Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. CONFIDENTIAL (FR) CLASS II - FOMC March 14, 1980 SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System TABLE OF CONTENTS THE DOMESTIC NONFINANCIAL ECONOMY Industrial production and capacity utilization . . .. 1 . . . 3 Commercial Bank Credit and Short- and IntermediateTerm Business Credit . . . . ... . . . ..... . 4 Monetary Aggregates. .. 5 Selected Financial Market Quotations . . . . . . . 6 ERRATA: Chart . . . . . . .. . . . . . THE DOMESTIC FINANCIAL ECONOMY TABLES: ...... . . . . . . . APPENDIX A: Senior Loan Officer Opinion Survey on Bank Lending Practices . . . . . . . . . . .. . . . . . A-1 SUPPLEMENTAL NOTES Industrial production and capacity utilization Industrial production edged up 0.2 percent in February. This advance mainly reflected a large increase in output of automobiles, trucks, and related parts from very low January levels; if production of motor vehicles and parts and related items had been unchanged in February, industrial production would have edged down 0.2 percent. The index for February is 0.7 percent above a year earlier and equal to its recent high in March 1979. Production of consumer goods increased 0.9 percent in February mainly because of the rise in output of autos and utility vehicles. Autos were assembled at an annual rate of 7.2 million units-- about 19 percent higher than the January rate, but still about 19 percent below the rate in February 1979. Other consumer durable goods production declined 0.6 percent, while production of nondurable consumer goods increased slightly further in February. Business equipment output rose 0.3 percent; this rise was primarily due to increases in transit equipment and building and mining equipment and followed increases of 0.6 percent in January and 1.0 percent in December. Output of construc- tion supplies decreased 0.8 percent last month. Output of materials edged down in February, reflecting declines in the production of basic steel, nondurable goods materials, and energy materials. Among durable goods materials, output of parts for consumer durables increased more than 3 percent due to the large rise in automobile assemblies, while production of equipment parts declined 0.5 percent following a 2 percent rise in January. 1 Manufacturers operated at 84.2 percent of capacity in February, the same as in the preceding two months. Capacity utilization by producers of industrial materials edged down 0.2 percentage point to 86.1 percent. The utilization rate for primary processing industries declined last month and was the lowest since mid-1978; the utilization rate for advanced processing industries edged up slightly in February and was at the level of late last fall. For producers of industrial materials, a rise in the utilization rate for producers of consumer durable goods parts about offset widespread declines in operating rates of other materials producers. ERRATA: CAPITAL SPENDING COMMITMENTS Seasonally adjusted Billions of 1972 dollars, Ratio scale NEW ORDERS NONDEFENSE CAPITAL GOODS _14 -412 Total Machinery I 1977 MANUFACTURERS' 1978 -4 I 1979 I 6 1980 NEWLY APPROVED CAPITAL APPROPRIATIONS Quarterly rate, Billions of 1972 dollars 14 10 - 6 1973 1974 1975 1976 1977 1978 1979 I 1980 2 REVISED -4- COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT (Percentage changes at annual rates, based on seasonally adjusted data) 1 Q2 Q3 ---------1. 