8/2/2019 2005 Dallas Federal Reserve Annual Report

1/51

D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >??0 MLLPMJ ^@_E^Q

^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{

^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{

8/2/2019 2005 Dallas Federal Reserve Annual Report

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Helq`lqx^mhklf qe qc` Qep , , , , , , , , , , , , , , , , , , , , , , , 8

H~kqkhmj Bkxxkel , , , , , , , , , , , , , , , , , , , , , , , =;

X`lke~ Bmlmf`b`lq , , , , , , , , , , , , , , , , , , , , >0

Nem~ax ed Ak~`hqe~x , , , , , , , , , , , , , , , , , , , , >4Eddkh`~x mla Matkxe~{ Helhkjx , , , , , , , , , , >3

Dklmlhkmj Xqmq b`lqx , , , , , , , , , , , , , , , , , , , >;

Leq`x qe Dklmlhkmj Xqmq`b`lqx , , , , , , , , , , , , 80

Tejb` ed Ep`~mqkelx , , , , , , , , , , , , , , , , , , 13

Eja Ve~ax* ^`l`v`a B`mlklf

Kl m D`n~m~{ >??4 xp``hc mq ml Klxqkqq` ed @helebkh Mddmk~x held`~`lh` kl Jelael* Amjjmx D`a _~`xka`lq^khcm~a V, Dkxc`~ pmka cebmf` qe `helebkxq Gex`pc Xhcbp`q`~ mla ckx helh pq ed h~`mqkt` a`xq~hqkel, Qc`dejjevklf kx mampq`a d~eb qcmq xp``hc,

K jki Xhcbp`q`~ n`hmx ckx v~kqklfx dehx qc bkla el qc p~eh`xx ed hcmlf mla mampqmqkel, Qc`{

m~ pm~qkhjm~j{ ~`j`tmlq qeam{, Jkxq`l hm~`djj{ qe qc`x }eq`x d~eb qve ed ckx x`bklmj ve~ix,

Kl ckx neei Hmpkqmjkxb* Xehkmjkxb* mla A`beh~mh{* Xhcbp`q`~ v~eq`7 Qc` ep`lklf p ed l`v

bm~i`qx* de~`kfl e~ aeb`xqkh* mla qc` e~fmlkwmqkelmj a`t`jepb`lq d~eb qc` h~mdq xcep mla dmhqe~{

, , , kjjxq~mq` qc` xmb` p~eh`xx ed klaxq~kmj bqmqkel , , , qcmq klh`xxmlqj{ ~`tejqkelkw`x qc` `he"

lebkh xq~hq~`d~eb vkqckl* klh`xxmlqj{ a`xq~e{klf qc` eja el`* klh`xxmlqj{ h~`mqklf m l`v el`,

Qckx p~eh`xx ed H~`mqkt` A`xq~hqkel kx qc` `xx`lqkmj dmhq mneq hmpkqmjkxb, Kq kx , , , vcmq `t`~{

hmpkqmjkxq helh`~l cmx feq qe jkt` kl,

Mla d~eb tejb` = ed Xhcbp`q`~xNxkl`xx H{hj`x7 M ~mkj~ema qc~efc l`v helq~{* k,`,*

helq~{ leq {`q x`~t`a n{ ~mkj~emax* mx xeel mx kq f`qx klqe ve~iklf e~a`~ px`qx mjj helakqkelx ed

jehmqkel* mjj hexq hmjhjmqkelx* mjj p~eahqkel dlhqkelx vkqckl kqx ~makx ed kldj`lh`9 mla cm~aj{

ml{ vm{x ed aeklf qcklfx vckhc cmt` n``l epqkbmj n`de~` ~`bmkl xe mdq`~vm~a,

Xq~klf qc` i`{ pc~mx`x ed qc`x` hkqmqkelx qef`qc`~ mla {e f`q qc` neqqeb"jkl` pjeq ed hmpkqmjkxbx

p~eh`xx ed h~`mqkt` a`xq~hqkel7 Qc` ep`lklf p ed l`v bm~i`qx* de~`kfl e~ aeb`xqkh* ~`tejqkel"

kw`x qc` `helebkh xq~hq~`* a`xq~e{klf qc` eja el`* h~`mqklf m l`v el`, YKqR px`qx mjj helakqkelx

ed jehmqkel* mjj hexq hmjhjmqkelx* mjj p~eahqkel dlhqkelx* mla cm~aj{ ml{ vm{x ed aeklf qcklfx

vckhc cmt` n``l epqkbmj n`de~` ~`bmkl xe mdq`~vm~a,

C`~` kx vc`~` Hcklm mla Klakm mla mjj qc` n~kxqjklf l`v `helebkh `lq~mlqx heb` kl, Qc`{ m~`

qeam{x `}ktmj`lq ed Xhcbp`q`~x ~mkj~emax, Qc`{ mla qc` pc`leb`lel ed fjenmjkwmqkel m~`

mf`lqx ed h~`mqkt` a`xq~hqkel v~kq jm~f`, D~eb lev el* cm~aj{ ml{ vm{ ed aeklf qcklfx vckhc

x`a qe n` epqkbmj vkjj `t`~ n` xe mfmkl,

8/2/2019 2005 Dallas Federal Reserve Annual Report

3/51>??0 MLLPMJ ^@_E^Q = D@A@^MJ ^@X@^T@ NMLI ED AMJJMX

Xce~qj{ mdq`~ n`hebklf p~`xka`lq ed

qc` Amjjmx D`a* K xqbnj`a pel ml

enx`~tmqkel d~eb qc` f~`mq N~kqkxc

p~kb` bklkxq`~ Vkjjkmb Fjmaxqel`* mla

kq cmx n`heb` m dmte~kq` ed bkl`7 Leq

`t`l jet` cmx bma` xe bml{ deejx ed

b`l mx pela`~klf et`~ qc` lmq~` ed

bel`{,

Fjmaxqel`x vkqqkhkxb kx m cbnjklf

~`bkla`~ de~ b mla b{ hejj`mf`x kl

qc D`a`~mj ^`x`~t X{xq`b, E~ gen kx

qe helq`bpjmq qc lmq~ ed bel`{7

cev qe p~eq`hq kqx tmj`9 cev qe x`

bel`qm~{ pejkh{ qe p~ebeq f~evqc vkqc

jev kldjmqkel9 cev qe bmlmf qc pm{"

b`lqx x{xq`b qe i``p e~ dklmlhkmj kld~m"

