Full text of Federal Reserve Bulletin : November 2001
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Volume 87 • Number 11 • November 2001
Federal Reserve
BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
Table of Contents
719 THE ECONOMIC PERFORMANCE
BANKS,
1985-2000
OF
Several trends in the financial industry over
the past decade and a half have potentially
threatened the competitiveness of small banks.
Among these developments are the numerous
mergers that increased the size and scope of
large banks and the increased competition from
mutual funds and other nonbank financial institutions. This article examines the economic performance of small banks during the 1985-2000
period by focusing on their ability to attract and
profitably intermediate insured and uninsured
deposits. It finds that the expansion of deposits
and assets at small banks, when adjusted to
account for the effects of mergers on measured
growth, has consistently exceeded the growth at
large banks. Moreover, the profitability of small
banks has remained high over the period. These
indications of strength among small banks as a
whole also hold true for subgroups within the
small bank sector. Aside from their success in
attracting deposits, the key reasons for the generally good performance of small banks in recent
years appear to be their ability to earn relatively
high rates of return on their loans and an
increase in the share of their portfolios devoted
to loans.
729 INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION FOR SEPTEMBER
2001
Industrial production fell 1.0 percent in September, its twelfth consecutive monthly decline. At
140.3 percent of its 1992 average, output was
5.8 percent below its level in September 2000.
The rate of capacity utilization for total industry
sank 0.9 percentage point, to 75.5 percent, a
level 6.6 percentage points below its 1967-2000
average and about 7 percentage points below its
level in September 2000.
733 TESTIMONY
OFFICIALS
OF FEDERAL
RESERVE
Alan Greenspan, Chairman, Board of Governors
of the Federal Reserve System, testifies on the
financial implications of the terrorism of September 11 and states that although nobody has
the capacity to fathom fully how the tragedy of
September 11 will play out, for the longer term,
prospects for continued rapid technological
advance and associated faster productivity
growth are scarcely diminished. He states further that those prospects, born of the ingenuity
of our people and the strength of our system,
fortify a promising future for our free nation
(Testimony before the Senate Committee on
Banking, Housing, and Urban Affairs, September 20, 2001).
SMALL
735
ANNOUNCEMENTS
Federal Open Market Committee actions and
changes in the discount rate.
Appointment of chairmen and deputy chairmen
of the Federal Reserve Banks for 2002.
Extension of public comment period on payment system risk policy.
Meeting of the Consumer Advisory Council.
Modification of private-sector adjustment factor
for priced services calculations.
Interagency data on increase in adversely classified syndicated bank loans.
Public workshop on Gramm-Leach-Bliley Act
privacy notices.
Board launch of interactive web site for students, educators, and general public.
Enforcement actions.
739 MINUTES OF THE FEDERAL OPEN
COMMITTEE MEETING
HELD
ON AUGUST 21, 2001
MARKET
At this meeting, the Committee voted to lower
its target for the federal funds rate by 25 basis
points, to 3V2 percent. In taking this action, the
Committee continued to believe that the risks
were weighted mainly toward conditions that
might generate economic weakness in the foreseeable future. Subsequently, on September 17,
2001, the Committee met via telephone conference and voted to lower the federal funds rate
by 50 basis points, to 3 percent. This action was
taken against the backdrop of heightened concerns and uncertainty created by the recent
terrorist attacks and their potentially adverse
effects on asset prices and the performance
of the economy. Moreover, shortly after the
attacks, the Committee voted to temporarily
establish or enlarge reciprocal currency (swap)
arrangements with the European Central Bank,
the Bank of Canada, and the Bank of England.
747 LEGAL
Various bank holding company, bank service
corporation, and bank merger orders; and pending cases.
AND BUSINESS
STATISTICS
These tables reflect data available as of
September 26, 2001.
PRESENTATION
A4 Domestic Financial Statistics
A42 Domestic Nonfinancial Statistics
A50 International Statistics
A 6 3 GUIDE TO STATISTICAL
SPECIAL TABLES
RELEASES
A 7 2 INDEX TO STATISTICAL
TABLES
A74 BOARD OF GOVERNORS
AND
A76 FEDERAL
DEVELOPMENTS
A I FINANCIAL
A 3 GUIDE TO TABULAR
OPEN MARKET
STAFF; ADVISORY
A78 FEDERAL
RESERVE
STAFF
COMMITTEE
AND
COUNCILS
BOARD
A80 MAPS OF THE FEDERAL
A 8 2 FEDERAL RESERVE
AND OFFICES
AND
PUBLICATIONS
RESERVE
BANKS,
SYSTEM
BRANCHES,
PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr.
• Vincent R. Reinhart • Dolores S. Smith • Richard Spillenkothen • Richard C. Stevens • David J. Stockton
The Federal Reserve Bulletin is issued monthly under the direction of the staff publications committee. This committee is responsible for opinions expressed
except in official statements and signed articles. It is assisted by the Economic Editing Section headed by S. Ellen Dykes, the Graphics Center under the direction
of Christine S. Griffith, and Publications Services supervised by Linda C. Kyles.
The Economic Performance
of Small Banks, 1985-2000
William F. Bassett and Thomas F. Brady, of the
Board's Division of Monetary Affairs, prepared this
article. James E. Cypert, Jr., and Mark J. Gibson
provided research assistance.
Several trends in the financial industry over the past
decade and a half have potentially threatened the
competitiveness of small banks. Among these developments are the numerous mergers that increased
the size and scope of large banks and greater competition from mutual funds and other nonbank financial
institutions. In this article, we examine the economic
performance of small banks during the 1985-2000
period by focusing on their ability to attract and
profitably intermediate insured and uninsured
deposits.1
We find that the expansion of deposits and assets at
small banks, when adjusted to account for the effects
of mergers on measured growth, has consistently
exceeded the growth at large banks. Moreover, the
profitability of small banks has risen to high levels
over the period. These indications of strength among
small banks as a whole also hold true for subgroups
within the small bank sector. The key reasons for the
generally good performance of small banks in recent
years appear to be their ability to earn relatively high
rates of return on their loans and an increase in the
share of their portfolios devoted to loans.
1. Except where otherwise indicated, data in this article are from
the quarterly Reports of Condition and Income (Call Reports) for
the domestic offices of insured domestic commercial banks and
nondeposit trust companies (hereafter, banks). The data have been
adjusted to take account of mergers.
Bank size categories in this article are based on assets at the start of
each quarter as follows: large banks (those ranked 1 through 100),
medium (101 through 1,000), and small. At the start of the fourth
quarter of 2000, large banks were those with assets of at least
$6.94 billion; medium, $331 million to $6.93 billion; and small, less
than $331 million. For more on the economic performance of banks
over the 1985-2000 period, see, for 2000, William F. Bassett and
Egon Zakrajsek, "Profits and Balance Sheet Developments at U.S.
Commercial Banks in 2000," Federal Reserve Bulletin, vol. 88 (June
2001), pp. 367-93 (www.federalreserve.gov/pubs/bulletin), and the
corresponding article in one of the June-September issues of the
Federal Reserve Bulletin in each of the earlier years.
RECENT
TRENDS AFFECTING
SMALL
BANKS
Among the challenges that have confronted small
banks since the mid-1980s have been a wave of bank
mergers and acquisitions, the continued rise in nonbank competition for customers, and a decline in the
real value of deposit insurance. Mergers reduced the
number of banks in the United States from more than
14,000 in 1985 to about 8,300 at the end of 2000
(chart 1, top panel). Although many mergers since
the mid-1990s liberalization of banking laws have
involved reorganizations within existing bank holding companies, the number of such banking organizations also has fallen over the 1985-2000 period, from
about 11,000 to less than 7,000. Mostly as a result of
mergers, the share of domestic banking assets held by
the largest 100 banks (hereafter, large banks) rose
from about 50 percent to more than 70 percent during
the period (chart 1, bottom panel). The bulk of the
gain came at the expense of small banks—those not
among the 1,000 largest; their share of assets fell
from about 25 percent to just over 10 percent.
A merger would tend to improve the competitive
position of the surviving institution by adding to the
scope of its activities, thus allowing it to offer a larger
variety of services and products to customers, and by
increasing the diversity of its assets. All else equal,
the greater diversification would act to stabilize earnings, thereby reducing the riskiness of the surviving
bank and increasing its attractiveness to depositors.
Alternatively, the now-larger bank could exploit the
greater diversification to maintain the riskiness of the
institution around pre-merger levels while adjusting
its portfolio toward higher-yielding assets, thus boosting profitability.2
2. Some research has found that banks do exploit greater diversification in this way. For more information, see Rebecca S. Demsetz and
Philip E. Strahan, "Diversification, Size, and Risk at Bank Holding
Companies," Journal of Money, Credit, and Banking, vol. 29 (August
1997), pp. 300-13; and Jalal D. Akhavein, Allen N. Berger, and
David B. Humphrey, "The Effects of Megamergers on Efficiency and
Prices: Evidence from a Bank Profit Function," Review of Industrial
Organization, vol. 12 (February 1997), pp. 95-139.
720
1.
Federal Reserve Bulletin • November 2001
Number of banks, and industry concentration
by asset size of banks, 1985-2000
Thousands
Number of banks
(Bp5-'-:'
iij§|§fl
NOTE. Here and in subsequent charts, large banks are the largest 100, and
small b a n k s are those not a m o n g the largest 1,000; f o r details, see text note 1.
The competitiveness of the largest banks would
also be improved if depositors believe that the government will treat these banks as "too big to fail,"
and the perceived advantage would be greater still in
the context of declining real levels of deposit insurance. 3 However, the Federal Deposit Insurance Corporation Improvement Act of 1991 substantially circumscribed the ability of regulators to use too-big-tofail by requiring that the Federal Deposit Insurance
Corporation (FDIC) pursue the resolution method
that minimizes the cost to its insurance fund. In
addition, exceptions to the "least cost" method are
allowed only with the approval of at least two-thirds
of both the Federal Reserve Board and FDIC board of
directors and the approval of the Secretary of the
3. The nominal value of deposit insurance was last increased in
1980, and by a substantial amount—from $40,000 to $100,000. By the
end of 2000, the value of the insurance in 1980 dollars had fallen to
between $45,000 and $55,000, depending on the price index used, and
therefore was in real (inflation-adjusted) terms still slightly higher
than it was just before the 1980 increase.
Treasury in consultation with the President. Moreover, bank regulatory agencies maintain that no bank
is too large for shareholders and holders of the bank's
nondeposit liabilities to face complete loss, should
the decline in bank asset values be large enough, and
for uninsured depositors to be subject to less than
100 percent reimbursement. 4
Besides the effects of consolidation and a decline
in the real value of deposit insurance, increasing
competition from a "parallel banking system" may
have weakened the competitive position of small
banks since the mid-1980s. 5 On the liability side of
the balance sheet, banks compete with stock, bond,
and money market mutual funds for deposits.
Although mutual funds compete with banks of all
sizes, they likely pose a greater competitive challenge to small banks, which are more dependent on
deposits than are large banks. Given their high liquidity and their record of preserving the par value of
their investors' assets, money market mutual funds
represent a particularly attractive alternative to bank
deposits.6 About one-third of money fund assets consist of commercial paper issued by finance companies, which, in turn, compete in markets for consumer loans and business equipment financing,
markets that may be more important for small banks
than for large banks.
Nonetheless, consolidation in the banking industry
may have had some beneficial aspects for small
banks. For example, some large banks may find that
they lack the knowledge and experience necessary to
compete effectively in the local loan markets of the
smaller banks they have acquired. Similarly, on the
funding side, bank depositors may react adversely to
acquisitions of their banks by out-of-area institutions
and move their deposits to a locally headquartered
small bank. 7
Some other recent developments have also favored
small banks. The scaling back of the savings and loan
4. See speech by Alan Greenspan, Chairman, Board of Governors
of the Federal Reserve System at the 37th Annual Conference on
Bank Structure and Competition of the Federal Reserve Bank of
Chicago, Chicago, Illinois, May 10, 2001 (www.federalreserve.gov/
boarddocs/speeches/2001).
5. See Jane W. D'Arista and Tom Schlesinger, "The Parallel Banking System," in Gary A. Dymski, Gerald Epstein, and Robert Pollin,
eds., Transforming the U.S. Financial System: Equity and Efficiency
for the 21st Century (M.E. Sharpe, 1993), pp. 157-99.
6. On only a few occasions has the net asset value of a money
market mutual fund threatened to dip below $1, and in all but one of
the cases, the funds avoided "breaking the buck" by receiving assistance from their parent companies.
7. For more information, see Steven J. Pilloff and Stephen A.
Rhoades, "Do Large, Diversified Banking Organizations Have Competitive Advantages?" Review of Industrial Organization, vol. 16
(May 2000), pp. 287-302.
The Economic Performance of Small Banks, 1985-2000
industry during most of the period probably reduced
the competitive pressures on small banks. Moreover,
depositors may not have been particularly concerned
about the declining real value of deposit insurance in
recent years given the strong economy, the high
profitability of banks, and very low bank failure rates.
Supporting this view are the continued strong growth
of money market mutual funds, which have no federal insurance program comparable to that for bank
deposits, and the rapid growth of uninsured deposits,
particularly at small banks.
DIFFERENCES IN THE LIABILITY
OF SMALL AND LARGE BANKS
STRUCTURES
Not surprisingly, small banks rely on deposits considerably more than large banks do. In particular, small
time deposits (those issued in amounts of less than
$100,000) funded almost 30 percent of loans and
other assets at small banks in 2000, while at large
banks the share was about 10 percent (table 1). The
share of small banks' assets funded with large time
deposits, 13 percent, also exceeds that at large banks,
8 percent. 8 Other interest-bearing deposits, which
consist of savings and transactions accounts, also
were somewhat more important funding vehicles at
small banks, while non-interest-bearing deposits
8. Large time deposits are those of at least $100,000. Deposits of
exactly $100,000 would be fully insured as to principal.
1.
Distribution of assets at banks, by source of funds, select
721
funded comparable shares of small and large banks'
assets.
Large banks fund about one-third of their assets
with "other" nondeposit liabilities, whereas at small
banks the share is just 3 percent. 9 Small banks avail
themselves somewhat more of FHLB advances,
although these represent a fairly small share of liabilities at both groups of banks. Equity also funds a
larger share of assets at small than at large banks,
10.3 percent and 8 percent respectively.
Reliance on deposits was little changed between
1987 and 1992, but both bank groups shifted toward
nondeposit liabilities and capital as sources of funding during the 1990s. Between 1992 and 2000, deposits as a share of assets fell about 4 percentage points
at small banks and 11 percentage points at large
banks. For both bank groups, "other interest-bearing
deposits" was the deposit category that fell most
sharply in the 1990s; small time deposits (which are
fully insured) also declined at both bank groups, a
drop probably reflecting the increased popularity of
alternative household investment vehicles such as
mutual funds. However, the share of assets funded by
large time deposits actually increased at both bank
groups.
9. Other liabilities consist of demand notes issued to the U.S.
Treasury, federal funds purchased and securities sold under repurchase agreements, trading liabilities, net due to related institutions
abroad, subordinated debt or debentures, and bankers acceptances.
years, 1987-2000
Percent
L a r g e banks
Small b a n k s
Source
1987
Total deposits
Type
Large t i m e 1
Small time
Other interest-bearing
Non-interest-bearing
Insurance
Insured
Uninsured
'
1992
2000
1987
1992
2000
66.1
67.3
56.3
88.5
87.8
83.4
13.7
10.1
22.7
19.7
7.0
13.4
29.2
17.8
8.2
10.0
24.7
13.4
11.2
29.9
33.3
14.1
7.9
31.5
35.7
12.8
13.0
28.5
29.1
12.9
39.2
26.5
46.3
21.0
35.8
20.5
78.8
9.8
77.9
10.0
68.6
14.8
29.2
26.0
2.4
33.2
3.2
3.1
3.1
3.2
4.7
6.7
8.1
8.3
9.1
10.3
status2
F H L B advances
Other liabilities
Equity capital
Total
100
100
100
100
100
100
39.6
522
29.9
440
31.1
425
58.3
204
45.3
209
49.0
229
MEMO
Large deposit
accounts3
Percentage of balances in large
time deposits
Average size (thousands of dollars)
NOTE. Small time and " o t h e r " interest-bearing deposits were not separately
included in the Call Report until 1987. F o r definitions of b a n k size, see note to
chart 1.
1. Accounts of at least $100,000.
2. Uninsured deposits are those in excess of $100,000. F o r 1987, the sum of
uninsured and insured c o m p o n e n t s does not equal total deposits because,
until 1991, uninsured deposits w e r e reported annually instead of quarterly.
3. All accounts of at least $100,000.
SOURCE. For Federal H o m e L o a n B a n k ( F H L B ) advances, Federal Reserve
Board.
. . . Not available.
722
Federal Reserve Bulletin • November 2001
At small banks, the type and average size of large
deposit accounts (those of at least $100,000) are
notably different from those at large banks (table 1,
memo). At large banks, only about 30 percent of such
balances were held as large time deposits in 2000; the
remaining 70 percent were in transaction and savings
accounts. At small banks, large balances are split
about evenly between large time and other deposits.
The average size of large deposits at large banks in
2000 was $425,000, and at small banks it was
$229,000; however, over the 1990s the average size
has been declining at large banks and rising at small
banks.
DIFFERENCES IN THE GROWTH
LARGE AND SMALL
BANKS
PATTERNS
Growth of assets and deposits, by asset size of banks,
1985-2000
Percent
Assets
Small
Medium
Total deposits
OF
The consolidation in the banking industry over the
1985-2000 period typically involved the acquisition
of relatively small banks by much larger banks, a
development that, of course, boosts the observed
growth of large banks and diminishes that of small
banks. Therefore, the differences in the balance-sheet
growth and profitability between large and small
banks cannot be consistently tracked unless mergeradjusted balance sheet and income data are used. 10
Balance sheet data adjusted for mergers show
that small banks generally grew faster than either
medium-sized or large banks over the past fifteen
years (chart 2, top panel). Indeed, in every year, the
growth of assets has been significantly faster at small
and medium-sized banks than at large banks. 11 Of
course, banks securitize and sell a significant portion
of the consumer and real estate loans that they originate and thereby move them off their balance sheets.
But data available since 1997 indicate that restoring
securitized credit card loans to large banks' balance
sheets would add only about 1 percentage point to
their annual asset growth in 1998, and less than that
in 1997 and 1999, not enough to narrow the differ10. We calculate merger-adjusted growth for any bank size group
by comparing balance sheet values at the end of the quarter with those
at the beginning of the quarter, accounting for amounts acquired or
lost during the period because of mergers. For example, we calculate
asset growth at small banks during a quarter by comparing assets at
the end of the quarter with assets at the beginning of the quarter after
removing assets acquired during the quarter by merger. Mergeradjusted annual growth rates are calculated as the product of mergeradjusted quarterly growth rates. For information on the adjustment
procedure for income, see the appendix in William B. English and
William R. Nelson, "Profits and Balance Sheet Developments at U.S.
Commercial Banks in 1997," Federal Reserve Bulletin, vol. 84 (June
1998), p. 408.
11. Calculated without adjusting for mergers, the average annual
growth rate of assets between 1985:Q4 and 2000:Q4 was 0.2 percent
for small banks and 8.2 percent for large banks.
2.
Uninsured deposits
NOTE. Here and in subsequent charts, growth rates have been adjusted for
mergers; for details, see text note 10. Medium-sized banks are those ranked 101
to 1,000. Uninsured deposits are those in excess of $100,000; b e f o r e 1991,
uninsured deposits were reported only annually, which prevents merger adjustment of balances for those years in a manner consistent with quarterly adjustments applied in later years.
ence in growth rates significantly.12 In 2000, such an
adjustment would have reduced the measured growth
of large banks.
Many more new, or "de novo," banks were formed
during the 1997-2000 period than during the preceding four-years (moving from about 150 per year to
about 350 per year on average). Although de novo
banks tend to grow rapidly, they are generally very
small when established (less than $50 million in
assets). Thus, the growth rate of all small banks is not
significantly affected if de novo banks are excluded
from the calculation.
As suggested by the relative rates of asset growth,
the expansion of total deposits at both small and
medium-sized banks has also exceeded the growth
rate at large banks in every year since 1985 (chart 2,
middle panel). However, the growth of assets tended
12. Adding securitized assets to the balance sheet for purposes of
comparison presumes that the securitizing bank still would have
chosen to originate the loans even if the opportunity to securitize was
not available.
The Economic Performance of Small Banks, 1985-2000
3.
Growth of assets and deposits at small banks,
by asset size of banks, 1985-2000
4.
723
Measures of balance-sheet health, by asset size of banks,
1985-2000
Percent
Delinquency rates
—
2
Equity as a share of assets
1985
NOTE. For m e a s u r e m e n t of uninsured deposits, see table 1, note 2.
to exceed that of deposits, as the use of nondeposit
liabilities grew for all bank size groups. Uninsured
deposits also grew significantly faster at small banks
than at large banks (chart 2, bottom panel). Furthermore, the growth rate of uninsured deposits at small
banks has been high and steadily increasing during
the second half of the past decade, whereas at larger
banks the growth of these liabilities shows no trend.
The fastest growing category of small banks has
been the smallest among them—those with less than
$50 million in assets (chart 3, top and middle panels).
The 1997-2000 rise in the growth of assets and
deposits at these banks was strong even after adjusting for the formation of de novo banks. The smallest
of the small banks have aggressively acquired uninsured deposits to help fund their expansion (chart 3,
bottom panel). Although small banks with assets of
more than $50 million grew more slowly than the
smallest banks, they still grew faster than large banks.
Another way to disaggregate small banks is by
location. Doing so reveals that growth has been the
fastest among urban banks and the slowest among
rural banks with high concentrations of agricultural
loans; the growth of other small banks in rural areas
1988
1991
1994
1997
2000
NOTE. T h e data on delinquencies are for domestic and foreign offices of
domestic banks. Delinquent loans are loans that are not accruing interest and
those that are accruing interest but are m o r e than thirty d a y s past due. T h e
delinquency rate is the end-of-period level of delinquent loans divided by the
end-of-period level of outstanding loans.
falls in between. However, even agricultural banks
tended to perform at least as well as large banks over
the period studied (see box "Rural and Agricultural
Banks").
The growth patterns of large and small banks partly
reflect changes in their overall balance sheet conditions and fluctuations in the business cycle. Both
large and small banks were major suppliers of credit
during the final years of the 1980s, when businesses
and households were rapidly accumulating debt. By
the early 1990s, a weak economy as well as high debt
levels and a rising volume of delinquent loans significantly slowed spending and borrowing by businesses
and households. The slowdown in the growth of bank
assets and deposits at that time was most pronounced
at medium-sized and large banks, however, with
assets actually declining for a time at bigger banks.
The contraction of assets at large banks may be
attributable to the fact that overall asset quality deteriorated in the late 1980s and especially during the
1990-91 recession (chart 4, top panel). At small
724
5.
Federal Reserve Bulletin • November 2001
Spread of interest rates paid and spread of growth rates of deposits, small banks less large, 1985-2000
Basis points
Percentage points
Basis points
Total interest-bearing deposits
I
1
J
I
I
I L
Large time
1985
1988
Percentage points
Small time
Other interest-bearing deposits
1991
1994
1997
2000
I
1985
I
I
i
1988
I
1991
1994
1997
2000
NOTE. Rates paid on small time deposits and on "other" interest-bearing
deposits were not separately included in the Call Report until 1987.
banks, the recession precipitated only a slight rise in
delinquency rates. As loan losses mounted at large
banks in the late 1980s and early 1990s, they found
themselves with depleted capital (chart 4, bottom
panel). Hence, a substantial gap appeared to emerge
between their actual capital levels and those being
demanded by markets as well as by regulators acting
under the 1991 Basel Accord.
The subsequent economic recovery and brisk
expansion of the second half of the 1990s caused
delinquency rates to drop at both bank size groups,
but much more dramatically so at large banks. A
somewhat similar picture emerges for capitalization
measures: Although the ratio of equity to average
tangible assets (the "leverage ratio") at large banks
remained well below that at small banks throughout
the 1985-2000 period/the gap narrowed noticeably
during 1992 and 1993, and the gain was maintained
over the rest of the decade (chart 4, bottom panel). 13
13. The ratio of equity to assets is shown here because it can be
computed for the years preceding the implementation of the Basel
Capital Accord, in 1991. Small banks also have significantly greater
capital ratios than large banks when measured by risk-weighted assets,
a characteristic that may, in part, reflect the higher risk inherent in the
relatively less diversified loan portfolios at small banks and their more
limited access to markets for managed liabilities.
The large banks' impressive recovery from the deep
problems of the early 1990s could be expected to
have boosted their competitive position, and indeed
the recovery in loan growth in the latter half of the
1990s was a bit stronger at large banks; yet during all
of this period, the growth of assets at small banks
surpassed that at large banks.
THE EXPANSION OF DEPOSITS AT SMALL
BANKS: RELATIVE OFFERING RATES AND
RELATIVE DEPOSIT
GROWTH
The growth of total interest-bearing deposits at small
banks consistently exceeded that at large banks
between 1985 and 2000; the difference tended to
reflect the difference between deposit interest rates
paid at small banks and the rates paid at large banks
(chart 5, top left panel). 14 Early in the period, small
banks were outbidding large banks for deposits; the
14. Average interest rates on deposits are computed as quarterly
interest expenses, annualized, as a percent of average deposits held
over the quarter. Annual rates are averages of quarterly rates. Both
average deposit levels and deposit expenses are calculated after adjustment for mergers.
The Economic Performance of Small Banks, 1985-2000
6.
Return on loans, by assets size of banks, 1985-2000
reversal of this relationship in the late 1980s and into
1990 seemed to prompt a relative speedup of growth
of deposits at large banks. In the 1989-93 period, the
average rate paid on interest-bearing deposits at small
banks rose about 1 percentage point relative to rates
at large banks, thereby about tripling the premium
paid by small banks in the mid-1980s. In response,
the growth rate of deposits at small banks rose substantially compared with that at large banks.
The spread of deposit rates at small banks over
those at large banks remained elevated and even
increased somewhat over the course of the 1990s, but
the corresponding spread for deposit growth did not
keep pace. The relationship between rates and deposit
growth loosened because of large time deposits, for
which the growth spread tended to diminish even as
the interest rate spread trended up (chart 5, bottom
left panel). For small time deposits, by contrast, the
underlying relationship between relative offering
rates and deposit growth does not seem to have
shifted over the period (chart 5, top right panel). In
the "other interest-bearing deposits" category, the
relationship weakened substantially in 2000, largely
because of special factors that boosted the growth of
725
insured deposits at large banks during the final quarter of last year (chart 5, bottom right panel). 15
These patterns of deposit growth and deposit offering rates at large and small banks raise two questions.
First, why did small banks choose to pay premium
rates on their deposits to fund asset growth that was
faster than at large banks? Second, why did the
additional deposit growth become progressively
more expensive? The first question would seem to be
answered straightforwardly by the fact that small
banks have been able to make loans that have consistently yielded more than loans at large banks
(chart 6). 16
As to the relative rise in the cost of deposits at
small banks, a number of factors appear to have been
in play. First, small banks have a more limited base
from which to attract funding. Thus, at small banks,
the marginal supply of funding is likely to be more
dependent on deposit offering rates than it is at large
banks because large banks can more easily tap nondeposit funding sources and thereby minimize the
impact on rates in any one category of liabilities.
Combined with the relatively greater need of small
banks for deposits to fund stronger loan demand, a
relatively narrow funding base would help to explain
the comparative increase over time in the cost of
deposits to small banks.
A second likely reason for the rising relative cost
of attracting deposits at small banks is the improvement in balance sheet health at large banks, which in
turn presumably lowered the risk premiums they paid
on their deposits, especially on uninsured deposits.
Still another factor could have been the sliding real
value of deposit insurance. This decline would have
required all banks to rely less on insured deposits, but
these deposits are more important at small banks than
at large banks. Moreover, a shrinkage in the real
value of deposit insurance could have magnified the
effect of the relative improvement in balance sheet
health at large banks. The drop in the real level of
insurance coverage would also have added to the
advantage that the largest banks enjoy from whatever
credence depositors may still give to the notion of
"too big to fail."
15. On behalf of its clients, a large brokerage house transferred
funds from (uninsured) money market mutual funds to insured money
market deposit accounts at its affiliated commercial banks during the
fourth quarter of 2000. The transfers significantly boosted the growth
of insured deposits at large banks.
16. The higher gross rate of return at small banks may reflect, in
part, higher loan processing costs (per loan dollar), although advances
in technology have no doubt lowered such expenses throughout the
period studied.
726
Federal Reserve Bulletin • November 2001
Rural and Agricultural Banks
Growth at small banks over the 1985-2000 period has
varied somewhat by bank type and location. In particular,
loans and securities (bank credit) have grown consistently
more slowly at small agricultural banks than at other small
rural banks or at the clear growth leaders among small
banks—the small urban banks (chart, upper left panel).1
1. Small banks are classified as " u r b a n " if they are headquartered within
a Standard Metropolitan Statistical Area. Small " r u r a l " b a n k s are divided
into " a g r i c u l t u r a l " banks (those with m o r e than 25 percent of their loans that
are secured by f a r m l a n d or used to finance agricultural production) and
" o t h e r r u r a l " banks.
Also, credit growth during the 1990s at small urban and
other rural bank groups has consistently exceeded that at
large banks, but the record of the small agricultural banks
has been mixed.
Developments in the agricultural sector itself appear to
explain much of the underperformance of agricultural banks
relative to large and other small banks. The slow growth of
farm business debt relative to all nonfinancial business debt
over the past several years (chart, upper right panel) suggests that the demand for agricultural loans has lagged
substantially behind the demand for other bank loans. More-
Performance of banks, by asset size and sector, and growth of nonfinancial business debt, 1985-2000
Percent
Growth of bank credit1
Percent
Growth of debt
Nonfinancial
Small urban
Small other
rural _ .
Farm
Small agricultural
Percent
Return on assets
Spread of rates paid on
large time deposits,
small banks less large
Small
agricultural
Small other rural
Small urban
Small other rural
l
-
-
Small
/ 7 / x ^ y
urban f / /
1A
\
1 1
1
/ Small agricultural
1
1
1
1
1
1
1
1
1 1
1
1
1 1
NOTE. For definitions of small-bank sectors, see note to box text. T h e debt
of nonfinancial businesses, including the f a r m subsector, covers b a n k and
nonbank lenders.
1. B a n k credit is loans and securities.
Finally, more attractive deposit substitutes, such as
mutual funds, were growing briskly throughout the
1990s. The competition that banks had from mutual
funds was offset to some degree by problems in the
thrift industry, where assets declined 26 percent
SOURCE. For nonfinancial business debt, Federal Reserve flow of f u n d s
accounts; f o r f a r m business debt, U.S. Department of Agriculture, Agricultural Income and Finance: Situation and Outlook, Annual Lender Issue,
E c o n o m i c Research Service, A I S - 7 6 (February 2001), p. 56.
between 1989 and 1997. But the fact that more than
half of the decline had been reversed between 1997
and 2000 suggests that the thrift industry's competitive pressure on banks had begun to re-emerge in
those years.
The Economic Performance of Small Banks, 1985-2000
727
Rural and Agricultural Banks—Continued
over, commercial banks' share of farm business debt continued to increase during the past five years, although at a
slower rate than in the late 1980s and early 1990s (data not
shown). The slowing reflects, in part, a pickup in market
share by the Farm Credit System over the same period as it
recovered from financial difficulties in the 1980s.
Although rates of credit growth have diverged among
small bank sectors, the sectors converged in terms of the
spread of the average interest rates they paid on large time
deposits (chart, lower left panel). Small urban banks have
been paying only slightly greater premiums on these deposits than small rural banks despite having much higher
average growth rates, a difference that presumably reflects
more robust economic growth in urban areas.
IMPLICATIONS
FOR
PROFITABILITY
The interaction of changes in rates earned on assets
with rates paid on liabilities is captured in the behavior of banks' net interest margin. 17 During most of
the 1990s, the relative cost of deposits at small banks
rose (chart 5), yet their net interest margin held
steady while the net interest margin for large banks
drifted down (chart 7, upper left panel). The steady
returns at small banks suggest that the better yields
they were able to get on loans made up for the higher
rates they had to pay for deposits. Small banks also
expanded the share of their portfolios held as loans
throughout the 1990s, whereas the share of loans
in the portfolios of large banks has remained more
or less stable since 1995 (chart 7, top right panel).
Because loans typically earn more than securities,
this change in relative portfolio structure also would
tend to boost net interest margins at small banks.
Since 1997, the net interest margin has fallen at both
small and large banks, but margins are still much
higher at small banks.
Turning to broader measures of profitability, the
return on equity (ROE) at large banks stabilized at an
average of about 15 percent throughout the latter half
of the 1990s after fluctuating widely during the late
1980s and early 1990s (chart 7, bottom left panel).
Small banks' return on equity was also fairly stable
during the 1990s and was uniformly above the returns
earned during the latter half of the 1980s. ROE at
large banks has been significantly greater than at
17. Net interest margin is defined as the difference between interest
income and interest expense divided by average interest earning
assets.
Yet the increase in interest expense at small agricultural
banks relative to large banks does not appear to have been
especially damaging to the profitability of the agricultural
banks (chart, lower right panel). Measured by return on
assets, profitability at agricultural banks has generally been
better than at small urban banks and, until recently, at least
as good as at large banks.
In sum, although credit has grown most rapidly at small
urban banks, and small agricultural banks are not paying
much less for large time deposits than are other small
banks, the agricultural banks during the 1985-2000 period
generally performed at least as well as the largest banks in
terms of asset growth and measures of profitability.
small banks since 1992, but the difference largely
reflects the greater levels of capital relative to assets
held by small banks.
In terms of the return on assets (ROA), small banks
have generally been more profitable than large banks
(chart 7, bottom right panel), an achievement that is
especially impressive given the greater (and growing)
earnings on off-balance-sheet activities at large
banks. Indeed, the jump of large banks' ROA over
that of small banks in 1999 is attributable to large
gains in revenue from capital markets business and
trading operations; such revenue is not a significant
portion of income at small banks.
SUMMARY
AND
CONCLUSIONS
Generally, small banks have thrived over the past
decade and a half despite what might be seen as a
variety of adverse circumstances, including extensive
bank consolidation, a solid improvement in the balance sheet health of large banks, rapid growth in
mutual funds and other elements of a "parallel"
banking system, and a steady decline in the real value
of deposit insurance. Despite these circumstances,
and abstracting from the effects of mergers and acquisitions, small banks have grown considerably more
rapidly than large banks and have tended to meet
or exceed them in some measures of profitability.
Although small banks that are concentrated in agricultural lending have grown more slowly than other
small banks, overall credit demand in the agricultural
sector likewise has been relatively subdued. The
robust growth and high profitability we find at small
banks apparently have not gone unnoticed by the
728
7.
Federal Reserve Bulletin • November 2001
Profitability, by asset size of banks, 1985-2000
NOTE. Net interest margin and the returns on equity and assets are f o r
domestic and foreign offices of domestic banks; loan share is f o r domestic
offices only.
investors that have formed significant numbers of
new banks in recent years.
As small banks have increased their deposit rates
relative to those at large banks, they have generally
enjoyed a relative increase in deposit growth. However, in the large time deposit category—where the
majority of funds are uninsured—the ability of small
banks to increase the flow of deposits by pushing up
interest rates has diminished somewhat over time. A
significant factor in the diminishment was the more
rapid growth of balance sheets at small banks combined with their relatively more limited funding
options. Also contributing was the return to health of
the large bank sector and, more recently, of the thrift
sector. The decline in the real value of deposit insurance presumably also played a role but one that
would have been limited after the early 1990s by
sharp declines in the rate of bank failures.
•
729
Industrial Production and Capacity Utilization
for September 2001
Released for publication
October 16
Industrial production fell 1.0 percent in September,
its twelfth consecutive monthly decline. At 140.3 percent of its 1992 average, output was 5.8 percent
below its level in September 2000. For the third
quarter as a whole, total industrial production
declined at an annual rate of 6.2 percent. Manufacturing output contracted 1.1 percent in September and
was 6.7 percent below its year-ago level. Utilities
production fell 1.8 percent in September, and mining
output increased 0.3 percent. The rate of capacity
Industrial production
Ratio scale, 1992 = 100
145
125
105
85
Capacity utilization
Percent of capacity
85
80
75
70
1977
1979
1981
1983
1985
1987
1989
12-month percent change
High-tech industries are defined as semiconductors and related electronic
components (SIC 3672-9), computers (SIC 357), and communications equipment (SIC 366).
1991
1993
1995
1997
1999
2001
Percent of capacity
Shaded areas are periods of business recession as defined by the NBER.
730
Federal Reserve Bulletin • November 2001
Industrial production and capacity utilization, September 2001
Industrial production, index, 1 9 9 2 = 100
Percent change
Category
2001
20011
June
r
July
r
Aug.
r
Sept.P
June
r
July'
Aug/
Sept.P
Sept. 2 0 0 0
to
Sept. 2001
140.3
-1.0
-.1
-.7
-1.0
-5.8
-1.0
-.1
-.8
Total
142.8
142.7
141.8
Previous estimate
142.7
142.6
141.5
Major market
groups
Products, total 2
C o n s u m e r goods
Business equipment
Construction supplies
Materials
132.4
121.6
187.1
139.0
161.4
132.5
121.9
186.7
139.0
161.1
131.3
120.9
184.8
138.5
160.5
129.9
120.1
180.5
137.6
159.2
-.9
-.5
-2.5
-.2
-1.1
.0
.2
-.2
.0
-.2
-.8
-.8
-1.0
-.4
-.4
-1.1
-.7
-2.3
-.6
-.9
-5.0
-3.0
-9.5
-3.9
-7.1
Major industry
Manufacturing
Durable
Nondurable
Mining
Utilities
147.5
186.9
111.5
103.4
119.9
147.6
187.6
111.3
102.3
119.0
146.3
185.7
110.5
102.0
121.3
144.7
182.5
110.1
102.3
119.1
-1.2
-1.7
-.6
-.4
.3
.1
.3
-.2
-1.0
-.7
-.9
-1.0
-.7
-.3
1.9
-1.1
-1.8
-.3
.3
-1.8
-6.7
-8.0
-5.0
1.8
-2.1
groups
MEMO
Capacity utilization, percent
Sept.
June r
July r
Aug/
Sept.P
Capacity,
percent
change,
Sept. 2 0 0 0
to
Sept. 2001
2000
Average,
1967-00
Low,
1982
High,
1988-89
2001
Total
Previous estimates . .
82.1
71.1
85.4
82.4
77.1
77.1
77.0
76.9
76.4
76.2
75.5
2.9
Manufacturing
Advanced processing
Primary processing .
Mining
Utilities
81.1
80.6
82.2
87.4
87.6
69.0
71.0
65.7
80.3
75.9
85.7
84.2
88.3
88.0
92.6
81.7
80.2
85.2
86.4
91.0
75.6
76.1
75.8
90.0
87.2
75.5
76.0
75.6
89.2
86.3
74.8
75.3
74.8
89.0
87.6
73.8
74.3
74.0
89.3
85.7
3.2
2.0
5.4
-1.4
3.9
NOTE. Data seasonally adjusted or calculated f r o m seasonally
monthly data.
1. C h a n g e f r o m preceding month.
adjusted
utilization for total industry sank 0.9 percentage
point, to 75.5 percent, a level 6.6 percentage points
below its 1967-2000 average and about 7 percentage
points below its level in September 2000.
MARKET
GROUPS
The output of consumer goods fell 0.7 percent in
September; for the third quarter as a whole, production dropped 3.2 percent at an annual rate, the
largest quarterly decline since the first quarter of
1991. Both durable and nondurable consumer goods
fell in September. Among durables, home electronics
dropped 3.0 percent and was 19.1 percent below its
level in September 2000. The output of automotive
products also fell about 3 percent, while the other
major categories of consumer durables registered
smaller declines. Nondurable consumer goods, which
slipped 0.3 percent, showed declines in all categories except paper products, which increased
0.4 percent.
2. Contains c o m p o n e n t s in addition to those shown,
r Revised,
p Preliminary.
The production of business equipment dropped
2.3 percent in September; for the third quarter as a
whole, it tumbled 13.4 percent at an annual rate, its
largest quarterly decline since the fourth quarter of
1982. All major categories declined in September;
the output indexes for transit equipment and for
industrial and other equipment have contracted nearly
12 percent in the past twelve months. The production
of defense and space equipment, which ticked up
0.2 percent in September, was 3.6 percent above its
September 2000 level.
The output of construction supplies decreased
0.6 percent in September, while the output of business supplies fell 1.5 percent; a sharp cutback in jet
fuel production, which was related to the reduction in
air traffic, contributed importantly to the drop for
business supplies. The production of industrial materials declined 0.9 percent, with a large drop in durable goods materials and little change, on balance, in
either nondurable or energy materials. For the third
quarter as a whole, production of industrial materials
fell at an annual rate of 6.4 percent.
Industrial Production and Capacity Utilization
INDUSTRY
731
GROUPS
Manufacturing output fell 1.1 percent in September
and the weakness was widespread among industries.
In the third quarter, manufacturing declined at an
annual rate of 6.6 percent, after having fallen at a
5.1 percent rate in the second quarter. The overall
production both of durable and nondurable goods
decreased in the third quarter; output rose during the
quarter in only two industries—motor vehicles and
parts and lumber and products. Among durable
goods, the largest third-quarter declines were in machinery, especially the high-technology industries
(computers, communications equipment, and semiconductors). Also down notably were furniture and
fixtures, primary metals, aerospace and miscellaneous transportation equipment, and miscellaneous
manufacturing. Among nondurables, declines were
largest in apparel products, textile mill products, petroleum products, printing and publishing, and paper
and products. In September, all major industry groups
in manufacturing were below year-ago levels. The
overall factory operating rate declined about 1 percentage point, to 73.8 percent, a level 7.3 percentage
points below the 1967-2000 average.
A 0.3 percent increase in the production at mines
retraced the August decline; the utilization rate at
mines rose 0.3 percentage point, to 89.3 percent, a
level about 2 percentage points above its 1967-2000
average. The output of utilities fell back 1.8 percent
in September; at 85.7 percent, the operating rate at
utilities was about 2 percentage points below its
long-term average.
REVISION OF INDUSTRIAL
CAPACITY
UTILIZATION
PRODUCTION
AND
On November 27, the Federal Reserve Board will
publish revisions to the index of industrial production
(IP), to the related measures of capacity and capacity
utilization, and to the index of industrial use of electric power. The updated measures will reflect the
incorporation of newly available, more comprehensive source data typical of annual revisions. The new
source data are for recent years, primarily 1999 and
2000, although data from 1992 onward will be subject to revision.
Industrial production and capacity utilization will
continue to be based on the 1987 Standard Industrial
Classification (SIC) until the 2002 annual revision,
after which they will be constructed from the North
American Industrial Classification System (NAICS).
The new NAICS-related production indexes will be
Discontinuation of "Industrial Production
and Capacity Utilization" in the
Federal Reserve Bulletin
"Industrial Production and Capacity Utilization" will not
be reprinted in the Federal Reserve Bulletin after the
December 2001 issue. The Federal Reserve's monthly
G.17 statistical release, "Industrial Production and
Capacity Utilization," which this section of the Bulletin
summarizes each month, is available on the Board's web
site (www.federalreserve.gov/releases/gl7/); historical
data back to 1919 are also available on the web site. The
data are also available in paper copies and on diskettes
from Publications Services, Mail Stop 127, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (tel. 202-452-3244).
Other reprints will also be eliminated from the Bulletin
after December 2001: congressional testimony, the
FOMC minutes, the quarterly report "Treasury and Federal Reserve Foreign Exchange Operations," and the
annual report "Domestic Open Market Operations," both
by the Federal Reserve Bank of N e w York (the text portion of "Open Market Operations" will be reprinted in
the Board's Annual Report rather than in the Bulletin).
The documents are widely distributed when originally
published, and several sources for historical information
are available.
based on annual output measures that are constructed
by reclassifying the establishments in historical Censuses of Manufactures and Mineral Industries under
NAICS; annual output indexes constructed this way
will maximize the reliability and historical consistency of the IP industry detail.
The updating of source data for IP in the 2001
annual revision will include annual data from the
1999 Bureau of the Census Annual Survey of Manufactures and from selected editions of its 1999 and
2000 Current Industrial Reports. Annual data from
the U.S. Geological Survey regarding metallic and
nonmetallic minerals (except fuels) for 1999 and
2000 will also be introduced. The updating will
include revisions to the monthly indicator for each
industry (either physical product data, productionworker hours, or electric power usage) and to seasonal factors.
Capacity and capacity utilization will be revised to
incorporate preliminary data from the 2000 Survey of
Plant Capacity of the Bureau of the Census, which
covers manufacturing, along with other new data on
capacity from the U.S. Geological Survey, the Department of Energy, and other organizations. The statis-
732
Federal Reserve Bulletin • November 2001
tics on the industrial use of electric power will incorporate additional information received from utilities
for the past few years and will include some data
from the 1997 Census of Manufactures and the 1998
and 1999 Annual Survey of Manufactures.
Once the revision is published, it will be
made available on the Board's web site
(www.federalreserve.gov/releases/gl7). The revised
data will also be available through the web site of the
Department of Commerce. Further information on
these revisions is available from the Board's Industrial Output Section (telephone 202-452-3197).
•
733
Testimony of Federal Reserve Officials
Testimony of Alan Greenspan, Chairman, Board of
Governors of the Federal Reserve System, before the
Committee on Banking, Housing, and Urban Affairs,
U.S. Senate, September 20, 2001
I would like to begin my remarks this morning by
noting how deeply saddened I and my Federal
Reserve colleagues are that so many talented and
productive people from so many walks of life were
lost or irreparably harmed last week. Although we
are here today to discuss some of the immediate
economic and financial implications of that tragedy,
we are all too aware that the topic we discuss will be
a mere footnote.
The terrorism of September 11 will, doubtless,
have significant effects on the U.S. economy over the
short term. An enormous effort will be required on
the part of many to cope with the human and physical
destruction. But as we struggle to make sense of our
profound loss and its immediate consequences for the
economy, we must not lose sight of our longer-run
prospects, which have not been significantly diminished by these terrible events.
Over the past couple of decades, the American
economy has become increasingly resilient to shocks.
Deregulated financial markets, far more flexible labor
markets, and, more recently, the major advances in
information technology have enhanced our ability to
absorb disruptions and recover. In the past, our economy has quickly regained its previous levels following the devastation of hurricanes, earthquakes, floods,
and myriad other natural disasters that periodically
batter various regions of our country. Although the
trauma of September 11 shares some characteristics
with such disruptions, the differences are important.
In contrast to natural disasters, last week's events are
of far greater concern because they strike at the roots
of our free society, one aspect of which is our marketdriven economy. All modern economies require the
confidence that free-market institutions are firmly in
place and that commitments made today by market
participants will be honored not only tomorrow, but
for years into the future. The greater the degree of
confidence in the state of future markets, the greater
the level of long-term investment. The shock of September 11, by markedly raising the degree of uncertainty about the future, has the potential to result, for
a time, in a pronounced disengagement from future
commitments. And that, in the short run, would imply
a lessened current level of activity. Indeed, much
economic activity ground to a halt last week.
But the foundations of our free society remain
sound, and I am confident that we will recover and
prosper as we have in the past. As a consequence of
the spontaneous and almost universal support that we
received from around the world, an agreement on a
new round of multilateral trade negotiations now
seems more feasible. Such an outcome would lead to
a stronger global market system. A successful round
would not only significantly enhance world economic
growth but also answer terrorism with a firm reaffirmation of our commitment to open and free societies.
But before the recovery process gets under way,
stability will need to be restored to the American
economy and to others around the world. Arguably,
that stability was only barely becoming evident in the
United States in the period immediately preceding
the acts of terrorism. Aggregate measures of production, employment, and business spending continued
to be weak.
That said, consumer spending moved higher in
August and appeared to be reasonably well maintained in the first part of September. Industry analysts
suggest that motor vehicle sales were running close
to August levels, and chain store sales were only
modestly lower. Purchasing managers had noted an
improvement in the orders picture in August. Moreover, the dramatic rate of decline in profits was
slowing. To be sure, these signs were tentative but,
on the whole, encouraging. During the past week, of
course, the level of activity has declined. The shock
is most evident in consumer markets, where many
potential purchasers stayed riveted to their televisions
and away from shopping malls. Both motor vehicle
sales and sales at major chain stores, some of our
most current information on consumer spending,
appear to have fallen off noticeably. And the airline
and travel industries have suffered severe cutbacks.
The unprecedented shutdown of American air
travel and tightened border restrictions have induced
dramatic curtailments of production at some establishments with tight just-in-time supply chain practices. Automakers, for example, are reported to have
pared production and even closed some plants in the
734
Federal Reserve Bulletin • November 2001
past week, largely owing to supply shortages, though,
doubtless, short-term demand uncertainties have also
played a part.
The effect on financial markets of the devastating
attack on the World Trade Center was pronounced,
as telecommunications and trading capacities were
severely impaired. But the markets are mostly functioning now, albeit in some cases using contingency
arrangements, and as in the past, the infrastructure
will be rapidly restored. For a brief time, the terrorist
attack markedly disrupted payment transfers that are
usually measured in terms of trillions of dollars each
day. Many obligators temporarily lost their technical
ability to pay on time, leaving those counting on
receiving payments caught short. The pressures ultimately ended up concentrated in banks. Those needs
were met by the Federal Reserve, both through record
lending at the discount window and through an
extraordinary infusion of funds through open market
operations. To facilitate the channeling of dollar
liquidity to foreign financial institutions operating
in the United States, thirty-day currency swap lines
were arranged with major central banks, again in
record volumes. It was essential in such an environment to meet all appropriate demands for dollar
liquidity. As the financial markets and payment infrastructure return to normal, loans are being repaid, and
the temporarily bloated balance sheet of the Federal
Reserve is now shrinking back to normal.
Nobody has the capacity to fathom fully how the
tragedy of September 11 will play out. But in the
weeks ahead, as the shock wears off, we should be
able to better gauge how the ongoing dynamics of
these events are shaping the immediate economic
outlook.
Discontinuation of "Testimony
of Federal Reserve Officials" in the
Federal Reserve Bulletin
"Testimony of Federal Reserve Officials" will not be
reprinted in the Federal Reserve Bulletin after the
December 2001 issue. When testimony is released to
the public, it is simultaneously placed on the Board's
web site (www.federalreserve.gov/boarddocs/testimony/),
which also has testimony back to 1996. Paper copies of
testimony are also available by mail from Publications
Services, Mail Stop 127, Board of Governors of the
Federal Reserve System, Washington, DC 20551 (tel.
202-452-3244).
Other reprints will also be eliminated from the Bulletin
after December 2001: the monthly report on industrial
production and capacity utilization, the FOMC minutes,
the quarterly report "Treasury and Federal Reserve
Foreign Exchange Operations" and the annual report
"Open Market Operations," both by the Federal Reserve
Bank of N e w York (the text portion of "Open Market
Operations" will be reprinted in the Board's Annual
Report rather than in the Bulletin). The documents are
widely distributed when originally published, and several
sources for historical information are available.
For the longer term, prospects for continued rapid
technological advance and associated faster productivity growth are scarcely diminished. Those prospects, born of the ingenuity of our people and the
strength of our system, fortify a promising future for
our free nation.
•
735
Announcements
FOMC ACTIONS
CHANGES
AND DISCOUNT
RATE
The Federal Open Market Committee decided on
October 2, 2001, to lower its target for the federal
funds rate by 50 basis points to 2Vi percent. In a
related action, the Board of Governors approved
a 50 basis point reduction in the discount rate to
2 percent.
The terrorist attacks have significantly heightened
uncertainty in an economy that was already weak.
Business and household spending as a consequence
are being further damped. Nonetheless, the long-term
prospects for productivity growth and the economy
remain favorable and should become evident once
the unusual forces restraining demand abate.
The Committee continues to believe that, against
the background of its long-run goals of price stability
and sustainable economic growth and of the information currently available, the risks are weighted mainly
toward conditions that may generate economic weakness in the foreseeable future.
In taking the discount rate action, the Federal
Reserve Board also approved the discount rate
requests submitted by the boards of directors of
the Federal Reserve Banks of Boston, New York,
Cleveland, Richmond, Atlanta, Chicago, St. Louis,
Kansas City, Dallas, and San Francisco.
The Federal Reserve Board on October 3, 2001,
approved action by the board of directors of the
Federal Reserve Bank of Minneapolis, decreasing the
discount rate at the bank from 2Vi percent to 2 percent, effective immediately.
The Federal Reserve Board on October 4, 2001,
approved action by the board of directors of the
Federal Reserve Bank of Philadelphia, decreasing the
discount rate at the bank from 2Vi percent to 2 percent, effective immediately.
APPOINTMENT
OF CHAIRMEN AND
DEPUTY CHAIRMEN OF
FEDERAL RESERVE BANKS FOR 2002
The Federal Reserve Board announced on September 28, 2001, the appointment of the chairmen and
deputy chairmen of the twelve Federal Reserve Banks
for 2002.
Each Reserve Bank has a board of directors of
nine members. The Board of Governors in Washington, D.C., appoints three of these directors and designates one of its appointees as chairman and a second
as deputy chairman. Following are the names of the
chairmen and deputy chairmen appointed by the
Board for 2002:
Boston
William O. Taylor, Chairman Emeritus, The Boston Globe,
Boston, Mass., named Chairman.
James J. Norton, Vice President, AFL-CIO,
Washington, D.C., named Deputy Chairman.
New York
Peter G. Peterson, Chairman, The Blackstone Group,
New York, N.Y., renamed Chairman.
Deputy Chairman—To be announced.
Philadelphia
Charisse R. Lillie, Partner, Ballard Spahr Andrews &
Ingersoll, LLP, Philadelphia, Pa., renamed Chairman.
Glenn A. Schaeffer, President, Pennsylvania Building
and Construction Trades Council, Harrisburg, Pa.,
renamed Deputy Chairman.
Cleveland
David H. Hoag, former Chairman, The LTV Corporation,
Cleveland, Ohio, renamed Chairman.
Robert W. Mahoney, former Chairman and
Chief Executive Officer, Diebold Inc., Canton, Ohio,
renamed Deputy Chairman.
Richmond
Jeremiah J. Sheehan, former Chairman and
Chief Executive Officer, Reynolds Metals Company,
Richmond, Va., renamed Chairman.
Wesley S. Williams, Jr., Partner, Covington & Burling,
Washington, D.C., renamed Deputy Chairman.
Atlanta
John F. Wieland, Chief Executive Officer and Chairman,
John Wieland Homes and Neighborhoods, Inc.,
Atlanta, Ga., renamed Chairman.
Paula Lovell, President, Lovell Communications, Inc.,
Nashville, Tenn., renamed Deputy Chairman.
Chicago
Robert J. Darnall, Chairman and Chief Executive Officer,
Prime Advantage Chicago, Chicago, 111.,
named Chairman.
W. James Farrell, Chairman and Chief Executive Officer,
Illinois Tool Works Inc., Glenview, 111.,
named Deputy Chairman.
736
Federal Reserve Bulletin • November 2001
St. Louis
Charles W. Mueller, Chairman, President, and
Chief Executive Officer, Ameren Corporation,
St. Louis, Mo., renamed Chairman.
Walter L. Metcalfe, Jr., Chairman, Bryan Cave LLP,
St. Louis, Mo., renamed Deputy Chairman.
for collateralized and uncollateralized daylight overdrafts, and rejecting payments with settlement-day
finality that would cause an institution to exceed its
daylight overdraft capacity level.
Minneapolis
Ronald N. Zwieg, President, United Food & Commercial
Workers, Local 653, Plymouth, Minn.,
named Chairman.
Linda Hall Whitman, former President, Ceridian
Performance Partners, Minneapolis, Minn.,
named Deputy Chairman.
CONSUMER
Kansas City
Terrence P. Dunn, President and Chief Executive Officer,
J.E. Dunn Construction Company, Kansas City, Mo.,
renamed Chairman.
Deputy Chairman—To be announced.
Dallas
H.B. Zachry, Jr., Chairman and Chief Executive Officer,
H.B. Zachry Company, San Antonio, Tex.,
renamed Chairman.
Patricia M. Patterson, President, Patterson Investments,
Inc., Dallas, Tex., renamed Deputy Chairman.
San Francisco
Nelson C. Rising, Chairman and Chief Executive Officer,
Catellus Development Corporation, San Francisco,
Calif., renamed Chairman.
George M. Scalise, President, Semiconductor Industry
Association, San Jose, Calif., renamed Deputy
Chairman.
EXTENSION OF DEADLINE
COMMENT ON PAYMENTS
FOR PUBLIC
SYSTEM RISK
POLICY
The Federal Reserve Board announced on September 21, 2001, that it is extending the deadline for
public comment on the potential longer-term direction of the Board's policy on payments system risk.
Comment is requested by November 16, 2001.
As a result of the September 11 terrorist attacks,
some organizations with an interest in the potential
longer-term policy direction of the Board's payments
system risk policy have had to devote significant
resources to ensuring the continued smooth functioning of the payments system and financial markets.
The Board has extended the original October 1 comment deadline to provide these organizations with
adequate time to analyze the issues raised in the
notice and to incorporate their perspectives on recent
financial market experiences.
The longer-term policy options include lowering
self-assessed net debit caps and eliminating the twoweek average caps, implementing differential pricing
ADVISORY
COUNCIL
MEETING
The Federal Reserve Board announced on September 28, 2001, that the Consumer Advisory Council
would hold its next meeting on Thursday, October 25, 2001. The council's function is to advise the
Board on the exercise of its responsibilities under the
Consumer Credit Protection Act and on other matters
on which the Board seeks its advice.
MODIFICATION
OF PSAF FOR
SERVICES
CALCULATIONS
PRICED
The Federal Reserve Board announced on October 10, 2001, modifications to the method for calculating the private-sector adjustment factor (PSAF).
The PSAF imputes the costs that would have been
incurred and profits that would have been earned
if the Reserve Banks' priced services were provided
by a private firm. The revised method will be used
to determine the 2002 PSAF and fees for Federal
Reserve priced services.
The Monetary Control Act of 1980 requires that
fees for Federal Reserve priced services be set at a
rate to recover all direct and indirect costs of providing the services and imputed costs, such as financing
costs, return on equity (profit), taxes, and certain
other expenses. The method for calculating the PSAF
is reviewed by the Board periodically. The Board
requested public comment on the changes in December 2000.
The changes approved by the Board modify the
current method for imputing debt and equity, enhance
the method for determining the target rate of return
on equity, and refine the basis for selecting the priced
services peer group.
INTERAGENCY DATA ON INCREASE IN
ADVERSELY CLASSIFIED SYNDICATED
LOANS
The 2001 Shared National Credit (SNC) review indicates continued deterioration in the quality of syndicated bank loans, consistent with general economic,
sector, and credit market trends, according to data
released on October 5, 2001, by three federal bank
regulatory agencies.
