Full text of Federal Reserve Bulletin : September 1982
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VOLUME 6 8 •
NUMBER 9 •
SEPTEMBER 1 9 8 2
FEDERAL RESERVE
BULLETIN
Board of Governors of the Federal Reserve System
Washington, D.C.
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield
John M. Denkler • Griffith L. Garwood • James L. Kichline • Edwin M. Truman
Naomi P. Salus,
Coordinator
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson,
the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen.
Table of Contents
527
APPLYING
FUTURE
THE THEORY OF
COMPETITION
PROBABLE
Recent legal developments will have a substantial effect on the manner in which the
Board applies the theory of probable future
competition in analyzing the competitive
effects of proposed mergers and acquisitions.
535
INDUSTRIAL
PRODUCTION
Output declined about 0.5 percent in August.
537
ANNOUNCEMENTS
Changes in the discount rate.
Amendment to Regulation Y to clarify and
expand the data processing activities permissable for bank holding companies.
Interpretation of Regulation Q concerning
arrangements a member bank may enter
into in helping to provide a secondary market for negotiable time deposits issued by
the bank; amendments to Regulation Q to
conform it with recent actions of the Depository Institutions Deregulation Committee.
Participation in a multilateral financial transition program with Mexico.
Exemption of Maine and Connecticut from
certain parts of the Truth in Lending Act.
Changes in Board staff.
Admission of one state bank to membership
in the Federal Reserve System.
541
RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET
COMMITTEE
At its meeting on June 30-July 1, 1982, the
Committee reviewed its ranges for growth
of the monetary and credit aggregates for
the period from the fourth quarter of 1981 to
the fourth quarter of 1982 and gave preliminary consideration to objectives for monetary growth that might be appropriate for
1983. The Committee concluded its discussion and reached a decision on longer-run
ranges during a telephone conference on
July 15, 1982. The Committee reaffirmed
the following ranges for growth of the monetary aggregates over the year from the
fourth quarter of 1981 to the fourth quarter
of 1982 that it had adopted in early Febru- 2
ary: for M l , 2Vi to 5Vi percent; for M2, 6 to
9 percent; and for M3, 6'/2 to 91/2 percent.
The associated range for bank credit was 6
to 9 percent. At the same time, the Committee agreed that growth in the monetary and
credit aggregates around the top of the
indicated ranges would be acceptable in the
light of the relatively low base period for the
Ml target and other factors, and that it
would tolerate for some period of time
growth somewhat above the target range
should unusual precautionary demands for
money and liquidity be evident in the light
of current economic uncertainties. The
Committee indicated that for 1983 it was
tentatively planning to continue the current
ranges for 1982, but would review that
decision carefully in the light of developments over the remainder of 1982.
At the meeting on June 30-July 1, the
Committee agreed to seek behavior of reserve aggregates associated with growth of
Ml and M2 from June to September at
annual rates of about 5 percent and about 9
percent respectively. It decided that somewhat more rapid growth would be acceptable depending on evidence that economic
and financial uncertainties were leading to
exceptional liquidity demands. It was also
noted that seasonal uncertainties, together
with increased social security payments and
the initial impact of the tax cut on cash
balances, might lead to a temporary bulge in
the monetary aggregates, particularly Ml.
The intermeeting range for the federal funds
rate, which provides a mechanism for initiating further consultation of the Committee,
was continued at 10 to 15 percent.
551
LEGAL
DEVELOPMENTS
FINANCIAL
AND BUSINESS
STATISTICS
A3 Domestic Financial Statistics
A46 Domestic Nonfinancial Statistics
A54 International Statistics
A 7 0 BOARD
OF GOVERNORS
A 7 2 FEDERAL OPEN MARKET
AND STAFF; ADVISORY
Amendments to Regulations A, D, Q, and
Y; various bank holding company orders;
and pending cases.
AI
A 6 9 GUIDE TO TABULAR
PRESENTATION,
STATISTICAL RELEASES,
AND
SPECIAL
TABLES
AND
STAFF
COMMITTEE
COUNCILS
A 7 3 FEDERAL RESERVE
BANKS,
BRANCHES,
AND
OFFICES
A 7 4 FEDERAL RESERVE
PUBLICATIONS
A 7 6 INDEX
BOARD
TO STATISTICAL
A 7 8 MAP OF FEDERAL
TABLES
RESERVE
SYSTEM
Applying the Theory
of Probable Future Competition
This article was prepared by Anthony S. Winer,
of the Board's Legal Division. Footnotes appear
at the end of the article.
The theory of probable future competition is one
of the few analytic tools with which to examine
the competitive effects of mergers and acquisitions involving firms not competing in the same
market. If patterns of bank expansion continue
to evolve along their present course, the frequency of such mergers and acquisitions, often called
market-extension mergers, may well increase.
The degree to which the Board of Governors of
the Federal Reserve System directly influences
changes in the structure of banking in the coming
years may therefore depend in part on the manner in which it applies this theory.
Recent developments have had a substantial
effect on the Board's application of the theory of
probable future competition. In the early months
of 1981, a federal appellate court rejected the
Board's method of employing the theory with
respect to applications submitted by two bank
holding companies. In light of the appellate court
actions, the Board reversed its original determinations and approved both applications early this
year. Shortly thereafter, the Board determined
that a public statement of the ways in which it
will apply the theory would be helpful. Accordingly, the Board issued for public comment a
proposed policy statement containing guidelines
that would define the range of applications that
would be rigorously scrutinized under the theory. On June 14, 1982, the Department of Justice
released its own long-awaited new Merger
Guidelines, which contained a section addressing
the theory of probable future competition that
varied substantially from the Board's proposal.
Against this background the Board is expected to
issue the final version of its own guidelines in the
fall of 1982.
The various positions expressed in past
months by the federal court, the Board, public
commentors, and the Department of Justice differ not so much on the substance of the theory as
on methods of applying it. This article reviews
the recent developments in the application of the
theory of probable future competition and describes the positions of the parties involved in
those developments. The discussion begins with
a brief description of the theory and related
background.
Two
THEORIES
OF
COMPETITION
The Bank Merger Act and the Bank Holding
Company Act require the Board to consider the
impact of certain banking mergers, acquisitions,
consolidations, assumptions of liabilities, and
acquisitions of assets (collectively, "mergers")
on competition in the banking industry.1 In particular, the statutes generally prohibit the Board
from approving a merger whose effect may be
substantially to lessen competition in any section
of the country. In analyzing merger proposals,
the Board relies chiefly on two distinct theories
of competition: the theory of existing competition and the theory of probable future competition.
Existing
Competition
The theory of existing competition applies only
to mergers involving firms in the same market.
The theory focuses on the concentration of the
market in which the firms compete and the
market shares held by the combining firms. A
merger that produces a firm controlling an undue
percentage share of the market and results in a
significant increase in market concentration
528
Federal Reserve Bulletin • September 1982
should in most cases be prohibited because it
would eliminate substantial "existing" competition between the two firms. 2 Although the validity of the theory has been accepted by the federal
courts, its applicability is limited to cases of
combinations of firms operating in the same
market. When the Board must assess the competitive impact of a merger involving firms in
different markets—a market-extension merger—
it often employs the theory of probable future
competition.
Probable Future
Competition
Although the theory of probable future competition provides a framework for analyzing some
market-extension mergers, it is not applicable to
all such mergers. The theory applies only when
the firm to be acquired competes in an oligopolistic market—that is, a market in which a small
group of firms possesses the power to determine
price. If a firm outside the market acquires one of
the oligopolistic firms, according to the theory,
the acquiring firm will take the acquiree's place
in the oligopoly structure and the market will
continue to experience oligopoly pricing. If the
merger is prevented, the outside firm will in
some cases enter the market through a toehold
acquisition or by establishing a new—often called a
de novo—office. The theory concludes that the
toehold or de novo entrant might then actively
compete with the oligopolistic firms and thereby
help to improve the market's performance.
Consummation of the merger would eliminate
this opportunity for improvement and could also
solidify the anticompetitive structure of the market. To the extent that the merger would lessen
the "probability" that the outside firm would
provide "competition" in the "future," the theory of probable future competition would support prohibition of the merger.
The theory of probable future competition can
be distinguished from the theory of existing
competition in two important respects. First, the
Supreme Court has never explicitly approved the
theory of probable future competition. Indeed,
on two occasions, the Court discussed the theory's validity under the antitrust laws but declined to resolve the issue. 3 Second, the theory
of probable future competition applies only in
markets that are oligopolistic before the merger,
while the theory of existing competition can
apply to cases involving any type of market,
whether oligopolistic or competitive.
THE TEXAS
CASES
The way the Board applies the theory of probable future competition recently emerged as an
issue in judicial consideration of two bank holding company mergers in Texas. In April 1980, the
Board denied the application of Mercantile Texas Corporation, Dallas, Texas, to acquire by
merger Pan National Group, Inc., El Paso, Texas; and in August of the same year, it denied the
application of Republic of Texas Corporation,
Dallas, Texas, to acquire the Citizens National
Bank of Waco, Waco, Texas. 4 The Board based
its denials largely on the ground that the mergers
would substantially lessen competition under the
theory of probable future competition.
Mercantile and Republic each petitioned the
U.S. Court of Appeals for the Fifth Circuit for
review of the Board's denials. In both cases, the
court vacated the Board's order and remanded
the application for further consideration by the
Board and further findings of fact. 5 The court
declared that, to deny a merger application on
the basis of the theory of probable future competition, the Board must make four findings of fact,
and that with the Order denying each application
the Board had not sustained this burden.
Required
Findings
With respect to their delineation of issues associated with the theory of probable future competition, the court's opinions in the Texas cases were
substantially identical. Each opinion specified
the same four criteria the Board would have to
satisfy to deny an application on the basis of the
theory.
First, the court required the Board to show
that the market of the firm to be acquired was
concentrated. A finding that a market is concentrated frequently serves as a proxy for a determination that the market is oligopolistic, which is
Applying the Theory of Probable Future Competition
difficult to prove directly. 6 The Board has usually
measured concentration in a market by calculating the total percentage of the market's deposits
held by the four organizations in the market that
hold the four largest shares of deposits. This
measure is called the four-firm concentration
ratio.
In its orders denying the Texas applications,
the Board noted that the four-firm concentration
ratios were 86.1 and 73.8 percent for the two
markets in the Mercantile proposal and 72.4
percent for the market in the Republic proposal.
The Board concluded that each of the markets
was concentrated. The court indicated that the
Board's use of the four-firm concentration ratios
had satisfied its first evidentiary requirement.
The court's second criterion required the
Board to determine whether the pool of potential
entrants into the market was so large as to
"vitiate" the importance of the acquiring firm as
a potential competitor. 7 The statutes direct the
Board to deny any application that may substantially lessen competition. The court believed that
a lessening of competition would be substantial
under the theory only if there were a small
number of other potential entrants.
In both cases, the court viewed the Board's
findings on this point as insufficient. In the
Mercantile opinion, the court said that there
were likely to be other potential competitors in
Texas and that a significant number of large
Texas bank holding companies remained as possible entrants. In the same opinion, however, it
left "to the Board's expertise the task of developing standards for determining the number
and importance of the other potential competitors." 8
Third, the court's opinions directed the Board
to develop a "persuasive rationale" that, upon
denial of a merger or acquisition, an institution
would prefer the opportunity to enter the market
independently—either de novo or through a toehold acquisition—to some other investment. 9
This requirement reflects the assumption, imposed by the theory, that if the proposed merger
is prevented, the outside firm will enter the
market independently. In its original order the
Board determined that Mercantile possessed the
financial and managerial resources for de novo or
toehold entry and that the evidence suggested
529
that such entry could occur. The Board stated
similar findings in the Republic order, but the
court viewed both sets of findings as insufficient.
The court suggested an alternative analysis that
involves comparing the expected profitability of
independent entry with that of other investment
opportunities, to determine whether the former
is great enough to draw the applicant into the
market de novo or by a toehold acquisition.
Finally, if the Board is to deny an application,
the court required it to find that independent
entry will be substantially likely to bring about
deconcentration of the market or other significant procompetitive effects. While allowing the
Board appreciable latitude in defining such effects, the court suggested that the Board could
satisfy this requirement only if it determined at
what point in time the outside firm would be
likely to enter the market, and if it found that
consummation of the proposed merger at that
point would result in illegal anticompetitive effects. The Board could not, for example, deny a
firm entry through acquisition or merger on the
grounds that sometime in the remote future the
firm would enter the market in such a way as to
promote competition there.
Reconsideration
of the
Applications
In July 1981, the court remanded the two Texas
applications to the Board for additional findings
of fact. To obtain the type of evidence that could
support the findings delineated by the court's
opinion, the Board requested additional information from the holding companies involved.
The Board's requests for information were
broadly drawn, and the materials submitted in
response were voluminous. Republic submitted
about 1,200 pages, and Mercantile's submission
numbered more than 1,500 pages. The submissions consisted of, among other things, minutes
of executive committee and board of directors
meetings, internal staff memoranda and letters,
financial statements, letters among financial institutions, feasibility studies and research reports, various types of market information, published articles and periodical information taken
from other sources, operating and administrative
circulars and telegrams, and advocacy materials
530
Federal Reserve Bulletin • September 1982
prepared especially for the Board's review in the
context of the submissions.
After thorough consideration, a majority of the
Board concluded that the evidence submitted
could not justify denial under the evidentiary
standards established by the court, and so the
Board—with some dissent—approved both applications. 10 In each case, however, the majority
reserved judgment on the appropriateness of
applying the court's analysis in all circumstances.
THE BOARD
S PROPOSED
GUIDELINES
During reconsideration of the Republic and Mercantile cases, it became apparent that the requirements for information under the theory of
probable future competition could become extremely burdensome for applicants. Accordingly, the Board proposed for public comment
guidelines designed to determine whether a case
should be subject to intensive examination from
the standpoint of the theory. 11
The guidelines consisted of four criteria, each
responsive to one of the requirements that the
appellate court had imposed. For a proposal to
warrant intensive examination under the guidelines, it would usually have to fit the descriptions
in all four of the proposed criteria. However, the
guidelines were not rigid: the Board reserved the
right to require intensive examination of some
cases that did not fall fully within the guidelines,
and to excuse from such examination some applications that did. Moreover, the guidelines spoke
merely to procedure—to ways of deciding
whether a case would be subject to intensive
examination—and not directly to the disposition
of the case.
The first of the four criteria required that the
firm to be acquired be located in a highly concentrated market, defined as one for which the
three-firm concentration ratio was at least 75
percent. The proposed criterion contained a footnote indicating that the Board would take into
account, on a case-by-case basis, the competitive effects exerted by thrift institutions and
other near-banks on market concentration.
Second, the Board set at six the number of
probable future entrants, apart from the appli-
cant, that would determine whether the pool of
applicants was large enough to "vitiate" the
importance of the applicant as a potential competitor. The Board acknowledged that no single
number could be a true indicator in all circumstances, and that it intended six as a general
guideline. This criterion also defined a probable
future entrant as any commercial banking organization not already in the market that either was
one of the state's four largest or was a lowerranking organization with assets of $1 billion or
more (or $500 million or more if the state had no
lower-ranking organization with at least $1 billion in assets).
The third criterion presented difficult issues
because it addressed the subjective question of
the intent of an applicant to enter the market
independently. Because that intent is difficult to
measure objectively, the Board determined to
use the attractiveness of the market involved as a
proxy for the likelihood that the applicant would
enter independently. Accordingly, the third criterion required that the firm to be acquired be in
a standard metropolitan statistical area (SMSA)
and be in a market that had more than $250
million in deposits and had a rate of growth of
deposits in the two most recent years at least
matching that for its state or the country as a
whole.
Finally, the Board required that the firm to be
acquired be a "market leader," defined as any
firm that ranks among the top three firms in a
market, in terms of deposit holdings, and accounts for 10 percent or more of the market's
deposits. This criterion addressed the court's
requirement of a finding that alternative entry by
an applicant would likely result in deconcentration or have other significant procompetitive
effects.
The Board decided that a finding that the firm
to be acquired is a market leader could serve as a
proxy for a finding of likely procompetitive effects for two reasons. First, the preservation as
an independent organization of a leading firm
would likely have a significant procompetitive
effect, particularly for concentrated markets that
satisfied the other criteria. Second, given that the
acquiring firm intended to enter the market, this
criterion would encourage it to seek entry
through toehold acquisitions, or at least to enter
Applying the Theory of Probable Future Competition
on a smaller scale. The point again was to
encourage competition by preserving strong
competitors.
Public Reaction to the Proposal
The Board received thirty-three responses to its
request for comment on its proposed guidelines,
the most detailed of which was submitted by the
Department of Justice. Sixteen commentors supported the concept of objective guidelines, noting such beneficial effects as the reduction of
uncertainty on the part of prospective applicants
concerning permissible mergers and acquisitions, and increases in efficiency and reductions
in cost in the processing of applications. N o
commentors disapproved of the guidelines concept.
Most pervasive among the comments was the
argument that the Board should increase the
extent to which thrift institutions and nonbank
organizations offering banking services are considered banks. Commentors made this point with
regard not only to the market-concentration criterion, but also to the probable-future-entrants
criterion and the market-attractiveness criterion.
The Department of Justice supported the approach the Board adopted in its proposal: the
inclusion of thrift institutions and other organizations as warranted on a case-by-case basis.
Several comments regarding the market-concentration criterion asserted that the three-firm
concentration ratio of 75 percent was too high, or
that the Board should adopt the HerfindahlHirschman Index (HHI) as a measure of concentration.12 The Department of Justice, for example, advocated the use of the HHI as "a more
sensitive barometer" of market structure than
concentration ratios, and considered the Board's
75 percent three-firm concentration ratio to be
"inexplicably" high.
Many commentors expressed dissatisfaction
with the Board's use of the number six to define
the pool of potential entrants that would trigger
intensive examination. Some preferred a number
between one and three, claiming that a larger
number was unrealistic, or not required under
the theory of probable future competition. Others maintained that the choice of any single
531
number would be unsatisfactory, given the wide
differences in banking markets throughout the
country. The Department of Justice suggested
that the Board consider lowering the threshold
level when the Board became able accurately to
predict the likelihood of alternative entry.
Two aspects of the market-attractiveness criterion were most frequently criticized. First,
many commentors criticized the requirement
that the market be in an SMS A, asserting that
non-SMSA markets can be highly concentrated
and that the opportunity for oligopoly behavior is
greater in smaller markets. Second, several commentors criticized the use of a countrywide
growth rate in judging deposit growth in the
subject market. The usual ground for objection
was that because banking organizations are generally prevented from expanding beyond state
boundaries, a comparison with national growth
rates would not illuminate the issue of alternative
possibilities for acquisitions.
The Department of Justice expressed both
these views and also advocated elimination of
the market-attractiveness criterion. It maintained that the court's requirement in this area
might be so stringent as to make it questionable
whether the court's version of the doctrine could
be invoked successfully in actual litigation. The
department stated that, for the purposes of
guidelines, the applicant's attempt to enter the
market through merger or acquisition seemed
sufficient indication that the applicant found the
market attractive.
The department also requested the Board to
refrain from adopting a final version of its guidelines until the department's own new merger
guidelines were issued, on the ground that those
guidelines would establish an analytical approach that the Board should have an opportunity to consider before taking its final action.
Department
of Justice Merger
Guidelines
On June 14, 1982, the Department of Justice
released its new Merger Guidelines. 13 The guidelines addressed a broad range of issues, including
definition of product and geographic markets,
measurement of concentration, ease of entry,
and defenses. In one section, the department
532
Federal Reserve Bulletin • September 1982
addressed the theory of probable future competition and established a list of four "objective
factors" designed to identify mergers that the
department would be likely to challenge. The
guidelines indicate that the department will consider any "specific evidence" presented by parties proposing to merge showing that the inference of competitive harm drawn from the
objective factors is unreliable. 14 Although the
structures are similar, the department's guidelines differ from the Board's proposed guidelines
in several respects.
The department's first criterion sets an HHI of
1,800 as the threshold concentration level. The
department adds that, other things being equal, a
challenge is increasingly likely as this threshold
is exceeded. The Board's proposal measured
market concentration through a three-firm concentration ratio, rather than the HHI.
The department's second criterion addresses
the question of whether new entry into the
acquired firm's market can be accomplished by
firms without any specific entry advantage. The
department's new guidelines define ease of entry
in a relatively complicated manner, involving the
extent to which hypothetical increases in price
would encourage outside firms to enter. The
Board's proposed guidelines did not explicitly
address ease of entry and contained no hypothetical test of this kind.
According to the third criterion, the department is unlikely to challenge a market-extension
merger if three or more other firms have the
entry advantage ascribed to the acquiring firm.
As a general matter, the department will be
increasingly likely to challenge a merger as the
number of other similarly situated firms de-
creases below three and as the extent of the entry
advantage increases.
The final factor the department will consider is
the market share of the acquired firm. Under the
guidelines, the department is unlikely to challenge a market-extension merger when the acquired firm has a market share of 5 percent or
less; is increasingly likely to challenge as the
share increases; and is likely to challenge any
merger satisfying the other factors in which the
acquired firm's market share is 20 percent or
more. The Board's fourth criterion is roughly
similar, but uses a 10 percent threshold and
requires that the firm to be acquired hold one of
the three largest shares in the market.
CONCLUSION
The Board's determination of the final form of its
market-extension guidelines will greatly affect
the Board's application of the theory of probable
future competition. The determination may
thereby significantly influence the future structure of banking in the United States. In reaching
this determination, the Board will consider criticisms and suggestions from various sources,
including the Department of Justice, public commentors, and federal court decisions. The Board
will therefore be balancing such considerations
as the burden on banking organizations of compiling applications, the conformity of administrative practice with competitive theory, compliance with legal authority, and uniformity of
enforcement practices—all within the context of
fulfilling the Board's statutory responsibilities to
preserve competition in banking.
•
Applying the Theory of Probable Future Competition
533
FOOTNOTES
1. See 12 U.S.C. 1828(c)(5), 1842(c) respectively.
2. The Supreme Court stated a standard for existingcompetition analysis that uses the "significant increase" in
concentration and the "undue percentage share" language in
United States v. Philadelphia National Bank, 374 U.S. 321,
363 (1963).
3. See United States v. Marine Bancorporation, 418 U.S.
602, 639 (1974); United States v. FalstaffBrewing Corp., 410
U.S. 526, 537 (1973).
4. Mercantile Texas Corporation, FEDERAL RESERVE B U L LETIN, vol. 66 (May 1980), p. 423; Republic of Texas Corporation, FEDERAL RESERVE BULLETIN, vol. 66 (September
1980), p. 787.
5. Mercantile Texas Corporation v. Board of Governors,
638 F.2d 1255 (5th Circuit, 1981); Republic of Texas Corporation v. Board of Governors, 649 F.2d 1026 (5th Circuit, 1981).
6. The courts appear to view evidence of high concentration ratios as establishing a prima facie case that market
participants engage in anticompetitive behavior. See United
States v. Marine Bancorporation, 418 U.S. 630-31. See also,
for example, Mercantile Texas Corporation v. Board of
Governors, 638 F.2d 1266-67, and Republic of Texas Corporation v. Board of Governors, 649 F.2d 1044-46.
7. 638 F.2d 1268, 649 F.2d 1047.
8. 638 F.2d 1268.
9. 638 F.2d 1269, 649 F.2d 1047.
10. Mercantile Texas Corporation, FEDERAL RESERVE
BULLETIN, vol. 68 (January 1982), p. 53, (March 1982), p.
191; Republic of Texas Corporation, FEDERAL RESERVE
BULLETIN, vol. 68 (January 1982), p. 60 (March 1982), p. 195.
Governor Teeters dissented from both decisions, and Governor Rice dissented from the approval of Mercantile's application. Governor Teeters stated in each case that the standards
set by the court require evidence so subjective that the Board
would have great difficulty in enforcing them, and that the
facts of record, when viewed realistically, were sufficient to
support denial of the applications (ibid., pp. 193, 196).
Governor Rice shared some of Governor Teeters' concerns
regarding Mercantile's application, but discerned distinctions
between the two applications that in his view compelled
approval of Republic's application (ibid., p. 193).
11. Federal Register, vol. 47 (1982), p. 9017.
12. The Herfindahl-Hirschman Index of a particular market is equal to the sum of the squares of the market shares of
all firms competing in the market.
13. Federal Register, vol. 47 (1982), p. 38493.
14. Ibid., p. 38499-500.
535
Industrial Production
Released for publication
September
15
Industrial production declined an estimated 0.5
percent in August, reflecting continued cutbacks
in production of business equipment and a sharp
cut in output of motor vehicles. The decline in
August followed an increase of 0.1 percent in
July and a decline of 0.5 percent in June. The
percentage changes in June and July estimated a
month earlier were each revised upward 0.2
percentage point. At 138.0 percent of the 1967
average, the index for August was down 10.3
percent from its recent high in July 1981 and at
the lowest level since May 1977.
In market groupings, output of consumer
goods declined 1.2 percent in August, following
gains in each of the preceding three months that
averaged 0.9 percent. In recent months, auto
Annual rate, millions of units
1969-70=100
180
140
18
14
\
-MANUFACTURING
190
Nondurable
170
r
150
/
y
Durable
\
130
Domestic assemblies
1976
J
I
1978
I
1980
L
1982
1976
1978
1980
All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: August.
1982
110
536
Federal Reserve Bulletin • September 1982
1967 = 100
Percentage change from preceding month
1982
1982
Grouping
Julyp
Aug. e
Apr.
May
June
July
Aug.
Percentage
change,
Aug. 1981
to Aug.
1982
Major market groupings
Total industrial production
138.7
138.0
-1.1
-.7
-.5
.1
-.5
-10.2
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials
142.0
142.0
145.7
137.7
148.9
153.6
109.1
142.0
123.4
133.4
140.9
140.6
144.0
132.6
148.6
151.4
110.0
142.0
123.6
133.4
-.6
-.5
.4
2.0
-.1
-2.4
.2
-1.0
-1.6
-1.7
-.4
-.3
1.1
1.5
.9
-3.0
.5
-.8
-1.1
-1.4
-.4
-.2
.7
2.0
.3
-2.2
.2
-1.1
.7
-.5
.1
.1
.8
1.8
.3
-1.8
1.1
.6
.3
-.2
-.8
-1.0
-1.2
-3.7
-.2
-1.4
.8
.0
.2
.0
-7.7
-7.2
-3.7
-6.9
-2.6
-17.9
7.0
-9.4
-14.2
-14.0
Manufacturing
Durable
Nondurable
Mining
Utilities
137.9
125.9
155.3
120.6
169.8
137.2
124.5
155.4
119.1
169.7
-1.0
-1.2
-.8
-2.9
.6
.2
.3
.2
-2.6
.4
-.5
-1.1
.1
-1.2
-.1
-10.4
-13.2
-7.1
-18.4
-1.3
Major industry groupings
p Preliminary.
e Estimated.
-.2
-.5
.0
-4.0
-1.1
NOTE. Indexes are seasonally adjusted.
production has exceeded sales, resulting in excess dealers' inventories; in August, auto assemblies were reduced more than 16 percent to an
annual rate of 5.5 million units from a rate of 6.6
million units in July. Production of consumer
goods other than autos declined slightly in August. Output of business equipment was reduced
1.4 percent further in August and has now declined 18 percent since its peak in July 1981; this
decline compares with a reduction of 14.2 percent in the 1974-75 recession. Output of construction supplies edged up again in August, but
remained more than 14 percent below a year
earlier.
-.6
-.5
-.7
-3.9
-.1
Production of materials was unchanged in August, following small declines in June and July.
Production of parts for consumer durable goods
and for equipment was reduced, as was output of
energy materials; in contrast, production of nondurable materials rose.
In industry groupings, manufacturing output
was reduced 0.5 percent in August, following an
increase of 0.2 percent in July. Production of
durables was reduced 1.1 percent, reflecting cutbacks in motor vehicles, machinery, and metals.
Nondurable manufacturing was virtually unchanged in August, as was utility output. However, mining was again reduced sharply.
537
Announcements
CHANGES
IN DISCOUNT
RATE
The Federal Reserve Board approved a reduction in the basic discount rate from 11 percent to
101/2 percent, effective August 16, 1982. As in
other recent changes, the action was taken
against the background of moderate growth in
money, some indication of reduced credit demands at banks, and declines in market interest
rates.
The Board acted on requests from the directors of the Federal Reserve Banks of Boston,
New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
The Federal Reserve Board later approved a
reduction in the basic discount rate from IOV2
percent to 10 percent, effective August 27, 1982.
The action was taken to bring the discount rate
into better alignment with short-term market
interest rates.
The Board acted on requests from the directors of the Federal Reserve Banks of Boston,
New York, Philadelphia, Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City,
Dallas, and San Francisco. Subsequently, the
Board approved similar action by the directors of
the Federal Reserve Bank of Cleveland, effective
August 30, 1982.
The discount rate is the interest rate that
applies to borrowings from the District Federal
Reserve Banks.
REGULATION
Y.
AMENDMENT
The Federal Reserve Board has amended its
Regulation Y (Bank Holding Companies and
Change in Bank Control) and a related interpretation to clarify and expand the data processing
activities permissible for bank holding companies, effective September 25, 1982.
The Board's action followed approval in July
of an application by Citicorp to engage in similar
expanded data processing activities. The Board's
order approving the Citicorp application and its
amendment of Regulation Y reflect the Board's
consideration of public comment, a public hearing, and the findings of the administrative law
judge who conducted the hearings.
The Board's actions are set forth in an official
notice and are related to previous provisions of
Regulation Y, previous Board bank holding company actions, the amendment of Regulation Y as
proposed for comment, and the law judge's determinations. Highlights are as follows:
1. For the internal operations of the bank
holding company or the internal operations of its
subsidiaries, services provided may include data
processing and data transmission, including provision of data processing hardware, software,
documentation, and operating personnel.
2. For others, a bank holding company may
provide—when certain specified conditions are
met—data processing and transmission services,
facilities (defined to include hardware, software,
documentation, and operating personnel), or
data bases provided by any technologically feasible means, on condition that the data to be processed are financial, banking, or economic data.
In an accompanying interpretation, the Board
specified that in providing packaged data processing and transmission facilities a bank holding
company should provide facilities only for the
performance of banking functions, such as check
collection and the like, for depository or similar
institutions, such as mortgage companies. The
Board interpreted its regulation expanding permissible data processing services to include as
incidental activities the provision of excess data
processing capacity under specified restrictions,
and the provision of by-products of permissible
data processing and transmission activities when
they are not designed or appreciably enhanced
for marketing purposes.
538
Federal Reserve Bulletin • September 1982
REGULATION
Q
Interpretation
The Federal Reserve Board on August 24, 1982,
published an interpretation of its Regulation Q
(Interest on Deposits) concerning arrangements
a member bank may enter into in helping to
provide a secondary market for negotiable time
deposits issued by the bank.
Under the interpretation a member bank may
do the following:
1. Act on behalf of a depositor to find a
purchaser of the depositor's time deposit.
2. Enter into arrangements with an unaffiliated third party who stands ready to purchase
negotiable time deposits issued by the bank.
(Under such arrangements, payment of a fee or
provision of interim financing at other than market terms by a member bank is prohibited.)
3. Not enter into a reciprocal arrangement
with other depository institutions under which
each institution stands ready to purchase time
deposits issued by the others.
The Board believes the two types of transactions approved are not devices to avoid the
interest penalty required for payment of a time
deposit before maturity, while the third type of
transaction would constitute such a device.
Amendments
The Board on September 2, 1982, issued notice
of several amendments to its Regulation Q (Interest on Deposits).
One amendment permits member banks to
issue all time deposits in book-entry form (computer recorded) as an alternative to using paper
instruments.
The other amendments are technical changes
in the regulation to conform it to recent actions
concerning deposits by the Depository Institutions Deregulation Committee (DIDC).
MULTILATERAL
FINANCING
FOR
EXEMPTIONS
FROM
TRUTH IN LENDING
REQUIREMENTS
The Federal Reserve Board has granted exemptions, effective October 1, 1982, from certain
parts of the federal Truth in Lending Act to the
states of Maine and Connecticut. Exemptions
were granted on the grounds that consumer
credit protection legislation in these states met
the standards of the act for exemptions. The
Board also asked for public comment on requests
for exemptions from the states of Massachusetts,
Oklahoma, and Wyoming.
MEXICO
As part of a multilateral financial transition program being arranged with Mexico, the U.S.
Treasury Department and the Federal Reserve
on August 30, 1982, announced their participation in an arrangement, in cooperation with the
central banks of other Group of Ten countries,
Spain, and Switzerland, under the aegis of the
Bank for International Settlements, designed to
provide short-term financing to the Banco de
Mexico. 1 Financing available under the multilateral arrangement totals $1.85 billion, of which
the Treasury will provide $600 million and the
Federal Reserve $325 million through swap arrangements.
The multilateral financing is in support of
Mexico's efforts to strengthen its economic and
financial position. It provides for drawings by
Mexico in line with progress toward agreement
between the Mexican government and the International Monetary Fund on an economic adjustment program that will enable Mexico to qualify
for drawings under the IMF's Extended Fund
Facility.
The multilateral arrangement for short-term
financing is part of an interrelated program of
short-term and longer-term credits for Mexico.
The total program involves not only the BIS and
the IMF, but also Mexican discussions with
international banks regarding Mexico's external
debts.
This multilateral effort is designed to provide
an orderly transition to an economic adjustment
program that the Mexican government has announced it is developing.
1. The Group of Ten includes Belgium, Canada, France,
Germany, Italy, Japan, the Netherlands, Sweden, the United
Kingdom, and the United States.
Announcements
CHANGES
IN BOARD
STAFF
The Federal Reserve Board has announced the
following changes in its official staff, effective
August 30, 1982.
George E. Livingston, Assistant Controller,
has been named Controller.
David L. Robinson, Assistant Director, Division of Federal Reserve Bank Operations, has
been promoted to Associate Director in the Division.
C. William Schleicher, Jr., Assistant Director,
Division of Data Processing, has been made
Associate Director, Division of Federal Reserve
Bank Operations.
Anne M. DeBeer has been appointed Assistant
Director, Division of Federal Reserve Bank Operations. Ms. DeBeer, a member of the Board's
staff since 1974, holds a B.A. from the University
of Toronto and an M.A. and a D.P.A. from
George Washington University.
Jack Dennis, Jr., has been named Assistant
539
Director, Division of Federal Reserve Bank Operations. Mr. Dennis was with the Federal Reserve Bank of Minneapolis before joining the
Board's staff in 1976. He holds a B.A. from
Minneapolis Metropolitan State University and
an M.B.A. from Southern University.
The Board has also announced the retirement
of J. Cortland G. Peret, Deputy Associate Director, Division of Research and Statistics, effective
September 18, 1982.
SYSTEM
MEMBERSHIP:
ADMISSION
OF STATE
BANK
The following bank was admitted to membership
in the Federal Reserve System during the period
August 11 through September 10, 1982:
Texas
Fulshear
Fulshear State Bank
541
Record of Policy Actions of the
Federal Open Market Committee
Meetings Held on
June 30-July 1, 1982,
and on July 15, 19821
D o m e s t i c Policy Directive
The information reviewed at this
meeting suggested that real GNP had
changed little in the second quarter,
after declining at an annual rate of
3.7 percent in the first quarter, as
business inventory liquidation moderated from an extraordinary rate.
The rise in average prices, as measured by the fixed-weight price index for gross domestic business
product, appeared to have slowed
somewhat from the annual rate of
about 43A percent in the first quarter.
The nominal value of retail sales
rose IV2 percent further in May, according to the advance report. Sales
gains were widespread and were especially strong at automotive, general merchandise, and apparel outlets.
Unit sales of new domestic automobiles rose about I6V2 percent to an
annual rate of 6.4 million units. Auto
sales dropped sharply in the first 20
days of June, however, following the
1. At its meeting on June 30-July 1, 1982,
in accordance with the Full Employment and
Balanced Growth Act of 1978 (the HumphreyHawkins Act), the Committee reviewed its
ranges for growth of the monetary and credit
aggregates for the period from the fourth
quarter of 1981 to the fourth quarter of 1982
and gave preliminary consideration to the
objectives for monetary growth that might be
appropriate for 1983. The conclusion of the
Committee's consideration of the ranges was
deferred until July 15, 1982, owing to the long
interval before the date of Chairman
Volcker's testimony in conjunction with the
Board's midyear report under the act, which
was scheduled for July 20 before the Senate
Committee on Banking, Housing, and Urban
Affairs. The Board's report also was transmitted to the Congress on July 20.
termination of most purchase-incentive programs.
The index of industrial production
edged down 0.2 percent in May,
following declines of 0.8 percent in
each of the two preceding months.
Output of business equipment continued to drop sharply, and production of durable goods materials also
declined further. But production of
consumer durable goods rose markedly for the second month in a row,
reflecting primarily an appreciable
increase in automobile assemblies.
Nonfarm payroll employment was
essentially unchanged in May, after
having declined substantially in
March and April. In manufacturing,
job losses were appreciably less in
May than in the earlier months, and
the average workweek edged up 0.1
hour to 39.1 hours. In contrast to the
payroll data, the survey of households indicated a substantial increase in employment; but growth in
the civilian labor force was even
greater, and the unemployment rate
edged up 0.1 percentage point to 9.5
percent.
The Department of Commerce
survey of business spending plans
taken in late April and May suggested that current-dollar expenditures
for plant and equipment would rise
only 2lA percent in 1982, compared
with IVA percent reported in the February survey and an actual expansion of about 83/4 percent in 1981.
The survey results implied a year-toyear decline of about 2Vi percent in
real terms.
Private housing starts rose appreciably in May to an annual rate of 1.1
million units, exceeding a rate of 1
million units for the first time since
last July. Most of the May increase
542
Federal Reserve Bulletin • September 1982
was in the more volatile multifamily
sector: multifamily starts rose nearly
50 percent, compared with an increase of about 9 percent in singlefamily starts. Sales of new homes
increased substantially in May,
while sales of existing homes were
unchanged; total home sales were
nearly 25 percent below the level of
a year earlier.
The producer price index for finished goods changed little in May, as
sharp declines in prices of energyrelated items about offset increases
in prices of food and other consumer
goods and capital equipment. Over
the first five months of the year, the
index was virtually stable. The consumer price index, which had registered a small net increase over the
first four months of the year, rose 1
percent in May, reflecting sharp increases in the volatile homeownership and energy components of the
index and a considerable rise in food
prices. Through May, the rise in the
index of average hourly earnings
was at a significantly less rapid pace
than during 1981.
In foreign exchange markets the
trade-weighted value of the dollar
against major foreign currencies had
risen about 7 percent over the period
since the last FOMC meeting, to its
highest level since early 1971. The
strength of the dollar reflected a rise
in U.S. interest rates relative to foreign rates as well as heightened concerns because of hostilities in the
Middle East. The U.S. foreign trade
deficit in the first five months of 1982
was at a rate substantially less than
that in the fourth quarter of last year,
as imports declined more than exports.
At its meeting on May 18, the
Committee had reaffirmed the objectives for monetary growth established at its meeting at the end of
March; thus, it had decided to seek
behavior of reserve aggregates associated with growth of Ml and M2
from March to June at annual rates
of about 3 percent and 8 percent
respectively. The Committee had
also agreed that deviations from
these objectives should be evaluated
in light of changes in the relative
importance of NOW accounts as a
savings vehicle. The intermeeting
range for the federal funds rate,
which provides a mechanism for initiating further consultation of the
Committee, was set at 10 to 15 percent.
Ml declined at an annual rate of
about 2 percent in May, following
expansion at an annual rate of about
103/4 percent in April. The contraction was attributable to a sizable
decline in other checkable deposits,
which had exhibited extraordinary
growth over the preceding six
months. M2 grew at an annual rate
of about IOV2 percent in May, a little
above the rate in April.
Total credit outstanding at U.S.
commercial banks grew at an annual
rate of about 8V2 percent in May,
down slightly from the pace in April.
Growth in business loans, at an annual rate of nearly 19 percent, accounted for much of the rise in bank
credit, as most other categories of
loans and investments registered
only moderate growth or contraction. Business demands for credit,
especially
short-term credit,
were
exceptionally strong in May, as nonfinancial businesses also issued a
sizable volume of commercial paper.
Nonborrowed reserves, adjusted
to include extended credit from Federal Reserve Banks, expanded substantially in May, after having
changed little in April. Total reserves grew moderately, however,
as borrowing from Federal Reserve
Banks for purposes of adjusting reserve positions (including seasonal
borrowing) declined appreciably. In
the two statement weeks ending
June 23, such borrowing averaged
about $875 million, compared with
an average of about $940 million in
May.
The federal funds rate averaged
about 14^4 percent in the two statement weeks ending June 23, compared with around 14!/2 percent in
the days immediately preceding the
Committee meeting on May 18. The
Record of Policy Actions of the FOMC
rate moved toward 15 percent in the
days just before this meeting, influenced by the approach of the June 30
statement date. Most other interest
rates rose about xh to 1 Vz percentage
points over the intermeeting period.
The failure of one dealer in U.S.
government securities and difficulties being experienced by another
dealer heightened concerns about
credit risks throughout the securities
markets and induced some widening
of risk premiums. 2 The prime rate
charged by most commercial banks
on short-term business loans remained at I6V2 percent. Average
rates on new commitments for fixedrate mortgage loans at savings and
loan associations edged up slightly.
The staff projections presented at
this meeting suggested that real GNP
would grow at a moderate pace over
the year ahead but that the unemployment rate would remain near its
recent high level. The rise in prices,
as measured by the price index for
gross domestic business product,
was expected to pick up somewhat
in the second half of 1982 from the
substantially reduced rate in the first
half, but continued improvement in
the underlying trend was anticipated.
Views of Committee members
concerning prospects for economic
activity and the behavior of prices
generally were similar in character
to the staff projections. Consumption seemed likely to rise in response
to the 10 percent reduction in federal
income taxes at midyear, the concurrent cost-of-living increase in social security payments, and other
factors; and the extraordinary rate of
liquidation of business inventories in
the first half of 1982 also seemed
likely to contribute to some economic growth.
As had been the case at the May
meeting of the Committee, however,
2. Neither of these firms was on the Federal Reserve Bank of New York's list of primary dealers in U.S. government securities
that file reports on their operations with the
Bank's Market Reports Division.
several members commented that
the principal risks of a deviation
from the projection of moderate
growth in real GNP were on the
downside, and some expressed concern that any recovery could falter.
Business and consumer sentiment
was reported to have deteriorated
further, reflecting, among other
things, greater uneasiness about the
effects of high interest rates, increased bankruptcies, and difficulties affecting certain financial and
industrial institutions. In these circumstances, business and consumer
demands for liquidity might increase, rather than decline as many
expected, extending the contraction
in business capital expenditures and
limiting consumer outlays for housing and durable goods. Concerning
the prospective behavior of consumers, most statistical measures suggested that their liquidity was improving. The point was made,
however, that rapidly rising prices of
existing houses and readily available
mortgages, which were characteristic of earlier years, were no longer
providing stimulus for spending.
Starting in 1983, a significant volume
of balloon payments on earlier
house-purchase loans would mature.
Moreover, the recovery in activity
could be impeded by weak expansion abroad, by import-financing
problems of some major trading
partners of the United States, and by
the deterioration in the competitiveness of U.S. exports associated with
the sharp rise in the foreign-exchange value of the dollar.
It was stressed during the meeting
that considerable uncertainty remained about the size of the federal
budget deficit for fiscal 1983, as well
as for later years, although the recent congressional action on a budget resolution for the coming fiscal
year represented progress toward a
more restrained fiscal policy. To implement the resolution, a great deal
remained to be done in legislating
appropriations and additional revenues. Several Committee members
observed, moreover, that the deficit
543
544
Federal Reserve Bulletin • September 1982
would be considerably larger than
that contained in the resolution, only
in part because the latter was based
on relatively optimistic assumptions
concerning the performance of the
economy. The degree of progress in
reducing prospective federal deficits
would have a major impact on pressures in financial markets and thus
on the performance of such creditsensitive sectors as homebuilding
and business fixed investment. In
the absence of significant progress,
private investment outlays of all
types would be less than otherwise.
With respect to prices, the members noted that considerable progress had been made in reducing the
rate of increase but that the risks of
exacerbating inflationary expectations remained serious. In any case,
the underlying rate of inflation was
not so low as might be inferred from
the recent behavior of major indexes
of prices, and the rise in those indexes was generally expected to pick up
somewhat from the substantially reduced pace of 1982 to date.
At its meeting on February 1-2,
1982, the Committee had adopted
the following ranges for growth of
the monetary aggregates over the
year from the fourth quarter of 1981
to the fourth quarter of 1982: for M l ,
2Vi to 5Vi percent; for M2, 6 to 9
percent; and for M3, 6V2 to 9V2 percent. The associated range for bank
credit was 6 to 9 percent. In setting
the range for M l , the Committee
recognized that the level of that aggregate in January was well above
the average in the fourth quarter of
1981 but that it was too early to
judge conclusively the extent to
which the recent upsurge in growth
reflected temporary influences rather than a basic change in the amount
of money needed to finance growth
of nominal GNP. On the assumption
that the relationship between growth
of Ml and the expansion of nominal
GNP was likely to be closer to normal than it had been in 1981, and
given the relatively low base in the
fourth quarter of 1981, the Committee contemplated that growth of Ml
in 1982 might acceptably be in the
upper part of its range. The Committee also contemplated that growth of
M2 was likely to be high within its
range.
At this meeting, the Committee
reviewed its ranges for growth of the
monetary and credit aggregates for
the period from the fourth quarter of
1981 to the fourth quarter of 1982
and gave preliminary consideration
to objectives for monetary growth
that might be appropriate for 1983.
With respect to the current year, the
Committee noted that the levels of
the monetary aggregates in June
were slightly above the upper ends
of their ranges for 1982. The upsurge
in Ml in January was followed by
quite slow growth on average over
the next five months, and from the
fourth quarter of 1981 to June, Ml
had increased at an annual rate of 5.7
percent. Over the same period, M2
and M3 had grown at annual rates of
9.4 percent and 9.7 percent respectively.
Although the growth of Ml was
moderate over the first half of 1982,
it considerably exceeded the growth
of nominal GNP; in the first quarter,
the decline in the income velocity of
Ml was extraordinarily sharp. Similarly, the income velocity of the
broader monetary aggregates was
unusually weak in the first half. Given the persistence of relatively high
interest rates, the behavior of velocity in the first half suggested a heightened demand for Ml and M2.
The unusual demand for Ml in the
first half was concentrated in NOW
accounts and other interest-bearing
checkable deposits, which have
some characteristics of traditional
savings deposits. The enlarged share
of these accounts in Ml had made
this aggregate more sensitive to
changes in the public's desire to hold
highly liquid assets.
Growth of M2 as well as that of
Ml appeared to have been bolstered
in the first half of 1982 by increased
preferences for holding highly liquid
financial assets. Conventional savings deposits actually increased, af-
Record of Policy Actions of the FOMC 20
ter having contracted in the preceding four years, and money market
mutual funds continued to expand
strongly, although less so than in
1981. Altogether, the nontransaction
component of M2 (M2 less Ml) grew
at an annual rate of IOV2 percent
from the fourth quarter of 1981 to
June.
In reconsidering the ranges for
1982, Committee members remained
in agreement on the need to maintain
the commitment to the long-standing
goal of restraining growth of money
and credit in order to contribute to a
further reduction in the rate of inflation and provide the basis for restoration of economic stability and sustainable growth in output. At the
same time, the Committee took account of the need to provide sufficient monetary growth to encourage
recovery in economic activity over
the months ahead. Growth consistent with the current longer-run
ranges, quite possibly around the
upper end, was thought to be adequate in view of the sizable rise in
the velocity of money that generally
developed in the early stages of a
cyclical recovery in economic activity. Still, the members recognized
that regulatory actions and changes
in the public's preferences for various assets, as well as shifts in liquidity demands generally, would tend to
affect the velocity of money and
would need to be taken into account
in evaluating the behavior of the
monetary aggregates. To the extent
that precautionary demands for
money remained strong, for example, growth of the major monetary
aggregates near, or possibly somewhat above, the upper ends of their
ranges for 1982 might well be consistent with the Committee's general
policy objectives.
In the Committee's discussion at
this meeting, almost all members
preferred retention of the previously
established ranges for growth of the
monetary aggregates in 1982, with
the understanding that growth
around the upper ends of the ranges
would be acceptable, but some senti
ment was expressed for small upward adjustments in the ranges. Several members observed that any
increase in the ranges might well be
misinterpreted as a relaxation of the
Committee's commitment to the
long-run objective of restraining monetary growth and contributing to a
further reduction in the rate of inflation, thereby adversely affecting inflationary expectations and longterm interest rates. It was also noted
that minor adjustments in the ranges
might seem to suggest an unrealistic
degree of precision with which monetary growth could be controlled and
might not be sufficient in any case to
allow for a temporary bulge related
to exceptional demands for liquidity,
should they develop.
With respect to 1983, most members felt that the current ranges for
1982 could appropriately be retained; but they recognized that, in
light of all the current uncertainties
surrounding the economic, financial,
and federal budgetary outlook,
ranges adopted at this time would be
especially tentative. The current
ranges would be consistent with a
reduction in monetary growth in
1983 if, as seemed likely, growth of
the monetary aggregates in 1982 was
around the upper ends of their
ranges. Some sentiment was expressed for a reduction in the ranges
for 1983, particularly if those for
1982 were raised, in line with the
general objective of reducing monetary growth gradually over time.
The implications for monetary
policy of the recent congressional
action on a budget resolution were
considered at some length. Committee members generally felt that a
firm follow-through in current efforts
to reduce budgetary deficits should
contribute to easing financial market
strains within the context of the current ranges for monetary growth; to
help assure that result, in their view,
it was important that action beyond
the magnitude incorporated in the
first budget resolution be taken affecting future years. It was not
thought that the budgetary effort it-
546
Federal Reserve Bulletin • September 1982
self would warrant even greater
growth in the monetary aggregates
than was being contemplated. Excessive monetary growth would tend
to work against the benefits of an
improved budgetary outlook in curbing inflation and inflationary expectations. The Committee concluded
its discussion and reached a decision
on the longer-run ranges during a
telephone conference on July 15,
1982.
The Committee considered policy
for the period from June to September in light of the apparent consensus for retaining the previously established ranges for growth of the
monetary aggregates over the year,
with the understanding that growth
near, or for a time somewhat above,
the upper ends of those ranges
would be acceptable depending on
emerging strength of liquidity demands in a period of economic uncertainty. The data becoming available at the time of the meeting
indicated that growth of Ml had
weakened appreciably after midJune and that growth of both Ml and
M2 over the whole period from
March to June apparently had been
in line with the Committee's objectives for growth over that period at
annual rates of about 3 percent and 8
percent respectively. The levels of
Ml and M2 in June, as noted earlier,
were just slightly above the upper
ends of their ranges for 1982.
Evaluating the behavior of Ml and
implementing policy in the period
immediately ahead would be complicated by a number of special influences. The midyear reduction in
withholding rates for federal income
taxes and the cost-of-living increase
in social security payments were
generally expected to lead to some
bulge in monetary growth in July. It
was also expected, however, that
any such bulge would be offset in
ensuing months. More fundamentally, some easing in demands for liquidity and precautionary balances,
and a concomitant increase in the
income velocity of money, was anticipated over the months ahead, but
the public's liquidity preferences
could not be predicted with much
confidence, especially in the current
environment of financial strains.
Given these problems, most members stressed the need for flexibility
in interpreting the behavior of the
monetary aggregates in the period
ahead. Thus, while still aiming to
provide moderate monetary growth
consistent with the objectives for
growth over the year, those members would be willing to tolerate a
bulge early in the period to the extent that it appeared to be a temporary effect of the tax reduction and
increased social security payments,
perhaps compounded by seasonal
adjustment problems. They would
also accept somewhat faster growth
over the quarter as a whole if it
appeared that demands for liquidity
and precautionary balances were not
easing as anticipated. In general,
they wished to guard against the
possibility that short-term aberrations in the behavior of money or
exceptional demands for liquidity in
circumstances of unusual uncertainty would generate financial market
pressures that would impede the
prospective recovery in output.
A few members of the Committee
were concerned that accommodation of much of a bulge in monetary
growth in July or a relatively rapid
expansion over the summer months
as a whole might jeopardize prospects for achieving the monetary objectives for the year and thus would
risk exacerbating inflationary expectations. Accordingly, they believed
that tendencies toward such monetary growth rates in the months
ahead should be met by increased
pressures on bank reserve positions
and in the money market.
On the other hand, one member
advocated a strategy directed toward a prompt easing of money market conditions with a view to promoting reductions in short-term
interest rates. It was also suggested
by one member that the Committee
adopt an effective ceiling of 15 percent for fluctuations in the federal
Record
funds rate o v e r the w e e k s until the
next scheduled meeting, in an effort
to avoid any significant backing up
of interest rates in the current environment and to strengthen p r o s p e c t s
for the anticipated r e c o v e r y in e c o n o m i c activity. Several m e m b e r s observed, h o w e v e r , that such a strategy w a s more likely to be v i e w e d as a
fundamental change in the Committ e e ' s approach to targeting monetary
growth and w o u l d h a v e adverse market reactions b e c a u s e of its potential
for producing an unduly rapid expansion in bank r e s e r v e s and money.
A t the c o n c l u s i o n of the discussion, the C o m m i t t e e agreed to seek
behavior of reserve aggregates a s s o ciated with growth of M l and M 2
from June to S e p t e m b e r at annual
rates of about 5 percent and about 9
percent respectively. It decided that
s o m e w h a t more rapid growth w o u l d
be acceptable depending on evid e n c e that e c o n o m i c and financial
uncertainties w e r e leading to e x c e p tional liquidity d e m a n d s . It w a s also
noted that seasonal uncertainties, together with increased social security
p a y m e n t s and the initial impact of
the tax cut o n c a s h balances, might
lead to a temporary bulge in the
monetary aggregates, particularly
M l . T h e intermeeting range for the
federal funds rate, w h i c h provides a
m e c h a n i s m for initiating further consultation of the C o m m i t t e e , w a s c o n tinued at 10 to 15 percent.
T h e f o l l o w i n g d o m e s t i c p o l i c y directive w a s transmitted to the Federal R e s e r v e Bank of N e w York:
The information reviewed at this meeting suggests that real GNP changed little
in the second quarter, after the appreciable further decline in the first quarter, as
business inventory liquidation moderated from an extraordinary rate. In May
the nominal value of retail sales continued to pick up, while industrial production declined only a little further and
nonfarm payroll employment was essentially unchanged. The unemployment
rate edged up 0.1 percentage point to 9.5
percent. Housing starts rose appreciably
from a depressed level.
The price index for gross domestic
business product appears to have risen at
of Policy
Actions
of the FOMC
a relatively slow rate in the second quarter. Over the first five months of this
year the producer price index for finished goods was virtually stable, and the
advance in the index of average hourly
earnings remained at a reduced pace.
The consumer price index rose sharply
in May, after a small net increase over
the preceding four months.
The weighted average value of the
dollar against major foreign currencies
has risen sharply over the past month,
reaching its highest level since early
1971, in response to a rise in U.S. interest rates relative to foreign rates as well
as to hostilities in the Middle East. The
U.S. foreign trade deficit in the first five
months of 1982 was at a rate substantially less than in the fourth quarter of last
year, as imports declined more than exports.
Ml declined somewhat in May, after
its sharp rise in April, while growth of
M2 remained substantial. Business demands for credit, especially short-term
credit, were exceptionally strong. Shortterm market interest rates and bond
yields generally have risen since late
May, and mortgage interest rates have
increased.
The Federal Open Market Committee
seeks to foster monetary and financial
conditions that will help to reduce inflation, promote a resumption of growth in
output on a sustainable basis, and contribute to a sustainable pattern of international transactions. At its meeting in
early February, the Committee agreed
that its objectives would be furthered by
growth of M l , M2, and M3 from the
fourth quarter of 1981 to the fourth quarter of 1982 within ranges of 2Vz to 5Vz
percent, 6 to 9 percent, and 6V2 to 9'/2
percent respectively. The associated
range for bank credit was 6 to 9 percent.
These ranges were under review at this
meeting.
In the short run, the Committee seeks
behavior of reserve aggregates consistent with growth of Ml and M2 from June
to September at annual rates of about 5
percent and about 9 percent respectively. Somewhat more rapid growth would
be acceptable depending on evidence
that economic and financial uncertainties
are leading to exceptional liquidity demands and changes in financial asset
holdings. It was also noted that seasonal
uncertainties, together with increased
social security payments and the initial
impact of the tax cut on cash balances,
might lead to a temporary bulge in the
monetary aggregates, particularly M l .
The Chairman may call for Committee
consultation if it appears to the Manager
for Domestic Operations that pursuit of
the monetary objectives and related reserve paths during the period before the
547
548
Federal Reserve Bulletin • September 1982
next meeting is likely to be associated
with a federal funds rate persistently
outside a range of 10 to 15 percent.
Votes for this action: Messrs.
Volcker, Solomon, Balles, Gramley,
Martin, Partee, Rice, and Keehn.
Votes against this action: Messrs.
Black, Ford, Mrs. Teeters, and Mr.
Wallich. Mr. Keehn voted as alternate for Mrs. Horn.
Messrs. Black, Ford, and Wallich
dissented from this action because
they favored a policy for the period
immediately ahead that was firmly
directed toward bringing growth of
Ml down to its range for 1982 by the
end of the year. They were concerned that accommodation of relatively rapid growth over the summer
months might jeopardize achievement of the monetary objectives for
the year and thus would risk exacerbating inflationary expectations. Accordingly, they believed that tendencies toward rapid monetary expansion in the months immediately
ahead should be met by greater pressures on bank reserve positions and
in the money market.
Mrs. Teeters dissented from this
action because she favored specification of somewhat higher rates for
monetary growth during the third
quarter along with an approach to
operations early in the period that
would clearly signal an easing in
policy. In her opinion, policy at this
point should be directed toward exerting downward pressure on shortterm interest rates in order to promote recovery in output and
employment.
At a telephone meeting on July 15,
the Committee concluded its review
of the ranges for growth of the monetary aggregates in 1982 and the tentative ranges for 1983 and took the
following actions.
The Committee reaffirmed the following ranges for growth of the monetary
aggregates over the year from the fourth
quarter of 1981 to the fourth quarter of
1982 that it had adopted in early February: for M l , 2V2 to 5V2 percent; for M2, 6
to 9 percent; and for M3, 6V2 to 9Vi
percent. The associated range for bank
credit was 6 to 9 percent. At the same
time, the Committee agreed that growth
in the monetary and credit aggregates
around the top of the indicated ranges
would be acceptable in the light of the
relatively low base period for the Ml
target and other factors, and that it
would tolerate for some period of time
growth somewhat above the target range
should unusual precautionary demands
for money and liquidity be evident in the
light of current economic uncertainties.
Votes for this action: Messrs.
Volcker, Solomon, Balles, Black,
Ford, Mrs. Horn, Messrs. Martin,
and Partee. Vote against this action:
Mrs. Teeters. Absent and not voting:
Messrs. Gramley, Rice, and Wallich.
Mrs. Teeters dissented from this
action because she favored an explicit statement that growth of Ml
above the upper end of the Committee's range for 1982 by 1 percentage
point, or even as much as IV2 percentage points, might be acceptable.
In her opinion, it was important to
indicate the acceptable degree of
growth of Ml above the range in
order to foster market behavior that
would lower interest rates and enhance the prospects for sustaining
recovery in output and employment.
The Committee indicated that for 1983
it was tentatively planning to continue
the current ranges for 1982, but would
review that decision carefully in the light
of developments over the remainder of
1982.
Votes for this action: Messrs.
Volcker, Solomon, Balles, Black,
Ford, Mrs. Horn, Messrs. Martin,
Partee, and Mrs. Teeters. Votes
against this action: None. Absent and
not voting: Messrs. Gramley, Rice,
and Wallich.
Shortly
afterwards,
Messrs.
Gramley, Rice, and Wallich, who
had been unable to attend the meeting on July 15 but who had been
present for the main discussion of
the longer-run ranges for monetary
growth held at the meeting on June
30-July 1, associated themselves
with the Committee in its actions
with respect to the ranges for both
1982 and 1983.
Following the Committee's actions on July 15, the next to last
Record of Policy Actions of the FOMC
paragraph of the domestic policy directive adopted at its meeting on
June 30-July 1 read as follows:
The Federal Open Market Committee
seeks to foster monetary and financial
conditions that will help to reduce inflation, promote a resumption of growth in
output on a sustainable basis, and contribute to a sustainable pattern of international transactions. At its meeting in
early February, the Committee had
agreed that its objectives would be furthered by growth of M l , M2, and M3
from the fourth quarter of 1981 to the
fourth quarter of 1982 within ranges of
2Vi to 5V2 percent, 6 to 9 percent, and 6V2
to W2 percent respectively. The associated range for bank credit was 6 to 9
percent. The Committee began a review
of these ranges at its meeting on June 3 0 July 1, and at a meeting on July 15, it
reaffirmed the targets for the year set in
February. At the same time the Committee agreed that growth in the monetary
and credit aggregates around the top of
the indicated ranges would be acceptable
in the light of the relatively low base
period for the M l target and other factors, and that it would tolerate for some
period of time growth somewhat above
the target range should unusual precautionary demands for money and liquidity
be evident in the light of current economic uncertainties. The Committee also indicated it was tentatively planning to
continue the current ranges for 1983, but
would review that decision carefully in
the light of developments over the remainder of 1982.
Records of policy actions taken by the Federal Open Market Committee at each meeting, in the
form in which they will appear in the Board's Annual Report, are made available a few days
after the next regularly scheduled meeting and are later published in the B U L L E T I N .
549
551
Legal Developments
AMENDMENTS
TO REGULATION
A
Federal Reserve Bank of
The Board of Governors of the Federal Reserve System has amended its Regulation A Extensions of
Credit by Federal Reserve Banks (12 CFR Part 201),
for the purpose of adjusting discount rates with a view
of accommodating commerce and business in accordance with other related rates and the general credit
situation of the country.
Effective July 20, 1982, the Board acted to amend
Regulation A to reduce the discount rate to 11 xh per
cent. On August 2, 1982, the Board amended Regulation A to reduce the discount rate to 11 per cent.
Effective August 16, 1982, sections 201.51 and
201.52 of Regulation A were amended as set forth
below:
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
10'/2
101/2
10>/2
101/2
101/2
101/2
101/2
101/2
10'/2
10'/2
10'/2
101/2
Section 201.51—Short Term Adjustment Credit
for Depository Institutions
The rates for short term adjustment credit provided to
depository institutions under § 201.3(a) of Regulation
A are:
Effective
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
(b) The rates for other extended credit provided to
depository institutions under sustained liquidity pressures or where there are exceptional circumstances or
practices involving a particular institution under
§ 201.3(b)(2) of Regulation A are:
Federal Reserve Bank of
Part 201—Extensions of Credit by Federal
Reserve Banks
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate
101/2
10'/2
101/2
10'/2
10'/2
10'/2
10'/2
101/2
101/2
10'/2
101/2
lOi/2
Effective
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
Note. These rates apply for the first 60 days of borrowing. A 1 per
cent surcharge applies for borrowing during the next 90 days, and a 2
per cent surcharge applies for borrowing thereafter.