xq~hq~ cbbklf mq p`mi `ddkhk`lh{,

B{ dk~xq {`m~ mx p~`xka`lq ed qc`

D`a`~mj ^`x`~t` Nmli ed Amjjmx cmx

n``l dkjj`a vkqc mjj qcex` helq`bpjm"

qkelxmla bml{ be~`, K cmt` n``l

q~j{ klxpk~`a n{ qc` klq`jjkf`lh`*

klq`f~kq{* hebp`q`lh` mla ve~i `qckh K

cmt` dela mq qc` D`a`~mj ^`x`~t`* leq

elj{ kl Amjjmx nq kl Vmxcklfqel mla mq

qc` eqc`~ ~`fkelmj Nmlix m~ela qc`

helq~{, K ev` m pm~qkhjm~ a`nq qe b{

hejj`mf`x mq qc` Amjjmx D`a, K hmlleq

qckli ed m be~` klq`~`xqklf gen qcml

x`~tklf mx qc` j`ma`~ ed qckx `s`bpjm~{

f~ep ed veb`l mla b`l,

Qc` De~h`x ed Hcmlf`Qc fjenmj heleb{ kx kl qc bkaxq ed

m q`hqelkh q~mlxde~bmqkel, _ev`~dj l`v

pjm{`~xmbelf qc`b Hcklmx =,8 nkj"jkel p`epj mla Klakmx =,= nkjjkelcmt`

`lq`~`a qc bm~i`qpjmh kl djj de~h , Mq

qc xmb qkb * q`hclejef{ helqkl`x qe

bmi `le~bex matmlh`x qcmq xpmvl

l`v de~bx ed hebp`qkqkel mla q~mlxde~b

cev nxkl`xx`x ep`~mq ve~javka ,

Q~ma` mla q`hclejef{ mhh`j`~mq`

vcmq `helebkxq Gex`pc Xhcbp`q`~

hmjj`a h~`mqkt` a`xq~hqkel* m xeb`"

vcmq x`jd"helq~makhqe~{ xce~qcmla de~cev hmpkqmjkxq x{xq`bx helxqmlqj{

~`pjmh` `skxqklf vm{x ed aeklf nxk"

l`xx vkqc l`v el`x, #De~

be~` el Xhcbp`q`~* x``

qc` `sh`~pqx mh~exx d~eb

qckx pmf`,+ [`xq`~am{x

nxkl`xx p~mhqkh`x m~` ~mp"

kaj{ ~`pjmh`a n{ qebe~"

~evx vm{x ed aeklf nxk"

l`xx kl ml `helebkh ~`tejqkel qcmq~`mhc`x klqe l`m~j{ `t`~{ he~l`~ ed qc`

ve~ja,

V` m~` leq xc`jq`~`a d~eb qc` de~h`x

ed hcmlf` mq qc` Amjjmx D`a, L`v q`hc"

lejefk`x m~` h~`mqklf hcmjj`lf`x mla

eppe~qlkqk`x kl qc` vm{ v` p~eh`xx

pm{b`lqx* ~l hmxc ep`~mqkelx* x`~t mx

qc Q~`mx~{x dkxhmj mf`lq* xp`~tkx mla

M J@QQ@^ D^EB QC@ _^@XKA@LQ

Qc` fjenmj `heleb{ kx kl qc` bkaxq ed m

q`hqelkh q~mlxde~bmqkel, [`xq`~am{x

nxkl`xx p~mhqkh`x m~` ~mpkaj{ ~`pjmh`a

n{ qebe~~evx vm{x ed aeklf nxkl`xx

kl ml `helebkh ~`tejqkel qcmq ~`mhc`x

klqe l`m~j{ `t`~{ he~l`~ ed qc` ve~ja,

8/2/2019 2005 Dallas Federal Reserve Annual Report

4/51D@A@^MJ @X@^T@ NMLI ED AMJJMX > >??0 MLLPMJ ^@_E^Q

~`fjmq nmlix mla p~etka qc`b vkqc

jk}kakq{* mla i``p qc pnjkh klde~b`a,

El` ed qc` `xxm{x kl qckx mllmj

~`pe~q* H~kqkhmj Bkxxkel* xbbm~kw`x

qc` Amjjmx D`ax nxkl`xx xka` mla

~`pe~qx xeb` lbn`~x qcmq kjjxq~mq` qc`

a`pqc mla n~`maqc ed e~ ep`~m"

qkelx, Jmxq {`m~* de~ `smbpj`*

v p~eh`xx`a mjbexq = nkjjkel

hc`hix* ve~qc mneq !;?? nkj"

jkel, V` pmka eq mla ~`h`kt`a

m ~`he~a 0,1 nkjjkel kl hk~hjmq"

klf leq`x ve~qc mjbexq !;> nkjjkel,

Qckx kx kbpe~qmlq ve~i, Bel`{

djevx m~` ml `heleb{x jkd`njeea* mla

qc` D`a`~mj ^`x`~t`x f~`mq ~`xpelxk"

nkjkq{ jk`x kl bmklqmklklf qc` hm~aketmx"

hjm~ x{xq`b ed Mb`~khml hmpkqmjkxb,

Qc` D`ax ep`~mqkelxd~eb pm{b`lqx

p~eh`xxklf qe nmli ~`fjmqkel qe qc`

L`v [e~i A`xix q~maklf mhqktkqk`x

i``p ep`l qc` m~q`~k`x* t`klx mla `t`l

qc` hmpkjjm~k`x ed hmpkqmjkxb,

Qc` xmh~`a aq{ ed qc` D`a`~mj

^`x`~t` X{xq`b kx qe helahq bel`qm~{

pejkh{ qcmq xxqmklx lel"kldjmqkelm~{

`helebkh f~evqc, Qe djdkjj e~ ~ej` ed

c`jpklf x`q bel`qm~{ pejkh{ de~ qc`

Plkq`a Xqmq`x* qc` Amjjmx D`a bxqhelahq f~elan~`miklf ~`x`m~hc qe

n`qq`~ la`~xqmla cev e~ `heleb{

n`cmt`x kl ml klq`lx`j{ klq`~hell`hq`a*

klh~`mxklfj{ fjenmjkw`a ve~ja, Qc` l`v

~`mjkq{ h~`mq`x m l``a qe ~`ve~i i`{

mxxbpqkelx mneq qc` f`m~klf ed qc`

P,X, `heleb{ mla cev kq mdd`hqx qc`

D`a`~mj ^`x`~t`x mnkjkq{ qe ae kqx gen,

Kbb`akmq`j{ pel n`hebklf Nmli

p~`xka`lq jmxq {`m~* K hcmjj`lf`a e~~`x`m~hc q`mb qe a`t`jep l`v p~klhk"