2. Total loans and investments at banks 2 Investments Q4 11.9 15.8 3.4 12.8 17.9 5.4 8.5 3.5 4.2 14.7 Treasury securities 3.8 1.7 -5.9 4. Other securities 6.2 12.1 14.2 Total loans 2 1.5 8.3 10.0 13.1 9.2 18.2 3.3 15.8 19.0 12.9 5.8 20.9 23.8 17.2 16.6 22.7 7. Security loans 38.1 8.7 -88.5 8. Real estate loans 13.0 14.7 14.2 12.9 9. Consumer loans 12.4 7.5 5.5 6.6 Total short- and intermediateterm business credit (sum of lines 13,14 and 15) 11.5 18.0 Business loans 10. e -7.7 6. - Feb. Commercial Bank Credit ------------- 3. 5. Jan. '79 to Feb. '80e Feb. 1980 1979 -19.7 -19.8 -16.6 13.2 14.5 n.a. n.a. Short- and Intermediate-Term Business Credit -- 20.1 27.4 6.3 24.4 n.a. n.a. Business loans net of bankers acceptances 1 16.6 21.7 6.2 22.4 21.2 17.1 Commercial paper issued by nonfinancial firms 3 65.7 69.7 15.5 81.6 49.7 65.2 13. Sum of lines 11 & 12 20.3 25.7 7.0 28.0 24.0 20.6 14. Finance company loans to business 4 17.7 9.4 4.0 -8.5 n.a. n.a. Total bankers acceptances outstanding4 23.3 74.9 4.6 52.3 n.a. n.a. 11. 12. 15. 1. Average of Wednesdays for domestic chartered banks and average of current and preceding ends of months for foreign-related institutions. 2. Loans include outstanding amounts of loans reported as sold outright to a bank's own foreign branches, unconsolidated nonbank affiliates of the bank, the bank's holding company (if not a bank), and unconsolidated nonbank subsidiaries of the holding company. 3. Average of Wednesdays. 4. Based on average of current and preceding ends of months. e--estimated. n.a.--not available. UPDATED -5- MONETARY AGGREGATES (Based on seasonally adjusted data unless otherwise noted)l 1979 Q2 Q3 ---Money stock measures 1. M-1A 2. M-1B 3. M-2 4. M-3 Selected components 5. Currency 6. Demand deposits 7. Other checkable deposits, NSA 2 8. M-2 minus M-1B (9+10+11+14) 9. Overnight RPs and Eurodollars, NSA 3 10. Money market mutual fund shares, NSA Savings deposits 11. at commercial banks 12. at thrift institutions 13. 14. Small time deposits 15. at commercial banks at thrift institutions 16. 17. Large time deposits 18 at commercial banks, net 19. at thrift institutions 20. Term RPs, NSA Feb. '79 to Feb. '8 0 e Percentage Change at Annual Rates -- 7.8 10.7 10.2 8.8 8.8 10.1 10.3 10.3 4.7 5.3 7.2 9.9 8.1 7.6 102.8 10.0 35.4 204.1 -9.7 -7.4 11.8 20.4 22.5 19.3 -4.8 -9.0 40.9 34.6 11.1 8.0 46.7 10.4 -4.7 166.2 -1.5 -0.4 -2.5 14.4 21.5 10.4 9.5 2.5 72.2 13.8 8.1 3.4 15.7 7.8 -17.3 120.0 -21.0 -15.1 -26.0 24.5 28.6 22.3 30.3 22.6 90.8 5.4 -Average MEMORANDA: 21. Managed liabilities at commercial banks (22+23) 22. Large time deposits, gross 23. Nondeposit funds 24. Net due to related foreign institutions, NSA 25. Other 5 26. U.S. government deposits at commercial banks 6 Q4 1980 e p Jan. Feb. 3.6 4.3 6.8 7.8 13.6 -0.5 22.2 7.7 39.8 151.4 -13.2 -11.7. -14.6 10.5 24.6 2.0 15.9 8.3 63.4 0.0 11.9 11.4 10.8 11.7 7.5 8.9 9.5 9.9 10.1 12.7 0.0 10.6 4.8 188.2 -22.1 -16.7 -26.8 17.8 28.1 11.8 24.9 20.2 52.7 -39.6 9.4 6.8 52.8 10.3 5.9 291.7 -12.0 -9.1 -14.4 20.4 27.5 16.5 12.8 5.5 87.1 10.6 Monthly Change in Billions of Dollars-- 1.8 -3.0 4.8 9.5 4.3 5.2 -1.5 2.2 -3.7 4.2 1.1 3.1 13.1 6.0 7.1 4.3 1.4 2.9 3.6 1.3 2.9 2.2 -2.2 -1.4 0.8 3.9 1.3 5.9 1.5 1.4 1.0 0.6 -1.1 4.6 -1.5 0.2 1. Quarterly growth rates are computed on a quarterly average basis. 