,037
5,175
151,632
9,935
2,134
4,983
16,825
38,801
13,981
14,791
22,276 r
5,610
6,486
5,071
152,095
8,474
2,639
5,164
17,944
37,547
12,325
13,595
27,697
7,367
6,567
7,488
159,064
12,840
3,253
6,050
21,280
41,824
11,565
11,666
25,943
5,490
6,853
6,569
149,097
11,215
1,924
5,399
16,901
37,463
10,347
1,663
138
2,158
10
3,060
3,318
8,905
1,339
97
1,522
5
3,088
2,854
9,469
2,022
179
1,495
14
2,915
2,844
7,508
1,566
116
1,049
13
2,281
2,483
7,660
1,851
108
885
13
2,510
2,293
8,045
1,852
118
753
13
2,807
2,502
8,037
1,364
174
828
14
2,912
2,745
7,799
1,846
166
957
13
2,248 r
2,569 r
9,469
2,022
179
1,495
14
2,915
2,844
8,032
1,613
176
7
2,953
2,632
7,205
6,304
901
6,636
5,495
1,141
9,652
8,377
1,275
8,259
7,252
1,007
7,992
6,963
1,029
7,827
6,788
1,039
9,449
8,199
1,250
9,419
8,394
1,025
9,652
8,377
1,275
10,905
9,911
994
11,690
10,517
424
749
11,883
10,221
594
1,068
14,902
13,002
650
1,250
18,463
15,822
819
1,822
18,268
16,112
725
1,431
18,646
16,570
662
1,414
17,893
16,009
960
924
14,043
12,710
345
988
14,902
13,002
650
1,250
20,949
18,850
1,128
971
11. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
12. Includes the Bank for International Settlements. Since December 1992, has
included all parts of the former U.S.S.R. (except Russia), and Bosnia, Croatia, and Slovenia.
13. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
14. Comprises Algeria, Gabon, Libya, and Nigeria.
651
15. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
16. Principally the Inter-American Development Bank.
17. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."
Bank-Reported Data
3.18
A55
BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1
Payable in U.S. Dollars
Millions of dollars, end of period
2000
1999
Area or country
1997
1998
1999r
July
1 Total, all foreigners
2 Foreign countries
3 Europe
4
Austria
Belgium and Luxembourg
5
6
Denmark
7
Finland
8
France
9
Germany
in
Greece
Italy
ii
Netherlands
i?
13
Norway
14
Portugal
IS
Russia
1 S Spain
<
17
Sweden
Switzerland
IS
19
Turkey
70
United Kingdom
21
Yugoslavia 2
Other Europe and other former U.S.S.R.3
22
708,225
705,762
199,880
1,354
6,641
980
1,233
16,239
12,676
402
6,230
6,141
555
111
1,248
2,942
1,854
28,846
1,558
103,143
52
7,009
734,995
731,378
233,321
1,043
7,187
2,383
1,070
15,251
15,923
575
7,284
5,697
827
669
789
5,735
4,223
46,874
1,982
106,349
53
9,407
791,863
787,718
313,490
2,643
10,112
1,669
1,988
29,088
29,190
806
8,496
10,431
794
1,571
713
3,796
3,213
78,979
2,617
119,772
50
7,562
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. p
721,360
731,130
758,620
752,264
779,740 r
791,863
753,584
716,953
727,974
755,030
746,974
774,075 r
787,718
748,685
293,100
3,855
9,224
1,763
2,197
19,964
23,965
628
7,451
9,334
821
1,056
831
4,606
3,199
66,927
2,221
125,633
50
9,375
305,205
3,080
7,478
1,442
1,915
19,040
23,558
659
7,748
10,132
583
1,222
782
3,700
4,082
71,866
2,270
137,680
49
7,919
316,152
2,335
7,239
1,756
1,855
19,253
22,995
663
7,958
9,425
1,252
1,342
814
5,104
4,184
90,187
2,385
129,347
50
8,008
293,602
2,751
9,624
2,352
1,669
21,527
23,616
743
6,682
8,940
949
1,691
871
4,073
4,325
78,448
2,394
114,209
51
8,687
313,288'
2,407
9,332
1,756
2,034
24,592 r
22,365
754
7,297
8,100 r
920
1,430
711
4,641
3,853
91,493 r
2,49 r
120,836r
50
8,226
313,490
2,643
10,112
1,669
1,988
29,088
29,190
806
8,496
10,431
794
1,571
713
3,796
3,213
78,979
2,617
119,772
50
7,562
305,878
3,030
8,825
1,692
2,319
29,997
29,871
806
8,619
10,119
1,196
1,307
701
4,581
4,503
68,892
2,668
119,951
50
6,751
27,189
47,037
37,127
31,957
32,109
37,197
35,903
37,060
37,127
36,353
74 Latin America and Caribbean
Argentina
75
Bahamas
76
77
Bermuda
78
Brazil
79
British West Indies
30
Chile
31
Colombia
37
Cuba
33
Ecuador
Guatemala
34
35
Jamaica
36
Mexico
Netherlands Antilles
37
38
Panama
39
Peru
40
Uruguay
41
Venezuela
42
Other
343,730
8,924
89,379
8,782
21,696
145,471
7,913
6,945
0
1,311
886
424
19,428
17,838
4,364
3,491
629
2,129
4,120
342,654
9,552
96,455
5,011
16,184
153,749
8,250
6,507
0
1,400
1,127
239
21,212
6,779
3,584
3,275
1,126
3,089
5,115
353,239
10,167
99,324
8,007
15,706
167,062
6,607
4,527
0
760
1,133
295
17,835
5,962
3,387
2,529
801
3,494
5,643
311,685
10,479
77,049
7,813
14,605
146,858
7,153
5,587
0
993
1,075
311
18,978
5,101
3,064
2,710
1,101
3,501
5,307
310,088
10,253
77,674
9,747
13,793
137,214
6,900
5,040
0
889
1,053
322
17,819
14,032
2,898
2,515
1,041
3,460
5,438
320,952
10,293
85,386
8,481
13,983
142,500
6,810
4,818
0
844
1,064
330
18,255
13,298
2,941
2,533
945
3,325
5,146
335,151
10,153
87,085
9,887
14,216
159,145
6,846
4,800
0
793
1,084
318
17,800
7,497
2,917
2,442
778
4,103
5,287
335,356 r
10,034r
1,090
309 r
17,924r
8,078
3,050
2,507
775
3,587
5,369 r
353,239
10,167
99,324
8,007
15,706
167,062
6,607
4,527
0
760
1,133
295
17,835
5,962
3,387
2,529
801
3,494
5,643
323,223
9,951
78,641
10,129
14,965
157,590
6,666
4,347
0
685
1,062
298
17,614
6,194
3,051
2,458
709
3,518
5,345
43
125,092
98,607
74,522
72,636
73,257
72,449
73,072
78,429 r
74,522
73,211
1,579
922
13,991
2,200
2,651
768
59,549
18,162
1,689
2,259
10,790
10,532
1,261
1,041
9,080
1,440
1,942
1,166
46,713
8,289
1,465
1,807
16,130
8,273
2,090
1,339
5,706
1,738
1,776
1,875
28,611
9,237
1,410
1,518
14,252
4,970
3,144
904
5,333
1,708
1,791
1,433
25,900
12,753
1,380
1,683
9,792
6,815
2,758
937
4,969
1,728
1,711
1,669
26,226
12,194
1,279
1,549
11,221
7,016
2,032
790
5,224
1,736
1,689
951
27,978
11,093
1,491
1,432
11,379
6,654
1,998
816
4,740
1,856
1,636
857
28,339
12,432
1,562
1,411
10,667
6,758
2,082
1,495
6,010
1,972
1,681
l,053 r
30,280
13,262r
990
1,433
11,631
6,540
2,090
1,339
5,706
1,738
1,776
1,875
28,611
9,237
1,410
1,518
14,252
4,970
2,221
1,411
5,055
1,616
1,711
1,853
28,612
11,362
1,088
1,158
10,998
6,126
56 Africa
Egypt
57
58
Morocco
59
South Africa
60
Zaire
Oil-exporting countries 5
61
62
Other
3,530
247
511
805
0
1,212
755
3,122
257
372
643
0
936
914
2,274
258
352
622
24
276
742
2,499
252
431
598
0
297
921
2,178
209
444
449
0
280
796
2,293
225
437
506
0
323
802
2,299
251
439
589
0
253
767
2,473
233
354
873
9
275
729
2,274
258
352
622
24
276
742
2,754
222
299
943
0
462
828
63 Other
Australia
64
65
Other
6,341
5,300
1,041
6,637
6,173
464
7,066
6,785
281
5,076
4,811
265
5,137
4,907
230
5,987
5,770
217
6,947
6,696
251
7,469
7,272
197
7,066
6,785
281
7,266
7,055
211
66 Nonmonetary international and regional organizations 6 . . .
2,463
3,617
4,145
4,407
3,156
3,590
5,290
5,665
4,145
4,899
23 Canada
44
45
46
47
48
49
50
51
57
53
54
55
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries 4
Other
1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
2. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
3. Includes the Bank for International Settlements. Since December 1992, has included all
parts of the former U.S.S.R. (except Russia), and Bosnia, Croatia, and Slovenia.
9,1 Ml'
9,449
14,973r
158,937r
6,591
4,745
0
ie\'
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in "Other Europe."
A56
3.19
International Statistics • May 2000
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. Dollars
Reported by Banks in the United States1
Millions of dollars, end of period
1999
Type of claim
1997
2000
1999 R
1998
July
Aug.
721,360
38,471
461,013
99,727
24,804
74,923
122,149
731,130
35,701
457,994
108,902
23,708
85,194
128,533
Sept.
Oct.
Nov.r
752,264
40,948
487,578
97,287
24,868
72,419
126,451
779,740
39,910
511,658
99,508
27,835
71,673
128,664
Dec.
852,852
1
Total
2
3
4
5
6
7
8
Banks' claims
Foreign public borrowers
Own foreign offices 2
Unaffiliated foreign banks
Deposits
Other
All other foreigners
Claims of banks' domestic customers 3
Deposits
Negotiable and readily transferable
instruments 4
12
Outstanding collections and other
claims
9
10
11
875,891
941,799
708,225
20,581
431,685
109,230
30,995
78,235
146,729
734,995
23,542
484,535
106,206
27,230
78,976
120,712
791,863
34,792
527,956
101,310
34,320
66,990
127,805
144,627
73,110
140,896
79,363
149,936
86,293
141,962
87,222
149,936
86,293
53,967
47,914
51,011
40,604
51,011
17.550
13,619
12,632
14,136
Jan. p
12,632
900,582
758,620
35,002
488,355
102,029
24,407
77,622
133,234
941,799
791,863
34,792
527,956
101,310
34,320
66,990
127,805
753,584
41,624
489,836
93,919
24,227
69,692
128,205
MEMO
13
Customer liability on acceptances
14
Dollar deposits in banks abroad, reported by
nonbanking business enterprises in the
United States5
9,624
33,816
4,520R
39,978
4,620R
4,672
34,789
32,857
1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for quarter ending with month indicated.
Reporting banks include all types of depository institution as well as some brokers and
dealers.
2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
3.20
32,336
27,750
4,672
33,847
37,163
34,789
45,963
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
3. Assets held by reporting banks in the accounts of their domestic customers.
4. Principally negotiable time certificates of deposit, bankers acceptances, and commercial
paper.
5. Includes demand and time deposits and negotiable and nonnegotiable certificates of
deposit denominated in U.S. dollars issued by banks abroad.
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS
Payable in U.S. Dollars
Reported by Banks in the United States1
Millions of dollars, end of period
1999
Maturity, by borrower and area 2
1996
1997
1998
Mar.
1 Total
2
3
4
5
6
7
8
9
10
11
1?
13
By borrower
Maturity of one year or less
Foreign public borrowers
All other foreigners
Maturity of more than one year
Foreign public borrowers
All other foreigners
By area
Maturity of one year or less
Europe
Canada
Latin America and Caribbean
Africa
All other 3
Maturity of more than one year
14
Europe
15
Canada
16
Latin America and Caribbean
17
18
Africa
19
Allother 3
Sept.1"
Dec. p
258,106
276,550
250,418
242,348 r
260,554
270,085
263,548
211,859
15,411
196,448
46,247
6,790
39,457
205,781
12,081
193,700
70,769
8,499
62,270
186,526
13,671
172,855
63,892
9,839
54,053
175,391r
20,902
154,489'
66,957 r
13,290
53,667 r
186,818
24,661
162,157
73,736
11,677
62,059
196,816
22,603
174,213
73,269
12,193
61,076
187,396
22,527
164,869
76,152
12,043
64,109
55,690
8,339
103,254
38,078
1,316
5,182
58,294
9,917
97,207
33,964
2,211
4,188
68,679
10,968
81,766
18,007
1,835
5,271
66,875
7,832
71,11 l r
21,347
1,571
6,655
84,723
6,705
65,776
21,977
1,543
6,094
82,567
8,545
78,122
20,839
1,119
5,624
80,967
7,860
69,299
21,795
1,122
6,353
6,965
2,645
24,943
9,392
1,361
941
13,240
2,525
42,049
10,235
1,236
1,484
14,923
3,140
33,442
10,018
1,232
1,137
16,949
2,766
33,538 r
10,972
1,160
1,572
18,863
3,261
38,193
10,471
1,105
1,843
18,618
3,192
38,091
10,649
1,087
1,632
20,896
3,112
38,558
10,888
1,065
1,633
1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
June r
2. Maturity is time remaining until maturity,
3. Includes nonmonetary international and regional organizations.
Bank-Reported Data
3.21
CLAIMS ON FOREIGN COUNTRIES
A57
Held by U.S. and Foreign Offices of U.S. Banks 1
Billions of dollars, end of period
1998r
1997
Area or country
1995
1999
1996
Dec.
Mar.
June
Sept.
Dec.
Mar.1"
June r
Sept.
