Full text of Federal Reserve Bulletin : November 2003

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Volume 89 • Number 11 • November 2003

Federal Reserve

BULLETIN

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



PUBLICATIONS COMMITTEE

Lynn S. Fox, Chair • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson
• Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman
• Dolores S. Smith • Richard Spillenkothen • 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 Publications Department under the direction of Lucretia M. Boyer.




Table of Contents
451 GLOBAL INTEGRATION IN THE BANKING
INDUSTRY
Lowered regulatory barriers and advances in
technology have reduced the cost of supplying
banking services across borders. At the same
time, growth in activity by multinational corporations has increased the demand for international financial services. As a result, many
observers believe that global integration is under
way in the banking industry, that banks are
expanding their reach across borders, and that
many banking markets will therefore develop
large foreign components. The authors report on
a study conducted by them, along with Qinglei
Dai and Steven Ongena, that examined the
nationality and international reach of banks that
provide short-term financial services across
Europe to affiliates of multinational corporations. The present article also looks at timeseries data that provide a more recent look at the
progress of integration in Europe.
Based on a 1996 survey of more than 2,000
affiliates, the study found that an affiliate is most
likely to choose a bank headquartered in the
nation in which it is operating (a host-nation
bank) rather than a bank headquartered in the
home country of the affiliate or in a third nation.
The affiliate is also more likely to select a bank
limited to local or regional operations rather
than one with global reach. The findings are
consistent with the proposition that affiliates
most value a bank that understands the culture,
business practices, and regulatory conditions of
the country in which the affiliate operates, and
that host-nation banks possess a competitive
advantage over other banks in this regard. The
time-series data—on syndicated loans, foreign
bank claims, and the dispersion of consumer
goods prices across Europe—are also consistent
with the picture drawn from the 1996 survey.
The article concludes that banking markets evidently need not become more integrated even as
economic activity otherwise becomes increasingly global.




461

ANNOUNCEMENTS
Release of annual adjustments for reserve calculations and deposit reporting
Comments requested on proposed changes to
cash services policy
Appointment of chairmen and deputy chairmen
of the Federal Reserve Banks
Appointment of Timothy F. Geithner as president, Federal Reserve Bank of New York
Debut of a more secure, colorful $20 bill
D.C. debut of newly redesigned $20 bill at
L'Enfant Plaza post office
Federal agencies publish consumer brochure on
predatory lending
Move of Federal Reserve Bulletin to a quarterly
schedule
Release of minutes of discount rate meetings
Meeting of the Consumer Advisory Council
Enforcement actions

468 LEGAL

DEVELOPMENTS

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

STATISTICS

These tables reflect data available as of
September 29, 2003.
A3 GUIDE TO TABLES
A4 Domestic Financial Statistics
A42 Domestic Nonfinancial Statistics
A44 International Statistics
A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES

A58 SPECIAL

TABLES

A76 FEDERAL

A70 INDEX TO STATISTICAL

TABLES

MI

AND

BOARD OF GOVERNORS




BOARD

A78 MAPS OF THE FEDERAL

STAFF

A74 FEDERAL OPEN MARKET COMMITTEE
STAFF; ADVISORY
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RESERVE

AND

A80 FEDERAL RESERVE
AND OFFICES

PUBLICATIONS

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BANKS,

SYSTEM

BRANCHES,

Global Integration in the Banking Industry
Allen N. Berger, of the Board's Division of Research
and Statistics, and David C. Smith, of the Board's
Division of International Finance, prepared this
article. Jennifer Judge provided research assistance.
Many observers believe that significant global integration is under way in the banking industry and that,
in the coming years, individual banks will expand
their reach into many countries. Likewise, these
observers expect that many national banking markets
will develop large foreign components; as that happens, the nationality of a bank in such a market will
matter little to prospective customers. 1
These forecasts are based on the observation that,
over the past two or three decades, many nations
have removed important regulatory barriers to international banking. Advances in technology also now
allow financial institutions to manage larger information flows across more locations and to evaluate
and manage risks at lower costs than ever before.
Together, these developments have reduced the costs
of supplying banking services across borders. At the
same time, growth in the international activities and
trade of multinational corporations has increased the
demand for services from financial institutions that
operate across borders.
Despite these developments, the banking industry
appears today to be far from globally integrated,
particularly in industrialized countries. For example,
the foreign share of bank assets in most industrialized
countries remains at or below 10 percent. And
although bank consolidation has been intense within
industrialized countries, mergers and acquisitions
across the borders of these countries have been much
less common. 2
NOTE. Much of the analysis in this article is based on Allen N.
Berger, Qinglei Dai, Steven Ongena, and David C. Smith, "To What
Extent Will the Banking Industry Be Globalized? A Study of Bank
Nationality and Reach in 20 European Nations," Journal of Banking
and Finance, vol. 27 (March 2003), pp. 383-415. The authors of
the present article thank David Birks for making available the
"GlobalCash-Europe96" data and Gregory P. Nini for writing the
program that examines syndicated loans.
1. For example, Paul R. Krugman and Maurice Obstfeld, in their
International Economics: Theory and Policy, 5th ed. (Reading, Mass.:
Addison-Wesley, 2000), state that "one of the most pervasive features
of the commercial banking industry of the 1990s is that banking
activities have become globalized" (p. 649).
2. For the 10 percent figure, see Stijn Claessens, Asli Demirgii?Kunt, and Harry Huizinga, "How Does Foreign Entry Affect the




To evaluate more closely the extent to which banking is becoming globally integrated, we study the
nationality and international reach of banks that provide financial services across Europe to affiliates of
multinational corporations. We examine these affiliates because they are among the customers most
likely to demand the services of international banks,
and we focus on Europe because barriers to financial
integration have been extensively reduced on that
continent. A finding that banking integration has
advanced little even under such favorable conditions
would cast doubt on the prospects for the globalization of banking more generally.
We rely mostly on an extensive, carefully conducted 1996 survey of the short-term banking practices of more than 2,000 European affiliates of multinational corporations. Perhaps surprisingly, we find
that close to two-thirds of these affiliates choose a
bank headquartered in the nation in which they are
operating (a host-nation bank) rather than a bank
from their home country or a third nation. Moreover,
having chosen a host-nation bank, an affiliate is more
likely to select a bank limited to local or regional
operations rather than a large bank with global reach.
We also examine time-series data that might reveal
the degree to which global integration has increased
over the past decade. These data cover European
syndicated loans, the ratio of domestic private bank
claims to total (domestic plus foreign) bank claims,
and the dispersion of nonfinancial goods prices across
Europe. In brief, the time-series data show a picture
for the current period that is not substantially different from that at the time of the 1996 survey.
These results are consistent with the idea that affiliates value host-nation banks over others because
host-nation banks better understand their own market
and may possess superior information about local
nonfinancial suppliers and customers. Our results also
imply that affiliates that have chosen host-nation
banks value the more customized and relationshipbased services offered by banks with local or regional
reach, as opposed to the broad-based services offered
by a host-nation bank that has global reach.
Domestic Banking Market?" Journal of Banking and Finance, vol. 25
(May 2001), table 1, p. 896. For mergers and acquisitions across
borders, see Group of Ten, Report on Consolidation in the Financial
Sector (Basel, Switzerland: Bank for International Settlements, 2001).

452

Federal Reserve Bulletin • November 2003

Our findings suggest that even as economic forces
push toward globalization, the high demand for hostbased expertise by bank customers, coupled with the
competitive advantages that host-nation banks have
in providing this expertise, implies that many banking services could very well remain local. In other
words, banking markets need not become much more
integrated as the globalization of other economic
sectors continues.

Focus

ON

EUROPE

Europe is an ideal setting for studying international
integration because its countries have taken a number
of steps to reduce regulatory barriers to cross-border
banking. These steps are known collectively as the
"single market" program. 3 Under this program, the
European Commission and the European Union (EU)
Council of Ministers established directives intended
to guarantee equal regulatory treatment of foreign
banks by national authorities, unfettered provision of
financial services across borders, home-country control of bank supervision, and home-country implementation of bank solvency requirements. 4 The EU
Council also passed regulations to liberalize crossborder capital flows and harmonize regulations across
member countries that cover capital adequacy, credit
exposure, and banks' participation in nonfinancial
activities. Most of these directives had been implemented by the mid-1990s. In 1999, eleven members
of the EU also entered into the European Monetary
Union (EMU) and began to trade in a single currency,
the euro. 5
The EU Council has as one of its goals the creation
of a single, integrated banking market. An assumption behind such a goal is that cross-border competition fosters efficient, low-cost banking by allowing
more efficient banks to move across borders and
compete with less-efficient banks formerly protected
by their nation's borders. Competition forces the
inefficient banks to either improve or to leave the
3. Jean Dermine, "Banking in Europe: Past, Present, and Future,"
in Vitor Gaspar, Philipp Hartmann, and Olaf Sleijpen, eds., The
Transformation of the European Financial System, Second ECB Central Banking Conference (Frankfurt: European Central Bank, 2003)
pp. 31-116.
4. Currently, the fifteen members of the European Union (Austria,
Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the
United Kingdom) and the three additional nations of the European
Economic Area (Iceland, Liechtenstein, and Norway) have agreed to
abide by the bank-related directives.
5. The original EMU members are Austria, Belgium, Finland,
France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. On January 1, 2001, Greece became the twelfth
country to adopt the euro.




market. As the lowest-cost producers of banking services expand across many borders, they drive prices
closer to marginal costs.
Europe has other characteristics that support financial integration. The proximity of most of its countries to each other should keep cross-border transaction costs low. In addition, the countries of western
Europe are technologically advanced. As of the early
1990s, they were producing more science and engineering Ph.D.s than either the United States or Asia
and were spending as much as the United States on
nondefense-related research and development. 6
Even within Europe, however, the evidence suggests that the integration of banking is advancing
little, if at all. With the exception of the recent
consolidation across the Nordic countries, bank
merger and acquisition activity has been minimal
across European borders. 7
Remaining informal barriers in Europe could help
explain this slow pace. One potential barrier is brand
loyalty to local services. Observers often cite reluctance by bankers in Europe to compete in foreign
countries in which they believe that loyalty to local
products is strong. So, for example, Swiss banks do
little business in Germany, and German banks do
little business in Switzerland. Yet German and Swiss
banks both have a strong presence in the United
States, where loyalty to local brands is viewed as
less of an issue. National government policies could
also inhibit cross-border competition. For instance,
despite an explicit commitment to a level playing
field, European governments often promote the
expansion of their own nations' banks through tax
breaks, subsidies, guarantees, and direct ownership. 8
We argue that such barriers are not the only explanation for the observed lack of integration in Europe.
The slow pace of integration could result in large part
from competitive advantages enjoyed by host-nation
banks.

6. National Science Foundation, Human Resources for Science &
Technology: The European Region, NSF 96-316 (Arlington, Va.:
NSF, 1996). Organisation for Economic Co-operation and Development, OECD Science and Technology Indicators (Paris: OECD, 1995).
7. The Nordic countries are Denmark, Finland, Iceland, Norway,
and Sweden. See Claudia M. Buch and Gayle L. Delong, "CrossBorder Bank Mergers: What Lures the Rare Animal?" Journal of
Banking and Finance (forthcoming); Patrick Beitel and Dirk
Schiereck, "Value Creation at the Ongoing Consolidation of the
European Banking Market," Institute for Mergers and Acquisitions,
working paper; and Steven Ongena, Jason Karceski, and David C.
Smith, "The Impact of Bank Consolidation on Commercial Borrower
Welfare," International Finance Discussion Papers 679 (Board of
Governors of the Federal Reserve System, 2000).
8. Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei
Shleifer, "Government Ownership of Banks," Journal of Finance,
vol. 57 (February 2002), pp. 265-301.

Global Integration in the Banking Industry

NATIONALITY AND REACH OF BANKS

453

bank (for example, Citibank), or a global third-nation
bank (for example, the Dutch bank ABN AMRO).
A different set of affiliates may prefer the advantages
of a smaller bank that offers services in only a local
area because such a bank is more likely to establish a
close relationship with the affiliate and provide customized services. Such an affiliate that operates in
Germany might select a German bank that has a local
character and operates only in Germany or maybe
even in only one part of the country. Still other
affiliates may prefer a bank that blends international
reach with local, personalized services. Such a bank's
reach may be limited to a specific region or set of
countries. So, a U.S. affiliate operating in Germany
that prefers a blend of the far-reaching services of a
global bank and the more personalized character of a
local bank might choose an institution that confines
itself to operating mainly on the European continent
(for example, the Nordic-based banking concern
Nordea).
In the absence of barriers, the extent of integration
in the banking industry will depend on how customers value different banking services and the extent
to which banks of a given nationality and reach can
provide those services. Importantly, if customers
place a high value on global services and have little
value for host-based or home-based expertise, then
we might expect to see an integrated banking industry, perhaps with a few global banks dominating
markets around the world. Conversely, if customers
value host-based expertise and place less value on
global services, then we should observe limited banking industry integration. Thus, depending on the services valued by bank customers, we could have a
world with extensive integration or one with little
integration.
In the next section, we use the concepts of bank
nationality and reach to examine our primary data
set.

In a frictionless banking market with no barriers to
integration, commercial customers will select the
bank that provides the price, quality, and mix of
services that will best facilitate their business operations. Two potentially important criteria for a foreign
affiliate's choice are the bank's nationality and reach.
Bank nationality refers to the country in which the
bank is headquartered. Some affiliates might value
banking services that require a detailed knowledge
of the country in which the affiliate operates. Banks
headquartered in the nation that hosts the affiliate will
likely have an advantage in offering these services,
which we term "host-based" expertise. So, for example, an affiliate of a U.S. corporation operating in
Germany might choose a German bank because such
a bank will best understand the culture, business
practices, and regulatory conditions in Germany. The
bank may even have unique access to information
about German nonfinancial suppliers and customers.
Other affiliates might value a bank that offers
"home-based" expertise—that is, an understanding
of the home market of the affiliate's parent—because
it is important to the affiliate to rely on a bank
familiar with its home territory. 9 Perhaps the bank
already serves the parent corporation in the home
country. Banks headquartered in the affiliate's home
country should have an advantage in offering homebased expertise. A U.S. affiliate operating in Germany that values home-based expertise might then
prefer a U.S. bank because of its advantage in offering such services.
Banks from third countries (that is, from neither
the host nor the home country) may not have hostbased or home-based expertise, but they might competitively offer services in other dimensions valued
by an affiliate. For instance, a U.S. corporate affiliate
in Germany may value, say, a Dutch bank for a
specialized service not offered by host- or homenation banks.
Bank reach refers to the size and geographic scope
of the bank. Some affiliates may value a large, global
bank that can offer a broad range of financial services, expertise within many foreign markets, superior risk diversification, and the ability to facilitate
large deals. For the affiliate operating in Germany,
this choice need not depend on bank nationality
because the affiliate could choose a global German
bank (for example, Deutsche Bank), a global U.S.

Our main source for connecting foreign affiliates of
multinational corporations with their banks is
"GlobalCash-Europe96," a survey of the short-term
banking services provided to large, nonbank corporations. 10 The survey was conducted in 1996 across
twenty European nations by The Bank Relationship
Consultancy and the School of Management at the

9. Berger, Dai, Ongena, and Smith, "To What Extent Will the
Banking Industry Be Globalized?" refer to host-based expertise as
"concierge" services and home-based expertise as "home cookin'"
services.

10. The objective of the survey is to gather information on the cash
management practices of corporations. However, the European
usage of "cash management" covers virtually all short-term banking
services.




THE 1996

SURVEY

454

1.

Federal Reserve Bulletin • November 2003

Banks in the 1996 sample that are defined as having global reach
Assets worldwide
(billions of dollars,
ir-end 1995)

Deutsche
ABN AMRO
Credit Lyonnais
Societe Generate
Banque Nationale de Paris
Citibank
B a n k of America
Manhattan Bank . .

502.3
339.4
337.6
324.8
323.5
255.3
230.2
120.5

R a n k in American
Banker,
by year-end 1995
worldwide assets

lit:.-":

iiii
| •.
5

N u m b e r of surveyed
countries in which the
bank operates

Headquarters

Germany
Netherlands
France
France
France
United States
United States
United States

NOTE. Banks with global reach are defined as those that operate in at least
nine of twenty European nations and had at least $ 1 0 0 billion in worldwide
assets as of year-end 1995.

SOURCE. Allen N. Berger, Qinglei Dai, Steven O n g e n a , and David C. Smith,
" T o What Extent Will the Banking Industry Be Globalized? A Study of Bank
Nationality and Reach in 2 0 European Nations," Journal of Banking
and
Finance, vol. 27 (March 2003), table 1, p. 391.

University of Bath, in the United Kingdom. 11 Shortterm banking services include lending, deposittaking, liquidity management, foreign exchange management, and other financial services that have a time
horizon of less than one year. A foreign affiliate of a
corporation can take the form of a subsidiary, branch
office, sales office, manufacturing plant, or some
other related entity that requires banking services
within a given country.
Responses to the survey were obtained from 1,129
corporations. These corporations had a total of 2,118
foreign affiliates operating in twenty countries in
Europe, or about two affiliates per corporation. The
parent corporations of most of these affiliates were
headquartered in Europe, although 24 percent were
headquartered outside Europe, mostly in the United
States.
The survey asked corporations to identify the banks
their foreign affiliates used for short-term banking
services within each of the twenty countries. 12 The
nationalities of the sample banks named by the
respondents were obtained from Fitch IBCA, a database containing information on the ownership structure of banks. Each bank subsidiary was assumed to
take on the nationality and reach of its parent. Under
this assumption, 255 banks provided short-term banking services for the 2,118 affiliates.
For each affiliate-bank observation, we identified
the bank's nationality and reach. For nationality,
banks are classified as either host-nation, home-

nation, or third-nation banks. A host-nation bank is
headquartered in the country in which the affiliate
operates, a home-nation bank is headquartered in the
same country in which the affiliate's parent is headquartered, and a third-nation bank is headquartered in
neither the home nor host country.
For reach, banks are classified as global, regional,
or local. Global banks are defined to have the widest
reach. They provide services to the affiliates in at
least nine of the twenty European nations from which
respondents were drawn and have at least $100 billion in consolidated assets as of year-end 1995. Local
banks are defined to have the narrowest reach, providing services to the affiliates in the European nation
of their headquarters only and having consolidated
assets of less than $100 billion. By definition, all
local banks serve only as host-nation banks. Finally,
regional banks are defined to have intermediate
reach. They operate in more than one country or have
more than $100 billion in assets; but they operate in
too few countries, or are too small, to be a global
bank. Of the 255 banks in our sample, 8 are global,
73 are regional, and the remaining 174 are local.
By their nature, the bank reach classifications are
somewhat arbitrary and Eurocentric. For instance,
banks that have a strong European presence but do
not operate outside of Europe could be classified as
"global" under our system. Nevertheless, all eight
banks are generally recognized as large, global banks
(table 1). The findings are materially unchanged
when the dividing lines between global and regional
banks and between regional and local banks are
altered. Overall, we are confident that the results are
not an artifact of our definition of bank reach.

11. For a detailed description of the survey, see Steven Ongena and
David C. Smith, "What Determines the Number of Bank Relationships: Cross-country Evidence," Journal of Financial Intermediation,
vol. 9 (January 2000), pp. 26-56.
12. A respondent could identify up to two banks for each
country—a "primary" and "secondary" bank. To avoid biases associated with double counting, we report all sample statistics using only
the affiliate's primary bank choice. Berger, Dai, Ongena, and Smith,
"To What Extent Will the Banking Industry Be Globalized?" find that
the results reported here are not altered by use of an alternative
definition that includes a secondary bank.




With respect to bank nationality, we find that
nearly two-thirds of all affiliates (66 percent) use a
bank headquartered in the host nation for their shortterm banking services (table 2). The remaining affiliates split evenly between using a home-nation bank
(18 percent) and a third-nation bank (17 percent).

Global Integration in the Banking Industry

2.

455

Distribution of bank nationality and bank reach, by host nation, 1996
Percent except as noted

Host nation

All
Large banking
sector
Germany
France
United Kingdom
Italy
Switzerland
Netherlands
Total
Small banking
Belgium
Austria
Sweden
Norway
Portugal
Finland
Denmark
Greece
Ireland
Luxembourg
Total
Former Eastern
Czech Republic
Poland
Hungary
Total

Total bank
assets of nation
(billions of
dollars,
year-end 1995)

N u m b e r of
affiliates

9,563

B a n k nationality

Bank reach

Global4

Regional5

Local6

16.9

35.1

52.8

12.0

14.2
12.1
29.0
17.6
15.5
26.2
11.4
17.9

12.5
11.2
18.8
11.8
7.8
15.9
10.2
13.0

40.0
66.8
25.9
27.7
13.6
26.2
76.5
42.5

49.2
17.0
71.9
43.7
78.6
54.8
21.1
46.1

10.8
16.1
2.2
28.6
7.8
19.0
2.4
11.4

59.3
79.7
85.3
74.7
51.9
77.1
85.0
40.0
56.2
15.0
67.0

21.3
8.9
9.2
15.7
20.4
12.5
7.0
20.0
19.2
17.5
14.8

19.3
11.4
5.5
9.6
27.8
10.4
8.0
40.0
24.7
67.5
18.2

35.3
20.3
11.0
10.8
27.8
16.7
12.0
45.0
21.9
27.5
21.9

64.0
72.2
79.8
80.7
29.6
68.8
79.0
32.5
74.0
57.5
67.7

.7
7.6
9.2
8.4
42.6
14.6
9.0
22.5
4.1
15.0
10.4

28.6
28.3
18.8
26.2

28.6
26.7
43.8
31.2

42.9
45.0
37.5
42.6

42.9
50.0
40.6
45.4

28.6
21.7
40.6
28.4

28.6
28.3
18.8
26.2

Host1

Home2

2,118

65.5

17.7

3,041
1,527
1,278
831
557
552
457
8,241

240
223
224
119
103
126
166
1,201

73.3
76.7
52.2
70.6
76.7
57.9
78.3
69.1

389
297
106
95
89
88
75
47
26
13
1,224

150
79
109
83
54
48
100
40
73
40
776

43
36
16
96

49
60
32
141

Third

3

sector

bloc

NOTE. Banks are those chosen by affiliates of multinational corporations
operating in twenty European countries and surveyed in 1996. T h e banks
provide short-term banking services to the affiliates that selected them.
C o m p o n e n t s m a y not sum to totals because of rounding.
1. A host-nation bank is headquartered in the nation in which the affiliate
operates.
2. A home-nation bank is headquartered in the s a m e nation in which the
affiliate's parent is headquartered.
3. A third-nation bank is headquartered in neither the host nation nor the
home nation.

4. A global bank provides services to the affiliates in at least nine of the
twenty European nations and had at least $ 1 0 0 billion in worldwide assets as of
year-end 1995.
5. A regional bank is neither global (is in too f e w nations or is too small) nor
local (is in too m a n y nations or is too large).
6. A local bank provides services to the affiliates only in the European nation
of the b a n k ' s headquarters and had worldwide assets of less than $ 1 0 0 billion as
of year-end 1995.
SOURCE. Berger, Dai, O n g e n a , and Smith, " T o W h a t Extent Will the Banking Industry Be G l o b a l i z e d ? " table 2, p. 392.

This pattern suggests that preferences for host-based
expertise are strong and tend to dominate bank selections. This finding also contrasts with the perception
in much of the academic literature that foreign affiliates favor their home-nation banks. 13
With respect to bank reach, about 35 percent of the
affiliates choose global banks, 53 percent choose
regional banks, and 12 percent choose local banks.
These data suggest that while a vast majority of the
foreign affiliates of multinational corporations prefer
banks that span multiple nations (that is, global or
regional banks), only about one-third choose global
banks.
We also examine the distribution of bank nationality and reach within each of the twenty host countries, sorted by the total size of the nation's banking

sector and grouped into one of three categories: largebanking-sector nation, small-banking-sector nation,
or former Eastern-bloc nation (table 2). The data
show that bank nationality choice can differ greatly
across industrialized host nations, particularly among
small-banking-sector countries. For instance, only
15 percent of the affiliates operating in Luxembourg
use a host-nation bank, whereas about 85 percent of
those in Sweden do so. We separately consider the
banking systems of the former Eastern-bloc nations
because they tend to have legal and financial systems
that are relatively new compared with those of western Europe. 14 Only 26 percent of the affiliates operating in the former Eastern-bloc nations use a host
bank; about 43 percent select a bank from a third
nation. Thus, use of host-nation banks in the former
Eastern-bloc nations is much less frequent than in the
industrialized nations of western Europe.

13. For example, see Larry G. Goldberg and Anthony Saunders,
"The Determinants of Foreign Bank Activity in the U.S.," Journal
of Banking and Finance, vol. 15 (March 1981), pp. 17-32; and
E.C. Kaplanis and Richard A. Brealey, "The Determination of Foreign Bank Location," Journal of International Money and Finance,
vol. 15 (August 1996), pp. 577-97.




14. The former Eastern-bloc countries in the sample are the Czech
Republic, Hungary, and Poland.

456

3.

Federal Reserve Bulletin • November 2003

Distribution of bank nationality and bank reach, by home nation, 1996
Percent except as noted
Total bank
assets of nation
(billions of
dollars,
year-end 1995)

N u m b e r of
affiliates

22,151

Large banking
sector
Germany
France
United K i n g d o m
Italy
Switzerland
Spain
Netherlands
Total
Small banking
Belgium
Austria
Sweden
Norway
Portugal
Finland
Denmark
Greece
Ireland
Luxembourg
Total

H o m e nation

AH

Former Eastern
C z e c h Republic
Poland
Hungary
Total

Bank nationality

Bank reach

Host

Home

Third

Global

2,118

65.5

17.7

16.9

35.1

52.8

12.0

3,041
1,527
1,278
831
557
552
457
8,241

177
50
364
84
84
12
121
892

76.8
60.0
79.1
54.8
63.1
66.7
47.1
69.3

7.9
26.0
6.3
9.5
3.6
25.0
26.4
10.8

15.3
14.0
14.6
35.7
33.3
8.3
26.4
20.0

31.6
32.0
30.5
36.9
48.8
41.7
48.8
35.8

55.4
54.0
57.1
51.2
40.5
25.0
45.5
52.5

13.0
14.0
12.4
11.9
10.7
33.3
5.8
11.8

389
297
106
95
89
88
75
47
26
13
1,224

4
39
164
65
12
177
134
5
100
16
716

100.0
64.1
73.8
63.1
25.0
83.1
70.1
40.0
58.0
81.3
70.9

.0
28.2
12.8
7.7
25.0
4.5
17.9
20.0
9.0
.0
11.5

.0
7.7
13.4
29.2
50.0
12.4
11.9
40.0
33.0
18.8
17.6

.0
17.9
21.3
23.1
58.3
21.5
17.2
80.0
43.0
18.8
24.4

100.0
51.3
67.7
63.1
33.3
63.8
62.7
20.0
47.0
62.5
60.8

.0
30.8
11.0
13.8
8.3
14.7
20.1
.0
10.0
18.8
14.8

43
36
16
96

2
2
0
4

100.0
100.0
n.a.
100.0

.0
.0
n.a.
.0

.0
.0
n.a.
.0

.0
50.0
n.a.
25.0

50.0
.0
n.a.
25.0

50.0
50.0
n.a.
50.0

6,746
5,012
408
422
12,588

9
470
22
5
506

77.8
49.1
72.7
60.0
50.8

.0
41.7
.0
.0
38.7

22.2
9.1
27.3
40.0
10.5

33.3
51.1
18.2
40.0
49.2

44.4
41.7
59.1
40.0
42.5

22.2
7.2
22.7
20.0
8.3

Regional

Local

sector

bloc

Other
Japan
United States
Canada
Other
Total
NOTE. See notes to table 2.

The data on bank reach also show considerable
variation across host nations. Global banks are chosen relatively more frequently in large-banking-sector
nations (43 percent) and in former Eastern-bloc
nations (45 percent) than in small-banking-sector
nations (22 percent). This observed pattern seems to
indicate that global banks prosper best in markets
open to bank competition (large-banking-sector
nations) and in markets with less-established
banking systems (former Eastern-bloc nations). Also
notable is the variation in reach among the largebanking-sector nations. For example, about twothirds of the affiliates operating in France use a global
bank; more than two-thirds of the affiliates operating
in Switzerland and the United Kingdom use regional
banks; and more than one-fourth of the affiliates
operating in Italy use local banks.
We also examine the distribution of bank
nationality and reach according to the home nation
of the affiliate, including countries outside the twenty
host European nations (table 3). Of the foreign affiliates with corporate headquarters in European countries with both large and small banking sectors,
70 percent select a host-nation bank and only about



n.a. N o t applicable.

11 percent opt for a home-nation bank. This result is
surprising, given that many of the European corporations have large home-nation banks close by from
which to choose. In fact, the only outlier home nation
is the United States. Of the affiliates whose parents
are headquartered in the United States, 42 percent
choose home-nation banks, a rate much higher than
that for affiliates from other countries. This finding
could reflect the ability of U.S.-owned banks to operate relatively efficiently in foreign countries, consistent with the academic literature. 15
Although bank nationality and reach are two distinct concepts, they can be related. For instance, we
have already seen that banks with local reach have,
by definition, host-nation nationality. Other dependencies may result from how banks with a given
reach are distributed across countries. For example,
some countries do not have a global bank headquartered within their borders. Banks in these countries
15. See Allen N. Berger, Robert DeYoung, Hesna Genay, and
Gregory F. Udell, "Globalization of Financial Institutions: Evidence
from Cross-Border Banking Performance," in Robert E. Litan and
Anthony Santomero, eds., Brookings-Wharton Papers on Financial
Services (Washington: Brookings Institution Press, 2000), pp. 23-158.

Global Integration in the Banking Industry

Diagram 1.

457

Distribution of bank nationality and bank reach in a two-stage decision tree

Total sample: 2,118 affiliates in twenty European nations

Bank
nationality

Bank
reach
(285 affiliates) (847 affiliates) (255 affiliates) (233 affiliates)

Regional
Global
37.7%
63.3%
(141 affiliates) (226 affiliates)

Regional
36.7%
(131 affiliates)

NOTE. See notes to table 2. By definition, a local bank does not arise as a
second-stage choice when an affiliate chooses a home-nation or third-nation
bank.

cannot offer both host-based expertise and global
services to affiliates that value such a combination.
Likewise, banks from these countries cannot jointly
offer home-based and global services to affiliates of
native corporations operating abroad. Finally, some
banking systems may be too new or undeveloped to
offer competitive banking services at even a local
level.
We study potential dependencies between bank
nationality and reach by assuming that bank reach
depends first on the selection of bank nationality. We
reason that, in the absence of barriers to integration, a
bank's reach will be limited by the extent to which
customers value cross-border banking relations. For
example, in the extreme case that all bank customers
selected host-nation banks for all of their services,
there would be no need for banks with global reach.
A two-stage decision tree illustrates our framework
(diagram 1). In the first stage, an affiliate decides on
bank nationality; in the second stage, it chooses bank
reach. Note that by definition, a local bank does not
arise as a second-stage choice when an affiliate
chooses a home-nation or third-nation bank in the
first stage. At the nodes of the top branches of the
tree, we report the sample frequencies for selecting
a host-nation, home-nation, and third-nation bank,
while at the bottom branch nodes, we report the
sample frequencies for selecting a global, regional,
and local bank given the prior choice of bank
nationality.




As shown earlier, almost two-thirds of the affiliates
use host-nation banks over home- and third-nation
banks (table 2), a pattern consistent with strong hostbased expertise. Affiliates' choices for bank reach
differ greatly, depending on bank nationality (diagram 1). After selecting a host-nation bank, about
21 percent of the affiliates use a global bank. By
comparison, of affiliates that select either a homenation or third-nation bank, about 63 percent use
a global bank. In other words, affiliates tend to use
banks with global reach once they choose a homenation or third-nation bank, but they tend to use a
regional or local bank once they choose a host-nation
bank.
One aspect of the data that could be driving these
patterns is that, as of 1996, only three host nations—
France, Germany, and the Netherlands—had a global
bank headquartered within their borders. That is,
affiliates choosing a host-nation bank in any of the
other seventeen nations in our sample could not also
select a global bank. This limitation could simply
reflect an equilibrium outcome—that is, the demand
for global services within these countries is not great
enough to induce a host-nation bank to expand its
reach globally or to induce an existing global bank
to move its headquarters to one of these countries.
Alternatively, this outcome could reflect supply conditions in the host nation.
We look more closely at Germany to gain some
insight into how the distribution of bank choices

458

Federal Reserve Bulletin • November 2003

Diagram 2.

Distribution of bank nationality and bank reach in Germany in a two-stage decision tree

Bank
nationality
(30 affiliates)

Bank
reach

Global
34.1%
(60 affiliates)

Regional
14.8%
(26 affiliates)

Local
51.1%
(90 affiliates)

Global
55.9%
(19 affiliates)

Regional
44.1%
(15 affiliates)

Global
56.7%
(17 affiliates)

Regional
43.3%
(13 affiliates)

NOTE. See notes to diagram 1.

might differ in a market in which all types of banks
are available (diagram 2). Germany not only has a
host-nation bank that is global (Deutsche Bank), but
it also has three strong nationwide systems of local
and regional commercial banks from which affiliates may choose: the Landesbanken (state banks),
Sparkassen (savings banks), and
Hypothekbanken
(building societies).
The German data in diagram 2 suggest that the
supply conditions alone do not create the patterns
shown in diagram 1. A substantial proportion of the
foreign affiliates operating in Germany still select a
host-nation (that is, German) bank for their banking
services. More important, if they choose a German
bank, affiliates choose a regional or local bank over a
global bank by a two-to-one margin; whereas, if they
choose a home-nation or third-nation bank, most
affiliates then choose a global bank.
The cross-country variation in bank nationality and
reach was analyzed more formally using a regression
model that attempted to control for the demand and
supply factors within host nations, the geographic,
cultural, and financial differences between host and
home nations, and the attributes of a foreign affiliate's parent corporation. 16 The regression analysis
confirmed the importance of host-nation-based expertise in the choice of bank. An additional finding was
that host-nation banks are less likely to be chosen in
the former Eastern-bloc countries, and home-nation
banks typically fill the void left by the host-nation
16. Berger, Dai, Ongena, and Smith, "To What Extent Will the
Banking Industry Be Globalized?"




banks in these countries. We speculate that the banking systems within these countries are not yet
developed enough to offer competitive host-based
expertise.
One limitation of the 1996 survey evidence is that
it offers only a "snapshot" of the provision of banking services rather than a picture of the evolution of
banking markets over time. Moreover, the snapshot
was seven years ago; significant integration could
have occurred since that time.

A LOOK AT THE TLME-SERIES DATA
We begin our time-series analysis with two measures
of banking industry integration for the period from
1992 to 2002. The first measure is the proportion of
syndicated loans that host-nation banks provide to
European affiliates of multinational corporations.
That is, we start with the same types of affiliates as
examined in the previous section, but we now track
the nationality of those banks that provide syndicated
loans to the affiliates.
The syndicated loan market is a popular mechanism for extending loans to medium-sized and large
borrowers and is often thought to be the most globally integrated sector of the banking industry. Our
measure is constructed from Loanware, a database
that tracks syndicated loan agreements from around
the world. 17 For the 1992-2002 period, we review
17. Loanware is a product of Dealogic, Ltd. A syndicated loan
agreement is a loan contract between a borrower and a group of banks,
typically headed by a "lead" or "arranging" bank or group of banks.

Global Integration in the Banking Industry

1.

Indicators of banking market integration in Europe,
1992-2002

1992

1994

1996

1998

2000

2002

SOURCE. For top panel, see text note 17; for bottom panel, see text note 18.

1,556 syndicated loans to foreign affiliates of multinational corporations operating in Europe.
The degree of integration as measured by the proportion of syndicated loans financed by host-nation
banks did not increase over the past decade (chart 1).
In 1992, host-nation banks financed 35 percent of the
syndicated loans; in 2002, they financed the same
proportion. Since 1996, the proportion of host-nation
banks financing syndicated loans has fluctuated
between 39 percent and 21 percent. Thus, the syndicated loan data provide no evidence to suggest that
the level of bank integration has changed much since
the 1996 survey.
The syndicated loan data suffer from a potential
drawback. If the syndicated loan market was already
fully integrated in 1992, then one might not expect
it to change much over the decade. Indeed, we see
that by 1992 foreign banks (home- and third-nation
banks) already covered roughly two-thirds of the
loans provided to foreign affiliates (chart 1, top
panel), which might be close to full integration.
Another measure of integration that provides a
more general assessment of changes through time is



459

the share of total private bank debt claims (domestic
and foreign) that are claims on domestic customers.
This measure is calculated for banks residing in
twelve countries in western Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy,
the Netherlands, Spain, Sweden, Switzerland, and
the United Kingdom), plus Canada, Japan, and the
United States. 18
We interpret a decline in the share of domestic
bank claims to total bank claims as an increase in the
level of integration. The proportion has fallen somewhat over the past decade (chart 1, bottom panel). It
hovered around 78 percent from 1992 through 1995
and then began to decline slowly. By 2002, the proportion had fallen to 70 percent. This decrease indicates that banks have increased their foreign claims
over the past decade slightly faster than the rate at
which they expanded their domestic claims.
We provide one more piece of time-series evidence
on the progress of integration, and that is the pace of
price convergence across countries. John Rogers uses
a comprehensive and detailed set of prices for 139
nonfinancial consumer goods in twenty-five European cities from 1990 to 2001 to measure the speed at
which prices converged as barriers to cross-border
trade were diminished within Europe. 19 Rogers compares the dispersion of prices in European cities,
including a subset of cities within the eleven original
countries of the EMU, to the dispersion of prices for
a similar set of goods across cities within the United
States. 20 By 1996, the dispersion in prices across
the European countries had narrowed significantly
(chart 2). In fact, prices within the EMU countries
had converged to a degree comparable to that
observed in the United States. Most of the convergence occurred in the earlier part of the period, with
little or no further convergence occurring after 1996.
In sum, the various sets of time-series data examined here suggest that little further integration has
occurred in Europe since our sample was collected
in 1996, although the BIS banks claims statistics
18. "Claims" refer to loans, notes, and equity claims that banks
hold against customers. Foreign claims refer to claims on customers
outside of a bank's resident country. Foreign claims are obtained from
the Bank for International Settlements' locational statistiscs through
www.bis.org. To avoid the double counting of claims against subsidiaries, we subtract local office claims from total foreign bank claims.
Private domestic bank claims are from the International Monetary
Fund's International Financial Statistics.
19. John H. Rogers, "Monetary Union, Price Level Convergence,
and Inflation: How Close is Europe to the United States?" International Finance Discussion Papers 740 (Board of Governors of the
Federal Reserve System, 2002).
20. Price dispersion is defined as the cross-city standard deviation
of a product's price (calculated after normalizing the price by the
average price of the product).

460

Federal Reserve Bulletin • November 2003

2.

Price dispersion for traded goods in Europe and the
United States, 1990-2001
Percent

\

—

20

—

15

—

10

—

5

Selected European countries

EMU-11/-X

United States

1

I

I
1
1991

I
1993

1

1
1995

1

1
1997

1

1

1

1999

1

1 1

2001

NOTE. T h e E M U - 1 1 c o n s i s t s of Austria, B e l g i u m , F i n l a n d , F r a n c e ,
G e r m a n y , Ireland, Italy, L u x e m b o u r g , the N e t h e r l a n d s , Portugal, and S p a i n .
T h e selected E u r o p e a n c o u n t r i e s are the E M U - 1 1 , the U n i t e d K i n g d o m ,
S w e d e n , a n d S w i t z e r l a n d . F o r d e f i n i t i o n of price dispersion, see text note 20.
SOURCE. J o h n H. R o g e r s , " M o n e t a r y U n i o n , Price Level C o n v e r g e n c e , a n d
Inflation: H o w C l o s e Is E u r o p e t o the U n i t e d States?" International F i n a n c e
D i s c u s s i o n P a p e r s 7 4 0 ( B o a r d of G o v e r n o r s of the F e d e r a l R e s e r v e S y s t e m ,
2002).

suggest that banks have expanded somewhat across
borders since 1999.

SUMMARY

The barriers to global integration in the banking
industry have been significantly reduced over the past
two decades. Among the contributing factors have
been the lifting of regulatory restrictions on crossborder banking, technological advances that allow for
better management of financial institutions across
borders, and increases in nonfinancial activities that
create demands for international banking services.
Despite these reduced barriers, the integration of the
banking industry in most developed countries has
fallen far short of the expectations of many observers.
Some potentially powerful market forces based on
the competitive advantages of domestic and foreign
banks may help explain the lack of an advance in
global banking. We argue that foreign banking organizations may be at significant competitive disadvantages in providing the price, quality, and mix of




services that best suit bank customers, and that such
disadvantages may limit the integration of the banking industry.
Our main findings, which are based on a 1996
cross-section of European affiliates of multinational
corporations, suggest that almost two-thirds of these
affiliates receive short-term banking services from a
bank headquartered in the affiliate's host nation. This
result is consistent with a strong host-based-expertise
effect, in which host-nation banks have significant
competitive advantages in understanding the culture,
business practices, and regulatory conditions of the
host nation. However, in the former Eastern-bloc
nations, the data suggest that only about one-fourth
of these same types of affiliates are served by hostnation banks. This finding is consistent with the
possibility that host-nation banks in these nations
are not equipped to provide the package of banking
services that would give them an advantage over
foreign institutions.
We also examine three sets of time-series data on
the progress of integration in Europe from 1992 to
2002. The main purpose is to explore the possibility
that our "snapshot" of banking as of 1996 might
have predated significant advances in the integration
of the European banking industry. We show data on
the changes in (1) the proportions of the syndicated
loan market that are underwritten by domestic banks,
(2) the changes in the proportions of total bank
claims that are held by domestic banks, and (3) the
convergence of prices of consumer goods across
Europe. These data suggest that, if anything, most
of the effects of the reduced barriers had already
occurred by 1996.
Overall, the findings suggest that domestic banks
possess some competitive advantages that may significantly limit the global integration of the banking
industry. In industrialized nations, domestically based
institutions appear likely to retain significant market
shares for some financial services that could potentially be provided by foreign institutions, even when
the barriers to bank integration have declined dramatically. In contrast, foreign banks may obtain much
higher shares in some less-industrialized nations
because of competitive advantages over domestic
institutions that are less well developed.
•

461

Announcements
RELEASE OF ANNUAL ADJUSTMENTS FOR
RESERVE CALCULATIONS AND DEPOSIT
REPORTING
The Federal Reserve Board on October 1, 2003,
announced the annual adjustments in the amount
of net transaction accounts used in the calculation
of reserve requirements and the cutoff level used
to determine the detail and frequency of deposit
reporting.
All depository institutions must retain a percentage
of certain types of deposits in the form of vault cash,
or as a deposit in a Federal Reserve Bank, or in a
pass-through account at a correspondent institution.
Reserve requirements currently are assessed on the
depository institution's net transaction accounts
(mostly checking accounts).
For net transaction accounts in 2004, the first
$6.6 million, up from $6.0 million in 2003, will
be exempt from reserve requirements. A 3 percent
reserve ratio will be assessed on net transaction
accounts of more than $6.6 million up to and including $45.4 million, up from $42.1 million in 2003.
A 10 percent reserve ratio will be applied above
$45.4 million.
These annual adjustments, known as the low
reserve tranche adjustment and the reservable liabilities exemption adjustment, are based on growth
in net transaction accounts and total reservable
liabilities, respectively, at all depository institutions between June 30, 2002, and June 30,
2003.
For depository institutions that report weekly, the
low reserve tranche adjustment and the reservable
liabilities exemption adjustment will apply to the
reserve computation period that begins Tuesday,
November 25, 2003, and the corresponding reserve
maintenance period that begins Thursday, December 25, 2003.
For institutions that report quarterly, the low
reserve tranche adjustment and the reservable liabilities exemption adjustment will apply to the reserve
computation period that begins Tuesday, December 16, 2003, and the corresponding seven-day
reserve maintenance period that begins Thursday,
January 15, 2004.




Additionally, the Board increased the deposit
cutoff level that is used with the exemption level
to determine the frequency and detail of deposit
reporting.

COMMENTS REQUESTED ON PROPOSED
CHANGES TO CASH SERVICES POLICY
The Board of Governors of the Federal Reserve
System on October 8, 2003, requested comment on
proposed changes to its cash services policy. The
changes would address a shift by depository institutions away from traditional patterns of currency
activity toward greater reliance on Reserve Bank
cash processing and provide incentives for depository institutions to recirculate currency among their
customers.
To reduce depository institutions' overuse of
Reserve Bank cash-processing services that are provided at no charge, the Board proposes revising its
cash services policy by adding two elements: (1) a
custodial inventory program that provides an incentive to depository institutions to hold currency in
their vaults to meet customers' demand; and (2) a fee
to depository institutions that deposit fit currency to,
and order currency from, Reserve Banks within the
same week. Initially the policy changes would apply
only to the $5, $10, and $20 denominations. The
Reserve Banks estimate that the proposed changes
would affect approximately 100 of their largest cash
customers.
The Board proposes to implement the recirculation
policy in phases. In early 2004, the Reserve Banks
will accept applications for a custodial inventory
proof-of-concept, or trial, program. The Board will
evaluate the results of the program after about six
months of operation and will decide whether to
implement a permanent custodial inventory program
in 2005. Reserve Banks would begin assessing the
recirculation fee in 2006. In 2007, the Board would
extend the recirculation policy to one-dollar notes if
the Reserve Banks are unable, by working collaboratively with depository institutions, to achieve significant savings.

462

Federal Reserve Bulletin • November 2003

APPOINTMENT
OF CHAIRMEN
CHAIRMEN OF THE FEDERAL

AND DEPUTY
RESERVE
BANKS

T h e Federal Reserve Board on October 10, 2003,
a n n o u n c e d the appointment of the chairmen and
deputy chairmen of the twelve Federal Reserve Banks
for 2004.
Each Reserve B a n k has a nine-member board of
directors. The Board of Governors in Washington
appoints three of these directors and each year designates one of its appointees as chairman and a second
as deputy chairman.
Following are the n a m e s of the chairmen and
deputy chairmen appointed by the Board for 2004.
Boston
Samuel O. Thier, M.D., Professor of Medicine and
Professor of Health Care Policy, Harvard Medical
School, Massachusetts General Hospital, Boston,
Massachusetts, named chairman.
Blenda J. Wilson, President and Chief Executive Officer,
Nellie Mae Education Foundation, Quincy,
Massachusetts, named deputy chairman.
New York
John E. Sexton, President, New York University,
New York, New York, named chairman.
Jerry I. Speyer, President and Chief Executive Officer,
Tishman Speyer Properties, New York, New York,
named deputy chairman.
Philadelphia
Ronald J. Naples, Chairman and Chief Executive Officer,
Quaker Chemical Corporation, Conshohocken,
Pennsylvania, named chairman.
Doris M. Damm, President and Chief Executive Officer,
ACCU Staffing Services, Cherry Hill, New Jersey,
named deputy chairman.
Cleveland
Robert W. Mahoney, Retired Chairman and Chief
Executive Officer, Diebold, Incorporated, Canton,
Ohio, renamed chairman.
Charles E. Bunch, President and Chief Operating Officer,
PPG Industries, Inc., Pittsburgh, Pennsylvania,
renamed deputy chairman.
Richmond
Wesley S. Williams, Jr., Partner, Covington & Burling,
Washington, D.C., renamed chairman.
Thomas J. Mackell, Jr., President and Chief Operating
Officer, The Kamber Group, Washington, D.C.,
renamed deputy chairman.
Atlanta
David M. Ratcliffe, President and Chief Executive Officer,
Georgia Power Company, Atlanta, Georgia, named
chairman.
V. Larkin Martin, Managing Agent, Martin Farm,
Courtland, Alabama, named deputy chairman.



Chicago
W. James Farrell, Chairman and Chief Executive Officer,
Illinois Tool Works, Inc., Glenview, Illinois, named
chairman.
Miles D. White, Chairman and Chief Executive Officer,
Abbott Laboratories, Abbott Park, Illinois, named
deputy chairman.
St. Louis
Walter L. Metcalfe, Jr., Chairman, Bryan Cave LLP,
St. Louis, Missouri, named chairman.
Gayle P. W. Jackson, Managing Director, FondElec Clean
Energy Group, Inc., St. Louis, Missouri, named
deputy chairman.
Minneapolis
Linda Hall Whitman, Chief Executive Officer, QuickMedx,
Inc., Minneapolis, Minnesota, named chairman.
Frank L. Sims, Corporate Vice President, Transportation,
Cargill, Inc., Wayzata, Minnesota, named deputy
chairman.
Kansas City
Richard H. Bard, Chief Executive Officer, Bard & Co.,
Inc., Denver, Colorado, renamed chairman.
Robert A. Funk, Chairman and Chief Executive Officer,
Express Personnel Services International,
Oklahoma City, Oklahoma, renamed deputy
chairman.
Dallas
Ray L. Hunt, Chairman, President, and Chief Executive
Officer, Hunt Consolidated, Inc., Dallas, Texas,
renamed chairman.
Patricia M. Patterson, President, Patterson Investments,
Inc., Dallas, Texas, renamed deputy chairman.
San Francisco
George M. Scalise, President, Semiconductor Industry
Association, San Jose, California, renamed chairman.
Sheila D. Harris, Director, Arizona Department of
Housing, Phoenix, Arizona, renamed deputy
chairman.

APPOINTMENT
AS PRESIDENT,
NEW YORK

OF TIMOTHY F. GEITHNER
FEDERAL RESERVE BANK OF

T h e Federal Reserve B a n k of N e w York on October 15, 2003, n a m e d Timothy F. Geithner to serve as
the B a n k ' s new president and C E O . His appointment
by the N e w York Federal Reserve B a n k ' s Board of
Directors was approved by the Federal Reserve Board
of Governors and announced by Mr. Peter Peterson,
chair of the N e w York Federal Reserve B a n k ' s Board
of Directors and of the search committee that selected
Mr. Geithner.
Mr. Geithner is expected to assume his duties in
mid-November.
Mr. Geithner, 42, currently is the director of the
Policy D e v e l o p m e n t and Review D e p a r t m e n t in the

Announcements

International Monetary Fund of Washington, D.C.
His department plays a central role in the design and
implementation of IMF policies and in the review of
its financial programs and assessments of member
economies. He joined the IMF in September 2001.
Mr. Geithner served as Under Secretary of the
Treasury for International Affairs from 1998 to 2001
under Secretaries Robert Rubin and Lawrence Summers. He was a principal adviser and member of the
executive branch's senior team.
" I ' m honored to be selected for this post and to
work with an institution that is central to domestic
and global financial stability," said Mr. Geithner.
" I ' m pleased Tim Geithner will be at the helm;
he'll do a great job," Mr. Peterson said. "He has done
an outstanding job at Treasury and the IMF and is
admirably equipped to confront the unique domestic
and international challenges that will face our financial system over the coming years."
Mr. Geithner will succeed William J. McDonough,
who served as the Bank's president from July 1993
until he stepped down in June of this year to assume
the post of chairman of the Public Company Accounting Oversight Board in Washington, D.C. Jamie B.
Stewart, First Vice President of the Federal Reserve
Bank of New York, has assumed on an interim basis
the duties of president since Mr. McDonough's
departure.
Mr. Peterson was assisted in the search by an
outside advisory committee with ties to the Federal
Reserve Bank of New York: Ann Fudge, Ellen Futter,
Maurice R. Greenberg, Walter Shipley, Paul Volcker,
John Whitehead, and Robert Wilmers. Search committee members, all current members of the New
York Federal Reserve Bank's Board, are Jill Considine, Loretta Lynch, John Sexton, Jerry Speyer, and
Charles Wait.
Mr. Peterson was also advised by Robert Rubin,
E. Gerald Corrigan, Lawrence Summers, and Fred
Bergsten. He was also assisted by Tom Neff, Chairman US of Spencer Stuart.

