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FEDERAL RESERVE statistical release [[[ For immediate r e l e a s e May 5, 1983 G.21 (423) LOAN COMMITMENTS AT SELECTED LARGE COMMERCIAL BANKS Table 1 UNUSED COMMITMENTS Billions of dollars, seasonally adjusted Month-end Total unused commitments 1 total To commercial and industrial firms formalized agreements revolving 3 other* term 2 confirmed linesS To nonbank financial institutions 1981—September October November December 355.7r 363.3r 363.6r 364.8r 299.5r 305.Or 304.8r 307.9r 15.7 15.9 16.0 16.1 125.7 127.1 125.4 126.5 12.6 12.8 13.0 13.1 145.5r 149.2r 150.4r 152.2r 56.2 58.3 58.8 56.9r 1982—January February March April May June July August September October November December 370.3r 377.Or 373.7r 373.8r 377.3r 379.5r 384.9r 384.5r 382.7r 382.3r 382.6r 382.4r 311.3r 318.2r 314.7r 315.6r 318.lr 320.lr 324.4r 323.9r 322.4r 321.5r 321.5r 321.7r 16.1 16.5 17.3 17.1 16.5 15.5 16.4 15.9 14.6 15.1 15.2 15.7 130.1 132.9 131.2 132.8 137.3 140.6r 144.9r 145.3 144.8 143.6r 144.1 143.6 12.9 14.1 14.0 14.3 13.8 15.4 15.0 13.8 13.5 14.1 14.2 13.6 152.2r 154.7r 152.2r 151.4r 150.5r 148.6r 148.lr 148.9r 149.5r 148.7r 148.Or 148.8r 59.0 58.8r 59.Or 58.2 59.2 59.4r 60.5 60.6r 60.3 60.8 61.1 60.7 1983—January February March 383.9r 387.9r 388.8 323.lr 327.lr 328.1 15.3 15.4 14.8 147.8 150.3 153.4 12.9r 13.8 13.6 147.lr 147. 6 r 146.3 60.8 60.8r 60.7 r—revised. 1. Unused c o m m i t m e n t s are the a m o u n t s still available for lending under official p r o m i s e s to lend that are e x p r e s s l y conveyed to the bank's c u s t o m e r s orally or in writing, usually in the form of a formally e x e c u t e d agreement s i g n e d by o n e of the bank's officers. 2. Commitments for term l o a n s are t h o s e for loans with an original maturity of more than o n e year. 3. Revolving credits are c o m m i t m e n t a g r e e m e n t s whereby the borrower may draw and repay l o a n s at will with no repayment penalty and under which the c o m m i t m e n t rebounds by an equal amount after a takedown h a s b e e n repaid. 4. Other c o m m i t m e n t s are e x p r e s s i o n s of willingness to lend, other than for term l o a n s and revolving credits, that are m a d e known to the customer and are characterized by detailed formal a g r e e m e n t s specifying the terms and conditions under which a loan is to be made. 5. Confirmed lines of credit represent general e x p r e s s i o n s of willi n g n e s s to lend, other than for term l o a n s or revolving credits, that are made known to the c u s t o m e r but are not characterized by detailed formal a g r e e m e n t s s p e c i f y i n g the terms and c o n d i t i o n s under which a loan is to be made. NOTE: Included in this s e r i e s are 122 weekly reporting banks accounting for approximately 85 percent of all commercial and industrial loans, and 95 percent of all nonbank financial loans. As of February 1981, several banks accounting for l e s s than Vz percent of unused commitments were dropped from the reporting panel. Individual items may not add to totals due to rounding. Beginning in December, 1981, s h i f t s of foreign loans from U.S. banking o f f i c e s to international banking facilities have reduced the levels of outstanding loans. No information is available on how t h e s e shifts affect unused loan c o m m i t m e n t s . May and September 1982 d a t a r e f l e c t b r e a k s in s e r i e s owing t o bank r e c l a s s i f i c a t i o n s of unused loan commitments. I n May, t h e s e c o r r e c t i o n s lowered unused commitments t o nonbank f i n a n c i a l i n s t i t u t i o n s by $ 0 . 3 b i l l i o n and t o commercial and i n d u s t r i a l f i r m s by $ 1 . 