Dec. p
556.4 r
645.8 r
721.8 r
1029.8
1017.2
1071.9
1051.6
992.7
938.5
936.9
934.4
206.0
13.6
19.4
27.3
11.5
3.7
2.7
6.7
82.4
10.3
28.5
228.3
11.7
16.6
29.8
16.0
4.0
2.6
5.3
104.7
14.0
23.7
242.8
11.0
15.4
28.6
15.5
6.2
3.3
7.2
113.4
13.7
28.6
250.9
12.0
16.5
27.0
20.8
7.7
4.8
5.9
114.6
14.2
27.3
273.9
14.0
21.7
30.5
21.1
8.6
3.1
7.0
125.9
16.7
25.3
240.0
11.7
20.3
31.4
18.5
8.4
2.1
7.6
100.1
15.9
23.9
217.7
10.7
18.4
30.9
11.5
7.8
2.3
8.5
85.4
16.8
25.4
208.5
15.6
21.6
34.7
17.8
10.7
4.0
7.8
55.9
15.9
24.6
222.2
16.1
20.4
32.1
16.4
13.3
2.6
8.2
73.4
17.1
22.6
205.5
15.7
19.9
37.4
15.0
10.6
3.6
8.8
51.1
17.8
25.6
235.0
14.2
29.0
38.7
18.1
10.9
2.9
10.1
72.7
16.2
22.0
13 Other industrialized countries
14
Austria
15
Denmark
16
Finland
17
Greece
18
Norway
19
Portugal
70
Spain
21
Turkey
22
Other Western Europe
23
South Africa
24
Australia
51.9 r
.9
2.6
.8
5.7
3.2
1.3
12.5r
1.9
4.8 r
1.2
16.9r
66.r
1.1
1.5
.8
6.7
8.0
.9
13.3r
2.7
4.9 r
2.0
24.0
65.5 r
1.5
2.4
1.3
5.1
3.6
.9
12.6r
4.5
8.3r
2.2
23.1
78.2
1.7
2.1
1.5
6.1
4.0
.8
18.1
4.9
10.2
5.5
23.2
78.7
1.9
2.2
1.4
5.8
3.4
1.4
17.5
6.5
9.9
6.9
21.8
78.5
2.1
3.0
1.6
5.8
3.2
1.1
19.5
5.2
10.4
5.4
21.4
69.0
1.4
2.2
1.4
5.9
3.2
1.4
13.7
4.8
10.4
4.4
20.3
80.1
2.8
3.4
1.5
6.5
3.1
1.4
15.7
5.2
10.2
4.8
25.4
79.7
2.8
2.9
.9
5.9
3.0
1.2
16.6
4.9
10.2
4.7
26.6
71.7
3.0
2.1
.9
6.6
3.8
1.2
15.1
4.7
9.2
4.0
21.1
68.1
3.5
2.6
.8
6.0
3.1
1.0
12.1
4.8
6.8
3.8
23.5
25
76
71
28
29
30
22.1
.7
2.7
4.8
13.3
.6
19.8r
1.1
2.4
5.2
10.7
.4
26.0
1.3
2.5
6.7
14.4
1.2
26.0
1.3
3.4
5.6
14.4
1.4
25.5
1.2
3.3
5.1
15.6
.3
26.0
1.2
3.1
4.7
16.1
.8
27.1
1.3
3.2
4.7
17.0
1.0
26.2
1.2
3.5
4.5
16.7
.4
26.1
1.1
3.2
5.0
16.5
.4
30.1
.9
3.0
4.4
21.4
.5
31.4
.8
2.8
4.2
23.0
.5
112.9r
130.3
139.2r
149.8
146.1
140.4
143.4
146.7
148.6
142.5
147.2
Other
12.9
13.7
6.8
2.9
17.3
.8
2.8
14.3
20.7
7.0
4.1
16.2
1.6
3.3
18.4
28.6
8.7
3.4
17.4
2.0
4.1
20.0
33.4
9.0
3.3
17.8
2.1
4.0
20.9
30.3
9.1
3.6
18.1
2.2
4.4
22.9
24.0
8.5
3.4
18.7
2.2
4.6
23.1
24.7
8.3
3.2
18.9
2.2
5.4
24.3
24.2
8.6
3.3
19.7
2.2
5.3
22.8
25.1
8.2
3.1
18.5
2.1
5.5
22.1
22.1
7.7
2.7
19.4
1.8
5.5
22.4
26.4
7.4
2.5
18.6
1.7
5.9
Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
1.8
9.4
4.4
.5
19.1
4.4
4.1
5.2r
4.5
2.5
10.3
4.3
.5
21.5
6.0
5.8
5.7
4.1
3.2
9.5r
4.9
.7
15.6
5.1
5.7
5.4
4.3
4.2
12.1
5.0
.7
16.2
4.5
5.1
5.5
4.2
3.9
11.8
4.9
.9
14.6
4.7
5.4
5.0
3.7
2.8
12.5
5.3
.9
13.1
5.0
4.7
5.3
3.1
3.0
13.3
5.5
1.1
13.7
5.6
5.1
4.7
2.9
5.0
11.8
5.5
1.1
13.7
5.9
5.4
4.5
3.0
5.3
12.6
6.7
2.0
15.3
6.0
5.7
4.2
2.8
3.3
12.3
7.0
1.0
16.0
6.1
5.8
4.0
2.8
3.6
12.0
7.7
1.8
15.0
6.1
6.2
4.1
2.9
.4
.7
.0
.9
.7
.7
.1
.9
.9
.6
.0
.8
1.0
.6
.0
1.1
1.5
.6
.0
.8
1.7
.5
.0
1.1
1.3
.5
.0
1.0
1.4
.5
.0
1.2
1.4
.5
.0
1.0
1.3
.5
.0
1.0
1.4
.4
.0
1.0
4.2
1.0
3.2
6.9
3.7
3.2
9.1
5.1
4.0
12.3
7.5
4.7
11.3
6.9
4.4
6.3
2.8
3.5
5.5
2.2
3.3
7.1
2.3
4.8
5.8
2.1
3.7
5.4
2.0
3.4
5.2
1.6
3.6
102.2r
12.9r
6.3
32.4
10.3
1.4
.1
25.0
13.7r
.1
57.6
135.l r
20.5 r
4.5
37.2
26.1
2.0
.1
27.9
16.7
.1
59.6
140.2r
24.2r
9.8
43.4
14.6
3.1
.1
32.2
12.7
.1
99.1
133.1
32.6
9.1
24.9
14.0
3.2
.1
33.9
15.0
.1
379.7
130.0
28.6
9.4
34.3
10.5
3.3
.1
30.0
13.6
.2
351.7
121.0
30.7
10.4
27.8
6.0
4.0
.2
30.6
11.1
.2
459.9
93.9
35.4
4.6
12.8
2.6
3.9
.1
23.3
11.1
.2
495.1
93.6
32.6
3.9
13.9
2.7
3.9
.1
22.8
13.5
.2
430.4
75.9
20.4
5.7
7.2
1.3
3.9
.1
22.0
15.2
.1
380.2
90.3
29.4
8.2
6.3
9.1
3.9
.2
22.4
10.6
.2
391.2
60.0
13.9
8.0
1.3
1.7
3.9
.1
21.0
10.0
.1
387.5
1
? G-10 countries and Switzerland
3
Belgium and Luxembourg
4
France
Germany
6
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
12
Japan
Ecuador
Venezuela
Indonesia
Middle East countries
African countries
31 Non OPEC developing countries
3?
33
34
35
36
37
38
39
40
41
47
43
44
45
46
47
48
49
50
51
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Africa
Egypt
Zaire
Other Africa 3
52 Eastern Europe
53
Russia 4
54
Other
55 Offshore banking centers
56
Bahamas
57
Bermuda
58
Cayman Islands and other British West Indies
59
Netherlands Antilles
60
Panama 5
61
Lebanon
62
Hong Kong, China
63
Singapore
64
Other"
65 Miscellaneous and unallocated 7
1. The banking offices covered by these data include U.S. offices and foreign branches of
U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered
include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include
large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository
institutions as well as some types of brokers and dealers. To eliminate duplication, the data
are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign
branch of the same banking institution.
These data are on a gross claims basis and do not necessarily reflect the ultimate country
risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks
are available in the quarterly Country Exposure Lending Survey published by the Federal
Financial Institutions Examination Council.
2. Organization of Petroleum Exporting Countries, shown individually; other members of
OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United
Arab Emirates); and Bahrain and Oman (not formally members of OPEC).
3. Excludes Liberia. Beginning March 1994 includes Namibia.
4. As of December 1992, excludes other republics of the former Soviet Union.
5. Includes Canal Zone.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.
A58
3.22
International Statistics • May 2000
LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States
Millions of dollars, end of period
1998
Type of liability, and area or country
1995
1996
1999
1997
June
Sept.
Dec.
Mar.
June
Sept.
46,448
61,782
57,382
51,433
49,279
46,570
46,663
49,337
52,979 r
2 Payable in dollars
3 Payable in foreign currencies
33,903
12,545
39,542
22,240
41,543
15,839
40,026
11,407
38,410
10,869
36,668
9,902
34,030
12,633
36,032
13,305
36,296 r
16,683r
By type
4 Financial liabilities
Payable in dollars
5
Payable in foreign currencies
6
24,241
12,903
11,338
33,049
11,913
21,136
26,877
12,630
14,247
22,322
11,988
10,334
19,331
9,812
9,519
19,255
10,371
8,884
22,458
11,225
11,233
25,058
13,205
11,853
27,422 r
12,231
15,191r
7 Commercial liabilities
Trade payables
8
y
Advance receipts and other liabilities
22,207
11,013
11,194
28,733
12,720
16,013
30,505
10,904
19,601
29,111
9,537
19,574
29,948
10,276
19,672
27,315
10,978
16,337
24,205
9,999
14,206
24,279
10,935
13,344
25,557 r
12,65 l r
12,906
1 Total
10
ii
Payable in dollars
Payable in foreign currencies
21,000
1,207
27,629
1,104
28,913
1,592
28,038
1,073
28,598
1,350
26,297
1,018
22,805
1,400
22,827
1,452
24,065 r
1,492
12
13
14
15
16
17
18
By area or country
Financial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
15,622
369
999
1,974
466
895
10,138
23,179
632
1,091
1,834
556
699
17,161
18,027
186
1,425
1,958
494
561
11,667
15,468
75
1,699
2,441
484
189
8,765
12,905
150
1,457
2,167
417
179
6,610
12,589
79
1,097
2,063
1,406
155
5,980
16,098
50
1,178
1,906
1,337
141
9,729
19,578
70
1,287
1,959
2,104
143
13,097
21,695
50
1,675
1,712
2,066
133
15,096
19
Canada
632
1.401
2,374
539
389
693
781
320
344
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
1,783
59
147
57
866
12
2
1,668
236
50
78
1,030
17
1
1,386
141
229
143
604
26
1
1,320
6
49
76
845
51
1
1,351
1
73
154
834
23
1
1,495
7
101
152
957
59
2
1,528
1
78
137
1,064
22
2
1,369
1
52
131
944
19
1
1,180
1
26
122
786
28
0
27
28
29
Asia
Japan
Middle Eastern oil-exporting countries 1
5,988
5,436
27
6,423
5,869
25
4,387
4,102
27
4,315
3,869
0
4,005
3,754
0
3,785
3,612
0
3,475
3,337
1
3,217
3,035
2
3,622 r
3,384 r
3
30
31
Africa
Oil-exporting countries 2
150
122
38
0
60
0
29
0
31
0
28
0
31
2
29
0
31
0
32
All other 1
66
340
643
651
650
665
545
545
550
7,700
331
481
767
500
413
3,568
9,767
479
680
1,002
766
624
4,303
10,228
666
764
1,274
439
375
4,086
9,987
557
612
1,219
485
349
3,743
11,010
623
740
1,408
440
507
4,286
10,030
278
920
1,392
429
499
3,697
8,580
229
654
1,088
361
535
3,008
8,718
189
656
1,143
432
497
2,959
9,265 r
128
620 r
1,201
535
593
3,175
33
34
35
36
37
38
39
Commercial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
1,040
1,090
1,175
1,206
1,504
1,390
1,597
1,670
1,753
41
42
43
44
45
46
47
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
1,740
1
205
98
56
416
221
2,574
63
297
196
14
665
328
2,176
16
203
220
12
565
261
2,285
14
209
246
27
557
196
1,840
48
168
256
5
511
230
1,618
14
198
152
10
347
202
1,612
11
225
107
7
437
155
1,674
19
180
112
5
490
149
l,957 r
24
178
120r
39
704
182
48
49
50
Asia
Japan
Middle Eastern oil-exporting countries'
10,421
3,315
1,912
13,422
4,614
2,168
14,966
4,500
3,111
13,611
3,995
3,194
13,539
3,779
3,582
12,342
3,827
2,852
10,428
2,715
2,479
10,039
2,753
2,209
10,428r
2,689
2,618 r
51
52
Africa
Oil-exporting countries 2
619
254
1,040
532
874
408
921
354
810
372
794
393
727
377
832
392
959 r
584
53
Other 3
687
840
1,086
1,101
1,245
1,141
1,261
1,346
1,195
1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.
Nonbank-Reported Data
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States
Millions of dollars, end of period
Reported by Nonbanking Business Enterprises in
1999
1998
Type of claim, and area or country
1995
1996
1997
June
1 Total
A59
52,509
65,897
68,128
Sept.
Dec.
Mar.
June
Sept.
63,188
67,976
77,462
69,054 r
63,884 r
67,566 r
r
60,456 r
7,110
48,711
3,798
59,156
6,741
62,173
5,955
57,587
5,601
62,034
5,942
72,171
5,291
64,026
5,028 r
57,006 r
6,878 r
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
27,398
15,133
14,654
479
12,265
10,976
1,289
37,523
21,624
20,852
772
15,899
12,374
3,525
36,959
22,909
21,060
1,849
14,050
11,806
2,244
32,341
14,762
13,084
1,678
17,579
14,904
2,675
37,262
15,406
13,374
2,032
21,856
19,867
1,989
46,260
30,199
28,549
1,650
16,061
14,049
2,012
38,217 r
18,686
17,101
1,585
19,531r
17,457r
2,074''
31,957 r
13,350
11,636
1,714
18,607r
14,800r
3,807 r
33,877 r
15.192'
13,240r
1,952
18,685r
15,718r
2,967
11 Commercial claims
12
Trade receivables
13
Advance payments and other claims
25,111
22,998
2,113
28,374
25,751
2,623
31,169
27,536
3,633
30,847
26,764
4,083
30,714
26,330
4,384
31,202
27,202
4,000
30,837
26,724
4,113
31,927
27,791
4,136
33,689 r
29,397 r
4,292
14
15
Payable in dollars
Payable in foreign currencies
23,081
2,030
25,930
2,444
29,307
1,862
29,599
1,248
28.793
1,921
29,573
1,629
29,468
1,369
30,570
1,357
31,498 r
2,191
16
17
18
19
20
21
22
By area or country
Financial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
7,609
193
803
436
517
498
4,303
11,085
185
694
276
493
474
7,922
14,999
406
1,015
427
677
434
10,337
14,091
518
796
290
975
403
9,639
14,473
496
1,140
359
867
409
9,849
12,294
661
864
304
875
414
7,766
12,881r
469
913
302
993 r
530
8,400r
13,978r
457
1,368
367
504
8,63 l r
13,878r
574
l,212 r
549 r
1,067
559
8,157r
2,851
3,442
3,313
3,020
4,090
2,503
3,111
2,828
3,172 r
14,500
1,965
81
830
10,393
554
32
20,032
1,553
140
1,468
15,536
457
31
15,543
2,308
108
1,313
10,462
537
36
11,967
1,306
48
1,394
7,349
1,089
57
15,758
2,105
63
710
10,960
1,122
50
27,714
403
39
835
24,388
1,245
55
18,825
666
41
1,112
14,621
1,583
72
11,486
467
39
1,102
7,393
1,702
71
12,749r
755
524 r
1,265
7,263 r
1,791
47
1,579
871
3
2,221
1,035
22
2,133
823
11
2,376
886
12
2,121
928
13
3,027
1,194
9
2,648
942
8
2,801
949
5
3,205
1,250
5
276
5
174
14
319
15
155
15
157
16
159
16
174
26
228
5
251
12
583
569
652
732
663
563
578
636
622
9,824
231
1,830
1,070
452
520
2,656
10,443
226
1,644
1,337
562
642
2,946
12,120
328
1,796
1,614
597
554
3,660
12,882
216
1,955
1,757
492
418
4,664
13,029
219
2,098
1,502
463
546
4,681
13,246
238
2,171
1,822
467
483
4,769
12,782
281
2,173
1,599
415
367
4,529
12,961
286
2,094
1,660
389
385
4,615
14,367r
289
2,375 r
l,944 r
617
714
4,789
2 Payable in dollars
3 Payable in foreign currencies
23
Canada
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
31
32
33
Asia
Japan
Middle Eastern oil-exporting countries
34
Africa
35
36
37
38
39
40
41
42
43
44
Oil-exporting countries All other 3
Commercial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
991'
1,951
2,165
2,660
2,779
2,291
2,617
2,983
2,855
2,638
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
4,364
30
272
898
79
993
285
5,276
35
275
1,303
190
1,128
357
5,750
27
244
1,162
109
1,392
576
6,082
12
359
1,183
110
1,462
585
5,773
39
173
1,062
91
1,356
566
6,296
24
536
1,024
104
1,545
401
5,930
10
500
936
117
1,431
361
6,278
21
583
887
127
1,478
384
5,879 r
29
549
52
53
54
Asia
Japan
Middle Eastern oil-exporting countries
7,312
1,870
974
8,376
2,003
971
8,713
1,976
1,107
7,367
1,757
1,127
7,190
1,789
967
7,192
1,681
1,135
7,080
1,486
1,286
7,690
1,511
1,465
8,579r
1,823
1,479r
55
56
Africa
Oil-exporting countries
654
87
746
166
680
119
657
116
740
128
711
165
685
116
738
202
682 r
221
57
Other 3
1,006
1,368
1,246
1,080
1,691
1,140
1,377
1,405
1,544
1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.