DEBUT OF A MORE SECURE,
$20 BILL

COLORFUL

The most secure currency in U.S. history was introduced into the economy on October 9, 2003, as a
newly redesigned, colorful $20 bill was issued by the
Federal Reserve System.
In dozens of communities from coast to coast, U.S.
government officials and local business, banking, and
civic leaders participated in transactions with the new
$20 notes, marking the first opportunity for the public



463

to spend the new currency. October 9 was the first
day banks received the new bills from the Federal
Reserve System and in turn began to distribute them
to their customers. It took several days or even weeks
for the bills to make their way to all communities
in the United States and internationally. The new
designs will co-circulate with old-design $20 notes,
until, gradually, the old-design notes become worn
and are pulled from circulation.
"The New Color of Money starts making its way
into cash registers and wallets today," said Tom
Ferguson, director of the U.S. Treasury's Bureau of
Engraving and Printing (BEP). "This is a historic
milestone on two fronts: for the first time in modern
history, U.S. currency features background colors
other than black and green, and, more importantly,
this currency is the most secure U.S. currency ever, to
protect against counterfeiting."
"While much of the public will be anxious to see
and handle this newly designed $20 bill, we want to
emphasize that older-design $20 notes are still in
circulation, and still maintain their value," said Marsha Reidhill, the Federal Reserve Board's assistant
director for cash. "A genuine U.S. $20 bill—whether
it has the new background colors or the familiar
green and black—is legal tender, worth $20. It is
important to remember that all bills are good, for
good. The stability and integrity of U.S. currency has
kept worldwide trust and confidence high, and the
government is committed to keeping it that way."
The BEP and the Federal Reserve System have
been educating the public worldwide about the new
bills in professional and community settings, in
preparation for a smooth transition this fall. More
than 37 million items of training materials such as
brochures, posters, training videos, and CD-ROMS
have been ordered by businesses large and small to
train their cash-handling employees on the bill's new
look and updated security features. Additionally,
there have been more than 2 million visits to the
new money web site (www.moneyfactory.com/
newmoney) for information. The public education
program continues globally with broadcast, print,
Internet, and other public education advertising; and
integration of the new money's look and security
features have been featured in the story lines of
television programs that reach millions of viewers.
Ferguson and Reidhill marked the historic issue of
the new $20 bill in New York City's Times Square,
where they spent the new twenties in Times Square
area businesses. In Washington, D.C., Michael Lambert, the Federal Reserve System's Financial Services
manager who is responsible for cash, and James
Brent, the BEP's chief of the office of currency

464

Federal Reserve Bulletin • November 2003

production, demonstrated the effectiveness of the
government's advance preparation for the new money
by using a new $20 note to buy stamps from a
vending machine at a U.S. Postal Service facility. The
government began working with the vending machine
industry and transit authorities more than a year ago
to ensure there was ample time for adjustments so
machines will accept the new bills.
Events marking the first purchases with the new
$20 notes were held in more than thirty U.S. cities.
In late October, the issue of the new $20 bill was
marked by international events in dollarized economies and in countries where U.S. currency is widely
held, such as Russia and countries throughout Latin
America.
The New Color of Money:
More Secure.

Safer.

Smarter.

The most noticeable difference in the new $20 notes
is the subtle green, peach, and blue colors featured
in the background. New designs for the $50 and
$100 notes are scheduled for introduction in 2004
and 2005 respectively. Different colors will be
used for different denominations, which will help
everyone—particularly those who are visually
impaired—to tell denominations apart. Redesign of
the $5 and $10 notes is under consideration, but the
$1 and $2 notes will not be redesigned.
Although consumers should not use color to check
the authenticity of their currency (relying instead on
user-friendly security features—see below), color
does add complexity to the note, making counterfeiting more difficult.
The new $20 bills maintain the traditional U.S.
currency appearance, are the same size, and use the
same, but enhanced portraits and historical images of
Andrew Jackson on the face of the note and the
White House on the back. The redesign also features
new symbols of freedom—a blue eagle in the background, and a metallic green eagle and shield to the
right of Jackson's portrait.

Security

Features

The new $20 note design retains three important
security features that were first introduced in the late
1990s and are easy for consumers and merchants
alike to check:
• The watermark—the faint image similar to the
large portrait, which is part of the paper itself and is
visible from both sides when held up to the light.



• The security thread—also visible from both sides
when held up to the light, this vertical strip of plastic
is embedded in the paper. "USA TWENTY" and a
small flag are visible along the thread.
• The color-shifting ink—the numeral "20" in the
lower-right corner on the face of the note changes
from copper to green when the note is tilted. The
color shift is more dramatic and easier to see on the
new-design notes.
Because these features are difficult for counterfeiters to reproduce well, they often do not try. Counterfeiters are hoping that cash-handlers and the public
will not check their money closely.

Counterfeiting:

Increasingly

Digital

Currency counterfeiters are increasingly turning to
digital methods, as advances in technology make
digital counterfeiting of currency easier and cheaper.
In 1995, for example, less than 1 percent of counterfeit notes detected in the United States were digitally
produced. By 2002, that number had grown to nearly
40 percent, according to the U.S. Secret Service.
Yet despite the efforts of counterfeiters, U.S. currency counterfeiting has been kept at low levels, with
current estimates putting the level of counterfeit
notes in circulation worldwide at between 0.01 and
0.02 percent, or about 1 to 2 notes in every 10,000
genuine notes.
To learn more about the new currency and to
download an image of the new $20 note, visit
www.moneyfactory.com/newmoney.

D.C. DEBUT OF NEWLY REDESIGNED $20 BILL
AT L'ENFANT PLAZA POST OFFICE
U.S. government officials introduced the newly redesigned $20 note into the community on October 9,
2003, at the L'Enfant Plaza Post Office in Washington, D.C., marking the first opportunity for the public
to spend the new currency in the Washington area.
James Brent, the chief of the office of currency production in the U.S. Treasury Department's Bureau of
Engraving and Printing, joined Michael Lambert,
financial services manager of the Federal Reserve
Board, to mark this historic milestone.
In Washington, the first expenditure with the new
$20 bill was the purchase of stamps from the stamp
vending machines at the Post Office. The U.S. Postal
Service has had to prepare its machines as well as its
employees to ensure acceptance of the new money.

Announcements

"After months of seeing them roll off of the
presses, I am honored to spend the first new $20 bill
in my hometown of Washington, D.C.," said Brent,
who is responsible for the day-to-day operations
of currency production at the Bureau's Washington,
D.C., facility. "The Bureau of Engraving and Printing is tremendously proud of The New Color of
Money, and I am proud to have helped in the creation
of the safest, smartest, and most secure note the U.S.
government has ever produced."
"Today marks the formal introduction into circulation of the most secure note the U.S. government has
ever produced," said the Federal Reserve Board's
Lambert. "Its enhanced security will help ensure that
our currency continues to represent value, trust and
confidence to people all over the world."
"The U.S. Postal Service's stamp vending
machines are ready and able to accommodate the new
$20 bills, and our retail associates look forward
to serving customers using this new currency,"
explained the Postal Service's Manager of Customer
Service Operations, Fred Hintenach. "We are honored that the Bureau chose the L'Enfant Plaza Post
Office to be the site of Washington's first commercial
transaction with the new $20 bill."
The event in D.C. was one of more than thirty that
took place around the country, including an event in
New York City. Tom Ferguson, director of the U.S.
Treasury's Bureau of Engraving and Printing (BEP),
and Marsha Reidhill, the Federal Reserve Board's
assistant director for cash, marked today's historic
issue of the new $20 bill in New York City's Times
Square, where they spent the new $20 bill at a Times
Square area business.

FEDERAL AGENCIES PUBLISH CONSUMER
BROCHURE ON PREDATORY LENDING
The federal Interagency Task Force on Fair Lending
has published a new brochure that alerts consumers
to potential borrowing pitfalls, including high-cost
home loans, and provides tips for getting the best
financing deal possible. The brochure, Putting Your
Home on the Loan Line Is Risky Business, warns that
regardless of whether a home equity loan is for a
home repair, bill consolidation, or some other purpose, it is important to shop around.
Borrowing from an unscrupulous lender, especially
one that offers a high-cost loan using the home as
security, could result in the loss of the borrower's
home and money. The brochure cautions that certain
lenders—often called "predatory lenders"—target
homeowners with low incomes or credit problems,




465

including the elderly, by deceiving them about loan
terms or giving them loans they cannot afford to
repay. Before signing the credit contract, consumers
are encouraged to do the following:
•
•
•
•

Think about their financing options
Do their homework
Think twice before they sign a loan contract
Know that they have rights under the law

The brochure notes that many consumers may have
other options for meeting their financial needs besides
taking out a home equity loan. Housing counseling
and social service programs are available to assist
people with financial problems.
If consumers decide that a loan is right for them,
the brochure suggests talking with several lenders;
comparison shopping for interest rates, payments,
term of the loan, points and fees, and other costs of
the loan; and having a knowledgeable friend, attorney, or housing counselor review the loan documents.
A shopping checklist is included with the brochure.
The publication also reminds consumers that if
they are refinancing or using their home as security
for a home equity loan (or for a second mortgage
loan or a line of credit), federal law gives them three
business days after signing the loan papers to cancel
the deal. The cancellation must be submitted in writing, after which the lender is required to return any
money the consumer has paid to date.
If the three-day period has already passed and
consumers believe they have been misled, the brochure suggests that they contact a state or local bar
association, a local consumer protection agency, or a
local fair housing or housing counseling agency.
The members of the Interagency Task Force are the
Department of Housing and Urban Development, the
Department of Justice, the Federal Deposit Insurance
Corporation, the Federal Housing Finance Board, the
Federal Reserve Board, the Federal Trade Commission, the National Credit Union Administration, the
Office of the Comptroller of the Currency, the Office
of Federal Housing Enterprise Oversight, and the
Office of Thrift Supervision.
The brochure is available on the agencies' web
sites listed below. A PDF (portable document format)
version is provided on the web site so that consumer
groups, financial institutions, agencies, and other
organizations can download and print copies for distribution to their clients and customers. It includes a
space on the back panel for organizations to provide
their own contact information. A Spanish-language
version of the publication will be available in the
future.

466

Federal Reserve Bulletin • November 2003

Single copies of the brochure are available free of
charge from the following agencies:
Department of Housing and Urban Development: The
Department's web site at www.hud.gov or U.S.
Department of Housing and Urban Development,
451 Seventh Street, S.W., Washington, DC 20410;
Customer Service Center: (202) 708-3151.
Department of Justice: The Department's web site at
www.usdoj.gov or contact the U.S. Department of
Justice, Civil Rights Division, 950 Pennsylvania Ave.,
N.W., Housing and Civil Enforcement Section, NWB,
Washington, DC 20530; (202) 514-1116.
Federal Deposit Insurance Corporation: The FDIC's web
site at www.fdic.gov or the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, DC 20434; (877) 275-3342 or (202) 416-6940.
Federal Housing Finance Board: The Board's web site at
www.fhfb.gov and from the Federal Housing Finance
Board, 1777 F Street, N.W., Washington, DC 20006.
Federal Reserve Board: The Board's web site at
www.federalreserve.gov/pubs/riskyhomeloans/
default.htm and from Publications Fulfillment,
Stop 127, Federal Reserve Board, 20th & C Streets,
N.W., Washington, DC 20551; (202) 452-3245.
Federal Trade Commission: The FTC's web site at
www.ftc.gov and from the FTC's Consumer Response
Center, 600 Pennsylvania Avenue, N.W., Washington,
DC 20580; toll free: 1-877-FTC-HELP (1-877-3824357); TTY for the hearing impaired (866) 653-4261.
National Credit Union Administration: NCUA's web site
at www.ncua.gov or contact Cliff Northup, Director
of Public and Congressional Affairs, National Credit
Union Administration, 1775 Duke Street, Alexandria,
VA 22134.
Office of Federal Housing Enterprise Oversight: The
Office's web site at www.ofheo.gov. E-mail requests
for individual
copies
should
be
sent
to
ofheoinquiriesofheo.gov or call (202) 414-6922.
Office of the Comptroller of the Currency: The OCC's web
site at www.occ.treas.gov and from Communications,
Mail Stop 3-2, Office of the Comptroller of the Currency, 250 E Street, S.W., Washington, DC 20219;
(202) 874-4700.
Office of Thrift Supervision: The OTS's web site at
www.ots.treas.gov or contact Louise Batdorf, Office
of Thrift Supervision, 1700 G Street, N.W., Washington, DC 20552; (202) 906-7087.

MOVE OF FEDERAL RESERVE
QUARTERLY SCHEDULE

BULLETIN

TO A

The Federal Reserve Board on October 3, 2003,
announced the move to a quarterly publication schedule for the Federal Reserve Bulletin and the creation
of a new monthly statistical supplement.
Beginning in the first quarter of 2004, the Bulletin
will be enhanced and published four times a year. A
quarterly report on the condition of the banking sys-




tem and an annual report on changes in consumer
regulations are among the new materials to be presented in the Bulletin. The Bulletin will continue
to include topical research articles and summaries
of Board survey findings, the Board's semiannual
Monetary Policy Reports, a Legal Developments
section, and other features such as lists of staff members, councils, committees, lists of Federal Reserve
publications, and maps of the Federal Reserve
Districts.
The Legal Developments section of the quarterly
Bulletin will contain Board orders issued under the
Bank Holding Company Act, the Bank Merger Act,
the Federal Reserve Act, and the International Banking Act. Final rules and pending cases involving the
Board are available on the Board's web site under
"Legal Developments" at www.federalreserve.gov/
releases/h2/.
The revised publication schedule responds to the
results of customer surveys, the increased use of the
Internet to access information on a more timely basis,
and the Board's desire to provide a broader range
of articles on topics of interest to Bulletin readers. A
quarterly schedule will also make the planning and
production of the Bulletin more efficient.
The tables that now appear in the Financial and
Business Statistics section of the Bulletin will be
published monthly as a separate publication titled
Statistical
Supplement
to the Federal
Reserve
Bulletin. All tables that now appear in the Federal
Reserve Bulletin, including special tables, will appear
in the Statistical Supplement. All statistical series
will be published with the same frequency that
they have currently in the Bulletin. The first issue of
the Statistical Supplement will be published in January 2004. The Publications Committee will monitor
the usefulness of this publication in meeting the
needs of the public over time, especially in light
of the widespread dissemination of data through the
Internet.
A Bulletin editorial board has been established
under the direction of Lucretia Boyer, the Federal
Reserve Board's chief of publications, to oversee the
quality of content of these two publications and to
ensure a diverse range of Bulletin articles.
Separate subscriptions for the two publications will
be available starting with the January 2004 issue of
the Statistical Supplement. For additional subscription information, contact Publications Fulfillment at
202-452-3244 or 202-452-3245 or send an e-mail to
publications-bog @ frbog.frb.gov.
Articles published in the Bulletin will continue to
be available online at www.federalreserve.gov/pubs/
bulletin/default.htm.

Announcements

RELEASE OF MINUTES OF DISCOUNT
MEETINGS

RATE

The Federal Reserve Board on September 25, 2003,
released the minutes of its discount rate meetings
from July 7 through August 11, 2003.

ANNOUNCEMENT OF MEETING OF THE
CONSUMER ADVISORY COUNCIL
The Federal Reserve Board announced on October 2,
2003, that the Consumer Advisory Council would
hold its next meeting on Thursday, October 23, 2003.
The meeting took place in Dining Room E, Terrace
level, in the Board's Martin Building. The session
began at 9:00 a.m. and was open to the public.
The Council's function is to advise the Board on
the exercise of its responsibilities under various consumer financial services laws and on other matters on
which the Board seeks its advice.

ENFORCEMENT

ACTIONS

The Federal Reserve Board on September 25, 2003,
announced the execution of a written agreement by
and among United National Corporation, Sioux Falls,




467

South Dakota; First PREMIER Bank, Sioux Falls,
South Dakota; PREMIER Bankcard, Inc., Sioux
Falls, South Dakota; and the Federal Reserve Bank of
Minneapolis.
The Federal Reserve Board on October 3, 2003,
announced the execution of a written agreement by
and among the First Charter Bank, Charlotte, North
Carolina; the Office of the North Carolina Commissioner of Banks, Raleigh, North Carolina; and the
Federal Reserve Bank of Richmond.
The Federal Reserve Board on October 15, 2003,
announced the issuance of a final decision and orders
of prohibition against Gene Ulrich and Susan Diehl
McCarthy, former senior vice president and vice
president, respectively, of Six Rivers National Bank,
Eureka, California. The orders, the result of an action
brought by the Office of Comptroller of the Currency,
prohibit Mr. Ulrich and Ms. Diehl McCarthy from
participating in the conduct of the affairs of any
financial institution or holding company.
The Federal Reserve Board on October 15, 2003,
announced the execution of a written agreement by
and among the First American Bank, Carpentersville,
Illinois; the Illinois Office of Banks and Real Estate;
and the Federal Reserve Bank of Chicago.
•

468

Legal Developments
FINAL RULE—AMENDMENT

TO REGULATION

F

The Board of Governors of the Federal Reserve System
(Board) is amending 12 C.F.R. Part 206, its Regulation F
(Interbank Liabilities). The technical amendments to Regulation F will remove an obsolete section of the rule and
correct several typographical errors.
Effective September 10, 2003, 12 C.F.R. Part 206 is
amended as follows:

Part 206—Interbank Liabilities (Regulation F)
1. The authority citation for Part 206 continues to read as
follows:
Authority:

12 U.S.C. 371b-2.

2. In section 206.1(a), remove the phrase "to implement
section 308 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Act), 12 U.S.C.
371b-2" in the first sentence and add the phrase "under
authority of section 23 of the Federal Reserve Act
(12 U.S.C. 371b-2)" in its place.
3. In section 206.2(f), remove "(q)" in each place it
appears.
4. In section 206.2(g), remove the word "Basle" wherever
it appears and add the word "Basel" in its place.
5. In section 206.3(c)(1), remove the word " o f " between
the words "form" and "maturity" in the first sentence
and add the word "or" in its place, and remove the
word "of" between the words "amount" and "flexible" in the third sentence and add the word "or" in its
place.
6. In section 206.4(b), remove the word " o f " between the
words "principal" and "other" in the last sentence and
add the word "or" in its place.
7. In section 206.5(a), footnote 1, remove the phrase "subpart B " and add the phrase "subpart D " in its place.
8. In section 206.5(f), redesignate paragraphs (i), (ii), and
(iii) as paragraphs (1), (2), and (3), respectively, and
remove the word "Basle" wherever it appears and add
the word "Basel" in its place.
9. Remove section 206.7.

ORDERS ISSUED UNDER BANK
COMPANY ACT

HOLDING

Orders Issued Under Section 3 of the Bank Holding
Company Act




Cathay Bancorp, Inc.
Los Angeles,
California
Order Approving the Merger of Bank Holding
Companies
Cathay Bancorp, Inc. ("Cathay") has requested the
Board's approval under section 3 of the Bank Holding
Company Act ("BHC Act") (12 U.S.C. §1842) to merge
with GBC Bancorp ("GBC"), and thereby indirectly
acquire General Bank ("General Bank"), both in
Los Angeles. 1
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published
(68 Federal Register 41,588 (2003)). The time for filing
comments has expired, and the Board has considered the
proposal and all comments received in light of the factors
set forth in section 3 of the BHC Act.
Cathay, with total consolidated assets of approximately
$3 billion, is the 16th largest banking organization headquartered in California, controlling one depository institution, Cathay Bank. Cathay Bank is the 29th largest depository institution in California, controlling deposits of
approximately $2.1 billion, representing less than 1 percent
of total deposits in insured depository institutions in the
state ("state deposits"). 2
GBC operates one subsidiary depository institution in
California, General Bank, which is the 30th largest depository institution in California, controlling $1.9 billion in
deposits, representing less than 1 percent of state deposits.
On consummation of the proposed merger, Cathay Bank
would become the 16th largest depository institution in
California, controlling deposits of $4 billion.
Competitive

Considerations

Section 3 of the BHC Act prohibits the Board from approving any proposal that would result in a monopoly or would
be in furtherance of any combination or conspiracy to
monopolize or to 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
1. Cathay Bank, also in Los Angeles ("Cathay Bank"), Cathay's
wholly owned subsidiary, has filed an application with the Federal
Deposit Insurance Corporation ("FDIC") under the Bank Merger Act
(12 U.S.C. § 1828(c)) to merge General Bank into Cathay Bank.
2. Deposit data are as of June 30, 2002, and state ranking data are
as of December 31, 2002. In this context, depository institutions
include commercial banks, savings banks, and savings associations.

469

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. 3
Cathay competes directly with GBC in the Los Angeles
and the San Francisco-Oakland-San Jose banking markets, both in California. 4 The Board has reviewed carefully
the competitive effects of the proposal in the relevant
banking markets in light of all the facts of record. In
particular, the Board has considered the relative shares
of total deposits in depository institutions in the markets
("market deposits") controlled by the companies involved
in this transaction, 5 the concentration levels of market
deposits and the increase in these levels as measured by the
Herfindahl-Hirschman Index ("HHI") under the Department of Justice Merger Guidelines ("DOJ Guidelines"), 6
and other characteristics of the market.
Consummation of the proposal would be consistent with
Board precedent and the DOJ Guidelines in each of the two
banking markets, 7 with one market remaining unconcentrated and the other remaining moderately concentrated.
The Department of Justice also has conducted a review of
the expected competitive effects of the proposal and has
advised the Board that it believes that consummation of the
proposal is not likely to have a significantly adverse effect
on competition in any relevant banking market. The FDIC
has been afforded an opportunity to comment and has not
objected to consummation of the proposal.
After carefully reviewing all the facts of record, and for
reasons discussed in this order, the Board has concluded
that consummation of the proposal is not likely to result in
a significantly adverse effect on competition or on the
concentration of banking resources in any of the banking
markets in which Cathay and GBC directly compete or in
any other relevant banking market. Accordingly, based on
all the facts of record, the Board has determined that
competitive factors are consistent with approval.
3. 12 U.S.C. § 1842(c)(1).
4. These banking markets are defined in the Appendix.
5. Deposit and market share data are as of June 30, 2002, and are
based on calculations in which the deposits of thrift institutions, which
include savings banks and savings associations, are weighted at
50 percent. The Board previously has indicated that thrift institutions
have become, or have the potential to become, significant competitors
of commercial banks. See, e.g., Midwest Financial Group, 75 Federal
Reserve Bulletin 386 (1989); National City Corporation, 70 Federal
Reserve Bulletin 743 (1984). Thus, the Board regularly has included
thrift deposits in the market share calculation on a 50 percent weighted
basis. See, e.g., First Hawaiian, Inc., 77 Federal Reserve Bulletin 52
(1991).
6. Under the DOJ Guidelines, 49 Federal Register 26,823 (1984), a
market is considered unconcentrated if the post-merger HHI is under
1000 and moderately concentrated if the post-merger HHI is between
1000 and 1800. The Department of Justice has informed the Board
that a bank merger or acquisition generally will not be challenged (in
the absence of other factors indicating anticompetitive effects) unless
the post-merger HHI is at least 1800 and the merger increases the HHI
by more than 200 points. The Department of lustice has stated that the
higher than normal HHI thresholds for screening bank mergers for
anticompetitive effects implicitly recognize the competitive effects of
limited-purpose lenders and other nondepository financial institutions.
7. Market data for these banking markets are provided in the
Appendix.




Financial and Managerial

Considerations

The BHC Act requires the Board to consider the financial
and managerial resources and future prospects of the companies and banks involved in a proposal and certain other
supervisory factors under the BHC Act. In assessing the
financial and managerial strength of Cathay and its subsidiaries, the Board has reviewed information provided by
Cathay, confidential supervisory and examination information, and publicly reported and other financial information.
Based on all the facts of record, the Board concludes that
the financial and managerial resources and future prospects
of the organizations involved in the proposal are consistent
with approval, as are other supervisory factors under the
BHC Act.
Convenience and Needs

Considerations

In acting on a proposal under section 3 of the BHC Act, the
Board is required to consider its effects on the convenience
and needs of the community to be served and to take into
account the records of the relevant insured depository
institutions under the Community Reinvestment Act
("CRA"). 8 The CRA requires the federal financial supervisory agencies to encourage financial institutions to help
meet the credit needs of local communities in which they
operate, consistent with their safe and sound operation, and
requires the appropriate federal financial supervisory
agency to take into account an institution's record of
meeting the credit needs of its entire community, including
low- and moderate-income ( " L M I " ) neighborhoods, in
evaluating bank expansionary proposals. The Board has
carefully considered the convenience and needs factor and
the CRA performance records of the subsidiary depository
institutions of Cathay and GBC in light of all the facts of
record, including public comments on the effect the proposal would have on the communities to be served by the
institutions resulting from this proposal.
A. Summary of Public Comments
The Board received eleven comments on the proposal.
Nine supported the proposal or commented favorably on
Cathay's or GBC's CRA-related activities. Many of these
commenters commended Cathay or GBC for providing
credit and support to nonprofit organizations, sponsoring
community development activities, and participating in
programs that provided affordable housing for LMI individuals. Other commenters related their favorable experiences with specific programs or services offered by Cathay
or GBC.
Two commenters ("Protestants") questioned whether
Cathay Bank was focused too narrowly on a relatively
small Chinese-American population in its assessment area,
while underserving larger populations of historically underserved minority communities. In addition, one Protestant
questioned the bank's lending record based on data
8. 12 U.S.C. §2901 et seq.

470

Federal Reserve Bulletin • November 2003

reported under the Home Mortgage Disclosure Act
("HMDA") 9 and expressed concerns that Cathay made
a disproportionately small number of small business and
home mortgage loans to Latinos, African Americans, and
Filipino Americans. 10 Finally, one Protestant expressed the
view that Cathay's philanthropic contributions and the
composition of Cathay Bank's staff demonstrated a low
standard of service to various minority groups.
B. CRA Performance Evaluations
As provided in the CRA, the Board has evaluated the
convenience and needs factor in light of examinations of
the CRA performance records of the relevant insured
depository institutions by the appropriate federal supervisor. An institution's most recent CRA performance
evaluation is a particularly important consideration in the
applications process because it represents a detailed,
on-site evaluation of the institution's overall record of
performance under the CRA by its appropriate federal
supervisor. 11
Cathay Bank received a "satisfactory" rating at its most
recent CRA performance evaluation by the FDIC, as of
January 22, 2001. General Bank received a "satisfactory"
rating at its most recent CRA performance evaluation by
the FDIC, as of December 10, 2001. Examiners found no
evidence of prohibited discrimination or other illegal credit
practices at either of the insured depository institutions
involved in this proposal and found no violations of the
substantive provisions of fair lending laws. Examiners also
reviewed the assessment areas delineated by Cathay Bank
and General Bank and concluded that the areas were
reasonable and did not arbitrarily exclude LMI neighborhoods. In addition, the Board has evaluated information submitted by Cathay about the CRA performance of
Cathay Bank since the 2001 evaluation, including information relating to the bank's community development lending, lending practices, and CRA-related investments.

C. Cathay Bank's C R A Performance Record
Examiners rated Cathay Bank "high satisfactory" under
the lending test at its most recent CRA performance evaluation for the evaluation period January 1, 1999, through
December 31, 2000. Examiners noted that Cathay Bank
was primarily a commercial lender serving the needs of

9. 12 U.S.C. § 2801 et seq.
10. The Board notes that lenders are precluded from collecting
racial or ethnic data on small business borrowers except when such
data are collected for the purpose of conducting a self-test. The Board
also notes that one Protestant focused on the ethnic background of
Cathay Bank's officers and director and implied that the bank lends
to ethnic Chinese borrowers to the detriment of Filipino and other
Asian/Pacific Islander individuals. HMDA data, however, are reported
in broader ethnic categories and, therefore, isolating data on Chinese
borrowers from data on Filipino or other Asian/Pacific Islander borrowers would be subjective and difficult to accomplish.
11. See Interagency Questions and Answers Regarding Community
Reinvestment, 66 Federal Register 36,620 and 36,639 (2001).




small- and medium-sized businesses. 12 They concluded
that the bank's lending reflected an excellent responsiveness to the credit needs of its assessment areas, noting that
more than 90 percent of Cathay Bank's small business
and home mortgage loans were made in the bank's seven
assessment areas. Examiners also noted that Cathay Bank
used flexible lending practices, such as a new lowdocument loan program of the Small Business Administration ("SBA") and the bank's Community Home Loan
Program. In addition, the bank offered a variety of innovative loans, including products from various federal government agencies' guarantee programs, to meet credit needs
and serve consumers and businesses in its assessment areas
who would otherwise not qualify for traditional banking
products.
Examiners reported that the bank's geographic distribution of loans, particularly its small business loans, reflected
a good geographic distribution throughout the assessment
area. Thirty-four percent of the small business loans originated by Cathay Bank during the evaluation period were
made to borrowers in LMI census tracts. Examiners also
noted that the bank's distribution of loans reflected good
penetration among business borrowers of different sizes,
particularly small business borrowers.
Examiners found that Cathay Bank made a relatively
high amount of community development loans, totaling
$74 million during the evaluation period. These loans
funded the construction, renovation, and preservation of
affordable housing, as well as economic revitalization,
such as a $27.5 million construction loan to build a shopping center in a low-income area in Los Angeles and a
$27 million construction loan to build an industrial building in a low-income area in Richmond, California.
Since the 2001 evaluation, Cathay Bank has achieved
similar levels of geographic distribution for its small business loans. In 2001 and 2002, the bank made approximately 38 percent and 35 percent, respectively, of its small
business loans to borrowers in LMI census tracts. In addition, Cathay Bank's level of community development lending has increased since the 2001 evaluation. Cathay states
that the bank has originated 61 community development
loans, totaling $221 million in 2001 and 2002. Many of the
loans were commercial real estate loans or lines of credit to
small- and medium-sized businesses in designated empowerment or enterprise zones in California.
Cathay Bank received a "high satisfactory" rating for
its investment activities in the 2001 evaluation. Examiners
noted that the bank had made $27.2 million in qualified
community development investments and was particularly
responsive to the needs identified in its assessment areas.
Examiners also noted that the bank had developed an
active strategy of making most of its community development investments in affordable housing-related projects.
Cathay states that since the 2001 evaluation, the bank
has made more than $47 million in housing-related investments. These investments involved housing-tax-credit
12. Examiners noted that 75 percent by number and 70 percent by
dollar volume of all loan originations during the evaluation period
were small business loans.

Legal Developments

investments and mortgage-backed securities, as well as
grants and contributions to community and nonprofit
organizations.
Cathay Bank also received a "high satisfactory" rating
for retail banking services in the 2001 evaluation. Examiners reported that its banking services, business hours, and
alternative delivery systems in its assessment areas were
very good and were accessible to all portions of the bank's
community, including LMI areas and individuals. Examiners noted that the bank had staff that was fluent in several languages, including Spanish, Cantonese, Mandarin,
Taiwanese, and Vietnamese. 13
D. General Bank's C R A Performance Record
As noted above, General Bank received a "satisfactory"
rating at its most recent CRA performance evaluation, and
examiners rated General Bank "high satisfactory" under
the lending test for the evaluation period January 1, 1999,
through September 30, 2001. Examiners concluded the
bank's lending levels reflected an excellent responsiveness
to the credit needs of its assessment areas and commended
the bank for extending more than 90 percent of its loans in
these areas. Examiners noted that General Bank was primarily a commercial lender serving the credit needs of smallto medium-sized businesses, originated consumer loans on
an accommodation basis, and no longer reported HMDA
data. Examiners also noted that General Bank had a good
geographic distribution of loans in its assessment areas.
During the evaluation period, the bank made approximately 33 percent of its small business loans by number
and 31 percent by dollar volume to businesses in LMI
census tracts. Examiners considered these levels to compare favorably with the aggregate levels for small business
lenders in the assessment areas.
Examiners found that General Bank made a relatively
large amount of community development loans, totaling
$48.2 million. Most of these loans funded the construction
and renovation of affordable single and multifamily housing. Examiners noted General Bank's use of flexible lending practices to small business borrowers in its assessment
area, including the origination of 72 SBA loans totaling
approximately $19 million during the evaluation period.
General Bank received a "high satisfactory" rating for
its investment activities at the 2001 evaluation. Examiners
characterized General Bank's level of qualified community
development investments as significant, noting that the
bank was principally a commercial lender, but that it had
made most of its community development investments in
affordable housing-related activities throughout its California assessment areas. The bank entered into 27 qualified
investments from July 1999 through December 2001, totaling approximately $19.3 million, that examiners found
responsive to the needs identified in its California assessment areas. Examiners also noted that General Bank made
13. General Bank and Cathay Bank have employees of different
racial and ethnic backgrounds, and after the merger, Cathay Bank's
business plan would continue to support hiring candidates able to
provide multilingual services.




471

grants and donations to several community development
organizations.
In 2002, General Bank increased its small business
lending in LMI census tracts, extending approximately
35 percent of its small business loans to businesses in LMI
census tracts. Since the 2001 evaluation, General Bank
also originated 59 community development loans totaling
approximately $20 million and entered into housing-related
investments totaling approximately $5 million.
General Bank received a "high satisfactory" rating for
retail banking services in the 2001 evaluation. Examiners
reported that banking services at General Bank were accessible to essentially all portions of its assessment areas, and
that branch locations and hours were generally convenient
to most portions of its overall assessment areas. Examiners
also noted the bank's alternative delivery systems included
ATMs and 24-hour Internet and telephone banking. 14
Examiners found that General Bank provided a high level
of community development services, such as sponsoring
a minority business-financing workshop to assist start-up
businesses in LMI areas and organizing an annual charity
event designed to benefit a low-income housing service,
homeless shelter, and community service organization.
E. H M D A
The Board has carefully considered Cathay's lending
record in light of the public comments on the bank's
HMDA data. In considering this proposal, the Board has
reviewed publicly available HMDA data for 2001 and
2002 for Cathay Bank and lenders that operate in the
bank's assessment areas.
The Board is concerned when the record of an institution
indicates disparities in lending and believes that all banks
are obligated to ensure that their lending practices are
based on criteria that ensure not only safe and sound
lending, but also equal access to credit by creditworthy
applicants regardless of their race or income level. The
Board recognizes, however, that HMDA data alone provide
an incomplete measure of an institution's lending in its
community because these data cover only a few categories
of housing-related lending. HMDA data, moreover, provide only limited information about covered loans. 15
HMDA data, therefore, have limitations that make them an
inadequate basis, absent other information, for concluding
that an institution has not assisted adequately in meeting its
community's credit needs or has engaged in illegal lending
discrimination.
The Board notes that Cathay Bank's primary focus is
providing business credit to small- and medium-sized busi14. The telephone banking service is available in English, Spanish,
and Mandarin.
15. The data, for example, do not account for the possibility that an
institution's outreach efforts may attract a larger proportion of marginally qualified applicants than other institutions attract and do not
provide a basis for an independent assessment of whether an applicant
who was denied credit was, in fact, creditworthy. Credit history
problems and excessive debt levels relative to income (reasons most
frequently cited for a credit denial) are not available from HMDA
data.

472

Federal Reserve Bulletin • November 2003

nesses, which is not subject to the same reporting requirements that mortgage loans are under HMDA. Cathay Bank
originates a limited number of HMDA loans, many of
which are to accommodate business customers. 16 Neither
the HMDA data nor on-site evaluations of compliance by
Cathay Bank with fair lending laws indicate that Cathay
Bank has excluded any segment of the population or geographic areas on a prohibited basis. The record also indicates that Cathay has taken a number of affirmative steps to
attract customers other than Asian Americans. For example, Cathay Bank has increased its lending to African
Americans by purchasing mortgage loans from an AfricanAmerican-owned bank.
The Board also has considered the HMDA data in light
of Cathay Bank's overall performance under the CRA. As
noted above, Cathay has a number of programs, consistent
with its strategy of serving small businesses, that are
designed to help serve all segments of LMI areas in its
assessment areas. The Board believes that, when viewed in
light of the entire record, the HMDA data indicate that the
bank's record of performance in helping to serve the credit
needs of its community is consistent with approval of the
proposal.

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
Cathay with all the representations and commitments made
in connection with the application and the receipt of all
other regulatory approvals. These representations and commitments are deemed to be conditions imposed in writing
by the Board in connection with its findings and decision
and, as such, may be enforced in proceedings under applicable law.
The transaction shall not be consummated before the
fifteenth calendar day after the effective date of this order,
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 San Francisco, acting pursuant to
delegated authority.
By order of the Board of Governors, effective September 15, 2003.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, Olson, Bernanke, and Kohn.
ROBERT DEV. FRIERSON

F. Conclusion on Convenience and Needs
Considerations
In reviewing the proposal's effect on the convenience and
needs of the communities to be served by the combined
organization, the Board has carefully considered the entire
record, including the public comments received, information submitted by Cathay, reports of examinations of the
CRA performance of Cathay Bank and General Bank, and
confidential supervisory information from the FDIC. Based
on all the facts of record and for the reasons discussed
above, the Board concludes that considerations relating to
the convenience and needs factor, including the CRA performance records of the relevant depository institutions,
are consistent with approval.
Conclusion
Based on the foregoing and in light of all the facts of
record, the Board has determined that the application
should be, and hereby is, approved. 17 In reaching this
16. The Board has previously recognized that banks help serve the
banking needs of communities by making a variety of products and
services available, and that the CRA does not require an institution to
provide any specific type of products and services, such as mortgages,
in its assessment area. See, e.g., Firstar Corporation, 87 Federal
Reserve Bulletin 236 (2001).
17. Protestants requested that the Board extend the comment period
on the proposal to allow them additional time to negotiate a CRA
commitment with the bank. The Board previously has concluded that
the CRA requires it to review an insured depository institution's
actual record of performance under the CRA without reliance on plans
or commitments for future action. See, e.g., Totalbank Corp. of
Florida, 81 Federal Reserve Bulletin 876 (1995). The Board also has
noted that, although communication by depository institutions with
community groups provides a valuable method of assessing and
determining how an institution may best address the credit needs of




Deputy Secretary of the Board

Appendix
Banking Markets in which Cathay and G B C Directly
Compete
Los Angeles. The Los Angeles banking market is defined
as the Los Angeles Ranally Metro Area ("RMA") and the
towns of Acton and Rosamond. Cathay operates the
15th largest depository institution in the market, controlling deposits of approximately $1.8 billion, representing
approximately 1 percent of market deposits. GBC operates
the 18th largest depository institution in the market, controlling deposits of approximately $1.6 billion, represent-

the community, neither the CRA nor the CRA regulations of the
federal financial supervisory agencies require depository institutions
to enter into agreements with any organization, and the presence or
absence of a written agreement between a bank and community
groups does not influence the Board's evaluation of the CRA performance of a bank. See, e.g., Fifth Third Bancorp, 80 Federal Reserve
Bulletin 838 (1994).
The Board has accumulated a significant record in this case, including reports of examination, supervisory information, public reports
and information, and considerable public comment. In the Board's
view, commenters have had ample opportunity to submit their views
and, in fact, they have provided written submissions that have been
considered carefully by the Board in acting on the proposal. Moreover, the BHC Act and Regulation Y require the Board to act on
proposals submitted under those provisions within certain time
periods. 12 U.S.C. § 1842(b); 12 C.F.R. 225.15(d). Based on a review
of all the facts of record, the Board has concluded that the record in
this case is sufficient to warrant Board action at this time and that an
extension of the comment period is not warranted. Accordingly, the
requests for an extension of the comment period are denied.

Legal Developments

ing less than 1 percent of market deposits. On consummation of the proposal, Cathay would operate the 10th largest
depository institution in the market, controlling deposits of
approximately $3.4 billion, representing approximately
1.9 percent of market deposits. The HHI would increase
2 points to 987.
San Francisco-Oakland-San
Jose. The San FranciscoOakland-San Jose banking market is defined as the
San Francisco-Oakland-San Jose RMA and the towns of
Hollister, Pescadero, Point Reyes Station, and San Juan

APPLICATIONS

APPROVED

By Federal Reserve

UNDER BANK HOLDING

473

Bautista. Cathay operates the 31st largest depository institution in the market, controlling deposits of approximately
$263 million, representing less than 1 percent of market
deposits. GBC operates the 32nd largest depository institution in the market, controlling deposits of approximately
$257 million, representing less than 1 percent of market
deposits. On consummation of the proposal, Cathay would
operate the 22nd largest depository institution in the market, controlling deposits of approximately $520 million,
representing less than 1 percent of market deposits. The
HHI would remain unchanged at 1457.

COMPANY

ACT

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

BancFirst Corporation,
Oklahoma City, Oklahoma

Lincoln National Bancorporation, Inc.,
Oklahoma City, Oklahoma
Lincoln National Bank,
Oklahoma City, Oklahoma
Ban terra Corp.,
Eldorado, Illinois
Sarasota Bancorporation, Inc.,
Sarasota, Florida
Community Guaranty Savings Bank,
Plymouth, New Hampshire
Berkshire Bank,
Wyomissing, Pennsylvania
Freedom Bank of Georgia,
Commerce, Georgia
InfiBank, N.A.,
Atlanta, Georgia
Kaplan State Bank,
Kaplan, Louisiana
Cumberland National Bank,
St. Marys, Georgia
Bank of Mount Hope, Inc.,
Mount Hope, West Virginia
New Century Bank,
Dunn, North Carolina
New City Bank,
Chicago, Illinois
Pioneer Bankshares, Inc.,
Fredericksburg, Texas
Pioneer II Bankshares, Inc.,
Dover, Delaware
Pioneer National Bank,
Fredericksburg, Texas
1st Equity Bank Northwest,
Buffalo Grove, Illinois
Griffin Bancshares, Inc.,
Cameron, Missouri

Kansas City

September 23, 2003

St. Louis

August 28, 2003

Atlanta

September 17, 2003

Boston

September 12, 2003

Philadelphia

September 8, 2003

Atlanta

September 22, 2003

Kansas City

September 4, 2003

Atlanta

September 5, 2003

Atlanta

September 2, 2003

Richmond

September 4, 2003

Richmond

September 11, 2003

Chicago

September 12, 2003

Dallas

September 9, 2003

Chicago

September 8, 2003

Kansas City

September 4, 2003

BCAC, Inc.,
Rosiclare, Illinois
The Colonial BancGroup, Inc.,
Montgomery, Alabama
Community Guaranty Corporation,
Plymouth, New Hampshire
East Penn Financial Corporation,
Emmaus, Pennsylvania
Freedom Bancshares, Inc.,
Commerce, Georgia
InfiCorp Holdings, Inc.,
Atlanta, Georgia
KSB Bancorp, Inc.,
Kaplan, Louisiana
Liberty Shares, Inc.,
Hinesville, Georgia
Mount Hope Bankshares, Inc.,
Mount Hope, West Virginia
New Century Bancorp, Inc.,
Dunn, North Carolina
New City Bancorp, Inc.,
Chicago, Illinois
North American Bancshares, Inc.,
Sherman, Texas

Northwest Equity Corporation,
Buffalo Grove, Illinois
Page Bancshares, Inc.,
Liberty, Missouri




474

Federal Reserve Bulletin • November 2003

Section 3—Continued
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Prosperity Bancshares, Inc.,
Houston, Texas

MainBancorp, Inc.,
Austin, Texas
Main Bank, National Association,
Dallas, Texas
Page Bank Holding Company,
Page, North Dakota
Page State Bank,
Page, North Dakota
Rio Bank,
McAllen, Texas

Dallas

September 23, 2003

Minneapolis

September 9, 2003

Dallas

August 21, 2003

TotalBank,
Miami, Florida
Valley Commerce Bank,
Phoenix, Arizona

Atlanta

August 28, 2003

San Francisco

August 27, 2003

Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Farmers & Merchants Financial
Services, Inc.,
St. Paul, Minnesota

Eau Claire Financial Services, Inc.
St. Paul, Minnesota
American Bank,
Eau Claire, Wisconsin
American Bank Lake City,
Lake City, Minnesota
Aviston Financial Corporation,
Aviston, Illinois
State Bank of Aviston,
Aviston, Illinois
Kankakee Federal Savings Bank,
F.S.B.,
Kankakee, Illinois
KFS Service Corp.,
Kankakee, Illinois

Minneapolis

September 9, 2003

Chicago

September 18, 2003

Quality Bankshares, Inc.,
Fingal, North Dakota

Rio Financial Services, Inc.,
McAllen, Texas
Rio Delaware Corporation,
Wilmington, Delaware
Total Bancshares Corp.,
Miami, Florida
Valley Commerce Bancorp,
Phoenix, Arizona
Sections 3 and 4

Kankakee Bancorp, Inc.,
Kankakee, Illinois

APPLICATIONS

APPROVED

By Federal Reserve

UNDER BANK MERGER

ACT

Banks

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

Bank(s)

Reserve Bank

Effective Date

Bay lake Bank,
Sturgeon Bank, Wisconsin
The Ravenna Bank,
Ravenna, Nebraska

M&I Marshall & Ilsley Bank,
Milwaukee, Wisconsin
Pleasanton State Bank,
Pleasanton, Nebraska

Chicago

September 22,2003

Kansas City

September 17, 2003




Legal Developments

PENDING CASES INVOLVING

THE BOARD OF

475

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.
Tavera v. Von Nothaus, et al, No. 03-763 (D. Oregon, filed
June 5, 2003). Civil rights action for violation of rights
in connection with the plaintiff's prosecution for passing
"Liberty dollar coins" as lawful money.
Carter v. Greenspan, No. 03-CV-1026 (D.D.C., filed
May 9, 2003). Employment discrimination action.
Apjfel v. Board of Governors, No. 03-343 (S. D. Texas,
filed May 20, 2003). Freedom of Information Act case.
Albrecht v. Board of Governors, No. 02-5325 (D.C. Cir.,
filed October 18, 2002). Appeal of district court order
dismissing challenge to the method of funding of the
retirement plan for certain Board employees.

Community Bank & Trust v. United States, No. 01-571C
(Ct. Fed. CI., filed October 3, 2001). Action challenging
on constitutional grounds the failure to pay interest on
reserve accounts held at Federal Reserve Banks.
Artis v. Greenspan, No. 01-CV-0400 (EGS) (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-CV2073 (EGS) (D.D.C., filed August 3, 1999), also an
employment discrimination action.
Fraternal Order of Police v. Board of Governors,
No. 1:98-CV-03116 (WBB)(D.D.C„ filed December 22,
1998). Declaratory judgment action challenging Board
regulation on labor-management relations at Reserve
Banks.

To Readers of the Legal Developments Section of the Bulletin
The materials currently contained in the Legal Developments section of the Federal Reserve Bulletin are also
available in various publications, in press releases, and on
the Board's web site. The Board's Legal Developments web
site, launched in September 2002, provides a convenient
way of gaining access to material that has been published in
the Bulletin for many years. The site is updated as orders
and actions are finalized.
• Selected rulemaking actions (proposed and final) are first
issued as press releases, which are available on the
Board's web site at www.federalreserve.gov/boarddocs/
press/bcreg/2003/. They are then published in the Federal
Register (www.gpoaccess.gov/fr/index.html). On the
Board's site, they can also be found in the Legal Developments section of the Banking Information and Regulation page at www.federalreserve.gov/boarddocs/
legaldevelopments/rulemaking/. Interested persons may
view proposals published for comment and comments
received at www.federalreserve.gov/generalinfo/foia/
ProposedRegs.cfm. Comments on proposals may also be
submitted through this web site, by electronic mail, or in
writing.
• Board orders issued under the Bank Holding Company
Act, the Bank Merger Act, the Federal Reserve Act, and
the International Banking Act are issued as attachments
to press releases, which are available from 1996 on the
Board's web site at www.federalreserve.gov/boarddocs/
press/orders/2003/. Board orders issued under the
Bank Holding Company Act can also be found at
www.federalreserve.gov/boarddocs/legaldevelopments/
ordersbhc/. Board orders issued under the Bank Merger
Act, the Federal Reserve Act, and the International Bank-




ing Act, can also be found at www.federalreserve.gov/
boarddocs/legaldevelopments/ordersother/.
• Applications approved under the Bank Holding Company
Act, the Bank Merger Act, the Federal Reserve Act, and
the International Banking Act are listed in the Board's
weekly H.2 release "Actions of the Board, Its Staff, and
the Federal Reserve Banks; Applications and Reports
Received," which is available in paper copies by subscription from Publications Fulfillment and on the
Board's web site at www.federalreserve.gov/releases/h2.
• Enforcement actions are issued as press releases. Actions
since 1997 are available at www.federalreserve.gov/
boarddocs/press/enforcement/2003/; actions since 1989
can be located by going to "Enforcement Actions" from
the Banking and Information and Regulation page at
www.federalreserve.gov/boarddocs/enforcement/.
Paper copies of these documents are also available
upon request from the Board's Freedom of Information
Office. Requests may be submitted by facsimile (202-8727565); online at www.federalreserve.gov/generalinfo/foia/
request.cfm; or by mail to the Secretary, Board of Governors of the Federal Reserve System, Freedom of
Information Office, Washington, DC 20551.
Pending cases are listed in the Board's Annual Report
in the "Litigation" chapter and on the web site at
www.federalreserve.gov/boarddocs/legaldevelopments/
cases.htm.
Because it is available elsewhere in a more timely fashion, much of the material currently being published in the
Legal Developments section of the Bulletin will no longer
be included in the Bulletin when it becomes a quarterly.
Only Board orders will be included.

A1

Financial and Business Statistics
A3

Federal

GUIDE TO TABLES
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank

A4
A5
A6

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

A7
A8
A9

Credit

Federal

A25 Federal debt subject to statutory limitation
A25 Gross public debt of U.S. Treasury—
Types and ownership
A26 U.S. government securities
dealers—Transactions
A27 U.S. government securities dealers—
Positions and financing
A28 Federal and federally sponsored credit
agencies—Debt outstanding
Securities

Instruments

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

Banks

A10 Condition and Federal Reserve note statements
A l l Maturity distribution of loans and securities
and Credit

Aggregates

A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock measures
Commercial
Assets and
A15
A16
A17
A19
A20

Banking
Liabilities

Institutions—

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

Markets

and Corporate

Finance

A29 New security issues—Tax-exempt state and local
governments and U.S. corporations
A30 Open-end investment companies—Net sales
and assets
A30 Domestic finance companies—Assets and liabilities
A31 Domestic finance companies—Owned and managed
receivables
Real

Monetary

Finance

Estate

A3 2 Mortgage markets—New homes
A3 3 Mortgage debt outstanding
Consumer

Credit

A34 Total outstanding
A34 Terms
Flow of
A35
A37
A38
A39

Funds

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

Markets

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




DOMESTIC NONFINANCIAL
Selected

STATISTICS

Measures

A40 Output, capacity, and capacity utilization
A42 Industrial production—Indexes and gross value

31

Federal Reserve Bulletin • November 2003

INTERNATIONAL
Summary

STATISTICS

Interest and Exchange
A56 Foreign exchange rates

Statistics

A44 U.S. international transactions
A44 U.S. reserve assets
A45 Foreign official assets held at Federal Reserve
Banks
A45 Selected U.S. liabilities to foreign official
institutions
Reported
A45
A46
A48
A49

by Banks in the United

States

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners

A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
A70 INDEX TO STATISTICAL TABLES
All

BOARD

Business
States

A50 Liabilities to unaffiliated foreigners
A52 Claims on unaffiliated foreigners
Holdings

and

Transactions

A54 Foreign transactions in securities
A55 Marketable U.S. Treasury bonds and
notes—Foreign transactions




OF GOVERNORS

A 7 4 FEDERAL

A 7 6 FEDERAL

AND

OPEN MARKET

STAFF; ADVISORY

A 7 8 MAPS
Reported by Nonbanking
Enterprises in the United

Securities

Rates

RESERVE

COMMITTEE

AND

COUNCILS
BOARD

OF THE FEDERAL

A 8 0 FEDERAL RESERVE
AND OFFICES

STAFF

PUBLICATIONS

RESERVE

BANKS,

SYSTEM

BRANCHES,

A3

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

*

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

Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
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

G-7
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 Seven
Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs

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




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

A4
1.10

DomesticNonfinancialStatistics • November 2003
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted 1
2002

2003

2003

Monetary or credit aggregate
Q3

Q4

-2.2
-4.9
-3.7
6.9

1.0
-1.4
1.9
5.1

11.3
11.4
12.8
7.6

6.7
8.1
6.2
5.9

3.0
8.8
7.2

4.9
7.0
7.8

7.5
6.4
5.6

10.4
3.6

7.6
9.5

6.0
3.9

20.1
^1.0
.5

16.8
-7.4
-5.6

13.6
-7.1
-4.5

20.6
-10.5
-2.6

20.0
-6.0
11.9

.9
-.7
28.7
-3.5

Q2

Apr.

May

June

-4.9
-1.9
-5.1
5.3

5.3
2.8
4.5
5.1

53.0
48.0
49.9
3.4

31.7
31.1'
32.7
.6

64.7
14.8
59.4
9.7

9.2
8.4
6.3'

.4
4.6
2.5'

20.3
17.8
12.9r

13.3
9.5
9.1'

5.3
9.6
22.0

7.0
7.9
3.2

8.2
1.8r

5.8
-2.2 r

17.1
2.2r

8.5
8.2'

10.8
49.4'

8.1
-7.0

16.5
-8.6
2.1

17.7
-8.5
-1.0

23.5
-10.2
7.0

21.5
-10.9
-6.6

28.1
-19.1
153.1'

18.9
-16.8
-2.5

21.9
-6.6
8.9

24.6
-9.0
-2.1

19.1
-7.3
2.0

40.5
-11.8
-10.2

13.2
-13.2
11.3

21.4
-14.6
34.6

22.2
-16.8
15.8

-6.3
2.1

-10.0
-4.9

-8.2
-14.7

-20.1
-22.4

9.1
-20.1

-7.9
20.3

-15.0
42.1

-9.0
-19.6

47.7
28.9

31.4
19.2

27.8
32.1R

23.8
37. l r

19.3
62.3r

6.3
-1.8'

-57.9
29.2'

-8.5
29.4

QI

July

Aug.