2. Consists of ATS and NOW balances at all institutions, credit union share draft balances, and demand deposits at mutual savings banks. 3. Overnight and continuing contract RPs issued to the nonbank public by commercial banks, net of amounts held by money market mutual funds, plus overnight Eurodollar deposits issued by Caribbean branches of U.S. member banks to U.S. nonbank customers. 4. Net of large denomination time deposits held by money market mutual funds and thrift institutions. 5. Consists of nondeposit borrowings of commercial banks from nonbank sources, calculated as the sum of federal funds purchased, security RPs, other liabilities for borrowed money (including borrowings from the Federal Reserve), and loans sold less interbank borrowings. 6. Consists of Treasury demand deposits at commercial banks and Treasury note balances. e--estimated. n.a.-not available. p--preliminary. SELECTED FINANCIAL MARKET QUOTATIONS (Percent) ____ __i:_ 1 1974 High FOMC Oct. 5 1979-19802 FOMC FOMC Jan. 9 Feb. 5 Federal funds 3 13.55 11.91 13.94 12.80 16.45 4.54 2.51 3.65 Treasury bills 3-month 6-month 1-year 9.63 9.75 9.54 10.70 10.63 10.28 11.76 11.75 10.76 12.22 12.11 11.60 15.12 14.98 13.86 4.42 4.34 3.58 3.36 3.23 3.10 2.90 2.87 2.26 Commercial paper 1-month 3-month 6-month 12.25 12.25 12.00 11.73 11.86 11.84 13.07 13.04 12.50 13.02 13.09 12.85 16.54 16.77 16.36 4.81 4.91 4.52 3.47 3.73 3.86 3.52 3.68 3.51 Large negotiable CDs4 1-month 3-month 6-month 12.58 12.64 12.30 12.09 12.50 12.80 13.33 13.36 13.33 13.23 13.46 13.70 17.24 17.86 17.86 5.15 5.36 5.06 3.91 4.50 4.53 4.01 4.40 4.16 Eurodollar deposit3 1-month 3-month 13.78 14.01 12.45 12.79 14.59 14.56 13.94 14.29 17.86 18.58 5.41 5.79 3.27 4.02 3.92 4.29 Bank prime rate 12.00 13.50 15.25 15.25 17.75 4.25 2.50 2.50 U.S. Treasury (constant maturity) 3-year 10-year 30-year 8.84 8.14 n.a. 10.01 9.60 9.36 10.68 10.58 1J.29 12.10 11.73 11.64 13.85 12.50 12.19 3.84 2.90 2.83 3.17 1.92 1.90 1.75 .77 .55 Municipal (Bond Buyer) 7.15 6.64 7.32 7.52 9.08 2.44 1.76 1.56 Corporate Aaa New issue Recently offered 10.61 10.52 10.22 10.25 - 13.95p 3.73 11.42 12.35 13.75p 3.50 2.33 1.40 Primary conventional mortgages 7 10.03 11.35 12.85 12.85 14.00 2.65 1.15 1.15 197 Low FOMC Oct. 5 FOMC Jan. 9 FOMC Feb. 5 Mar. FOMC Oct. 5 FOMC Jan. 9 FOMC Feb. 5 577.60 32.89 58.26 54.87 897.61 63.39 235.15 152.29 850.09 62.72 251.75 151.60 876.62 65.83 278.25 162.20 809.56 60.20 266.11 144.98 -88.05 -3.19 30.96 -7.31 -40.53 -2.52 14.36 -6.62 -67.06 -5.63 -12.14 -17.22 _I Mar. 13 I Change from: FOMC FOMC FOMC Oct. 5 Jan. 9 Feb. 5 rt-term rates Intermediate- and longterm rates Stock prices Dow-Jones Industrial NYSE Composite AMEX Composite NASDAQ (OTC) 1. 2. 3. 4. 5. 6. 