An Analysis of the Impact of the Commercial Real Estate Concentration Guidance - Accessible Version

Figure 1. Net charge-off rates

Charge-off rate, annualized
Percent

Quarter Construction Owner-Occupied Non owner-occupied
2008:Q1 1.04 0.1 0.11
2008:Q2 2.26 0.14 0.22
2008:Q3 2.76 0.18 0.21
2008:Q4 5.54 0.46 0.64
2009:Q1 3.41 0.28 0.37
2009:Q2 5.9 0.51 0.74
2009:Q3 6.47 0.65 1.09
2009:Q4 8.38 0.9 1.71
2010:Q1 5.38 0.65 1.22
2010:Q2 5.53 0.88 1.77
2010:Q3 5.96 0.88 1.75
2010:Q4 6.2 1.11 1.68
2011:Q1 4.02 0.68 1.08
2011:Q2 3.54 0.75 1.14
2011:Q3 3.62 0.69 0.9
2011:Q4 3.44 0.83 0.99
2012:Q1 1.9 0.48 0.6

Source: FR Y-9C call reports.

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Figure 2. Change in banksí CRE concentrations since 2008 relative to the guidance (6 charts)


Upper panel left: Impact of Either Ratio Binding
Share of Banks with CRE Concentration
Percent

Annual Period Concentrated Nearly Concentrated
2008:Q4 31.23 7.56
2009:Q4 23.94 8.64
2010:Q4 16.46 8.36
2011:Q4 10.88 7.80

Upper panel right: Impact of Either Ratio Binding
Total CRE Outstanding
Billions

Period Concentrated Nearly Concentrated

Unconcentrated

2008:Q4 3.78 0.94 5.05
2011:Q4 2.98 0.71 5.09

Middle panel left: Impact of Construction Ratio Binding
Share of Banks with CRE Concentration
Percent

Annual Period Concentrated Nearly Concentrated
2008:Q4 27.97 6.70
2009:Q4 19.64 6.63
2010:Q4 11.49 6.35
2011:Q4 6.69 5.01

Middle panel right: Impact of Construction Ratio Binding
Construction Outstanding
Billions

Period Concentrated Nearly Concentrated

Unconcentrated

2008:Q4 1.75 0.42 1.75
2011:Q4 0.81 0.17 1.09

Bottom panel left: Impact of Total Ratio Binding
Share of Banks with CRE Concentration
Percent

Annual Period Concentrated Concentrated: Low Growth Concentrated: High Growth Nearly Concentrated
2008:Q4 19.10     7.29
2009:Q4 15.46     7.66
2010:Q4 11.27     6.19
2011:Q4   6.66 1.15 5.49

Bottom panel right: Impact of Total Ratio Binding
Total CRE Outstanding
Billions

Period Concentrated Concentrated: Low Growth

Concentrated: High Growth

Nearly Concentrated

Unconcentrated

2008:Q4 2.44     0.93 6.39
2011:Q4   1.70 0.15 0.80 6.12

Source: FR Y-9C call reports.

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Figure 4. Failure rate by construction and land development exposure to capital and failure rate by total CRE exposure to capital (2 charts)


Top panel: Fail Rate by Construction and Land Development Exposure to Capital

CLD Concentration level Failure rate
Over 400% 46
300% to 400% 24
200% to 300% 10
100% to 200% 6
0% to 100% 1
All Banks 4

Bottom panel: Fail Rate by Total CRE Exposure to Capital

CRE Concentration level Failure rate
Over 700% 43
500% to 700% 30
300% to 500% 9
0% to 300% 2
All Banks 4

Source: OCC staff analysis

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Figure 5. Estimates of distribution of growth rates in CRE concentration levels from 2008 to 2011 (6 charts)

