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Volume 1 • Number 2 • February 2004
A
Statistical Supplement
V
i to the Federal Reserve
£ BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson
• Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman
• Dolores S. Smith • 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 Economic Editing
and the Publications Department.
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. The Bulletin is
now published on a quarterly basis, starting with the
Winter 2004 issue.
Published monthly, the new Statistical Supplement
is designed as a compact source of economic and
financial data. All tables that appeared in the Federal
Reserve Bulletin, including the annual and quarterly
special tables, now appear in the Statistical Supplement. 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.
Separate subscriptions for the quarterly Federal
Reserve Bulletin and the monthly Statistical Supplement are available. 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@frbog.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
These tables reflect data available as of the last week of
January 2004.
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 Reserve
Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. Treasury—
Types and ownership
26 U.S. government securities
dealers—Transactions
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
Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding
Monetary and Credit Aggregates
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Consumer Credit
34 Total outstanding
34 Terms
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
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 • February 2004
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 unaffiliated foreigners
52 Claims on unaffiliated 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
57 GUIDE TO SPECIAL TABLES AND
STATISTICAL
RELEASES
SPECIAL
TABLES
58 Assets and liabilities of commercial banks,
September 30, 2003
60 Terms of lending at commercial banks,
November 3-7, 2003
66 Assets and liabilities of U.S. branches and
agencies of foreign banks, September 30, 2003
70 INDEX TO STATISTICAL TABLES
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
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
G-7
G-10
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
TIIS
VA
Group of Seven
Group of Ten
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
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 • February 2004
1.10
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1
Monetary or credit aggregate
1
2
3
4
Reserves of depository institutions1
Total
Required
Nonborrowed
Monetary base3
Concepts of money*
5 Ml
6 M2
7 M3
Nontransaction components
8 In M2 5
9 In M3 only6
Time and savings deposits
Commercial banks
Savings, including MMDAs
Smalltime7
Large time8'9
Thrift institutions
13
Savings, including MMDAs
14
Smalltime7
15 Large time8
10
11
12
Money market mutual funds
16 Retail
17 Institution-only
Repurchase agreements and eurodollars
18 Repurchase agreements10
19 Eurodollars'"
Q37
July1
Aug.7
6.7
8.1
6.2
5.7
34.0
28.1
32.8
5.5
31.7
31.1
32.7
4.1
64.3
14.7
59.1
7.2
6.7
8.4
8.1
5.7
7.6
7.0
9.1
4.6
9.0
17.6
7.0
5.5
8.0
.4
6.9
13.6
15.8
8.7
2.7
Q4'
Ql'
1.0
1.4
1.9
4.5
11.3
11.4
12.8
7.1
6.2
8.2
9.0
7.9
8.7
10.6
18.8
7.3
4.2
14.7
21.9
6.0
13.3
23.0
7.6
6.7
6.6
6.7
6.1
2.7
50.2
27.6
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during 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: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to 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 computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time
deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds.
Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination
31.8
20.6
Q2'
Sept.7
2.8
25.9
25.8
24.1
5.9
15.3
18.1
14.3
5.4
7.8
4.9
.7
4.0
1.5
1.3
3.6
4.8
.7
1.5
2.8
10.1
36.7
7.7
1.5
5.2
3.8
4.9
7.3
1.8
5.6
17.7
13.9
35.6
26.0
17.6
97.2
17.4
14.8
7.9
5.8
12.0
10.4
5.0
9.7
10.0
10.6
10.4
9.3
24.2
9.3
1.6
17.9
12.4
14.9
18.9
12.1
30.5
20.1
14.3
13.9
11.5
9.8
3.9
7.9
9.9
3.9
8.4
10.4
7.9
6.9
14.9
9.6
7.6
12.8
38.6
7.5
16.9
13.7
.1
39.0
22.5
21.0
24.2
20.5
31.1
11.0
30.0
46.9
36.5
6.3
42.2
5.8
1.7
16.7
19.5
13.3
3.8
34.2
26.5
30.6
time deposits, and retail money fund balances, each seasonally adjusted separately, and
adding this result to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2)
balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all
depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom
and Canada. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated
by summing large time deposits, institutional money fund balances, RP liabilities, and
eurodollars, each seasonally adjusted separately, and adding this 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) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
7. Small time deposits—including retail RPs—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 commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
10. Includes both overnight and term.
Money Stock and Bank Credit 5
1.11
RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
Sept.
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
SUPPLYING RESERVE FUNDS
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
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
. . ..
720,656
655,412
655,402
241,209
399,372
13,305
1,516
10
26,800
184
25
0
159
13
38,273
11,043
2,200
35,268
722,035
656,917
656,907
241,920
399,969
13,454
1,564
10
25,056
110
16
0
94
293
40,244
11,043
2,200
35,329
727,607
661,7'43
661,733
242,906
403,757
13,454
1,616
10
25,067
63
20
0
43
976
39,757
11,043
2,200
35,390
722,818
656,416
656,406
241,799
399,595
13,454
1,557
10
26,393
102
4
0
98
351
40,258
11,043
2,200
35,321
721,105
656,625
656,615
241,997
399,595
13,454
1,569
10
24,571
100
14
0
86
348
40,156
11,043
2,200
35,335
726,832
657,966
657,956
242,161
400,759
13,454
1,582
10
28,071
90
19
0
71
118
40,822
11,043
2,200
35,349
725,105
658,813
658,803
242,433
401,322
13,454
1,593
10
24,000
135
82
0
53
1,467
40,690
11,043
2,200
35,363
722,240
660,213
660,203
242,720
402,422
13,454
1,606
10
20,464
52
3
0
48
460
41,051
11,043
2,200
35,377
727,982
661,963
661,953
242,886
403,995
13,454
1,617
10
24,071
65
729,192
663,499
663,489
243,194
405,211
13,454
1,629
10
27,393
46
0
43
1,832
40,049
11,043
2,200
35,391
42
62
38,192
11,043
2,200
35,405
697,197
20,312
20,312
0
337
701,697
19,168
19,168
0
707,470
18,667
18,442
225
347
703,153
19,095
19,095
0
373
702,671
18,633
18,633
0
389
702,049
19,174
19,174
0
399
18,924
964
389
706,365
17,554
17,554
0
375
706,844
19,227
19,227
0
342
708,826
18,228
18,228
0
307
18,206
6,206
272
11,467
11,191
276
261
20,639
12,477
16,824
4,934
119
11,465
11,302
164
306
20,437
12,101
17,539
5,143
108
11,988
11,679
310
299
20,457
11,760
15,567
3,745
139
11,372
11,253
118
312
20,523
12,672
17,313
5,403
97
11,523
11,340
184
289
20,236
10,442
16,918
5,125
81
11,430
11,338
92
283
20,506
16,379
17,891
5,680
196
11,723
11,421
301
293
20,025
12,230
16,854
4,876
91
11,577
11,423
154
309
20,243
9,470
17,269
4,651
80
12,199
11,848
351
339
20,746
12,188
17,736
5,223
85
12,166
11,850
316
263
20,672
12,070
ABSORBING RESERVE FUNDS
Currency in circulation
Reverse repurchase agreements6
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 .
Wednesday figures
End-of-month figures
Sept.
Oct. 29
Nov. 5
Nov. 12
725,925
660,289
660,279
242,792
402,422
13,454
1,610
10
24,000
51
3
0
48
228
41,357
11,043
2,200
35,377
723,985
662,713
662,703
242,958
404,669
13,454
1,621
10
22,000
47
0
44
1,263
37,962
11,043
2,200
35,391
736,522
664,525
664,515
243,253
406,173
13,454
1,634
10
33,500
43
8
0
36
62
38,516
11,043
2,200
35,405
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 agreements6
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 . .
732,550
656,126
656,116
241,533
399,595
13,454
1,533
10
37,500
174
21
0
154
496
39,246
11,043
2,200
35,293
725,743
658,791
658,781
242,414
401,322
13,454
1,590
10
26,000
239
181
0
58
215
40,498
11,043
2,200
35,363
737,188
664,615
664,605
243,338
406,173
13,454
1,639
10
33,000
28
2
0
26
926
38,618
11,043
2,200
35,419
729,686
656,499
656,489
241,879
399,595
13,454
1,561
10
30,250
110
13
0
97
2,909
39,917
11,043
2,200
35,321
722,665
656,764
656,754
242,131
399,595
13,454
1,574
10
25,500
94
11
0
83
149
40,456
11,043
2,200
35,335
727,151
658,682
658,672
242,308
401,322
13,454
1,587
10
11
0
71
503
40,890
11,043
2,200
35,349
722,557
658,885
658,875
242,500
401,322
13,454
1,599
10
19,000
49
4
0
45
3,955
40,667
11,043
2,200
35,363
698,144
24,983
24,983
0
341
702,383
19,329
19,329
0
390
712,984
18,781
18,781
0
324
704,187
18,642
18,642
0
387
703,337
18,111
18,111
0
400
703,503
19,286
19,286
0
390
705,008
21,001
18,251
2,750
379
708,583
17,386
17,386
0
348
707,714
17,902
17,902
0
305
713,335
17,955
17,955
0
324
19,046
7,224
82
11,515
11,225
290
18,262
6,110
155
11,723
11,421
301
274
20,026
13,959
18,635
5,912
81
12,360
11,851
509
281
20,590
14,538
16,682
4,857
165
11,372
11,253
118
289
19,974
18,379
17,024
5,123
99
11,523
11,340
184
279
20,327
12,045
17,470
5,672
85
11,430
11,338
92
283
20,106
14,989
17,116
4,615
458
11,723
11,421
301
320
19,841
7,818
16,651
4,614
147
11,577
11,423
154
314
20,446
11,131
17,758
5,175
76
12,199
11,848
351
308
20,474
8,466
17,880
5,377
82
12,166
11,850
316
255
20,405
15,273
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
21,164
17,409
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 • February 2004
1.12
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification
May
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
7,022
45,246
31,451
13,795
38,473
37,046
1,427
210
9,053
43,918
32,024
11,894
41,077
39,428
1,649
67
9,926
43,386'
30,347
13,038'
40,274
38,264
2,009
45
35
11,405
41,548'
30,395
11,153'
41,801
40,182
1,619
55
3
0
53
Aug.
11,297
41,916'
30,574
11,342'
41,872
40,018
1,854
161
87
0
74
12,157
42,642'
31,437
11,205'
43,594
41,671
1,924
130
21
0
110
14,107
43,008'
31,978
11,031'
46,084
42,321
3,763
329
168
15
146
Sept.
12,470
43,063'
31,940
11,123'
44,410
42,905
1,505
181
23
0
158
11,661
43,318
31,530
11,788
43,191
41,725
1,467
107
13
0
11,525
42,607
31,135
11,471
42,660
41,112
1,548
68
25
0
43
weekly averages of daily figures for two-week periods ending on dates indicated
Aug. 6
1
2
3
4
5
6
7
8
9
10
11
12
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
Secondary
Seasonal
Adjustment
Aug. 20
Sept. 3
Sept. 17
14,141
42,030'
32,024
10,006'
46,165
43,971
2,194
162
11,506
42,298'
30,948
11,350'
42,454
41,541
913
160
4
0
157
12,099
14,940
43,736'
43,466'
32,890
10,847'
44,988
31,551
11,915'
46,491
40,805
42,836
2,152
140
11
0
129
5,686
541
363
145
1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For
ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted.
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.
13,122
44,126'
32,990
11,136'
46,112
44,129
1,983
207
48
0
159
9,931
44,545
31,450
13,096
41,381
39,930
1,450
115
3
0
112
13,405
42,239
31,716
10,523
45,121
43,704
1,417
95
17
0
79
10,839
41,874
30,061
11,813
40,900
39,233
1,667
94
43
0
51
12,146
43,244
31,850
11,394
43,996
42,483
1,512
56
14
0
43
11,408
42,576
31,858
10,718
43,266
41,949
1,317
36
11
0
25
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).
Domestic Financial Statistics
1.14
1
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1
Secondary credit2
Primary credit
Seasona credit3
T7 a|-| pi'n 1 D P CPTVP
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
VTinneapolis
Kansas City
Dallas
San Francisco
On
2/6/04
Effective date
Previous rate
On
2/6/04
Effective date
Previous rate
On
2/6/04
Effective date
Previous rate
2.00
6/25/03
6/25/03
6/26/03
6/26/03
6/26/03
6/26/03
2.25
i
2.50
6/25/03
6/25/03
6/26/03
6/26/03
6/26/03
6/26/03
2.75
i
1.05
2/5/04
1.00
i
6/26/03
6/26/03
6/26/03
6/25/03
6/26/03
6/25/03
2.00
1
2.25
2.50
6/26/03
6/26/03
6/26/03
6/25/03
6/26/03
6/25/03
i
1
2.75
1
1.05
2/5/04
1.00
Range of rates for primary credit
Effective date
In effect Jan. 9, 2003
(beginning of program)
2003—June 25
26
In effect February 6, 2004
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2.25
2.25
2.00-2.25
2.00
2.00
2.00
2.00
2.00
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
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
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
4.50^1.75
4.50
4.75
4.75
4.50
4.50
1999—Aug. 24
26
Nov. 16
18
4.50^1.75
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.
2001—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 and
that cannot be met through special industry lenders. The discount rate on seasonal credit
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
4.00^1.50
4.00
3.50^1.00
3.50
5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50
In effect Jan. 8, 2003
(end of program)
takes into account rates charged by market sources of funds 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; and the Statistical Digest, 1970-1979, 1980-1989, and
1990-1995. See also the Board's Statistics: Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).
8
1.15
Federal Reserve Bulletin Statistical Supplement • February 2004
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirem ent
Type of deposit
Net transaction accounts^
1 $0 million-$6.6 million2
2 More than $6.6 million-$45.4 million3 . . . .
3 More than $45.4 million
12/25/03
12/25/03
12/25/03
4 Nonpersonal time deposits
5 Eurocurrency liabilities
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 corporations, and agreement
corporations.
1. Total transaction accounts consists of demand deposits, automatic transfer service
(ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer
accounts, ineligible bankers 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. federalres erve. gov/bo arddoc s/reportform s/.
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
Apr.
May
July
Aug.
Sept.
U.S. T R E A S U R Y S E C U R I T I E S
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
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
M o r e 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 . . . .
477,904
477,904
24,522
542,736
542,736
10,095
21,421
0
657,931
657,931
0
3,543
0
51,834
51,834
0
1,684
0
76,354
76,354
0
1,032
0
60,706
60,706
0
0
68,544
68,544
0
981
0
56,098
56,098
0
0
60,835
60,835
0
0
75,566
75,566
0
0
62,025
54,656
3,779
15,663
0
70,336
72,004
16,802
12,720
0
89,108
92,075
0
1,422
0
8,333
7,293
0
786
0
7,228
6,999
0
0
0
7,531
6,700
0
0
0
6,662
4,996
0
0
0
4,915
9,776
0
0
0
15,259
12,125
0
0
0
5,435
6,368
0
14,482
0
52,068
46,177
22,814
0
45,211
64,519
12,748
0
73,093
88,276
733
0
8,333
7,293
1,057
0
1,513
6,747
0
0
7,531
6,700
0
0
6,662
4,996
0
0
1,561
7,261
0
0
15,259
12,125
1,447
0
5,435
6,368
5,871
0
6,801
6,585
6,003
0
21,063
6,063
5,074
0
11,588
3,800
0
0
0
0
234
0
5,463
252
0
0
0
0
0
0
0
0
0
2,202
2,515
5,833
0
3,155
1,894
8,531
0
4,062
1,423
2,280
0
4,427
0
0
0
0
0
0
252
0
0
0
0
0
0
0
0
0
0
5,556
0
150
0
0
0
0
0
0
0
43,670
0
28,301
68,513
0
26,897
54,242
0
0
5,699
0
0
3,761
0
0
1,032
0
0
981
0
0
2,162
0
0
2,608
0
0
15,369
41,616
112,251
106,500
124,741
132,002
90,500
88,990
145,750
148,500
156,250
150,250
122,500
120,000
157,750
169,250
451,149
452,545
441,555
443,025
456,652
456,447
445,346
443,093
410,913
411,276
421,973
426,766
427,913
422,259
5,637
2,293
5,846
6,617
131
3,238
1,232
0
0
0
0
FEDERAL A G E N C Y OBLIGATIONS
Outright transactions
Gross purchases
Gross sales
Redemptions
0
0
120
Net change in federal agency obligations
TEMPORARY TRANSACTIONS
Repurchase agreements^
Gross purchases
Gross sales
Matched sale-purchase agreements
Gross purchases
Gross sales
890,236
987,501
1,497,713
1,490,838
1,143,126
1,153,876
4,415,905
4,397,835
4,722,667
4,724,743
4,981,624
4,958,437
Reverse repurchase agreements*
Gross purchases
Gross sales
231,272
252,363
Net change in temporary transactions
79,195
4,800
8,653
4,354'
8,731
1,715'
Total net change in System Open Market Account
63,877
46,295
45,589
10,053'
4,971
2,746'
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.
311
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
Federal Reserve Bulletin Statistical Supplement • February 2004
1.18
FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements1
Millions of dollars
Wednesday
Nov. 12
Sept.
Nov. 19
Consolidated condition statement
ASSETS
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 currencies6
All other7
19 Total assets
11,039
2,200
826
686,764
658,682
658,672
242,308
401,322
13,454
1,587
10
28,000
82
6,443
1,596
39,289
18,930
20,358
11,039
2,200
829
677,934
658,885
658,875
242,500
401,322
13,454
1,599
10
19,000
49
12,400
1,598
39,015
18,622
20,392
11,039
2,200
819
684,340
660,289
660,279
242,792
402,422
13,454
1,610
10
24,000
51
6,787
1,600
39,716
18,887
20,829
11,039
2,200
810
684,760
662,713
662,703
242,958
404,669
13,454
1,621
10
22,000
47
8,698
1,602
36,324
19,080
17,244
748,158
745,015
746,501
669,367
19,286
32,601
26,560
5,672
85
283
6,799
2,303
670,849
21,001
24,960
19,567
4,615
458
320
8,364
2,277
730,355
11,039
2,200
777
664,525
664,515
243,253
406,173
13,454
1,634
10
33,500
43
7,307
1,605
36,864
19,089
17,774
11,039
2,200
847
693,800
656,126
656,116
241,533
399,595
13,454
1,533
10
37,500
174
9,071
1,597
37,636
18,636
19,000
11,039
2,200
847
685,030
658,791
658,781
242,414
401,322
13,454
1,590
10
26,000
239
5,700
1,600
38,852
18,723
20,129
11,039
2,200
769
697,644
664,615
664,605
243,338
406,173
13,454
1,639
10
33,000
28
4,483
1,609
36,992
19,126
17,866
745,433
757,859
756,190
745,269
754,735
674,369
17,386
27,724
22,650
4,614
147
314
6,576
2,314
673,434
17,902
25,924
20,365
5,175
76
308
7,699
2,309
679,026
17,955
32,954
27,239
5,377
82
255
7,520
2,336
664,034
24,983
36,671
29,141
7,224
82
224
9,337
2,227
668,253
19,329
32,099
25,560
6,110
155
274
5,561
2,300
678,653
18,781
33,101
26,827
5,912
81
281
3,611
2,344
727,451
728,369
727,268
739,791
737,252
727,542
736,489
8,742
8,380
681
8,754
8,335
475
8,784
8,380
8,786
8,380
999
8,746
8,380
1,811
8,748
8,340
638
8,829
8,380
1,037
17,803
17,564
18,132
18,165
18,068
18,938
17,726
18,246
997,559
794,308
203,252
2,073
1,003,271
798,608
204,663
1,778
1,005,334
799,679
205,655
1,315
1,021,962
811,119
210,843
3,565
1,033,191
822,102
211,089
856
982,329
787,003
195,326
3,088
1,001,610
800,068
201,542
2,550
1,033,068
822,651
210,417
1,084
LIABILITIES
20
21
22
23
24
25
26
27
28
Federal Reserve notes, net of F.R. Bank holdings . . . .
