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Volume 3 • Number 4 • April 2006
Statistical Supplement
M to the Federal Keserve
tne t eaeral Reserve
£ BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
PUBLICATIONS COMMITTEE
Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Marianne M. Emerson
• Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • Vincent R. Reinhart
• Louise L. Roseman • Richard Spillenkothen • David J. Stockton
The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic
Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members.
Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin
Published monthly, the Statistical Supplement is
designed as a compact source of economic and financial data. All statistical series are published with the
same frequency that they had in the Bulletin, and the
numbering system for the tables remains the same.
Subscription information for the Statistical Supplement is on the inside front cover. For subscription
information about the Bulletin, contact Publications
Fulfillment at (202) 452-3245, or send an e-mail to
publications-bog @ frb.gov.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886.
Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of April 2006.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions
Policy
Instruments
7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions
Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. TreasuryTypes and ownership
26 U.S. government securities
dealers—Tran saction s
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate Finance
29 New security issues—Tax-exempt state and local
governments and U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables
Federal Reserve Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Monetary and Credit Aggregates
Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
21
All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
Memo items
Consumer Credit
34 Total outstanding
34 Terms
Flow of Funds
35
37
38
39
Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities
Financial Markets
22 Commercial paper outstanding
22 Prime rate charged by banks on short-term
business loans
23 Interest rates—Money and capital markets
24 Stock market—Selected statistics
DOMESTIC NONFINANCIAL STATISTICS
Selected
Measures
40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value
2
Federal Reserve Bulletin Statistical Supplement • April 2006
INTERNATIONAL STATISTICS
Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
45
46
48
49
Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States
50 Liabilities to foreigners
52 Claims on foreigners
Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange Rates
56 Foreign exchange rates
5 7 GUIDE TO SPECIAL
TABLES
5 8 INDEX TO STATISTICAL
TABLES
60 FEDERAL RESERVE BOARD
PUBLICATIONS
62 ANTICIPATED SCHEDULE OF RELEASE DATES
PERIODIC STATISTICAL
RELEASES
6 4 PUBLICATIONS
FOR
OF INTEREST
65 FEDERAL RESERVE STATISTICAL
AVAILABLE ON THE COMMERCE
ECONOMIC BULLETIN
BOARD
RELEASES
DEPARTMENT'S
Symbols and Abbreviations
c
e
n.a.
n.e.c.
p
r
*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
G-7
G-10
Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
Group of Seven
Group of Ten
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
STRIPS
TIIS
TIPS
VA
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest-only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal-only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Separate trading of registered interest and principal
of securities
See TIPS
Treasury inflation-protected securities (formerly
TIIS, or Treasury inflation-indexed securities)
Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
4
Federal Reserve Bulletin Statistical Supplement • April 2006
1.10
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1
Monetary or credit aggregate
Ql
1
2
3
4
Reserves of depository institutions2
Total
Required
Nonborrowed
Monetary base3
Concepts of money*
5 Ml
6 M2
7 M3
Nontransaction components
8 In M2S
9 In M3 only1"
Time and savings deposits
Commercial banks
Savings, including MMDAs . . .
Small time7
Large times>9
Thrift institutions
13
Savings, including MMDAs . . .
14
Small time7
15 Large times
10
11
12
2.1
3.5
2.9
2.9
-4.3
2.9
.2
3.6
5.6
2.5
6.0
Q3
Q4'
Sept.
-8.0
-9.5
-9.7
-6.0
-7.0
-4.5
4.3
31.7
21.1
32.7
4.8
-.6'
4.4
7.8
.8
5.1
9.3
-2.5
5.5
10.5
-24.5
-21.6
-23.4
3.5
-1.9
.9
2.3
5.5
2.4
-1.8
1.2
4.1
-15.2
-1.7
-13.7
8.5
1.7
5.3
9.8
.7
4.0
5.6
-1.2
5.1
9.0
12.5
11.2
10.5
4.8
8.7
6.7
16.6
10.9
9.5
4.0
10.0
13.3
5.7
14.9
6.2
17.7
7.7'
20.3
6.3
18.6
6.0
14.4
31.0
2.8
19.1
22.9
5.6
19.8
12.3
6.5
8.9
21.4
9.6
17.1
22.7'
6.3
-3.5
24.0
11.2
4.3
9.6
15.1
22.8
7.3
16.2
31.6
-2.1
15.5
44.2
-6.5
21.7
45.5
-3.0
19.7P
33.1'
-3.5
28.5
36.0
-8.3
17.0'
38.4
-2.4
46.8
43.9
-2.8
22.7
32.2
-6.5
9.3
4.2
11.7
16.4
25.0
-2.9
2.4
-1.1
11.7
4.8
12.1
7.4
17.7
7.2
12.9
3.6
1.4
2.7
16.8
16.2
14.8
11.8
7.0
22.5
11.5
22.3
7.9
20.8
11.3
-1.4
21.8
10.3
19.4
3.7
-34.0
-14.4
4.5
Money market mutual funds
16 Retail10
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
Q2
-14.3
24.4
3.2
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Ml.
25.2
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted separately.
7. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
10. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Money Stock and Bank Credit
1.11
5
RESERVE BALANCES OF DEPOSITORY INSTITUTIONS'
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
Dec. 21
Dec. 28
Jan.11
Jan.18
SUPPLYING RESERVE FUNDS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
19
20
21
22
23
24
Currency in circulation
Reverse repurchase agreements'"
Foreign official and international accounts
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .
806,383
742,588
742,588
271,040
448,376
19,983
3,188
0
24,042
123
18
0
105
977
38,654
11,041
2,200
36,494
818,569
744,193
744,193
271,270
449,595
19,983
3,344
0
34,411
172
101
0
71
1,330
38,463
11,041
2,200
36,540
817,188
745,675
745,675
272,270
449,685
20,416
3,304
0
30,774
104
74
0
30
564
40,071
11,043
2,200
36,540
811,622
744,185
744,185
271,270
449,595
19,983
3,337
0
27,179
81
11
0
70
2,044
38,134
11,041
2,200
36,540
817,176
744,196
744,196
271,270
449,595
19,983
3,347
0
31,964
437
365
0
72
1,809
38,770
11,041
2,200
36,540
826,397
744,207
744,207
271,270
449,595
19,983
3,358
0
42,179
125
51
0
74
807
39,080
11,041
2,200
36,540
832,790
743,831
743,831
271,270
449,217
19,983
3,360
0
48,750
64
7
0
57
849
39,296
11,043
2,200
36,540
815,870
744,249
744,249
271,410
449,118
20,367
3,354
0
30,393
39
16
0
23
1,295
39,894
11,043
2,200
36,540
816,432
745,519
745,519
272,655
449,118
20,431
3,315
0
29,571
321
292
0
29
840
40,181
11,043
2,200
36,540
811,957
745,928
745,928
272,834
449,389
20,431
3,274
0
25,643
39
10
0
28
109
40,239
11,043
2,200
36,539
775,736
25,314
25,314
0
215
784,379
27,642
27,642
0
201
784,908
25,108
25,108
0
208
779,370
25,172
25,172
0
199
783,813
26,837
26,837
0
199
792,055
28,577
28,577
0
203
793,635
30,431
30,431
0
202
786,749
25,148
25,148
0
203
784,844
24,569
24,569
0
210
782,063
23,576
23,576
0
209
14,087
4,917
85
8,798
8,794
4
287
31,916
8,850
14,399
5,135
100
8,745
8,738
7
420
32,573
9,156
14,505
4,942
84
9,002
9,002
0
478
31,365
10,876
14,564
5,396
99
8,805
8,805
0
265
33,108
8,991
14,709
5,402
139
8,819
8,803
16
349
33,005
8,394
13,900
4,853
84
8,661
8,648
13
303
32,649
8,793
15,071
4,734
85
8,650
8,650
0
1,602
30,892
12,341
14,538
4,795
82
9,374
9,374
0
287
31,464
7,551
14,549
4,810
88
9,373
9,373
0
278
31,420
10,622
14,478
5,314
82
8,710
8,710
0
372
31,429
9,985
815,467
745,685
745,685
272,834
449,118
20,431
3,302
0
23,250
2,056
2,026
0
31
4,608
39,868
11,043
2,200
36,540
811,280
746,588
746,588
272,834
450,065
20,431
3,258
0
25,000
30
2
0
28
-782
40,443
11,043
2,200
36,539
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
Wednesday figures
End-of-month figures
Dec. 28
Jan. 4
829,775
744,210
744,210
271,270
449,595
19,983
3,362
0
45,250
114
41
0
73
1,047
39,154
11,041
2,200
36,540
831,224
742,870
742,870
271,270
448,274
19,983
3,342
0
46,500
37
29
2,406
39,412
11,043
2,200
36,540
810,652
744,479
744,479
271,585
449,118
20,431
3,345
0
25,000
79
55
0
24
935
40,159
11,043
2,200
36,540
SUPPLYING RESERVE FUNDS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
19
20
21
22
23
24
Currency in circulation
Reverse repurchase agreements'"
Foreign official and international accounts
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .
816,689
748,824
748,824
272,834
450,580
22,196
3,213
0
25,750
40
11
0
29
1,791
40,284
11,044
2,200
36,539
813,566
744,189
744,189
271,270
449,595
19,983
3,341
0
28,250
89
0
81
882
37,404
11,041
2,200
36,540
831,230
744,215
744,215
271,270
449,595
19,983
3,366
0
46,750
72
6
0
65
885
39,308
11,043
2,200
36,540
77
2,359
38,679
11,041
2,200
36,540
830,004
744,200
744,200
271,270
449,595
19,983
3,351
0
45,000
75
2
0
72
2,009
38,721
11,041
2,200
36,540
780,223
30,055
30,055
0
204
794,014
30,505
30,505
0
202
782,356
24,019
24,019
0
216
782,206
26,575
26,575
0
198
788,606
26,762
26,762
0
203
794,900
30,372
30,372
0
202
792,193
27,567
27,567
0
202
785,044
25,020
25,020
0
211
784,779
24,729
24,729
0
207
782,011
21,691
21,691
0
216
13,725
4,634
82
8,754
8,754
0
255
31,865
11,498
15,451
4,573
83
8,651
8,651
0
2,144
30,466
10,375
14,680
5,606
83
8,710
8,710
0
281
31,667
13,535
14,123
4,990
84
8,805
8,805
0
244
32,791
7,454
14,475
5,290
86
8,819
8,803
16
280
32,135
17,604
13,266
4,243
85
8,661
8,648
13
276
32,433
8,383
12,917
3,922
81
8,649
8,649
0
265
30,961
17,167
14,247
4,465
81
9,374
9,374
0
327
31,206
4,707
15,176
5,429
78
9,371
9,371
0
298
30,907
9,451
14,432
5,266
81
8,710
8,710
0
374
31,272
11,441
817,790
744,168
744,168
271,270
449,595
19,983
3,319
0
35,250
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical
release, available at www.federalreserve.gov/releases.
1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
7. Excludes required clearing balances and adjustments to compensate for float.
6
Federal Reserve Bulletin Statistical Supplement • April 2006
1.12
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly aver iges of biweekly averages
Reserve classification
2006
2005
Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves'"
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Seasonal
2004
2005
Dec.
1
2
3
4
5
6
7
8
9
10
11
2003
Dec.
Dec.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
10.863
44,063
32,086
11,976
42,949
41,906
1,043
12.046
47,264
34,800
12,463
46,847
44,938
1,909
9.541
51,302
35,368
15,934
44,909
42,960
1,949
10,851
47,278
35,617
11,662
46,468
44,733
1,736
10.346
48,159
34,516
13,643
44,862
43,238
1,623
11,140
47,282
34,472
12,809
45,612
43,568
2,044
9.630
49,515
34,483
15,032
44,113
42,216
1,897
9.500
49,202
34,497
14,705
43,997
42,201
1,796
9.541
51,302
35,368
15,934
44,909
42,960
1,949
10.382
52,040
36,904
15,136
47,287
45,846
1,440
46
17
0
29
63
11
0
52
169
97
0
72
425
176
12
237
362
63
3
297
332
12
5
315
284
35
29
126
20
0
106
169
97
0
72
110
78
0
32
B weekly averages of daily figures for two-week periods ending on dates indicated
2005
2006
Sept. 28
1
2
3
4
5
6
7
8
9
10
11
2
Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves'"
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Seasonal
Oct. 12
Oct. 26
Nov. 9
Nov. 23
Dec. 7
Dec. 21
Jan. 4
Jan. 18
Feb. 1
12,961
47 302
36,734
10,568
49,695
47,417
2,278
9,372
49,917
32,769
17,148
42,141
39,847
2,294
9,933
49,438
35,963
13,475
45,895
44,180
1,715
9,404
48,765
34,453
14,312
43,857
42,405
1,452
9,427
49,695
34,421
15,275
43,847
41,754
2,093
9,769
48,779
34,707
14,073
44,476
42,834
1,642
8,693
51,590
34,302
17,289
42,995
41,242
1,752
10,569
52,666
37,324
15,342
47,893
45,455
2,438
9,089
50,156
33,738
16,418
42,827
41,581
1,246
11,718
53,877
40,185
13,692
51,903
50,561
1,342
336
7
0
330
415
59
76
280
224
25
0
199
137
4
0
132
135
35
0
100
95
12
0
83
259
188
0
71
95
29
0
66
180
154
0
26
40
11
0
29
1. Data in this table also appear in the Board's H.3 (502) weekly statistical release,
available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally
adj usted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of' adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.
4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).
Policy Instruments
1.14
1
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1
Secondary credit2
Primary credit
Federal Reserve
Bank
Seasona credit3
Effective date
Previous rate
On
4/14/06
Effective date
Previous rate
On
4/14/06
Effective date
Previous rate
5.75
Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta
On
4/14/06
3/28/06
3/28/06
3/28/06
3/28/06
3/28/06
3/28/06
5.50
6.25
3/28/06
3/28/06
3/28/06
3/28/06
3/28/06
3/28/06
6.00
4.90
4/13/06
4.75
i
"hicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
i
3/28/06
3/29/06
3/28/06
3/30/06
3/28/06
3/28/06
i
5.75
'
5.50
6.25
1
3/28/06
3/29/06
3/28/06
3/30/06
3/28/06
3/28/06
i
1
1
6.00
4.90
4/13/06
4.75
Range of rates for primary credit
Range(or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2.25
2.25
2003—June 25
26
2.00-2.25
2.00
2.00
2.00
2004—June 30
July 1
Aug. 10
11
Sept. 21
22
Nov. 10
12
Dec. 14
15
2.00-2.25
2.25
2.25-2.50
2.50
2.50-2.75
2.75
2.75-3.00
3.00
3.00-3.25
3.25
2.25
2.25
2.50
2.50
2.75
2.75
3.00
3.00
3.25
3.25
2005—Feb.
3.25-3.50
3.50
Effective date
In effect Jan. 9,2003
(beginning of program)
2
Range(or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2005—Feb. 3
Mar. 22
24
May 3
4
June 30
July 1
Aug. 9
10
Sept. 20
22
Nov. 1
2
Dec. 13
14
3.50
3.50-3.75
3.75
3.75^.00
4.00
4.00^.25
4.25
4.25^.50
4.50
4.50^.75
4.75
4.75-5.00
5.00
5.00-5.25
5.25
3.50
3.75
3.75
4.00
4.00
4.25
4.25
4.50
4.50
4.75
4.75
5.00
5.00
5.25
5.25
2006—Jan. 31
Feb. 2
5.25-5.50
5.50
5.50
5.50
Effective date
Range(or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.50-5.75
5.75
5.75
5.75
5.75
5.75
Range(or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25
2002—Nov. 6
7
0.75-1.25
0.75
0.75
0.75
0.75
0.75
Effective date
2006—Mar. 28
30
In effect April 14,2006
Range of rates for adjustment credit in recent years4
Effective date
In effect Dec. 31, 1995
Range(or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.25
5.25
1996—Jan. 31
Feb. 3
5.00-5.25
5.00
5.00
5.00
1998—Oct. 15
16
Nov. 17
19
4.75-5.00
4.75
4.50-4.75
4.50
4.75
4.75
4.50
4.50
1999—Aug. 24
26
Nov. 16
18
4.50-4.75
4.75
4.75-5.00
5.00
4.75
4.75
4.75
5.00
Effective date
2000—Feb.
2
4
Mar. 21
23
May 16
19
2001—Jan.
Feb.
Mar.
Apr.
May
3
4
5
31
1
20
21
18
20
15
17
1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The
discount rate on seasonal credit takes into account rates charged on market sources of funds
Range(or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00
5.25
5.25
5.50
5.50
5.50
6.00
5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^.50
4.00
3.50^.00
3.50
5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50
Effective date
In effect Jan. 8, 2003
(end of program)
and ordinarily is reestablished on the first business day of each two-week reserve maintenance
period.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and
1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases
and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm.
8
1.15
Federal Reserve Bulletin Statistical Supplement • April 2006
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirement
Type of liability
Net transaction accounts^
1 $0 million-$7.8 million2
2 More than $7.8 million-$48.3 million3
3 More than $48.3 million
Percentage of
liabilities
0
10
4 Nonpersonal time deposits
12/22/05
12/22/05
12/22/05
0
5 Eurocurrency liabilities
Effective date
0
NOTE: Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement
corporations.
1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS)
accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts,
ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net
transaction accounts are total transaction accounts less amounts due from other depository
institutions and less cash items in the process of collection.
For a more detailed description of these deposit types, see Form FR 2900 at
www.federalreserve.gov/boarddocs/reportforms.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.
Policy Instruments
1.17
9
FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars
Type of transaction
and maturity
July
Sept.
U.S. TREASURY SECURITIES2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Outright transactions
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases
Gross sales
Redemptions
26 Net change in U.S. Treasury securities . . .
18,150
0
738,886
738,886
0
821,685
821,685
8,300
0
871,661
871,661
0
91,408
91,408
0
0
68,438
68,438
0
2,751
0
66,899
66,899
0
6,565
0
96,433
-103,153
0
7,994
0
103,380
-118,373
2,894
0
109,557
-108,098
2,795
0
7,997
-6,667
1,305
0
0
0
0
0
1,298
0
26,261
-18,253
757
0
7,999
-6,585
500
0
11,700
-6,551
1,096
0
14,200
-15,297
189
7,814
0
-76,364
97,256
17,249
0
-84,844
110,819
11,309
0
-91,121
97,723
0
-7,997
6,667
0
0
0
0
1,390
0
-20,702
16,781
3,635
0
-7,999
6,585
1,693
0
-11,700
6,551
1,096
0
-11,240
13,077
4,107
0
-11,131
5,897
5,763
0
-8,012
7,554
3,626
0
-7,041
7,375
0
0
0
0
0
0
0
-2,919
1,472
130
0
0
0
0
0
0
0
800
0
266
2,221
220
0
-8,938
0
1,364
0
-10,524
2,007
0
-11,395
3,000
785
0
0
0
0
0
0
0
0
-2,640
0
90
0
0
902
0
0
0
0
-3,227
0
36,856
0
0
50,507
0
28,136
0
2,795
1,375
0
1,305
0
0
0
6,427
0
757
5,847
0
4,118
0
3,481
0
189
36,856
50,507
5,847
4,118
1,522,888
1,518,638
1,887,650
2,083,300
173,250
173,500
201,750
200,750
200,750
200,750
187,300
197,050
145,250
147,000
140,750
129,500
223,000
211,500
4,942,131
4,946,691
5,621,153
5,626,285
6,421,223
6,420,945
526,972
527,769
531,351
532,647
555,779
554,786
523,085
523,518
509,449
508,709
505,101
508,976
581,376
581,826
-310
-15,882
14,028
-1,047
-297
993
-10,183
-1,010
7,375
11,050
36,536
34,626
39,369
-977
-297
6,662
-4,336
3,108
10,667
11,050
87,522
87,522
0
68,397
68,397
489
0
65,570
65,570
0
80,886
80,886
FEDERAL AGENCY OBLIGATIONS
Outright transactions
Gross purchases
Gross sales
Redemptions
Net change in federal agency obligations . . .
TEMPORARY TRANSACTIONS
Repurchase agreements3
Gross purchases
Gross sales
Matched sale-purchase agreements
33 Gross purchases
34 Gross sales
Reverse repurchase agreements*
35 Gross purchases
36 Gross sales
37 Net change in temporary transactions
38 Total net change in System Open Market Account
1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities.
3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10
1.18
Federal Reserve Bulletin Statistical Supplement • April 2006
FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements'
Millions of dollars
Wednesday
Consolidated condition statement
ASSETS
11,037
2,200
688
789,574
744,210
744,210
271,270
449,595
19,983
3,362
0
45,250
114
7,750
1,826
37,339
18,973
18,366
11,039
2,200
683
789,407
742,870
742,870
271,270
448,274
19,983
3,342
0
46,500
37
11,813
1,820
37,604
19,269
18,335
11,039
2,200
708
769,558
744,479
744,479
271,585
449,118
20,431
3,345
0
25,000
79
8,057
1,821
38,693
19,482
19,210
11,039
2,200
729
770,991
745,685
745,685
272,834
449,118
20,431
3,302
0
23,250
2,056
13,946
1,822
38,048
19,340
18,707
11,039
2,200
770
771,618
746,588
746,588
272,834
450,065
20,431
3,258
0
25,000
30
5,586
1,823
38,622
19,475
19,147
11,037
2,200
684
779,504
744,168
744,168
271,270
449,595
19,983
3,319
0
35,250
86
6,976
1,846
35,505
18,736
16,769
11,039
2,200
686
791,036
744,215
744,215
271,270
449,595
19,983
3,366
0
46,750
72
5,930
1,823
37,496
18,928
18,568
11,040
2,200
808
774,614
748,824
748,824
272,834
450,580
22,196
3,213
0
25,750
40
9,270
1,826
38,459
19,313
19,146
850,414
854,566
832,075
838,775
831,659
837,752
850,211
838,217
759,246
30,372
21,666
17,062
4,243
85
276
6,697
4,419
756,534
27,567
30,103
25,835
3,922
81
265
9,401
3,910
749,419
25,020
19,314
14,441
4,465
81
327
7,116
3,967
749,172
24,729
24,635
18,831
5,429
78
298
9,331
3,951
746,453
21,691
25,845
20,123
5,266
81
374
6,398
4,036
744,567
30,055
25,174
20,204
4,634
82
255
6,091
4,231
758,358
30,505
25,843
19,043
4,573
83
2,144
5,039
4,014
746,837
24,019
28,220
22,250
5,606
83
281
7,474
4,155
822,400
827,515
804,837
811,818
804,424
810,118
823,759
810,705
30 Capital paid in
31 Surplus
32 Other capital accounts
13,536
11,630
2,849
13,542
12,905
604
13,543
12,916
780
13,548
12,916
493
13,551
12,901
783
13,501
11,630
2,503
13,536
12,916
0
13,558
12,901
1,053
33 Total capital
28,014
27,239
26,957
1,535,448
1,106,955
428,492
2,516
1,536,010
1,105,136
430,874
5,631
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Gold certificate account
Special drawing rights certificate account . . . .
Coin
Securities, repurchase agreements, and loans .
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3 . .
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies'"
All other7
19 Total assets .. .
LIABILITIES
20
21
22
23
24
25
26
27
28
Federal Reserve notes, net of F.R. Bank holdings
Reverse repurchase agreements5
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9
29 Total liabilities
CAPITAL ACCOUNTS
26,452
MEMO
34 Marketable securities held in custody for foreign officit
and international accounts3'10
35
U.S. Treasuiy
36
Federal agency
37 Securities lent to dealers
1,522,015
1,100,594
421,421
1,490
1,523,301
1,095,340
427,961
1,849
1,541,330
1,103,406
437,924
2,916
1,506,953
1,101,226
405,727
5,052
1,523,963
1,095,984
427,979
3,776
1,539,384
1,100,762
438,623
5,239
Federal Reserve notes and collateral statement
38 Federal Reserve notes outstanding
39
Less: Notes held by F.R. Banks not
subject to collateralization
40
Federal Reserve notes to be collateralized
41 Collateral held against Federal Reserve notes
42
Gold certificate account
43
Special drawing rights certificate account
44
U.S. Treasury and agency securities pledged1'
45
Other assets pledged
907,100
906,487
908,508
909,202
910,139
899,790
906,510
909,286
147,854
759,246
759,246
11,037
2,200
746,009
0
149,953
756,534
756,534
11,039
2,200
743,295
0
159,090
749,419
749,419
11,039
2,200
736,180
0
160,030
749,172
749,172
11,039
2,200
735,933
0
163,686
746,453
746,453
11,039
2,200
733,214
0
155,223
744,567
744,567
11,037
2,200
731,330
0
148,152
758,358
758,358
11,039
2,200
745,119
0
162,449
746,837
746,837
11,040
2,200
733,597
0
789,460
789,370
769,479
768,935
771,588
779,418
790,965
774,574
30,401
27,601
25,050
24,757
21,714
30,092
30,559
24,049
759,059
761,769
744,429
744,178
749,875
749,326
760,406
750,525
MEMO
46 Total U.S. Treasury and agency securities''
47
Less: face value of securities under reverse repurchase
agreements12
48
U.S. Treasury and agency securities
eligible to be pledged
1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release, which is available at www.federalreserve.gov/releases.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.
7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market
exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.
Federal Reserve Banks
1.19
FEDERAL RESERVE BANKS
11
Maturity Distribution of Loans and Securities
Millions of dollars
Wednesday
Type of holding and maturity
Jan. 11
Jan. 18
Jan. 25
1 Total loans
72
114
0
0
17
19
0
57
22
2,056
0
30
0
0
58
28
61
37
3
0
744,210
742,870
744,479
745,685
746,588
744,168
744,215
748,824
57,172
155.859
186,525
210,743
56,698
77,213
49,527
164,093
185,897
209,454
56,694
77,204
50,987
163,274
185,571
210,059
57,306
77,283
58,806
156,744
188,816
208,293
55,762
77,264
59,347
156,150
188,864
208,279
56,577
77,371
48,773
163,763
187,020
210,726
56,690
77,194
41,010
172,264
186,283
210,745
56,699
77,215
37,634
179,289
186,158
209,982
56,648
79,112
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19 Total repurchase agreements2
45,250
46,500
25,000
23,250
25,000
35,250
46,750
25,750
20 Within 15 days
45,250
0
46,500
0
25,000
0
23,250
0
25,000
0
35,250
0
46,750
0
25,750
0
25,020
24,729
25,020
0
24,729
0
21,691
0
30,055
0
2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury securities'
6
7
8
9
10
11
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
12 Total federal agency securities
13
14
15
16
17
18
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
21 16 days to 90 days
22 Total reverse repurchase agreements"
30,372
30,372
27,567
0
23 Within 15 days
24 16 days to 90 days
NOTE: Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.
30,505
30,505
0
24,019
0
2. Cash value of agreements classified by remaining maturity of the agreements.
12
Federal Reserve Bulletin Statistical Supplement • April 2006
1.20
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2002
Dec.
2003
Dec.
2004
Dec.
2005
Dec.
July
Aug.
Sept.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2
1
2
3
4
Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5
40.44
40.36
38.43
681.39
42.77
42.73
41.73
720.10
46.80
46.73
44.89
758.97
44.80
44.63
42.85
786.33'
46.68
46.43
44.90
771.11
46.10
45.67
44.36
772.85
44.54
44.18
42.92
774.70'
45.72
45.38
43.67
777.79
44.78
44.50
42.89
780.06
44.71
44.59
42.92
783.67
44.80
44.63
42.85
786.33'
44.23
44.12
42.79
791.90
Not seasonally adjusted
5
6
7
8
Total reserves'"
Nonborrowed reserves .
Required reserves7 . . . .
Monetary bases
40.13
40.05
38.12
686.23
42.45
42.41
41.41
725.21
46.52
46.46
44.61
764.66
44.73
44.56
42.78
792.93
45.99
45.74
44.21
770.88
46.34
45.91
44.60
773.66
44.70
44.34
43.08
773.66
45.44
45.10
43.39
776.97
43.91
43.63
42.02
777.68
43.77
43.64
41.97
783.37
44.73
44.56
42.78
792.93
47.24
47.13
45.80
795.36
40.27
40.19
38.26
697.15
2.01
.08
42.95
42.90
41.91
737.62
1.04
.05
46.85
46.78
44.94
774.77
1.91
.06
44.91
44.74
42.96
801.80
1.95
.17
46.10
45.85
44.32
779.53
1.78
.25
46.47
46.04
44.73
782.49
1.74
.43
44.86
44.50
43.24
782.66
1.62
.36
45.61
45.28
43.57
785.66
2.04
.33
44.11
43.83
42.22
786.53
1.90
.28
44.00
43.87
42.20
792.31
1.80
.13
44.91
44.74
42.96
801.80
1.95
.17
47.29
47.18
45.85
804.40
1.44
.11
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9
9
10
11
12
13
14
Total reserves10
Nonborrowed reserves
Required reserves
Monetary base1'
Excess reserves'2
Borrowings from the Federal Reserve
1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 14).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess
reserves (line 13).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves
would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11).
Monetary and Credit Aggregates
1.21
13
MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
2002
Dec.
2003
Dec.
2004
Dec.