7. Statement week averages except where noted. One-day quotes except as noted. Averages for statement week closest to date shown. Secondary market. One-day quotes for preceding Thursday. Averages for preceding week. One-day quotes for preceding Friday. Calendar week averages. APPENDIX A* SENIOR LOAN OFFICER OPINION SURVEY OF BANK LENDING PRACTICES Responses to the February Senior Loan Officer Opinion Survey on Bank Lending Practices indicated a further decline in willingness to lend and a further tightening of non-price terms attached to business loans. The survey date, the 15th, came just as market interest rates had begun their most recent rise and it coincided with a one percentage point increase in the discount rate. The prime rate was somewhat below its mid-November level, and had been unchanged since early December. The shift in lending policies was not as marked as that indicated in the November survey, however, particularly among the largest banks (those with assets of $5 billion or more). Although seasonally adjusted business loan growth at large commercial banks has strengthened considerably since the fall, about one-quarter of the 119 respondents to the Survey reported an easing of business loan demand in mid-February compared to three months earlier, while only half this proportion reported a strengthening.1 In assessing prospects for business loan demand over the next three months, large banks anticipated some strengthening on balance while medium size banks (those having assets between $1/2 and $5 billion) expected some weakening. A small minority of banks (all of them medium size) reported that they had raised their standards of credit worthiness to qualify for the prime rate or for a given spread above prime relative to their standards three months earlier. At the time of the mid-November survey, well over one-third of respondents (including a high proportion of large banks) had reported tightening credit standards for the prime or spread over prime. Nonprice terms for established and local customers--which were reported to have been tightened on balance at the time of the previous survey--were little changed in the ensuing three months. For new and non-local customers, however, these conditions were tightened further on balance, although the proportion of banks reporting more stringency * Prepared by Thomas F. Brady, Economist, Banking Section. 1. Although respondents are asked to allow for seasonal variation when reporting their perceptions of changes in loan demand, some may fail to make an adequate adjustment. Business loan demand at large banks is seasonally weak in February, while in November there is some seasonal increase. A-1 A-2 was well below that of the previous survey. Compensating balance requirements were about unchanged on balance in the three months ending in mid-February. A large number of banks reported a lesser willingness to make fixed rate loans, particularly for terms exceeding a year. In their supplementary comments, several banks reported that they had moved to eliminate virtually all extensions of fixed rate term loans in the current interest rate environment. Forty percent of respondents reported a lesser willingness to make consumer installment loans, the same proportion as in the last survey. On balance, banks also continued to report reduced willingness to make most other types of loans, although the proportions so reporting were generally below those of November, particularly among large banks. Roughly one-third of respondents reported less