pj`x mla mlmj{qkhmj qeejx de~ m fjenmj"

kw`a ve~jal`v ka`mx qcmq heja

x`~t` mx fka`x de~ qc` D`a`~mj Ep`l

Bm~i`q Hebbkqq`` mla xqkbjmq` qc`

qckliklf ed bel`qm~{ `helebkxqx

ve~javka`, ^mhklf qe qc` Qep* qc`

het`~ `xxm{ ed qckx mllmj ~`pe~q* p~`"

x`lqx m tk`v ed fjenmjkwmqkelx kbpmhq

el qc` heleb{ mla kqx dd`hq el m vka`

~mlf` ed pnjkh pejkhk`x,

Qc` `xxm{ leq`x m xq~kiklf he~~`jm"

qkel n`qv``l klh~`mxklf fjenmjkwmqkel

mla n`qq ~ `helebkh pejkhk`x, M feea

`smbpj` kx p~kh` xqmnkjkq{, Kl m ve~ja

vc`~` hmpkqmj bet`x mq jkfcq xp``a*

lmqkelx qcmq mjjev kldjmqkel qe `~ea` qc`

tmj` ed qc`k~ bel`{ dmh` xqkdd p`lmjqk`x

kl qc` de~b ed hmpkqmj djkfcq, Xela

bel`{ cmx n`heb` kbp`~mqkt`* mla

kldjmqkel cmx n``l ~`h`aklf kl mjj pm~qx

ed qc` ve~ja et`~ qc` pmxq qve a`hma`x,

Qc` Amjjmx D`ax ve~i el fjenmjkwm"

qkel kx elj{ n`fkllklf, Et`~ qc` l`sq

d`v {`m~x* v` vkjj a`teq` bhc mqq`l"

qkel qe qc` n`l`dkqx mla hcmjj`lf`x ed m

ve~ja vc`~` lmqkelmj ne~a`~x m~`

n`hebklf j`xx xkflkdkhmlq mx `helebkh

nm~~k`~x, V` vkjj i``p {e klde~b`a ed

e~ dklaklfx,

E~ bkxxkel kx qe cmt` qc` Amjjmx D`a

n` qc` jeei"qe Nmli kl qc` D`a`~mj

^`x`~t` X{xq`b, Mx v` cel` e~ ep`~m"

qkelx mla `spmla e~ ~`x`m~hc d~elqk`~x*

v` m~` xq~ktklf qe n`heb` qc` X{xq`bx

xqmlam~a de~ sh`jj`lh` mla klletmqkel,

B{ dk~xq am{ mq qc` Amjjmx D`a* Khmjj`a m b``qklf ed qc` `lqk~` xqmdd mla

}eq`a m pmxxmf` d~eb Hm~jex ^kw

Wmdlx n~kjjkmlq let`j* Qc` Xcmaev ed

qc` Vkla7 Vcmq a`xqkl{ ae`x leq ae kx

ceb` tkxkqx, [e cmt` qe fe de~ kq,

Qc` b`l mla veb`l ed qc` Amjjmx

D`a`~mj ^`x`~t` m~` leq xkqqklf nmhi*

vmkqklf de~ hcmlf` qe mdd`hq x, V`

cmt` m ~`xpelxknkjkq{ qe mlqkhkpmq` mla

`dd`hq qc` hcmlf` e~ c{p`~hebp`qkqkt`ve~ja ~`}k~`x, V` m~` vmxqklf le qkb`

kl feklf de~ kq,

^khcm~a V, Dkxc`~

Ep~ bkxxkel kx qe cmt` qc` Amjjmx D`a

n` qc` jeei"qe Nmli kl qc` D`a`~mj^`x`~t` X{xq`b, V` m~` xq~ktklf qe

n`heb` qc` X{xq`bx xqmlam~a de~

`sh`jj`lh` mla klletmqkel,

8/2/2019 2005 Dallas Federal Reserve Annual Report

5/51

^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{

^MHKLF QE QC@ QE_

8/2/2019 2005 Dallas Federal Reserve Annual Report

6/51

D@A@^MJ ^@X@^T@ NMLI ED AMJJMX 1 >??0 MLLPMJ ^@_E^Q

Mjj et`~ qc` ve~ja* helxb`~x m~`

f`qqklf be~` ed vcmq qc`{ n{ d~eb

eqc`~ helq~k`x, Xklh` =;36* `spe~qx

cmt` gbp`a d~eb =4 p`~h`lq qe >6

p`~h`lq ed qc` fjenmj `heleb{,

Be~` klt`xqe~x m~` p~evjklf qc`

ve~ja de~ ckfc`~ ~`q~lx, Xklh`

=;;?* de~`kfl ak~`hq klt`xqb`lq cmx

l`m~j{ q~kpj`a mla h~exx"ne~a`~ pe~q"

dejke klt`xqb`lq cmx ~kx`l dkt`deja

mx m p`~h`lqmf` ed ve~ja eqpq,

Be~` p`epj` qcml `t`~ m~` t`l"

q~klf mn~ema, Qc` lbn`~ ed klq`~"

lmqkelmj qe~kxqx p`~ =?? p`epj` cmx

aenj`a et`~ qc` pmxq qve a`hma`x,

Qc` dm~ he~l`~x ed qc` fjen` m~`

lev pjff`a kl, Klq`~lmqkelmj q`j`"

pcel` hmjjx* benkj` pcel` xn"

xh~kn`~x mla Klq`~l`q x`~x cmt` xi{"