Federal Reserve Bank of
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate
\m
101/2
10'/2
10'/2
10'/2
10'/2
\m
101/2
101/2
10'/2
10'/2
10'/2
Effective
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
Section 201.52—Extended credit to
Depository Institutions
(a) The rates for seasonal credit extended to depository institutions under § 201.3(b)(1) of Regulation A
are:
AMENDMENTS
TO REGULATION
D
The Board of Governors of the Federal Reserve System has amended its Regulation D—Reserve Requirements of Depository Institutions (12 CFR Part 204) to
define the new 7 to 13 day deposit category authorized
by the Depository Institutions Deregulation Committee ("DIDC") as a "time deposit" for purposes of
Regulation D. Accordingly, these deposits will be
subject to no basic reserve requirements if they are
personal time deposits and to a 3 per cent reserve
requirement if they are nonpersonal time deposits. All
other deposit categories, with original maturities or
notice periods of less than 14 days, will continue to be
defined as "demand deposits" and subject to transaction account reserve requirements.
552
Federal Reserve Bulletin • September 1982
Effective September 1, 1982, subparagraph 204.2
(b)(2) is amended, and subparagraphs 204.2(c)(1)
(i)(E) and (ii) are revised and a new subparagraph (iii)
is added as set forth below:
a transaction account under section 204.2(e) of
this Part.
AMENDMENT
Part 204—Reserve Requirements
Institutions
of
TO REGULATION
Q
Depository
Section 204.2—Definitions
(b) * * *
(2) A "demand deposit" does not include (i) checks
or drafts drawn by the depository institution on the
Federal Reserve or on another depository institution; (ii) a deposit or account issued pursuant to
12 CFR 1204.121, including those with an original
maturity or required notice period of seven to 13
days; or (iii) for depository institutions not subject
to the rules of the Depository Institutions Deregulation Committee under 12 U.S.C. § 3501 et seq., a
deposit or account issued with an original maturity
or required notice period of 7 to 13 days if such
deposit or account is nonnegotiable, subject to a
minimum balance of $20,000, and not otherwise a
transaction account under section 204.2(e) of this
Part.
The Board of Governors of the Federal Reserve System has amended Regulation Q—Interest on Deposits
(12 CFR Part 217) to permit member banks to issue
automatically renewable repurchase agreements on
U.S. government or agency securities ("RPs") of less
than $100,000 with maturities of 89 days or less exempt
from Federal interest rate ceilings. In addition, member banks will be permitted to issue small denomination RPs with maturities of 90 days or more exempt
from interest rate ceilings.
Effective August 23, 1982, subparagraph 217.1(f)(2)
is amended to read as follows:
Part 217—Interest on
Deposits
Section 217.1—Definitions
(f) * * *
(2) Evidences an indebtedness arising from a transfer of direct obligations of, or obligations that are
fully guaranteed as to principal and interest by, the
United States or any agency thereof that the bank is
obligated to repurchase;
(1) * * *
^••j * * *
(E) that constitute a "savings deposit" which
is not regarded as a "transaction account;"
(ii) borrowings, regardless of maturity, represented by a promissory note, an acknowledgment
of advance, or similar obligation described in
section 204.2(a)(l)(vii) that is issued to any office
located outside the United States of another depository institution or Edge or agreement corporation organized under the laws of the United
States, to any office located outside the United
States of a foreign bank, or to institutions whose
time deposits are exempt from interest rate limitations under section 217.3(g) of Regulation Q
(12 CFR 217.3(g)); and
(iii) a deposit or account issued pursuant to
12 CFR § 1204.121, including those with an original maturity or required notice period of 7 to 13
days; or for depository institutions not subject to
the rules of the Depository Institutions Deregulation Committee under 12 U.S.C. § 3501 et seq., a
deposit or account issued with an original maturity or required notice period of 7 to 13 days if such
deposit or account is nonnegotiable, subject to a
minimum balance of $20,000, and is not otherwise
AMENDMENT
TO REGULATION
Y
The Board of Governors of the Federal Reserve System is amending its Regulation Y—Bank Holding
Companies and Change in Bank Control (12 CFR
Part 225) to clarify and expand the scope of permissible data processing activities in which a bank holding
company may engage. The revised interpretation describes certain activities the Board considers incidental to permissible data processing and data transmission activities.
Effective September 25, 1982, section 225.4 is
amended by revising paragraph (a)(8) to read as follows:
Part 225—Bank Holding Companies
Change in Bank Control
and
Section 225.4—Nonbanking Activities
(a) * * *
(8)(i) Providing data processing and data transmission services, data bases or facilities (including data
processing and data transmission hardware, soft-
Legal Developments
ware, documentation, and operating personnel) for
the internal operations of the holding company or its
subsidiaries;
(ii) Providing to others data processing and transmission services, facilities, data bases or access to
such services, facilities, or data bases by any technologically feasible means, where:
(A) Data to be processed or furnished are financial, banking or economic, and the services
are provided pursuant to a written agreement so
describing and limiting the services;
(B) The facilities are designed, marketed, and
operated for the processing and transmisison of
financial, banking or economic data; and
(C) Hardware in connection therewith is offered only in conjunction with software designed
and marketed for the processing and transmission
of financial, banking or economic data, and where
the general purpose hardware does not constitute
more than 30 percent of the cost of any packaged
offering.
BANK HOLDING COMPANY AND BANK
MERGER
ORDERS ISSUED BY THE BOARD OF
GOVERNORS
Orders Under Section 3 of Bank Holding
Company Act
Colorado National Bankshares, Inc.,
Denver, Colorado
Order Approving Acquisition
of Bank
Colorado National Bankshares, Inc., Denver, Colorado ("Applicant"), a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board's approval under section 3(a)(3)
of the act (12 U.S.C. § 1842(a)(3)) to acquire 100
percent of The Exchange National Bank of Colorado
Springs, Colorado Springs, Colorado ("Bank").
Notice of this application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, the fourth largest commercial banking
organization in Colorado, controls 21 subsidiary banks
with consolidated deposits of $1.2 billion, representing
10.0 percent of total deposits in commercial banks in
the state. 1 Bank, is the tenth largest banking organiza-
1. All banking data as of December 31, 1981.
553
tion in Colorado, with consolidated deposits of $168.6
million representing 1.2 percent of total deposits in
commercial banks in the state. Upon consummation of
the proposed transaction, Applicant would become the
third largest banking organization in Colorado, and its
share of total deposits in commercial banks in the state
would increase to 11.2 percent. While the size of the
organizations involved is significant, consummation of
this proposal will not significantly affect statewide
concentration or statewide banking structure.
Bank is the second largest banking organization in
the Colorado Springs banking market and controls
17.7 percent of that market's commercial bank deposits. 2 Because Applicant does not currently operate in
this market, consummation of the proposed transaction would not increase the concentration of banking
resources or reduce the number of competitors in the
market. Accordingly, the Board concludes that the
proposed transaction would have no adverse effects on
existing competition in the market.
The Board has also considered the effects that this
acquisition will have on probable future competition in
light of its proposed guidelines for assessing the competitive effects of bank holding company acquisitions
and mergers. 3 Under these guidelines, the Board will
make an intensive examination of a proposed acquisition's effects on potential competition where the market involved is concentrated, where there are only a
small number of probable future entrants into the
market, where the market is attractive for entry, and
the firm to be acquired is a market leader. Two of the
four criteria established under the guidelines are present in this case. Bank, the second largest banking
organization in the market with a 17.7 percent share of
total market commercial banking deposits, is a dominant competitor in the market. Moreover, the banking
structure of Colorado is such that there are no more
than four banking organizations in the state that are
potential market entrants. However, other relevant
market data do not satisfy the remaining criteria. The
Colorado Springs market, with a three-firm deposit
concentration ratio of 56.4 percent and a Herfindahl
index of 1338, is not considered a highly concentrated
banking market. Furthermore, the market is not attractive for de novo entry as defined under the guidelines because the average growth rate of market depos-
2. The Colorado Springs banking market is approximated by the
Colorado Springs RMA.
3. "Policy Statement of the Board of Governors of the Federal
Reserve System in Assessing Competitive Factors Under the Bank
Merger Act and the Bank Holding Company Act", 47 Federal
Register 9017 (March 3, 1982). Although the proposed policy statement has not been approved by the Board, the Board is applying the
policy guidelines to all applications to determine whether further
scrutiny is warranted for anticompetitive effects. See, "Shawmut
C o r p o r a t i o n " , 6 8 F E D E R A L RESERVE B U L L E T I N 3 0 9 ( M a y
1982).
554
Federal Reserve Bulletin • September 1982
its during the last two years (9.3 percent) is less than
the corresponding national rate (9.6 percent) and the
corresponding Colorado rate (16.6 percent). In light of
all the facts of the record the Board does not consider
that consummation of the proposed acquisition will
have such adverse effects on probable future competition in the Colorado Springs market as to warrant
denial.
The financial and managerial resources and future
prospects of Applicant, its subsidiaries and Bank are
regarded as generally satisfactory. Considerations relating to banking factors are consistent with approval.
Moreover, considerations relating to the convenience
and needs of the community to be served are consistent with approval.
On the basis of the record, this application is approved for the reasons summarized above. The transaction shall not be made before the thirtieth calender
day following the effective date of this Order, or later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of
Kansas City acting pursuant to delegated authority.
By Order of the Board of Governors, effective
August 31, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Teeters, and Gramley. Absent and not
voting: Governors Partee and Rice.
(Signed) W I L L I A M W .
Secretary of the
[SEAL]
WILES,
Board.
Em Kay Financing Corp.,
Panama, Panama
Em Kay Holding Corp.,
New York, New York
Order Approving
Companies
Formation
of Bank
Holding
Em Kay Financing Corp. ("Financing"), Panama,
Panama, and its 90 percent-owned subsidiary, Em Kay
Holding Corp. ("Holding"), N e w York, N e w York
(collectively referred to as "Applicants"), have applied for the Board's approval under section 3(a)(1) of
the Bank Holding Company Act (12 U . S . C .
§ 1842(a)(1)) to become bank holding companies by
acquiring 67 percent or more of the voting shares of
Village Bank of N e w Jersey ("Bank"), South Orange,
N e w Jersey.
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired
and the Board has considered the applications and all
comments received in light of the factors set forth in
section 3(c) of the act.
Applicants are non-operating corporations organized for the purpose of becoming bank holding companies by acquiring Bank. Financing, a corporation
organized under the laws of Panama, owns 90 percent
of the outstanding stock of Holding, which is organized under the laws of N e w Jersey. Upon acquisition
of Bank (deposits of $47.1 million), Applicants will
control the 68th largest commercial bank in N e w
Jersey with 0.2 percent of the total deposits in commercial banks in that state. 1
Bank is the 20th largest of 37 commercial banks in
the relevant banking market 2 and controls 0.7 percent
of the total deposits in commercial banks in the local
market. Inasmuch as Applicants and their principals
control no other banks in the United States, consummation of the proposed transaction would have no
adverse effects on either existing or potential competition in the market, and would not increase the concentration of resources in any relevant area. Therefore,
competitive considerations are consistent with approval of the applications.
The financial and managerial resources of Applicants and Bank are considered generally satisfactory
and the future propsects of each appear favorable,
especially in light of the additional capital that Applicants intend to furnish Bank. Thus, considerations
relating to banking factors lend some weight to approval of the applications. Applicants also propose to
increase commercial lending by Bank to mid-sized
businesses and to expand Bank's branch network.
Therefore, considerations relating to the convenience
and needs of the community to be served also lend
some weight toward approval of these applications.
Accordingly, the Board has determined that consummation of the transaction would be in the public
interest and that the applications should be approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
transaction shall not be made before the thirtieth
calendar day following the effective date of this Order,
or later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board or by the Federal Reserve Bank of
N e w York, pursuant to delegated authority.
1. Banking data are as of June 30, 1980.
2. The relevant market is the Greater Newark market which is
approximated by all or part of Bergen, E s s e x , Hudson, Morris, and
Union Counties, N e w Jersey.
Legal Developments
By order of the Board of Governors, effective
August 30, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Teeters, and Gramley. Absent and not
voting: Governors Partee and Rice.
(Signed) W I L L I A M W .
Secretary of the
[SEAL]
WILES,
Board.
First American Bank Corporation,
Kalamazoo, Michigan
Order Approving
Companies
Merger of Bank
Holding
First American Bank Corporation, Kalamazoo, Michigan ("Applicant"), has applied for the Board's approval under section 3(a)(5) of the Bank Holding
Company Act (12 U . S . C . § 1842(a)(5)) to merge with
Mid Michigan Bank Corporation, Gladwin, Michigan
("Mid Michigan"), and thereby acquire its subsidiary
bank, Mid Michigan Bank, Gladwin, Michigan
("Bank"). Upon approval of the merger, Mid Michigan would cease to exist, and Bank would become a
subsidiary of Applicant.
Notice of the application, affording an opportunity
for interested persons to submit comments and views,
has been given in accordance with section 3(b) of the
act. The time for filing comments and views has
expired, and the Board has considered the application
and all comments received in light of the factors set
forth in section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, the fifth largest banking organization in
the state of Michigan, controls 27 subsidiary banks
with aggregate deposits of $3.06 billion, representing
7.04 percent of total deposits in commercial banks in
that state. Bank is the 117th largest commercial bank
in Michigan, controlling total deposits of $63.0 million,
representing 0.15 percent of commercial bank deposits
in the state. Consummation of this proposal would
increase Applicant's aggregate deposits statewide to
approximately $3.12 billion, or 7.19 percent of total
commercial bank deposits in the state 1 and Applicant
would retain its ranking as the fifth largest commercial
banking organization in Michigan. Thus, the Board
concludes that consummation of the transaction would
have no significant effects upon the concentration of
banking resources in Michigan.
Bank competes in three banking markets, the Standish-West Branch market, the Bay City-Saginaw mar-
1. All banking data are as of June 30, 1981.
555
ket, and the Mt. Pleasant market and controls 0.2, 2.3,
and 9.1 percent of the markets' deposits in commercial
banks, respectively. 2 Because Applicant currently
does not operate in these markets, consummation of
the proposal would have no adverse effects on competition in any relevant market and would not increase
the concentration of resources in any relevant area.
Accordingly, the Board concludes that competitive
considerations are consistent with approval.
The financial and managerial resources and future
propsects of Applicant, its subsidiary banks, and Bank
are considered generally satisfactory and consistent
with approval. While some new or expanded services
may result from approval of this proposal, there is no
evidence in the record indicating that the banking
needs of the community to be served are not being
met. Considerations relating to the convenience and
needs of the community to be served are consistent
with approval. Accordingly, the Board has determined
that consummation of the transaction would be consistent with the public interest and that the application
should be approved.
On the basis of the record, the application is approved for the reasons summarized above. The transaction shall not be made before the thirtieth calendar
day following the effective date of this Order or later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of
Chicago, acting pursuant to delegated authority.
By order of the Board of Governors, effective
August 30, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Teeters, and Gramley. Absent and not
voting: Governors Partee and Rice.
[SEAL]
(Signed) W I L L I A M W .
Secretary of the
WILES,
Board.
Harris Bankcorp, Inc.,
Chicago, Illinois
Order Approving
Acquisition
of Bank
Harris Bankcorp, Inc., Chicago, Illinois, a bank holding company within the meaning of the Bank Holding
Company Act, has applied for the Board's approval
2. The Standish-West Branch market is approximated by Arenac
and Ogemaw Counties, the western half of I o s c o County, and Curtis
Township in Alcona County, Michigan. The Bay City-Saginaw market includes Bay, Midland, and Gladwin Counties, plus the northern
three-fourths of Saginaw County, Michigan. The Mt. Pleasant market
is defined as Isabella and Clare Counties, Michigan.
556
Federal Reserve Bulletin • September 1982
under section 3(a)(3) of the act (12 U.S.C. § 1842(a)(3))
to acquire 100 percent of the voting shares of the
successor by merger to Roselle State Bank and Trust
Company, Roselle, Illinois ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act
(12 U.S.C. § 1842(b)). The time for filing comments
and views has expired, and the Board has considered
the application and all comments received in light of
the factors set forth in section 3(c) of the act
(12 U.S.C. § 1842(c)).
Applicant, the third largest bank holding company in
Illinois, controls one subsidiary bank, Harris Trust
and Savings Bank, Chicago, Illinois ("Harris Bank").
Harris Bank, the third largest commercial bank in
Illinois, has total deposits of $3,499.5 million, representing 3.85 percent of all commercial bank deposits in
the state. 1 In addition, on June 25, 1982, Applicant's
proposal to acquire a second bank, Argo State Bank,
Summit, Illinois ("Argo Bank"), 2 having total deposits of $42.1 million, was approved but has not yet been
consummated. Bank is the 102nd largest commercial
bank in Illinois and has deposits of $111.7 million,
representing 0.12 percent of all commercial bank deposits in Illinois. Upon consummation of the aquisition
of Argo Bank and approval of the instant proposal,
Applicant's total deposits would increase to approximately $3,653.3 million, or 4.02 percent of the state's
commercial bank deposits, and Applicant would retain
its rank as the third largest banking organization in
Illinois. Thus, the Board concludes that consummation of the proposal would have no significant effects
upon the concentration of banking resources in Illinois.
Bank competes in the Chicago banking market 3 and
ranks 67th out of 369 commercial banks in that market,
controlling 0.18 percent of total commercial bank
deposits therein. Harris Bank also operates in the
Chicago banking market and is the third largest banking organization therein, holding 5.58 percent of total
market deposits. Argo Bank also operates in the
Chicago banking market, and Applicant's share of
total market deposits would increase to 5.65 percent
upon consummation of its aquisition of Argo. Thus,
consummation of the instant application would eliminate some existing competition between Applicant and
1. All deposit data are as of D e c e m b e r 31, 1981.
2. See Order dated June 25, 1982, by the Federal Reserve Bank of
Chicago.
3. The Chicago banking market is defined as Cook, Du Page, and
Lake Counties, all in Illinois.
Bank. However, the adverse competitive consequences associated with consummation of this proposal are mitigated by the following and other facts by
record. First, upon consummation of this proposal,
Applicant would continue to rank third in the Chicago
banking market and Applicant's market share, including deposits of Argo Bank, would only increase to 5.83
percent of total bank deposits in the market. Second,
there are numerous competitors in the market and the
Chicago banking market is not considered highly concentrated since the four largest banking organizations
control only 56.43 percent of total market deposits.
Finally, as multibank holding companies have been
permitted in Illinois only since January 1, 1982, most
other commercial banks are not affiliated with multibank holding companies and remain in the market as
possible acquisition candidates. Accordingly, on the
basis of the above and other facts of record, the Board
believes that the proposal will not have any significant
adverse effects on existing or potential competition or
on the concentration of resources in the relevant
market.
The financial and managerial resources and future
prospects of Applicant, its subsidiary bank, and Bank
are considered generally satisfactory and consistent
with approval. In addition, Bank's affiliation with
Applicant will enable Bank to avail itself of Applicant's expertise and resources, particularly in the
specialized financing and fiduciary areas. Accordingly, considerations relating to the convenience and
needs of the community to be served lend slight weight
toward approval and outweigh any adverse competitive effects that may result from consummation of the
proposal. Accordingly, the Board has determined that
consummation of the transaction would be consistent
with the public interest and that the application should
be approved.
On the basis of the record, the application is approved for the reasons summarized above. The transaction shall not be made before the thirtieth calendar
day following the effective date of this Order, unless
such period is extended for good cause by the Board or
by the Federal Reserve Bank of Chicago, acting pursuant to delegated authority.
By order of the Board of Governors, effective
August 30, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Teeters, and Gramley. Absent and not
voting: Governors Partee and Rice.
[SEAL]
(Signed) W I L L I A M W .
Secretary of the
WILES,
Board.
Legal Developments
ORDERS APPROVING
AND BANK MERGER
By the Board of
APPLICATIONS
ACT
UNDER
THE BANK
HOLDING
COMPANY
557
ACT
Governors
During August 1982, the Board of Governors approved the applications listed below. Copies are available upon
request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
Section 3
Board action
(effective
date)
Applicant
Bank(s)
First American Bank Corporation,
Kalamazoo, Michigan
Mercantile Texas Corporation,
Dallas, Texas
Security Pacific Corporation,
Los Angeles, California
Texas Commerce Bancshares, Inc.,
Houston, Texas
Huron County Bank,
Harbor Beach, Michigan
Abilene National Bank,
Abilene, Texas
Postal Financial Corporation,
Sioux City, Iowa
Texas Commerce Bank-Westlake Park,
N.A.,
Houston, Texas
Pueblo Beneficial Industrial Bank,
Pueblo, Colorado
Colorado Springs Beneficial Industrial
Bank,
Colorado Springs, Colorado
Trinidad Beneficial Industrial Bank,
Trinidad, Colorado
U.S. Bancorp,
Portland, Oregon
By Federal Reserve
August 30, 1982
August 6, 1982
August 17, 1982
August 16, 1982
August 31, 1982
Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are
available upon request to the Reserve Banks.
Section 3
Applicant
Affiliated Bankshares of Colorado,
Inc.,
Boulder, Colorado
Allied Bancshares, Inc.,
Houston, Texas
Allied Irving Bancshares, Inc.,
Houston, Texas
American Security Bancshares,
Inc.,
Welsh, Louisiana
AmSouth Bancorporation,
Birmingham, Alabama
Amsterdam Bancshares, Inc.,
Amsterdam, Missouri
Bank(s)
Reserve
Bank
Effective
date
The Littleton National Bank,
Littleton, Colorado
Kansas City
July 29, 1982
Irving American Bancshares Corp.
Irving, Texas
Dallas
August 23, 1982
American Bank,
Welsh, Louisiana
Atlanta
July 29, 1982
Citizens Bank of Talladega,
Talladega, Alabama
Citizens Bank,
Amsterdam, Missouri
Atlanta
August 20, 1982
Kansas City
August 17, 1982
558
Federal Reserve Bulletin • September 1982
Section 3—Continued
Applicant
Antioch Holding Company,
Antioch, Illinois
The Banc of San Jacinto County
Bancshares, Inc.,
Coldspring, Texas
Birnamwood Bancshares, Inc.,
Birnamwood, Wisconsin
BOS Bancshares, Inc.,
Metairie, Louisiana
Bridgeport Banshares, Inc.,
Bridgeport, Nebraska
Cal Coast Bancorp,
San Clemente, California
Capitol Bancorporation, Inc.,
Pierre, South Dakota
Carthage Bancshares, Inc.,
Carthage, Texas
Celeste Bancshares, Inc.,
Celeste, Texas
Central Bancorporation, Inc., Central Colorado Company, C.C.B.,
Inc.,
Denver, Colorado
Central Bancshares, Inc.,
Glenmora, Louisiana
Central Wisconsin Bankshares,
Inc.,
Wausau, Wisconsin
Charter Bancorporation, Inc.,
Newport, Minnesota
Chillicothe Bancshares, Inc.,
Chillicothe, Missouri
City Bancorp Inc.,
Murphysboro, Illinois
Clark County Bancshares, Inc.,
Wyaconda, Missouri
Colonial Bancshares, Inc.,
Des Peres, Missouri
Columbus Corporation,
Columbus, Indiana
Commercial Bancshares, Inc.,
West Liberty, Kentucky
Dunlap Iowa Holding Co.,
Dunlap, Iowa
Eastern Iowa Secured Bancshares
Corporation,
Bettendorf, Iowa
Bank(s)
Wesco Investment Corporation,
La Grange, Illinois
The Bank of San Jacinto County,
Coldspring, Texas
Reserve
Bank
Effective
date
Chicago
July 30, 1982
Dallas
August 6, 1982
The Bank of Birnamwood,
Birnamwood, Wisconsin
Bank of the South,
Metairie, Louisiana
The Bridgeport State Bank,
Bridgeport, Nebraska
Mariners Bank, N.A.,
San Clemente, California
First National Bank in Pierre,
Pierre, South Dakota
First National Bank of Beckville,
Beckville, Texas
The First National Bank of Celeste,
Celeste, Texas
General Bancorporation, Inc.,
Broomfield, Colorado
Chicago
August 16, 1982
Atlanta
August 9, 1982
Kansas City
August 19, 1982
San Francisco
August 12, 1982
Minneapolis
August 11, 1982
Dallas
August 6, 1982
Dallas
August 11, 1982
Kansas City
July 28, 1982
Central Bank & Trust Company,
Glenmora, Louisiana
Tri-County State Bank of Marshfield,
Marshfield, Wisconsin
Stoughton State Bank,
Stoughton, Wisconsin
Community Bank,
Chillicothe, Missouri
The City National Bank of Murphy sboro,
Murphy sboro, Illinois
Peoples Bank of Wyaconda,
Wyaconda, Missouri
The Colonial Bank,
Des Peres, Missouri
Columbus Bank and Trust
Company,
Columbus, Indiana
Commercial Bank,
West Liberty, Kentucky
Dunlap Savings Bank,
Dunlap, Iowa
Security State Trust and Savings
Bank,
Bettendorf, Iowa
Atlanta
July 30, 1982
Chicago
August 16, 1982
Chicago
July 29, 1982
Kansas City
July 29, 1982
St. Louis
July 30, 1982
St. Louis
August 4, 1982
St. Louis
August 16, 1982
Chicago
August 13, 1982
Cleveland
August 4, 1982
Chicago
August 16, 1982
Chicago
August 20, 1982
Legal Developments
559
Section 3—Continued
Applicant
Bank(s)
Edmonton Bancshares, Inc.,
Edmonton, Kentucky
FBT Bancshares, Inc.,
Slidell, Louisiana
F.C.B., Inc.,
Alachua, Florida
Farmers & Merchants Bancshares,
Inc.,
Beach, North Dakota
Farmers State Corporation of Mentone,
Mentone, Indiana
Finlayson Bancshares, Inc.,
Finlayson, Minnesota
First Alabama Bancshares, Inc.,
Montgomery, Alabama
First Bancorp of Kansas,
Wichita, Kansas
First Bank Holding Company,
Treasure Island, Florida
First Bancorp of Belleville, Inc.,
Belleville, Illinois
First Busey Corporation,
Urbana, Illinois
First Hogansville Bankshares, Inc.,
Hogansville, Georgia
First La Porte Financial Corp.,
La Porte, Indiana
Edmonton State Bank
Edmonton, Kentucky
Fidelity Bank and Trust Company,
Slidell, Louisiana
First National Bank of Alachua,
Alachua, Florida
Farmers & Merchants Bank,
Beach, North Dakota
First National Bancshares of Winfield, Inc.,
Winfield, Kansas
First National Hoffman Bancorp,
Inc.,
Hoffman Estates, Illinois
First Railroad & Banking Company
of Georgia,
Augusta, Georgia
Frost BanCorporation, Inc.,
Frost, Minnesota
General Bancshares Corporation,
St. Louis, Missouri
Gibbon Bancorporation, Inc.,
Gibbon, Minnesota
Reserve
Bank
St. Louis
August 20, 1982
Atlanta
August 6, 1982
Atlanta
August 4, 1982
Minneapolis
August 13, 1982
Farmers State Bank,
Mentone, Indiana
Chicago
August 12, 1982
Farmers State Bank of Russell,
Russell, Minnesota
Cordova-Citizens Bank,
Cordova, Alabama
First National Bank in Wichita
Wichita, Kansas
First Bank of Pinellas County,
Treasure Island, Florida
Dupo State Savings Bank,
Dupo, Illinois
Roberts State Bank,
Roberts, Illinois
The Citizens Bank
Hogansville, Georgia
First National Bank and Trust
Company of La Porte,
La Porte, Indiana
The First National Bank of Winfield,
Winfield, Kansas
First National Bank of Hoffman Estates,
Hoffman Estates, Illinois
First South Bankcorp,
Columbus, Georgia
Minneapolis
August 25, 1982
Atlanta
August 23, 1982
Kansas City
August 19, 1982
Atlanta
August 13, 1982
St. Louis
August 4, 1982
Chicago
August 16, 1982
Atlanta
August 3, 1982
Chicago
August 16, 1982
Kansas City
August 13, 1982
Chicago
August 2, 1982
Atlanta
August 12, 1982
Minneapolis
July 30, 1982
St. Louis
August 18, 1982
Minneapolis
August 6, 1982
State Bank of Frost,
Frost, Minnesota
Belleville National Bank,
Belleville, Illinois
Citizens State Bank of Gibbon,
Gibbon, Minnesota
560
Federal Reserve Bulletin • September 1982
Section 3—Continued
Applicant
Guardian Banshares, Inc.,
Alliance, Nebraska
Hemingford Banshares, Inc.,
Hemingford, Nebraska
Hyannis Banshares, Inc.,
Hyannis, Nebraska
Mullen Banshares, Inc.,
Mullen, Nebraska
Thedford Banshares, Inc.,
Thedford, Nebraska
Hardee Banking Corporation,
Wauchula, Florida
Harleysville National Corporation,
Harleysville, Pennsylvania
Hawkeye Bancorporation,
Des Moines, Iowa
Hillsboro Capital Corporation,
Hillsboro, Kansas
HNB Corporation,
Huntsville, Texas
Hoosier Bancshares, Inc.,
Bloomington, Indiana
Illini Community Bancgroup, Inc.,
Springfield, Illinois
Illowa Bancorp, Inc.,
Savanna, Illinois
Kansas State Investments, Inc.,
Manhattan, Kansas
Kentucky Southern Bancorp, Inc.,
Bowling Green, Kentucky
LaPlace Bancshares, Inc.,
LaPlace, Louisiana
La Porte Bancorp, Inc.,
Hammond, Indiana
Lexington Bancshares, Inc.,
Lexington, Nebraska
London Bancshare, Inc.,
London, Kentucky
Lower Rio Grande Valley Bancshares, Inc.,
La Feria, Texas
Reserve
Bank
Effective
date
Bridgeport Banshares, Inc.,
Bridgeport, Nebraska
Kansas City
August 19, 1982
First National Bank of Wauchula,
Wauchula, Florida
Harleysville National Bank and
Trust Company,
Harleysville, Pennsylvania
State Bank of Allison,
Allison, Iowa
The First National Bank,
Hillsboro, Kansas
The Huntsville National Bank,
Huntsville, Texas
The Bloomington National Bank,
Bloomington, Indiana
American State Bank of Springfield,
Springfield, Illinois
The National Bank of Savanna,
Savanna, Illinois
Kansas State Bancshares, Inc.,
Manhattan, Kansas
The Citizens National Bank of
Bowling Green,
Bowling Green, Kentucky
Bank of LaPlace of St. John the
Baptist Parish,
LaPlace, Louisiana
La Porte Bancorp, Inc.,
Hammond, Indiana
Lexington State Bank and Trust
Company,
Lexington, Nebraska
London Bank & Trust Company,
London, Kentucky
The First National Bank of La Feria,
La Feria, Texas
The First National Bank of Mercedes,
Mercedes, Texas
Valley National Bank,
Harlingen, Texas
Atlanta
August 13, 1982
Philadelphia
August 13, 1982
Chicago
August 17, 1982
Kansas City
August 20, 1982
Dallas
August 20, 1982
Chicago
July 30, 1982
Chicago
August 13, 1982
Chicago
August 17, 1982
Kansas City
August 4, 1982
St. Louis
August 4, 1982
Atlanta
August 3, 1982
Chicago
August 23, 1982
Kansas City
August 11, 1982
Cleveland
August 25, 1982
Dallas
July 30, 1982
Bank(s)
Legal Developments
561
Section 3—Continued
Applicant
Midstate Financial Corp.,
Brownsburg, Indiana
Monte Vista Bank Corp.,
Monte Vista, Colorado
Mt. Zion Bancorp, Inc.,
Mt. Zion, Illinois
NAPSUB Corporation,
Chicago, Illinois
NBC Bancorporation, Inc.,
Newport, Minnesota
NCNB Corporation,
Charlotte, North Carolina
National City Corporation,
Cleveland, Ohio
New Great Lakes Financial, Inc.,
Grand Rapids, Michigan
New Mexico Banquest Corporation,
Santa Fe, New Mexico
Northern Trust Corporation,
Chicago, Illinois
Oaklawn Financial Corporation,
Texarkana, Texas
Olla Bancshares, Inc.,
011a, Louisiana
Peoples Bancshares, Inc.,
Clifton, Tennessee
Perry Bancshares, Inc.,
Perry, Oklahoma
Provident Bancorp, Inc.,
Cincinnati, Ohio
Purdue National Corporation,
Lafayette, Indiana
Royal Bancshares, Inc.,
Royal, Iowa
Salem Arkansas Bancshares Corporation,
Salem, Arkansas
Savanna Bancorp, Inc.,
Savanna, Illinois
Seafirst Corporation,
Seattle, Washington
Security Bancorp, Inc.,
Southgate, Michigan
Sonny Wright,
Miami, Florida
Bank(s)
Reserve
Bank
Effective
date
Hendricks County Bank and Trust
Company,
Brownsburg, Indiana
Bank of Monte Vista,
Monte Vista, Colorado
The Hight State Bank,
Dalton City, Illinois
The First Bank, Naperville,
Naperville, Illinois
National Bank of Commerce in
Mankato,
Mankato, Minnesota
Gulfstream Banks, Inc.,
Boca Raton, Florida
Ohio Citizens Bancorp, Inc.,
Toledo, Ohio
Union Bancorp, Inc.,
Grand Rapids, Michigan
The Bank of Northern New
Mexico,
Las Vegas, New Mexico
NAPSUB Corporation,
Chicago, Illinois
Oaklawn Bank,
Texarkana, Texas
The Olla State Bank,
Olla, Louisiana
Peoples Bank of Clifton,
Clifton, Tennessee
Exchange Bank and Trust
Company,
Perry, Oklahoma
The Midwest Bank and Trust Company,
Cleveland, Ohio
Purdue National Bank of Lafayette,
Lafayette, Indiana
Home State Bank,
Royal, Iowa
Bank of Salem,
Salem, Arkansas
Chicago
July 28, 1982
Kansas City
July 26, 1982
Chicago
August 13, 1982
Chicago
August 24, 1982
Minneapolis
July 29, 1982
Richmond
August 4, 1982
Cleveland
August 6, 1982
Chicago
August 20, 1982
Kansas City
August 16, 1982
Chicago
August 24, 1982
Dallas
August 16, 1982
Dallas
August 5, 1982
Atlanta
August 17, 1982
Kansas City
July 27, 1982
Cleveland
August 26, 1982
Chicago
August 12, 1982
Chicago
August 20, 1982
St. Louis
August 12, 1982
Savanna State Bank,
Savanna, Illinois
Western National Bank,
Bothell, Washington
Security Bank St. Clair Shores,
St. Clair Shores, Michigan
Peoples National Bank of Commerce,
Miami, Florida
Chicago
July 30, 1982
San Francisco
August 6, 1982
Chicago
August 9, 1982
Atlanta
August 25, 1982
562
Federal Reserve Bulletin • September 1982
Section 3—Continued
Applicant
SouthTrust Corporation,
Birmingham, Alabama
Southwest Bancshares, Inc.,
Houston, Texas
Southwest Florida Banks, Inc.,
Fort Myers, Florida
State Bank of Bottineau Holding
Company,
Bottineau, North Dakota
State National Bancorp, Inc.,
Maysville, Kentucky
Sunflower Bancshares, Inc.,
Riley, Kansas
Terry Bancshares, Inc.,
Terry, Montana
Town and Country Banshares, Inc.
Newport, Minnesota
Treynor Bancshares, Inc.,
Treynor, Iowa
Trust Company of Georgia,
Atlanta, Georgia
Union Bancshares Corp.,
Bellevue, Ohio
United Bancorporation of Alabama,
Inc.,
Atmore, Alabama
West Alabama Bancshares, Inc.,
Millport, Alabama,
Western Indiana Bancorp,
Covington, Indiana
Worland Holding Company,
Worland, Wyoming
Bank(s)
Reserve
Bank
Effective
date
Citizens Bank of Northport,
Northport, Alabama
The First National Bank of
Brenham,
Brenham, Texas
Peoples Bank of Pasco County,
Elfers, Florida
State Bank of Bottineau,
Bottineau, North Dakota
Atlanta
August 9, 1982
Dallas
August 25, 1982
Atlanta
August 11, 1982
Minneapolis
August 13, 1982
The State National Bank of
Maysville,
Maysville, Kentucky
The Riley State Bank of Riley,
Riley, Kansas
State Bank of Terry,
Terry, Montana
Town and Country Bank—Maplewood,
Maplewood, Minnesota
Treynor State Bank,
Treynor, Iowa
The Farmers Bank of Douglas,
Douglas, Georgia
The Farmers Bank of Locust
Grove,
Locust Grove, Georgia
The Union Bank & Savings
Company,
Bellevue, Ohio
The Bank of Atmore,
Atmore, Alabama
Peoples Bank of Frisco City,
Frisco City, Alabama
Merchants & Farmers Bank
Millport, Alabama
Bank of Western Indiana,
Covington, Indiana
The First National Bank in
Worland,
Worland, Wyoming
Cleveland
August 11, 1982
Kansas City
August 19, 1982
Minneapolis
August 13, 1982
Minneapolis
July 29, 1982
Chicago
August 6, 1982
Atlanta
August 24, 1982
Cleveland
August 12, 1982
Atlanta
August 9, 1982
Atlanta
August 3, 1982
Chicago
August 2, 1982
Kansas City
August 9, 1982
Legal Developments
563
Sections 3 and 4
Nonbanking
company
(or activity)
Applicant
Bank(s)
First National Corporation of Jacksonville,
Jacksonville, Alabama
The First National
Bank of Jacksonville,
Jacksonville, Alabama
Pine River Holding
Company,
Pine River, Minnesota
Pine River State Bank
Pine River, Minnesota
Reserve
Bank
to engage in the sale,
as agent, of credit
life and credit accident and health insurance directly related to extensions of
credit
to engage in general insurance activities in a
community with a
population not exceeding 5,000
Effective
date
Atlanta
July 29, 1982
Minneapolis
August 4, 1982
Section 4
Nonbanking
company
(or activity)
Applicant
Citizens and Southern Georgia
Corporation,
Atlanta, Georgia
Maryland National Corporation,
Baltimore, Maryland
Moore Financial Group,
Boise, Idaho
Tekamah Agency Company,
Tekamah, Nebraska
ORDERS APPROVED
UNDER BANK
By Federal Reserve
Lloyd of Louisiana Finance Company, Inc.,
Harvey, Louisiana
Central Industrial Bank,
Aurora, Colorado
FMA Thrift and Loan,
Salt Lake City, Utah
Wagner Data Center, Inc.,
Schuyler, Nebraska
MERGER
Effective
date
Atlanta
July 30, 1982
Richmond
August 30, 1982
San Francisco
August 4, 1982
Kansas City
August 13, 1982
ACT
Banks
Applicant
Bank(s)
American Bank and Trust Company,
Lansing, Michigan
The Connecticut Bank and Trust
Company,
Hartford, Connecticut
American Bank of Perry,
Perry, Michigan
Orange National Bank,
Orange, Connecticut
Reserve
Bank
Reserve
Bank
Effective
date
Chicago
August 11, 1982
Boston
August 13, 1982
564
Federal Reserve Bulletin • September 1982
PENDING
CASES INVOLVING
THE BOARD
OF
GOVERNORS*
*This list of pending cases does not include suits
against the Federal Reserve Banks in which the Board
of Governors is not named a party.
Association of Data Processing Service
Organizations, Inc., et al. v. Board of Governors, filed
August 1982, U.S.C.A. for the District of Columbia.
The Philadelphia Clearing House Association, et al. v.
Board of Governors, filed July 1982, U.S.D.C. for
the Eastern District of Pennsylvania.
Richter v. Board of Governors, et al., filed May 1982,
U.S.D.C. for the Northern District of Illinois.
Montgomery v. Utah, et al., filed May 1982, U.S.D.C.
for the District of Utah.
Wyoming Bancorporation v. Board of Governors, filed
May 1982, U.S.C.A. for the Tenth Circuit.
First Bancorporation
v. Board of Governors, filed
April 1982, U.S.C.A. for the Tenth Circuit.
Charles G. Vick v. Paul A. Volcker, et al., filed March
1982, U.S.D.C. for the District of Columbia.
Jolene Gustafson v. Board of Governors, filed March
1982, U.S.C.A. for the Fifth Circuit.
Christian Educational Association, Inc. v. Federal
Reserve System, filed January 1982, U.S.D.C. for
the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed December 1981, U.S.C.A. for the Second
Circuit.
Edwin F. Gordon v. Board of Governors, et al., filed
October 1981, U.S.C.A. for the Eleventh Circuit
(two consolidated cases).
Wendall Hall v. Board Governors, et al., filed September 1981, U.S.D.C. for the Northern District of
Georgia.
Allen Wolfson v. Board of Governors, filed September
1981, U.S.D.C. for the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed September 1981, U.S.C.A. for the Second
Circuit (two cases).
Bank Stationers Association, Inc., et al. v. Board of
Governors, filed July 1981, U.S.D.C. for the Northern District of Georgia.
Public Interest Bounty Hunters v. Board of Governors, et al., filed June 1981, U.S.D.C. for the
Northern District of Georgia.
Edwin F. Gordon v. John Heimann, et al., filed May
1981, U.S.C.A. for the Fifth Circuit.
First Bank & Trust Company v. Board of Governors,
filed February 1981, U.S.D.C. for the Eastern District of Kentucky.
9 to 5 Organization for Women Office Workers v.
Board
of Governors,
filed
December 1980,
U.S.D.C. for the District of Massachusetts.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.D.C. for the
District of Columbia.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.C.A. for the
District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.D.C. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.C.A. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
August 1980, U.S.D.C. for the District of Columbia.
Berkovitz, et al. v. Government of Iran, et al., filed
June 1980, U.S.D.C. for the Northern District of
California.
A1
Financial and Business Statistics
CONTENTS
WEEKLY REPORTING
Domestic Financial
A3
A4
A5
A6
Statistics
Monetary aggregates and interest rates
Reserves of depository institutions, reserve,
bank credit
Reserves and borrowings of depository
institutions
Federal funds and repurchase agreements of
large member banks
COMMERCIAL
BANKS
Assets and liabilities
A18
All reporting banks
A19
Banks with assets of $1 billion or more
A20
Banks in N e w York City
A21
Balance sheet memoranda
A22
Branches and agencies of foreign banks
A23 Commercial and industrial loans
A24 Gross demand deposits of individuals,
partnerships, and corporations
FINANCIAL
MARKETS
FOLIC Y INS TR UMENTS
A7
A8
A9
Federal Reserve Bank interest rates
Depository institutions reserve requirements
Maximum interest rates payable on time and
savings deposits at federally insured institutions
A10 Federal Reserve open market transactions
FEDERAL RESERVE
BANKS
A l l Condition and Federal Reserve note statements
A12 Maturity distribution of loan and security
holdings
MONETARY
AND CREDIT
AGGREGATES
A12 Bank debits and deposit turnover
A13 Money stock measures and components
A14 Aggregate reserves of depository institutions
and monetary base
A15 Loans and securities of all commercial banks
COMMERCIAL
BANKS
A16 Major nondeposit funds
A17 Assets and liabilities, last Wednesday-of-month
series
A25 Commercial paper and bankers dollar
acceptances outstanding
A26 Prime rate charged by banks on short-term
business loans
A26 Terms of lending at commercial banks
All Interest rates in money and capital markets
A28 Stock market—Selected statistics
A29 Selected financial institutions—Selected assets
and liabilities
FEDERAL
A30
A31
A32
A32
FINANCE
Federal fiscal and financing operations
U.S. budget receipts and outlay
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A33 U.S. government marketable securities—
Ownership, by maturity
A34 U.S. government securities dealers—
Transactions, positions, and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding
40
Federal Reserve Bulletin • September 1982
International
SECURITIES MARKETS AND
CORPORATE FINANCE
A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A38 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A39 Domestic finance companies—Assets and
liabilities; business credit
REAL ESTATE
A40 Mortgage markets
A41 Mortgage debt outstanding
CONSUMER INSTALLMENT CREDIT
A42 Total outstanding and net change
A43 Extension and liquidations
A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to credit
markets
Statistics
A46 Nonfinancial business activity—Selected
measures
A46 Output, capacity, and capacity utilization
A47 Labor force, employment, and unemployment
A48 Industrial production—Indexes and gross value
A50 Housing and construction
A51 Consumer and producer prices
A52 Gross national product and income
A53 Personal income and saving
A54
A55
A55
A55
U.S. international transactions—Summary
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
A56 Foreign branches of U.S. banks—Balance sheet
data
A58 Selected U.S. liabilities to foreign official
institutions
REPORTED BY BANKS IN THE UNITED STATES
A58
A59
A61
A62
Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A62 Banks' own claims on unaffiliated foreigners
A63 Claims on foreign countries—Combined
domestic offices and foreign branches
REPORTED BY NONBANKING BUSINESS
ENTERPRISES IN THE UNITED STATES
A64 Liabilities to unaffiliated foreigners
A65 Claims on unaffiliated foreigners
FLOW OF FUNDS
Domestic Nonfinancial
Statistics
SECURITIES HOLDINGS AND TRANSACTIONS
A66 Foreign transactions in securities
A67 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions
INTEREST AND EXCHANGE RATES
A67 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A68 Foreign exchange rates
A69 Guide to Tabular Presentation,
Statistical Releases, and Special
Tables
Domestic Financial Statistics
1.10
A3
MONETARY AGGREGATES AND INTEREST RATES
1981
1982
1982
Item
Q3
Q4
Q2
Q1
Mar.
Apr.
May
June
July
Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent) 1
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed
Monetary base 2
institutions
5
6
7
8
Concepts of money and liquid
Ml
M2
M3
L
3.4
2.4
7.5
3.7
3.1
3.5
10.9
2.7
7.5
7.1
-.9
7.8
.6
1.1
4.2
7.1
2.9
1.1
10.8
4.0
2.4
5.2
2.1
9.3
2.2
-.5
17.0
8.6
2.2
3.8
-.5
7.7
.3
8.3
11.2
11.9
5.7
8.9
9.3
10.7
10.4
9.8
8.7
10.3
3.3
9.5
10.7
n.a.
2.7
11.2
11.3
12.0
11.0
10.0
12.0
15.7
-2.4
10.7
11.3'"
n.a.
-.3
6.6
8.7r
n.a.
-.5
9.7
12.7
n.a.
18.4
-22.7
24.3
36.0
2.6
8.3
-11.9
20.8
5.4
2.7
7.5
8.7
9.7
4.6
3.1
17.0
2.0
23.8
16.8
6.6
19.9
13.6
25.1
17.6
7.4
15.7
-.7
28.8
8.7
5.3
18.1
-1.5
20.8
24.0
9.9
17.2
-4.5
15.8
29.2
3.8
22.9
-21.8
29.1
36.7
10.3
8.7
3.6
2.6
8.6
8.2
8.8
8.2
assets3
Time and savings deposits
Commercial banks
9
Total
10
Savings 4
11
Small-denomination time 5
12
Large-denomination time 6
13 Thrift institutions 7
14 Total loans and securities at commercial banks 8
1981
Q3
1982
Q4
6.4
1982
Q2
Q1
5.6r
-1.6
-1.8
14.8
2.8
Apr.
May
June
July
Aug.
Interest rates (levels, percent per annum)
15
16
17
18
Short-term rates
Federal funds 9
Discount window borrowing 1 0
Treasury bills (3-month market yield) 1
Commercial paper (3-month) 1 l r 2 . . . .
Long-term rates
Bonds
19
U.S. government 1 3
20
State and local government 1 4
21
A a a utility (new issue) 1 5
22 Conventional mortgages 1 6
17.58
14.00
15.05
16.78
13.59
13.04
11.75
13.04
14.23
12.00
12.81
13.81
14.52
12.00
12.42
13.81
14.94
12.00
12.70
14.06
14.45
12.00
12.09
13.42
14.15
12.00
12.47
13.96
12.59
11.81
11.35
12.94
10.12
10.68
8.68
10.15
14.51
12.11
16.82
17.50
14.14
12.54
15.67
17.33
14.27
13.02
15.71
17.10
13.74
12.33
15.73
16.63
13.57
12.59
15.83
16.65
13.46
11.95
15.22
16.50
14.18
12.45
15.92
16.75
13.76
12.28
15.61
16.50
12.91
11.23
13.95
15.40
1. Unless otherwise noted, rates of change are calculated from average amounts
outstanding in preceding month or quarter.
2. Includes reserve balances at Federal Reserve Banks in the current week plus
vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks,
the vaults of depository institutions, and surplus vault cash at depository institutions.
3. M l : Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) accounts,
and d e m a n d deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions and
term RPs at commercial banks and savings and loan associations and balances of
institution-only money market mutual funds.
L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U.S. savings bonds.
4. Savings deposits exclude N O W and ATS accounts at commercial banks and
thrifts and C U S D accounts at credit unions.
5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000 or
more.
7. Savings and loan associations, mutual savings banks, and credit unions.
8. Changes calculated from figures shown in table 1.23. Beginning December
1981, growth rates reflect shifts of foreign loans and securities from U . S . banking
offices to international banking facilities.
9. Averages of daily effective rates (average of the rates on a given date weighted
by the volume of transactions at those rates).
10. Rate for the Federal Reserve Bank of New York.
11. Quoted on a bank-discount basis.
12. Unweighted average of offering rates quoted by at least five dealers.
13. Market yields adjusted to a 20-year maturity by the U.S. Treasury.
14. Bond Buyer series for 20 issues of mixed quality.
15. Weighted averages of new publicly offered bonds rated A a a , A a , and A by
Moody's Investors Service and adjusted to an A a a basis. Federal Reserve compilations.
16. Average rates on new commitments for conventional first mortgages on new
homes in primary markets, unweighted and rounded to nearest 5 basis points, f r o m
Dept. of Housing and U r b a n Development.
NOTE. Revisions in reserves of depository institutions reflect the transitional
phase-in of reserve requirements as specified in the Monetary Control Act of 1980.
A4
1.11
DomesticNonfinancialStatistics • September 1982
RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week ending
1982
1982
June
July
Aug.
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
SUPPLYING R E S E R V E F U N D S
1 Reserve Bank credit outstanding
2
3
4
5
6
7
8
9
10
11
12
13
14
U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate a c c o u n t . . .
Treasury currency outstanding
152,140
153,521
153,812
153,060
155,478
152,591
153,431
153,769
154,854
153,812
130,737
130,408
329
9,077
9,004
73
149
1,211
2,227
8,739
11,149
3,818
13,774
132,400
131,540
860
9,223
9,001
222
300
670
2,024
8,904
11,149
3,895
13,785
132.787
132,666
121
9,004
8,969
35
56
510
1,961
9,494
11,148
4,018
13,786
131,678
131,200
478
9,120
9,001
119
96
559
2,866
8,742
11,149
3,818
13,786
134,155
133,214
941
9.312
9,001
311
488
595
2,011
8,916
11,149
3,875
13,786
132,219
132,219
0
9,001
9,001
0
0
548
1,766
9,057
11,149
4,018
13,786
131,952
131,952
0
9,001
9,001
0
0
679
2,215
9,584
11,149
4,018
13,786
131,844
131,647
197
9,061
8,988
73
102
369
2,345
10,048
11,149
4,018
13,786
133,776
133,607
169
9,006
8,955
51
66
482
1,909
9,615
11,148
4,018
13,786
133,282
133,282
0
8,955
8,955
0
0
609
1,866
9,100
11,148
4,018
13,786
146,504
464
147,850
429
148,218
416
148,804
432
147,916
424
147,124
419
147,485
417
148,558
416
148,763
414
148,098
416
3,303
296
506
3,319
311
615
3.310
314
646
3,349
258
571
3,181
278
563
3,358
261
670
3,644
586
713
3,950
243
756
2,973
283
623
2,872
295
576
ABSORBING R E S E R V E FUNDS
15 Currency in circulation
16 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
17
Treasury
18
Foreign
19
Other
20
Required clearing balances
21 Other Federal Reserve liabilities and
capital
22 Reserve accounts 2
205
220
234
213
218
221
221
231
234
237
5,373
24,230
5,280
24,326
5.246
24,380
5,195
22,991
5,449
26,260
5,330
24.160
5,364
23,955
5,267
23,302
5,284
25,233
5,210
25,059
End-of-month figures
Wednesday figures
1982
1982
June
July
Aug.
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
SUPPLYING R E S E R V E F U N D S
23 Reserve Bank credit outstanding
149,003
153,768
153,643
152,031
154,190
154,673
155,130
154,688
154,669
156,689
24
25
26
27
28
29
30
31
32
33
127,005
127,005
0
9,002
9,002
0
0
1,638
2,545
8,813
132,640
132,640
0
9,001
9,001
0
0
458
1,713
9,956
132,858
131,669
1,189
9,184
8,955
229
565
449
1,446
9,141
131,126
131,126
0
9,001
9,001
0
0
651
2,326
8.927
132,907
132,907
0
9,001
9,001
0
0
750
2,474
9,058
132,934
132.934
0
9.001
9,001
0
0
1,470
2,093
9,175
130,661
130,661
0
9,001
9,001
0
0
2,209
3,250
10,009
132,628
132,628
0
8,955
8,955
0
0
416
2,501
10,188
133,189
133,189
0
8,955
8,955
0
0
935
2,477
9,113
134,738
134,738
0
8,955
8,955
0
0
1,637
2,156
9,203
11,149
3,818
13,781
11,149
4,018
13,786
11,148
4.018
13,786
11,149
3,818
13,786
11,149
4,018
13,786
11,149
4,018
13,786
11,149
4,018
13,786
11,148
4,018
13,786
11,148
4,018
13,786
11,148
4,018
13,786
147,134
460
147,051
418
148,310
418
148,856
426
147,747
421
147,547
418
148,345
415
149,259
415
148,824
414
148,132
416
4,099
586
437
213
3,275
982
663
221
3,234
348
502
247
2,880
239
519
220
3,844
238
671
218
2,927
301
630
221
5,762
308
770
222
2,759
204
694
226
3,147
310
587
234
3,541
319
598
237
4,837
19,985
5.359
24,752
4,791
24,745
4,990
22,654
5,214
24,790
5,127
26,455
5,116
23,145
5,005
25,078
5,084
25,021
5,042
27,356
U.S. government securities'
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
H e l d under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets
34 Gold stock
35 Special drawing rights certificate a c c o u n t . . .
36 Treasury currency outstanding
ABSORBING R E S E R V E F U N D S
37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
39
Treasury
40
Foreign
41
Other
42 Required clearing balances
43 Other Federal Reserve liabilities and
capital
44 Reserve accounts 2
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Excludes required clearing balances,
NOTE. For amounts of currency and coin held as reserves, see table 1.12.
Depository Institutions
1.12
RESERVES AND BORROWINGS
A5
Depository Institutions
Millions of dollars
Monthly averages of daily figures
Reserve classification
1 Reserve balances with Reserve Banks' . . . .
2 Total vault cash (estimated)
3
Vault cash at institutions with required
reserve balances 2
4
Vault cash equal to required reserves at
other institutions
5
Surplus vault cash at other institutions 3 .
6 Reserve balances + total vault cash 4
7 Reserve balances + total vault cash used
to satisfy reserve requirements 4 - 5
8 Required reserves (estimated)
9 Excess reserve balances at Reserve Banks 4 - 6
10
Total borrowings at Reserve Banks
11
Seasonal borrowings at Reserve Banks
12
Extended credit at Reserve B a n k s . . . .
1980
1981
Dec.
Dec.
1982
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug./"
26,664
18,149
26,163
19,538
26,721
20,284
25,963
19,251
24,254
18,749
24,565
18,577
24,207
19,048
24,031
19,318
24,273
19,448
24,380
19,502
12,602
13,577
14,199
13,082
12,663
12,709
12,972
13,048
13,105
13,256
704
4,843
44,940
2,178
3,783
45,701
2,290
3,795
47,005
2,235
3,934
45,214
2,313
3,773
43,003
2,284
3,584
43,142
2,373
3,703
43,255
2,488
3,782
43,349
2,486
3,857
43,721
2,449
3,797
43,883
40,097
40,067
30
1,617
116
n.a.
41,918
41,606
312
642
53
149
43,210
42,785
425
1,526
75
197
41,280
40,981
299
1,713
132
232
39,230
38,873
357
1,611
174
309
39,558
39,284
274
1,581
167
245
39,552
39,192
360
1,105
237
177
39,567
39,257
310
1,205
239
103
39,864
39,573
291
669
225
46
40,086
39,861
225
510
119
94
Weekly averages of daily figures for week ending
1982
June 23
13 Reserve balances with Reserve B a n k s 1 . . . .
14 Total vault cash (estimated)
15
Vault cash at institutions with required
reserve balances 2
16
Vault cash equal to required reserves at
other institutions
17
Surplus vault cash at other institutions 3 .
18 Reserve balances + total vault cash 4
19 Reserve balances + total vault cash used
to satisfy reserve requirements 4 - 5
20 Required reserves (estimated)
21 Excess reserve balances at Reserve Banks 4 - 6
22
Total borrowings at Reserve Banks
23
Seasonal borrowings at Reserve Banks
24
Extended credit at Reserve B a n k s . . . .
June 30
July 7
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25p
24,634
18,664
24,460
19,690
23,850
19,660
22,991
20,246
26,238
17,932
24,148
20,252
23.955
19,846
23,302
20,172
25,233
19,227
25,059
18,834
12,824
13,380
13,292
13,456
12,238
13,623
13,520
13,372
13,003
12,889
2,327
3,513
43,298
2,492
3,818
44,150
2,578
3,790
43,510
2,663
4,127
43,237
2,179
3,515
44,170
2,597
4,032
44,400
2,520
3,806
43,801
2,814
3,986
43,474
2,397
3,827
44,460
2,362
3,583
43,894
39,785
39,565
220
1,014
253
96
40,332
39,804
528
1,616
268
93
39,720
39,220
500
1,070
251
87
39,110
38,926
184
559
231
70
40,655
40,388
267
594
239
33
40,368
40,057
311
548
188
24
39,995
39,701
294
679
166
20
39,488
39,162
326
369
133
64
40,633
40,314
319
482
131
123
40,311
40,042
269
609
94
118
1. As of Aug. 13, 1981, excludes required clearing balances of all depository
institutions.
2. Before Nov. 13, 1980, the figures shown reflect only the vault cash held by
member banks.
3. Total vault cash at institutions without required reserve balances less vault
cash equal to their required reserves.
4. Adjusted to include waivers of penalties for reserve deficiencies in accordance
with Board policy, effective Nov. 19, 1975, of permitting transitional relief on a
graduated basis over a 24-month period when a nonmember bank merged into an
July 14
existing member bank, or when a n o n m e m b e r bank joins the Federal Reserve
System. For weeks for which figures are preliminary, figures by class of bank do
not add to total because adjusted data by class are not available.
5. Reserve balances with Federal Reserve Banks, which exclude required clearing balances plus vault cash at institutions with required reserve balances plus vault
cash equal to required reserves at other institutions.
6. Reserve balances with Federal Reserve Banks, which exclude required clearing balances plus vault cash used to satisfy reserve requirements less required
reserves. (This measure of excess reserves is comparable to the old excess reserve
concept published historically.)
A6
DomesticNonfinancialStatistics • September 1982
1.13
FEDERAL FUNDS AND REPURCHASE AGREEMENTS
Large Member Banks1
Averages of daily figures, in millions of dollars
1982, week ending Wednesday
By maturity and source
June 30
One day and continuing
contract
1 Commercial banks in United States
2 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
3 Nonbank securities dealers
4 All other
MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract
Commercial banks in United States
10 Nonbank securities dealers
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
57,255
59,875
55,069
52,886 r
56,000
57,841
55,543
53,587
21,892
4,219
22,321
21,520
3,877
21,118 r
23,108
3,721
22,446
24,862
3,644
22,990
23,332 r
4,102
22,316 r
22,528
5,023
22,441
22,420
5,932
21,577
22,172
4,996
22,031
22,720
4,800
22,766
4,690
4,431
4,460
4,366
4,566
4,730
4,448
4,549
4,622
9,594
3,525 r
9,074'
9,467
3,404 r
8,716 r
9,353
3,181
8,711
9,249
3,546
8,817
8,900 r
3,759 r
10,039'
8,432
4,306
9,924
8,718
4,567
9,672
8,761
4,486
10,274
8,573
4,620
9,574
20,610
3,831
20,415
4,327
21,930 r
4,114 r
24,491
4,725
23,906
4,409
23,823
4,521
25,607
5,101
17.864
4,426
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
July 14
49,784
All other maturities
5 Commercial banks in United States
6 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
7 Nonbank securities dealers
8 All other
Y
July 7
19,389
4,029
Policy Instruments
1.14
A7
FEDERAL RESERVE BANK INTEREST RATES
Percent per annum
C u r r e n t a n d previous levels
E x t e n d e d credit 1
S h o r t - t e r m a d j u s t m e n t credit
a n d seasonal credit
Federal Reserve
Bank
First 60 days
of b o r r o w i n g
Next 90 days
of b o r r o w i n g
A f t e r 150 days
Effective date
f o r c u r r e n t rates
Rate on
8/31/82
Effective
date
Previous
rate
R a t e on
8/31/82
Previous
rate
R a t e on
8/31/82
Previous
rate
R a t e on
8/31/82
Previous
rate
10
8/27/82
8/27/82
8/27/82
8/30/82
8/27/82
8/27/82
10.5
10
10.5
11
11.5
12
12.5
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
K a n s a s City
Dallas
San Francisco
10
8/27/82
8/27/82
8/27/82
8/27/82
8/27/82
8/27/82
10.5
10
10.5
11
11.5
12
8/27/82
8/27/82
8/27/82
8/30/82
8/27/82
8/27/82
8/27/82
8/27/82
8/27/82
8/27/82
8/27/82
8/27/82
12.5
R a n g e of rates in recent years 2
Effective date
In effect D e c . 31, 1973,
1974— A p r . 25
30
Dec. 9
16
1975— J a n .
Feb.
Mar.
May
1 9 7 f r - Jan.
Nov.
6
10
24
5
7
10
14
16
23
19
23
22
26
1977— A u g . 30
31
Sept. 2
O c t . 26
Range (or
level)—
All F . R .
Banks
7 '/>
7W-8
8
73/4-8
73/4
7V4-73/4
71/4-73/4
71/4
63/4-7'/4
63/4
61/4-63/4
6'/4
6-61/4
6
5 V5-6
F.R.
Bank
of
N.Y.
V/2
73/4
73/4
73/4
71/4
71/4
63/4
63/4
61/4
61/4
6
6
51A
5W-5V5
51/4
51/4
51/4
51/4-53/4
51/4-53/4
51/4
5%
1978— J a n .
9.
F.R.
Bank
of
N.Y.
6-61/5
61/5
6V5-7
7
7-71/4
71/4
73/4
8
8-81/5
1.
3.
81/5-9V5
9i/>
1979— July 20.
A u g . 17.
10.
10
10-101/5
101/5
101/5-11
11
11-12
12
10
10'/5
10V5
11
11
12
12
15.
19,
29,
30,
12-13
13
12-13
12
11.
12.
July
3.
10.
A u g . 21.
Sept. 22.
O c t . 16.
20.
Nov.
20.
Sept. 19.
21.
Oct.
53/4
1980— F e b .
53/4
6
May
8.
1. A p p l i c a b l e t o a d v a n c e s w h e n exceptional circumstances or practices involve
only a particular d e p o s i t o r y institution a n d t o a d v a n c e s w h e n an institution is u n d e r
sustained liquidity p r e s s u r e s . See section 201.3(b)(2) of R e g u l a t i o n A .
2. R a t e s f o r s h o r t - t e r m a d j u s t m e n t credit. For description a n d earlier d a t a see
t h e following publications of t h e B o a r d of G o v e r n o r s : Banking and
Monetary
Statistics, 1914-1941 a n d 1941-1970; Annual Statistical Digest, 1970-1979, and 1980.
Range (or
level)—
All F.R.