163'
157
1,613
365
A60
3.24
International Statistics • May 2000
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2000
Transaction, and area or country
1998
1999
2000
1999
Jan.Jan.
My
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.?
U.S. corporate securities
STOCKS
1
2
Foreign purchases
Foreign sales
3
4
1,574,192
1,524,203
2,340,659
2,233,137
263,990
253,447
187,705
179,386
178,051
165,889
175,193
171,908
218,983
211,213
240,329
221,911
256,414
247,460
263,990
253,447
Net purchases, or sales ( - )
49,989
107,522
10,543
8,319
12,162
3,285
7,770
18,418
8,954
10,543
Foreign countries
50,369
107,578
10,501
8,364
12,179
3,282
7,796
18,393
8,983
10,501
68,124
5,672
9,195
8,249
5,001
23,952
-4,689
757
-1,449
-12,351
-1,171
639
-662
98,060
3,813
13,410
8,083
5,650
42,902
-335
5,187
-1,068
4,447
5,723
372
915
15,702
-233
5,622
-263
2,917
2,247
613
-4,855
677
-1,965
-1,923
151
178
6,183
-57
-334
403
-2,809
8,491
143
2,933
-273
-670
-452
14
34
9,511
254
1,309
564
814
4,560
-7
841
170
1,643
1,269
-39
60
7,196
91
114
-539
1,194
4,786
-931
-4,693
-25
1,438
2,652
61
236
7,760
1,020
1,719
159
-1,418
3,836
543
-3,162
-14
2,386
1,695
-23
306
10,695
-369
2,467
1,375
384
3,966
-958
7,746
-1,197
2,350
630
-244
13,283
66
1,587
1,640
1,495
3,080
-940
-4,735
465
752
211
-18
176
15,702
-233
5,622
-263
2,917
2,247
613
-4,855
677
-1,965
-1,923
151
178
-380
-56
42
-45
-17
3
-26
25
-29
42
78,539
59,066
76,427
47,982
65,007
46,661
76,263
48,902
80,926
55,120
74,940
50,839
56,928 r
41,321
r
19,473
5 Europe
6
France
Germany
V
Netherlands
8
9
Switzerland
United Kingdom
10
11 Canada
12 Latin America and Caribbean
13 Middle East 1
14 Other Asia
Japan
15
16 Africa
17 Other countries
18 Nonmonetary international and
regional organizations
1
BONDS2
905,782
727,044
19 Foreign purchases
20 Foreign sales
856,429 r
602,109
r
78,539
59,066
21 Net purchases, or sales ( - )
178,738
254,320
19,473
28,445
18,346
27,361
25,806
24,101
15,607
22 Foreign countries
179,081
254,722 r
19,478
28,171
18,373
27,030
26,670
24,172
15,626 r
19,478
23
24
25
26
27
28
29
30
31
130,057
3,386
4,369
3,443
4,826
99,637
6,121
23,938
4,997
12,662
8,384
190
1,116
140,299 r
1,870
7,723
2,446
4,553
105,969 r
6,043
60,861
1,979
42,842
17,541
1,411
1,287
9,783
-114
-618
-23
-47
10,024
2,133
4,655
-86
2,243
733
677
73
18,194
447
1,707
336
705
13,580
-22
5,076
-182
4,695
3,684
122
288
11,105
160
31
144
322
8,643
286
5,561
-219
1,179
827
59
402
13,719
24
752
279
496
9,761
908
5,488
257
6,698
4,375
-189
149
14,376
52
1,203
103
360
10,668
271
6,396
178
4,847
2,081
343
259
11,639
53
1,327
133
429
9,241
1,506
6,652
-506
4,566
2,297
146
169
7,500 r
269
-228
183
462
6,040 r
961
4,094
309
2,591
1,437
257
-86
9,783
-114
-618
-23
-47
10,024
2,133
4,655
-86
2,243
733
677
73
-5
274
-27
331
-864
-71
32
33
34
35
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Japan
Africa
Other countries
36 Nonmonetary international and
regional organizations
-343
-402
-19
-5
Foreign securities
37 Stocks, net purchases, or sales ( - )
Foreign purchases
38
39
Foreign sales
40 Bonds, net purchases, or sales ( - )
41
Foreign purchases
42
Foreign sales
43 Net purchases, or sales (—), of stocks and bonds
6,227
929,923
923,696
-17,350
1,328,281
1,345,631
....
15,643
1,177,304
1,161,661
-5,676
798,267
803,943
1,095
134,790
133,695
-3,523
62,161
65,684
-2,198
106,244
108,442
-4,777
63,975
68,752
598
91,801
91,203
-6,421
70,061
76,482
825
97,384
96,559
1,132
66,661
65,529
-8,206
96,523
104,729
-1,320
62,533
63,853
3,816
129,534
125,718
-512
59,650
60,162
-1,504
125,954
127,458
3,872
52,227
48,355
1,095
134,790
133,695
-3,523
62,161
65,684
-11,123
9,967
-2,428
-6,975
-5,823
1,957
-9,526
3,304
2,368
-2,428
44 Foreign countries
-10,778
9,682
-2,588
-7,066
-6,006
2,027
-9,532
3,496
2,210
—2,588
45
46
47
48
49
50
51
12,632
-1,901
-13,798
-3,992
-1,742
-1,225
-2,494
59,247
-999
-4,726
-42,961
-43,637
713
-1,592
741
-471
-4,868
1,963
866
99
-52
-3,747
-1,038
453
-3,329
-4,323
-21
616
-1,814
528
-312
-4,304
-4,805
4
-108
2,224
301
581
-429
-565
-116
-534
2,202
315
-1,950
-9,603
-10,006
63
-559
2,238
-1,671
6,403
-4,048
-4,453
160
414
5,001
1,342
524
-4,945
-3.596
535
-247
741
-471
-4,868
1,963
866
99
-52
-345
285
160
91
183
-70
6
-192
158
160
Europe
Canada
Latin America and Caribbean
Japan
Africa
Other countries
52 Nonmonetary international and
regional organizations
1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
2. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.
Securities Holdings and Transactions
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
A61
Foreign Transactions1
Millions of dollars; net purchases, or sales (—) during period
1998
2000
1999
2000
Area or country
1999
Jan.Jan.
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan. p
1 Total estimated
49,039
-9,953
8,116
-6,236
19,118
90
-9,733
-3,615
4,642
8,116
2 Foreign countries
46,570
-10,518
8,151
-6,220
18,847
-1
-9,904
-3,802
4,566
8,151
23,797
3,805
144
-5,533
1,486
5,240
14,384
4,271
615
-38,228
-81
2,285
2,122
1,699
-1,761
-20,232
-22,260
7,348
-974
731
1,706
806
499
-3,407
-1,638
329
-582
-5,739
37
643
-1,224
-229
-215
1,385
-6,136
1,382
1,771
105
1,438
453
876
-714
1,934
-2,321
1,339
-9,265
12
-963
-423
-45
237
-3,534
-4,549
1,459
-405
-351
78
130
-6
365
-1,854
1,233
-656
8,643
-357
510
360
369
144
5,837
1,780
-550
-5,533
-798
607
268
317
1,403
-3,481
-3,849
218
-974
731
1,706
806
499
-3,407
-1,638
329
-582
-3,662
59
9,523
-13,244
27,433
13,048
751
-2,364
-7,523
362
1,661
-9,546
29,359
20,102
-3,021
1,547
-2,409
54
-3,837
1,374
12,164
1,058
-43
-5
698
131
-38
605
-2,319
-394
-178
-64
8,695
15
1,650
7,030
6,832
2,913
-622
832
3,003
10
2,982
11
5,344
5,259
-302
-240
-9,911
25
-1,777
-8,159
942
344
-202
328
-5,417
154
1,362
-6,933
-6,630
-4,378
-680
832
806
-33
576
263
9,718
8,263
-541
-102
-2,409
54
-3,837
1,374
12,164
1,058
-43
-5
2,469
1,502
199
565
190
666
-35
-7
0
-16
-101
191
271
233
175
91
98
-9
171
184
-1
187
125
-4
76
75
1
-35
-7
0
46,570
4,123
42,447
-10,518
-9,861
-657
8,151
6,763
1,388
-6,220
-1,773
-4,447
18,847
2,394
16,453
-1
-1,714
1,713
-9,904
-1,248
-8,656
-3,802
-2,325
-1,477
4,566
4,962
-396
8,151
6,763
1,388
-16,554
2
2,207
0
2,913
0
-38
0
130
401
0
201
0
-2,050
0
-3,556
2,913
0
3
4
5
6
7
8
9
in
n
Europe
Belgium and Luxembourg
Germany
Netherlands
Sweden
Switzerland
United Kingdom
Other Europe and former U.S.S.R
Canada
17
13
14
15
16
17
18
19
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
2n
71
22
Japan
Africa
Other
Nonmonetary international and regional organizations
International
Latin American regional
MEMO
73 Foreign countries
Official institutions
74
Other foreign
25
Oil-exporting countries
76 Middle East 2
27
1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
1
- 1
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
A62
3.28
International Statistics • May 2000
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR 1
Currency units per U.S. dollar except as noted
1999
Item
1997
1998
2000
1999
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar 2
2 Austria/schilling
3 Belgium/franc
4
5 Canada/dollar
6 China, P.R./yuan
7 Denmark/krone
8 European Monetary Union/euro 3
9 Finland/markka
10 France/franc
11 Germany/deutsche mark
12 Greece/drachma
13
14
15
16
17
18
19
?0
?1
22
23
74
75
7,6
77
78
79
30
31
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
3 ? Thailand/baht
33
34 Venezuela/bolivar
64.54
n.a.
n.a.
1.8207
1.4858
8.2781
6.9900
1.0653
n.a.
n.a.
n.a.
306.30
65.09
n.a.
n.a.
1.9688
1.4776
8.2775
6.9450
1.0706
n.a.
n.a.
n.a.
307.71
63.88
n.a.
n.a.
1.9314
1.4674
8.2782
7.2019
1.0328
n.a.
n.a.
n.a.
318.24
64.10
n.a.
n.a.
1.8442
1.4722
8.2794
7.3597
1.0110
n.a.
n.a.
n.a.
326.19
65.60
n.a.
n.a.
1.8057
1.4486
8.2792
7.3492
1.0131
n.a.
n.a.
n.a.
326.86
62.78
n.a.
n.a.
1.7765
1.4512
8.2781
7.5725
0.9834
n.a.
n.a.
n.a.
338.87
60.94
n.a.
n.a.
1.7424
1.4608
8.2786
7.7228
0.9643
n.a.
n.a.
n.a.
346.33
7.7467
41.36
142.48
1,736.85
130.99
3.9254
9.152
1.9837
53.61
7.5521
180.25
7.7594
43.13
n.a.
n.a.
113.73
3.8000
9.553
n.a.
52.94
7.8071
n.a.
7.7696
43.55
n.a.
n.a.
105.97
3.8000
9.575
n.a.
51.42
7.7402
n.a.
7.7718
43.46
n.a.
n.a.
104.65
3.8000
9.416
n.a.
51.22
7.9367
n.a.
7.7728
43.52
n.a.
n.a.
102.58
3.8000
9.427
n.a.
50.87
8.0113
n.a.
7.7791
43.59
n.a.
n.a.
105.30
3.8000
9.494
n.a.
51.27
8.0241
n.a.
7.7816
43.65
n.a.
n.a.
109.39
3.8000
9.427
n.a.
49.03
8.2374
n.a.
7.7848
43.64
n.a.
n.a.
106.31
3.8000
9.289
n.a.
49.02
8.4100
n.a.
1.4857
4.6072
947.65
146.53
59.026
7.6446
1.4514
28.775
31.072
163.76
488.39
Singapore/dollar
South Africa/rand
South Korea/won
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar 2
Norway/krone
Portugal/escudo
62.91
12.379
36.31
1.1605
1.4836
8.3008
6.7030
n.a.
5.3473
5.8995
1.7597
295.70
7.7431
36.36
151.63
1,703.81
121.06
2.8173
7.918
1.9525
66.25
7.0857
175.44
Hong Kong/dollar
India/rupee
Ireland/pound 2
Italy/lira
74.37
12.206
35.81
1.0779
1.3849
8.3193
6.6092
n.a.
5.1956
5.8393
1.7348
273.28
1.6722
5.5417
1,400.40
149.41
65.006
7.9522
1.4506
33.547
41.262
165.73
548.39
1.6951
6.1191
1,189.84
n.a.
70.868
8.2740
1.5045
32.322
37.887
161.72
606.82
1.6757
6.1029
1,205.29
n.a.
71.747
8.1492
1.4896
31.828
39.416
165.72
630.75
1.6699
6.1424
1,176.98
n.a.
72.040
8.3586
1.5543
31.794
38.749
162.05
634.80
1.6745
6.1503
1,136.80
n.a.
72.018
8.4910
1.5841
31.625
38.227
161.32
644.28
1.6757
6.1309
1,130.99
n.a.
73.140
8.4918
1.5903
30.890
37.380
164.04
652.81
1.7028
6.3209
1,129.75
n.a.
73.552
8.6480
1.6348
30.806
37.759
160.00
659.44
1.7153
6.4675
1,116.39
n.a.
73.810
8.6971
1.6636
30.724
37.923
157.99
666.82
Indexes 4
NOMINAL
35 Broad (January 1997 = 100)5
36 Major currencies (March 1973 = 100)6
37 Other important trading partners (January
1997= 100)7
104.44
91.24
116.48
95.79
116.87
94.07
115.88
91.94
116.08
92.87
116.09
93.23
115.95
93.14
117.44
95.31
117.44
95.64
104.67
126.03
129.94
131.06
129.93
129.34
129.14
129.11
128.54
91 33r
92.25
99.36 r
97.25
98.75 r
96.74
98.02 r
95.01
98.20
96.12
98.14
96.42
98.09 r
96.64 r
99.33 r
99.06 r
100.11
99.98
95.87r
108.52r
107.74r
108.38r
107.23
106.651
106.24r
105.95'
106.58
REAL
Broad (March 1973 = 100)5
39 Major currencies (March 1973= 100)6
40 Other important trading partners (March
1973= 100)7
38
1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release. For ordering address,
see inside front cover.
2. U.S. cents per currency unit.
3. As of January 1999, the euro is reported in place of the individual euro area currencies.
By convention, the rate is reported in U.S. dollars per euro. These currency rates can be
derived from the euro rate by using the fixed conversion rates (in currencies per euro) as
shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564
Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds
1936.27
40.3399
2.20371
200.482
166.386
Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
4. The December 1999 Bulletin contains revised index values resulting from the annual
revision to the trade weights. For more information on the indexes of the foreign exchange
value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-18.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.
A63
Guide to Statistical Releases and Special Tables
STATISTICAL
RELEASES—List
Published Semiannually, with Latest Bulletin Reference
Issue
December 1999
SPECIAL
Page
A72
Issue
Anticipated schedule of release dates for periodic releases
Page
TABLES—Data Published Irregularly, with Latest Bulletin Reference
Title and Date
Assets and liabilities of commercial banks
March 31, 1999
June 30, 1999
September 30, 1999
December 31, 1999
August
November
February
May
1999
1999
2000
2000
A64
A64
A64
A64
Terms of lending at commercial banks
May 1999
August 1999
November 1999
February 2000
August
November
February
May
1999
1999
2000
2000
A66
A66
A66
A66
August
November
February
May
1999
1999
2000
2000
All
A72
All
All
July 1999
October 1999
January 2000
A64
A64
A64
Residential lending reported under the Home Mortgage Disclosure Act
1997
1998
September 1998
September 1999
A64
A64
Disposition of applications for private mortgage
1997
1998
September 1998
September 1999
All
A73
Small loans to businesses and farms
1997
1998
September 1998
September 1999
A76
A76
Community development lending reported under the Community Reinvestment Act
1997
1998
September 1998
September 1999
A79
A79
Assets and liabilities of U.S. branches and agencies of foreign
March 31, 1999
June 30, 1999
September 30, 1999
December 31, 1999
banks
Pro forma balance sheet and income statements for priced service
March 31, 1999
June 30, 1999
September 30, 1999
operations
insurance
A64
4.20
Special Tables • May 2000
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, December 31, 1999
Millions of dollars except as noted
Banks with foreign offices'
Item
Total
Dom ;stic
tot al
Banks with domestic
offices only 2
Total
I Total assets 3
2 Cash and balances due from depository institutions
3
Cash items in process of collection, unposted debits, and currency and coin
4
Cash items in process of collection and unposted debits
5
Currency and coin
6
Balances due from depository institutions in the United States
1
Balances due from banks in foreign countries and foreign central banks
8
Balances due from Federal Reserve Banks
Domestic
Over 100
Under 100
5,668,287
4,947,888
3,907,522
3,187,123
1,477,819
282,946
363,785
249,631
284,021
122,565
n.a.
n.a.