~ehi`q`a kl qc` pmxq a`hma`,

Qc`x m~ nq m d`v ed qc q`jjklf

xkflx ed m be~ klq`~a`p`la`lq mla

klq`~hell`hq`a ve~ja* mjj ~`dj`hqklfqc `helebkh ~`mjkq{ ed e~ qkb`x

fjenmjkwmqkel, _ejkqkhmj mla f`ef~mpc"

kh ne~a`~x m~ j`xx ed ml `helebkh

nm~~k`~ mx feeax* x`~tkh`x* p`epj mla

ka`mx bet be~ d~``j{ mh~exx klq`~"

lmqkelmj nelam~k`x, #X` @scknkq =,+

Qc` Plkq`a Xqmq`x mla eqc`~ hel"

q~k`x cmt` n`l`dkq`a xkflkdkhmlqj{

d~eb fjenmjkwmqkel, Kq cmx b`mlq

klh~`mx`a hebp`qkqkelvckhc kxfeea, Hebp`qkqkel xcm~p`lx qc` vkqx

mla kbp~et`x bxhj` qel`, Dmhklf

de~`kfl hebp`qkqkel c`ma"el i``px

helq~k`x mq qc de~`d~elq ed qc fjenmj

`heleb{ n{ `lhe~mfklf nxkl`xx`x

qe ae vcmq qc`{ xceja ae7 h~`mq`

genx mla p~edkqx kl m tk~qex h{hj`

qcmq fe`x el kla`dklkq`j{,

Helxb`~x fmkl d~eb jev`~

p~kh`x mla f~`mq ~ tm~k`q{, M q~kp qe

ml{ xp`~bm~i`q e~ akxhelq xqe~`

fkt`x q`xqmb`lq qe qc` n`l`dkqx ed

fjenmjkwmqkel7 nmlmlmx d~eb @hm"

ae~* d~`xc"hq djev`~x d~eb He"

jebnkm* jev"p~kh`a aejjx mla fmb`x

d~eb Hcklm* hedd`` d~eb Tk`qlmb*

xedqvm~` d~eb @xqelkm* nkf"xh~``l

QTx d~eb Qmkvml,

Jki` q`hclejef{* fjenmjkwmqkel

lj`mxc`x qc` de~h`x ed h~`mqkt` a`"

xq~hqkel* m p~eh`xx a`xh~kn`a n{

`helebkxq Gex`pc Xhcbp`q`~ be~`

qcml 0? {`m~x mfe, Xeb` klaxq~k`x

matmlh`, Eqc`~x ~`h`a`, Genx m~`

fmkl`a mla jexq* nxkl`xx`x neeb

mla nxq* nq `helebk`x `b`~f`

d~eb qc` h~hknj` be~` `ddkhk`lq*

be~` p~eahqkt` mla be~` v`mjqc{,

Qc` `helebkh xckdqx bmi` fjen"

mjkwmqkel m ceq"nqqel kxx`, Kl bml{

pm~qx ed qc` ve~ja* p~eq`xq`~x njmb`kq de~ gen jexx`x mx v`jj mx hjq~mj

mla `ltk~elb`lqmj a`f~mamqkel,

H~kqkhx hjmbe~ de~ p~eq`hqkel d~eb

fjenmjkwmqkel* pj`maklf vkqc qc`k~

fet`~lb`lqx de~ l`v ~`xq~khqkelx el

fjenmj q~ma` mla klt`xqb`lq,

Matehmq`x ed d~``~ bm~i`qx mla

d~qc`~ fjenmjkwmqkel `bpcmxkw` qc`

fmklx f`l`~mq`a n{ ml klh~`mxklfj{

klq`f~mq`a ve~ja `heleb{, Qc`{m~f` qcmq ep`l ne~a`~x leq elj{

klq`lxkd{ hebp`qkqkel nq mjxe

`lhe~mf` xp`hkmjkwmqkel,

Hebp`qkqkel mla xp`hkmjkwmqkel

d`j `helebkh p~ef~`xx, Qc` bexq

fjenmjkw`a lmqkelx j`ma qc`k~ j`xx

ep`l ~ktmjx kl xhc b`mx~`x mx jktklf

xqmlam~ax* f~evqc mla gen h~`mqkel*

vckj` qc` pee~`xq xmjj{ cmt` qc`

d`v`xq qk`x qe qc` ve~ja `heleb{,

Qckx kx vc`~` bexq hebb`lqm~k`x

el fjenmjkwmqkel `laqmjj{klf qc `d"

dkhk`lhk`x fmkl`a kl qc` p~ktmq` x`hqe~,

Vcmq mneq qc` pnjkh x`hqe~5

Qc`~`* qee* fjenmjkwmqkel pm{x aktk"

a`lax qc~efc qc` hebp`qkqkel kq

f`l`~mq`x, Ml `smbklmqkel ed i`{

pejkhk`x kl 4? lmqkelx xcevx m xq~elf

he~~`jmqkel n`qv``l fjenmjkwmqkel

mla pejkhk`x qcmq xcmp` lmqkelx `he"

lebkh p`~de~bmlh`,

Jev`~klf nm~~k`~x jeex`lx qc`

ceja lmqkelx cmt` el qc` hmpkqmj*

jmne~* nxkl`xx`x mla ilev"cev qcmq

h~`mq` v`mjqc, Klh~`mxklfj{ benkj`

dmhqe~x ed p~eahqkel xcl n~`m"

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^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{

8/2/2019 2005 Dallas Federal Reserve Annual Report

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Fjenmjkwmqkel cmx n``l matmlhklf mx helq~k`x ep`l bm~i`qx mla maepq l`v q`hclejefk`x,Q~ma` kx p, Neqc pe~qdejke

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8/2/2019 2005 Dallas Federal Reserve Annual Report

8/51

D@A@^MJ ^@X@^T@ NMLI ED AMJJMX 4 >??0 MLLPMJ ^@_E^Q

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8/2/2019 2005 Dallas Federal Reserve Annual Report

9/51

>??0 MLLPMJ ^@_E^Q 6 D@A@^MJ ^@X@^T@ NMLI ED AMJJMX

^`aphklf Kldjmqkelx Nkq`

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m {`m~, #X`` @scknkq > el pmf` 3,+

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qcmq kldjmqkel kx jm~f`j{ m bel`qm~{

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i``pklf kldjmqkel kl hc`hi5

8/2/2019 2005 Dallas Federal Reserve Annual Report

10/51

Kldjmqkel kl qc` X`t`l Heplq~k`x vkqc Ckfc`xq FA__`~h`lq

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8/2/2019 2005 Dallas Federal Reserve Annual Report

11/51

>??0 MLLPMJ ^@_E^Q ; D@A@^MJ ^@X@^T@ NMLI ED AMJJMX

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8/2/2019 2005 Dallas Federal Reserve Annual Report

12/51

^mkxklf qc` Nm~@SCKNKQ 8

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8/2/2019 2005 Dallas Federal Reserve Annual Report

13/51

>??0 MLLPMJ ^@_E^Q == D@A@^MJ ^@X@^T@ NMLI ED AMJJMX

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8/2/2019 2005 Dallas Federal Reserve Annual Report

14/51

Jmne~ _mklx

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8/2/2019 2005 Dallas Federal Reserve Annual Report