Announcements
The results—reported by the Board of Governors
of the Federal Reserve System, the Office of the
Comptroller of the Currency, and the Federal Deposit
Insurance Corporation—are based on analyses that
were prepared in the second quarter and reflect business and economic conditions that prevailed at that
time.
Several key factors have adversely affected the
quality of syndicated loans over the past several
years, including bank underwriting and risk selection
standards and economic factors. The seasoning of
many aggressively underwritten deals, particularly
those credits booked in the latter half of the 1990s,
has contributed to the increase in adversely rated
credits.
Deterioration has' been particularly evident for
credits to leveraged and speculative-grade borrowers
that are facing difficulty generating sufficient cash
flow to service their debts in the current environment.
It is important to note that most of the deterioration
in the quality of syndicated loans is already reflected
in the internal credit ratings of individual banks.
In 2001, the SNC Program covered 10,146 credits
totaling $2.1 trillion in loan commitments to 5,870
borrowers. Approximately one-third of the commitments, or $769 billion, was advanced and outstanding. Classified loans totaled $117 billion, or
5.7 percent of total commitments, up from 3.2 percent in 2000. At the same time, loans listed for
special mention rose to 3.7 percent of total commitments, from 1.9 percent in 2000. On a combined
basis, special mention and classified loans represent
9.4 percent of total commitments, up from 5.1 percent a year ago but well below the peak of 16 percent
in 1991.
Of the $2.1 trillion in total SNC commitments,
51 percent is held by U.S. banks, 41 percent is held
by foreign banking organizations, and nonbank firms
hold the remaining 8 percent. In 2001, 5.4 percent
of U.S. bank holdings were classified, compared with
4.4 percent for foreign banking organizations and
14.5 percent for nonbank firms.
The weakening economy has had a greater impact
on certain industry sectors. In particular, manufacturing companies have experienced increased credit
problems since the previous SNC review, especially
the textile and apparel, primary and fabricated metals, and machinery and equipment subsectors. Weakness in the manufacturing sector was also driven by
asbestos litigation associated with various large
borrowers.
Problems in the information-technology sector
(specifically the telecommunications industry) have
been well documented and are evident in the substan
737
tial increase in adversely rated credits for 2001, albeit
from low levels. While many established companies
remain strong, a large number of start-up entities are
experiencing difficulty generating sufficient cash flow
for operations and debt service and may be vulnerable to further deterioration in the event of a sustained economic slowdown.
Despite deterioration in the aggregate syndicated
loan market, improvement is noted in several industries; the most noteworthy of which is health care.
This sector shows signs of improvement associated
with realization of merger and acquisition synergies
and increased revenues, although the volume of
adversely rated credits within this sector remains
relatively high. The low volume of adversely rated
borrowers within the real estate market remained
relatively unchanged from last year.
For U.S. banks, the rapid deterioration in large
syndicated loans comes at a time when the majority
of banks have strong capital bases and earnings.
While this moderates concerns, banking organizations must remain vigilant in the current environment
to ensure that they promptly identify and address any
continuation in credit quality deterioration and adjust
loan-loss allowance levels appropriately.
INTERAGENCY PUBLIC
ON GLB ACT PRIVACY
WORKSHOP
NOTICES
An announcement was issued on September 24, 2001,
that an interagency public workshop on GrammLeach-Bliley (GLB) Act privacy notices will be
held on Tuesday, December 4, 2001, from 9:00 a.m.
to 5:00 p.m. at the Federal Trade Commission,
600 Pennsylvania Avenue, N.W., Room 432, Washington, D.C. 20580. The workshop will provide a
forum to identify successful GLB Act privacy
notices, discuss strategies for communicating complex information, and encourage industry selfregulatory efforts and consumer and business education. The workshop will bring together financial
institutions, consumer and privacy groups, experts
on readability and consumer communication, and
others to discuss the issues through moderated panel
discussions.
The GLB Act (Pub. L. No. 106-102) was signed
into law on November 12, 1999. The eight federal
agencies (GLB agencies) co-sponsoring the workshop issued regulations implementing the privacy
provisions of the GLB Act. Consistent with the act,
those regulations provide consumers the opportunity,
with certain exceptions, to prevent financial institutions from disclosing consumer information to non-
738
Federal Reserve Bulletin • November 2001
affiliated third parties. The regulations also require
financial institutions to provide privacy notices to
consumers.
The GLB agencies are the Board of Governors of
the Federal Reserve System, the Commodity Futures
Trading Commission, the Department of the Treasury, the Offices of the Comptroller of the Currency
and of Thrift Supervision, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the
National Credit Union Administration, and the Securities and Exchange Commission.
The event is open to the public; there is no fee for
attendance. Pre-registration is strongly encouraged,
as seating is limited. The announcement of the workshop is posted on the Federal Trade Commission's
web site (www.ftc.gov/glbworkshop) and will be
published shortly in the Federal Register. To preregister, please e-mail your name and affiliation to
glbworkshop@ftc.gov by November 16, 2001. A
detailed agenda and additional information on the
workshop will be posted on the web site before
December 4. In addition, after the workshop, a transcript will be posted on the Federal Trade Commission's web site (http://www.ftc.gov).
"The Federal Reserve has actively promoted economic education and better public understanding of
the roles of the Federal Reserve System for many
years," said Alan Greenspan, Chairman of the Board
of Governors of the Federal Reserve System. "This
web site is intended to improve the information
resources available to educators, students, and others
with an interest in the Federal Reserve and how it
works." FED101 is designed to supplement high
school and college economics and social studies
classes. However, the user-friendly format makes the
site a valuable resource for all ages.
The site covers the Federal Reserve's history, its
structure, and its functions in the areas of monetary
policy, banking supervision, and financial services.
Interactive graphics and a series of quizzes and
self-tests make the site easy for visitors to learn how
the Federal Reserve System carries out its many
duties.
The web site is an outgrowth of "The Fed Today,"
a new educational video narrated and hosted by
Charles Osgood.
ENFORCEMENT
INTERACTIVE
EDUCATORS,
WEB SITE FOR STUDENTS,
AND GENERAL
PUBLIC
The Federal Reserve Board launched on September 27, 2001, a new, interactive web site developed
by the economic educators of the Federal Reserve
System. This site offers students, educators, and the
general public an introduction to the workings of the
Federal Reserve System.
By logging on to www.FederalReserveEducation.org
and clicking on FED 101, visitors to the site can
access easy-to-understand lessons on the Federal
Reserve's role in the U.S. economy.
ACTIONS
The Federal Reserve Board announced on October 5,
2001, the execution of an amendment to the written
agreement by and among New Century Bank, Shelby
Township, Michigan, the State of Michigan Office of
Financial and Insurance Services, and the Federal
Reserve Bank of Chicago.
The Federal Reserve Board announced on October 5, 2001, the execution of a written agreement
by and among the AmericasBANK Corp, Towson,
Maryland, its subsidiary bank, the AmericasBANK,
Towson, Maryland, the Federal Reserve Bank of
Richmond, and the Maryland Division of Financial
Regulation, Baltimore, Maryland.
•
739
Minutes of the Meeting of the
Federal Open Market Committee
Held on August 21, 2001
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, August 21, 2001, at 9:00 a.m.
Present:
Mr. Greenspan, Chairman
Mr. McDonough, Vice Chairman
Mr. Ferguson
Mr. Gramlich
Mr. Hoenig
Mr. Kelley
Mr. Meyer
Ms. Minehan
Mr. Moskow
Mr. Poole
Messrs. Jordan, McTeer, Santomero, and Stern,
Alternate Members of the Federal Open Market
Committee
Messrs. Broaddus, Guynn, and Parry, Presidents
of the Federal Reserve Banks of Richmond,
Atlanta, and San Francisco respectively
Mr. Kohn, Secretary and Economist
Mr. Bernard, Deputy Secretary
Mr. Gillum, Assistant Secretary
Mr. Mattingly, General Counsel
Mr. Baxter, Deputy General Counsel
Ms. Johnson, Economist
Mr. Reinhart, Economist
Mr. Stockton, Economist
Ms. Cummings, Messrs. Hakkio, Howard, Hunter,
Lindsey, Rasche, Slifman, and Wilcox,
Associate Economists
Mr. Kos, Manager, System Open Market Account
Ms. Smith, Assistant to the Board, Office of Board
Members, Board of Governors
Mr. Ettin, Deputy Director, Division of Research and
Statistics, Board of Governors
Mr. Madigan, Deputy Director, Division of Monetary
Affairs, Board of Governors
Mr. Simpson, Senior Adviser, Division of Research
and Statistics, Board of Governors
Messrs. Oliner and Struckmeyer, Associate Directors,
Division of Research and Statistics, Board of
Governors
Mr. Helkie, Assistant Director, Division of
International Finance, Board of Governors
Mr. Whitesell, Assistant Director, Division of
Monetary Affairs, Board of Governors
Mr. Skidmore, Special Assistant to the Board, Office
of Board Members, Board of Governors
Mr. Kumasaka, Assistant Economist, Division of
Monetary Affairs, Board of Governors
Ms. Low, Open Market Secretariat Assistant, Office
of Board Members, Board of Governors
Ms. Browne, Executive Vice President, Federal
Reserve Bank of Boston
Messrs. Eisenbeis, Lacker, Ms. Mester,
Messrs. Rosenblum and Sniderman, Senior
Vice Presidents, Federal Reserve Banks of
Atlanta, Richmond, Philadelphia, Dallas, and
Cleveland respectively
Ms. Hargraves and Mr. Judd, Vice Presidents, Federal
Reserve Banks of New York and San Francisco
Mr. Webber, Senior Research Officer, Federal Reserve
Bank of Minneapolis
By unanimous vote, the minutes of the meeting of
the Federal Open Market Committee held on
June 26-27, 2001, were approved.
The Manager of the System Open Market Account
reported on recent developments relating to foreign
exchange markets. There were no open market operations in foreign currencies for the System's account
in the period since the previous meeting.
The Manager also reported on developments in
domestic financial markets and on System open
market transactions in U.S. government securities
and securities issued or fully guaranteed by federal
agencies during the period June 27, 2001, through
740
Federal Reserve Bulletin • November 2001
August 20, 2001. By unanimous vote, the Committee
ratified these transactions.
The Committee then turned to a discussion of the
economic and financial outlook and the implementation of monetary policy over the intermeeting period
ahead. A summary of the economic and financial
information available at the time of the meeting and
of the Committee's discussion is provided below.
The information reviewed at this meeting suggested that economic activity exhibited little, if
any, upward movement in midsummer. Increases in
household expenditures on consumer items and housing appeared to have been relatively well maintained,
but business capital expenditures had weakened
substantially since early in the year. Efforts to reduce
inventories were continuing, and manufacturing
activity had decreased further. Employment had
declined over recent months. With energy prices having turned down, overall consumer price inflation
had eased slightly in recent months, while core measures of consumer prices showed mixed changes on
a twelve-month basis. Measures of labor costs had
decelerated on balance.
Private nonfarm payroll employment, after declining appreciably during the second quarter, fell further
in July, led by additional job losses in manufacturing
and help-supply services. Labor demand remained
weak in other sectors, with employment in most
industries flat to down. The unemployment rate edged
up to 4.5 percent in June and remained at that level
in July. Although initial claims for unemployment insurance had declined in recent weeks, on
balance data suggested persisting softening in the
labor market.
Industrial production edged lower in July after
larger drops in each of the previous three months.
Motor vehicle assemblies rose markedly, but production of high-tech equipment continued to plummet,
registering its largest one-month decline in more than
a decade. Outside those two industries, manufacturing production either moved sideways or fell slightly.
The rate of utilization of manufacturing capacity was
little changed in July and remained well below its
long-run average.
Growth in consumer spending slowed somewhat in
the second quarter, but except for automotive dealers,
retailers reported sizable gains in July. Consumer
confidence appeared to have stabilized at moderately
favorable levels in recent months. Supported by
low mortgage rates, residential building activity had
held up well this year. In July, single-family starts
increased slightly from a strong pace in the first and
second quarters, though permits fell marginally. Sales
of new homes rose in June (latest data), and sales
of existing homes edged down but remained only
slightly below their historical peak.
Business spending on equipment and software
declined substantially in the second quarter after falling somewhat in the preceding two quarters. The
weakness stemmed from sluggish growth in business
sales, significantly reduced corporate cash flows, and
continued uncertainty about prospects for future sales
and earnings. Shipments of nondefense capital goods
declined in June after a modest increase in May, but
for the second quarter as a whole they contracted
at more than twice the first-quarter pace. Moreover,
orders data for June were extraordinarily weak, led
by a steep decline in communications equipment.
Those data, as well as numerous anecdotal reports,
suggested further weakness in spending for equipment and software going forward. Nonresidential
construction, which had held up well in the first
quarter, was down substantially in the second quarter,
as spending for office, industrial, and lodging facilities contracted sharply. Vacancy rates, particularly in
high-tech centers, had increased significantly in
recent months, as demand for office space and data
centers plunged. In contrast, expenditures for drilling
and mining equipment soared further in the second
quarter.
Business inventory liquidation was sizable in the
second quarter, at a pace estimated to be a bit more
rapid than in the first quarter. Manufacturing stocks,
particularly of computers and electronic products,
were reduced substantially; however, shipments of
those products also plunged and the inventory-sales
ratio in the computer and electronics sector rose
further from an already high level. Elsewhere in
manufacturing, the ratio of stocks to sales held steady,
with stocks remaining high in a number of manufacturing industries despite aggressive production cutbacks. Inventories rose in the wholesale sector and,
given sluggish sales of late, the ratio of inventories to
sales moved sharply higher in the second quarter.
Stocks in the automobile sector declined over the
quarter and moved lower in July. Retail inventories,
excluding motor vehicles, fell moderately and the
sector's inventory-sales ratio edged lower.
The U.S. trade deficit in goods and services narrowed over the May-June period and was about
$20 billion smaller at an annual rate in the second
quarter than in the first. The value of imports dropped
sharply in the second quarter. The value of exports
also decreased significantly, with most of the decline
in capital goods, primarily computers and semiconductors. Recent information on foreign industrial
economies suggested that growth weakened further
in the second quarter. The Japanese economy con-
Minutes of the Federal Open Market Committee
tracted in the quarter, and growth in the euro area
appeared to have weakened substantially. Among the
developing countries, economic and financial conditions had deteriorated further in Argentina. In most
other developing countries, the pace of economic
growth continued to decline.
Consumer price inflation had eased in recent
months, as energy prices turned down and increases
in core consumer prices subsided after a pickup early
in the year. The core consumer price index (CPI) rose
in July at about the same pace as in the second
quarter, but the twelve-month change in that index
had increased slightly. However, revised data indicated that the core personal consumption expenditure
(PCE) chain index had decelerated on a year-overyear basis. At the producer level, prices fell in July,
leaving the twelve-month change in the producer
price index for finished goods somewhat below the
twelve-month change of a year earlier. With regard
to labor costs, the employment cost index (ECI)
increased at a somewhat slower pace in the twelve
months ended in June than over the preceding twelve
months.
At its meeting on June 26-27, 2001, the Committee adopted a directive that called for maintaining
conditions in reserve markets consistent with a
decrease of 25 basis points in the intended level of
the federal funds rate, to about VA percent. This
action was deemed appropriate in light of incoming
information indicating somewhat weaker economic
performance than most members had anticipated and
the absence of firm evidence that the deceleration in
the economic expansion had run its course or that
output growth was about to rebound. With greater
slack in labor and product markets and with inflation
expectations contained, the members agreed that the
balance of risks continued to be weighted toward
conditions that could generate economic weakness in
the foreseeable future.
Federal funds traded at rates near the Committee's
reduced target level over the intermeeting period, and
other short-term rates also fell. Market participants
became less optimistic regarding the economic outlook over the intermeeting period, inducing widespread declines in longer-term Treasury yields over
the period that were most pronounced at the shorter
end of the coupon maturity spectrum. Except for the
obligations of the most troubled sectors, declines in
investment-grade corporate bond yields were about
in line with those on Treasury issues of comparable
maturity, leaving most risk spreads little changed on
balance. A spate of weak second-quarter earnings
reports and sizable reductions in analysts' earnings
projections for the remainder of the year took a toll
741
on equity markets, however, and broad stock market
indexes moved down appreciably over the intermeeting interval.
The trade-weighted value of the dollar, after an
extended period of strength, fell against most major
foreign currencies, with much of the decline occurring in the days just before this meeting. The decline
was particularly marked against the yen, the euro,
and the Swiss franc. In contrast, the dollar was little
changed against the currencies of some major trading
partners, including Canada and Mexico.
Growth in the broad monetary aggregates remained
strong in July but was below the average pace over
the first half of the year. Despite some recent slowing,
deposit growth was held up by a flight to liquidity
and safety in light of the poor performance and
substantial volatility in equity markets. Foreign
demands for U.S. currency also boosted money
growth in July.
The staff forecast prepared for this meeting suggested that, after a period of very slow growth associated in large part with very weak business fixed
investment and to some extent with an inventory
correction, the economic expansion would gradually
regain strength over the forecast horizon and move
back to a rate around the staff's current estimate of
the growth of the economy's potential output. The
period of sub-par expansion was expected to foster
an appreciable easing of pressures on resources and
some moderation in core price inflation. Although
substantial monetary easing had already been implemented and fiscal stimulus was in train, the forecast
anticipated that the expansion of domestic final
demand would continue to be held back by the effects
on household net worth of recent and possible future
declines in stock market prices and by damped consumer and business sentiment in a weaker job market. With long-term trends in innovation holding up
reasonably well, business fixed investment, notably
outlays for equipment and software, likely would
return to relatively robust growth after a period of
adjustment of capital stocks to more desirable levels,
and a projected pickup in foreign economies was
seen as providing some support for U.S. exports.
In the Committee's discussion of current and prospective economic developments, many of the members commented that the anticipated strengthening
in economic expansion had not yet occurred and,
indeed, that the economy and near-term economic
prospects appeared to have deteriorated marginally
further in the period since the previous meeting.
Several members referred to a number of recently
available economic indicators that in their view suggested the possibility that the string of disappointing
742
Federal Reserve Bulletin • November 2001
readings on the economy might be about to end, but
those indicators were insufficiently robust and too
recent to provide conclusive evidence of emerging
stabilization, much less that some overall strengthening might be under way. Among other things, the
economy was still adjusting to downward revisions to
expected earnings and to perceptions of greater risk
and associated declines in wealth. In sum, the timing
of the pickup in the growth of the economy had again
been pushed back. Even so, the prospects for an
upswing over coming quarters remained favorable
against the backdrop of the lagged effects of substantial monetary policy easing already implemented this
year, the recent passage and initial implementation of
stimulative fiscal policy measures, the progress businesses had already achieved toward completing
inventory adjustments, and the underlying support for
business investments from continued technological
innovations. Nonetheless, the members recognized
that the recovery in business fixed investment, the
major source of weakness in the economy, was likely
to follow a more extended period of adjustment than
had been anticipated in their earlier forecasts. With
regard to the outlook for inflation, members reported
on widespread indications of some slackening in
what were still generally tight labor markets and also
noted that capacity utilization rates had declined substantially in many industries. The reduced pressures
on resources along with expectations of some further
declines in energy prices were seen by many members as likely to foster a modest deceleration in many
measures of wages and prices.
Statistical evidence of an ongoing, though gradual,
worsening in overall business conditions was supported by anecdotal reports from around the nation.
Weakness continued to be concentrated in manufacturing, notably in the high-tech sector and in hightech service industries. Indications that the softening
was spreading more generally were still fairly limited as suggested by employment data and anecdotal
reports. At the same time, members cited some still
quite tentative signs that declines in manufacturing
had slowed or that activity had steadied in some
depressed industries.
In their review of developments in key sectors
of the economy, members again emphasized the
ongoing strength in household spending and its vital
role in moderating the weakness in overall economic
activity. Tax rebates, declining energy prices, and
widespread discounting of retail prices were cited as
positive factors in support of consumer spending on
a wide range of goods and services. In addition,
increasingly persuasive evidence indicated that realized capital gains from the sale of homes were a
source of fairly significant amounts of consumer purchasing power in the economy. Looking ahead, members expressed some concern about how long the
household sector would continue to prop up the economy in the absence of an upturn in business expenditures. While accommodative financial conditions and
reduced income tax rates should continue to undergird consumer spending and the data on retail sales
for July displayed relatively impressive gains, negative wealth effects from falling stock market prices,
declining payrolls, and sluggish income gains—
should they persist—might well depress consumer
expenditures over coming months. In this regard,
some recent anecdotal reports pointed to weaker
retail sales, importantly including motor vehicles.
There also were some recent indications of declining
consumer confidence, and many retailers had become
less optimistic about the outlook for sales over the
balance of the year.
Homebuilding generally had remained robust in
recent months, as relatively low mortgage interest
rates continued to offset weakness in employment
and incomes and the negative effects of declining
stock market wealth. Most regions continued to
report strong housing markets, albeit with evidence
of some weakening in sales of high-priced homes in a
number of areas. For now, however, there were few
signs that overall housing activity might be softening,
though members noted that potentially bearish factors relating to the outlook for consumer spending
might at some point also affect housing.
With household spending already elevated relative
to income and its rate of increase unlikely to
strengthen materially, if at all, under foreseeable nearterm economic conditions, the anticipated upturn in
overall economic expansion would depend critically
on business investment spending and in turn on
improved prospects for business profits and cash
flows. Business capital expenditures appeared to be
slowing sharply further after posting large declines
earlier in the year in conjunction with the marking
down of the expected growth of demand for and
profitability of capital equipment, weak sales, the
emergence of substantial excess capacity in many
industries, notably in high-tech facilities, and the
resulting decline in earnings. Market forecasts of
business profits were progressively being reduced,
and as a consequence members saw little likelihood
of a marked turnaround in business capital investment over the months ahead despite some elements
of strength such as sizable construction projects
involving public utilities, energy, and, in some areas,
public works. Indeed, history strongly suggested that
capital spending might well fall below sustainable
Minutes of the Federal Open Market Committee
levels for a time as business firms over adjusted on
the downside to previously excessive or misdirected
buildups of capital resources. While the near-term
outlook for business investment was not promising
and considerable uncertainty surrounded the timing
of the eventual upturn, members remained optimistic
about the longer-term prospects for capital expenditures. In the context of a still favorable outlook for
continued elevated rates of technological progress,
business firms reportedly had not yet exploited many
potentially profitable investment opportunities.
The persistence of substantial inventory liquidation
was another negative factor in the current performance of the economy. While considerable progress
reportedly had been made by numerous business
firms in reducing their inventories to bring them
into better alignment with sales, a rebound to inventory accumulation did not appear imminent for the
economy as a whole. Unexpected weakness in final
demands would, of course, lead to additional efforts
to pare inventories, which would tend to damp and
delay the rebound. Even so, leaner inventories had
favorable implications for production going forward.
Fiscal policy developments were a supportive factor in the economy. The tax rebates currently being
distributed undoubtedly were having a limited but
positive effect on consumers, which likely would
continue over coming months. The impetus could not
be measured precisely, but it was reflected in available anecdotal reports. Moreover, the reductions in
income tax rates would have an ongoing effect in
boosting disposable household incomes. On the negative side, financial difficulties in a number of states
were being met in part through higher taxes that
implied at least some offset to the federal tax relief.
Many of the members expressed concern about
what appeared to be cumulating weakness in numerous foreign economies that would feed back to the
U.S. economy through reduced demand for U.S.
exports and potentially through perceptions of greater
risks in financial markets. A number of major industrial economies were growing more slowly than had
been expected earlier in the summer. Moreover,
severe economic and financial problems in a few
developing nations could spill over to their trading
partners and other similarly situated countries that
could in turn have adverse repercussions more generally on the world economy.
The members generally viewed a modest decline in
inflation as a reasonable prospect, at least for a while.
Reports from around the nation indicated that labor
market conditions had eased, though they remained
generally tight and workers available to fill a variety
of skilled job openings continued to be in short
743
supply. On balance, however, upward pressures on
labor compensation appeared to be easing somewhat
despite large increases in the costs of medical care.
Competitive pressures continued to make it very difficult for business firms to raise their prices, and there
were no signs that widespread discounting might be
coming to an end. An apparent downtrend in the
costs of energy was another favorable factor in the
outlook for inflation. Some members expressed a
degree of concern, however, about the longer-term
outlook for inflation. Pressures on resources would
rise as the anticipated upturn and possible abovetrend growth brought the economy closer to full
capacity utilization. An important uncertainty in this
regard was the outlook for productivity, whose
growth might have moderated from the unusually
high growth rates of 1999 and 2000, with possibly
adverse implications for labor costs at very low levels
of unemployment.
In the Committee's discussion of policy for the
intermeeting period ahead, all the members endorsed
a proposal calling for a slight further easing in
reserve conditions consistent with a 25 basis point
reduction in the federal funds rate to a level of
3'/2 percent. No member expressed a preference for
leaving policy unchanged or easing by more than
25 basis points. The economy had continued to be
weak—indeed, weaker than many had expected—
and data and anecdotal reports from around the country had yet to point to persuasive signs of a turnaround. The monetary and fiscal policy stimulus
already in train seemed adequate to promote and
support an eventual appreciable rise in the growth of
business activity to a pace near that of the economy's
potential, but the strength and timing of the pickup
remained uncertain and further weakness was a distinct threat in the nearer term. In particular, possible
faltering in household expenditures at a time when
business firms were still adjusting to inventory imbalances and to capital overinvestments would exacerbate the slowdown in the economy and delay its
anticipated recovery. Growing concerns about foreign economies added to the current unease about
potential near-term developments.
Against the considerable forces of restraint on
aggregate demand, the federal funds rate had been
lowered substantially and the monetary aggregates
were growing rapidly, but some members noted that
in a number of respects financial conditions did not
indicate as much oncoming stimulus. Since the start
of the year, long-term interest rates generally had not
extended earlier declines, prices in equity markets
had fallen substantially further, and the dollar had
appreciated in foreign exchange markets. Accord-
744
Federal Reserve Bulletin • November 2001
ingly, the inflation risks of some further monetary
stimulus seemed limited and were outweighed by the
need to lean against actual and potential shortfalls in
demand and business activity.
The members recognized that in light of the lags in
the effects of policy, the easing process probably
would have to be terminated before available measures of economic activity provided clear evidence of
a substantial strengthening trend. In the view of some
members, this point might come relatively soon.
Beyond the nearer term members also envisaged the
desirability of moving preemptively to offset some of
the extra monetary stimulus now in the economy in
advance of inflation pressures beginning to build.
The members were fully prepared to act on a timely
basis, but several emphasized the recognition lags
that would be involved in stopping and subsequently
beginning to reverse the policy easing.
Given their views about the risks to the economy,
notably over the nearer term, all the members supported the retention of the sentence in the press
statement indicating that the risks continued to be
weighted toward further weakness in the foreseeable
future.
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 domestic policy
directive:
The Federal Open Market Committee seeks monetary
and financial conditions that will foster price stability and
promote sustainable growth in output. To further its
long-run objectives, the Committee in the immediate
future seeks conditions in reserve markets consistent with
reducing the federal funds rate to an average of around
3 '/2 percent.
The meeting adjourned at 12:40 p.m.
RECIPROCAL
CURRENCY
ARRANGEMENTS
Following the terrorist attacks on September 11,
2001, the Committee established or enlarged reciprocal currency (swap) arrangements with the European
Central Bank, the Bank of Canada, and the Bank of
England. The purpose of these arrangements was to
facilitate the functioning of U.S. financial markets by
providing as necessary through the foreign central
banks the liquidity in dollars needed by European,
Canadian, and British banks whose U.S. operations
had been disrupted by the disturbances in the United
States. These central bank arrangements would mature in thirty days unless extended by the Committee.
Except for an initial drawing of up to $12 billion
by the European Central Bank on September 13,
individual drawings were subject to approval by the
Foreign Currency Subcommittee of the Federal Open
Market Committee. Under the agreements, dollars
would be made available in the form of deposits at
the Federal Reserve Bank of New York in exchange
for deposits in the counterparty central banks of an
equivalent amount of their currencies. The individual
actions and votes were as follows:
On September 12, 2001, available members of the Committee voted unanimously to establish a $50 billion swap
line with the European Central Bank with a maturity of
thirty days unless renewed.
Votes for this action: Messrs. Greenspan, Ferguson,
Gramlich, Hoenig, Ms. Minehan, Messrs. Moskow,
Poole, and Stewart. Absent and not voting: Messrs.
Kelley and Meyer. Mr. Stewart voted as alternate for
Mr. McDonough.
The vote encompassed approval of the sentence
below for inclusion in the press statement to be
released shortly after the meeting:
On September 13, 2001, available members of the Committee voted unanimously to increase the System's swap
line with the Bank of Canada from $2 billion to $10 billion, with the added facility to mature in thirty days unless
renewed.
Against the background of its long-run goals of price
stability and sustainable economic growth and of the information currently available, the Committee believes that the
risks continue to be weighted mainly toward conditions
that may generate economic weakness in the foreseeable
future.
Votes for this action: Messrs. Greenspan, McDonough,
Ferguson, Gramlich, Hoenig, Kelley, Ms. Minehan,
Messrs. Moskow and Poole. Absent and not voting:
Mr. Meyer.
Votes for this action: Messrs. Greenspan, McDonough,
Ferguson, Gramlich, Hoenig, Kelley, Meyer, Ms. Minehan, Messrs. Moskow and Poole. Votes against this
action: None.
It was agreed that the next meeting of the Committee would be held on Tuesday, October 2, 2001.
On September 14, 2001, available members of the Committee voted unanimously to establish a $30 billion swap
line with the Bank of England, with a maturity of thirty
days unless renewed.
Votes for this action: Messrs. Greenspan, McDonough,
Ferguson, Hoenig, Kelley, Ms. Minehan, Messrs.
Moskow and Poole. Absent and not voting: Messrs.
Gramlich and Meyer.
Minutes of the Federal Open Market Committee
INTERMEETING
POLICY
ACTION
On September 13, 2001, the Committee met by telephone conference to assess economic and financial
developments stemming from the terrorist attacks on
September 11 and the possible need for a monetary
policy response. Banking and other financial market
conditions, notably in New York City but also around
the nation, were discussed in some detail as well as
the outlook for reopening the stock exchanges. While
the ongoing reactions to the recent tragedy were
undoubtedly a negative factor in the economic outlook, the members agreed that financial markets were
still too disrupted and the economic outlook too
uncertain to provide an adequate basis for a policy
move at this time. However, the members contemplated the need for some policy easing in the very
near future. In the interim, the System would continue to stand ready to provide whatever liquidity
might be needed to counter unusual strains and help
ensure the effective functioning of the banking system and restore more normal conditions in financial
markets.
Subsequently, on September 17, 2001, the Committee members voted unanimously to ease reserve
conditions appreciably further, consistent with a
reduction in the federal funds rate of 50 basis points
to a level of 3 percent. This policy action was associated with the approval by the Board of Governors of
a reduction of equal size in the discount rate to a level
of V/i percent. These actions were taken against the
backdrop of heightened concerns and uncertainty created by the recent terrorist attacks and their potentially adverse effects on asset prices and the performance of the economy. In conjunction with these
policy moves, the Federal Reserve would continue
to supply, as needed, an atypically large volume of
liquidity to the financial system. As a consequence,
the Committee recognized that the federal funds rate
might fall below its target on occasion until more
normal conditions were restored in the functioning of
745
Discontinuation of "Minutes of the
Federal Open Market Committee"
in the Federal Reserve Bulletin
"Minutes of the Federal Open Market Committee" will
not be reprinted in the Federal Reserve Bulletin after
the December 2001 issue. When the minutes are
released to the public, they are simultaneously placed on
the Board's web site (www.federalreserve.gov/fomc/
default.htm), which also has minutes back to 1996;
they are also reprinted in the Board's Annual Report
(w ww .federalreserve. go v/boarddocs/RptCongress/).
Paper copies of the minutes are also available by mail
from Publications Services, Mail Stop 127, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (tel. 202-452-3244).
Other reprints will also be eliminated from the Bulletin
after December 2001: the monthly report on industrial
production and capacity utilization, congressional testimony, the quarterly report "Treasury and Federal Reserve
Foreign Exchange Operations" and the annual report
"Open Market Operations," both by the Federal Reserve
Bank of New York (the text portion of "Open Market
Operations" will be reprinted in the Board's Annual
Report rather than in the Bulletin). The documents are
widely distributed when originally published, and several
sources for historical information are available.
the financial system. The Committee's vote encompassed the retention of a statement in its press release
indicating that the balance of risks remained weighted
toward weakness for the foreseeable future.
Votes for this action: Messrs. Greenspan, McDonough,
Ferguson, Gramlich, Hoenig, Kelley, Meyer, Ms. Minehan, Messrs. Moskow and Poole. Votes against this
action: None.
Donald L. Kohn
Secretary
747
Legal Developments
FINAL RULE—AMENDMENT
Order Approving the Formation of a Bank Holding
Company and the Acquisition of a Bank
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; Change in Discount Rate), to reflect its approval of
a decrease 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 September 17, 2001, 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.
2. Section 201.51 is revised to read as follows:
Section 201.51—Adjustment 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
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
Effective
September
September
September
September
September
September
September
September
September
September
September
September
17,
17,
17,
17,
17,
17,
17,
18,
17,
17,
17,
17,
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
Native American Bancorporation Co. ("Bancorporation")
has requested the Board's approval under section 3(a)(1) of
the Bank Holding Company Act ("BHC Act")(12 U.S.C.
§ 1842(a)(1)) to become a bank holding company by
acquiring all the voting shares of Blackfeet National Bank,
Browning, Montana ("Blackfeet Bank"). 1 Bancorporation
also has requested the Board's approval under sections
4(c)(8) and 4(j) of the BHC Act (12 U.S.C. §§ 1843(c)(8)
and 1843(j)) and section 225.24 of the Board's Regulation
Y (12 C.F.R. 225.24) to retain control of Native American
Community Development Corporation ("Native American
CDC"), which is a nonprofit corporation established by
Bancorporation to engage in community and economic
development activities on tribal reservations.
Notice of the proposal, affording interested persons an
opportunity to comment, has been published (66 Federal
Register 9,705 and 12,797 (2001)). The time for filing
comments has expired, and the Board has considered all
the comments received on the application and notice in
light of the factors enumerated in sections 3 and 4 of the
BHC Act.
Considerations Relating to Competition and Convenience
and Needs
Section 3 of the BHC Act prohibits the Board from approving a proposal that would result in a monopoly or would be
in furtherance of any attempt to monopolize the business of
banking in any relevant banking market. The BHC Act also
prohibits the Board from approving a proposed bank acquisition that would substantially lessen competition in any
relevant banking market, unless the Board finds that the
anticompetitive effects of the proposal clearly are outweighed in the public interest by the probable effect of the
proposal in meeting the convenience and needs of the
community to be served. 2
Bancorporation is a newly organized corporation that
currently does not control any depository institutions and
has been formed for the purpose of acquiring Blackfeet
Bank and establishing Native American CDC. Blackfeet
ORDERS ISSUED UNDER BANK HOLDING COMPANY
ACT
Orders Issued Under Sections 3 and 4 of the Bank
Holding Company Act
Native American Bancorporation Co.
Denver, Colorado
1. Bancorporation proposes to merge Blackfeet Bank with Native
American Interim Bank, National Association, which Bancorporation
would establish solely to facilitate the acquisition. The consolidated
Bank would operate under Blackfeet Bank's current charter, would be
renamed Native American National Bank, and would continue to have
its headquarters in Browning.
2. 12 U.S.C. § 1842(c)(1).
748
Federal Reserve Bulletin • November 2001
Bank is the 70th largest depository institution in Montana, 3
controlling $16.4 million in deposits. 4 Bancorporation has
indicated that it intends to expand the scope of Blackfeet
Bank's operations to banking markets in other states. The
Board has reviewed carefully all the facts of record and has
concluded that consummation of the proposal likely would
not have a significantly adverse effect on competition or on
the concentration of banking resources in any relevant
banking market. Accordingly, the Board has determined
that competitive factors are consistent with approval of the
proposal.
Section 3 of the BHC Act also requires the Board to
consider the effect of the transaction on the convenience
and needs of the community to be served. 5 In evaluating
this factor, the Board places particular emphasis on the
ratings the banks involved in a proposal received at their
most recent examinations under the Community Reinvestment Act (12 U.S.C. § 2901 et seq.) ("CRA"). Blackfeet
Bank received an outstanding CRA rating from its primary
federal supervisor, the Office of the Comptroller of the
Currency ("OCC"), as of May 10, 1999. In addition,
Blackfeet Bank qualifies as a community development
financial institution ("CDFI") under applicable federal
banking law, 6 and Bancorporation proposes either to retain
Blackfeet Bank's CDFI status or request that the OCC
designate the bank as a national bank with a community
development focus. 7
Bancorporation also has stated that it intends to retain
Blackfeet Bank's current community development initiatives and retail banking activities in the Browning community and to expand the bank's products and services to
respond to the needs of Native American tribes and tribal
businesses nationwide. Bancorporation does not, however,
intend to focus on tribes and tribal affiliates exclusively and
has developed a CRA plan designed to ensure that the bank
advertises and provides products and services to all demographic groups and communities in its proposed assessment areas.
After reviewing all the information submitted by Bancorporation related to the convenience and needs factor and
based on all the facts of record, the Board concludes that
considerations relating to convenience and needs are consistent with approval.
Financial, Managerial, and Other Supervisory
Factors
Section 3 of the BHC Act requires the Board to consider
the financial and managerial resources and future prospects
of the companies and banks involved in a bank acquisition
proposal. 8 As part of this analysis, the Board has reviewed
3. In this context, the term "depository institution" includes commercial banks, savings banks, and savings associations.
4. The deposit and ranking data are as of June 30, 2000, and have
been adjusted to reflect mergers and acquisitions consummated since
that time.
5. 12 U.S.C. § 1842(c)(2).
6. See 12 U.S.C. § 4701 et seq.
l.See 12 C.F.R. 24.6(a)(7).
8. 12 U.S.C. § 1842(c)(2).
Bancorporation's operating plan and the proposed management of Bancorporation and Blackfeet Bank. In addition,
the Board has taken into account Bancorporation's financial resources, including its capital levels and ability to
serve as a source of strength to Blackfeet Bank. Bancorporation's plan to provide Blackfeet Bank with new capital is
particularly significant. The Board also has reviewed confidential supervisory and examination information on Blackfeet Bank and publicly reported financial and other information on the bank and Bancorporation. 9 Moreover, the
Board has consulted with the OCC concerning the financial
and managerial resources and operating plan of Blackfeet
Bank, particularly regarding Bancorporation's proposal to
offer additional banking products and services over a
broader area.
The Board also has considered that at least 13 Native
American tribes and two Alaska Native Corporations (collectively the "Tribal Shareholders") would own all the
voting shares of Bancorporation. 10 To ensure that the Tribal
Shareholders' status as domestic sovereigns would not
impede the ability of the federal banking agencies to supervise and enforce the banking laws against any entity related to Bancorporation, each Tribal Shareholder has acknowledged that its interest in and relationships with
Bancorporation would be subject to federal banking laws;
acknowledged that the federal banking agencies have au-
9. The Board has considered an allegation that the members of the
Blackfeet Tribe were misled into providing funds to establish Blackfeet Bank on the basis that the tribe would control the bank, when
persons who are not Native Americans allegedly control Blackfeet
Bank. Concern also was expressed that the Blackfeet Tribe could not
sell its interest in Blackfeet Bank without the consent of a majority of
the members of the Blackfeet Tribe, and that the Blackfeet name
could not be used in the bank's title after the proposed acquisition
because the Blackfeet Tribe would not wholly own the bank. The
Board also considered an assertion that the proposed transaction was
motivated by the intention of Bancorporation's organizers to manage
trust monies that might be owned to the investor tribes by the Bureau
of Indian Affairs. The Board has considered these claims to the extent
they relate to the specific statutory factors the Board must review in
connection with a bank holding company application. The Board
previously has noted, and the courts have held, that the Board's
limited jurisdiction to review applications and notices under the BHC
Act does not authorize it to adjudicate disputes involving an applicant
that do not arise under laws it administers and enforces. See Deutsche
Bank AG, 85 Federal Reserve Bulletin 509 (1999); see also Western
Bancshares, Inc. v. Board of Governors, 480 F.2d 749 (10th Cir.,
1973).
Counsel for the Blackfeet Tribe has confirmed that the Blackfeet
Tribe owns 94 percent of the shares of Blackfeet Bank through its
governing body. Counsel further has represented that consent of the
Blackfeet Tribal government, as controlling shareholder of Blackfeet
Bank, is sufficient to authorize the proposed exchange of shares of the
bank for shares of Bancorporation and that approval of a majority of
tribal members is not required. As noted above, Bancorporation
intends to rename the bank as Native American National Bank after
consummating the proposed acquisition, and the primary purpose of
the proposed acquisition is to enable Blackfeet Bank to expand its
lending and community development activities for Native American
tribes and their affiliates nationwide.
10. Currently, two bank holding companies are wholly owned by
Native American tribes. See Bay Bancorporation, 81 Federal Reserve
Bulletin 791 (1995); Mille Lacs Bancorporation, 82 Federal Reserve
Bulletin 336 (1996).
Legal Developments
thority to enforce compliance with these laws by the Tribal
Shareholder, Bancorporation, and Bank; and committed to
comply with the federal banking laws. In addition, Bancorporation has made certain commitments designed to ensure
that the federal banking agencies expeditiously can examine Blackfeet Bank, which is on a Native American Reservation, and its affiliates and enforce compliance by those
companies with the federal banking laws."
After considering all the facts of record, the Board
concludes that the financial and managerial resources and
future prospects of Bancorporation and Blackfeet Bank are
consistent with approval, as are other supervisory factors
the Board is required to consider under section 3 of the
BHC Act.
Nonbanking
Activities
Bancorporation also has filed notice under sections 4(c)(8)
and 4(j) of the BHC Act to retain its interest in Native
American CDC and thereby engage in the activity of
making investments designed primarily to promote community welfare and providing advisory and related services
to support Native American CDC's community development programs. 12 Bancorporation would engage through
Native American CDC in a number of community development activities, such as assisting tribes and Indian Housing
Authorities with financing low-income mortgages; establishing loan programs designed to provide NativeAmerican small businesses, ranchers, and farmers with
better access to credit; improving access to retail banking
services in Reservation areas not currently served by bank
branches; assisting tribes with the implementation of financial literacy programs for their members; and researching
and advising tribes about how to manage Indian lands
more efficiently in order to promote greater economic
development in Indian country. The Board has determined
by regulation that making equity and debt investments in
corporations or projects designed primarily to promote
community welfare and providing advisory and related
services for programs designed primarily to promote community welfare are permissible activities for a bank holding company. 13
In order to approve the notice filed by Bancorporation to
retain Native American CDC, the Board is required by
section 4(j)(2)(A) of the BHC Act to determine that the
acquisition "can reasonably be expected to produce benefits to the public . . . that outweigh possible adverse effects, such as undue concentration of resources, decreased
or unfair competition, conflicts of interests, or unsound
11. For example, Bancorporation has agreed to keep copies of all
bank records at Bancorporation's headquarters in Denver (or another
location acceptable to the Board and the OCC) and has committed to
monitor ownership of its shares to ensure that no shares are transferred
or voted in a manner that is inconsistent with federal banking laws.
12. Native American CDC is a nonprofit corporation that is partially
funded by Bancorporation, which also selects the corporation's board
of directors.
13. 12 C.F.R. 225.28(b)(12).
749
banking practices." 14 As part of its evaluation of these
factors, the Board considers the financial condition and
managerial resources of the notificant, its subsidiaries, and
the companies to be acquired, and the elfect of the proposed transaction on those resources. For the reasons discussed above and based on all the facts of record, the
Board has concluded that financial and managerial considerations are consistent with approval of the notice.
Bancorporation indicates that there are many unique
financial needs in Indian country, especially in the areas of
affordable housing, small business development, and productive use of Indian lands that are held in trust. Bancorporation further indicates that Native American CDC, by
devoting resources to these issues on a nonprofit basis,
would have the flexibility to develop programs to meet
various needs throughout Indian country that currently are
unmet by traditional, for-profit lenders.
The Board has concluded that Bancorporation's control
of Native American CDC within the framework of Regulation Y, Board precedent, and the commitments and acknowledgments made by Bancorporation, its shareholders,
and Bank is not likely to result in any significantly adverse
effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or
unsound banking practices, that would outweigh the public
benefits of the proposal, such as increased customer access
to banking products and services and gains in efficiency.
Accordingly, based on all the facts of record the Board has
determined that the balance of public benefits the Board
must consider under section 4(j) of the BHC Act is favorable and consistent with approval of the notice.
Conclusion
Based on the foregoing and after considering all the facts
of record, the Board has determined that the application
and notice should be, and hereby are, approved. In reaching its conclusion, the Board has considered all the facts of
record in light of the factors that it is required to consider
under the BHC Act and other applicable statutes. The
Board's approval is specifically conditioned on compliance
by Bancorporation and each Tribal Shareholder with all the
commitments and representations made in connection with
the application and notices, including the commitments
described in this order, and the conditions set forth in this
order and the above-noted Board regulations and orders.
The Board's approval of the nonbanking aspects of the
proposal also is subject to all the conditions set forth in
Regulation Y, including those in sections 225.7 and
225.25(c) of Regulation Y (12 C.F.R. 225.7 and 225.25(c)),
and the Board's authority to require such modification or
termination of the activities of a bank holding company or
any of its subsidiaries as the Board finds necessary to
ensure compliance with, and to prevent evasion of, the
provisions of the BHC Act and the Board's regulations and
orders issued thereunder. These commitments and condi-
14. 12 U.S.C. § 1843(j)(2)(A).
750
Federal Reserve Bulletin • November 2001
tions are deemed to be conditions imposed in writing by
the Board in connection with its findings and decision and,
as such, may be enforced in proceedings under applicable
law.
The acquisition of Blackfeet Bank may not be consummated before the fifteenth calendar day after the effective
date of this order, and the proposal may not be consummated later than three months after the effective date of this
order, unless such period is extended for good cause by the
Board or by the Federal Reserve Bank of Minneapolis,
acting pursuant to delegated authority.
By order of the Board of Governors, effective September 28, 2001.
Voting for the action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Kelley, Meyer, and Gramlich.
ROBERT DEV. FRIERSON
Deputy Secretary of the Board
ORDERS ISSUED UNDER INTERNATIONAL BANKING
ACT
Abbey National Treasury Services pic
London, England
Order Approving Establishment of a Branch
Abbey National Treasury Services pic ("Bank"), London,
England, 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 branch in
Stamford, Connecticut. 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 Stamford, Connecticut (Greenwich Time,
February 22, 2001). The time for filing comments has
expired, and all comments have been considered.
Bank, with assets of $182 billion, is a wholly owned
subsidiary of Abbey National pic ("Abbey National"),
London, England. 1 The Abbey National Group, with total
consolidated assets of approximately $295 billion, is the
fifth largest banking group in the United Kingdom. The
Abbey National Group operates a nationwide retail branch
network in the United Kingdom and mortgage banking
subsidiaries in France and Italy. The Abbey National Group
also underwrites life and general insurance in the United
Kingdom. Bank is a wholesale bank which operates
branches in Hong Kong and Paris, France. Bank provides
various treasury operations for the Abbey National Group,
including liquidity management, funding, capital management, and risk management services. Bank and Abbey
National currently do not have any banking operations in
1. All financial data are as of June 30, 2001.
the United States. Bank would be a qualifying foreign
banking organization within the meaning of Regulation K
(12 C.F.R. 211.23(b)).
The proposed branch would obtain funding and provide
access to US. dollar-denominated assets for the Abbey
National Group.
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 their 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)).
As noted above, Bank and Abbey National engage directly in the business of banking outside the United States.
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
home country authorities, the Board previously has determined, in connection with applications involving other
banks in the United Kingdom, that those banks were subject to home country supervision on a consolidated basis. 3
Bank and Abbey National are supervised by the U.K.
Financial Services Authority ("FSA") on substantially the
same terms and conditions as those other banks. Based on
all the facts of record, it has been determined that Bank and
Abbey National are subject to comprehensive supervision
on a consolidated basis by its home country supervisor.
The additional standards set forth in section 7 of the IBA
and Regulation K (see 12 U.S.C. § 3105(d)(3)-(4);
12 C.F.R. 211.24(c)(2)-(3)) have also been taken into ac-
2. In assessing this standard, the Board considers, among other
factors, the extent to which the home country supervisors:
(i) Ensure that the bank has adequate procedures for monitoring and
controlling its activities worldwide;
(ii) Obtain information on the condition of the bank and its subsidiaries and offices through regular examination reports, audit reports,
or otherwise;
(iii) Obtain information on the dealings with and relationship between
the bank and its affiliates, both foreign and domestic;
(iv) Receive from the bank financial reports that are consolidated on a
worldwide basis or comparable information that permits analysis
of the bank's financial condition on a worldwide consolidated
basis;
(v) Evaluate prudential standards, such as capital adequacy and risk
asset exposure, on a worldwide basis.
These are indicia of comprehensive, consolidated supervision. No
single factor is essential, and other elements may inform the Board's
determination.
3. See HSB Holdings pic, et al, 86 Federal Reserve Bulletin 140
(2000); HSBC Equator Bank pic, 84 Federal Reserve Bulletin 564
(1998); Bank of Scotland, 84 Federal Reserve Bulletin 230 (1998);
The Royal Bank of Scotland Group pic, 82 Federal Reserve Bulletin
428 (1996).
Legal Developments
count. The FSA has no objection to the establishment of
the proposed branch.
The United Kingdom's risk-based capital standards are
consistent with those established by the Basel Capital
Accord. Bank's capital is in excess of the minimum levels
that would be required by the Basel Capital Accord and is
considered equivalent to capital that would be required of a
U.S. banking organization. Managerial and other financial
resources of Bank also are considered consistent with
approval, and Bank appears to have the experience and
capacity to support the proposed branch. In addition, Bank
has established controls and procedures for the proposed
branch to 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 restrictions on disclosure in relevant jurisdictions in which Bank and Abbey National operate have
been reviewed and the relevant government authorities
have been communicated with regarding access to information. Bank and Abbey National have 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
IBA, the Bank Holding Company Act, and other applicable
federal law. To the extent that the provision of such information to the Board may be prohibited by law or otherwise, Bank and Abbey National have 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 FSA 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, it has been determined that Bank has provided adequate assurances of
751
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 and Abbey National, as well
as the terms and conditions set forth in this order, Bank's
application to establish a branch is hereby approved. 4
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 or recommend termination of any of Bank's direct
or indirect activities in the United States. Approval of this
application also is specifically conditioned on compliance
by Bank and Abbey National with the commitments made
in connection with this application and with the conditions
in this order.5 The commitments and conditions referred to
above are conditions imposed in writing by the Board in
connection with this decision and may be enforced in
proceedings under 12 U.S.C. § 1818 against Bank and its
affiliates.
By order, approved pursuant to authority delegated by
the Board, effective September 17, 2001.
ROBERT DEV. FRIERSON
Deputy Secretary of the Board
4. Approved by the Director of the Division of Banking Supervision
and Regulation, with the concurrence of the General Counsel, pursuant to authority delegated by the Board.
5. The authority to approve the establishment of the proposed
branch parallels the continuing authority of the State of Connecticut to
license offices of a foreign bank. The approval of this application does
not supplant the authority of the State of Connecticut, or its agent, the
Connecticut Department of Banking ("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 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
Alliance Bancorp,
Culver City, California
AmeriBank Holding Company,
Collinsville, Oklahoma
American Bancorporation of
Minnesota, Inc.,
Brainerd, Minnesota
Alliance Bank,
Culver City, California
American Bank of Oklahoma,
Collinsville, Oklahoma
American National Bank of Minnesota,
Brainerd, Minnesota
San Francisco
September 18, 2001
Kansas City
September 13, 2001
Minneapolis
September 25, 2001
752
Federal Reserve Bulletin • November 2001
Section 3—Continued
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
Anchor BanCorp Wisconsin Inc.,
Madison, Wisconsin
AnchorBank,
Madison, Wisconsin
Boston Private Financial Holdings,
Inc.,
Boston, Massachusetts
BOTH, Inc.,
Kerrville, Texas
BOTH of Delaware, Inc.,
Wilmington, Delaware
BW Holdings, Inc.,
Castle Rock, Colorado
Cisco Bancshares, Inc.,
Cisco, Texas
Cisco Bancshares of Nevada, Inc.,
Carson City, Nevada
County Bancshares, Inc.,
Orange, Texas
Ledger Capital Corp.,
Glendale, Wisconsin
Ledger Bank, S.S.B.,
Glendale, Wisconsin
Borel Bank & Trust Company,
San Mateo, California
Chicago
August 30, 2001
Boston
September 21, 2001
Bank of the Hills, N.A.,
Kerrville, Texas
Dallas
September 27, 2001
BankWest,
Castle Rock, Colorado
First National Bank,
Cisco, Texas
Kansas City
September 6, 2001
Dallas
September 12, 2001
Newton Bancshares, Inc.,
Newton, Texas
Newton Delaware Financial
Corporation,
Dover, Delaware
First National Bank of Newton,
Newton, Texas
F & M Bank Holding Company of
Valley City, Inc.,
Valley City, North Dakota
Farmers & Merchants Bank of Valley
City,
Valley City, North Dakota
Allegiant Bancorp, Inc.,
St. Louis, Missouri
Allegiant Bank,
St. Louis, Missouri
South Side National Bank in St. Louis,
St. Louis, Missouri
Bank of Ste. Genevieve,
Ste. Genevieve, Missouri
Bank of St. Charles County,
St. Charles, Missouri
State Bank of Jefferson County,
DeSoto, Missouri
First Independent Bank of Nevada,
Reno, Nevada
Dallas
September 12, 2001
Minneapolis
August 29, 2001
St. Louis
September 6, 2001
San Francisco
September 6, 2001
Belfast Holding Company,
Belfast, Tennessee
Bank of Belfast,
Belfast, Tennessee
Marquette Bank Nebraska, N.A.,
O'Neill, Nebraska
Atlanta
September 4, 2001
Kansas City
August 30, 2001
Dacotah Banks, Inc.,
Aberdeen, South Dakota
First Banks, Inc.,
St. Louis, Missouri
First Independent Capital of
Nevada,
Reno, Nevada
First Pulaski National Corporation,
Pulaski, Tennessee
First Western Bank Shares, Inc.,
Huron, South Dakota
Legal Developments
753
Section 3—Continued
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
FNB Bancorp,
South San Francisco, California
First National Bank of Northern
California,
South San Francisco, California
FNB Southwest, National Association,
Roanoke, Virginia
Promistar Financial Corporation,
Johnstown, Pennsylvania
Grant County State Bancshares,
Swayzee, Indiana
San Francisco
September 21, 2001
Richmond
September 21, 2001
Atlanta
September 14, 2001
Chicago
August 31, 2001
High Street Banking Company,
Asheville, North Carolina
Citizens National Bank,
Loup City, Nebraska
Richmond
September 27, 2001
Kansas City
September 21, 2001
Westmont Corporation,
West Union, Iowa
Farmers Savings Bank,
West Union, Iowa
Mauch Chunk Trust Company,
Jim Thorpe, Pennsylvania
Chicago
September 5, 2001
Philadelphia
September 18, 2001
Bonifay Holding Company, Inc.,
Bonifay, Florida
The Bank of Bonifay,
Bonifay, Florida
Atlanta
September 26, 2001
Dallas
August 14, 2001
Chicago
September 10, 2001
Piper Holdings, Inc.,
Covington, Indiana
Regions Financial Corporation,
Birmingham, Alabama
Rivoli Bancorp, Inc.,
Macon, Georgia
Southern Connecticut Bancorp, Inc.,
New Haven, Connecticut
Synovus Financial Corp.,
Columbus, Georgia
Team Financial, Inc.,
Olney Bancorp of Delaware, Inc.,
Wilmington, Delaware
Friona State Bank,
Friona, Texas
Oswego Bancshares, Inc.,
Oswego, Illinois
Oswego Community Bank,
Oswego, Illinois
The Fountain Trust Company,
Covington, Indiana
Park Meridian Financial Corporation,
Charlotte, North Carolina
Rivoli Bank and Trust,
Macon, Georgia
Bank of Southern Connecticut,
N e w Haven, Connecticut
FABP Bancshares, Inc.,
Pensacola, Florida
Post Bancorp, Inc.,
Chicago
September 6, 2001
Atlanta
August 23, 2001
Atlanta
September 11, 2001
Boston
September 14, 2001
Atlanta
August 31, 2001
Kansas City
August 28, 2001
Paola, Kansas
Team Financial Employees Stock
Ownership Plan,
Colorado Springs, Colorado
Colorado Springs National Bank,
Colorado Springs, Colorado
Paola, Kansas
WB Bancshares, Inc.,
Bloomington, Wisconsin
Woodhouse and Bartley Bank,
Bloomington, Wisconsin
Chicago
September 13, 2001
FNB Corporation,
Christiansburg, Virginia
F.N.B. Corporation,
Naples, Florida
Grant County State Bancshares, Inc.
Employee Stock Ownership Plan,
Swayzee, Indiana
High Street Corporation,
Asheville, North Carolina
Howard County Land & Cattle
Company,
Saint Paul, Nebraska
Kerndt Bank Services, Inc.,
Lansing, Iowa
Mauch Chunk Trust Financial
Corporation,
Jim Thorpe, Pennsylvania
Medley Group, Inc.,
Dothan, Alabama
Olney Bancshares of Texas, Inc.,
Olney, Texas
Oswego Community Bank
Employee Stock Ownership Plan,
Oswego, Illinois
754
Federal Reserve Bulletin • November 2001
Section 3—Continued
Applicant(s)
Bank(s)
Reserve Bank
Effective Date
Whitney Holding Corporation,
N e w Orleans, Louisiana
Redstone Financial, Inc.,
Houston, Texas
Northwest Bank, N.A.,
Houston, Texas
Atlanta
September 21, 2001
Applicant(s)
Nonbanking Activity/Company
Reserve Bank
Effective Date
CNB Financial Corporation,
Clearfield, Pennsylvania
Commercial Bancgroup, Inc.