34,325
109,566
17,565
169,868
119,698
76,222
43,475
25,210
7,628
17,332
64,320
37,836
16,260
21,576
18,737
971
6,776
15,444
n.a.
n.a.
F
1
n.a.
1
1
•
MEMO
9 Non-interest-bearing balances due from commercial banks in the United States
(included in balances due from depository institutions in the United States)
10 Total securities, held to-maturity (amortized cost) and available-for-sale (fair value)
11
U.S. Treasury securities
12
U.S. government agency and corporation obligations (excludes mortgage-backed
securities)
13
Issued by U.S. government agencies
14
Issued by U.S. government-sponsored agencies
15
Securities issued by states and political subdivisions in the United States
16
General obligations
17
Revenue obligations
18
Industrial development and similar obligations
Mortgage-backed securities (MBS)
19
Pass-through securities
20
Guaranteed by GNMA
21
22
Issued by FNMA and FHLMC
23
Privately issued
24
Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)
25
Issued or guaranteed by FNMA, FHLMC or GNMA
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
26
All other mortgage-backed securities
27
28
Other debt securities
29
Other domestic debt securities
30
Foreign debt securities
31
Equity securities
Investments in mutual funds and other equity securities with readily determinable
32
fair value
33
All other equity securities
34 Federal funds sold and securities purchased under agreements to resell
35 Total loans and lease-financing receivables, gross
36
LESS: Unearned income on loans
37 Total loans and leases (net of unearned income)
38
LESS: Allowance for loan and lease losses
39
LESS: Allocated transfer risk reserves
40 EQUALS: Total loans and leases, net
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Total loans and leases, gross, by category
Loans secured by real estate
Construction and land development
Farmland
One- to four-family residential properties
Revolving, open-end loans, extended under lines of credit
All other loans
Multifamily (five or more) residential properties
Nonfarm nonresidential properties
Loans to depository institutions
Commercial banks in the United States
Other depository institutions in the United States
Banks in foreign countries
Loans to finance agricultural production and other loans to farmers
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Acceptances of other banks
4,819
597,306
73,500
357,516
29,417
73,550
7,619
199,332
4,627
194,705
8 5,802
64,824
23,314
664
448,873
282,057
74,753
204,164
3,140
166,815
117,071
3,316
46,429
144,182
n.a.
n a.
36,648
64,099
2,067
62,032
28,251
19,540
8,262
449
294,009
191,456
44,250
145,775
1,431
102,553
69,876
2,235
30,443
112,998
53,737
59,261
24,449
99,951
1,829
98,122
47,710
36,051
11,490
169
140,938
81,261
27,010
52,571
1,680
59,677
43,077
897
15,703
28,892
28,539
353
10,609
35,282
731
34,552
12,841
9,234
3,562
45
13,925
9,340
3,494
5,818
29
4,585
4,118
184
282
2,292
n.a.
n.a.
1,591
2,760
7,849
579
1,012
30,950
n.a.
n.a.
12,123
n a.
8,224
16,225
11,563
25,085
225,534
185,433
174,152
134,051
40,127
11,255
3,454,774
3,363
3,451,411
57,465
126
3,393,820
3,174,021
2,647
3,171,374
n.a.
n.a.
n a.
2,329,042
1,766
2,327,276
39,152
125
2,288,000
2,048,290
1,050
2,047,240
n.a.
n.a.
n.a.
952,282
1,241
951,042
15,743
1
935,298
173,449
357
173,093
2,570
1
170,521
1,497,156
865,753
9 8,521
n.a.
n.a.
n.a.
45,032
964,892
n.a.
n.a.
1,250
n.a.
n.a.
1,464,622
134,135
31,839
831,426
102,302
729,125
52,911
414,310
82,196
n.a.
n.a.
n.a.
44,202
810,254
n.a.
n.a.
694
n.a.
n.a.
95,056
70,717
4,480
19,859
11,215
762,606
620,154
142,452
1,168
326
842
833,219
70,002
5,807
526,014
72,424
453,590
29,869
201,527
78,731
70,429
4,459
3,842
10,385
607,967
599,794
8,174
613
322
290
531,857
55,556
14,569
257,320
27,396
229,924
20,809
183,604
3,370
2,992
189
189
17,414
172,216
171,416
800
68
n.a.
n.a.
99,546
8,577
11,464
48,092
2,481
45,612
2,233
29,180
95
n.a.
n.a.
n.a.
16,403
30,070
n.a.
n.a.
13
n.a.
n.a.
541,293
199,656
341,637
499,662
n.a.
n a.
314,013
114,763
199,250
272,382
n.a.
n.a.
202,274
81,948
120,326
25,006
2,945
22,061
19,579
135,595
n.a.
n.a.
n .a.
n.a.
151,456
19,574
106,875
n a.
n a.
n.a.
n.a.
145,942
12,396
126,555
8,492
118,062
n.a.
n.a.
140,282
12,390
97,835
1,649
96,186
18,703
77,483
134,768
6,360
8,195
15
8,180
1,875
6,305
10,528
824
845
n.a.
n.a.
n.a.
n.a.
646
648
22,477
1,130
403
232
n.a.
14,439
41,230
1
5,537
320
75
5
n.a.
858
5,362
n.a.
1
T
F
1
1
I
1
n.a.
T
Loans to individuals for household, family, and other personal expenditures (includes
61
Other (includes single payment and installment)
62
63 Obligations (other than securities) of states and political subdivisions in the United States
(includes nonrated industrial development obligations)
64 All other loans
65
Loans to foreign governments and official institutions
66
67
Loans for purchasing and carrying securities
68
All other loans (excludes consumer loans)
69
70
71
72
73
74
75
76
77
14,008
1,028,372
110,536
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs
Intangible assets
All other assets
257,208
72,973
3,040
8,891
8,923
n.a.
94,778
210,963
F
1
n.a.
1
I
18,927
n.a.
n.a.
256,541
44,959
1,590
8,412
8,686
n.a.
79,481
164,372
F
1
n.a.
I
•
18,927
n.a.
n.a.
Commercial Banks
4.20
A65
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, December 31, 1999
Millions of dollars except as noted
Banks with foreign offices'
Item
Total
Domestic
total
Total
Banks with domestic
offices only 2
Domestic
Over 100
Under 100
78 Total liabilities, limited-life preferred stock, and equity capital
5,668,287
n.a.
3,907,522
n.a.
1,477,819
282,946
79 Total liabilities
5,197,743
4,477,345
3,598,507
2,878,108
1,345,499
253,738
80 Total deposits
81
Individuals, partnerships, and corporations
82
U.S. government
83
States and political subdivisions in the United States
Commercial banks in the United States
84
85
Other depository institutions in the United States
86
Foreign banks, governments, and official institutions
87
Banks
88
Governments and official institutions
89
Certified and official checks
3,802,488
3,389,214
n.a.
n.a.
78,761
n.a.
142,136
n.a.
n.a.
17,712
3,147,113
2,922,278
7,487
150,457
30,266
9,132
10,897
n.a.
n.a.
16,595
2,491,757
2,180,449
n.a.
n.a.
71,200
n a.
141,702
9 3,961
42,742
9,919
1,836,382
1,713,513
6,538
70,071
22,705
4,290
10,463
9,384
1,079
8,802
1,070,445
991,989
803
61,314
6,380
3,376
414
411
3
6,171
240,286
216,777
146
19,073
1,182
1,467
20
n.a.
n.a.
1,622
679,329
578,521
2,101
46,716
23,868
3,299
8,230
n.a.
n.a.
16,595
381,563
319,989
1,615
21,535
19,285
2,518
7,820
7,103
717
8,802
229,303
199,105
416
18,247
4,275
700
390
388
3
6,171
68 463
59,427
70
6,934
309
81
19
n.a.
n a.
1,622
519,861
445,588
1,856
20,453
23,863
3,280
8,226
n.a.
n.a.
16,595
332,642
278,920
1,442
13,861
19,283
2,518
7,818
7,103
715
8,802
151,406
134,221
357
5,313
4,271
683
390
388
3
6,171
35,812
32,448
58
1,279
308
79
18
n a.
n.a.
1,622
1,454,819
1,393,524
4,923
48,536
3,420
1,772
2,644
2,282
362
841,142
792,884
387
43,066
2,105
2,676
24
23
1
171,823
157,350
76
12,139
873
1,385
0
n.a.
n.a.
321,279
42,805
n.a.
294,691
6,359
n.a.
143,854
n.a.
90,640
4,517
88
150,546
232
4,694
n.a.
24,337
3,801
139
1
7,065
5
23
n.a.
2,418
132,320
29,208
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
11/
118
119
120
121
122
123
124
125
126
Total transaction accounts
Individuals, partnerships, and corporations
U.S. government
States and political subdivisions in the United States
Commercial banks in the United States
Other depository institutions in the United States
Foreign banks, governments, and official institutions
Banks
Governments and official institutions
Certified and official checks
Demand deposits (included in total transaction accounts)
Individuals, partnerships, and corporations
U.S. government
States and political subdivisions in the United States
Commercial banks in the United States
Other depository institutions in the United States
Foreign banks, governments, and official institutions
Banks
Governments and official institutions
Certified and official checks
n.a.
Total nontransaction accounts
Individuals, partnerships, and corporations
U.S. government
States and political subdivisions in the United States
Commercial banks in the United States
Other depository institutions in the United States
Foreign banks, governments, and official institutions
Banks
Governments and official institutions
Federal funds purchased and securities sold under agreements to repurchase
Demand notes issued to the U.S. Treasury
Trading liabilities
Other borrowed money
Banks' liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
All other liabilities
127 Total equity capital
n.a.
2,467,784
2,343,758
5,386
103,741
6,398
5,833
2,668
n.a.
n.a.
436,955
47,461
186,871
48' ),222
9,016
75,808
n.a.
149,922
470,544
415,719
47,461
n.a.
452,302
6,596
n.a,
143,854
n.a.
n.a.
342,515
42,805
186,783
331,610
,779
71,091
n.a.
123,168
309,015
n.a.
MEMO
128 Trading assets at large banks 4
129
U.S. Treasury securities (domestic offices)
130
U.S. government agency corporation obligations
131
Securities issued by states and political subdivisions in the United States
132
Mortgage-backed securities
Other debt securities
133
134
Other trading assets
Trading assets in foreign banks
135
Revaluation gains on interest rate, foreign exchange rate, and other
136
commodity and equity contracts
137 Total individual retirement (IRA) and Keogh plan accounts
138 Total brokered deposits
Fully insured brokered deposits
139
140
Issued in denominations of less than $100,000
141
Issued in denominations of $100,000, or in denominations greater than $100,000 and
participated out by the broker in shares of $100,000 or less
142 Money market deposit accounts (MMDAs)
143 Other savings deposits (excluding MMDAs)
144 Total time deposits of less than $100,000
145 Total time deposits of $100,000 or more
146 All negotiable order of withdrawal (NOW) accounts
147 Number of banks
NOTE. The notation "n.a." indicates the lesser detail available from banks that don't have
foreign offices, the inapplicability of certain items to banks that have only domestic offices or
the absence of detail on a fully consolidated basis for banks that have foreign offices.
1. All transactions between domestic and foreign offices of a bank are reported in "net due
from" and "net due to" lines. All other lines represent transactions with parties other than the
domestic and foreign offices of each bank. Because these intraoffice transactions are nullified
by consolidation, total assets and total liabilities for the entire bank may not equal the sum of
assets and liabilities respectively of the domestic and foreign offices.
Foreign offices include branches in foreign countries, Puerto Rico, and U.S. territories and
possessions; subsidiaries in foreign countries; all offices of Edge Act and agreement corporations wherever located; and IBFs.
2. "Over 100" refers to banks whose assets, on June 30 of the preceding calendar year,
256,928
<•
n a.
151,421
60,400
n.a.
,557
105,507
13,384
4,184
750
4,865
11,044
10,882
0
256,431
60,400
148,124
95,547
68,038
12,155
60,313
55,883
835,791
420,736
739,254
472,003
152,448
n. a.
8,557
n a.
151,421
160
105,010
13,374
4,051
696
4,774
11,042
10,758
0
498
10
133
53
91
2
123
0
60,313
78,687
58,969
34,235
4,898
86
57,271
32,650
30,048
5,998
12,166
3,928
3,755
1,259
29,337
582,061
254,540
341,423
276,794
44,126
24,050
225,978
143,918
312,002
159,244
76,386
2,496
27,751
22,278
85,828
35,966
31,936
2,943
5,454
n.a.
n.a.
were $100 million or more. (These banks file the FFIEC 032 or FFIEC 033 Call Report.)
"Under 100" refers to banks whose assets, on June 30 of the preceding calendar year, were
less than $100 million. (These banks file the FFIEC 034 Call Report.)
3. Because the domestic portion of allowances for loan and lease losses and allocated
transfer risk reserves are not reported for banks with foreign offices, the components of total
assets (domestic) do not sum to the actual total (domestic).
4. Components of "Trading assets at large banks" are reported only by banks with either
total assets of $1 billion or more or with $2 billion or more in the par/notional amount of their
off-balance-sheet derivative contracts.
A66
4.23
Special Tables • May 2000
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, Feb. 7-11, 2000
E. Commercial and industrial loans made byU.S.branchesandagenciesofforeignbanks1
Amount of loans (percent)
Weightedaverage
maturity-
Weightedaverage
effective
loan rate
(percent)2
Amount of
loans
(millions
of dollars)
7.44
6.47
6.87
7.54
8.24
117,861
16,743
21,029
38,110
23,376
728
2,723
1,435
700
505
375
219
329
509
380
43.8
73.3
18.1
39.2
41.9
10.9
6.7
13.4
10.1
12.0
8.64
7.99
8.33
8.49
9.32
19,753
559
2,130
7,672
3,972
353
447
519
339
187
459
562
535
441
597
54.7
44.0
32.8
62.3
76.8
14.6
31.3
16.0
13.3
30.7
1.7
71.1
97.5
93.7
97.5
87.8
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
6.84
6.17
6.60
6.98
7.60
54,728
12,205
11,904
14,630
6,867
1,321
16,152
5,873
1,147
771
170
74
209
261
42.9
84.9
12.7
25.9
29.5
9.4
3.5
13.8
11.1
7.7
41.6
94.6
39.3
28.5
3.9
69.6
99.5
55.6
65.4
42.0
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
7.42
6.88
6.69
7.31
8.28
25,414
2,638
4,362
9,882
7,001
1,315
2,096
2,334
1,497
900
456
502
333
587
400
31.1
41.6
14.5
29.0
34.7
6.8
41.2
59.5
42.6
46.1
24.7
84.2
99.7
90.8
84.7
77.4
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
7.67
7.70
7.07
7.59
8.05
12,407
933
2,225
3,654
4,532
500
461
596
587
1,071
80.2
92.0
77.9
79.2
79.8
26 More than 365 days
27
Minimal risk . . .
28
Low risk
29
Moderate risk . .
