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VOLUME 73 • NUMBER 8 D AUGUST 1987
FEDERAL RESERVE
BULLETIN
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C.
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Michael Bradfield • S. David Frost• Griffith L. Garwood • James L. Kichline • Edwin M. Truman
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible foropinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Section headed by Mendelle T.Berenson, the Graphic Communications Section under the direction of Peter G, Thomas, and Publications Services supervised by Linda C. Kyles.
Table of Contents
633 MONETARY POLICY REPORT TO THECONGRESS
The economy expanded at a somewhat ac-celerated pace in the first half of 1987, andthe civilian unemployment rate declinedover the period to 6.1 percent in June, thelowest level in this decade.
647 INDUSTRIAL PRODUCTION
Industrial production increased an estimat-ed 0,5 percent in May.
649 STATEMENT TO CONGRESS
Manuel H. Johnson, Vice Chairman, Boardof Governors, offers testimony on the issueof money laundering, including efforts topress for greater international cooperationby bank supervisors in addressing the use ofbanking organizations to launder money,before the Subcommittee on Financial Insti-tutions Supervision, Regulation and Insur-ance of the House Committee on Banking,Finance and Urban Affairs, June 9, 1987.
655 ANNOUNCEMENTS
Statement by Chairman Volcker on thedeath of Arthur F. Burns.
Meeting of Consumer Advisory Council.
Nominations sought for appointments toConsumer Advisory Council.
Direct deposit of social security paymentsin the United Kingdom.
Amendment to Regulation Y.
Comments requested on revised proposal tocharge assessments and fees for certainsupervisory activities.
Changes in Board staff.
Admission of two state banks to member-ship in the Federal Reserve System.
659 LEGAL DEVELOPMENTS
Various bank holding company, bank ser-vice corporation, and bank merger orders;and pending cases.
Ai FINANCIAL AND BUSINESS STATISTICS
A3 Domestic Financial StatisticsA44 Domestic Nonfinancial StatisticsA53 International Statistics
A69 GUIDE TO TABULAR PRESENTATION,STATISTICAL RELEASES, AND SPECIALTABLES
A74 BOARD OF GOVERNORS AND STAFF
A76 FEDERAL OPEN MARKET COMMITTEE
AND STAFF; ADVISORY COUNCILS
A78 FEDERAL RESERVE BOARDPUBLICATIONS
A81 INDEX TO STATISTICAL TABLES
A83 FEDERAL RESERVE BANKS, BRANCHES,AND OFFICES
A84 MAP OF FEDERAL RESERVE SYSTEM
Monetary Policy Report to the Congress
Report submitted to the Congress on July 21,1987, pursuant to the Full Employment and Bal-anced Growth Act of 1978.'
MONETARY POLICY AND THE ECONOMICOUTLOOK I OR 1987 AND 1988
The economy expanded at a somewhat acceler-ated pace in the first half of 1987, and the civilianunemployment rate declined over the period to6.1 percent in June, the lowest level in thisdecade. Moreover, the pattern of activity hasexhibited encouraging signs that a turnaround inthe trade sector is under way. An improvementin net exports in real terms appears to be provid-ing a lift to activity in the industrial sector,offsetting slower growth of domestic spendingand sustaining a moderate rise in overall domes-tic production. However, the process of restor-ing balance to the U.S. external accounts hasinvolved a sizable increase in the prices paid forimported goods. These price increases have oc-curred at the same time that a rebound in worldoil prices has been carrying inflation rates abovelast year's modest pace.
Although some of the elements necessary forsustaining economic growth are now beginning tofall into place, the economic outlook continues tobe clouded by a number of imbalances, risks, anduncertainties. The experience of the first halfunderscored, in particular, the dangers associ-ated with a loss of market confidence in the dollarand the related potential for a rekindling ofinflation expectations. The Federal Reserve, inimplementing monetary policy, was sensitive tothese dangers, while it continued to providesupport for sustainable economic growth. During
1. The charts to the report are available on request fromPublications Services, Board of Governors of the FederalReserve System, Washington, D.C. 20551.
the first part of the year, growth in money andcredit slowed from the rapid pace of 1986, eventhough pressures on the reserve positions ofdepository institutions remained mild. Thosepressures were increased somewhat in late Apriland May, however, as the dollar fell sharplyagainst other key currencies, inflation expecta-tions flared up, and long-term interest ratesjumped to higher levels. In response to thesesteps, and to complementary policy actionstaken abroad, the dollar has stabilized, and inter-est rates have retreated somewhat from theirMay highs.
If the nation is to achieve an orderly transitionto better external balance, one marked by aminimum of financial or inflationary pressures,responsible action by many parties—in additionto the Federal Reserve—will be necessary. Fur-ther progress in reducing our federal budgetdeficit is essential: a failure to achieve this often-stated objective could only damage confidence inour ability to deal with our economic problemsand contribute to imbalances in financial marketsand the economy. In addition, satisfactorygrowth in the other major industrial countries iscrucial, as are efforts on all sides to maintainand improve the openness of the internationalmarketplace. The private sector also mustplay a constructive role by remaining sensitiveto wage and price practices that promote theinternational competitiveness of American busi-ness.
Economic and I'inancial Background
The economic expansion has now progressedwell into its fifth year. Real gross national prod-uct rose at a AVA percent annual rate in the firstquarter. However, much of the increase in pro-duction reflected a rebuilding of business inven-tories that had been drawn down late in 1986, andreal GNP appears to have increased at an appre-ciably more moderate pace in the second quarter.
634 Federal Reserve Bulletin H August 1987
Nonetheless, growth remained strong enough tosustain a downtrend in unemployment.
Beneath these solid gains in aggregate eco-nomic activity have been welcome improve-ments in the fortunes of sectors that have failedto participate in the increasing prosperity of thepast several years. As suggested above, the mostsignificant development has been the emergingimprovement in the nation's trade performance,which has begun to close the gap between thepace of growth in the industrial sector and in therest of the economy; indeed, some segments ofmanufacturing have reached relatively high lev-els of capacity utilization and strong profitability.Economic strains also appear to be casing inother troubled sectors. Oil-well drilling, whilestill at depressed levels, has turned up as aconsequence of the firming of world oil prices.Agricultural income was quite high last year,although it continued to be heavily dependent ongovernment support; farmland values seem tohave stabilized, and the amount of delinquentfarm loans has begun to decline.
While the external sector has been strengthen-ing in real terms in recent quarters, growth indomestic demand has moderated considerably.To some extent, the slower rise in household andbusiness purchases in the early months of thisyear was a reflection of the acceleration that hadoccurred at the end of 1986, motivated by taxconsiderations. However, consumers, in partic-ular, have shown signs of less exuberance in theirexpenditure patterns after a period of severalyears in which their willingness to spend increas-ing proportions of their income provided consid-erable thrust to business activity. A moderationof domestic spending growth is, of course, afundamental ingredient in achieving better exter-nal balance without putting excessive strains onavailable resources.
A key element in the recent trade develop-ments has been the steep drop in the foreignexchange value of the dollar—almost 40 percenton a trade-weighted basis against the currenciesof the other Group of Ten countries—since early1985. That decline, in conjunction with notablerestraint on labor costs, has greatly enhanced thecompetitiveness of U.S. producers in interna-tional markets. At the same time, though, the
depreciation has caused prices of imported goodsto increase—sharply in some cases—and hasexacerbated a bulge in prices coming from higherenergy costs. The rise in consumer prices, aver-aging more than 5 percent at an annual rate overthe first five months of this year, was a disturbingdeparture from recent experience. Moreover, asthe dollar exhibited continued weakness in theearly spring, and with progress toward improve-ment in the U.S. current account slower thanmany had anticipated, concerns mounted aboutinflation prospects. This was reflected for a timein rising prices of precious metals and otheractively traded commodities, an event that onlyserved to reinforce the inflation fears that simul-taneously were unsettling U.S. securities mar-kets.
In these circumstances, and with the economicadvance evidencing reasonable momentum, theFederal Reserve in late April and May adjustedits open market operations to impose a somewhatgreater, but still quite limited, degree of pressureon the reserve positions of depository institu-tions. This step was reassuring to the markets.Coupled with complementary actions by mone-tary authorities abroad and more favorable newson prices and U.S. merchandise trade flows, thefirming of money market conditions contributednot only to a turnaround in the dollar on ex-change markets but also to a rally in bond prices.On balance, however, short-term interest ratescurrently are about Vi percentage point abovetheir levels at the time of the Board's Februarymonetary policy report to the Congress, andlong-term rates are up about a full percentagepoint.
The rate of growth of the money stock mea-sures M2 and M3 has been well below that of lastyear and close to, or below, the lower end of thetarget ranges adopted in February. This has beenviewed as acceptable by the Federal Open Mar-ket Committee (FOMC), given the inflation andexchange rate developments described above, aswell as indications of grcater-than-anticipatedstrength in the velocity of money (that is, theratio of nominal GNP to money). M2 rose at anannual rate of only 4 percent between the fourthquarter and June, appreciably below the growthrange of 5'/2 to 8'/2 percent for the year, while M3
Monetary Policy Report to the Congress 635
grew at a 5lA percent rate, a shade below thelower bound of its identical range.
The marked deceleration of monetary growth,and the accompanying rise in M2 and M3 veloc-ity after two years of decline, reflected a varietyof influences. Some unwinding of the buildup inbalances that occurred late last year in connec-tion with a huge volume of tax-related transac-tions may have been involved; tax reform alsomay have damped growth in money as individu-als reduced their additions to deposit holdingsrather than using consumer credit, on whichinterest is no longer fully tax-deductible. Capitalconstraints on the growth of bank and thriftinstitution assets may have limited the deposito-ries' efforts to seek funds, an effect likely toexpress itself most fully at the level of M3, whichencompasses a broad range of depository-insti-tution liabilities.
But it is another factor that appeared mostimportant, particularly in the case of M2.Changes in deposit rates have lagged changes inmarket rates—behavior exhibited quite consis-tently in the period since most restrictions ondeposit rates were removed. With market ratesrising, financial assets other than those includedin M2 have become relatively more attractive tothe public, the opposite of developments in 1985and 1986. This same phenomenon, reinforced bythe normal downward adjustment of compensat-ing-balance requirements as rising interest ratesenable banks to earn more on business demanddeposits, has had a marked effect on Ml growthas well, which slowed to a 10 percent annual ratebetween the fourth and second quarters (and to a7V4 percent rate between the fourth quarter andJune); M1 velocity appears to have changed littlein the second quarter, after more than two yearsof steep decline.
Reflecting in large part the diminution of thefederal deficit and a slowing in state and localgovernment borrowing, influenced by the TaxReform Act, aggregate credit expansion in theeconomy has slowed noticeably this year. Thedebt of domestic nonfinancial sectors is esti-mated to have expanded at an annual rate ofabout 93/4 percent through June, still high relativeto the growth of nominal GNP but less rapid thanin the past several years and within the monitor-
ing range of 8 to 11 percent specified by theFederal Open Market Committee.
Ranges for Monex and Credit Growth in1987 and 1988
At its meeting earlier this month, the FOMC didnot change the 1987 ranges for money and creditgrowth that it had established in February. Asindicated at that time, operating decisions willcontinue to be made not only with due regard tothe behavior of these aggregates, but also in lightof evidence on emerging trends in economicactivity and inflation and developments in do-mestic and international financial markets. Atthis juncture, given the actual growth achieved inthe first half, it seems likely that, absent majormovements in interest rates that alter the incen-tives to hold monetary assets, expansion in M2and M3 around the lower ends of their 5Vi to 81/?percent annual ranges may well be appropriate.Indeed, should the recent tendency toward astrengthening in velocity, which has been partic-ularly noticeable in the case of M2, persist, or ifinflationary pressures appear to be mounting,some shortfall from the annual ranges might wellbe appropriate. With regard to the domestic debtaggregate, the FOMC anticipated that the slowerpace of debt growth in the first half wouldcontinue and that the aggregate would end theyear well within the monitoring range of 8 to IIpercent.
Consistent with the objective of maintainingprogress over time toward general price stabilitywhile supporting sustainable growth in economicactivity, the FOMC decided to adopt on a tenta-tive basis lower growth ranges for money andcredit in 1988. The target growth ranges for M2and M3 were reduced Vi percentage point, to 5 to8 percent, measured from the fourth quarter of1987 to the fourth quarter of 1988. At the same
Ranges of growth for monetary and credit aggregatesPercent change, fourth quarter to fourth quarter
Monetary or credit aggregate
M2M3 .Credit .
1987 1988,tentative
SVi to 8I/2 5 to 851/2 to 8'/2 5 to 8
8 to II 7'/2to lOH
636 Federal Reserve Bulletin LI August 1987
time, the monitoring range for growth of nonfi-nancial sector debt also was tentatively reducedby '/: percentage point, to IV2 to IO'/J percent.
The Committee noted that M1 has continued toexhibit considerable sensitivity to changes ininterest rates, among other factors, as illustratedby its sharp deceleration in the first half of thisyear. In view of this, and the still-limited expe-rience with the behavior of deregulated transac-tions accounts, the Committee decided not to seta specific target range for M1 for the second halfof 1987, and no tentative range was adopted for1988. In its policy deliberations over the remain-der of the year, the FOMC will take account ofMl growth in light of the behavior of its velocity,incoming information about the economy andfinancial markets, and the degree of emergingprice pressures.
/Economic Projections
As noted above, the Committee believes that themonetary objectives that it has set are consistentwith restraint on inflation in the context of con-tinued moderate growth in economic activity andprogress toward a sustainable external position.As is indicated in the following table, the centraltendency of the forecasts of Committee membersand other Reserve Hank presidents is for growthin real GNP of 2Vi to 3 percent in 1987 and 1988.Between now and the end of next year, this paceof activity is expected to generate jobs in aboutsufficient number to match the expansion of thework force. Consequently, the civilian unem-ployment rate is not expected to change appre-ciably from the 6 'A percent average of the secondquarter, although recent experience suggests thatthe projected growth of real GNP might lead tosomewhat lower unemployment.
Real net exports of goods and services arcexpected to strengthen further while the growthof domestic demand remains relatively subdued.The improved competitive position of U.S. pro-ducers resulting in large part from the dollardepreciation of the past two years has only begunto be reflected in trade flows, and further im-provement in the nation's external positionshould be realized in coming quarters. House-hold spending is expected to grow slowly, butstronger increases in business investment, espc-
Heonoinie projections for IW7 andPercent
GNP or unemployment
GNP, change from fourth quarter tofourth quarter
NominalRealImplicit deflator
Civilian unemployment rate, averagelevel in the fourth quarter
GNP, change from fourth quarter tofourth quarter
NominalRealImplicit deflator
Civilian unemployment rate, averagelevel in the fourth quarter
FOMC members andother FRB Presidents
Range Centraltendency
1987
2 to VA3 to 4'/4
6'/4 to 7VA to 31<A to 4
6,1 to 6.5 6.2 to 6.4
1988
5 to 81 to 3
2'A to 5
5.9 to 6.8
5% to 7Vh to 3VA to 4'/«
6 to 6.5
1. The administration has yet to publish its midscssion budgetreview but spokesmen have indicated that earlier forecasts will berevised. As a consequence, the customary comparison of l'OMCforecasts and administration economic goals has not been included inthis report.
cially in equipment, are anticipated as industrialfirms respond to more favorable sales trends.
Prices, as measured by the implicit deflator forGNP, are expected to rise V/i to 4 percent overthe four quarters of 1987—slightly more than thecentral-tendency range reported to the Congressin February. For 1988, projections of the in-crease in the GNP deflator center on 4 percent.Assuming world oil prices are more stable, thereshould be no repetition of the rebound in domes-tic energy prices that raised the general rate ofinflation earlier this year. However, the acceler-ation in prices of non-oil imported goods that isoccurring in the wake of the decline in the foreignexchange value of the dollar likely will continuefor a time to provide some impetus to inflation,even if the dollar is more stable over the periodahead, as assumed. The size of further increasesin import prices resulting from the depreciationto date will depend on the aggressiveness withwhich foreign exporters and U.S. distributorsseek to restore profit margins that have beensqueezed in the past two years. The view thatinflation next year will not rise significantly fromthe pace projected for 1987 is grounded in a beliefthat recognition of the potential for losses of
Monetary Policy Report to the Congress 637
market share and job opportunities will continueto influence wage- and price-setting behavior.
While restraint on inflation is crucial in achiev-ing an orderly adjustment as our massive exter-nal imbalance is corrected, so too is continuedprogress in reducing the federal budget deficit.Inflows of foreign capital will shrink in step withthe reduction in our current account deficit, andin that context excessive federal borrowing re-quirements, as they put pressure on financialmarkets, pose a threat to the ability of oureconomy to fund necessary private capital for-mation.
Finally, the members of the Committee andother Reserve Bank presidents also view theprospects for a healthy U.S., and world, econ-omy as depending significantly on the avoidanceof further protectionist measures here andabroad and on satisfactory economic growth inother major industrial countries.
Tin-: PERFORMANCE OE THE ECONOMY
DURING THE /'/RSI HALF OE 1987
The economy continued to expand in the firsthalf of 1987, and, in contrast to the pattern of thepreceding four years, the composition of activityappeared to be moving toward a better balancebetween domestic spending and domestic pro-duction. The overall growth in output during thefirst six months of the year led to a net gain injobs of around 1 lA million, a faster pace of hiringthan during 1986. Moreover, the civilian unem-ployment rate, which had hovered close to 7percent throughout most of last year, moveddown to 6.1 percent by June.
Inflation picked up early this year, with mostbroad indexes of prices posting increases sub-stantially above those of the past several years.In large part, the acceleration reflected develop-ments in oil markets, where prices have retracedpart of last year's decline. But rising prices forother imported goods also began to surface at theretail level, and, at the producer level, pricespaid for raw materials and other supplies clearlyturned up. Wage trends, however, have re-mained both stable and restrained.
Higher inflation rates have been, in part, aconsequence of the ongoing adjustment of theU.S. economy to a lower foreign exchange value
of the dollar. Prices of non-oil imports, particu-larly for finished consumer goods and capitalequipment, have been rising at rates in excess ofdomestic prices in recent quarters, damping thedemand for imported goods. At the same time,goods produced in the United States have be-come more competitive in world markets. Thevolume of exports, which began to pick upnoticeably in the second half of 1986, continuedto expand in early 1987, although the reboundlikely has been limited by slow economic growthabroad.
Toward the end of 1986, some manufacturingindustries—notably those producing textiles, ap-parel, steel, chemicals, and paper—began toexperience a firming in demand apparently asso-ciated with improved trade conditions. In thefirst six months of 1987, production of officeequipment and some other high-tech capitalgoods as well as several categories of industrialmachinery also picked up. Moreover, domesticenergy output stabilized, after having been aserious drag on industrial production last year.On the whole, the pace of activity in the goods-producing sector moved back into line with theoverall rise in GNP. The index of industrialproduction increased at a 3 percent annual ratebetween the third quarter of 1986 and the secondquarter of 1987, after little change during thepreceding year.
The External Sector
The dollar depreciated further against other ma-jor currencies in the first half of 1987, with mostof the adjustment concentrated in one episodeearly in January and in another during a period ofunsettled markets in the early spring. Since mid-May, the dollar has retraced part of its recentdecline, but, on a trade-weighted basis againstother G-10 currencies, it remains about 6 percentbelow its average level in December 1986 andalmost 40 percent below its peak in February1985. The underlying downward pressure on thedollar during the first half was fueled by percep-tions that progress in reducing the U.S. currentaccount deficit had been slow and by disappoint-ment concerning prospects for policy adjust-ments, here and abroad, aimed at restoring betterbalance in the world economy. An offsetting
638 Federal Reserve Bulletin LI August 1987
factor until recently was the widening of interestrate differentials between the United States andthe other major industrial countries, as rates rosein the United States while declining abroad.
The U.S. current account deficit stood at justunder $150 billion in the first quarter of 1987,little changed, in nominal terms, from the deficitin the second half of 1986. The volume of mer-chandise imports ofgoods other than oil has beenabout flat in recent quarters, after rising steadilyfor three and one-half years. Demand has leveledoff for a wide range of imported industrial mate-rials, consumer goods, and capital equipment.This adjustment occurred, however, as dollarprices for these goods began to pick up, and thusthe value of non-oil imports has continued toedge higher. Demand for imported petroleumproducts dropped back early this year, but withworld oil prices higher, the U.S. oil import billstayed at about its 1986 level.
At the same time, the expansion in the volumeof merchandise exports that began in mid-1986extended into early 1987. The improvement inforeign sales has been broadly based; in particu-lar, shipments abroad of industrial materials andcapital goods, which account for the bulk of U.S.merchandise exports, both were up about 10percent in real terms in the first quarter from theaverage in the first half of 1986. The volume ofagricultural exports also firmed somewhat re-cently, as sharply reduced support prices appearto be combining with the lower dollar to boostforeign demand for some U.S. farm products.
The adjustment in the U.S. trade position todate has occurred without much impetus fromeconomic expansion abroad. Growth of realCiNP in other industrial countries averaged lessthan 2Vi percent last year; moreover, economicactivity began to slow in the second half of theyear, and, at least in Kurope, the weaknesscontinued into early 1987. Hxport and importvolumes in Hurope and Japan have begun toadjust to the exchange rate movements of thepast two years, cutting into the growth generatedby their external sectors. While growth in domes-tic demand has been maintained above the ratefor domestic production, it, too, has slowed andhas not taken up the slack from a weak externalsector.
Outside of the industrial countries, average
growth last year was quite uneven and, on bal-ance, provided only a limited offset to slowereconomic activity in Europe and Japan. Weak-ness in oil markets held down OPIiC growthwhile the newly industrialized countries in Asiacontinued to expand strongly. In Latin America,which is an important market for U.S exports,output rose close to 4 percent for a third year, amarked turnaround from the 1982-83 period,when the onset of external financing difficultiesseriously disrupted trade. Internal pressures tomaintain reasonably strong growth persist inthese countries; such growth could be facilitatedby an improved performance of the industrialeconomics as a group.
I he Household Sector
Consumer spending weakened considerably inthe first half of 1987, after three years in whichreal gains averaged 3V4 percent per year. Inparticular, households cut back sharply theirpurchases of durable goods and outlays for non-durables flattened out; spending for services,however, continued to trend up. Slower sales ofnew automobiles contributed importantly to theoverall deceleration in consumer spending. Dur-ing the first half, sales of new cars averaged 10million units at an annual rate, down from arecord 11 '/> million units in 1986. The slackeningin demand was most noticeable for domesticmakes and persisted despite the continuation ofspecial incentive programs on a wide range ofmodels.
The deceleration in consumer outlays, espe-cially for durables such as motor vehicles, furni-ture, and home appliances, followed a period ofseveral years during which a variety of factorswere working to encourage households to in-crease their holdings of big-ticket items: rela-tively moderate increases, or even decreases, inthe prices of many home goods; declines ininterest rates; and pent-up demands from theperiod of economic weakness in the early 1980s.As those influences dissipated, and with thepersonal saving rate reaching an historically lowlevel by late 1986, consumers apparently becamemore cautious in their buying patterns. Nonethe-less, survey evidence still suggested that house-
Monetary Policy Report to the Congress 639
holds' evaluations of market conditions for majorpurchases and of their personal finances re-mained generally positive.
During the first five months of 1987, growth innominal disposable income picked up from its1986 pace; but, with consumer prices rising morerapidly, income growth in real terms was littledifferent from the 2 percent pace of the precedingtwo years. However, the aggregate balance sheetof the household sector showed further improve-ment early this year. Asset holdings were bol-stered especially by gains in stock prices, whiledebt accumulation slowed. Growth of mortgagedebt dropped back from the extraordinary paceof late 1986 despite the popularity of home equityloans, and growth of consumer credit droppedsharply. To some extent, the deceleration inconsumer debt, as well as the slowdown inspending on durable goods, may be a conse-quence of the rapid rise in household debt bur-dens during the past several years. In addition,the new tax law diminished the incentive tofinance expenditures with installment credit. De-spite the slower growth of consumer and mort-gage debt, some indicators suggest that a consid-erable number of households still are havingproblems servicing existing liabilities. Althoughsome loan delinquency rates dropped a bit,others rose in the first quarter, as did personalbankruptcies.
Spurred by a decline in mortgage interestrates, which reached a nine-year low at the endof March, starts of new single-family homesaveraged 1 'A million units at an annual rate fromJanuary through April, the highest level since thelate 1970s. Sales of single-family homes, whichhad been boosted by tax considerations at theend of 1986, also remained brisk through April.Subsequently, the backup in mortgage rates toearly-1986 levels resulted in some reduction insingle-family homebuilding, to around the pacethat prevailed last fall. In the multifamily market,the downtrend in activity that began in early 1986continued through the first half of 1987. In thesecond quarter, multifamily starts were one-thirdbelow last year's peak. Despite the adjustmentthus far to overbuilding and the reduced after-taxprofitability of multifamily housing investment,rental vacancy rates nationwide are still close torecord highs.
The Business Sector
Business spending on plant and equipment fellsharply in the first quarter of 1987. For equip-ment, the weakness was concentrated in Januaryand followed a tax-induced bunching of pur-chases in late 1986. In subsequent months, ship-ments of nondefense capital goods recovered,leaving the average level for April and May, innominal terms, IV4 percent above the third quar-ter of last year. New orders for nondefensecapital goods also dipped at the beginning of theyear, but then strengthened noticeably as book-ings for aircraft and for office and computingequipment rose sharply. The recent level oforders appears consistent with a continuation inthe near term of the moderate uptrend in spend-ing on equipment that has prevailed over the pasttwo years. According to responses to privatesurveys concerning business capital spendingplans for the year as a whole, firms still intend todirect the bulk of these purchases toward mod-ernization and cost-saving improvements in theirproduction lines.
In contrast, the environment for expansion ofplant facilities and office space is still generallyunfavorable. Large amounts of vacant and under-used space in both office buildings and factoriesbegan to take a toll of nonresidential constructionlast year; and less favorable treatment of com-mercial structures under the new tax code rein-forced the tendencies toward a lower level ofactivity in this sector. As a result, spending forcommercial and industrial buildings dropped fur-ther in the first quarter of 1987, to a level about 20percent below that of a year earlier. The declinein spending for these types of buildings ac-counted for the overall weakness in nonresiden-tial structures early this year, in the face of anupturn in oil drilling and some increases in othercategories.
A sizable swing in business inventories aroundthe turn of this year was associated with sharp,tax-induced fluctuations in sales. The surge inconsumer and business spending at the end of1986 was met to a considerable extent by drawingdown stocks, which were then rebuilt at thebeginning of this year. This spring, inventory-sales ratios generally were not indicating seriousimbalances, with the notable exception of the
640 Federal Reserve Bulletin I J August 1987
auto industry. Domestic car makers boosted pro-duction in early 1987 in excess of slackeningsales, leading to a substantial backlog of unsoldcars on dealer lots. My June, a scaling back ofassemblies had stemmed further accumulation,but the industry entered the summer with stocksthat were quite large by historical standards.
Hcfore-tax profits of nonfinancial corpora-tions, which had slipped a bit relative to GNPsince 1984, rose in the first quarter. After-taxprofits relative to GNI' were up as well, althoughthe rise was damped by increases in corporatetax liabilities associated with the new tax law.Corporations paid out a slightly larger share ofearnings as dividends in the first quarter; none-theless, internally generated funds remained siz-able relative to investment outlays.
The (iovcninwnl Sector
A substantial reduction in the federal budgetdeficit for fiscal year 1987 appears in train, withthe most recent estimate from the CongressionalBudget Office at $161 billion, compared with $221billion in fiscal 1986. Growth in receipts has beenextremely rapid; this reflects, in large part, aone-time surge in tax payments this April fromindividuals who realized capital gains last De-cember, taking advantage of lower tax ratesunder the old tax code. But more fundamentalprogress in reducing spending growth also ap-pears to have been made in the wake of theGramm-Rudman-Hollings legislation. Total out-lays have been rising al a rate of around 2 percentin the current fiscal year, a marked slowing from8 percent per year during the preceding fiveyears. Although entitlements spending is stillincreasing steadily, agricultural support pay-ments and interest outlays have leveled off.Moreover, military spending has begun to re-spond to reductions in defense authorizationsand has slowed to about half its 1986 rate ofincrease. In addition, there has been continuedbudgetary restraint on discretionary domesticprograms. On balance, these developments haveheld down the growth of federal purchases,which account for about a third of total federalexpenditures; excluding changes in farm inven-tories held by the Commodity Credit Corpora-
tion, real federal purchases were little changedbetween the second quarter of 1986 and the firstquarter of this year.
Real purchases of goods and services by stateand local governments rose at a 4 percent annualrate in the first quarter of 1987, close to the briskpace of the past several years. The growth inoutlays continues to be boosted by efforts toupgrade basic infrastructures. This rise in spend-ing has outpaced growth in receipts, however,and the sector's combined operating and capitalaccounts (that is, excluding social insurancefunds) moved into deficit in the first quarter ofthis year. In many instances, a current deficitdocs not signal any fundamental financial prob-lem, as capital expenditures are financed throughbond issues. Nonetheless, a good many units areexperiencing a degree of difficulty, with oil-pro-ducing states under the most stress. Many statesare responding with plans to trim their generalfunds budgets; some arc considering tax in-creases or are planning to retain the extra re-ceipts generated by changes in federal tax laws.
Labor Markets
Employment accelerated early in 1987, and, de-spite a slowing in recent months, the averagemonthly increase in nonfarm payroll employmentof just over 200,000 so far this year exceeds thepace of hiring in 1986. The improvement in labordemand has been fairly broadly based. In manu-facturing, a two-year string of cutbacks in dura-ble goods industries ended late last year, andhiring picked up a bit in the nondurable goodssector. As a result, factory employment, overall,edged higher over the first six months of 1987. Inaddition, the number of jobs in oil and gasextraction stabilized after the sharp retrench-ment in 1986. At the same time, the expansion ofjobs in the trade, services, and finance industries,despite some recent slowing, remained sizable.
The combination of strong gains in employ-ment and declining numbers of unemployedworkers over the first half lowered the civilianjobless rate to 6'/4 percent on average in thesecond quarter from just under 7 percent at theend of last year. The rate for adult men (aged 25years and over), which had been stuck at around
Monetary Policy Report to the Congress 641
5'/> percent from mid-1984 to late 1986, movedbelow 5 percent this spring; further improvementalso occurred for adult women, whose unem-ployment rate in the past year has moved belowthat of their male counterparts.
Despite falling unemployment, available mea-sures of labor compensation showed little sign ofacceleration early this year. Hourly compensa-tion, as measured by the employment cost index,rose 3.1 percent in the 12 months ending inMarch, the same as the year-ovcr-year changesin the second half of 1986 and down nearlythree-quarters of a percentage point from a yearearlier. A wide gap persisted between the size ofpay increases for white-collar workers and forthose in blue-collar occupations. Nonetheless,the slowing in wage inflation compared with ayear earlier was relatively widespread by indus-try and occupational group. An exception is theNortheast region, where wages showed no decel-eration in the year ending in March and increaseswere still outpacing those in other parts of thecountry by a sizable margin.
The moderation in hourly compensation in-creases has been the principal factor holdingdown labor costs, as productivity continues to bequite sluggish. After declining in the second halfof 1986, output per hour in the nonfarm businesssector rebounded in the first quarter of 1987, butremained little different from its year-earlierlevel. Since 1984, productivity gains in the non-farm business sector have averaged less than Ipercent per year. The trend has been much morefavorable in the manufacturing sector, wherefirms apparently have had some success in theirefforts to boost the efficiency of their productionprocesses; indeed, productivity gains in U.S.manufacturing between 1985 and 1986 out-stripped those recorded by other major industrialcountries.
Price De veto pin ents
As expected, inflation rates have been higher sofar this year, largely reflecting a rebound inenergy prices. The GNP fixed-weight price in-dex, a broad measure of inflation for goods andservices produced by the United States, in-creased at an annual rate of about 4 percent in the
first quarter; it had risen 21/? percent during 1986.Sharper accelerations occurred in the consumerprice index, which was up at a 5'/» percent rateover the first five months of the year, and in theproducer price index for finished goods, whichrose at a 4'/2 percent annual rate over the sixmonths ended in June.
The rebound in energy prices began in Janu-ary, when spot prices of crude oil jumped about$3 per barrel in response to the reductions inoutput to which OPEC had agreed late in Decem-ber. Higher crude oil costs were quickly passedon to end-users, and by May consumer prices forgasoline and fuel oil had risen about 15 percent,retracing half of last year's decline. Spot pricesof petroleum products moved up a bit furtherearly in the summer as inventories tightened, andthese increases were supported subsequently bythe renewal of OPEC's agreement to controlproduction.
In addition to the developments in energymarkets, the influence of a lower value of thedollar, as well as trade restrictions, on the pricesof imported goods became increasingly evidentat the retail level in the first part of this year. Thedockside prices of non-oil imports turned up in1986 after several years in which stable or declin-ing import prices had helped to restrain domesticinflation. Although price changes have variedconsiderably among different categories of im-ported goods, some of the largest increases havebeen reported for consumer commodities, in-cluding autos. Retail prices for a number of itemswith higher-than-average import proportions—such as apparel, footwear, and some other homegoods—have shown markedly faster increasesthan they did during the past several years.These increases contributed to a sharp accelera-tion in the consumer price index for goods otherthan food and energy between December andMay compared with 1986, while the rise in pricesof nonenergy services over the same period wasslightly less rapid than last year.
At the domestic producer level, prices of fin-ished consumer goods and capital equipmentother than food and energy rose at an annual rateof less than 2 percent over the first six months ofthe year. At earlier stages of processing, how-ever, prices of domestically produced intermedi-ate materials other than food and energy rose at
642 Federal Reserve Bulletin U August 1987
a 4 percent annual rate, after two years ofessentially no change. This acceleration reflecteda sharp rise in the prices of industrial chemicalsand some other petroleum-related materials aswell as increases in a number of other categories.
Prices of primary commodities other than pe-troleum also have increased so far in 1987. In theagricultural sector, crop prices have retracedpart of last year's decline, which occurred whenfarmers sold large amounts of the grain they hadreceived from the government in lieu of cashpayments. Prices of cattle and hogs also were upmarkedly into the spring, but, with suppliesimproving, cattle prices have retraced much oftheir advance, and hog futures prices point todeclines later this year. Prices of industrial ma-terials, with the exception of a brief period earlythis year, have been rising fairly steadily sincethe early autumn of 1986. Spot prices for pre-cious metals have been particularly sensitive todevelopments in foreign exchange markets andrenewed market concerns about inflation; afterclimbing sharply into May, they fell back a bitwith the subsequent firming of the dollar.
M ONE LAKY POLICY AND I-'INANCIM.MARKETS IN THE FIRST HALE OE I9H7
The Federal Open Market Committee at its meet-ing in February established 1987 target ranges,measured from the fourth quarter of 1986 to thefourth quarter of 1987, of 51/: to Wi percent forboth M2 and M3. It also set a 1987 monitoringrange for domestic nonfinancial debt of 8 to 11percent. The M2 and M3 ranges represented areduction of Vz percentage point from last year'starget ranges, and the Committee expectedgrowth to be well within the ranges, especially inthe absence of dramatic movements in interestrates. The range for debt was unchanged from1986 but below the actual outcome in that yearand other recent years; thus, the Committeeanticipated that debt growth also would slow thisyear.
The Committee viewed a substantial slowing inmoney and credit growth from the rapid pace of1986 as likely to be consistent with continuationof sustainable economic expansion and condu-cive to further progress over time toward reason-
able price stability. Growth of Ml also wasexpected to moderate considerably this year.However, the Committee in February elected notto set a target range for Ml for 1987 because ofthe continuing uncertainties about the relation-ship of this aggregate to the economy. Theseuncertainties partly reflected the substantial sen-sitivity of its velocity to changes in financialconditions that had been evident in recent years,capped by a record postwar decline in the veloc-ity of Ml over 1986. Instead, the FOMC decidedto continue evaluating movements in this aggre-gate in light of the behavior of its velocity, therate of economic expansion, inflationary pres-sures, and developments in financial markets.
Over the first half of 1987, monetary policywas conducted against a backdrop of heightenedconcerns about inflation, stimulated in part bysubstantial downward pressure on the dollar inforeign exchange markets. At the same time,growth of money and credit aggregates moder-ated considerably and the velocities of thebroader monetary aggregates turned upward af-ter several years of rapid money growth andfalling velocities. Measured from the fourth quar-ter of 1986, M2 in June was below the lower endof its target growth range, while M3 was aroundthe lower end of its range. Meanwhile, growth inM1 slowed to a VA percent pace and debt expan-sion moderated to a 914 percent rate. As pres-sures on the dollar and inflation worries intensi-fied in April and May, interest rates began to risesubstantially, especially in long-term markets. Inlate April and May, the Federal Reserve adopteda somewhat less accommodative stance withrespect to the provision of reserves through openmarket operations. These actions, together withmonetary easing moves by key industrial tradingpartners, helped to stabilize the dollar and calminflation fears, contributing to some decline inlong-term interest rates and strengthening of thedollar.
Money, Credit, and Monetary Policy
In its conduct of policy thus far this year, theFederal Reserve has given a good deal of weightto a number of considerations in addition to themonetary aggregates—principally recurrent epi-
Monetary Policy Report to the Congress 643
Growth of money and creditPercentage changes at annual rates
Period
Fourth quarter to fourth quarter197919801981198219831984 . '.19851986
Fourth quarter 1986 to June 1987
Quarterly average1986:1
234
1987:12
Ml
7.97.35.1(2.4)'8.6
10.25.4
12.115.3
9.9
7.7
8.815.516.517.013.16.4
M2
8.28.99.39.1
12.17.98.88.9
4.5
4.0
5.39,4
10.69.26.32.5
M3
10.49.6
12.39.99.8
10.77.78.8
5.3
5.3
7.7879.78.06.34.1
Domesticnonfinancialsector debt
12.29.69.98.9
11.513.913.413.2
9.8'
9.8'
15.510 212.512.110.49.0'
1. Ml figure in parentheses is adjusted for shifts to NOW accountsin 1981.
sodes of heavy downward pressure on the dollar,indications from long-term securities and com-modity markets of heightened inflation expecta-tions, and evidence that the economy continuedto advance at a pace sufficient to produce risinglevels of resource utilization, Under these cir-cumstances, interest rates tended to movehigher, and the patterns of rapid money growthand declining velocities of the last several years,when inflation and interest rates were movingdown, began to be reversed. Growth of the broadaggregates remained around the lower bounds oftheir growth cones through most of the first halfof the year, although M2 dropped well below itslong-run range later in the period. Growth of bothM2 and M3 was considerably below the pace ofrecent years, and their velocities increased. Ex-pansion of Ml also slowed markedly, whilegrowth of domestic nonfinancial sector debtmoderated.
Through the early spring of this year, Systemopen market operations were conducted to keeppressures on the reserve positions of depositoryinstitutions unchanged from last year. In Janu-ary, the strong credit and money demands asso-ciated with a burst of tax-related financial activ-ity in late 1986 began to abate, and short-terminterest rates eased; however, these rates re-mained above levels prevailing in the fall of lastyear.
e estimated
In foreign exchange markets, the dollar hadbegun to decline in late December, after a periodof some stability. The drop continued throughJanuary, amid market concerns about the pros-pects for correcting U.S. and foreign externalimbalances. In late February, the statement inParis by the ministers of finance and central bankgovernors of six major industrial countries thatthey "agreed to cooperate closely to foster sta-bility of exchange rates around current levels,"along with a cut in the discount rate by the Bankof Japan, seemed to stabilize the dollar for atime.
The spread between private short-term ratesand Treasury bill rates widened after Brazil an-nounced a suspension of interest payments tobanks in February, and subsequently widenedfurther as the Treasury's paydown of bills, whichbegan early in the year, picked up and foreignofficial institutions purchased bills with the pro-ceeds of dollars acquired in exchange marketintervention. Reflecting the somewhat higher pri-vate short-term interest rates and concomitantincreases in funding costs, commercial banksraised the prime rate by VA percentage point onApril 1.
Long-term rates, which had not been muchaffected by the transitory credit demands of late1986, continued to drift down in the early monthsof 1987, displaying little short-term volatility.
644 Federal Reserve Bulletin LI August 1987
The placid conditions in long-term markets wereabruptly changed in late March, primarily bydevelopments in the international sphere. An-nouncements of trade sanctions by the UnitedStates, persisting weakness of the dollar, anddisappointing trade figures all raised questionsabout continuing private demands for dollar as-sets, prospects for inflation, and the response ofmonetary policy. The dollar dropped sharply inthe last three weeks of March, and between lateMarch and late April, yields on 30-year govern-ment bonds rose about I percentage point onbalance. The exchange and bond markets be-came highly volatile during this period, as thedollar continued to drop and inflation fears ap-peared to be intensified by the publication ofadverse price data. Mortgage rates and yields onmortgage pass-through securities reacted verypromptly to the deterioration in the bond marketsand, indeed, rose more than most other long-term rates as many investors shied away fromthese instruments subject to substantial prepay-ment risk.
The effects of these developments also wereevident in short-term credit markets, where ratesrose in April partly in anticipation that monetarypolicy would have to firm to contain pressures onprices and the dollar. In late April and again inMay, the Federal Reserve did move to tightenthe availability of nonborrowed reserves throughopen market operations. Short-term interestrates rose about Vz to V* percentage point duringApril and May, and the prime rate was raisedtwice more, on May 1 and May 15, in quarter-point increments. The System's firming actions,along with complementary moves abroad, helpedto stabilize the dollar and ameliorate the con-cerns about the inflation outlook.
Along with some better price news and evi-dence of improvement in our trade deficit, thispolicy appeared to impart an improved tone toshort-term and, especially, long-term credit mar-kets over the latter part of May and June. SinceMay, most short-term rates have posted declinesof VA percentage point or more. Longer-term mar-kets generally have registered greater gains, andin early July long rates were off Vi to VA percentagepoint from their May highs. The dollar, mean-while, has shown more dramatic improvement,regaining the ground it lost in April and May.
As interest rate incentives favoring market
instruments over monetary assets became morepronounced in the first half of the year, growth ofthe monetary aggregates slowed. M2 deceleratedin both quarters, expanding at an annual rate ofonly 2'/2 percent in the March-to-Junc period. Inaddition to the influence of rising interest rates,tax reform may have weakened the public'sdemand for M2 assets, particularly household-type deposits, to the extent that it induced indi-viduals to pay down consumer debt or to financeexpenditures out of liquid assets rather than withcredit. The velocity of M2 is estimated to haverisen in the first and second quarters, after de-clining in 1985 and 1986.
The slowing of M2 growth was accompaniedby a marked change in the composition of depositinflows away from transactions and other highlyliquid instruments and toward longer-term retaildeposits. This reversal of the pattern of portfolioshifts in 1985 and 1986 occurred as rates on timedeposits adjusted more promptly to rising marketrales than did yields on more liquid monetarycomponents, and the deposit rate curve steep-ened.
Growth in transactions instruments fell in thefirst half to a pace not seen since 1984, the lasttime interest rates rose on a sustained basis.Demand deposits, along with other checkabledeposits (OCDs), were boosted smartly in Aprilas individuals prepared to pay tax liabilities,which were swollen by capital gains taken in 1986to avoid higher rates under tax reform. On bal-ance, however, demand deposits have exhibitedno sustained strength since late last summer.Among other factors, the rise in interest ratesreduced the volume of demand deposits thatbusinesses need to hold as compensating bal-ances for bank services. As rates on time depos-its and market instruments rose, OCDs became aless attractive savings vehicle. The progressiveslowing this year of OCD growth, which hadaveraged close to 30 percent during most of1986, was interrupted only by the April surge.With demand deposits and OCDs both runningoff in June, growth in Ml for the second quarterwas down to a 6V2 percent rate. The velocity ofM1 in the second quarter is estimated to havechanged little, after declining in each quartersince 1984.
Growth in other liquid balances also has beenfalling. Savings deposits, after expanding at a
Monetary Policy Report to the Congress 645
rate of around 30 percent since the late summerof last year, slowed in the second quarter andadvanced at a rate of only 10 percent in June, andmoney market deposit accounts have been par-ticularly weak this year. By contrast, small timedeposits, which had run off over much of lastyear in an environment of falling short-termrates, expanded significantly in June for the firsttime since April 1986. Growth in small timedeposits this year has been especially strong atthrift institutions, reflecting elevated offeringrates and, in certain cases, a shift to deposits indenominations of under $100,000, as some ofthese institutions have encountered difficulties inissuing large time deposits.
Even with weak inflows to core deposits, theneed among commercial banks to tap wholesalemanaged liabilities was limited by a moderationin demands for credit. M3 growth was furtherdamped in the first half as banks obtained fundsfrom sources not encompassed by the monetaryaggregates, including borrowing from their for-eign branches and a sharp rise in Treasury de-posits. Federal Home Loan Bank advances tothrifts also were strong, although below the paceof last year. Growth of M3 fell below that ofincome in the first half, and M3 velocity appar-ently rose in both quarters, the first sustainedincrease in three years.
Credit flows were reduced in the first half of1987, with total domestic nonfinancial sectordebt expanding at an annual rate of around 9-V4percent, compared with rates in excess of 13percent in each of the preceding three years.Even so, expansion of both the private andpublic components of the debt aggregate contin-ued to outstrip the growth of income, as gener-ally has been the case in the 1980s.
Overall business credit demands continued tobe buoyed in the first half by heavy net retire-ments of shares associated with mergers, buy-outs, and other corporate restructurings. Withlong-term rates subdued in the first three monthsof the year, firms concentrated their borrowingsin bond markets and short-term business creditcontracted. However, as long-term markets de-teriorated in April, bond issuance abated andbusiness credit demands focused on the commer-cial paper market. By June, with some improve-ment in long-term markets, these financing pat-terns reversed again as bond issuance picked up
and growth of short-term business credit came toa halt.
Growth of consumer installment credit wasconsiderably diminished during the first half. Thereduced deductibility of consumer interest pay-ments under the new tax code encouraged thisdevelopment. The tax law change made the useof mortgage credit relatively more attractive, andthe active promotion by lenders of home equitylines of credit reinforced tendencies toward sub-stitution. In addition to credit taken down underhome equity lines, mortgage growth in the firsthalf was maintained by heavy volumes of newand existing home sales.
Federal government credit needs in the firsthalf were held down by unusually strong taxpayments stemming from the retroactive repealof the investment tax credit and, principally,from the capital gains realized late last year. Thebudget showed a small surplus in the April-to-June period, after a $59 billion deficit in the firstquarter. Net borrowing from the public neverthe-less rose in the second quarter on a seasonallyadjusted basis as the Treasury replenished itscash balances, which had been drawn downsharply in the initial months of the year. TheTreasury ran off bills in both quarters but contin-ued to issue coupon securities in volume. Federaldebt expanded at a 93/t percent annual rate inthe first half of the year, down from the pace of1986.
Borrowing by state and local governments hasfallen off this year. Issuance of municipal debt fornew capital has been slowed considerably byprovisions of tax reform that narrowed the defi-nition of public-purpose debt and constrainedprivate-purpose offerings. In addition, issuanceof refunding bonds, which was strong in the firstquarter, slackened after April because of higherinterest rates.
The financial system has continued to evidencestrains in 1987. Indications that the agriculturalsector is beginning to stabilize have emerged,with loan delinquencies declining, land pricesbottoming out, and export volume firming; thefailure rate among agricultural banks seemslikely to have peaked. However, the Farm CreditSystem, the nation's largest farm lender, lostconsiderable sums in 1985 and 1986, and many ofits units continue to struggle with troubled loanportfolios.
646 Federal Reserve Bulletin D August 1987
In addition to difficulties with agriculturalloans, commercial banks have been saddled withpersisting problems in their energy and dcvclop-ing-country loan portfolios. Although somebanks remain highly profitable, 19 percent lostmoney last year, compared with about 3 percentas the decade began; loan-loss provisions werethe main cause of the earnings problems. Thebanking system is likely to post record losses thisyear owing to huge reserve provisions taken bylarge banks primarily as a consequence of devel-opments in the international debt area. Despitethe shrinkage in the book value of shareholderequity recognized by these actions, share pricesrose at many banks that announced large in-creases in loan-loss reserves.
Net operating income before taxes for solventthrift institutions rose last year as interest mar-gins widened with falling market rates, and thriftsoverall have raised their ratio of net worth tototal assets by taking advantage of strong stockprices to issue large volumes of equity. Nonethe-less, at a significant minority of thrifts, alreadynegative net worth positions have been aggra-
vated by continued losses. Moreover, the prob-lems of some troubled institutions intensified thisyear as the real estate market in certain areas ofthe country remained depressed and interestrates backed up.
The difficulties of the thrift industry are mir-rored in the situation of the Federal Savings andLoan Insurance Corporation. Fstimatcs indicatethat current and potential claims against theFSLIC exceed its reserves by significantamounts. With premiums levied on member in-stitutions already at a statutory maximum, someaction clearly is called for to strengthen theFSLIC and bolster its ability to deal with prob-lem institutions. Plans currently under study bythe Congress would involve using retained earn-ings from the Federal Home Loan Banks tocapitalize a financing corporation that, in turn,would issue obligations and invest the proceedsin FSLIC capital stock. At this stage, these planscall for a maximum capacity to issue debt of $8'/2billion. This would be repaid over an extendedperiod of time through FSLIC assessments onmember institutions.
Industrial Production
647
Released for publication June 16
Industrial production increased an estimated 0.5percent in May, while the level of output in eachof the preceding three months was revised up-ward. In May, gains in output were widespreadamong products and materials. At 127.8 percentof the 1977 average, the total index for May was2.9 percent higher than that of a year earlier.
In market groups, output of consumer goodsincreased 0.6 percent in May following a declineof 0.8 percent in April. Auto production was offslightly in May, but output of lightweight trucksas well as that of home goods and nondurableconsumer goods increased during the month.Auto assemblies were trimmed further in May toan annual rate of 7.1 million units, but stillexceeded sales for May; industry schedules for
140
120
100
80
60
TOTAL INDEX
1 1
MANUFACTURING
"~ CONSUMER GOODS
1
MOTOR VEHICLES
—
A A/1 (
r—' "
I i
Durable ^ _ ^ ^ _
Nondurable
1 1
Nondurable^_ >~~r-*
• / - . ^ ^ _ - . ~ - •ry~
Durable
AND PARTS
-
1
-
1
-
•
-
-
-
Ratio scale, 1977 = 100
140
120
- 100
80
140
120
- 100
1981 1983 1985 1987
All data are seasonally adjusted. Latest figures: May.
- 160
- 140
120
100
- 80
Products
MATERIALS Durable
Nondurable -^^r • -
Energy
INTERMEDIATE PRODUCTS
Business supplies
— Construction supplies
J_
FINAL PRODUCTS
Defense and space
Consumer goods
240
200
160
140
20
100
1981 1983 1985 1987
648
Group
Total industrial production
Products, totalFinal products
Consumer goodsDurableNondurable
Business equipmentDefense and space
Intermediate productsConstruction supplies
Materials
Manufacturing.DurableNondurable .
MiningUtilities
1977 = 100
1987
Apr. May
127.2
135.6134.4126.6118.4129.6140.4186.5140.0127.9115.6
132.0129.8135.196.5
110.4
127.8
136.5135.2127.4119.4130.3141.2187.4140.7128.6116.0
132.7130.4135.996.3
111.9
Jan.
-.1.0
- . 4- 1 . 2- . 1
.7- . 3- . 4
3.0
.1- . 1
.35
-1.0
Percentage change from preceding month
1987
Feb. Mar.
Major market groups
.91.0.6
2.0.2
1.9.7.4.1.0
.0
.1
.0
.0- . 6
.3- . 1
.0
.3.1
- . 1
Major industry groups
.71.1.1
-1 .0.1
.1
.1
.2
.2- . 3
Apr.
- . 1
- . 4- . 5- . 8
- 2.6
- ! l- . 1- . 1- . 5
.4
- . 2- . 6
.4
.11.1
May
.6
.6
.6
.8
.6
.5
.5
.5.5.4
.5
.5
.6- . 21.4
Percentagechange,
May 1986to May
1987
2.9
3.12.82.54.91.72.45.34.24.22.7
3.5274.6
-3.53.1
Noli;. Indexes are seasonally adjusted.
June production show a further small decline.Production of business equipment was up inMay, continuing the overall improvement thatbegan in January, particularly in the output ofmanufacturing and commercial equipment.
After almost no change in both March andApril, output of defense equipment increased inMay, bringing production to a level about 5percent higher than that of a year earlier. Output
Total industrial production—RevisionsEstimates as shown last month and current estimates
Month
FebruaryMarch
May
Index (1977-1(1(1)
Previous
127.1126.8126.3ii.a.
Current
127.2127.3127.2127.8
Percentage changefrom previous
months
Previous Current
.4 .5-.2 .0-.4 -.1
n.a. .5
n.a.—Not applicable.
of both construction and business supplies in-creased half a percent in May but has shown, onbalance, only small gains since the beginning ofthe year. Total materials production rose 0.4percent following a similar gain (upward revised)in April. Among durable materials, output ofmetals and equipment parts increased in May;nondurable materials, such as chemicals andpaper, also rose. Output of energy materials,although relatively strong in May due largely toincreased electricity generation, remained belowyear-earlier levels.
In industry groups, total manufacturing outputincreased 0.5 percent in May following a declineof 0.2 percent in April, which occurred mainly indurables. In May, the durable manufacturingsector almost regained March levels; nondurablemanufacturing, with a gain of 0.6 percent in Mayfollowing a revised rise of 0.4 percent in April,surpassed the March level considerably. Miningoutput edged down in May, but production byutilities was up sharply.
649
Statement to Congress
Statement by Manuel H. Johnson, Vice Chair-man, Board of Governors of the Federal ReserveSystem, before the Subcommittee on FinancialInstitutions Supervision, Regulation and Insur-ance of the Committee on Banking, Finance andUrban Affairs, U.S. House of Representatives,June 9, 1987.
I am pleased to appear on behalf of the FederalReserve Board to offer additional testimony onthe issue of money laundering. The FederalReserve has a strong commitment to implement-ing appropriate policies to ensure compliancewith laws enacted to eliminate money launder-ing.
My goal today is to more fully inform thecommittee of efforts by myself and by the staff topress for greater international cooperation bybank supervisors in addressing the use of bank-ing organizations to launder money. In addition,the committee has asked that I give a statusreport on the studies required under the Anti-Drug Abuse Act of 1986 and that I address thesubject of bank fraud and insider dealing. Final-ly, I will provide further information on theFederal Reserve's supervisory efforts to ensurecompliance with the Bank Secrecy Act and otherlaws to discourage the use of banks and thepayments system generally for laundering mon-ey.
INTERNATIONAL COOPERATION
The Federal Reserve shares the concerns of thiscommittee and believes that the effectiveness ofefforts to discourage money laundering could befurther enhanced by initiatives on an internation-al level. For the past year, the Federal Reserve,together with the other federal banking agencies,has worked to secure the cooperation of banksupervisory authorities in other countries of theworld. Discussions have been held among mem-bers of the Basle Committee on Bank Regulation
and Supervisory Practices with the goal of ob-taining a consensus on how best to proceed withefforts to discourage criminal elements from us-ing the international payments system for thepurpose of laundering money.1 The subject wasfirst raised with the Basle Committee in a meet-ing in Washington last June. Although all mem-bers of the committee were clear in their viewthat abuse of the banking system in the form ofcurrency laundering was a serious matter, manymembers felt that the primary responsibility formonitoring and detecting this activity restedlargely with law enforcement authorities. None-theless, the committee agreed that the subjectshould be reviewed, and at the December 1986meeting the U.S. delegation agreed to draft apaper outlining the issue and making recommen-dations.
In addition, this paper will propose rules ofconduct that could be utilized by banks in anycountry to discourage the use of the paymentssystem for illegal transactions. In constructingthis proposal, we have consulted with othercountries for the purpose of incorporating theirideas as well as seeking their support of a moreactive role for bank supervisors. We expect thatin the next few weeks a draft of an initialproposal will be ready for review by the BasleCommittee, and we are attempting to put theitem on the committee agenda for the regularmeeting later this month. We recognize thatencouraging foreign supervisors to endorse theconcept that international banks should adopt acode of conduct falls short of the extensivecurrency reporting requirements in place in theUnited States; however, we are hopeful that this
1. The Basle Committee was established at the end of 1974by the central bank governors of the Group of Ten industra-lized countries with the objective of strengthening collabora-tion among national authorities in their prudential supervisionof international banking. The committee, whose members areofficials of the central banks and supervisory agencies, meetsthree times a year at the Bank for International Settlements inBasle, Switzerland.
650 Federal Reserve Bulletin • August 1987
effort, in combination with the activities of ourfederal law enforcement authorities, will make ameaningful contribution toward inhibiting theuse of the banking system for illicit money laun-dering.
Attempts to eliminate money launderingthrough legislation are, of course, not confined tothe United States. Recently, Switzerland, forexample, has proposed laws designed to makemoney laundering a crime. It is our hope thatother countries will follow suit. The proposedrules of conduct to which I have just referredendorse the concept that bank supervisory au-thorities should support legislation that wouldmake money laundering a crime.
Federal Reserve efforts to encourage interna-tional cooperation in this area will not be limitedto the Basle Committee. We intend to discussthis issue when appropriate at formal and infor-mal meetings with foreign bank supervisory au-thorities. It is our hope, however, that the workgoing on in the Basle Supervisors' Committeewill serve as the principal vehicle for advancingeffective constraints on the involvement of inter-national banking institutions in money launder-ing activities.
INTERNATIONAL STUDIES
The Anti-Drug Abuse Act of 1986 requires thattwo studies be conducted and furnished to thiscommittee. Both of these studies are being pre-pared under the auspices of the Department ofthe Treasury in consultation with the Board ofGovernors. The Justice Department is also tocontribute to one of the studies.
The first study deals with the results of discus-sions with central banks and other appropriategovernmental authorities concerning the estab-lishment of arrangements to facilitate the flow ofinformation among supervisory authoritiesthroughout the world. The flow of informationamong international supervisors is particularlyimportant, and the Federal Reserve is discussingwith international authorities the need to im-prove communications and information-sharingprocedures to strengthen supervisory activitiesvis-a-vis international banking organizations. Weexpect to be able to provide the Treasury withthe results of our discussions in sufficient time toensure a timely response to this committee.
The other study requires that information befurnished to this committee on the following: (1)the extent to which foreign branches of domesticinstitutions are used to facilitate illicit transfersof currency and other monetary instruments orto evade reporting requirements; (2) the extent towhich U.S. law is applicable to the activities ofsuch foreign branches; and (3) methods for ob-taining the cooperation of foreign countries forthe purpose of enforcing money laundering lawsand currency reporting requirements. The Feder-al Reserve and the Comptroller of the Currencywere asked to assist the Treasury on sections 2and 3 of the study. While we arc still in theprocess of developing materials to provide to theTreasury, we expect that the study will be com-pleted within the committee's requested timeframe.
BANK FRAUD AND INSIDER DEAEING
I would now like to turn to the subject of bankfraud and insider dealings. Experience has dem-onstrated that insider abuse and misconduct, aswell as criminal activities, arc among the factorscontributing to bank failures. Data provided tothe Department of Justice and the Federal Bu-reau of Investigation (FBI) confirm that criminalmisconduct, such as fraud and embezzlement, isa serious problem. For example, the FBI recent-ly reported that in 1985 it worked on 6,373 bankfraud and embezzlement cases—one-third ofwhich involved amounts exceeding $100,000. In1986, this number rose to 7,286—with a corre-sponding increase in the number of cases involv-ing more than $100,000. The FBI reports that in1985 the amount of reported dollar losses be-cause of bank fraud and embezzlement totaledabout $850 million; in 1986, this total increased tomore than $1.1 billion.
Over the past several years, the Federal Re-serve by itself, and in conjunction with the otherfederal banking and law enforcement agencies,has taken a number of steps to address bankfraud and insider abuse. A major part of thiseffort relates to our involvement in the Interagen-cy Bank Fraud Enforcement Working Group (the"Working Group") that was formed in April1985. The Working Group is comprised of offi-cials from all of the federal financial institution
Statement to Congress 651
regulator agencies, the Justice Department, andthe FBI. The principal results of the WorkingGroup's efforts over the past two years includethe following:
• The Working Group developed and imple-mented a uniform criminal referral form to beused by all banks, bank holding companies,savings and loan institutions, and credit unions.
• The Department of Justice developed andimplemented a "significant referral" trackingsystem. For this purpose, a criminal referral isconsidered "significant" if the dollar amount ofthe suspected violation exceeds $200,000, thesuspected offense involves insider abuse by sen-ior officials, or the violation involves, in theopinion of Board staff, activities or practices thataffect the integrity of the supervisory process orotherwise have nationwide implications. Eachsignificant referral received by the Federal Re-serve System is forwarded to the Fraud Sectionof the Department of Justice for tracking andspecial attention.
• As a complement to these efforts, the En-forcement Section of the Board's Division ofBanking Supervision and Regulation developedand implemented an automated system to moni-tor and track all of the Federal Reserve criminalreferrals. Complete access to the Board's crimi-nal referral recordkeeping system is available toall the agencies comprising the Working Group.
• The members of the Working Group devel-oped and distributed lists of key persons to becontacted at the local FBI offices, U.S. Attor-ney's offices, Federal Reserve Banks, and alldistrict offices of the Comptroller of the Curren-cy, the Federal Deposit Insurance Corporation,and the Federal Home Loan Bank Board onmatters relating to criminal referrals and bank-related insider abuse and fraud. These lists pro-vide important information for the staffs of theagencies that are reponsible for criminal referraland follow-up.
• The examiner training programs sponsoredby the Federal Financial Institutions Examina-tion Council have been expanded to includeextensive instruction in the detection and investi-gation of insider abuse and misconduct withinfinancial institutions. In addition, the membersof the Working Group jointly sponsor white-collar crime seminars with the FBI.
• At the urging of the Working Group, the
Attorney General called upon each U.S. attorneyto intensify his or her efforts in bank fraudenforcement. In a memorandum distributed inFebruary 1987, the Attorney General asked allU.S. attorneys to prepare inventories of bankfraud cases involving more than $100,000 that arepending prosecutive decision or action, to makeprompt prosecutive determinations in those cas-es ready for decision, and to assign the neededpersonnel to complete the investigation of opencases with the goal of indictment or declinationwithin nine months.
As part of this overall effort, the FederalReserve Board has attempted to improve itscommunication and coordination with the en-forcement agencies in this all-important area. Ibelieve that we have made considerable progressin strengthening our working relationships withthe Department of Justice and the FBI at boththe federal and the local levels. There is alsonow, I believe, a better mutual understanding ofthe procedures and responsibilities of the federalfinancial institution supervisory agencies and thefederal law enforcement agencies.
Besides these interagency efforts, the Boardhas sought to enhance its supervisory and en-forcement activities regarding insider abuse andmisconduct. This effort is reflected in an increasein the number of formal enforcement actionstaken by the Board. In the period 1981-82, theFederal Reserve System averaged 42 enforce-ment actions per year; from 1984-86, the averagenumber of enforcement actions had increased to177. These figures include actions against statemember banks, bank holding companies, andEdge act corporations. Moreover, during thisperiod, there has been a significant increase inthe number of enforcement orders addressingimproper or abusive actions of bank officials.This increase in enforcement actions has oc-curred across the Board—involving civil moneypenalties and fines, cease and desist orders, andsuspension and removal proceedings against offi-cers and directors.
Board staff members are also working withtheir counterparts at the other federal financialinstitution regulatory agencies to develop a jointlegislative proposal for amending the agencies'enforcement statutes. The purpose of the pro-posal would be to clarify the agencies' authorityto obtain reimbursement from individuals who
652 Federal Reserve Bulletin • August 1987
violate applicable banking laws; broaden theagencies' powers to issue cease and desist or-ders; strengthen removal procedures; and codifyexisting interpretations of the Right to FinancialPrivacy Act. We believe that these changeswould strengthen the agencies' ability to addressbank fraud and insider dealings, and it is ourhope that a proposal will be ready soon forreferral to the Congress.
DOMESTIC REGULATORY ACTIVITIES
To conclude my testimony, let me describe therange of our domestic activities to fight moneylaundering in U.S. banks. First, the FederalReserve provides monthly reports on currencyflows for several government agencies. Thesereports supply data on currency sent into and outof each of the 37 Federal Reserve offices. Thepurpose of the report is to establish paymentpatterns throughout the United States so thatmarked deviations in normal patterns can beidentified and enforcement resources more effi-ciently deployed.
In addition, Federal Reserve Banks providecurrency, shipping, and receiving data to govern-ment agencies covering cash flows between theFederal Reserve and a particular depository in-stitution that is ordering or depositing cash. Thatinformation is useful also in establishing markeddeviations in normal depositing and orderingpatterns. The Federal Reserve is fully coopera-tive in responding to any requests for data of thistype.
EXAMINATIONS
The Board believes that the most effective wayto ensure that banks are meeting the recordkeep-ing and reporting requirements of the Bank Se-crecy Act is to conduct on-site examinations.The Federal Reserve has developed detailedexamination procedures in this area and has heldspecial training sessions for examiners as well asfor bankers. It is our policy to review compliancewith the Bank Secrecy Act at each examinationof a state member bank or Edge act corporation.In 1986, 844 such examinations were conducted,and through the first quarter of 1987 an additional
227 examinations were completed. The numberand intensity of our reviews of currency report-ing requirements have increased steadily in thepast five years.
During the period covered by these examina-tions, deficiencies were discovered in 256 banks.These deficiencies included failure to file curren-cy transaction reports, filing incomplete or inac-curate currency transaction reports, impropermaintenance of exemption lists, and poor record-keeping practices. In all cases, the banks havebeen required to initiate corrective action and in16 cases the violations resulted in our forwardingdetails to the Justice Department for furtherreview. Of course, as a matter of policy, everyviolation is reported to the Department of Trea-sury on a quarterly basis.
While considerable effort has been expendedin recent years to ensure that adequate and in-depth examinations are being conducted, theFederal Reserve reviews on a regular basis itspractices and procedures in an effort to strength-en its oversight activities. In addition, as alreadynoted, the Federal Reserve actively participatesin the Bank Secrecy Act Interagency WorkingGroup that is chaired by the Treasury Depart-ment. This working group has developed newprocedures that arc designed to assist in detect-ing violations of law. These procedures arc cur-rently in the process of being integrated into ourexamination instructions.
REGULATION
Pursuant to the Anti-Drug Abuse Act of 1986, thefederal banking agencies have developed regula-tions that require banks to establish and maintainprocedures to ensure compliance with the BankSecrecy Act. The Federal Reserve published itsregulations for this purpose as amendments toRegulation H on January 27, 1987. These amend-ments require banks to implement a writtenprogram that must be approved by the bank'sdirectors to assure compliance with the record-keeping and reporting requirements of the BankSecrecy Act. The compliance program must, at aminimum, include four elements: (1) a system ofinternal controls; (2) independent testing forcompliance; (3) designation of individual(s) to beresponsible for compliance; and (4) appropriatetraining of employees.
Statement to Congress 653
Noncompliance with this regulation will resultin the issuance of a cease and desist order.Although no such orders have yet been issuedbased on this recently published regulation, theBoard has included requirements to strengthencompliance with the Bank Secrecy Act in otherformal supervisory actions. Between 1980 and1986, the Board or the Reserve Banks enteredinto 165 enforcement orders or agreements withstate member banks. Provisions requiring cor-rective action relative to the Bank Secrecy Actwere included in 25 of these enforcement orders.
INDUSTRY EDUCATION
Besides focusing on strengthening regulationsand examining procedures, efforts have beendirected at educating banks and the public on therequirements of the Bank Secrecy Act and onFederal Reserve policies and procedures regard-ing currency reporting. Board staff membershave participated in seminars and programs in-tended to educate bankers about the Bank Secre-cy Act, especially as it relates to the RegulationH amendments and the requirements for curren-cy reporting. We believe that these seminarshave been particularly helpful and have achieveda substantial degree of participation among bankmanagers and compliance personnel. Regionalprograms conducted through our District bankshave also provided opportunities for bank com-pliance officers to discuss issues and to askquestions relating to the Bank Secrecy Act.
To provide assistance and guidance for statemember banks in developing compliance pro-grams, the Federal Reserve has developed andissued guidelines and sample documentation.These materials have been widely distributedand, we understand, have been particularly use-ful to banking organizations in developing com-pliance programs.
APPLICATIONS
Any banking organization or bank holding com-pany making application to the Federal Reservereceives a careful scrutiny to determine whetherthe organization is in compliance with the cur-rency recordkeeping and reporting requirements
of the Bank Secrecy Act. When violations exist,procedures require that a thorough analysis beperformed that looks carefully at the nature ofthe violations, efforts taken by the Bank to curethe deficiencies, and procedures developed toprevent any future occurrence. Applicants arerequired to provide detailed responses on thecause of the violations and to submit copies oftheir compliance programs, and procedures, andtheir related internal audit reports. Normal proc-essing of any application is suspended until allquestions relating to Bank Secrecy Act compli-ance are fully resolved. From the beginning of1985 through May 1987, 125 applications in-volved issues relating to Bank Secrecy Act com-pliance. In 25 of these cases, resolution of thecompliance problems resulted in a delay in theprocessing of the application beyond the normal60-day period.
Those cases that involve serious issues ofnoncompliance and that cannot be resolved byfurnishing additional information may require aspecial examination. These examinations areconducted either by the Federal Reserve or bythe regulatory agency responsible for the pri-mary supervision of the applicant banking orga-nization. No action is taken on any applicationuntil satisfactory compliance is demonstratedand any associated issues are resolved. An ongo-ing investigation by any law enforcement agen-cy, would also suspend processing of the applica-tion.
CONCLUSIONS
The Federal Reserve shares this committee'sconcern that banking organizations not be usedto launder funds or participate in other illegal orimproper activities. To this end, we have devot-ed considerable effort and resources to monitorcompliance of state member banks with the BankSecrecy Act and the Anti-Drug Abuse Act of1986. We have tightened our examination proce-dures, put in place policies for carefully review-ing a bank's compliance record at the time anapplication is made, and taken steps to ensurethat criminal referrals are made in a timelyfashion with appropriate follow-up. The FederalReserve has also contributed to banker educa-tional programs and provided guidance to bank-
654 Federal Reserve Bulletin • August 1987
ing organizations for complying with the BankSecrecy Act. Finally, we are pursuing coopera-tive efforts on the international level that wehope will heighten awareness of the need tostrengthen supervisory and enforcement activi-ties worldwide.
Despite these intense efforts, we recognize
that we must remain vigilant and continue ourefforts to improve compliance with the BankSecrecy Act. The Federal Reserve intends tocontinue to place strong emphasis on its over-sight responsibilities for Bank Secrecy Act com-pliance and to contribute fully to efforts to elimi-nate money laundering. •
Announcements
655
STATEMENT BY CHAIRMAN VOLCKER ONTHE DEATH OF ARTHUR F. BURNS
Paul A. Volcker, Chairman of the Federal Re-serve Board, issued on June 26, 1987, the follow-ing statement on the passing of Arthur F. Burns:
Arthur Burns was a staunch supporter of the Feder-al Reserve as an institution and a firm friend of manyof us within it. We have enormously benefited fromboth that support and that friendship. He will behonored in our memory.
Arthur first came to the Federal Reserve in 1970 asChairman of the Board of Governors. He was then atan age that, for most men, might be considered anormal time for retirement. He had great vigor andbrought to his new position force of personality,intellectual vigor, and physical endurance that had aprofound influence throughout the institution and onU.S. economic policy for eight years.