2005
Dec/
Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3
1,219.0
5,800.6
8,568.0
1,304.2
6,079.6
8,872.3
1,372.1
6,421.9
9,433.0
1,368.8
6,675.7
10,154.0
1,369.4
6,625.7
10,032.0
1,370.2
6,647.6
10,078.5
1,368.8
6,675.7
10,154.0
1,383.1
6,737.9
10,242.8
626.2
7.8
306.0
279.1
662.3
7.7
324.6
309.5
697.3
7.6
340.3
327.0
723.5
7.3
320.6
317.4
717.4
7.3
326.1
318.6
720.2
7.3
323.4
319.4
723.5
7.3
320.6
317.4
729.4
7.2
326.9
319.5
4,581.5
2,767.4
4,775.4
2,792.7
5,049.7
3,011.1
5,306.9
3,478.5
5,256.3
3,406.3
5,277.4
3,431.0
5,306.9
3,478.5
5,354.9
3,506.0
Commercial banks
10 Savings deposits, including MMDAs . . .
11 Small time deposits9
12 Large time deposits10-"
2,060.9
590.1
698.2
2,337.9
536.4
764.5
2,632.2
545.2
909.3
2,771.0
637.5
1,122.9
2,739.9
623.8
1,098.1
2,749.0
629.6
1,102.0
2,771.0
637.5
1,122.9
2,787.8
646.1
1,152.5
Thrift institutions
13 Savings deposits, including MMDAs . . .
14 Small time deposits9
15 Large time deposits10
717.9
302.4
117.5
831.5
273.4
120.7
887.5
271.6
161.5
851.1
336.4
230.7
857.7
327.6
223.9
855.7
333.8
229.9
851.1
336.4
230.7
859.4
341.0
235.5
910.2
1,247.7
796.2
1,117.5
713.3
1,068.7
710.9
1,136.8
707.2
1,119.8
709.3
1,121.1
710.9
1,136.8
720.5
1,150.8
473.4
230.7
494.8
295.3
492.6
379.1
564.3
423.9
545.4
419.0
555.3
422.6
564.3
423.9
548.3
418.8
4
5
6
7
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
Nontransaction components
8 In M27
9 In M3 onlys
Money market mutual funds
16 Retail12
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
Not seasonally adjusted
Measures2
20 Ml
21 M2
22 M3
1,245.0
5,832.3
8,633.5
1,332.1
6,112.0
8,927.8
1,401.3
6,456.7
9,482.2
1,396.8
6,713.3
10,201.4
1,359.0
6,619.4
10,005.7
1,368.2
6,660.8
10,077.2
1,396.8
6,713.3
10,201.4
1,378.0
6,707.8
10,221.9
630.3
7.7
323.3
283.8
666.7
7.6
342.8
729.0
7.2
337.8
322.8
715.7
7.2
322.1
314.0
720.4
7.1
324.1
315.0
702.4
7.5
358.8
332.6
316.6
729.0
7.2
337.8
322.8
727.3
7.2
322.0
321.5
Nontransaction components
27 In M27
28 In M3 onlys
4,587.2
2,801.3
4,779.9
2,815.9
5,055.4
3,025.4
5,316.5
3,488.3
5,260.4
3,386.3
5,292.6
3,416.4
5,316.5
3,488.3
5,329.8
3,515.2
Commercial banks
29 Savings deposits, including MMDAs . . .
30 Small time deposits9
31 Large time deposits10-"
2,061.6
590.2
697.4
2,337.9
536.2
760.9
2,633.4
544.9
903.3
2,775.3
636.9
2,745.3
623.6
1,095.3
2,760.7
629.2
1,090.8
2,775.3
636.9
2,765.5
645.4
1,114.4
1,114.4
1,142.4
Thrift institutions
32 Savings deposits, including MMDAs . . .
33 Small time deposits9
34 Large time deposits10
718.2
302.4
117.3
831.5
273.3
120.1
887.9
271.4
160.4
852.4
336.1
228.9
859.4
327.4
223.4
859.4
333.6
227.6
852.4
336.1
228.9
852.6
340.7
233.5
914.8
1,281.3
800.9
1,144.4
717.9
1,090.6
715.7
1,156.8
704.7
1,113.7
709.8
1,123.2
715.7
1,156.8
725.7
1,174.1
476.4
228.8
497.6
292.8
494.6
376.6
566.1
422.0
535.3
418.6
553.1
421.9
566.1
422.0
541.1
424.1
23
24
25
26
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
Money market mutual funds
35 Retail12
36 Institution-only
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
Footnotes appear on following page.
14
Federal Reserve Bulletin Statistical Supplement • April 2006
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Ml.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations (excluding those amounts held by
depository institutions, the U.S. government, and foreign banks and official institutions) less
cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted.
9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and
Keogh accounts at commercial banks and thrift institutions are subtracted from small time
deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
12. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks
15
Assets and Liabilities'
Billions of dollars
Wednesd ay figures
Monthly averages
Account
Mar.
Sept.
Oct.'
2006
2006
2005
2005
Nov.'
Dec'
Jan.'
Feb.'
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Seasonall 1 adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)5
7,086.0'
2,058.3
1,218.3
840.0
5,027.7'
962.1
2,656.3'
418.3
2,238.0'
708.5
226.2
474.7
276.1
338.8
690.0'
7,410.3'
2,078.0
1,168.2'
909.8'
5,332.3'
1,017.6
2,842.5'
438.6
2,403.8'
719.9
246.7
505.6
292.1
327.5
698.3'
7,421.7
2,068.7
1,159.9
908.8
5,353.0
1,025.3
2,866.4
436.8
2,429.6
708.9
241.8
510.7
291.6
316.8
705.0
7,438.7
2,056.9
1,142.4
914.5
5,381.9
1,033.4
2,878.9
436.7
2,442.1
709.3
246.6
513.7
306.5
308.8
707.2
7,480.6
2,040.7
1,133.9
906.8
5,439.9
1,045.0
2,904.0
436.1
2,467.9
704.5
261.5
524.8
278.0
311.1
706.1
7,538.2
2,051.9
1,144.1
907.8
5,486.3
1,066.7
2,929.0
434.7
2,494.2
708.2
252.6
529.8
286.6
317.4
726.5
7,629.0
2,094.7
1,178.3
916.5
5,534.3
1,076.1
2,951.5
432.7
2,518.8
709.6
260.8
536.3
284.7
315.4
759.9
7,691.2
2,105.4
1,182.3
923.0
5,585.8
1,082.6
2,975.9
434.0
2,541.9
721.4
267.3
538.6
291.7
321.0
759.2
7,649.9
2,100.1
1,185.8
914.3
5,549.8
1,076.5
2,966.0
433.3
2,532.7
718.8
257.2
531.3
284.2
323.5
762.9
7,679.2
2,107.1
1,188.8
918.4
5,572.1
1,084.8
2,966.9
434.8
2,532.1
719.2
262.3
538.9
301.8
330.1
749.4
7,702.7
2,114.3
1,189.2
925.1
5,588.4
1,080.7
2,979.0
434.2
2,544.8
723.0
264.7
541.0
296.2
320.2
759.9
7,725.3
2,096.9
1,168.0
928.9
5,628.4
1,085.2
2,990.6
434.3
2,556.3
724.2
284.7
543.6
285.9
310.5
766.0
8,322.7'
8,659.7'
8,666.6
8,692.9
8,707.2
8,801.2
8,921.9
8,995.3
8,953.0
8,993.0
9,011.2
9,019.8
5,450.9
704.4
4,746.4
1,246.9
3,499.5
1 624 6
369.3
1,255.3
59.6
493.0'
5,680.5
672.5
5,008.0
1,392.4
3,615.7
1 686 4
358.5
1,327.9
69.1
504.1'
5,693.3
654.9
5,038.4
1,413.4
3,625.0
1,675.7
351.0
1,324.7
93.0
500.9
5,716.1
667.3
5,048.8
1,409.2
3,639.6
1,701.4
368.5
1,333.0
75.3
501.8
5,731.4
655.9
5,075.5
1,418.2
3,657.3
1,720.6
360.5
1,360.1
72.6
495.2
5,770.3
652.5
5,117.8
1,433.3
3,684.5
1,732.3
378.1
1,354.2
73.9
488.4
5,798.1
654.5
5,143.7
1,456.1
3,687.6
1,768.3
367.5
1,400.8
54.9
500.2
5,879.5
678.1
5,201.4
1,508.4
3,693.0
1,788.6
372.5
1,416.1
44.8
503.5
5,827.2
622.5
5,204.7
1,488.3
3,716.4
1,785.4
369.7
1,415.7
50.9
501.0
5,899.2
663.1
5,236.1
1,510.0
3,726.1
1,818.2
386.3
1,431.9
7.5
498.3
5,894.0
710.9
5,183.1
1,522.8
3,660.2
1,780.2
367.6
1,412.7
54.1
504.6
5,886.9
735.4
5,151.5
1,512.5
3,639.0
1,778.4
368.8
1,409.6
73.4
503.2
7,628.2'
7,940.1'
7,962.9
7,994.6
8,019.8
8,064.9
8,121.5
8,216.5
8,164.4
8,223.2
8,233.0
8,241.9
694.5'
719.6'
703.7
698.3
687.4
736.3
800.4
778.8
788.5
769.8
778.2
777.9
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"
46 Total assets7
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)5
Footnotes appear on p. 21.
7,052.1'
2,049.0
1,213.7'
835.3'
5,003.1'
965.1
2,640.9'
415.2
2,225.7'
702.0
303.2
398.8
225.1
470.0
279.7
326.1
685.3'
7,412.4'
2,074.5
1,161.3'
913.3'
5,337.8'
1,014.1
2,850.7'
440.5
2,410.1'
721.4'
311.5
409.9
242.0
509.7
286.5
329.3
701.1'
7,435.1
2,066.8
1,155.0
911.8
5,368.4
1,023.6
2,875.7
437.9
2,437.9
711.5
302.9
408.6
244.1
513.4
288.5
322.2
708.5
7,476.6
2,066.4
1,150.8
915.6
5,410.2
1,033.3
2,897.5
436.8
2,460.8
714.0
309.1
404.9
251.8
513.6
309.8
318.6
709.9
7,528.4
2,049.3
1,137.7
911.6
5,479.1
1,045.3
2,914.2
434.9
2,479.3
716.5
319.9
396.7
273.3
529.7
280.7
330.4
707.6
7,549.9
2,055.8
1,139.7
916.1
5,494.1
1,062.1
2,928.0
432.7
2,495.2
721.7
317.7
404.0
255.6
526.7
282.1
326.7
727.4
7,611.8
2,090.5
1,172.4
918.1
5,521.3
1,076.0
2,945.4
433.0
2,512.4
714.7
305.0
409.7
259.2
526.1
280.8
312.7
754.8
7,653.0
2,093.3
1,175.5
917.8
5,559.7
1,086.2
2,959.0
430.8
2,528.2
714.8
295.4
419.4
266.6
533.2
296.6
308.8
754.3
7,625.5
2,094.0
1,179.8
914.2
5,531.5
1,078.6
2,954.5
431.6
2,522.9
714.5
295.0
419.6
258.7
525.2
292.4
310.8
760.7
7,646.0
2,095.3
1,179.3
916.0
5,550.7
1,087.8
2,952.3
431.9
2,520.4
713.2
294.0
419.3
265.7
531.8
307.8
320.5
746.1
7,653.5
2,096.5
1,180.9
915.6
5,557.0
1,085.7
2,957.9
430.2
2,527.7
716.2
296.7
419.4
263.4
533.8
294.9
300.8
751.2
7,678.3
2,083.1
1,162.7
920.4
5,595.2
1,089.4
2,969.7
430.0
2,539.7
715.3
296.4
418.9
280.4
540.4
289.6
301.2
757.9
8,274.5'
8,660.7'
8,686.3
8,746.6
8,778.6
8,818.6
8,892.7
8,944.7
8,921.3
8,952.3
8,932.2
8,958.9
5,444.1
695.0
4,749.1
1,250.2
3,498.9
1,612.4
370.5
1,241.9
53.1
484.7'
5,670.3'
664.5
5,005.8
1,379.1
3,626.8
1,690.6
358.8
1,331.8
73.6
509.1'
5,686.0
653.8
5,032.2
1,395.2
3,637.0
1,672.7
351.1
1,321.7
99.8
508.0
5,727.1
673.4
5,053.7
1,398.7
3,655.0
1,694.0
366.4
1,327.6
87.0
514.5
5,758.6
692.3
5,066.3
1,416.0
3,650.2
1,705.8
359.2
1,346.6
81.8
505.0
5,770.4
665.0
5,105.5
1,445.8
3,659.7
1,729.3
375.3
1,354.0
79.7
494.1
5,802.2
646.6
5,155.6
1,468.8
3,686.8
1,766.8
365.3
1,401.5
61.6
506.5
5,873.9
668.9
5,205.0
1,512.3
3,692.7
1,774.6
373.7
1,400.9
37.3
495.2
5,842.8
611.7
5,231.1
1,493.3
3,737.8
1,776.1
370.5
1,405.6
45.9
496.3
5,894.5
655.1
5,239.4
1,512.6
3,726.8
1,805.0
387.3
1,417.7
0.8
491.0
5,854.7
689.4
5,165.2
1,524.3
3,640.9
1,771.0
369.2
1,401.8
45.3
494.4
5,876.0
734.0
5,142.0
1,517.8
3,624.2
1,753.7
369.9
1,383.8
66.0
494.3
7,594.4'
7,943.6'
7,966.5
8,022.7
8,051.1
8,073.5
8,137.1
8,181.0
8,161.1
8,191.3
8,165.3
8,190.0
680.1'
717.1'
719.8
723.9
727.4
745.1
755.5
763.7
760.1
761.1
766.8
768.9
16
Federal Reserve Bulletin Statistical Supplement • April 2006
1.26
COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks
Assets and Liabilities' —Continued
Billions of dollars
Wednesd ay figures
Monthly averages
Account
Mar.
Sept.
Oct.'
2006
2006
2005
2005
Nov.'
Dec'
Jan.'
Feb.'
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Seasonall { adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)5
6.382.5'
1,740.7
1,124.7
616.0
4.641.8'
816.8
2.638.2'
418.3
2.220.0'
708.5
107.8
370.5
233.4
274.1
654.8
6.628.7'
1,730.1
1,080.8
649.3
4.898.6'
853.3
2.827.1'
438.6
2.388.5'
719.9
108.5
389.8
242.5
267.7
657.4
6.627.9
1,712.4
1,075.5
636.9
4.915.5
861.1
2.846.5
436.8
2.409.7
708.9
104.4
394.5
244.4
260.4
664.9
6.633.2
1,697.2
1,059.1
638.1
4.936.1
869.0
2.858.2
436.7
2.421.5
709.3
109.1
390.4
260.9
254.4
665.5
6.673.3
1,689.5
1,053.4
636.0
4.983.8
876.6
2.883.5
436.1
2.447.4
704.5
121.5
397.7
236.7
260.8
667.7
6.732.5
1,711.7
1,069.7
642.0
5.020.8
892.9
2.909.5
434.7
2.474.8
708.2
112.4
397.8
245.9
267.1
691.9
6.817.1
1,758.8
1,102.3
656.5
5.058.3
900.3
2.932.0
432.7
2.499.3
709.6
114.3
402.1
242.9
266.9
722.4
6.870.6
1,768.2
1,106.0
662.3
5.102.3
907.1
2.955.8
434.0
2.521.9
721.4
113.2
404.8
246.5
271.5
721.9
6.833.1
1,762.1
1,106.1
656.0
5.071.0
901.6
2.946.2
433.3
2.512.9
718.8
106.0
398.5
232.6
273.2
725.1
6.864.2
1,771.0
1,111.3
659.8
5.093.2
909.1
2.946.9
434.8
2.512.2
719.2
111.7
406.2
261.4
278.6
714.2
6.878.5
1,776.3
1,111.6
664.7
5.102.2
905.5
2.959.0
434.2
2.524.9
723.0
107.4
407.2
252.9
271.2
723.2
6.903.9
1,761.5
1,097.2
664.3
5.142.4
910.1
2.970.3
434.3
2.536.0
724.2
129.4
408.3
239.6
262.4
726.7
7,476.7'
7,728.3'
7,729.6
7,746.1
7,770.4
7,870.3
7,982.6
8,043.3
7,997.0
8,051.3
8,058.5
8,065.1
4.889.5
689.7
4.199.8
720.9
3.479.0
1,259.4
318.9
940.5
240.2
399.3
5.056.5
660.5
4.396.0
793.2
3.602.8
1,305.7
307.5
998.2
251.8
396.7
5.063.0
643.2
4,419.8
804.5
3.615.3
1,296.3
300.4
995.9
271.7
386.1
5.103.7
655.2
4.448.5
815.6
3.632.9
1,294.8
309.5
985.3
257.3
385.4
5.128.6
643.5
4.485.1
829.7
3.655.4
1,300.3
301.0
999.3
263.4
384.0
5.164.1
639.6
4.524.4
841.8
3.682.6
1,305.7
314.8
990.9
282.9
388.1
5.184.7
640.5
4.544.2
858.5
3.685.6
1,336.7
308.7
1,027.9
269.5
398.0
5.228.9
664.4
4.564.5
876.4
3.688.1
1,358.8
311.9
1,046.9
275.8
406.8
5.193.7
608.7
4.585.0
870.5
3.714.5
1,346.7
311.3
1,035.4
268.5
397.4
5.251.7
648.9
4.602.8
878.7
3.724.2
1,363.3
309.3
1,054.0
261.7
404.8
5.234.6
697.3
4,537.3
879.0
3.658.3
1,361.8
312.7
1,049.1
282.4
409.4
5.226.4
721.9
4.504.5
875.9
3.628.6
1,372.0
314.9
1,057.1
295.5
409.5
6,788.3
7,010.8'
7,017.0
7,041.1
7,076.3
7,140.8
7,188.8
7,270.2
7,206.3
7,281.5
7,288.2
7,303.4
688.4'
717.5'
712.6
705.0
694.1
729.5
793.8
773.0
790.7
769.8
770.2
761.7
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
48 Total assets7
49
50
51
52
53
54
55
56
57
58
Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
59 Total liabilities
60 Residual (assets less liabilities)5
Footnotes appear on p. 21.
6,345.4'
1,731.4
1.120.0
611.4
4,614.0'
817.8
2.622.8'
415.2
2.207.6'
1,103.6'
1,104.0
702.0
303.2
398.8
105.3
366.1
236.9
263.5
650.0
6,637.6'
1,726.6
1.073.9
652.7
4.911.0'
851.4
2.835.3'
440.5
2.394.8'
1,194.9'
1,199.9
721.4'
311.5
409.9
109.9
393.0
236.9
268.3
661.9
6,645.2
1,710.5
1.070.7
639.8
4.934.7
861.5
2.855.9
437.9
2.418.0
1,202.3
1,215.7
711.5
302.9
408.6
108.0
397.8
241.3
264.8
669.6
6,670.5
1,706.6
1.067.5
639.2
4.963.9
869.7
2.876.9
436.8
2.440.1
1,213.9
1,226.2
714.0
309.1
404.9
110.4
392.9
264.2
264.2
668.9
6,714.8
1,698.1
1.057.2
640.9
5.016.8
875.9
2.893.7
434.9
2.458.8
1,218.9
1,239.9
716.5
319.9
396.7
126.7
403.9
239.4
278.3
668.6
6,740.8
1,715.5
1.065.2
650.3
5.025.3
887.5
2.908.5
432.7
2.475.8
1,221.6
1,254.2
721.7
317.7
404.0
111.4
396.2
241.4
276.8
690.4
6,797.9
1,754.5
1.096.4
658.1
5.043.4
898.1
2.925.9
433.0
2.492.9
1,226.7
1,266.2
714.7
305.0
409.7
110.0
394.7
238.9
264.8
715.2
6,828.5
1,756.2
1.099.1
657.0
5.072.3
908.2
2.938.9
430.8
2.508.2
1,234.3
1,273.9
714.8
295.4
419.4
110.7
399.8
251.5
260.9
717.1
6,806.7
1,756.0
1.100.0
655.9
5.050.7
901.6
2.934.8
431.6
2.503.1
1,232.8
1,270.4
714.5
295.0
419.6
106.2
393.5
240.8
262.6
721.2
6,824.9
1,759.1
1,101.8
657.4
5.065.7
909.7
2.932.3
431.9
2.500.4
1,227.9
1,272.5
713.2
294.0
419.3
110.3
400.2
267.4
271.0
710.2
6,824.8
1,758.5
1.103.3
655.3
5.066.3
907.6
2.938.0
430.2
2.507.8
1,232.6
1,275.2
716.2
296.7
419.4
104.4
400.1
251.5
253.5
715.4
6,852.1
1,747.7
1.091.9
655.8
5.104.4
911.5
2.949.4
430.0
2.519.4
1,242.5
1,277.0
715.3
296.4
418.9
123.8
404.4
243.3
253.9
719.7
7,427.5'
7,736.7'
7,753.4
7,800.0
7,833.1
7,882.4
7,949.8
7,990.3
7,963.6
8,006.0
7,977.6
8,001.3
4,877.3
680.8
4.196.5
718.4
3.478.1
1 247 2
320.1
927.1
234.2
391.4
5.057.6
652.3
4.405.3
791.2
3.614.2'
1 310 0
307.8
1,002.2
254.5
400.3
5.076.5
641.9
4.434.6
806.9
3.627.7
1,293.3
300.5
992.9
275.7
390.8
5.129.7
661.5
4.468.3
819.8
3.648.5
1,287.4
307.4
979.9
266.1
395.7
5.159.3
679.5
4.479.8
831.5
3.648.3
1,285.4
299.7
985.8
271.0
392.6
5.156.3
651.7
4.504.6
846.8
3.657.7
1,302.8
312.1
990.7
287.9
393.1
5.180.7
632.7
4.548.1
863.2
3.684.9
1,335.2
306.6
1,028.6
276.6
404.7
5.216.7
655.7
4.561.0
873.3
3.687.7
1,344.8
313.0
1,031.7
269.0
398.9
5.208.2
598.7
4.609.5
873.6
3,735.9
1,337.4
312.1
1,025.3
266.2
394.5
5.243.2
641.6
4.601.7
876.8
3.724.9
1,350.0
310.2
1,039.8
256.2
398.3
5.188.6
676.4
4.512.2
873.2
3.639.0
1,352.5
314.3
1,038.2
273.4
399.0
5.201.7
720.6
4.481.0
867.5
3.613.5
1,347.3
316.0
1,031.4
286.6
399.7
6,750.1
7,022.4'
7,036.3
7,078.9
7,108.4
7,140.0
7,197.1
7,229.4
7,206.3
7,247.7
7,213.5
7,235.3
677.3'
714.3'
717.0
721.1
724.6
742.3
752.7
760.9
757.3
758.3
764.0
766.1
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
C. Large domestically chartered commercial banks
17
Assets and Liabilities' —Continued
Billions of dollars
Wednesd ay figures
Monthly averages
Account
Mar.
Sept.
Oct.
2006
2006
2005
2005
Nov.
Dec.
Jan.
Feb.
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Seasonall 1 adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
Treasury and Agency securities2 . .
4
Trading account
5
Investment account
6
Mortgage-backed
7
Other
8
Other securities
9
Trading account
10
Investment account
11
State and local government . .
12
Other
13 Loans and leases in bank credit3 . . . .
14
Commercial and industrial
15
Real estate
16
Revolving home equity
17
Other
18
Other residential
19
Commercial
20
Consumer
21
Security4
22
Federal funds sold to and
repurchase agreements
with broker-dealers
23
Other
24
State and local government
25
Agricultural
26
Federal funds sold to and
repurchase agreements with
others
27
All other loans
28
Lease-financing receivables
29 Interbank loans
30
Federal funds sold to and
repurchase agreements with
commercial banks
31
Other
32 Cash assets5
33 Other assets6
34 Total assets7
35
36
37
38
39
40
41
42
43
44
Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
45 Total liabilities
46 Residual (assets less liabilities)5
Footnotes appear on p. 21.
3.579.6'
1,025.5
633.4
52.1
581.2
473.4
107.9
392.1
204.9
187.2
35.2
152.0
2,554.1'
483.6
1,311.3'
298.0
1,013.3'
636.2'
377.1
390.5
100.0
3,669.2'
1,016.7
588.9
36.8
552.2
450.2
101.9
427.8
213.4
214.3
38.1
176.3
2,652.5'
494.2
1,391.4'
304.2
1,087.2'
681.8'
405.4
387.4
98.4
3,678.1'
1,009.9
588.3'
41.1
547.2
445.1
102.0
421.6'
203.9'
217.7
37.5
180.2
2,668.1'
501.8
1,401.2'
305.7
1,095.5'
686.7'
408.8
385.5
93.9
3,669.5'
996.7
572.6'
41.6'
530.9
435.7
95.2
424.1'
203.8'
220.4
37.9
182.5
2,672.8'
505.7
1,406.2'
304.8
1,101.5'
692.4'
409.1
382.5
98.2
3,703.0'
996.6'
571.3'
32.0'
539.2'
447.3'
91.9
425.3'
199.9'
225.4
38.6
186.8
2,706.4'
513.4
1,416.7'
304.5
1,112.2'
699.0'
413.2
376.7
111.1
3,727.6
1,013.5'
586.4'
34.9'
551.5'
469.6'
81.9
427.1'
202.9'
224.2
39.5
184.7
2,714.1'
523.7
1,424.8'
306.2
1,118.6'
699.8'
418.8
378.3
101.3
3,793.3'
1,054.8
616.3'
42.2'
574.1
494.0
80.1
438.4'
205.7'
232.7
41.0
191.7
2,738.5'
527.8'
1,435.2'
304.3'
1,130.9'
706.8'
424.1'
383.7
103.2
3,823.3
1,070.7
627.2
39.4
587.9
507.5
80.4
443.5
202.9
240.6
42.4
198.2
2,752.7
530.3
1,435.1
305.7
1,129.4
706.4
422.9
395.6
101.8
3,791.7
1,057.9
621.3
39.2
582.1
504.0
78.0
436.5
200.2
236.3
41.8
194.5
2,733.8
526.6
1,432.7
305.1
1,127.6
704.5
423.0
394.7
95.0
3,820.3
1,070.2
630.4
38.6
591.8
511.3
80.5
439.9
200.4
239.4
42.3
197.2
2,750.1
532.3
1,431.7
306.3
1,125.4
702.3
423.1
394.7
100.3
3,828.4
1,081.9
636.3
44.2
592.1
510.2
81.9
445.6
201.9
243.7
42.6
201.1
2,746.5
528.9
1,434.8
305.7
1,129.1
705.8
423.3
395.9
95.5
3,851.8
1,071.2
624.0
36.9
587.1
506.5
80.6
447.2
205.9
241.2
42.7
198.6
2,780.7
532.2
1,440.6
305.9
1,134.7
711.9
422.8
397.0
117.7
77.3
22.7
16.8
9.2
82.2
16.2
18.2
9.5
77.2
16.7
18.5
9.7
80.8
17.4
18.8
9.7
93.7
17.4
18.9
9.9
84.1
17.2
18.9
9.8
84.8
18.4
19.1
9.8
84.1
17.7
18.9
9.7
78.4
16.6
19.1
9.8
82.6
17.7
18.8
9.7
77.8
17.7
18.9
9.7
99.1
18.6
19.0
9.7
28.2
120.5
93.9
157.8
28.3
133.7
91.4
155.0
31.8
134.9
90.7
150.8
18.7
142.1
90.9
159.5
22.2
146.3
91.3
148.9
21.1
145.4
90.8
150.7
18.1
150.3
91.2
144.0
19.9
150.2
91.2
142.6
18.3
146.2
91.6
134.7
16.6
154.5
91.3
157.6
20.5
151.4
90.9
143.9
24.5
149.3
90.8
133.4
92.8
65.1
159.2
471.1
89.0
66.1
146.8
456.5
86.3
64.5
141.8
465.1
95.3
64.2
137.5
462.9'
84.0
64.9
144.9
459.6'
82.7
68.0
145.7
470.1'
72.6
71.4
143.9
480.0
71.2
71.4
149.8
474.5
61.3
73.3
150.9
476.7
87.7
69.9
153.2
469.7
71.1
72.9
150.1
476.1
63.9
69.5
144.5
478.8
4,332.5'
4,393.5'
4,401.3'
4,395.4'
4,422.7'
4,461.7'
4,528.8'
4,557.5
4,521.1
4,568.0
4,565.8
4,575.6
2,501.5
335.4
2,166.1
341.8
1,824.3
764.7
153.2
611.5
234.1
326.8
2,546.4
311.5
2,234.9
372.7
1,862.2
778.5
139.5
639.0
238.6
323.0
2,548.9
298.7
2,250.1
374.9'
1,875.3'
781.1
135.6
645.5
256.2
313.2'
2,574.3'
303.5'
2,270.8
380.3'
1,890.5'
776.9
139.7
637.2
243.8
311.4'
2,604.7'
307.4'
2,297.3'
398.1'
1,899.2'
784.5
136.6
647.9
249.3
310.7'
2,613.9'
302.8'
2,311.0
403.3'
1,907.7'
779.4
145.6
633.8
264.4
311.2
2,605.3
297.9'
2,307.3'
412.1'
1,895.2'
809.6
145.5
664.1
249.8
317.5
2,635.1
312.9
2,322.2
423.3
1,898.9
830.0
146.8
683.2
257.3
325.4
2,608.1
278.5
2,329.6
417.1
1,912.5
818.5
144.8
673.7
249.2
316.4
2,654.9
304.5
2,350.5
426.5
1,924.0
834.0
143.4
690.6
244.3
324.2
2,637.8
335.4
2,302.4
425.0
1,877.4
829.3
146.8
682.5
263.2
327.5
2,633.9
345.5
2,288.4
423.1
1,865.3
842.3
151.1
691.2
277.4
327.6
3,827.1
3,886.4
3,899.4'
3,906.4'
3,949.1'
3,968.8'
3,982.2
4,047.7
3,992.2
4,057.4
4,057.8
4,081.2
505.4'
507.1'
502.0'
489.0'
473.6'
492.9'
546.6'
509.7
529.0
510.6
508.0
494.3
18
Federal Reserve Bulletin Statistical Supplement • April 2006
1.26
COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesd ay figures
Monthly averages
Account
Mar.
Sept.
Oct.
2006
2006
2005
2005
Nov.
Dec.
Jan.
Feb.
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Not seasona lly adjusted
Assets
47 Bank credit
48
Securities in bank credit
49
Treasury and Agency securities2 .
50
Trading account
51
Investment account
52
Mortgage-backed
53
Other
54
Other securities
55
Trading account
56
Investment account
57
State and local government .
58
Other
59 Loans and leases in bank credit3 . . .
60
Commercial and industrial
61
Real estate
62
Revolving home equity
63
Other
64
Other residential
65
Commercial
66
Consumer
67
Credit cards and related plans .
68
Other
69
Security4
70
Federal funds sold to and
repurchase agreements
with broker-dealers
71
Other
72
State and local government
73
Agricultural
74
Federal funds sold to and
repurchase agreements
with others
75
All other loans
76
Lease-financing receivables
77 Interbank loans
78 Federal funds sold to and
repurchase agreements
with commercial banks
79
Other
80 Cash assets5
81 Other assets8
82 Total assets7
83
84
85
86
87
88
89
90
91
92
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
93 Total liabilities
94 Residual (assets less liabilities)5
Footnotes appear on p. 21.