Reverse repurchase agreements8
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
30 Capital paid in
3 1 Surplus
32 Other capital accounts
33 Total capital
MEMO
34 Marketable securities held in custody for foreign offici:
and international accounts3'10
35 U.S. Treasury
36
Federal agency
37 Securities lent to dealers
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
789,293
790,112
790,465
793,540
795,715
789,185
789,712
795,651
119,926
669,367
669,367
11,039
2,200
656,127
0
119,264
670,849
670,849
11,039
2,200
656,854
756
116,096
674,369
674,369
11,039
2,200
661,130
0
120,107
673,434
673,434
11,039
2,200
660,195
0
116,689
679,026
679,026
11,039
2,200
665,787
0
119,804
669,381
669,381
11,039
2,200
656,142
0
121,459
668,253
668,253
11,039
2,200
655,014
0
116,997
678,653
678,653
11,039
2,200
665,414
0
686,682
677,885
684,289
684,713
698,025
693,626
684,791
697,615
19,319
21,031
17,409
17,923
17,959
24,989
19,362
18,798
667,363
656,854
666,880
666,790
680,066
668,637
665,429
678,817
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. For ordering address, see inside front cover.
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
Sept.
1 Total loans
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
126
49
217
21
23
5
0
664,515
656,116
658,781
664,605
50,036
142,619
165,225
178,532
50,975
77,128
30,538
153,565
158,709
184,556
51,659
77,089
34,244
153,016
157,718
184,733
51,959
77,111
35,640
156,908
165,418
178,533
50,976
77,130
10
10
10
10
10
0
10
0
0
0
0
10
0
0
0
0
0
0
10
0
0
0
0
0
10
0
0
0
0
10
0
0
0
0
0
73
9
0
7
42
0
13
38
45
2
658,672
658,875
660,279
662,703
49,082
144,424
157,733
178,364
51,958
77,110
48,825
144,738
156,936
179,300
51,962
77,114
34,595
159,321
157,975
179,303
51,966
77,119
50,010
142,633
164,942
177,811
50,183
77,123
10
10
10
0
10
0
0
0
0
0
10
0
0
0
0
10
0
6
0
19 Total repurchase agreements2
28,000
19,000
24,000
22,000
20 Within 15 days
28,000
0
19,000
0
24,000
0
18,000
4,000
29,500
4,000
37,500
0
26,000
0
29,000
4,000
19,286
21,001
17,386
17,902
17,955
24,983
19,329
18,781
19,286
21,001
0
17,386
0
17,902
0
17,955
0
24,983
0
19,329
0
18,781
0
21 16 days to 90 days
22 Total reverse repurchase agreements2 .
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.
26,000
2. Cash value of agreements classified by remaining maturity of the agreements.
12
Federal Reserve Bulletin Statistical Supplement • February 2004
1.20
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2002
Dec.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
43.93
43.80
42.00
705.32'
46.28
45.95
42.52
710.81'
44.96
44.78
43.46
712.49'
43.99
43.88
42.53
716.01
43.43
43.36
41.88
719.21
44.38
44.20
42.88
709.24'
43.15
43.04
41.68
712.97
42.61
42.54
41.06
717.49
43.19
43.08
41.73
42.66
42.59
41.11
729.49
1.55
.07
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2
1
2
3
4
Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5
41.81
41.49
40.51
593.17'
38.54
38.33
37.11
584.78'
41.24
41.18
39.60
635.67'
40.22
40.14
38.21
681.97'
40.81
40.78
39.27
696.98'
40.99
40.93
39.37
699.96'
42.80
42.63
40.94
702.91'
Not seasonally adjusted
5
6
7
8
Total reserves
Nonborrowed reserves
Required reserves7
Monetary base8
41.89
41.57
40.59
600.72
38.53
38.32
37.10
590.06
41.20
41.13
39.55
639.91
40.13
40.05
38.12
41.65
41.33
38.47
38.26
37.05
596.98
1.43
.21
41.08
41.01
39.43
40.27
40.19
40.36
608.02
648.74
697.15
2.01
686.23
41.16
41.14
39.63
697.83
41.79
41.73
40.17
701.58
41.86
41.70
40.00
703.33
43.58
43.44
41.65
705.80
46.06
45.73
42.30
709.20'
41.17
41.14
39.64
709.10
1.53
.03
41.80
41.75
40.18
712.76
1.62
41.87
41.71
40.02
714.36
1.85
.16
43.59
46.08
43.46
45.76
42.32
720.51'
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9
9
10
11
12
13
14
Total reserves10
Nonborrowed reserves
Required reserves
Monetary base"
Excess reserves12
Borrowings from the Federal Reserve
1.30
.32
1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release. Historical data starting in 1959 and estimates of the effect on required
reserves of changes in reserve requirements 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. 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 4) plus excess reserves (line 16).
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 17).
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 9) plus excess
reserves (line 16).
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
1.65
.07
38.26
.06
41.67
717.02
1.92
.13
3.76
.33
42.91
720.71'
1.51
724.46
1.47
.11
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 6), 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 11), 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 11) less unadjusted required reserves (line 14).
Monetary and Credit Aggregates
1.21
13
MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
1999
Dec.r
2000
Dec.r
2001
Dec.r
2002
Dec.r
Aug.7
Sept.7
Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3
1,124.0
4,649.2
6,534.9
1,087.9
4,933.1
7,102.1
1,177.2
5,450.1
8,011.7
1,215.0
5,803.8
8,539.5
1,282.1
6,117.7
8,923.4
1,282.9
6,097.5
8,912.0
1,284.3
6,079.1
8,876.6
1,283.6
6,071.3
8,855.6
517.7
8.6
354.9
242.8
531.6
8.3
310.2
237.8
582.0
8.0
330.3
256.9
627.4
7.8
301.2
278.6
650.8
7.6
321.2
302.5
654.2
7.6
314.5
306.6
658.4
7.7
311.9
306.4
661.5
7.7
308.0
306.4
3,525.2
1,885.7
3,845.2
2,169.0
4,272.9
2,561.5
4,588.8
2,735.7
4,835.5
2,805.7
4,814.6
2,814.5
4,794.8
2,797.4
4,787.7
2,784.3
Commercial banks
10 Savings deposits, including MMDAs . .
11 Small time deposits9
12 Large time deposits10'"
1,286.9
634.5
651.8
1,422.1
699.5
717.5
1,736.0
634.3
670.0
2,053.2
591.3
675.9
2,302.5
550.7
748.4
2,291.4
545.2
754.9
2,301.0
540.8
748.6
2,321.4
536.1
754.4
Thrift institutions
13 Savings deposits, including MMDAs . .
14 Small time deposits9
15 Large time deposits10
451.3
319.5
91.9
454.1
344.8
102.9
572.9
339.1
114.8
716.2
302.3
117.2
826.1
282.0
122.5
834.0
279.7
122.1
839.5
277.4
121.7
833.6
275.0
120.9
Money market mutual funds
16 Retail
17 Institution-only
832.9
634.6
924.7
788.2
990.6
1,189.0
925.7
1,233.4
874.2
1,163.3
864.2
1,163.4
836.1
1,141.6
821.5
1,118.6
Repurchase agreements and eurodollars
18 Repurchase agreements12
19 Eurodollars12
337.0
170.4
366.0
194.5
378.9
208.9
480.9
228.3
494.4
277.0
496.8
277.4
503.7
281.9
509.3
281.0
4
5
6
7
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
Nontransaction components
8 In M27
9 In M3 only8
Not seasons lly adjusted
Measures2
20 Ml
21 M2
22 M3
1,147.9
4,677.2
6,578.0
1,112.1
4,967.5
7,155.1
1,202.9
5,488.1
8,078.0
1,240.3
5,842.2
8,603.5
1,279.6
6,122.8
8,906.3
1,275.6
6,096.9
8,874.6
1,276.2
6,073.6
8,843.1
1,281.0
6,092.5
8,879.1
521.7
8.4
371.8
535.6
8.1
650.4
7.8
660.4
7.6
7.6
284.6
321.4
300.1
650.9
7.7
313.0
304.0
655.8
317.5
246.0
585.4
7.9
348.1
261.5
630.5
7.7
326.7
241.6
309.6
303.1
309.8
303.2
Nontransaction components
27 In M27
28 In M3 only8
3,529.4
1,900.8
3,855.4
2,187.6
4,285.1
2,590.0
4,601.9
2,761.3
4,843.2
2,783.5
4,821.3
2,777.7
4,797.5
2,769.5
4,811.6
2,786.6
Commercial banks
29 Savings deposits, including MMDAs . .
30 Small time deposits9
3 1 Large time deposits10'"
1,288.7
635.5
653.7
1,427.5
700.6
718.4
1,742.4
635.1
669.8
2,060.9
591.7
674.7
2,308.4
550.6
747.4
2,299.0
545.2
755.5
2,303.3
540.8
749.0
2,338.5
536.6
753.1
Thrift institutions
32 Savings deposits, including MMDAs . .
33 Small time deposits9
34 Large time deposits10
451.9
320.0
92.1
455.8
345.4
103.0
575.0
339.6
114.7
718.9
302.5
117.0
282.0
122.4
836.8
279.6
122.2
840.3
277.5
121.7
839.8
275.3
120.7
Money market mutual funds
35 Retail
36 institution-only
833.2
648.6
926.1
806.8
993.0
1,219.8
874.1
1,149.8
860.7
1,142.0
835.5
1,127.2
821.5
1,128.7
Repurchase agreements and eurodollars
37 Repurchase agreements12
38 Eurodollars12
334.7
171.7
364.2
195.2
376.5
209.1
490.8
273.1
484.1
274.0
23
24
25
26
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits
Footnotes appear on following page.
476.4
228.5
502.0
282.1
14
Federal Reserve Bulletin Statistical Supplement • February 2004
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release. 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: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to 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 computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time
deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3)
balances in retail money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by summing savings deposits, small-denomination time deposits,
and retail money fund balances, each seasonally adjusted separately, and adding this result to
seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more)
issued by all depository institutions, (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars
(overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and
at all banking offices in the United Kingdom and Canada. Excludes amounts held by deposit-
ory institutions, the U.S. government, money market funds, and foreign banks and official
institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted separately, and adding this 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 commercial banks and foreign-related institutions other than those
owed to 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) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees.
9. Small time deposits—including retail RPs—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 commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
12. Includes both overnight and term.
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks
15
Assets and Liabilities1
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.'
2003
2003
2002
May'
June7
July'
Aug.7
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
....
16 Total assets'
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)7
5,835.3
1,687.3
1,012.3
675.0
4,148.0
966.3
2,006.5
208.7
1,797.8
585.5
185.9
403.9
324.9
315.3
507.5
6,140.7
1,841.4
1,134.5
706.9
4,299.3
937.2
2,134.1
238.4
1,895.7
594.5
207.8
425.9
316.9
310.7
546.1
6,196.6
1,868.2
1,152.1
716.2
4,328.3
924.4
2,156.9
244.8
1,912.2
600.5
209.9
436.6
320.1
324.7
550.7
6,201.1
1,828.6
1,116.7
711.9
4,372.5
923.7
2,195.6
249.0
1,946.6
602.2
211.3
439.7
321.5
336.2
555.9
6,190.6
1,785.6
1,079.6
706.0
4,405.0
917.1
2,242.3
253.4
1,988.9
603.4
203.7
438.4
325.4
343.2
575.5
6,198.2
1,789.7
1,064.5
725.3
4,408.5
907.2
2,259.5
258.8
2,000.8
607.9
199.1
434.7
304.6
330.0
565.9
6,178.1
1,809.6
1,080.8
728.8
4,368.5
896.8
2,238.3
265.6
1,972.6
603.0
206.7
423.8
322.5
313.7
564.8
6,218.0
1,839.3
1,101.3
738.0
4,378.7
893.0
2,222.7
273.4
1,949.3
631.8
212.4
418.8
298.5
323.0
559.3
6,196.2
1,823.3
1,097.0
726.4
4,372.8
890.8
2,230.9
270.5
1,960.5
628.7
203.5
418.8
304.0
307.9
553.9
6,216.7
1,831.4
1,099.1
732.3
4,385.3
892.5
2,231.3
272.3
1,959.1
631.0
207.6
422.9
308.4
349.1
568.1
6,233.2
1,846.9
1,101.9
745.1
4,386.3
891.7
2,220.5
274.3
1,946.2
635.2
222.4
416.5
294.8
307.9
559.3
6,227.4
1,843.2
1,104.9
738.3
4,384.3
897.4
2,214.7
276.1
1,938.6
631.9
219.7
420.5
298.3
336.4
562.4
6,906.6
7,238.9
7,316.6
7,339.6
7,358.7
7,322.9
7,304.1
7,323.6
7,286.9
7,367.2
7,320.2
7,349.5
4,509.2
605.9
3,903.3
1,005.7
2,897.6
1,372.6
421.7
950.9
116.3
425.3
4,643.5
634.1
4,009.4
999.2
3,010.2
1,439.0
389.4
1,049.6
146.3
438.7
4,702.5
639.3
4,063.2
1,003.4
3,059.8
1,478.7
408.2
1,070.6
126.3
447.0
4,749.5
656.5
4,093.0
1,019.0
3,074.0
1,514.1
411.2
1,102.8
142.8
418.7
4,803.5
658.5
4,145.0
1,023.4
3,121.6
1,520.9
418.2
1,102.7
126.6
403.3
4,781.3
640.1
4,141.2
1,031.4
3,109.8
1,486.2
403.5
1,082.8
130.4
417.0
4,722.5
639.2
4,083.3
1,005.8
3,077.4
1,440.3
385.4
1,054.9
164.5
428.7
4,744.3
636.7
4,107.5
997.6
3,109.9
1,435.0
382.5
1,052.6
175.0
411.0
4,729.8
610.1
4,119.7
997.5
3,122.2
1,431.5
384.2
1,047.3
177.4
403.6
4,776.0
633.7
4,142.3
999.2
3,143.1
1,454.6
392.7
1,062.0
183.7
395.6
4,710.3
626.0
4,084.4
998.1
3,086.3
1,443.1
383.7
1,059.5
180.0
418.8
4,768.6
692.5
4,076.1
995.2
3,080.9
1,421.1
379.9
1,041.3
179.9
415.5
6,423.4
6,667.6
6,754.5
6,825.0
6,854.2
6,814.9
6,756.0
6,765.2
6,742.3
6,809.8
6,752.3
6,785.1
483.2
571.4
562.1
514.6
504.5
508.0
548.1
558.4
544.6
557.4
568.0
564.4
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
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets'
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)7
Footnotes appear on p. A21.
5,850.8
1,690.6
1,014.0
676.6
4,160.2
966.3
2,011.0
208.6
1,802.4
587.9
231.6
356.3
190.2
404.7
329.9
325.1
511.0
6,135.4
1,839.1
1,132.4
706.7
4,296.3
940.9
2,137.9
239.6
1,898.3
593.3
226.0
367.2
200.0
424.2
312.6
307.1
544.0
6,192.5
1,862.1
1,147.4
714.7
4,330.4
928.4
2,158.2
245.6
1,912.6
597.1
227.7
369.4
208.5
438.2
321.4
315.8
545.2
6,174.9
1,813.1
1,108.5
704.6
4,361.8
924.8
2,194.0
249.0
1,945.0
596.6
224.5
372.1
205.4
441.1
317.0
325.5
554.1
6,170.5
1,778.3
1,075.7
702.6
4,392.2
913.4
2,242.3
253.5
1,988.8
599.7
224.4
375.3
198.6
438.2
319.6
326.6
571.8
6,194.2
1,788.5
1,064.3
724.1
4,405.7
905.5
2,261.5
259.6
2,001.9
606.0
227.0
379.0
197.0
435.7
297.8
326.2
570.0
6,179.2
1,807.4
1,076.5
730.9
4,371.9
897.1
2,240.2
266.2
1,973.9
602.1
221.9
380.2
209.2
423.2
315.3
317.1
564.5
6,233.6
1,842.9
1,103.2
739.7
4,390.7
892.7
2,227.6
273.2
1,954.4
633.4
253.7
379.7
217.2
419.8
303.0
333.1
563.0
6,220.4
1,828.7
1,099.0
729.8
4,391.6
893.5
2,236.3
270.6
1,965.6
628.8
248.8
380.0
212.3
420.6
313.8
311.2
561.8
6,232.8
1,833.1
1,099.0
734.1
4,399.7
892.3
2,239.0
272.3
1,966.7
631.2
251.3
379.9
214.4
422.8
314.2
363.7
573.7
6,240.3
1,849.2
1,102.9
746.3
4,391.0
891.4
2,223.8
274.1
1,949.7
636.7
256.0
380.8
221.7
417.5
297.6
319.1
560.1
6,238.9
1,844.6
1,105.7
739.0
4,394.3
895.5
2,218.7
275.7
1,943.0
635.3
256.3
378.9
224.8
420.1
294.8
342.1
562.4
6,940.6
7,223.5
7,299.3
7,296.6
7,312.3
7,312.3
7,301.9
7,357.9
7,332.5
7,409.8
7,342.3
7,363.5
4,524.2
613.5
3,910.7
1,009.6
2,901.1
1,374.0
418.4
955.5
120.0
431.4
4,636.5
623.9
4,012.6
1,002.9
3,009.7
1,444.8
391.7
1,053.0
145.9
438.0
4,691.6
633.9
4,057.7
1,001.5
3,056.1
1,477.8
406.3
1,071.5
123.4
444.0
4,720.1
647.8
4,072.2
1,007.9
3,064.3
1,507.0
407.9
1,099.2
133.4
409.8
4,753.5
642.1
4,111.4
1,007.3
3,104.1
1,500.9
413.6
1,087.3
124.9
401.6
4,745.1
634.8
4,110.3
1,012.3
3,098.0
1,484.4
396.7
1,087.7
132.8
419.3
4,707.1
636.4
4,070.7
995.9
3,074.8
1,443.4
384.0
1,059.4
168.1
432.2
4,760.0
644.6
4,115.4
1,001.5
3,113.9
1,437.2
379.6
1,057.5
180.9
416.5
4,745.1
612.2
4,132.9
996.2
3,136.7
1,441.4
384.4
1,057.0
181.3
407.3
4,797.3
641.8
4,155.5
1,002.2
3,153.3
1,458.5
390.3
1,068.2
188.2
399.3
4,723.1
635.0
4,088.1
1,000.9
3,087.1
1,443.8
379.4
1,064.5
185.0
423.5
4,766.6
696.5
4,070.1
1,002.4
3,067.7
1,416.3
374.3
1,042.0
191.2
425.7
6,449.6
6,665.1
6,736.8
6,770.3
6,780.9
6,781.6
6,750.7
6,794.5
6,775.1
6,843.2
6,775.3
6,799.8
491.1
558.3
562.4
526.2
531.5
530.7
551.1
563.4
557.3
566.6
567.0
563.7
16
Federal Reserve Bulletin Statistical Supplement • February 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.'
2003
2003
2002
May'
June7
July'
Aug.7
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
....