Impact of Either Ratio Binding Impact of Construction Ratio Binding Impact of Total Ratio Binding
Top Panel Left: Distribution of Average Construction Growth, 2008:Q4 - 2011:Q4 Top Panel Right: Distribution of Average Non-Construction CRE Growth, 2008:Q4 - 2011:Q4 Middle Panel Left: Distribution of Average Construction Growth, 2008:Q4 - 2011:Q4 Middle Panel Right: Distribution of Average Non-Construction CRE Growth, 2008:Q4 - 2011:Q4 Bottom Panel Left: Distribution of Average Construction Growth, 2008:Q4 - 2011:Q4 Bottom Panel Right: Distribution of Average Non-Construction CRE Growth, 2008:Q4 - 2011:Q4
Concentrated Value Density Nearly Concentrated Value Density Unconcentrated Value Density Concentrated Value Density Nearly Concentrated Value Density Unconcentrated Value Density Concentrated Value Density Nearly Concentrated Value Density Unconcentrated Value Density Concentrated Value Density Nearly Concentrated Value Density Unconcentrated Value Density Concentrated Value Density Nearly Concentrated Value Density Unconcentrated Value Density Concentrated Value Density Nearly Conenctrated Value Density Unconcentrated Value Density
1 -29.80144 0.00004 -29.7308 0.00023 -29.8912 0.00246 -29.6413 0.00026 -29.6621 0 -29.7679 0.00105 -29.6034 0.00001 -29.7837 0.00005 -29.8912 0.0023 -29.6413 0.0003 -29.6621 0 -29.7679 0.00099 -29.8014 0.00011 -29.9538 0.00024 -29.8912 0.0021 -29.6413 0.00037 -21.1941 0.00072 -29.7679 0.00092
2 -29.09945 0.00005 -29.2802 0.00014 -29.1374 0.00252 -29.1042 0.00025 -29.0948 0 -28.5357 0.00082 -29.1819 0.00003 -29.2492 0.00005 -29.1374 0.00234 -29.1042 0.0003 -29.0948 0 -28.5357 0.00075 -29.0995 0.00014 -29.6159 0.00017 -29.1374 0.00216 -29.1042 0.00031 -21.0136 0.00071 -28.5357 0.00073
3 -28.39747 0.00015 -28.8297 0.0001 -28.3835 0.00248 -28.5671 0.00024 -28.5276 0 -27.3036 0.0005 -28.7604 0.00007 -28.7148 0.00009 -28.3835 0.00232 -28.5671 0.00029 -28.5276 0 -27.3036 0.00044 -28.3975 0.0003 -29.278 0.00011 -28.3835 0.00211 -28.5671 0.00019 -20.8332 0.00067 -27.3036 0.00051
4 -27.69548 0.00035 -28.3792 0.0001 -27.6296 0.00243 -28.03 0.00025 -27.9603 0 -26.0714 0.00079 -28.3388 0.00012 -28.1803 0.00018 -27.6296 0.00232 -28.03 0.0003 -27.9603 0 -26.0714 0.00072 -27.6955 0.00055 -28.94 0.00007 -27.6296 0.00206 -28.03 0.00008 -20.6528 0.00062 -26.0714 0.0007
5 -26.9935 0.00057 -27.9287 0.00014 -26.8758 0.00249 -27.4929 0.00026 -27.3931 0 -24.8393 0.00117 -27.9173 0.00018 -27.6459 0.0003 -26.8758 0.00241 -27.4929 0.0003 -27.3931 0 -24.8393 0.00108 -26.9935 0.0008 -28.6021 0.00004 -26.8758 0.00216 -27.4929 0.00003 -20.4724 0.00056 -24.8393 0.001
6 -26.29151 0.00067 -27.4782 0.00023 -26.1219 0.00263 -26.9558 0.00021 -26.8259 0 -23.6071 0.00125 -27.4958 0.00024 -27.1114 0.00046 -26.1219 0.00254 -26.9558 0.00024 -26.8259 0 -23.6071 0.00115 -26.2915 0.00093 -28.2642 0.00002 -26.1219 0.00231 -26.9558 0.00001 -20.2919 0.00048 -23.6071 0.00107
7 -25.58953 0.0006 -27.0276 0.00035 -25.3681 0.00277 -26.4187 0.00012 -26.2586 0 -22.375 0.00096 -27.0742 0.00028 -26.5769 0.00062 -25.3681 0.00263 -26.4187 0.00015 -26.2586 0 -22.375 0.00087 -25.5895 0.0009 -27.9263 0.00001 -25.3681 0.00244 -26.4187 0 -20.1115 0.00041 -22.375 0.00081
8 -24.88754 0.00048 -26.5771 0.0005 -24.6142 0.00292 -25.8817 0.00005 -25.6914 0 -21.1429 0.00085 -26.6527 0.0003 -26.0425 0.00077 -24.6142 0.00272 -25.8817 0.00006 -25.6914 0 -21.1429 0.00077 -24.8875 0.00081 -27.5883 0 -24.6142 0.00256 -25.8817 0 -19.9311 0.00033 -21.1429 0.00075
9 -24.18556 0.00048 -26.1266 0.00066 -23.8603 0.00308 -25.3446 0.00001 -25.1241 0 -19.9107 0.00113 -26.2311 0.0003 -25.508 0.0009 -23.8603 0.00286 -25.3446 0.00002 -25.1241 0 -19.9107 0.00102 -24.1856 0.00083 -27.2504 0 -23.8603 0.00271 -25.3446 0 -19.7506 0.00026 -19.9107 0.00112
10 -23.48357 0.00069 -25.6761 0.00079 -23.1065 0.00322 -24.8075 0 -24.5569 0 -18.6786 0.00157 -25.8096 0.0003 -24.9735 0.00103 -23.1065 0.00304 -24.8075 0.00001 -24.5569 0 -18.6786 0.00148 -23.4836 0.00104 -26.9125 0 -23.1065 0.00286 -24.8075 0 -19.5702 0.0002 -18.6786 0.0016
11 -22.78158 0.00105 -25.2256 0.00087 -22.3526 0.00328 -24.2704 0 -23.9897 0 -17.4464 0.00122 -25.3881 0.0003 -24.4391 0.00117 -22.3526 0.0032 -24.2704 0 -23.9897 0.00001 -17.4464 0.00107 -22.7816 0.00143 -26.5745 0 -22.3526 0.00294 -24.2704 0 -19.3898 0.00015 -17.4464 0.00111
12 -22.0796 0.00143 -24.7751 0.00092 -21.5988 0.00338 -23.7333 0 -23.4224 0.00002 -16.2143 0.00155 -24.9665 0.0003 -23.9046 0.00131 -21.5988 0.0034 -23.7333 0.00001 -23.4224 0.00004 -16.2143 0.00141 -22.0796 0.00193 -26.2366 0 -21.5988 0.00303 -23.7333 0 -19.2094 0.00011 -16.2143 0.00145
13 -21.37761 0.00179 -24.3245 0.00093 -20.8449 0.00369 -23.1962 0.00001 -22.8552 0.00007 -14.9821 0.00224 -24.545 0.00031 -23.3702 0.00142 -20.8449 0.00373 -23.1962 0.00002 -22.8552 0.00011 -14.9821 0.00203 -21.3776 0.00251 -25.8987 0.00001 -20.8449 0.00332 -23.1962 0 -19.0289 0.00008 -14.9821 0.00213
14 -20.67563 0.00226 -23.874 0.00095 -20.0911 0.00427 -22.6591 0.00005 -22.2879 0.00018 -13.75 0.00307 -24.1235 0.00033 -22.8357 0.00147 -20.0911 0.00427 -22.6591 0.00006 -22.2879 0.00024 -13.75 0.00285 -20.6756 0.00322 -25.5607 0.00001 -20.0911 0.0039 -22.6591 0 -18.8485 0.00006 -13.75 0.00298
15 -19.97364 0.00295 -23.4235 0.00102 -19.3372 0.00502 -22.122 0.00012 -21.7207 0.00035 -12.5179 0.00365 -23.7019 0.0004 -22.3012 0.00147 -19.3372 0.00496 -22.122 0.00015 -21.7207 0.00041 -12.5179 0.00343 -19.9736 0.00411 -25.2228 0.00003 -19.3372 0.00463 -22.122 0 -18.6681 0.00004 -12.5179 0.00339
16 -19.27166 0.0038 -22.973 0.00116 -18.5833 0.00571 -21.5849 0.00021 -21.1534 0.00052 -11.2857 0.00447 -23.2804 0.00055 -21.7668 0.00144 -18.5833 0.00567 -21.5849 0.00024 -21.1534 0.00057 -11.2857 0.00411 -19.2717 0.00519 -24.8849 0.00005 -18.5833 0.00524 -21.5849 0 -18.4876 0.00003 -11.2857 0.00422