3,547.4'
1,009.0
621.5
51.7
569.8
462.9
106.9
387.5
202.5
185.0
34.8
150.2
2,538.5'
484.0
1,303.0'
295.5
1,007.4'
632.5'
375.0
388.3
146.4
241.9
97.4
3,674.9'
1,016.3
585.1
36.4
548.7
447.9
100.8
431.2
215.1
216.1
38.4
177.7
2,658.6'
494.4
1,393.4'
305.3
1,088.1'
682.3'
405.8
388.3
143.2
245.2
99.9
3,685.5'
1,009.2
584.6
40.4'
544.2
444.2
100.1
424.6
205.4
219.2
37.8
181.4
2,676.4'
503.0
1,402.2'
306.1
1,096.0'
687.0'
409.0
385.8
142.0
243.9
97.5
3,690.0'
1,007.5
582.3'
42.0'
540.3
444.1
96.1
425.2'
204.3'
220.9
38.0
182.9
2,682.5'
507.6
1,410.4'
304.9
1,105.5'
694.9'
410.5
383.1
142.2
240.9
99.3
3,725.2'
1,002.3'
572.2'
32.1'
540.1'
448.2'
92.0
430.1'
202.2'
227.9
39.0
188.9
2,722.9'
512.5
1,418.8'
303.8
1,115.0'
700.7'
414.3
380.8
147.9
232.9
116.3
3,732.2'
1,018.1'
582.6'
34.7'
547.9'
466.5'
81.4
435.4'
206.9'
228.6
40.3
188.3
2,714.1'
519.0
1,422.9'
304.7
1,118.2'
699.5'
418.7
385.0
146.7
238.3
100.5
3,775.8'
1,051.1
611.0'
42.5'
568.5
487.8
80.6
440.1'
206.5'
233.6
41.2
192.4
2,724.8'
525.6'
1,429.7'
304.9
1,124.9'
703.0'
421.9'
386.8'
143.7
243.1
99.0
3,788.4
1,052.9
614.7
39.0
575.7
496.1
79.6
438.2
200.5
237.7
41.9
195.8
2,735.4
530.8
1,426.0
303.1
1,122.8
702.3
420.5
393.3
138.6
254.8
98.9
3,770.2
1,048.8
612.3
39.4
572.9
494.7
78.3
436.5
200.2
236.3
41.8
194.5
2,721.4
526.3
1,426.0
303.8
1,122.2
701.2
421.0
393.9
139.2
254.7
94.5
3,786.4
1,052.5
615.0
38.1
577.0
497.5
79.5
437.5
199.3
238.1
42.0
196.1
2,733.9
532.3
1,423.7
304.0
1,119.7
698.8
420.9
392.8
138.4
254.3
98.6
3,782.9
1,057.2
621.0
43.4
577.6
497.1
80.5
436.2
197.6
238.5
41.7
196.8
2,725.7
529.8
1,423.5
302.5
1,121.0
700.7
420.3
393.4
138.5
254.9
92.5
3,808.8
1,049.7
611.0
36.3
574.7
495.4
79.3
438.7
202.0
236.6
41.8
194.8
2,759.2
532.9
1,429.5
302.5
1,127.0
707.1
419.9
393.4
138.8
254.7
112.0
75.3
22.1
16.8
9.1
83.4
16.5
18.2
9.5
80.2
17.3
18.5
9.7
81.7
17.6
18.8
9.8
98.1
18.2
18.9
10.0
83.4
17.1
18.9
9.9
81.3
17.6
19.1
9.7
81.7
17.2
18.9
9.6
78.0
16.5
19.1
9.7
81.2
17.4
18.8
9.6
75.3
17.2
18.9
9.6
94.3
17.7
19.0
9.6
28.2
118.0
93.7
157.3
28.3
135.1
91.4
151.1
31.8
136.5
91.3
146.6
18.7
143.6
91.2
161.1
22.2
152.1
91.2
152.0
21.1
145.6
91.2
150.2
18.1
145.8
91.0
139.9
19.9
147.0
90.9
142.1
18.3
142.5
91.3
133.2
16.6
150.3
91.1
158.2
20.5
146.9
90.6
141.0
24.5
147.6
90.7
134.5
92.5
64.8
153.4
466.3
86.7
64.4
146.1
461.0
84.0
62.7
144.6
469.8
96.3
64.9
143.4
466.3'
85.8
66.2
157.7
460.5'
82.4
67.8
154.1
468.7'
70.6
69.3
143.9
472.7
71.0
71.1
144.2
469.7
60.6
72.5
144.3
472.9
88.0
70.1
150.6
465.7
69.6
71.4
140.5
468.3
64.5
70.1
139.8
471.9
4,288.9'
4,399.0'
4,412.6'
4,426.9'
4,461.6'
4,472.7'
4,499.7'
4,511.2
4,487.1
4,527.6
4,499.4
4,522.0
2,491.1
330.8
2,160.3
339.3
1,821.0
752.5
154.4
598.1
228.2
318.9
2,548.7
305.0
2,243.6
370.7
1,873.0'
782.7
139.8
642.9
241.2
326.6
2,560.2
296.2
2,264.0
377.2'
1,886.8'
778.2
135.7
642.5
260.1
317.9'
2,588.0'
306.3'
2,281.8
384.4'
1,897.3'
769.5
137.6
631.8
252.6
321.8'
2,622.6'
330.6'
2,291.9'
399.9
1,892.0'
769.6
135.3
634.4
256.9
319.4'
2,612.0'
311.2'
2,300.8
408.3'
1,892.5'
776.4
142.8
633.6
269.3
316.2
2,612.0
294.5'
2,317.4'
416.8'
1,900.7'
808.1
143.3
664.8
257.0
324.2
2,624.3
308.4
2,315.9
420.2
1,895.7
816.0
148.0
668.0
250.5
317.5
2,617.0
271.1
2,345.9
420.1
1,925.8
809.2
145.6
663.6
246.9
313.5
2,648.4
301.9
2,346.5
424.6
1,921.9
820.8
144.4
676.4
238.7
317.7
2,603.6
323.7
2,279.9
419.2
1,860.7
820.0
148.4
671.6
254.3
317.1
2,612.3
346.7
2,265.6
414.7
1,850.9
817.6
152.1
665.4
268.5
317.8
3,790.7
3,899.2'
3,916.5'
3,931.9'
3,968.5'
3,973.9'
4,001.2
4,008.3
3,986.6
4,025.6
3,994.9
4,016.2
498.2'
499.8'
496.2'
495.0'
493.2'
498.8'
498.5'
502.8
500.6
502.0
504.5
505.8
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
D. Small domestically chartered commercial banks
19
Assets and Liabilities' —Continued
Billions of dollars
Wednesd ay figures
Monthly averages
Account
Mar.
Sept.
Oct.
2006
2006
2005
2005
Nov.
Dec'
Jan.'
Feb.'
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Seasonall { adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)5
101.9
75.5
114.9
183.7
2,956.7
710.6
489.1
221.5
2,246.1
359.1
1,435.8
134.5
1,301.3
332.5
10.1
108.6
87.5
120.8
200.9
2,950.0'
702.7'
487.4
215.2
2,247.3'
359.4'
1,445.3
131.0'
1,314.2
323.4'
10.5
108.7
93.6
118.6'
199.8'
2,962.2'
698.9
484.9'
214.0'
2,263.3'
363.3
1,452.0
132.0
1,320.0
326.8'
10.9
110.2
101.4
116.9
202.6'
2,969.3
692.0
481.2
210.8
2,277.4
363.2
1,466.8
131.6
1,335.2
327.8
10.4
109.2
87.8
115.9
208.1
3,004.0
697.4
482.5
214.9
2,306.7
369.2
1,484.7
128.5
1,356.2
329.9
11.2
111.7
95.2
121.4
221.8
3,025.2
705.5
487.4
218.0
2,319.8
372.5
1,496.8
128.4
1,368.4
325.9
11.1
113.5
98.8
122.9
242.5
3,051.5
701.9
483.0
218.8
2,349.7
376.7
1,520.8
128.3
1,392.5
325.8
11.5
114.9
103.9
121.6
247.4
3,044.9
707.6
488.2
219.5
2,337.2
374.9
1,513.5
128.2
1,385.3
324.2
11.0
113.6
98.0
122.4
248.4
3,048.6
705.5
485.6
219.9
2,343.1
376.8
1,515.2
128.4
1,386.8
324.4
11.4
115.2
103.8
125.3
244.6
3,055.3
699.5
480.5
219.1
2,355.7
376.6
1,524.2
128.4
1,395.8
327.1
11.9
115.9
108.9
121.0
247.1
3,056.7
695.0
477.9
217.1
2,361.7
377.9
1,529.8
128.4
1,401.3
327.3
11.7
115.1
106.2
117.9
247.9
3,150.0
3,332.0
3,328.5'
3,349.1'
3,346.8
3,407.8
3,455.2
3,490.1
3,479.3
3,488.0
3,497.9
3,494.1
2,388.0
354.3
2,033.7
379.1
1,654.7
494.7
165.7
329.0
72.5
2,510.1
349.0
2,161.1
420.5
1,740.6
527.3
168.0
359.2
13.3
73.7
2,514.1
344.4
2,169.7
429.6
1,740.0'
515.1
164.8
350.4'
15.5
72.9
2,529.5
351.8
2,177.7
435.4'
1,742.3'
517.9
169.8
348.1
13.5
74.0
2,523.9
336.2
2,187.7
431.6
1,756.1
515.8
164.4
351.4
14.1
73.3
2,550.2
336.8
2,213.4
438.5
1,774.9
526.4
169.3
357.1
18.6
76.9
2,579.4
342.6
2,236.8
446.4
1,790.4
527.0
163.3
363.8
19.6
80.5
2,593.9
351.5
2,242.3
453.1
1,789.2
528.8
165.1
363.7
18.5
81.4
2,585.6
330.2
2,255.4
453.5
1,802.0
528.2
166.5
361.7
19.3
81.0
2,596.8
344.5
2,252.4
452.2
1,800.1
529.2
165.9
363.4
17.4
80.6
2,596.8
361.9
2,234.9
454.0
1,781.0
532.5
165.9
366.6
19.2
81.9
2,592.5
376.4
2,216.1
452.8
1,763.3
529.7
163.8
365.9
18.1
81.9
2,961.2
3,124.3
3,117.7
3,134.8
3,127.1
3,172.0
3,206.6
3,222.5
3,214.2
3,224.1
3,230.4
3,222.2
188.8
207.7
210.8'
214.4
219.6
235.8
248.6
267.6
265.1
263.9
267.4
271.9
2,808.7
721.0
497.1
223.9
2,087.7
333.1
1,327.0
120.3
1,206.7
318.0
7.8
6.0
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
48 Total assets7
49
50
51
52
53
54
55
56
57
58
Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
59 Total liabilities
60 Residual (assets less liabilities)5
Footnotes appear on p. 21.
2,798.0
722.4
498.5
223.9
2,075.6
333.8
1,319.9
119.7
1,200.2
471.1
729.1
313.6
156.8
156.9
100.3
79.6
110.1
183.7
2,962.7
710.3
488.8
221.5
2,252.4
357.0
1,441.9
135.2
1,306.7
512.5
794.2
333.0
168.3
164.7
10.0
110.4
85.8
122.2
200.9
2,959.6'
701.3
486.1
215.2
2,258.3'
358.5
1,453.7
131.8
1,322.0'
515.3
806.7'
325.7'
161.0
164.7'
10.5
109.9
94.6
120.2
199.8'
2,980.5'
699.1
485.2
214.0'
2,281.4'
362.1
1,466.5
131.8
1,334.6
519.0'
815.6'
330.9'
166.9
164.0'
11.1
110.8
103.1
120.8
202.6'
2,989.7
695.8
485.0
210.8
2,293.9
363.3
1,474.9
131.1
1,343.8
518.1
825.6
335.7
172.0
163.8
10.4
109.5
87.4
120.7
208.1
3,008.6
697.5
482.6
214.9
2,311.2
368.5
1,485.7
128.0
1,357.6
522.1
835.5
336.7
171.1
165.7
10.8
109.4
91.2
122.7
221.8
3,022.0
703.4
485.4
218.0
2,318.6
372.5
1,496.1
128.1
1,368.0
523.7
844.3
327.9
161.4
166.6
11.1
111.0
99.0
120.9
242.5
3,040.1
703.2
484.4
218.8
2,336.9
377.4
1,513.0
127.6
1,385.3
532.0
853.3
321.4
156.8
164.6
11.7
113.4
109.3
116.7
247.4
3,036.5
707.2
487.8
219.5
2,329.2
375.3
1,508.8
127.9
1,380.9
531.5
849.4
320.7
155.8
164.9
11.7
112.8
107.6
118.3
248.4
3,038.5
706.6
486.7
219.9
2,331.9
377.4
1,508.6
127.9
1,380.7
529.1
851.6
320.5
155.5
164.9
11.7
113.7
109.2
120.4
244.6
3,042.0
701.4
482.3
219.1
2,340.6
377.8
1,514.4
127.7
1,386.8
531.9
854.9
322.8
158.2
164.6
11.9
113.6
110.5
113.1
247.1
3,043.3
698.0
480.9
217.1
2,345.2
378.6
1,519.9
127.5
1,392.4
535.4
857.0
321.8
157.6
164.2
11.7
113.1
108.8
114.0
247.9
3,138.6
3,337.7
3,340.7'
3,373.1'
3,371.4
3,409.7
3,450.2
3,479.2
3,476.5
3,478.4
3,478.2
3,479.3
2,386.2
350.0
2,036.2
379.1
1,657.2
494.7
165.7
329.0
72.5
2,509.0
347.3
2,161.7
420.5
1,741.2
527.3
168.0
359.2
13.3
73.7
2,516.3
345.7
2,170.6
429.6
1,740.9'
515.1
164.8
350.4'
15.5
72.9
2,541.7'
355.2
2,186.5'
435.4'
1,751.2
517.9
169.8
348.1
13.5
74.0
2,536.8
348.9
2,187.9
431.6
1,756.3
515.8
164.4
351.4
14.1
73.3
2,544.3
340.6
2,203.8
438.5
1,765.2
526.4
169.3
357.1
18.6
76.9
2,568.7
338.1
2,230.6
446.4
1,784.2
527.0
163.3
363.8
19.6
80.5
2,592.4
347.3
2,245.1
453.1
1,792.0
528.8
165.1
363.7
18.5
81.4
2,591.2
327.6
2,263.6
453.5
1,810.1
528.2
166.5
361.7
19.3
81.0
2,594.9
339.7
2,255.2
452.2
1,803.0
529.2
165.9
363.4
17.4
80.6
2,585.0
352.7
2,232.3
454.0
1,778.3
532.5
165.9
366.6
19.2
81.9
2,589.4
374.0
2,215.4
452.8
1,762.6
529.7
163.8
365.9
18.1
81.9
2,959.5
3,123.2
3,119.9
3,147.0'
3,140.0
3,166.1
3,195.9
3,221.0
3,219.7
3,222.1
3,218.6
3,219.1
179.1
214.5
220.9
226.0'
231.4
243.5
254.3
258.1
256.8
256.3
259.6
260.2
8.0
6.0
20
Federal Reserve Bulletin Statistical Supplement • April 2006
1.26
COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions
Assets and Liabilities' —Continued
Billions of dollars
Wednesd ay figures
Monthly averages
Account
Mar.
Sept.
Oct.
2006
2006
2005
2005
Nov.
Dec.
Jan.
Feb.
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Seasonall 1 adjusted
1
2
3
4
5
6
7
8
9
10
11
12
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"
14
15
16
17
18
19
20
21
22 Total liabilities
5
23 Residual (assets less liabilities)
793.8
356.3
84.3'
272.0'
437.5'
164.1
19.9
137.4'
116.2
47.2
56.3
40.1'
805.5
359.7
83.3'
276.4'
445.8
164.4
20.6
137.5
123.3
45.6
54.5
41.7'
807.3'
351.2
80.5'
270.8'
456.0'
168.3
20.5
140.1'
127.2'
41.3'
50.3
38.4
805.8'
340.3
74.4'
265.8'
465.5'
173.8
19.4
140.1
132.1'
40.8'
50.3
34.6
811.9
335.9
76.0'
260.0'
476.0
175.8
19.5
146.5'
134.2'
41.8
48.5
37.5
820.6
337.1
76.4
260.7
483.5
175.6
20.0
154.1
133.8
45.2
49.5
37.2
816.8
338.0
79.7
258.3
478.7
175.0
19.8
151.2
132.8
51.6
50.3
37.8
815.0
336.1
77.5
258.6
478.9
175.7
20.0
150.6
132.7
40.4
51.5
35.2
824.1
338.0
77.6
260.4
486.1
175.1
19.9
157.3
133.8
43.4
49.0
36.7
821.4
335.4
70.8
264.6
486.0
175.2
20.3
155.3
135.2
46.3
48.1
39.4
931.4'
937.0'
946.8'
936.8
931.0
939.3
952.0
956.0
941.7
952.8
954.7
561.3
14.7
546.6
365.3
50.4
314.8
-180.5
93.7'
624.0
12.0
612.0
380.7
51.0
329.6
-182.7
107.4'
630.3
11.7
618.6
379.4'
50.6
328.8
-178.7
114.8'
612.4
12.1
600.3
406.7
59.0
347.7
-182.0'
116.4'
602.8
12.3
590.5
420.3
59.6
360.8
-190.8
111.2
606.2
12.8
593.4
426.5
63.2
363.3
-209.1'
100.3
613.4
13.9
599.5
431.6
58.8
372.9
-214.6
102.2
650.6
13.7
636.9
429.9
60.6
369.2
-231.0
96.8
633.4
13.7
619.7
438.7
58.4
380.3
-217.6
103.6
647.5
14.2
633.2
455.0
77.0
377.9
-254.2
93.5
659.4
13.6
645.8
418.5
54.9
363.6
-228.3
95.2
660.5
13.5
647.0
406.4
53.9
352.5
-222.1
93.7
839.8r
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
781.6
347.9
87.4'
260.5'
433.7
164.3
15.4
138.2
115.8
49.6
59.8
40.9'
845.9r
13 Total assets7
703.5
317.6
93.7'
224.0
385.9
145.3
18.1
118.4
104.2
42.8
64.7
35.3'
929.4'
945.9'
953.5'
943.6
924.1
932.7
946.2
958.1
941.7
944.7
938.4
2.1'
-8.9'
-6.7
-6.7
6.9
6.6
5.8
-2.1
.0
8.0
16.2
6.1
Not seasona lly adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"
40 Total assets7
41
42
43
44
45
46
47
48
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities
49 Total liabilities
50 Residual (assets less liabilities)5
Footnotes appear on p. 21.
706.7
317.6
93.7'
38.9'
54.8
224.0
123.2
100.8
389.1
147.3
18.1
119.8
103.9
42.8
62.6
35.3'
774.7
347.9
87.4'
27.5'
59.9
260.5'
150.5'
110.1
426.9
162.7
15.4
132.1
116.7
49.6
61.0
39.2'
790.0
356.3
84.3'
24.8'
59.5
272.0'
160.8'
111.2
433.7
162.1
19.9
136.1
115.6
47.2
57.4
38.9'
806.1
359.7
83.3'
25.0'
58.3
276.4'
162.6'
113.8
446.3
163.6
20.6
141.4
120.7
45.6
54.5'
40.9'
813.6'
351.2
80.5'
22.6'
57.9
270.8'
160.8'
109.9
462.3'
169.5
20.5
146.6'
125.8'
41.3'
52.1
39.0
809.1'
340.3
74.4'
20.6'
53.9
265.8'
159.8'
106.0
468.8'
174.6
19.4
144.2
130.5'
40.8'
49.9
36.9
813.9
335.9
76.0'
25.7'
50.3
260.0'
156.3'
103.6
478.0
177.9
19.5
149.1'
131.4'
41.8
47.9
39.6
824.5
337.1
76.4
27.8
48.5
260.7
156.5
104.2
487.4
178.0
20.0
155.9
133.4
45.2
47.9
37.3
818.8
338.0
79.7
29.9
49.8
258.3
153.3
104.9
480.8
176.9
19.8
152.5
131.7
51.6
48.2
39.5
821.1
336.1
77.5
28.0
49.5
258.6
154.3
104.3
485.0
178.1
20.0
155.4
131.6
40.4
49.5
35.8
828.7
338.0
77.6
28.5
49.1
260.4
155.7
104.7
490.7
178.1
19.9
159.0
133.7
43.4
47.2
35.8
826.2
335.4
70.8
25.6
45.2
264.6
161.2
103.4
490.8
177.9
20.3
156.7
136.0
46.3
47.3
38.2
847.0'
924.1'
933.0'
946.6'
945.5
936.3
942.8
954.4
957.7
946.4
954.6
957.6
566.8
14.2
552.6
365.3
50.4
314.8
-181.1
93.3'
612.7
12.2
600.5
380.7
51.0
329.6
-180.9
108.8'
609.5
11.8
597.6'
379.4'
50.6
328.8
-175.9
117.1'
597.4
12.0
585.4'
406.7
59.0
347.7
-179.0
118.8'
599.2
12.8
586.4
420.3
59.6
360.8
-189.2
112.3
614.1
13.2
600.9
426.5
63.2
363.3
-208.2
101.0
621.5
14.0
607.5
431.6
58.8
372.9
-215.0
101.9
657.2
13.2
644.0
429.9
60.6
369.2
-231.7
96.3
634.7
13.1
621.6
438.7
58.4
380.3
-220.3
101.8
651.3
13.6
637.7
455.0
77.0
377.9
-255.4
92.7
666.1
13.0
653.0
418.5
54.9
363.6
-228.1
95.4
674.3
13.3
660.9
406.4
53.9
352.5
-220.5
94.6
844.2r
921.2'
930.2'
943.8'
942.7
933.5
940.0
951.6
954.9
943.6
951.8
954.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
2.8
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items
21
Assets and Liabilities' —Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
2005
Mar.
2005
Sept.
Oct.
2006
2006
Nov.
Dec.
Jan.
Feb.
Mar.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Not seasonally adjusted
MEMO
1
2
3
4
5
6
7
8
9
10
Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items9
Revaluation losses on off-balancesheet items9
Mortgage-backed securities10
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities"
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12
88.4
92.5
90.8
91.7
86.2
91.1
94.1
89.7
89.1
86.8
88.5
91.7
78.8
544.7
422.9
121.8
83.3
545.7
416.7
129.0
82.2
545.4
414.7
130.7
80.6
549.2
415.1
134.1
76.2'
550.7'
415.1'
135.5
82.0
557.8'
425.3'
132.5
82.5
576.3
446.9
129.3
79.1
585.6
456.2
129.4
77.1
583.3
453.7
129.6
78.5
587.0
457.0
130.0
79.7
587.1
457.7
129.4
79.3
584.8
456.2
128.6
-3.0
146.6
127.7
18.9
6.3
-2.6
151.3
130.8
20.5
3.3
-10.1
152.1
131.8
20.2
3.2
-12.1
155.3
133.1
22.1
3.1
-10.1
164.0
134.6
29.3
3.0
-7.7
164.1
134.5
29.6
3.0
-8.9
163.1
133.7
29.4
3.0
-10.9
164.9
135.2
29.7
3.0
-10.8
165.0
135.2
29.8
3.0
-10.5
164.7
134.9
29.7
3.0
-10.1
164.2
134.5
29.7
3.0
-11.5
164.4
134.8
29.6
3.0
342.2
214.0
203.9
10.1
334.3
211.7
201.9
9.9
330.1
201.9
192.0
9.9
328.3
198.1
188.2
9.8
328.7'
203.1
193.3
9.8
332.2'
202.0
192.3
9.7
334.6'
205.1
195.5
9.6
332.8
204.8
195.2
9.6
335.7
206.0
196.5
9.6
334.9
205.6
196.1
9.5
329.1
203.4
193.7
9.7
331.0
204.0
194.3
9.7
52.2
65.9
70.7
71.5
66.8
61.2
59.7
57.2
57.9
55.9
55.9
58.2
63.0
.2
72.7
78.0
.2
79.9
74.5
.2
67.8
.1
65.3
.1
63.0
.1
64.1
.1
61.5
.1
61.8
.1
63.6
.1
Small domestically chartered
commercial banks, adjusted for
yyi ^v^ers
10
11 Mortgage-backed securities12
12 Securitized consumer loans
13
Credit cards and related plans
14
Other
Foreign-related institutions
15 Revaluation gains on off-balancesheet items9
16 Revaluation losses on off-balancesheet items9
17 Securitized business loans12
2
2
NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," which
is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large
Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks," are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are break adjusted.
1. Covers the following types of institutions in the fifty states and the District of Columbia:
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related
institutions). Excludes international banking facilities. Data are Wednesday values or pro rata
averages of Wednesday values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on weekly samples and on
quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove
the estimated effects of mergers between these two groups. The adjustment for mergers
changes past levels to make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data for the bank group that
contained the acquired bank and put into past data for the group containing the acquiring
bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio
procedure is used to adjust past levels.
2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of
U.S. government agencies and U.S. government-sponsored enterprises.
3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
5. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
6. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
7. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
8. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
The fair market value of derivative contracts in a gain position is included in "Other
securities, trading account." The fair value of derivative contracts in a loss position is
included in "Other liabilities."
10. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
12. Total amount outstanding.
22
1.32
Federal Reserve Bulletin Statistical Supplement • April 2006
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December
2005
Item
2001
2003
2004
2005
July'
Aug.'
Sept.'
Oct.'
Nov.'
Dec.
1,442,842
1,341,226
1,260,745
1,375,717
1,631,009
1,536,182
1,567,976
1,577,964
1,604,026
1,638,298
1,631,009
563,428
216,448
1 All issuers
2 Financial companies'
3 Nonfinancial companies2
2002
522,863
147,689
519,731
103,982
595,249
119,727
667,321
132,207
656,675
137,365
664,879
138,702
674,266
137,852
669,566
156,664
668,550
155,587
667,321
132,207
1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal, and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.
1.33
PRIME RATE CHARGED BY BANKS
2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.
Short-Term Business Loans1
Percent per year
Date of change
2001—Jan.
Feb
Mar.
Apr
May
June
Aug.
Sept.
Oct.
Nov.
Dec.
Rate
4
1
21
19
16
28
22
18
3
7
12
9.00
8 50
8.00
7 50
7.00
6 75
6.50
6.00
5.50
5.00
4.75
2002—Nov. 7
4.25
2003—June 27
4.00
2004—June
Aug.
Sept.
Nov.
Dec.
30
10
21
10
14
4.25
4.50
4.75
5.00
5.25
2005—Feb.
Mar.
May
June
Aug.
Sept.
Nov.
Dec.
2
22
3
30
9
20
1
13
Average
rate
2002
2003
2004
2005
4.67
4.12
4.34
6.19
2003 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00
Period
4.00
4.00
4.00
4.00
4.00
4.01
4.25
4.43
4.58
4.75
4.93
5.15
Period
Average
rate
7.50
1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call
2004—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25
2006—Jan. 31
Period
2005—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5.25
5.49
5.58
5.75
5.98
6.01
6.25
6.44
6.59
6.75
7.00
7.15
2006—Jan
Feb
7.26
7.50
Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release,
available on the Board's website, www.federalreserve.gov/releases.
Financial Markets
1.35
INTEREST RATES
23
Money and Capital Markets
Percent per year; figures are averages of business day data unless otherwise noted
2005
Item
2003
2004
2006
2005-2006, week ending
2005
Oct.
Nov.
Dec.
Jan.
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
MONEY MARKET INSTRUMENTS
1 Federal funds1-13
2 Discount window primary credit2-4
1.13
n.a.
1.35
2.34
3.22
4.19
3.78
4.75
4.00
5.00
4.16
5.15
4.29
5.26
4.22
5.25
4.16
5.25
4.23
5.25
4.29
5.25
4.26
5.25
paper3'5'6
Commercial
3
4
5
Nonfinancial
1-month
2-month
3-month
1.11
1.11
1.11
1.38
1.40
1.41
3.22
3.23
3.42
3.84
3.90
4.01
4.01
4.07
4.23
4.23
4.23
n.a.
4.36
4.37
n.a.
4.25
n.a.
n.a.
4.24
n.a.
n.a.
4.31
4.32
n.a.
4.36
4.36
n.a.
4.44
4.42
n.a.
6
7
8
Financial
1-month
2-month
3-month
1.12
1.13
1.13
1.41
1.46
1.52
3.27
3.36
3.44
3.88
3.96
4.05
4.04
4.16
4.23
4.25
4.32
4.37
4.37
4.43
4.48
4.26
4.36
4.41
4.29
4.37
4.42
4.31
4.40
4.46
4.38
4.44
4.50
4.45
4.49
4.53
Certificates of deposit, secondary market3-1
1-month
3-month
6-month
1.15
1.15
1.17
1.45
1.57
1.74
3.34
3.51
3.73
3.95
4.13
4.32
4.11
4.31
4.52
4.32
4.45
4.62
4.45
4.56
4.69
4.35
4.48
4.65
4.37
4.51
4.65
4.41
4.54
4.68
4.46
4.57
4.68
4.51
4.60
4.72
12 Eurodollar deposits, 3-month3>s
1.14
1.55
3.51
4.13
4.34
4.47
4.59
4.51
4.54
4.57
4.60
4.63
US Treasury bills
Secondary market3-5
13
4-week
14
3-month
15
6-month
1.00
1.01
1.05
1.24
1.37
1.58
2.94
3.15
3.39
3.44
3.71
3.99
3.84
3.88
4.15
3.61
3.89
4.18
4.03
4.24
4.31
3.60
3.92
4.20
3.97
4.10
4.23
4.06
4.20
4.27
3.92
4.26
4.31
4.07
4.32
4.37
1.24
1.65
2.10
2.97
3.52
4.01
4.96
1.89
2.38
2.78
3.43
3.87
4.27
5.04
3.62
3.85
3.93
4.05
4.15
4.29
4.64
4.18
4.27
4.29
4.33
4.38
4.46
4.74
4.33
4.42
4.43
4.45
4.48
4.54
4.83
4.35
4.40
4.39
4.39
4.41
4.47
4.73
4.45
4.40
4.35
4.35
4.37
4.42
4.65
4.36
4.38
4.34
4.33
4.34
4.37
4.60
4.37
4.33
4.30
4.30
4.32
4.37
4.62
4.41
4.39
4.34
4.34
4.36
4.41
4.65
4.43
4.35
4.30
4.29
4.31
4.36
4.59
4.50
4.44
4.39
4.38
4.40
4.46
4.69
4.52
5.20
4.75
4.50
5.09
4.68
4.28
4.86
4.40
4.49
4.99
4.49
4.42
4.96
4.57
4.46
4.93
4.46
4.27
4.73
4.37
4.45
4.91
4.38
4.42
4.88
4.35
4.24
4.70
4.37
4.18
4.64
4.33
4.22
4.68
4.42
6.24
6.00
5.57
5.72
5.80
5.76
5.69
5.64
5.66
5.69
5.64
5.73
5.66
6.14
6.38
6.76
5.63
5.91
6.08
6.39
5.23
5.37
5.59
6.06
5.35
5.47
5.75
6.30
5.42
5.55
5.83
6.39
5.37
5.50
5.84
6.32
5.29
5.45
5.79
6.24
5.24
5.39
5.72
6.19
5.26
5.41
5.74
6.21
5.29
5.45
5.78
6.24
5.24
5.39
5.74
6.19
5.33
5.49
5.84
6.26
1.72
1.66
1.89
1.77
1.77
1.77
1.76
1.80
1.75
1.76
1.76
1.76
9
10
11
U.S. TREASURY NOTES AND BONDS
16
17
18
19
20
21
22
Constant maturities''
1 -year
2-year
3-year
5-year
7-year
10-year
20-year
STATE AND LOCAL NOTES AND BONDS
Moody's series10
23 Aaa
24 Baa
25 Bond Buyer series"
CORPORATE BONDS
26 Seasoned issues, all industries12
27
28
29
30
Rating group
Aaa13
Aa
A
Baa
MEMO
Dividend-price ratio14
31 Common stocks
NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly
statistical release, available at www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/
default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical
series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/
data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper
webpages (www.federalreserve.gov/releases/cp) for more information.
7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. General obligation bonds based on Thursday figures; Moody's Investors Service.
11. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's
Al rating. Based on Thursday figures.
12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.
24
Federal Reserve Bulletin Statistical Supplement • April 2006
1.36
STOCK MARKET
Selected Statistics
2005
Indicator
2003
2004
2006
2005
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Pr ces and trac ng volume (averages of daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31.1965 = 50)
5.456.00
634.11
437.37
238.05
566.74
6,614.10
741.19
521.11
271.45
657.07
7,351.19
n.a.
n.a.
n.a.
n.a.
7,238.96
n.a.
n.a.
n.a.
n.a.
7,389.23
n.a.
n.a.
n.a.
n.a.
7,482.93
n.a.
n.a.
n.a.
n.a.
7,584.49
n.a.
n.a.
n.a.
n.a.
7,373.23
n.a.
n.a.
n.a.
n.a.
7,585.75
n.a.
n.a.
n.a.
n.a.
7,787.22
n.a.
n.a.
n.a.
n.a.
8,007.35
n.a.
n.a.
n.a.
n.a.
8,044.86
n.a.
n.a.
n.a.
n.a.
6 Standard & Poor's Corporation
(1941^3 - 10)'
965.23
1,130.65
1,207.23
1,202.25
1,222.24
1,224.27
1,225.91
1,191.96
1,237.37
1,262.07
1,278.72
1,276.65
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
943.44
1,260.02
1,567.52
1,529.76
1,556.30
1,625.17
1,711.66
1,640.08
1,694.64
1,752.65
1,815.91
1,828.06
3
4
5
Transportation
Utility
Finance
Volume of trading (thousands of shares)
1 361 043 1 403 376 1 542 724 1 405 330 1 430 294 1 387 088 1 626 430 1 779 200 1 576 379 1 508 647 1 808 726 1 660 932
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9 American Stock Exchange
Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers
Free credit balances at brokers4
11 Margin accounts5
3
173,220
203,790
221,660
200,500
210,940
208,660
217,760
212,540
219,020
221,660
232,190
222,780
92,560
84,920
117,850
93,580
119,710
88,730
105,550
76,380
99,000
74,130
99,050
75,910
106,730
79,310
113,110
77,550
110,610
78,330
119,710
88,730
115,220
83,250
117,970
81,600
Margin requirements (percent of market value and effective date)6
Mar. 11, 1968
14 Convertible bonds
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
Jan. 3, 1974
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
50
50
50
1. In July 1976 a financial group made up of banks and insurance companies was added to
the group of stocks on which the index is based. The index is now based on 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and
40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.
6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.
Federal Finance
25
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2003
Mar. 31
1 Federal debt outstanding
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
7,023.4
7,156.2
7,298.6
7,403.2
7,620.4
7,801.0
7,860.2
7,956.3
8,194.3
7,131.1
4,176.7
2,954.4
7,274.3
4,218.7
3,055.6
7,379.0
4,303.4
3,075.7
7,596.1
4,406.4
3,189.8
7,776.9
4,572.4
3,204.5
7,836.5
4,527.6
3,308.9
7,932.7
4,601.6
3,331.1
8,170.4
4,714.6
3,455.8
25.4
24.9
.5
25.1
25.1
.0
24.2
24.2
.0
24.2
23.7
.4
24.3
23.9
.4
24.1
24.1
.0
23.7
23.7
23.6
23.6
23.8
23.8
7,715.5
7,778.1
7,871.0
8,107.0
6,952.6
.3
7,088.5
.1
7,229.2
.1
7,333.2
.2
7,535.5
.2
7,715.4
.1
7,778.0
7,870.9
8,106.9
7,384.0
5 Agency securities
6
Held by public
7
Held by agencies
Sept. 30
6,998.0
4.044.1
2,954.5
....
2 Public debt securities
3
Held by public
4
Held by agencies
June 30
7,384.0
7,384.0
7,384.0
8,184.0
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1
MEMO
11 Statutory debt limit
1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.
1.41
GROSS PUBLIC DEBT OF U.S. TREASURY
SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasury Statement.
Types and Ownership
Billions of dollars, end of period
Type and holder
Ql
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds'
Nonmarketable2
State and local government series .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder^
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks8
18 Private investors
19
Depository institutions
20
Mutual funds
21
Insurance companies
22
State and local treasuries7
Individuals
23
Savings bonds
24 Pension funds
25
Private
26
State and Local
27
Foreign and international5
28
Other miscellaneous investors7'9
6,405.7
6,998.0
7,596.1
6,982.0
7,578.5
3,959.7
8,117.0
4,184.0
888.8
928.8
1,580.8
1,905.7
564.3
176.2
1,003.2
2,157.1
963.9
2,326.8
539.5
245.9
516.6
Q3
Q4
7,759.9
7,818.0
4,031.0
7,913.7
8,117.0
4,184.0
914.3
8,170.4
6,391.4
3,205.1
Q2
3,575.1
4,103.7
1,059.1
4,084.8
149.2
3,618.8
160.7
9.7
9.7
.0
5.9
5.9
.0
192.2
3,007.0
16.0
191.7
191.2
3,230.6
3,506.6
53.4
3,248.9
923.4
2,273.0
529.9
290.6
3,787.0
206.7
3.0
3.0
.0
190.9
3,356.3
17.0
18.5
19.0
2,955.1
666.7
3,377.9
154.0
279.6
136.5
358.8
3,189.1
717.8
3,667.1
128.1
253.1
149.2
385.8
3,455.8
744.2
3,970.6
117.2
254.1
160.6
455.0
3,206.6
717.3
3,855.4
142.1
262.3
153.3
407.5
3,311.6
724.7
3,803.0
127.2
249.1
154.6
429.3
3,334.1
736.4
3,864.9
125.0
248.1
158.2
446.5
3,455.8
744.2
3,018.5
222.8
278.8
139.7
351.5
194.9
278.8
134.7
144.1
1,246.8
323.4
203.8
288.2
140.8
147.4
1,538.1
452.6
204.4
295.7
151.0
144.7
1,942.0
307.8
205.1
281.8
162.0
119.8
2,180.0
n.a.
204.2
280.9
153.8
127.1
1,982.2
407.4
204.2
287.7
157.6
130.1
2,030.0
303.5
203.6
283.9
161.3
122.6
2,069.0
311.5
205.1
281.8
162.0
119.8
2,180.0
n.a.
588.7
146.9
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3
2 757.8
629.4
1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.
7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State
and local treasuries." The data shown here have been revised accordingly.
3,406.9
17.6
328.7
3,986.5
235.6
3.8
3.8
.0
2,226.6
537.2
266.8
3,656.2
179.0
6.1
6.1
.0
192.2
2,328.7
520.6
307.1
3,828.9
225.3
3.1
3.1
.0
190.0
3,380.6
963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4
3,970.6
117.2
254.1
160.6
455.0
8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.
Excludes Treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
SOURCES: Data by type of security, U.S. Treasury Department, Monthly Statement of the
Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow
of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.
26
Federal Reserve Bulletin Statistical Supplement • April 2006
1.42
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
2005
2005, week end
2006, week ending
Item
Oct.
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2 Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
6
Inflation-protected2
7
8
9
10
11
12
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed
Corporate securities
13
One year or less
14
More than one year
15
16
17
18
19
20
21
22
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
With other
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
Nov.
Dec.
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan.11
Jan. 18
Jan. 25
46,415
51,090
53,710
60,596
55,964
55,485
48,957
52,762
57,416
43,472
46,841
42,628
204,917
193,939
158,478
198,106
183,138
169,938
137,395
113,422
211,002
194,964
171,410
211,253
145,700
141,302
111,867
115,186
148,901
134,818
94,703
69,507
89,537
173,932
144,212
125,162
131,141
40,459
11,108
143,720
44,998
9,312
96,478
27,988
5,665
112,125
47,042
9,268
131,271
39,124
7,513
108,070
30,416
6,377
82,128
23,013
6,161
59,997
19,032
2,584
89,353
24,427
4,182
120,503
33,429
7,763
120,069
31,240
13,072
130,654
30,312
11,200
67,327
69,313
67,594
65,400
61,550
70,227
74,014
62,905
69,449
60,733
62,958
57,246
8,775
5,671
7,003
5,027
5,402
10,390
7,488
4,738
5,852
8,708
13,010
7,803
3,738
4,638
3,779
2,716
3,347
3,805
6,614
1,459
2,346
7,251
6,792
3,546
3,720
496
2,388
536
1,537
338
1,338
297
1,493
575
1,481
312
2,118
344
866
112
1,678
246
2,111
375
5,812
286
2,171
203
245,930
268,891
216,107
159,680
348,674
291,652
114,535
82,260
217,448
448,636
195,576
171,539
177,065
21,036
173,985
19,961
185,230
19,128
152,672
18,903
174,205
20,872
196,218
20,532
202,947
24,001
168,420
13,127
174,653
11,079
186,243
26,891
196,116
19,624
189,146
28,409
236,001
239,062
190,107
218,579
229,960
214,345
165,658
134,142
202,928
245,331
217,834
241,053
6,157
57,114
734
5,166
60,415
560
5,229
47,833
339
4,075
31,677
455
5,215
65,957
463
6,116
72,856
408
5,671
27,659
353
3,514
22,833
88
5,375
40,396
322
7,271
93,534
607
7,636
49,842
494
5,293
52,048
743
343,739
345,300
264,079
323,745
335,951
290,760
226,698
183,161
272,988
328,732
309,010
310,156
77,900
188,816
197,368
77,381
208,476
193,385
75,021
168,274
204,019
70,704
128,003
171,120
67,152
282,717
194,614
80,099
218,796
216,342
84,907
86,876
226,594
66,566
59,427
181,459
74,198
177,052
185,411
71,908
355,101
212,527
81,222
145,733
215,246
65,677
119,491
216,812
NOTE: Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html)
under the Primary Dealer heading.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-
backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at
principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio.
Federal Finance
1.43
U.S. GOVERNMENT SECURITIES DEALERS
27
Positions and Financing
Millions of dollars
2006
2005
2005
Item, by type of security
Oct.
Nov.
Dec.
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan.18
Net outright posit ons2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-protected
2
3
7
8
9
10
11
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven
12 Mortgage-backed
Corporate securities
13
One year or less
14
More than one year
-2,444
10,674
25,642
28,372
40,131
35,469
21,516
11,881
10,644
-2,221
-9,084
-50,292
-48,100
-47,602
-50,679
-51,303
-45,003
-49,332
-46,208
-44,250
-40,600
-45,066
-50,526
-46,390
-42,206
-39,077
-45,398
-42,754
-41,239
-38,729
-43,848
-38,790
-41,004
-25,033
-9,505
396
-27,219
-10,773
1,606
-29,774
-10,822
525
-30,593
-13,064
894
-30,986
-13,631
1,107
-28,172
-10,391
574
-29,785
-10,827
404
-30,220
-9,043
208
-29,615
-9,413
75
-32,652
-12,557
-444
-36,396
-10,203
60
47,920
50,353
49,834
49,559
59,618
56,885
43,197
41,188
46,216
50,644
50,403
30,134
27,242
27,005
27,689
28,207
28,034
26,438
25,797
25,944
28,340
31,672
11,440
12,538
9,815
10,475
9,827
8,321
10,092
10,951
9,971
10,660
12,790
1,965
4,246
2,011
4,598
1,785
5,063
2,733
4,708
2,230
4,777
2,165
5,112
1,305
5,066
1,806
5,231
926
5,212
-103
5,404
1,457
5,454
29,276
18,924
13,222
19,222
9,525
15,252
13,147
16,028
10,741
9,083
13,526
36,407
134,434
38,830
140,269
41,402
148,561
42,767
146,381
46,442
144,557
45,945
145,644
45,141
145,264
32,187
155,168
31,819
156,985
34,029
151,140
41,980
148,204
Financing3
Securities in, U.S. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term
1,166,856
1,234,077
1,164,093
1,364,186
1,155,589
1,426,954
1,176,736
1,336,528
1,186,608
1,412,346
1,167,555
1,443,869
1,109,858
1,508,324
1,148,605
1,524,268
1,178,292
1,004,645
1,142,518
1,081,642
1,191,861
1,089,270
160,726
202,995
159,993
240,013
163,191
228,429
152,157
243,420
164,608
237,043
182,877
219,519
153,143
232,891
157,073
232,115
151,676
210,108
152,748
216,335
160,216
213,172
91,148
400,892
106,109
412,678
95,215
408,338
122,636
400,258
109,081
390,036
105,933
416,251
94,091
422,108
71,764
421,221
95,194
370,391
110,654
379,674
106,105
377,108
109,470
90,240
108,408
96,637
111,185
92,078
104,745
96,350
111,249
92,779
112,042
90,850
110,717
91,907
110,469
92,736
111,797
92,167
112,410
93,597
114,039
94,176
727,664
1,598,290
752,551
1 769 310
738,216
1 803 926
815,448
1 697 624
781,121
1 783 421
762,727
1 842 162
683,768
1 896131
715,803
1 907 616
760,254
1 305 464
719,703
1 391 659
763,515
1 387 320
1 126 877
1,045,827
1 122 688
1,189,421
1 152 377
1,232,735
1 173 477
1,131,017
1 165 298
1,220,859
1 156 557
1,262,833
1 128121
1,314,758
1 148 416
1,322,951
1 178 311
788,327
1 148 658
865,047
1 184 377
877,441
302,317
141,878
300,403
174,550
315,989
161,471
304,230
163,028
333,260
174,389
340,797
157,999
308,278
157,363
294,501
164,983
285,932
140,820
296,027
142,611
304,393
134,026
538,975
223,668
519,731
261,053
520,055
252,129
543,530
235,113
515,824
250,264
536,042
254,149
521,464
257,415
508,078
257,359
517,286
227,228
519,281
239,421
556,302
227,021
244,678
54,762
250,712
62,483
255,755
56,332
259,025
59,226
254,281
57,950
252,545
57,582
258,701
56,361
258,734
53,528
252,862
56,110
255,192
57,353
266,580
55,526
1,945,698
1,380,883
1,928,515
1,614,497
1,977,104
1,621,354
2,012,273
1,522,558
2,009,364
1,619,396
2,019,378
1,649,216
1,944,629
1,705,156
1,942,962
1,718,716
1,958,628
1,138,193
1,941,546
1,221,475
2,042,657
1,210,218
MEMO
Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
31 Overnight and continuing
32 Term
MEMO
Repurchase agreements
33 Overnight and continuing
34 Term
NOTE: Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-protected securities (TIPS) are reported in actual funds paid or received, except for
pledged securities. TIPS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
28
1.44
Federal Reserve Bulletin Statistical Supplement • April 2006
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
Debt Outstanding
Millions of dollars, end of period
Agency
July
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank^3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11
Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation . .
13 Federal National Mortgage Association
14 Farm Credit Bankss
15
Student Loan Marketing Association9
16 Financing Corporation10
17
Farm Credit Financial Assistance Corporation"
18
Resolution Funding Corporation12
2,121,057
276
6
2^51,039
6
n.a.
26,828
23,678
6
23,576
6
n.a.
143
n.a.
25,412
6
n.a.
n.a.
24,267
6
n.a.
207
Sept.
n.a.
23,511
6
n.a.
149
2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996
n.a.
854,815
733,400
949,510
97,266
78,121
8,170
1,261
29,996
30,811
2,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996
n.a.
n.a.
24,261
n.a.
27,948
45,820
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
16,961
n.a.
10,987
18,038
n.a.
27,782
18,086
n.a.
9,775
895,404
732,400
814,760
106,024
n.a.
890,756
742,300
791,668
107,136
n.a.
n.a.
n.a.
n.a.
23,637
748,939
n.a.
n.a.
23,505
n.a.
23,649
6
27,861
23,672
n.a.
n.a.
23,570
n.a.
n.a.
23,643
6
n.a.
n.a.
2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996
Aug.
23,643
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
MEMO
19 Federal Financing Bank debt13
20
21
22
23
24
39,096
Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6
Other lending*4
25 Farmers Home Administration . . . .
26 Rural Electrification Administration
27 Other
n.a.
n.a.
n.a.
n.a.
n.a.
13,876
25,220
n.a.
14,489
22,528
1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners' assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.
16,127
14,684
10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.
Securities Markets and Corporate Finance
1.45
NEW SECURITY ISSUES
29
State and Local Governments
Millions of dollars
Type of issue or issuer,
or use
July
Sept.
1 All issues, new and refunding1
384,311
357,875
409,452'
44,313
34,729
33,923
32,451
27,554
39,064
31,855
19,764
By type of issue
2 General obligation
3 Revenue
144,056
238,204
130,471
227,404
146,186'
263,265'
16,805
27,508
10,584
24,145
11,103
22,819
12,531
19,920
5,851
21,703
10,296
28,768
8,811
23,044
7,452
12,312
By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township . . .
49,795
253,536
78,962
47,365
234,237
76,273
31,568'
297,014'
80,870'
3,258
32,904
8,151
1,735
27,057
5,937
1,837
23,863
8,223
4,734
21,140
6,577
790
22,016
4,748
2,925
30,461
5,678
2,210
23,027
6,618
1,175
14,118
4,471
7 Issues for new capital
264,697
228,357
224,659'
25,309
17,367
20,006
16,987'
17,651
24,284
21,209
12,968
70,394
23,809
10,251
n.a.
22,339
97,736
65,426
20,546
9,242
n.a.
19.050
80,438
71,376'
25,261'
9,945
n.a.
18.706'
60,914'
8,551
3,965
721
n.a.
1.483
6,287
8,730
985
413
n.a.
1.307
3,880
5,590
4,345
1,448
n.a.
901
5,257
3,925
2,205
1,474
n.a.
1.468'
5,504
4,922
2,179
721
n.a.
2.426
3,292
7,203
1,952
619
n.a.
1.848
9,510
6,976
1,384
1,150
n.a.
1.721
5,508
3,710
1,890
255
n.a.
2.039
3,101
8
9
10
11
12
13
By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest
before then.
1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.
1.46
NEW SECURITY ISSUES
US. Corporations
Millions of dollars
2005
Type of issue, offering,
or issuer
2003
2004
2005
May
1
1 All issues
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2,070,680
2,438,989
182,463
264,143
172,969
227,934
235,682
184,688
217,135
242,978
1,692,260
By type of offering
3 Sold in the United States
1,815,569
1,923,094
2,323,735
176,510
250,164
168,045
215,978
217,950
176,725
209,117
232,645
1,579,311
112 949
1,737,342
185 752
2,141,496
182 238
169,998
6 512
230,843
19 321
152,735
15 310
204.581
11 397
204.402
13 548
163.616
13 109
185.344
23 772
209.801
22 844
20,701
22,328
24,595
2,251
2,173
4,543
2.331
1.610
952
2,753
3,377
362,340
1,329,920
259,968
1,663,127
216,072
2,107,662
9,496
167,014
31,342
218,822
17,969
150,076
17,876
198,102
23,373
194,577
8,529
168,196
24,247
184,869
20,936
211,709
182,132
147,585
115,255
5,953
13,979
4,924
11,956
17,732
7,963
8,018
10,333
123,309
58,823
147,585
n.a.
115,255
n.a.
5,953
n.a.
13,979
n.a.
4,924
n.a.
11,956
n.a.
17,732
n.a.
7,963
n.a.
8,018
n.a.
10,333
n.a.
44,416
78,893
64.345
83,240
54.713
60,541
2.427
3,527
4.448
9,532
1.953
2,971
6.385
5,571
9.597
8,135
2.445
5,517
4.324
3,694
7.375
2,958
MEMO
5 Private placements, domestic
By industry group
7 Financial
8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group
11 Nonfinancial
1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.
2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve
System.
30
Federal Reserve Bulletin Statistical Supplement • April 2006
1.47
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets1
Millions of dollars
2005
Item
2004
2006
2005'
July
Aug.
Sept.
Oct.
Nov.
Jan.r
Dec.
Feb.
1 Sales of own shares2
1,658,563
1,765,545
134,584
149,375
138,526
153,140
147,140
160,537
201,428
165,351
2 Redemptions of own shares
1,448,779
209,784
1,574,950
190,595
115,906
18,678
133,891
15,484
125,447
13,079
145,548
7,592
125,925
21,215
154,317
6,220
161,688
39,740
128,553
36,798
6,193,749
6,864,636
6,563,380
6,597,170
6,676,342
6,561,255
6,775,522
6,864,636
7,152,932
7,168,308
306,755
5 886 994
303,068
6 561 568
296,235
6 267 145
301,663
6 295 507
294,070
6 382 272
298,520
6 262 735
313,283
6 462 239
303,068
6 561 568
314,604
6 838 328
333,049
6 835 259
4 Assets
4
5 Cash5
1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.
1.51 DOMESTIC FINANCE COMPANIES
4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE: Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.
Assets and Liabilities1
Billions of dollars, end of period; not seasonally adjusted
2005
2004
Q2
Q3
Q4
Q1
Q2
Q3
Q4
ASSETS
2
4
1 022 2
365.8
457.4
198.9
Reserves for unearned income
8 All other
9 Total assets
1 218 5
429.4
504.2
284.9
1 075 4
390.1
471.3
213.9
1 097 2
416.4
456.3
224.5
1 145 0
430.4
471.7
242.9
1 141 6
425.7
469.2
246.7
1 153 6
423.8
478.1
251.7
1 171 0
431.9
474.6
264.6
1 218 5
429.4
504.2
284.9
50.8
24 6
46.3
24 8
37.8
23 3
47.3
24 0
46.5
24 1
46.3
24 8
45.4
23 4
44.8
23 1
37.9
24 2
37.8
23 3
1,073.9
765.4
1,157.4
659.3
1,004.1
732.2
1,026.5
746.8
1,073.9
765.4
1,072.9
747.9
1,085.7
764.4
1,109.0
659.8
1,157.4
659.3
1,700.8
Real estate
5 LESS:
1 145 0
430.4
471.7
242.9
946.8
753.9
Consumer
1,839.3
1,816.7
1,736.4
1,773.3
1,839.3
1,820.9
1,850.0
1,768.7
1,816.7
56.2
136.3
65.2
163.9
66.7
147.3
52.6
141.4
64.1
154.3
65.2
163.9
63.1
149.2
60.0
136.2
70.5
132.8
66.7
147.3
99.9
747.1
424.7
236.6
118.2
828.3
415.3
248.3
126.9
809.4
394.5
271.9
108.1
769.1
426.6
238.5
112.7
776.7
422.6
242.9
118.2
828.3
415.3
248.3
114.7
855.5
388.0
250.5
116.8
872.1
398.6
266.3
122.9
778.1
431.0
233.5
126.9
809.4
394.5
271.9
1,700.8
1,839.3
1,816.7
1,736.4
1,773.3
1,839.3
1,820.9
1,850.0
1,768.7
1,816.7
LIABILITIES AND CAPITAL
10 Bank loans
11 Commercial paper
Debt
12 Owed to parent
14 All other liabilities
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
NOTE: Some of the data presented in the table is available in the Board's monthly G.20
(422) statistical release, which is available at www.federalreserve.gov/releases.
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.
2. Before deduction for unearned income and losses. Excludes pools of securitized assets.
Securities Markets and Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
31
Owned and Managed Receivables'
Billions of dollars, amounts outstanding
Type of credit
Aug.
Sept.
Seasonally adjusted
1 Total
2
3
4
Consumer
Real estate
Business .
1,330.5'
1,410.3'
1,474.0
549.9'
229.2
551.4
573.7'
267.8
568.8
580.5
307.8
585.8
1,442.7'
583.9'
281.8
565.2
579.2'
292.1
576.2
1,474.0
1,447.4'
584.1'
286.2
572.4
583.2'
285.6
568.6
576.4'
296.8
581.0
580.5
307.8
585.8
Not seasonally adjusted
5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases . . . .
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables'" .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables'
1,336.9'
1,417.0'
1,480.8
1,439.7'
1,451.9'
554.3'
197.0
70.0
37.6
60.9
578.4'
230.0
62.5
40.5
96.3
585.3
194.6
71.2
54.2
114.4
582.2'
203.0
68.1
45.5
106.1
583.1'
202.7
68.6
45.3
109.3
585.8'
203.3
68.8
46.2
112.5
583.7'
203.1
68.9
47.2
113.4'
581.2'
200.9
69.5
48.2
114.2'
585.3
194.6
71.2
54.2
114.4
132.8
5.5
38.3'
12.2
229.4
152.2
46.7
109.9
4.8
24.5'
9.8
268.2
190.1
52.7
123.7
4.2
15.1
7.9
308.3
232.3
52.4
126.9
4.4
20.0'
8.3
283.6
206.1
51.6
125.6
4.4
19.1'
8.1
289.2
212.0
51.5
122.9
4.3
19.3'
8.5
287.8
212.6
52.0
120.6
4.3
18.1'
8.2
295.7
220.7
51.9
118.7
4.2
17.5'
8.0
301.6
226.7
52.0
123.7
4.2
15.1
7.9
308.3
232.3
52.4
26.7
3.8
553.1
74.9
18.2
40.3
16.3
277.6
74.6
203.1
105.0
21.8
3.5
570.4
91.6
18.4
46.2
27.0
264.8
70.6
194.3
115.3
18.9
4.8
587.3
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7
20.1
5.9
560.2
88.9
22.0
37.7
29.3
265.0
70.8
194.2
116.3
19.8
5.9
560.1
88.1
21.8
37.1
29.2
266.3
70.6
195.7
118.5
19.6
3.7
566.1
88.3
21.6
37.4
29.3
266.3
70.4
195.9
119.9
19.4
3.7
572.5
91.2
20.1
41.8
29.3
268.2
70.8
197.4
118.6
19.2
3.7
579.3
111.6
19.7
62.7
29.3
268.7
70.8
198.0
122.5
18.9
4.8
587.3
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7
48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1
44.8
2.2
40.6
2.0
23.6
11.5
12.1
30.2
28.8
2.7
26.0
.1
24.4
11.6
12.8
30.2
39.5
2.8
36.6
.1
23.0
11.4
11.6
27.5
36.9
2.8
34.0
.1
22.9
11.3
11.6
27.4
39.9
2.7
37.0
.1
23.8
12.4
11.4
27.9
43.2
2.7
40.3
.1
23.6
12.2
11.4
27.8
25.3
2.7
22.5
.1
23.2
11.8
11.4
27.8
28.8
2.7
26.0
.1
24.4
11.6
12.8
30.2
NOTE: This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown
1,480.8
before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers—that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.
32
Federal Reserve Bulletin Statistical Supplement • April 2006
1.53
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
2005
Item
2003
2004
2006
2005
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Terms and y elds in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
Terms]
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2
Yield (percent per year)
6 Contract rate1
8 Contract rate (HUD series)4
272.1
205.3
77.9
28.7
.61
292.0
215.0
76.0
28.8
.51
326.8
238.5
75.3
29.2
.54
323.1
237.7
75.9
29.1
.52
332.3
243.3
75.5
29.2
.58
338.6
246.3
75.1
29.4
.58
345.6
249.6
74.4
29.5
.66
358.5
260.4
74.4
29.5
.65
337.7
243.4
74.4
28.9
.43
338.1
248.2
75.4
29.3
.52
5.71
5.80
n.a.
5.68
5.75
n.a.
5.86
5.93
n.a.
5.75
5.83
n.a.
5.91
5.99
n.a.
5.95
6.03
n.a.
6.11
6.20
n.a.
6.30
6.39
n.a.
6.06
6.12
n.a.
6.32
6.40
n.a.
n.a.
5.03
n.a.
5.19
n.a.
5.13
n.a.
5.14
n.a.
5.06
n.a.
5.39
n.a.
5.55
n.a.
5.45
n.a.
5.24
n.a.
5.44
SECONDARY MARKETS
Yield (percent per year)
10 GNMA securities6
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
898,445
n.a.
n.a.
904,555
n.a.
n.a.
727,173
n.a.
n.a.
768,280
n.a.
n.a.
727,824
n.a.
n.a.
717,254
n.a.
n.a.
715,532
n.a.
n.a.
727,173
n.a.
n.a.
725,287
n.a.
n.a.
720,815
n.a.
n.a.
14 Mortgage transactions purchased (during period)
572,852
262,646
146,641
11,564
10,021
10,136
16,021
28,760
12,199
11,417
Mortgage commitments (during period)
15 Issued7
16 To sells
522,083
33 010
149,429
8 828
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
644,436
n.a.
n.a.
652,936
n.a.
n.a.
710,017
n.a.
n.a.
677,764
n.a.
n.a.
684,530
n.a.
n.a.
678,178
n.a.
n.a.
692,758
n.a.
n.a.
710,017
n.a.
n.a.
704,172
n.a.
n.a.
705,320
n.a.
n.a.
n.a.
713,260
n.a.
365,148
n.a.
397,867
n.a.
40,883
n.a.
43,002
n.a.
34,986
n.a.
37,837
n.a.
39,784
n.a.
33,669
n.a.
33,231
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13
Conventional
FEDERAL HOME LOAN MORTGAGE CORPORATION
Mortgage holdings (end ofperiod)*
17 Total
18 FHA/VA insured
19
Conventional
Mortgage transactions (during period)
21 Sales
22 Mortgage commitments contracted (during period)9
1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.
6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.
Real Estate
1.54
33
MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
Type of holder and property
Q4
1 All holders .
2
3
4
5
By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm
By type of holder
6 Major financial institutions . . .
7
Commercial banks2
One- to four-family
9
Multifamily
10
Nonfarm, nonresidential .
11
Farm
12 Savings institutions3
13
One- to four-family
14
Multifamily
15
Nonfarm, nonresidential .
16
Farm
17 Life insurance companies . .
18
One- to four-family
19
Multifamily
20
Nonfarm, nonresidential .