Banks
6V5
6>/5
7
7
7'/4
71/4
73/4
8
8'/5
8 >/2
91/5
9i/>
20.
May
5i/>
51/5
6
Effective d a t e
m
13
13
13
12
Effective date
Range (or
level)—
All F . R .
Banks
F.R.
Bank
of
N.Y.
1980— June 13
16
July 28
29
Sept. 26
Nov. 17
Dec. 5
8
11-12
11
10-11
10
11
12
12-13
13
11
11
10
10
11
12
13
13
1981— M a y
5
8
2
6
4
13-14
14
13-14
13
12
14
14
13
13
12
20
23
2
3
16
27
30
11.5-12
11.5
11-11.5
11
10.5
10-10.5
10
11.5
11.5
11
11
10.5
10
10
10
10
Nov.
Dec.
1982— July
Aug.
In effect A u g . 31, 1982
In 1980 a n d 1981, the F e d e r a l R e s e r v e applied a s u r c h a r g e to s h o r t - t e r m adj u s t m e n t credit b o r r o w i n g s by institutions with deposits of $500 million or m o r e
that h a d b o r r o w e d in successive w e e k s or in m o r e t h a n 4 w e e k s in a c a l e n d a r
q u a r t e r . A 3 p e r c e n t s u r c h a r g e was in effect f r o m M a r . 17, 1980, t h r o u g h M a y 7,
1980. T h e r e was n o s u r c h a r g e until Nov. 17, 1980, w h e n a 2 p e r c e n t s u r c h a r g e was
a d o p t e d ; the surcharge was s u b s e q u e n t l y raised t o 3 p e r c e n t o n D e c . 5, 1980, a n d
to 4 percent on M a y 5, 1981. T h e s u r c h a r g e was r e d u c e d to 3 p e r c e n t effective
Sept. 22. 1981, a n d to 2 p e r c e n t effective O c t . 12. A s of O c t . 1, t h e f o r m u l a for
applying the surcharge was c h a n g e d f r o m a c a l e n d a r q u a r t e r to a m o v i n g 13-week
period. T h e surcharge was eliminated on N o v . 17, 1981.
A8
1.15
DomesticNonfinancialStatistics • September 1982
DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS1
Percent of deposits
Type of deposit, and deposit interval
in millions of dollars
Member bank requirements
before implementation of the
Monetary Control Act
Percent
Effective date
2
Net demand
0-2
2-10
10-100
100-400
Over 400
Time and
Savings
7
IP/4
123/4
16'/4
12/30/76
12/30/76
12/30/76
12/30/76
12/30/76
3
Effective date
3
12
11/13/80
11/13/80
Nonpersonal time deposits
By original maturity
Less than 3'/2 years
3'/> years or more
3
0
4/29/82
4/29/82
Eurocurrency
All types
3
11/13/80
Net transaction accounts
$0-$26 million
7
8
3/16/67
3
2'/i
1
3/16/67
1/8/76
10/30/75
6
21/!
1
12/12/74
1/8/76
10/30/75
1. For changes in reserve requirements beginning 1963, see Board's Annual
Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for
1976. table 13. U n d e r provisions of the Monetary Control Act. depository institutions include commercial banks, mutual savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act
corporations.
2. Requirement schedules are graduated, and each deposit interval applies to
that part of the deposits of each bank. D e m a n d deposits subject to reserve requirements were gross demand deposits minus cash items in process of collection
and demand balances due from domestic banks.
The Federal Reserve Act as amended through 1978 specified different ranges of
requirements for reserve city banks and for other banks. Reserve cities were designated under a criterion adopted effective Nov. 9, 1972. by which a bank having
net demand deposits of more than $400 million was considered to have the character
of business of a reserve city bank. The presence of the head office of such a bank
constituted designation of that place as a reserve city. Cities in which there were
Federal Reserve Banks or branches were also reserve cities. Any banks having net
demand deposits of $400 million or less were considered to have the character of
business of banks outside of reserve cities and were permitted to maintain reserves
at ratios set for banks not in reserve cities.
Effective Aug. 24. 1978, the Regulation M reserve requirements on net balances
due from domestic banks to their foreign branches and on deposits that foreign
branches lend to U.S. residents were reduced to zero from 4 percent and 1 percent
respectively. The Regulation D reserve requirement on borrowings from unrelated
banks abroad was also reduced to zero from 4 percent.
Effective with the reserve computation period beginning Nov. 16. 1978, domestic
deposits of Edge corporations were subject to the same reserve requirements as
deposits of member banks.
3. Negotiable order of withdrawal ( N O W ) accounts and time deposits such as
Christmas and vacation club accounts were subject to the same requirements as
savings deposits.
The average reserve requirement on savings and other time deposits before
implementation of the Monetary Control Act had to be at least 3 percent, the
minimum specified by law.
4. Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent was
imposed on large time deposits of $100,000 or more, obligations of affiliates, and
ineligible acceptances. This supplementary requirement was eliminated with the
maintenance period beginning July 24, 1980.
Effective with the reserve maintenance period beginning Oct. 25, 1979, a marginal reserve requirement of 8 percent was added to managed liabilities in excess
of a base amount. This marginal requirement was increased to 10 percent beginning
Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980. and was reduced
to zero beginning July 24, 1980. Managed liabilities are defined as large time
deposits. Eurodollar
borrowings, repurchase agreements against
U.S.
N O T E S T O T A B L E 1.16
18. Effective Dec. 1, 1981, depository institutions were authorized to offer time
deposits not subject to interest rate ceilings when the funds are deposited to the
credit of, or in which the entire beneficial interest is held by, an individual pursuant
to an I R A agreement or Keogh ( H . R . 10) plan. Such time deposits must have a
minimum maturity of 18 months, and additions may be made to the time deposit
at any time before its maturity without extending the maturity of all or a portion
of the balance of the account.
19. Effective May 1, 1982, depository institutions were authorized to offer negotiable or nonnegotiable time deposits with a minimum original maturity of 3'/2
years or more that are not subject to interest rate ceilings. Such time deposits have
no minimum denomination, but must be made available in a $500 denomination.
Additional deposits may be made to the account during the first year without
extending its maturity.
Depository institution requirements
after implementation of the
Monetary Control Act 5
Percent
6
savings2,3
Time 4
0-5, by maturity
30-179 days
180 days to 4 years
4 years or more
Over 5. by maturity
30-179 days
180 days to 4 years
4 years or more
Type of deposit, and
deposit interval
liabilities
government and federal agency securities, federal funds borrowings from nonmember institutions, and certain other obligations. In general, the base for the
marginal reserve requirement was originally the greater of (a) $100 million or (b)
the average amount of the managed liabilities held by a member bank. Edge
corporation, or family of U.S. branches and agencies of a foreign bank for the two
statement weeks ending Sept. 26. 1979. For the computation period beginning Mar.
20, 1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's
U.S. office gross loans to foreigners and gross balances due from foreign offices
of other institutions between the base period (Sept. 13-26, 1979) and the week
ending Mar. 12,1980. whichever was greater. For the computation period beginning
May 29,1980. the base was increased by 7V5 percent above the base used to calculate
the marginal reserve in the statement week of May 14-21, 1980. In addition,
beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and
balances declined.
5. For existing nonmember banks and thrift institutions at the time of implementation of the Monetary Control Act, the phase-in period ends Sept. 3. 1987.
For existing member banks the phase-in period is about three years, depending on
whether their new reserve requirements are greater or less than the old requirements. For existing agencies and branches of foreign banks, the phase-in ends Aug.
12, 1982. New institutions have a two-year phase-in beginning with the date that
they open for business, except for those institutions having total reservable liabilities
of $50 million or more.
6. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment
orders of withdrawal, and telephone and preauthorized transfers (in excess of three
per month) for the purpose of making payments to third persons or others.
7. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement will apply be modified
annually to 80 percent of the percentage increase in transaction accounts held by
all depository institutions on the previous June 30. At the beginning of 1982 the
amount was accordingly increased from $25 million to $26 million.
8. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which the beneficial interest is
held by a depositor that is not a natural person. Also included are certain transferable time deposits held by natural persons, and certain obligations issued to
depository institution offices located outside the United States. For details, see
section 204.2 of Regulation D.
The category of time deposit authorized by the Depository Institutions Deregulation Committee ( D I D C ) . effective Sept. 1. 1982 (original maturity or required
notice period of 7 to 31 days, required minimum deposit balance of $20,000, and
ceiling rate tied to the 91-day Treasury bill rate), is classified as a time deposit for
reserve requirement purposes.
NOTE. Required reserves must be held in the form of deposits with Federal
Reserve Banks or vault cash. After implementation of the Monetary Control Act,
nonmembers may maintain reserves on a pass-through basis with certain approved
institutions.
NOTE. Before Mar. 31, 1980. the maximum rates that could be paid by federally
insured commercial banks, mutual savings banks, and savings and loan associations
were established by the Board of Governors of the Federal Reserve System, the
Board of Directors of the Federal Deposit Insurance Corporation, and the Federal
Home Loan Bank Board under the provisions of 12 C F R 217, 329, and 526 respectively. Title II of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish
maximum rates of interest payable on deposits to the Depository Institutions Deregulation Committee. T h e maximum rates on time deposits in denominations of
$100,000 or more with maturities of 30—89 days were suspended in June 1970; such
deposits maturing in 90 days or more were suspended in May 1973. For information
regarding previous interest rate ceilings on all types of accounts, see earlier issues
of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal,
and the Annual Report of the Federal Deposit Insurance
Corporation.
Policy Instruments
1.16
A9
MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions
Percent per annum
Savings a n d loan associations a n d
m u t u a l savings b a n k s (thrift institutions)
Commercial banks
T y p e a n d m a t u r i t y of d e p o s i t
In e f f e c t A u g u s t 31, 1982
Percent
1 Savings
2 Negotiable o r d e r of w i t h d r a w a l a c c o u n t s 2 . .
T i m e accounts 3
Fixed ceiling rates by maturity 4
3
14-89 d a y s '
90 days to 1 year
4
5
1 to 2 years '
6
2 to 2 Vi years 7
2lA to 4 years 7
7
8
4 to 6 years 8
6 t o 8 years 8
9
10
8 years or m o r e 8
11
Issued to g o v e r n m e n t a l units (all
maturities) 10
12
Individual r e t i r e m e n t a c c o u n t s a n d K e o g h
( H . R . 10) p l a n s (3 years or
m o r e ) 10-fl
13
14
15
16
17
18
Special variable ceiling rates by maturity
91-day time d e p o s i t s ' 3
6 - m o n t h m o n e y m a r k e t time deposits 1 4 . .
12-month all savers certificates "
21/2 years t o less t h a n 3Vi years 16
Accounts with no ceiling rates
Individual r e t i r e m e n t a c c o u n t s a n d K e o g h
( H . R . 10) plans (18 m o n t h s or
m o r e ) 18
V/2 years or m o r e t i m e deposits 19
Effective
date
5'/4
51/4
7/1/79
12/31/80
51/4
53/4
8/1/79
1/1/80
6
7/1/73
61/5
71/4
71A
73/4
7/1/73
1/1/74
51/2
53/4
53/4
71/4
11/1/73
6/1/78
73/4
12/23/74
6/1/78
73/4
7/6/77
7/1/73
11/1/73
12/23/74
6/1/78
o(w)
$
(.6)
In effect A u g u s t 31, 1982
Effective
date
7/1/73
7/1/73
1/21/70
1/21/70
1/21/70
1. July 1, 1973, f o r m u t u a l savings b a n k s ; July 6, 1973, for savings and loans.
2. For a u t h o r i z e d states only. Federally insured c o m m e r c i a l b a n k s , savings a n d
loan associations, c o o p e r a t i v e b a n k s , a n d mutual savings b a n k s in M a s s a c h u s e t t s
a n d N e w H a m p s h i r e w e r e first p e r m i t t e d to offer negotiable o r d e r of withdrawal
( N O W ) accounts on J a n . 1, 1974. A u t h o r i z a t i o n to issue N O W accounts was ext e n d e d to similar institutions t h r o u g h o u t N e w E n g l a n d on F e b . 27, 1976, in N e w
Y o r k State on N o v . 10, 1978, a n d in N e w Jersey o n D e c . 28, 1979. A u t h o r i z a t i o n
to issue N O W accounts was e x t e n d e d to similar institutions n a t i o n w i d e effective
D e c . 31, 1980.
3. For exceptions with respect t o certain foreign time deposits see the BULLETIN
f o r O c t o b e r 1962 (p. 1279), A u g u s t 1965 (p. 1084), a n d F e b r u a r y 1968 (p. 167).
4. Effective Nov. 10, 1980, t h e m i n i m u m notice p e r i o d f o r public unit accounts
at savings a n d loan associations w a s d e c r e a s e d t o 14 days a n d the m i n i m u m maturity
period for time deposits at savings a n d loan associations in excess of $100,000 was
d e c r e a s e d t o 14 days. E f f e c t i v e O c t . 30, 1980, the m i n i m u m maturity or notice
period for time deposits w a s d e c r e a s e d f r o m 30 to 14 days at mutual savings banks.
5. Effective O c t . 30, 1980, the m i n i m u m maturity or notice p e r i o d f o r time
deposits was d e c r e a s e d f r o m 30 t o 14 days at commercial b a n k s .
6. N o s e p a r a t e a c c o u n t c a t e g o r y .
7. N o m i n i m u m d e n o m i n a t i o n . Until July 1, 1979, a m i n i m u m of $1,000 was
r e q u i r e d f o r savings a n d loan associations, except in a r e a s w h e r e m u t u a l savings
b a n k s p e r m i t t e d lower m i n i m u m d e n o m i n a t i o n s . This restriction was r e m o v e d f o r
deposits m a t u r i n g in less than 1 y e a r , effective N o v . 1, 1973.
8. N o m i n i m u m d e n o m i n a t i o n . Until July 1, 1979, the m i n i m u m d e n o m i n a t i o n
was $1,000 e x c e p t f o r deposits r e p r e s e n t i n g f u n d s c o n t r i b u t e d to an individual
r e t i r e m e n t a c c o u n t ( I R A ) or a K e o g h ( H . R . 10) plan established p u r s u a n t to the
Internal R e v e n u e C o d e . T h e $1,000 m i n i m u m r e q u i r e m e n t was r e m o v e d f o r such
accounts in D e c e m b e r 1975 a n d N o v e m b e r 1976 respectively.
9. B e t w e e n July 1, 1973, a n d O c t . 31, 1973, certificates m a t u r i n g in 4 years or
m o r e with m i n i m u m d e n o m i n a t i o n s of $1,000 h a d n o ceiling; h o w e v e r , the a m o u n t
of such certificates that an institution could issue was limited to 5 p e r c e n t of its
total time a n d savings deposits. Sales in excess of that a m o u n t , as well as certificates
of less t h a n $1,000, w e r e limited to the 6 l /i p e r c e n t ceiling on time deposits m a t u r i n g
in 2Vi years or m o r e . E f f e c t i v e N o v . 1 , 1 9 7 3 , ceilings w e r e r e i m p o s e d on certificates
m a t u r i n g in 4 years or m o r e with m i n i m u m d e n o m i n a t i o n of $1,000. T h e r e is n o
limitation on t h e a m o u n t of these certificates that b a n k s can issue.
10. A c c o u n t s s u b j e c t to f i x e d - r a t e ceilings. See f o o t n o t e 8 for m i n i m u m d e n o m ination r e q u i r e m e n t s .
11. Effective J a n . 1, 1980, c o m m e r c i a l b a n k s are p e r m i t t e d to pay the s a m e rate
as thrifts on I R A a n d K e o g h a c c o u n t s a n d accounts of g o v e r n m e n t a l units w h e n
such deposits are placed in the n e w 2'/2-year or m o r e variable-ceiling certificates
o r in 26-week m o n e y m a r k e t certificates regardless of the level of the T r e a s u r y bill
rate.
12. Must h a v e a m a t u r i t y of exactly 26 w e e k s a n d a m i n i m u m d e n o m i n a t i o n of
$10,000, a n d m u s t be n o n n e g o t i a b l e .
13. Effective M a y 1, 1982, d e p o s i t o r y institutions w e r e authorized to o f f e r time
deposits that have a m i n i m u m d e n o m i n a t i o n of $7,500 and a maturity of 91 days.
T h e ceiling rate of interest o n t h e s e deposits is indexed to the discount rate (auction
average) o n m o s t recently issued 91-day T r e a s u r y bills f o r thrift institutions a n d
the discount r a t e m i n u s 25 basis p o i n t s f o r c o m m e r c i a l b a n k s . T h e rate differential
e n d s 1 y e a r f r o m t h e effective d a t e of these i n s t r u m e n t s a n d is s u s p e n d e d at any
time the T r e a s u r y bill discount r a t e is 9 % or below f o r f o u r consecutive auctions.
T h e m a x i m u m allowable r a t e s in A u g u s t (in p e r c e n t ) f o r commercial b a n k s w e r e
as follows: A u g u s t 3, 9.383; A u g u s t 10, 9.775; A u g u s t 17, 8.366; A u g u s t 24, 7.498;
August 31, 8.604; a n d f o r thrift institutions: August 3, 9.633; A u g u s t 10, 10.025;
A u g u s t 17, 8.616; A u g u s t 24, 7.748; A u g u s t 31, 8.854.
14. C o m m e r c i a l b a n k s a n d thrift institutions w e r e a u t h o r i z e d to o f f e r m o n e y
m a r k e t time deposits effective J u n e 1, 1978. T h e s e deposits have a m i n i m u m den o m i n a t i o n r e q u i r e m e n t of $10,000 a n d a maturity of 26 w e e k s . T h e ceiling rate
of interest o n these deposits is i n d e x e d t o the discount rate (auction a v e r a g e ) o n
most recently issued 26-week U . S . T r e a s u r y bills. Interest o n these certificates may
FRASER
not b e c o m p o u n d e d . E f f e c t i v e f o r all 6 - m o n t h m o n e y m a r k e t certificates issued
Digitized for
Previous m a x i m u m
5
51/2
o(o )
7
C)
Previous maximum
Effective
date
Percent
7/1/79
12/31/80
51/5
51/4
C)
6
1/1/80
6'/i
0)
63/4
7!h
73/4
(»)
11/1/73
12/23/74
6/1/78
6/1/78
6/1/78
< *
()
( )
( 7)
C)
O
(16)
51/4
5
(6)
53/4
53/4
6
6
7'/2
73/4
73/4
O
beginning Nov. 1, 1981, d e p o s i t o r y institutions m a y pay r a t e s of interest o n these
deposits indexed to the higher of (1) the rate f o r 26-week T r e a s u r y bills established
immediately b e f o r e the d a t e of deposit (bill r a t e ) or (2) t h e a v e r a g e of t h e f o u r
rates for 26-week T r e a s u r y bills established f o r t h e 4 w e e k s i m m e d i a t e l y b e f o r e
the d a t e of deposit (4-week average bill r a t e ) . Ceilings are d e t e r m i n e d as follows:
Bill rate or 4-week
average bill rate
7.50 p e r c e n t or below
A b o v e 7.50 p e r c e n t
7.25 p e r c e n t or below
A b o v e 7.25 p e r c e n t , b u t below
8.50 p e r c e n t
8.50 percent or a b o v e , but below
8.75 p e r c e n t
8.75 percent or a b o v e
Commercial
bank
ceiling
7.75 p e r c e n t
'A of 1 p e r c e n t a g e point plus the h i g h e r of
the bill rate or 4-week a v e r a g e bill r a t e
Thrift ceiling
7.75 p e r c e n t
'/S of 1 p e r c e n t a g e point plus the h i g h e r of
the bill rate or 4-week a v e r a g e bill r a t e
9 percent
1/4 of 1 p e r c e n t a g e point plus the h i g h e r of
the bill rate or 4-week a v e r a g e bill rate
T h e m a x i m u m allowable rates in A u g u s t f o r c o m m e r c i a l b a n k s a n d thrifts b a s e d
on the bill rate w e r e as follows: A u g u s t 3, 10.921; A u g u s t 10, 11.190; A u g u s t 17,
10.071; August 24 , 9.238; A u g u s t 31, 9.996. T h e m a x i m u m allowable rates in
August for commercial b a n k s a n d thrifts b a s e d o n the 4-week a v e r a g e bill r a t e
were as follows: A u g u s t 3, 11.614; A u g u s t 10, 11.357; A u g u s t 17, 10.952; A u g u s t
24, 10.355; August 31, 10.123.
15. Effective O c t . 1, 1981, d e p o s i t o r y institutions are a u t h o r i z e d to issue all
savers certificates ( A S C s ) with a 1-year m a t u r i t y a n d an a n n u a l i n v e s t m e n t yield
equal to 70 p e r c e n t of the a v e r a g e investment yield f o r 52-week U . S . T r e a s u r y bills
as d e t e r m i n e d by the auction of 52-week T r e a s u r y bills held i m m e d i a t e l y b e f o r e
the calendar w e e k in which the certificate is issued. A m a x i m u m lifetime exclusion
of $1,000 ($2,000 on a joint r e t u r n ) f r o m gross i n c o m e is generally a u t h o r i z e d f o r
interest income f r o m A S C s . T h e a n n u a l investment yield f o r A S C s issued in A u g u s t
(in p e r c e n t ) was as follows: A u g u s t 8, 8.96.
16. Effective A u g . 1, 1981, c o m m e r c i a l b a n k s m a y pay interest on any variable
ceiling n o n n e g o t i a b l e time deposit with an original m a t u r i t y of 2 V5 years t o less
than 4 years at a rate n o t to e x c e e d 1/4 of 1 p e r c e n t b e l o w the average 2'/2-year
yield for U . S . T r e a s u r y securities as d e t e r m i n e d a n d a n n o u n c e d by the T r e a s u r y
D e p a r t m e n t immediately b e f o r e the d a t e of deposit. E f f e c t i v e M a y 1, 1982, the
m a x i m u m maturity f o r this category of deposits was r e d u c e d to less t h a n 3Vi years.
Thrift institutions may p a y interest o n these certificates at a rate not to e x c e e d the
average 2'/5 -year yield f o r T r e a s u r y securities as d e t e r m i n e d a n d a n n o u n c e d by
the T r e a s u r y D e p a r t m e n t immediately b e f o r e t h e d a t e of d e p o s i t . If the a n n o u n c e d
average 2 ' ^ - y e a r yield f o r T r e a s u r y securities is less t h a n 9.50 p e r c e n t , c o m m e r c i a l
b a n k s may pay 9.25 p e r c e n t a n d thrift institutions 9.50 p e r c e n t f o r these deposits.
T h e s e deposits have n o r e q u i r e d m i n i m u m d e n o m i n a t i o n , a n d interest may be
c o m p o u n d e d on t h e m . T h e ceiling rates of interest at which they may be o f f e r e d
vary biweekly. T h e m a x i m u m allowable rates in A u g u s t (in p e r c e n t ) for c o m m e r c i a l
b a n k s were as follows: A u g u s t 3, 13.20; A u g u s t 17, 12.75; A u g u s t 31, 11.70, a n d
for thrifts: August 3, 13.45; A u g u s t 17, 13.00; A u g u s t 13, 11.95.
17. B e t w e e n J a n . 1, 1980, a n d A u g . 1, 1981, c o m m e r c i a l b a n k s , a n d thrifts w e r e
authorized to offer variable ceiling n o n n e g o t i a b l e time deposits with n o r e q u i r e d
m i n i m u m d e n o m i n a t i o n a n d with maturities of 2l/i years or m o r e . E f f e c t i v e J a n .
1, 1980, the m a x i m u m rate f o r c o m m e r c i a l b a n k s was 3/4 p e r c e n t a g e point b e l o w
the average yield on 21^-year U . S . T r e a s u r y securities; t h e ceiling r a t e f o r thrifts
was '/4 p e r c e n t a g e point higher t h a n that f o r c o m m e r c i a l b a n k s . E f f e c t i v e M a r . 1,
1980, a t e m p o r a r y ceiling of ll 3 /4 p e r c e n t was placed on these a c c o u n t s at c o m mercial b a n k s and 12 p e r c e n t on these a c c o u n t s at savings and loans. E f f e c t i v e
J u n e 2, 1980, the ceiling rates f o r these deposits at c o m m e r c i a l b a n k s a n d savings
a n d loans was increased Vi p e r c e n t a g e point. T h e t e m p o r a r y ceiling was r e t a i n e d ,
a n d a m i n i m u m ceiling of 9.25 p e r c e n t f o r c o m m e r c i a l b a n k s and 9.50 p e r c e n t f o r
thrifts was established.
NOTES are c o n t i n u e d on opposite page.
A10
1.17
DomesticNonfinancialStatistics • September 1982
FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1982
Type of transaction
1979
1980
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
U . S . G O V E R N M E N T SECURITIES
Outright transactions (excluding matched
transactions)
1
2
3
4
Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions
5
6
7
8
9
15,998
6,855
0
2,900
7.668
7,331
0
3,389
13,899
6,746
0
1,816
0
2,756
0
600
1,017
868
0
0
474
995
0
600
4,149
0
0
0
595
519
0
400
1,559
0
200
0
1,905
1,175
-200
200
Others within 1 year1
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions
3,203
0
17,339
-11,308
2,600
912
0
12,427
-18,251
0
317
23
13,794
- 12,869
0
0
0
542
0
0
20
0
2,633
-940
0
0
0
900
-1,479
0
132
0
333
-525
0
0
0
1,498
-2,541
0
0
0
988
-1,249
0
71
0
382
0
0
10
11
12
13
1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange
2,148
0
-12,693
7,508
2,138
0
-8,909
13,412
1,702
0
-10,299
10,117
0
0
-542
0
50
0
-974
765
0
0
-900
1,479
570
0
-333
525
0
0
-1,000
1,600
0
0
-988
1,049
691
0
-382
200
14
15
16
1/
5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
523
0
-4.646
2,181
703
0
-3,092
2.970
393
0
-3,495
1,500
0
0
0
0
0
0
-1,659
100
0
0
0
0
81
0
0
0
0
0
-498
941
0
0
0
0
113
0
0
0
18
19
20
21
Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
454
0
0
1,619
811
0
-426
1,869
379
0
0
1,253
0
0
0
0
0
0
0
75
0
0
0
0
52
0
0
0
0
0
0
0
0
0
0
0
123
0
0
0
22
23
24
All maturities1
Gross purchases
Gross sales
Redemptions
22,325
6,855
5,500
12,232
7.331
3,389
16,690
6,769
1,816
0
2,756
600
1,087
868
0
474
995
600
4,984
0
0
595
519
400
1,559
0
0
2,903
1,175
200
25
26
Matched transactions
Gross sales
Gross purchases
627,350
624,192
674.000
675,496
589,312
589,647
51,132
51,717
28,033
28,258
38,946
38,650
44,748
44,759
36,047
36,790
41,509
37,548
54,646
58,753
27
28
Repurchase agreements
Gross purchases
Gross sales
107,051
106,968
113,902
113,040
79,920
78,733
12,962
12,914
18,656
21,919
8,595
6,998
18,396
14.724
10,155
15,424
5,332
5,332
18,267
18,267
6.896
3.869
9,626
-2.724
-2,820
179
8.667
-4,850
-2,402
5,636
853
399
134
668
0
145
494
0
108
0
0
68
0
0
32
0
0
13
0
0
5
0
0
1
0
0
6
0
0
1
37,321
36,960
28,895
28,863
13,320
13.576
800
935
872
1,006
554
471
2.033
1.119
1,305
2,301
831
831
4,389
4,389
681
555
130
-203
-166
70
909
-997
-6
-1
116
73
-582
402
-597
488
280
-768
0
0
7,693
4,497
9,175
-2,524
-3,583
737
9,856
-6,615
-2,408
5,634
29 Net change in U.S. government securities
F E D E R A L A G E N C Y OBLIGATIONS
30
31
32
Outright transactions
Gross purchases
Gross sales
Redemptions
33
34
Repurchase agreements
Gross purchases
Gross sales
35 Net change in federal agency obligations
B A N K E R S ACCEPTANCES
36 Repurchase agreements, net
37 Total net change in System Open Market
Account
1. Both gross purchases and redemptions include special certificates created
when the Treasury borrows directly from the Federal Reserve, as follows (millions
of dollars): March 1979, 2,600.
NOTE. Sales, redemptions, and negative figures reduce holdings of the System
Open Market Account; all other figures increase such holdings. Details may not
add to totals because of rounding.
Reserve Banks
1.18
FEDERAL RESERVE BANKS
All
Condition and Federal Reserve Note Statements
Millions of dollars
Account
July 28
Aug. 4
Wednesday
End of month
1982
1982
Aug. 18
Aug. 11
July
June
Aug. 2 5
Aug.
Consolidated condition statement
ASSETS
1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4
To depository institutions
5
Other
Acceptances
6
Held under repurchase agreements
Federal agency obligations
7
Bought outright
8
Held under repurchase agreements
U.S. government securities
Bought outright
9
Bills
10
Notes
11
Bonds
12
Total 1
13
Held under repurchase agreements
14 Total U.S. government securities
0
0
0
0
0
0
0
132,934
130,661
132,628
133.189
134,738
127,005
15 Total loans and securities
143,405
141,871
141,999
143,079
145,330
7,743
529
9,744
528
8,057
531
8.533
530
8,046
534
4.604
4,042
5,406
4,075
5,427
4,230
5.435
3,148
175,915
177,212
175,834
16 Cash items in process of collection
17 Bank premises
Other assets
18
Denominated in foreign currencies 2
19
All other 3
20 Total assets
11,149
4,018
425
11,149
4,018
421
11,148
4.018
424
11,148
4.018
425
11,148
4.018
426
11,149
3.818
415
11,149
4.018
432
11,148
4,018
432
1,470
2,209
0
416
0
935
0
1.637
0
1,638
0
458
0
449
0
0
0
0
0
0
0
0
0
565
9,001
0
9.001
0
8,955
0
8.955
0
8,955
0
9,002
0
9.001
0
8,955
229
52,652
62,018
18,264
132,934
50,379
62,018
52,346
62.018
18,264
132,628
52,907
54,456
62,018
18,264
134,738
47,921
60,943
18,141
127,005
52.358
62,018
18,264
132,640
132,640
51,387
62,018
18,264
131,669
1,189
132,858
137,645
142,099
143,056
9,603
521
8.220
528
9,680
534
5,439
3,230
4,779
3,513
5,405
4,023
4,959
3,648
176,316
178,171
171,443
175,874
177,475
18,264
130,661
62,018
18,264
133.189
LIABILITIES
134,604
135,395
136,312
135.877
135,188
134,228
134,115
135,374
22
23
24
25
26,676
2,927
301
630
23,367
5,762
308
770
25,305
2,759
204
693
25,255
3,147
310
587
27.594
3,541
319
597
20,198
4,099
586
437
24,974
3,275
982
662
24,993
3,234
348
26 Total deposits
30,534
30,207
28,961
29,299
32,051
25,320
29,893
29,076
5,650
2,149
6,494
2,066
5,556
2,029
6.056
2,113
5,890
2,065
7,058
2,079
6,507
8,234
2,197
1,805
172,937
174,162
172,858
173,345
175,194
168,685
172,712
174,489
1.334
1,278
366
1,333
1,278
439
1,336
1,278
362
1.336
1.278
357
1,337
1.278
362
1.327
1.278
153
1.336
1,278
548
1,337
175,915
177,212
175,834
176,316
178,171
171,443
175,874
177,475
95,851
97.888
95,821
95,158
94.497
96.122
95,684
94,780
21 Federal Reserve notes
Deposits
Depository institutions
U.S. Treasury—General account
Foreign—Official accounts
Other
27 Deferred availability cash items
28 Other liabilities and accrued dividends 4
29 Total liabilities
501
CAPITAL ACCOUNTS
30 Capital paid in
31 Surplus
32 Other capital accounts
33 Total liabilities and capital accounts
34 MEMO: Marketable U.S. government securities held in
custody for foreign and international account
1,278
371
Federal Reserve note statement
35 Federal Reserve notes outstanding (issued to bank) . . . .
36
LESS: Held by bank 5
37
Federal Reserve notes, net
Collateral for Federal Reserve notes
38
Gold certificate account
39
Special drawing rights certificate account
JO
Other eligible assets
•1
U.S. government and agency securities
155,083
20,479
134,604
155,353
19,958
135,395
155,380
19,068
136,312
155.426
19.549
135.877
155,690
20,502
135,188
154,036
19,808
134,228
155,017
20,902
134,115
155,800
20,426
135,374
11,149
4,018
0
119,437
11,149
4,018
0
120,228
11,148
4,018
0
121.146
11,148
4.018
0
120.711
11,148
4,018
0
120,022
11,149
3,818
39
119,222
11,149
4,018
0
118,948
11,148
4,018
0
120,208
42 Total collateral
134,604
135,395
136,312
135,877
135,188
134,228
134,115
135,374
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies and foreign currencies warehoused for the U.S. Treasury. Assets shown in this line are revalued monthly at market exchange rates.
3. Includes special investment account at Chicago of Treasury bills maturing
within 90 days.
4. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank
are exempt from the collateral requirement.
A12
1.19
DomesticNonfinancialStatistics • September 1982
FEDERAL RESERVE BANKS
Maturity Distribution of L o a n and Security H o l d i n g s
Millions of dollars
End of month
Wednesday
1982
Type and maturity groupings
July 28
Aug. 4
Aug. 18
Aug. 11
June 30
Aug. 25
Aug. 31
July 31
1 Loans—Total
2
Within 15 days
3
16 days to 90 days
4
91 days to 1 year
1.470
1,432
38
0
2,209
2,108
99
2
416
342
74
0
935
920
15
0
1,637
1.612
25
0
1,638
1,585
53
0
458
383
75
0
449
411
38
0
5 Acceptances—Total
6
Within 15 days
7
16 days to 90 days
8
91 days to 1 year
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
565
565
0
0
9 U.S. government securities—Total
10
Within 15 days 1
11
16 days to 90 days
12
91 days to 1 year
13
Over 1 year to 5 years
14
Over 5 years to 10 years
15
Over 10 years
132,934
6,006
26.242
34,756
38,217
10.830
16,883
130.661
7,401
21,963
34,643
38,941
10,830
16,883
132,628
7,614
24,845
33,514
38,942
10,830
16,883
133,189
5.424
25,296
37.873
36.047
12,267
16.282
134.738
8,316
23.832
37,994
36.047
12,267
16,282
127,005
2,316
25,432
34,454
37,326
10,717
16,760
132.640
4,374
27,562
34,775
38,216
10.830
16,883
132,858
3,911
25,870
38,554
35,974
12,267
16,282
16 Federal agency obligations—Total
17
Within 15 days 1
18
16 days to 90 days
19
91 days to 1 year
20
Over 1 year to 5 years
21
Over 5 years to 10 years
22
Over 10 years
9.001
174
524
1.593
5.305
902
503
9,001
47
607
1.637
5,305
902
503
8.955
117
491
1,637
5,305
902
503
8,955
197
410
1.638
5.305
902
503
8.955
81
410
1.861
5.228
872
503
9.002
184
443
1,629
5,316
927
503
9.001
174
524
1,593
5,305
902
503
9,184
345
407
1,829
5,228
872
503
1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
1.20
BANK DEBITS A N D DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates.
1982
Bank group, or type of customer
1979
1980
1981
Feb.
Apr.
Mar.
May
June
87,488.1
37,379.7
50,108.4
88,259.6
37,016.6
51,243.0
929.0
90.2
570.4
1.589.6
1,069.9
107.6
593.4
1,770.9
315.8
1,292.8
202.0
322.7
1.326.4
208.6
14.0
11.4
3.8
7.1
15.8
13.5
3.9
7.8
Debits to demand deposits 1 (seasonally adjusted)
1 All commercial banks
2 Major New York City banks
3 Other banks
49.775.0
18.512.7
31,262.3
63.013.4
25.192.5
37.820.9
80.059.7
33,642.7
46,417.0
85,274.3
35.983.8
49,290.5
83.617.4
34,218.3
49,399.1
83,404.1
35.238.0
48.166.1
Debits to savings deposits 2 (not seasonally adjusted)
4
5
6
7
ATS/NOW3
Business 4
Others 5
All accounts
83.3
77.3
515.2
675.8
158.4
93.4
605.3
857.2
741.3
112.1
582.2
1,435.6
836.7
95.2
534.8
1.466.7
935.4
115.4
586.9
1,637.6
1.072.5
103.0
609.6
1.785.1
Demand deposit turnover 1 (seasonally adjusted)
8 All commercial banks
9 Major New York City banks
10 Other banks
163.5
646.2
113.3
201.6
813.7
134.3
281.4
1,100.5
182.8
307.1
1,252.1
198.0
304.7
1.211.7
200.7
301.3
1.255.3
193.7
Savings deposit turnover 2 (not seasonally adjusted)
11
1?
n
14
ATS/NOW3
Business 4
Others 5
All accounts
7.8
7.2
2.7
3.1
1. Represents accounts of individuals, partnerships, and corporations, and of
states and political subdivisions.
2. Excludes special club accounts, such as Christmas and vacation clubs.
3. Accounts authorized for negotiable orders of withdrawal ( N O W ) and accounts
authorized for automatic transfer to demand deposits (ATS). ATS data availability
starts with December 1978.
4. Represents corporations and other profit-seeking organizations (excluding
9.7
9.3
3.4
4.2
14.2
12.3
3.7
6.6
13.0
12.1
3.6
6.6
14.2
14.6
3.9
7.3
15.4
13.2
4.0
7.8
commercial banks but including savings and loan associations, mutual savings banks,
credit unions, the Export-Import Bank, and federally sponsored lending agencies).
5. Savings accounts other than N O W ; business; and, from December 1978, ATS.
NOTE. Historical data for the period 1970 through June 1977 have been estimated;
these estimates are based in part on the debits series for 233 SMSAs, which were
available through June 1977. Back data are available from Publications Services,
Board of Governors of the Federal Reserve System, Washington. D . C . 20551.
Debits and turnover data for savings deposits are not available before July 1977.
Monetary Aggregates
1.21
A13
MONEY STOCK MEASURES AND COMPONENTS
Billions of dollars, averages of daily figures
1982
Item
1978
1979
1980
1981
Dec.
Dec.
Dec.
Dec.
Mar.
Apr.
May
June
July
Seasonally a d j u s t e d
MEASURES 1
1
2
3
4
Ml
M2
M3
L2
363.2
1,403.9
1,629.0
1,938.9
389.0
1,518.9
1,779.4
2,153.9
414.5
1,656.2
1,963.1
2,370.4
440.9
1,822.7
2,188.1
2,642.8
448.3
1,865.2
2,235.8
2,716.8
97.4
3.5
253.9
106.1
3.7
262.2
16.9
116.2
4.2
267.2
26.9
123.1
4.3
236.4
125.1
4.4
233.0
421.7
652.6
221.8
398.9
751.7
257.9
77.0
343.6
854.7
300.3
85.8r
350.7
452.4
1,880.7
2,258.1
2,752.3
451.5
1,897.5
2,279.3R
451.4'
1,907.9'
2,295.9'
n.a.
n.a.
451.2
1,923.3
2,320.2
n.a.
SELECTED COMPONENTS
5
6
7
8
9
10
11
Currency
Traveler's checks 3
D e m a n d deposits
O t h e r checkable deposits 7
Savings deposits 4
Small-denomination time deposits 5
L a r g e - d e n o m i n a t i o n time deposits 6
8.4
479.9
533.9
194.6
869.9
312.6
126.3
4.4
127.4
4.5
128.4
4.5
128.8
4.4
233.0
88.6
350.5
881.6
317.2r
232.7'
87.0
350.9
894.1
321.6'
231.0
230.6
87.4
344.0
919.7
335.5
87.5
349.9
900.9'
328.3 '
Not seasonally a d j u s t e d
MEASURES'
12
13
14
15
Ml
M2
M3
L2
372.5
1,408.5
1,637.5
1,946.6
398.8
1,524.7
1,789.2
2,162.8
99.4
3.3
261.5
8.4
24.1
478.0
531.1
108.2
3.5
270.1
17.0
26.3
420.5
649.7
35.0
398.0
748.9
7.1
3.1
198.6
34.4
9.3
226.0
262.3
451.2
1,829.4
2,199.9
2,653.8
2,237.4
2,722.8
125.4
4.1
243.3
78.4
38.1
343.0
851.7
123.8
4.2
228.2
83.8
43.0
346.1
879.6
125.6 R
4.2
236.1
89.5
40.4
348.1
888.1
61.9
151.2
13.9
33.7
305.4
159.2
31.5
317.4
161.9
31.5
317.9
424.6
1,662.5
1,973.9
2,380.2
440.0
1,861.9
455.5
1,887.9
2,266.1
2.269.3'
445.1
1,888.9
2,762.9
n.a.
450.5'
454.0
1,906.3'
1,924.7
2,290.0r
n.a.
2,314.1
n.a.
127.2
4.3
228.3
85.4
42.8
347.4
895.3
128.3
4.7
230.4'
87.2'
43.0'
347.9
902.3
129.8
4.9
231.5
87.9
43.4
348.3
914.1
164.3
32.8
320.3r
168.6
33.7
323.8
171.3
36.7
328.0
SELECTED COMPONENTS
16
17
18
19
20
21
22
Currency
Traveler's checks 3
D e m a n d deposits
O t h e r checkable deposits 7
Overnight R P s and E u r o d o l l a r s 8
Savings deposits 4
Small-denomination time deposits 5
Money market mutual funds
23
General purpose and broker/dealer
24
Institution only
25 Large-denomination time deposits 6
1. Composition of the m o n e y stock m e a s u r e s is as follows:
M l : A v e r a g e s of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) d e m a n d deposits at all commercial b a n k s o t h e r than those d u e
to domestic banks, the U . S . g o v e r n m e n t , and foreign b a n k s and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) a n d automatic transfer service ( A T S ) accounts at banks and thrift institutions, credit union share d r a f t ( C U S D ) accounts,
and d e m a n d deposits at mutual savings banks.
M2: M l plus savings a n d small-denomination time deposits at all depository
institutions, overnight repurchase a g r e e m e n t s at commercial banks, overnight E u rodollars held by U . S . residents o t h e r than b a n k s at C a r i b b e a n branches of m e m b e r
banks, and balances of m o n e y m a r k e t mutual f u n d s (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions, t e r m
RPs at commercial b a n k s and savings and loan associations, and balances of institution-only m o n e y m a r k e t m u t u a l f u n d s .
2. L: M 3 plus o t h e r liquid assets such as term Eurodollars held by U . S . residents
o t h e r than b a n k s , b a n k e r s acceptances, commercial p a p e r . Treasury bills and o t h e r
liquid Treasury securities, and U . S . savings bonds.
3. O u t s t a n d i n g a m o u n t of U . S . dollar-denominated traveler's checks of n o n b a n k
issuers.
4. Savings deposits exclude N O W a n d A T S accounts at commercial banks and
thrift institutions and C U S D s at credit unions.
118.3
3.9
275.1
27.2
5. Small-denomination time deposits—including retail R P s — a r e those issued in
a m o u n t s of less than $100,000.
6. Large-denomination time deposits are those issued in a m o u n t s of $100,000
or m o r e and are net of the holdings of domestic banks, thrift institutions, the U . S .
government, money m a r k e t mutual funds, a n d foreign b a n k s a n d official institutions.
7. Includes A T S and N O W balances at all institutions, credit union share d r a f t
balances, and d e m a n d deposits at mutual savings b a n k s .
8. Overnight (and continuing contract) R P s are those issued by commercial
banks to other than depository institutions and m o n e y m a r k e t m u t u a l f u n d s (general
purpose and broker/dealer), and overnight E u r o d o l l a r s are those issued by Caribbean branches of m e m b e r b a n k s to U . S . residents o t h e r than depository institutions and money m a r k e t mutual f u n d s (general p u r p o s e a n d b r o k e r / d e a l e r ) .
NOTE. Latest monthly and weekly figures are available f r o m the B o a r d ' s H . 6
(508) release. Back data are available f r o m the Banking Section, Division of Research and Statistics, B o a r d of G o v e r n o r s of the Federal R e s e r v e System, Washington, D . C . 20551.
A14
1.22
DomesticNonfinancialStatistics • September 1982
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
1981
Item
1978
Dec.
1979
Dec.
1982
1980
Dec.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Seasonally a d j u s t e d
A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 2
1 Total reserves 3
35.08
36.37
39.01
40.53
41.28
40.93
41.09
41.18
41.33
41.44
41.45
41.85
2 N o n b o r r o w e d reserves
3 R e q u i r e d reserves
4 Monetary base4
34.22
34.85
134.7
34.90
36.04
145.0
37.32
38.49
158.0
39.89
40.21
165.8
39.76
40.86
167.4
39.14
40.62
167.9
39.53
40.73
168.5
39.61
40.91
169.8
40.21
40.97
171.0
40.24
41.13
172.1
40.75
41.12
172.6
41.34
41.54
173.7
Not seasonally a d j u s t e d
5 Total reserves 3
35.66
36.97
39.70
41.26
42.70
40.74
40.53
41.09
40.98
40.88
41.31
41.50
6 N o n b o r r o w e d reserves
7 R e q u i r e d reserves
8 M o n e t a r y base 4
34.80
35.43
137.4
35.50
36.65
147.9
38.01
39.19
161.0
40.63
40.94
168.9
41.18
42.28
168.5
38.95
40.44
166.1
38.98
40.18
166.5
39.52
40.81
168.9
39.87
40.63
170.4
39.68
40.57
171.5
40.61
40.98
173.4
40.99
41.18
173.9
41.68
43.91
40.66
41.92
43.20
41.29
39.23
39.56
39.55
39.57
39.99
40.19
40.81
41.45
144.6
42.43
43.58
156.2
38.97
40.15
162.4
41.29
41.60
169.7
41.69
42.78
169.1
39.50
40.98
166.8
37.68
38.88
165.4
37.99
39.28
167.6
38.43
39.19
169.2
38.36
39.26
170.4
39.29
39.65
172.4
41.50
39.87
172.9
N O T A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 5
9 Total reserves 3
10 N o n b o r r o w e d reserves
11 R e q u i r e d reserves
12 M o n e t a r y b a s e 4
1. R e s e r v e m e a s u r e s f r o m N o v e m b e r 1980 to d a t e reflect a one-time increase—
e s t i m a t e d at $550 million t o $600 million—in required reserves associated with the
reduction of w e e k - e n d avoidance activities of a f e w large b a n k s .
2. R e s e r v e aggregates include r e q u i r e d reserves of m e m b e r b a n k s and E d g e Act
c o r p o r a t i o n s a n d o t h e r d e p o s i t o r y institutions. Discontinuities associated with the
i m p l e m e n t a t i o n of the M o n e t a r y C o n t r o l A c t , t h e inclusion of E d g e Act c o r p o r a t i o n
reserves, a n d o t h e r c h a n g e s in R e g u l a t i o n D have been r e m o v e d .
3. R e s e r v e b a l a n c e s with F e d e r a l R e s e r v e B a n k s (which exclude r e q u i r e d clearing balances) plus vault cash at institutions with required reserve balances plus
vault cash e q u a l to r e q u i r e d reserves at o t h e r institutions.
4. Includes reserve balances a n d r e q u i r e d clearing balances at F e d e r a l R e s e r v e
B a n k s in the c u r r e n t w e e k plus vault cash held two w e e k s earlier used to satisfy
reserve r e q u i r e m e n t s at all d e p o s i t o r y institutions plus currency outside the U . S .
T r e a s u r y , F e d e r a l R e s e r v e B a n k s , the vaults of depository institutions, and surplus
vault cash at depository institutions.
5. R e s e r v e s of depository institutions series reflect actual reserve r e q u i r e m e n t
p e r c e n t a g e s with n o a d j u s t m e n t s to eliminate the effect of changes in R e g u l a t i o n
D , including changes associated with the i m p l e m e n t a t i o n of the M o n e t a r y C o n t r o l
Act. Includes r e q u i r e d reserves of m e m b e r b a n k s a n d E d g e A c t c o r p o r a t i o n s a n d ,
beginning Nov. 13, 1980, other depository institutions. U n d e r the transitional phasein p r o g r a m of the M o n e t a r y C o n t r o l A c t of 1980, the net changes in r e q u i r e d
reserves of depository institutions have b e e n as follows: effective N o v . 13, 1980,
a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; M a r . 12,
1981, an increase of $75 million; M a y 14, 1981, an increase of $245 million; A u g .
13, 1981. an increase of $245 million; Sept. 3, 1981, a reduction of $1.3 billion;
and Nov. 19, 1981. an increase of $220 million.
NOTE. Latest monthly and weekly figures are available f r o m the B o a r d ' s H . 3 ( 5 0 2 )
statistical release. Back d a t a and estimates of the impact on r e q u i r e d r e s e r v e s a n d
changes in reserve r e q u i r e m e n t s are available f r o m the B a n k i n g Section, Division
of Research a n d Statistics. 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 ,
Washington, D . C . 20551.
Monetary Aggregates
1.23
LOANS AND SECURITIES
A15
All Commercial Banks1
Billions of dollars; averages of Wednesday figures
1982
1981
Dec. 2
Mar. 2
Apr.2
May 2
1982
1981
June 2
July 2
Dec. 2
Mar. 2
Seasonally adjusted
1 Total loans and securities 3
2 U.S. Treasury securities
3 Other securities
4 Total loans and leases 3
5
Commercial and industrial
loans
6
Real estate loans
7
Loans to individuals
8
Security loans
9
Loans to nonbank financial
institutions
10
Agricultural loans
11
Lease financing r e c e i v a b l e s . . . .
12
All other loans
Apr.2
May 2
June 2
July 2
Not seasonally adjusted
1,316.3
1,342.5 s
1,352.6
1,361.9
1,368.7
1,376.1
1,326.1
1,337.3 s
1,351.4
1,355.9
1,366.2
1,370.4
111.0
231.4
973.9
114.4 5
233.1 5
995.0 5
116.6
234.0
1,002.0
116.3
234.9
1,010.7
115.8
235.9
1.017.0
116.5
235.9
1.023.7
111.4
232.8
981.8
116.I 5
232.6 s
988.6 5
118.7
234.0
998.7
115.8
235.1
1,005.0
116.1
235.6
1,014.5
115.6
234.7
1,020.1
358.0
285.7
185.1
21.9
370.0
292.3 s
186.4
20.9
373.1
293.9
186.9
20.9
378.8
295.5
187.4
20.6
383.4
297.3
188.3
19.5
386.7
297.5
189.2
21.0
360.1
286.8
186.4
22.7
369.0
291.5 s
184.7
20.3
375.2
293.0
185.6
20.9
378.9
294.4
186.2
19.8
382.7
295.8
187.5
20.5
385.5
296.6
188.3
20.5
30.2
33.0
12.7
47.2
32.7
34.3
13.1
45.3
33.3
34.4
13.1
46.5
33.2
34.5
13.1
47.5
33.6
34.5
13.1
47.4
33.9
34.7
13.2
47.4
31.2
33.0
12.7
49.2
32.2
33.6
13.1
44.2
33.0
33.8
13.1
44.1
32.8
34.3
13.1
45.5
33.1
34.7
13.1
47.1
33.3
35.1
13.2
47.7
MEMO:
13 Total loans and securities plus
loans sold 3 - 7
3 7
14 Total loans plus loans sold - . . . .
15 Total loans sold to affiliates 7 . . . .
16 Commercial and industrial loans
plus loans sold 7
17
Commercial and industrial
loans sold 7
18
Acceptances held
19
Other commercial and industrial loans
20
To U.S. addressees 8
21
To non-U.S. addressees
22 Loans to foreign banks
1,319.1
1,345.3 s
1,355.4
1,364.7
1,371.6
1,378.9
1,328.9
1,340.1 s
1,354.2
1,358.7
1,369.2
1,374.2
976.7
2.8
997.9
2.8
s
1,004.8
2.8
1,013.5
2.8
1,020.0
3.0
1,026.5
2.8
984.7
2.8
991.5 s
2.8
1,001.5
2.8
1,007.8
2.8
1,017.5
3.0
1,023.0
2.8
360.2
372.2
375.3
381.1
385.8
389.0
362.3
371.3
377.5
381.1
385.1
387.8
2.2
8.9
2.2
9.6
2.3
10.3
2.2
10.1
2.4
9.1
2.3
8.7
2.2
9.8
2.2
9.2
2.3
9.5
2.2
9.5
2.4
9.2
2.3
8.6
349.1
334.9
14.2
19.0
360.4
347.7
12.7
16.1
362.8
350.1
12.7
15.2
368.8
355.2
13.5
15.0
374.3
360.1
14.2
14.7
378.0
364.7
13.3
14.8
350.3
334.3
16.1
20.0
359.8
347.2
12.6
15.7
365.7
352.9
12.8
14.6
369.4
356.7
12.7
14.4
373.5
360.6
13.0
14.2
376.8
363.9
13.0
14.5
1. Includes domestically chartered banks; U.S. branches and agencies of foreign
banks. New York investment companies majority owned by foreign banks, and
Edge Act corporations owned by domestically chartered and foreign banks.
2. Beginning December 1981, shifts of foreign loans and securities from U.S.
banking offices to international banking facilities (IBFs) reduced the levels of
several items. Seasonally adjusted data that include adjustments for the amounts
shifted from domestic offices to IBFs are available in the Board's G.7 (407) statistical release (available from Publications Services, Board of Governors of the
Federal Reserve System, Washington, D . C . 20551).
3. Excludes loans to commercial banks in the United States.
4. The merger of a commercial bank with a mutual savings bank beginning Feb.
24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities,
$0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and
real estate loans, $0.7 billion.
5. The merger of a commercial bank with a mutual savings bank beginning Mar.
17, 1982, increased total loans and securities $0.6 billion; U.S. Treasury securities,
$0.1 billion; other securities $0.1 billion; total loans and leases, $0.4 billion; and
real estate loans, $0.4 billion.
6. Beginning June 2, 1982, total loans and securities, total loans and leases, and
loans ,to individuals were increased $0.5 billion due to acquisition of loans by a
commercial bank from a nonbank institution.
7. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company.
8. United States includes the 50 states and the District of Columbia.
NOTE. Data are prorated averages of Wednesday estimates for domestically
chartered banks, based on weekly reports of a sample of domestically chartered
banks and quarterly reports of all domestically chartered banks. For foreign-related
institutions, data are averages of month-end estimates based on weekly reports
from large agencies and branches and quarterly reports from all agencies, branches,
investment companies, and Edge Act corporations engaged in banking.
A16
1.24
DomesticNonfinancialStatistics • September 1982
MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS1
Monthly averages, billions of dollars
1980
1981
1982
Source
Dec.
1
2
3
4
5
6
Total nondeposit funds
Seasonally adjusted 2
Not seasonally adjusted
Federal funds, RPs, and other borrowings f r o m
nonbanks 3
Seasonally adjusted
Not seasonally adjusted
Net balances due to foreign-related institutions, not seasonally adjusted
Loans sold to affiliates, not seasonally
adjusted 4
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
122.0
122.6
119.8
125.0
116.3
118.2
116.2
120.7
98.5
98.9
89.5
87.9
88.0
88.5
83.8
84.8
83.5
84.3
82.1
85.6
84.4
86.5
80.0
82.1
111.1
111.6
108.2
113.3
109.0
111.1
110.0
114.6
114.2
114.6
116.2
114.6
113.8
114.3
113.6
114.6
113.1
113.9
113.2
116.6
113.8
115.9
114.3
116.3
8.2
8.9
4.5
3.4
-18.6
-29.6
-28.6
-32.6
-32.5
-33.9
-32.4
-37.1
2.7
2.7
2.7
2.7
2.8
2.8
2.8
2.8
2.8
2.8
3.0
2.8
-14.7
37.5
22.8
-12.3
44.5
32.2
-15.4
45.5
30.1
-14.9
47.9
32.9
-22.5
54.9
32.4
-27.1
55.1
28.0
-25.9
55.0
29.1
-28.8
56.7
27.9
-29.8
57.4
27.6
-29.8
58.1
28.3
-29.1
57.6
28.5
-32.7
60.3
27.6
22.9
32.5
55.4
21.2
40.1
61.3
19.9
38.3
58.2
18.4
39.1
57.4
3.9
48.1
52.0
-2.5
50.0
47.5
-2.7
50.5
47.9
-3.8
50.0
46.2
-2.7
49.1
46.4
-4.1
49.4
45.4
-3.3
50.2
46.9
-4.4
52.7
48.3
64.0
62.3
63.0
65.9
64.9
64.7
65.0
67.3
70.0
68.2
73.0
69.2
71.0
69.1
71.4
70.0
71.9
70.4
69.0
70.0
69.1
68.7
69.3
68.9
9.5
9.0
9.3
10.9
11.1
13.3
12.1
9.7
11.8
11.2
13.4
14.5
22.1
20.0
17.5
15.5
13.6
13.8
15.3
15.4
9.9
10.8
8.4
8.3
267.0
272.4
324.7
320.2
324.8
322.6
323.4
324.6
324.0
330.3
324.3
330.6
327.2
335.3
332.0
337.2
334.4
335.6
341.1
340.0
349.4
344.6
360.1
350.4
MEMO
7 Domestically chartered banks net positions
with own foreign branches, not seasonally adjusted 5
Gross due from balances
8
9
Gross due to balances
10 Foreign-related institutions net positions with
directly related institutions, not seasonally adjusted 6
11
Gross due from balances
12
Gross due to balances
Security RP borrowings
13
Seasonally adjusted 7
14
Not seasonally adjusted
U.S. Treasury demand balances 8
Seasonally adjusted
15
16
Not seasonally adjusted
Time deposits, $100,000 or more 9
17
Seasonally adjusted
Not seasonally adjusted
18
1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks. New
York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks.
2. Includes seasonally adjusted federal funds, RPs, and other borrowings from
nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. Includes averages of Wednesday data for domestically chartered banks and averages
of current and previous month-end data for foreign-related institutions.
3. Other borrowings are borrowings on any instrument, such as a promissory
note or due bill, given for the purpose of borrowing money for the banking business.
This includes borrowings from Federal Reserve Banks and from foreign banks,
term federal funds, overdrawn due from bank balances, loan RPs, and participations in pooled loans. Includes averages of daily figures for member banks and
averages of current and previous month-end data for foreign-related institutions.
4. Loans initially booked by the bank and later sold to affiliates that are still
held by affiliates. Averages of Wednesday data.
5. Averages of daily figures for m e m b e r and nonmember banks.
6. Averages of daily data.
7. Based on daily average data reported by 122 large banks.
8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
9. Averages of Wednesday figures.
NOTE. Beginning December 1981, shifts of foreign assets and liabilities from U.S.
banking offices to international banking facilities (IBFs) reduced levels of several
items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5,
$20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion.
For January 1982, levels were reduced as follows: lines 1 and 2, $29.6 billion;
lines 3 and 4. $2.4 billion; line 5, $27.2 billion; line 7, $4.8 billion; and line 10,
$22.5 billion. For February the levels were reduced as follows: lines 1 and 2, $30.4
billion; lines 3 and 4, $2.4 billion; line 5, $28.0 billion; line 7, $4.9 billion; and line
10, $23.1 billion. For March the levels were reduced as follows: lines 1 and 2, $30.9
billion; lines 3 and 4, $2.4 billion; line 5, $28.5 billion; line 7, $4.9 billion; and line
10, $23.6 billion. For April the levels were reduced as follows: lines 1 and 2, $31.3
billion; lines 3 and 4, $2.4 billion; line 5, $29.0 billion; line 7, $5.0 billion; and line
10, $24.0 billion. For May the levels were reduced as follows: lines 1 and 2, $31.7
billion; lines 3 and 4, $2.4 billion; line 5, $29.3 billion; line 7. $5.0 billion; and line
10, $24.3 billion. For June the levels were reduced as follows: lines 1 and 2, $31.9
billion; lines 3 and 4, $2.4 billion; line 5, $29.5 billion; line 7, $5.0 billion; and line
10, $24.5 billion.
Commercial Banks
1.25
ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS
A17
Last-Wednesday-of-Month Series
Billions of dollars except for number of banks
1982
1981
Account
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1,239.9
902.9
308.5
594.3
110.0
227.1
1,249.4
912.8
312.6
600.2
106.7
229.9
1,267.4
926.4
320.3
606.0
109.8
231.3
1,261.2
920.1
321.0
599.1
111.5
229.6
1,271.2
929.1
325.6
603.5
112.3
229.8
1,285.8
939.9
332.4
607.5
114.5
231.4
1,292.6
947.2
336.7
610.5
113.0
232.4
1,300.7
954.3
341.9
612.4
111.5
234.9
1.315.4
969.1
348.7
620.4
113.4
232.9
1,313.2
966.6
346.4
620.3
113.4
233.2
1.318.8
970.6
346.2
624.3
113.7
234.5
149.8
19.7
25.3
49.3
55.5
162.8
18.3
26.1
52.0
66.4
173.1
22.0
28.0
54.5
68.6
155.3
19.8
30.2
50.3
55.0
151.6
19.7
24.8
51.0
56.1
164.5
18.9
25.7
55.9
64.0
153.6
19.9
25.5
52.4
55.8
153.0
20.0
21.7
54.9
56.3
165.4
20.1
18.2
59.6
67.4
154.5
20.5
25.1
55.4
53.6
160.8
20.3
26.1
58.8
55.5
DOMESTICALLY C H A R T E R E D
COMMERCIAL B A N K S '
1
2
3
4
5
6
7
8
9
10
11
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
12
Other assets 2
175.5
194.4
211.2
197.0
201.9
219.3
206.6
209.9
223.2
224.2
231.4
13
Total assets/total liabilities and c a p i t a l . . .
1,565.2
1,606.7
1,651.8
1,613.5
1,624.7
1,669.5
1,652.9
1,663.6
1,704.0
1,692.0
1,711.0
14
15
16
17
Deposits
Demand
Savings
Time
1,177.1
324.0
214.0
639.1
1,206.0
339.2
217.9
648.9
1,240.3
363.9
222.4
654.0
1,205.8
322.3
223.0
660.5
1.213.7
316.7
222.5
674.4
1,250.8
338.3
229.9
682.6
1,231.0
315.5
226.6
688.9
1,244.0
315.4
227.6
701.0
1.284.8
345.2
228.9
710.7
1,266.4
314.4
227.1
724.8
1,279.2
315.5
229.5
734.2
18
19
20
Borrowings
Other liabilities
Residual (assets less liabilities)
174.5
89.3
124.3
179.3
95.2
126.2
190.2
91.7
129.6
191.9
89.7
126.1
191.0
92.5
127.5
196.4
94.4
128.0
201.1
92.4
128.4
195.1
93.9
130.6
189.7
96.6
133.0
195.4
99.1
131.1
196.0
103.9
131.9
13.9
14,740
5.6
14,743
13.6
14,744
16.7
14,690
17.1
14,702
10.9
14,709
16.6
14,710
7.1
14.722
7.5
14,736
8.0
14,752
5.9
14,770
1,324.7
983.6
361.7
621.9
111.9
229.2
1,335.5
994.7
365.5
629.2
108.8
232.0
1,330.0
984.5
360.8
623.7
112.5
233.0
1.321.6
975.8
360.3
615.5
114.5
231.4
1,331.5
984.4
364.6
619.7
115.5
231.6
1,345.8
995.1
372.4
622.7
117.6
233.1
1,350.7
1,000.6
374.7
625.8
116.1
234.1
1,358.5
1,007.6
379.3
628.3
114.3
236.6
1,374.3
1.023.7
386.7
636.9
116.2
234.4
1,370.5
1,020.0
383.8
636.3
115.8
234.7
1,376.6
1,024.6
384.5
640.0
115.9
236.1
165.4
19.7
26.6
62.5
56.6
179.3
18.3
27.5
66.0
67.4
188.1
22.0
29.3
67.1
69.6
170.0
19.8
31.3
62.7
56.1
165.8
19.7
26.1
63.0
57.1
178.8
18.9
26.9
68.0
65.0
168.1
19.9
26.8
64.6
56.8
167.7
20.0
23.0
67.3
57.3
180.3
20.2
19.6
72.2
68.4
169.4
20.5
26.4
68.0
54.6
176.2
20.4
27.5
71.9
56.5
MEMO:
21
22
U.S. Treasury note balances included in
borrowing
Number of banks
A L L COMMERCIAL BANKING
INSTITUTIONS 3
24
25
26
27
28
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
29
30
31
32
33
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
34
Other assets 2
244.0
267.0
288.7
274.2
278.1
295.2
280.3
285.9
300.1
299.6
306.9
35
Total assets/total liabilities and c a p i t a l . . .
