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m-. FEDERAL RESERVE statistical release i For immediate r e l e a s e September 8 , 1983 G.21 (423) LOAN COMMITMENTS AT SELECTED LARGE COMMERCIAL BANKS Table 1 UNUSED COMMITMENTS Billions of dollars, seasonally adjusted 982—January February March April May June July August September October November December 370.3 377.0 373.7 373.8 377.3 379.5 384.9 384.5 382.7 382.3 382.6 382.4 311.3 318.2 314.7 315.6 318.1 320.1 324.4 323.9 322.4 321.5 321.5 321.7 To commercial and industrial firms formalized agreements other4 revolving3 term 2 16.1 130.1 12.9 16.5 132.9 14.1 17.3 131.2 14.0 17.1 132.8 14.3 16.5 137.3 13.8 140.6 15.4 15.5 16.4 144.9 15.0 13.8 15.9 145.3 14.6 144.8 13.5 15.1 14.1 143.6 15.2 144.1 14.2 15.7 143.6 13.6 983—January February March April May June* July 383.9 387.9 388.8 392.6 393.9 392.5r 394.8 323.1 327.1 328.1 331.4 333.9 332.6r 333.6 15.3 15.4 14.8 14.9 15.5 15.3r 15.5 Month-end Total unused commitments 1 total r—revised. 1. Unused commitments are the amounts still available for lending under official promises to lend that are expressly conveyed to the bank's customers orally or in writing, usually in the form of a formally executed agreement signed by one of the bank's officers. 2. Commitments for term loans are those for loans with an original maturity of more than one year. 3. Revolving credits are commitment agreements whereby the borrower may draw and repay loans at will with no repayment penalty and under which the commitment rebounds by an equal amount after a takedown has been repaid. 4. Other commitments are expressions of willingness to lend, other than for term loans and revolving credits, that are made known to the customer and are characterized by detailed formal agreements specifying the terms and conditions under which a loan is to be made. 5. Confirmed lines of credit represent general expressions of willingness to lend, other than for term loans or revolving credits, that are made known to the customer but are not characterized by detailed formal agreements specifying the terms and conditions under which a loan is to be made. NOTE: Included in this series 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 less than V» percent of unused commitments were dropped from the reporting panel. Individual items may not add to totals due to rounding. Beginning in December, 1981, shifts of foreign loans from U.S. banking offices to international banking facilities have reduced the levels of outstanding loans. No information is available on how these shifts affect unused loan http://fraser.stlouisfed.org/ commitments. Federal Reserve Bank of St. Louis 147.8 150.3 153.4 157.1 160.3 164.6r 166.8 12.9 13.8 13.6 14.7 14.6 10.6 9.7 confirmed lines 5 152.2 154.7 152.2 151.4 150.5 148.6 148.1 148.9 149.5 148.7 148.0 148.8 147.1 147.6 146.3 144.7 143.5 142.lr 141.6 To nonbank financial institutions 59.0 58.8 59.0 58.2 59.2 59.4 60.5 60.6 60.3 60.8 61.1 60.7 ' 60.8 60.8 60.7 61.2 60.0 59.9r 61.2 *Bank r e c l a s s i f i c a t i o n s of unused loan commitments produced breaks i n s e r i e s i n May and September 1982 and i n June 1983. In May 1982, c o r r e c t i o n s lowered unused commitments to 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 to commercial and i n d u s t r i a l (C&l) firms by $1.0 b i l l i o n . The c o r r e c t i o n of commitments to C&I firms included a $0.6 b i l l i o n drop i n term loan 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 i n "other" and c o n f i r m e d - l i n e commitments, r e s p e c tively. In September, c o r r e c t i o n s lowered unused commitments to 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 to C&I firms by $3.2 b i l l i o n . The c o r r e c t i o n s to commitments to C&I firms included 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 i n 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 . In June 1983, commitments to nonbank f i n a n c i a l i n s t i t u t i o n s and to C&I firms were lowered by $0.8 b i l l i o n and $3.0 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 commitments to C&I firms included a drop in term loan commitments of $ 0 . 3 b i l l i o n , an i n c r e a s e of $ 2 . 5 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 a d e c l i n e of $ 5 . 3 b i l l i o n i n other commitments, r e s p e c t i v e l y . R e v i s i o n s to back data are not a v a i l a b l e . Table 2 O U T S T A N D I N G L O A N S MADE U N D E R C O M M I T M E N T S A T S E L E C T E D L A R G E B A N K S Billions of dollars, seasonally adjusted Month-end Total loans made under commitments1 total T o commercial and industrial f i r m s formalized agreements revolvingS term 2 other* confirmed linesS To nonbank financial institutions 1982—January February March April May June July August September October November December 169.2 171.3 173.5 176.6 179.4 180.4 179.4 181.9 176.9 176.9 175.2 176.4 148.2 149.9 151.7 154.8 158.1 159.1 158.1 159.9 157.5 158.2 156.4 157.1 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 35.3 35.2 35.7 35.8 37.0 36.3 36.2 37.1 36.7 36.1 34.5 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 April May June* July 176.7 176.4 176.1 172.8 171.8 168.9r 167.0 156.9 156.8 156.1 154.0 153.2 150.7r 149.3 48.4 48.6 49.0 48.4 48.6 48.5 48.7 62.7 63.9 62.9 62.3 61.4 62.1 60.7 11.1 11.2 10.9 10.8 10.9 8.2 8.3 34.7 33.1 33.3 32.5 32.3 31.9r 31.6 19.8 19.6 20.0 18.8 18.6 18.2 17.7 . r—revised. 