Arthur without doubt saw those active "Fed" yearsas a culmination of a career already distinguished bypromising studies of the business cycle, by largecontributions to the teaching and the profession ofeconomics at Columbia University and the NationalBureau of Economic Research, and by public serviceas President Eisenhower's first Chairman of the Coun-cil of Economic Advisers, and as Counselor to Presi-dent Nixon, whom he had long advised informally. Itwas a measure of the breadth and strength of the manthat in his mid-70s he took on a key diplomaticassignment, serving with great distinction as Ambassa-dor to the Federal Republic of Germany.
MEETING OF CONSUMER ADVISORYCOUNCIL
The Federal Reserve Board announced that itsConsumer Advisory Council met on June 25 and26 in sessions open to the public.
The Council's function is to advise the Boardon the exercise of the Board's responsibilitiesunder the Consumer Credit Protection Act andon other matters on which the Board seeks itsadvice.
NOMINATIONS SOUGHT FORAPPOINTMENTS TOCONSUMER ADVISORY COUNCIL
The Federal Reserve Board announced on June25, 1987, that it is seeking nominations of quali-fied individuals for 11 appointments to its Con-sumer Advisory Council to replace memberswhose terms expire on December 31, 1987.
The Consumer Advisory Council was estab-lished by the Congress in 1976, at the suggestionof the Board, to advise the Board on the exerciseof its duties under the Consumer Credit Protec-tion Act and on other consumer-related matters.The Council meets three times a year.
Nominations should include the name, ad-dress, and telephone number of the nominee,past and present positions held, and specialknowledge, interests, or experience related toconsumer credit or other consumer financialservices.
Nominations should be submitted in writing toDolores S. Smith, Assistant Director, Division ofConsumer and Community Affairs, Board ofGovernors of the Federal Reserve System,Washington, D.C. 20551. Nominations should bereceived by August 31, 1987.
DIRECT DEPOSIT OF SOCIAL SECURITYPAYMENTS IN THE UNITED KINGDOM
The Federal Reserve and the Social SecurityAdministration announced on June 26, 1987, thebeginning of direct electronic deposit of SocialSecurity benefit payments in the United King-dom.
About 5,300 of the United Kingdom's 14,000recipients of U.S. benefits have had their Junebenefit payment electronically deposited intotheir bank accounts. This marks the first timethat the U.S. government has made direct depos-it payments overseas.
The new system assures prompt payment of
656 Federal Reserve Bulletin D August 1987
benefits on the same day as U.S. recipients,normally the third day of the month, and obvi-ates the process of changing U.S. dollars intoBritish pounds sterling. Direct deposit is also amore efficient means of payment delivery thanpaper checks.
The start of this new international direct de-posit program culminates a two-year, multi-agency effort by the Social Security Administra-tion, Federal Reserve Bank of New York, Bankof England, British Automated Clearing Ser-vices, Ltd., and the Departments of Treasuryand State to pay overseas beneficiaries electroni-cally rather than by paper check. This is the firsttime that the Federal Reserve has transformedthe U.S. automated clearinghouse (ACH) formatinto that of another country to transfer paymentsto foreign financial institutions.
Although implementation plans have not beencompleted, the direct deposit of Social Securitypayments to beneficiaries residing in other coun-tries, such as Canada and West Germany, isunder study.
AMENDMENT TO REGULATION Y
The Federal Reserve Board announced on June12, 1987, approval of an amendment to Regula-tion Y implementing amendments to the Changein Bank Control Act required by the Anti-DrugAbuse Act of 1986.
The Anti-Drug Abuse Act of 1986 amended theChange in Bank Control Act (CBCA) to requirefederal banking agencies to publish notice of anyfiling made under the CBCA to acquire control ofa bank or a bank holding company.
The Anti-Drug Abuse Act requires the bankingagencies to publish the name of each partyacquiring control of a bank or a bank holdingcompany, as well as the name of the targetinstitution, and to solicit public comment on theproposed acquisition, in particular from personsin the relevant local area.
PROPOSED ACTION
The Federal Reserve Board requested commentby July 6, 1987, on a revised proposal to chargeassessments and fees for certain supervisory
activities. The Board had previously requestedcomments on a specific schedule of assessmentsand fees for the supervision of Edge act corpora-tions and for processing various applicationssubmitted to the Federal Reserve System bybanks, bank holding companies, and other com-panies and individuals.
The Board is now seeking comment on arevised proposal that would charge an annualassessment for inspection and supervision of theparent company and nondepository subsidiariesof bank holding companies as well as a signifi-cantly reduced fee schedule for supervising Edgeact corporations and for processing applications.While the Board is still considering whether tobegin charging for certain supervisory activities,the Board seeks comment on this revised ap-proach of recovering a smaller percentage ofcosts over a broader range of services.
CHANGES IN BOARD STAFF
The Board of Governors announced the follow-ing official staff actions effective June 17, 1987:
(1) Change of title of James L. Kichline fromDirector to Staff Director, Research and Statis-tics; (2) change of title of William Taylor fromDirector to Staff Director, Banking Supervisionand Regulation; (3) change of title of Edwin M.Truman from Director to Staff Director, Interna-tional Finance; (4) transfer and title change ofDonald L. Kohn from Deputy Staff Director inthe Office of Staff Director for Monetary andFinancial Policy to Deputy Director, Division ofResearch and Statistics (Monetary Policy andFinancial Markets); and (5) transfer of NormandR.V. Bernard to the Office of Board Members.
These assignments will result in the dissolutionof the Office of Staff Director for Monetary andFinancial Policy.
The Board announced the following additionalstaff actions:
James L. Kichline, Staff Director, Division ofResearch and Statistics, resigned, effective July31, 1987.
Lynn Smith Fox was appointed Special Assis-tant to the Board for Congressional Liaison inthe Office of Board Members, effective July 6,1987.
Announcements 657
David L. Williams was appointed AssistantDirector in the Division of Support Services,effective July 6, 1987.
Ms. Fox came to the Board in January 1986after several years on the staff of the HouseSubcommittee on Economic Stabilization. Sheholds a B.A. from Smith College and an M.B.A.from George Washington University.
Mr. Williams came to the Board in 1973 andwas promoted to Assistant to the Director of theDivision of Support Services in January 1987.
SYSTEM MEMBERSHIP.- ADMISSION OFSTATE BANKS
The following banks were admitted to member-ship in the Federal Reserve System during theperiod June 1 through June 30, 1987:
OhioDayton Trustcorp Company
VirginiaRichlands First Virginia
Bank—Clinch Valley
Legal Developments
659
AMENDMENT TO REGULATION Y
The Board of Governors is amending its Regulation Y,Bank Holding Companies and Change in Bank Con-trol, to implement certain amendments to the Changein Bank Control Act, Under the final rule, notificantsunder the Act are required to publish, in a newspaperof general circulation in communities where the bankor bank holding company to be acquired is located, anannouncement of the proposed acquisition no laterthan 10 calendar days after the notice has been accept-ed by the appropriate Federal Reserve Bank.
Effective June 12, 1987, the Board amends12 C.F.R. Part 225 as follows:
Part 225—Bank Holding Companies andChange in Bank Control
1. The authority citation for Part 225 continues to readas follows:
Authority: 12 U.S.C. 18170X13), 1818, 1843(c)(8),1844(b), 3106, 3108, 3907 and 3909.
2. Section 225.43(a) is revised to read as follows:
Section 225.43—Procedures for Filing,Processing, Publishing, and Acting on Notices
(a)(l) Filing notice. A notice required under thissubpart shall be filed with the appropriate ReserveBank and shall contain the information required byparagraph 6 of the Change in Bank Control Act(12 U.S.C. 18170X6)), or prescribed in the designatedBoard form. With respect to personal financial state-ments required by paragraph 6(B) of the Change inBank Control Act, an individual may include astatement of assets and liabilities as of a date within90 days of filing the notice, a brief income summary,and a description of any subsequent materialchanges, subject to the authority of the ReserveBank or the Board to require additional information.(2) Acceptance of notice. The 60-day notice periodspecified in section 225.41 of this subpart shallcommence on the date all required information isreceived by the appropriate Reserve Bank or theBoard. The Reserve Bank shall notify the person or
persons submitting a notice under this subpart of thedate all such required information is received andthe notice is accepted for processing.(3) Publication.
(i) Newspaper announcement. A person(s) filing anotice under this subpart shall publish, in a formprescribed by the Board, an announcement solic-iting public comment on the proposed acquisition.The announcement shall be published in a news-paper of general circulation in the community inwhich the head office of the state member bank tobe acquired is located or, in the case of a proposedacquisition of a bank holding company, in thecommunity in which its head office is located andin the community in which the head office of eachof its subsidiary banks is located. The announce-ment shall be published no earlier than 10 calen-dar days prior to the filing of the notice with theappropriate Reserve Bank and no later than 10calendar days after acceptance of the notice bythe Reserve Bank. A copy of the announcementand the publisher's affidavit of publication shall beprovided to the appropriate Reserve Bank,(ii) Contents of newspaper announcement. Thenewspaper announcement shall state:
(A) the name of each person identified in thenotice as a proposed acquiror of the bank orbank holding company and the percentage ofshares proposed to be acquired;(B) the name of the bank or bank holdingcompany to be acquired, including, in the caseof a bank holding company, the name of each ofits subsidiary banks; and(C) a statement that interested persons maysubmit comments on the notice to the Board orthe appropriate Reserve Bank for a period of 20days or such shorter period as may be providedpursuant to paragraph (a)(3)(v) of this section.
(iii) Federal Register announcement. The Boardwill, upon filing of a notice under this subpart,publish announcement in the Federal Register ofreceipt of the notice. The Federal Register an-nouncement will contain the information requiredunder paragraphs (a)(3)(ii)(A) and (a)(3)(ii)(B) ofthis section and a statement that interested per-sons may submit comments on the proposedacquisition for a period of 15 days or such shorter
660 Federal Reserve Bulletin • August 1987
period as may be provided pursuant to paragraph(a)(3)(v) of this section. The Board may waivepublication in the Federal Register if the Boarddetermines that such action is appropriate,(iv) Delay of publication. The Board may permitdelay in the publication required under para-graphs (a)(3)(i) and (a)(3)(iii) if the Board deter-mines, for good cause shown, that it is in thepublic interest to grant such a delay. Requests fordelay of publication may be submitted to theappropriate Reserve Bank.(v) Shortening or waiving notice. In circum-stances requiring prompt action, the Board mayshorten the public comment period required underthis paragraph. The Board may also waive thenewspaper publication and solicitation of publiccomment requirements of this paragraph, or itmay act on a notice before the expiration of apublic comment period, if it certifies in writingthat disclosure of the notice, solicitation of publiccomment, or delay until expiration of the publiccomment period would seriously threaten thesafety or soundness of the bank or bank holdingcompany to be acquired.
(4) Consideration of public comments. In actingupon a notice filed under this subpart, the Boardshall consider all public comments received in writ-ing within the period specified in the newspaper orFederal Register announcement, whichever is later.At the Board's option, comments received after thisperiod may, but need not, be considered.(5) Standing. No person (other than the acquiringperson) who submits comments or information on anotice filed under this subpart shall thereby becomea party to the proceeding or acquire any standing orright to participate in the Board's consideration ofthe notice or to appeal or otherwise contest thenotice or the Board's action regarding the notice.
3. Section 225.43(c)(2) is revised to read as follows:
(c)
(2) Extensions of time period.(i) The Board may extend the 60-day period inparagraph (c)(l) of this section for an additional 30days by notifying the acquiring person(s).(ii) The Board may further extend the periodduring which it may disapprove a notice for twoadditional periods of not more than 45 days each ifthe Board determines that:
(A) any acquiring person has not furnished allthe information required under paragraph (a) ofthis section;
(B) any material information submitted is sub-stantially inaccurate;(C) it is unable to complete the investigation ofan acquiring person because of inadequatecooperation or delay by that person; or(D) additional time is needed to investigate anddetermine that no acquiring person has a recordof failing to comply with the requirements of theBank Secrecy Act, subchapter II of Chapter 53of Title 31, United States Code.
(iii) If the Board extends the time period underthis paragraph, it shall notify the acquiring pcr-son(s) of the reasons therefor and shall include astatement of the information, if any, deemedincomplete or inaccurate.
4. Section 225.43(d) is revised to read as follows:
(d)(l) Investigation and report. After receiving a no-tice under this subpart, the Board or the appropriateReserve Bank shall conduct an investigation of thecompetence, experience, integrity, and financialability of each person by and for whom an acquisi-tion is to be made. The Board shall also make anindependent determination of the accuracy andcompleteness of any information required to becontained in a notice under paragraph (a) of thissection. In investigating any notice accepted underthis subpart, the Board or Reserve Bank may solicitinformation or views from any person, including anybank or bank holding company involved in thenotice, and any appropriate state, federal, or foreigngovernmental authority.(2) The Board or the appropriate Reserve Bank shallprepare a written report of its investigation, whichshall contain, at a minimum, a summary of theresults of the investigation.
* * * * *
Modification to Federal Reserve ACH Service
The Board of Governors has modified the procedureused by Federal Reserve Banks to recover the value offloat generated in automated clearing house (ACH)operations due to nonstandard holiday closings byeliminating the exception procedure for institutionsthat object to receiving debits on mandatory nonstan-dard holidays.
The Board's policy on float recovery proceduresused by Reserve Banks when processing ACH debitson days when a receiving institution is closed due to amandatory nonstandard holiday states that if a receiv-er of an ACH debit transaction is closed on a nonstan-
Legal Developments 661
dard holiday, the Reserve Bank will debit the receiv-er's account as though the institution were open orassess the cost of the float through an explicit chargeor an as-of adjustment. If, after consultation with itsReserve Bank, an institution still objects to receivingdebits on mandatory nonstandard holidays, the Re-serve Bank will not charge the institution on suchdays, but will use the preexisting procedures forrecovering the ACH float that results. (Adopted by theBoard on June 12, 1986, 51 Fed. Reg. 21,421, effectiveApril I, 1987).
On May 14, 1987, NACHA, the national tradeassociation for depository institutions participating inthe ACH service, adopted a rule requiring its memberinstitutions to accept debit charges to their reserve orclearing accounts for debit transactions on nonstan-dard holidays. Under Reserve Bank operating circu-lars, NACHA rules are incorporated by reference andtherefore apply to all ACH participants.
Because industry practice appears to call for pay-ment of ACH debit on mandatory nonstandard holi-days, the Board has determined to modify its policy toconform with the rule adopted by NACHA. As aresult, the exceptions procedure no longer applies.
Effective July 2, 1987.
ORDERS ISSUED UNDER BANK HOLDINGCOMPANY ACT. BANK MERGER ACT. BANKSERVICE CORPORATION ACT. AND FEDERALRESERVE ACT
Orders Issued Under Section 3 of the BankHolding Company Act
Hartford National CorporationHartford, Connecticut
Order Approving Acquisition of a Bank
Hartford National Corporation, Hartford, Connecticut,a bank holding company within the meaning of the BankHolding Company Act ("Act"), 12 U.S.C. § 1841et seq., has applied for the Board's approval undersection 3(a)(3) of the Act (12 U.S.C. 8 1842(a)(3)) toacquire the Savings and Loan Association of Southing-ton, Southington, Connecticut ("Bank").
Notice of the application, affording interested per-sons an opportunity to submit comments, has beengiven in accordance with section 3(b) of the Act, 52Federal Register 7,487 (1987). The time for filingcomments has expired, and the Board has consideredthe application and all comments received in light ofthe factors set forth in section 3(c) of the Act.
Bank is a state chartered, stock savings bank, theaccounts of which are insured by the Federal Savingsand Loan Insurance Corporation ("FSL1C"). Bankhas adopted a plan by which it will withdraw itsinsurance of deposits from the FSL1C fund and con-vert instead to Federal Deposit Insurance Corporation("FDIC") insurance.
Since Bank, at the time of acquisition by Applicant,will be a state chartered bank that accepts demanddeposits and makes commercial loans, Bank is a"bank" for purposes of the Act, and Applicant proper-ly has applied to acquire Bank under section 3 of theAct, which governs the acquisition of banks by bankholding companies.
Applicant, with deposits of $7 billion, is the secondlargest commercial banking organization in Connecti-cut, controlling 25.8 percent of the total deposits incommercial banks in the stale.' After conversion toFDIC insurance, Bank will control deposits of $76.7million, representing less than 1 percent of the totaldeposits in commercial banking organizations in thestate.2 Upon consummation of this proposal. Appli-cant will continue to be the second largest commercialbanking organization in Connecticut, with no signifi-cant change in its market share or deposit size. Con-summation of this proposal therefore would not haveany significant adverse effect upon the concentrationof banking resources in the state.
Bank is located in the Hartford banking market,where Applicant also competes.1 In the Hartfordbanking market. Applicant is the second largest of 17commercial banking organizations, controlling depos-its of $2.5 billion, which represents 35.8 percent oftotal deposits in commercial banks in the market.1
Upon conversion. Bank will be the 13th largest of 18commercial banking organizations in Hartford, con-trolling deposits of $48.5 million, representing lessthan 1 percent of the market share. Following acquisi-tion of Bank, Applicant would remain the secondlargest commercial banking organization in the Hart-ford banking market, controlling 36.5 percent of themarket's total commercial bank deposits. The Herfin-
1. State deposit data are as of December 31, 1986.2. Deposit data for Bank are calculated on a commercial banks only
basis, based on financial information reported prior to Bank's conver-sion.
3. The Hartford banking market is approximated by the HartfordRand McNally Area ("RMA"), minus the Windham County townshipof Windham and the Tolland County township of Mansfield, plus theWindham County township ol Ashford, the Hartford County townshipof Hartland, the Tolland County township of Union, and the remain-ing portions of Plymouth and Fiust Haddam not already included in theRMA.
4. Market data are as of June 30. 1985.
662 Federal Reserve Bulletin . ] August 1987
dahl-Hirschman Index ( "Hi l l " ) ' would increase byonly 8 points to 3079, and the market would remainmoderately concentrated. Consummation of this pro-posal therefore is unlikely to substantially lessen com-petition in the Hartford banking market.
Based upon a review of all facts of record, the Hoardhas determined that the linancial and managerial re-sources of Applicant, its subsidiary banks and Bankare consistent with approval. Considerations relatingto the convenience and needs of the communities to beserved also are consistent with approval of this pro-posal.
The Board notes that this application involves theacquisition of a bank that results from conversion of anon-failing, l'SI.K'-insured state savings bank. Theacquisition proposed here, however, does not fallwithin the scope of the Board's policy and rulingsregarding acquisitions of thrift institutions under sec-tion 4 of the Act'1 or the provisions of the 1982 Garn-SlGermain Depository Institution Act regarding acquisi-tions of thrift institutions. Upon its acquisition by-Applicant, Hank will accept demand deposits andengage in commercial lending, and will be subject to allthe banking standards of the Act.
In addition, the Hoard expects that Applicant willcomply with all state and federal requirements neces-sary for consummation of the acquisition, and theHoard's approval of this application under the Act isnot intended to preempt any such requirements.7 TheHoard has previously stated that its approval of trans-actions under section 3 of the Act does not relieve anapplicant or the bank involved of the responsibility toobtain approval under other federal or state laws andregulations and does not shield an applicant from theconsequences of violations of other laws."
Based on the foregoing and other facts of record, theBoard has determined that the application should be,and hereby is, approved. This transaction shall not be
5. Under ihe revised Depar tmen t ol Jus t ice Merger ( in ide l ines (49l-'ederal Register 26,823 (.lime 29. 1984)). any market in which thepos t -merger Hill is ove r 1800 is cons ide red highly c o n c e n t r a t e d , amithe Depar tmen t is likely to chal lenge a merge r that increases the H i l lby more than 50 points unless o the r factors indicate that the mergerwill not substant ia l ly lessen compe t i t ion . The Depar tment of Just icehas informed the Hoard that a bank merger or acquis i t ion general lywill not be chal lenged (in tile absence of o the r (acts indicat ing anant icompet i t ive elt'ect) unless the pos t -merger H i l l is at least 1800 andthe merge r increases the HH1 by at (east 200 points .
6. / ) . / / . Hahlwin Company, 63 l i DI .KAI RI SI KVT HUI . I I T I N 280(1977).
7. The Board may not a p p r o v e an appl ica t ion that would result in aviolation of federal or s ta te law. Whitney National Hank v. Hank ofNew Orleans, 379 U . S . 411 (19M).
8. The One Huneorp, 7.1 l i I I I .RAI . R I S I - K V I R u i i i i i N 55, 1.15
(1987): SajiaCorp, 73 J i m J(AI. RI-:SI:KVI-. t iu i I I-.MN 137 (1987);Comeriea Incorporated (Order dated May 4. 1987).
consummated before the thirtieth calendar day follow-ing the effective date of this Order, or later than threemonths after the elfective date of this Order, unlesssuch period is extended for good cause by the Board orby the Federal Reserve Bank of Boston, acting pursu-ant to delegated authority.
By order of the Hoard of Governors, effectiveJune 1, 1987.
Voting for this action: Chairman Volcker anil GovernorsJohnson, Seger, Angcll, Heller, and Kcllcy.
|sr;AI.WJI.I.JAM W. Wn.i;s
Secretary of the Hoard
KeyCorpAlbany, New York
Key Bancshares of New York, Inc.Albany, New York
Order Approving Acquisition of a Bank
KeyCorp and Key Bancshares of New York, Inc.("Key New York"), both of Albany, New York("Applicants"), bank holding companies within themeaning of the Bank Holding Company Act(12 U.S.C. S 1841 et seq.) ("HHC Act") have appliedfor the Board's approval under section 3(a)(3) of theBHC Act, (12 U.S.C. § 1842(a)(3)), to acquire all ofthe voting shares of Key Bank USA, National Associ-ation, Albany, New York ("Bank").
Notice of the application, affording opportunity forinterested persons to submit comments, has beengiven in accordance with section 3(b) of the HHC Act(52 federal Register 6,218 (1987)). The time for filingcomments has expired and the Board has consideredthe application and all comments received in light ofthe factors set forth in section 3(c) of the BHC Act(12 U.S.C. § I842(c)),
KeyCorp is the 59th largest commercial bankingorganization in the United States, with 13 bank subsid-iaries held through four intermediate bank holdingcompanies in Maine, Alaska, Oregon and New York.Key New York is the 12th largest commercial bankingorganization in New York with 6 bank subsidiaries.Key New York controls total deposits of $1.9 billion,representing 2.1 percent of the total deposits in com-mercial banking organizations in the state.1
I. Sta te deposi t data are as of D e c e m b e r 31 , 1986.
L.egul Developments 663
Bank is a newly chartered national bank formed toengage in traditional retail bank lending and deposittaking activities.2 Bank will offer its services throughdirect response marketing nationwide, by mail orderand by advertising in newspapers and magazines.Bank will direct its marketing efforts to customers ingeographic areas not served by Applicants' existingsubsidiary banks. Consummation of the proposedtransaction therefore would not result in any signifi-cant adverse effects on existing or potential competi-tion or increase the concentration of banking re-sources in any relevant area.
The financial resources and future prospects ofApplicants, their subsidiary banks, and Bank are con-sidered satisfactory and consistent with approval.
In its evaluation of Applicants' managerial re-sources, the Board has considered certain violations ofthe Currency and Foreign Transactions Reporting Act("CFTRA") and the regulations issued thereunder byApplicants' subsidiary banks.' In this regard, theBoard notes that Applicants brought these matters tothe attention of appropriate supervisory authoritiesafter CFTRA violations were discovered through aninternal audit program. Applicants also have cooperat-ed fully with the Department of Treasury and lawenforcement agencies throughout the investigativeprocess. In addition, Applicants have undertaken acomprehensive remedial program to correct these vio-lations and to prevent similar violations from occur-ring in the future. Specifically, Applicants each havefiled corrective currency transaction reports("CTRs"); appointed a senior officer responsible forensuring compliance with CFTRA reporting require-ments; instituted intensive internal training for bankpersonnel regarding compliance with the CFTRA;established a new computer software system allowingfor the centralization of exempt list computation andthe monitoring of CTRs; and required all bank person-nel to participate in CFTRA retraining courses at leastonce a year. Finally, Applicants have advised theBoard that they have reached agreement with theDepartment of Treasury on a settlement of all out-standing CFTRA violations.
Based on the foregoing and all of the facts of record,the Board concludes that the managerial resources ofApplicants, their subsidiary banks, and Bank are con-sistent with approval. Considerations related to theconvenience and needs of the communities to beserved also are consistent with approval.
2. Bank received preliminary charter approval from the Office ofthe Comptroller of the Currency on February 11, 1987.
3. 31 U.S.C. § 5311, ft seq.; 31 C.F;.R. § 103.
Based on the foregoing and other facts of record, theBoard has determined that the application should be,and hereby is, approved. The transaction shall not beconsummated before the thirtieth calendar day follow-ing the effective date of this Order or later than threemonths after the etl'ective date of this Order, unlesssuch period is extended for good cause by the Board orthe Federal Reserve Bank of New York, acting pursu-ant to delegated authority.
By order of the Board of Governors, effectiveJune 15, 1987.
Voting for this action: Chairman Volcker and GovernorsJohnson, Seger, Heller, and Kelley. Absent and not voting:Governor Angell.
[SEALJAMES MCAFEE
Associate Secretary of the Hoard
KeyCorpAlbany, New York
Key Pacific BancorpAnchorage, Alaska
Order Approving Acquisition of a Bank
KeyCorp, Albany, New York and Key Pacific Ban-corp, Anchorage, Alaska ("Key Pacific") (together"Applicants"), bank holding companies within themeaning of the Bank Holding Company Act(12 U.S.C. § 1841 et seq.) ("BHC Act") have appliedfor the Board's approval under section 3(a)(3) of theBHC Act (12 U.S.C. § 1842(a)(3)), to acquire all of thevoting shares of Seattle Trust & Savings Bank, Seat-tle, Washington ("Bank").
Notice of the application, affording opportunity forinterested persons to submit comments, has beengiven in accordance with section 3(b) of the Act (52Federal Register 17,334 (1987)). The time for filingcomments has expired, and the Board has consideredthe application and all comments received in light ofthe factors set forth in section 3(c) of the BHC Act(12 U.S.C. 8 1842(c)).
Applicants' proposal represents the first direct ac-quisition of a Washington banking organization by anAlaska bank holding company; it also represents thefirst indirect acquisition by a New York bank holdingcompany. The Board is prohibited under section 3(d)of the BHC Act, 12 U.S.C. § 1842(d) ("DouglasAmendment"), from approving any application by abank holding company seeking to acquire a bank orbank holding company outside the applicant's home
664 Federal Reserve Bulletin (1 August 1987
state,1 unless the state where the target hank is locatedhas specifically authorized the acquisition, "by lan-guage to the effect and not merely by implication."KeyCorp's home state is New York and Key Pacific'shome state is Alaska.
Fffective July I. 1987, the statute laws of Washing-ton2 will allow an out-of-slate bank holding companyto acquire a bank located in Washington if:
(1) the bank or banking association to be acquiredhas conducted business tor at least three years;(2) the laws of the state where the bank holdingcompany acquiror principally conducts its opera-tions would allow a Washington bank holding com-pany to acquire more than 5 percent of the votingstock, or all or substantially all of the assets, of abank in that state and to operate the acquired bankon no less favorable terms and conditions than areimposed under Washington law; and(3) the state supervisor of banking has determinedthat the laws of Washington and of the acquiringbanking organization's home state are reciprocal.
Based on its review of the relevant Washington.New York', and Alaska1 statutes, the Hoard hasdetermined that New York and Alaska laws wouldpermit a Washington bank holding company to acquirea bank in those states. The Hoard therefore concludesthat the proposed acquisition satisfies the require-ments of Washington's interstate hanking statute, andthat New York and Alaska holding companies, such asApplicants, may acquire a bank located in Washing-ton, such as Bank. In addition, by letter dated April 3,1987, the Supervisor of Banking of the State of Wash-ington has indicated that the requirements of Alaskaand New York interstate banking laws are reciprocalwith those of Washington, and that Applicants' pro-posal would be authorized under Washington law.Accordingly, the Board concludes that approval ofApplicants' proposal to acquire Bank is not barred bythe Douglas Amendment.
KeyCorp is the 59th largest commercial bankingorganization in the United States, with 13 bank subsid-iaries in Maine, Alaska, Oregon, and New York thatcontrol $9.1 billion in deposits. Key Pacific is thefourth largest of the thirteen commercial banking
1. A b a n k h o l d i n g c o m p a n y ' s h o m e s t a t e t o r p in p o s e s o f t h eD o u g l a s A m e n d m e n t is t ha t s t a l e in w h i c h t h e to t a l d e p o s i t s o f i tsh a n k i n g s u b s i d i a r i e s w e r e l a r g e s t on J u l y 1, l % 6 . o r on t h e d a t e itb e c a m e ' a b a n k h o l d i n g c o m p a n y , w h i c h c - v e c is l a t e r . 12 U . . S . C .§ !X42td ) .
2. R e v i s e d C o d e of W a s h i n g t o n 8$ 3().04.232<h)< I >--(3) (19X7).3 . N . Y . . S . H a n k i n g I . . 55 1 4 2 - h K a ) . (b ) (IMX7I.4 . A l a s k a S t a t u t e s 55 ( )6 . ( )v235(e ) - (g ) (14X61.
organizations in Alaska with two bank subsidiaries.Key Pacific controls total deposits of $502.5 million inAlaska, representing 12.4 percent of the total depositsin commercial banking organizations in the stated KeyPacific has one bank subsidiary in Oregon and is thethird largest of 54 commercial banking organizations inthat state. Key Pacific controls total deposits of $885.7million in Oregon, representing 6.1 percent of totaldeposits in commercial banking organizations in thestate. Bank is the seventh largest of 89 commercialbanking institutions in Washington, controlling depos-its of $666.8 million, representing 2.6 percent of thetotal deposits in commercial banks in the state. Con-summation of this proposal therefore would not have asignificant etVeet upon the concentration of bankingresources in Alaska, New York or Washington.
Applicants and Bank operate in different bankingmarkets. Principals of Applicants are not affiliatedwith any other depository organizations in any ofthose markets. Applicants' proposal therefore wouldnot result in any adverse elfects upon competition inany relevant market. Accordingly, the Board con-cludes that competitive considerations under the HHCAct are consistent with approval.
In its evaluation of Applicants' managerial re-sources, the Board has considered certain violations ofthe Currency and Foreign Transactions Reporting Act("CFTRA") and the regulations issued thereunder by-Applicants' subsidiary banks.'1 In this regard, theBoard notes that Applicants brought these matters tothe attention of appropriate supervisory authoritiesafter CFTRA violations were discovered through aninternal audit program. Applicants also have cooperat-ed fully with the Department of Treasury and lawenforcement agencies throughout the investigativeprocess. In addition, Applicants have undertaken acomprehensive remedial program to correct these vio-lations anil to prevent similar violations from occur-ring in the future. Specifically, Applicants each havefiled corrective currency transaction reports("CTRs"); appointed a senior officer responsible forensuring compliance with CFTRA reporting require-ments; instituted intensive internal training for bankpersonnel regarding compliance with the CFTRA;established a new computer software system allowingfor the centralization of exempt list computation andthe monitoring of CTRs; and required all bank person-nel to participate in CFTRA retraining courses at leastonce a year. Finally, Applicants' have advised theHoard that they have reached agreement with the
5 . S t a t e d e p o s i t d a t a a r e a s o f D e c e m b e r 3 1 , I 'JXd.d. 3 1 U . S . I ' . 5 M i l . el s i q . ; 31 ( .1 . R . 5 1 0 3 .
Legal Developments 665
Department of Treasury on a settlement of all out-standing CFTRA violations.
For the foregoing reasons and based upon a reviewof all of the facts of record, the Board concludes thatthe managerial resources of Applicants are consistentwith approval. The Board also finds that the financialresources of Applicants, their subsidiaries and Bankare consistent with approval of this application. Con-siderations relating to the convenience and needs ofthe communities to be served are aiso consistent withapproval.
Based on the foregoing and other facts of record, theBoard has determined that this application should beand hereby is approved.7 The transaction shall not beconsummated before the thirtieth calendar day follow-ing the effective date of this Order, or later than threemonths after the effective date of this Order, unlesssuch period is extended by the Board or by the FederalReserve Bank of New York acting pursuant to delegat-ed authority.
By order of the Board of Governors, effectiveJune 15, 1987.
Voting for this action: Chairman Volcker and Governors-Johnson, Seger, Heller, and Kelley. Absent and not voting:Governor Angell.
[SEAL]JAMES MCAFEE
Associate Secretary of the Board
Mercantile Bankshares CorporationBaltimore, Maryland
Order Approving Acquisition of a Bank
Mercantile Bankshares Corporation, Baltimore, Mary-land, a bank holding company within the meaning ofthe Bank Holding Company Act (12 U.S.C. § 1841
7. The National Association of Life Underwriters and the NationalAssociation of Professional Insurance Agents submitted commentsprotesting Board approval of this application on the grounds that thegeneral insurance agency activities conducted by a department ofBank are prohibited under the amendments to section 4 of the BHCAct contained in the 1982 Garn-St Germain Depository InstitutionsAct. In response to these protests, Applicants have agreed that Bankwill divest or terminate its general insurance agency activities withintwo years of consummation of the acquisition, unless during suchperiod Applicants receive approval pursuant to an application undersection 4(c)(8) of the BHC Act to retain such activities. During thistwo-year period or unless authorization is granted pursuant to theBHC Act for broader activities. Applicants will limit the insuranceagency activities of Bank to the renewal of existing policies and thosecredit-related insurance agency activities permitted under section4(c)(8)(A) of the UHC Act. The Board believes that Applicants'divestiture commitments adequately address the issues raised bythese protestants.
et seq.) ("Act"), has applied for the Board's approvalunder section 3 of the Act to acquire The FastvilleBank, Eastville, Virginia ("Bank").
Notice of the application, affording an opportunityfor interested persons to submit comments, has beengiven in accordance with section 3(b) of the Act (52Federal Register 11,547 (1987)). The time for filingcomments has expired, and the Board has consideredthe applications and all comments received in light ofthe factors set forth in section 3(c) of the Act.
Applicant is the fifth largest commercial bankingorganization in Maryland, controlling total deposits of$2.4 billion, representing 9.1 percent of the deposits incommercial banks in the state.1 Bank is among thesmaller commercial banking organizations in Virginia,controlling total deposits of $18.5 million, representingless than I percent of the deposits in commercial banksin the state. Consummation of this proposal would nothave any significant effect upon the concentration ofbanking resources in either Maryland or Virginia.
Section 3(d) of the Act, the Douglas Amendment,prohibits the Board from approving an application by abank holding company to acquire a bank locatedoutside the bank holding company's home state, un-less such acquisition is "specifically authorized by thestatute laws of the state in which such bank is located,by language to that effect and not merely by implica-tion."2
Applicant's home state is Maryland. The Common-wealth of Virginia has enacted an interstate bankingstatute that permits, on a reciprocal basis, the acquisi-tion of a bank in Virginia by a bank holding companythat has its principal place of business located in adefined region, which includes the state of Maryland,subject to the approval of the Virginia Commissionerof Financial Institutions.' Maryland has enacted aregional interstate banking statute similar to that ofVirginia, which permits the acquisition of a Marylandbank holding company or bank by an institution locat-ed in Virginia on a reciprocal basis.
Upon its review of the relevant Virginia and Mary-land statutes, the Board has determined that theMaryland statute satisfies the conditions of the Virgin-ia regional interstate banking statute and that Virginiahas by statute expressly authorized a Maryland bank
1. Deposit data are as of June 30, 1986.2. A bank holding company's home state for purposes of the
Douglas Amendment is that state in which the total deposits of itsbanking subsidiaries were largest on July 1. 1966, or on the date ilbecame a bank holding company, whichever date is later. 12 U.S.C.S 1842.
3. Va. Code Ann. § 6.1-399 (Supp. 19X6); Md. Ann. Code art. 5.§ 1003 (1986).
666 Federal Reserve Bulletin U August 1987
holding company, such as Applicant, lo acquire aVirginia bank or hank holding company, such asBank.' Moreover, the hanking commissioners forMaryland and Virginia have executed a cooperativeagreement lor access lo records, examinations, andother information relating to state-chartered banks,based on a finding of general reciprocity between thetwo statutes. Accordingly, based on the above factors,the Board concludes that the Douglas Amendmentdoes not prohibit Board approval of this proposal. TheBoard's Order is specifically conditioned upon ap-proval of the transaction by the Virginia Commission-er of Financial Institutions.
Applicant and Bank currently operate in differentbanking markets. Principals of Applicant are not affili-ated with any depository institution in the market inwhich Bank operates. The proposal would not result inany adverse effects upon competition in any relevantmarket. Accordingly, the Board concludes that com-petitive considerations under the Act are consistentwith approval.
In its evaluation of Applicant's managerial re-sources, the Board has considered certain violationsby Applicant's subsidiary banks of the Currency andForeign Transactions Reporting Act ("CFTRA") andthe regulations thereunder.' The violations appear lohave been limited in scope, and Applicant has takenappropriate remedial action to correct such violationsand prevent their reoccurrence. The sufficiency of thecompliance procedures adopted to address theCFTRA violations at Applicant's subsidiary banks hasbeen reviewed by examiners from the appropriateregulatory authorities. The Board also has consultedwith appropriate enforcement agencies, and has con-sidered the banks' past record of overall compliancewith the law, as well as Applicant's stated commit-ments and programs to comply with CFTRA in thefuture. For the foregoing reasons, and based upon areview of all the facts of record, the Board finds themanagerial resources of Applicant and Bank to beconsistent with approval.
The financial resources and future prospects ofApplicant and Bank are considered satisfactory andconsistent with approval. Considerations relating tothe convenience and needs of the community to beserved are also consistent with approval.
Based on the foregoing and other facts of record, theBoard has determined that the application should be,
and hereby is, approved. The acquisition of Bank shallnot be consummated before the thirtieth calendar dayfollowing the effective date of this Order, or later thanthree months after the elfective date of this Order,unless such period is extended for good cause by theBoard or by the Federal Reserve Bank of Richmondpursuant to delegated authority.
By order of the Board of Governors, effectiveJune 10, 1987.
Voting for this action: Vice Chairman Johnson and Gover-nors Scger, 1 Idler, and Kelley. Absent and not voting:Chairman Volcker and Governor Angell.
JAMI:S McAl-Iil'.
|SI:AI.| Associate Secretary of the Hoard
NCNB CorporationCharlotte, North Carolina
Order Approving Acquisition of a Hank
NCNB Corporation, Charlotte, North Carolina, hasapplied for the Board's approval pursuant lo section3(a)(3) of the Bank Holding Company Act (12 U.S.C.S 1841 et see/.) (the "Act") to acquire NCNB Bank ofMaryland, Baltimore, Maryland ("NCNB Bank"), ade novo Maryland-chartered trust company. NCNBBank is a nonoperating subsidiary that will be mergedwith CentraBank, Inc., Baltimore, Maryland, a Mary-land-chartered FDIC-insured mutual savings bank.The resulting bank will be an FDIC-insured statebank,1 operating under NCNB Bank's charter with thename CentraBank.
Notice of the application, affording opportunity forinterested persons to submit comments, has beenpublished (52 Federal Register 10,162 (1987)). Thetime for filing comments has expired, and the Boardhas considered all comments received in light of thefactors set forth in section 3(c) of the Act.
Applicant is the largest commercial banking organi-zation in North Carolina, with deposits of $7.7 billion,representing 22.2 percent of the total deposits incommercial banks in the state' Applicant also oper-ates banks in Florida, Georgia, South Carolina, andVirginia. On a consolidated basis. Applicant controlsdeposits of $18.6 billion.
4. \n that regard , the Hoard prev ious ly has de te rmined that theMaryland and Virginia s ta tu tes are ree iproeal in the course of itsapproval of the acquis i t ion by a Virginia hank holding c o m p a n y of aMary land hunk. Hunk of Virginia Cnnipiwv, 72 1 i n i i t A J Kr.s i .nvrHIM.I I : I I N 65(19X6).
5. 31 U . S . C . § 5311 ft sty.: 31 C.I-'.K. 8 10J.
1. N C N H Bank liled an appl ica t ion to merge with C'entral iank withthe I ' lMC on March 20, 19X7.
2. Deposit data are as of D e c e m b e r 3 1 , 1986. S t ruc tu re da t a arc a sof June 30, 1986.
Legal Developments 667
CentraBank is the 18th largest commercial bank inMaryland, with deposits of $226.6 million, represent-ing 0.8 percent of total deposits in commercial banks inMaryland. Because Applicant does not operate a bankin Maryland, consummation of this proposal wouldhave no effect on the concentration of resources inMaryland.
Section 3(d) of the Act (12 U.S.C. § 1842(d)), theDouglas Amendment, prohibits the Board from ap-proving an application by a bank holding company toacquire control of any bank located outside of the bankholding company's home state unless the acquisition is"specifically authorized by the statute laws of thestate in which such bank is located, by language to thateffect and not merely by implication."1
Applicant's home state is North Carolina. The stat-ute laws of Maryland authorize the acquisition of abank or bank holding company in Maryland by a bankholding company located in another state in a definedregion, which includes North Carolina as of July 1,1987, if the laws of that state permit Maryland bankholding companies to acquire banks and bank holdingcompanies in that state.4 North Carolina has enacted asimilar regional interstate banking statute that permitsthe acquisition of a North Carolina bank holdingcompany or bank by an institution located in Mary-land.5
The Maryland Bank Commissioner has informed theBoard that the proposal appears to meet the require-ments under Maryland law, and, accordingly, theCommissioner anticipates approving the acquisition.Based on the foregoing, the Board has determined thatthe proposed acquisition is specifically authorized bythe statute laws of Maryland and thus is not prohibitedby the Douglas Amendment. The Board's order isspecifically conditioned upon satisfaction of the stateregulatory approval requirement and the effective dateof the provision of Maryland law that includes NorthCarolina within the region.
CentraBank operates in the Baltimore banking mar-ket,'1 a market in which Applicant does not operate.Accordingly, consummation of the proposal is notlikely to result in the elimination of any significantexisting competition. In view of the numerous entrantsinto the market, the Board concludes that the proposalwould not have any significant adverse effect onprobable future competition.
3. A bank holding company's home state is the state in which theoperations of the bank holding company's subsidiary banks wereprincipally conducted on July I, 1966, or on the date on which thecompany became a bank holding company, whichever is later.
4. Md. Fin. Inst. Code Ann. § 5-1001 el seq. (1986).5. N.C. Gen. Stat. § 53-209 el seq. (1985).6. The Baltimore banking market is approximated by the Baltimore
RMA and the remainder of Harford County, Maryland.
The financial and managerial resources of Appli-cant, its subsidiary banks, and CentraBank are consid-ered satisfactory and consistent with approval of thisapplication. In considering the convenience and needsof the communities to be served, the Board has takeninto account Applicant's record under the CommunityReinvestment Act (12 U.S.C. §2901 et seq.,("CRA")),7 and comments received from the Mary-land Alliance for Responsible Investment ("MARI"),a coalition of non-profit developers and other commu-nity-based organizations representing Baltimore'slow-income and minority neighborhoods.1* MARI re-quests that the Board not approve the application untilApplicant provides adequate assurances that it willmeet the convenience and needs of the low- andmoderate-income persons, and minorities, that Cen-traBank currently serves. MARI also requests that theBoard deny the application because Applicant's lend-ing practices are not consistent with safe and soundbanking practices.
In accordance with the Board's practice and proce-dure for handling protested applications,^ the FederalReserve Bank of Richmond assisted in arranging sev-eral meetings between the parties to clarify the issuesunder the CRA and to provide a forum for resolutionof differences. The parties, however, were unable tocome to a resolution of their differences.
In response to MARI's comments, the Board notesthat both Applicant and CentraBank have satisfactoryCRA records. Moreover, Applicant has developed acomprehensive corporate CRA policy for Maryland inwhich Applicant has committed to:
(1) name a Community Affairs Officer for Marylandwho will meet with community organizations, be-come familiar with available financing programs,and work with CcntraBank's branch manager, offi-cers, and personnel to meet CRA goals;(2) determine and monitor community needsthrough study of selected low- and moderate-incomeareas and meetings with community groups;(3) use its best efforts to inform the community of itsservices through marketing and advertising, withprograms specially directed at targeted areas;10
7. The CRA requires the Board, in its evaluation of a bank holdingcompany application, to a.sse.ss the record of an applicant in meetingthe credit needs of the entire community, including low- and moder-ate-income neighborhoods, consistent with safe and sound operation.
8. Although MARI's protest was not received within the time limitsset forth by the Board, the Board has considered these comments inreviewing this application.
9. See 12 C.F.R. § 262.25<c).10. These areas are census tracts within the community served by
CentraBank having a median household income equal to or less than80% of the median household income of the MSA within which thecensus tracts are located.
668 Federal Reserve Bulletin f 1 August 1987
(4) endeavor to use flexibility in applying creditcriteria, consistent with safe and sound bankingpractices, and meet with community groups in orderto obtain input from such groups as to flexiblestandards as well as to keep such groups informed oflending criteria;(5) seek to provide counseling and technical assis-tance to governmental and private community-based agencies working within the targeted areas;(6) develop basic banking services such as a pro-gram to cash government checks and a regularchecking account service at reduced maintenancefees; and(7) devote special elfort to providing housing, smallbusiness, and economic development loans to tar-geted areas.
In addition, Applicant has stated it will make a goodfaith elfort to provide at least $2 million in homemortgage and home improvement loans as well as $1million in small business loans in low- and moderate-income areas.
Based on the above and all the facts of record, andafter taking into account Applicant's commitments toenhance CenlraBnnk's service to meet the conve-nience and needs of its community, including low- andmoderate-income segments, the Board concludes thatconvenience and needs considerations are consistentwith approval of this application."
CentraBank currently engages, through a whollyowned subsidiary, in the sale of both credit-related andnoncredit-related insurance to CentraBank's custom-ers and the sale to CentraBank and its affiliates ofinsurance required for their operations. The NationalAssociation of Life Underwriters and the NationalAssociation of Professional Insurance Agents submit-ted comments protesting the application on thegrounds that the activities conducted by CentraBankarc prohibited under the amendments to section 4 ofthe Act contained in the 1982 Garn-Sl Germain Depos-itory Institutions Act ("Gam Act").
In response to the protest, Applicant has committedthat, upon consummation, CentraBank will cease all
II. MAKI also requested that the Hoard deny this applicationbecause of Applicant's lending practices u> third world nations,especially South Africa. Applicant is in compliance with all federallaws regarding its lending activities to South Africa. In addition, asnoted above, the Hoard believes that Applicant's financial condition isconsistent with approval of this application.
MARI has also requested that the Hoard order a public meeting toreceive public testimony on the issues presented by this application.Although section 3(b) of the .<\ct does not require a formal hearing inthis instance, the Board may. in any case, order a formal or informalhearing. In the Hoard's view, the parties have had ample opportunityto present their arguments in writing and to respond to one another'ssubmissions. ]n light of these lacls, the proposals by Applicant toexpand its services, and other facts of record, the Hoard has deter-mined that a hearing would serve no useful purpose. Accordingly.MAKl's request for a public hearing is hereby denied.
sales of noncredit-related insurance to CentraBank'scustomers, and will limit its insurance activities tothose credit-related insurance activities permitted un-der section 4(c)(8)(A) of the Act. Applicant's remain-ing insurance activity, the sale to CentraBank and itsaffiliates of insurance required for their operation, is apermissible servicing activity under sections 4(a)(2)(A)and 4(c)(l)(C) of the Act, and section 225.22(a)(2)(ix)of the Board's Regulation Y. The Board previouslyhas determined that the prohibition on insurance activ-ities now contained in section 4(c)(8) of the Act as aresult of the Gam Act has no bearing on the internaloperations of a bank holding company (49 FederalRegister 808 (1984)). Accordingly, the Board con-cludes that CentraBank's credit-related insurance ac-tivities and servicing activities are consistent with theAct.'2
CentraBank also currently engages, through a part-nership, in real estate investment activities." Appli-cant has committed that, upon consummation, Centra-Bank will not engage, directly or indirectly, in any realestate investment activities impermissible under theAct, except to complete its existing project. Applicanthas committed to complete this project and divest of itwithin two years of consummation of the proposal.
Based on the foregoing and other facts of record,including the commitments made by Applicant, theBoard has determined that the application under sec-tion 3 of the Act should be and hereby is approved.The acquisition of NCNB Bank shall not be consum-mated before the thirtieth calendar day following theeffective date of this Order, or later than 90 days afterthe effective date of this Order, unless such period isextended for good cause by the Board or by theFederal Reserve Bank of Richmond, pursuant to dele-gated authority.
By order of the Board of Governors, effectiveJune 1, 1987.
Voting for this action: Chairman Volckcr and GovernorsJohnson, Segcr, Angell, Heller, and Kxlley.
fsi-Ai.lJAMLS MCAFIU'
Associate Secretary of the Hoard
12, The Independent Insuranctional Association of Casualty aAssociation of Surely Homl Prcnthat, in light of Applicant's arelated insurance sales, thev did
Agents of America, Inc.. the Na-d Surety Agents, and the Nationallucers submitted comments statins'mmitnient to terminate noncredit-ot oppose Applicant's continuation
of credit-related insurance sales permissible under section 4(c)(8)(A)of the Act and insurance activities required for the operation ofC'entraliank and its affiliates.
\3. The Maryland Hank Commissioner has questioned the legalityof this investment under state law and has requested the advice of theMaryland Attorney General on the issue. 1 he Attorney General hasnot provided an opinion yet. Applicant has committed to conform itsinvestment to the terms of the opinion within a reasonable period oftime tollowing receipt ot the opinion.
Legal Developments 669
Orders Issued Under Section 4 of the BankHolding Company Act
CiticorpNew York, New York
Order Approving Purchase of Certain Assets andAssumption of Certain Liabilities of a Savings andLoan Association
Citicorp, New York, New York, a bank holding com-pany within the meaning of the Bank Holding Compa-ny Act (12 U.S.C. § 1841 et seq.) (the "BHC Act"),has applied for the Board's approval under section4(c)(8)oftheBHC Act (12 U.S.C. § I843(c)(8)), for itssubsidiary, Citicorp Savings, a Federal Savings andLoan Association, Oakland, California ("CiticorpSavings"), to purchase certain assets and assumecertain liabilities of 50 branch offices of Sears SavingsBank, Glendale, California ("Sears Savings").
Notice of the application, affording opportunity forinterested persons to submit comments, has beenpublished (52 Federal Register 12,252 (1987)). Thetime for filing comments has expired, and the Boardhas considered the application and all comments re-ceived in light of the factors set forth in section 4(c)(8)of the BHC Act.
Citicorp, with total consolidated assets of $196.1billion, is the largest banking organization in theUnited States.1 Citicorp controls nine subsidiarybanks and engages in numerous nonbanking activities,including the operation of savings and loan associa-tions in California, Washington, D.C., Florida, andIllinois.
Citicorp Savings is a federally chartered, FSLIC-insured savings and loan association ("S&L"), whichis the successor to the failed Fidelity Savings & LoanAssociation.2 Citicorp Savings has total assets of $4.9billion and operates 86 branches in California, primari-ly in the northern part of the state.
Sears Savings is a California-chartered, FSLIC-insured S&L and a wholly owned subsidiary of SearsRoebuck & Co., Chicago, Illinois. Sears Savings has91 branches in California, predominantly in the south-ern part of the state, and $6.6 billion in total assets.
Citicorp Savings proposes to assume approximately$2 billion of deposits and other liabilities and topurchase approximately $1.9 billion in tangible assetsof 50 branch offices of Sears Savings.
1. Banking data are as of December 31, 1986, unless otherwisespecified.
2. The acquisition of Citicorp Savings was approved by the Boardby Order of September 28, 1982. Citicorp (Fidelity), 68 FEDERALRESERVE BULLETIN 65ft (1982).
Section 4(c)(8) of the BHC Act (12 U.S.C.§ I843(c)(8)) authorizes a bank holding company toengage in nonbanking activities and acquire shares of anonbanking company that engages in activities deter-mined by the Board to be "so closely related tobanking or managing or controlling banks as to be aproper incident thereto." The Board previously hasdetermined that the operation of a thrift institution isclosely related to banking.'
With respect to the "proper incident" requirement,section 4(c)(8) of the BHC Act requires the Board toconsider whether the performance of the activity by anaffiliate of a holding company "can reasonably beexpected to produce benefits to the public, such asgreater convenience, increased competition, or gainsin efficiency that outweigh possible adverse effects,such as undue concentration of resources, decreasedor unfair competition, conflicts of interests, or un-sound banking practices."
In 1977, the Board determined that, as a generalmatter, the operation of an S&L was not a properincident to banking because the potential adverseeffects of generally allowing affiliations of banks andS&Ls were then sufficiently strong to outweigh anypublic benefits that might result from individual cas-es.4 In evaluating this application, the Board hasconsidered whether Citicorp's proposal involves theacquisition of an existing, healthy S&L, thus requiringthe Board to reconsider its D.H. Baldwin decision thatthe acquisition of a healthy thrift is not generally aproper incident to banking, or whether the proposalrepresents merely the permissible acquisition of cer-tain assets and the assumption of certain liabilities ofS&L branches.
Based upon its review of the record, the Board hasconcluded that Citicorp's proposal properly may beviewed as the permissible acquisition of certain assetsand liabilities of S&L branches rather than the acquisi-tion of an S&L. The acquisition here involves less thanone-third of Sears Savings' assets and liabilities, andSears Savings will not be eliminated as a competitor inany relevant market.5 This proposal also is consistent
3. See, e.g., D.ll. Baldwin Company, 63 FEDERAL RESERVE BUL-LETIN 280 (1977); Interxtate Financial Corp.. 68 FEDERAL RESERVEBULLETIN 316 (1982).
4. D.H. Baldwin Company, A3 FEDERAL RESERVE BULLETIN 280(1977). While the Board has not permitted bank holding companies toacquire thrift institutions on a general basis, the Board has consistent-ly regarded the BHC Act as authorizing it to permit such an acquisi-tion and has approved several such proposals involving failing thriftinstitutions on the basis that any adverse effects would be overcomeby the public benefits of preserving the failing thrift institutions. See.e.g., F.N.B. Corporation, 71 FEDERAL RESERVE BULLETIN 340(1985); The Chase Manhattan Corporation, 71 FEDERAL RESERVEBULLETIN 462 (1985).
5. These factors distinguish this case from the Board's decision inOld Stone Corporation (Catawba), 70 FEDERAL RESERVE BULLETIN593 (1984). In that case, the Board denied a proposal by a bank holdingcompany to acquire through an existing S&L subsidiary, all of theassets and liabilities of a healthy S&L.
670 Federal Reserve Bulletin I I August 1987
with the branching restrictions in the Hoard's Orderallowing the initial acquisition of Citicorp Savings,since the branches to be acquired are all at locations atwhich a state or national bank in California mayestablish a branch.'•
Citicorp Savings is the 21st largest depository insti-tution among commercial banking organizations andS&Ls in California, with total deposits of $2.9 billion,representing less than I percent of the total deposits incommercial banks and thrifts in the state. Upon con-summation of the proposal, Citicorp Savings wouldbecome the 15th largest depository institution amongcommercial banking organizations and S&Ls in Cali-fornia, and the ninth largest S&l, in California, con-trolling 1.4 percent of the total deposits in commercialbanks and thrifts in the state. Accordingly, (he Hoardconcludes that consummation of this proposal wouldnot have a significant adverse effect on the concentra-tion of commercial bank and thrift institution re-sources.
Citicorp Savings and Sears Savings compete forS&l. services in the I.os Angeles, San Francisco-Oakland-San Jose, and San Diego markets.7 Uponconsummation of the proposal, Citicorp Savings' mar-ket share would be less than 5 percent (based ondeposits in commercial banks and thrifts) in each ofthe markets, and the increase in concentration in themarkets would not be substantial. Accordingly, theHoard concludes that consummation of this proposalwill not have a significant adverse ellect on existingcompetition in any relevant market. The Hoard alsoconcludes that the proposal would not have any signif-icant adverse ellect on probable future competition.
In evaluating this application, the Hoard has consid-ered the financial resources of Applicant and the elVeeton these resources of the proposed acquisition. TheHoard has staled and continues to believe that capitaladequacy is an especially important factor in theanalysis of bank holding company proposals, particu-larly in transactions where a significant acquisition isproposed.1*
In this regard, the Hoard expects that bankingorganizations experiencing substantial growth inter-nally and by acquisition, such as Applicant, should
d. The proposal also is consistent with the principles underlying thebranching restrictions of the emergency thrift acquisition provisions ofthe (lain- St (iermain Depository Institutions Act of 19X2. (12 U.S.C.§ I73()a(m)(5().
7. The I.os Angeles market is approximated by the I,us AngelesRMA. The San l-'rancisco-Oaklaml-San .lose market is approximatedby the San Fnincisco-Oakland-San Jose KMA. The San Diego marketis approximated by the San Diego KMA. Market data are as of June,W, 1985.
8. Sec r,.!,'., ( IKIM' Manlunttin Corporation, 70 I HI>I:RAI RI.SI.RVIHuLU.TiN 529 (19X4); SCSI! Corporation, 69 1 'I . IMR.M R I . S I RVI.H u u . n i N 49 (19X3).
maintain a strong capital position substantially abovethe minimum levels specified in the Capital Adequacy(iiiidelines without significant reliance on intangibles,particularly goodwill.9 The Board will carefully ana-lyze the effect of expansion proposals on the preserva-tion or achievement of such capital positions.
The Hoard has reviewed this case in the light ofApplicant's capital and asset position. In approvingthis application, the Board has relied on the assur-ances of Applicant that it plans to strengthen its capitalbase in the near term, and the Board intends tomonitor progress toward this objective. Accordingly,on the basis of the above considerations, the Boardconcludes that financial factors are consistent withapproval of the application. Managerial factors andconvenience and needs also are consistent with ap-proval.
The Board also concludes that consummation of theproposal will not result in conflicts of interests, un-sound banking practices, undue concentration of re-sources, or other adverse effects.
Based upon the foregoing and all the facts of record,the Hoard has determined that the balance of publicinterest factors it is required to consider under section4(c)(8) of the HHC Act is favorable. Accordingly, theapplication is hereby approved. This determination issubject to the conditions set forth in sections 225.4(d)and 225.23(b)(3) of the Board's Regulation Y,12 C.F.R. § 225.4(d) and 225.23(b)(3). The approval isalso subject to the Board's authority to require modifi-cation or termination of the activities of the holdingcompany or any of its subsidiaries as the Board findsnecessary to assure compliance with the provisionsand purposes of the BHC Act and the Hoard's regula-tions and orders issued thereunder, or to preventevasion thereof.
This transaction shall not be consummated laterthan three months after the effective date of thisOrder, unless such period is extended for good causeby the Board, or by the Federal Reserve Bank of NewYork, pursuant to delegated authority.
By order of the Hoard of Governors, effectiveJune 29, 1987.
Voting for this action; Chairman Volcker and GovernorsScgcr, Angell, and Kellcy. Absent anil not voting: GovernorsJohnson and Heller.
[SUM.
JAMI'.S MCAIIJ-:
Associate Secretary of the Hoard
9, Capital Adequacy (i i i idelines, 50 iederal Register 16,05716,066-67 (April 24, 1985) (71 F I . D I K A I RI ;SI :KVI UUI I I;J IN 445(19X5)); National Citv Corporation, 70 I ' I D I . K A I . RI ;SI :HVI : H U I I . I T I N7 4 3 . 7 4 6 ( 1 9 8 4 ) .
Lcf>al Developments 671
Security Pacific CorporationLos Angeles, California
Order Approving an Application to provide Asset-Based Credit Facilities to Commercial Borrowers
Security Pacific Corporation, Los Angeles, California,a bank holding company within the meaning of theBank Holding Company Act (12 U.S.C. § 1841 etseq.)(the "Act"), has applied for the Board's approval,pursuant to section 4(c)(8) of the Act (12 U.S.C.§ 1843 (c)(8)), to acquire substantially all of the assetsof Wells Fargo Business Credit, Inc., Dallas, Texas("Company").
Notice of the application, affording interested per-sons an opportunity to submit comments, has beenpublished (52 Federal Register 10,632 (1987)). Thetime for filing comments has expired, and the Boardhas considered the application and all comments re-ceived in light of the public interest factors set forth insection 4(c)(8) of the Act.
Applicant is a multibank holding company with sixsubsidiary banks in California, Arizona, Washington,and Oregon, controlling $31 billion in domestic depos-its.1 Applicant also engages through subsidiaries invarious nonbanking activities.
Company engages in providing asset-based creditfacilities to commercial borrowers nationwide, includ-ing accounts receivable, inventory, capital equipment,and leveraged buyout/merger financing. This activityis permissible under Regulation Y (12 C.F.R.§ 225.25(b)(l)(iv)).
In order to approve this application, the Board mustalso find that the performance of the proposed activitycan reasonably be expected to produce benefits to thepublic, such as greater convenience, increased compe-tition, or gains in efficiency, that outweigh possibleadverse effects, such as undue concentration of re-sources, decreased or unfair competition, conflicts ofinterest, or unsound banking practices. Both Appli-cant and Company engage in commercial financenationwide, and therefore, some existing competitionwould be eliminated as a result of consummation of theproposal. The combined market share resulting fromthe acquisition, however, would be approximately 3percent. In addition, given the large number of alterna-tive participants providing similar services, no appre-ciable amount of potential or probable future competi-tion would be eliminated by the proposal.Accordingly, the Board does not regard the proposed
acquisition as raising any significant competitiveissues.
Consummation of the proposal will provide publicbenefits in the form of increased commercial financeservices to the market currently served by Company.Company's parent, Wells Fargo & Company, SanFrancisco, California, has made a corporate decisionto withdraw from the commercial finance business.Applicant's acquisition of Company will preserve acompetitor in the market and Applicant will providethe financial and managerial resources to support thecontinued operation of Company.
In evaluating this application, the Board also hasconsidered the financial resources of Applicant andthe effect on those resources of the proposed acquisi-tion. In this regard, the Board has previously ex-pressed concern that expansionary proposals shouldbe based on the maintenance of an adequate tangibleprimary capital position. In connection with an earlieracquisition which had the effect of decreasing Appli-cant's tangible primary capital,2 Applicant expressedits intention to restore its tangible primary capital ratioto pre-acquisition levels and to continue to strengthenits capital position. In this case, the proposal wouldinvolve only a negligible reduction in Applicant'stangible primary capital ratio, and should not have anymaterial effect on applicant's ability to meet its statedcapital goals. Based on the above facts, particularlyApplicant's plans to continue to strengthen its primarycapital position, the Board concludes that the financialand managerial resources of Applicant are consistentwith approval.
There is no evidence in the record to indicate thatconsummation of the proposal would lead to anyundue concentration of resources, decreased or unfaircompetition, unsound banking practices, or other ad-verse effects. Based on the foregoing and all the factsof record, the Board has determined that the balanceof public interest factors it is required to considerunder section 4(c)(8) is favorable. Accordingly, theapplication is hereby approved. This determination issubject to the conditions set forth in sections 225.4(d)and 225.23(b)(3) of the Board's Regulation Y,12 C.F.R. §§ 225.4(d) and 225.23(b)(3). The approvalis also subject to the Board's authority to requiremodification or termination of the activities of theholding company or any of its subsidiaries as theBoard finds necessary to assure compliance with theprovisions and purposes of the Act and the Board'sregulations and orders issued thereunder, or to pre-vent evasion thereof. This transaction shall not be
1. Data are as of March 31, 1987.2. Security Pacific Corporation, 72 FF.OF.KAI. RF.SF.RVF. UUI.I.F.TIN
800(1986).
672 Federal Reserve Bulletin [J August 1987
consummated later than three months after the effec-tive date of this Order, unless such period is extendedfor good cause by the Board or by the Federal ReserveBank of San Francisco, pursuant to delegated author-ity.
By order of the Board of Governors, effectiveJune 29, 1987.
Voting for this action: Chairman Volcker and GovernorsScger, Angell, and Kclley. Absent and not voting: GovernorsJohnson and Heller.
JAMI.S M( AIKK
[SL;AI.| Associate Secretary of the Hoard
Sovran Financial CorporationNorfolk, Virginia
Order Approving Retention Shares oj an InsuranceAgency
Sovran Financial Corporation, Norfolk, Virginia("Sovran"), a bank holding company within the mean-ing of the Hank Holding Company Act (12 U.S.C.§ 1841 el seq.) (the "BHC Act"), has applied for theHoard's approval under section 4(c)(8)(D) of the BHCAct and section 225.25(b)(8)(iv) of Reguallion Y(12 C.F.R. § 225.25(b)(8)(iv)), to retain indirectly all ofthe voting shares of Sovran Insurance, Inc., a compa-ny that engages in general insurance agency activities,including the sale of life and property and casualtyinsurance to the general public.
Applicant has total consolidated assets of approxi-mately $14.6 billion and controls banks in Maryland,Virginia and the District of Columbia.1 Applicant alsoengages through certain subsidiaries in a variety ofnonbanking activities permissible for bank holdingcompanies.
On February 27, 1986, the Hoard approved anapplication under the BHC Act by Sovran to acquireSuburban Bancorp, Bethesda, Maryland, and its sub-sidiary bank, Suburban Bank. Suburban Bank, since1964, has controlled, pursuant to Maryland law, Sub-urban Insurance, Inc. (now renamed Sovran Insur-ance, Inc.), which engages in general insurance agencyactivities. Suburban Bancorp, which became a bankholding company in 1972 through acquisition of Subur-ban Hank, has since that time claimed entitlement toretain indirect ownership and control of the insurance
I. Hanking data arc as til' March .11, 14X7.
agency under the BHC' Act on the basis of section225.22(d)(2) of the Board's Regulation Y. That regula-tion allows a state bank owned by a bank holdingcompany to acquire and retain all of the voting sharesof company that engages in activities the parent statebank may conduct directly. 12 C.F.R. § 225.22(d)(2).
Sovran's application to acquire Suburban Bancorpwas protested by various insurance industry tradegroups on the ground that Suburban Insurance's activ-ities are prohibited under Title VI of the Ciarn-StGermain Depository Institutions Act of 1982. TheCiarn-St Germain Act amended section 4 of the BHC]Act to provide that, with seven specific exceptions,insurance activities are not closely related to bankingand thus are not generally permissible for bank holdingcompanies.2
The Board's February 27, 1986, Order approvingSovran's acquisition of Suburban Bancorp did notresolve this issue. In response to the protests, Sovrancommitted that if its acquisition of Suburban Bankwere approved, Suburban Insurance would, upon itsacquisition by Sovran, cease writing new policies untilthe Board acted to resolve the legal questions raisedby its insurance activities. On the basis of this commit-ment, the acquisition was consummated on March 31,1986.'
On November II, 1986, Sovran filed the presentapplication claiming entitlement to retain indirect con-trol over Suburban Insurance pursuant to section4(c)(8)(D) of the BHC Act, the grandfather provisionof the Ciarn-St Germain Act (hereinafter "exemp-tion D"). This section provides an exception to thegeneral insurance prohibition of the Garn-St GermainAct for any insurance agency activity which wasengaged in by a bank holding company or any of itssubsidiaries on May 1, 1982, subject to certain geo-graphic and functional limitations.4
Notice of the application, affording interested per-sons an opportunity to submit comments on the pro-posal, has been published in the i'ederal Register. (51Federal Register 42,138 (1986)). The time for filing
2. On October ^, 1986, (he Hoard amended Regulation Y to includein the list oi' activities that the tkvaid has found to be closely related tobanking wilhin the meaning ol section 4(c)(8) of Ihc Act and thuspermissible lor bank holding companies, the insurance agency activi-ties delineated in the seven exemptions to the (iarn-St Cicrmain Act.51 I-'fdrnil Hcyixlcr 36,201 (1986), to be codified at 12 C.I- K.§ 225.2Mb)(8i.
.1. 72 1 j:i)l HAI KISIKVI: Hill I.I-.IIN 147 (1986).4. Exemption I) restricts giandtathered insurance activities to the
state in which the grandfathered hank holding company has itsprincipal place of business, any state immediately adjacent to thatstate, and any state or states in which insurance activities wereconducted by the bank holding company or any of its subsidiaries onMay 1. 1982. or were approved to be conducted by the bank holdingcompany or any of its subsidiaries on or before May I, 1982.12 U.S.C. § 1K43(CMKKD) and 12 C.I-'.K. § 21S.25(b)(X)(iv).
Legal Developments 673
comments has expired, and the Board has consideredthe application and all comments received in light ofthe factors set forth in section 4 of the BHC Act.'
Protestants assert that the Board should not approvethe application because Suburban Bank is prohibitedby Maryland law from engaging directly in generalinsurance agency activities and thus, under section225.22(d)(2) of the Board's Regulation Y, could notacquire or retain control of a company engaged inthese activities. On this basis, Protestants claim Sub-urban Insurance was not lawfully held by SuburbanBancorp under the BHC Act or Regulation Y on May1, 1982, the grandfather date under exemption D, andthus Suburban Insurance does not qualify for grandfa-ther privileges under exemption D. Protestants alsocontend that, even if Suburban Insurance qualifies forgrandfather privileges under exemption D, thosegrandfather privileges would terminate if it were ac-quired by another bank holding company, such asSovran, which has no grandfather rights under theBHC Act."
Applicant responds that Suburban Bancorp and itsindirect subsidiary. Suburban Insurance, qualify underexemption D because Suburban Insurance was engag-ing in the insurance agency activities in question onMay 1, 1982, with the full knowledge and consent ofthe Board and the state regulatory authorities, and thatSuburban's grandfather privileges do not terminatewhen it is acquired by another bank holding company.Alternatively, Applicant contends that the Boardshould disregard the separate corporate identity of theinsurance agency subsidiary and treat its insuranceactivities as being conducted directly by the parentstate bank, and thus, in Applicant's view, outside thescope of the nonbanking and insurance restrictions insection 4 of the BHC Act. Finally, Applicant contendsthat the nonbanking provisions of section 4 of the BHCAct do not apply to nonbank subsidiaries of holdingcompany banks and thus Suburban Insurance maycontinue to sell insurance regardless of whether Sub-urban Insurance's activities comply with the Board'sstate bank regulation.
After considering the arguments of the Applicantand Protestants, as well as the views of the MarylandBank Commissioner and the Maryland InsuranceCommissioner, the Board has determined that Subur-ban Bancorp is entitled to retain indirect ownershipand control of Suburban Insurance under exemption Dand section 225.25(b)(8)(iv) of Regulation Y and thatthis entitlement does not terminate upon SuburbanBancorp's acquisition by Sovran. With regard to Ap-plicant's contention regarding the applicability of sec-tion 4 of the BHC Act to nonbanking companiescontrolled by holding company banks, the Board haspreviously determined that under the specific terms ofthe BHC Act, the acquisition and retention by holdingcompany banks of voting shares of nonbanking com-panies is governed by section 4 of the BHC Act.7 Asthis case reflects, the Board has had in place since1971 a regulation promulgated under the BHC Act thatgoverns the type of nonbanking activities in whichnonbank companies controlled by holding companybanks may engage. In light of the Board's determina-tion regarding Sovran's application for grandfatherrights under exemption D, however, the Board finds itunnecessary to address Applicant's alternative con-tentions, including its views on the scope of coverageof section 4 of the Act.
A. Suburban Insurance Qualifies ForGrandfather Privileges Under Exemption D ofthe Garn—St Germain Act
As indicated, exemption D by its terms provides anexception to the general prohibition on the conduct bybank holding companies of insurance activities forthose insurance agency activities engaged in by a bankholding company or any of its subsidiaries on May 1,1982, subject to certain geographic and functionallimitations.8
The record is clear that on the relevant date, May 1,1982, Suburban Insurance was engaged in insuranceagency activities and therefore meets the literal qualifi-cations for grandfather rights under the exemption.