17 -18.56967 0.00471 -22.5225 0.00137 -17.8295 0.00621 -21.0478 0.00027 -20.5862 0.0006 -10.0536 0.00547 -22.8589 0.00074 -21.2323 0.00145 -17.8295 0.00628 -21.0478 0.0003 -20.5862 0.00064 -10.0536 0.00504 -18.5697 0.00642 -24.5469 0.00009 -17.8295 0.00563 -21.0478 0 -18.3072 0.00003 -10.0536 0.00523
18 -17.86769 0.00583 -22.072 0.00159 -17.0756 0.00662 -20.5108 0.00027 -20.019 0.00052 -8.82143 0.00651 -22.4373 0.00096 -20.6978 0.00154 -17.0756 0.00686 -20.5108 0.00033 -20.019 0.00057 -8.82143 0.00599 -17.8677 0.00784 -24.209 0.00015 -17.0756 0.00598 -20.5108 0.00001 -18.1268 0.00004 -8.82143 0.0064
19 -17.1657 0.00732 -21.6214 0.00178 -16.3218 0.00712 -19.9737 0.0003 -19.4517 0.00035 -7.58929 0.00902 -22.0158 0.00117 -20.1634 0.00172 -16.3218 0.00749 -19.9737 0.00038 -19.4517 0.00041 -7.58929 0.00844 -17.1657 0.0095 -23.8711 0.00024 -16.3218 0.00647 -19.9737 0.00003 -17.9464 0.00006 -7.58929 0.00902
20 -16.46371 0.00905 -21.1709 0.00191 -15.5679 0.00769 -19.4366 0.00044 -18.8845 0.00018 -6.35714 0.01273 -21.5942 0.00136 -19.6289 0.00195 -15.5679 0.00811 -19.4366 0.00054 -18.8845 0.00025 -6.35714 0.01227 -16.4637 0.01144 -23.5331 0.00036 -15.5679 0.00706 -19.4366 0.00012 -17.7659 0.00008 -6.35714 0.0124
21 -15.76173 0.01072 -20.7204 0.00197 -14.814 0.0083 -18.8995 0.00065 -18.3172 0.00009 -5.125 0.01884 -21.1727 0.00156 -19.0945 0.00215 -14.814 0.00875 -18.8995 0.00077 -18.3172 0.00015 -5.125 0.0182 -15.7617 0.0136 -23.1952 0.0005 -14.814 0.00781 -18.8995 0.00031 -17.5855 0.00011 -5.125 0.01813
22 -15.05974 0.01231 -20.2699 0.00199 -14.0602 0.00904 -18.3624 0.00086 -17.75 0.00009 -3.89286 0.02929 -20.7512 0.00183 -18.56 0.00226 -14.0602 0.00961 -18.3624 0.001 -17.75 0.00016 -3.89286 0.02943 -15.0597 0.01586 -22.8573 0.00066 -14.0602 0.00884 -18.3624 0.00064 -17.4051 0.00016 -3.89286 0.02872
23 -14.35776 0.01398 -19.8194 0.002 -13.3063 0.01013 -17.8253 0.00101 -17.1828 0.0002 -2.66071 0.04235 -20.3296 0.0022 -18.0255 0.00227 -13.3063 0.01094 -17.8253 0.00119 -17.1828 0.00029 -2.66071 0.04382 -14.3578 0.01818 -22.5194 0.00082 -13.3063 0.01016 -17.8253 0.00104 -17.2247 0.00021 -2.66071 0.04227
24 -13.65577 0.01589 -19.3688 0.00202 -12.5525 0.01179 -17.2882 0.00113 -16.6155 0.00042 -1.42857 0.05869 -19.9081 0.00265 -17.4911 0.00227 -12.5525 0.01287 -17.2882 0.00133 -16.6155 0.00054 -1.42857 0.06179 -13.6558 0.02084 -22.1814 0.00096 -12.5525 0.012 -17.2882 0.0014 -17.0442 0.00028 -1.42857 0.05906
25 -12.95379 0.01869 -18.9183 0.00205 -11.7986 0.01392 -16.7511 0.00122 -16.0483 0.00072 -0.19643 0.07203 -19.4866 0.00314 -16.9566 0.00242 -11.7986 0.01522 -16.7511 0.00143 -16.0483 0.00085 -0.19643 0.07659 -12.9538 0.02444 -21.8435 0.00106 -11.7986 0.01442 -16.7511 0.00159 -16.8638 0.00037 -0.19643 0.07356
26 -12.2518 0.02313 -18.4678 0.00208 -11.0448 0.01602 -16.214 0.00126 -15.481 0.00101 1.03571 0.07754 -19.065 0.00365 -16.4222 0.00293 -11.0448 0.01748 -16.214 0.00147 -15.481 0.00117 1.03571 0.08077 -12.2518 0.02942 -21.5056 0.00112 -11.0448 0.01691 -16.214 0.00155 -16.6834 0.00046 1.03571 0.07911
27 -11.54982 0.02895 -18.0173 0.00211 -10.2909 0.01787 -15.677 0.00122 -14.9138 0.00123 2.26786 0.07578 -18.6435 0.00417 -15.8877 0.004 -10.2909 0.01947 -15.677 0.00145 -14.9138 0.00141 2.26786 0.07852 -11.5498 0.03558 -21.1676 0.00112 -10.2909 0.01926 -15.677 0.00137 -16.5029 0.00056 2.26786 0.07741
28 -10.84783 0.0355 -17.5668 0.00216 -9.53704 0.01979 -15.1399 0.00123 -14.3466 0.00134 3.5 0.06422 -18.222 0.00475 -15.3532 0.00571 -9.53704 0.02152 -15.1399 0.0015 -14.3466 0.00156 3.5 0.06517 -10.8478 0.04238 -20.8297 0.00109 -9.53704 0.02171 -15.1399 0.00123 -16.3225 0.00067 3.5 0.0658
29 -10.14584 0.04266 -17.1163 0.00228 -8.78318 0.02202 -14.6028 0.00144 -13.7793 0.00138 4.73214 0.04918 -17.8004 0.00541 -14.8188 0.00787 -8.78318 0.02383 -14.6028 0.00174 -13.7793 0.00165 4.73214 0.04854 -10.1458 0.04948 -20.4918 0.00104 -8.78318 0.02426 -14.6028 0.00133 -16.1421 0.00077 4.73214 0.04971
30 -9.44386 0.0502 -16.6657 0.00254 -8.02932 0.02466 -14.0657 0.00187 -13.2121 0.00144 5.96429 0.03792 -17.3789 0.00619 -14.2843 0.01014 -8.02932 0.0264 -14.0657 0.00216 -13.2121 0.00177 5.96429 0.03726 -9.44386 0.05673 -20.1538 0.00101 -8.02932 0.02714 -14.0657 0.00173 -15.9617 0.00087 5.96429 0.03912
31 -8.74187 0.05769 -16.2152 0.00302 -7.27546 0.02813 -13.5286 0.00234 -12.6448 0.00163 7.19643 0.03024 -16.9573 0.00706 -13.7498 0.01215 -7.27546 0.02962 -13.5286 0.00257 -12.6448 0.00199 7.19643 0.02957 -8.74187 0.06381 -19.8159 0.00102 -7.27546 0.0313 -13.5286 0.00233 -15.7812 0.00097 7.19643 0.032
32 -8.03989 0.06485 -15.7647 0.00382 -6.52161 0.03291 -12.9915 0.00261 -12.0776 0.00197 8.42857 0.02432 -16.5358 0.00797 -13.2154 0.01373 -6.52161 0.0341 -12.9915 0.00277 -12.0776 0.00232 8.42857 0.02347 -8.03989 0.07006 -19.478 0.0011 -6.52161 0.03744 -12.9915 0.00286 -15.6008 0.00105 8.42857 0.02502
33 -7.3379 0.07125 -15.3142 0.00495 -5.76775 0.03882 -12.4544 0.00258 -11.5103 0.00234 9.66071 0.01934 -16.1143 0.00886 -12.6809 0.01501 -5.76775 0.03982 -12.4544 0.00275 -11.5103 0.00263 9.66071 0.01846 -7.3379 0.07459 -19.14 0.00125 -5.76775 0.04501 -12.4544 0.00316 -15.4204 0.00111 9.66071 0.01924
34 -6.63592 0.07654 -14.8637 0.00636 -5.01389 0.04496 -11.9173 0.00245 -10.9431 0.00262 10.89286 0.0165 -15.6927 0.00974 -12.1465 0.01631 -5.01389 0.04588 -11.9173 0.00271 -10.9431 0.00281 10.89286 0.01579 -6.63592 0.07685 -18.8021 0.00149 -5.01389 0.05217 -11.9173 0.00323 -15.2399 0.00116 10.89286 0.01642
35 -5.93393 0.08097 -14.4132 0.0079 -4.26003 0.05038 -11.3802 0.00249 -10.3759 0.00276 12.125 0.01422 -15.2712 0.01064 -11.612 0.01799 -4.26003 0.05115 -11.3802 0.00288 -10.3759 0.00283 12.125 0.01372 -5.93393 0.07706 -18.4642 0.0018 -4.26003 0.05732 -11.3802 0.00323 -15.0595 0.00118 12.125 0.01396