16 Total assets'
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)7
5,209.4
1,433.6
912.7
520.9
3,775.8
787.4
1,986.5
208.7
1,777.8
585.5
81.1
335.4
299.4
273.0
478.4
5,471.2
1,551.5
1,007.8
543.7
3,919.7
768.4
2,114.7
238.4
1,876.3
594.5
92.4
349.8
292.3
259.6
509.5
5,525.6
1,578.9
1,028.5
550.3
3,946.7
763.6
2,137.4
244.8
1,892.7
600.5
91.6
353.5
289.5
270.4
513.9
5,559.0
1,562.3
1,002.5
559.8
3,996.8
767.6
2,176.4
249.0
1,927.5
602.2
95.8
354.6
288.3
281.7
520.8
5,568.9
1,521.0
972.1
548.9
4,047.9
766.7
2,224.1
253.4
1,970.8
603.4
95.1
358.5
292.9
287.5
533.6
5,576.9
1,520.8
955.4
565.4
4,056.1
760.8
2,241.3
258.8
1,982.5
607.9
88.3
357.8
273.8
274.6
527.0
5,554.0
1,538.3
975.8
562.5
4,015.7
754.9
2,216.4
265.6
1,950.8
603.0
94.1
347.4
293.1
261.2
523.6
5,592.7
1,569.5
1,002.7
566.8
4,023.2
756.2
2,201.4
273.4
1,928.0
631.8
90.9
343.0
268.8
272.5
520.5
5,579.8
1,556.5
998.9
557.6
4,023.4
752.8
2,208.8
270.5
1,938.3
628.7
90.2
342.8
272.0
258.4
512.9
5,597.8
1,563.0
999.7
563.3
4,034.8
755.7
2,209.3
272.3
1,937.0
631.0
94.1
344.7
280.2
297.6
524.9
5,600.8
1,578.9
1,005.5
573.4
4,021.9
754.9
2,199.2
274.3
1,925.0
635.2
92.0
340.6
265.7
258.4
523.3
5,594.5
1,572.1
1,006.2
565.8
4,022.4
760.2
2,194.2
276.1
1,918.1
631.9
90.2
345.9
266.1
285.4
524.2
6,184.1
6,457.6
6,524.3
6,575.2
6,607.3
6,576.9
6,557.4
6,579.7
6,548.6
6,626.0
6,573.6
6,595.7
4,056.7
596.7
3,460.0
571.4
2,888.6
1,116.4
396.5
719.9
190.6
331.2
4,210.1
623.3
3,586.8
595.7
2,991.0
1,133.9
358.0
775.9
224.3
331.8
4,259.9
627.9
3,631.9
590.4
3,041.5
1,164.2
373.5
790.7
208.3
333.4
4,295.6
644.1
3,651.5
584.0
3,067.6
1,222.9
374.4
848.5
229.0
309.7
4,347.0
644.0
3,703.0
591.1
3,111.9
1,230.6
384.1
846.5
230.3
287.2
4,328.4
625.0
3,703.4
597.4
3,106.1
1,195.5
369.6
825.9
230.2
306.6
4,282.2
624.4
3,657.8
583.1
3,074.7
1,138.7
349.4
789.4
258.5
317.8
4,307.6
621.2
3,686.5
579.4
3,107.1
1,139.7
350.3
789.4
263.7
303.5
4,293.2
595.4
3,697.8
579.7
3,118.1
1,135.4
351.1
784.3
262.3
294.8
4,339.9
617.5
3,722.3
582.0
3,140.3
1,153.4
361.3
792.1
275.0
290.1
4,276.4
610.6
3,665.8
581.3
3,084.5
1,153.4
352.5
800.9
263.7
309.9
4,330.2
676.4
3,653.8
575.3
3,078.5
1,123.8
346.0
777.8
269.2
308.9
5,695.0
5,900.1
5,965.7
6,057.2
6,095.1
6,060.8
5,997.3
6,014.6
5,985.5
6,058.3
6,003.4
6,032.1
489.1
557.5
558.6
518.1
512.2
516.1
560.1
565.1
563.0
567.7
570.3
563.5
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
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets'
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)7
Footnotes appear on p. A21.
5,221.2
1,436.9
914.4
522.4
3,784.4
786.0
1,991.1
208.6
1,782.5
587.9
231.6
356.3
83.4
336.0
304.4
280.4
482.0
5,470.5
1,549.2
1,005.8
543.4
3,921.3
774.0
2,118.5
239.6
1,878.9
593.3
226.0
367.2
86.9
348.6
288.0
257.7
507.2
5,524.9
1,572.7
1,023.8
548.9
3,952.2
768.2
2,138.7
245.6
1,893.1
597.1
227.7
369.4
92.7
355.6
290.7
264.0
509.9
5,540.2
1,546.8
994.3
552.5
3,993.4
769.7
2,174.9
249.0
1,925.8
596.6
224.5
372.1
94.5
357.8
283.8
274.0
520.2
5,555.2
1,513.6
968.2
545.5
4,041.5
764.1
2,224.2
253.5
1,970.7
599.7
224.4
375.3
93.9
359.6
287.0
273.1
530.5
5,576.9
1,519.5
955.3
564.2
4,057.4
759.2
2,243.3
259.6
1,983.7
606.0
227.0
379.0
89.6
359.4
267.0
271.2
531.0
5,555.7
1,536.1
971.4
564.6
4,019.6
755.1
2,218.3
266.2
1,952.1
602.1
221.9
380.2
96.6
347.5
286.0
263.3
524.0
5,604.8
1,573.1
1,004.6
568.6
4,031.7
754.8
2,206.3
273.2
1,933.1
633.4
253.7
379.7
93.4
343.8
273.3
279.7
524.3
5,597.1
1,561.9
1,000.9
561.0
4,035.2
754.2
2,214.1
270.6
1,943.5
628.8
248.8
380.0
93.6
344.5
281.8
259.5
521.2
5,607.9
1,564.7
999.6
565.0
4,043.3
754.7
2,216.9
272.3
1,944.7
631.2
251.3
379.9
95.6
344.8
286.0
309.1
531.0
5,609.7
1,581.1
1,006.5
574.6
4,028.5
753.3
2,202.5
274.1
1,928.4
636.7
256.0
380.8
94.5
341.4
268.5
266.5
524.6
5,602.4
1,573.5
1,007.0
566.5
4,028.9
757.3
2,198.2
275.7
1,922.5
635.3
256.3
378.9
92.8
345.4
262.6
288.3
524.0
6,212.2
6,448.3
6,514.4
6,543.6
6,570.2
6,570.7
6,555.1
6,607.6
6,585.4
6,659.8
6,595.0
6,603.1
4,071.6
604.0
3,467.6
575.4
2,892.2
1,117.7
393.3
724.5
195.7
338.2
4,197.7
613.6
3,584.1
593.9
2,990.2
1,139.7
360.4
779.3
223.5
330.8
4,250.8
622.9
3,627.9
590.0
3,037.9
1,163.2
371.6
791.6
207.3
332.0
4,276.0
635.5
3,640.4
582.4
3,058.1
1,215.9
371.1
844.8
222.9
303.4
4,312.5
628.0
3,684.6
589.7
3,094.8
1,210.6
379.6
831.0
230.0
286.7
4,308.6
619.4
3,689.2
594.8
3,094.3
1,193.7
362.9
830.8
231.3
307.9
4,278.0
621.3
3,656.7
584.6
3,072.2
1,141.8
348.0
793.8
263.2
322.3
4,323.0
628.5
3,694.5
583.4
3,111.1
1,141.8
347.5
794.4
270.8
309.9
4,313.7
597.0
3,716.7
584.0
3,132.7
1,145.2
351.3
793.9
269.3
301.1
4,361.8
625.3
3,736.5
586.0
3,150.5
1,157.2
358.9
798.2
280.7
294.8
4,289.4
619.1
3,670.3
585.0
3,085.3
1,154.1
348.1
805.9
270.1
315.8
4,324.1
680.1
3,644.0
578.7
3,065.3
1,119.0
340.4
778.6
279.4
318.2
5,723.2
5,891.6
5,953.3
6,018.1
6,039.9
6,041.5
6,005.4
6,045.5
6,029.3
6,094.5
6,029.3
6,040.6
489.0
556.7
561.1
525.5
530.3
529.3
549.7
562.1
556.0
565.3
565.7
562.4
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
C. Large domestically chartered commercial banks
17
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.'
2003
2003
2002
May'
June7
July'
Aug.7
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Seasonall f adjusted
Assets
2,885.3
1 Bank credit
775.1
2
Securities in bank credit
460.5
3
U.S. government securities
47.9
4
Trading account
412.6
5
Investment account
314.7
6
Other securities
161.0
7
Trading account
153.7
8
Investment account
29.3
9
State and local government . .
124.4
10
Other
11 Loans and leases in bank credit2 . . . . 2,110.2
497.6
12
Commercial and industrial
.0
13
Bankers acceptances
497.6
14
Other
981.9
15
Real estate
135.9
16
Revolving home equity
846.0
17
Other
323.3
18
Consumer
73.9
19
Security3
20
Federal funds sold to and
repurchase agreements
63.1
with broker-dealers
10.8
21
Other
12.3
22
State and local government
8.7
23
Agricultural
24
Federal funds sold to and
repurchase agreements with
20.8
others
74.4
25
All other loans
117.2
26
Lease-financing receivables
202.0
27 Interbank loans
28
Federal funds sold to and
repurchase agreements with
105.8
commercial banks
96.2
29
Other
154.9
30 Cash assets4
5
340.7
3 1 Other assets
32 Total assets6
33
34
35
36
37
38
39
40
41
42
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
43 Total liabilities
44 Residual (assets less liabilities)7
Footnotes appear on p. A21.
3,050.9
861.7
525.5
44.1
481.3
336.2
183.0
153.2
31.3
121.9
2,189.3
472.5
.0
472.5
1,069.2
156.3
912.9
317.7
83.8
3,081.4
887.8
542.3
39.9
502.5
345.5
187.1
158.4
32.2
126.2
2,193.6
465.9
.0
465.9
1,076.9
159.9
917.0
319.4
82.5
3,087.6
863.5
508.6
38.5
470.1
355.0
172.6
182.4
32.3
150.1
2,224.1
468.3
.0
468.3
1,101.0
163.6
937.3
317.7
86.9
3,074.3
817.6
473.3
34.7
438.5
344.3
162.2
182.1
31.4
150.7
2,256.7
463.0
.0
463.0
1,134.5
167.4
967.1
318.7
86.3
3,080.8
820.6
460.6
38.1
422.5
360.0
178.3
181.7
31.5
150.3
2,260.3
454.7
.0
454.7
1,150.4
171.9
978.5
321.1
79.9
3,055.1
833.2
477.5
33.8
443.7
355.7
180.8
174.9
31.5
143.4
2,221.9
448.9
.0
448.9
1,125.4
177.2
948.2
318.5
85.7
3,070.3
857.9
499.1
40.4
458.7
358.8
182.6
176.1
31.7
144.4
2,212.4
446.8
.0
446.8
1,106.4
183.0
923.5
335.4
82.9
3,066.9
846.5
496.4
40.9
455.5
350.2
176.5
173.7
31.5
142.2
2,220.4
444.7
n.a.
444.7
1,117.2
181.0
936.2
335.6
82.4
3,079.1
851.2
496.3
41.9
454.5
354.8
179.5
175.4
31.6
143.7
2,228.0
446.6
n.a.
446.6
1,115.7
182.5
933.3
336.6
86.2
3,075.7
864.9
501.1
38.3
462.8
363.8
187.7
176.1
31.8
144.2
2,210.8
445.4
n.a.
445.4
1,102.3
183.8
918.5
340.3
84.1
3,068.0
862.4
503.8
40.5
463.3
358.6
180.4
178.2
31.8
146.4
2,205.6
449.8
n.a.
449.8
1,098.7
184.9
913.8
332.0
82.0
63.7
20.1
12.6
8.0
64.4
18.1
12.8
7.8
69.0
17.9
13.1
7.7
67.1
19.2
13.4
7.9
62.3
17.6
13.6
7.9
67.6
18.2
13.8
7.9
65.2
17.7
14.0
7.8
65.0
17.4
13.8
7.9
67.4
18.8
13.9
7.8
67.0
17.1
13.9
7.8
64.3
17.7
14.2
7.8
26.4
89.7
109.5
177.5
27.9
89.9
110.4
171.7
26.0
93.8
109.6
175.6
24.8
98.9
109.1
184.8
27.2
96.6
109.0
170.3
25.3
89.1
107.3
187.6
25.3
87.5
106.3
169.8
24.3
87.9
106.6
175.8
24.5
90.0
106.5
183.5
26.0
84.8
106.1
167.1
25.3
89.6
106.2
161.4
106.9
70.7
130.1
360.7
103.8
67.9
138.7
363.6
103.6
72.0
147.5
369.5
104.8
80.0
152.1
374.7
101.1
69.2
144.7
365.1
108.3
79.3
133.4
364.6
93.0
76.8
145.0
359.2
98.3
77.5
131.6
351.2
105.1
78.4
162.1
360.7
89.6
77.5
138.2
363.2
85.4
76.0
154.4
364.5
3,538.0
3,674.6
3,710.7
3,736.3
3,741.4
3,716.7
3,697.2
3,700.8
3,682.1
3,742.1
3,701.1
3,705.3
2,004.8
291.0
1,713.8
267.8
1,446.0
760.6
276.5
484.0
179.3
267.9
2,075.8
300.1
1,775.7
280.3
1,495.4
729.6
205.2
524.3
211.9
252.4
2,105.6
303.1
1,802.5
272.2
1,530.3
754.1
218.4
535.7
196.3
254.4
2,123.4
310.0
1,813.4
267.7
1,545.7
802.2
215.5
586.7
217.2
232.1
2,158.2
306.8
1,851.4
275.3
1,576.0
793.7
215.1
578.6
218.3
212.3
2,143.6
293.5
1,850.0
280.3
1,569.7
757.5
206.3
551.2
216.2
234.6
2,106.5
290.6
1,815.8
267.7
1,548.2
702.4
191.4
511.0
245.0
245.9
2,122.8
290.1
1,832.7
261.2
1,571.5
700.7
188.3
512.4
249.1
230.4
2,113.3
273.3
1,840.0
262.7
1,577.3
703.7
195.3
508.5
247.0
222.1
2,145.7
288.6
1,857.1
263.3
1,593.7
714.3
199.1
515.2
259.9
217.5
2,104.0
283.6
1,820.4
264.8
1,555.6
709.8
186.7
523.1
249.9
236.2
2,135.6
325.6
1,810.0
256.1
1,553.9
682.6
181.0
501.6
254.1
236.1
3,212.6
3,269.6
3,310.4
3,375.0
3,382.5
3,351.9
3,299.8
3,303.1
3,286.1
3,337.4
3,299.9
3,308.5
325.4
405.0
400.3
361.3
358.8
364.8
397.5
397.7
396.0
404.7
401.2
396.8
18
Federal Reserve Bulletin Statistical Supplement • February 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.'
2003
2003
2002
May'
June7
July'
Aug.7
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Not seasona lly adjusted
Assets
45 Bank credit
46
Securities in bank credit
47
U.S. government securities
48
Trading account
49
Investment account
50
Mortgage-backed securities .
51
Other
52
One year or less
53
One to five years
54
More than five years . . . .
55
Other securities
56
Trading account
57
Investment account
58
State and local government .
59
Other
60 Loans and leases in bank credit2 . . .
61
Commercial and industrial
62
Bankers acceptances
63
Other
64
Real estate
65
Revolving home equity
66
Other
67
Commercial
68
Consumer
69
Credit cards and related plans .
70
Other
71
Security3
72
Federal funds sold to and
repurchase agreements
with broker-dealers
73
Other
74
State and local government
75
Agricultural
76
Federal funds sold to and
repurchase agreements
with others
77
All other loans
78
Lease-financing receivables
79 Interbank loans
80 Federal funds sold to and
repurchase agreements
with commercial banks
81
Other
82 Cash assets4
83 Other assets5
84 Total assets'
85
86
87
88
89
90
91
92
93
94
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the US
From nonbanks in the U S
Net due to related foreign offices
Other liabilities
95 Total liabilities
96 Residual (assets less liabilities)7
Footnotes appear on p. A21.
2,893.6
779.6
463.3
48.2
415.2
330.5
84.6
23.3
47.6
13.7
316.2
161.8
154.5
29.4
125.0
2,114.0
497.8
.0
497.8
984.6
135.5
523.0
326.0
322.0
114.9
207.1
75.9
3,051.9
860.2
524.2
44.0
480.2
384.8
95.4
23.3
55.4
16.7
336.0
182.9
153.1
31.3
121.8
2,191.7
475.6
.0
475.6
1,073.5
157.4
592.1
324.0
318.6
104.0
214.6
78.5
3,083.1
882.1
538.1
39.6
498.4
394.1
104.3
24.4
57.6
22.4
344.0
186.3
157.7
32.1
125.7
2,201.0
468.2
.0
468.2
1,079.4
160.8
595.3
323.2
319.6
105.0
214.5
83.7
3,073.9
849.9
502.3
38.0
464.3
368.5
95.8
24.2
51.4
20.2
347.6
169.0
178.6
31.6
147.0
2,224.0
469.5
.0
469.5
1,101.1
164.1
616.8
320.1
315.7
100.1
215.6
85.7
3,063.8
812.0
471.1
34.6
436.5
339.6
96.9
24.5
52.7
19.8
340.9
160.6
180.3
31.1
149.2
2,251.8
461.7
.0
461.7
1,135.4
167.9
647.4
320.1
316.1
99.8
216.3
85.1
3,078.7
819.2
460.4
38.1
422.3
324.7
97.6
24.0
53.1
20.5
358.8
177.7
181.1
31.4
149.8
2,259.5
454.9
.0
454.9
1,151.8
172.4
658.6
320.7
317.4
99.3
218.1
81.3
3,054.9
833.3
475.6
33.7
441.9
339.6
102.3
24.8
56.8
20.7
357.8
181.9
175.9
31.7
144.2
2,221.6
449.4
.0
449.4
1,126.2
177.5
627.6
321.1
314.5
95.2
219.3
88.3
3,079.3
862.8
502.3
40.7
461.6
355.3
106.4
25.3
58.1
23.0
360.5
183.5
177.0
31.8
145.1
2,216.5
446.9
.0
446.9
1,109.3
182.5
604.7
322.1
333.7
116.3
217.4
85.2
3,081.3
854.1
500.5
41.2
459.3
355.9
103.4
25.0
56.4
22.0
353.5
178.2
175.4
31.8
143.6
2,227.2
446.8
n.a.
446.8
1,120.9
181.0
618.0
321.9
333.0
114.6
218.4
85.3
3,085.5
854.0
497.4
42.0
455.5
351.8
103.7
24.9
56.3
22.5
356.6
180.4
176.2
31.8
144.5
2,231.5
447.0
n.a.
447.0
1,120.4
182.0
616.3
322.1
334.2
115.6
218.6
87.5
3,083.2
868.9
503.9
38.5
465.4
356.3
109.1
25.3
60.6
23.2
365.0
188.4
176.7
32.0
144.7
2,214.3
445.9
n.a.
445.9
1,104.5
183.5
598.4
322.7
338.3
119.0
219.2
86.3
3,071.8
864.3
505.0
40.6
464.4
356.3
108.1
25.6
58.6
23.9
359.3
180.8
178.5
31.9
146.7
2,207.5
448.8
n.a.
448.8
1,099.9
184.2
593.8
321.9
331.1
115.9
215.2
84.6
64.8
11.1
12.3
8.6
59.7
18.8
12.6
8.0
65.3
18.3
12.8
7.9
68.1
17.7
13.1
7.8
66.2
18.9
13.4
7.9
63.4
17.9
13.6
7.9
69.6
18.7
13.8
7.8
67.0
18.2
14.0
7.8
67.2
18.0
13.8
7.8
68.4
19.1
13.9
7.8
68.8
17.6
13.9
7.7
66.4
18.3
14.2
7.7
20.8
75.2
116.7
203.4
26.4
89.1
109.4
178.3
27.9
91.5
110.0
175.9
26.0
96.0
109.1
175.7
24.8
99.2
108.1
179.6
27.2
98.1
107.5
164.9
25.3
89.4
106.8
181.7
25.3
88.5
105.8
171.1
24.3
89.0
106.3
178.0
24.5
90.2
106.1
185.1
26.0
85.9
105.7
167.2
25.3
90.2
105.6
160.9
106.5
96.9
158.0
344.3
107.3
71.0
129.3
358.5
106.3
69.6
134.6
359.6
103.7
72.0
142.0
368.9
102.0
77.6
142.5
371.6
97.9
66.9
141.8
369.1
105.0
76.7
135.0
364.9
93.7
77.4
147.9
363.0
99.5
78.5
131.9
359.4
106.0
79.1
168.3
366.7
89.6
77.6
141.5
364.6
85.2
75.8
153.8
364.3
3,554.9
3,673.0
3,708.3
3,716.7
3,712.8
3,710.3
3,693.7
3,718.2
3,707.6
3,762.6
3,713.6
3,708.1
2,011.6
294.9
1,716.7
271.8
1,444.9
761.9
273.3
488.6
184.4
274.9
2,071.5
295.8
1,775.6
278.5
1,497.1
735.3
207.6
527.7
211.0
251.4
2,106.0
300.3
1,805.8
271.8
1,534.0
753.2
216.6
536.6
195.3
253.0
2,117.5
304.1
1,813.3
266.1
1,547.2
795.2
212.2
583.0
211.1
225.9
2,141.8
294.7
1,847.1
274.0
1,573.2
773.7
210.6
563.1
218.0
211.8
2,135.1
288.8
1,846.3
277.8
1,568.5
755.7
199.6
556.1
217.3
235.8
2,104.1
287.7
1,816.5
269.1
1,547.3
705.4
190.0
515.5
249.7
250.4
2,129.8
293.8
1,836.0
265.1
1,570.9
702.8
185.4
517.4
256.1
236.9
2,123.9
271.4
1,852.5
267.0
1,585.4
713.6
195.5
518.1
254.1
228.4
2,157.6
292.4
1,865.2
267.3
1,597.8
718.1
196.7
521.4
265.7
222.3
2,111.3
289.0
1,822.3
268.4
1,553.8
710.5
182.3
528.1
256.3
242.1
2,128.4
327.7
1,800.8
259.5
1,541.3
677.8
175.5
502.3
264.4
245.4
3,232.8
3,269.2
3,307.5
3,349.6
3,345.4
3,343.9
3,309.7
3,325.7
3,320.0
3,363.6
3,320.1
3,316.0
322.1
403.8
400.8
367.2
367.4
366.4
384.0
392.6
387.7
399.0
393.5
392.1
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
D. Small domestically chartered commercial banks
19
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.'