Harrogate, Tennessee
County Reinsurance Company,
Phoenix, Arizona
Cumberland Mountain Bancshares, Inc.,
Middlesboro, Kentucky
Middlesboro Federal Bank, F.S.B.,
Middlesboro, Kentucky
HNC Reinsurance Company,
Phoenix, Arizona
Oswego Community Bank Employee
Stock Ownership Plan,
Oswego, Illinois
Money Line Mortgage, Inc.,
Englewood, Colorado
Philadelphia
September 26, 2001
Atlanta
August 27, 2001
Philadelphia
August 24, 2001
Chicago
September 6, 2001
N e w York
September 7, 2001
Applicant(s)
Nonbanking Activity/Company
Reserve Bank
Effective Date
Banknorth Group, Inc.,
Portland, Maine
Andover Bancorp, Inc.,
Andover, Massachusetts
Gloucester Investment Corp.,
Gloucester, Massachusetts
State Financial Investments, Inc.,
Winfield, Kansas
Boston
September 13, 2001
Kansas City
September 11, 2001
Cass Lake Company,
Cass Lake, Minnesota
First National Bank of Cass Lake,
Cass Lake, Minnesota
Minneapolis
August 24, 2001
Section 4
Harleysville National Corporation,
Harleysville, Pennsylvania
Oswego Bancshares, Inc.,
Oswego, Illinois
Popular, Inc.,
San Juan, Puerto Rico
Popular International Bank, Inc.,
San Juan, Puerto Rico
Popular North America, Inc.,
Marlton, N e w Jersey
Equity One, Inc.,
Marlton, N e w Jersey
Sections 3 and 4
The State Bank-Winfield Employee
Stock and Ownership Plan &
Trust,
Winfield, Kansas
Western Bancorporation, Inc.,
Duluth, Minnesota
Legal Developments
755
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)
Elfective Date
Zions Bancorporation,
Salt Lake City, Utah
Minnequa Bancorp, Inc.,
Pueblo, Colorado
September 13, 2001
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
Elfective Date
Colonial Bank,
Montgomery, Alabama
Commercial Bank,
Harrogate, Tennessee
First Farmers Bank and Trust
Company,
Converse, Indiana
First Virginia Bank-Colonial,
Richmond, Virginia
M&I Marshall & Ilsley Bank,
Milwaukee, Wisconsin
Peoples Bank and Trust Company,
Sunman, Indiana
Union Planters Bank, N.A.,
Memphis, Tennessee
Middlesboro Federal Bank, F.S.B.,
Middlesboro, Kentucky
Lake City Bank,
Warsaw, Indiana
Atlanta
August 29, 2001
Atlanta
August 27, 2001
Chicago
August 29, 2001
Richmond
September 10, 2001
Chicago
September 14, 2001
Cleveland
September 12, 2001
Cleveland
September 20, 2001
Minneapolis
September 19, 2001
Minneapolis
September 13, 2001
Sky Bank-Mid Am Region,
Toledo, Ohio
The State Savings Bank of
Manistique,
Manistique, Michigan
Western Security Bank,
Billings, Montana
First Colonial Bank,
Hopewell, Virginia
National City Bank of Minneapolis,
Minneapolis, Minnesota
Union Bank and Trust Company,
North Vernon, Indiana
Farmers State Bank,
Liberty, Indiana
Vevay Deposit Bank,
Vevay, Indiana
Standard Federal Bank FSB,
Troy, Michigan
North Country Bank & Trust,
Traverse City, Michigan
Glacier Bank,
Kalispell, Montana
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.
Emran v. Greenspan, No. 1:01CV1992 (PLF)(D.D.C„ filed
September 20, 2001). Employment discrimination claim.
Bettersworth v. Board of Governors, No. 01-444 (United
States Supreme Court, docketed September 14, 2001). Peti-
tion for certiorari seeking review of denial of petitioner's
Privacy Act claims.
Laredo National Bancshares, Inc. v. Whalen v. Board of Governors, No. 01-CV-134 (S.D. Tex., removed on September 5, 2001, from No. 99CVQ00940-D2) (District Court,
341st Judicial District, Webb County, Texas, originally filed
July 26, 2001). Third-party petition seeking indemnification
or contribution from Board in connection with claim as-
756
Federal Reserve Bulletin • November 2001
serted against defendant Whalen alleging tortious interference with a contract.
Radfarv. United States, No. 1:01CV1292 (PLF)(D.D.C., complaint filed June 11, 2001). Action under the Federal Tort
Claims Act for injury on Board premises.
Artis v. Greenspan, No. 01-CV-0400 (ESG)(D.D.C., complaint
filed February 22, 2001). Employment discrimination action. On August 15, 2001, the district court consolidated the
action with Artis v. Greenspan, No. 99-CV-2073.
Dime Bancorp, Inc. v. Board of Governors, No. 0 0 - 4 2 4 9
(2d Cir., filed December 11, 2000). Petition for review of a
Board order dated September 27, 2000, approving the applications of North Fork Corporation, Inc., Melville, N e w
York, to acquire control of Dime Bancorp, Inc. and to
thereby acquire its wholly owned subsidiary, The Dime
Savings Bank of N e w York, FSB, both of N e w York, N e w
York. The petition was dismissed on the parties' stipulation
on July 2 3 , 2 0 0 1 .
Nelson v. Greenspan, No. 9 9 - 2 1 5 (EGS)(D.D.C., amended
complaint filed December 8, 2000). Employment discrimination action. On August 15, 2001, the district court granted
the Board's motion to dismiss or, in the alternative, for
summary judgment.
Howe v. Bank for International Settlements, No. 00CV12485
RCL (D. Mass., filed December 7, 2000). Action seeking
damages in connection with gold market activities and the
repurchase of privately-owned shares of the Bank for International Settlements.
Trans Union LLC v. Federal Trade Commission,
et al.,
No. 0 1 - 5 2 0 2 (D.C. Cir., filed June 4, 2001). Appeal of
district court order entered April 30, 2001, upholding an
interagency rule regarding Privacy of Consumer Finance
Information.
Albrecht v. Board of Governors,
No. 00-CV-317 (CKK)
(D.D.C., filed February 18, 2000). Action challenging the
method of funding of the retirement plan for certain Board
employees. On March 30, 2001, the district court granted in
part and denied in part the Board's motion to dismiss.
Guerrero v. United States, No. CF-F-99-6771 (OWW)(E.D„
Cal., filed November 29, 1999). Prisoner suit.
Artis v. Greenspan, No. 1:99CV02073 (EGS) (D.D.C., filed
August 3, 1999). Employment discrimination action.
Fraternal
Order
of Police
v. Board
of
Governors,
No. 1:98CV03116 (WBB)(D.D.C., filed December 22,
1998). Declaratory judgment action challenging Board labor practices. On February 26, 1999, the Board filed a
motion to dismiss the action.
A1
Financial and Business Statistics
A3
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
GUIDE TO TABULAR 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
A11 Maturity distribution of loan and security
holding
All
Gross public debt of U.S. Treasury—
Types and ownership
A28 U.S. government securities
dealers—Transactions
A29 U.S. government securities dealers—
Positions and financing
A30 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate Finance
A31 New security issues—Tax-exempt state and local
governments and corporations
A32 Open-end investment companies—Net sales
and assets
A32 Corporate profits and their distribution
A32 Domestic finance companies—Assets and liabilities
A3 3 Domestic finance companies—Owned and managed
receivables
Real Estate
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
A35 Mortgage debt outstanding
Consumer Credit
A36 Total outstanding
A36 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
43
Federal Reserve Bulletin • November 2001
INTERNATIONAL STATISTICS
Summary 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 RELEASES AND
SPECIAL 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
SPECIAL TABLES
A64 Assets and liabilities of commercial banks,
June 30, 2001
A66 Terms of lending of commercial banks,
August 2001
A72 INDEX TO STATISTICAL TABLES
A3
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c
e
n.a.
n.e.c.
P
r
*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
G-7
Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears 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
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agriculture Mortgage Corporation
Federal Financing Bank
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
Group of Seven
G-10
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
TIIS
VA
Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-back securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-back securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
A4
1.10
DomesticNonfinancialStatistics • November 2001
RESERVES, M O N E Y STOCK, A N D DEBT M E A S U R E S
Percent annual rate of change, seasonally adjusted 1
2000
2001
2001
Monetary or credit aggregate
Q3
Q4
Qi
Q2'
Apr.'
May'
June'
July'
Aug.
1
2
3
4
Reserves of depository institutions2
Total
Required
Nonborrowed
Monetary base3
-8.3
-8.6
-9.9
2.5
-8.7
-10.4
-6.4
2.8
-2.1
-3.5
.5
6.4
1.7
3.3
.6
5.4
16.6
20.8
16.9
7.1
3.1
11.5
-1.9
6.4
-3.5
-14.4
-4.0
5.6
25.6
25.0
24.0
11.6
9.0
14.7
12.1
15.2
5
6
7
8
Concepts of money and debt4
Ml
M2
M3
Debt
-3.7
5.6
9.0
4.8'
-3.3
6.3
7.3
4.5'
5.0'
10.7
13.6r
4.8
5.4
10.4
15.0
5.8
5.2
10.7
19.1
5.1
-.8
5.7
14.1
6.4
6.3
10.1
13.0
6.2
13.6
8.8
6.4
3.1
8.0
7.4
-1.0
n.a.
8.5
17.0
9.1
9.9'
12.3
20.2'
11.8
25.3
12.3
38.1
7.4
32.6
11.2
19.3
7.5
1.1
7.2
-19.1
Nontransaction components
9 In M25
10 In M3 only6
Time and savings deposits
Commercial banks
Savings, including MMDAs
Smalltime 7
Large time8-9
Thrift institutions
14
Savings, including MMDAs
15
Smalltime 7
16
Large time8
11.8
10.5
11.5
12.0
5.6
4.0'
17.4
2.5
-1.3
20.4
-7.7
-1.1
20.5
-8.3
37.2
18.2
-7.6
13.9
19.0
-10.5
9.5
12.3
-15.3
-11.8
24.4
-9.8
-29.6
3.1
10.8
23.2
.4
9.5
14.0
6.5'
6.2'
12.3'
22.2
3.0
12.1
10.7
4.1
21.3
32.6
11.3
21.0
24.8
-2.4
-8.7
23.1
-9.9
19.7
25.0
-12.3
29.0
Money market mutual funds
17 Retail
18 Institution-only
3.9
29.2'
11.6
18.8'
16.9
50.0'
11.2
54.9
18.1
42.6
-11.8
67.4
12.1
44.2
14.1
8.1
-10.5
-20.9
Repurchase agreements and eurodollars
19 Repurchase agreements'"
20 Eurodollars10
11.7
.6
2.1
10.3
-7.1
38.6'
21.0
8.9
77.1
-30.8
10.6
-10.3
1.6
-14.3
-12.4
25.6
-12.2
-14.7
Debt components4
21 Federal
22 Nonfederal
-7.3
7.8'
-8.0
7.5'
-5.2'
7.1'
-6.4
8.5
-9.8
8.4
-15.5
11.2
2.8
6.9
5.1
2.7
11
12
13
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:
Ml: (1) currency outside the U.S. Treasury. Federal Reserve Banks, and the vaults of
depository institutions. (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs). consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time
deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds. Seasonally adjusted M2 is
calculated by summing savings deposits, small-denomination time deposits, and retail money
fund balances, each seasonally adjusted separately, and adding this result to seasonally
adjusted Ml.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2)
balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all
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 US. government, and foreign banks and official institutions.
10. Includes both overnight and term.
Money Stock and Bank Credit
1.11
A5
RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT1
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
2001
2001
Aug. 15
Aug. 22
Aug. 29
597,506
598,602
601,169
600.575
536,699
0
539,546
0
540,821
0
541.874
0
10
0
22,314
0
10
0
22,264
0
10
0
20,669
0
10
0
24,553
0
10
0
22,505
0
156
193
0
0
92
37,691
6
196
0
0
-183
37,956
47
179
0
0
275
38,033
7
185
0
0
3
38.183
10
164
0
0
-70
35,680
37
139
0
0
-99
36,110
11,044
2,200
32,698
11,044
2,200
32,712
11,044
2,200
32,726
11,044
2,200
32,740
11,044
2.200
32,754
11.044
2,200
32,768
11,044
2,200
32,782
607,251
0
413
601,089
0
412
600,585
0
407
602,491
0
418
605.463
0
415
606,703
0
416
607,231
0
412
608,447
0
410
5,040
89
7,558
303
18,220
7,092
4,937
75
7,076
325
17,927
5,967
4,923
107
7,498
303
18,056
9,884r
5,231
79
7,362
306
18,057
8,396
4,673
106
7,601
310
18,033
6,888
5,073
78
7,453
311
18,377
6,187
5,313
72
7,484
305
18,463
7.899
5.001
106
7,720
291
18,117
6,508
June
July
Aug.
July 18
July 25
Aug. 1
Aug. 8
587,457
593,722
599,962
591,868
595,806
596,372
532,187
0
534,518
0
539,769
0
534,240
0
535,822
0
536,073
0
10
0
18,444
0
10
0
21,095
0
10
0
22,971
0
10
0
19,729
0
10
0
21,843
0
105
119
0
0
539
36,052
113
177
0
0
521
37,287
23
165
0
0
35
36,989
164
176
0
0
368
37,182
11,044
2,200
32,612
11,044
2,200
32,700
11,044
2,200
32,762
594,536
0
469
601,087
0
421
5,605
88
7,185
298
18,027
7,106
5,127
92
7,338
302
17,889
7,408
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding
U.S. government securities2
2
Bought outright—System account3
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreeements—triparty4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account . . . .
16 Treasury currency outstanding
A B S O R B I N G RESERVE
FUNDS
17 Currency in circulation
18 Reverse repurchase agreements—triparty4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances,
with Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital . .
25 Reserve balances with Federal Reserve Banks3
Wednesday figures
End-of-month figures
June
July
Aug.
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
595,137
600,662
608,399
592,568
610,260
600,369
604,295
602,848
611,079
603.499
535,110
0
535,578
0
541,807
0
536.102
0
536,392
0
536,100
0
536,611
0
539.746
0
540,778
0
542,873
0
10
0
23,250
0
10
0
26,350
0
10
0
29.755
0
10
0
16,850
0
10
0
35,050
0
10
0
27,150
0
10
0
28,495
0
10
0
27,345
0
10
0
34,265
0
10
0
24,755
0
3
146
0
0
-374
36,992
3
197
0
0
917
37,606
6
117
0
0
463
36,241
270
191
0
0
1,766
37,379
18
194
0
0
621
37,976
5
187
0
0
-787
37,704
0
182
0
0
775
38,222
1
191
0
0
152
35,403
23
147
0
0
-99
35,957
138
136
0
0
-293
35,881
11,044
2,200
32,670
11,044
2,200
32,726
11,044
2,200
32,796
11,044
2,200
32,698
11,044
2,200
32,712
11,044
2,200
32,726
11,044
2,200
32,740
11,044
2,200
32,754
11,044
2,200
32,768
1 1,044
2.200
32,782
596,674
0
444
604,179
0
418
613,104
0
416
601,833
0
406
602,010
0
418
604,937
0
415
607,277
0
417
607,957
0
412
608,965
0
409
611,109
0
416
7,188
102
7,572
271
17,583
11,217
5,592
84
7,362r
330
18,219
10,448'
5,533
80
7,570
276
18,139
9,319
5,619
70
7,083
321
17,690
5,488
4,717
79
7,498
291
17,855
23,348
4,148
72
7,362
330
17,635
11,439
4,802
79
7,601
305
17,867
11,932
4,069
71
7,453
322
18,240
10,323
5,115
75
7,484
285
17,924
16.834
4.675
151
7,720
282
17.848
7,322
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit outstanding
U.S. government securities2
2
Bought outright—System account3
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreeements—triparty4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account . . . .
16 Treasury currency outstanding
ABSORBING R E S E R V E F U N D S
17 Currency in circulation
18 Reverse repurchase agreements—triparty4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital . .
25 Reserve balances with Federal Reserve Banks5
1. Amounts of cash held as reserves are shown in table 1.12, line 2.
2. Includes securities loaned—fully guaranteed by U.S. government securities pledged
with Federal Reserve Banks—and excludes securities sold and scheduled to be bought back
under matched sale-purchase transactions.
3. Includes compensation that adjusts for the effects of inflation on the principal of
inflation-indexed securities.
4. Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities.
5. Excludes required clearing balances and adjustments to compensate for float,
A6
1.12
DomesticNonfinancialStatistics • November 2001
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility8
Extended credit'
1998
1999
2000
Dec.
Dec.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
9,026
44,294
36,183
8,111
45,209
43,695
1,514
117
101
15
0
0
5,262
60,619
36,392
24.227
41,654
40,357
1,297
320
179
67
74
0
7,159
45,228r
31,381
13,847'
38,540
37,216
1,325
210
99
111
0
0
6,615
48,518r
32,734
15,784'
39,349
37,917
1,432
51
30
21
6,737
44,105r
30,978
13,128'
37,715
36,329
1,385
58
38
20
6,863
43,657r
31,728
11,929
38,591
37,314
1,277
51
15
35
7,610
43,263
31,772
11,491
39,382
38,363
1,019
213
134
79
7,058
43,133
31,175
11,958
38,233
36,873
1,360
229
110
120
1,614'
43,908
31,622r
12.286'
39,296
37,889'
1,407'
283
109
174
7,566
44,007
32,058
11,949
39,624
38,389
1,235
183
19
164
0
0
0
0
0
0
0
2001
Biweekly averages of daily figures for two-week periods ending on dates indicated
2001
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks2
Total vault cash1
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility8
Extended credit'
May 2
May 16
May 30
June 13
June 27
July 11
July 25'
Aug. 8'
Aug. 22
Sept. 5
7,350
43,690
32,413
11,277
39,763
38,549
1,214
59
20
39
7,159
42.645
31,031
11,615
38,189
37,302
887
346
267
79
8,159
43,900
32,530
11,370
40,689
39.582
1.107
97
13
85
6,756
42,155
30,268
11,888
37,024
35,775
1,248
295
195
101
7,275
43,811
31,963
11,848
39,238
37,818
1,420
166
36
130
7.357
44,209
31,432
12,777
38,789
37,227
1,562
244
89
155
7,935
43,325
31,480
11,845
39,415
38,027
1,387
344
159
185
7,648
44,716
32,300
12,416
39,948
38,781
1,167
214
27
188
7,050
44,325
32,121
12,204
39,170
38,085
1,086
184
9
175
8,296
42,882
31,746
11.136
40,041
38,513
1,528
156
29
127
0
0
0
0
0
0
0
0
0
0
1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For
ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of" adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates refer
to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).
8. Borrowing at the discount window under the terms and conditions established for the
Century Date Change Special Liquidity Facility in effect from October 1, 1999, through
April 7, 2000.
9. Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained
liquidity pressures. Because there is not the same need to repay such borrowing promptly as
with traditional short-term adjustment credit, the money market effect of extended credit is
similar to that of nonborrowed reserves.
Policy Instruments
1.14
A7
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Adjustment credit1
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
On
10/12/01
Extended credit3
Effective date
Previous rate
On
10/12/01
Effective date
Previous rate
On
10/12/01
Effective date
Previous rate
10/2/01
10/2/01
10/4/01
10/2/01
10/2/01
10/2/01
2.50
2.70
10/04/01
3.00
3.20
10/04/01
3.50
2.50
2.70
10/04/01
3.00
3.20
10/04/01
3.50
2.00
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Seasonal credit2
10/2/01
10/3/01
10/3/01
10/2/01
10/2/01
10/2/01
2.00
of rates for adjustment credit in recent years4
Range (or
level)—All
F.R. Banks
In effect Dec. 31, 1981
12
F.R. Bank
of
N.Y.
12
11.5-12
11.5
11-11.5
11
10.5
10-10.5
10
9.5-10
9.5
9-9.5
9
8.5-9
8.5-9
8.5
11.5
11.5
11
11
10.5
10
10
9.5
9.5
9
9
9
8.5
8.5
9
13
Nov. 21
26
Dec. 24
8.5-9
9
8.5-9
8.5
8
9
9
8.5
8.5
8
1985—May 20
24
7.5-8
7.5
7.5
7.5
1986—Mar.
7-7.5
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
5.5-6
6
6
6
1988—Aug. 9
6-6.5
6.5
6.5
6.5
1989—Feb. 24
6.5-7
7
7
7
1982—July 20
23
Aug. 2
3
16
27
30
Oct. 12
13
Nov. 22
26
Dec. 14
15
17
1984—Apr.
7
10
Apr. 21
23
July II
Aug. 21
22
11
11
27
1990—Dec. 19
1991—Feb.
1
4
Apr. 30
May 2
6.5
6.5
6-6.5
6
5.5-6
5.5
6
6
5.5
5.5
Effective date
1991—Sept. 13
17
Nov. 6
7
Dec. 20
24
5-5.5
5
4.5-5
4.5
3.5-1.5
3.5
F.R. Bank
of
N.Y.
5
5
4.5
4.5
3.5
3.5
2
7
3-3.5
3
1994—May 17
18
Aug. 16
18
Nov. 15
17
3-3.5
3.5
3.5^1
4
4-4.75
4.75
3.5
3.5
4
4
4.75
4.75
1
9
4.75-5.25
5.25
5.25
5.25
1996—Jan. 31
Feb. 3
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
26
Nov. 16
18
4.50-4.75
4.75
4.75-5.00
5.00
4.75
4.75
4.75
5.00
2000—Feb.
5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00
5.25
5.25
5.50
5.50
5.50
6.00
2001—Jan.
5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00-4.50
4.00
5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
1992—July
1995—Feb.
2
4
Mar. 21
23
May 16
19
3
4
5
31
Feb. 1
Mar. 20
21
Apr. 18
20
1. Available on a short-term basis to help depository institutions meet temporary needs for
funds that cannot be met through reasonable alternative sources. The highest rate established
for loans to depository institutions may be charged on adjustment credit loans of unusual size
that result from a major operating problem at the borrower's facility.
2. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans and
that cannot be met through special industry lenders. The discount rate on seasonal credit takes
into account rates charged by market sources of funds and ordinarily is reestablished on the
first business day of each two-week reserve maintenance period; however, it is never less than
the discount rate applicable to adjustment credit.
3. May be made available to depository institutions when similar assistance is not
reasonably available from other sources, including special industry lenders. Such credit may
be provided when exceptional circumstances (including sustained deposit drains, impaired
access to money market funds, or sudden deterioration in loan repayment performance) or
Range(or
level)—All
F.R. Banks
3
3
Range(or
level)—All
F.R. Banks
2001—May 15
17
June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
....
....
....
....
....
....
....
....
....
....
In effect Oct. 12, 2001
3.50-4.00
3.50
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
3.50
3.50
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
2.00
2.00
practices involve only a particular institution, or to meet the needs of institutions experiencing
difficulties adjusting to changing market conditions over a longer period (particularly at times
of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is
charged on extended-credit loans outstanding less than thirty days; however, at the discretion
of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a
flexible rate somewhat above rates charged on market sources of funds is charged. The rate
ordinarily is reestablished on the first business day of each two-week reserve maintenance
period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis
points.
4. For earlier data, see the following publications of the Board of Governors: Banking and
Monetary Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 19701979, and 1980-1989. See also the Board's Statistics: Releases and Historical Data web
pages (http.V/www.federalreserve.gov/releases/HJ5/data.htm).
A8
1.15
DomesticNonfinancialStatistics • November 2001
RESERVE REQUIREMENTS OF DEPOSITORY
INSTITUTIONS1
Requirement
Type of deposit
Net transaction accounts2
1 $0 million $42.8 million1
2 More than $42 8 million4
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, determiend
as of June 30 of each year. Effective with the reserve maintenance period beginning
December 28, 2000, for depository institutions that report weekly, and with the period
beginning January 18, 2001, for institutions that report quarterly, the amount was decreased
from $44.3 million to $42.8 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
Percentage of
deposits
Effective date
3
10
12/30/99
12/30/99
0
12/27/90
0
12/27/90
succeeding calendar year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis as of June 30. 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. Effecitve with the reserve
maintenance period beginning December 28, 2000, for depository institutions that report
weekly, and with the period beginning January 18, 2001, for institutions that report quarterly,
the exemption was raised from $5.0 million to $5.5 million.
4. The reserve requriement 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 insitutions that report weekly, the reserve requirement on nonpersonal time deposits
with an original maturity of less than 1.5 years was reduced fom 3 percent to 1.5 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 1.5 years was reduced from 3
percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an original maturity of 1.5
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 1.5 years (see note 5).
Policy Instruments
1.17
A9
FEDERAL RESERVE OPEN MARKET TRANSACTIONS 1
Millions of dollars
2001
Type of transaction
and maturity
1998
1999
2000
Jan.
Feb.
Mar.
Apr.
May
June
July
U.S. TREASURY SECURITIES 2
1
7
4
5
6
7
8
9
10
11
12
N
14
15
16
17
18
19
20
21
22
23
24
25
Outright transactions (excluding matched
transactions)
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases
Gross sales
Redemptions
3,550
0
450,835
450,835
2,000
0
0
464,218
464,218
0
8,676
0
477,904
477,904
24,522
520
0
40,769
40,769
228
2,683
0
42,767
42,767
638
579
0
46,712
46,712
211
308
0
38,317
38,317
3,537
624
0
47.112
47,112
3,939
2,165
0
40,363
40,363
0
718
0
42,001
42,001
0
6,297
0
46,062
-49,434
2,676
11,895
0
50,590
-53,315
1,429
8,809
0
62,025
-54,656
3,779
0
0
10,296
-6,667
2,422
1,605
0
5,609
-6,799
1,529
67
0
0
0
0
3,027
0
12,204
-7,000
4,368
2,174
0
8,117
-8,965
2,287
1,410
0
0
0
0
235
0
7,088
-7,667
4,668
12,901
0
-37,777
37,154
19,731
0
-44,032
42,604
14,482
0
-52,068
46.177
925
0
-10,296
6,667
2,983
0
-2,784
4,945
1,883
0
0
0
4,480
0
-12,204
7,000
2,685
0
-1,913
6,508
1,428
0
0
0
4,193
0
1.838
7.667
2,294
0
-5,908
7,439
4,303
0
-5,841
7,583
5,871
0
-6,801
6,585
1,283
0
0
0
0
0
-1,855
971
0
0
0
0
1,390
0
0
0
657
0
-5,130
2,457
0
0
0
0
756
0
-8,926
0
4,884
0
-2,377
4,842
9,428
0
-717
3,139
5,833
0
-3,155
1,894
296
0
0
0
495
0
-971
883
1,000
0
0
0
913
0
0
0
1,241
0
-1,074
0
1,419
0
0
0
815
0
0
0
29,926
0
4,676
45,357
0
1,429
43,670
0
28,301
3,024
0
2,650
7,766
0
2,166
3,529
0
211
10,118
0
7,905
7,380
0
6,226
6,422
0
0
6.716
0
4,668
4.430,457
4,434,358
4,413,430
4,431,685
4,399,257
4,381,188
356.250
352,336
320,060
322,056
396,029
395,151
381,667
381,895
398.039
397,600
367,462
366,411
392,721
394,381
512,671
514,186
281,599
301,273
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19,835
5,999
33,439
4,289
3,604
4,196
1,984
1,592
7,472
388
0
25
322
0
0
157
0
0
51
0
0
0
0
0
120
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
284,316
276,266
360,069
370,772
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Matched transactions
27
Gross sales
28
29
Repurchase agreements
Gross purchases
Gross sales
30
Net change in U.S. Treasury securities
FEDERAL AGENCY OBLIGATIONS
31
32
33
Outright transactions
Gross purchases
Gross sales
Redemptions
34
35
Repurchase agreements
Gross purchases
Gross sales
36
Net change in federal agency obligations
7,703
-10,859
-51
0
-120
0
0
0
0
0
37
38
Reverse repurchase agreements
Gross purchases
Gross sales
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3V
40
Repurchase agreements
Gross purchases
Gross sales
0
0
304,989
164,349
890,236
987,501
104,930
129,385
67,655
62,910
86,472
88,142
85,166
82,154
120,135
114,832
65,005
72,065
106,355
103,255
41
Net change in triparty obligations
0
140,640
-97,265
-24,455
4,745
-1,670
3,012
5,303
-7,060
3,100
42
Total net change in System Open Market Account . .
27,538
135,780
-63,877
-20,166
8,229
2,526
4,996
6,895
412
3,488
1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities.
A10
1.18
DomesticNonfinancialStatistics • November 2001
FEDERAL RESERVE BANKS
Condition and Federal Note Statements1
Millions of dollars
Account
Aug.
1
Aug.
8
Wednesday
End of month
2001
2001
Aug.
15
Aug.
22
Aug.
29
June
July
Aug.
Consolidated condition statement
ASSETS
1
2
3
Gold certificate account
Special drawing rights certificate account
Coin
4
5
6
Loans
To depository institutions
Other
Acceptances held under repurchase agreements
7
8
9
11,044
2,200
1,110
11,044
2,200
1,115
11,044
2,200
1,112
11,044
2,200
1,123
11,044
2,200
1,106
11,044
2,200
1,126
11,044
2,200
1,109
11,044
2,200
1,096
192
0
0
182
0
0
192
0
0
169
0
0
274
0
0
150
0
0
201
0
0
123
0
0
Triparty obligations
Repurchase agreements—triparty2
27,150
28,495
27,345
34,265
24,755
23,250
26,350
29,755
Federal agency obligations3
Bought outright
Held under repurchase agreements
10
0
10
0
10
0
10
0
10
0
10
0
10
0
10
0
3
10
Total US. Treasury securities
536,100
536,611
539,746
540,778
542,873
535,110
535,578
541,807
11
12
13
14
15
Bought outright4
Bills
Notes
Bonds
Held under repurchase agreements
536,100
180,705
254,628
100,768
0
536,611
181,212
254,630
100,769
0
539,746
184,343
254,393
101,011
0
540,778
183,986
255,779
101,013
0
542,873
184,710
257,099
101,064
0
535,110
181,126
254,228
99,756
0
535,578
180,184
254,627
100,767
0
541,807
183,600
256,196
102,012
0
16
Total loans and securities
563,452
565,298
567,293
575,222
567,911
558,519
562,139
571,694
17
18
Items in process of collection
Bank premises
8,360
1,505
8,263
1,507
7,296
1,510
6,841
1,512
6,619
1,512
5,573
1,509
10,421
1,505
5,821
1,510
19
20
Other assets
Denominated in foreign currencies5
AHother*
14,707
21,328
14,803
21,754
15,293
18,428
15,365
18,909
15,300
19,469
14,428
20,667
14,665
21,251
15,365
19,203
21
Total assets
623,706
625,984
624,174
632,216
625,160
615,066
624,333
627,932
573,736
0
576,069
0
576,727
0
577,729
0
579,849
0
565,574
0
572,980
0
581,820
0
LIABILITIES
22
23
Federal Reserve notes
Reverse repurchase agreements—triparty2
24
Total deposits
23,897
24,520
21,899
29,534
20,634
26,208
23,733
22,808
25
26
27
28
Depository institutions
U.S. Treasury—General account
Foreign—Official accounts
Other
19,347
4,148
72
330
19,335
4,802
79
305
17,437
4,069
71
322
24,059
5,115
75
285
15,526
4,675
151
282
18,647
7,188
102
271
17,727
5,592
84
330
16,918
5,533
80
276
29
30
Deferred credit items
Other liabilities and accrued dividends7
8,438
3,055
7,528
3,069
7,309
3,062
7,029
3,068
6,829
3,055
5,701
3,140
9,401
3,076
5,166
3,137
31
Total liabilities
609,126
611,186
608,997
617,359
610,367
600,623
609,191
612,931
7,165
6,725
690
7,168
6,729
902
7,160
6,747
1,271
7,169
6,750
938
7,190
6,747
855
7,143
6,584
716
7,164
6,723
1,256
7,191
6,747
1,063
623,706
625,984
624,174
632,216
625,160
615,066
624,333
627,932
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
CAPITAL ACCOUNTS
32
33
34
Capital paid in
Surplus
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
738,363
164.627
573,736
738,174
162,105
576,069
738,144
161,417
576,727
738,738
161,010
577,729
739,484
159,635
579,849
735,805
170,231
565,574
738,388
165,409
572,980
739,560
157,740
581,820
11,044
2,200
0
560,492
11,044
2,200
0
562,825
11,044
2,200
0
563,483
11,044
2,200
0
564,485
11,044
2,200
0
566,605
11,044
2,200
0
552,330
11,044
2,200
0
559,736
11,044
2,200
0
568,576
573,736
576,069
576,727
577,729
579,849
565,574
572,980
581,820
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
Type of holding and maturity
Wednesday
End of month
2001
2001
July
Aug.
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
1 Total loans
192
182
192
169
274
150
201
123
2 Within fifteen days1
3 Sixteen days to ninety days
4 91 days to 1 year
23
169
0
33
149
0
32
159
0
154
15
0
266
8
0
113
36
0
160
41
0
106
17
0
536,100
536,611
539,746
540,778
542,873
535,108
535,578
541,807
16,958
108,398
135,091
144,732
53,825
77,096
17,818
113,193
129,944
144,732
53,827
77,097
16,705
113,967
135,388
141,175
54,872
77,639
23,169
111,370
132,549
141,175
54,874
77,641
23,583
111,288
132,942
141,985
55,433
77,642
10,105
126,214
123,941
141,089
57,527
76,232
13,674
111,161
135,091
144,732
53,824
77,095
3,906
125,620
136,653
141,453
55,584
78,590
12 Total federal agency obligations
10
10
10
10
10
10
10
10
13
14
15
16
17
18
0
0
0
10
0
0
0
0
0
10
0
0
0
0
0
10
0
0
0
0
0
10
0
0
0
0
0
10
0
0
0
0
0
10
0
0
0
0
0
10
0
0
0
0
0
10
0
0
5 Total U.S. Treasury securities 2
6
7
8
9
10
11
Within fifteen days'
Sixteen days to ninety days
Ninety-one days to one year
One year to five years
Five years to ten years
More than ten years
Within fifteen days'
Sixteen days to ninety days
Ninety-one days to one year
One year to five years
Five years to ten years
More than ten years
1. Holdings under repurchase agreements are classified as maturing within fifteen days in
accordance with maximum maturity of the agreements.
June
2. Includes compensation that adjusts for the effects of inflation on the principal of
inflation-indexed securities.
A12
1.20
DomesticNonfinancialStatistics • November 2001
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS A N D M O N E T A R Y
Billions of dollars, averages of daily
BASE
figures
2001
Item
1997
Dec.
1998
Dec.
1999
Dec.
2000
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
38.79
38.74
38.74
37.51
595.93r
38.89
38.68
38.68
37.87
599.09r
38.77
38.55
38.55
37.41
601.88
39.60
39.32
39.32
38.19r
607.68
39.90
39.71
39.71
38.66
615.39
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS 2
1
2
3
4
5
Total reserves3
Nonborrowed reserves4
Nonborrowed reserves plus extended credit5
Required reserves
Monetary base6
46.85
46.52
46.52
45.16
479.47
45.18
45.07
45.07
43.67
513.49
41.78
41.46
41.46
40.48
593.09
38.51
38.30
38.30
37.18
583.96
38.83
38.75
38.75
37.57
589.39
38.87
38.82
38.82
37.43
591.12
38.26
38.20
38.20
36.87
592.42
Not seasonally adjusted
6
7
8
9
10
Total reserves7
Nonborrowed reserves
Nonborrowed reserves plus extended credit'
Required reserves"
Monetary base9
48.01
47.69
47.69
46.33
484.98
45.31
45.19
45.19
43.80
518.27
41.89
41.57
41.57
40.59
600.72
38.60
38.39
38.39
37.27
590.20
39.78
39.70
39.70
38.52
591.50
39.38
39.33
39.33
37.95
589.04
37.76
37.71
37.71
36.38
591.36
38.66
38.61
38.61
37.38
594.92
39.46
39.25
39.25
38.44
598.57
38.33
38.10
38.10
36.97
601.69
39.41
39.13
39.13
38.01
608.22
39.75
39.57
39.57
38.52
614.43
47.92
47.60
47.60
46.24
491.79
1.69
.32
45.21
45.09
45.09
43.70
525.06
1.51
.12
41.65
41.33
41.33
40.36
608.02
1.30
.32
38.54
38.33
38.33
37.22
597.12
1.33
.21
39.79
39.72
39.72
38.54
598.38
1.25
.07
39.35
39.30
39.30
37.92
595.59
1.43
.05
37.72
37.66
37.66
36.33
598.20
1.39
.06
38.59
38.54
38.54
37.31
601.84
1.28
.05
39.38
39.17
39.17
38.36
605.48
1.02
.21
38.23
38.00
38.00
36.87
608.83
1.36
.23
39.30
39.01
39.01
37.89
615.56
1.41
.28
39.62
39.44
39.44
38.39
621.91
1.24
.18
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS'"
1 1Total reserves11
12 Nonborrowed reserves
13 Nonborrowed reserves plus extended credit5
14 Required reserves
15 Monetary base12
16 Excess reserves13
17 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
borrow ing promptly as with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrow ed 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 currencycomponent 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 MEASURES 1
Billions of dollars, averages of daily figures
2001
Item
1997
Dec.
1998
Dec.
1999
Dec.
2000
Dec.
May'
June'
July'
Aug.
Seasonally adjusted
1
2
3
4
Measures2
Ml
M2
M3
Debt
5
6
7
8
Ml components
Currency1
Travelers checks4
Demand deposits5
Other checkable deposits6
1,073.4
4,031.9
5,430.8
15,226.1'
1,097.0
4,385.9
6,027.8'
16,261.3'
1,124.8
4,653.3
6,527.9'
17,335.2'
1,088.2
4,945.1
7,108.4'
18,249.9'
1,116.9
5,170.7
7,556.4
18,651.0
1,122.8
5,214.2
7,638.3
18,747.1
1,135.5
5,252.6
7,679.0
18,796.2
1,143.1
5,285.0
7,672.7
n.a.
424.3
8.1
395.4
245.7
459.2
8.2
379.4
250.1
516.7
8.2
356.1
243.7
529.9
8.0
311.3
239.0
545.8
8.0
311.7
251.5
548.1
8.2
310.0
256.5
553.7
8.6
312.7
260.4
562.4
8.8
314.4
257.6
Nontransaction components
9 In M27
10 In M3 only8
2,958.5
1,399.0
3,288.9
1,641.9'
3,528.5
1,874.6'
3,856.9
2,163.2'
4,053.7
2,385.7
4,091.4
2,424.1
4,117.1
2,426.4
4,141.9
2,387.7
Commercial banks
11 Savings deposits, including MMDAs
12 Small time deposits5
13 Large time deposits10 "
1,021.1
625.5
517.4
1,185.8
626.4
575.2
1,287.0
635.2
648.3
1,421.7
699.5'
726.5'
1,540.2
686.6
706.4
1,564.6
680.6
712.0
1,580.6
671.9
705.0
1,612.7
666.4
687.6
Thrift institutions
14 Savings deposits, including MMDAs
15 Small time deposits'*
16 Large time deposits10
376.8
342.9
85.5
414.1
325.8
88.7
449.3
320.9
91.3
451.9
346.6
103.2
488.3
353.8
110.7
498.4
353.1
109.9
508.0
350.2
111.7
518.6
346.6
114.4
Money market mutual funds
17 Retail
18 Institution-only
592.1
391.8
736.8
531.8
836.2
623.5
937.2
769.3'
984.8
972.7
994.7
1,008.5
1,006.4
1,015.3
997.6
997.6
Repurchase agreements and eurodollars
19 Repurchase agreements' 2
20 Eurodollars'2
254.3
150.0
294.5'
151.8
338.2'
173.3
367.2'
197.1
377.5
218.4
378.0
215.8
374.1
220.4
370.3
217.7
3,800.4'
11,425.6'
3,751.1'
12,510.2'
3,660.1'
13,675.1'
3,400.4'
14,849.5'
3,305.9
15,345.1
3,313.7
15,433.3
3,327.7
15,468.5
n.a.
n.a.
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
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
1,096.9
4,053.2
5,456.2
15,220.5'
1,120.4
4,408.2
6,059.9'
16,254.6'
1,148.3
4,677.3
6,565.4'
17,328.0'
1,112.4
4,973.7
7,153.4'
18,239.4'
1,111.0
5,146.6
7,532.5
18,571.5
1,122.2
5,196.9
7,608.3
18,662.5
1,135.4
5,226.2
7,620.6
18,707.3
1,140.3
5,264.4
7,630.7
n.a.
428.1
8.3
412.4
248.2
463.3
8.4
395.9
252.8
521.5
8.4
371.7
246.6
535.2
8.1
326.6
242.5
545.9
8.0
306.5
250.5
548.8
8.0
308.8
256.6
554.4
8.2
314.0
258.7
561.6
8.4
314.6
255.6
Nontransaction components
31 In M27
32 In M3 only8
2,956.3
1,403.0
3,287.8
1,651.8'
3,529.1
1,888.1'
3,861.3
2,179.7'
4,035.7
2,385.9
4,074.7
2,411.4
4,090.8
2,394.4
4,124.1
2,366.3
Commercial banks
33 Savings deposits, including MMDAs
34 Small time deposits'
35 Large time deposits10 "
1,020.4
625.3
516.8
1,186.0
626.5
574.5
1,288.5
635.4
647.7
1,426.4
699.8
725.8'
1,535.7
684.3
712.2
1,567.1
677.0
715.1
1,579.2
670.1
703.2
1,606.6
665.6
683.6
Thrift institutions
36 Savings deposits, including MMDAs
37 Small time deposits'
38 Large time deposits10
376.5
342.8
85.4
414.2
325.8
88.6
449.8
321.0
91.2
453.4
346.8
103.1
486.9
352.7
111.6
499.3
351.2
110.4
507.6
349.2
111.4
516.6
346.2
113.7
Money market mutual funds
39 Retail
40 Institution-only
591.3
398.9
735.2
543.7
834.3
638.4
935.0
787.2'
976.0
958.9
980.2
986.9
984.7
988.0
989.0
983.7
Repurchase agreements and eurodollars
41 Repurchase agreements' 2
42 Eurodollars12
249.5
152.3
290.4'
154.5
334.7'
176.0
364.1'
199.5
382.7
220.5
382.7
216.3
374.0
217.8
369.9
215.4
3,805.8
11,414.8'
3,754.9
12,499.7'
3,663.2
13,664.9'
3,403.5
14,835.9'
3,267.9
15,303.6
3.260.4
15,402.1
3,257.5
15,449.8
Debt components
43 Federal debt
44 Nonfederal debt
Footnotes appear on following page.
n.a.
n.a.
A14
DomesticNonfinancialStatistics • November 2001
N O T E S T O T A B L E 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release. Historical data starting in 1959 are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. Composition of the money stock measures and debt is as follows:
Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings 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 Ml.
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 wolrdwide 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 Liabilities'
A. All commercial banks
Billions of dollars
Wednesday figures
Monthly averages
Aug/
2001
2001
2000
Account
Feb.r
Mar.
Apr.'
May'
June'
July'
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Seasonally adjusted
1 Bank credit
Securities in bank credit
3
U.S. government securities
4
Other securities
Loans and leases in bank credit2 . . . .
6
Commercial and industrial
7
Real estate
8
Revolving home equity
9
Other
10
Consumer
Security3
11
Other loans and leases
P
n Interbank loans
14 Cash assets4
15 Other assets5
5,101.6
1,315.6
810.0
505.6
3,786.1
1,077.6
1,623.4
119.9
1,503.6
523.2
153.3
408.5
245.6
288.3
383.1
5,269.6
1,350.9
776.2
574.7
3,918.6
1,106.8
1,670.4
133.9
1,536.5
541.2
168.2
432.0
267.4
265.5
413.1
5,281.0r
1,345.7
757.1
588.6
3,935.2r
1,104.6'
1,678.7'
135.8
1,542.9'
540.1'
174.1
437.7
276.1
270.2
428.1
5,316.5
1,364.1
763.3
600.8
3,952.4
1,099.0
1,688.7
137.2
1,551.5
549.4
179.5
435.8
290.7
287.8
418.8
5,322.2
1,370.8
765.8
605.0
3,951.4
1,094.5
1,699.9
138.6
1,561.3
553.1
167.9
436.0
285.4
280.6
413.1
5,315.7
1,379.9
763.8
616.1
3,935.8
1,076.1
1,703.0
139.7
1,563.3
551.1
171.8
433.8
271.6
272.7
406.7
5,313.7
1,385.9
771.4
614.5
3,927.8
1,065.2
1,709.0
141.3
1,567.7
550.4
169.7
433.5
275.2
285.1
416.2
5,325.0
1,418.5
782.8
635.7
3,906.5
1,057.7
1,704.6
142.8
1,561.9
547.0
169.9
427.3
290.4
279.3
425.7
5,320.6
1,419.2
789.5
629.7
3,901.4
1,057.9
1,709.0
142.2
1,566.8
543.4
162.9
428.1
280.5
277.4
427.8
5,304.5
1,404.1
773.6
630.5
3,900.4
1,059.2
1,705.4
142.0
1,563.4
546.6
160.0
429.3
288.5
276.8
423.6
5,322.7
1,415.5
778.0
637.5
3,907.2
1,057.1
1,699.5
142.9
1,556.6
549.8
174.7
426.2
287.3
283.1
427.7
5,344.6
1,433.4
787.3
646.1
3,911.2
1,056.2
1,702.6
143.7
1,558.9
548.1
179.4
424.8
303.5
272.6
423.5
16 Total assets 6
5,956.7
6,150.5
6,190.5r
6,248.3
6,235.9
6,201.5
6,224.7
6,254.4
6,240.3
6,227.3
6,254.7
6,278.2
3,755.2
615.1
3,140.1
925.0
2,215.0
1,214.2
391.0
823.3
267.7
318.0
3,891.4
607.7
3,283.6
937.0
2,346.6
1,257.2
395.0
862.2
219.4
343.4
3,925.5
606.8
3,318.7
934.8
2,383.8
1,241.6'
394.4'
847.2'
233.3
352.1
3,991.3
608.8
3,382.5
951.1
2,431.5
1,281.2
405.5
875.6
190.0
349.6
4,005.1
612.4
3,392.7
965.7
2,427.0
1,249.7
385.3
864.4
207.4
338.8
4,038.1
600.2
3,437.9
978.7
2,459.2
1,216.5
384.0
832.5
184.4
349.4
4,061.2
605.1
3,456.0
972.3
2,483.7
1,229.6
392.1
837.5
190.8
328.2
4,069.5
609.9
3,459.6
959.7
2,500.0
1,236.6
399.1
837.5
193.7
337.8
4,062.2
581.9
3,480.3
965.0
2,515.3
1,230.1
392.7
837.4
200.8
329.6
4,074.7
605.8
3,468.9
957.3
2,511.5
1,217.6
396.5
821.1
195.7
331.1
4,056.0
621.6
3,434.4
953.4
2,481.0
1,228.1
392.3
835.8
209.5
338.5
4,065.3
631.4
3,433.9
961.1
2,472.8
1,272.0
411.2
860.8
176.6
350.4
5,555.0
5,711.3
5,752.4f
5,812.1
5,801.0
5,788.4
5,809.7
5,837.8
5,822.6
5,819.2
5,832.1
5,864.3
401.6
439.2
438.1'
436.2
434.9
413.1
414.9
416.6
417.7
408.1
422.7
413.9
^
Liabilities
17
18
19
70
71
?.?.
23
74
?5
26
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)
7
Not seasonally adjusted
29
30
31
3?
33
34
35
36
37
38
39
40
41
4?
43
44
45
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets 6
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)
Footnotes appear on p. A21.
7
5,084.4
1,308.7
804.8
503.9
3,775.7
1,070.9
1,626.2
120.5
1.505.7
524.1
205.2
318.9
145.8
408.7
236.1
276.1
380.6
5,264.5
1,352.7
778.0
574.7
3,911.8
1,106.1
1,663.9
132.8
1,531.1
541.9
213.3
328.6
171.0
428.9
269.2
266.6
412.2
5,268.2'
1,349.8
763.0
586.8
3,918.4'
1,106.2'
1,671.3'
134.2
1,537.1'
536.4'
209.1
327.3'
170.1
434.4
283.5
260.2
427.3
5,308.9
1,365.7
768.2
597.5
3,943.2
1,103.6
1,684.4
136.3
1,548.1
546.3
214.5
331.8
175.1
433.7
296.8
283.0
418.7
5,311.4
1,370.0
766.7
603.3
3,941.4
1,096.8
1,700.3
138.6
1,561.7
550.9
219.1
331.7
161.9
431.6
278.8
278.3
413.4
5,308.5
1,379.2
764.2
615.1
3,929.3
1,078.4
1,702.4
139.9
1,562.4
548.4
217.2
331.2
167.2
432.9
269.3
268.9
407.6
5,293.1
1,376.8
767.3
609.5
3,916.3
1,064.4
1,708.1
141.8
1,566.3
547.9
217.5
330.4
162.0
433.9
267.4
276.1
414.7
5,307.6
1,411.6
778.1
633.5
3,896.0
1,051.5
1,707.8
143.6
1,564.2
548.0
216.1
331.9
161.4
427.2
279.0
267.7
422.9
5,303.4
1,411.5
784.7
626.8
3,891.9
1,053.7
1,711.3
142.7
1,568.6
541.8
213.0
328.8
157.3
427.8
272.0
259.3
425.8
5.292.7
1,397.1
768.7
628.5
3,895.6
1,054.3
1,710.4
142.8
1,567.5
547.3
215.3
332.0
154.1
429.6
281.2
266.6
422.3
5,298.6
1,407.6
772.8
634.9
3,891.0
1,049.6
1,701.8
143.7
1,558.1
551.7
218.6
333.1
163.2
424.7
271.5
264.2
421.6
5,326.5
1,426.9
782.3
644.5
3,899.7
1,048.1
1,706.3
144.8
1,561.5
551.4
217.8
333.6
169.4
424.5
285.2
264.7
419.8
5,915.1
6,147.5
6,174.3'
6,242.0
6,216.4
6,188.9
6,185.8
6,211.0
6,194.4
6,196.5
6,189.6
6,230.2
3,718.4
601.1
3,117.3
912.3
2,205.0
1,192.2
383.6
808.6
267.0
317.7
3,908.3
599.6
3,308.7
948.7
2.360.1
1,260.8
399.3
861.4
225.5
347.4
3,935.8
600.8
3,335.0
938.0
2,397.0
1,240.0'
398.0'
842.0'
232.2
350.8
4,010.6
615.0
3,395.6
952.4
2,443.2
1,281.9
408.8
873.1
183.0
344.7
3,993.1
602.7
3,390.4
964.4
2,426.0
1,254.8
388.4
866.4
206.5
339.5
4,019.2
599.8
3,419.3
969.1
2,450.2
1,217.3
384.8
832.6
180.6
347.3
4,029.6
598.9
3,430.8
958.4
2,472.3
1,220.2
388.9
831.3
184.4
323.8
4,029.1
596.1
3,433.0
946.3
2,486.8
1,214.7
390.9
823.9
192.9
337.6
4,028.5
565.5
3,463.0
951.3
2,511.7
1,207.4
385.8
821.6
199.5
327.7
4,039.8
597.2
3,442.6
942.2
2,500.4
1,196.2
389.1
807.1
194.8
329.9
3,996.2
594.6
3,401.6
940.4
2,461.2
1,205.1
384.1
821.0
208.2
338.8
4,016.9
617.6
3,399.3
948.8
2,450.5
1,247.5
400.3
847.2
175.4
352.2
5,495.3
5,742.0
5,758.9r
5,820.1
5,793.9
5,764.4
5,758.0
5,774.3
5,763.1
5,760.6
5,748.4
5,791.9
419.9
405.5
415.5'
421.9
422.5
424.5
427.9
436.7
431.3
435.8
441.2
438.2
A16
1.26
Domestic Financial Statistics • November 2001
COMMERCIAL BANKS IN THE UNITED STATES
Assets and Liabilities '—Continued
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account
2000
Aug.'
Wednesday figures
2001
Feb.'
Mar.
Apr.'
May'
2001
June'
July'
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Seasonally adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
U.S. government securities
4
Other securities
5
Loans and leases in bank credit2 . . . .
6
Commercial and industrial
7
Real estate
Revolving home equity
y
Other
Consumer
10
n
Security3
12
Other loans and leases
13 Interbank loans
14 Cash assets4
15 Other assets5
4,517.8
1,109.4
732.1
377.3
3,408.3
872.0
1,605.4
119.9
1,485.5
523.2
68.1
339.6
223.2
244.4
340.0
4,661.1
1,150.8
711.8
439.0
3,510.3
890.0
1,651.8
133.9
1,517.9
541.2
62.9
364.4
239.0
223.9
377.9
4,658.3'
1,138.4
689.0
449.3
3,519.9'
884.9'
1,660.2'
135.8
1,524.4'
540.1'
67.0
367.7
245.6
229.6
391.7
4,690.3
1.143.1
689.1
454.0
3,547.3
880.5
1,671.0
137.2
1,533.8
549.4
78.8
367.6
262.7
249.3
379.0
4,711.9
1,155.7
696.8
458.9
3,556.2
877.8
1,682.1
138.6
1,543.5
553.1
75.3
368.0
255.0
243.8
375.7
4,714.4
1,162.8
696.7
466.1
3,551.6
867.4
1,685.4
139.7
1,545.7
551.1
80.9
366.8
248.1
237.5
369.4
4,721.3
1,167.2
704.5
462.7
3,554.1
861.2
1,691.2
141.3
1,549.9
550.4
83.5
367.8
252.9
249.6
384.3
4,733.9
1,197.4
717.3
480.1
3,536.5
855.2
1,686.5
142.8
1,543.7
547.0
86.5
361.4
268.8
243.4
396.4
4,727.9
1.199.8
724.6
475.2
3,528.2
854.8
1,691.0
142.2
1,548.8
543.4
77.8
361.2
262.3
241.7
398.7
4,718.3
1,182.5
708.1
474.4
3,535.7
856.1
1,687.5
142.0
1,545.5
546.6
82.7
363.0
267.9
241.5
396.1
4,732.0
1,193.5
713.0
480.5
3,538.5
854.7
1,681.6
142.9
1,538.7
549.8
92.1
360.4
265.5
245.9
399.3
4,751.3
1,212.1
721.3
490.8
3,539.1
854.8
1,684.1
143.7
1,540.3
548.1
92.6
359.6
278.9
237.1
390.4
16 Total assets 6
5,263.8
5,437.2
5,460.8r
5,516.1
5,521.3
5,504.5
5,542.8
5,576.8
5,565.0
5,557.9
5,576.9
5,592.1
3,363.0
604.3
2,758.7
545.9
2,212.7
1,013.5
373.7
639.7
243.4
242.5
3,510.8
597.4
2,913.4
568.9
2,344.5
1,018.7
372.5
646.2
214.6
266.3
3,547.2
597.3
2,949.9
568.2
2,381.6
1,008.2'
369.9'
638.3'
211.4
269.3
3,597.2
598.0
2,999.2
570.1
2,429.1
1,040.6
379.7
660.9
185.5
261.0
3,596.4
601.6
2.994.8
570.1
2,424.7
1,030.3
363.9
666.4
211.8
253.4
3,618.9
590.4
3,028.5
571.6
2,456.9
1,000.1
359.7
640.4
204.1
265.9
3,648.1
595.4
3,052.7
571.3
2,481.4
1,017.5
368.1
649.5
207.1
249.5
3,665.2
599.6
3,065.7
568.1
2,497.6
1,026.4
376.8
649.6
205.8
260.2
3,659.1
572.7
3,086.3
573.5
2,512.9
1,018.0
370.6
647.4
214.1
255.7
3,674.5
595.8
3,078.7
569.5
2,509.1
1,006.6
369.3
637.3
211.6
254.1
3,650.9
610.9
3.039.9
561.4
2,478.6
1,026.5
375.6
650.9
212.3
259.6
3,656.9
620.5
3,036.4
566.0
2,470.4
1,056.8
387.9
668.9
190.8
268.4
4,862.4
5,010.4
5,036.2r
5,084.3
5,091.9
5,089.0
5,122.2
5,157.5
5,146.8
5,146.8
5,149.3
5,172.9
401.4
426.8
424.6'
431.8
429.5
415.4
420.5
419.3
418.1
411.1
427.6
419.2
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
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets 6
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)
Footnotes appear on p. A21.
7
4,507.0
1,102.6
726.9
375.6
3,404.5
866.7
1,608.2
120.5
1,487.7
524.1
205.2
318.9
64.4
341.1
213.8
233.5
337.9
4,652.8
1,152.6
713.5
439.1
3,500.2
887.1
1,645.2
132.8
1,512.5
541.9
213.3
328.6
64.7
361.3
240.8
224.8
376.1
4,650.4'
1,142.4'
694.9
447.5
3,508.0'
885.3'
1,652.8'
134.2
1,518.6'
536.4'
209.1
327.3'
68.9
364.5
252.9
221.1
390.4
4,685.6
1,144.7
694.0
450.7
3,540.9
886.9
1,666.7
136.3
1,530.4
546.3
214.5
331.8
75.8
365.3
268.7
246.0
379.8
4,705.8
1,154.9
697.7
457.2
3,550.9
883.2
1,682.5
138.6
1,543.9
550.9
219.1
331.7
70.0
364.4
248.3
242.5
376.6
4,710.9
1,162.1
697.0
465.0
3,548.8
870.8
1,684.8
139.9
1,544.8
548.4
217.2
331.2
78.3
366.5
245.8
234.8
371.6
4,705.0
1,158.1
700.4
457.7
3,547.0
861.1
1,690.3
141.8
1,548.5
547.9
217.5
330.4
78.6
369.1
245.2
241.9
383.6
4,722.9
1,190.5
712.6
477.9
3,532.4
850.4
1,689.6
143.6
1,546.0
548.0
216.1
331,9
81.9
362.5
257.4
232.9
393.8
4,715.8
1,192.2
719.8
472.3
3,523.6
851.9
1,693.3
142.7
1,550.5
541.8
213.0
328.8
74.2
362.5
253.8
224.7
397.1
4,710.9
1,175.5
703.2
472.4
3,535.4
851.8
1,692.4
142.8
1,549.6
547.3
215.3
332.0
79.3
364.6
260.6
232.3
395.3
4,715.6
1,185.6
707.8
477.8
3,530.0
848.4
1,684.0
143.7
1,540.2
551.7
218.6
333.1
85.6
360.3
249.6
228.2
393.4
4,741.0
1,205.6
716.3
489.3
3,535.4
848.6
1,687.8
144.8
1,543.0
551.4
217.8
333.6
87.5
360.1
260.6
230.3
386.9
5,230.4
5,429.9
5,450.3r
5,515.1
5,508.0
5,498.0
5,510.5
5,541.2
5,525.7
5,533.1
5,520.9
5,553.0
3,337.1
590.2
2,746.9
544.1
2,202.8
991.4
366.4
625.1
243.8
242.7
3.519.6
589.5
2.930.1
572.2
2.357.9
1.022.3
376.9
645.5
217.4
268.8
3,553.1
591.6
2,961.5
566.7
2,394.8
1,006.6'
373.5'
633.0'
210.3
268.0
3,613.6
604.8
3,008.8
568.0
2,440.9
1,041.3
382.9
658.4
183.1
258.2
3,583.2
592.2
2.991.0
567.3
2,423.7
1,035.4
367.0
668.4
214.1
255.6
3,607.1
590.1
3,017.0
569.0
2,447.9
1,001.0
360.5
640.5
203.4
265.4
3,626.7
589.1
3,037.7
567.7
2,470.0
1,008.2
364.8
643.3
204.0
246.6
3,636.5
585.7
3,050.8
566.3
2,484.4
1,004.5
368.6
635.9
206.2
260.5
3,637.4
556.4
3,081.0
571.6
2,509.4
995.3
363.7
631.6
211.6
253.2
3,652.9
587.1
3,065.8
567.8
2,498.1
985.2
361.9
623.3
209.9
252.5
3,603.0
584.1
3,019.0
560.1
2,458.9
1,003.5
367.4
636.1
214.6
261.5
3,618.7
606.6
3,012.0
563.9
2,448.1
1,032.3
377.0
655.3
194.7
272.4
4,815.1
5,028.2
5,037.9r
5,096.2
5,088.3
5,076.8
5,085.4
5,107.6
5,097.4
5,100.4
5,082.6
5,118.1
401.7
412.4'
419.0
419.7
421.1
425.1
433.5
428.3
432.7
438.2
435.0
415.3
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A17
Assets and Liabilities'—Continued
C. Large domestically chartered commercial banks
Billions of dollars
Wednesday figures
Monthly averages
Account
Aug.'