36 -5.23195 0.08427 -13.9626 0.00939 -3.50617 0.05484 -10.8431 0.00284 -9.80861 0.00283 13.35714 0.01293 -14.8497 0.01162 -11.0775 0.02027 -3.50617 0.05519 -10.8431 0.00334 -9.80861 0.00282 13.35714 0.01252 -5.23195 0.07571 -18.1262 0.00218 -3.50617 0.06058 -10.8431 0.00325 -14.8791 0.00118 13.35714 0.0124
37 -4.52996 0.08477 -13.5121 0.0107 -2.75232 0.05839 -10.3061 0.00337 -9.24137 0.00296 14.58929 0.01161 -14.4281 0.0127 -10.5431 0.02324 -2.75232 0.05813 -10.3061 0.00399 -9.24137 0.00298 14.58929 0.01138 -4.52996 0.07281 -17.7883 0.00262 -2.75232 0.06278 -10.3061 0.00325 -14.6987 0.00116 14.58929 0.01084
38 -3.82797 0.08082 -13.0616 0.01181 -1.99846 0.06045 -9.76896 0.00399 -8.67413 0.00338 15.82143 0.0092 -14.0066 0.01386 -10.0086 0.0268 -1.99846 0.05972 -9.76896 0.00475 -8.67413 0.00354 15.82143 0.00892 -3.82797 0.06789 -17.4504 0.00309 -1.99846 0.06357 -9.76896 0.00326 -14.5182 0.00111 15.82143 0.0087
39 -3.12599 0.07295 -12.6111 0.01284 -1.2446 0.06009 -9.23187 0.00476 -8.10689 0.00429 17.05357 0.00694 -13.5851 0.01514 -9.47415 0.03085 -1.2446 0.05924 -9.23187 0.00569 -8.10689 0.0046 17.05357 0.00674 -3.12599 0.06108 -17.1125 0.00359 -1.2446 0.06179 -9.23187 0.00354 -14.3378 0.00105 17.05357 0.00633
40 -2.424 0.0636 -12.1606 0.01403 -0.49074 0.05739 -8.69478 0.00583 -7.53965 0.00577 18.28572 0.00601 -13.1635 0.01665 -8.93969 0.03535 -0.49074 0.05661 -8.69478 0.00692 -7.53965 0.00612 18.28572 0.00567 -2.424 0.05356 -16.7745 0.00409 -0.49074 0.0576 -8.69478 0.0044 -14.1574 0.00097 18.28572 0.00549
41 -1.72202 0.05483 -11.7101 0.01558 0.26312 0.05355 -8.15769 0.00727 -6.97241 0.0077 19.51786 0.00599 -12.742 0.01858 -8.40522 0.04036 0.26312 0.0528 -8.15769 0.00847 -6.97241 0.00798 19.51786 0.00561 -1.72202 0.04666 -16.4366 0.00461 0.26312 0.05266 -8.15769 0.00604 -13.9769 0.00088 19.51786 0.00607
42 -1.02003 0.04742 -11.2595 0.01765 1.01698 0.04932 -7.6206 0.00899 -6.40517 0.00989 20.75 0.00489 -12.3204 0.02106 -7.87076 0.04603 1.01698 0.04852 -7.6206 0.01014 -6.40517 0.01014 20.75 0.00457 -1.02003 0.04086 -16.0987 0.00514 1.01698 0.04794 -7.6206 0.00839 -13.7965 0.00078 20.75 0.00506
43 -0.31805 0.04136 -10.809 0.02022 1.77083 0.04471 -7.08352 0.01061 -5.83792 0.01219 21.98214 0.00448 -11.8989 0.02416 -7.3363 0.0524 1.77083 0.04383 -7.08352 0.01168 -5.83792 0.01276 21.98214 0.00425 -0.31805 0.03573 -15.7607 0.00568 1.77083 0.04315 -7.08352 0.01106 -13.6161 0.00067 21.98214 0.0044
44 0.38394 0.03605 -10.3585 0.02315 2.52469 0.04 -6.54643 0.01201 -5.27068 0.01479 23.21428 0.00403 -11.4774 0.02788 -6.80184 0.05937 2.52469 0.03905 -6.54643 0.01313 -5.27068 0.01626 23.21428 0.00372 0.38394 0.03077 -15.4228 0.00625 2.52469 0.03832 -6.54643 0.01368 -13.4357 0.00058 23.21428 0.00384
45 1.08593 0.03076 -9.90798 0.02623 3.27855 0.03581 -6.00934 0.01373 -4.70344 0.01833 24.44643 0.00356 -11.0558 0.03217 -6.26738 0.06658 3.27855 0.03476 -6.00934 0.01501 -4.70344 0.02121 24.44643 0.00322 1.08593 0.02591 -15.0849 0.00684 3.27855 0.03404 -6.00934 0.01643 -13.2552 0.00049 24.44643 0.00354
46 1.78791 0.02546 -9.45746 0.02935 4.03241 0.03209 -5.47225 0.01674 -4.1362 0.02365 25.67857 0.00376 -10.6343 0.03693 -5.73292 0.07347 4.03241 0.03097 -5.47225 0.01802 -4.1362 0.02798 25.67857 0.00345 1.78791 0.02142 -14.7469 0.00744 4.03241 0.03026 -5.47225 0.02006 -13.0748 0.00041 25.67857 0.0038
47 2.4899 0.02063 -9.00694 0.03253 4.78627 0.02821 -4.93516 0.02162 -3.56896 0.03149 26.91072 0.00366 -10.2128 0.04194 -5.19845 0.07933 4.78627 0.02716 -4.93516 0.02244 -3.56896 0.03646 26.91072 0.00338 2.4899 0.0175 -14.409 0.00803 4.78627 0.0263 -4.93516 0.02535 -12.8944 0.00035 26.91072 0.00331
48 3.19188 0.01639 -8.55643 0.03591 5.54012 0.02396 -4.39807 0.02822 -3.00172 0.04215 28.14286 0.00345 -9.79122 0.04698 -4.66399 0.08347 5.54012 0.02314 -4.39807 0.02829 -3.00172 0.0463 28.14286 0.00327 3.19188 0.01409 -14.0711 0.0086 5.54012 0.02203 -4.39807 0.03262 -12.7139 0.00032 28.14286 0.00311
49 3.89387 0.01268 -8.10591 0.0397 6.29398 0.02003 -3.86098 0.03635 -2.43448 0.05508 29.375 0.00314 -9.36969 0.05191 -4.12953 0.08547 6.29398 0.01954 -3.86098 0.0357 -2.43448 0.05711 29.375 0.00295 3.89387 0.01125 -13.7331 0.00914 6.29398 0.01819 -3.86098 0.04162 -12.5335 0.00032 29.375 0.00297
50 4.59585 0.0097 -7.65539 0.04408 7.04784 0.01732 -3.32389 0.0459 -1.86723 0.06866 -8.94815 0.05671 -3.59507 0.08533 7.04784 0.01709 -3.32389 0.04468 -1.86723 0.06831 4.59585 0.0091 -13.3952 0.0097 7.04784 0.01565 -3.32389 0.05174 -12.3531 0.00035
51 5.29784 0.0077 -7.20487 0.0491 7.8017 0.01589 -2.7868 0.05604 -1.29999 0.0807 -8.52661 0.06145 -3.06061 0.08337 7.8017 0.01571 -2.7868 0.05439 -1.29999 0.07875 5.29784 0.0077 -13.0573 0.01034 7.8017 0.01441 -2.7868 0.06218 -12.1727 0.00041
52 5.99983 0.00657 -6.75436 0.05468 8.55556 0.01505 -2.24971 0.06552 -0.73275 0.0896 -8.10508 0.06613 -2.52615 0.08001 8.55556 0.01475 -2.24971 0.06344 -0.73275 0.08691 5.99983 0.00687 -12.7193 0.01113 8.55556 0.0138 -2.24971 0.07249 -11.9922 0.00051
53 6.70181 0.00586 -6.30384 0.06059 9.30941 0.01418 -1.71262 0.074 -0.16551 0.09494 -7.68354 0.07062 -1.99168 0.07555 9.30941 0.01377 -1.71262 0.07116 -0.16551 0.09161 6.70181 0.00643 -12.3814 0.01218 9.30941 0.01313 -1.71262 0.08277 -11.8118 0.00065
54 7.4038 0.00536 -5.85332 0.06648 10.06327 0.01312 -1.17553 0.08206 0.40173 0.09719 -7.262 0.07476 -1.45722 0.07019 10.06327 0.01269 -1.17553 0.07803 0.40173 0.09277 7.4038 0.00623 -12.0435 0.01355 10.06327 0.01215 -1.17553 0.0928 -11.6314 0.00083
55 8.10578 0.00504 -5.4028 0.07193 10.81713 0.01191 -0.63844 0.09 0.96897 0.09709 -6.84047 0.07843 -0.92276 0.06406 10.81713 0.01154 -0.63844 0.08494 0.96897 0.09141 8.10578 0.00608 -11.7055 0.0153 10.81713 0.011 -0.63844 0.10121 -11.4509 0.00104
