A.5. Average Effective Interest Rates on Non-real-estate Bank Loans Made to Farmers
Percent
___________________________________________________________________________________________________________________________

                                                                                    Size of loan        Size of bank's farm
                                            Purpose of loan                     (thousands of dollars)    loan portfolio
             ______________________________________________________________________________________________________________

                                                  Other       Farm
                                                 current    machinery            1     10    25   100
                    All    Feeder      Other    operating      and               to    to    to   and    Small or
Period             loans  livestock  livestock  expenses 1  equipment  Other 2   9     24    99   over  mid-size 3  Large 4
___________________________________________________________________________________________________________________________

1992......     |     7.8        8.2        8.6         8.8        9.3      6.3   9.7   9.3   8.8   7.1         9.4      6.8
1993......     |     7.5        8.0        8.1         8.1        8.7      6.2   9.0   8.7   8.3   6.9         8.7      6.7
1994......     |     7.8        8.3        8.0         8.4        8.6      7.0   9.1   8.8   8.6   7.3         8.8      7.2
1995......     |     9.5       10.1       10.2        10.0       10.3      8.8  10.6  10.5  10.3   9.0        10.4      9.0
1996......     |     8.4        8.8        9.5         8.6        9.7      8.0  10.2  10.1   9.8   7.8        10.0      7.8
1997......     |     9.2        9.6        9.8         9.9        9.8      8.5  10.2  10.0   9.9   8.8        10.0      8.7
1998......     |     9.0        9.4        9.7         9.6        9.3      8.0  10.1   9.9   9.7   8.4         9.8      8.3
1999......     |     8.7        9.1        9.1         9.2        8.8      7.6   9.7   9.5   9.3   8.1         9.4      7.9
2000......     |     9.7        9.8        9.9         9.9        9.3      9.3  10.3  10.2  10.1   9.4        10.2      9.3
2001......     |     7.8        7.6        8.0         8.4        8.3      7.0   9.1   8.7   8.3   7.3         8.9      7.1
2002......     |     5.9        6.1        5.8         6.4        6.7      4.8   7.3   7.0   6.5   5.3         7.2      4.9
2003......     |     5.4        5.1        5.4         5.7        6.0      4.6   6.7   6.4   5.9   4.8         6.5      4.3
                                                                                                                           
2001: Q1...    |     9.1        9.6        9.6         9.6        9.2      8.3  10.1   9.8   9.6   8.7         9.8      8.5
      Q2...    |     8.3        8.3        8.6         8.6        8.1      7.8   9.2   8.9   8.6   7.9         9.0      7.8
      Q3...    |     7.7        7.8        7.5         8.1        8.2      6.9   8.9   8.5   8.0   7.1         8.7      7.1
      Q4...    |     6.2        6.2        6.3         6.8        7.4      5.3   7.9   7.4   6.8   5.5         7.7      5.3
                                                                                                                           
2002: Q1...    |     6.3        6.5        5.6         6.8        6.7      5.2   7.6   7.2   6.7   5.7         7.3      5.1
      Q2...    |     6.2        6.1        6.3         6.4        7.1      5.3   7.2   6.9   6.4   5.6         7.2      5.3
      Q3...    |     5.7        6.3        6.1         6.0        6.3      4.7   7.3   7.0   6.5   4.9         7.3      4.8
      Q4...    |     5.5        5.6        5.4         6.2        7.2      4.2   7.1   6.7   6.2   4.8         7.1      4.4
                                                                                                                           
2003: Q1...    |     5.6        5.3        5.2         6.0        6.2      4.8   6.8   6.5   6.1   5.2         6.6      4.3
      Q2...    |     5.9        5.6        5.7         6.4        6.2      4.9   6.8   6.6   6.3   5.4         6.7      4.8
      Q3...    |     5.2        4.8        5.6         5.4        6.0      4.4   6.5   6.2   5.6   4.6         6.5      4.3
      Q4...    |     5.0        4.7        5.4         5.2        5.6      4.4   6.4   6.2   5.7   4.2         6.2      4.1
                                                                                                                           
2004: Q1...    |     5.3        5.1        5.9         5.6        5.5      4.6   6.6   6.2   5.8   5.0         6.3      4.3
      Q2...    |     5.2        4.8        5.3         5.4        5.4      4.7   6.5   6.2   5.5   4.7         6.3      4.4
      Q3...    |     5.5        5.4        5.5         5.8        5.6      5.0   6.6   6.5   5.9   5.1         6.5      4.7
___________________________________________________________________________________________________________________________
   Note. Data are estimates from the Federal Reserve System's Survey of the Terms of Bank Lending to Farmers. Effective
(compounded) interest rates are calculated from the stated rate and other terms of the loans and weighted by loan size.
Quarterly estimates are expressed as an annual rate and are based on loans made during the first full week of the second
month of the quarter.
   1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock
(including poultry).
   2. Typically loans for which the lender does not know the purpose.
   3. Portfolios with $25 million or less in farm loans.
   4. Portfolios with more than $25 million in farm loans.

9