2001
2001
2000
Feb.'
Mar.'
1
Apr.
May'
1
June
1
July '
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Seasonally adjusted
1 Bank credit
Securities in bank credit
U.S. government securities
4
Trading account
Investment account
6
Other securities
Trading account
7
Investment account
9
State and local government . .
10
Other
1 1 Loans and leases in bank credit2 . . . .
Commercial and industrial
17
Bankers acceptances
13
Other
14
15
Real estate
16
Revolving home equity
17
Other
Consumer
18
19
Security3
20
Federal funds sold to and
repurchase agreements
with broker-dealers
Other
21
99
State and local government
Agricultural
23
24
Federal funds sold to and
repurchase agreements with
others
25
All other loans
76
Lease-financing receivables
27 Interbank loans
Federal funds sold to and
28
repurchase agreements with
commercial banks
79
Other
30 Cash assets4
31 Other assets'
7,545.9
584.9
366.6
23.3
343.3
218.3
103.3
115.0
25.8
89.2
1,961.0
592.5
.9
591.5
829.1
78.9
750.1
2^9.8
61.2
?,592.5
600.1
354.2
37.5
316.7
245.9
129.3
116.6
27.6
89.0
1,992.4
595.4
.8
594.6
833.0
87.6
745.4
241.8
55.4
2,598.7
595.9
343.6
35.4
308.1
252.3
132.5
119.9
28.1
91.8
2,002.8
589.5
.8
588.7
841.3
89.5
751.8
243.7
59.0
2.625.3
603.4
347.6
33.7
313.9
255.8
135.9
119.9
28.4
91.5
2,021.9
585.3
.8
584.5
848.7
90.6
758.1
249.8
70.4
2.637.3
613.6
355.7
35.3
320.5
257.8
137.0
120.8
28.1
92.7
2,023.7
582.8
.8
582.0
855.3
91.2
764.0
252.2
66.8
2,635.4
617.2
353.9
35.1
318.8
263.3
143.5
119.8
27,9
92.0
2.018.2
570.9
.7
570.1
854.6
91.5
763.1
254.1
72.5
2.626.8
614.3
354.4
38.3
316.1
259.9
140.8
119.2
27.8
91.4
2,012.6
561.6
.0
561.6
853.5
91.7
761.8
254.1
75.1
2.627.0
634.6
361.1
36.3
324.8
273.5
153.1
120.4
27.6
92.8
1,992.5
556.5
.0
556.5
844.0
91.9
752.1
252.1
78.0
2,625.5
639.5
369.4
39.6
329.8
270.1
150.3
119.8
27.6
92.1
1,986.0
555.8
n.a.
555.8
849.0
91.8
757.2
249.7
69.5
2.616.9
623.2
354.9
35.5
319.5
268.3
148.6
119.7
27.3
92.4
1,993.7
557.7
n.a.
557.7
847.0
91.4
755.7
251.7
74.1
2.621.5
629.2
356.5
34.6
321.8
272.8
152.0
120.7
27.6
93.1
1.992.3
556.4
n.a.
556.4
839.1
91.9
747.1
253.1
83.4
2,641.1
646.8
363.2
35.0
328.3
283.6
162.4
121.2
27.6
93.5
1,994.3
555.9
n.a.
555.9
840.0
92.3
747.7
253.9
83.9
41.6
19.7
12.7
9.6
39.5
16.0
12.9
10.3
43.7
15.3
13.0
10.4
53.9
16.6
13.0
10.4
49.4
17.4
12.9
10.6
54.7
17.8
13.3
10.3
59.6
15.5
14.2
10.0
63.5
14.5
14.1
9.4
54.7
14.7
14.1
9.9
59.5
14.6
14.1
9.4
68.6
14.8
14.1
9.3
69.9
14.1
14.1
9.2
14.2
84.5
127.5
142.0
26.3
85.8
131.6
142.5
26.2
86.8
133.0
138.9
23.0
87.7
133.7
147.4
23.6
85.3
134.3
133.9
25.5
84.4
132.6
130.6
30.8
81.5
131.7
135.7
31.8
75.5
131.0
150.1
31.0
75.7
131.3
149.2
31.9
76.9
130.9
149.1
32.2
73.9
130.8
146.0
32.2
74.2
130.8
154.4
67.2
74.8
146.3
248.3
71.8
70.7
138.3
264.4
71.8
67.0
142.7
274.3
83.5
63.9
145.5
271.6
72.5
61.5
139.9
269.1
71.8
58.7
135.6
257.5
70.7
64.9
146.2
263.6
79.7
70.4
140.1
272.6
79.9
69.3
139.8
272.7
80.4
68.7
138.3
270.8
73.8
72.3
139.9
278.0
82.7
71.7
136.1
269.8
32 Total assets 6
3,046.8
3,099.8
3,116.8
3,151.9
3,142.5
3,121.4
3,134.2
3,151.7
3,148.9
3,136.7
3,147.3
3,163.5
1,665.8
309.1
1,356.7
268.3
1,088.5
679.0
209.3
469.7
219.7
195.3
1,690.6
300.7
1,389.9
267.1
1,122.8
683.5
216.9
466.6
197.9
212.8
1,717.2
304.0
1,413.2
269.4
1,143.8
680.9
220.9
459.9
196.1
213.5
1,742.2
303.9
1,438.3
269.3
1,169.0
709.6
231.2
478.4
172.7
205.0
1.733.1
304.7
1,428.4
271.6
1,156.8
695.5
213.9
481.7
195.2
196.6
1,737.7
300.3
1,437.4
275.1
1,162.4
667.1
211.3
455.7
190.9
208.7
1,749.3
306.2
1,443.1
271.5
1,171.6
680.9
219.0
461.9
192.4
191.6
1,751.3
303.6
1,447.6
264.5
1,183.2
686.1
226.4
459.7
190.3
201.8
1.752.3
290.7
1,461.6
270.3
1,191.2
680.5
222.7
457.8
196.6
198.4
1.761.1
304.0
1.457.1
266.2
1,190.9
670.1
221.0
449.2
193.9
196.2
1,737.6
309.5
1,428.1
257.7
1,170.4
683.7
222.9
460.8
198.3
200.3
1.740.0
308.9
1.431.1
261.8
1.169.3
712.7
235.2
477.4
177.9
209.8
2,759.8
2,784.9
2,807.6
2,829.5
2,820.4
2,804.3
2,814.2
2,829.5
2,827.8
2,821.3
2,819.8
2,840.3
287.0
315.0
309.2
322.4
322.1
317.0
320.1
322.2
321.1
315.4
327.5
323.2
9
33
34
35
16
17
38
39
40
41
42
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
43 Total liabilities
44 Residual (assets less liabilities)7
Footnotes appear on p. A21
A18
1.26
DomesticNonfinancialStatistics • November 2001
COMMERCIAL BANKS IN THE UNITED STATES
Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Monthly averages
Account
2000
Aug.'
Wednesday figures
2001
Feb.'
Mar.'
Apr.'
May'
2001
June'
July'
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Not seasonally adjusted
Assets
45 Bank credit
Securities in bank credit
46
47
U.S. government securities
48
Trading account
49
Investment account
50
Mortgage-backed securities .
51
Other
52
One year or less
One to five years
53
54
More than five years . . . .
55
Other securities
Trading account
56
57
Investment account
State and local government .
58
Other
59
60
Loans and leases in bank credit- . . .
Commercial and industrial
61
Bankers acceptances
62
Other
63
64
Real estate
Revolving home equity
65
Other
66
67
Commercial
Consumer
68
Credit cards and related plans .
69
Other
70
71
Security'
72
Federal funds sold to and
repurchase agreements
with broker-dealers
Other
73
74
State and local government
Agricultural
75
76
Federal funds sold to and
repurchase agreements
with others
All other loans
77
Lease-financing receivables
78
79 Interbank loans
80
Federal funds sold to and
repurchase agreements
with commercial banks
81
Other
82 Cash assets4
83 Other assets5
84 Total assets 6
85
86
87
88
89
90
91
92
93
94
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From nonbanks in the U.S
Net due to related foreign offices
Other liabilities
95 Total liabilities
96 Residual (assets less liabilities)7
Footnotes appear on p. A21.
2,532.2
578.8
362.2
23.1
339.2
213.5
125.7
32.8
54.7
38.3
216.6
102.5
114.1
25.6
88.5
1,953.3
588.9
.9
587.9
830.1
79.8
459.4
290.8
228.7
74.7
154.1
57.7
2,595.3
603.8
357.9
37.9
320.0
221.7
98.3
31.8
37.3
29.2
246.0
129.3
116.6
27.6
89.0
1,991.4
594.3
.8
593.5
829.7
86.6
446.7
296.4
243.9
83.5
160.4
57.2
2,595.2
597.7
347.2
35.8
311.4
220.1
91.3
31.6
34.3
25.4
250.5
131.5
119.0
27.9
91.1
1,997.4
590.2
.8
589.4
835.5
88.1
450.8
296.6
243.4
83.1
160.3
60.7
2,620.8
602.4
349.8
34.0
315.8
227.6
88.3
30.9
31.4
25.9
252.5
134.2
118.4
28.0
90.3
2,018.5
589.6
.8
588.7
844.7
89.6
457.9
297.1
250.4
85.0
165.4
67.3
2,630.8
611.2
355.1
35.2
319.9
234.3
85.6
27.8
31.2
26.6
256.2
136.1
120.0
28.0
92.1
2,019.5
585.6
.8
584.8
854.9
91.1
465.1
298.6
252.7
87.3
165.3
61.9
2,630.0
614.9
352.6
35.0
317.6
230.6
87.0
26.2
34.3
26.5
262.3
142.9
119.4
27.8
91.6
2,015.1
572.5
.7
571.7
853.3
91.7
461.9
299.7
253.6
88.3
165.2
70.1
2,610.5
605.3
350.4
37.9
312.5
230.8
81.8
21.8
34.2
25.8
254.9
138.1
116.9
27.3
89.6
2,005.2
561.7
.0
561.7
852.1
92.4
460.0
299.6
252.3
87.7
164.6
70.4
2,612.8
628.4
357.1
35.9
321.2
243.7
77.5
20.0
33.7
23.9
271.3
151.9
119.4
27.3
92.0
1,984.5
553.4
.0
553.4
845.4
93.0
453.3
299.0
250.9
85.3
165.5
73.5
2,612.5
632.6
365.4
39.2
326.2
244.3
81.9
22.4
35.3
24.2
267.2
148.7
118.5
27.3
91.1
1,980.0
554.5
n.a.
554.5
850.5
92.7
459.7
298.2
247.7
84.8
163.0
65.9
2,605.3
617.1
350.8
35.0
315.8
239.1
76.7
19.9
32.4
24.5
266.2
147.4
118.8
27.1
91.7
1,988.2
554.7
n.a.
554.7
849.5
92.4
457.4
299.6
250.3
84.5
165.8
70.9
2,602.2
622.2
352.1
34.2
317.9
240.8
77.1
18.7
34.4
23.9
270.1
150.6
119.5
27.3
92.2
1,980.0
551.9
n.a.
551.9
839.6
93.0
447.2
299.4
252.1
85.7
166.4
77.3
2,625.6
640.4
358.3
34.5
323.9
249.3
74.5
18.1
32.8
23.7
282.0
161.5
120.5
27.5
93.0
1,985.2
551.6
n.a.
551.6
841.2
93.6
448.4
299.1
253.3
86.5
166.9
79.3
39.1
18.6
12.7
9.7
40.8
16.5
12.9
10.1
45.0
15.7
13.0
10.2
51.5
15.8
13.0
10.2
45.8
16.1
12.9
10.5
52.9
17.2
13.3
10.4
55.9
14.5
14.2
10.1
59.8
13.7
14.1
9.6
51.9
14.0
14.1
10.0
56.9
13.9
14.1
9.5
63.6
13.7
14.1
9.4
66.0
13.3
14.1
9.4
14.2
84.6
126.8
136.8
26.3
84.1
132.9
141.4
26.2
84.8
133.4
140.0
23.0
86.5
133.8
149.5
23.6
83.8
133.7
136.3
25.5
84.5
132.1
135.0
30.8
82.4
131.2
135.5
31.8
75.6
130.2
144.6
31.0
75.5
130.7
141.4
31.9
77.1
130.3
147.0
32.2
73.3
130.0
139.4
32.2
74.3
129.9
147.6
64.8
72.0
138.3
246.2
71.3
70.2
140.2
262.6
72.4
67.6
137.8
273.0
84.6
64.9
145.8
272.3
73.7
62.6
140.0
270.0
74.2
60.8
134.1
259.7
70.7
64.8
139.8
262.9
76.8
67.8
132.3
270.0
75.7
65.7
127.4
271.1
79.3
67.7
131.8
270.0
70.4
69.0
128.3
272.2
79.1
68.5
130.8
266.3
3,017.5
3,101.6
3,108.1
3,150.8
3,139.2
3,120.9
3,110.8
3,121.5
3,114.0
3,115.7
3,103.7
3,132.2
1,650.3
298.0
1,352.3
266.5
1,085.8
657.0
201.9
455.0
220.1
195.5
1,698.3
297.6
1,400.7
270.4
1,130.4
687.1
221.3
465.8
200.8
215.4
1,715.7
300.3
1,415.4
267.8
1,147.5
679.2
224.6
454.7
194.9
212.2
1,751.3
311.1
1,440.2
267.2
1,173.0
710.3
234.4
475.9
170.3
202.2
1,726.3
300.5
1,425.8
268.8
1,157.1
700.6
217.0
483.7
197.5
198.8
1,737.2
300.4
1,436.8
272.4
1,164.4
667.9
212.2
455.7
190.3
208.1
1,741.0
301.4
1,439.7
267.9
1,171.8
671.5
215.7
455.8
189.2
188.7
1,735.3
292.6
1,442.8
262.7
1,180.1
664.2
218.1
446.1
190.7
202.2
1,739.2
276.6
1,462.6
268.4
1,194.1
657.8
215.8
442.0
194.1
195.9
1,750.9
297.3
1,453.6
264.4
1,189.2
648.7
213.5
435.1
192.2
194.6
1,709.4
290.0
1,419.4
256.5
1,162.9
660.7
214.7
446.0
200.6
202.2
1,719.0
298.5
1,420.4
259.7
1,160.7
688.2
224.3
463.8
181.8
213.8
2,722.9
2,801.6
2,802.0
2,834.1
2,823.3
2,803.5
2,790.5
2,792.4
2,787.0
2,786.3
2,772.8
2,802.7
294.6
300.0
306.1
316.6
315.9
317.4
320.3
329.1
327.0
329.4
330.9
329.4
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A19
Assets and Liabilities 1 —Continued
D. Small domestically chartered commercial banks
Billions of dollars
Wednesday figures
Monthly averages
Aug.1
2001
2001
2000
Account
Feb.'
Mar.T
1
Apr.
May'
June'
July'
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Seasonally adjusted
Assets
1 Bank credit
?
Securities in bank credit
U.S. government securities
4
Other securities
Loans and leases in bank credit2 . . . .
6
Commercial and industrial
7
Real estate
K
Revolving home equity
9
Other
10
Consumer
11
Security3
1?
Other loans and leases
n Interbank loans
14 Cash assets4
15 Other assets5
1,971.8
524.5
365.5
159.0
1,447.3
279.5
776.4
40.9
735.4
293.4
6.9
91.2
81.2
98.1
91.7
2,068.6
550.7
357.6
193.1
1,517.9
294.6
818.8
46.3
772.5
299.4
7.5
97.6
96.4
85.5
113.5
2,059.6
542.5
345.5
197.0
1,517.1
295.4
818.9
46.3
772.7
296.5
8.0
98.3
106.7
86.9
117.4
2,065.0
539.6
341.5
198.2
1,525.4
295.2
822.4
46.7
775.7
299.6
8.3
99.8
115.2
103.7
107.5
2,074.6
542.2
341.1
201.1
1,532.5
295.0
826.8
47.4
779.4
300.9
8.5
101.3
121.0
104.0
106.6
2,079.0
545.5
342.8
202.8
1,533.4
296.5
830.8
48.3
782.5
297.0
8.4
100.8
117.6
101.9
112.0
2,094.4
552.9
350.1
202.8
1,541.5
299.5
837.7
49.6
788.1
296.4
8.4
99.5
117.3
103.4
120.7
2,106.9
562.8
356.2
206.6
1,544.0
298.7
842.5
50.8
791.7
294.9
8.5
99.5
118.7
103.3
123.8
2,102.5
560.3
355.2
205.1
1,542.2
298.9
841.9
50.4
791.6
293.7
8.3
99.3
113.1
101.8
126.1
2,101.4
559.3
353.2
206.1
1,542.1
298.4
840.4
50.6
789.8
294.9
8.6
99.8
118.8
103.2
125.3
2,110.5
564.3
356.5
207.7
1,546.2
298.3
842.6
50.9
791.6
296.7
8.7
100.0
119.4
106.0
121.3
2,110.2
565.3
358.1
207.2
1,544.9
298.9
844.1
51,4
792.7
294.3
8.7
99.0
124.4
101.0
120.7
16 Total assets 6
2,217.0
2,337.3
2,344.0
2,364.2
2,378.8
2,383.1
2,408.5
2,425.2
2,416.1
2,421.2
2,429.6
2,428.6
1,697.1
295.2
1.401.9
277.7
1,124.3
334.5
164.4
170.0
23.7
47.2
1,820.2
296.7
1,523.5
301.8
1,221.7
335.2
155.6
179.6
16.7
53.5
1,830.0
293.4
1,536.6
298.9
1,237.8
327.3
149.0
178.4
15.4
55.8
1,855.0
294.2
1,560.9
300.8
1,260.1
331.0
148.5
182.5
12.8
56.0
1,863.3
296.9
1,566.4
298.5
1,267.9
334.7
150.0
184.7
16.6
56.8
1,881.2
290.1
1,591.1
296.6
1,294.5
333.1
148.4
184.7
13.1
57.3
1,898.9
289.2
1,609.6
299.8
1,309.8
336.6
149.1
187.5
14.7
57.8
1,914.0
295.9
1,618.0
303.6
1,314.4
340.3
150.4
189.8
15.5
58.4
1,906.8
282.1
1,624.8
303.1
1,321.6
337.5
147.9
189.6
17.5
57.3
1,913.4
291.8
1,621.5
303.4
1,318.2
336.5
148.4
188.1
17.7
57.9
1,913.3
301.5
1,611.8
303.6
1,308.2
342.8
152.7
190.1
14.0
59.4
1,916.9
311.6
1,605.3
304.2
1,301.1
344.1
152.7
191.5
12.9
58.6
2,102.5
2,225.5
2,228.5
2,254.8
2,271.4
2,284.7
2,308.1
2,328.0
2,319.1
2,325.5
2,329.5
2,332.5
114.5
111.8
115.4
109.4
107.4
98.4
100.4
97.1
97.1
95.7
100.1
96.1
17
IS
19
?n
71
??
73
74
?5
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)
7
Not seasonally adjusted
79
30
31
37
33
34
35
36
37
38
39
40
41
4?
43
44
45
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets 6
47
48
49
50
51
5?
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)7
Footnotes appear on p. A21.
1,974.8
523.7
364.7
159.0
1,451.1
277.8
778.1
40.7
737.4
295.4
130.6
164.9
6.7
93.1
77.0
95.3
91.7
2,057.5
548.7
355.6
193.1
1,508.8
292.9
815.5
46.2
769.4
297.9
129.8
168.2
7.5
95.0
99.3
84.6
113.5
2,055.2
544.7
347.7
197.0
1,510.5
295.1
817.3
46.1
771.2
293.0
126.0
166.9
8.2
96.9
113.0
83.3
117.4
2,064.7
542.3
344.2
198.2
1,522.4
297.3
822.0
46.6
775.4
295.9
129.5
166.4
8.4
98.7
119.2
100.2
107.5
2,075.1
543.7
342.6
201.1
1,531.4
297.6
827.6
47.5
780.1
298.2
131.8
166.4
8.2
99.8
112.0
102.5
106.6
2,080.8
547.2
344.4
202.8
1,533.6
298.3
831.5
48.2
783.3
294.9
128.9
166.0
8.2
100.8
110.8
100.7
112.0
2,094.5
552.8
350.0
202.8
1,541.7
299.4
838.2
49.3
788.9
295.6
129.8
165.7
8.2
100.4
109.7
102.1
120.7
2,110.1
562.2
355.5
206.6
1,547.9
297.0
844.3
50.6
793.7
297.1
130.8
166.4
8.3
101.2
112.8
100.5
123.8
2,103.3
559.6
354.5
205.1
1,543.7
297.3
842.7
50.0
792.7
294.1
128.3
165.8
8.3
101.2
112.4
97.4
126.1
2,105.6
558.5
352.3
206.1
1,547.2
297.1
843.0
50.4
792.5
297.0
130.8
166.2
8.4
101.7
113.6
100.5
125.3
2,113.4
563.4
355.6
207.7
1,550.0
296.5
844.3
50.7
793.6
299.6
132.9
166.7
8.3
101.2
110.2
99.9
121.3
2,115.3
565.2
358.0
207.2
1,550.1
297.0
846.6
51.2
795.4
298.1
131.3
166.8
8.2
100.2
113.0
99.5
120.7
2,212.9
2,328.2
2,342.2
2,364.3
2,368.8
2,377.1
2,399.7
2,419.7
2,411.7
2,417.5
2,417.2
2,420.9
1,686.8
292.2
1,394.6
277.7
1,116.9
334.5
164.4
170.0
23.7
47.2
1,821.2
291.9
1,529.3
301.8
1,227.5
335.2
155.6
179.6
16.7
53.5
1,837.4
291.3
1,546.1
298.9
1,247.2
327.3
149.0
178.4
15.4
55.8
1,862.3
293.6
1,568.7
300.8
1,267.9
331.0
148.5
182.5
12.8
56.0
1,856.9
291.8
1,565.1
298.5
1,266.6
334.7
150.0
184.7
16.6
56.8
1,869.8
289.7
1,580.1
296.6
1,283.5
333.1
148.4
184.7
13.1
57.3
1,885.7
287.7
1,598.0
299.8
1,298.2
336.6
149.1
187.5
14.7
57.8
1,901.2
293.2
1,608.0
303.6
1,304.4
340.3
150.4
189.8
15.5
58.4
1,898.2
279.8
1,618.4
303.1
1,315.2
337.5
147.9
189.6
17.5
57.3
1,902.0
289.7
1,612.3
303.4
1,308.9
336.5
148.4
188.1
17.7
57.9
1,893.6
294.1
1,599.6
303.6
1,295.9
342.8
152.7
190.1
14.0
59.4
1,899.7
308.1
1,591.6
304.2
1,287.4
344.1
152.7
191.5
12.9
58.6
2,092.2
2,226.5
2,236.0
2,262.0
2,265.0
2,273.3
2,294.9
2,315.3
2,310.4
2,314.1
2,309.8
2,315.3
120.7
101.7
106.2
102.3
103.8
103.8
104.8
104.4
101.3
103.3
107.4
105.5
A20
1.26
DomesticNonfinancialStatistics • November 2001
COMMERCIAL BANKS IN THE UNITED STATES
Assets and Liabilities1—Continued
E. Foreign-related institutions
Billions of dollars
Monthly averages
Account
2000
Aug.
Wednesday figures
2001
Feb.
Mar.
Apr.
May
2001
June
July
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Seasonally adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
U.S. government securities
4
Other securities
5
Loans and leases in bank credit2 . . . .
6
Commercial and industrial
7
Real estate
Security'
y
Other loans and leases
1U Interbank loans
n Cash assets4
12 Other assets5
583.8
206.1
77.9
128.2
377.7
205.6
18.0
85.2
68.9
22.4
43.9
43.1
608.5
200.1
64.5
135.7
408.3
216.8
18.6
105.3
67.6
28.4
41.6
35.2
622.7
207.4
68.1
139.3
415.3
219.7
18.5
107.1
70.0
30.5
40.5
36.3
626.2
221.0
74.2
146.8
405.1
218.5
17.7
100.7
68.2
28.0'
38.5
39.8
610.3
215.1
69.0
146.1
395,2
216.7'
17.8
92.7
68.0
30.5
36.7
37.4
601.4'
217.2
67.1
150.0'
384.2'
208.7
17.6
90.9
67.0
23.5
35.2
37.3
592.5
218.7
66.9'
151.9
373.8'
204.0
17.8
86.2
65.7
22.3
35.5
31.9
591.1
221.1
65.5
155.6
370.0
202.5
18.1
83.4
66.0
21.6
36.0
29.3
592.7
219.4
64.9
154.5
373.3
203.2
18.1
85.1
66.9
18.2
35.7
29.1
586.3
221.6
65.5
156.1
364.7
203.1
17.9
77.3
66.3
20.6
35.3
27.5
590.7
222.0
65.0
157.0
368.7
202.4
17.9
82.6
65.8
21.9
37.1
28.5
593.3
221.3
66.0
155.3
372.1
201.5
18.5
86.8
65.2
24.6
35.5
33.0
13 Total assets6
692.8
713.3
729.7
732.2
714.6
697.0'
681.9
677.6
675.3
669.3
677.8
686.1
392.2'
10.8
381.4r
200.8
17.2
183.5
24.2
75.5
380.6
10.3
370.3
238.4
22.5
216.0
4.8
77.2
378.2
9.5
368.8
233.4
24.5
208.9
21.8
82.8
394.1
10.8
383.3
240.6
25.9
214.7
4.5
88.6
408.7
10.8
397.9
219.4
21.4
198.0
-4.4
85.4
419.2
9.9
409.4'
216.4
24.2
192.1'
-19.7
83.4'
413.1
9.7
403.4
212.1
24.1
188.0
-16.3
78.7
404.3
10.3
394.0
210.3
22.3
188.0
-12.0
77.6
403.1
9.2
393.9
212.1
22.1
190.0
-13.3
73.9
400.2
10.0
390.2
211.0
27.2
183.8
-15.9
77.1
405.1
10.7
394.4
201.6
16.8
184.9
-2.8
78.9
408.4
10.9
397.5
215.2
23.3
191.9
-14.2
82.1
692.7'
700.9
716.2
727.8
709.1
699.4'
687.5
680.2
675.8
672.4
682.8
691.5
.2'
12.4
13.5
4.3
5.4
-2.3
-5.6
-2.7
-.5
-3.1
-5.0
-5.4
14
15
16
17
18
19
20
21
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
22 Total liabilities
23 Residual (assets less liabilities)1
Not seasonally adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
40 Total assets6
41
42
43
44
45
46
47
48
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
49 Total liabilities
50 Residual (assets less liabilities)7
Footnotes appear on p. A21.
577.4
206.1
77.9
13.8
64.1
128.2
82.9
45.3
371.3
204.3
18.0
81.3
67.6
22.4
42.6
42.7
611.7
200.1
64.5
10.4
54.0
135.7
90.8
44.9
411.6
219.0
18.6
106.3
67.7
28.4
41.8
36.1
617.8
207.4
68.1
9.5
58.5
139.3
94.6
44.7
410.4
220.9
18.5
101.1
69.9
30.5
39.1
36.9
623.3
221.0
74.2
14.8
59.4
146.8
99.6
47.3
402.3'
216.8
17.7
99.3
68.4
28.0'
37.0
38.9
605.6
215.1
69.0
13.8
55.2
146.1
99.3
46.8
390.5
213.6
17.8
91.9
67.2
30.5
35.8
36.8
597.6'
217.2
67.1
13.8
53.3
150.0'
105.6
44.4
380.5
207.6
17.6
88.9
66.3'
23.5
34.1'
36.0
588.0
218.7
66.9'
13.6
53.2
151.9
107.7
44.2
369.3
203.3
17.8
83.4
64.8
22.3
34.3
31.1
584.7
221.1
65.5
12.3
53.2
155.6
111.0
44.6
363.6
201.2
18.1
79.6
64.7
21.6
34.8
29.0
587.7
219.4
64.9
12.1
52.8
154.5
109.2
45.2
368.3
201.8
18.1
83.1
65.3
18.2
34.6
28.7
581.8
221.6
65.5
13.1
52.4
156.1
111.8
44.3
360.2
202.5
17.9
74.8
64.9
20.6
34.3
27.1
583.0
222.0
65.0
12.4
52.6
157.0
111.7
45.3
361.0
201.2
17.9
77.5
64.5
21.9
36.0
28.1
585.6
221.3
66.0
11.7
54.3
155.3
111.4
43.9
364.3
199.5
18.5
81.9
64.4
24.6
34.4
32.9
684.7
717.6
724.0
726.9
708.4
690.9'
675.4
669.8
668.7
663.3
668.7
677.1
381.2r
10.8
370.4'
200.8
17.2
183.5
23.2
75.0
388.8
10.1
378.7
238.4
22.5
216.0
8.0
78.6
382.7
9.2
373.5
233.4
24.5
208.9
22.0
82.8
397.0
10.2
386.7
240.6
25.9
214.7
-.1
86.5
409.9
10.4
399.4
219.4
21.4
198.0
-7.6
83.9
412.1
9.7
402.4'
216.4
24.2
192.1'
-22.9
82.0'
402.9
9.8
393.1
212.1
24.1
188.0
-19.6
77.2
392.6
10.3
382.3
210.3
22.3
188.0
-13.3
77.1
391.1
9.1
382.0
212.1
22.1
190.0
-12.0
74.5
386.9
10.1
376.8
211.0
27.2
183.8
-15.1
77.4
393.2
10.6
382.6
201.6
16.8
184.9
-6.4
77.3
398.2
11.0
387.2
215.2
23.3
191.9
-19.4
79.8
680.2'
713.8
720.9
724.0
705.6
687.6'
672.6
666.7
665.6
660.2
665.7
673.9
4.6'
3.8
3.1
2.9
2.9
3.4'
2.8
3.1
3.1
3.1
2.9
3.3
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A21
Assets and Liabilities 1 —Continued
F. Memo items
Billions of dollars
Wednesday figures
Monthly averages
Account
2000
Aug.'
2001
2001
Feb.
r
1
Mar. "
r
Apr.
May'
June'
July'
Aug.
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items8
2 Revaluation losses on off-balancesheet items8
3 Mortgage-backed securities9
4
Pass-through
5
CMO, REMIC, and other
6 Net unrealized gains (losses) on
available-for-sale securities10
7 Off-shore credit to U.S. residents'' . . . .
8 Securitized consumer loans' 2
9
Credit cards and related plans
10
Other
11 Securitized business loans' 2
12
13
14
15
Small domestically chartered
commercial banks, adjusted for
mergers
Mortgage-backed securities9
Securitized consumer loans' 2
Credit cards and related plans
Other
Foreign-related institutions
16 Revaluation gains on off-balancesheet items8
17 Revaluation losses on off-balancesheet items8
18 Securitized business loans' 2
66.6
77.7
80.8
79.9
82.0
87.2
77.6
87.6
85.4
83.4
86.8
95.4
67.3
243.7
173.9
69.8
81.0
251.6
184.6
67.1
79.8
251.8
186.5
65.3
74.9
258.4
194.6
63.9
74.7
265.4
200.1
65.2
81.5
261.6
200.2
61.4
70.3
261.0
199.4
61.7
76.7
273.9
212.2
61.7
74.4
274.4
210.6
63.8
73.0
269.6
207.2
62.4
76.4
271.6
211.3
60.4
83.9
279.0
219.0
60.0
-8.6
22.1
81.8
72.0
9.8
27.0
2.8
22.7
75.9
67.3
8.6
29.3
3.6
22.6
74.2
66.1
8.1
29.4
3.6
21.7
74.1
66.4
7.7
29.6
2.0
21.0
72.5
65.1
7.4
30.6
1.7
20.6
73.4
66.3
7.1
31.1
-.4
20.2
83.8
76.2
7.5
30.5
.7
19.6
86.3
78.3
8.0
31.3
.6
19.8
83.2
75.3
8.0
31.2
.4
19.8
83.7
75.6
8.0
31.2
.6
19.6
83.0
75.1
7.9
31.3
1.0
19.2
93.1
85.2
7.9
31.4
202.7
223.5
214.8
8.7
216.3
238.0
229.2
8.9
222.7
241.0
232.4
8.7
230.6
243.3
234.7
8.6
235.0
244.5
236.0
8.4
238.2
247.3
238.7
8.5
245.0
228.6
220.0
8.6
251.4
232.7
224.3
8.4
250.3
232.2
223.8
8.5
249.4
231.0
222.5
8.5
251.6
231.5
223.1
8.4
252.8
235.7
227.4
8.4
42.8
49.4
52.7
56.5
56.3
57.2
54.9
57.2
54.6
58.9
57.8
57.8
40.2
33.9
47.0
32.7
49.7
31.9
52.1
30.2
51.8
28.4
52.0
27.7
49.8
27.5
52.0
27.0
49.2
27.3
53.6
27.1
52.8
26.9
52.8
26.5
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. A17-19 are adjusted to
remove the estimated effects of mergers between these two groups. The adjustment for
mergers changes past levels to make them comparable with current levels. Estimated
quantities of balance sheet items acquired in mergers are removed from past data for the bank
group that contained the acquired bank and put into past data for the group containing the
acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a
ratio procedure is used to adjust past levels.
2. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
4. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
5. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
6. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
7. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
9. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
10. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
11. Mainly commercial and industrial loans but also includes an unknown amount of credit
extended to other than nonfinancial businesses.
12. Total amount outstanding.
A22
1.32
DomesticNonfinancialStatistics • November 2001
COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December
2001
Item
1 All issuers
2
3
Financial companies'
Dealer-placed paper, total2
Directly placed paper, total3
4 Nonfinancial companies4
1996
1997
1998
1999
2000
Feb.
Mar.
Apr.
May
June
July
775,371
966,699
1,163,303
1,403,023
1,615,341
1,544,572
1,511,354
1,519,528
1,501,113
1,468,919
1,453,770
361,147
229,662
513,307
252,536
614,142
322,030
786,643
337,240
973,060
298,848
977,791
263,554
978,225
249,420
995,072
247,333
986,369
245,768
982,216
244,520
958,911
265,824
184,563
200,857
227,132
279,140
343,433
303,227
283,711
277,123
268,976
242,183
229,035
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
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)
1. Includes eligible, dollar-denominated bankers acceptances legally payable in the United
States. Eligible acceptances are those that are eligble 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
1997
1998
1999
2000
25,774
14,363
10,094
9,881
736
6,862
523
4,884
461
4,261
462
3,789
10,467
5,413
3,498
3,689
2. Data on bankers dollar acceptances are gathered from approximately 40 institutions;
includes U.S. chartered commercial 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 Loans1
Percent per year
Date of change
1998—Jan.
Sept.
Oct.
Nov.
Rate
1
30
16
18
8.50
8.25
8.00
7.75
1999—July 1
Aug. 25
Nov. 17
8.00
8.25
8.50
2000—Feb. 3
Mar. 22
May 17
8.75
9.00
9.50
2001—Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept
9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
4
1
21
19
16
28
22
18
Period
Average
rate
....
....
....
8.35
8.00
9.23
1998—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.49
1998
1999
2000
8.12
7.89
7.75
1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call
Average
rate
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
Average
rate
2000—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
8.50
8.73
8.83
9.00
9.24
9.50
9.50
9.50
9.50
9.50
9.50
9.50
2001—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
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
2001, week ending
2001
Item
1998
1999
2000
May
June
July
Aug.
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
MONEY MARKET INSTRUMENTS
1 Federal funds'-2-3
2 Discount window borrowing2-4
5.35
4.92
4.97
4.62
6.24
5.73
4.21
3.73
3.97
3.47
3.77
3.25
3.65
3.16
3.79
3.25
3.70
3.25
3.75
3.25
3.63
3.18
3.52
3.00
Commercial paper'5
Nonfinancial
1 -month
2-month
4
5
3-month
5.40
5.38
5.34
5.09
5.14
5.18
6.27
6.29
6.31
4.06
3.98
3.93
3.82
3.73
3.67
3.71
3.63
3.59
3.54
3.47
3.42
3.67
3.57
3.53
3.60
3.52
3.48
3.54
3.46
3.43
3.48
3.42
3.37
3.48
3.41
3.35
Financial
1-month
2-month
3-month
5.42
5.40
5.37
5.11
5.16
5.22
6.28
6.30
6.33
4.08
4.00
3.96
3.84
3.75
3.69
3.73
3.66
3.62
3.57
3.48
3.44
3.71
3.57
3.54
3.62
3.52
3.49
3.57
3.48
3.43
3.49
3.43
3.39
3.50
3.44
3.38
9
10
11
Commercial paper (historical)3-'-7
1 -month
3-month
6-month
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12
13
14
Finance paper, directlx placed (historical)3-'-8
1-month
3-month
6-month
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
15
16
Bankers acceptances^-9
3-month
6-month
5.39
5.30
5.24
5.30
6.23
6.37
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.
17
18
19
Certificates of deposit, secondary market3-'"
1 -month
3-month
6-month
5.49
5.47
5.44
5.19
5.33
5.46
6.35
6.46
6.59
4.11
4.02
4.01
3.86
3.74
3.74
3.76
3.66
3.70
3.59
3.48
3.49
3.70
3.59
3.60
3.64
3.54
3.54
3.57
3.47
3.48
3.53
3.43
3.44
3.54
3.43
3.42
5.45
5.31
6.45
4.01
3.73
3.66
3.47
3.58
3.53
3.45
3.42
3.43
4.78
4.83
4.80
4.64
4.75
4.81
5.82
5.90
5.78
3.62
3.62
3.60
3.49
3.45
3.37
3.51
3.45
3.39
3.36
3.29
3.26
3.46
3.37
3.34
3.41
3.32
3.29
3.34
3.27
3.21
3.33
3.27
3.22
3.33
3.23
n.a.
4.81
4.85
4.85
4.66
4.76
4.78
5.66
5.85
5.85
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.
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
6.11
6.26
6.22
6.16
6.20
6.03
6.23
5.94
3.78
4.26
4.51
4.93
5.24
5.39
5.92
5.78
3.58
4.08
4.35
4.81
5.14
5.28
5.82
5.67
3.62
4.04
4.31
4.76
5.06
5.24
5.75
5.61
3.47
3.76
4.04
4.57
4.84
4.97
5.58
5.48
3.56
3.86
4.14
4.65
4.93
5.13
5.65
5.55
3.50
3.81
4.10
4.66
4.93
5.08
5.65
5.55
3.44
3.73
4.03
4.57
4.84
4.95
5.58
5.49
3.45
3.73
4.01
4.53
4.80
4.90
5.53
5.44
3.44
3.68
3.94
4.47
4.73
4.84
5.48
5.40
5.69
6.14
6.41
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4.93
5.14
5.09
5.28
5.70
5.43
5.58
6.19
5.71
5.15
5.94
5.29
5.03
5.82
5.20
4.79
5.81
5.20
4.89
5.55
5.03
4.96
5.70
5.10
4.92
5.60
5.08
4.89
5.53
5.02
4.85
5.48
4.99
4.82
5.44
4.96
6.87
7.45
7.98
7.69
7.56
7.51
7.37
7.42
7.42
7.37
7.34
7.29
6.53
6.80
6.93
7.22
7.05
7.36
7.53
7.88
7.62
7.83
8.11
8.36
7.29
7.50
7.88
8.07
7.18
7.34
7.73
7.97
7.13
7.27
7.65
7.97
7.02
7.11
7.48
7.85
7.07
7.16
7.55
7.88
7.08
7.16
7.54
7.90
7.03
7.11
7.48
7.85
6.99
7.09
7.46
7.84
6.95
7.05
7.40
7.78
1.49
1.25
1.15
1.23
1.27
1.30
1.34
1.29
1.33
1.34
1.35
1.37
6
7
8
6
20 Eurodollar deposits, 3-month3 "
24
25
26
U.S. Treasury hills
Secondary market3-'
3-month
6-month
1-year
Auction high3 512
3-month
6-month
1-year
27
28
29
30
11
32
13
34
Constant maturities'3
1-year
9
-year
3-year
5-year
7-year
10-year
20-year
30-year
21
22
23
U.S. TREASURY NOTES AND BONDS
Composite
35 More than 10 years (long-term)
STATE AND LOCAL NOTES AND BONDS
Moody's series14
36 Aaa
37 Baa
38 Bond Buyer series15
CORPORATE BONDS
39 Seasoned issues, all industries'6
40
41
42
43
Rating group
Aaa
Aa
A
Baa
MEMO
Dividend-price ratio17
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 the 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 • November 2001
STOCK MARKET
Selected Statistics
2000
Indicator
1999
1998
2001
2000
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
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
550.65
684.35
468.61
190.52
516.65
619.52
775.29
491.62
284.82
530.97
643.71
809.40
414.73
478.99
552.48
645.44
792.66
457.53
444.16
621.62
650.55
796.74
471.21
440.36
634.17
648.05
799.38
482.26
424.53
626.41
603.44
744.21
452.36
395.34
583.38
607.06
747.48
455.22
400.49
587.88
644.44
798.94
477.21
414.69
618.74
630.86
782.73
458.60
382.98
622.17
613.36
756.04
469.80
374.11
614.54
604.52
748.65
458.35
357.76
605.59
6 Standard & Poor's Corporation
t 1911 43 = 10)'
1,085.50
1,327.33
1,427.22
1,330.93
1,335.63
1,305.75
1,185.85
1,189.84
1,270.37
1,238.71
1,204.45
1,178.51
682.69
770.90
922.22
870.16
898.18
923.99
891.22
891.18
940.73
923.06
892.74
883.01
666,534
28,870
799,554
32,629
1,026,867
51,437
1,183,149
73,759
1,299,986
72,312
1,117,977
70,648
1,251,569
81,666
1,247,382
77,612
1,091,366
66,103
1,152,193
62,395
1,120,074
56,735
1,012,907
48,304
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers 3
Free credit balances at brokers4
11 Margin accounts 5
12 Cash accounts
140,980
228,530
198,790
198,790
197,110
186,810
165,350
166,940
174,180
170,000
165,250
161,130
40,250
62,450
55,130
79,070
100,680
84,400
100,680
84,400
90,380
81,380
99,390
78,660
106,300
77,520
97,470
77,460
91,990
76,260
98,430
75,270
97,950
73,490
103,990
73,710
Margin requirements (percent of market value and effective date) 6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
Jan. 3, 1974
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
50
50
50
1. In July 1976 a financial group, composed of banks and insurance companies, was added
to the group of stocks on which the index is based. The index is now based on 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and
40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.
6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.
Federal Finance
1.38
A25
FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Fiscal year
Calendar year
Type of account or operation
2001
1998
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 Other2
1999
2000
Mar.
Apr.
May
June
July
Aug.
1,721,798
1,305,999
415,799
1,652,619
1,336,015
316,604
69,179
-30,016
99,195
1,827,302
1.382,986
444,468
1,702,875
1.382.097
320,778
124.579
889
123,690
2,025,218
1,544,634
480,584
1,788,826
1,458.061
330,765
236,392
86,573
149.819
130,071
84,120
45,951
180,733
145,182
35,550
-50,662
-61,062
10,401
331,796
278,611
53,185
141,999
109,938
32,062
189,796
168,673
21,123
125,590
84,759
40,831
153.508
118.517
34,992
-27,919
—33.758
5,839
202,887
151,482
51.405
171,025
167,796
3.229
31,862
-16.314
48.176
127,842
89,473
38,369
I25,022r
92,145'
32.877
2.820r
-2,672'
5,492
122,559
84.011
38,548
202,549
138.167
64.382
-79.990
-54.156
-25,834
-51,211
4,743
-22,711
-88,674
-17,580
-18.325
-222,672
3,799
-17,519
32,557
-7.171
25.276
-135,572
-36,846
-17,378
-20,608
58,856
-10,329
-1,212
-37.413
6,763
-7,460'
20,589
-15,949'
74,101
16,769
-10,880
38,878
4,952
33,926
56.458
6,641
49,817
52,659
8,459
44,199
28,284
5.657
22,627
65,130
7,894
57,236
6,274
4,396
1,878
43,687
7,188
36,498
23.098
5,592
17.506
6.329
5.533
795
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, and 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: and fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. Government when available.
A26
1.39
DomesticNonfinancialStatistics • November 2001
U.S. BUDGET RECEIPTS AND OUTLAYS'
Millions of dollars
Fiscal year
Calendar year
Source or type
1999
1999
2000
2001
2001
2000
H2
HI
H2
HI
June
July
Aug.
RECEIPTS
1
All sources
2 Individual income taxes, net
3
Withheld
4
Nonwithheld
5
Refunds
Corporation income taxes
6
Gross receipts
7
Refunds
8 Social insurance taxes and contributions, net . . . .
9
Employment taxes and contributions2
10
Unemployment insurance
11
Other net receipts3
12
13
14
15
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts4
1,827,302
2,025,218
892,266
1,089,763
952,942
1,120,040
202,887
127,842
122,559
879.480
693,940
308,185
122,706
1,004,462
780,397
358,049
134,046
425,451
372,012
68,302
14,841
550,208
388,526
281,103
119,477
458.679
395,572
77,732
14,628
580,632
402,417
308,418
130,256
93,676
53,125
43,804
3,263
60,466
65,601
5,029
10,165
52,020
66,415
6,435
20.831
216.324
31,645
611,833
580,880
26,480
4.473
235,655
28,367
652,852
620,451
27,640
4,761
110,111
13,996
292,551
280,059
10,173
2,319
119,166
13.781
353,514
333,584
17,562
2,368
123,962
15,776
310,122
297,665
10,097
2,360
102,947
20,262
379,878
359,648
17,842
2,387
31,563
1,617
66,732
66,039
344
349
5,036
2,328
52,154
49,672
2,128
355
4,618
1,475
53.692
49,974
3,294
424
70,414
18,336
27,782
34,929
68,865
19,914
29,010
42,826
34,262
10,287
14,001
19,569
33,532
9.218
15,073
22,831
35,501
10,676
13,216
16,556
32,490
9,370
15,471
19,517
5,965
1,571
2,058
2,939
5,733
1,755
2,099
2,926
5,438
1,926
2,196
4,142
OUTLAYS
16 All types
1,702,875
1,788,826
882,465
892,947
894,905
948,750
171,025
125,022R
202,549
17
18
19
20
21
22
National defense
International affairs
General science, space, and technology
Energy
Natural resources and environment
Agriculture
274,873
15,243
18,125
912
23,970
23,011
294,494
17,216
18,637
-1,060
25,031
36,641
149,573
8,530
10,089
-90
12,100
20,887
143,476
7,250
9,601
-893
10,814
11.164
147,651
11,902
10,389
-595
12,907
20,977
153.154
6,522
10,073
-244
11,059
10,832
29,382
2,318
1,821
536
1,915
893
22,153
413
1,642
-117
1,757
240
30,393
260
2,014
-68
2,087
6,226
23
24
25
26
Commerce and housing credit
Transportation
Community and regional development
Education, training, employment, and
social services
2,649
42,531
11.870
3,211
46,854
10,629
7,353
23,199
6,806
-2,497
21,054
5,050
4,408
25,841
5,962
-1,539
23,810
5,265
33
4,643
1,205
-13,479
4,327
1,598
4,287
5,433
1,450
56,402
59,201
27,532
31,234
29,263
35,698
6,502
4,291
1,751
27 Health
28 Social security and Medicare
29 Income security
141,079
580,488
237,707
154,534
606,549
247,895
74,490
295.030
113,504
75,871
306,966
133,915
81,413
307,473
113,212
87,427
328,072
146,913
15,768
61,115
21,667
14,094
52,621
17,282
15,419
86,197
24,025
30
31
32
33
34
43,212
25,924
15,771
229,735
-40,445
47,083
27,820
13,454
223.218
-42,581
23,412
13,459
7,010
112,420
-22,850
23,174
13,981
6,198
115,545
-19,346
22,615
14,635
6,461
104,685
-24,070
23,171
14,694
8.887
107,824
-22,865
5,619
2,320
2,669
15,912
-3,294
2,150
2,202
625
17,287
-3,765
6,199
2,647
261
17,426
-3,459
Veterans benefits and services
Administration of justice
General government
Net interest5
Undistributed offsetting receipts6
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 2002; 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 m o n t h
1999
2001
2000
Item
June 30
Sept. 30
1 Federal debt outstanding
5,668
2 Public debt securities
3
Held by public
4
Held by agencies
5,639
3,685
1,954
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
Mar. 31
June 30
5,702
5,690
5,801
5,754
5,674
3,439
2,236
5,662
3,414
2,249
5.774
3,434
2,339
5,727
3,274
2,453
28
28
0
28
28
0
27
27
0
27
27
0
27
27
0
Dec. 31
Mar. 31
June 30
Sept. 30
5,685
5,805
5,802
5,714
5,656
3,667
1,989
5,776
3,716
2,061
5,773
3,688
2,085
5,686
3,496
2,190
29
28
1
29
28
1
29
28
1
28
28
0
5,552
5,568
5,687
5,687
5,601
5,592
5,581
5,693
5,645
5,552
0
5,568
0
5,687
0
5,686
0
5,601
0
5,591
0
5.580
0
5,692
0
5,645
0
5,950
5,950
5,950
5,950
5,950
5,950
5,950
5,950
5.950
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 U.S. TREASURY
SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasuty Statement.
Types and Ownership
Billions of dollars, end of period
2000
Type and holder
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds'
Nonmarketable2
State and local government series
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder5
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks6
18 Private investors
19
Depository institutions
20
Mutual funds
21
Insurance companies
22
State and local treasuries7
Individuals
23
Savings bonds
24
Pension funds
25
Private
26
State and Local
27
Foreign and international8
28
Other miscellaneous investors7'1*
1997
1999
2001
2000
Q3
Q4
Ql
Q2
5,502.4
5,614.2
5,776.1
5,662.2
5,674.2
5,662.2
5,773.7
5,726.8
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
67.6
2,249.9
165.3
34.3
34.3
.0
180.3
1,840.0
8.8
5,766.1
3,281.0
737.1
1,784.5
643.7
100.7
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0
5,618.1
2,966.9
646.9
1,557.3
626.5
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2
5,622.1
2,992.8
616.2
1,611.3
635.3
115.0
2,629.3
153.3
25.4
25.4
.0
177.7
2.242.9
52.1
5,618.1
2,966.9
646.9
1.557.3
626.5
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2
5,752.0
2,981.9
712.0
1,499.0
627.9
128.0
2,770.0
152.9
24.7
24.7
.0
177.4
2,360.3
46.5
5.682.8
2,822.3
620.1
1,441.0
616.9
129.3
2,860.5
153.3
24.0
24.0
.0
178.4
2,474.7
44.0
1,657.1
430.7
3,414.6
300.3
321.5
176.6
239.3
1,828.1
452.1
3,334.0
237.3
343.2
144.5
269.3
2,064.2
478.0
3,233.9
246.5
348.6
125.3
266.8
2,270.2
511.7
2,880.4
197.8
339.0
116.6
246.2
2,226.5
511.4
2,936.2
218.3
324.3
119.3
241.9
2,270.2
511.7
2,880.4
197.8
339.0
116.6
246.2
2,357.0
523.9
2,892.9
187.3r
348.8'
101.9'
224.0'
2,469.1
535.1
2,722.6
192.1
352.3
92.9
216.5
186.5
360.5
143.5
216.9
1,241.6
589.5
186.6
375.3
157.6
217.7
1,278.7
499.0
186.4
378.9
167.7
211.2
1,268.7
410.8
184.8
387.7
181.6
206.1
1,201.4
218.3
184.3
383.1
179.2
203.9
1,225.2
237.9
184.8
387.7
181.6
206.1
1.201.4
218.3
184.8
326.5'
131.2'
195.3'
1,196.1'
250.9
186.0
320.2
129.2
191.0
1,167.1
n.a.
1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.
7. In March 1996. in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State
and local treasuries." The data shown here have been revised accordingly.
1998
8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.
Excludes Treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the
Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow
of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin.
unless otherwise noted.
A28
1.42
DomesticNonfinancialStatistics • November 2001
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
2001
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
27.315
30,377
27,768
29,590
23,622
26,988
30,840
35.563
35,368
37,919
92.942
118,453
91,633
97,837
86,805
83,376
77,381
94,245
87,669
98,442
83,923
65,463
83,923
64,438
63,566
58.615
68,448
63,452
77,693
71,434
58,773
n.a.
n.a.
1,833
58,180
17,804
1,384
53,709
16.682
2,433
58,180
17,804
2,284
46,626
14,140
4,228
51,906
16,488
2,020
54.098
16,533
1,485
62,093
19,726
1,966
61,834
14,668
1,286
73,293
18,649
1,532
68,205
16,301
1,511
55,096
16,474
1,335
55,738
53,216
55,388
62,549
51.438
59,603
53,512
53,819
53,032
58,298
58,171
56,277
n.a.
12.880
11,194
12,880
11,104
10,384
12,218
10,196
9,568
12,738
11,509
12,685
n.a.
8,360
7,594
8,360
10,663
6,535
5,842
6,889
6,685
10,188
8,329
9,356
n.a.
n.a.
7,640
736
6,802
966
7.640
736
4,612
458
8,647
1,192
6,589
1,332
7,078
976
5,398
920
6,980
1,726
8,110
1,798
4.893
1,038
100.310
96,113
95,997'
72,376
141,762
94,954
72.707
73,406
137,390
144.267
72,122
84,064
n.a.
n.a.
85.207
17,686
75,223
16,050
85,207
17,686
78.254
10,464
77,765
14,028
69,968
18,994
69,835
21,063
72.625
18,062
75.453
21,347
84,613
17.662
82,019
13,607
151,800
130,715
120,946
143,664
120.382
124,550
111,000
118,222
123,378
145,693
133,240
126,293
12,451
32,101
n.a.
14,142
30,517
2,036
10,018
28,194'
1,012
10,174
19,806
2,036
8,839
35,719
509
11,428
25,910
878
9,803
27,626
1,116
9,918
22,692
1,168
10,250
39,533
891
11.988
41,535
1,119
13.356
24,581
747
10,031
25,495
524
142,180
129,696
137,597
167,355
128,451
136,857
130,158
144.374
126,083
155,282
147,248
141,747
70,798
68,209
n.a.
70,510
65,596
100.856
71,926
67,804'
90,261
81,991
52,570
100,856
69,436
106,043
88,209
74,933
69,044
90,914
69,689
45,081
87,846
69,041
50,714
89,731
65,352
97,858
89,796
77,942
102,732
95,681
74,562
47,541
101,527
74,217
58,569
95,102
May
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
More than three but less than or
3
equal to six years
4
More than six but less than or equal
to eleven years
More than eleven
5
6
Inflation-indexed2
7
8
9
10
11
12
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed
Corporate securities
13
One year or less
More than one year
14
15
16
17
18
19
20
21
22
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
With other
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
2001, week ending
June
July
23,093
26.141
n.a.
118,453
n.a.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgagebacked. and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.
NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4. 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.
Federal Finance
1.43
U.S. GOVERNMENT SECURITIES DEALERS
A29
Positions and Financing1
Millions of dollars
2001, week ending
2001
Item
May
June
July
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
NET OUTRIGHT POSITIONS2
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
Inflation-indexed
6
7
8
9
10
11
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven
3,445
7,014
7,110
7,016
3,630
5,328
12,864
22,024
24,180
18,543
n.a.
-16,969
-16,714
-16,969
-17,242
-17,252
-14,762
-17,577
-20,199
-15,892
-15,962
n.a.
-15,221
-15,174
-15,221
-18,066
-17,139
-12,905
-12.125
-10,486
-11,933
-11,105
n.a.
n.a.
4,128
-16,118
10,239
3,491
-18,610
10,090
2,311
-16,118
10.239
2,451
-18,140
9,644
1.872
-18,931
10,399
2,179
-18,835
11,092
2,424
-20,184
8.984
2,750
-17,077
8,063
2,806
-16,033
7,845
3,298
-13,623
9,466
3,412
51,428
55,075
56,172
55,120
49,408
51,532
64,209
60,799
56,493
58,231
53.986
n.a.
23,625
23,494
23,625
26,986
22,279
23,838
20,347
18,422
19,154
17,160
n.a.
-3,096
-1,445
-3,096
-458
-1,020
-1.738
-1,648
-3,007
-1,822
-2,845
n.a.
n.a.
2,472
4,190
3,962
3,910
2,472
4,190
2,849
4,063
5,099
3,854
4.077
3,697
4,791
3,860
4,984
3,871
4,204
4,003
2,320
3,309
-332
12 Mortgage-backed
16.811
17,928
12,840
14,027
8,874
10,645
16,267
15,239
9,521
15,715
11,180
Corporate securities
13
One year or less
14
More than one year
n.a.
n.a.
16,541
23,106
15,038
25,410
16,541
23,106
14,244
26,100
15,221
26,716
14,292
24,437
15.621
25,753
14,440
29,678
15,675
30,291
15.685
26,939
FINANCING1
Securities in
U.S. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term
MEMO: Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out
U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
31 Overnight and continuing
32 Term
MEMO: Repurchase agreements
33 Overnight and continuing
34 Term
n.a.
n.a.
510,993
711,949
532,092
751,848
510,993
711,949
534,843
722,028
532,146
746,996
525,614
782,288
550,444
783,387
529,020
813,503
565,181
617,222
576,481
646,639
n.a.
n.a.
110,263
159,641
113,178
163,334
110,263
159,641
111,565
165,053
108,715
162,392
113,626
162,658
121,687
165,677
113,903
176,572
119,237
175,140
120,188
180,507
n.a.
n.a.
20,813
197,977
23.186
199,969
20,813
197,977
23,216
199,037
21,796
195,696
24,601
201,505
24,706
205,577
22,829
219,673
20,670
224,292
26,448
225,582
n.a.
n.a.
34.229
14,179
34,288
13,672
34,229
14,179
34,131
13,428
34,851
13,286
34,192
13,788
33,968
13,935
33,269
13,880
33,602
12,921
33,655
13,149
365,246
1,031,773
347,687
1,004,418
335,502
959,291
353,063
992,190
342,573
1,001,645
335,653
1,020,752
369,543
1,032,948
338,425
1,094,219
370,479
906,175
385,361
948,932
n.a.
n.a.