1,734.0
1,781.7
1,806.8
1,765.8
1,775.5
1,819.9
1,799.1
1,812.1
1,854.7
1,839.6
1,859.7
36
37
38
39
Deposits
Demand
Savings
Time
1,224.6
337.1
214.3
673.1
1,254.1
352.6
218.1
683.4
1,288.7
377.7
222.6
688.3
1,251.5
335.1
223.2
693.1
1,258.3
329.4
222.8
706.2
1,295.0
350.8
230.2
714.0
1,272.7
327.9
226.9
717.9
1,286.2
327.9
227.8
730.4
1,325.8
357.4
229.1
739.3
1,307.4
326.7
227.4
753.3
1,321.8
327.8
229.8
764.3
40
41
42
Borrowings
Other liabilities
Residual (assets less liabilities)
236.8
146.4
126.3
246.2
153.3
128.1
250.8
135.6
131.5
253.5
132.8
128.1
255.9
131.8
129.4
260.0
135.0
129.9
260.8
135.3
130.3
255.3
138.2
132.5
253.2
140.8
134.9
258.3
140.9
133.0
260.0
144.1
133.8
13.9
15,209
5.6
15,212
13.6
15.213
16.7
15,185
17.1
15,201
10.9
15,214
16.6
15,215
7.1
15,235
7.5
15,235
8.0
15,271
5.9
15,289
23
MEMO:
43
44
U.S. Treasury note balances included in
borrowing
Number of banks
1. Domestically chartered commercial banks include all commercial banks in the
United States except branches of foreign banks; included are member and nonmember banks, stock savings banks, and nondeposit trust companies.
2. Other assets include loans to U.S. commercial banks.
3. Commercial banking institutions include domestically chartered commercial
banks, branches and agencies of foreign banks. Edge Act and Agreement corporations. and New York State foreign investment corporations.
NOTE. Figures are partly estimated. They include all bank-premises subsidiaries
and other significant majority-owned domestic subsidiaries. D a t a for domestically
chartered commercial banks are for the last Wednesday of the month. D a t a for
other banking institutions are for the last day of the quarter until June 1981;
beginning July 1981, these data are estimates made on the last Wednesday of the
month based on a weekly reporting sample of foreign-related institutions and quarterend condition report data.
A18
1.26
DomesticNonfinancialStatistics • September 1982
ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on
December 31, 1977, Assets and Liabilities, 1982
Millions of dollars, Wednesday figures
July 30
1 Cash items in process of collection
2 D e m a n d deposits due from banks in the United States..
3 All other cash and due from depository institutions . . . .
4 Total loans and securities
Securities
5 U.S. Treasury securities
6
Trading account
7
Investment account, by maturity
8
One year or less
9
Over one through five years
10
Over five years
11 Other securities
12
Trading account
13
Investment account
14
U.S. government agencies
15
States and political subdivisions, by maturity
16
One year or less
17
Over one year
18
Other bonds, corporate stocks and securities
Loans
19 Federal funds sold 1
20
To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 2
37
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 O t h e r l o a n s . n e t
42 Lease financing receivables
43 All other assets
44 Total assets
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit . .
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and debentures
70 Total liabilities
71 Residual (total assets minus total liabilities)
4
July 7
July 21
July 28p
Aug. 4P
Aug. I I P
Aug. 18?
Aug. 25p
53,432
7,234
28,589
52,897
8,489
34,203
46,416
6,440
32,616
43,965
6,382
33,100
42,639
6.639
35.156
48,793
6,804
32,537
43,068
6,470
34,505
45,076
6,296
34,204
44,471
6,616
36,778
624,814
624,950
622,637
620,349
622,868
633,119
628,446
631,097
627,061
36,998
7,801
29,197
9,819
16,991
2,387
78,138
2,846
75,292
15,578
56,517
7,695
48,822
3.197
36,885
7.640
29,246
10,208
16,651
2,387
78,998
4,028
74,969
15,498
56,436
7.750
48.686
3,035
36.525
7,497
29,027
10,009
16,502
2,517
78.173
3.366
74.807
15.401
56,413
7.770
48,642
2,993
36,649
7,517
29,132
9,999
16,758
2,375
77,906
3,466
74,439
15,361
56.053
7,530
48.522
3,025
37,659
8,701
28,957
9,743
16,902
2,312
77,745
3.168
74.577
15.516
55.992
7.274
48,718
3,069
38,662
9,348
29,314
9.656
17.345
2,313
78,226
3,906
74,320
15,444
55,842
7,340
48,502
3,034
39,148
9,485
29,663
9,935
17,441
2,286
79,603
5,402
74,201
15,397
55,734
7,171
48,562
3,070
38,752
8,764
29,988
10,574
17,185
2,228
77,970
3,495
74,475
15,563
55,841
7,142
48,699
3,071
37,399
7,685
29,714
10,180
17,444
2,090
78,074
3,519
74,555
15,613
55,851
7,073
48,779
3,091
36.476
25,134
8.388
2,953
486,320
212,392
4,170
208,222
200,997
7,225
129,684
72,680
35,754
25.410
7,295
3.049
486,448
212,391
3,813
208.578
201,406
7,172
129,762
72,560
35,203
25,523
6,967
2,713
485,878
212,112
4,323
207,789
200,624
7,165
130,114
72,470
34.696
24,324
7,659
2,713
484,248
210.426
3.918
206,508
199.490
7,018
130,277
72.592
36,056
25.686
7,677
2,693
484,579
210,496
4.215
206,281
199,219
7.062
130.082
72.816
42,224
30,461
8,737
3,026
487,244
210,940
4,143
206,797
199,856
6,941
130,216
72,826
37,842
27,269
7,663
2,909
485,143
211,312
4.457
206,855
199,988
6,867
130,387
72,728
40,033
28,859
8,164
3,010
487,656
211,068
3,996
207,071
200,214
6,857
130,562
72,896
39,512
28,286
8,690
2,536
485,351
210,308
4,241
206,067
199,037
7,030
130,838
73,117
6,888
7.161
11,293
16,311
6,144
2,559
6,270
14.938
5,890
7,227
473,203
11,126
115,795
6,855
7,797
11.478
16,361
5.167
2,545
6.335
15.198
5,865
7,270
473,313
11,149
117.336
6.538
7,572
11,324
16,250
6,078
2,505
6,368
14,547
5,915
7,226
472,736
11,139
120,049
6,662
6,866
11,298
16,316
6,496
2,519
6,418
14,378
5,886
7,264
471,098
11,167
120,105
6,764
7.221
11.206
16,167
6,902
2.519
6,510
13,896
5.873
7,298
471,408
11,170
119.862
6,687
7,278
11,354
16,160
8,060
2,573
6,552
14,599
5,826
7,413
474,006
11,053
125,294
6,970
7,169
11,225
16,253
5,931
2,578
6,546
14,043
5,855
7,434
471,853
11,045
124,723
7,059
7,047
11,138
16,370
7,939
2,598
6,551
14,428
5,856
7,458
474,342
11,046
125,781
6,991
6,884
11,276
16,093
6,409
2,573
6,498
14,363
5,833
7,442
472,076
11,028
126,077
840,990
849,023
839,298
835,068
838,335
857,601
848,258
853,501
852,032
178,547
620
133,229
5,710
2,350
20,445
6,666
1,700
7,829
385.125
79.646
76.160
2.778
683
24
305,479
269,391
20,012
576
10,878
176,409
742
131,489
4,830
1,194
23,415
6,900
1,030
6,807
386,338
81,105
77,744
2.789
549
22
305.233
269.454
19,922
543
10,645
165,274
540
126,831
4,130
1,797
17,638
6,875
1,206
6,257
387,990
79,916
76.634
2,740
518
24
308,073
271,258
20,322
535
11,198
158,794
550
121,537
4,582
986
17,228
6,852
1,141
5,918
391,391
79,463
76,226
2,715
499
23
311,928
274,645
20,510
451
11,646
158,878
501
120.287
4.594
1.575
17,299
7,078
1,092
6,450
393.402
78.899
75.624
2.748
496
31
314,503
276,274
20,807
441
12,140
167,617
640
123,784
4,952
3,290
18,619
6,993
1,029
8,310
397,362
80,658
77,360
2,748
525
24
316,704
278,272
20,631
444
12,423
160,863
592
122,536
4,844
1,851
17,375
6,235
870
6,558
395,572
80,183
76,855
2,739
565
24
315,389
277,046
20,849
427
12,242
160,990
552
122,154
4,350
2,556
17,714
6,026
1,004
6,633
399,508
79,956
76,656
2,733
542
25
319,552
279,874
21,059
451
13,104
160,153
503
120,755
4,519
1,444
17,951
5,846
1,091
8,043
400,998
79,820
76,478
2,791
533
19
321,177
281,180
21,429
583
12,912
4,621
4,669
4,760
4,676
4,840
4,934
4,824
5,063
5,073
326
4,502
139,392
76,828
60
887
154,672
74,375
84
2,875
150,677
76,102
275
4,274
146,292
77,852
1,052
5,187
144.047
79.671
1,869
1,531
150,384
82,434
60
2,971
149,715
82,570
575
3,105
148,572
84,326
1,240
4,022
144,822
84,320
784,720
792,741
783,001
778,878
782,237
801,196
791,751
797,076
795,556
56.270
56,282
56,297
56,189
56,098
56,405
56,507
56,425
56,476
1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreements to
repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.
4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
July 14
NOTE. Beginning in the week ending Dec. 9. 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting banks shifted $4.7 billion of
assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net
positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later.
Weekly Reporting Banks
1.27
A19
LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures, 1982
J u n e 30
1 Cash items in process of collection
2 D e m a n d deposits d u e f r o m b a n k s in the U n i t e d S t a t e s . . . .
3 All o t h e r cash a n d d u e f r o m d e p o s i t o r y institutions
4 Total loans a n d securities
Securities
5 U . S . T r e a s u r y securities
Trading account
6
7
I n v e s t m e n t a c c o u n t , by maturity
8
O n e year orless
O v e r o n e t h r o u g h five years
9
10
O v e r five y e a r s
11 O t h e r securities
12
T r a d i n g account
13
I n v e s t m e n t account
14
U . S . g o v e r n m e n t agencies
15
States a n d political subdivision, by maturity
16
O n e year or less
17
Over one year
18
O t h e r b o n d s , c o r p o r a t e stocks a n d securities
Loans
19 F e d e r a l f u n d s sold 1
20
To commercial banks
21
T o n o n b a n k b r o k e r s a n d d e a l e r s in securities
22
To others
23 O t h e r loans, gross
24
C o m m e r c i a l a n d industrial
25
Bankers acceptances and commercial paper
26
All o t h e r
27
U.S. addressees
28
Non-U.S. addressees
29
R e a l estate
30
T o individuals f o r p e r s o n a l e x p e n d i t u r e s
T o financial institutions
31
C o m m e r c i a l b a n k , in the U n i t e d States
32
B a n k s in foreign c o u n t r i e s
33
Sales f i n a n c e , p e r s o n a l f i n a n c e c o m p a n i e s , etc
34
O t h e r financial institutions
35
T o n o n b a n k b r o k e r s a n d d e a l e r s in securities
36
T o o t h e r s f o r p u r c h a s i n g a n d carrying securities 2
37
T o finance agricultural p r o d u c t i o n
38
All o t h e r
39 LESS: U n e a r n e d i n c o m e
40
L o a n loss reserve
41 O t h e r loans, net
42 Lease financing receivables
43 All o t h e r assets
44 Total assets
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Deposits
D e m a n d deposits
M u t u a l savings b a n k s
Individuals, p a r t n e r s h i p s , a n d c o r p o r a t i o n s
States a n d political subdivisions
U.S. government
Commercial banks in the United States
B a n k s in foreign c o u n t r i e s
Foreign g o v e r n m e n t s a n d official institutions
C e r t i f i e d a n d officers' checks
T i m e a n d savings deposits
Savings
Individuals a n d n o n p r o f i t o r g a n i z a t i o n s
P a r t n e r s h i p s a n d c o r p o r a t i o n s o p e r a t e d f o r profit
D o m e s t i c g o v e r n m e n t a l units
All o t h e r
Time
Individuals, p a r t n e r s h i p s , a n d c o r p o r a t i o n s
States a n d political subdivisions
U.S. government
C o m m e r c i a l b a n k s in the U n i t e d States
Foreign g o v e r n m e n t s , official institutions, a n d b a n k s
Liabilities f o r b o r r o w e d m o n e y
Borrowings f r o m Federal Reserve Banks
T r e a s u r y tax-and-loan n o t e s
All o t h e r liabilities f o r b o r r o w e d m o n e y 3
O t h e r liabilities a n d s u b o r d i n a t e d n o t e s and d e b e n t u r e s
70 Total liabilities
71 Residual (total assets m i n u s total liabilities) 4
July 7
July 21
July 28 p
A u g . 4p
A u g . 11?
A u g . 18?
A u g . 25p
50,358
6,611
26,084
49,685
7,674
31,907
43,687
5,904
30,213
41,442
5,751
30,767
40,192
6,058
32,562
45,901
6,179
30,075
40,624
5,824
31,997
42,539
5,695
31,658
42,098
6,015
34,038
585,103
585,401
583,331
581,162
583,669
593,054
588,594
591,301
587,596
33,838
7,690
26,148
8,819
15,218
2,112
71,811
2,762
69,050
14,371
51,678
6,951
44,727
3,000
33,727
7,523
26,204
9,182
14,898
2,123
72,637
3,896
68,741
14,297
51,605
7,007
44,598
2,839
33,458
7,407
26,051
8,993
14,805
2,253
71,852
3,274
68,578
14.187
51.594
7,032
44,561
2,797
33,560
7,382
26,178
9,027
15,039
2,111
71,585
3,374
68,210
14,144
51,240
6,804
44,436
2,827
34,639
8,612
26,028
8,783
15,196
2,048
71,402
3,057
68,345
14,313
51,170
6,559
44,611
2,862
35,558
9,238
26,320
8,629
15,640
2,050
71,874
3,778
68,096
14,249
51,025
6,619
44,406
2,821
35,963
9,378
26,585
8,914
15,648
2,023
73,279
5,290
67,989
14,216
50,913
6,451
44,462
2,860
35,567
8,629
26,938
9,520
15,452
1,966
71,576
3,345
68,231
14,380
50,996
6,402
44,593
2,856
34,186
7,525
26,660
9,111
15,720
1,830
71,677
3,378
68,299
14,436
50,994
6,343
44,651
2,869
32,475
21,994
7,642
2,839
459,071
201,823
4,038
197,785
190,684
7,101
122,473
62,237
31,822
22,156
6,715
2,952
459,324
201,889
3,696
198,192
191,142
7,051
122.570
65,175
31,328
22,426
6,308
2,594
458,808
201,692
4,210
197,481
190,443
7,038
122,871
65,119
31,041
21,433
6,987
2,620
457,097
199,932
3,778
196,154
189,272
6,882
123,046
65,219
32,302
22,666
7,022
2,614
457,468
200,014
4,039
195,975
189.044
6.931
122,845
65,420
37,748
26,682
8,127
2,938
460,083
200,444
3,962
196,482
189,669
6,813
122,958
65,442
33,606
23,710
7,072
2,824
458,001
200,814
4,253
196,562
189,820
6,741
123.131
65,333
36,041
25,601
7,510
2,929
460,396
200,502
3,783
196,719
189,999
6,720
123,279
65,503
35,830
25,177
8,159
2,493
458,144
199,750
4,020
195,730
188,825
6,905
123,530
65,720
6,707
7,078
11,106
15,893
6,091
2,344
6,102
14,214
5,241
6,851
446,978
10,795
111,857
6,676
7,716
11,284
15,937
5,119
2,327
6,164
14,466
5,216
6,892
447,215
10,818
113,418
6,359
7,491
11,136
15,825
6,035
2,288
6,194
13,796
5,266
6,849
446,693
10,808
116,213
6,477
6,797
11,112
15,872
6,449
2,302
6,244
13,646
5,235
6,886
444,975
10,836
116,327
6,612
7,152
11,021
15,727
6,862
2,299
6,335
13,180
5,223
6,919
445,326
10,840
116,063
6,549
7,204
11,178
15,723
8,019
2,342
6,371
13,852
5,182
7,027
447,874
10,722
121,447
6,829
7,082
11,041
15,827
5,894
2,348
6,356
13,345
5.209
7,048
445,745
10,715
120,908
6,925
6,973
10,954
15,942
7,903
2,362
6,362
13,688
5,207
7,071
448,118
10,716
121,884
6,844
6,807
11,100
15,682
6,380
2,338
6,314
13,680
5,186
7,056
445,903
10,700
122,185
790,808
798,903
790,156
786,286
789,385
807,378
798,663
803,795
802,631
166,354
599
123,890
5,069
2,138
18,934
6,559
1,699
7,464
361,373
73,513
70,305
2,563
620
24
287,860
253,738
18,421
514
10,567
4,621
164,103
715
121,967
4,302
1,019
21,736
6,834
1,029
6,500
362,508
74,849
71,746
2.570
511
22
287,660
253,760
18,397
486
10,348
4,669
153,835
523
117,863
3,604
1,598
16,260
6,811
1,200
5,976
364,035
73,730
70,715
2,518
473
24
290,304
255,505
18,732
477
10,830
4,760
147,647
535
112,736
4,062
870
15,876
6,788
1,135
5,646
367,259
73,331
70,353
2,502
454
23
293,928
258,744
18,869
393
11,245
4,676
147,928
485
111,737
4,030
1,428
15,962
7,019
1,085
6,182
369,172
72,797
69,778
2.530
457
31
296,376
260,315
19,105
386
11,731
4,840
155,947
616
114,842
4,454
3,020
17,065
6,931
1,024
7,994
373,049
74,432
71,395
2,528
485
24
298,616
262,356
18,861
393
12,072
4,934
149,875
574
113,907
4,405
1,678
15,986
6,184
865
6,277
371,279
73,997
70,933
2,519
521
24
297,282
261,179
18,987
371
11,920
4,824
149,985
535
113,530
3,891
2,319
16,375
5,977
1,003
6,354
375,302
73,769
70.722
2,516
506
25
301,533
264,083
19,174
393
12,819
5,063
149,259
489
112,150
4,018
1,305
16,623
5,794
1,087
7,792
376,786
73,658
70,581
2,574
484
19
303,129
265,331
19,551
524
12,650
5,073
182
4,005
131,449
74,673
40
804
146,414
72,245
50
2,686
142,763
74,004
275
3,935
138,836
75,632
1,027
4,780
136,399
77,487
1,865
1,388
141,962
80,274
5
2,756
141,355
80,377
525
2,858
140,121
82,049
1,103
3,745
136,694
82,054
738,036
746,114
737,374
733,533
736,794
754,483
745,647
750,839
749,642
52,772
52,789
52,782
52,703
52,591
52,895
53,016
52,955
52,989
1. Includes securities p u r c h a s e d u n d e r a g r e e m e n t s to resell.
2. O t h e r than financial institutions a n d b r o k e r s a n d dealers.
3. Includes federal f u n d s p u r c h a s e d a n d securities sold u n d e r a g r e e m e n t to rep u r c h a s e ; for i n f o r m a t i o n on these liabilities at b a n k s with assets of $1 billion or
m o r e on D e c . 31, 1977, see table 1.13.
July 14
4. Not a m e a s u r e of equity capital for use in capital a d e q u a c y analysis or f o r
other analytic uses.
A20
1.28
DomesticNonfinancialStatistics • September 1982
L A R G E W E E K L Y R E P O R T I N G C O M M E R C I A L B A N K S I N N E W Y O R K C I T Y A s s e t s and Liabilities
Millions of dollars, Wednesday figures, 1982
June 30
1 Cash items in process of collection
2 Demand deposits due from banks in the United
States
3 All other cash and due from depository institutions
4 Total loans and securities'
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Securities
U.S. Treasury securities 2
Trading account 2
Investment account, by maturity
O n e year or less
Over one through five years
Over five years
Other securities 2
Trading account 2
Investment account
U.S. government agencies
States and political subdivision, by maturity ..
One year or less
Over one year
Other bonds, corporate stocks and securities..
July 7
July 14
July 21
July 28P
Aug. 4 p
Aug. 11''
Aug. 18?
Aug. 25p
16.444
13,229
13,452
12.428
12,652
14,644
12,759
13,494
14,923
1,370
4,324
1.363
8,220
1,189
5.664
1.088
4,990
1,236
6.269
1,336
6,262
1,160
6,877
1,302
5,953
1,248
6,812
138,540
138,102
138,242
135,406
137,986
139,746
136,605
138,920
140,826
6.032
909
4,397
726
6,097
1,238
4,132
726
5,834
1,138
3,973
723
6.063
1,126
4.292
644
6.055
1,123
4,345
587
6,428
1,064
4,776
587
6,313
1,047
4,703
563
6,447
1,222
4,672
553
6,374
1,096
4,790
488
14.785
2,006
11,669
2,034
9.635
1,111
14,662
2,006
11,727
2,084
9,642
930
14,637
2,024
11,724
2,094
9,630
888
14,370
2.053
11,375
1,855
9,521
941
14,335
2,003
11.359
1,654
9,706
972
14,245
2,003
11,314
1,664
9,650
928
14,123
2,003
11,199
1,514
9,685
922
14,116
2,010
11,169
1,470
9,698
937
14,168
2,059
11,172
1,454
9,717
938
Loans
19 Federal funds sold 3
20
To commercial banks
21
T o nonbank brokers and dealers in securities . . .
22
T o others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial p a p e r . . .
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
T o individuals for personal expenditures
31
To financial institutions
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc.
34
Other financial institutions
35
To nonbank brokers and dealers in securities . . .
36
To others for purchasing and carrying securities 4
37
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets 5
9,073
4.360
3,324
1.388
112,372
59,868
1.457
58,412
56,893
1,518
18,336
11,172
8,112
3,680
2,935
1,498
112.958
60,371
1.162
59.209
57,708
1.501
18,344
11.222
7,976
4,307
2.465
1,204
113,536
60,779
1,575
59,204
57,667
1,537
18,394
11,257
7,232
3,361
2,668
1,203
111.480
59.468
1,163
58,305
56.818
1,486
18,467
11,288
9,374
5,322
2,795
1,257
111,964
59,315
1,296
58,019
56,561
1.459
18,432
11,298
9,400
4,314
3,664
1,421
113,425
59,412
1,139
58,273
56,899
1,374
18,463
11,364
8,087
3,709
3,163
1,215
111,855
59,291
1,314
57.977
56,663
1,314
18,462
11,386
8,850
4,004
3,619
1,227
113,283
59,249
1,305
57,944
56,642
1,302
18,507
11,434
11,467
6,150
4,347
969
112,599
59,057
1,250
57,807
56,399
1,408
18,769
11,460
2,121
2,895
4.924
4,704
3,644
619
337
3,750
1,501
2,221
108,649
2,269
44,348
2.259
3.484
5.040
4.788
2.610
617
338
3,885
1,488
2,239
109,231
2,267
46,704
1,905
3,237
4,957
4,788
3,582
568
320
3.748
1,523
2,217
109,796
2,266
48,362
1,859
2,562
4,900
4,751
3,638
584
327
3,636
1,517
2,221
107,742
2,262
48,059
1,952
2,712
4,860
4,704
3,904
590
436
3,760
1,512
2.230
108,222
2,254
47,875
1,842
2,884
4,911
4,720
4,929
620
440
3,838
1,496
2,255
109,673
2,119
51,020
2,068
2,775
4,777
4,794
3,548
625
432
3,696
1,511
2,262
108,082
2,118
50,739
1,946
2,748
4,674
4,863
5,001
644
432
3,783
1,513
2,263
109,507
2,119
50,169
1,928
2,501
4,851
4,829
4,262
612
426
3,902
1,510
2,270
108,818
2,104
50,111
44 Total assets
207,295
209,885
209,176
204,234
208,273
215,128
210,259
211,957
216,025
49,228
293
32,610
756
541
5,032
4,938
1.498
3,561
70,010
9,682
9,303
46,274
394
30,177
625
239
5,779
5,370
786
2,905
69,995
9,766
9,426
43,522
267
29,458
464
426
3,881
5,297
944
2,786
69,652
9,616
9,291
41,072
308
27,782
552
216
3,468
5,308
885
2,552
70,270
9,546
9,231
41,650
237
27,620
426
355
3,702
5,526
809
2,975
71,825
9,473
9,156
43,804
320
27,589
679
830
3,669
5,499
788
4,431
73,775
9,633
9,293
42,555
323
28,529
848
496
3,858
4,813
627
3,060
73,437
9,626
9,259
42,244
283
28,319
432
662
4,011
4,637
754
3,146
75,063
9,599
9,246
44,762
231
29,311
452
381
4,740
4,398
806
4,443
75,469
9,560
9,228
234
143
2
60,328
52,070
1,935
127
3,971
233
106
2
60,229
51,885
1,984
98
4,009
230
94
2
60,036
51,384
2,017
82
4,247
226
87
2
60,724
52,003
2,033
85
4,473
227
88
2
62,352
52,876
2,192
74
4,968
232
105
2
64,143
54,188
2,289
78
5,255
231
134
2
63,811
54,024
2,330
77
5,148
231
120
2
65,464
55,071
2,386
94
5,659
235
96
2
65,909
55,429
2,350
190
5,688
2,225
2,253
2,306
2,130
2,242
2,333
2,232
2,254
2,252
925
48,749
275
1,295
44,738
400
1,538
45,534
400
280
49,005
947
45,742
525
837
44,704
175
1,268
46,017
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Deposits
D e m a n d deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official i n s t i t u t i o n s . . . .
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for
profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations . . .
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 6
O t h e r liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 7
1.
2.
3.
4.
1,171
39,433
29,722
28,063
28,573
28,849
29,779
30,034
29,673
30,686
30,517
189,565
192,240
191,422
186,500
190,726
197,298
192,354
194,061
198,209
17,730
17,645
17,754
17,734
17,546
17,829
17,905
17,896
17,816
Excludes trading account securities.
Not available due to confidentiality.
Includes securities purchased under agreements to resell.
Other than financial institutions and brokers and dealers.
180
47,728
5. Includes trading account securities.
6. Includes federal funds purchased and securities sold under agreements to
repurchase.
7. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
Weekly Reporting Banks
1.29
LARGE WEEKLY REPORTING COMMERCIAL BANKS
A21
Balance Sheet Memoranda
Millions of dollars, Wednesday figures, 1982
Account
June 30
July 7
July 14
July 21
July 28 p
Aug. 4p
Aug. I I P
Aug. 18P
Aug. 25 p
B A N K S WITH A S S E T S OF $ 7 5 0 M I L L I O N OR M O R E
1 Total loans (grossl and securities adjusted 1
2 Total loans (gross) adjusted 1
3 Demand de|x>sits adjusted 2
605,910
490,774
102,321
605,820
489,937
98,903
603,717
489,019
99,423
602,513
487,958
96,615
603,590
488,186
97,364
609,209
492,321
96,915
607,496
488,746
98,568
608,492
491,770
95,642
605,059
489,586
96,287
4 Time deposits in accounts of $100,000 or more
5
Negotiable C D s
6
Other time deposits
193,847
138,756
55,090
193,160
138,202
54,958
195,393
140,105
55,288
198,757
142,789
55,968
200,986
144,868
56,118
202,763
146,289
56,474
201,316
144,794
56,522
205,139
148,640
56,499
206,666
149,798
56,867
3,057
2,326
731
2,853
2,315
537
2,855
2,304
552
2,812
2,256
556
2,817
2,264
553
2,804
2,261
542
2,795
2,256
540
2,822
2,278
544
2,881
2,318
563
10 Total loans (gross) and securities adjusted 1
11 Total loans (gross) adjusted 1
12 D e m a n d deposits adjusted 2
568,494
462,845
94,924
568,678
462,315
91,662
566,660
461,351
92,290
565,373
460,228
89,459
566,533
460,492
90,346
572,031
464,599
89,960
570,312
461,069
91,587
571,053
463,910
88,752
567,816
461,953
89,233
13 Time deposits in accounts of $100,000 or more
14
Negotiable C D s
15
Other time deposits
185,095
133,437
51,658
184,516
132,909
51,607
186,609
134,709
51,900
189,782
137,264
52,518
191,914
139,247
52,666
193,765
140,752
53,013
192,325
139,294
53,031
196,176
143,277
52,899
197,693
144,503
53,190
2,971
2,262
709
2,763
2,248
515
2,768
2,240
528
2,726
2,192
534
2,724
2,192
532
2,714
2,194
520
2,708
2,191
516
2,736
2,215
521
2,800
2,260
540
135,780
114,962
27,211
135,891
115,132
27,028
135,770
115,300
25,764
133,924
113,491
24,959
134,454
114,064
24,941
137,341
116,668
24,661
134,601
114,165
25,442
136,746
116,183
24,078
136,528
115,986
24,719
46,209
35,396
10,813
45,907
35,039
10,868
45,685
34,846
10,839
46,337
35,329
11,008
47,914
36,922
10,993
49,601
38,358
11,244
49,264
37,938
11,325
50,831
39,772
11,059
51,250
40,227
11,023
7 Loans sold outright to affiliates 3
8
Commercial and industrial
9
Other
B A N K S WITH A S S E T S OF $ 1 BILLION OR M O R E
16 Loans sold outright to affiliates 3
17
Commercial and industrial
18
Other
B A N K S IN N E W Y O R K C I T Y
19 Total loans (gross) and securities adjusted 1 - 4
20 Total loans (gross) adjusted 1
21 D e m a n d deposits adjusted 2
22 Time deposits in accounts of $100,000 or more
23
Negotiable C D s
24
Other time deposits
1. Exclusive of loans and federal funds transactions with domestic commercial
banks.
2. All demand deposits except U.S. government and domestic banks less cash
items in process of collection.
3. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company,
4. Excludes trading account securities.
A22
1.291
DomesticNonfinancialStatistics • September 1982
LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS
Assets and Liabilities
Millions of dollars, Wednesday figures, 1982
Account
1
2
3
4
5
6
7
8
9
10
June 30
July 7
July 14
July 21
July 28p
Aug. 4P
Aug. 11?
Aug. 18?
Aug. 25p
Cash and due from depository institutions
Total loans and securities
U.S. Treasury securities
Other securities
Federal funds sold'
To commercial banks in United S t a t e s . .
To others
O t h e r loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U.S. addressees
Non-U.S. addressees
To financial institutions
Commercial banks in United States . .
Banks in foreign countries
Nonbank financial institutions
For purchasing and carrying securities . .
All other
Other assets (claims on nonrelated
parties)
Net due from related institutions
Total assets
6,400
46,916
2,324
778
4,962
4,627
335
38,851
18,890
6,243
45,538
2,025
780
4,066
3,832
234
38,666
18,729
5,973
45,489
1,924
796
3,486
3,242
244
39,284
18,851
6,260
45,732
1,935
793
3,756
3,510
245
39,248
18,605
6,231
45,352
1,911
835
2,715
2,554
161
39,891
18,839
6,416
45,352
1,851
849
2,658
2,490
168
39,994
18,877
6,589
45,170
1,878
847
3,187
3,098
89
39,258
18,664
6,788
45,855
1,776
849
3,270
3,048
222
39,959
18,648
6,644
45,330
1,735
856
2,631
2,508
123
40,108
19,054
3,362
15,528
13,363
2,164
15,202
11,889
2,582
731
389
4,371
3,236
15,494
13,367
2,127
15,267
12,096
2,511
660
273
4,398
3,222
15,629
13,597
2,032
15,650
12,553
2,434
664
430
4,353
3,056
15,549
13,517
2,033
15,756
12,679
2,455
623
562
4,324
3,034
15,805
13,786
2,018
15,974
12,946
2,390
637
738
4,340
3,047
15,830
13,816
2,013
16,242
13,197
2,413
631
582
4,293
3,077
15,587
13,542
2,045
15,865
12,831
2,426
608
455
4,274
2,893
15,755
13,793
1,962
16,214
13,116
2,488
611
557
4,540
3,099
15,954
13,780
2,174
16,162
13,180
2,368
614
413
4,480
12,578
12,591
78,485
12,630
10,631
75,042
13,096
11,066
75,624
12,924
10,976
75,893
12,946
11,767
76,296
12,898
11,582
76,247
12,941
11,956
76,655
13,030
12,405
78,078
12,712
12,197
76,884
23 Deposits or credit balances 2
24
Credit balances
25
D e m a n d deposits
26
Individuals, partnerships, and
corporations
27
Other
28
Total time and savings
29
Individuals, partnerships, and
corporations
30
Other
31 Borrowings 3
32
Federal funds purchased 4
33
From commercial banks in United
States
34
From others
35
Other liabilities for borrowed money . . .
36
To commercial banks in United States
37
To others
38 Other liabilities to nonrelated parties
39 Net due to related institutions
40 Total liabilities
21,887
262
2,319
21,074
198
2,018
21,459
226
2,074
20,965
275
1,903
20,885
237
2,022
21,425
201
1,913
21,448
192
1,760
22,568
230
1,940
22,226
214
1,813
955
1,364
19,306
770
1,248
18,858
738
1,335
19,160
721
1,181
18,787
753
1,270
18,626
811
1,102
19,311
710
1,050
19,496
770
1,170
20,398
763
1,050
20,199
15,941
3,364
32,203
7,810
15,600
3,258
30,332
6,309
15,710
3,449
30,627
6,297
15,786
3,001
32,089
7,788
15,532
3,094
33,213
8,358
16,224
3,087
33,756
8,684
16,352
3,145
33,707
8,621
17,010
3,388
34,448
9,447
16,808
3,391
32,934
7,910
6,852
957
24,393
22,040
2,353
12,556
11,840
78,485
5,429
880
24,022
21,709
2,314
12,693
10,944
75,042
5,601
696
24,330
21,965
2,366
12,921
10,617
75,624
6,906
882
24,301
21,888
2,413
13,030
9,809
75,893
7,435
923
24,855
22,406
2,449
13,034
9,164
76,296
7,747
937
25,073
22,643
2,430
13,033
8,033
76,247
7,746
875
25,086
22,595
2,491
12,829
8,671
76,655
8,625
822
25,001
22,600
2,401
12,857
8,205
78,078
7,045
865
25,024
22,564
2,460
12,518
9,206
76,884
30,400
27,298
29,610
26,804
29,694
26,975
29,543
26,814
29,852
27,106
29,664
26,965
29,241
26,516
29,691
27,065
29,642
27,051
11
12
13
14
15
16
17
18
19
20
21
22
MEMO
41 Total loans (gross) and securities
adjusted'
42 Total loans (gross) adjusted 5
1. Includes securities purchased under agreements to resell.
2. Balances due to other than directly related institutions.
3. Borrowings from other than directly related institutions.
4. Includes securities sold under agreements to repurchase.
5. Excludes loans and federal funds transactions with commercial banks in United
States
NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting branches and agencies shifted
$22.2 billion of assets to their IBFs in the six weeks ending Jan. 13,1982. Domestic
offices net positions with IBFs are now included in net due from or net due to
related institutions. More detail will be available later.
Weekly Reporting Banks
1.30
LARGE WEEKLY REPORTING COMMERCIAL BANKS
A23
D o m e s t i c Classified C o m m e r c i a l and Industrial L o a n s
Millions of dollars
Industry classification
Apr. 28
May 26
Outstanding
Net change during
1982
1982
June 30
July 28
Aug. 25
Q1
Q2
June
July
Aug.
1 Durable goods manufacturing
29,086
28,842
29,104
28.543
29.155
1.720
465
262
-560
611
2 Nondurable goods manufacturing
3
Food, liquor, and tobacco
4
Textiles, apparel, and leather
Petroleum refining
5
6
Chemicals and rubber
7
Other nondurable goods
23,577
4,816
4,654
4,409
5,187
4,512
23,998
4,784
4.722
4.677
5,232
4.581
25,297
4,807
4,864
5,087
5.551
4.988
24.819
4.681
5.068
4,840
5,198
5.032
24,890
4.584
5.064
4.717
5.548
4,976
1,364
346
353
-418
795
287
2.135
256
329
638
413
498
1,299
22
142
410
319
406
-478
-126
204
-247
-353
44
71
-96
-4
-123
350
-56
8 Mining (including crude petroleum and natural gas)
26,792
28,246
28.257
27.987
27,330
1,486
2,406
11
-270
-657
9 Trade
10
Commodity dealers
11
Other wholesale
12
Retail
28,642
1,858
13,558
13,225
28,704
1,873
13,489
13.342
29,166
1,861
13.775
13,529
28.580
1.648
13,634
13,298
28,304
1,788
13,482
13,035
747
30
559
158
345
-460
249
556
462
-12
286
187
-586
-214
-141
-231
-276
140
-152
-263
14
15
16
13 Transportation, communication.
and other public utilities
Transportation
Communication
Other public utilities
23,686
9,101
4,471
10,114
23,703
9,070
4,559
10,074
25,015
9,228
4,779
11,008
24,964
8,868
4,832
11,263
24,752
8.961
4,904
10,887
462
540
287
-365
1,372
74
538
760
1,311
158
220
934
-51
-360
52
256
-211
93
72
-376
17 Construction
18 Services
19 All other 1
7,413
27,359
16,942
7,690
27,956
17,133
7,765
28,780
17,301
7.926
28,863
17,362
7,835
28.987
17,572
14
553
188
513
1,639
40
75
825
168
161
83
61
-91
124
210
183,496
186,271
190,684
189,044
188,825
6,533
8,914
4,413
-1,640
-219
88,277
89,282
89,849
87,247
87,050
1,917
2,646
568
-2,602
-196
20 Total domestic loans
21 MEMO: Term loans (original maturity more
than 1 year) included in domestic loans.
1. Includes commercial and industrial loans at a few banks with assets of $1
billion or more that do not classify their loans.
NOTE. New series. The 134 large weekly reporting commercial banks with domestic assets of $1 billion or more as of Dec. 31. 1977, are included in this series.
The series is on a last-Wednesday-of-the-month basis. Partly estimated historical
data are available from the Banking Section, Division of Research and Statistics.
Board of Governors of the Federal Reserve System, Washington, D . C . 20551.
A24
1.31
DomesticNonfinancialStatistics • September 1982
G R O S S D E M A N D D E P O S I T S of Individuals, Partnerships, and Corporations 1
Billions of dollars, estimated daily-average balances
Commercial banks
Type of holder
1978
Dec.
1980
19792
Dec.
Dec.
1981
Mar.
3
1 All holders—Individuals, partnerships, and
corporations
294.6
302.2
315.5
280.8
2
3
4
5
6
27.8
152.7
97.4
2.7
14.1
27.1
157.7
99.2
3.1
15.1
29.8
162.3
102.4
3.3
17.2
30.8
144.3
86.7
3.4
15.6
Financial business
Nonfinancial business
Consumer
Foreign
Other
June 4
1982
Sept.
f
1
n.a.
1
1
T
Dec.
Mar.
June
277.5
288.9
268.9
271.5
28.2
148.6
82.1
3.1
15.5
28.0
154.8
86.6
2.9
16.7
27.8
138.7
84.6
3.1
14.6
28.6
141.4
83.7
2.9
15.0
Weekly reporting banks
1978
Dec.
1980
19795
Dec.
Dec.
7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
Mar. 3
147.0
139.3
147.4
133.2
19.8
79.0
38.2
2.5
7.5
20.1
74.1
34.3
3.0
7.8
21.8
78.3
35.6
3.1
8.6
21.9
69.8
30.6
3.2
7.7
1. Figures include cash items in process of collection. Estimates of gross deposits
are based on reports supplied by a sample of commercial banks. Types of depositors
in each category are described in the June 1971 BULLETIN, p. 466.
2. Beginning with the March 1979 survey, the demand deposit ownership survey
sample was reduced to 232 banks from 349 banks, and the estimation procedure
was modified slightly. To aid in comparing estimates based on the old and new
reporting sample, the following estimates in billions of dollars for December 1978
have been constructed using the new smaller sample; financial business, 27.0;
nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1.
3. D e m a n d deposit ownership data for March 1981 are subject to greater than
normal errors reflecting unusual reporting difficulties associated with funds shifted
to negotiable order of withdrawal ( N O W ) accounts authorized at year-end 1980.
For the household category, the $15.7 billion decline in demand deposits at all
commercial banks between December 1980 and March 1981 has an estimated
standard error of $4.8 billion.
1981
June 4
4
1
n.a.
1
1
t
1982
Sept.
Dec.
Mar.
June
131.3
137.5
126.8
127.9
20.7
71.2
28.7
2.9
7.9
21.0
75.2
30.4
2.8
8.0
20.2
67.1
29.2
2.9
7.3
20.2
67.7
29.7
2.8
7.5
4. Demand deposit ownership survey estimates for June 1981 are not yet available
due to unresolved reporting errors.
5. After the end of 1978 the large weekly reporting bank panel was changed to
170 large commercial banks, each of which had total assets in domestic offices
exceeding $750 million as of Dec. 31, 1977. See " A n n o u n c e m e n t s , " p. 408 in the
May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estimates for these large banks are constructed quarterly on the basis of 97 sample
banks and are not comparable with earlier data. The following estimates in billions
of dollars for December 1978 have been constructed for the new large-bank panel;
financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5;
other, 6.8.
Deposits and Commercial Paper
1.32
A25
COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
1977
Dec.
1978
Dec.
1979 1
Dec.
1982
1980
Dec.
1981
Dec.
Feb.
Mar.
Apr.
May'
June
July
Commercial paper (seasonally adjusted)
1 All issuers
2
3
4
5
6
Financial companies 2
Dealer-placed paper3
Total
Bank-related (not seasonally
adjusted)
Directly placed paperA
Total
Bank-related (not seasonally
adjusted)
Nonfinancial companies-'
65,051
83,438
112,803
124,5241
165,508
165,110'
166,726'
171,866'
176,210'
178,842'
180,669
8,796
12,181
17,359
19,790
30,188
30,057
31,574
32,848
34,683
36,685'
37,961
2,132
3,521
2,784
3,561
6,045
6,556'
7,055'
7,905'
8,003
7,188'
6,427
40,574
51,647
64,757
67,854
81.660
79,526'
78,322'
81,585'
82,390
84,774'
85,684
7,102
15,681
12,314
19,610
17,598
30,687
22,382
36,880
26,914
53.660
27,591'
55,527
27,579'
56,830
29.434'
57,433
30,576
59,137
30,828'
57,383
31,141
57,024
Bankers dollar acceptances (not seasonally adjusted unless noted otherwise)
7 Total
8
9
10
11
12
13
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others
Basis
14 Imports into United States
15 Exports from United States
16 All other
25,450
33,700
45,321
54,744
69,226
70,468
71,619
71,128
71,601
71,765
10,434
8,915
1,519
8,579
7,653
927
9,865
8.327
1,538
10,564
8,963
1,601
10.857
9.743
1,115
11.953
10,928
1,025
12,964
11,139
1,825
12,675
11,409
1.266
11,104
9,879
1,225
10,362
9,175
1,188
954
362
13,700
1
664
24,456
704
1,382
33,370
776
1,791
41,614
0
1,442
56,926
0
1,530
56,985
0
1,379
57,276
0
1,329
57,124
0
1,234
59,262
0
1,348
60,054
6,378
5,863
13,209
8.574
7,586
17,540
10,270
9,640
25,411
11,776
12.712
30,257
14,765
15,400
39,061
15,430
16,119
38,919
14,877
16,835
39,907
15,303
16,887
38,937
14,979
16,255
40,458
15,213
15,649
40,842
1. A change in reporting instructions results in offsetting shifts in the dealerplaced and directly placed financial company paper in October 1979.
2. Institutions engaged primarily in activities such as, but not limited to, commercial, savings, and mortgage banking; sales, personal, and mortgage financing;
factoring, finance leasing, a n a other business lending; insurance underwriting; and
other investment activities.
n. a.
3. Includes all financial company paper sold by dealers in the open market.
4. As reported by financial companies that place their paper directly with investors.
5. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade,
transportation, and services.
A26
1.33
DomesticNonfinancialStatistics • September 1982
PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per annum
Rate
Effective d a t e
1981—Sept.
Oct.
Nov.
20.00
19.50
19.00
18.00
17.50
17.00
15
22
5
13
3
9
1982—Feb.
2.
Dec.
1.34
17.00
16.50
16.00
15.75
16
18
23.
Average
rate
Month
16.50
17.00
16.50
16.00
15.50
15.00
14.50
14.00
13.50
18.
23.
July 20.
29.
Aug. 2
16.50-
17
20
24
1
Rate
Effective D a t e
20.16
19.43
18.05
17.15
19.61
20.03
20.39
20.50
20.08
18.45
16.84
1981—Jan.
Feb.
Mar.
.Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1981—Dec
1982—Jan
Feb
Mar
Apr
May
June
July
Aug
TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 3-8, 1982
Size of loan (in t h o u s a n d s of dollars)
All
sizes
1-24
1,000
and over
25-49
S H O R T - T E R M C O M M E R C I A L AND
INDUSTRIAL L O A N S
1
2
3
4
5
A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
W e i g h t e d - a v e r a g e maturity ( m o n t h s )
W e i g h t e d - a v e r a g e interest r a t e ( p e r c e n t p e r a n n u m )
Interquartile range1
36,600,259
161,197
1.2
17.11
16.58-17.51
885,940
115,667
3.4
18.51
17.42-19.51
501,046
14,935
3.8
18.56
17.55-19.25
707.807
11.137
3.4
18.06
17.62-18.50
2,349,121
13,022
3.6
17.77
17.00-18.67
1,198,641
1,848
2.4
17.98
17.00-18.97
30,957,703
4,588
.9
16.94
16.57-17.30
29.8
51.7
14.4
39.2
36.2
12.8
48.4
40.3
14.8
44.8
49.3
24.9
52.3
63.7
19.9
50.8
51.2
24.0
26.3
51.5
13.4
Percentage of amount of loans
6 With floating r a t e
7 Made under commitment
8 With n o s t a t e d m a t u r i t y
L O N G - T E R M C O M M E R C I A L AND
INDUSTRIAL L O A N S
9
10
11
12
13
A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
W e i g h t e d - a v e r a g e maturity ( m o n t h s )
W e i g h t e d - a v e r a g e interest r a t e ( p e r c e n t p e r a n n u m )
Interquartile range1
3.705,382
20,575
49.8
16.96
16.50-17.51
253,640
18,222
29.9
18.80
17.79-19.56
410,817
1,547
50.1
17.59
17.50-17.81
164,045
244
43.3
17.29
16.50-18.00
2,876,880
562
51.8
16.69
16.00-17.32
71.7
72.1
38.6
28.9
45.9
36.2
83.5
82.8
77.7
80.4
Percentage of amount of loans
14 With floating rate
15 M a d e u n d e r c o m m i t m e n t
C O N S T R U C T I O N AND
LAND DEVELOPMENT LOANS
16
17
18
19
20
A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
W e i g h t e d - a v e r a g e maturity ( m o n t h s )
W e i g h t e d - a v e r a g e interest rate ( p e r c e n t p e r a n n u m )
Interquartile range1
21
22
23
24
Percentage of amount of loans
With floating r a t e
Secured by real estate
Made under commitment
With n o s t a t e d m a t u r i t y
1,921,308
31,454
11.1
17.80
16.07-19.10
182,396
18,881
7.2
19.13
18.54-20.15
228,405
6,446
12.3
18.81
17.00-19.82
166,690
2,273
8.3
17.97
16.72-19.25
427,520
3,050
14.1
18.45
18.13-19.59
916,297
805
10.6
16.96
16.07-17.88
28.8
85.0
32.9
.9
37.7
74.1
55.5
1.9
22.5
82.1
65.6
1.1
47.1
80.6
19.3
2.7
20.7
97.9
18.4
1.4
29.0
82.8
29.6
.0
30.0
4.8
65.2
40.0
3.2
56.8
54.0
1.1
44.9
40.8
4.9
54.3
26.0
2.7
71.3
21.9
7.1
71.0
Type of
construction
25 1- to 4-family
26 Multifamily
27 N o n r e s i d e n t i a l
All
sizes
50-99
10-24
1-9
100-249
250
a n d over
L O A N S TO F A R M E R S
28
29
30
31
32
A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
Weighted-average maturity (months)
W e i g h t e d - a v e r a g e interest r a t e (percent p e r a n n u m )
Interquartile range1
33
34
35
36
37
By purpose of loan
F e e d e r livestock
O t h e r livestock
O t h e r current o p e r a t i n g e x p e n s e s
F a r m machinery a n d e q u i p m e n t
Other
1,224,054
70,983
7.6
17.76
17.18-18.39
172,901
46,365
6.6
17.63
17.00-18.39
214,006
15,091
6.4
17.59
17.18-18.27
167.333
4.919
7.6
17.59
17.06-18.13
190,019
2,781
5.3
18.01
17.25-18.68
193,183
1,363
9.3
17.76
17.17-18.27
286,611
465
9.4
17.91
17.25-18.77
17.81
17.51
17.66
18.19
17.85
17.89
17.75
17.46
18.14
18.21
17.73
17.57
17.61
17.31
17.70
17.69
17.34
17.57
17.30
17.68
18.56
17.42
17.83
17.84
17.97
17.65
17.56
1. Interest rate r a n g e t h a t covers the m i d d l e 50 percent of the total dollar a m o u n t
of loans m a d e .
2. F e w e r than 10 s a m p l e loans.
NOTE. For m o r e detail, see the B o a r d ' s E . 2 (111) statistical release,
17.59
17.98
Securities Markets
1.35
A27
INTEREST RATES Money and Capital Markets
Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
1982, week ending
1982
Instrument
1979
1980
1981
May
June
July
Aug.
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
MONEY MARKET RATES
1 Federal funds 1 ' 2
Commercial paper 3 - 4
1-month
2
3
3-month
4
6-month
Finance paper, directly placed 3 , 4
5
1-month
6
3-month
7
6-month
Bankers acceptances 4 , 5
3-month
8
9
6-month
Certificates of deposit, secondary market 6
10
1-month
3-month
11
6-month
12
13 Eurodollar deposits, 3-month 2
U.S. Treasury bills 4
Secondary market 7
14
3-month
15
6-month
16
1-year
Auction average 8
3-month
17
6-month
18
19
11.19
13.36
16.38
14.45
14.15
12.59
10.12
11.15
10.90
10.11
9.04
10.15
10.86
10.97
10.91
12.76
12.66
12.29
15.69
15.32
14.76
13.79
13.42
13.02
13.95
13.96
13.79
12.62
12.94
13.00
9.50
10.15
10.80
10.49
10.99
11.44
10.70
11.23
11.67
8.80
9.38
9.98
8.17
9.12
10.10
9.58
10.10
10.84
10.78
10.47
10.25
12.44
11.49
11.28
15.30
14.08
13.73
13.49
12.75
12.61
13.79
13.09
12.69
12.42
12.24
12.15
9.32
9.62
9.93
10.41
10.42
10.82
10.55
10.52
10.77
8.51
9.07
9.45
7.93
8.64
8.94
9.52
9.44
9.47
11.04
n.a.
12.78
n.a.
15.32
14.66
13.29
12.90
14.00
13.76
12.90
12.91
10.34
10.90
11.18
11.56
11.18
11.54
9.61
10.14
9.54
10.35
10.12
10.99
11.03
11.22
11.44
11.96
12.91
13.07
12.99
14.00
15.91
15.91
15.77
16.79
13.95
13.80
13.77
14.53
14.18
14.46
14.66
15.45
12.88
13.44
13.80
14.37
10.07
10.61
11.53
11.57
10.95
11.43
12.18
12.68
11.00
11.63
12.37
12.69
9.40
9.77
10.65
11.58
9.04
9.73
10.86
10.36
9.98
10.42
11.64
11.26
10.07
10.06
9.75
11.43
11.37
10.89
14.03
13.80
13.14
12.09
12.16
11.98
12.47
12.70
12.57
11.35
11.88
11.90
8.68
9.88
10.37
9.80
10.78
11.13
9.70
10.70
11.06
7.88
9.17
9.71
7.50
8.99
9.68
8.31
9.59
10.12
10.041
10.017
9.817
11.506
11.374
10.748
14.077
13.811
13.159
12.148
12.220
12.194
12.108
12.310
12.173
11.914
12.236
12.318
9.006
10.105
11.195
9.633
10.671
10.025
10.940
11.195
8.616
9.821
7.748
8.988
8.604
9.746
10.67
10.12
12.05
11.77
14.78
14.56
13.34
13.78
14.07
14.47
13.24
13.80
11.43
12.32
12.32
12.99
10.63
11.75
11.55
11.48
11.43
11.46
11.39
11.30
14.44
14.24
14.06
13.91
13.72
13.44
13.77
13.75
13.74
13.62
13.46
13.24
14.48
14.43
14.47
14.30
14.18
13.92
14.00
14.07
14.07
13.95
13.76
13.55
12.62
13.00
13.14
13.06
12.91
12.77
13.26
13.62
13.69
13.63
13.48
13.28
12.07
12.53
12.68
12.60
12.50
12.39
10.63
11.67
11.95
12.00
12.38
12.62
12.51
12.40
12.30
11.12
11.93
9.71
9.52
9.48
9.44
9.33
9.29
12.23
13.01
13.00
13.24
13.59
13.66
13.57
13.38
13.19
12.25
12.54
12.77
12.69
12.48
12.38
8.74
10.81
12.87
12.67
13.32
12.97
12.15
12.67
12.61
11.79
11.64
11.76
5.92
6.73
6.52
7.85
9.01
8.59
10.43
11.76
11.33
11.05
12.63 c
11.95
11.55
12.74 c
12.45
11.47
13.17
12.28
10.68
12.36
11.23
11.40
12.75
11.87
11.20
12.75
11.86
10.80
12.20
10.82
9.30
11.75
10.38
9.40
12.00
10.74
10.12
9.63
9.94
10.20
10.69
12.75
11.94
12.50
12.89
13.67
15.06
14.17
14.75
15.29
16.04
15.34
14.26
14.77
15.70
16.64
15.77
14.81
15.26
16.07
16.92
15.70
14.61
15.21
16.20
16.80
15.06
13.71
14.48
15.70
16.32
15.44
14.22
14.91
15.95
16.69
15.43
14.14
14.92
15.95
16.71
14.91
13.48
14.29
15.63
16.26
14.60
13.15
13.97
15.41
15.86
14.60
13.24
14.03
15.34
15.77
10.03
10.02
12.74
12.70
15.56
15.56
15.22
15.24
15.92
15.84
15.61
15.61
13.95
14.47
15.16
15.11
14.15
14.00
13.75
13.92
13.88
9.07
5.46
10.57
5.25
12.36
5.41
12.58
5.97
12.96
5.97
13.24
6.31
12.78
6.32
13.20
6.48
13.02
6.69
12.55
6.30
12.36
5.81
12.78
5.80
CAPITAL M A R K E T RATES
U.S. Treasury notes and bonds 9
Constant maturities 1 0
20
1-year
2-year
21
~r>
2-V 2 -year n
3-year
23
5-year
7.4
7-year
25
10-year
26
20-year
27
30-year
28
29
Composite 1 2
Over 10 years (long-term)
State and local notes and bonds
Moody's series 1 3
30
Aaa
31
Baa
32
Bond Buyer series 1 4
33
34
35
36
37
38
39
Corporate bonds
Seasoned issues 15
All industries
Aaa
Aa
A
Baa
A a a utility bonds 1 6
Recently offered issues
MEMO: Dividend/price ratio 1 7
Preferred stocks
40
Common stocks
41
1. Weekly and monthly figures are averages of all calendar days, where the
rate for a weekend or holiday is taken to be the rate prevailing on the preceding
business day. T h e daily rate is the average of the rates on a given day weighted
by the volume of transactions at these rates.
2. Weekly figures are statement week averages—that is, averages for the week
ending Wednesday.
3. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before November 1979, maturities for data shown are 30-59 days, 90-119 days,
and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 150179 days for finance paper.
4. Yields are q u o t e d on a bank-discount basis, rather than an investment yield
basis (which would give a higher figure).
5. Dealer closing o f f e r e d rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
6. Unweighted average of offered rates quoted by at least five dealers early in
the day.
7. Unweighted average of closing bid rates quoted by at least five dealers.
8. Rates are recorded in the week in which bills are issued.
9. Yields are based on closing bid prices quoted by at least five dealers.
10. Yields adjusted t o constant maturities by the U.S. Treasury. That is, yields
are read f r o m a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.
11. Each weekly figure is calculated on a biweekly basis and is the average of
five business days ending on the Monday following the calendar week. T h e biweekly
rate is used to determine the maximum interest rate payable in the following twoweek period on small saver certificates. (See table 1.16.)
12. Unweighted averages of yields (to maturity or call) for all outstanding notes
and bonds neither due nor callable in less than 10 years, including several very low
yielding "flower" bonds.
13. General obligations only, based on figures for Thursday, from Moody's
Investors Service.
14. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
15. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
16. Compilation of the Federal Reserve. Issues included are long-term (20 years
or more). New-issue yields are based on quotations on date of offering; those on
recently offered issues (included only for first 4 weeks after termination of underwriter price restrictions), on Friday close-of-business quotations.
17. Standard and Poor's corporate series. Preferred stock ratio based on a sample
of ten issues: four public utilities, four industrials, one financial, and o n e transportation. Common stock ratios on the 500 stocks in the price index.
A28
1.36
DomesticNonfinancialStatistics • September 1982
STOCK MARKET
Selected Statistics
1982
1981
I
A"
tnr
1980
1979
1981
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 - 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6 Standard & Poor's Corporation (1941-43 = 1 0 ) 1 . . .
7 American Stock Exchange
(Aug. 31, 1973 - 100)
Volume of trading
(thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
55.67
61.82
45.20
36.46
58.65
107.94
68.06
78.64
60.52
37.35
64.28
118.71
74.02
85.44
72.61
38.90
73.52
128.05
71.81
81.70
68.27
40.22
74.74
123.79
67.91
76.85
62.04
39.30
70.99
117.41
66.16
74.78
59.09
38.32
70.50
114.50
63.86
71.51
55.19
38.57
69.08
110.84
66.97
75.59
57.91
39.20
71.44
116.31
67.07
75.97
56.84
39.40
69.16
116.35
63.10
71.59
53.07
37.34
63.19
109.70
62.82
71.37
53.40
37.20
61.59
109.38
62.91
70.98
53.98
38.19
62.84
109.65
186.56
300.94
343.58
322.65
296.49
275.10
255.08
271.15
272.88
254.72
250.63
253.54
32,233
4,182
44.867
6,377
46,967
5,346
43,598
4,992
48.419
4,497
51.169
4,400
55,227
4,329
54,116
3,937
51.328
4,292
50,481
3.720
54,530 r
3,611
76,031
5,567
Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin credit at
brokers-dealers 2
11,619
14,721
14,411
14,411
13,441
13,023
12,095
12,202
12,237
11,783
11,729
11 Margin stock 3
12 Convertible bonds
13 Subscription issues
11,450
167
2
14,500
219
2
14,150
259
2
14,150
259
2
13,190
249
2
12,770
251
2
11,840
249
6
11,950
251
1
11.990
246
1
11,540
242
1
11,470
258
1
1,105
4,060
2,105
6,070
3,515
7,150
3,515
7,150
3,455
6,575
3,755
6,595
3,895
6,510
4,145
6,270
4,175
6,355
Free credit balances at brokers4
14 Margin-account
15 Cash-account
4,215 r
6,345 r
n a.
4,410
6,560
Margin-account debt at brokers (percentage distribution, end of period)
16 Total
17
18
19
20
21
By equity class (in
Under 40
40-49 . . .
50-59 .
60-69
70-79
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
16.0
29.0
27.0
14.0
8.0
7.0
14.0
30.0
25.0
14.0
9.0
8.0
37.0
21.0
22.0
10.0
6.0
6.0
37.0
24.0
17.0
10.0
6.0
6.0
37.0
24.0
16.0
10.0
7.0
6.0
44.0
22.0
15.0
8.0
6.0
5.0
39.0
24.0
16.0
10.0
6.0
5.0
34.0
25.0
18.0
10.0
7.0
6.0
40.0
24.0
15.0
9.0
6.0
5.0
43.0
21.0
16.0
9.0
6.0
5.0
45.0
23.0
13.0
8.0
6.0
5.0
percent)5
I
T
Special miscellaneous-account balances at brokers (end of period)
21,690
16,150
Distribution
(percent)
by equity
25,870
25,870
26,080
26,850
28,030
28,252
28,521
29,798
f
29,773
status
44.2
47.8
58.0
58.0
58.0
58.0
59.0
57.0
58.0
59.0
59.0
47.0
8.8
44.4
7.7
31.0
11.0
31.0
11.0
31.0
11.0
30.0
12.0
28.0
13.0
29.0
13.0
29.0
13.0
28.0
13.0
26.0
14.0
Debt status, equity of
1
1
T
Margin requirements (percent of market value and effective date) 7
27 Margin stocks
28 Convertible bonds
29 Short sales
Mar. 11, 1968
June 8, 1968
May 6. 1970
Dec. 6. 1971
Nov. 24, 1972
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60). and 40
financial.
2. Margin credit includes all credit extended to purchase or carry stocks or related
equity instruments and secured at least in part by stock. Credit extended is endof-month data for m e m b e r firms of the New York Stock Exchange.
In addition to assigning a current loan value to margin stock generally. Regulations T and U permit special loan values for convertible bonds and stock acquired
through exercise of subscription rights.
3. A distribution of this total by equity class is shown on lines 17-22.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.
Jan. 3. 1974
50
50
50
5. Each customer's equity in his collateral (market value of collateral less net
debit balance) is expressed as a percentage of current collateral values.
6. Balances that may be used by customers as the margin deposit required for
additional purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur.
7. Regulations G , T, and U of the Federal Reserve Board of Governors, prescribed in accordance with the Securities Exchange Act of 1934. limit the amount
of credit to purchase and carry margin stocks that may be extended on securities
as collateral by prescribing a maximum loan value, which is a specified percentage
of the market value of the collateral at the time the credit is extended. Margin
requirements are the difference between the market value (100 percent) and the
maximum loan value. The term "margin stocks" is defined in the corresponding
regulation.