2003
2003
2002
May'
June7
July'
Aug.7
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
....
16 Total assets'
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)7
2,324.1
658.4
452.2
206.2
1,665.7
289.7
1,004.6
72.9
931.8
262.2
7.2
101.9
97.5
118.1
137.7
2,420.3
689.8
482.4
207.5
1,730.5
295.8
1,045.5
82.1
963.4
276.8
8.6
103.7
114.8
129.5
148.8
2,444.2
691.0
486.2
204.8
1,753.1
297.7
1,060.5
84.9
975.7
281.1
9.1
104.7
117.8
131.7
150.4
2,471.4
698.7
493.9
204.9
1,772.7
299.3
1,075.5
85.4
990.1
284.6
8.9
104.5
112.7
134.2
151.3
2,494.6
703.4
498.8
204.6
1,791.2
303.7
1,089.6
86.0
1,003.6
284.7
8.8
104.4
108.1
135.3
158.9
2,496.1
700.2
494.8
205.4
1,795.9
306.1
1,090.9
86.9
1,004.0
286.8
8.4
103.6
103.5
129.9
161.9
2,498.9
705.1
498.2
206.9
1,793.8
306.0
1,091.0
88.5
1,002.6
284.4
8.3
104.0
105.5
127.8
159.0
2,522.4
711.6
503.5
208.1
1,810.8
309.4
1,095.0
90.4
1,004.6
296.3
8.0
102.1
99.0
127.5
161.3
2,512.9
710.0
502.5
207.4
1,803.0
308.1
1,091.6
89.4
1,002.1
293.0
7.8
102.4
96.2
126.8
161.8
2,518.7
711.8
503.4
208.4
1,806.9
309.1
1,093.6
89.8
1,003.8
294.4
7.9
101.9
96.7
135.5
164.3
2,525.1
714.0
504.4
209.6
1,811.2
309.5
1,096.9
90.4
1,006.5
294.9
7.9
101.9
98.6
120.2
160.0
2,526.5
709.7
502.4
207.2
1,816.9
310.4
1,095.5
91.2
1,004.3
299.9
8.2
102.8
104.7
131.0
159.7
2,646.1
2,783.0
2,813.7
2,839.0
2,866.0
2,860.2
2,860.2
2,878.9
2,866.5
2,883.9
2,872.5
2,890.4
2,052.0
305.7
1,746.3
303.6
1,442.7
355.8
120.0
235.9
11.3
63.3
2,134.3
323.2
1,811.1
315.4
1,495.7
404.4
152.8
251.5
12.4
79.4
2,154.3
324.9
1,829.4
318.2
1,511.3
410.1
155.1
255.0
12.0
79.0
2,172.2
334.1
1,838.1
316.2
1,521.9
420.7
158.9
261.9
11.8
77.5
2,188.8
337.2
1,851.6
315.8
1,535.9
436.9
169.0
267.9
12.0
74.9
2,184.9
331.5
1,853.4
317.1
1,536.4
438.0
163.3
274.7
14.1
72.0
2,175.8
333.8
1,842.0
315.4
1,526.5
436.4
158.0
278.4
13.5
71.9
2,184.8
331.1
1,853.7
318.2
1,535.5
439.0
162.0
277.0
14.6
73.0
2,179.9
322.0
1,857.8
317.0
1,540.8
431.6
155.8
275.8
15.2
72.7
2,194.2
329.0
1,865.2
318.6
1,546.6
439.1
162.2
276.9
15.1
72.5
2,172.4
327.0
1,845.4
316.5
1,528.8
443.6
165.8
277.8
13.8
73.7
2,194.6
350.9
1,843.8
319.2
1,524.6
441.2
164.9
276.2
15.0
72.8
2,482.4
2,630.5
2,655.3
2,682.2
2,712.6
2,708.9
2,697.6
2,711.5
2,699.4
2,720.9
2,703.5
2,723.6
163.7
152.5
158.3
156.7
153.3
151.3
162.7
167.4
167.1
163.0
169.1
166.7
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
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets'
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)7
Footnotes appear on p. A21.
2,327.6
657.3
451.1
206.2
1,670.3
288.2
1,006.5
73.1
933.4
265.9
116.7
149.2
7.4
102.3
101.0
122.3
137.7
2,418.6
689.0
481.6
207.5
1,729.6
298.4
1,045.0
82.1
962.8
274.7
122.0
152.6
8.4
103.2
109.8
128.4
148.8
2,441.8
690.6
485.8
204.8
1,751.2
300.0
1,059.4
84.8
974.6
277.5
122.6
154.9
9.0
105.3
114.8
129.5
150.4
2,466.3
696.9
492.0
204.9
1,769.4
300.2
1,073.8
84.9
988.9
280.9
124.4
156.4
8.8
105.8
108.1
131.9
151.3
2,491.4
701.6
497.1
204.6
1,789.7
302.5
1,088.8
85.6
1,003.2
283.5
124.6
158.9
8.8
106.2
107.4
130.7
158.9
2,498.2
700.3
494.9
205.4
1,797.9
304.3
1,091.5
87.2
1,004.3
288.6
127.6
160.9
8.3
105.2
102.1
129.4
161.9
2,500.7
702.7
495.9
206.9
1,798.0
305.7
1,092.1
88.7
1,003.4
287.6
126.7
160.9
8.3
104.3
104.3
128.3
159.0
2,525.5
710.3
502.3
208.1
1,815.2
307.8
1,097.0
90.7
1,006.3
299.7
137.4
162.3
8.2
102.4
102.2
131.8
161.3
2,515.8
707.8
500.4
207.4
1,808.0
307.4
1,093.2
89.7
1,003.6
295.9
134.2
161.7
8.3
103.2
103.8
127.6
161.8
2,522.4
710.7
502.2
208.4
1,811.8
307.7
1,096.5
90.2
1,006.3
297.1
135.7
161.3
8.2
102.3
100.9
140.8
164.3
2,526.4
712.2
502.6
209.6
1,814.2
307.4
1,098.0
90.6
1,007.4
298.5
136.9
161.5
8.1
102.2
101.3
125.0
160.0
2,530.6
709.2
502.0
207.2
1,821.4
308.6
1,098.2
91.4
1,006.8
304.2
140.4
163.8
8.2
102.3
101.7
134.5
159.7
2,657.3
2,775.3
2,806.1
2,826.9
2,857.4
2,860.5
2,861.4
2,889.4
2,877.8
2,897.2
2,881.4
2,895.0
2,060.0
309.1
1,750.9
303.6
1,447.3
355.8
120.0
235.9
11.3
63.3
2,126.2
317.7
1,808.5
315.4
1,493.1
404.4
152.8
251.5
12.4
79.4
2,144.8
322.6
1,822.1
318.2
1,504.0
410.1
155.1
255.0
12.0
79.0
2,158.5
331.4
1,827.1
316.2
1,510.9
420.7
158.9
261.9
11.8
77.5
2,170.7
333.3
1,837.4
315.8
1,521.6
436.9
169.0
267.9
12.0
74.9
2,173.5
330.7
1,842.9
317.1
1,525.8
438.0
163.3
274.7
14.1
72.0
2,173.9
333.6
1,840.3
315.4
1,524.8
436.4
158.0
278.4
13.5
71.9
2,193.2
334.7
1,858.5
318.2
1,540.3
439.0
162.0
277.0
14.6
73.0
2,189.8
325.6
1,864.2
317.0
1,547.2
431.6
155.8
275.8
15.2
72.7
2,204.2
332.9
1,871.3
318.6
1,552.7
439.1
162.2
276.9
15.1
72.5
2,178.1
330.1
1,848.0
316.5
1,531.5
443.6
165.8
277.8
13.8
73.7
2,195.6
352.4
1,843.2
319.2
1,524.0
441.2
164.9
276.2
15.0
72.8
2,490.4
2,622.4
2,645.8
2,668.5
2,694.5
2,697.6
2,695.6
2,719.9
2,709.4
2,730.9
2,709.1
2,724.6
166.9
152.9
160.3
158.3
162.9
162.9
165.7
169.5
168.4
166.3
172.2
170.3
20
Federal Reserve Bulletin Statistical Supplement • February 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.
2003
2003
2002
May'
June'
July'
Aug.'
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
13 Total assets6
14
15
16
17
18
19
20
21
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
22 Total liabilities
23 Residual (assets less liabilities)7
625.9'
253.7'
99.6
154.2'
372.2
178.9'
20.0
104.8'
68.5'
25.5
42.3
29.1
669.5
289.9
126.6
163.3
379.6
168.8
19.4
115.4
76.1
24.6
51.1
36.6
671.0
289.4
123.6
165.8
381.6
160.8
19.5
118.3
83.0
30.7
54.3
36.7
642.0
266.3
114.2
152.1
375.7
156.0
19.1
115.5
85.1
33.2
54.5
35.1
621.7
264.6
107.5
157.1
357.1
150.4
18.1
108.6
79.9
32.5
55.7
41.9
621.3
268.9
109.0
159.9
352.4
146.4
18.2
110.8
76.9
30.8
55.4
38.9
624.1
271.3
105.1
166.2
352.8
142.0
21.8
112.6
76.4
29.4
52.5
41.1
625.3
269.8
98.6
171.2
355.5
136.9
21.3
121.5
75.9
29.7
50.5
38.8
616.3
266.8
98.1
168.8
349.5
138.0
22.1
113.3
76.0
32.0
49.5
41.0
618.9
268.4
99.4
169.0
350.5
136.8
22.0
113.5
78.2
28.2
51.5
43.1
632.4
268.1
96.4
171.7
364.3
136.8
21.2
130.4
75.9
29.1
49.5
36.0
632.9
271.1
98.7
172.5
361.8
137.2
20.5
129.5
74.6
32.2
51.0
38.1
722.4'
781.3
792.3
764.4
751.4
746.0
746.6
743.9
738.3
741.2
746.6
753.9
452.5'
9.2
443.2'
256.2
25.2
231.1'
74.4'
94.0
433.4
10.8
422.7
305.1
31.3
273.7
78.0
106.9
442.6
11.4
431.2
314.6
34.7
279.9
82.0
113.7
453.8
12.4
441.5
291.1
36.8
254.3
86.2
109.1
456.5
14.5
442.0
290.3
34.1
256.2
103.8
116.1
452.9
15.1
437.8
290.7
33.9
256.9
99.8
110.3
440.2
14.8
425.5
301.6
36.0
265.6
94.0
110.9
436.6
15.5
421.1
295.3
32.2
263.2
88.8
107.5
436.7
14.7
421.9
296.2
33.1
263.1
84.9
108.8
436.1
16.1
420.0
301.3
31.3
269.9
91.3
105.5
433.9
15.3
418.6
289.7
31.2
258.5
83.7
108.9
438.4
16.0
422.3
297.3
33.9
263.4
89.2
106.5
728.4'
767.5
788.8
767.8
759.1
754.1
758.7
750.7
756.8
751.5
748.9
753.0
13.9
3.5
3.5
7.7
8.1
12.0
6.8
18.4
10.3
2.3
.9
5.9
Not seasonally adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
40 Total assets6
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)7
Footnotes appear on p. A21.
629.5'
253.7'
99.6
20.3
79.2
154.2'
100.3'
53.9
375.8
180.3
20.0
106.9'
68.7
25.5
44.7
29.0
664.9
289.9
126.6
42.4
84.3
163.3
107.3
56.0
375.0
167.0
19.4
113.1
75.5
24.6
49.4
36.7
667.6
289.4
123.6
42.5
81.1
165.8
107.8
58.0
378.2
160.3
19.5
115.9
82.6
30.7
51.8
35.3
634.7
266.3
114.2
39.9
74.3
152.1
98.0
54.1
368.4
155.1
19.1
110.8
83.3
33.2
51.6
33.9
615.3
264.6
107.5
38.8
68.7
157.1
102.4
54.7
350.7
149.3
18.1
104.7
78.6
32.5
53.4
41.3
617.2
268.9
109.0
39.8
69.2
159.9
105.6
54.3
348.3
146.3
18.2
107.4
76.3
30.8
55.0
38.9
623.6
271.3
105.1
38.6
66.5
166.2
104.8
61.4
352.3
142.0
21.8
112.7
75.7
29.4
53.7
40.6
628.8
269.8
98.6
32.8
65.9
171.2
105.0
66.2
359.1
137.9
21.3
123.9
76.0
29.7
53.4
38.7
623.2
266.8
98.1
32.1
66.0
168.8
103.2
65.6
356.4
139.3
22.1
118.8
76.2
32.0
51.6
40.6
624.8
268.4
99.4
33.1
66.2
169.0
103.8
65.2
356.4
137.6
22.0
118.8
78.0
28.2
54.7
42.7
630.6
268.1
96.4
30.9
65.5
171.7
105.2
66.4
362.5
138.0
21.2
127.2
76.0
29.1
52.6
35.5
636.5
271.1
98.7
33.1
65.6
172.5
106.6
65.8
365.4
138.2
20.5
131.9
74.7
32.2
53.8
38.4
728.4'
775.1
784.9
752.9
742.1
741.6
746.8
750.2
747.1
750.0
747.3
760.4
452.6'
9.5
443.1
256.2
25.2
231.1'
75.7'
93.2'
438.8
10.4
428.4
305.1
31.3
273.7
77.6
107.2
440.8
11.0
429.7
314.6
34.7
279.9
83.9
112.1
444.1
12.3
431.8
291.1
36.8
254.3
89.5
106.4
441.0
14.1
426.9
290.3
34.1
256.2
105.1
114.9
436.5
15.4
421.1
290.7
33.9
256.9
98.5
111.4
429.1
15.1
413.9
301.6
36.0
265.6
95.2
109.9
437.0
16.0
420.9
295.3
32.2
263.2
89.9
106.5
431.4
15.2
416.2
296.2
33.1
263.1
88.0
106.2
435.5
16.5
419.0
301.3
31.3
269.9
92.6
104.5
433.7
15.9
417.8
289.7
31.2
258.5
85.1
107.7
442.6
16.4
426.2
297.3
33.9
263.4
88.2
107.4
726.3'
773.5
783.6
752.2
741.0
740.1
745.4
749.0
745.8
748.7
746.0
759.2
1.6
1.3
.7
1.1
1.4
1.4
1.3
1.3
1.3
1.3
1.3
2.1
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items
21
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Nov.
2003
2003
2002
May'
June'
July'
Aug.'
Sept.'
Oct.
Nov.
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Not seasona lly adjusted
MEMO
1
2
3
4
5
6
7
8
9
10
11
Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items8
Revaluation losses on off-balancesheet items8
Mortgage-backed securities9
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities10
Off-shorecredittoU.S.residents" . . . .
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12
105.2
124.4
129.8
107.9
93.1
112.4
114.0
112.3
107.6
107.8
114.5
111.7
89.0
376.3'
277.4'
99.0'
105.2
431.5
316.9
114.5
110.1
441.1
327.5
113.6
85.4
416.9
304.1
112.8
79.4
391.6
276.4
115.2
96.0
377.2
264.8
112.3
97.2
392.0
280.9
111.1
94.4
409.3
294.2
115.2
91.4
409.5
294.4
115.1
90.4
405.3
290.5
114.9
96.6
410.1
295.8
114.3
93.1
410.7
295.6
115.1
10.9'
18.5
148.8
131.4
17.4
11.3'
11.1
17.3
156.5
139.4
17.1
10.2
12.7
16.6
158.3
140.6
17.7
9.9
6.5
15.5
162.3
144.0
18.3
8.4
1.1
14.7
163.2
144.5
18.7
7.2
4.8
14.3
162.5
144.3
18.2
7.9
2.2
13.8
164.7
146.8
18.0
8.0
1.9
13.5
166.0
147.5
18.6
7.5
1.6
13.6
166.7
148.5
18.2
8.0
1.4
13.5
166.5
147.7
18.7
8.0
2.7
13.4
164.8
146.2
18.7
7.2
2.4
14.0
166.2
147.6
18.6
7.2
301.9'
198.3
189.8
8.5
332.4
204.3
196.5
7.8
332.0
204.0
196.3
7.7
327.8
200.6
193.0
7.6
326.7
201.9
194.3
7.6
325.1
203.0
195.5
7.6
323.9
204.7
197.2
7.5
329.9
203.1
195.3
7.8
328.2
204.3
196.8
7.5
328.4
203.3
195.4
7.9
330.1
201.5
193.7
7.9
329.9
203.4
195.6
7.9
63.2'
73.6
72.6
65.5
66.2
68.2
69.1
65.4
63.8
63.7
66.3
66.3
60.3
7.2
72.6
3.0
72.6
2.5
64.9
1.5
64.7
1.4
66.6
1.2
67.7
1.3
66.2
1.3
63.9
1.4
64.1
1.3
67.4
1.3
67.4
1.3
Small domestically chartered
commercial banks, adjusted for
m enters
9
12
securities
13 Mortgage-backed
Securitized consumer
loans12
14 Credit cards and related plans
15 Other
Foreign-related institutions
16 Revaluation gains on off-balancesheet items8
17 Revaluation losses on off-balancesheet items8
18 Securitized business loans12
NOTE. 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." 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 Bulletin. Instead, abbreviated balance sheets for both large and small
domestically chartered banks have been included in table 1.26, parts C andD. Data are both
merger-adjusted 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 breakadjusted.
The not-seas on ally- adjusted data for all tables now contain additional balance sheet items,
which were available as of October 2, 1996.
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 reclassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. A17-19 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. 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."
3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
4. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
5. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
6. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
7. 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.
8. 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.
9. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
10. 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.
11. Mainly commercial and industrial loans but also includes an unknown amount of credit
extended to other than nonfinancial businesses.
12. Total amount outstanding.
22
1.32
Federal Reserve Bulletin Statistical Supplement • February 2004
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December
2003
Item
1 All issuers
2
3
Financial companies'
Dealer-placed paper, total2
Directly placed paper, total3
4
4 Nonfinancial companies
1998
1999
2000
2001
2002
May
June
July
Aug.
Sept.
Oct.
1,163,303
1,403,023
1,619,274
1,458,870
1,347,997
1,365,704
1,324,911
1,347,286
1,336,910
1,313,775
1,324,745
614,142
322,030
786,643
337,240
963,070
312,771
967,748
266,276
976,163
217,787
1,003,088
222,597
974,116
219,960
994,384
218,311
976,065
227,418
976,242
211,746
967,777
230,794
227,132
279,140
343,433
224,847
154,047
140,020
130,835
134,591
133,427
125,787
126,174
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.
2. Includes all financial-company paper sold by dealers in the open market.
1.33
PRIME RATE CHARGED BY BANKS
3. As reported by financial companies that place their paper directly with investors.
4. 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
1
Rate
2001—Jan.
4
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec.
1
21
19
16
28
22
18
3
7
12
9.50
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
Period
Average
rate
2001
2002
2003
6 91
4.67
4.12
2001—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84
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
Period
2002 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.35
4.25
Period
2003—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00
Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases. For ordering address, see inside front cover.
Financial Markets
1.35
INTEREST RATES
23
Money and Capital Markets
Percent per year; figures are averages of business day data unless otherwise noted
2003
Item
2000
2001
2003, week ending
2002
Aug.
Sept.
Oct.
Nov.
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
MONEY MARKET INSTRUMENTS
1 Federal funds'^ 3
2 Discount window primary credit2'4
6.24
n.a.
3.88
n.a.
1.67
n.a.