5. The Board received comments from the following associationsopposing approval o\ the application ("Protestants"): the Indepen-dent Insurance Agents of America, the National Association ofCasualty and Surety Agents, the National Association of Surety BondProducers, the National Association of Life Underwriters, the Nation-al Association of Professional Insurance Agents, the Maryland StateAssociation of Life Underwriters, the PIA Association of Pennsylva-nia, Maryland and Delaware, the American Council of Life Insurance,the American Insurance Association, the National Association ofIndependent Insurers, and the Alliance of American Insurers.
6. In addition, Protestants contend Ihat Kxemption I) only applieswhere the activities were conducted pursuant to specific approvalfrom the Board under section 4(c)(8) of the Act anil that in any eventSuburban Bank may not under Maryland law control an alftliateengaged in general insurance agency activities.
7. Sec en. Security Pacific Corporation, 72 F f l i l RA1 R I . S I R V I :BUI I i:i IN 800 (1986), and the authorities referenced therein.
8. 12 U.S.C. § 1843(c)(8)(D). Specifically, paragraph (8) of section4(c) of the BHC Act provides an exception to the nonbankingprohibitions of section 4(a) of the Act for shares of companies engagedin activities that the Board has determined to be so closely related tobanking as to be a proper incident thereto. The (Jarn-St Germain Actamended this paragraph to provide that:
for purposes of this subsect ion, it is not closely related to banking ormanaging a controlling banks for a bank holding company to provideinsurance as principal, agent, or broker except . . . (I)) any insurance activitywhich was engaged in by the bank holding company or any of its subsidiarieson May 1, 1982, or which the Board approved for such company or any ol" itssubsidiaries on or before May I, 1982 . . . . 12 U .S .C . § 1843(c)(8).
674 Federal Reserve Bulletin [.} August 1987
The Board notes that the Senate Banking Committeereport associated with exemption D explains that theactivities grandlathered under this provision musthave been engaged in pursuant to and in accordancewith the applicable statutory and regulatory standardsin elfect on May I, 1982.''Thus, the question raised bythis application is whether Suburban Insurance's ac-tivities on that date were being conducted in confor-inance with applicable statutory and regulatory re-quirements for purposes of exemption 1).
Suburban Bancorp never applied under section4(c)(8) of the BHC Act to acquire or retain indirectownership or control of Suburban Insurance. Rather,when it applied to become a bank holding company in1972, Suburban Bancorp relied upon section 225.22(d)of the Board's Regulation Y as authority to acquireand retain indirect control of Suburban Insurance. Asnoted, this regulatory provision provides an exceptionto the general nonbanking prohibitions of the BHC Actby permitting a stale bank, without the Board's priorapproval, "to acquire or retain all . . . of the securitiesof a company that engages solely in activities in whichthe parent bank may engage, at locations which thebank may engage in the activity, and subject to thesame limitations as if the bank were engaging in theactivity directly." 12 C.F.R. § 225.22(d)(2).
In order to qualify under this regulation, the compa-ny in question must be engaged in activities that thebank could conduct directly.1" Protestants argue thatSuburban Insurance is not now, and was not on May I,1982, operating in accordance with this requirement ofthe Board's regulation because Maryland banking andinsurance law prohibit a Maryland bank from engagingdirectly in insurance agency activities."
The insurance activities of Suburban Bank may betraced back to 1922, when Prince George's Bank, apredecessor of Suburban Bank, sold insurancethrough licensed agents. Insurance sales by employeesof the bank or predecessor institutions continued, andin 1955 a formal insurance department was organizedwithin the bank. In 1964, Suburban Bank consolidated
9. S. Rep . N o . 5.%, 97th Cong . , 2d Sess . 39 (1982).10. See r . j , \ , Piedmont Carolina i'inancia! Services, 59 1 I I>1 KAI
R I SI RVI I t i i i n . r i N 766 (1973), w h e r e the Hoard s tated thai thisregulatory provis ion would permit a holding e o m p a n y to acqu i re ac o m p a n y engaged in insurance act ivi t ies that the bank could conduc tdirect ly . The Board specifically no ted , h o w e v e r , that this c o m p a n ycould not be acqui red under this provis ion , it' slate law permi t ted thebank to invest in sha res of a c o m p a n y engaging in this act iv i ty , but didnot permit the bank to engage in the act ivi ty direct ly .
11. P ro tes tan t s also assert that this provis ion o!" Regulat ion Y isinvalid. H o w e v e r , since this regulat ion was in effect on May I. I9N2,compl iance with it would satisfy the r equ i r emen t s ol' exempt ion I) ,regardless ol' later chal lenges to its validity.
the insurance department with an incorporated affiliateof the bank that was engaged in holding bank premis-es. Citizens Building, Inc. In 1984, the subsidiary'sname was changed to Suburban Insurance, Inc.
In connection with its application to become a bankholding company in 1972, Suburban Bancorp advisedthe Board that Suburban Bank controlled a generalinsurance agency, and Suburban has subsequentlykept the Hoard apprised of the affiliate's insuranceactivities. On September 12, 1972, the Federal Re-serve Bank of Richmond, in order to respond to aninquiry from a law firm representing certain insuranceinterests, inquired of the Maryland Bank Commission-er whether such insurance activities were permittedfor stale banks in Maryland. On September 14, 1972,the Maryland Deputy Bank Commissioner respondedby advising that the Department was aware of theinsurance activities of Suburban and "look no excep-tion." In 1986, in connection with (he processing ofSovran's application to acquire Suburban Bancorp,the Maryland Bank Commissioner advised the Boardthat that office had been aware of the insurance agencyactivities conducted by Suburban Bank directly andthrough Suburban Insurance and that "Suburban'sinsurance activities are and have been lawful activitiesfor a state-chartered bank in Maryland."
However, in 1987 the Maryland Insurance Commis-sioner informed the Board that Suburban Bank couldnot engage directly in insurance agency activitiesunder the State Insurance Code as it now stands and asit stood in 1982.l2 Under Maryland law, only a corpo-ration engaged primarily in the insurance business mayobtain an insurance license.13 The Commissioner ad-vised that because Suburban Bank is primarily en-gaged in the banking business, it could not be issued alicense to sell insurance and could not receive commis-sions for procuring or influencing the procurement ofinsurance sales.14 The Insurance Commissioner con-firmed that Suburban Bank could control a companythat holds a license to sell insurance and that SuburbanInsurance's current activities were fully consistentwith Maryland insurance laws.
While it now appears in retrospect that SuburbanInsurance's activities did not qualify for the exemptionunder the section 225.22(d)(2) of Regulation Y on May1, 1982, the overriding factor in this case is that theactivities were being conducted on that date and for
12. See letter of Mr. I'.dvvard .). Mulh, State insurance Commission-er, dated May IS, 1987. See (dso, (ioodman v. Perpetual IluildinxAss'n., 320 F . Supp . 20, 36 ( I ) . D . C . 1970).
13. Md. Ann . C o d e , art . 4XA, S 168(d) (1979), now codilied at Md.Aim. C o d e , art . 4XA, § !6K(e) (1986).
14. Sec Md, Ann . C o d e , ar t . 4HA, S§ 167(a) and (c) and I68(d)(1979); Md. Ann . C o d e , art . 48A, SS 167 and 16X(e)(2) (1986).
Legal Developments 675
many years prior thereto with the knowledge of theBoard and state regulatory agencies and without adetermination by these agencies that the activitieswere not in accordance with applicable statutes andregulations. On this basis, the Board finds that Subur-ban Insurance qualifies for grandfather privileges un-der exemption D.ls
The purpose of a grandfather provision is to avoidthe disruption of settled and established relationshipsand to maintain the status quo. The legislative historyof exemption D specifically states that it is intended topermit the "continuation of previously authorizedinsurance activities."16 The insurance activities ofSuburban Insurance were authorized to the extent thatthese activities were conducted with the full knowl-edge of and without objection from the Board on May1, 1982, and are thus within the type of insuranceactivity Congress sought to protect in exemption D.While it appears that, based on information brought tothe Board's attention in 1987—16 years after Suburbanbecame a bank holding company and informed theBoard of its interest in Suburban Insurance—Subur-ban Insurance may not have technically qualifiedunder the Board's regulation, that determinationshould not be applied retroactively to deprive thecompany of a benefit which under the terms of thestatute are made available to any company engaged inthe activity on May I, 1982. Further, given the intentof the grandfather provision, it would not appearappropriate to upset settled and long-standing relation-ships which existed on the grandfather date with theknowledge of and without objection from appropriateregulatory authorities.
In this regard, the Board has considered the legisla-tive history of exemption D which, as noted, indicatesthat grandfather privileges were not intended for com-panies that were operating in violation of applicablestatutes and regulations. This legislative history doesnot, however, in the Board's view, indicate a Congres-sional intent to foreclose grandfather rights to holdingcompany subsidiaries that had been selling insurance
15. Protestants further contend that a Maryland bank is not autho-rized under Maryland banking law to sell insurance. As noted, theMaryland Bank Commissioner has advised the Board in writing ontwo occasions (in 1972 and in 1986) that Suburban Bank's insuranceactivities are authorized under Maryland banking law. The Commis-sioner has referred to a provision of the Maryland Code that permits astate bank to exercise all of the powers usual in carrying on a bankingbusiness. (Md. Financial Institutions Code S 3-2<)6(b)(l2)).
The present application does not require the Board to resolve thisdispute over permissible banking powers under Maryland law. Even ifthe Maryland Bank Commissioner's conclusion is erroneous, theBoard nevertheless believes that Suburban Insurance qualifies for thegrandfather privileges under exemption D in light of the facts andcircumstances relating to its conduct of insurance activities on May I,1982, as discussed in detail in this Order.
16. S. Rep. No. 536, 97th Cong. 2d Sess. 71 (1982).
on the grandfather date with the approval of statebanking and insurance regulatory authorities and withno determination by the Board that the activities of thesubsidiary were not in compliance with the BHC Actor Board's regulations under the Act. In such circum-stances, showing that the bank holding company wasnot operating in disregard of applicable statutes orregulations on the grandfather date, the holding com-pany would, in the Board's view, qualify for grandfa-ther rights under the terms and Congressional intent ofexemption D.
Finally, the Board believes that equitable consider-ations would also indicate that since the insuranceactivities of Suburban Insurance were known to thepublic since 1972, and were being conducted with theknowledge of the Board since that date, it would beunfair to now penalize Suburban Insurance for anyincorrect assumptions regarding state law. For exam-ple, in Independent Bankers Association of America v.Heimann,{1 the court held that an industry trade groupcould not challenge an interpretive ruling of the Comp-troller of the Currency which had been issued 12 yearsearlier and of which the trade group had knowledge.The court stated: "Equity will not protect a party thatthrough years of silence has created an impression ofacquiescence that has led others to make substantialfinancial commitments." Id. at 488.
Protestants also argue that in order to qualify forgrandfather privileges under exemption D, the bankholding company must have obtained specific approv-al from the Board under section 4(c)(8) of the BHC Actto conduct the particular activity and that the insur-ance activity must be directly related to an extensionof credit by an affiliate as opposed to the type ofgeneral insurance activity conducted by SuburbanInsurance. Because Suburban Insurance's activitieswere not specifically approved by Board order undersection 4(c)(8) of the Act and are not confined to thesale of credit-related insurance, Protestants claim Sub-urban Insurance does not qualify under exemption D.Neither the language of exemption D nor its legislativehistory supports this position.
The language of the statute states clearly and unam-biguously that it applies to any insurance activity thatwas engaged in on May 1, 1982, or which was ap-proved by the Board on or before that date. Thus, thelanguage itself does not limit grandfather rights to thesale of credit-related insurance or to insurance activi-ties that were specifically approved by the Board byorder under section 4(c)(8).
The legislative history of this section confirms thisinterpretation. A prior version of the statute (H.R.
17. 627 l\2d 486 (D.C. Cir. 1980).
676 Federal Reserve Bulletin N August 1987
2255, 96th Cong. 1st. Sess. (1979)) grandfathered in-surance activities which were engaged in on or beforea grandfather date, but only if such activities werespecifically approved by the Board. During hearingson this bill held by the House Banking C'omniittee, theAssociation of Bank Holding Companies protestedthat this grandfather provision "fails to take intoconsideration insurance activities which were "grand-fathered" in 1956, 1966 and 1970, and for which therewas never an occasion to have an application ap-proved by the Hoard.1'111 Following these hearings, theHouse Banking Committee reported out a version ofH.R. 2255 that deleted the requirement for Hoardapproval, and instead grandfathered any insuranceactivity lawfully engaged in on the specified grandfa-ther date. (H.R. Rep. No. 845, 96th Cong. 2d Scss,(1980)). This grandfather language was adopted, withmodifications, by the Senate (See, S. Rep. No. 923,96th Cong. 2d Sess (1980)).
In the Hoard's view, this legislative history makes itclear that the grandfather provision in exemption I)was not intended to be limited to the credit-relatedproperty and casualty insurance activities approved bythe Hoard under section 4(c)(X) of the Act prior toenactment of the Garn-St Germain Act.
Ji. Suburban Insurance's (IrandfatherPrivileges do not Terminate Upon itsAcquisition by a Non-drandfathered HankHolding Company
Under section 4 of the HHC Act, Sovran may notdirectly or indirectly acquire control of a nonbankcompany, unless the acquisition qualifies under one ofthe exceptions found in the Act. 12 U.S.C. 8 1843(a).In this case, Sovran is claiming the exception insection 4(e)(8)(D), which as noted grandfathers insur-ance activities conducted by a bank holding companyor any of its subsidiaries on May I, 1982. However, onthis date, Suburban Insurance was a subsidiary ofSuburban Bancorp, thus raising the issue whetherSuburban Insurance loses its grandfather rights underexemption I) when its parent holding company isacquired by another bank holding company.
Section 4(c)(8)(D) of the BHC Act does not specifi-cally deal with this question. The Senate Committeereport associated with this legislation, however, ex-plains that:
The authority to engage in activities under the grandfa-ther amendment only extends to the entity, be that theholding company itself or a subsidiary or subsidiariesthereof, which qualifies for the grandfathered activitiesS l i l t U S . 1 ' '
This legislative history as well as the terms of thestatute indicate a Congressional intent that the grand-father privilege be limited to the entity which qualifiesfor the grandfather privilege under exemption D, inthis case Suburban Insurance. In other words, exemp-tion D rights attach to the entity actually conductingthe activity on the grandfather date. As long as it isonly that grandfalhered subsidiary that conducts theactivity and not some other affiliate, the requirementsof exemption I) are satisfied. Thus, in the Hoard'sview, the intent of the statute is that the grandfatheredsubsidiary continues to be able to engage in theactivity, even if acquired by another bank holdingcompany so long as the subsidiary complies with thegeographic and functional limitations proscribed inexemption D.
The Board believes this conclusion is consistentwith the overall intent of the grandfather provision topermit the continuation of established relationships.There is nothing in the legislative history that suggeststhat a company that was engaged in an insuranceactivity under the BHC Act for many years shouldcease the activity because it is acquired by anotherbank holding company, when the acquisition wouldnot add an additional insurance competitor or permitthe grandfathered subsidiary lo expand its activities.As noted, Suburban Insurance could not expand itsinsurance activities to any location or in any mannerother than as permitted under exemption D beforeSuburban's acquisition by Sovran. In other words, theacquisition does not disturb the status quo insofar asthe insurance activities of Suburban Insurance areconcerned.
On two prior occasions, the Board has determinedthat grandfather privileges under exemption D do notterminate when the grandfathered entity is acquired byanother bank holding company, provided the insur-ance activities continue to be conducted by the subsid-iary that actually conducted the activity on the grand-father date and would not be expanded to otheraffiliates of the bank holding company.
In 1983, the Hoard allowed Seafirst Corporation tocontinue lo sell credit-related property and casualtyinsurance after its acquisition by BankAmerica.20 The
IK. Hearings- on II.li. ,?.?.5.'i hi'fort' the Suhcoinui. on 1'inancialInstitutions Su/tcrvisioti, Regulation and Insurant/' oj the HouseCoinni, on Hanking, linanre and Vrluui AJJairs, % t h ( o n ^ . Isl Scss .2X.S ( 1 9 7 9 ) .
19. S . H e p . N o . 5.? 6 , 9 7 t h C o i l ) ; . , 2il S c s s . 4 0 ( 1 9 X 2 ) .
2 0 . llnnkAineriea Corporation, 6 9 l i D I - . I I A I R I S I U V I : B u i I.I T I N
M I X ( 1 9 X 3 ) .
Legal Developments 677
Board noted that Seafirst was entitled under the termsof exemption D to continue to sell the insurancebecause it was lawfully engaged in the activity on May1, 1982, pursuant to a prior Board approval. The Boardconcluded that Seafirst could continue to engage inthat particular activity after its acquisition by Bank-America because Seafirst would remain an indepen-dent and separate subsidiary of BankAmerica and theactivity would not be conducted by any other subsid-iary of BankAmerica or through any of its otheroffices. The Board concluded that under the circum-stances presented there, the grandfathered insuranceactivity would not be transferred to any other entity orconducted beyond the scope Congress intended inexemption D.
Similarly, in late 1983, the Board permitted the FujiBank, Ltd. to acquire Walter Heller Inc.'s commercialfinance subsidiary, including a subsidiary that soldproperty and casualty insurance in connection withloans by the finance company.21 The Board noted thatthe Heller subsidiary was entitled to grandfather rightsunder exemption D because it received Board approv-al to engage in the activity before May 1, 1982. As inthe BankAmerica case, the Board allowed the subsid-iary, after its acquisition by Fuji, to continue toconduct the grandfathered activity, noting that theinsurance agency would remain an independent andseparate subsidiary of Fuji, would conduct activitiesonly from its office in Chicago and only in connectionwith loans by the finance company."
The Board notes that it has in the past required thetermination of grandfather privileges under section4(a) of the BHC Act when the company entitled tothose rights was acquired by another company.2'However, unlike the situation under exemption D, theterms and legislative history of the grandfather provi-sion of section 4(a) indicate that grandfather rightswere limited only to those companies that were initial-ly brought under the terms of the Bank HoldingCompany Act by the 1970 amendments to that Act. Asdiscussed above, the terms of exemption D and itslegislative history indicate that a grandfathered bankholding company would be permitted to continue toconduct insurance activities so long as the grandfath-
21. Fuji Dank, Limited, 69 I;i:i>r:RAi RI-SI-RVI-. BUI.I.I TIN 50 (1983).22. The Board relied upon the above legislative history which
indicates that grandfather rights under exemption 13 accrue to theentity actually conducting the relevant insurance agency activity, inthat case the nonbunk subsidiary of Heller,
23. Sec Maryland NationallAmerican Security Corporation, 73FI;DI.RAI. Ri SliKVi: Bui.I.II IN 310 (1987), where the Board approvedthe acquisition upon the condition that the applicant divest grandfath-ered nonbanking activities conducted by the acquired bank holdingcompany.
ered activities are conducted by the subsidiary thatwas conducting the activity on May 1, 1982.
Based on these factors, the Board concludes thatSovran may retain indirect ownership and control ofSuburban Insurance, pursuant to section 4(c)(8)(D),provided that Suburban's general insurance agencyactivities are limited to those conducted on the grand-father date and that these activities are conducted onlyby Suburban Insurance, which must remain an inde-pendent and separate subsidiary of Sovran. Consistentwith the provisions of exemption D, Suburban Insur-ance must limit its general insurance agency activitiesto the state in which its parent holding company,Suburban Bancorp, maintained its principal place ofbusiness on May 1, 1982 (/. e. Maryland), statesadjacent to Maryland including the District of Colum-bia, and any additional states in which SuburbanInsurance conducted insurance agency activities onMay 1, 1982. See 12 U.S.C. § 1843(c)(8)(D) and12 C.F.R. § 225.25(b)(8)(iv).
C. Other Issues
Protestants question whether Suburban Bank may belawfully affiliated with an insurance agency underMaryland banking law, even if the exemption D provi-sion applies. The Protestants note that the MarylandBanking Code provides that, except with the priorapproval of the State Bank Commissioner, no bankinginstitution may have an affiliate. (Md. Financial Insti-tutions Code § 5-403 (1986)). The Bank Commissionermay approve an affiliation with a company providinginsurance services, but only if the approval imposesthe same conditions that federal law requires or per-mits for a national bank. (Id.) Since national banks arenot currently authorized to conduct the types of gener-al insurance agency activities at issue here (except intowns with populations of 5,000 or less), Protestantsconclude that Suburban Bank cannot be lawfully affili-ated with a company engaging in such insuranceagency activities.
On March 12, 1987, the Maryland Bank Commis-sioner advised the Board that Suburban Bank's con-trol of the insurance affiliate was permissible under theMaryland Banking Code. Under the Maryland Bank-ing Code, restrictions on bank affiliations do not affectany affiliate, if the affiliation existed on June 1, 1935.(Md. Financial Institutions Code § 5-402 (1986)). Inthis instance, since the affiliation in question can betraced back to 1932, it would appear to be exempt fromthe provisions in the Maryland Code limiting affili-ations of Maryland banks. Based on this analysis ofMaryland law, the Board has determined to accept theMaryland Bank Commissioner's conclusion with re-spect to the consistency of this particular affiliation
678 Federal Reserve Hullctin LI August 1987
under Maryland law insofar as it applies to the conductof insurance agency activities that the affiliate hasconducted since 1964.
I). Public Benefits
While the Hoard has determined that Suburban Insur-ance's general insurance activities are permissibleunder section 4(c)(8)(D) of the BHC Act and section225.25(b)(8)(iv) of Regulation Y, the Hoard must alsodetermine that these activities are a proper incident tobanking under section 4(c)(8) of the Act. In makingthis determination, the Board must consider whetherthe performance of the activity can reasonably beexpected to produce benefits to the public that out-weigh possible adverse effects.
The Hoard believes that approval of this applicationwill maintain competition in the provision of insuranceagency services in the area served by Suburban Insur-ance and will avoid disrupting established relation-ships between Suburban Insurance and its customers.The Hoard finds that there is no evidence in the recordto indicate that approval of this proposal would resultin undue concentration of resources, unfair or de-creased competition, conflicts of interest, unsoundbanking practices, or other adverse effects. Accord-ingly, the Hoard has determined that the balance of thepublic interest factors it must consider under section4(c)(8) of the Act is favorable and consistent withapproval of the application.
E. Request for Hearing
Protestants have requested that the Hoard conduct ahearing on the application in order to determine thehistorical facts that underlie Suburban's entry into theinsurance field, the status of Maryland law, and Sov-ran's plans to expand its insurance operations in thefuture. Under section 4 of the Bank Holding CompanyAct, a protestant is not entitled to a hearing on everyapplication. A hearing is only required when there arematerial issues of fact in dispute.24
In this ease, there are no material issues of fact indispute. The historical facts relating to Suburban'sentry into the insurance field have been established,and no specific allegation has been made that thesefacts are in error. The issues relating to Maryland lawand its interplay with the Bank Holding Company Actare legal issues, not factual, and therefore a hearing isnot required to resolve this matter. With respect to thefuture activities of Suburban Insurance, exemption Dspecifically limits the geographic and functional scopeof the grandfathered insurance activities, and thusSovran's future plans with respect to these activitiesare circumscribed by the statute. Accordingly, theBoard has determined that a hearing is not required inthis case and hereby denies prolestants' request for ahearing.-5
Based on the foregoing, the Board has determinedthat the application under section 4 should be, andhereby is, approved. This determination is subject toall of the conditions set forth in Regulation Y, and therequirement that the insurance activities are conduct-ed solely by Sovran Insurance, which must remain anindependent subsidiary of Suburban Bancorp. It isalso subject to the Board's authority to require suchmodification or termination of activities of the bankholding company or any of its subsidiaries as theBoard finds necessary to assure compliance with, andprevent evasions of, the provisions and purposes ofthe HHC Act and the Board's regulations and ordersissued thereunder.
By order of the Board of Governors, effectiveJune 29, 1987.
Voting lor this action: Cluiirman Volcker and GovernorsSeger, Angell, and Kelley. Absent ami no! voling: GovernorsJohnson and Heller.
|SF.A].|
Wll.l.IAM W. Wll.liSSecretary of the Board
24. ('otiiH'tlit ill Hankers /l.s.sx, r . Hoard oj (itnernors, 627 1' ,2d 24.^(l).('. Cir. 19X0).
25. One protestaunder tiie net puhlrelating to the nauactivities. [ lowevelimited by statute tsubject to the fi4(c)(8)(l)}and the IJ.noi believe a hearing is appropriate or necessary with regard to thisclaim.
t makes the claim that a public hearing is requiredic benefits standard in the Act because of issuesre and extent of Suburban Insurance's proposed
as noted Suburban Insurance's activities will bethose in which i( was engaged on May I, 19X2,
ctional and geographic restrictions in sectionKird's Regulalion Y. Accordingly, the Hoard does
Legal Developments 679
ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available uponrequest to the Reserve Banks.
Section 3
Applicant
Americorp,Ventura, California
Arkansas Union Bankshares,Inc.,Benton, Arkansas
BancAlabama, Inc.,Huntsville, Alabama
Branch Corporation,Wilson, North Carolina
Buffalo Bancshares, Inc.,Kansas City, Missouri
Butler Point, Inc.,Catlin, Illinois
Cando Holding Company, Inc.,Cando, North Dakota
CB Bancshares, Inc.,Fort Valley, Georgia
CBE, Inc.,Elkhorn, Wisconsin
CCB Financial Corporation,Sandy, Oregon
Central Bancshares of theSouth, Inc.,Birmingham, Alabama
Central Bank Corporation,Sault Ste. Marie, Michigan
Chemical Financial Corporation,Midland, Michigan
Citizens' Capital Corporation,Robcrtsdale, Alabama
Citizens Corporation,Columbia, Mississippi
CNB Bancshares, Inc.,Evansville, Indiana
Commonwealth BancsharesCorporation,Williamsport, Pennsylvania
Cosmopolitan FinancialServices, Inc.,Countryside, Illinois
Coteau Hills Company,Gackle, North Dakota
Bank(s)
American Commercial Bank,Ventura, California
Union Bancshares of Benton,Inc.,Benton, Arkansas
BankAlabama—Huntsville,Huntsville, Alabama
Community Bancorporation, Inc..Greenville, South Carolina
O'Bannon Banking Co.,Buffalo, Missouri
The First National Bank ofCatlin,Catlin, Illinois
The First Bank Cando, N.A.,Cando, North Dakota
Cook Banking Company,Cochran, Georgia
Community Bank of Elkhorn,Elkhorn, Wisconsin
Clackamas County Bank,Sandy, Oregon
Central Bank of Shelby County,Shelby County, Alabama
Central Savings Bank,Sault Ste. Marie, Michigan
Manufacturers Bank of Bay City,Bay City, Michigan
Citizens' Bank, Inc.,Robertsdale, Alabama
Citizens Bank,Columbia, Mississippi
Wabash Valley Bank ofVincennes,Vincennes, Indiana
County Bancorp, Inc.,Montrose, Pennsylvania
OLD CANAL BANKSHARESII, INC.,Lockport, Illinois
First State Bank of Gackle,Gackle, North Dakota
ReserveBank
San Francisco
St. Louis
Atlanta
Richmond
St. Louis
Chicago
Minneapolis
Atlanta
Chicago
San Francisco
Atlanta
Minneapolis
Chicago
Atlanta
Atlanta
St. Louis
Philadelphia
Chicago
Minneapolis
Effectivedate
June 2, 1987
June 15, 1987
June 15, 1987
June 12, 1987
June 24, 1987
June 2, 1987
May 26, 1987
June 1, 1987
June 5, 1987
May 21, 1987
May 29, 1987
June 4, 1987
May 27, 1987
June 11, 1987
June 12, 1987
May 29, 1987
May 22, 1987
June 25, 1987
May 20, 1987
680 Federal Reserve Bulletin LJ August 1987
Section 3—Continued
Applicant
DS Bancor, Inc.,Derby, Connecticut
D.S.B. Bankshares, Inc.,Randolph, Wisconsin
Eagle Fidelity, Inc.,Williamstown, Kentucky
H.C.S.B. Holding Company,Inc.,Mary Hsther, Florida
Hscrow Corporation ofAmerica, Inc.,Pennock, Minnesota
1' & M Bancorporation, Inc.,Kaukauna, Wisconsin
Farmers Enterprises, Inc.,Albert, Kansas
I'IN, Inc.,Mesa, Arizona
First Albany Bancshares, Inc.,Albany, Texas
First Bancorp of Louisiana,Inc.,West Monroe, Louisiana
First Coleman Bancshares, Inc.Coleman, Texas
First Dodge City Bancshares,Inc.,Dodge City, Kansas
First National Bancorp,Gainesville, Georgia
The First National Bankshares,Inc.,Tuxumcari, New Mexico
First National Corporation,Grand Forks, North Dakota
First Peterborough Bank Corp.,Peterborough,New Hampshire
First State Bancorporation,Inc.,Hlkins, West Virginia
First Wisconsin Corporation,Milwaukee, Wisconsin
Bank(s)
The Derby Savings Bank,Derby, Connecticut
Dairyman's State Bank,Randolph, Wisconsin
The Bank of Williamslown,Williamstown, Kentucky
Fmerald Coast State Bank,Mary Esther, Florida
Madelia Holding Corp.,Madelia, Minnesota
New London National Bank,New London, Wisconsin
Charter West Bank, N.A.,Great Bend, Kansas
American National Bank ofAfton,Alton, Wyoming
The First National Bank ofAlbany,Albany, Texas
First National Bank of WestMonroe,West Monroe, Louisiana
First Coleman National Bank ofColeman,Coleman, Texas
Metro Bancshares, Inc.,Broken Arrow, Oklahoma
Banks County FinancialCorporation,Homer, Georgia
The First National Bank of SantaRosa,Santa Rosa, New Mexico
The First National Bank inTucumcari,Tueumcari, New Mexico
West Fargo Stale Bank,West Fargo, North Dakota
The First National Bank ofPeterborough,Peterborough, New Hampshire
First State Bank Hlkins, Inc.,Iilkins, West Virginia
North Shore Bancorp, Inc.,Northbrook, Illinois
ReserveBank
Boston
Chicago
Cleveland
Atlanta
Minneapolis
Chicago
Kansas City
Kansas City
Dallas
Dallas
Dallas
Kansas City
Atlanta
Dallas
Effectivedate
June 10, 1987
June 16, 1987
May 29, 1987
June 17, 1987
June 5, 1987
June 15, 1987
June 2, 1987
May 28, 1987
June 22, 1987
June 10, 1987
June 17, 1987
May 29, 1987
May 18, 1987
May 26, 1987
Minneapolis
Boston
Richmond
Chicago
June 9, 1987
May 18, 1987
May 29, 1987
May 29, 1987
Legal Developments 681
Section 3—Continued
Applicant
FNB Bancshares, Inc.,Blue Earth, Minnesota
Granite State Bankshares, Inc.,Keene, New Hampshire
GreatBanc, Inc.,Aurora, Illinois
Greater Chicago FinancialCorp.,Chicago, Illinois
Hometown Bancorporation,Inc.,Darien, Connecticut
Honat Bancorp, Inc.,Honesdale, Pennsylvania
Illinois Regional Bancorp, Inc.,Elmhurst, Illinois
Independent American FinancialCorporation,Harrisburg, Pennsylvania
Independent Banks of Virginia,Inc.,Norfolk, Virginia
Iron and Glass Bancorp, Inc.,Pittsburgh, Pennsylvania
Kilgore Bancshares, Inc.,Troup, Texas
Landmark BancsharesCorporation,Clayton, Missouri
Lemont Bancorp, Inc.,Chicago, Illinois
Lewisburg BancsharesCorporation,Lewisburg, Kentucky
Liberty Bancshares Inc.,Montgomery, West Virginia
Magnolia State CapitalCorporation,Magee, Mississippi
The Marine Corporation,Milwaukee, Wisconsin
Mark Twain Bancshares, Inc.,St. Louis, Missouri
Marrowbone Bancorp, Inc.,Marrowbone, Kentucky
National Security Bank HoldingCompany,Newport, Oregon
Bank(s)
The First National Bank of BlueEarth,Blue Earth, Minnesota
Granite Bank,Amherst, New Hampshire
Evco, Inc.,Chicago, Illinois
Austin Bank of Chicago,Chicago, Illinois
The Bank of Darien,Darien, Connecticut
The Honesdale National Bank,Honesdale, Pennsylvania
PLUM GROVEBANCORPORATION, INC.,Rolling Meadows, Illinois
The Dauphin National Bank,Dauphin, Pennsylvania
Heritage Bank of NorthernVirginia,McLean, Virginia
Iron and Glass Bank,Pittsburgh, Pennsylvania
City National Bank of Kilgorc,Kilgore, Texas
Christian County National Bank,Ozark, Missouri
The Lemont National Bank,Lemont, Illinois
Lewisburg Banking Company,Lewisburg, Kentucky
The National Bank of Ansted,Ansted, West Virginia
State Bank and Trust Company,Collins, Mississippi
Banco di Roma,Chicago, Illinois
Edwardsville National Bank andTrust Company,Edwardsville, Illinois
Bank of Marrowbone,Marrowbone, Kentucky
National Security Bank,Newport, Oregon
ReserveBank
Minneapolis
Boston
Chicago
Chicago
New York
Philadelphia
Chicago
Philadelphia
Richmond
Cleveland
Dallas
St. Louis
Chicago
St. Louis
Richmond
Atlanta
Chicago
St. Louis
St. Louis
San Francisco
Effectivedate
May 15, 1987
June 1, 1987
May 21, 1987
May 19, 1987
June 19, 1987
June 9, 1987
June 5, 1987
May 22, 1987
June 12, 1987
June 8, 1987
June 19, 1987
June 11, 1987
June 19, 1987
June 19, 1987
May 29, 1987
June 15, 1987
May 19, 1987
June 12, 1987
June 8, 1987
June 1, 1987
682 Federal Reserve Bulletin [J August 19X7
Section 3—Continued
Applicant
Nebraska Capital Corporation,Lincoln, Nebraska
Northern Bancorp, Inc.,Wobnrn, Massachusetts
Northwest Georgia FinancialCorporation,Dallas, Georgia
Norwood Associates 11,Hackensack, New Jersey
Pearl City Bancorp,Pearl City, Illinois
Peoples Bancorp Inc.,Marietta, Ohio
Peoples Bancshares, Inc.,Clanton, Alabama
Peoples Ltd.,Wyalusing, Pennsylvania
P.T.C. Bancorp,Brookville, Indiana
Regional Bancorp, Inc.,Medf'ord, Massachusetts
Kolla Holding Company, Inc.,Rolla, North Dakota
Security National Bancshares ofSapulpa, Inc.,Sapulpa, Oklahoma
Sharon Bancshares, Inc.,Sharon, Tennessee
Southeast Banking Corporation,Miami, Florida
Southern National Corporation,Lumberton, North Carolina
South Trust Corporation,Birmingham, Alabama
SouthTrust Corporation,Birmingham, Alabama
The Tampa Banking Company,'Tampa, Florida
Three Rivers Bancshares, Inc.,Milan, Georgia
Union Planters Corporation,Memphis, 'Tennessee
Western Security Bancorp,Burbank, California
Bank(s)
Havelock Bank,Lincoln, Nebraska
Woburn Bank and 'TrustCompany,Woburn, Massachusetts
Alcovy Banking Company,Mansfield, Georgia
Midland Bancorporation,Paramus, New Jersey
The Slate Bank of Pearl City,Pearl City, Illinois
'The First National Bank ofChesterhill,Chesterhill, Ohio
The Peoples .Savings Bank,Clanton, Alabama
Peoples State Bank of Wyalusing,Wyalusing, Pennsylvania
Arlington Bane Corporation,Arlington, Indiana
Medford Savings Bank,Medford, Massachusetts
The First Bank of Rolla,Rolia, North Dakota
Security National Bank ofSapulpa,Sapulpa, Oklahoma
City Stale Bank,Martin, 'Tennessee
'The West Florida Bank,Pensacola, Florida
Liberty National Bank,Charleston, South Carolina
Bank of Pensacola,Pensacola, Florida
Central Bank of Vokisia County,South Daytona, Florida
The Bank of Tampa,Tampa, Florida
Bank of Milan,Milan, Georgia
First BancCrossville, Inc.,Crossville, 'Tennessee
Western Security Interim Bank,National Association,Burbank, California
Western Security Bank, NationalAssociation,Burbank, California
ReserveBank
Kansas City
Boston
Atlanta
New York
Chicago
Cleveland
Atlanta
Philadelphia
Chicago
Boston
Minneapolis
Kansas City
St. Louis
Atlanta
Richmond
Atlanta
Atlanta
Atlanta
Atlanta
St. Louis
San Francisco
Fllectivedate
May 22, 1987
June 25, 1987
June 5, 1987
May 22, 1987
May 27, 1987
June 23, 1987
May 27, 1987
May 15, 1987
June 2, 1987
June 18, 1987
May 19, 1987
May 21, 1987
June 4, 1987
June 1, 1987
May 29, 1987
May 22, 1987
May 22, 1987
June 5, 1987
June 17, 1987
May 29, 1987
June 19, 1987
Legal Developments 683
Section 4
Applicant
Alex Brown Financial Group,Sacramento, California
Banco Nacional de Mexico,S.N.C.,Mexico City, Mexico
Banamex Holding Company,Los Angeles, California
Ammex Holding Company,Los Angeles, California
Ellinwood Bankshares, Inc.,Ellinwood, Kansas
Fidelcor, Inc.,Philadelphia, Pennsylvania
First Union Corporation,Charlotte, North Carolina
F.N.B. Corporation,Hermitage, Pennsylvania
Lake Ariel Bancorp,Lake Ariel, Pennsylvania
O'Neill Properties, Inc.,Minneapolis, Minnesota
Security Bancshares, Inc.,Des Arc, Arkansas
United Community FinancialCorporation,Wayland, Michigan
Westdeutsche LandesbankGirozentrale,Dusseldorf, West Germany
NonbankingCompany/Activity
River City Money ManagementCompany,Sacramento, California
issuance of consumer-typepayment instruments
ReserveBank
EffectiveDate
Ellinwood Insurance Agency,Inc.,Ellinwood, Kansas
sale of general insuranceLazere Financial Corporation,
New York, New YorkBusiness Life Insurance
Company of America,Charlotte, North Carolina
Northwestern ServicesCorporation,Charlotte, North Carolina
Mortgage Service Corporation ofPittsburgh,Pittsburgh, Pennsylvania
L.A. Lease, Inc.Lake Ariel, Pennsylvania
personal property leasingMeierhenry Agency, Inc.,
O'Neill, Nebraskasale of general insuranceSecurity Insurance Agency of
Des Arc, Inc.,Des Arc, Arkansas
Mclntyre & AssociatesInsurance,Clarksville, Michigan
general insurance activitiesVertex Business Systems, Inc.
New York, New Yorkdata processing activities
San Francisco May 22, 1987
San Francisco April 27, 1987
Kansas City
Philadelphia
Richmond
Cleveland
Philadelphia
Kansas City
St. Louis
Chicago
New York
June 17, 1987
June II, 1987
June 23, 1987
June 19, 1987
May 19, 1987
June 5, 1987
June 22, 1987
May 26, 1987
June 12, 1987
684 Federal Reserve Bulletin • August 1987
Sections 3 and 4
Applicant
First of America BankCorporation,Kalamazoo, Michigan
First of AmericaBancorporation-Illinois, Inc.Libertyville, Illinois
Bank(s)/NonbankingCompany
BancServe Group, Inc.,Rockford, Illinois
Boonc State Bank,Belvidere, Illinois
City National Bank & Trust Co.of Rockford,Rockford, Illinois
BancServe Credit Life InsuranceCompany,Rockford, Illinois
ReserveBank
Chicago
EffectiveDate
May 29, 1987
ORDERS APPROVED UNDER BANK MERCER ACT
Bv Federal Reserve Banks
Applicant
Chase Bank of Ohio,Mentor, Ohio
Sandusky Interim Bank,Sandusky, Ohio
Bank(s)
Atrium I BranchCincinnati, Ohio
Bank One, Milford, N.A.,Milford, Ohio
The Citizens Banking Company,Sandusky, Ohio
ReserveBank
Cleveland
Cleveland
EffectiveDate
June 18, 1987
May 28, 1987
PENDING CASES INVOLVING THE BOARD OF GOVERNORS
This list of pending cases does not include suits against the Federal Reserve Banks in which the Hoard ofGovernors is not named a party.
Securities Industry Association v. Hoard of Gover-nors, et al. No. 87-4041 and consolidated cases(2d Cir., filed May I, 1987).
Securities Industry Association v. Hoard of Gover-nors, et al., No. 87-1169 (D.C. Cir., tiled April 17,1987).
Jones v. Volcker, No. 87-0427 (D.D.C., filed Feb. 19,1987).
Hankers Trust New York Corp. v. Hoard of Governors,No. 87-1035 (D.C. Cir., filed Jan. 23, 1987).
Securities Industry Association v. Hoard of Gover-nors, et al., No. 87-1030 (D.C.Cir., filed Jan. 20,1987).
Grimm v. Board of Governors, No. 87-4006 (2nd Cir.,filed Jan. 16, 1987).
Independent Insurance Agents of America, et al. v.Hoard of Governors, Nos. 86-1572, 1573, 1576(D.C. Cir., filed Oct. 24, 1986).
Securities Industry Association v. Hoard of Gover-nors, No. 86-2768 (D.D.C., filed Oct. 7, 1986).
Independent Community Hankers Association ofSouth Dakota v. Hoard of Governors, No. 86-5373(8th Cir., filed Oct. 3, 1986).
Jenkins v. Hoard of Governors, No. 86-1419 (D.C.Cir., filed July 18, 1986).
Securities Industry Association v. Hoard of Gover-nors, No. 86-1412 (D.C. Cir., filed July 14, 1986).
Legal Developments 685
Adkins v. Board of Governors, No. 86-3853 (4th Cir.,filed May 14, 1986).
Optical Coating Laboratory, Inc. v. United States,No. 288-86C (U.S. Claims Ct., filed May 6, 1986).
CBC, Inc. v. Board of Governors, No. 86-1001 (10thCir., filed Jan. 2, 1986).
Myers, et al. v. Federal Reserve Board, No. 85-1427(D. Idaho, filed Nov. 18, 1985).
Souser, et al. v. Volcker, et al., No. 85-C-2370, et al.(D. Colo., filed Nov. 1, 1985).
Podolak v. Volcker, No. C85-0456, et al. (D. Wyo.,filed Oct. 28, 1985).
Kolb v. Wilkinson, et al., No. C85-4184 (N.D. Iowa,filed Oct. 22, 1985).
Farmer v. Wilkinson, et al., No. 4-85-CIVIL-1448(D. Minn., filed Oct. 21, 1985).
Kurkowski v. Wilkinson, et al., No. CV-85-0-916(D. Neb., filed Oct. 16, 1985).
Alfson v. Wilkinson, et al., No. A1-85-267 (D. N.D.,filed Oct. 8, 1985).
Independent Community Bankers Associaton of SouthDakota v. Board of Governors, No. 84-1496 (D.C.Cir., filed Aug. 7, 1985).
Urwyler, et al. v. Internal Revenue Service, et al., No.85-2877 (9th Cir., filed July 18, 1985).
Wight, ct al. v. Internal Revenue Service, et al., No.85-2826 (9th Cir., filed July 12, 1985).
Florida Bankers Association v. Board of Governors,No. 84-3883 and No. 84-3884 (11th Cir., filed Feb.15, 1985).
Florida Department of Banking v. Board of Gover-nors, No. 84-3831 (11th Cir., filed Feb. 15, 1985),and No. 84-3832 (11th Cir., filed Feb. 15, 1985).
Lewis v. Volcker, et al., No. 86-3210 (6th Cir., filedJan. 14, 1985).
Brown v. United States Congress, et al., No. 84-2887-6(IG) (S.D. Cal., filed Dec. 7, 1984).
Melcher v. Federal Open Market Committee, No.84-1335 (D.D.C., filed Apr. 30, 1984).
Al
Financial and Business Statistics
CONTENTS
Domestic Financial Statistics
MONEY STOCK AND BANK CREDIT
A3 Reserves, money stock, liquid assets, and debtmeasures
A4 Reserves of depository institutions, ReserveBank credit
A5 Reserves and borrowings—Depositoryinstitutions
A6 Selected borrowings in immediately availablefunds—Large member banks
POLICY INSTRUMENTS
A7 Federal Reserve Bank interest ratesA8 Reserve requirements of depository institutionsA9 Federal Reserve open market transactions
FEDERAL RESERVE BANKS
A10 Condition and Federal Reserve note statementsAll Maturity distribution of loan and security
holdings
MONETARY AND CREDIT AGGREGATES
A12 Aggregate reserves of depository institutionsand monetary base
A13 Money stock, liquid assets, and debt measuresA15 Bank debits and deposit turnoverA16 Loans and securities—All commercial banks
COMMERCIAL BANKING INSTITUTIONS
A17 Major nondeposit fundsA18 Assets and liabilities, last-Wednesday-of-month
WEEKLY REPORTING COMMERCIAL BANKS
Assets and liabilitiesA19 All reporting banksA20 Banks in New York CityA21 Branches and agencies of foreign banksA22 Gross demand deposits—individuals,
partnerships, and corporations
FINANCIAL MARKETS
A23 Commercial paper and bankers dollaracceptances outstanding
A23 Prime rate charged by banks on short-termbusiness loans
A24 Interest rates—money and capital marketsA25 Stock market—Selected statisticsA26 Selected financial institutions—Selected assets
and liabilities
FEDERAL FINANCE
A28 Federal fiscal and financing operationsA29 U.S. budget receipts and outlaysA30 Federal debt subject to statutory limitationA30 Gross public debt of U.S. Treasury—Types and
ownershipA31 U.S. government securities dealers—
TransactionsA32 U.S. government securities dealers—Positions
and financingA33 Federal and federally sponsored credit
agencies—Debt outstanding
SECURITIES MARKETS ANDCORPORATE FINANCE
A34 New security issues—State and localgovernments and corporations
A35 Open-end investment companies—Net sales andasset position
A35 Corporate profits and their distribution
A2 Federal Reserve Bulletin [J August 1987
A36 Nonfinancial corporations—Assets andliabilities
A36 Total nont'arm business expenditures on newplant and equipment
A37 Domestic finance companies—Assets andliabilities and business credit
A54 Foreign official assets held at Federal ReserveHanks
A55 Foreign branches of U.S. banks—Balance sheetdata
A57 Selected U.S. liabilities to foreign officialinstitutions
REAL ESTATE
A38 Mortgage marketsA39 Mortgage debt outstanding
CONSUMER INSTALLMENT CREDIT
A40 Total outstanding and net changeA41 Terms
REPORTED IIY BANKS IN THE UNITED STATES
A57 Liabilities to and claims on foreignersA58 Liabilities to foreignersA60 Hanks' own claims on foreignersA6I Banks' own and domestic customers' claims on
foreignersA6I Banks' own claims on unalfiliated foreignersA62 Claims on foreign countries—Combined
domestic offices and foreign branches
FLOW OF FUNDS
A42 Funds raised in U.S. credit marketsA43 Direct and indirect sources of funds to credit
markets
REPORTED HY NONBANKING BUSINESSENTERPRISES IN THE UNITED STATES
A63 Liabilities to unaffiliated foreignersA64 Claims on unalfiliated foreigners
Domestic Nonfinancial Statistics
SELECTED MEASURES
A44 Non/inancial business activity—Selectedmeasures
A45 Labor force, employment, and unemploymentA46 Output, capacity, and capacity utilizationA47 Industrial production—Indexes and gross valueA49 Housing and constructionA50 Consumer and producer pricesA5\ Gross national product and incomeA52 Personal income and saving
International Statistics
SECURITIES HOLDINGS AND TRANSACTIONS
A65 foreign transactions in securitiesA66 Marketable U.S. Treasury bonds and notes-
Foreign transactions
INTEREST AND EXCHANGE RATES
A67 Discount rates of foreign central banksA67 Foreign short-term interest ratesA68 Foreign exchange rates
A69 Guide to Tabular Presentation,Statistical Releases, and Special'Tables
SUM MAR Y STATISTICS
A53 U.S. international transactions—SummaryA54 U.S. foreign tradeA54 U.S. reserve assets
SPECIAL TABLES
A70 U.S. branches and agencies of foreign banks,March 31, 1987
Money Stock and Bank Credit A3
1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Item
Monetary and credit aggregates(annual rates of change, seasonally adjusted in percent)1
1986
03 Q4 Ql'
1987
Apr. May
Reserves of depositary institutions2
1 Total '2 Required3 Nonborrowed4 Monetary base-1
Concepts of money, liquid assets, and debt*5 Ml '6 M27 M38 L9 Debt
Nontransaclion components10 M25
11 M3 only*
Time and savings depositsCommercial banks
12 Savings7
13 Small-denomination timcH
14 Large-denomination time910
Thrift institutions15 Savings7
16 Small-denomination time ,17 Large-denomination time9
Debt components4
18 Federal19 Nont'ederal20 Total loans and securities at commercial banks"
18.720.718.69.1
15.59.4H.77.1
10.0'
7.55.9'
21. (21.921.39.7
16.510.69.78.1
12.6
8.C6.2
13.4-2.5-3 .5
16.0.3
11.2
11.69.5'4.1
25.0-7.5-1.5
21.0-3.4
2.8
14.512.1'10.6
24.322.825.3l i t )
17.09.28.08.2
12.8'
6.63.1'
36.9-10.7
. 1 '
23.2'-6.4-7 .0 '
12.6'12.9'9.1
16.416.518.511.3
13.16.36.46.3
10.6
3.96.8
37.3-4 .9
9.7
27.3-4 .6-9 .7
10.010.710.1
15.322.320.914.6
11.89.38.99.7
10.8
41,2.0
16.0
28,9-4 ,9
-10.0
7.411.816.1
-3.33
7.6
- . 5- . 41.32.16.7
- . 48.5
34.5-6 .9
1.2
32.1-3.2
-14.0
5.9.2
2.9
3.41.41.8
-3.05.7
.63,3
28.5-8 .612.2
-8 .7
3.76.33.8
23.3'25.513.6'9.9
17.76.0'5.9'4,68.9
2.0'5.3'
27.8-8 .327.7
30.51.2'
•19.1
6.59.6
11.9
8.23.07.48.7
4.9n.a.n.a.
- . 822.2
16.0-1 .318.4
n.a.7.4
1. Unless otherwise noted, rates of change arc calculated from averageamounts outstanding in preceding month or quarter.
2. Figures incorporate adjustments for discontinuities associated with theimplementation of the Monetary Control Act and other regulatory changes toreserve requirements. To adjust for discontinuities due to changes in reserverequirements on rescrvabie nondeposit liabilities, the sum of such requiredreserves is subtracted from the actual series. Similarly, in adjusting for discontin-uities in the monetary base, required clearing balances and adjustments tocompensate for float also are subtracted from the actual scries.
3. The monetary base not adjusted for discontinuities consists of totalreserves plus required clearing balances and adjustments to compensate for floatat Federal Reserve Hanks plus the currency component of the money stock lessthe amount of vault cash holdings of thrift institutions that is included in thecurrency component of the money stock plus, for institutions not having requiredreserve balances, the excess of current vault cash over the amount applied tosatisfy current reserve requirements. After the introduction of contemporaneousreserve requirements (CRR), currency and vault cash figures are measured overthe weekly computation period ending Monday.
Before CRR, all components of the monetary base other than excess reservesare seasonally adjusted as a whole, rather than by component, and excessreserves are added on a not seasonally adjusted basis. After CRR, the seasonallyadjusted series consists of seasonally adjusted total reserves, which includeexcess reserves on a not seasonally adjusted basis, plus the seasonally adjustedcurrency component of the money stock plus the remaining items seasonallyadjusted as a whole.
4. Composition of the money stock measures and debt is as follows:Ml: (I) currency outside the Treasury, Federal Reserve Banks, and the vaults
of commercial banks; (2) travelers checks of nonbank issuers; (3) demand depositsat all commercial banks other than those due to domestic banks, the U.S.government, and foreign banks and official institutions less cash items in theprocess of collection and Federal Reserve float; and (4) other checkable deposits(OCD) consisting of negotiable order of withdrawal (NOW) and automatic transferservice (ATS) accounts at depository institutions, credit union share draftaccounts, and demand deposits at thrift institutions. The currency and demanddeposit components exclude the estimated amount of vault cash and demanddeposits respectively held by thrift institutions to service their OCD liabilities.
M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs)issued by all commercial banks and overnight eurodollars issued to U.S. residentsby foreign branches of U.S. banks worldwide, Money Market Deposit Accounts(MMDAs), savings and small-denomination time deposits (time deposits—includ-ing retail RHs—in amounts of less than £100,000), and balances in both taxable andtax-exempt general purpose and broker/dealer money market mutual funds.Excludes individual retirement accounts (IRA) and Keogh balances at depositoryinstitutions and money market funds. Also excludes all balances held by U.S.
commercial banks, money market funds (general purpose and broker/dealer!,foreign governments and commercial banks, and the U.S. government. Alsosubtracted is a consolidation adjustment that represents the estimated amount ofdemand deposits and vault cash held by thrift institutions to service their time andsavings deposits.
M3: M2 plus large-denomination time deposits and term RP liabilities (inamounts of $100,000 or more) issued by commercial banks and thrift institutions,term Eurodollars held by U.S. residents at foreign branches of U.S. banksworldwide and at all banking offices in the United Kingdom and Canada, andbalances in both taxable and tax-exempt, institution-only money market mutualfunds. Excludes amounts held by depository institutions, the U.S. government,money market funds, and foreign banks and official institutions. Also subtracted isa consolidation adjustment that represents the estimated amount of overnight RPsand Eurodollars held by institution-only money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-termTreasury securities, commercial paper and hankers acceptances, net of moneymarket mutual fund holdings of these assets.
Debt: Debt of domestic nontinanciai sectors consists of outstanding creditmarket debt of the U.S. government, state and local governments, and privatenonfinancial sectors. Private debt consists of corporate bonds, mortgages, con-sumer credit (including bank loans), other bank loans, commercial paper, bankersacceptances, and other debt instruments. The source of data on domesticnonfinancial debt is the Federal Reserve Board's flow of fund's accounts. Debtdata are based on monthly averages. Growth rates for debt reflect adjustments fordiscontinuities over time in the levels of debt presented in other tables.
5. Sum of overnight RPs and Eurodollars, money market fund balances(general purpose and broker/dealer), MMDAs, and savings and small timedeposits less the estimated amount of demand deposits and vault cash held bythrift institutions to service their time and savings deposit liabilities.
6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents,money market fund balances (institution-only), less a consolidation adjustmentthat represents the estimated amount of overnight RPs and Eurodollars held byinstitution-only money market mutual funds.
7. Excludes MMDAs.8. Small-denomination time deposits—including retail RPs—are those issued
in amounts of less than $100,000. All IRA and Keogh accounts at commercialbanks and thrifts are subtracted from small time deposits.
9. Large-denomination time deposits are those issued in amounts of $100,000or more, excluding those booked at international banking facilities.
10. Large-denomination time deposits at commercial banks less those held bymoney market mutual funds, depository institutions, and foreign banks andofficial institutions.
11. Changes calculated from figures shown in table 1.23.
A4 Domestic Financial Statistics HI August 1987
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDITMillions of dollars
Factors
Surt'l YlNCi Rl.si.RVl. FUNDS
1 Reserve Bank credit
2 U.S. government securities'3 Bought outright4 Heki under repurchase agreements . . . .5 Federal agency obligations6 Bought outright7 Held under repurchase agreements . . . .8 Acceptances9 Loans
10 Float11 Other Federal Reserve assets12 Gold stock3
13 Special drawing rights certificate account . . . .14 Treasury currency outstanding
ABSORBING RI:SI:RVK FUNDS
15 Currency in circulation16 Treasury cash holdings2
Deposits, other than reserve balances, withFederal Reserve Banks
17 Treasury18 Foreign19 Service-related balances and
adjustments20 Other21 Other Federal Reserve liabilities and
capital22 Reserve balances with Federal
Reserve Hanks3
SuriM.YlNG RFSI.KVI. FUNDS
23 Reserve Bank credit
24 U.S government securities'25 Bought outright26 Held under repurchase agreements . . . .27 Federal agency obligations28 Bought outright29 Held (inder repurchase agreements.. . .30 Acceptances31 Loans32 Float"53 Other Federal Reserve assets
34 Gold stock2
35 Special drawing rights certificate account . . .16 Treasury currency outstanding
ABSORBING RFSF.RVK FUNDS
37 Currency in circulation38 Treasury cash holdings2
Deposits, other than reserve balances withFederal Reserve Banks
39 Treasury40 F'oreign41 Service-related balances and
adjustments42 Other43 Other Federal Reserve liabilities and
capital44 Reserve balances with Federal
Reserve Banks1
Mot tilly averages oftaily figures
1987
Mar.
221,583
195,925195,619
1067,7727,719
510
515466
16,88511 ,(18.15,018
17,711
207,265506
3,161218
2,026442
6,345
.15,412
Apr.
230,04'J
201,6.10201,662
1,9688,2207,701
5170
872604
16,72111,0795,018
17,744
209,684530
7,163279
2,211424
6,896
16,701
May
241,800
211,797206,118
7,47910,0657,6812,382
01,179
64516,11411,0735,018
17,795
212,064521
16 028314
2,095407
6,910
37,144
Fiul-of-month figures
1987
Mar.
227,578
196,409196,409
07,7197,719
00
1,5875,241
16,622
11,0815,018
17,715
207,818518
1,576268
1,817577
6,682
40,156
Apr.
249,706
218,883205,112
11,77111,0397,683.1,356
02,464
12617,914
11,0765,018
17,767
210,265511
29,688.141
1,812513
7,057
1.1.317
May
2.31,880
207,304207,304
07,6837,683
00
832922
15,139
11,0705,018
17,823
211,547514
6,183320
1,779172
6,511
36,165
Weekly averages of daily figures for week c id ing
1987
Apr. 15
227,243
201,744201,299
4457,8627,714
1480
691224
16,72011,0785,018
17,718
210,111511
1,815202
2,118.199
6,762
16,919
Apr. 22
232,065
204,193202,515
1,8588,1957,701
4940
1,2191,512
16,74611,0785,018
17,748
210,281514
4,758270
2,041451
7,018
40,556
Apr. 29
233,864
207,658205,270
2,1888,1747,683
6910
79848
17,08211,0765,018
17,758
209,620511
11,112154
1,99319(1
7,041
34,474
May 6
251,207
220.047206,068
11,97911,5167,6813,8.13
02,021
11217,31211,0765,018
17,769
210,4*8528
22,844401
2,447551
7,104
40,716
May 13
245,284
216,195206,051
10,14410,785:>,68!1,102
0768210
17,12711,0745,018
17,781
211,745528
21,006317
1,951175
6,988
36,248
Wednesday figures
May 20
239,658
212,250205 674
6,57610,0117,6812,128
0891
1,01615,49111.0725.018
17,797
212,004525
14,940286
2,041374
6,912
16,441
May 27
237,479
210,801206,414
4,1899,4467,6831,761
01,427
67415,12911.0725,018
17,811
212,890520
I2,f>84258
l,i)55162
6,848
35,86!
1987
Apr, 15
229,625
203,917202,818
1,0998,1987,714
4840
464294
16,752
11,(1785,018
17,747
210,460534
4,056285
1,806557
6,677
39,092
Apr. 22
242.619
209.978202,014
7,94410,0287,6832,345
05,627- 1 0 2
17,088
11,0775,018
17,757
210,179511
9,431225
1,810522
7,037
46,716
Apr. 29
243,550
211,824204,590
9,21410,4167,6832,75.1
01,096
69117,503
11,0765,018
17,767
209,899529
25,802504
1,811527
7,165
11,172
May 6
246,508
216,189207,218
8,97110,4717,6812,790
01,7421,006
17,098
11,0765,018
17,781
211,250529
23,041421
1,812418
6,810
16,100
May 13
245,848
215,517205,862
9,65511,6697,6833,986
0751364
17,547
11,0715,018
17,795
212,077526
19,914258
1,791194
6,676
18,097
May 20
230,812
203,105200,054
3,0519,1167,6811,433
01,5911,846
15,154
11,0715,018
17,809
212,355520
12,608297
1,791298
6,579
10,260
May 27
241,687
214,754205,851
8,9019.1097.6811.426
0797
1,55715,470
11,0705,018
17,823
211,706512
10,812355
1,778446
6,789
41,179
1. Includes securities loaned—fully guaranteed by U.S government securitiespledged with Federal Reserve Hanks—and excludes any securities sold andscheduled to be bought back under matched saJe-purchii.se transactions.
2. Revised for periods between October 1986 and April 19H7. At times duringthis interval, outstanding gold certificates were inadvertently in excess of the gold
stock. Revised data not included in this table are available from the Division ofResearch ami Statistics, Dankiny Section.
3. Hxcludes required clearing balances and adjustments to compensate forfloat.
Noi l . , l o r amounts of currency and coin held as reserves, see table 1,12.
Money Stock and Bank Credit A5
1.12 RESKRVHS AND BORROWINGS Depository Institutions
Millions of dollars
Reserve classification
1 Reserve balances with Reserve Hanks1
2 Total vault cash'3 Vault1
4 Surplus'1 . . . ,5 Total reserves"6 Required reserves7 Kxcess reserve balances al Reserve Hanks'1
8 'I'otal borrowings at Reserve Hanks9 Seasonal borrowings al Reserve B^nks
HI Hxtended credit al Reserve Hanks'
11 Reserve balances wi lh Reserve Hanks1
12 Total vault caslr13 Vault '14 Surplus-1.15 Tolal reserves'16 Required reserves17 Kxcess reserve balances at Reserve Hanks"18 Tolal borrowings at Reserve Hanks19 Seasonal borrowings at Reserve Banks20 Kxtcndcd credit at Reserve Banks
Monlhly
1984
Dec.
21.73822,31318.9583.355
40,69639.843
8513.186
1112,604
1985
Dec.
27.620••2.95120.522
2.43148,14247,085
1.0581.318
56499
19«(i
Dec.
.17..Kill24.07122.199
1.87259.56058.191
1.369827
.183(13
verages*
1986
Ocl
12.94723.75.121.6762 078
S6.62153.877
746841
99497
Nov.
14.80123.54321.595
1.947S6.19955.421
978752
70418
Dee.
37.36024.07122,199
1,87259,56058.191
1.369827
18101
Hiweekly averages of daily figures to
1987
Jan.
16.58425,049T3.084
1,96559.66858.600
1.068580
34225
I'eb.
33.62525,88921,4152.454
57.06055.849
1.^11556
71283
Mar.
is.11823,75921,743
2 01657,06156.146
916527
91264
Apr.
17,80723,35321,587
1.76759.39358,566
827993120270
weeks ending
1987
l e b . 11
32.99127.32724 6772.650
57.66756.208
1.459425
S6265
leb . 25
11.74225,23722,857
2.18056,59955.530
1,070680
81299
Mar 11
35.40023 66221.5822 080
56.98256,021
961466
83275
Mar. 25
14.80924.07722.0382.0.19
56.84755.866
981528
96261
Apr. 8
36,35821.19821.350
1.84857.70857.029
679641
98248
Apr. 22
38.74623,47921,761
1,71960,50659,701
804956110267
May 6
17.61221.28921.519
1.77059.11158.115
1,0161.410
159299
May 20
36.3272.1.55221.801
1.75158.12857.066
1.0638.10190276
June -V
36.02224.09422.151
1.94158.17357.048
1.1251.094
226297
June 17'"
37.18921.66821.976
1,69259.16558,107
85861523.1254
1. hxchldcs required ele,float
2. Dales refer to the main
)d adjuslmi
n which theto satisfy Llndc
x.mpensale lor
ish can be used
computation period by institutions having required reserve balances al FederalReserve hanks plus the amount of vault cash equal to required reserves during the
• • • • • • • bh
maintenance periods cmi M) days after the lagged computation periods in whichthe balances are held.
}. Kqual to all vault cash held during the lagged computation period byinstitutions having required reserve balances at Federal Reserve Banks plus theamount of vault cash equal to required reserves during the maintenance period alinstitutions having no required reserve balances.
4. Total vault cash at institutions having no required reserve balances less theamount o( vault cash equal to their required reserves dining the maintenanceperiod.
3. Total reserves not adjusted I'or discontinuities consist of reserve balanceswith Federal Reserve Banks, which exclude required clearing balances andadjustments to compensate for float, plus vault casli used to satisfy reserverequirements. Such vault cash consists of all vault cash held during the lagged
Intended credit cid
th Federal Reserve Banks plus vault cash used to satisfy.luired i
insists of borrowing at the discount window under the
.fepository institutions deal withnot the same need to repay sucfhort-term adjustment credit, tiniilar to tliat of nonborrowed iS. Before February 1984. da
Mished I'o ided credit program to helpsustained liquidity pressures. Because there isborrowing promptly as there is with traditionale money market impact of extended credit is.•serves.ta are prorated monthly averages of weekly
averages; beginning February 1984, data are prorated monthly averages ofbiweekly averages.
No i [.. These data also appear in the Board's \\.} (502) release. I'or address, seeinside front cover.
Aft Domestic Financial Statistics • August 1987
1.13 SKU-C.TKD HOKROWINCiS IN IMMKDIATHI .Y AVAILABLE. IUNIXS Large Member Hanks '
Averages of daily figures, in millions of dollars
Maituity ;IIK! source
Scdt'idl lands pun hti\cil. rcf>l<r< lm\c {t^rccmeni*, andnlhcr scU't ted borrow itu; in nnmcdialclv avttilahlrUnuls
From coinmciciiil hanks HI the United StatesFor one day 01 under continuing contractFor all other malurities
lYom oilier dcposiloiv insliliilions. toicign hiinks andlorci^ii oflicial iilsliliilions, anil Unilcd Stalesf^n'ernmetit agencies
I\M one diiy 01 \liuler conlinuul^ cotutiicll;or all othei inalinities
Ri'pttrt lm\f u<!r{'cmcitl\ on I hiilctl Stu!c\ ^ova nntcntnntl Ictlcral wirm v sci urilic\ in iniiilnliali-lytmiiltihlc Innils
lirokcrs and nonliank dealeis in seclniliesI of one day or under continuing contractI'm all other nialnrilies
All other customersI'or one day or nuclei conlinning contractl-or all other maturities
Ml.MO: Federal funds loans and resale agreenienls inimmediately available linuls in maturities of one day01 under continuing contract
To commercial banks in the United SlatesTo all other specified customers
. Banks with assets of SI billion 01 more as of Dec .11. 1'/
77.242K..US
t'U'XI6.(121
28,(4') '
Mar. 2 Mai , <)
7S.I22 i «().S(,1'l.l.ld '• H.f.77
4(1.S«:(..6.U
H.0.V110.649
27.176I0.1WK
27..HIS•J.S7S
27..17.V 27.994'
l')S7 week ending Monday
Ma i . 16
11.4H.V
W.I72
2S.616
Mar. 10
W ,6S 17,412
12.12010.S2S
25. Kl.lV.S/4
2.1,914'
A p i . 6
W.S917.')22
12.806<), 147
P.'J.1O711.12')
Apr 11
Sl.h.l'J8.974
42.5117,')74
26.04910.112
,/2S.649'11.124
80..180').877
.15.8078,287
12.49511.167
21.14')12.483
2. Hrokers and nonbank dealers in secuntieforeign banks and official inst i tut ions; and I 'n i l i
^ other•ii States
depository iigovernment
solutions;ugencies.
Policy Instruments A7
1.14 FEDERAL RESERVE BANK INTEREST RATESPercent per annum
Current and previous levels
Federal ReserveBank
BostonNew YorkPhiladelphiaClevelandRichmondAtlanta
ChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco . ..
Short-ter
Kate on6/26/87
5
n adjustment credit andea.sonal credit1
Hffcctivedate
8/21/868/21/868/22/868/21/868/21/868/21/86
8/21/868/22/868/21/868/21/868/21/868/21/86
Previousra e
(
<
;irst 60 days o 'borrowing
Rate on6/26/87
5
.
Previousra e
t
f
Kxtended credit"
Next 90 days o 'borrowing
Rate on6/26/87
6
6
Previousrate
After 150 days
Rate on6'26/87
7
7
Prev
I
ionse
current rates
8/21/868/21/868/22/868/21/868/21/868/21/86
8/21/868/22/868/21/868/21/868/21/868/21/86
Range of rates in recent years'
Effective date
In effect Dec. 31, 19731974—Apr. 25
30Dec. 9
16
1975—Jan. 61(124
Feb. 57
Mar. 1014
May 1623
1976—Jan. 1921
Nov. 2226
1977—Aug. 3031
Sept. 2Oct. 26
1978—Jan. 920
May 1112
July 3July 10
Range (orlevel)—All I'.R.
Hanks
7'/27'/2-8
87!V8
7</4
71/4-7V471/4-7'/4
7'/46<'4-7'/4
6'/461/4-6-V4
61/46-61/4
6
M/i-651/2
51/4-51/?51/4
51/4-5 </451/4-51/1
5'/46
6-61/26'/>
61/2-77
7-71/471/4
I-.R.Iliink
ofN.Y.
71/2887V47V4
7'/471/471/46'/4(v'/46'/I6'/l66
5'/!5'/!51/451/4
51/451/45V46
(,'/2b'A777'/471/4
Hffective date
1978—Aug. 21Sept. 22Oct. 16
20New 1
3
1979—July 20Aug. 17
20Sept. 19
21Oct. 8
10
1980—Fell. 1519
May 2930
June 1316
July 2829
Sept. 26Nov. 17Dec. 5
8
1981—May 58
Nov. 26
Dec. 4
Range (orlevel)—All I'.R.
Hanks
7'/48
8-81/281/2
81/2-9Vt9'/2
1010-101/2
101/2l ( ) l / ! - l l
1111-12
12
12-1113
12-1312
11-1211
10-11101112
12-1313
13-1414
13-141.112
F.R.Hank
ofN.Y.
7-V-i881/281/2ijl/.91/2
1010'/?
11111212
131313121111101011121313
1414131.112
F.l'fective date
1982—July 2023
Aug. 23
162730
Oct. 1213
Nov. 2226
Dec. 141517
1984—Apr. 913
Nov. 2126
Dec. 24
1985—May 2024
1986—Mar. 710
Apr. 2123
July 11Aug. 21
22
In effect June 26, 1987
Range(orlevel)—All I'.R.
Hanks
n'A-n11-111/2
1110V2
10-11)1/210
91/2-1091/2
9-91/29
81/1-98'/2
81/1-99
81/2-98V28
7V2-871/2
7-7 >/•7
6'/2-761/!6
51/2-651/2
51/2
F.R.Hank
ofN.Y.
ll ' /2111-2111111)1/2101091/291/29998V28'/2
998'/281/28
71/271/2
776'/'61/2651/251/2
51/2
1. After May 19, 1986, the highest rate within the structure of discount ratesmay be charged on adjustment credit loans of unusual size that result from a major-operating problem at the borrower's facility.
A temporary simplified seasonal program was established on Mar. 8, 1985, andthe interest rate was a fixed rate '/; percent above the rate on adjustment credit.The program was re-established on Feb. 18, 1986 and again on Jan. 28, 1987; therate may be either the same as that for adjustment credit or a fixed rate ]A percenthigher.
2. Applicable lo advances when exceptional circumstances or practices involveonly a particular depository institution and lo advances when an institution isunder sustained liquidity pressures. As an alternative, for loans outstanding formore than 150 days, a Federal Reserve Bank may charge a flexible rate that takesinto account rates on market sources of funds, but in no case will the rate chargedbe less than the basic rate plus one percentage point. Where credit provided to aparticular depository institution is anticipated to be outstanding for an unusuallyprolonged period and in relatively large amounts, the time period in which each
rate under this structure is applied may be shortened. See section 2O1.3(b)(2) ofRegulation A.
3. Rates for short-term adjustment credit. For description and earlier data seethe following publications of the Board of Governors: Banking and MotwtarvStatistics. 1914-1941, and I94I-IV70; Annual Statislitul Pifivst, 1970-1979. 1980.198L and 1982.
