Commercial bank balance sheet data for July 2, 2003, have been affected by
consolidations of the assets and liabilities of several variable interest entities
onto the balance sheets of the banks that sponsor them. Variable interest entities
encompass many entities that have been commonly referred to as special purpose
entities. These consolidations were implemented in accordance with Financial
Accounting Standards Board Interpretation No. 46. For more information on these
consolidations, please see Financial Accounting Standards Board Interpretation
No. 46, Consolidation of Variable Interest Entities, available at www.fasb.org/int46.shtml.
Preliminary information suggests that these consolidations have increased H.8
balance sheet item 4, other securities, by about $3 billion, balance sheet item
6, commercial and industrial loans, by about $17 billion, balance sheet item
12, other loans and leases, by about $40 billion, and balance sheet item 24,
borrowings from others, by about $60 billion.