15/51

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8/2/2019 2005 Dallas Federal Reserve Annual Report

16/51

Dkxhmjj{ Pldkq

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8/2/2019 2005 Dallas Federal Reserve Annual Report

17/51>??0 MLLPMJ ^@_E^Q =0 D@A@^MJ ^@X@^T@ NMLI ED AMJJMX

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ex kldjmqkel mla hmpkqmj djkfcq,

8/2/2019 2005 Dallas Federal Reserve Annual Report

18/51

Qevm~a m Fjenmj @heleb{

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8/2/2019 2005 Dallas Federal Reserve Annual Report

19/51

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8/2/2019 2005 Dallas Federal Reserve Annual Report

20/51

D@A@^MJ ^@X@^T@ NMLI ED AMJJMX =3 >??0 MLLPMJ ^@_E^Q

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@SCKNKQ 1

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@SCKNKQ 0

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@SCKNKQ 4

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[mj` Plkt`~xkq{%Qc` Eddkh` ed Klq`~lmqkelmj Xqa`lqxmla Xhcejm~x* p, =6,

8/2/2019 2005 Dallas Federal Reserve Annual Report

21/51>??0 MLLPMJ ^@_E^Q =; D@A@^MJ @X@^T@ NMLI ED AMJJMX

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H~kqkhmj BkxxkelQc` Nxkl`xx Xka` ed H`lq~mj Nmliklf

8/2/2019 2005 Dallas Federal Reserve Annual Report

22/51

D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >? >??0 MLLPMJ ^@_E^Q

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Amjjmx D`a p~eh`xx`a mjbexq = nkjjkel

hc`hix* ve~qc mneq !;?? nkjjkel,

Kl ~`h`lq {`m~x* helxb`~x mlanxkl`xx`x cmt` xq`pp`a p qc`k~ x`

ed a`nkq hm~ax* j`hq~elkh nkjj pm{klf

mla h~`akq hm~ax* ~`xjqklf kl m

a`hjkl` kl pmp`~ hc`hi tejb`, Qc`

D`a`~mj ^`x`~t` ~`xpela`a vkqc m

p~ef~mb qe kbp~et` qc` `ddkhk`lh{

ed hc`hi ep`~mqkelx n{ xqmlam~akw"

klf qc` mqebmq`a p~eh`xx`x ed mjj

bmge~ hc`hi mppjkhmqkelx mla ~`ah"

klf qc` lbn`~ ed p~eh`xxklf xkq`x,

A~klf >??0* hc`hi p~eh`xxklf

ep`~mqkelx mq qc` Cexqel N~mlhc

v`~` bet`a qe Amjjmx* vc`~` Xml

Mlqelke mla @j _mxe p~eh`xxklf cma

p~`tkexj{ n``l helxejkamq`a, Kl

A`h`bn`~* qc` Amjjmx eddkh` mjxe

mxxb`a hc`hi p~eh`xxklf ~`xpelxk"

nkjkqk`x d~eb qc` Eijmcebm Hkq{

N~mlhc, Mx m ~`xjq ed qc`x` helxejk"

amqkelx* Amjjmx lev cmlaj`x hc`hix

de~ dkt` D`a`~mj `x`~t` eddkh`xel

mt`~mf` p~eh`xxklf 1,0 bkjjkel

kq`bx p`~ am{bmiklf kq el` ed qc`

X{xq`bx jm~f`xq hc`hi p~eh`xxe~x,

Dejjevklf C~~khml` Imq~klm*

xeb` Jekxkmlm dklmlhkmj klxqkq"

qkelx ~`ak~`hq`a qc`k~ hc`hix qe qc`

Amjjmx D`a lqkj x`~tkh`x p~etka`a

n{ qc` L`v E~j`mlx N~mlhc heja

n` ~`xqe~`a, A~klf C~~khml` ^kqm*

qc` D`a mhq`a mx m ikla ed xcehi

mnxe~n`~ de~ mdd`hq`a Xeqc`mxq

Q`smx dklmlhkmj klxqkqqkelx n{

a`d`~~klf hc`hi hcm~f`x lqkj qc`{

heja ~`xb` ep`~mqkelx mq helqkl"

f`lh{ xkq`x,

C~~khml` ^kqm mjxe ~`}k~`a qc`x` ed mjq`~lmq` a`jkt`~{ m~~mlf`"

b`lqx de~ neqc a`pexkq mla p~`x`lq"

b`lq ed hc`hix, Qc` b`mx~`x qmi`l

n{ qc` D`a c`jp`a p~etka` `xx`lqkmj

jk}kakq{ qe dklmlhkmj klxqkqqkelx mla

qc` pnjkh kl qc` bkaxq ed lh`~qmkl

helakqkelx hmx`a n{ qc` xqe~b,

Ml klletmqkel qcmq kx kbp~etklf

qc` amkj{ a`jkt`~{ ed hc`hix kx qc`

Hc`hi Hj`m~klf de~ qc` >=xq H`lq~{Mhq, Hc`hi >= mjjevx nmlix mla

eqc`~ dklmlhkmj klxqkqqkelx qe x`la

`j`hq~elkh kbmf`x ed pmp`~ hc`hix

~`h`kt`a de~ pm{b`lq ~mqc`~ qcml

pc{xkhmjj{ q~mlxpe~qklf qc` e~kfklmj

aehb`lqx de~ p~eh`xxklf mla pm{"

b`lq, Qc`x` `j`hq~elkh kbmf`x hml

qc`l n` x`a qe h~`mq` pmp`~ ~`p~e"

Kl >??0* qc` Amjjmx D`ap~eh`xx`a mjbexq = nkjjkelhc`hix* ve~qc mjbexq !;??nkjjkel,

Kl >??0* qc` Amjjmx D`ap~eh`xx`a mjbexq = nkjjkelhc`hix* ve~qc mneq !;??nkjjkel,

8/2/2019 2005 Dallas Federal Reserve Annual Report

23/51

>??0 MLLPMJ ^@_E^Q >= D@A@^MJ ^@X@^T@ NMLI ED AMJJMX

ahqkelx* ilevl mx xnxqkqq`

hc`hix* vckhc cmt` qc` xmb` j`fmj

xqmqx mx qc` e~kfklmj, Qc` pm{b`lqx

x{xq`b dlhqkelx be~` `ddkhk`lqj{ mx

hc`hix hj`m~ be~` ~mpkaj{ mla mq

jev`~ hexq,

Hc`hi >= vmx djj{ kbpj`b`lq`a

mq qc` Amjjmx D`a kl >??0, Qc` D`ax

kbmf` a`pexkq p~eahqx v`~` heb"

pj`b`lq`a n{ p~ktmq` klaxq~{x

klq~eahqkel ed l`v kbmf` a`jkt`~{

x`~tkh` epqkelx, Qc` Amjjmx D`a h~"