1

1
2
3
4

Reserves of depository institutions
Total
Required
Nonborrowed
Monetary base3

Concepts of money*
5 Ml
6 M2
7 M3
Nontransaction components
8 In M25
9 In M3 only6
Time and savings deposits
Commercial banks
Savings, including MMDAs
Small time7
Large time8-9
Thrift institutions
13
Savings, including MMDAs
14
Small time7
15
Large time8

10
11
12

Money market mutual funds
16 Retail
17 Institution-only
Repurchase agreements and eurodollars
18 Repurchase agreements10
19 Eurodollars10

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 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
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.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
7. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRA and Keogh account balances at commercial banks and thrift institutions
are subtracted from small time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
10. Includes both overnight and term.

Money Stock and Bank Credit
1.11

RESERVE BALANCES OF DEPOSITORY

A5

INSTITUTIONS1

Millions of dollars

Factor

Average of
daily figures

Average of daily figures for week ending on date indicated

2003

2003

Aug.

Aug.

Aug.

Aug.

June

July

Aug.

July 16

July 23

July 30

715,547
651,774
651,764
238,596
398,853
12,814
1,500
10
25,074
174
100
0
74
-166
38,692
11,044
2,200
35,022

716,576
652,630
652,620
239,480
398,853
12,814
1,473
10
24,153
114
5
0
109
147
39,532
11,044
2,200
35,104 R

718,212
653,374
653,364
240,227
398,853
12,814
1,470
10
25,774
330
168
15
147
346
38,387
11,043
2,200
35,171

715,469
652,538
652,528
239,385
398,853
12,814
1,475
10
22,893
114
6
1
107
452
39,472
11,044
2,200
35,097'

716,706
652,764
652,754
239,616
398,853
12,814
1,470
10
24,250
119
4
0
115
42
39,531
11,044
2,200
35,113'

713,382
652,843
652,833
239,701
398,853
12,814
1,465
10
20,857
126
1
0
125
-477
40,033
11,044
2,200
35,129'

715,976
652,996
652,986
239,855
398,853
12,814
1,464
10
22,500
154
21
0
133
470
39,856
11,043
2,200
35,145

711,824
653,072
653,062
239,927
398,853
12,814
1,467
10
17,679
145
7
0
138
595
40,334
11,043
2.200
35,159

726,539
653,446
653,436
240,298
398,853
12,814
1,471
10
34,071
937
719
66
152
842
37,243
11,043
2,200
35,173

715,403
653,644
653,634
240,492
398,853
12,814
1,474
10
24,607
157
1
0
156
160
36,834
11,043
2,200
35,187

691,893
22,038
21,530
508
375

694,590'
20,180
20,180
0
334

695,339
19,541
19,541
0
354

694,526'
20,067
20,067
0
327

692,719'
19,677
19,677
0
330

692,566'
19,916
19,916
0
343

694,304
18,946
18,946
0
365

694,979
19,563
19,563
0
369

694,709
20,106
20,106
0
355

694,738
19,223
19,223
0
338

18,169
6.747
157
11,028
10,832
196
237
20,170
11,168

17,943
6,213
224
11,192
10,864
327
315
19,956
11,921

17,322
5.599
151
11,280
10,909
372
292
20,112
13,958

17,957
6,479
109
11,062
10,863
199
307
19,878
11,054

18,098
6,067
124
11,401
10,863
538
506
20,000
14,238

18,005
6,205
259
11,290
10,896
394
251
20,228
10,696

17,399
5,639
177
11,288
10,898
390
294
19,850
13,500

17,205
5,611
149
11,157
10,912
245
287
20,190
7,919

17,518
5,644
238
11,331
10,912
419
304
20,304
21,963

17,612
5,974
86
11,246
10,910
337
306
19,997
11,924

6

13

20

27

SUPPLYING RESERVE FUNDS
1
2
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
ABSORBING RESERVE FUNDS

19
20
21
22
23
24
25
26
27
28
29
3(1
31
32

Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . . . .

End-of-month figures

Wednesday figures

June

July

Aug.

July 16

July 23

July 30

Aug.

722,933
652,128
652,118
238,965
398,853
12,814
1,485
10
31,750
768
686
0
82
-525
38,812
11,044
2,200
35,065

721,467
652,913
652,903
239,773
398,853
12,814
1,462
10
29,000
145
11
0
133
-195
39,605
11,043
2,200
35,145 R

726,172
653,909
653,899
240,754
398,853
12,814
1,478
10
35,000
158
0
0
158
-265
37,371
11,043
2,200
35,201

716,149
652,700
652,690
239,550
398,853
12,814
1,473
10
24,000
121
8
0
113
97
39,230
11,044
2,200
35,097'

724,764
652,837
652,827
239,692
398,853
12,814
1,468
10
32,000
118
1
0
118
-32
39,841
11,044
2,200
35,113'

718,066
652,866
652,856
239,726
398,853
12,814
1,463
10
26,250
141
5
0
137
-1,187
39,996
11,043
2,200
35,129'

711,908
653,034
653,024
239,892
398,853
12,814
1,465
10
18,250
143
3
0
140
429
40,053
11,043
2,200
35,145

715,472
653,288
653,278
240,142
398,853
12,814
1,469
10
19,000
164
16
0
148
2,583
40,438
11,043
2,200
35,159

730,576
653,526
653,516
240,376
398,853
12,814
1,472
10
39,500
262
105
0
157
499
36,789
11,043
2,200
35,173

718,942
653,681
653,671
240,528
398,853
12,814
1,476
10
29,000
161
2
0
159
-458
36,558
11,043
2,200
35,187

693,315
22,080
22,080
0
365

694,073R
19,827
19,827
0
364

700,102
20,190
20,190
0
335

694,752'
20,346
20,346
0
329

693,632'
19,672
19,672
0
339

694,586'
19,316
19,316
0
364

696,134
19,062
19,062
0
371

695,930
19,138
19,138
0
358

695,668
20,344
20,344
0
338

697,386
19,119
19,119
0
335

19,222
6,939
898
11,136
10,838
297
249
19,898
16,364

18,219
6,356
318
ll,288R
10,898
390
258
19,674
17,696'

16,350
4,589
81
11,455
10,912
543
225
20,251
17,387

17,233
5,724
128
11,062
10,863
199
318
19,649
12,180

18,014
6,058
134
11,400
10,862
538
423
20,085
21,380

18,561
6,174
852
11,290
10,896
394
246
19,745
13,866

18,135
6,400
141
11,288
10,898
390
307
19,872
6,722

17,683
5,720
525
11,157
10,912
245
281
20,043
10,722

18,246
6,533
81
11,331
10,912
419
301
19,884
24,511

17,050
5.441
81
11,246
10,910
337
282
19,912
13,570

6

Aug.

13

Aug.

20

Aug.

27

SUPPLYING RESERVE FUNDS
1
2
3
4
6
7
8
9
10
11
12
13
14
15
16
17
18

Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
ABSORBING RESERVE FUNDS

19
20
21
22
23
24
25
26
27
28
29
30
31
32

Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . . . .

1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.




5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
7. Excludes required clearing balances and adjustments to compensate for float.

A6
1.12

DomesticNonfinancialStatistics • November 2003
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

2

Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment

2000

2001

2002

Dec.

Dec.

Dec.

7,022
45,246
31,451
13,795
38,473
37,046
1,427
210

9.053
43,918
32,024
11,894
41,077
39,428
1,649
67

9,926
43,368
30,347
13,021
40,274
38,264
2,009
80

111
99

33
34

45
35

2003
Feb.
9,860
45,942
32,079
13,863
41,939
39,973
1,965
25
21
0
5

Mar.

Apr.

9,840
43,088
30,757
12,331
40,597
38,961
1,636
22
14
0
8

10,598
41,991
30,574
11,417
41,172
39,640
1,532
29
8
0
21

May
11,405
41,636
30,395
11,241
41,801
40,182
1,619
55
3
0
53

June
11,297
41,961
30,574
11,386
41,872
40,018
1,854
161
87
0
74

July

Aug.
r

12,157
42,657
31,437r
11,220
43,594r
41,671'
1,924r
130
21
0
110

14,107
43,034
31,989
11,046
46,096
42,322
3,773
329
168
15
146

Biweekly averages of daily figures for two-week periods ending on dates indicated
2003

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
Primary
Secondary
Seasonal
Adjustment

Apr. 30

May 14

May 28

June 11

June 25

July 9

July 23

Aug. 6r

Aug. 20

Sept. 3

11,852
42,024
31,136
10,889
42,987
41,436
1,551
29
2
0
27

9,772
41,432
29,696
11,736
39,468
37,924
1,543
51
3
0
48

13,116
41,968
31,211
10,758
44,326
42,712
1,614
58
2
0
56

11,050
41,040
29,854
11,186
40,904
38,909
1,994
69
7
0
63

11,437
42,303
30,798
11,505
42,235
40,631
1,604
241
163
0
78

11,453
43,030
31,534
11,497
42,986
40,744
2,242
144
54
0
90

12,644
41,789
30,545
11,244
43,189
41,601
1,588
117
5
1
111

12,099
43,758
32,890
10,869
44,988
42,836
2,152
140
11
0
129

14,940
43,490
31,553
11,937
46,493
40,806
5,687
541
363
33
145

14,142
42,060
32,052
10,007
46,194
43,973
2,221
162
5
0
157

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).

Policy Instruments
1.14

A7

FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit1

Federal Reserve
Bank

Secondary credit2

On
10/17/03

Seasonal credit-

On
10/17/03

On
10/17/03

Boston
New York . . .
Philadelphia .
Cleveland . . .
Richmond . . .
Atlanta

6/25/03
6/25/03
6/26/03
6/26/03
6/26/03
6/26/03

6/25/03
6/25/03
6/26/03
6/26/03
6/26/03
6/26/03

Chicago
St. Louis
Minneapolis .
Kansas City .
Dallas
San Francisco

6/26/03
6/26/03
6/26/03
6/25/03
6/26/03
6/25/03

6/26/03
6/26/03
6/26/03
6/25/03
6/26/03
6/25/03
Range of rates for primary credit

Effective date

In effect Jan. 9, 2003
(beginning of program)
2003—June 25
26
In effect October 17, 2003

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2.25

2.25

2.00-2.25
2.00

2.00
2.00

2.00

2.00

Effective date

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

2002—Nov. 6 . . .

0.75-1.25
0.75

0.75
0.75

In effect Jan. 8, 2003
(end of program)

0.75

0.75

Effective date

Range of rates for adjustment credit in recent years4

In effect Dec. 31, 1995

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31 . . .
Feb. 3 . . .

5.00-5.25
5.00

5.00
5.00

1998—Oct. 15

4.75-5.00
4.75
4.50-4.75
4.50

4.75
4.75
4.50
4.50

4.50-4.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

16

...

Nov. 17 . . .
19 . . .
1999—Aug. 24 . . .
26 . . .
Nov. 16 . . .
18

...

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
2001—May

3
4
5
31
1
20
21
18
20
15
17

1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. 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




Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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
3.50-4.00
3.50

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8

...
...
. . .
...
. ..
.. .
...
...
...
...

Dec. 11 . . .
13 . . .

1 ...

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.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914-1941, and 1941-1970; and the Statistical Digest, 1970-1979, 1980-1989, and
1990-1995. See also the Board's Statistics: Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).

A8
1.15

DomesticNonfinancialStatistics • November 2003
RESERVE REQUIREMENTS OF DEPOSITORY

INSTITUTIONS1
Requirement

Type of deposit

Net transaction accounts2
1 $0 million-$6.6 million3
2 More than $6.6 million-$45.4 million
3 More than $45.4 million5

12/25/03
12/25/03
12/25/03

4 Nonpersonal time deposits6

12/27/90

5 Eurocurrency liabilities7

12/27/90

1. Required reserves must be held in the form of deposits with Federal Reserve Banks or
vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve
Bank indirectly, on a pass-through basis, with certain approved institutions. For previous
reserve requirements, see earlier editions of the Annual Report or the Federal Reserve
Bulletin. Under the Monetary Control Act of 1980. depository institutions include commercial
banks, savings banks, savings and loan associations, credit unions, agencies and branches of
foreign banks, and Edge Act corporations.
2. Transaction accounts include all deposits against which the account holder is permitted
to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit no more than six
preauthorized, automatic, or other transfers per month (of which no more than three may be
by check, draft, debit card, or similar order payable directly to third parties) are savings
deposits, not transaction accounts.
3. Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the
amount of reservable liabilities subject to a zero percent reserve requirement each year for the
succeeding calendar year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis as of June 30. No
corresponding adjustment is made in the event of a decrease. The exemption applies only to
accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 25. 2003, for depository institutions that report
weekly, and with the period beginning January 15, 2004, for institutions that report quarterly,
the exemption was raised from $6.0 million to $6.6 million.




4. The Monetary Control Act of 1980 requires that the amount of transaction accounts
against which the 3 percent reserve requirement applies be modified annually by 80 percent of
the percentage change in transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance period beginning
December 25, 2003, for depository institutions that report weekly, and with the period
beginning January 15, 2004, for institutions that report quarterly, the amount was increased
from $42.1 million to $45.4 million.
5. The reserve requirement was reduced from 12 percent to 10 percent on April 2, 1992,
for institutions that report weekly, and on April 16, 1992, for institutions that report quarterly.
6. For institutions that report weekly, the reserve requirement on nonpersonal time deposits
with an original maturity of less than 1.5 years was reduced from 3 percent to 1.5 percent for
the maintenance period that began December 13, 1990, and to zero for the maintenance
period that began December 27, 1990. For institutions that report quarterly, the reserve
requirement on nonpersonal time deposits with an original maturity of less than 1.5 years was
reduced from 3 percent to zero on January 17, 1991.
The reserve requirement on nonpersonal time deposits with an original maturity of 1.5
years or more has been zero since October 6, 1983.
7. 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
2003
Type of transaction
and maturity

2000

2001

2002
Jan.

Feb.

Mar.

Apr.

May

June

July

1,684
0
76,354
76,354
0

1,032
0
60,706
60,706
0

808
0
68,544
68,544
0

U.S. TREASURY SECURITIES 2

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Outright 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

26 Net change in U.S. Treasury securities

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

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

21,421
0
657,931
657,931
0

0
0
71,075
71,075
0

4,161
0
53,860
53,860
0

1,863
0
47,424
47,424
0

3,543
0
51,834
51,834
0

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

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

12,720
0
89,108
-92,075
0

0
0
6,216
-6,834
0

478
0
3,214
-13,313
0

1,318
0
8,334
-8,211
0

1,422
0
8,333
-7,293
0

786
0
7,228
-6,999
0

0
0
7,531
-6,700
0

0
0
6,662
-4,996
0

14,482
0
-52,068
46,177

22,814
0
-45,211
64,519

12,748
0
-73,093
88,276

0
0
-6,216
6,834

2,127
0
2,160
11,817

710
0
-8,334
8,211

733
0
-8,333
7,293

1,057
0
-1,513
6,747

0
0
-7,531
6,700

0
0
-6,662
4,996

5,871
0
-6,801
6,585

6,003
0
-21,063
6,063

5,074
0
-11,588
3,800

0
0

769
0
-3,877
1,497

522
0
0
0

0
0
0
0

234
0
-5,463
252

0
0
0
0

0
0
0
0

5,833
0
-3,155
1,894

8,531
0
-4,062
1,423

2,280
0
-4,427
0

0

0
0
-1,497
0

50
0
0

0
0
0

0
0
-252

0
0

0
0

0

0

0

0
0

0
0
0
0

43,670
0
28,301

68,513
0
26,897

54,242
0
0

0
0
0

7,534
0
0

4,463
0
0

5,699
0
0

3,761
0
0

1,032
0
0

808
0
0

15,369

41,616

54,242

0

7,534

4,463

5,699

3,761

1,032

808

0

0
0

0

0

0
0
0

0
0

0

0
0
0

0

0

0

0

0
0
0

0

0
0

FEDERAL AGENCY OBLIGATIONS

Outright transactions
27 Gross purchases
28 Gross sales
29 Redemptions
30 Net change in federal agency obligations

0

0
0

0
51

120

0
0

0

-51

-120

0

0

0

0

0

0

0

0

890,236
987,501

1,497,713
1,490,838

1,143,126
1,153,876

135,749
150,499

121,896
119,746

95,001
90,151

112,251
106,500

124,741
132,002

90,500
88,990

145,750
148,500

4,415,905
4,397,835

4,722,667
4,724,743

4,981,624
4,958,437

0
0

0
0

0
0

0
0

0
0

0

0

0

0

0
0

0
0

231,272
252,363

392,530
389,810

343,748
343,395

388,069
389,469

451,149
452,545

441,555
443,025

456,652
456,447

445,346
443,093

TEMPORARY TRANSACTIONS

Repurchase agreements3
31 Gross purchases
32 Gross sales
Matched sale-purchase agreements
33 Gross purchases
34 Gross sales
Reverse repurchase agreements4
35 Gross purchases
36 Gross sales
37 Net change in temporary transactions

-79,195

4,800

-8,653

-12,029

2

2,200

2,104

-8,731

-6,535

-497

38 Total net change in System Open Market Account . .

-63,877

46,295

45,589

-12,029

7,537

6,664

7,803

-4,971

-5,504

311

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. Transactions include the rollover of inflation compensation into new securities.




3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.

A10
1.18

DomesticNonfinancialStatistics • November 2003
FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements1

Millions of dollars

Account
July 30

Aug. 6

Wednesday

End of month

2003

2003

Aug. 13

Aug. 20

Aug. 27

June

July

Aug.

Consolidated condition statement
ASSETS

1
2
3
4
5

6
7

8
9
10
11
12
U
14
15
16
17
18

Gold certificate account
Special drawing rights certificate account
Coin
Securities, repurchase agreements, and loans
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Denominated in foreign currencies6
All other7

19 Total assets

11,039
2,200
869
679,257
652,866
652,856
239,726
398,853
12,814
1,463
10
26,250
141
7,843
1,586
38,377
17,707
20.670

11,039
2,200
870
671,427
653,034
653,024
239,892
398,853
12,814
1,465
10
18,250
143
9,337
1,586
38,431
17,717
20,714

11,039
2,200
888
672,451
653.288
653,278
240,142
398,853
12,814
1,469
10
19.000
9,284
1,587
38,805
17,770
21,035

11,039
2,200
897
693,288
653,526
653,516
240,376
398,853
12,814
1,472
10
39,500
262
7,556
1,590
35,154
17,646
17,509

11,039
2,200
887
682,842
653,681
653,671
240,528
398,853
12,814
1,476
10
29,000
161
7,586
1,590
35,389
17,511
17,878

11,040
2,200
942
684,646
652,128
652,118
238,965
398,853
12,814
1,485
10
31,750
768
2,330
1,580
37,195
17,849
19,346

11,039
2,200
878
682,057
652,913
652,903
239,773
398,853
12,814
1,462
10
29,000
145
6,558
1,586
38,004
17,598
20,406

11,039
2,200
881
689,066
653,909
653,899
240,754
398,853
12,814
1,478
10
35,000
158
5,997
1,590
35,729
17,654
18,075

741,172

734,891

736,255

751,724

741,534

739,932

742,321

746,503

660,686
19,316
33,151
25,879
6.174
852
246
8,275
2,151

662,226
19,062
25,188
18,340
6,400
141
307
8,543
2,125

662,014
19,138
27,215
20,690
5,720
525
281
7,844
2,159

661,727
20,344
42,103
35,188
6,533
81
301
7,667
2,162

663,418
19,119
31,731
25,927
5,441
81
282
7,355
2,204

659,552
22,080
35,806
27,720
6,939
898
249
2,596
2,227

660,167
19,827
35,972
29,041
6,356
318
258
6,681
2,143

666,113
20,190
33,793
28,898
4,589
81
225
6,155
2,195

723,578

717,144

718,370

734,003

723,825

722,262

724,789

728,446

8,719
8.363
513

8,721
8,380
646

8,724
8,380
780

8,725
8,380
617

8,748
8,380
580

8,657
8,356
657

8,719
8,327
486

8,750
8,380
927

17,594

17,747

17,884

17,722

17,708

17,670

17,532

18,057

930,019
746,813
183,207
2,534

935,715
753,009
182,707
4,784

937,857
751,156
186,701
2,689

945,863
759,937
185,925
2,196

949,401
761,587
187,814
2,346

945,930
760,406
185,524
4,950

936,251
754,101
182,150
2,390

951,036
765,022
186,013
2,631

164

LIABILITIES

20
21
22
23
24
25
26
27
28

Federal Reserve notes, net of F.R. Bank holdings
Reverse repurchase agreements*
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9

29 Total liabilities
CAPITAL ACCOUNTS

30 Capital paid in
31 Surplus
32 Other capital accounts
33 Total capital
MEMO

34 Marketable securities held in custody for foreign official
and international accounts 310
35
U.S. Treasury
36
Federal agency
37 Securities lent to dealers

Federal Reserve notes and collateral statement
38 Federal Reserve notes outstanding
39
Less: Notes held by F.R. Banks not
subject to collateralization
40
Federal Reserve notes to be collateralized
41 Collateral held against Federal Reserve notes
42
Gold certificate account
43
Special drawing rights certificate account
44
U.S. Treasury and agency securities pledged1'
45
Other eligible assets

774,095

775,502

777,982

779,566

780,878

766,845

774,672

780,991

108,713
665.381
665.381
11.039
2,200
652,142
0

108,511
666,991
666,991
11,039
2,200
652,217
1,534

111,177
666,805
666,805
11.039
2,200
653,145
420

113,140
666,426
666,426
11,039
2,200
653,187
0

112,697
668,181
668,181
11,039
2,200
654,942
0

102,691
664,155
664,155
11,040
2,200
650,915
0

109,856
664,816
664,816
11,039
2,200
651,577
0

110,234
670,757
670,757
11,039
2,200
657,518
0

679,116

671,284

672,288

693,026

682,681

683,878

681,913

688,909

19.321

19,067

19,142

20,349

19,124

22,086

19,831

20,198

659,795

652,217

653,145

672,677

663,558

661,792

662,081

668,711

MEMO

46 Total U.S. Treasury and agency securities'1
47
Less: face value of securities under reverse repurchase
agreements12
48 U.S. Treasury and agency securities eligible
to be pledged

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. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.




7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market
exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.

Federal Reserve Banks
1.19

FEDERAL RESERVE BANKS

All

Maturity Distribution of Loans and Securities

Millions of dollars

Type of holding and maturity
July 30

Aug. 6

Wednesday

End of month

2003

2003

Aug. 13

Aug. 20

Aug. 27

June

July

Aug.

1 Total loans

141

143

164

262

161

768

145

158

2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year

116
25
0

37
106
0

40
123
0

261
1
0

138
23
0

752
16
0

99
45
0

109
48
0

652,856

653,024

653,278

653,516

653,671

652,118

652,903

653,899

46,048
141,180
159,660
179,349
46,654
79,965

51,281
137,369
161,900
177,684
44,824
79,966

52,151
136,584
162,065
177,685
44,825
79,967

49,409
135,851
160,914
180,032
50,383
76,928

50,191
135,304
160,830
180,033
50,384
76,929

27,419
153,840
157,337
186,886
46,661
79,974

36,979
134,047
172,745
184,345
44,823
79,965

35,599
138,773
172,179
180,033
50,384
76,930

12 Total federal agency securities

10

10

10

10

10

10

10

10

13
14
15
16
17
18

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
0

5 Total U.S. Treasury securities'
6
7
8
9
10
11

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

19 Total repurchase agreements 2

26,250

18,250

19,000

39,500

29,000

31,750

29,000

35,000

20 Within 15 days
21 16 days to 90 days

24,250
2,000

15.250
3,000

14,000
5,000

32,500
7,000

24,000
5,000

23,750
8,000

24,000
5,000

26,000
9,000

22 Total reverse repurchase agreements 2

19,316

19,062

19,138

20,344

19,119

22,080

19,827

20,190

23 Within 15 days
24 16 days to 90 days

19,316
0

19,062
0

19,138
0

20,344
0

19,119
0

22,080
0

19,827
0

20,190
0

Note. Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.




2. Cash value of agreements classified by remaining maturity of the agreements.

A12
1.20

DomesticNonfinancialStatistics • November 2003
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily

figures
2003

Item

1999
Dec.

2000
Dec.

2001
Dec.

2002
Dec.
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

40.81
40.78
39.27
698.23

40.99
40.93
39.37
701.18

42.80
42.63
40.94
703.17

43.93
43.80
42.00'
703.53

46.29
45.97
42.52
709.21

Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

41.81
41.49
40.51
593.16

38.54
38.33
37.11
584.77

41.24
41.18
39.60
635.62

40.22
40.14
38.21
681.90

40.73
40.70
39.02
685.72

40.82
40.80
38.86
691.31

40.97
40.95
39.34
695.14

Not seasonally adjusted
5
6
7
8

Total reserves6
Nonborrowed reserves
Required reserves7
Monetary base8

41.89
41.57
40.59
600.72

38.53
38.32
37.10
590.06

41.20
41.13
39.55
639.91

40.13
40.05
38.12
686.23

42.85
42.83
41.15
688.33

41.94
41.91
39.97
690.25

40.60
40.57
38.96
693.91

41.16
41.14
39.63
697.83

41.79
41.73
40.17
701.58

41.86
41.70
40.00
703.33

43.58
43.44r
41.65'
705.80

46.07
45.74
42.30
709.18

41.65
41.33
40.36
608.02
1.30
.32

38.47
38.26
37.05
596.98
1.43
.21

41.08
41.01
39.43
648.74
1.65
.07

40.27
40.19
38.26
697.15
2.01
.08

42.87
42.84
41.16
699.25
1.71
.03

41.94
41.91
39.97
701.04
1.97
.03

40.60
40.58
38.96
705.04
1.64
.02

41.17
41.14
39.64
709.10
1.53
.03

41.80
41.75
40.18
712.76
1.62
.06

41.87
41.71
40.02
714.36
1.85
.16

43.59'
43.46'
41.67'
717.01
1.92
.13

46.10
45.77
42.32
720.49
3.77
.33

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS'

9
10
11
12
13
14

Total reserves10
Nonborrowed reserves
Required reserves
Monetary base"
Excess reserves12
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. The seasonally adjusted, break-adjusted monetary base consists of (I) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).
7. 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).
8. 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.
9. 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.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. 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.
12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).

Monetary and Credit Aggregates
1.21

A13

MONEY STOCK MEASURES 1
Billions of dollars, averages of daily figures
2003
1999
Dec.

2000
Dec.

2001
Dec.

2002
Dec.
May

June

July

Aug.

Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3

1,121.4
4,649.7
6,534.9

1,084.7
4,931.5
7,099.4

1.172.9
5,444.6
8,004.5

1,210.4
5,791.8
8,522.7

1,258.3
5,996.2
8,706. r

1,272.2
6,043.6
8,772.1'

1,277.8
6,092.1
8,932.9'

1,285.3
6,132.2
8,956.7

517.7
8.3
352.1
243.4

531.5
8.0
306.9
238.2

581.9
7.8
326.1
257.2

627.3
7.5
297.1
278.5

645.8
7.5
315.4
289.6

646.5
7.9
322.5
295.3

646.2
8.2
322.5
300.9

649.2
8.0
321.9
306.2

3,528.3
1,885.1

3,846.8
2,167.9

4,271.7
2,559.9

4,581.4
2,730.9

4,737.9
2,709.9'

4.771.4
2,728.5'

4,814.3
2,840.9'

4,846.9
2,824.4

Commercial banks
10 Savings deposits, including MMDAs
11 Small time deposits9
12 Large time deposits10-11

1,288.8
634.6
652.2

1,422.9
699.5
718.3

1,734.6
634.2
671.1

2,047.9
591.0
676.6

2,188.4
571.6
691.1

2.227.6
566.4
687.3

2,279.8
557.4
775.0'

2,315.8
549.6
773.4

Thrift institutions
13 Savings deposits, including MMDAs
14 Small time deposits9
15 Large time deposits10

452.0
319.5
91.9

454.3
344.8
103.0

572.4
339.1
114.9

714.5
302.2
117.3

793.3
291.7
116.9

802.0
288.5
118.0

816.3
285.0
121.4

831.4
281.0
123.0

Monex market mutual funds
l(S Retail
17 Institution-only

833.4
634.8

925.4
788.8

991.5
1,190.3

925.9
1,234.5

892.8
1,124.8

886.9
1,143.8

875.8
1,183.9

869.2
1,164.6

Repurchase agreements and eurodollars
18 Repurchase agreements12
19 Eurodollars12

335.7
170.5

363.5
194.3

375.0
208.6

474.6
227.9

517.5
259.5'

520.2
259.1'

495.1
265.4'

491.6
271.9

MI components
4 Currency'
Travelers checks4
6 Demand deposits5
7 Other checkable deposits6
Nontransaction components
8 In M27
9 In M3 only8

Not seasonally adjusted
Measures2
20 Ml
21 M2
22 M3

1,147.8
4,676.8
6,577.5

1,112.1
4,966.9
7,154.0

1,202.9
5,487.6
8,076.3

1,240.3
5,841.1
8,600.3

1,251.8
5,961.6
8,681.8'

1,269.4
6,012.6
8,741.1'

1,274.2
6.058.1
8.874.3'

1,279.2
6,111.5
8,906.7

521.7
8.4
371.7
246.0

535.6
8.1
326.7
241.6

585.4
7.9
348.1
261.5

630.6
7.7
317.5
284.5

646.5
7.5
308.0
289.7

647.7
7.7
318.8
295.2

648.7
7.8
319.9
297.8

650.4
7.8
320.9
300.0

Nontransaction components
27 In Mi
28 In M3 only8

3,529.0
1,900.7

3,854.8
2,187.1

4,284.6
2,588.7

4,600.8
2,759.2

4,709.8
2,720.3'

4,743.3
2,728.5'

4,783.8
2.816.2'

4,832.3
2,795.2

Commercial hanks
29 Savings deposits, including MMDAs
30 Small time deposits9
31 Large time deposits10 "

1,288.7
635.6
653.6

1,427.5
700.6
718.5

1,742.4
635.1
670.0

2,060.4
591.7
675.0

2,177.5
571.0
696.9

2,217.5
565.8
691.8'

2,263.9
557.2
774.9'

2,307.3
549.9
772.2

Thrift institutions
32 Savings deposits, including MMDAs
33 Small time deposits9
34 Large time deposits'"

451.9
320.0
92.1

455.8
345.4
103.0

575.0
339.6
114.7

718.9
302.5
117.0

789.4
291.3
117.9

798.3
288.1
118.8

810.7
284.9
121.4

828.4
281.1
122.8

Money market mutual funds
35 Retail
36 Institution-only

832.7
648.6

925.5
806.1

992.5
1,218.3

927.4
1,262.3

880.6
1,118.9

873.5
1,131.0

867.2
1,161.6

865.6
1,144.1

Repurchase agreements and eurodollars
37 Repurchase agreements'2
38 Eurodollars'2

334.7
171.7

364.2
195.2

376.5
209.1

476.4
228.5

525.0
261.5'

529.5
257.4'

496.6
261.8'

488.1
267.9

23
24
25
26

MI components
Currency1
Travelers checks4
Demand deposits5
Other checkable deposits6

Footnotes appear on following page.




A14

DomesticNonfinancialStatistics • November 2003

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 is as follows:
Ml: (1) currency outside the US. 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 (ess than $100,000), and (3)
balances in retail money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by summing savings deposits, small-denomination time deposits,
and retail money fund balances, each seasonally adjusted separately, and adding this result to
seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more)
issued by all depository institutions, (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars
(overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and
at all banking offices in the United Kingdom and Canada. Excludes amounts held by deposit-




ory 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.
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 (I) 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
Account

Aug.

2003

2003

2002
Feb.'

Mar.'

Apr.'

May'

June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Seasonally adjusted

1 Bank credit
7
Securities in bank credit
U.S. government securities
4
Other securities
5
Loans and leases in bank credit2 . . . .
6
Commercial and industrial
Real estate
7
8
Revolving home equity
9
Other
10
Consumer
11
Security3
17
Other loans and leases
n Interbank loans
14 Cash assets4
15 Other assets5

5,661.4
1,629.5
943.7
685.8
4,031.9
978.4'
1,903.7'
197.3
1,706.4'
574.3
176.9
398.5
304.1
320.3
504.2

5,962.1
1,754.1
1.059.4
694.7
4,208.0
953.4
2,079.9
222.7
1,857.2
591.8
181.3
401.6
304.2
318.3
535.2

5,992.5
1,766.1
1,072.2
693.9
4,226.4
947.8
2,095.0
230.5
1,864.5
586.9
193.6
403.1
313.1
323.6
525.0

6,027.0
1,778.7
1,104.4
674.3
4,248.3
946.9
2,111.1
234.7
1,876.4
584.6
190.6
415.1
304.4
319.7
528.7

6,134.1
1,837.4
1,135.2
702.2
4,296.7
938.8
2,133.9
238.2
1,895.7
589.9
210.3
423.8
316.3
318.3
546.1

6,195.8
1,862.3
1,151.4
710.9
4,333.5
927.0
2,156.7
244.5
1,912.2
595.8
212.2
441.9
319.7
331.4
549.6

6,237.1
1,817.4
1,114.9
702.5
4,419.7
930.3
2,194.6
248.7
1,945.9
596.2
214.8
483.8
321.1
336.4
555.2

6,223.3
1,775.0
1,076.4
698.5
4,448.3
922.4
2,239.8
253.1
1,986.7
596.9
207.0
482.2
326.1
343.8
568.3

6,252.8
1,800.5
1,107.1
693.5
4,452.3
923.7
2,242.0
251.3
1,990.7
594.5
210.7
481.5
333.1
334.1
573.7

6,230.4
1,764.2
1,062.9
701.3
4,466.2
921.7
2,237.6
252.2
1,985.4
595.7
226.2
485.1
334.4
338.0
575.6

6,203.3
1,771.4
1,065.6
705.8
4,431.9
921.6
2,234.3
253.3
1,981.0
597.7
194.9
483.2
325.7
345.4
568.3

6,208.0
1,767.8
1,071.5
696.4
4,440.2
923.9
2,234.7
254.1
1,980.6
597.9
201.3
482.5
323.2
350.5
552.0

16 Total assets 6

6,714.9

7,043.3

7,077.7

7,104.6

7,239.4

7,321.2

7,374.6

7,385.4

7,418.5

7,402.2

7,366.3

7,357.6

4,462.5
598.6
3,863.9
1,046.6
2,817.3
1,290.6
403.7
886.8
87.3'
430.3

4,535.3
613.7
3,921.6
995.2
2,926.4
1,368.7
388.1
980.6
144.3
455.4

4,585.6
619.4
3,966.3
1,001.6
2,964.7
1,389.8
397.3
992.6
135.8
449.8

4,612.6
632.4
3,980.2
985.5
2,994.7
1,396.7
397.1
999.6
139.3
455.0

4,643.4
634.1
4,009.3
999.2
3,010.2
1,438.2
389.8
1,048.4
146.5
479.0

4,702.4
639.3
4,063.1
1,003.3
3,059.8
1,478.1
408.6
1,069.5
126.4
489.3

4,748.0
655.3
4,092.7
1,020.9
3,071.8
1,515.0
410.9
1,104.0
143.0
458.6

4,799.6
655.1
4,144.5
1,031.6
3,112.9
1,517.9
416.4
1,101.5
126.8
448.5

4,797.1
625.7
4,171.4
1,040.9
3,130.5
1,559.8
428.3
1,131.4
120.5
449.8

4,828.0
648.4
4,179.6
1,034.8
3,144.8
1,532.4
418.4
1,114.0
99.5
455.4

4,779.2
664.3
4,114.9
1,027.4
3,087.4
1,496.0
416.1
1,079.8
144.2
446.5

4,784.2
695.6
4,088.6
1,023.8
3,064.8
1,501.8
411.3
1,090.5
143.1
427.7

6,270.7r

6,503.7

6,561.0

6,603.5

6,707.1

6,796.2

6,864.6

6,892.7

6,927.2

6,915.4

6,865.8

6,856.8

444.2'

539.6

516.7

501.2

532.3

524.9

510.1

492.7

491.3

486.8

500.5

500.8

17
18
19
70
21
22
n
74
75
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)7

Not seasonally adjusted

79
30
31
32
33
34
35
36
37
38
39
40
41
47
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)7
Footnotes appear on p. A21.




5,642.6
1,622.9
940.2
682.7
4,019.7
974.3'
1,903.7'
197.4
1,706.3'
571.0
224.1
346.9
172.4
398.4'
298.2
304.6
501.1

5,965.5
1,763.2
1,065.7
697.5
4,202.2
951.5
2,075.7
223.0
1,852.6
595.0
225.8
369.2
183.0
397.2
301.4
318.8
532.6

5,981.3
1,771.1
1,077.2
693.9
4,210.2
949.2
2,086.0
228.4
1,857.6
584.7
219.6
365.0
189.2
401.2
319.5
312.8
524.1

6,021.6
1,776.5
1,104.3
672.2
4,245.1
950.7
2,107.5
234.4
1,873.1
581.8
215.6
366.2
189.8
415.3
315.5
318.0
528.1

6,128.8
1,835.1
1,133.2
702.0
4,293.7
942.5
2,137.7
239.4
1,898.3
588.7
221.5
367.2
202.6
422.1
312.0
314.7
544.0

6,192.3
1,856.2
1,146.7
709.5
4,336.2
931.0
2,158.0
245.4
1,912.6
592.4
223.2
369.3
210.8
444.0
320.9
322.2
544.2

6,212.2
1,802.1
1,106.8
695.3
4,410.1
931.4
2,193.0
248.7
1,944.3
590.6
219.9
370.7
208.7
486.3
316.6
325.7
553.4

6.203.3
1,767.7
1,072.5
695.2
4,435.6
918.6
2,239.8
253.2
1,986.6
593.2
220.0
373.3
201.7
482.2
320.2
327.2
564.7

6,235.0
1,792.1
1,102.8
689.3
4,442.9
922.7
2,240.5
251.0
1,989.5
588.0
217.0
371.0
207.9
483.7
332.4
319.0
572.7

6,210.2
1,754.5
1,057.1
697.4
4,455.7
918.4
2,240.0
252.3
1,987.8
591.0
218.3
372.7
222.2
484.1
329.7
315.7
572.9

6,180.5
1,762.9
1,061.0
701.8
4,417.7
917.8
2,233.5
253.5
1,980.1
594.7
221.2
373.5
188.5
483.2
320.9
325.9
562.5

6,181.0
1,760.2
1,067.0
693.3
4,420.8
917.2
2,234.4
254.5
1,979.9
596.1
221.2
375.0
194.7
478.4
305.3
323.8
544.2

6,671.3

7,041.4

7,061.0

7,108.0

7,223.9

7,304.1

7,333.0

7,339.3

7,383.6

7,352.2

7,313.4

7,278.1

4,413.8
583.8
3,830.0
1,028.8
2,801.2
1,273.5
399.4
874.1
85.4'
428.8

4,556.2
606.1
3,950.2
1,005.8
2,944.3
1,370.9
391.6
979.3
149.6
461.7

4,592.8
611.0
3,981.8
1,004.3
2,977.4
1,386.2
400.7
985.5
133.9
446.0

4,637.7
638.3
3,999.4
989.9
3,009.5
1,400.8
401.2
999.6
130.2
442.5

4,636.4
623.9
4,012.5
1,002.8
3,009.6
1,443.9
392.2
1,051.8
146.0
478.2

4,691.4
633.9
4,057.6
1,001.4
3,056.2
1,477.2
406.8
1,070.4
123.5
486.1

4,718.6
646.6
4,072.0
1,009.8
3,062.2
1,507.9
407.6
1,100.4
133.6
448.7

4,749.6
638.7
4,110.9
1,015.5
3,095.4
1,497.9
411.9
1,086.1
125.1
446.7

4,771.6
614.8
4,156.8
1,027.5
3,129.3
1,542.7
425.7
1,117.0
111.9
441.2

4,779.6
630.4
4,149.2
1,018.2
3,131.1
1,508.7
413.7
1,095.0
95.3
450.7

4,720.4
644.2
4,076.2
1,010.4
3,065.8
1,477.7
412.9
1,064.8
142.5
444.9

4,698.3
663.4
4,034.9
1,008.1
3,026.8
1,476.5
404.3
1,072.2
148.8
433.3

6,201.4

6,538.4

6,558.9

6,611.2

6,704.5

6,778.3

6,808.9

6,819.4

6,867.5

6,834.3

6,785.4

6,756.9

469.8'

503.0

502.1

496.8

519.3

525.8

524.1

519.9

516.1

517.8

528.0

521.2

A16
1.26

Domestic Financial Statistics • November 2003
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities'—Continued

B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account

2002
Aug.

Wednesday figures

2003
Feb.

Mar.

Apr.'

May'

2003
June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Seasonally adjusted

1
2
i
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5

16 Total assets 6
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)

7

5,041.4'
1,381.4
862.0
519.4
3,660.0'
789.3'
1,884.8'
197.3
1,687.6'
574.3
85.4
326.1
286.2
272.5
476.5'

5,315.2'
1,474.8
942.7
532.0'
3,840.4'
779.3'
2,060.1'
222.7
1,837.4'
591.8'
73.1'
336.0'
277.2
279.6
500.7'

5,329.0
1,482.3'
949.7
532.6
3,846.7
776.2'
2,075.1'
230.5
1,844.6'
586.9
72.2
336.3'
285.8
279.7
495.0'

5,372.0
1,501.4
980.2
521.1
3,870.6
774.7
2,092.1
234.7
1.857.4
584.6
72.4
346.8
282.0
270.0
496.2

5,464.6
1,548.8
1,007.8
541.0
3,915.7
768.4
2,114.6
238.2
1,876.4
589.9
91.4
351.4
291.7
267.3
509.5

5,523.6
1,573.9
1,027.1
546.8
3,949.7
763.7
2,137.3
244.5
1,892.8
595.8
90.3
362.6
289.0
277.1
512.9

5,587.2
1,549.7
1,000.4
549.3
4,037.5
767.6
2,175.2
248.7
1,926.5
596.2
95.9
402.6
288.0
282.4
522.0

5,592.8
1,507.5
969.0
538.5
4,085.2
766.1
2,220.7
253.1
1,967.6
596.9
95.4
406.1
293.7
289.4
532.0

5,618.9
1,541.2
998.3
542.9
4,077.7
765.3
2,222.7
251.3
1.971.4
594.5
95.2
400.1
300.2
280.3
536.4

5,594.8
1,495.6
953.6
542.0
4,099.2
764.6
2,218.3
252.2
1,966.2
595.7
110.3
410.3
306.6
283.7
535.9

5,583.8
1,502.8
959.9
543.0
4,081.0
766.4
2,215.4
253.3
1,962.1
597.7
92.3
409.1
290.7
291.4
529.6

5,573.6
1,498.4
965.8
532.6
4,075.2
768.1
2,215.8
254.1
1,961.7
597.9
87.7
405.7
290.0
296.0
518.9

6,001.9

6,296.6'

6,313.6r

6,345.4

6,458.0

6,527.6

6,605.0

6,632.3

6,661.0

6,645.2

6,619.7

6,602.7

3,964.8
588.5
3,376.3
565.0
2,811.3
1,076.7
382.4
694.3
173.5'
332.7

4,092.5
603.5
3,489.0
583.5
2,905.5
1,093.8
357.0
736.7
222.7
355.8

4,137.2
607.9
3,529.4
583.6
2,945.8
1,096.7
363.6
733.1'
219.6'
355.0

4,178.0
621.2
3,556.8
582.2
2,974.5
1,098.9
369.7
729.2
212.2
364.4

4,210.0
623.3
3,586.7
595.7
2,991.0
1.133.1
358.5
774.6
224.3
372.2

4,259.8
627.9
3,631.9
590.5
3,041.4
1,162.4
373.9
788.5
208.3
375.8

4,294.6
643.8
3,650.8
586.4
3,064.4
1,217.9
374.2
843.8
229.0
349.8

4,344.4
643.3
3,701.1
600.3
3,100.8
1,224.3
382.5
841.7
230.3
332.4

4,337.2
614.6
3,722.6
601.8
3,120.8
1,251.5
394.7
856.8
225.2
342.9

4,366.9
636.9
3,730.0
600.4
3,129.6
1,224.9
382.1
842.8
221.6
335.6

4,325.1
652.5
3,672.6
598.0
3,074.5
1,218.1
383.8
834.3
240.7
325.4

4,334.0
682.7
3,651.4
598.5
3,052.9
1,217.9
379.1
838.8
235.7
312.3

5,547.7

5,764.8r

5,808.5

5,853.5

5,939.7

6,006.2

6,091.3

6,131.4

6,156.7

6,149.0

6,109.2

6,100.0

454.2'

531.8'

505.1'

492.0

518.4

521.4

513.6

500.9

504.3

496.2

510.6

502.7

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)7
Footnotes appear on p. A21.




5,028.8
1,374.8
858.5
516.4
3,653.9'
786.6'
1,884.8'
197.4
1,687.5'
571.0
224.1
346.9
84.3
327.2'
280.4
258.8
473.7

5,314.1'
1,483.9'
949.1
534.9
3,830.2'
775.9'
2.055.9'
223.0
1,832.9'
595.0'
225.8
369.2'
72.0
331.4'
274.4
279.1
497.6'

5,319.6
1,487.3
954.7
532.6
3,832.3
776.0'
2,066.1'
228.4
1,837.7'
584.7'
219.6
365.0
71.9
333.6'
292.3
270.1
493.4'

5,366.7
1,499.2
980.1
519.1
3,867.5
779.4
2,088.5
234.4
1,854.0
581.8
215.6
366.2
71.3
346.5
293.0
270.4
495.8

5,464.0
1.546.6
1,005.8
540.8
3,917.4
774.0
2,118.4
239.4
1,879.0
588.7
221.5
367.2
86.0
350.3
287.5
265.3
507.3

5,523.5
1,567.8
1,022.4
545.4
3,955.8
768.2
2,138.5
245.4
1,893.2
592.4
223.2
369.3
91.4
365.1
290.3
270.5
508.9

5,569.8
1,534.5
992.3
542.2
4,035.3
769.6
2,173.6
248.7
1,924.9
590.6
219.9
370.7
94.6
406.8
283.4
274.6
521.4

5,579.3
1,500.2
965.1
535.2
4,079.0
763.5
2,220.8
253.2
1,967.5
593.2
220.0
373.3
94.2
407.3
287.9
275.0
528.9

5,605.8
1,532.8
994.0
538.8
4,073.0
765.6
2,221.2
251.0
1,970.2
588.0
217.0
371.0
94.1
404.1
299.5
267.7
536.1

5,579.6
1,485.9
947.9
538.0
4,093.6
762.4
2,220.8
252.3
1,968.5
591.0
218.3
372.7
108.6
410.8
301.9
263.9
534.1

5,567.9
1,494.3
955.3
539.0
4,073.5
763.5
2,214.6
253.5
1,961.1
594.7
221.2
373.5
90.6
410.2
285.9
274.1
524.6

5,554.4
1,490.8
961.3
529.5
4,063.6
763.1
2,215.5
254.5
1,961.0
596.1
221.2
375.0
86.1
402.7
272.1
271.3
511.2

5,966.8

6,288.7r

6,299.2r

6,351.3

6,448.8

6,518.0

6,574.7

6,595.4

6,634.1

6,603.5

6,576.5

6,533.2

3,933.1
574.0
3,359.1
563.7
2,795.4
1,059.7
378.1
681.6
173.3
332.2

4,103.3
595.8
3,507.4
584.4
2,923.0
1,095.9'
360.5
735.4
226.9'
361.2

4,140.3
599.8
3,540.5
582.1
2,958.4
1,093.0
367.0
726.0
215.5'
349.7

4.197.1
627.7
3.569.4
580.4
2,989.1
1,103.1
373.8
729.3
203.5
352.2

4,197.6
613.5
3,584.1
593.9
2,990.2
1,138.9
360.8
778.0
223.5
371.1

4,250.7
622.8
3,627.9
590.0
3,037.8
1,161.4
372.1
789.4
207.3
374.2

4,275.0
635.3
3,639.7
584.7
3,055.0
1,210.9
370.8
840.1
222.9
342.4

4,309.9
627.3
3,682.6
598.9
3,083.7
1,204.3
378.0
826.3
230.0
331.9

4.324.9
604.0
3,720.9
601.1
3,119.9
1.234.5
392.1
842.4
221.1
338.1

4,334.5
619.2
3,715.3
598.9
3,116.4
1,201.2
377.4
823.9
218.6
332.0

4,282.8
632.7
3,650.1
596.7
3,053.4
1,199.8
380.6
819.2
240.9
325.5

4,262.4
650.9
3,611.5
596.2
3,015.2
1,192.6
372.1
820.5
240.5
317.1

5,498.3

5,787.3

5,798.5

5,855.9

5,931.0

5,993.5

6,051.2

6,076.1

6,118.6

6,086.3

6,049.1

6,012.6

468.4'

501.4'

500.6'

495.4

517.7

524.5

523.5

519.3

515.5

517.2

527.4

520.6

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A17

Assets and Liabilities1—Continued

C. Large domestically chartered commercial banks
Billions of dollars
Wednesday figures

Monthly averages
Account

Aug.r

2003

2003

2002
Feb/

Mar.1"

Apr/

May'

June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Seasonally adjusted
Assets
1 Bank credit
7
Securities in bank credit
3
U.S. government securities
Trading account
4
Investment account
6
Other securities
Trading account
7
Investment account
8
9
State and local government . .
Other
10
Loans and leases in bank credit2 . . . .
11
Commercial and industrial
12.
Bankers acceptances
13
Other
14
Real estate
IS
Revolving home equity
16
Other
17
Consumer
18
19
Security3
20
Federal funds sold to and
repurchase agreements
with broker-dealers
21
Other
22
State and local government
Agricultural
23
Federal funds sold to and
24
repurchase agreements with
others
75
All other loans
Lease-financing receivables
26
7,1 Interbank loans
Federal funds sold to and
28
repurchase agreements with
commercial banks
79
Other
30 Cash assets4
31 Other assets5
32 Total assets 6
33
34
35
36
37
38
39
40
41
42

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

43 Total liabilities
44 Residual (assets less liabilities)

7

Footnotes appear on p. A21.