In 1980 and 1981, the Federal Reserve applied a surcharge lo short-termadjustment credit borrowings by institutions with deposits of $500 million or morethat had borrowed in successive weeks or in more than 4 weeks in a calendarquarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7,1980. There was no surcharge until Nov. 17,1980, when a 2 percent surcharge wasadopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, andto 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effectiveSept. 22. 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula forapplying the surcharge was changed from a calendar quarter lo a moving 13-weekperiod. The surcharge was eliminated on Nov. 17, 1981.
A8 Domestic Financial Statistics U August 1987
1.15 RKSKKVK RKQUIRKMKNTS OF DEPOSITORY INSTITUTIONS'Percent o! deposils
Type of deposit, upddeposit interval"
Net transaction accounts1iO million-Sift. 7 millionMore ihiiii 136.7 million
By original maturity1 ,css than 1 Vi years1 V?. years or mure
I'.ttrocw'ri'ncy liabilitiesAll types - -
Depository institution requirementsafter implementation of the
Monetary Control Aet
Percent ofdeposits
\
}0
1
Infective date
12/10/8612/30/86
10/6/86I0/6/K3
ll/J.VW)
1. Reserve rci|liirements iti effect on Dec. M, l'JHd. Required reserves must heheld in Die form of deposi t wilh I'eileral Reserve Hanks or smilt cash.Nonmemhers may maintain re:indirectly on a pass-through b i
dC|KI I(A( Rt S( KVI. lUil I I UN. I
ulet r y i
rve balances with a federal Reserve Hankvith certain approved institutions. I-'or previous
Jitions i)\' the Annual Report and of theulcf provisions of the Monetary Control Act,
and loan associations, credit unions, agencies and blanches of foreign banks, andKdge corporations.
2. The (iarn-St. (iermain Depository Institutions Aet of 1982 (Public I.awl/7-32O) requires that $2 million o\' reservahle liabilities (transaction accounts,nonpersona! lime deposits, and Kuroeurrency liabilities) of each depositoryinstitution he subject to a zero percent reserve requirement. The Board is to adjust
i i ib i l i t u bje ve require-ment each year for the succeeding calendar year by 80 percent of the percentageincrease in the tolal reservablc liabilities of all depository institutions, measuredon an annual basis as of June 30. No corresponding adjustment is to he made inthe event of a decrease. On Dec. .10, 19X6, the exemption was raised from $2.6million to %2.i) million. In determining the reserve requirements of depositoryinstitutions, (he exemption shall apply in the following order: (1) net NOWaccounts (NOW accounts less allowable deductions); (2) net other transactionaccounts; and (*) nonpersonal time deposits or Kurocurreney liabilities shirting
with those wilh the highest reserve ratio. Wilh respect to NOW accounts andother transaction accounts, the exemption applies only to such accounts thatwould be subject to a 3 percent reserve requirement.
3. Transaction accounts include all deposits on which the account holder ispermitted to make withdrawals by negotiable or transferable instruments, pay-ment orders of ivithtlniwal, and telephone and preautliori/ed transfers in excess oi'three per month for the purpose of making payments to third persons or others.However, MMDAs and similar accounts subject to the rules that permit no morethan six preanthori/.ed, automatic, or other transfers per month, of which no morethan three can be checks, are not transaction accounts (such accounts are savingsdeposits subject to time deposit reserve requirements).
4. The Monetary Control Act of 19K0 requires that the amount of transactionaccounts against which ilie 3 percent restive requirement applies be mollifiedannually by 80 percent of the percentage increase in transaction accounts held byall depository institutions, determined as of June M) each year. Hffeetivc Dec. 30,l()Kf), the amount was increased from $31.7 million to $36.7 million.
V In general, nonpersonal time deposits are time deposits, including savingsdeposits, that aje no) transaction accounts and in which a beneficial interest iheld by a depositor that is not a natural person. Also included are certain
fbl i d b l d i b l i i i dy
transferable h al obliga edp y p gto depository institution offices located outside the Uniled States. T'or details, seesection 204.2 of Regulation D.
Policv Instruments A9
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars
Type of transaction
U.S. TREASURY SI:CURIFIF:S
Outright transactions leiciuding matchedtransactions)
Treasury billsI Gross purchases2 Gross sales3 lixchange4 Retlemptions
Others within 1 year5 Gross purchases6 Gross sales7 Maturity shift8 Fxchangc9 Redemptions
1 to 5 years10 Gross purchases11 Gross sales12 Maturity shift13 lixchange
5 to 10 years14 Gross purchases15 Gross sales16 Maturity shift17 lixchange
Over 10 years18 Gross purchases19 Gross sales20 Maturity shift21 Kxchange
All maturities22 Gross purchases23 Gioss sales24 Redemptions
Matched transactions25 Gross sales26 Gross purchases
Repurchase agrccments-27 Gross purchases28 Gross sales
29 Net change in U.S. government securities
1'F.DF.RAF A l i r N C Y O l l l I C i A t l O N S
Outright transiu tions30 Gross purchases31 Gross sales32 Redemptions
Repurchase agreements'33 Gross purchases34 Gross sales
35 Net change in federal agency obligations
BANKI:RS AcriiT'i ANLT.S
36 Repurchase agreements, net
37 Total net change in System Open MarketAccount
1984
20,0368,557
07.700
1.1260
16,35420,840
0
1,6380
13,70916,039
536300
-2,3712,750
4410
- 2752,052
23,7768,8577,700
808,986810,432
127,933127.690
8,908
00
256
1 1,50911,328
-76
-418
8,414
1985
22,2144,118
03,500
1,3490
19,763-17,717
0
2,1850
-17,45913,853
458100
-1,8572,184
2930
-4471.679
26,4994,2183,500
866,175865,968
134,253132,351
20,477
(10
162
22 18320,877
1,144
0
21,621
1986
22,6022.502
01,000
1900
18.673-20,179
0
8930
-17,05816,984
2360
1,6202,050
15800
1,150
24,0782,5021,000
927,997927,247
170,431160,268
29,989
00
398
31,14230.522
222
0
30,211
1986
Oct.
928000
00
974-529
0
00
- 969529
00
0
0000
92800
77.26281.892
5,67011.984
-756
00
93
9522,761
-1,902
0
-2,658
Nov.
3,318000
1900
2.974•1.810
0
8930
2.4141,510
2360
-560200
1580t)
100
4,795(10
60,14660,232
16,88815,471
6,298
00
125
1 6221,274
223
0
6,522
Dec.
5,422000
00
1,280- 1,502
0
00
- 1,2801,502
0000
0000
5,42200
91,40488,730
44,30332,028
15,023
000
5,4883,522
1,965
0
16,988
1987
Jan.
997583
00
00
61100
00
-5910
00
- 200
0000
997583
0
63,86565,145
36,37346,897
8,830
00
110
4.7146,171
-1,567
0
-10,397
Feb.
19]3.581
0800
00
1.855- 4,954
0
0252
- 1,6504,354
00
204400
000
200
1913,833
800
82,08681,387
03.168
- 8,307
000
0857
-857
0
-9,165
Mar.
1,062000
00
1.762-1,799
0
00
- 1,7621,799
0000
0000
1,06200
72,30673.476
5.6575.657
2,231
000
897897
0
0
2,2.31
Apr.
4,22(653
((
1,2320
1,375- 522
0
3,642(
1,373522
914(
- 3(
669(((
10,683653
(
83,82282,494
37,65323,881
22,474
((
37
9,2655,908
3,321
(
25,794
I. Sales, redemptions, and negative figures reduce holdings of the SystemOpen Market Account; all other figures increase such holdings. Details may notadd to totals because of rounding.
2. In July 1984 the Open Market Trading Desk discontinued accepting bankersacceptances in repurchase agreements.
AH) Domestic Financial Statistics I 1 August 1987
1.1X I 'KDKKAI. Rl lSKRVK B A N K S Condit ion and t 'cdcial Reserve Note S ta tements
Millions of dollars
Assi is
1 ( io ld cc-]titiculo account2 Special ill aw illy rights certificate account.1 Com
Loans4 T o deposi loi y insti tutions5 OtlkT .'
Acceptances- Houghl outright6 Held under repurchase agreements
1'ederal agency obligations7 Hou^hl outright8 Held under repurchase agreements
[J.S. government securitiesHouglit outright
9 Hills10 Notes11 Honds12 lolal Imuiihl outright1
H Held under repurchase agiecincnts14 I Dial U.S. government securities
15 Total loans anil secarities
16 Items in process of collection17 Hank premises
Other assets18 Denominated :n foreign cmreucies' . .19 Al) o lhe i 1
20 '1'illal assets
! I Mill 11
21 federal Reserve notesDeposits
22 To depos i t o r i n s t i t u t i o n s . . . .2 ' U.S. T icasmy ( ieneia l acco24 I orci}.." Off icial accounts . . .25 Olhei
26 Total deposits
27 Deferred credit lie28 Other liabilities and acetnei! dn idends '
29 Tulal liahililk's
(' VIM i \i A( i H U M S
id Capital paid in
il .Surplus!2 Other capital accounts
.13 total liabilities ami eapital accounts
i4 Mi MO: Marketable U.S. government secuiilicscustody lor foreign and international account
35 I cdeial Reserve noics outstanding16 l.i ss: Hekl by bank(7 Icdcral Reserve notes, net
CoUunntl held <;e<mj.\7 mil,.* ncl:18 ( iok l certificate account>9 Spec ia l d i a v . i n g r ights c e r l i l i c a l e a c c o u n t . .40 Other eligible asse ts41 U S . government and agency securities. . . .
42 Total collateral
liekl
Wednesday
Apr. 29 May 6 May 1.1 May 20 May 27
laid of month
1987
Apr.
Consolidated condition statement
1 Reserve note statement
2-M1.M2446 X!7
191.187
11.0775.018
0177.092
193,187
45,810194,511
11,0765,018
0178.419
IM4.513
45,299195.126
11,(I'M5,018
0179,2.(4
l')5,326
241.1424S.564
195.578
11.0725.018
0179.488
HI5.57S
241 ,(,244.740
196.882
11.0725.018
0180,792
1%,882 101,17(1
May
11.0775.018
521
1.0960
0
7.6812,75.1
KI4,5.1(i71 OK26.676
204.5909,214
21.1.824
225,35(p
7 019675
8,642X,1X(»
266,516
191,1X7
?2,'«125,802
s(14527
5'),«l(,
6 1481.024
262,375
1,921l,87.i
14V
266.SIA
176.544
11,0765,018
515
1,7420
0
7,6812,790
107,16471.V7K26,676
T(J7,21K8,971
216,189
228,4114
7.189674
8.211».1W
26'),500
194.511
(7.9122.1.041
421418
6I.7M4
6.J8I2.482
265,172
1.9141.871
541
26'),5IK)
177.189
11.0745.018
516
7510
0
7.68.1.1.986
105,80X7U7K26.676
205,8629,655
215.517
227, M7
6 171(»7X
X "M28,l>17
268,465
195,126
.19,MX19,914
258194
60,454
6,0092,524
264,313
I.9IX1,87!
161
268,465
179,204
11,0725,018
511
1.S910
0
7,6811.411
100,0007J..W126.751
200.0541,051
203,105
213,812
8 001677
X 240l).237
253,57(1
195.57K
.12.(15.)12.60X
29729X
45,256
6.1572.186
249,377
1,9481.871
172
253,570
182.991
11 0725,018
4X4
7970
0
7,6811,426
105.7997J.3W26.7M
205,85.18,901
214,754
224,660
9,179678
8,195(I..W
266,083
I96.X82
42,95710,812
155446
54,59(1
7,8222,588
261,882
1,9 SO1,87?
17X
266,083
17'),471
11,0X15,018
569
1,5870
0
7,7190
102,81267,67125.924
196,4090
196,409
205,715
11.2X4671
9,4676.4K4
252,289
191,170
•11,971.i.5/6
26X577
46,394
X.0412.219
247,826
1,9161,874
671
252,289
175,569
11,0765,018
517
2,4640
0
7,681.1,-156
105,05873,37826,676
205,11211,771
218,883
232,386
6.203675
8,283X.2:i(»
272,394
191,547
.15,1.(929.688
343533
65,713
6.0772.696
268,(133
1,9211,873
567
272,394
174.715
11,0705.018
476
8320
0
7.68.10
107,25073,3«326,751
207,3040
207,304
215,819
6,356678
8.0156,426
253,878
196,714
3X.1446,381
320372
45,219
5,4342,300
249,667
1,9501,873
388
253,878
1X1,247
11,0705,018
0I SO,626
196,714
\ . /mftx/i 's "lcuuntics loimctl -luily jui'.mmU'eil by U . S . yiwetnnuMU s^tuiiliv.'-ihedged with Ic t lera l Reserve Hanks ami c\chuh:\ (if any) securit ies sold andcheduled to be boiifjil back under matched sale-purchase t i ansac t ions .
2. Asse ts shown in tliis line are revalued monthly al niaikct exchange rules..'. Includes special investment account ;it Chicago ol" Treasury bills maturing
vilhin (J() davs .
4. inc ludes cxelwiiyc-haiislntion nccovnu txUeelmy the monthly reviiluvition atmaiket exchange rates ot loreigi i-cxehange comnii t inei i ls .
N o i l ; Some of these data also appear in the Board ' s 11.4,1 (503) re lease . I'oraddress , sec inside front cover .
Federal Reserve Banks All
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security HoldingsMillions of dollars
Type and maturity groupings
1 Loans—Total2 Within 15 clays3 16 days to 90 days4 91 days to 1 year
5 Acceptances—Total6 Within 15 days7 16 days to 90 clays8 91 days to 1 year
9 U.S. Treasury securities—Total10 Within 15 clays'11 16 days to 80 days12 91 days to 1 year13 Over 1 year to 5 years14 Over 5 years to 10 years15 Over 10 years
16 Federal agency obligations—Total17 Within 15 days '18 16 days to 90 clays19 91 days to 1 year20 Over 1 year to 5 years21 Over 5 years to 10 years22 Over 10 years
Wednesday
1987
Apr. 29
1,0961.082
140
000(I
213,82419,55350.05661.89041.85116,53823.936
10.4362.884
6691,5473,7501,306
280
May 6
1.7421,673
69(1
00(10
216.18922 77<49.12462,65741,15916.53823.936
1(1.4712,79(1
7941.5533.7S01.306
280
May 13
751668
83(1
0(1(1(1
215,51722.29551.16860.42141,15916,53823,936
11.6694.058
7621.5243,7391.306
28(1
May 20
1,5911,577
140
0000
203,10513,01144,38966.10441,16014,43024,011
9.1161.713
5541,5243,7391.306
280
May 27
797781
160
0000
214,75421,00247,78866.36441.16014,43024.010
9,1091,707
5321.5213.7611,306
280
F.ncl of month
1987
Mar. 31
1.S871.573
140
0000
196,4094.688
53.01161,45038.36715,62723.266
7,71929 S532
1.3523,9181.342
280
Apr. 30
2.4642.413
510
0000
218.88321,64048.78066.83041.15916,51823,936
11,0393,487
6691,5473.7501.306
280
May 29
832752
800
00(I0
207,1048,970
51.84866,88541,16014,43024,011
7.683281532
1,5211,7631.306
280
1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements .
A12 Domestic Financial Statistics I'll August 1987
1.20 ACiCiRIttJATIi RKSKRVKS Oh' DEPOSITORY INSTITUTIONS AND MONETARY BASKBillions of dol lars , ave rages of daily I n u r e s
I tem
A l ) J L ; S [ I I) I OKC H A M . i s IN R I si KVI R I <JI ' IKI
] Total r e se rves 2 , .
2 N o n b o m n v e d reserv} Nonbonowed reser\4 Required reserves . .5 Monetary base4
edit1
Total reserves*
7 N on burro wed reserves8 N on borrowed reservesy Required reserves . . . .
10 Monetary base4
N o i A m u s I i D i OKClJANfi tSJN RjSJKVJ Rl.QUlltl.Ml N IS"1
11 Total reserve
12 Nonboirowed reserves. .IS Nonborrowed reserves pi14 Required reserves15 Monctiiry l->ase;
1984Dec.
1986Dec.
Ixb. Apr,
Seasonally adjusted
35.3835.3815 59
.W.51
.16. !218.9.1.18,66
199.20
46.06 5(1.17 5.1.2.1 54.4') 56.17 56.SS 56.87 56.85 S7.HS 58..15
44.7445.2445. (X)
217.52
55.3455.6454.80
239 51
52,3852.8852.48
234.4!
53,7454.1653.51
2.16.88
55.3455.6454.80
2.19.51
56.5355,82
242.43
56,3256.6055.66
241.97
56.3356.5955.94
244.56
56.%57.2357. FV
246.59'
Not seasonally adjusted
.16.87
36.0936.10(6 <l
188.65
.18.8')
18.12.W.I 2(8.11
192.26
40.57
37.3839.9839,71
202,34
40,70
.17.5140.0939.84
204.18
47.24
45.9246.4246.18
220.82
48.14
46.8247,4147.08
223.SI
57.64
56.8157.1156.27
243.61
59.56
58.73M.0458.19
247.71
52.8.1
5I.9K52.4852.08
233.61
54.62
si.78.54.1553.88
237.26
54.59
53.8454.2653,61
237,50
56.40
55.6556.1555.42
241.27
57.64
56,8157.1156.27
243.63
59.56
58 7359.0458.1')
247.71
58.7.1
58.1558.3857.66
243.42
59.67
59 0959.3258 60
246.75
56.09
55.5355.8254.88
240.82
S7.06
56.5056.7455.85
244.22
55.5455.8155.15
57.06
56 5156.8256.15
244.98
58..17
57.3857.6557.54
246.07'
59..19
58.4058.1')58.57'
249 24'
May
57.3257 6057.28
248.37
57.30
56.2656.5556,22
246.83
58..14
57.3058 0257.26
249.93
I. Figures mcorp,implementation ol ll: Mo Act atores qu (111
.(I will!change
jrequirements on resolvable nondeposil liabilities, the sum of sueli requiredreserves is subtracted from the actual series. Similarly, in adjusting for discontin-uities in the monetary base, required clearing balances and adjuslinenls tocompensate for float also arc subtracted from the actual scries
2. Total reserves not adjusted for discontinuities consist ol reserve balanceswith Federal Rescivc Hanks, which exclude requued clearing balances andadjustments to compensate for lloat. plus vault cash used to satisfy reserverequirements. Such vault cash consists of all vault cash held during the laggedcomputation period by institutions having required reserve balances at FederalReserve Hanks plus the amount of vault cash equal to required reserves during themaintenance period at institutions having no required reserve balances.
3. Fxtended credit consists ^f borrowing at the discount window under theterms and conditions established for the extended credit program to helpdepository institutions deal with sustained liquidity pressures. Heeause there isnot the same need to repay such bot rowing promptly as there is with traditionalshort-term adjustment credit, the money market impact of extended credit issimilar to that til mmfiorroued reserves.
4. The monetai y base not adjusted for discontinuities consists of total reservesplus required clearing balances and adjustments to compensate for lloal at FederalReserve Hanks and the currency component of the money stock less the amount
nl' vault cash holdings o\' thrift institutions that is included in the currencycomponent of the money stock plus, foi institutions not having required reservebalances, the excess o\' current vault cash over the amount applied to satisfycurrent reseive requirements. After the introduction of contemporaneous reserverequirements (CRR), currency ami vault cash figures are measured over theueekly compulation period ending Monday.
Before CRR, all components of the monetary base other thanally .vhole itlu th; idy compon
-•il on a not seasonally adjusted basis. After CRR. the seasonallyadjusted series consists of seasonally adjusted total reserves, which include
adjusted as a whole.of tin
ally ailii ,-d ha: ally tedek and the remaining items seasonally
5. Rel • t i n deposit liabil-.ctual reserve requirements, i n gities, with nu adjustments to eliminate the eflccts of diswith implementation of the Monetary Control Act or other regulatory changes toreserve requirements.
Noil . Fates! monthly and biweekly figures arc available from the Hoard'sH.1(5021 statistical release. Historical data and estimates of the impact onrequired reserves ai changes in reserve requirements are available from theHanking Section. Division of Research and Statistics, Hoard of Governors o\' theFederal Reserve System, Washington, D.C. 20551,
Monetary and Credit Aggregates A13
1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESBillions of dollars, averages of daily figures
1 Ml2 M23 M3
5 Debt
Ml components6 Currency2
7 Travelers checks'8 Demand deposits4
9 Other checkable deposits'
Nontransactions components10 In M2'\11 In M3 only7 . . .
Savings deposits*12 Commercial Banks13 Thrift institutions
Small denomination time deposits''14 Commercial Banks15 Thrift institutions
Money market mutual funds16 General purpose and broker/dealer
Large denomination time deposits10
18 Commercial Banks11
Debt components20 Federal debt21 Nonfederal debt
22 Ml23 M224 M325 126 Debt
Ml components
28 Travelers checks1
29 Demand deposits4
30 Other checkable deposits'
Nontransactions components31 M26
32 M3 only7
Money market deposit accounts33 Commercial banks34 Thrift institutions
Savings deposits*35 Commercial Banks36 Thrift institutions
Small denomination lime deposits9
38 Thrift institutions
Money market mutual funds39 General purpose and broker/dealer
Large denomination time deposits10
41 Commercial Banks11
42 Thrift institutions
Debt components43 Federal debt44 Nonfederal debt
1983Dec.
526.92,184.62,692.83,154.65.2(16.3
148.34.9
242.3131.4
1,657.7508 2
133.2173.0
350.9432.9
138.243 2
230.096 2
1,172.84,033.5
1984Dec.
2,369.12,985.43 529.05,946.0
M8.55.2
248.3145.5
1,811.5616.3
122.2166.6
386.6498.6
167.562.7
269.6147.3
1,367.64,578.4
1985Dec.
627.02,569.53,205.53,838.96,7">4.9
170.65.9
27") ">
1,942.5636.1
124.6179.0
383.9500.3
176.565.1
284.1152.1
1,587.05.187.9
1986Dec '
Seasonally
730.52,800.23,488.64,140.67.643.0
183.56.4
308.3232.3
2,069.7688.4
154.5211.8
364.7488.7
207.684.1
291.8155.3
1,806.95,836.2
Feb.'
adjusted
757.42,821.13,518.54,181.37,754.6
187.26.7
300.8242.9
2,083.7697.4
164.4222.7
362.6485.4
210.784.7
296.0152.2
1,825.95,928.7
1987
Mar.' Apr.'
739.52,824.33,523.64,170.97,791.3
187.76.8
299.3245.7
2,084.8699.3
168.3227.9
360.0485.5
21 1.684.9
299.0151.1
1,831.65,959.6
750.42,838.53,540.84,186.87,848.7
188.96.8
304.0250.8
2,088.1702.4
172.2233.7
357.5486.0
211.883.1
305.9148.7
1,841.66,007.1
May
753.22,839.93.555.4
n.a.n.a.
190.26.7
304.0252.3
2,086.7715.5
174.5237,1
357.1486.5
210.381.8
310.6149.0
n.a.n.a.
Not seasonally adjusted
538.32,191.62,702 43 163 15,200.7
150.64.6
251.0132.2
1,653.3510.8
230.4148.5
132.2172.4
351 1433.5
138.243 2
231.696.3
1,170.24,030,5
570.32 378.32,997.21,539.75,940.2
160.84.9
257.2147.4
1,808.0618.9
267.4150.0
121.4166.2
386.7499,6
167.562.7
271.2147.3
1.364.74,575.5
641.02,580.53,218.83,850.76,768.3
173.15 5
282.0180.4
1,939.5638.3
332.5180.7
123.9178.8
383.8501.5
176.565.1
285.6151.9
1,583.75,184.6
746.52,813.73,503.94,154.17,635.8
186.26.0
319.5235.(1
2,067.1690.2
379.0192.4
153.8211.8
364.4489.8
207.684.1
293.2154.9
1,805,45,830.4
723.32,809.13,508.74,173.17,738.2
184.86.2
291.9240.3
2,085.8699.6
378.5192,3
162,8221.8
362.1487.9
210.784.7
298.1153,1
1,827.95,910.4
729.02,818,03,520.74,174.17,768.1
186.06.4
291.5245.1
2,089.0702.7
378,2192.3
167.2227.8
359.6485.8
211.684.9
301.3151.2
1,839.15,928.9
757.62,847.13,548.94,194.87,821.1
188.06.4
305.8257.5
2,089.5701.8
375.4190.1
172.1233.9
355.6484.4
211.883.1
303.2148.0
1,846.75,974.4
745.02,828.93,545.6
n.a.
190.16.5
298.9249.5
2,083.8716.8
368.8188.3
174.9237.7
355.6483.2
210.381.8
309.2149.0
n.a.n.a.
t-'or notes see following page.
A14 Domestic Financial Statistics D August 1987
NO'IT.S T O T A H I . I ' ' 1.21
1. Composition ill' the money stock ntea*M 1 : ( I ) i ide Hie Tr
, and debt is as to 2, (uneney outside the U.S. Treasury, leileral Reserve Hanks, and vaults otnks. \i; ide , | ,
of commercial bank-.; (2) travelers checks iat all commercial hanks other than thn
,.i ,
nliank issuers; (1) demand depositsdue to domestic hanks, the U.S.
vice their OCD liabilities..V Outstanding amount of U.S. dollar-dei
eid thrift
Tr cheeks I Incheeks of non-
ed inprocess of collection and Federal Reserve float; and (4) other checkable deposits(OCD) consisting of negotiable ordei of withdrawal <NOW) and automatic transferservice (ATS) accounts at depository in.slit Minns, credit union share draftaccounts, and demand deposits ;it thrift institutions. The currenej, and demanddeposit components exclude the estimated amount of vault cash and demanddeposits respectively hekt hy thrift institutions to service their OC'I) liabilities.
M2; Ml plus overnight (and continuing contract) repurclia.se agreements (KIMissued by all commercial hanks and overnight Furndollars Issued to U.S. residentshy foreign branches of U.S. hanks worldwide. MMDAs, savings and small-denomiriation time deposits (tijite deposits-—including irlai) KJ'.s— in amounts ol'less than $100,000), and balances in both taxable and tax-exempt general purposeand broker-dealer money market mutual funds. Includes individual retirementaccounts (IRA) and Keogh balances at depository institutions ami money marketfunds. Also excludes all balances held by U.S. commercial banks, money marketfunds (general purpose and broker-dealer), foreign governments and commercialbanks, and the L'.S. government. Also subtracted is a consolidation adjustmentthat represents the estimated amount of demand deposits arid vault cash hcki bythrift institutions to service then lime and savings deposits.
M3: M2 plus large-denomination time deposits and term Kl1 liabilities (inamounts of $100,001) or more) issued by commeicial banks and thrift institutions,term Furodollars held hy U.S. residents at foreign blanches of U.S, banksworldwide and at all banking ollices in the United Kingdom and Canada, andbalances in both taxable and tax-exempt, inslitution-ouly money market mutualfunds. Hxcludes amounts held hy depository institutions, (he U.S. government,money market funds, and foreign banks and official institutions. Also subtracted isa consolidation adjustment that represents the estimated amount of overnight Kl'sami Kurodollars held by institution-only money market mutual funds.
I,; M3 plus the nonbank public holdings of U.S. savings bonds, short-termTreasury securities, commercial paper- and hankers acceptances, net of moneymarket mutual fund holdings of these assets.
Debt: Debt of domestic noufinancial sectors consists of outstanding creditmarket debt of the U.S. government, state and local governments, and privatenonfinancial sectors. I'rivale debt consists uf corporate bonds, mortgages, con-sumer credit (including bank loans), other bank loans, commercial paper, bankersacceptances, and other debt instruments, I lie source of data on domesticnonfinancial debt is the 1 ederal Reserve Hoard's How of funds accounts. Debtdata are based on monthly averages.
y p i t o r y institutions aredemand deposits.
4. Demand deposits at commercial banks and foreign-related institutions otherthan those clue to domestic hanks, the U.S. government and foreign banks andofficial institutions less cash items in the process of collection and FederalReserve float. Includes the estimated amount of demand deposits held atcommercial banks hy thrift institutions to service their OCD liabilities.
5. Consists of NOW and ATS balances at all depository institutions, creditunion share draft balances, and demand deposits al thrift institutions. Other'checkable deposits seasonally adjusted equals the difference between the season-ally adjusted sum of demand deposits pins OCD and seasonally adjusted demanddeposits. Included are all ceiling free "Super NOWs," authorized hy theDepository Institutions Deregulation committee to he offered beginning Jan. 5,l'JS3.
(•>. Sum of overnight Rl's and overnight Furodoliars, money market fundbalances (general purpose and broker dealer), MMDAs, and savings and smalltime deposits, less the consolidation adjustment that represents the estimatedamount of demand deposils and vauJi cash held by thrift institutions to servicetheir lime and savings deposits liabilities.
7. Sum of large time deposits, term RPs ami term Eurodollars of U.S.residents, money market fund balances (institution-only), less a consolidationadjustment that represents the estimated amount of over night RPs and Furodol-lars held hy institution-only money market funds.
K. Savings deposits exclude MMDAs.(>. Smal)-dt,-(K>iimiarioi) lime deposits—including retail Kl's are those issued
in amounts of less than MOO.OOO. All individual retirement accounts (IRA) andKeogh accounts at commercial banks and thrifts are subtracted from small timedeposits.
10. I .urge-denomination time deposits are those issued in amounts of $100,000or more, excluding those booked at international banking facilities.
11. l.arge-denomination time deposits at commercial banks less those held bymoney market mutual funds, depository mMmilion.s, mul foreign banks amiofficial institutions.
Non-: Latest monthly and weekly figures are available from the Board's 11.6(MIH) release. Historical data are available from the Hanking Section, Division ofResearch and Statistics, Board o\' Governors of the Federal Reseive System,Washington, D.C. 20551.
Monetary and Credit Aggregates A15
1.22 BANK DEBITS AND DEPOSIT TURNOVERDebits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates.
12345
6789
10
111213141516
171819202122
Bank group, or type ot custocner
D h l i l l S TO
Demand deposits-All insured banksMajor New York City banksOther banks
ATS-NOW accounts'Savings deposits4
D E W S I T 1 URNOVER
Demand deposits2
All insured banksMajor New York City banksOther banks
ATS-NOW accounts'Savings deposits4
DEDITS TO
Demand deposits2
All insured banksMajor New York City banksOther banks
ATS-NOW accounts'MMDAS
Savings deposits4
DEPOSIT TURNOVER
Demand deposits2
All insured banksMajor New York City banksOther banks
ATS-NOW accounts'MMDA'Savings deposits4
19841
128,440.857,392.771,048.1
1,588.7633.1
434.41,843.0
268.615.85.0
128,059.157,282.470,776.9
1,579.5848.8632.9
433.51,838.6
267.915.73.55.0
19851
1S4.5S6.070,445.184,110.9
1,920.8539.0
496.52,168.9
301.816.74.5
154,108.470,400,983,707.8
1,903.41,179.0
538.7
497.42,191.1
301,616.63,84.5
I9861
189,534.191,212.998,321.42,351.1
410.3
S6I.82,460.6
327.416.83.1
189,443.391,294.498,149.0
2,338.41.599.3
404,3
564.02,494.3
327.916,84.53.1
1986
Nov Dec. Jan.
Seasonally adjusted
187,594.496,829.590,764.9
2,501.0424.9
538,22,513.2
292.816.12.9
Not seas
167,465.585,849.781,615.82,255.11,434.0
382.7
476.42,225.4
260.814.63.82.6
206,689.695,831.3
110,858.42,960.8
533.7
560.72,251.6
340.018.33.5
210,574.299,357.1
111,217.12,255.7
459.2
580.32,426.4
345,513.42.9
onally adjusted
226,263,1106,935.2119,327.9
2,841.52,058.2
503.6
600.3'2,483.2'
357.417.45.5'3.3
216,638.7102,274.2114,364.5
2,679.21,913.3
499.0
S7S.9'2,345.5'
346.615.75.1'3.1
1987
Feb.
211,169.498,712.3
112,457.2,306.0
477.7
594.72,461.0
357.013.52.9
191,572.989,866.7
101,706.22,173.21,600.7
4.34.6
550.02,273.2'
329.412.94.3'2.7
Mar.
217,019.7104,224.5112,795.2
2,344.6468.6
613.82,707.8
558.013.62.8
222,532.0106,161.2116,370,8
2,422.71,754.4
476.2
641.02,742.6
377.314.14.72.9
Apr.
224,603.0107,159.2117,443,7
2,384,7528.0
627.02,711,5
368.513.63.1
229,095.0108,597.8120,497,3
2,735.82,071.1
570.8
635.12,755.6
375.015.25.63.4
1. Annual averages of monthly figures.2. Represents accounts of individuals, partnerships, and corporations and of
states and political subdivisions.3. Accounts authorized for negotiable orders of withdrawal (NOW) and ac-
counts authorized for automatic transfer to demand deposits (ATS). ATS data areavailable beginning December 1978.
4. Kxcludes ATS and NOW accounis, MMDA and special club accounts, suchas Christmas and vacation clubs.
5. Money market deposit accounts.
NOTL. Historical data for demand deposits are available back to 1970 estimatedn part from the debits series for 233 SMSAs that were available through June1977. Historical data for ATS-NOW and savings deposits are available back loJuly 1977, Back data are available on request from the Hanking Section, Divisionof Research and Statistics, Board of Governors of the Federal Reserve System,Washington, D.C. 20551.
These data also appear on the Hoard's G.6 (406) release. For address, sec insideront coverfront cover.
A16 Domestic Financial Statistics • August 1987
1.23 LOANS AND SKCURITIKS All Commercial Banks'Billions of dollars; averages of Wednesday figures
( alegory
1 lota) loans and securities2
2 U.S. government securities3 Oiher securities4 Total loans and teases-5 Commercial ami industriald Hankers acceptances held-1..7 Other commercial and
industrialX U.S. addressees-*lJ Non-U.S, addressees1, . ..
10 Real estate11 Individual12 Security13 Nnnbank linancial
institutions14 Agricultural15 Stale and political
subdivisions16 foreign banks17 Foreign official institutions .. .
19 All other loans
21) Total loans and securities-
21 l/.S. government securities22 Other securities23 Total loans ami leases"24 Commercial and indus t r ia l . . . .
26 Other commercial i imlindustrial
27 U.S. addressees4
28 Non-K.S. addressees-1. . . .29 Real estate10 Individual31 Security32 Nonbank financial
institutions33 Agricultural34 State and political
subdivisions15 Foreign hanks16 Foreign otlicial institutions .. .37 Lease financing receivables. . .38 All other loans
1986
June July Aug . Sept. Oct. 5Jov. Dec. Jan. Feb.
1987
Mar. Apr. May
Seasonally adjusted
1,978.3
275.7187.0
1,515.6511.0
6.3
506.6497.3
9.44M.6.105.141,3
14.fi1.1.7
60.110.16.0
20.437.4
1,978.2
276.2185.7
1,516.1514.2
6.4507 X498.4
9,4453.3301.841.9
34.7.14.1
Ml. 110.16.0
20,537,7
1,998.2
284.7IK').7
1,523.7512.6
6.1
506. S497.7
8.9458.330ft. 343.7
34,533 2'
59.910.36.1
20.5.38.3'
1,99.3.7
285.6187.5
1.520.6512.1
6.2
506.0496.8
9 2458.4305,2
42,7
34.S34.0
« . 910.36.1
20.516.H
2,022.6
291.5196.0
1.5.1.5,1515.2
6.5
508 7499.8
8.9464.«10B.I43.1
34.533.0
60.110.16.1
20 739.d'
2,015.1
290.5196.2
1,528.4512.K
6,3
506,5497 3
9.1464.9307.940.7
34.833.9
60.19.96.1
20.636.8'
2,044.6
294.9204.2
1,545.4517,3
6.6
M0.7501,7
9.046K.9309,942 8
14.932.7
60.010,16 0
21,141.8'
2,042.-1
293.8205.0
1.543.5516.1
67
509.4500.2
9.2469.9310.841.3
35.613.7
60.010.16.0
21.019.0
2,052.4
299.6I99.K
1.553.0520.0
6.7
511.3504.6
8.8474.2311.2
39.1
15.532.4
59.110.06.0
21 841.4'
N
2,044,0
296.1200.1
1.547.8517.8
6.6
M 1 2502! 1
9.1475.1312.337, 8
35.633.1 '
59.110.06.(1
21.539.1
2,116.1.5
304.1197 9
1,561.5525.7
6.4
5192510.7
8.5479.6312.640.1
M.932.1
58.710.05,9
->•> 0
40.0'
it seasona
2,064.2
.10.3.2198.3
1,562.6525.2
6.6
518.5509.5
9.1480.7311.7
40.4
35.432.2
58.710.15.9
21.838.6
2,(189.8
.309.9196.9
1,583.0S4I.4
(>.4
S1S.0'525,7
9.4489.0314.238.6
35.231.7
57.910.45,8
16.6
ly adjuster
2,105.2
.108..1198.1
1.S987544.3
6 7
537.6S28.8
8.8489.9117.8-10.9
3d.431,4
57.'J10.95.K
n 24 U
2,118.3
316.1190.2
1,611.8554.1
6.8'
547,2'537.8
9.5499.2114.937.7
15.731.2'
57.810.65.9
22 142.6'
2,123.7
314.6193.7
1.615,4552.4
(i 7'
545.8'51T.1
8.7'499.3317.9.39.4
(5,7.10.5'
57.810.75.9
22.443.3'
2,119.7
115.2191.8
1.610.7553.8
6.8
546.9'537.9
9.1504.0315.2
38.5
14.730.7'
57.210,3(>. 1
"!"> T
W.I'
2,121.6
318.9194.1
1,608.6551.7
6.7'
•i45 0<536.3
8.7'501.1314.7
:17.5
.33.829.8'
57.210.56.1
22.441.6'
2,126.2
314 3195.5
1,616.4551.7
6.2'
S45.S516.8
8.7511.0315.7
18.3
35.010.1 '
56.99,76.7
T> •(
38.it'1
2.I27.H
317.2194.4
1,616.2554.5
6 "*
548.1S39.9
8.4509.8313.3.38.6
31.829.2'
56.99 76.7
22.541.1'
2,147.3
315,8197.2
1,634.3553.9
6.5
547 4'518.9'
8.5517,9316.6
4.3. (»
!5.429.5'
56.0'9.96.7
22 642.2 !
2,148.4
317.7195.2
1.615 4556.5
550,0'541,6
8.4516,7314.4
45.1
34.9'28.8'
56.0'9.56.7
22.744.2'
2,16(1.6
320.1197.6
1.642.9W . 8
6.8
549.0540.8
8.2526.3316.742,0
15.429.3
55.29.95.8
22.94J.6
2,157.9
319.8196.8
1 641.4557.5
6.7
542,48.4
525.4314,8
42.1
34.929.1
55,29.65,8
22.944.1
1. These data also appear in the Hoard's (i.7 (407) release.2. Includes loiins to commercial banks in the United Slates,
3. Includes nonlinaneial commercial paper held.4. United States includes the 50 states and the District of Columbia.
Commercial Banking Institutions A17
1.24 MAJOR NONDEPOS1T FUNDS OF COMMERCIAL BANKS'Monthly averages, billions of dollars
.VHIICC
Total nondeposit funds1 Seasonally adjusted-2 Nol seasonally adjusted
Federal funds. RPs, and otherborrowings from nonbanks1
3 Seasonally adjusted4 Nol seasonally adjusted5 Nel balances due to foreign-related
institutions, not seasonallyadjusted
Ml.MO6 Domestically chartered banks' net
positions with own foreignbranches, not seasonallyadjusted^
7 dross due from balances8 Gross due to balances9 Foreign-related institutions' net
positions with directly relatedinstitutions, not seasonallyadjusted5
10 (iross due from balances11 Gross due to balances
Security RP borrowings12 Seasonally adjusted" .13 Not seasonally adjusted
U.S. Treasury demand balances7
14 Seasonally adjusted15 Nol seasonally adjusted
'lime deposits, $100,000 or more"16 Seasonally adjusled17 Not seasonally adjusted
June
134.3132.0
158.0155.7
-23.7
-30.572.241.7
6.862.869.6
90.187.9
17.716.1
341.8339.2
July
136.1132.9
165.5162.4
-29,.5
- 3 3 . 873.940.1
4.364.268.6
95.292.0
15.416.8
341.1338.3
Aug.
137.9137.8
167.4167.3
29.5
31.275.244.0
1.766.?67.9
95.995.8
14.511.1
344.3344.0
1986
Sepl.
142.6141.9
166.9166.2
-24 .3
- 29 274.044.8
4.967.972.7
95.995.2
16.518.2
344.2345.5
Oct.
140.5139.5
167.8166.9
-27 .3
31.973.541.6
4.66S.372.9
97.096.1
17 115 3
342.7343 8
Nov .
144.2145.7
166.0167.5
-21 .8
28.770,842,1
6.968.775.6
96.998.5
2.3.215.3
141.3344.1
Dec.
144.9145.0
164.0164.1
19.1
30.773.442.7
11.670.882.5
97.097.1
21.219.2
345.6347.1
Jan.
153.9'153.4'
169.0'168.5'
15.1
25.770.845,2
10.674.685.1
99.2'98.7'
21.327.5
350.1351.3
Feb.'
157.1159.8
169.1171.9
12.2
24.068.644. (>
11.872.984.8
95.598.1
23.228.6
351.1353.2
1987
Mar.
161.7'164.0'
167.7'170.0'
6.0
20.865 744.8
14.8'71.185.9'
92.5'94.8'
17.717.1
354.1356.4
Apr.
1.58.0'158.1'
167.7'167.8'
9.7
22.470.047.6
12.772.685.3
95.3'95.4'
20.721.6
359.8357.1
May
165.9166.6
165.4166.2
s
15.167.952,8
15..575.490.9
95,195.9
26.130.8
366.2364.7
1. Commercial banks arc those in the M) stateswith national or state charters plus agencies and braYork investment companies majority owned by ftcorporations owned by domestically chartered and
2. Includes seasonally adjusted federal funds, RP:nonbanks and not seasonally adjusted net KurocfWednesday data for domestically chartered banksprevious month-end data for foreign-related institut
3. Other borrowings are borrowings on any inslrnote or due bill, given for the purpose of borrowir
iid (he District of Columbianehes of foreign banks. Neweign banks, and Kdye Actneign banks., and other borrowings from
Ineludeil averages i
e ragesif current and
LCIU, such as a promissoryig money for the banking
business. This includes borrowings from Federal Reserve Hanks and from foreignbanks, lenn federal funds, overdrawn due from bank balances, loan Rl's, andparticipations in pooled loans.
4. Averages of daily figures for member and nonuicmber banks.5. Averages of daily data.6. Based on daily average data reported by 122 large banks.7. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.H. Avevaycs of Wednesday figures.
A18 Domestic Financial .Statistics [.".] August 1987
1.25 ASSTTS AND I.IAH1I JTJKS ()]•' COMMKRt'IAI. HANKING INSTITUTIONS Lasl-Wcdncsday-of-Month Series'Billions tit' dollars
Account
Ai.l CoMMI RC'IAI. HANKINIiINSI ]"] \) I I()NS?
1 I,onus miii securities2 Investment securities1 U.S. government securities4 OtherS Trading account assets6 Total loans7 Interbank loansK Loans excluding interbank9 Commercial and industrial
10 Keal estate11 Individual2 All othei
3 Total cash assets
5 Cash in vault
17 Demand balances at U.S. depositoryinstitutions
IK Other cash assets
19 Other assets
20 Total assets/total liabilities and capital . . .
21 Deposits
21 Savings deposits24 Time deposits25 Hot rowings26 Other liabilities27 Residual (assets less liabilities)
Ml MO28 U.S. government securities (including
trading account)2'J Other securities (including trading
account)
DoMI.SI It Al 1 Y ClIAKI I.KI!)CoMMi.ut IAI HANKS1
M) Loans and securities11 Investment securities12 1- S. government securities13 Other14 Trading account assets}> loin) loansMt interbank loans
(8 Commercial and industrial39 Real eslale4(1 Individual41 All oilier
42 Total cash assets
44 Cash in vault45 Cash items in process of collection . . .46 Demand balances at U.S. depository
institutions
IS Othci assets
•I1) to ta l assets/total liahilitk-s and capital . . .
> ) DepositsSI Transaction depositsS2 Savings depositsSI Time depositsS4 Horrowingsss Other l iabil it ies
,9*6
July
2,144.5449.0269.1179.928.6
1,666.9148.7
1,518.2510.6459 8305,8242.1
209.028.621.1
34.350.7
195.1
2,548.9
1,822.4541 64'J2!.5788.1.181.7168.7176.0
288.4
189.2
2,020.14.1.1.8262.5171.128.6
1,557.7124.0
1,413.7'44s!'J453.8105.4225.6
190 1
21.171.7
32.515 4
140.4
2,350.6
1,771.6513.5490.8747,1KJ2.2103.917"* (J
A n ,
2.164 8460.0272.9187.129 3
1,675.6145.5
1,510.1511.8466.5108.8241. )
208.328,12.1.77 (.5
14.04K.7
194.8
2,567.8
1,817.6545 7499! 2792. 1379,8171.8176.7
290.6
198.7
2,014.6441.0265.0178 (I29..
1.562.1119.7
1,442.7449!-460.4(OS. 5224.4
191.2
23.773.
32,3IS S
139.
2,365.11
1,784.2517.6497.4749.1296. K1 10.5
Sept.
2,179.7469,4276.6192.827 9
1.682,4139 8
1,542.5515.94/0.5.111.2244.9
199.128.222.966 2
32.849.2
201.4
2,58(1.4
1,834,5518,9505.5790.1391.6176.3178.1
293.2
204.1
2,044.8450.5267.9182.527.9
1,566.4115.6
t/150.8448,1464,1ill). 9227.5
182 5
22.965.8
30.916.0
143.5
2,370.8
1 779.1510.6501 7745.0306.9109.6174 9
Del
2,183 2471,9282.8189.126.0
I.685J141.2
1 544 1'51?!2476.2.112.8237.8
203.511.623,566,2
11.149.0
198.6
2,585.3
1,847,1548.8516.0782.2381.3175.7179.2
299.5
I9K.4
2.052.1452.9273.6179 326.0
1,57.1.21 18.8
1,454.3449.0470,0112.5222.7
185.629 72.3.565.6
11..135.5
141.0
2,378.7
1,792.8540.9514.1717.71(11.1108.61 "'6 0
Nov.
2.227.3475,4287.1188.028.1
1,721.8154.7
1,569.1524.9481.8(14 j248.2
227.032.2
86.5
.18.347.9
202.2
2,656.5
1,900.2596.15227)781.1397.4180.0178.9
.104.8
198.8
2,094,7457,1279,0178.228,1
1.609.5133.0
1,476.4455.7475.1113 . H
231.8
210.0^9 822 28(1! 1
36.315,6
141.6
2,446.3
1,844.8588.2520.8715.8314.1111.717^ K
Dee.
2,314.1479.6292.6187.027.8
1,807.0168.9
1.638.1568.2497,5320.4252.0
27.1.741.225.7
111.3
43.352.3
224.8
2,812.8
2,018,0691 1515!(!791.9414.5199.6180.6
.108.4
198.9
2,154,4459,3281.0176.127.8
1.667.11.17.9
1,529.5488.2490.3120.12.10.9
253.519 725.7
110.9
40.816.4
165.0
2,572.8
1,957.0682.2533.0741.8.122.9115.51"' 7 5
Jan.
2,284,8482.2296.1186.126.4
1.776.1160.1
1,616.2551.1499.9117.024K.3
214,433.423.774.5
34,048.8
201,3
2,700.5
1,898.3577.8532!.l788.2432.7188.0181.5
314.5
194.1
2,136.7461.5286.8174.826.4
1,648,8134,3
1,514,5475.5493.2316.7229.2
196.611 22.1.674.0
.12.235.6
141.5
2,474.8
1 840 8569.4530.3741.1341.7114.0178 3
Feb.
2,279.4484 7298.8185.929.0
1.765.6156.7
1,608,9551,5501,5314.7239.2
206.328 421.571.4
13.050.1
201.1
2,686.8
1,895.5569 ~*535.9790.3425.6184.6181.2
320.1
193.7
2,130.346.1.1289.2174.129.0
1,638.01.10.5
1 507.5'474.1497.0314.4221.9
188,9
21.571.0
31.116.4
144.0
2,46.1.2
1,838,2561.3531.9743,0316,1110.8178 1
1987
Mar.
2,279.2486.2299.5186.725.2
1,767.8154,3
1,613,5555.3510.7313.1214.4
203.811 122.968.1
32.749.0
202.1
2,685.2
1,899.6568.8539.7791.2414.9188.7181.9
316.7
194 7
2.121.7463.6289.4174.225.2
1,632.9124.1
1,508.8474.6504.1312.7217.4
186.5"") 722.867.7
31.135.2
143.4
2,451.5
1.840,7560.5537 7742.5319.1111.0178 8
Apr.
2,306.2'492.5105.1187.5'23.3
1,790.3151.8
1,638.555.5.5519.0'.115.2248.9
209.729,824.(174.5
11.947.5
204.0'
2,719.9'
1,919.*'590.7535! 1793.6422.7'195.2'182.5'
318.9
196.9
2,146.9'470 0J
295.2174.8'23.3
1,653.6'124,2
1,529.3'471.5512.0'114.9229.0
192.5>7 )
24.074.0
31.915.4
144.4
2,48.1.8'
1,857.1582.253.1.1'741.8'328.2'
17'J 4'
May
2 318.9495.4107.0188.421.4
1,802.1160.4
1,641.7558,2527,41)4 H241.3
2.30.837.925.181.3
37.249.3
208.5
2,758.2
1,9.19.1596.95ls!680.1.6435.6200 2183.3
320.6
196.1
2,156.2471.5296.7174.821.4
1,663,1128,6
1 514 7'475.1520.3314.5224.7
211.215 925.080.9
15.116.2
143.0
2,512.4
1 876 5588.45.16.6751.5.137.11 18.7ISO ~*
1. Data have been revised because of btMiclimai king tonew seasonal factors beginning July I9K.V Hack data aHanking Section, Hoard of Governors of the Federal Keseton, D.C., 20.S.M.
Figures me partly eslimiiied. They include nU hjink-preji:
othc uhsidi;
JW Call Reports andavailable from the
e System, Washing-
for domestically chattered commercial banks are estimates for the last Wednes-day of the month based on a sample of weekly reporting banks and quarter-end
condition re pithe last Wedinrelated inslilu
2. Comcommercial TAgreement c
3. Insured diand insuied no
data. Data for othe.day of the month has'ns and quarter-end cil banking institi '
nks, branches andnations, and New Y
miestically charteredmember banks.
banking institutionsd on a weekly repo
dition reports.
tgencies of \'o•rk State foremmcrcial ha
-•igngn in\ks im
estimates made forg sample ol foreign-
itically charterednks, l',dge Act anditmeni corporations,ide all member banks
Weekly Reporting Commercial Banks A19
1.26 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1.4 Billion or More onDecember 31, 1982, Assets and LiabilitiesMillions of dollars, Wednesday figures
Account
1 Cash and balances due from depository institutions
2 Total loans, leasts and securities, net
3 U.S. Treasury and government agency4 Trading account5 Investment account, by maturity6 One year ov less7 Over one through live years8 Over five years9 Other securities
10 Trading account11 Investment account12 States and political subdivisions, by maturity13 One year or less14 Over one year15 Other bonds, corporate stocks, and securities16 Other trading account assets
17 Federal funds sold1
18 To commercial banks19 To nonbank brokers and dealers in securities20 To others21 Other loans and leases, gross2
22 Other loans, gross2
23 Commercial and industrial-24 Bankers acceptances and commercial paper25 All other26 U.S. addressees27 Non-U.S. addressees
28 Real estate loans2
29 To individuals for personal expenditures30 To depository and financial institutions31 Commercial banks in the United States32 Hanks in foreign countries33 Nonbank depository and other financial institutions34 I-'or purchasing and carrying securities35 To finance agricultural production36 To states and political subdivisions37 To foreign governments and official institutions38 All other39 1 .ease financing receivables40 Lrss1 Unearned income41 Loan and lease reserve2
42 Other loans and leases, net2
43 All other assets
44 Total assets
45 Demand deposits46 Individuals, partnerships, and corporations47 States and political subdivisions48 U.S. government49 Depository institutions in United States50 Hanks in foreign countries5 [ Fureign governments and otlici.il institutions52 Certified and officers' checks53 Transaction balances other than demand deposits54 Nontransaclion balances55 Individuals, partnerships and corporations56 States and political subdivisions57 U.S. government58 Depository institutions in the United States59 Foreign governments, official institutions and banksSO Liabilities for borrowed money61 Borrowings from Federal Reserve Hanks'>2 Treasury tax-and-loan notesS3 AH other liabilities tor borrowed money^64 Other liabilities and subordinated note and debentures
65 Total liabilities
66 Residual (total assets minus totnl liabilities)*
M F M O67 Total loans and leases (gross) and investments adjusted''68 'Total loans and leases (gross) adjusted2'5
69 'Time deposits in amounts of $1(10,000 or more70 Loans sold outright to affiliates—total6
71 Commercial and industrial72 Other . . . . .73 Nontransaetion savings deposits (including MMDAs)
1987
Apr. 1'
114,764
1,011,944
112,71516,59696,11815,TO40,59739,52867,349
3.77363.57551.3696.528
44.84112,2074,279
<>2,95O38,44118,4026,107
786,991768,644279,251
2,369276.882273,569
3,313
219,727140,56851,98821,171
5,20025 61614,9005,322
34,0773.166
19,64518,3464,578
17,760764,652130.848
1,257,556
250,145194,452
5,7761,516
30,1136,6411,030
10,61561,602
521,088482,865
26,498745
10,029951
25| 5680
4,977246 592
84.443
1,1611,847
88,709
974,671790,329157,684
1,9401,460
480236,368
Apr . 8'
103,001
1,006,954
112.48116,36896,11316,01640,04840,04867.107
3,51163,59651,3106,575
44,7(512.2864,909
5K.33215,87015,2027,261
786,531768,146278,291
2,350275,941272,606
3,335
220,005140,39353,59222,600
5,001">5 99015,7625,325
33,7981,027
17,95418,3874,600
17,808764,124129,474
1,2.19,429
223,884174,173
4,5942,877
23,6306,640
92811,04263,235
521,011481.1X8
26,152738
9,801932
261,3871,1808,904
•>M 30381,150
1.150,668
88,761
970,891786,396158.678
1,9031,457
446235,664
Apr . 15
119,102
1,020,867'
112,292'16,57895.714'16,01740,61039.067'67,949'
4,18263,768'51.3806,544
44,83512,388'4,792'
63,85641.29816,1186,439
794,406'775,969'279,974'
2,229'277,744'274,304'
3,440
220,970'140,986'53,06021,7824,632
26 64518,4635 323
33,742'3,068
20,383'18,4374,607'
17.822771,978'128,054'
1,268,024'
262,558'195,730'
6,1 IX11,51828,2226,546
85513,54966,729
518,641481,172
26,170699
9,672928
251 681'0
7,906•>43 775'
79,924'
1,179,5.1.1'
88,491
980,214'795,181'157.278
1,8621,402
460214,545
Apr . 22
109,998
1,022,162'
110,833'14,34696 486'15,196'41,512'19,559'68,435'
4,57661 859'51,4216,580
44,84112,437'4,517'
65,98339,63618,8857,462
794,712''776,282'279,510'
2,480'277.030'273,672'
3,3.58
220,850'141,486'.52,571'22,504
4,89625 171'20,353
5,32633,679"
3,00019,508'18,4304,602'
17,716772,394'126,362'
1,258,522'
233.431179,974
5,7553,963
25,1816,421
82911.30964,623
516,313478,418
26,419833
9,705918
267,021'4,838
20,504'241 679'88,656'
1.1711.044'
88,478
982,340'798,555'158.003
1,7541.283
470231,712
Apr . 29
99.258
1,«16,')66'
110,969'11,84797,121'IS.293'42,055'39,774'69.113'
4,94664,367'51,5286,629
44,89912,840'4,535'
60,37935,83316,5398 007
793.930'775,326'277,296'
2 247'275,049'271,734'
3,315
221 381 '141,928'53,490'23 156'
4,56125 571'20,435
5,11833,533'
3,04518,897'18.6044,495'
17,667771,769'125,988'
1,242,212'
228 895176,883
5.5854,378
21,8576,1181,076
10,77760 280
516,208478,130
26,698791
9,698890
253 928'156
20.764""11 008'94,408'
1,15.1,720'
88,492
979,919'795,121'159,599'
1,6851,215
470210,211
May 6
99,081
1,(119,275
111,29713,84097,45815.26143,31418,88269,107
4,61764.49051.333
6,60444 72913,1574,438
64,03817,82018,0068,212
792,674774,084278,649
2,475276,174272,832
.1,341
221,775141,79554,59321,062
5.10926,42216,5775,367
33,2963,111
18,92018,5904,455
17.824770.395125.055
1,24.1.412
226,206174,649
5,9112,335
25,57(16.8461,1489,741
60,165517,195478,411
27,313876
9,722871
264,4021,075
20,980242 147
86,538
1,154,506
88,906
980,672795 830159,952
1 7221,252
470230,838
May 13
100,312
i,mn,5i>3
110.47712.70597,77215,06243.34839,36168,619
4,16464,45651.348
6,56644,78211.1074,819
56,27932.27316.6557.351
789 760771.165277,184
2.415274,769271,476
3,29.1
223,466141,74654,32121,202
4.55626,56415,2345,389
.13,2412,984
17,60118.5944,471)
17.891767,398123,976
1,2.11,881
218,017172,151
4,8261.254
21,1655,892
9599,586
58.996518,242479,174
27,514880
9,791883
257,9960
20,6132!7,364
89,311
1,142,582
89.299
974.478790,563160,551
1.6981,216
483210.886
May 20
94,593
1,II21,2<>2
112,13614,49697 64015,09544,82517,72068,245
1.80164,44451,1186,515
44,8211.1,1064,469
64,09015,89418,5889,607
794,833776,2.14280,527
2,514278,011274,669
1,344
225,557141,34954,12422,805
4,92026 3981.5,2995,478
33.2692,990
17,64018,5994,480
18,001772,352120,826
1,2.16,711
227,904176,985
5,2264,083
24,9886,324
9229,177
59,331520,744480,996
28,099896
9,860892
254,111844
20,865232 402
85,521
1,147,611
89,100
985.074800,223162,880
1,7031,190
511230,901
May 27
114,514
1,014,501
11 1 72213,61298,11(114,81744.76018,51168,218
3.71964,49951,394
6,50144,89111,1054,045
61,73715,88017.4948,364
792,846774,168278,868
2.214276,654273,358
3,296
225,610141,36953.68423,614
4,94925 12114.4655,475
33.2152,905
18,55518,6784,473
19,594768,779126,390
1,255,426
23 1.830179,549
5,4781,288
27.6526.7741,1289,960
59.148521,201483,352
28,107897
9.91491 1
261,2700
20,549240 721
90,945
IJ66..W4
89,012
979,075795,089164,502
1.6771,165
511211,157
1. Includes securities purchased under agreements to resell.2. Levels of major loan items were affected by the Sept. 26, 1984, transactionween Continental Illinois National Hank and the Federal Deposit Insurancerporation. For details see the H.4.2 statistical release dated Oct. 5, 1984.. Includes federal funds purchased and securities sold under agreements to•urchase; for information on these liabilities at banks with assets of $1 billion or
MI Dec. 31, 1977, see table 1.13.
4. '[his is not it mcasmc of equity capital for use in capital adequacy analysis ortor other analytic uses,
*i Hxclusive ol loans and federal funds transactions with domestic commercialbanks.
(>. 1 ,o;ms sold are ihose sold outngln to a bank's own foreign branches,nonconsolidated nonbank affiliates of the bank, the bank's holding company (ifnot a bank), and nonconsolidaled nonbank subsidiaries of the holding company.
A20 Domestic Financial Statistics LI August 19X7
1.28 l.AIUil- WKHKI.Y RWORTINCi COMMERCIAL BANKS IN NKW YORK CITY Assets and LiabilitiesMillions ol" dollars. Wednesday figures except as noted
Account
I Cash and balances due f io in dcpositoi y inst i tut ions
2 Total hmns, lenses und siTi ir i t i t 's, net1
Securities3 I'.S. IVeasuiA and ^overmnenl agency-'4 1'iadinj; account-' . .5 Investment account, by inaiuritvf> One >ear or less7 Ova one ihj'uujj) live vears8 Over live years; "lJ Other securities't) ('lading account-1
11 Investment account12 Slates and political subdivisions, bv mail ing1 ^ ()1U. y(•;;(]• or less14 Over one year> Other bonds, corporate slocks am! securities
!.<>un\ and leases17 bederal funds sold'IS To eommeicial banks]l) I'o nonbank brokers and dealers in securities20 To others21 Other loans and leases, ^ross
2.\ Commercial and industrial
25 All oilier26 i:.S. addiessees27 Non-l ' .S. addressees28 Real estate loans29 In individuals lot personal e^pcndilures30 To depository and Iinanc al inslitiilHins
12 Banks in foreign count
VI 1 or purchasing and earrving seeuiities , .tf I'o finance agricultural productionId 'I'o slates ;uid political si ' i l lusions. 7 To foreign jiovennnenls ami otlicial institutions)H All olhejW Lease Imaneuig receivables
41 Loan and lease reserve42 Other loans and leases, net<H All oilier assets1
44 Total assets
45 Demand deposits46 Individuals, partnerships, a u( corporations47 Slates and political subdivisionsJ8 I'.-S. ^overnment4l) Depository institutions in t e I, nileil Stales5 ) Banks in foreign countries^ 1 I'oreigu governments and ollieial institutions
H Transaction balances other than demand depositsAT.S, NOW, Super NOW. telephone transfers)
><i Nontcatisactiofi balances^ Individuals, partnei'ships and corporations
^1 I' ,S. (;over nnlentH Depository institutions in the L'inted Stales
*>9 r'orei^n jimernmcnls, olliciaf institutions ami banks60 Liabilities I'or borrowed mone\d Borrowings from 1 edei at Keser ve Banks62 1 reasurv lavand-loan notes61 All other liabilities foi borrowed money' .M Other- liabilities and subordinated note and debentures
V' i'Mfiriiiii'nii'(-S
(>6 Residual (tolal assets minus tolal liabiliiies)'1
Ml MOi<] Total loans and leases (uross) ; ml investments adjusted1 ' ,<>8 Tolal loans and leases (^IOSS) adjusted '6LJ Time deposits in amounts of S|()(i,(H)(i oi more
Apr 1
14.104
22(1,495
(I0
1 1.79!1.5944,1718,025
00
16,472l.!,»>8
1,15012,5172,605
22,9.149,5729,4513,91 1
174.035169,55962.882
57862,10461.880
42!40,81]20,50821,67911.8652.7867 (P87,!90
8.217974
6,8074,4761,579
5 |60167,29565.752
.120,351
71,58950.265
709149
9.9445.409
8824 , 2 1 !
8,1 15100,18491.620
6 1 5"1
121 848
5.(276.94!
01 ,367
/5 57(,11,841
290,671
29,680
205,79917.5,51.115.881
Apr, 8
28,339
220,858
(10
14.0021,6134,2218,168
00
16,49813,869
1,38612^4832,629
21,05410.4887.4085,158
174,057169,56062,575
601
61,568406
4 0 . 8 1 !20.50022,58112,8152,642
7,8682.58
8,17281.1
5,9574,4971,588
Hi'/! 30462.611
311,SON
57,5X119,243
571504
5,4415,181
7705,670
8,45699,55391,04 1
131,820
51083.640
1,1802,111
80,14812.899
2S2.I.W
29.678
204.307171,8083(1.174
Apr. 15
12.137
223,8X0
00
13.9291.6504,4077,872
I)0
16.5551 1,91!1.168
12,5642,622
o
21,9061 1,3668.3114 728
176.262171.74862.558
562(i 1,99661,539
45740,59120,64121,44411,75!2,3197,174
2528.221
88"'7.2154,5141,589
5.181169.48962.521)
318,5.36
72,178•18,460
7572,6607,1065,129
7097,157
9,19098.99690,694
6 1 1 111
1.6475 11
76.41!0
1,9!274,48112,05!
289,1)30
29.506
2(17.534177.05015.81(1
A , , i . 22
27,154
229,297
(t0
14,0411,5164.9817.524
0(I
16,482H.91.5
1.18012,5162,567
28,5021.1,4129,7495,122
176,94!172,42262,28!
74361 54061,086
45!40,81720.78821.52112 0262!.56!6 912
1 1 !«06253
8,207845
(!,''()!4,5211.5855,086
170,27162.166
318,596
61,26142,0(17
528707
7,0475,07!
6885,2 10
8,76998,54490,205
6 10511
1.694508
7si,8791.2505.216
71,19140,697
289,151
29,446
210,511179.98815,73!
1987
Apr . 29
24,078
226,815
00
14,2181,5355,1157,547
00
16,52711,955
1,19512.5602,572
26.68111,8178,4566.188
17\959171,10261.118
59060,5276(),09(i
•11140.89520,90821,79212.311
7 117IK265
2488,088
8826,1084,6571,485
169,18962,900
313,793
59,40541,385
5567 1 !
5,7715,176
9174 886
8,13598.(19389,705
6 12111
1.752482
71.2091)
5,24467.96545,586
284,429
29,365
209,217178,49215.955
May 6
21.225
229,013
0I
14,1001.5 125.1787,191
0(I
16.4713,9201,404
12.5162.551
10,7.101! .7969.9746 960
174,314169,64361.790
67761.11!60.656
45841,20120,940T-I 2'/5I2J592,6677 1497/7O2
2528,024
9266.1114,6711,467
167,71261,003
313,242
58,37!40 151
848170
6,1.105,6741,0081 990
8.02398,56289,866
6 494
1.712465
78,771500
5.2427.1.029.19.900
283,630
29.612
209,Mil)178,9893(i.46.5
May 1!
22,904
221,084
00
14,0181,48!5.1707,185
00
16,45!13.9661.392
12.5742.487
(j
24,2268,8959.1185.992
173,017168.37.561.721
70661,01460.554
460•11 ,59920,94922,08612,2942,2557 5 167,512
2578,024
7875.4404.6621,470
166.16859,961
303,950
52,84517,095
5151 12
5.1204.763
7974 441
7,86598,34289,56!
6 55825
1,722471
73,0610
4.99568,06542.114
274,246
29,704
206,565176.07416,411
May 20
21.202
227,461
00
14,1821,7915,6876,904
I)0
16,4281.1.96!
1 18812,5752,465
28,36110,91910,5006,942
174,972170,28961,160
74462,61662,116
47942,29720,71621,43512,0282!4296 979','!825
2578,0.16
8285,5114,6X31,4795,20!
168.29059,002
.107,665
59.41741.469
682S09
6,4845,140
7984.053
7.95099,42590,150
6 8 ^812
1,72947(>
71,971410
5,21966.12239,15!
277,936
29.729
211,196180,186
17,126
May 27
28.872
223,29(1
00
14,0811,3885 6807,(113
00
16.49614,0101,186
12,62.52,486
d
26,0079,412
10.2156,340
174,979170.2.1862, VI
51861,71461,240
49442,42720,78122,22412,747
7,418271
8.075717
d 0114,7411,4826,790
166,7066.1,854
316,016
60,74142,065
61 5189
6,5505,5.58
9654 800
7.85899,94090,799
6 90828
1,714492
75,998I)
5.154''0,84441,760
286,297
29.719
209,184178.806
17,289
1. I n c l u d e s t rad ing accoun l s e c i n n i c s .2, N o l avai lable due lo c . iu l i i le i i l ia l iu .3 Inc ludes sec iu i l i es puicl i i iscd unilci a g r e e m e n t s lo lesel l .4 Inc ludes t rad ing accoun l secur i t i e s .5. Inc ludes Icdcia l l a n d s p u r c h a s e d and s e c i n n i c s sold urn
r e p u r c h a s e .
aiutlvsis6, Not a m e a s u r e o l e i i u i t y capi tal lor use in capi lal adeo the r ana ly t ic Uses.
7. k x c l u s i v c of loans and federal funds t r a n s a c t i o n s with d o m e s t i c comine i(wr i t s .
N u n . t h e s e da ta also a p p e a r in Ihe H o a r d s 11.4.2 (504) re lease , l o r a d d nsee inside front cove r .
Weekly Reporting Commercial Banks A21
1.30 LARGE WEEKLY REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS1 Assets andLiabilitiesMillions of dollars, Wednesday figures
Account
1 Cash and due from depository institutions.2 Total loans and securities3 U.S. Treasury and govt. agency securities4 Other securities5 Federal funds sold-fi To commercial banks in the United States7 To others8 Other loans, gross9 Commercial and industrial
10 Hankers acceptances and commercialpaper
11 All other12 U.S. addressees13 Non-U.S. addressees14 To financial institutions15 Commercial banks in the United States.16 Hanks in foreign countries17 Nonbank financial institutions18 To foreign govts. and otlicial institutions..19 For purchasing and carrying securities . .20 Ail olher21 Other assets (claims on nonrclated parties). .22 Net due from related institutions23 Total assets24 Deposits or credit balances due to other
than directly related institutions.. . .25 Transaction accounts and credit balances1
26 Individuals, partnerships, andcorporations
27 Other28 Nontransaction accounts4
29 Individuals, partnerships, andcorporations
10 Other31 Borrowings from other than directly
related institutions32 Federal funds purchased''33 From commercial banks in the
United States34 From others35 Other liabilities for borrowed money. .. .36 To commercial bunks in the
United States37 Toothers38 Other liabilities to nonrelaled parties39 Net due to related institutions40 Total liabilities
M F M O41 Total loans (gross) and securities adjusted*1
42 Total loans (gross) adjusted'1
1987
Apr. 1
10,1549(1,327'
6,9667,0875,8624,5231,339
70,412'44.547'
2,66041,887'39,587'2.300'
16,43312,840
9122,6801,0282,916'5,488
22 625'I.M47
138,752
40.6783,417
1,802'1,615'
37,261
30,1167.145
58.121'27.813
16,97210,84130.307'
26,05 14,256'
24 474'15^480
138,752
72, %4 '58,911'
Apr. 8
10,09287,761V
6,7487,2254,1732,8371.336
69.614'43,382'
2,83840,544'38.228'2,316'
16,39612.750
9002.7471.1533,274'5.409
*>3 250'[5,467
136,569'
40,1602,982
1,781-1,201
37,177
30,0587,12(1
56.636'25,702
15,45510,24830.933'
26,8004,133'
25,563'14,210'
136,569'
72.173'58,200'
Apr. 15
9,72289,702'
6,5517,2645.0983,4561,643
70,788'43,871'
2,97140,900'38,612'2,289'
16.40312.4751,0852 8431,1523,940'5,422
22,821'15,984
138,230'
40,9553.232
1,906'1.326'
37.723
.30,5027,221
57,452'25,848
IM8O10,36831,604'
27,5774,027'
25,889'P 934
I3S.23O'
73.772'59,957'
Apr. 22
10,15294,674'
6.3707,2789,2127,2351.976
71,815'44,672'
.3,12641.546'39,143'2,404'
16.27812,5681,0182,693
9084.534'5,421
22,946'15,086
142.858'
41,9553,392
2,041'1,351'
38,563
31,3747,189
58,461'26,489
15,17811,31231,971'
27,7914,180'
">6 ^52'16,190
142,858'
74.872'61,224'
Apr. 29
10.282'92,318'
6,7287 4937.2235,7591,464
70,874'44.208
3.11241.09638.8352.261
15,92212,173
9532.795
8394,412'5.493
23,587'13.753
139,940'
43,5563.786
2,035'1,750
39.771
32,2997.471
54.106'2.3.451
12,77110 68030,655'
26,4394.216'
27 02415,254
139.940'
74,386'60,165'
May 6
10,65491,055
6,7167,8847,0075,9301.077
69.44843,894
3,18440,710.38.438-> ?71
15!3971 1.650
9082,839
7463,9005,511
23,84714,863
140.419
43.4913,442
2.0191,423
40,048
32,4807.569
5.3,93625,553
I5,)'M10,15928,383
24.3224,061
27 27115.721
140,419
73,47558.875
May 13
9,95190.421
6,4617,9216,5325,701
83269,50743,876
3.13940,73738,4672.270
16,45212,729
9242,799
6572,9685,554
24,44714,246
139,065
43,6X43,275
1,9931,2«2
40,409
32,8497,559
50,97621,121
10,99710,12429,855
25,6714,184
27.K2816,576
139.065
71,99157,609
May 20
9,86392,540
6,7128,0707,79.36,872
92269,96444,583
3,27041,31338.9452.368
16,53612,6661.0612.809
5722,6975,576
24,61316,921
143,937
43,3893,322
2.0661,256
40,067
32,4927,575
58,02127,050
15,12111,92930.971
26,0374,933
28,04414,483
143,937
73,00258,220
May 27
10,16894,518
7,0518,1008.3707 820
5.5070,99744.519
3.23741.28239,006
2.27516.95313,116
9502.887
5953.1055,825
24,20816,283
145,178
43,9493,781
2,0461.735
40.169
32,8877,282
55.35924.053
14,5099,544
31,305
26,6704,635
27.63018,239
145,178
73.58258,431
1. Fft'ective Jan. 1, 1986, the reporting panel includes 65 U.S. branches andagencies of foreign banks that include those branches and agencies with assets of$750 million or more on June 30, 1980. plus those branches and agencies that hadreached the $750 million asset level on Dec, 31, I9K4.