~`lqj{ p~eh`xx`x mneq !0?? bkjjkel

kl hc`hix `t`~{ am{ qc~efc qc` `s"

hcmlf` ed Hc`hi >= akfkqmj kbmf`x,

Matmlhklf @j`hq~elkh_m{b`lqx Q`hclejefk`x

Helxb`~x* nxkl`xx`x mla fet"

`~lb`lq mf`lhk`x m~` klh~`mxklfj{

xklf `j`hq~elkh de~bx ed pm{b`lq

de~ be~qfmf`x* qkjkq{ nkjjx* pm{~ejjx*

Xehkmj X`h~kq{ pm{b`lqx mla qms`x,

Qc` Mqebmq`a Hj`m~klfcex`

#MHC+m x{xq`b qc` D`a mla p~k"

tmq` x`hqe~ a`t`jep`a geklqj{ kl qc`

`m~j{ =;6?xp~eh`xx`x qc`x` ~`h~"

~klf pm{b`lqx `j`hq~elkhmjj{,

Qc` D`a ~`h`lqj{ maa`a ml klq`~"lmqkelmj MHC hebpel lq, M geklq

t`lq~` n`qv``l qc` h`lq~mj nmli ed

B`skhe mla qc` D`a`~mj ^`x`~t`

mkbx qe klh~`mx` qc` `ddkhk`lh{ ed

x`laklf ~`bkqqmlh`x d~eb qc` Plkq`a

Xqmq`x qe B`skhe mla ~`ah` hexqx

de~ neqc x`la`~ mla ~`hkpk`lq, Kl

maakqkel* Hmlmam* B`skhe mla x`t"

`~mj @~ep`ml helq~k`x pm~qkhkpmq`

kl D`aMHC Klq`~lmqkelmj X`~tkh`x*vckhc `lhe~mf`x qc` x` ed MHC

de~ eqc`~ klq`~lmqkelmj q~mlxmhqkelx,

Klxqkqqkelx cejaklf mhhelqx

vkqc ^`x`~t` Nmlix x` qc`

D`avk~` Dlax X`~tkh` qe klkqkmq`

jm~f`* xklfj` `j`hq~elkh q~mlxmhqkelx,

@mhc am{* qc` D`a`~mj ^`x`~t`

X{xq`b q~mlxd`~x nkjjkelx ed aejjm~x

`j`hq~elkhmjj{ n`qv``l dklmlhkmjklxqkqqkelx ve~javka`,

X`~tklf qc` P,X, Q~`mxp~{Qc` D`a`~mj ^`x`~t` x`~t`x mx

qc` dkxhmj mf`lq de~ qc` Q~`mx~{, Kl

qckx ~ej`* qc` ^`x`~t` Nmlix edd`~

qc` Q~`mx~{ mla eqc`~ mf`lhk`x m

tm~k`q{ ed pm{b`lqx"~`jmq`a x`~tkh`x,

Qc` Amjjmx D`a x`~t`x qc` P,X,

fet`~lb`lq qc~efc qc` NmlixQ~`mx~{ X`~tkh`x ep`~mqkel,

Qc` Nmli mxxkxqx qc` Q~`mx~{x

Dklmlhkmj Bmlmf`b`lq X`~tkh` n{

xppe~qklf qc` Fe Ak~`hqXB

mla

@j`hq~elkh Q~mlxd`~ Mhhelq #@QM+XB

p~ef~mbx, Fe Ak~`hq kx Q~`mx~{x

hmbpmkfl qe lhe~mf` ~`hkpk`lqx ed

Xehkmj X`h~kq{ mla Xppj`b`lqmj

X`h~kq{ Klheb` pm{b`lqx qe hel"t`~q qe ak~`hq a`pexkq, Kl >??0* qc`

Amjjmx D`a n`fml p~etkaklf Fe

Ak~ hqx`~tkh`x el m lmqkelmj j`t`j

mdq`~ m ckfcj{ xhh`xxdj pkjeq p~eg"

`hq bmlmf`a n{ qc` Nmli, Qc`

Amjjmx D`a xppe~qx qc` p~ef~mb

vkqc m hmjj h`lq`~ mla v`n xkq` qcmq

mhh`pq ak~`hq a`pexkq `l~ejjb`lqx

d~eb d`a`~mj n`l`dkq ~`hkpk`lqx,

Vckj` Fe Ak~`hq qm~f`qx qcex`vce mj~`ma{ cmt` m nmli mhhelq*

qc` @QM p~ef~mb kx ml dde~q qe hel"

t`~q qc` lnmli`a qe ak~`hq a`pexkq,

Qc` Q~`mx~{ a`t`jep`a qc` @QM mx

m jev"hexq nmli mhhelq de~ d`a`~mj

n`l`dkq ~`hkpk`lqx e~ qc`k~ ~`p~`x`l"

qmqkt`x, Amjjmx p~etka`x m hmjj h`lq`~

mla v`n xkq` qcmq c`jp d`a`~mj n`l`dkq

8/2/2019 2005 Dallas Federal Reserve Annual Report

24/51

D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >> >??0 MLLPMJ ^@_E^Q

~`hkpk`lqx jehmq` dklmlhkmj klxqkq"

qkelx qcmq edd`~ qc` @QM,

Ak~`hq a`pexkq kx xmd`~ mla hc`mp"

`~ qcml bmkj* vkqc ml `xqkbmq`a hexq

xmtklfx ed mneq 66 h`lqx m hc`hi,

Bjqkpjk`a n{ be~` qcml =0? bkjjkel

pm{b`lqx x`lq mllmjj{* ak~`hq

a`pexkq ~`p~`x`lqx xkflkdkhmlq xmt"

klfx, Be~`et`~* ~`hkpk`lqx hml

mhh`xx qc`k~ dlax be~` }khij{

n`hmx` qc`{ ae leq cmt` qe vmkq de~

m hc`hi qe n` a`jkt`~`a n{ bmkj,

A~klf qc` c~~khml` `tmhm"

qkelx* de~ `smbpj`* qcex` vkqc ak~`hq

a`pexkq akalq l``a qe ve~~{ mneq

~`h`ktklf qc`k~ Xehkmj X`h~kq{

hc`hix e~ eqc`~ fet`~lb`lq pm{"

b`lqx n`hmx` qc` dlax v`lq

ak~`hqj{ klqe qc`k~ nmli mhhelqx,

Fpm~aklf qc` Xmd`q{ mlaXeplal`xx ed qc` NmliklfX{xq`b

M xela nmliklf x{xq`b kx tkqmj

qe m tkn~mlq `heleb{* mla qc` D`a"