56 8.80777 0.00475 -4.95229 0.07652 11.57099 0.01064 -0.10135 0.09661 1.53622 0.09528 -6.41893 0.08164 -0.3883 0.05744 11.57099 0.01034 -0.10135 0.09151 1.53622 0.08884 8.80777 0.00577 -11.3676 0.01743 11.57099 0.00983 -0.10135 0.10575 -11.2705 0.00129
57 9.50975 0.00433 -4.50177 0.07996 12.32485 0.0094 0.43574 0.09975 2.10346 0.09202 -5.9974 0.08443 0.14616 0.05076 12.32485 0.00917 0.43574 0.09577 2.10346 0.08557 9.50975 0.00522 -11.0297 0.01993 12.32485 0.00869 0.43574 0.10504 -11.0901 0.00158
58 10.21174 0.0037 -4.05125 0.08212 13.0787 0.00817 0.97283 0.09851 2.6707 0.08689 -5.57586 0.08673 0.68063 0.04451 13.0787 0.00804 0.97283 0.09593 2.6707 0.08112 10.21174 0.00448 -10.6918 0.02274 13.0787 0.00752 0.97283 0.10007 -10.9097 0.00189
59 10.91372 0.00291 -3.60073 0.08309 13.83256 0.00701 1.50992 0.09398 3.23794 0.07939 -5.15432 0.08832 1.21509 0.03904 13.83256 0.00697 1.50992 0.09208 3.23794 0.07486 10.91372 0.00364 -10.3538 0.02583 13.83256 0.00636 1.50992 0.09325 -10.7292 0.00222
60 11.61571 0.00223 -3.15022 0.08299 14.58642 0.00616 2.04701 0.08767 3.80518 0.06983 -4.73279 0.08886 1.74955 0.03444 14.58642 0.00616 2.04701 0.08561 3.80518 0.06685 11.61571 0.00291 -10.0159 0.02917 14.58642 0.00553 2.04701 0.08608 -10.5488 0.00257
61 12.3177 0.00193 -2.6997 0.08194 15.34028 0.00574 2.5841 0.08004 4.37242 0.05941 -4.31125 0.08795 2.28401 0.03053 15.34028 0.00575 2.5841 0.07788 4.37242 0.05798 12.3177 0.00251 -9.67795 0.03275 15.34028 0.00523 2.5841 0.07829 -10.3684 0.00292
62 13.01968 0.00201 -2.24918 0.07994 16.09414 0.0054 3.12119 0.07147 4.93966 0.04965 -3.88971 0.08541 2.81847 0.02704 16.09414 0.00546 3.12119 0.06994 4.93966 0.04943 13.01968 0.00248 -9.34002 0.03657 16.09414 0.00498 3.12119 0.06957 -10.1879 0.00328
63 13.72167 0.0022 -1.79866 0.07694 16.84799 0.00476 3.65828 0.06287 5.50691 0.04189 -3.46818 0.08139 3.35294 0.02373 16.84799 0.00488 3.65828 0.06257 5.50691 0.04225 13.72167 0.00258 -9.00209 0.04063 16.84799 0.00431 3.65828 0.06065 -10.0075 0.00363
64 14.42365 0.00223 -1.34815 0.07293 17.60185 0.00392 4.19537 0.05493 6.07415 0.03671 -3.04664 0.07639 3.8874 0.02047 17.60185 0.00401 4.19537 0.05586 6.07415 0.03693 14.42365 0.00253 -8.66416 0.04489 17.60185 0.00342 4.19537 0.05221 -9.82708 0.00396
65 15.12564 0.00212 -0.89763 0.068 18.35571 0.00322 4.73245 0.04794 6.64139 0.03349 -2.6251 0.07097 4.42186 0.01731 18.35571 0.00322 4.73245 0.0496 6.64139 0.03318 15.12564 0.00237 -8.32623 0.04929 18.35571 0.00277 4.73245 0.04447 -9.64665 0.00428
66 15.82762 0.00209 -0.44711 0.06242 19.10957 0.00281 5.26954 0.04233 7.20863 0.03064 -2.20357 0.0655 4.95632 0.01442 19.10957 0.00276 5.26954 0.0441 7.20863 0.03004 15.82762 0.00229 -7.9883 0.0537 19.10957 0.00247 5.26954 0.03783 -9.46623 0.00456
67 16.52961 0.00218 0.00341 0.05653 19.86343 0.00259 5.80663 0.0383 7.77587 0.02692 -1.78203 0.06007 5.49078 0.01201 19.86343 0.00254 5.80663 0.03995 7.77587 0.0266 16.52961 0.00235 -7.65037 0.05803 19.86343 0.00233 5.80663 0.0328 -9.2858 0.00482
68 17.23159 0.00211 0.45392 0.05075 20.61728 0.00244 6.34372 0.03541 8.34311 0.02244 -1.3605 0.05471 6.02524 0.01018 20.61728 0.00239 6.34372 0.03709 8.34311 0.02276 17.23159 0.00237 -7.31243 0.0622 20.61728 0.00222 6.34372 0.02926 -9.10537 0.00503
69 17.93358 0.00177 0.90444 0.04539 21.37114 0.00242 6.88081 0.0328 8.91035 0.01824 -0.93896 0.04951 6.55971 0.00894 21.37114 0.00235 6.88081 0.03465 8.91035 0.01919 17.93358 0.00222 -6.9745 0.06618 21.37114 0.0022 6.88081 0.02646 -8.92494 0.00522
70 18.63556 0.00143 1.35496 0.04061 22.125 0.00263 7.4179 0.02982 9.4776 0.0152 -0.51742 0.0447 7.09417 0.0082 22.125 0.00253 7.4179 0.0318 9.4776 0.0166 18.63556 0.002 -6.63657 0.07 22.125 0.00239 7.4179 0.02362 -8.74451 0.00537
71 19.33755 0.00139 1.80548 0.03641 22.87886 0.00298 7.95499 0.02642 10.04484 0.01343 -0.09589 0.04042 7.62863 0.00785 22.87886 0.00285 7.95499 0.0284 10.04484 0.0152 19.33755 0.00187 -6.29864 0.07369 22.87886 0.00268 7.95499 0.02066 -8.56408 0.00551
72 20.03954 0.00156 2.256 0.03269 23.63272 0.00319 8.49208 0.02299 10.61208 0.01261 0.32565 0.03663 8.16309 0.00778 23.63272 0.00306 8.49208 0.02482 10.61208 0.01465 20.03954 0.0018 -5.96071 0.07726 23.63272 0.00283 8.49208 0.01797 -8.38366 0.00562
73 20.74152 0.00163 2.70651 0.0293 24.38657 0.00308 9.02917 0.01982 11.17932 0.01231 0.74719 0.03312 8.69755 0.00791 24.38657 0.00296 9.02917 0.02139 11.17932 0.0144 20.74152 0.00161 -5.62278 0.08066 24.38657 0.0027 9.02917 0.01562 -8.20323 0.00574
74 21.44351 0.00144 3.15703 0.0261 25.14043 0.00272 9.56626 0.01704 11.74656 0.01202 1.16872 0.02968 9.23201 0.0081 25.14043 0.00263 9.56626 0.01824 11.74656 0.01394 21.44351 0.00125 -5.28485 0.08376 25.14043 0.00236 9.56626 0.0134 -8.0228 0.00585
75 22.14549 0.00108 3.60755 0.02305 25.89429 0.00238 10.10335 0.01488 12.3138 0.0114 1.59026 0.02623 9.76648 0.00822 25.89429 0.00229 10.10335 0.0156 12.3138 0.013 22.14549 0.00086 -4.94691 0.08636 25.89429 0.00207 10.10335 0.01153 -7.84237 0.00598
76 22.84748 0.00074 4.05806 0.02017 26.64815 0.00216 10.64044 0.01337 12.88104 0.01047 2.0118 0.02284 10.30094 0.00818 26.64815 0.00205 10.64044 0.0135 12.88104 0.0116 22.84748 0.00065 -4.60898 0.08823 26.64815 0.00189 10.64044 0.01046 -7.66194 0.00612
77 23.54947 0.00059 4.50858 0.01757 27.40201 0.00197 11.17753 0.01204 13.44829 0.00947 2.43333 0.01968 10.8354 0.00795 27.40201 0.00185 11.17753 0.01169 13.44829 0.01 23.54947 0.00069 -4.27105 0.08919 27.40201 0.00172 11.17753 0.01012 -7.48151 0.00627
78 24.25145 0.00064 4.9591 0.01539 28.15586 0.00177 11.71462 0.01048 14.01553 0.00853 2.85487 0.01689 11.36986 0.00754 28.15586 0.00166 11.71462 0.00989 14.01553 0.00849 24.25145 0.00085 -3.93312 0.08916 28.15586 0.00153 11.71462 0.00986 -7.30109 0.00643