1.03
2.00
1.01
2.00
1.01
2.00
1.00
2.00
1.00
2.00
1.01
2.00
0.99
2.00
0.99
2.00
0.99
2.00
6.27
6.29
6.31
3.78
3.68
3.65
1.67
1.67
1.69
1.03
1.03
1.04
1.02
1.03
1.04
1.02
1.02
1.05
1.02
1.05
1.06
1.03
1.02
1.07
1.02
1.03
1.05
1.03
1.06
1.06
1.02
1.05
1.06
1.02
1.05
1.07
6.28
6.30
6 33
3.80
3.71
3 65
1.68
1.69
1 70
1.04
1.05
1 06
1.04
1.05
1 06
1.03
1.04
1 06
1.03
1.06
1 08
1.03
1.04
1 07
1.03
1.06
1 09
1.03
1.06
1 08
1.03
1.06
1 08
1.02
1.06
1 07
6.35
6.46
6.59
3.84
3.71
3.66
1.72
1.73
1.81
1.07
1.08
1.13
1.07
1.08
1.13
1.06
1.10
1.14
1.06
1.11
1.17
1.06
1.10
1.15
1.06
1.11
1.17
1.06
1.12
1.19
1.05
1.11
1.16
1.07
1.11
1.18
6.45
3.70
1.73
1.07
1.08
1.09
1.10
1.10
1.10
1.11
1.09
1.10
n.a.
5.82
5 90
2.43
3.40
3 34
1.60
1.61
1 68
0.93
0.95
1 03
0.89
0.94
1 01
0.89
0.92
1 00
0.92
0.93
1 02
0.95
0.94
1 02
0.94
0.94
1 03
0.90
0.93
1 03
0.92
0.93
1 01
0.94
0.93
1 02
6.11
6.26
6.22
6.16
6.20
6.03
6.23
3.49
3.83
4.09
4.56
4.88
5.02
5.63
2.00
2.64
3.10
3.82
4.30
4.61
5.43
1.31
1.86
2.44
3.37
3.96
4.45
5.39
1.24
1.71
2.23
3.18
3.74
4.27
5.21
1.25
1.75
2.26
3.19
3.75
4.29
5.21
1.34
1.93
2.45
3.29
3.81
4.30
5.17
1.30
1.81
2.33
3.22
3.76
4.31
5.20
1.35
1.95
2.49
3.37
3.90
4.41
5.27
1.36
1.97
2.51
3.36
3.86
4.36
1.30
1.84
2.35
3.16
3.69
4.18
5.07
1.35
1.97
2.47
3.27
3.79
4.25
5.13
n.a.
n.a.
5.41
5.41
5.23
5.24
5.20
5.24
5.29
5.25
5.11
5.15
5.58
6.19
5.71
5.01
5.75
5.15
4.87
5.64
5.04
4.82
5.42
5.10
4.63
5.23
4.92
4.64
5.20
4.89
4.50
5.10
4.73
4.63
5.01
4.88
4.82
5.42
4.83
4.41
5.01
4.77
4.38
4.98
4.66
4.38
4.98
4.66
7.98
7.49
7.10
6.46
6.26
6.22
6.17
6.20
6.25
6.22
6.08
6.12
7.62
7.83
8.11
8 37
7.08
7.26
7.67
7 95
6.49
6.93
7.18
7 80
5.88
6.31
6.64
7 01
5.72
6.13
6.42
6 79
5.70
6.11
6.33
6 73
5.65
6.09
6.27
6 66
5.69
6.11
6.31
6 69
5.74
6.16
6.36
6 75
5.70
6.14
6.33
6 71
5.56
6.00
6.18
6 57
5.60
6.05
6.22
6 61
1.15
1.32
1.61
1.67
1.63
1.62
1.63
1.61
1.61
1.63
1.66
1.62
Commercial paper3'5'6
Non financial
Financial
Certificates of deposit, secondary market-''1
12 Eurodollar deposits, 3-month3'8
US Treasury bills
Secondary market3'5
13
4-week
U.S. TREASURY NOTES AND BONDS
Constant maturities^1
18
3-year
20
7-year
22
20-year
23
Treasury long-term average1®'11
25 years and above
STATE AND LOCAL NOTES AND BONDS
Moody's series12
24 Aaa
25 Baa
26 Bond Buyer series13
CORPORATE BONDS
27 Seasoned issues, all industries14
28
29
30
31
Rating group
Aaa15^
Aa
A
Baa
MEMO
Dividend—price ratio16
NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release. For ordering address, see inside front cover.
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 http://www.federalreserve.gov/boarddocs/press/bcreg/2002/
2002103 12/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: http://
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 web
pages (http://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. Based on the unweighted average of the bid yields for all Treasury fixed-coupon
securities with remaining terms to maturity of 25 years and over.
11. A factor for adjusting the daily long-term average in order to estimate a 30-year rate
can be found at http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/
ltcompositeindex.html.
12. General obligation bonds based on Thursday figures; Moody's Investors Service.
13. 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.
14. 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.
15. 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.
16. 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 • February 2004
1.36
STOCK MARKET
Selected Statistics
Apr.
I
May
July
Aug.
I
Sept.
Prices and trading volume (averages of daily figures)
Common stockprices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6,806.46
809.40
414.73
478.99
552.48
6,407.95
749.46
444.45
377.72
596.61
5,571.46
656.44
430.63
260.50
554.88
4,724.22
558.10
366.90
211.45
486.71
4,977.45
583.74
395.85
221.06
522.05
5,269.96
613.26
425.12
238.33
549.91
5,583.60
649.25
441.81
254.16
579.48
5,567.94
648.00
445.29
244.67
588.81
5,580.87
651.19
451.31
238.06
582.20
5,748.80
670.18
464.61
243.37
593.10
5,894.38
678.51
477.98
245.96
616.46
5,989.42
689.30
497.44
248.01
624.02
1,024.69
1,071.66
6 Standard & Poor's Corporation
(1941-43= 10)'
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
1,026,867
51,437
68,074
1,411,689
n.a.
1,262,614
n.a.
Customer financing (millions of dollars, end-of-period balances)
3
10 Margin credit at broker-dealers . . . .
Free credit balances at brokers*
11 Margin accounts5
12 Cash accounts
100,680
84,400
150,450
134,380
101,640
78,040
95,690
73,340
90,830
68,860
88,770
70,080
146,380
148,550
88,540
71,270
87,920
74,350
91,210
76,170
88,040
72,000
155,870
162,720
88,620
74,760
89,360
79,530
87,440
77,130
Margin requirements (percent of market value and effective date)6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
May 6, 1970
70
50
70
65
50
65
1. In July 1976 a financial group, composed 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.
Dec. 6, 1971
Nov. 24, 1972
Jan.3, 1974
65
50
65
50
50
50
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
1.40
25
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2001
Sept. 30
Dec. 3 1
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
1 Federal debt outstanding
5,834.5
5,970.3
6,032.4
6,153.3
6,255.4
6,433.0
6,487.7
6,697.1
6,810.3
2 Public debt securities
3
Held by public
4
Held by agencies
5,807.5
3,338.7
2,468.8
5,943.4
3,393.8
2,549.7
6,006.0
3,443.7
2,562.4
6,126.5
3,463.5
2,662.9
6,228.2
3,552.6
2,675.6
6,405.7
3,647.4
2,758.3
6,460.8
3,710.8
2,750.0
6,670.1
3,816.3
2,853.8
6,783.2
3,923.9
2,859.4
27.0
27.0
.0
26.8
26.8
.0
26.4
26.4
.0
26.8
26.8
.0
27.2
27.2
.0
27.3
27.3
.0
26.9
26.9
.0
27.0
27.0
.0
27.0
27.0
6,359.4
6,400.0
6,625.5
5 Agency securities
6
Held by public
7
Held by agencies . . .
: Debt subject to statutory limit
9 Public debt securities . .
10 Other debt1
.0
6,737.6
5,732.4
.2
5,871.2
.3
5,935.0
.2
6,058.1
.2
6,161.1
.3
6,359.1
.3
6,399.8
.2
6,625.3
6,736.3
MEMO
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
1 Total gross public debt
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 holder1
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks6
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international8
Other miscellaneous investors7'9
Q4
Ql
Q2
Q3
6,474.0
6,656.5
3,331.8
955.0
1,622.9
585.7
153.2
3,142.2
148.8
12.2
12.2
.0
187.3
3,379.0
927.8
1,713.7
582.4
155.0
6,754.8
3,460.6
5,776.1
5,662.2
5,943.4
6,405.7
5,766.1
5,618.1
2,966.9
6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
3,186.3
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3
1,557.3
5,930.8
2,982.9
811.3
1,413.9
643.7
626.5
602.7
100.7
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
140.1
2,947.9
2,266.1
44.2
15.4
15.4
.0
181.5
2,574.8
12.7
2,064.2
478.0
3,233.9
248.7
228.6
123.4
266.8
2,270.1
511.7
2,880.4
201.5
220.8
110.2
236.2
2,572.2
551.7
2,819.5
181.5
257.5
105.7
256.5
2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2
2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2
2,764.6'
641.5
186.4
321.0
109.8
211.2
1,268.7
590.3
184.8
304.1
108.4
195.7
1,034.2
588.7
190.3
281.6
104.2
177.4
1,053.1
493.3
194.9
289.9
113.6
176.3
1,212.7
433.8
194.9
289.9
113.6
176.3
1,212.7
433.8
196.9
244.2
3,281.0
737.1
1,784.5
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.
646.9
146.3
3,277.6
2,763.8
140.5
11.7
11.7
.0
189.9
2,905.5
13.8
13.6
3,056.0
153.1
296.3
151.2
306.2
66.9
177.2
1,254.6
443.4
918.2
1,799.4
576.8
166.1
3,294.2
148.4
11.0
11.0
.0
192.6
2,912.2
13.4
2,854.8'
652.1
3,164.7
144.8
298.5
161.7
318.5
2,860.7
656.1
3,268.0
n.a.
n.a.
n.a.
n.a.
199.1
254.5
69.1
185.4
1,355.5'
378.2
n.a.
1,427.9
n.a.
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 • February 2004
1.42
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
2003
Item
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 eleven2
6
Inflation-indexed
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
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
w itn otner
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
Aug.
Sept.
20( 3, week ending
Oct.
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
39,860
39,066
40,651
42,706
48,858
36,715
38,934
38,365
36,986
41,788
41,115
37,073
140,206
151,962
143,099
170,612
137,979
104,392
146,067
168,050
149,763
164,756
163,683
131,222
130,035
144,673
129,426
148,994
157,346
122,214
123,383
111,783
123,483
129,842
169,393
96,700
124,686
28,018
3,269
114,133
25,285
3,047
99,758
23,128
4,905
115,515
30,612
3,616
118,437
24,289
3,663
84,822
18,462
6,416
100,526
24,198
4,303
90,886
23,832
6,459
95,315
21,376
3,255
86,937
24,050
5,454
140,229
25,439
3,717
81,015
17,418
3,552
56,242
55,157
51,032
61,638
50,881
51,613
49,654
48,066
55,809
54,379
52,648
50,521
11,450
10,062
11,199
8,213
10,980
16,350
11,916
7,428
10,577
8,785
8,197
7,065
4,614
7,191
7,367
7,835
7,363
4,810
8,320
9,662
4,142
4,426
14,569
4,887
5,213
808
7,352
909
6,030
659
10,264
1,202
7,861
679
3,427
464
7,365
947
3,948
484
6,405
441
5,297
336
4,118
647
3,777
716
195,712
192,137
185,984
152,063
257,493
281,332
120,951
108,789
189,051
277,510
163,176
85,691
134,241
15,874
132,175
22,692
130,714
20,626
132,085
23,222
131,952
19,965
140,174
17,326
135,872
22,092
121,273
21,605
118,717
21,466
120,772
18,244
128,445
23,414
113,258
19,001
211,840
227,643
207,492
245,344
237,881
173,279
204,771
201,754
202,171
208,039
254,149
177,236
6,959
51,205
568
9,390
52,082
642
8,505
51,983
734
11,110
51,009
628
10,140
64,918
747
6,746
67,994
783
9,140
41,102
776
8,045
35,806
551
6,196
55,756
1,014
6,701
61,257
671
8,898
48,343
893
5,133
25,030
638
254,234
250,524
233,475
266,712
252,690
199,742
232,640
237,622
228,007
244,788
289,428
189,743
71,367
144,506
149,546
71,282
140,055
154,225
67,782
134,001
150,605
78,042
101,054
154,679
67,623
192,574
151,170
69,917
213,338
156,717
69,061
79,849
157,189
61,543
72,983
142,328
71,180
133,295
139,169
66,522
216,253
138,346
71,281
114,833
150,965
61,833
60,661
131,621
W7-it'll -it'll t±r
19
20
21
22
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 web site (http:www.newyorkfed.org/pihome/statistics)
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-indexed securities (TIIS) 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 Financing1
Millions of dollars
2003, week ending
2003
Item, by type of security
Aug.
Sept.
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
14,484
18,046
10,886
17,219
11,299
11,974
39,906
36,894
39,756
Net outright positions2
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-indexed
20,019
10,356
7,129
3,647
717
3,566
9,238
11,040
11,868
13,446
11,338
12,461
13,673
17,063
41,247
34,544
36,171
37,154
33,685
35,754
39,556
12,959
2,871
709
5,159
480
3,986
2,264
1,775
2,803
730
2,297
304
421
2,914
1,521
1,834
5,532
2,878
2,660
4,887
3,508
6,636
4,953
2,797
7,999
3,306
2,444
5,654
3,923
2,874
43,786
51,605
60,326
53,806
59,019
61,143
62,375
59,467
61,140
65,575
55,625
13,291
12,307
13,970
12,677
12,471
14,954
14,611
14,422
12,590
10,934
11,347
681
1,646
2,135
3,885
1,642
1,397
2,303
2,840
2,512
845
5,278
2,787
1,476
4,007
1,414
4,245
1,791
5,891
1,512
4,806
1,919
3,628
1,666
3,527
1,759
4,442
1,896
5,440
1,671
3,712
1,734
4,862
1,833
12 Mortgage-backed
20,020
11,081
7,027
12,265
5,314
10,772
6,601
3,561
10,915
5,159
11,224
Corporate securities
13 One year or less
14 More than one year
31,645
80,204
34,003
85,763
31,629
87,481
38,760
90,909
28,939
88,276
31,498
86,590
29,736
85,784
28,600
90,580
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
14,433
34,48
28,770
91,916
Financing3
Securities in, US. 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
726,152
928,602
750,796
933,367
759,604
909,542
773,020
809,755
760,576
869,795
747,844
879,861
775,408
923,736
755,668
963,288
749,110
964,645
740,582
995,209
797,035
959,986
161,323
233,519
166,041
219,006
164,083
220,972
169,176
204,944
175,220
213,398
161,829
216,497
162,734
221,176
158,767
231,113
153,776
234,953
149,285
226,719
158,783
230,279
37,545
247,185
33,356
235,137
35,467
225,028
32,491
225,792
35,890
226,383
33,841
223,214
36,170
224,473
35,772
224,343
37,639
230,597
39,200
228,966
37,788
236,518
76,406
30,044
80,951
30,893
82,485
30,496
83,577
30,654
82,646
30,447
83,122
30,123
82,958
30,153
81,743
30,782
81,371
32,104
81,140
34,334
473,738
1,264,124
489,637
1,238,942
486,236
1,192,980
508,836
1,083,094
497,809
1,149,162
474,833
1,157,549
1,211,354
482,807
1,251,497
474,211
1,256,174
457,017
1,276,417
518,742
1,250,420
678,081
848,932
699,640
850,781
717,720
813,081
727,873
713,525
708,023
776,319
714,091
768,166
729,864
825,563
718,972
881,176
712,397
866,705
714,189
898,333
783,309
843,167
278,201
179,519
286,149
167,573
300,063
160,122
279,836
157,549
302,112
157,425
290,003
159,015
303,923
161,182
309,556
161,459
291,480
166,339
290,857
158,137
305,271
165,180
358,960
162,755
330,662
147,770
349,964
145,944
313,851
136,534
320,113
143,421
361,449
152,158
361,191
145,340
364,722
144,230
341,356
145,844
350,688
141,630
366,879
156,200
153,915
31,618
157,255
28,838
161,515
29,662
167,889
29,529
156,301
29,861
167,924
28,568
160,137
30,495
162,153
29,492
156,742
30,544
159,320
29,368
159,179
29,074
1,235,582
1,178,163
1,239,257
1,153,320
1,290,044
1,101,190
1,252,988
997,098
1,245,164
1,058,227
1,298,290
1,056,096
1,310,091
1,116,403
1,318,346
1,172,112
1,267,568
1,159,956
1,276,391
1,173,251
1,381,968
1,138,380
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
3 1 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 web site (http://www.newyorkfed.org/pihome/statistics) 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-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS 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 • February 2004
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
Debt Outstanding
Millions of dollars, end of period
Agency
July
May
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2'3
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 Banks8
15
Student Loan Marketing Association9
16 Financing Corporation
17 Farm Credit Financial Assistance Corporation "
18 Resolution Funding Corporation12
1,616,492
1,851,632
2,121,057
2,351,039
26,376
276
2
6
126
25,666
6
n.a.
255
n.a.
26,828
n.a.
26,828
n.a.
n.a.
26,370
n.a.
n.a.
n.a.
25,660
n.a.
n.a.
n.a.
8,170
1,261
29,996
1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996
42,152
529,005
360,711
547,619
Aug.
Sept.
n.a.
n.a.
n.a.
n.a.
n.a.
26,500
6
n.a.
218
27,015
6
n.a.
227
26,992
6
n.a.
247
27,136
6
n.a.
261
27,029
6
n.a.
279
n.a.
n.a.
n.a.
n.a.
26,494
n.a.
n.a.
n.a.
27,009
n.a.
n.a.
n.a.
26,986
n.a.
n.a.
n.a.
27,130
n.a.
n.a.
n.a.
27,023
n.a.
2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996
2,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996
n.a.
717,900
n.a.
876,200
89,007
54,200
8,170
1,261
29,996
n.a.
712,447
n.a.
884,100
89,130
52,700
8,170
1,261
29,996
n.a.
704,276
n.a.
894,855
90,020
55,100
8,170
1,261
29,996
n.a.
700,924
n.a.
915,991
89,893
54,500
8,170
1,261
29,996
n.a.
718,709
n.a.
975,734
90,086
54,300
8,170
1,261
29,996
40,575
39,096
37,017
36,383
36,361
36,522
36,420
35,545
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.
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.
n.a.
n.a.
n.a.
n.a.
n.a.
5,275
13,126
22,174
n.a.
13,876
25,220
n.a.
14,489
22,528
n.a.
14,793
21,590
n.a.
15,383
20,978
n.a.
15,419
21,103
n.a.
15,697
20,723
MEMO
19 Federal Financing Bank debt13
20
21
22
23
24
Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6
Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other
6,665
14,085
21,402
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 Agriculture 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.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
15,721
19,824
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
Apr.'
May7
July'
Aug.7
Sept.7
1 All issues, new and refunding1
180,403
292,027
363,859'
36,552
36,318
48,429
33,406
25,919
26,092
35,001
26,020
By type of issue
2 General obligation
3 Revenue
64,475
115,928
118,554
170,047
145,323
214,788
16,279
20,273
13,112
23,207
23,711
24,717
12,704
20,702
7,114
18,805
6,505
19,587
16,654
18,348
17,795
By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township
19,944
121,185
39,273
30,099
197,462
61,040
33,931
259,070
67,121
6,921
24,069
5,562
23,111
10,400
14,418
26,397
7,614
22^249
8,235
2,202
17,225
6,492
555
21,026
4,511
7,893
20,460
6,649
2,343
17,563
6,114
7 Issues for new capital
154,257
200,363
242,854'
26,366
21,433
35,454
22,090
18,171
19,917
23,178
20,487
38,665
19,730
11,917
n.a.
7,122
47,309
50,054
21,411
21,917
7,682
3,486
842
n.a.
1,834
7,377
1,901
895
n.a.
3,261
5,672
6,125
2,049
1,903
n.a.
1,761
19,437
4,948
3,011
487
n.a.
2,317
6,400
6,680
2,892
753
n.a.
1,666
3,723
4,840
1,520
183
n.a.
2,241
8,238
5,739
1,163
658
n.a.
1,988
10,922
3,708
2,625
1,075
n.a.
2,709
8
9
10
11
12
13
By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
n.a.