2,762.9
738.1
428.0
47.8
380.1
310.1
174.9
135.3
28.1
107.2
2,024.7
499.8
.0
499.8
908.7
125.2
783.5
311.4
78.4

2,931.7
805.5
479.8
54.5
425.3
325.7
172.6
153.1
29.6
123.5
2,126.2
482.0
.0
482.0
1,030.6
142.4
888.2
317.5
65.0

2,929.1
803.2
476.6
41.8
434.7
326.6
171.6
155.0
30.1
124.9
2,125.9
478.2
.0
478.2
1,037.9
147.8
890.1
313.8
64.1

2,949.3
810.1
493.3
40.7
452.6
316.8
161.5
155.3
30.9
124.4
2,139.2
476.0
.0
476.0
1,043.6
150.4
893.3
312.3
64.3

3,024.5
856.6
520.0
43.6
476.4
336.6
183.4
153.2
31.3
121.9
2,167.9
468.2
.0
468.2
1,058.3
152.7
905.6
312.5
82.6

3,059.6
880.6
536.0
38.7
497.4
344.6
188.1
156.5
32.2
124.3
2,179.0
461.6
.0
461.6
1,065.9
156.1
909.7
314.2
80.9

3,096.3
847.4
503.0
37.6
465.3
344.4
173.2
171.2
32.3
138.9
2,248.9
464.1
.0
464.1
1,089.9
159.8
930.1
311.7
86.6

3,082.8
801.7
467.6
33.5
434.1
334.1
162.2
171.9
31.4
140.5
2,281.1
458.9
.0
458.9
1,123.4
163.6
959.7
312.7
86.0

3,112.9
836.1
495.7
32.7
463.0
340.4
167.8
172.6
31.5
141.2
2,276.8
459.3
n.a.
459.3
1,126.1
162.2
963.9
311.3
85.8

3,089.5
789.4
451.0
29.1
422.0
338.4
165.6
172.7
31.5
141.2
2,300.1
458.4
n.a.
458.4
1,124.7
163.0
961.7
311.9
100.9

3,070.1
796.7
457.7
29.4
428.3
339.0
165.3
173.7
31.3
142.4
2,273.5
458.7
n.a.
458.7
1,116.6
163.8
952.8
311.6
83.0

3,060.2
791.8
466.7
36.8
429.9
325.1
155.7
169.4
31.4
138.0
2,268.4
459.7
n.a.
459.7
1,116.3
164.4
951.9
315.1
78.1

67.1
11.3
13.0
8.3

54.3
10.7
12.3
7.9

52.6
11.4
12.5
7.9

52.4
11.8
12.4
7.7

63.0
19.5
12.4
7.5

63.5
17.4
12.7
7.4

68.7
17.9
13.0
7.3

66.8
19.2
13.3
7.4

67.5
18.3
12.8
7.3

78.8
22.1
13.7
7.4

64.0
19.0
13.2
7.4

60.0
18.2
13.4
7.5

17.6
67.3
120.3
191.0

24.5
75.6
110.8
162.2

24.0
77.1
110.5
171.8

25.2
88.2
109.4
171.1

27.1
89.5
109.8
171.0

28.5
97.2
110.7
165.1

25.8
140.5
109.9
168.8

24.2
145.8
109.4
178.5

22.2
142.4
109.6
186.6

24.9
148.7
109.5
192.3

24.2
149.5
109.2
175.4

24.9
144.1
109.3
171.1

98.8
92.2
151.3
333.0

91.2
71.0
151.1
355.2

100.3
71.5
148.3
347.6

99.1
72.0
135.8
347.2

100.8
70.2
132.9
356.5

97.7
67.4
140.4
359.2

97.7
71.1
142.1
364.2

99.0
79.5
146.7
367.7

108.1
78.5
139.4
367.6

115.4
76.9
141.2
369.1

95.9
79.5
150.2
367.7

80.5
90.6
149.1
361.6

3,394.3

3,555.4

3,551.8

3,559.4

3,640.6

3,680.2

3,727.9

3,731.6

3,763.0

3,747.7

3,719.2

3,697.6

1,919.1
288.2
1,630.8
265.5
1,365.3
738.0
261.7
476.4
165.0
268.2

1,996.4
290.8
1,705.5
273.7
1,431.9
693.4
199.6
493.9
210.2
280.1

2,015.3
291.0
1,724.3
269.1
1,455.2
699.6
208.0
491.6
208.9
275.4

2,039.8
296.2
1,743.6
267.2
1,476.4
697.4
212.3
485.1
199.3
284.9

2,046.6
297.3
1,749.2
279.1
1,470.2
722.9
203.6
519.3
211.9
292.2

2,075.9
300.2
1,775.7
271.1
1,504.6
746.7
216.7
530.0
196.3
296.5

2,093.6
307.2
1,786.5
268.9
1,517.5
794.2
213.9
580.3
217.2
269.2

2,128.0
304.1
1,823.9
283.2
1,540.7
785.9
213.4
572.6
218.3
251.2

2,120.8
286.5
1,834.2
284.0
1,550.2
821.5
228.7
592.8
214.1
261.4

2,142.1
303.8
1,838.4
281.2
1,557.2
793.6
218.2
575.4
212.8
255.0

2,117.0
309.5
1,807.5
282.5
1,525.0
773.5
209.4
564.1
228.9
243.4

2,122.6
325.4
1,797.2
282.3
1,514.8
767.8
199.6
568.2
220.4
231.9

3,090.3

3,180.1

3,199.2

3,221.4

3,273.5

3,315.3

3,374.2

3,383.4

3,417.7

3,403.5

3,362.8

3,342.7

303.9

375.4

352.6

338.0

367.1

364.9

353.6

348.1

345.3

344.1

356.4

354.9

A18
1.26

DomesticNonfinancialStatistics • November 2003
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities'—Continued

C. Large domestically chartered commercial banks—Continued
Billions of dollars
Monthly averages
Account

2002
Aug.

r

Wednesday figures

2003
Feb.'

Mar.'

Apr.'

May'

2003
June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Not seasonally adjusted
Assets
45 Bank credit
Securities in bank credit
46
47
U.S. government securities
48
Trading account
Investment account
49
50
Mortgage-backed securities .
Other
51
52
One year or less
One to five years
53
54
More than five years . . . .
Other securities
55
Trading account
56
Investment account
57
State and local government .
58
Other
59
60
Loans and leases in bank credit2 . . .
Commercial and industrial
61
Bankers acceptances
62
Other
63
Real estate
64
Revolving home equity
65
Other
66
Commercial
67
Consumer
68
Credit cards and related plans .
69
70
Other
Security3
71
Federal funds sold to and
72
repurchase agreements
with broker-dealers
Other
73
74
State and local government
Agricultural
75
Federal funds sold to and
76
repurchase agreements
with others
All other loans
77
Lease-financing receivables
78
79 Interbank loans
Federal funds sold to and
80
repurchase agreements
with commercial banks
Other
81
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.




2,753.0
733.0
426.0
47.6
378.4
306.7
71.7
17.3
42.5
11.9
307.1
173.1
133.9
27.8
106.1
2,019.9
498.4
.0
498.4
909.3
125.6
465.6
318.1
309.2
114.9
194.3
77.3

2,933.8
813.8
485.3
55.1
430.2
331.3
98.8
22.9
57.4
18.6
328.5
174.1
154.4
29.8
124.6
2,120.0
480.0
.0
480.0
1,026.4
142.7
560.3
323.4
320.7
109.8
210.9
63.9

2,923.0
805.5
478.8
42.1
436.8
334.7
102.0
24.4
57.3
20.3
326.7
171.7
155.0
30.1
124.9
2.117.5
478.1
.0
478.1
1,031.1
146.1
561.2
323.8
314.3
105.9
208.4
63.5

2,945.8
806.4
491.7
40.6
451.1
354.4
96.7
24.6
55.2
16.9
314.7
160.5
154.3
30.7
123.6
2,139.4
478.6
.0
478.6
1,041.8
150.3
569.8
321.7
312.9
103.5
209.4
62.9

3,025.4
855.1
518.8
43.5
475.3
380.2
95.0
23.2
55.2
16.7
336.3
183.2
153.1
31.3
121.8
2,170.3
471.2
.0
471.2
1,062.7
153.8
588.3
320.5
313.4
103.9
209.6
77.3

3,061.9
874.9
531.8
38.4
493.3
389.4
103.9
24.3
57.3
22.3
343.1
187.3
155.8
32.1
123.8
2,187.0
463.9
.0
463.9
1,068.3
157.1
591.6
319.7
314.3
104.9
209.4
82.1

3,084.0
834.0
496.7
37.2
459.5
364.1
95.4
24.1
51.2
20.1
337.3
169.6
167.7
31.6
136.1
2,250.0
465.3
.0
465.3
1,090.0
160.3
613.2
316.5
309.7
100.0
209.8
85.4

3,072.5
796.2
465.4
33.3
432.1
335.5
96.6
24.4
52.5
19.7
330.8
160.6
170.2
31.1
139.1
2,276.3
457.5
.0
457.5
1,124.2
164.2
643.5
316.6
310.2
99.7
210.5
84.8

3,106.4
830.4
494.1
32.6
461.5
366.2
95.3
24.0
52.3
19.0
336.2
165.7
170.5
31.1
139.4
2,276.1
460.2
n.a.
460.2
1,127.0
162.4
648.3
316.3
308.3
98.7
209.6
84.5

3,077.4
781.7
447.2
28.8
418.4
321.9
96.5
24.5
51.1
21.0
334.4
163.7
170.7
31.2
139.6
2,295.7
457.1
n.a.
457.1
1,127.4
163.4
647.5
316.5
309.1
98.7
210.5
99.2

3,057.8
790.7
455.7
29.2
426.5
329.9
96.5
24.7
52.7
19.1
335.1
163.4
171.7
30.9
140.8
2,267.0
456.9
n.a.
456.9
1,116.6
164.3
635.2
317.1
309.3
99.0
210.2
81.4

3,042.3
784.6
462.6
36.4
426.1
329.1
97.0
24.2
53.2
19.6
322.0
154.2
167.8
31.1
136.7
2,257.7
456.5
n.a.
456.5
1,115.8
165.1
634.2
316.6
313.0
101.9
211.0
76.9

66.2
11.1
13.0
8.4

53.4
10.6
12.3
7.8

52.2
11.3
12.5
7.8

51.4
11.6
12.4
7.7

59.0
18.3
12.4
7.6

64.5
17.6
12.7
7.5

67.8
17.6
13.0
7.4

65.9
18.9
13.3
7.5

66.5
18.0
12.8
7.4

77.5
21.7
13.7
7.5

62.7
18.6
13.2
7.5

59.0
17.9
13.4
7.5

17.6
67.5
119.2
186.0

24.5
72.3
112.1
160.4

24.0
74.9
111.2
171.9

25.2
88.0
109.8
174.4

27.1
88.9
109.8
171.7

28.5
99.3
110.3
169.3

25.8
143.9
109.4
168.9

24.2
146.2
108.4
173.3

22.2
144.7
108.9
182.0

24.9
148.1
108.7
187.8

24.2
149.8
108.2
172.3

24.9
141.6
108.1
161.0

96.4
89.6
141.6
330.3

90.3
70.2
151.0
352.1

100.4
71.5
143.3
345.9

101.0
73.4
138.5
346.8

101.2
70.5
1.32.0
354.3

100.2
69.1
136.0
355.2

97.8
71.1
136.6
363.6

96.2
77.1
137.1
364.7

105.4
76.5
130.6
367.3

112.7
75.1
128.5
367.2

94.2
78.1
139.3
362.7

75.8
85.2
133.9
353.9

3,366.8

3,552.2

3,538.9

3,561.5

3,639.0

3,678.1

3,709.7

3,703.3

3,742.4

3,716.4

3,687.6

3,646.7

1,904.3
277.2
1,627.2
264.2
1,362.9
721.0
257.3
463.7
164.9
267.7

2,000.4
286.5
1,713.9
274.6
1,439.3
695.6
203.1
492.5
214.3
285.6

2,013.4
286.6
1,726.7
267.6
1,459.1
696.0
211.4
484.6
204.8
270.1

2,047.2
302.4
1,744.9
265.3
1,479.5
701.6
216.4
485.1
190.7
272.7

2,042.2
293.0
1,749.2
277.3
1,471.9
728.7
205.9
522.7
211.0
291.0

2,076.3
297.4
1,778.9
270.7
1,508.3
745.7
214.8
530.9
195.2
294.8

2,087.7
301.3
1,786.4
267.3
1,519.1
787.1
210.5
576.6
211.1
261.9

2,111.6
291.9
1,819.7
281.8
1,537.9
765.9
208.8
557.1
218.0
250.7

2,117.6
277.1
1,840.5
283.3
1,557.3
804.5
226.1
578.4
210.0
256.6

2,127.7
291.3
1,836.4
279.7
1,556.7
769.9
213.4
556.5
209.7
251.5

2,096.4
295.8
1,800.6
281.2
1,519.4
755.2
206.2
549.0
229.2
243.6

2,083.0
303.4
1,779.6
280.1
1,499.5
742.5
192.6
549.9
225.2
236.7

3,057.9

3,195.9

3,184.3

3,212.1

3,273.0

3,312.2

3,347.8

3,346.2

3,388.7

3,358.7

3,324.4

3,287.3

308.9

356.3

354.6

349.4

366.1

365.9

361.9

357.0

353.8

357.6

363.2

359.4

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A19

Assets and Liabilities1—Continued

D. Small domestically chartered commercial banks
Billions of dollars
Wednesday figures

Monthly averages
Account

2002
Aug.r

2003

2003
Feb.'

Mar.r

Apr.'

May'

June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Seasonally adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security1
Other loans and leases
Interbank loans
Cash assets4
Other assets5

16 Total assets6
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

2,278.6
643.3
434.0
209.3
1,635.3
289.4
976.2
72.1
904.1
262.9
7.1
99.7
95.1
121.2
143.5

2,383.5
669.3
463.0
206.3
1.714.2
297.3
1,029.5
80.3
949.2
274.3
8.2
104.9
115.0
128.5
145.5

2,399.9
679.1
473.1
206.0
1,720.8
298.0
1,037.2
82.7
954.5
273.2
8.1
104.3
114.0
131.4
147.4

2.422.7
691.3
486.9
204.3
1,731.4
298.7
1,048.5
84.3
964.1
272.3
8.2
103.8
110.9
134.2
149.0

2,440.1
692.3
487.8
204.4
1,747.9
300.2
1,056.3
85.5
970.7
277.4
8.9
105.1
120.7
134.4
152.9

2,463.9
693.3
491.1
202.3
1,770.6
302.1
1,071.4
88.4
983.0
281.6
9.4
106.1
123.9
136.7
153.7

2,490.9
702.3
497.5
204.9
1,788.6
303.4
1,085.2
88.9
996.4
284.6
9.3
106.0
119.2
140.3
157.8

2,509.9
705.8
501.4
204.4
1,804.1
307.3
1,097.3
89.4
1,007.9
284.2
9.4
105.9
115.3
142.7
164.3

2,506.0
705.1
502.5
202.5
1,800.9
306.0
1,096.6
89.1
1,007.5
283.2
9.4
105.8
113.6
140.9
168.8

2,505.2
706.2
502.6
203.6
1,799.1
306.2
1,093.6
89.2
1,004.4
283.8
9.4
106.0
114.3
142.5
166.9

2,513.7
706.2
502.2
204.0
1,807.5
307.7
1,098.8
89.5
1,009.3
286.1
9.3
105.6
115.2
141.3
161.9

2,513.5
706.6
499.1
207.5
1,806.8
308.4
1,099.5
89.7
1.009.8
282.8
9.6
106.6
118.9
147.0
157.3

2,607.7

2,741.2

2,761.8

2,786.0

2,817.4

2,847.5

2,877.1

2,900.7

2,898.0

2,897.6

2,900.6

2,905.1

2,045.7
300.3
1,745.5
299.5
1,446.0
338.7
120.7
218.0
8.5
64.5

2,096.2
312.7
1,783.5
309.8
1,473.7
400.3
157.4
242.9
12.6
75.7

2,122.0
316.9
1,805.1
314.5
1,490.6
397.0
155.6
241.5
10.7
79.6

2,138.2
325.0
1,813.2
315.1
1,498.1
401.5
157.4
244.2
12.8
79.5

2,163.4
326.0
1,837.5
316.6
1,520.8
410.2
154.9
255.3
12.4
80.1

2,183.9
327.7
1,856.2
319.4
1,536.8
415.7
157.3
258.4
12.0
79.3

2,201.0
336.7
1,864.3
317.4
1,546.9
423.8
160.3
263.5
11.8
80.5

2,216.4
339.2
1,877.2
317.1
1,560.1
438.4
169.2
269.2
12.0
81.2

2,216.4
328.0
1,888.4
317.8
1,570.6
430.0
166.0
264.0
11.1
81.5

2,224.8
333.2
1,891.6
319.2
1,572.4
431.3
163.9
267.4
8.9
80.5

2,208.1
343.0
1,865.1
315.5
1,549.5
444.6
174.4
270.2
11.8
81.9

2,211.5
357.3
1,854.2
316.1
1,538.1
450.1
179.5
270.6
15.3
80.4

2,457.4

2,584.7

2,609.3

2,632.0

2,666.2

2,690.9

2,717.1

2,747.9

2,739.0

2,745.5

2,746.4

2,757.3

150.3

156.4

152.5

154.0

151.2

156.5

160.0

152.8

159.0

152.1

154.2

147.8

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
Security1
Other loans and leases
Interbank loans
Cash assets4
Other assets5

46 Total assets6
47
48
49
50
51
52
53
54
55
56

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

57 Total liabilities
58 Residual (assets less liabilities)7
Footnotes appear on p. A21.




2,275.8
641.8
432.5
209.3
1,634.0
288.2
975.5
71.8
903.7
261.7
109.2
152.5
7.1
101.5
94.4
117.1
143.5

2,380.3
670.1
463.8
206.3
1,710.2
295.8
1,029.6
80.4
949.2
274.3
116.0
158.2
8.0
102.5
1 14.0
128.1
145.5

2,396.6
681.8
475.8
206.0
1,714.8
297.9
1,035.0
82.3
952.8
270.3
113.7
156.6
8.4
103.2
120.5
126.8
147.4

2,420.9
692.8
488.4
204.3
1.728.1
300.9
1,046.7
84.1
962.6
268.8
112.1
156.8
8.4
103.3
118.6
131.9
149.0

2,438,5
691.4
487.0
204.4
1,747.1
302.7
1,055.7
85.6
970.2
275.3
117.7
157.6
8.7
104.6
115.7
133.3
152.9

2,461.6
692.9
490.7
202.3
1,768.7
304.3
1,070.2
88.3
981.9
278.1
118.3
159.8
9.3
106.8
120.9
134.5
153.7

2,485.8
700.5
495.6
204.9
1,785.3
304.3
1,083.6
88.4
995.1
280.9
120.0
160.9
9.2
107.3
114.5
138.0
157.8

2,506.7
704.0
499.7
204.4
1,802.7
306.0
1,096.5
89.1
1,007.5
283.1
120.3
162.8
9.4
107.7
114.5
138.0
164.3

2,499.4
702.5
499.9
202.5
1,797.0
305.4
1,094.2
88.6
1,005.6
279.7
118.3
161.4
9.6
108.1
117.6
137.1
168.8

2,502.1
704.2
500.7
203.6
1,797.9
305.4
1,093.4
88.9
1,004.5
281.8
119.7
162.2
9.4
107.9
114.1
135.4
166.9

2,510.1
703.6
499.6
204.0
1,806.5
306.5
1,097.9
89.1
1,008.8
285.4
122.1
163.3
9.2
107.4
113.6
134.8
161.9

2,512.1
706.2
498.7
207.5
1,805.9
306.6
1,099.7
89.4
1,010.3
283.2
119.2
164.0
9.1
107.3
111.1
137.5
157.3

2,600.0

2,736.6

2,760.3

2,789.7

2,809.7

2,840.0

2,865.0

2,892.1

2,891.6

2,887.2

2,888.8

2,886.5

2,028.8
296.8
1,732.0
299.5
1,432.5
338.7
120.7
218.0
8.5
64.5

2,102.9
309.3
1,793.6
309.8
1.483.8
400.3
157.4
242.9
12.6
75.7

2,127.0
313.2
1,813.8
314.5
1,499.2
397.0
155.6
241.5
10.7
79.6

2.149.9
325.3
1,824.6
315.1
1,509.5
401.5
157.4
244.2
12.8
79.5

2,155.4
320.5
1.834.9
316.6
1,518.2
410.2
154.9
255.3
12.4
80.1

2,174.3
325.4
1,848.9
319.4
1,529.6
415.7
157.3
258.4
12.0
79.3

2,187.3
334.0
1,853.3
317.4
1,535.9
423.8
160.3
263.5
11.8
80.5

2,198.3
335.3
1,863.0
317.1
1,545.8
438.4
169.2
269.2
12.0
81.2

2,207.3
326.9
1,880.4
317.8
1,562.6
430.0
166.0
264.0
11.1
81.5

2,206.8
327.9
1,878.9
319.2
1,559.7
431.3
163.9
267.4
8.9
80.5

2,186.4
336.9
1,849.5
315.5
1,533.9
444.6
174.4
270.2
11.8
81.9

2,179.4
347.6
1,831.9
316.1
1,515.8
450.1
179.5
270.6
15.3
80.4

2,440.4

2,591.5

2,614.3

2,643.7

2,658.1

2,681.4

2,703.4

2,729.9

2,729.9

2,727.5

2,724.7

2,725.3

159.6

145.1

146.0

146.0

151.6

158.6

161.6

162.2

161.7

159.6

164.2

161.2

A20
1.26

DomesticNonfinancialStatistics • November 2003
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities1—Continued

E. Foreign-related institutions
Billions of dollars
Monthly averages
Account

2002
Aug.

Wednesday figures

2003
Feb.

Mar.'

Apr.'

May'

2003
June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Seasonally adjusted
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security1
Other loans and leases
Interbank loans
Cash assets4
Other assets5

619.9
248.1
81.8
166.3
371.9
189.1
18.9
91.5
72.4
17.9
47.8
27.7

646.9r
279.3r
116.7r
162.7
367.6
174.1
19.7
108.2r
65.6
27.0
38.7
34.5r

663.5
283.8
122.5
161.3
379.7
171.7
19.8
121.4
66.7
27.2
43.9
30.0

655.0
277.3
124.2
153.1
377.7
172.2
19.0
118.1
68.3
22.4
49.7
32.5

669.6
288.5
127.4
161.2
381.0
170.4
19.3
118.9
72.4
24.6
51.1
36.6

672.3
288.4
124.3
164.1
383.9
163.3
19.4
121.8
79.3
30.7
54.3
36.7

649.9
267.7
114.5
153.2
382.2
162.7
19.4
118.9
81.2
33.1
54.0
33.2

630.6
267.5
107.4
160.0
363.1
156.3
19.1
111.6
76.2
32.4
54.3
36.3

633.9
259.3
108.8
150.5
374.6
158.4
19.3
115.5
81.4
32.9
53.8
37.3

635.6
268.6
109.2
159.4
367.0
157.1
19.3
115.9
74.7
27.8
54.3
39.6

619.4
268.6
105.7
162.8
350.9
155.2
18.9
102.6
74.1
35.0
54.0
38.6

634.4
269.4
105.7
163.7
365.0
155.8
18.9
113.5
76.8
33.2
54.5
33.2

712.9

746.7r

764.1

759.2

781.4

793.5

769.7

753.2

757.5

756.9

746.6

754.8

497.6
10.1
487.5
213.8
21.3
192.5
-86.2
97.6

442.8'
10.3
432.6
275.0'
31.1
243.9'
-78.4
99.6'

448.4
11.5
436.9
293.2
33.7
259.5
-83.8
94.7

434.6
11.2
423.4
297.7
27.4
270.3
-72.9
90.6

433.4
10.8
422.6
305.1
31.3
273.7
-77.9
106.8

442.6
11.4
431.2
315.8
34.7
281.1
-81.9
113.5

453.4
11.4
442.0
297.0
36.8
260.3
-86.0
108.9

455.2
11.8
443.4
293.6
33.8
259.8
-103.5
116.1

459.9
11.1
448.8
308.3
33.7
274.6
-104.6
106.9

461.1
11.5
449.6
307.5
36.3
271.2
-122.1
119.9

454.1
11.8
442.3
277.9
32.4
245.5
-96.5
121.2

450.1
12.9
437.2
283.9
32.2
251.7
-92.7
115.4

22 Total liabilities

722.9

738.9'

752.5

750.0

767.4

790.0

773.3

761.4

770.4

766.3

756.6

756.7

23 Residual (assets less liabilities)7

-10.0

7.8'

11.6

9.2

13.9

3.5

-3.6

-8.2

-13.0

-9.4

-10.0

-1.9

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

13 Total assets 6
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

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
Security1
Other loans and leases
Interbank loans
Cash assets4
Other assets5

40 Total assets 6
41
42
43
44
45
46
47
48

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

49 Total liabilities
50 Residual (assets less liabilities)7
Footnotes appear on p. A21.




613.9r
248.1
81.8
13.0
68.7
166.3
110.6
55.8
365.8
187.7
18.9
88.1
71.2
17.9
45.8
27.4

651.4'
279.3'
116.7'
36.4
80.3'
162.7
101.9'
60.7
372.0
175.6
19.7
111.0
65.7
27.0
39.7
35.0'

661.7
283.8
122.5
37.2
85.4
161.3
101.6
59.7
377.9
173.2
19.8
117.3
67.6
27.2
42.7
30.7

654.9
277.3
124.2
39.8
84.4
153.1
97.9
55.2
377.6
171.3
19.0
118.5
68.8
22.4
47.5
32.4

664.8
288.5
127.4
43.1
84.3
161.2
105.2
56.0
376.3
168.6
19.3
116.6
71.8
24.6
49.4
36.7

668.8
288.4
124.3
43.2
81.1
164.1
105.8
58.3
380.4
162.8
19.4
119.3
78.9
30.7
51.8
35.3

642.4
267.7
114.5
40.5
74.0
153.2
95.8
57.3
374.8
161.8
19.4
114.1
79.5
33.1
51.1
32.1

624.0
267.5
107.4
39.6
67.9
160.0
99.8
60.2
356.6
155.0
19.1
107.5
74.9
32.4
52.1
35.8

629.2
259.3
108.8
38.9
69.9
150.5
92.2
58.4
369.8
157.1
19.3
113.8
79.6
32.9
51.3
36.6

630.7
268.6
109.2
40.7
68.5
159.4
99.1
60.3
362.0
156.0
19.3
113.5
73.3
27.8
51.8
38.8

612.7
268.6
105.7
38.8
66.9
162.8
101.8
61.0
344.1
154.4
18.9
97.9
72.9
35.0
51.9
37.9

626.6
269.4
105.7
38.7
67.0
163.7
103.0
60.8
357.2
154.1
18.9
108.6
75.7
33.2
52.4
33.1

704.5

752.7r

761.8

756.7

775.1

786.1

758.2

743.9

749.5

748.6

737.0

744.9

480.7
9.8
470.8
213.8
21.3
192.5
-87.9
96.5

453.0
10.3
442.7'
275.0'
31.1
243.9'
-77.3
100.4'

452.4
11.1
441.3
293.2
33.7
259.5
-81.6
96.3

440.6
10.6
430.0
297.7
27.4
270.3
-73.3
90.3

438.8
10.4
428.4
305.1
31.3
273.7
-77.5
107.1

440.8
11.0
429.7
315.8
34.7
281.1
-83.7
111.9

443.7
11.4
432.3
297.0
36.8
260.3
-89.3
106.3

439.7
11.5
428.3
293.6
33.8
259.8
-104.9
114.9

446.6
10.8
435.8
308.3
33.7
274.6
-109.1
103.1

445.1
11.2
433.9
307.5
36.3
271.2
-123.3
118.8

437.6
11.5
426.1
277.9
32.4
245.5
-98.5
119.4

435.9
12.5
423.4
283.9
32.2
251.7
-91.7
116.3

703.1

751.1

760.3

755.3

773.5

784.8

757.6

743.3

748.9

748.0

736.4

744.3

1.4

1.6'

1.5

1.5

1.6

1.3

.6

.6

.6

.6

.6

.6

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A21

Assets and Liabilities1—Continued

F. Memo items
Billions of dollars
Monthly averages
Account

2002
Aug.

Wednesday figures
2003

2003
Feb.

Mar.

Apr.

May'

June'

July'

Aug.

Aug. 6

Aug. 13

Aug. 20

Aug. 27

Not seasonally adjusted
MEMO

7
8
9
10
11

Large domestically chartered banks.
adjusted for mergers
Revaluation gains on off-balance-sheet
items8
Revaluation losses on off-balancesheet items8
Mortgage-backed securities'
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities10
Off-shore credit to U.S. residents" . . . .
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12

12
13
14
15

Small domestically chartered
commercial banks, adjusted for
mergers
Mortgage-backed securities'
Securitized consumer loans12
Credit cards and related plans
Other

1
2
3
4
5
6

Foreign-related institutions
16 Revaluation gains on off-balancesheet items8
17 Revaluation losses on off-balancesheet items8
18 Securitized business loans12

112.3

116.8

115.1

105.7

128.1

135.0

112.5

96.5

98.6

97.0

96.4

92.3

94.2
340.4
254.2'
86.3

94.9
377.0'
276.9
100.0

91.3
381.4
276.2
105.1

81.4
400.8
288.6'
112.2

105.1
427.1
314.3
112.9

110.0
436.7
324.8
111.9

85.3
412.7
301.5
111.1

79.4
387.6
274.1
113.5

80.5
417.3
299.8
117.5

79.8
374.6
258.6
116.0

80.7
382.8
269.6
113.2

76.7
379.9
271.9
108.0

9.1
19.0
143.3'
125.5
17.8'
17.8'

11.7
18.2
151.0'
134.8
16.2'
17.2'

11.7
18.2
152.9'
136.7
16.1'
15.8'

10.1'
17.5
154.6'
138.7
15.9'
10.0

11.2
17.3
155.3
139.4
15.9
10.2

12.8
16.6
157.3
140.6
16.6
9.9

6.8
15.5
161.6
144.0
17.5
8.4

-.3
14.7
162.5
144.5
18.0
7.2

.7
15.3
162.6
144.3
18.3
7.8

-.1
14.6
162.5
144.3
18.2
7.8

.4
14.0
162.8
144.8
18.0
6.8

-.6
15.5
162.3
144.5
17.9
6.8

297.2
201.7'
199.0
2.7'

314.4'
203.8'
195.8
8.0'

325.5'
202.4'
194.3
8.1'

336.1'
204.6'
196.7'
7.9'

337.1
204.3
196.5
7.8

336.8
204.0
196.3
7.7

332.0
200.6
193.0
7.6

330.3
201.8
194.2
7.6

329.6
201.8
194.2
7.6

332.0
201.7
194.1
7.6

330.1
200.5
192.9
7.6

329.0
202.8
195.2
7.6

65.0

67.1

65.4

64.9

73.6

72.6

65.3

65.9

62.5

65.4

66.3

67.9

64.6
9.1

64.9
4.6

63.6
4.1

62.4
3.3

72.6
3.0

72.6
2.5

64.9
1.5

64.9
1.4

61.2
1.5

64.2
1.4

65.6
1.4

66.9
1.4

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-I9 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 2003
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2003

Item

1 All issuers

2
3

Financial companies'
Dealer-placed paper, total2
Directly placed paper, total3

4 Nonfinancial companies4

1998

1999

2000

2001

2002

Feb.

Mar.

Apr.

May

June

July

1,163,303

1,403,023

1,619,274

1,458,870

1,347,997

1,346,782

1,341,270

1,342,147

1,365,704

1,324,911

1,347,286

614,142
322,030

786,643
337,240

963,070
312,771

967,748
266,276

976,163
217,787

952,868
239,037

946,773
244,504

961,002
232,879

1,003,088
222,597

974,116
219,960

994,384
218,311

227,132

279,140

343,433

224,847

154,047

154,876

149,993

148,266

140,020

130,835

134,591

1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.
2. Includes all financial-company paper sold by dealers in the open market.

1.33

PRIME RATE CHARGED BY BANKS

3. As reported by financial companies that place their paper directly with investors.
4. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.

Short-Term Business Loans1

Percent per year

Date of change

Period

Rate

2000—Jan. 1
Feb. 3
Mar. 22
May 17

8.50
8.75
9.00
9.50

2001—Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec.

4
1
21
19
16
28
22
18
3
7
12

9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75

2002—Nov. 7

4.25

2003—June 27

4.00

Average
rate

2000
2001
2002

9.23
6.91
4.67

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

1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call




Average
rate

Average
rate
2001—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84

2002—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept,
Oct.
Nov.
Dec.

4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.35
4.25

2003—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept,

4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00

Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases. For ordering address, see inside front cover.

Financial Markets
1.35

INTEREST RATES

A23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2003, week ending

2003
Item

2000

2001

2002
May

June

July

Aug.

Aug. 1

Aug. 8

Aug. 15

Aug. 22

Aug. 29

MONEY MARKET INSTRUMENTS

1 Federal funds1'2-1
2 Discount window primary credit2-4

6.24
n.a.

3.88
n.a.

1.67
n.a.

1.26
2.25

1.22
2.20

1.01
2.00

1.03
2.00

1.04
2.00

0.97
2.00

0.98
2.00

1.18
2.00

1.00
2.00

6.27
6.29
6.31

3.78
3.68
3.65

1.67
1.67
1.69

1.21
1.20
1.19

1.06
1.03
1.01

1.01
1.02
1.01

1.03
1.03
1.04

1.02
1.04
1.03

1.03
1.03
1.03

1.03
1.03
1.04

1.04
1.03
1.05

1.02
1.03
1.04

3
4
5

Commercial paper3
Nonfinancial
I-month
2-month
3-month

6
7
8

Financial
1-month
2-month
3-month

6.28
6.30
6.33

3.80
3.71
3.65

1.68
1.69
1.70

1.24
1.22
1.20

1.08
1.04
1.02

1.02
1.03
1.03

1.04
1.05
1.06

1.04
1.04
1.04

1.04
1.05
1.05

1.04
1.05
1.06

1.05
1.06
1.07

1.04
1.05
1.07

Certificates of deposit, secondary market3-7
1-month
3-month
6-month

6.35
6.46
6.59

3.84
3.71
3.66

1.72
1.73
1.81

1.26
1.22
1.19

1.10
1.04
1.02

1.05
1.05
1.06

1.07
1.08
1.13

1.07
1.07
1.10

1.07
1.08
1.13

1.07
1.08
1.13

1.06
1.08
1.13

1.07
1.09
1.14

12 Eurodollar deposits, 3-month3,8

6.45

3.70

1.73

1.21

1.03

1.04

1.07

1.05

1.06

1.07

1.07

1.07

U.S. Treasury bills
Secondary market3-5
13
4-week
3-month
14
6-month
15

n.a.
5.82
5.90

2.43
3.40
3.34

1.60
1.61
1.68

1.06
1.07
1.08

0.96
0.92
0.92

0.88
0.90
0.95

0.93
0.95
1.03

0.92
0.95
1.00

0.90
0.94
1.02

0.92
0.94
1.03

0.94
0.95
1.03

0.97
0.98
1.04

16
17
18
19
20
21
22

Constant maturities9
1-year
2-year
3-year
5-year
7-year
10-year
20-year

6.11
6.26
6.22
6.16
6.20
6.03
6.23

3.49
3.83
4.09
4.56
4.88
5.02
5.63

2.00
2.64
3.10
3.82
4.30
4.61
5.43

1.18
1.42
1.75
2.52
3.07
3.57
4.52

1.01
1.23
1.51
2.27
2.84
3.33
4.34

1.12
1.47
1.93
2.87
3.45
3.98
4.92

1.31
1.86
2.44
3.37
3.96
4.45
5.39

1.22
1.71
2.27
3.31
3.91
4.40
5.34

1.26
1.77
2.32
3.24
3.84
4.34
5.34

1.29
1.82
2.41
3.35
3.97
4.49
5.45

1.33
1.89
2.47
3.39
3.99
4.47
5.39

1.35
1.98
2.55
3.49
4.04
4.49
5.38

23

Treasury long-term average'0 "
25 years and above

n.a.

n.a.

5.41

4.61

4.45

5.00

5.41

5.38

5.38

5.48

5.41

5.37

5.58
6.19
5.71

5.01
5.75
5.15

4.87
5.64
5.04

4.16
4.91
4.41

4.07
4.68
4.33

4.59
5.17
4.74

4.82
5.42
5.10

4.91
5.47
5.07

4.85
5.45
5.06

4.97
5.57
5.18

4.67
5.27
5.10

4.80
5.40
5.07

7.98

7.49

7.10

5.88

5.70

6.13

6.46

6.44

6.44

6.52

6.46

6.43

7.62
7.83
8.11
8.37

7.08
7.26
7.67
7.95

6.49
6.93
7.18
7.80

5.22
5.85
6.08
6.38

4.97
5.72
5.92
6.19

5.49
6.07
6.35
6.62

5.88
6.31
6.64
7.01

5.84
6.33
6.62
6.97

5.83
6.31
6.62
6.98

5.93
6.36
6.69
7.07

5.89
6.29
6.63
7.02

5.87
6.28
6.61
6.97

1.15

1.32

1.61

1.72

1.64

1.64

1.67

1.67

1.69

1.69

1.66

1.65

9
10
11

56

U.S. TREASURY NOTES AND BONDS

STATE AND LOCAL NOTES AND BONDS

Moody's series'2
24
75 Baa
26 Bond Buyer series'-'
CORPORATE BONDS

27 Seasoned issues, all industries14
28
29
30
31

Rating group
Aaa15
Aa
A
Baa
MEMO

Dividend-price ratio'6
32 Common stocks

NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release. 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. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/
200210312/default.htm. The rate reported is that for the Federal Reserve Bank of New York.
Historical series for the rate on adjustment credit is available at: hup://
www.federalreserve.gov/releases/h 15/data.htm.
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 dealer offering rates on nationally traded certificates of deposit.




8. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. Based on the unweighted average of the bid yields for all Treasury fixed-coupon
securities with remaining terms to maturity of 25 years and over.
11. A factor for adjusting the daily long-term average in order to estimate a 30-year rate
can be found at http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/
ltcompositeindex.html.
12. General obligation bonds based on Thursday figures; Moody's Investors Service.
13. 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 Moody's
A1 rating. Based on Thursday figures.
14. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
15. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
16. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.

A24
1.36

DomesticNonfinancialStatistics • November 2003
STOCK MARKET

Selected Statistics
2002

Indicator

2001

2000

2003

2002
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

Aug.

July

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

6,806.46
809.40
414.73
478.99
552.48

6,407.95
749.46
444.45
377.72
596.61

5,571.46
656.44
430.63
260.50
554.88

5,075.76
593.15
401.39
236.71
519.72

5,055.78
587.78
394.60
236.42
522.51

4,738.56
553.90
367.55
214.64
485.72

4,724.22
558.10
366.90
211.45
486.71

4,977.45
583.74
395.85
221.06
522.05

5,269.96
613.26
425.12
238.33
549.91

5,583.60
649.25
441.81
254.16
579.48

5,567.94
648.00
445.29
244.67
588.81

5,580.87
651.19
451.31
238.06
582.20

6 Standard & Poor's Corporation
(1941-43 = 10)'

1,427.22

1,194.18

993.94

899.18

895.84

837.62

846.62

890.03

935.96

988.00

992.54

989.53

922.22

879.08

860.11

823.77

824.64

818.84

822.34

837.92

894.74

962.46

959.26

960.50

1,026,867 1,216,529 1,411,689
51,437
68,074
n.a.

1.210,332
n.a.

1,441,846 1,302,011
n.a.
n.a.

1,403,742
n.a.

1,381,580
n.a.

1,455,858 1,472,560 1,412,818
n.a.
n.a.
n.a.

1,175,615
n.a.

7 American Stock Exchange
(Aug. 31, 1973 = 50)=
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

198,790

150,450

134,380

134,380

134,910

134,030

135,910

140,450

146,380

148,550

148,450

149,660

Free credit balances at brokers4
11 Margin accounts5
12 Cash accounts

100,680
84,400

101,640
78,040

95.690
73,340

95.690
73,340

96.430
66,200

95,400
67,260

90.830
68,860

88,770
70,080

88,540
71,270

87,920
74,350

91,210
76,170

88,040
72,000

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 al 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
1.40

A25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2002

2001

2003

Item
June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

1 Federal debt outstanding

5,753.9

5,834.5

5,970.3

6,032.4

6,153.3

6,255.4

6,433.0

6,487.7

6,697.1

7 Public debt securities
Held by public
3
Held by agencies
4

5,726.8
3,274.2
2,452.6

5,807.5
3,338.7
2,468.8

5,943.4
3,393.8
2,549.7

6,006.0
3,443.7
2,562.4

6,126.5
3,463.5
2,662.9

6,228.2
3,552.6
2,675.6

6,405.7
3,647.4
2,758.3

6,460.8
3,710.8
2,750.0

6,670.1
3,816.3
2,853.8

27.1
27.1
.0

27.0
27.0
.0

26.8
26.8
.0

26.4
26.4
.0

26.8
26.8
.0

27.2
27.2
.0

27.3
27.3
.0

26.9
26.9
.0

27.0
27.0
.0

5,645.0

5,732.6

5,871.4

5,935.1

6,058.3

6,161.4

6,359.4

6,400.0

6,625.5

5,644.8
.2

5,732.4
.2

5,871.2
.3

5,935.0
.2

6,058.1
.2

6,161.1
.3

6,359.1
.3

6,399.8
.2

6,625.3
.2

5,950.0

5,950.0

5,950.0

5,950.0

6,400.0

6,400.0

6,400.0

6,400.0

7,384.0

5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1
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 Treasury Statement.

Types and Ownership

Billions of dollars, end of period
2002
Type and holder

1 Total gross public debt
By type
2 Interest-bearing
Marketable
3
4
Bills
Notes
5
6
Bonds
Inflation-indexed notes and bonds'
7
8
Nonmarketable2
9
State and local government series
10
Foreign issues3
11
Government
12
Public
Savings bonds and notes
13
14
Government account series4
15 Non-interest-bearing
By holder'
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks''
18 Private investors
Depository institutions
19
70
Mutual funds
21
Insurance companies
22
State and local treasuries7
Individuals
2.3
Savings bonds
74
Pension funds
75
Private
76
State and Local
27
Foreign and international8
28
Other miscellaneous investors7-9

1999

2001

2003

2002
Q3

Q4

Qi

Q2

5,776.1

5,662.2

5,943.4

6,405.7

6,228.2

6,405.7

6,460.8

6,670.1

5,766.1
3,281.0
737.1
1,784.5
643.7
100.7
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0

5,618.1
2,966.9
646.9
1,557.3
626.5
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2

5,930.8
2,982.9
811.3
1,413.9
602.7
140.1
2,947.9
146.3
15.4
15.4
.0
181.5
2,574.8
12.7

6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3

6,216.3
3,136.6
868.3
1,521.5
592.9
138.9
3,079.6
144.3
12.5
12.5
.0
185.6
2,707.3
12.0

6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3

6,474.0
3,331.8
955.0
1,622.9
585.7
153.2
3,142.2
148.8
12.2
12.2
.0
187.3
2,763.8
13.8

6,656.5
3,379.0
927.8
1,713.7
582.4
155.0
3,277.6
140.5
11.7
11.7
.0
189.9
2,905.5
13.6

2,064.2
478.0
3,233.9
248.7
228.6
123.4
266.8

2,270.1
511.7
2,880.4
201.5
220.8
110.2
236.2

2,572.2
551.7
2,819.5
181.5
257.5
105.7
256.5

2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2

2,701.3
604.2
2,924.8
210.4
255.6
126.8
269.4

2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2

2,763.3
641.5
3,056.0
153.1
296.3
151.2
306.2

2,853.3
652.1
3,164.7
144.8
298.5
161.7
318.5

186.4
321.0
109.8
211.2
1,268.7
590.3

184.8
304.1
108.4
195.7
1,034.2
588.7

190.3
281.6
104.2
177.4
1,053.1
493.3

194.9
289.9
113.6
176.3
1,212.7
433.8

193.3
284.9
110.9
174.1
1,167.1
429.9

194.9
289.9
113.6
176.3
1,212.7
433.8

196.9
244.2
66.9
177.2
1,254.6
443.4

199.1
254.5
69.1
185.4
1.355.3
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.




2000

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 Stales and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.

A26
1.42

DomesticNonfinancialStatistics • November 2003
U.S. GOVERNMENT SECURITIES DEALERS

Transactions'

Millions of dollars, daily averages
2003

2003, week ending

Item
May
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
2
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
14
More than one year

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

June

July

July 2

July 16

July 23

July 30

Aug. 6

Aug. 13

Aug. 20

Aug. 27

48,474

50,058

38,948

55,708

45,238

34,925

29,761

40,126

40,435

34,249

34,815

44,759

167,853

152.654

143,806

165,529

122,801

123,842

138,491

164,430

207,652

137,279

105,718

130,553

139,291

131,546

137,381

153,869

130,356

118,553

125,366

155,688

195,179

140,241

92,726

114,815

117,206
36,907
4,303

106,432
31,439
2.949

131,663
31,296
6,157

111.966
32,948
2,666

122,596
29,077
11,622

125,941
28,365
7,639

120,954
26,363
4,498

152,760
36,986
3,707

183,990
47,739
4,420

156,274
28,541
3,029

94,188
22,577
3,318

93,774
20,017
2,843

60,395

62,416

52.616'

64.852

50,285

52,219

48,328

52,289

62,536

60,422

56,696

47,979

11,262

13.029

11,854'

12,786

9,687

11,484

12,064

13,121

13,116

11,799

11,489

11,299

10,180

10,171

8.078'

11,133

5,060

5,751

12,237

7,761

6,465

5,548

3,768

3,642

7,723
1,078

9,211
1,486

6,822
1,048

5,889
1,311

5,598
911

8,417
1,042

6,383
981

6,657
1,039

8,628
1,478

6,174
897

3,564
625

4,190
469

255,830

228,360

242,916

216,071

327,320

271,103

202,235

199,351

239,283

311,505

167,495

104,888

121,358
23,053

140,708
21,940

129,914
20,616

165,464
22,144

126,939
16,891

134,641
21,652

124,979
22,150

118,830
20,597

127,184
19,707

130,215
16,832

148,655
15,134

129,006
14,020

236,729

219,499

222,140

230,978

208,710

201,354

204,364

251,770

302,845

227,331

162,456

186,503

10,429
71,749
532

11,148
62,176
581

8,211
64,153
587

9,131
61,368
595

6,695
77,196
372

7,829
66,859
505

9,099
61,978
630

8,357
55,577
776

9,182
57,774
676

7,809
75,236
592

6,301
51,455
601

5,980
27,525
466

277,305

255,580

267,111

291,708

252,981

237.910

241,070

301,927

376,570

272,282

190,886

220,258

80,208
184,080
143,879

85,166
166,185
162,067

72,207'
178,763
149,944

86,838
154,703
187,012

64,846
250,124
143,458

71,084
204,244
155,789

70,895
140,257
146,500

72,511
143,774
138,652

83,039
181,508
146,214

77,031
236,269
146,455

69,841
116,041
163,188

61,598
77,363
142,561

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.
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, mortgage-




July 9

backed, 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.

Federal Finance
1.43

U.S. GOVERNMENT SECURITIES DEALERS

All

Positions and Financing1

M i l l i o n s of dollars
2003, week ending

2003
Item, by type of security
May

June

July

July 2

July 9

July 16

July 23

July 30

Aug. 6

Aug. 13

Aug. 20

Net outright positions 2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
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
6
Inflation-indexed
2
3

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

12 Mortgage-backed
13
14

Corporate securities
One year or less
More than one year

10,092

9,882

10,596

-721

7,986

6,445

17,917

11,936

19,935

21,752

21,314

-12,954

-11,958

-18,548

-12,044

-20,746

-26,386

-13,692

-17,454

-2,969

-9,011

-12,258

-42,497

-45,702

-54,366

-52,478

-50,779

-53,573

-58,291

-56,769

-44,503

-39,039

-42,893

-8,149
3,180
-127

-11,295
680
854

-18,655
4,869
911

-21,939
2,551
848

-18,959
4,440
1,524

-18,430
4,797
1,134

-18,715
4,738
-93

-17,893
6,455
1,085

-16,455
2,835
988

-13,698
1,742
622

-10,152
3,593
-30

62,728

61,088

59,856

64,831

67,610

66,300

57,106

49,592

41,628

53,754

42,795

20,165

17,246

15,782

17,688

17,293

17,562

13,110

15,413

10,228

12,736

14,789

4,807

2,400

4,399

2,104

3,842

4,364

4,727

5,704

1,714

806

588

3,875
2,366

4,057
2,748

5,336
2,204

4,516
2,898

4,648
2,454

7,256
2,340

5,834
2,143

4,137
1,771

3,262
1,569

3,304
1,635

2,470
1,545

42,381

55,930

57,244

65,442

61,991

62,210

61,753

45,610

22,725

19,517

19,391

25,518
58,309

33,054
58,821

32,644r
65,577r

32,457
56,260

22,859
52,296

36,888
55,365

38,722
75,715

32,083
79,440

33,190
80,653

40,351
81,434

29,484
80,703

Financing 1
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

694,287
881,597

739,231
944,185

726,387
937,832

745,495
831,069

734,326
871,586

734,833
922,611

711,835
978,365

714,798
997,897

756,459
1,017,424

688,920
1,021,876

724,763
849,260

152,445
243,263

151,751
254,853

147,727
245,668

144,996
239,480

152,938
244,501

151,908
248,488

145,151
248,088

140,723
244,102

154,493
240,508

162,483
244,190

158,073
230,255

42,935
247,674

36,223
249,278

37,704
253,576

31,989
247,109

41,047
250,192

35,677
247,779

38,519
261,280

37,599
256,505

34,959
256,354

41,193
250,742

44,250
242,453

68,094
27,031

71,329
28,474

76,154
30,092

73,975
29,879

75,059
30,474

76,486
30,264

76,948
29,930

76,580
29,804

77,312
29,791

76,186
29,847

75,442
30,339

482,620
1,220,752

510,880
1,297,890

472,181
1,288,014

482,902
1,177,830

483,051
1,226,445

476,612
1,271,003

457,947
1,332,263

465,221
1,343,545

491,999
1,359,981

448,293
1,364,600

471,250
1,179,112

674,535
801,453

711,222
849,957

686,520
832,743

690,942
739,089

688,981
771,753

695,254
813,745

673,657
868,056

683,907
889,446

707,630
935,844

647,169
939,314

685,678
762,225

297,432
186,301

295,952
195,981

286,946
190,018

287,582
185,252

298,345
192,686

289,818
195,836

283,984
188,841

277,779
184,957

270,689
183,815

285,503
190,915

273,716
178,610

357,464
147,596

356,571
141,975

372,739
160,896

352,456
138,058

348,669
146,109

390,005
158,812

391,859
173,779

368,093
171,387

359,630
161,045

382,491
171,184

360,126
175,097

146,125
25,505

156,474
26,437

159,712
27,191

163,253
23,959

154,736
25,444

163,731
27,989

158,566
28,007

160.971
27,500

158,525
32,432

163,204
31,792

152,417
31,862

1,262,067
1,106,335

1,305,120
1,163,284

1,276,928
1,164,237

1,264,178
1,045,353

1,261,107
1,090,292

1,318,921
1,149,272

1,275,855
1,210,387

1,257,702
1,226,689

1,261,321
1,264,172

1,248,439
1,282,554

1.237,390
1,104,971

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

NOTE. Major changes in the report form tiled 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.
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 (T1IS) 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).

A28
1.44

DomesticNonfinancialStatistics • November 2003
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period
2003
Agency

1999

2000

2001

2002
Feb.

1 Federal and federally sponsored agencies
2 Federal agencies
Defense Department1
3
4
Export-Import Bank2-1
Federal Housing Administration4
5
Government National Mortgage Association certificates of
6
participation5
Postal Service6
7
Tennessee Valley Authority
8
United States Railway Association6
9
7
10 Federally sponsored agencies
Federal Home Loan Banks
11
Federal Home Loan Mortgage Corporation
12
Federal National Mortgage Association
13
Farm Credit Banks8
14
15
Student Loan Marketing Association'
Financing Corporation
16
Farm Credit Financial Assistance Corporation"
17
Resolution Funding Corporation'2
18

1,616,492

1,851,632

2,121,057

2,351,039

26,376
6
n.a.
126

25,666
6
n.a.
255

276
6
n.a.
26,828

2
6

n.a.
n.a.
26,370
n.a.

n.a.
n.a.
25,660
n.a.

1,590,116
529,005
360,711
547,619
68,883
41,988
8,170
1,261
29,996

n.a.

Mar.
n.a.

Apr.
n.a.

May
n.a.

June
n.a.

n.a.
26,828

26,408
6
n.a.
152

26,886
6
n.a.
166

26,450
6
n.a.
195

26,500
6
n.a.
218

27,015
6
n.a.
227

n.a.
n.a.
270
n.a.

n.a.
n.a.
270
n.a.

n.a.
n.a.
26,402
n.a.

n.a.
n.a.
26,880
n.a.

n.a.
n.a.
26,444
n.a.

n.a.
n.a.
26,494
n.a.

n.a.
n.a.
27,009
n.a.

1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996

2.120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996

2,351,037
674,841
648.894
851,000
85,088
47,900
8,170
1,261
29,996

n.a.
684.495
n.a.
871,000
86,045
50,900
8,170
1,261
29,996

n.a.
687,573
n.a.
873,900
86,802
49,100
8,170
1,261
29,996

n.a.
706,215
n.a.
871,500
87,591
51,200
8,170
1,261
29,996

n.a.
717,900
n.a.
876,200
89,007
54,200
8,170
1,261
29,996

n.a.
712,447
n.a.
884,100
89,130
52,700
8,170
1,261
29,996

42,152

40,575

39,096

37,017

35,794

35,780

35,808

36,383

36,361

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.
n.a.

6,665
14,085
21,402

5,275
13.126
22,174

n.a.
13,876
25,220

n.a.
14,489
22,528

n.a.
14,750
21,030

n.a.
14,760
21,048

n.a.
14,793
21,590

n.a.
15,383
20,978

MEMO

19 Federal Financing Bank debt 11
20
2.1
22
23
24

Lending to federal and federally sponsored agencies
Export-Import Bank1
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6

Other lending14
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.




n.a.
14,750
21,044

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

A29

State and Local Governments

Millions of dollars
2003
Type of issue or issuer,
or use

2000

1

2001

2002

r

Jan.

Feb.1

Mar.r

Apr.1

May'

June'

July'

Aug.

27,138

30,171

28,096

34,911

36,029

48,346

33,146

25,711

180,403

292,027

364,073

By type of issue
2 General obligation
3 Revenue

64,475
115,928

118,554
170,047

145,323
214,788

8,112
17,049

12,772
17,399

9,794
18,303

14,815
20,095

13,073
22,956

23.789
24,557

12,595
20,551

7.142
18.569

By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township

19,944
121,185
39,273

30,099
197,462
61,040

33,931
259,070
67,121

1,927
17,979
5,290

3,604
20,893
5,674

1,277
19,777
7,043

5,521
23,911
5,478

2,808
22,879
10,342

14,411
26,458
7,477

2,924
22,008
8,215

2,185
17,074
6,452

7 Issues for new capital

154,257

200,363

243,212r

18,809r

20,339

15,944

24,708

21,243

36,037

22,142

18,421

38,665
19,730
11,917
n.a.
7,122
47,309

50,054
21,411
21,917
n.a.
6,607
55,733

57,894
22,093
33,404
n.a.
7,227
73,033

4,823
1,417
2,196
n.a.
422
7,400

7,067
1,625
183
n.a.
1,118
7,189

5,354
1,233
599
n.a.
1,602
3,724

7,591
3,479
842
n.a.
1,828
8,396

7,128
1.891
1,008
n.a.
3,209
5,603

6,111
2,049
2,021
n.a.
1,787
19,880

4,967
2,637
361
n.a.
2,462
6,864

6,696
3,089
746
n.a.
1,776
3,718

1 All issues, new and refunding

8
9
10
11
12
13

By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

SOURCE. Securities Data Company beginning January 1990: Investment Dealer's Digest
before then.