30
Other
8.81
7.80
7.93
9.16
9.03
4,013
374
238
466
139
415
259
Average loan
size
(thousands of
dollars)
Days
Subject to
prepayment
penalty
Secured by
collateral
Made under
commitment
32.5
82.2
34.8
26.7
16.9
69.2
76.7
69.8
LOAN RISK5
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
By maturity/repricing
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
interval6
Weightedaverage risk
rating 5
5.3
3.9
3.5
22.8
11.3
1.6
37.9
53.0
31.8
40.4
29.4
9.8
16.5
21.1
3.5
30.1
54.4
23.4
34.9
30.5
82.8
11.4
60.8
94.4
94.4
492
795
26.6
83.8
16.4
2.3
70.5
15.5
1.3
7.1
2.3
73.3
53.1
87.8
60.0
27.2
11.0
Weightedaverage
maturity/
repricing
interval 6
Days
SIZE OF L O A N
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
35
36
37
38
39
Prime 7
Fed funds
Other domestic
Foreign
Other
2,782
11,169
35,661
68,249
3.3
3.2
3.0
2.5
159
146
7.83
6.90
85.3
73.6
44.5
36.8
29.8
19.5
13.2
7.5
3.8
11.3
26.9
40.0
78.3
86.1
81.0
68.0
9.27
6.64
6.73
7.13
7.61
23,612
31,663
13,666
35,416
13,503
3.2
2.8
2.4
2.4
3.1
123
9
37
35
231
73.7
29.5
9.7
50.5
41.8
22.4
8.9
20.3
2.5
8.1
2.8
17.9
70.6
57.4
14.2
77.5
46.0
71.9
94.5
B A S E R A T E OF L O A N 4
Footnotes appear at end of table.
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, Feb. 7-11, 2000
B. Commercial and industrial loans made by all domestic banks 1
Weightedaverage
effective
loan rate,
(percent^
Amount of
loans
(millions
of dollars)
7.84
6.62
7.00
7.81
8.84
69,934
5,604
12,370
28,322
12,530
456
1,184
905
543
288
8.64
7.99
8.33
8.48
9.39
19,249
559
2,127
7,581
3,562
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
7.21
6.32
6.54
7.25
8.01
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
Average loan
size
(thousands of
dollars)
Amount of loans (percent)
Weightedaverage
maturity 3
Days
Subject to
prepayment
penalty
Secured by
collateral
Made under
commitment
LOAN RISK5
599
371
548
45.0
34.9
23.6
45.7
64.9
15.9
17.5
22.1
12.6
19.1
26.4
56.5
37.9
28.6
18.7
78.6
96.6
80.6
82.8
84.2
447
520
339
170
446
562
536
439
525
54.2
44.0
32.7
62.5
76.7
15.0
31.3
15.9
13.5
34.2
3.5
22.8
11.4
1.3
1.9
71.0
97.5
93.9
97.5
24,178
3,281
5,545
8,819
3.046
616
5,469
3,278
723
364
396
272
427
452
205
36.5
45.8
15.3
32.2
47.4
19.4
12.9
27.9
17.3
9.8
40.8
82.2
55.5
44.7
4.7
78.5
98.2
73.8
73.2
59.2
7.65
6.26
6.79
7.46
9.06
14,793
937
2,594
7.047
3,474
907
1,473
1,742
1,224
511
695
251
550
812
771
34.3
3.9
20.0
30.6
59.2
7.8
1.7
11.5
5.6
6.5
38.3
18.4
38.3
45.1
38.1
94.3
99.1
92.5
94.0
95.9
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
7.63
6.74
6.92
7.71
8.59
6,910
419
1,697
2,603
1,446
309
302
489
458
432
836
552
607
1,067
970
46.3
22.2
35.7
45.1
65.4
12.6
4.0
27.5
12.5
1.9
23.9
38.9
20.5
32.0
21.0
80.0
84.7
72.6
79.8
91.4
26 More than 365 days
27
Minimal risk . . .
28
Low risk
29
Moderate risk . .
30
Other
8.82
82.9
11.4
60.8
94.4
94.7
16.4
2.3
70.7
15.5
1.3
7.1
2.3
73.2
53.1
87.8
60.0
27.2
86.7
85.9
77.1
49.6
28.8
29.8
20.2
15.8
13.5
3.6
7.4
22.9
36.4
78.2
85.4
83.1
73.4
75.5
41.2
8.0
36.4
38.6
19.7
22.9
23.9
4.8
8.9
2.8
27.2
65.4
39.4
15.6
75.6
55.1
86.3
87.7
85.6
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
By maturity/repricing
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
interval6
7.80
7.93
9.16
9.04
4,011
374
238
466
139
415
259
Weightedaverage risk
rating 5
Weightedaverage
maturity/
repricing
interval 6
Days
SIZE OF L O A N
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
3.3
3.2
3.1
161
9.65
8.99
8.09
7.18
2,742
9,776
24,261
33,155
2.6
106
83
9.23
6.51
6.67
7.78
7.65
21,726
10,131
11,376
14,440
12,262
3.2
2.4
2.4
3.0
3.0
131
13
44
56
252
12
6
B A S E R A T E OF L O A N 4
35
36
37
38
39
7
Prime
Fed funds
Other domestic
Foreign
Other
Footnotes appear at end of table.
A67
A68
4.23
Special Tables • May 2000
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, Feb. 7-11, 2000
E. Commercial and industrial loans made byU.S.branchesandagenciesofforeignbanks1
Weightedaverage
effective
loan rate
(percent) 2
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Amount of loans (percent)
Weightedaverage
maturity 3
Days
Subject to
prepayment
penalty
Secured by
collateral
Made under
commitment
28.3
59.7
41.6
30.5
16.7
78.0
98.9
81.2
82.8
82.3
3.8
25.1
13.3
2.3
67.6
100.0
98.3
99.1
88.4
42.5
83.2
56.5
47.0
4.7
77.9
98.3
73.4
72.4
57.2
LOAN RISK5
7.68
6.54
6.81
7.69
8.67
60,966
5,206
11,136
25,109
9,957
853
4,844
3,018
1,020
414
564
346
7.94
8.18
8.35
9.09
16,094
500
1,607
6,437
2,409
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
7.12
6.28
6.49
7.14
7.90
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
1 All commercial and industrial loans
Minimal risk
2
3
Low risk
4
Moderate risk
Other
5
672
594
40.0
33.4
17.7
42.0
57.5
20.2
10.6
10.6
673
1,759
1,583
615
239
424
574
400
412
561
49.0
41.6
19.4
59.8
69.3
31.8
5.7
7.7
21.2
23,127
3,241
5,445
8,319
2,878
743
10,561
4,007
949
464
375
272
416
409
190
34.3
45.2
14.4
28.9
44.7
19.3
12.8
28.4
16.9
8.9
7.62
6.23
6.68
7.45
9.09
13,398
910
2,425
6,361
3,256
1,442
7,691
3,316
2,154
662
736
248
577
861
789
32.0
1.2
15.5
29.7
57.4
5.0
1.3
39.3
6.6
4.0
5.6
40.9
44.9
38.4
94.0
99.9
92.1
93.5
96.3
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
7.49
6.66
6.71
7.55
8.56
5,743
201
1,490
2,322
1,225
1,685
1,003
3,883
2,454
845
901
401
642
1,163
934
42.6
12.8
31.5
40.9
61.5
13.2
6.1
27.2
13.2
1.7
25.0
57.6
21.6
33.3
18.3
81.7
99.8
72.2
82.4
92.6
26 More than 365 days
27
Minimal risk . . .
28
Low risk
29
Moderate risk . .
30
Other
8.62
7.66
6.79
9.14
8.61
2,266
326
156
1,472
119
1,332
2,335
1,552
2,631
210
72.7
.3
10.5
93.4
71.8
16.4
96.3
22.1
.4
14.3
4.6
1.5
16.7
2.4
31.4
47.8
99.8
92.9
23.5
68.2
6.1
8.2
86.0
88.7
28.2
9.3
13.2
22.9
36.4
73.0
72.8
38.8
7.4
36.0
27.2
13.5
20.1
24.0
4.5
3.6
3.3
28.2
65.8
38.4
13.9
73.7
52.7
86.9
86.9
88.3
By maturity/repricing
6 Zero interval
7
Minimal risk
Low risk
8
9
Moderate risk
10
Other
interval6
Weightedaverage risk
rating 5
13.0
18.1
8.1
1.1
18.2
Weightedaverage
maturity/
repricing
interval 6
Davs
SIZE OF L O A N
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
9.51
8.90
8.01
7.16
1,253
6,520
20,616
32,576
3.5
3.4
3.0
2.6
9.13
6.44
6.66
7.80
7.41
17,049
9,615
11,293
13,291
9,717
3.1
2.4
2.4
3.0
3.0
87.4
73.3
45.4
82.2
B A S E R A T E OF L O A N 4
35
36
37
38
39
7
Prime
Fed funds
Other domestic
Foreign
Other
Footnotes appear at end of table.
126
4
40
47
69
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, Feb. 7-11, 2000
D. Commercial and industrial loans made by small domestic banks 1
Amount of loans (percent)
Weightedaverage
maturity 3
Weightedaverage
effective
loan rate
(percent) 2
Amount of
loans
(millions
of dollars)
8.93
7.60
8.72
8.72
9.49
8,969
399
1,235
3,213
2,573
109
109
124
117
133
9.45
8.37
8.80
9.17
10.02
3,156
60
520
1,144
1,154
101
62
169
96
107
616
446
1,206
632
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
9.26
9.45
9.29
9.10
9.77
1,051
40
100
500
168
130
137
301
146
78
836
273
961
1,166
454
84.7
96.2
62.5
88.2
92.6
20.8
22.0
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
7.92
7.50
8.43
7.53
199
52
223
245
116
256
359
8.62
1,395
27
169
686
218
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
8.35
6.81
8.50
9.00
8.76
1,166
218
207
280
221
61
184
67
59
117
521
682
317
348
1,172
26 More than 365 days
27
Minimal risk . . .
28
Low risk
29
Moderate risk . .
30
Other
9.06
8.74
8.70
9.24
9.12
1,745
49
232
355
620
115
73
Average loan
size
(thousands of
dollars)
Secured by
collateral
Callable
Subject to
prepayment
penalty
Made under
commitment
78.8
54.4
76.8
74.1
93.3
35.7
9.8
39.0
27.9
52.2
13.8
15.0
4.5
13.7
26.0
82.7
66.3
75.5
83.2
91.7
63.9
73.8
77.4
92.0
50.0
26.9
47.7
45.8
61.5
2.1
3.7
5.2
2.3
1.0
88.3
76.5
80.2
88.7
92.7
24.4
25.6
5.0
3.5
91.0
88.8
97.3
86.8
92.7
55.9
94.6
84.4
38.3
85.8
35.0
15.2
81.7
20.1
19.8
28.9
25.3
.1
47.0
32.9
96.9
72.2
98.0
99.1
64.3
31.0
65.7
80.2
87.1
9.6
2.0
29.6
6.5
2.8
18.7
23.4
12.7
21.4
34.8
71.6
70.8
76.0
58.1
84.5
96.2
85.9
94.6
98.3
99.1
Days
39.8
.3
12.7
9.8
81.6
.7
2.1
81.1
60.0
8.0
38.0
42.5
90.3
1.5
5.6
22.4
36.8
71.7
78.6
88.0
100.0
9.2
1.5
51.8
21.9
82.7
99.1
16.9
96.5
75.2
LOAN RISK3
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
By maturity/repricing
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
interval6
707
1,082
824
1,055
92
271
Weightedaverage risk
rating 5
1.8
Weightedaverage
maturity/
repricing
interval
Days
SIZE OF L O A N
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
35
36
37
38
39
Prime 7
Fed funds
Other domestic
Foreign
Other
9.77
9.15
8.54
7.88
1,489
3,256
3,645
579
3.1
3.0
3.3
2.9
260
412
465
171
84.6
84.7
73.3
65.7
24.4
23.1
52.9
27.4
9.58
7.88
9.24
7.48
8.57
4,677
516
83
1,148
2,544
3.3
149
182
560
151
1,037
85.2
85.2
93.1
41.9
82.1
42.1
75.0
11.4
B A S E R A T E OF L O A N 4
Footnotes appear at end of table.
2.8
2.3
3.2
3.0
8.2
29.2
A69
A70
4.23
Special Tables • May 2000
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, Feb. 7-11, 2000
E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks 1
Amount of loans (percent)
WeightedItem
(percent) 2
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
maturity
3
Days
Secured by
collateral
Callable
Subject to
prepayment
penalty
M de
d r
commitment
3.7
1.2
1.1
3.1
3.8
41.3
95.1
30.4
21.2
15.0
66.9
99.9
53.0
58.8
53.1
.8
4.6
74.9
1.4
25.4
.1
98.6
70.1
42.3
99.2
25.1
4.1
3.2
62.5
100.0
39.7
53.6
28.3
70.0
100.0
88.3
61.3
59.3
80.4
98.0
94.9
77.6
74.4
LOAN RISK5
1 All commercial and industrial loans
2
Minimal risk
Low risk
4
Moderate risk
5
Other
By maturity/repricing
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
6.84
6.39
6.69
6.78
7.55
47,926
11,139
8,659
9,788
10,846
5,620
7,864
8,737
4,414
3,897
68
143
42
31
84
42.0
92.6
10.2
20.4
15.3
8.89
504
interval6
770
*
*
*
*
1,051
72.2
9.75
8.70
91
410
343
1,082
626
1,180
45.0
78.1
11 Daily
12
Minimal risk
Low risk
13
14
Moderate risk
15
Other
6.56
6.11
6.66
6.57
7.27
30,550
8,923
6,359
5,811
3,821
13,887
57,328
18,953
10,338
7,081
11
1
40
1
15
48.0
99.2
10.5
16.2
15.2
16 2 to 30 days
1/
Minimal risk
18
Low risk
19
Moderate risk
20
Other
7.10
7.22
6.53
6.92
7.50
10,621
1,701
1,768
2,835
3,527
3,511
2,732
4,647
3,346
3,628
135
640
27
42
46
26.6
62.3
6.5
24.9
10.7
4.7
1.3
45.1
82.2
48.9
48.4
12.2
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
7.71
8.48
7.52
7.30
7.80
5,497
514
528
1,051
3,086
2,261
805
1,997
1,935
3,478
195
1,272
119
127
105
27.5
78.0
19.5
28.7
12.5
6.3
26.7
.4
7.2
4.3
37.7
66.4
32.5
41.9
34.7
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Weightedaverage risk
rating 5
Weightedaverage
maturity/
repricing
interval 6
*
*
*
*
*
*
*
*
*
1.5
*
1.4
1.6
6.1
1.7
*
*
*
*
*
*
Months
26 More than 365 days
27
Minimal risk
28
Low risk
29
Moderate risk
30
Other
*
*
*
*
*
*
*
*
*
*
*
*
*
Days
SIZE OF L O A N
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
35
it
37
38
39
Prime 7
Fed funds
Other domestic
Foreign
Other
8.86
8.15
7.28
6.64
40
1,393
11,400
35,093
2.9
3.0
2.9
2.4
39
37
26
9
45.4
49.1
33.7
44.4
28.6
14.4
7.5
2.0
21.4
38.4
35.5
43.4
87.6
90.9
76.7
62.8
9.74
6.70
6.99
6.68
7.30
1,886
21,532
2,290
20,977
1,241
3.3
3.1
2.8
2.0
3.9
25
6
4
21
33
52.9
24.0
18.3
60.2
73.1
53.6
2.4
2.6
.8
.0
3.4
13.5
96.6
69.7
2
99.0
41.7
B A S E R A T E OF L O A N 4
Footnotes appear at end of table.
*
99.2
33.6
Financial Markets
A71
NOTES TO TABLE 4.23
NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions
made during the first full business week in the mid-month of each quarter. The authorized
panel size for the survey is 348 domestically chartered commercial banks and fifty U.S.
branches and agencies of foreign banks. The sample data are used to estimate the terms of
loans extended during that week at all domestic commercial banks and all U.S. branches and
agencies of foreign banks. Note that the terms on loans extended during the survey week may
differ from those extended during other weeks of the quarter. The estimates reported here are
not intended to measure the average terms on all business loans in bank portfolios.