79 24.95344 0.00069 5.40962 0.01376 28.90972 0.00159 12.25171 0.00866 14.58277 0.00763 3.27641 0.01451 11.90432 0.00695 28.90972 0.00152 12.25171 0.00808 14.58277 0.00728 24.95344 0.00096 -3.59519 0.08817 28.90972 0.0014 12.25171 0.00896 -7.12066 0.00661
80 25.65542 0.00062 5.86014 0.01269 29.66358 0.00147 12.7888 0.00688 15.15001 0.00678 3.69794 0.01248 12.43878 0.0062 29.66358 0.00145 12.7888 0.00646 15.15001 0.00641 25.65542 0.00094 -3.25726 0.08636 29.66358 0.00132 12.7888 0.0073 -6.94023 0.0068
81 26.35741 0.00052 6.31065 0.01209 13.32589 0.00552 15.71725 0.00603 4.11948 0.01075 12.97325 0.00533 13.32589 0.00525 15.71725 0.00577 26.35741 0.00085 -2.91933 0.08393 13.32589 0.0055 -6.7598 0.00702
82 27.05939 0.00048 6.76117 0.01178 13.86298 0.00477 16.28449 0.00526 4.54101 0.00926 13.50771 0.00443 13.86298 0.00454 16.28449 0.00517 27.05939 0.00078 -2.58139 0.08111 13.86298 0.00429 -6.57937 0.00728
83 27.76138 0.00047 7.21169 0.01154 14.40007 0.00445 16.85173 0.00439 4.96255 0.00804 14.04217 0.00363 14.40007 0.00415 16.85173 0.00447 27.76138 0.00071 -2.24346 0.07805 14.40007 0.00373 -6.39894 0.00758
84 28.46336 0.00041 7.6622 0.01123 14.93715 0.00418 17.41897 0.00362 5.38409 0.00707 14.57663 0.003 14.93715 0.00386 17.41897 0.00379 28.46336 0.00061 -1.90553 0.07487 14.93715 0.0034 -6.21852 0.00797
85 29.16535 0.00029 8.11272 0.0108 15.47425 0.00386 17.98622 0.00325 5.80562 0.00632 15.11109 0.00255 15.47425 0.00363 17.98622 0.00338 29.16535 0.00048 -1.5676 0.0716 15.47425 0.00306 -6.03809 0.00845
86 29.86733 0.0002 8.56324 0.01025 16.01133 0.00373 18.55346 0.00335 6.22716 0.00573 15.64556 0.0022 16.01133 0.00358 18.55346 0.00337 29.86733 0.00037 -1.22967 0.06823 16.01133 0.00295 -5.85766 0.00905
87 9.01376 0.00965 16.54842 0.0039 19.1207 0.00367 6.6487 0.00525 16.18002 0.00188 16.54842 0.00372 19.1207 0.00364 -0.89174 0.06474 16.54842 0.00319 -5.67723 0.00979
88 9.46427 0.00907 17.08551 0.00415 19.68794 0.00392 7.07023 0.00488 16.71448 0.00156 17.08551 0.0039 19.68794 0.00389 -0.55381 0.06112 17.08551 0.00356 -5.4968 0.01068
89 9.91479 0.00855 17.6226 0.0041 20.25518 0.00391 7.49177 0.00462 17.24894 0.00127 17.6226 0.00388 20.25518 0.00389 -0.21587 0.05738 17.6226 0.0036 -5.31637 0.01174
90 10.36531 0.00811 18.15969 0.0036 20.82242 0.00366 7.91331 0.00444 17.7834 0.00109 18.15969 0.00355 20.82242 0.00362 0.12206 0.05354 18.15969 0.0031 -5.13595 0.01296
91 10.81583 0.00775 18.69678 0.00283 21.38967 0.00329 8.33484 0.00427 18.31786 0.00106 18.69678 0.00303 21.38967 0.0033 0.45999 0.04963 18.69678 0.00229 -4.95552 0.01435
92 11.26634 0.00744 19.23387 0.00222 21.95691 0.00306 8.75638 0.00406 18.85233 0.00117 19.23387 0.00259 21.95691 0.00319 0.79792 0.04568 19.23387 0.00164 -4.77509 0.01591
93 11.71686 0.00713 19.77096 0.00207 22.52415 0.00312 9.17791 0.00377 19.38679 0.00137 19.77096 0.0025 22.52415 0.00339 1.13585 0.04173 19.77096 0.00143 -4.59466 0.01765
94 12.16738 0.00675 20.30805 0.0024 23.09139 0.00338 9.59945 0.00341 19.92125 0.00156 20.30805 0.00284 23.09139 0.00376 1.47378 0.03782 20.30805 0.00168 -4.41423 0.01958
95 12.6179 0.00627 20.84514 0.00305 23.65863 0.00358 10.02099 0.00299 20.45571 0.00166 20.84514 0.00344 23.65863 0.00406 1.81171 0.03399 20.84514 0.00222 -4.2338 0.02174
96 13.06841 0.00569 21.38223 0.00362 24.22587 0.00359 10.44252 0.00255 20.99017 0.00164 21.38223 0.00391 24.22587 0.00412 2.14965 0.03031 21.38223 0.00276 -4.05337 0.02416
97 13.51893 0.00504 21.91932 0.00364 24.79311 0.00341 10.86406 0.00214 21.52464 0.00152 21.91932 0.00388 24.79311 0.00391 2.48758 0.02684 21.91932 0.00296 -3.87295 0.02687
98 13.96945 0.00439 22.45641 0.00308 25.36036 0.00304 11.2856 0.0018 22.0591 0.00134 22.45641 0.00339 25.36036 0.00342 2.82551 0.02366 22.45641 0.00273 -3.69252 0.02991
99 14.41997 0.0038 22.9935 0.00243 25.9276 0.00249 11.70713 0.00157 22.59356 0.00115 22.9935 0.00281 25.9276 0.00271 3.16344 0.02078 22.9935 0.0023 -3.51209 0.03332
100 14.87048 0.00333 23.53059 0.00211 26.49484 0.00191 12.12867 0.00146 23.12802 0.00099 23.53059 0.00252 26.49484 0.00195 3.50137 0.01823 23.53059 0.00203 -3.33166 0.03709
101 15.321 0.00296 24.06768 0.00215 27.06208 0.0015 12.5502 0.00145 23.66248 0.00091 24.06768 0.00253 27.06208 0.00136 3.8393 0.016 24.06768 0.00201 -3.15123 0.0412
102 15.77152 0.00265 24.60477 0.00225 27.62932 0.00134 12.97174 0.0015 24.19694 0.00092 24.60477 0.0026 27.62932 0.00112 4.17723 0.01408 24.60477 0.00212 -2.9708 0.04561
103 16.22204 0.00236 25.14186 0.00215 28.19656 0.00136 13.39328 0.00156 24.73141 0.00099 25.14186 0.00248 28.19656 0.00124 4.51517 0.01245 25.14186 0.00214 -2.79038 0.05025
104 16.67255 0.00206 25.67895 0.00181 28.7638 0.00151 13.81481 0.00156 25.26587 0.00106 25.67895 0.00211 28.7638 0.0016 4.8531 0.01111 25.67895 0.00196 -2.60995 0.05503
105 17.12307 0.00175 26.21604 0.00138 29.33105 0.00177 14.23635 0.00152 25.80033 0.00108 26.21604 0.00165 29.33105 0.002 5.19103 0.01005 26.21604 0.00164 -2.42952 0.05982
106 17.57359 0.00144 26.75312 0.00102 29.89829 0.00207 14.65789 0.00143 26.33479 0.00102 26.75312 0.00125 29.89829 0.00224 5.52896 0.00927 26.75312 0.00128 -2.24909 0.06452
107 18.02411 0.00117 27.29021 0.00084 15.07942 0.00135 26.86925 0.00089 27.29021 0.00102 5.86689 0.00875 27.29021 0.00097 -2.06866 0.06901
108 18.47462 0.00096 27.8273 0.00081 15.50096 0.00131 27.40371 0.00075 27.8273 0.00095 6.20482 0.00844 27.8273 0.00074 -1.88823 0.07321
109 18.92514 0.00081 28.36439 0.00089 15.92249 0.00133 27.93818 0.00066 28.36439 0.00093 6.54275 0.00825 28.36439 0.0006 -1.70781 0.07706
110 19.37566 0.0007 28.90148 0.00101 16.34403 0.00138 28.47264 0.00062 28.90148 0.00092 6.88069 0.00811 28.90148 0.00064 -1.52738 0.08054