1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

U.S. Corporations

Millions of dollars
2002
Type of issue, offering,
or issuer

2000

2001

2003

2002
Dec.

1 All issues'
2 Bonds

2

By type of offering
3 Sold in the United States
4 Sold abroad

Jan.

Feb.

Mar.

Apr.

May

June

July

1,079,727

1,541,821

1,429,298

127,061

127,304

134,957

155,821

125,223

170,003

179,615

126,114

944,810

1,413,267

1,318,863

120,183

120,177

127,818

149,928

116,861

161,265

163,726

116,806

822,012
122,798

1,356,879
56,389

1,232,618
86,246

114,332
5,851

113,951
6,226

118,567
9,250

144.315
5,613

114,277
2,585

149,437
11,828

147,835
15,890

104.875
11,931

MEMO

19,442'

24,415'

18,870'

2,064'

4,553'

1,087'

1,760'

1,189'

1,804'

4,140'

By industry group
6 Nonfinancial
7 Financial

258,804
686,006

459,560
953,707

282,484
1.036,379

20,751
99,433

28,461
91,716

26,991
100,826

27,514
122,414

22,153
94,708

48,353
112,912

52,139
111,587

28,425
88,381

8 Stocks 1

5 Private placements, domestic

n.a.

311,941

230,632

170,673

6,878

7,127

7,139

5,893

8,362

8,738

15,889

9,308

By type of offering
9 Public
10 Private placement4

134,917
177,024

128,554
102,078

110,435
60,238

6,878
n.a.

7,127
n.a.

7,139
n.a.

5,893
n.a.

8,362
n.a.

8.738
n.a.

15,889
n.a.

9,308
n.a.

By industry group
11 Nonfinancial
12 Financial

118,369
16,548

77,577
50,977

62,115
48,320

4,154
2,724

3,793
3,334

2,679
4,460

1,053
4,840

1,592
6.770

3,075
5,663

4,727
11,162

3,333
5,975

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, Yankee bonds, and private placements listed. 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 for private placements are not available at a monthly frequency.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.

A30
1.47

DomesticNonfinancialStatistics • November 2003
Net Sales and Assets1

OPEN-END INVESTMENT COMPANIES
Millions of dollars

2003
Item

2001

2002'
Jan.

Feb.

Mar.

Apr.

May

June

July'

Aug.

1 Sales of own shares 2

1,806,474

1,825,840

152,647

122,321

140,643

141,465

142,688

157,773

153,832

138,802

2 Redemptions of own shares
3 Net sales3

1,677,266
129,208

1,702,676
123,164

138,951
13,696

113,643
8,678

129,337
11,306

112,109
29,356

118,794
23,894

130,024
27,749

139,690
14,142

125,177
13,625

4,689,624

4,119,322

4,060,568

4,031,818

4,059,934

4,327,560

4,563,023

4,653,085

4,714,516

4,828,207

219,620
4,470,004

208,479
3,910,843

212,792
3,847,776

199,546
3,832,272

214,146
3,845,788

230,032
4,097,528

232,836
4,330,187

236,547
4,416,538

220,372
4,494,144

227,507
4,600,700

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.

1.51

DOMESTIC FINANCE COMPANIES

Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted
2001

Account

2000

2001

2002

2003

2002

Q4

Ql

Q2

Q3

Q4

Ql

Q2

ASSETS

1 Accounts receivable, gross2
2
Consumer
3
Business
4
Real estate
5
6

LESS:

Reserves for unearned income
Reserves for losses

7
8

Accounts receivable, net
All other

9

Total assets

958.7
328.0
458.4
172.3

948.3
340.1
447.0
161.3

945.4
315.6
455.3
174.5

948.3
340.1
447.0
161.3

930.0
329.8
443.0
157.2

941.9
332.0
449.4
160.5

945.6
334.5
445.5
165.5

945.4
315.6
455.3
174.5

934.9
307.1
453.9
173.9

947.9
308.6
455.8
183.4

69.7
16.7

60.6
21.0

57.0
23.8

60.6
21.0

59.5
21.5

58.5
21.6

58.0
22.0

57.0
23.8

54.2
24.0

53.8
24.5

872.3
461.5

866.7
523.4

864.5
584.7

866.7
523.4

849.0
515.2

861.9
530.6

865.6
558.0

864.5
584.7

856.7
610.9

869.6
655.9

1,333.7

1,390.1

1,449.3

1,390.1

1,364.2

1,392.5

1,423.6

1,449.3

1,467.7

1,525.5

LIABILITIES AND CAPITAL
10
11

Bank loans
Commercial paper

35.9
238.8

50.8
158.6

48.0
141.5

50.8
158.6

49.4
137.0

56.9
130.8

74.9
143.1

48.0
141.5

47.3
127.3

53.2
145.3

12
13
14
15

Debt
Owed to parent
Not elsewhere classified
All other liabilities
Capital, surplus, and undivided profits

102.5
502.2
301.8
152.5

99.2
567.4
325.5
188.6

88.2
624.9
339.0
207.6

99.2
567.4
325.5
188.6

82.6
574.4
329.1
191.7

83.3
597.2
331.5
192.9

82.9
584.9
343.4
194.5

88.2
624.9
339.0
207.6

87.7
639.1
344.4
221.9

96.6
657.9
359.1
213.5

16

Total liabilities and capital

1,333.7

1,390.1

1,449.3

1,390.1

1,364.2

1,392.5

1,423.6

1,449.3

1,467.7

1,525.5

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

A31

Owned and Managed Receivables'

Billions of dollars, amounts outstanding
2003
Type of credit
Feb.'

Mar.'

Apr.'

May

June'

July

Seasonally adjusted
1 Total
2
3
4

Consumer
Real estate
Business

l,186.3 r

l,248.1 r

l,275.9 r

1,275.7

1,283.1

1,290.3

l,297.1 r

1,286.0

1,291.5

465.0'
198.9
522.3

514.8'
207.7
525.6

518.6'
216.5
540.9

518.3
215.6
541.8

521.7
215.4
546.0

525.3
220.4
544.6

523.6'
224.6
548.9

516.8
224.1
545.1

516.2
231.9
543.5

Not seasonally adjusted
5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
2.3
24
25
26
27
28
29
30
31
32
33
34
35
36

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
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

l,192.8 r

l,255.3 r

l,283.4 r

1,276.0

1,286.3

1,293.4

l,297.4 r

1,293.1

1,288.0

469.0'
141.6
108.2
37.6
41.3r

519.7'
173.9
103.5
31.5
32.7'

523.9'
160.2
83.3
38.9
38.7'

518.6
162.4
80.3
37.9
39.8

518.2
156.2
81.8
36.3
40.9

521.7
160.9
81.2
37.6
42.4

519.1'
162.8'
79.0
34.5'
42.5'

516.2
166.6
76.7
34.6
43.1

516.2
172.7
74.8
35.0
42.0

97.1
6.6r
19.6
17.1
198.9
130.6
41.7

131.9
6.8
25.0
14.3
207.7
120.1
41.2

151.9'
5.7'
31.1'
14.0'
216.5
135.0
39.5

148.6
5.6
30.1
13.8
215.6
134.3
39.9

152.1
6.2
30.7
13.9
215.4
133.9
40.1

149.4
6.1
30.6
13.6
220.4
138.8
40.4

150.3'
6.0'
30.7
13.2'
224.6
143.0
40.7

146.5
6.0
29.5
13.2
224.1
142.5
40.9

143.6
5.9
29.2
12.9
231.9
150.7
40.8

24.7'
1.9'
525.0
75.5
18.3
39.7
17.6
283.5
70.2
213.3
99.4

40.7
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

39.7'
2.2
543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5

39.1
2.2
541.9
60.3
14.8
30.5
15.0
288.9
80.3
208.6
104.4

39.2
2.2
552.8
65.3
16.3
34.0
15.0
287.5
78.0
209.5
101.1

38.9
2.2
551.4
64.1
16.8
34.5
12.8
286.0
79.0
207.0
103.0

38.6'
2.2
553.7
68.0
17.1
36.1
14.8
284.5
77.6
207.0
103.1

38.4
2.2
552.9
69.9
17.2
38.4
14.2
283.4
77.5
205.9
102.6

38.1
2.2
539.9
61.9
17.7
30.0
14.2
281.0
76.3
204.7
102.9

37.8
3.2'
32.5'
2.2'
23.1
15.5'
7.6'
5.6'

50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7

50.2
2.4'
45.9'
1.9'
20.2
13.0'
7.2
17.4'

50.9
2.3
46.8
1.8
19.4
12.3
7.1
18.0

53.1
2.2
48.6
2.2
21.9
12.2
9.7
23.9

53.1
2.2
48.6
2.2
21.4
11.8
9.6
23.9

52.2
2.2'
47.8'
2.2'
21.6
12.0'
9.6'
24.2'

50.0
2.2
45.6
2.1
23.5
12.9
10.6
23.6

46.7
2.2
42.3
2.1
23.7
13.1
10.6
23.8

NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For
ordering address, see inside front cover.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown




before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.

A32
1.53

DomesticNonfinancialStatistics • November 2003
MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted
2003
Feb.

Mar.

Apr.

May

June

July

Aug.

Terms and yields in primary and secondary markets
PRIMARY MARKETS

1
7
3
4
5

Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2

Yield (percent per year)
1
6 Contract rate
7 Effective rate1-'
8 Contract rate (HUD series)4

234.5
177.0
77.4
29.2
.70

245.0
184.2
77.3
28.8
.67

261.1
197.0
77.8
28.9
.62

235.1
179.3
78.0
28.3
.37

252.9
184.2
76.2
28.2
.40

266.0
205.0
78.8
29.0
.62

275.3
210.7
78.7
28.8
.61

283.3
213.7
78.0
28.8
.64

283.4
214.4
78.2
28.7
.62

280.1
212.1
78.0
28.5
.66

7.41
7.52
n.a.

6.90
7.00
n.a.

6.35
6.44
n.a.

5.76
5.82
n.a.

5.69
5.75
n.a.

5.83
5.92
n.a.

5.66
5.75
n.a.

5.42
5.51
n.a.

5.44
5.53
n.a.

5.68
5.77
n.a.

n.a.
7.57

n.a.
6.36

n.a.
5.81

n.a.
5.03

n.a.
4.94

n.a.
4.97

n.a.
4.55

n.a.
4.27

n.a.
5.02

n.a.
5.48

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)
1 1Total
FHA/VA insured
12
13
Conventional

610,122
61,539
548.583

707.015
n.a.
n.a.

790,800
n.a.
n.a.

816,747
n.a.
n.a.

815,964
n.a.
n.a.

817,894
n.a.
n.a.

815,560
n.a.
n.a.

812,467
n.a.
n.a.

836,104
n.a.
n.a.

863,170
n.a.
n.a.

14 Mortgage transactions purchased (during period)

154,231

270,384

370,641

40,420

34,304

43,028

43,749

41,182

72,447

82,656

Mortgage commitments (during period)
15 Issued7
16 To sell8

163.689
11,786

304,084
7,586

400,327
12,268

52,479
1,241

42,005
2,457

42,906
1,479

75,569
1,785

79,172
3,657

n.a.
n.a.

n.a.
n.a.

385,693
3,332
382,361

491,719
3,506
488,213

568,173
4,573
563,600

561,534
3,796
557,738

569,522
3,540
565,982

568,975
n.a.
n.a.

572,801
n.a.
n.a.

586,361
n.a.
n.a.

595,202
n.a.
n.a.

615,986
n.a.
n.a.

70
21

174,043
166,901

n.a.
389,611

n.a.
547,046

n.a.
41,831

n.a.
59,065

n.a.
51,737

n.a.
66,175

n.a.
58,124

n.a.
70,269

n.a.
91,198

22 Mortgage commitments contracted (during period)9

169,231

417,434

620,981

48,446

69,200

n.a.

n.a.

n.a.

n.a.

n.a.

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end of period /
17 Total
18
FHA/VA insured
19
Conventional
Mortgage transactions (during period)

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.




6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.

Real Estate
1.54

A33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
2002
Type of holder and property

1 All holders
7
3
4
5

By type of property
One- to tour-family residences
Multifamily residences
Nonfarm. nonresidential
Farm

By type of holder
6 Major financial institutions
Commercial banks2
7
One- to four-family
8
9
Multifamily
Nonfarm, nonresidential
10
Farm
11
Savings institutions'
17
One- to four-family
13
Multifamily
14
Nonfarm, nonresidential
15
Farm
16
Life insurance companies
17
One- to four-family
18
Multifamily
19
Nonfarm. nonresidential
70
Farm
21
22 Federal and related agencies
73
Government National Mortgage Association
One- to four-family
24
Multifamily
25
Farmers Home Administration4
76
One- to four-family
77
Multifamily
28
79
Nonfarm, nonresidential
30
Farm
Federal Housing Admin, and Dept. of Veterans Affairs
31
One- to four-family
37
Multifamily
33
Resolution Trust Corporation
34
One- to four-family
35
Multifamily
36
Nonfarm, nonresidential
37
Farm
38
Federal Deposit Insurance Corporation
39
One- to four-family
40
Multifamily
41
Nonfarm, nonresidential
42
43
Farm
Federal National Mortgage Association
44
45
One- to four-family
Multifamily
46
Federal Land Banks
47
One- to four-family
48
Farm
49
Federal Home Loan Mortgage Corporation
50
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
Multifamily
59
Federal National Mortgage Association
60
One- to four-family
61
Multifamily
62
Farmers Home Administration4
63
One- to four-family
64
Multifamily
65
Nonfarm, nonresidential
66
Farm
67
Private mortgage conduits
68
69
One- to four-family6
Multifamily
70
Nonfarm, nonresidential
71
Farm
72
73 Individuals and others7
One- to four-family
74
Multifamily
75
Nonfarm, nonresidential
76
Farm
77

1999

2000

Ql

Q2

Q3

04

Ql

6,315,447

6,884,942

7,585,319

7,752,374

7,967,494

8,201,739

8,459,605

8,671,432

4,787,225
368,742
1.056,516
102,964

5,205,428
403,724
1,166,933
108,858

5,738,1 11
449,704
1,281,168
116,336

5,877,230
457,381
1,299,634
118,130

6,049,571
468,374
1,329,097
120,452

6,247,731
476,708
1,353,685
123.614

6,459.308
488,428
1,387,110
124,759

6,641,409
496,475
1,407,138
126,410

2,394,271
1,495,420
879,576
67,665
516,333
31,846
668,064
548,222
59,309
60,063
470
230,787
5,934
32.818
179,048
12,987

2,618,969
1,660,054
965,635
77,803
582,577
34,039
722,974
594,221
61,258
66,965
529
235,941
4,903
33,681
183,757
13,600

2,791,076
1,789,819
1,023,851
84,851
645,619
35,498
758,236
620,579
64,592
72,534
531
243,021
4,931
35,631
188,376
14,083

2,790,860
1,799,118
1,017,001
86,676
659,452
35,990
748,349
606,662
65,192
75,945
550
243,393
4,938
35,671
188,699
14,085

2,861,224
1,873,362
1,070,513
90,745
675,119
36,985
742,744
599,377
66,016
76,799
552
245,118
5,162
35,818
190,050
14,088

2,981,790
1,962,198
1,143,985
90,930
689,481
37,802
773,652
625,402
68,668
79,022
560
245,939
5,176
35,921
190,698
14,144

3,089,824
2,058,426
1,222,056
94,178
704,167
38,025
781,378
631,392
68,679
80,730
577
250,019
4,657
36,816
195,040
13,506

3,166,701
2,099,352
1,244,823
96,830
718,996
38,704
815,873
662,858
69,757
82,669
589
251,476
4,684
36,975
196,232
13,585

320.054
7
7
0
73,871
16,506
11,741
41,355
4,268
3,712
1,851
1,861
0
0
0
0
0
152
25
29
98
0
149,422
141,195
8,227
34,187
2,012
32,175
56,676
44,321
12,355

344,225
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
155,626
144,150
11,476
36,326
2,137
34,189
59,240
42,871
16,369

376,999
8
8
0
72,452
15,824
11,712
40,965
3,952
3,290
1,260
2,031
0
0
0
0
0
13
2
3
8
0
169,908
155,060
14,848
40,885
2,406
38,479
62,792
40,309
22,483

385,027
8
8
0
72,362
15,665
11,707
41,134
3,855
3,361
1,255
2.105
0
0
0
0
0
7
1
1
4
0
176,051
160,300
15,751
41,981
2,470
39,511
59,624
35,955
23,669

396,091
8
8
0
71,970
15,273
11,692
41,188
3,817
3,473
1,254
2,218
0
0
0
0
0
22
4
4
14
0
180,491
164,038
16,453
42,951
2,527
40,424
58,872
34,062
24,810

412,014
8
8
0
72,030
15,139
11,686
41,439
3,766
2,973
1,252
1,721
0
0
0
0
0
13
2
2
8
0
184,191
167,006
17.185
44,782
2,635
42,147
60,934
34,616
26,318

432,790
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
185,797
172,226
13,571
46,257
2,722
43,535
63,887
35,851
28,036

455,606
6
6
0
69,988
14,652
11,654
40,093
3,590
3,824
1,255
2,569
0
0
0
0
0
118
19
23
76
0
195,633
180,829
14,804
46,974
2,764
44,210
64,388
35,880
28,508

2,946,546
582,263
565,189
17,074
749,081
744,619
4,462
960,883
924,941
35,942
0
0
0
0
0
654,319
455,021
41,952
157,346
0

3.226,058
611,553
592.624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
734,445
499,834
47,529
187,082
0

3,700,582
591,368
569,460
21,908
948,409
940,933
7,476
1,290,351
1,238,125
52,226
0
0
0
0
0
870,454
591,200
53,537
225,717
0

3,854,494
587,204
564,108
23,096
1,012,478
1,005,136
7,342
1,355,404
1.301,374
54,030
0
0
0
0
0
899,408
616,300
53,918
229,190
0

3,971,458
583,745
559,549
24,196
1,053,261
1.045,981
7,280
1,404,594
1,349,442
55,152
0
0
0
0
0
929,858
638,300
55,234
236,324
0

4,052,418
567,386
542,208
25,178
1,058,176
1,050,899
7,277
1,458,945
1,402,929
56,016
0
0
0
0
0
967,911
669,300
56,582
242,029
0

4,161,020
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
0
0
0
0
1,002,783
691,600
59,034
252,149
0

4,265,292
515,822
489,063
26,759
1,073,016
1,064,114
8,902
1,637,474
1,576,495
60,979
0
0
0
0
0
1,038,980
725.100
59,169
254,711
0

654,576
456,009
75,076
102,274
21,217

695,691
492,429
75,457
105,453
22,352

716,662
506,669
78,252
107,949
23,792

721,993
514,560
78,085
105,210
24,138

738,721
525,893
78,639
109,604
24,585

755,517
540,187
79,127
111,008
25,194

775,971
558,434
79,228
112,894
25,415

783,833
564,262
79,478
114,361
25,733

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.




2003

2001

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.

A34
1.55

DomesticNonfinancialStatistics • November 2003
CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period
2003
Mar.

Feb/

r

Apr/

Mayr

June'

July

Seasonally adjusted
1 Total
2 Revolving
3 Nonrevolving2

1,559,532

1,666,816

1,726,120

1,743,989

1,746,797

1,757,537

1,768,250

1,768,401

1,774,431

667,395
892,137

701,285
965,531

712,002
1.014,118

718,771
1,025,219

720,594
1,026,203

723,272
1,034,264

727,892
1,040,358

726,620
1.041.781

726,947
1,047,484

Not seasonally adjusted
4 Total

1,593,116

1,701,856

1,761,968

1,742,983

1,736,533

1,746,056

1,756,349

1,759,279

1,763,092

By major holder
Commercial banks
Finance companies
Credit unions
Savings institutions
Nonfinancial business
Pools of securitized assets3

541,470
219,848
184,434
64,557
82,662
500,145

558,421
236,559
189.570
69.070
67,955
580.281

587.165
232,269
195,744
68,494
56.894
621,402

581,501
232,890
195,003
68,444
49,564
615,581

575,275
225,229
196,441
68,418
48,479
622,692

576,936
231,262
198,237
70,116
47,715
621,790

582,413
228,853
200,321
71,871
48,132
624,759

584,294
231,939
202,012
73,570
47,599
619,866

582,383
237,173
204,060
73,452
47,165
618,858

By major type of credit4
1 1Revolving
Commercial banks
12
13
Finance companies
14
Credit unions
Savings institutions
15
16
Nonfinancial business
Pools of securitized assets3
17

693,020
218,063
37,627
22.226
16,560
42,430
356,114

727,297
224,878
31,538
22.265
17,767
29.790
401,059

737,993
230.990
38.948
22,228
16,225
19.221
410,381

718,991
218,844
37,947
21,096
16.064
14,203
410,837

713,465
212,452
36,334
20,722
15,980
13,666
414.311

719,469
213,069
37,609
20,883
17,022
13,112
417,773

723,449
217,685
34,498
20,964
18,099
13,293
418,910

723,462
217.453
34,608
21,076
19,141
12,908
418,276

721,107
214,712
35,047
21,196
18,919
12,657
418,575

18 Nonrevolving
19
Commercial banks
20
Finance companies
21
Credit unions
22
Savings institutions
Nonfinancial business
23
24
Pools of securitized assets3

900,096
323,407
182,221
162,208
47,997
40,232
144,031

974,559
333,543
205.021
167,305
51,303
38,165
179,222

1.023,975
356.175
193,321
173.516
52,269
37,673
211.021

1,023,992
362.657
194,944
173,907
52,380
35,361
204.744

1.023,069
362,823
188,895
175,719
52,438
34,813
208,381

1,026,587
363,866
193,653
177,354
53,094
34,603
204,017

1,032,900
364,728
194,355
179,357
53,773
34,839
205,849

1,035,817
366,841
197,331
180,936
54,429
34,691
201,590

1,041,986
367,672
202,125
182.864
54,533
34,508
200,283

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
2003
Item

2000

2001

2002
Jan.

Feb.

Mar.

Apr.

May

June

July

INTEREST RATES

Commercial banks2
1 48-month new car
2 24-month personal

9.34
13.90

8.50
13.22

7.54
12.25

n.a.
n.a.

7.11
11.70

n.a.
n.a.

n.a.
n.a.

7.05
12.19

n.a.
n.a.

n.a.
n.a.

Credit card plan
3 All accounts
4 Accounts assessed interest

15.71
14.91

14.89
14.44

13.42
13.09

n.a.
n.a.

13.20
12.85

n.a.
n.a.

n.a.
n.a.

12.90
12.82

n.a.
n.a.

n.a.
n.a.

Auto finance companies
5 New car
6 Used car

6.61
13.55

5.65
12.18

4.29
10.74

3.13
10.37

3.99
10.43

3.83
10.16

2.51
9.91

2.40
9.82

2.93
9.81

3.28
9.77

54.9
57.0

55.1
57.5

56.8
57.5

58.5
57.5

59.2
57.7

59.5
57.8

60.1
57.7

60.7
57.7

62.4
57.8

62.7
57.8

92
99

91
100

94
100

96
100

97
99

96
99

97
99

97
99

97
100

95
100

20.923
14,058

22,822
14,416

24,747
14,532

26,443
14,499

24,864
14,231

25,152
14.253

27,540
14,475

27,920
14,568

26,945
14,567

26,129
14,632

OTHER TERMS 3

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

A35

FUNDS RAISED IN U.S. CREDIT MARKETS
Billions of dollars; quarterly data at seasonally adjusted annual rates
2001

Q4

2002

Q!

2003

Q2

Q3

Q4

QI

Q2

Nonfinancial sectors
1

Total net borrowing by domestic nonfinancial sectors . .

2
3
4

By sector and instrument
Federal government
Treasury securities
Budget agency securities and mortgages

5

Nonfederal

788.1

1,041.9

1,030.9

853.5

1,114.4

1,163.5

992.5

1,628.8

1,338.3

1,539.0

1,243.4

2,523.8

23.1
23.2
-.1

-52.6
-54.6
2.0

-71.2
-71.0
-.2

-295.9
-294.9
-1.0

-5.6
-5.0
-.5

43.4
44.2
-.7

39.8
41.6
-1.8

526.0
524.2
1.8

265.7
264.2
1.6

198.5
198.1
.4

79.9
81.5
-1.6

888.2
887.7
.5

1.102.8

1,072.5

1,340.5

1,163.5

1,635.6

-81.7
196.1
191.4
-192.1
65.1
825.8
658.6
41.7
1 16.5
9.1
98.2

-17.4
154.2
-29.0
-124.5
61.2
920.4
780.4
31.7
95.2
13.1
107.6

-13.2
216.1
114.4
-15.3
-.3
1.045.9
843.5
67.1
130.8
4.6
-7.1

-15.2
90.3
178.6
-55.3
-14.5
886.7
763.8
33.3
83.2
6.4
93.0

-87.3
189.4
309.6
-63.9
80.7
1,141.0
951.4
50.5
127.8
11.3
66.2

765.0

1,094.5

1,102.1

1,149.3

1,120.0

1,120.1

952.6

6
7
8
9
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

13.7
56.9
150.5
106.4
43.1
322.4
258.3
7.2
53.8
3.1
72.0

24.4
84.2
235.2
109.8
68.5
485.8
384.6
23.3
71.3
6.5
86.7

37.4
54.4
217.8
82.9
26.1
563.3
424.4
35.2
98.0
5.8
120.2

48.1
23.6
161.3
101.8
84.5
563.9
418.2
32.9
106.2
6.5
166.2

-88.3
122.9
340.5
-82.0
1.8
699.1
532.7
45.6
113.4
7.5
126.0

45.5
174.6
325.0
-165.5
-119.7
725.7
533.1
54.3
131.6
6.8
134.5

-144.4
76.8
253.6
-16.4
-38.0
702.8
602.4
28.5
65.0
6.9
118.1

17
18
19
20
21
22

By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

330.8
392.7
291.8
94.7
6.2
41.5

450.8
576.1
408.4
159.7
8.0
67.7

498.6
565.0
377.2
182.4
5.5
38.5

558.8
575.1
380.1
184.1
10.9
15.5

614.6
399.6
235.3
156.8
7.5
105.8

596.7
381.2
231.8
141.1
8.3
142.1

720.9
162.9
47.3
110.3
5.3
68.9

689.7
229.7
88.5
132.7
8.5
183.4

791.0
140.2
-2.9
128.8
14.2
141.3

885.6
267.2
107.6
156.3
3.4
187.7

837.2
252.1
134.2
113.4
4.6
74.2

1,000.2
460.3
311.5
146.0
2.8
175.1

71.8
3.7
61.4
8.5
-1.8

31.2
7.8
22.8
6.6
-6.0

13.0
16.3
1.9
.5
-5.7

57.0
31.7
15.2
11.4
-1.3

-49.7
-14.2
-24.5
-7.3
-3.7

3.3
5.9
17.0
-16.3
-3.3

65.1
66.8
-14.5
13.9
-1.2

2.1
36.5
-54.0
22.0
-2.4

-44.0
3.9
-35.3
-11.7
-1.0

I.I
37.3
-30.1
-2.9
-3.2

18.4
52.6
-29.4
-4.0
-.8

-48.4
73.5
-93.5
-31.4
3.0

859.9

1,073.1

1,043.9

910.5

1,064.6

1,166.9

1,057.5

1,630.9

1,294.2

1,540.0

1,261.8

2,475.4

23
24
25
26
27

Foreign net borrowing in United States
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

28

Total domestic plus foreign

Financial sectors
29

Total net borrowing by financial sectors

662.2

1,085.6

1,073.5

821.8

934.0

964.4

866.1

867.2

858.5

1,102.7

1,002.6

871.8

30
31
32
33

By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government

212.9
98.4
114.6
.0

470.9
278.3
192.6
.0

592.0
318.2
273.8
.0

433.5
234.1
199.4
.0

629.3
290.8
338.5
.0

591.8
306.5
285.3
.0

691.1
191.3
499.8
.0

487.8
141.7
346.1
.0

420.8
249.1
171.6
.0

616.4
321.5
294.9
.0

452.0
179.7
272.3
.0

460.4
209.8
250.6
.0

34
.35
36
37
38
39

Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

449.3
166.7
218.9
13.3
35.6
14.9

614.7
161.0
310.2
28.5
90.2
24.8

481.6
176.2
207.5
-14.4
107.1
5.1

388.3
127.7
212.3
-.4
42.5
6.2

304.7
-61.9
317.3
13.1
34.9
1.3

372.6
-13.6
361.1
17.7
8.9
-1.6

175.0
-178.3
351.1
-.6
-3.8
6.6

379.4
-109.1
434.6
31.2
15.8
7.0

437.7
84.3
194.4
81.9
71.9
5.3

486.4
-77.3
684.4
-107.9
-17.4
4.7

550.6
58.8
432.5
-42.7
105.5
-3.5

411.4
-93.6
497.7
21.0
-17.0
3.3

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

46.1
19.7
.1
.2
98.4
114.6
202.2
57.8
-4.6
39.6
8.1
79.9

72.9
52.2
.6
.7
278.3
192.6
321.4
57.1
.0
62.7
7.2
40.0

67.2
48.0
2.2
.7
318.2
273.8
212.3
70.7
.0
6.3
-17.2
91.5

60.0
27.3
.0
-.7
234.1
199.4
201.9
81.9
.0
2.7
15.6
-.4

52.9
7.4
1.5
.6
290.8
338.5
292.3
1.3
.0
2.5
1.4
-55.2

44.1
-68.6
4.4
1.4
306.5
285.3
416.8
-23.6
.0
7.8
-18.9
9.1

24.4
-33.1
2.4
2.4
191.3
499.8
258.3
-28.9
.0
7.4
-15.7
-42.2

12.6
-12.2
2.0
1.2
141.7
346.1
230.6
83.9
.0
25.3
17.5
18.5

62.3
37.1
3.1
2.0
249.1
171.6
195.8
110.9
.0
27.7
15.2
-16.4

100.3
-46.7
.4
2.5
321.5
294.9
389.9
7.4
.0
18.6
-24.0
37.8

76.1
48.2
2.8
4.4
179.7
272.3
315.2
-.2
.0
17.5
38.4
48.0

85.1
-30.3
1.6
1.5
209.8
250.6
286.7
153.8
.0
12.9
-16.2
-83.6




A36
1.57

DomesticNonfinancialStatistics • November 2003
FUNDS RAISED IN U.S. CREDIT MARKETS'—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
2001
Transaction category or sector

1997

1998

1999

2000

2002

2003

2001
Q4

Ql

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

1,522.2

2,158.7

2,117.4

1,732.3

1,998.7

2,131.2

1,923.6

2,498.1

2,152.7

2,642.7

2,264.4

3.347.2

184.1
236.0
56.9
430.8
128.2
76.9
337.3
72.0

193.1
418.3
84.2
568.2
145.0
152.7
510.6
86.7

229.9
520.7
54.4
427.3
69.0
127.5
568.5
120.2

207.6
137.6
23.6
388.7
112.8
125.6
570.1
166.2

-164.4
623.8
122.9
633.3
-76.2
32.9
700.4
126.0

37.8
635.2
174.6
703.2
-164.0
-114.2
724.1
134.5

-255.9
730.9
76.8
590.2
-3.0
-43.0
709.4
118.1

-154.3
1,013.8
196.1
572.0
-139.0
78.6
832.8
98.2

70.8
686.5
154.2
130.0
-54.4
132.2
925.7
107.6

-53.3
814.9
216.1
768.6
-126.1
-20.9
1,050.6
-7.1

96.3
531.9
90.3
581.7
-102.0
90.1
883.2
93.0

-107.5
1,348.6
189.4
713.7
-74.3
66.7
1.144.3
66.2

Funds raised through mutual funds and corporate equities
61 Total net issues

218.7

166.1

191.5

238.4

305.0

406.4

437.0

276.5

-83.6

291.0

288.7

400.4

62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65
Financial corporations
66 Mutual fund shares

-46.5
-77.4
57.6
-26.7
265.1

-113.4
-215.5
101.4
.8
279.5

.2
-110.4
114.3
-3.7
191.2

3.4
-118.2
106.7
14.9
235.0

103.6
-47.4
109.1
41.9
201.4

150.5
-4.2
83.9
70.9
255.9

50.1
-11.0
-7.0
68.1
386.9

176.5
15.5
77.4
83.6
100.0

-120.7
-141.2
-51.3
71.8
37.1

84.1
-30.9
51.6
63.4
206.9

99.6
-80.1
132.5
47.2
189.1

52.0
-57.6
56.0
53.6
348.4

1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F.2 through F4. For ordering address, see inside front cover.




Flow of Funds
1.58

A37

SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
2001

Transaction category or sector

1997

1998

1999

2000

2002

2003

2001

Q4

Ql

Q2

Q3

Q4

Ql

Q2

NET LENDING IN CREDIT MARKETS 2
1

Total net lending in credit markets

Domestic nonfederal nonfinancial sectors
Household
4
Nonfinancial corporate business
Nonfarm noncorporate business
5
State and local governments
6
7 Federal government
8 Rest of the world
9 Financial sectors
Monetary authority
10
11
Commercial banking
12
U.S.-chartered banks
Foreign banking offices in United States
13
14
Bank holding companies
Banks in U.S.-affiliated areas
IS
16
Savings institutions
17
Credit unions
18
Bank personal trusts and estates
19
Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
Money market mutual funds
23
24
Mutual funds
2.5
Closed-end funds
26
Government-sponsored enterprises
Federally related mortgage pools
27
28
Asset-backed securities issuers (ABSs)
29
Finance companies
Mortgage companies
30
31
Real estate investment trusts (REITs)
32
Brokers and dealers
Funding corporations
33
7
3

1,522.2

2,158.7

2,117.4

1,732.3

1,998.7

2,131.2

1,923.6

2,498.1

2,152.7

2,642.7

2,264.4

3,347.2

15.5
25.5
-12.7
2.6
.1
3.2
259.6
1,243.9
38.3
324.3
274.9
40.2
5.4
3.7
-4.7
16.8
-25.0
104.8
25.2
45.7
67.1
87.5
80.9
-2.9
106.3
114.6
163.8
23.1
-9.1
20.2
14.9
50.4

250.9
119.1
-16.0
13.3
134.5
11.7
167.7
1,728.4
21.1
305.6
312.1
-11.6
-.9
6.0
36.2
18.9
-12.8
76.9
5.8
-26.1
72.1
244.0
127.3
5.2
314.0
192.6
281.7
77.3
.0
-5.1
6.8
-15.8

257.1
247.1
-15.6
-2.9
28.4
6.5
96.6
1,757.3
25.7
312.2
318.6
-17.0
6.2
4.4
67.7
27.5
27.8
53.5
-3.0
14.1
46.9
182.0
48.4
8.5
291.3
273.8
194.1
97.1
.0
-2.6
-34.7
124.0

-13.7
-33.6
19.4
1.3
-.8
11.6
129.5
1,604.8
33.7
357.9
339.5
23.9
-12.2
6.7
56.2
28.0
.8
57.9
-8.7
31.3
54.6
143.0
21.0
-6.3
256.4
199.4
172.1
108.6
.0
-7.1
68.9
35.0

27.1
-.7
-12.4
2.0
38.1
6.0
234.6
1,731.0
39.9
205.2
191.6
-.6
4.2
10.0
42.8
41.5
-28.1
130.9
9.0
6.7
-17.7
246.0
126.0
6.9
309.0
338.5
266.2
-4.8
.0
6.7
92.4
-95.8

172.6
145.3
-17.1
2.0
42.4
-1.5
274.7
1,685.4
85.1
314.6
275.0
-7.8
13.6
33.9
73.1
60.5
-28.1
81.3
28.5
-20.9
-2.7
49.1
139.3
16.3
335.3
285.3
394.1
-99.6
.0
14.0
-110.5
60.4

100.4
48.9
69.3
3.3
-21.1
9.3
248.0
1,565.9
81.6
188.9
168.2
2.1
12.0
6.6
12.3
58.3
1.0
278.1
36.7
47.1
70.5
-239.1
243.3
24.4
236.7
499.8
234.1
-26.5
.0
26.3
-219.5
6.1

292.0
257.6
-11.4
3.3
42.5
-3.7
458.0
1,751.8
43.4
384.3
343.8
33.7
1.9
4.9
-23.5
61.8
.9
206.6
35.4
22.1
-54.5
-87.5
41.9
-2.6
130.1
346.1
208.4
42.2
.0
31.8
402.8
-45.0

-116.4
-170.5
33.5
2.8
17.8
31.1
393.9
1,844.1
67.3
624.0
599.9
21.8
-1.6
4.0
80.3
6.1
.8
279.0
21.7
40.2
-10.4
-75.7
162.7
-1.7
203.5
171.6
173.2
83.9
.0
27.7
-208.6
165.2

132.6
127.2
-42.4
4.0
43.8
3.1
351.0
2,156.0
118.7
420.4
463.3
-32.8
.2
-10.2
72.5
44.4
.8
168.2
65.6
.2
60.7
301.2
118.4
17.0
277.8
294.9
368.1
-14.8
.0
6.7
138.8
-324.3

-353.9
-326.4
54.9
-.2
-82.1
-18.3
359.5
2,277.1
32.3
349.0
305.6
23.3
20.8
-.7
189.4
43.5
-19.3
276.0
57.7
7.3
.1
-187.0
220.2
31.1
302.7
272.3
291.4
-2.4
.0
-8.6
19.6
374.5

20.1
-67.5
34.4
4.1
49.1
-1.4
1,055.8
2,272.7
25.0
616.3
547.7
12.2
39.7
16.8
88.0
71.2
-17.6
216.0
42.9
39.5
62.7
214.0
213.0
24.1
112.6
250.6
266.1
56.6
.0
31.0
1.3
-13.3

1,522.2

2,158.7

2,117.4

1,732.3

1,998.7

2,131.2

1,923.6

2,498.1

2,152.7

2,642.7

2,264.4

3,347.2

.7
-.5
.5
107.7
-19.7
41.2
97.1
122.5
155.9
120.9
-46.5
265.1
139.8
111.0
59.3
201.4
22.3
-53.0
-40.7
496.9

6.6
.0
.6
6.5
-31.8
47.3
152.4
91.8
287.2
91.3
-113.4
279.5
106.4
103.2
48.0
217.4
19.6
-46.1
-57.8
953.3

-8.7
-3.0
1.0
61.1
15.0
151.2
45.1
131.1
249.1
169.8
.2
191.2
268.5
104.4
50.8
181.8
30.7
-8.1
-62.4
1,125.5

-.4
-4.0
2.4
134.2
15.1
-71.4
188.8
116.2
233.3
113.2
3.4
235.0
419.5
146.1
50.2
209.0
32.8
56.6
-11.5
1,371.8

4.3
.0
1.3
30.7
-28.0
204.3
267.2
68.6
428.6
22.3
103.6
201.4
-73.4
3.1
77.2
210.8
17.4
-59.9
-18.6
683.1

.2
.0
.0
9.6
24.5
278.1
329.7
77.8
379.8
-138.3
150.5
255.9
-126.1
-383.7
119.6
158.0
-55.2
-57.7
8.4
200.5

-3.0
.0
.9
—43.8
3.3
-200.5
288.3
270.0
-312.5
119.4
50.1
386.9
194.8
-190.7
54.0
148.8
7.2
-3.7
1.5
120.3

12.9
.0
.6
66.1
-166.5
210.2
215.6
34.8
104.2
362.4
176.5

4.9
.0
.0
20.3
170.0
—43.7
257.2
-140.2
337.6
29.2
84.1
206.9
157.1
44.1
54.2
232.7
7.2
-1.3
-40.9
160.6

4.9
.0
.6
-73.7
-4.1
271.3
261.6
191.6

48.9
-131.9
71.4
191.7
40.5
-2.4
-32.9
641.9

24.6
.0
2.4
53.0
62.4
208.0
323.4
36.8
-196.6
-91.1
-120.7
37.1
126.2
-69.6
60.8
287.2
53.8
-2.1
-83.9
876.1

-50.4
99.6
189.1
141.4
229.8
94.0
269.5
55.2
-79.9
-22.1
789.2

.6
.0
1.6
78.6
-123.5
94.2
437.6
43.4
186.0
564.3
52.0
348.4
202.4
641.8
70.0
245.5
45,1
-43.7
8.0
908.8

RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34

Net flows through credit markets

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous

100.0

^441.4

55

Total financial sources

3,304.2

4,320.6

4,811.9

4,972.6

4,142.8

3,362.7

2,815.1

4,442.2

3,740.4

4,182.8

4,190.5

7,108.5

56
57
58
59
60
61

Liabilities not identified as assets (—)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous

-.2
106.2
-19.9
63.2
28.0
-285.5

-.1
-8.5
3.8
57.7
19.7
-208.5

-.7
42.8
.1
35.7
11.7
-279.7

-1.2
78.5
20.4
122.6
26.2
-527.2

-.1
11.1
17.2
-53.9
22.0
-341.2

.0
-*6.9
22.6
-166.2
34.6
-278.7

-1.5
-87.1
39.8
156.9
17.9
-336.8

-.9
99.1
-13.0
227.6
-52.2
15.2

1.1
23.9
16.7
-291.8
21.5
98.9

-1.1
36.7
-15.1
-62.0
-55.6
75.3

-.2
-70.4
112.2
-20.2
-329.2

.5
112.7
-42.2
292.4
-12.4
129.1

62
63
64

Floats not included in assets (-)
Federal government checkable deposits
Other checkable deposits
Trade credit

-2.7
-3.9
-25.5

2.6
-3.1
-43.3

-7.4
-.8
6.8

9.0
1.7
22.4

5.7
4.5
-6.5

-91.8
5.7
73.6

15.1
6.1
-26.6

77.1
7.1
-53.6

-40.3
7.6
-14.8

-51.7
8.4
18.5

153.1
9.0
-3.8

-104.9
9.7
24.3

65

Total identified to sectors as assets

3,397.9

4,452.4

4,955.0

5,192.2

4,414.1

3,749.3

2,987.9

4,097.1

3,865.4

4,181.8

4,291.9

6,649.1

1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F. 1 and F.5. For ordering address, see inside front cover.




2. Excludes corporate equities and mutual fund shares.

6.1

A38
1.59

DomesticNonfinancialStatistics • November 2003
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
2001

2002

Q4

Ql

2003

Q2

Q3

Q4

Ql

Q2

Nonfinancial sectors
1 Total credit market debt owed bv
domestic nonfinancial sectors
Bv sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
5 Nonfederal

16,240.8

17,306.5

18,171.0

19,286.0

19,286.0

19,530.4

19,842.6

20,182.9

20,655.2

20,953.2

21,486.6

3,752.2
3,723.7
28.5

3,681.0
3,652.7
28.3

3,385.1
3,357.8
27.3

3,379.5
3,352.7
26.8

3,379.5
3,352.7
26.8

3,430.3
3,404.0
26.3

3,451.4
3,424.6
26.8

3,540.8
3,513.6
27.2

3,637.0
3,609.8
27.3

3,700.6
3,673.7
26.9

3,806.9
3,779.9
27.0

12,488.7

13,625.5

14,785.9

15.906.5

15,906.5

16,100.1

16,391.2

16,642.1

17,018.1

17,252.7

17,679.7

6
1
8
y
10
II
12
13
14
15
lb

By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

193.0
1,402.9
1,846.0
1,150.2
826.1
5,640.4
4,362.9
307.9
873.0
96.6
1,430.1

230.3
1,457.2
2,063.9
1,233.2
852.4
6.238.1
4,787.2
343.4
1,005.1
102.3
1,550.4

278.4
1,480.9
2,225.1
1,335.0
936.9
6,802.0
5,205.4
376.4
1,111.4
108.9
1.727.7

190.1
1,603.7
2,565.6
1,253.5
938.7
7,501.1
5.738.1
421.9
1,224.7
116.3
1.853.7

190.1
1,603.7
2,565.6
1,253.5
938.7
7,501.1
5,738.1
421.9
1,224.7
116.3
1,853.7

167.5
1,627.5
2,629.0
1,240.1
934.7
7,665.4
5,877.2
429.1
1,241.0
118.1
1,835.8

148.4
1,682.0
2,676.9
1,195.0
948.1
7,879.6
6,049.6
439.5
1,270.1
120.4
1,861.1

142.2
1,707.9
2,669.6
1,162.2
955.0
8,112.8
6,247.9
447.4
1,293.9
123.6
1,892.5

126.0
1,764.5
2,698.2
1,166.5
960.7
8,369.4
6,459.3
458.7
1,326.6
124.8
1,932.9

127.1
1,791.8
2,742.9
1,141.8
962.3
8,578.9
6,638.0
467.1
1,347.4
126.4
1,907.8

107.5
1,844.9
2,820.3
1,129.5
979.8
8,872.6
6,884.2
479.7
1,379.4
129.3
1,925.1

IV
18
19
20
21
22

By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

6,012.0
5,338.3
3,790.7
1,383.7
163.9
1,138.3

6,511.0
5,937.7
4,202.2
1,566.1
169.4
1,176.9

7,080.8
6,512.8
4,582.4
1.750.2
180.2
1,192.3

7,695.4
6,913.0
4,818.3
1,907.0
187.7
1,298.1

7,695.4
6,913.0
4,818.3
1,907.0
187.7
1,298.1

7,812.5
6,967.6
4,845.7
1,934.7
187.1
1,320.0

7,996.6
7,024.0
4,864.2
1,968.0
191.8
1,370.6

8,200.1
7,048.0
4,854.1
1,999.0
194.9
1,394.0

8,467.2
7,107.5
4,872.9
2,039.0
195.6
1,443.4

8,610.8
7,175.0
4,912.5
2,067.5
194.9
1,466.9

8,874.2
7,289.8
4,987.7
2,104.1
198.1
1,515.7

23 Foreign credit market debt held in
United States

639.3

652.5

709.5

659.7

659.7

675.9

674.1

665.7

665.8

669.8

656.9

24
25
26
27

72.9
450.6
58.7
57.1

89.2
452.5
59.2
51.6

120.9
467.7
70.5
50.3

106.7
443.2
63.2
46.6

106.7
443.2
63.2
46.6

123.6
439.6
66.7
46.0

130.2
426.1
72.2
45.5

134.0
417.3
69.3
45.1

142.8
409.8
68.6
44.6

155.7
402.4
67.6
44.1

173.1
379.0
59.7
45.0

16,880.1

17,958.9

18,880.5

19,945.7

19,945.7

20,206.3

20,516.6

20,848.6

21,320.9

21,623.0

22,143.5

Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

28 Total credit market debt owed by nonfinancial
sectors, domestic and foreign

Financial sectors
29 Total credit market debt owed by
financial sectors

6,543.6

7,617.2

8,439.0

9,370.3

9,370.3

9,565.8

9,778.0

9,982.6

10,293.9

10,520.9

10,734.1

30
31
32
33
34
35
36
3'/
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

3,292.0
1.273.6
2,018.4
.0
3,251.6
906.7
1,878.7
105.8
288.7
71.6

3,884.0
1,591.7
2,292.2
.0
3,733.2
1,082.9
2,086.3
91.5
395.8
76.7

4,317.4
1,825.8
2,491.6
.0
4,121.5
1,210.7
2.298.5
91.1
438.3
82.9

4,944.1
2,114.0
2.830.1
.0
4.426.2
1.148.8
2,615.8
104.2
473.2
84.2

4,944.1
2,114.0
2,830.1
.0
4,426.2
1,148.8
2,615.8
104.2
473.2
84.2

5,116.9
2,161.8
2,955.1
.0
4,448.9
1,090.9
2,707.4
102.3
462.4
85.9

5,238.8
2,197.2
3,041.6
.0
4,539.2
1,046.9
2,823.6
110.6
470.6
87.6

5,344.0
2,259.5
3,084.5
.0
4,638.6
1,049.5
2,878.9
130.3
491.0
88.9

5.498.1
2,339.9
3,158.2
.0
4,795.8
1,078.7
3,031.9
105.3
489.8
90.1

5,611.1
2,384.8
3,226.3
.0
4,909.8
1,076.5
3,144.7
92.9
506.5
89.2

5,726.2
2,437.2
3,289.0
.0
5,007.8
1,036.5
3,276.2
98.7
506.5
90.1

40
41
42
43
44
45
46
4V
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

188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,398.0
42.5
625.5
16.0
158.8
412.6

230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,610.3
25.3
696.1
16.0
165.1
504.0

266.7
242.5
287.7
3.4
2.5
1.825.8
2,491.6
1.812.3
40.9
778.0
16.0
167.8
503.7

296.0
266.1
295.1
4.9
3.1
2.114.0
2,830.1
2,104.6
42.3
779.2
16.0
170.2
448.4

296.0
266.1
295.1
4.9
3.1
2,114.0
2.830.1
2,104.6
42.3
779.2
16.0
170.2
448.4

295.8
269.0
280.5
5.5
3.7
2,161.8
2,955.1
2,161.4
38.4
763.8
16.0
172.1
442.6

310.2
264.2
275.3
6.0
4.0
2,197.2
3,041.6
2,220.6
42.8
788.9
16.0
178.4
432.8

318.7
271.8
286.3
6.8
4.5
2,259.5
3,084.5
2,272.8
46.6
808.0
16.0
185.3
421.5

325.6
286.4
281.4
6.9
5.1
2,339.9
3,158.2
2,373.2
40.6
822.6
16.0
190.0
447.9

324.8
302.8
287.2
7.6
6.3
2,384.8
3,226.3
2,444.1
50.2
813.6
16.0
194.4
462.7

336.7
319.0
277.1
8.0
6.6
2,437.2
3,289.0
2,517.5
46.2
856.3
16.0
197.6
426.8

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

23,423.8

25,576.1

27,319.4

29,316.0

29,316.0

29,772.1

30,294.7

30,831.2

31,614.9

32,143.9

32,877.5

1.172.6
7,044.2
1,402.9
4,175.4
1,314.8
1,171.9
5,712.0
1,430.1

1,402.4
7.564.9
1,457.2
4,602.6
1,383.8
1,299.9
6,314.8
1,550.4

1,610.0
7.702.5
1.480.9
4.991.4
1,496.6
1.425.5
6,884.9
1.727.7

1,445.6
8.323.6
1,603.7
5,624.7
1,421.0
1,458.4
7,585.3
1,853.7

1.445.6
8,323.6
1,603.7
5,624.7
1,421.0
1,458.4
7,585.3
1,853.7

1,382.0
8,547.2
1,627.5
5,776.1
1,409.1
1,443.1
7,751.3
1,835.8

1,325.5
8,690.2
1,682.0
5,926.6
1,377.8
1,464.3
7,967.2
1,861.1

1,325.7
8,884.8
1,707.9
5,965.8
1,361.7
1,491.1
8,201.7
1,892.5

1,347.5
9,135.1
1,764.5
6,139.9
1,340.4
1,495.1
8,459.5
1,932.9

1,359.2
9,311.7
1,791.8
6,290.0
1,302.3
1,512.9
8,668.2
1,907.8

1,317.1
9,533.1
1,844.9
6,475.5
1,287.9
1,531.3
8,962.6
1,925.1

I. Data in this table appear in the Board's Z. I (780) quarterly statistical release, tables L.2
through L.4. For ordering address, see inside front cover.