willingness to make business loans with maturities in excess of 5 years and real estate loans. Smaller minorities reported lesser willingness to make shorter business loans, loans to finance companies, and loans to brokers and dealers. As in the previous survey, only a very small proportion of banks reported an increased willingness to extend most types of credit. However, a noticeable minority of respondents (most of them medium size) reported a greater willingness to participate in loans originated by correspondent banks. A-3 TABLE 1 PAGE 1 SENIOR LOAN OFFICER OPINION SURVEYON BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. MONTHS EARLIER) (STATUS OF POLICY ON FEBRUARY 15, 1980 COMPARED TO THREE (NUMBER OF BANKS & PEBCENT OF TOTAL BANKS ANSWERING QUESTION) L 0 AN D E MAN D STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANKS USUAL SEASONAL VARIATION): MUCH STRONGER MODERATELY STRONGER ESSENTIALLY UNCHANGED BANKS PCT MODERATELY EASIER MUCH EASIER TOTAL BANKS ANSWERING PCT BANKS 1. COMPARED TO THREE MONTHS EARLIER 0 0.0 16 13.5 72 60.6 31 26.1 0 119 2. ANTICIPATED DEMAND IN NEXT 3 MONTHS 0 0.0 23 19.4 68 57.2 28 23.6 0 119 BANKS MUCH I T ER E ST RATE P O LICY STANDARDS OF CREDIT WORTHINESS: 3. TO QUALIFY FOR PRIME 4. TO QUALIFY FOR SPREAD ABOVE PRIME RATE FIRMER BANKS PCT 6. LONG-TERM (ONE YEAR C RE DIT AN D (UNDER ONE 8. 9. 10. PCT BANKS PCT MODERATELY EASIER BANKS PCT BANKS MUCH EASIER BANKS 0.0 14 11.8 102 85.8- 3 2.6 0 0 0.0 19 16.0 96 80.7 4 3.4 0 BANKS PCT 81 68.1 27 22.7 10 8.5 LONGER) OR 0 0.0 3 2.6 49 41.2 39 32.8 28 23.6 ESTABLISHED CUSTOMERS MUCH FIRMER BANKS PCT MODEEATELY FIRMER BANKS PCT MODERATELY BANKS MUCH BANKS PCT 5.1 110 92.5 3 2.6 0 19.4 90 75.7 4 3.4 0 10 8.5 105 89.0 3 2.6 0 21 20.* 88 74.6 1 0.9 0 0.0 6 2 1.7 23 LOCAL SERVICE AREA CUSTOMERS 0 0.0 NONLOCAL SERVICE AREA CUSTOMERS 5 4.3 PCT EASIER PCT 0 NEWCUSTOMERS ESSENTIALLY UNCHANGED BANKS MUCH LESS 0.9 T ER M S PCT MODERAATELY LESS 1 AVAILABILITY NON P R I C E BANKS ESSENTIALLY UNCHANGED 0.0 BANKS PCT MODERATELY GREATER 0 REVIEWING CREDIT LINES OR LOAN APPLICATIONS FOR: 7. BANKS ESSENTIALLY UNCHANGED PCT YEAR) WILLINGESS TO MAKE FIXED RATE LOANS: SHORT-TERM MODERATELY FIMER BANKS 0 CONSIDERABLY GREATER 5. PCT BNKS PCT BANKS COMPENSATING BALANCE REQUIREMENTS FOR: 11. COMMERCIAL & INDUSTRIAL LOANS 0 12. LOANS TO FINANCE COMPANIES 0 CONSIDERABLY GREATER WILLINGNBSS 13. TO MAKE OTHER TYPES OF LOANS: SECURED CONSTRUCTION & LIAD DVLPMNT BANKS 0 PCT 0.0 MODERATELY GREATER BANKS 3 PCT 2.6 ESSENTIALLY UNCHANGED BANKS 72 PCT 60.6 SBCURED REAL ESTATE LOANS: 14. 1-4 FAMILY RESIDENTIAL PROPERTIES 61.9 15. MULTI-FAMILY RESIDENTIAL PROPERTY 60.0 16. COMMERCIAL & INDUSTRIAL PROPERTY 69.0 17. INSTALLMENT LOANS TO INDIVIDUALS 58.0 COMMERCIAL AND INDUSTRIAL LOANS OF: 18. 