0 b i l l i o n . The c o r r e c t i o n of commitments t o commercial and i n d u s t r i a l f i r m s i n c l u d e d a $ 0 . 6 b i l l i o n drop i n t e r m l o a n commitments, an i n c r e a s e of $ 1 . 7 b i l l i o n i n r e v o l v i n g c r e d i t commitments and d e c l i n e s of $ 0 . 1 b i l l i o n and $ 2 . 0 b i l l i o n in " o t h e r " and c o n f i r m e d - l i n e commitments, r e s p e c tively. In S e p t e m b e r , t h e s e c o r r e c t i o n s lowered unused commitments t o nonbank f i n a n c i a l i n s t i t u t i o n s by $ 0 . 8 b i l l i o n and t o commercial and i n d u s t r i a l f i r m s by $ 3 . 2 b i l l i o n . The c o r r e c t i o n s t o commitments t o commercial and i n d u s t r i a l f i r m s i n c l u d e d r e d u c t i o n s of $ 0 . 4 b i l l i o n , $1.2 b i l l i o n , $ 1 . 1 b i l l i o n and $ 0 . 5 b i l l i o n in term l o a n , r e v o l v i n g c r e d i t , c o n f i r m e d l i n e and o t h e r commitments, r e s p e c t i v e l y . Revisions t o back d a t a a r e not a v a i l a b l e . Table 2 OUTSTANDING LOANS MADE UNDER COMMITMENTS AT SELECTED LARGE BANKS Billions of dollars, seasonally adjusted Month-end Total loans made under commitments 1 total To commercial and industrial firms formalized agreements other4 revolving 3 term 2 confirmed linesS To nonbank financial institutions 1981—September October November December 162.8 160.5 163.7r 165.6 141.8 140.8 143.2r 144.4 48.5 48.2 48.0 47.7 45.7 45.9 48.2 49.7 13.4 13.2 13.4 13.7 34.2 33.5 33.6r 33.3 21.0 19.7 20.5 21.2 1982—January February March April May J une July August September October November December 169.2r 171.3 173.5r 176.6 179.4 180.4r 179.4 181.9r 176.9r 176.9 175.2r 176.4 148.2 149.9 151.7r 154.8 158.1 159.lr 158.1 159.9r 157.5r 158.2 156.4r 157.1 47.4 48.3 48.6 48.7 49.3 48.8 47.9 47.6 46.9 47.7 47.9 48.6 51.9 52.0 53.5 56.0 57.0 59.5 58.5 60.1 61.9 62.9 62.7 64.4 13.6 14.4 13.9 14.3 14.8 14.5 15.5 15.1 12.0 11.5 11.3 11.2 35.3r 35.2 35. 7r 35.8 37.0 36.3r 36.2 37.lr 36.7r 36.1 34.5r 32.9 21.0 21.4 21.8 21.8 21.3 21.3 21.3 22.0 19.4 18.7 18.8 19.3 1983—January February March 176.7r 176.4r 176.0 156.9r 156.8r 156.0 48.4r 48.6 48.9 62.7r 63.9 62.9 11.1 11.2 10.9 34. 7r 33.lr 33.3 19.8 19.6 20.0 r—revised. 1. Loans m a d e under c o m m i t m e n t s are outstanding l o a n s to commercial and industrial firms and nonbank financial institutions, l e s s repayments of principal, m a d e under c o m m i t m e n t s currently or previously in force. 2. Term loans are loans with an original maturity of more than 1 year. 3. Loans made,under revolving credits are loans under a g r e e m e n t s whereby the borrower may draw down and repay loans at will with no repayment penalty and under which the commitment rebounds by an equal amount after a takedown h a s been repaid. 4. Loans m a d e under other c o m m i t m e n t s are loans made under exp r e s s i o n s of willingness to lend, other than for term loans and revolving credits, that are m a d e known to the c u s t o m e r and are characterized by detailed formal a g r e e m e n t s specifying the terms and conditions under which a loan is to be made. 5. Loans m a d e under confirmed lines of credit are loans m a d e under general e x p r e s s i o n s of willingness to lend, other than for term loans or revolving credits, that are m a d e known to the c u s t o m e r but are not characterized by detailed formal a g r e e m e n t s specifying the terms and conditions under which a loan is to be made. NOTE: Included in this s e r i e s are 122 weekly reporting banks accounting for approximately 85 percent of all commercial and industrial loans, and 95 percent of all