Chart 3. The title is "The Share of Banks Holding Large Amounts of Structured Notes in 2003 Approached 1995 Levels".

Holdings of structured notes among insured banks dropped significantly from 1995 to 2000 before rising again through 2003. The aggregate ratio of structured notes-to-Tier 1 capital among insured banks decreased from 7.2% in early 1995 to a low point of 0.5% in mid 2001. By the end of 2003, that ratio increased to 3.1%. The percentage of banks with structured notes to Tier 1 Capital greater than 100% followed the same trend. In the first quarter of 1995, the percentage of banks with structured notes exceeding Tier 1 capital was at 2.5% and decreased steadily to a low of .01% in the early 2001. By the end of 2001, however, the values started to rise and by 2003, the percentage rose to 2.07%.