Flow of Funds
1.60

A39

SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period
2002

2001
Transaction category or sector

1998

1999

2000

2003

2001
Q4

Qi

Q2

Q3

Q4

QI

Q2

CREDIT MARKET DEBT OUTSTANDING 2

1 Total credit market assets

23,423.8

25,576.1

27,319.4

29,316.0

29,316.0

29,772.1

30,294.7

30,831.2

31,614.9

32,143.9

32,877.5

3,304.8
2,256.3
241.5
67.5
739.4
221.5
2,273.5
17,624.1
452.5
4,336.1
3,761.4
504.5
26.5
43.8
964.7
324.2
194.1
1,828.0
521.1
621.1
704.6
965.9
1,028.4
98.4
1,252.3
2,018.4
1,219.4
645.5
32.1
45.5
189.4
152.3

3,622.8
2,564.4
226.0
64.6
767.8
261.1
2,306.8
19,385.4
478.1
4,648.3
4,080.0
487.4
32.7
48.3
1,032.4
351.7
222.0
1,886.0
518.2
635.2
751.4
1,147.8
1,076.8
106.9
1,543.5
2,292.2
1,413.6
742.6
32.1
42.9
154.7
276.0

3,572.5
2,490.1
249.4
65.9
767.0
272.7
2,476.9
20,997.4
511.8
5,006.3
4,419.5
511.3
20.5
55.0
1,088.6
379.7
222.8
1,943.9
509.4
666.5
806.0
1,290.9
1,097.8
100.6
1,807.1
2,491.6
1,585.7
851.2
32.1
35.8
223.6
311.0

3,585.9
2,475.8
237.1
67.9
805.1
278.7
2,724.3
22,727.1
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,131.4
421.2
194.7
2,074.8
518.4
673.1
788.4
1,536.9
1,223.8
107.4
2,114.3
2,830.1
1,851.9
846.4
32.1
42.5
316.0
216.7

3,585.9
2,475.8
237.1
67.9
805.1
278.7
2,724.3
22,727.1
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,131.4
421.2
194.7
2,074.8
518.4
673.1
788.4
1,536.9
1,223.8
107.4
2,114.3
2,830.1
1,851.9
846.4
32.1
42.5
316.0
216.7

3,594.8
2,493.8
231.6
68.7
800.6
281.0
2,789.5
23,106.8
575.4
5,231.3
4,629.3
507.7
27.7
66.6
1,134.7
434.3
195.0
2,141.2
527.6
684.9
806.0
1,496.9
1,276.8
113.5
2,163.8
2,955.1
1,902.6
834.4
32.1
49.1
299.6
206.3

3,652.9
2,539.0
229.5
69.6
814.7
280.1
2,900.9
23,460.8
590.7
5,328.3
4,719.7
512.6
28.1
67.9
1,130.9
452.9
195.2
2,192.3
536.4
690.4
792.4
1,419.6
1,291.6
112.9
2.200.2
3,041.6
1,956.2
848.2
32.1
57.0
352.6
191.2

3,601.4
2,477.1
238.9
70.3
815.1
287.9
3,003.2
23,938.7
604.2
5,476.2
4,858.4
521.2
27.7
68.8
1,153.8
455.3
195.4
2,265.7
541.9
700.5
789.8
1,405.7
1,334.5
112.4
2,253.0
3,084.5
2,002.9
860.8
32.1
63.9
335.2
214.6

3,644.0
2,497.6
249.3
71.3
825.9
288.7
3,131.0
24,551.1
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
700.5
804.9
1,511.6
1,365.4
116.7
2,320.9
3,158.2
2,097.8
867.6
32.1
65.6
344.4
167.2

3,539.0
2.422.1
239.5
71.2
806.2
284.1
3,223.9
25,096.9
641.5
5,673.6
5,055.6
519.0
33.0
1,214.4
473.2
190.8
2,373.0
572.7
702.3
805.0
1,485.5
1,412.0
124.5
2,387.0
3,226.3
2,162.8
861.1
32.1
63.5
390.9
236.2

3,528.7
2,384.9
249.4
72.2
822.2
283.7
3,484.7
25,580.3
652.1
5,829.1
5,198.1
517.9
42.9
70.3
1,238.8
494.2
186.4
2,426.7
583.4
712.2
820.6
1,480.3
1,469.8
130.5
2,419.0
3,289.0
2,231.0
879.2
32.1
71.2
340.2
225.5

23,423.8

25,576.1

27,319.4

29,316.0

29,316.0

29,772.1

30,294.7

30,831.2

31,614.9

32,143.9

32,877.5

60.1
9.2
19.9
624.9
189.4
1,333.3
2,626.5
805.3
1,329.7
913.8
3,613.1
572.2
718.3
8,210.5
2,073.8
170.7
1,001.0
8,298.5

50.1
6.2
20.9
202.4
1,484.5
2,671.6
936.4
1,578.8
1,083.6
4,538.5
676.6
783.9
9,067.6
2,342.3
201.4
1,130.4
9,294.9

46.1
2.2
23.2
820.3
221.2
1,413.1
2,860.4
1,052.6
1,812.1
1,196.8
4,434.6
822.7
819.1
9,070.9
2,761.8
234.2
1,095.8
10,470.7

46.8
2.2
24.5
851.0
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
880.0
8,681.1
2,688.4
251.6
960.7
11,177.0

46.8
2.2
24.5
851.0
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
880.0
8,681.1
2,688.4
251.6
960.7
11,177.0

45.7
2.2
24.7
840.1
162.4
1,518.1
3,236.7
1,178.9
2,203.3
1,262.4
4,247.0
778.0
894.2
8,812.9
2,715.3
259.7
963.2
11,267.0

47.2
2.2
24.8
856.6
131.4
1,571.9
3,256.4
1,188.7
2,151.2
1,343.1
3,926.6
745.6
901.2
8,329.4
2,717.9
265.8
893.5
11,556.2

53.1
2.2
25.5
869.8
150.7
1,610.7
3,336.8
1,199.9
2,105.9
1,313.7
3,452.3
726.3
902.9
7,725.4
2,767.1
281.7
811.6
12,003.5

55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,639.4
738.8
920.9
8,005.7
2,820.1
278.8
840.9
11,704.3

57.6
2.2
25.6
856.5
175.5
1,680.4
3,502.5
1,209.1
2,156.2
1,323.1
3,591.0
796.6
941.2
7,923.8
2,834.2
298.6
806.3
11,952.4

58.9
2.2
26.0
876.1
155.6
1,703.5
3,575.0
1,222.4
2,120.8
1,453.5
4,072.6
957.4
975.2
8,562.9
2.874.4
306.4
858.4
11,837.6

53 Total liabilities

55,993.9

62,332.2

66,477.2

69,356.5

69,356.5

70,183.9

70,204.6

70,170.3

71,505.6

72,276.6

74,516.6

Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business

21.6
15,547.3
4,279.4

21.4
19,522.8
4,510.0

21.6
17,627.0
4,743.3

21.8
15,316.0
4,824.6

21.8
15,316.0
4,824.6

21.9
15,243.6
4,848.0

22.3
13,344.2
4,912.8

22.8
10,951.6
4,974.3

23.2
11,875.2
5,020.1

22.4
11,422.2
5,069.5

22.8
13,253.6
5,105.0

-6.4
525.5
-26.5
230.6
121.2
-1,934.5

-7.1
568.2
-28.5
266.4
129.4
-2,331.6

-8.5
646.6
—4.3
388.9
146.3
-3,422.0

-8.6
657.7
11.1
348.6
121.7
-3,594.1

-8.6
657.7
11.1
348.6
121.7
-3,594.1

-8.9
636.0
21.9
401.4
110.7
-3,472.3

-9.1
660.7
17.5
463.9
163.6
-3,502.4

-8.9
666.7
16.5
380.7
155.0
-3,396.0

-9.1
675.9
15.3
356.2
154.9
-3,504.0

-9.2
658.3
19.3
397.6
144.8
-3,520.5

-9.1
686.5
6.9
477.1
152.4
-3,787.7

-3.9
23.1
84.8

-9.8
22.3
95.6

-2.3
24.0
122.0

-12.3
28.6
115.5

-12.3
28.6
115.5

-9.6
26.3
61.0

-9.3
31.4
15.0

-14.8
25.8
9.8

-11.7
35.9
96.4

27.4
34.2
47.1

-17.1
40.1
19.7

76,110.3

86,905.3

90,179.0

90,988.8

90,988.8

91,677.9

89,795.0

87,418.1

89,717.7

90,106.5

94,422.0

2 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
11 Commercial banking
U.S.-chartered banks
12
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
20
Other insurance companies
71 Private pension funds
22
State and local government retirement funds
73
Money market mutual funds
74
Mutual funds
75
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
Asset-backed securities (ABSs) issuers
78
79
Finance companies
Mortgage companies
30
31
Real estate investment trusts (REITs)
3?
Brokers and dealers
Funding corporations
33

66.1

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

686.1

1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
L.l and L.5. For ordering address, see inside front cover.




2. Excludes corporate equities and mutual fund shares.

A40
2.12

Domestic Nonfinancial Statistics • November 2003
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
2002
Q3

2002

2003
Q4

Qi

Q2r

1 Total industry

111.4
112.3
112.6

4

Durable manufacturing
Primary metal

6
7
8
9

Fabricated metal products
Machinery
Computer and electronic products
Electrical equipment, appliances.
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills

Q4

Ql

Q2

Capacity (percent of 1997 output)

Output (1997= 100)

2 Manufacturing
3
Manufacturing (NAICS)

Q3

2002

2003
Q3

2003
Q4

Ql

Q2r

Capacity utilization rate (percent)2

110.5

109.4

146.2

146.6

147.0

147.4

76.2

75.3

75.2

74.2

111.2
111.5

111.0
111.3

110.3
110.4

151.1
152.5

151.4
152.8

151.7
153.2

152.0
153.6

74.3
73.8

73.5
73.0

73.2
72.6

72.6
71.9

122.3
85.9

121.4
86.0

121.2
83.9

120.2
80.1

173.4
111.4

174.2
110.8

175.0
110.7

176.0
110.8

70.5
77.1

69.7
77.6

69.3
75.8

68.3
72.2

99.5
88.7
222.6

98.9
86.7
224.4

97.1
87.2
227.8

95.3
87.8
231.9

139.4
129.9
355.4

139.6
129.9
360.3

139.8
129.8
365.9

139.9
129.6
372.1

71.3
68.3
62.6

70.8
66.7
62.3

69.4
67.2
62.3

68.1
67.7
62.3

97.7
121.7

96.8
120.0

95.7
120.5

94.8
116.7

128.6
147.1

128.2
148.4

128.0
149.9

127.8
151.4

75.9
82.7

75.5
80.8

74.7
80.4

74.2
77.0

85.9
100.1
100.1
82.9

85.1
98.8
98.8
81.2

85.8
98.5
98.3
79.1

86.3
97.7
98.3
77.1

145.3
127.5
125.7
111.7

145.1
127.3
125.6
111.1

145.1
127.2
125.5
110.6

145.1
127.1
125.2
110.0

59.1
78.5
79.7
74.2

58.7
77.6
78.7
73.1

59.1
77.4
78.3
71.5

59.5
76.9
78.5
70.1

95.7
102.3
106.4
107.3
106.0

95.8
102.8
104.1
105.6
106.0

93.5
102.5
105.4
105.3
107.0

93.6
102.4
105.0
104.1
107.7

114.0
115.2
141.2
133.6
129.5

113.8
115.7
141.3
132.9
128.7

113.5
116.1
141.5
132.4
128.2

113.2
116.5
141.7
131.6
127.8

84.0
88.7
75.3
80.4
81.8

84.2
88.9
73.7
79.4
82.3

82.4
88.3
74.5
79.5
83.4

82.7
87.8
74.1
79.1
84.3

20 Mining
21 Electric and gas utilities

93.5
112.5

93.7
111.5

93.1
114.3

92.9
110.2

110.1
127.6

110.2
129.7

110.3
131.5

110.4
133.1

84.9
88.2

85.1
86.0

84.4
86.9

84.1
82.8

MEMOS
22 Computers, communications equipment, and
semiconductors

295.5

300.4

306.4

316.1

475.3

483.3

493.3

504.9

62.2

62.2

62.1

62.6

23 Total excluding computers, communications
equipment, and semiconductors

101.3

100.3

100.3

99.1

130.5

130.6

130.8

131.1

77.6

76.8

76.6

75.6

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

100.5

99.4

99.1

98.2

132.6

132.6

132.6

132.7

75.8

75.0

74.7

74.0

10
11
12
13
14
15
16
1/
18
19

Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAlCS)




110.4

Selected Measures
2.12

A41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973

1975

Previous cycle1

High

Low

High

Low

Latest cycle4
High

Low

2003

2002
Aug.

Mar.

Apr.

May'

June'

July'

Aug.p

Capacity utilization rate (percent)2
1 Total industry

88.8

74.0

86.6

70.8

85.1

78.6

76.1

74.8

74.3

74.3

74.1

74.6

74.6

2 Manufacturing
Manufacturing (NAICS)
3

88.0
88.1

71.6
71.4

86.3
86.3

68.6
67.9

85.5
85.5

77.2
77.0

74.3
73.9

73.1
72.4

72.5
71.8

72.5
71.9

72.6
71.9

72.9
72.2

72.7
72.1

88.9
100.9

69.6
68.9

87.0
91.3

63.1
47.2

84.5
95.3

73.4
75.2

70.8
78.7

68.7
73.5

68.2
72.1

68.3
72.0

68.4
72.7

69.0
73.3

68.8
70.9

4
5

Durable manufacturing
Primary metal

6
7
8

91.8
94.2

69.6
74.2

83.1
92.8

61.7
58.3

80.1
84.7

71.0
72.9

71.2
68.8

68.8
67.4

68.4
67.3

68.1
67.8

67.8
68.0

68.3
67.3

68.1
67.7

87.0

66.9

89.8

77.3

81.5

76.4

62.7

62.3

62.1

62.4

62.5

63.1

64.0

99.3
95.3

68.5
55.3

91.9
96.2

64.4
45.2

87.5
90.0

75.0
56.6

76.2
82.9

74.4
78.7

73.4
77.4

74.7
76.3

74.5
77.3

75.0
79.6

75.2
77.3

75.0
87.5

66.3
72.5

84.6
85.7

69.8
75.6

88.9
86.9

81.9
81.8

59.4
78.4

59.1
77.6

59.2
76.9

59.8
77.0

59.5
76.9

59.8
76.9

60.1
76.9

14

Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .

85.9
89.8

78.0
62.8

84.3
90.1

80.2
72.3

85.5
91.1

81.3
77.1

79.6
73.9

78.3
72.2

78.1
70.7

78.5
70.0

78.8
69.6

78.6
68.7

78.6
68.0

15
16
17
18
19

Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS).

97.4
93.2
85.0
96.3
85.7

74.7
81.0
68.9
61.6
75.7

95.6
92.3
83.0
90.5
88.1

81.3
71.1
67.9
70.5
85.7

94.0
88.9
85.6
91.2
90.2

85.4
82.5
80.8
77.1
79.1

84.0
89.2
75.2
80.3
81.7

83.4
89.3
74.8
79.9
84.5

82.1
87.9
74.7
78.5
83.9

83.0
89.2
73.7
79.6
84.0

83.1
86.3
73.9
79.3
85.0

83.6
87.4
74.0
80.0
83.8

83.9
88.5
73.9
80.0
83.5

20 Mining
21 Electric and gas utilities

93.6
96.2

87.6
82.7

94.2
87.9

78.6
77.2

85.6
92.6

83.3
84.2

85.3
86.5

84.1
84.6

84.2
84.5

83.9
83.4

84.3
80.4

84.5
83.2

84.6
84.4

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.5

63.1

89.9

75.6

80.4

74.6

62.4

62.4

62.4

62.5

62.9

63.4

64.3

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.3

86.6

70.5

85.5

78.8

77.6

76.2

75.7

75.6

75.4

75.9

75.8

24 Manufacturing excluding computers
communications
equipment, and semiconductors .

88.3

71.9

86.3

68.1

86.1

77.3

75.9

74.5

73.9

74.0

74.1

74.3

74.1

9
10
11
12
13

Note. The statistics in the G.17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
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 2002. The recent annual revision is described in the April
2003 issue of the Bulletin.
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. Monthly highs, 1978-80; monthly lows. 1982.
4. Monthly highs, 1988-89; monthly lows, 1990-91.

A42
2.13

Domestic Nonfinancial Statistics • November 2003
INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

„
Group

2002
proportion

2002

2003

2002
avg.
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May'

June'

July'

Aug.p

Index(1997= 100)
MAJOR MARKETS

1 Total IP
2
3
4
5
6
7
8

y
10
n
12
13
14
15

Market groups
Final products and nonindustrial supplies
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

100.0

110.5

111.3

111.2

110.6

110.8

109.9

110.7

110.7

110.1

109.5

109.5

109.3

110.1

110.2

59,8
30.5
7.5
4.3
0.3
1.3
1.6
22.9
19.0
10.3
1.0
4.8
2.3
4.0

109.3
107.5
117.3
125.4
142.9
106.9
98.5
104.1
102.6
99.5
72.4
119.1
108.1
112.0

109.8
107.8
119.3
130.6
135.4
104.5
98.3
103.8
102.4
99.2
71.3
119.0
108.4
111.6

109.8
107.9
118.7
129.3
142.6
104.6
97.8
104.2
102.6
99.1
72.1
119.5
109.8
112.8

109.1
107.0
117.0
125.9
140.1
104.9
98.2
103.6
102.0
98.7
70.2
118.3
110.0
111.8

109.3
107.8
121.0
132.4
142.1
107.1
98.3
103.3
101.3
97.9
70.6
118.0
108.8
114.0

108.2
106.6
117.8
125.9
145.3
107.7
98.7
102.8
100.8
97.4
69.9
116.9
109.0
113.3

109.1
107.7
120.5
131.3
152.7
105.4
98.7
103.4
101.1
97.6
69.7
117.9
108.3
115.7

109.3
107.8
118.5
128.8
145.9
105.5
96.9
104.1
101.6
97.2
69.1
120.2
110.2
117.2

108.7
107.2
117.9
127.4
152.0
105.7
96.2
103.6
101.7
97.2
68.0
120.6
111.0
113.8

108.2
106.8
116.9
125.9
154.7
106.0
94.9
103.3
101.3
97.0
66.1
120.8
110.0
113.9

108.4
106.7
116.6
124.3
152.5
108.6
95.4
103.2
101.3
97.4
65.9
119.8
110.3
113.4

108.3
106.6
117.7
126.9
153.8
107.5
95.2
102.9
101.7
97.6
64.1
121.5
111.6
109.1

108.8
107.2
120.3
131.8
153.3
108.1
94.3
102.9
101.0
97.2
62.8
120.2
110.1
113.1

108.9
107.1
118.7
129.1
156.7
108.1
93.5
103.1
100.8
97.0
61.5
120.2
109.8
115.5

9.7
1.7
3.1
4.9
2.2

107.3
81.2
153.8
91.5
101.2

108.1
81.1
153.7
92.9
101.9

106.9
79.7
152.1
92.0
102.0

106.0
77.3
153.1
91.2
102.5

106.1
77.9
152.8
91.1
101.7

104.6
75.4
152.7
89.7
102.3

105.6
75.7
155.1
90.4
104.1

105.9
74.5
156.3
90.8
104.8

105.5
73.9
158.0
89.9
105.2

104.8
73.9
156.6
89.2
104.7

105.1
73.5
157.7
89.4
106.3

105.4
73.1
158.2
90.0
106.7

105.7
73.5
159.2
90.0
107.2

106.3
72.2
162.4
90.3
108.6

16
1/
18
iy
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

21
22

Construction supplies
Business supplies

6.8
10.3

104.0
121.9

104.8
122.6

104.5
123.6

104.2
123.1

103.8
122.5

102.4
121.9

102.3
122.8

101.8
123.7

101.4
122.5

101.0
121.3

101.5
121.8

101.4
120.9

101.6
121.7

101.9
122.2

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
2y
Nondurable
30
Textile
Paper
31
32
Chemical
33
Energy

40.2
30.5
18.6
4.2
5.9
8.4
11.9
0.8
3.0
4.2
9.7

112.2
115.8
128.0
110.8
182.6
97.1
97.0
77.6
94.8
99.1
98.7

113.6
117.4
130.0
112.3
186.3
98.3
98.2
77.8
96.1
100.7
99.3

113.4
117.2
129.5
112.4
185.7
97.7
98.3
78.4
96.7
100.2
99.1

112.8
116.7
129.5
111.7
185.7
98.0
97.1
77.2
96.8
98.2
98.4

113.1
116.7
129.7
114.6
185.3
97.2
97.0
77.0
96.9
97.9
99.4

112.4
115.6
128.1
111.1
184.4
96.4
96.5
75.3
95.8
97.3
99.7

113.0
116.0
129.1
113.8
186.0
96.3
96.2
74.1
94.4
98.3
100.9

112.8
115.9
128.6
111.9
186.2
96.3
96.4
74.2
93.6
99.2
100.8

112.1
115.4
127.6
110.9
186.2
95.0
96.7
73.8
94.8
99.3
99.2

111.4
114.5
126.6
110.5
186.3
93.6
95.9
72.2
92.8
99.3
99.2

111.1
114.4
127.0
109.5
188.1
93.9
95.3
70.7
93.5
96.7
98.6

110.9
114.5
127.3
110.0
189.3
93.8
95.0
70.1
92.9
95.9
97.7

112.1
115.3
128.8
112.4
191.6
94.4
95.0
68.2
93.5
96.9
99.8

112.1
115.0
128.2
110.4
193.2
93.7
95.1
67.7
93.7
96.9
100.4

94.7
92.9

100.5
110.0

101.2
110.5

101.2
110.5

100.5
110.0

100.6
109.8

99.8
109.3

100.5
109.8

100.5
110.1

99.8
109.5

99.2
108.9

99.1
109.0

98.9
108.7

99.6
109.3

99.5
109.6

SPECIAL AGGREGATES

34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts

Gross value (billions of 1996 dollars, annual rates)
36 Final products and nonindustrial
supplies

59.8

2,801.4 2,822.7 2,818.9 2,794.7 2,817.8 2,783.5 2,808.6 2,807.2 2,791.9 2,777.2 2,780.7 2,773.3 2,799.3 2,801.2

37 Final products
38
Consumer goods
3y
Equipment total

42.7
30.5
12.2

2,022.5 2,039.1 2,032.4 2,011.7 2,037.3 2,010.7 2,032.1 2,028.9 2,019.7 2,011.2 2,010.8 2,009.9 2,030.1 2,028.6
1,386.5 1,396.0 1,394.3 1,379.2 1,402.0 1,384.1 1,399.9 1,395.8 1,388.6 1,382.6 1,380.3 1,377.7 1,394.4 1,391.5
626.9
634.6
623.5
628.7
624.4
620.9
615.8
622.5
620.9
618.4
621.1
623.6
628.1
625.8

40 Nonindustrial supplies

17.1




778.9

783.6

786.7

783.3

780.5

772.8

776.4

778.3

772.0

765.7

769.8

763.1

768.8

772.4

Selected Measures
2.13

INDUSTRIAL PRODUCTION

A43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2002
avg.
Aug.

Sept.

Oct.

Nov.

Dec

Apr.

Mayr

June'

July'

Aug

Index (1997=100)
INDUSTRY GROUPS

84.6
79.3

111.4
111.7

112.4
112.8

112.1
112.4

111.4
111.7

111.6
112.0

110.6
110.8

111.1
111.5

111.1
111.3

110.9
111.0

110.1
110.2

110.2
110.4

110.4
110.5

110.9
111.1

110.7
111.0

' ' 321

43.4
1.4

121.1
100.5

122.7
102.5

122.0
100.7

121.5
99.2

122.2
98.3

120.5
96.9

121.9
97.4

121.3
96.5

120.5
95.9

119.8
95.7

120.2
95.7

120.6
96.5

121.8
98.2

121.6
98.2

327
331
332
333

2.5
2.5
6.1
5.3

107.9
85.6
99.0
87.9

108.5
87.6
99.3
89.4

109.8
85.0
99.4
88.2

109.3
87.6
99.8
86.8

110.2
86.2
98.7
87.4

108.0
84.1
98.3
85.8

109.7
85.0
97.9
86.7

108.0
85.2
97.1
87.4

108.1
81.3
96.1
87.5

108.5
79.8
95.7
87.2

109.0
79.8
95.2
87.9

109.0
80.6
94.9
88.1

109.2
81.4
95.6
87.2

110.3
78.9
95.3
87.6

334

8.1

220.4

223.0

223.2

224.2

224.5

224.5

226.6

227.5

229.3

229.6

232.3

233.9

237.4

242.3

335
3361-3

2.4
7.1

97.7
117.3

98.0
122.0

96.5
121.1

96.6
118.3

97.0
123.9

96.9
117.8

95.7
122.9

96.1
120.0

95.2
118.4

93.9
116.9

95.4
115.6

95.1
117.5

95.7
121.5

95.9
118.4

3364-9

3.3

87.6

86.3

85.7

85.5

84.8

85.2

86.0

85.6

85.7

85.9

86.7

86.4

86.7

87.2

337
339

1.7
3.1

101.3
109.5

100.5
110.2

101.4
109.1

100.7
109.3

100.6
108.6

98.9
110.0

98.8
109.5

98.6
109.4

97.3
108.4

97.0
106.7

97.4
106.7

97.2
106.3

98.5
105.6

97.9
105.0

41 Manufacturing
Manufacturing (NAICS)
42
43
44
45
46
47
48
49
50
51
52

53
54
55
56
57
58
59
60
61
62
63
64

Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)

65 Mining
66 Utilities
Electric
67
Natural gas
68
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts

35.9

99.5

100.0

100.0

99.1

98.9

98.3

98.2

98.5

98.6

97.8

97.8

97.6

97.6

97.6

311,2
313,4
315,6
322
323

11.7
1.3
1.1
3.1
2.7

100.2
82.5
72.2
94.4
97.8

100.0
82.5
71.2
95.8
98.6

99.9
82.3
71.8
96.1
99.9

99.5
81.3
70.2
95.7
99.5

98.6
81.7
70.5
96.8
98.4

98.3
80.8
69.7
95.0
98.9

98.5
78.4
69.7
93.0
99.1

98.2
79.2
69.0
93.0
97.7

98.2
79.7
68.0
94.6
96.3

97.9
77.9
66.1
93.0
94.8

98.3
77.0
65.9
93.9
94.5

98.6
76.5
64.1
93.9
94.2

98.3
75.4
63.0
94.4
93.6

98.2
74.4
61.7
94.6
93.4

324
325

1.9
10.2

102.9
105.1

102.7
106.2

101.0
106.1

99.4
104.6

103.9
104.2

105.0
103.4

102.0
104.4

101.8
106.0

103.8
105.8

102.4
105.7

104.0
104.4

100.7
104.8

102.1
105.0

103.6
104.8

326

3.9

106.0

107.3

107.2

106.4

105.8

104.6

104.9

105.3

105.6

103.5

104.7

104.1

104.8

104.7

1133,5111

5.3

105.5

105.8

107.1

106.7

105.4

105.9

105.3

107.5

108.1

107.3

107.3

108.5

106.8

106.4

21
2211,2
2211
2212

6.0
9.3
8.1
1.3

93.8
110.2
111.8
97.5

93.9
110.4
112.2
100.8

92.2
113.3
115.8
99.9

92.3
112.1
113.7
103.6

93.6
112.1
113.3
105.8

95.2
110.5
112.2
101.6

93.6
115.0
116.8
105.4

92.8
116.3
118.0
107.5

92.8
111.7
113.6
101.2

93.0
112.1
113.7
103.3

92.7
111.1
112.7
102.3

93.1
107.4
108.7
100.1

93.4
111.5
113.9
99.0

93.5
113.6
116.1
100.0

79.3

99.8

100.6

100.4

99.7

99.8

98.8

99.3

99.2

98.9

98.1

98.2

98.3

98.6

98.3

77.5

110.9

111.5

111.3

110.8

110.5

109.9

110.1

110.3

110.2

109.5

109.8

109.8

110.0

110.1

Note. The statistics in the G.17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.




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 2002. The recent annual revision is described in the April 2003
issue of the Bulletin.
2. North American Industry Classification System.

A44
3.10

International Statistics • November 2003
U.S. I N T E R N A T I O N A L T R A N S A C T I O N S

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted 1
2002
Item credits or debits

2000

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

2001

2003

2002
Q2

Q3

Q4

Ql'

Q2P

-122,724
-106,980
247,815
-354,795
-1.747
-481
21,914
-22,395
-1,266
-13,997

-128,586
-116,116
246,151
-362,267
2,966
4,306
26,225
-21,919
-1,340
-15,436

-138,707
-121,629
247,377
-369,006
191
1,567
22,077
-20,510
-1,376
-17,269

-138,671
-123,408
247,991
-371,399
1,679
2,984
22,823
-19,839
-1,305
-16,942

-393.745
-357,819
1,007,580
-1,365,399
10,689
15,701
106,485
-90,784
-5,012
-46,615

-480,861
-418,038
974,107
-1.392,145
-3,970
1,271
93,475
-92,204
-5,241
-58,853

-122,827
-104,888
243,696
-348,584
-4,458
-3,106
21,410
-24,516
-1,352
-13,481

-941

-486

-32

42

-27

-180

-70

-323

-290
0
-722
2,308
-1,876

-4,911
0
-630
-3,600
-681

-3,681
0
-475
-2,632
-574

-1,843
0
-107
-1,607
-129

-1,416
0
-132
-1,136
-148

-812
0
-127
-541
-144

83
0
897
-644
-170

-170
0
-102
86
-154

-568,567
-148.657
-138,790
-121,908
-159,212

-344,542
-134,945
-4,997
-84,637
-119,963

-175,272
-21,357
-.31.880
15,801
-137,836

-126,766
-69,254
-16,210
-5,843
-35,459

31,155
52,999
-11,862
21,641
-31,623

-43,910
-4,954
-1,922
-5,364
-31,670

-101,344
-27,795
-11,998
-27,146
-34,405

-106,172
-60,603
-22,789
9,240
-32,020

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'

37,724
-10.233
40.909
-1.825
5.746
3.127

5,104
10,745
20,920
-2,309
-29,978
5,726

94,860
43,144
30,377
137
17,594
3,608

47,552
15,138
6,568
365
24,575
906

8,992
1,415
10,885
464
-4,607
835

32,210
27,630
5,628
-95
-2,094
1,141

40,978
22,288
9,480
-437
8,321
1,326

57,580
33,232
3,290
-32
20,385
705

28 Change in foreign private assets in United States (increase, +)
29
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
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net

988,415
116.971
170.672
-76.949
1.129
455,318
321,274

760,427
118.379
67,489
-7,438
23,783
406,633
151,581

612,123
91,126
72,142
96,217
21,513
291,492
39,633

173,690
23,948
24,610
14,218
7,183
104,187
-456

132,486
20,448
-8,102
57,505
2,556
45,880
14.199

165.238
54.176
8,863
12,705
7,249
66,964
15,281

201,026
16,723
74,848
14.568
4,927
55,574
34,386

197,693
33,245
3,189
61,139
1,458
86,525
12,137

35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment

-799
-44,084

-1,062
-20,785

-1,285
-45,852

-44,084

-20,785

-45,852

-286
30,438
2,091
28,347

-364
-48,102
-12,409
-35,693

-358
-23,602
1,744
-25,346

-388
-1,578
9,479
-11,057

-325
-9,612
702
-10,314

-411,458
-375,384
1,070.054
-1,445,438
19.605
24,191
94,929
-70,738
-4,586
-55.679

11 Change in U.S. government assets other than official
reserve assets, net (increase, - )
12 Change in U.S. official reserve assets (increase. —)
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16
Foreign currencies
17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net

MEMO

Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)

-290

-4,911

-3,681

-1,843

-1,416

-812

83

-170

39.549

7,413

94,723

47,187

8,528

32,305

41,415

57,612

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)

12,000

-1,725

-8,132

838

-1,289

851

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.

1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38—41.
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.

3.12

U.S. R E S E R V E A S S E T S
Millions of dollars, end of period
2003
Asset

2000

2001

2002
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.P

1 Total

67,647

68,654

79,006

78,579

80,049

80,405

82,287

81,660

80,620

80,422

84,431

2 Gold stock1
3 Special drawing rights 2 '
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,046
10,539

11,045
10,774

11.043
12.166

11,043
11,368

11,043
11,392

11,043
11,476

11,044
11,880

11,044
11,720

11,043
11,646

11,043
11,619

11,043
12,062

14,824
31,238

17,854
28,981

21.979
33.818

21,686
34,482

22,858
34,756

22,738
35,148

23,214
36,149

23,210
35,686

22,746
35,185

22,463
35,297

24,067
37,259

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.




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.

Summary Statistics
3.13

A45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period

2003
2000

Asset

2001

2002
Feb.

June

May

July

Aug.

Sept.''

61

136

224

254

313

79

898

318

81

803

594,094
9,451

592,630
9,099

678,106
9,045

700,341
9,045

710,955
9,045

702,041
9,040

727,142
9,031

747,089
9,004

743,308
9.004

754,469
8,977

765,940
8,971

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.

3.15

Apr.

215

1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3

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.

SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2003
Item

1 Total1
2
3
4
5
6
7
8
9
10
11
12

By type
Liabilities reported by banks in the United States2
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U.S. securities other than U.S. Treasury securities5
By area
Europe1
Canada
Latin America and Caribbean
Asia
Africa
Other countries

2001

2002
Feb.

Mar.

Apr.

May

June

July?

984,713r

1,078,219

1,083,965

1,107,987

l,116,675 r

1,114,979'

1,165,946

1,173,997'

1,183,814

120,571'
161,719

144,080
190,375

140.071
194,762

151,605
196,344

149,443'
206,153'

150,701'
200.462'

174,748
210,033

169,538'
209,957

170,061
205,809

454,306
3,411
244,706

464,1 15
2,769
276,880

464,427
2,786
281,919

469,250
2,803
287,985

470,572'
2,821'
287,686'

470,151'
2,839'
290,826'

484,900
2,857
293,408

499,945
2,876
291,681

243,307'
13,440
71.103
632,466'
15,167
9,228

271,250
11,120
63,022
704,126
15,338
13.361

269,290
10,496
61,794
715,996
14,589
11,798

281,471
9,837
62,998
725,120
15,939
12,620

276,924'
10,154'
62.743'
740,799'
15,215'
10,838'

273.557'
9.746'
62,909'
740,298'
15,834'
12,633'

288,567
9,942
65,355
774.801
15,656
11,623

279,405
9.998
71,097'
782,656'
15,829
15,010

1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.

3.16

Jan.

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS

•

513,030
2,894
292,020
280,628
9,791
73.228
790.345
15,788
14.032

5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
SOURCK. Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys 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
2002
Item

1999

2000

2003

2001
Sept.

Dec.

Mar.'

June

1 Banks' own liabilities
2
Deposits
3
Other liabilities

88,537
n.a.
n.a.

77,779
n.a.
n.a.

79,363
n.a.
n.a.

81,719
n.a.
n.a.

80,543
n.a.
n.a.

88,566
50,582
37,984

74,441
43,505
30,936

4 Banks' own claims
Deposits
5
Other claims
6

67,365
34,426
32,939

56,912
23,315
33,597

74,640
44,094
30,546

82,647
47,779
34,868

71,724
34.287
37.437

81,239
36,710
44,529

90,927
42,129
48.798

7 Claims of banks' domestic customers2
8
Deposits
Other claims
9

20,826
n.a.
n.a.

24,411
n.a.
n.a.

17,631
n.a.
n.a.

20,475
n.a.
n.a.

35.923'
n.a.
n.a.

27,706
5,065
22,641

33,984
4.742
29,242

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.




2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

A46
3.17

International Statistics • November 2003
LIABILITIES TO FOREIGNERS

Reported by Banks in the United States'

Payable in U.S. dollars
Millions of dollars, end of period
2003
Item

2000

2002

2001

Jan.

Feb.'

Mar.'

Apr.

May

JulyP

June'

BY HOLDER AND TYPE OF LIABILITY

1 Total, all foreigners
2 Banks' own liabilities
By type of liability
Deposits2
3
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
8
instruments''
Of which: negotiable time
9
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7
11
Other
12 Nonmonetary international and regional organizations8
Banks' own liabilities
13
Deposits2
14
Other
15
Banks' custody liabilities4
16
US. Treasury bills and certificates5
17
Other negotiable and readily transferable
18
instruments6
Other
19
20 Official institutions9
Banks' own liabilities
21
22
Deposits2
Other
23
24
25
26
27

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments6
Other

1,511,410

1,630,417' 1,832,746

1,782,342

2,046,103

2,111,858

2,176,528r 2,201,176r 2,204,628

2,272,846

1,077,636

1,174,976'

1,288,991

1,239,613

1,489,690

1,556,084

1,610,113' 1,612,078' 1,599,273

1,677,669

221,248
171,401
0
433,774

188,005'
194,680'
151,071'
455,441

175,220
246,568
190,134
543,755

169,503
267,627
208,959
542,729

793,540
696.150
306,051
556,413

812,983
743,101
339,673
555,774

828,057'
782,056'
378,842
566,415'

812,186'
799,892'
390,974
589,098'

853,125
746,148
362,515
605,355

867,369
810,300
410,221
595,177

177,846

186,115

229,827

231,872

234,657

245,932

242,661'

252,088'

251,555

249,347

145,840

139,807

163,091

160,148

172,475

170,054

180,034'

195,085'

206,514

205,129

34,217
0
110,088

20,440
59,781
129,519

25,821
72,731
150,837

25,448
67,427
150,709

28,328
75,354
149,281

28,780
73,988
139,788

31,450
77,063'
143,720

33,543
85,337'
141,925

43,272
82,404
147,286

43,854
81,069
140,701

12,543
12,140
6,287
5,853
403
252

10,830
10,169
3,791
6,378
661
600

13,467
12,362
5,769
6,593
1,105
1,089

14,624
13,921
5,298
8,623
703
687

12,085
11,439
3,844
7,595
646
621

9,377
9,331
2,640
6,691
46
4

9,003
8,950
3,086
5,864
53
33

8,962
8,946
3,197
5,749
16
3

11,781
11,678
4,524
7,154
103
13

15,127
15,079
4,798
10,281
48
13

149
2

61
0

16
0

16
0

25
0

30
12

20
0

13
0

70
20

35
0

297,603
96,989
39,525
57,464

282,290'
80,970'
21,987'
58,983'

334,455
93,884
20,733
73,151

334,833
93,790
17,378
76,412

347,949
100,320
25,762
74,558

355,596
95,943
22,532
73,411

351,163
95,358
24,026
71,332

384,781
110,867
22,586
88,281

379,495
104,923
23,046
81,877

375,870
110,075
22,390
87,685

200,614
153.010

201,320
161,719

240,571
190,375

241,043
194,762

247,629
196,344

259,653
206,153

255,805
200,462

273,914
210,033

274,572
209,957

265,795
205,809

47,366
238

38,531
1,070

50,132
64

45,285
996

50,763
522

52,615
885

55,189
154

63,217
664

59,535
5,080

57,770
2,216

1,052,626' 1,176,534
914,034'
981,645
68,218'
56,020
58,422
53,525'
138,592
194,889
21,311
11,541

1,116,543
921,792
53,156
66,153
194,751
20.244

1,240,818
1,046,855
654,965
391,890
193,963
18,171

1,275,229
1,092,972
678,722
414,250
182,257
20,715

1,320,808' 1,313,038' 1,327,614
1,129,310' 1,119,652' 1,124,178
690,506'
677,685'
712,724
411,454
438,804'
441,967'
191,498
193,386
203,436
21,989
20,269
20,342

1,372,439
1,168,599
726,956
441,643
203,840
22,917

7.8 Banks10
79
Banks' own liabilities
30
Deposits2
31
Other
32
Banks' custody liabilities4
US. Treasury bills and certificates5
33
Other negotiable and readily
34
transferable instruments6
Other
35

972,932
821,306
82,426
53,893
151,626
16,023
36,036
99,567

24,059
102,992

46,770
126,808

48,614
125,893

52,390
123,402

48,295
113,247

51,753
117,756

57,564
115,553

65,799
117,295

67,179
113,744

36 Other foreigners"
37
Banks' own liabilities
38
Deposits2
Other
39

228,332
147,201
93,010
54,191

284,671'
169,803'
94,009'
75.794'

308,290
201,100
92,698
108,402

316,342
210,110
93,671
116,439

445,251
331,076
108,969
222,107

471,656
357,838
109,089
248,749

495,554'
376,495'
110,439'
266,056

494,395'
372,613'
108,718'
263,895'

485,738
358,494
112,831
245,663

509,410
383,916
113,225
270,691

81,131
8,561

114,868
12.255

107,190
17,052

106,232
16,179

114,175
19,521

113,818
19,060

119,059'
20,177'

121,782'
21,783'

127,244
21,243

125,494
20,608

62,289
10,281

77,156
25,457

66,173
23,965

66,233
23,820

69,297
25,357

69,114
25,644

73,072'
25,810

74,291'
25,708

81,110
24,891

80,145
24,741

684,987

792,291

867,203

802,483

1,010,614

1,049,774

1,106,286' 1,096,156' 1,093,643

1,154,618

40
41
42
43

Banks' custodial liabilities
US. Treasury bills and certificates5
Other negotiable and readily
transferable instruments6
Other
MEMO

44 Own foreign offices12

1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.




9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) below.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the 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 office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.

Nonbank-Reported
3.17

LIABILITIES TO FOREIGNERS

Data

Reported by Banks in the United States1—Continued

Payable in U.S. dollars
Millions of dollars, end of period

2003
Item

2000

2002

2001

July 1 '

Jan.

Feb.'

Mar.'

Apr.'

May'

June

1,782,342

2,046,103

2,111,858

2,176,528

2,201,176

2,204,628r

2,272,846

r

4,515,438

733,119'
4,427
4,082
5,040
2,159
44,871
45,825
2,096
6,766
37,615
15,522
14,985
2,168
34.316
11,973
5,731
119,598'
12,540
275,430'
21,740'
183
66,052'

786,550
4,330
4,999
2,727
3,315
45,400
51,694
1,961
6,894
37,979
13.238
20,939
2,145
33,504
8,873
4,086
135,420
13,933
316,444
21,633
157
56,879

AREA OR COUNTRY
45 Total, all f o r e i g n e r s
46 Foreign countries
47 Europe
48
Austria
49
Belgium13
50
Denmark
51
Finland
52
France
53
Germany
Greece
54
55
Italy
56
Luxembourg13
57
Netherlands
58
Norway
59
Portugal
60
Russia
61
Spain
6?
Sweden
63
Switzerland
64
Turkey
65
United Kingdom
66
C h a n n e l Islands and Isle of M a n 1 4
67
Yugoslavia15
68
O t h e r E u r o p e and other f o r m e r U.S.S.R.lf>

1,511,410

l,630,417r

1,498,867

r

1,819,279

1,767,718

4,068,036

4,204,962

4,335,050

4,384,428

520,438'
2,922
6,546'
3,618'
1,446
49,056
22,318'
2,307
6.215'
16,667'
12,363'
3,727
4,033
20,800
8,811
3,375
66,382'
7,474
204,107'
36,024'
309
41,938'

627,537
2,473
8,610
4,880
1,693
39,636
34,394
2,975
4,826
28.623
10,705
18,867
3,574
23.147
14,030
4,654
131,489
12,130
181,840
45,728
301
52,962

560,622
2,186
4,668
6,497
2,583
36,731
31,977
3,205
4,421
30,538
10,550
17,723
3,448
24,378
14,849
3,767
105,350
12,754
168,426
26,327
353
49,891

709,950
2,330
5,454
6,603
1,861
39,682
39,695
2,925
4,814
36,005
16,259
10,936
2,889
27,648
16,066
4,006
119,474
11,973
280,193
23,068
337
57,732

730,110
2,125
7,743
6.751
845
39,886
43,698
2,019
4,984
32,933
13,710
14,163
2,802
28,918
13,923
4,611
114,471
10,996
305,077
21,772
332
58,351

723,739
2,110
6,669
5.088
1,007
41,281
42,498
1,397
6,435
36,774
15,207
13,866
2,906
30,656
14,180
6,816
100,341
11,214
305,229
21,475
237
58,353

762,373
2,472
4,100
7,091
2.291
46,728
44,155
1,634
5,940
38,558
16,066
15,479
2,735
35,062
15,853
6,309
1 13,568
12,253
310,581
23,487
183
57,828

446,788
2,692
33,399
3,000
1,411
37,833
35,519
2,011
5,072
0
7,047
2,305
2,403
19,018
7,787
6,497
74,635
7,548
167,757
0
276
30,578

l,619,587

1,832,746

4,385,694

30,982

27,240'

24,955

27,880

28,618

32,059

29,209

31,867

36,031

37,044

70 Latin America
Argentina
71
77
Brazil
73
Chile
74
Colombia
75
Ecuador
76
Guatemala
Mexico
77
78
Panama
79
Peru
80
Uruguay
81
Venezuela
82
O t h e r Latin A m e r i c a 1 7

120,041
19,451
10,852
5,892
4,542
2,112
1,601
32,166
4,240
1,427
3,003
24,730
10,025

118,025
10,704
14,169
4,939
4,695
2,390
1,882
39,871
3,610
1,359
3,172
24,974
6,260

107,042
11,218
10,037
6,064
4,158
2,299
1,381
36,149
3.845
1,363
2,806
21,883
5,839

106,106
11,253
10,586
5,591
4,147
2,397
1,436
36,888
3,972
1,364
2,681
19,951
5,840

104,360
10,611
11,004
5,808
4,897
2,247
1,485
35,000
4,172
1,368
2,480
19,634
5,654

105,098
10,711
12,168
5,714
4,458
2.377
1,411
36.376
3.735
1.340
2,772
18,250
5,786

107,168
10,002
11,256
5,063
4,726
2,256
1,543
38,823
3,713
1,382
2,905
19,147
6,352

105,979
9,769
12,695
5,535
4,653
2,296
1,504
35,139
3,690
1,618
2,905
20,156
6,019

107,722'
9,884'
16,253'
4,725
4,617
2,217
1.546'
33,738'
4.234'
1,512
3,150'
19,761'
6,085'

106,803
10,406
15,805
4,682
4,517
2,373
1,399
32,719
4,139
1,532
3,139
20,436
5,656

83 Caribbean
Bahamas
84
85
Bermuda
86
British West Indies18
87
C a y m a n Islands18
88
Cuba
89
Jamaica
90
Netherlands Antilles
91
Trinidad and Tobago
Other Caribbean17
92

573,337
189,298
9,636
367,197
0
90
794
5,428
894
0

194,744'
178,472
10,469'
0
439,190'
88
1,182
3,264
1,269
12,113'

194,158
163,052
23,780
0
512,570
91
829
5,001
1,405
11,341

206,063
169.978
27.421
0
516,117
93
883
6,329
1,359
11,057

210,983
165,869
38,133
0
622,246
207
855
4,535
1,384
11,814

223,186
175,738
40,552
0
651,323
91
1,000
4,432
1,373
11,913

211,602
161,240
43,422
0
738,272
91
929
4,600
1,320
12,377

222,491
169.514
45,774
0
689,027
92
837
5,071
1,203
13,014

228,737'
174,207'
43,954
0
703,610'
93
790
8.289
1,404
15,806'

210,503
156,214
43,584
0
738,596
88
707
8,949
961
16,520

93

305,554

290,923'

318,048

318,865

320,107

326,222

319,078

342,178

336,985'

333,114

16,531
17,352
26,462
4,530
8,514
8,053
150,415
7,955
2,316
3,117
23,763
36,546

10,486'
17,561'
26,003'
3,676'
12,383
7,870
154,887'
8,997'
1,772
4,743
18,095'
24,450'

15,504
18,625
33,032
7,951
14,109
7,231
161,329
8,932
1.793
7,605
16,364
25,573

13,544
22,147
36,777
8,074
12,858
9,638
162,110
7,410
1,364
6,666
15,176
23,101

13,705
24,171
35,816
8,844
12,419
10,226
166,425
7,062
1,536
5,035
12,198
22,670

17,620
20,229
32,991
8,683
11,943
11,807
175,245
6,950
1,774
5,289
9,858
23,833

14,998
21,428
34,496
9,279
12,039
10,902
166,063
6,873
1,560
5,741
10,370
25,329

15,622
23,214
34,034
9,394
11,891
10,269
179,918
7,935
1,869
5,293
14,447
28,292

17,389'
20,785'
35,193'
7,942'
10,478
9,706'
175.120'
9.152'
1.575'
5.534'
15,784'
28,327'

19,373
20,836
35,781
8,343
8,857
10,026
173,526
9,393
1,980
4,729
13,771
26,499

10,824
2,621
139
1,010
4
4,052
2,998

11,233'
2,778
274
711'
4
4,377
3,089'

12,240
2,652
306
1,114
2
4,370
3,796

11,177
2,494
259
725
3
4,126
3.570

14,404
3,624
346
2,406
5
4,552
3,471

12,994
3,549
283
1,807
3
3,987
3,365

13,605
3,607
210
2,019
4
4,146
3,619

13,184
3,536
281
2,172
4
3,701
3,490

13,063'
3,295
234
2,028
6
3,581
3,919'

12,839
2,958
350
2,067
7
3,579
3,878

113 O t h e r c o u n t r i e s
114
Australia
115
N e w Zealand21
116
All other

11,341
10,070
0
1,271

5,681'
5,037'
232'
412

11.388
9,332
1,796
260

9,831
8,237
1.320
274

11,536
9,120
1,940
476

9,576
6,842
2,175
559

12,475
9,854
2,123
498

12,101
9,497
2.039
565

17,774'
14.351
2,959'
464'

15,750
13,198
2,252
300

117 N o n m o n e t a r y international a n d r e g i o n a l o r g a n i z a t i o n s
118
International22
119
Latin American regional23
Other regional24
120

12,543
11,270
740
533

13,467
11,282
507
1,611

14,624
12,859
372
1,299

12,085
10,217
547
1,216

9,377
7,955
686
633

9.003
7,919
296
614

8,962
7.782
339
693

11,781
10.726
373
621

15,127
12,908
1,616
553

69 Canada

94
95
96
97
98
99
100
101
102
103
104
105

China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
M i d d l e Eastern oil-exporting countries™
Other

106
107
108
109
110
111
112

Egypt
Morocco
South Africa
C o n g o (formerly Zaire)
Oil-exporting countries20
Other

10,830
9,331
480
935

13. 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 .
14. 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.
15. In F e b r u a r y 2 0 0 3 , Y u g o s l a v i a c h a n g e d its n a m e to S e r b i a a n d M o n t e n e g r o . D a t a f o r
o t h e r entities of the f o r m e r Y u g o s l a v i a r e c o g n i z e d as i n d e p e n d e n t states b y the U n i t e d States
are reported under " O t h e r E u r o p e . "
16. 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 .
17. 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 . "
18. 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.




19. 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).
20. C o m p r i s e s Algeria, G a b o n , L i b y a , and Nigeria.
2 1 . 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 . "
22. Principally the International B a n k for Reconstruction and D e v e l o p m e n t . Excludes
" h o l d i n g s of d o l l a r s " o f 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 .
23. Principally the Inter-American D e v e l o p m e n t B a n k .
24. 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 ] 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 . "

A47

A48
3.18

International Statistics • November 2003
BANKS' OWN CLAIMS ON FOREIGNERS

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2003
Area or country

2000

2001

2002
Jan.
r

Feb.'

Mar.'

Apr.'

May'

June'

July?