Financial Institutions
1.37
SELECTED FINANCIAL INSTITUTIONS
A29
Selected Assets and Liabilities
Millions of dollars, end of period
1982
1981
Account
1979
1980
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
Juner
JulyP
Savings and loan associations
1 Assets
578,962
630,712
659,073
660,326
663,844
667,600
671,895
678,039
681,368
686,942
692,245
696,425
2 Mortgages
3 Cash and investment securities 1
4 Other
475,688
46,341
56,933
503,192
57,928
69,592
519,248
61,517
78,308
519,146
61,369
79,811
518,350
62,756
82,738
517,493
64,089
86,018
516,284
66,585
89,026
515,896
67,758
94,835
514,475
67,859
99,034
513,807
69,931
103,204
512,746
70,451
109,228
510.036
72,367
114,022
578,962
630,712
659,073
660,326
663,844
667,600
671,895
678,039
681,368
686,942
692,425
696,425
470,004
55,232
40,441
14,791
9,582
11,506
511,636
64,586
47,045
17,541
8,767
12,394
519,288
86,108
62,000
24,108
6,757
17,506
519,777
86,255
61,922
24,333
6,451
19,101
524,374
89,097
62,794
26.303
6,369
15,612
526,382
89,099
62,581
26,518
6,249
18,356
529,064
89,465
62,690
26,775
6,144
20,145
535,566
91,013
63,639
27,374
6,399
18,574
532,899
93,883
65,347
28,536
6,550
22,012
534,517
94,440
65,216
29,224
6,748
25,819
537,965
97,177
66,925
30,252
7,087
24,732
538,850
98,586
66,794
31,792
7,207
26,958
12 Net worth 2
32,638
33,329
29,414
28,742
28,392
27,514
27,077
26,487
26,024
25,418
25,454
24,824
13 MEMO: Mortgage loan commitments
outstanding 3
16,007
16,102
15,733
15,758
15,225
15,131
15,397
15,582
16,375
16,622
16.828
15,589
5 Liabilities and net worth
6
7
8
9
10
11
Savings capital
Borrowed money
FHLBB
Other
Loans in process
Other
Mutual savings banks 4
14 Assets
15
16
Loans
Mortgage
Other
Securities
U.S. government 5
State and local government
Corporate and other 6
17
18
19
7,0
21 Other assets
163,405
171,564
175,693
175,258
175,728
175,938
175,763
174,776
174,813
174,952
175,091
98,908
9,253
99,865
11,733
99,903
14,725
99,879
15,073
99,997
14,753
99,788
15,029
98,838
15,604
97,464
16,514
97,160
16,424
96,334
17,409
96,346
16,546
7,658
2,930
37,086
3,156
4,412
8,949
2,390
39,282
4,334
5,011
9,765
2,394
38,108
5,118
5,681
9,508
2,271
37,874
5,039
5,615
9,810
2,288
37,791
5,442
5,649
9,991
2,290
37,849
5,210
5,781
9,966
2,293
37,781
5,412
5,869
10,072
2,276
37,379
5,219
5,852
10,146
2,269
37,473
5,494
5,846
9,968
2,259
37,486
5,469
6,027
10,112
2,253
36,958
6,040
6,836
175,258
22 Liabilities
163,405
171,564
175,693
175,728
175,938
175,763
174,776
174,813
174,952
175,091
23
24
25
76
77
78
29
30
146,006
144,070
61,123
82,947
1,936
5,873
11,525
154,805
151,416
53,971
97,445
2,086
6,695
11,368
154,066 153,809 155,110
151,975 151,787 153,003
48,238
48,456
49,425
103,737 103,331 103,578
24,806
2,023
2,108
11,434
11,513
10,632
10,114k,-17.610,01 5 9,986
154,843
152,801
48,898
103,903
2,042
11,280
9,814
154,626
152,616
48,297
104,318
2,010
11,464
9,672
154,022
151,979
48,412
103,567
2,043
11,132
9,622
153,187
151,021
47,733
103,288
2,166
12,141
9,485
153,354
151,253
47,895
103,358
2,101
12,246
9,352
154,273
152,030
47,942
104,088
2,243
11,230
9,588
3,182
1,476
916
950
978
953
998
1,010
Deposits
Regular 7
Ordinary savings
Time
Other
Other liabilities
General reserve accounts
MEMO: Mortgage loan commitments
outstanding 8
1,140
1,207
1,293
n a.
Life insurance companies
31 Assets
37
33
34
35
36
37
38
39
40
41
42
Securities
Government
United States 9
State and local
Foreign 1 0
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets
432,282
479,210
515,079
519,281
521,354
525,331
526,573
530,014
533,810
537,281
547,075
338
4,888
6.428
9,022
222,332
178,371
39,757
118,421
13,007
34,825
27,563
21,378
5,345
6,701
9,332
238,113
190,747
47,366
131,080
15,033
41,411
31,702
24,621
7,846
7,129
9,646
253,976
208,004
45,972
137,736
18,382
47,731
32,633
25,200
8,321
7,148
9,731
255.632
209,194
46,438
138,433
18,629
48,275
33,112
25,310
8,578
6,968
9,764
254,978
208,587
46,391
139,046
19,157
48,741
34,122
26,157
9,204
7,063
9,890
257,614
211,686
45,928
139,596
19,276
49,092
33,288
26,847
9,887
7,043
9,917
257,318
212,685
44,633
139,777
18,999
49,535
34,097
27,322
10,236
7,069
10,017
257,452
213,217
44,235
140,259
19,472
50,083
35,426
27,691
10,465
7,139
10,087
260,034
214,984
45,050
140,688
19,947
50,640
34,810
28,023
10,698
7,193
10,132
261,521
216,972
44,549
141,023
20,186
51,059
35,469
28,243
10,403
7,643
10,197
265,080
219,006
46,074
139,539
19,959
51,438
42,816
81,055
81,351
82,858
84,107
84,423
44,371
36,980
49,533
27,064
22,469
72,569
39,688
32,881
45,077
37,781
49,556
27,073
22,483
73,602
40,213
33,389
45,705
38,402
49,919
27,295
22,624
74,834
40,710
34,124
45,931
38,492
50,133
27,351
22,782
75,088
40,969
34,119
n a.
Credit unions
43 Total assets/liabilities and capital
44
45
46
47
48
49
50
51
Federal
State
Loans outstanding
Federal
State
Savings
Federal (shares)
State (shares and deposits)
For notes see bottom of page A30.
65,854
71,709
76,123
76,830
77,682
78,012
35,934
29,920
53,125
28,698
24,426
56,232
35,530
25,702
39,801
31,908
47,774
25,627
22,147
64,399
36,348
28,051
41,727
34,396
51,029
27,686
23,343
67,625
37,015
30,610
42,025
34,805
50,631
27,508
23,123
67,981
37,261
30,720
42,382
35,300
50,448
27,458
22,990
68,871
37,574
31,297
42,512
35,500
49,949
27,204
22,745
69,432
37,875
31,557
78,986
43.111
35,875
49,610
27,051
22,559
70,227
38,331
31,896
44,263
36,792
49,668
27,119
22,549
72,218
39,431
32,787
A30
DomesticNonfinancialStatistics • September 1982
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
Fiscal
year
1979
Fiscal
year
1980
Fiscal
year
1981
HI
U.S. budget
1 Receipts'
2 Outlays 1 - 2
3 Surplus, or deficit ( - )
4
Trust funds
5
Federal f u n d s 3
Off-budget
(-))
1982
1981
H2
HI
1982
May
June
July
463,302
490,997
-27,694
18,335
-46.030
517,112
576,675
-59,563
8,801
-68,364
599,272
657,204
-57,932
6,817
-64,749
317.304
333.115
-15.811
5.797
-21,608
301,777
358,558
-56,780
-8,085
-48,697
322,478
348,678
-26,200
-17,690
-43,889
36,753
55,683
-18,930
1,958
-20,888
66,353
59,629
6,724
5,192
1.532
44,675
64,506
-19,831
-6,171
-13,660
-13,261
793
- 14,549
303
-20,769
-236
- 11,046
-900
-8,728
-1,752
- 7.942
227
-2,459
-34
-2,052
-216
-939
-192
-40,162
-73,808
-78,936
-27,757
-67,260
-33,914
-21,424
4,457
-20,962
33,641
70.515
79,329
33.213
54,081
41.728
3,187
3,260
14,348
-408
6,929
-355
3,648
-1,878
1,485
2.873
-8,328
-1,111
14,290
-408
-7,405
15,700
2,537
3,489
-4,228
1,061
5,553
24.176
6.489
17,687
20,990
4,102
16,888
18,670
3,520
15.150
16,389
2,923
13,466
12,046
4,301
7.745
10,999
4,099
6,900
7,947
2,540
5.407
10,999
4,099
6,900
10,398
3,275
7,123
entities (surplus, or deficit
6 Federal Financing Bank outlays
7 Other4
U.S. budget plus off-budget,
including
Federal Financing Bank
8 Surplus, or deficit ( - )
Source or financing
9
Borrowing from the public
10
Cash and monetary assets (decrease, or
increase ( - ) )
11
Other6
MEMO:
12 Treasury operating balance (level, end of
period)
13
Federal Reserve Banks
14
Tax and loan accounts
1. The Budget of the U.S. Government, Fiscal Year 1983, has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
3. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
4. Other off-budget includes Postal Service Fund; Rural Electrification and Telephone Revolving Fund; and Rural Telephone Bank; it also includes petroleum
acquisition and transportation and strategic petroleum reserve effective November
1981.
5. Includes U.S. Treasury operating cash accounts; special drawing rights; gold
tranche drawing rights; loans to International Monetary Fund; and other cash and
monetary assets.
6. Includes accrued interest payable to the public; allocations of special drawing
rights; deposit funds; miscellaneous liability (including checks outstanding) and
asset accounts; seigniorage; increment on gold; net gain/loss for U.S. currency
valuation adjustment; net gain/loss for I M F valuation adjustment; and profit on
the sale of gold.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
G o v e r n m e n t . " Treasury Bulletin, and the Budget of the United States
Government,
Fiscal Year 1983.
N O T E S T O T A B L E 1.37
1. Holdings of stock of the Federal H o m e Loan Banks are included in "other
assets."
2. Includes net undistributed income, which is accrued by most, but not all,
associations.
3. Excludes figures for loans in process, which are shown as a liability.
4. The N A M S B reports that, effective April 1979, balance sheet data are not
strictly comparable with previous months. Beginning April 1979, data are reported
on a net-of-valuation-reserves basis. Before that date, data were reported on a
gross-of-valuation-reserves basis.
5. Beginning April 1979, includes obligations of U.S. government agencies. Before that date, this item was included in " C o r p o r a t e and o t h e r . "
6. Includes securities of foreign governments and international organizations
and. before April 1979, nonguaranteed issues of U.S. government agencies.
7. Excludes checking, club, and school accounts.
8. Commitments outstanding (including loans in process) of banks in New York
State as reported to the Savings Banks Association of the state of New York.
9. Direct and guaranteed obligations. Excludes federal agency issues not guaranteed, which are shown in the table under "Business" securities.
10. Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development.
NOTE. Savings and loan associations: Estimates by the F H L B B for all associations
in the United States. Data are based on monthly reports of federally insured
associations and annual reports of other associations. Even when revised, data for
current and preceding year are subject to further revision.
Mutual savings banks: Estimates of National Association of Mutual Savings
Banks for all savings banks in the United States.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but
are included, in total, in "other assets."
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and state-chartered credit unions that account for about 30 percent
of credit union assets. Figures are preliminary and revised annually to incorporate
recent benchmark data.
Federal Finance
1.39
A31
U.S. BUDGET RECEIPTS AND OUTLAYS
Millions of dollars
Calendar year
Source or type
Fiscal
year
1979
Fiscal
year
1980
Fiscal
year
1981
1982
1981
HI
H2
HI
1982
May
June
July
RECEIPTS
463,302
517,112
599,272
317,304
301,777
322,478
36,753
66,353
44,675
217,841
195,295
36
56,215
33,705
244,069
223,763
39
63,746
43,479
285,917
256,332
41
76,844
47,299
142,889
126,101
36
59,907
43,155
147,035
134,199
5
17,391
4,559
150,565
133,575
34
66,174
49,217
9,576
20,965
7
1,183
12,580
32,273
21,912
4
11,774
1,417
23,987
23,769
4
2,233
2,019
71,448
5,771
72,380
7,780
73,733
12,596
44,048
6,565
31,056
738
37,836
8,028
2,159
957
11,943
1,354
2,445
1,844
138,939
157,803
182,720
101,316
91,592
108,079
20,483
17,572
14,874
115,041
133,042
156,953
83,851
82,984
88,795
14,650
16,189
13,860
5,034
15,387
3,477
5,723
15,336
3,702
6,041
16,129
3,598
6,240
9,205
2,020
244
6,355
2,009
7,357
9,809
2,119
502
5,004
327
828
217
336
-649
1,292
370
18,745
7,439
5,411
9,252
24,329
7,174
6,389
12,748
40,839
8,083
6,787
13,790
21,945
3.926
3,259
6.487
22,097
4,661
3,742
8,441
17,525
4,310
4,208
7,984
2,848
683
613
1,349
2,768
771
745
1,634
2,774
773
624
1,042
18 All types 1 , 6
490,997
576,675
657,204
333,115
358,558
346,286
55,683
59,629
64,506
19
20
21
22
23
24
National defense
International affairs
General science, space, and technology . . .
Energy
Natural resources and environment
Agriculture
117,681
6,091
5,041
6,856
12,091
6,238
135,856
10,733
5,722
6,313
13,812
4,762
159,765
11,130
6,359
10,277
13,525
5,572
80,005
5,999
3,314
5.677
6,476
3,101
87,421
4,655
3,388
4,394
7,296
5,181
93,154
5,183
3,370
2,814
5,636
7,087
15,204
559
613
486
849
-400
16,419
402
543
601
1,041
53
16,757
460
552
171
1,161
831
Commerce and housing credit
Transportation
Community and regional d e v e l o p m e n t . . . .
Education, training, employment, social
services
29 Health 1
30 Income security 6
2,579
17,459
9,542
7,788
21,120
10,068
3,946
23,381
9,394
2,073
11,991
4,621
1,825
10,753
4,269
1,410
9,915
3,193
-129
1,425
457
4
1,752
557
996
1,608
502
29,685
46,962
160,159
30,767
55,220
193,100
31,402
65,982
225,099
15,928
33,113
113,490
13,878
35,322
129,269
12,595
37,213
112,782
1,996
6,019
20,269
1,997
6,772
20,812
1,838
6,275
22,385
19,928
4,153
4,093
8,372
52,566
-18,488
21,183
4,570
4,505
8,584
64,504
-21,933
22,988
4,698
4,614
6,856
82,537
-30,320
10,531
2,344
2,692
3,015
41,178
-12,432
12,880
2,290
2,311
3,043
47,667
-17,281
10,865
2,334
2,410
3,325
50,070
-14,680
753
364
433
352
7,720
-1,286
1,927
353
393
204
13,787
-7,989
3,099
376
207
1,165
7,158
-1,036
1 All sources'
2 Individual income taxes, net
3
Withheld
4
Presidential Election Campaign F u n d . . .
Nonwithheld
Refunds
6
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social insurance taxes and contributions,
net
10
Payroll employment taxes and
contributions 2
Self-employment taxes and
11
contributions 3
Unemployment insurance
12
Other net receipts 1 - 4
13
14
15
16
17
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 5
OUTLAYS
25
26
27
28
31
32
33
34
35
36
Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Interest
Undistributed offsetting receipts 7
1. The Budget of the U.S. Government,
Fiscal Year 1983 has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Federal employee retirement contributions and civil service retirement and
disability fund.
5. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the D e p a r t m e n t of
Labor.
7. Consists of interest received by trust funds, rents and royalties on the outer
continental shelf, and U.S. government contributions for employee retirement.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government" and the Budget of the U.S. Government, Fiscal Year 1983.
A32
D o m e s t i c Financial Statistics • S e p t e m b e r 1982
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1980
1981
1982
Item
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
1 Federal debt outstanding
884.4
914.3
936.7
970.9
977.4
1,003.9
1,034.7
1,066.4
1,084.7
2 Public debt securities
3
Held by public
4
Held by agencies
877.6
682.7
194.9
907.7
710.0
197.7
930.2
737.7
192.5
964.5
773.7
190.9
971.2
771.3
199.9
997.9
789.8
208.1
1,028.7
825.5
203.2
1,061.3
858.9
202.4
1,079.6
867.9
211.7
6.8
5.3
1.5
6.6
5.1
1.5
6.5
5.0
1.5
6.4
4.9
1.5
6.2
4.7
1.5
6.1
4.6
1.5
6.0
4.6
1.4
5.1
3.9
1.2
5.0
3.9
1.1
5 Agency securities
6
Held by public
7
Held by agencies
878.7
908.7
931.2
965.5
972.2
998.8
1,029.7
1,062.2
1,080.5
Public debt securities
10 Other debt 1
877.0
1.7
907.1
1.6
929.6
1.6
963.9
1.6
970.6
1.6
997.2
1.6
1,028.1
1.6
1,060.7
1.5
1,079.0
1.5
11 MEMO: Statutory debt limit
925.0
925.0
935.1
985.0
985.0
999.8
1,079.8
1.079.8
1,143.1
8 Debt subject to statutory limit
9
1. Includes guaranteed debt of government agencies, specified participation certificates, notes to international lending organizations, and District of Columbia
stadium bonds.
1.41
GROSS PUBLIC DEBT OF U.S. TREASURY
NOTE. Data from Treasury Bulletin (U.S. Treasury Department),
Types and Ownership
Billions of dollars, end of period
1982
Type and holder
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4
1978
1979
1980
1981
Apr.
May
June
845.1
930.2
1,028.7
1,065.7
1,071.7
1,079.6
1,089.6
1,109.2
782.4
487.5
161.7
265.8
60.0
294.8
2.2
24.3
29.6
28.0
1.6
80.9
157.5
844.0
530.7
172.6
283.4
74.7
313.2
2.2
24.6
28.8
23.6
5.3
79.9
177.5
928.9
623.2
216.1
321.6
85.4
305.7
1,027.3
720.3
245.0
375.3
99.9
307.0
1,064.5
755.8
254.9
399.7
101.3
308.7
1,066.4
755.7
256.1
398.4
101.2
310.7
1,078.4
764.0
256.0
406.9
101.1
314.4
1,083.3
774.1
262.0
411.1
101.0
309.2
1,108.1
801.4
273.1
427.4
100.9
306.7
23.8
24.0
17.6
6.4
72.5
185.1
23.0
19.0
14.9
4.1
68.1
196.7
23.2
19.4
15.4
4.1
67.3
198.5
23.4
18.4
14.8
3.6
67.3
201.3
23.4
17.5
13.8
3.6
67.4
206.0
23.4
16.6
13.6
3.1
67.4
201.5
23.5
15.6
12.5
3.1
67.4
119.9
5.3
1.2
1.1
1.1
6.8
1.2
1.3
1.4
1.1
16
17
18
19
20
21
22
23
170.0
109.6
508.6
93.2
5.0
15.7
19.6
64.4
187.1
117.5
540.5
96.4
4.7
16.7
22.9
69.9
192.5
121.3
616.4
116.0
5.4
20.1
25.7
78.8
203.3
131.0
694.5
109.4
5.2
19.1
37.8
85.6
204.3
134.3
727.1
110.1
5.6
21.2
36.5
88.5
206.7
129.4
735.2
109.4
5.7
21.5 r
38.8
91.8
211.7
127.0
740.9
117.0
5.7
22.2
38.9
91.2
24
75
26
27
Individuals
Savings bonds
Other securities
Foreign and international 6
Other miscellaneous investors 7
80.7
30.3
137.8
58.9
79.9
36.2
124.4
90.1
72.5
56.7
127.7
106.9
68.0
75.6
141.4
152.3
67.3
78.4
139.4
180.0
67.4
78.8
138.9
182.9
67.4
78.8
141.9
177.8
1. Includes (not shown separately): Securities issued to the Rural Electrification
Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
2. These nonmarketable bonds, also known as Investment Series B Bonds, may
be exchanged (or converted) at the owner's option for IV2 percent, 5-year marketable Treasury notes. Convertible bonds that have been so exchanged are removed from this category and recorded in the notes category (line 5).
3. Nonmarketable dollar-denominated and foreign currency-denominated series
held by foreigners.
4. Held almost entirely by U.S. government agencies and trust funds.
Aug.
789.2
By holder5
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other companies
State and local governments
15 Non-interest-bearing debt
July
n a.
n.a.
5. Data for Federal Reserve Banks and U.S. government agencies and trust
funds are actual holdings; data for other groups are Treasury estimates.
6. Consists of investments of foreign balances and international accounts in the
United States.
7. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, certain government deposit accounts, and
government sponsored agencies.
NOTE. Gross public debt excludes guaranteed agency securities.
Data by type of security from Monthly Statement of the Public Debt of the United
States (U.S. Treasury Department); data by holder from Treasury Bulletin.
Federal Finance
1.42
U.S. GOVERNMENT MARKETABLE SECURITIES
A33
Ownership, by maturity
Par value; millions of dollars, end of period
1982
1982
T
f
,
. ,
1980
May
May
June
All maturities
June
1 to 5 years
1 All holders
623,186
720,293
755,688
763,995
197,409
228,550
245,598
249,021
2 U.S. government agencies and trust funds
3 Federal Reserve Banks
9,564
121,328
8,669
130,954
7,994
128,996
7,994
127,005
1,990
835
1,906
38,223
1,906
37,423
1,775
37,484
492,294
77,868
3,917
11,930
7,758
4,225
21,058
365,539
580,671
74,618
3,971
12,090
4,214
4,122
18,991
462,663
618,699
75,964
4,417
13,026
3,665
4,817
22,865
493,946
628,997
82,431
4,415
13,453
3,710
5,062
22,631
497,294
159,585
44,482
1,925
4,504
2,203
2,289
4,595
99,577
188,422
39,021
1,870
5,596
1,146
2,260
4,278
134,251
206,269
39,456
2,010
6,116
911
2,693
4,845
150,238
209,762
41,479
2,063
6,342
929
2,852
4,696
151,401
4 Private investors
5
Commercial banks
6
Mutual savings banks
7
Insurance companies
8
Nonfinancial corporations
9
Savings and loan associations
10
State and local governments
11
All others
Total, within 1 year
12 All holders
13 U.S. government agencies and trust funds
14 Federal Reserve Banks
15 Private investors
16
Commercial banks
17
Mutual savings banks
18
Insurance companies
19
Nonfinancial corporations
20
Savings and loan associations
21
State and local governments
22
All others
5 to 10 years
297,385
340,082
354,741
355,611
56,037
63,483
63,044
67,108
830
56,858
647
64,113
14
64,254
144
62,202
1,404
13,548
779
11,854
779
10,559
779
10,559
239,697
25,197
1,246
1,940
4,281
1,646
7,750
197,636
275,322
29,480
1,569
2,201
2,421
1,731
7,536
230,383
290,474
30,586
1,864
2,034
1,665
1,890
7,456
244,980
293,264
33,944
1,794
2,244
1,694
1,927
7,622
244,040
41,175
5,793
455
3,037
357
216
2,030
29,287
50,851
4,496
238
2,507
344
98
2,365
40,804
51,706
2,838
201
2,667
270
111
2,468
43,150
55,770
3,978
220
2,682
277
141
2,606
45,867
Bills, within 1 year
23 All holders
24 U.S. government agencies and trust funds
25 Federal Reserve Banks
26 Private investors
27
Commercial banks
28
Mutual savings banks
29
Insurance companies
30
Nonfinancial corporations
Savings and loan associations
31
32
State and local governments
33
All others
10 to 20 years
216,104
245,015
256,114
256,007
36,854
44,744
46,295
46,246
1
43,971
*
49,679
1
50,123
1
47,921
3,686
5,919
3,996
6,692
3,952
6,642
3,952
6,642
172,132
9,856
394
672
2,363
818
5,413
152,616
195,335
9,667
423
760
1,173
363
5,126
177,824
205,990
10,084
631
652
1.046
709
4,727
188,142
208,085
13,556
586
762
998
760
4,789
186,634
27,250
1,071
181
1,718
431
52
3,597
20,200
34,055
873
151
1,119
131
16
2,824
28,940
35,701
1,293
189
1.418
405
25
5,209
27,160
35,651
1,351
182
1,367
481
29
4,814
27,428
Other, within 1 year
Over 20 years
34 All holders
81,281
95,068
98,627
99,604
35,500
43,434
46,010
46,010
35 U.S. government agencies and trust funds
36 Federal Reserve Banks
829
12,888
647
14,433
12
14,131
143
14,281
1,656
9,258
1,340
10,073
1,343
10,118
1,343
10,118
37 Private investors
38
Commercial banks
39
Mutual savings banks
40
Insurance companies
41
Nonfinancial corporations
42
Savings and loan associations
43
State and local governments
44
All others
67,565
15,341
852
1,268
1,918
828
2,337
45,020
79,987
19,814
1,146
1.442
1,248
1,368
2,410
52,560
84,484
20,502
1,233
1,382
618
1,181
2,729
56,838
85,180
20,388
1,208
1,481
696
1,167
2,833
57,406
24,587
1,325
110
730
476
21
3,086
18,838
32,020
749
144
666
172
17
1,988
28,285
34,549
1,791
152
790
414
99
2,886
28,417
34,549
1,679
156
819
329
114
2,893
28,559
NOTE. Direct public issues only. Based on Treasury Survey of Ownership from
Treasury Bulletin (U.S. Treasury D e p a r t m e n t ) .
Data complete for U.S. government agencies and trust funds and Federal Reserve
Banks, but data for other groups include only holdings of those institutions that
report. The following figures show, for each category, the number and proportion
reporting as of June 30,1982: (1) 5,283 commercial banks, 439 mutual savings banks,
and 726 insurance companies, each about 80 percent; (2) 406 nonfinancial corporations and 464 savings and loan associations, each about 50 percent; and (3)
488 state and local governments, about 40 percent.
"All others," a residual, includes holdings of all those not reporting in the
Treasury Survey, including investor groups not listed separately.
A34
1.43
DomesticNonfinancialStatistics • September 1982
U.S. GOVERNMENT SECURITIES DEALERS
Transactions
Par value; averages of daily figures, in millions of dollars
1982
Item
1979
1980
1982, week ending Wednesday
1981
May
June
July
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
1
Immediate delivery 1
U.S. government securities
13,183
18,331
24,728
31,556
27,136
33,328
34,358
41,487
32,394
51,517
40,165
?
3
4
5
6
By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
7,915
454
2,417
1,121
1,276
11.413
421
3,330
1,464
1,704
14,768
621
4,360
2,451
2,528
16,674
764
7,402
3.384
3,333
16,831
646
4,438
2,821
2,400
20,675
1,011
5,899
3,558
2,186
20,298
1,378
7,522
3,056
2,104
25,936
1,252
8,040
3,567
2,691
18,555
857
5,360
4,784
2,837
29,875
1,321
11,033
5,089
4,200
24,169
1,037
8,175
3,426
3,359
7
8
9
10
11
17
13
14
15
16
17
18
By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 2
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures transactions 3
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions 4
U.S. government securities
Federal agency securities
1,448
1,484
1,640
1,730
1,693
2,095
2,241
1,963
1,366
2,152
2,293
5,170
6,564
2,723
1,764
7,610
9,237
3,258
2,472
11,750
11,337
3,306
4.477
1.807
6,128
15,507
14,319
3,918
5,437
2,454
7,975
13,061
12.382
3,237
5,518
2,250
8,131
16,106
15,127
4,011
6,068
2,915
7,308
16,322
15,796
4,368
5,950
2,900
7,188
18,921
20,604
4,686
6,464
3,193
7,956
15,070
15,958
3,470
4,086
2,715
7,207
25,698
23,667
6,188
6,882
3,211
8,006
19,327
18,545
5,778
5,662
2,399
7,754
3,523
1,330
234
5,630
1,970
276
4,629
1,215
267
4,969
1,033
285
5,474
982
368
6,345
1,331
220
5,271
1,195
166
7,412
1,898
474
6,564
1,455
348
365
1,370
807
571
692
537
482
610
805
586
949
744
1,597
552
295
853
437
856
n a.
n .a.
1. Before 1981, data for immediate transactions include forward transactions.
2. Includes, among others, all other dealers and brokers in commodities and
securities, nondealer departments of commercial banks, foreign banking agencies,
and the Federal Reserve System.
3. Futures contracts are standardized agreements arranged on an organized exchange in which parties commit to purchase or sell securities for delivery at a future
date.
4. Forward transactions are agreements arranged in the over-the-counter market
in which securities are purchased (sold) for cdelivery after 5 business days from the
1.44
U.S. GOVERNMENT SECURITIES DEALERS
date of the transaction for government securities (Treasury bills, notes, and bonds)
or after 30 days for mortgage-backed agency issues.
NOTE. Averages for transactions are based on number of trading days in the
period.
Transactions are market purchases and sales of U.S. government securities dealers reporting to the Federal Reserve Bank of New York. The figures exclude
allotments of, and exchanges for, new U.S. government securities, redemptions of
called or matured securities, purchases or sales of securities under repurchase
agreement, reverse repurchase (resale), or similar contracts.
Positions and Financing
Averages of daily figures, in millions of dollars
1982, week ending Wednesday
1982
Item
1979
1980
1981
May
June
July
June 30
July 7
July 14
July 21
July 28
Positions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Net immediate 1
U.S. government securities.
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
Federal agency securities..
Certificates of deposit
Bankers acceptances
Commercial paper
Futures positions
Treasury bills
Treasury coupons
Federal agency securities..
Forward positions
U.S. government securities
Federal agency securities..
3,223
3,813
-325
-455
160
30
1,471
2,794
l
1
4,306
4,103
-1,062
434
166
665
797
3,115
i
1
n.a.
n.a.
1
1
1t
1
T
9,033
6,485
-1,526
1,488
292
2,294
2.277
3.435
1,746
2,658
14,103
7,390
-295
4,083
-20
2,946
3,117
4,950 r
2,719
3,455 r
11,075
7,284
-462
2,206
-254
2,301
2,976
5,580
2,666
3,503
9,161
7,163
-2,027
2,552
-417
1,890
2,878
7,728
3,023
3,779
6,648
4,661
-648
1,687
-1,085
2,033
2.526
6,924
2.525
3.396
7,089
4,183
-558
2,284
-367
1,548
2,436
6,894
2,545
3,487
10,678
7,757
-662
2,023
-365
1,926
2,991
7,607
2,811
3,837
9,891
6,611
-609
2,307
-349
1,930
2,910
7,584
2,888
3,644
9,743
5,185
-486
3,474
-444
2,015
2,886
8,305
3,437
4,124
- 8,934
-2,733
522
- 9,985r
-3,791'
-579
-6,067
-2,045
73
-1,542
-2,878
295
-5,879
-2,036
389
-5,793
-2,285
571
-3,993
-2,777
249
-1,051
-3,212
183
1,605
-3,190
229
-603
-451
-704r
-1,130
-760
-1.452
-444
-1,227
-330
-1,514
-449
-1,372
-502
-1,290
-334
-1,365
-469
-938
Financing 2
Reverse repurchase agreements 3
Overnight and continuing . . . .
Term agreements
Repurchase agreements 4
18
Overnight and continuing . . . .
19
Term agreements
16
17
For notes see opposite page.
14.568
32,048
28,801
45,253
25,655
39,795
27,391
44,136
31.687
39.250
30,667
39,104
25,322
42,756
25,937
45,673
35,919
29.449
58,415
40,142
42,038
35,525
54,660
37,821
57,117
32,898
57.750
32,352
53,580
35,331
52,904
38,678
Federal Finance
1.45
A35
F E D E R A L A N D F E D E R A L L Y S P O N S O R E D C R E D I T A G E N C I E S D e b t Outstanding
Millions of dollars, end of period
1981
Agency
1 Federal a n d federally sponsored agencies'
2 Federal agencies
3
Defense Department2
4
E x p o r t - I m p o r t Bank 3 - 4
5
Federal Housing A d m i n i s t r a t i o n 5
6
G o v e r n m e n t National Mortgage Association
participation certificates 6
7
Postal Service 7
8
Tennessee Valley A u t h o r i t y
9
United States Railway Association 7
10 Federally sponsored agencies 1
11
Federal H o m e L o a n B a n k s
12
Federal H o m e L o a n Mortgage C o r p o r a t i o n
13
Federal National M o r t g a g e Association
14
Federal L a n d B a n k s
15
Federal I n t e r m e d i a t e Credit B a n k s
16
B a n k s for Cooperatives
17
F a r m Credit B a n k s 1
18
Student L o a n M a r k e t i n g Association 8
19
Other
1978
1979
1982
1980
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
137,063
163,290
193,229
227,210
226,418
226,539
228,749
232,274
234,593
238,787
23,488
968
8,711
588
24,715
738
9,191
537
28.606
610
11.250
477
31.806
484
13.339
413
31,053
470
13,135
406
30,806
460
12,861
397
31,408
454
13.421
382
31,613
447
13,475
376
31,551
434
13,416
363
32,274
419
13,939
358
3,141
2,364
7,460
356
2,979
1,837
8,997
436
2.817
1,770
11.190
492
2,715
1.538
13,115
202
2,191
1.538
13,115
198
2,165
1,538
13,187
198
2,165
1,538
13,250
198
2,165
1,538
13,410
202
2,165
1,471
13,500
202
2,165
1,471
13,715
207
113,575
27,563
2,262
41,080
20,360
11,469
4,843
5,081
915
2
138,575
33,330
2,771
48,486
16,006
2,676
584
33,216
1,505
1
164.623
41,258
2,536
55,185
12,365
1,821
584
48,153
2,720
1
195,404
58,090
2,604
58,749
9,717
1,388
220
60,034
4,600
2
195,365
57,387
2,604
58,860
8,717
1,388
220
61,187
5,000
2
195,733
57,743
2,604
59,018
8,717
1,388
220
61,041
5,000
2
197,341
58,839
2,500
59,270
8,717
1,388
220
61,405
5,000
2
200,661
59,937
2,500
60,478
8,217
926
220
63,381
5.000
2
203,042
60,772
2,500
61,996
8,217
926
220
63,409
5,000
2
206,513
61,883
3;099
62,660
8,217
926
220
64,506
5,000
2
51,298
67,383
87,460
110,698
111,965
112,367
113,567
114,961
117,475
120,241
6,898
2,114
915
5,635
356
8,353
1,587
1,505
7,272
436
10,654
1.520
2.720
9.465
492
12,741
1,288
4,600
11,390
202
12,741
1,288
5,000
11,435
198
12,741
1,288
5,000
11,462
198
13,305
1,288
5,000
11,525
198
13,305
1.288
5,000
11,685
202
13,305
1,221
5,000
11,775
202
13,829
1,221
5,000
11,990
207
23,825
4,604
6,951
32,050
6,484
9,696
39,431
9,196
13,982
48.821
13,516
18,140
49,026
13,836
18,441
49,081
13,989
18,608
48,681
14,452
19,118
49,356
14,716
19,409
51,056
15,046
19,870
52,346
15,454
20,194
MEMO:
20 Federal Financing Bank d e b t 1 , 9
21
22
23
24
25
Lending to federal and federally
sponsored
agencies
Export-Import Bank4
Postal Service 7
Student L o a n M a r k e t i n g Association 8
Tennessee Valley A u t h o r i t y
United States Railway Association 7
Other
Lending10
26 F a r m e r s H o m e Administration
27 Rural Electrification Administration
28 O t h e r
1. In S e p t e m b e r 1977 the F a r m Credit B a n k s issued their first consolidated bonds,
and in January 1979 they began issuing these bonds on a regular basis to replace
the financing activities of the Federal L a n d Banks, the Federal Intermediate Credit
Banks, and the B a n k s for Cooperatives. Line 17 represents those consolidated
bonds outstanding, as well as any discount notes that have been issued. Lines 1
and 10 reflect the addition of this item.
2. Consists of mortgages assumed by the D e f e n s e D e p a r t m e n t between 1957 and
1963 under family housing and h o m e o w n e r s assistance programs.
3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
4. O f f - b u d g e t A u g . 17, 1974, through Sept. 30, 1976; on-budget t h e r e a f t e r .
5. Consists of d e b e n t u r e s issued in p a y m e n t of Federal Housing Administration
insurance claims. O n c e issued, these securities may be sold privately on the securities m a r k e t .
6. Certificates of participation issued prior to fiscal 1969 by the G o v e r n m e n t
National Mortgage Association acting as trustee for the F a r m e r s H o m e A d m i n istration; D e p a r t m e n t of H e a l t h , E d u c a t i o n , and W e l f a r e ; D e p a r t m e n t
N O T E S T O T A B L E 1.44
1. I m m e d i a t e positions are n e t a m o u n t s (in t e r m s of par values) of securities
o w n e d by n o n b a n k d e a l e r firms a n d dealer d e p a r t m e n t s of commercial banks on
a c o m m i t m e n t , that is, t r a d e - d a t e basis, including any such securities that have
been sold u n d e r a g r e e m e n t s t o repurchase (RPs). T h e maturities of some repurchase a g r e e m e n t s are sufficiently long, however, to suggest that the securities
involved are not available for trading purposes. Securities owned, and hence dealer
positions, d o not include securities t o resell (reverse RPs). B e f o r e 1981, data for
immediate positions include forward positions.
2. Figures cover financing involving U . S . government and federal agency securities, negotiable C D s , b a n k e r s acceptances, and commercial paper.
of Housing and U r b a n D e v e l o p m e n t ; Small Business A d m i n i s t r a t i o n ; and the
Veterans Administration.
7. Off-budget.
8. Unlike other federally sponsored agencies, the S t u d e n t L o a n M a r k e t i n g Association may borrow f r o m the Federal Financing B a n k ( F F B ) since its obligations
are guaranteed by the D e p a r t m e n t of H e a l t h , E d u c a t i o n , and W e l f a r e .
9. The F F B , which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since F F B incurs
debt solely for the p u r p o s e of lending to o t h e r agencies, its debt is not included in
the main portion of the table in o r d e r to avoid double counting.
10. Includes F F B purchases of agency assets a n d g u a r a n t e e d loans; the latter
contain loans guaranteed by n u m e r o u s agencies with the g u a r a n t e e s of any particular agency being generally small. T h e F a r m e r s H o m e Administration item consists
exclusively of agency assets, while the Rural Electrification A d m i n i s t r a t i o n entry
contains both agency assets and g u a r a n t e e d loans.
3. Includes all reverse repurchase a g r e e m e n t s , including those that have been
arranged to m a k e delivery on short sales and those for which the securities o b t a i n e d
have been used as collateral on borrowings, i.e., m a t c h e d agreements.
4. Includes both repurchase a g r e e m e n t s u n d e r t a k e n to finance positions and
" m a t c h e d b o o k " repurchase agreements.
NOTE. D a t a for positions are averages of daily figures, in terms of p a r value,
based on the n u m b e r of trading days in the period. Positions are shown net and
are on a c o m m i t m e n t basis. D a t a for financing are based on W e d n e s d a y figures,
in terms of actual m o n e y b o r r o w e d or lent.
A36
1.46
DomesticNonfinancialStatistics • September 1982
NEW SECURITY ISSUES of State and Local Governments
Millions of dollars
Type of issue or issuer,
or use
1981
1979
1980
Dec.
1 All issues, new and refunding 1
1982
1981
Jan.
Feb.
Mar.
Apr.
May
June
43,365
48,367
47,732
4,744
3,875
3,720
5,653
6,690
5,569
5,728
12,109
53
31,256
67
14,100
38
34,267
57
12,394
34
35,338
55
749
1
3,995
3
1,038
2
2,837
4
1,054
0
2,666
6
1.733
9
3,920
5
2,210
10
4,480
32
1,498
10
4,071
38
1,780
16
3,948
45
Type of issuer
6 State
7 Special district and statutory authority
8 Municipalities, counties, townships, school districts
4,314
23,434
15.617
5,304
26,972
16,090
5.288
27,499
14,945
315
3,308
1,120
514
2,135
1,226
234
2,187
1,299
433
2.992
2.228
1,061
3.880
1,749
601
2,959
2,009
1,074
2,863
1,791
9 Issues for new capital, total
41,505
46,736
46,530
4,683
3,718
3,679
4,790
6,668
5,438
5,640
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
5.130
2,441
8,594
15,968
3.836
5.536
4,572
2,621
8,149
19,958
3,974
7,462
4,547
3,447
10,037
12,729
7,651
8,119
561
355
955
1,813
523
476
236
144
1,189
892
467
790
266
207
1,284
837
501
584
405
362
746
1,773
636
868
460
282
1,329
2,337
667
1,593
483
292
1,354
1,992
342
975
711
289
824
2,254
386
1,176
2
3
4
5
10
11
12
13
14
15
Type of issue
General obligation
U.S. government loans 2
Revenue
U.S. government loans 2
1. Par amounts of long-term issues based on date of sale.
2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration.
1.47
SOURCE. Public Securities Association.
NEW SECURITY ISSUES of Corporations
Millions of dollars
Type of issue or issuer,
or use
1981
1979
1980
1982
1981
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1 All issues'
51,533
73,694
69,283
5,908
2,954
3,294
6,436
4,384
6,120
4,030
2 Bonds
40,208
53,206
44,643
3,893
1,278
1,879
4,512
2,352
3,980
2,836
Type of offering
3 Public
4 Private placement
25.814
14,394
41,587
11,619
37,653
6.989
3,576
317
614
664
1,464
415
3.540
972
2,100
252
3,788
192
2,398
438
9,678
3,948
3.119
8,153
4.219
11,094
15,409
6,693
3.329
9.557
6,683
11,534
12,325
5,229
2.054
8.963
4.280
11.793
954
850
82
582
106
1.319
283
230
43
493
8
221
262
59
3
345
364
845
708
691
224
1.568
84
1.236
445
124
16
846
4
917
593
466
65
977
315
1.563
211
329
79
699
174
1,344
11,325
20,489
24,642
2,015
1,676
1,415
1,924
2,032
2,140
1,194
3,574
7,751
3.631
16,858
1,796
22,846
80
1.935
199
1,477
185
1.230
199
1.725
147
1.885
813
1.327
67
1,127
1,679
2.623
255
5,171
303
1,293
4,839
5,245
549
6,230
567
3,059
4,838
7,436
735
5.486
1,778
4,371
258
456
23
604
95
580
129
723
25
449
58
292
67
426
73
743
2
104
394
653
27
547
3
301
102
787
15
731
3
394
156
543
35
401
30
975
53
339
52
242
8
499
5
6
7
8
9
10
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
11 Stocks
Type
12 Preferred
13 Common
14
15
16
17
18
19
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
1. Figures, which represent gross proceeds of issues maturing in more than one
year, sold for cash in the United States, are principal amount or number of units
multiplied by offering price. Excludes offerings of less than $100,000. secondary
offerings, undefined or exempted issues as defined in the Securities Act of
1933, employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
SOURCE. Securities and Exchange Commission.
Corporate Finance
1.48
OPEN-END INVESTMENT COMPANIES
A37
Net Sales and Asset Position
Millions of dollars
1982
1981
Item
1980
1981
Dec.
Feb.
Jan.
Mar.
Apr.
May
Juner
July
INVESTMENT C O M P A N I E S 1
1 Sales of own shares 2
2 Redemptions of own shares 3
3 Net sales
4
5
6
Assets 4
Cash position 5
Other
15,266
12,012
3,254
20,596
15,866
4,730
3,032
1,769
371
2,049
1,475
1,557
2,049
1,456
593
3,325
2,056
1,269
2,754
2,293
461
2,345
1,854
491
3,061
2,038
1,023
3,304
2,145
1,159
58,400
5,321
53,079
55,207
5,277
49,930
55,207
5,277
49,930
54,347
5,424
48,923
52,695
5,540
47,155
53,001
5,752
47,249
56,026
6,083
49,943
54,889
5,992
48,896
54,238
6,298
47,940
54,592
5,992
48,600
1. Excluding money market funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment
of capital gains distributions and share issue of conversions from one fund to another
in the same group.
3. Excludes share redemption resulting f r o m conversions from one fund to another in the same group.
4. Market value at end of period, less current liabilities.
1.49
5. Also includes all U.S. government securities and other short-term debt securities.
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly f o r m e d companies after
their initial offering of securities.
CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1980
Account
1979
1980
Q3
1
2
3
4
5
6
Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
7
8
Inventory valuation
Capital consumption adjustment
1982
Q4
Q1
Q2
Q3
Q4
Q1
194.8
252.7
87.6
165.1
52.7
112.4
181.6
242.4
84.6
157.8
58.1
99.7
190.6
232.1
81.2
150.9
65.1
85.8
177.8
238.1
82.2
155.9
58.7
97.3
181.2
245.9
87.8
158.1
59.6
98.5
200.3
253.1
91.5
161.6
61.5
100.1
185.1
225.4
79.2
146.2
64.0
82.2
193.1
233.3
82.4
150.8
66.8
84.1
183.9
216.5
71.6
144.9
68.1
76.9
157.1
171.6
55.8
115.9
68.8
47.0
-43.1
-14.8
-43.0
-17.8
-24.6
-16.8
-41.1
-19.3
-45.5
-19.2
-35.5
-17.3
-22.8
-17.5
-23.0
-17.1
-17.1
-15.5
-4.4
-10.1
SOURCE. Survey of Current Business (U.S. Department of Commerce).
1981
1981
A38
1.50
DomesticNonfinancialStatistics • September 1982
NONFINANCIAL CORPORATIONS
Current Assets and Liabilities
Billions of dollars, except for ratio
1981
Account
1976
1977
1978
1979
1982
1980
Q2
Q1
Q3
Q4
Q1
1 Current assets
827.4
912.7
1,043.7
1,218.2
1,336.1
1,374.6
1,385.9
1,405.7
1,419.3
1,413.2
2 Cash
3 U.S. government securities
Notes and accounts receivable
5 Inventories
6 Other
88.2
23.5
292.9
342.5
80.3
97.2
18.2
330.3
376.9
90.1
105.5
17.3
388.0
431.6
101.3
118.0
17.0
461.1
505.5
116.7
127.3
19.9
509.0
540.2
139.6
126.9
19.8
524.2
555.4
148.4
126.7
20.5
528.3
559.3
151.0
125.7
18.6
535.4
569.8
156.3
132.1
18.6
527.9
578.5
162.2
122.0
17.6
526.0
584.4
163.1
7 Current liabilities
495.1
557.1
669.3
807.8
886.8
916.1
921.6
954.1
964.1
966.3
8 Notes and accounts payable
9 Other
282.1
213.0
317.6
239.6
382.9
286.4
461.2
346.6
508.3
378.5
510.3
405.8
513.1
408.4
533.6
420.5
544.2
419.9
533.4
432.8
332.4
355.5
374.4
410.5
449.3
458.5
464.3
451.7
455.1
446.9
1.671
1.638
1.559
1.508
1.507
1.500
1.504
1.473
1.472
1.463
4
10 Net working capital
11 MEMO: Current ratio
1
1. Ratio of total current assets to total current liabilities.
All data in this table reflect the most current benchmarks. Complete data are
available upon request from the Flow of Funds Section, Division of Research and
Statistics.
NOTE. For a description of this series, see "Working Capital of Nonfinancial
Corporations" in the July 1978 BULLETIN, pp. 533-37.
SOURCE. Federal Trade Commission.
1.51
TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1982
1981
Industry 1
1 Total nonfarm business
Manufacturing
2 Durable goods industries
3 Nondurable goods industries
Nonmanufacturing
4 Mining
Transportation
.S
Railroad
6
Air
7
Other
Public utilities
8
Electric
9
Gas and other
10 Trade and services
11 Communication and other 2
1980
1981
Q2
Q3
Q4
Q1
Q2
Q31
Q41
295.63
321.49
323.66
316.73
328.25
327.83
327.72
323.22
320.24
324.47
58.91
56.90
61.84
64.95
59.50
64.74
63.10
62.40
62.58
67.53
60.78
66.14
60.84
67.48
59.03
64.74
59.98
63.10
58.80
64.09
13.51
16.86
16.48
16.80
17.55
16.81
17.60
16.56
15.66
16.02
4.25
4.01
3.82
4.24
3.81
4.00
4.51
3.86
3.95
4.38
3.29
4.04
4.18
3.34
4.09
4.18
4.82
4.12
4.56
3.20
4.23
4.73
3.54
4.06
4.10
3.79
3.50
4.64
4.85
4.07
28.12
7.32
81.79
36.99
29.74
8.65
86.33
41.06
32.29
8.61
87.40
42.33
29.32
8.53
85.88
39.02
30.54
9.01
87.55
41.89
31.14
8.60
88.33
42.92
30.95
9.17
87.80
41.89
32.26
9.14
88.85
40.33
32.67
7.87
86.71
42.85
33.15
8.50
86.07
44.09
1. Anticipated by business.
2. " O t h e r " consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
1982 1
SOURCE. Survey of Current Business (U.S. Dept. of Commerce).
Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
A39
Assets and Liabilities
Billions of dollars, end of period
1981
Account
1977
1978
1979
1982
1980
Q2
Q1
Q4
Q3
Q1
Q2
ASSETS
1
2
3
4
5
6
7
8
Accounts receivable, gross
Consumer
Business
Total
LESS: Reserves for unearned income and losses . . . .
Accounts receivable, net
Cash and bank deposits
Securities
All other
9 Total assets
44.0
55.2
99.2
12.7
86.5
2.6
.9
14.3
52.6
63.3
116.0
15.6
100.4
3.5
1.3 }•
17.3
65.7
70.3
136.0
20.0
116.0
73.6
72.3
145.9
23.3
122.6
76.1
72.7
148.7
24.3
124.5
79.0
78.2
157.2
25.7
131.4
84.5
76.9
161.3
27.7
133.6
85.5
80.6
166.1
28.9
137.2
85.1
80.9
166.0
29.1
136.9
88.0
82.6
170.6
30.2
140.4
24.9 1
27.5
30.8
31.6
34.5
34.2
35.0
37.3
104.3
122.4
140.9
150.1
155.3
163.0
168.1
171.4
171.9
177.8
5.9
29.6
6.5
34.5
8.5
43.3
13.2
43.4
13.1
44.2
14.4
49.0
14.7
51.2
15.4
51.2
15.4
46.2
14.5
50.3
6.2
36.0
11.5
8.1
43.6
12.6
8.2
46.7
14.2
7.5
52.4
14.3
8.2
51.6
17.3
8.5
52.6
17.0
11.9
50.7
17.1
9.6
54.8
17.8
9.0
59.0
19.0
9.3
60.3
18.9
\
J
LIABILITIES
10 Bank loans
11 Commercial paper
Debt
12
Short-term, n.e.c
13
Long-term, n.e.c
14
Other
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
15.1
17.2
19.9
19.4
20.9
21.5
22.4
22.8
23.3
24.5
104.3
122.4
140.9
150.1
155.3
163.0
168.1
171.4
171.9
177.8
1. Beginning Q 1 1979, asset items on lines 6, 7, and 8 are combined.
NOTE. Components may not add to totals due to rounding.
1.53
DOMESTIC FINANCE COMPANIES
Business Credit
Millions of dollars, seasonally adjusted except as noted
Type
Accounts
receivable
outstanding
June 30,
19821
Changes in accounts
receivable
Extensions
Repayments
1982
1982
1982
Apr.
May
June
Apr.
May
June
Apr.
May
June
1 Total
82,629
120
50
1,064
19,110
20,033
21,335
18,990
19,983
20,271
2
3
4
5
12,395
13,328
27,644
100
11
-231
362
-199
-74
149
1,020
-184
935
5,759
1,181
1,235
5,269
1,503
1,056
6,364
1,331
835
5,748
9,174
873
5,468
1,577
907
5,344
1,515
9,329
19,933
260
-20
171
-210
-111
190
9,434
1,801
10,151
1,875
10,611
1,973
9,174
1,821
9,980
2,085
10,722
1,783
Retail automotive (commercial vehicles)
Wholesale automotive
Retail paper on business, industrial, and farm e q u i p m e n t . . . .
Loans on commercial accounts receivable and factored commercial accounts receivable
6 All other business credit
1. Not seasonally adjusted.
A40
1.54
DomesticNonfinancialStatistics • September 1982
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1982
Item
1979
1980
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
6
Conventional mortgages on new homes
Terms1
Purchase price (thousands of dollars)
A m o u n t of loan (thousands of d o l l a r s ) . . . .
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)Contract rate (percent per annum)
Yield (percent per
7 F H L B B series 5
8 H U D series 4
74.4
53.3
73.9
28.5
1.66
10.48
83.4
59.2
73.2
28.2
2.09
12.25
90.4
65.3
74.8
27.7
2.67
14.16
102.6
71.3
73.5
27.4
2.55
14.66
97.3
71.1
76.5
28.1
3.01
14.44
90.0
65.4
75.7
27.4
2.90
14.93
95.7
70.4
77.2
28.6
3.28
15.13
86.4
64.8
77.4
25.9
3.16
15.11
89.4
66.2
77.0
27.4
3.00
14.74
10.77
11.15
12.65
13.95
14.74
16.52
15.25
17.30
15.12
17.20
15.67
16.80
15.84
16.65
15.89
16.50
15.40
16.75
10.92
10.22
13.44
12.55
16.29
15.29
17.38
16.19
17.10
16.21
16.41
15.54
16.31
15.40
16.19
15.30
16.73
15.84
11.17
11.77
14.11
14.43
16.70
16.64
17.80
17.33
18.00
17.91
17.29
17.09
16.27
16.33
16.22
16.73
annum)
SECONDARY MARKETS
9
10
11
12
Yield (percent per annum)
F H A mortgages ( H U D series) 5
G N M A securities 6
F N M A auctions 7
Government-underwritten loans
Conventional loans
Activity in secondary markets
FEDERAL NATIONAL M O R T G A G E ASSOCIATION
Mortgage holdings (end of
13 Total
14
FHA/VA-insured
15
Conventional
Mortgage transactions
16 Purchases
17 Sales
period)
(during
48,050
33,673
14,377
55,104
37,365
17,725
10,812
0
8,099
0
10,179
6,409
58,675'
39,341'
19,334'
61,721
39,937
21,784
62,112
39,926
22,185
62,544
39,893
22,654
63,132
39,834
23,298
63,951
39,808
24,143
65,008
39,829
25,179
66,158
39,853
26,305
6,112
2
430
0
519
0
604
0
755
0
1,006
0
1,223
0
1,354
0
8,083
3,278
9,331
3,717
813
3,536
1,174'
3,857
1,903'
4,990
2.482
6,586
1,550
7,016
1,583
7,206
2,016
7,674
8,860.4
3.920.9
8,605.4
4.002.0
2,487.2
1,478.0
41.5
30.8
41.7
23.4
45.7
29.6
7.0
0.0
35.7
7.4
33.1
7.4
8.9
0.0
4,495.3
2,343.6
3,639.2
1,748.5
2.524.7
1.392.3
31.7
11.5
28.6
19.6
65.0
32.3
29.5
22.0
37.8
23.0
59.0
33.1
37.2
23.6
period)
Mortgage
commitments8
18 Contracted (during period)
19 Outstanding (end of period)
Auction of 4-month commitments to buy
Government-underwritten loans
Offered
Accepted
Conventional loans
22
Offered
23
Accepted
20
21
FEDERAL H O M E LOAN MORTGAGE CORPORATION
Mortgage holdings
24 Total
25
FHA/VA
26
Conventional
(end of
Mortgage transactions
27 Purchases
28 Sales
period)9
(during
Mortgage
commitments10
29 Contracted (during period)
30 Outstanding (end of period)
3,543'
1,995'
1,549 r
4,362 r
2,116'
2,246'
5,245'
2,236'
3,010'
5,240'
2,209'
3,032'
5,342
2,218'
3,124'
5,320
2,227'
3,094'
5,274
2,226'
3.048'
5,279
2,232'
3,047'
5,295
2,225'
3,069'
5,309
2,232
3,017
5,717
4,544
3,723
2,527
3,789
3,531
1,628
1,629
1,228
1,115
1,479
1,564
2.143
2,177
1,214
1,194
1,581
1,562
2,237
2,204
5,542
797
3,859
447
6,974
3,518
3,280
5,033
565
4,336
2,523
5.461
2,824
6,041
2,692
7,420
3,166
8,970
2,189
8,544
period)
1. Weighted averages based on sample surveys of mortgages originated by major
institutional lender groups. Compiled by the Federal Home Loan Bank Board in
cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower
or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages,
rounded to the nearest 5 basis points; from Department of Housing and Urban
Development.
5. Average gross yields on 30-year, minimum-downpayment, Federal Housing
Administration-insured first mortgages for immediate delivery in the private secondary market. Any gaps in data are due to periods of adjustment to changes in
maximum permissible contract rates.
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities.
assuming prepayment in 12 years on pools of 30-year F H A / V A mortgages carrying
the prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. Average gross yields (before deduction of 38 basis points for mortgage servicing) on accepted bids in Federal National Mortgage Association's auctions of
4-month commitments to purchase home mortgages, assuming prepayment in 12
years for 30-year mortgages. No adjustments are made for F N M A commitment
fees or stock related requirements. Monthly figures are unweighted averages for
auctions conducted within the month.
8. Includes some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in F N M A ' s free market auction
system, and through the F N M A - G N M A tandem plans.
9. Includes participation as well as whole loans.
10. Includes conventional and government-underwritten loans.
Real Estate Debt
1.55
A41
MORTGAGE DEBT OUTSTANDING
Millions of dollars, end of period
1981
Type of holder, and type of property
1980
1982
1981
Q2
Q3
Q4
Q1
Q2
1,337,797'
891,115'
128,433
235,572
82,677
1,471,835'
987,028'
137.134
255,655
92,018
1,587,079'
1,063,234'
141.457
280,585
101,803
1,533,914'
1,028.452'
139,388
268,562
97,512
1,564,724'
1,049.653'
140,376
274,666
100.029
1,587,079'
1.063,234'
141,457
280,585
101,803
1,606,615'
1,075,896'
142.592
284,098
104,029
1,625,610'
1,090,988'
141.496'
287.217
105,909
6 Major financial institutions
7
Commercial banks 1
8
1- to 4-family
9
Multifamily
10
Commercial
II
Farm
12
Mutual savings banks
13
1- to 4-family
14
Multifamily
Commercial
15
16
Farm
938,567
245,187
149,460
11,180
75,957
8,590
98,908
66,140
16.557
16,162
49
997,168
263,030
160,326
12,924
81,081
8,699
99,865
67,489
16,058
16,278
40
1,044,019
286,626
172,549
14,905
90.717
8.455
99.997
68.187
15.960
15.810
40
1,023,793
273,225
164,873
13,800
86.091
8,461
99,993
68,035
15,909
15.999
50
1,036,880
281.126
169.378
14.478
88.836
8.434
99.994
68.116
15.939
15.909
30
1,044,019
286,626
172.549
14,905
90.717
8,455
99,997
68,187
15.960
15,810
40
1,045.045
291.426
175,326
15.126
92,499
8,475
97,464
66.383
15.448
15,594
39
1,045.098
295.126
177.508
15,205
93,923
8.490
95,914
65.318
15,102
15,446
48
17
18
19
20
Savings and loan associations
1- to 4-family
Multifamily
Commercial
475,688
394,345
37,579
43,764
503,192
419,763
38.142
45.287
518,350
432,978
37,684
47,688
515,256
430.702
38.077
46.477
518.778
433.750
37,975
47,053
518.350
432,978
37.684
47.688
515.896
430.928
37.506
47.462
512,399
427,907
36,851
47,641
21
22
23
24
25
Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm
118.784
16,193
19,274
71,137
12,180
131,081
17,943
19,514
80,666
12.958
139,046
17,382
19.486
89,089
13.089
135.319
17,646
19,603
85.038
13.032
136,982
17.512
19,592
86,742
13.136
139.046
17.382
19.486
89.089
13,089
140.259
17,281
19,419
90.555
13.004
141,659
17,483
19.668
91.498
13.010
97,084
3,852
763
3,089
114,300
4.642
704
3,938
126.112
4,765
693
4.072
119,124
4.972
698
4,274
121.772
4.382
696
3.686
126,112
4.765
693
4,072
128.721
4.438
689
3.749
132,981
4,668
685
3,983
1
2
3
4
5
All holders
1- to 4-family
Multifamily
Commercial
Farm
1979
26 Federal and related agencies
Government National Mortgage Association
27
1- to 4-family
28
29
Multifamily
30
31
32
33
34
Farmers H o m e Administration
1- to 4-family
Multifamily
Commercial
Farm
1,274
417
71
174
612
3,492
916
610
411
1,555
2,235
914
473
506
342
2,662
1.151
464
357
690
1.562
500
242
325
495
2,235
914
473
506
342
2,469
715
615
499
640
2,780
815
665
510
790
35
36
37
Federal Housing and Veterans Administration
1- to 4-family
Multifamily
5,555
1,955
3,600
5,640
2,051
3.589
5,999
2.289
3.710
5.895
2,172
3,723
6.005
2,240
3,765
5,999
2,289
3,710
6.003
2.266
3,737
5.960
2.210
3.750
38
39
40
Federal National Mortgage Association
1- to 4-family
Multifamily
51,091
45,488
5,603
57.327
51.775
5,552
61,412
55.986
5,426
57,657
52,181
5.476
59.682
54,227
5.455
61.412
55,986
5.426
62.544
57.142
5.402
65.008
59.631
5.377
41
42
43
Federal Land Banks
1- to 4-family
Farm
31,277
1,552
29,725
38,131
2.099
36.032
46.446
2.788
43,658
42.681
2.401
40,280
44,708
2,605
42,103
46.446
2.788
43.658
47,947
2.874
45.073
49.270
2.954
46,316
44
45
46
Federal H o m e L o a n Mortgage Corporation
1- to 4-family
Multifamily
4,035
3,059
976
5,068
3,873
1.195
5,255
4,018
1,237
5,257
4,025
1.232
5.433
4.166
1.267
5.255
4.018
1.237
5.320
4.075
1.245
5,295
4,042
1,253
118,664
75,787
73,853
1,934
142,258
93,874
91,602
2,272
162.990
105,790
103,007
2,783
152.308
100,558
98.057
2,501
158.140
103.750
101.068
2.682
162.990
105.790
103.007
2.783
172.292
108.592
105.701
2.891
179,507
111,459
108.487
2,972
47 Mortgage pools or trusts 2
48
Government National Mortgage Association
49
1- to 4-family
50
Multifamily
51
52
53
Federal H o m e Loan Mortgage Corporation
1- to 4-family
Multifamily
15.180
12,149
3,031
16,854
13.471
3,383
20.560'
16,605'
3,955
17.565
14.115
3,450
17.936
14.401
3.535
20.560'
16,605'
3.955
26.745'
21.781'
4.964
30.665'
27.193'
3,472'
54
55
56
57
58
59
60
Federal National Mortgage Association 3
1- to 4-family
Farmers H o m e Administration
1- to 4-family
Multifamily
Commercial
Farm
n.a.
n.a.
27.697
14,884
2.163
4.328
6.322
n.a.
n.a.
31.530
16,683
2.612
5,271
6,964
717
717
36,640
18.378
3,426
6,161
8.675
n.a.
n.a.
34,185
17.165
3,097
5,750
8,173
n.a.
n.a.
36.454
18.407
3,488
6,040
8.519
717
717
36.640
18.378
3.426
6.161
8.675
2.786
2,786
36.955
18.740
3.447
6.351
8.417
4,556
4,556
37,383
18,890
3,472
6,371
8.650
183,482'
110.857'
23.376
24,050
25.199
218,109'
138,333'
27.345
26,661
25,770
253.958'
167.460'
28,340
30,614
27.544
238.689'
155.231 '
27.782
28.850
26.826
247.932'
162.587'
28.272
29.761
27.312
253,958'
167,460'
28,340
30,614
27.544
260.557'
171.995'
29.043
31,138
28.381
268.024'
177.865'
29.726
31.828
28.605
61 Individual and others 4
62
1- to 4-family 5
Multifamily
63
64
Commercial
Farm
65
1. Includes loans held by nondeposit trust companies but not bank trust departments.
2. Outstanding principal balances of mortgages backing securities insured or
guaranteed by the agency indicated.