1. As of December 31, 1996, assets of most of the large banks were at least $7.0 billion.
Median total assets for all insured banks were roughly $62 million. Assets at all U.S. branches
and agencies averaged 1.3 billion.
2. Effective (compounded) annual interest rates are calculated from the stated rate and
other terms of the loans and weighted by loan amount. The standard error of the loan rate for
all commercial and industrial loans in the current survey (line 1, column 1) is 0.16 percentage
point. The chances are about two out of three that the average rate shown would differ by less
than this amount from the average rate that would be found by a complete survey of the
universe of all banks.
3. Average maturities are weighted by loan amount and exclude loans with no stated
maturities.
4. The most common base pricing rate is that used to price the largest dollar volume of
loans. Base pricing rates include the prime rate (sometimes referred to as a bank's "base" or
"reference" rate); the federal funds rate; domestic money market rates other than the prime
rate and the federal funds rate; foreign money market rates; and other base rates not included
in the foregoing classifications.
5. A complete description of these risk categories is available from the Banking Analysis
Section, Mail Stop 81, Board of Governors of the Federal Reserve System, Washington, DC
20551. The category "Moderate risk" includes the average loan, under average economic
conditions, at the typical lender. The category "Other" includes loans rated "acceptable" as
well as special mention or classified loans. The weighted-average risk ratings published for
loans in rows 31-39 are calculated by assigning a value of "1" to minimal risk loans; "2" to
low risk loans; "3" to moderate risk loans, "4" to acceptable risk loans; and "5" to special
mention and classified loans. These values are weighted by loan amount and exclude loans
with no risk rating. Some of the loans in lines 1,6, 11, 16, 21, 26, and 31 - 3 9 are not rated for
risk.
6. The maturity/repricing interval measures the period from the date the loan is made until it
first may reprice or it matures. For floating-rate loans that are subject to repricing at any
time—such as many prime-based loans—the maturity/repricing interval is zero. For floating-rate
loans that have a scheduled repricing interval, the maturity/repricing interval measures the number
of days between the date the loan is made and the date on which it is next scheduled to reprice. For
loans having rates that remain fixed until the loan matures (fixed-rate loans), the maturity/repricing
interval measures the number of days between the date the loan is made and the date on which it
matures. Loans that reprice daily mature or reprice on the business day after they are made. Owing
to weekends and holidays, such loans may have maturity/repricing intervals in excess of one day;
such loans are not included in the "2 to 30 day" category.
7. For the current survey, the average reported prime rate, weighted by the amount of
loans priced relative to a prime base rate, was 8.26 percent for all banks; 8.25 percent for
large domestic banks, 8.35 percent for small domestic banks; and 8.19 percent for U.S.
branches and agencies of foreign banks.
A72
4.30
Special Tables • May 2000
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1999'—Continued
Millions of dollars except as noted
All states 2
Item
1 Total assets 4
Total
including
IBFs 3
IBFs
only 3
New York
Total
including
IBFs
California
IBFs
only
Total
including
IBFs
Illinois
IBFs
only
Total
including
IBFs
IBFs
only
903,486
154,617
723,502
128,120
29,254
6,841
55,115
5,412
2 Claims on nonrelated parties
3 Cash and balances due from depository institutions
4
Cash items in process of collection and unposted debits
5
Currency and coin (U.S. and foreign)
b
Balances with depository institutions in United States
/
U.S. branches and agencies of other foreign banks
(including IBFs)
8
Other depository institutions in United States (including IBFs) . . .
y
Balances with banks in foreign countries and with foreign central
banks
Foreign branches of U.S. banks
10
n
Banks in home country and home-country central banks
12
All other banks in foreign countries and foreign central banks . . . .
13
Balances with Federal Reserve Banks
734,730
97,525
2,591
33
68,233
78,459
36,588
0
n.a.
15,002
582,994
94,309
2,537
24
65,924
69,038
35,701
0
n.a.
14,713
27,803
870
7
1
721
2,430
233
0
n.a.
140
53,125
1,257
17
1
767
1,017
443
0
n.a.
30
55,052
13,181
13,582
1,420
53,338
12,586
13,323
1,390
399
323
140
0
731
36
30
0
25,492
1,326
6,113
18,053
1,176
21,586
1,223
5,210
15,153
n.a.
24,797
1,298
6,090
17,409
1,027
20,988
1,198
5,192
14,598
n.a.
104
0
18
86
37
93
0
18
75
n.a.
425
0
0
424
48
413
0
0
413
n.a.
14 Total securities and loans
444,190
37,471
343,318
29,164
26,037
2,136
35,324
534
15 Total securities, book value
lb
U.S. Treasury
Obligations of U.S. government agencies and corporations
17
18
Other bonds, notes, debentures, and corporate stock (including state
and local securities)
Securities of foreign governmental units
19
20
All Other
120,308
24,854
48,851
4,712
n.a.
n.a.
109,209
21,163
46,278
4,115
n.a.
n.a.
1,314
66
228
486
n.a.
n.a.
8,599
3,613
1,940
79
n.a.
n.a.
46,603
11,079
35,523
4,712
2,634
2,078
41,768
10,725
31,043
4,115
2,466
1,649
1,020
277
742
486
128
357
3,047
29
3,018
79
29
50
63,811
7,134
11,719
44,958
2,328
1,494
269
565
55,919
6,904
11,157
37,858
2,303
1,474
264
565
274
112
162
0
2
2
0
0
7,092
0
7,091
0
0
0
0
324,184
301
323,882
32,785
26
32,759
234,317
208
234,109
25,073
23
25,049
24,762
39
24,723
1,652
1
1,651
26,745
20
26,725
455
0
455
16,433
24,694
6,589
5,214
1,375
15
18,090
991
17,099
53,375
95
15,223
2,939
2,700
239
0
12,284
373
11,911
1,208
11,009
16,399
4,998
3,760
1,238
0
11,400
960
10,440
41,545
93
9,814
2,275
2,073
202
0
7,539
346
7,194
898
3,194
1,915
1,096
1,060
36
0
820
3
817
1,179
0
1,338
555
532
23
0
783
0
783
50
446
1,172
65
55
11
0
1,107
0
1,107
3,950
0
397
25
15
10
0
372
0
372
5
38 Commercial and industrial loans
39
U.S. addressees (domicile)
40
Non-U.S. addressees (domicile)
41 Acceptances of other banks
42
U.S. banks
43
Foreign banks
44 Loans to foreign governments and official institutions (including
foreign central banks)
43 Loans for purchasing or carrying securities (secured and unsecured) . . .
46 All other loans
205,030
166,312
38,718
641
11
630
13,746
223
13,523
5
0
5
144,190
115,762
28,427
102
7
95
11,921
223
11,698
5
0
5
18,187
16,645
1,542
14
3
11
240
0
240
0
0
0
19,490
17,546
1,944
522
0
522
49
0
49
0
0
0
3,711
12,865
6,656
2,389
20
99
3,091
12,095
5,664
2,238
20
85
154
35
84
24
0
0
107
1
503
4
0
0
47
48
49
30
31
52
33
34
55
36
57
58
778
778
0
90,442
38,762
1,467
838
630
37,295
168,756
168,756
0
0
0
790
1,282
n.a.
n.a.
n.a.
1,282
76,158
n.a.
223
223
0
57,042
32,406
1,026
644
382
31,380
140,509
140,509
0
0
0
787
1,082
n.a.
n.a.
n.a.
1,082
59,082
n.a.
0
0
0
71
551
181
179
1
370
1,450
1,450
0
0
0
2
56
n.a.
n.a.
n.a.
56
4,412
n.a.
555
555
0
5,755
3,696
216
10
206
3,480
1,991
1,991
0
0
0
0
40
n.a.
n.a.
n.a.
40
4,395
n.a.
21 Federal funds sold and securities purchased under agreements to
resell
U.S. branches and agencies of other foreign banks
Commercial banks in United States
Other
22
23
24
25 Total loans, gross
26
LESS: Unearned income on loans
EQUALS: Loans, net
27
Total loans, gross, by category
28 Real estate loans
29 Loans to depository institutions
30
Commercial banks in United States (including IBFs)
31
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
32
33
Other depository institutions in United States (including IBFs)
34
Banks in foreign countries
33
Foreign branches of U.S. banks
Other banks in foreign countries
3b
37 Loans to other financial institutions
Lease financing receivables (net of unearned income)
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Trading assets
All other assets
Customers' liabilities on acceptances outstanding
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Other assets including other claims on nonrelated parties
Net due from related depository institutions 5
Net due from head office and other related depository institutions 5 . . .
Net due from establishing entity, head office, and other related
depository institutions5
n.a.
76,158
n.a.
59,082
1
n.a.
4,412
n.a.
4,395
59 Total liabilities 4
903,486
154,617
723,502
128,120
29,254
6,841
55,115
5,412
60 Liabilities to nonrelated parties
753,176
134,190
617,267
109,749
13,214
6,713
45,272
5,297
Footnotes appear at end of table.
U.S. Branches and Agencies
4.30
A73
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1999'—Continued
Millions of dollars except as noted
Total
excluding
IBFs 3
61 Total deposits and credit balances
62
Individuals, partnerships, and corporations
63
U.S. addressees (domicile)
64
Non-U.S. addressees (domicile)
65
Commercial banks in United States (including IBFs)
66
U.S. branches and agencies of other foreign banks
67
Other commercial banks in United States
68
Banks in foreign countries
69
Foreign branches of U.S. banks
70
Other banks in foreign countries
71
Foreign governments and official institutions
(including foreign central banks)
72
All other deposits and credit balances
73
Certified and official checks
74 Transaction accounts and credit balances (excluding IBFs) . . .
75
Individuals, partnerships, and corporations
76
U.S. addressees (domicile)
77
Non-U.S. addressees (domicile)
78
Commercial banks in United States (including IBFs)
79
U.S. branches and agencies of other foreign banks
80
Other commercial banks in United States
81
Banks in foreign countries
82
Foreign branches of U.S. banks
83
Other banks in foreign countries
84
Foreign governments and official institutions
(including foreign central banks)
85
All other deposits and credit balances
86
Certified and official checks
87 Demand deposits (included in transaction accounts
and credit balances)
Individuals, partnerships, and corporations
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Commercial banks in United States (including IBFs)
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Banks in foreign countries
Foreign branches of U.S. banks
Other banks in foreign countries
Foreign governments and official institutions
(including foreign central banks)
98
All other deposits and credit balances
99
Certified and official checks
88
89
90
91
92
93
94
95
96
97
100 Nontransaction accounts (including MMDAs, excluding IBFs)
101
Individuals, partnerships, and corporations
102
U.S. addressees (domicile)
103
Non-U.S. addressees (domicile)
104
Commercial banks in United States (including IBFs)
105
U.S. branches and agencies of other foreign banks
106
Other commercial banks in United States
107
Banks in foreign countries
108
Foreign branches of U.S. banks
109
Other banks in foreign countries
110
Foreign governments and official institutions
(including foreign central banks)
111
All other deposits and credit balances
112 IBF deposit liabilities
113
Individuals, partnerships, and corporations
114
U.S. addressees (domicile)
115
Non-U.S. addressees (domicile)
116
Commercial banks in United States (including IBFs)
117
U.S. branches and agencies of other foreign banks
118
Other commercial banks in United States
119
Banks in foreign countries
120
Foreign branches of U.S. banks
121
Other banks in foreign countries
122
Foreign governments and official institutions
(including foreign central banks)
123
All other deposits and credit balances
Footnotes appear at end of table.
IBFs
only 3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
380,028
278,633
261,289
17,345
52,163
23,480
28,683
11,973
1,266
10,707
96,135
11,505
0
11,505
13,419
10,724
2,694
50,452
4,433
46,019
307,380
216,094
204,547
11,547
46,877
21,377
25,500
11,516
1,265
10,251
81,081
6,214
0
6,214
12,673
10,197
2,476
45,833
4,158
41,674
5,057
2,626
1,049
1,577
550
0
550
21
0
21
1,430
229
0
229
117
92
25
232
0
232
19,469
17,022
16,
141
969
410
559
151
0
151
3,459
15
0
15
471
301
170
1,533
255
1,278
18,213
18,860
185
20,651
108
16,153
16,575
164
16,271
91
8
1,848
4
837
15
1,320
6
1
1,437
2
m
9,107
7,261
5,255
2,005
53
16
36
1,044
2
1,042
7,247
5,695
4,585
1,110
43
15
28
851
1
850
336
306
98
108
0
0
0
21
0
21
273
268
244
24
0
0
0
1
0
1
491
74
185
428
65
164
2
2
4
2
1
1
8,369
6,594
4,873
1,721
49
16
33
1,015
2
1,013
6,750
5,266
4,245
1,021
40
15
25
823
1
822
270
242
179
64
0
0
0
21
0
21
270
265
241
24
0
0
0
1
0
1
n a.
n.a.
n a.
485
41
185
423
34
164
2
1
4
2
1
1
370,920
271,373
256,033
15,339
52,110
23,463
28,647
10,929
1,264
9,665
300,132
210,399
199,962
10,437
46 834
21,362
25,472
10,665
1,264
9,401
4,721
2,319
851
1,4 68
550
0
550
0
0
0
19,196
16,753
16,636
117
969
410
559
150
0
150
17,723
18,786
15,724
16,509
7
1,8 46
n.a.
1,318
5
n.a.
96,135
11,505
0
11,505
13,419
10,724
2,694
50,452
4,433
46,019
20,651
108
n.a.
81,081
6,214
0
6,214
12,673
10,197
2,476
45,833
4,158
41,674
16,271
91
n a.
1,430
229
0
229
117
92
25
232
0
232
837
15
n.a.
3,459
15
0
15
471
301
170
1,533
255
1,278
1,437
2
A74
4.30
Special Tables • May 2000
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1999'—Continued
Millions of dollars except as noted
All states2
Item
124
125
17.6
177
128
129
130
131
132
133
134
135
Total
including
IBFs 3
Federal funds purchased and securities sold under agreements to
repurchase
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Other
Other borrowed money
Owed to nonrelated commercial banks in United States (including
IBFs)
Owed to U.S. offices of nonrelated U.S. banks
Owed to U.S. branches and agencies of nonrelated
foreign banks
Owed to nonrelated banks in foreign countries
Owed to foreign branches of nonrelated U.S. banks
Owed to foreign offices of nonrelated foreign banks
Owed to others
IBFs
only
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
9,891
3,607
702
5,582
26,479
93,553
5,783
6,889
80,882
64,414
6,790
2,1) 8 8
524
4,178
20,378
373
98
175
101
5,879
33
8
25
0
5,174
8,243
1,514
1,126
5,604
5,590
1,472
802
153
517
330
14,680
5,647
5,555
404
11,922
4,990
4,308
286
1,552
324
1,134
115
616
180
10
0
9,033
20,805
1,153
19,652
45,997
5,151
17,628
1,104
16,524
3,296
6,932
16,461
647
15,814
36,030
4,023
13,335
618
12,717
2,735
1,229
3,665
486
3,179
662
1,019
3,653
4 86
3,167
387
437
273
0
273
4,701
10
270
0
270
50
89,352
All other liabilities
Branch or agency liability on acceptances executed and
outstanding
138
Trading liabilities
139
Other liabilities to nonrelated parties
Net due to related depository institutions 5
Net due to head office and other related depository institutions
Net due to establishing entity, head office, and other related
depository institutions5
Total
including
IBFs
106,180
9,507
9,015
87,658
81,482
136
137
140
141
142
IBFs
only~
Illinois
California
New York
1,685
70,839
1,501
475
75
8,509
n.a.
28
1,556
1,220
43,199
26,419
182
52
241
1,875
56,662
30,815
....
128
1,373
150,310
150,310
20,427
106,236
106,236
18,371
n.a.
n.a.
16,039
16,039
n.a.
20,427
n.a.
18,371
n.a.
n.a.
0
75
128
n.a.
128
418
6.813
1,278
9,844
9,844
n.a.
35
n.a.