2. Includes securities purchased under agreements to resell.3. Includes credit balances, demand deposits, and other checkable deposits.
4, Includes savings deposits, money market deposit accounts, and timedeposits.
5. Includes securities sold under agreements to repurchase.(v inclusive of louns lo and federal funds sold to commercial banks in the
United Stales.
A22 Domestic Financial Statistics (I August 1987
1.31 GROSS DKMAND DKl'OSITS Individuals, Parlnerships. and Corporations'ISillions of dollars, estimated daily-average balances, not seasonally adjusted
Type of holder
1 All holders—Individuals, |iai (unships, andeor|ioi'a(iuns
2 linaiicia) business3 Nonliiiaiicial business4 Consumer5 foreign6 Oilier
7 All holders—Individuals, pai'tuvrslups, and(•(rrnornlidii.s
X f inanc ia l business9 Nonj inancia l business
10 Consumer11 l o r e i g n12 Oi l ier
( ommercial banks
19X1Dec,
288.')
28.0154.88fi.fi
2.9K>,7
19X2Dee.
2'>1.8
15,4150.585.9
.!.(!17.(1
19X3Dee.
2W.5
32.XIf i l . l7X..53.3
17. H
19X4Dee.
.102.7
31.7166.3XI.5
1 ft19.7
19X5
Dee.1 - '
.121.(1
32.3178,5X5.5
3.521.2
19X(i
Mar.
.107.4
31.XIfifi fiX4.03.4
21.6
.lime
.122.4
32.3180,(1Xf>,4
3.1)20.7
Sepl .
.1.1.1.6
35.9IK5.986.3
1,3
Dec.
.16.1. fi
41.42(12.(1
91.1I.I
25.8
19X7
Mar.
.1.16.(1
35,9IS.i. lXX. 9
2.925.2
Weekly report ing banks
19X1Dee.
137.5
21,075.210.42.XX.I)
19X2Dec,
144.2
26.774.3.11.';
2. ' ;8,4
I9K.SDec
146.2
24 i7l;.x29.7
1.19.3
19K4Dec.-
157.1
25.3X7.I.W.5
3,41(1.9
19X5
Dec.u
l6K.fi
25.994.5.H.2
3.112.0
19X6
Mar.
150.7
25.5Xfi X32.A
.3,311,5
June
I6S.5
25.793.1M.V
2.911.9
Sepl.
174.7
2X.994 X35,0
3 212.X
Dee.
195.1
32.5106.437.5
3.31.5.4
1987
Mar.
178.2
2X.794.416.X2.X
1.5.5
I. 1-iiait p i eporls
depositors in each category arc defigures may not add lo totals becai
2. lieginning in Miirch IW4, Ihcsreporting hanks, and are nol eompadollars for December I9K.i based on
by a sampleilied in the Juot" rounding,
lata rellecl a elhli- to curlier if;
new weekly
I v i t i i ales of gi.nks.TypL
e 1971 HIM I U I N , p. 4fift.
inge in (he panel of weeklyla. Intimates in billions ofpoiting panel are; financial, .10.1; foreign, .1.1; oilier.
thrift institutions. Historical data have not been revised. The estimated voluisuch deposits for December 1984 is $*».() billion at all insured commercial band $V0 billion at weekly reporting hanks.
data back to March I9H5 have been revised to account
e ofanks
4. istorieal
business, 24.4; nonfinaneial business, HO.9; consumery.5.
.V Beginning March IW>. financial business deposits and. by implication, totalgross demand deposits have been reddmed to exclude demand deposits due to
corrections of b;1
been revised, ail'March 19X5 wefinancial Inisine
fornk reporting errors. Historical data hefore March 1985 have notI ii»iy contain reporting errors. Data for all commercial banks fore revised as follows (in billions of dollars): all holders. ..V,
.K; nonfinaneial business, .4; consumer, .9; foreign, . 1 ;for weekly reporting banks fur March I'JK.S were revised as
•i of dollars): all holders, .1 ; financial business. .7; nonhnan-•; consumer. 1.1; foreign, .1 ; other, .2.
Financial Markets A23
1.32 COMMKRCIAI. I'AI'KR AND BANKKRS DOLLAR ACCKPTANCKS OUTSTANDINGMillions of dollars, end of period
Instrument
1 All issuers
Financial companies'Dealer-placed paper'
2 Total3 Hank-related (not seasonally
adjusted)Directly placed paper*
4 Total
adjusted)6 Nonfinancial companies'1
7 Total
Holder8 Accepting banks9 Own bills
10 Hills boughtFederal Reserve Hanks
11 Own account
13 Others
fla.w.v14 Imports into Uniled States15 Fxports from United States16 All olhcr
19S2Dec.
166,436
34,605
2.51ft
84,393
32.03447.437
1981Dec.
187,658
44.455
2.441
97,042
1S.S6646,161
1984Dec
C'oi
237,586
56.485
2,035
110,543
42.10570,558
I98SDec.
imercial p;
300,899
7S.443
1,602
135,504
44.77886.952
Hankers c
79,543
10,9109.4711.439
1.4X0949
66.204
17.68116,32845.511
78,309
9 , 1 "8,1251,210
418729
67,807
15,64916.88045.781
78,364
9.81 1S.62I1.191
067 1
67.881
17,84*16,30544,214
68,413
11,1979.4711.726
1)917
56.279
IS.14711,20440,062
1986Dec.
ler(seaso!
331,(116
100.207'
2.265
152.385
40.8607K.424'
I9K6
N o \ . Dec. Jan.
ally adjiisled unless noted othcru
322,435
95,17ft'
2,035'
14ft,856
39,20580,403'
331,016
100.207'
2.265
152.185
40,86078,424'
)]lar acceptances (not seasonally
64,974
13,42!11,707
1.716
01.117
5(h234
14.67012.96037,144'
64,952
12.78710.95 1
1,835
0
5 1', 113
15,35412.69936.899
64,974
13.42311.7071.716
01,117
5IK234
14,67012,96017,144
337,190
101.965'
2,284
157,252
45,08577,971'
adjusted)7
65,049
13,22410,6622.561
09H1
50,841
14,45912,78337,807
1987
Feb. Mar.
se)
.136,677
102,939'
2,174
158.954
45.72274,784'
338,797
102.889
2,116
159,333
46,63476,575
65,144
11.82810 0061,821
01 210
521)87
14.61512.876'37.654'
65,954'
12,255'10,5161,710'
01 4S1
52Z55'
14,711'11,083'38,159'
Apr.
346,769
103,957
2,107
163,421
48,60479,391
66,660
11.1189.7211,396
0i 519
54!()24
1 S,09"i13^82617,739
1. Effective Dec. 1, 19S2. there was a break in the commercial paper sikey changes in the content of the data involved addition^ to the reportthe exclusion of broker or' dealer placed borrowings under any ma
bank-related paper from dealer-place2, Correction of a previous miselas^
a break in the series beginning Oeccmr-nonlinancial and to dealer-placed linai
3 I i i d i i l
.1 tinto directly placed.
i large
ication of paper by a reporter h,i 19K3. The correction adds som'til paper,
i i i
•ics.Theig panel,ter note
4. Includes all financial company paper sold by dealers in the open market.5. As reported by financial companies that place their paper directly with
investors.
i createdpaper to
3. Institutions engaged primarilycommercial, savings, anil mortgage banking; sales, personal, andfinancing; factoring, finance leasing, and other business lending;underwrit ing; and other investment activities.
uch as, but not limited to,mortgage
f>. Include-, public utilities and ficommunications, construction, mamtransportation, and services.
7. Beginning October 1984, the niance survey were reduced from .M0more in total atof total ;
eptance
us engagedLicturmg, mi
mber o\' respio 160 instituteporting gro
rimarily in such activities asng, wholesale and retail trade,
ndents in the bankers accepl-,ons -those with %5() million orp accounts for over LJ5 percent
1.33 PRIME RATK CHARGHD BY BANKS on Short-Term Business LoansPercent per annum
Kll'ective date
1985—Jan. 15May 20June IS
19X6— Mar. 7Apr. 21
Rate
10,5010.009.50
9.008.50
Flt'cctivc Date
1986—July I IAug. 26
1987—Apr. 1Ma> 1
15
Rate
8.007.50
7.758.008.25
Month
1985—Janl e bMarAprMayJuneJulvAugSeptOetNovDec
I9S6—JanFcbMill-
Averagerate
10.6110.5010.5010.5010 119.789. so9.509.509.509.509.50
9.509.509.10
Month
1986—AprMayJuneJulyAugSeptOclNovDec
1987—JanFcbMarAprMayJune
Averagerate
8.81S.508.508.167.907.507.507.507.50
7.507.507.507.7S8.148.25
Noi l . , These data also appear in the Hoard's H.15 (>!')> release. For address,see inside front cover.
A24 Domestic Financial Statistics II August 1987
INTKRKST RATKS Money and Capital MarketsAverages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
Instrument
M O M Y MAKKI I KA I I s
1 Federal funds1-"1
2 Discount window borrowing1 -'-!
Commercial paper1-''\ 1-month4 1-month*» ('-month
6 1 month7 1-month8 6-monlh
Hankers acceptances*-'1
9 1-inonlli10 6 month
Certilicntcs otdeposil. secondary market7
I I 1-iiuiiith12 1 inonlll11 <>-ui<mll>14 I'modollar deposits, 3-month*
U.S. heasnry bills'SccondaiA market1
is 3-nionlli16 6 inonlll17 1 year
Auction average1"IS l-monlh19 6 inonlll20 1-year
C \i'i i Al MAUKI I RA I I S
U.S. Treasury notes and bonds"Constant matin dies1-'
2 1 1 -year^2 2-yeai21 1 yeai24 5-ycar.'S 7 year26 10-year27 20 year2N 30-year
Composite11
29 Over 10 years (lonji-termlSlate and local notes and bonds
Moody's series11
10 Aaa11 liaaI ] Komi Hiaer seiies1'
1.1 All iiulusti ies14 Aaa15 Aa16 A17 Haa18 A-ratcd, rccently-ollered utility
bonds1'
Mi MO: Dividend/price ratio1*19 I ' ldaicd slocksK) Common stocks
1984
10.22
H. HO
10.()s10.1010.16
9,979.7.19.65
10.1410.19
10 1710.3710.6810.73
9.S29.769.92
9. S 79 809.91
10.891 1 651 1 8912.2411 4012.4412.4812.39
1 1.99
9.6110.3810.10
13.4912.7113.3113.7414.19
13.81
11.594.64
I98S
8.107.69
7.947.958.01
7.917.777.75
7.927.96
7.978.OS8.25S.28
7.487 657.81
7.4V7.667.76
8.439.279.64
10.1110.5110 6210.9710.79
10.75
8.609.589.11
12.0511,3711,8212.2812.72
12.06
10,494.25
1986
6 80
6. t.t
6.626.-196.19
6 586 186 11
6 196.29
6.616.526.516.7!
S.9S6.0!6,08
5.976 026.07
6.466.877.067.117.557.687.857.80
8.14
6.957.767.32
9 719 (129.479.95
10.39
9,61
8 761.48
1 eb.
6.105.50
6.126,055.99
f),025.885.79
s 995 9!
6.106.106.106.12
5 595.59S.61
s.59S.605,74
5,966.406.566.797.(If)7.25
n.a7.54
7.69
6.056.986.61
9.(118.388.889.209,65
8.82
7.9!1.02
I9S7
Mar.
6.1 1
6 226,166,10
6.115.955,88
6.096,02
6.186.176.186.37
5.595.60S.68
5.565.S65.68
6 0 36 426 586.797 067.25
n.a.7 55
7.62
6257.256.66
8 998.368.849.1 19.61
8.84
7.522.9(1
Apr.
6.37
h,.<9f. 45n 50
6.286.226.14
6.416.44
6.426.526.656.73
5.645.906.09
5,765,9!5 92
6.507.027.127.577.8!8.02
n.a.8.25
8.11
7,2(18,297,55
9.358.8.59, IS9..16
10.04
9.S |
7.942.99
May
6 85
6.SI6.917.04
6,786.746.47
6.917,03
6.816.997 247.25
5,666,056.52
S.7S6.1 16. S6
7.0(17.768.02K.268.478.61
n a.8.78
8,79
7.618.788.00
9.829.339.599.83
10.51
10.05
8.413,02
May 1
6.5(1
6 596.746.85
6.436.426.29
6.686.77
6.596.787.036.94
5.696.056,11
5,796,14
n.a.
6.767.447.717.928.168,32
n.a.8.54
8.57
7.408,557,85
9.649.219.409.58
10.37
9.90
8,263.05
1987
May 8
7.30
6 766.816.91
6.716.676.44
6.756.85
6,696,857,077.1 1
S.6I5.916.39
5.XI6.16
n.a.
6.887 6(17,878,098 1 38.49
n.a.8.67
8.66
7.5 s8.707.86
9.689.219.429.64
10.45
9 87
8.222.94
week em
May 15
6.75
6.786.856.93
6 Ik6.746.47
6.S26.92
6.726.897.117.10
5(>95.956,54
5.475.746.56
7.017,7!8.008.248.478.61
n.a.8.77
8.76
7.508.657.82
9 759.259,529,77
10 45
10.10
8.162.96
ing
May 22
6.77
6.947.117.27
6.866.836.52
7.157,30
7.0(17.237.537.16
5.686.2 I6.71
6.036.1-1
o.a.
7.208.008.278.528.7I8.84
n.a.9,00
9.0!
7.808.958.U
9.979.499.779.99
10.62
10.27
8.521.14
May 29
6.8(
6.886.997.12
6,816,7f6,47
6 987.11
6.8(7.037 11V.lf
5.676.176,48
5.716.18
n.a.
6.9.S7.788.018.2!8.428.S5
n.a.8.71
8.73
7.6(8.818.03
9 919 4(9.739.98
10.58
10.05
8.553.03
1. Weekly anil monthly (inures arc averages of all aikiuiiu tl;iys, where I herate lor a weekend or holiday is taken to he the late prevailing on the precedingbusiness ilay. The daih rale is the average olthe rales on a given da> weighted bythe volume of trausaetions al these rates.
2. Weekly figmes are averages lor statement week end inn Wednesday.3. Rale tor the Federal Reserve Bank of New York,4. Unweighted avenge of ottering rates quoted by ill least live dealers (in the
ease of eoinmei eial papei), or linance e<nn|ianies (in the ease of fiiuuice paper),lletore November I'JV'J. maturities tor dalu shown are Ul- 59 days, <J0- 119 days,mid 121) \7<) days for eoinmercial paper; and 30 >(J days. 90-1 |y days, and IMi-171 days for linanee paper.
>. Yields are quoted on a bank-diseounl basis, rallier Ilian an investment yieldbasis (whieh vvoukl give a higliei' figure).
fi. Dealer elosing oifcred rates for lop-rated banks. Most representative rate(which may be, but need not be, the average of the rates quoted by the dealers).
1- Unweighted average o[ offered rales quoted by at least five dealers eai ly inHie day.
K. Calendar week average. For indication purposes onl>.9. Unweighted average of closing bid lates quoted by al least live dealers.
10. Rates are recorded in ttie week in which bills are issued. Beginning with theheasury bill auction held on Apr. IK, 1(>K.*, bidders weie required to stale thepeicenlage yield (on a bank discount basis) that they would accept to two decimal
l>);iees. I'hu.s, iiveiage issujng rales in bill iiuciion.s will be reported using tworather than three decimal places.
I 1. Yields are based on closing bid prices quoled by at least five dealers.12. Yields adjusted to constant mat unties by the U.S. Treasury. That is. yields
aie read from a yield curve al fixed maturities. Itased on only recently issued,actively Haded securities,
1 A i ll ll di b d i h due nornd.
y3. Averages (to maturity or call) tor all outstanding bonds neilher
callable in less than 10 years, including one very low yielding "Mower" b14, General obligations based on Thursday figures; Moody's Investors Service.1V General obligations only, with 20 years to maturity, issued by 20 stale and
local governmental units of mixed quality. Based on liguies for Thursday.16. Daily figures from Moody's Investors Service. Based on yields lo maturity
on selected lung-term bonds.17 Compilation of the Federal Reserve. This series is an estimate of the yield
on lecently-olfered, A-ialed utjlily bonds with a 30-year maturity and 5 years ofcall protection. Weekly data arc based on Friday quotations.
18 Standard and Poor's corporate series. Preferred slock ratio based on asample of ten issues; four public utilities, four industrials, one financial, and onetransportation. Common stock ratios on the 500 stocks in the price index.
N O I L . These dala also appear in t lie Board's If. IS (5 19) and (i. I 3 (4 15) releases.For address, see inside front cover.
Financial Markets A25
1.36 STOCK MARKET Selected Statistics
Indicator
Common slock prices1 New York Slock Exchange
(Dec. 31, 1965 " 50)2 Industrial3 Transportation4 Utility5 Finance6 Standard & Poor's Corporation (1941-43 - 10)1 . . .7 American Stock fixchangc-
(Aug. 31, 1973 - 50)
Volume <>J [ratling (thousands of shares)8 New York Stock Exchange9 American Stock Exchange
10 Margin credit at broker-dealers-1
I'ree credit balances at brokers*11 Margin-account^12 Cash-account
13 Margin stocks14 Convertible bonds15 Short sales
1984 1985 19861986
Sept. Oct. Nov. Dec.
1987
Jan. Feb. Mar. Apr. May
Prices and trading (averages of daily ligures)
92.46108.0185.6346.4489.28
160.50
207.96
91,0846,107
108.09123.79104.1156.75
114.21186.84
229.10
109,1918,355
136.00155.85119.8571.35
147.18236.34
264.38
141,30611,846
137.06156 52114.0674.56
145.56238.27
264.30
150,83110,853
136.74156.56120.0473.38
143.89237.36
257.82
131,1558,930
140.84162.10122.2775.77
142.97245.09
265.14
154,77010,513
142.12163.85121.2676.07
144.29248.61
264.65
148,22812,272
151.17175.60126.6178.54
153.32264.51
289.02
192,41914,755
160.23189.17135.4978.19
158.41280.93
315.60
183,47814,962
166.43198.95138.5577.15
162.41292.47
332.55
180,25115,678
163.88199.03137.9172.74
150.52289.32
330.65
187,13514,420
163.00198.78141.3071.64
145.97289.12
328.77
170,89811,655
Customer linancing (end-of-period balances, in millions of dollars)
22,470
1,75510,215
28,390
2,71512,840
36,840
4,88019,000
.34,580
3,39514,060
36,310
3,80514,445
37,090
3,76515,045
36,840
4,88019,000
34,960
5,06017,395
Margin requirements (percent of market value an
Mar. II, 1968
705070
June 8, 1968
806080
May 6, 1970
655065
Dec. 6, 1971
555055
35,740
4,47017,325
38,080
4,73017,370
39,820
4,66017,285
38,890
4,35516,985
effective date)6
Nuv. 24, 1972
655065
Jan. 3, 1974
505050
1. FilTective July 1976, includes a new financial group, banks and insurancecompanies. With this change the index includes 400 industrial stocks (formerly4251, 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40financial.
2. Beginning July 5, 19X3, the American Stock lixchange rebased its indexeffectively cutting previous readings in half:
3. Beginning July 1983, under the revised Regulation T, margin credit atbroker-dealers includes credit extended against stocks, convertible bonds, stocksacquired through exercise of subscription rights, corporate bonds, and govern-ment securities. Separate reporting of data for margin stocks, convertible bonds,and subscription issues was discontinued in April 1984.
4. Free credit balances are in accounts with no unfulfilled commitments to thebrokers and are subject to withdrawal by customers on demand.
5. New series beginning June 1984.(). Regulations (i, T, and U of the Federal Reserve Board of Governors,
prescribed in accordance with the Securities Exchange Act of 1934, limit theamount of credit to purchase and carry margin stocks that may be extended onsecurities as collateral by prescribing a maximum loan value, which is a specifiedpercentage 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 thecorresponding regulation.
A26 Domestic Financial Statistics [J August 1987
31 SKI.KCTKD FINANCIAL INSTITUTIONS Selected Assets and LiabilitiesMillions ot dollars, end of period
Account
1 Assets
2 Mortgages1 Moilgage-backcil secutities. . . .4 Cash ami investment seciiiities' .5 Olher
6 Liabilities and net worth
/ Savings capital8 Borrowed money9 IHI .BH
10 Other11 Other
12 Nel worth-'
MlMO13 Mortgage loan commitments
outstanding*
14 Assets
15 Mortgages16 Mortgage-backed securities. . . .17 Other
18 Liabilities and net worth
19 Savings capital20 Borrowed money21 F i l l .H I !22 Other23 Other24 Net worth
M l MO25 Mortgage loan commitments
outstanding1
26 Assets
Loans27 Mortgage28 Olher
Securities29 U.S. government10 Mortgage-backed securi t ies.. .11 Stale anil local government. . .12 Corporate and olher13 Cash14 Olher assets
15 Liabil i t ies
36 Deposits17 Regular '18 Ordinary savings19 l ime40 Other11 Other l iabil it ies42 General reserve accounts
1984
903,488
555,291
124,801221,396
903,488
72.5,045P5.66664,20761,45917.944
34,833
61,305
98,559
57.4299.949
10.971
98,559
79,57212 7987.5155,2831,9034,286
3,2.14
203,898
102,89524,954
14,64319,2152,077
23,7474 954
11,413
203,898
180,616177,418
13,739104,732
1,19812,50410,510
1985
948,781
581,23597.301
126,712238,833
948,781
750 071138,79873,88864,91019,045
41,064
54,475
131,868
72,35515,67611,723
131,868
103,46219,32310,5108,8132,7326,35 1
5,355
216,776
110,44830,876
13,11119,4812,323
21,1996,225
13,113
216,776
185,972181,92133,018
IO.3.3II4,051
17,41412,82.1
May
963,274
574,992108,324134,881253,400
963,274
75 i , no145,01273.52071.51224,722
42,382
57,997
164,129
89,10819,82915.083
164,129
126.12325,68612,83012,8564,3387,982
8.762
226,495
112,41735,500
13,21022,546
2,34.320,2606,225
13,994
226.49S
190.310185.71633,577
105,1464,594
21,38414,519
June
954,226
565,037111,158130,877258.310
954,226
744,026148,0547.1.55374,50120,792
41,353
57.200
180,124
99.75821.59816.774
180,124
138,16828,50215,30111 2014,2799.175
9,410
223,367
110,95836,692
12.11522.4112,2812,0.365,301
13,244
223,367
189,109183,97034,(K)8
103,0835,139
19,22614,711
July
Sav
957,945
56.5,153II ' KM)132,787259,798
957,945
747,020146,57875,05871,52022.785
41.560
55,687
1 SI.
183,317
101,75523,24717,027
183,317
140,61028,72215,86612,8564,5649,422
10,139
224,569
111,97136,421
12,29722,954
2,30920,8624,651
13,104
224,569
188,615183,433
102.3 745,182
20,64115,084
I98(,
Aug. Sept.
ings and loan assoe
965,032
566,418113,621138,863259,726
965,032
749,020148,54175,59472,94724,706
42,764
51,180
( ' insure
186,810
103,01924,09717,056
186,810
142.85829,39016,12313,2674,9149,647
9.770
957,229
557,137117,617138,619261,415
957,229
743,518155,74880,3647\18415,461
42,501
51,16.1
1 federal s
196,225
108,62726,43118,509
196,225
149,07432,31916,8.5315,4664,666
10,165
10,221
Savings hank
227,011
113,26537,3.50
12,04321,161
2,40020,602
5.01813.172
227,011
189,937184,76434,530
102,6685,173
21,36015,427
228,854
114,18837,298
12,35723,216
2,40720,9024,811
13,675
228,854
190,210185,00235,227
102,1915 208
21,94716,319
Oct.
tions
961,894
557,303121,606138,213'250,781'
961,894
742,747152.56775.29577,27223,255
43,326
49,887
Nov.
964,096
556,780122.682141,510'250,297'
964,096
740,066156,92075,62681,29424,078
43,034
48,222
ivings banks
202,106
110,82627,51618,697
202,106
152,83433,43017,38216,0485,3.30
10,511
9,3.56
230,919
116,64836,130
12,58523,4.37
2,34721,156
5,19513,421
230,919
190,1.14185,254
16,165101,125
5,08023,31916,896
204,918
112,11728,32419,266
204,918
154,44733,9.1717,86316,0745,652
10,883
9,952
232,577
117,61236,149
13,03724,051
2,29020,749
5,05213,637
232,577
190,858185,95836,739
101,2404,900
24,25417,146
Dec.
963,316'
553,552123.257142,700'251,769'
963,316'
741,081'159,742'80,19479,548'20,071'
42,423'
41.650
210,562
113,63829,76619,0.14
210,562
157,87237,32919,89717,4324,26.3
11,098
8,686
236,866
118,32335,167
14.20925,836
2,18520,459
6,89413,793
236,866
192,194186,34537,717
100,8095,849
25,27418,105
Jan.
935,424
128,695133,237260,892
935,424
721,574152,98175,55277,42919,969
40,901
n.a.
235,351
1.16,70733,39315,948
235,351
176,72240,50220,73019,7725,121
12,811
n.a.
235,603
119,19936,122
13,33226,220
2,18019,7955,239
13,516
235,603
191,441186,38538,467
100,6045,0.56
24,71018,236
1987
Feb.
936,903
n.a.128,0971.36,226262,921
"36,903
722,082151,78675,67376,11322,015
41.019
n.a.
235,661
136,42834,45716,209
235,661
177,33539,62320,22619,3975,540
13,165
n.a.
238,074
119,73737,207
1.1,52526,893
2,16819,7705,143
13,631
238,074
192,559187,59739,170
100,9224,962
25,66.318,486
Mar.
n
n
•
a.
240,739
121,17838,012
13,63127,463
2 04119,598.5,703
1.3.713
240,739
19.1,691188,43240,558
100,8%5,261
27,00318,830
1.37—Continued
Financial Markets A27
Account
43 Total assets/liabilities and capital .
44 Federal45 State
46 Loans outstanding47 Federal4K State49 Savings50 Federal51 Slate
52 Assets
Securities53 Government54 United States6
55 Slate and local56 Foreign7
57 Business58 Bonds59 Stocks60 Mortgages61 Real estate62 Policy loans63 Other assets
1984
9.1,(06
63,20529,831
62,56142,33720,22484,34857,53926,809
712,919
63.89942,204
8,71312,982
159,333295,99863,335
156,69925,76754 SOS63,776
1985
IIS,1)1(1
77,86140,149
73.51347,93325,580
10S %170,92635,037
825,901
75,23051,7009,708
13,82242.3,712346,2 Id77,496
171,79728,82254,36971,971
May
132,415
86.28946,126
76.77449,95026,824
120 33179,47940,852
863,610
79,05155,1209,930
14,(XII450,279364,12286,157
177,55430,02554,35172,352
June
1.14,703
87,57947,124
77,84750,61327,234
122 95280,97541,977
872,359
78.28454,19710.11413,973
455,119167,96687,15.3
180,04130,35057,34274,223
July
1.37,901
89,53948,362
79,64751.33128,316
125 33182,59642,735
877,919
78,722S4.32I10.35014,051
455,013369,704
85,309182,54231,15154.24976,214
1986
Aug.
C
139,23.1
90,36748,866
80,65652,00728,649
126,26883,13243.136
Lite ii
887,255
79,18854,48710,47214,229
463,135374,67088,465
183,94331,844S4.24774,898
Sept.
'redit unit
140,496
91,98148.515
81.82053,04228,778
128 12584,60743,518
Oct.
ns '
143,662
93,25750,405
83,38853,43429,954
130 48386,15844,325
surance companies
892,304
81,63656,69810,60614,332
462,540378,267
84.273185,26831.725">4,27376,862
860,682
82,04757,51110,21214,324
467,433Wl 38186,052
186,97631,91854,19977,798
Nov.
145,653
94,63851,015
84,63553,87730,758
131 77887,00944,769
910,691
84,85859,80210,71214,344
473,860386,293
87,567189,46032,18454,15276,177
Dec.
147,726
95,48352,243
86,13755,30430,833
134.32787,95446,373
920,771
85,84961,49410,26714,088
474,485386,99487,491
192,97532,07954,01681,367
1987
Jai . Feb.
n a.I
1T
n a.I
1T
9.11,962
85,00061,01410,04813,938
487,837395,99491,843
193,39532,22953,69279.809
n a.
Mir.
f
1i
1T
n t
1. Holdings of stock of the Federal Home Loan Banks are in "other assets,"2. Ancludcs net undistributed income accrued by most associations.3. As of July 1985, data include loans in process.4. Excludes checking, club, and school accounts.5. Data include all federally insured credit unions, both federal and .state
chartered, serving natural persons,6. Direct and guaranteed obligations. Excludes federal agency issues not
guaranteed, which are shown in the table under "Business" securities,7. Issues of foreign governments and their subdivisions and bonds of the
International Bank for Reconstruction and Development.NOTE. Savings and loan associations: Estimates by Ihe FHLBB for all
associations in the United States based on annual benchmarks for non-FSLIC-insured associations and the experience of FSLlC-insured associations.
t'Sl.IC-insttred federal savings banks: Estimates by the FHLBB for federalsavings banks insured by the FSLIC and based on monthly reports of federallyinsured institutions.
Savings banks: Estimates by the National Council of Savings Institutions for allsavings banks in the United States and for FDlC-insured savings banks that haveconverted to federal savings banks.
Credit unions: Estimates by the National Credit Union Administration forfederally chartered and federally insured state-chartered credit unions servingnatural persons.
Life insurance companies: Estimates of the American Council of Life Insurancefor all life insurance companies in the United States. Annual figures are annual-statement asset values, with bonds carried on an amortized basis and stocks atyear-end market value. Adjustments for interest due and accrued and fordifferences between market and book values are not made on each item separatelybut are included, in total, in "other assets."
A28 Domestic Financial Statistics [ ] August 1987
1.38 FKDFRAl. FISCAL AND FINANCING OPERATIONSMillions of dollars
Type of account or operation
l/.S. hmlKd'1 keceip ls , total2 On -budget3 OIV budget4 Out lays, total5 On budget6 Oil- budget7 .Surplus, or dcl ic i l I ), totalK On budget9 Oi l ' budget
Source oHinanc ing ttotal)10 Ho l l ow ing f rom the public1 1 Cash and monetaiy assets (decrease, or
increase ( ))-12 O l b e i 1
M l Ml)11 Treasury operating balance ( level , end oi
period)14 le i t c ra l Re-serve- HanksIS lax ami loan accounts
l i sca lvearJ984
666.4SSOD.!K166.07851.78685,96I6S.XIIXS.'2I85.5X
26
170,XI
6 637.X7
K'.M21.91 1
\ear
734.OS7
1X6,171946,116
I7f.]«(l7112,260221,621
9.163
13.367l.fiM)
17,0604,174
I2,KX6
1 iscalyear19X6
200.22X
806,3181X1 49S220,72S
" l ( v ' 7 l
2.16.2X4
14.3241.2 is
11,1X47.SI4
23,870
(alendai yeai
' ,9X6
1 )ec.
60.69417.34189.1 SX74.66914.4X911.12111.9762.XS'
22,824
14.751.1.004
10,946
19X7
Jan
81,77162.9X118,790S'.94268,176IS,7662,170
U)24
4, IS \
9,S647..IKI
41.107IS,7462S,S6I
1 eb.
I7!s44
67!13816,69028,36629,219
854
16,574
24,816',482
21.114
M a i ,
3X,46918,046S4.S2767.87216.6SS2X.OI229,403
1,191
7.884
X.969',S76^,394
Apr .
I22.X9799,08 '23.X14X4.24I)69,2 IS15.O2S
29^867
9.07S
47,189541
ss.74429.68X26.0S6
May
47,691
17,486K!.4!S66,38917.046IS.74436.1X4
440
1 l.OOS
24.2171,47N
6l'«l26.72.1
Ciuauciug Bunk ((•( 'Ht iN that use ihc I'l'H to fin;eeurity tnisl luiuls (l'i
disability insurance trust hinds)2. Includes U.S. Ir
tl Budget and luueigeac> Deficit Co' presented oil-budget. Tin
ice t lit* ir fa|
•It-budge!
the U.S. tjiiota in the IMI•. kmns to Inteniiiand monetary a.ssets.
movedml I
drawing i i^lils; dep
cuiiency valuatioii
paya ons o f specialsit Hinds; miscellaneous liability (including checks iJiit.staiid-nls; seigniorage; increment on gold; net gain/loss for U.S..IjiLstim-ut; net gain/loss fur IMF valuation adjustment; and
accounts; SDKs; reset ve position onional Monetary I'uiul; and other cash
sale of gold.
Soiuu i s. •Monthly lieasury Statement of Receipls mu\ Outlays of the U.S.( i o v e r n m e n t " and the iiiid^cl of the (AS', d'ovcnimcnl.
Federal Finance A29
139 U.S. BUDGET RHCHIPTS AND OUTLAYSMillions of dollars
Source or type
Rl < I i i ' is
1 All sources
2 Individual income taxes, net3 Withheld4 ['residential Election Campaign Fund . . .5 Nonwithliekl(S Refunds
Corporation income taxes7 Gross receiptsH RefundslJ Social insurance taxes and contr ibutions,
net10 Kmploymcnt taxes anil
contributions1
11 Sell-employment taxes andcontributions-
12 Unemployment insurance13 Other net receipts1
14 Kxeise taxes15 Customs depositsId Kstate and gift taxes17 Miscellaneous receipts4
Oil MAYS
18 Alt types
]9 National defense20 International a Hairs
22 Energy23 Natural resources and environment24 Agriculture
25 Commerce and housing credil26 Transportation27 Community and regional development . . . .28 Kducation. training, employment, social
serviees
29 Health30 Social security and medicare31 Income security
32 Veterans benefits and services33 Administrat ion of justice34 General government35 General-purpose fiscal assistance36 Net interest'37 Undistributed offsetting receipts''
Fiscalyear1985
7.34,(157
334,S3I298,941
35101.32865.743
77.41316,(182
265,163
234,646
10.46825.758
4.759
35,99212,07')(.,422
18.539
946,22.3
252748I6,17(.8 6^7Vi85
13,35725,565
4.22925,8387,680
29,342
33,542254,446128,2(K)
26,3526,2775,2286,353
129,43632,759
Fiscalyear1986
769,091
348,959314,838
36105,99471,873
80.44217.298
283.901
255.062
11.84024,098
4,742
32,91913.32.36,958
19,887
989,789
273,36914,471y 0174J92
13,50831,169
4,25(S28,058
7,510
29.662
35,936190,850120,686
26,6146,5556,7966,430
135,284-33,244
Calendar year
1985
I I I
380,618
166,783149,288
2976,15558,684
42.1938,370
144.598
126.038
9.48216.21.32,350
17,2595,8073,2049.144
463.S42
124,1866,6754 "'30
6805,892
11,705
-It*)11.4403.408
14,149
16.945128,35165,246
11,9563,0162,8572.659
65,14314,436
H2
364,790
169,987155,725
622,2958,038
36,5287,751
128,017
116,276
9859,2812,458
18.4706.3543,3239,861
487,188
134.6758.3674 7^73JO57,553
15,412
64415,3603,901
14,481
17,237129,03759,457
14,5273,2123,6343.391
67,44817,953
1986
H I
394,345
169,444153.919
3178,98163,488
41.9469.557
156.714
139,706
10,58114,6742,333
15,9446,3693.487
10,002
486,037
135,.3675,384
I'' 5 192^4846,245
14,482
12.6583.169
14,712
17,872135,21460,786
12,1933,3523,5662,179
68,054-17,193
112
.187,524
183,156164,071
427,7338,652
42,1088,230
134.006
122,246
1,3389,3282,429
15,9477,2823,6499,605
504,785
138,5448,8764 5942J357,141
16,160
3 ,(>4714,7453,494
15.268
19,814138,29659,628
14,4973,3602,7862,767
65,816- 17,426
Mar.
56,515
14,24027,608
104,106
17.482
15,9482,834
2.3,689
23,128
669186375
2,5111,220
5701,171
1)4,527
24,742681703441
1,0922,453
1,6771,982
490
2,440
3.26323,40710,910
1,13757043961
10,971•2,932
1987
Apr.
122,897
71,85(126.943
762,93918,039
13.2902,101
33,646
30,457
7,40.32,827
361
2,4711,165
8101.767
84,240
24,407163653361
1.0522.641
1.1291,936
592
2,317
3,67223,61511.282
2,360619196179
11,2954,230
May
47,691
9,27524,823
77,228
22,782
2,8851,042
30,218
22,270
7327.529
419
2,6331,142
7261,853
83,435
23,47183177y356985716
9972 089
585
2,255
3,54423,78210,273
2,04764635862
12,284-2.626
1. Old-age, disability, and hospital insurance, and railroad retirement accounts.2. Old-age, disability, and hospital insurance.3. ledcral employee retirement contributions and civil service retirement and
disability fund.4. Deposits of earnings by Federal Reserve Hanks and other miscellaneous
receipts.
5, Net interest function includes interest received by trust funds.(•>. Consists of rents and royalties on the outer continental shelf and U.S.
government contributions for employee retirement.
SOUIUT., "Monthly Treasury Statement of Receipts and Outlays of the U.S.Government,'1 and the Undue! of the U.S. liovvrnnwnt. Fiscal Year 1988.
A30 Domestic Financial Statistics U August 1987
i.4o 11: i > i •: R A i. ni'MT SUISJLCT TO STATUTORY LIMITATIONBillions of dollars
1
14
(,
8
9III
KMIITIII d>
I'uhlii- delHeld InIk-kl In
Agency scHold InHold In
Dehl stiliji
Public dolOtliel dob
Ml \i( i: SI
lit (nils
1 SOCU
publicagCIIC
CUl i l i c
publicagenc
O( III Si
1 SOOII
union
lnliiliiiK
i l lOS
iluton limil
ilios
ilobl limil
M
,
11
1
1
ii. 11
,715.1
.710.7
.4 IV229s.s
4 41, (
1
,711.4
.710.1I.I
,821.8
Juno .ill
1,779.0
1.774.fI/I60.S
H4.2
4.4(.11.1
1,775.3
1.774.1It
1.821.8
985
Sopl. 10
1.827.5
I.S21.I1.5Ufi.f>
.116.5
4 41.111
1,823.8
1.822.51.1
1,821 8
1
11
1
1
2
o. .11
'150.3
945.9S97.I148.9
4.41.1I.I
9.12.4
i»l.lI.I
078.7
Mar. 11
1,991.1
1,98(|.K1,614.1
4,1.1,21,1
1,97.1.3
1.972.0l..i
2,078.7
Juno 10
2,063.f
2.059.11.684.9
174.4
4. 1
I.I
2,060.11
2.OSh.71.1
2,078.7
1986
Sopl Ml
2,129.5
2.I2S.11.742.4
1X2.9
4,212I.I
2,111.11
2.1(19.7I.I
2.1 1 I I I
Dei-. 11
2,218.9
2,214.81,81 1.7
4(11.1
4 (1.1.0] 1
2,200.5
2,199 11 1
2,10(1,(1
1987
Mar. .11
2,250.7
2.246.71,8.19.1
407.5
4.02 9I.I
2,232.4
2,211.1It
2,100.0
1. Inc ludes p i a r a n t e e d tk-ht ot ' ^ o v e i t iment a^cer t i f ica tes , no tes to inlei tialiorud lending oij;ani/ .a^t;i<.liLn11 b o n d s .
peeifieil pailicipationI Distiict otColiimbia
SouiU i s. hia\urv liuilclin and Momhiv Sfutcmcn! of the 1'nhlir Pchi oj tinI'tiitai State*.
1.41 ( i R O S S I ' U U U C D1UV1' ()1- U . S . I K I ' A S U R Y Types aiut Ownersh ip
Hillit)iis of dollars, etui ot' period
4- i
f)
l)10I II.1
'-'
hi
IsIf)
ISl(l>0
"»"»
' \
M
/A' /v/jcInleresl-beaiiiif;Maikelable . . .
HilKNotesBonus
State and loeForeign issue
(iovei nineiPublic
Savings bund(ro\ ernmeiH
Non-inleresl-lx-
li\ holder1
I) s. ^ovei nineFederal Keseiv
Commercial 1Mone> inaikiInsurance coiOther conipaSlate and loc
IndividualsSavings ImndOther securit!orei^n and i
debt . .
il'govei
s and nLcconnl
irinmlL
i l a-^eiRHanks
auks. ,1 fundsipanieslies . . .il uovei
ilernali
1 ype and holder
iinenl scries
>tt>»,
^ • ' l ^ '
bt
ies ami Irusl funds
Ill If lit s
maP
198 1
1.400.91.050.9
141,8571,41M.7150.(1.16.710.410.4
.070.7
211.9
9.8
216.1151.9
188.822 856.719.7
155.1
71.561.9
166.1
1984
1,660.61,247.4
174.47(15.1167.9
44.49.19.1
.07.1.1
286.2
2.1
289.f,160.9
1X.S.425 976,450,1
179.4
74.569. 1
192.9
1985
1.941.41.4.17.7
199.98 2.5211.1
87.57,S7,5
.078,1
1(2.2
2 s
14K.9181..1
1,417.•>192.2
'5.195.8'59,(1
215.8
79.875.0
2 4 64(9.9
1986
2,212,(11,619 (1
426,7927.5249.8
110.54.74.7
.090.6
186.9
2.8
401.1211.1
1,602.022.5.(1
28 61116.9dX.X
27( . l
92.170.4'
257.0
(.12
2,059.3
2.OS6 71,498.2
196.9869. <212.1
98.25 15.1
082.1
172.1
2.6
.174,4181,8
1.502,7197,222,897,761.2'
219.K
81 875.7'
2.19.8
1986
0 1
2.122.71.564.1
410 7896 9241.7
102.44.14 1
085.6
165.9
2.6
182.91911.8
212.524.9
100.965.7'
256.4
87.170.9'
2S6.4474.7
Q'l
2.212 0i .diy.o
426 7927 5249 8
11054.74,7
090,fi
(86,9
2 8
401 1211,1
1.602 0225.0
28 6106.968.8
271.1
92. (70.4'
255.6
1987
<;i
2,246.7
2.244.(11.615.7
406.295 5 1259.1
1 18.54.94.9
091.0
191.4
2.7
407. s196.4
1,641.42.(2.0
18.8n.ii72.1
n.a.
94 768.4
272.1
I. hwliidosmi Adminis
Idsdop,
separate ly) : S c a i m i e s issis i u i n IHIIHIS, loli ioinonl
IlK1 Kmal i : looni l i ta-nilids, and individual
2, Noiimalkolable dollai -denoiuinaletl ami foreign euneney denominated solies hold by foreigners.
1 Hold almost enlirely by U.S. government agencies jnd Must lands.4. Data tin Federal Resolve Hanks and U.S govoi iiinenl agencies and Must
funds aio actual holdings: dala for othei groups are Treasury eslimalcs.
s. Cdnsisls iifinveslinleiest-boal in^ miles i
6. Includes savings iniuhlal sa\iuL;s banks, e
dU.S. coSo
III,11,1m.
nl depiI s, Dala by
m-iil of ihr I'lilih
cms of foreign and inlenialmnal aeeounls. I'.xeludes non-ued hi Ilie Inlei national Mouelaiy luiul.cl loan assoeialious, minproiil inslilulions. eiodil unions,ipoialo pension liust funds, dealers and brokers, cerlain
s. and U.S. govope of security, U.S. Tie;Drill of Ihr llnilnl Sl.ilr
niont sponsored agonciosiny Dopailmonl. Miinlhh; data by holder. Irrasiiry
Federal Finance A31
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions'Par value; averages of daily figures, in millions of dollars
Hem
Immediate delivery-1 U.S. government securities
/*v maturitx2 Hills '3 Other within 1 year4 1-5 years5 5-10 years6 Over 10 years
tty type of ittstonwr7 U.S. government secnril ies
dealers8 U.S. government securities
brokers9 A l l o thers '
10 Federal agency securities11 Certif icates o f deposit12 Bankers acceptances13 Commercia l paper
Futures transactions-1
14 Treasury bil ls15 Treasury coupons16 Federal agency securities
Forward transactions^17 U.S. government securit iesIK Federal agency securities
1984
52.778
2(1,01?1.305
11,7337,606A.OW
2,919
•>s wo24.278
7,8464.9473,243
10.01K
6,9471,533
264
1.3642,843
1985
75,331
12,9001.811
18 36112,7039,5.56
3.336
16 22215,77111,6404,0161,242
12,717
5,5616,085
252
1,2833,857
1986
95,447
34,2492.115
24 66720,45513,961
3,646
49.36842,21816,7464,1551,272
16,660
3,3117,175
16
1.8767,810
Mar.
102,209
37.0272,647
24 V 222 44415.769
3.506
52,67145,44620,984
3.5702.917
15.489
3.5776.891
9
1.95210,656
1987
Apr.
138,007
50,5283,190
29,09431,47621,718
3,113
78,51155.64822,1844.964.1,453
17,914
3,57512,018
1
2 76015.961
May
116,376
36,9133,084
10,97922,71622,684
2,801
61,08949,80819,6943,8802,762
18,375
4,12810.374
6
2,84011,951
Apr . 22
142,263
52.9153,262
10.S5030,88324,652
2,678
80,97158,61128,811
5.1443,605
21,206
4,24011,497
0
4,59120,145
Apr . 29
135,360
45,9513,485
29,46032,29724.167
3.134
79,22253,00417,5164 5513,166
18,625
1,09213,109
0
2,47611,921
1987
May 6
111,829
38,2682,720
28,19022,56119,888
3,018
63,27945,53217,7481,6082.478
19,487
4,13711,404
0
4,2679,364
May 1.3
117.762
34,0773,628
27 57222,77629,709
.1,128
66,29448,14015,6303,3202,534
15,436
4,0009.696
0
2,67210,960
May 20
121,141
39,3263,081
15 87620,78822,071
2,939
65,53252.66822.630
1.8122,999
19,638
3,89111,733
0
2.27216,074
May 27
117,483
37,347.1,055
11.06521.52220,495
2,007
61,45754,01824,7294,7333,040
18,606
5 4069,579
11
2,53414,021
1. Transactions arc market purchases aiui sales of securities as reported to theFederal Reserve Hank of New York by the U.S. government securities dealers onits published list of primary dealers.
Averages for transactions are based on Ihe number of trading days in I he period.The figures exclude allotments of, and exchanges for, new U.S. governmentsecurities, redemptions of called or matured securities, purchases or sales ofsecurities under repurchase agreement, reverse repurchase (resale), or similarcontracts.
2. Data for immediate transactions do not include forward transactions.3. 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.
are standardized agreements arranged on an organizedgies commit to purchase ell > •; Ibrdcliv ry at a
4, Futures contractexchange in which parfuture date.
5. Forward transacmarket in which securfrom the date of the trand bonds) or after 30 days for mortgage-backed agency is:
N O I L . Data for the period May I to Sept. M), 1986, are partially estimated.
ions are agreements arranged in the over-the-counteries are purchased (sold) for delivery after 5 business daysinsaction for government securities (Treasury bills, notes.
A32 Domestic Financial Statistics I 1 August 1987
1.43 U . S . C1OVI1RNMKNT SI -CURITIKS 1M1A1.I.RS posit ions and l i nanc ing '
Averages of daily figures, in millions ot dollars
t4s
f l
S
101
1 11211
! •
14IS
(M
mi
h1.
t
MillsOilier ttilhin 1 U'a1 s U 'arss It) \eaisD m 10 years. . .
.iminercial papei . .ires positionseasun hillseasuiA coupons .
.\ard positionsN. govcl iiiiieiil sec
.'dcral ai!cnc\ seen!
it ies1. . .
Hies
ill illeitles
Id OM'I nielli and continuing.17 I inn iinriL-iiitiils
IK (>\ci ni!:h! aiul cii{') I ci in a}jri.viiicnl>>
. ._ J
I')K7
AI
I. HI
•I-I.OVK(M.WJ
7S.7I7S7,().17
7..WII0.07.S
'J.I'JJ•4..1S(i
1 LOSS'12.72)
S.0K7
1.4K9'1M
2..104
•'.S40' ' ,070' . M l'.',4MV20S4,'JSfi
II) SOS4..U.!
SO, s()9
101.410
I27.IS.1I M).-IX'.>
177.021II2.O7K
12.XdlS.S02
.1.1KI-Il . M K ,
2,l«dI s, /(,'/
I2').4-HI n.S.U
IVd.140IOK.X4I
Ma>
Positions
1 1.4S4
l!slo1.(1747.<i-144.477
i:.7(idS.9901,714ft,S91
2.612
4. IDS2O.2M7
Apr :'J
K..SII'6,4-lN2.794'2.224S SOI'd.W
11.4.10'K.SIXVIS'ld.44')'
40X 90SS.7S(,
I0.MSK.Sid1 OH1)d.7(i2
SSO1.M0
9S
1.7«4
1.1401.427d,')!~•I.V/4
I2.49SS.9724.1X1h.sso
1 , 1 1 ( 12 S S I
I2X9U,14'), 607
170,842122,dOK
llh.OMIS4.I9I
1S4.942H I .012
iiy 2"
14,01sft. 17(1!,dXI
17Sd,9ds4,202
,lS,.ld2S,')22•I.I)!1)6.711
s dl)722,dSO
ISJ .7IS
Id7.44412-1.19S
M;iy 27
ft.OKIl.'lXd
X.S491,414
1..S01d,279
.1,7 Id2.21 I
9K
4.7X920,1X1
I24.7.V/I s|)."19,1
171.210!24.IDS
I. Data Ib I pi i d > ii): obiilbinlllcd to Die I edcial Kesei vc Hank of New York by the I'.Secuiities dealers on its published list of primary deal'
Data lot pi
(l inkuhich ild ul'lc
^ arc averages nf daily li h l
p g y fIhc number oluadiiu! dass in Ihc pciioil. I'osi
bi D l i iu p
iniiliiicnl basis. Data lot' linancnt and arc based on Wcdncsdlii\mcdiate positions aui IK'I ainovints (i
ed In nonbankdcalci linns and dealei dnilincnt. Iliat is. trade date basis, ineli
par value, based onins ale net amounts and are show nale in terms of actual amounts
sceutiUes. Data lor inunvdiali: positions i lu mil mi1. ligures covei linaneiiiR involvinji U.S.
negotiable CDs. bankers aeceptanei4. Include
: i l sin .alelevins ot pal vahiesi ol securities
f il bklaitnients of coillinerilies that hav
obtained have been usetl as cs Inehliles both repurchase agree
"matched book" repuiehase agreeniLN o i l . Data on positions for the pi
estimated.
leie loiriuneii
ivalii posiuons.and ledeial aceney
lereial paper,those thai have been
Is undertaken to li
I Ma\ I to Sept .10. l9Xd, ar
(I agreements.
Federal Finance A33
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt OutstandingMillions of dollars, end of period
Agency
1987
Jan. Mar. Apr.
1 Federal and federally sponsored agencies ,
2 Federal agencies3 Defense Department,4 Fxporl-lmport Hank"-5 Federal Housing Administration4
6 Government National Mortgage Association participationcertificates
7 I'oslal Service''8 Tennessee Valley Authority9 United States Railway Association6
10 Federally sponsored agencies11 Federal Home Loan Hanks12 Federal Home Loan Mortgage Corporation1.1 Federal National Mortgage Association14 Farm Credit Banks15 Student Loan Marketing Association*
16 Federal Financing [lank (k'tHy
Lending to federal and federally .\pon\oiedttfit'nvies
17 Hxport-lmport Bank18 Postal Service6
19 Student Loan Marketing Association20 Tennessee Valley Authority21 United States Railway Association'1
Other LendingFarmers Hume Administration.
240,1168
33.941)243
14.853194
2.1651.404
14.970111
206.12848.9.106,793
74,59472,816
3,402
135,791
14,7891,1545.00013,245
111
23 Rural Fleclrification Administration .24 Other
55.26619,76626.460
271,221)
3s.145142
15.882133
2,1651,337
15,43551
236,07565,08510,27083,72071,1935,745
145,217
15,8521,0875 (UK)13,710
51
58,97120,69329.853
293,905
16,39071
IS.678115
2,1651,940
16,34774
257,S1574,44711,92693,89668,8518,395
153,373
15,6701,6905,OIK)14.622
74
64,23420.65431.429
305,097
36.95235
14.274124
2.1653,10417,176
74
268.14586.89113,60693.47762.69311.478
157,452
14,2682,8544,97015,751
74
65.37421,53132.630
307,361
36.95833
14.211138
2.1653.104
17.22285
270.40388.75213,58993.56362.32812,171
157,511)
14.2052.8544.97015,797
85
65.37421.68032.545
305,114
37.04132
14,211136
2.1653.104
17.30885
268 07390.22513,49292,58859,98411,784
157,650
14.205'2,8544.97015,928
85
65,37421,71932,515
305,603
37.073'27
14.211147
2,1653.104
17.334'85
268.53091.31313.84791.52259,36712,481
157,724
14.2052.8544.97015.954
85
65.37421.74932,533
36,66024
13.813158
2.1653.10417,311
85
n.a.92.087n.a.91,61858.36413,230
157,012
13.8072,8544.970
15.9.3185
65.22421.47332.668
94,606n.a.
89,74157,251
n.a.
1. Consists oi mortgages assumed by the Defense Department between 1957and 1963 under family housing and homeowners assistance programs.
2. Includes participation certificates reclassitied as debt beginning Oct. 1. 1976.3. Off-budget Aug. 17. 1974. through Sept. 30. 1976; on-budgct thereafter.4. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these seeuiities may be sold privately on thesecurities market.
5. Certificates of participation issued before fiscal 1969 by the GovernmentNational Mortgage Association acting as trustee for the Farmers Home Admin-istration; Department of Health, lulucation, and Welfare; Department of Housingand Urban Development; Small Business Administration; and the VeteransAdministration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: Notes, bonds, and deben-tures. Some data are estimated.
8. Before late 1981, the Association obtained financing through the Federali i HkFinanci9. Th
obligatincursinclude
ng Hank.e IT-'U, which began operations in 1974. is authorized to purchase or sellns issued, sold, or guaranteed by other federal agencies. Since FFHbt solely for the purpose of lending to other agencies, its debt is notin the main portion of the table in order to avoid double counting,l d FFB h f d d l h l
p g10. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of anyparticular agency being generally small. The Farmers Home Administration itemconsists exclusively of agency assets, while the Rural Hlectrification Administra-tion entry contains both agency assets and guaranteed loans.
A34 Domestic Financial Statistics I I August I9K7
1.45 NI'W SKCURITY ISSUKS Tax-Hxempl Slate and Local Governments
Millions of dollars
1
3
4s<<
7
K9
101 11211
Type uf iss
All issues, ncu and n-fu
Irp,- nl i>uwGeneral obligation. .Revenue
7v/><- nl issunSlateSpecial disti icl and statMunicipalities, counties
Issues for new capital, (
Use <>)•proceedsEducationTransportation , , . , . . ,Util it ies tmi\ conservaliSocial welfareIndustrial aidOther purposes
le
1<I
i l l
>ti
HI
or issuer,
UK1
I y authority^wnsh ips
1
19X4
106,641
26..IKSX0.1S6
9,1296.1.551)11,962
94,050
7.SS.17.SS2
17.84429.92K15.115I5./SK
I9K5
214.1X9
S2.622161.S67
1 1.004114, 16166,822
156,050
16,6.5812,07026,85261,1X112,89224,198
1986
114,606
44,80189,806
14,93579,2914(1,174
79,195
16,9481 1.66615.3X317,3325,594
47,433
O
9
27
62
3
1
-, .
- 4
190114
12726S«W
119
M0661136I7S184
" -
1986'
Nov
11,010
1.6079.403
68,1242,759
4,220
566841671
2,9114X34X1
lk-L .
15.662
4,4261 1.2 16
96]10,4114,2<>S
10,050
925IS 6
1.1653.944i X4S1 ,X29
Ji
7
1
.s1
1
n.'
.343
1(H),241
153275
,91 s
,930
45292
6X11X0
182X6
l-eh.'
X.969
1.641S.12S
1,3645.X251,7X1
2,774
4-IXI4S482527
X91,0X4
1987
M a r '
14.591
3,85310,738
1,21710,004U7«
4,4X0
659I I I444991.168
1.907
A p r ;
6,854
3,4493,405
4274,7901 ,(.37
.1.2.17
7749X
57146X
111,29S
May
5.451
2.7112,7-M
9782,5301 ,'M(,
3,944
64110959117647
2.178
1. l';n .iinouiHs of loiig-lL-im ^sucs based on date2. IncliKk-s school ilistrici.s !K-IIIIHHI^ Apiil I'JHd.
SoiiKf i s. SecuritieAssociaiion for' earlkMri l J i IN,
Dala ('(dala. I'
mpany Ulis new d
'Kinnmf>.ila sour
April 1W>.:e began w
Public Securitiesith the November
1.46 NI-:\V SI'X'URI'I 'Y ISSUKS Corpora t ions
Millkins of doltuis
1
4
6
X9
10
I I
P
n
14IS16171819
All Iss
/v,.r ,
Prival
Mannl
fransiPublicCoiilllHeal e
Sloeks
/V/)i-I'refcrConin
huhisl
1 vpe
es1 .
I'olh-
placi
ICllU i
ortatiutililv
slalc :
edon . .
Manufacturi
I'rimsiPublicConinReal c
ercialorlaliutilityunica
it issue or issuer.
in i,'
mem 1
and miscellaneous
[id financial
lg
onnil financial
19X4
1.12,5.11
109 » l
71 57936,124
2-1.6071 1.7264,694
10.6792,997
5 3,199
22,628
4,1 IXIX,510
4 ()S46 ">77
SK91.624
4199.665
I9XS
201,269'
165 754'
1I9.SS946.I9S
S2.I2K15,1405,743
I2.9S7I0.4S669.332
.15,515
6. SOS29,010
S.7009 1491,5441,966
97 KI6.I7K
19X6
.175,056'
11 S 2 2 6 '
212,465'80,761
78.5X4'17.277'9,734'
11.05X'1 s 4K9'
I'll,OKI)1
61,8.10
1 I.S1450,116
14,2349 is"*2,(921,7911,504
10.657
Sept.
16,1)9.1
12 810
I2.K29n, a.
2,1451,3X7
1751,915
4176.190
.1,26.1
4022,861
2501 009
2X174
01,802
19X6
Oct .
28,577'
21 471 '
23.471'n.a
2,05s1,067
1702,5171,255
16,1X7'
5.11)6
8174.2X9
S701,271
s 11410
592.28S
Nov .
28,822'
22 221'
22,221'n.a.
1
.378111
0,SK7,IS8.888'
6,599
1,1905,209
2.565SIS
15218104
3,162
Dec,
2 5 , I f *
IS ')2I>'
IK,920'n a.
1,7X6'2.067
702.498
7769,723'
6,248
1,2914.955
1.7X17091X1871101
2.601
Jill).
2.1,165'
20,250'
20,250'n.a.
• I . 1651.074
01,491
651.1,455'
2,'JIS
4292,4X6
165148
0217
16\I49
19X7
l-eh.
24,05.1'
20,286'
20,2X6'n.a.
1 6791,714
1002,715
''SO11,829'
.1,767
90S2,862
814417191509
91,8117
Mar, '
.1.1,08')
2.1,27')
21.279n.a.
6,3491,721
S2I694100
1 1,691
'>,XIII
2.2S77,553
2.0162,366
299907
S74,165
Api-.
21,70.1
I7.S27
17,527n.a.
2,1841,108
168l,!6(
10112.407
4,I7(
S !{
3,64(
77(2,I6.;
2161X9
IX8">(
I. f i gu res , which represent j;ross proceeds of issues inatui inf ; in more than ant-ear, sold \'nv cash in the Uni ted StateN, are pr incipal amouui or number o\' unitsmlhp l ied by o i fenng puce. I n c l u d e s offerings of less than il()0,()(K), secondary•Iferings. urulefinei l or exempteif issues as defined in Ihe Securit ies A d of I'J.U,mployee slock plans, investment companies other than c losed-end, in tn icorpo-iiie t ransact ions, and sales to foreigners.
2. Monthly data include only public oH'cmitts.t. Dala are not available {>n a monthly basis.SOI'RCI s. l l )D Infonnalion Services, Inc., IJ.S. Securities and Ivxchange
Commission and the Hoard of Governors of the Federal Reserve System.
Securities Market and Corporate Finance A35
1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Asset PositionMillions of dollars
Item
iNVr.STMl-Nl COMI'ANM.S1
1 Sales of own shares-2 Redemptions of own shares'3 Net sales
4 Assets'1
5 Cash position^6 Other
222,670132.44090,230
251,69520,607
231,088
411,739239,396172,343
424,15630,716
393,440
1986
Sept.
34,69021,33813,352
381,87229,540
352,332
Oct.
37,15020,78216,368
402,64430,826
371,818
Nov.
33,67220,72412,948
416,93929,579
387,360
Dec.
44.79634,8359,961
424,15630,716
393,440
1987
Jan.
50,11626,56523,551
464,41534.098
430.317
Feb.
36,30721,57614,731
490,64335,279
455,364
Mar.'
40,37824,73015,648
506,75237,090
469,662
Apr.
42,77337,1275,646
499,08645,031
454,055
1. Excluding money market funds.2. Includes reinvestment of investment income dividends, includes reinvest-
ment of capital gains distributions and share issue of conversions from one fund toanother in the same group.
3. Excludes share redemption resulting from conversions from one fund toanother in the same group.
4. Market value at end of period, less current liabilities.
5. Also includes all U.S. government securities and other short-term debtsecurities.
Non: . Investment Company Institute data based on reports of members, whichcomprise substantially all open-end investment companies registered with theSecurities and Exchange Commission. Data reflect newly formed companies aftertheir initial ottering of securities.
1.48 CORPORATE PROFITS AND THEIR DISTRIBUTIONBillions of dollars; quarterly data are at seasonally adjusted annual rates.
Account
1 Corporate profits with inventory valuation andcapital consumption adjustment
2 Profits before tax3 Profits tax liability4 Profits after tax5 Dividends6 Undistributed profits
7 Inventory valuation3 Capital consumption adjustment
1984
264.7235.795.4
140.378.362.0
-5.534.5
1985
280.6223.191,8
131.481,649 8
- 658.1
1986
300.7237.5103.5134.087 846.2
6.556.6
1985
Q2
274.3213.887.1
126.781.445.3
1.658.9
Q3
296.?229.295.8
133,481.651.8
6.161.0
Q4
2K5.6235.896.4
139.482.557.0
9.459.2
1986
Ql
296.4222.595.7
126.985.241.7
16.557.3
Q2
2W. 1227.799.0
128.887.541.2
10.654.8
03
302.0240.4104.4M5.988.847.2
6.155.5
04
311.2259.6115.1144.589.754.8
-7.258.8
1987
0 1 '
335.4267.6128.8138.891.447.4
6.974.7
SOUKCI.. Survey of Current Itusiness (Department of Commerce).
A36 Domestic Financial Statistics LI August 1987
1,49 NONFINANCIAL CORPORATIONS Assets and Liabilities1
Millions of ilolla ccpt lor ratio
Accoiuil
1 ( 'u rml l ussels
2 Cash.1 U.S. e,overnmcnt securities4 Notes ami accounts receivable5 Inventories(, Other
7 Current liabilities
8 Notes ami accounts payable9 Other
10 Net working capital
I I M l M O : Current ratio-
1980
I.32H.3
127.018.7
507.5543.0132.1
890.6
S14.4176.2
437.8
1.492
19KI
1,419.6
IIS.617.7
512.5584.0149.7
971.3
547.1424.1
448.3
l.4(.2
1982
1,437.1
147.82.1.0
SI7.4570.0169.8
9H6.0
550 74.15..1
451.1
1.458
I9X!
1,575.9
171.8
n.oSR1.061)1 4186.7
1,1159.6
595.746.1.9
516.3
1.487
1984
1,7113.0
173.(.16.2
611.1656.9201,2
1,163.6
647.8515.8
539.5
1.464
1,722.7
167.515.7
650.1665.720.1.5
1,174.1
636.9517.1
548.6
1 467
1985
Q2
1,734.6
167.115.4
654 1666,721 1,2
1,182.9
651.75.11.2
551.7
1.466
Q!
1,763.0
176.1.12.6
661 .(1675.(1218.(1
1,211.9
670.4541.5
551.1
1.455
04
1,784.6
189.2.11.0
(.71.5666.0224.9
1,233.6
(.82.7550.9
551.0
1.447
1986
Ql
1,795,7
195.1!l.(
661.4679.(226.1
1,222.3
668.45.51.9
573.4
1.469
I. l o r a description of this series, see "'Working Capital of Noniinancia!Corporations" in the July 197K Huiu . i iN, pp. M3- M. Data are not currentlyavailable after 198ft: 1.
2. Ratio of total current assets to total current liabilities.SOLKCI.. l-'ederal Trade Commission and Bureau of the Cen.su
[.50 TOTAL NONFARM HUSINKSS KXPKND1TURKS on New Plant and Hquipment ABillions til' dollars; quarterly data arc at seasonally adjusted annual rates.
Industry
1 Total nonfiirm business
2 Durahlc jioods industries1 Nondurable goods industries
NotwuuwliH tttiiti!;4 Mining
Transportation5 Railroad6 Air7 Other
Public utilities8 Hectr ic9 (ias ami other
10 Commercial and other :
1985
387.13
71.2780.21
15.88
7 084.796.15
36.1 112.71
150.9!
1986
379.27'
69.0871.65
11.25
6.6!6.265.86
11.9!12.51
160.10
1987l'
390.89
70.8675.05
10.45
6.066.766.58
32.0312.71
169.50
1985
Q4
397.88
75.4782.79
15.25
6.746.076.14
16.181.1.41
155.42
Ql
377.94
68.0176.02
12.99
6.226.585.42
14.2112.82
155.67
1086
Q2
375.92
68.1.171.15
11.22
6.775.775.74
11.8112.74
158.18
Q!
374.55
69.1169.89
10.15
7.115.696.0!
11.9111.99
160.25
Q4
388.69
70.6875.33
10.6!
6.256 996.24
.13.7812.49
166,11
Ql
372.24
69.7269.65
10.17
5.297.555.0!
10.8112.6!
160.49
1087
Q2'
392.02
71.0671.8!
10.85
6.126.766.10
1.1.5112.4!
168,86
US'
397.116
71.8476.61
10.60
6.846. 166.82
11.9712.82
171.19
ATiadeand services are no loin Commercial and other, line 1
I. Anticipated by business.
ely.Theyi of whole
:isurance; persSoiikci.. Sur
ale and retail Made; Ial and business services; and communication.v of Current Hu.utuw.s (Department of Commerce).
Securities Markets and Corporate Finance A37
1.51 DOMESTIC FINANCE COMPANIES Assets and LiabilitiesBillions of dollars, etui of period
Ass i . i s
1 Consumer2 Husiness3 Real estate4 To la !
Less:5 Reserves Tor unearned incomeft Reserves for losses
7 Accounts receivable, netK A l l other
(> Total assets
1 ,1 \IUI 1 1 MS
10 Hank loans11 Commerc ia l paper
Debt12 Other short- term13 Long- term14 Al l other l iabi l i t ies15 Capi la l , surplus, anil undiv ided prof i ts
16 Total l iabil it ies and cupit i i l
7 5.1100.4
18.7194.1
29.91.1
161.110.4
101.5
16.551.4
11.961.721,626,4
191.5
HI 1113.-420.5
217..1
3(1..13.7
IK!.2.14.4
217.6
IK.360.5
11.161.711.22K.9
217.6
89.9117.82.1.8
251.5
1.1.84.2
21.1.515.7
249.2
20.07.1.1
12.9
14.511.5
249.2
1985
Q!
108.614.1.726.1
278.6
18.04.6
216.046.1
282..1
18.991.2
12.485.518.2.14.1
282..1
Q4
111.4158. 328.9
.100.6
.19.24.9
256.545.1
.Ml 1.9
20.699.2
12.59.1.140.9.15.7
.Ml 1.9
1986
Ql
117.2165.929.9
.112 9
40.05.0
268.048.8
.116.8
19.0104.1
11.4101.042.116.7
.116.8
Q2
125.1167.710.8
121.6
40 75.1
277.848.8
.126.6
19.2108.4
15.41O.\240.118.4
.126.6
Q-i
117.1161.012.1
.110.2
42.45.4
282.459.9
.142.3
20 1
H2.X
16.0109.844.1.19.4
.142..1
Q4
1.16.5174.811.7
145.0
41.45.8
297. X57.9
.155.6
117.8
17.2115.64 ! 4.19.4
.155.6
1987
Ql
1.1.1.9182.815.1
151.8
40,45,9
105 559 1)
.164.5
17,1119,1
21.6118.446 141.8
.164.5
Noil. . Components may no! atltl to totals because o\' rounding.
1.52 DOMESTIC HNANCK COMPANIKS Business CreditMillions of dollars, seasonally adjusted except as noted
1 ype
1 Total
Retail financing of installment sales2 Automotive tcoinmereial vehieles)3 Business, indusli ial, and farm equipment
Wholesale financing4 Automotive5 Equipment6 All other
Leasing7 Automotive8 I-Ajuipment
commereial accounts receivable10 All other business credit
Accountsreceivable
outstandingApr 10.
1987'
185,182
27,52022.327
10.0755..1658.846
20.50739.619
16,74114.162
Chan Lies in accountseceivablc
1987
l-'ch.
1,850
602--429
1,08131
-41
161121
23886
Mar.
1,579
570-40
995- 2.15
269
77440
652155
Apr
3,5.14
7504
62076
515582
72.1290
Intensions
1987
1 eh.
28,19.1
1.0161.067
11.57165 «
2.919
1.259885
7,6191.177
Mar.
29,8.16
1,1181,255
12,676672
.1,064
1.148995
7.6641.224
Apr.
29,212
1,2001,352
11,474690
3,056
1,136970
8,1221.211
Repayments
1987
l-'ch.
26,342
4341.496
10.492626
2.960
1.099764
7.3811.092
Mar.
28,257
5681,295
11,681907
2.795
1,071555
8.1161.069
Apr.