Farm
21
22 Federal and related agencies
23 Government National Mortgage Association
24
One- to four-family
25
Multifamily
26 Farmers Home Administration4
27
One- to four-family
28
Multifamily
29
Nonfarm, nonresidential
30
Farm
31 Federal Housing Admin, and Dept. of Veterans Affairs . . .
32
One- to four-family
33
Multifamily
34 Resolution Trust Corporation
35
One- to four-family
36
Multifamily
37
Nonfarm, nonresidential
38
Farm
39
40 Federal Deposit Insurance Corporation
One- to four-family
41
Multifamily
42
Nonfarm, nonresidential
43
Farm
44
Federal National Mortgage Association
45
One- to four-family
46
Multifamily
47
48 Federal Land Banks
49
One- to four-family
50
Farm
51 Federal Home Loan Mortgage Corporation
52
One- to four-family
53
Multifamily
54 Federal Agricultural Mortgage Corporation
Farm
55 Mortgage pools or trusts5
56
Government National Mortgage Association
One- to four-family
57
58
Multifamily
59 Federal Home Loan Mortgage Corporation
60
One- to four-family
61
Multifamily
62 Federal National Mortgage Association . . .
63
One- to four-family
64
Multifamily
65 Farmers Home Administration4
66
One- to four-family
67
Multifamily
68
Nonfarm, nonresidential
69
Farm
70
Private mortgage conduits
71
One- to four-family1"
72
Multifamily
73
Nonfarm, nonresidential
74
Farm
75
Federal Agricultural Mortgage Corporation
76
Farm
77 Individuals and others7 . . .
78
One- to four-family
79
Multifamily
80
Nonfarm, nonresidential
81
Farm
Q2
Q3
11,106,500
Q1
Q4"
11,534,870
8,244,541
9,236,104
10,472,280
6,244,137
486,680
1,388,217
125,507
7,025,321
557,375
1,519,826
133,583
8,016,280
612,217
1,702,071
141,710
8,016,280
612,217
1,702,071
141,710
8,213,851
623,176
1,745,985
142,963
8,507,556
640,682
1,812,042
146,219
8,847,289
655,346
1,883,927
148,310
9,148,997
674,463
1,967,856
150,927
3,089,434
2,058,426
1,222,126
94,178
704,097
38,025
780,989
631,057
68,624
80,730
577
250,019
4,657
36,816
195,040
13,506
3,387,175
2,256,037
1,346,908
104,901
763,579
40,649
870,194
702,784
77,895
88,884
632
260,944
4,403
38,556
203,946
14,039
3,925,678
2,595,318
1,568,000
119,294
863,467
44,557
1,057,036
874,518
87,445
94,475
598
273,324
4,998
40,453
214,085
13,788
3,925,678
2,595,318
1,568,000
119,294
863,467
44,557
1,057,036
874,518
87,445
94,475
598
273,324
4,998
40,453
214,085
13,788
4,031,957
2,689,241
1,633,240
122,807
888,164
45,030
1,068,024
883,372
90,294
93,761
597
274,692
5,024
40,655
215,154
13,859
4,181,182
2,790,473
1,696,047
129,021
919,185
46,220
1,112,919
921,684
95,048
95,582
604
277,790
5,082
41,113
217,576
14,019
4,316,323
2,895,448
1,750,876
135,547
961,886
47,139
1,140,910
946,883
96,732
96,690
605
279,965
5,122
41,435
219,276
14,132
4,392,502
2,957,654
1,776,472
140,121
993,475
47,585
1,152,165
954,556
98,121
98,874
614
282,683
5,173
41,836
221,401
14,273
433,565
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
537,131
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
553,821
44
44
0
70,624
13,464
11,556
42,370
3,235
4,733
1,338
3,394
0
0
0
0
0
11
2
553,821
44
44
0
70,624
13,464
11,556
42,370
3,235
4,733
1,338
3,394
0
0
0
0
0
11
2
554,645
42
42
0
70,690
13,338
11,537
42,559
3,255
4,936
1,346
3,589
0
0
0
0
0
11
2
552,979
39
39
0
70,995
13,274
11,527
42,957
3,237
4,784
1,356
3,429
0
0
0
0
0
9
550,130
36
36
0
72,044
13,124
11,500
44,172
3,247
4,703
1,359
3,344
0
0
0
0
0
9
1
551,497
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1
7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887
887
7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887
887
7
0
249,397
222,417
26,980
53,341
3,139
50,202
61,736
23,532
38,204
865
865
2
6
0
249,230
222,250
26,980
54,769
3,223
51,546
60,986
23,246
37,740
838
838
5
0
248,994
222,014
26,980
55,489
3,265
52,224
61,207
23,331
37,876
832
832
5
0
248,991
222,011
26,980
57,127
3,361
53,766
61,481
23,435
38,046
832
832
0
0
0
796,904
487,486
59,225
250,193
0
367
367
4,457,625
473,738
444,820
28,918
1,157,339
1,141,241
16,098
1,857,045
1,780,884
76,161
0
0
0
0
0
968,500
606,762
67,288
294,450
0
1,003
1,003
4,969,761
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,427,587
1,004,356
75,170
348,061
0
938
938
4,969,761
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,427,587
1,004,356
75,170
348,061
0
938
938
5,093,469
431,193
398,619
32,574
1,218,978
1,202,023
16,955
1,896,003
1,820,163
75,840
0
0
0
0
0
1,546,413
1,103,571
77,309
365,533
0
882
882
5,290,189
420,915
388,057
32,858
1,245,930
1,228,600
17,330
1,900,149
1,824,143
76,006
0
0
0
0
0
1,722,320
1,246,639
82,955
392,726
0
875
875
5,542,171
411,621
378,393
33,229
1,279,664
1,261,865
17,799
1,924,810
1,847,818
76,992
0
0
0
0
0
1,925,240
1,425,827
85,991
413,422
0
835
835
5,821,976
405,830
372,068
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,144,437
1,591,697
95,162
457,578
0
835
835
766,034
547,833
77,343
116,027
24,830
854,174
618,886
80,439
128,424
26,424
1,023,019
770,183
85,209
139,606
28,021
1,023,019
770,183
85,209
139,606
28,021
1,045,905
790,411
86,414
140,808
28,273
1,082,148
822,601
86,658
144,010
28,879
1,126,249
860,576
87,904
148,475
29,294
1,176,268
905,790
89,363
151,310
29,805
0
0
0
0
23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
60,270
27,274
32,996
990
990
46
7
9
30
0
185,801
172,230
13,571
46,257
2,722
43,535
63,887
35,851
28,036
966
966
3,955,508
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.
6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE: Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 70 from LoanPerformance Corporation and other sources.
34
Federal Reserve Bulletin Statistical Supplement • April 2006
1.55 CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period
Holder and type of credit
July
Aug.
Sept.
Seasonally adjusted
2,096,841
752,792
1,257,058
2 Revolving . . .
3 Nonrevolving2
2,154,505
781,057
1,315,785
800,855
1,353,649
2,155,493'
2,152,504
801,334'
1,359,578'
2,154,505
800,585
1,352,443
801,359
1,351,146
800,855
1,353,649
2,160,912'
794,788'
1,360,705'
789,738'
1,354,796'
Not seasonally adjusted
2,037,519
2,126,276
2,184,704
2,129,016'
2,150,329'
2,162,237'
2,157,783
2,161,422
2,184,704
669,386
295,424
205,877
114,658
77,850
63,348
610,976
704,270
366,834
215,384
98,363
91,271
64,684
585,470
707,076
357,657
228,588
102,122
109,050
62,186
618,026
694,674
354,551
225,297'
98,120
95,817
59,987'
600,570
705,421
357,357
228,824'
98,205
97,631
62,171'
600,721
708,230
361,994
229,487'
103,921
99,387
61,982'
597,237
701,917
363,706
228,667
104,002
108,443
58,630
592,418
697,109
363,305
228,703
102,786
108,694
58,611
602,214
707,076
357,657
228,588
102,122
109,050
62,186
618,026
By major type of credit*
12 Revolving
13
Commercial banks
14 Finance companies
15
Credit unions
16 Federal government and Sallie Mae
17
Savings institutions
18
Nonfinancial business
19 Pools of securitized assets3
774,887
285,015
37,576
22,410
n.a.
23,848
19,363
386,675
804,953
314,649
40,496
23,244
n.a.
27,905
17,899
380,760
825,357
311,204
48,840
24,688
n.a.
40,755
14,427
385,443
784,894'
296,835
45,479
23,097'
n.a.
28,792
16,316'
374,376
792,281'
298,039
45,346
23,318'
n.a.
29,342
18,262'
377,975
795,662'
300,551
46,157
23,202'
n.a.
29,874
18,178'
377,700
795,139
294,521
47,218
23,308
n.a.
39,340
14,907
375,845
804,376
299,808
48,224
23,616
n.a.
39,989
13,943
378,796
825,357
311,204
48,840
24,688
n.a.
40,755
14,427
385,443
20 Nonrevolving
21
Commercial banks
22
Finance companies
23
Credit unions
24 Federal government and Sallie Mae
25
Savings institutions
26
Nonfinancial business
27
Pools of securitized assets3
1,262,632
384,371
257,847
183,467
114,658
54,002
43,986
224,301
1,321,323
389,621
326,338
192,140
98,363
63,366
46,786
204,710
1,359,347
395,872
308,817
203,900
102,122
68,295
47,759
232,583
1,344,122'
397,840
309,073
202,200'
98,120
67,025
43,671'
226,194
1,358,048'
407,381
312,011
205,506'
98,205
68,289
43,909'
222,746
1,366,575'
407,679
315,837
206,285'
103,921
69,513
43,804'
219,537
1,362,644
407,396
316,489
205,359
104,002
69,103
43,723
216,573
1,357,047
397,300
315,082
205,087
102,786
68,705
44,668
223,418
1,359,347
395,872
308,817
203,900
102,122
68,295
47,759
232,583
4 Total .
5
6
7
8
9
10
11
By major holder
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae . .
Savings institutions
Nonfinancial business
Pools of securitized assets3
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/
releases.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.
3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.
1.56 TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2005
Item
2003
2004
2005
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
INTEREST RATES
Commercial banks2
1 48-month new car
2 24-month personal
6.93
11.95
6.60
11.89
7.08
12.05
n.a.
n.a.
n.a.
n.a.
7.08
12.22
n.a.
n.a.
n.a.
n.a.
7.43'
11.95'
n.a.
n.a.
Credit card plan
3 All accounts
4 Accounts assessed interest
12.30
12.73
12.71
13.21
12.50
14.54
n.a.
n.a.
n.a.
n.a.
12.48
14.75
n.a.
n.a.
n.a.
n.a.
12.57
14.48
n.a.
n.a.
3.40
9 72
4.36
8 96
5.46
9 03
5.55
8 93
5.71
8 55
5.80
8 72
5.89
9 06
6.13
8 96
6.40
8 95
5.39
8 73
61.4
57 5
60.5
56 8
60.0
57 6
59.9
57 5
60.4
57 5
60.1
57 6
60.2
57 4
61.4
57 6
60.6
57 5
61.2
57 5
95
100
89
100
88
98
88
98
89
97
88
97
88
99
90
99
88
98
88
98
26,295
14,613
24,888
15,136
24,133
16,228
23,717
16,316
25,086
16,509
25,059
16,383
23,579
16,220
24,209
16,836
24,174
17,019
24,706
17,174
Auto finance companies
5 New car
OTHER TERMS3
Maturity (months)
7 New car
Loan-to-value ratio
9 New car
10 Used car
Amount financed (dollars)
11 New car
12 Used car
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release, available at www.federalreserve.gov/releases.
2. Data are available for only the second month of each quarter.
3. At auto finance companies.
Flow of Funds
1.57
35
FUNDS RAISED IN U.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Nonfinancial sectors
1,095.3
1,319.0
1,649.4
1,932.7
1,710.5
1,934.9
2,048.7
2,335.3'
1,992.4'
2,408.3'
48.1
-294.9
-1.0
23.6
162.6
98.2
79.6
540.7
401.0
26.8
105.9
7.0
168.1
-88.3
-5.1
-.5
122.9
347.7
-81.6
8.9
659.1
496.1
40.6
114.6
7.7
132.3
-64.2
257.1
.5
159.4
132.3
-87.0
20.3
813.5
672.8
37.2
95.9
7.6
87.1
-40.0
398.4
-2.4
135.1
158.3
-80.2
10.0
981.7
779.9
70.1
123.7
8.0
88.4
15.8
362.5
-.6
133.1
77.7
33.5
25.0
1,196.9
977.4
50.2
161.0
8.4
88.8
32.3
370.8
-3.6
70.2
6.7
85.3
-15.3
1,111.3
904.0
69.9
126.9
10.5
52.8
22.4
266.5
__2
157.3
51.7
-31.5
2
1,339.1
1,097.3
45.5
187.0
9.3
129.4
-25.4
310.9
.3
130.9
138.3
118.6
100.7
1,183.6
937.9
59.0
180.6
6.1
90.9
50 .4'
631.5
-.7
225.4
35.1
89.0
84.0
1,147.8
925.4
42.7
175.2
4.5
72.8
5.9'
7.2
-1.4
125.7
30.3
210.3
70.2
1,465.6
1,142.8
75.2
236.2
11.4
78.5
1.4'
232.3
-.4
249.7
100.9
43.4
19.1
1,647.6
1,307.9
52.3
278.7
8.7
114.3
-89.4'
358.2
.8
202.3
76.4
216.9
152.2
1,540.7
1,155.0
73.6
300.5
11.6
-15.8
551.1
554.4
346.0
197.1
11.3
15.5
-295.9
600.5
394.6
221.4
162.7
10.5
105.8
-5.6
736.2
181.4
25.0
148.5
7.8
143.9
257.6
946.3
189.3
84.7
96.9
7.7
117.8
396.0
1,023.4
429.2
174.5
243.0
11.8
118.2
361.9
988.6
303.6
59.0
231.3
13.2
51.1
367.2
1,054.5
468.9
188.6
261.9
18.4
145.2
266.3
1,045.5
571.5
274.5
288.3
8.7
120.5
311.2
994.7
507.8'
303.7'
201.8
2.3
202.0
630.7
1,241.7
641.0'
288.7'
335.3
17.0
103.9
5.8
1,347.2
600.1'
242.5'
332.6
25.0
229.1
231.9
1,235.0
674.1'
322.3'
334.6
17.2
174.2
359.0
22 Foreign net borrowing in United States
63.0
-43.8
70.8
54.3
82.2
-63.6
97.5
210.7
16.2r
95.1'
113.0'
155.7'
23
24
25
26
31.7
21.2
11.4
-1.3
-14.2
-18.5
-7.3
-3.8
36.1
31.6
5.3
-2.3
22.3
41.9
-7.7
-2.1
63.7
19.2
2.5
-3.1
-30.1
-40.1
7.0
-.4
24.4
86.8
-9.0
-4.8
160.7
34.4
18.5
-2.9
12.3'
-4.6
12.1
-3.5
32.2'
72.3
-5.3
-4.1
115.3'
-2.7
5.2
-4.7
119.9'
2.8
39.5
-6.5
1,051.6
1,389.7
1,703.7
2,014.9
1,646.9
2,032.4
2,259.4
2,351.5'
2,087.5'
2,521.3'
1 Total net borrowing by domestic nonfinancial sectors
2
3
4
5
6
7
8
9
10
11
12
13
14
By instrument
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
15
16
17
18
19
20
21
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
Federal government
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
27 Total domestic plus foreign
888.1
Financial sectors
877.5
823.3
1,009.2
803.2
932.7
735.9
835.4
613.2
1,293.8
671.3
1,224.4
131.7
235.2
199.7
160.7
3.8
42.5
4.9
-45.3
304.1
338.5
239.4
13.0
25.5
2.2
-63.5
219.8
326.8
323.7
1.5
6.8
8.2
-63.8
243.7
330.5
463.9
-4.8
31.2
8.3
34.2
65.0
53.0
538.0
12.5
74.1
26.3
-2.5
211.9
88.0
497.0
-25.8
148.1
15.9
-31.4
93.1
62.1
563.0
44.2
-15.7
20.6
41.1
-45.5
-64.6
763.0
14.2
85.1
42.1
122.1
-209.6
64.7
581.0
5.3
27.0
22.7
473.2
-84.2
122.6
672.5
-24.0
114.5
19.3
140.2
-243.9
178.4
527.4
38.6
10.8
19.9
-48.4
200.7
175.9
855.4
.4
25.0
15.6
60.0
27.3
.0
-.7
235.2
199.7
157.2
81.9
.0
2.6
15.6
-.3
52.9
-2.0
1.5
.6
304.1
338.5
230.4
1.3
.0
3.2
1.4
-54.6
49.7
-23.4
2.0
2.0
219.8
326.8
181.9
42.2
.0
24.5
-1.7
-.5
49.2
6.1
2.2
2.9
243.7
330.5
219.5
118.2
.0
31.9
6.4
-1.4
77.7
64.4
2.3
3.0
65.0
53.0
325.1
117.9
.0
98.4
15.2
-18.9
6.8
166.6
4.9
2.7
211.9
88.0
361.8
-8.4
.0
63.9
2.5
32.1
60.1
-7.0
.9
.1
93.1
62.1
425.4
115.5
.0
42.1
33.2
-89.6
61.2
96.9
6.1
9.7
-45.5
-64.6
367.9
253.2
.0
220.7
-26.6
-43.6
163.0
-30.6
1.5
-1.6
-209.6
64.7
448.1
75.8
.0
73.0
11.2
17.6
41.4
82.4
3.1
2.3
-84.2
122.6
680.8
-23.6
.0
92.8
-5.2
381.4
82.6
-7.1
.3
.4
-243.9
178.4
689.2
-71.7
.0
66.0
28.0
-50.9
53.7
19.8
8.1
.6
200.7
175.9
761.2
177.3
.0
88.9
-33.4
-228.3
28 Total net borrowing by financial sectors
29
30
31
32
33
34
35
By instrument
Open market paper
Government-sponsored enterprise securities
Agency- and GSE-backed mortgage pool securities
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
36
37
38
39
40
41
42
43
44
45
46
47
By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Issuers of asset-backed securities (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
36
Federal Reserve Bulletin Statistical Supplement • April 2006
1.57
FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q2
Q3
Q4
Q1
Q2
Q3
Q4
48 Total net borrowing, all sectors . . . .
1,666.5
1,929.0
2,213.1
2,712.8
2,818.1
2,579.6
2,768.3
3,094.8
2,964.8'
3,381.3'
3,192.7'
3,822.6'
49
50
51
52
53
54
55
56
57
211.6
-294.9
433.9
23.6
344.5
113.3
120.8
545.6
168.1
-147.8
-5.1
642.1
122.9
568.6
-75.8
30.6
661.3
132.3
-91.5
257.1
547.2
159.4
487.6
-80.2
24.7
821.7
87.1
-81.6
398.4
571.9
135.1
664.1
-92.6
39.1
990.1
88.4
113.6
362.5
117.5
133.1
634.9
48.5
96.0
1,223.2
88.8
__3
370.8
296.3
70.2
463.5
66.5
132.4
1,127.2
52.8
15.4
266.5
155.1
157.3
701.5
3.7
-20.3
1,359.6
129.4
176.4
310.9
-109.8
130.9
935.7
151.3
182.9
1,225.7
90.9
184.8'
631.5
-145.7
225.4
611.5
106.4
107.5
1,170.5
72.8
511.4'
7.2
37.0
125.7
775.1
180.9
180.6
1,484.9
78.5
256.8'
232.3
-65.9
249.7
625.6
87.2
25.2
1,667.5
114.3
-18.0'
358.2
377.3
202.3
934.6
256.8
170.8
1,556.2
-15.8
Open market paper
Treasury securities
Agency- and GSE-backed securities . .
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
Funds raised through mutual funds and corporate equities
58 Total net issues .
244.7
299.5
228.8
407.1
349.5
252.5
300.6
274.6
379.5
55.6
-122.5
59 Corporate equities
60
Nonfmancial corporations
61
Foreign shares purchased by U.S. residents . .
62
Financial corporations
63 Mutual fund shares
5.3
118.2
106.7
16.8
239.4
98.3
-48.1
109.1
37.3
201.2
46.4
-41.6
17.0
71.0
182.4
119.1
-57.8
114.2
62.7
288.0
50.4
-141.1
83.2
108.3
299.1
136.9
-121.9
160.9
97.9
115.6
-8.3
-203.6
67.0
128.4
308.9
-33.2
-173.1
38.5
101.4
307.8
-18.7
-248.6
159.3
70.6
398.1
-169.2
-339.6
95.6
74.8
224.8
-316.3
-481.1
138.5
26.3
193.8
1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2
through F4, available at www.federalreserve.gov/releases.
73.0
-140.1
-394.6
156.7
97.8
213.1
Flow of Funds
1.58
37
SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q2
Q3
Q4
Q1
Q2
Q3
Q4
NET LENDING IN CREDIT MARKETS2
1 Total net lending in credit markets
2 Domestic nonfinancial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7
Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
12
U.S.-chartered commercial banks
13
Foreign banking offices in United States . .
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18 Property-casualty insurance companies . . . .
19 Life insurance companies
20
Private pension funds
21
State and local government retirement funds
22
Federal government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Exchange-traded funds
27
Government-sponsored enterprises
28 Agency- and GSE-backed mortgage pools
29
Asset-backed securities issuers (ABSs)
30
Finance companies
31
Mortgage companies
32
Real estate investment trusts (REITs)
33
Brokers and dealers
34 Funding corporations
1,666.5
1,929.0
2,213.1
2,712.8
2,818.1
2,579.6
2,768.3
3,094.8
2,964.8'
3,381.3' 3,192.7'
3,822.6'
24.5
-87.4
26.1
2.1
72.1
11.6
241.9
1,400.1
33.7
357.9
339.5
23.9
-12.2
6.7
56.2
28.0
-8.7
57.9
-96.4
36.3
2.1
138.3
20.9
-5.6
.0
246.0
199.7
144.3
108.6
.0
-5.3
68.9
17.3
-72.8
-175.0
-4.3
7.1
93.4
6.0
305.3
1,696.5
39.9
205.2
191.6
-.6
4.2
10.0
44.4
41.5
9.0
130.9
13.3
-53.8
9.7
267.3
126.1
3.2
.0
304.7
338.5
217.0
-4.8
.0
8.6
92.4
-96.6
103.6
-17.9
26.1
-.8
86.5
9.6
422.7
1,686.8
77.7
404.4
393.8
6.2
3.1
1.3
33.4
42.7
39.9
233.0
25.7
-50.7
13.0
-17.7
144.2
8.6
3.7
224.1
326.8
189.9
21.2
.0
23.8
28.4
-85.1
236.3
186.2
-1.1
1.2
52.5
-2.5
531.6
1,945.0
37.2
299.5
323.3
-43.0
8.6
10.6
126.0
50.7
67.0
180.6
14.2
11.2
6.3
-95.9
137.7
36.2
.7
236.5
330.5
226.1
84.2
.0
25.7
79.6
90.9
217.5
112.5
27.2
12.1
61.8
3.9
754.4
1,846.2
51.2
582.2
548.0
20.3
.0
13.9
172.8
42.0
73.6
173.0
34.9
27.2
4.6
-124.9
117.1
11.2
3.8
46.2
53.0
325.6
129.6
.0
87.9
-29.2
64.4
99.7
32.3
41.7
11.5
26.2
-11.9
793.6
1,686.2
53.5
486.6
495.7
-25.3
-2.3
18.5
186.5
58.8
65.1
162.2
22.9
67.4
6.8
-151.8
8.1
21.7
3.5
168.0
88.0
379.1
64.9
.0
56.0
-118.8
57.6
502.3
423.5
-13.1
13.2
54.1
24.6
593.0
1,673.0
71.3
263.5
252.7
-2.7
3.0
10.5
128.0
18.9
73.5
158.2
44.9
-63.1
10.8
-153.7
103.4
.3
2.2
104.3
62.1
433.1
90.1
.0
31.9
302.8
-9.8
430.0
287.9
57.2
14.2
72.6
-1.9
817.0
1,847.7
57.6
714.7
615.5
86.5
-2.0
14.8
259.2
43.3
50.6
154.9
27.0
-5.1
.1
17.7
125.2
12.7
4.2
-106.0
-64.6
332.6
191.4
.0
177.3
-110.7
-34.3
28.8
-128.9
16.6
10.4
130.6
.2
788.1
2,147.8'
-10.5
982.5
760.2
219.7
-9.4
12.0
8.8
46.5
89.0
187.4
7.5
60.0
8.5
-198.5
206.9
6.4
11.7
-65.5
64.7
438.8
4.5
.0
37.6
67.3
194.4'
155.0
14.7
64.4
16.6
75.9
-16.6
736.4
2,489.9'
32.0
597.2
426.8
126.6
29.4
14.4
239.7
41.6
49.2
65.8
46.5
-23.6
11.3
-78.5
120.1
4.0
3.5
-66.5
122.6
661.4
14.6
.0
120.1
280.5
248.3'
574.6
380.6
24.5
17.0
134.4
18.1
916.0
1,702.1'
66.8
696.1
569.2
167.5
-46.0
5.5
141.8
26.5
115.6
80.5
47.2
-58.6
8.1
-49.2
103.8
-.8
7.1
-277.9
178.4
670.0
55.7
.0
89.1
-330.3
132.3'
280.0
238.0
-25.2
16.0
55.9
-4.7
1,143.6
2,399.0'
17.3
315.1
245.3
55.0
9.3
5.6
132.0
41.0
73.8
115.5
-10.0
-19.0
2.9
285.8
82.4
-2.8
4.8
149.2
175.9
726.5
186.5
.0
100.2
346.7
-324.8'
1,666.5
1,929.0
2,213.1
2,712.8
2,818.1
2,579.6
2,768.3
3,094.8
2,964.8'
3,381.3' 3,192.7'
3,822.6'
-.4
-4.0
2.4
126.9
12.0
-113.6
231.0
116.2
232.5
114.5
5.3
239.4
402.3
146.1
50.2
189.8
25.9
-52.2
,379.5
4.3
.0
1.3
6.8
-28.0
156.8
314.6
68.5
428.5
23.7
98.3
201.2
-80.4
3.1
77.2
213.2
14.4
-22.1
673.4
3.2
.0
1.0
21.0
17.4
-9.0
323.4
50.0
-16.7
106.6
46.4
182.4
70.8
-87.0
60.1
181.4
22.2
-83.1
480.5
-.9
.0
.6
22.3
-14.6
81.7
306.9
61.8
-207.5
227.2
119.1
288.0
33.1
132.5
66.8
213.9
-1.0
22.7
522.9
-3.2
.0
.7
111.3
-5.0
89.7
283.1
246.6
-136.5
83.2
50.4
299.1
205.3
166.6
33.1
230.8
28.1
-55.5
1,421.4
16.2
239.0
56.9
466.3
178.1
-85.9
-278.2
136.9
115.6
140.4
177.1
34.7
205.0
26.6
-20.7
1,074.5
.7
79.8
-45.7
20.8
239.3
207.4
-156.1
396.8
-8.3
308.9
185.5
-10.2
37.9
211.8
25.9
-79.7
1,537.2
196.6
-8.0
164.0
270.6
322.8
-171.8
-45.8
-33.2
307.8
220.2
214.3
34.4
208.2
21.6
-85.1
1,363.7
-14.5
.0
.8
371.2
142.6
53.2
128.8
258.0
-71.4
580.7
-18.7
398.1
145.3
9.7
56.0
226.8
41.1
-16.2
577.1
-7.2
.0
.9
28.7
-66.8
-83.9
463.5
378.8
222.2
259.2
-316.3
193.8
274.3
6.3
33.3
184.6
12.9
-74.2
980.5
.0
.3
30.0
-266.7
105.6
386.6
196.1
296.5
179.8
-140.1
213.1
242.9
-143.9
62.5
225.2
39.0
-38.8
-469.4
4,770.3
4,083.7
3,583.6
4,588.1
5,867.2
5,058.4
5,718.0
6,072.2
-1.2
76.4
17.3
133.9
32.6
-367.6
-.1
-12.9
17.2
-58.1
21.4
-301.7
-.6
22.3
7.2
40.2
19.7
-41.8
-.3
39.3
-4.4
-31.5
-67.7
-.3
91.1
15.0
-120.3
12.9
444.5
.0
-53.6
70.4
-278.7
12.5
700.7
-.3
120.4
-33.4
84.5
21.5
88.1
-.5
135.5
22.2
-159.8
16.0
506.1
9.0
-.3
23.5
5.7
-.5
10.9
-1.6
-.7
150.0
-8.9
.0
50.3
27.9
-.2
7.6
-10.5
-.4
-61.5
23.5
-.1
31.9
4,846.7
4,401.8
3,388.8
4,633.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
35 Netflowsthrough credit markets
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Noncorporate proprietors' equity
Miscellaneous
55 Total financial sources
56
57
58
59
60
61
Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets (-)
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets
1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I
and F.5, available at www.federalreserve.gov/releases.