1 Total, all foreigners

904,642

l,052,066

1,088,165

1,083,390

1,225,960

1,307,012

1,332,093

1,328,441

1,359,795

1,380,362

2 Foreign countries

899,956

l,047,120 r

1,084,488

1,080,231

2,445,198

2,605,964

2,654,934

2,649,522

2,708,728

2,753,684

378,115
2,926
5.399
3,272
7,382
40,035
36,834
646
7.629
0
17,043
5,012
1,382
517
2,603
9,226
82,085
3,059
144,938
0
50
8,077

462,418r
5,280r
6,49 l r
1,105
10,350
60,866r
30,044r
367r
4,205
l,323r
16,039r
6,236
1,603
594
3,260
12,756r
87,350'
2,124
201,185'
4,478
0
6,762

484,047
3,603
6,044
1,109
8,518
47,705
22,481
477
3,753
3,407
23,133
13,885
2,226
877
5,371
15,889
126,958
2,112
173.996
17,457
0
5,046

446,105
4,334
6,273
1,563
9,832
45,914
23,395
296
3,177
3,901
19,188
18,606
2,356
1,025
4,154
15,329
87,562
2,021
167,820
24,393
0
4,966

521,896
4,142
6,286
428
9,191
48,395
22,526
295
3,011
4,360
16,031
9,809
2,342
729
3,258
15,458
101,204
2,069
238,510
27,785
0
6,067

542,014
4,538
7,653
748
9,462
46,458
22.260
314
4,022
3,149
21,169
11,091
1,929
1,107
2,485
16,310
106,937
2,280
238,279
35,018
0
6,805

540,062
4,875
8,120
648
11,893
54,726
19,908
234
4,536
4,472
18,128
11,672
2,260
699
2,916
16,860
81,562
2,441
247,496
38,641
0
7,974

570,450
4,165
4,722
495
8,130
52,852
20,453
214
4,133
6,436
19,769
11,039
2,457
755
2,374
16,184
98,530
2,531
262.408
44,454
0
8,349

588,835
4,339
6,741
1,737
9,191
55,435
22,996
207
6,251
6,214
18,731
15,866
2,406
815
2,117
15,615
103,425
2,196
262,936
44,692
0
6,925

611,431
5,898
6,987
1,314
7,447
56,055
27,264
190
6,101
5,955
20,280
21,058
2,331
863
1,626
14,721
103,083
2,379
273,284
45,857
0
8,738

3 Europe
4
Austria
Belgium2
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
II
Italy
12
Luxembourg2
13
Netherlands
14
Norway
15
Portugal
lb
Russia
17
Spain
18
Sweden
19
Switzerland
20
Turkey
21
United Kingdom
Channel Islands and Isle of Man1
22
23
Yugoslavia4
24
Other Europe and other former U.S.S.R.5
25 Canada

39,837

54,421

60,521

65,085

65,990

57,348

58,995

53,892

49,774

53,729

26 Latin America
21
Argentina
Brazil
28
29
Chile
30
Colombia
31
Ecuador
32
Guatemala
Mexico
33
34
Panama
Peru
35
Uruguay
36
37
Venezuela
Other Latin America6
38

76,561
11,519
20.567
5,815
4,370
635
1,244
17,415
2,933
2,807
673
3,518
5,065

69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,061
2,185
447
3,077
3,364

56,642
6,783
15,419
5,250
2,614
457
892
15,658
1,915
1,411
255
3,254
2,734

54,482
6,663
14,520
5,077
2,406
439
896
15,268
1,730
1,403
255
3,202
2,623

55,547
6,625
15,358
5,290
2,712
434
831
14,994
1,861
1,438
308
3,175
2,521

56,089
6,152
15,921
5,299
2,650
491
970
14,792
1,887
1,400
324
3,301
2,902

54,765
6,080
15,341
5,342
2,587
482
841
14,629
1,964
1,448
322
3,196
2,533

56,179
5,923
16,392
5,301
2,480
485
799
15,416
1,903
1,493
313
3,127
2,547

55,634
6,005
16,548
5,276
2,422
479
773
14,640
1,986
1,541
335
3,201
2,428

54,815
5,493
16,620
5,751
2,309
441
770
14,331
1,696
1,479
328
3,052
2,545

39 Caribbean
Bahamas
40
41
Bermuda
British West Indies7
42
Cayman Islands7
43
44
Cuba
Jamaica
45
46
Netherlands Antilles
Trinidad and Tobago
47
Other Caribbean6
48

319,403
114.090
9.260
189,289
0
0
355
5,801
608
0

366,319'
101,034
7,900
0
245,750'
0
418
6,729
931
3,557

381,637
95,584
9,902
0
265,000
0
321
6,690
889
3,251

402,454
97,456
12,511
0
281,641
0
304
6,445
865
3,232

470.012
86,312
17,034
0
354,238
0
349
7,658
966
3,455

524,385
92.186
23,343
0
397,575
0
381
6,751
884
3,265

547,902
86,031
21,351
0
429,181
0
376
7,009
848
3,106

521,751
91,506
21,552
0
396,974
0
309
7,104
852
3,454

541,396
96,660
21,965
0
410,091
0
327
7,134
837
4,382

537,759
89,217
23,973
0
411,299
0
377
6,736
796
5,361

77,829

85,990'

93,487

103,096

101,607

114,350

117,240

115,304

109,509

110,761

1.606
2,247
6,669
2,178
1,914
2,729
34,974
7,776
1,784
1,381
9,346
5,225

2.073
4.433'
10,035'
1,348
1,752
4,396
34,136'
10.653'
2,587
2,499
7,882
4,196

1,057
3,772
7,258
1,235
1,270
4,660
47,600
11,118
2.137
1.167
7,952
4,261

4,799
6,563
6,490
1,128
1,223
5,182
48,818
14,473
2,424
830
8,004
3,162

1,884
5,703
5,683
1,194
1,064
3,328
56,269
13,938
1,536
707
6,405
3,896

9,419
8,272
5,020
974
1,028
3,110
58,395
13,047
2,040
1,393
7,110
4,542

7,819
5,349
4,788
1,077
997
4,014
63,247
14,841
1,862
1,263
6,871
5,112

4,731
5,689
5,549
1,187
993
3,971
62,399
13,237
1,651
1,658
7,271
6,968

6,988
5,395
7,056
1,375
935
4,333
62,048
7,058
1,502
1,222
6,019
5,578

10,860
6,452
5,070
1,432
970
4,722
54,784
12,988
1,343
1,317
5,551
5,272

2,094
201
204
309
0
471
909

2,146'
416
106
761'
0
167
696

1,977
487
53
617
0
222
598

1,945
511
53
545
0
240
596

1,992
544
45
577
0
224
602

2,051
558
49
565
0
257
622

1,850
551
42
468
0
215
574

1,777
446
41
546
0
129
558

1,743
412
43
526
0
218
544

1,565
411
43
381
0
182
548

69 Other countries
70
Australia
71
New Zealand10
72
All other

6,117
5,868
0
249

6.064'
5,677'
349
38

6,177
5.566
569
42

7,064
6,212
833
19

5,555
5,033
507
15

6,745
5,944
705
96

6,653
5,892
640
121

5,408
4,594
668
146

7,473
6,583
794
96

6,782
6,023
641
118

73 Nonmonetary international and regional organizations" . .

4,686

4.946

3,677

3,159

3,361

4,030

4,626

3,680

5,431

3,520

49
50
51
52
53
54
55
56
57
58
59
60
61

China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries8
Other

62
63
64
65
66
67
68

Egypt
Morocco
South Africa
Congo (formerly Zaire)
Oil-exporting countries9
Other

1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."




5. Includes the Bank for International Settlements and the European Central Bank.
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."

Nonbank-Reported
3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS

Data

R e p o r t e d b y B a n k s in t h e U n i t e d States1

P a y a b l e in U.S. d o l l a r s
Millions of dollars, end of period
2003

1 Total claims reported by banks

1,095,869

1,259,328

1,306,306

2 Banks' own claims on foreigners
Foreign official institutions3
4
Foreign banks-1
Other foreigners4
5

904,642
37,907
725,380
141,355

1,052,066
50,618
844,865
156,583

1,088,165
52,198
873,077
162,890

191,227
100,352

207,262
82,566

218,141
80,269

78,147
12,728

114,287
10,409

131,780
6,092

7
8
9
10

Claims on banks' domestic customers5
Non-negotiable deposits
Negotiable CDs
Other short-term negotiable instruments6 . .
Other claims

Jan.

Feb.r

1,083,390
62,004
854,787
166,599

1,225,960
39,635
923,129
263,196

Mar.r

Apr.'

Mayr

1,332,093
47,620
987,276
297,197

1,328,441
48,816
977,851
301,774

1,574,897
1,307,012
48,472
964,407
294,133

Juner

Julyp

1,656,804
1,359,795
44,242
1,004,189
311,364

1,380,362
52,078
1,023,183
305,101

297,009
121,784
88,511
71,454
15,260

267,885
107,789
83,845
58,025
18,226

MEMO
7
11 Non-negotiable deposits
12 Negotiable CDs7
Other
short-term
negotiable
13
instruments7
14 Other claims7
15 Own foreign offices8

16 Loans collateralized by repurchase
agreements9

n.a.
630,137

465,861
2,621

497,268
1,741

463,085
2,198

476.342
771

482,956
1,456

n.a.
744,498

n.a.
795,060

n.a.
768,492

9,791
766,245
898,051

13,513
825,017
940,502

13,853
819,231
956,935

13,210
849,948
951,671

15,562
867,120
972,181

11,427
884,523
975,331

137,979

161,585

185,804

245,798

287,043

311,728

319,597

310,598

345,043

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances,
dealers.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) below.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) below.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.




447,703
2,221

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. 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 minority-owned subsidiaries of foreign banks, consists
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.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

A49

A50
3.22

International Statistics • November 2003
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

R e p o r t e d b y N o n b a n k i n g B u s i n e s s E n t e r p r i s e s in

Millions of dollars, end of period
2001
Type of liability, and area or country

1999

2000

2002

2003

2001
Dec.

Mar.

June

Sept.

Dec.

Mar.p

1 Total

53,020

73,904

66,679

66,679

74,887

70,431

68,225

67,664

73,558

By type
2 Financial liabilities
Short-term negotiable securities'
3

27,980
n.a.

47,419
n.a.

41,034
n.a.

41,034
n.a.

46,408
n.a.

42,826
n.a.

41,311
n.a.

39,561
n.a.

45,119
21,415

4 Other liabilities'
Of which:
Borrowinas'
5
6
Repurchase agreements'
By currency
7 U.S. dollars
8 Foreign currency9
Canadian dollars
Euros
10
I 1 United Kingdom pounds sterling
12
Japanese yen
All other currencies
13

14
15
16
17
18
19
20

By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switerzerland
United Kingdom

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

23,704

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

6,398
19,181

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

25.246
22,173
n.a.
n.a.
n.a.
n.a.
n.a.

18,763
22.271
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

20.454
25,954
n.a.
n.a.
n.a.
n.a.
n.a.

22,050
20,776
n.a.
n.a.
n.a.
n.a.
n.a.

18,913
22,398
n.a.
n.a.
n.a.
n.a.
n.a.

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

18,363
26,756
527
12,336
7,209
2,880
3,804

23,241
31
1,659
1.974
1.996
147
16,521

34,172
147
1.480
2,168
2,016
104
26.362

31,806
154
2.841
2,344
1,954
94
22,852

31,806
154
2,841
2,344
1,954
94
22,852

39,379
119
3,531
2,982
1,946
84
28,694

35,004
120
4.071
2.622
1,935
61
24,338

34,809
232
3,517
2,865
1,915
61
24.303

34,335
144
5,243
2,923
1,825
61
22,531

35,800
1,164
2,782
3,343
1,797
19
25,539

n.a.

n.a.

10,100

MEMO:

21

Euro area1

22

Canada

23
24
25
26
27
28
29
30

7.587

8,798

9,991

10,107

10,369

11,211

284

411

955

955

1,067

1,078

583

591

492

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

892
1
5
126
492
n.a.
25

4,125
6
1,739
148
406
n.a.
26
2

2,858
157
960
35
1,627
n.a.
36
2

2,858
157
960
35
1,627
n.a.
36
2

1,547
5
836
35
612
n.a.
27

1.088
0
588
65
377
n.a.
26

1,504
23
990
65
365
n.a.
31

1

1,832
5
626
38
1,000
n.a.
25
5

1

1

3,816
334
3,046
127
n.a.
25
29
0

31
32
33

Asia
Japan
Middle Eastern oil-exporting countries3

3.437
3.142

7.965
6.216
12

5,042
3.269
10

5,042
3,269
10

4.020
3,299
15

4,498
2,387
14

4,450
2,447
16

2,932
1,832
14

4,303
2,043
17

34
35

Africa
Oil-exporting countries6

0

52
0

53
5

53
5

122
91

120
91

128
91

131
91

116
91

98

694

320

320

273

294

253

68

592

36

All other

7




0

4

28

Nonbank-Reported Data
3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States—Continued

A51

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2002

2001
Type of liability, and area or country

1999

2000

2003

2001
Dec.

Mar.

June

Sept.

Dec.

Mar.p

37 Commercial liabilities
38
Trade payables
39
Advance payments and other liabilities

25,040
12,834
n.a.

26,485
14,293
12,192

25,645
11,781
13,864

25,645
11,781
n.a.

28,479
15,119
13,360

27,605
14,205
13,400

26,914
13,819
13,095

28,103
14,699
13,404

28,439
15
14

Bv currency
40 Payable in U.S. dollars
41 Payable in foreign currencies2
42
Canadian dollars
Euros
43
44
United Kingdom pounds sterling
45
Japanese yen
46
All other currencies

23,722
1,318
n.a.
n.a.
n.a.
n.a.
n.a.

23,685
2,800
n.a.
n.a.
n.a.
n.a.
n.a.

24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.

24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.

26,715
1,764
n.a.
n.a.
n.a.
n.a.
n.a.

26,004
1,601
n.a.
n.a.
n.a.
n.a.
n.a.

25,621
1,293
n.a.
n.a.
n.a.
n.a.
n.a.

26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

24,879
3,560
114
1,074
661
242
1,469

9,262
140
672
1,131
507
626
3,071

9,629
293
979
1,047
300
502
2,847

9,219
99
734
905
1,163
790
2,279

9,219
99
734
905
1,163
790
2,279

8,168
105
713
584
236
648
2,747

8,015
94
827
570
312
749
2,551

8,065
134
718
855
506
592
2,317

8,257
141
765
807
590
433
2,649

8,794
186
867
n.a.
732
548
2,895
4,350

47
48
49
50
51
52
53

By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO

54

Euro area1

n.a.

4,518

5,141

n.a.

3,673

3,718

4,258

4,200

55

Canada

1,775

1,933

1,622

1,622

1,802

2,027

1,570

1,588

1,768

56
57
58
59
60
61
62
63

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

2,310
22
152
145
48
n.a.
887
305

2,381
31
281
114
76
n.a.
841
284

2,727
52
591
290
45
n.a.
899
166

2,727
52
591
290
45
n.a.
899
166

3,515
23
433
277
67
n.a.
1.518
281

2,817
12
422
320
46
n.a.
1,015
204

2,923
14
468
290
47
n.a.
1,070
327

3,073
51
538
253
36
n.a.
1,170
177

3,035
59
519
246
n.a.
80
1,091
143

64
65
66

Asia
Japan
Middle Eastern oil-exporting countries5

9,886
2,609
2,493

10,983
2,757
2,832

10,517
2,581
2,639

10,517
2,581
2,598

13,116
4,281
3,289

12,866
4,143
3,432

12,462
4,031
3,857

13,382
4,292
3,979

13,121
4,137
3,546

67
68

Africa
Oil-exporting countries6

950
499

948
483

836
436

836
436

1,000
454

916
349

876
445

827
405

927
423

881

611

724

724

878

964

1,018

976

794

69

All other

7

MEMO

70

Financial liabilities to foreign affiliates8

n.a.

n.a.

1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).




n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

12,917

6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are not included in lines 1-6 above.

A52
3.23

International Statistics • November 2003
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2001
Type of claim, and area or country

1 Total
2
3
4
5
6
/
8

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs'
Other claims
Of which:
Loans'
Repurchase agreements'

By currency
y U.S. dollars
10 Foreign currency2
it
Canadian dollars
12
Euros
13
United Kingdom pounds sterling
14
Japanese yen
All other currencies
13

16
17
18
iy
20
21
22

By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switerzerland
United Kingdom

1999

2000

2002

2003

2001
Dec.

Mar.

June

Sept.

Dec.

Mar.p

76,642

90,157

113,082

113,082

115,969

116,608

112,784

102,566

111,109

40,231
n.a.
n.a.

53,031
23,374
29,657

81,287
29,801
51,486

81,287
n.a.
n.a.

85,359
41,813
43,546

87,331
42,136
45,195

84,038
38,074
45.964

71,389
27,064
44,325

81,687
43,459
5,729

n.a.
21,665

n.a.
29,657

n.a.
51,486

n.a.
51,486

n.a.
43,568

n.a.
45,188

n.a.
45,959

n.a.
44.064

216
32,499

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.

12,674
5,669

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

46,157
6,874
n.a.
n.a.
n.a.
n.a.
n.a.

74,471
6,816
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

79,722
5,637
n.a.
n.a.
n.a.
n.a.
n.a.

82,353
4,978
n.a.
n.a.
n.a.
n.a.
n.a.

79,307
4,731
n.a.
n.a.
n.a.
n.a.
n.a.

65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

74,609
7,078
604
3,055
2,083
880
456

13,023
529
967
504
1,229
643
7,561

23,136
296
1,206
848
1,396
699
15,900

26,118
625
1.450
1,068
2,138
589
16.510

26,118
625
1,450
1,068
2,138
589
16,510

36,032
751
3,489
4,114
3,253
308
17,982

37,003
797
3,921
3,972
3,995
1,010
16,133

32,139
656
3,854
4,292
4,024
1,135
11,454

29,018
722
3,247
4,245
3,648
383
10,663

34,599
1,494
3,253
6,240
4,355
1,497
11,203
20,251

MEMO:

23

Euro area3

n.a.

5,580

8.626

n.a.

16,903

18,689

18,542

17,281

24

Canada

2,553

4,576

6.193

6,193

5,471

5,537

5,485

5,013

5,060

25
2b
2/
28
2y
30
31
32

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

18,206
1,593
11
1,476
12,099
n.a.
1,798
48

19,317
1,353
19
1.827
12,596
n.a.
2.448
87

41,201
976
918
2.127
32,965
n.a.
3.075
83

41,201
976
918
2,127
32,965
n.a.
3,075
83

34,979
1,197
611
1,892
27,328
n.a.
2,777
79

37,489
1,332
704
2,036
29,569
n.a.
2,823
60

38,800
715
1,157
2,226
30,837
n.a.
2,871
71

29,612
1,038
724
2,286
21,528
n.a.
2,921
104

31,802
757
387
2,324
n.a.
25,225
1,780
161

33
34
35

Asia
Japan
Middle Eastern oil-exporting countries5

5,457
3,262
23

4,697
1,631
80

6.430
1,604
135

6,430
1,604
135

6,414
2,051
79

5,754
1,146
78

6,041
1,481
88

5,358
1,277
79

7,596
1,226
68

36
37

Africa
Oil-exporting countries6

286
15

411
57

414
49

414
49

390
51

431
64

379
29

395
25

358
26

38

All other7

706

894

931

931

2,073

1,117

1,194

1,993

2,272




A53
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
the United States—Continued

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2002

2001
Type of claim, and area or country

1999

2000

2003

2001
Dec.

Mar.

June

Sept.

Dec.

Mar.p

39 Commercial claims
40
Trade receivables
41
Advance payments and other claims

36,411
32,602
3,809

37,126
33,104
4,022

31,795
27,513
4,282

31,795
27,513
4,282

30,610
25,845
4,765

29,277
24,716
4,561

28,746
24,171
4,575

31.177
26,385
4,792

29,422
24,713
4,709

By currency
42 Payable in U.S. dollars
43 Payable in foreign currencies2
44
Canadian dollars
45
Euros
46
United Kingdom pounds sterling
47
Japanese yen
All other currencies
48

34,204
2,207
n.a.
n.a.
n.a.
n.a.
n.a.

33,401
3,725
n.a.
n.a.
n.a.
n.a.
n.a.

29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.

29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.

26,864
3,746
n.a.
n.a.
n.a.
n.a.
n.a.

25,361
3.916
n.a.
n.a.
n.a.
n.a.
n.a.

25,441
3,305
n.a.
n.a.
n.a.
n.a.
n.a.

26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.

22,304
7,118
385
1,803
1,451
278
3,201

16,389
316
2,236
1,960
1,429
610
5,827

15,938
452
3,095
1,982
1,729
763
4,502

14,022
268
2,921
1,658
529
611
3,833

14,022
268
2,921
1,658
529
611
3,833

12.935
272
2,883
1,198
642
436
3,579

12,314
207
2,828
1,163
832
472
3,387

12,680
254
2,972
1,158
1,089
404
3,236

14,187
269
3,164
1,202
1,490
503
3,727

13,329
228
2,803
1,285
1,128
449
3,749

49
50
51
5?.
53
54
55

By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO

56

Euro area3

n.a.

8,819

7,961

n.a.

7,237

7,106

7,707

8,580

8,082

57

Canada

2,757

3,502

2,818

2,818

2,760

2,752

2,623

2,790

2,550

58
59
60
61
62
63
64
65

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

5,959
20
390
905
181
n.a.
1,678
439

5,851
37
376
957
137
n.a.
1,507
328

4,859
42
369
954
95
n.a.
1,391
288

4,859
42
369
954
95
n.a.
1,391
288

4,912
42
422
837
73
n.a.
1,225
312

4,530
28
214
829
26
n.a.
1,283
316

4,324
35
270
862
12
n.a.
1,184
340

4,346
31
287
750
19
n.a.
1,259
288

4,773
61
545
737
n.a.
59
1,094
231

66
67
68

Asia
Japan
Middle Eastern oil-exporting countries5

9,165
2,074
1,573

9,630
2,796
1,024

7,849
2,006
850

7,849
2,006
833

7,513
1,975
657

7,309
2,064
889

6,778
2,083
819

7,324
2,341
818

5,981
1,432
614

69
70

Africa
Oil-exporting countries6

631
171

672
180

645
88

645
88

630
109

605
94

637
107

584
95

636
139

71

Allother 7

1,537

1,533

1,602

1,602

1,860

1,767

1,704

1,946

2,153

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

11,915

MEMO

72

Financial claims on foreign affiliates8

1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).




6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are not included in lines 1-8 above.

A54
3.24

International Statistics • November 2003
F O R E I G N T R A N S A C T I O N S IN SECURITIES
Millions of dollars
2003
Transaction, and area or country

2001

2003

2002
Jan.July

Jan.

Feb.

Mar.

Apr.

May

June

JulyP

U.S. corporate securities

STOCKS

1 Foreign purchases
2 Foreign sales

3,051,332
2,934,942

3,203,259
3,153,816

1,740,365
1,729,004

3 Net purchases, or sales (-)

116,390

49,443

4 Foreign countries

116,187

49,496

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man'
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries

88,099
5,914
8,415
10,919
3,456
38,493
-698
10,984
-5,154
1,789
20,726
6,788
-366
109

19 Nonmonetary international and
regional organizations

216,731
219,527

201,408
203,486

236,668
233,828

233,275
228,918

273,263
266,670

311,954
301,646

267,066
274,929

11,361

-2,796

-2,078

2,840

4,357

6,593

10,308

-7,863

11,416

-2,773

-2,080

2,860

4,360

6,597

10,325

-7,873

33,004
2,127
-129
4,535
2,655
15,173
-255
7,432
-15,422
-1,293
22,672
12,337
-72
3,175

5,462
1,960
2,333
1,004
-2,863
-7,433
-145
2,320
-1,418
-340
6,649
-630
97
-1,354

-2,186
206
-63
366
-724
-2,761
-2
1,481
-3,104
-72
1,287
561
38
-217

1,900
270
-65
-75
-990
1,938
-17
-1,594
-2,253
-21
2,774
1,008
-9
-2,877

1,360
1,816
-780
651
-22
-258
-42
2,376
-1,538
-51
478
-60
-29
264

250
-1,647
-118
-1,090
98
111
46
2,540
1,230
-7
-73
-1,093
68
352

1,526
642
-260
262
-901
-1,181
-30
-435
4,575
29
612
-677
-37
327

8,129
-882
4,452
921
-562
1,928
-65
2,385
-1,198
-68
770
-597
101
206

-5,517
1,555
-833
-31
238
-7,876
-35
-4,433
870
-150
801
228
-35
591

203

-53

-55

-23

2

-20

-3

-4

-17

10

1,942,690
1,556,745

2,549,132
2,171,786

2,107,274
1,822,373

228,232
180,540

207,404
184,293

307,241
263,003

306,305
264,370

381,880'
322,432

352,299
322,074

323,913
285,661

22 Net purchases, or sales (-)

385,945

377,346

284,901

47,692

23,111

44,238

41,935

59,448r

30,225

38,252

23 Foreign countries

385,379

377,083

285,336

47,836

23,276

44,307

41,525

59,684r

30,720

37,988

24
25
26
27
28
29
30
31
32
33
34
35
36
37

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man'
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries

195,412
5,028
12,362
1,538
5,721
152,772
2,000
4,595
77,019
2,337
106,400
33,687
760
-1,144

167,140
3,771
5,149
-406
8,521
109,836
11,173
-1,037
82,837
2,315
121,470
48,482
860
3,498

133,893
1,754
1,071
1,637
5,824
84,448
18,395
1,112
67,772
1,104
79,668
25,925
1,553
234

27,938
1,092
545
118
1,154
15,960
5,420
-892
6,564
591
13,593
4,025
53
-11

16,528
63
999
611
859
6,826
1,533
193
-6,379
42
12,767
4,566
80
45

20,639
142
-180
-2
1,034
14,772
4,138
1,169
10,217
37
11,038
1,456
779
428

25,295
116
-68
-614
1,263
16,951
3,091
-894
1,978
31
15,586
8,549
147
-618

21,452'
112
143
317
366
13,911
3,320
1,428
25,924'
-277'
10,929'
3,885'
110
118

5,072
-77
-631
74
346
5,040
9
-236
12,604
170
12,314
4,712
241
555

16,969
306
263
1,133
802
10,988
884
344
16,864
510
3,441
-1,268
143
-283

38 Nonmonetary international and
regional organizations

566

263

-435

-144

-165

-69

410

-236

-495

264

5
6
/
8
y
10
li
12
13
14
15
16
17
18

BONDS 3

20 Foreign purchases
21 Foreign sales

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

-50,113
1,397,664
1,447.777
30,502
1,160,102
1,129,600

-1,629
1,260,278
1,261,907
28,406
1,377,020
1,348,614

-34,955
716,148
751,103
36,277
1,213,840
1,177,563

45 Net purchases, or sales (-), of stocks and bonds

-19,611

26,777

1,322

-8,808

46 Foreign countries

-19,024

26,814

1,346

-8,829

-12,108
2,943
4,315
-11,869
-20,116
-558
-1,747

15,407
4,849
4,562
1,591
-9,119
-379
784

4,824
9,660
-16.465
3,611
-4,181
224
-508

-5,090
3,890
-7,886
-261
-1,233
-55
573

-587

-37

-24

21

47
48
49
50
51
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).




-6,893
94,622
101,515
-1,915
140,513
142,428

^1,474
83,683
88,157
4,493
122,893
118,400

-5,363
91,096
96,459
7,315
166,837
159,522

2,073
100,054
97,981
-2,416
135,970
138,386

-10,800
99,777
110,577
14,049
230,256
216,207

-5,231'
116,975'
122,206'
11,738
209,730
197,992

-4,267
129,941
134,208
3,013
207,641
204,628

19

1,952

-343

3,249

6,507'

-1,254

-77

1,971

-256

3,270

6,485 r

-1,218

-1,592
603
862
194
-1,447
-34
-110

6,270
-302
-3,381
-971
1,557
27
328

4,409
-600
-7,450
3,456
2,218
-11
-60

1,593
2,106
1,289
-649
1,509
5
-1,074

3,575'
651'
4,438
-1,456'
-4,009'
139'
-862'

-4,341

96

-19

-87

-21

22

3,312
-4,337
3,298
-2,776
153
697
-36

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

A55

Foreign Transactions'

Millions of dollars; net purchases, or sales ( - ) during period
2003

2003
Area or country

2001

2002
Jan.July

Jan.

Feb.

Mar.

Apr.

May

June

Julyp
44,686

1 Total estimated

18,514

120,537

166,483

2,819

-2,421

26,390

9,792

41,109

44,108

2 Foreign countries

19,200

118,526

167,168

2,436

-2,177

26,441

9,844

40,793

44,205

45,626

3
4
5
6
7
8
9
10
11
12
13

Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3
Other Europe and former U.S.S.R
Canada

-20,604
-598
-1,668
462
-6,728
-1,190
1,412
-7,279
-179
-4,836
-1,634

43,008
2,046
-3,910
-1,609
-17,020
2,923
-508
60,995
714
-623
-5,198

53,836
-250
6,885
1,156
5,898
1,821
2,978
29,698
1,822
3.828
6.829

1,958
3,371
-1,183
75
-4,085
422
-86
1,313
-11
2,142
-698

-5,238
-1,379
-257
358
1,360
190
-1,050
-2,912
9
-1,557
-1,871

649
-2,722
-270
83
959
522
1,067
3,256
37
-2,283
1,782

7,739
218
1,148
33
4,425
-240
-784
571
140
2,228
820

6,132
77
3,449
-2
2,216
482
749
-523
550
-866
-1,317

20,710
-82
874
127
659
608
1,700
8,439
973
7,412
4,102

21,886
267
3,124
482
364
-163
1,382
19,554
124
-3,248
4,011

14
15
16
17
18
19
20
21

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other

4,272
290
14,726
-10,744
36,332
16,114
-880
1,714

21,116
-59
21,955
-780
55,850
30,730
841
2,909

23,549
233
23,204
112
77,860
51,642
259
4,835

-1,891
20
2,676
-4,587
2,630
3,512
84
353

3,384
97
2,323
964
2,287
5,580
-43
-696

11,179
23
8,550
2,606
12,246
-1,221
-16
601

-6,109
13
-4,809
-1,313
7,178
5,532
127
89

10,705
37
7,234
3,434
25,236
25,097
-59
96

-1,690
9
1,219
-2,918
18,693
11,698
86
2,304

7,971
34
6,011
1,926
9,590
1,444
80
2,088

-686
-290
41

2,011
1,642
-3

-685
-554
-123

383
170
-15

-244
-130
-38

-51
-109
-28

-52
85
-37

316
381
-6

-97
177
-3

-940
-1,128
4

19,200
3,474
15,726

118,526
9,809
108,717

167,168
48,915
118,253

2,436
312
2,124

-2,177
4,823
-7,000

26,441
1,322
25,119

9,844
10,265

40,793
14,749
26,044

44,205
15,045
29,160

45,626
13,085
32,541

865
-2

-3,918
29

-6,955
1

509
0

-4,252
0

128
0

-2,772
0

-1,018
0

55
1

395
0

22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
MEMO

25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting countries
28 Middle East4
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.

A56
3.28

International Statistics • November 2003
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2003
Apr.

May

June

July

Aug.

Sept.

Exchange rates
COUNTRY/CURRENCY UNIT

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

Australia/dollar2
Brazil/real
Canada/dollar
China. P.R./yuan
Denmark/krone
European Monetary Union/euro3
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso

13
14
15
16
17
18
19
20
21
21
23
24

New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

58.15
1.8301
1.4855
8.2784
8.0953
0.9232
365.92
7.7924
45.00
107.80
3.8000
9.459

51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337

54.37
2.9213
1.5704
8.2770
7.8862
0.9454
n.a.
7.7997
48.63
125.22
3.8000
9.663

61.00
3.1090
1.4582
8.2772
6.8381
1.0862
n.a.
7.7996
47.39
119.90
3.8000
10.589

64.68
2.9517
1.3840
8.2769
6.4268
1.1556
n.a.
7.7991
47.11
117.37
3.8000
10.253

66.52
2.8887
1.3525
8.2771
6.3620
1.1674
n.a.
7.7988
46.70
118.33
3.8000
10.503

66.07
2.8833
1.3821
8.2773
6.5425
1.1365
n.a.
7.7990
46.22
118.70
3.8000
10.458

65.18
3.0053
1.3963
8.2770
6.6653
1.1155
n.a.
7.7990
45.96
118.66
3.8000
10.783

66.35
2.9204
1.3634
8.2772
6.5953
1.1267
n.a.
7.7850
45.85
114.80
3.8000
10.923

45.68
8.8131
1.7250
6.9468
1,130.90
76.964
9.1735
1.6904
31.260
40.210
151.56
680.52

42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10

46.45
7.9839
1.7908
10.5176
1,250.31
95.773
9.7233
1.5567
34.536
43.019
150.25
1,161.19

55.18
7.2032
1.7771
7.6634
1,231.10
97.004
8.4314
1.3783
34.824
42.929
157.39
1,600.00

57.56
6.8145
1.7357
7.6604
1,201.23
97.231
7.9213
1.3111
34.697
42.217
162.24
1,600.00

58.15
7.0093
1.7351
7.8588
1,194.14
97.236
7.8116
1.3196
34.633
41.675
166.09
1,600.00

58.64
7.2924
1.7551
7.5458
1,181.16
97.153
8.0929
1.3611
34.396
41.808
162.21
1,600.00

58.29
7.4096
1.7533
7.3945
1,178.60
96.975
8.2821
1.3811
34.318
41.656
159.39
1,600.00

58.43
7.2782
1.7466
7.3060
1,165.40
95.284
8.0426
1.3743
33.995
40.483
161.55
1,600.00

Indexes4
NOMINAL

25 Broad (January 1997-100)5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997=100)'

119.68
98.31

126.08
104.28

127.19
102.85

122.54
93.98

118.54
89.67

117.93
88.68

119.11
90.42

120.43
91.48

119.03
89.68

130.34

136.36

141.42

145.15

142.75

143.07

142.84

144.32

144.06

104.47r
103.29r

110.50r
110.73

110.88r
109.36

106.63r
100.381"

103.11'
95.60'

102.84'
94.64'

104.05'
96.73'

105.35'
98.02'

103.98
96.10

114.81r

119.47'

122.29r

124.32'

122.43'

123.21'

123.15'

124.57'

123.93

REAL

28 Broad (March 1973=100)5
29 Major currencies (March 1973—100)6
30 Other important trading partners (March
1973-100!

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release. For ordering address,
see inside front cover.
2. U.S. cents per currency unit.
3. 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




1,936.27
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 March 2003 Bulletin, revised index values resulting from the periodic
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.

A57

Guide to Special Tables and Statistical Releases
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin Reference
Title and Date

Issue

Page

February
May
August
November

2003
2003
2003
2003

A58
A58
A58
A58

February
May
August
November

2003
2003
2003
2003

A60
A60
A60
A60

February
May
August
November

2003
2003
2003
2003

A66
A66
A66
A66

August 2001
October 2001
January 2002

A76
A64
A64

Residential lending reported under the Home Mortgage Disclosure Act
1989-2001
1990-2002

September 2002
September 2003

A58
A58

Disposition of applications for private mortgage
1998-2001
1999-2002

September 2002
September 2003

A67
A67

September 2002
September 2003

A70
A70

September 2002
September 2003

A73
A73

Issue
June 2003

Page
A66

Assets and liabilities of commercial
September 30, 2002
December 31, 2002
March 31,2003
June 30, 2003
Terms of lending at commercial
November 2002
February 2003
May 2003
August 2003

banks

banks

Assets and liabilities of U.S. branches and agencies of foreign
September 30, 2002
December 31, 2002
March 31, 2003
June 30, 2003
Pro forma financial statements for Federal Reserve priced
March 31,2001
June 30,2001
September 30,2001

banks

services

insurance

Small loans to businesses and farms
1996-2001
1996-2002
Community development
2001
2002

lending reported under the Community Reinvestment

Act

STATISTICAL RELEASES—A List of Statistical Releases Published by the Federal
is Printed Semiannually in the Bulletin
Schedule of anticipated release dates for periodic releases




Reserve

A58
4.20

Special Tables • November 2003
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, June 30, 2003
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
Currency and coin
5
Balances due from depository institutions in the United States
6
7
Balances due from banks in foreign countries and foreign central banks
Balances due from Federal Reserve Banks
8
9 Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value)
U.S. Treasury securities
10
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
Securities issued by states and political subdivisions in the United States
14
15
Mortgage-backed securities (MBS)
16
Pass-through securities
17
Guaranteed by GNMA
18
Issued by FNMA and FHLMC
Other pass-through securities
19
Other mortgage-backed securities (includes CMOs, REMlCs, and stripped MBS)
20
21
Issued or guaranteed by FNMA, FHLMC or GNMA
22
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
23
All other mortgage-backed securities
24
Asset-backed securities
25
Credit card receivables
26
Home equity lines
77
Automobile loans
28
Other consumer loans
79
Commercial and industrial loans
30
31
Other debt securities
Other domestic debt securities
37
Foreign debt securities
33
34
Investments in mutual funds and other equity securities with readily determinable
fair value

Total

Domestic

Banks with
domestic
offices only2

Total

Domestic

Total

7,365,122

6,560,705

4,961,742

4,157,326

2,403,380

415,309
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

301,318
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

307,488
138,708
n.a.
n.a.
44,544
109,356
14,880

193,497
136,093
114,356
21,736
36,484
6,129
14,792

107,821
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

1,415,414
60,756

n.a.
n.a.

855,480
38,030

n.a.
n.a.

559,934
22,726

228,549
8,344
220,206
108,332
804,511
542,156
81,323
453,986
6,848
262,355
179,796
5,064
77,495
91,773
38,010
27,747
11,647
1,561
4,231
8,578
103,437
36,806
66,631

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.

92,620
5,447
87,173
36,906
552,137
397,689
58,970
333,048
5,671
154,449
99,912
3,905
50,632
52,252
23,286
17,672
5,296
1,146
1,423
3,428
73,986
13,170
60,817

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.

135,929
2,896
133,033
71,427
252,374
144,468
22,353
120,938
1,177
107,906
79,883
1,159
26,864
39,521
14,724
10,075
6,351
415
2,808
5,149
29,451
23,636
5,814

18,056

n.a.

9,549

n.a.

8,507

371,429
191,456
179,973

315,529
191,456
124,073

272,596
102,573
170,023

216,696
102,573
114,123

98,833
88,883
9,950

38 Total loans and leases (gross) and lease-financing receivables (net)
39
LESS: Unearned income on loans
LESS: Loans and leases held for sale
40
41 Total loans and leases (net of unearned income)
47
LESS: Allowance for loan and lease losses
43 Loans and leases, net of unearned income and allowance

4,216,839
3,415
275,613
3,937,811
74,761
3,863,050

3,919,500
2,322
n.a.
n.a.
n.a.
n.a.

2,697,380
2,355
219,389
2,475,636
51,146
2,424,490

2,400,041
1,262
n.a.
n.a.
n.a.
n.a.

1,519,459
1,060
56,224
1,462,175
23,615
1,438,560

Total loans and leases, gross, by category
44 Loans secured by real estate
Construction and land development
45
46
Farmland
47
One- to four-family residential properties
Revolving, open-end loans, extended under lines of credit
48

2,184,220
n.a.
n.a.
n.a.
n.a.

2,150,821
216,338
39,660
1,245,666
246,193

1,244,555
n.a.
n.a.
n.a.
n.a.

1,211,157
102,520
6,800
818,981
169,627

939,664
113,818
32,860
426,685
76,565

n.a.
n.a.
n.a.
n.a.
146,521
n.a.
n.a.
n.a.
45,484
882,981
n.a.
n.a.

916,946
82,527
76,453
572,704
118,364
n.a.
n.a.
n.a.
44,970
755,360
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
133,212
82,982
31,159
19,071
9,714
641,956
518,462
123,494

602,382
46,971
38,095
244,761
105,054
69,310
31,092
4,652
9,200
514,335
505,833
8,502

314,564
35,555
38,358
327,943
13,309
n.a.
n.a.
n.a.
35,770
241,024
n.a.
n.a.

648,428
214,084
36,824
397,519

584,295
192,712
24,741
366,841

393,183
135,722
31,977
225,484

329,050
114,351
19,893
194,806

255,245
78,362
4,848
172,035

22,390
132,757
6,083
126,674
n.a.
n.a.
154,058

22,390
103,934
2,310
101.623
n.a.
n.a.
139,368

13,494
120,265
6,043
114,222
n.a.
n.a.
141,000

13,494
91,441
2,269
89,172
22,753
66,419
126,310

8,896
12,492
41
12,452
n.a.
n.a.
13,058

403,979
45,899
1,879
8,592
5,641
n.a.
103,737
72,049
31,688
312,571

n.a.
n.a.
n.a.
n.a.
n.a.
30,137
n.a.
n.a.
n.a.
n.a.

4,278
34,029
2,749
475
228
n.a.
24,822
17,761
7,061
75,426

35 Federal funds sold and securities purchased under agreements to resell
36
Federal funds sold in domestic offices
Securities purchased under agreements to resell
37

Closed-end loans secured by one- to four-family residential properties
49
Secured by first liens
50
Secured by junior liens
Multifamily (five or more) residential properties
51
Nonfarm nonresidential properties
57
53 Loans to depository institutions and acceptances of other banks
54
Commercial banks in the United States
Other depository institutions in the United States
55
56
57 Loans to finance agricultural production and other loans to farmers
58
59
Non-U.S. addressees (domicile)
60
61 Loans to individuals for household, family, and other personal expenditures (includes
67
63
64 Other consumer loans (including single-payment, installment, and all student loans)
65 Obligations (other than securities) of states and political subdivisions in the United States
(includes nonrated industrial development obligations)
66
Loans to foreign governments and official institutions
67
68
Loans for purchasing and carrying securities
69
All other loans (excludes consumer loans)
70
71
77
73
Premises and fixed assets (including capitalized leases)
Other real estate owned
74
Investments in unconsolidated subsidiaries and associated companies
75
76 Customers' liability on acceptances outstanding
Net
due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs
77
78
79
Other intangible assets
80
81




408,258
79,928
4,628
9,067
5,869
n.a.
128,559
89,810
38,748
387.997

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

A59
4.20

DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, June 30, 2003
Millions of dollars except as noted

Banks with foreign offices'
Item

Total

Domestic
total
Total

Banks with
domestic
offices only2

Domestic

Total

82 Total liabilities, minority interest, and equity capital

7,365,122

n.a.

4,961,742

n.a.

2,403,380

83 Total liabilities

6,693,648

5,889,231

4,529,565

3,725,149

2,164,083

84 Total deposits
Individuals, partnerships, and corporations (include all certified and official checks)
85
U.S. government
86
States and political subdivisions in the United States
87
88
Commercial banks and other depository institutions in the United States
Banks in foreign countries
89
Foreign governments and official institutions (including
90
foreign central banks)

4,884,358
4,388,345
n.a.
n.a.
104,890
125,741

4,206,743
3,899,375
31,372
207,045
55,990
11,933

3,128,274
2,767,962
n.a.
n.a.
82,517
125,382

2,450,659
2,278,991
30,046
95,416
33,616
11,575

1,756,085
1,620,384
1,325
111,630
22,373
358

1,029

26,669

91
92
93
94
95
96
97
98
99
100
101
102
103
104
105

26,684

1,015

14
337,934
297,306
850
31,348
8,229
190
11

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

Total demand deposits

n.a.

549,025

n.a.

337,891

211,134

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.

3,480,490
3,278,338
27,794
147,413
20,946
5,579
420

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

2,062,340
1,955,261
27,318
67,131
6,802
5,411
416

1,418,150
1,323,077
476
80,282
14,144
168
4

726,253
621,037
3,578
59,632
35,043
6,354
609

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

388,319
323,731
2,728
28,284
26,815
6,163
598

Total transaction 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)

106 Federal funds purchased and securities sold under agreements to repurchase
Federal funds purchased in domestic offices
107
Securities sold under agreements to repurchase
108
109 Trading liabilities
110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized
leases)
111 Banks' liability on acceptances executed and outstanding
112 Subordinated notes and debentures to deposits
113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
114 All other liabilities
115 Minority interest in consolidated subsidiaries

603,750
240,255
363,495
253,765

563,669
240,255
323,413
n.a.

468,306
173,020
295,286
252,829

428,225
173,020
255,205
n.a.

135,444
67,235
68,208
935

575,318
5,876
96,629
n.a.
273,952
13,049

532,792
4,119
n.a.
n.a.
n.a.
n.a.

353,560
5,648
88,098
n.a.
232,850
11,071

311,034
3,891
n.a.
137,855
n.a.
n.a.

221,758
228
8,531
n.a.
41,102
1,978

116 Total equity capital

658,425

n.a.

421,106

n.a.

237,319

MEMO

117 Trading assets at large banks2
U.S. Treasury securities (domestic offices)
118
119
U.S. government agency obligations (excluding MBS)
Securities issued by states and political subdivisions in the United States
120
Mortgage-backed securities
121
Other debt securities
122
Other trading assets
123
124
Trading assets in foreign offices
Revaluation gains on interest rate, foreign exchange rate, and other
125
commodity and equity contracts
126 Total individual retirement (IRA) and Keogh plan accounts
127 Total brokered deposits
128
Fully insured brokered deposits
Issued in denominations of less than $100,000
129
130
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
131 Money market deposit accounts (MMDAs)
132 Other savings deposits (excluding MMDAs)
133 Total time deposits of less than $100,000
134 Total time deposits of $ 100,000 or more
135 Number of banks
NOTE. The notation "n.a." indicates the lesser detail available from banks that do not 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.




407,964
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
107,485

205,524
19,661
10,156
1,251
8,151
36,318
21,118
0

403,741
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
107,485

201,301
19,446
9,796
987
5,615
36,042
20,875
0

4,223
215
360
264
2,535
276
243
0

203,826
n.a.
n.a.
n.a.
n.a.

108,870
167,958
249,650
166,380
91,759

203,496
n.a.
n.a.
n.a.
n.a.

108,540
74,194
120,979
67,435
31,915

330
93,764
128,671
98,945
59,844

35,520
1,085,851
362,129
277,083
337,276

39,101
507,051
253,355
401,504
256,240

n.a.
n.a.
n.a.
n.a.
n.a.
7,812

74,621
1,592,902
615,485
678,587
593,517
7,812

n.a.
n.a.
n.a.
n.a.
n.a.
122

n.a.

7,690

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.

A60
4.23

Special Tables • November 2003
TERMS OF LENDING AT COMMERCIAL BANKS

Survey of Loans Made, August 4-8, 2003

A. Commercial and industrial loans made by all commercial banks'

Maturity/repricing
interval 2 and
risk of loans 3

Weightedaverage
effective
loan rate
(percent) 4

Amount of
loans
(millions
of dollars)

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity 5

Percent of amount of loans (percent)

Secured by
collateral

Subject to
prepayment
penalty

Days

Commitment status

Percent made
under
commitment

LOAN RISK

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
9
Moderate risk
10
Other

2.63
3.22
3.60

58,650
1,456
12,925
20,322
14,729

422
369
1.222
508
315

567
428
582
747
399

37.5
26.9
14.1
40.3
51.4

22.4
20.5
23.3
21.5
23.5

34.8
16.4
21.4
35.3
38.1

81.1

4.40
3.39
4.39
4.27
4.59

15,484
223
3,894
6,199
4,634

253
153
1,096
282
184

841
563
1153
936
480

41.1
58.9
5.7
40.5
65.6

11.5
3.3

66.9
50.7
53.3
71.3
74.1

86.1
96.2
59.3
96.0
94.3

2.29
).43
1.30

20,863
537
5,218
4,963
4,794

646
2.178
4,423
1,051
468

231
51
167
390
128

28.0

26.4
33.9
35.5
22.2
21.6

26.9
14.9
3.4

72.6
94.4
88.8
83.5
51.5

644
2,105
852
1,103
376

416
158
380
559

3.15
2.22

interval

11 Daily
Minimal risk
12
13
Low risk
14
Moderate risk
15
Other

2.26

2.76

16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other

2.64
1.58
2.73
3.04

9,139
331
1,529
3,396
2,285

21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other

3.01
2.33
2.61
2.84
3.67

10,077
229
1,900
4,392
2,500

627
186
941
801
1.047

26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk . . .
30
Other

4.84
4.85
5.04
4.49
4.84

2.889
134
384
1,275
452

210

2.11

13.1
19.0

18.6

26.4

29.0
17.1
36.2

18.3
3.6

211

34.3
14.7
20.3
37.3
39.0

28.2

18.3
10.7

608
663
524
695
622

45.2
60.7
36.8
51.3
49.6

27.6
25.3
29.6
25.9

14.9
7.4
9.6
16.6
17.7

84.0
70.9
93.8

66.9
38.9
78.1
58.3
66.3

15.7
24.2
14.2
14.9
17.4

38.6
10.8
36.3
34.0
39.7

59.2
48.5
77.6
64.2
66.2

82.4
71.6
36.9
24.2

4.1
8.1
30.5
23.1

75.1
71.6
30.2
23.7

86.2
87.3
79.0
74.1

160
189
298
215

Weightedaverage risk
rating 3

3.6
5.5
27.9
42.9

1.8

86.0
76.0

36.0

8.8

12.6

75.9
82.9
95.3
83.3
73.1

82.8

93.2

Weightedaverage
maturity/
repricing
interval 2
Days

SIZE OF LOAN

(thousands of dollars)
31
32
33
34

1-99
100-999
1,000-9,999
10,000 or more

5.03
4.28
3.15
2.67

2,501
8,379
18,315
29,455

3.4
3.4
3.2
2.9

184
159
126
59

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime
36 Other

8

Footnotes appear at end of table.




4.59
2.39

20,385
38,265

3.2
3.0

92
104

56.6
27.3

4.0
32.3

206.0
958.0

89.9
71.8

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

A61

Survey of Loans Made, August 4-8, 2003—Continued

B. Commercial and industrial loans made by all domestic banks'

Maturity/repricing
interval 2 and
risk of loans 3

Weightedaverage
effective
loan rate
(percent) 4

Amount of
loans
(millions
of dollars)

loan size
(thousands of
dollars)

Weightedaverage
maturity 5

Percent of amount of loans (percent)

Commitment status

Secured by
collateral

Subject to
prepayment
penalty

42.7
30.6
13.9
45.9
67.0

12.3
25.0
19.9
13.1
4.8

43.6

81.6

23.8
43.3
58.1

89.7
79.4
84.5
88.6

73.3
49.9
53.0
79.4
89.3

84.2
96.1
58.6
95.4
92.7

37.8
25.9
3.9

80.5
90.2
87.5
74.3
77.6

Days

Percent made
under
commitment

Average
months since
loan terms

LOAN RISK

44,558
896
11,305
15,926
9,023

1,118

409
201

596
906
590

13,608
219
3,836
5,419
3,605

226
151
1,103
249
146

936
563
1,158
1,059
576

46.0
59.8
5.7
45.7
82.3

2.0
3.3
1.4
2.7

11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other

14,375
310
4,669
3,155
1,950

462
1,806
4,371
702
200

328
95
166
599
334

30.8
6.3
2.2
39.2
51.0

20.9
58.8
31.9
31.5
2.8

60.9

16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other

6,401
205
1,119
2,650
1,164

487
1,587
682
959
206

535
226
384
670
399

40.0
20.9
25.1
38.4
61.4

11.8

22.7
5.9
17.2
20.7
16.5

21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other

7,179
68
1,298
3,371
1,792

477
57

624
205
387
763
598

51.8
39.1
51.5
53.5
56.7

1 All commercial and industrial loans
2
Minimal risk
Low risk
3
Moderate risk
4
5
Other
By maturity/repricing
6 Zero interval
Minimal risk
7
Low risk
8
9
Moderate risk
10
Other

interval

330
236

649
907

1.8

.1

25.2
13.2
4.3
14.6
3.0
28.6
13.5

26.2

28.1

18.8

79.9

100.0

97.7
83.7
90.5
88.1

10.1

25.1
10.9
20.5
23.2

62.6
96.2
83.4
96.8

56.2
78.1
60.3
66.3

14.5
34.9
14.2
12.0
17.4

39.8
15.6
36.3
35.2
39.7

60.8
70.0
77.6
66.4
66.2

75.0
49.9
23.3

3.9
5.5
13.2
15.1

75.2
74.0
42.0
30.5

87.2
85.7
77.0

Months

26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk
30
Other

4.89
5.54
5.04
4.52
4.84

2,800
93
384
1,234
452

203
111
189
289
215

Weightedaverage risk
rating 3

Weightedaverage
maturity/
repricing
intervalDays

SIZE OF LOAN

(thousands of dollars)
31
32
33
34

1-99
100-999
1,000-9,999
10,000 or more

5.04
4.33
3.52
2.83

2,476
7,830
11,733
22,519

3.4
3.4
3.2
2.6

185
169
175
72

86.1

16.5
19.1
16.5
8.0

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
8

35 Prime .
36 Other .
Footnotes appear at end of table.




4.57
2.48

19,445
25,113

3.2
2.8

95
143

57.5
31.2

3.1
19.4

198.0
681.0

89.6
75.4

14.2
11.7

A62
4.23

Special Tables • November 2003
TERMS OF LENDING AT COMMERCIAL BANKS

Survey of Loans Made, August 4-8, 2003—Continued

C. Commercial and industrial loans made by large domestic banks'

Maturity/repricing
interval 2 and
risk of loans 3

Weightedaverage
effective
loan rate
(percent) 4

Amount of
loans
(millions
of dollars)

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity 5

Percent of amount of loans (percent)

Secured by
collateral
Days

Subject to
prepayment
penalty

Commitment status

Percent made
under
commitment

LOAN RISK

3.12
1.75
2.51
3.28
4.06

38,506
656
10,464
13,762
7,655

549
1,035
3,818

4.52
2.87
4.31
4.56
4.82

10,982
118
3,559
4,407
2,741

11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other

2.24

16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other

2.58
1.35
2.54
3.56

21 31 to 365 days
Minimal risk
22
23
Low risk
24
Moderate risk
25
Other

2.90
2.96
2.20
2.72
3.80

26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk . .
30
Other

3.03
3.30
4.37

1 All commercial and industrial loans
Minimal risk
2
3
Low risk
Moderate risk
4
5
Other
By maturity/repricing
6 Zero interval
7
Minimal risk
8
Low risk
Moderate risk
9
10
Other

13.2
29.1

528

36.0
26.1
9.9
39.4
63.0

403
302
5,703
417
208

1,015
696
1,147
1,166
603

37.0
80.0
2.3
37.0
78.5

1.9
5.5
.5

13,549
303
4,652
3,025
1,918

480
3,381
6,103
910
204

326
70
164
568
317

27.1
6.4
1.9
38.2
50.5

5,616
190
938
2,379

660
2,786
1,041
1,653
248

506
225
422
563
432

35.6
16.4
25.2
31.6
58.2

30.0
14.6
5.6

6,590
28
1,179
3,126
1,743

2,315
392
3,300
4,016
1,481

577
136
392
657
573

49.4
33.2
48.9
50.8
56.1

14.5
7.3
31.4

632
308
563

811

39.8
22.4
21.6
38.9
56.4

82.5
94.2
79.4
87.7
89.0

1.9

70.0
58.6
50.3
76.8
87.3

82.3
93.5
56.8
96.6
92.3

22.0
60.0
32.0
32.9
2.8

34.1
24.4
3.5
25.0
60.3

79.9
90.0
87.6
74.1
78.3

13.3

20.2

17.1
13.1
19.4

81.1
100.0
97.5
91.1
87.7

10.3

16.0
5.8
8.5
17.0
22.3

89.7
100.0
98.7
83.7
97.2

38.2
35.0
50.7

33.5
6.3
6.5

35.0
46.1
51.4

98.7
94.4
82.9

45.9
20.7

5.6
5.5
13.7
15.4

79.4
74.9
40.9

91.8
93.5
89.2
76.1

21.1

13.6
4.7

interval

1.21

1.25
2.57
3.43

2.20

2.8

.1

11.6

.2

1,577
136
730
306

1,417
1,220
438

Weightedaverage risk
rating 3

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

4.34
3.98
3.32
2.74

1,316
5,418
10,082
21.689

3.7
3.5
3.2
2.6

28.2

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime 8 .
36 Other .
Footnotes appear at end of table.