25,678
4491,349
10,854614
3.0X2
622388
7,399921
These data also appearinside front cover.
in (he Board's (J.20 (422f release. Tor atklre 1, Not seasonally adjusted.
A38 Domestic Financial Statistics [] August 1987
1.53 MORTGAOK MARKKTS
Millions ol* dollars; cxceptitms noted.
PRIMARY M ARKI IS
Conventional inortUii^t'S on new homes7 m m 1
Purchase pi ice (thousands ol' dollars) .Annum! of loan (thousands of dollars)Loan/price ratio (percent)Maturity (years)lees and charges (percent of loan amount)-1 . .Contract rate (percent per annum)
Yield (pen cut per annum)7 I HI.BH wr ieVK IIU1) series'1
Yield ipereent per annum)(J I I I A mortgages (1IU1) series)'
10 CiNMA securities'1
I ' l l ) ! UAI N A I I O N A I MORKiAdl ASSOUAIION
Mortua^e holdings lend of period)II Totali : HIA/VA-insurcd1 * Conventional
\lortt;iti,'e trunstu tiotis idurini; period)14 Purchases '
Moriijd^e cotntnifment.s'|s Contracted (durinj; period)l<> Outstanding (end of period)
I-1 ni RAI I I O M I L O A N MoKKiACit. CORI'ORA I ION
Morti;<U!e Iioldini;* (end of period)*17 Total '15 I 1IA/VAI'J Conventional
Morit;(txe tran.uti tion.\ (durini; period]20 Purchases7\ Sales
Tl Contracted (during peiind)
I WI
M;l-L'b. Mar, Apr . May
Terms and yields in pr imary and secondary markets
7.1.778.727.X2.64I.S7
2. .17.1.K0
t.KI1.1.1
1(14.177.477.126.')
11.12
1 I..SK12.2«
12.241 l .d l
I IK . IS(>,2TS.12(i.d2.4KM.K2
W.2S111.(17
').')!
124.2« . 5lh.127..12 M').4^
') 91').47
l).2dH.K.I
124,X'H,276.427.42.4(i1>.2S
'J.d'J'J..1.1
'J.2I8.62
112.ft97 17S.S27.72.219.14
9.M9.1)9
K.798.46
I !S 699,175.127,62.218.87
9,219.04
8.HI8.28
1.10.29X074.127.12.208.77
9.149,19
8.948.18
IK..9'100.9'IS.2'27.1'2.2.1'8.8'K
9.21'10.11
Aclivily in sccdiuliity maikc
81.1191\I484S.I9I
21,(K!76,184
9,281910
8,17.1
21.88618,106
12.601
94.V/414.24460.111
20.ISS.1,402
12,199841
I I ,S58
44,01218.901
98 04829,(.8.1
12.987.1.186
1.1.517746
12.817
101.474100.2.16
•4K,yHy I lO.H.S.S
98.21(124,10(171.910
1.8114,625
7071.607
9,86210,510
11.211
97,8952.1,12174,774
1,2721,186
11.564694
10.870
I 1,10511.169
96.18222,17874.204
94 K2,2.^8
10.964686
10,279
7,9508,269
7.685
95. M 422.06171.451
y i :2 . I 7 . S
11.161686
10.677
7.9617.840
9.197
95,14021.84.171.297
2,8051,519
94,40421,76572,619
.1,2084,421
1.11,7100.076.228.22.149,07
n.a.9.40
94.0(>421.99972.065
1,7264,41(1
1. Weighted averages hased on sample surveys of mortgages originated bymajor institutional lendei1 groups; compiled by the Federal Home Loan HankHoard in coopeiation with Ihe Federal Deposit Insurance Corporation.
2. Includes all lees, commissions, discounts, and "po in ts" paid (by theborrower or the seller) to obtain a loan.
.1. Average effective interest rales on loans closed, assuming prepayment at theend ni 10 years.
4. Average contract rates on new commitments for conventional first mort-gages: from Department of Housing and Urban Development.
5. Average gross yields on M.) -year, minimiim-downpaymciit. Federal HousingAdniinishalion-insincd lirst nun tgages for' immediate delivery in Ihe privatesecondary market, llased on transactions on lirst day o!'subsequent month. I ,argcmonthly movements in average yields may reflect market adjustments to changesin maximum pcrmissable contract rates.
6. Average net yields to investors on Government Nalional Mortgage Assttion jilliiranleed, moitgage-liackeLl, tll l ly moditied pass-lluouiih securities,inn preprevailWall S,
7. It'
9. Ir
liaymcnt in 12 yeats on pools of 10-yeat I I I A / V A alottj;ajies carrying, theceiling rate. Monthly lijiiues itre avetajies ui I'riday figures IVom the
• e e l ./<eludes
icludes |ichuiesc
4-liimily KJ Ihrouglcipatit
aiily and nonprofit hospital loan commitments inian commitments accepted in l-'NMA's free market
the I N M A - O N M A tandem plans.is well as whole loans.nd government-underwritten loans. I T l l . M C s mort
secuiilies swap [lrograms, while the corresponding data for I 'NMA exclude swapactivity,
Real Estate A39
1.54 MORTGAGE DEBT OUTSTANDING1
Millions of dolkirs, end ot period
Type of holder, and lype ot" properly
1 A)} holders
2 1- to 4-family3 Multifamily4 Commercial5 [;arm
() Selected financial institutions7 Commercial banks-8 1- to 4-family9 Multitamily
10 Commercial1 ] Farm12 Savings banks13 1- to 4-family14 Multitamily15 Commercial16 l-'arm
17 Savings and loan associationsIK 1- lo 4-family19 Multitamily20 Commercial"> 1 I ;arm22 1 ,ife insurance companies23 1- io 4-family24 Multitamily2*> Commercial26 Farm27 Finance companies1
2S Federal and related agencies29 Government Nalioiial Mortgage AssociationM) 1- to 4-family31 Multi lamily32 Farmers Home Administration4
H 1- lo 4-family34 Multifamily15 Commercial16 Farm
37 Federal Housing and VeteransAdministration
38 1- to 4-family39 Multif i imily40 Federal National Mortgage Association41 1- to 4-family42 Multifamily43 Federal I .and Hanks44 I- to 4-family4s [''arm46 Federal Home Loan Mortgage Corporation47 1- 10 4-family48 Multifamily
4') Mortgage pools or trusts^50 Government National Mortgage AssociationS[ 1- to 4-family52 Multifamily53 Federal Home Loan Mortgage Corporation54 1- to 4-family55 Multifamily56 I'ederal National Mortgage Association57 1- to 4-family58 Mullifamily59 Farmers Home Administration*1
60 1- to 4-family61 Multifamily'>2 Commercial(S.I Farm
64 Individuals and others'1
65 F lo 4-fainily6li Mull i lamily67 Commercial68 Farm
1984
2,033,654
1.317.94(1185.414418.3(10112,OIK)
1 269.702379,498I%,I6320,264
152,89410,177
154,441107,102
19,81727.291
31
555,277421.48955.75077,605
433156,69914,12018,938
111,17512,46623,787
158.9932.301
5X51.7161,276
213119497447
4,8162,0482,768
87,94082,175
5.76552.261
1,07449,18710,3991.654
745
332,057179,98!175,589
4.39270.82270 ''53
56936,21535,965
25045 03921,813
5.8417,5599.826
272.902153,71048,4X041,27929,433
1985
2,266,92,1
1,466,771213,816480,719105,615
1,390,394429,196213,434
23,373181,032
11,357177,263121,87923,32931.973
82
583,216432,422
66,41083,798
606171,797
12,18119.894
127,67011,85228,902
166,9281.473
519934711183111159278
4.9202,2542,666
98,28291 966
6.31647,498
2,79844,70014,02211,8812.141
415,042212,145207,198
4,947100,38799,5 IS
87254,98754,036
95147,52322,1866.6758.190
10.472
294, -559165,19955,19547,89726,268
1986
2,566,386'
1,667.055'246 92V554,711'97,673'
1.508,599'502,534'235,814'
31,173'2n2 799'
12,748'226,409'156,236'30,476'39,592'
105'
551,080403,611
66,89882 070
SOI192.975
12,76120,847
148,16710,99813,601
201.81X188947
84248,42121.625
7,60S8.446
10.742
5,0472,1862,6(il
97,89590.718
7,17739,9842,353
17,61111,56410.010
1.554
529,763260,869255.132
5,737171,372166,667
4.70597,17495,791
1,383348142
n.a.13274
124.224180.15965,86453,32724,874
y i
2,315,962
! ,494.603221.587495,879103,893
1,408,665441,096216,290
25,189187,620
11.797188.154131.38123,98032,707
86
574,732420,07367,14086,860
659174,823
12,60520,009
130,56911,64029,860
165,0411,511
5271,006
704217
332172.17
4,9642,1092,655
98.79592,315
6.48045,422
2.67142 74913.62112,2311.392
440,701220,148215,148
5,200110,337108 020
2,31762,31061,117
1,19347,70622.0826.9438,150
10,531
301.555167,75557,85(149,75626,194
1986
02
2,.W3,!>8»
1.543,681229,145509,574101,589
1.415,417456,163221,640
26,799195,484
12,240201,198142,17426,54314,577
104
565,037413,865
66,02084.618
534180.041
12.60820,181
115.92411.32830,798
161,398876
498275701466A
111247
5,0942,4492,645
97.29590.460
6,81543,369
2,55240,81714,19411 8902,104
475,615229,204223,838
5,166125,903121 676
2,22772.17771,151
1,22448,11121,987
7,1708,147
10.627
311.539174,19660,93850,51325,692
03
2,469,796'
1,607,113'237,410'525.122'100,151'
1,464,21V474,658'228,591'
28,623'204,996'
12,446'215,036149,78628,40036,762
88
557,139408.152
65,82782,644
516185,269
12,92720,709
140,21311,42032,111
159.505887
4X81945713257
115153
4,9662,3312,635
97.71790.508
7.20942,119
2.47839.64111.15911.1272,232
122,721241,230235,664
5,566146,871143 714
3,13786..15985.171
1,18848,26121.782
7,3538,409
10,717
323,357182,56963,63551,98125,170
Q4
2,566,386'
1 667,055'246,925'554,713'97,673'
1,508,599'502.534'235,814'
31,173'222,799'
12,748'226,409'156,236'10,476'.19,592'
105'
553,080403,61166,89882,070
S01192,075
12,76320,847
148,16710,99833,601
203,SIX)88947
84248,42121,6257,6088,446
10.742
5,0472.1862,661
97.89590.718
7.17719.9842.351
17 61111,56410,010
1,554
529,763260,869255,132
S.717171,372166 667
4,70597.17495,791
1,383148142
n.a.13274
324.224180.15965,86453,32724,874
1987
01
2,625,342'
1.711,106'250,254'567,980'96,002'
1,525,130'518,998'241,871'
31,869'212,000'
13,258'227,087'156,681'30,574'19,725'
105'
.547,381'399.042'66,781 '81,122'
418'196,575
12,76320,997
151,86710,94815,087'
198,728'84646
80048,201'21,190'
7,7)0'8,463'
10.640'
5,0912,4402.651
95,14088.126
7,01418,6842.276
.16,40810,7649,6101,154
573,372'277,186'271,065'
6,321'187,962182 8S7
5.105107,673106,068
1,60535 F154'
n.a.12770
328 112181,62867,67354.67624,135
1. Based on data from various institutional and governmental sources, withsome quarters estimated in part hy the I'ederal Reserve. Multifamily debt refers toloans on structures of live or more units.
2. Includes loans held hy nondenosit trust companies hut not hank trustdepartments.
3. Assumed to he entirely 1- to 4-family loans.4. Fin 11A-guaranteed securities sold to the Federal 1''inane ing Hank were
reallocated from F'mHA mortgage pools tbecause of accounting changes hy the Fa
5. Outstanding principal hal.or guaranteed by Ihe agency iw
6. Other holders include meand local credit agen
on hinds, credit unions
icaied.tgage coi
) l-'mKA mortgage holdings in I9K6: 4,iners Home Administration,
irlgage pools backing securities insured
upanies, real estate investment trustsid local retirement funds
id other U.S. agencies.noninsuied
A40 Domestic Financial Statistics U August 1987
.55 CONSUMHR 1NSTAI.I.MKNT CRV.Dll' Total Outstanding, and Not Change, seasonally adjustedMillions of dollars
1
-1
14s(.7
X9
101 112
1 114IsIf)
IK
1')20.'122
^124
267.728
2')
1111117
14IS
1617IX.19411
414741444S4()
174X49Ml
S|
S2S 1-4ssS()
Holder, mid lype of credit
Total
«v muior holderCommercial hanks.Finance companies1
Credit unionsRetailers"Savings institutionsGasoline companies
HY major Ivpe ol trainAutomobile
( oinmeicjaS baoks( letlit unionsFinance companiesSavings inslilutions
Rcvolvim;Commercial hanksRetailersGasoline conipaiues
('[edit unions
Mobile homeCotntnefci,tl banksHnancc companiesSavings institutions
OtherCommercial hanks
( retlit unionsRetailersSavings institutions
Tntil!
Wv muior holderCommercial banksFinance companies-1
Credit unionsRetailers1
Savings institutionsGasoline companies
Hv major npe ol ereililAutomobi le
Commerc ia l hanksCredit unionsFinance companiesSavings inst i tut ions
Revolv ingCommerc ia l hanksRetailersGasoline companiesSavings inst i tut ionsCredit unions . ,
Mobi le homeCommerc ia l hanksFinance companiesSavings inst i tut ions
OtherCommerc ia l hanksFinance companiesCveuit unionsRetailersSavings inst i tut ions
1985
522,SOS
242.0X1111.07072.1 I1)18.86412.4.11
4.21s
2<>K,O579t 00115,61170.091
9.128
122.0217S.86614,69s4.2.1s
1.520
2s 4XX9, SIX9,191O.S59
167.2.19f)l,f>7711.S8X14,9644,l(>9
.10,841
76,622
.12.9262.1,566
6,4911 ,(>(>()
12,10112<>
.15.70s9,10.15,1.10
17,840'SAM
22,40117,721
1.488126
2,771.S47
778K5
4011,2(iX
17,7)86.1X7d. l 11
616172
4,612
19S6
577,784
261.6(14l.Vvl'M77.XS740 S8658,017
.1,205
24S.O5S1(10.709.19,02991,v /412,041
114 91881,65716.240
1.205
2.128
.25.71(1N.XI29,0287,870
172,0X166,411
16.7004,146
10.412
54,979
19 52021.4241,7181,7225.6041 ,»!«
16,9987,7061.194
21.1812,715
12.9179.78h1.5451.0102 OOX
60 X
n ,
726161
1,.) 1 1
4,8422.754
6041 716
177429
Aug.
56.1,6611
217 4X2129,2657 s 61740..17957 124
1.172
211.21)1)Wi.S7117,91684 X6X1 1.145
1 11.1X084 S4S16.02X.1,172
1.910
25.9.199,05 s9.U77,547
171.14167.011
IS.XII4.1SI
11,107
5,601
1.7.1X1 .X8S
772^21
1.024.19
,1.,1/XX99.1X7
I.X02290
999s5K201
19
59
487177
196
1.1 761S2161126
2(1117
Sept,
Ai
571,280
218,9901.15,51676,29940,45556,687
.1.111
M9.01498.01718,24891,2411 1.46X
11.12184 4 1016,086
1,111
1.966
25.7.(29,(1169,2167.500
171.41 167.487
16,0814.169
10,411
7,620
1,5086.251
66276
8.17V)
7.8141.186
.1.126.171
77
S711 s58191756
^07
w12147
7047ft
2274
18696
1986
O c ,
576.H74
260,94(1I.1K,I1W70,991•10 S6S17.046
1,289
241,40099 IKS18.1979 (.7X61 1.612
11.1.81684 X6X16.190.1.2X9
2.024
21,7X49,(1259.1497,610
171,87467,662
16,1744..17S
10.110
Net ehai
5,594
1.9502.522
6961 1015944
4,.1X6I .PX
.1492,141
164
6914 «10444
117
sxS T
<)
67
no46117545
2896
S2
Nov.
577,656
262.949116,11477.SOX40 49657,168
1,221
241,00"100,221
1X.X54921 1.742
114.191XS 47616.1.17.1.221
2. I7X
25.7.118,9519,0917,689
174.52'J68,1S|
16.S/64,159
10,208
a
ge (di nng pt
7H2
2 1091,724
51169T )
6X
19S816217
1.5981 10
S7SS5X
St688454
s t74S879
6SS6X9
69202
16|S|
Dec.
ot pevio^
577,784
261 604116.49477 85740.586SK 017
1.20S
24S OSS100.709
19,02991,27412.041
1 14.9.1885.65216.2401,205
2,128
2\7HIX.SI29.O2X7.X70
172,08166,41114,19216,7004,146
10,412
1
rioili
I2H
1,1451X014990
86916
2,(15048X175
1,0X6.101
547->->(,10.1
161X4SO
^111961
1X1
2 448I.V20
84.1124
11204
Jan
578.57S
'61 694115,81)2
IX ""X440,617SK 9«(>.1.276
245,472101,189.19,24.192,61712,22.1
114.916XS 19516.2771.276
2.1 19
2S,«S2X.7879.0777.988
172,.1.1866,122
16.9014,140
!U,K<i7
794
90692427
11869
71
417680214657180
2171771
116I I
142">S49
118
25710984
2016
'15.1
198
rFeb.
579,5'H
262,1051 16 00978,49240,644S9,«M.1.111
246 (164I0I.68X
19,14797 7X012,249
US 661X6,[)5i16 1081,111
2,145
25 7X9X.7.199 04 s8.00S
172 0766s,62s
(6 9994 116
MI.912
1.(1 IJ
41 1207208
">y125
ls
59229910416.126
747618
U15l(>6
61481217
^62497
75984
65
.....Mar.'
579,91.1
261,9111 16,05078,S(,940 46959 4UX
.1,405
246,290IOI.*2X19,1X691,01212,144
1 15. l « )85.56716.1411.40S
2.147
2S.6I48.72S8,8218,067
172,84466.1 1 114.19617,0164,127
11,172
.122
1724177
175457
94
22616(119
2.1295
49748616794M
2
17514
m
62
76848S
1.1179
240
Apr.
582.S40
261 108117,09178 X7140,4671') 5X2
1,522
247 1X6101,54819 11791,7IX12,161
1<6,S9XX6 X6116.119.1,522
2,156
25.6)1X.7I6X.XI6X.079
171,44666.1X1
17.1784.12X
.11,221
2,927
1,1751,041
102
94117
X9()20
151706
19
l,4!21,296
~>117
179
i,
9
12
602f)K
141142
149
. 1 he i loaids seiies cover inoslindividiials thai is scheiluled In bi or more installments.
lion- ami iiilcrmediak'-lcun ordif extendedrepaid (or has the option of repayment) in
2. More ilctail lor linance companies1. Fxchldes .10 -day charce credit he4. All data have been revised.
I by travelin (he (i-20 statistical releasmd entertainment companie
Consumer Installment Credit A4I
1.56 TERMS OF CONSUMHR INSTALLMENT CREDITPercent unless noted otherwise
l leni
I N I K K I S r K A I I s
Commercial banks'1 48-monlh new car2
2 24-monlh personal3 120-month mobile home-4 Credit card
Auto finance companies5 New car6 Used car
OTI I I .R I'I.RMS1
Maturity (months)7 New car8 Used car
Loan-lo-value ratio9 New car
10 Used carAmount financed (dollars)
! 1 New car12 Used car
1984
13.7116.4715.5818.77
14.6217.85
48.139.7
8892
9,3335,691
1985
12.9115.9414.9618.69
11.9817.59
51.541.4
9194
9,9156,089
1986
11.3114.8213.9918.26
9.4415.95
50.042.6
9197
10,6656,555
Oct.
n.a.n.a.n.a.n.a.
6.1215.17
45..142.2
9297
11,3406,746
1986
Nov.
IO.5814.1913.4918.09
11.8315.20
51.442.6
9397
11,1606,946
Dec.
n.a.n.a.n.a.n.a.
11.7115.12
53.342.7
9398
10,8357,168
Jan.
n.a.n.a.n.a.n.a.
11.6514.62
53.X44.8
9498
10,9027,067
1987
Feb.
10.3514.1013.4218.10
10.7814.56
53.644.7
9499
10,6027,075
Mar.
n.a.n.a.n.a.n.a.
10.5914.40
53 744.9
9499
10,6417,145
Apr.
n.a.n.a.n.a.n.a.
10.8114.49
54.345.(
9498
10,9467,234
1. Data for midmonth of quarter only.2. Before 1983 the maturity for new car loans was 36 months, and for mobile
home loans was 84 months.
3. At auto finance companies.N o i r . These data also appear in the Board's G.19 (421) release. For address,
sec inside front cover.
A42 Domestic Financial Statistics I I August 1987
1.57 FUNDS RAISKI) IN U.S. CRKIMT MARKI-TS
liillicms ol' dollars; half-yearly data are al seasonally adjusted annual rales.
1 Total net borrow ing liv domestic lioiithiancial sectors .
Hy \i-rlor tin,I iii.\lriinu-iil2 U.S. govcinmenl3 Treasury seem [tics4 Agenc\ issues ami mortgages
5 Private domestic iHiiiriiianeiat sectors6 Debt capilal insluanents7 l a \ exempt obligations8 ( o r p o i a l c bonds9 Moitgagcs
10 Home mortgages11 Miilnramih resiilciilialI? CommercialLi barm
14 Oilier dcbl nislniineiilsIs Consumer credit16 Hank loans n.c.c17 Open market paper15 Oilier
I1) H\ borrowing sccloi20 Slate and local governments21 Households?2 Farm21 Nonlai in noiicorporale24 Corporale
2s Foreign ne! borrowing in Uniled Slates26 Honds27 Hank loans n.c.c28 Open market papei29 I .S. government loans
10 Total domestic plus foreign
11 Total net liorroiving In financial .sectors . .
Ih itiMrmtN'n!12 l i .S. goveinincnl related11 Sponsored credit a g e n a sccurilics.14 Mortgage p n ( ) | sccurilics3s Loans troni U.S. govcriunenl.id I'rivalc financial scclois37 (01 poiate bondsIS Mortgages19 Bank loans n.c.c10 Open inarkel paper11 Loans from Federal Home Loan Hanks
llv ii-rlnr42 Sponsored cicdil agencies4.1 Mortgage pools4 1 I'tivate financial scclois4s Commercial hanksId 11.ink affiliates47 Savings and loan associations48 Finance companies49 k i l l s
M) Tutul lift bm lowing
I I ' .S . government s c a n 'ilies ,?. State ami local obligations , .3 Corporate ami Ibrci^n hotuls•* Mortgages5 ( oiisuuici credit(i Hank loans n.c.c7 Open market paperS Oilier loans
50 Total new share issues
60 Minimi funds61 All other62 Nonfiiiancial corporationstil Financial corpoialions64 foreign shales purchased in United State
111
1986'
175.8
87.487.8
.5
28K.5155.5
21.422 8
109 1
4.8T l 1
10.0
131.022.65/.t>14.7.18.7
28S.56.8
121.416.63K.5
105,2
21,5s.41.01.9
11.1
199..1
.187.4
161.1162 1
9
226.2148.344.2IX.785.4
s.42S 2
4.2
77.917.752.9
6.113.4
226 221.588.4
d.K40.269.2
16.06.7s s1 9
13.0
411.1.4
18fi.fiIKfi.7
162 n
252.851.716.0
18.1.0117.1
14.149.0
2.8
109.556.82S.X
827.7
162.2.14.0
18X.04 .1
7(i.dS"1). 1
17.4.1.11.6
198,8199.0
5.17.5114.050.446.1
217..S129.925.161.1
.8
241.595.0H0.121.746.6
557.527.4
2.19.5.1
97.1191 4
d.l1.1d.fi6.25.1
221.6221.7
645 7461.7152.47.1.9
215.4150,129.262.4
6,4
184.096 641.114.611.4
645.7107.8295 0
11.692.8
161.7
1.74.«2.86.25.7
H.U.II
214.1214.7
.1
619.6461.7
49.51117298.5199.2
11.071 7
7.4
157.965 871.0
9.110.1
619.659.4
282.114.4
114.6178 0
9.71,21,0
1154.0
1X1.1181.5
54d.5298 4
42,8.11,2
224.5115 227.5d2 9
I.I
248.198.791.9'4 «12.7
546.5\5 n
2.12.8.4
101.4IK7.4
.15.51.1
18.018.7
216.1216.4
I
568.5129.658.0d l . l
210.5
218.991.168.418.760.5
5ti8.529.6
246.2s
92.7199.5
21, 11,5
11,15,68.1
761.5
201.8201.9
5.10.K155.467 572.7
215.211.1.124.660.1
2.8
175.497.174.912.140.9
5.10.856.8
25.1.65.9
85.6140.7
4.1S.5d.l4 27.8
245.5245.5
7fi0.fi5d8 0217.1
75.1255.7167.511.764.4
192.695 957.7ld.922.0
760 6158.7.136.4
21.199.9
186.8
7.52.d
.48.2.l.d
706.0
211..1211.4
.1
494.7192.1
15.91.17.0219..1156.110.859.7
7.4
102,470,617,d15.729.9
194 715.7
15.194.4
157.1
24.17.11.4
20.64.8
7.10..1
962.5
217.5218.0
.5
745.1511.2
8.1.190.4
157.7242.1
15.187 7
7.4
211.961,6
124.41.0
.10.7
745.08.1.2
142.11.1.7
114.7198.6
5.(1.8
1.52.4
- .1.1
957.6
f iiuuicial sectors
(11.9
47.4.10. S15.0
: 954.5
4.4
1.212.716.2
32 4)5 0S4.S11.69.2
|5.518.5
911.1
64.914.949.5
.42s.212,5
.11.99.9
.8
15..149.5is ;i
1IV6.82.54.3
94.0
67.81.4
66.4
26 212.1
.121.1
7.0
1.4(>().426.2
5.012.12.1
11.4
1.19.0
74 930.444.4
64 A2 1 . 1
.4
.724.115.7
10.444,464 1
7.315.622.717.8
.8
186.9
101.520.79.
185.36.
2 (
14.2
21.779.98s.14.9
14.522.3^2.8
.s
248.4
I1!.712.6
161.4.4
74.X26.6
.14.0
24.219.8
P.2161.474 8
1.64.5
29.244.1
.6
1.14.2
69.829.140.7
64^417.3
.4
.111.115.7
29.140.764.415.421.720,2
4.3.8
14.1.8
80.011.848.2
' M.X29.1
.41.4
17.015.7
11.848,261,8
,97.5
25.131.3
.8
154.8
92.925 167.6
61.93 V.I
,911.911.7
25.367 661.9
9 21.1.712.144.8
.5
2IN.9
110.215.992.1
-} i
108.837.7
.14.2
50.116.7
18.192.1
108.8.6
15.1.12.fi60.9
.5
185.9
129.54.4
124.3«
56.425.5
.62.4
14.41.1.5
5 2124..1
sd.4d.71.7
21.117 s
.9
.110
217
9
820.«
198.61
9327
53426
19
517461-,
3198.691.1
735
54.1
50.61
All scctim
0...1
I ' l l2 ' 412,6
22.6(d 251 168.0
49.1.5
225.944.217.885..17.749..•
5.727.(
(.60.2
254.451.711.2
181 056.829.126.924.K
901.4
271.850470.7
217.895.074 252.067.6
1057.8
124 2152.4114.4215.496 641.052.841.0
1092.1
188.449. s
141.5298.6
6S.874.026.445.8
42.849.6
224.898.789.671.867.1
905..1
296.458 091.9
210.891.358.830.168,1
8.1.U
294,867.5
11.1.5215,2
97 119.8.10.444.8
1,2.12.4
153.5237.1115.3255.795.9(P 375.217.1
J16.2
140.015.9
169.d2 19.9
70. d21.419.1.19.4
1268.5
43d.98.1.(
117.4.157.1
61.6126.6.1.3.452.3
- J . . I
6 09 3
11.51,9. 1
.1.1.6
16.816.811.44.0
67.0
32.114 928,1
2,71.9
-.11.1
18.0
77.06.7
10.1.465.981.6
119.5
191.7•72.180.8
7.01.6
19 179.484.5
5.9.7
- 2 2 . 2
ifi.fi
MA7.61.0
.1.1..1
91 660.475.711.04.1
41.6
•.13.171.587 512.4
l.d
146.X
198,7- 52.0
(•8.78 18.5
92..1
184.692.392.7
5.75.3
Flow of Funds A43
1.58 DIRECT AND INDIRECT SOURCKS OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; half-yearly data arc at seasonally adjusted annual rates.
Transact ion category, or sector
1 I'tttul funds Hdvitficcd tit credit markets to (lomvstitnonfinancii i l sectors
Hy pttbtic amende* ttiul jotei^n2 Iota] net advances3 U.S. government securities4 Residential mortgages5 F t l L B advances !o savings and loans6 Other loans and securities
' tota l advanced, by sector7 U.S. government8 Sponsored credit agencies9 Monetary authori t ies
10 Foreign
Agency and foreign borrowing not in line 111 Sponsored credit agencies and mortgage pools12 Foreign
Private (Itmu'stii lunch advanced13 Tota l net advances14 U.S. government securil ies15 State and local obligations16 Corporate and foreign bonds17 Residential mortgagesIH Odier mortgages and loans19 l.r.ss: Federal Home Loan Bank advances
., . . . . . . . .
20 Credit market funds advanced by private f inancialinst i tut ions
21 Commercial banking22 Savings institutions23 Insurance and pension funds24 Other finance
25 Sources of funds26 Private domestic deposits and KPs27 Credit market borrowing
28 Other sources29 Foreign funds30 Treasury balances31 Insurance and pension reserves32 Other, net
Private domestic noiifinaiiciid inve\tor\33 Direct lending in credit markets34 LJ.S. government securities35 Slate and local obligations36 Corporate and foreign bonds37 Open market paper38 Other
39 Deposits and currency40 Currency41 Checkable deposits42 Samll t ime and savings accounts43 Money market fund shares44 Large time deposits45 Security Ki's46 Deposits in foreign countries
47 Total of credit market instruments, deposits andcurrency
48 Public holdings as percent of total49 Private f inancial intermediat ion (in percent)50 ' to ta l foreign funds
M I . M O : Corporate equities not included above51 Total net issues52 Mutual fund sharesS3 Other equities54 Acquisi t ions by f inancial institutions55 Other net purchases
1981
375.8
104.417.123.516.247.7
24.048.29.2
23.0
47.423.5
342.3115.923.419.8SI.5
145.916.2
320.2106.526 293.594.(1
320.2214.5
54.5
51.2- 2 3 7
-1.189 613.6
76.637.111.1
- 4 . 01.4
31.0
222.49.5
18.547.3
107.536.0
5 21.7
299 0
26.293.6- . 7
-3..36.0
- 9 . 319.9
-23.2
1982
387.4
115.422.761.0
.830.8
15.965.59.8
24.1
64.916.0
352.9203.1
44.214.85.3
96.9.8
261.9110.221.886.243.7
261.9195.225.2
41.5-31.4
6.192.5
-25 .7
116.369.925.0
2.0- 1 . 320.6
204 S9.7
18.6135.724.7
S ">n.i- .4
120.7
28.674.2
7.3
33.616.816.827.66.0
1983
548.8
115.327.676.1-7.018.6
9.769.810.924.9
67.817.4
518.7226.9
53.714.655.0
161.57.0
391.9144.3135.697.814.1
391.9212.226.2
153.416.3
- 5.3110.631.8
153.095 539.0
-12.715.116.2
229.714.328.8
215.344.1-6.318.53.1
382,7
20.475.541.3
67.032.134 946.820.2
1984
756.3
154.636.056.515.746.5
17.473.38.4
55.5
74.96.1
682.7237.8
50.432.698.5
279.115.7
550. S168.9149.2124.0108.3
5 SO 5
317.664,1
168.85.44.0
112.546.8
196.4132.929.63.48.9
28.3
321.18.6
27.8150.747.284.97.0
- 5.1
517.4
20.380.660.9
- 3 1 . 138.0
- 69.18.2
- .39.4
1985
869.3
203.347.294.614.247.3
17.8101.521.662.4
101.51.7
769.2277.0152.441.284.8
228.114.2
554.4186.383.4
141.014.3.6
554.4204.8
85.3
264.217.710.3
107.0129.2
300.2150.959.213.251.825.1
215.112.442.0
137.5
I O1.3.42.1
515.3
23.372.180.1
37.5103.4-65.9
33.34,1
1986'
834.0
311.187.8
158.519.845.0
10.9176.630.293.4
173.79.7
706.2300.649.579.073.7
223.219.8
647.9194.8105.3137.2210.5
647,9242,3
74.8
330.812.41.7
120.0196.6
133.181.017.812.31.4
20.6
262.714.499.4
123.120.88.27.26.0
395.8
36.991.7
105.8
119.5191.772.125 294! 3
1984
111
727.8
132.526.852.715.737.5
9.074.0
8.840.7
69.835.5
700.5224.4
42.825.6
109.9.31.3.6
15.7
581.8184.2173.5144,579.5
581.8300.2
64.4
217.23.0
.1146.567.8
183.1142.2
25.026.8IS.726.9
311.313.129.4
136 430.293.410.8
- 2.0
494.4
17.483.14.3.7
- 4 0 . 1.39.3
- 79.44.1
36,0
112
784.8
176.645.260.215.755.5
25.772.S
8.070.4
80.023.3
664.9251.2
58.0.39,687.0
244.715.7
519.1153.5124.9103.51.37.2
519.1334.963.8
120.47.88.2
78.525.9
209.6123.634.319.92 1
29.7
330.94.1
26.3164.964.276.5
.3.18.2
540.5
23.278,178,2
- 2 2 . 236.6
- 5 8 . 8
20.6-42.7
1985
111
732.6
201.853.185.611.751.4
28.898,223,751.0
92.94.1
619.6241.7
67.549.772.0
200.411.7
471.3133.863.0
121.8152.7
471.3203.0
61.9
206.511.214.497.483.5
210.2130.820.525.4
7.326.3
215.915.818.2
167.14.2-.8
14.3-2 .9
426.0
27.776.162.2
33.393.6
- 6 0 . 454.020.7
112
1,006.1
204.941.3
103.716.743.2
6.7104.9
19.573.8
110.27.5
918.8312.2237.3
32.797.5
255.916.7
637.4238.8103.9160.1134.5
6.37.4206.6108.8
322.024.3
6.1116.6175.0
390.2171.098.0
1.096.324.0
214.39.0
65.8108.0- 8.628.912.51.3
604.5
20.269.498.1
41.6113.171.512.629.0
1986'
HI
706.0
267.685.4
121.013.547.7
12.9135.3
9.8109.7
129.524.3
592. !254.5
15.9104.265.9
165.01.3.5
572.4106.9101.4128.62.15.6
572.4224.5
56.4
291.5.9
5.5104.5191.5
76.141.4
- 2 1 . 849.3
- 13.821.0
241.610.983.1
119.529.0
.9-7.96.2
317.8
36.696.7
110.5
146.8198.7-52.0
35.4111.4
112
962.5
354.590.1
196.026.242.3
9.0217.9
50.677.1
217.85.0
820.9346.8
83 053.981.4
281.926.2
724.0283.0109.3145.91X5.X
724.0260.3
9.3.1
170.524.0
9.01.35.5202.1
190.0120.957.424.716.719.8
284.017.9
115.9126.7
12.717.322 35.7
474.0
37.088.2
101.1
92.3184.692.315.177.2
N O I l^S HY 1 I N I . N U M 1 H . K .
1. Line 1 of table 1.57.2. Sum of lines 3-6 or 7-10.6. Includes farm and commercial mortgages.
I t . Credit market funds raised by federally sponsored credit agencies, and netissues of federally related mortgage pool securities.
13. Line 1 less line 2 phis line 11 and 12. Also line 20 less line 27 plus line 33.Also sum of lines 28 and 47 less lines 40 and 4(>.
18. Includes farm and commercial mortgages.26. Line 39 less lines 40 and 46.27. Includes equity issues and investment company shares. Includes line \9.29. Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates,less claims on foreign affiliates and deposits by banking in foreign banks.
30. Demand deposits and note balances at commercial banks.
M. Excludes net investment of these reserves in corporate equities.32. Mainly retained earnings and net miscellaneous liabilities,33. Line 13 less line 20 plus line 27.34—38. Lines 14—1S less amounts acquired by private finance plus amounts
borrowed by private finance. Line 3S includes mortgages.40. Mainly an offset to line 9.47. Lines 33 plus 39, or line 13 loss line 2H plus 40 and 46.4N. Line 2/line 1.4l). Line 20/line 13.50. Sum of lines 10 and 29.51, 53. Includes issues by financial institutions.No 11.. Lull statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Mow of Funds Section, Division of Researchand Statistics, Hoard of Governors of the Federal Reserve System, Washington,D.C. 20551.
A44 Domestic Nonfinanciul Statistics G August 19X7
2.10 NONHNANCIA1. UUSINKSS ACTIVITY Selected Measures1
1977 KM); monthly and qtiiirtci'ly data are seasonally adjusted. Exceptions noted.
Measure
1 Industrial proiliR'tioii
Market i,'nnif>int,'\2 Products, total.\ f ina l , total4 Consumer goods> Kquipmenl6 Intermediate7 Maleriais
Industry i!roi<pini;sH Manufacturing
Capacity utilization (percent)"9 Manufacturing
10 Industrial materials industries
11 Construction conlracts (1(JK2 LOO)1
12 Normyi icultui al employment, total11
U (ioods-producing, total14 Manufacturing, lotal15 Manufacturing, production-worker. . . .Id Service-producing17 Personal income, total18 Wages and salary disbursements1'J Manufacturing ,
21 Retail sales''
Prices22 Consumer (1967 100)21 I'roiliicer finished |!IMKIS ( l%7 1001 . . .
1984
121.4
126.7127..1118.01 19.6124.7114.2
12!.4
Ml. 5S2.ll
1.15.0
114.610l.fii)8.494.1
12(10191.5184.8164.6191.617').(1
l l l . l291.1
1VK5
12.1.8
1.10.8m . i120.2145 4110.0114.2
I2d.4
80.180 2
148(1
118.4102.498.192 9
125.02O(i.2197.8172.52os o190.6
.122.2291.7
198fi
125.0
111.21.12..1124.4142.71.16.411.1.9
129.1
79.878.5
155.0
121.5102.497 592.1
129.4216.820H.6176.7215 5199.1)
128.4289.6
Sept.
124.9
l .H. l112.2124.2142.81.17.0in. .s
129.5
79.678.1
155.11
121..V1(11 1'
%,2'')(>.')'
129.8'218.2210.117(i.5216.4211.0
nil.2287..1
1986
(kl.
125..1
114.0112,7124.7141..11.18.711.1..1
129.9
79.677.8
151.0
121.5'
mi.r96.2'90.9'
110.1'218.8211.5179.0216.7201.9
1 10 'i290.7
Nov.
126.0
1.14,5111,1125,6141.1119.2114..
1.10..1
19.7'18.8'
156.0
121.8'101.2'96. V91.
110.4'219.2212.SH7.8216.8200.9
.110.8290.7
Ik-t .
126.7
1.15.01.1.1.7127.2142.21.19.7115.2
1.11.1
80,078,')
155.0
121.9'101.2'96.4'VI .1 '
110.6'220.4212.8178.1217.5211.8
Vl 1.1290.4
l ™ .
126.5
114.V1.1.1.6126.8142.8119.1115.2
1.11.1
79.9'78.8
150.0
122.4'101.5'96..1'VI. 1'
m.r221 V214,2'178.7219.0'196.8
111.291.8'
l-eb.'
127.2
1.16.1115.0127.5144.91.19.7115.1
112.0
80.178,7
145,0
122.7101.696.491.4
111.522.1.8216.0179.6222.420ft] .1
114.4292.1
1987
Mai.'
127.3
116.21.15.1127.6145.0140.1115.1
1.12.2
80.278.6
160.0
122.9101.796.591.4
111.8224.5216.8179.122.1.{)207.9
.115.9292.1
Apr.'
127.2
115.6114.4126.6144.7140.0115.6
1.12.0
79.978.8
158.0
121.2101.796.691.5
112.2225.1217.5178.8217.0208.1
137.7295.0
May
127.S
116.5115.2127.4145.6140.7116.0
1.12.7
80.279.0
149.0
12.1.4101.796.691.6
112,4225.8218.4179.4224.1206.7
H8.7296..1
1. A majoiutilization rate
evision ol the industrial productireleased in July l'JK.S. Se
d i bl" A Revy
Industrial Production" and accompanying tables that co(ll)77 100) through December 1984 in the l ; i ni RAI R I S I R 1
(July 1(J8.M, pp. 487 501. The icvised indexes for January ' .nigh Ju
the capacitythe Index of
.ed indexesI I N . vol. 71
shown in ihe September Hi2. Ratios of imlcu-s of production to indexes of capacity. Hased
I'ederal Reserve, McCiraw-merce, and othi
Economics He part merit. Depart nHI data
I. I rule of do idential.nonresidential and heavy engineering, from McCiraw-ll i l l Information SystemsCompany, I-', W. Dod^e Division.
4. Rased on dala in f-'mphyment and luimin^s lU.S. Department oi Labor).Series covers employees only, excluding personnel m the Armed Forces.
1VU. / ZVi). I ll)\)A lv)l.K lv)l.S IVl.S .W.I) 11M)..S
5. Based on data in Survey of Current iiit.sincw (U.S. Department of Com-merce).
f). Based on Bureau ot Census dala published in Survey of Current liusiness.7. Data without seasonal adjustment, as published in Monthly I.uhor Review.
Seasonally adjusted data lor changes in the price indexes may be obtained fromthe llureau of Labor Statistics, U.S. Department o\ Labor.
No i t . . liasic data (not index numbers) for series mentioned in notes 4, 5,and (i,and indexes for series mentioned in notes } and 7 may also be found in the Surveyft/ Current liu.\ine.\.\,
Figures for industrial production for the last two months are preliminary andestimated, respectively.
Selected Measures A45
2.11 LABOR FORCF., FMPl.OYMKNT, AND UNEMPL.OYMKNTThousands of persons; monthly data arc seasonally adjusted. Exceptions noted.
CalegotA
Housi 1101 n Souvi v DAI \
1 Noniiistitutionill population1
2 Labor I'orcc (inclueiing Armed Forces!1
3 Civ i l ian labor lorecIjnploxmen!
4 Nonagricilltural induslricv5 Agriculture
/ •iwmploytncn!6 Number7 Rate (percent o f c iv i l ian lahor forcel . .8 Not in lahor force
Hsi AHI ISIIMI N 1 Sl 'KVI V D, \ l , \
9 Noiia^i'icuKural payroll employment'
1(1 Manuractiiring! 1 Mining
13 1 ransportation and public uhlilies14 Trade15 FinanceId Service17 Government
1984
178,602
115.761M), .M4
101.685.1.321
8.5197.5
62.819
94,496
I9,?78966
\ I 5 9
22.1005,689
20.79716.02!
1985'
1X0,440
117.695115.461
IO1.')7I.5.179
S..M27.2
W.74S
97,519
l').2(i(l927
4 67 S
23.07!s.y.ss
22.00016.394
I9H6'
1«2,S22
PI) 078117,834
106,4343.163
8.2377 (1
62.744
99,610
18.994781
5! 24423.580
6.29721.09916.710
Oct. '
183,450
120.6781 18.414
107,0101.IA2
8,2226.9
62,772
100,209
18.934735
^251
21,7116 39 S
23,36916,872
1986
Ncn . '
18.1,628
120,940118,1.75
107.217.1.215
8.2436.9
62.688
100,415
18.95473(1
V278
23.7176.418
23.45216.900
Dec '
IS.I.MS
120.854118.586
107 4761,161
7,9496.7
62.961
1110,567
18,9707n4
5J86
6^45121 54416.924
Jan.
1S4.092
121,299119,034
107 8663.145
8.0236 7
62.793
100,919'
18.956'718'
5!304'23,821'
6.480'23.67016,936'
l e b . '
184.259
121,610119,149
108.1463.236
7 9676.7
62.649
101,150
18,986719
5 0185 J I 5
2 1.8976.501
2i,75'J16.935
1987
M a i . '
184,4.16
121,4791 19,222
108,0843.284
7.8546 6
62.957
101..129
18,995722
5,0325.331
23,9026.526
23.84216.977
Apr . '
184,597
121.588II9.13S
108,S453,290
7.5006.3
63,(X)9
101,609
19,011710
534523.9826.560
23.92617,039
Ma)
184,777
122,217119.993
109,1123,315
7.5466.1
62,540
101,7.12
19.016735
5.344
24,(KI66 577
24,02217,036
1. P e r s o n s 16 y o u r s of aj;c a m i o v e r . M o n t h l y t i g u i e s , w h i c h a r c h a s c d o ns a m p l e d a t a , r e l a t e 10 t h e c a l e n d a r w e e k t h a i c o n t a i n s t he 12th d a y ; a n n u a l d a i a;irc a v e r a g e s o f m o n t h l y t i g u r e s . By d e l i n i l i o n , s e a s o n a l l y d o e s no t e x i s t inp o p u l a t i o n f i gu re s . B a s e d on d a t a f rom Ijfiplovmcnt and iUirnin^s ( U . S . D e p a r t -m e n t o\' L a h o r ) .
2. Includes self-employed, unpaid family, ami domesiic service workers.
.V Data include all full- and part-lime employreceived pay for, the pay period that includes thexclude proprietors, ^elf-employed persons, donworkers, aiul members of the Armed l-'orces. Databenchmark and only seasonally adjusted data are adata from Lmploymeni and i.anunii* (U.S. Depar
.'orked during, or12th day of the month, andtic servants, unpaid family.•adjusted to the March 1987
variable at this lime. Based onmerit of Labor),
A46 Domestic Nonfinancial Statistics LI August 1987
2.12 OUTPUT. CAPACITY, AND CAPACITY UTILIZATION
Seasonally adjiislixl
Scries
1 Total industi'}
2 Mining.1 Utilities
4 Manufacturing
5 I ' lmiary processing6 Advanced processing
7 Malcrials
S Durable goods9 Metal materials
10 Nondurable goods11 Tex t i le , paper, ami ehemieal12 I'aper1.1 Chemical
14 Hncrgv malei ials
Is To(al industrj
16 Min ing17 Uti l i t ies
IS Manufacturing
19 I'riiiKirv processing.20 Advanced processing . .
21 Materials
22 Durable goods21 Metal materials . . .
24 Nondurable goods .
2s Texti le, paper, andchemical
26 I'aper27 Chemical
2S l.nergv materials
1'revioi
High
scvele1
1986
O2 0< 04
1987
or
Output (1977 11X11
124.4
99 91(18 9
128.4
M lI.1S.9
113.3
I IS.87.1.1
116.9117.011(1.1
in.4100,6
125.0
96,6108,8
129.4
112 1119.7
113.4
118.871.1
119.712(1.41.15.1117.7
98.6
1 .ilesl cyc le '
High Low
88.6
92.S9S.6
87.7
91.')86.0
92,0
91 X99,2
91,1
92.89S.492, 5
94.d
72.1
87.8S2.9
69.9
6S.171.1
7(1.5
64 467,1
66,7
64. S70,664,4
86.9
86.9
9^.2S«.s
86.5
89.185.1
H9.I
89 891.d
88.1
89,497,187,9
94 (I
69.5
76.978.0
6N.0
(is. 169.5
68.4
60 945.7
7(1.6
68.679.961.1
S2.2
126.0
96.6110,4
130.4
114.014(1.4
114.3
12(1.175.7
121.1122.4116.0120,1
98.2
1986
May-
127,0
96.6109.5
131.8
115.1141,8
115,1
121.275.5
122.8124.21.16.4122.5
97.8
1986
(.'2 04
1987
01
Capac ly (percent of 1977 output)
157.1
1.12,1l l ( i ,9
161.4
114.(1177.9
144.7
160.7114.5119.5US.81.18.1144.1
121.3
157.9
111.9137.5
162.4
1.14.6179.1
145.3
161. S
1VVJ119.2US.9144.7
121.4
1986
Sepl. Oct.
Capacity uh l i / a l
79.1
ys.s
79,1
79.4
82,97S.II
78.1
71 76V2
83. s
84.291.180.2
82.9
79.0
72 978.7
79.6
S.I,777,6
78.1
71.564.S
86.1
S7.496.182.6
SO.7
79.0
7 1 579.1
79.6
8.1. S77.8
77.8
7,1,665.2
85.8
87.095.782.5
79.7
Nov.
158.8'
111.7118.1
163.4
115.1ISO.4
145.8
162,2113.4140.4119.61.19.7145,0
121.6
Dec
159.6
131.3138.7
164.4
135 9'1817
146.3
16.1,0112.7141.0140,4140.S145.6
121,6
on late (peieenl)
79.4
73,980.5
79.8
84.477.7
78.4
74,268,4
85,7
86.796.081.7
81.2
79.6
73,S79,5
80.11
85.077.9
78.9
74.366,5
87,7
89,2100.284.3
81.2
79.4
71.979, 1
79.9'
84. X'77.8
78.8
74.065,9
87.5
89.198.384.9
S I . 3
1986
0 2 <J3
1987
01 '
l i t h/alion rale (percent)
79.2
7.V679. .
79.5
82.978.0
78.3
73,96V681.S84.194.280,0
82.')
, , ,
79.7
71.179,0
8(1.3
84.778.1
78.7
74,667, 1
86,8
88.197,181,7
80.3
79.1
71.279.1
79.7
S.1,178,0
78.1
71.664.285.686,597.381.4
81.2
79.3
71.479,9
79.8
84. : i '
77.8
78.474.(166.786.487.697.382.8
80,7
79.6
73.678.9
80.2
84.778.1
78.7
74.467.087.188.596.9S4.2
80. s
1987
" . . . Apr. '
79.6
73,578,7
80.2
84 778.1
78.6
74..s68.0
86,8
88.195.484.0
79.7
79.4
71.779.4
79.9
85 077.7
78.8
74.468.,1
87.6
88.995.185.6
80,5
MaS
79.6
73.78(1.4
80.2
85.577,9
79.0
74,568.7
87.8
89.1
81,0
Month ly high 1971; moMonth ly highs 1978 thr
il l i ly low 1975.High 1980; monthly lows 1982
N o i l . These tlala also appear in the Board's ( i j (4()2> rc lcinside I'm Ml cover.
Selected Measures A47
2.13 INDUSTRIAI. PRODUCTION Indexes and Gross Value AMonthly data are seasonally adjusted
Cirouping
1977
por-tion
1986avg.
May June July Aug. Sept Oct. Nov. Dec. Jan. Feb.' Mar. Apr.'' May
Index (1977 KM)
MAJOR M A R K I I
1 Total index
2 Products3 Final products4 Consumer goods5 Equipment
6 Intermediate products7 Materials
Consumer Hoods8 Durable consumer goods9 Automot ive products
10 Autos and trucks11 Autos, consumer12 t r ucks , consumer13 Au to parts and all ied goods. .14 Home goods15 Appl iances, A/C and T V16 Appliances and T V17 Carpeting and furni ture18 Miscellaneous home goods
19 Nondurable consume]- goods20 Consumer staples21 Consumer foods ami tobacco . .22 Nonfood staples23 Consumer chemical products24 Consumer paper products . , .25 Consumer energy26 Consumer fuel27 Res ident ia l uti l i t ies
2X Business and defense equipment29 Business equipment30 Construct ion, min ing, and farm . ..11 Manufactur ing32 Power33 Commercia l34 Transit35 Defense and space equipment
[36 Construct ion supplies37 Business supplies38 General business supplies39 Commercia l energy products
Mtitfiiuls40 Durable goods materials41 Durable consumer parts42 liquipment parts43 Durable materials n.e.c44 Basic metal materials
45 Nondurable goods materials46 Textile, paper, and chemical
materials47 Textile materials48 Pulp and paper materials49 Chemical materials50 Miscellaneous nondurable materials .
51 Hnergy materials52 Primary energy53 Converted fuel materials
HID.Ill)
57 7244.7725 5219.25
12 9442.28
6.892.981 791.16
631 193,91I 24I 19
961.71
18.6315.297.807.492.751.882.861.441.42
18.0114.342.083.271.275 222.493.67
20.504.925.949.644.64
10.09
7.531.521.554.462.57
11 697.574.12
125.0
133.2132.1124.4142.7
136.4113.9
116.2115.1112.997.3
141.8118.4117.1139.5141.6125.8
96.0
127.597.0
134.1131.9136.5161.2147.4105.792.8
147.1138.659.8
I 12.081.6
214.6109.2180.3
124.7
119.798.5
153.9109.480.0
118.3
118.9110 6132.1117.1116.5
99 9105.589.6
124.2
132.4131.6
124.3141.2
135,1113.0
113.8113.2110.394.8
139.1117.4114.3133.9135.812.3.395.0
128.1135.0132.4137.7162,4148.6106.896.4
117.5
146.0137.960.911.982.9
212.907.378.0
21.545.048.330.7
18.496.452.308.878.9
16.5
16.908.428.615.715.3
00.506.789.2
124.2
132.4131.1
124.4140.0
137.0113.1
114.3113.71 P 299 3
136.1116.1114.8137.5139.1122.594.1
128.1135.1133.3137.0163.6147.1104.891.8
118.1
145.1136.661.9
II 1.783.5
208.2108.8178.4
124.1147.9151.6131.9
117.896.3
151.8107.976.7
117.7
118.2109.5132.711!, 1116.4
100.8106.590.4
124.9
133.2132.0
125.2141.0
137.3113.6
116 3116.4114.595.3
150.3119.1116.3138.9141.6126.694.1
128.4135.3132.2138.5166.4146.4106.691.2
122.3
146.4137.960.6
112.681.7
214.5103.9179.5
124.0148.6153.3128.3
118.896.7
154.3108.277.4
118.9
119.0III.2135.6115.9118.3
99.9104.890.9
125.1
133.8132.6
125.1142.5
137.8113.2
115.7114.5110.487 8
152.4120.7116.7139.4142.5125.895.1
128.6135.5133.2137.9163.4147.7107.194.9
119.6
147.8139.358.3
113.381.7
217.5106.9181.0
125.4148.4152.5130.6
118.895.2
155.6108.176.9
119.7
120.511.3.41.36.0117.5117.2
97.9103.787.3
124.9
133.3132.2
124.2142.8
137.0113.5
IP.41P.0116.896.2
155.1IP.3IP.7141.2143.5126.296.0
126.7133.6
mo136.3161,1145,7106,392.0
120 9
148.0139.358.1
113.080.3
215.1113.3182.0
125.9146.4151.2125.8
118.995.3
154.8108.878.4
120.6
121.8116.0133.7119.7117.1
98.0103.887.4
125. i
134.0132.7
124.7143.3
138.7113.3
116.3112.7107.791.9
137.1120.1119.0142.6144.3128.896.5
127.8134.4131.6137.2161.7150.3105.290.8
119.8
148.4139.158.0
112.780.5
215.4111.8184.6
126.3149.3154.1128.8
119.297.0
153,5109,478.8
120.3
121.3114.31.33.5119.5117.5
96.9102.786.2
126.0
134.5133 1
125,6143,1
139,2114,3
1184114 6107 692,3
136.0125.2121 2148.1150 0131 196.3
128 3135013261374161 0151 5105 591 7
119 6
148.1138.656.6
109.679 5
217 3110 71849
126.81497153.7132.4
120.498.0
154.5110.782.1
120.2
121.0115.6134.2118.5117.6
98.7104.887.6
126.7
135.0133.7
127.2142.2
139.7115.2
121.5117.7115.699.5
145.6120.8124.4153.2155.1132.099.4
129.4136.01.33.9138.2163.1150.1106.492.2
120.8
147.01.37.158.2
108.880.2
21.3.7108.9185.8
127.9149.8154.3130.3
120.798.S
154.2111.280.3
123,2
124 7116.1140.2122.3118.5
98,8105.187.3
126.5
134.9133.6
126.8142.8
139.1115.2
120.0117.6117.994.3
161.9117.1121.9146.9148.9129.199.8
129.2135.9132.9139.1)165.9149,4106.395.0
117,8
147,7138.157,2
Ml).79.6
215.9109.5185.2
128.3148.3153.3126.8
120.599.0
154.0110.879.2
123.2
125.0116.5137.9123.4118.0
98.9104.189.4
127.2
136.1135.0
127.5144.9
139.7115.1
122.4123.5125.2105.3162.1121.0121.6145.2146.7130.899.3
129.41.35.9134.0137.9164.7147.8105.792.5
119.2
150.1140.856.8
111 *•HL2
218.4117.4186.5
128.4149.4154.1128.8
121.5100.0155.6111.580.3
122.5
123.6115.8136.7121,8119,0
97.6102.688.5
127.3
136.2135.1
127.6145.0
140.1115.1
121.6121.1121.6100.9159.9120.3122.0144.0144,9132.6100.2
129.8136.4134.3138.6167.3146.7105.894.1
117.7
150.0140.657.6
111.281.4
219.4114.0186.6
128.5150.0154.6130.4
121.698.8
155.8112..380.9
122.7
124.0117.6134.7122.4119.0
96.9101.588.5
127.2
135.6134.4
126.6144.7
140.0115.6
118.4115.5111.591.8
121.4120.6138.9140.5134.599.7
129.6136.3134.1138.6167.0147.1105 793.5
149.8140.458.2
111.981.0
220.2110.0186.5
127 9150.3154.5132.3
121.596.4
156.311.3.081.5
124.1
125.3119.0134.9124.2
97.8102.090.0
127.8
136.5
127.4145.6
140.71 16.0
1 19.4116.7113.191.0
122.0121.5141.1
1.30.3137.0
150 6141.2
112.381.0
221.5110 3187,4
121.896.1
156 811.3.4
124.7
126.0
A48 Domestic Nonfinancial Statistics I I August 1987
2.13 INDUSTRIAL PRODUCTION Indexes and Cross Value—Continued
Ciioupiiij;
MAIOH INDUS] in
1 Mininy inul utilities2 Mining3 Utilities4 Manufacluriii};5 Nondurable(» Dunihlc
Minim;7 MetalK Coall> Oil ;uul gas extraction
10 Stone and ciirth minerals
Nondurable manujaclitres|] foods12 Tobacco product-,13 Textile mill products14 Apparel productsh I'a per and pioducls
16 Printing and publishing17 Chemicals ami products15 Petroleum products19 Rubber and plastic products . . . .20 I .catlier and products
Ihirnhlf mttnuj'tu lure,2\ Lumber and products22 l u in i l u r c and fixtures21 Cla>, jOass, stone products
24 Primary metals2> Iron and steel26 labi icat i /d melal pioducls27 Nonelectrical machmerv2K I'.leclr ical machinery
2M 1 rauspoi lalion equipment30 Motor vehicles and piuls31 Aerospace and miscellaneous
harisportation equipment.32 Inslriiments33 Miscellaneous inainifacliues . . . .
Utilititw34 HIeelric
MAJOH M A K K I I
35 Products, lotal
36 Final37 Consumer goods3K }',L|iiipment3l) In lennedia le
SICcode
10
1114
2.021222 t2d
2728291011
242.S12
11
1.11.214.15Id
VI171
172-6.91819
19
1"
tic
IS
s84IS
49
1
21
•I
X22
12
s.1(9
95
.1
1
4
"1i.
i
n
.79
.81
.96
.21I 1
.10
SO60(),'66
9d622979IS
54OS40
so51
1(127/2
114946s415
1125
X76646
17
19X6IISj;.
101,499,6
109,(1129,11111,9127 9
124 294.7
1119
1 lid96.6
111,2101 d116,4
161.41 H O92.1
l s l . 161.1
121.4146.7120.2
75.8d l 4
107.4141.9Idd.S
125.81 10.9
l.ld.l141.199.1
I IU ILX (1977 KKII
101.199 8
MIX 512X2129.9127.0
72.0124.09S. I
112.1
1.11,7101 dI I IIlO.'.fi111,2
l i l . sVs . 7
ISO IS9.S
120 2
74. X(ill.2
106.S141.1Kid.O
124.1
MS. (I140.1101.0
5 1 7 . S
•I0S.7
I 11.0II I .1)
1,7(12.2
I..114..SXS.l.X4SX.2W7.(i
I.6S7.6
K.S2.4448.7lXd.4
102. d9X.9
IDX.d
126.2
(|S.9127.191.1
114.d97.6
I l2.d101.7117.2
164.0I 14.29I.«
152.2>7.9
120.9147.1120.8
71.4SX.l
106.6140.4Id!.2
121.1I 10.6
144.7I 19.99X.1
121.1
101.X97.1
109.7129.21.11.7127.4
d9.2120.292.4
114.197.V
II 1.4102.S118.1
16S.4I I.I.I90.6
IVS.Sd l . V
120.8149.S1 19.6
71.661.7
105.7142.6I (id. 8
I2S.6
I4S.2141.797. s
I2.S.4
100.996,4
lOX.i
70,9122.290,7
114.8
I 0 2 . SI IX.d
H4.-194,0
ISS.S6 2 , 0
122.sI4X.1
7.1.460.8
I2S I108,2
148,0142,098.1
1,676.7
I.289.S84.1.8445 71X7.2
1,669.9
1,282.7H42.4440.41X7.1
1 . 6 X I . . 1
1,292.6S46.944.1.71X8.7
100,896,2
I0X..1
111,412X.I
70,7120.X91,0
1117
114.189.8
I Ki.O102.7l id ,9
I (i 1,0111,991.1
|s.| 9S9.4
125.0147,712 I d
74.161.1
107,1140.9166.9
127.7
148.7141.797.7
00.79S.d09. 3
.12.328.1
(iX.s17.6911.5Id.4
.1.1.70(1.1Id.l04.217,8
67.X11.991,157.66(1,2
25.949,218.1
74 262.20 X 142 2d7,7
25.207,1
49,740,199,0
2.1.X
IO2.d97.4
III.2
1.12.712X.d
dX. l1.10.190.4
115.2
114.49d.8
1 17.8105.11.19.5
IdX.S112.192.0
159.061.1
129.5I4X.6120.6
76.X64.X
107.1141.2168.1
125.6107.9
149.6141.198.9
I2\l
101.996.7
1 10. d
11.1.7129 2
71.S124.190.9
109.d
115.192.9
MX.4
I4l.(i
I(i7,7114.d92.5
160,759.4
m . i150.5121.7
71.560. s
108 f119.9170.2
127.0111.2
148.4142.4101.1
12.!. s
101.997.2
109 S
111.1114.1129.0
72.1l l i . sX9.9
107.1
l l s . 1X9.I
1 18.0107.2119.8
168.1117.494.7
15X.IS8.1
1.10.2148.7122.8
71.6Ml. 2
108.0140.1l()9.2
128.11 12.2
149.6142.S101.X
121.7
101..1% 2
109.61.12,01.14,1110,4
72.0127.789. S
110,0
1(5,798.7
118 4107 4140 5
I6(.71 17 791.9
IS9 259.6
110.0151.8121.s
76..1W.I
108 2142.1169.1
111.81 17.X
150.7141.1101.1
122.1
101. 196.4
109.1
1 12.21.14.61.10.5
71.6121.X91.0
I I 1.2
l id . 1100.71 IX.X106.7119,2
167.9I1X.291.4
160.259.1
129.615.1.X122.6
77.565.1
108.614.1.7167.7
1 U).d115.5
151.1142.2102.2
12.1.1
101.796.5
I 10.41.12.01 15.1129.8
1 12.4
1.15.9
120.5
I.1X.4
I (.9.2I 19.092 d
162.2SV.l
1.10.6155.7121.5
76.865.1
108.6
I2d.9109.1
150.7141.1101.5
of 1982 dol lars, ininusil
1.677.S
1.292..1X.19.8452.5.185.5
1,68.1.9
1,292.5X.19..1451 2.191,4
1.690.X
] ,29 / .d847.2450 4191.2
1,701.9
I..UKi.7860.1446.2195.1
1,707.1
I..115.1X(>5.5449.6.191.9
I , 7 2 1 . 4
I..1.11.9869.7462.2.1X9.5
1,723.6
1 ,.110.2870.1460.0.191.4
1,712.2
1,117.6861.1456.5194.fi
102.296 1
I I 1.91.12.71.15.91.10.4
145. .1
127.7I 10.2
151.414.1.0
1,721.4
1322.686.1.0459.619X.X
• A iiKijt i! revision o! Uic uu l l is l i ia l p ro t loc l iun iiulc\ ami (lie capacityi io l i / .a l iun iau:s \sas te lcasfd in July 19X5. Sec "A Revision nf (he Index oi'In t lns lna l I ' roJucl io i !1" ami accoi i ipanyi t lg tables that contain revised indexes(1977 1001 t lnonc l i Deeeinlier 1984 in Hie I - ' I - I I I .KAI R I SI K V I H I , I I I U N . vo l . 71
(.Inly 1%5|, pp. 4X7-501. The revised index,shown in the Sepletnliei l l tn I I I IN.
N o i l . lhese data also appeal in the Hoard's ( i . 12.see inside fiont cover.
January through June 198^ were
lease, For address,
Selected Measures A49
2.14 HOUSING AND CONSTRUCTIONMonthly figures arc at seasonally adjusted annual rates except as noted.
July Aug. Sepl. Oct. Nov. Dec Jan. Feb.' M; Apr.
Private residential real estate activity (thousands of units)
Nfw U N I I S
1 Permits authorized2 1 -family3 2-or-more-family
4 Started5 I-family6 2-or-more-family
7 Under construction, end of period1
8 I-family9 2-or-more-family
10 Completed11 l-family12 2-or-more-famiiy
13 Mobile homes shipped
Merchant builder activity in l-family unt14 Number sold15 Number for sale, end ot period'
I'liic (thousands of dollars)2
Median16 Units sold
Average17 Units sold
KXISTINC; U N I I S (l-family)
18 Number sold
1'rice of units sold (thousands of dollars19 Median '20 Average
CONSIRUCI ION
Total put in place
1,682922759
1,7491,084
665
1,051556494
1,6521,025
627
639358
80.0
97.5
2,868
72.385,9
1,733957777
1.7421.072
669
1,063539524
1,7031.072
631
688350
84.3
101.0
3,217
7S 490.6
1,7501,071
679
1,8051.179
626
1,074583490
1,7561,120
637
748361
80.398.3
1,7781,098
68(1
1,7861,147
639
1,154620534
1,7501,074
676
691350
94.1
116.8
79.999.2
1,7281,059
669
1,8001,180
620
1,163628534
1.7571,124
633
91.5
113.2
3,590
82.0KM). 3
1,6871,071
616
1,6891,123
566
1,154627527
1,7401,113
627
243
744355
95.0
114.0
3.710
80.398.2
1,6641,036
628
1,6571,114
543
1,142625518
1,7451,165
580
675357
96.4
114.9
3,760
79.497.3
1,6671,028
639
1,6371,129
508
1,125619506
1,7741,158
616
237
691353
94.0
113.6
3,850
80.499.1
1,8621,184
678
1,8131,233
580
1,104610494
1,8941,184
710
251
768357
95.0'
118.9'
4,060
80.8100.6
1,6521,085
567
1,8161,253
563
1,089609480
1 9561,217
739
242
712'358'
98.5'
122.1'
3,470
82.4100.3
1,6761,204
472
1,8381,303
535
1.096621476
1,7261.107
619
742358
95.0
120.3
3,690
85.0104.3
1,7191,150
569
1,7301,211
519
1,085617469
1,6961,145
551
722357
99.0
121.2
85.6104.7
Value of new construction1 (millions of dollars)
PrivateResidentialNonresidential, total
BuildingsIndustrialCommercialOther
Public utilities and other
PublicMilitaryHighwayConservation and development .Other
271,973155,148116,825
13,74648,10012,54742.432
55,2322,839
16.3434,654
11,396
292,792158,818133,974
15,76959,62612,61945,960
62,7773.283
19,9984,952
34,544
306,697175,597131,100
13,65352,08413,43351,930
71,2043,8931I.2604,728
41,323
178,821130,182
12,86658,1321.3,27745,907
71,7193,553
21,6034.415
42,148
178,761131,394
12,54360,05413,31545,482
72,4484,13221,6074,294
42,415
.188,471
315,267178,480130,137
13,18058,00114.Ml44,955
73,9645,050
20,5524,841
43.521
.18.1,142
186,962128,305
12,94856,22014,32444,813
73,2043,540
20,4804,754
44,430
311,668185,716125,952
11,53254,8841.1,93743,599
71,4743,98018,4254,516
44,553
305,489181,514123,975
12,58254,41913,88043,094
73,0394,29518,9895,038
44.717
.181,084
307,199185,373121.826
12.15551,90814,10043,663
73,8854,02522,8955,10041,865
386,7')7
311,325184,915126,410
12.72355,36314,63343,691
75,4723,61621,8984,75945,199
306,011184,659121,352
11.10153,39014,97541.886
76,4014,15621,8814,83345,531
1,5981,058540
1,665
1,222443
1.075624450
1,8211.142679
777355
99.0
118.8
3,560
85.0105.0
307.911184,192123,719
11,17154,36214,89843,288
76,2303,888
21,0875,297
45,958
1. Not at annual rates,2. Not seasonally adjusted.3. Va of tn ct ly
comparable with data in prior periods because of changes by (he Bureau of theCensus in its estimating techniques. For a description of these changes seeConstruction Reports (C:-3O-76--5), issued by the Bureau in July 1976.
Norr . Census Bureau estimates for all series except (a) mobile homes, whichare private, domestic shipments as reported by the Manufactured HousingInstitute and seasonally adjusted by (he Census Bureau, and (b) sales and prices ofexisting units, which are published by the National Association of Realtors. Allback and current figures are available from originating agency. Permit authoriza-tions are those reported to the Census Bureau from l6,(KK)jurisdictiuns beginningwith 197K.
A50 Domestic Nonfinancial Statistics ( 1 August 1987
2.15 C'ONSUMKR AND I'ROIHJCKR PRICKSPercen tage changes based on seasonal ly iitljlisted da ta , except as noted
Item
C O N S I : M I k 1'itiri s'
1 All items
4 All items less food ami energy5 (ommodil ies6 Sei vices
1'kOIHK 1 k 1'lUC 1 S
7 Finished goods8 Consumer foods9 ( onsumei energy1) Other consumer goods1 ( apital equipment
12 llUeimedlate materials1
11 Including energy
Crude materials14 hoods15 Hneigy16 Other
Change from 12mouths earlier
I9K6May
1.6
14.84.(11.(15.8
I.K
28.42.4I.K
•1.1.<!
2.725 0
1.2
19«7May
4.')
4.2
4.7
2.64.1
2.72.0
1.82.1
9.16.4
Change from .1 mouths earlier(at anni al rate)
June
1.6
12.61.1.1
4,9
,7K.2
20.7
2'4
S.II 2
5.9
l »
Sept.
2.0
S.421.0.1.72.64.1
411.242.7
2.12.0
1,5
IKI'l.fi24.1
Dec.
2.5
4.1
\A5.1
1.81.0
12.54.41.4
1.21.2
2.75
8.5
1987
Mar.
(..2
2.5
5.25.15,1
6.757.6
1.4.1
8.0I.!
11.141.216.1
Change from 1 month earlier
Jan.
.7
.4.1.0
,5.6.5
.41.87.7'
.5'
1.(1.4
1.1'8.4'4.5'
1987
heb.
.4
.11.9..1.0.4
43'
.5
..1'1.4'.V
Mar.
.4
.11.0
.s
.7
.4
.4S
.8
.1
A,1
.4
.9
.')
Apr.
.4
.1,1.5.6.4
1.52.1
.1
4.11.7.7
May
..1
s
,2
3
1.4.0
.1
.4
.4
4.82.72.4
IndexlevelMay1987
(1967100)1
.3JH.7
112.5.166.9.1.18.9270.7413.2
296.3286.7516.5264.4111.9
118.1310.5
251.3606.9261.1
1. Not seasonally adiusted.2. Figures for consume, prices are lliusc for all nit
cntal equivalence measure o\' homeowner-ship afterliners and reflect i
.*. 1-xcludcsannual (Vwls.