`~mj ^`x`~t` kx hcm~f`a vkqc xp`~"

tkxklf mla ~`fjmqklf xqmq` b`bn`~

nmlix* nmli cejaklf hebpmlk`x mla

de~`kfl nmliklf e~fmlkwmqkelx ep`~"mqklf kl qc` Plkq`a Xqmq`x, M xq~elf

dklmlhkmj x{xq`b mjjevx bel`{ qe

djev n{ jkliklf ne~~ev`~x mla

xmt`~x* qc`~`n{ dmhkjkqmqklf mhh`xx qe

mla `ddkhk`lq x` ed dlax,

Mq qc` Amjjmx D`a* nmliklf xp`~"

tkxkel mla ~`fjmqkel `lqmkj x`t`~mj

dlhqkelx mla klhja` `smbkl`~x mla

`helebkxqx, Mjqcefc qc D`ax nmli"

klf ~`fjmqkelx m~ v~kqq`l n{ qc D`a"`~mj ^`x`~t` Nem~a kl Vmxcklfqel*

qc`k~ `lde~h`b`lq kx qc` ~`fkelmj

^`x`~t` Nmlix ~`xpelxknkjkq{,

Nmli `smbkl`~x xh~qklkw` ml

klxqkqqkelx dklmlhkmj helakqkel*

~kxi"bmlmf`b`lq p~eh`xx`x* mla

hebpjkmlh` vkqc jmvx mla ~`fjm"

qkelx* klhjaklf qcex` a`xkfl`a qe

p~eq`hq helxb`~x mla p~ebeq` ml

mhh`xxknj` nmliklf x{xq`b,

Q~makqkelmj el"xkq` `smbklmqkelx

helqkl` qe n` qc` he~l`~xqel` ed qc`

xp`~tkxe~{ p~eh`xx, Nq* mka`a n{

q`hclejef{* l`v`~ mpp~emhc`x qe

xp`~tkxkel* bexq leqmnj{ edd"xkq`

belkqe~klf mla x~t`kjjmlh` q`hc"

lk}`x* pjm{ ml klh~`mxklfj{ p~ebk"

l`lq ~ej`, @helebkxqx kl qc` Amjjmx

eddkh`* ve~iklf vkqc D`a`~mj

^`x`~t` Nem~a xqmdd* cmt` a`t`j"

ep`a m xepckxqkhmq`a `m~j{"vm~lklf

bea`j x`a qc~efceq qc` X{xq`b,

Kq x`~t`x mx qc` D`ax p~kbm~{

~`xe~h` de~ edd"xkq` xqmqkxqkhmj bea"

`jklf ed xmd`q{ mla xelal`xx,

_~etkaklf Jk}pkakq{ qe qc`Nmliklf X{xq`b

Qe d~qc`~ bmklqmkl xqmnkjkq{ ed

qc` nmliklf x{xq`b* qc` D`a ep`~"

mq`x qc` akxhelq vklaev qe edd`~

dklmlhkmj klxqkqqkelx m xe~h` ed

xce~q"q`~b jk}kakq{, Qckx dlhqkel kx

hm~~k`a eq mq mjj ^`x`~t` Nmlix,

Qc` akxhelq vklaev pjm{x ml

kbpe~qmlq ~ej` kl qc` xbeeqc dlh"

qkelklf ed qc` pm{b`lqx x{xq`b*helqklf`lh{ pjmllklf mla a`mjklf

vkqc x`mxelmj xvklfx kl ml klxqkq"

qkelx jemlx mla a`pexkqx,

Nmlix kl xela dklmlhkmj helak"

qkel hml enqmkl p~kbm~{ h~`akq d~eb

qc`k~ ~`fkelmj `x`~t` Nmlix* xmjj{

el ml et`~lkfcq nmxkx, Nmlix qcmq ae

leq }mjkd{ de~ p~kbm~{ h~`akq bm{

f`q x`helam~{ h~`akq mq ~mq`x mnet`

qcmq mtmkjmnj` de~ p~kbm~{ h~`akq,Bm~i`q"nmx`a h~`akq kx mtmkjmnj` qe

mxxkxq xbmjj`~ klxqkqqkelx qcmq l``a

dlax a` qe x`mxelmj djhqmqkelx,

X`qqklf Xepla Bel`qm~{_ejkh{

Qc` D`a`~mj ^`x`~t` x`qx qc`

lmqkelx bel`qm~{ pejkh{ n{ qm~f`qklf

qc` d`a`~mj dlax ~mq` mla kldj`lhklf

qc` xppj{ ed bel`{ mla h~`akq, Qc`

femj kx p~kh` xqmnkjkq{* pmtklf qc` vm{

de~ xxqmklmnj` f~evqc kl `bpje{"

b`lq mla et`~mjj `helebkh mhqktkq{,

Mjj qc` ^`x`~t` Nmli p~`xka`lqx

mla D`a`~mj ^`x`~t` fet`~le~x pm~"

qkhkpmq` kl `xqmnjkxcklf bel`qm~{

pejkh{ qc~efc qc` D`a`~mj Ep`l

Bm~i`q Hebbkqq``, @mhc ^`x`~t`

Nmli cmx ~`x`m~hc `helebkxqx vkqc

akdd`~`lq m~`mx ed xp`hkmjkwmqkel vce

xqa{ xp`hkdkh de~h`x mdd`hqklf qc`

`heleb{ kl e~a`~ qe matkx` qc`k~

p~`xka`lq el bel`qm~{ pejkh{,

Qc` Amjjmx D`a cmx jelf cma m

xp`hkmj `bpcmxkx el `l`~f{* qc`

P,X,B`skhe ne~a`~ `heleb{ mla

kbbkf~mqkel* ~`dj`hqklf qc`k~ kbpe~"

qmlh` qe qc` ~`fkelmj `heleb{,

Qcmq p`~xp`hqkt` vmx `spmla`a

jmxq {`m~ qe `lhebpmxx qc` klh~`mx"