3. Outstanding balances on F N M A ' s issues of securities backed by pools of
conventional mortgages held in trust. The program was implemented bv F N M A
in October 1981.
4. 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 U.S. agencies for which amounts are small or for which
separate data are not readily available.
5. Includes a new estimate of residential mortgage credit provided by individuals.
NOTE. Based on data from various institutional and governmental sources, with
some quarters estimated in part by the Federal Reserve in conjunction with the
Federal Home Loan Bank Board and the Department of Commerce. Separation
of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations when required, are estimated mainly by the Federal
Reserve. Multifamily debt refers to loans on structures of five or more units.
A42
1.56
DomesticNonfinancialStatistics • September 1982
C O N S U M E R I N S T A L L M E N T C R E D I T ' Total O u t s t a n d i n g , and N e t C h a n g e
Millions of dollars
1982
Holder, and type of credit
1979
1980
1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Amounts outstanding (end of period)
1 Total
312,024
313,472
333,375
330,135
327,435
327,131
328,363
329,338
331,851
332,471
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline c o m p a n i e s . . . .
Mutual savings banks . .
154,177
68,318
46,517
28,119
8,424
3.729
2,740
147,013
76,756
44,041
28.448
9.911
4.468
2.835
149,300
89,818
45.954
29,551
11.598
4,403
2.751
148.162
88.925
45,907
28,179
11.668
4,541
2.753
146,922
89,009
45,586
27,013
11,738
4.433
2.734
146,454
89,591
45,632
26,530
11.926
4.229
2.769
146.616
90,674
45,450
26.537
12,081
4,227
2,778
146,147
91,958
45,472
26,536
12,202
4,218
2,805
146,775
93,009
45,882
26,645
12,312
4,398
2,830
146,745
93,353
45,698
26,710
12,520
4,600
2,845
By major type of credit
9 Automobile
10
Commercial b a n k s . . .
11
Indirect paper
12
Direct loans
13
Credit unions
14
Finance companies . .
116,362
67,367
38.338
29,029
22.244
26,751
116.838
61.536
35,233
26.303
21.060
34,242
126,431
59,181
35,097
24,084
21,975
45,275
125,525
58.849
35,029
23,820
21,953
44,723
125,294
58,604
34,920
23,684
21.799
44,891
125,559
58,510
34,888
23,622
21,821
45.228
126,201
58,458
34,920
23,538
21,733
46.010
127,220
58,099
34,791
23,308
21,744
47,377
128,415
58,140
34,903
23,237
21,940
48.335
128.359
58,131
34,979
23,152
21,852
48,376
15 Revolving
16
Commercial b a n k s . . .
17
Retailers
18
Gasoline companies .
56,937
29,862
23,346
3,729
58,352
29,765
24.119
4,468
63,049
33.110
25,536
4,403
61,433
32,643
24,249
4,541
59,514
31,923
23,158
4.433
58.491
31.532
22,730
4,229
58,641
31,638
22,776
4,227
58,647
31,619
22,810
4,218
59,302
31,974
22,930
4,398
59,824
32,205
23,019
4,600
19 Mobile home
20
Commercial b a n k s . . .
21
Finance companies . .
22
Savings and loans. . . .
23
Credit unions
16.838
10,647
3,390
2,307
494
17,322
10.371
3.745
2.737
469
18,486
10,300
4,494
3,203
489
18,397
10.206
4,481
3,222
488
18,343
10,111
4,506
3,241
485
18,363
10,037
4,548
3,293
486
18,402
9,974
4,608
3,336
484
18,479
9,960
4,666
3,369
484
18,543
9,924
4,731
3,400
488
18,601
9,857
4,801
3,458
486
24 Other
25
Commercial b a n k s . . .
26
Finance companies . .
27
Credit unions
28
Retailers
29
Savings and loans. . . .
30
Mutual savings banks
121,887
46,301
38.177
23,779
4,773
6,117
2,740
120,960
45,341
38,769
22,512
4,329
7.174
2,835
125,409
46,709
40,049
23,490
4,015
8,395
2.751
124,780
46,464
39,721
23.466
3,930
8.446
2.753
124,284
46,284
39,612
23.302
3,855
8,497
2,734
124,718
46,375
39,815
23,326
3,800
8,633
2,769
125,119
46,546
40,056
23,233
3,761
8,745
2,778
124,992
46,469
39,915
23,244
3,726
8,833
2,805
125,591
46,737
39,943
23,454
3,715
8,912
2,830
125,687
46,552
40,176
23.360
3,691
9.063
2,845
2
3
4
5
6
7
8
Net change (during period) 3
31 Total
38,381
1,448
19,894
443
75
990
1,175
1,399
1,349
570
By major holder
Commercial b a n k s . . . .
Finance companies . . .
Credit unions
Retailers 2
Savings and loans
Gasoline c o m p a n i e s . . .
Mutual savings banks .
18.161
14.020
2,185
2,132
1,327
509
47
-7.163
8.438
-2.475
329
1.485
739
95
2,284
13.062
1,913
1,103
1,682
-65
-85
10
-597
689
27
172
39
103
-171
307
-135
-124
173
36
-11
166
673
-122
171
251
-150
1
96
544
132
181
205
-6
23
-13
1,126
-39
68
221
-20
56
-100
874
38
304
187
38
8
-66
195
-69
297
196
3
14
By major type of credit
39 Automobile
40
Commercial b a n k s . .
41
Indirect paper.
42
Direct loans
43
Credit unions
44
Finance companies .
14,715
6,857
4,488
2,369
1,044
6.814
477
-5.830
-3.104
-2,726
-1,184
7,491
9,595
-2,355
-136
-2,219
914
11,033
-121
103
232
-129
345
-569
-56
-180
-141
-39
-59
183
-28
-248
-130
-118
-55
275
233
-159
2
-161
54
338
959
-305
-52
-253
-34
1,298
655
-240
-52
-188
28
867
61
101
225
-124
-26
-14
45 Revolving
46
Commercial b a n k s . . .
47
Retailers
48
Gasoline companies .
8,628
5,521
2,598
509
1,415
-97
773
739
4,697
3,345
1,417
-65
-196
-276
41
39
-155
-65
- 126
36
307
296
161
-150
499
285
220
-6
537
436
121
-20
507
219
250
38
612
266
343
3
49 Mobile home
50
Commercial b a n k s . . .
51
Finance companies . .
52
Savings and l o a n s . . . .
53
Credit unions
1,603
1,102
238
240
23
483
-276
355
430
-25
1,161
-74
749
466
20
-26
-74
6
30
12
-44
-110
56
14
-4
15
-82
52
47
-2
51
-48
53
43
3
70
-41
44
67
0
67
-58
64
60
1
63
-57
73
47
0
54 Other
55
Commercial b a n k s . . .
56
Finance companies . .
57
Credit unions
58
Retailers
59
Savings and loans. . . .
60
Mutual savings banks
13,435
4,681
6,968
1,118
-466
1,087
47
-927
-960
592
-1,266
-444
1,056
95
4,441
1.368
1,280
975
-314
1,217
-85
786
257
-34
332
-14
142
103
330
184
68
-72
2
159
-11
696
200
346
-65
10
204
1
392
18
153
75
-39
162
23
-167
-103
-216
-5
-53
154
56
120
-21
-57
9
54
127
8
-166
-376
136
-43
-46
149
14
32
33
34
35
36
37
38
1. The Board's series cover most short- and intermediate-term credit extended
to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes,
and scheduled to be repaid (or with the option of repayment) in two or more
installments.
2. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
3. Net change equals extensions minus liquidations (repayments, charge-offs and
other credit); figures for all months are seasonally adjusted.
NOTE: Total consumer noninstallment credit outstanding—credit scheduled to
be repaid in a lump sum, including single-payment loans, charge accounts, and
service credit—amounted to, not seasonally adjusted $71.3 billion at the end of
1979, $74.8 billion at the end of 1980. and $80.2 billion at the end of 1981.
Consumer Debt
1.57
A43
CONSUMER INSTALLMENT CREDIT Extensions and Liquidations
Millions of dollars; monthly data are seasonally adjusted.
1982
Holder and tune nf rrpHit
1979
Jan.
Feb.
Mar.
Apr.
May
June
July
Extensions
324,777
306,076
336,341
26,888
27,150
27,462
28,648
29,197
29,737
27,514
154,733
61,518
34,926
47,676
5,901
18,005
2,018
134,960
60,801
29,594
49,942
6,621
22,253
1,905
146,186
66,344
35,444
53,430
8,142
24,902
1,893
11,775
4,433
3,326
4,385
716
2,000
253
12,431
4,857
2,695
4,254
754
2,007
152
12,519
5,002
2,631
4.536
788
1,835
151
12,790
5,343
3,010
4.618
823
1,915
185
12,765
6,135
2,902
4,449
841
1,880
225
13,460
5,700
2,887
4,762
785
1,969
174
12,485
4,607
2,711
4,785
803
1,944
179
By major type of credit
9 Automobile
10
Commercial banks
11
Indirect paper
12
Direct loans
13
Credit unions
14
Finance companies
93,901
53,554
29,623
23,931
17,397
22,950
83,454
41,109
22,558
18,551
15,294
27,051
94,404
42,792
24,941
17,851
18,084
33,527
7,474
3,696
2,293
1,403
1.702
2.076
7,283
3,415
1,875
1,540
1,363
2,505
7,183
3,393
1,875
1,518
1,420
2,370
7.871
3,499
2,079
1,420
1,542
2,830
8,429
3,317
1,954
1,363
1,483
3,629
8,182
3,404
2,036
1,368
1,497
3,281
7,332
3,687
2,324
1,363
1,389
2,256
15 Revolving
16
Commercial banks
17
Retailers
18
Gasoline companies
120,174
61,048
41,121
18,005
128,068
61,593
44,222
22,253
140,135
67,370
47,863
24,902
11.070
5,135
3,935
2,000
11,730
5,928
3,795
2,007
12,143
6,235
4,073
1,835
12.416
6.309
4,192
1.915
12,528
6,604
4,044
1,880
13,361
7,141
4,251
1,969
12,551
6,237
4,370
1,944
6,471
4,542
797
948
184
5,093
2,937
898
1,146
113
6,028
3,106
1,313
1,432
176
434
188
99
122
25
364
136
117
102
9
411
156
120
126
9
544
253
122
151
18
478
201
114
151
12
459
180
129
137
13
441
173
133
123
12
104,231
35,589
37,771
17,345
6,555
4,953
2,018
89,461
29,321
32,852
14,187
5,720
5,476
1,905
95,774
32,918
31,504
17,182
5,567
6,710
1,893
7,910
2.756
2,258
1,599
450
594
253
7,773
2,952
2,235
1,323
459
652
152
7,725
2,735
2,512
1,202
463
662
151
7,853
2,729
2,391
1,450
426
672
185
7,762
2,643
2,392
1,407
405
690
225
7,735
2,735
2,290
1,377
511
648
174
7,190
2,388
2,218
1,310
415
680
179
1 Total
2
3
4
5
6
7
8
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 1
Savings and loans
Gasoline companies
Mutual savings banks
19 Mobile home
20
Commercial banks
21
Finance companies
22
Savings and loans
23
Credit unions
24 Other
25
Commercial banks
26
Finance companies
27
Credit unions
28
Retailers
29
Savings and loans
30
Mutual savings banks
Liquidations
286,396
304,628
316,447
26,445
27,075
26,472
27,509
27,798
28,388
26,944
136,572
47,498
32,741
45,544
4,574
17,496
1,971
142,123
52,363
32,069
49,613
5,136
21,514
1,810
143,902
53,282
33,531
52,327
6,640
24,967
1,978
11,765
5,030
2,637
4.358
544
1,961
150
12,602
4,550
2,830
4,378
581
1,971
163
12,353
4,329
2,753
4,365
537
1,985
150
12,694
4,799
2,878
4,437
618
1,921
162
12,778
5,009
2,941
4,381
620
1,900
169
13,560
4,826
2,849
4,458
598
1,931
166
12,551
4,412
2,780
4,488
607
1,941
165
By major type of credit
39 Automobile
40
Commercial banks
41
Indirect paper
42
Direct loans
Credit unions
43
44
Finance companies
79,186
46,697
25,135
21,562
16,353
16,136
82,977
46,939
25,662
21,277
16,478
19,560
84,809
45,147
25,077
20.070
17,169
22,494
7,595
3,593
2,061
1,532
1,357
2,645
7,339
3,595
2,016
1,579
1,422
2,322
7,211
3,641
2,005
1,636
1,475
2,095
7,638
3,658
2,077
1,581
1,488
2,492
7,470
3,622
2,006
1,616
1,517
2,331
7,527
3,644
2,088
1,556
1,469
2,414
7,271
3,586
2,099
1,487
1,415
2,270
45 Revolving
46
Commercial banks
47
Retailers
48
Gasoline companies
111,546
55,527
38,523
17,496
126,653
61,690
43,449
21,514
135,438
64,025
46,446
24,967
11,266
5,411
3,894
1,961
11,885
5,993
3,921
1,971
11,836
5,939
3,912
1,985
11,917
6,024
3,972
1,921
11,991
6,168
3,923
1,900
12,854
6,922
4,001
1,931
11,939
5,971
4,027
1,941
4,868
3,440
559
708
161
4,610
3,213
543
716
138
4,867
3,180
564
966
156
460
262
93
92
13
408
246
61
88
13
396
238
68
79
11
493
301
69
108
15
408
242
70
84
12
392
238
65
77
12
378
230
60
76
12
90,796
30,908
30,803
16,227
7,021
3,866
1,971
90,388
30,281
32,260
15,453
6,164
4,420
1,810
91,333
31,550
30,224
16,207
5,881
5,493
1,978
7,124
2,499
2,292
1,267
464
452
150
7,443
2,768
2,167
1,395
457
493
163
7,029
2,535
2,166
1,267
453
458
150
7.461
2,711
2,238
1,375
465
510
162
7,929
2,746
2,608
1,412
458
536
169
7,615
2,756
2,347
1,368
457
521
166
7,356
2,764
2,082
1,353
461
531
165
31 Total
32
33
34
35
36
37
38
By major holder
Commercial banks
Finance companies
Credit unions
Retailers'
Savings and loans
Gasoline companies
Mutual savings banks
49 Mobile home
50
Commercial banks
51
Finance companies
52
Savings and loans
53
Credit unions
54 Other
55
Commercial banks
56
Finance companies
57
Credit unions
58
Retailers
59
Savings and loans
60
Mutual savings banks
1. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
A44
1.58
DomesticNonfinancialStatistics • September 1982
FUNDS RAISED IN U.S. CREDIT MARKETS
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1979
Transaction category, sector
1976
1977
1978
1979
1980
1980
1981
1981
HI
H2
HI
H2
HI
H2
Nonfinancial sectors
1 Total funds raised
2 Excluding equities
fly sector and instrument
3 U.S. government
4
Treasury securities
Agency issues and mortgages
6 All other nonfinancial sectors
7
Corporate equities
8
Debt instruments
y
Private domestic nonfinancial sectors
10
Corporate equities
11
D e b t instruments
12
Debt capital instruments
13
State and local obligations
14
Corporate bonds
Mortgages
15
H o m e mortgages
16
Multifamily residential
17
Commercial
18
Farm
19
Other debt instruments
20
Consumer credit
21
Bank loans n.e.c
22
Open market paper
Other
23
24
2b
26
27
28
29
30
31
32
33
34
3b
36
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
Foreign
Corporate equities
Debt instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. government loans
273,6
262.8
336.6
333.5
395.6
396.3
387.0
394.0
371.9
357.0
376.0
387.4
385.0
394.7
389.0
393.3
339.0
330.1
404.9
383.8
418.4
416.9
333.6
358.0
69.0
69.1
-.1
204.6
10.8
193.8
185.0
10.5
174.5
123.7
15.7
22.8
56.8
57.6
-.9
279.9
3.1
276.7
266.0
2.7
263.2
172.2
21.9
21.0
53.7
55.1
- 1.4
342.0
-.6
342.6
308.7
-.1
308.8
193.7
26.1
20.1
37.4
38.8
-1.4
349.6
-7.1
356.7
328.6
-7.8
336.4
200.1
21.8
21.2
79.2
79.8
-.6
292.7
15.0
277.8
263.4
12.9
250.6
179.4
26.9
30.4
87.4
87.8
-.5
288.6
-11.5
300.1
264.1
-11.5
275.6
147.8
25.8
20.2
30.0
32.3
-2.3
355.0
-9.8
364.7
341.0
-9.6
350.6
203.0
20.9
21.7
44.7
45.2
-.5
344.3
-4.3
348.6
316.1
-6.1
322.2
197.2
22.7
20.7
66.5
67.2
-.6
272.5
8.9
263.6
241.3
6.9
234.4
177.0
21.6
35.3
91.9
92.4
-.6
313.0
21.0
292.0
285.6
18.8
266.2
181.9
32.1
25.6
86.1
86.7
-.5
332.3
1.5
330.7
297.1
.9
296.2
171.1
28.8
22.8
88.6
89.0
-.4
244.9
-24.5
269.4
231.2
-23.8
255.0
124.5
22.8
17.6
64.0
3.9
11.6
5.7
50.7
25.4
4.4
4.0
16.9
96.3
7.4
18.5
7.1
91.0
40.2
26.7
2.9
21.3
108.5
9.4
22.1
7.5
115.1
47.6
37.1
5.2
25.1
113.7
7.8
24.4
11.3
136.3
46.3
49.2
11.1
29.7
81.7
8.5
22.4
9.5
71.1
2.3
37.3
6.6
24.9
62.2
4.6
25.3
9.8
127.8
25.3
50.1
19.2
33.2
117.6
8.0
23.4
11.6
147.6
50.9
55.5
8.0
33.1
109.8
7.6
25.4
11.0
125.0
41.6
42.8
14.2
26.4
76.5
8.2
24.8
10.6
57.4
-5.1
13.5
24.8
24.1
87.0
8.8
19.9
8.4
84.9
9.7
61.2
-11.6
25.6
77.3
5.0
28.4
8.9
125.1
29.5
42.0
16.0
37.6
47.2
4.2
22.1
10.7
130.4
21.1
58.3
22.3
28.7
185.0
15.2
89.6
10.2
5.7
64.3
266.0
17.3
139.1
12.3
12.7
84.6
308.7
20.9
164.3
15.0
15.3
93.2
328.6
18.4
170.6
20.8
14.0
104.8
263.4
25.3
101.7
14.5
15.8
106.1
264.1
23.1
103.6
16.4
13.8
107.3
341.0
17.9
179.1
21.2
13.5
109.3
316.1
18.9
162.1
20.4
14.5
100.2
241.3
19.7
94.2
17.9
11.0
98.4
285.6
30.9
109.1
11.1
20.6
113.8
297.1
26.2
124.3
22.7
16.1
107.8
231.2
20.0
82.8
10.0
11.6
106.7
19.6
.3
19.3
8.6
5.6
1.9
3.3
13.9
.4
13.5
5.1
3.1
2.4
3.0
33.2
-.5
33.8
4.2
19.1
6.6
3.9
21.0
.8
20.3
3.9
2.3
11.2
3.0
29.3
2.1
27.2
.8
11.5
10.1
4.7
24.4
14.0
-.2
14.1
2.8
2.1
6.1
3.1
28.1
1.7
26.4
4.9
2.4
16.3
2.8
31.2
1.9
29.2
2.0
6.1
15.7
5.4
27.4
2.2
25.2
-.4
17.0
4.5
4.0
35.1
.6
34.5
3.3
5.7
20.6
4.9
13.8
-.7
14.4
7.8
-4.1
7.1
3.6
*
24.5
5.6
.8
13.9
4.2
Financial sectors
37 Total funds raised
38
39
40
41
42
43
44
4b
46
47
48
49
By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate equities
D e b t instruments
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper and RPs
Loans from Federal H o m e Loan Banks
By sector
bO Sponsored credit agencies
51 Mortgage pools
52 Private financial sectors
Commercial banks
53
54
Bank affiliates
55
Savings and loan associations
Other insurance companies
56
5/
Finance companies
b8
REITs
59
Open-end investment companies
23.4
51.4
76.8
84.3
66.7
88.6
87.8
80.8
59.8
73.5
92.6
84.6
15.1
3.3
12.2
-.4
8.2
-.2
8.4
9.8
2.1
-3.7
2.2
-2.0
21.9
7.0
16.1
-1.2
29.5
2.6
26.9
10.1
3.1
-.3
9.6
4.3
36.7
23.1
13.6
0
40.1
1.8
38.3
7.5
.9
2.8
14.6
12.5
48.2
24.3
24.0
0
36.0
2.5
33.6
7.8
-1.2
-.4
18.2
9.2
43.0
24.4
18.6
0
23.7
6.2
17.5
7.1
-.9
-.5
4.6
7.1
44.4
30.1
14.3
0
44.2
8.3
35.9
-.8
-2.9
2.5
20.9
16.2
43.7
21.2
22.5
0
44.1
3.6
40.6
8.2
.3
-1.4
25.4
8.2
52.8
27.3
25.5
0
28.0
1.4
26.6
7.5
-2.6
.6
10.9
10.1
44.7
25.1
19.6
0
15.2
7.1
8.1
10.1
-5.8
-.8
4.6
41.3
23.7
17.6
0
32.2
5.2
27.0
4.2
4.0
-.9
10.1
9.6
40.6
24.0
16.5
0
52.0
9.7
42.3
-2.0
-2.9
4.6
24.6
18.0
48.2
36.1
12.1
0
36.4
7.0
29.4
.3
-2.9
.3
17.3
14.5
2.9
12.2
8.2
2.3
5.4
.1
.9
4.3
-2.2
-2.4
5.8
16.1
29.5
1.1
2.0
9.9
1.4
16.9
-2.3
.4
23.1
13.6
40.1
1.3
7.2
14.3
.8
18.1
-1.1
-.5
24.3
24.0
36.0
1.6
6.5
11.4
.9
16.8
-.4
-.6
24.4
18.6
23.7
.5
6.9
6.9
.9
5.8
-1.7
4.4
30.1
14.3
44.2
.4
8.3
13.1
.9
14.4
-.7
7.8
21.2
22.5
44.1
1.3
8.0
11.1
.9
22.7
-.6
.7
27.3
25.5
28.0
1.8
4.9
11.7
.9
10.9
-.2
-1.9
25.1
19.6
15.2
.8
5.8
-1.4
.9
5.2
-1.4
5.3
23.7
17.6
32.2
.3
8.0
15.2
.9
6.3
-2.0
3.4
24.0
16.5
52.0
.2
6.9
17.2
.9
18.3
-.8
9.3
36.1
12.1
36.4
.5
9.7
8.9
.9
10.6
-.5
6.3
»
All sectors
60 Total funds raised, by instrument
297.0
388.0
472.5
471.3
438.6
464.6
472.8
469.7
398.8
478.4
511.0
418.2
61 Investment company shares
62 Other corporate equities
63 Debt instruments
64
U.S. government securities
6b
State and local obligations
66
Corporate and foreign bonds
6/
Mortgages
Consumer credit
68
69
Bank loans n.e.c
70
Open market paper and RPs
71
Other loans
-2.4
13.1
286.4
84.6
15.7
41.2
87.2
25.4
6.2
8.1
17.8
.4
5.3
382.3
79.9
21.9
36.1
132.3
40.2
29.5
15.0
27.4
-.5
1.7
471.3
90.5
26.1
31.8
148.3
47.6
59.0
26.4
41.5
-.6
-4.0
475.8
85.7
21.8
32.8
155.9
46.3
51.0
40.5
41.9
4.4
16.8
417.5
122.3
26.9
38.4
121.1
2.3
48.4
21.4
36.7
7.8
-11.0
467.7
131.9
25.8
24.9
98.8
25.3
53.4
54.0
53.7
.7
-6.9
479.0
73.8
20.9
32.6
160.6
50.9
56.2
39.5
44.4
-1.9
-1.0
472.6
97.6
22.7
33.0
151.1
41.6
45.8
41.5
39.3
5.3
10.7
382.9
111.3
21.6
47.4
114.2
-5.1
19.6
39.7
34.1
3.4
22.8
452.1
133.2
32.1
29.5
128.0
9.7
77.2
3.1
39.3
9.3
1.9
499.8
126.8
28.8
24.1
116.6
29.5
52.3
61.3
60.5
6.3
-23.8
435.6
136.9
22.8
25.7
81.1
21.1
54.5
46.7
46.8
Flow of Funds
1.59
A45
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates
1979
Transaction category, or sector
1976
1977
1978
1980
1979
1980
1981
1981
HI
H2
HI
H2
HI
H2
1 Total funds advanced in credit markets to nonfinancial sectors
262.8
333.5
396.3
394.0
357.0
387.4
394.7
393.3
330.1
383.8
416.9
358.0
By public agencies and foreign
2 Total net advances
U.S. government securities
3
4
Residential mortgages
F H L B advances to savings and loans
5
6
Other loans and securities
49.8
23.1
12.3
-2.0
16.4
79.2
34.9
20.0
4.3
20.1
101.9
36.1
25.7
12.5
27.6
74 0
-6.2
36 7
9 2
34 3
92.1
15.6
31.1
7.1
38.2
91.2
17.2
22.7
16.2
35.0
49.6
-27.1
35.7
8.2
32.8
98.5
14.7
37.8
10.1
35.8
102.9
23.2
33.3
4.6
41.7
81.3
8.0
28.9
9.6
34.8
103.6
24.3
20.8
18.0
40.5
78.8
10.1
24.6
14.5
29.6
7.9
16.8
9.8
15.2
15.1
10.0
22.4
7.1
39.6
21.9
17.1
39.9
7.0
38.0
36.7
19.0
53.4
7.7
-6.1
48.2
23.7
43.8
4.5
20.0
43.0
24.1
45.3
9.2
12.6
44.4
19.8
47.8
-.9
- 17.2
43.7
18.3
58.9
16.2
5.1
52.8
25.4
42.4
12.1
23.0
44.7
22.1
45.2
-3.1
17.0
41.3
27.7
42.2
-7.3
40.9
40.6
20.5
48.3
25.6
-15.7
48.2
228.1
61.5
15.7
30.5
55.5
62.9
-2.0
276.2
45.1
21.9
22.2
83.7
107.7
4.3
331.0
54.3
26.1
22.4
92.1
148.6
12.5
368.2
91.9
21.8
24.0
84.6
155.1
9.2
307.9
106.7
26.9
26.2
59.1
96.2
7.1
340.6
114.7
25.8
21.0
44.0
151.4
16.2
388.9
101.0
20.9
24.0
89.8
161.4
8.2
347.6
82.9
22.7
24.0
79.5
148.7
10.1
271.9
88.1
21.6
32.5
51.2
83.1
4.6
343.8
125.3
32.1
19.9
66.9
109.3
9.6
353.8
102.6
28.8
19.6
61.4
159.5
18.0
327.5
126.8
22.8
22.5
26.6
143.2
14.5
191.4
59.6
70.5
49.7
11.6
260.9
87.6
82.0
67.8
23.4
302.4
128.7
73.5
75.0
25.2
292.5
121.1
55.9
66.4
49.0
270.3
99.7
58.4
79.8
32.4
302.5
99.8
24.1
81.9
96.7
316.9
130.3
59.6
72.3
54.8
268.0
112.0
52.2
60.5
43.3
246.1
58.5
35.5
89.2
62.8
294.4
140.9
81.3
70.3
1.9
318.9
101.6
38.4
79.3
99.5
286.2
98.0
9.8
84.5
93.9
191.4
124.4
8.4
58.5
-4.7
-.1
34.3
29.0
260.9
138.9
26.9
95.1
1.2
4.3
50.1
39.5
302.4
140.8
38.3
123.2
6.3
6.8
62.2
48.0
292.5
143.2
33.6
115.7
25.6
.4
47.8
41.9
270.3
171.1
17.5
81.6
-22.3
-2.6
64.1
42.4
302.5
204.8
35.9
61.8
- 10.4
-1.1
71.4
2.0
316.9
135.1
40.6
141.2
45.6
5.0
52.3
38.4
268.0
151.2
26.6
90.3
5.6
-4.2
43.4
45.4
246.1
158.7
8.1
79.4
-22.8
-2.3
70.0
34.5
294.4
183.6
27.0
83.8
-21.9
-2.8
58.1
50.4
318.9
203.6
42.3
73.0
-6.5
10.8
62.7
6.0
286.2
206.1
29.4
50.7
-14.4
-13.0
80.1
-1.9
45.1
16.4
3.3
11.8
1.9
11.7
42.2
24.1
-.8
-3.8
9.6
13.2
67.0
35.6
1.4
-2.9
16.5
16.4
109.3
62.8
1.4
10.3
11.4
23.5
55.1
32.6
3.1
3.6
-3.8
19.7
74.0
44.8
15.5
-10.4
4.3
19.7
112.5
71.0
2.6
4.6
11.4
22.9
106.1
54.5
.2
16.0
11.4
24.0
33.9
19.3
-1.8
4.8
-4.5
16.0
76.4
45.8
7.9
2.3
-3.1
23.3
77.3
37.1
20.6
-10.2
4.9
24.8
70.7
52.4
10.5
-10.6
3.8
14.6
133.4
7.3
10.4
123.7
-12.0
2.3
1.7
148.5
8.3
17.2
93.5
.2
25.8
2.2
1.3
152.1
9.3
16.3
63.5
6.9
46.6
7.5
2.0
152.6
7.9
19.2
61.7
34.4
21.2
6.6
1.5
182.3
10.3
4.2
80.9
29.2
50.3
6.5
.9
213.7
9.5
16.9
40.7
107.5
36.8
.3.0
-.6
149.3
9.0
16.6
66.5
30.2
3.3
18.5
5.2
155.9
6.9
21.9
56.9
38.6
39.1
-5.3
-2.3
167.6
8.5
-1.5
66.7
61.9
26.3
5.3
.4
197.1
12.1
9.9
95.2
-3.4
74.2
7.8
1.3
209.5
4.7
28.9
14.6
104.1
48.3
7.7
1.2
217.9
14.3
4.9
66.8
110.8
25.3
-1.7
-2.5
178.5
190.7
219.1
261.9
237.5
287.7
261.8
262.0
201.5
273.4
286.8
288.6
19.0
83.9
10.5
23.7
94.4
40.8
25.7
91.3
44.3
18.8
79.4
19.5
25.8
87.8
-2.3
23.5
88.8
2.2
12.6
81.5
28.4
25.0
77.1
10.7
31.2
90.5
.2
21.2
85.6
-4.8
24.9
90.1
34.5
22.0
87.4
-30.1
MEMO: Corporate equities not included above
50 Total net issues
Mutual fund shares
51
Other equities
52
10.6
-2.4
13.1
5.7
.4
5.3
1.2
-.5
1.7
-4.6
-.6
-4.0
21.1
4.4
16.8
-3.1
7.8
-11.0
-6.2
.7
-6.9
-2.9
-1.9
-1.0
16.0
5.3
10.7
26.3
3.4
22.8
11.2
9.3
1.9
-17.5
6.3
-23.8
53 Acquisitions by financial institutions
54 Other net purchases
12.5
-1.9
7.4
-1.6
4.5
-3.4
10.6
-15.1
17.7
3.4
22.4
-25.5
7.1
-13.4
14.0
-16.9
10.5
5.5
24.9
1.4
26.4
-15.2
18.4
-35.9
7
8
9
10
11
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1
Private domestic funds
advanced
12 Total net advances
13
U.S. government securities
14
State and local obligations
Corporate and foreign bonds
15
16
Residential mortgages
17
Other mortgages and loans
LESS: Federal H o m e Loan Bank advances
18
Private financial
intermediation
19 Credit market funds advanced by private financial institutions
20
Commercial banking
21
Savings institutions
22
Insurance and pension funds
Other finance
23
24 Sources of funds
25
Private domestic deposits
Credit market borrowing
26
Other sources
27
Foreign funds
28
Treasury balances
29
30
Insurance and pension reserves
Other, net
31
Private domestic nonfinancial
investors
32 Direct lending in credit markets
U.S. government securities
33
34
State and local obligations
Corporate and foreign bonds
35
36
Commercial paper
Other
37
38 Deposits and currency
39
Currency
40
Checkable deposits
41
Small time and savings accounts
42
Money market fund shares
43
Large time deposits
44
Security RPs
Foreign deposits
45
46 Total of credit market instruments, deposits and
currency
47
48
49
Public support rate (in percent)
Private financial intermediation (in p e r c e n t ) . . .
Total foreign funds
*
N O T E S BY LINE NUMBER.
1.
2.
6.
11.
12.
17.
25.
26.
28.
29.
30.
Line 2 of table 1.58.
Sum of lines 3 - 6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum
of lines 27, 32, and 38 less lines 39 and 45.
Includes farm and commercial mortgages.
Line 38 less lines 39 and 45.
Excludes equity issues and investment company shares. Includes line 18.
Foreign deposits at commercial banks, bank borrowings from foreign branches,
and liabilities of foreign banking agencies to foreign affiliates.
D e m a n d deposits at commercial banks.
Excludes net investment of these reserves in corporate equities.
31. Mainly retained earnings and net miscellaneous liabilities.
32. Line 12 less line 19 plus line 26.
33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes
mortgages.
39. Mainly an offset to line 9.
46. Lines 32 plus 38, or line 12 less line 27 plus 39 and 45.
47. Line 2/line 1.
48. Line 19/line 12.
49. Sum of lines 10 and 28.
50. 52. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types quarterly, and annually
for flows and for amounts outstanding, may be obtained from Flow of Funds
Section, Division of Research and Statistics. Board of Governors of the Federal
Reserve System, Washington, D . C . 20551.
A46
2.10
Domestic Nonfinancial Statistics • September 1982
NONFINANCIAL BUSINESS ACTIVITY
Selected Measures
1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1981
Measure
1979
1980
1982
1981
Dec.
1 Industrial production
2
3
4
5
6
7
1
Market groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
Industry
groupings
8 Manufacturing
Capacity utilization (percent) 1 - 2
9
Manufacturing
10
Industrial materials industries
11 Construction contracts (1977 = 100) 3
12
13
14
15
16
17
18
19
20
21
Nonagricultural employment, total 4
Goods-producing, total
Manufacturing, total
Manufacturing, production-worker
Service-producing
Personal income, total
Wages and salary disbursements
Manufacturing
Disposable personal income 5
Retail sales"
Jan.
Feb.
Mar.
Apr.
May'
June
July?
Aug.
152.5
147.0
151.0
143.4
140.7
142.9
141.7
140.2
139.2
138.5
138.7
138.0
150.0
147.2
150.8
142.2
160.5
156.4
146.7
145.3
145.4
145.2
151.9
147.6
150.6
149.5
147.9
151.5
154.4
151.6
146.2
146.3
142.0
152.1
145.9
139.0
142.9
142.8
139.6
147.2
143.4
137.2
144.6
144.1
141.8
147.3
146.3
140.4
143.7
143.3
141.5
145.9
145.2
138.5
142.9
142.6
142.1
143.4
143.7
136.2
142.3
142.2
143.6
140.4
142.6
134.3
141.8
141.9
144.6
138.3
141.1
133.6
142.0
142.0
145.7
137.0
142.0
133.4
140.9
140.6
144.0
136.0
142.0
133.4
153.6
146.7
150.4
142.0
138.5
140.9
140.1
138.7
137.9
137.6
137.9
137.2
85.7
87.4
79.1
80.0
78.5
79.9
73.1
72.4
71.1
71.4
72.2
72.9
71.6
71.8
70.8
70.5
70.2
69.4
69.9
68.9
69.9
68.7
69.4
68.5
121.0
106.0
107.0
112.0
118.0'
97.0
105.0
88.0
94.0
111.0
98.0
136.5
113.5
108.2
105.3
149.1
309.7'
289.8
249.0
301.2 r
281.6
137.6
110.3
104.4
99.4
152.6
342.9
317.6
264.3
332.9
303.8
139.1
110.2
104.2
98.5
155.0
383.5 r
349.9
288.1
370.3
330.6
137.7
106.9
101.2
94.3
154.7
396.4
358.4
286.9
383.8
334.1
137.5
105.9
100.4
93.2
154.8
396.7
359.6
286.1
385.0
326.0
137.5
105.7
100.0
92.9
154.9
399.0
362.2
289.0
386.5
334.9
137.2
104.9
99.3
92.1
155.0
399.8
361.3
286.4
387.7
333.5
136.9
104.2
98.6
91.2
154.8
402.5
362.2
286.3
392.0'
337.4
137.0
104.1
98.3
90.9
155.1
405.9
365.4
288.1
393.4
347.1
136.5
102.9
97.3
89.8
154.9
407.5
365.9
288.4
394.2
336.4
136.3
102.5
96.9
89.4
154.8
411.5
367.6
288.1
402.4
340.4
n.a.
337.4
217.4
217.7
246.8
247.0
272.4
269.8
281.5
275.4
282.5
277.9
283.4
277.9
283.1
277.3'
284.3
276.9
287.1
277.7
290.6
279.9
292.2
281.7
n.a.
n.a.
135.9
101.8
96.3
88.8
154.7
7
22
23
Prices
Consumer
Producer finished goods
1. The industrial production and capacity utilization series have been revised
back to January 1979.
2. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, and Department of Commerce.
3. Index of dollar value of total construction contracts, including residential,
nonresidential, and heavy engineering, from McGraw-Hill Information Systems
Company, F. W. Dodge Division.
4. Based on data in Employment
and Earnings (U.S. Department of Labor).
Series covers employees only, excluding personnel in the Armed Forces.
5. Based on data in Survey of Current Business (U.S, Department of Commerce).
2.11
6. Based on Bureau of Census data published in Survey of Current Business.
7. Data without seasonal adjustment, as published in Monthly Labor
Review.
Seasonally adjusted data for changes in the price indexes may be obtained f r o m
the Bureau of Labor Statistics, U.S. D e p a r t m e n t of Labor.
NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and
6, and indexes for series mentioned in notes 3 and 7 may also be found in the
Survey of Current Business.
Figures for industrial production for the last two months are preliminary and
estimated, respectively.
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION
Seasonally adjusted
1981
1982
1981
1982
1981
1982
Series
Q3
Q4
Q1
Q2'
Output (1967 = 100)
Q3
Q4
Q1
Q2
Capacity (percent of 1967 output)
Q3
Q4
Q1
Q2'
Utilization rate (perce nt)
1 Manufacturing
2 Primary processing
i Advanced processing
152.5
155.8
150.7
145.0
143.5
145.8
139.8
137.1
141.6
138.1
132.3
141.1
192.4
196.3
190.4
193.9
197.5
192.0
195.2
198.6
193.5
196.4
199.5
194.9
79.3
79.4
79.2
74.8
72.7
75.9
71.6
69.1
73.2
70.3
66.3
72.4
4 Materials
154.3
144.0
138.7
134.7
190.3
191.5
192.6
193.7
81.1
75.2
72.0
69.6
152.8
114.2
175.8
182.8
115.5
152.2
224.9
131.6
140.2
99.5
164.5
169.4
106.8
147.0
206.2
127.9
130.9
90.9
161.0
164.5
101.3
146.1
200.0
129.8
127.1
76.9
156.8
160.5
101.6
142.2
194.0
125.6
194.2
141.9
211.2
221.7
141.0
161.9
281.0
155.0
195.3
142.1
213.1
223.9
141.6
162.8
284.4
155.8
196.4
142.3
214.6
225.6
142.1
163.8
287.3
156.5
197.3
142.4
216.1
227.3
142.4
164.6
289.6
157.0
78.7
80.5
83.3
82.5
81.8
94.1
80.0
84.9
71.8
70.1
77.2
75.7
75.4
90.3
72.5
82.1
66.7
63.9
75.0
72.9
71.3
89.2
69.6
82.9
64.4
54.0
72.6
70.6
71.4
86.4
67.0
80.0
5 Durable goods
6
Metal materials
7 Nondurable goods
8
Textile, paper, and chemical
9
Textile
10
Paper
11
Chemical
12 Energy materials
Labor Market
2.11
A47
Continued
Previous cycle 1
High
Low
Latest cycle 2
High
Low
1982
1981
Aug.
Dec.
Jan.
Feb.
Mar.
Apr.
May'
Juner
July'
Aug.
Capacity utilization rate (percent)
13 Manufacturing
88.0
69.0
87.2
74.9
79.6
73.1
71.1
72.2
71.6
70.8
70.2
69.9
69.9
69.4
14
15
93.8
85.5
68.2
69.4
90.1
86.2
71.0
77.2
79.9
79.4
69.6
75.0
68.5
72.8
70.0
73.6
68.6
73.2
67.2
72.6
66.1
72.5
65.7
72.2
65.6
72.2
65.5
71.5
16 Materials
17
Durable goods
18
Metal materials
92.6
91.5
98.3
69.4
63.6
68.6
88.8
88.4
96.0
73.8
68.2
59.6
81.6
79.4
83.0
72.4
68.5
65.5
71.4
66.2
65.8
72.9
67.4
64.7
71.8
66.4
61.1
70.5
65.0
56.2
69.4
64.2
53.9
68.9
64.1
52.0
68.7
63.7
50.8
68.5
63.5
n.a
19
20
94.5
67.2
91.6
77.5
83.0
74.1
73.2
76.5
75.3
74.4
72.5
70.9
70.6
70.8
21
22
23
Nondurable goods
Textile, paper, and
chemical
Textile
Paper
Chemical
95.1
92.6
99.4
95.5
65.3
57.9
72.4
64.2
92.2
90.6
97.7
91.3
75.3
80.9
89.3
70.7
82.3
82.3
93.6
79.7
72.2
72.0
86.5
69.0
70.7
68.6
87.6
67.4
74.4
71.9
90.7
71.3
73.7
73.5
89.4
70.2
72.5
73.4
87.4
69.0
70.6
71.5
86.1
66.9
68.8
69.2
85.6
65.0
68.4
69.1
85.5
64.5
68.8
n.a.
n.a.
n.a.
24
Energy materials
94.6
84.8
88.3
82.7
85.6
81.6
83.7
83.2
81.8
80.2
79.9
79.8
80.5
79.9
Primary processing
Advanced p r o c e s s i n g . . . .
1. Monthly high 1973; monthly low 1975.
2.12
2. Preliminary; monthly highs December 1978 through January 1980; monthly
lows July 1980 through October 1980.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1982
Category
1979
1980
1981
Feb.
Mar.
Apr.
May'
June
July
Aug
HOUSEHOLD SURVEY D A T A
1
Noninstitutional population 1
166,951
169,847
172,272
173,657
173,842
174,019
174,201
174,363
174,544
174,707
2
3
107,050
104,962
109,042
106,940
110,812
108,670
111,333
109,165
111,521
109,346
111,823
109,648
112,841
110,666
112,364
110,191
112,702
110,522
112,840
110,644
95,477
3,347
95,938
3,364
97,030
3,368
96,217
3,373
96,144
3,349
96,032
3,309
96,629
3,488
96,406
3,357
96,272
3,460
96,404
3,435
6
7
8
Labor force (including A r m e d Forces) 1 . . .
Civilian labor force
Employment
Nonagricultural industries 2
Agriculture
Unemployment
Number
Rate (percent of civilian labor force) .
Not in labor force
6,137
5.8
59,901
7,637
7.1
60,805
8,273
7.6
61,460
9,575
8.8
62,324
9,854
9.0
62,321
10,307
9.4
62,196
10,549
9.5
61,360
10,427
9.5
61,999
10,790
9.8
61,842
10,805
9.8
61,867
9
Nonagricultural payroll employment 3
89,823
90,564
91,548
90,459
90,304
90,083
90,166
89,839'
89,662'
89,451
Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government
21,040
958
4,463
5,136
20,192
4,975
17,112
15,947
20,300
1,020
4,399
5,143
20,386
5,168
17,901
16,249
20,264
1,104
4,307
5,152
20,736
5,330
18,598
16,056
19,454
1,203
3,974
5,115
20,670
5,326
18,867
15,850
19,319
1,197
3,934
5,100
20,655
5,336
18,904
15,859
19,169
1,182
3,938
5,094
20,584
5,335
18,929
15,852
19,115
1,152
3,988
5,101
20,652
5,342
18,963
15,853
18,930'
L,124R
3,940R
5,078'
20,595R
5,352'
18,988'
15,832'
18,844'
1,107'
3,929'
5,041'
20,613'
5,358'
19,057'
15,713'
18,729
1,099
3,902
5,038
20,531
5,375
19,077
15,700
4
5
ESTABLISHMENT S U R V E Y D A T A
10
11
12
13
14
15
16
17
1. Persons 16 years of age and over. Monthly figures, which are based on sample
data, relate to the calendar week that contains the 12th day; annual data are
averages of monthly figures. By definition, seasonality does not exist in population
figures. Based on data f r o m Employment and Earnings (U.S. Department of Labor).
2. Includes self-employed, unpaid family, and domestic service workers.
3. Data include all full- and part-time employees who worked during, or
received pay for, the pay period that includes the 12th day of the m o n t h , and
exclude proprietors, self-employed persons, domestic servants, unpaid family workers, ancl members of the A r m e d Forces. D a t a are adjusted to the March 1979
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).
A48
2.13
Domestic Nonfinancial Statistics • September 1982
INDUSTRIAL PRODUCTION
I n d e x e s and G r o s s V a l u e
Monthly data are seasonally adjusted.
Grouping
1967
proportion
1981
average
1981
Aug.
Sept.
Oct.
1982
Nov.
Dec.
Jan.
Feb.
Mar.
Index (1967
100)
Apr.
Mayr
June
JulyP
MAJOR MARKET
1 Total index
100.00
151.0
153.6
151.6
149.1
146.3
143.4
140.7
142.9
141.7
140.2
139.2
138.5
138.7
60.71
47.82
27.68
20.14
12.89
39.29
150.6
149.5
147.9
151.8
154.4
151.6
152.6
151.5
149.6
154.0
156.8
155.2
151.0
150.0
147.8
152.9
154.6
152.5
149.4
148.9
146.5
152.1
151.4
148.5
147.5
147.2
144.0
151.5
148.7
144.6
146.2
146.3
142.0
152.1
145.9
139.0
142.9
142.8
139.6
147.2
143.4
137.2
144.6
144.1
141.8
147.3
146.3
140.4
143.7
143.3
141.5
145.9
145.2
138.5
142.9
142.6
142.1
143.4
143.7
136.2
142.3
142.2
143.6
140.4
142.6
134.3
141.8
141.9
144.6
138.3
141.1
133.6
142.0
142.0
145.7
137.0
142.0
133.4
Consumer goods
8 Durable consumer goods
9
Automotive products
10
Autos and utility vehicles
11
Autos
12
A u t o parts and allied g o o d s . . . .
13
H o m e goods
14
Appliances, A/C, and T V
15
Appliances and T V
16
Carpeting and furniture
17
Miscellaneous home goods
7.89
2.83
2.03
1.90
80
5.06
1.40
1.33
1.07
2.59
140.5
137.9
111.2
103.4
205.6
142.0
119.6
121.2
158.0
147.4
142.5
137.6
107.8
104.0
213.1
145.3
126.8
128.9
160.1
149.2
140.4
139.1
110.0
103.3
212.9
141.1
119.0
121.4
158.6
145.8
136.3
132.8
101.7
92.5
211.8
138.2
116.7
118.7
152.6
143.9
129.7
121.7
88.9
81.1
205.0
134.1
107.7
108.7
146.9
143.2
123.2
119.2
87.5
78.1
199.7
125.4
85.7
86.6
144.4
139.1
120.1
109.2
71.6
61.3
204.4
126.3
100.6
101.6
137.9
135.4
125.9
117.5
82.0
70.5
207.8
130.6
103.5
104.1
147.8
138.1
128.1
125.0
93.6
79.8
204.5
129.9
97.0
97.4
151.3
138.9
130.7
129.9
100.5
87.2
204.6
131.1
102.7
103.1
151.8
138.0
132.6
138.9
111.8
96.1
207.6
129.1
100.5
101.5
145.9
137.7
135.2
143.3
117.1
101.9
209.6
130.7
106.3
108.8
147.5
137.1
137.7
150.9
127.7
114.6
209.9
130.4
103.6
107.1
147.9
137.6
18 Nondurable consumer goods
19
Clothing
20
Consumer staples
21
Consumer foods and tobacco ..
22
Nonfood staples
23
Consumer chemical products.
24
Consumer paper products . .
25
Consumer energy products ..
26
Residential utilities
19.79
4.29
15.50
8.33
7.17
2.63
1.92
2.62
1.45
150.9
119.8
159.5
150.3
170.0
223.1
127.9
147.7
166.3
152.5
121.9
161.0
150.6
173.0
227.7
128.9
150.4
169.7
150.8
119.3
159.5
149.5
171.1
227.5
127.7
146.4
162.8
150.5
117.8
159.6
150.7
169.9
223.0
126.9
148.2
166.2
149.7
116.1
159.0
150.4
169.1
220.3
125.7
149.4
167.4
149.5
113.8
159.4
150.9
169.3
220.1
127.2
149.1
167.5
147.4
106.0
158.9
150.0
169.1
220.1
127.0
148.9
172.3
148.1
146.8
158.1
149.6
168.0
217.8
127.8
147.6
170.4
169.0
146.6
147.9
148.4
148.9
159.2
151.1
168.7
218.2
130.2
147.2
171.6
158.3
148.1
170.0
218.3
128.7
151.9
174.5
159.0
149.9
169.5
216.6
126.7
153.6
173.7
159.6
150.9
169.7
218.3
125.9
153.2
171.3
159.6
Equipment
27 Business
28
Industrial
29
Building and mining
30
Manufacturing
31
Power
12.63
6.77
1.44
3.85
1.47
181.1
166.4
286.2
127.9
149.7
184.8
170.2
293.0
130.8
152.7
182.7
168.9
293.6
129.3
150.4
180.5
166.9
295.6
125.7
148.4
179.0
165.1
293.8
123.6
147.1
179.0
164.0
294.6
122.0
145.5
172.2
158.1
289.0
116.9
137.4
171.6
155.9
274.9
116.8
141.1
151.2
256.9
116.3
139.0
189.5
164.9
145.9
242.2
114.0
134.8
159.9
138.9
224.4
109.7
131.5
156.4
134.0
209.0
107.5
129.9
153.6
131.1
200.0
105.8
129.7
5.86
3.26
1.93
67
198.0
258.7
125.4
112.0
200.9
264.3
124.6
111.8
198.5
264.2
121.0
102.1
196.2
259.8
120.6
104.6
195.0
260.6
116.6
101.7
196.3
262.9
117.5
98.9
188.5
256.1
109.0
88.4
189.9
256.4
110.4
95.1
257.8
110.5
84.9
107.0
186.9
253.1
110.9
83.5
184.1
247.7
110.9
85.8
182.2
246.1
108.3
84.1
179.5
244.3
106.4
75.4
36 Defense and space
7.51
102.7
102.8
103.0
104.5
105.3
107.0
105.2
106.5
125.6
107.2
107.7
107.9
109.1
Intermediate products
37 Construction supplies
38 Business supplies
39
Commercial energy products
6.42
6.47
1.14
141.9
166.7
176.4
144.0
169.5
176.6
139.7
169.4
174.2
135.2
167.5
174.3
130.1
167.1
177.0
127.0
164.6
177.3
124.2
162.4
181.7
127.5
165.1
184.1
164.6
184.5
130.7
123.6
163.7
183.5
122.2
162.8
180.3
123.0
159.1
177.0
123.4
160.5
180.7
20.35
4.58
5.44
10.34
5.57
149.1
114.5
191.2
142.3
112.0
154.3
121.8
194.7
147.4
117.4
150.4
114.5
192.7
144.1
113.1
145.6
107.6
190.3
138.9
106.5
141.0
102.8
188.7
132.9
101.6
134.0
92.9
183.3
126.1
94.8
129.7
86.9
177.2
123.6
94.5
132.4
92.2
180.1
125.1
94.3
130.7
94.1
177.5
122.2
88.6
128.1
94.7
173.9
118.8
82.3
126.6
98.9
170.0
116.1
79.4
126.6
103.2
168.4
115.1
77.2
126.1
102.0
168.1
114.6
75.7
10.47
174.6
175.4
175.5
170.6
164.7
158.3
156.8
164.2
162.0
160.3
156.6
153.6
153.3
7.62
1.85
1.62
4.15
1.70
1.14
181.4
113.0
150.6
224.0
169.3
137.4
182.4
116.0
151.5
224.1
169.4
137.8
182.5
114.9
155.1
223.4
170.9
136.2
176.4
111.6
149.6
215.9
166.7
137.1
169.9
106.9
150.2
205.8
163.5
131.9
161.9
102.0
141.2
196.8
161.9
128.6
159.1
97.3
143.2
193.0
162.4
132.4
167.9
102.2
148.5
204.9
166.7
136.0
166.6
104.5
146.7
202.2
161.3
132.4
164.4
104.5
143.5
199.3
159.8
134.2
160.4
101.8
141.8
193.9
157.2
130.6
156.7
98.6
141.2
188.8
158.5
125.2
156.2
98.7
141.3
187.8
157.7
126.8
52 Energy materials
53
Primary energy
54
Converted fuel materials
8.48
4.65
3.82
129.0
115.0
145.9
132.6
120.9
146.9
128.9
117.4
142.9
128.3
116.4
142.8
128.1
115.6
143.4
127.4
115.9
141.4
130.9
119.2
145.1
130.3
119.5
143.4
128.2
119.2
139.1
125.8
117.3
136.1
125.4
116.9
135.7
125.5
116.5
136.5
126.7
116.9
138.5
Supplementary
groups
55 H o m e goods and clothing
56 Energy, total
57
Products....
58
Materials
9.35
12.23
3.76
8.48
131.8
137.4
156.4
129.0
134.5
140.5
158.4
132.6
131.1
136.8
154.8
128.9
128.8
136.9
156.1
128.3
125.9
137.2
157.8
128.1
120.1
136.7
157.7
127.4
117.0
139.5
158.8
130.9
120.1
138.9
158.4
130.3
118.9
137.6
158.8
128.2
118.9
136.7
161.5
125.8
119.5
136.5
161.7
125.4
120.2
136.2
160.4
125.5
121.0
137.7
162.8
126.7
2 Products
3
Final products
4
Consumer goods
5
Equipment
6
Intermediate products
7 Materials
32
33
34
35
Commercial transit, farm
Commercial
Transit
Farm
Materials
40 Durable goods materials
41
Durable consumer parts
42
Equipment parts
43
Durable materials n.e.c
44
Basic metal materials
45 Nondurable goods materials
46
Textile, paper, and chemical
materials
47
Textile materials
48
Paper materials
49
Chemical materials
50
Containers, nondurable
51
Nondurable materials n.e.c
170.3
218.4
125.3
155.0
Output
2.13
A49
Continued
SIC
code
Grouping
1967
proportion
1981
avg.'
Aug.
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May'
June
July?
Aug
Index (1967 = 100)
M A J O R INDUSTRY
12.05
6.36
5.69
3.88
87.95
35.97
51.98
155.0
142.2
169.1
190.9
150.4
164.8
140.5
158.2
146.0
171.9
194.2
153.2
167.3
143.4
155.8
145.0
167.8
188.3
151.1
165.9
140.9
156.1
145.3
168.1
189.4
148.0
162.8
137.8
155.4
143.3
168.9
190.9
145.0
160.3
134.4
154.7
142.6
168.2
190.2
142.0
157.4
131.3
157.4
144.5
171.8
195.2
138.5
155.1
127.1
155.6
142.4
170.4
192.5
140.9
157.8
129.3
153.1
138.1
170.0
191.7
140.1
157.3
128.2
151.6
134.1
171.0
193.1
138.7
156.1
126.7
148.8
128.9
170.9
193.4
137.9
155.0
126.1
145.2
123.8
169.1
191.2
137.6
155.0
125.5
143.8
120.6
169.8
192.2
137.9
155.3
125.9
143.0
119.1
169.7
192.1
137.2
155.4
124.5
10
11.12
13
14
.51
.69
4.40
.75
123.1
141.3
146.8
129.4
124.1
167.4
148.2
128.2
121.5
161.9
148.8
123.4
119.8
166.9
148.9
122.0
115.4
160.8
148.4
116.7
110.9
145.5
150.5
115.7
121.3
147.9
151.5
115.8
120.8
156.0
146.6
120.5
109.9
155.6
141.4
121.6
108.8
146.2
137.7
119.6
90.0
149.2
132.7
114.6
71.4
144.4
129.2
109.4
56.2
140.3
126.6
111.0
144.1
123.7
1 Mining a n d utilities
2
Mining
3
Utilities
4
Electric
5 Manufacturing
Nondurable
6
7
Durable
8
9
10
11
Mining
Metal
Coal
Oil a n d gas extraction
Stone a n d e a r t h m i n e r a l s
12
13
14
15
16
Nondurable
manufactures
Foods
Tobacco products
Textile mill p r o d u c t s
Apparel products
Paper and products
20
21
22
23
26
8.75
.67
2.68
3.31
3.21
152.1
122.2
135.7
120.4
155.0
151.9
123.8
140.7
122.6
156.7
150.7
122.4
136.3
122.5
158.6
151.4
124.3
132.5
117.8
153.3
153.0
119.6
126.1
113.8
152.6
152.8
112.6
122.8
114.1
146.6
151.1
112.7
120.0
105.7
148.3
151.7
126.7
125.8
150.8
126.7
126.0
149.7
116.1
126.3
150.5
118.6
123.5
151.0
123.6
123.0
124.3
151.5
150.6
149.8
146.5
145.6
144.3
147.0
17
18
19
20
21
Printing a n d publishing
Chemicals a n d p r o d u c t s
Petroleum products
R u b b e r a n d plastic p r o d u c t s
Leather and products
27
28
29
30
31
4.72
7.74
1.79
2.24
.86
144.2
215.6
129.7
274.0
69.3
146.1
219.2
130.4
286.7
69.6
145.9
216.3
129.1
282.2
69.7
145.6
208.8
128.3
276.0
71.2
143.4
204.6
128.0
264.1
70.8
145.3
199.8
128.3
247.3
65.6
145.6
196.7
123.3
244.7
63.1
146.4
201.3
119.5
251.8
64.0
145.9
200.3
121.3
253.4
61.2
144.2
198.6
120.8
255.1
60.6
143.8
193.6
122.2
257.0
61.1
141.2
193.2
125.9
259.0
62.3
141.9
192.4
128.0
258.0
64.2
142.2
22
23
24
25
Durable
manufactures
O r d n a n c e , private a n d g o v e r n m e n t
Lumber and products
F u r n i t u r e a n d fixtures
Clay, glass, s t o n e p r o d u c t s
19.91
24
25
32
3.64
1.64
1.37
2.74
81.1
119.1
157.2
147.9
81.8
119.1
163.3
148.2
82.3
113.2
159.9
147.3
82.5
109.6
157.2
143.4
84.3
104.7
153.7
135.9
85.5
104.8
149.4
131.5
84.1 83.8
99.2 104.9
144.3 148.4
128.5 135.0
83.8
103.5
150.2
131.5
85.2
106.2
151.8
127.0
86.3
110.6
151.1
125.0
86.5
111.7
149.9
125.7
86.5
113.0
152.2
126.5
87.8
26
27
28
29
30
Primary m e t a l s
Iron and steel
Fabricated metal products
Nonelectrical m a c h i n e r y
Electrical m a c h i n e r y
33
331.2
34
35
36
6.57
4.21
5.93
9.15
8.05
107.9
99.8
136.4
171.2
178.4
113.1
105.1
140.0
176.4
182.6
108.6
99.2
136.8
173.9
180.0
102.3
92.2
133.8
169.7
179.6
96.6
87.2
130.2
167.9
175.7
89.6
79.2
126.1
167.4
170.7
89.7 88.5
79.6 78.5
120.7 121.4
160.9 160.0
168.2 172.9
83.0
73.0
121.1
157.3
172.6
76.4
65.1
119.1
153.7
172.2
75.2
62.4
115.8
150.0
170.9
72.6
57.9
115.4
146.8
171.3
73.8
58.0
116.1
145.5
171.7
115.1
144.2
170.7
37
371
9.27
4.50
116.1
122.3
115.4
123.1
114.2
120.4
110.6
113.8
106.1
105.5
103.7
100.4
96.6 102.0
90.4 98.6
104.4
105.6
105.9
110.7
110.0
119.8
111.6
124.0
113.1
127.4
108.3
118.0
372-9
38
39
4.77
2.11
1.51
110.2
170.3
154.7
108.2
172.3
158.6
108.5
169.7
154.2
107.5
168.6
151.5
106.8
167.1
151.7
106.8
166.8
147.9
102.4 105.3
162.2 164.5
144.9 144.5
103.2
163.0
145.3
101.3
162.8
144.6
100.8
163.8
141.7
99.9
164.6
139.2
99.7
165.2
138.1
99.2
165.1
139.0
..
31 T r a n s p o r t a t i o n e q u i p m e n t
32
M o t o r vehicles a n d p a r t s
33
A e r o s p a c e a n d m i s c e l l a n e o u s transportation equipment
34 I n s t r u m e n t s
35 Miscellaneous m a n u f a c t u r e s
121.2
71.3
G r o s s value (billions of 1972 dollars, a n n u a l rates)
MAJOR MARKET
36 P r o d u c t s , t o t a l .
507.4'
612.3
616.5
611.5
605.0
597.6
592.8
577.4 588.1
586.8
582.1
586.1
584.9
586.0
575.0
37 Final
38
Consumer goods.
39
Equipment
40 I n t e r m e d i a t e
390.9 1
277.5 1
113.4'
116.6'
474.1
318.0
156.1
138.2
476.4
319.3
157.1
140.1
473.0
317.7
155.3
138.4
470.1
314.3
155.8
134.9
465.2
310.5
154.7
132.4
462.3
307.2
155.1
130.5
448.8 457.1
298.9 306.3
149.9 150.8
128.7 131.1
456.6
306.9
149.7
130.2
453.5
306.7
146.8
128.6
458.3
312.3
146.0
127.8
458.2
314.8
143.4
126.7
458.4
316.9
141.6
127.6
447.7
307.6
140.1
127.3
1. 1972 dollar value.
NOTE. Published g r o u p i n g s include s o m e series a n d subtotals not shown separately. F o r description a n d historical d a t a , see Industrial Production—1976
Revision
( B o a r d of G o v e r n o r s of t h e F e d e r a l R e s e r v e System: W a s h i n g t o n , D . C . ) , D e c e m ber 1977.
A50
2.14
Domestic Nonfinancial Statistics • September 1982
HOUSING AND CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1982
1981
1979
Item
1980
1981
Dec.
Jan.
Feb.
Mar.
Apr.
Mayr
Juner
July
Private residential real estate activity (thousands of un its)
N E W UNITS
1 Permits authorized
2
1-family
3
2-or-more-family
1,552
981
570
1,191
710
480
986
564
421
797
454
343
803
450
353
792
436
356
851
460
391
879
450
429
944
488
456
929
516
413
1,103
499
604
4 Started
5
1-family
6
2-or-more-family
1,745
1,194
551
1,292
852
440
1,084
705
379
882
550
306
885
592
293
945
568
377
931
621
310
882
566
316
1,066
631
435
906
616
290
1,211
614
597
7 U n d e r construction, end of period 1
8
1-family
9
2-or-more-family
1,140
639
501
896
515
382
682
382
301
705
391
298
684
394
291
688
400
288
682
399
283
673'
393 r
280 r
665
382
283
665
386
279
n.a.
n.a.
n.a.
1,855
1,286
569
1,502
957
545
1,266
818
447
1,114
676
438
1.063
640
423
920
545
375
926
585
341
962'
596 r
366'
1,135
686
449
911
565
346
n.a.
n.a.
n.a.