482,344
665,178
521,688
688,710
482,344
665,178
533,787
657,251
524,882
678,441
513,567
717,126
539,549
719,926
532,719
744,378
574,611
543,388
584,733
584,863
n.a.
n.a.
192,185
137,932
215.274
123,248
192,185
137,932
215,948
117,200
218,060
119,367
217,251
122,451
224,325
125,972
207,367
142,663
219,508
145,730
206,544
150,516
n.a.
n.a.
222,096
117,555
254,481
101,794
222,096
117,555
242,794
95,570
259,777
99,190
272,326
102,340
262,710
100,950
265,913
107,508
282,028
107,100
299,660
116,106
n.a.
n.a.
77,335
15,523
81,804
11,043
77,335
15,523
80,130
9,349
83,145
9,893
85,025
10,862
81,415
11,586
78,459
11,990
85,228
11,978
82,574
11,913
865,375
877,681
890,043
934,264
940,177
890,275
840,245
808,711
941,099
854,252
962,203
888,912
947,490
934,202
971,493
937,019
955,579
985,221
1,024,332
786,273
1,036,472
841,701
383,190
953,256
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4. 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
A30
1.44
DomesticNonfinancialStatistics • November 2001
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
Debt Outstanding
Millions of dollars, end of period
2001
Agency
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2-3
Federal Housing Administration4
5
6
Government National Mortgage Association certificates of
participation3
/
Postal Service6
8
Tennessee Valley Authority
United States Railway Association6
9
10 Federally sponsored agencies7
Federal Home Loan Banks
11
12
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
13
14
Farm Credit Banks8
15
Student Loan Marketing Association9
16
Financing Corporation
17
Farm Credit Financial Assistance Corporation"
18
Resolution Funding Corporation12
1997
1998
1999
2000
Feb.
Mar.
Apr.
n.a.
May
June
n.a.
n.a.
1,022,609
1,296,477
1,616,492
1,851,632
1,917,503
1,919,761
27,792
6
552
102
26,502
6
n.a.
205
26,376
6
n.a.
126
25,666
6
n.a.
255
25.141
6
n.a.
291
25,063
6
n.a.
307
25.024
6
n.a.
315
25.070
6
n.a.
201
n.a.
n.a.
n.a.
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.
25,660
n.a.
n.a.
n.a.
25,135
n.a.
n.a.
n.a.
25,057
n.a.
n.a.
n.a.
25,018
n.a.
n.a.
n.a.
25.064
n.a.
n.a.
n.a.
n.a.
n.a.
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
1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996
1,892,362
598.586
455.623
668,200
73,647
53,886
8,170
1,261
29,996
1,894,698
602,824
461.338
666,600
74.174
47,322
8,170
1,261
29,996
n.a.
595.562
478,447
682,500
74,456
48,468
8,170
1,261
29.996
n.a.
592,406
490,442
693,600
75,363
48,255
8,170
1,261
29,996
n.a.
595.148
496,711
702,300
76,330
47.687
8,170
1.261
29,996
49,090
44,129
42,152
40,575
38,924
39,341
39,065
42,837
n.a.
552
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13,530
14,898
20,110
9,500
14,091
20,538
6,665
14,085
21,402
5,275
13,126
22,174
5,155
13,281
20,488
5,155
13,371
20,815
5,155
13,371
20,539
5,540
12,989
24,308
n.a.
n.a.
n.a.
MEMO
19 Federal Financing Bank debt 13
20
21
22
23
24
Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6
Other lendingu
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other
1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.
10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.
Securities Markets and Corporate Finance
1.45
NEW SECURITY ISSUES
A31
Tax-Exempt State and Local Governments
Millions of dollars
2001
Type of issue or issuer,
or use
1998
1999
2000
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1 All issues, new and refunding 1
262,342
215,427
180,403
11,255
19,829
24,495
16,985
26,248
29,298
19,232
21,152
By type of issue
7 General obligation
3 Revenue
87,015
175,327
73,308
142,120
64,475
115,928
6,256
4.999
9,389
10,441
7,668
16,827
6,890
10,094
8,385
17.863
9,691
19,606
5,836
13,396
8,796
12,356
By type of issuer
4 State
Special district or statutory authority2
6 Municipality, county, or township
23,506
178.421
60,173
16.376
152,418
46,634
19,944
111.695
39.273
1.738
7,061
2,456
3,268
11,011
5.550
1,893
17,280
5,323
1,900
113,344
3,740
3.123
17.281
5,845
2,905
20,672
5,721
2,029
11,784
5,419
2,713
12,351
6,088
7 Issues for new capital
160,568
161,065
154,257
8,758
13,384
15,387
12,264
20,002
20,044
15,015
13,550
36,904
19,926
21,037
n.a.
8,594
42,450
36,563
17,394
15,098
n.a.
9,099
47,896
38.665
19,730
11,917
n.a.
7.122
47,309
2,786
780
678
n.a.
63
3.013
3,102
2,411
1,335
n.a.
281
4,742
5,343
1,219
1.677
n.a.
396
4,368
3,731
1,381
1,447
n.a.
436
3,010
5,714
2,522
2,969
n.a.
422
4.736
6,460
1,258
3,191
n.a.
443
5,047
3,379
3,160
1,055
n.a.
508
3,803
2,950
1,669
1,228
n.a.
708
4,524
By use of proceeds
X Education
9 Transportation
10 Utilities and conservation
1 1 Social welfare
P Industrial aid
13 Other purposes
1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.
1.46
NEW SECURITY ISSUES
SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest
before then.
U.S. Corporations
Millions of dollars
2001
2000
Type of issue, offering,
or issuer
1998
1999
2000
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
1 All issues'
1,128,491
1,072,866
942,198
61,378
125,894
96,206
139,267
92,778
164,563
122,773
93,451
2
2 Bonds
1,001,736
941,298
807,281
58,713
118,372
88,806
127,956
86,274
154,623
102,476
84,872
923,771
77,965
818.683
122,615
684,484
122,798
57,189
1,525
115,583
2,789
86.146
2,660
118,779
9,177
81,156
5,117
146,164
8,459
96,382
6,094
79,508
5,364
n.a.
3,709
26
1,897
652
0
2,563
3,146
12
By type of offering
Sold in the United States
4 Sold abroad
MEMO
5 Private placements, domestic
n.a.
n.a.
BY industry group
6 Nonfinancial
7 Financial
307.711
694,025
293,963
647,335
242,452
564,829
18,219
40,495
44,443
73,928
34.604
54,201
44,385
83,571
33,549
52,725
67,142
87,481
34,996
67,480
18,904
65,968
8 Stocks'
182,055
223,968
283,717
15,065
7,522
7,400
11,311
6,504
9,940
20,297
8,579
By type of offering
9 Public
10 Private placement4
126,755
55,300
131,568
92,400
134,917
148,800
2,665
12,400
7,522
n.a.
7,400
n.a.
11.311
n.a.
6,504
n.a.
9,940
n.a.
20,297
n.a.
8,579
n.a.
By industry group
11 Nonfinancial
12 Financial
74,113
52,642
110,284
21,284
118.369
16,548
2,146
519
4,356
3,166
4,463
2,937
7,718
3,593
4,822
1,682
6,809
3,131
16,630
3,667
4.237
4,342
I. 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 • November 2001
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets'
Millions of dollars
2001
Item
1999
2000
Feb.
Jan.
Mar.
Apr.
May
June
July'
Aug.
1 Sales of own shares 2
1,791,894
2,279,315
206,765
148,362
162,548
152,327
158,361
139,270
138,428
142,628
2 Redemptions of own shares
3 Net sales3
1,621,987
169,906
2,057,277
222,038
171,819
34,946
141,663
6,699
175,633
-13,085
130,454
21,873
132,574
25.787
125,097
14,173
129,021
9,407
132,018
10,610
5,233,191
5,123,747
5,280,222
4,879,229
4,594,182
4,910,568
4,956,982
4,888,874
4,825,144
4,636,249
219,189
5,014,002
277,386
4,846,361
280,472
4,999,750
274,077
4,605,152
241,518
4,352,664
247,169
4,663,399
237,487
4,719,495
240,199
4,648,675
240,392
4,584,752
240,618
4,395,631
4 Assets
4
5 Cash5
6 Other
4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE. Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.
1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.
1.48
CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted annual rates
1999
Account
1 Profits with inventory valuation and
capital consumption adjustment
2 Profits before taxes
3 Profits-tax liability
4 Profits after tax
5
Dividends
6
Undistributed profits
7 Inventory valuation
8 Capital consumption adjustment
1998
1999
2000
2001
2000
Q3
Q4
Qi
Q2
Q3
Q4
Qi
Q2
777.4
721.1
238.8
482.3
348.7
133.6
825.2
776.3
253.0
523.3
343.5
179.8
876.4
845.4
271.5
573.9
379.6
194.3
800.2
765.8
250.7
515.1
342.2
172.9
857.6
825.0
267.3
557.7
349.6
208.1
870.3
844.9
277.0
567.8
361.5
206.3
892.8
862.0
280.4
581.6
373.7
207.9
895.0
858.3
274.9
583.4
386.2
197.2
847.6
816.5
253.5
563.0
397.0
165.9
789.8
755.7
236.8
518.9
405.2
113.7
759.8
738.3
228.0
510.3
412.3
98.0
18.3
38.0
-2.9
51.7
-12.4
43.4
-17.7
52.1
-21.0
53.6
-23.8
49.2
-14.8
45.5
-3.6
40.4
-7.3
38.4
-1.9
36.0
-8.8
30.3'
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
1999
Account
1998
2000
2001
2000
1999
Q4
Qi
Q2'
Q3
Q4
QI'
Q2
ASSETS
1 Accounts receivable, gross2
2
Consumer
3
Business
4
Real estate
711.7
261.8
347.5
102.3
811.5
279.8
405.2
126.5
915.6
296.1
471.1
148.3
811.5
279.8
405.2
126.5
848.7
285.4
434.6
128.8
884.4
294.1
454.1
136.2
900.1
301.9
455.7
142.4
915.6
296.1
471.1
148.3
910.7
287.2
471.7
151.8
929.9
290.7
481.8
157.4
56.3
13.8
53.5
13.5
60.0
15.1
53.5
13.5
54.0
14.0
57.0
14.4
58.8
14.2
60.0
15.1
60.2
15.6
61.9
16.0
7 Accounts receivable, net
8 All other
641.6
337.9
744.6
406.3
840.5
461.8
744.6
406.3
780.7
412.7
813.1
419.4
827.1
441.4
840.5
461.8
834.9
475.5
852.0
486.2
9 Total assets
979.5
1,150.9
1,302.4
1,150.9
1,193.4
1,232.4
1,268.4
1,302.4
1,310.4
1,338.2
26.3
231.5
35.1
227.9
35.6
235.2
35.1
227.9
28.5
230.2
33.3
234.2
35.4
215.6
35.6
235.2
41.4
178.2
45.2
177.3
61.8
339.7
203.2
117.0
123.8
397.0
222.7
144.5
146.5
463.8
279.7
141.6
123.8
397.0
222.7
144.5
145.1
412.0
247.6
130.1
136.8
445.1
249.6
135.3
144.3
465.5
269.2
138.3
146.5
463.8
279.7
141.6
138.4
501.8
299.7
150.8
145.9
504.6
309.8
155.5
979.5
1,150.9
1,302.4
1,150.9
1,193.4
1,234.4
1,268.4
1,302.4
1,310.4
1,338.2
5 LESS:
6
Reserves for unearned income
Reserves for losses
LIABILITIES AND CAPITAL
10 Bank loans
11 Commercial paper
12
13
14
15
Debt
Owed to parent
Not elsewhere classified
All other liabilities
Capital, surplus, and undivided profits
16 Total liabilities and capital
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.
2. Before deduction for unearned income and losses. Excludes pools of securitized assets,
Securities Markets and Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
A33
Owned and Managed Receivables'
Billions of dollars, amounts outstanding
2001
Type of credit
Feb.'
Mar.'
Apr.'
May
June
July
Seasonally adjusted
1 Total
875.8
993.9
1,145.2
1,160.6
1,159.8
1,172.7
1,173.7
1,180.2'
1,186.9
?
3
4
352.8
131.4
391.6
385.3
154.7
453.9
439.3
174.9
531.0
448.0
179.0
533.6
450.9
177.7
531.1
455.9
182.5
534.2
453.4
184.4
535.9
452.3'
183.6
544.2
453.3
187.1
546.6
Consumer
Real estate
Business
Not seasonally adjusted
5 Total
6
7
X
9
in
11
i?
13
14
15
16
17
18
19
70
21
22
23
74
25
26
77
28
29
30
31
32.
33
M
15
36
Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other1
Securitized assets4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables6
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6
884.0
1,003.2
1,160.6
1,164.2
1,175.0
1,176.9
l,186.2 r
1,181.5
450.6
126.9
101.4
36.0
28.1
450.9
127.6
100.6
37.5
26.4
453.1'
127.5'
99.7
37.4'
26.1'
455.1
128.7
99.5
37.5
26.4
356.1
103.1
93.3
32.3
33.1
388.8
114.7
98.3
33.8
33.1
443.4
122.5
102.9
38.3
32.4
446.0
118.5
102.4
36.9
32.0
446.9
118.9
101.3
35.6
31.3
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
97.1
6.6
27.5
16.0
174.9
105.4
42.9
105.2
6.9
28.4
15.5
179.0
109.5
43.4
108.0
6.6
28.8
16.2
177.7
108.1
43.8
106.1
7.0
29.1
16.0
182.5
112.3
43.8
107.7
6.9
28.4
15.7
184.4
114.4
43.9
110.2
7.6
29.1
15.5
183.6
113.3
44.2
111.4
7.4
29.1
15.2
187.1
117.1
44.0
29.0
.1
396.5
79.6
28.1
32.8
18.7
198.0
50.4
147.6
69.9
28.0
9
459.6
87.8
33.2
34.7
19.9
221.9
52.2
169.7
95.5
24.7
1.9
537.7
95.2
31.0
39.6
24.6
267.3
56.2
211.1
108.6
24.2
1.9
535.6
93.6
30.7
37.6
25.3
262.5
55.6
206.9
114.5
23.9
1.9
539.7
91.9
30.5
35.8
25.6
264.6
57.1
207.5
115.2
23.8
2.6
541.9
91.0
29.9
35.3
25.8
269.2
57.7
211.5
113.5
23.6
2.6
541.6
90.8
29.8
35.2
25.8
271.4
58.4
213.0
112.1
23.4
2.8
549.5
91.9
29.4
36.6
25.8
276.0
60.7
215.3
113.9
23.2
2.8
539.3
87.6
29.5
32.4
25.7
272.6
59.0
213.6
112.0
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
37.8
3.2
32.5
2.2
23.1
15.5
7.6
5.6
37.2
2.9
31.7
2.6
22.2
14.5
7.8
5.6
40.0
2.8
34.5
2.6
22.5
14.6
7.9
5.6
40.3
3.1
34.6
2.6
22.2
14.4
7.8
5.7
40.0
3.0
34.3
2.7
21.6
13.9
7.7
5.7
39.0
3.1
33.4
2.6
22.6
15.2
7.5
6.0
38.2
2.9
32.7
2.6
23.0
15.2
7.8
6.0
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 reclassificaton 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
1,156.0
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 • November 2001
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
2001
Feb.
Mar.
Apr.
May
June
July
Aug.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
Terms1
1 Purchase price (thousands of dollars)
2 Amount of loan (thousands of dollars)
3 Loan-to-price ratio (percent)
4 Maturity (years)
Fees and charges (percent of loan amount)2
Yield (percent per year)
6 Contract rate1
1 Effective rate 13
8 Contract rate (HUD series)4
195.2
151.1
80.0
28.4
.89
210.7
161.7
78.7
28.8
.77
234.5
177.0
77.4
29.2
.70
245.0
185.4
77.9
29.0
.70
244.5
182.9
77.2
28.8
.66
240.8
181.5
77.6
28.5
.71
241.4
181.4
77.6
28.6
.69
250.6
188.7
77.3
28.7
.66
242.9
182.7
77.3
28.8
.66
241.5
181.3
76.6
28.7
.61
6.95
7.08
7.00
6.94
7.06
7.45
7.41
7.52
n.a.
6.99
7.10
n.a.
6.94
7.04
n.a.
6.96
7.07
n.a.
7.02
7.12
n.a.
7.02
7.12
n.a.
7.01
7.11
n.a.
7.06
7.15
n.a.
7.04
6.43
7.74
7.03
n.a.
7.57
n.a.
6.61
n.a.
6.41
n.a.
6.53
n.a.
6.61
n.a.
6.55
n.a.
6.49
n.a.
6.29
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
24,430
26,082
22,111
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)5
10 GNMA securities6
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
12
FHA/VA insured
13
Conventional
414,515
33,770
380,745
523,941
55,318
468,623
610,122
61,539
548,583
632,850
63,337
569,513
14 Mortgage transactions purchased (during period)
188,448
195,210
154,231
Mortgage commitments (during period)
13 Issued7
16 To sell8
193,795
1,880
187,948
5,900
Mortgage holdings (end of period )8
17 Total
18
FHA/VA insured
Conventional
19
255,010
785
254,225
Mortgage transactions (during period)
20 Purchases
21 Sales
22 Mortgage commitments contracted (during period)9
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
17,230
20,899
24,015
163,689
11,786
25,471
835
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
324,443
1,836
322,607
385,693
3,332
382,361
407,086
3,319
403.767
421.655
3,329
418,326
430,960
2,878
428,082
437,582
2,785
434,797
443,810
2,738
441,072
454,485
2,689
451,796
465,553
2,643
462,910
267,402
250,565
239,793
233,031
174,043
166,901
16,536
15,549
24,648
23,367
n.a.
31,219
n.a.
33,670
n.a.
38,133
n.a.
44,574
n.a.
33,933
281,899
228,432
169,231
17,664
26,682
32,758
39,897
37,312
43,788
34,087
16.825
FEDERAL HOME LOAN MORTGAGE 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 US.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.
6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.
Real Estate
1.54
A3 5
MORTGAGE DEBT OUTSTANDING 1
Millions of dollars, end of period
2001
2000
Type of holder and property
1998
1997
1999
Qi
Q2
Q3
Q4
Ql
1 All holders
5,198,237
5,698,389
6,326,415
6,426,515
6,592,329
6,744,667
6,889,962
7,016,475
By type of property
7 One- to four-family residences
3 Multifamily residences
4 Nonfarm, nonresidential
5
3,968,218
302,642
837,077
90,300
4,348,553
330,718
922,612
96,506
4,773,876
372,619
1,076,958
102,962
4,832,886
387,188
1,102,565
103,875
4,962,031
390,753
1,133,107
106,437
5,087,538
399,232
1,149,940
107,957
5,193,000
409,216
1.178.909
108,836
5,284,886
418,762
1.202,752
110,075
2,084,000
1,245,334
745,777
50,705
421,865
26,987
631,826
520,782
59,540
51,150
354
206,840
7,187
30,402
158.779
10,472
2,195,869
1,338,273
798,009
54,174
457,054
29,035
643,957
533,895
56,847
52,798
417
213,640
6,590
31,522
164.004
11,524
2,396,265
1,496,844
880,208
67,666
517,130
31,839
668,634
549,046
59,168
59,945
475
230,787
5,934
32,818
179,048
12,987
2,458,194
1,548,224
905,270
72,509
537,772
32,673
680,745
560,018
57,790
62,444
493
229,225
5,567
32,634
178,043
12,981
2,550,201
1,615,794
949,223
75,795
557,059
33,717
701,992
578,612
59,174
63,688
518
232,415
5,237
33,121
180,701
13,356
2,606,592
1,650,294
968,831
77,031
570,513
33,919
721,563
595,518
60,077
65,437
531
234,735
4,907
33,478
182,646
13,704
2,621,076
1,661,600
966,609
77,821
583,153
34,016
723,534
595,053
61,094
66,852
535
235,942
4,904
33,681
183,757
13,600
2,667,125
1,688,869
978,227
79,890
596,518
34,234
741,114
608,289
62,666
69,589
569
237,142
4,800
33,867
184,774
13,701
286,194
8
8
0
41,195
17,253
11,720
7,370
4,852
3,811
1,767
2,044
-278'
0
0
0
0
724
117
140
467
0
161,308
149,831
11,477
30,657
1,804
0
48,454
42,629
5.825
293,602
7
7
0
40,851
16,895
11,739
7,705
4,513
3,674
1,849
1,825
24'
0
0
0
0
361
58
70
233
0
157,675
147,594
10,081
32,983
1,941
0
57,085
49,106
7,979
322,132
7
7
0
73,871
16,506
11,741
41,355
4,268
3,712
1,851
1,861
-10'
0
0
0
0
152
25
29
98
0
151,500
141,195
10,305
34,187
2,012
0
56,676
44,321
12,355
322,917
7
7
0
72,899
16,456
11,732
40,509
4,202
3,794
1,847
1,947
0
0
0
0
0
98
16
19
63
0
150,312
139.986
10,326
34,142
2,009
0
57,009
43,384
13,625
332,642
7
7
0
72.896
16,435
11,729
40,554
4,179
3,845
1,832
2,013
0
0
0
0
0
72
12
14
46
0
153,507
142,478
11,029
34,830
2,049
0
56,972
42,892
14,080
336,682
6
6
0
73,009
16,444
11,734
40,665
4,167
3,395
1,327
2,068
0
0
0
0
0
82
13
16
53
0
152,815
141,786
11,029
35,549
2,092
0
57.046
42,138
14,908
343,962
6
6
0
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
0
0
45
7
9
29
0
155,363
144,150
11,213
36,326
2,137
0
59,240
42,871
16,369
346,276
6
6
0
73,361
16,297
11,725
41,247
4.093
2,873
1,276
1,597
0
0
0
0
0
50
8
10
32
0
156,294
145,014
11,280
37,072
2,181
0
60,110
42,771
17,339
2,232,848
536,879
523,225
13,654
579,385
576,846
2,539
709,582
687.981
21.601
2
0
0
0
2
407,000
310,659
20,907
75,434
0
2,581,969
537,446
522,498
14,948
646,459
643,465
2,994
834,517
804,204
30,313
I
0
0
0
1
563,546
405,153
33,754
124,639
0
2,947,760
582,263
565,189
17,074
749,081
744,619
4,462
960,883
924,941
35,942
0
0
0
0
0
655,533
455,021
42,226
158,287
0
2,983,365
589,192
571,506
17,686
757,106
752,607
4,499
975,815
932,178
43,637
0
0
0
0
0
661,252
455,623
43,069
162,560
0
3,034,691
590,708
572,661
18,047
768,641
763,890
4,751
995,815
957,584
38,231
0
0
0
0
0
679,527
464,593
44,290
170,644
0
3,115,138
602,628
584,152
18,476
790,891
786,007
4,884
1,020,828
981,206
39,622
0
0
0
0
0
700,792
477,899
45,991
176,901
0
3,231,195
611,629
592,700
18,929
822,310
816,602
5,708
1,057.750
1,016,398
41,352
0
0
0
0
0
739,506
499,834
49,322
190,350
0
3,305,311
601,540
581,760
19,780
833,616
827,769
5,847
1,099,049
1,055,412
43,637
0
0
0
0
0
771,106
523,300
50.639
197,167
0
595,195
382,315
72,088
122,013
18,779
626,949
416,335
74,462
116,178
19,974
660,258
441,205
76,740
121,095
21,217
662,039
442,006
77,466
121,174
21,393
674,794
454,314
78,179
120,415
21,886
686,254
470,762
79,587
113,725
22,179
693,729
478,118
79,566
113,697
22,348
697,763
481,485
80,268
113,424
22,586
By type of holder
6 Major financial institutions
Commercial banks2
7
8
One- to four-family
9
Multifamily
10
Nonfarm, nonresidential
Farm
11
12
Savings institutions'
13
One- to four-family
Multifamily
14
15
Nonfarm, nonresidential
16
Farm
17
Life insurance companies
18
One- to four-family
19
Multifamily
70
Nonfarm. nonresidential
21
Farm
22 Federal and related agencies
Government National Mortgage Association
23
24
One- to four-family
2.5
Multifamilv
76
Farmers Home Administration4
77
One- to four-family
Multifamily
28
79
Nonfarm, nonresidential
30
Farm
Federal Housing and Veterans' Administrations
31
32
One- to four-family
Multifamily
33
34
Resolution Trust Corporation
35
One- to four-family
Multifamily
36
Nonfarm, nonresidential
37
38
Farm
39
Federal Deposit Insurance Corporation
40
One- to four-family
41
Multifamily
42
Nonfarm, nonresidential
Farm
43
44
Federal National Mortgage Association
45
One- to four-family
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 trusts5
Government National Mortgage Association
54
55
One- to four-family
Multifamily
56
Federal Home Loan Mortgage Corporation
57
58
One- to four-family
59
Multifamily
60
Federal National Mortgage Association
61
One- to four-family
Multifamily
62
63
Farmers Home Administration4
64
One- to four-family
Multifamily
65
66
Nonfarm, nonresidential
Farm
67
68
Private mortgage conduits
69
One- to four-family6
70
Multifamily
Nonfarm, nonresidential
71
72
Farm
73 Individuals and others7
74
One- to four-family
75
Multifamily
76
Nonfarm. nonresidential
77
Farm
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.
6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.
A36
1.55
DomesticNonfinancialStatistics • November 2001
CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period
2001
Feb.
r
Mar.'
Apr.'
May'
June'
July
Seasonally adjusted
1 Total
2 Revolving
3 Nonrevolving2
1,301,023
1,393,657
1,531,469
1,563,664
1,570,990
1,584,421
1,590,958
1,589,202
1,589,197
560,504
740,519
595,610
798,047
663,830
867,639
682,599
881,065
689.727
881,264
696.417
888,004
699,036
891,923
700,284
888,918
700,254
888,943
Not seasonally adjusted
4 Total
1,331,742
1,426,151
1,566,457
1,558,817
1,558,582
1,570,273
1,576,257
1,581,074
1,581,545
By major holder
Commercial banks
Finance companies
Credit unions
Savings institutions
Nonfinancial business
Pools of securitized assets1
508,932
168,491
155,406
51,611
74,877
372.425
499.758
181,573
167,921
61,527
80,311
435,061
541,470
193,189
184,434
64,557
82,662
500,145
534.560
187,493
183,548
65,192
73,057
514,967
533.680
185,862
182.918
65,509
71.403
519.210
540,740
191,028
184,280
65,453
71,490
517,283
543,048
191,539
185,971
65,396
69,963
520,340
540,211
190,969
187,000
65,340
68,026
529,528
535,926
192,542
187,698
65,999
65,314
534,066
By major type of credit4
11 Revolving
12
Commercial banks
13
Finance companies
14
Credit unions
15
Savings institutions
Nonfinancial business
16
17
Pools of securitized assets3
586,528
210,346
32,309
19,930
12,450
39.166
272,327
623.245
189,352
33,814
20,641
15,838
42,783
320.817
693,645
218.063
38.251
22.226
16,560
42.430
356,114
683.359
208,550
36.938
21.415
16.845
35,290
364,321
682,684
209.461
35.626
20,902
16,987
33,871
365,837
689.214
214.683
36,044
21,068
16,788
33,815
366,815
691.635
216,268
37,509
21,226
16.589
32,690
367,354
694,289
213,080
37,373
21,290
16,391
31.379
374,776
692,850
211,010
37,485
21,260
16,714
29,314
377,067
18 Nonrevolving
19
Commercial banks
20
Finance companies
21
Credit unions
12
Savings institutions
Nonfinancial business
23
24
Pools of securitized assets1
745,214
298,586
136,182
135,476
39,161
35,711
100.098
802,906
310,406
147,759
147,280
45.689
37,528
114,244
872.812
323,407
154,938
162,208
47,997
40,232
144,031
875.458
326.010
150,555
162.133
48.347
37.767
150,645
875,898
324.219
150.236
162,016
48,523
37.532
153,372
881.060
326,057
154,985
163,212
48,665
37,674
150,468
884,622
326,780
154,030
164,745
48,807
37,274
152,986
886,785
327.131
153,597
165,710
48,949
36,647
154,752
888,695
324,915
155,057
166,438
49,286
36,000
156,999
3
6
7
8
9
10
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front
cover.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.
1.56
3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.
TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2001
Item
1998
1999
2000
Jan.
Feb.
Mar.
Apr.
May
June
July
INTEREST RATES
Commercial banks2
1 48-month new car
2 24-month personal
8.72
13.74
8.44
13.39
9.34
13.90
n.a.
n.a.
9.17
13.71
n.a.
n.a.
n.a.
n.a.
8.67
13.28
n.a.
n.a.
n.a.
n.a.
Credit card plan
3 All accounts
4 Accounts assessed interest
15.71
15.59
15.21
14.81
15.71
14.91
n.a.
n.a.
15.66
14.61
n.a.
n.a.
n.a.
n.a.
15.07
14.63
n.a.
n.a.
n.a.
n.a.
Auto finance companies
5 New car
6 Used car
6.30
12.64
6.66
12.60
6.61
13.55
7.29
13.11
7.19
13.34
6.80
13.19
6.80
12.82
6.56
12.57
6.15
12.05
6.20
11.79
52.1
53.5
52.7
55.9
54.9
57.0
54.3
57.8
55.5
58.0
55.6
58.0
56.3
57.9
57.0
57.8
57.2
57.6
57.3
57.6
92
99
92
99
92
99
90
98
91
99
91
100
91
100
92
100
91
100
91
100
19,083
12,691
19,880
13,642
20,923
14.058
21,315
14,155
21,993
14.095
22,131
14,214
21,914
14,347
21,871
14,350
22,124
14,586
22,687
14,571
OTHER TERMS-'
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
FUNDS RAISED IN U.S. CREDIT MARKETS 1
Billions of dollars; quarterly data at seasonally adjusted annual rates
1995
1996
2001
2000
1999
Transaction category or sector
1997
Q4
Ql
Q2
Q3
Q4
Qi
Q2
Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors . .
705.9
733.1
804.4
1,023.5
1,097.8
999.7
949.6
967.5
801.3
758.0
1,001.1
1,034.9
By sector and instrument
? Federal government
3
Treasury securities
Budget agency securities and mortgages
4
144.4
142.9
1.5
145.0
146.6
-1.6
23.1
23.2
-.1
-52.6
-54.6
2.0
-71.2
-71.0
-.2
-30.0
-30.1
.0
-217.2
-215.2
-2.1
-408.7
-410.5
1.8
-226.2
-223.8
-2.4
-331.3
-330.2
-1.2
-4.3
-2.2
-216.0
-217.1
1.1
5 Nonfederal
6
7
8
9
10
11
P
n
14
15
16
17
18
19
70
?1
22
-2.1
561.5
588.1
781.3
1,076.2
1,169.1
1,029.7
1,166.8
1,376.2
1,027.6
1,089.4
1,005.4
1,251.0
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
18.1
^18.2
91.1
103.7
67.2
190.6
179.1
4.5
5.7
1.4
138.9
-.9
2.6
116.3
70.5
33.5
277.5
242.9
9.5
22.5
2.7
88.8
13.7
71.4
150.5
106.5
69.1
317.6
252.6
7.6
54.3
3.1
52.5
24.4
96.8
218.7
108.2
74.3
486.1
384.2
23.8
71.5
6.5
67.6
37.4
68.2
229.9
82.7
60.6
595.9
429.5
42.7
117.9
5.8
94.4
44.0
44.8
155.2
84.8
23.7
567.7
377.2
53.9
133.9
2.7
109.5
29.8
20.0
186.2
139.5
147.1
498.8
356.2
30.9
104.3
7.4
145.3
110.4
30.1
153.8
163.3
126.0
654.6
484.6
49.0
110.9
10.1
137.9
56.1
31.0
184.4
50.2
18.4
565.0
435.9
29.5
93.1
6.5
122.5
-4.0
175.6
59.4
125.2
549.5
392.3
41.7
111.8
3.8
123.7
-207.2
106.9
403.7
-6.7
-12.5
563.1
431.5
40.4
86.7
4.5
158.1
-141.5
113.9
423.7
-144.1
102.8
823.3
613.9
56.2
144.2
9.1
72.8
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
339.3
273.7
224.9
46.1
2.7
-51.5
338.5
256.4
183.7
67.8
4.9
-6.8
322.1
403.2
301.3
95.7
6.2
56.1
454.2
541.7
394.8
138.9
8.0
80.3
506.3
610.4
449.2
155.7
5.5
52.3
437.8
564.7
389.5
169.4
5.9
27.2
516.6
637.2
487.7
135.7
13.8
12.9
612.7
745.2
550.8
184.7
9.7
18.2
544.4
459.4
322.9
129.3
7.2
23.8
498.4
537.2
388.5
134.2
14.5
53.7
549.5
355.8
228.2
121.3
6.3
100.1
660.9
480.0
348.1
125.4
6.5
110.1
78.5
13.5
57.1
8.5
-.5
88.4
11.3
67.0
9.1
1.0
71.8
3.7
61.4
8.5
-1.8
43.4
7.8
34.9
6.7
-6.0
27.9
16.3
16.8
.5
-5.7
22.8
33.6
2.3
2.3
-15.4
117.4
57.8
44.7
15.4
-.5
50.6
12.0
31.2
5.7
1.7
108.7
7.0
91.5
11.9
-1.7
107.4
50.1
49.6
12.2
-4.6
9.3
-25.4
33.3
13.0
-11.6
4.2
-5.6
36.0
-26.9
.7
784.5
821.5
876.2
1,066.9
1,125.8
1,022.5
1,067.0
1,018.1
910.0
865.4
1,010.4
1,039.1
23 Foreign net borrowing in United States
Commercial paper
24
95
Bonds
26
Bank loans n.e.c
Other loans and advances
27
28 Total domestic plus foreign
60.1
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
Mortgages
39
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
454.0
545.7
653.8
1,073.8
1,077.3
961.4
601.2
884.8
777.9
976.7
882.9
763.1
204.2
105.9
98.3
.0
231.4
90.4
141.0
.0
212.9
98.4
114.6
.0
470.9
278.3
192.6
.0
592.0
318.2
273.8
.0
552.4
367.9
184.5
.0
224.4
104.9
119.5
.0
381.1
248.9
132.2
.0
514.8
278.1
236.7
.0
613.6
304.5
309.1
.0
432.6
262.3
170.3
.0
671.2
264.7
406.5
.0
249.8
42.7
195.9
2.5
3.4
5.3
314.4
92.2
173.8
12.6
27.9
7.9
440.9
166.7
210.5
13.2
35.6
14.9
602.9
161.0
296.9
30.1
90.2
24.8
485.3
176.2
211.2
-14.3
107.1
5.1
409.0
404.4
-30.1
-54.4
85.9
3.2
376.7
114.6
165.0
3.1
87.0
7.0
503.7
136.7
227.7
10.2
119.2
10.0
263.1
106.5
192.1
-9.9
-31.6
6.0
363.1
153.2
217.4
-4.4
-4.S
1.8
450.3
-134.6
456.7
27.8
107.8
-7.5
91.8
-85.4
157.7
14.5
-11.0
16.0
22.5
2.6
-.1
-.1
105.9
98.3
142.4
50.2
-2.2
4.5
-5.0
34.9
13.0
25.5
.1
1.1
90.4
141.0
150.8
45.9
4.1
11.9
-2.0
64.1
46.1
19.7
.1
.2
98.4
114.6
202.2
48.7
-4.6
39.6
8.1
80.7
72.9
52.2
.6
.7
278.3
192.6
321.4
43.0
1.6
62.7
7.2
40.7
67.2
48.0
2.2
.7
318.2
273.8
223.4
62.4
.2
6.3
-17.2
92.2
44.8
-6.8
3.3
-4.4
367.9
184.5
105.9
92.1
6.2
11.3
-37.3
193.8
78.3
57.5
-2.9
-.7
104.9
119.5
175.0
53.5
-3.0
11.5
44.4
-36.8
99.3
69.0
.9
-1.1
248.9
132.2
146.0
177.7
2.7
9.8
-.7
-.1
43.4
-37.9
1.1
-.3
278.1
236.7
156.2
29.6
-.3
-2.4
25.4
48.2
18.8
20.4
1.0
-.7
304.5
309.1
307.9
37.8
1.0
148.3
62.5
-.6
-2.4
262.3
170.3
289.8
-42.8
.7
-15.6
16.2
.8
.1
264.7
406.5
171.8
35.7
.6
2.2
35.6
-155.5
-8.1
-6.1
-6.6
-8.5
-23.7
24.6
A79
1.57
DomesticNonfinancialStatistics • November 2001
FUNDS RAISED IN U.S. CREDIT MARKETS '—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
1999
Transaction category or sector
1995
1996
1997
1998
2001
2000
1999
Q4
Qi
Q2
Q3
Q4
Ql
Q2
All sectors
52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
1,238.5
1,367.2
1,530.0
2,140.7
2,203.1
1,983.8
1,668.1
1,902.9
1,687.9
1,842.1
1,893.2
1,802.2
74.3
348.6
-48.2
344.1
114.7
70.1
196.0
138.9
102.6
376.4
2.6
357.0
92.1
62.5
285.3
88.8
184.1
236.0
71.4
422.4
128.2
102.8
332.5
52.5
193.1
418.3
96.8
550.4
145.0
158.5
510.9
67.6
229.9
520.7
68.2
457.9
68.9
162.0
601.0
94.4
482.0
522.4
44.8
127.4
32.7
94.2
570.9
109.5
202.1
7.2
20.0
396.0
158.0
233.6
505.9
145.3
259.1
-27.6
30.1
412.7
179.2
246.9
664.6
137.9
169.7
288.6
31.0
468.0
52.2
-15.0
571.0
122.5
199.3
282.2
60.1
442.6
67.1
115.8
551.3
123.7
-367.2
428.3
106.9
893.7
34.1
83.7
555.6
158.1
-232.5
455.2
113.9
617.4
-156.5
92.5
839.4
72.8
Funds raised through mutual funds and corporate equities
61 Total net issues
62 Corporate equities
Nonfinancial corporations
63
64
Foreign shares purchased by U.S. residents
65
Financial corporations
66 Mutual fund shares
146.8
-.6
-58.3
65.4
-7.7
147.4
231.8
-5.8
-69.5
82.8
-19.2
237.6
181.8
-83.3
-114.4
57.6
-26.5
265.1
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4. For ordering address, see inside front cover.
102.8
146.3
-171.8
-267.0
101.3
-6.1
274.6
-42.1
-143.5
114.4
-13.0
188.3
168.2
387.7
163.4
211.3
-166.0
170.0
427.6
8.0
-55.0
71.3
-8.3
160.2
80.4
61.2
62.6
-43.4
307.3
-68.7
-245.2
185.9
-9.3
232.0
-68.1
-87.7
61.1
-41.5
279.4
-322.7
-394.8
89.4
-17.4
156.7
73.6
-33.9
109.2
-1.8
96.4
143.8
-35.2
208.8
-29.9
283.8
Flow of Funds
1.58
A39
SUMMARY OF FINANCIAL TRANSACTIONS 1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
1995
1996
1997
1998
2001
2000
1999
Transaction category or sector
1999
Q4
QI
Q2
Q3
Q4
QL
Q2
N E T LENDING IN C R E D I T MARKETS 2
1
Total net lending in credit markets
-, Domestic nonfederal nonfinancial sectors
4
5
6
7
8
9
10
1 1
P
N
14
15
16
17
18
19
70
71
??
71
74
26
77
78
79
30
31
37
33
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
Life insurance companies
Olher 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
1,238.5
1,367.2
1,530.0
2,140.7
2,203.1
1,983.8
1,668.1
1,902.9
1,687.9
1,842.1
1,893.2
1,802.2
-79.3
16.5
-8.8
4.4
-91.4
-.5
273.9
1.044.4
12.7
265.9
186.5
75.4
-.3
4.2
-7.6
16.2
-8.3
100.0
21.5
19.9
38.3
86.5
52.5
10.2
95.4
98.3
120.6
49.9
-3.4
1.4
90.1
-15.7
69.7
109.4
-10.2
4.2
-33.7
-7.2
414.4
890.3
12.3
187.5
119.6
63.3
3.9
.7
19.9
25.5
-7.7
69.6
22.5
-4.1
35.8
88.8
48.9
4.6
97.4
141.0
120.5
18.4
8.2
4.4
-15.7
12.6
-29.7
-20.2
-12.7
189.2
141.5
-2.8
7.1
43.4
5.8
208.8
1.799.2
25.7
308.2
-32.2
-227.3
-283.0
56.5
-2.1
-231.3
-160.1
-50.8
-4.0
-16.4
4.5
216.2
1.698.6
39.1
363.2
324.8
32.8
-6.7
12.3
62.7
21.2
17.6
74.8
6.2
64.9
37.6
256.1
50.1
-8.4
188.6
236.7
120.9
91.6
-.5
-3.6
152.7
-72.9
-155.8
-136.4
-28.7
-2.7
12.1
5.1
311.3
1.243.3
38.3
324.3
274.9
40.2
5.4
3.7
-4.7
16.8
-25.0
104.8
25.2
47.6
67.1
87.5
80.9
-2.6
106.6
114.6
163.8
21.9
-9.1
20.2
14.9
50.4
86.3
-50.4
-16.0
18.1
134.5
13.5
254.2
10.6
387.8
1.599.5
-.9
157.0
75.3
81.1
-3.2
3.8
42.5
33.6
18.1
38.8
-11.7
28.7
66.1
296.0
60.8
-8.4
318.8
309.1
278.9
23.1
2.0
-2.8
-69.0
19.0
-222.5
-259.9
40.6
-4.8
1.5
4.6
410.8
1,700.3
53.7
152.8
107.9
41.3
7.3
-3.6
52.5
3.9
10.7
95.3
2.1
26.1
13.3
303.4
69.4
-8.4
347.8
170.3
269.8
-3.9
1.4
4.0
311.4
-175.3
-63.2
13.3
-46.5
-5.2
-24.8
9.4
344.0
1,511.9
26.4
158.4
179.7
-22.7
-2.8
4.2
56.2
24.6
13.4
101.2
2.8
20.2
17.7
166.2
130.9
-8.4
302.4
406.5
159.4
85.5
1.1
1.1
13.8
-167.5
1,238.5
1,367.2
8.8
2.2
.7
35.3
10.0
-12.8
96.6
65.6
141.2
! 10.5
-.6
147.4
133.7
26.7
45.8
158.8
7.8
6.4
-.2
496.9
-6.3
-.5
.5
85.9
-51.6
15.7
97.2
114.0
145.4
41.4
-5.8
237.6
123.3
52.4
44.5
148.3
19.5
-5.3
-31.6
525.0
124.8
5.5
314.6
192.6
281.7
51.9
3.2
-5.1
6.8
-12.9
317.6
-20.1
6.2
4.4
68.6
27.5
27.8
53.5
-3.0
45.0
46.9
182.0
47.2
7.4
291.7
273.8
205.2
94.9
.3
-2.6
-34.7
133.8
-41.1
6.9
2.3
-11.8
136.0
1,891.8
-49.1
500.4
417.4
34.1
42.6
6.3
23.1
21.1
27.8
27.4
-8.2
49.8
46.2
355.1
-23.2
7.4
253.7
184.5
76.1
96.3
12.3
-7.0
-42.2
340.T
1.2
6.5
315.2
1,573.7
102.0
415.8
448.2
4.5
-42.2
5.4
55.6
35.7
18.9
65.0
-11.2
46.8
63.3
161.5
-66.9
-8.4
205.4
119.5
154.2
144.0
-6.0
-16.3
101.9
-7.2
133.4
31.2
61.9
.4
39.9
7.7
197.9
1.563.8
-5.4
497.4
510.9
-22.3
3.5
5.4
65.0
31.6
13.8
52.9
-18.1
24.7
31.5
-118.2
63.1
-8.4
250.9
132.2
111.4
138.9
5.5
-2.5
90.0
207.7
1.530.0
2,140.7
2.203.1
1,983.8
1,668.1
1,902.9
1,687.9
1,842.1
1,893.2
1,802.2
.7
-.5
.5
107.7
-19.7
41.2
97.1
122.5
155.9
120.9
-83.3
265.1
139.7
1 11.0
59.3
201.4
70 ^
-8.7
-3.0
1.0
61.0
17.6
151.4
44.7
130.6
249.1
169.7
-42.1
188.3
222.3
104.3
50.8
184.5
22.3
-6.5
-49.1
738.1
-7.0
-4.0
.0
-35.4
-17.2
368.9
44.5
348.3
455.8
260.8
8.0
160.2
255.4
337.0
57.6
166.2
.31.2
-7.6
-48.2
677.5
1.5
.0
2.2
313.3
-72.9
-206.8
104.6
154.1
239.7
275.0
80.4
307.3
193.5
485.0
54.9
210.8
30.9
-28.4
-48.6
999.5
-8.8
-8.0
3.2
3.4
151.9
-33.8
123.0
101.2
71.5
155.2
-68.7
232.0
193.9
-91.4
45.6
260.8
31.8
-33.1
-28.8
1.089.7
.7
4.2
-40.8
-170.6
5.0
224.5
152.9
250.9
278.0
-68.1
279.4
132.8
94.7
53.0
227.1
-1.6
-29.2
-10.7
1,283.9
4.9
-4.0
.0
207.4
10.6
-50.2
310.8
65.2
371.1
-264.6
-322.7
156.7
105.4
75.6
47.3
169.0
25.9
-28.0
-34.9
595.9
-1.5
.0
-1.1
235.5
-202.4
90.3
288.3
130.6
621.4
11.2
73.6
96.4
-21.8
-64.6
52.7
255.6
.6
-26.1
-29.3
570.9
4.7
.0
I.I
-146.5
177.0
101.0
193.1
65.9
322.5
155.2
143.8
283.8
-10.1
-82.9
59.7
196.7
2.0
-49.9
-71.8
490.6
6.6
.0
.6
6.5
-32.3
47.4
152.4
92.1
287.2
91.3
-171.8
274.6
109.2
103.3
48.0
202.1
21.3
-41.8
-74.0
1.002.5
3.0
.1
1.786.7
21.1
305.2
312.0
-11.9
-.9
6.0
36.1
19.0
-12.8
76.9
5.8
56.4
72.1
244.0
RELATION OK LIABILITIES
TO FINANCIAL ASSETS
34
35
36
37
38
39
40
41
47
43
44
45
46
47
48
49
50
51
57
53
54
Net flows through credit markets
Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currencv
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 pavables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Miscellaneous
-13.0
932.1
55
Total financial sources
2,719.2
2,917.0
3,240.6
4,265.8
4,429.2
5,035.7
4,764.2
4,093.4
4,350.2
3,283.4
3,973.5
4,165.8
56
57
58
59
60
61
Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous
-.3
25.1
-3.1
25.7
21.1
-197.1
-.4
59.6
-3.3
2.4
23.1
-124.5
-.2
106.2
-19.9
63.2
28.0
-126.4
-.1
-8.5
3.4
60.6
19.7
-137.7
-.7
45.8
3.5
30.0
6.5
-373.6
-2.2
26.2
-37.7
-250.9
3.6
-200.1
-1.8
262.7
25.3
566.4
9.4
-417.8
-.7
-81.9
5.4
52.0
10.0
-352.7
.9
-99.2
-12.1
127.4
-7.5
-275.6
-3.3
193.3
51.1
-302.3
44.5
-403.7
-3.6
178.2
16.7
-141.4
1.7
-7.4
-.3
-108.3
12.9
121.2
-26.9
-291.1
62
63
64
Floats not included in assets (-)
Federal government checkable deposits
Other checkable deposits
Trade credit
-6.0
-3.8
17.4
-4.0
-25.4
-2.7
-3.9
-29.2
2.6
-3.1
-51.3
-7.4
-.8
42.9
-20.0
-.2
185.3
18.7
1.0
-72.1
16.3
1.4
-50.0
3.0
1.9
-49.4
-2.1
2.4
24.1
-29.8
3.8
26.7
13.8
3.9
-5.0
65
Total identified to sectors as assets
2,840.3
2,989.2
3,225.4
4,380.3
4,683.0
5,331.7
4,372.4
4,493.7
4,660.7
3,679.4
3,928.6
4,445.6
I. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F.I and F.5. For ordering address, see inside front cover.
2. Excludes corporate equities and mutual fund shares.
A40
DomesticNonfinancialStatistics • November 2001
1.59
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
1999
2000
Q4
Qi
2001
Q2
Q3
Q4
Qi
Q2
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
5 Nonfederal
14,440.6
15,243.5
16,267.0
17,399.6
17,399.6
17,629.0
17,807.7
18,008.0
18,287.7
18,529.3
18,716.5
3,781.8
3,755.1
26.6
3,804.9
3,778.3
26.5
3,752.2
3,723.7
28.5
3.681.0
3,652.8
28.3
3,681.0
3,652.8
28.3
3,653.5
3.625.8
27.8
3,464.0
3.435.7
28.2
3,410.2
3,382.6
27.6
3,385.2
3,357.8
27.3
3,408.8
3,382.1
26.8
3,261.4
3,234.4
27.0
10,658.8
11,438.6
12.514.8
13,718.5
13,718.5
13,975.5
14,343.8
14,597.8
14,902.6
15,120.5
15,455.1
6
7
8
y
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
156.4
1,296.0
1,460.4
934.1
770.4
4,830.0
3,717.1
278.2
747.8
86.9
1,211.6
168.6
1,367.5
1,610.9
1,040.5
839.5
5,147.6
3.969.7
285.8
802.0
90.0
1,264.1
193.0
1.464.3
1.829.6
1,148.8
913.8
5,633.7
4,353.9
309.7
873.5
96.6
1,331.7
230.3
1,532.5
2,059.5
1,231.5
974.6
6,264.0
4,783.5
352.6
1,025.6
102.3
1,426.2
230.3
1,532.5
2,059.5
1,231.5
974.6
6,264.0
4,783.5
352.6
1.025.6
102.3
1,426.2
260.8
1,539.2
2,106.0
1,259.1
1,020.1
6,374.3
4,858.0
360.3
1,051.7
104.2
1,416.0
296.8
1,551.6
2,144.5
1,306.4
1.049.5
6,541.0
4,982.3
372.6
1,079.4
106.8
1.454.0
307.0
1,550.3
2,190.6
1,311.6
1,052.2
6,690.9
5,100.0
379.9
1,102.7
108.3
1,495.3
278.4
1,567.8
2,234.5
1,334.6
1,089.9
6,831.0
5,200.7
390.3
1,130.6
109.3
1,566.5
253.2
1,596.6
2,335.4
1,324.0
1,096.0
6,956.7
5,293.5
400.4
1,152.3
110.4
1,558.6
223.3
1.629.3
2,441.3
1,295.3
1,119.5
7,165.3
5,449.7
414.5
1,188.3
112.7
1,581.1
1/
18
19
20
21
22
By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
5,218.6
4.376.8
3.097.3
1,129.8
149.7
1,063.4
5,540.9
4,778.2
3,396.9
1,225.5
155.9
1,119.5
5.995.1
5.319.9
3,791.6
1,364.4
163.9
1,199.8
6,501.7
5,964.7
4,275.2
1,520.1
169.4
1,252.1
6,501.7
5,964.7
4,275.2
1,520.1
169.4
1,252.1
6,566.0
6,152.2
4,427.2
1,554.3
170.7
1,257.3
6,727.4
6,350.7
4,574.2
1,600.3
176.2
1,265.7
6,890.5
6,444.3
4.634.8
1,631.5
177.9
1,263.1
7,063.8
6,559.4
4,712.7
1,666.1
180.7
1,279.3
7,133.7
6,680.2
4,803.3
1,696.7
180.2
1,306.5
7,307.6
6,810.2
4,897.5
1,727.9
184.8
1,337.3
23 Foreign credit market debt held in
United States
542.2
608.0
651.5
679.6
679.6
707.1
716.4
749.9
775.8
776.5
776.3
24 Commercial paper
25
26 Bank loans n.e.c
27 Other loans and advances
67.5
366.3
43.7
64.7
65.1
427.7
52.1
63.0
72.9
462.6
58.9
57.2
89.2
479.4
59.4
51.7
89.2
479.4
59.4
51.7
101.6
490.6
63.3
51.7
101.2
498.4
64.7
52.1
109.8
521.3
67.7
51.2
120.9
533.7
70.7
50.5
112.8
542.0
73.9
47.7
110.1
551.0
67.2
47.9
14,982.7
15,851.5
16,918.5
18,079.2
18,079.2
18,336.1
18,524.2
18,757.9
19,063.5
19,305.8
19,492.8
28 Total credit market debt owed by nonfinancial
sectors, domestic and foreign
Financial sectors
29 Total credit market debt owed by
financial sectors
4,824.5
5,445.2
6,519.1
7,596.3
7,596.3
7,734.2
7,955.4
8,148.7
8,418.4
8,626.0
8,816.7
30
31
32
33
34
35
36
37
38
39
By instrument
Federal government-related
Government-sponsored enterprise securities . . .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
2,608.2
896.9
1,711.3
.0
2,216.3
579.1
1,378.4
64.0
162.9
31.9
2,821.1
995.3
1,825.8
.0
2,624.1
745.7
1,555.9
77.2
198.5
46.8
3,292.0
1,273.6
2,018.4
.0
3,227.0
906.7
1.852.8
107.2
288.7
71.6
3,884.0
1,591.7
2,292.2
.0
3,712.4
1,082.9
2,064.0
92.9
395.8
76.7
3,884.0
1,591.7
2,292.2
.0
3,712.4
1,082.9
2,064.0
92.9
395.8
76.7
3.940.1
1,618.0
2,322.1
.0
3,794.2
1,115.7
2,104.2
91.4
404.4
78.5
4,035.3
1,680.2
2,355.2
.0
3,920.1
1,135.2
2,173.5
93.6
436.9
81.0
4,164.0
1,749.7
2,414.3
.0
3,984.6
1,151.6
2,228.0
92.5
430.2
82.5
4.317.4
1,825.8
2.491.6
.0
4,101.0
1,210.7
2,276.5
92.6
438.3
82.9
4,425.6
1,891.4
2,534.2
.0
4,200.4
1,180.8
2,390.5
97.1
450.9
81.1
4,593.4
1,957.6
2,635.8
.0
4,223.3
1,144.5
2,442.7
100.3
450.7
85.1
40
41
42
43
44
45
46
47
48
49
50
51
52
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
113.6
150.0
140.5
.4
1.6
896.9
1,711.3
863.3
27.3
529.8
20.6
56.5
312.7
140.6
168.6
160.3
.6
1.8
995.3
1,825.8
1,076.6
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
1,398.0
42.5
597.5
17.7
158.8
414.4
230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,621.4
25.3
659.9
17.8
165.1
506.6
230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,621.4
25.3
659.9
17.8
165.1
506.6
242.2
221.4
266.9
2.6
3.0
1,618.0
2,322.1
1,655.8
36.4
670.7
17.1
167.9
510.1
265.4
229.3
280.7
2.9
2.7
1,680.2
2,355.2
1,697.0
36.2
712.7
17.8
170.4
505.1
265.2
236.9
276.0
3.1
2.7
1,749.7
2,414.3
1,742.3
42.6
716.5
17.7
169.8
511.9
266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,829.6
40.9
734.6
17.9
167.8
507.3
273.8
266.5
295.1
3.2
1.9
1.891.4
2,534.2
1.892.2
35.0
721.4
18.1
166.2
526.9
274.7
269.1
294.5
3.5
1.9
1,957.6
2,635.8
1,940.8
43.9
727.1
18.2
166.8
482.9
All sectors
53 Total credit market debt, domestic and foreign .
54
55
56
57
58
59
60
61
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
19,807.2
21,296.7
23,437.6
25,675.5
25,675.5
26,070.3
26,479.6
26,906.6
27,481.9
27,931.7
28,309.5
803.0
6,389.9
1,296.0
3,205.1
1,041.7
998.0
4,861.9
1,211.6
979.4
6,626.0
1,367.5
3,594.5
1,169.8
1,101.0
5,194.4
1,264.1
1,172.6
7,044.3
1,464.3
4,144.9
1,314.9
1,259.6
5,705.3
1.331.7
1,402.4
7,565.0
1,532.5
4,602.8
1,383.8
1,422.1
6,340.7
1,426.2
1,402.4
7,565.0
1,532.5
4.602.8
1,383.8
1.422.1
6,340.7
1,426.2
1,478.1
7,593.6
1,539.2
4,700.8
1,413.7
1,476.2
6,452.7
1,416.0
1,533.3
7,499.3
1,551.6
4,816.3
1,464.6
1,538.5
6,622.0
1,454.0
1,568.3
7,574.2
1,550.3
4,939.8
1,471.7
1,533.6
6,773.4
1,495.3
1,610.0
7,702.6
1,567.8
5,044.6
1,497.9
1,578.6
6.913.9
1,566.5
1,546.8
7,834.4
1,596.6
5,267.9
1,495.1
1,594.6
7,037.8
1,558.6
1,477.9
7,854.8
1,629.3
5.435.1
1,462.9
1,618.1
7,250.4
1,581.1
1. Data in this table appear in the Board's Z. 1 (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 LIABILITIES1
Billions of dollars except as noted, end of period
1996
1997
1998
2001
2000
1999
Transaction category or sector
1999
Q4
Ql
Q2
Q3
04
Ql
Q2
CREDIT MARKET DEBT OUTSTANDING 2
1 Total credit market assets
19,807.2
21,296.7
23,437.6
25,675.5
25,675.5
26,070.3
26,479.6
26,906.6
27,481.9
27,931.7
28,309.5
T
3,007.3
2,082.5
270.2
49.7
604.8
200.2
1,926.6
14,673.2
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
627.0
565.4
634.3
820.2
100.8
832.8
1,711.3
773.9
544.5
41.2
30.4
167.7
121.0
2,933.8
2,018.6
257.5
52.7
605.0
205.4
2,257.3
15.900.1
431.4
4,031.9
3,450.7
516.1
27.4
37.8
928.5
305.3
207.0
1,751.1
515.3
674.6
632.5
721.9
901.1
98.3
939.4
1,825.8
937.7
566.4
32.1
50.6
182.6
166.7
2,991.8
1,941.8
241.5
69.1
739.4
219.1
2.539.8
17,686.8
452.5
4.335.7
3,761.2
504.2
26.5
43.8
964.6
324.2
194.1
1,828.0
521.1
731.0
704.6
965.9
1.025.9
103.7
1.253.9
2,018.4
1.219.4
618.4
35.3
45.5
189.4
155.3
3,251.2
2,151.6
238.7
78.0
782.8
258.0
2,676.2
19,490.2
478.1
4,643.9
4,078.9
484.1
32.7
48.3
1.033.2
351.7
222.0
1.886.0
518.2
775.9
751.4
1,147.8
1,073.1
111.1
1,545.6
2,292.2
1,424.6
713.3
35.6
42.9
154.7
288.8
3,251.2
2.151.6
238.7
78.0
782.8
258.0
2,676.2
19,490.2
478.1
4.643.9
4,078.9
484.1
32.7
48.3
1.033.2
351.7
222.0
1,886.0
518.2
775.9
751.4
1,147.8
1.073.1
111.1
1,545.6
2,292.2
1,424.6
713.3
35.6
42.9
154.7
288.8
3,170.5
2.079.2
230.8
77.5
782.9
259.6
2,760.7
19,879.5
501.9
4.725.0
4,171.3
482.0
22.1
49.6
1.045.8
359.0
226.7
1.902.2
515.4
787.6
767.2
1.217.1
1.053.7
109.0
1,584.0
2.322.1
1,453.8
747.0
34.1
38.8
194.6
294.5
3.184.6
2.065.0
246.2
77.6
795.8
261.6
2.809.9
20.223.5
505.1
4,847.4
4,295.4
478.1
23.0
51.0
1,062.5
370.1
230.2
1.914.1
510.8
793.8
775.1
1,159.4
1.073.9
106.9
1,649.2
2.355.2
1,486.3
780.6
35.5
38.2
187.9
341.3
3,125.5
2.021.3
238.9
76.6
788.7
262.7
2.861.7
20,656.7
511.5
4.931.0
4.368.2
487.5
21.3
54.0
1,082.2
376.0
234.6
1,935.1
512.4
810.0
784.5
1.212.5
1,088.5
104.8
1,704.3
2,414.3
1,522.9
795.5
35.4
37.3
243.3
320.7
3,093.8
1,977.3
248.5
75.9
792.0
265.4
3,004.6
21,118.1
511.8
5,002.3
4,418.7
508.1
20.5
55.0
1,089.7
382.2
239.1
1,943.9
509.4
817.2
801.0
1,296.7
1.099.9
102.7
1,793.7
2,491.6
1,602.9
812.6
35.9
36.6
223.6
325.4
3.009.6
1.907.4
235.1
74.7
792.4
266.6
3,112.9
21,542.6
523.9
5,015.7
4,424.4
515.0
22.3
54.1
1,101.6
381.7
241.8
1,967.2
510.0
823.7
804.3
1.403.8
1.113.8
100.6
1,866.5
2,534.2
1,660.5
809.4
36.2
37.6
317.7
292.3
2,975.0
1,887.4
225.1
73.4
789.1
268.9
3,198.9
21,866.6
535.1
5.050.6
4,463.2
510.7
21.6
55.1
1,116.1
391.2
245.1
1,991.0
510.7
828.8
808.8
1,414.6
1.151.5
98.5
1.944.5
2.635.8
1,706.0
829.6
36.5
37.9
288.4
246.0
19,807.2
21,296.7
23,437.6
25,675.5
25,675.5
26,070.3
26,479.6
26,906.6
27,481.9
27,931.7
28,309.5
53.7
9.7
18.9
521.7
240.8
1.244.8
2,377.0
590.9
886.7
701.5
2.342.4
358.1
610.6
6.325.1
1.827.6
128.8
871.3
6,386.0
48.9
9.2
19.3
618.5
219.4
1,286.1
2,474.1
713.4
1,042.5
822.4
2,989.4
469.1
665.0
7,323.4
1.967.3
151.1
942.5
6,727.4
60.1
9.2
19.9
642.3
189.0
1,333.4
2.626.5
805.5
1.329.7
913.7
3.610.5
572.3
718.3
8.193.7
2,076.5
172.4
1,001.0
7,475.3
50.1
6.2
20.9
703.6
204.5
1,484.8
2.671.2
936.1
1,578.8
1,083.4
4,553.4
676.6
783.9
9.041.7
2,298.8
194.7
1.130.4
8.040.5
50.1
6.2
20.9
703.6
204.5
1.484.8
2,671.2
936.1
1,578.8
1,083.4
4,553.4
676.6
783.9
9,041.7
2,298.8
194.7
1,130.4
8.040.5
49.4
6.2
21.4
781.9
169.7
1,392.9
2,728.0
966.5
1,666.0
1,149.2
4.863.3
795.4
801.0
9.237.9
2.321.7
210.1
1,158.0
8.258.1
46.5
4.2
22.1
782.8
210.6
1.409.7
2.738.8
987.4
1,627.1
1,185.0
4,759.6
775.5
806.5
9.166.7
2,366.9
212.7
1,114.4
8,539.8
44.9
3.2
23.2
772.6
173.2
1,385.7
2,790.9
1,025.9
1,697.8
1,238.7
4.814.4
800.4
818.7
9,307.9
2.412.0
214.8
1.106.7
8,998.1
46.0
2.2
23.2
824.5
188.0
1,413.3
2,861.9
1.054.5
1.812.1
1.194.3
4.457.2
817.6
819.1
9.054.8
2,455.2
216.4
1.019.4
8,845.1
43.3
2.2
22.9
883.4
116.0
1,385.2
2.965.3
1,078.0
1.994.7
1.206.0
3,999.8
799.4
823.0
8,603.5
2.425.2
224.2
929.1
9.253.4
41.7
2.2
23.2
846.8
163.4
1,416.8
2.992.0
1,090.6
2.014.8
1.241.1
4.269.9
781.8
844.6
8,885.5
2,418.3
219.8
964.4
9,506.9
53 Total liabilities
45,302.7
49,785.5
55,186.9
61,135.1
61,135.1
62,646.9
63,236.0
64,535.7
64,586.8
64,686.3
66,033.3
Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business
21.4
10.255.8
3,787.8
21.1
13,202.0
4,053.2
21.6
15,492.5
4,398.7
21.4
19.494.5
4,649.9
21.4
19,494.5
4,649.9
21.4
20.147.0
4,675.4
21.5
19.180.8
4.772.2
21.4
18,991.5
4.815.5
21.5
17,068.8
4.884.7
21.5
14.920.9
4,929.1
21.6
15,863.6
4,941.8
-6.1
437.0
-10.6
109.8
81.9
-1.241.1
-6.3
537.1
-32.2
172.9
104.2
-1,562.1
-6.4
544.9
-27.0
233.5
122.9
-2,307.3
-7.1
591.1
-25.5
263.6
122.7
-2.792.5
-7.1
591.1
-25.5
263.6
122.7
-2.792.5
-7.6
656.7
-13.9
410.3
118.6
-2.948.5
-7.9
636.3
-11.6
422.8
135.8
-3,009.7
-7.6
611.5
-17.6
446.0
124.4
-2,818.5
-8.5
659.9
-4.3
374.4
128.5
-3,371.8
-9.4
704.4
1.7
357.6
112.7
-3.314.7
-9.4
677.4
5.3
387.5
129.0
-3,222.6
-1.6
30.1
165.7
-8.1
26.2
126.8
-3.9
23.1
76.6
-9.9
22.3
120.9
-9.9
22.3
120.9
-6.5
18.7
50.1
-5.2
22.5
12.8
-7.8
15.5
2.5
-2.6
24.0
88.7
-21.9
21.1
42.1
-40.6
25.5
16.0
59,802.7
67,703.2
76,443.0
87,015.2
87,015.2
89,212.6
89,014.9
90,015.7
88,673.3
86,664.0
88,892.3
Domestic nonfederal nonfinancial sectors
Household
Nonfinancial corporate business
4
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
1 1 Commercial banking
U.S.-chartered banks
P
Foreign banking offices in United States
N
14
Bank holding companies
Banks in U.S.-affiliated areas
15
16
Savings institutions
17
Credit unions
18
Bank personal trusts and estates
19
Life insurance companies
70
Other insurance companies
71
Private pension funds
77
State and local government retirement funds
73
Money market mutual funds
74
Mutual funds
75
Closed-end funds
76
Government-sponsored enterprises
27
Federally related mortgage pools
78
Asset-backed securities (ABSs) issuers
79
Finance companies
Mortgage companies
30
31
Real estate investment trusts (REITs)
37
Brokers and dealers
33
Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
57
58
59
60
61
62
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
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
Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets (—)
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals identified to sectors as assets
1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
L. 1 and L.5. For ordering address, see inside front cover.
2. Excludes coiporate equities and mutual fund shares.
A42
2.10
Domestic Nonfinancial Statistics • November 2001
NONFINANCIAL BUSINESS ACTIVITY
Selected Measures
Monthly data seasonally adjusted, and indexes 1992=100, except as noted
2000
Measure
1 Industrial production
1
1998
1999
2001
2000
Dec.