4.44
2.25

15,341
23.165

3.2
2.7

49.2
27.3

2.7
20.2

279.0
1,530.0

91.9
76.3

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

A63

Survey of Loans Made, August 4-8, 2003—Continued

D. Commercial and industrial loans made by small domestic banks'
Weightedaverage
effective
loan rate
(percent) 4

Maturity/repricing
interval 2 and
risk of loans 3

Amount of
loans
(millions
of dollars)

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity 5

Percent of amount of loans (percent)

Secured by
collateral
Days

Commitment status

Percent made
under
commitment

Subject to
prepayment
penalty

LOAN RISK

1 All commercial and industrial loans
2
Minimal risk
3
Low risk
Moderate risk
4
5
Other
By maturity/repricing
6 Zero interval
7
Minimal risk
8
Low risk
Moderate risk
9
10
Other

5.14
4.44
5.06
5.19
4.90

6,052
240
841
2,164
1,368

4.77
3.97
5.41
4.55
4.81

2,626

94
76
114
99

1,080
1,022
1,538
921

42.7
63.5
87.8
89.4

575
268
1,334
527
490

83.7
36.2
49.0
83.5
94.4

1,021

6.5
13.8
5.5
10.0
5.3

67.8
36.7
50.5
71.3
67.9

75.7
77.5
79.2
64.1
86.6

87.3
39.8

92.0
99.2
81.9
90.0
93.9

interval
101

277
1,012

863

13.0

2.2

1.5

91.4

11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other

5.06

826

361

92.0

5.22
4.66
5.17

17
130
32

769
1,262
1,295

84.9
64.4
80.9

.0

16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other

4.21
3.53
2.19
5.38
4.53

785
15

727
241
200
1,603
314

71.5
77.9
24.2
97.9
72.0

1.2

21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other

5.75
3.99
6.30
5.61
5.78

589
40
119
245
49

1,158
251
336
2,113
1,506

78.6
43.1
77.4
88.5
76.6

15.6

26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk . .
30
Other

6.27
5.44
6.14
6.29
5.82

1,223
77
248
504
146

54
98
133

180

271
277

*

170
248
244
205
133

104
94

128
137
104

Weightedaverage risk
rating 3

90.9
95.9

88.7
99.9
99.3

71.9
78.4
36.7

40.4
77.6
18.3
87.8
7.1

71.1
100.0
99.2
18.7
99.6

.8
36.5
3.2

49.9
38.4
35.3
64.3
55.5

70.5
36.6
70.8
79.3

94.0
47.3
100.0
96.8
99.0

16.6
42.0
3.7
20.3
40.2

30.9
18.7
37.0
19.3
15.2

35.8
64.0
66.0
25.7
31.2

87.4
89.1
74.1

2.0
10.2

70.5
72.0
48.5

79.7
73.1
64.6

.0
.0

.0

.0

.6

.0

.0

81.6

Weightedaverage
maturity/
repricing
intervalDays

SIZE OF LOAN

(thousands of dollars)
31
32
33
34

5.83
5.12
4.77

1-99
100-999
1,000-9,999
10,000 or more

1,160
2,412
1,651

3.2
3.1
3.0

327
403
703

5.3

Average size
of dollars)
BASE RATE OF LOAN

7

35 Prime 8
36 Other
Footnotes appear at end of table.




5.08
5.26

4,104
1,948

3.1
3.0

161
1,002

88.5
77.0

4.7
10.3

96.0
90.0

80.8
64.9

A64
4.23

Special Tables • November 2003
TERMS OF LENDING AT COMMERCIAL BANKS

Survey of Loans Made, August 4-8, 2003—Continued

E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks1

Maturity/repricing
interval2 and
risk of loans3

Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity 5

Percent of amount of loans (percent)

Secured by
collateral
Days

Subject to
prepayment
penalty

Commitment status

Percent made
under
commitment

LOAN RISK

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

2.38
1.83
2.15
2.07
2.67

14,092
560
1,620
4,396
5,707

3,417
3,717
3,428
4,000
3,091

184
351
484

180
122

15.3
20.0
26.9

54.5
13.3
46.7
51.7
53.2

6.5

66.9
75.2
92.9
91.5
56.2

100.0
99.9

21.0
21.1

6.7
.6
5.2

6.1

interval
1,876

2,164

151

4.09
2.29
3.79

58
780
1,029

776
2,958
2,023

786
85
163

4.4
4.2
7.1

23.5
85.4
79.2

74.2
15.0
20.8

11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other

2.03
1.63
1.54
1.56
2.29

6,488
228
549

30

21.9

38.7
.0
66.0

2.8
.0

170
51
3

33.7

2,844

5,684
3,023
4.926
7,995
5,609

16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other

2.33

2,738

2,576

1.87
2.36
2.27

411
746

2,643
2.364
2.716

370
136
40

4,618
3,535
1,715

827
466
683

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval-

21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other

2.70
2.53
3.21

1,808

1,121

602

1.021

708

1

.0
8.2

6.0

37.3

34.5

21.1

69.2

7.4
33.2
15.6

66.2
68.9

5.0
44.1
31.7

65.8

40.9
22.5
13.9
27.5

25.6
45.3
61.4
48.7

81.6

18.0
82.8

.0
2.1
2.7

100.0

55.0
100.0
99.9
99.5
33.8
66.8

.0
9.7
4.6

88.6
82.1

55.1

6.7
3.9
3.8

88.6

65.1
37.1
9.3

91.8
88.0
67.2
64.8

81.2

84.0

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

4.30
3.59
2.49
2.18

25
549
6,582
6,937

3.6
3.6
3.3
3.6

1.6

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime 8
36 Other
Footnotes appear at end of table.




941
13,152

3.6
3.5

38.3
19.7

21.0

56.9

4,287

96.0
64.8

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

A65

Survey of Loans Made, August 4-8, 2003—Continued

F. Commercial and industrial loans by date pricing terms were set and commitment status

Date pricing terms were set
and commitment status

Weightedaverage
effective
loan rate4
(percent)

Amount of
loans
(millions
of dollars)

Average loan
size
(thousands of
dollars)

Weightedaverage
risk rating3

Weightedaverage
maturity
repricing
interval-

Days

Percent of amount of loans

Secured by
collateral

Subject to
prepayment
penalty

Prime
based

All commercial banks
1 During survey week
2
Not under commitment
Informal commitment
3
4
Formal commitment

3.21
2.88
3.00
4.32

31,604
12,867
12,527
6,210

686
611
683
927

3.0
3.3
2.7
3.2

125
203
42
130

33.8
33.0
24.4
54.8

29.8
29.3
41.8
6.8

28.5
16.0
25.1
61.3

Prior to survey week'
Up to 90 days
91 to 365 days
More than 365 days

2.62
3.57
3.09

6,774
5,109
14.586

340
190
356

2.6
3.2
3.4

85
50
70

35.7
62.4
35.4

9.0
9.7
18.1

35.4
49.0
41.5

Domestic banks
8 During survey week
9
Not under commitment
10
Informal commitment
Formal commitment
11

3.66
3.26
3.55
4.38

22,173
8,198
8,250
5,726

508
407
486
868

2.8
2.8
2.6
3.2

165
297
56
134

38.9
37.2
31.5
52.2

21.0
3.1
52.6
1.0

38.8
24.7
34.7
64.6

Prior to survey week 9
Up to 90 days
91 to 365 days
More than 365 days

2.63
3.65
3.17

6,333
4,345
11,129

321
164
280

2.6
3.3
3.3

88
52
88

34.8
62.5
44.4

3.4
4.9
3.7

36.8
54.4
51.6

Lari>e domestic banks
15 During survey week
16
Not under commitment
17
Informal commitment
Formal commitment
18

3.30
2.67
3.28
4.21

18,313
6,728
6,840
4,745

2,045
1,181
3,799
3,253

2.8
2.7
2.5
3.2

71
83
18
131

29.3
25.3
23.8
43.1

23.9
.9
62.4
1.1

34.2
18.4
32.6
59.0

Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days

2.27
3.47
3.14

5,477
3,769
10,856

545
260
299

2.6
3.3
3.3

63
56
89

27.6
58.7
43.7

2.7
5.0
3.5

29.8
49.4
50.6

Small domestic banks
22 During survey week
23
Not under commitment
24
Informal commitment
25
Formal commitment

5.37
5.95
4.88
5.19

3,860
1,469
1,410
981

111
102
93
191

3.0
2.9
3.1
3.1

612
1,278
240
151

84.5
91.5
68.7
96.7

7.1
13.1
5.5
.4

60.2
53.5
45.2
91.9

Prior to survey week 9
Up to 90 days
91 to 365 days
More than 365 days

4.91
4.84
4.36

856
575
273

88
48
78

2.9
3.2
3.3

246
21
44

80.9
88.0
74.0

8.0
4.1
10.0

81.9
86.6
90.2

Foreign banks
29 During survey week
30
Not under commitment
Informal commitment
31
32
Formal commitment

2.16
2.22
1.93
3.54

9,430
4,669
4,277
484

3,939
5,049
3,121
4.891

3.5
4.3
2.9
3.2

30
38
16
76

21.8
25.6
10.6
84.8

50.6
75.3
20.8
75.2

4.4
.8
6.4
21.7

Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days

2.46
3.10
2.83

441
764
3,457

2.322
2.223
2.889

2.8
2.9
3.7

52
43
14

48.2
61.5
6.2

90.1
36.9
64.5

14.7
18.8
9.1

5
6
7

12
13
14

19
20
21

26
27
28

33
34
35

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 March 31, 2001, assets of the large banks were at least $4 billion. Median total
assets for all insured banks were roughly $80 million. Assets at all U.S. branches and agencies
averaged $2.7 billion.
2. The •'maturity/repricing" interval measures the period from the date the loan is made
until it first may be repriced or matures. For floating-rate loans that are subject to repricing at
any time—such as many prime-based loans—the maturity/repricing interval is zero. For
floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval
measures the number of days between the date the loan is made and the date on which it is
next scheduled to reprice. For loans having rates that remain fixed until the loan matures
(fixed-rate loans), the "maturity/repricing" interval measures the number of days between the
date the loan is made and the date on which it matures. Loans that reprice daily mature or
reprice on the business day after they are made. Owing to weekends and holidays, such loans
may have "maturity/repricing" intervals in excess of one day; such loans are not included in
the 2 to 30 day category.
3. A complete description of these risk categories is available at "http://
www. federal reserve.gov/boarddocs/reportforms/ReportDetail.cfm?WhichFormId=FR_2028a/
s." The category "Moderate risk" includes the average loan, under average economic
conditions, at the typical lender. The "Other" category includes loans rated "Acceptable" as




well as special mention or classified loans. The weighted-average risk rating published for
loans in rows 31-36 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 table rows 1,6, 11, 16, 21, 26, and 31-36 are not
rated for risk.
4. Effective (compounded) annual interest rates are calculated from the stated rate and
other terms of the loans and weighted by loan amount. The standard error of the loan rate for
all commercial and industrial loans in the current survey (line 1, column 1) is 0.10 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.
5. Average maturities are weighted by loan amount and exclude loans with no stated
maturities.
6. For loans made under formal commitments, the average time interval between the date
on which the loan pricing was set and the date on which the loan was made, weighted by the
loan amount. For loans under informal commitment, the time interval is zero.
7. Prime-based loans are based on the lending bank's own prime rate, any other lender's
prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with
"other" base rates include loan rates expressed in terms of any other base rate (e.g.. the
federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan
rate.
8. See the summary statistics table for the average reported prime rate weighted by dollar
value of loans priced relative to a prime rate.
9. For loans made under formal commitments.

A66
4.30

Special Tables • November 2003
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 20031
Millions of dollars except as noted
All states2
Item

1

Total assets 4

Claims on nonrelated parties
Cash and balances due from depository institutions
4
Cash items in process of collection and unposted debits
Currency and coin (U.S. and foreign)
6
Balances with depository institutions in United States
7
U.S. branches and agencies of other foreign banks
(including their IBFs)
S
Other depository institutions in United States (including their
IBFs)
Balances with banks in foreign countries and with foreign central
9
banks
10
Foreign branches of U.S. banks
II
Banks in home country and home-country central banks
12
All other banks in foreign countries and foreign central banks
13
Balances with Federal Reserve Banks
2

14

Total securities and loans

Total securities, book value
U.S. Treasury
Obligations of U.S. government agencies and corporations
Other bonds, notes, debentures, and corporate stock (including state
and local securities)
Securities of foreign governmental units
19
20
Mortgage-backed securities
21
Issued or guaranteed by U.S. government agencies
22
Other
23
Other asset-backed securities
24
All other
15
16
17
18

New York

California

Illinois

Total
including
IBFs1

IBFs
only3

Total
including
IBFs

IBFs
only

Total
including
IBFs

IBFs
only

Total
including
IBFs

IBFs
only

1,069,594

129,275

949,972

104,439

15,504

4,864

32,791

3,995

806,562
70,328
2,379
11
44,998

56,003
22,416
0

53,933
21,730
0

250

31,127
649
33
0
581

33
10
0

9,328

14,958
1,144
4
1
830

965
539
0

9,682

725,307
64,244
2,327
8
39,684

39,155

9,233

34,707

8,943

655

200

515

10

5,842

448

4,977

385

175

50

66

0

21,933
367
4,061
17,504
1,007

12,734
176
2,180
10,378

21,355
346
3,848
17,160
870

12,402
156
2,155
10,091

292
21
25
246
17

289
20
25
244

23
0
2
21
11

0
0
0
0

409,111

24,987

355,152

23,717

13,532

407

23,192

133,245
18,113
27,911

5,086

125,626
16,534
27,216

4,789

251

n.a.
n.a.

1,545
60
153

4,121
1,484
427

n.a.

n.a.

n.a.
n.a.

n.a.

n.a.

n.a.

n.a.

n.a.
n.a.

n.a.
10

n.a.
23
1

n.a.
n.a.

87,222
10,155
29,326
26,715
2,611
10,045
37,696

5,086
3,556
0
0
0
59
1,472

81,876
9,724
27,999
25,840
2,159
9,009
35,144

4,789
3,509
0
0
0
59
1,222

1,333
59
280
280
0
0
993

251
37
0
0
0
0
214

2,211
347
594
594
0
0
1,270

1
1
0
0
0
0
0

27,237
18,645
8,591

7,728
2,623
5,105

24,794
16,269
8,525

7,621
2,582
5,038

107
107
0

16
16
0

1,477
1,477
0

0
0
0

25
26
27

Federal funds sold
With depository institutions in the U.S
With others

28
29
30

Securities purchased under agreements to resell
With depository institutions in the U.S
With others

109,207
18,774
90,433

0
0
0

109,034
18,774
90,260

0
0
0

0
0
0

0
0
0

173
0
173

0
0
0

31
32
33

Total loans, gross
LESS: Unearned income on loans
EQUALS: Loans, net

276,269
403
275,866

19,912
11
19,901

229,863
336
229,526

18,938
9
18,928

12,008
21
11,987

157
1
156

19,077
6
19,071

21
0
21

34
35
36
37
38
39
40
41
42
43

Total loans, gross, by category
Real estate loans
Loans to depository institutions and acceptances of other banks
Commercial banks in United States (including their IBFs)
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Other depository institutions in United States (including their IBFs) . . .
Banks in foreign countries
Foreign branches of U.S. banks
Other banks in foreign countries
Loans to other financial institutions

19,318
74,346
3,167
2,328
840
0
10,383
13
10,370
60,796

51
7,800
1,244
949
295
0
6,311
13
6,298
245

15,188
64,319
2,492
1,744
747
0
8,769
13
8,756
53,059

51
7,259
1,155
860
295
0
5,864
13
5,852
240

3,230
1,690
323
318
5
0
155
0
155
1,212

0
63
0
0
0
0
63
0
63
0

50
5,968
30
25
5
0
850
0
850
5,089

0
21
0
0
0
0
21
0
21
0

163,279
130,024
33,255

10,555
191
10,364

133,260
104,462
28.798

10,155
191
9,964

6,935
6,496
439

81
0
81

11,906
10,731
1,175

0
0
0

3,798
9,587
5,214

1,422
5
79

3,111
8,986
4,646

1,402
0
72

13
0
139

13
0
0

275
417
87

0
0
0

727
686
40

0
0
0

353
353
0

0
0
0

0
0

0
0
0

373
333
40

0
0
0

170
0
170

129,103
33,496
95,607

170
0
170

24
2
22

0
0
0

4,535
0
4,535

0
0
0

701

694

152
42
41
0
110
546
546

3

n.a.

42,981
323
215
108
42,658
224,664
224,664

1,100
23
20
2
1,077
1,665
1,665

n.a.

73,273

n.a.

50,507

n.a.

1,069,594

129,275

949,972

104,439

15,504

957.177

110,823

858,832

86,342

8,603

48
49

Commercial and industrial loans
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Loans to foreign governments and official institutions (including
foreign central banks)
Loans for purchasing or carrying securities (secured and unsecured)
All other loans

50
51
52

Lease financing receivables (net of unearned income)
U.S. addressees (domicile)
Non-U.S. addressees (domicile)

53
54

Trading assets
U.S. Treasury and agency securities
Other trading assets

145,290
33,525
111,765

All other assets
Customers' liabilities on acceptances outstanding
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Other assets including other claims on nonrelated parties
Net due from related depository institutions5
Net due from head office and other related depository institutions5 . . . .
Net due from establishing entity, head office, and other related
depository institutions5

45,390
408
278
130
44,982
263.032
263,032

44
45
46
47

55
56
57
58
59
60
61
62
63

64

Total liabilities 4

65

Liabilities to nonrelated parties

Footnotes appear at end of table.




....

n.a.
n.a.
n.a.
701
73,273

n.a.
n.a.
n.a.
694
50,507

n.a.

0

n.a.
n.a.
n.a.
3
3,899

n.a.

0

n.a.
n.a.
n.a.
0
3,962

n.a.

n.a.

3,962

4,864

32,791

3,995

4,733

28,075

3,972

3,899

U.S. Branches and Agencies
4.30

A67

ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2003 '—Continued
Millions of dollars except as noted
All states2
Item

Illinois

California

New York

Total
excluding
IBFs'

IBFs
only3

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

66 Total deposits and credit balances
Individuals, partnerships, and corporations (including certified
67
and official checks)
68
U.S. addressees (domicile)
69
Non U.S. addressees (domicile)
70
Commercial banks in United States (including their IBFs)
71
U.S. branches and agencies of other foreign banks
7?
Other commercial banks in United States
73
Banks in foreign countries
74
Foreign branches of U.S. banks
Other banks in foreign countries
75
Foreign governments and official institutions
76
(including foreign central banks)
77
All other deposits and credit balances

422,849

76,227

380,167

60,068

2,665

2,509

9,270

2,272

330,893
315,065
15,827
59,065
17.931
41.134
6,896
1,304
5,592

7,514
167
7,347
8,428
7,220
1,207
30,362
2,620
27,742

291,519
281,486
10,033
56,859
17,523
39,336
6,700
1.304
5.397

3,840
167
3.673
7,605
6,499
1,107
23,337
2,256
21,082

2,167
1,178
989
447
37
410
32
0
32

108
0
108
134
134
0
1,518
154
1,364

9.187
9,054
133
0
0
0
35
0
35

9
0
9
340
340
0
905
9
896

5,974
20,022

29,921
3

5,891
19,198

25,284
0

11
8

750
0

1
47

1,018
0

78 Transaction accounts and credit balances (excluding IBFs)
Individuals, partnerships, and corporations (including certified
79
and official checks)
80
U.S. addressees (domicile)
81
Non U.S. addressees (domicile)
Commercial banks in United States (including their IBFs)
82
U.S. branches and agencies of other foreign banks
83
Other commercial banks in United States
84
Banks in foreign countries
85
86
Foreign branches of U.S. banks
Other banks in foreign countries
87
Foreign governments and official institutions
88
(including foreign central banks)
89
All other deposits and credit balances

11,786

n.a.

9,879

n.a.

157

n.a.

207

n.a.

9,353
6,399
2,954
659
413
245
1.123
0
1,123

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

7,605
6,001
1,604
658
413
245
1,020
0
1,020

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

113
78
36
0
0
0
32
0
32

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

206
199
7
0
0
0
0
0
0

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

282
369

n.a.
n.a.

237
359

n.a.
n.a.

7
5

n.a.
n.a.

1
0

n.a.
n.a.

90 Nontransaction accounts (including MMDAs, excluding IBFs)
Individuals, partnerships, and corporations (including certified
91
and official checks)
92
U.S. addressees (domicile)
93
Non-U.S. addressees (domicile)
94
Commercial banks in United States (including their IBFs)
U.S. branches and agencies of other foreign banks
95
96
Other commercial banks in United States
97
Banks in foreign countries
98
Foreign branches of U.S. banks
99
Other banks in foreign countries
Foreign governments and official institutions
100
(including foreign central banks)
101
All other deposits and credit balances

411,063

n.a.

370,288

n.a.

2.508

n.a.

9,063

n.a.

321,540
308,667
12,873
58,406
17,518
40,889
5,773
1,304
4,469

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

283,914
275,485
8,428
56,200
17,110
39,091
5,680
1,304
4,377

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

2,053
1.100
953
447
37
410
0
0
0

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

8,981
8,855
126
0
0
0
35
0
35

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

5,691
19,653

n.a,
n.a.

5,654
18,839

n.a.
n.a.

4
3

n.a.
n.a.

0
47

n.a.
n.a.

102 IBF deposit liabilities
Individuals, partnerships, and corporations (including certified
103
and official checks)
104
U.S. addressees (domicile)
105
Non-U.S. addressees (domicile)
Commercial banks in United States (including their IBFs)
106
107
U.S. branches and agencies of other foreign banks
108
Other commercial banks in United States
109
Banks in foreign countries
110
Foreign branches of U.S. banks
111
Other banks in foreign countries
Foreign governments and official institutions
112
(including foreign central banks)
All other deposits and credit balances
113

n.a.

76,227

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

7,514
167
7,347
8,428
7,220
1,207
30,362
2,620
27,742

n.a.
n.a.

29.921
3

Footnotes appear at end of table.




60,068

n.a.

2,509

n.a.

2,272

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

3,840
167
3,673
7,605
6,499
1,107
23,337
2,256
21,082

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

108
0
108
134
134
0
1,518
154
1,364

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9
0
9
340
340
0
905
9
896

n.a.
n.a.

25,284
0

n.a.
n.a.

750
0

n.a.
n.a.

1,018
0

n.a.

A68
4.30

Special Tables • November 2003
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2003'—Continued
Millions of dollars except as noted
All states2
Item

New York

California

Total
including
IBFs

IBFs
only

560
453
106

5.950
2,631
3,320

1,440
305
1,135

238
10
228
1,789

0
0
0
1,656

582
0
582
4,664

0
0
0
259

1,965
440

298
38

196
8

216
93

38
0

1,525
8,240
982
7,258
1,616

261
836
59
777
655

188
806
29
777
653

123
236
0
236
4,213

38
221
0
221
0

129.031

618

167

8

5,336

357
91,554
37,121

n.a.
45
572

42
9
115

n.a.
0
8

22
3,890
1,424

n.a.

18,452
n.a.

91,139
91,139

18,097
n.a.

6,901
6,901

131
n.a.

4.717
4,717

22
n.a.

18,452

n.a.

18,097

n.a.

131

n.a.

Total
including
IBFs'

IBFs
only1

Total
including
IBFs

IBFs
only

Total
including
IBFs

63.228
28,657
34,570

17.841
4,323
13,518

42.913
17,075
25,838

11,511
1,815
9,696

1,235
1,006
229

117 Securities sold under agreements to repurchase
1 K With depository institutions in the U.S
1 19 With others
120 Other borrowed money
171 Owed to nonrelated commercial banks in United States (including
their IBFs)
122
Owed to U.S. offices of nonrelated U.S. banks
123
Owed to U.S. branches and agencies of nonrelated
foreign banks
124 Owed to nonrelated banks in foreign countries
125
Owed to foreign branches of nonrelated U.S. banks
126
Owed to foreign offices of nonrelated foreign banks
127 Owed to others

189.699
11.374
178,324
66,595

2,325
0
2,325
13,786

188,786
11,364
177,421
57,868

2,325
0
2,325
11.821

9,847
5.054

2.209
448

9,267
4,912

4,793
10,620
1,267
9,353
46,128

1,761
9,307
1,010
8,297
2,270

4,355
9,404
1.140
8,264
39,197

128 All other liabilities
129
Branch or agency liability on acceptances executed and
outstanding
130
Trading liabilities
131
Other liabilities to nonrelated parties

138.579

644

445
98.501
39.632

n.a.
46
598

132 Net due to related depository institutions5
133
Net due to head office and other related depository institutions5
134
Net due to establishing entity, head office, and other related
depository institutions5

112.417
112.417
n.a.

114 Federal funds purchased
115
With depository institutions in the U.S
116
With others

Illinois

IBFs
only

2
1
2

22

MEMO

135 Holdings of own acceptances included in commercial and
industrial loans
136 Commercial and industrial loans with remaining maturity of one year
or less (excluding those in nonaccrual status)
137
Predetermined interest rates
138
Floating interest rates
139 Commercial and industrial loans with remaining maturity of more
than one year (excluding those in nonaccrual status)
140
Predetermined interest rates
141
Floating interest rates
Footnotes appear at end of table.




n.a.

99

n.a.

513

n.a.

348

n.a.

2

69.198
28,772
40,426

n.a.

n.a.

n.a.

52.158
18,590
33,568

n.a.

3.821
1,752
2,068

n.a.
0
n.a.

6,883
5,331
1,552

n.a.
0
n.a.

85,937
14,712
71.225

n.a.
n.a.
n.a.

74,098
13,124
60,974

n.a.
n.a.
n.a.

3,020
338
2,682

n.a.
n.a.
n.a.

4,509
419
4,090

n.a.
n.a.
n.a.

0

0

U.S. Branches and Agencies
4.30

A69

ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2003'—Continued
Millions of dollars except as noted
All statesItem

142 Components of total nontransaction accounts,
included in total deposits and credit balances
143
Time deposits of $ 100,000 or more
144
Time CDs in denominations of $ 100,000 or more
with remaining maturity of more than 12 months

New York

IBFs
only3

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

443,841
404,433

n.a.
n.a.

400,439
364,785

n.a.
n.a.

2,374
2,374

n.a.
n.a.

10,254
9,019

n.a.
n.a.

39,408

n.a.

35,654

n.a.

0

n.a.

1,235

n.a.

New York

California

Illinois

Total
including
IBFs3

IBFs
only3

Total
including
IBFs

IBFs
only

Total
including
IBFs

IBFs
only

28,955
282

n.a.
0

27,068
150

n.a.
0

1.188
55

n.a.
0

1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first
used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through the Federal
Reserve monthly statistical release G. 11, last issued on July 10, 1980. Data in this table and in
the G. 11 tables are not strictly comparable because of differences in reporting panels and in
definitions of balance sheet items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to
permit banking offices located in the United States to operate international banking facilities
(IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column.
These data are either included in or excluded from the total columns as indicated in the
headings. The notation "n.a." indicates that no IBF data have been reported for that item,




Illinois

Total
excluding
IBFs3

All states2

145 Immediately available funds with a maturity greater than one day
included in other borrowed money
146 Number of reports filed6

California

Total
including
IBFs

514
17

IBFs
only

n.a.
0

either because the item is not an eligible IBF asset or liability or because that level of detail is
not reported for IBFs. From December 1981 through September 1985, IBF data were
included in all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or owed to related
banking institutions in the United States and in foreign countries (see note 5). On the former
monthly branch and agency report, available through the G. 11 monthly statistical release,
gross balances were included in total assets and total liabilities. Therefore, total asset and total
liability figures in this table are not comparable to those in the G.l 1 tables.
5. Related depository institutions includes the foreign head office and other U.S. and
foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including
subsidiaries owned both directly and indirectly).
6. In some cases, two or more offices of a foreign bank within the same metropolitan area
file a consolidated report.

99

Federal Reserve Bulletin • November 2003

Index to Statistical Tables
References are to pages A3-A69, although the prefix "A" is omitted in this index.
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21, 58-59
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign banks, U.S. branches and agencies, 66-9
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21, 66-9 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21, 58-59
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21, 58-59, 66-9
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21, 58-59
Commercial and industrial loans, 15-21, 58-59, 60-5
Consumer loans held, by type and terms, 34, 60-5
Real estate mortgages held, by holder and property, 33
Terms of lending, 60-5
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4-6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21, 58-59
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)

Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-9
Foreign banks, U.S. branches and agencies, 66-9
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 45, 48-49, 52-53
Liabilities to, 45-7, 50-51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Commercial banks, 60-5
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22, 60-5
International capital transactions of United States, 44-55
International organizations, 45, 46, 48, 50-3
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21, 60-5
Federal Reserve Banks, 10, 11
Financial institutions, 33

EURO, 56

LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21, 58-59, 60-5
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Foreign banks, U.S. branches and agencies, 66-9
Insured or guaranteed by United States, 32, 33

FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33

MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
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, 30
Mutual savings banks (See Thrift institutions)




A71

OPEN market transactions, 9
PRICES
Stock market, 24
Prime rate, 22, 60-5
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4-6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35-9
Saving deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-9
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23




Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21, 58-59
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)

101

Federal Reserve Bulletin • November 2003

Federal Reserve Board of Governors
and Official Staff
A L A N GREENSPAN, Chairman
ROGER W . FERGUSON, JR., Vice Chairman

EDWARD M . GRAMLICH
SUSAN SCHMIDT BIES

OFFICE OF BOARD MEMBERS

DIVISION OF INTERNATIONAL FINANCE

M I C H E L L E A . SMITH,

Director

WINTHROP P. HAMBLEY, Assistant

KAREN H . JOHNSON,

to the Board

and

Director for Congressional Liaison
ROSANNA PIANALTO-CAMERON, Special Assistant to the Board
DAVID W. SKIDMORE, Special Assistant to the Board
LARICKE D. BLANCHARD, Special Assistant to the Board
for Congressional Liaison

DALE W. HENDERSON, Senior Adviser
RICHARD T. FREEMAN, Deputy Associate Director
STEVEN B. KAMIN, Deputy Associate Director
WILLIAM L. HELKIE, Senior

JON W. FAUST, Assistant

LEGAL DIVISION

Adviser

Director

JOSEPH E. GAGNON, Assistant

J. VIRGIL MATTINGLY, JR., General Counsel
SCOTT G. ALVAREZ, Associate General Counsel
RICHARD M. ASHTON, Associate General Counsel
STEPHANIE MARTIN, Associate General Counsel
KATHLEEN M. O'DAY, Associate 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 . JOHNSON,

Director

DAVID H. HOWARD, Deputy
Director
THOMAS A. CONNORS, Associate
Director

Secretary

ROBERT DEV. FRIERSON, Deputy
MARGARET M . SHANKS, Assistant

Secretary
Secretary

W I L L E N E A . JOHNSON,

Director

Adviser

MICHAEL P. LEAHY, Assistant
D. NATHAN SHEETS, Assistant
RALPH W. TRYON, Assistant

Director
Director
Director

DIVISION OF RESEARCH AND STATISTICS
DAVID J . STOCKTON,

Director

EDWARD C. ETTIN, Deputy
Director
DAVID W. WILCOX, Deputy
Director
MYRON L. KWAST, Associate
Director
STEPHEN D . OLINER, Associate
Director
PATRICK M . PARKINSON, Associate
Director
LAWRENCE SLIFMAN, Associate
Director
CHARLES S. STRUCKMEYER, Associate
Director

JOYCE K. ZICKLER, Deputy Associate

DIVISION OF BANKING SUPERVISION
AND

REGULATION

RICHARD SPILLENKOTHEN,

Director

STEPHEN M . HOFFMAN, JR., Deputy

Director

HERBERT A. BIERN, Senior Associate Director
ROGER T. COLE, Senior Associate Director
DEBORAH P. BAILEY, Associate
Director
NORAH M . BARGER, Associate
Director
BETSY CROSS, Associate
Director
GERALD A. EDWARDS, JR., Associate
Director
JAMES V. HOUPT, Associate
Director
JACK P. JENNINGS, Associate
Director
MOLLY S. WASSOM, Associate
Director
DAVID M . WRIGHT, Associate
Director

HOWARD A. AMER, Deputy Associate Director
BARBARA J. BOUCHARD, Deputy Associate Director
ANGELA DESMOND, Deputy Associate Director
JAMES A. EMBERSIT, Deputy Associate Director
CHARLES H. HOLM, Deputy Associate Director
WILLIAM G. SPANIEL, Deputy Associate Director
JON D. GREENLEE, Assistant Director
WALT H. MILES, Assistant
Director
WILLIAM F. TREACY, Assistant
Director

WILLIAM C. SCHNEIDER, JR., Project Director,
National Information Center
MICHAEL G. MARTINSON, Senior Adviser
STEPHEN C. SCHEMERING, Senior Adviser




Director

J. NELLIE LIANG, Assistant
Director
S. WAYNE PASSMORE, Assistant
Director
DAVID L. REIFSCHNEIDER, Assistant
Director
JANICE SHACK-MARQUEZ, Assistant
Director
WILLIAM L. WASCHER III, Assistant
Director

MARY M. WEST, Assistant

Director

ALICE PATRICIA W H I T E , Assistant

Director

GLENN B. CANNER, Senior Adviser
DAVID S. JONES, Senior Adviser
THOMAS D. SIMPSON, Senior

Adviser

DIVISION OF MONETARY AFFAIRS
VINCENT R . R E I N H A R T ,

BRIAN F. MADIGAN, Deputy

Director

Director

JAMES A. CLOUSE, Deputy Associate Director
WILLIAM C. WHITESELL, Deputy Associate Director
CHERYL L. EDWARDS, Assistant
Director
WILLIAM B. ENGLISH, Assistant
Director
RICHARD D. PORTER, Senior
Adviser
ATHANASIOS ORPHANIDES,

Adviser

NORMAND R.V. BERNARD, Special Assistant to the Board

M A R K W . OLSON
B E N S . BERNANKE

DONALD L . K O H N

DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS

DIVISION OF RESERVE BANK OPERATIONS
AND PAYMENT SYSTEMS

DOLORES S . SMITH,

LOUISE L . ROSEMAN,

Director

GLENN E. LONEY, Deputy

Director

SANDRA F. BRAUNSTEIN, Senior Associate
ADRIENNE D . HURT, Associate

Director

Director

IRENE SHAWN M C N U L T Y , Associate

Director

JAMES A. MICHAELS, Assistant
Director
TONDA E. PRICE, Assistant
Director

OFFICE OF
STAFF DIRECTOR

FOR

MANAGEMENT

STEPHEN R. MALPHRUS, Staff

Director

SHEILA CLARK, EEO Programs

Director

OFFICE OF THE INSPECTOR
GENERAL
BARRY R. SNYDER, Inspector General
DONALD L. ROBINSON, Deputy Inspector General

LYNN S. FOX, Senior Adviser

MANAGEMENT DIVISION
H. FAY PETERS, Acting

Director

Director
STEPHEN J. CLARK, Associate
DARRELL R. PAULEY, Associate
Director
CHRISTINE M . FIELDS, Assistant
Director
BILLY J. SAULS, Assistant
Director
DONALD A. SPICER, Assistant
Director

DIVISION OF INFORMATION TECHNOLOGY
M A R I A N N E M . EMERSON,

Director

MAUREEN T. HANNAN, Deputy
Director
TILLENA G. CLARK, Assistant
Director
GEARY L. CUNNINGHAM, Assistant
Director
WAYNE A. EDMONDSON, Assistant
Director

Po KYUNG KIM, Assistant

Director

SUSAN F. MARYCZ, Assistant
SHARON L. MOWRY, Assistant
RAYMOND ROMERO, Assistant




Director

PAUL W. BETTGE, Associate
Director
JEFFREY C. MARQUARDT, Associate
Director
KENNETH D. BUCKLEY, Assistant
Director
JOSEPH H. HAYES, JR., Assistant
Director
LISA HOSKINS, Assistant
Director
DOROTHY LACHAPELLE, Assistant
Director
EDGAR A. MARTINDALE III, Assistant
Director
MARSHA W. REIDHILL, Assistant
Director
JEFF J. STEHM, Assistant
Director
JACK K. WALTON II, Assistant
Director

Director
Director
Director

103

Federal Reserve Bulletin • November 2003

Federal Open Market Committee
and Advisory Councils
FEDERAL OPEN MARKET

COMMITTEE
MEMBERS

ALAN GREENSPAN,

Vacant, Vice Chairman

Chairman

SUSAN SCHMIDT BIES

EDWARD M . GRAMLICH

M I C H A E L H . MOSKOW

B E N S. BERNANKE

JACK G U Y N N

MARK W . OLSON

J. ALFRED BROADDUS, JR.

DONALD L . KOHN

ROBERT T. PARRY

ROGER W . FERGUSON, JR.

ALTERNATE MEMBERS
THOMAS M . HOENIG

SANDRA PIANALTO

CATHY E . M I N E H A N

WILLIAM POOLE

JAMIE B . STEWART, JR.

STAFF
ROBERT A. EISENBEIS, Associate

VINCENT R. REINHART, Secretary and
Economist
NORMAND R.V. BERNARD, Deputy
Secretary
MICHELLE A. SMITH, Assistant
Secretary

J. VIRGIL MATTINGLY, JR., General Counsel
THOMAS C. BAXTER, JR., Deputy General Counsel
KAREN H . JOHNSON,

Economist

DAVID J . STOCKTON,

Economist

JOHN P. JUDD, Associate

Economist

BRIAN F. MADIGAN, Associate
Economist
CHARLES S. STRUCKMEYER, Associate
Economist
DAVID W. WILCOX, Associate
Economist

THOMAS A . CONNORS, Associate
Economist
CHRISTINE M . CUMMING, Associate
Economist

DINO KOS, Manager, System Open Market

FEDERAL ADVISORY

Economist

CHARLES L. EVANS, Associate
Economist
MARVIN S. GOODFRIEND, Associate
Economist
DAVID H . HOWARD, Associate
Economist

Account

COUNCIL

L . PHILLIP HUMANN,

President

ALAN G. MCNALLY, Vice President
ALAN G. MCNALLY, Seventh District
DAVID W. KEMPER, Eighth District
JERRY A. GRUNDHOFER, Ninth District
BYRON G. THOMPSON, Tenth District
GAYLE M. EARLS, Eleventh District
MICHAEL E. O'NEILL, Twelfth District

DAVID A. SPINA, First District
DAVID A. COULTER, Second District
RUFUS A. FULTON, JR., Third District
MARTIN G. MCGUINN, Fourth District
FRED L. GREEN III, Fifth District
L. PHILLIP HUMANN, Sixth District




JAMES ANNABLE,
WILLIAM J. KORSVIK,

Co-Secretary
Co-Secretary

A75

CONSUMER ADVISORY

COUNCIL

RONALD A. REITER, San Francisco, California, Chairman
AGNES BUNDY SCANLAN, Boston, Massachusetts, Vice Chairman

A N T H O N Y S . ABBATE, S a d d l e b r o o k , N e w J e r s e y

J. PATRICK LIDDY, C i n c i n n a t i , O h i o

JANIE BARRERA, S a n A n t o n i o , T e x a s

R U H I MAKER, R o c h e s t e r , N e w Y o r k

KENNETH R BORDELON, Baton Rouge, Louisiana
SUSAN BREDEHOFT, Cherry Hill, New Jersey

OSCAR MARQUIS, Park Ridge, Illinois
ELSIE MEEKS, Kyle, South Dakota

CONSTANCE K . CHAMBERLIN, R i c h m o n d , V i r g i n i a

PATRICIA M C C O Y , H a r t f o r d , C o n n e c t i c u t

ROBIN COFFEY, C h i c a g o , I l l i n o i s

MARK PINSKY, P h i l a d e l p h i a , P e n n s y l v a n i a

DAN DIXON, Washington, District of Columbia

ELIZABETH RENUART, B o s t o n , M a s s a c h u s e t t s

THOMAS FITZGIBBON, C h i c a g o , I l l i n o i s

DEBRA S . REYES, T a m p a , F l o r i d a

JAMES GARNER, B a l t i m o r e , M a r y l a n d

W . JAMES KING, C i n c i n n a t i , O h i o

BENSON ROBERTS, Washington, District of Columbia
BENJAMIN ROBINSON III, Charlotte, North Carolina
DIANE THOMPSON, East St. Louis, Illinois
HUBERT VAN TOL, Sparta, Wisconsin

EARL JAROLIMEK, Fargo, North Dakota

CLINT WALKER, W i l m i n g t o n , D e l a w a r e

CHARLES GATSON, Kansas City, Missouri
LARRY HAWKINS, H o u s t o n , T e x a s

THRIFT INSTITUTIONS

ADVISORY

COUNCIL

KAREN L. MCCORMICK, Port Angeles, Washington, President
WILLIAM J. SMALL, Defiance, Ohio, Vice President

MICHAEL J. BROWN, SR., F t . P i e r c e , F l o r i d a

KIRK KORDELESKI, B e t h p a g e , N e w Y o r k

JOHN B . DICUS, T o p e k a , K a n s a s

D. TAD LOWREY, Brea, California

RICHARD J . DRISCOLL, A r l i n g t o n , T e x a s

GEORGE W . NISE, P h i l a d e l p h i a , P e n n s y l v a n i a

CURTIS L. HAGE, Sioux Falls, South Dakota

KEVIN E . PIETRINI, V i r g i n i a , M i n n e s o t a

O L A N O . JONES, JR., K i n g s p o r t , T e n n e s s e e

ROBERT F. STOICO, S w a n s e a , M a s s a c h u s e t t s




105

Federal Reserve Bulletin • November 2003

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1990-95
$25.00
352 pp.
1996-2000
March 2002
SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF

CHARTS. Weekly. $30.00 per year or $.70 each in the United
States, its possessions, Canada, and Mexico. Elsewhere,
$35.00 per year or $.80 each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM.
ANNUAL

PERCENTAGE

RATE

TABLES

(Truth

in

Lending—

Regulation Z) Vol. / (Regular Transactions). 1969. 100 pp.
Vol. II (Irregular Transactions). 1969. 116 pp. Each volume
$5.00.
GUIDE

TO THE

FLOW

OF F U N D S ACCOUNTS.

January

2000.

1,186 pp. $20.00 each.
FEDERAL RESERVE REGULATORY SERVICE. L o o s e - l e a f ;

updated

monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $75.00 per year.
Monetary Policy and Reserve Requirements Handbook. $75.00
per year.
Securities Credit Transactions Handbook. $75.00 per year.
The Payment System Handbook. $75.00 per year.
Federal Reserve Regulatory Service. Four vols. (Contains all
four Handbooks plus substantial additional material.) $200.00
per year.




Rates for subscribers outside the United States are as
and include additional air mail costs:
Federal Reserve Regulatory Service, $250.00 per year.
Each Handbook, $90.00 per year.

follows

FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL

COMPUTERS. CD-ROM; updated monthly.
Standalone PC. $300 per year.
Network, maximum 1 concurrent user. $300 per year.
Network, maximum 10 concurrent users. $750 per year.
Network, maximum 50 concurrent users. $2,000 per year.
Network, maximum 100 concurrent users. $3,000 per year.
Subscribers outside the United States should add $50 to cover
additional airmail costs.
T H E FEDERAL RESERVE A C T AND O T H E R STATUTORY PROVISIONS
AFFECTING THE FEDERAL RESERVE SYSTEM, a s a m e n d e d

through October 1998. 723 pp. $20.00 each.
T H E U . S . ECONOMY IN AN INTERDEPENDENT WORLD: A M U L T I -

COUNTRY MODEL, May 1984. 590 pp. $14.50 each.
INDUSTRIAL

PRODUCTION — 1 9 8 6

EDITION.

December

1986.

440 pp. $9.00 each.
FINANCIAL

FUTURES

AND

OPTIONS

IN

THE

U.S.

ECONOMY.

December 1986. 264 pp. $10.00 each.
RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A
JOINT CENTRAL BANK RESEARCH CONFERENCE. 1 9 9 6 .

578 pp. $25.00 each.

EDUCATION PAMPHLETS
Short pamphlets suitable for classroom
available without charge.

use. Multiple

copies are

Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish)
Consumer Handbook to Credit Protection Laws
A Guide to Business Credit for Women, Minorities, and Small
Businesses
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
A Consumer's Guide to Mortgage Lock-Ins
A Consumer's Guide to Mortgage Settlement Costs
A Consumer's Guide to Mortgage Refinancings
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Making Sense of Savings
Welcome to the Federal Reserve
When Your Home is on the Line: What You Should Know
About Home Equity Lines of Credit (also available in Spanish)
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Privacy Choices for Your Personal Financial Information
When Is Your Check Not a Check?
Putting Your Home on the Loan Line Is Risky Business

A77

STAFF STUDIES: Only Summaries

Printed

in the

BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-174 are available on line at
www.federalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications.

1 6 7 . A SUMMARY OF MERGER PERFORMANCE STUDIES IN B A N K ING, 1 9 8 0 - 9 3 , AND AN ASSESSMENT OF THE "OPERATING
PERFORMANCE" AND " E V E N T S T U D Y " METHODOLOGIES,

by Stephen A. Rhoades. July 1994. 37 pp.
1 7 0 . T H E COST OF IMPLEMENTING CONSUMER FINANCIAL R E G U LATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH

IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.
1 7 1 . T H E COST OF B A N K REGULATION: A REVIEW OF THE EVI-

DENCE, by Gregory Elliehausen. April 1998. 35 pp.
1 7 2 . USING SUBORDINATED D E B T AS AN INSTRUMENT OF M A R -

1 5 9 . N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, b y N e l l i e L i a n g a n d

Donald Savage. February 1990. 12 pp.
1 6 0 . BANKING MARKETS AND THE USE OF FINANCIAL SERVICES BY SMALL AND M E D I U M - S I Z E D BUSINESSES, b y

Gregory E. Elliehausen and John D. Wolken. September
1 9 9 0 . 3 5 pp.
1 6 2 . EVIDENCE ON THE S I Z E OF BANKING MARKETS FROM M O R T GAGE LOAN RATES IN T W E N T Y CITIES, b y S t e p h e n A .

Rhoades. February 1992. 11 pp.
164. THE

1989-92

CREDIT

CRUNCH

FOR R E A L

ESTATE,

by

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.




KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
6 9 pp.
1 7 3 . IMPROVING PUBLIC DISCLOSURE IN BANKING, b y

Study

Group on Disclosure, Federal Reserve System. March 2000.
3 5 pp.
1 7 4 . BANK MERGERS AND BANKING STRUCTURE IN THE UNITED

STATES, 1 9 8 0 - 9 8 , by S t e p h e n R h o a d e s . A u g u s t 2000. 33 pp.
1 7 5 . T H E F U T U R E OF RETAIL ELECTRONIC PAYMENTS SYSTEMS:
INDUSTRY INTERVIEWS AND ANALYSIS, F e d e r a l R e s e r v e

Staff, for the Payments System Development Committee,
Federal Reserve System. December 2002. 27 pp.

107

Federal Reserve Bulletin • November 2003

Maps of the Federal Reserve System

ALASKA
HAWAII

LEGEND

Both

pages

•

Federal R e s e r v e B a n k city

•

Board of G o v e r n o r s of the Federal
R e s e r v e 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.

A79

2-B

1—A

4-D

3-C

5-E
Pittsburgh

!

(

\

VT
NH

7

Buffalo

MA

^

/

,

•

^

^

Y'

on

wv

NC

Cincinnati

®f

' Charlotte

NY

NJ
"

PA

Baltimore MD

SI-

^ R I

BOSTON

N E W YORK

PHILADELPHIA

6-F

CLEVELAND

7-G

RICHMOND
S-H
KY
/

,

Ml

IL

W1

J I.V
Louisville

Detroit*

- TN

Jaeksom iile
Now

y

•Memphis

1L

FL

Orleans

Rock (

ATLANTA

MS

S T . LOUIS

CHICAGO

9-1
• Helena
MI

MINNEAPOLIS
10-J

12-L
WY

CO

Omaha*

.

^

KS

NM

MO
p

Seattle

^

Oklahoma Cit>
OK

KANSAS CITY
11-K

TX
Salt Lake City

NM

"

•
1 1 Paso




R^—R1

LA

Y Houston
*Los Angeles

San Antonio
HAWAII

DALLAS

S A N FRANCISCO

109

Federal Reserve Bulletin • November 2003

Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK
branch, or facility
Zip

Chairman
Deputy Chairman

President
First Vice President

BOSTON*

02106

James J. Norton
Samuel O. Thier

Cathy E. Minehan
Paul M. Connolly

NEW YORK*

10045

Peter G. Peterson
John E. Sexton
Marguerite D. Hambleton

Timothy F. Geithner
Jamie B. Stewart, Jr.

Buffalo

14240

PHILADELPHIA

19105

Glenn A. Schaeffer
Ronald J. Naples

Anthony M. Santomero
William H. Stone, Jr.

CLEVELAND*

44101

Sandra Pianalto
Robert Christy Moore

Cincinnati
Pittsburgh

45201
15230

Robert W. Mahoney
Charles E. Bunch
Dennis C. Cuneo
Roy W. Haley

RICHMOND*

23219

J. Alfred Broaddus, Jr.
Walter A. Varvel

Baltimore
Charlotte

21203
28230

Wesley S. Williams, Jr.
Thomas J. Mackell, Jr.
Owen E. Herrnstadt
Michael A. Almond
Paula Lovell
David M. Ratcliffe
W. Miller Welborn
William E. Flaherty
Brian E. Keeley
Whitney Johns Martin
Dave Dennis

Jack Guynn
Patrick K. Barron

Robert J. Darnall
W. James Farrell
Timothy D. Leuliette

Michael H. Moskow
Gordon R. G. Werkema

Charles W. Mueller
Walter L. Metcalfe, Jr.
Vick M. Crawley
Norman Pfau, Jr.
Gregory M. Duckett

William Poole
W. LeGrande Rives

Ronald N. Zwieg
Linda Hall Whitman
Thomas O. Markle

Gary H. Stern
James M. Lyon

Richard H. Bard
Robert A. Funk
Robert M. Murphy
Patricia B. Fennell
A.F. Raimondo

Thomas M. Hoenig
Richard K. Rasdall

Ray L. Hunt
Patricia M. Patterson
Gail Darling
Lupe Fraga
Ron R. Harris

Robert D. McTeer, Jr.
Helen E. Holcomb

George M. Scalise
Sheila D. Harris
William D. Jones
Karla S. Chambers
H. Roger Boyer
Mic R. Dinsmore

Robert T. Parry
John F. Moore

ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans

30303
35242
32231
33152
37203
70161

CHICAGO*

60690

Detroit

48231

ST. LOUIS

63166

Little Rock
Louisville
Memphis

72203
40232
38101

MINNEAPOLIS

55480

Helena
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
Jeffrey S. Kane 1
James M. McKee 1
Lee C. Jones
Christopher L. Oakley
James T. Curry III
Melvyn K. Purcell1
Robert J. Musso 1

Glenn Hansen 1

Robert A. Hopkins
Thomas A. Boone
Martha Perine Beard

Samuel H. Gane

Pamela L. Weinstein
Dwayne E. Boggs
Steven D. Evans

Robert W. Gilmer 3
Robert Smith III'
James L. Stull 1

Mark L. Mullinix 2
Richard B. Hornsby
Andrea P. Wolcott
Mark Gould

* 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
3. Acting




A81

Publications of Interest
FEDERAL

RESERVE

REGULATORY

SERVICE

To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve
Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, dealing with extensions of credit for the purchase of securities, together
with related statutes, Board interpretations, rulings,
and staff opinions. Also included is the Board's list of
foreign margin stocks.
The Consumer and Community Affairs
Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

GUIDE

TO THE FLOW OF FUNDS

ACCOUNTS

A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.l quarterly statistical release),




The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price including additional air mail costs is
$250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications, mail stop 127, Board of Governors of the Federal Reserve System, Washington, DC
20551.

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications, Mail Stop 127, Board
of Governors of the Federal Reserve System, Washington, DC 20551.

111

Federal Reserve Bulletin • November 2003

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