0
35
115
n.a.
115
MEMO
143
144
145
146
147
148
149
150
Non-interest-bearing balances with commercial banks
in United States
Holding of own acceptances included in commercial and
industrial loans
Commercial and industrial loans with remaining maturity of one year
or less (excluding those in nonaccrual status)
Predetermined interest rates
Floating interest rates
Commercial and industrial loans with remaining maturity of more
than one year (excluding those in nonaccrual status)
Predetermined interest rates
Floating interest rates
Footnotes appear at end of table.
3,618
0
101,397
59,511
41,886
101,219
22,989
78,231
0
3,428
64
1,591
1,998
n.a.
•
134
63,377
34,042
29,334
n.a.
9,381
4,458
4,923
78,808
19,242
59,566
8,738
1,218
7,520
0
<
n.a.
22
0
196
14,228
12,441
1,787
5,203
622
4,581
n.a.
U.S. Branches and Agencies
4.30
A75
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 1 9 9 9 C o n t i n u e d
Millions of dollars except as noted
All states 2
Item
151 Components of total nontransaction accounts,
included in total deposits and credit balances
(excluding IBFs)
152
Time deposits of $100,000 or more
153
Time CDs in denominations of $100,000 or more
with remaining maturity of more than 12 months
New York
Total
excluding
IBFs 3
IBFs
only 3
Total
excluding
IBFs
IBFs
only
373,939
366,347
n.a.
n.a.
304,379
296,990
7,592
n.a.
7,389
All states2
California
Illinois
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
n.a.
n.a.
4,500
4,480
n.a.
n.a.
19,244
19,073
n.a.
n.a.
n.a.
20
n.a.
172
n.a.
California
New York
Illinois
Total
including
IBFs
154 Immediately available funds with a maturity greater than one day
included in other borrowed money
155 Number of reports filed6
IBFs
only
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
37,015
361
n.a.
0
32,445
188
n.a.
0
2,754
73
n.a.
0
1,046
30
n.a.
0
1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first
used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through the Federal
Reserve monthly statistical release G.l 1, last issued on July 10, 1980. Data in this table and in
the G.l 1 tables are not strictly comparable because of differences in reporting panels and in
definitions of balance sheet items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to
permit banking offices located in the United States to operate international banking facilities
(IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column.
These data are either included in or excluded from the total columns as indicated in the
headings. The notation "n.a." indicates that no IBF data have been reported for that item,
either because the item is not an eligible IBF asset or liability or because that level of detail is
not reported for IBFs. From December 1981 through September 1985, IBF data were
included in all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or owed to related
banking institutions in the United States and in foreign countries (see note 5). On the former
monthly branch and agency report, available through the G . l l monthly statistical release,
gross balances were included in total assets and total liabilities. Therefore, total asset and total
liability figures in this table are not comparable to those in the G. 11 tables.
5. Related depository institutions includes the foreign head office and other U.S. and
foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including
subsidiaries owned both directly and indirectly).
6. In some cases two or more offices of a foreign bank within the same metropolitan area
file a consolidated report.
76
Federal Reserve Bulletin • May 2000
Index to Statistical Tables
References are to pages A3-A75, although the prefix " " is omitted in this index
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21, 64-65
Domestic finance companies, 32, 33
Federal Reserve Banks, 10
Foreign banks, U.S. branches and agencies, 72-75
Foreign-related institutions, 20
Automobiles
Consumer credit, 36
Production, 44, 45
BANKERS acceptances, 5, 10, 22, 23
Bankers balances, 15-21, 72-75. (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 31
Rates, 23
Business activity, nonfinancial, 42
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 43
Capital accounts
Commercial banks, 15-21, 64—65
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21, 64-65, 66-71
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21, 64—65
Commercial and industrial loans, 15-21, 64-65, 66-71
Consumer loans held, by type and terms, 36, 66-71
Real estate mortgages held, by holder and property, 35
Terms of lending, 64-65
Time and savings deposits, 4
Commercial paper, 22, 23, 32
Condition statements (See Assets and liabilities)
Construction, 42, 46
Consumer credit, 36
Consumer prices, 42
Consumption expenditures, 48, 49
Corporations
Profits and their distribution, 32
Security issues, 31, 61
Cost of living (See Consumer prices)
Credit unions, 36
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15—21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4-6, 12, 64—65
Deposits (See also specific types)
Commercial banks, 4, 15-21, 64—65
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 32
EMPLOYMENT, 42
Euro, 62
FARM mortgage loans, 35
Federal agency obligations, 5, 9-11, 28, 29
Federal credit agencies, 30
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 27
Receipts and outlays, 25, 26
Treasury financing of surplus, or deficit, 25
Treasury operating balance, 25
Federal Financing Bank, 30
Federal funds, 23, 25
Federal Home Loan Banks, 30
Federal Home Loan Mortgage Corporation, 30, 34, 35
Federal Housing Administration, 30, 34, 35
Federal Land Banks, 35
Federal National Mortgage Association, 30, 34, 35
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities, 5, 10, 11, 27
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 30
Finance companies
Assets and liabilities, 32
Business credit, 33
Loans, 36
Paper, 22, 23
Float, 5
Flow of funds, 37^41
Foreign banks, U.S. branches and agencies, 71, 72-75
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 62
Foreign-related institutions, 20
Foreign trade, 51
Foreigners
Claims on, 52, 55, 56, 57, 59
Liabilities to, 51, 52, 53, 58, 60, 61
GOLD
Certificate account, 10
Stock, 5, 51
Government National Mortgage Association, 30, 34, 35
Gross domestic product, 48, 49
HOUSING, new and existing units, 46
INCOME, personal and national, 42, 48, 49
Industrial production, 42, 44
Insurance companies, 27, 35
Interest rates
Bonds, 23
Commercial banks, 66-71
Consumer credit, 36
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 34
Prime rate, 22, 66-71
International capital transactions of United States, 50-61
International organizations, 52, 53, 55, 58, 59
Inventories, 48
Investment companies, issues and assets, 32
Investments (See also specific types)
Commercial banks, 4, 15-21, 66-71
Federal Reserve Banks, 10, 11
Financial institutions, 35
LABOR force, 42
Life insurance companies (See Insurance companies)
A77
Loans (See also specific types)
Commercial banks, 15-21, 64-65, 66-71
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 35
Foreign banks, U.S. branches and agencies, 72
Insured or guaranteed by United States, 34, 35
MANUFACTURING
Capacity utilization, 43
Production, 43, 45
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 45
Mobile homes shipped, 46
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 32
Mutual savings banks (See Thrift institutions)
NATIONAL defense outlays, 26
National income, 48
OPEN market transactions, 9
PERSONAL income, 49
Prices
Consumer and producer, 42, 47
Stock market, 24
Prime rate, 22, 66-71
Producer prices, 42, 47
Production, 42, 44
Profits, corporate, 32
REAL estate loans
Banks, 15-21, 35
Terms, yields and activity, 34
Type and holder and property mortgaged, 35
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6, 12
Federal Reserve Banks, 10
U.S. reserve assets, 51
Residential mortgage loans, 34, 35
Retail credit and retail sales, 36, 42
Saving deposits (See Time and savings deposits)
Savings institutions, 35, 36, 37-41
Securities (See also specific types)
Federal and federally sponsored credit agencies, 30
Foreign transactions, 60
New issues, 31
Prices, 24
Special drawing rights, 5, 10, 50, 51
State and local governments
Holdings of U.S. government securities, 27
New security issues, 31
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 31
Prices, 24
Student Loan Marketing Association, 30
TAX receipts, federal, 26
Thrift institutions, 4. (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21, 64—65
Trade, foreign, 51
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10, 25
Treasury operating balance, 25
UNEMPLOYMENT, 42
U.S. government balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10, 25
U.S. government securities
Bank holdings, 15-21, 27
Dealer transactions, positions, and financing, 29
Federal Reserve Banks holdings, 5, 10, 11, 27
Foreign and international holdings and transactions, 10, 27, 61
Open market transactions, 9
Outstanding, by type and holder, 27, 28
Rates, 23
U.S. international transactions, 50-62
Utilities, production, 45
VETERANS Administration, 34, 35
WEEKLY reporting banks, 17, 18
Wholesale (producer) prices, 42, 47
YIELDS (See Interest rates)
SAVING
Flow of funds, 37-41
National income accounts, 48
78
Federal Reserve Bulletin • May 2000
Federal Reserve Board of Governors
and Official Staff
ALAN GREENSPAN, Chairman
ROGER W. FERGUSON, JR., Vice
OFFICE
OF BOARD
Chairman
EDWARD W . KELLEY, JR.
LAURENCE H . MEYER
DIVISION
MEMBERS
OF INTERNATIONAL
LYNN S. FOX, Assistant to the Board
KAREN H . JOHNSON,
DONALD J. WINN, Assistant
DAVID H. HOWARD, Deputy
to the Board
FINANCE
Director
Director
Deputy Director
Deputy Congressional Liaison
B O B STAHLY M O O R E , Special Assistant to the Board
ROSANNA PIANALTO-CAMERON, Special Assistant to the Board
D I A N E E . W E R N E K E , Special Assistant to the Board
VINCENT R . REINHART,
LEGAL
STEVEN B. KAMIN, Assistant
RALPH W. TRYON, Assistant
Director
Director
DIVISION
AND
W I N T H R O P P. HAMBLEY,
DIVISION
General Counsel
SCOTT G . ALVAREZ, Associate General Counsel
RICHARD M . A S H T O N , Associate General Counsel
OLIVER IRELAND, Associate General Counsel
KATHLEEN M . O ' D A Y , Associate General Counsel
A N N E . MISBACK, Assistant General Counsel
SANDRA L . RICHARDSON, Assistant General Counsel
S T E P H E N L . SICILIANO, Assistant General Counsel
KATHERINE H . WHEATLEY, Assistant General Counsel
J . VIRGIL MATTINGLY, JR.,
DALE W. HENDERSON, Associate
Director
Deputy Associate Director
D O N A L D B . ADAMS, Senior Adviser
RICHARD T. FREEMAN, Assistant Director
WILLIAM L . H E L K I E , Assistant Director
THOMAS A . CONNORS,
OF RESEARCH
MICHAEL J. PRELL,
STATISTICS
Director
EDWARD C. ETTIN, Deputy
Director
Deputy Director
Associate Director
DAVID J . STOCKTON,
WILLIAM R . JONES,
MYRON L. KWAST, Associate
Director
ROBERT DEV. FRIERSON,
Associate Director
THOMAS D . SIMPSON, Associate Director
LAWRENCE SLIFMAN, Associate Director
M A R T H A S . SCANLON, Deputy Associate Director
S T E P H E N D . O L I N E R , Assistant Director
S T E P H E N A . RHOADES, Assistant Director
BARBARA R . LOWREY,
JANICE SHACK-MARQUEZ, Assistant
OFFICE
OF THE
SECRETARY
JENNIFER J . JOHNSON,
Secretary
Associate Secretary
Associate Secretary and Ombudsman
PATRICK M . PARKINSON,
Director
Assistant Director
A L I C E PATRICIA W H I T E , Assistant Director
JOYCE K . ZICKLER, Assistant Director
G L E N N B . C A N N E R , Senior Adviser
DAVID S . JONES, Senior Adviser
CHARLES S . STRUCKMEYER,
DIVISION OF BANKING
SUPERVISION AND
REGULATION
RICHARD SPILLENKOTHEN,
Director
STEPHEN C. SCHEMERING, Deputy
Director
HERBERT A . B I E R N ,
Associate Director
ROGER T. COLE, Associate
Director
Associate Director
GERALD A . EDWARDS, JR., Deputy Associate Director
S T E P H E N M . HOFFMAN, JR., Deputy Associate Director
W I L L I A M A . RYBACK,
JAMES V. HOUPT, Deputy Associate
Director
Deputy Associate Director
M I C H A E L G . MARTINSON, Deputy Associate Director
SIDNEY M . SUSSAN, Deputy Associate Director
M O L L Y S . WASSOM, Deputy Associate Director
JACK P. JENNINGS,
HOWARD A. AMER, Assistant
N O R A H M . BARGER,
Director
Assistant Director
DIVISION
OF MONETARY
DONALD L . KOHN,
AFFAIRS
Director
Deputy Director
Associate Director
RICHARD D . PORTER, Deputy Associate Director
WILLIAM C . W H I T E S E L L , Assistant Director
NORMAND R . V . BERNARD, Special Assistant to the Board
DAVID E . LINDSEY,
B R I A N F. M A D I G A N ,
DIVISION OF CONSUMER
AND COMMUNITY
AFFAIRS
RICHARD A . SMALL,
Director
GLENN E. LONEY, Deputy
Director
SANDRA F. BRAUNSTEIN, Assistant
Director
WILLIAM C . SCHNEIDER, JR.,
M A U R E E N P. ENGLISH,
BETSY CROSS, Assistant
Director
Assistant Director
Project Director,
National Information Center
DOLORES S. SMITH,
Assistant Director
Assistant Director
M C N U L T Y , Assistant Director
ADRIENNE D . HURT,
IRENE SHAWN
A79
EDWARD M . GRAMLICH
OFFICE OF
STAFF DIRECTOR
FOR
MANAGEMENT
STEPHEN R. MALPHRUS, Staff
Director
DIVISION OF RESERVE BANK
AND PAYMENT
SYSTEMS
LOUISE L . ROSEMAN,
OPERATIONS
Director
S T E P H E N J . CLARK,
Assistant Director
K E N N E T H D . BUCKLEY, Assistant Director
JACK D E N N I S , JR., Assistant Director
DARRELL R .
JOSEPH H . HAYES, JR., Assistant
PAUL W . BETTGE,
MANAGEMENT
DIVISION
Associate Director, Finance Function
PAULEY, Associate Director, Human Resources
JEFFREY C . MARQUARDT,
Function
SHEILA CLARK, EEO Programs
Director
EDGAR A. MARTINDALE, Assistant
MARSHA REIDHILL,
DIVISION
OF SUPPORT
SERVICES
ROBERT E . FRAZIER,
Director
GEORGE M. LOPEZ, Assistant
Director
DAVID L . WILLIAMS,
Assistant Director
OF INFORMATION
RICHARD C . STEVENS,
TECHNOLOGY
Director
Deputy Director
Associate Director
Assistant Director
M A R I A N N E M . EMERSON,
M A U R E E N T. H A N N A N ,
T I L L E N A G . CLARK,
GEARY L. CUNNINGHAM, Assistant
Director
Po KYUNG KIM, Assistant Director
RAYMOND H . MASSEY, Assistant Director
SHARON L. MOWRY, Assistant
Director
DAY W. RADEBAUGH, JR., Assistant Director
Director
OF THE INSPECTOR
GENERAL
Inspector General
ROBINSON, Deputy Inspector General
BARRY R . SNYDER,
DONALD L.
DIVISION
Director
Assistant Director
JEFF J. STEHM, Assistant
OFFICE
Director
Assistant Director
80
Federal Reserve Bulletin • May 2000
Federal Open Market Committee
and Advisory Councils
FEDERAL
OPEN
MARKET
COMMITTEE
MEMBERS
ALAN GREENSPAN,
Chairman
WILLIAM J . M C D O N O U G H ,
Vice Chairman
J . ALFRED BROADDUS, JR.
JACK G U Y N N
LAURENCE H . MEYER
ROGER W . FERGUSON, JR.
JERRY L . JORDAN
ROBERT T . PARRY
EDWARD M . GRAMLICH
EDWARD W . KELLEY, JR.
ALTERNATE
THOMAS M . H O E N I G
M I C H A E L H . MOSKOW
CATHY E . M I N E H A N
MEMBERS
WILLIAM POOLE
JAMIE B . STEWART, JR.