1-5 YEARS MATURITY 84.1 19. OVER 5 YEARS MATURITY 69.8 20. LOANS TO FINANCE COMPANIES 88.3 21. LOANS TO SECURITIES BROKERS & DEALERS 22. PARTICIPATION LOANS WITH CORRESPONDENT BANKS 86.5 79.9 MUCH MODERATELYO LESS BANKS 40 PCT 33.7 LESS BANKS 4 PCT 3.4 TABLE 2 PAGE 1 COMPARISON OF QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DOMESTIC ASSETS (STATUS OF POLICY ON FEBRUARY 15, 1980 COMPARED TO THREE MONTHS EARLIER) (NUMBER OF BANKS ANSWERING EACH QUESTION IS PERCENT OF TOTAL NUMBER OF BANKS ANSWERING QUESTION) SIZE OF BANK -L O AN MUCH STRONGER D E M AND STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANKS USUAL SEASONAL VARIATION: $5 S OVER MODERATELY STRONGER UNDER $5 TOTAL DOMESTIC ASSETS II ESSENTIALLY UNCHANGED $5 OVER UNDER $5 $5 & OVER UNDER $5 BILLIONS 1/ $5 UNDER & OVER $5 TOTAL MUCH NEAKER MODERATELY WEAKER S5 OVER UNDER S5 UNDER $5 S OTE.. S5 1. COMPARED TO THREE MONTHS EARLIER 0 0 12 14 62 60 25 26 0 0 100 100 2. ANTICIPATED DEMAND IN NEXT 3 MONTHS 0 0 25 18 62 56 12 26 0 0 100 100 MUCH FIRMER INTE EST RATE MODERATELY FIRMER ESSENTIALLY UNCHANGED MUCH EASIER MODERATELY EASIER TOTAL P OL ICY 15 & OVER STANDARDS OF CREDIT WORTHIESS: UNDER $5 $5 & OVER $5 UNDER & OVER $5 UNDER $5 $5 & OVER UNDER $5 s5 & OVER UNDER $5 $5 UNDER IS 9 OVER 3. TO QUALIFT FOR PRIME RATE 0 0 0 15 96 83 4 2 0 0 100 100 4. TO QUALIFY FOR SPREAD ABOVE PRIME 0 0 0 20 96 77 4 3 0 0 100 100 CONSIDERABLY GREATER WILLINGNESS TO MAKE FIXED 5. SHORT-TERM 6. LONG-TERM CREDIT A ND $5 OVER RATE LOANS: (UNDER ONE YEAR) (ONE YEAR OR LONGER) AVAILABILITY NONPRACTICE UUDER $5 $5 & OVER UNDER $5 $5 & OVER UNDER $5 MODERATELY LESS $5 & OVER CONSIDERABLT LESS UNDER $5 0 0 0 1 83 64 8 26 0 0 0 3 50 39 33 33 MUCH $5 &OVER E SSENTI A LL Y MODERATELY FIRMER TERM S REVIEWING CREDIT LINES OR LOAN APPLICATIONS FOR: ESSENTIALLY UNCHANGED MODERATELY GREATER UNDER $5 $5 & OVER UNCHANGED UNDER $5 $5 & OVER UNDER $5 25 6 OVER 08 17 MODERATELY EASIER $5 & OVER UNDER $5 IIDUR $5 25 TOTAL UNDER 15 S OVERT $5 100 100 100 100 L MU80CH EASIER OIDER 15 * OVER (5 I5 ESTABLISHED CUSTOMERS 0 0 0 6 92 93 8 1 0 0 8. NEW CUSTOMERS 0 2 12 21 83 74 4 3 0 0 100 9. LOCAL SERVICE AREA CUSTOMERS 0 0 * 9 91 88 4 2 0 0 100 NONLOCAL SERVICE AREA CUSTOMERS 0 5 13 22 83 73 4 0 0 0 100 7. 10. 100 COMPENSATING BALANCE REQUIREMENTS FOR: 11. COMMERCIAL & INDUSTRIAL LOANS 0 12 100 12. LOANS TO FIINANCE COMPANIES 0 12 100 CONSIDERABLY GREATER WILLINGNESS TO OF LOANS: 13. $5 & OVER MAKEOTHER TYPES SECURED CONSTRUCTION & LAND DVLPMNT 0 UNDER $5 MODERATELY GREATER $5 & OVER UNDER $5 ESSENTIALLY UNCHANGED $5 & OVER 79 UNDER $5 56 MODERATELY LESS $5 & OVER 17 UNDER $5 38 COPBTERANLT LESS 5 mER £ OVER $5 TOTAL $5 * OVER 4 3 100 gNSE S5 100 SECURED REAL ESTATE LOANS: 14. 1-4 FAMILY RESIDENTIAL PROPERTIES 0 15. MULTI-FAMILY 0 16. COMMERCIAL & INDUSTRIAL PROPERTY 17. RESIDENTIAL PROPERTY INSTALLMENT LOANS TO INDIVIDUALS COHBERCIAL AND INDUSTRIAL LOANS 0 0 OF: 18. 1-5 YEARS MATURITY 0 0 1 19. OVER 5 YEARS MATURITY 0 N 8 0 4 4 0 * 2 0 0 2 20. LOANS TO FINANCE COMPANIES 21. LOANS 22. PARTICIPATION LOANS WITH CORRESPONDENT BANKS TO SECURITIES BROKERS & DEALERS 1/ AS OF SEPT. 30, 1978 , THERE WERE 21 BANKS HAVING DOMESTIC ASSETS OF $5 BILLIONOR MORE. THEIR COMBINED DOMESTIC ASSETS, IN BILLIONS, TOTALLED $325. COMPARED TO $511 FOR THEENTIRE PANEL OF REPORTING BANKS AND $1198 FOR ALL INSURED COMMERCIAL BANKS. 

Federal Reserve (1980, March 17). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19800318_part2

@misc{wtfs_greenbook_19800318_part2,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1980},
  month = {Mar},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19800318_part2},
  note = {Retrieved via When the Fed Speaks corpus}
}