6,607
55,733
57,894
22,093
33,404
n.a.
7,227
73,033
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
6,866
U.S. Corporations
Millions of dollars
Type of issue, offering,
or issuer
1
Apr.
May
Aug.
Sept.
All issues'
1,079,727
1,541,821
1,429,298
155,821
125,223
170,003
179,615
126,114
119,840
173,351
146,237
Bonds2 . .
944,810
1,413,267
1,318,863
149,928
116,861
161,265
163,726
116,806
110,158
158,142
136,570
822,012
122,798
56,389
86,246
144,315
5,613
114,277
2,585
149,437
11,828
147,835
15,890
104,875
11,931
103,683
6,475
143,158
14,984
125,222
11,349
258,804
686,006
459,560
953,707
282,484
1,036,379
27,514
122,414
22,153
94,708
48,353
112,912
52,139
111,587
28,425
88,381
17,556
92,603
32,011
126,130
29,003
107,567
170,794
5,893
8,362
By type of offering
3 Sold in the United States
4 Sold abroad
MEMO
5 Private placements, domestic
By industry group
6 Nonfinancial
7 Financial
311,941
By type of offering
i Public
I Private placement4
By industry group
Nonfinancial
12 Financial
15,889
15,209
134,917
177,024
128,554
101,495
110,435
60,359
5,893
n.a.
8,362
n.a.
8,738
n.a.
15,889
n.a.
9,30;
n.a.
118,369
16,548
77,577
50,977
62,115
48,320
1,053
4,840
1,592
6,770
3,075
5,663
4,727
11,162
3,333
5,975
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.
1,988
7,694
15,209
n.a.
9,667
n.a.
6,474
8,735
3,748
5,919
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
1.47
Federal Reserve Bulletin Statistical Supplement • February 2004
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets1
Millions of dollars
2003
Item
3
3 Net sales
4 Assets
4
5 Cash5
6 Other
2001
2002'
Apr.
May
June
July
Aug.
Sept.7
Nov.
1,806,474
1,825,365
141,465
142,688
157,773
153,832
139,162
138,679
147,682
125,127
1,677,266
129,208
1,702,708
122,657
112,109
29,356
118,794
23,894
130,024
27,749
139,690
14,142
125,013
14,149
123,556
15,123
119,565
28,117
109,819
15,308
4,689,624
4,118,926
4,327,560
4,563,023
4,653,085
4,714,516
4,830,159
4,847,937
5,072,817
5,162,420
219,620
4,470,004
208,450
3,910,476
230,032
4,097,528
232,836
4,330,187
236,547
4,416,538
220,372
4,494,144
226,089
4,604,070
231,571
4,616,366
245,016
4,827,801
261,641
4,900,779
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
Oct.
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
2002
2003
Ql
Q2
Q3
Q4
Ql
Q2
Q3
ASSETS
5 LESS:
Reserves for unearned income
8 All other
9 Total assets
960.2
329.6
458.4
172.3
951.7
343.5
447.0
161.3
956.7
326.9
455.3
174.5
933.9
333.8
443.0
157.2
947.2
337.3
449.4
160.5
952.8
341.8
445.5
165.5
956.7
326.9
455.3
174.5
951.5
323.7
453.9
173.9
972.4
333.1
455.8
183.4
1,018.5
378.2
445.6
194.7
69.8
16 7
60.7
21 0
57.3
24 0
59.6
21 5
58.6
21 6
58.2
22 1
57.3
24 0
53.6
23 8
53.4
24 3
52.9
24 9
873.7
462.5
870.0
524.2
875.5
584.1
852.8
516.1
866.9
531.1
872.6
558.8
875.5
584.1
874.1
601.2
894.7
647.9
940.7
704.8
1,336.2
1,394.2
1,459.5
1,368.9
1,398.1
1,431.4
1,459.5
1,475.3
1,542.6
1,645.5
35.9
238 8
50.8
158 6
48.0
141 5
49.4
137 0
56.9
130 8
74.9
143 1
48.0
141 5
47.3
127 3
53.2
145 3
57.6
133 0
102.6
503.4
302.7
152.8
99.3
570.2
326.4
188.9
88.4
633.2
340.5
207.8
82.6
578.0
329.9
192.1
83.4
601.8
332.1
193.1
83.0
590.9
344.8
194.7
88.4
633.2
340.5
207.8
87.5
647.5
344.7
221.0
96.5
675.5
359.8
212.4
94.5
710.4
429.1
228.5
1,336.2
1,394.2
1,459.5
1,368.9
1,398.1
1,431.4
1,459.5
1,475.3
1,542.6
1,653.1
LIABILITIES AND CAPITAL
Debt
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
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 Receivables1
Billions of dollars, amounts outstanding
Type of credit
July
May
Aug.
Sept.
535.7
234.0
543.9
Seasonally adjusted
1 Total
2
3
4
Consumer . .
Real estate .
Business . . .
1,193.3'
1,248.7'
1,276.6'
472.0'
198.9
522.5'
515.2'
207.7
525.8'
519.1'
216.5
541.0'
523.6
223.4
548.8
1,284.8
1,293.0
516.5
223.6
544.7
518.2
232.1
542.7
526.7
233.7
545.6
1,371.0
540.2
280.3
550.5
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 receivables6 . . .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6 .
1,199.8'
1,255.3
1,283.4
1,296.3
1,292.7
1,290.3
1,297.5
475.9'
141.6
108.2
37.6
41.3
519.7
173.9
103.5
31.5
32.7
523.9
160.2
83.3
38.9
38.7
519.1
162.8
79.0
34.5
42.5
516.2
166.6
76.7
34.6
43.1
518.8
184.6
74.8
35.4
44.2
526.6
190.0
73.2
37.4
48.9
536.3
196.7
75.4
37.3
50.1
540.5
200.3
73.2
37.3
50.3
97.1'
6.6
27.5'
16.0'
198.9
130.6
41.7
131.9
6.8
25.0
14.3
207.7
120.1
41.2
151.9
5.7
31.1
14.0
216.5
135.0
39.5
150.3
6.0
30.7
13.3
223.4
143.0
40.7
146.5
6.0
29.5
13.3
223.6
142.5
40.9
131.7
5.9
29.2
13.0
232.1
150.7
41.5
129.8
5.8
28.8
12.6
233.7
152.0
42.0
129.6
5.7
28.9
12.7
234.0
151.8
42.8
132.6
5.7
28.7
12.4
280.3
195.4
45.7
24.7
1.9
525.0
75.5
18.3
39.7
17.6
283.5
70.2
213.3
99.4
40.7
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5
39.7
2.2
543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5
38.6
1.1
553.7
68.0
17.1
36.1
14.8
284.5
77.6
207.0
103.1
38.4
1.8
552.9
69.9
17.2
38.4
14.2
283.4
77.5
205.9
102.6
38.1
1.8
539.4
62.1
17.9
30.0
14.2
279.9
75.1
204.7
103.3
37.8
1.8
537.2
61.2
17.9
29.1
14.2
278.9
74.5
204.4
102.8
37.6
1.8
539.0
62.2
18.1
30.5
13.6
278.2
73.1
205.1
105.1
37.4
1.8
547.2
62.1
16.1
32.8
13.2
279.5
73.8
205.7
112.5
37.8
3.2
32.5
2.2
23.1
15.5
7.6
5.6
50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7
50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4
52.2
2.2
47.8
2.2
21.6
12.0
9.6
24.2
50.0
2.2
45.6
2.1
23.5
12.9
10.6
23.6
46.7
2.2
42.3
2.1
23.7
13.1
10.6
23.8
47.0
2.2
42.7
2.1
23.4
12.8
10.6
23.8
47.2
2.2
42.8
2.1
47.2
2.2
42.8
2.1
22.5
13.1
9.5
23.4
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. For
ordering address, see inside front cover.
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
1,368.0
13.2
9.1
23.9
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
1.53
Federal Reserve Bulletin Statistical Supplement • February 2004
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
May
July
Aug.
Sept.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
Terms1
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
7 Effective rate1'3
8 Contract rate (HUD series)4
234.5
177.0
77.4
29.2
.70
245.0
184.2
77.3
261.1
197.0
77.8
28.9
.62
275.3
210.7
78.7
7.41
7.52
6.90
7.00
n.a.
6.35
6.44
n.a.
5.66
5.75
n.a.
n.a.
7.57
n.a.
6.36
n.a.
5.81
n.a.
4.55
283.4
214.4
78.2
28.7
.62
280.1
212.1
78.0
28.5
.66
275.6
208.1
77.8
273.7
200.8
75.8
28.5
.62
284.6
214.5
78.0
29.0
.69
5.42
5.51
5.44
5.53
n.a.
5.68
5.77
5.87
5.97
n.a.
5.83
5.92
5.82
5.92
n.a.
n.a.
4.27
n.a.
5.02
n.a.
5.48
n.a.
5.27
n.a.
5.27
n.a.
5.21
283.3
213.7
78.0
28.8
.64
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)5 ..
10 GNMA securities6
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA insured
13 Conventional
610,122
61,539
548,583
707,015
n.a.
n.a.
794,253'
n.a.
n.a.
817,404'
n.a.
n.a.
814,882'
n.a.
n.a.
838,236'
n.a.
n.a.
865,461'
n.a.
n.a.
917,123
n.a.
n.a.
912,658
n.a.
n.a.
906,380
n.a.
n.a.
163,689
11,786
304,084
7,586
400,327
12,268
75,569
1,785
79,172
3,657
79,594
1,915
46,436
3,085
32,701
4,740
n.a.
n.a.
n.a.
n.a.
Mortgage holdings (end of period)*
17 Total
18 FHA/VA insured
19 Conventional
385,693
3,332
382,361
491,719
3,506
488,213
568,173
4,573
563,600
571,900'
n.a.
n.a.
585,460'
n.a.
n.a.
594,301'
n.a.
n.a.
615,085'
n.a.
n.a.
641,039'
n.a.
n.a.
655,457
n.a.
n.a.
646,636
n.a.
n.a.
Mortgage transactions (duringperiod)
20 Purchases
21 Sales
174,043
166,901
n.a.
389,611
n.a.
547,046
n.a.
66,175
n.a.
58,124
n.a.
70,269
n.a.
91,198
n.a.
69,868
n.a.
39,028
22 Mortgage commitments contracted (during period)9
169,231
417,434
620,981
14 Mortgage transactions purchased (during period)
Mortgage commitments (duringperiod)
15 Issued7
16 To sell8
FEDERAL HOME LOAN MORTGAGE CORPORATION
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 often 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
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
Commercial banks2
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Savings institutions3
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Life insurance companies .
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Federal and related agencies
Government National Mortgage Association . .
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Housing Admin, and Dept. of Veterans /
One- to four-family
Multifamily
Resolution Trust Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Deposit Insurance Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal National Mortgage Association
One- to four-family
Multifamily
Federal Land Banks
One- to four-family
Farm
Federal Home Loan Mortgage Corporation . . .
One- to four-family
Multifamily
Mortgage pools or trusts
Government National Mortgage Association
One- to four-family
Multifamily
Federal Home Loan Mortgage Corporation .
One- to four-family
Multifamily
Federal National Mortgage Association . . . .
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Private mortgage conduits
One- to four-family6
Multifamily
Nonfarm, nonresidential
Farm
73 Individuals and others7 . . .
74
One- to four-family . . . .
75 Multifamily
76
Nonfarm, nonresidential
77
Farm
Q3
Q4
Ql
Q2
Q3P
6,883,085'
7,581,509'
8,196,711'
8,462,955'
8,672,893'
8,970,679'
9,242,004
5,205,428
400,609'
1,168,191'
108,858
5,738,611'
445,394'
1,281,168
116,336
6,247,73 1
471,680'
1,353,685
123,614
6,462,646'
488,439'
1,387,110
124,759
6,640,291'
496,948'
1,408,651'
127,003'
6,890,256'
509,685'
1,440,991'
129,747'
7,107,220
527,170
1,476,509
131,105
2,618,969
1,660,054
965,635
77,803
582,577
34,039
722,974
594,221
61,258
66,965
529
235,941
4,903
33,681
183,757
13,600
2,791,076
1,789,819
1,023,851
84,851
645,619
35,498
758,236
620,579
64,592
72,534
531
243,021
4,931
35,631
188,376
14,083
2,981,790
1,962,198
1,143,985
90,930
689,481
37,802
773,652
625,402
68,668
79,022
560
245,939
5,176
35,921
190,698
14,144
3,089,824
2,058,426
1,222,056
94,178
704,167
38,025
781,378
631,392
68,679
80,730
577
250,019
4,657
36,816
195,040
13,506
3,166,373'
2,099,352
1,244,823
96,830
718,996
38,704
815,873
662,858
69,757
82,669
589
251,148'
3,985'
36,958'
196,142'
14,063'
3,281,138'
2,192,983
1,320,685
100,130
732,508
39,660
833,625
676,163'
72,715'
84,152'
595
254,531'
5,595'
37,257'
197,724'
13,955'
3,373,192
2,263,880
1,368,871
102,841
751,963
40,205
852,054
690,404
74,928
86,095
626
257,258
5,654
37,657
199,842
14,105
341,110'
6
6
0
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
0
0
45
7
9
29
0
152,511'
144,150
8,361'
36,326
2,137
34,189
59,240
42,871
16,369
372,689'
406,986'
0
72,452
15,824
11,712
40,965
3,952
3,290
1,260
2,031
0
0
0
0
0
13
0
72,030
15,139
11,686
41,439
3,766
2,973
1,252
1,721
0
0
0
0
0
13
455,606
6
6
0
69,988
14,652
11,654
40,093
3,590
3,824
1,255
2,569
0
0
0
0
0
118
19
489,676
7
7
0
69,930
14,413
11,641
40,352
3,525
4,006
1,247
2,760
0
0
0
0
0
47
3
8
0
165,598'
155,060
10,538'
40,885
2,406
38,479
62,792
40,309
22,483
0
179,163'
167,006
12,157'
44,782
2,635
42,147
60,934
34,616
26,318
436,140'
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
189,147'
175,576'
13,571
46,257
2,722
43,535
63,887
35,851
28,036
76
0
195,633
180,829
14,804
46,974
2,764
44,210
64,388
35,880
28,508
30
0
211,146
195,079
16,067
48,490
2,853
45,637
65,672
36,941
28,732
530,131
52
52
0
69,474
14,127
11,632
40,161
3,554
4,061
1,285
2,776
0
0
0
0
0
24
4
5
15
0
227,658
209,977
17,681
48,852
2,874
45,978
71,897
40,442
31,455
2,946,546
582,263
565,189
17,074
749,081
744,619
4,462
960,883
924,941
35,942
0
0
0
0
0
654,319
455,021
41,952
157,346
3,226,058
611,553
592,624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
734,445
499,834
47,529
187,082
0
3,700,582
591,368
569,460
21,908
948,409
940,933
7,476
1,290,351
1,238,125
52,226
0
0
0
0
0
870,454
591,200
53,537
225,717
0
4,052,418
567,386
542,208
25,178
1,058,176
1,050,899
7,277
1,458,945
1,402,929
56,016
0
0
0
0
0
967,911
669,300
56,582
242,029
0
4,161,020
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
0
0
0
0
1,002,783
691,600
59,034
252,149
0
4,267,235'
515,815'
489,056'
26,759
1,073,016
1,064,114
8,902
1,637,474
1,576,495
60,979
0
0
0
0
0
1,040,930'
725,100
59,638'
256,192'
0
4,388,727'
460,301'
27,499
1,051,141
1,042,417
8,724
1,749,896
1,687,263
62,633
0
0
0
0
0
1,099,890'
768,700'
61,684'
269,506'
0
4,497,136
473,094
444,994
28,100
1,095,873
1,086,777
9,096
1,801,528
1,733,853
67,675
0
0
0
0
0
1,126,641
785,100
63,357
278,184
0
654,576
456,009
75,076
102,274
21,217
696,949'
492,429
75,457
106,711'
22,352
717,162'
507,169'
78,252
107,949
23,792
755,517
540,187
79,127
111,008
25,194
775,971
558,423'
79,239'
112,894
25,415
783,679'
563,849'
79,499'
114,484'
25,847'
811,139'
588,269'
79,775'
116,720'
26,376'
841,545
614,751
79,909
120,248
26,637
6,315,131'
368,426'
1,056,516
102,964
2,394,271
1,495,420
879,576
67,665
516,333
31,846
668,064
548,222
59,309
60,063
470
230,787
5,934
32,818
179,048
12,987
319,738'
7
7
0
73,871
16,506
11,741
41,355
4,268
3,712
1,851
1,861
0
0
0
152
25
29
98
0
149,106'
141,195
7,911'
34,187
2,012
32,175
56,676
44,321
12,355
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 69 from Inside Mortgage Securities and other sources.
34
1.55
Federal Reserve Bulletin Statistical Supplement • February 2004
CONSUMERCREDIT1
Millions of dollars, amounts outstanding, end of period
Holder and type of credit
May
July1
Aug.7
Sept.7
Seasonally adjusted
2 Revolving
3 Nonrevolving2
r,686,222
r,822,r83
r,902,73r
r,95r,072
1,953,015
r,96r,562
1,973,112
1,983,457
1,993,270
658,855
1,027,367
703,882
1,118,302
716,702
1,186,029
731,018
1,220,054
729,745
1,223,271
730,980
733,161
1,239,951
737,330
1,246,127
740,496
1,252,774
Not seasonally adjusted
1,856,685
1,938,058
1,939,232
1,941,416
1,946,855
1,968,331
1,984,383
1,995,274
558,421
238,133
189,570
119,521
69,070
82,287
599,684
587,165
237,790
195,744
129,576
68,494
82,205
637,085
582,358
239,792
196,837
122,034
71,871
77,196
649,145
584,211
244,251
198,598
120,374
73,569
77,069
643,343
583,407
264,250
201,386
118,494
73,208
76,886
629,223
590,286
276,350
591,237
629,066
593,700
283,995
204,903
122,502
72,498
77,250
629,534
743,187
230,990
38,948
22,228
n.a.
16,225
44,532
390,263
727,157
217,711
34,498
20,964
n.a.
18,099
38,251
397,634
727,267
21,076
n.a.
19,141
38,168
396,783
725,904
214,830
35,436
21,200
n.a.
19,268
38,106
397,064
731,673
216,340
37,400
21,276
n.a.
19,395
38,793
398,469
732,134
215,546
37,284
21,135
n.a.
19,518
38,320
400,331
733,844
212,678
n.a.
16,560
42,430
347,421
730,307
224,878
31,538
22,265
n.a.
17,767
44,122
389,737
1,034,646
323,407
182,876
162,208
104,027
47,997
40,232
173,899
1,126,378
333,543
206,595
167,305
119,521
51,303
38,165
209,947
1,194,871
356,175
198,842
173,516
129,576
52,269
37,673
246,821
1,212,075
1,214,149
366,720
209,643
177,522
120,374
54,428
38,901
246,560
1,220,951
368,578
228,814
180,186
118,494
53,940
38,780
232,159
1,236,658
373,946
238,950
182,492
118,054
53,453
39,165
230,597
1,252,249
378,154
246,711
183,768
122,502
52,981
38,929
229.2037
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
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
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
541,470
220,503
184,434
104,027
64,557
82,662
521,319
684,327
218,063
37,627
22,226
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. For ordering address, see inside front
cover.
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.
1.56
217,491
34,608
364,647
205,294
175,873
122,034
53,772
38,945
251,511
203,768
118,054
72,847
77,959
286,381
206,167
122,752
73,516
77,646
637,576
37,687
21,063
n.a.
19,931
38,670
403,816
1,261,430
378,559
248,694
185,104
122,752
53,585
38,977
233,760
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.
TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2003
Item
2000
2001
2002
Apr.
May
June
July
Aug.
Sept.
Oct.
INTEREST RATES
Commercial banks
1 48-month new car
2 24-month personal
9.34
13.90
8.50
13.22
7.62
12.54
n.a.
n.a.
7.05
12.19
n.a.
n.a.
n.a.
n.a.
6.75r
11.95r
n.a.
n.a.
n.a.
n.a.
15.71
14.91
14.89
14.44
13.42
13.09
n.a.
n.a.
12.90
12.82
n.a.
n.a.
n.a.
n.a.
12.49
13.11
n.a.
n.a.
n.a.
n.a.