STAFF
DONALD L. KOHN, Secretary and Economist
Deputy Secretary
LYNN S. FOX, Assistant Secretary
GARY P. GILLUM, Assistant Secretary
J . VIRGIL MATTINGLY, JR., General Counsel
THOMAS C . BAXTER, JR., Deputy General Counsel
KAREN H . JOHNSON, Economist
MICHAEL J . PRELL, Economist
JACK H. BEEBE, Associate Economist
CHRISTINE M . CUMMING, Associate
Economist
ROBERT A. EISENBEIS, Associate Economist
MARVIN S. GOODFRIEND, Associate Economist
DAVID H . HOWARD, Associate
Economist
DAVID E . LINDSEY, Associate
Economist
VINCENT R . REINHART, Associate
Economist
THOMAS D . SIMPSON, Associate
Economist
MARK S. SNIDERMAN, Associate Economist
DAVID J. STOCKTON, Associate
Economist
NORMAND R . V . BERNARD,
PETER R . FISHER,
FEDERAL
ADVISORY
Manager, System Open Market Account
COUNCIL
President
Vice President
DOUGLAS A . WARNER I I I ,
NORMAN R . BOBINS,
LAWRENCE K. FISH, First District
NORMAN R. BOBINS, Seventh District
KATIE S. WINCHESTER, Eighth District
R. SCOTT JONES, Ninth District
C. Q. CHANDLER, Tenth District
DOUGLAS A . WARNER III, S e c o n d District
RONALD L. HANKEY, Third District
DAVID A. DABERKO, Fourth District
L. M. BAKER, JR., Fifth District
RICHARD W. EVANS, JR., E l e v e n t h District
WALTER A . DODS, JR., T w e l f t h District
WILLIAM G. SMITH, JR., Sixth District
JAMES ANNABLE,
Co-Secretary
Co-Secretary
WILLIAM J. KORSVIK,
A81
CONSUMER
ADVISORY
COUNCIL
DWIGHT GOLANN, Boston, Massachusetts, Chairman
New Orleans, Louisiana, Vice Chairman
LAUREN ANDERSON,
M . D E A N KEYES, S t . L o u i s , M i s s o u r i
WALTER J . BOYER, D a l l a s , T e x a s
TERESA A. BRYCE, Charlotte, North Carolina
G W E N N S . KYZER, A l l e n , T e x a s
DOROTHY BROADMAN, S a n F r a n c i s c o , C a l i f o r n i a
JOHN C . LAMB, S a c r a m e n t o , C a l i f o r n i a
MALCOLM M . B U S H , C h i c a g o , I l l i n o i s
ANNE S. LI, Trenton, New Jersey
MARTHA W. MILLER, Greensboro, North Carolina
ROBERT M . CHEADLE, A d a , O k l a h o m a
M A R Y E L L E N DOMEIER, N e w ULM, M i n n e s o t a
D A N I E L W . MORTON, C o l u m b u s , O h i o
JEREMY D . EISLER, B i l o x i , M i s s i s s i p p i
JEREMY NOWAK, P h i l a d e l p h i a , P e n n s y l v a n i a
ROBERT F. ELLIOTT, Prospect Heights, Illinois
MARTA RAMOS, San Juan, Puerto Rico
LESTER W . FIRSTENBERGER, M i d d l e t o w n , C o n n e c t i c u t
DAVID L . RAMP, S t . P a u l , M i n n e s o t a
J O H N C . GAMBOA, S a n F r a n c i s c o , C a l i f o r n i a
RUSSELL W . SCHRADER, S a n F r a n c i s c o , C a l i f o r n i a
ROSE M . GARCIA, L a s C r u c e s , N e w M e x i c o
ROBERT G . SCHWEMM, L e x i n g t o n , K e n t u c k y
VINCENT J. GIBLIN, West Caldwell, New Jersey
DAVID J. SHIRK, T a r r y t o w n , N e w Y o r k
KARLA S . IRVINE, C i n c i n n a t i , O h i o
GARY S . WASHINGTON, C h i c a g o , I l l i n o i s
W I L L I E M . JONES, B o s t o n , M a s s a c h u s e t t s
ROBERT L . W Y N N , II, M a d i s o n , W i s c o n s i n
THRIFT
INSTITUTIONS
ADVISORY
COUNCIL
F. WELLER MEYER, Falls Church, Virginia, President
S. JOHNSON, New York, New York, Vice President
THOMAS
JAMES C. BLAINE, Raleigh, North Carolina
CORNELIUS D . MAHONEY, W e s t f i e l d , M a s s a c h u s e t t s
LAWRENCE L . BOUDREAUX I I I , N e w O r l e a n s , L o u i s i a n a
KATHLEEN E . MARINANGEL, M c H e n r y , I l l i n o i s
TOM R. DORETY, Tampa, Florida
BABETTE E. HEIMBUCH, Santa Monica, California
M A R K H . WRIGHT, S a n A n t o n i o , T e x a s
WILLIAM A . LONGBRAKE, S e a t t l e , W a s h i n g t o n
CLARENCE ZUGELTER, Kansas City, Missouri
A N T H O N Y J. POPP, M a r i e t t a , O h i o
82
Federal Reserve Bulletin • May 2000
Federal Reserve Board Publications
For ordering assistance, write PUBLICATIONS SERVICES,
MS-127, Board of Governors of the Federal Reserve System,
W a s h i n g t o n , D C 2 0 5 5 1 , or t e l e p h o n e (202) 4 5 2 - 3 2 4 4 , or F A X
( 2 0 2 ) 7 2 8 - 5 8 8 6 . You may also use the publications
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BOOKS
AND MISCELLANEOUS
PUBLICATIONS
T H E FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS.
1 9 9 4 . 1 5 7 pp.
A N N U A L REPORT, 1 9 9 8 .
ANNUAL REPORT: BUDGET REVIEW, 1 9 9 9 .
FEDERAL RESERVE BULLETIN. M o n t h l y . $ 2 5 . 0 0 p e r y e a r o r $ 2 . 5 0
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ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price.
1981
October 1982
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239 pp.
1982
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266 pp.
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1983
October 1984
264 pp.
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1984
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October 1985
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1985
October 1986
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231 pp.
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1980-89
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December 1994
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1990-95
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$35.00 per year or $.80 each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL
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ANNUAL
PERCENTAGE
RATE
TABLES
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in
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GUIDE
TO THE F L O W
OF FUNDS ACCOUNTS. J a n u a r y
2000.
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FEDERAL RESERVE REGULATORY SERVICE. L o o s e - l e a f ;
updated
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Consumer and Community Affairs Handbook. $75.00 per year.
Monetary Policy and Reserve Requirements Handbook. $75.00
per year.
Securities Credit Transactions Handbook. $75.00 per year.
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T H E FEDERAL RESERVE ACT AND OTHER STATUTORY PROVISIONS
AFFECTING THE FEDERAL RESERVE SYSTEM, a s a m e n d e d
through October 1998. 723 pp. $20.00 each.
T H E U . S . ECONOMY IN AN INTERDEPENDENT WORLD: A MULTI-
COUNTRY MODEL, May 1984. 590 pp. $14.50 each.
INDUSTRIAL
PRODUCTION—1986
EDITION.
December
1986.
440 pp. $9.00 each.
FINANCIAL
FUTURES
AND OPTIONS
IN
THE
U.S.
ECONOMY.
December 1986. 264 pp. $10.00 each.
FINANCIAL SECTORS IN O P E N ECONOMIES: EMPIRICAL ANALY-
SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each.
RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A
JOINT CENTRAL BANK RESEARCH CONFERENCE. 1 9 9 6 .
578 pp. $25.00 each.
EDUCATION
PAMPHLETS
Short pamphlets suitable for classroom use. Multiple copies are
available without charge.
Consumer Handbook on Adjustable Rate Mortgages
Consumer Handbook to Credit Protection Laws
A Guide to Business Credit for Women, Minorities, and Small
Businesses
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
A Consumer's Guide to Mortgage Lock-Ins
A Consumer's Guide to Mortgage Settlement Costs
A Consumer's Guide to Mortgage Refinancings
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank
Making Sense of Savings
SHOP: The Card You Pick Can Save You Money
Welcome to the Federal Reserve
When Your Home is on the Line: What You Should Know
About Home Equity Lines of Credit
Keys to Vehicle Leasing
Looking for the Best Mortgage
A83
STAFF STUDIES: Only Summaries Printed in the
BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Requests to obtain single copies of the full text or
to be added to the mailing list for the series may be sent to
Publications Services.
Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of
print.
1 5 9 . N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, b y N e l l i e L i a n g a n d
Donald Savage. February 1990. 12 pp.
1 6 0 . BANKING MARKETS AND THE USE OF FINANCIAL SERVICES BY SMALL AND M E D I U M - S I Z E D BUSINESSES, b y
Gregory E. Elliehausen and John D. Wolken. September
1990. 35 pp.
1 6 2 . EVIDENCE ON THE S I Z E OF BANKING MARKETS FROM M O R T GAGE LOAN RATES IN T W E N T Y CITIES, b y S t e p h e n A .
Rhoades. February 1992. 11 pp.
164. THE
1989-92
CREDIT
CRUNCH
FOR R E A L
ESTATE,
by
James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.
1 6 7 . A SUMMARY OF MERGER PERFORMANCE STUDIES IN B A N K ING, 1 9 8 0 - 9 3 , AND AN ASSESSMENT OF THE " O P E R A T I N G
PERFORMANCE" AND " E V E N T S T U D Y " METHODOLOGIES,
by Stephen A. Rhoades. July 1994. 37 pp.
1 7 0 . T H E COST OF IMPLEMENTING CONSUMER FINANCIAL R E G U LATIONS: A N ANALYSIS OF EXPERIENCE WITH THE T R U T H
IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey, December 1997. 17 pp.
1 7 1 . T H E COST OF B A N K REGULATION: A R E V I E W OF THE EVI-
DENCE, by Gregory Elliehausen, April 1998. 35 pp.
1 7 2 . USING SUBORDINATED D E B T AS AN INSTRUMENT OF M A R -
KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System, December 1999.
69 pp.
1 7 3 . IMPROVING PUBLIC DISCLOSURE IN BANKING, b y
Study
Group on Disclosure, Federal Reserve System, March 2000.
35 pp.
84
Federal Reserve Bulletin • May 2000
Maps of the Federal Reserve System
^
Bos I ON
2 •
Q
—
3
•
NEW YORK
•
PHII \DELPHIA
ONI)
ALASKA
HAWAII
LEGEND
Both pages
•
Federal Reserve Bank city
•
Board of Governors of the Federal
Reserve System, Washington, D.C.
Facing page
• Federal Reserve Branch city
— Branch boundary
NOTE
The Federal Reserve officially identifies Districts by number and Reserve Bank city (shown on both pages) and by
letter (shown on the facing page).
In the 12th District, the Seattle Branch serves Alaska,
and the San Francisco Bank serves Hawaii.
The System serves commonwealths and territories as
follows: the New York Bank serves the Commonwealth
of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of
Governors revised the branch boundaries of the System
most recently in February 1996.
A85
1-A
2-B
3-C
4-D
5-E
Baltimore M
D
MR
NY
Pittsburgh
CT
PA
\ T
%
NTI
I
Bui kiln
CT
T
V
<
fcj
•
WV
OH
<
•
• Cincinnati
T
D E ^
-
L
I
^ — W V
•Charloiie
KY
M
sc
BOSTON
N E W YORK
6-F
^
^ ^
PHILADELPHIA
CLEVELAND
7-G
RICHMOND
8-H
JH
KY
•j ®
'
' Louisville
iSS®--™
MO
Ui
^C
•Memphis
NewUrleans
ATLANTA
*
ST. LOUIS
CHICAGO
MINNEAPOLIS
10-J
^
12-L
M \SK\
•
Oklahoma Cit>
KANSAS CITY
DALLAS
SAN FRANCISCO
86
Federal Reserve Bulletin • May 2000
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK
branch, or facility
Zip
Chairman
Deputy Chairman
President
First Vice President
BOSTON*
02106
William C. Brainard
William O. Taylor
Cathy E. Minehan
Paul M. Connolly
NEW YORK*
10045
Peter G. Peterson
Charles A. Heimbold, Jr.
Bal Dixit
William J. McDonough
Jamie B. Stewart, Jr.
Buffalo
14240
PHILADELPHIA
19105
Joan Carter
Charisse R. Lillie
44101
Jerry L. Jordan
Sandra Pianalto
Cincinnati
Pittsburgh
45201
15230
David H. Hoag
To be announced
George C. Juilfs
John T. Ryan, III
RICHMOND*
23219
J. Alfred Broaddus, Jr.
Walter A. Varvel
Baltimore
Charlotte
21203
28230
Jeremiah J. Sheehan
Wesley S. Williams, Jr.
George L. Russell, Jr.
Joan H. Zimmerman
John F. Wieland
Paula Lovell
D. Bruce Carr
William E. Flaherty
Karen Johnson-Street
Frances F. Marcum
Dwight H. Evans
Jack Guynn
Patrick K. Barron
Arthur C. Martinez
Robert J. Darnall
Timothy D. Leuliette
Michael H. Moskow
William C. Conrad
Susan S. Elliott
Charles W. Mueller
Diana T. Hueter
J. Stephen Barger
Mike P. Sturdivant, Jr.
William Poole
W. LeGrande Rives
James J. Howard
Ronald N. Zwieg
William P. Underriner
Gary H. Stern
Colleen K. Strand
Jo Marie Dancik
Terrence P. Dunn
Kathryn A. Paul
Larry W. Brummett
Gladys Styles Johnston
Thomas M. Hoenig
Richard K. Rasdall
Roger R. Hemminghaus
H. B. Zachry, Jr.
Beauregard Brite White
Edward O. Gaylord
Patty P. Mueller
Robert D. McTeer, Jr.
Helen E. Holcomb
Gary G. Michael
Nelson C. Rising
Lonnie Kane
Nancy Wilgenbusch
Barbara L. Wilson
Richard R. Sonstelie
Robert T. Parry
John F. Moore
Carl W. Turnipseed1
Edward G. Boehne
William H. Stone, Jr.
CLEVELAND*
Vice President
in charge of branch
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30303
35283
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75201
79999
77252
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84125
98124
Barbara B.Henshaw
Robert B. Schaub
William J. Tignanelli1
Dan M. Bechter1
James M. McKee
Andre T. Anderson
Robert J. Slack
James T. Curry III
Melvyn K. Purcell1
Robert J. Musso1
David R. Allardice1
Robert A. Hopkins
Thomas A. Boone
Martha Perine Beard
Samuel H. Gane
Carl M. Gambs 1
Kelly J. Dubbert
Steven D. Evans
Sammie C. Clay
Robert Smith, III 1
James L. Stull1
Mark L. Mullinix1
Raymond H. Laurence1
Andrea P. Wolcott
Gordon R. G. Werkema2
*Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424;
Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee,
Wisconsin 53202; and Peoria, Illinois 61607.
1. Senior Vice President.
2. Executive Vice President
A87
Publications of Interest
FEDERAL
RESERVE
REGULATORY
SERVICE
To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, dealing with extensions of credit for the purchase of securities, together
with related statutes, Board interpretations, rulings,
and staff opinions. Also included is the Board's list of
foreign margin stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, M, Z, AA, BB, and DD,
and associated materials.
GUIDE
TO THE FLOW
OF FUNDS
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price including additional air mail costs is
$250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Services, mail stop 127, Board
of Governors of the Federal Reserve System, Washington, DC 20551.
ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.l quarterly statistical release),
The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Services, Board of Governors of the Federal Reserve System, Washington, DC
20551.
88
Federal Reserve Bulletin • May 2000
Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.
For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:
Reference
Number
Statistical release
Frequency of release
H.3
Aggregate Reserves
Weekly/Thursday
H.4.1
Factors Affecting Reserve Balances
Weekly/Thursday
H.6
Money Stock
Weekly/Thursday
H.8
Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions
Weekly/Monday
H.10
Foreign Exchange Rates
Weekly/Monday
H.15
Selected Interest Rates
Weekly/Monday
G.5
Foreign Exchange Rates
Monthly/end of month
G.17
Industrial Production and Capacity Utilization
Monthly/midmonth
G.19
Consumer Installment Credit
Monthly/fifth business day
Z.l
Flow of Funds
Quarterly
@FedFRASER