klfj{ kbpe~qmlq ~ej` m be~` fjenmj"

kw`a* klq`~hell`hq`a ve~ja pjm{x kl

bmiklf bel`qm~{ pejkh{ a`hkxkelx,

Qckx kltejt`x la`~xqmlaklf cev

dmhqe~x xhc mx d~``~ q~ma` mla be~`

benkj` klq`~lmqkelmj hmpkqmj djevx*

a`~`fjmqkel mla ~mpka q`hclejefk"hmj hcmlf` mdd`hq qc` `heleb{,

Qc` D`ax xq~hq~` `lx~`x klpq

d~eb mhc ~`fkel klqe bel`qm~{ pej"

kh{bmiklf, @mhc ^`x`~t` Nmli p~e"

ah`x m N`kf` Neeiml ml`haeqmj

~`pe~q ed h~~`lq `helebkh helak"

qkelxkl matmlh` ed DEBH b``q"

klfx, Qc` N`kf` Neei a`xh~kn`x

et`~mjj `helebkh helakqkelx mla

q~`lax kl `mhc akxq~khq mla c`jpx qc`^`x`~t` Nmli p~`xka`lqx de~bjmq`

qc`k~ tk`vx,

@helebkxqx mla q`hclkhmj xqmdd mq

qc` Amjjmx D`a cmt` a`t`jep`a x`t"

`~mj x`dj qeejx de~ mlmj{wklf

~`fkelmj mla lmqkelmj `helebkh

q~`lax, Qc`x` klhja` ml kla`s ed

j`maklf `helebkh klakhmqe~x de~

8/2/2019 2005 Dallas Federal Reserve Annual Report

25/51

Q`smx* qc` Q`smx Klaxq~kmj _~e"

ahqkel Kla`s mla m x~t`{ ed

~`fkelmj bmldmhq~klf mhqktkq{, Kl

>??0* qc` Amjjmx D`a mjxe a`t`jep`a

qc` Q~kbb`a"B`ml _H@ kldjmqkel

b`mx~`* vckhc q~mhix kldjmqkel

q~`lax kl qc` P,X, `heleb{,

_~etkaklf _pnjkh _~ef~mbxQc` Amjjmx D`a kx hebbkqq`a qe

`spmlaklf pnjkh ilevj`af` ed qc`

D`a`~mj ^`x`~t` mla `t`~{am{ `he"

lebkhx,

Qc` Nmli p~etka`x klde~bmqkel

qe ckfc xhceej mla hejj`f` xqa`lqx

mla `ahmqe~x* nxkl`xx mla hktkh

e~fmlkwmqkelx* pnjkh eddkhkmjx mla

{elf p~ed`xxkelmjx mh~exx qc`

@j`t`lqc Akxq~khq, Qckx kx mhheb"

pjkxc`a qc~efc pnjkh xp`miklf

`lfmf`b`lqx* el"xkq` tkxkqx* Nmli

qe~x* p~klq mla j`hq~elkh bmq`~kmjx*

mla `helebkh `ahmqkel held`~`lh`x,

Kl >??0* qc` Nmli edd`~`a `ahm"

qkelmj p~ef~mbx el xhc qepkhx mx

qc` fjenmj `heleb{* p`~xelmj

dklmlh` `ahmqkel mla `l`~f{,

Xp`hkdkh `t`lqx klhja`a m x`~k`x ed

~`fkelmj @t`lklf mq qc` D`a akl"

l`~x mla akxhxxkelx de~ ckfc xhceej

q`mhc`~x el qc` `helebkh mla dkxhmj

`dd`hqx ed kbbkf~mqkel9 m j`hq~` n{

Dkll @, I{ajmla* vkll`~ ed qc` >??1

Len`j B`be~kmj _~kw` kl @helebkh

Xhk`lh`x9 m held`~`lh` el qc`

bm}kjmae~m klaxq~{ `spje~klf qc`

dq~` ed qc` `j`hq~elkh mla mqebe"

qkt` x`hqe~x9 mla m Jlhc $ J`m~l

`t`lq de~ {elf p~ed`xxkelmjx el qc`

`helebkhx ed `ahmqkel mla qc`

kbpe~qmlh` ed jkd`jelf j`m~lklf,

Ml klh~`mxklfj{ `dd`hqkt` eq"

~`mhc qeej kx qc` Nmlix v`n xkq`

amjjmxd`a,e~fvckhc mqq~mhq`a m

jm~f` kldjs ed l`v mla ~`q~lklf

tkxkqe~x jmxq {`m~, Qckx f~evqc vmx

d`j`a kl pm~q n{ m be~` qcml =*???

p`~h`lq klh~`mx` kl tkxkqx qe Nmli

eddkhkmjxxp``hc`x* xkflmjklf m f~ev"

klf klq`~`xq kl fjenmjkwmqkelx ~ej kl

xcmpklf bel`qm~{ pejkh{, Ceb`

pmf` ckqx xem~`a* mx aka x`~x

mhh`xxklf ed qkb`j{ ~`fkelmj mla

lmqkelmj `helebkh amqm9 pnjkhmqkelx

xhc mxNpkjaklf V mjqc* qc` Nmlix

pepjm~ ve~ineei el naf`qklf*

xmtklf mla klt`xqklf9 m Xpmlkxc"jml"

fmf` x`hqkel*@lq~mam9 mla ml m~~m{

ed eqc`~ d`mq~`x mla klde~bmqkel,

Qc~efc kqx Hebblkq{ Mddmk~x

p~ef~mb* qc` Nmli `lhe~mf`x heb"

blkq{ mla `helebkh a`t`jepb`lq

n{ p~etkaklf klde~bmqkel qe dklml"

hkmj klxqkqqkelx9 jehmj nxkl`xx* hktkh

mla fet`~lb`lq eddkhkmjx9 mla heb"

blkq{ a`t`jepb`lq e~fmlkwmqkelx,

De~ `smbpj`* qe heklhka` vkqc

qc` Plkq`a Lmqkelx a`xkflmqkel ed

>??0 mx qc` Klq`~lmqkelmj [`m~ ed

8/2/2019 2005 Dallas Federal Reserve Annual Report

26/51

Bkh~eh~`akq* qc` Amjjmx D`a n~efcq

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8/2/2019 2005 Dallas Federal Reserve Annual Report

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29/51>??0 MLLPMJ ^@_E^Q >6 D@A@^MJ @X@^T@ NMLI ED AMJJMX

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