Title: The Volume of Structured Notes at Commercial Banks Has Surpassed the Highs of the Mid-1990s
Call Report Date Assets Structured Notes - Fair Value Total Notes ($ billions)
1995 199512 4,312,676,493 18,165,610 18.17
1996 199612 4,578,325,044 10,158,131 10.16
1997 199712 5,018,532,250 9,111,343 9.11
1998 199812 5,442,603,969 4,683,939 4.68
1999 199912 5,735,134,597 3,502,169 3.50
2000 200012 6,245,559,732 2,568,700 2.57
2001 200112 6,552,421,225 4,647,583 4.65
2002 200212 7,076,586,000 8,233,940 8.23
2003 200312 7,601,141,434 17,499,550 17.50
2004 200409 8,244,436,858 23,622,663 23.62

Notes: All data as of year-end except 2004, which is as of September 30. Structured notes are the fair value of those debt securities whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices or that have embedded forwards or options. Structured notes include step-up bonds, index amortizing notes, dual index notes, de-leveraged bonds, range bonds, and inverse floaters.
Source: Federal Deposit Insurance Corporation Call Reports.