1. Loans made under commitments are outstanding loans to commercial and industrial firms and nonbank financial institutions, less repayments of principal, made under commitments 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 agreements 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 has been repaid. 4. Loans made under other commitments are loans made under expressions of willingness to lend, other than for term loans and revolving credits, that are made known to the customer and are characterized by detailed formal agreements specifying the terms and conditions under which a loan is to be made. 5. Loans made under confirmed lines of credit are loans made under general expressions of willingness to lend, other than for term loans or revolving credits, that are made known to the customer but are not characterized by detailed formal agreements specifying the terms and conditions under which a loan is to be made. NOTE: Included in this series 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 in total for about V» percent of loans made under commitments were dropped from the reporting panel. Individual items may not add to totals due to rounding. Beginning in December, 1981 shifts of foreign loans from U.S. banking offices 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 these loans were made under commitments. * S e p t e m b e r 1982 and J u n e 1 9 8 3 d a t a r e f l e c t b r e a k s i n s e r i e s o w i n g t o bank r e c l a s s i f i c a t i o n s of o u t s t a n d i n g l o a n s . In September 1982, l o a n s 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 t o c o m m e r c i a l and i n d u s t r i a l f i r m s w e r e l o w e r e d 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 o f o u t s t a n d i n g c o m m e r c i a l and i n d u s t r i a l l o a n s r e d u c e d term 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 . C o n f i r m e d - l i n e l o a n s w e r e r a i s e d by $ 0 . 1 b i l l i o n . I n J u n e 1 9 8 3 , l o a n s 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 t o c o m m e r c i a l and i n d u s t r i a l f i r m s w e r e l o w e r e d by $ 0 . 1 b i l l i o n and $ 1 . 6 b i l l i o n , r e s p e c tively. The c o r r e c t i o n o f o u t s t a n d i n g c o m m e r c i a l and i n d u s t r i a l l o a n s l o w e r e d term l o a n s by $ 0 . 3 b i l l i o n , r a i s e d r e v o l v i n g c r e d i t l o a n s by $ 1 . 5 b i l l i o n , and r e d u c e d o t h e r l o a n s by $ 2 . 8 b i l l i o n . R e v i s i o n s t o back d a t a are n o t a v a i l a b l e . Table 3 UNUSED COMMITMENTS Billions of dollars, not seasonally adjusted Month-end Total unused commitments 1 total To commercial and industrial firms formalized agreements term 2 revolving3 other* confirmed linesS To nonbank financial institutions 1982—January February March April May June July August September October November December 376.1 380.2 375.7 372.5 374.0 373.9 380.2 383.5 380.3 380.6 385.5 387.3 316.6 320.6 316.0 313.7 314.7 314.8 320.4 323.3 320.5 320.3 324.8 326.6 16.3 16.5 17.3 16.8 16.1 15.3 15.8 15.8 14.6 15.2 15.7 16.0 133.0 134.2 131.9 132.0 134.3 137.1 141.6 143.7 143.4 144.3 147.1 148.3 13.7 14.7 14.7 14.1 13.8 13.9 14.2 13.9 13.5 13.9 14.3 13.8 153.6 155.2 152.0 150.8 150.5 148.5 148.8 149.9 148.9 146.9 147.7 148.5 59.4 59.7 59.8 58.8 59.3 59.1 59.8 60.2 59.9 60.3 60.7 60.6 1983—January February March April May June* July 389.9 391.1 391.0 391.3 390.0 386.7r 390.1 328.7 329.4 329.5 329.5 330.0 327.lr 329.5 15.5 15.4 14.8 14.7 15.1 15.lr 14.9 151.1 151.8 154.2 156.2 156.8 160.5r 163.0 13.7 14.3 14.3 14.4 14.6 9.6 9.2 148.4 148.0 146.2 144.1 143.5 142.Or 142.3 61.2 61.7 61.5 61.9 60.0 59.6r 60.5 NOTE: See Table 1 for footnotes. 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 1982—January February March April May June July August September October November December 1983—January February March April May June* July NOTE: See Tqble 2 for footnotes. total To commercial and industrial firms formalized agreements" term 2 revolving 3 other* 167.9 169.9 173.3 175.8 178.4 181.0 178.6 179.7 177.8 177.9 177.2 178.6 147.4 149.0 151.7 154.5 157.3 159.4 157.2 157.7 158.2 158.9 158.1 159.0 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 51.9 53.9 55.9 56.9 59.4 58.3 59.1 62.1 62.8 63.1 65.0 175.5 175.2 175.9 172.3 170.8 169.3r 166.6 156.1 156.0 156.0 153.9 152.4 150.9r 148.9 48.6 48.6 48.8 48.5 48.4 48.5 49.0 62.6 63.8 63.3 62.2 61.3 62.0 60.5 13.8 14.1 13.9 14.5 14.9 14.7 14.9 14.7 11.9 11.6 11.6 11.5 11.2 11.0 10.9 10.9 10.9 8.3 8.0 confirmed Iines5 To nonbank financial institutions 34.3 34.6 35.5 35.4 36.4 36.6 36.0 36.4 37.2 36.7 35.6 33.9 21.6 21.3 22.0 19.6 19.1 19.2 19.7 33.7 32.6 33.1 32.2 31.8 32.2r 31.4 19.4 19.2 19.8 18.4 18.4 18.4 17.7 20.5 20.9 21.6 21.3 21.0