.0
1.1
-36.4
163.4
-65.8
293.7
237.3
60.7
422.8
-169.2
224.8
234.6
97.2
56.9
181.1
11.4
-38.1
1,407.9
6,467.3'
4,744.2'
.4
324.7
12.8
351.2
-53.1
-143.3
-123.6
-13.1
219.3
5.6
316.1
1.7
-77.7
.0
-78.3
36.7
-28.0
-.4
45.7
37.8
44.3
15.4
-172.1
-17.1
-1.0
-84.5
-37.7
-.6
-60.2
31.5
.8
-23.0
-4.8
1.5
-29.8
4,679.4
2. Excludes corporate equities and mutual fund shares.
38
1.59
Federal Reserve Bulletin Statistical Supplement • April 2006
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING'
Billions of dollars, end of period
2004
Transaction category or sector
2001
2002
2003
2005
2004
Q2
Q4
Q3
Q1
Q2
Q3
Q4
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
19,148.4
20,467.4
22,149.2
24,096.7
22,989.7
23,507.2
24,096.7
24,596.2
25,082.1
25,704.2
26,391.3
2
3
4
5
6
7
8
9
10
11
12
13
14
By instrument
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
190.1
3,352.7
26.8
1,603.7
2,578.0
1,257.0
941.0
7 337 1
5,571.3
428.8
1,219.1
117.8
1,862.0
126.0
3,609.8
27.3
1,763.1
2,710.3
1,170.0
961.3
8,150.6
6,244.2
466.0
1,315.0
125.5
1,949.1
85.9
4,008.2
24.9
1,898.2
2,868.6
1,122.3
971.3
9,132.4
7,024.1
536.1
1,438.7
133.5
2,037.5
101.7
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,344.1
8,016.2
586.3
1,599.7
141.9
2,126.3
102.5
4,185.4
24.2
1,974.0
2,898.8
1,127.7
976.8
9,670.8
7,468.7
560.1
1,503.5
138.4
2,029.5
109.3
4,268.7
24.2
1,993.7
2,911.7
1,120.6
971.1
10,032.2
7,771.0
571.5
1,549.0
140.6
2,075.7
101.7
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,344.1
8,016.2
586.3
1,599.7
141.9
2,126.3
115.6
4,535.6
24.1
2,086.0
2,955.1
1,172.5
1,010.3
10,592.1
8,213.9
596.9
1,638.3
143.0
2,105.0
114.6
4,493.1
23.7
2,134.6
2,962.7
1,224.4
1,041.1
10,967.6
8,507.5
615.7
1,698.1
146.2
2,120.3
119.6
4,566.0
23.6
2,176.4
2,987.9
1,236.1
1,039.6
11,391.0
8,847.3
628.8
1,766.6
148.3
2,164.0
93.8
4,678.0
23.8
2,232.0
3,007.0
1,295.7
1,077.7
11,794.5
9,149.0
647.2
1,847.4
150.9
2,188.7
15
16
17
18
19
20
21
By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
Federal government
7,561.1
6,909.7
4,758.4
1,959.3
192.0
1,298.1
3,379.5
8,297.3
7,091.1
4,783.4
2,107.8
199.8
1,442.0
3,637.0
9,253.8
7,302.6
4,890.3
2,204.8
207.5
1,559.7
4,033.1
10,292.0
7,731.8
5,064.8
2,447.7
219.2
1,678.0
4,395.0
9,685.7
7,467.5
4,944.2
2,310.7
212.6
1,626.9
4,209.6
9,991.7
7,577.7
4,985.1
2,375.0
217.6
1,644.9
4,292.9
10,292.0
7,731.8
5,064.8
2,447.7
219.2
1,678.0
4,395.0
10,463.1
7,845.3
5,130.5
2,498.6
216.2
1,728.1
4,559.7
10,780.9
8,013.6
5,207.0
2,582.5
224.1
1,770.8
4,516.8
11,146.5
8,159.3
5,264.0
2,664.5
230.8
1,808.8
4,589.6
11,496.6
8,337.5
5,354.1
2,748.8
234.6
1,855.3
4,701.9
22 Foreign credit market debt held in
United States
773.4
960.7
1,142.3
1,247.6
1,148.1
1,172.5
1,247.6
1,252.4
1,277.4
1,305.2
1,342.6
23
24
25
26
106.7
557.1
63.2
46.4
142.8
705.2
68.6
44.1
165.1
874.4
60.9
42.0
228.7
916.7
63.3
38.9
183.4
863.2
60.9
40.5
189.2
884.9
58.7
39.7
228.7
916.7
63.3
38.9
232.6
915.5
66.3
38.0
242.1
933.6
65.0
36.7
270.1
932.9
66.3
35.9
298.6
933.6
76.2
34.2
19,921.8
21,428.1
23,291.4
25,344.3
24,137.8
24,679.7
25,344.3
25,848.6
26,359.5
27,009.4
27,733.9
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
27 Total credit market debt owed by nonfinancial
sectors, domestic and foreign
Financial sectors
28 Total credit market debt owed by
financial sectors
32
33
34
35
By instrument
Open market paper
Government-sponsored enterprise securities
Agency- and GSE-backed mortgage pool
securities
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
36
37
38
39
40
41
42
43
44
45
46
47
48
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
29
30
31
8,982.3
9,805.6
10,800.8
11,618.8
11,163.4
11,368.6
11,618.8
11,745.6
12,046.2
12,148.3
12,496.0
1,169.4
2,130.6
1,105.9
2,350.4
1,042.1
2,594.1
1,076.3
2,659.2
1,028.2
2,647.3
1,022.0
2,670.5
1,076.3
2,659.2
1,087.9
2,606.8
1,179.2
2,585.7
1,216.7
2,524.8
1,248.1
2,574.9
2,831.8
2 197 2
104.1
463.7
85.6
3,158.6
2 520 9
105.6
470.5
93.8
3,489.1
2 970 8
100.8
501.7
102.1
3,542.2
3 523 7
113.3
575.8
128.4
3,523.5
3 194 4
99.2
558.1
112.7
3,543.6
3,347.9
112.5
554.3
117.8
3,542.2
3,523.7
113.3
575.8
128.4
3,547.1
3,676.7
114.6
578.6
134.0
3,567.9
3,853.2
109.5
611.9
138.8
3,616.9
3,910.0
121.5
614.5
143.8
3,677.5
4,109.2
118.4
620.1
147.7
296.0
266.1
285.7
4.9
3.1
2,130.6
2,831.8
1,706.0
42.3
779.2
16.0
171.2
449.3
325.5
286.4
262.3
6.9
5.1
2,350.4
3,158.6
1,887.8
40.6
821.4
16.0
195.7
448.8
339.3
321.8
268.3
9.1
8.0
2,594.1
3,489.1
2,093.3
47.0
939.6
16.0
227.7
447.4
357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,418.4
62.2
1,057.4
16.0
340.9
428.5
358.7
351.5
308.0
9.6
8.6
2,647.3
3,523.5
2,215.3
60.6
963.1
16.0
260.4
440.8
356.8
366.6
308.2
9.9
8.6
2,670.5
3,543.6
2,317.3
68.9
995.1
16.0
285.8
421.3
357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,418.4
62.2
1,057.4
16.0
340.9
428.5
373.0
403.3
324.3
11.8
10.7
2,606.8
3,547.1
2,524.3
65.0
1,067.7
16.0
359.2
436.5
383.4
408.6
344.1
12.5
11.2
2,585.7
3,567.9
2,696.0
63.7
1,068.3
16.0
382.4
506.2
389.1
421.5
344.3
12.6
11.3
2,524.8
3,616.9
2,863.6
70.7
981.4
16.0
398.9
497.1
394.4
429.5
348.9
14.7
11.5
2,574.9
3,677.5
3,063.2
62.4
1,023.4
16.0
421.1
458.5
All sectors
49 Total credit market debt, domestic and foreign .
50
51
52
53
54
55
56
57
58
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
28,904.1
31,233.7
34,092.2
36,963.1
35 JO 1.2
36,048.3
36,963.1
37,594.2
38,405.7
39,157.7
40,229.9
1,466.2
3 352 7
4,989.1
1,603.7
5,332.3
1,424.3
1,451.1
7,422.6
1,862.0
1,374.7
3,609.8
5,536.3
1,763.1
5,936.4
1,344.2
1,475.9
8,244.4
1,949.1
1,293.1
4,008.2
6,108.1
1,898.2
6,713.7
1,283.9
1,515.0
9,234.4
2,037.5
1,406.7
4,370.7
6,225.6
2,031.3
7,386.6
1,332.4
1,611.0
10,472.4
2,126.3
1,314.2
4,185.4
6,195.0
1,974.0
6,956.4
1,287.9
1,575.4
9,783.4
2,029.5
1,320.5
4,268.7
6,238.3
1,993.7
7,144.5
1,291.8
1,565.1
10,150.0
2,075.7
1,406.7
4,370.7
6,225.6
2,031.3
7,386.6
1,332.4
1,611.0
10,472.4
2,126.3
1,436.1
4,535.6
6,177.9
2,086.0
7,547.3
1,353.5
1,626.8
10,726.1
2,105.0
1,535.9
4,493.1
6,177.3
2,134.6
7 749.4
1,398.9
1,689.7
11,106.5
2,120.3
1,606.4
4,566.0
6,165.3
2,176.4
7,830.8
1,423.9
1,690.0
11,534.9
2,164.0
1,640.5
4,678.0
6,276.3
2,232.0
8,049.8
1,490.3
1,732.0
11,942.2
2,188.7
1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2
through L.4, available at www.federalreserve.gov/releases.
Flow of Funds
1.60
39
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period
Transaction category or sector
Q2
Q3
Q4
Q1
Q2
Q3
Q4
CREDIT MARKET DEBT OUTSTANDING2
1 Total credit market assets
28,904.1
31,233.7
34,092.2
36,963.1
35,301.2
36,048.3
36,963.1
37,594.2
38,405.7
39,157.7
40,229.9
3,756.8
2,174.1
246.1
73.0
985.0
278.6
2,949.0
22,198.3
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,133.2
421.2
518.4
2,074.8
637.3
689.4
44.8
1,584.9
1,223.8
108.5
.0
2,099.1
2,831.8
1,602.6
846.4
32.1
48.0
316.0
223.8
3,924.5
2,220.5
272.2
72.2
1,071.4
288.2
3,424.1
23,885.1
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
463.9
558.3
2,307.8
663.0
638.7
57.8
1,567.1
1,368.0
117.1
3.7
2,323.2
3,158.6
1,792.5
867.6
32.1
71.8
344.4
138.7
4,311.3
2,557.2
271.1
73.4
1,124.0
285.6
3,918.4
25,862.5
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,292.6
514.5
625.2
2,488.3
677.2
649.9
64.1
1,471.3
1,505.7
153.3
4.5
2,559.7
3,489.1
2,004.6
951.8
32.1
97.5
424.1
229.6
4,539.8
2,680.8
298.3
85.5
1,185.8
289.5
4,679.7
27,743.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
712.1
677.1
68.8
1,346.3
1,622.8
164.5
8.2
2,605.9
3,542.2
2,330.2
1,081.4
32.1
200.1
394.9
294.0
4,276.7
2,492.5
269.1
78.7
1,152.6
283.8
4,321.2
26,703.4
687.4
6,270.2
5,665.7
484.0
36.1
84.5
1,391.2
541.5
667.8
2,586.1
694.2
694.1
66.0
1,352.0
1,558.9
161.2
6.6
2,603.8
3,523.5
2,134.0
1,009.9
32.1
133.0
325.5
264.2
4,364.4
2,554.7
275.2
82.0
1,162.5
289.9
4,475.4
27,208.5
700.3
6,336.9
5,734.3
478.6
36.9
87.1
1,426.9
547.7
686.2
2,631.6
705.4
678.4
68.8
1,322.1
1,586.7
161.3
7.2
2,631.3
3,543.6
2,238.0
1,033.4
32.1
155.8
453.5
261.4
4,539.8
2,680.8
298.3
85.5
1,185.8
289.5
4,679.7
27,743.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
712.1
677.1
68.8
1,346.3
1,622.8
164.5
8.2
2,605.9
3,542.2
2,330.2
1,081.4
32.1
200.1
394.9
294.0
4,505.0
2,621.3
289.7
88.1
1,216.3
289.5
4,866.7
28,222.5
717.3
6,745.2
6,054.3
563.1
34.0
93.8
1,495.8
566.0
721.1
2,713.8
714.0
692.1
70.9
1,294.3
1,670.0
166.1
11.2
2,581.4
3,547.1
2,433.8
1,076.8
32.1
209.5
440.0
324.1
4,587.8
2,676.8
298.1
92.3
1,235.3
285.4
5,061.9
28,756.1
724.7
6,909.7
6,178.8
592.1
41.4
97.4
1,550.2
579.0
733.4
2,728.9
725.6
686.2
73.7
1,252.7
1,697.1
167.1
12.0
2,571.2
3,567.9
2,600.6
1,085.4
32.1
239.5
457.3
361.7
4,599.3
2,633.1
314.6
96.5
1,265.3
289.9
5,296.6
29,261.7
736.4
7,084.1
6,327.3
628.2
29.9
98.8
1,588.8
587.2
762.3
2,754.9
737.4
671.5
75.7
1,246.8
1,725.4
166.9
13.8
2,503.1
3,616.9
2,763.5
1,101.1
32.1
261.8
432.0
400.0
4,725.9
2,733.4
318.4
100.5
1,285.0
288.7
5,575.7
29,928.3
744.2
7,190.7
6,410.0
648.3
32.2
100.2
1,615.9
595.4
780.8
2,773.7
734.9
666.8
76.5
1,336.2
1,751.1
166.2
15.0
2,540.8
3,677.5
2,954.4
1,146.7
32.1
286.9
486.0
356.6
28,904.1
31,233.7
34,092.2
36,963.1
35,301.2
36,048.3
36,963.1
37,594.2
38,405.7
39,157.7
40,229.9
46.8
2.2
24.5
810.1
191.4
1,360.2
3,370.5
1,121.0
2,240.6
1,233.7
4,135.5
825.9
880.0
8,571.8
2,667.3
219.2
11,378.5
55.8
2.2
25.5
831.1
206.0
1,351.2
3,693.9
1,171.0
2,223.9
1,340.3
3,638.4
738.8
920.9
7,814.8
2,738.1
241.4
11,993.8
62.3
2.2
26.0
853.4
192.9
1,432.9
4,000.8
1,232.8
2,016.4
1,567.5
4,653.2
871.3
1,013.2
9,213.9
2,771.1
240.5
12,405.6
62.2
2.2
26.7
964.7
187.6
1,522.6
4,283.9
1,504.9
1,879.8
1,650.7
5,436.0
1,037.9
1,060.4
10,150.0
2,976.4
268.6
13,607.8
58.9
2.2
26.5
895.6
167.1
1,468.7
4,172.5
1,378.6
1,914.8
1,569.2
4,966.2
987.2
1,031.9
9,537.5
2,858.6
261.3
12,823.9
58.7
62.2
2.2
26.7
964.7
187.6
1,522.6
4,283.9
1,504.9
1,879.8
1,650.7
5,436.0
1,037.9
1,060.4
10,150.0
2,976.4
268.6
13,607.8
56.3
2.2
26.9
1,057.5
195.6
1,500.3
4,362.2
1,575.4
1,841.0
1,782.8
5,471.6
1,051.5
1,069.4
9,957.0
2,993.9
284.0
13,660.6
54.3
52.0
26.7
915.5
168.3
1,464.0
4,223.6
1,436.4
1,866.9
1,673.5
4,983.2
985.5
1,038.2
9,534.5
2,911.6
275.3
13,073.3
27.2
1,048.4
227.9
1,515.1
4,408.0
1,637.1
1,832.4
1,911.3
5,594.1
1,064.5
1,087.2
10,151.3
3,056.0
286.8
13,871.5
27.4
1,055.6
227.3
1,481.4
4,513.0
1,738.0
1,876.6
1,983.9
5,877.5
1,068.0
1,101.7
10,402.5
3,130.1
298.2
13,609.7
45.9
2.2
27.5
1,063.1
182.3
1,524.9
4,602.0
1,772.4
2,006.9
2,011.3
6,045.1
1,030.2
1,120.8
10,646.7
3,200.7
294.7
13,409.0
53 Total liabilities
67,983.3
70,220.9
76,648.0
83,585.5
79,422.2
80,685.7
83,585.5
84,482.3
86,180.8
87,602.8
89,215.5
Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business . . .
15,310.6
4,796.7
23.2
11,900.5
4,943.3
23.7
15,618.5
5,365.0
24.6
17,389.3
5,868.9
23.7
16,118.0
5,557.7
23.8
15,780.1
5,734.6
24.6
17,389.3
5,868.9
22.6
16,998.1
6,065.1
22.3
17,158.5
6,279.2
19.3
17,860.4
6,497.7
19.3
18,199.4
6,677.1
-8.6
630.9
11.1
372.4
93.3
-3,476.6
-9.1
653.2
15.5
412.6
126.3
-3,295.7
-9.5
692.5
12.6
390.7
69.3
-3,068.4
-9.7
783.6
27.3
270.4
96.7
-2,817.6
-9.5
719.6
27.4
306.3
78.8
-2,902.3
-9.6
749.7
20.4
339.8
91.1
-2,812.6
-9.7
783.6
27.3
270.4
96.7
-2,817.6
-9.6
864.8
35.7
355.0
91.0
-2,973.0
-9.4
833.9
23.3
431.4
96.1
-2,967.4
-9.0
814.5
27.6
428.8
83.3
-3,233.7
-9.1
825.9
38.2
404.5
94.3
-3,530.5
-12.3
21.6
145.9
-11.7
20.9
295.9
-17.9
20.8
346.2
11.2
20.6
353.8
.1
20.0
258.3
3.1
12.5
280.8
11.2
20.6
353.8
4.9
16.4
301.6
1.7
19.6
236.0
2.5
12.4
246.2
1.4
20.8
304.4
90,334.8
88,880.2
99,219.0
108,132.1 102,622.9 103,548.8 108,132.1 108,881.3 110,975.4 113,607.6
115,961.2
2 Domestic nonfinancial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7
Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
12
U.S.-chartered commercial banks
13
Foreign banking offices in United States . .
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18 Property-casualty insurance companies . . . .
19 Life insurance companies
20
Private pension funds
21
State and local government retirement funds
22
Federal government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Exchange-traded funds
27
Government-sponsored enterprises
28 Agency- and GSE-backed mortgage pools
29
Asset-backed securities (ABSs) issuers
30
Finance companies
31
Mortgage companies
32
Real estate investment trusts (REITs)
33
Brokers and dealers
34 Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
35 Total credit market debt
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
57
58
59
60
61
62
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Miscellaneous
Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets (-)
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals Identified to sectors as assets
1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I
and L.5, available at www.federalreserve.gov/releases.
2. Excludes corporate equities and mutual fund shares.
40
Federal Reserve Bulletin Statistical Supplement • April 2006
2.12
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'
Seasonally adjusted
2005
2006
2005
2006
2005
2006
Series
Q2
Q3
Q4'
Q1
Output (2002=100)
Q2
Q3
Q4
Q1
Capacity (percent of 2002 output)
Q2
Q3
Q4'
Q1
Capacity utilization rate (percent)2
1 Total industry
107.6
108.0
109.4
110.6
134.7
135.3
135.9
136.6
79.9
79.8
80.5
81.0
2 Manufacturing
3
Manufacturing (NAICS)
108.6
109.0
109.2
109.7
111.6
112.2
113.1
113.8
138.3
139.6
139.1
140.4
139.9
141.3
140.7
142.2
78.5
78.1
78.5
78.1
79.8
79.4
80.4
80.1
4
5
114.9
98.0
116.9
98.4
121.1
103.4
122.5
105.9
150.0
123.8
151.5
123.9
153.2
123.9
154.8
123.6
76.6
79.1
77.1
79.4
79.1
83.5
79.2
85.7
105.6
114.6
151.8
106.5
115.5
159.6
108.9
120.3
169.4
110.1
119.4
173.9
142.2
144.3
201.2
142.6
144.3
208.6
143.1
144.2
216.6
143.6
144.3
224.4
74.3
79.4
75.4
74.7
80.1
76.5
76.1
83.5
78.2
76.7
82.8
77.5
104.4
109.4
107.5
112.9
110.7
112.2
113.1
112.0
126.8
138.2
126.5
139.5
126.2
141.0
126.2
142.2
82.3
79.1
84.9
80.9
87.7
79.6
89.7
78.8
110.1
102.0
104.0
90.1
105.6
101.2
104.4
92.1
115.7
101.8
106.0
91.5
121.1
103.6
107.7
90.5
159.8
127.3
129.3
120.3
160.6
127.3
129.4
119.4
161.3
127.2
129.5
118.5
162.2
127.3
129.8
117.8
68.8
80.1
80.4
74.9
65.8
79.5
80.7
77.2
71.7
80.0
81.9
77.2
74.7
81.4
83.0
76.8
97.6
106.8
104.0
103.2
102.6
96.4
102.8
101.3
104.6
100.8
98.4
99.7
100.7
107.3
101.6
100.5
103.0
102.6
108.3
101.3
115.9
113.9
135.3
121.1
117.8
115.8
114.0
135.6
120.8
117.9
115.7
114.2
135.9
120.5
118.0
115.7
114.3
136.3
120.5
118.1
84.2
93.8
76.8
85.3
87.1
83.2
90.1
74.7
86.6
85.5
85.0
87.3
74.1
89.0
86.1
86.9
90.1
75.2
89.9
85.8
20 Mining
21 Electric and gas utilities
100.4
104.8
96.4
108.2
92.6
106.6
97.0
101.9
112.0
123.0
111.9
122.9
111.9
122.8
111.7
122.8
89.6
85.2
86.1
88.1
82.7
86.9
86.8
82.9
MEMOS
22 Computers, communications equipment, and
semiconductors
165.7
175.9
186.8
193.5
221.8
233.6
246.7
258.8
74.7
75.3
75.7
74.8
23 Total excluding computers, communications
equipment, and semiconductors
104.9
105.0
106.1
107.1
130.7
130.8
131.0
131.3
80.3
80.2
81.0
81.6
24 Manufacturing excluding computers,
communications equipment, and
semiconductors
105.4
105.6
107.6
108.9
133.5
133.8
134.0
134.4
78.9
78.9
80.3
81.0
6
8
9
10
11
12
13
14
15
16
17
18
19
Durable manufacturing
Primary metal
Fabricated metal products
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
Selected Measures
2.12
41
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED
Seasonally adjusted
1973
1975
High
Low
High
Latest cycle3
Previous cycle2
2006
2005
2005
Series
Low
High
Low
Mar.
Oct.
Nov.
Dec'
Jan.'
Feb.'
Mar.'
Capacity ut lization rate (percent)4
1 Total Industry
88.9
74.1
86.6
70.7
85.1
78.6
79.9
79.9
80.5
81.1
80.7
81.0
81.3
2 Manufacturing
3
Manufacturing (NAICS)
88.3
88.4
71.6
71.4
86.2
86.3
68.4
67.8
85.5
85.5
77.1
76.9
78.5
78.1
79.4
79.1
79.9
79.6
80.1
79.7
80.5
80.2
80.2
79.9
80.4
80.1
89.4
101.9
69.7
69.7
86.8
90.4
62.8
46.9
84.6
94.9
73.4
74.6
76.7
82.7
79.1
82.9
79.2
83.6
79.0
84.0
79.2
85.8
79.0
85.6
79.3
85.7
91.7
94.5
69.7
74.5
82.8
92.6
61.8
58.2
81.7
85.3
72.6
73.9
73.9
79.2
76.3
82.5
76.2
83.3
75.8
84.5
76.5
83.0
76.7
82.1
77.0
83.2
86.9
66.1
89.4
76.4
81.5
75.9
75.0
77.1
78.8
78.6
77.6
77.1
77.7
99.3
95.6
68.0
54.6
91.9
95.2
64.7
45.0
89.0
89.3
77.0
56.0
81.5
79.9
87.8
82.8
87.6
78.7
87.7
77.4
90.1
79.1
89.2
78.1
89.8
79.1
75.8
87.6
67.5
72.4
86.7
85.8
68.8
75.6
87.3
86.9
81.3
81.5
67.5
80.0
69.7
79.2
72.1
80.2
73.3
80.8
73.9
81.5
75.4
81.2
74.8
81.4
86.3
89.5
77.6
61.9
84.5
89.9
80.6
72.6
85.9
91.5
81.1
77.6
79.9
75.7
81.5
78.4
81.7
77.3
82.5
75.9
83.1
77.3
82.7
77.2
83.1
76.0
96.7
92.2
85.3
96.1
86.0
74.3
80.8
69.1
61.8
75.5
95.2
91.7
83.2
90.2
88.5
81.3
70.4
68.0
71.3
86.1
93.6
89.0
85.0
89.5
91.0
85.6
83.0
80.0
76.2
80.7
86.1
92.9
76.8
85.4
87.0
85.3
83.6
72.7
88.0
85.9
84.0
89.3
74.6
89.1
85.7
85.8
89.1
74.9
90.0
86.7
87.0
91.9
75.3
89.7
86.0
86.6
90.0
75.0
89.7
85.5
87.0
88.5
75.3
90.2
85.9
20 Mining
21 Electric and gas utilities
93.6
96.3
87.6
82.7
93.9
88.2
78.7
77.6
86.1
92.7
83.6
84.1
89.5
85.2
79.6
86.2
83.2
85.4
85.4
89.0
86.8
78.6
86.3
84.9
87.2
85.3
MEMOS
22 Computers, communications
equipment, and semiconductors .
84.4
62.4
88.7
74.0
80.9
74.0
74.6
74.9
76.2
76.1
74.6
74.3
75.4
23 Total excluding computers,
communications equipment,
and semiconductors
89.1
74.4
86.7
70.5
85.5
78.8
80.3
80.3
80.9
81.6
81.3
81.6
81.9
24 Manufacturing excluding computers,
communications
equipment, and semiconductors .
88.4
71.9
86.3
68.1
86.0
77.3
78.9
80.0
80.4
80.6
81.1
80.9
81.1
4
5
Durable manufacturing
Primary metal
6
7
8
14
Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .
15
16
17
18
19
Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .
9
10
11
12
13
NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release, on
the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the
industrial production index and the capacity utilization rates was released in November 2005.
The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006),
"Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal
Reserve Bulletin, vol. 92, pp. A39-A58, http://www.federalreserve.gov/pubs/bulletin/2006/
ipO6.pdf.
2. Monthly highs, 1978-80; monthly lows, 1982.
3. Monthly highs, 1988-89; monthly lows, 1990-91.
4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
42
Federal Reserve Bulletin Statistical Supplement • April 2006
2.13
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
Group
2002
proportion
Apr.
July
Aug.
Sept.
Nov.
Dec.
Feb.'
MarJ
Index (2002=100)
MAJOR MARKETS
107.3
1 Total IP
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Market groups
Final products and nonindustrial supplies . .
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting . . .
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
107.2
107.4
108.3
108.3
108.6
107.2
108.4
109.4
110.4
110.0
110.6
59.0
31.1
8.9
4.7
0.4
1.5
2.4
22.1
18.3
9.8
1.0
4.9
2.1
3.9
109.3
105.5
109.4
112.6
120.0
105.4
103.9
104.0
103.8
104.4
85.3
104.7
105.4
104.7
07.7
04.6
07.7
10.3
13.1
05.5
02.9
03.4
03.1
03.2
85.1
04.7
05.2
04.6
107.7
104.1
106.0
107.8
115.2
102.9
103.0
103.3
103.3
103.2
85.4
105.2
105.6
103.1
108.1
104.6
107.1
109.3
124.7
104.0
102.5
103.5
103.9
104.2
83.3
105.4
106.2
102.0
109.0
105.8
108.5
111.7
120.4
105.6
102.5
104.7
104.0
104.7
82.9
105.2
105.6
107.2
109.1
105.2
107.1
109.5
116.1
105.2
102.3
104.4
103.8
104.7
84.7
104.2
104.7
107.1
109.5
105.6
110.1
114.4
113.6
106.5
103.1
103.9
103.2
103.8
85.0
103.8
104.4
106.5
109.1
106.4
112.7
117.8
113.5
108.5
104.9
103.9
103.7
104.5
85.7
104.2
103.9
105.0
111.0
106.5
113.1
117.3
125.3
108.4
106.3
103.9
104.2
105.3
85.4
104.1
105.3
102.7
111.3
105.7
110.1
111.7
132.1
106.2
106.6
103.9
104.4
105.7
86.2
103.8
104.9
102.3
112.0
106.6
109.0
110.1
133.4
104.7
106.7
105.5
105.1
106.7
86.5
104.1
106.4
107.2
111.2
105.5
110.1
112.2
132.7
105.6
106.2
103.6
105.4
107.3
87.7
103.8
105.7
97.1
1118
106.2
110.1
112.2
130.4
106.3
105.7
104.6
105.0
106.9
87.9
103.6
105.0
103.1
112.3
106.6
110.4
113.4
125.5
106.7
105.0
105.1
105.8
107.5
90.0
104.4
105.7
102.7
16
17
18
19
20
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
10.3
1.9
3.1
5.3
1.8
119.5
117.5
134.0
112.8
125.7
16.3
15.1
26.3
11.4
22.5
116.8
116.4
127.4
111.3
124.5
117.9
118.7
129.2
111.7
124.1
118.4
119.3
131.0
111.6
124.9
120.0
118.5
133.9
113.4
126.8
120.1
118.7
136.1
112.5
127.4
115.1
88.9
138.1
113.1
124.6
123.1
121.5
141.3
114.5
127.8
125.8
127.9
144.9
115.5
128.6
126.4
129.4
144.8
116.0
129.9
127.7
134.3
146.7
115.8
129.9
128.0
134.3
148.9
115.4
131.7
129.0
133.0
150.7
116.9
131.2
21
22
Construction supplies
Business supplies
4.3
11.2
108.7
107.7
06.2
06.5
107.3
106.7
107.5
106.7
106.9
107.6
107.5
107.4
108.2
107.9
109.8
107.8
112.4
108.4
113.4
109.1
113.1
110.3
113.2
108.1
112.3
109.2
112.5
109.6
23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33 Energy
41.0
30.7
19.1
4.0
6.7
8.4
11.6
0.8
2.7
4.5
10.3
106.7
110.2
117.1
102.0
143.9
105.2
99.2
84.5
97.1
100.8
97.9
06.8
09.4
14.8
00.4
37.8
04.8
00.7
85.1
98.6
03.9
99.8
106.5
109.2
114.9
99.1
139.7
104.5
100.1
83.5
97.5
103.7
99.2
106.5
109.3
115.2
99.5
141.0
104.1
99.8
83.6
96.4
102.6
99.2
107.3
109.5
115.5
102.4
141.7
103.0
99.7
84.4
97.2
102.9
101.3
107.2
109.8
115.9
101.1
143.4
103.2
100.0
85.3
96.1
103.3
100.3
107.4
110.2
117.0
101.6
145.7
104.0
99.3
84.5
96.0
102.1
100.0
104.5
109.4
118.8
103.3
147.2
105.8
94.8
84.3
95.7
90.8
92.8
104.9
110.9
120.1
104.4
149.1
107.0
96.4
84.4
97.1
92.9
90.9
106.9
112.1
120.9
102.1
153.1
107.2
98.3
83.7
96.4
98.4
94.3
108.3
113.0
121.8
102.0
155.3
107.7
99.2
82.6
98.0
99.2
96.8
108.4
113.9
122.3
103.4
155.1
108.3
100.6
84.3
99.1
101.0
95.3
108.8
113.9
122.3
102.2
156.0
108.3
100.6
84.0
99.7
100.9
96.6
109.6
114.7
123.6
103.7
159.0
108.6
100.8
82.9
99.8
101.1
97.4
94.8
92.6
105.3
107.9
04.8
07.1
104.6
107.1
104.7
107.3
105.5
108.0
105.4
108.2
105.5
108.2
104.0
106.5
105.2
107.8
106.0
109.3
107.0
110.5
106.6
109.8
107.1
110.5
107.6
111.1
SPECIAL AGGREGATES
34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts . .
Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total .
Nonindustrial supplies .
2,990.6
43.5
31.1
12.4
15.5
2,950.2
2,986.5
2,981.2
3,058.4
3,057.3
2,264.1 2,238.6 2,228.2 2,239.3 2,265.9 2,262.5 2,270.1 2,254.5 2,289.8 2,297.5 2,311.8 2,312.2 2,318.3 2,323.7
1,593.2 1,584.7 1,571.5 1,578.3 1,601.0 1,589.7 1,598.1 1,604.8 1,599.3 1,596.5 1,606.9 1,599.0 1,604.9 1,607.4
724.2
721.1
721.2
675.0
656.8
660.3
664.6
668.2
677.2
676.0
651.3
696.3
707.8
711.8
726.8
717.2
722.1
721.8
726.5
724.3
727.2
726.9
733.4
741.2
746.7
735.2
739.5
Selected Measures
2.13
INDUSTRIAL PRODUCTION
43
Indexes and Gross Value1—Continued
Monthly data seasonally adjusted
Group
NAICS
code2
2002
proportion
2005
2006
2005
avg.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.'
Jan.'
Feb.'
Mar.'