277
222
241
206
211
251
252
255
246
257
n.a.
709
402
545
342
436
278
456
272
399
275
376
274
380
269
335 r
264
398
259
371
254
353
250
62.8
64.7
68.8
68.4
66.2
65.7
67.2
70.2 r
69.0
70.8
73.6
71.9
76.4
83.1
82.8
78.0
80.7
83.7
85.0 r
85.9
86.3
91.1
3,701
2,881
2,350
1,940
1.860
1,950
1,990
1,910
1,900
1,980
1,860
55.5
64.0
62.1
72.7
66.1
78.0
66.6
78.6
66.4
79.8
66.9
78.8
67.0
79.1
67.1
79.4
67.8
80.6
69.4
82.3
69.2
81.9
10 Completed
11
1-family
12
2-or-more-family
13 Mobile homes shipped
Merchant builder activity in 1-family
14 Number sold
15 Number for sale, end of period 1
Price (thousands
Median
Units sold
Average
17
Units sold
of
units
dollars)2
16
EXISTING U N I T S ( 1 - f a m i l y )
18 Number sold
Price of units sold (thousands
19 Median
20 Average
of
dollars)2
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
230,412
230,748
238,198
228,755
225,086
222,615
224,583
226,172
227,745
230,243
228,549
??
73
24
181,622
99,028
82,594
175,701
87,261
88,440
185,221
86,566
98,655
176,562
75,829
100,733
175,493
73.737
101,756
173,026
69,161
103,865
173,605
70,040
103,565
175,318
72,406
102,912
179,254
75,610
103,644
181,581
75,417
106,164
179,711
76,739
102,972
14,953
24,919
7,427
35,295
13,839
29,940
8,654
36,007
17,031
34,243
9,543
37.838
16,622
36,382
9,223
38,506
17.113
36.161
9.558
38.924
17,211
36,841
10,002
39,811
16,641
38,362
9,880
38.682
15,882
38,437
9,897
38,696
17,118
36,818
10,427
39,281
18,424
38,048
10,579
39,113
16,647
37,344
10,130
38,851
48,790
1,648
11,997
4,586
30,559
55,047
1,880
13,808
5,089
34,270
52,977
1,966
13,304
5,225
32,482
52,193
1,955
12,732
4,884
32,622
49.593
2.092
11.479
5.232
30.790
49,589
1,459
12,422
5,301
30,407
50,978
2,317
13,307
5,056
30,298
50,854
1,895
12,113
5.180
31.666
48,491
2,102
11,655
4,911
29,823
48,662
1,906
13.073
4,763
28,920
48,838
1,993
14,398
4,759
27,688
75
76
77
28
Residential
Nonresidential, total
Buildings
Other
Public utilities and other
">q Public
30
31
Highway
37
Conservation and development
Other
33
1. Not at annual rates.
2. Not seasonally adjusted.
3. Value of new construction data in lecent periods may not b e strictly comparable
with data in prior periods because of changes by the Bureau of the Census in its
estimating techniques. For a description of these changes see Construction
Reports
(C-30-76-5),' issued by the Bureau in July 1976.
NOTE. Census Bureau estimates for all series except (a) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing Institute
and seasonally adjusted by the Census B u r e a u , and (b) sales and prices of existing
units, which are published by the National Association of Realtors. All back and
current figures are available from originating agency. Permit authorizations are
those reported to the Census Bureau from 16,000 jurisdictions beginning with 1978.
Prices
2.15
A51
CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data, except as noted
12 months to
Index
level
July
1982
(1967
= 100)'
1982
1982
1981
1981
July
1 month to
3 months (at annual rate) to
1982
July
Sept.
Dec.
Mar.
June
Mar.
Apr.
May
June
July
CONSUMER PRICES2
1 All items
10.7
6.5
12.8
5.4
1.0
9.3
-.3
.2
1.0
1.0
.6
292.2
2 Commodities
3
Food
4
Commodities less food
5
Durable
6
Nondurable
7 Services
8
Rent
9
Services less rent
8.9
8.4
9.2
9.4
8.8
13.4
8.2
14.1
4.5
4.5
4.5
6.6
2.1
9.1
8.2
9.3
8.5
7.7
9.0
10.8
4.6
19.2
10.2
20.4
3.6
1.7
4.3
1.2
3.8
7.8
9.0
7.6
-.8
3.9
-2.6
3.5
-4.9
3.5
5.9
3.3
7.8
7.3
7.9
14.1
1.9
11.3
5.6
11.9
-.5
-.4
-.5
.2
-.7
.0
.5
.0
-.3
.3
-.5
.6
-2.2
.9
.2
1.0
.9
.8
.9
1.4
.7
.9
.8
1.0
1.3
.6
1.5
1.3
2.0
.8
.4
.9
.6
-.1
.8
.3
1.1
.6
1.0
.5
266.5
288.5
253.5
244.7
263.0
337.0
224.8
358.5
11.3
11.1
13.5
6.9
7.6
7.4
13.9
15.0
21.5
6.2
5.6
.3
.9
3.0
-2.4
9.7
10.6
19.8
-.2
.0
-.9
.2
.8
1.3
1.0
.9
1.8
1.2
.9
1.4
.7
.6
.4
291.5
278.7
384.5
9.0
8.7
6.6
9.5
10.3
10.2
3.6
3.1
1.2
3.9
5.8
1.2
3.4
2.8
1.6
3.2
5.7
5.2
5.5
4.5
-3.9
7.8
9.7
2.7
.3
-.1
6.0
-2.2
2.1
-1.4
4.7
4.3
11.7
1.3
6.5
-1.8
-.3
-.5
-.2
-.6
.4
-.2
.1
.0
1.6
-.7
.4
-.8
.0
-.1
.7
-.4
.4
.0
1.0
1.9
.5
1.4
.8
..3
.6
.6
-1.5
1.5
.5
.5
281.7
282.0
260.7
288.7
280.9
316.4
24.7
1.4
-3.5
-4.4
1.1
-18.2
-6.0
-25.5
-18.1
23.3
8.7
24.3
-2.0
.2
-.2
3.5
1.7
2.7
.6
-.6
1.0
-2.7
470.0
255.5
Other groupings
10 All items less food
11 All items less food and energy .
12 Homeownership
PRODUCER PRICES
13 Finished goods
14
Consumer
15
Foods
16
Excluding foods
17
Capital equipment
18 Intermediate materials 3
Crude materials
19
Nonfood
20
Food
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers.
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.
A52
2.16
Domestic Nonfinancial Statistics • September 1982
GROSS NATIONAL PRODUCT AND INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1981
Account
1979
1980
1982
1981
Q2
Q3
Q4
Q2R
Q1
GROSS NATIONAL PRODUCT
1 Total
2,417.8
2,633.1
2,937.7
2,901.8
2,980.9
3,003.2
2,995.5
3,041.2
By source
Personal consumption expenditures
3
Durable goods
4
Nondurable goods
5
Services
1,507.2
213.4
600.0
693.7
1,667.2
214.3
670.4
782.5
1,843.2
234.6
734.5
874.1
1,819.4
230.4
729.6
859.4
1,868.8
241.2
741.3
886.3
1,884.5
229.6
746.5
908.3
1,919.4
237.9
749.1
932.4
1,945.8
240.2
755.0
950.6
423.0
408.8
290.2
98.3
191.9
118.6
114.0
402.4
412.4
309.2
110.5
198.6
103.2
98.3
471.5
451.1
346.1
129.7
216.4
105.0
99.7
475.5
450.9
341.3
127.0
214.3
109.5
104.7
486.0
454.2
353.0
132.7
220.2
101.2
95.6
468.9
455.7
360.2
139.6
220.6
95.5
89.4
414.8
450.4
357.0
141.4
215.6
93.4
87.9
429.7
447.0
351.9
143.9
208.0
95.2
89.2
14.3
8.6
-10.0
-5.7
20.5
15.0
24.6
19.3
31.8
24.6
13.2
6.0
-35.6
-36.0
-17.4
-16.2
6
/
8
9
1U
11
12
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories
Nonfarm
13
14
1/
Net exports of goods and services
Exports
Imports
13.2
281.4
268.1
25.2
339.2
314.0
26.1
367.3
341.3
23.7
368.9
345.1
25.9
367.2
341.3
23.5
367.9
344.4
31.3
359.9
328.6
35.1
365.3
330.2
18
19
20
Government purchases of goods and services
Federal
State and local
474.4
168.3
306.0
538.4
197.2
341.2
596.9
229.0
368.0
583.2
218.2
365.0
600.2
230.0
370.1
626.3
250.5
375.7
630.1
249.7
380.4
630.6
244.5
386.0
21
22
23
24
2B
26
By major type of
Final sales, total
Goods
Durable
Nondurable
Services
Structures
2,403.5
1,065.6
464.8
600.8
1,089.7
262.5
2,643.1
1,141.9
477.3
664.6
1,225.6
265.7
2,917.3
1,289.2
528.1
761.1
1,364.3
284.2
2,877.2
1,276.0
538.2
737.8
1,340.2
285.6
2,949.1
1,317.0
547.3
769.7
1,382.1
281.9
2,989.9
1,298.5
504.9
793.6
1,421.5
283.3
3,031.1
1,269.4
482.4
787.0
1,444.4
281.7
3,058.5
1,284.9
505.4
779.5
1,470.7
285.6
27
28
29
Change in business inventories
Durable goods
Nondurable goods
14.3
10.5
3.8
-10.0
-5.2
-4.8
20.5
8.7
11.8
24.6
18.5
6.1
31.8
19.8
12.0
13.2
-5.6
18.9
-35.6
-30.9
-4.8
-17.4
-8.0
-9.4
1,479.4
1,474.0
1,502.6
1,502.2
1,510.4
1,490.1
1,470.7
1,475.3
15
lb
product
3 0 MEMO: T o t a l G N P in 1972 d o l l a r s
N A T I O N A L INCOME
31
Total
1,966.7
2,117.1
2,352.5
2,324.4
2,387.3
2,404.5
2,396.9
2,425.1
32
33
34
35
36
37
38
Compensation of employees
Wages and salaries
Government and government enterprises
Other
Supplement to wages and salaries
Employer contributions for social insurance
Other labor income
1,458.1
1,237.4
236.2
1,001.4
220.7
105.8
114.9
1,598.6
1,356.1
260.2
1,095.9
242.5
115.3
127.3
1,767.6
1,494.0
283.1
1,210.9
273.6
133.2
140.4
1,750.0
1,479.4
279.8
1,199.6
270.6
132.1
138.4
1,789.1
1,512.6
284.0
1,228.6
276.5
134.3
142.2
1,813.4
1,531.1
292.3
1,238.8
282.3
136.5
145.8
1,830.8
1,541.5
296.3
1,245.2
289.3
140.2
149.1
1,850.6
1,556.5
300.0
1,256.5
244.1
141.6
152.5
39
40
41
Proprietors' income 1
Business and professional 1
Farm 1
132.1
100.2
31.9
116.3
96.9
19.4
124.7
100.7
24.0
123.8
101.2
22.5
127.5
100.4
27.1
124.1
99.5
24.6
116.4
98.6
17.8
118.1
100.1
18.0
42
Rental income of persons 2
Corporate profits 1
44
Profits before tax 3
45
Inventory valuation adjustment
46
Capital consumption adjustment
43
47
Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
27.9
32.9
33.9
34.0
33.6
33.6
33.9
34.2
194.8
252.7
-43.1
-14.8
181.6
242.5
-43.0
-17.8
190.6
232.1
-24.6
-16.8
185.1
225.4
-22.8
-17.5
193.1
233.3
-23.0
-17.1
183.9
216.5
-17.1
-15.5
157.1
171.6
-4.4
-10.1
154.9
168.7
-7.8
-5.9
153.8
187.7
235.7
231.6
244.0
249.5
258.7
267.4
3. For after-tax profits, dividends, and the like, see table 1.49.
SOURCE. Survey of Current Business (Department of Commerce).
National Income Accounts
2.17
A53
PERSONAL INCOME AND SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1982
1981
Account
1980
1979
1981
Q4
Q3
Q2
Q2r
Q1
PERSONAL INCOME AND SAVING
1
Total personal income
1,943.8
2,160.2
2,404.1
2,380.6
2,458.2
2,494.6
2,510.5
2,553.5
2
3
4
5
6
7
Wage and salary disbursements
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government and government enterprises
1,237.6
438.4
333.9
303.4
259.7
236.2
1,356.1
468.0
354.4
330.5
297.5
260.2
1,493.9
510.8
386.4
361.4
338.6
283.1
1,479.4
507.2
386.9
358.7
333.7
279.8
1,512.3
519.3
392.9
366.5
342.8
283.8
1,531.2
517.7
388.7
368.3
352.8
292.4
1,541.6
514.3
385.1
371.4
359.5
296.5
1,556.5
513.6
385.7
375.3
367.6
300.0
114.9
132.1
100.2
31.9
27.9
50.8
209.6
250.3
131.8
127.3
116.3
96.9
19.4
32.9
55.9
256.3
297.2
154.2
140.4
124.7
100.7
24.0
33.9
62.5
308.5
336.3
182.0
138.4
123.8
101.2
22.5
34.0
61.5
320.6
327.0
173.7
142.2
127.5
100.4
27.1
33.6
64.1
339.6
344.8
190.6
145.8
124.1
99.5
24.6
33.6
65.2
351.0
350.7
192.8
149.1
116.4
98.6
17.8
33.9
65.8
359.7
354.6
194.7
152.5
118.1
100.1
18.0
34.2
66.1
372.0
365.4
197.5
8
9
10
11
Other labor income
Proprietors' income 1
Business and professional 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
16
Old-age survivors, disability, and health insurance benefits
12
N
14
17
81.1
88.7
104.9
104.1
106.1
107.0
110.6
111.4
1,943.8
2,160.2
2,404.1
2,380.6
2.458.2
2,494.6
2,510.5
2,553.5
LESS: Personal contributions for social insurance
18 EQUALS: P e r s o n a l i n c o m e
301.0
336.3
386.7
384.2
398.1
393.2
393.4
399.0
1,650.2
1.824.1
2,029.2
1,996.5
2,060.0
2.101.4
2,117.1
2,154.5
LESS: P e r s o n a l o u t l a y s
1,553.5
1,717.9
1,898.9
1,874.5
1,925.7
1,942.7
1,977.9
2,005.1
2 2 EQUALS: P e r s o n a l s a v i n g
96.7
106.2
130.2
122.0
134.4
158.6
139.1
149.4
6,572
4,120
4,512
5.9
6.474
4.087
4.472
5.8
6.536
4,122
4,538
6.4
6,544
4,115
4,516
6.1
6,563
4,134
4,557
6.5
6,458
4,088
4,559
7.5
6,360
4,104
4,527
6.6
6,367
4,117
4,558
6.9
422.8
406.3
477.5
482.4
490.0
476.3
428.8
444.9
407.3
96.7
54.5
-43.1
438.3
106.2
38.9
-43.0
504.7
130.2
44.4
-24.6
488.9
122.0
42.0
-22.8
513.4
134.4
43.9
-23.0
547.7
158.6
44.3
-17.1
520.3
139.1
32.5
-4.4
535.0
149.4
31.9
-7.8
157.5
98.6
.0
181.2
112.0
.0
206.2
123.9
.0
202.9
122.1
.0
209.7
125.5
.0
216.0
128.7
.0
218.9
129.8
.0
223.3
130.5
.0
14.3
16.1
30.4
-33.2
-61.4
28.2
-28.2
-60.0
31.7
-7.6
-40.5
32.9
-24.5
-58.0
33.5
-72.5
-101.7
29.1
-91.6
-119.3
27.7
-90.1
-122.4
32.3
19
20
21
LESS: Personal tax and nontax payments
EQUALS: Disposable personal income
MEMO:
7.3
24
25
26
Per capita (1972 dollars)
Gross national product
Personal consumption expenditures
Disposable personal income
Saving rate (percent)
27
Gross saving
28
29
30
31
Gross private saving
Personal saving
Undistributed corporate profits'
Corporate inventory valuation adjustment
G R O S S SAVING
Capital consumption
allowances
37 Corporate
33 Noncorporate
3 4 Wage accruals less disbursements
35 Government surplus, or deficit ( - ) , national income and
product accounts
36
Federal
37
State and local
-
38
Capital grants received by the United States, net
1.1
1.2
1.1
1.1
1.1
1.1
.0
.0
39
Gross investment
421.2
410.1
475.6
477.8
489.1
469.0
421.3
441.7
40
41
Gross private domestic
Net foreign
423.0
-1.8
402.4
7.8
471.5
4.1
475.5
2.3
486.0
3.1
468.9
0.1
414.8
6.5
429.7
12.0
42
Statistical discrepancy
-1.5
3.9
-1.9
-4.6
-0.8
-7.2
-7.5
-3.3
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. Survey of Current Business (Department of Commerce).
A54
3.10
International Statistics • September 1982
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1982
1981
Item credits or debits
1980
1979
1981
Q3
Q2
Q1
Q1P
Q4
-466
1,520
4,471
3,245
3,037
1,399
1,975
751
-1,834
-927
1,293
1,180
844
-27,346
184,473
-211,819
-2,035
31,215
3,262
-25,338
224,237
-249,575
-2,472
29,910
6,203
-27,889
236,254
-264,143
-1,541
33,037
7,472
-4,312
60,683
-64,995
-487
8,123
1,343
-6,547
60,284
-66,831
-587
8,201
1,842
-7,845
57,694
-65,539
61
8,183
2,160
-9,185
57,593
-66,778
-528
8,529
2,127
-6,059
55,610
-61,669
213
6,980
2,036
-2,011
-3,549
-2,101
-4,681
-2,104
-4,504
-462
-960
-524
-986
-558
-1,250
-562
-1,308
-525
-1,465
11 C h a n g e in U . S . g o v e r n m e n t assets, o t h e r t h a n official reserve assets, net (increase, - )
-3,743
-5,126
-5,137
-1,375
-1,518
- 1,257
-987
-909
12 C h a n g e in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights ( S D R s )
15
Reserve position in International M o n e t a r y Fund
16
Foreign currencies
-1,133
-65
-1,136
-189
257
-8,155
0
-16
-1,667
-6,472
-5,175
0
-1,823
-2,491
-861
-4,529
0
1,441
-707
-2,381
-905
0
-23
-780
-102
-4
0
-225
-647
868
262
0
-134
-358
754
-1,089
0
-400
-547
-142
17 C h a n g e in U . S . private assets a b r o a d (increase, - ) 3
18
B a n k - r e p o r t e d claims
19
N o n b a n k - r e p o r t e d claims
20
U . S . purchase of foreign securities, n e t
21
U . S . direct investments a b r o a d , n e t 3
-59,469
-26,213
-3,307
-4,726
-25,222
-72,746
-46,838
-3,146
-3,524
-19,238
-98,982
-84,531
-331
-5,429
-8,691
-16,892
-11,634
-3,148
-458
-1,652
-19,143
-14,998
2,470
-1,511
-5,104
-15,996
-15,254
855
-618
-979
-46,952
-42,645
-508
-2,843
-956
-36,225
-34,685
n.a.
-408
-1,132
22 C h a n g e in foreign official assets in the U n i t e d States
(increase, + )
23
U.S. Treasury securities
24
O t h e r U.S. g o v e r n m e n t obligations
25
O t h e r U . S . g o v e r n m e n t liabilities 4
26
O t h e r U . S . liabilities r e p o r t e d by U . S . b a n k s
27
O t h e r foreign official assets 5
-13,697
-22,435
463
-73
7,213
1,135
15,442
9,708
2,187
561
-159
3,145
4,785
4,983
1,289
-69
-4,083
2,665
5,361
7,242
454
-55
-3,109
829
-2,860
-2,063
536
48
-2,028
647
-5,835
-4,635
545
-337
-2,382
974
8,119
4,439
-246
275
3,436
215
-3,173
-1,347
-296
-305
-1,441
216
28 Change in foreign private assets in the U n i t e d States
(increase, + ) '
29
U.S. b a n k - r e p o r t e d liabilities
30
U.S. n o n b a n k - r e p o r t e d liabilities
31
Foreign private purchases of U . S . T r e a s u r y securities, net
32
Foreign purchases of o t h e r U . S . securities, net
33
Foreign direct investments in the U n i t e d States, n e t 3 . . . .
52,157
32,607
1,362
4,960
1,351
11,877
39,042
10,743
6,530
2,645
5,457
13,666
73,136
41,262
532
2,932
7,109
21,301
3,109
-3,793
147
1,390
2,419
2,946
16,324
7,663
-162
750
3,533
4,540
22,715
16,916
1,006
-446
761
4,478
30,988
20,476
-457
1,238
396
93,316
29,001
25,477
n.a.
1,124
1,363
10,317
34 Allocation of S D R s
35 Discrepancy
1,139
25,212
1,152
28,870
1,093
25,809
1,093
9,988
-829
0
0
0
0
6,703
503
-374
-2,144
9,497
2,474
11,214
-875
25,212
28,870
25,809
10,817
6.200
1,770
7,023
12,089
1 Balance on current account
3
4
5
6
7
8
9
10
37
Merchandise t r a d e balance 2
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, n e t 3
O t h e r service transactions, n e t
Remittances, pensions, and o t h e r transfers
U.S. g o v e r n m e n t grants (excluding military)
Statistical discrepancy in r e c o r d e d d a t a b e f o r e seasonal
adjustment
MEMO:
Changes in official assets
U.S. official reserve assets (increase, " )
Foreign official assets in the U n i t e d States
(increase, + )
40 C h a n g e in Organization of P e t r o l e u m E x p o r t i n g Countries
official assets in the U n i t e d States (part of line 22
above)
41 Transfers u n d e r military grant p r o g r a m s (excluded f r o m
lines 4, 6, and 10 a b o v e )
38
39
-1,133
-8,155
-5,175
-4,529
-905
-4
262
-1,089
-13,624
14,881
4,854
5,416
-2,908
-5,498
7,844
-2,868
5,543
12,769
13,314
5,364
2,786
2,935
2,230
4,940
465
631
602
192
214
132
64
93
1. Seasonal factors are no longer calculated for lines 12 through 41.
2. D a t a are on an international accounts ( I A ) basis. Differs from the C e n s u s
basis d a t a , shown in table 3.11, for reasons of coverage and timing; military exports
are excluded f r o m merchandise d a t a and are included in line 6.
3. Includes reinvested earnings of i n c o r p o r a t e d affiliates.
4. Primarily associated with military sales contracts and o t h e r transactions arranged with or through foreign official agencies.
5. Consists of investments in U . S . c o r p o r a t e stocks and in d e b t securities of
private c o r p o r a t i o n s and state and local governments.
NOTE. D a t a are f r o m B u r e a u of E c o n o m i c Analysis, Survey of Current
( U . S . D e p a r t m e n t of C o m m e r c e ) .
Business
Trade and Reserve and Official Assets
3.11
A55
U.S. FOREIGN TRADE
Millions of dollars; monthly data are seasonally adjusted.
1982
Item
1979
1980
1981
Jan.
1
E X P O R T S of domestic and foreign
merchandise excluding grant-aid
shipments
2
G E N E R A L I M P O R T S including merchandise for immediate consumption plus entries into bonded
warehouses
3
Trade balance
181,860
220,626
233,677
18,737
18,704
Apr.
May
18,602
17,843
July
June
18,218
18,822
18,026
209,458
244,871
261,305
22,829
19,090
20,349
17,387
20,558
21,310
19,559
-27,598
-24,245
-27,628
-4,092
-387
-1,747
456
-2,340
-2,488
-1,532
not covered in Census statistics, and (2) the exclusion of military sales (which are
combined with other military transactions and reported separately in the "service
account" in table 3.10, line 6). On the import side, additions are made for gold,
ship purchases, imports of electricity from Canada and other transactions; military
payments are excluded and shown separately as indicated above.
NOTE. The data through 1981 in this table are reported by the Bureau of Census
data on a free-alongside-ship (f.a.s.) value basis—that is, value at the port of export.
Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census
basis trade data; this adjustment has been made for all data shown in the table.
Beginning with 1982 data, the value of imports are on a customs valuation basis.
The Census basis data differ from merchandise trade data shown in table 3.10.
U.S. International Transactions Summary, for reasons of coverage and timing. On
the export side, the largest adjustments are: (1) the addition of exports to Canada
3.12
Mar.
Feb.
SOURCE. FT900 "Summary of U.S. Export and Import Merchandise T r a d e "
(U.S. Department of Commerce, Bureau of the Census).
U.S. RESERVE ASSETS
Millions of dollars, end of period
1982
Type
1979
1980
1981
Feb.
Apr.
Mar.
May
June
July
Aug.
/
1
1
Total
2
Gold stock, including Exchange Stabilization Fund 1
3
Special drawing rights 2 - 3
4
Reserve position in International Monetary Fund 2
5
Foreign currencies 4 - 5
18,956
26,756
30,075
30,060
29,944
31,552
30,915
30,671
31,227
31,233
11,172
11,160
11.151
11.150
11,150
11,149
11,149
11.149
11,149
11,148
2,724
2.610
4.095
4.359
4,306
4,294
4,521
4,461
4,591
4,601
1,253
2,852
5.055
5,275
5,367
6,022
6,099
6.062
6,386
6,433
3,807
10,134
9.774
9,276
9,121
10,097
9,146
8,999
9,101
9.051
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.
2. Beginning July 1974, the I M F adopted a technique for valuing the S D R based
on a weighted average of exchange rates for the currencies of m e m b e r countries.
From July 1974 through December 1980, 16 currencies were used; from January
1981, 5 currencies have been used. The U.S. S D R holdings and reserve position
in the I M F also are valued on this basis beginning July 1974.
3.13
3. Includes allocations by the International Monetary Fund of S D R s as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1. 1981; plus net transactions in SDRs.
4. Beginning November 1978, valued at current market exchange rates.
5. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies, if any.
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS
Millions of dollars, end of period
1982
Assets
1979
1980
1981
Feb.
1 Deposits
Assets held in custody
2 U.S. Treasury securities'
3 Earmarked gold 2
Apr.
May
June
July
Aug.P
429
411
505
416
421
966
308
585
982
347
95,075
15,169
102,417
14,965
104,680
14.804
103,557
14,791
103,964
14,798
102,346
14.788
102.112
14.778
103,292
14,777
106,696
14,762
104,136
14,761
1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
2. The value of earmarked gold increased because of the changes in par value
of the U.S. dollar in May 1972 and in October 1973.
Mar.
NOTE. Excludes deposits and U.S. Treasury securities held for international and
regional organizations. E a r m a r k e d gold is gold held for foreign and international
accounts and is not included in the gold stock of the United States,
A56
3.14
International Statistics • September 1982
FOREIGN BRANCHES OF U.S. BANKS
Balance Sheet Data
Millions of dollars, end of period
1982
1981
Asset account
19781
1979
1980
Dec.
Jan.
Feb.
Mar'
Apr.
May
June''
All foreign countries
1 Total, all currencies
2 Claims on United States
3
Parent bank
4
Other
5 Claims on foreigners
6
Other branches of parent bank
7
Banks
8
Public borrowers 2
9
Nonbank foreigners
10 Other assets
11 Total payable in U.S. dollars
12 Claims on United States
13
Parent bank
14
Other
15 Claims on foreigners
16
Other branches of parent bank
17
Banks
18
Public borrowers 2
19
Nonbank foreigners
20 Other assets
306,795
364,409
401,135
462,790
459,998
461,249
463,663
460,225
461,591
458,570
17,340
12.811
4,529
32,302
25,929
6,373
28,460
20,202
8,258
63.540
43.064
20.476
69,794
49.206
20,588
69,539
47,996
21,543
75,745
51,978
23,767
77,914
54,563
23,351
79,606
56,152
23,454
83,437
56,562
26,875
278.135
70.338
103.111
23.737
80.949
317.330
79,662
123,420
26,097
88,151
354.960
77,019
146,448
28.033
103,460
379.102
87.840
150.892
28.197
112.173
370.124
89,010
145,528
26,568
109,018
371,644
88,637
146,317
26,851
109.839
368,678
86,853
146,960
26,333
108,532
362,690
86.186'
142,387'
25,590
108,527
362,271
88,468
139,416
24,989
109,398
356,282
87,258
137,451
25,226
106,347
11.320
14,777
17,715
20.148
20,080
20,066
19,240
19,621
19,714
18,851
224,940
267,713
291,798
350,678'
351,125
353,001
355,535
351,349
351,757
353,545
16,382
12.625
3,757
31,171
25,632
5,539
27,191
19,896
7,295
61.939
42.518
19.421
68,241
48,623
19,618
67,983
47,402
20,581
74.226
51,389
22,837
76,410
54,107
22,303
78,000
55,667
22,333
81,870
56,065
25,805
203,498
55,408
78,686
19,567
49,837
229,120
61,525
96,261
21,629
49.705
255.391
58.541
117.342
23,491
56,017
277,085 '
69,403'
122.253
22,877'
62.552 r
270,696
71,999
117,148
21,180
60,369
272,903
72,094
118,227
21,483
61,099
269,548
70,377
117,371
20,632
61,168
263,047
69,409
113,673
20,170'
59,795
261,822
70,795
110,799
19,579
60,649
260,423
70,439
110,153
19,944
59,887
5,060
7,422
9,216
11,654'
12,188
12,115
11,761
11,892
11,935
11,252
United Kingdom
21 Total, all currencies
22 Claims on United States
23
Parent bank
24
Other
25 Claims on foreigners
26
Other branches of parent bank
27
Banks
28
Public borrowers 2
29
Nonbank foreigners
30 Other assets
31 Total payable in U.S. dollars
32 Claims on United States
33
Parent bank
34
Other
35 Claims on foreigners
36
Other branches of parent bank
37
Banks
38
Public borrowers 2
39
Nonbank foreigners
40 Other assets
106,593
130,873
144,717
157,229
157,892
162,351
161,471
159,481
161,036
158,466
5,370
4,448
922
11,117
9.338
1,779
7,509
5.275
2.234
11.823
7.885
3.938
13,935
10,264
3,671
15,884
12,044
3,840
16,343
12,446
3,897
17,676
13,750
3,926
20,155
15,854
4,301
20,744
15,556
5,188
98,137
27,830
45,013
4,522
20,772
115,123
34,291
51.343
4,919
24,570
131,142
34.760
58,741
6,688
30,953
138.888
41.367
56.315
7.490
33.716
137,953
41,468
56,164
7.249
33,072
140,197
40,935
57,975
7,370
33,917
139,292
41,186
56,940
7,541
33,625
135,634
39,811
55,545
6,822
33,456
134,845
39,621
54,690
6,663
33,871
131,881
37,696
54,727
6,595
32,863
3,086
4,633
6,066
6.518
6,004
6,270
5,836
6,171
6,063
5,841
75,860
94,287
99,699
115,188
116,870
121,432
120,432
117,914
119,586
120,002
5,113
4,386
727
10,746
9,297
1,449
7,116
5,229
1,887
11,246
7.721
3.525
13,438
10,098
3,340
15,391
11,881
3.510
15,842
12,293
3,549
17,182
13,623
3,559
19.608
15,663
3,945
20,256
15,387
4,869
69,416
22,838
31.482
3,317
11,779
81,294
28,928
36,760
3,319
12.287
89,723
28,268
42,073
4.911
14.471
99.850
35.439
40.703
5.595
18.113
99.473
35,875
40.610
5,423
17.565
101,861
35,697
42,453
5,467
18,244
100.500
36,055
40,732
5,360
18,353
96,595
34,240
40,070
4,717
17.568
95,926
33,922
39,609
4,507
17,888
95,878
32,567
40,479
4,655
18,177
1,331
2,247
2,860
4.092
3,959
4,180
4,090
4,137
4,052
3,868
Bahamas and Caymans
41 Total, all currencies
42 Claims on United States
43
Parent bank
44
Other
45 Claims on foreigners
46
Other branches of parent bank
47
Banks
48
Public borrowers 2
49
Nonbank foreigners
50 Other assets
51 Total payable in U.S. dollars
91,735
108,977
123,837
149,051
146,585
142,853
143,795
142,941
139,836
141,607
9,635
6.429
3,206
19,124
15.196
3,928
17,751
12,631
5,120
46,343
31.440
14.903
50,647
35,453
15,194
49,060
32,704
16,356
54,019
35,311
18,708
55,533
37,013
18,520
54,316
36,099
18,217
56,555
35,777
20,778
79.774
12.904
33,677
11,514
21,679
86.718
9,689
43.189
12.905
20,935
101,926
13,342
54.861
12,577
21.146
98.205
12.951
55.299
10.010
19.945
91,538
14,084
50,754
8,713
17,987
89,405
14,384
48,951
8,584
17,486
85,465
12,035
47,867
7,980
17,583
83,124
12,640
45,768
7,847
16,869
81,191
14,248
43,165
7,348
16,430
81,055
15,479
42,620
7,314
15,642
2,326
3.135
4,160
4.503
4,400
4,388
4,311
4,284
4,329
3,997
141,447
137,842
134,925
136,639
85,417
102,368
117,654
1. In May 1978 the exemption level for branches required to report was increased,
which reduced the n u m b e r of reporting branches.
143,686
138,748
137,840
2. In May 1978 a broader category of claims on foreign public borrowers, ineluding corporations that are majority owned by foreign governments, replaced
the previous, more narrowly defined claims on foreign official institutions.
Overseas Branches
3.14
A57
Continued
1982
1981
19781
1979
1980
Dec.
Jan.'
Feb.'
Mar.
r
Apr.'
May
June?
All foreign countries
52 Total, all currencies
53 To United States
54
Parent bank
55
Other banks in United States
56
Nonbanks
57 To foreigners
Other branches of parent bank
58
59
Banks
60
Official institutions
61
Nonbank foreigners
62 Other liabilities
63 Total payable in U.S. dollars
64 To United States
65
Parent bank
66
Other banks in United States
67
Nonbanks
68 To foreigners
69
O t h e r branches of parent bank
70
Banks
71
Official institutions
72
Nonbank foreigners
73 Other liabilities
306,795
364,409
401,135
462,790
459,998
461,249
463,663
460,225
461,591
458,570
58,012
28,654
12,169
17,189
66,689
24,533
13,968
28,188
91,079
39,286
14,473
37,275
137,712
56,143
19,343
62,226
144,175
56.047
19,886
68,242
145,487
55,378
22,652
67,457
150,837
58,766
24,431
67,640
153,064
56,881
26,026
70,157
156,103
56,234
27,680
72,189
160,961
59,002
29,733
72,226
238,912
67,496
97,711
31,936
41,769
283,510
77,640
122,922
35,668
47,280
295,411
75,773
132,116
32,473
55,049
305,630
86,406
124,896
25,997
68,331
296,183
85,644
118,512
25,124
66,903
296,188
84,351
118,939
24,625
68,273
293,369
85,581
117,069
23,039
67,680
286,969
84,150
111,660
22,340
68,819
284,373
85,631
107,337
22,703
68,702
278,136
84,542
104,892
19,909
68,793
9,871
14,210
14,690
19,448
19,640
19,574
19,457
20,192
21,115
19,473
230,810
273,857
303,281
364,390
364,005
366,885
369,503
366,655
368,327
369,284
55,811
27,519
11,915
16,377
64,530
23,403
13,771
27,356
88,157
37,528
14,203
36,426
134,645
54.291
19.029
61.325
141,163
53,969
19,759
67,435
142,521
53,355
22,441
66,725
147,790
56,701
24,190
66,899
149,960
54,820
25,689
69,451
152,973
54,272
27,265
71,436
157,774
56,984
29,397
71,393
169,927
53,396
63,000
26,404
27,127
201,514
60,551
80,691
29,048
31,224
206,883
58,172
87,497
24,697
36,517
217.602
69.309
79,584
20,288
48,421
210,860
69,149
74,293
19,937
47,481
212,915
68,187
76,101
19,322
49,305
210,267
69,497
73,181
18,120
49,469
204,984
68,047
69,276
17,491
50,170
202,547
68,540
66,627
17,900
49,480
200,116
68,533
65,728
15,378
50,477
5,072
7,813
8,241
12,143
11,982
11,449
11,446
11,711
12,807
11,394
United Kingdom
74 Total, all currencies
75 To United States
76
Parent bank
77
Other banks in United States
78
Nonbanks
79 T o foreigners
Other branches of parent bank
80
Banks
81
82
Official institutions
83
Nonbank foreigners
84 Other liabilities
85 Total payable in U.S. dollars
86 To United States
87
Parent bank
88
Other banks in United States
89
Nonbanks
90 To foreigners
91
Other branches of parent bank
92
Banks
Official institutions
93
94
Nonbank foreigners
95 Other liabilities
106,593
130,873
144,717
157,229
157,892
162,351
161,471
159,481
161,036
158,466
9,730
1,887
4,189
3,654
20,986
3,104
7,693
10,189
21,785
4,225
5,716
11,844
38,022
5,444
7,502
25,076
40,768
6,413
7,313
27,042
43,358
6,765
8,973
27,620
42,481
6,313
8,607
27,561
41,886
8,006
8,345
25,535
43,882
6,694
8,972
28,216
44,171
6,329
9,985
27,857
93,202
12,786
39,917
20,963
19,536
104,032
12,567
47,620
24,202
19,643
117,438
15,384
56,262
21,412
24,380
112,255
16,545
51,336
16,517
27,857
110,036
16,270
49,622
16,110
28,034
111,417
16,546
49,937
15,965
28,969
111,262
17,245
49,616
14,608
29,793
109,629
18,358
47,549
13,908
29,814
109,199
19,412
46,204
14,119
29,464
106,586
17,771
46,628
11,746
30,441
3,661
5,855
5,494
6,952
7,088
7,576
7,728
7,966
7,955
7,709
77,030
95,449
103,440
1120,277
121,407
127,029
126,359
124,248
126,901
125,859
9,328
1,836
4,101
3,391
20,552
3,054
7,651
9,847
21,080
4,078
5,626
11,376
37,332
5,350
7,249
24,733
40,276
6,296
7,289
26,691
42,809
6,660
8,884
27,265
41,885
6,211
8,489
27,185
41,198
7,907
8,167
25,124
43,143
6,624
8,755
27,764
43,402
6,212
9,806
27,384
66,216
9,635
25,287
17,091
14,203
72,397
8,446
29,424
20,192
14,335
79,636
10,474
35,388
17,024
16,750
79,034
12,048
32,298
13,612
21,076
77,463
11,900
30,995
13,497
21,071
80,581
12,254
32,249
13,418
22,660
80,825
13,130
32,090
12,196
23,409
79,444
14,102
30,415
11,568
23,359
79,914
14,958
29,965
11,829
23,162
78,715
13,903
30,557
9,843
24,412
1,486
2,500
2,724
3,911
3,668
3,639
3,649
3,606
3,844
3,742
Bahamas and Caymans
91,735
108,977
123,837
149,051
146,585
142,853
143,795
142,941
139,836
141,607
97 To United States
98
Parent bank
99
Other banks in United States
100
Nonbanks
39,431
20,482
6,073
12,876
37,719
15,267
5,204
17,248
59,666
28,181
7,379
24,106
85,704
39,250
10,620
35,834
89,032
37,777
11,208
40,047
87,429
36,682
12,211
38,536
91,808
39,146
14,285
38,377
94,166
35,806
15,907
42,453
94,421
36,395
16,834
41,192
97,705
39,225
17,415
41,065
101 To foreigners
102
Other branches of parent bank
103
Banks
104
Official institutions
105
Nonbank foreigners
50,447
16,094
23,104
4,208
7,041
68,598
20,875
33,631
4,866
9,226
61,218
17,040
29,895
4,361
9,922
60,012
20,641
23,202
3,498
12,671
54,494
20,721
18,624
3,149
12,000
52,333
19,814
18,221
2,505
11,793
49,005
18,614
16,418
2,607
11,366
45,773
17,365
14,723
2,512
11,173
42,032
15,888
13,457
2,448
10,239
41,147
15,890
12,622
2,466
10,169
96 Total, all currencies
106 Other liabilities
107 Total payable in U.S. dollars
1,857
2,660
2,953
3,335
3,059
3,091
2,982
3,002
3,383
2,755
87,014
103,460
119,657
145,227
142,793
139,247
140,115
139,461
136,504
138,369
A58
3.15
International Statistics • September 1982
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1982
Item
1980
1981
Jan.
1 Total 1
2
3
4
5
6
7
8
9
10
11
12
By type
Liabilities r e p o r t e d by b a n k s in the U n i t e d States 2
U . S . T r e a s u r y bills a n d certificates 3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U . S . securities o t h e r t h a n U . S . T r e a s u r y securities 5
By area
Western Europe1
Canada
Latin A m e r i c a a n d C a r i b b e a n
Other countries6
Mar.
Apr.
May
June?
JulyP
164,578
169,697
167,975
166,209
166,757
165,526
166,993
168,343
169,967
30,381
56,243
26,567
52,389
24.115
52,306
24,713
48,174
25,051
47,048
26,326
43,850
27,723
42,741
28,420
43,509
25,550
45,824
41,455
14,654
21,845
53,150
11,791
25,800
53,992
11,791
25,771
56,333
11,291
25,698
57,647
11,291
25,720
58,459
11,050
25,841
59,933
10,750
25,846
60,251
10,150
26,013
63,068
9,750
25,775
81,592
1,562
5,688
70,784
4,123
829
65,479
2,403
6,954
91,790
1,829
1,242
63,058
2,369
5,930
94,137
1,649
832
62,049
1,669
6,308
93,559
1,474
1,150
60,364
1,647
6,562
95,247
1,337
1,600
57,393
1,721
7.124
94.866
1,823
2,599
57,382
1,329
7,248
95,908
1,381
3,745
58,025
1,568
7,708
95,494
1,437
4,110
58,782
1,519
7,253
97,135
1,479
3,800
5. D e b t securities of U . S . g o v e r n m e n t c o r p o r a t i o n s a n d federally s p o n s o r e d
agencies, and U . S . c o r p o r a t e stocks and b o n d s .
6. Includes countries in O c e a n i a a n d E a s t e r n E u r o p e .
1. Includes the B a n k f o r I n t e r n a t i o n a l S e t t l e m e n t s .
2. Principally d e m a n d d e p o s i t s , t i m e d e p o s i t s , b a n k e r s a c c e p t a n c e s , c o m m e r c i a l
p a p e r , n e g o t i a b l e time certificates of d e p o s i t , a n d borrowings u n d e r r e p u r c h a s e
agreements.
3. Includes n o n m a r k e t a b l e certificates of i n d e b t e d n e s s (including those payable
in f o r e i g n c u r r e n c i e s t h r o u g h 1974) a n d T r e a s u r y bills issued t o official institutions
of foreign countries.
4. E x c l u d e s n o t e s issued t o foreign official n o n r e s e r v e agencies. Includes b o n d s
a n d n o t e s payable in foreign currencies.
3.16
Feb.
NOTE. Based o n T r e a s u r y D e p a r t m e n t d a t a a n d o n d a t a r e p o r t e d to the T r e a s u r y
D e p a r t m e n t by b a n k s (including F e d e r a l R e s e r v e B a n k s ) a n d securities d e a l e r s in
the U n i t e d States.
LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies
Millions of dollars, end of period
1981
Item
1979
1980
Sept.
1
2
3
4
5
B a n k s ' own liabilities
B a n k s ' o w n claims'
Deposits
O t h e r claims
Claims of b a n k s ' d o m e s t i c c u s t o m e r s 2
1. I n c l u d e s claims of b a n k s ' d o m e s t i c c u s t o m e r s through M a r c h 1978.
2. A s s e t s o w n e d by c u s t o m e r s of t h e r e p o r t i n g bank located in the U n i t e d States
that r e p r e s e n t claims on f o r e i g n e r s held by r e p o r t i n g b a n k s f o r the a c c o u n t s of
their d o m e s t i c c u s t o m e r s .
1,918
2,419
994
1,425
580
3,748
4.206
2,507
1,699
%2
1982
1981
3,798
5,220
3,398
1,822
971
2,878
4,078
2,409
1.669
248
Dec.
3,798
5,220
3,398
1,822
971
Mar.'
4,326
5,612
3,796
1,816
944
Junep
4,640
6,363
3,560
2,803
924
NOTE. D a t a on claims exclude foreign currencies held by U . S . m o n e t a r y authorities.
Nonbank-Reported
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Data
Reported by Banks in the United States
Millions of dollars, end of period
1982
Holder and type of liability
1979
1980
1981'
Jan.
Feb.
Mar.
Apr.
May'
June'
July?
1 All foreigners
187,521
205,297
242,981
250,799
254,520
261,219
266,256
274,341
284,943
284,557
2 Banks' own liabilities
3
D e m a n d deposits
4
Time deposits'
5
Other 2
6
Own foreign offices 3
117.196
23,303
13.623
16.453
63.817
124.791
23,462
15,076
17,583
68,670
162,755
19,677
28,816
17,418
96,844
171.338
18.334
31.363
16.466
105.175
179,819
17,808
36,555
17,235
108,221
187.559
16,498
43,597
18,989
108,475
194.898
18,161
48,552
18.570
109,616
203,120
16,550
53,414
21,171
111,984
211,666
17,292
55,896
22,121
116.358
208,702
17,132
59,490
20,368
111,711
70,325
48,573
80,506
57,595
80,225
55,312
79,460
55,131
74,701
51,142
73,660
50,152
71,358
47,353
71,222
46,476
73,277
48,817
75,855
51,211
19.396
2,356
20,079
2,832
18,944
5,970
18,842
5.487
18.718
4,842
18,901
4,607
19,326
4,679
20,751
3,995
20,455
4,004
20,649
3,995
2,356
2,344
2,721
2,148
2,091
2,045
2,043
3,039
4,001
4,082
714
260
151
303
444
146
85
212
638
262
58
318
373
130
86
156
298
135
76
87
445
209
141
96
603
149
286
168
1,272
185
471
616
1,233
300
586
347
2,246
343
633
1,271
1,643
102
1,900
254
2.083
541
1.775
217
1,792
277
1.599
109
1,439
142
1.767
253
2,768
1.425
1.835
487
1.538
2
1.646
0
1,542
0
1.558
0
1,515
0
1,490
0
1.297
0
1.514
0
1,343
0
1,349
0
20 Official institutions 8
78,206
86,624
78,957
76,422
72,886
72,099
70,176
70,464
71,929
71,374
21 Banks' own liabilities
D e m a n d deposits
22
23
Time deposits'
24
Other 2
18.292
4.671
3,050
10,571
17,826
3,771
3.612
10,443
16,808
2,612
4,146
10,050
14.643
2.404
3.686
8.553
14,959
2,385
4,261
8,312
15,326
2,277
4,866
8,183
17,112
3,241
5,623
8,248
17,626
2,156
5.769
9,702
18.925
3,167
5,486
10,272
16,008
2,782
6,155
7,071
25 Banks' custody liabilities 4
26
U.S. Treasury bills and certificates 5
27
Other negotiable and readily transferable
instruments 6
Other
28
59,914
47,666
68,798
56,243
62,149
52,389
61,778
52.306
57,927
48,174
56,773
47,048
53.064
43.850
52,838
42,741
53,004
43,509
55,366
45,824
12.196
52
12,501
54
9,712
47
9.445
27
9,717
37
9.685
40
9,029
185
10,057
40
9,461
33
9,507
36
29 Banks 9
88,316
96,415
135,355
145,926
151,420
157,787
161,176
165,642
172,468
171,482
30 Banks' own liabilities
31
Unaffiliated foreign banks
D e m a n d deposits
32
33
Time deposits'
Other 2
34
35
Own foreign offices 3
83,299
19,482
13,285
1,667
4.530
63,817
90,456
21.786
14,188
1,703
5,895
68,670
123,640
26.796
11.614
8.654
6.528
96,844
134,040
28,865
10,893
10.672
7.299
105.175
140,669
32,448
10,444
13,653
8,350
108,221
146.591
38.116
9,267
18,653
10,195
108,475
148,456
38,840
9,915
19,260
9,664
109.616
153,081
41,097
9,697
21,248
10,152
111,984
159,762
43,405
9,281
23,403
10.721
116,358
157,824
46,113
9,392
25,474
11.247
111,711
5,017
422
5,959
623
11,715
1.683
11.886
1.853
10,751
1,876
11,197
2.213
12,720
2,592
12,562
2,698
12,706
2,926
13,657
3,872
2,415
2,179
2,748
2.588
4,421
5,611
4,858
5,176
4,405
4,470
4,729
4,255
5,968
4,160
6,097
3.766
6,527
3,253
6,661
3,124
7 Banks' custody liabilities 4
8
U.S. Treasury bills and certificates 5
Other negotiable and readily transferable
9
instruments 6
10
Other
11 Nonmonetary international and regional
organizations 7
12 Banks' own liabilities
D e m a n d deposits
13
14
Time deposits'
Other 2
15
16 Banks' custody liabilities 4
17
U.S. Treasury bills and certificates
Other negotiable and readily transferable
18
instruments 6
19
Other
36 Banks' custody liabilities 4
37
U.S. Treasury bills and certificates
Other negotiable and readily transferable
38
instruments 6
39
Other
40 Other foreigners
18,642
19,914
25,947
26,303
28,124
29,288
32,861
35,196
36,545
37,620
41 Banks' own liabilities
D e m a n d deposits
42
Time deposits
43
Other 2
44
14.891
5.087
8.755
1.048
16.065
5.356
9,676
1,033
21,669
5,189
15,958
523
22,282
4.906
16.918
458
23,893
4,843
18,564
485
25,196
4,745
19,936
515
28,727
4.855
23,383
489
31,140
4,512
25,926
702
31,745
4,544
26,420
781
32.623
4,615
27,229
779
3.751
382
3,849
474
4,278
698
4.021
755
4,231
815
4,092
782
4,134
769
4,055
784
4,800
957
4,996
1,028
3,247
123
3,185
190
3,268
312
2.981
284
3,081
335
2,997
313
3,032
334
3,082
189
3,125
718
3,133
835
10,984
10,745
10,672
10.451
10,916
11,169
11,673
12,652
12,878
12,962
45 Banks' custody liabilities 4
U.S. Treasury bills and certificates
46
Other negotiable and readily transferable
47
instruments 6
Other
48
49 MEMO: Negotiable time certificates of
deposit in custody for foreigners
1. Excludes negotiable time certificates of deposit, which are included in " O t h e r
negotiable and readily transferable instruments." Data for time deposits before
April 1978 represent short-term only.
2. Includes borrowing under repurchase agreements.
3. U.S. banks: includes amounts due to own foreign branches and foreign subsidiaries consolidated in "Consolidated Report of Condition" filed with bank regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due to head office or parent foreign bank, and foreign
branches, agencies or wholly owned subsidiaries of head office or parent foreign
bank.
4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued
to official institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, and negotiable time certificates of deposit.
7. Principally the International Bank for Reconstruction and D e v e l o p m e n t , and
the Inter-American and Asian Development Banks.
8. Foreign central banks and foreign central governments and the Bank for
International Settlements.
9. Excludes central banks, which are included in "Official institutions."
A59
A60
3.17
International Statistics • September 1982
Continued
1982
Area and country
1979
1980
1981A
Jan.
Feb.
Mar.
Apr.
Mayr
Juner
July?
1
Total
187,521
205,297
242,981
250,799
254,520
261,219
266,256
274,341
284,943
284,557
2
Foreign countries
185,164
202,953
240,259
248,651
252,430
259,174
264,213
271,302
280,942
280,475
3
4
90,952
413
2,375
1,092
398
10,433
12.935
635
7.782
2,337
1,267
557
1,259
2,005
17,954
120
24,700
266
4,070
52
302
90,897
523
4,019
497
455
12,125
9,973
670
7,572
2,441
1,344
374
1,500
1,737
16,689
242
22,680
681
6,939
68
370
90,942
89,804
12
13
14
15
16
17
18
19
20
21
22
23
Europe
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe 1
U.S.S.R
Other Eastern Europe 2
91,957
647
3,254
524
292
8,047
6,668
535
6,497
3,027
1,129
275
946
1,480
18,515
216
34,073
219
5,279
52
284
93,541
545
3,002
514
273
7,792
7,698
472
4,300
3,111
1,518
272
1,136
1.358
19,199
283
35.146
223
6,256
44
400
91.890
472
2,898
613
229
6,737
6.555
457
3,695
2,963
1.666
272
1.055
1,373
20.339
364
35,452
259
6.106
37
350
97,484
454
3.075
608
212
6,312
6,954
549
3,420
2,719
1,981
276
1,114
1,425
21,651
204
39,893
237
6,000
30
371
102,549
434
2,869
510
181
9,226
6,221
512
4,720
2.836
1,370
365
1,191
1,411
22,451
168
41,159
314
6,048
44
521
107,300
501
2,957
450
162
8,618
5,624
506
5,760
2,762
1,339
365
1,133
1,637
23,632
1,364
44,103
320
5,624
41
400
24
Canada
5
6
1
8
9
1U
11
587
719
4,117
333
296
8,486
7,665
463
7,290
2,823
1,457
354
916
1,545
18,723
518
28,288
375
6,165
49
493
3,954
512
157
8.078
6.953
469
7.104
2.838
1.245
301
1.024
1,274
18,872
336
30,649
215
4,765
68
271
7,379
10,031
10,250
11.572
11,105
10,780
12,298
10,619
11.541
11,167
25 Latin America and Caribbean
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala 3
36
Jamaica 3
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean
49,686
1.582
15,255
430
1,005
11,138
468
2,617
13
425
414
76
4,185
499
4,483
383
202
4,192
2,318
53,170
2,132
16,381
670
1,216
12,766
460
3.077
6
371
367
97
4,547
413
4.718
403
254
3,170
2,123
84,685
2,445
34,400
765
1,568
17,794
664
2.993
9
434
479
87
7.163
3,182
4.847
694
367
4.245
2,548
92.474
2.879
43,627
680
1,608
17.924
771
2.861
7
355
485
120
6.668
3.145
3.480
594
481
4.557
2.232
94,715
2,897
43,675
865
1,803
18,847
815
2.924
10
370
519
100
7,246
3,234
3,357
531
479
4,578
2.464
98,073
3,037
44,689
1,113
1,352
18,844
951
2,654
7
513
590
129
7,646
3,434
4,190
532
323
5,120
2,948
103.809
2.729
45.608
1.165
1.462
19.623
992
2,639
6
491
569
133
8,533
3.474
4,238
620
410
8.061
3.056
105,507
2,203
44,819
1,350
1,615
19,690
1,224
2,515
6
465
583
104
8.992
3,449
4,338
753
561
9,421
3,419
108,774
2,030
43,669
1,300
1,838
22,838
1,124
2,700
6
559
580
100
8,793
3,891
5,400
1,069
542
9,310
3,023
103,386
2,095
39,240
1,315
1,830
21,693
1,525
2,699
7
527
613
139
9,649
3,598
4,877
932
607
9,127
2,915
44
33,005
42,420
49,784
50.658
50,409
52,607
50.362
51,066
51,001
51,850
49
1,393
1,672
527
504
707
8,907
993
795
277
15,300
1,879
49
1,662
2,548
416
730
883
16,281
1,528
919
464
14,453
2,487
158
2,082
3.950
385
640
592
20,550
2,013
874
534
13,154
4,852
183
2.227
3.946
512
1.230
546
20.051
2.146
757
369
13,623
5,068
215
2.253
4,302
414
1.241
507
20.778
2,162
739
494
13,569
3,735
257
2,213
4,195
435
1,127
449
21,955
2.138
671
340
14,799
4,028
331
2,291
4,587
544
837
539
19,307
2.355
691
517
14,347
4,016
284
2,372
4,737
603
784
562
19,008
2,191
758
474
14,400
4,893
244
2,334
4,842
540
583
610
18,895
1,863
839
485
14,268
5,498
261
2,371
4,734
551
722
476
19,833
1,934
660
450
14,242
5,617
3,239
475
33
184
110
1,635
804
5,187
485
33
288
57
3,540
783
3,180
360
32
420
26
1,395
946
3,065
571
36
252
33
1.207
966
2,814
339
35
368
40
1,112
920
2,398
297
36
330
69
627
1,039
3,111
411
52
308
41
1,144
1,156
2,629
382
37
305
27
846
1,031
2,677
448
59
335
37
901
896
2,686
430
52
339
25
1,025
815
904
684
220
1,247
950
297
1,419
1,223
196
1.078
853
225
1.430
1,204
226
1,775
1,550
225
2,743
2.542
201
3,997
3,752
245
4,400
4,172
228
4,085
3,831
254
2,356
1,238
806
313
2,344
1,157
890
296
2.721
1,661
710
350
2,148
1,072
712
364
2.091
1,082
706
303
2,045
1,081
630
334
2,043
1,269
450
323
3,039
2,064
661
314
4,001
2,860
694
446
4,082
3,064
45
46
47
48
49
50
51
52
53
54
55
56
China
Mainland
Taiwan
H o n g Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle-East oil-exporting countries 4
Other Asia
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
63
Other Africa
64
65
66
Other countries
Australia
All other
67 Nonmonetary international and regional
organizations
68
International
69
Latin American regional
70
Other regional 6
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern E u r o p e a n countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German D e m ocratic Republic, Hungary, Poland, and Romania.
3. Included in " O t h e r Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Q a t a r , Saudi Arabia, and
United A r a b Emirates (Trucial States).
5. Comprises Algeria. G a b o n , Libya, and Nigeria.
606
412
6. Asian, African, Middle Eastern, and European regional organizations, except
the Bank for International Settlements, which is included in " O t h e r Western
Europe."
^
Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on, foreign residents.
Bank-Reported
3.18
Data
A61
BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1982
A r e a and country
1980
1979
1981A
Jan.
Feb.
Mar.
Apr.
May
Juner
JulyP
1
Total
133,943
172,592
251,029
255,822
266,483
276,924
287,562
299,979'
312,574
321,219
2
Foreign countries
133,906
172,514
250,973
255,771
266,435
276,868
287,522
299,936 r
312,531
321,173
28,388
284
1,339
147
202
3,322
1,179
154
1,631
514
276
330
1,051
542
1,165
149
13,795
611
175
268
1,254
32,108
236
1,621
127
460
2,958
948
256
3,364
575
227
331
993
783
1,446
145
14,917
853
179
281
1,410
49,047
121
2,843
188
547
4,126
936
333
5,240
686
384
529
2,100
1,206
2,213
424
23,645
1,224
209
367
1,725
51,844
198
2,819
226
555
4,707
1,080
380
5,496
763
384
584
2,166
1,329
1,849
464
25,136
1,211
220
455
1,820
54,695
172
3,280
253
573
4,951
870
321
5,644
814
437
666
2,507
1,504
2,001
522
26,665
1,243
192
262
1,817
56,937
130
3,778
285
574
5,579
1,123
325
5,333
956
447
724
2,619
1,550
1,709
496
27,784
1,200
317
218
1,790
59,319
200
3,848
286
525
5,042
1,483
279
5,099
750
452
813
2,499
1,441
1,564
487
31,081
1,238
282
195
1,755
62,009'
201
3,669
276'
638
5,508
1,512
262
5,842R
917R
416
797
2,624
1,692
1,557
573
31,974'
1,202
386
251
1,711
63,362
140
3,745
287
736
6,397
1,758
297
6,030
1,009
429
938
3,086
1,632
1,602
584
31,074
1,294
267
296
1,761
67,178
189
4,098
308
699
5,923
1,736
294
6,291
1,114
538
988
3,308
1,518
1,601
641
34,339
1,266
280
266
1,782
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Europe
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western E u r o p e 1
U.S.S.R
Other Eastern E u r o p e 2
24
Canada
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Latin America and Caribbean
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala 3
Jamaica 3
Mexico
Netherlands Antilles
Panama
Peru
Uruguay
Venezuela
Other Latin America and Caribbean
44
45
46
47
48
49
50
51
52
53
54
55
56
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 4
Other Asia
57
58
59
60
61
62
63
Egypt
Morocco
South Africa
Zaire
Oil-exporting countries 5
Other
64
65
66
Other countries
Australia
All other
67
Nonmonetary international and regional
organizations 6
4,143
4,810
9,164
9,600
9,925
10,970
11,805
12,687
13,038
67,993
4,389
18,918
496
7,713
9,818
1,441
1,614
1,025
134
47
9,099
248
6,041
652
105
4,657
1,593
92,992
5,689
29,419
218
10,496
15,663
1,951
1,752
3
1,190
137
36
12,595
821
4,974
890
137
5,438
1,583
138,114
7,522
43,437
346
16,918
21,913
3,690
2,018
3
1,531
124
62
22,407
1,076
6,780
1,218
157
7,069
1,844
143,022
8,622
44,886
481
17,329
21,106
4,157
2,108
7
1,703
119
177
23,025
953
6,927
1.432
262
7,237
2,491
148,003
8,827
45,860
452
17,878
22,031
4,363
2,067
9
1,752
119
115
24,301
1,150
7,306
1,433
240
7,727
2,374
152,875
8,928
47,586
401
18,723
22,975
4,513
2,018
3
1,837
106
151
25,174
873
7,509
1,518
232
8,085
2,245
158,097
10,896
47,606
575
19,380
22,739
4,590
2,146
137
1,879
116
130
26,087
886
8,246
1,589
316
8,560
2,220
166,757'
10,816
48,730'
396
20,413'
25,469'
4,884
2,265
37
1,852
112
781
28,321
880
8,318
1,672
346
9,172
2,295
172,608
11,012
51,788
414
21,013
25,824
5,268
2,554
3
2,022
124
124
29,435
1,025
8,372
2,047
381
9,138
2,064
177,815
10,966
52,306
402
21,417
27,834
5,223
2,592
8
2,020
147
578
29,624
1,027
9,376
2,051
413
9,727
2,104
30,730
39,078
49,770
46,023
48,211
50,107
52,115
53,117R
56,966
56,085
35
1,821
1,804
92
131
990
16,911
3,793
737
933
1,548
1,934
195
2,469
2,247
142
245
1,172
21,361
5,697
989
876
1,432
2,252
107
2,461
4,126
123
346
1,562
26,757
7,324
1,817
564
1,575
3,009
85
2,654
4,092
148
317
1,318
24,093
6,540
1,764
527
1,624
2,860
65
2,215
4,287
188
330
1,467
26,081
6,272
1,989
559
1,991
2,766
84
2,300
5,434
212
356
1,241
25,972
6,564
2,270
513
2,021
3,139
98
2,275
5.344
195
308
1,160
27,358
6,953
2,266
565
2,411
3,182
68
2,114
5,978
185
315
1,391
26,732'
7,103
2,459
502
2,613
3,656
124
2,048
6,086
252
288
1,835
29,268
7,119
2,605
459
2,546
4,337
139
1,972
6,124
266
294
1,637
28,908
6,796
2,605
406
2,660
4,279
1,797
114
103
445
144
391
600
2,377
151
223
370
94
805
734
3,503
238
284
1,011
112:
657
1,201
3,819
259
273
948
98
783
1,458
4,019
293
273
1,249
93
593
1,518
4,203
327
294
1,426
89
637
1,429
4,383
345
312
1,344
100
725
1,557
4,768
400
278
1,387
81
839
1,783
4,851
416
334
1,467
84
799
1,751
5,029
378
314
1,623
81
846
1,787
855
673
182
1,150
859
290
1,376
1,203
172
1,463
1,280
183
1,583
1,385
198
1,777
1,501
276
1,803
1,560
243
1,961
1,655
306
2,056
1,752
305
2,028
1,700
328
36
78
56
51
47
57
40
43
43
45
4
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern E u r o p e a n countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in " O t h e r Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
11,323
5. Comprises Algeria, G a b o n , Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in " O t h e r
Western E u r o p e . "
NOTE. Data for period prior to April 1978 include claims of banks' domestic
customers on foreigners.