6.61
13 55
5.65
12 18
4.29
10 74
2.51
9 91
2.40
9 82
2.93
9 81
9 77
3.56
9 57
3.81
9 36
3.92
9 17
54.9
57 0
55.1
57 5
56.8
57 5
60.1
57 7
60.7
57 7
62.4
57 8
62.7
57 8
63.0
57 9
63.2
57 8
63.5
57 5
92
99
91
100
94
100
97
99
97
99
97
100
95
100
93
100
94
101
94
101
20,923
14,058
22,822
14,416
24,747
14,532
27,540
14,475
27,920
14,568
26,945
14,567
26,129
14,632
25,407
14,623
25,663
14,708
26,067
14,904
Credit card plan
4 Accounts assessed interest
Auto finance companies
OTHER TERMS3
Maturity (months)
Loan-to-value ratio
9 New car
Amount financed (dollars)
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. For ordering address, see inside front cover.
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 INU.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Ql'
Q2'
Q3'
Q4'
Ql'
Q2'
Q3
2,333.6
1,606.5
317.5
317.5
.1
Nonfinajicial sectors
1 Total net borrowing by domestic nonflnancial sectors .
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
1,042.0'
1,135.9'
1,026.6'
1,078.9
1,470.2
1,287.8
1,662.8
102.8
104.6
1.8
421.4
419.6
1.8
261.5
259.9
1.6
244.4
244.0
.4
164.2
165.8
1.6
749.0
748.5
144.4
87.4
264.4
38.1
39.6
731.2
631.7
81.7
177.2
185.1
175.6
39.8
799.9
633.9
40.4
116.5
9.1
104.1
17.4
162.1
20.3
106.2
38.7
889.5
750.3
31.0
95.2
13.0
79.9
13.2
217.3
99.8
28.4
35.4
1,081.3
880.3
65.5
130.8
4.7
26.2
15.2
103.1
185.9
83.1
24.1
925.4
792.3
35.2
89.2
8.7
83.0
187.2
292.6
43.3
3.8
1,125.8
937.9
50.0
127.0
10.9
113.4
1,037.7
826.8
67.7
137.4
5.9
121.3
23.1
23.2
.1
52.6
54.6
2.0
71.2
71.0
295.9
294.9
1.0
5.6
5.0
.5
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
13.7
56.9
150.5
106.4
43.1
322.4
258.3
7.2
53.8
3.1
71.9'
24.4
84.2
235.2
109.8
68.5
485.5'
37.4
54.4
221.7'
82.9
26.1
563.3
424.4
35.2
98.0
5.8
112.1'
48.1
23.6
162.6'
101.8
84.5
562.4'
418.2
30.1'
107.5'
6.5
165.2'
122.9
348.5'
82.0
5.6'
697.1'
533.2'
44.4'
112.1'
7.5
137.7'
By borrowing sector
Household
Nonflnancial business
Corporate
Nonfarm noncorporate
Farm
State and local government . . .
330.7'
392.7
291.8
94.7
6.2
41.5
451.1'
575.8'
408.1'
159.7
8.0
490.5'
568.8'
381.0'
182.4
5.5
38.5
565.5'
567.1'
372.2'
184.1
10.9
15.5
637.8'
397.9'
233.6'
156.8
7.5
105.8
734.6
166.7
51.0
110.2
5.6
74.8
679.6
203.0
61.8
132.0
9.2
166.2
753.3
125.3
17.1
128.0
14.4
147.7
916.7
308.4
148.3
158.0
2.2
193.2
844.9
248.7
128.1
113.2
7.4
81.5
1,032.5
378.1
229.9
145.2
2.9
174.1
906.5
245.2
58.4
180.2
6.6
137.3
23 Foreign net borrowing in United States .
24
Commercial paper
25 Bonds
26
Bank loans n.e.c
27
Other loans and advances
71.8
3.7
61.4
8.5
1.8
31.2
7.8
13.0
16.3
1.9
.5
5.7
57.0
31.7
15.2
11.4
1.3
49.7
14.2
24.5
7.3
3.8'
65.2
66.8
14.5
13.9
1.0
3.1
36.5
54.0
22.0
1.3
45.9
3.9
35.3
11.7
2.9
1.8
37.3
30.1
2.9
20.0
52.6
28.9
4.0
62.9
73.5
102.2
31.4
2.7
68.8
1,086.2'
1,144.1
1,473.3
1,241.8
1,664.6
2,270.7
1,537.7
5 Nonfederal
17
18
19
20
21
22
28 Total domestic plus foreign
859.9
384.6
23.1'
71.3
6.5
87.0'
67.7
22.8
6.6
6.0
1,073.2'
1,039.6'
27.6
65.0
6.9
115.2
1.1
156.7
85.5
104.8
6.3
55.4
4.9
3.1
5.4
Financial sectors
1,084.6'
1,068.5'
815.3'
935.4'
918.9
862.4
823.2
1,040.4
1,195.1
909.3
1,177.8
212.9
98.4
114.6
.0
470.9
278.3
192.6
.0
592.0
318.2
273.8
.0
433.5
234.1
199.4
.0
629.3
290.8
338.5
.0
703.1
191.3
511.8
.0
484.0
141.7
342.3
.0
425.6
249.1
176.5
.0
603.3
321.5
281.8
.0
531.0
247.5
283.5
.0
502.0
255.8
246.2
.0
831.1
497.4
333.7
.0
449.3
166.7
218.9
13.3
35.6
14.9
613.7'
161.0
309.2'
28.5
90.2
24.8
476.5'
176.2
202.4'
14.4
107.1
5.1
381.8'
131.7'
201.8'
.4
42.5
6.2
306.1'
45.3'
302.1'
13.1
34.9
1.3
215.7
117.7
322.8
5.8
1.7
6.6
378.4
85.0
400.9
26.2
29.3
7.0
397.6
32.7
226.5
76.2
57.0
5.3
437.1
83.9
638.0
103.7
18.1
4.7
664.1
1.3
593.2
35.3
108.4
3.5
407.3
67.5
457.7
15.4
1.7
3.3
346.6
30.4
46.1
19.7
.1
.2
98.4
114.6
202.2
57.8
72.9
52.2
.6
.7
278.3
192.6
320.4'
57.1
.0
62.7
7.2
40.0
67.2
48.0
2.2
.7
318.2
273.8
207.2'
70.7
.0
6.3
17.2
91.5
60.0
27.3
.0
.7
234.1
199.4
195.3'
82.0'
.0
2.7
15.6
.4
52.9
7.4
1.5
.6
290.8
338.5
293.5'
1.5'
.0
2.5
1.4
55.2
26.5
33.0
2.4
2.4
191.3
511.8
248.4
24.0
.0
7.4
15.7
1.4
22.1
8.0
2.0
1.2
141.7
342.3
219.3
86.7
.0
25.3
17.5
12.4
68.7
15.8
3.1
2.0
249.1
176.5
204.7
80.4
.0
27.7
15.2
20.0
82.3
29.6
.4
2.5
321.5
281.8
353.3
29.6
.0
18.6
24.0
4.0
78.6
48.8
2.8
4.4
247.5
283.5
334.9
37.7
.0
17.5
38.4
101.0
30.5
25.6
1.6
1.5
255.8
246.2
302.3
192.3
.0
12.9
16.2
92.0
1.5
28.1
3.3
3.1
497.4
333.7
233.2
108.5
.0
35.0
9.9
19.8
29 Total net borrowing by financial sectors . . .
30
31
32
33
By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government
34 Private
35
Open market paper
36
Corporate bonds
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs) . . . .
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
4.6
39.6
8.1
79.9
386.0
13.1
28.9
36
1.57
Federal Reserve Bulletin Statistical Supplement • February 2004
FUNDS RAISED INU.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds . . .
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
Ql'
Q2'
Q3'
Q4'
Ql'
Q2'
Q3
1,522.1'
2,157.8'
2,108.0'
1,724.5
2,021.6
2,063.0
2,335.7
2,065.1
2,705.0
2,554.4
3,180.0
2,715.5
184.1
236.0
56.9
430.8
128.2
76.9
337.3
71.9'
193.1
418.3
84.2
567.2'
145.0
152.7
510.3'
87.0'
229.9
520.7
54.4
426.1'
69.0
127.5
568.4'
112.1'
211.6
137.6
23.6
379.5
112.8
125.6
568.6
165.2
147.8
623.8
122.9
626.2
76.2
36.7
698.4
137.7
195.3
805.9
87.4
572.7
18.3
42.4
737.8
115.2
130.2
905.3
177.2
532.0
127.4
67.8
806.9
104.1
19.2
687.1
162.1
170.9
41.7
92.8
894.7
79.9
59.8
847.7
217.3
707.7
134.9
14.8
1,085.9
26.2
38.7
695.2
103.1
750.2
122.4
84.6
922.0
83.0
81.4
1,251.0
187.2
648.1
59.3
8.2
1,129.2
113.4
86.9
1,148.7
156.7
466.6
94.8
40.5
1,044.5
121.3
Funds raised through mutual funds and corporate equities
61 Total net Issues
218.8'
166.2'
192.7'
240.3
300.4
413.2
271.4
55.0
288.6
287.3
440.6
422.8
62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65 Financial corporations
66 Mutual fund shares
46.4'
77.4
57.6
26.6'
265.1
113.3'
215.5
101.4
.9'
279.5
1.5'
110.4
114.3
2.4'
191.2
5.3
118.2
106.7
16.8
235.0
99.0
47.4
109.1
37.3
201.4
39.8
11.0
7.0
57.7
373.4
180.8
15.9
77.4
87.6
90.6
120.7
141.2
51.3
71.8
65.7
87.4
30.9
51.6
66.7
201.2
111.8
67.4
137.5
41.7
175.5
107.3
50.7
67.6
90.4
333.3
137.4
41.2
120.2
58.4
285.3
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4. For ordering address, see inside front cover.
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
Ql'
Q2 1
Q3'
Q41
Ql'
Q2'
Q3
N E T LENDING IN CREDIT MARKETS
1 Total net lending in credit markets
1,522.1'
2,157.8'
2,108.0'
1,724.5'
2,021.6'
2,063.0
2,335.7
2,065.1
2,705.0
2,554.4
3,180.0
2,715.5
2 Domestic nonfederal nonfinancial sectors
3
Household
4
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
Foreign banking offices in United States
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities issuers (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
13.7'
23.7'
12.7
2.6
.1
3.1'
259.6
1,245.7'
38.3
324.3
274.9
40.2
5.4
3.7
4.7
16.8
25.0
104.8
25.2
45.7
67.1
87.5
80.9
1.1'
106.3
114.6
163.8
23.1
9.1
20.2
14.9
50.4
251.6'
118.4'
14.7'
13.3
134.5
11.6'
167.7
1,726.9'
21.1
305.6
312.1
11.6
.9
6.0
36.2
18.9
12.8
76.9
5.8
26.1
72.1
244.0
127.3
4.9'
313.8'
192.6
280.8'
77.3
.0
5.1
6.8
15.8
251.8'
244.8'
18.5'
2.9
28.4
6.4'
96.6
1,753.2'
25.7
312.2
318.6
17.0
6.2
4.4
67.7
27.5
27.8
53.5
3.0
14.1
46.9
182.0
48.4
9.6'
291.2'
273.8
189.0'
97.1
.0
2.6
34.7
124.0
48.4'
25.1'
1.3
.8
11.6
129.5
1,606.2'
33.7
357.9
339.5
23.9
12.2
6.7
56.2
28.0
.8
57.9
8.7
31.3
54.6
143.0
21.0
5.6'
253.6'
199.4
165.5'
108.6
.0
7.1
68.9
45.1'
44.0'
21.3'
2.6'
2.0
60.6'
6.0
234.6
1,737.0'
39.9
205.2
191.6
.6
4.2
10.0
42.8
41.5
28.1
130.9
9.0
6.7
17.7
246.0
126.0
3.2'
307.8'
338.5
267.4'
4.8
.0
6.7
92.4
86.1'
124.7
69.3
52.5
3.3
.4
9.3
259.7
1,669.3
74.7
192.8
188.1
13.8
12.0
6.6
17.4
57.7
1.0
285.6
36.7
47.1
70.5
221.3
234.6
14.8
244.5
511.8
224.2
24.9
.0
26.3
171.4
41.4
192.7
137.0
6.9
3.3
45.5
3.7
440.9
1,705.8
52.4
371.3
326.1
38.3
1.9
4.9
16.9
63.3
.9
204.3
35.4
22.1
54.5
52.2
48.4
5.1
137.8
342.3
197.0
30.3
.0
31.8
326.1
46.2
104.5
146.9
14.4
2.8
25.1
31.1
378.9
1,759.6
76.5
592.8
559.3
31.2
1.6
4.0
65.0
6.5
.8
270.0
21.7
40.2
10.4
92.4
165.5
3.3
190.6
176.5
182.1
69.3
.0
27.7
181.9
129.1
174.4
122.8
14.8
4.0
32.8
3.2
371.5
2,156.0
107.3
460.8
501.7
30.9
.2
10.2
76.2
43.1
.8
172.0
65.6
.2
50.7
264.9
117.7
17.8
284.1
281.8
331.5
9.9
.0
6.7
140.8
296.6
104.0
54.9
32.3
81.2
17.4
406.7
2,269.1
23.7
351.5
327.1
4.4
20.8
.7
195.0
44.2
19.3
302.1
56.2
7.3
.1
164.1
211.7
26.2
300.0
283.5
311.1
.6
.0
8.6
65.9
254.3
133.3
18.9
57.7
4.1
52.7
8.4
723.6
2,331.4
36.3
613.9
540.3
17.1
39.7
16.8
95.3
75.9
17.6
239.1
49.7
24.3
22.4
250.9
253.5
60.1
122.3
246.2
281.7
58.4
.0
31.0
85.2
29.6
422.7
379.5
15.6
.8
26.8
24.0
464.6
1,804.3
39.8
10.3
108.3
113.2
26.1
20.6
62.1
92.5
19.6
126.5
71.7
6.1
11.4
242.9
3.0
44.2
617.8
333.7
213.3
180.4
.0
18.4
19.8
253.4
1,522.1'
2,157.8'
2,108.0'
1,724.5'
2,021.6'
2,063.0
2,335.7
2,065.1
2,705.0
2,554.4
3,180.0
2,715.5
8.7
3.0
1.0
61.1
15.0
151.2
45.1
131.1
249.1
169.8
1.5'
191.2
268.5
104.4
50.8
181.8
30.7
8.1
73.5'
1,122.0'
.4
4.0
2.4
134.2
15.1
71.4
188.8
116.2
233.3
113.2
5.3'
235.0
421.6'
146.1
50.2
209.1'
32.8
56.6
23.9'
1,411.5'
4.3
.0
1.3
30.7
28.0
204.3
267.2
68.6
428.6
22.3
99.0'
201.4
56.0'
3.1
77.2
210.9'
17.4
59.9
28.1'
568.7'
.0
.9
43.8
10.6
241.6
287.7
258.1
276.0
202.6
39.8
373.4
213.4
198.3
54.0
149.0
11.5
3.7
12.1
104.3
12.9
.0
.6
66.1
102.8
197.4
229.2
37.8
131.2
341.8
180.8
90.6
81.2
133.5
71.4
189.4
40.1
2.4
42.1
449.1
24.6
.0
2.4
53.0
28.5
178.6
309.5
26.5
124.0
122.4
120.7
65.7
73.4
62.4
57.1
2.1
91.9
1,009.2
4.9
.0
.0
20.3
132.9
39.7
258.1
120.9
201.5
2.1
87.4
201.2
123.6
46.1
54.2
233.4
4.4
1.3
49.0
435.8
4.9
.0
.6
16.9
12.6
220.2
258.9
176.5
394.2
39.6
59.3
201.3'
22.3
53.0
43.7'
496.9
.6
6.5
31.8
47.3
152.4
91.8
287.2
91.3
113.3'
279.5
106.4
103.2
48.0
217.4
19.6
46.1
67.2'
953.5'
.6
.0
1.6
159.7
180.2
79.7
456.8
49.1
213.5
526.2
107.3
333.3
254.6
698.8
56.9
198.8
33.9
43.7
4.0
479.4
7.1
.0
.1
242.1
114.6
90.8
84.4
40.4
223.1
139.4
137.4
285.3
325.1
152.3
54.0
217.2
21.7
60.5
74.2
1,737.2
3,301.2'
4,310.5'
4,789.1'
4,996.2'
4,054.7'
2,990.1
4,174.6
3,719.6
4,127.9
4,796.3
6,602.7
4,955.7
106.2
19.9
63.2
28.1'
285.6'
.1
8.5
3.8
57.7
19.3'
208.2'
.7
42.8
.1
35.7
10.7'
282.7'
1.2
78.5
20.4
122.6
30.6'
507.9'
.1
11.1
17.2
59.0'
29.3'
500.5'
1.5
87.1
57.2
244.6
49.8
456.6
.9
99.3
1.1
254.7
19.1
132.7
1.1
23.5
1.2
335.7
47.5
34.7
1.1
37.3
26.4
139.4
23.1
471.9
32.8
198.9
12.1
553.5
.5
214.7
31.2
333.7
16.1
348.2
.7
203.0
38.8
13.2
20.2
495.0
2.7
3.9
25.5
2.6
3.1
42.0'
7.4
.8
3.8'
9.0
1.7
30.1'
5.7
4.5
10.0'
62.3
6.1
9.1
67.5
7.0
39.2
47.1
7.6
47.0
42.1
8.5
.9
70.5
8.9
13.3
113.0
9.7
34.1
171.3
10.4
56.8
4,441.1'
4,939.1'
5,184.4'
4,466.4'
3,205.6
3,902.8
3,982.6
3,711.1
4,983.0
6,439.2
4,688.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets
35
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
investment in bank personal trusts . .
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 .
.7
.5
.5
107.7
19.7
41.2
97.1
122.5
155.9
120.9
46.4'
265.1
139.8
3,395.0'
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.I andF.5. For ordering address, see inside front cover.
2. Excludes corporate equities and mutual fund shares.
175.5
302.1
220.6
73.8
213.3
58.7
79.9
29.9
38
Federal Reserve Bulletin Statistical Supplement • February 2004
1.59
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
Transaction category or sector
Q3
Q2
Ql
Q4
Ql'
Q2'
Q3
Nonfinajicial sectors
1 Total credit market debt owed by
domestic nonflnancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages .
17,302.3'
3,752.2
3,723.7
28.5
5 Nonfederal
3,681.0
3,652.7
19,857.1'
19,302.2'
3,385.1
3,357.8
27.3
3,379.5
3,352.7
13,621.4'
14,780.6'
20,677.1'
21,506.5
3,540.8
3,513.6
27.2
3,637.0
3,609.8
27.3
3,700.6
3,673.7
26.9
3,806.9
3,779.9
27.0
3,914.5
3,887.5
27.0
16,405.7'
16,659.0'
17,040.1'
17,271.6
17,699.6
18,022.3
3,430.3
3,404.0
26.3
3,451.4
3,424.6
15,922.6'
16,116.0'
By instrument
Commercial paper
Municipal securities and loans . . .