nonbank financial loans. As of February 1981, several banks accou n t in g in total for about Vz percent of loans made under c o m m i t m e n t s were dropped from the reporting panel. Individual items may not add to totals due to rounding. Beginning in December, 1981 s h i f t s of foreign loans from U.S. banking o f f i c e s to international banking facilities have reduced the levels of outstanding loans. At banks included in this survey, $1.5 billion of commercial and industrial loans were shifted, all but a negligible amount during December. It is believed that the bulk of t h e s e loans were made under commitments. September d a t a r e f l e c t a b r e a k in s e r i e s owing t o bank r e c l a s s i f i c a t i o n of o u t s t a n d i n g l o a n s . Loans t o nonbank f i n a n c i a l i n s t i t u t i o n s and commercial and i n d u s t r i a l f i r m s were lowered by $ 1 . 5 b i l l i o n and $ 5 . 4 b i l l i o n , r e s p e c t i v e l y . The c o r r e c t i o n of o u t s t a n d i n g commercial and i n d u s t r i a l l o a n s r e d u c e d t e r m l o a n s by $ 0 . 8 b i l l i o n , r e v o l v i n g c r e d i t l o a n s by $ 0 . 9 b i l l i o n , and o t h e r l o a n s by $ 3 . 7 b i l l i o n . Confirmed l i n e l o a n s were r a i s e d by $ 0 . 1 b i l l i o n . Revisions to back d a t a a r e not a v a i l a b l e . Table 3 UNUSED COMMITMENTS Billions of d o l l a r s , n o t s e a s o n a l l y a d j u s t e d Month-end Total unused commitments 1 total T o commercial and industrial firms formalized agreements other* revolving3 term 2 130.7 12.7 13.1 13.3 144.9r 147.4r 150.lr 151.9r 16.0 133.0 134.2 131.9 132.0 134.3 137.lr 141.6r 143.7 143.4 144.3r 147.1 148.3 13.7 14.7 14.7 14.1 13.8 13.9 14.2 13.9 13.5 13.9 14.3 13.8 153.6r 155.2r 152.Or 150.8r 150.5r 148.5r 148.8r 149.9r 148.9r 146.9r 147.7r 148.5r 15.5 15.4 14.8 151.1 151.8 154.2 13.7r 14.3 14.3 148.4r 148.Or 146.2 1981—September October November December 353.6r 361.9r 366.3r 369.lr 297.7r 304.lr 307.9r 312.3r 15.7 16.3 124.4 127.7 16.5 1982—January February March April May June July August September October November December 376.lr 380.2r 375.7r 372.5r 374.Or 373.9r 380.2r 383.5r 380.3r 380.6r 385.5r 387.3r 316.6r 320.6r 316.Or 313.7r 314.7r 314.8r 320.4r 323.3r 320.5r 320.3r 324.8r 326.6r 16.3 16.5 17.3 1983—January February March 389.9r 391.lr 391.0 328.7r 329.4r 329.5 NOTE: See Table 1 for footnotes. 12.6 confirmed linesS 16.6 16.8 16.1 15.3 15.8 15.8 14.6 15.2 15.7 128.1 To nonbank financial institutions Table 4 OUTSTANDING LOANS MADE UNDER COMMITMENTS AT SELECTED LARGE BANKS Billions of dollars, not seasonally adjusted Month-end Total loans made under commitments 1 total To commercial and industrial firms formalized agreements other4 revolving 3 term 2 confirmed lines 5 1981—September October November December 163.6r 161.8r 165.4 167.8r 142.4r 141.6r 144.6r 146.lr 48.6 48.3 47.8 47.6 45.8 45.9 48.5 50.1 13.3 13.3 13.7 14.0 34.6 34.1 34.7r 34.3 1982—January February March April May June July August September October November December 167.9 169.9 173.3r 175.8r 178.4r 181.0 178.6r 179.7r 177.8r 177.9 177.2r 178.6 147.4 149.Or 151.7 154.5r 157.3 159.4 157.2 157.7r 158.2r 158.9r 158.lr 159.Or 47.6 48.3 48.4 48.8 49.1 48.8 48.1 47.5 47.0 47.8 47.7 48.5 51.8 13.8 14.1 13.9 14.5 14.9 14.7 14.9 14.7 11.9 34.3r 34.6 35.5r 35.4 36.4 36.6r 36.0 36.4r 37.2r 36.7 35.6r 33.9 1983—January February March 175.4 175.2r 175.8 156.lr 156.Or 156.0 48.6r 48.6 48.7 62.6r 63.8 63.3 NOTE: See Table 2 for footnotes. 51.9 53.9 55.9 56.9 59.4 58.3 59.1 62.1 62.8 63.1 65.0 11.6 11.6 11.5 11.2 11.0 10.9 33.7r 32.6r 33.1 To nonbank financial institutions
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