Index (2002=100)
INDUSTRY GROUPS
41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)
65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts
83.9
79.1
109.6
110.0
108.2
108.6
108.3
108.6
108.7
109.0
109.0
109.4
109.1
109.6
109.5
110.1
108.9
109.5
110.9
111.5
111.7
112.4
112.2
112.8
113.0
113.7
112.8
113.6
113.4
114.2
321
43.6
1.5
117.0
107.6
114.2
104.9
114.3
104.8
115.0
105.9
115.5
104.4
115.9
104.9
117.3
104.0
117.5
107.2
120.7
112.7
121.2
114.0
121.4
113.4
122.2
111.4
122.2
109.7
123.1
109.1
327
331
332
333
2.3
2.3
5.7
5.3
107.2
100.6
106.7
115.7
105.1
102.3
105.0
114.3
105.7
99.5
105.5
114.3
105.9
98.9
105.7
114.5
106.4
95.5
105.6
115.0
105.9
95.3
106.1
116.3
105.9
98.2
106.6
114.1
107.2
101.8
106.8
116.1
108.8
102.7
109.0
119.0
111.6
103.5
109.1
120.2
109.6
104.0
108.5
121.8
112.5
106.2
109.6
119.7
112.8
105.8
110.1
118.5
111.8
105.8
110.7
120.2
334
8.0
156.7
147.4
149.5
152.2
153.6
156.5
160.1
162.1
165.0
170.7
172.5
172.2
173.2
176.1
335
3361-3
2.2
7.4
106.9
112.1
103.6
109.8
103.5
107.9
104.4
108.8
105.1
111.4
106.3
109.2
107.2
113.1
108.8
116.3
110.9
116.3
110.5
110.9
110.6
109.5
113.6
112.3
112.5
111.1
113.3
112.8
3364-9
3.6
109.8
107.5
109.5
110.4
110.2
110.9
111.7
94.2
112.2
116.4
118.4
119.6
122.3
121.6
337
339
1.8
3.3
100.7
110.3
101.6
108.8
100.0
108.9
100.3
109.0
99.9
109.7
99.8
109.7
100.2
111.6
101.7
111.9
100.5
112.6
100.2
112.2
99.4
111.7
99.4
111.6
100.0
112.1
100.4
111.9
35.5
101.8
101.9
101.9
101.9
102.1
102.1
101.5
100.1
100.7
102.0
102.7
103.7
103.4
103.7
311,2
313,4
315,6
322
323
11.4
1.4
1.0
3.1
2.4
104.4
91.4
86.0
98.0
97.7
103.3
91.5
85.5
99.8
96.4
103.2
89.6
85.8
98.2
96.5
104.3
89.8
83.9
96.8
97.0
104.5
90.8
83.6
97.8
96.5
104.8
91.9
85.5
96.6
97.9
103.9
91.9
85.9
96.2
97.2
104.6
92.6
86.7
96.5
97.9
105.5
93.2
86.5
98.8
98.2
105.8
91.6
87.5
97.2
98.3
106.9
89.7
87.7
99.3
98.4
107.6
91.2
88.9
100.7
100.4
107.4
90.9
89.0
100.2
101.1
108.0
89.4
90.9
100.7
101.0
324
325
1.7
10.7
103.8
102.6
105.7
103.8
106.9
104.1
105.5
103.9
107.9
103.9
105.6
103.7
104.2
102.7
98.5
97.5
95.4
98.8
101.9
101.3
101.7
101.9
105.0
102.6
102.8
102.3
101.2
102.8
326
3.8
104.8
103.5
103.8
103.1
102.9
103.2
104.1
106.5
106.2
107.4
108.4
108.1
108.1
108.8
1133,5111
4.8
101.9
102.4
102.5
103.2
102.0
101.0
100.9
100.4
101.4
101.1
102.3
101.5
100.9
101.4
21
2211,2
2211
2212
6.4
9.7
8.3
1.5
97.4
105.8
107.4
97.4
100.4
104.8
105.5
101.1
100.5
103.1
104.1
98.3
99.8
102.9
103.2
101.1
100.8
108.3
109.7
101.2
99.8
108.1
109.6
100.9
99.2
108.4
110.1
100.4
90.3
108.1
110.5
96.5
89.1
105.9
109.5
89.6
93.1
104.8
107.3
93.0
95.5
109.2
110.0
104.3
97.1
96.5
100.1
80.8
96.5
104.2
107.0
91.6
97.4
104.8
106.8
94.8
78.7
106.1
105.2
105.1
105.4
105.7
105.6
105.9
105.2
107.1
107.7
108.0
108.9
108.7
109.1
76.5
109.3
108.1
108.3
108.7
108.8
109.1
109.2
108.2
110.4
111.8
112.4
113.1
113.0
113.5
NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.
1. Data in this table appear in the Board's G.17 (419) monthly statistical release, on the
Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the
industrial production index and the capacity utilization rates was released in November 2005.
The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006),
"Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal
Reserve Bulletin, vol. 92, pp. A39-A58, http://www.federalreserve.gov/pubs/bulletin/2006/
ipO6.pdf.
2. North American Industry Classification System.
44
Federal Reserve Bulletin Statistical Supplement • April 2006
3.10
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data seasonally adjusted except as noted1
Item credits or debits
Q4
1 Balance on current account
2
Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
Compensation of employees
10
Unilateral current transfers, net
-519,679
-494,814
1,022,567
-1,517,381
46,304
51,834
121,842
-70,008
-5,530
-71,169
11 Change in U.S. government assets other than official
reserve assets, net (increase, - )
-668,074
-617,583
1,151,448
-1,769,031
30,439
36,234
127,921
-91,687
-5,795
-80,930
-804,945
-723,616
1,272,223
-1,995,839
1,567
7,406
129,865
-122,459
-5,839
-82,896
Q1
Q2
Q3
Q4
-188,359
-169,221
298,887
-468,108
3,236
4,691
33,413
-28,722
-1,455
-22,374
-197,743
-172,125
306,152
-478,277
634
2,044
28,363
-26,319
-1,410
-26,252
-196,901
-172,718
316,938
-489,656
-1,550
-126
28,475
-28,601
-1,424
-22,633
-185,429
-181,400
321,013
-502,413
4,911
6,427
38,855
-32,428
-1,516
-8,940
-224,876
-197,373
328,119
-525,492
-2,434
-944
34,167
-35,111
-1,490
-25,069
537
1,516
606
1,523
0
601
1,494
-572
-398
3,826
-623
4,511
10,200
-615
-110
990
-183
1,713
3 763
-145
-97
-564
-136
4,766
0
2,976
1,951
-161
4,796
0
-81
5,050
-173
-330,457
-9,574
-24,240
-156,064
-140,579
-859,529
-356,133
-149,001
-102,383
-252,012
-513,405
-218,158
-118,522
-155,244
-21,481
-290,155
-97,263
-74,669
-18,226
-99,997
-91,621
49,278
-74,934
-38,675
-27,290
-225,596
-170,985
8,978
-41,979
-21,610
-147,711
-107,993
-30,440
-34,589
25,311
-48,479
11,542
-22,126
-40,001
2,106
22 Change in foreign official assets in United States (increase, +)
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities2
26
Other U.S. liabilities reported by U.S. banks2
27
Other foreign official assets3
278,275
184,931
39,943
-517
48,643
5,275
394,710
272,648
38,485
488
70,329
12,760
220,676
84,046
93,133
-134
24,272
19,359
94,478
41,728
15,040
-158
32,054
5,814
25,277
14,306
24,938
-650
-15,843
2,526
82,646
22,448
21,620
297
34,190
4,091
38,176
9,651
20,471
467
850
6,737
74,577
37,641
26,104
-248
5,075
6,005
28 Change in foreign private assets in United States (increase, +)
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33 Foreign purchases of other U.S. securities, net
34 Foreign direct investments in United States, net
610,768
96,675
99,676
104,380
16,640
226,306
67,091
1,045,395
322,627
124,358
106,958
14,827
369,793
106,832
1,072,019
175,742
62,234
196,794
19,416
489,203
128,630
363,437
91,458
61,096
15,710
5,313
158,238
31,622
218,034
-67,735
93,897
75,911
1,072
79,973
34,916
293,439
149,069
1,153
9,923
4,507
114,064
14,723
357,088
78,698
18,635
40,834
4,679
165,856
48,386
203,460
15,710
-51,451
70,126
9,158
129,310
30,607
35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
-3,214
-37,753
-1,648
85,126
-5,647
9,626
-455
19,856
5,718
14,138
-4,466
40,701
14,746
25,955
-315
46,553
-8,639
55,192
-435
-67,971
-16,767
-51,204
-431
-9,653
10,664
-20,317
12 Change in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16 Foreign currencies
17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net
MEMO
Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)
1,523
2,805
14,096
697
5,331
-797
4,766
4,796
278,792
394,222
220,810
94,636
25,927
82,349
37,709
74,825
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.
3.12
5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.
U.S. RESERVE ASSETS
Millions of dollars, end of period
2005
Asset
2002
2003
2006
2004
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.'
1 Total
79,006
85,938
86,824
72,243
71,273
70,218
68,773
65,125
65,594
65,365
65,355
2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4
11,043
12,166
11,043
12,638
11,045
13,582
11,041
8,304
11,041
8,245
11,041
8,224
11,041
8,180
11,043
8,210
11,044
8,302
11,044
8,310
11,044
8,344
21,979
33,818
22,535
39,722
19,479
42,718
13,336
39 563
13,245
38 742
12,720
38 234
12,097
37 445
8,036
37 839
7,639
38 609
7,638
38,372
7,376
38,592
NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF have also been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.
Summary Statistics
3.13
45
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS'
Millions of dollars, end of period
2005
Asset
2002
2003
Aug.
1 Deposits
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.'
136
162
80
81
96
88
82
83
83
82
84
678,106
9,045
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3
845,080
8,971
1,041,215
8,967
1,075,098
8,967
1,056,594
8,967
1,060,857
8,967
1,073,710
8,967
1,069,014
8,967
1,080,198
8,967
1,105,178
8,967
1,103,810
8,976
NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.
3.15
2006
2004
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2003
2004
June"
1
2006
2005
2004
Item
June
8
r
Dec.
Nov.
Dec.'
Jan.'
Feb.'
1,445,526
By type
2 Liabilities reported by banks in the United States2
1,909,034
1,665,335
1,780,503
1,909,034
1,993,836
2,000,421
2,034,398
2,042,418
189,824
212,032
270,387
245,199
234,553
248,862
234,553
248,862
270,387
245,199
285,811
214,852
294,662
201,863
297,721
210,460
284,453
216,047
719,302
2,613
321,755
986,454
1,630
405,364
844,444
1,569
335,907
910,456
1,569
385,063
986,454
1,630
405,364
1,040,147
942
452,084
1,045,757
948
457,191
1,053,789
954
471,474
1,064,943
966
476,009
306,272
5,112
72,869
1,034,751
8,857
17,652
1 Total
357,317
7,806
112,605
1,388,410
10,843
31,864
334,000
6,578
98,106
1 201 702
10,187
14,749
380,680
7,683
122,516
1 438 778
14,037
29,953
381,385
8,061
117,997
1 447 625
16,241
28,923
393,892
7,618
124,744
1 461 652
17,832
28,471
397,767
7,266
125,910
1 461 795
19,540
29,951
U.S. Treasury bonds and notes
5
Nonmarketable4
6 U.S. securities other than U.S. Treasury securities5
By area
7 Europe1
9 Latin America and Caribbean
11 Africa
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
3.16
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies
357,317
340,412
7,806
7,631
112,605
104,911
1 296 622 1 388 410
10,843
10,812
31,864
19,926
6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners' holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2004 and are comparable to those shown for the following
dates.
SOURCE: Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.
Reported by Banks in the United States1
Millions of dollars, end of period
2005
Item
2002
2003
2004
Mar.
June
Sept.
Dec.
2
3
Deposits
Other liabilities
80,543
n.a.
n.a.
63,119
36,674
26 ,AAi
98,349
52,410
45,939
93,306
58,073
35,233
103,954
62,557
41,397
109,263
67,663
41,600
85,763
59,259
26,504
5
Deposits
71,724
34,287
37,437
81,669
38,102
43,567
129,544
51,029
78,515
110,083
47,422
62,661
109,206
47,032
62,174
102,462
43,600
58,862
93,744
44,322
49,422
8
Deposits
35,923
n.a.
n.a.
21,365
5,064
16,301
32,056
8,519
23,537
41,261
21,014
20,247
46,658
21,686
24,972
45,076
21,574
23,502
55,214
20,891
34,323
Data on claims exclude foreign currencies held by U.S. monetary authorities.
2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.
46
Federal Reserve Bulletin Statistical Supplement • April 2006
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
Aug.r
Sept.
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners . .
3,026,466
3,006,250
3,060,470' 3,131,005
3,215,345
! ,234,120
2,250,566
,224,690
2,304,179
2,281,098' 2,340,601
2,436,913
1,047,458
1,203,108
719,088
989,513
1,235,177
729,065
1,052,242
1,251,937
726,434
775,900
781,560
783,413
254,191
259,352
276,647
1,041,970 1,057,202
1,239,128' 1,283,399
700,845
751,831
790,404
779,372'
269,264
259,575
1,083,658
1,353,255
797,242
318,783
1,041,970 1,029,337
1,239,128' 1,204,783
716,540
700,845
779,372'
779,579
259,575
273,026
315,169
308,075
312,200
313,657
312,815
320,528'
53,552'
136,721
199,269
51,994
127,063
198,478
52,488
133,210
209,509
55,971
125,105
208,551
54,384
122,079
193,951
53,552'
136,721
199,269
54,080
131,744
202,154
53,197
114,582
196,648
15,654
10,363
6,098
4,265
5,291
1,879
17,631
12,450
4,865
7,585
5,181
1,085
17,025
10,800
5,789
5,011
6,225
2,442
18,105
11,593
5,623
5,970
6,512
2,308
18,944
13,455
5,897
7,558
5,489
1,162
17,407
11,180
3,737
7,443
6,227
1,329
17,631
12,450
4,865
7,585
5,181
1,085
17,110
11,835
4,913
6,922
5,275
1,503
20,126
15,060
6,575
8,485
5,066
1,398
1,462
0
3,412
4,096
0
3,779
4
4,197
7
4,325
4,896
2
4,096
0
3,772
0
3,668
401,856
117,737
24,208
93,529
515,586
145,516
26,613
118,903
496,525
168,999
45,381
123,618
490,965
171,554
41,433
130,121
484,953
169,577
39,689
488,794
175,427
41,245
134,182
176,339
45,098
131,241
168,999
45,381
123,618
508,181
179,316
47,009
132,307
500,500
177,218
44,999
132,219
284,119
212,032
370,070
245,199
327,526
201,863
319,411
205,404
315,376
195,369
313,367
199,801
324,324
214,852
327,526
201,863
328,865
210,460
323,282
216,047
69,638
2,449
123,165
1,706
124,538
1,125
113,466
541
119,020
987
111,871
1,695
108,590
124,538
1,125
118,404
1
107,234
1,380,639
1,163,309
706,536
456,773
217,330
18,267
1,574,793
1,354,437
773,703
580,734
220,356
26,978
1,787,210' 1,721,694
1,564,048' 1,493,406
839,262
829,689
724,786'
663,717
223,162
228,288
23,723
30,170
1,729,440
1,499,420
841,095
658,325
230,020
24,095
1,704,164
1,472,688
787,465
685,223
231,476
24,592
1,788,669
1,569,831
848,097
721,734
218,838
22,342
1,787,210' 1,821,199
1,564,048' 1,596,070
839,262
847,869
748,201
724,786'
223,162
225,129
22,144
23,723
1,869,411
1,645,771
872,418
773,353
223,640
23,486
49,311
149,752
52,400
140,978
48,756
150,683
46,807
151,311
44,169
161,756
47,790
159,094
49,988
146,508
48,756
150,683
48,341
154,644
48,174
151,980
36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other
518,962
383,570
115,925
267,645
805,483
572,665
148,658
424,007
759,104'
535,601
152,462
383,139
784,015
558,360
152,426
405,934
793,968
569,976
161,051
408,925
794,348
563,120
154,906
408,214
780,853
546,829
155,310
391,519
759,104'
535,601
152,462
383,139
784,515
553,380
157,411
395,969
825,308
598,864
159,666
439,198
40
41
42
135,392
28,388
232,818
44,727
223,503'
32,904
225,655
35,010
223,992
32,419
231,228
33,797
234,024
38,124
223,503'
32,904
231,135
35,157
226,444
34,877
82,363
24,641
136,192
51,899
143,138'
47,461
144,023
46,622
144,814
46,759
149,671
47,760
149,341
46,559
143,138'
47,461
148,469
47,509
146,900
44,667
2,315,606
3,060,470' 3,013,699
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments'"
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7 . . .
11
Other
,677,193
2,082,981
852,803
824,390
460,191
638,413
955,072
1,127,909
665,127
34,394
83,633
176,842
48,260
152,789
194,583
12 Nonmonetary international and regional organizations5
13
Banks' own liabilities
14
Deposits2
15
Other
16
Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments'"
Other
19
14,149
12,577
6,134
6,443
1,572
110
20 Official institutions9
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27
Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments''
Other
28 tanks10
29
Banks' own liabilities
30
Deposits2
31
Other
32
Banks' custody liabilities4
33
U.S. Treasury bills and certificates5 . .
34
Other negotiable and readily
transferable instruments'"
35
Other
43
Banks' custodial liabilities
U.S. Treasury bills and certificates5 .
Other negotiable and readily
transferable instruments'"
Other
258,797
828,535
,281,098'
778,432
275,808
305,976
MEMO
44 Own foreign offices12
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.
Bank-Reported Data
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
47
Reported by Banks in the United States1—Continued
Millions of dollars, end of period
Aug.r
Sept.
AREA OR COUNTRY
45 Total, all foreigners
2,315,606
2,911,516
3,060,470' 3,013,699
3,026,466
3,006,250
3,087,592
3,060,470' 3,131,005
3,215,345
46 Foreign countries
2,301,457
2,895,862
3,042,839' 2,996,674
3,008,361
2,987,306
3,070,185
3,042,839' 3,113,895
3,195,219
781,550
4,826
9,359
3,631
1,783
40,719
46,806
1,264
6,215
35,855
15,857
22,429
952
41,673
9,902
7,082
110,626
13,748
332,528
20,802
162
55,331
1,050,895
4,355
13,512
3,147
1,088
81,852
54,822
1,178
7,198
50,305
18,170
32,742
1,545
70,186
8,410
6,118
99,224
5,188
470,304
21,262
110
100,179
1,211,611' 1,204,169
4,174
3,603
15,302
16,043
2,011
1,537
3,612
1,991
90,415
71,360'
64,880
56,905
1,528
1,234
8,531
7,094
57,171
55,562
17,758
14,606
22,033
25,981
2,967
2,717
83,616
101,335
12,664
9,489
5,234
4,771
160,912
140,510'
6,600
9,895
529,273
555,269'
25,898
29,554
111
119
91,100
100,415
1,190,169
4,095
17,892
2,364
898
77,958
64,670
1,113
5,653
59,399
18,745
31,499
2,680
86,022
9,786
3,299
149,045
5,736
533,113
27,614
102
88,486
1,174,510
5,242
19,069
1,765
972
87,755
61,615
1,375
6,814
59,765
18,727
24,911
3,746
88,986
10,850
3,959
97,382
6,946
552,705
27,230
100
94,596
1,247,949
4,141
18,863
2,413
1,366
88,252
60,071
1,236
9,885
65,524
22,233
20,338
2,860
90,716
11,199
4,671
151,109
10,214
558,855
29,568
112
94,323
1,211,611' 1,256,474
4,275
3,603
18,387
16,043
2,231
1,537
5,967
3,612
90,305
71,360'
57,682
56,905
1,234
1,509
7,846
7,094
57,707
55,562
17,580
14,606
25,234
25,981
3,164
2,717
99,023
101,335
10,484
9,489
3 899
4,771
102,905
140,510'
10,072
9,895
610,857
555,269'
28,977
29,554
104
119
98,266
100,415
1,307,805
4,266
17,758
2,358
953
97,033
58,321
1,505
6,806
56,932
19,614
24,387
2,747
94,220
11,040
4,135
117,405
12,658
642,784
30,390
103
102,390
47 Europe
48 Austria
49
Belgium13
50
Denmark
51
Finland
52 France
53
Germany
54
Greece
55
Italy
56 Luxembourg13
57
Netherlands
58
Norway
59 Portugal
60
Russia
61
Spain
62
Sweden
63
Switzerland
64 Turkey
65
United Kingdom
66
Channel Islands and Isle of Man14
67
Yugoslavia15
68
Other Europe and other former U.S.S.R."'
35,590
34,248
33,161'
41,059
38,925
38,492
37,434
33,161'
37,072
38,958
70 Latin America
71
Argentina
72
Brazil
73
Chile
74
Colombia
75
Ecuador
76
Guatemala
77
Mexico
78 Panama
79
Peru
80
Uruguay
81
Venezuela
82
Other Latin America17
110,566
9,758
16,283
4,438
4,235
2,567
1,547
35,389
4,093
1,401
3,670
21,222
5,963
135,970
10,817
15,186
7,299
6,286
2,687
1,530
50,575
4,513
1,971
4,150
24,573
6,383
133,351'
9,600
11,968
8,896
6,429
3,357
1,643
42,584
5,260
3,063
4,729
27,295
8,527'
133,328
9,581
16,131
7,362
6,048
2,543
1,848
43,049
4,515
3,705
5,006
25,911
7,629
126,523
9,334
12,865
7,038
6,123
2,833
1,638
40,650
4,699
3,222
5,002
25,392
7,727
131,884
9,572
13,760
6,734
7,026
2,957
1,642
41,843
4,772
3,135
4,857
27,603
7,983
145,007
9,983
17,599
7,467
6,702
3,026
1,632
49,338
4,983
2,613
4,984
28,230
8,450
133,351'
9,600
11,968
8,896
6,429
3,357
1,643
42,584
5,260
3,063
4,729
27,295
8,527'
138,618
9,605
14,004
10,146
7,197
3,080
1,993
42,312
5,139
3,004
5,654
27,691
8,793
142,555
9,541
16,313
9,580
9,786
3,203
1,842
43,856
5,164
2,550
5,712
25,436
9,572
83 Caribbean
84
Bahamas
85
Bermuda
86
Cayman Islands15
87
Cuba
88 Jamaica
89
Netherlands Antilles
90 Trinidad and Tobago
91
Other Caribbean"
969,986
153,554
38,964
739,204
96
669
8,689
1,253
27,557
1,212,209
186,097
92,577
884,980
110
829
5,863
1,624
40,129
1,214,742
212,764
52,171
907,167
120
917
6,396
2,830
32,377
1,175,703
181,672
65,798
887,181
115
706
5,937
2,380
31,914
1,212,575
190,138
65,216
917,539
116
981
4,944
2,901
30,740
1,207,176
192,534
63,393
911,598
116
829
5,233
2,541
30,932
1,200,678
203,620
54,039
903,088
118
784
4,794
2,441
31,794
1,214,742
212,764
52,171
907,167
120
917
6,396
2,830
32,377
1,242,092
216,992
56,757
926,009
120
695
6,104
2,961
32,454
1,278,852
231,140
56,798
947,577
121
1,201
6,098
2,849
33,068
92 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries19
Other
373,024
420,635
408,261'
397,780
402,016
397,338
396,838
408,261'
396,737
381,895
13,236
26,808
49,557
14,534
14,373
12,223
162,003
12,647
1,683
7,226
23,626
35,108
52,767
26,496
42,788
11,154
5,903
11,214
167,008
12,421
2,949
11,355
38,257
38,323
46,460
23,278
34,404'
13,737
4,306
9,789
155,515
27,091
3,785
9,973
49,545
30,378
52,220
21,926
42,564
12,716
2,297
7,249
150,297
19,395
2,605
9,246
45,428
31,837
57,610
20,015
37,101
11,562
2,805
6,685
154,221
20,580
2,619
10,397
48,120
30,301
50,033
20,746
38,004
11,164
3,226
6,485
152,939
21,112
3,195
12,290
49,518
28,626
42,499
20,484
36,001
12,084
3,521
5,965
152,196
26,108
3,014
11,033
52,899
31,034
46,460
23,278
34,404'
13,737
4,306
9,789
155,515
27,091
3,785
9,973
49,545
30,378
49,509
22,390
28,611
12,036
3,547
9,035
148,251
26,568
3,474
9,249
53,255
30,812
34,190
22,265
32,246
11,075
3,319
8,558
145,173
26,775
3,544
11,638
55,608
27,504
105 Africa
106
Egypt
107
Morocco
108
South Africa
109
Congo (formerly Zaire)
110
Oil-exporting countries20
111
Other
13,828
2,336
376
3,715
18
3,498
3,885
14,580
2,711
156
3,284
4
4,326
4,099
20,217
4,980
138
3,048
7
6,905
5,139
15,648
3,382
131
3,229
5
4,587
4,314
15,582
2,439
166
3,764
4
5,195
4,014
15,296
2,261
152
3,820
5
4,669
4,389
17,750
3,315
105
3,386
12
6,138
4,794
20,217
4,980
138
3,048
7
6,905
5,139
21,049
5,071
162
3,175
4
7,490
5,147
22,470
5,241
131
3,541
5
8,538
5,014
112 Other countries
113 Australia
114
New Zealand21
115 All other
16,913
14,020
2,465
428
27,325
23,391
3,429
505
21,496
17,767
3,263
466
25,187
2,898
902
22,571
19,008
2,820
743
22,610
18,818
3,051
741
24,529
19,576
4,113
840
21,496
17,767
3,263
466
21,853
17,002
4,331
520
22,684
17,439
4,712
533
116 Nonmonetary international and regional organizations
117
International22
118 Latin American regional23
119
Other regional24
14,149
10,500
420
3,166
15,654
11,542
1,993
2,006
17,631
12,828
2,036
2,673
17,025
12,797
2,257
1,912
18,105
13,429
3,004
1,602
18,944
14,157
3,181
1,525
17,407
12,701
2,515
17,631
12,828
2,036
2,673
17,110
13,147
1,709
2,153
20,126
16,481
1,626
1,928
69 Canada
93
94
95
96
97
98
99
100
101
102
103
104
13. Before January 2001, data for Belgium-Luxembourg were combined.
14. Before January 2001, these data were included in data reported for the United
Kingdom.
15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
16. Includes the Bank for International Settlements and the European Central Bank.
17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
18. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.
19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
20. Comprises Algeria, Gabon, Libya, and Nigeria.
21. Before January 2001, these data were included in "All other."
22. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
23. Principally the Inter-American Development Bank.
24. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."
48
Federal Reserve Bulletin Statistical Supplement • April 2006
3.18
BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
Area or country
Aug.
Sept.
1 Total, all foreigners
1,322,363
1,664,223
1,830,075'
1,864,081'
1,863,507'
1,812,904'
1,893,707'
1,830,075'
1,886,717'
1,973,818
2 Foreign countries
1,317,292
1,658,247
1,822,825'
1,857,564'
1,853,836'
1,805,865'
1,887,914'
1,822,825'
1,880,289'
1,967,986
591,018
4.819
6,910
2.814
8,160
63,719
25,811
238
7,310
5,512
21,415
17,666
2,106
1,233
2,295
15,269
78,716
2,149
268,822
43,099
0
12,955
806,546
4,429
7,751
735
11,840
90,941
26,196
94
16,906
5,864
22,090
25,517
1,576
1,089
8,452
17,027
114,167
2,542
404,844
26,878
0
17,608
897,436'
4,101
11,859
864
9,247
88,560'
29,976
95
18,482
8,200
20,864
12,848
830
1,267
8,371
9,452
143,871
3,270
470,205'
31,124
0
23,950'
920,014'
4,498
16,236'
1,234
9,575
89,660
25,761'
154
18,781'
5,472
17,902
25,701
1,397'
1,017
13,137
12,896
164,256'
3,084
461,899'
27,667
0
19,687'
930,530'
4,551
16,305
2,493
9,014
89,631
32,774
108
17,256
7,021
20,302'
20,728
1,312
1,013
9,812
10,979
170,296
3,229'
462,937
28,273
0
22,496
868,887'
5,344
16,363'
801
8,609
85,416
31,742
185
18,120
8,301
18,223'
23,857
1,216
824
9,246
10,538
103,555
3,097
472,734
29,524
0
21,192'
940,280'
4,157
15,139
1,207
9,622
86,963
32,993
177
18,507
8,561
18,243'
20,534
925
1,148
8,118'
9,112
159,548'
3,194
492,905'
29,584
0
19,643'
897,436'
4,101
11,859
864
9,247
88,560'
29,976
95
18,482
8,200
20,864
12,848
830
1,267
8,371
9,452
143,871
3,270
470,205'
31,124
0
23,950'
928,468'
5,219'
19,304
499
8,416
97,799
27,219
360
17,381
9,083
19,584
16,052
829
1,197
9,790
8,190
95,813
3,380
532,845'
30,793
0
24,714
970,059
4,224
18,446
1,022
9,407
89,029
28,350
299
17,688
9,382
22,663
14,868
677
1,356
12,649
11,965
106,592
3,213
563,062
30,512
0
24,655
52,140
51,088
63,420
57,999'
56,479
57,864
58,292
63,420
53,252
56,858
51,031
2,282
15,040
6,639
2,432
581
872
14,599
2,074
1,226
446
2,271
2,569
54,647
2,296
17,937
6,480
2,952
570
965
15,086'
1,881'
1,159
459
2,296
2,566
53,283
2,406
17,142
6,489
2,838
597
1,014
14,467
1,911
1,159
437
2,247
2,576
3 Europe
4
Austria
5
Belgium2
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12 Luxembourg2
13
Netherlands
14
Norway
15 Portugal
16
Russia
17
Spain
18
Sweden
19
Switzerland
20
Turkey
21
United Kingdom
22
Channel Islands and Isle of Man3
23
Yugoslavia4
24
Other Europe and other former U.S.S.R.5
25 Canada
26 Latin America
27
Argentina
28
Brazil
29
Chile
30
Colombia
31
Ecuador
32
Guatemala
33
Mexico
34 Panama
35 Peru
36
Uruguay
37
Venezuela
38
Other Latin America1"
51,517
3,819
15,825
6,094
2,026
404
781
13,583
1,844
1,370
465
2,911
2,395
49,378
2,220
14,094
6,213
2,645
469
866
13,440
1,939
1,529
403
2,844
2,716
51,031
2,282
15,040
6,639
2,432
581
872
14,599
2,074
1,226
446
2,271
2,569
51,204'
2,361'
15,742
6,717'
2,675'
544
841
13,625
2,038'
1,428
411
2,467'
2,355'
48,303
2,342
13,659'
6,227'
2,653
526
731
13,623
1,905
1,331
459
2,502
2,345
49,974'
2,338
14,583
6,639'
2,685
565
752
14,085
1,751
1,279'
512
2,311'
2,474
52,243'
2,222
16,259
6,775
2,652
637
867
14,432
1,855'
1,218
435
2,435
2,456
39 Caribbean
40
Bahamas
41
Bermuda
42
Cayman Islands7
43
Cuba
44
Jamaica
45
Netherlands Antilles
46
Trinidad and Tobago
47
Other Caribbean8
492,705
73,709
14,889
391,524
0
377
6,629
665
4,912
596,931
80,183
33,294
469,166
0
351
5,554
755
7,628
611,061
105,686
17,846
473,605
0
442
4,443
906
8,133
653,160'
95,814'
28,871'
513,566'
0
408
4,936
705
8,860
641,158'
98,498'
21,606
505,698
0
418
5,006
826
9,106
646,657'
85,036'
24,396
521,914
0
432
4,846
900
9,133
641,041
94,042'
26,627'
505,364
0
413
4,410
786
9,399
611,061
105,686
17,846
473,605
0
442
4,443
906
8,133
651,160'
124,018
21,201
492,593'
0
418
4,484
898
7,548
687,071
132,140
21,903
518,720
0
412
4,619
759
8,518
48 Asia
China
49
Mainland
50
Taiwan
51
Hong Kong
52
India
53
Indonesia
54
Israel
55 Japan
56
Korea (South)
57
Philippines
58 Thailand
59
Middle Eastern oil-exporting countries5
60
Other
119,562
142,656
187,613
165,998'
167,184'
171,404'
184,685'
187,613
181,257'
189,146
4,134
9,659
7,190
1,588
838
5,122
62,059
11,395
1,693
989
6,782
8,113
9,267
10,589
5,622
2,117
555
1,326
82,207
15,531
993
1,144
7,022
6,283
14,780
8,626
8,398
2,518
435
4,285
103,458
17,226
1,790
7,796
12,329
5,972
16,914
8,605
5,660'
2,661'
554'
4,214'
86,604
18,784
1,025
6,720
7,543'
6,714'
17,421'
7,934
6,974
2,737'
572
3,186
83,480
16,669
1,085
8,318
11,432
7,376'
19,409'
8,134
8,352
2,698
578
3,183
86,046
17,193'
1,211
8,995
8,967'
6,638
19,712
7,196
8,072'
2,693
518
4,370
101,185
15,956
1,319
8,066
9,412
6,186
14,780
8,626
8,398
2,518
435
4,285
103,458
17,226
1,790
7,796
12,329
5,972
16,262
5,754
7,034
2,524
389
4,172
108,219'
16,158
907
6,487
7,808
5,543
17,688
6,003
6,395
3,189
415
4,115
114,179
15,183
956
7,765
8,615
4,643
61 Africa
62 Egypt
63
Morocco
64
South Africa
65
Congo (formerly Zaire)
66
Oil-exporting countries9
67
Other
1,453
236
46
453
0
147
571
1,262
228
53
318
0
223
430
1,536
422
31
331
0
312
440
1,633'
443
389
0
361
408'
1,400
453
33
219'
0
337
358'
1,564'
413
20
438
0
332
361'
1,483'
453
19
193
0
397
421'
1,536
422
31
331
0
312
440
1,588
448
45
318
0
338
439
1,314
341
29
194
0
312
438
68 Other countries
69
Australia
70
New Zealand10
71
Allother
8,897
8,037
819
41
10,386
9,695
609
82
10,728'
10,009'
541
178
7,556'
6,828'
634
94
8,782
7,841
848
93
9,515
8,875
531
109
9,890
9,085
580
225
10,728'
10,009'
541
178
9,917
8,839
801
277
10,255
9,337
609
309
72 Nonmonetary international and regional organizations"
5,071
5,976
7,250
6,517
9,671
7,039
5,793
7,250
6,428
5,832
1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
5. Includes the Bank for International Settlements and the European Central Bank.
6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."