Jan.
Feb.
Mar.
Apr.
May
June'
July'
Aug.P
134.0
139.6
147.5
147.3
146.0
145.4
145.0
144.6
144.2
142.7
142.6
141.5
127.2
129.3
118.4
147.1
121.0
145.7
131.2
133.3
120.8
153.8
125.1
154.5
136.2
138.8
123.0
166.1
128.7
167.8
136.0
139.0
123.1
168.9
126.8
167.8
135.0
137.8
121.8
168.0
126.7
165.9
134.6
137.7
122.3
166.2
125.5
165.0
134.5
137.9
122.4
166.8
124.4
163.9
133.8
137.2
122.1
165.3
123.7
164.1
133.7'
136.9'
122.2'
164.1'
124.0'
163.3'
132.5
135.6
121.6
161.0
123.2
161.2
132.5
135.8
122.1
160.6
122.5
160.8
131.3
134.4
121.2
158.1
121.9
159.9
138.2
144.8
153.6
152.6
151.3
150.7
150.0
149.6
149.2
147.4
147.5
146.1
81.3
80.5
81.3
79.3
78.4
77.9
77.3
76.9
76.6
75.6
75.5
74.6
10 Construction contracts1
122.6'
135.3
142.1'
140.0
152.0'
152.0
141.0
143.0'
143.0'
149.0
141.0
141.0
11 Nonagricultural employment, total4
12
Goods-producing, total
13
Manufacturing, total
14
Manufacturing, production workers
15
Service-producing
16 Personal income, total
17
Wages and salary disbursements
Manufacturing
18
19
Disposable personal income5
20 Retail sales5
115.9
109.4
103.9
105.4
117.7
137.8
140.6
129.7
133.7
142.8
118.6
109.7
102.4
103.7
121.0
144.3
149.9
134.0
139.2
155.1
121.0
110.5
101.8
102.9
123.9
154.3
162.2
142.3
147.9
167.0
121.9
110.6
101.3
101.4
125.0
158.9
167.6
146.2
152.0
167.8
122.0
110.3
100.8
100.9
125.1
159.6
168.4
146.1
152.8
170.1
122.1
110.3
100.5
100.3
125.3
160.3
169.4
146.3
153.4
170.4
122.2
110.2
100.1
99.7
125.4
161.0
170.1
146.3
154.1
169.6
122.0
109.4
99.5
99.0
125.4
161.3'
170.8'
146.8
154.5'
172.2
122.0
109.0
98.7
98.2
125.6
161.6'
170.7
145.4'
154.8'
172.4
122.0
108.4
98.1
97.3
125.6
162.1
171.5
144.9
155.2
172.3
122.0
108.1
97.7
96.8
125.7
162.9
172.1
145.4
158.0
172.5
121.9
107.6
96.9
95.9
125.8
162.9
171.9
144.7
160.9
172.9
Prices6
21 Consumer (1982-84=100)
22 Producer finished goods (1982=100)
163.0
130.7
166.6
133.0
172.2
138.0
174.0
139.7
175.1
141.2
175.8
141.4
176.2
140.9
176.9
141.8'
177.7
142.5
178.0
142.1
177.5
140.7
177.5
141.1
2
3
4
5
6
7
8
Market groups
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
Industry groups
Manufacturing
9 Capacity utilization, manufacturing (percent)2 . .
1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in December 2000. The recent annual revision is described in an article in the
March 2001 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. S3 (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," Fedara! 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
T h o u s a n d s of persons; monthly data seasonally adjusted
2001
Category
1998
1999
2000
Jan.
Feb.
Mar.
Apr.
May
June'
July'
Aug.
HOUSEHOLD SURVEY DATA 1
1 Civilian labor force2
Employment
2
Nonagricultural industries3
Agriculture
3
Unemployment
Number
4
5
Rate (percent of civilian labor force)
137,673
139,368
140,863
141,955
141,751
141,868
141.757
141,272
141,354
141,774
141.350
128,085
3,378
130,207
3,281
131,903
3,305
132,819
3,179
132,680
3,135
132,618
3,161
132,162
3,192
131,910
3,193
131,937
2,995
132,334
3,045
131,276
3,117
6,210
4.5
5,880
4.2
5,655
4.0
5.956
4.2
5,936
4.2
6,088
4.3
6,402
4.5
6,169
4.4
6,422
4.5
6,395
4.5
6,957
4.9
125,865
128,786
131,417
132,428
132,595
132,654
132,489
132,530
132,431
132,444
132,331
18,805
590
6,020
6,611
29,095
7.389
37,533
19,823
18,543
535
6,404
6,826
29,712
7,569
39,027
20,170
18,437
538
6,687
6,993
30.191
7,618
40,384
20,570
18.257
550
6,826
7,106
30,482
7,594
40,984
20,629
18,192
555
6,880
7,123
30,536
7,609
41,020
20,680
18,116
557
6.929
7,127
30,523
7,618
41.073
20,711
18,009
560
6,852
7,119
30,583
7,626
40,993
20,747
17,879
564
6,881
7,130
30,584
7.644
41,078
20,770
17,757
565
6,864
7,118
30,583
7,631
41,085
20,828
17,686
566
6,873
7,113
30,615
7,617
41,051
20,923
17,545
566
6,878
7,089
30,587
7,623
41,123
20,920
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll employment 4
7 Manufacturing
8 Mining
9 Contract construction
10 Transportation and public utilities
1 1Trade
12 Finance
13 Service
14 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
2000
2001
2000
2001
2000
2001
Series
Q3
Q4
Q2r
Ql
148.4
154.4
2 Manufacturing
148.1
153.8
145.5
150.7
Q4
Ql
Q2
Capacity (percent of 1992 output)
Output (1992=100)
1 Total industry
Q3
143.9
148.7
180.1
189.2
182.1
191.5
Q3
Q4
Ql
Q2'
Capacity utilization rate (percent)2
183.7
184.9
82.4
81.3
79.2
193.5
194.8
81.7
80.3
77.9
76.4
85.4
80.1
82.7
79.5
78.4
78.2
76.5
76.9
82.5
79.1
87.0
85.1
89.3
82.7
90.9
81.7
80.7
76.3
83.1
79.1
87.8
82.5
87.1
76.0
77.2
73.7
78.8
74.8
83.6
79.5
80.0
69.9
75.3
75.8
79.3
78.9
80.0
75.3
72.9
75.4
77.8
3
Primary processing
Advanced processing4
180.3
140.3
178.7
140.2
172.6
138.5
170.2
136.8
211.2
175.2
216.0
176.2
220.0
177.2
222.4
178.0
6
7
8
9
10
1 1
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
196.7
117.0
133.4
130.5
137.0
257.3
581.1
170.8
196.5
113.2
127.5
121.5
134.7
261.9
604.0
159.7
191.6
109.6
121.1
114.9
128.3
256.3
593.0
147.5
189.2
112.9
121.7
120.8
123.1
245.9
563.5
159.7
238.3
147.9
153.4
153.4
153.4
311.1
639.1
209.2
243.6
148.4
153.5
153.6
153.4
317.3
694.1
210.1
248.1
148.7
153.5
153.6
153.5
322.5
741.7
210.9
251.2
149.0
153.5
153.2
153.8
326.5
773.0
211.7
93.5
94.8
94.1
93.2
130.4
130.2
130.0
130.1
71.7
72.8
72.3
71.7
14
15
16
17
18
19
Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products
116.2
99.8
114.0
125.4
137.6
117.3
115.3
94.7
114.9
124.5
131.0
116.0
113.6
92.7
110.8
121.9
130.9
115.5
112.1
88.4
111.1
119.6
128.0
116.5
144.4
123.3
137.5
164.1
151.9
123.2
144.6
122.8
137.9
164.8
152.3
123.1
144.7
122.0
138.3
165.0
152.7
123.1
144.6
120.9
138.6
165.0
153.2
123.3
80.5
80.9
82.9
76.4
90.5
95.3
79.7
77.1
83.3
75.5
86.0
94.3
78.5
76.0
80.1
73.8
85.7
93.8
77.5
73.1
80.2
72.5
83.5
94.5
100.6
121.0
123.9
100.3
123.7
127.5
101.7
122.6
125.4
103.6
120.0
125.7
116.3
133.4
132.3
115.8
134.5
133.8
115.3
135.7
135.3
114.9
137.0
136.8
86.6
90.7
93.7
86.6
92.0
95.3
88.2
90.4
92.7
90.1
87.6
91.9
1973
1975
Previous cycle5
High
Low
High
June'
July'
Aug.p
3
4
7.0 Mining
21 Utilities
22
Electric
Low
Latest cycle6
High
Low
2001
2000
Aug.
Mar.
Apr.
Mayr
Capacity utilization rate (percent)2
1 Total industry
89.2
72.6
87.3
71.1
85.4
78.1
82.6
78.7
78.4
78.0
77.1
76.9
76.2
2 Manufacturing
88.5
70.5
86.9
69.0
85.7
76.6
81.7
77.3
76.9
76.6
75.6
75.5
74.6
91.2
87.2
68.2
71.8
88.1
86.7
66.2
70.4
88.9
84.2
77.7
76.1
85.4
80.2
77.4
77.9
77.2
77.4
76.7
77.2
75.6
76.1
75.4
76.1
74.7
75.1
Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and
equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment . . .
89.2
88.7
100.2
105.8
90.8
68.9
61.2
65.9
66.6
59.8
87.7
87.9
94.2
95.8
91.1
63.9
60.8
45.1
37.0
60.1
84.6
93.6
92.7
95.2
89.3
73.1
75.5
73.7
71.8
74.2
82.6
78.1
86.3
84.5
88.5
76.8
74.8
76.8
73.8
80.3
76.0
74.5
79.7
77.2
82.8
75.7
76.5
79.8
79.6
80.3
74.4
76.4
78.5
79.8
77.1
74.3
76.5
78.5
79.6
77.4
73.2
76.9
77.7
79.1
76.3
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
82.9
90.8
83.1
78.9
77.0
74.1
77.2
74.5
73.5
75.4
73.1
77.0
73.4
71.1
75.8
73.0
68.8
79.4
71.4
67.7
77.2
78.4
67.6
81.9
66.6
87.3
79.2
71.7
72.5
72.3
71.7
71.0
70.8
70.3
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
80.5
80.6
82.3
76.7
89.1
95.5
77.9
76.0
77.8
73.4
85.0
93.4
78.0
74.8
82.1
72.8
82.7
94.7
77.6
72.3
80.0
72.8
84.2
94.3
76.9
72.3
78.4
71.9
83.7
94.4
76.8
70.8
79.2
71.7
83.7
93.7
76.3
71.6
78.4
71.6
83.4
92.3
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
86.9
91.5
95.3
89.2
89.6
92.4
90.0
88.5
93.4
90.3
87.2
91.4
90.0
87.0
90.9
89.2
86.1
89.6
88.9
87.2
91.7
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Primary processing3
Advanced processing4
20 Mining
21 Utilities
22
Electric
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in December 2000. The recent annual revision is described in an article in
the March 2001 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic
materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass;
primary metals; 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 manufacturing.
5. Monthly highs, 1978-80; monthly lows, 1982.
6. Monthly highs, 1988-89; monthly lows, 1990-91.
A44
2.13
Domestic Nonfinancial Statistics • November 2001
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
up
1992
proportion
2000
2001
2000
avg.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May1
June'
July'
Aug.p
Index(1992= 100)
MAJOR MARKETS
1
Total index
100.0
147.5
148.6
149.0
148.7
148.2
147.3
146.0
145.4
145.0
144.6
144.2
142.7
142.6
141.5
2 Products
3
Final products
4
Consumer goods, total
5
Durable consumer goods
6
Automotive products
7
Autos and trucks
8
Autos, consumer
y
Trucks, consumer
10
Auto parts and allied goods
11
Other
12
Appliances, televisions, and air
conditioners
13
Carpeting and furniture
14
Miscellaneous home goods
15
Nondurable consumer goods
Foods and tobacco
16
17
Clothing
18
Chemical products
19
Paper products
Energy
20
21
Fuels
22
Residential utilities
60.5
46.3
29.1
6.1
2.6
1.7
.9
.7
.9
3.5
136.2
138.8
123.0
160.8
153.2
166.9
114.0
221.6
131.7
167.1
136.6
139.2
123.8
160.0
153.8
169.8
120.3
221.8
129.1
165.2
136.7
139.3
123.8
162.8
156.7
172.7
120.5
227.1
132.1
167.7
136.3
138.8
122.7
157.3
148.0
159.1
107.8
212.0
130.2
165.4
136.3
138.8
122.4
154.3
143.6
153.0
103.0
204.3
128.2
163.7
136.0
139.0
123.1
153.4
140.7
144.1
94.3
194.7
133.8
164.7
135.0
137.8
121.8
148.9
133.8
136.2
99.4
175.5
128.4
162.7
134.6
137.7
122.3
150.8
138.2
143.5
100.3
188.6
128.7
162.2
134.5
137.9
122.4
153.6
145.4
154.9
104.0
207.1
130.1
160.5
133.8
137.2
122.1
152.9
145.1
154.9
102.7
208.2
129.2
159.5
133.7
136.9
122.2
155.6
148.7
162.2
105.2
219.9
127.7
161.3
132.5
135.6
121.6
154.5
148.1
158.9
104.0
214.6
130.7
159.8
132.5
135.8
122.1
157.8
157.1
175.0
102.6
245.9
129.9
157.2
131.3
134.4
121.2
155.3
152.0
166.5
99.4
232.6
129.6
157.4
1.0
.8
1.6
23.0
10.3
2.4
4.5
2.9
2.9
.8
2.1
332.6
129.7
120.4
114.2
110.7
85.0
137.0
111.1
116.3
113.0
117.9
325.0
128.6
119.7
115.2
111.4
84.2
139.4
112.4
117.1
113.1
119.0
340.5
131.9
118.1
114.7
110.5
83.1
138.4
112.4
118.4
115.8
119.1
332.5
129.8
117.5
114.5
110.4
82.7
139.0
113.8
1 15.5
113.0
116.2
332.7
125.4
117.1
114.6
110.7
83.2
138.5
112.5
117.3
115.5
117.6
341.7
127.4
115.5
115.7
110.1
82.4
139.0
112.2
126.1
112.3
134.5
332.0
123.9
116.5
114.9
110.3
82.6
139.1
113.7
119.0
112.0
122.8
322.5
128.2
115.4
115.3
110.7
82.8
141.5
111.1
119.2
114.7
121.3
317.1
127.1
114.7
114.8
110.1
82.2
141.5
110.9
118.6
113.7
121.0
316.0
124.0
115.0
114.6
110.2
81.2
140.9
111.5
117.5
114.7
118.5
328.0
123.7
115.3
114.2
109.7
79.8
143.0
110.7
115.2
115.6
113.9
319.3
124.9
114.2
113.7
109.3
77.0
141.7
110.5
116.4
115.2
116.3
305.7
122.1
114.7
113.7
109.3
77.3
141.5
110.6
116.5
115.9
116.0
320.0
122.5
111.6
113.0
108.5
75.7
141.3
109.1
116.8
113.2
118.4
23
24
25
26
27
28
29
30
31
32
33
34
35
36
17.2
13.2
5.4
1.1
4.0
2.5
1.2
1.3
3.3
.6
.2
14.2
5.3
8.9
166.1
167.9
168.3
169.1
169.9
194.2
199.5
197.8
200.0
200.6
312.2
322.1
327.2
332.3
336.7
1,157.6 1,229.0 1.264.1 1.286.4 1,305.0
144.6
146.5
146.9
147.4
147.7
127.7
127.7
121.6
126.8
121.8
144.2
131.4
145.6
142.8
130.4
145.7
149.3
154.2
144.8
148.6
76.2
73.7
76.1
75.3
77.0
131.8
137.1
132.8
136.5
138.9
116.2
109.3
90.9
115.5
98.8
128.7
128.8
128.6
128.7
128.5
143.2
142.7
143.1
142.3
141.6
120.1
120.0
120.7
120.6
120.7
168.9
199.2
335.9
1.318.3
145.8
117.4
122.0
153.5
77.5
139.1
83.5
126.8
140.6
118.5
168.0
197.4
337.4
1.310.6
145.7
111.7
115.6
149.3
78.5
146.7
73.5
126.7
140.7
118.4
166.2
166.8
195.3
195.6
330.6
327.7
1,307.0 1,304.4
141.4
142.3
114.4
117.8
120.9
129.0
153.9
151.2
76.7
77.7
147.9
150.7
81.9
83.2
125.5
124.4
139.9
140.5
1 17.0 114.9
165.3
193.3
326.7
1,295.9
139.7
116.3
126.6
147.6
78.0
151.2
85.2
123.7
139.6
114.3
Equipment
Business equipment
Information processing
Computer and office equipment
Industrial
Transit
Autos and trucks
Other
Defense and space equipment
Oil and gas well drilling
Manufactured homes
Intermediate products, total
Construction supplies
Business supplies
37 Materials
Durable goods materials
38
39
Durable consumer parts
40
Equipment parts
41
Other
42
Basic metal materials
Nondurable
goods materials
43
44
Textile materials
Paper
materials
45
46
Chemical materials
Other
47
48
Energy materials
49
Primary energy
Converted fuel materials
50
164.1
161.0
160.6
158.1
191.9
187.7
187.1
184.1
324.3
316.7
311.5
309.9
1,269.7 1,248.6 1,238.4 1,232.5
138.0
133.1
132.4
129.0
117.5
116.4
116.1
118.5
131.7
129.9
135.5
129.9
144.6
144.9
144.1
147.3
76.8
76.4
76.3
77.0
152.2
150.4
147.7
143.0
89.3
94.1
93.2
93.5
124.0
123.2
122.5
121.9
139.3
139.2
138.1
138.8
114.9
113.8
113.0
112.5
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
167.8
227.6
165.3
478.3
134.6
128.7
113.8
97.9
115.8
117.0
113.0
103.4
98.1
114.3
170.5
233.8
168.3
505.7
134.7
127.5
112.8
99.3
112.8
116.8
110.2
104.2
98.9
115.1
171.3
235.7
169.0
512.1
135.5
129.2
112.7
95.9
113.8
116.3
112.0
104.3
98.5
116.6
171.1
235.0
168.5
515.9
133.7
125.9
113.4
94.0
117.2
115.9
114.0
103.9
97.8
117.2
169.9
232.9
161.8
521.4
131.8
124.4
110.7
89.5
113.4
113.7
111.9
105.4
99.3
118.7
167.8
230.3
157.6
522.3
129.6
123.6
108.6
90.3
109.4
109.8
113.9
104.5
98.6
117.3
165.9
226.6
146.1
517.5
130.1
121.2
107.5
91.0
110.3
108.5
11 1.0
104.4
100.3
111.8
165.0
225.2
149.9
514.9
127.2
118.3
107.2
87.7
112.4
108.2
110.2
103.9
99.3
113.1
163.9
223.6
153.1
508.2
125.5
114.5
104.6
87.4
105.9
105.9
109.1
104.9
100.4
113.7
164.1
223.0
153.6
498.3
126.9
118.2
105.2
86.3
111.3
104.1
112.2
105.8
101.2
114.7
163.3
223.6
158.2
493.7
127.0
117.9
103.1
83.7
108.5
102.2
110.2
104.8
100.5
112.6
161.2
220.6
156.1
484.4
125.9
116.1
101.1
82.4
104.8
100.5
108.8
104.2
100.5
110.3
160.8
220.3
158.2
479.1
125.9
115.9
101.4
80.9
107.0
99.9
110.4
103.0
99.3
109.4
159.9
218.2
157.5
473.1
124.8
114.6
100.9
80.9
106.8
99.5
109.2
103.6
99.8
110.1
97.1
95.1
147.2
146.3
148.4
147.4
148.7
147.7
148.8
147.8
148.4
147.7
147.8
147.2
146.6
146.5
145.9
145.4
145.1
144.5
144.7
144.1
144.2
143.4
142.7
141.9
142.2
141.3
141.3
140.4
98.2
27.4
26.2
140.4
120.6
123.9
141.4
121.3
124.5
141.6
121.2
124.4
141.2
120.7
123.6
140.8
120.6
122.9
139.9
121.9
122.5
138.6
120.8
122.0
138.1
121.1
122.6
137.7
120.6
122.8
137.3
120.3
122.6
137.0
120.0
123.0
135.6
119.6
122.2
135.5
119.3
122.7
134.5
118.7
121.6
12.0
200.1
204.5
206.3
208.5
209.4
208.9
207.7
204.6
203.8
201.6
199.3
194.8
193.4
190.8
12.1
29.8
158.4
188.5
160.3
191.8
161.2
193.0
161.2
192.8
161.5
190.4
159.9
187.8
158.4
185.1
156.5
184.1
156.8
182.0
154.9
181.9
154.1
181.3
150.6
178.6
150.2
178.5
147.6
177.1
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
A45
Indexes and Gross Value 1 —Continued
Monthly data seasonally adjusted
Group
SIC
code2
1992
proportion
2000
2000
avg.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May'
June'
July'
Aug
144.6
144.2
142.7
142.6
141.5
147.4
168.6
135.7
147.5
168.4
135.8
146.1
167.3
134.3
Index(1992=100)
MAJOR INDUSTRIES
100.0
147.5
148.6
149.0
148.7
85.4
26.5
58.9
153.6
178.0
139.3
154.6
180.3
140.5
155.1
181.2
140.8
154.9
181.1
140.5
154.1
178.8
140.5
24
25
45.0
2.0
1.4
193.4
118.3
142.9
196.9
115.5
143.8
198.4
116.8
146.6
197.6
114.8
147.2
32
33
331,2
331PT
333-6,9
34
2.1
3.1
1.7
.1
1.4
5.0
134.7
133.7
131.1
120.9
136.8
135.6
136.1
132.4
129.7
123.9
135.7
136.3
136.5
133.9
131.9
117.7
136.5
136.0
137.3
129.0
123.7
115.6
135.3
136.0
252.8
257.9
260.0
261.5
59 Total index
60 Manufacturing
Primary processing
61
62
Advanced processing
63
64
65
66
146.0
145.4
152.6
176.1
139.6
151.3
173.5
139.0
150.7
173.1
138.4
150.0
171.1
138.3
149.6
171.3
137.5
149.2
170.6
137.3
196.7
113.2
145.0
195.1
111.5
145.3
192.3
108.3
144.1
191.1
109.1
143.8
191.3
111.4
143.2
190.1
110.9
142.5
190.1
114.0
143.5
187.4
113.9
141.6
187.6
114.1
140.4
185.5
114.7
139.0
134.6
127.3
122.0
106.3
133.6
134.7
132.4
126.3
118.7
104.6
135.2
132.9
135.2
124.0
116.0
108.3
133.4
133.5
134.3
121.3
115.5
109.1
128.2
130.3
134.3
117.8
113.3
109.2
123.3
129.8
133.3
122.4
118.4
101.3
127.2
129.3
134.3
122.5
121.9
109.0
123.4
128.8
133.5
120.4
122.1
111.8
118.6
127.5
133.1
120.4
121.7
112.8
119.1
127.9
132.4
119.1
120.8
112.3
117.6
127.4
261.9
262.3
258.4
255.0
255.7
251.0
246.1
240.6
240.0
235.6
1.502.8 1,508.3 1,497.4
604.4
610.2
604.3
126.8
122.8
116.0
160.1
151.8
138.6
131.5
140.1
125.9
1,484.2
593.7
119.8
147.4
131.9
1,410.1 1,398.3
554.9
541.7
129.2
125.5
160.7
168.6
157.9
145.0
1,391.5
536.7
126.7
164.0
150.5
148.2
147.3
145.0
35
8.0
357
36
37
371
371PT
1.8
7.3
9.5
4.9
2.6
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
93.8
122.2
130.8
93.5
123.3
130.8
92.1
123.7
130.9
93.6
123.5
131.1
95.4
124.6
130.2
95.3
123.1
129.4
94.3
125.0
130.4
93.5
123.3
127.6
94.3
122.6
127.6
94.1
123.1
128.4
93.2
122.4
126.6
92.4
120.4
127.9
92.2
120.7
128.8
91.6
120.2
125.8
81
82
83
84
85
86
87
88
89
90
91
Nondurable goods
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing . . . .
Chemicals and products . . . .
Petroleum products
Rubber and plastics
Leather and products
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
116.9
114.7
95.3
100.1
91.7
116.1
109.9
128.3
117.1
142.3
69.8
116.3
115.1
96.6
99.4
90.7
113.3
110.4
125.9
117.6
142.1
68.8
116.0
114.6
94.5
98.4
89.5
113.7
110.9
125.4
117.4
141.9
69.8
116.3
114.8
93.7
96.7
89.2
117.1
111.6
125.8
116.5
141.3
68.6
115.5
115.0
93.1
92.8
89.2
114.7
111.2
124.8
116.9
139.1
68.9
114.1
114.2
94.2
94.5
88.2
112.7
109.2
122.9
114.7
137.3
66.9
114.0
114.1
95.2
93.0
88.9
111.8
109.6
121.8
115.1
138.5
67.1
114.0
115.0
93.7
92.7
88.7
112.8
107.7
122.6
116.5
137.3
69.3
112.7
114.6
92.2
92.4
88.4
107.7
106.2
121.2
115.0
136.5
67.7
112.8
114.2
93.8
90.7
88.2
113.7
105.6
120.1
116.7
136.0
65.7
1 12.2
114.1
92.1
87.4
87.9
110.9
105.3
120.2
116.2
135.0
64.0
111.2
113.4
93.0
87.1
85.3
108.8
104.2
118.6
116.5
135.4
62.5
111.1
113.0
94.3
85.0
85.9
109.9
103.8
118.2
115.6
136.1
61.7
110.3
112.8
91.5
85.7
83.4
108.9
102.8
118.0
114.0
134.9
60.6
10
12
13
14
6.9
.5
1.0
4.8
.6
100.0
97.4
108.9
95.0
126.4
101.0
95.8
109.3
96.3
125.0
100.4
99.3
107.0
95.7
123.7
100.1
96.3
110.2
95.1
124.6
101.1
93.7
108.6
96.6
123.2
99.6
99.5
106.1
95.2
119.3
101.0
94.6
115.2
96.1
121.7
101.4
91.7
110.7
96.7
126.4
102.7
85.4
116.6
97.7
129.6
103.5
90.4
116.8
98.5
129.1
103.8
91.2
116.5
98.9
128.2
103.4
90.3
1 15.2
98.6
127.1
102.3
88.2
111.5
97.6
128.1
101.8
86.2
111.3
97.4
125.7
491.3PT
491.2PT
7.7
6.2
1.6
120.4
123.9
109.3
122.1
126.1
108.4
121.7
124.7
110.5
120.0
124.2
105.8
121.9
127.3
104.5
129.1
131.2
120.2
124.0
126.7
113.7
121.8
123.9
112.9
122.0
125.5
109.7
120.9
127.2
101.2
119.5
125.0
102.1
119.6
124.8
102.9
118.8
123.5
103.3
120.7
126.8
101.9
80.5
152.6
153.5
153.9
154.3
153.8
152.7
152.2
151.1
149.8
149.3
148.5
146.7
146.3
145.1
83.6
145.4
146.2
146.5
146.2
145.4
143.9
142.7
142.2
141.5
141.1
140.8
139.2
139.3
137.9
5.9
1,195.2
1,281.6
1,310.3
1,334.8
1,358.1
1,368.9
1,351.7
1,334.1
1.312.2
1,283.1
1,260.2
1,233.3
1,206.0
1,189.6
81.1
128.3
128.2
128.4
128.0
127.1
125.6
124.7
124.3
123.8
123.7
123.5
122.2
122.4
121.2
79.5
125.1
124.9
125.0
124.6
123.6
122.1
121.1
120.8
120.4
120.3
120.2
118.9
119.2
118.1
67
68
69
70
71
72
73
74
75
76
77
78
92 Mining
93
Metal
94
Coal
Oil and gas extraction
95
96
Stone and earth minerals
97 Utilities
98
Electric
99
Gas
1,343.6 1,421.6 1,464.2 1,487.4
549.7
592.2
597.4
580.0
132.4
131.0
132.4
129.2
175.5
167.2
170.5
173.9
158.8
153.0
156.4
145.8
1.477.5 1.464.4 1.434.6
581.0
565.8
569.9
127.0
124.5
123.9
156.5
155.4
162.9
141.8
147.9
141.6
SPECIAL AGGREGATES
100 Manufacturing excluding motor
vehicles and parts
101 Manufacturing excluding
computers and office
equipment
102 Computers, communications
equipment, and
semiconductors
103 Manufacturing excluding
computers and
semiconductors
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors
Gross value (billions of 1992 dollars, annual rates)
MAJOR MARKETS
105 Products, total
2,001.9 2,860.5 2,882.9 2,889.1 2,867.4 2,863.2 2,850.2 2,818.1 2,819.8 2,826.9 2,812.9 2,818.9 2,796.7 2,805.7 2,776.3
106 Final
107
Consumer goods
108
Equipment
1,552.1 2,203.4 2,220.5 2,228.1 2,205.4 2,203.7 2,198.2 2,167.1 2,174.5 2,186.0 2,174.7 2,178.7 2.159.1 2,172.4 2,145.6
1,049.6 1,340.0 1,348.7 1,353.7 1,334.7 1,331.2 1,332.8 1,312.2 1,322.8 1,328.2 1,325.5 1,331.9 1,326.1 1,337.5 1,324.4
865.7
880.8
883.3
880.9
502.5
883.3
874.9
864.8
859.8
866.4
856.5
852.8
837.1
838.0
823.0
109 Intermediate
449.9
656.7
661.5
660.2
661.0
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 December 2000. The recent annual revision is described in an article in the
March 2001 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
658.6
651.2
649.9
644.5
640.4
637.7
639.6
637.0
632.9
630.1
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 • November 2001
HOUSING AND CONSTRUCTION
Monthly figures at seasonally adjusted annual rates except as noted
2001
2000
Item
1998
1999
2000
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Private residential real estate activity (thousands of units except as noted)
NEW UNITS
1,612
1,188
425
1.617
1,271
346
971
659
312
1,474
1,160
315
374
1,664
1.247
417
1,641
1,302
339
953
648
305
1.605
1,270
335
348
1,592
1,198
394
1,569
1.231
338
934
623
310
1.574
1,242
332
250
1,562
1,212
350
1.527
1.218
309
971
659
312
1,509
1.172
337
213
1,614
1,203
411
1,559
1,209
350
969
655
314
1.548
1,236
312
196
1,553
1,187
366
1.532
1,236
296
965
652
313
1,527
1,228
299
176
1,724
1,283
441
1,666
1,336
330
985
669
316
1,424
1,090
334
171r
1,663
1,228
435
1,623
1,288
335
989
675
314
1,531
1,201
330
180'
1,627
1,209
418
1,592
1,208
384
1,002
676
326
1,478
1,207
271
179
1.587
1.218
369
1.626
1,295
331
1,006
682
324
1,569
1,232
337
184'
1,621
1,205
416
1,610
1,285
325
1,016
688
328
1.499
1.225
274
186
1,587
1,225
362
1,634
1,292
342
1.012
688
324
1.643
1,275
368
198
1,571
1.211
360
1,641
1,278
363
1,011
688
323
1,574
1,254
320
193
886
300
880
315
877
301
922
301
882
304
1.001
297
938
295
959
295
953
289
899
293
882
296
886
301
893
305
152.5
181.9
161.0
195.6
169.0
207.0
176.3
215.1
174.7
210.7
162.0
208.1
171.3
209.0
169.1
211.0
166.3
210.2
175.2
205.5
175.3
211.4
174.3
209.0
172.3
207.9
18 Number sold
4,970
5,205
5,113
5,070
5,300
4,940
5,200
5.190
5,430
5.220
5,360
5,330
5,200
Price of units sold (thousands
of dollars)1
19 Median
20 Average
128.4
159.1
133.3
168.3
139.0
176.2
138.6
176.9
139.5
176.5
139.7
178.5
137.1
175.8
138.6
174.6
143.4
179.5
143.1
179.9
145.0
183.6
152.2
191.1
151.7
190.6
1 Permits authorized
2
One-family
3
Two-family or more
4 Started
5
One-family
6
Two-family or more
7 Under construction at end of period1 . . . .
8
One-family
9
Two-family or more
10 Completed
11
One-family
12
Two-family or more
13 Mobile homes shipped
Merchant builder activity in
one-family units
14 Number sold
15 Number for sale at end of period'
Price of units sold 1thousands
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)1
CONSTRUCTION
21
Total put in place
703,533
763,914
817,130
820,805
826,746
838,731
859,815
869,334
869,140
870,826r
869,574
861,571
854,640
77
23
24
25
26
Private
Residential
Nonresidential
Industrial buildings
Commercial buildings
Other buildings
Public utilities and other
550,754
314,514
236,240
40,547
95,760
39,609
60,324
595,667
349,560
246,107
32,794
104,531
40,906
67,876
641,269
375.268
266,001
31,984
116,988
44,505
72.523
644,836
370,256
274,580
32,125
121,760
45,645
75.050
651,066
374,281
276,785
33,265
120,587
45,628
77,305
660.849
379,593
281,256
31,398
125,234
45,707
78,917
673,715
386,088
287,627
35,878
125,402
46,567
79,780
681,826
398,863
282,963
33,386
124,568
46,264
78,745
681,176
395,080
286,096
34,823
128,792
47,117
75,364
677.429'
392,160'
285,269'
34.662'
124,935'
46.080'
79.592'
670,838
394,330
276.508
31,943
118,601
46,643
79.321
665.322
391,508
273,814
32,966
116,842
46,020
77,986
653,315
388,874
264,441
.33.269
111,388
44,765
75,019
Public
Military
Highway
Conservation and development
Other
152,779
2,539
45,251
5,415
99,575
168.247
2,142
52,024
5,995
108,086
175.861
2.334
52,851
6,043
114,634
175.969
1,883
48,764
6.815
118.507
175,680
2,629
48,858
5,789
118,404
177,883
2,107
50,189
6,339
119,248
186,100
2,270
55,368
7,381
121,081
187,508
2,342
56,204
7,838
121,124
187,964
2,131
57,443
7.573
120,817
193.397'
2.530'
57.717'
6.332'
126,818'
198,736
2,274
60,437
7,216
128,809
196,249
2,477
61,534
6,592
125,646
201,326
2,371
61,758
5,955
131,242
71
28
29
30
31
3?.
33
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.
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
2001
Aug.
Sept.
Dec.
Mar.
3.3
2.3
4.0
Index
level,
Aug.
20011
2001
2001
2000
2000
Aug.
Change from 1 month earlier
July
Aug.
Apr.
May
June
3.7
.3
.4
.2
-.3
.1
177.5
.1
1.8
2
.0
.3
.3
3.1
.1
-.4
.3
.4
-.9
.3
.0
.5
.3
-5.6
.2
.1
2
.2
-1.9
-.4
.5
173.9
129.4
186.6
143.8
211.2
-,lr
-,6 r
-,lr
,3r
-.1
-.4
.1
-2.5
.0
.1
-.9
-.6
-5.8
.1
.2
.4
.9
1.1
-.1
-.1
141.1
142.6
97.8
156.6
139.5
June
CONSUMER PRICES 2
(1982-84=100)
3.4
1 All items
? Food
3 Energy items
4 All items less food and energy
Commodities
Services
6
2.7
2.7
13.1
2.6
.5
3.6
3.1
2.8
2.7
.1
3.8
4.1
7.9
2.9
1.7
3.2
2.1
3.8
2.0
.0
3.2
4.1
6.0
3.5
1.4
4.2
3.3
16.8
2.6
-1.6
4.5
3.4
1.0
14.9
2.1
1.2
2.1
3.9
2.0
1.8
.7
2.0
-1.2
6.4
2.4
1.7
2.9
2.7
12.0
1.0
.3
4.7
10.5
9.5
2.3
.0
.3
.9
-6.1
2.3
1.2
,5r
.6'
i.r
,3r
.2'
4.5
2.5
-.5
-.7
3.1
.3
1.2
-.3
1.5
1.5
-1.2
-.9
-.2
-.1
.R
,I
-.2
-.3
-1.1
-.4
-.5
-.4
130.4
136.0
-4.6
40.2
3.7
14.0
-14.9
-9.5
-8.2
20.0
-8.8
36.5
102.6
-9.2
15.6
-42.4
-10.8
-7.1
-43.7
-13.7
-5r
2.V
-2.4'
-1.3 r
-3.7
-i.R
-.1
-11.9
.6
-11.5
-.9
-.6
-4.4
-.8
108.9
104.2
128.4
PRODUCER PRICES
(1982=100)
7 Finished goods
8
Consumer foods
9
Consumer energy
Other consumer goods
10
Capital equipment
11
Intermediate materials
12 Excluding foods and feeds
13 Excluding energy
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 • November 2001
GROSS DOMESTIC PRODUCT AND INCOME
B i l l i o n s o f c u r r e n t d o l l a r s e x c e p t a s n o t e d ; q u a r t e r l y d a t a at s e a s o n a l l y a d j u s t e d a n n u a l r a t e s
2000
Account
1998
1999
2001
2000
Q2
Q3
Q4
QL
Q2'
GROSS DOMESTIC PRODUCT
1 Total
8,781.5
9,268.6
9,872.9
9,857.6
9,937.5
10,027.9
10,141.7
10,202.6
BY source
2 Personal consumption expenditures
3
Durable goods
4
Nondurable goods
Services
5.856.0
693.2
1.708.5
3,454.3
6,250.2
760.9
1,831.3
3,658.0
6,728.4
819.6
1,989.6
3,919.2
6,674.9
813.8
1,978.3
3,882.8
6,785.5
825.4
2,012.4
3,947.7
6,871.4
818.7
2,025.1
4,027.5
6,977.6
838.1
2,047.1
4,092.4
7,044.6
844.7
2,062.3
4,137.6
1,538.7
1,465.6
1,101.2
282.4
818.9
364.4
1,636.7
1,578.2
1,174.6
283.5
891.1
403.5
1,767.5
1,718.1
1,293.1
313.6
979.5
425.1
1,792.4
1,717.0
1,288.3
306.4
981.8
428.7
1.788.4
1,735.9
1,314.9
321.1
993.8
421.0
1,780.3
1,741.6
1,318.2
330.9
987.3
423.4
1,722.8
1,748.3
1,311.2
345.8
965.4
437.0
1,669.9
1,706.5
1,260.2
338.6
921.7
446.2
C h a n g e in b u s i n e s s i n v e n t o r i e s
Nonfarm
73.1
72.3
58.6
60.1
49.4
51.1
75.4
74.0
52.5
55.3
38.7
37.8
-25.5
-26.2
-36.6
-35.3
14 N e t e x p o r t s o f g o o d s a n d s e r v i c e s
15
lb
-151.7
964.9
1,116.7
-250.9
989.8
1,240.6
-364.0
1,102.9
1,466.9
-350.8
1,099.7
1.450.4
-380.6
1,131.1
1,511.8
-390.6
1,121.0
1,511.6
-363.8
1,117.4
1,481.2
-347.4
1,079.6
1,427.0
17 G o v e r n m e n t c o n s u m p t i o n e x p e n d i t u r e s a n d g r o s s i n v e s t m e n t
18
Federal
19
State and local
1,538.5
539.2
999.3
1,632.5
564.0
1,068.5
1,741.0
590.2
1,150.8
1,741.1
601.0
1,140.1
1,744.2
587.0
1,157.2
1,766.8
594.2
1,172.6
1,805.2
605.3
1,199.8
1,835.4
609.9
1,225.5
By major type of
2 0 F i n a l s a l e s , total
21
22
Durable
23
Nondurable
24
Services
Structures
25
8,708.4
3,232.3
1.524.4
1,707.9
4,678.6
797.5
9.210.0
3,418.6
1,618.8
1.799.8
4.939.1
852.4
9,823.6
3.644.8
1,735.2
1,909.7
5,268.5
910.3
9.782.2
3,636.0
1,735.2
1,900.8
5.243.1
903.1
9,884.9
3,677.2
1,753.8
1,923.5
5,296.1
911.6
9.989.2
3,670.6
1,740.7
1,929.9
5,393.0
925.6
10,167.2
3,718.8
1,755.8
1,963.1
5,482.8
965.6
10,239.1
3,715.0
1,737.2
1,977.8
5,545.7
978.4
73.1
44.7
28.5
58.6
35.3
23.3
49.4
34.7
14.7
75.4
51.0
24.4
52.5
33.0
19.5
38.7
31.5
7.2
-25.5
-31.0
5.5
-36.6
-42.3
5.8
8,508.9
8,856.5
9,224.0
9,229.4
9,260.1
9,303.9
9,334.5
9,341.7
30 Total
7,041.4
7,462.1
7,980.9
7,956.1
8,047.2
8,124.0
8,169.7
8,207.9
31 C o m p e n s a t i o n o f e m p l o y e e s
32
W a g e s and salaries
Government and government enterprises
33
34
Other
S u p p l e m e n t to w a g e s a n d s a l a r i e s
35
36
Employer contributions for social insurance
37
Other labor income
4,989.6
4,192.1
692.7
3.499.4
797.5
306.9
490.6
5,310.7
4,477.4
724.3
3,753.1
833.4
323.6
509.7
5,715.2
4.837.2
768.4
4,068.8
878.0
343.8
534.2
5,669.9
4.798.0
768.3
4,029.7
872.0
341.8
530.1
5,759.3
4,875.8
772.6
4,103.2
883.5
345.6
537.9
5,868.9
4,973.2
776.6
4,196.6
895.7
350.8
544.9
5,955.7
5,049.4
788.8
4,260.6
906.3
357.1
549.3
6,010.8
5,099.8
799.6
4,300.2
911.0
358.8
552.2
623.8
598.2
25.6
672.0
645.4
26.6
715.0
684.4
30.6
717.9
685.4
32.5
719.3
687.6
31.6
725.2
693.5
31.7
735.2
705.4
29.8
745.3
716.6
28.7
6 Gross private domestic investment
7
Fixed investment
8
Nonresidential
9
Structures
10
Producers' durable equipment
11
Residential structures
12
13
product
2 6 C h a n g e in b u s i n e s s i n v e n t o r i e s
27
Durable goods
28
Nondurable goods
MEMO
29 Total G D P in c h a i n e d 1996 d o l l a r s
NATIONAL INCOME
38 Proprietors' income1
39
Business and professional1
Farm1
40
41 Rental i n c o m e of p e r s o n s 2
138.6
147.7
141.6
141.4
138.3
141.7
139.6
139.0
42 Corporate profits'
43
Profits before tax3
44
Inventory valuation adjustment
45
Capital consumption adjustment
777.4
721.1
18.3
38.0
825.2
776.3
-2.9
51.7
876.4
845.4
-12.4
43.4
892.8
862.0
-14.8
45.5
895.0
858.3
-3.6
40.4
847.6
816.5
-7.3
38.4
789.8
755.7
-1.9
36.0
759.8
738.3
-8.8
30.3
4 6 Net interest
511.9
506.5
532.7
534.1
535.3
540.6
549.4
553.0
1. W i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n s u m p t i o n a d j u s t m e n t s .
2. W i t h c a p i t a l c o n s u m p t i o n a d j u s t m e n t .
3. F o r a f t e r - t a x p r o f i t s , d i v i d e n d s , a n d t h e l i k e , s e e t a b l e 1.48.
SOURCE. U . S . D e p a r t m e n t o f C o m m e r c e , 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
2001
2000
Account
1998
2000
1999
Q2
Q3
Q4
Q21
Qi
PERSONAL INCOME AND SAVING
1 Total personal income
7,426.0
7,777.3
8,319.2
8,271.0
8,381.5
8,519.6
8,640.2
8,714.6
?
4.192.8
1.038.5
756.6
948.9
1.512.7
692.7
4,472.2
1,088.7
782.0
1,021.0
1,638.2
724.3
4,837.2
1,163.7
830.1
1,095.6
1,809.5
768.4
4,798.0
1,151.8
822.0
1.086.1
1,791.7
768.3
4,875.8
1,173.2
838.0
1,102.4
1,827.6
772.6
4,973.2
1,195.5
852.2
1.125.9
1,875.2
776.6
5.049.4
1,206.3
853.3
1.140.3
1,914.0
788.8
5.099.8
1,204.4
850.2
1,148.2
1,947.6
799.6
490.6
623.8
598.2
25.6
138.6
348.3
964.4
983.7
578.1
509.7
672.0
645.4
26.6
147.7
343.1
950.0
1,019.6
588.0
534.2
715.0
684.4
30.6
141.6
379.2
1.000.6
1,069.1
617.3
530.1
717.9
685.4
32.5
141.4
373.3
999.9
1,066.3
618.6
537.9
719.3
687.6
31.6
138.3
385.8
1,009.2
1,074.6
620.9
544.9
725.2
693.5
31.7
141.7
396.6
1,013.1
1,089.0
626.5
549.3
735.2
705.4
29.8
139.6
404.8
1,010.9
1,123.1
651.4
552.2
745.3
716.6
28.7
139.0
41 1.9
1,001.0
1.139.4
660.1
Wage and salary disbursements
Commodity producing industries
4
Manufacturing
Distributive industries
6
Service industries
7
Government and government enterprises
8
9
in
11
17
n
14
Other labor income
Proprietors' income1
Business and professional1
Rental income of persons3
Dividends
Personal interest income
Transfer payments
16
Old age survivors, disability, and health insurance benefits
17
LESS: Personal contributions for social insurance
18 EQUALS: Personal income
316.3
337.1
357.7
355.8
359.4
364.1
372.1
374.0
7,426.0
7,777.3
8,319.2
8,271.0
8,381.5
8,519.6
8.640.2
8,714.6
1,070.4
1,159.2
1,288.2
1,277.3
1.300.2
1,329.8
1.345.2
1,351.4
20 EQUALS: Disposable personal income
6,355.6
6,618.0
7,031.0
6.993.7
7,081.3
7,189.8
7,295.0
7,363.2
21
LESS: Personal outlays
6,054.1
6,457.2
6,963.3
6.905.6
7,026.9
7,115.1
7,216.2
7,281.7
22 EQUALS: Personal saving
301.5
160.9
67.7
88.1
54.5
74.7
78.8
81.5
31,449.2
21,007.2
22,800.0
32,441.9
21,862.6
23,150.0
33,490.3
22,720.7
23,742.0
33,549.2
22,632.8
23,717.0
33.587.6
22,822.4
23,814.0
33,661.1
22,941.7
24,006.0
33,698.5
23,063.1
24.111.0
33,639.7
23,148.7
24,200.0
4.7
2.4
1.0
1.3
.8
1.0
1.1
1.1
27 Gross saving
1,647.2
1,707.4
1,785.7
1,799.4
1,807.4
1,799.7
1,754.0
1,750.5
28 Gross private saving
1,375.0
1,348.0
1,323.0
1,345.8
1,329.6
1,332.7
1,307.9
1.321.2
29 Personal saving
30 Undistributed corporate profits'
31 Corporate inventory valuation adjustment
301.5
189.9
18.3
160.9
228.7
-2.9
67.7
225.3
-12.4
88.1
238.6
-14.8
54.5
233.9
-3.6
74.7
197.0
-7.3
78.8
147.8
-1.9
81.5
119.5
-8.8
Capital consumption allowances
3? Corporate
33 Noncorporate
620.2
264.2
669.2
284.1
727.1
302.8
719.1
299.9
736.0
305.2
749.7
311.3
763.8
317.5
785.6
334.6
34 Gross government saving
35
Federal
36
Consumption of fixed capital
Current surplus or deficit (-), national accounts
37
18
State and local
39
Consumption of fixed capital
40
Current surplus or deficit (-), national accounts
272.2
132.0
88.2
43.8
140.2
99.5
40.7
359.4
210.9
91.7
119.2
148.5
106.4
42.1
462.8
315.0
96.4
218.6
147.8
114.9
32.8
453.7
305.0
95.9
209.1
148.7
114.0
34.7
477.8
326.9
97.0
229.9
150.9
116.1
34.8
467.1
320.5
97.9
222.5
146.6
118.0
28.6
446.1
303.7
98.4
205.3
142.5
120.2
22.3
429.3
286.2
99.4
186.7
143.2
121.9
21.3
41 Gross investment
1,616.2
1.634.7
1,655.3
1,690.0
1,651.1
1,649.7
1,633.5
1,607.3
4? Gross private domestic investment
41 Gross government investment
44 Net foreign investment
1,538.7
277.1
-199.7
1,636.7
304.6
-306.6
1,767.5
318.3
-430.5
1,792.4
315.0
-417.4
1,788.4
314.0
-451.3
1,780.3
322.8
-453.4
1,722.8
330.9
-420.2
1,669.9
344.0
-406.6
-31.0
-72.7
130.4
-109.5
-156.3
-150.0
-120.5
-143.2
19
LESS: Personal tax and nontax payments
MEMO
Per capita (chained 1996 dollars)
?3 Gross domestic product
24 Personal consumption expenditures
25 Disposable personal income
26 Saving rate (percent)
GROSS SAVING
45 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. U.S. Department of Commerce, Sun-ex of Current Business.