/L Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on, foreign residents.
A62
3.19
International Statistics • September 1982
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1982
Type of claim
1979
1980
1981A
Jan.
Feb.
Mar.
Apr.
May
June'
July?
1 Total
154,030
198,698
288,282
2
3
4
5
6
7
8
133,943
15,937
47,428
40,927
6,274
34,654
29,650
172,592
20,882
65,084
50,168
8,254
41,914
36,459
251,029
31,193
96,639
74,091
22,689
51,403
49,105
20,088
955
26,106
885
37,253
1,378
43,154 r
1,512
42,230
1,426
13,100
15,574
25,752
32,328
31,966
6,032
9,648
10,123
9,314 r
8,838
18,021
22,714
29,565
30,480'
32,929
22,265
24,381
39,556
Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices 1
Unaffiliated foreign banks
Deposits
Other
All other foreigners
9 Claims of banks' domestic customers 2 . .
320,078'
255,822
33,153
96,476
76,304
23,947
52,357
49,889
266,483
33,460
98,305
82,946
26,259
56,686
51,772
276,924
33,705
101,710
87,288
28,709
58,579
54,222
354,804
287,562
35,203
106,115
90,760
29,152
61,607
55,484
299,979'
37,593'
107,618'
97,112'
33,432
63,679'
57,657'
312,574
40,007
112,240
101,407
35,494
65,913
58,920
321,219
40,535
112,976
108,020
39,770
68,249
59,689
11 Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: Customer liability on
Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States 5
42,367
41,362
43,934
44,292
n.a.
4. Data for March 1978 and for period before that are outstanding collections
only.
5. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. For description of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550.
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift f r o m foreign branches t o international banking
facilities in the United States of liabilities to, and claims on, foreign residents.
NOTE. Beginning April 1978, data for banks' own claims are given on a monthly
basis, but the data for claims of banks' own domestic customers are available on
a quarterly basis only.
1. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due f r o m head office or parent foreign bank, and foreign
branches, agencies, or wholly owned subsidiaries of head office or parent foreign
bank.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the account of their
domestic customers.
3. Principally negotiable time certificates of deposit and bankers acceptances.
3.20
40,806
43,781
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1979
1980
Dec.
Dec.
June
Sept
1981
1982
Maturity ; by borrower and area
Dec.^
Mar.'
June?
1
86,181
106,748
117,610
122,477
153,932
174,403
199,743
By borrower
2 Maturity of 1 year or less 1
3
Foreign public borrowers
4
All other foreigners
5 Maturity of over 1 year 1
6
Foreign public borrowers
7
All other foreigners
65,152
7,233
57,919
21,030
8,371
12,659
82,555
9,974
72,581
24,193
10,152
14,041
92,124
11,752
80,372
25,486
11,177
14,309
94,957
12,990
81,967
27,520
12,564
14,956
115,895
15,196
100,699
38,037
15,648
22,389
132,875
16,344
116,531
41,528
16,851
24,678
151,417
19,308
132,110
48,326
20,003
28,322
15,235
1,777
24,928
21,641
1,077
493
18,715
2,723
32,034
26,686
1,757
640
21,149
3,314
33,584
31,509
1,768
801
23,015
3,959
35,590
29,295
2,324
774
27,886
4,634
48,463
31,513
2,457
943
34,228
5,791
58,144
30,578
2.884
1.249
39,076
6,579
67,444
33,788
3,309
1,220
4,160
1,317
12,814
1,911
655
173
5,118
1,448
15,075
1,865
507
179
6,312
1,317
15,458
1,679
559
161
6,424
1,347
17,478
1,550
548
172
8,099
1,774
25,096
1,902
899
267
8,435
1,863
27,623
2,236
1,056
315
9,340
2,345
32,340
2,455
1,275
571
8
9
10
11
n
13
By area
Maturity of 1 year or less 1
Europe
Canada
Latin America and Caribbean
Africa
All other 2
Maturity of over 1 year 1
14
Europe
15
Canada
16
Latin America and Caribbean
17
18
19
All other 2
1. Remaining time to maturity.
2. Includes nonmonetary international and regional organizations.
^ Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on, foreign residents.
Nonbank-Reported
Data
A63
CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1
3.21
Billions of dollars, end of period
1980
Area or country
19782
1982
1981
1979
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
Mar.
JuneP
266.2
303.9
328.8
339.3
352.0
372.1
382.8
399.8
412.3
411.0
419.2
124.7
9.0
12.2
11.3
6.7
4.4
2.1
5.3
47.3
6.0
20.6
138.4
11.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4
154.2
13.1
14.1
12.7
6.9
4.5
2.7
3.3
64.4
7.2
25.5
158.8
13.6
13.9
12.9
7.2
4.4
2.8
3.4
66.7
7.7
26.1
162.1
13.0
14.1
12.1
8.2
4.4
2.9
5.0
67.4
8.4
26.5
168.5
13.6
14.5
13.3
7.7
4.6
3.2
5.1
68.5
8.9
29.1
168.3
13.8
14.7
12.1
8.4
4.2
3.1
5.2
67.0
10.8
28.9
172.2
14.1
16.0
12.7
8.6
3.7
3.4
5.1
68.8
11.8
28.0
173.9
13.3
15.3
12.9
9.8
4.0
3.7
5.5
69.1
11.0
29.4
172.1
13.1
15.8
12.4
8.9
4.0
4.0
5.3
68.7
11.4
28.4
170.3
13.8
16.3
12.6
8.8
4.0
3.9
5.1
66.4
10.9
28.5
13 Other developed countries
14
Austria
15
Denmark
16
Finland
17
Greece
Norway
18
19
Portugal
20
21
Turkey
22
Other Western E u r o p e
South Africa
23
24
Australia
19.4
1.7
2.0
1.2
2.3
2.1
.6
3.5
1.5
1.3
2.0
1.4
19.9
2.0
2.2
1.2
2.4
2.3
•i
3.5'
1.4
1.4
1.3
1.3
20.3
1.8
2.2
1.3
2.5
2.4
.6
3.9
1.4
1.6
1.5
1.2
20.6
1.8
2.2
1.2
2.6
2.4
.7
4.2
1.3
1.7
1.2
1.2
21.6
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3
23.5
1.8
2.4
1.4
2.7
2.8
.6
5.5
1.5
1.8
1.5
1.5
24.8
2.1
2.3
1.3
3.0
2.8
.8
5.7
1.4
1.8
1.9
1.7
26.4
2.2
2.5
1.4
2.9
3.0
1.0
5.8
1.5
1.9
2.5
1.9
28.4
1.9
2.3
1.7
2.8
3.1
1.1
6.6
1.4
2.1
2.8
2.5
30.5
2.1
2.5
1.6
2.8
3.2
1.1
7.1
1.5
2.2
3.2
3.1
31.6
2.1
2.6
1.6
2.5
3.2
1.5
7.2
1.4
2.2
3.4
3.8
25 O P E C countries 3
Ecuador
26
27
Venezuela
Indonesia
28
29
Middle East countries
African countries
30
22.7
1.6
7.2
2.0
9.5
2.5
22.9
1.7
8.7
1.9
8.0
2.6
20.9
1.8
7.9
1.9
6.9
2.5
21.4
1.9
8.5
1.9
6.7
2.4
22.7
2.1
9.1
1.8
6.9
2.8
21.7
2.0
8.3
2.1
6.7
2.6
22.2
2.0
8.8
2.1
6.8
2.6
23.5
2.1
9.2
2.5
7.1
2.6
24.4
2.2
9.6
2.5
7.6
2.5
24.7
2.3
9.4
2.7
8.2
2.2
25.3
2.3
9.4
2.7
8.6
2.3
31 N o n - O P E C developing countries
52.6
63.0
67.7
73.0
77.4
82.2
84.8
90.2
95.8
94.0
100.0
3.0
14.9
1.6
1.4
10.8
1.7
3.6
5.0
15.2
2.5
2.2
12.0
1.5
3.7
5.6
15.3
2.7
2.2
13.6
1.4
3.6
7.6
15.8
3.2
2.4
14.4
1.5
3.9
7.9
16.2
3.7
2.6
15.9
1.8
3.9
9.5
17.0
4.0
2.4
17.0
1.8
4.7
8.5
17.5
4.8
2.5
18.2
1.7
3.8
9.3
17.7
5.5
2.5
20.0
1.8
4.2
9.3
19.0
5.8
2.6
21.5
2.0
4.1
9.3
18.9
5.6
2.2
22.1
1.8
4.0
8.9
20.2
6.0
2.5
23.9
2.3
3.9
.0
2.9
.2
1.0
3.9
.6
2.8
1.2
.2
.1
3.4
.2
1.3
5.4
1.0
4.2
1.5
.5
.1
3.8
.2
1.2
7.1
1.1
4.6
1.5
.5
.1
4.1
.2
1.1
7.3
1.1
4.8
1.5
.5
.2
4.2
.3
1.5
7.1
1.1
5.1
1.6
.6
.2
4.4
.3
1.3
7.7
1.2
4.8
1.6
.5
.2
4.6
.3
1.8
8.8
1.4
5.1
1.5
.7
.2
5.1
.3
1.5
8.6
1.4
5.6
1.4
.8
.2
5.1
.3
2.0
9.4
1.7
6.0
1.5
1.0
.2
5.1
.5
1.6
8.6
1.7
5.8
1.3
1.0
.3
5.8
.5
2.1
8.8
1.8
6.2
1.3
1.2
.4
.6
.2
1.4
.6
.6
2
1.7
.8
.5
.2
1.9
.6
.6
.2
2.1
.8
.7
.2
2.1
.8
.6
.2
2.2
.7
.5
.2
2.1
1.0
.7
.2
2.2
1.1
.7
.2
2.3
1.3
.7
.2
2.3
1.3
.7
.2
2.3
6.9
1.3
1.5
4.1
7.3
.7
1.8
4.8
7.2
.5
2.1
4.5
7.3
.5
2.1
4.7
7.4
.4
2.3
4.6
7.7
.4
2.4
4.8
7.7
.5
2.5
4.8
7.7
.4
2.5
4.7
7.7
.6
2.5
4.7
7.0
.4
2.4
4.2
6.4
.4
2.3
3.7
31.0
10.4
.7
7.4
.8
3.0
.1
4.2
3.9
.5
40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4
44.3
13.7
.6
9.8
1.2
4.9
.2
6.9
5.9
.4
44.6
13.2
.6
10.1
1.3
5.6
.2
7.5
5.6
.4
47.0
13.7
.6
10.6
2.1
5.4
.2
8.1
5.9
.3
53.7
15.5
.7
11.9
2.3
6.5
.2
8.4
7.3
.9
59.3
17.9
.7
12.6
2.4
6.9
.2
10.3
8.1
.3
61.7
21.3
.8
12.1
2.2
6.7
.2
10.3
8.0
.1
63.6
18.9
.7
12.6
3.2
7.5
.2
11.8
8.6
.1
64.5
19.8
.7
11.6
3.2
7.0
.2
12.8
9.2
.1
67.3
22.5
.7
11.6
3.0
6.8
.2
13.0
9.5
.1
9.1
11.7
14.3
13.7
14.0
14.9
15.7
18.2
18.7
18.2
18.3
1 Total
2 G - 1 0 countries and Switzerland
3
Belgium-Luxembourg
4
France
5
Germany
Italy
6
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
Japan
12
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America
Asia
China
Mainland
Taiwan
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
Africa
Egypt
Morocco
Other Africa
4
52 Eastern E u r o p e
53
U.S.S.R
54
Yugoslavia
Other
55
56 Offshore banking centers
Bahamas
57
Bermuda
58
Cayman Islands and other British West Indies
59
60
Netherlands Antilles
61
Panama5
Lebanon
62
H o n g Kong
63
64
Singapore
Others 6
65
66 Miscellaneous and unallocated 7
1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.18 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches). However,
see also footnote 2.
2. Beginning with data for June 1978, the claims of the U.S. offices
in this table include only banks' own claims payable in dollars. For earlier dates
the claims of the U.S. offices also include customer claims and foreign currency
claims (amounting in June 1978 to $10 billion).
3. In addition to the Organization of Petroleum Exporting Countries shown
individually, this group includes other members of O P E C (Algeria, G a b o n , Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United A r a b Emirates) as
well as Bahrain and O m a n (not formally members of O P E C ) .
4. Excludes Liberia.
5. Includes Canal Z o n e beginning D e c e m b e r 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.
A64
International Statistics • September 1982
3.22
L I A B I L I T I E S T O U N A F F I L I A T E D F O R E I G N E R S R e p o r t e d by N o n b a n k i n g B u s i n e s s Enterprises in the
U n i t e d States'
Millions of dollars, end of period
1981
Type, and area or country
1978
1979
June
1 Total
1982
1980
Sept.
Dec.
Mar.''
14,952
17,385
21,990
21,404
22,948
21,604
20,720
11,523
3,429
14,310
3,075
18.281
3.709
18,123
3,281
19,853
3.095
18,088
3,515
18.062
2.658
B\ type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
6,368
3,853
2,515
7,485
5,215
2,270
11,153
8,381
2.772
11,465
9,099
2,366
12,512
10.227
2,285
11,325
8,851
2,474
11,190
9,320
1,870
7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities
8,584
4.001
4.583
9.900
4,585
5.315
10,837
4,934
5,903
9,939
4,460
5,479
10,436
4,351
6,085
10,278
4,647
5,631
9,530
3,961
5,569
7,670
914
9,095
805
9,900
936
9,024
915
9,626
810
9,237
1,041
8,742
788
3.971
293
173
366
391
248
2.167
4,658
345
175
497
829
170
2,463
6,338
487
327
582
681
354
3,772
5,997
532
367
451
763
345
3,422
7,494
492
825
430
651
465
4.478
6,404
452
636
491
738
715
3,246
7,067
496
822
503
730
707
3,704
2 Payable in dollars
3 Payable in foreign currencies 2
10
11
12
13
14
15
16
17
18
Payable in dollars
Payable in foreign currencies
Bv area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
19
Canada
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
27
28
29
Japan
Middle East oil-exporting countries 3
247
532
964
978
977
958
914
1.357
478
4
10
194
102
49
1,483
375
81
18
514
121
72
3,103
964
1
23
1,452
99
81
3,592
1,272
1
20
1,534
98
91
3,195
1,019
0
20
1,363
107
90
3,099
1,279
7
22
1,045
102
98
2,744
1.095
6
27
1.016
67
97
784
717
32
804
726
31
723
644
38
869
750
29
814
696
30
838
673
47
450
293
40
30
31
Africa
Oil-exporting countries 4
5
2
4
1
11
1
5
0
3
1
3
0
2
0
32
All other 5
5
4
15
24
29
24
12
3.047
97
321
523
246
302
824
3,701
137
467
545
227
310
1.077
4.396
90
582
679
219
493
1,209
3,959
72
558
617
225
375
1,011
3,955
78
575
590
238
563
925
3,771
67
573
545
221
424
884
3,421
50
504
473
232
400
824
33
34
3b
36
37
38
39
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
667
924
876
731
823
870
857
41
42
43
44
45
46
4/
Latin America
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
997
25
97
74
53
106
303
1,323
69
32
203
21
257
301
1,259
8
75
111
35
326
319
1,149
4
72
54
34
319
290
1,087
3
113
61
11
345
273
986
2
67
67
2
293
276
770
22
71
83
27
176
194
2,927
448
1,518
2,991
583
1,014
3,034
802
890
2,803
867
837
3,221
775
881
3,285
1,094
910
3,214
1,081
816
48
49
50
Japan
Middle East oil-exporting countries 3
51
52
Africa
Oil-exporting countries 4
743
312
728
384
817
517
676
392
757
355
703
344
664
247
53
All other 5
203
233
456
622
593
664
604
1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p. 550.
2. Before December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.
3. Comprises Bahrain. Iran. Iraq. Kuwait, O m a n . Qatar. Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, G a b o n , Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.
Nonbank-Reported
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
United States'
Data
A65
Reported by Nonbanking Business Enterprises in the
Millions of dollars, end of period
1981
Type, and area or country
1978
1982
1980
1979
June
Sept.
Dec.r
Mar.P
1 Total
28,001
31,341
34,597
35,341
34,348
35,737
30,059
2 Payable in dollars
3 Payable in foreign currencies 2
24,998
3,003
28,148
3,193
31,663
2,933
32,424
2,917
31,380
2,968
32,167
3,571
27,452
2,607
By type
4 Financial claims
5
Deposits
6
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies
16,644
11,201
10,133
1.068
5,443
3,874
1,569
18,449
12,813
11,897
916
5,637
3,810
1,826
19,924
14,087
13,312
775
5,837
4,154
1,683
20,156
14,530
13,805
725
5,625
3,988
1,638
19,415
13,628
12,902
726
5,787
4,102
1,686
20,859
14,675
14,060
615
6,185
3,744
2,440
17,675
12,638
12,181
457
5,037
3,408
1,629
11 Commercial claims
12
Trade receivables
13
Advance payments and other claims
11,357
10,798
559
12,892
12,188
704
14,673
13,947
726
15,185
14,338
847
14,933
14,047
886
14,878
13,938
940
12,384
11,449
935
14
15
10,991
366
12,441
450
14,197
476
14,631
554
14,376
556
14,362
516
11,864
520
5,225
48
178
510
103
98
4,031
6,167
32
177
409
53
73
5,111
6,116
195
337
230
51
59
4,968
5,156
174
377
139
52
116
3,952
4,822
26
348
320
68
86
3,649
4,566
43
325
244
50
73
3,493
4,570
16
452
217
79
39
3,524
16
17
18
19
20
21
22
Payable in dollars
Payable in foreign currencies
By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
23
Canada
4,549
4,987
5,060
6,162
6,013
6,617
4,874
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
5,714
3,001
80
151
1,291
162
157
6,293
2,765
30
163
2,011
157
143
7,768
3,448
135
96
2,731
208
137
7,987
3.330
33
20
3,397
162
143
7,621
3,253
15
66
3.195
271
143
8,575
3,902
18
30
3,500
299
148
7,359
3,444
94
49
2,751
281
130
31
32
33
Japan
Middle East oil-exporting countries 3
920
305
18
706
199
16
710
177
20
599
99
19
621
109
29
882
363
37
680
267
36
34
35
Oil-exporting countries 4
181
10
253
49
238
26
216
39
222
41
168
46
159
43
55
44
32
37
116
51
34
3,983
144
609
399
267
198
824
4,909
202
727
589
298
272
901
5,512
233
1,129
591
318
353
928
5,470
235
784
572
308
474
1,067
5,347
220
767
580
308
404
1,032
5,327
234
776
554
303
427
965
4,342
245
696
444
227
354
1,057
36
37
38
39
40
41
42
43
All other 5
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
44
Canada
1,094
859
914
1,016
1,017
967
939
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
2,546
109
215
628
9
505
291
2,879
21
197
645
16
708
343
3,765
21
108
861
34
1,101
410
3,804
29
192
824
34
1,121
420
3,726
18
241
726
13
983
454
3,464
12
223
668
12
1,020
422
2,904
80
212
417
23
759
394
3,108
1,006
713
3,451
1,177
765
3.512
1,045
822
3,785
1,218
934
3,674
1,104
828
3,910
1,244
898
3,151
1,158
757
52
53
54
Japan
Middle East oil-exporting countries 3
55
56
Africa
Oil-exporting countries 4
447
136
554
133
653
153
705
137
717
154
750
152
584
142
57
All other 5
178
240
318
404
451
459
463
1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p. 550.
2. Prior to D e c e m b e r 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.
3. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Q a t a r , Saudi Arabia, and
United A r a b Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.
A66
3.24
International Statistics • September 1982
F O R E I G N T R A N S A C T I O N S IN S E C U R I T I E S
Millions of dollars
1982
Transactions, and area or country
1980
1982
1981
JanJuly
Jan.
Feb.
Mar.
Apr.
May
June
July?
U.S. corporate securities
STOCKS
1
2
Foreign purchases
Foreign sales
3
4
40.298
34,870
40,603
34,835
16.970
15.040
2.016
1.748
2,524
1,988
2,635
2,506
2.359
2,101
2,622R
2,186
2,166'
1,863'
2,647
2,648
Net purchases, or sales (—)
5,427
5,768
1,930
268
536
129
258
436'
303'
-1
Foreign countries
5,409
5,743
1,896
263
537
120
252
429
299
3.116
492
169
-328
310
2,528
887
148
1.206
16
- 1
38
3,606
892
-28
39
280
2,209
783
-30
1,140
284
7
-46
1.668
-95
177
93
-229
1,685
-196
30
378
-37
- 4
57
231
0
15
3
40
169
-45
-13
51
40
0
- 1
347
- 6
17
38
-33
317
20
31
137
- 6
6
166
-51
42
1
-60
223
-118
-19
84
4
- 3
6
167
33
29
- 9
-66
176
0
53
61
-40
0
12
306'
-48
43
36
6
279
-10
22
104
-21
1
27
158'
-25
11'
23
-85
225'
2
25
73
39
- 3
6
292
2
21
2
-31
297
-45
-69
-133
-54
1
0
18
24
34
5
-1
9
6
6
4'
5
15.425
9,964
17,290
12,247
10,856
8,647
946
778
929
930
1,619
1.481
2.217
1.485
1,929
1,199
1,483
1,153
1,732
1,623
110
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
lb Africa
lb Other countries
5
6
7
8
9
10
11
12
13
14
17
Nonmonetary international and
regional organizations
1
-6
BONDS2
18
19
Foreign purchases
Foreign sales
20
Net purchases, or sales ( - )
5,461
5,043
2,208
168
-1
138
733
730
330
21
Foreign countries
5,526
4,976
2,104
154
10
144
674
690
356
75
22
23
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
1.576
129
212
-65
54
1,257
135
185
3,499
117
5
10
1,356
11
848
70
108
181
-12
132
3,465
44
2.003
133
1.684
45
126
-48
163
115
-225
68
-19
0
144
15
88
2
19
3
29
17
-89
53
0
0
16
14
104
0
8
-102
15
-11
-63
52
0
2
169
12
225
17
15
-102
29
26
-41
-29
- 6
- 3
540
20
396
14
46
59
46
- 8
126
-18
-13
244
23
115
5
12
67
21
61
22
9
0
1
704
46
500
11
48
91
23
15
-112
61
0
0
-1
185
3
256
- 4
-22
-63
1
17
-68
-60
0
0
-65
66
104
14
-11
-6
59
40
-26
35
24
2b
26
27
28
29
30
31
32
33
34
Nonmonetary international and
regional organizations
-1
- 7
Foreign securities
35
36
37
Stocks, net purchases, or sales ( - )
Foreign purchases
Foreign sales
-2,136
7.893
10.029
-39
9,261
9,300
157
3,656
3,499
145
522
377
38
509
471
31
692
661
-65
383
448
-115
486
601
79
619'
540'
44
444
400
38
39
40
Bonds, net purchases, or sales ( - )
Foreign purchases
Foreign sales
-1.001
17,084
18,086
-5.436
17,540
22,976
-1,623
14,613
16.237
-106
1.222
1,327
-99
1,513
1,612
-540
2,549
3.089
-33
2.254
2.287
461
2,755
2,294
-762'
2,033'
2.795'
-544
2,288
2,832
41
Net purchases, or sales ( - ) , of stocks and bonds .
-3,138
-5,475
-1,467
39
-62
-509
-98
346
-684'
-500
42
43
44
Foreign countries
Europe
Canada
Latin America and Caribbean
Asia
Africa
Other countries
Nonmonetary international and
regional organizations
-4,014
-4,463
-1,353
11
-121
-525
-32
126 r
-305'
-507
-1,108
-1,948
86
-1,147
24
79
-681
-3,698
170
-291
-53
90
-429
-1,046
679
-530
-34
8
132
-164
67
- 3
-15
- 5
-58
-102
67
-21
109
-628
96
-115
- 5
17
-127
120
202
-209
-17
0
-40
76
144'
-53
- 1
-21
-266
26
-1
-425
-81'
76'
127
0
- 2
876
-1,012
-113
28
60
16
-66
219
-379
4b
46
47
48
49
1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait,
O m a n , Qatar, Saudi Arabia, and United A r a b Emirates (Trucial States).
-1
- 7
-255
3
6
7
2. Includes state and local government securities, and securities of U . S . government agencies and corporations. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investments abroad.
Investment Transactions and Discount Rates
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
A67
Foreign Holdings and Transactions
Millions of dollars
1982
1982
1980
Country or area
1981
Jan.July
Feb.
Jan.
Apr.
Mar.
Holdings (end of period)
May
June
JulyP
79,655
1
1 Estimated total 2
57,549
70,201
71,487
73,800
75,794
77,268
77,836'
78,199'
2 Foreign countries 2
52,961
64,530
65.850
68,273
70,251
71,925
72,950'
73,005'
75,363
3 Europe2
4
Belgium-Luxembourg
5
Germany2
6
Netherlands
7
Sweden
8
Switzerland 2
9
United Kingdom
10
Other Western E u r o p e
11
Eastern E u r o p e
12 Canada
24,468
77
12,327
1,884
595
1,485
7,323
777
0
449
23,976
543
11,861
1,955
643
846
6,709
1,419
0
514
24,373
614
11.898
1,998
644
904
6,800
1,514
0
533
25.332
363
12,845
2,038
635
984
6,931
1,535
0
499
26,085
539
13,055
2,052
697
1,025
7,037
1.680
0
458
26.393
709
13,231
2,139
662
1,157
6.737
1,757
0
473
26,021'
340
12,974
2,152
655
1,134
6,811
1,954
0
506
25,738'
152
13,022
2,176
652
1,039
6,674'
2.023
0
410
26,454
155
13,535
2,147
650
1,016
6,923
2,028
0
445
13
14
15
16
17
18
19
20
999
292
285
421
26,112
9,479
919
14
736
286
319
131
38,671
10,780
631
2
721
286
321
113
39,700
10,844
519
3
728
286
337
104
41,310
11,022
400
5
760
286
370
103
42,531
11,203
401
17
886
306
383
196
43.750
11.381
403
22
938
296
437'
204
45,060
11,396
405
21
910'
253
432'
224
45,516'
11,137
405
26
848
229
402
217
47,189
11,289
405
23
Latin America and Caribbean
Venezuela
O t h e r Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other
21 Nonmonetary international and regional organizations
4,588
5,671
5.637
5,527
5,543
5,343
4,886
5,194'
4,292
22
23
4,548
36
5,637
1
5,603
1
5.493
-4
5,529
-4
5,278
-4
4,822
-4
5,123
-6'
4,167
-6
International
Latin American regional
Transactions (net purchases, or sales
24 Total 2
- ) during period)
6,066
12,652
9,454
1,286
2,313
1,994
1,474
568'
362'
1,457
25 Foreign countries
26
Official institutions
27
O t h e r foreign 2
28 Nonmonetary international and regional organizations..
6,906
3,865
3,040
-843
11,568 10.833
9,918
11,694
914
-127
1,085 - 1 , 3 7 8
1,320
841
478
-33
2,423
2,343
80
-110
1,978
1,314
664
16
1,674
812
862
-200
1,025'
1,474
-448'
-457'
54'
318'
-264'
309'
2,358
2,817
-458
-903
MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4
7,672
327
11,156
-289
1,019
-112
1,373
-119
470
0
906
2
907
2
924
0
1,313
0
2
6,912
-227
1. Estimated official and private holdings of marketable U.S. Treasury securities
with an original maturity of more than 1 year. Data are based on a benchmark
survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes
nonmarketable U . S . Treasury bonds and notes held by official institutions of foreign
countries.
3.26
2. Beginning December 1978, includes U.S. Treasury notes publicly issued to
private foreign residents denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Q a t a r , Saudi Arabia, and
United A r a b Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Argentina
Austria . .
Belgium..
Brazil
Canada . .
Denmark.
Country
Country
Percent
226.0
6.25
13.0
49.0
13.95
11.00
Month
effective
Aug.
Aug.
Aug.
Mar.
Aug.
Oct.
1982
1982
1982
1981
1982
1980
Percent
France 1
Germany, Fed. Rep. of
Italy
Japan
Netherlands
Norway
1. As of the end of February 1981, the rate is that at which the Bank of France
discounts Treasury bills for 7 to 10 days.
2. Minimum lending rate suspended as of Aug. 20, 1981.
NOTE. Rates shown are mainly those at which the central bank
Rate on Aug. 31, 1982
Rate on Aug. 31, 1982
Rate on Aug. 31, 1982
Country
either
14.25
7.0
18.0
5.5
7.0
9.0
Month
effective
Aug.
Aug.
Aug.
Dec.
Aug.
Nov.
1982
1982
1981
1981
1982
1979
Sweden
Switzerland
United Kingdom 2
Venezuela
Percent
Month
effective
10.0
5.0
Mar. 1982
Aug. 1982
Aug. 1981
discounts or makes advances against eligible commercial paper and/or
government
commercial
banks
or
brokers.
For
countries
with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts the
largest proportion of its credit operations.
A68
3.27
International Statistics • September 1982
FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1982
Country, or type
1979
1980
1981
Feb.
1
2
3
4
5
6
7
8
9
10
Mar.
Apr.
May
June
July
Aug.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
11.96
13.60
11.91
6.64
2.04
14.00
16.59
13.12
9.45
5.79
16.79
13.86
18.84
12.05
9.15
15.75
14.47
15.25
10.22
8.29
14.90
13.53
15.67
9.84
6.37
15.20
13.69
15.74
9.30
4.96
14.53
13.31
15.46
9.12
3.80
15.45
12.96
16.84
9.22
5.39
14.37
12.35
16.23
9.41
4.32
11.57
11.08
14.76
8.94
4.07
Netherlands
France
Italy
Belgium
Japan
9.33
9.44
11.85
10.48
6.10
10.60
12.18
17.50
14.06
11.45
11.52
15.28
19.98
15.28
7.58
10.06
14.58
21.34
14.89
6.38
8.90
15.21
20.63
14.02
6.43
8.20
16.36
20.62
14.95
6.57
8.62
16.17
20.59
15.00
6.80
8.75
15.67
20.51
15.38
7.14
8.95
14.64
20.18
15.22
7.15
8.66
14.43
19.52
14.00
7.14
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper: Belgium, 3-month Treasury bills; and Japan. Gensaki rate.
3.28
FOREIGN EXCHANGE RATES
Currency units per dollar
1982
Country/currency
1979
1980
1981
Mar.
Apr.
May
June
July
Aug.
1
2
3
4
5
6
/
8
9
10
Argentina/peso
Australia/dollar 1
Austria/schilling
Belgium/franc
Brazil/cruzeiro
Canada/dollar
Chile/peso
China, P.R./yuan
Colombia/peso
Denmark/krone
n.a.
111.77
13.387
29.342
n.a.
1.1603
n.a.
n.a.
n.a.
5.2622
n.a.
114.00
12.945
29.237
n.a.
1.1693
n.a.
n.a.
n.a.
5.6345
n.a.
114.95
15.948
37.194
92.374
1.1990
n.a.
1.7031
n.a.
7.1350
10795.65
106.03
16.711
44.379
144.07
1.2205
39.100
1.8429
60.956
8.0396
11761.36
105.15
16.853
45.292
151.03
1.2252
39.407
1.8565
61.057
8.1591
13942.50
105.94
16.274
43.666
159.08
1.2336
39.537
1.8123
62.365
7.8444
15025.00
103.23
17.114
46.183
167.70
1.2756
43.373
1.9014
63.318
8.3481
19671.43
101.09
17.342
47.029
177.97
1.2699
47.228
1.9300
65.539
8.5402
21172.73
97.83
17.431
47.483
188.25
1.2452
54.941
1.9432
65.179
8.6482
11
12
13
14
15
16
17
18
19
20
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Indonesia/rupiah
Iran/rial
Ireland/pound 1
Israel/shekel
3.8886
4.2566
1.8342
n.a.
n.a.
8.1555
n.a.
n.a.
204.65
n.a.
3.7206
4.2250
1.8175
n.a.
n.a.
7.8866
n.a.
n.a.
205.77
n.a.
4.3128
5.4396
2.2631
n.a.
5.5678
8.6807
n.a.
79.324
161.32
n.a.
4.5663
6.1428
2.3800
61.769
5.8298
9.2935
649.00
n.a.
147.25
18.766
4.6097
6.2457
2.3970
63.541
5.8270
9.3923
651.14
n.a.
144.22
20.014
4.5045
6.0237
2.3127
62.892
5.7549
9.2965
653.67
n.a.
149.60
21.184
4.6763
6.5785
2.4292
67.795
5.8669
9.4668
654.98
n.a.
141.92
23.179
4.7278
6.8560
2.4662
69.434
5.9025
9.5633
659.18
n.a.
139.48
25.320
4.7515
6.9285
2.4813
70.165
6.0598
9.5741
662.11
n.a.
138.54
26.940
21
22
23
24
25
26
27
28
29
30
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar 1
Norway/krone
Peru/sol
Philippines/peso
Portugal/escudo
831.10
219.02
2.1721
22.816
2.0072
102.23
5.0650
n.a.
n.a.
48.953
856.20
226.63
2.1767
22.968
1.9875
97.34
4.9381
n.a.
n.a.
50.082
1138.60
220.63
2.3048
24.547
2.4998
86.848
5.7430
n.a.
7.8113
61.739
1293.29
241.23
2.3265
45.366
2.6186
77.698
6.0255
561.08
8.3291
70.488
1321.60
244.11
2.3395
46.152
2.6594
76.562
6.0820
591.29
8.3565
72.493
1283.37
236.96
2.2907
46.903
2.5709
77.025
5.9675
622.87
8.4016
70.610
1358.43
251.20
2.3392
47.716
2.6848
74.951
6.1869
656.11
8.4511
78.477
1382.26
255.03
2.3554
48.594
2.7239
73.990
6.3557
693.56
8.4802
84.514
1392.60
259.04
2.3528
90.187
2.7295
73.217
6.6785
730.97
8.5142
85.914
31
32
33
34
35
36
37
38
39
40
Singapore/dollar
South Africa/rand/ 1
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Thailand/baht
United Kingdom/pound 1
Venezuela/bolivar
n.a.
118.72
n.a.
67.158
15.570
4.2892
1.6643
n.a.
212.24
n.a.
n.a.
128.54
n.a.
71.758
16.167
4.2309
1.6772
n.a.
232.58
n.a.
2.1053
114.77
n.a.
92.396
18.967
5.0659
1.9674
21.731
202.43
4.2781
2.1213
97.930
714.67
104.53
20.700
5.8361
1.8886
23.050
180.53
4.3012
2.1329
94.880
721.03
106.15
20.575
5.9144
1.9624
23.025
177.20
4.3023
2.0886
94.010
724.35
102.987
20.365
5.7888
1.9500
23.000
181.03
4.2991
2.1379
89.57
738.30
109.215
20.750
6.0244
2.0789
23.000
175.63
4.2953
2.1464
87.20
743.06
111.57
20.895
6.1159
2.0960
23.000
173.54
4.2951
2.1594
86.77
744.45
112.079
20.895
6.1441
2.1119
23.000
172.50
4.2981
88.09
87.39
102.94
112.45
114.07
111.03
116.97
118.91
119.63
MEMO:
United States/dollar 2
1. Value in U.S. cents.
2. Index of weighted-average exchange value of U.S. dollar against currencies of other G - 1 0 countries plus Switzerland. March 1973 = 100.
Weights are 1972-76 global trade of each of the 10 countries. Series
revised as of August 1978. For description and back data, see "Index of
the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on page
700 of the August 1978 BULLETIN.
NOTE. Averages of certified noon buying rates in New York for cable transfers.
A69
Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE TO TABULAR
Symbols and
c
e
p
r
*
PRESENTATION
Abbreviations
Corrected
Estimated
Preliminary
Revised (Notation appears on column heading when
about half of the figures in that column are changed.)
Amounts insignificant in terms of the last decimal place
shown in the table (for example, less than 500,000 when
the smallest unit given is millions)
General
0
n.a.
n.e.c.
IPCs
REITs
RPs
SMSAs
Calculated to be zero
Not available
Not elsewhere classified
Individuals, partnerships, and corporations
Real estate investment trusts
Repurchase agreements
Standard metropolitan statistical areas
Cell not applicable
Information
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed
issues of U.S. government agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
STATISTICAL
obligations of the Treasury. "State and local government"
also includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of
rounding.
RELEASES
List Published Semiannually,
with Latest Bulletin
Reference
Anticipated schedule of release dates for periodic releases
SPECIAL
Issue
June 1981
Page
A78
TABLES
Published Irregularly,
with Latest Bulletin
Assets and liabilities of U.S.
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Reference
branches and agencies of foreign banks, March 31, 1982
liabilities, June 30, 1981
liabilities, September 30, 1981
liabilities, December 31, 1981
liabilities, March 31, 1982
July
October
January
April
July
1982
1981
1982
1982
1982
A76
A74
A70
A72
A70
A70
Federal Reserve Board of Governors
PRESTON M A R T I N ,
Chairman
Vice Chairman
OFFICE OF BOARD
MEMBERS
PAUL A . VOLCKER,
JOSEPH R. COYNE, Assistant
DONALD J. WINN, Assistant
to the
to the
HENRY C . WALLICH
J. CHARLES PARTEE
OFFICE OF STAFF DIRECTOR
MONETARY AND FINANCIAL
Board
Board
Deputy Assistant to the Board
ANTHONY F. COLE, Special Assistant to the Board
WILLIAM R. MALONI, Special Assistant to the Board
NAOMI P. SALUS, Special Assistant to the Board
WILLIAM R . JONES, Manager, Operations Review Program
FRANK O ' B R I E N , JR.,
STEPHEN H . AXILROD, Staff Director
EDWARD C . ETTIN, Deputy Staff Director
MURRAY ALTMANN, Assistant to the Board
STANLEY J. SIGEL, Assistant to the Board
NORMAND R.V. BERNARD, Special Assistant to the Board
DIVISION
LEGAL
FOR
POLICY
OF RESEARCH
AND
STATISTICS
DIVISION
MICHAEL BRADFIELD, General
Counsel
ROBERT E . M A N N I O N , Deputy General Counsel
J. VIRGIL MATTINGLY, JR., Associate General Counsel
GILBERT T. SCHWARTZ, Associate General Counsel
RICHARD M. ASHTON, Assistant General Counsel
NANCY P. JACKLIN, Assistant General Counsel
MARYELLEN A. BROWN, Assistant to the General Counsel
OFFICE OF THE
SECRETARY
WILLIAM W . WILES,
Secretary
BARBARA R. LOWREY, Associate
Secretary
JAMES MCAFEE, Associate
Secretary
*DOLORES S. SMITH, Assistant
Secretary
DIVISION OF CONSUMER
AND COMMUNITY
AFFAIRS
GRIFFITH L . GARWOOD,
Director
JERAULD C . KLUCKMAN, Associate
Director
GLENN E . LONEY, Assistant
Director
DIVISION OF BANKING
SUPERVISION AND
REGULATION
JAMES L . KICHLINE, Director
JOSEPH S . ZEISEL, Deputy Director
MICHAEL J. PRELL, Associate
Director
JARED J. ENZLER, Senior Deputy Associate
Director
DONALD L . K O H N , Senior Deputy Associate
Director
ELEANOR J. STOCKWELL, Senior Deputy Associate
Director
J. CORTLAND G . PERET, Deputy Associate
Director
HELMUT F . W E N D E L , Deputy Associate
Director
MARTHA BETHEA, Assistant
Director
JOE M. CLEAVER, Assistant Director
ROBERT M . FISHER, Assistant
Director
DAVID E . LINDSEY, Assistant
Director
LAWRENCE SLIFMAN, Assistant
DIVISION
OF INTERNATIONAL
FINANCE
E D W I N M . T R U M A N , Director
ROBERT F . GEMMILL, Associate
Director
CHARLES J. SIEGMAN, Associate
Director
LARRY J. PROMISEL, Senior Deputy Associate
Director
DALE W . HENDERSON, Deputy Associate
Director
SAMUEL PIZER, Staff
Adviser
Assistant Director
JR., Assistant
Director
MICHAEL P . DOOLEY,
RALPH W . SMITH,
JOHN E . R Y A N , Director
FREDERICK R . D A H L , Associate
Director
DON E . KLINE, Associate
Director
WILLIAM TAYLOR, Associate
Director
JACK M . EGERTSON, Assistant
Director
ROBERT A . JACOBSEN, Assistant
Director
ROBERT S . PLOTKIN, Assistant
Director
THOMAS A . S I D M A N , Assistant
Director
SIDNEY M . SUSSAN, Assistant
Director
SAMUEL H . TALLEY, Assistant
Director
LAURA M . HOMER, Securities Credit Officer
Director
FREDERICK M . STRUBLE, Assistant
Director
STEPHEN P . TAYLOR, Assistant
Director
PETER A . TINSLEY, Assistant
Director
LEVON H . GARABEDIAN, Assistant Director (Administration)
A71
and Official Staff
N A N C Y H . TEETERS
E M M E T T J.
LYLE E.
OFFICE OF STAFF DIRECTOR
OFFICE OF
STAFF DIRECTOR
FOR
MANAGEMENT
JOHN M . DENKLER, Staff
Director
E D W A R D T . M U L R E N I N , Assistant
JOSEPH W . DANIELS, S R . , Director
ACTIVITIES
THEODORE E . ALLISON, Staff
Director
DIVISION
BANK
OF DATA
PROCESSING
CHARLES L . HAMPTON, Director
BRUCE M . BEARDSLEY, Deputy Director
ULYESS D . BLACK, Associate
Director
GLENN L . CUMMINS, Assistant
Director
N E A L H . HILLERMAN, Assistant
Director
ROBERT J. ZEMEL, Assistant
Director
DIVISION
OF
PERSONNEL
D A V I D L . S H A N N O N , Director
JOHN R . WEIS, Assistant
Director
CHARLES W . W O O D , Assistant
Director
OFFICE OF THE
CONTROLLER
GEORGE E . LIVINGSTON,
DIVISION
OF SUPPORT
Controller
SERVICES
DONALD E . ANDERSON, Director
ROBERT E . FRAZIER, Associate
Director
WALTER W . KREIMANN, Associate
Director
*On loan from the Division of Consumer and Community Affairs.
t O n loan from the Federal Reserve Bank of N e w York.
FOR
FEDERAL RESERVE BANK
Staff Director
of Equal Employment
Opportunity
DIVISION
GRAMLEY
RICE
OF FEDERAL
RESERVE
OPERATIONS
CLYDE H . FARNSWORTH, JR., Director
LORIN S . MEEDER, Associate
Director
D A V I D L . ROBINSON, Associate
Director
C . WILLIAM SCHLEICHER, JR., Associate
Director
WALTER ALTHAUSEN, Assistant
Director
CHARLES W . BENNETT, Assistant
Director
A N N E M . D E B E E R , Assistant
Director
JACK D E N N I S , Assistant
Director
RICHARD B . GREEN, Assistant
Director
EARL G . HAMILTON, Assistant
Director
ELLIOTT C . M C E N T E E , Assistant
Director
I H O W A R D F . CRUMB, Acting Adviser
A72
Federal Reserve Bulletin • September 1982
FOMC and Advisory Councils
FEDERAL
OPEN MARKET
COMMITTEE
Chairman
PAUL A . VOLCKER,
JOHN J. BALLES
ROBERT P . BLACK
WILLIAM F . FORD
ANTHONY M . SOLOMON,
LYLE E . GRAMLEY
KAREN N . HORN
PRESTON MARTIN
STEPHEN H . AXILROD, Staff Director
MURRAY ALTMANN,
Secretary
NORMAND R. V . BERNARD, Assistant
Secretary
Deputy Assistant
Secretary
N A N C Y M . STEELE,
MICHAEL BRADFIELD, General
JAMES H . OLTMAN,
Counsel
Deputy General
ROBERT E. MANNION, Assistant
JAMES L . KICHLINE,
Counsel
General
Counsel
Economist
JOHN M. DAVIS, Associate
Economist
PETER D . STERNLIGHT, Manager
SAM Y . CROSS, Manager for
FEDERAL ADVISORY
Vice Chairman
J. CHARLES PARTEE
EMMETT J. RICE
NANCY H . TEETERS
HENRY C . WALLICH
RICHARD G. DAVIS, Associate
Economist
EDWARD C. ETTIN, Associate
Economist
MICHAEL W. KERAN, Associate
Economist
DONALD L. KOCH, Associate
Economist
JAMES PARTHEMOS, Associate
Economist
MICHAEL J. PRELL, Associate
Economist
CHARLES J. SIEGMAN, Associate
Economist
EDWIN M. TRUMAN, Associate
Economist
JOSEPH S. ZEISEL, Associate
Economist
for Domestic Operations, System Open Market Account
Foreign Operations, System Open Market Account
COUNCIL
DONALD C. PLATTEN, Second District, President
ROBERT M. SURDAM, Seventh District, Vice President
RONALD TERRY, Eighth District
CLARENCE G . FRAME, Ninth District
GORDON E. WELLS, Tenth District
T. C . FROST, JR., Eleventh District
JOSEPH J. PINOLA, Twelfth District
WILLIAM S. EDGERLY, First District
JOHN H . WALTHER, Third District
JOHN G . MCCOY, Fourth District
VINCENT C . BURKE, JR., Fifth District
ROBERT STRICKLAND, Sixth District
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate
CONSUMER
ADVISORY
Secretary
COUNCIL
CHARLOTTE H . SCOTT, Charlottesville,
MARGARET REILLY-PETRONE, Upper Montclair,
ARTHUR F . BOUTON, Little Rock, Arkansas
JULIA H. B O Y D , Alexandria, Virginia
ELLEN BROADMAN, W a s h i n g t o n , D . C .
GERALD R. CHRISTENSEN, Salt Lake City, Utah
JOSEPH N. CUGINI, Westerly, Rhode Island
RICHARD S. D'AGOSTINO, Wilmington, Delaware
SUSAN PIERSON D E W I T T , Springfield, Illinois
JOANNE S. FAULKNER, N e w Haven, Connecticut
MEREDITH FERNSTROM, New York, New York
ALLEN J. FISHBEIN, W a s h i n g t o n , D . C .
E . C. A. FORSBERG, SR., Atlanta, Georgia
LUTHER R. GATLING, New York, New York
VERNARD W. H E N L E Y , Richmond, Virginia
JUAN J. HINOJOSA, MCAllen, T e x a s
Secretary
Virginia, Chairman
New Jersey, Vice Chairman
SHIRLEY T . HOSOI, LOS Angeles, California
GEORGE S . IRVIN, Denver, Colorado
HARRY N. JACKSON, Minneapolis, Minnesota
F . THOMAS JUSTER, Ann Arbor, Michigan
ROBERT J. M C E W E N , S . J . , Chestnut Hill, Massachusetts
STAN L. MULARZ, Chicago, Illinois
WILLIAM J. O ' C O N N O R , Buffalo, New York
WILLARD P. OGBURN, Boston, Massachusetts
JANET J. RATHE, Portland, Oregon
RENE REIXACH, Rochester, New York
PETER D . SCHELLIE, W a s h i n g t o n , D . C .
NANCY Z. SPILLMAN, LOS Angeles, California
CLINTON WARNE, Cleveland, Ohio
FREDERICK T . WEIMER, Chicago, Illinois
A73
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK,
branch, or facility
Zip
Chairman
Deputy Chairman
President
First Vice President
BOSTON*
02106
Robert P. Henderson
Thomas I. Atkins
Frank E. Morris
James A. Mcintosh
NEW YORK*
10045
Robert H. Knight, Esq.
Boris Yavitz
Frederick D. Berkeley, III
Anthony M. Solomon
Thomas M. Timlen
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
Jean A. Crockett
Robert M. Landis, Esq.
Edward G. Boehne
Richard L. Smoot
CLEVELAND*
44101
J. L. Jackson
William H. Knoell
Clifford R. Meyer
Milton G. Hulme, Jr.
Karen N. Horn
Vacancy
Steven Muller
Paul E. Reichardt
Edward H. Covell
Naomi G. Albanese
Robert P. Black
Jimmie R. Monhollon
Cincinnati
Pittsburgh
45201
15230
RICHMOND*
23219
Baltimore
21203
Charlotte
28230
Culpeper
Communications
and Records Center 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30301
35202
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75222
79999
77001
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84130
98124
Vice President
in charge of branch
Robert E. Showalter
Harold J. Swart
Robert D. McTeer, Jr.
Stuart P. Fishburne
Albert D. Tinkelenberg
William A. Fickling, Jr.
John H. Weitnauer, Jr.
William H. Martin, III
Copeland D. Newbern
Eugene E. Cohen
Cecelia Adkins
Leslie B. Lampton
William F. Ford
Robert P. Forrestal
John Sagan
Stanton R. Cook
Russell G. Mawby
Silas Keehn
Daniel M. Doyle
Armand C. Stalnaker
W. L. Hadley Griffin
Richard V. Warner
James F. Thompson
Donald B. Weis
Lawrence K. Roos
Donald W. Moriarty, Jr.
William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick
E. Gerald Corrigan
Thomas E. Gainor
Paul H. Henson
Doris M. Drury
Vacancy
Christine H. Anthony
Robert G. Lueder
Roger Guffey
Henry R. Czerwinski
Gerald D. Hines
John V. James
A. J. Losee
Jerome L. Howard
Lawrence L. Crum
Robert H. Boykin
William H. Wallace
Caroline L. Ahmanson
Alan C. Furth
Bruce M. Schwaegler
John C. Hampton
Wendell J. Ashton
John W. Ellis
John J. Balles
John B. Williams
Hiram J. Honea
Charles D. East
Patrick K. Barron
Jeffrey J. Wells
James D. Hawkins
William C. Conrad
John F. Breen
Donald L. Henry
Randall C. Sumner
Betty J. Lindstrom
Wayne W. Martin
William G. Evans
Robert D. Hamilton
Joel L. Koonce, Jr.
J. Z. Rowe
Thomas H. Robertson
Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly
•Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, N e w Jersey 07016;
Jericho, N e w York 11753; Utica at Oriskany, N e w York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West
Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.
A74
Federal Reserve Board Publications
Copies are available from PUBLICATIONS SERVICES,
Room MP-510, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. When a charge is indicated, remittance should accompany request and be made
THE
FEDERAL RESERVE SYSTEM—PURPOSES AND
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BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint
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BANKING AND MONETARY STATISTICS, 1941-1970. 1976.
1,168 pp. $15.00.
A N N U A L STATISTICAL DIGEST
1971-75.
1972-76.
1973-77.
1974-78.
1970-79.
1980.
1976.
1977.
1978.
1980.
1981.
1981.
339
377
361
305
587
241
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pp.
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FEDERAL RESERVE CHART BOOK. Issued four times a year in
February, May, August, and November. Subscription
includes one issue of Historical Chart Book. $7.00 per
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$1.25 each in the United States, its possessions, Canada,
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SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF CHARTS. Weekly. $15.00 per year or $.40 each in
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Each volume $1.00; 10 or more to one address, $.85
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OPEN MARKET POLICIES AND OPERATING PROCEDURES—
STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to
one address, $1.75 each.
REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHANISM. Vol. 1. 1 9 7 1 . 2 7 6 p p . Vol. 2. 1 9 7 1 . 173 p p . Vol. 3.
1972. 220 pp. Each volume $3.00; 10 or more to one
address, $2.50 each.
THE ECONOMETRICS OF PRICE DETERMINATION
CONFER-
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$4.50 each. Paper ed. $4.00 each; 10 or more to one
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FEDERAL RESERVE STAFF STUDY: WAYS TO MODERATE
FLUCTUATIONS IN HOUSING CONSTRUCTION. 1972. 4 8 7
pp. $4.00 each; 10 or more to one address, $3.60 each.
LENDING FUNCTIONS OF THE FEDERAL RESERVE BANKS.
1973. 271 pp. $3.50 each; 10 or more to one address,
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IMPROVING THE MONETARY AGGREGATES: REPORT OF THE
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1976. 43 pp. $1.00 each; 10 or more to one address, $.85
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A N N U A L PERCENTAGE RATE TABLES (Truth in Lending—
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FEDERAL RESERVE MEASURES OF CAPACITY A N D CAPACITY
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address, $1.50 each.
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THE FEDERAL RESERVE ACT, as amended through December
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A
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INTRODUCTION TO FLOW OF F U N D S .
PUBLIC POLICY A N D CAPITAL FORMATION.
1981. 326 pp.
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ADJUSTMENT TECHNIQUES. 1981. 55 pp. $2.75 each.
A75
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STAFF STUDIES•
Summaries
Only Printed in the
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Studies and papers on economic and financial subjects
that are of general interest. Requests to obtain single copies
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PERFORMANCE A N D CHARACTERISTICS OF E D G E CORPORA-
TIONS, by James V. Houpt. Feb. 1981. 56 pp.
BANKING STRUCTURE AND PERFORMANCE AT THE STATE
LEVEL DURING THE 1970s, by Stephen A. Rhoades. Mar.
1981. 26 pp.
FEDERAL RESERVE DECISIONS ON B A N K MERGERS AND ACQUISITIONS DURING THE 1970s, by Stephen A. Rhoades.
Aug. 1981. 16 pp.
BELOW THE BOTTOM LINE: T H E U S E OF CONTINGENCIES
AND COMMITMENTS BY COMMERCIAL BANKS, b y B e n j a -
CONSUMER EDUCATION
PAMPHLETS
Short pamphlets suitable for classroom use.
copies available without charge.
min Wolkowitz and others. Jan. 1982. 186 pp.
Multiple
Alice in Debitland
Consumer Handbook to Credit Protection Laws
Dealing with Inflation: Obstacles and Opportunities
The Equal Credit Opportunity Act and . . . Age
The Equal Credit Opportunity Act and . . . Credit Rights in
Housing
The Equal Credit Opportunity Act and . . . Doctors, Lawyers, Small Retailers, and Others Who May Provide
Incidental Credit
The Equal Credit Opportunity Act and . . . Women
Fair Credit Billing
Federal Reserve Glossary
Guide to Federal Reserve Regulations
How to File A Consumer Credit Complaint
If You Borrow To Buy Stock
If You Use A Credit Card
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
Monetary Control Act of 1980
Organization and Advisory Committees
Truth in Leasing
U.S. Currency
What Truth in Lending Means to You
MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON
COMPETITION AND PERFORMANCE IN BANKING MAR-
KETS, by Timothy J. Curry and John T. Rose. Jan. 1982.
9 pp.
COSTS, SCALE ECONOMIES, COMPETITION, A N D PRODUCT
MIX IN THE U . S . PAYMENTS MECHANISM, b y D a v i d B.
Humphrey. Apr. 1982. 18 pp.
DIVISIA
MONETARY
AGGREGATES:
COMPILATION,
DATA,
AND HISTORICAL BEHAVIOR, by William A. Barnett and
Paul A. Spindt. May 1982. 82 pp.
THE COMMUNITY REINVESTMENT A C T A N D CREDIT ALLO-
CATION, by Glenn Canner. June 1982. 8 pp.
INTEREST RATES A N D TERMS ON CONSTRUCTION LOANS AT
COMMERCIAL BANKS, by David F. Seiders. July 1982.
14 pp.
STRUCTURE-PERFORMANCE STUDIES IN BANKING: A N U P DATED SUMMARY A N D EVALUATION, b y S t e p h e n A .
Rhoades. Aug. 1982. 15 pp.
REPRINTS
Most of the articles reprinted do not exceed 12 pages.
Revision of Bank Credit Series. 12/71.
Rates on Consumer Installment Loans. 9/73.
Industrial Electric Power Use. 1/76.
Revised Series for Member Bank Deposits and Aggregate
Reserves. 4/76.
Federal Reserve Operations in Payment Mechanisms: A
Summary. 6/76.
Perspectives on Personal Saving. 8/80.
The Impact of Rising Oil Prices on the Major Foreign
Industrial Countries. 10/80.
Federal Reserve and the Payments System: Upgrading Electronic Capabilities for the 1980s. 2/81.
Survey of Finance Companies, 1980. 5/81.
Bank Lending in Developing Countries. 9/81.
U.S. International Transactions in 1981. 4/82.
The Commercial Paper Market since the Mid-Seventies. 6/82.
A76
Index to Statistical Tables
References
are to pages A3 through A68 although the prefix "A" is omitted in this index
ACCEPTANCES, bankers, 10, 25, 27
Agricultural loans, commercial banks, 18, 19, 20, 26
Assets and liabilities (See also Foreigners)
Banks, by classes, 17, 18-21
Domestic finance companies, 39
Federal Reserve Banks, 11
Foreign banks, U.S. branches and agencies, 22
Nonfinancial corporations, 38
Savings institutions, 29
Automobiles
Consumer installment credit, 42, 43
Production, 48, 49
BANKERS balances, 17, 18-20 (See also Foreigners)
Banks for Cooperatives, 35
Bonds (See also U.S. government securities)
New issues, 36
Rates, 3
Branch banks, 15, 21, 22, 56
Business activity, nonfinancial, 46
Business expenditures on new plant and equipment, 38
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 17
Federal Reserve Banks, 11
Central banks, 67
Certificates of deposit, 21, 27
Commercial and industrial loans
Commercial banks, 15, 17, 22, 26
Weekly reporting banks, 18-22, 23
Commercial banks
Assets and liabilities, 17, 18-21
Business loans, 26
Commercial and industrial loans, 15, 17, 22, 23, 26
Consumer loans held, by type, 42, 43
Loans sold outright, 21
Nondeposit funds, 16
Number, by classes, 17
Real estate mortgages held, by holder and property, 41
Time and savings deposits, 3
Commercial paper, 3, 25, 27, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer installment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations
Profits and their distribution, 37
Security issues, 36, 66
Cost of living (See Consumer prices)
Credit unions, 29, 42, 43
(See also Thrift institutions)
Currency and coin, 5, 17
Currency in circulation, 4, 13
Customer credit, stock market, 28
DEBITS to deposit accounts, 12
Debt (See specific types of debt or securities)
Demand deposits
Adjusted, commercial banks, 12
Banks, by classes, 17, 18-21
Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 24
Turnover, 12
Depository institutions
Reserve requirements, 8
Reserves and related items, 3, 4, 5, 14
Deposits (See also specific types)
Banks, by classes, 3, 17, 18-21, 29
Federal Reserve Banks, 4, 11
Turnover, 12
Discount rates at Reserve Banks and at foreign central
banks (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Eurodollars, 27
FARM mortgage loans, 41
Federal agency obligations, 4, 10, 11, 12, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 32
Receipts and outlays, 30, 31
Treasury financing of surplus, or deficit, 30
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 3, 6, 18, 19, 20, 27, 30
Federal Home Loan Banks, 35
Federal Home Loan Mortgage Corporation, 35, 40, 41
Federal Housing Administration, 35, 40, 41
Federal Intermediate Credit Banks, 35
Federal Land Banks, 35, 41
Federal National Mortgage Association, 35, 40, 41
Federal Reserve Banks
Condition statement, 11
Discount rates (See Interest rates)
U.S. government securities held, 4, 11, 12, 32, 33
Federal Reserve credit, 4, 5, 11, 12
Federal Reserve notes, 11
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 39
Business credit, 39
Loans, 18, 19, 20, 42, 43
Paper, 25, 27
Financial institutions
Loans to, 18, 19, 20
Selected assets and liabilities, 29
Float, 4
Flow of funds, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 22
Foreign currency operations, 11
Foreign deposits in U.S. banks, 4, 11, 18, 19, 20
Foreign exchange rates, 68
Foreign trade, 55
Foreigners
Claims on, 56, 58, 61, 62, 63, 65
Liabilities to, 21, 55, 56-60, 64, 66, 67
All
GOLD
Certificate account, 11
Stock, 4, 55
Government National Mortgage Association, 35, 40, 41
Gross national product, 52, 53
HOUSING, new and existing units, 50
INCOME, personal and national, 46, 52, 53
Industrial production, 46, 48
Installment loans, 42, 43
Insurance companies, 29, 32, 33, 41
Interbank loans and deposits, 17
Interest rates
Bonds, 3
Business loans of banks, 26
Federal Reserve Banks, 3, 7
Foreign central banks and foreign countries, 67
Money and capital markets, 3, 27
Mortgages, 3, 40
Prime rate, commercial banks, 26
Time and savings deposits, 9
International capital transactions of United States, 54-67
International organizations, 58, 59-61, 64-67
Inventories, 52
Investment companies, issues and assets, 37
Investments (See also specific types)
Banks, by classes, 17, 29
Commercial banks, 3, 15, 17, 18-20
Federal Reserve Banks, 11, 12
Savings institutions, 29, 41
LABOR force, 47
Life insurance companies (See Insurance
companies)
Loans (See also specific types)
Banks, by classes, 17, 18-21
Commercial banks, 3, 15, 17, 18-21, 22, 26
Federal Reserve Banks, 3, 4, 5, 7, 11, 12
Insured or guaranteed by United States, 40, 41
Savings institutions, 29, 41
MANUFACTURING
Capacity utilization, 46
Production, 46, 49
Margin requirements, 28
Member banks (See also Depository institutions)
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Mining production, 49
Mobile home shipments, 50
Monetary and credit aggregates, 3, 14
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3,13
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 9, 18-20, 29, 32, 33, 41, 42, 43
(See also Thrift institutions)
NATIONAL defense outlays, 31
National income, 52
OPEN market transactions, 10
PERSONAL income, 53
Prices
Consumer and producer, 46, 51
Stock market, 28
Prime rate, commercial banks, 26
Producer prices, 46, 51
Production, 46, 48
Profits, corporate, 37
REAL estate loans
Banks, by classes, 18-20, 41
Rates, terms, yields, and activity, 3, 40
Savings institutions, 27
Type of holder and property mortgaged, 41
Repurchase agreements and federal funds, 6, 18, 19, 20
Reserve requirements, 8
Reserves
Commercial banks, 17
Depository institutions, 3, 4, 5, 14
Federal Reserve Banks, 11
U.S. reserve assets, 55
Residential mortgage loans, 40
Retail credit and retail sales, 42, 43, 46
SAVING
Flow of funds, 44, 45
National income accounts, 53
Savings and loan assns., 9, 29, 33, 41, 42, 43, 44
(See also Thrift institutions)
Savings deposits (See Time and savings deposits)
Securities (See specific types)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 66
New issues, 36
Prices, 28
Special drawing rights, 4, 11, 54, 55
State and local governments
Deposits, 18, 19, 20
Holdings of U.S. government securities, 32, 33
New security issues, 36
Ownership of securities issued by, 18, 19, 20, 29
Rates on securities, 3
Stock market, 28
Stocks (See also Securities)
New issues, 36
Prices, 28
TAX receipts, federal, 31
Thrift institutions, 3 (See also Credit unions,
Mutual savings banks, and Savings and loan
associations)
Time and savings deposits, 3, 9, 12, 17, 18-21
Trade,foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 11, 30
Treasury operating balance, 30
UNEMPLOYMENT, 47
U.S. international transactions, 54-67
U.S. government balances
Commercial bank holdings, 18, 19, 20
Treasury deposits at Reserve Banks, 4, 11, 30
U.S. government securities
Bank holdings, 17, 18-20, 32, 33
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 11, 12, 32, 33
Foreign and international holdings and transactions, 11,
32, 67
Open market transactions, 10
Outstanding, by type and ownership, 32, 33
Ownership of securities issued by, 29
Rates, 3, 27
Utilities, production, 49
VETERANS Administration, 40, 41
WEEKLY reporting banks, 18-23
Wholesale (producer) prices, 46, 51
YIELDS (See Interest rates)
A78
The Federal Reserve System
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