SOUR( t.. Hn
:dinte materials for food manufacturing and manufactured
Labor Statistics.
Selected Measures A51
2.16 GROSS NATIONAL PRODUCT AND INCOMEBillions ol current dollars except as noted; qiKiilerly dala are at seasonally adjusted annual rates.
Account
CJKOSS N A I I O N A I . PRODUCI
1 Total
tiy source2 Personal consumption expenditures3 Durable goods4 Nondurable goodsS Services
d ( iross private domestic investment7 Fixed investment8 Nonresidential9 Structures
10 Producers' durable equipment11 Residential structures
13 Nonfarm
14 Net exports of goods and services15 Kxports
IS Federal
llv major type oj product20 Final sales, toial
22 Durable23 Nondurable24 Services25 Struclures
26 Change in business inventories27 Durable goods28 Nondurable goods
29 M E M O :Total GNP in 1982 dollars
NAIIONAI INCOMI:
30 Total
31 Compensation of employees
33 Government and government enterprises34 Other35 Supplement to wages and salaries36 Employer contributions for social insurance37 Olher labor income
38 Proprietors' income1
39 Business and professional1
41 Rental income of persons^
42 Corporate profits'43 Profits before tax '44 Inventory valuation adjustment45 Capital consumption adjustment
46 Net interest
3,765.0
2,428.2331.2870.1
1 " 7 0
662.1598.0416.5139.3277.3181.4
64.156.6
5K.7382.7441 4
733.4311.3422 2
3,700.91 576 7
675.0901.7
1,813.1375.1
64.139.224.9
.3,489.9
3,0.32.0
2.214.71 837 0
346.21 490 6
377.7193.1184.5
236.9205.3
31 s
8.3
264.7235.7- 5 . 534.5
307.4
.1,998.1
2.600.5359.3905.1
1 336 1
661.1650.0458.2154.8303.4191.8
1 I.I
78.9369.8448 6
815.4354.1461 3
3,987.(11 630 2
700.2930.0
1,959.8408.1
II.16.64.5
.3,585.2
.3,222.3
1 368 ""1 965 8
372.21 593 9
402.4205.5l%.9
254.4225.2
29 2
7.6
280.7223 2
- . 658.1
311.4
4.2(16,1
2.762.5388.1932.7
1.441,7
683.6677.0460.0143.!316.7217.0
6 77.7
104..3373 0477.3
864.2366.2498.0
4.199.41.670.5
716.8953.7
2.105.6430.0
6.71.07.7
3,674.9
3,386.4
2 498 02,073.5
395.71,677.8
424.5215.7208.8
278 8252.7
26.1
15.0
299.7237.5
6.556.6
294.0
1986
01
4,149.2
2,697.9160.8929.7
1,407.4
708.3664.4459.2154.6304.6205.3
43.841.2
93.7374.8468.5
836.7.155.7480.9
4,105.41,669.0
710.6958 4
2,057.7422.6
43.828.615..1
3,655.9
3,340,7
2 461 52,044.1
387.21,656.8
417.4212,9204.5
265.3240,9
24.4
12.8
296.4222.5
16.557.3
304.9
Q2
4,175.6
2,732.0373.9928.4
1 429 8
687.3672 8457. S141.5316.0215.3
14.510.5
104.5363.0467 5
860.8367.6491 1
4,161.21 661 6
701,1958,5
2,087.4426.7
14.5.1
14.6
3,661.4
3,376.4
1 480 **2 058 8
392.51 666 3
421.3214.1207.3
289.1249.6
19 5
16..3
293.1227.7
10.654.8
297.7
Q3
4,240.7
2,799.8414.5932.8
1 452 4
675.8680.3459.0139.5.119.5221.3
4.510.3
108.93708479.7
874.0369.3504,7
4,245.21,680.2
730.1950.1
2.125,2435.3
-4 ,5-15.611.1
3,686.4
3,396.1
1 507 42,081.1
398.41,682 7
426.3215.9210.4
277.5258.0
19.6
16.2
302.0240.4
6.155.5
292.9
Q4
4,258.7
2,820.4403.1940.1
1 477 2
663.2690.3464.3137.5326.8226.0
27.110.8
110.2383,5493.7
885.1172.1511.2
4,28.5.81,671.1
723.5947.8
2,152.1435.3
- 27.1- 16.9
-10.2
3,696.1
3,432.3
2 541 82,109 8
404.41,705 4
433.0220.1213.0
283 2262.2
21.0
14.8
311.2259.6-7 .258.8
280.4
1987
Ql '
4,352.1
2,850.4383.(960.3
1 507 (
722.1677.9451.5134,1317.5226.4
44.n
38.(
107,9399.1506.9
887.(164.8522 8
4,307.91 720 f
745.(97 5. (
2,196.7434.9
44.231.412.8
.3,739.4
3,510.9
2 579 (2 143.(
413.11 730 7
435.3220.1215.4
296.1268.2
27.8
15.4
335.4267.6- 6 974.7
28.5.1
1. With invenlory valuation and capital consumplion adjustments.2. With capital consumption adjustment.
3. For after-tax profits, dividends, and the like, see table 1.48.SOUKCK. Survey of Current lliisinew (Department of Commerce).
A52 Domestic Nonlinancial Statistics ['.I August 1987
2.17 lM'RSONAl, INCOMH AND SAVINGBillions of eurrenl dollars; quarterly data arc al seasonally adjusted annual rates. Exceptions noted.
I'l HSONAl lN( OMI AND S\VIN(i
1 Total personal income
2 Wage anil salary disbursements
1 Commodity producing industries4 Manufacturings Dislr ibulive industries6 Service indnstlies7 (iovernment ami government enterprises
X Olher labor income9 Proprietors' income1
10 Husincss anil professional'11 I arm1 ^12 Kenlal income of persons1
I 1 Dividends14 Personal inleresl ineomeI'l Transfer paymentsId Okl age survivors, disability, and health insurance benefits..
17 l.i ss: Personal contributions tor social insurance
IX I'QUAi s: Personal income
19 I.I ss: Personal tax and nontax payments
20 I ' .OUAI s: Disposable personal income
21 l.i ss: Personal outlays
22 IM^IJAI S: Personal saving
Ml-.MO
Pci capita (1982 dollars)21 (iross national product24 Personal consumption expenditures2s Disposable- personal income26 Saving rate tpercent)
(iltnss SAVINI;
27 Cross savins
28 (iross private saving29 Personal saving10 Undistribii led corporate prolits1
II Corporate inventory valualion adjust me nl
(•(;/)//((/ collstwipliotl allow/luces12 Corporate13 Noncorporate
14 (ioverument surplus, or lielieil ( I , national income andproduct accounts
15 federal16 Slate and local
17 Gross investment
IX (iross private doinestieI1) Net foreign
40 Statistical discrepancy
1. With inventory valualion and capital eonsuinplion adjustment2. With eapilal eonsuinption adjustment.
3,110.2
1.836.8577.8439, I44224706.146.2
1X4,S2.16920.1 1
X.I74.7
44(>.9
215.7
IVi.S
1.110.2
419.6
2,67(1.fi
2,SOI.9
168.7
14,721.19,475,4
10,421.06.1
674.XI6K.791.0
251.V161.2
101. S170.06X.5
662.190.7
I.V66.1607.7460.1469.X516.4.172.2
196.9254.4225.2
29.27.6
76.4476.24K7.1251.4
150.2
4X6 5
2.X2XII
2,6X4,7
141.1
14,9X2.09,711.7
10,561.1)5.1
6X7 X
107.1
26X.2169.0
L16..1I9X.061.7
661.1I 15.2
3.4KS.7
2,071,5621 2471.24X7.9566.7195,7
20HX27X.X252.726.115.0XI.2
475.051 l.X266.X
160.1
1.4X5,7
514.1
2,971.6
2.X57.4
114.2
15,216.910,015.3It),771.0
1.8
5JH.7
679,0114.2109.4
6.5
2X0 1175.1
140.120.1.161.1
6X1.6141.9
3,4.12.6
2,044.1622.047(1.54X5.2549.6.1X7.2
204.5265.1240.9
24.412.X79.1
4X0.8504.726.1.2
I5X.6
497.5
2,915.1
2.7X9.4
145.6
15,188.09,857.1
II) 721 05.(1
583.2
708..1I45.fi115.s
16.5
275.1171.8
125.1195.069.9
708.1128.6
Q2
3,483.3
2,O5X.X620.8468.X484.1561.3.192.5
207.32X9.249.
V).16.81.
480.51(1.264.
IS9.5
3.4H1.3
504.8
2,978.5
2,825.5
153.1
15,178,99.9K4.4
539.7
713.015.1.1106.610.6
278.9174.4
173.1212.2
5X.9
6X7.1141.0
3,4')8.8
2,0X1.1621.8470.048X.3572.639X.4
210.4277.5258.0
19.616.282.0
47 1.8S I X . 5
269.6
160.X
1,498,8
SI 9.(1
2,979.9
2.895.8
84.1
15,245.610,124.010 776 0
2,8
517.2
650.5X4.I
I0X.X6.1
281.6176.0
1.13.3197.464.0
675.xI4X.3
3,527.9
2,109.8628.3475.4493.9583.2404.4
213.0283.2262.2
21.(114.882.7
465 2521.8
270.2
162.4
1,527,9
534.9
2,993.0
2.918.8
74.2
15,247.910,089.910,708.0
514.')
644.374.2
106.47.2
2X5 5178.2
129.4188.X59.4
663.2147.7
.1,5X7.'.)
2,141.6633.1477.9500.7596.9413.0
21S.4296.1268.2
27. K15.484.1
470.7530 1
273.7
167.7
1.587.9
531.0
3,(154.9
2.948.4
106.5
15,194.81(1,040.310.762 0
1.5
569.5
689.7106 5115.2
6.9
287.11X0.7
120.3170.450.2
5811.7
722.1141.4
Soum i . .V//MTV of Current Husincw (Dcpnrhiient of Commerce).
Summary Statistics A53
3.10 U.S. INTERNATIONAL TRANSACTIONS SummaryMillions of dollars: quarterly data are seasonally adjusted except as noted.'
1 Balance on current account2 Not seasonally adjusted
3 Merchandise trade balance"4 Merchandise exports5 Merchandise imports6 Mi l i tary transactions, net7 Investment income, net1
8 Other service transactions, net
9 Remittances, pensions, and other transfers10 U.S. government grains (excluding mi l i tary)
11 Change in U.S. government assets, other than off ic ialreserve assets, net (increase, )
13 Gold14 Special drawing rights (SDRs)1.S Reserve posit ion in Internat ional Monetary FundId Foreign currencies
17 Change in U.S. private assets abroad (increase, )'IK Bank-reported claims19 Nonbank-repor led claims20 U.S. purchase o f foreign securit ies, net21 U.S. direct investments abroad, net1
22 Change in foreign off ic ial assets in the United States(increase, I )
23 U.S. Treasury securities24 Other U.S. government obligations25 Other U.S. government l iabi l i t ies4
26 Other U.S. l iabil i t ies reported by U.S. banks27 Other foreign off ic ial assets
28 Change in f o r e i g ^ private assets in the Uni ted Slates(increase. I )
2l) U.S. bank-reported l iabil i t ies30 U.S. nonbank-reporled l iabil i t ies11 Foreign private purchases of U.S. Treasury securit ies, net .32 Foreign purchases of other U.S. securit ies, net13 Foreign direct investments in the United States, net1
14 Al locat ion of SDRs3S Discrepancy36 Owing to seasonal adjustments37 Statistical discrepancy in recorded data before seasonal
adjustment
M l : MOChanges in off icial assets
39 Foreign off ic ial assets in the United States (increase, M . . .40 Change in Organizat ion of Petroleum Export ing Countr ies
off icial assets in the Uni ted States (part of line 22above)
41 Transfers under mi l i tary grant programs (excluded f romlines 4. 6, and 10 above)
1984'
- 107.013
-112.522219,(MO312.422
1.94218,490
1.138
-3,637-8 ,541
-5,476
• 1 130II
979- 9951,156
- 13,68511,1275,(1194,7562.821
2,9874,690
1.1<86<55
2,857
99,481.1.1,8494.704
23.00112.56825,359
026,837
26.837
1110:MOI
4.504
153
198^'
-116..194
122.1482 IS.935.138.083- 1.33825,398
-•1,005
4 079-11.222
-2.831
. ^ ^ ^
0897908
.1,869
24 711-1,3231,3617.481
17,268
1.140-838301823645
-1.469
131.1)1241.045
-45020,433S0,%219.022
017.920
17,920
- 1 858-1^963
-6.709
46
1986'
141.352
144,339224,361368,700
3,66220.844
1.463
3.88511.772
1,920
I P0
2461,500- 942
94.374-59,039
3.986-3.30228,047
34,69834,515
1,2141,723
554880
178,68977.350
- 2 7918,275
70,80225,053
023,947
23,947
11232,915
8,508
101
19H6'
Ql
-3.1,040- 30.090
34.97851.878
-88.856-1,2986,425
UiX
94.1-2,078
240
• • • 1 1 5
0274344185
13,41.56.373
-2,9475,886
-10.955
2.576.1,238-177
406- 1,254
363
.1.1,7468,487
-2,1937.035
18.5711.846
010,4882,294
8.194
• -11 S2,170
1,876
19
- 3 3 , 7 5 534,634
-33,65156,92890,579
1.0544.587
53(1
918.1.249
242
160
104366246
25.30314.734
1.894-1 .149
7.52d
1.5,56814,538
-644925
1,280531
33,4751.899
- 1-5.533.705
22.8884,536
010,2412,044
12.285
1614,643
-2 ,166
11
-36,58340,210
-.17,11556,53493 649
-8155,339
342
875- 3,459
1.454
^800
163508391
23.30418,878
685620
-5 ,731
15,55112,167
-276999
2,963-302
54,04030,360
80609
17,0746,077
0-8 ,530-4 ,153
-4 ,377
^8014,5.52
3,023
19
04
- 37,977-36,398
18,59557,021
-95,616-495
4,492759
1,1512,987
15
13"*0
- 11283120
12,351-.11.800
1703,1113,834
1.0034.572- 117
6072.435- 4 1 0
57,42834,604
1.03.5-3,07412.26912.594
011,750.1,904
7,846
1321,610
5,195
53
1987
QF
37 12233.866
18.31058.212
-96,542198
3.836264
-9932.097
219
1 9560
76606
1,274
16,51727.802
1,3179.968
14.12311.999
511,421.1,964
368
13.43513.836
5,44518,454.1,372
0- 9.128
2,749
11.877
1 956is]s44
-2.941
10
1. Seasonal factors are not calculated for lines 6, 10, 12-16, 18-20, 22-34, and 438-41. am
2. Data are on an international accounts (JA> basis. Differs from the Census 5basis data, shown in table 3.11. for reasons of coverage and timing; military privateexports are excluded from merchandise data and are included in line 6. Nor
3. Includes reinvested earnings. (Depart
manly associated with military sales contracts and other transactions.1 with or through foreign official agencies.insists of investments in U.S. corporate stocks and in debt securities ofcorporations and state and local governments.•:. Data are from Bureau of Kconomic Analysis. Survey of Current liu\ines\nient of Commerce).
AM International Statistics I 1 August 1987
3.ii ii.s. I - ' O R I : K ; N T K A D H
Mill ions of dollars; moi i thh dala are noi seasonally adjusted.
1 I XI'ORTS of domestic and lorcignmerchandise excluding gi anl anshipments
2 (d-.NI.RAI. IMI 'ORIS includingmerchandise for immediateconsumption plus cullies into
I I r.iilc IwlaiiiT
SN.04X
57.562
211.1
.10.0IX
-MI.6NK
7,79s
'),.164
27,4d(i
•11,(145
12..107
1.1.647
11,197'
-12,1.14
.11,9X1
II.H42
N o l l . Ihe dala l l l iough 19X1 in this lable arc rcporlcd by the Bureau ol'Census noidala of a Iree-aloiigside ship tl'.a.s.l value basis lhal is, value al Ihe pon ol cone \po i t I kg inn ing in 19X1. toieign Hade ol Ihe l . S . V i igm Islands is included in aceIhe Census basis Irade dala: this atl iuslnienl lias been made lor all data shown in ship puIhe lable. Ik 'ginning wi ld 19X1 dala. the value ol imports aie on a customs mil i laiyvaluation basis. ' Jan 1. I
Ihe Census basis ilala i l l l ler 1'ioni meichaildise trade dala shown in table 1.10. Sol 'Ki1:.S Inlernational T i ansact ions Sum niary . lor reasons ol coveiage and l iming. On I Depart IIthe t'xpnil wi/r, the largest adiustnienls are: I I I the addit ion ol c \po l Is to ( anada
eovered in Census s l a s h e s , and (2) Ihe e\ehis ion ol ai i l i lai y sales (which aieibmed vv ilh othei mil i lai y l iansaelions and lepo i led separalely in the "se i viceo n n t " in lable 1.1(1, line ()). On Ihe imp,at \,</c. additions aie made loi gold.
•liases, ]mpi'avinenls are
of eleeti ieily l i o in ( atiada, anil olhi-1 t i ;ided and > elv ndieale
id o l l l nI' I 'J00 '•Summary or U S . l A p o r l and Impo i l Merehaiuh
' C H h Cy
nt o l 'Commeiee . Hii
1aclu•vc As o l
I r a d e 'ol -he Censi is l .
.1.12 U . S . R K S I ' . K V l ' , A S S i - l S
Millions ol tlollais. end of period
1 I'm
1 S|K
1 Res
s l o i
ll .
Si;
Clal
M<
eiga
1
illl/alion
dlawing I
positionnelari In
ciirrcnciL
vpc
mill1
('.Ills'''
i:,1"1™1".""'."i
I9H I
.1.1,747
11.121
Ml. 's
11,112
(,2X9
1
.14
11
<•
'
M l
',,4
0 %
(.41
M l
(,s,,
1
4.1
11
7
11
12
'Xs
1X6
090
291
947
Xsd
Nov
47.S24
1 1.07(1
K. * 1(1
1 1 .(i.M)
Id.'/Xs
Wi
Dec.
48.517
11 ,(!M
X.l'js
11.710
17.12X
Jan.
4'),.1S6
11,0(i2
X.4711
11 ,X72
17.9X2
l e b .
4')..15X
l l . o x s
X.dls
1 1.699
177JS9
19X7
- -
Mar.
4K.K24
11,(1X1
X,74t)
11,711
17.292
A p i .
46,5') 1
11.07d
X.X79
1 1 ,/•!>
II.X'Jl
M
45
11
X
I,
14
ay''
<)20
(170
904
S24
422
I ( io ld held under carmaik al I eileial Reseive Hanks lor toreinn and mlerna-l i imii l accounts is mil included in the |:old slock nl' Ihe Unilci l Stales: see lablei l l . ( io ld sloek is v,lined al VI2.22 per line Hoy ounce
2. HctiinnincJiily 1974. the | \ i r adopted a technique loi valuing the SDR basedi h d l hvvcichl o l s tor Ihe
gol nienibei countriec g p
Ij-oin July 1974 ihiough December 19X0. Id cuncncies were used: hum January19X1. .-i cuircacies have been used. Ihe U S SDR holdings and reserve positionin Ihe 1M I also are valued on llus basis beginning .Inly 1971.
.1. Includes alloealions by Ihe International Monetary I uiul ol' SDRs as lol lows;SXd7 million on Jan 1. 1970; V/17 million on Jan. 1. 1971; S710 million on Jan I.1972; SI.119 mill ion on Jan. I. 1979- S l . l s : mill ion on Jan. I. 19X0; and S 1.09.1million on Jan. 1, 19X1; plus transactions in SDRs.
4. Valued at currcnl markel evcliance rales
3 . 1 3 I ' O R K I G N O I - ' I ' K ' l A l . A S S 1 T S i [ l - : i . l ) A T I K D K R A I . Rl ' .SI- lRVl- : H A N K S
Millions i l l 'dol lars , end o l ' pe r iod
AssCls
1 Deposits
. \ i i i 7 v /((•/(/ ill i inlnth2 1' ,S. 1 Yea sin v sec in i lies'1 lainnal ked gold
19X1
190
H7.d7O14.414
19X4
2d7
1IX.00014.242
I9SS
4X0
121.00414.24s
I9«d
Nov
224
1 Mi,919
Dec
2X7
14!(I4X
Jan.
22d
IS9.S9714,041
1 cb
ldO.942
I'tK'i
Mar.
2(,X
ldV.42.1
Ap i .
142
172.929I I .0.11
May
119
I/S.X4914.011
1. M;irkctiil'k- U.S. IKMSIIK bills, notes. ;nu
2. lai marked pikl is \alucil ,u \-\1.22 pci li
mls: ami noniiiiii kcUihk- I S N O I I . I-\c link's ik'posils and U.S. I icaami regional organi/alinns. l^annarked ^oldtion.tl aceonnls and is noi included in llie t'.
\ seem iljcs lie Id for iiUcmationa^okt held loi foreign and inlenia>lock ol ' lh i ' I'niled Slales.
Summary Statistics A55
3.14 FOREIGN BRANCHHS OF U.S. BANKS Balance Sheet Data1
Millions of dollars, end of period
A.Ysel uccoiini
1 Total, all currencies
2 Claims on United Stales} I'arenl bank4 Other banks in United Slates2
.*i Nonbanks-6 Claims on foreigners7 Other branches of parent bank8 Hanks9 Public borrowers
10 Nonbank foreigners
11 Other assets
12 Total payable in U.S. dollars
13 Claims on United Stales14 Parent bankIS Other banks in United Slates-16 Nonbanks2
17 Claims on foreignersIS Other branches of parent bank19 Banks
21 Nonbank foreigners
22 Other assets
23 Total, all currencies
24 Claims on United States25 Parent bank26 Other banks in United Stales?27 Nonhanks-28 Claims on foreigners29 Other branches of parent bank30 Hanks31 Public borrowers32 Nonbank foreigners
33 Other assets
34 Total payable in U.S. dollars
35 Claims on United States36 Parent bank37 Other banks in United States^38 Nonbanks-39 Claims on foreigners40 Other branches oT parent bank41 Hanks42 Public borrowers43 Nonbank foreigners
44 Other assets
45 Total, all currencies
46 Claims on United Slates47 Parent bank48 Other banks in United States-49 Nonbanks-50 Claims on foreigners51 Other blanches of parent bank52 Hanks53 Public borrowers54 Nonbank foreigners
55 Other assets
56 Total payable in U.S. dollars
1983
477,090
115,54282,026
I 33,51ft
342,68996,0(14
117.66824,5 17
107,785
18,859
371,508
113,43680.909
} 32.527
247,40678.43193.332
60.977
10.666
158,732
34.433
1v . . . . . . .
1 19.28(116.S6543,352
5.89833,465
5,019
126,012
33.75628,756
I 5 .(KM88,91731.83832.1884,194
20.697
.3.139
152,083
75,30948,720
I 26,589
72,86820,62636.8426,093
12.592
3.906
145.641
1984
453.656
111,39378,10913,66421.620
320,16295,184
100,39723,141
101,2.18
20,101
350,636
111.42677,22913,50020,697
228.60078,74676,940
55^288
10,610
144,385
27,67521,862
1,4294,384
I11.X2837.95317.44.15,!14
! 1.098
4,882
112,809
26,86821,495
1.36!4.010
82,94533.60726,8054.030
18,503
2,996
146,811
77,29649.44911,54416,30!65,59817,66110,2466.089
11,602
.1.917
141,562
19X5
458,012
119,70687.2011.1.05719.448
315.67691.399
102,96023,47897,839
22,6.10
33(i,520
II6,6!885,97112,45418,21!
210,12972,72771,86817 ^6048^274
9.753
148,599
33,15726,97(1
1.1065.0X1
110.21711.57639.250
5,64433,747
5.225
108,626
32 09226,568
1,0054,519
73,47526.01126.139
1,99917.126
1.059
142,055
74,86450,55111,20411,10761,88219.04228.1926,458
10.190
3.309
1.16,794
Oct.
446,581
112,07879.99911.65920,421
305,56290.412
100.70724,21590.228
28,941
309,087
107.61278,33510,54418,733
190,03067,83562,83617 45541,904
11.445
142,398
.10.74724.800
1 3144i)33
105.53431,268.17,8.36.5.1.57
!1.27!
6.117
97,295
29,31224,123
I.I 103,879
64,87324,6.1221,011
1.85915,371
3,110
134,060
68,62444,4769,557
14,59159,61216,98526.205
7,2639,159
5,824
127,361
1986
Nov.
Al l foreign
446,618
108,42076.28012,03420.106
108,12291.576
101.29!23,31490,139
29,876
306,683
104,28174,76210,98618,511
190,65667,84164,92016 8^041,075
11,746
United K
143,8116
28,94022,671
1,5344,735
108,15329,96641.1455,038
32,004
6,713
97,125
27,56422,106
1.3644,094
66,1042.1,22924,020
3,81115,244
1.257
Dec.
countries
456,628
113,17881,98513,68517.508
314,34097,788
105,23723,58487,731
29,110
317,487'
109,23580,57512,81015,8.10
196,44871,70466,42116 s 8639J37
11.804
ingdom
140,917
24.59919,085
1.6123,902
109,50813,42239,468
4.99011,628
6,810
95,028
23,19318,526
1,475.1,192
68,13826,36123,2513,677
14,849
1,697
lahamas and Caymans
131,363
66,07842,2239,628
14.22759.43618.13925.74!6.6978.857
5.849
124,801
142,592
76,66151,06811,15612,41961,19018,80!27.4766,9298,182
4.519
136,81.1
Jan.
458,305
115,27!81,18512.72!19.365
311,41193,290
105.37723,31789,407
31.621
309,719
110,59681,42!11.53117,642
187,29667,47963,637
39J2 1
11,827
144,093
28,72023,330
1.2204,170
108,72030,21840,677
4,94232,883
6,653
95,359
27,07022.67!
9963,401
65,02222,72023,656
3 68114,963
3,267
135,627
72,64348.03610,62513,98257,82516.25826,3667,0268.175
5,159
129,474
1987
Feb. Mar.
457,819
113,81581,95!11,15818,704
312,09690.326
109,74823,19288.830
31.908
311,669
109,34180,15912.10216,880
189,87565,22068,320
40,015
12,45!
456,655
111,86581,12513,04417,496
111,59989,200
109,5802.3,57989,240
1.1,191
306,079
107,01679,46511.90715,644
185,41863,9836.5,99716 22439^214
13,645
146,188
28.8M21,126
1.2584,267
110,27429,57543.1X9
4 98 !12,527
7,06!
97,568
27,29022,749
1.0611,480
66,87222,57825.685
3,71614,89!
.1,406
145,486
28.50!2.1,.10!
1.2883.912
109,29728,78242,537
4,89733,081
7,686
95,319
26,66522.662
9803,023
64,46621.78524.225
3,66014.796
4,188
133,229
68,2.1844,12410,92411,19059,67116,15128.1196,9748,407
5,120
126,605
133,837
67.35741.15010,85512.15260.64!16.52928.5686,9158,631
5.837
126.WIN
Apr./'
484,827
127 64393,41415,18919,040
122,19091,288
116,0572.1.48!89,562
14.794
328,920
121,85291,45913,3X017,01.3
I92.X0266,53570,30416 5 1 ^3 9 A M
14,266
149,998
11,1X1125,315
1.5644,122
111.11329,55543,369
4,96433,225
7,8X4
99,398
29,06624,6X9
1,192.1.1X5
66,25721.95825.370
3.71215.217
4,075
146,437
77,82251,74712,56113.51462,85716,56231,005
7,1208.170
5,758
138,445
I. Beginning with June I9K4 dala, reported claims held by foreign branchesiave been reduced by an increase in the reporting threshold lor "shell" branches10111 VM) million lo SIM) million equivalent in total assets, the threshold now
2. Data for assets vis-a-vis other banks in the United Slates and vis-a-visnonbanks are combined for dates before June 19K4.
from VM) million lo SIM) million eapplicable to all reporting branches
A56 International Statistics ['I August 1987
3.14 Continued
1 .labihly account
57 Total, all cumiic i i 's
S8 Negotiable CDs*59 lo Untied Slalcs60 Parent h.ink61 Other banks in United Stales62 Nonbanks
61 lo foreigners64 Other brunches nf parcnl hank65 Hanks66 Ollicinl institutions67 Nonbank foicmncrs68 Olhci Itabililics
69 Total payable in I ' .S. dollars
70 Negotiable CDs1
71 To United States72 Parent bank71 Oilier hanks in 1 hilled Slalcs74 Nonbanks
75 lo loicigncrs76 Oilier branches of paicnt bank77 Hanks78 (Ulieial instittllions79 Nonbank foreigners80 Oilier liabilities
81 Total, illl eum-neies
S2 Negoliablc CDs'8.1 To I Inited Slates84 I'arcnl bank85 Other hanks in I nilcd Slalcs86 Nonbanks
87 I'll foreigners88 Oilier branches of parent bank89 Hanks90 Otlicial inslilntions91 Nonbank foidgncis92 Olhci liabilities
91 Total payable in I ' .S. dollars
94 Negotiable CDs'95 lo United Slalcs96 I'arcnl hank97 Other banks in United Slalcs98 Nonbanks
99 To foreigners1(10 Other branches of parcnl bankIlll Hanks102 Otlicial inslilntions101 Nonhank foreigners104 Other liabilities
105 Total, all inni'iicks
106 Negotiable CDs1
107 To United States108 Parent bank109 Olhci hanks in 1 lined StalesIK) Nonbanks
1 1 1 To foreigncis1 12 Other branches ol parent bankI H Hanks114 Ollieial inslitillionsIIS Nonbank foreigners116 Other liabilities
117 total payalik' in U.S. dollars
1981
477,090
n a188 070KI.'Vil29.45177..156
^69,68590.61592.88918,89668,«4s19,1.1s
n.a184.10579,01.528,91676,.1.14
194,1197.1,52257.022ll.S.ss51 2609,847
I5H.7.12
n a55,79914,IPI1 l,.!28it),450
9S.84719 01841,62410,15125,014
7,086
HI,167
n.a.S4.69IH.8191 1.04429.808
71.27915.40129 120
8.27920 277
1.197
152,08.1
n a1 1 1. 1 l «50,98016,05744,262
18 44 S14,91611,876
1,91911,2742,1.19
148,27S
1984
45.1,656
(7.725147.SSI78.71918.409SO.415
14V.y(l791 90978,20121 ,2815S.S142 ,441
167 145
IS 22714.1.S7I76,25417,91549.182
178.26077 77045, P I15.77.!1),S9410,087
144, .185
14.41 125,25014,6s1
.1257,474
77.424.611
10.4161 ,|S4IS.2017,298
II7,4')7
?1 070•"4,11111 ,1192.9806,786
sr ,92118,29418,1568,871
11,4021,199
146.SI 1
61 s102 9SS47,1621 1,9.184I.85S
40.12016.7K2P.4052.OS49 0792,921
14.1,582
1985
458,012
14,607l q s , s ! K8 1,91416 89454.7.10
245,91989,52976,81419.52060 07621 ,')28
151 712
11,06.1150.16280.88816.264SI,OKI
161.58!71,07817,.16514,15940,7818.904
148,599
11.26029,42219 1102.9747.1 IK
78,52521,189"•K 5819.676
16,8799,192
112.697
29.U7•""/ 75618,9562,8^65,974
s1,9801K.49114.1447.661
1 1.4821.624
142.(155
610101.81144,81112.77846,224
IS, 05.114,07s10,669
1,77(8,5112..S79
I.1S..122
O C
446.5S 1
12,444141,1267S.77714,79150,558
251,20287,88!80,70919.4166S.17419.809
121,699
29.206111. !()l71,8581.1,76847,675
IS 1.5166.5,07711,80211,12041,.1.17
7,6S|,
142,.198
28.84724.61(114.0142.1828.214
8O.2S224,19411.0018.068
16,9898,689
'W,S2II
26.92721,9601.1,S912.I0S6,261
47,49117,28914.1215.68S
10.1941.442
1.(4,(161)
68195,8404.1,4701 1.14441,226
15,4271.1,5748.V642,665
10,2242,1 10
1.10,1184
1986
N o ,
A l l fo re ign
446,6 IS
.12,9261.17.0'";7S.06214.51247,4.15
256,61187,99181,78418.81166.0012O.OS2
120,148
29,752129,22471.017l!,67944.528
|s 1.97264,178!\ !0611.11941 1497,400
I allied K
14.1.SII6
28,98422,5851.1,8112,1846,590
81,45521,71914,1217,875
17,5208,782
9'),.127
27,166211,OSS1.1,4.18
1,8804,7.17
49.05616.69515.9845,655
10,7221.050
iahainas all
1.11,.16.1
78494,49 14! ,57211.11119,790
11,84112,6618,5452,577
10.0582,245
127,.109
Dec.
count! ies
456,628
11,6291 5 1.6.128|s
ss;
,561646
,425
,775,146
77 80917,81562 98S19,592
116.406
28.466141,65078.47214.60950,569
156,80671,18111 85012,17119,4047,484
ingdom
140,917
'7 78124,6.5714.4692,6497.519
79.49825,01610,8776.816
16,7498.981
99,707
26.16922,07514.0212,125s,729
48,11817,95115.2014,914
10.050.1.125
Caymans
142,592
847105.24848,64811,71544,885
14,40012,6118.6172,719
10,4112,097
1.IS,774
Jan.
458,.105
11.195140.08970.04715.06854,974
264,46190,10!89,19919,5 1265 42920,158
12 1,9(10
29,9211.11,SS765,41914,04752,091
|SS,|8264,18017,15911.68819.9557.240
144,09.1
29,41219,46510.0042,1547,107
86,22921.59516.4798.484
17.6718,967
98,741
27.70116.8299.4511,8875.491
51,17416,18618.6266.096
10.0661.017
1.15,(.27
99 s98,71140.8451 1.68746.201
11,81112.12!8.4022.808
10,2982,068
1.11,572
1987
l-eh. Mar.
457,819
16,074140,04671,09511,6025!,149
261,94488,52486,47419,81867,12819.755
125,951
12.4071.11,61768.54012.505SO,572
154.14161.272.17,25!11,18940,629
7,584
456,655
14,871141.14170,86611,69556,780
260,58587,86784,97620,59167.1s|19.856
121,154
11.148112.41!6S.7SS12.59!54,065
149,94962,172.15,11611,19219,2697,844
146.IKS
12 2 1122,50112,7.152,1547,612
82.41821,2.10IS 4147,812
17,9229,016
101,60.1
10,17519,89412,157
1 9265,811
48,24214,12118,207
5,17610.516
1,292
145,486
10.96821,4.1.112,1.12
1,8167,285
81.72 121,17115,9717,827
18,.S549.162
9S.967
28,86818,94011,606
1,6025,7.12
47,51114.47118.0274.924
10.1091.628
1.1.1,229
8S595,22140,40910.hi44,661
!S,05!12,9728,507.1.01.1
IO,s6l2,100
129,18.1
1.1.1,8.17
8 1 !98,56019,625I0.S6848, .167
12,50111,67!8.1402,8.169,8521.96!
129,048
Apr./'
484,827
11,155152.44774,77216,91!60,762
277,91894,55992,64721,29!69,41921,.107
.140,161
29.50S141,12668.06415.45.5S7.607
161.21667.27819,11114,11840,509
8,114
149,998
29,1112.i,%71 1,2012,2058,561
87,15022,.190!7,562
8.87118,5279,170
101,79,1
27,18921,14412.1522,0"" 16,771
49,70814,16719.4985,786
10,057.1,75 2
146,4.17
885107.02842 9761.1..14550.707
16,4911 1,8919.4522,917
10,2112.0.15
140,457
.1. Heforc June 1984, liabilities on negotiable CDs were included in l iahil i l ithe United States or liabilities lo foreigncis, according lo the address o f t he ipurchase,
Summary Statistics A57
3.15 SELFXTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONSMillions of dollars, ciul of period
l lcm
1 I'otal1
Hy type2 Liabilities reported by banks in the United Slates-1 U.S. Treasury hills and certificates'
U.S. Treasury bonds ami noles4 Markelable5 Nonmarketahle1' <6 U.S. securities other than U.N. Treasury securities
Hy (lieu7 Western Km ope1
8 Canada9 l.alin America and Caribbean
10 Asia11 Africa12 Other countries'1
1984'
1X0,348
26,09059,976
69.0195,800
19.46.1
69,8181.5288,565
91,7011,26.15,472
1985'
178,380
26.71451.252
77.1541.550
17.690
74.4471.115
11.14886.448
1.8241,199
Oct.
211,293
27 19275.457
91.0921.100
16.052
88.7141.699
10.146105.150
1.7171.667
1986'
Nov.
211,117
27,77775.1.12
91.2251.100
15.68.1
87,7991,8929,096
105.5091,5455.276
Dec.
211,350
27,28875,650
91,5201,100
15.592
87.9172.0048.168
106,0211.5015.515
Jan.'
213,362
27.59175.718
91.0181.100
15.713
89.6101.1817,681
107.448t.KH)1.922
1987
Teh.'
215,240
29,18475.414
93,8521,300
15.470
90.6451.7617.426
108.8861.1641.158
Mar.
227,039
11.25279.629
99.6891.100
15.169
99.7125.1108,242
108.6421.1924.121
Apr.'1
234,192
12.06481.640
102,0551.100
15.1.13
103.6473.941
9.407110.240
1.2845.671
1. Includes the Bank for Internationa! Settlements.2. Principally demand deposits, lime deposits, bankers acceptances, commer-
cial paper, negotiable lime certificates of deposit, and borrowings under repur-chase agreements.
3. Includes nonmarketable certificates of indebtedness (including those pay-able in foreign currencies through 1974) and Treasury bills issued to officialinstil
gtions of foreign countries,deludes notes issued to foreign official nonreserve agencies. Includesand notes payable in foreign currencies.
5. Debt securities of U.S. government corporations and federally sponsoredagencies, and U.S. corporate slocks and bonds.
6. Includes countries in Oceania and Eastern Hurope.Non : . Based on Treasury Department data and on data reported to the
Treasury Department by banks (including Federal Reserve Banks) and securitiesdealers in the United States.
3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United StatesPayable in Foreign CurrenciesMillions of dollars, end of period
Item
1 Hanks' own liabilities2 Hanks' own claims3 Deposits4 Other claims
198f .
5.2197.2112.7M4,5011,059
198,('
8.58611.9844.9986.986
569
1984'
15.36816.2948.4177.857
580
1986
June
24.1.1021 26411.4119.8511,385
Sept.
29.15.124.56713.71610.8511,659
Dec.
29,48125.44113,15912.081•'.611
1987''
Mar.
16.41631.74813.92917.819
1. Assets owned by customers o\' the reporting bank located in the UnitedStates that represent claims on foreigners held by reporting banks for the accountsof the domestic customers.
Non . . Data on claims exclude foreign currencies held by U.S. monetaryauthorities.
A58 International Statistics LI August 1987
3.17 I.1ABIUT1KS TO FORKIGNKRS Reported by Banks in the United StatesPayable in U.S. dollars
Millions of dollars, etui ol period
Holder and type of liability
1 All foreigners
?. Banks' own liabilities} Demand deposits4 Time depositsS Other6 Own foreign offices
7 Banks" custody liabilities'S U.S. Treasury bills anil certificates.*1
lJ Other negotiable ami readily transferableinstruments'
10 Other
11 Noiinionetuiy international and regionalorganizations
12 Banks' own liabilities1.1 Demand deposits14 Time deposits1S Other'
16 Banks' custody liabilities4
17 U.S. freasury bills and certificatesIS Othei negotiable and readily transferable
instruments'19 Other
20 Offieiiil institutions"
21 Banks' own liabilities
23 Time deposits1
24 Other"
25 Banks" custody liabilities4
26 U.S. Treasury bills and certificates''27 Oilier negotiable and readily transferable
instruments'2X Oilier
l lJ liiinks9
10 Banks' own liabilities1! Unaffiliated foreign banks12 Demand deposits11 Time depos Is1
14 Other2
IS Own foreign offices
17 U.S. Treasury bills and certificates18 Other negotiable anil readily transferable
instruments''19 Other
4(1 Other fomuniTs
41 Banks' own liab lilies42 Demand deposits43 l ime deposits44 Other"
45 Banks' custody46 U.S. Treasury17 Other negotia
instruments48 Other
iabilities'1
bills and certificateslie and readily transferable
49 Mi Mo: Negotiable tune certificates of deposit incustody lor foreigners
1983
369,607
27V.O8717,47090,63225 874
145,111
90,52068,669
17,4674.185
5,957
4,6.32297
3,58475(1
1,32.5463
8620
79,876
19,4271,8377,318
10.272
60 44K54,341
6.08225
226,887
205,34760,2.36
8.75937.43914.038
145.111
7,4853,877
56,887
49,6806,577
42,29(1813
7,2073,686
3,03848.1
10.346
1984
4117,306
.106,89819,571
110,41326 268
150,646
100,40876,368
18,7475.291
4,454
2,014254
1,267491
2,440916
1,5240
86,1165
19,(1391,8239,3747,842
67,(12659,976
6,96684
248,893
225,36874 72210,55647,09517,071
150,646
">l 52S"IL448
7.2364,841
67,894
60.4776.938
52,678861
7,4174,029
1 021.367
10,476
1985
435,726
141,07021,107
117,27829.105
17.1,381
94,65669,133
17,9647,558
5,821
2,62185
2,067469
1,2001,736
1,4640
79,985
20,8352,077
10.9497,809
S9.15053.252
5.82475
275,589
252,7237lJ,34110,27149,51019,561
17.1,181
22 866"9^832
6.0406.994
74,331
64,8928,67.1
54,7521.467
'J.4394.314
4.636489
9.845
Oct.
501,095
365.91621.730
123.75236.312
184.142
115.13991.305
15.64928,184
3,902
2.426175
1939312
1.476308
1,1626
102,849
24,2681,840
10,59311.835
78.58175,457
2,920204
314,433
271.79087,6489.714
55.60122,333
184.142
42 64310.601
5,60026.442
79,911
67,4721D.0O055,620
1,852
12.4394,939
5.9681,5.12
6,759
1986
Nov.
512,653
178,02124,772
125,61835,915
191,718
114,63090.3 M
15,14328,936
4,315
2.944115
2.299511
1.371262
1.1045
I02.90S
25,165
1L27111,706
77,74475,132
2.4801.12
325,392
282,78591,06711,62657,51521,927
191,718
1 (K491
5,55026,566
8(1,1137
67,12910,82454,531
1,772
12.9084,465
6.2092,234
6,609
Dec
537,778
404,19521,786
131,28140,545
208,782
133,38390,257
16,52326,603
4,826
2,977199
2,166611
1,8492.59
1,59(10
1(12,938
24,7962,267
10,57711,952
78,14275,650
2,347145
349,605
109.792101,010
10,10164.48026,229
208.782
39 812
5,51324,338
80.411
66,83011,01954,059
1,752
1.1,5804,387
7 11742,120
7,343
.Ian
524,912
391,41722,492
125,01039,373
204,543
133,49589,278
14,65629,561
5,081
3,7.12181
2.5151,034
1.34986
1.261
103,311
25.3671.487
11,31112,569
77,94475,718
2.15869
119,111
296.41691,89310,43257.77223.689
204,543
47 6959,826
5,41327,4.16
77,389
65.88210.38953,4122,081
11.5073.648
5,8042,055
7,191
1987
l-cb.
521,876'
387,176'22,448
125.364'40,302'
199.263'
134.50090,695
13.83929,966
4,520
2,193157
1,488548
2,1261,213
1,1121
104,618'
26,626'1,513
11,38513,728'
77 99275,434
2,418140
335,083'
292 675'91,412'10,102'59.680'23,630'
199.263'
42 4081(M86
4,34027,582
77,656'
65.882'10,676'52,8112,395
11,7743,563
5,9692,242
7,722
Mar.
523,696
388,48122.273
124,43642,216
199.555
135.21693,048
14.88127,287
3,739
2,360246
1.230883
1,379154
1,2250
110,882
27,9911,923
11,05615,011
82,89179,629
3,129132
333,332
294,18594,610
9,50961,2672.1,854
199,555
39 1479J44
4.37725.026
75,744
63.94510,594.50,88.3
2,468
11,7983,520
6.1502.128
7,694
Apr.''
549,252
410,13322.541
132,33844.690
210.564
139,11897,489
14,62327,006
6,830
5,236159
1,1001,977
1,594428
1,15214
115,705
29,0781,979
12.36214,736
86 6278.3.640
2,832154
348,621
310,23899,674
9,77964,7.5025,145
210.564
38,3839^527
4,27124,586
78,095
65,58210,62452 1262,831
12,514.3,894
6,3682,2.52
7,925
1. hxcludes negotiable time certificates of deposit, which are included in"Other negotiable and readily transferable instruments."
2. Includes borrowing unties repurchase agreements.^. U.S. banks: includes amou
subsidiaries consolidated in "Conregulatory agencies. Agencies, (-foreign banks: principally amount
its due to own foreign branches and foreign>lidated Report of Condition" tiled with banknches, and majority-owned subsidiaries of
securities, held by or through reporting banks.5. Includes nonmarketahle certificates of indebtedness and Treasury bills
issued to official institutions of foreign countries6. Principally b;i
ccrtilicates o\' depiPrincipally tl
due lo head office or parent foreign bank, and the Inter-Americii1 1 . 1 ' i ' . . . : . . * ' i . . . . i . i ' i T _ . . . . . _, • <J 1
x ::d stibsid f head offforeign branclu
foreign bank,4. Financial claims on residents of the United States, other than long-term
nkers acceptances, commercial paper, and negotiable timeiit.International Bank for Reconstruction and Development, andand Asian Development Banks,
al banks and foreign central governments, and the Bank forInternational Settlements,
y. Excludes central banks, which are included in "Official institutions."
Bank-Reported Data A59
3.17 Continued
Area and country
] Total
2 Foreign countries
3 Europe4 Austria5 Belgium-Luxembourg6 Denmark7 Finland8 France9 Germany . . .
10 Greece11 Italy12 Netherlands13 Norway14 Portugal15 Spain16 Sweden17 Switzerland18 Turkey19 United Kingdom20 Yugoslavia21 Other Western Kurope'22 U.S.S.R ,23 Other Eastern Hurupe-
24 Canada
25 Latin America and Caribbean26 Argentina27 Bahamas28 Bermuda29 Brazil30 British West Indies31 Chile32 Colombia33 Cuba34 licuador35 Guatemala36 Jamaica37 Mexico38 Netherlands Antilles39 Panama40 Peru41 Uruguay42 Venezuela43 Other Latin America and Caribbean
44 AsiaChina
45 Mainland46 Taiwan47 Hong Kong48 India49 Indonesia50 Israel51 Japan52 Korea53 Philippines54 Thailand55 Middle-Hast oil-exporting countries56 Other Asia
57 Africa58 l;gypt59 Morocco60 South Africa61 yatrc . . . . . .62 Oil-exporting countries4
63 Other Africa
64 Other countries65 Australia66 All other
67 Nonmonetary international and regionalorganizations
68 International69 Latin American regional70 Other regional
1983
369,607
363,649
138,072585
2.709466531
9.4413 599
5208 4624.2901.673
3731.6031,799
32,246467
60,683562
7,40365
596
16,026
140,0884,038
55,8182.2663,168
34,5451,8421,689
81,047
788109
10,392.1.8795.9241.1661.2448.6323,535
58.570
2494,0516,657
464997
1.72218.0791,6481,234
74712.9769.748
2,827671
8444987
620917
8,0677,857
210
5,9575.273
419265
1984
407,306
402,852
153,145615
4,114438418
12.7013.358
69910 7624.7311.548
5972,0821,676
31,740584
68,671602
7,19279
537
16,059
153,3814.394
56,8972,3705,275
36,7732,0012,514
101,092
896183
12,3034,2206.9511.2A61.394
10.5454.297
71,187
1,15.34,9906,581
5071,0331.268
21,6401,7301,3831.257
16,80412.841
3.396647118328153
1,189961
5,6845,300
384
4,4543,747
587120
1985
435,726
429,905
164.114693
5.243513496
15,5414.835
6669 6674,212
948652
2,1141,422
29,020429
76.728673
9.635105523
17,427
167,8566,032
57,6572,76.55,373
42,6742,0493,104
111.2191.071
12214.0604.H757,5141,1671,552
11,9224,668
72,280
1.6077.7868.067
7121.4661.601
23.0771.6651,1401.358
14,5239,276
4,8831,363
163388163
1.4941.312
3.3472,779
568
5,8214,806
894121
Oct.
501,095
497,19.3
173,578972
6.070478606
21,2436,624
6468 8074,858
654738
2.2971,016
29.695401
84.308515
3.141OS
484
24.340
191,9165,718
64,1061,9188,895
59,1432.3983.775
61.2171.126
15113.2094.6456,5241.1671,608
11,39;4,917
99,36(1
1.58516.5348.663
7551.5301.986
41.3401,4461,7071,115
12,04510.654
3.973640
8634779
1.6231.199
4.0262.9411.083
3.9022,748
957197
1986
Nov.
512,653
508,338
176,0771,1976.863
576448
21,9175.856
7559,3044,410
512685
2,1971,301
30,406418
84,911544
3.30816
452
25,753
189.7735.202
62,6132,5494,684
61,8552.3253.873
61.1991,129
15.313,4884,7066,7291,1461,610
11,5924,914
107.054
1.45017.5409,347
7011.5282.380
46.1841,1281.7201,083
13,01010,984
4,01871084
26496
1,5931,272
5,6624,2861.376
4,3153 232
927157
Dec.
537,778
532,953
180.5211.1866.788
485580
22,8495 688
70610 8665,558
745700
2,393889
31.239454
85,336631
2,70523
702
26.256
208,0574,754
72.3472,9654,321
70,9182.0534,281
71,23.51,122
13613,6314,9036,8651,1631,537
10,4525,368
108,973
1,47618.9039.517
6731,5481.890
47,4361.1461,8651,120
12,35611,042
4,01870692
27174
1.5181.358
5,1284.205
922
4,8263.5121.033
281
Jan.
524,912
519,831
179,104972
6.729449565
21,3726.81.3
7459,3745.075
678657
2,238884
28,886375
87,871554
4,30921
535
26,072
195,2634,497
64,9452,2953,813
66,4702,2084,293
61.0491,124
14913,484
S,5707,3611,1101,609
10,4944,768
112,054
2,04619,5539,383
6641,4101.761
49.9971,0631,8111,282
12,32510,760
3,66260874
34154
1.3661.249
3.6742,677
997
5,0813,958
960164
1987
1 eh.
521,876'
517,356'
180.641'928'
7,583'520
22.654'5.797'
7498.489'5.224'
554709
2,333'1.062
27,555'359
89,905'565
4,322'23
546
25.116'
191.441'4.668
62.9682,3923.797'
65,504'2,0464,268'
71,120'1,081
14513,363'5.6796.484'1,131'1.583
10,362'4.894
113.433'
1.625'21.1279,328'
6861.5911.892
50.9201.0221.7791.224
12,129'10,110'
3.499'79176
201'42
1,1561,233
3,2262,459
767
4 5203,606
762152
Mar.
523,696
519,957
182,075790
7.210618925
23.8057.406
64110.0884.894
490688
2.1921.052
27.569412
88,049564
3,98230
669
26,523
195.0254.756
62.3902,2X13.692
69.7482.0604,271
61,0141,082
23013,0945.6456,6701,0621,630
10.3655,031
108,879
1.94820.1319,160
5001,3771,666
48,9711,1341,7371,235
11,5769.443
1,475753
9919640
1,1081,278
3,9813,020
960
3.7392.747
788204
Apr."
549,252
542,421
189,5511,0647,923
425930
27,3766,302
60110,3315,962
572660
2.2051.344
26.468833
90,950521
4,28032
771
25,253
206.2084.461
71.5622,1623,713
68,9832 2524,373
61,0441.164
14914.963
5 7817.1251.086.540
10,5625,280
112,554
1.88919,4519,334
5231,4601,451
53.1321,1721,4261,131
11.39310.191
3,702847101287
391,2131,215
5,1534.266
888
6.8305.561
850420
1. Includes the Bank tor International Settlements, Beginning April 1978, alsoincludes Eastern European countries nol listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the GermanDemocratic Republic, Hungary, Poland, and Romania.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).4, Comprises Algeria, Gabon, Libya, and Nigeria,5, Asian, African, Middle Eastern, and European regional organizations,
except the Bank for International Settlements, which is included in "OtherWestern Europe."
A60 International Statistics U August 1987
3.18 H A N K S ' O W N C L A I M S ON I ' O R l l K i N K K S Repor ted by Hanks in the United States
Payable in U .S . Dollars
Millions of dollars, end of period
Area and country
1 Total
2 Foreign eountries
3 Lurope4 Ausljia5 Belgium-Luxembourg6 Denmark7 1'inland8 France
10 Greece11 Itah12 Netherlands13 Norwav14 Portugal15 SpamId Sweden17 SwitzerlandIK Turkey19 United Kingdom20 Yugoslavia21 Other Western l-urope'22 U.S.S.R23 Othei Fasten! Furopc-
24 Canada
25 Latin America and Canbbean2d Argentina27 Bahamas2K Bermuda29 Brazil30 British West Indies11 Chile12 Colombia13 Cuba14 Lcuador35 Guatemala1
Id Jamaica1
17 Mexico18 Netherlands Antilles19 Panama40 Peru41 Uruguay42 Venezuela43 Other Latin America and Caribbean
44 Asia( hina
45 Mainland4d Taiwan47 Hong Kong48 India49 Indonesia10 Israel11 Japan52 Korea53 Philippines14 Thailand15 Middle Last oil-exporting countries'1
Ki Other Asia
17 Africa18 Lgypt19 Morocco(id South Africa61 Zaired2 Oil-ex porting counli iess
d3 Other
d4 Other countriesd5 Australia(>d All other
d7 Nonmonetaiv international ami icgionalorganizations''
1981
391,312
391,148
91.927401
5,6191,2711,0448,7661,284
4769,0181.267
d')0I N I1 1713.3581.861
81247.364
1,718477192
1.598
16.341
205,49111.74919.611
56624.66735.5276.0723.745
02.307
1292 H
14,8021.1.547.84H2.116
97711,2872,277
67.817
2921.9088,489
130801
1.83210,1149.9432,1071.2194.954.5.601
6,654747440
2,634} ?
1.07 11,727
2.8982.216
642
164
1984
41)0,162
3')'>,363
99.014411
4.794648898
9.1171 106
8179.1 191,316
6711.2412.8842 2102.1211.130
16.1851.886
596142
1.389
16.109
207.8621 1,05058,009
59226,11138,205
6.8393.499
02.420
| i 8
2*234,885
1 HO7,7072.3841.088
I I.0172.091
66,3 Id
710I 8497.29 I
425724
2.08829,0669,285"• 1 s ^
L I255,0446.1*2
6.611728181
2.795IK
8421,649
3.4472.7d9
678
800
1985
401,60S
400,S77
l(Xi .4H198
1.772706821
9.1241.267
9918.8481.258
7061.0581.9082.2191.1711 20(1
62,1661.964
998130
1.107
ld,482
202.6741 1,46258,218
49921,28338,8816,6011,249
02,39(1
194224
3 1,7991,1406,6451.947
96010,8712,067
66,212
6191.5156,797
450698
1,99111,2499,2262 224
8454,2986.260
1,407721175
1,94220
6101,520
1,3902 411
978
1,030
Oct.
41)7,832
407,460
IO4.d47191
7.712796
9.6001 4 P
626/.7I32.192
71 1699
1.9222,1712,8121,612
18.2481.886
799296
1,09(1
19,112
196.86112.24353.557
41224,74019,9816 1142/i74
02,420
122209
31,061967
6 0941.621
93011.1852.086
78.631
7581.5288,317
l i dd94
1,61045.240
7.0232.071
61 11..19(i7,027
4,511577d2l
1,149Is
1411.201
1,2592.1411.111
172
1986
Nov.
418,485
418,313
107,047748
8,1-19764
1,1769,1741,769
7928,3912,427
712682
1,7222.1431,1741,119
19.1201,813
d(IO221927
20.138
I9d,76817.01714.196
-14725.88239.694
6.5262.(i65
12.391
UK2 Id
30.659911
5.3141.6 IK
9411 1,0192.067
86.23d
7911.8127.571
127722
1.61111 HI6.5.111.972
5913.7787,162
4.71?560621
1,58d27
69(11.251
1.1871.9801.207
171
Dec.
444,45K
441,475
107,549718
7,511700947
1 1.401.826
64K9,011.314
614706
1.4591,9451,0491.541
58,3801.833
556141944
20,957
208,90212.07)19,877
41821,18646,30
6.112,81
2.4314(
19810,4901, 1391,4231,637
9401 1 012
1,937
96.148
7872,6758,2K)
321718
1.64559,8527, s;s;
2.202577
4, 227,845
4,
1,
,2167983128
,881,208
3,2971,9121,141
2,981
_.
Jan .
420,6.12
420,570
100,817654
7,571667797
9,095
" ( i l l
7,9162,087
7-11677
1,4792,2802,6221,469
15.7651.771
53d1 %
1,379
20,749
195,09412,1 1411.694
41121,76641.1286,4772,801
2,421111199
30.271960
1,2701,624
93710.0181.864
95.988
9832,6178.443
311d99
1,61158.1116,7832,147
12 15.4838.05 1
-1.599577190
l.ild36
7251,15d
3,3212,0811,242
62
1987
1 eb.
417.4.37'
417,25')'
102.406'159
8.920'631
1.01010.001
1.7 16'(,14
7,1392,107'
766679
1,6372.-1222,4231,43d
16.411'1.769
491401971'
19.193'
196,310'12.21153,052'
37621.778'41.084'
6,K,12.743
17.422
145199
29.868'1,029'5.2041.616
9121 1.1 71
1,910
91,799'
8732.8909,221
325679
1.51115,6236.1612.120
557'4.8926.922
4.673'593581
1.543'42
7411.168
2.8781.902'
976'
178
Mai .
413,312
412,76S
99.183660
8,051642
1,0869.731
d,2
I
30>7971
,6 13766
2'4172,3361.177
51.9561.840
781364
1.014
19,799
198.64412, 6251,725
1-1525.97942,123
6.4012.692
2.118H I192
29.799992
1.4(1.51.583
95911.278
1.868
87.426
1.3732.6968.254
•186612
1.52852,213
1.9552.275
4901.1506.357
4.834618184
1,53142
8561.204
2.8811.991
892
1-14
A p i . f
437,')36
434.036
107 8687-17
8,520116
,10010.810
U,6
" 4 1 1' .5171,071
678666
1,9362,4042,8471,561
59,7671,761
67(1380
,070
20.251
208,99412.15462,7(i 1
74026,22142,681
6.1992.679
92.188
120189
30,0841,2021.8491.584
9171 1,063
1,910
89,199
1,45(11,1947.822
414621
1.49214,6025,3313,1 14
'•1614 5687.111
4,7715741 6 1
1,16041
791.216
2,95(12.066
884
1.900
1. Includes the Hank fur International Settlements. Beginning April 1978, alsoincludes Hastern Kuropean countries not listed m line H.
2. Ueyinniny April 197K comprises Bulgaria. Czechoslovakia, the GermanDemocratic Republic, Hungary, Poland, and Romania.
.V Included in "Other Latin America and Caribbean" through March ll>78.
4. Comprises Mahrain, Iran. Iraq, Kuwait, Oman, Qatar, Saudi Arabia, atUnited Arab Lmiiates (Tniciai States),
.•\ Comprises Algeria, (iabon. Libya, and Nigeria.(>. [deludes the Hank for International Settlements, which is included
"Othei Western l-.uiope."
Bank-Reported Data A61
3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in theUnited StatesPayable in U.S. DollarsMillions of dollars, end of period
Type of claim
1 Total
2 Banks' own claims on foreigners3 Foreign public borrowers4 Own foreign offices1
5 Unaffiliated foreign banks6 Deposits7 Other8 All other foreigners
10 Deposits11 Negotiable and readily transferable
instruments1
12 Outstanding eolleetions and otherclaims
13 MF.MO: Customer liability onacceptances
Dollar deposits in banks abroad, re-ported by nonbanking business en-terprises in the United States4 . . .
1983
426,215
391,31257,569
146,393123,83747.l2(i76.71163.514
2^969
26.064
5.K7O
37,715
46,337
1984
433,078
4()0.1(>262,237
156.216124,93249,22675,70656,777
1 "* 916:U80
23,805
5,732
37.103
40,714
1985
430,489
401.60860.507
174.261116,65448,37268 28250,185
28,8813,335
19.332
6.214
28.487
37,780
Oct.
407.83260.745
182.548117,86553.54664.31946,675
42,771
1986
Nov.
418.48560.785
189.732120.48553,300(.7.18547,483
44,772
Dec
478,429
444.45861.582
212,02!122,81957.14965.47146.034
11 97 14^413
24.044
5.514
25,606
43,597
Jan
420,63261,83.3
192,120121,00554.26666,74045,674
46,611'
1
Feb.'
417,41761,709
191,000120,41155,49464.91744.317
48.002
)87
Mar.
444,813
413,31262,631
189,850116,56753,63662,93!44,264
31,5013,320
20.551
7.630
25,319
42,595
Apr, ' '
437,9.1665,486
207,023120,43857,46162,97844,989
n.a
1. U.S. banks: includes amounts due from owsubsidiaries consolidated in •"Consolidated Reporregulatory agencies. Agetwies, branches, and >foreign banks: principally amounts due from heaand foreign branches, agencies, or wholly owneparent foreign bank.
2. Assets owned by customers of the reportiStates that represent claims on foreigners held byof their domestic customers.
n foreign branches and foreignof Condition" filed with bankujoritv-owni'd subsidiaries ofoffice or parent foreign bank,subsidiaries of head office or
ig bank located in the Unitedx-porting banks for the account
. Principally negotiable time certificates of deposit and banker's acceptances4. Includes demand and tin
certificates of deposit denomiiuidescription of changes in datap. 550.
N O I L . Beginning April 1978,basis, but the data for claimsquarterly basis only.
ie deposits and negotiable and nonncgotiableted in U.S. dollars issued by banks abroad. Foreported by nonbanks, see July 1979 Bui i i i IN,
lata for banks' own claims are given on a monthly>f banks' own domes tic customers are uvuiUble on u
3.20 BANKS' OWN CLAIMS ON (JNAFFII.1ATFD FOREIGNERS Reported by Hanks in the United StalesPayable in U.S. DollarsMillions of dollars, end of period
Maturity; by borrower and area
1 Total
By borrower2 Maturity of 1 year or less1
3 Foreign public borrowers4 All other foreigners5 Maturity ot over I year'6 Foreign public borrowers7 All other foreigners
By areaMaturity of 1 year or less1
8 Europe9 Canada
10 Latin America and Caribbean11 Asia12 Africa13 All other2.
Maturity of over I year1
14 Europe15 Canada16 Latin America and Caribbean1 I f\ S L t t . . . i . »
18 Africa19 Al l other-1
1983
243,715
176,15824,039
152,12067,55732,52135,036
56,1176,21 1
73,66034,4034,1991.569
11,5761.857
41.8884,8502,2861,101
1984
243,952
167,85823,912
143,94776.09438.69537.399
58.4986.028
62.79133,5044,4422,593
9,6051,882
56.1445.3232,0331.107
1985
227,903
160.H2426,302
134,52267,07834,51232,567
56,5856,401
61,32827,966
1 7512,791
7.6141.805
50,6744.5021.538
926
June
222,597
152.58923,171
129,41870,(KI837,36532,643
57,9486,074
57,39725.8023,2972.073
7,9342.256
si,5724,0341,497
714
[986
Sept.
224,693
155,11622.527
1.12.58969,57738,18931,388
S9.3816,160
58.19126.4743.0711.8.18
7.2971.930
54.0933.9761.479
802
Dec.
23O,N97
159,41424,920
134,49471,48339^8163 1,667
61,0575,794
55.87929,3722.8544.458
6.7961.910
56,1364,0911.534
795
1987
Mar ''
222,841
151,00222,339
128,66471.83940,99830.840
57.45.55.497
53.63529.251
UI652.099
6.8941.936
56.6294.1811.624
571
1. Remaining time to maturity. Includes nonmonetary international and regional organizations.
A62 International Statistics LI August 1987
.1.21 CLAIMS ON I-OKKIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1 '
liillions ol'dollars, end ol'period
Aiea 01 counlrv
| Total
2 (i-10 countries ami Suit /e i land* Beijiiiim-l uxemboui)'4 | '(-juice> (ierinany(» 11;11 v7 NetherlandsH SwedenlJ Switzerland
10 United Kingdom11 C;mada
1.1 Other developed countries14 Austria1 ^ Dcnmai kIf) i'Mllillul1 / (ireeceIS Norway '.'.'.19 Portugal20 Spam, . ...21 1 mkev22 Other Western luuopc2S Soulh Alnca-•» Australia
25 Ol'KC countries
27 Vene/ueki
29 Mitklle Kast countriesUt African countries
U Non-Ol'KC developing countries
l.alin Amenta'2 Argentina
'•1 ChileV'I Colombia"> Mexico1 / PeruW Otliei 1 .alin America
AsiaChina
W Mainland40 I aiwan .11 India12 Isiael13 Korea (South)14 Malaysia15 I'luhppiues(6 Thailand17 Olher Asia
Mm-itIX Lgvpl19 Moioeco10 Zaire11 Olher Afr ica'
12 Kaslei n Luiopc1.1 ll.S.S.R14 Yugoslavia^ Other
16 Ollshoie banking centers17 BahamasIX Bermuda19 raymnn Islands and olher British West Indies60 Netherlands Antillesi l I'anama^
62 1 .ebaiioni.l Hong Kong
64 Singapore65 Others'1
Mi Miscellaneous and iinallocalciL
19X2
42*6.1
179.6B . I17.112.710.11.65 01.(1
72,110.410.2
11.11.92.42 21 01.11.17 11.42 11.74.1
2(i.')
10.12 98,12 X
106.5
X.9
1.124 2
2.64.0
2S.l
s2 1
10.72,1d . l1,61.1
1.27
.12 4
6 2.1
2 2.1/7
66.019.0
.912.8
1.17.1
.111.19.1
.0
17.1
I'IKl
4.1.1.')
167.812.416.211.111.
1.s4
65.8.
29.
16.1.;1.42.41 81.11.17.11,'184,75.4
2K.4
i) 91.4').X. 1 . )
110.K
').1
d.4
1.22.1.X
2.44.2
.1S.2.9
1.911.2
1 Xh iT 1
I )
1.5.8.1
2.1
s\ I
.22.42.X
6S.921.7
.912.24.21.8.1
11.810.1
.0
16.X
1984
4115.7
14K.1K 7
14.1) 0
10.1.9
1.21.9
60.17.9
27.1
1.1.6.6
2 29
"* 91,0
4( 1
91.74.16.0
2- .9
9.1"I 1TV)2.1
1! 1.8
8.7
2
.0
21.9
.71.1
9
1X
),6
i,(lS'
.1
2.K1
2.1
.4
.12.12.0
65.62 s
911.8
1.46.7
.11149 8
.0
17.1
June
1 % 8
146.7K.9
1.1.59.6K.61.72,94,0
61,7X.I
21,7
.12.11.61.9l.K-I (j2 i)L I.1.92.0l.X1.96.2
22.K
9 11.16.12.2
110.0
K.6
6.9
21 12 1.1.7
.1s. l
92.)
10.02.8(ill1.6.9
1.0.81
2.0
4.1.1
2 2LK
61,92 1 , 1
.912 .1
.1.2
1.4.1
11.4
9.7.0
16.9
19K1
Sepl.
194 <)
152.09 1
LLX9.X8 41.41.14.1
67.17.6
24.1
12.01.72.1l.X1 X1.41.46.12.11.7I.l5.(i
22,7
9 I)1.16.22.1
107.8
8.9
6.6
24.41.9l.s
1.11.11.11.1
10.42.7(i.O1.7'
9
1,09
,12.0
4.6.2
2.11.9
58.S16.6
.812.12.16.1
0
9.4.0
17.1
Dec
V)l ')
14X19,1
1 2 . 1
10.59 81.72.X4.4
64 67.0
24.2
.10.4l.d2.41.61 62,91 .11,K1.92 01.25.0
21.62.1X.9.1.0S S2,0
105.1
X.')
7.0
24.2l.X1.4
s4.1121.69 42,45,71,41.0
1.0.9.1
1.9
4.2.1
2.2l.X
61.421.4
71142,16 0
111 .19 9
(I
16 9
Mar
194 4
156.4'S.l
11.8I1..VX 1.1.52.95.4
68 56,2
28,1
11.61.62 s1.9
2.7I.l6.42..12.4^24.9
20.7
X.71.1
4 Xl.X
101.6'
8.9
7.0
24.01,71,1
64.11.2I.l9.12.2\ ( i
I I.9
.9
.9
.11.9
4.0.1
2.01.7
61.621,1
711,12.11.9
.111.4X.4
.0
l«,.7
19
June
V)l V
9.01.1.111.59.11.42.95.6
68.9d.X
27.4
10.61.72.41.6> dI 01.06.42 12 11.14.2
20. (>
2.18.81 0VI)1.7
101.1
9.2
7.1
21.X1.61.1
6.1.71 1l.d8.72.0S.71,1
X
.9
.9
.11.7
4.0. l
2.01.7
17.VL, \ l
,S'
1.1.0'2, 1s.s
.19.49.1
0
17.2
86
Sepl.
V)l 4'
1.1X.9X.1
14.d12.1X.I1.92.74.X
70.06.1
27.7
29,41.7\ i1.7i 1
I'll6 72 11,61.14,1
20.02 18.72.84 61,7
99.7
9.1
7.1
2 l.X1.11.1
64.11.11.47 12.11.410
7
.7
.91
1.6
1.4.1
1.91.4
62.620.0
.41 1 2
1.96 K
110.49.7
.0
17.1
Dee.'
191 7
158.1X 4
11.811.79.04.62.4s 1
71.95.4
2.1.1
26.11.71.71.4-< 12.4
.Xl.X2.01.51.1.!.5
19.1
8.62.14.11.7
9 9,1
9.5
7.1
2.121.X
1.41.1
.44.91.2l.dd 72.15.4
97
.7
.9
.116
1.2.1
1 71.4
61.522.X
,714.1
l.K1.1
.111.29.1
.0
20.1
19X7
Mar.'1
.195.H
161.29.1
11.112.18 64 41.01 X
74.55.2
27.1
26.21.9l.X1,1i I2.1
.96. '1.9l.d1.11.2
70.2
2.1X.72.2s sL6
99.9
9.1
2,021 X
1.41.0
.91.4l.X1.46.21.91.4
.9
. ( i
6.9.1
1.4
1.1.1
1.61.1
65 1.M.H
.8I.I.I1.7s.s
.111.1X.X
.0
17. K
1bra< JIT
The banking off ices covered by these dala arc ih•lies o f U S . , ' o w n e d banks and <il U.S. subsi i l iai ic
u n c o v e r e d include (1) U S
!.S. ollices and loreignol Torcign-ownei
neigil subsidiaries of i'.S. banks. To minimize duplicalion, the
.1 banks,ks . and
.ted to excludeforeign braiK
le claimsof Ilie • banki
ibine foreign branch claims in (able 1.14 (!..S, ollices i
1 In d (IK• 1 IK (excluding
cla
brand-g inslhe sur
Icginniug with .Iniceii reduced b\ ai
19K4 data, icpc
held I- U.S.Jala in I
lYoni S50 million to SIM) million eqiiivalenl in Uilal assets, the.able (o all leporting branches.
ill ice iis lab
firotigtt 10) with 'ncies anil branche
1. Besides the ()ually, this group inKuwail, Libya. Nig'as Bahrain and Om
ot I'etrok^lni l.\p*M\ing C \ iiultvisl-lodes olhei members of OI'LC (Algeria, (iabon, Iran, Iraq,ia. Qatai. Saudi Aialiia. anil United Arab l-inirales) as \vi 'i (nor formally members of OI 'LO
us held by foreign branche.-sholdkfoi 'Miel l" blanche
4. Iwcludcs l.ihti. Inchliles C.ui.il /.one beginning December 1979.6. loreign branch claims only.7. includes New Zealand, Liberia, and international and icgional organiza-
tions.