Bank-Reported Data
3.19
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars
49
Reported by Banks in the United States1
Millions of dollars, end of period
2005
Type of claim
2003
2004
Aug.'
1 Total claims reported by banks
3
Foreign official institutions2
5
Other foreigners4
6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8
Negotiable CDs
9
Other short-term negotiable instruments'" . .
10
Other claims
2006
2005
Sept.
Oct.'
Nov.
1 812 904
95.466
1 299 080
418.358
1 893 707'
88.216
1 396 698'
408.793
Dec.
Jan.'
Feb.'
1 886 717
80.176
1 412 818
393.723
1 973 818
79.069
1 491 533
403.216
1,596,965
2,026,841
2,274,815'
1 322 363
57.897
980 099
284.367
1 664 223
77,868
1 187 954
398,401
1 830 075'
78,281
1 382 455'
369,339'
274.602
129,787
71,791
63,225
9,799
362,618
152,520
107,533
88,423
14,142
444,740
176,858
110,337
137,589
19,956
500,085
376
668,255
3,970
740,077
2,804
747,751
3,260
739,436'
3,971
734,168
4,723
746,823'
4,019
740,077
2,804
805,720
3,376
833,783
2,387
5,328
816,574
934,166
3,888
988,110
1,097,873
7,255'
1,079,939
1,280,539
11,287
1,101,783
1,250,856
9,012
1,111,088'
1,284,592'
11,530
1,062,483
1,200,720
11,637
1,131,228'
1,286,411
7,255'
1,079,939
1,280,539
8,642
1,068,979
1,314,749
10,520
1,127,128
1,374,209
344,753
479,422
471,095
545,571
527,668
550,242
533,490
471,095
501,972
539,561
2,293,179'
1 864 081
89.325
1 365 847
408.909
1 863 507'
88.613
1 376 109'
398.785
2,274,815'
429.672
172,701
111,032
128,094
17,845
1 830 075'
78.281
1 382 455'
369.339'
444.740
176,858
110,337
137,589
19,956
MEMO
11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices5
16 Loans collateralized by repurchase
agreements9
1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) above.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) above.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.
6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.
50
Federal Reserve Bulletin Statistical Supplement • April 2006
3.22
LIABILITIES TO FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States
Millions of dollars, end of period
Type of liability, and area or country
Sept.
Sept.
1 Total
67,664
83,240
108,339
103,204
108,339
107,795'
106,811'
107,242'
103,169
By type
2 Financial liabilities
3
Short-term negotiable securities'
39,561
n.a.
53,150
14,002
79,177
11,759
73,818
11,415
79,177
11,759
75,039
9,027
70,927
13,152
70,121
11,319
65,708
11,608
66,012
57,775
n.a.
n.a.
8,498
22,946
6,315
49,882
3,558
45,766
6,315
49,882
8,163
45,852
10,570
34,151
16,868
32,124
13,245
29,786
18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.
25,055
28,095
1,431
10,372
11,425
2,493
2,374
45,905
33,272
2,399
9,067
18,337
1,564
1,905
43,617
30,201
1,981
7,678
17,420
1,642
1,480
45,905
33,272
2,399
9,067
18,337
1,564
1,905
42,608
32,431
2,296
11,159
15,532
1,379
2,065
46,891
24,036
1,774
16,183
3,250
1,604
1,225
45,423
24,698
1,837
16,355
2,802
1,770
1,934
38,695
27,013
2,024
16,241
3,028
2,460
3,260
39,561
43,610
62,847
57,142
62,847
51,809
44,929
42,146
44,019
34,335
144
5,243
2,923
1,825
61
22,531
34,832
709
3,543
3,531
284
517
23,886
38,690
775
1,349
2,911
363
514
29,473
43,134
677
2,290
3,335
340
431
28,166
38,690
775
1,349
2,911
363
514
29,473
35,304
590
1,550
5,276
413
282
25,017
30,904
641
1,093
7,591
129
114
16,703
28,216
567
1,070
7,827
380
53
15,795
29,590
371
887
7,955
407
122
17,225
591
1,239
2,433
1,956
2,283
2,080
2,058
2,038
1,504
23
990
65
365
n.a.
31
1
4,235
0
711
242
n.a.
3,114
34
3
16,196
0
8,715
208
n.a.
7,178
26
18
7,297
0
2,382
185
n.a.
4,591
24
22
8,715
208
n.a.
7,178
26
18
9,076
0
801
263
n.a.
7,871
30
11
8,101
0
115
306
n.a.
7,583
20
5
6,984
0
77
141
n.a.
6,497
47
30
7,188
0
77
142
n.a.
6,698
44
31
2,932
1,832
14
2,547
1,826
36
4,724
1,648
36
4,589
1,664
30
4,724
1,648
36
4,347
1,365
33
3,697
1,642
2
4,143
1,792
35
4,401
1,871
173
131
91
123
92
131
94
119
93
131
94
132
95
108
96
123
96
130
97
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
7
8
9
10
11
12
13
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
14 Financial liabilities to unaffiliated
foreigners
By area or country
15 Europe
16
Belgium-Luxembourg
17
France
18
Germany
19
Netherlands
20
Switzerland
21
United Kingdom
67,418
MEMO:
22
23
Euro area3
Canada
24
25
26
27
28
29
30
31
32
33
34
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf
35
36
Africa
Oil-exporting countries6
37
All other7
9,579
11,211
Nonbank-Reported Data
3.22
LIABILITIES TO FOREIGNERS
the United States—Continued
51
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
Sept.
28.103
14,699
13,404
30,090
17,174
12,916
29,162
18,181
10,981
29,386
18,362
11,024
29,162
18,181
10,981
32,756'
21,321'
11,435
35,884'
22,497'
13,387
37,121'
23,785'
13,336
37,461
23,050
14,411
26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.
27,632
2,458
199
787
606
209
657
25,811
3,351
224
1,058
704
296
1,069
26,090
3,296
241
1,030
600
302
1,123
25,811
3,351
224
1,058
704
296
1,069
29,533'
3,223
200
1,026
634
314
1,049
33,010'
2,874
143
1,028
585
119
999
34,335'
2,786
163
1,041
397
286
899
34,637
2,824
171
1,009
477
309
858
8,257
141
765
781
590
433
2,649
9,821
159
900
855
384
1,367
3,025
9,030
123
1,019
1,024
305
564
3,407
8,843
133
1,050
1,021
315
616
3,127
9,030
123
1,019
1,024
305
564
3,407
9,861'
100
1,600
1,020
322
739'
3,376'
10,729'
103
1,669
965
402'
893'
3,203'
11,344'
124
1,816'
1,006
329
1,106'
3,442'
10,574
109
1,870
1,113
489
1,113
2,882
Euro area3
4,200
4,198
3,731
3,831
5,288'
5,406
56
Canada
1,588
2,166
2,145
1,995
2,145
2,143
2,179'
2,836'
2,375
57
58
59
60
61
62
63
64
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
3,073
51
538
253
36
n.a.
1,170
177
3,406
14
513
233
n.a.
40
1,298
329
4,276
32
515
113
n.a.
101
1,942
433
4,317
35
635
98
n.a.
29
1,925
477
4,276
32
515
113
n.a.
101
1,942
433
4,894
66
511
97
n.a.
29
2,154
640
5,360'
79
774
127
n.a.
76
2,210
522
5,228
74
621
143
n.a.
100
1,921
738
5,748
70
713
218
n.a.
76
2,209
680
65
66
67
Asia
Japan
Middle Eastern oil-exporting countries-
13,382
4,292
3,979
13,311
4,370
3,148
12,239
4,221
2,910
12,707
4,288
3,312
12,239
4,221
2,910
14,339'
5,317'
3,855'
16,127'
5,671'
4,221'
16,408'
5,892
3,862'
17,427
5,971
3,986
68
Africa
827
405
782
372
947
424
956
488
947
424
935
447
1,009'
627
851
459
916
493
38 Commercial liabilities
39
Trade payables
40
Advance payments and other liabilities .
41
42
43
44
45
46
47
48
49
50
51
52
53
54
By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial liabilities
Europe
Belgium-Luxembourj
France
Germany
Netherlands
Switzerland
United Kingdom . . .
MEMO
69
70
Oil-exporting countries'"
All other7
MEMO
71
Financial liabilities to foreign affiliates5 . . .
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above.
52
Federal Reserve Bulletin Statistical Supplement • April 2006
3.23
CLAIMS ON FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Of which:
Loans'
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
16 Financial claims on unaffiliated
foreigners
By area or country
17
Europe
18
Belgium-Luxembourg
19
France
20
Germany
21
Netherlands
22
Switzerland
23
United Kingdom
Sept.
102,566
165,901
197,696
192,336
197,696
199,565'
179,440""
184,061'
180,350
71,389
27,064
44,325
132,332
35,920
3,211
164,981
47,883
9,892
160,552
50,314
7,595
164,981
47,883
9,892
167,204
52,316
11,912
146,768
48,975
8,894
152,935
51,353
11,845
146,794
45,735
13,180
n.a.
44,064
157
93,201
103
107,206
70
102,643
103
107,206
94
102,976
173
88,899
82
89,737
65
87,879
n.a.
n.a.
69,208
3,253
59,683
24,034
64,968
17,685
59,683
24,034
64,386
12,737
57,548
8,069
56,381
8,499
51,034
7,511
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.
122,879
9,453
912
2,776
3,242
831
1,692
121,909
43,072
1,329
20,651
9,219
7,345
4,528
124,592
35,960
1,278
13,129
9,618
7,829
4,106
121,909
43,072
1,329
20,651
9,219
7,345
4,528
123,380
43,824
7,216
17,593
7,687
6,111
5,217
109,139
37,629
10,031
10,935
7,714
4,007
4,942
112,967
39,968
10,837
11,712
8,853
4,058
4,508
107,829
38,965
10,850
10,994
7,906
3,748
5,467
67,347
110,517
101,867
110,517
113,673
99,407
107,997
107,955
29,018
722
3,247
4,245
3,648
383
10,663
28,970
391
3,049
2,859
2,789
617
11,438
48,714
2,177
1,452
5,386
7,389
978
23,982
47,040
292
3,620
2,299
3,149
585
26,641
48,714
2,177
1,452
5,386
7,389
978
23,982
53,001
2,651
3,177
7,126
7,692
827
25,105
40,479
1,998
4,593
4,534
1,738
1,185
17,601
43,500
801
4,338
3,335
3,313
1,249
22,028
44,263
586
2,872
4,298
2,698
1,389
22,577
17,281
15,067
5,013
5,311
6,412
5,825
6,412
11,361
11,905
14,290
15,335
29,612
1,038
724
2,286
21,528
2,921
104
26,215
1,049
564
1,832
n.a.
20,015
1,629
131
47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155
42,091
1,346
1,063
1,833
n.a.
35,188
1,527
139
47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155
39,893
1,899
2,128
1,839
n.a.
31,162
1,727
164
38,945
3,436
1,316
1,486
n.a.
30,448
1,392
62
41,643
3,802
1,113
1,793
n.a.
31,768
1,968
167
39,454
2,024
1,303
2,079
n.a.
30,350
2,037
170
5,358
1,277
79
5,317
1,194
158
6,840
993
137
5,633
1,050
138
6,840
993
137
7,680
981
133
6,500
965
114
6,792
788
93
6,740
746
242
395
25
419
12
306
8
306
8
290
16
282
23
347
55
425
37
1,425
1,738
MEMO:
24
25
Euro area3
Canada
26
27
28
29
30
31
32
33
34
35
36
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf
37
38
Africa
Oil-exporting countries'"
39
All other7
1,115
18,609
1,020
1,096
International Statistics
3.23
53
CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States—Continued
Millions of dollars, end of period
Type of claim, and area or country
Sept.
40 Commercial claims
41
Trade receivables
42
Advance payments and other claims
43
44
45
46
47
48
49
50
51
52
53
54
55
56
By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Sept.
31.177
26,385
4,792
33,569
28,618
4,951
32,715
29,229
3,486
31,784
27,346
4,438
32,715
29,229
3,486
32,361'
27,844'
4,517
32,672'
28,576'
4,096
31,126'
27,535'
3,591
33,556
29,187
4,369
26,481
4,696
25,494
8,075
1,557
1,542
1,187
589
3,200
27,439
5,276
512
1,561
1,586
238
1,379
27,908
3,876
446
1,026
1,169
191
1,044
27,439
5,276
512
1,561
1,586
238
1,379
27,608'
4,753
499
1,530
1,110
239
1,375
28,347'
4,325
407
1,442
1,098
153
1,225
27,417'
3,709
372
1,227
780
206
1,124
29,898
3,658
481
1,335
706
187
949
14,187
269
3,164
1,202
1,490
503
3,727
14,552
247
2,816
1,273
395
1,921
3,928
13,457
257
2,261
1,401
494
1,528
3,742
13,000
298
2,582
1,331
396
1,218
3,815
13,457
257
2,261
1,401
494
1,528
3,742
13,369'
366
2,865'
1,476'
490
1,283'
3,295'
13,096'
402
2,233
1,477'
461
1,319'
3,119'
12,183'
396
2,023
1,438'
339
1,358'
3,053'
12,084
470
2,311
1,509
354
724
2,677
6,740r
7,664
MEMO
57
58
Euro area3
Canada
59
60
61
62
63
64
65
66
67
68
69
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
70
Africa
71
72
Oil-exporting countries6
2,790
3,070
2,017
2,260
2,017
2,137'
2,139'
2,001 r
2,750
4,346
31
287
750
19
n.a.
1,259
5,153
26
460
903
n.a.
52
1,339
230
6,477
55
650
935
n.a.
160
2,018
319
6,141
58
766
905
n.a.
124
1,767
263
6,477
55
650
935
n.a.
160
2,018
319
6,509'
41
591
1,049
n.a.
75
1,859
365
6,310
29
581
952
n.a.
143
1,838
393
6,524
27
498
1,028
n.a.
294
1,812
390
6,757
41
648
7,324
2,341
818
7,352
1,757
888
8,943
1,855
1,071
8,601
1,847
961
8,943
1,855
1,071
8,447'
1,918
1,146'
9,245'
1,930'
1,317
8,561 r
l,717 r
1,271
10,073
2,128
1,558
584
95
636
138
629
154
783
209
629
154
767
205
873
226
788
234
830
258
1,132
1,009
All other7
1,192
n.a.
61
2,089
MEMO
73
Financial claims on foreign affiliates5
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial claims on foreign affiliates of
insurance underwriting subsidiaries of bank/financial holding companies and other financial
intermediaries. These data are included in lines 1-8 above.
54
Federal Reserve Bulletin Statistical Supplement • April 2006
3.24
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2006
Transaction, and area or country
Jan.Feb.
2005
Aug.'
Sept.'
Oct.'
2006
Nov.'
Dec'
Jan.'
Feb.'
381,685
376,793
386,338
376,745
416,565
395,377
396,397
379,917
U.S. corporate securities
STOCKS
1 Foreign purchases
812,962
775,294
3,862,043
2 Foreign sales
410,817
387,794
420,182
412,227
16,480
79,153
37,668
23,023
7,955
28,616
79,196
37,655
1,717
23,014
7,943
4,904
9,571
21,181
16,474
19,571
-876
-2,360
1,697
-1,194
15,208
-180
1,292
631
6,485
-320
2,832
-41
998
38,861
7,283
-3,329
-2,271
1,294
19,192
379
15,930
14,205
1,656
8,159
101
299
86
25,798
6,418
837
-20
2,401
12,971
-115
1,268
6,943
1,337
1,767
1,506
102
440
-2,699
1,114
-1,806
-568
-385
-3,978
33
4,125
-272
49
206
-615
71
237
15,479
642
124
1,009
-14
11,775
42
3,786
2,333
7
1,538
75
29
-158
2,201
-312
-145
10
178
637
82
1,084
3,331
113
1,122
656
-11
103
4,135
4,591
146
126
914
-2,087
59
1,768
-679
169
-278
15
-214
4,115
-1,747
-297
-1,299
72
6,329
8
1,804
1,546
-25
1,544
531
-17
604
13,365
5,289
-630
813
912
4,572
-10
739
3,520
1,025
2,198
1,546
32
302
12,433
1,129
1,467
-833
1,489
8,399
-105
529
3,423
312
-431
-40
70
138
442,485
325,085
204,954
153,272
214,012
149,427
217,823
146,049
201,386
155,897
203,801
157,043
209,759
153,455
232,726
171,630
3 Net purchases, or sales (-)
4 Foreign countries
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
362,919
361,227
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries
Nonmonetary international and
regional organizations
9,593
BONDS 3
20 Foreign purchases
21 Foreign sales
1,844,895
117,400
596,597
116,699
51,364
63,781
71,715
45,347
45,983
55,907
60,792
256,263
7,369
12,124
1,929
6,972
160,243
6,477
12,095
105,994
4,702
151,858
77,905
512
1,998
303,347
15,071
12,503
4,176
4 792
208,283
13,494
14,955
82,028
2,956
186,731
85,213
288
6,292
50,817
-192
3,231
-117
1,003
32,741
1,221
2,028
20,195
1,384
41,892
12,021
-217
600
29,501
862
865
229
-396
24,540
1,009
225
6,466
147
14,302
5,301
55
668
36,794
3,773
1,406
808
1,106
25,701
1,680
1,386
7,694
993
16,346
10,185
220
348
33,297
255
2,172
205
864
18,465
2,244
2,627
9,487
-576
26,226
15,269
25
629
28,485
2,113
1,183
164
842
20,082
1,366
2,066
-3,539
-454
18,608
11,681
-23
204
24,641
1,383
783
29
135
19,444
351
1,015
2,825
157
16,783
5,902
-27
589
23,194
-1,705
2,045
7
312
12,763
1,126
371
10,384
667
21,029
7,035
-91
353
27,623
1,513
1,186
-124
691
19,978
95
1,657
9,811
717
20,863
4,986
-126
247
2,479
3,122
23 Foreign countries
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries
Nonmonetary international and
regional organizations
64,585
61,096
599,719
533,422
22 Net purchases, or sales (-)
46,758
Foreign securities
-16,525
182,026
198,551
16,616
123,068
106,452
-6,579
191,194
197,773
-10,485
121,735
132,220
-5,991
227,057
233,048
2,755
147,259
144,504
-17,241
229,794
247,035
841
107,627
106,786
-16,725
222,344
239,069
-4,075
116,522
120,597
-10,371
235,235
245,606
-2,265
139,155
141,420
-12,385
262,910
275,295
-251
140,772
141,023
-25,272
91
-17,064
-3,236
-16,400
-20,800
-12,636
-12,636
-24,958
141
-16,979
-3,317
-16,103
-20,879
-12,539
-12,419
-6,958
-4,542
-1,181
-10,916
-2,044
-537
-824
10,833
301
-1,210
-9 413
-5,926
-118
-252
-2,967
-2,621
-4,449
-5,659
-5,798
36
-1,319
4,268
-683
-5,083
-1,536
-3,938
-41
-242
-1,765
-1,601
-328
-11,177
-8,677
-837
-395
-11,177
-806
140
-6,685
-4,107
50
-2,401
-470
-3,219
-1,353
-6,709
-1,891
-277
-511
-6,488
-1,323
172
-4,207
-153
-260
-313
39 Stocks, net purchases, or sales (-) .
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales (-) .
43
Foreign purchases
44
Foreign sales
-84,970
1,664,076
1,749,046
-67,872
1,459,043
1,526,915
-126,735
2,187,103
2,313,838
-27,103
1,453,571
1,480,674
-22,756
498,145
520,901
-2,516
279,927
282,443
45 Net purchases, or sales (-), of stocks and bonds . .
-152,842
-153,838
46 Foreign countries
-141,025
-146,498
47
48
49
50
51
52
53
Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries
-124,892
-5,492
9,184
-12,814
-20,640
1,591
-8,602
-64,036
-4,820
-17,868
-44,452
-32,668
-1,627
-13,695
54 Nonmonetary international and
regional organizations
-11,817
-7,340
1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.
Securities Holdings and Transactions
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
55
Foreign Transactions1
Millions of dollars; net purchases, or sales (-), during period
Area or country
Jan.Feb.
Sept.'
1 Total estimated
352,079
364,211
26,132
27,497
22,722
29,847'
2 Foreign countries
351,360
361,262
25,972
27,345
22,833
29,415'
88,431
118
8,804
-575
-3,153
3,236
5,342
78,661
1,175
-5,177
16,098
177,924
500
14,636
2,332
-6,054
1,908
-3,501
134,347
699
33,057
21,418
16,270
486
-2,218
-195
-846
832
331
15,535
346
1,999
5,258
14,716
186
-51
622
-571
310
845
13,319
382
-326
1,687
7,077
77
99
615
-484
246
-219
9,191
60
-2,508
34
13,366'
-53
1,146'
-146
340
-176
-17
5,227
212
6,833
3,240
33,544
-15
21,963
11,596
214,788
166,377
677
87,635
513
86,283
839
70,888
-3,359
2,222
1,175
-20,469
-67
-20,222
-180
25,657
-4,951
1,003
-1,747
5,603
80
4,916
607
4,861
1,634
582
-104
4,940
34
4,617
289
10,540
3,101
143
99
9,118'
94'
9,125'
-101
2,054
-6,352
804
833
2,949
2,552
160
168
-2
152
56
0
-129
40
351,360
201,140
150,220
361,262
59,303
301,959
25,972
19,186
6,786
27,345
2,788
24,557
22,833
-2,124
24,957
9,041
249
2,065
2,027
3,142
1,097
357
589
-199
180
3
4
5
6
7
8
9
10
11
12
13
Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3
Other Europe and former U.S.S.R
Canada
14
15
16
17
18
19
20
21
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other
22 Nonmonetary international and regional organizations
23
International
24 Latin American Caribbean regional
-2,178
719
-26
18,280
4,198
21,934
17,986
3,776
22,196
38,179'
405
937'
4
-1,854'
481
-957
34,023'
356
4,784
2,565'
10,797
482
1,712
194
-1,075
-869
-379
10,728
-171
175
-114
11,029
367
-1,607
-186
-130
1,169
-264
10,032
370
1,278
1,837
5,241
119
-611
-9
-716
-337
595
5,503
-24
721
3,421
7,543'
106'
7,357'
80
5,715
422
373
85
-1,466
142
-2,617
1,009
8,606
2,260
106
57
-11,232
-119
-11,470
357
3,506
-13,026
102
-1,466
-9,237
52
-8,752
-537
22,151
8,075
901
-281
71
80
-3
294
280
1
422
388
0
-262
-220
29,415'
4,881'
24,534'
54,460'
3,526'
50,934'
17,986
5,610
12,376
3,776
8,032
-4,256
22,196
11,154
11,042
1,241
994
743
438
1,548
23
2,177
253
965
844
432
433
10
54,531'
MEMO
25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting countries
28 Middle East4
29 Africas
1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.
3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
56
Federal Reserve Bulletin Statistical Supplement • April 2006
3.28
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2005
Item
2003
2004
2006
2005
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
73.53
2.2109
1.1815
8.0840
6.3277
1.1789
7.7538
45.63
118.45
3.7782
10.672
68.97
6.6399
1.6981
6.6554
1,040.76
101.800
8.1157
1.3110
33.580
41.097
173.49
2,144.66
74.23
2.2809
1.1615
8.0755
6.2844
1.1861
7.7531
45.56
118.46
3.7780
10.627
69.47
6.7242
1.6738
6.3480
1,022.38
101.977
7.9518
1.3053
33.286
41.076
174.58
2,144.62
75.05
2.2666
1.1572
8.0654
6.1530
1.2126
7.7537
44.20
115.48
3.7530
10.542
68.72
6.6287
1.6310
6.0760
981.44
102.016
7.6697
1.2773
32.035
39.519
176.86
2,144.64
74.18
2.1587
1.1489
8.0512
6.2514
1.1940
7.7593
44.23
117.86
3.7276
10.484
67.35
6.7526
1.6286
6.1153
969.84
102.194
7.8226
1.3052
32.319
39.343
174.80
2,144.62
Exchange rates
COUNTRY/CURRENCY UNIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar
65.24
3.0750
1.4008
8.2772
6.5774
1.1321
7.7875
46.59
115.94
3.8000
10.793
58.22
7.0803
1.7429
7.5550
1,192.08
96.541
8.0787
1.3450
34.405
41.556
163.47
1,613.43
73.65
2.9262
1.3017
8.2768
5.9891
1.2438
7.7891
45.26
108.15
3.8000
11.290
66.43
6.7399
1.6902
6.4402
1,145.24
101.268
7.3480
1.2428
33.372
40.271
183.30
1,886.13
76.27
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
70.49
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
182.04
2,107.13
76.51
2.2949
1.1777
8.0919
6.0973
1.2234
7.7618
43.85
111.24
3.7689
10.786
69.87
6.3830
1.6820
6.3661
1,029.84
101.332
7.6300
1.2671
32.925
41.041
180.64
2,144.60
75.35
2.2536
1.1774
8.0895
6.2064
1.2022
7.7559
44.76
114.87
3.7735
10.835
69.83
6.5103
1.6915
6.5878
1,045.88
101.485
7.8433
1.2880
33.468
40.895
176.51
2,144.60
Indexes4
NOMINAL
24 Broad (January 1997=100)s
25 Major currencies (March 1973=100)°
26 Other important trading partners (January
1997=100)7
119.09
93.00
113.59
85.37
110.81
83.78
110.62
83.82
111.70
85.12
112.51
86.58
111.79
85.83
110.18
84.44
110.46
85.22
143.54
143.39
138.90
138.31
138.78
138.26
137.72
136.02
135.35
104.48
97.56
99.84
90.61
98.29
90.50
99.28
91.46
100.14
93.07
99.99
94.08
98.88
92.78
97.97'
91.96'
98.07
92.95
123.23
121.86
118.06
119.13
118.98
117.16
116.23
115.12'
113.97
REAL
27 Broad (March 1973=100)s
28 Major currencies (March 1973=100)s
29 Other important trading partners (March
1973=100)7
1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564
Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds
1,936.27 Italian lire
40.3399 Luxembourg francs
2.20371 Netherlands guilders
200.482 Portuguese escudos
166.386 Spanish pesetas
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.
57
Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data
Issue
Page
Reference
Assets and liabilities of commercial banks, 4.20
December 31,2004
March 31,2005
June 30, 2005
September 30, 2005
December 31,2005
March
June
September
December
March
2005
2005
2005
2005
2006
58
58
58
58
58
Supplement
Supplement
Supplement
Supplement
Supplement
Terms of lending at commercial banks, 4.23
February 2005
May 2005
August 2005
November 2005
May
August
November
February
2005
2005
2005
2006
58
58
58
58
Supplement
Supplement
Supplement
Supplement
Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30
December 31,2004
March 31,2005
June 30, 2005
September 30,2005
May
August
November
February
2005
2005
2005
2006
64
64
64
64
Supplement
Supplement
Supplement
Supplement
August 2001
October 2001
January 2002
A76
A64
A64
Bulletin
Bulletin
Bulletin
September 2002
September 2003
September 2004
A58
A58
58
Bulletin
Bulletin
Supplement
September 2002
September 2003
September 2004
A67
A67
67
Bulletin
Bulletin
Supplement
September
September
September
September
2002
2003
2004
2005
A70
A70
70
60
Bulletin
Bulletin
Supplement
Supplement
September
September
September
September
2002
2003
2004
2005
A73
A73
73
63
Bulletin
Bulletin
Supplement
Supplement
Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31,2001
June 30, 2001
September 30, 2001
Residential lending reported under the Home Mortgage Disclosure Act,
1989-2001
1990-2002
1991-2003
Disposition of applications for private mortgage insurance,
1998-2001
1999-2002
2000-2003
Small loans to businesses and farms,
1996-2001
1996-2002
1997-2003
1998-2004
4.34-4.411
4.42-4.45
4.46-4.48
Community development lending reported under the Community Reinvestment Act, 4.49
2001
2002
2003
2004
*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).
58
Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 34
Real estate mortgages held, by holder and property, 33
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4—6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-39
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 45, 48^19, 52-53
Liabilities to, 45^17, 50-51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
International capital transactions of United States, 44—55
International organizations, 45, 46^17, 48, 50-55
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33
EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10
MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)
OPEN market transactions, 9
Index to Statistical Tables
PRICES
Stock market, 24
Prime rate, 22
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35-39
Savings deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)
59
@FedFRASER