A50
3.10
International Statistics • November 2001
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data seasonally adjusted except as noted 1
2001
2000
Item credits or debits
1 Balance on current account
2
Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
Compensation of employees
10
Unilateral current transfers, net
11 Change in U.S. government assets other than official
reserve assets, net (increase, - )
1999
1998
-217.457
-166.828
932,694
-1,099,522
-6,202
-1,211
66,253
-67,464
-4,991
-44,427
2000
-324,364
-261,838
957,353
-1,219,191
-13,613
-8,511
67,044
-75,555
-5,102
-48,913
-444,667
-375,739
1,065,702
-1,441,441
-14,792
-9,621
81,231
-90,852
-5,171
-54,136
Q2
Q3
Q4
QV
Q2P
-108,134
-90,784
265,822
-356,606
^1,889
-3,589
18,117
-21,706
-1,300
-12,461
-115,305
-97,340
272,497
-369,837
-4,885
-3,620
21,049
-24,669
-1,265
-13,080
-116,324
-100,293
270,131
-370,424
642
1,971
25,703
-23,732
-1,329
-16,673
-111,778
-95,023
269,092
-364,115
-5,021
-3,661
22,673
-26,334
-1,360
-11,734
-106,498
-88,938
260,507
-349,445
-5,493
-4,156
23,086
-27,242
-1,337
-12,067
-422
2,751
-944
-572
114
-359
21
-761
-6,783
0
-147
-5,119
-1.517
8.747
0
10
5,484
3,253
-290
0
-722
2,308
-1,876
2,020
0
-180
2,328
-128
-346
0
-182
1,300
-1,464
-1,410
0
-180
-1,083
-147
190
0
-189
574
-195
-1,343
0
-156
-1,015
-172
-352,427
-35.572
-38,204
-136,135
-142,516
^48,565
-76,263
-85,700
-131,217
-155,385
-579,718
-138.500
-163,846
-124,935
-152,437
-95,021
7,455
-29,491
-39,639
-33,346
-107,495
-18,147
-14,585
-33,129
-41,634
-179,779
-71,574
-44,514
-24,621
-39,070
-243,331
-109,789
-61,011
-31,591
-40,940
-61,218
9,191
13,433
-48,240
-35,602
22 Change in foreign official assets in United States (increase, +)
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities2
26
Other U.S. liabilities reported by U.S. banks2
27
Other foreign official assets'
-19,948
-9,921
6,332
-3,371
-9,501
-3,487
43,551
12,177
20,350
-2,855
12.964
915
37,619
-10,233
40,909
-1,987
5,803
3,127
6,447
-4,000
10,334
-1,000
209
904
12,247
-9,001
14,272
-220
6,884
312
-3,573
-13,436
8,196
-293
980
980
4,898
-1,027
3,574
-1,246
2,594
1,003
-22,430
-20,781
9,932
-1,138
-11,471
1,028
28 Change in foreign private assets in United States (increase, +)
79
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
Foreign purchases of other U.S. securities, net
.33
34
Foreign direct investments in United States, net
524,412
39,769
23,140
48,581
16,622
218,091
178,209
770,193
54,232
69,075
-20,490
22,407
343,963
301,006
986,599
87,953
177,010
-52,792
1,129
485,644
287,655
243,560
53,923
24,400
-20,546
989
94,400
90.394
209,861
-1,910
19,078
-12.503
757
128,393
76,046
298,894
43,365
48,344
-10,395
6,230
126,643
84,707
341,762
6,890
130.624
656
2,311
148,809
52,472
210,432
50,123
-34,022
-8,275
2,772
132,671
67,163
678
71,947
-3,491
-48,822
705
696
71,947
-48,822
696
173
^18,473
-2.380
-46,093
175
749
-9,977
10,726
184
2,367
3,856
-1,489
173
8,065
8,821
-756
177
-18,359
-1,868
-16,491
12 Change in U.S. official reserve assets (increase, - )
1.3 Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16
Foreign currencies
17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net
35 Capital account transactions, net5
.36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
MEMO
Changes in official assets
39 U.S. official reserve assets (increase. - )
40 Foreign official assets in United States, excluding line 25
(increase, +)
-6,783
8,747
-290
2,020
-346
-1,410
190
-1,343
-16,577
46,406
39,606
7,447
12,467
-3,280
6,144
-21,292
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
-11,531
1,621
11,582
1,639
3,636
164
589
-1,878
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38^11.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.
5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.
Summary Statistics
3.11
A51
U.S. FOREIGN TRADE1
Millions of dollars; monthly data seasonally adjusted
2001
Item
1998
1999
2000
Jan.r
Feb.'
Mar.'
Apr.'
May'
June'
Julyp
1 Goods and services, balance
2
Merchandise
3
Services
-166,686
-246,855
79,868
-261,838
-345,434
83,596
-375,739
-452.207
76.468
-33,394
-39,127
5,733
-28,675
-34.614
5,939
-32,957
-38,781
5,824
-31.518
-37,656
6,138
-28,210
-34,449
6,239
-29,068
-35,553
6,485
-28,830
-35.418
6,588
4 Goods and services, exports
5
Merchandise
6
Services
933,053
670,324
262,729
957,353
684,553
272,800
1,065,702
772,210
293,492
90,059
65,309
24,750
90,395
65,748
24,647
88,636
63,884
24,752
87,064
62,170
24,894
87,571
62,846
24,725
85,898
60,848
25,050
83,725
58,804
24,921
7 Goods and services, imports
8
Merchandise
9
Services
-1,099,739
-917,179
-182,560
-1,219,191
-1,029,987
-189,204
-1,441,441
-1,224,417
-217,024
-123,453
-104,436
-19,017
-119,070
-100,362
-18,708
-121,593
-102,665
-18,928
-118,582
-99,826
-18,756
-115,781
-97,295
-18,486
-114,966
-96,401
-18,565
-112,555
-94,222
-18,333
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
2001
Asset
1998
1999
2000
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.p
1 Total
81,761
71,516
67,647
66,486
64,222
64,731
65,254
64,847
65,736
67,852
70,962
2 Gold stock1
3 Special drawing rights 23
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4
11,046
10,603
11,048
10,336
11,046
10,539
11,046
10,641
11,046
10,379
11,046
10,420
11,044
10,481
11,044
10,409
11,044
10.518
11,044
10,913
11,044
10.919
24,111
36,001
17,950
32,182
14,824
31,238
14,107
30,692
13,777
29,020
13.816
29,449
14,283
29,446
14,619
28.775
14,965
29,209
15,297
30,598
18.404
30,595
SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million: plus net transactions in SDRs.
4. Valued at current market exchange rates.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
3.13
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period
2001
Asset
1998
1999
2000
Feb.
1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3
Apr.
May
June
July
Aug.
Sept.p
167
71
215
196
70
101
86
102
84
80
608
607,574
10,343
632,482
9,933
594,094
9,451
603,906
9,343
609,440
9,289
585.710
9,215
583,655
9,154
586,607
9.100
578,573
9,100
590,820
9,100
587,566
9,100
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.
Mar.
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 • November 2001
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2001
Item
1 Total1
Bx txpe
2 Liabilities reported by banks in the United States2
3 U.S. Treasury bills and certificates1
U.S. Treasury bonds and notes
4
Marketable
Nonmarketable4
6 U.S. securities other than U.S. Treasury securities3
By area
7 Europe1
8 Canada
9 Latin America and Caribbean
10 Asia
1 1Africa
12 Other countries
2000
1999
Feb.
Mar.
Apr.
May
June'
JulyP
806,318
845,934
866,883
864,593
865,466
855,152
837,296
835,145
845,179
138,847
156,177
144.658
153,010
155.293
158.967
155,163
155.667
154,641
155,204
158,441
144,158
143,950
137.933
144,142
139,195
151,882
143,288
422.266
6.111
82,917
415,964
5,348
126.954
418.190
4,923
129,510
418,857
4,953
129.953
419,106
4,984
131,531
410,066
5,017
137,470
410.979
5,049
139,385
407.736
5,081
138,991
406,995
4,846
138,168
244.805
12,503
73,518
463,703
7,523
4,266
253,592
12.394
76,818
488.170
9,165
5,795
259,829
11,220
80,115
499,925
8.965
6,829
256.180
10,794
80.389
501,486
9.586
6.158
250.420
10,396
79,185
511,023
9,102
5,340
247,128
10,474
79.457
501,092
9,341
7,660
251,505
10,967
76.157
482.997
9,272
6.398
252,028
11,573
79,121
478,291
9,054
5,078
262,830
11,727
79,376
475,482
10.574
5,190
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
Jan.
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April
1993. 30-year maturity issue.
5. Debt securities of U.S. government corportions and federally sponsored agencies, and
U.S. corporate stocks and bonds.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
department by banks (including Federal Reserve Banks) and securities dealers in the United
States, and on the 1994 benchmark survey of foreign portfolio investment in the United
States.
Reported by Banks in the United States'
Payable in Foreign Currencies
Millions of dollars, end of period
2000
Item
1 Banks' liabilities
Banks' claims
3
Deposits
Other claims
4
2
5 Claims of banks' domestic customers
?
1997
117,524
83,038
28.661
54,377
8.191
1. Data on claims exclude foreign currencies held by U.S. monetary authorities.
1998
101.125
78,162
45.985
32,177
20,718
2001
1999
88,537
67,365
34,426
32,939
20,826
Sept.
Dec.'
Mar.'
June
78,852
60,355
26,306
34.049
19,123
76,345
56,647
23,292
33,355
24,411
89,394
73,179
29,902
43,277
21,105
107,593
77,423
32,765
44.658
21,144
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
A53
Reported by Banks in the United States'
Payable in U.S. dollars
M i l l i o n s of dollars, e n d of period
2001
Item
1998
1999
2000
Jan.
Feb.
Mar.
Apr.
May
June'
Julyf
BY HOLDER AND TYPE OF LIABILITY
1
Total, all foreigners
7 Banks' own liabilities
3
Demand deposits
4
Time deposits2
Other'
Own foreign offices 4
6
7 Banks' custodial liabilities5
8
U.S. Treasury bills and certificates6
Short-term agency securities7
9
Other
negotiable and readily transferable
10
instruments8
Other
11
12 Nonmonetary international and regional organizations 9
Banks' own liabilities
13
14
Demand deposits
Time deposits 2
15
Other'
16
17
18
19
20
21
Banks' custodial liabilities5
U.S. Treasury bills and certificates 6
Short-term agency securities7
Other negotiable and readily transferable
instruments 8
Other
22 Official institutions10
Banks' own liabilities
23
24
Demand deposits
25
Time deposits 2
26
Other 3
27
28
29
30
31
Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments 8
Other
.32 Banks11
Banks' own liabilities
33
.34
Unaffiliated foreign banks
35
Demand deposits
Time deposits2
36
Other 3
37
Own foreign offices 4
38
39
40
41
42
43
Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments 8
Other
44 Other foreigners
45
Banks' own liabilities
46
Demand deposits
Time deposits 2
47
Other'
48
49 Banks' custodial liabilities5
50
U.S. Treasury bills and certificates 6
51
Short-term agency securities7
52
Other negotiable and readily transferable
instruments 8
Other
53
1,347,837
1,408,740
1,515,077
1,606,592
1,568,239
1,537,728
1,531,265
1,533,916R
1,519,942
1,518,754
884,939
29,558
151,761
140,752
562,868
971,536
42,884
163,620
155,853
609,179
1,045,236
33,365
188,154
173,263
650,454
1,123,852
30,820
187,365
203,269
702,398
1,084,406
35,765
189,531
198,788
660,322
1,076,707
33,893
182,529
200,477
659,808
1,094,709
30,162
190,804
202,423
671,320
1,116,48 r
29,114
183,002 r
207,146'
697.219'
1,097,211
32.879
181,695
212,874
669,763
1,099,244
29,940
177,190
225,076
667,038
462,898
183,494
n.a.
437,204
185,676
n.a.
469,841
177,846
n.a.
482,740
182,276
66,600
483,833
179,277
74.281
461,021
171,755
71,454
436,556
160,628
69,543
417,435
155,924
62,425
422,731
156.440
60,081
419,510
160,822
61,471
141,699
137,705
132,617
118,911
145,840
146,155
77,464
156,400
73,258
157,017
64,517
153,295
77,595
128,790
80,260
118,826
78,052
128,158
75,726
121,491
11,883
10,850
172
5,793
4,885
15,276
14,357
98
10,349
3,910
12,542
12,140
41
6,246
5,853
10,938
10,595
27
5,641
4,927
11,578
11,202
19
4,966
6,217
12,290
11,746
23
5,302
6,421
12.833
12,344
14
5,301
7,029
14,668
14,342
15
3,532
10,795
13,818
13,479
28
4,228
9.223
11,255
11,020
50
2,896
8,074
1,033
636
n.a.
919
680
n.a.
402
252
n.a.
343
294
26
376
248
108
544
229
137
489
170
144
326
105
132
339
68
134
235
78
132
397
0
233
6
149
23
0
15
5
177
1
1
175
0
87
2
137
0
25
0
260,060
80,256
3,003
29,506
47,747
295,024
97,615
3,341
28,942
65,332
297,668
97,054
3,952
35,638
57,464
314,260
103,445
3.199
33,026
67,220
310,830
99,602
4,444
29,957
65.201
309,845
97,068
3,509
28,001
65,558
302,599
103,508
2,552
32,032
68,924
281.883
96,725
2,522
26,654r
67,549'
283,337
99,724
2,465
32,786
64,473
295,170
109,015
2,169
28,145
78,701
179,804
134,177
n.a.
197,409
156,177
n.a.
200,614
153,010
n.a.
210,815
158,967
45,384
211,228
155,667
49,594
212,777
155,204
53,295
199,091
144,158
51,107
185,158
137,933
43,193
183,613
139,195
40,301
186,155
143,288
39,971
44,953
674
41,182
50
47,366
238
5,337
1,127
5,325
642
4,064
214
3,325
501
3.509
523
3,647
470
2,686
210
885,336
676,057
113,189
14,071
45,904
53,214
562,868
900,379
728,492
119,313
17,583
48,140
53,590
609,179
976,164
788,471
138,017
15,522
66,936
55,559
650,454
1,046,398
848,029
145,631
14,297
70,896
60,438
702,398
1,011,364
814,668
154,346
12,600
77,477
64,269
660,322
992,003
812,764
152,956
16,433
73,017
63,506
659,808
965,851
816,718
145,398
13,029
72,656
59,713
671,320
989,845'
845,755'
148,536'
12,143
70,821'
65,572
697,219'
969,753
817,132
147,369
15,211
64,354
67,804
669,763
956,415
810,443
143,405
12,548
64,207
66,650
667,038
209,279
35,359
n.a.
171,887
16,796
n.a.
187,693
16,023
n.a.
198,369
14,484
7,569
196,696
13,909
8,007
179,239
7,922
2,324
149,133
7,233
2,824
144,090'
8,535
3,772
152,621
8.455
3,169
145,972
9,093
2.535
45,332
128,588
45,695
109,396
36,036
135,634
31,393
144,923
29,868
144,912
27,364
141,629
25,271
113,805
27,856'
103,927
27,314
113,683
26,546
107,798
190,558
117,776
12,312
70,558
34,906
198,061
131,072
21,862
76,189
33,021
228,703
147,571
13,850
79,334
54,387
234,996
161,783
13,297
77,802
70,684
234,467
158,934
18,702
77,131
63,101
223,590
155,129
13,928
76,209
64,992
249,982
162,139
14,567
80,815
66,757
247,520'
159,659'
14,434
81,995'
63.230'
253,034
166,876
15,175
80.327
71,374
255.914
168,766
15,173
81,942
71,651
72,782
13,322
n.a.
66,989
12,023
n.a.
81,132
8,561
n.a.
73,213
8,531
13,621
75,533
9,453
16,572
68,461
8,400
15,698
87,843
9,067
15,468
87,861'
9,351
15,328
86,158
8,722
16,477
87,148
8,363
18,833
51,017
8,443
45,507
9,459
62,289
10,282
40,711
10,350
38,050
11,458
32,912
11,451
48,824
14,484
48.808'
14,374
46,954
14,005
46,469
13.483
27,026
n.a.
30,345
n.a.
34,217
n.a.
31,389
125,225
30,277
120,444
24,518
129,671
26,238
119,577
25,912
119,901'
24,884
126,508
22,640
138.057
MEMO
54 Negotiable time certificates of deposits in custody for
foreigners
55 Repurchase agreements 7
1. Reporting banks include all types of depository institutions as well as some brokers and
dealers. Excludes bonds and notes of maturities longer than one year.
2. Excludes negotiable time certificates deposit, which are included in "Other negotiable
and readily transferable instruments."
3. Includes borrowing under repurchase agreements.
4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign bank, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
5. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks fore foreign customers.
6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
7. Data available beginning January 2001.
8. Principally bankers acceptances, commercial paper, and negotiable time certificates of
deposit.
9. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
10. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
11. Excludes central banks, which are included in "Official institutions."
A54
3.17
International Statistics • November 2001
LIABILITIES TO FOREIGNERS
Reported by Banks in the United States1—Continued
Payable in U.S. dollars
Millions of dollars, end of period
2001
Item
1998
1999
2000
Jan.
Feb.
Mar.
Apr.
May
June
Julyr
AREA
56 T o t a l , all f o r e i g n e r s
1,347,837
1,408,740
1,515,077
1,606,592
1,568,239
1,537,728
1,531,265
l,533,916r
1,519,942'
1,518,754
57 F o r e i g n c o u n t r i e s
1,335,954
1,393,464
1,502,534
1,595,653
1,556,660
1,525,437
1,518,431
l,519,247r
1,506,123'
1,507,498
427.375
3.178
42.818
1.437
1,862
44.616
21,357
2.066
7,103
n.a.
10.793
710
3.236
2.439
15.781
3.027
50.654
4.286
181.554
n.a.
233
30.225
441.810
2.789
44.692
2.196
1,658
49,790
24.753
3.748
6.775
n.a.
8.143
1,327
2.228
5.475
10.426
4.652
63.485
7,842
172.687
n.a.
286
28.858
448,712
2,692
33.399
3,000
1.411
37.833
35,519
2.011
5.072
n.a.
7.244
2,305
2.403
19,018
7,787
6,497
74.635
7.548
169.484
n.a.
276
30.578
477,165
2,366
7.357
3.391
1.155
49,045
30,250
1,888
4,997
27.095
8,504
4.762
2,571
17,233
8,130
5,648
83,098
7.783
143.474
36.376
287
31.755
447.619
2,094
5.709
4.182
1.667
45.435
.30.382
1.963
5,071
24.234
8,328
6,331
2,625
19,029
8.241
5.959
64.428
5,382
134,444
43.087
292
28,736
429.911
2.178
5,432
2.919
1,286
42,758
30.862
1,496
5.850
12,585
7,265
8,361
1,731
18,625
9.500
6,738
54.028
5,635
147,300
36.040
292
29,030
431,641
2,771
5,309
3,412
1.769
39.125
29,591
1.336
5.269
14,505
10.337
4,806
1,949
19.917
7.747
6.025
65,998
4.549
138.134
36,013
30.3
32,776
464,809'
2,593
5.895
2,910
1,144
40.209
30,339
1.525
5.530
15.046
10,772'
2,572
2.041
21,357
7,883
5.284
93,198
7.169
139.683
34,742
301
34,616
458.305'
2.026
6,270
3,063
2,395
40,077
32.357
1.653
6,766
14,961'
9,621'
4,583
2,287
22.839
7.410
5.507
73.106'
5,485
146.385'
34,994
297
36,223'
449,781
2,040
7,058
2,596
1,574
42,710
32.333
2,288
5.876
14,568
11,371
3,539
2,662
23.966
6.971
4,111
65,929
6,192
137,382
35.018
395
41,202
58 Europe
59
Austria
60
Belgium12
61
Denmark
62
Finland
63
France
64
Germany
65
Greece
66
Italy
67
Luxembourg12
68
Netherlands
69
Norway
70
Portugal
Russia
71
72
Spain
73
Sweden
74
Switzerland
75
Turkey
76
United Kingdom
77
C h a n n e l I s l a n d s & Isle o f M a n "
78
Yugoslavia14
79
O t h e r E u r o p e a n d o t h e r f o r m e r U.S.S.R. 1 : 1
80 Canada
30,212
34.214
30,987
23.927
23.945
24.278
27.972
25.993
25,984
26.387
121,327
19.014
15.815
5.015
4.624
1.572
1,336
37.157
3,864
840
2.486
19,894
9.710
117.495
18.633
12.865
7.008
5.669
1.956
1.626
30,717
4.415
1.142
2.386
20.192
10,886
120,154
19,487
10.852
5.892
4.542
2.111
1.604
32.169
4.241
1.427
3,003
24.733
10.093
118.829
18.944
10.527
5,645
4.536
2.144
1.579
33.719
3.610
1.355
2.765
26.995
7.010
120.331
18.011
11.409
5.925
4.440
2.254
1.535
34.948
3.861
1.459
2,844
26,525
7,120
114,513
12,878
10,571
5.175
4.344
2.179
1.509
34,084
4.014
1,788
3,365
27.415
7.191
117.448
14.610
10.851
5,449
4,618
2,164
1,557
.34.271
3.476
1,767
3.410
27,847
7.428
113,410'
12.584
11.257
5,713
4.743'
2,115
1,585
33.177
3.639
1,532
3,332
26.875
6,858'
117.448'
16.417
12,584
5,503'
4,633'
1.957
1.507
33.339
3.510'
1.613"
3,026
26,924'
6,435'
118,538
13,297
14.361
5.440
4,395
2,121
1,519
34,686
3,694
1,596
2,980
27,559
6,890
94 Caribbean
Bahamas
95
96
Bermuda
97
British W e s t I n d i e s ' '
98
C a y m a n Islands17
99
Cuba
100
Jamaica
101
Netherlands Antilles
102
Trinidad and Tobago
103
Other Caribbean16
433.539
118.085
6,846
302.486
n.a.
62
577
5.010
473
n.a.
461.200
135.811
7.874
312.278
n.a.
75
520
4.047
595
n.a.
574.980
189.332
9.641
368.769
n.a.
90
815
5,428
905
n.a.
639.437
186.179
9,488
0
422.055
130
792
6,558
797
13.438
626,260
185,369
8.064
0
412.349
84
945
5.484
886
13,079
615.346
174,174
8,401
n.a.
413.247
85
1.238
4.504
1.048
12.649
606.751
177,530
8,316
n.a.
402,537
83
899
4,515
1,114
1 1,757
601.279'
190.166
7.019
n.a.
386,569'
84
1.133
3,395
1,237
11.676'
599.123'
187,501'
7,815'
n.a.
385,209'
85
995
3,885
1,272
12,361'
608,494
183,021
8,229
n.a.
401,393
88
1.007
3,201
1,253
10,302
104 A s i a
China
105
Mainland
106
Taiwan
107
Hong Kong
108
India
109
Indonesia
1 10
Israel
111
Japan
1 12
Korea (South)
Philippines
113
1 14
Thailand
Middle Eastern oil-exporting countries18
115
116
Other
307.960
319.489
305.533
315.129
316,529
320.174
311,164
291.321R
283.551'
283.112
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
13.603
27,701
7,367
6.567
7.488
159.075
12.988
3.268
6.050
21.314
41.743
16.533
17.352
26.462
4.530
8.514
8.053
150.415
7.961
2,316
3.117
23,733
36,547
27.451
19.828
27.014
4.197
8.536
7,666
148,730
7,155
1,769
3.157
22,425
37.201
31.174
18.192
27,662
4.058
9.027
7.262
150.801
6.273
1.422
3.455
21.594
35.609
39,928
17,891
29,088
4,547
8.605
8,803
146.441
6,096
1,428
3.252
21.634
32,461
34.694
19,962
26,581
4.113
10.733
7.095
144.857
5.370
1,645
2,935
20.515
32.664
23.160
18,119
27,348
4,281
10,605
8,282
141.248
5,380
1,660
3.295
19,644'
28.299'
15.395
19.862
29,180
4.043
10,571
8.696
137.070'
6,239'
1.451
3,310
20.521'
27,213'
15,590
23,081
26,843
4,413
11,635
8,710
134,246
6,829
1,626
3,375
19,190
27.574
8.905
1.339
97
1,522
5
3,088
2.8.54
9.468
2.022
179
1.495
14
2.914
2.844
10.824
2,621
139
1,010
4
4,052
2,998
10.552
2,552
157
843
10
4.317
2.673
10.983
2.336
139
914
10
4.750
2,834
10,564
2,282
133
651
8
4.593
2,897
10,821
2.375
139
791
5
4.753
2.758
10.918
2,517
116
706
2
4,741
2,836
10,507'
2,227
102
657
14'
4.644
2,863'
12.101
3,486
118
802
5
4,350
3,340
124 O t h e r c o u n t r i e s
125
Australia
126
New Zealand2"
127
All other
6,636
5,495
n.a.
1.141
9.788
8.377
n.a.
1,411
11,344
10,070
n.a.
1,274
10.614
8.854
1.035
725
10,993
9,519
328
1.146
10.651
9.448
427
776
12.634
1 1.382
501
751
11,517'
10.406
437
674'
1 1.205'
9.839'
862'
504'
9,085
8.041
501
543
128 N o n m o n e t a r y i n t e r n a t i o n a l a n d r e g i o n a l o r g a n i z a t i o n s
129
International21
130
Latin American regional22
Other regional2'
131
11.883
10.221
594
1.068
15,276
12.876
1.150
1,250
12.543
11.270
740
533
10.939
9,024
1,493
422
11,579
10,793
223
534
12,291
1 1.379
272
640
12.834
11.335
327
620
14,669
12,965
886
518
13,819
12.836
418
523
11,256
10.241
441
502
81 L a t i n A m e r i c a
82
Argentina
83
Brazil
84
Chile
85
Colombia
86
Ecuador
87
Guatemala
88
Mexico
89
Panama
90
Peru
91
Uruguay
92
Venezuela
93
Other Latin America16
1 17 A f r i c a
118
Egypt
1 19
Morocco
120
South Africa
121
Congo (formerly Zaire)
122
Oil-exporting countries'1'
123
Other
12. B e f o r e J a n u a r y 2 0 0 1 , d a t a f o r B e l g i u m - L u x e m b o u r g w e r e c o m b i n e d .
13. B e f o r e J a n u a r y 2 0 0 1 . t h e s e d a t a w e r e i n c l u d e d in d a t a r e p o r t e d f o r t h e U n i t e d
Kingdom.
14. S i n c e D e c e m b e r 1 9 9 2 . h a s e x c l u d e d B o s n i a . C r o a t i a , a n d S l o v e n i a .
15. I n c l u d e s t h e B a n k f o r I n t e r n a t i o n a l S e t t l e m e n t s a n d t h e E u r o p e a n C e n t r a l B a n k . S i n c e
D e c e m b e r 1 9 9 2 , h a s i n c l u d e d all p a r t s of t h e f o r m e r U . S . S . R . ( e x c e p t R u s s i a ) , a n d B o s n i a .
Croatia, and Slovenia.
16. B e f o r e J a n u a r y 2 0 0 1 . d a t a f o r " O t h e r L a t i n A m e r i c a " a n d " O t h e r C a r i b b e a n " w e r e
c o m b i n e d in " O t h e r L a t i n A m e r i c a a n d C a r i b b e a n . "
17. B e g i n n i n g J a n u a r y 2 0 0 1 . d a t a f o r t h e C a y m a n I s l a n d s r e p l a c e d d a t a f o r t h e B r i t i s h
West Indies.
18. C o m p r i s e s B a h r a i n , I r a n , I r a q , K u w a i t . O m a n . Q a t a r , S a u d i A r a b i a , a n d U n i t e d A r a b
Emirates (Trucial States).
19. C o m p r i s e s A l g e r i a , G a b o n . L i b y a , a n d N i g e r i a .
2 0 . B e f o r e J a n u a r y 2 0 0 1 , t h e s e d a t a w e r e i n c l u d e d in " A l l o t h e r . "
21. Principally the International B a n k f o r R e c o n s t r u c t i o n and D e v e l o p m e n t . E x c l u d e s
" h o l d i n g s o f d o l l a r s " of t h e I n t e r n a t i o n a l M o n e t a r y F u n d .
22. Principally the I n t e r - A m e r i c a n D e v e l o p m e n t B a n k .
23. Asian. A f r i c a n . M i d d l e Eastern, and E u r o p e a n regional organizations, e x c e p t the B a n k
f o r I n t e r n a t i o n a l S e t t l e m e n t s , w h i c h is i n c l u d e d in " O t h e r E u r o p e . "
Bank-Reported Data
3.18
BANKS' OWN CLAIMS ON FOREIGNERS
A55
Reported by Banks in the United States1
Payable in U.S. dollars
Millions of dollars, end of period
2001
Area or country
1 Total, all foreigners
1998
734,995
2000
1999
793,139
908,242
Jan.
Feb.
Mar.
Apr.
May
961,017
912,886
984,855
989,617
996,638r
r
June'
JulyP
990,519
974,979
731,378
788,576
903,556
957,790
909,569
982,079
986,862
992,728
985,821
970,125
233,321
1,043
7,187
2,383
1,070
15,251
15,923
575
7,284
n.a.
5,697
827
669
789
5,735
4,223
46,874
1,982
106,349
n.a.
53
9,407
311,686
2,643
10,193
1,669
2,020
29,142
29,205
806
8,496
n.a.
11,810
1,000
1,571
713
3,796
3,264
79,158
2,617
115,971
n.a.
50
7,562
381,471
2,926
5,399
3,272
7,382
40,035
36,834
646
7,629
n.a.
17,044
5,012
1,382
517
2,604
9,226
82,085
3,059
148,292
n.a.
50
8,077
422,114
3,664
4,635
3,402
6,772
43,290
39,744
526
6,310
2,825
18,865
2,971
1,109
518
3,808
10,353
102,547
3,301
154,339
3,067
50
10,018
404,511
2,927
5,300
3,499
7,102
44,038
39,233
454
6,315
2,659
21,517
5,339
1,312
561
3,959
10,131
97,003
2,989
139,721
3,069
49
7,334
443,510
3,101
4,852
3,242
7,185
45.555
45,763
278
6,976
2,569
22,630
8,228
1,426
1,008
4,722
10,286
96,489
2,698
166,667
3.091
49
6,695
442,431
3,728
4,375
2,954
8,901
46,378
49,061
265
7,274
2,012
22,699
5,296
1,535
813
3,445
11,934
104,816
2,770
155,535
3,151
49
5,440
461,023'
3,364
5,627
2,505
8,800
42,189'
55,062'
285
6,867'
1,876
16,488'
2,915
1,173
715
4,275
10,986
137,273
2,596
149,063'
3,838
59
5,067'
452,015
2,870
4,254
2,268
8,460
48,835
51,241
313
8,111
1,285
16,993
6,502
1,304
911
3,594
11,049
111,492
2,530
161,719
3,275
49
4,960
441,780
2,714
9,184
1,345
8,666
56,997
47,378
369
5,466
914
16,875
4,379
1,050
589
3,955
11,507
96,036
2,499
161,232
3,417
4
7,204
25 Canada
47,037
37,206
39,860
41,654
42,377
43,839
45,091
44,580'
50,150
43,308
2ft Latin America
Argentina
27
78
Brazil
29
Chile
Colombia
30
31
Ecuador
Guatemala
32
13
Mexico
34
Panama
35
Peru
36
Uruguay
Venezuela
37
Other Latin America6
38
79,976
9,552
16,184
8,250
6,507
1,400
1,127
21,212
3,584
3,275
1,126
3,089
4,670
74,040
10,894
16,987
6,607
4,524
760
1,135
17,899
3,387
2,529
801
3,494
5,023
76,614
11,546
20,567
5,816
4,370
635
1,246
17,430
2,935
2,808
675
3,520
5,066
74,462
11,319
20,372
6,223
3,816
563
1,364
17,598
2,775
2,689
641
3,306
3,796
74,222
11,614
20,008
5,961
3,941
584
1,176
17,918
2,908
2,673
455
3,264
3,720
73,798
11,243
20,275
5,823
4,022
534
1,176
17,762
3,008
2,809
366
3,239
3,541
73,841
11,541
20,286
5,628
3,720
526
1,171
18,013
3,158
2,771
367
3,154
3,506
73,822'
11,731'
20,718
5,443'
3,740
482
1,226'
17,960'
2,872'
2,534
366'
3,109'
3,641'
73,732
11,913
21,531
5,449
3,641
523
1,192
17,384
3,086
2,565
398
2,982
3,068
73,543
12,334
20,935
5,357
3,625
515
1,140
17,475
3,190
2,515
410
2,913
3,134
39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies7
Cayman Islands7
43
44
Cuba
45
Jamaica
Netherlands Antilles
46
47
Trinidad and Tobago
Other Caribbean6
48
262,678
96,455
5,011
153,749
n.a.
0
239
6,779
445
n.a.
281,128
99,066
8,007
167,189
n.a.
0
295
5,982
589
n.a.
319,512
114,090
9,343
189,315
n.a.
0
355
5,801
608
n.a.
320,547
109,284
8,673
0
187,790
117
357
9,077
658
4,591
299,190
101,284
7,133
0
177,338
0
331
7,156
663
5,285
325,134
105,064
8,186
n.a.
199,345
n.a.
348
6,921
710
4,560
333,197
112,424
6,838
n.a.
200,045
1
336
9,384
783
3,386
324,710'
112,802
5,507'
n.a.
195,790'
n.a.
396
5,738
804
3,673'
322,474
105,772
5,802
n.a.
200,073
n.a.
301
5,749
946
3,831
317,144
100,133
7,236
n.a.
198,436
n.a.
326
5,617
989
4,407
98,607
75,143
77,887
90,332
81,487
87,626
83,562
81,166'
80,876
86,714
1,261
1,041
9,080
1,440
1,942
1,166
46,713
8,289
1,465
1,807
16,130
8,273
2,110
1,390
5,903
1,738
1,776
1,875
28,641
9,426
1,410
1,515
14,267
5,092
1,606
2,247
6,669
2,178
1,914
2,729
35,032
7,776
1,784
1,381
9,346
5,225
1,562
1,037
7,458
1,886
2,075
2,343
38,901
18,736
1,217
1,170
10,549
3,398
1,530
1,365
8,506
1,700
1,987
3,249
34,778
14,147
1,172
1,244
8,341
3,468
1,338
1,846
11,068
1,827
2,001
2,339
39,311
12,186
1,195
1,258
9,120
4,137
3,171
2,253
10,461
1,675
2,033
2,526
32,969
13,937
1,835
1,062
7,936
3,704
2,252
1,980
9,126
1,648
2,015
2,715'
34,436'
11,639
1,788
1,380
9,926
2,261
4,387
2.519
9,248
1,634
1,932
2,417
32,332
1 1,224
1,831
1,541
8,621
3,190
3,785
2,906
7,488
1,576
2,011
4,483
36,953
12,803
2,333
1,119
8,531
2,726
62 Africa
61
Egypt
64
Morocco
65
South Africa
Congo (formerly Zaire)
66
Oil-exporting countries'®
67
Other
68
3,122
257
372
643
0
936
914
2,268
258
352
622
24
276
736
2,094
201
204
309
0
471
909
2,176
170
182
492
19
582
731
1,899
271
185
544
0
153
746
2,111
343
189
586
n.a.
217
776
2,035
308
185
444
n.a.
267
831
1,904'
466
185
289
n.a.
197
767'
2,132
530
175
528
n.a.
142
757
2,038
391
173
608
n.a.
130
736
69 Other countries
70
Australia
71
New Zealand10
72
All other
6,637
6,173
n.a.
464
7,105
6,824
n.a.
281
6,118
5,869
n.a.
249
6,505
6,080
283
142
5,883
5,587
165
131
6,061
5,769
166
126
6,705
6,257
269
179
5,523
5,211
136
176
4,442
4,116
279
47
5,598
5,139
360
99
73 Nonmonetary international and regional organizations" . .
3,617
4,563
4,686
3,363
3,317
2,776
2,755
4,535
4,848
4,854
2 Foreign countries
3 Europe
4
Austria
Belgium2
Denmark
Finland
7
8
France
9
Germany
10
Greece
11
Italy
Luxembourg2
17
13
Netherlands
14
Norway
15
Portugal
16
Russia
17
Spain
18
Sweden
19
Switzerland
20
Turkey
21
United Kingdom
77
Channel Islands & Isle of Man3
Yugoslavia4
23
Other Europe and other former U.S.S.R.5
24
ft
49 Asia
China
50
Mainland
51
Taiwan
Hong Kong
52
53
India
54
Indonesia
55
Israel
56
Japan
57
Korea (South)
Philippines
58
59
Thailand
60
Middle Eastern oil-exporting countries8
Other
61
1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
5. Includes the Bank for International Settlements and European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia) and Bosnia,
Croatia, and Slovenia.
6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."
A56
3.19
International Statistics • November 2001
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Reported by Banks in the United States1
Payable in U.S. Dollars
Millions of dollars, end of period
2001
Jan.
Feb.
Mar.
Apr.
May'
989,617
52.357
682,430
95,318
21,533
73,785
159,512
996,638
49,533
709,076
79,947
19,717
60,230
158,082
July1'
1 Total
875,891
944,937
l,099,444 r
2 Banks' claims
3
Foreign public borrowers
4
Own foreign offices2
5
Unaffiliated foreign banks
6
Deposits
7
Other
8
All other foreigners
734,995
23,542
484,535
106,206
27,230
78,976
120,712
793,139
35,090
529,682
97,186
34,538
62,648
131,181
908,242
37.907
630,137
98.667
23,886
74,781
141,531
140.896
79,363
151,798
88,006
191,202r
100,327
221,748r
116,370r
195,060
97,778
47,914
51,161
78,147
92,013'
81,034
13,619
12,631
12,728r
13,365r
16,248
4,520
n.a.
4,553
n.a.
4,258
n.a.
122,720
118,705
2,993r
134,083
126,871
116,938
3,054
129,693
131,731
39,978
31,125
53,153
59.893
70,964
67,204
60,796
58,137
66,155
57,228
9 Claims of banks' domestic customers3
10
Deposits
11
Negotiable and readily transferable
instruments4
12
Outstanding collections and other
claims
l,206,603 r
June'
961,017
52,990
647,273
101,605
23,083
78,522
159,149
912,886
54,220
610,256
95,647
22,848
72.799
152,763
MEMO
13 Customer liability on acceptances
14 Banks' loans under resale agreements5
15 Dollar deposits in banks abroad, reported by
nonbanking business enterprises in the
United States6
1,185,579
990,519
52,193
685,943
91.384
22,106
69,278
160,999
974,979
55,762
660,194
94,603
24,399
70,204
164,420
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
3. Assets held by reporting banks in the accounts of their domestic customers.
4. Principally negotiable time certificates of deposit and bankers acceptances, and commercial paper.
5. Data available beginning January 2001.
6. Includes demand and time deposits and negotiable and nonnegotiable certificates of
deposit denominated in U.S. dollars issued by banks abroad.
1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for quarter ending with month indicated.
Reporting banks include all types of depository institution as well as some brokers and
dealers.
2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
3.20
984,855
49,123
670,909
105,853
19,948
85.905
158,970
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS
Reported by Banks in the United States1
Payable in U.S. Dollars
Millions of dollars, end of period
2000
Maturity, by borrower and area2
1 Total
2
3
4
5
6
7
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
8
9
10
11
P
1.3
14
15
16
17
18
19
By area
Maturity of one year or less
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other3
Maturity of more than one year
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other3
1997
1998
Sept.'
Dec.'
Mar.'
Junep
276,550
250,418
267,082
262,590
274,089
307,616
301,972
205,781
12,081
193.700
70,769
8,499
62,270
186,526
13,671
172.855
63.892
9,839
54,053
187,894
22,811
165.083
79.188
12,013
67,175
174,083
23,646
150,437
88,507
15,818
72,689
186,183
21,399
164,784
87,906
15,838
72,068
195,051
23,741
171,310
112,565
24,951
87,614
191,706
26,656
165,050
110,266
24,978
85,288
58,294
9,917
97,207
33.964
2,211
4,188
68,679
10,968
81,766
18.007
1,835
5,271
80,842
7.859
69,498
21,802
1,122
6,771
69,291
8,219
65,824
23,448
1.594
5,707
142,465
8,323
151,861
43,429
2,263
11,717
89,553
7,065
109,361
20,797
970
4,394
80,608
8,639
110,318
24.124
971
4,484
13.240
2.525
42,049
10,235
1,236
1,484
14.923
3,140
33,442
10.018
1,232
1,137
22.951
3,192
39,051
11,257
1,065
1,672
27,432
3,094
41,158
13,228
902
2,693
57,770
3,174
82,684
19,536
1.567
5,954
38,257
3,249
50,110
17,180
763
3,006
39,942
3,992
47,027
15,232
774
3,299
1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
2001
1999
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. Banks1
Billions of dollars, end of period
1997
2001
2000
1999
Area or country
1998
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
Mar.
June''
721.8
1051.6
941.2
941.6
945.5
955.7
991.7
955.5
1030.9
1145.4
1136.2
242.8
11.0
15.4
28.6
15.5
6.2
3.3
7.2
113.4
13.7
28.6
217.7
10.7
18.4
30.9
11.5
7.8
2.3
8.5
85.4
16.8
25.4
234.7
16.2
20.7
32.1
16.4
13.3
2.6
8.3
85.5
17.1
22.6
219.4
15.7
20.0
37.4
15.0
11.7
3.6
8.8
63.5
17.9
25.7
243.4
14.3
29.0
38.7
18.1
12.3
3.0
10.3
79.3
16.3
22.1
272.7
14.2
27.3
37.3
20.0
17.1
3.9
10.1
101.9
17.5
23.5
313.8
13.9
32.6
31.5
20.5
16.1
3.5
13.8
138.2
18.3
25.4
280.9
13.0
29.1
37.7
18.6
17.6
4.3
10.9
112.9
18.7
18.1
304.1
14.2
29.6
45.1
21.3
18.4
3.6
13.2
118.9
16.7
23.0
337.0
15.3
30.0
45.2
20.4
18.8
4.7
13.9
145.3
15.4
28.0
335.2
13.0
35.9
51.6
23.7
15.3
4.7
13.5
127.7
21.4
28.3
13 Other industrialized countries
Austria
14
Denmark
15
16
Finland
17
Greece
18
Norway
19
Portugal
20
Spain
21
Turkey
Other Western Europe
22
23
South Africa
24
Australia
65.5
1.5
2.4
1.3
5.1
3.6
.9
12.6
4.5
8.3
9?
23.1
69.0
1.4
2.2
1.4
5.9
3.2
1.4
13.7
4.8
10.4
4.4
20.3
79.7
2.8
2.9
.9
5.9
3.0
1.2
16.6
4.9
10.3
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
68.4
3.5
2.6
.9
6.0
.3.3
1.0
12.1
4.8
6.8
3.8
23.5
62.8
2.6
1.5
.8
5.7
3.0
1.0
11.3
5.1
8.4
4.9
18.6
75.2
2.8
1.2
1.2
6.8
4.6
2.0
12.2
5.6
8.0
4.6
26.3
73.8
3.5
1.8
2.8
6.4
8.5
1.5
10.5
5.6
8.4
4.2
20.5
74.5
4.1
1.9
1.5
8.3
8.3
2.0
10.3
5.9
6.5
3.6
22 1
75.7
3.8
3.1
1.4
4.1
10.2
1.9
12.6
5.2
7.3
4.1
21.9
70.1
3.6
2.7
1.2
3.6
7.9
1.4
12.4
4.5
6.9
3.8
22.1
25 OPEC2
76
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
African countries
30
26.0
1.3
2.5
6.7
14.4
1.2
27.1
1.3
3.2
4.7
17.0
1.0
26.2
1.1
3.2
5.0
16.5
.5
30.1
.9
3.0
4.4
21.4
.5
31.4
.8
2.8
4.2
23.1
.5
28.9
.7
3.0
3.9
21.1
•2
32.3
.7
2.9
4.1
24.0
.7
.31.8
.6
2.9
4.4
22.7
1.2
28.9
.6
2.5
4.6
20.3
.8
28.2
.6
2.7
4.4
20.1
.5
27.0
.6
2.6
4.1
19.3
.4
139.2
143.4
148.6
144.6
149.4
154.9
158.3
149.6
145.7
144.5
152.5
23.1
24.7
8.3
3.2
18.9
2.2
5.4
22.8
25.2
8.2
3.1
18.5
2.1
5.5
22.8
23.5
7.7
2.7
19.4
1.8
5.5
23.2
27.7
7.4
2.5
18.7
1.7
5.9
22.4
28.1
8.2
2.5
18.3
1.9
6.6
21.6
28.3
8.1
2.4
20.4
2.1
6.9
21.4
28.6
7.3
2.4
17.5
2.1
6.4
21.4
28.8
7.6
2.4
15.7
2.0
6.5
20.8
29.4
7.3
2.4
16.7
2.0
8.7
19.7
30.8
7.0
2.4
16.3
2.0
8.2
1 Total
? G-10 countries and Switzerland
Belgium and Luxembourg
3
4
France
Germany
6
Italy
7
Netherlands
8
Sweden
9
Switzerland
in
United Kingdom
11
Canada
Japan
12
31 Non-OPEC developing countries
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
32
33
34
35
36
37
38
Other
18.4
28.6
8.7
3.4
17.4
2.0
4.1
39
40
41
42
43
44
45
46
47
Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
3.2
9.5
4.9
.7
15.6
5.1
5.7
5.4
4.3
3.0
13.3
5.5
1.1
13.7
5.6
5.1
4.7
2.9
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
2.9
3.6
12.0
7.7
1.8
15.2
6.1
6.2
4.1
2.9
4.6
12.6
7.9
3.3
17.3
6.5
5.3
4.3
2.6
3.8
12.6
8.2
1.5
21.1
6.8
5.3
4.0
2.5
3.4
12.8
5.8
1.1
20.8
6.9
4.7
3.9
2.3
2.9
10.8
9.1
2.7
15.0
7.1
5.1
4.0
2.4
3.4
11.1
6.5
2.2
19.3
6.5
5.2
4.2
2.2
6.8
10.6
11.8
2.0
18.7
6.7
5.4
4.2
2.2
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 1
.9
.6
.0
.8
1.3
.5
.0
1.0
1.4
.5
.0
1.0
1.3
.5
.0
1.0
1.4
.4
.0
1.0
1.4
.3
.0
.9
1.3
.3
.0
.9
1.1
.4
.0
.8
1.1
.3
.0
.7
1.2
.3
.0
.7
1.2
.3
.0
.7
9.1
5.1
4.0
5.5
2.2
3.3
5.7
2.1
3.7
5.4
2.0
3.4
5.2
1.6
3.6
6.3
1.7
4.7
9.4
1.5
7.9
9.0
1.4
7.6
10.1
1.0
9.1
9.5
1.5
8.0
9.5
1.5
8.0
155.1
24.2
9.8
43.4
14.6
3.1
.1
32.2
12.7
.1
99.1
134.4
35.4
4.6
12.8
2.6
3.9
.1
23.3
11.1
.2
495.1
107.5
10.4
5.7
7.2
1.3
3.9
.1
22.0
15.2
.1
380.2
122.5
18.2
8.2
6.3
9.1
3.9
.2
22.4
10.6
.2
391.2
114.5
13.7
8.0
1.3
1.7
3.9
.1
21.0
10.1
.1
387.9
53.9
14.4
7.3
.0
2.5
3.4
.1
22.2
4.1
.1
376.1
55.5
8.8
6.3
5.1
2.6
3.3
.1
20.7
13.6
.1
342.1
53.4
9.3
6.3
5.9
1.9
2.5
.1
20.6
12.6
.1
351.1
61.8
13.5
9.0
14.6
1.9
3.2
.1
18.7
15.2
.2
391.2
57.9
7.0
7.9
14.3
2.9
3.8
.1
21.7
14.5
.1
472.7
46.2
.0
5.7
12.6
1.7
3.4
.1
22.4
12.9
.1
478.4
52 Eastern Europe
53
Russia4
Other
54
55 Offshore banking centers
56
Bahamas
57
Bermuda
58
Cayman Islands and other British West Indies
59
Netherlands Antilles
60
Panama1
61
Lebanon
62
Hong Kong, China
63
Singapore
64
Other6
65 Miscellaneous and unallocated7
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 • November 2001
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
1999
Type of liability, and area or country
1997
1998
2000
2001
1999
Dec.
Mar.
June
Sept.
Dec.
Mar.P
1 Total
57,382
46,570
53,044
53,044
53,489
70,534
76,644
73,904
74,484
2 Payable in dollars
3 Payable in foreign currencies
41,543
15,839
36,668
9,902
37,605
15,415
37,605
15,415
35,614
17,875
47,864
22,670
51,451
25,193
48,931
24,973
46,870
27,614
By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
26,877
12,630
14,247
19,255
10,371
8,884
27,980
13,883
14,097
27,980
13,883
14,097
29,180
12,858
16,322
44,068
22,803
21,265
49,895
26,159
23,736
47,419
25,246
22,173
48,461
23,369
25,092
7 Commercial liabilities
8
Trade payables
y
Advance receipts and other liabilities
30,505
10.904
19,601
27.315
10,978
16,337
25,064
12,857
12,207
25,064
12,857
12,207
24,309
12,401
11,908
26,466
13,764
12,702
26,749
13,918
12,831
26,485
14,293
12,192
26,023
12,657
13,366
10
n
Payable in dollars
Payable in foreign currencies
28,913
1,592
26,297
1,018
23,722
1,318
23,722
1,318
22,756
1,553
25,061
1,405
25,292
1,457
23,685
2,800
23,501
2,522
12
13
14
15
lb
17
18
By area or country
Financial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
18,027
186
1,425
1,958
494
561
11,667
12,589
79
1,097
2,063
1,406
155
5,980
23,241
31
1,659
1,974
1,996
147
16,521
23,241
31
1,659
1,974
1,996
147
16,521
24,050
4
1,849
1.880
1,970
97
16,579
30,332
163
1,702
1,671
2,035
137
21,463
36,175
169
1,299
2,132
2,040
178
28,601
34,172
147
1,480
2,168
2,016
104
26,362
37,990
112
1,557
2,745
2,169
116
29,241
19
Canada
2,374
693
284
284
313
714
249
411
719
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
1,386
141
229
143
604
26
1
1,495
7
101
152
957
59
2
892
1
5
126
492
25
0
892
1
5
126
492
25
0
846
1
1
128
489
22
0
2,874
78
1,016
146
463
26
0
3,447
105
1,182
132
501
35
0
4,125
6
1,739
148
406
26
2
3,651
18
1,837
26
410
32
1
27
28
29
Asia
Japan
Middle Eastern oil-exporting countries1
4,387
4,102
27
3,785
3,612
0
3,437
3,142
4
3,437
3,142
4
3,275
2,985
4
9,453
6,024
5
9,320
4,782
7
7,965
6,216
11
5,389
4,779
15
30
31
Africa
Oil-exporting countries2
60
0
28
0
28
0
28
0
28
0
33
0
48
0
52
0
38
0
643
665
98
98
668
662
656
694
674
10,228
666
764
1,274
439
375
4,086
10,030
278
920
1,392
429
499
3,697
9,262
140
672
1,131
507
626
3,071
9,262
140
672
1,131
507
626
3,071
8,646
78
539
914
648
536
2,661
9,293
178
711
948
562
565
2,982
9,411
201
716
1,023
424
647
2,951
9,629
293
979
1,047
300
502
2,847
8,950
251
689
982
373
656
2,619
32
33
34
35
36
37
38
39
All other3
Commercial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
1,175
1,390
1,775
1,775
2,024
2,053
1,889
1,933
1,627
41
42
43
44
45
46
47
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
2,176
16
203
220
12
565
261
1,618
14
198
152
10
347
202
2,310
22
152
145
48
887
305
2,310
22
152
145
48
887
305
2,286
9
287
115
23
805
193
2,607
10
300
119
22
1,073
239
2,443
15
377
167
19
1,079
124
2,381
31
281
114
76
841
284
2,166
5
280
239
64
792
243
48
49
50
Asia
Japan
Middle Eastern oil-exporting countries'
14,966
4,500
3.111
12,342
3,827
2,852
9,886
2,609
2,551
9,886
2,609
2,551
9,681
2,274
2,308
10,965
2,200
3,489
11,133
1,998
3,706
10,983
2,757
2,832
11,558
2,432
3,359
51
52
Africa
Oil-exporting countries2
874
408
794
393
950
499
950
499
943
536
950
575
1,220
663
948
483
1,072
566
53
Other3
1,086
1,141
881
881
729
598
653
614
650
1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.
Nonbank-Reported Data
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States
A59
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
1999
Type of claim, and area or country
1997
1998
2001
2000
1999
Dec.
Mar.
June
Sept.
Dec.
Mar.f
1 Total
68,128
77,462
76,669
76,669
84,266
80,731
94,803
90,157
109,443
2. Payable in dollars
3 Payable in foreign currencies
62,173
5,955
72,171
5,291
69,170
7,472
69,170
7,472
74,331
9,935
72,300
8,431
82,872
11,931
79,558
10,599
96,230
13,213
By type
4 Financial claims
Deposits
6
Payable in dollars
7
Payable in foreign currencies
Other financial claims
8
9
Payable in dollars
Payable in foreign currencies
10
36.959
22,909
21.060
1,849
14,050
11,806
2,244
46,260
30,199
28,549
1,650
16,061
14,049
2,012
40,231
18,566
16,373
2,193
21,665
18,593
3,072
40,231
18,566
16,373
2,193
21,665
18,593
3,072
47,798
23,316
21,442
1,874
24,482
19,659
4,823
44,303
17,462
15,361
2,101
26,841
22,384
4,457
58,303
30,928
27,974
2,954
27,375
20,541
6,834
53,031
23,374
21,015
2,359
29,657
25,142
4,515
74,458
29,119
26,944
2,175
45,339
37,480
7,859
11 Commercial claims
12
Trade receivables
Advance payments and other claims
13
31,169
27,536
3,633
31.202
27,202
4,000
36,438
32.629
3,809
36,438
32,629
3,809
36,468
31,443
5,025
36,428
31,283
5,145
36,500
31,530
4,970
37.126
33,104
4.022
34,985
30,493
4,492
14
15
Payable in dollars
Payable in foreign currencies
29,307
1,862
29,573
1.629
34,204
2,207
34,204
2,207
33,230
3,238
34,555
1,873
34,357
2,143
33,401
3,725
31,806
3.179
16
17
18
19
20
21
22
By area or country
Financial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
14,999
406
1,015
427
677
434
10,337
12,294
661
864
304
875
414
7,766
13.023
529
967
504
1,229
643
7,561
13,023
529
967
504
1,229
643
7,561
16,789
540
1,835
669
1,981
612
9,044
18,254
317
1,292
576
1,984
624
11,668
23,706
304
1,477
696
2,486
626
16,191
23,136
296
1,206
848
1,396
699
15,900
31,946
430
3,149
1,405
2,313
605
21,070
3,313
2,503
2,553
2,553
3,175
5,799
7,517
4,576
4,854
21,691
1,358
22
1,568
15,722
2,280
101
19,317
1,353
19
1,827
12,596
2,448
87
28.674
561
1,729
1,564
16,366
2,459
31
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
35
Africa
Oil-exporting countries2
36
37
38
39
40
41
42
43
All other
5
Commercial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
15,543
2,308
108
1,313
10,462
537
36
27,714
403
39
835
24,388
1,245
55
18,206
1,593
11
1,476
12,099
1,798
48
18,206
1,593
11
1,476
12,099
1,798
48
21,945
1,299
11
1,646
15,814
1,979
65
14,874
655
34
1,666
7,751
2,048
78
2,133
823
11
3,027
1,194
9
5,457
3,262
23
5.457
3,262
23
4,430
2,021
29
3,923
1,410
42
4,002
1,726
85
4,697
1,631
80
7,444
4,065
70
319
15
159
16
286
15
286
15
232
15
320
39
284
3
411
57
423
42
652
563
706
706
1,227
1,133
1,103
894
1,117
12,120
328
1.796
1,614
597
554
3,660
13,246
238
2,171
1,822
467
483
4,769
16,389
316
2,236
1,960
1.429
610
5,827
16,389
316
2,236
1,960
1,429
610
5,827
16,118
271
2,520
2,034
1,337
611
5,354
15,935
425
2,693
1,905
1,242
562
4,937
16,486
393
2,921
2,159
1,310
684
5,193
15,938
452
3,095
1,982
1,729
763
4,502
14,534
395
3,480
1,763
757
666
4,031
44
Canada
2,660
2,617
2,757
2,757
3.088
3,250
2,953
3.502
3,393
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
5,750
27
244
1,162
109
1,392
576
6,296
24
536
1,024
104
1,545
401
5,959
20
390
905
181
1,678
439
5,959
20
390
905
181
1.678
439
5.899
15
404
849
95
1,529
435
5,792
48
381
894
51
1,565
466
5,788
75
387
981
55
1,612
379
5,851
37
376
957
137
1,507
328
5,306
20
418
1.057
131
1,418
292
52
53
54
Asia
Japan
Middle Eastern oil-exporting countries'
8,713
1,976
1,107
7,192
1,681
1,135
9,165
2,074
1,625
9,165
2,074
1,625
9,101
2,082
1,533
9,172
1,881
1,241
8,986
2,074
1,199
9,630
2,796
1,024
9,544
2,575
966
55
56
Africa
Oil-exporting countries2
680
119
711
165
631
171
631
171
716
82
766
160
895
392
672
180
773
165
57
Other1
1,246
1,140
1,537
1,537
1,546
1,513
1,392
1,572
1,435
1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.
A60
3.24
International Statistics • November 2001
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2001
Transaction, and area or country
1999
2001
2000
Jan.July
Jan.
Feb.
Mar.
Apr.
May
June
JulyP
249,747
243,122
276,934
259,604
259,619
249,196
244,897
233,422
U.S. corporate securities
STOCKS
1 Foreign purchases
2 Foreign sales
2,340,659
2,233,137
3.605,196
3,430,306
1.877,476
1,789,946
301.650
277,706
259,101
249,423
285,528
277,473
3 Net purchases, or sales (-)
107,522
174,890
87,530
23,944
9,678
8,055
6,625
17,330
10,423
11,475
4 Foreign countries
107,578
174,903
87,366
23,906
9,707
7,929
6,647
17,315
10,402
11,460
98,060
3,813
13.410
8,083
5,650
42,902
n.a.
-335
5,187
-1,066
4,445
5,723
372
915
164,656
5,727
31,752
4.915
11.960
58,736
n.a.
5,956
-17,812
9.189
12,494
2,070
415
5
63,524
6,674
6,172
7,048
2,738
24,317
-450
7,692
-1,704
670
18,045
6,934
-354
-507
12,329
243
2,380
2,206
70
3,064
-13
1,490
5,445
-554
5,565
1,002
-362
-7
13,713
1,869
1,217
1.379
775
5,120
-32
468
^t,927
264
355
-672
52
-218
7,983
1,041
174
790
1,237
3,280
-110
2,464
-3,516
442
684
512
93
-221
3.694
105
199
1,112
139
598
-144
1,567
-1,168
-56
2,966
2,048
-44
-312
9,805
338
1,025
573
448
4,501
59
628
3,436
-173
3,532
1,088
9
78
9,296
3,043
129
334
297
4,004
-168
127
-1,039
234
1,723
1,000
-82
143
6,704
35
1,048
654
-228
3.750
-42
948
65
513
3,220
1,956
-20
30
15
21
15
5 Europe
6
France
7
Germany
Netherlands
9
Switzerland
10
United Kingdom
11 Channel Islands & Isle of Man1
12 Canada
13 Latin America and Caribbean
14 Middle East2
IS Other Asia
16
Japan
17 Africa
18 Other countries
19 Nonmonetary international and
regional organizations
-56
-11
164
38
-29
126
-22
20 Foreign purchases
21 Foreign sales
854.692
602,100
1,208,386
871,416
1,070,976
821,492
138,294
111,327
147,852
108,792
170,098
124,000
148,930
111,505
169,528r
129,146
158,157'
124,724r
22 Net purchases, or sales (-)
252,592
336,970
249,484
26,967
39,060
46,098
37,425
40,382R
33,433R
26,119
23 Foreign countries
252,994
337,074
249,374
27,065
39,019
45,880
37,399
40,370R
33,414R
26,227
24
25
26
27
28
29
30
31
32
33
34
35
36
37
140,674
1,870
7,723
2,446
4,553
106,344
n.a.
6,043
58,783
1,979
42,817
17,541
1,411
1,287
180,917
2,216
4,067
1,130
3.973
141,223
n.a.