Nonbank-Reported Data A63
3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in theUnited Stales'Millions of dollars, end of period
Type, and area or country
1 Total
2 Payable in dollars3 Payable in foreign currencies
liy type4 Financial liabilities5 Payable in dollars6 Payable in foreign currencies
7 Commercial liabilitiesK Trade payablesl> Advance receipts and other liabilities
10 Payable in dollars11 Payable in foreign currencies
iiv urcn or countryFinancial liabilities
12 Hurope13 Belgium-Luxembourg14 Trance15 Germany16 Netherlands17 Switzerland18 United Kingdom
19 Canada
20 Latin America and Caribbean21 Bahamas22 Bermuda23 Brazil24 British West Indies25 Mexico26 Venezuela
t / / t S l d ' ' l . b ' - * I I F F - . . >
28 Japan29 Middle liust oil-exporting commies-
30 Africa31 Oil-exporting countries'
32 All other4
Commercial liabilities33 Kurope34 Belgium-Luxembourg35 France36 GeriViiiny37 Netherlands38 Switzerland39 United Kingdom
40 Canada
41 Latin America and Caribbean42 Bahamas43 Bermuda44 Brazil45 British Wcsl Indies46 Mexico47 Venezuela
48 Asia49 JapanSO Middle Hast oil-exporting countr ies-5
51 Africa52 () i l -c\port ing countries1
53 Al l other4
1982
27,512
24.2803,232
11.0668,8582,208
16,4469,4387,008
15.4231,023
6.501505783467711792
3,102
746
2.751904
1428
1.027121114
1.039715169
170
12
3,83152
598468346167
1.027
1.495
1.57016
1176032
436642
8,1441.2265,503
753277
651
1983
25,.346
22,2333,113
10.5728,7001.872
14.7747 76S7.009
13,5331.241
5.742302843502621486
2.839
764
\S96751
1332
1.041213124
1,424991170
t*>0
27
3,24562
437427268241732
1,841
1,4731
6744
6585432
6,7411,2474,178
553167
921
1984
29.J57
26,38')2,968
14,50912.5511.955
14,8497,0057.843
13,8361,013
6,728471995489590569
3,297
863
5.0861.926
1335
2.103367137
1,7771,209
155
14I)
41
4,00148
438622245257
1.09S
1,975
1,8717
11412432
586636
5,2851,2562,372
5H8233
1,128
1985
Dec.
27,741
24,3523,389
13.51611.3132.203
14,2256,6857,540
13,0391,186
7,616329857434745676
4,254
839
3,1841,123
429
1.84.3IS3
1,8151,198
S2
120
50
4,07462
453607164379976
1,449
1.08812775844
430212
6,0461,7992,829
5K7238
982
Mar,
26,301
22.S443.757
12.97110,7052,267
13.3295,6187,711
11,8191.490
7,460318851188630692
4,217
832
2,810958
426
,63920
1
1,8241,217
7K
120
32
3,92566
382546MS261957
1.445
1,10726
21864
7256364
5,3842 0192,171
4K6148
983
1986
June
24,698
21.0403A57
11.5789.5152.063
13.120S.4727,648
11.5251.595
7,022288686280635561
4.274
367
2.443874
1427
1,38630
3
1,6851,214
43
120
49
3,82658
358561586284864
1,357
1,24210
294453S
235488
5,0752,1001,787
567215
1,053
Sept.
24,460
20,6333,827
11,7009,4182,281
I2,76()5,5927,168
11,2141,546
7,254322501319708692
4,272
362
2,269863
428
1,256185
1,7901,354
.1
42
21
4,11775
369628613360
1.086
1,240
84137
1724145
196207
4,7812.1141,490
578176
980
Dec.
25,321
21,5513,768
12,0709 7052,365
13,2516,2906,961
1 1,8481,404
7,851245729372701714
4,790
403
1,969621
432
1,1602?
3
1,7671,352
X
11
79
4,42199
338693491384
1.279
1,386
85019
132S948
210215
5,0112,0461,666
619197
963
1. For a description of the changes in Ihc International Statistics tablesJuly 1979 BUI.I .M'IN, p. 550,
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,United Arab Kmirates (Trucial States),
} . Comprises Algeria, (iahon, Libya, and Nigeria.4, Includes nonmonetary international and regional organizations.-V Revisions include a reclassification of transactions, which also aifecls the
totals lor Asia and the grand totals.
A64 International Statistics L_] August 1987
3.23 CLAIMS ON UNAITIUATKI) l-ORI-KiNKRS Reported by Nonhanking Business Knterprises in theUnited Slates'Millions of dollars, end ol' period
Type, and area ()l country
1 l'otii!
2 Payable in dollars.1 Payable in foreign currencies
«.v tvpr4 Linanciai claims5 Deposits6 Payable in dollais7 Payable in foreign currencies8 Oilier financial claims9 Payable in dollars
10 Payable in foreign currencies
11 Commercial claims12 Trade receivables13 Advance paymcnls ami other claims
14 Payable in dollars|5 Payable in foreign currencies
llv area or countryFinancial claims
16 Luro17 lie ginin-l .uxemhourgIK [ ranee19 (iermanv2(1 Netherlands21 Switzerland22 United Kingdom
21 Canada
24 Latin America and Caribbean25 Bahamas26 He inuda27 Brazil28 Hi- ish West Indies29 Mexico10 Venezuela
U Asia
11 Middle Hast oil-e.xpoiting countries-
14 Afr icaI s Oil-export ing countr ies'
16 Al l other '
Commercial claims.17 Lurope.18 Belgium-Luxembourg19 France40 Germany41 Netherlands42 Su itzerland4.1 United Kingdom
44 Canada
1.5 l a t i n America and Caribbean46 Bahamas47 Bermuda48 Brazil49 Brit ish West Indies50 Mexico51 Veiezt iel . i
52 Asia53 Japan54 Middle Last oi l-export ing countries1
55 Afr ica56 Oil-export ing count i ies1
57 Al l o ther '
1982
2K.725
26,0852,6 10
17,6841.1,05812.62K
4104,6262,9791.647
1 1,0419,99.11.047
111.47856.1
4,873IS
11417897
1074.064
4.177
7.546.1.279
.1262
1.2552741.19
69K151
15
15848
11
.1.826151474.157150Kill811
6.1.1
2,52621
261258
12775151
1,0501 ,047
751
588140
417
1981
.14,911
11.8151,0%
21,78(118,49617,99.1
^0.15,2841,3281,956
11,111'J.72I1.410
1(1.494617
6 48817
1501617118
5.817
5,989
10,2144,771
1025.1
4.2062911.14
7M297
4
14755
159
.1,6701.15459.149114117809
829
2.6958
190491
7884•>-]-}
1,0611,114
7.17
588119
286
1984
29,901
27,1042.597
19,25414,62114.202
4204.6 U.1.1901.442
10.6469,1771,470
9,9127.15
5,76215
126224
6666
4,864
1,988
8,216.1.306
( i
10(14,04.1
215125
961151
1.1
2108.5
117
.1,80116544(1.174115271
1,06.1
1,021
2,0528
115214
758.1206
1.0711.191
668
47(1114
229
1985
Dec.
28,4.17
26.1152,102
18.45115.20414.589
6151.2482 2111,0.15
9,9868,6961.290
9.111652
6.5.1010
184221
6174
5,725
1,260
7,8412,698
678
4,57118048
6 %475
4
10.129
21
3..M3175«f>.146284284898
1,021
1.7511191
2066
M 01.57
2.9821.(116
6.18
4171.10
257
Mar.
.11,.W.I
29.1962,187
21,99618,61218,155
457.1..1842.2911,09.1
9,.1878,0871,100
8.750617
7,18.110
21717461
1666,110
4,020
10,071.1,516
277
6,0.1417841
619.150
2
8727
14
3,190148SH4199221247795
1.061
1,5922782
2177
.188172
2,6098016.10
491167
244
1986
June
.1.1,282
:II,IOO2,182
24,11920,83320,278
555.1.1062.2851.021
9.1427 8021.341
8.5.17606
9.626| |
257148
17177
8.799
4.429
9.2511.110
1775
5.40217642
72i499
2
8925
20
3.3041.11y>\41X2 i l l228674
965
1,61124
14819329
.123181
2,574845622
450170
2.17
Sepl.
.12,59')
10.1212,475
23,50318.56618,078
4884,9371,7171,220
9 0967.9241,172
8,129767
9,54867
41812944
1.188,52.5
3,817
9 1002,912
19101
5,87117340
671.187
•>
8418
81
1,14412.141219718.1232830
929
1,66529
1.12206
23299190
2,471788.597
456168
231
Dec.
.1.1,101
30,4982,60.1
21,55018,79618,247
5494,7541,4561,298
9,5518,4051,146
8,794756
8,67841
1118687
1.147,948
4,119
9,1062,534
1367
6,19417324
1,3151,003
11
8.528
27
.1,51812738742X199211820
909
1,82529
157229
55385216
2,61984(1506
4641.34
215
1. For ii description til' the changes in the International SiaJuly \i)ll) Ilui 1.1. i IN, p. 550.
2. Comprises Hahrain, Iran, Itucj, Kuwait. Oman, (,)atar, SUnited Arab hmirates (Trucial States].
tiidi Arabia, and
.1. Comprises Algeria, Gabon, Libya, and Nigeria.4. Includes nonmonctiuy international and regional organizations.
Securities Holdings and Transactions A65
3.24 FOREIGN TRANSACTIONS IN ShX'URlTIKSMillions of dollars
Iransactions, and area or country
STOCKS
1 Foreign purchases2 Foreign sales
3 Net purchases, or sales ( - )
4 Foreign countries
5 Europe6 France7 Germany8 Netherlands9 Switzerland
10 United Kingdom11 Canadii12 Latin America and Caribbean13 Middle I-iiM1
14 Other Asia15 At rica16 Other countries
17 Nonmonetarv international andregional orgiinizatitms
BONDS-
18 Foreign purchases19 Foreign sales
20 Net purchases, or sales I —)
21 Foreign countries
22 Fllrope23 France24 (icnnnny25 Netherlands26 Swit/.erland27 United Kingdom28 Canada29 Latin America and Caribbean.10 Middle Hast1
31 Other Asia32 Africa.1.1 Other countries
34 Nonnlonctary international andregional organizations
35 Stocks, net purchases, or sales t ).36 Foreign purchases37 Foreign sales
38 Bonds, net purchases, or sales f 139 Foreign purchases40 Foreign sales
41 N e t p u r c h a s e s , o r sales ( - ) , o f stocks a n d h o n d s . . . .
42 F o r e i g n c o u n t r i e s
43 Furope44 Canada45 Latin America iifid Caribbean46 Asia47 Atrica48 Other countries
49 Nonmonetary international andregional organizations
1985
81.99577.054
4,941
4,857
2 057438710
-12375
1,665356
1,7IX238296
24168
84
86,58742,455
44,132
44,227
40 047210
2,001->->2
1 98732,762
190498
2.6486,091
II38
-95
3.94120.86124.803
-3,99981,21685,214
-7,940
-9,003
-9,887- 1,686
1,797659
7538
1,063
1986
148,134129,436
18,n98
18,905
9,5V)459341936
1,5604,826
8071,029
9753,865
297373
- 2 ( 1 8
122.74371,840
511,911.3
511,056
.39,307388
-2513K7
4.52933.899
5481.4682.961
11,53916
1.39
»47
1,45250,29251,744
3,098166,700169,798
-4,550
-5,665
-17 675875
3,46911,342
521.977
1.115
1987
Jan.-Apr,
82,07568,944
13,1.30
13,210
5,7171,574
- 4337687
2,607566
1.047-2495.668
74387
- 8 0
39.28627.365
11,921
11.6(16
9.312831079
7768.361
612395
- 1461,482
6• 55
315
-2.56126,30428,865
-91662,91063,826
-3,477
-4,138
- 4,802-1,167
3232,034
11-538
662
1986
Oct.
U
1(1.97912,300
-1,322
-1,179
- 1.124- 92
- 104-19
- 405-4HI
115154
- 5116.19
-97
-143
9,75^5,539
4,21.3
4,455
3.4751)
82-55265
3,1778K
101- 33817- 111
-24.3
1,3116,4265,1 15
2,12516,27414,149
3,436
3,117
-65794
5023.237
1-59
320
Nov.
S. corpora
12.0.3312.086
- 5 2
- 1 9
-485-69
3-50
-236-114
4136792802348
- 3 4
9.2776,105
3,172
2,853
2,10(1328
-108(13204
1,41615466
- 355902
3- 15
319
Dec. Jan.
e securities
14.09612,320
1,776
1,6%
W113241447
363102220267450
1784
80
11,8797.733
4,147
4,251
3,074321952
- 1 172,770
153102
-2581.174
13
-104
Foreign securities
3914.1903,799
68312.66313.346
-292
-294
1,010-106
16820
419
2
654,7094,644
- 44116,31616,756
-376
-825
- 1,169-264
2031.511
3-909
449
17,61715,956
1,661
1,741
1,0611406253
10164710030813688- 149
- 8 0
9,3087,178
2,130
2,218
1.3756
213- 766
1,392-103
103-57917
0-16
- 8 8
- 1675,0015,169
32011.42711,107
1S2
10
188- 396
189168
433
143
DM
Feb.' Mar.
20.70417.599
3,105
3,204
1.786446
1691
100996118331
-1751,153
15212
-10(1
8,0215,457
2,565
2,179
1,40217
145- 29
781,178
36498
-139469
1-16
386
23.06417,999
5,065
5,028
1,843656
1969
180783343372
-2302,638
161
37
12.1218,274
3,847
4,005
.1.60581
19869
15-82.936
19072•12169
3_ T)
-159
-5617,1757,736
- 7115,82115,891
-632
-712
1,220-566
104925
045
80
-7147,0097,722
-48916,65117,140
-1,203
-1,508
-658- 2 0 2- 4 2 8
106- 1
- 5 2 4
305
Apr.' '
20,69017,390
3,300
3,238
1.028332
- 101124306181241
3620
1,7905964
62
9.8366,456
3,380
3,204
2,9.10-221204774
2,85516112362
-7310
176
7,1198,238
-67519,01219,687
-1,794
-1,929
-2,7173
259636
891
135
1. Comprises oil-exporting countries as follows: Bahrain. Iran. Iraq, Kuwait.Oman, Qatar, Saudi Arabia, and United Arab Kmirnlo. (Trueial States!.
2. Includes state and local governmerii securities. mul securiiies of IJ.S.government agencies and corporations. Also includes issues of new debt securi-
ties sold abroad by U.S. corporations organized to finance direct investmentsabroad.
A66 International Statistics U August 1987
3.25 MARKI'TAIU.l' U.S. TREASURY BONDS AND NO'l'IiS Foreign TransactionsMillions of dollars
Country or area
1 i'stinuiH'ft UUitl2
2 1 orcign countries-1
1 Kuro ie-4 Be gmm-l .uxenibourg5 (iennany-6 Netherlands7 Sweden8 Switzerland-9 United Kingdom
10 Ot ier Western Lurope1 1 Haslet it Lllrope12 ( anada
1 ! Latin America anil Caribbean14 Venezuela15 Ot let 1 .alin Anlerka anil Caribbean16 Nelhet lands Antilles17 <\si;iIK Japan19 Ali ica20 All olher
21 Nonmonetary international and regional organizations"'"' Internationa23 1 alin American regional
M ) : M O24 l-'oreign countries-1
25 OH cial institutions26 Ol ier foreign-1
Oil-exporting countries27 Middle Last'28 At ica*1
1985 I'J86
1987
Jan. -Apr . Oct
Transactions, net
2'y,2(IK
28,768
4,303476
1,917269976773
1.8101.701
0188
4,315248
2,1161,711
19,91917,909
1 12308
442436
18
28 7688,115
20,631
1,5477
24,17.1
25,277
ld.851349
7,5311,283
132310
4 6482.598
0881
87K95
I.IM159
5,4664,048
541,255
1,1051,430
157
•"5.27714,36610,913
1473
4,585
5,186
9,481201
5,026558529
2,631189
1.30118
1.861
1,19210140H
1,0855,1)671,426
10333
599468
1 1
5,18610,5145,349
1,51620
..,<M2
2.717
1.0464
2,497112
6449141149
0210
21969
31426U)
45011
163
315165
s
2,7173,589
872
1771
1986
Nov.
Mirchases
-2,25V
301
-7275.1
700.1870
498315510
019
75139
6208152188
2482
1,9582,010
0
101133434
1,0141
Dec.
or sales (
mi
488
1,00175
48758
236428
1,0161,099
0297
97299628
2,0672,086
14198
1,4781,412
0
488295782
210
Jan.
) dur ing
-4.16 '
580
1,17659
581366229135
1,227236
3846
1,00611
445528922
766
280
1,016'1,070'
tl
58(11,498
918
7211
1987
I'eb Mar. Apr. ' '
iclioil'
'HI'
1,818
1,709211
1,11841
440473
57518
0403
29018
374682
1,2311,767'
34396
884'886'
0
1.818834'981'
9621
7,124
4,239
5,86515
2,1412123.14
1,641360
1,6.150
702
62102156
82,3092,388
1232
2,8852,835
I I
4,2395,8371,597
22617
-3,(1.16
1,451
53235
1,187-22Tft
6521,140
5.141
716
1414
180133
1 067- 2J29
15416
1,5841,347
0
1,4512.3663,817
-600
1. Kxtimated ollici;securities with an ormonthly transactionsnotes held by otlicial
2. Includes U.S. 'Idenominated in loreigi
idiginal mateportsnslituicasury n>
iiy of more than:ludes nonmarkelahof foreign countries
ites publicly issued
I year.le U.S.
able U.S. TreasuryData are based on
Treasury bonds and
}. Comprises Itahiain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, andUnited Arab Kmirates (Tiucia! States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
Interest and Exchange Rates A67
3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKSPercent per annum
Country
AustriaBelgiumBrazil"anadaDenmark
Rale on
Per-cent
3.57.75
49.08.547.0
May 31. 1987
Montheffective
Jan. 1987May 1987Mar. m\May 1987Oct. 1983
Country
1' ranee1
Germany, Fed. Rep. of . . .ItalyJapanNetherlands
Rate on May 31, 1987
Per-cent
7.753.5
11 s2.54.5
Montheffective
Mar. 1987Mar. 1986Mar. 1987Feb. 1987Mar. 1986
Country
NorwaySwitzerlandUnited Kingdom-Venezuela
Kale on May 31, 1987
Per-cent
8.03.5
s!o
Montheffective
June 1983Jan. 1987
Oct. 1985
1. As of the end of rebruary 1981, Ihe rate is that at which the Hank of I-raneediscounts Treasury bills for 7 to 10 days.
2. Minimum lending rate suspenclecf as of Aug. 20, 1981.NOTF. Rates shown are mainly those at which the central bank either discounts
or makes advances against eligible commercial papev and/or government commer-cial banks or brokers. lo r countries with more than one rate applicable to suchdiscounts or advances, the rate shown is the one at which it is understood thecentral bank transacts the largest proportion of its credit operations.
3.27 FOREIGN SHORT-TERM INTEREST RATESPercent per annum, averages of daily figures
Country, or type
1 Eurodollars2 United Kingdom3 Canada4 Germany5 Switzerland
6 Netherlands7 France8 ililly9 Belgium
10 Japan
1984
10.759.91
11.295.964.35
6.0811.66I7.U811.416.32
1985
8.2712.169.645.404.92
6.299,91
14.«69.606.47
1986
f. 7010.879.184.584.19
5.567.68
12.608.044.96
W86
Nov.
5.9611.128.394.673.88
5.487.51
11.057.384.39
Dec.
6.2311.308.344.804.08
6.037.92
11.407.394.40
Jan.
6.1010.987.954.453.63
5.588.49
U.397.884.23
Feb.
6.1210.797.443.943.58
5.318.16
11.137.753.98
1987
Mar.
6.379 907.143 973.93
5.387.85
10.657.494.00
Apr .
6.739.727.623.853.65
5.317.87
10.037.213.92
May
7.258.79S.223.733.63
5.118.09
10.157.1.3.3.77
NOTK, Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.
A68 International Statistics G August 1987
3.28 I 'OKlilCiN MXCHANCiH KATKS
Currency units per dollar
Corinti Wcuiiencv
1 Ausllalia/dollar1
2 Aiislria/sdiillinj!1 Uclgiuni/tiaiK-4 Bra/il/cni/eiro5 Canada/dollar6 China. I'.R/yuan7 Denmark/krone
8 I'mland/markka9 France/franc
10 (iermany/deutsche mark11 (iieece/drachma12 lloni: Konjj/ilollar1.1 India/rupee14 Ireland/pound'
IS llaly/liia16 Japan/yen17 Malaysia/nnggit18 Netherlands/pilUlerI1) New Zealand/dollal1
20 Norway/krone31 Porlugal/csLiltln
22 Sinyapore/dollai2.1 South Africa/rand1
24 South Korea/won2.1 Spain/peseta26 Sri Lanka/rupee27 Svycden/kruna28 Switzerland/franc29 Taiwan/dollar10 Iliailand/halit.11 Drilled Kingdom/point1
Ml Mo12 United Stales/dollar
1984
87.9:i720.00^17.749
1841.5O1.29H2.11(18
10.154
6.IKXI78 . 7 1 "2.8414
112.7.17.8188
11.148108.64
1/16.10237.45
2..14481.2081
.17.8178.1596
147.70
2.112569.534
807 91160 7H25.4288.27()h2.1500
19 6112.1,5X2
11.1.(id
118.19
1985
70,02620,67659,116
6205,101.36582.9414
1(1.598
6.19718.97992.9419
1.18.407.7911
12.112106.62
1908.902.18.47
2.48061.1184
49.7128.1911
172.07
2.200845.57
861.89169.9827.1878.60.112.4551
19.88927.1V.1
129.74
141.01
1986
67.09.115.26044.66211.0511.18961.46158.0914
1.07216.92162.1704
119.9.17.8017
12.597114 14
1491.16168.15
2 5X1(12,4484
52,4567,1984
14980
2,178241,952
884.61140.04279317.12721.7979
17,81726.114
146.77
112.22
1986
Dec.
65,9111,99641 18114,14I..1801.1.71147.5215
4.89806.52961.9880
140.1.17.79.11
11.149136.78
1.1 ""J.44162.01
2.19662.2470
11.3397.5294
148.61
2.190044.94
868.41114.4928.1126.90811.6647
16.(XII26.219
141.91
106.54
Jan.
66.0911.08718.61615.581 16011.73147.0191
4.64196.20071.8596
1.14.807,7698
13.029143,90
1317,17114.8!
2.17012.0978
11 6057.1731
142.90
2.151047.71)
862.81)129.5428.5186.61881 1616
15.1(1426.017
150.54
101.13
I c h
66 7712.8.1317 78918.081.13403.73146.8939
4.15166.07601.8239
131.887.7952
11.062141.9!
1297 74153.41
2.54182.0592
54.8117.0067
141.62
2.141047.97
857.38128.6228.6626.50161.540!
15.05625.9.13
152 80
99.46
1987
Mai.
68 1712.90118 02920.56
1.U943.:'!146.9166
4.51026 10911.8155
114.687.8017
12.924145.54
1101.90151.43
2.52302.0731
56 i l l6 9111
M l 48
2 141848,21
816,11128.8628 82!6.42021.1.191
34.68125.881
159.23
98.99
Apr.
71.1912 71915.16222.59
1.11813.73146.8388
4.42276.03321.8121
1.13.1027.8021
12 8224147.49
1292.%143.00
2.48612.0447
17.7116.7781
140.319
2.131049.15
841 (X)126.97128.9026.32101.4968
H.86321.691
162 99
97.09
May
71.4212.17437.091n.a.1,34113 73146 7333
4.3MI45 97481 7881
111.157.8049
12,666149.59
1290.80140.48
2.47592 0154
57.6396 6612
139 18
2 120249 87
812.11125 2828 9886,26061.4705
12 1.142.1.629
166 66
96,01
1. Value in U.S. cents.2, Index oi' weighted-average exchange value of U.S. dollar against the
currencies of 10 industrial counliies. The weight for each of the 10 countries is the1972--76 average world trade o\ thai country divided by the average workl Iratle ofall 10 countries combined. Series revised as of August 1978 Isee If m RAIKI SI RVI. Hut I.I-.IIN, vol. 64, August 1978, p. 7(M)).
}, Currency reform.N o i l . A v e r a g e s of certified noon buy ing ra tes in N e w York for cab le t r ans fe r s .Data in this lahle a l so a p p e a r in the B o a r d ' s ( i . 5 (405) r e l ea se . For a d d r e s s , see
inside from cover .
A69
Guide to Tabular Presentation,Statistical Releases, and Special Tables
GUIDE TO TABULAR PRESENTATION
Symbols and Abbreviations
c Corrected 0c Estimated n.a.p Preliminary n.e.c.r Revised (Notation appears on column heading when IPCs
about half of the figures in that column are changed.) RFJTs* Amounts insignificant in terms of the last decimal place RPs
shown in the table (for example, less than 500,000 SMSAswhen the smallest unit given is millions) . . . .
Calculated to be zeroNot availableNot elsewhere classifiedIndividuals, partnerships, and corporationsReal estate investment trustsRepurchase agreementsStandard metropolitan statistical areasCell not applicable
General Information
Minus signs are used to indicate (1) a decrease, (2) a negativefigure, or (3) an outflow.
"U.S. government securities" may include guaranteedissues of U.S. government agencies (the flow of funds figuresalso include not fully guaranteed issues) as well as direct
obligations of the Treasury. "State and local government"also includes municipalities, special districts, and other politi-cal subdivisions.
In some of the tables details do not add to totals because ofrounding,
STATISTICAL RELEASES
List Published Semiannually, with Latest Bulletin Reference
Anticipated schedule of release dates for periodic releases.Issue Page
June 1987 A89
SPECIAL TABLES
Published Irregularly, with Latest Bulletin Reference
Assets and liabilities of commercial banks, March 31, 1986 June 1987 A70Assets and liabilities of commercial banks, June 30, 1986 June 1987 A76Assets and liabilities of commercial banks, September 30, 1986 July 1987 A70Assets and liabilities of commercial banks, December 31, 1986 July 1987 A76Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 1986 December 1986 A76Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 1986 March 1987 A70Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 1986 May 1987 A76Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 1987 August 1987 A70Terms of lending at commercial banks, May 1986 July 1986 A70Terms of lending at commercial banks, August 1986 December 1986 A70Terms of lending at commercial banks, November 1986 February 1987 A70Terms of lending at commercial banks, February 1987 May 1987 A70
Special tables begin on next page.
A70 Special Tables D August 1987
4.30 A S S h T S A N D I.1AHII.ITIKS of U.S . Branches and Agencies of Foreign Hanks, March 31, 1W71
Millions of dollars
1
214
567
8
9
10I I
] 1
11
141516
17
18
19
2021
22
2.124
252627282930
.11321134
1.5161718y>4041
42
41
444546474X
4950
51
52
51
Item
Total assets'1
Claims on nonidalcd parties
Cash items in process of collection anil unposteddebits
Currency ami coin (U.S. and foreign)lialances with depository institutions in United States
U.S. branches and agencies of other foreign hanks(mdudiuy, their lHl;s)
Other depository institutions in United States(including their IHFs)
Halances with banks in foreign countries and withforeign cent nil bunks
Foreign branches of U.S. banksOther banks in foreign countries and foreign centra]
banks
Iota! st'ciiritifs imd loans
Total securities, book valueU.S. TreasuryObligations of U.S. government agencies and
corporationsOther bonds, notes, debentures and corloiate stock
(indiHlmy state and local senimies)
Federal funds sold and securities purchased underagreements to resell
U.S brunches and agencies of other foreign banks. . . -Commercial banks in United StatesOther
Total loans, grossLess; Unearned income on loansEquals: Luans, net
Toiul loans, i-roxs, hy categoryReal estate loansLoans to depository institutions
U.S. branches and agencies of other foreign hanks .Other commercial banks in United Slates
Other depository institutions in United States(including IHFs)
Hunks iti foreign countriesForeign branches of U.S, hanks
Other financial institutions
Commercial and industrial loans
Non-U.S. addressees (domicile)Acceptances of other banks
U.S. banksForeign hanks ,
Loans to foreign governments ami ollicial institutions(including foreign central hanks)
Loans for purchasing or currying securities(secured and unsecured)
All other loans
All other assetsCustomers1 liabilily on acceptances outstanding
U.S. addressees (domicile)Non-U.S. addressees (domicile)
Othei assets including other claims on nonreiatedpai lies
Net due from related depository institutions''Net due trout head oiViee and other related depository
institutions''Net iluc from establishing entity, head ollices,
and other related depository institutions^
Total lia hi lilies4
Liabilities lo nonrelaieti patties
All s
Totalincluding
IHFs
.195,893
167.441ij | (-,(, |
40628
50.516
41,784
6,7.12
!8,W2,517
16 079MI4
226,27(1
10,4287,519
2,185
20,524
17,1171 1,4251.12.12,18')
196,062220
195,842
«,15261,48115 *>7232!?12
2,761)
1 %28,014
1,07126 9415/>87
9.1,83371,46922,164
1,022431592
17,169
4.2IX)2,317
12,17121,48914,6816,806
10,88428.452
28,452
u.a.
395,89.1
.145.562
ales2
Illlsonly1
195,277
167,05074 891
0n.ii.
17,227
15,126
2,101
(7,6642,437
15,228
86,624
8,191n.a.
n.a.
8.191
2,1(171,160
47900
78, W574
78,431
8944,22317 94816,901
1 .(147
11526,15')
99721 161" ' '920
IX,19577
is,nit222
21
14,697
104255
1,42')it.a.n.;i.n.a.
1,42928,227
n.a.
2X.227
195,277
17(1.151
New
Totalincluding
mis
295,(129
276,42(176,589
.18021
41,447
15,596
5,851
32,7882,392
.10,3961 95"1
159,498
24,6177,155
2,259
15,204
15.70710,24.13,2122.251
115.014153
114,XXI
3,92146,117
22!4O82,188
11921,201
86420,140"Old
60,14141 9751H,16(I
854289564
14,720
1,65(,1,895
24,62615,87110,0275.845
8,75518,609
18,609
n.ii.
295,029
267,481
York
IMl-'sonly '
154,394
I31.71h62,210
0n.a.
10,229
28,267
1.961
11.9812,125
29,657
(>5,.159
6,112n.a.
11.a.
6.112
1,64478(147
817
59.29649
59.247
65.10,22610 5269/.I5
910
69I 'Mil l
79018 841
8.16
I5.33X49
15.28')17
••}
16
12,563
72179
2,50.1n.a.n.a.n.a.
2,50122,678
11 a.
22.67K
154,394
115,161
Califoni
Tolalincluding
Illls
60,964
54,4718,791
52
5.601
5,316
288
3,11842
3,09641
.18,.1.1.1
1,941165
120
.1,657
Xtttt70245s i
14,44856
34,192
2,14712,(1377 5417,'.1O8
237
144 478
1834 295
'93(1
17.25214.6442.608
126124
2
1,391
46696
6,5475,2144,186
827
1.3336.492
6,492
n.a.
611,964
54,089
I H I sonly1
27,(170
24,2168 118
0n.a.5,003
4,931
70
3,1 IS.16
1,079
15,189
1,777n.a.
u.a.
1.7/7
234229
1)5
11.43625
11,111
249,7925,3995,28(1
120
04.392
1824.210
19
2.1X326
2,157000
1.345
055
675u.a.n.a.n.a.
6752,855
n.a.
2.X55
27,0711
.'1,776
Illinois
Totalincluding
Illis
22,008
22,0085 025
s2
2.763
2,385
378
2,19567
2,12959
15,906
874101
0
771
129285
1925
15,037s
15,032
5491,8712,6242.V/9
46
151,232
25I ^07f.000
9.03K8.605
43317(1
16
343
62157
7482312 1 1
2I>
5170
0
n.a.
22,008
1 1,116
m i sonly1
8,4.10
8,24')1 919
(n.a.1,746
1,689
57
2,17365
2,108
3,980
209n.a.
n.a.
209
13(116
(20
3,771(
1.771
t1,0751 8*J1^881
17
01,177
251,152
2K
3520
352505
281
120
214n.a.n.a.n.a.
214182
n.a.
182
8,4.1(1
6,219
U.S. Branches and Agencies A71
4.30 ContinuedMillions of dollars
Item
54 Total deposits and credit balances55 Individuals, partnerships, and corporations56 U.S. addressees (domicile)57 Non-U.S. addressees (domicile)58 Commercial banks in United States (including IHFsl .59 U.S. branches and agencies of other foreign bunks .60 Other commercial bank.s in Uniletl .States61 Banks in foreign countries62 Foreign branches of U.S. banks63 Other banks in foreign countries64 Foreign governments and otlicial institutions
(including foreign central hanks)65 All other deposits and credit balances66 Certified and ollicial checks
67 Transaction accounts and credit balances(excluding IHFs)
68 Individuals, partnerships, and corporations69 U.S. addressees (domicile)70 Non-U,S. addressees (domicile)71 Commercial banks in United Slates (including IBFs) .72 U.S. branches and agencies of other foreign banks .73 Other commercial banks in United States74 Hanks in foreign countries75 Foreign branches of U.S. banks76 Other banks in foreign countries77 I'oreign governments and otlicial institutions
(including foreign central banks)7H All other deposits and credit balances79 C'ertilied and official checks
80 Demand deposits (included in transaction accountsand credit balances)
HI Individuals, partnerships, and corporations82 U.S. addressees (domicile)83 Non-U.S. addressees (domicile)84 Commercial banks in United States (including Mil's) .85 U.S. branches and agencies of other foreign hanks .86 Other commercial hanks in United States8/ Banks in foreign countries88 Foreign branches of U.S. banks89 Other banks in foreign countries90 I'oreign governments and ollicial institutions
(including foreign central banks)91 All other deposits and credit balances92 Certified and ollicial checks
93 Non-transaction accounts (including MMOAs,excluding IBFs)
94 Individuals, partnerships, and corporations95 U.S. addressees (domicile)96 Non-U.S. addressees (domicile)97 Commercial banks in United States (including IHFs) .98 U.S. blanches and agencies of other foreign bank.s .99 Other commercial hanks in United States
100 Banks in foreign counlrie.s101 Foreign branches of U.S. banks102 Other banks in foreign countries103 Foreign governments and ollicial institutions
(including foreign central banks)104 All other deposits and credit balances
105 IRF deposit liabilities106 Individuals, partnerships, and corporations107 U.S. addressees (domicile)108 Non-U.S. addressees (domicile)109 Commercial banks in United States (including IBFs) .110 U.S. branches and agencies of other foreign batiks .111 Other commercial banks in United States112 Banks in foreign countries113 Foreign branches of U.S. banks114 Other banks in foreign countries115 Foreign governments and otlicial institutions
(including foreign central banks)116 All other deposits and credit balances
All s
lotaexcluding
IBFs
54,91242,77013,7009,0708,5874,3554,232
876224652
770318591
5,9883,6702,459
211'391
82310918
12906
28929
591
4,8133,1682,0921,077
1555
149MO
1619
22514
591
48,92339.10031,2407,8608,1964,2743,922
958212746
481188
n 1.
ates-1
IUI-'sonly1
134,69513,496
46613,03047 23540,7206 515
68,4607,443
61,018
5,019484
n 1.
n iV.
n l
134,69513,496
46613,03047,23540,7206,515
68,4607.443
61,018
5,019484
New
Iotaexcluding
IBFs
46,61535,37729,0746,3037,8923,7824,110
815224592
746291494
5 262,9842,0.18
94638281
301877
12865
28109
494
4,1362,6341,781
853146
S14158(1
1579
21765
494
41,48932,39327,036
5,1577,510.3,7001,809
918212726
465183
n a.
York
IBFsonly'
119,21610,312
4619,851
40,57914,7805,799
61,0766,206
56,870
4,765483
n a.
n a.
n i .
119,21610,312
4619,851
40,57934,780
5,79963,0766,206
56,870
4,765483
California
Iotaexcluding
mi's
,645501437065
465
40140
14
174
63
2101369046
504404
11
63
133613011404303
10
63
1,4341,366
1471,019
415
36100
10
152
n a.
IHFsonly'
8,661341
0341
4,6434,171
4701,627
6712,956
500
1
n a.
n 1.
n 1.
8,661341
0141
4,6434,173
4701,627
6712,956
500
Illinois
lotaexcluding
IBFs
2,8172,177
99718162155169
103
32
l !
215218214
1000202
11
II
225207204
3000202
31
II
2,5821,9601,782
17762055169
101
01
n a.
IBFsonly'
2,124104
0104217105112911383529
91(1
n l .
n 1.
n a.
2,124104
0104
1,2171,105
112911181529
910
l;or notes see end of table.
A72 Special Tables LI August 1987
4.30 ASSKTS A N D I . IAHIL1TIHS of U .S . Brunches ;iml Agencies of Foreign Hiinks, March 31 , I ' W — C o n t i n u e d
Millions nl ilolhtrs
120121
I l l
1 2 4
127128
12')HI)
I 121 13
! 15
1361 17
I 19140
Federal funds purchased and securities sokl underagreements ID repurchase
U.S. branches and agencies of other foreign hanksOther commercial lianks in United StatesOther
Other borrowed moneyOwed to nonrelated commercial banks in United Status
( i n c l u d i n g I l l l - s )
d US lli f l d US b kOwOwed to U.S. branches -.mil agencies of
nonrclated foreign banksOwed to iionrelated banks in foreign cotmtiies
Owed lo foreign branches of nonielated U.S. banksOuvd lo foreign ultices of nonrclatecl foreign banks
Owed lo others
eptAll other liabilities
Hianch or agency liability •ami outstanding
Other liabilities to nonrelated parlies
Net due lo related deposilory institutions''Net due to head ollice and other related
deposilory institutions''Net due lo establishing entity, head ottice, and other
related depository institutions1
Mi MO
Non-interest heming balances with commercial hanksin United States
1 lolding of commercial paper mdudud in tut.il loans . . . .Holding of own acceptances included in commercial
and industrial loansCommercial and industrial loans with remaining matiui ly
of one year or lessPredetermined interest ratesHonting interest rales
Commercial and industrial loans with remaining matmityof im>iv than one ycut'
Predetermined interest raleslloating interest rates
lo la lincluding
m i s
41 .MSI4,')241(1 5M>IS.W.2
1(1,78716, (.60
14,142S.227
2,2.176.19
S6,17014,12722,243
17,46.i12,73124,710
mi sonly1
2.R2S1,496
2201,109
2'),H7fi
I2..OT2.51?
10.044IV7142,179
13,.1541,5X5
2,755
2,755
2S,126
Totalincluding
I B I S
31.42(11(1,(1347,3X5
14 (KIO44,175
3(1,33615,691
14,6457,704
X226.K826.135
26,055
19,25 16,8(12
27,S4X
27.54X
2,0114S.1
2,711
35,0X020 (11515,045
25,2617 906
17.3V.
IHIsonly'
1.4H2649
K5748
12.388
3,699931
2.76H7 , l70
7476,4231,52(1
2,075
2,075
19.233
19,233
Totalincludinj;
I HIS
7,X8<)1,9772,2561,65 s
29,012
21 5927,592
13,999
s rn1,2764,5011,64.1
h.XXi
5,908975
6,875
6.X75
10,7007 56(13,140
6,5522.6723,88(1
only1
1,194711125338
13.474
7,9671,352
6,6155,4421,2114,231
65
446
446
1,294
I ota!including
M i l s
1,45S714620124
6,071
2,7041.037
1,6672,991
316i 675
377
646
218408
8,692
8,692
4991
123
6,1 194,1591,960
2.9191,4531,466
1111 s{inly1
49320
173.652
698119
5792.954
3 Hi2,638
(I
194
ii.a.194
U.S. Branches and Agencies A73
4.30 ContinuedMillions of dollars
Item
144 Components of total nontransaction accounts.
lAontiimsuctiotuu' luxouilts, including IBl-s145 Time CD.s in denominations of $100,OCX) or more146 Other time deposits in denominations of $100.(H)0
or more147 Time CDs in denominations of $100,000 or more
with remaining inaturily ol' more than12 months
148 Market value of securities held150 immediately available funds with a maturity greater than
one day included in other borrowed money
150 Number of reports filed'1
All s
Totalexcluding
IHFs
57 87036,62'J
7.355
13,886
ites-
misonly1
tn.a.
All states-
Totalincluding
IHI-s
29,353
52,159
48K
IHFsonly'
8,171
n.a.
New York
Totalexcluding
1IU\
50,25430,88(1
6,870
12.504
III I sonly'
tn.a.
i
New York
totalincluding
IBl-'s
23 Ml
28,929
221
misonly'
6,227
n.a.
Cali/l
Totalexcluding
IBl-'s
1,4071.058
185
164
ni;t
IHI sonly'
1n.a.
California
Totalincluding
IHI s
3,611
20,446
122
misonly'
1,641
n.a.
Illinois
Totalexcluding
IBl-'s
3,0402,120
230
689
1151 sonly'
tn.a.
1Illinois
Totalincluding
IHFs
873
1,794
47
misonly1
209
n.a.
!. Data iue aggregates of categories reported on the quarterly form ITIHC (M)2,"Report of Assets and Liabilities of U.S. Branches and Agencies of ForeignHanks." Details may not add to totals because of rounding. This form was firstused for reporting data as of June 30, 1980, and was revised as of December 31,1985. From November 1972 through May 1980, U.S. branches and agencies offoreign banks had filed a monthly 1:R KHfm report. Aggregate data from ihut reportwere available through the Federal Reserve statistical release O.l t, lasi issued onJuly 10, 1980. l)ata in this table ami in the G. 11 tables are not .strictly comparablebecause of dill'erences iti reporting panels and in definitions of balance sheetitems.
2. Includes the District of Columbia.3. liftectivc December 1981, the Federal Reserve Board amended Regulations
D and Q to permit banking offices located in the United Stales to operateInternational Hanking Facilities ((HI-s). As of (Tcccmhcr 31, 1985> ilnui fin Wl\Hie reported in a separate column. These data are either included in or excludedfrom the total columns as indicated in the headings. The notation "n.a ." indicates
that no 1BF data are reported for that ilem, either because the item is not aneligible IBF" asset orIBFs. From Decembeiall applicable items re
4. Total assets and IU> related hanking insifootnote 5), On the foi
iabiliiy or because that level of detail is not reported for1981 through September 1985, IBF data were included in
•orted.ota! liabilities nclude net balances, if any, due from or dueitutkuis in the United States and in foreign countries (seciner monthly branch and agency report, available through
the (i. 11 statistical release, t,'/'o.v.v balances were included in total assets and totalliabilities. Therefore, total asset and total liability figures in (his table are notcomparable to those in the (i . l l tables.
5. ••Related banking institutions" includes the foreign head ollice and otherU.S. and foreign branches and agencies of the bank, the bank's parent holdingcompany, and majority-owned hanking subsidiaries of the bank and of its parentholding company (including subsktUirics owm-d both directly and indirectly).
6. In some cases two or more ollices of a foreign bank within the samemetropolitan area file a consolidated report.
A74
Federal Reserve Board of GovernorsPAUL A. VOI.CKHR, ChairmanMANUKI. H. JOHNSON, Vice Chairman
MARTHA R. SUGI.RWAYNH D. ANC.I'I.I.
Orricr or BOARD MEMHERS
JOSI-TII K. COYNL, Assistant to the HoardDONAI I) .1. WINN, Assistant to the HoardNOKMAND R.V. BI.RNARD, Special Assistant to the HoardI.YNN SMITH [OX. Special Assistant to (lie HoardBon S. MOOKL, Special Assistant to the Hoard
LECAI, DIVISION
M I C H A L I B K A D I i l l i>, (ieneral CounselJ. VllMiii. M A T T [ N < ; I . Y , J R . , Deputy (ieneral CounselRICHARD M. ASH ION, Associate (ieneral CounselOLIVTU IRI.I AND. Associate (ieneral CounselRICKI R. TK;LKI, Assistant (ieneral CounselMAKYFLLLN A. HKOWN, Assistant to the (ieneral Counsel
On ICE or THE SECRETARY
WIITIAM W. Wn i s , SecretaryBARHARA R. LOWRI.Y, Associate SecretaryJAMIS MCATI:!;, Associate Secretary
DIVISION or CONSUMERAND COMMUNITY AEEAIRS
Gun i n n 1.. GAKWOOD, DirectorGI.LNN L. LONLY, Assistant DirectorFi.i I:N MAI.AND, Assistant DirectorDoi OKLS S. SMITH, Assistant Director
DIVISION or RESEARCH AND STATISTICS
JAMLS I,. KICHLINI:, Staff' DirectorliowARi) C. KTTIN, Deputy DirectorDONAI.i) I.. KOIIN, Deputy Director
(Monetary Policy and I'inaitcial Markets)MK HAI.1 J. I'RIXI., Deputy DirectorJARHD J. HNZI.I:K, Associate DirectorDAVID K. I.INDSI.Y, Associate DirectorKI.HANOR J. STOCKWIXI., Associate DirectorMARTHA HI-.TIIKA, Deputy Associate DirectorTHOMAS D. SIMPSON, Deputy Associate DirectorI.AWRKNCI: SI.IIMAN, Deputy Associate DirectorVvwv. A. TINSI.KY, Deputy Associate DirectorSUSAN J. l.r.pi'i R, Assistant DirectorRICHARD I). PORI I:R, Assistant DirectorMARTHA S. SCANI.ON, Assistant DirectorJOYCE K. /.ICKI.MR, Assistant DirectorI,I;VON H. UARAHKDIAN, Assistant Director
(Administration)
DIVISION or INTERNATIONAL FINANCE
HDWIN M. TRUMAN, Staff DirectorLARRY J. PROMISLL, Senior Associate Director(JIARI.HS J. Sir-GMAN, Senior Associate DirectorDAVID H. HOWARD, Deputy Associate DirectorROHKRX F. CIF.MMII.I., Staff AdviserDONALD li. ADAMS, Assistant DirectorPI:TI:R HOOPI.R III, Assistant DirectorKARI:N H. JOHNSON, Assistant DirectorRAI.IMI W. SMITH, JR. , Assistant Director
DIVISION or BANKINGSVI'ERVISION AND REGULATION
WII.I.IAM TAYLOR, Staj} DirectorFRANKLIN D. DRI.YI.R, Deputy Director1
DON H. KI.INI-, Associate DirectorFKLDKRICK M. SIRUHI.L. Associate DirectorWILLIAM A. RYHACK, Deputy Associate DirectorSn.i'HLN C. SciiiiMKRiNCi, Deputy Associate DirectorRICHARD SI'H.LKNKOTHLN, Deputy Associate DirectorIlLKnr.RT A. BILRN, Assistant DirectorJoi: M. CI.LAVLR, Assistant DirectorANTHONY CORNYN, Assistant DirectorJAMLS I. CJARNCR, Assistant DirectorJAMKS D. (ioinziNCi.R, Assistant DirectorMICHAEL Ci. MARTINSON, Assistant DirectorROHLRT S. 1'I.OTKIN, Assistant DirectorSIDNLY M. SUSSAN, Assistant DirectorLAURA M. HOMLR, Securities Credit Officer
I. On loan from the I'cderal Reserve Hank of Chicago,
A75
and Official StaffH. ROBERT HELLEREDWARD W. KELLEY, JR.
OFFICE OFSTAFF DIRECTOR FOR MANAGEMENT
S. DAVID FROST, Staff' DirectorEDWARD T. MULRENIN, Assistant Staff DirectorPORTIA W. THOMPSON, Equal Employment Opportunity
Programs Officer
DIVISION OF PERSONNEL
DAVID L. SHANNON, DirectorJOHN R. WEIS, Assistant DirectorCHARLES W. WOOD, Assistant Director
OFFICE OF THE CONTROLLER
GEORGE E. LIVINGSTON, ControllerBRENT L. BOWEN, Assistant Controller
OFFICE OF STAFF DIRECTOR FORFEDERAL RESERVE BANK ACTIVITIES
THEODORE E. ALLISON, Staff Director
DIVISION OF FEDERAL RESERVEBANK OPERATIONS
CLYDE H. FARNSWORTH, JR. , DirectorELLIOTT C. M C E N T E E , Associate DirectorDAVID L. ROBINSON, Associate DirectorC. WILLIAM SCHLEICHER, JR., Associate DirectorCHARLES W. BENNETT, Assistant DirectorJACK DENNIS, JR., Assistant DirectorEARL G. HAMILTON, Assistant DirectorJOHN H. PARRISH, Assistant DirectorFLORENCE M. YOUNG, Adviser
DIVISION OF SUPPORT SERVICES
ROBERT E. FRAZIER, DirectorGEORGE M. LOPEZ, Assistant DirectorDAVID L. WILLIAMS, Assistant Director
OFFICE OF THE EXECUTIVE DIRECTOR FORINFORMATION RESOURCES MANAGEMENT
ALLEN E. BEUTEL, Executive DirectorSTEPHEN R. MALPHRUS, Associate Director
DIVISION OF HARDWARE AND SOFTWARESYSTEMS
BRUCE M. BEARDSLEY, DirectorTHOMAS C. JUDD, Assistant DirectorELIZABETH B. RIGGS, Assistant DirectorROBERT J. ZEMF.L, Assistant Director
DIVISION OF APPLICATIONS DEVELOPMENT ANDSTATISTICAL SERVICES
WILLIAM R. JONES, DirectorDAY W. RADEBAUOH, Assistant DirectorRICHARD C. STEVENS, Assistant DirectorPATRICIA A. WELCH, Assistant Director
A76 federal Reserve Bulletin LI August 1987
Federal Open Market CommitteeI-'EDERAL Oi'HN MARKET COMMITTEE
MEMIIERSPAUL A. VOLCKLR, Chairman
WAYNI I). ANC;I;U.
HOWARD (i. BOIIINLR o i l l . R T I I . B o Y K I N
II. ROIUKI HLLI !.R
MANUI.I. H. JOHNSONSII.AS Ki I:HN
li. GERALD CORRIGAN, Vice Chairman
KDWARD W. KI-:I.I.I-:Y, JK.MARTHA R. SKGF.RGARY H. STLRN
ROIIIKI I1. BI.AC KTHOMAS M. TJMI.CN
A E TERN A TE MEMHERS
ROMKT V. l'OKRi;STA[ ROHIRI T. PARRY
SlAEE
DONALD I.. KOIIN, Secretary and Staff AdviserNOKMAND R.V. BKRNARD, Assistant SecretaryROSI.MARY R. LONI'.Y, Deputy Assistant SecretaryM u ' i i A l - i . H R A D I I I . I I » , Ceneral CounselJAMI-:S H. OI.IMAN, Deputy (ieneral CounselJ A M I S 1.. K l e i n I N I . . EconomistliuwiN M. TRUMAN, Economist (International)Pi:n.R l'Ousi.K, Associate Economist
RICHARD W. I.ANCI, Associate EconomistDAVID li. LINDSKY, Associate EconomistMICHAF.I. J. I 'KI.II. , Associate EconomistARTHUR J. ROI.NICK, Associate EconomistHARVI-:Y ROSKNHI.UM, Associate EconomistKAKI. A. SCHI.1,1), Associate EconomistCHARI.I:S J. SllXiMAN, Associate EconomistTHOMAS I). SIMPSON, Associate Economist
Pi II:R I). STI-;RNI.II;HT, Manager for Domestic Operations, System Open Market AccountSAM Y. CROSS, Manager for Foreign Operations, System Open Market Account
FEDERAL ADVISORY COUNCIL
J O H N Ci. M K D I . I N J R . , ('residentJ U I . H N 1,. M C C A I I , Vice President
J O H N T. M K I I I . I . I C U D D Y , I ) I : W A I . I 1-1. A N K I : N Y , J R . , A N D !•'. 1'iiii.i.ips C J I I . I N I : R , Directors
J O H N I'. I .AWAKI- : , J-irst DistrictJ O H N !•'. M C C J M . I . I C U D D Y , Second DistrictS A M U I . I , A. McC'ui. i .oiKiii , Third DistrictJ U I . I H N I.. M( C.'AI.I., I-oiirth DistrictJ O H N ( J . M I . D I . I N , J R . , i'ifth DistrictBr.NNi'.rr A. B R O W N , Sixth District
C H A R M S T. I M S H I R , III, Seventh DistrictD O N A L D N. B R A N D I N , Kighth I5istriclD I - . W A I . T H. A N K F . N Y , J R . , Ninth DistrictI1'. P H I L L I P S O I I . T N K K , Tenth DistrictG I . R A L D W. I ' R O N T F R I I O U S I ; , lileveiitli DistrictJ O H N D. M A N G I . L S , Twelfth District
H l R H l R I V . P l U K H N O W , Sl-.CRI-VI AUY
WILLIAM .1. KORSVIK, ASSOCIAII: SF.CRF;TARY
A77
and Advisory CouncilsCONSUMER ADVISORY COUNCIL
EDWARD N. LANGE, Seattle, Washington, ChairmanSTEVEN W. HAMM, Columbia, South Carolina, Vice Chairman
EDWIN B. BROOKS, JR., Richmond, VirginiaJONATHAN A. BROWN, Washington, D.C.JUDITH N. BROWN, Edina, MinnesotaMICHAEL S. CASSIDV, New York, New YorkTHERESA FAITH CUMMINGS, Springfield, IllinoisRICHARD B. DOBY, Denver, ColoradoRICHARD H. FINK, Washington, D.C.NEIL J. FOGARTV, Jersey City, New JerseySTEPHEN GARDNER, Dallas, TexasKENNETH A. HALL, Jackson, MississippiELENA G. HANGGI, Little Rock, ArkansasROBERT J. HOBBS, Boston, MassachusettsRAMON E. JOHNSON, Salt Lake City, UtahROBERT W. JOHNSON, West Lafayette, Indiana
JOHN M. KOLESAR, Cleveland, OhioALAN B. LERNER, Dallas, TexasFRED S. MCCHESNEY, Chicago, IllinoisRICHARD L. D. MORSE, Manhattan, KansasHELEN E. NELSON, Mill Valley, CaliforniaSANDRA R. PARKER, Richmond, VirginiaJOSEPH L, PERKOWSKI, Centerville, MinnesotaBRENDA L. SCHNEIDER, Detroit, MichiganJANE SHULL, Philadelphia, PennsylvaniaTED L. SPURLOCK, Dallas, TexasMEL R. STILLER, Boston, MassachusettsCHRISTOPHER J. SUMNER, Salt Lake City, UtahEDWARD J. WILLIAMS, Chicago, IllinoisMICHAEL ZOROYA, St. Louis, Missouri
THRIFT INSTITUTIONS ADVISORY COUNCIL
MICHAEL R. WISE, Denver, Colorado, PresidentJAMIE J. JACKSON, Houston, Texas, Vice President
GERALD M. CZARNECKI, Mobile, AlabamaJOHN C. DICUS, Topeka, KansasBETTY GREGG, Phoenix, ArizonaTHOMAS A. KINST, Hoffman Estates, IllinoisRAY MARTIN, LOS Angeles, California
DONALD F. MCCORMICK, Livingston, New JerseyJANET M. PAVLISKA, Arlington, MassachusettsHERSCHEL ROSENTHAL, Miami, FloridaWILLIAM G. SCHUETT, Milwaukee, WisconsinGARY L. SIRMON, Walla Walla, Washington
A78
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CONSUMER EDUCATION V AMPULE ISShort pamphlets suitable for classroom use. Multiple copiesare available without charge.
Consumer Handbook on Adjustable Rate MortgagesConsumer Handbook to Credit Protection LawsFair Credit BillingFederal Reserve GlossaryA Guide to Business Credit and the l'.qual Credit Opportunity
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What Truth in Lending Means to You
A79
PAMPHLETS FOR FINANCIAL INSTITUTIONSShort pamphlets on regulatory compliance, primarily suit-able for banks, bank holding companies and creditors. 133.
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The Board of Directors' Opportunities in Community Rein-vestment 135.
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114. Mui.riHANK HOLDING COMPANIES: RECENT EVI-DENCE ON COMPETITION AND PERFORMANCE IN 144.BANKING MARKETS, by Timothy J. Curry and John T.Rose. Jan. 1982. 9 pp.
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THE IMPLICATIONS FOR BANK MERGER POLICY OFFINANCIAL DEREGULATION, INTERSTATE BANKING,AND FINANCIAL SUPERMARKETS, by Stephen A.Rhoades. February 1984. Out of print.ANTITRUST LAWS, JUSTICE DEPARTMENT GUIDE-LINES, AND THE LIMITS OF CONCENTRATION IN LO-CAL BANKING MARKETS, by James Burke. June 1984.14 pp. Out of print.SOME IMPLICATIONS OF FINANCIAL INNOVATIONS INH I E UNITED STAFFS, by Thomas D. Simpson andPatrick M. Parkinson. August 1984, 20 pp.GEOGRAPHIC MARKET DELINEATION: A REVIEW OFTHE LITERATURE, by John D. Wolken. November1984. 38 pp. Out of print.A COMPARISON or DIRECT DEPOSIT AND CHECK PAY-MENT COSTS, by William Dudley. November 1984.15 pp. Out of print.MERGERS AND ACQUISITIONS BY COMMERCIALBANKS, 1960-83, by Stephen A. Rhoades. December1984. 30 pp. Out of print.COMPLIANCE COSTS AND CONSUMER BENEFITS OFTHE ELECTRONIC FUND TRANSFER ACT: RECENTSURVEY EVIDENCE, by Frederick J. Schroeder. April1985. 23 pp. Out of print.SCALE ECONOMIES IN COMPLIANCE COSTS FOR CON-SUMER CREDIT REGULATIONS: THE. TRUTH IN LEND-ING AND EQUAL CREDIT OPPORTUNITY LAWS, byGregory E. Elliehausen and Robert D. Kurtz. May1985. 10 pp.SERVICE CHARGES AS A SOURCE OF BANK INCOMEAND THEIR IMPACT ON CONSUMERS, by Glenn B.dinner and Robert D. Kurt/. August 1985. 31 pp. Outof print.THE ROLE OF THE PRIME RATE IN THE PRICING OFBUSINESS LOANS BY COMMERCIAL BANKS, (977-84,by Thomas F. Brady. November 1985. 25 pp.REVISIONS IN THE MONETARY SERVICES (DIVISIA)INDEXES OF THE MONETARY AGGREGATES, by HelenT. Fair and Deborah Johnson. December 1985. 42 pp.'THE MACROECONOMIC AND SECTORAL EFFECTS OFrun ECONOMIC RECOVERY TAX ACT: SOME SIMULA-TION RESULTS, by Flint Brayton and Peter B. Clark.December 1985. 17 pp.THE OPERATING PERFORMANCE OI- ACQUIRED FIRMSIN BANKING BEFORE AND AFTER ACQUISITION, byStephen A. Rhoades. April 1986. 32 pp.STATISTICAL COST ACCOUNTING MODELS IN BANK-ING: A REF.XAMINAIION AND AN APPLICATION, byJohn T. Rose and John D. Wolken. May 1986. 13 pp.
A80
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Limit of 10 copies
Foreign lixperience with Targets for Money Growth. 10/83.Intervention in Foreign Exchange Markets: A Summary of
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Hank Lending to Developing Countries. 10/84.Survey of Consumer Finances, 1983: A Second Report.
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U.S. Statistics. 10/86.Recent Developments in Corporate Finance. 11/86.U.S. International Transactions in 1986. 5/87.
A8I
Index to Statistical TablesReferences are to pages A3-A73 although the prefix "A" is omitted in this index
ACCEPTANCES, bankers (See Bankers acceptances)Agricultural loans, commercial banks, 19, 20Assets and liabilities (See also Foreigners)
Banks, by classes, 18-20Domestic finance companies, 37Federal Reserve Banks, 10Financial institutions, 26Foreign banks, U.S. branches and agencies, 21, 70-73Nonfinancial corporations, 36
AutomobilesConsumer installment credit, 40, 41Production, 47, 48
BANKERS acceptances, 9, 23, 24Bankers balances, 18-20 (See also Foreigners)Bonds (See also U.S. government securities)
New issues, 34Rates, 24
Branch banks, 21, 55, 70-73Business activity, nonfinancial, 44Business expenditures on new plant and equipment, 36Business loans [See Commercial and industrial loans)
CAPACITY utilization, 46Capital accounts
Banks, by classes, 18Federal Reserve Banks, 10
Central banks, discount rates, 67Certificates of deposit, 24Commercial and industrial loans
Commercial banks, 16, 19, 73Weekly reporting banks, 19-21
Commercial banksAssets and liabilities, 18-20, 73Commercial and industrial loans, 16, 18, 19, 20, 21, 73Consumer loans held, by type, and terms, 40, 41Loans sold outright, 19Nondeposit funds, 17Real estate mortgages held, by holder and property, 39Time and savings deposits, 3
Commercial paper, 23, 24, 37Condition statements (See Assets and liabilities)Construction, 44, 49Consumer installment credit, 40, 41Consumer prices, 44, 50Consumption expenditures, 51, 52Corporations
Nonfinancial, assets and liabilities, 36Profits and their distribution, 35Security issues, 34, 65
Cost of living (See Consumer prices)Credit unions, 26, 40. (See also Thrift institutions)Currency and coin, 18Currency in circulation, 4, 13Customer credit, stock market, 25
DEBITS to deposit accounts, 15Debt (See specific types of debt or securities)Demand deposits
Banks, by classes, 18-21
Demand deposits—ContinuedOwnership by individuals, partnerships, and
corporations, 22Turnover, 15
Depository institutionsReserve requirements, 8Reserves and related items, 3, 4, 5, 12
Deposits (See also specific types)Banks, by classes, 3, 18-20, 21Federal Reserve Banks, 4, 10Turnover, 15
Discount rates at Reserve Banks and at foreign centralbanks and foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)Dividends, corporate, 35
EMPLOYMENT, 45Eurodollars, 24
FARM mortgage loans, 39Federal agency obligations, 4, 9, 10, 11, 31, 32Federal credit agencies, 33Federal finance
Debt subject to statutory limitation, and types andownership of gross debt, 30
Receipts and outlays, 28, 29Treasury financing of surplus, or deficit, 28Treasury operating balance, 28
Federal Financing Bank, 28, 33Federal funds, 6, 17, 19, 20, 21, 24, 28Federal Home Loan Banks, 33Federal Home Loan Mortgage Corporation, 33, 38, 39Federal Housing Administration, 33, 38, 39Federal Land Banks, 39Federal National Mortgage Association, 33, 38, 39Federal Reserve Banks
Condition statement, 10Discount rates (See Interest rates)U.S. government securities held, 4, 10, 11, 30
Federal Reserve credit, 4, 5, 10, 11Federal Reserve notes, 10Federal Savings and Loan Insurance Corporation insured
institutions, 26Federally sponsored credit agencies, 33Finance companies
Assets and liabilities, 37Business credit, 37Loans, 40, 41Paper, 23, 24
Financial institutionsLoans to, 19, 20, 21Selected assets and liabilities, 26
Float, 4Flow of funds, 42, 43Foreign banks, assets and liabilities of U.S. branches and
agencies, 21, 70-73Foreign currency operations, 10Foreign deposits in U.S. banks, 4, 10, 19, 20Foreign exchange rates, 68Foreign trade, 54Foreigners
Claims on, 55, 57, 60, 61, 62, 64Liabilities to, 20, 54, 55, 57, 58, 63, 65, 66
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GOLDCertificate account, 10Stock, 4, 54
Government National Mortgage Association, 33, 38, 39Gross national product, 51
HOUSING, new and existing units, 49
INCOME, personal and national, 44, 51, 52Industrial production, 44, 47Installment loans, 40, 41Insurance companies, 26, 30, 39Interest rates
Bonds, 24Consumer installment credit, 41Federal Reserve Hanks, 7Foreign central banks and foreign countries, 67Money and capital markets, 24Mortgages, 38Prime rate, 23
International capital transactions of United States, 53-67International organizations, 57, 58, 60, 63, 64Inventories, 51Investment companies, issues and assets, 35Investments (See also .specific types)
Ranks, by classes, 18, 19, 20, 21, 26Commercial banks, 3, 16, 18-20, 39, 76Federal Reserve Hanks, 10, 11Financial institutions, 26, 39
LABOR force, 45Life insurance companies (See Insurance companies)Loans (See also specific types)
Banks, by classes, 18-20Commercial banks, 3, 16, 18-20, 76Federal Reserve Banks, 4, 5, 7, 10, 11Financial institutions, 26, 39Insured or guaranteed by United States, 38, 39
MANUFACTURINGCapacity utilization, 46Production, 46, 48
Margin requirements, 25Member banks (See also Depository institutions)
Federal funds and repurchase agreements, 6Reserve requirements, 8
Mining production, 48Mobile homes shipped, 49Monetary and credit aggregates, 3, 12Money and capital market rates, 24Money stock measures and components, 3, 13Mortgages (See Real estate loans)Mutual funds, 35Mutual savings banks, (See Thrift institutions)
NATIONAL defense outlays, 29National income, 51
OPF.N market transactions, 9
PERSONAL income, 52Prices
Consumer and producer, 44, 50Stock market, 25
Prime rate, 23Producer prices, 44, 50Production, 44, 47Profits, corporate, 35
REAL estate loansBanks, by classes, 16, 19, 20, 39
Real estate loans—continuedFinancial institutions, 26Terms, yields, and activity, 38Type of holder and property mortgaged, 39
Repurchase agreements, 6, 17, 19, 20, 21Reserve requirements, 8Reserves
Commercial banks, 18Depository institutions, 3, 4, 5, 12Federal Reserve Banks, 10U.S. reserve assets, 54
Residential mortgage loans, 38Retail credit and retail sales, 40, 41, 44
SAVINGFlow of funds, 42, 43National income accounts, 51
Savings and loan associations, 26, 39, 40, 42. (See alsoThrift institutions)
Savings banks, 26, 39, 40Savings deposits (See Time and savings deposits)Securities (See specific types)
Federal and federally sponsored credit agencies, 33Foreign transactions, 65New issues, 34Prices, 25
Special drawing rights, 4, 10, 53, 54State and local governments
Deposits, 19, 20Holdings of U.S. government securities, 30New security issues, 34Ownership of securities issued by, 19, 20, 26Rates on securities, 24
Stock market, selected statistics, 25Stocks {Sec also Securities)
New issues, 34Prices, 25
Student Loan Marketing Association, 33
TAX receipts, federal, 29Thrift institutions, 3. (See also Credit unions and Savings
and loan associations)Time and savings deposits, 3, 13, 17, 18, 19, 20, 21Trade, foreign, 54'Treasury cash, Treasury currency, 4Treasury deposits, 4, 10, 28'Treasury operating balance, 28
UNEMPLOYMENT, 45U.S. government balances
Commercial bank holdings, 18, 19, 20'Treasury deposits at Reserve Hanks, 4, 10, 28
U.S. government securitiesBank holdings, 18-20, 21, 30Dealer transactions, positions, and financing, 32Federal Reserve Bank holdings, 4, 10, II, 30Foreign and international holdings and transactions, 10,
30, 66Open market transactions, 9Outstanding, by type and holder, 26, 30Rates, 24
U.S. international transactions, 53-67Utilities, production, 48
VETERANS Administration, 38, 39
WEEKLY reporting banks, 19-21Wholesale (producer) prices, 44, 50
YIELDS (See Interest rates)
A83
Federal Reserve Banks, Branches, and OfficesFEDERAL R E S E R V I T B A N K , Chairman President Vice Presidentbranch, or facility Zip Deputy Chairman First Vice President in charge of branch
BOSTON* ...02106 Joseph A. Baute Frank E. MorrisGeorge N. Hatsopoulos Robert W. Eisenmenger
NEW YORK* 10045 John R. Opel E. Gerald CorriganVirginia A. Dwyer Thomas M. Timlen
Buffalo 14240 Mary Ann Lambertsen John T. Keane
PHILADELPHIA 19105 Ncvius M. Curtis Edward G. BoehneGeorge E. Bartol III William H. Stone, Jr.
CLEVELAND* 44101 Charles W. Parry vacancyJohn R. Miller William H. Hendricks
Cincinnati 45201 Owen H. Butler Charles A. Cerino1
Pittsburgh 15230 James E. Haas Harold J. Swart1
RICHMOND* 23219 Leroy T. Canolcs, Jr. Robert P. BlackRobert A. Georgine Jimmie R. Monhollon
Baltimore 21203 Gloria L. Johnson Robert D. McTcer, Jr.1
Charlotte 28230 Wallace J. Jorgenson Albert D. Tinkelenberg1
Culpeper Communications John G. Stoides1
and Records Center 22701
ATLANTA 30303 Bradley Currey, Jr. Robert P. ForrestalLarry L. Prince Jack Guynn Delmar Harrison1
Birmingham 35283 A. G. Trammell Fred R. Hen1
Jacksonville 32231 Andrew A. Robinson James D. Hawkins1
Miami 33152 Robert D. Apelgren Patrick K. Barron1
Nashville 37203 C. Warren Neel Donald E. NelsonNew Orleans 70161 Caroline K. Thcus Henry H. Bourgaux
CHICAGO* 60690 Robert J. Day Silas KeehnMarcus Alexis Daniel M. Doyle
Detroit 48231 Robert E. Brewer Roby L. Sloan1
ST. LOUIS 63166 W.L. Hadley Griffin Thomas C. MclzerRobert L. Virgil, Jr. Joseph P. Garbarini
Little Rock 72203 James R. Rodgers John F. BreenLouisville 40232 Raymond M. Burse James F. ConradMemphis 38101 Katherine H. Smythe Paul 1. Black, Jr.
MINNEAPOLIS 55480 John B. Davis, Jr. Gary H. SternMichael W. Wright Thomas E. Gainor
Helena 59601 Warren H. Ross Robert F. McNellis
KANSAS CITY 64198 Irvine O. Hockaday, Jr. Roger GuffeyRobert G. Lueder Henry R. Czerwinski
Denver 80217 James E. Nielson Fnis Alldredge, Jr.Oklahoma City 73125 Patience S. Latting William G. EvansOmaha 68102 Kenneth L. Morrison Robert D. Hamilton
DALLAS 75222 Bobby R. Inman Robert H. BoykinHugh G. Robinson William H. Wallace Tony J. Salvaggio1
El Paso 79999 Mary Carmen Saucedo Sammie C. ClayHouston 77252 Walter M. Mischer, Jr. J. Z. Rowe1
San Antonio 78295 Robert F. McDermott Thomas H. Robertson
SAN FRANCISCO 94120 Fred W. Andrew Robert T. ParryRobert F. Erburu Carl E. Powell
Los Angeles 90051 Richard C. Seaver Thomas C. Warren-Portland 97208 Paul E. Bragdon Angelo S. Carella1
Salt Lake City 84125 Don M. Wheeler E. Ronald Liggett1
Seattle 98124 John W. Ellis Gerald R. Kelly1
•Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cninford, New Jersey 07016;Jericho, New York 11753; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, WestVirginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.
1. Senior Vice President.2. Executive Vice President.
AX4
The Federal Reserve SystemBoundaries of Federal Reserve Districts and Their Branch Territories
M"""'
April 1984
Ll.Cl.Nl)
~~~ Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve BranchTerritories
Board of'Governors of the Federal ReserveSystem
® Federal Reserve Bank Cities
" Federal Reserve Branch Cities
Federal Reserve Bank Facility