111 19.82618 0.00062 29.43857 0.00119 16.76557 0.0014 29.0071 0.00062 29.43857 0.00094 7.21862 0.00791 29.43857 0.00083 -1.34695 0.08364
112 20.27669 0.00057 29.97566 0.00137 17.18711 0.00138 29.54156 0.0006 29.97566 0.00106 7.55655 0.00759 29.97566 0.00107 -1.16652 0.08641
113 20.72721 0.00056 17.60864 0.00128 7.89448 0.00713 -0.98609 0.08891
114 21.17773 0.00061 18.03018 0.00115 8.23241 0.00655 -0.80566 0.09121
115 21.62825 0.00071 18.45171 0.001 8.57034 0.0059 -0.62524 0.09337
116 22.07876 0.00083 18.87325 0.00088 8.90827 0.00523 -0.44481 0.09545
117 22.52928 0.00094 19.29479 0.00083 9.24621 0.00462 -0.26438 0.09747
118 22.9798 0.00102 19.71632 0.00086 9.58414 0.00409 -0.08395 0.09943
119 23.43032 0.00105 20.13786 0.00095 9.92207 0.00369 0.09648 0.10131
120 23.88083 0.00106 20.55939 0.00107 10.26 0.00339 0.27691 0.10304
121 24.33135 0.00107 20.98093 0.00118 10.59793 0.0032 0.45733 0.10455
122 24.78187 0.00108 21.40247 0.0012 10.93586 0.00309 0.63776 0.10576
123 25.23239 0.0011 21.824 0.0011 11.27379 0.00302 0.81819 0.10659
124 25.6829 0.0011 22.24554 0.0009 11.61172 0.00298 0.99862 0.10699
125 26.13342 0.00104 22.66708 0.00065 11.94966 0.00294 1.17905 0.1069
126 26.58394 0.00094 23.08861 0.00044 12.28759 0.00289 1.35948 0.1063
127 27.03446 0.00082 23.51015 0.0003 12.62552 0.00282 1.53991 0.10517
128 27.48497 0.00073 23.93169 0.00025 12.96345 0.00272 1.72033 0.10354
129 27.93549 0.00071 24.35322 0.00029 13.30138 0.00262 1.90076 0.10142
130 28.38601 0.00078 24.77476 0.00037 13.63931 0.00251 2.08119 0.09888
131 28.83652 0.00091 25.19629 0.00045 13.97724 0.00242 2.26162 0.09596
132 29.28704 0.00105 25.61783 0.0005 14.31518 0.00235 2.44205 0.09273
133 29.73756 0.00116 26.03937 0.00053 14.65311 0.00231 2.62248 0.08927
134 26.4609 0.00054 14.99104 0.00229 2.8029 0.08563
135 26.88244 0.00055 15.32897 0.00229 2.98333 0.08191
136 27.30398 0.00056 15.6669 0.0023 3.16376 0.07818
137 27.72551 0.00055 16.00483 0.00229 3.34419 0.0745
138 28.14705 0.00051 16.34276 0.00225 3.52462 0.07092
139 28.56859 0.00043 16.6807 0.00216 3.70505 0.06748
140 28.99012 0.00032 17.01863 0.00201 3.88547 0.06422
141 29.41166 0.00023 17.35656 0.0018 4.0659 0.06113
142 29.83319 0.00017 17.69449 0.00154 4.24633 0.05823
143 18.03242 0.00126 4.42676 0.0555
144 18.37035 0.00099 4.60719 0.05295
145 18.70828 0.00077 4.78762 0.05057
146 19.04622 0.00062 4.96804 0.04835
147 19.38415 0.00054 5.14847 0.04632
148 19.72208 0.00055 5.3289 0.04446
149 20.06001 0.00064 5.50933 0.04278
150 20.39794 0.00078 5.68976 0.04126
151 20.73587 0.00095 5.87019 0.03991
152 21.0738 0.00113 6.05061 0.03867
153 21.41174 0.00129 6.23104 0.03752
154 21.74967 0.00141 6.41147 0.03642
155 22.0876 0.00147 6.5919 0.03533
156 22.42553 0.00147 6.77233 0.03421
157 22.76346 0.00142 6.95276 0.03304
158 23.10139 0.00132 7.13318 0.0318
159 23.43933 0.0012 7.31361 0.03051
160 23.77726 0.00108 7.49404 0.02916
161 24.11519 0.00098 7.67447 0.0278
162 24.45312 0.00089 7.8549 0.02644
163 24.79105 0.00082 8.03533 0.02512
164 25.12898 0.00076 8.21576 0.02388
165 25.46691 0.0007 8.39618 0.02272
166 25.80484 0.00063 8.57661 0.02169
167 26.14278 0.00055 8.75704 0.02077
168 26.48071 0.00047 8.93747 0.01997
169 26.81864 0.00041 9.1179 0.01928
170 27.15657 0.00036 9.29833 0.01868
171 27.4945 0.00035 9.47875 0.01814
172 27.83243 0.00036 9.65918 0.01764
173 28.17036 0.00041 9.83961 0.01714
174 28.5083 0.00048 10.02004 0.01662
175 28.84623 0.00057 10.20047 0.01607
176 29.18416 0.00065 10.38089 0.01548
177 29.52209 0.00074 10.56132 0.01483
178 29.86002 0.00082 10.74175 0.01413
179 10.92218 0.01338
180 11.10261 0.0126
181 11.28304 0.0118
182 11.46346 0.01099
183 11.64389 0.0102
184 11.82432 0.00944
185 12.00475 0.00873
186 12.18518 0.00808
187 12.36561 0.00752
188 12.54603 0.00705
189 12.72646 0.00667
190 12.90689 0.0064
191 13.08732 0.00623
192 13.26775 0.00613
193 13.44818 0.0061
194 13.6286 0.00611
195 13.80903 0.00615
196 13.98946 0.00618
197 14.16989 0.0062
198 14.35032 0.00619
199 14.53075 0.00615
200 14.71117 0.00608
201 14.8916 0.00598
202 15.07203 0.00586
203 15.25246 0.00574
204 15.43289 0.00563
205 15.61332 0.00554
206 15.79375 0.00547
207 15.97417 0.00542
208 16.1546 0.0054
209 16.33503 0.00539
210 16.51546 0.00538
211 16.69589 0.00537
212 16.87632 0.00534
213 17.05674 0.00527
214 17.23717 0.00516
215 17.4176 0.005
216 17.59803 0.00478
217 17.77846 0.0045
218 17.95889 0.00418
219 18.13931 0.00382
220 18.31974 0.00344
221 18.50017 0.00305
222 18.6806 0.00269
223 18.86103 0.00235
224 19.04146 0.00207
225 19.22188 0.00184
226 19.40231 0.00169
227 19.58274 0.0016
228 19.76317 0.00158
229 19.9436 0.00161
230 20.12403 0.00169
231 20.30445 0.0018
232 20.48488 0.00194
233 20.66531 0.00208
234 20.84574 0.00223
235 21.02617 0.00236
236 21.2066 0.00249
237 21.38703 0.00261
238 21.56745 0.00271
239 21.74788 0.00281
240 21.92831 0.0029
241 22.10874 0.00299
242 22.28917 0.00306
243 22.46959 0.00311
244 22.65002 0.00313
245 22.83045 0.00312
246 23.01088 0.00307
247 23.19131 0.00297
248 23.37174 0.00283
249 23.55217 0.00264
250 23.73259 0.00242
251 23.91302 0.00217
252 24.09345 0.0019
253 24.27388 0.00164
254 24.45431 0.00138
255 24.63474 0.00113
256 24.81516 0.00092
257 24.99559 0.00073
258 25.17602 0.00059
259 25.35645 0.00047
260 25.53688 0.0004
261 25.71731 0.00035
262 25.89773 0.00034
263 26.07816 0.00036
264 26.25859 0.0004
265 26.43902 0.00045
266 26.61945 0.00051
267 26.79988 0.00058
268 26.9803 0.00064
269 27.16073 0.00069
270 27.34116 0.00073
271 27.52159 0.00075
272 27.70202 0.00076
273 27.88245 0.00076
274 28.06287 0.00075
275 28.2433 0.00075
276 28.42373 0.00075
277 28.60416 0.00077
278 28.78459 0.00082
279 28.96502 0.0009
280 29.14544 0.001
281 29.32587 0.00113
282 29.5063 0.00128
283 29.68673 0.00144
284 29.86716 0.0016