13.287
59,444
2,076
78.794
39,356
938
1.618
136.644
5,435
7,781
2,086
4,360
105,459
959
4,421
49,864
1,158
56,972
16,308
333
-18
17,397
405
2,450
664
321
11,251
107
376
4,969
726
3,514
910
29
54
22,064
660
1,352
496
782
17,893
118
1,031
8,009
443
7,162
914
46
264
26,420
1,262
911
92
1,564
20,347
101
309
6,564
624
11,683
5,570
38
242
18,169
519
1,639
-41
709
12,477
318
1,158
7,546
129
10,329
344
-33
101
26,116r
817
1,500
509
399
21,489r
-218
240
9,167
-395
5,412
-480
14
-184
15,298r
618
114
576
294
13,133r
330
822
7,387'
-24
10,057r
5,598r
160
-286
11,180
1,154
-185
-210
291
8,869
203
485
6,222
-345
8,815
3,452
79
-209
-402
-70
111
-97
41
218
26
12
BONDS 1
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands & Isle of Man1
Canada
Latin America and Caribbean
Middle East1
Other Asia
Japan
Africa
Other countries
38 Nonmonetary international and
regional organizations
19
138,117
111,998
-108
Foreign securities
39 Stocks, net purchases, or sales (-)
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales (-)
43
Foreign purchases
44
Foreign sales
15,640
1.177.303
1,161,663
-5,676
798,267
803,943
-13,088
1,802,185
1,815,273
-4,054
958,932
962.986
-44,258
909,306
953,564
13,527
731,049
717,522
-3,664
148,111
151,775
-1,448
120,622
122,070
-3,130
130,974
134,104
1,994
104,237
102,243
-14,940
134,166
149,106
-1,450
117,444
118,894
-4,103
120,099
124,202
5,487
93,828
88,341
-8,098
136,046
144,144
2,267
101,383
99,116
-5,292 r
123,954
129,246r
1,048
101,950
100,902
-5,031
115,956
120,987
5,629
91,585
85,956
45 Net purchases, or sales (-), of stocks and bonds
9,964
-17,142
-30,731
-5,112
-1,136
-16,390
1,384
-5,831
-4,244R
598
46 Foreign countries
9,679
-17,278
-30,273
-4,822
-1,175
-16,085
1,396
-5,976
-4,241R
630
59,247
-999
-4.726
-42,961
-43,637
710
-1,592
-25.386
-3,888
-15,688
24,488
20.970
943
2,253
-17,556
3.427
-1,171
-12,339
-12,965
-255
-2,379
-5,421
766
775
-1,184
57
-70
312
-1,737
1,588
808
-1,439
-2,206
-15
-380
-13,650
844
17
-3,384
-4,026
24
64
3,637
-1,406
1,288
-1,537
-3,194
96
-682
^t,803
931
3,047
^t,379
-3,670
-132
-640
3,392
405
-6,662 r
^485
-44
-47
-844
1,026
299
-444
69
118
-111
-209
285
150
-457
-289
39
-305
-12
145
47
48
49
50
5!
52
53
Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries
54 Nonmonetary international and
regional organizations
1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman. Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
-3
-32
3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.
Securities Holdings and Transactions
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
A61
Foreign Transactions1
Millions of dollars; net purchases, or sales ( - ) during period
2001
2001
Area or country
1999
2000
Jan.July
Jan.
Feb.
Mar.
Apr.
May
June
JulyP
1 Total estimated
-9,953
-54,032
-22,652
-9,064
7,011
4,975
-13,711
3,076
-3,445R
-11,494
2 Foreign countries
-10,518
-53,571
-22,173
-8,531
6,972
4,977
-13,517
2,831
-3,237'
-11,668
-38,228
-81
2,285
n.a.
2,122
1,699
-1,761
-20,232
n.a.
-22,260
7,348
-50,704
73
-7,304
n.a.
2,140
1,082
-10,326
-33,669
n.a.
-2,700
-550
-16,816
-861
-2,359
628
-3,527
-2,782
267
-6,560
-26
-1,596
-2,289
-5,000
164r
-873
411
-793
218
755
-2,695
-98
-2,089
-2,067
-337
-529 r
-3,180
9
2,808
-1,039
161
937
-68
564
-554
5,363
-152
1,236
-401
-3,704
-993
-120
9,838
222
-563
-169
-5,599
240
1,769
204
-2,488
195
116
-4,736
-31
-868
1,248
^198
-216
1,176
92
-1,730
-386
-912
1,120
-9
367
745
-2,522'
-25
-1,517
145
1,117
-663
-3
-3,180'
22
1,582
161
-8,223
-343
-970
168
1,263
-114
270
-7,844
-64
-589
-1,653
-7,523
362
1,661
-9,546
29,359
20,102
-3,021
1,547
-4,914
1,288
-11,581
5,379
1,639
10,580
-414
1,372
-2,020
402
7,483
-9,905
-995
-2,508
-171
118
2,407
227
3,261
-1,081
-4,641
—4,261
-91
861
3,620
292
4,279
-951
4,387
1,468
36
-180
827
-142
3,009
-2,040
-41
-1,426
-60
-943
-7,095
-148
-3,228
-3,719
-2,928
3,099
27
830
140
51
1,587
-1,498
2,704
4,658
-6
-254
-3,812
-126
-545
-3,141
3,464
-3,920
-12
-516
1,893
248
-880
2,525
-3,940
-2,126
-65
320
565
190
666
-461
-483
76
-442
25
-533
-275
1
39
-194
-4
-2
-11
10
-194
-213
25
245
393
-4
-208
-52
-2
174
-90
-10,518
-9,861
-657
-53,571
-6,302
-47,269
-22,173
-8,969
-13,204
-8,531
2,226
-10,757
6,972
667
6,305
4,977
249
4,728
-13,517
-9,040
-4,477
2,831
913
1,918
-3,237'
-3,243
6'
-11,668
-741
-10,927
2,207
0
3,483
0
-2,912
2
-176
-6
-719
0
-1,240
2
-383
0
-120
1
316
3
-590
2
3
4
5
6
7
8
9
10
11
12
13
Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands & Isle of Man1
Other Europe and former U.S.S.R
Canada
14
15
16
17
18
19
20
21
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other
22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
•.
-A19
-1
MEMO
25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting countries
28 Middle East1
29 Africa5
1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.
3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
A62
3.28
International Statistics • November 2001
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
2001
Apr.
May
June
July
Aug.
Sept.
Exchange rates
COUNTRY/CURRENCY U N I T
Australia/dollar2
Austria/schilling
Belgium/franc
Brazil/real
Canada/dollar
China, PR./yuan
Denmark/krone
European Monetary Union/euro3
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
62.91
12.379
36.31
1.1605
1.4836
8.3008
6.7030
n.a.
5.3473
5.8995
1.7597
295.70
64.54
n.a.
n.a.
1.8207
1.4858
8.2783
6.9900
1.0653
n.a.
n.a.
n.a.
306.30
58.15
n.a.
n.a.
1.8301
1.4855
8.2784
8.0953
0.9232
n.a.
n.a.
n.a.
365.92
50.16
n.a.
n.a.
2.1934
1.5578
8.2771
8.3657
0.8925
n.a.
n.a.
n.a.
n.a.
51.99
n.a.
n.a.
2.2926
1.5411
8.2770
8.5256
0.8753
n.a.
n.a.
n.a.
n.a.
51.80
n.a.
n.a.
2.3788
1.5245
8.2770
8.7397
0.8530
n.a.
n.a.
n.a.
n.a.
50.89
n.a.
n.a.
2.4731
1.5308
8.2769
8.6442
0.8615
n.a.
n.a.
n.a.
n.a.
52.46
n.a.
n.a.
2.5122
1.5399
8.2770
8.2632
0.9014
n.a.
n.a.
n.a.
n.a.
50.36
n.a.
n.a.
2.6767
1.5679
8.2768
8.1654
0.9114
n.a.
n.a.
n.a.
371.43
Hong Kong/dollar
India/rupee
Ireland/pound2
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
2
21 New Zealand/dollar
22 Norway/krone
23 Portugal/escudo
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.
7.7924
45.00
n.a.
n.a.
107.80
3.8000
9.459
n.a.
45.68
8.8131
n.a.
7.7993
46.79
n.a.
n.a.
123.77
3.8000
9.328
n.a.
40.69
9.0920
n.a.
7.7999
46.95
n.a.
n.a.
121.77
3.8000
9.148
n.a.
42.18
9.1380
n.a.
7.7997
47.04
n.a.
n.a.
122.35
3.8000
9.088
n.a.
41.41
9.3014
n.a.
7.7999
47.18
n.a.
n.a.
124.50
3.8000
9.168
n.a.
40.81
9.2566
n.a.
7.7997
47.17
n.a.
n.a.
121.37
3.8000
9.133
n.a.
43.14
8.9427
n.a.
7.7997
47.75
n.a.
n.a.
118.61
3.8000
9.425
n.a.
41.73
8.7691
n.a.
24
25
26
27
28
29
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
1.7250
6.9468
1,130.90
n.a.
76.964
9.1735
1.6904
31.260
40.210
151.56
680.52
1.8118
8.0783
1,327.76
n.a.
88.205
10.2035
1.7131
32.941
45.494
143.48
710.39
1.8141
7.9789
1,298.90
n.a.
90.848
10.3513
1.7528
33.203
45.525
142.65
714.86
1.8170
8.0595
1,295.05
n.a.
90.371
10.7930
1.7856
34.328
45.263
140.20
717.27
1.8233
8.2094
1,305.24
n.a.
90.314
10.7603
1.7570
34.821
45.641
141.48
722.72
1.7613
8.3115
1,285.65
n.a.
89.994
10.3329
1.6808
34.639
44.907
143.72
731.97
1.7494
8.6756
1,293.83
n.a.
90.157
10.6353
1.6338
34.575
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
30
31
.32
33
34
Singapore/dollar
South Africa/rand
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar
44.331
146.38
743.46
Indexes4
NOMINAL
35 Broad (January 1997-100) 5
36 Major currencies (March 1973-100) 6
37 Other important trading partners (January
1997-100)7
116.48
95.79
116.87
94.07
119.93
98.34
126.97
105.09
126.77
105.03
127.58
105.91
128.07
106.07
125.97
103.77
126.28
103.32
126.03
129.94
130.26
136.30
135.92
136.43
137.37
136.03
137.53
99.18'
97.21'
98.51'
96.64'
102.17'
102.83'
108.72'
111.05'
108.71'
110.89'
109.59'
112.04'
109.80'
112.14'
107.80'
109.53'
108.27
109.59
108.09'
107.22'
107.67'
112.44'
112.61'
113.22'
113.58'
112.26'
113.30
REAL
38 Broad (March 1973-100)5
39 Major currencies (March 1973-100) 6
40 Other important trading partners (March
1973—100)7
1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Baord's G.5 (405) monthly statistical release. For ordering address,
see inside front cover.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564
Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds
1936.27
40.3399
2.20371
200.482
166.386
340.750
Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas
4. Starting with the February 2001 Bulletin, revised index values resulting from the annual
revision of data that underlie the calculated trade weights are reported. For more information
on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol.
84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.
A63
Guide to Statistical Releases and Special Tables
STATISTICAL RELEASES—List Published Semiannually, with Latest Bulletin Reference
Anticipated schedule of release dates for periodic releases
Issue
June 2001
Page
A72
Issue
Page
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin Reference
Title and Date
Assets and liabilities of commercial banks
September 30, 2000
December 31, 2000
March 31,2001
June 30, 2001
February
May
August
November
2001
2001
2001
2001
A64
A64
A64
A64
Terms of lending at commercial banks
November 2000
February 2001
May 2001
August 2001
February
May
August
November
2001
2001
2001
2001
A66
A66
A66
A66
Assets and liabilities of U.S. branches and agencies offoreign banks
June 30, 2000
September 30, 2000
December 31, 2000
March 31, 2001
November
February
May
August
2000
2001
2001
2001
A72
A72
A72
A72
February 2001
August 2001
October 2001
A76
A76
A64
Residential lending reported under the Home Mortgage Disclosure Act
1999
2000
September 2000
September 2001
A64
A64
Disposition of applications for private mortgage
1999
2000
September 2000
September 2001
A73
A73
Small loans to businesses and farms
1999
2000
September 2000
September 2001
A76
A76
Community development lending reported under the Community Reinvestment Act
1999 ....."
2000
September 2000
September 2001
A79
A79
Pro forma balance sheet and income statements for priced service
September 30, 2000
March 31, 2001
June 30, 2001
operations
insurance
A64
4.20
Special Tables • November 2001
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, June 30, 2001
Millions of dollars except as noted
Banks with foreign offices'
Item
1 Total assets
2 Cash and balances due from depository institutions
Cash items in process of collection, unposted debits, and currency and coin
3
4
Cash items in process of collection and unposted debits
5
Currency and coin
6
Balances due from depository institutions in the United States
7
Balances due from banks in foreign countries and foreign central banks
8
Balances due from Federal Reserve Banks
9 Total securities, held-to maturity (amortized cost) and available-for-sale (fair value)
10
U.S. Treasury securities
11
U.S. government agency and corporation obligations (excludes mortgage-backed
securities)
12
Issued by U.S. government agencies
13
Issued by U.S. government-sponsored agencies
14
Securities issued by states and political subdivisions in the United States
15
Mortgage backed securities (MBS)
Pass-through securities
16
Guaranteed by GNMA
17
18
Issued by FNMA and FHLMC
19
Other pass-through securities
20
Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)
21
Issued or guaranteed by FNMA, FHLMC or GNMA
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
22
All other mortgage-backed securities
23
24
Asset backed securities
?5
Credit card receivables
26
Home equity lines
Automobile loans
27
28
Other consumer loans
79
Commercial and industrial loans
30
Other
31
Other debt securities
3?
Other domestic debt securities
Foreign debt securities
33
Investments in mutual funds and other equity securities with readily determinable
34
fair value
Total
Domestic
total
Banks with
domestic
offices only2
Total
Domestic
Total
6,272,642
5,514,993
4,254,061
3,496,412
2,018,581
382,544
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
256,908
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
287,424
122,069
n.a.
n.a.
36,188
118,198
10,969
161,788
119,801
97,746
22,055
25,863
5,253
10,870
95,120
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,036,802
54,183
n.a.
n.a.
576,570
32,519
n.a.
n.a.
460,233
21,664
178,898
4,507
174,391
93,526
509,990
326,312
88,795
230,338
7,179
183,678
115,889
6,215
61,574
78,308
30,583
18,285
14,482
1,062
4,928
8,966
104,270
35,831
68,438
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.
63,881
1,841
62,039
32,030
329,209
233,112
56,190
171,832
5,090
96,097
66,536
4,464
25,097
29,579
6,551
14,912
2,429
546
2,688
2,453
78,307
14,627
63,680
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.
115,017
2,666
112,351
61,496
180,781
93,200
32,606
58,506
2,088
87,581
49,353
1,751
36,477
48,729
24,032
3,373
12,053
517
2,240
6,513
25,963
21,205
4,758
17,628
n.a.
11,045
n.a.
6,582
318,818
251,578
240,198
172,957
78,620
36 Total loans and leases (gross) and lease-financing receivables (net)
LESS: Unearned income on loans
37
38
LESS: Loans and leases held for sale
39 Total loans and leases (net of unearned income)
40
LESS: Allowance for loan and lease losses
41 Loans and leases, net of unearned income and allowance
3,802,973
2,683
138,989
3,661,303
64,589
3,596,714
3,519,894
2,090
n.a.
n.a.
n.a.
n.a.
2,513,223
1,403
107,729
2,404,092
43,338
2,360,754
2,230,145
810
n.a.
n.a.
n.a.
n.a.
1,289,750
1,280
31,260
1,257,211
21,250
1,235,960
Total loans and leases, gross, by category
4? Loans secured by real estate
43
Construction and land development
44
One- to four-family residential properties
45
Revolving, open-end loans, extended under lines of credit
46
1,720,173
n.a.
n.a.
n.a.
n.a.
1.688,656
182,761
35,158
935,481
134,996
992,747
n.a.
n.a.
n.a.
n.a.
961,230
94,798
7,125
597,869
93,985
727,426
87,963
28,033
337,613
41,010
n.a.
n.a.
n.a.
n.a.
114,556
n.a.
n.a.
n.a.
48,608
1,017,577
n.a.
n.a.
690,048
110,438
60,398
474,858
99,267
n.a.
n.a.
n.a.
47,758
858,620
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
101,298
69,175
8,910
23,213
12,547
784,432
634,335
150,097
435,058
68,825
32,408
229,030
86,008
68,339
8,895
8,774
11,697
625,475
615,570
9,905
254,990
41,613
27,989
245,828
13,258
n.a.
n.a.
n.a.
36,061
233,145
n.a.
n.a.
583,715
205,464
25,932
352,319
540,183
189,388
23,601
327,194
340,524
114,927
20,911
204,686
296,992
98,851
18,580
179,562
243,191
90,537
5,021
147,633
22,634
130,218
5,745
124,473
n.a.
n.a.
165,491
22,559
103,933
1,988
101,945
n.a.
n.a.
158,919
15,064
119,686
5,720
113,966
n.a.
n.a.
146,925
14,989
93,401
1,963
91,438
18,849
72,589
140,353
7,570
10,532
25
10,507
n.a.
n.a.
18,566
311,933
45,714
1,746
8,180
7,334
n.a.
88,244
51,340
36,904
218,237
n.a.
n.a.
n.a.
n.a.
n.a.
27,494
n.a.
n.a.
n.a.
n.a.
1,613
29,976
1,680
1,135
218
n.a.
16,539
10,921
5,618
66,226
35 Federal funds sold and securities purchased under agreements to resell
47
48
49
50
51
5?
53
54
55
56
57
58
59
Closed-end loans secured by one- to four-family residential properties
Secured by first liens
Secured by junior liens
Multifamily (five or more) residential properties
Nonfarm nonresidential properties
Loans to depository institutions and acceptances of other banks
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
Commercial and industrial loans
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Loans to individuals for household, family, and other personal expenditures (includes
60
61
Other revolving credit plans
62 Other consumer loans (including single-payment, installment, and all student loans)
63 Obligations (other than securities) of states and political subdivisions in the United States
(includes nonrated industrial development obligations)
64
65
Loans to foreign governments and official institutions
66
Loans for purchasing and carrying securities
67
All other loans (excludes consumer loans)
68
69
70
Premises and fixed assets (including capitalized leases)
71
7?
Investments in unconsolidated subsidiaries and associated companies
73
74 Customers' liability on acceptances outstanding
75 Net due form own foreign offices, Edge Act and agreement subsidiaries, and IBFs
76
77
78
Other intangible assets
79 All other assets
313,546
75,690
3,426
9,315
7,552
n.a.
104,784
62,262
42,522
284,463
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
A65
4.20
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, June 30, 2001
Millions of dollars except as noted
Banks with foreign offices'
Item
Total
Domestic
total
Total
Banks with
domestic
offices only2
Domestic
Total
80 Total liabilities, minority interest, and equity capital
6,272,642
n.a.
4,254,061
n.a.
2,018,581
81 Total liabilities
5,718,996
4,961,347
3,892,673
3,135,024
1,826,323
8? Total deposits
Individuals, partnerships, and corporations (include all certified and official checks)
83
84
U.S. government
85
States and political subdivisions in the United States
86
Commercial banks and other depository institutions in the United States
87
Banks in foreign countries
Foreign governments and official institutions (including
88
foreign central banks)
4,208,144
3,787,533
n.a.
n.a.
136,299
88,964
3,528,686
3,302,383
11,095
155,650
47,905
10,144
2,715,028
2,404,750
n.a.
n.a.
118,103
88,203
2,035,570
1,919,600
10,133
65,440
29,709
9,384
1,493,116
1,382,783
962
90,210
18,196
761
1,508
27,716
27,921
1,303
205
290.770
253,930
462
26,125
9,936
291
26
Total transaction accounts
Individuals, partnerships, and corporations (include all certified and official checks)
U.S. government
States and political subidivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
96
Total demand deposits
n.a.
499,343
n.a.
313,094
186,248
Total nontransaction accounts
Individuals, partnerships, and corporations (include all certified and official checks)
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,879,930
2,741,454
9,873
108,201
15,782
3,606
1,015
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,677,585
1,612,602
9,372
44,117
7,521
3,137
836
1,202,346
1,128,853
500
64,084
8,261
469
179
97
98
99
100
101
102
103
104 Federal funds purchased and securities sold under agreements to repurchase
105 Trading liabilities
106 Other borrowed money (includes mortgage indebtedness and obligations under capitalized
107
108
109
110
111
Banks' liability on acceptances executed and outstanding
Subordinated notes and debentures to deposits
Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
All other liabilities
Minority interest in consolidated subsidiaries
112 Total equity capital
648,755
560,928
1,223
47,449
32,124
6,538
494
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
357,985
306.998
761
21,324
22,188
6,247
468
89
90
91
92
93
94
95
501,403
196,819
451,070
n.a.
400,568
196,304
350,235
n.a.
100,835
515
532,286
7,561
88,951
n.a.
183,832
7,514
491,926
5,422
n.a.
n.a.
n.a.
n.a.
345,992
7,342
80,931
n.a.
146,508
6,822
305.632
5,203
n.a.
154,287
n.a.
n.a.
186,294
219
8,020
n.a.
37,324
691
546,132
n.a.
354,566
191,566
n.a.
MEMO
113 Trading assets at large banks2
U.S. Treasury securities (domestic offices)
115
U.S. government agency obligations (excluding MBS)
Securities issued by states and political subdivisions in the United States
116
117
Mortgage-backed securities
118
Other debt securities
Other trading assets
119
120
Trading assets in foreign offices
Revaluation gains on interest rate, foreign exchange rate, and other
121
commodity and equity contracts
122 Total individual retirement (IRA) and Keogh plan accounts
123 Total brokered deposits
124
Fully insured brokered deposits
Issued in denominations of less than $100,000
125
126
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
127 Money market deposit accounts (MMDAs)
128 Other savings deposits (excluding MMDAs)
129 Total time deposits of less than $100,000
130 Total time deposits of $100,000 or more
114
131 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 intra-office 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.
313,435
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
86,583
165,624
15.676
7,691
1,508
9,368
33,105
16,897
0
311,903
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
86,583
164,092
15,648
7,210
1,292
9,048
33,071
16,792
0
1.532
29
481
216
321
33
105
0
142,605
n.a.
n.a.
n.a.
n.a.
81,378
161,368
221,632
159,993
75,538
142,258
n.a.
n.a.
n.a.
n.a.
81,031
78.340
105,681
65.988
22,075
347
83,028
115,951
94.005
53,463
43.913
712,708
288,348
353,222
323,307
40,541
368.784
172,182
417.649
243.731
n.a.
n.a.
n.a.
n.a.
n.a.
8,151
84,454
1,081,492
460,530
770,871
567,038
8,151
n.a.
n.a.
n.a.
n.a.
n.a.
144
n.a.
8,007
Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated
insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement
corporations wherever located; and international banking facility (IBF).
2. Components of "Trading Assets at Large Banks" are reported only by banks that
reported trading assets of $2 million or more any quarter of the preceding calendar year.
A66
4.23
Special Tables • November 2001
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, August 6-10, 2001—Continued
E. Commercial and industrial loans made byU.S.branchesandagenciesofforeignbanks'
WeightedItem
loan rate
(percent)2
Amount of loans (percent)
WeightedAmount of
loans
(millions
size
(thousands of
maturity3
Subject to
Secured by
collateral
penalty
Days
Made under
commitment
LOAN RISK 5
All commercial and industrial loans
Minimal risk
Low risk
3
4
Moderate risk
Other
5
1
2
5.61
4.50
4.81
5.57
6.16
103,101
3,747
25,632
29,296
22,335
692
531
1,689
540
474
399
138
400
578
336
36.1
17.1
21.2
40.8
44.9
10.0
14.0
10.9
8.3
6.0
36.4
31.6
46.4
37.0
38.3
73.7
50.5
85.7
83.5
80.4
6.01
5.99
4.96
6.09
7.39
24,536
323
3,279
7,006
3,139
449
174
647
332
149
434
321
503
663
553
55.0
52.5
34.9
44.4
74.5
6.9
6.6
4.6
14.2
16.3
22.5
16.9
73.7
38.0
12.4
59.9
94.2
95.5
94.4
91.5
Daily
Minimal risk
Low risk
Moderate risk
Other
5.15
4.02
4.50
5.13
5.87
28,828
1,557
6,423
9,597
6,629
710
1,651
3.823
726
533
243
32
259
322
178
28.1
6.8
5.3
10.3
4.4
5.3
40.1
34.4
47.7
37.4
28.9
65.3
40.6
69.2
75.2
66.8
16
17
18
19
2 to 30 days
Minimal risk
Low risk
Moderate risk
Other
20
5.84
4.34
5.16
21,778
915
7,064
1,279
1,526
2,389
391
71
458
27.5
8.3
18.6
19.8
35.8
35.1
90.5
59.7
5.48
5.91
5,210
4,031
907
598
473
417
43.0
46.1
10.7
6.2
37.6
38.6
29.6
96.4
87.4
88.1
21 31 to 365 days
22
Minimal risk
Low risk
23
24
Moderate risk
Other
25
5.42
4.83
4.73
5.31
5.94
24,189
915
7,921
5,514
8,053
1,010
299
1,921
654
2,260
404
229
26.9
34.4
15.7
40.6
25.5
3.3
33.4
3.0
2.0
1.1
51.6
28.7
47.1
45.9
61.8
87.1
43.3
94.1
93.9
83.6
79.9
92.7
69.9
80.7
86.5
10.3
18.5
5.3
9.8
14.9
7.0
36.0
22.5
2.4
20.3
48.1
25.1
57.2
40.9
75.6
By maturity/repricing
Zero interval
Minimal risk
Low risk
Y
Moderate risk
Other
10
interval6
6
7
n
12
13
14
15
403
612
264
3.0
13.4
29.8
50.5
11.2
13.3
Months
26 More than 365 days
27
Minimal risk
Low risk
28
Moderate risk
28
Other
30
7.02
7.47
6.64
6.86
7.89
2,461
29
153
1,778
383
236
53
120
383
159
60
103
48
59
72
Weightedaverage risk
rating''
Weightedaverage
maturity/
repricing
interval
Days
SIZE OF LOAN
(thousands of dollars)
31
.32
33
34
1-99
100-999
1,000-9,999
10.000 or more
35
36
37
38
39
Prime7
Fed funds
Other domestic
Foreign
Other
7.73
6.89
5.62
5.30
2,566
9,816
31,731
58,988
3.3
3.3
3.1
2.8
151
109
47
50
84.7
72.8
37.9
26.9
26.2
17.3
7.2
9.6
3.6
10.5
36.5
42.1
81.6
83.3
72.4
72.5
7.50
4.55
4.76
5.33
5.42
22,260
18,553
11,791
35,768
14,729
3.2
2.9
2.7
2.9
3.1
108
18
10
39
112
60.1
31.1
14.1
27.3
45.2
29.2
5.9
12.8
1.5
4.5
3.2
29.1
80.5
52.0
22.5
75.4
46.7
64.8
88.8
75.6
BASE RATE OF LOAN 4
Footnotes appear at end of table.
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, August 6-10, 2001—Continued
B. Commercial and industrial loans made by all domestic banks'
Weightedaverage
effective
loan rate
(percent) 2
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Amount of loans (percent)
Weightedaverage
maturity 1
Subject to
prepayment
penalty
Made under
commitment
9.5
10.5
29.5
28.1
45.1
33.6
23.5
79.8
63.6
91.5
86.6
91.4
Secured by
collateral
Days
LOAN RISK 5
10.0
5.68
4.99
4.79
5.73
6.64
65,900
1,894
19,269
22,155
11,666
464
273
1,341
424
263
578
266
470
747
602
43.2
33.8
27.8
47.1
64.1
6.18
5.91
4.95
6.04
7.36
20,479
308
3,257
6,711
2,999
385
166
647
323
146
510
321
503
664
548
47.8
55.1
35.1
45.1
76.2
8.3
7.0
4.6
14.8
16.9
26.9
17.7
74.2
39.5
13.0
63.0
93.9
95.5
94.1
91.3
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
5.63
5.57
4.73
5.47
6.48
14,907
107
3,239
5,985
3,380
380
120
2,130
487
459
531
524
362
46.7
43.5
26.6
47.8
65.2
13.2
78.0
20.4
7.1
10.5
35.2
4.3
60.8
42.4
21.0
88.7
93.9
95.1
85.2
84.0
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
5.19
4.39
4.75
5.28
6.48
13,691
638
6,113
4,009
2,356
34.2
1,141
2,207
776
378
514
90
477
565
683
11.8
6.2
16.1
21.5
42.4
63.4
4.8
5.5
6.1
33.6
42.0
39.4
33.8
23.9
92.6
75.5
96.1
87.2
97.6
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
5.32
4.92
4.81
5.52
5.90
13,263
805
5,716
3,481
2,448
265
1,544
447
1,039
602
253
385
933
643
31.1
39.1
20.4
38.2
43.9
5.8
38.0
4.1
3.2
3.3
29.6
24.2
32.5
24.7
41.1
92.5
39.7
95.1
97.0
98.0
26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk . . .
30
Other
7.02
7.47
6.64
6.86
7.89
2,461
29
153
1,778
383
236
53
120
383
159
60
103
79.9
92.7
69.9
80.7
86.5
10.3
18.5
5.3
9.8
14.9
7.0
36.0
22.5
2.4
20.3
48.1
25.1
57.2
40.9
75.6
85.1
75.8
43.7
31.2
26.4
3.4
6.4
26.3
39.5
81.5
83.9
78.1
79.6
72.8
58.4
19.9
28.8
34.6
16.2
17.4
18.7
2.3
5.8
1.3
48.0
71.3
31.7
28.4
67.2
87.2
85.6
86.1
1 All commercial and industrial loans
Minimal risk
2
3
Low risk
4
Moderate risk
5
Other
By maturity/repricing
6 Zero interval
Minimal risk
7
8
Low risk
Moderate risk
9
10
Other
27.8
11.1
interval6
Weightedaverage risk
rating 5
Weightedaverage
maturity/
repricing
interval"
Days
SIZE OF LOAN
(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
152
7.73
6.99
5.84
5.09
2,538
8,819
20,686
33,858
3.3
3.3
3.0
2.6
62
75
7.25
4.59
4.77
5.20
5.50
17,387
6,298
8,023
22,803
11,389
3.3
2.7
2.7
2.6
2.9
135
40
9
40
145
118
18.1
BASE RATE OF LOAN 4
Footnotes appear at end of table.
A67
A68
4.23
Special Tables • November 2001
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, August 6-10, 2001—Continued
E. Commercial and industrial loans made byU.S.branchesandagenciesofforeignbanks'
Weightedaverage
Item
loan rate
(percent)2
Amount of loans (percent)
Weightedloans
(millions
size
(thousands of
maturity'
Subject to
Secured by
collateral
penalty
Days
Made under
commitment
common
base pricing
rate4
LOAN RISK 5
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
5.53
4.30
4.67
5.56
6.50
59,585
1,282
18,231
20,187
9,937
806
1,801
3,406
730
396
555
160
443
711
581
39.4
17.2
25.7
43.1
60.1
8.7
35.3
10.6
7.5
7.6
32.0
38.5
47.0
36.4
26.3
80.1
73.6
92.6
87.6
92.0
Foreign
Foreign
Foreign
Prime
6.03
5.18
4.75
5.86
7.27
17,970
184
2,921
5,928
2,182
747
615
3,762
564
227
524
228
490
688
625
43.3
31.7
32.1
40.2
73.5
6.0
3.3
3.6
11.5
12.6
30.2
23.7
82.4
44.2
16.0
59.7
98.8
99.6
94.6
92.2
Prime
Prime
Domestic
Prime
Prime
n Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
5.52
4.80
4.59
5.33
6.40
13,879
77
2,962
5,598
3,140
427
525
3,178
524
321
444
68
434
482
359
44.2
22.1
24.7
44.9
63.2
12.4
79.5
20.8
6.2
9.0
37.0
64.2
44.9
22.5
88.9
99.6
95.5
85.5
83.4
Prime
Domestic
Domestic
Prime
Prime
16 2
1/
18
iy
20
to 30 days
Minimal risk
Low risk
Moderate risk
Other
5.13
4.22
4.72
5.20
6.45
12,766
418
6,019
3,807
2,099
1.279
3,319
2,490
1.173
580
517
90
475
548
689
32.2
4.3
21.0
39.7
59.9
5.2
20.3
4.1
4.1
4.1
35.9
64.0
40.0
35.5
26.1
93.7
100.0
96.0
87.3
98.1
Foreign
Foreign
Foreign
Foreign
Foreign
21 31 to 365 days
11
Minimal risk
23
Low risk
24
Moderate risk
23
Other
5.14
3.98
4.69
5.33
5.86
12,132
591
5,456
3,219
2,272
3,078
6,095
5,686
1.915
2.577
596
179
378
885
663
26.8
19.8
17.4
34.4
41.7
4.9
49.7
3.2
2.8
1.2
31.9
30.9
34.0
25.5
44.3
94.8
43.3
96.2
99.0
98.9
Foreign
Domestic
Foreign
Foreign
Foreign
6
/
y
10
B\ niaturitx/repricing
Zero interval
Minimal risk
Low risk
Moderate risk
Other
*
interval6
*
Months
26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk
30
Other
6.58
1,802
*
*
*
53
74.2
6.2
2.4
50.2
Prime
5.26
6.60
7.28
80
1,472
181
964
420
1,590
345
37
55
47
48.6
78.1
73.2
.6
5.2
19.5
2.2
2.8
98.4
42.4
77.4
Other
Prime
Other
Weightedaverage risk
rating3
Weiahtedaverage
maturitv/
repricing
interval''
84.8
71.2
41.2
31.0
26.5
14.9
7.9
7.4
1.7
5.4
28.6
39.8
88.8
87.3
78.0
79.6
Prime
Prime
Foreign
Foreign
*
*
*
*
*
*
*
Days
SIZE OF LOAN
(thousands of dollars)
31 1-99
3 2 100-999
33 1,000-9,999
34 10,000 or more
7.30
6.79
5.78
5.09
1,308
6,012
18,672
33,593
3.5
3.4
3.1
2.6
45
52
55
76
Average size
(thousands
of dollars)
BASE RATE OF LOAN 4
35
36
37
38
39
7
Prime
Fed funds
Other domestic
Foreign
Other
Footnotes appear at end of table.
7.15
4.51
4.75
5.20
5.29
13,550
6.157
7,949
22,004
9,924
3.3
2.6
2.7
2.6
3.0
137
4
8
39
110
69.2
57.5
19.2
28.0
29.0
12.4
17.7
18.5
2.3
4.3
.5
47.7
72.0
32.8
31.4
65.4
66.5
87.4
85.3
91.1
242
6,981
6,169
2,980
1,176
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, August 6-10, 2001—Continued
D. Commercial and industrial loans made by small domestic banks'
Weightedaverage
effective
loan rate
(percent)2
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Amount of loans (percent)
Weightedaverage
maturity 1
Secured by
collateral
Days
Subject to
prepayment
penalty
Made under
commitment
LOAN RISK 5
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
7.15
6.43
6.80
7.52
7.46
6.315
613
1,039
1,967
1,729
93
99
115
80
89
805
496
968
1.137
730
78.5
68.6
65.4
87.4
87.0
22.4
18.7
29.5
27.2
6.2
6.2
10.9
5.4
7.7
77.3
42.8
70.8
76.6
87.9
7.27
6.98
6.69
7.40
7.63
2,509
124
336
783
817
86
80
79
76
74
392
470
646
461
341
80.2
89.6
60.7
82.7
83.7
24.7
12.4
13.2
39.4
28.2
3.6
8.9
2.9
3.6
5.0
87.0
86.6
59.3
91.0
88.9
7.16
7.55
6.27
7.47
7.57
1,028
30
277
387
240
154
40
470
184
1,077
1,419
1,684
1,150
79.4
98.3
47.8
89.8
91.4
23.1
74.2
15.8
19.2
29.5
9.8
15.2
24.4
6.4
86.6
466
90
624
894
639
60.6
19.7
2.1
26.3
58.0
94.2
92.1
43.4
32.0
22.4
.9
78.0
28.9
99.1
85.2
94.2
interval
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
111
12.1
1.8
79.2
90.0
80.4
91.8
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
5.93
4.72
6.24
6.77
6.68
924
220
94
202
258
170
508
267
105
99
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
7.18
7.52
7.34
7.77
6.40
1,131
214
260
262
176
65
73
95
43
119
666
458
531
1,528
296
77.4
92.2
85.1
85.0
73.0
30.1
.2
67.6
30.0
71.5
71.8
87.7
26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk . .
30
Other
8.21
660
23
72
307
202
77
44
67
83
107
80
109
60
79
93
95.4
100.0
93.4
93.6
98.5
21.5
23.1
10.4
32.0
10.9
19.6
45.0
47.5
3.1
35.9
42.4
7.8
11.4
33.7
73.9
Weightedaverage risk
rating5
Weightedaverage
maturity/
repricing
interval"
8.12
8.17
8.11
8.43
8.1
.1
1.6
5.8
16.3
5.8
22.2
4.7
5.5
8.6
15.1
.2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
8.19
7.42
6.34
1,230
2,807
2,014
3.1
2.9
2.9
265
259
125
85.5
85.4
66.9
26.2
24.9
17.6
5.2
8.4
4.7
73.8
76.8
79.1
7.58
8.01
7.28
5.31
6.93
3,837
141
74
799
1,465
3.2
3.4
3.0
127
1,397
197
85.4
94.6
95.1
51.6
72.5
29.4
2.5
42.1
2.6
15.8
4.3
60.6
82.9
97.5
69.6
93.1
52.7
BASE RATE OF LOAN 4
35
36
37
38
39
7
Prime
Fed funds
Other domestic
Foreign
Other
Footnotes appear at end of table.
2.8
2.5
1.8
2.9
8.1
A69
A70
4.23
Special Tables • November 2001
TERMS OF LENDING AT COMMERCIAL BANKS
Survey of Loans Made, August 6-10, 2001—Continued
E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks'
Weightedaverage
effective
loan rate
(percent)2
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Amount of loans (percent)
Weightedaverage
maturity'
Subject to
prepayment
penalty
Secured by
collateral
Days
Made under
commitment
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
5.48
4.00
4.88
5.06
5.63
37,200
1,853
6.362
7.141
10,669
5,258
14,681
7,908
3,596
4,043
63
9
179
28
64
21.4
23.8
315
170
729
26.4
37.4
By maturity/repricing interval6
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
7.28
7.90
295
140
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
4.64
3.91
4.25
4.56
5.24
13,921
1,451
3,185
3,249
9,777
26,116
19,917
8.383
6,845
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
6.94
8,087
5,053
7.83
6.17
5.11
951
1,201
1,675
5,090
2,080
3.263
4.50
4.96
5.96
2,205
2,033
5,605
5,220
3.153
4,645
450
61
Weightedaverage risk
rating5
Weightedaverage
maturity/
repricing
interval"
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
1.2
62.9
37.1
1.1
48.6
35.3
50.4
47.6
54.4
.7
4.3
4.2
.7
99.3
95.9
45.3
36.7
34.3
29.3
37.1
40.3
36.7
42.9
58.7
48.8
10.2
4.8
68.2
73.9
68.5
4,057
3,612
2
2
1
4
1
.1
35.2
39.5
44.8
21.8
68.2
28.3
6.3
25.7
54.7
37.6
98.3
91.6
88.7
77.4
88.2
74.7
.1
3.5
44.8
17.5
.1
.2
84.9
82.2
70.8
3.7
3.5
3.3
3.1
43.7
47.1
27.0
16.4
10.5
4.2
12.4
21.3
46.7
55.7
45.6
3.0
3.0
14.6
17.1
75.6
10.0
1.6
.2
100.0
24.6
81.3
.2
100
26 More than 365 days
27
Minimal risk . . .
28
Low risk
28
Moderate risk . .
30
Other
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
35
36
37
38
39
Prime7
Fed funds
Other domestic
Foreign
Other
7.14
6.00
5.21
5.58
11,045
25,130
8.43
4.53
4.73
5.56
5.16
4.873
12,254
3.768
12,965
3,339
21.1
90.3
77.8
61.8
62.8
BASE RATE OF LOAN 4
Footnotes appear at end of table.
2.0
3.2
4.2
19.4
87.7
2.1
97.5
36.2
17.1
94.4
39.8
Financial Markets
A71
N O T E S T O T A B L E 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 50 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 I. column 1) is 0.23 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 rating 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 31-39 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 floatingrate 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 matuirty/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 lo a prime base rate, was 6.77 percent for all banks; 6.75 percent for large
domestic banks. 6.88 percent for small domestic banks; and 6.75 percent for U.S. branches
and agencies of foreign banks.
113
Federal Reserve Bulletin • November 2001
Index to Statistical Tables
References are to pages A3-A71, although the prefix 'A" 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-related institutions, 20
Automobiles
Consumer credit, 36
Production, 44, 45
BANKERS acceptances, 5, 10, 22, 23
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 31
Rates, 23
Business activity, nonfinancial, 42
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 43
Capital accounts
Commercial banks, 15-21, 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 held, 5, 10, 11, 27
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies. 30
Finance companies
Assets and liabilities, 32
Business credit, 33
Loans, 36
Paper, 22, 23
Float, 5
Flow of funds, 37-41
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 62
Foreign-related institutions, 20
Foreign trade, 51
Foreigners
Claims on, 52, 55-7, 59
Liabilities to, 51-4, 58, 60, 61
GOLD
Certificate account, 10
Stock, 5, 51
Government National Mortgage Association, 30, 34, 35
Gross domestic product, 48. 49
HOUSING, new and existing units, 46
INCOME, personal and national, 42, 48, 49
Industrial production, 42, 44
Insurance companies, 27, 35
Interest rates
Bonds, 23
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)
A73
Loans (See also specific types)
Commercial banks, 15-21, 64-65, 66-71
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 35
Insured or guaranteed by United States, 34, 35
MANUFACTURING
Capacity utilization, 43
Production, 43, 45
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 45
Mobile homes shipped, 46
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 32
Mutual savings banks {See Thrift institutions)
NATIONAL defense outlays, 26
National income, 48
OPEN market transactions, 9
PERSONAL income, 49
Prices
Consumer and producer, 42, 47
Stock market, 24
Prime rate, 22, 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
Flow of funds, 37—41
National income accounts, 48
Savings deposits (See Time and savings deposits)
Savings institutions, 35, 36, 37^41
Securities (See also specific types)
Federal and federally sponsored credit agencies, 30
Foreign transactions, 60
New issues, 31
Prices, 24
Special drawing rights, 5, 10, 50, 51
State and local governments
Holdings of U.S. government securities, 27
New security issues, 31
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 31
Prices, 24
Student Loan Marketing Association, 30
TAX receipts, federal, 26
Thrift institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21, 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 Bank holdings, 5, 10, 11, 27
Foreign and international holdings and transactions, 10, 27, 61
Open market transactions, 9
Outstanding, by type and holder, 27, 28
Rates, 23
U.S. international transactions, 50-62
Utilities, production, 45
VETERANS Affairs, Department of, 34, 35
WEEKLY reporting banks, 17, 18
Wholesale (producer) prices, 42, 47
YIELDS (See Interest rates)
115
Federal Reserve Bulletin • November 2001
Federal Reserve Board of Governors
and Official Staff
ALAN GREENSPAN, Chairman
ROGER W. FERGUSON, JR., Vice
Chairman
OFFICE OF BOARD MEMBERS
LYNN S. FOX, Assistant to the Board
MICHELLE A. SMITH, Assistant to the Board
DONALD J. WINN, Assistant to the Board
DONALD L. KOHN, Adviser to the Board
WINTHROP P. HAMBLEY, Deputy Congressional
Liaison
NORMAND R.V. BERNARD, Special Assistant to the Board
JOHN LOPEZ, Special Assistant to the Board
BOB STAHLY MOORE, Special Assistant to the Board
ROSANNA PIANALTO-CAMERON, Special Assistant to the Board
DAVID W. SKIDMORE, Special Assistant to the Board
LEGAL DIVISION
J. VIRGIL MATTINGLY, JR., General
Counsel
SCOTT G. ALVAREZ, Associate General
Counsel
RICHARD M. ASHTON, Associate General
Counsel
KATHLEEN M. O'DAY, Associate General
Counsel
STEPHANIE MARTIN, Assistant General
Counsel
ANN E. MISBACK, Assistant General Counsel
STEPHEN L. SICILIANO, Assistant General
Counsel
KATHERINE H. WHEATLEY, Assistant General
Counsel
CARY K. WILLIAMS, Assistant General
Counsel
OFFICE OF THE SECRETARY
JENNIFER J. J O H N S O N ,
Secretary
ROBERT DEV. FRIERSON, Deputy
Secretary
MARGARET M. SHANKS, Assistant
Secretary
DIVISION OF BANKING SUPERVISION
AND
REGULATION
RICHARD SPILLENKOTHEN,
Director
STEPHEN C. SCHEMERING, Deputy
Director
HERBERT A. BIERN, Senior Associate
Director
ROGER T. COLE, Senior Associate
Director
WILLIAM A. RYBACK, Senior Associate
Director
GERALD A. EDWARDS, JR., Associate
Director
STEPHEN M. HOFFMAN, JR., Associate
Director
JAMES V. HOUPT, Associate
Director
JACK P. JENNINGS, Associate
Director
MICHAEL G. MARTINSON, Associate
Director
MOLLY S. WASSOM, Associate
Director
HOWARD A. AMER, Deputy Associate
Director
NORAH M. BARGER, Deputy Associate
Director
BETSY CROSS, Deputy Associate
Director
DEBORAH P. BAILEY, Assistant
Director
BARBARA J. BOUCHARD, Assistant
Director
ANGELA DESMOND, Assistant
Director
JAMES A. EMBERSIT, Assistant
Director
CHARLES H. HOLM, Assistant
Director
HEIDI WILLMANN RICHARDS, Assistant
Director
WILLIAM G. SPANIEL, Assistant
Director
DAVID M. WRIGHT, Assistant
Director
SIDNEY M . SUSSAN,
Adviser
EDWARD W . KELLEY, JR.
LAURENCE H . MEYER
DIVISION OF BANKING
SUPERVISION
AND
REGULATION—Continued
WILLIAM C. SCHNEIDER, JR., Project
Director,
National Information Center
DIVISION OF INTERNATIONAL FINANCE
KAREN H . JOHNSON,
Director
DAVID H. HOWARD, Deputy
Director
THOMAS A. CONNORS, Associate
Director
DALE W. HENDERSON, Associate
Director
RICHARD T. FREEMAN, Deputy Associate
Director
WILLIAM L. HELKIE, Deputy Associate
Director
STEVEN B. KAMIN, Deputy Associate
Director
JON W. FAUST, Assistant Director
JOSEPH E. GAGNON, Assistant
MICHAEL P. LEAHY, Assistant
NATHAN D. SHEETS, Assistant
RALPH W. TRYON, Assistant
Director
Director
Director
Director
DIVISION OF RESEARCH AND STATISTICS
D A V I D J. STOCKTON,
Director
EDWARD C. ETTIN, Deputy
Director
DAVID W. WILCOX, Deputy
Director
WILLIAM R. JONES, Associate
Director
MYRON L. KWAST, Associate
Director
STEPHEN D. OLINER, Associate
Director
PATRICK M. PARKINSON, Associate
Director
LAWRENCE SLIFMAN, Associate
Director
CHARLES S. STRUCKMEYER, Associate
Director
MARTHA S. SCANLON, Deputy Associate
Director
Director
JOYCE K. ZICKLER, Deputy Associate
J. NELLIE LIANG, Assistant
Director
S. WAYNE PASSMORE, Assistant
Director
DAVID L. REIFSCHNEIDER, Assistant
Director
JANICE SHACK-MARQUEZ, Assistant
Director
WILLIAM L. WASCHER, Assistant
Director
ALICE PATRICIA WHITE, Assistant
Director
GLENN B. CANNER, Senior
Adviser
DAVID S. JONES, Senior
Adviser
THOMAS D. SIMPSON, Senior
Adviser
DIVISION OF MONETARY AFFAIRS
VINCENT R . REINHART,
Director
DAVID E. LINDSEY, Deputy
Director
BRIAN F. MADIGAN, Deputy
Director
RICHARD D. PORTER, Deputy Associate
Director
WILLIAM C. WHITESELL, Assistant
Director
A75
EDWARD M . GRAMLICH
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
DIVISION OF RESERVE BANK OPERATIONS
AND PAYMENT SYSTEMS
DOLORES S . S M I T H ,
LOUISE L . R O S E M A N ,
Director
GLENN E. LONEY, Deputy
Director
SANDRA F. BRAUNSTEIN, Assistant
Director
MAUREEN R ENGLISH, Assistant
Director
ADRIENNE D . HURT, Assistant
Director
IRENE SHAWN MCNULTY, Assistant
Director
OFFICE OF
STAFF DIRECTOR FOR MANAGEMENT
STEPHEN R. MALPHRUS, Staff
Director
MANAGEMENT DIVISION
STEPHEN J. CLARK, Associate Director, Finance Function
DARRELL R. PAULEY, Associate Director, Human Resources
Function
CHRISTINE M. FIELDS, Assistant Director, Human Resources
Function
SHEILA CLARK, EEO Programs
Director
DIVISION OF SUPPORT SERVICES
ROBERT E . FRAZIER,
Director
DAVID L. WILLIAMS, Associate
GEORGE M. LOPEZ, Assistant
Director
Director
DIVISION OF INFORMATION TECHNOLOGY
RICHARD C . STEVENS,
Director
MARIANNE M. EMERSON, Deputy
MAUREEN T. HANNAN, Associate
RAYMOND H. MASSEY, Associate
GEARY L. CUNNINGHAM, Assistant
WAYNE A . EDMONDSON, Assistant
Po KYUNG KIM, Assistant
Director
SUSAN F. MARYCZ, Assistant
SHARON L. MOWRY, Assistant
Director
Director
DAY W. RADEBAUGH, JR., Assistant
Director
Director
Director
Director
Director
Director
Director
PAUL W. BETTGE, Associate
Director
JEFFREY C. MARQUARDT, Associate
Director
KENNETH D . BUCKLEY, Assistant
Director
TILLENA G. CLARK, Assistant
Director
JOSEPH H. HAYES, JR., Assistant
Director
EDGAR A . MARTINDALE III, Assistant
Director
MARSHA W. REIDHILL, Assistant
Director
JEFF J. STEHM, Assistant
Director
OFFICE OF THE INSPECTOR GENERAL
BARRY R. SNYDER, Inspector
DONALD L. ROBINSON, Deputy
General
Inspector
General
117
Federal Reserve Bulletin • November 2001
Federal Open Market Committee
and Advisory Councils
FEDERAL OPEN MARKET
COMMITTEE
MEMBERS
A L A N GREENSPAN,
WILLIAM J. MCDONOUGH, Vice
Chairman
Chairman
ROGER W . FERGUSON, JR.
E D W A R D W . KELLEY, JR.
MICHAEL H . MOSKOW
EDWARD M . GRAMLICH
LAURENCE H . MEYER
WILLIAM POOLE
THOMAS M . HOENIG
CATHY E. MINEHAN
ALTERNATE MEMBERS
JERRY L . JORDAN
A N T H O N Y M . SANTOMERO
ROBERT D . M C T E E R , JR.
GARY H . STERN
JAMIE B . STEWART, JR.
STAFF
DONALD L. KOHN, Secretary and
NORMAND R.V. BERNARD, Deputy
LYNN S. FOX, Assistant
Economist
Secretary
CHRISTINE M. CUMMING, Associate
Economist
JEFFREY C. FUHRER, Associate
Economist
CRAIG S. HAKKIO, Associate
Economist
DAVID H. HOWARD, Associate
Economist
WILLIAM C. HUNTER, Associate
Economist
DAVID E. LINDSEY, Associate
Economist
ROBERT H. RASCHE, Associate
Economist
LAWRENCE SLIFMAN, Associate
Economist
DAVID WILCOX, Associate
Economist
Secretary
GARY P. GILLUM, Assistant
Secretary
J. VIRGIL MATTINGLY, JR., General
Counsel
THOMAS C. BAXTER, JR., Deputy General
Counsel
KAREN H . JOHNSON,
Economist
VINCENT R . REINHART,
DAVID J. STOCKTON,
Economist
Economist
DINO KOS, Manager, System Open Market Account
FEDERAL ADVISORY
COUNCIL
D O U G L A S A . WARNER, III,
LAWRENCE K. FISH, Vice
ALAN G. MCNALLY, Seventh District
KATIE S. WINCHESTER, Eighth District
R. SCOTT JONES, Ninth District
CAMDEN R. FINE, Tenth District
RICHARD W. EVANS, JR., E l e v e n t h District
STEVEN L. SCHEID, T w e l f t h District
LAWRENCE K. FISH, First 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
L. PHILLIP HUMANN, Sixth District
President
President
JAMES A N N A B L E ,
WILLIAM J. KORSVIK,
Co-Secretary
Co-Secretary
A77
CONSUMER ADVISORY
COUNCIL
LAUREN ANDERSON, New Orleans, Louisiana, Chairman
DOROTHY BROADMAN, San Francisco, California, Vice Chairman
ANTHONY S. ABBATE, Saddlebrook, N e w Jersey
TERESA A. BRYCE, St. Louis, Missouri
MALCOLM BUSH, Chicago, Illinois
MANUEL CASANOVA, JR., B r o w n s v i l l e , Texas
CONSTANCE K. CHAMBERLIN, Richmond, Virginia
ROBERT M. CHEADLE, Oklahoma City, Oklahoma
M A R Y E L L E N DOMEIER, N e w U l m , M i n n e s o t a
LESTER W. FIRSTENBERGER, Hopkinton, Massachusetts
JOHN C. GAMBOA, San Francisco, California
EARL JAROLIMEK, Fargo, North Dakota
WILLIE M. JONES, Boston, Massachusetts
J. PATRICK LIDDY, Cincinnati, Ohio
OSCAR MARQUIS, Park Ridge, Illinois
JEREMY NOWAK, Philadelphia, Pennsylvania
NANCY PIERCE, Kansas City, Missouri
MARTA RAMOS, San Juan, Puerto Rico
RONALD A. REITER, San Francisco, California
ELIZABETH RENUART, Boston, Massachusetts
RUSSELL W. SCHRADER, San Francisco, California
FRANK TORRES, JR., Washington, District of Columbia
GARY S. WASHINGTON, Chicago, Illinois
ROBERT L. WYNN II, M a d i s o n , W i s c o n s i n
ANNE S. LI, Washington, District of Columbia
THRIFT INSTITUTIONS
ADVISORY
COUNCIL
THOMAS S. JOHNSON, New York, New York, President
MARK H. WRIGHT, San Antonio, Texas, Vice President
TOM R. DORETY, Tampa, Florida
RONALD S. ELIASON, Provo, Utah
D. R. GRIMES, Alpharetta, Georgia
CORNELIUS D . MAHONEY, Westfield, Massachusetts
KAREN L. MCCORMICK, Port Angeles, Washington
JAMES F. MCKENNA, Brookfield, W i s c o n s i n
CHARLES C. PEARSON, JR., Harrisburg, P e n n s y l v a n i a
HERBERT M. SANDLER, Oakland, California
EVERETT STILES, Franklin, North Carolina
CLARENCE ZUGELTER, Kansas City, Missouri
119
Federal Reserve Bulletin • November 2001
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A79
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121
Federal Reserve Bulletin • November 2001
Maps of the Federal Reserve System
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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.
A81
1-A
2-B
4-D
3-C
5-E
Baltimore
Pittsburgh
V A
•v
•
CT
i
VT
MD
/
NC
Cincinnati
Buffalo
•Charlotte
MA
NJ
CT
sc
- RI
BOSTON
N E W YORK
CLEVELAND
PHILADELPHIA
6-F
S-H
7-G
»
TN
RICHMOND
•Nashville
KY
MI
Birmingham
IF-
Wl
Detroit <
IA
MS
L<Snsville
MO
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123
Federal Reserve Bulletin • November 2001
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
Vacancy
Bal Dixit
William J. McDonough
Jamie B. Stewart, Jr.
Buffalo
14240
PHILADELPHIA
19105
Charisse R. Lillie
Glenn A. Schaeffer
Anthony M. Santomero
William H. Stone, Jr.
CLEVELAND*
44101
Jerry L. Jordan
Sandra Pianalto
Cincinnati
Pittsburgh
45201
15230
David H. Hoag
Robert W. Mahoney
George C. Juilfs
Charles E. Bunch
RICHMOND*
23219
J. Alfred Broaddus, Jr.
Walter A. Varvel
Baltimore
Charlotte
21203
28230
Jeremiah J. Sheehan
Wesley S. Williams, Jr.
George L. Russell, Jr.
James F. Goodmon
John F. Wieland
Paula Lovell
Catherine Sloss Crenshaw
Julie K. Hilton
Mark T. Sodders
Whitney Johns Martin
Ben Tom Roberts
Jack Guynn
Patrick K. Barron
Arthur C. Martinez
Robert J. Darnall
Timothy D. Leuliette
Michael H. Moskow
Gordon R. G. Werkema
Charles W. Mueller
Walter L. Metcalfe, Jr.
Vick M. Crawley
Roger Reynolds
Gregory M. Duckett
William Poole
W. LeGrande Rives
James J. Howard
Ronald N. Zwieg
Thomas O. Markle
Gary H. Stern
James M. Lyon
Terrence P. Dunn
Jo Marie Dancik
Kathryn A. Paul
Patricia B. Fennell
Gladys Styles Johnston
Thomas M. Hoenig
Richard K. Rasdall
H. B. Zachry, Jr.
Patricia M. Patterson
Beauregard Brite White
Edward O. Gaylord
Patty P. Mueller
Robert D. McTeer, Jr.
Helen E. Holcomb
Nelson C. Rising
George M. Scalise
William D. Jones
Nancy Wilgenbusch
H. Roger Boyer
Richard R. Sonstelie
Robert T. Parry
John F. Moore
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
Vice President
in charge of branch
Barbara L. Walter1
Barbara B. Henshaw
Robert B. Schaub
William J. Tignanelli1
Dan M. Bechter1
James M. McKee 1
Andre T. Anderson
Robert J. Slack1
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
Maryann Hunter1
Dwayne E. Boggs
Steven D. Evans
Sammie C. Clay
Robert Smith III1
James L. Stull1
Mark L. Mullinix 2
Raymond H. Laurence1
Andrea P. Wolcott
David K.Webb 1
* Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424;
Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee,
Wisconsin 53202; and Peoria, Illinois 61607.
1. Senior Vice President.
2. Executive Vice President
A83
Publications of Interest
FEDERAL
RESERVE
REGULATORY
SERVICE
To promote public understanding of its regulatory func-
The Payment System Handbook deals with expedited
tions, the Board publishes the Federal Reserve Regu-
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
latory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, dealing with extensions of credit for the purchase of securities, together
with related statutes, Board interpretations, rulings,
and staff opinions. Also included is the Board's list of
foreign margin stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.
GUIDE
TO THE FLOW
OF FUNDS
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 Federal Reserve Regulatory Service and $75 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, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.
125
Federal Reserve Bulletin • November 2001
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. 1
Flow of Funds
Quarterly
@FedFRASER