Source: FR Y-9C Call Report and CRSP.

Note: Bank holding companies are assigned to both a CLD and total CRE cohort based on their loan concentrations as of 2006:Q4. Subsequent measurements of the cohortís average MCR are based on all the BHCs that have survived to date. Total CRE includes loans secured by non-farm, non-residential properties (owner-occupied loans were not separately distinguished within these loans until 2008:Q1).

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Figure 6. Change in Market Capital Ratio (3 charts)


Top panel: Impact of Either Ratio Binding
Avg. Market Capital Ratio

Quarter Under Both Triggers Over At Least One Trigger
2007:Q1 0.144117679 0.128324524
2007:Q2 0.136725206 0.11909636
2007:Q3 0.126464523 0.110504565
2007:Q4 0.126464523 0.088922463
2008:Q1 0.108698339 0.079151491
2008:Q2 0.0925325 0.051706737
2008:Q3 0.107038537 0.060565019
2008:Q4 0.088973342 0.040496305
2009:Q1 0.06554919 0.021574579
2009:Q2 0.075032897 0.025700373
2009:Q3 0.083329383 0.03019064
2009:Q4 0.081180548 0.027433644
2010:Q1 0.090839122 0.040229551
2010:Q2 0.081967088 0.039729346
2010:Q3 0.084304474 0.041398215
2010:Q4 0.095913607 0.048545653
2011:Q1 0.094056777 0.054716663
2011:Q2 0.088948782 0.052703335
2011:Q3 0.070653164 0.037823428
2011:Q4 0.082363582 0.049512224

Middle panel: Impact of Construction Ratio Binding
Avg. Market Capital Ratio

Quarter Under Both Triggers Over At Least One Trigger
2007:Q1 0.137949449 0.129674927
2007:Q2 0.129606231 0.120998536
2007:Q3 0.120188683 0.111862878
2007:Q4 0.103683639 0.088572166
2008:Q1 0.101133659 0.0779453
2008:Q2 0.084275237 0.047769343
2008:Q3 0.096244854 0.057668315
2008:Q4 0.077762952 0.03711154
2009:Q1 0.0556646 0.018300838
2009:Q2 0.062725829 0.023415392
2009:Q3 0.070487265 0.027409987
2009:Q4 0.068037037 0.024733946
2010:Q1 0.079245151 0.037510546
2010:Q2 0.073436732 0.036222309
2010:Q3 0.07640151 0.036889231
2010:Q4 0.086738403 0.044145099
2011:Q1 0.086117588 0.051605344
2011:Q2 0.08218244 0.049196347
2011:Q3 0.064355593 0.034726336
2011:Q4 0.075947168 0.046634726

Bottom panel: Impact of Total Ratio Binding
Avg. Market Capital Ratio

Quarter Under Both Triggers Over At Least One Trigger
2007:Q1 0.138999908 0.130198748
2007:Q2 0.132555099 0.120159336
2007:Q3 0.123849844 0.110595828
2007:Q4 0.105968607 0.089321846
2008:Q1 0.104320527 0.07909714
2008:Q2 0.086957243 0.051217867
2008:Q3 0.101852225 0.059330546
2008:Q4 0.083253775 0.039305068
2009:Q1 0.059900759 0.020778665
2009:Q2 0.069851304 0.024393764
2009:Q3 0.07736056 0.02901191
2009:Q4 0.074914955 0.02639592
2010:Q1 0.085198246 0.038990367
2010:Q2 0.076056602 0.039626706
2010:Q3 0.077219858 0.041979191
2010:Q4 0.087608348 0.049519085
2011:Q1 0.086506205 0.056125208
2011:Q2 0.081807101 0.054307566
2011:Q3 0.064265766 0.039430887
2011:Q4 0.076810724 0.050599185

Source: Y-9C call reports and CRSP.

Note: Bank holding companies are assigned to both a CLD and total CRE cohort based on their loan concentrations as of 2006:Q4. Subsequent measurements of the cohortís average MCR are based on all the BHCs that have survived to date. Total CRE includes secured by non-farm, non-residential properties (owner-occupied loans were not separately distinguished within these loans until 2008:Q1).

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Last update: May 2, 2013