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
193.0
1,402.9
1,846.0
1,150.2
826.1
5,640.1'
4,362.9
307.7'
873.0
96.6
1,430.6'
230.3
1,457.2
2,067.7'
1,233.2
852.4
6,237.8'
4,787.2
343.1'
1,005.1
102.3
1,542.7'
278.4
1,480.9
2,230.3'
1,335.0
936.9
6,800.2'
5,205.4
373.2'
1,112.6'
108.9
1,719.0'
190.1
1,603.7
2,578.8'
1,253.5
942.5'
7,497.3'
5,738.6'
417.6'
1,224.7
116.3
1,856.7'
167.5
1,627.5
2,644.9'
1,240.1
935.6'
7,660.9'
5,877.2
424.5'
1,241.0
118.1
1,839.5'
148.4
1,682.0
2,691.2'
1,195.0
948.8'
7,874.8'
6,049.6
434.6'
1,270.1
120.4
1,865.5'
142.2
1,708.1'
2,686.1'
1,162.2
955.6'
8,107.6'
6,247.7'
442.4'
1,293.9
123.6
1,897.2'
126.0
1,764.7'
2,711.0'
1,166.5
961.1'
8,372.8'
6,462.6'
458.8'
1,326.6
124.8
1,938.1'
127.1
1,792.6
2,757.5
1,141.8
957.1
8,583.8
6,640.3
467.5
1,348.9
127.0
1,911.8
107.5
1,850.3
2,830.7
1,128.8
961.3
8,880.7
6,890.2
480.1
1,380.7
129.8
1,940.3
108.4
1,874.2
2,852.0
1,096.6
957.7
9,150.3
7,107.1
497.0
1,415.0
131.1
1,983.1
By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
6,012.5'
5,338.0'
3,790.4'
1,383.7
163.9
1,138.3
6,503.3'
5,941.2'
4,205.8'
1,566.1
169.4
1,176.9
7,079.9'
6,508.4'
4,577.9'
1,750.2
180.2
1,192.3
7,717.7'
6,906.9'
4,812.2'
1,907.0
187.7
1,298.1
7,832.2'
6,963.8'
4,841.9'
1,934.7
187.1
1,320.0
8,018.4'
7,016.7'
4,856.8'
1,968.0
191.8
1,370.7'
8,222.8'
7,042.0'
4,848.1'
1,999.0
194.9
1,394.1'
8,488.7'
7,107.7'
4,873.1'
2,039.0
195.6
1,443.6'
8,628.4
7,175.5
4,912.5
2,067.5
195.5
1,467.6
8,904.6
7,274.2
4,971.5
2,104.1
198.5
1,520.8
9,147.4
7,333.9
4,986.2
2,148.2
199.6
1,541.0
23 Foreign credit market debt held in
United States
639.3
652.5
709.5
659.7
675.9
674.1
665.7
665.8
670.1
653.3
637.6
24
25
26
27
72.9
450.6
58.7
57.1
89.2
452.5
59.2
51.6
120.9
467.7
106.7
443.2
123.6
439.6
155.7
402.5
63.2
46.6
66.7
46.0
134.0
417.3
69.3
45.1
142.8
409.8
70.5
50.3
130.2
426.1
72.2
45.5
68.6
44.6
67.6
44.3
173.1
377.0
59.7
43.5
160.4
375.7
58.9
42.6
21,642.2
22,159.8
22,574.4
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
28 Total credit market debt owed by nonflnancial
sectors, domestic and foreign
16,880.3'
17,954.8'
18,875.1'
19,961.9'
20,222.2'
20,531.2'
20,865.5'
21,342.9'
Financial sectors
29 Total credit market debt owed by
financial sectors
9,363.2'
30
31
32
33
34
35
36
37
38
39
By instrument
Federal government-related
Government-sponsored enterprise securities .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
3,292.0
1,273.6
2,018.4
.0
3,250.6'
906.7
1,877.8'
105.8
288.7
71.6
3,884.0
1,591.7
2,292.2
40
41
42
43
44
45
46
47
48
49
50
51
52
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,397.1'
42.5
625.5
16.0
158.8
412.6
230.0
219.3
53 Total credit market debt, domestic and foreign
54
55
56
57
58
59
60
61
Open market paper
U.S. government securities .
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances . .
Mortgages
Consumer credit
9,763.0'
10,274.4'
4,317.4
1,825.8
2,491.6
.0
4,113.0'
1,214.7'
2,286.0'
91.1
438.3
82.9
4,944.1
2,114.0
2,830.1
.0
4,419.1'
1,169.4'
2,588.1'
104.2
473.2
84.2
5,116.9
2,161.8
2,955.1
.0
4,437.5'
1,115.9'
2,671.0'
102.3
5,238.8
2,197.2
3,041.6
.0
4,524.2'
1,072.4'
2,783.1'
110.6
462.4
470.6
87.6
296.0
1,591.7
2,292.2
1,604.3'
25.3
696.1
16.0
165.1
504.0
266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,803.6'
40.9
778.1'
16.0
167.8
503.7
295.1
4.9
3.1
2,114.0
2,830.1
2,097.1'
42.3
779.6'
16.0
170.2
448.4
295.8
269.0
280.5
5.5
3.7
2,161.8
2,955.1
2,149.5'
38.4
23,423.0'
25,565.9'
27,305.5'
29,325.1'
29,776.6'
30,294.2'
30,830.9'
1,172.6
7,044.2
1,402.9
4,174.4'
1,314.8
1,171.9
5,711.7'
1,430.6'
1,402.4
7,564.9
1,457.2
4,600.5'
1,383.8
1,299.9
6,314.5'
1,542.7'
1,614.0'
7,702.5
1,480.9
4,984.0'
1,496.6
1,425.5
6,883.1'
1,719.0'
1,466.2'
8,323.6
1,603.7
5,610.2'
1,421.0
1,462.2'
7,581.5'
1,856.7'
1,407.0'
8,547.2
1,627.5
5,755.5'
1,409.1
1,444.0'
7,746.7'
1,839.5'
1,351.0'
8,690.2
1,682.0
5,900.4'
1,377.8
1,465.0'
7,962.4'
1,865.5'
1,351.2'
3,727.2'
1,082.9
2,080.2'
91.5
395.8
76.7
260.4
3.4
3.2
1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2
through L.4. For ordering address, see inside front cover.
266.1
85.9
764.3'
16.0
172.1
442.6
310.2
264.2
275.3
6.0
4.0
2,197.2
3,041.6
2,204.9'
42.8
789.5'
16.0
178.4
432.8
5,344.0
2,259.5
3,084.5
.0
4,621.4'
1,075.0'
4,901.3
1,076.5
3,136.2
92.9
506.5
89.2
5,754.5
2,465.7
3,288.8
.0
4,994.9
1,036.5
3,263.2
98.7
506.5
90.1
5,960.5
2,590.1
3,370.5
.0
5,080.8
1,025.7
3,354.5
102.7
506.2
91.8
324.8
302.8
287.2
7.6
6.3
336.8
302.7
277.0
8.0
6.6
2,401.7
3,226.3
2,427.2
2,465.7
3,288.8
2,503.3
334.0
304.8
278.0
8.8
7.4
2,590.1
3,370.5
2,559.3
50.2
822.0
16.0
194.4
46.2
48.6
873.9
16.0
197.6
901.0
16.0
462.7
426.8
416.5
31,617.3'
32,171.5
32,909.2
33,615.7
1,374.7'
9,135.1
1,764.7'
6,106.0'
1,340.4
1,495.5'
8,462.9'
1,938.1'
1,359.2
9,328.6
1,792.6
6,296.2
1,302.3
1,507.8
8,673.0
1,911.8
1,317.1
9,561.4
1,850.3
6,470.8
1,287.2
1,511.2
8,970.8
1,940.3
1,294.5
9,875.0
1,874.2
6,582.2
1,258.2
1,506.4
9,242.0
1,983.1
5,498.1
2,339.9
3,158.2
.0
5,628.1
2,401.7
4,776.3'
130.3
491.0
1,105.9'
2,985.2'
105.3
489.8
90.1
318.7
271.8
325.6
286.3
6.8
281.4
6.9
5.1
2,339.9
3,158.2
2,353.5'
2,836.3'
4.5
2,259.5
3,084.5
2,254.8'
46.6
808.9'
16.0
185.3
421.5
1,708.1'
5,939.7'
1,361.7
1,491.7'
8,196.5'
1,897.2'
10,749.4
286.4
40.6
822.8'
16.0
190.0
447.9
3,226.3
.0
206.4
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
Ql
Q2
Q3
Q4
Ql
Q2'
Q3
CREDIT MARKET DEBT OUTSTANDING
1 Total credit market assets
23,423.0'
25,565.9'
27,305.5'
29,325.1'
29,776.6'
30,294.2'
30,830.9'
31,617.3'
32,171.5'
32,909.2
33,615.7
3,302.3'
2,252.5'
242.9'
67.5
739.4
221.6'
2,273.5
17,625.7'
452.5
4,336.1
3,761.4
504.5
26.5
43.8
964.7
324.2
194.1
1,828.0
521.1
621.1
704.6
965.9
1,028.4
101.2'
1,252.0'
2,018.4
1,218.5'
645.5
32.1
45.5
189.4
152.3
3,615.0'
2,558.3'
224.3'
64.6
767.8
261.1
2,306.8
19,383.0'
478.1
4,648.3
4,080.0
487.4
32.7
48.3
1,032.4
351.7
222.0
1,886.0
518.2
635.2
751.4
1,147.8
1,076.8
110.8'
1,543.2'
2,292.2
1,407.5'
742.6
32.1
42.9
154.7
276.0
3,555.6'
2,473.2'
249.4
65.9
767.0
272.7
2,476.9
21,000.4'
511.8
5,006.3
4,419.5
511.3
20.5
55.0
1,088.6
379.7
222.8
1,943.9
509.4
666.5
806.0
1,290.9
1,097.8
105.3'
1,803.9'
2,491.6
1,577.0'
851.2
32.1
35.8
223.6
321.1'
3,585.9
2,438.4'
252.1'
67.9
827.6'
278.7
2,724.3
22,736.2'
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,131.4
421.2
194.7
2,074.8
518.4
673.1
788.4
1,536.9
1,223.8
108.5'
2,110.0'
2,830.1
1,844.4'
846.4
32.1
42.5
316.0
236.5'
3,592.8'
2,447.8'
248.1'
68.7
828.1'
281.0
2,789.5
23,113.3'
575.4
5,231.3
4,629.3
507.7
27.7
66.6
1,134.7
434.3
195.0
2,141.2
527.6
684.9
806.0
1,496.9
1,276.8
112.2'
2,159.3'
2,955.1
1,890.7'
834.4
32.1
49.1
299.6
230.6'
3,647.4'
2,485.3'
250.3'
69.6
842.2'
280.1
2,900.9
23,465.8'
590.7
5,328.3
4,719.7
512.6
28.1
67.9
1,130.9
452.9
195.2
2,192.3
536.4
690.4
792.4
1,419.6
1,291.6
113.4'
2,195.3'
3,041.6
1,940.6'
848.2
32.1
57.0
352.6
216.1'
3,594.3'
2,418.0'
261.0'
70.3
845.1'
287.9
3,003.2
23,945.5'
604.2
5,476.2
4,858.4
521.2
27.7
68.8
1,153.8
455.1'
195.4
2,265.7
541.9
700.5
789.8
1,411.2'
1,334.5
112.6'
2,248.0'
3,084.5
1,984.8'
860.8
32.1
63.9
335.2
239.0'
3,638.7'
2,439.8'
274.2'
71.3
853.4'
288.7
3,131.0
24,558.8'
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
700.5
802.4'
1,511.6
1,365.4
117.1'
2,324.2'
3,158.2
2,078.1'
867.6
32.1
65.6
344.4
193.5'
3,582.3'
2,412.3'
265.0'
71.2
833.7'
284.3'
3,231.9'
25,073.0'
641.5
5,673.6
5,055.6
519.0
33.0
66.1
1,214.4
473.7'
190.8
2,377.6'
572.3'
702.3
802.5'
1,485.5
1,412.0
123.6'
2,387.0
3,226.3
2,145.8'
861.3'
32.1
63.5
390.9
227.8'
3,629.1
2,426.6
280.6
72.2
849.7
282.2
3,415.3
25,582.6
652.1
5,831.6
5,200.8
517.6
42.9
70.3
1,238.8
495.3
186.4
2,437.7
584.7
708.4
808.1
1,480.3
1,478.3
138.7
2,419.0
3,288.8
2,216.8
883.5
32.1
71.2
341.1
220.7
3,706.2
2,488.5
292.5
72.5
852.9
288.2
3,539.9
26,081.3
656.1
5,830.4
5,228.3
490.3
36.4
75.5
1,261.3
519.1
181.5
2,475.9
602.7
706.9
810.9
1,438.1
1,478.9
149.7
2,579.0
3,370.5
2,267.8
924.2
32.1
75.8
373.9
277.2
23,423.0'
25,565.9'
27,305.5'
29,325.1
29,776.6'
30,294.2'
30,830.9'
31,617.3'
32,171.5'
32,909.2
33,615.7
60.1
9.2
19.9
624.9
189.4
1,333.3
2,626.5
805.3
1,329.7
913.8
3,613.1
572.2
718.3
8,210.5
2,073.8
170.7
1,001.0
8,298.8'
50.1
6.2
20.9
686.1
202.4
1,484.5
2,671.6
936.4
1,578.8
1,083.6
4,538.5
676.6
783.9
9,067.6
2,342.3
201.4
1,130.4
9,294.5'
46.1
2.2
23.2
820.3
221.2
1,413.1
2,860.4
1,052.6
1,812.1
1,196.8
4,434.6
822.7
819.1
9,070.9
2,763.9'
234.2
1,095.8
10,507.6'
46.8
2.2
24.5
851.0
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
880.0
8,681.1
2,707.9'
251.6
960.7
11,095.9'
45.7
2.2
24.7
840.1
162.4
1,518.1
3,236.7
1,178.9
2,203.3
1,262.4
4,247.0
778.0
894.2
8,812.9
2,737.6'
259.7
963.2
11,179.0'
47.2
2.2
24.8
856.6
131.4
1,571.9
3,256.4
1,188.7
2,151.2
1,343.1
3,926.6
745.6
901.2
8,329.4
2,762.0'
265.8
893.5
11,429.7'
53.1
2.2
25.5
869.8
150.7
1,610.7
3,336.8
1,199.9
2,114.8'
1,313.7
3,452.3
726.3
902.9
7,718.7'
2,793.1'
283.6'
811.6
11,912.1'
55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,639.4
738.8
920.9
8,003.0'
2,769.0'
279.9'
840.9
11,671.9'
57.6
58.9
25.6
870.7'
175.5
1,680.4
3,502.5
1,209.1
2,156.2
1,323.1
3,591.0
796.6
936.3'
7,923.5'
2,821.5'
299.3'
806.3
11,943.8'
26.0
910.6
123.8
1,703.1
3,575.2
1,222.5
2,120.8
1,450.0
4,068.9
971.9
963.7
8,523.9
2,889.5
304.4
858.4
11,873.5
61.3
2.2
26.0
850.1
166.7
1,675.7
3,601.2
1,217.5
2,058.0
1,486.5
4,255.5
929.2
980.1
8,715.0
2,984.3
313.3
859.1
12,148.3
53 Total liabilities
55,993.4'
62,321.6'
66,502.3'
69,304.0'
70,122.7'
70,121.7'
70,108.7'
71,422.9'
72,292.6'
74,556.6
75,945.6
Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business
21.6
15,547.3
4,355.6'
21.4
19,522.8
4,582.4'
21.6
17,627.0
4,841.0'
21.8
15,310.6'
4,937.4'
21.9
15,235.8'
4,964.0'
22.3
13,338.4'
5,029.2'
22.8
10,946.8'
5,105.7'
23.2
11,870.8'
5,154.9'
22.4
11,421.3'
5,214.7'
22.8
13,268.3
5,260.0
23.1
13,622.1
5,308.0
6.4
525.5
26.5
230.6
121.2
1,934.5
7.1
568.2
28.5
266.4
129.4
2,330.3'
8.5
646.6
4.3
388.9
146.3
3,402.0'
8.6
657.7
11.1
343.5'
121.7
3,737.2'
636.0
21.9
396.4'
110.7
3,643.1'
9.1
660.8'
17.5
458.8'
163.6
3,702.5'
8.9
666.7
16.5
375.5'
156.8'
3,600.9'
9.1
676.0'
15.3
349.5'
156.0'
3,628.0'
9.2
673.0'
19.3
388.2'
145.5'
3,714.4'
9.1
726.7
6.8
293.1
150.4
3,675.6
9.2
676.0
18.0
295.8
135.8
3,452.5
3.9
23.1
86.1'
9.8
22.3
94.0'
2.3
24.0
124.1'
12.3
28.6
134.0'
9.6
26.3
84.1'
9.3
31.4
51.4'
14.8
25.8
44.6'
11.7
35.9
110.0'
27.4
34.2
65.3'
17.1
40.1
51.2
52.5
35.2
71.6
76,184.7'
86,967.3'
90,279.7'
91,173.4'
94,633.9
96,257.7
2 Domestic nonfederal nonfinajicial 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 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 Bank personal trusts and estates
19 Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
28
Asset-backed securities (ABSs) issuers
29
Finance companies
30
Mortgage companies
3 1 Real estate investment trusts (REITs)
32 Brokers and dealers
33
Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt
35
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
Investment in bank personal trusts
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. 1 (780) quarterly statistical release, tables
L. 1 andL.5. For ordering address, see inside front cover.
2. Excludes corporate equities and mutual fund shares.
40
Federal Reserve Bulletin Statistical Supplement • February 2004
2.12
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
2002
2002
2003
2003
2002
2003
Series
Q4
Ql
Q2
Q3'
Q4
Ql
Q2
Q3
Capacity (percent of 1997 output)
Output (1997=100)
Q4
Ql
Q2
Q3'
Capacity utilization rate (percent)2
1 Total industry
110.9
111.2
110.0
111.1
147.5
148.0
148.4
148.8
75.2
75.1
74.1
74.6
2 Manufacturing
3
Manufacturing (NAICS)
111.7
112.3
112.0
112.3
111.1
111.3
112.1
112.5
152.0
153.5
152.4
154.0
152.8
154.5
153.2
154.9
73.5
73.2
73.5
72.9
72.7
72.0
73.2
72.6
4
5
Durable manufacturing
Primary metal
123.9
87.0
124.3
86.6
123.1
82.9
125.6
82.8
175.7
112.8
176.9
112.8
178.0
112.9
179.1
113.0
70.5
77.1
70.3
76.8
69.1
73.4
70.1
73.3
6
7
8
9
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
96.9
86.1
245.9
95.6
86.0
253.1
93.5
86.0
257.7
93.9
86.6
272.5
139.0
129.0
390.0
139.1
128.7
400.5
139.3
128.3
409.7
139.5
128.0
417.9
69.7
66.7
63.1
68.8
66.8
63.2
67.2
67.0
62.9
67.3
67.6
65.2
94.6
116.2
93.7
116.4
92.9
113.0
93.3
118.1
127.7
143.0
127.4
143.9
127.1
145.0
126.8
146.2
74.1
81.3
73.5
80.9
73.1
77.9
73.5
80.7
95.1
97.9
98.4
82.6
94.4
97.5
98.3
80.1
94.0
96.7
98.0
77.8
94.6
96.6
97.6
75.9
147.8
127.6
127.2
110.2
147.8
127.4
127.0
109.5
147.8
127.1
126.7
108.6
147.8
126.9
126.4
107.7
64.3
76.7
77.3
74.9
63.8
76.5
77.4
73.2
63.6
76.1
77.3
71.7
64.0
76.1
77.2
70.4
94.6
100.5
104.4
104.0
101.6
92.8
101.1
104.9
103.7
105.6
92.7
100.4
104.5
102.6
106.4
92.0
101.2
105.4
103.0
104.9
111.4
114.1
143.2
130.7
128.9
111.0
114.3
143.6
130.3
128.3
110.6
114.7
144.0
129.6
127.8
110.3
115.1
144.4
128.9
127.4
84.9
88.1
72.9
79.5
78.9
83.6
88.4
73.1
79.6
82.3
83.8
87.6
72.6
79.1
83.2
83.4
87.9
73.0
79.9
82.4
20 Mining
21 Electric and gas utilities
93.3
113.0
93.3
113.1
93.1
109.2
93.3
111.0
110.3
129.5
110.1
131.2
110.0
132.6
109.8
133.9
84.6
87.2
84.7
86.3
84.7
82.4
85.0
82.9
MEMOS
22 Computers, communications equipment, and
semiconductors
331.0
341.9
353.6
379.9
536.2
554.2
570.2
584.8
61.7
61.7
62.0
65.0
23 Total excluding computers, communications
equipment, and semiconductors
100.1
100.2
98.9
99.5
131.3
131.3
131.4
131.4
76.3
76.3
75.3
75.7
99.1
99.1
98.0
98.5
132.8
132.8
132.7
132.6
74.6
74.7
73.9
74.3
10
11
12
13
14
15
16
17
18
19
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
24 Manufacturing excluding computers,
communications equipment, and
semiconductors
Selected Measures
2.12
41
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973
1975
Previous cycle3
Latest cycle4
2002
2003
Series
High
Low
High
Low
High
Low
Nov.
June
7
July
Aug.
Sept.7
Oct.7
Nov.7*
Capacity utilization rate (percent)2
1 Total industry
88.8
74.0
86.6
70.9
85.2
78.6
75.4
74.0
74.5
74.5
74.9
75. r
75.8
2 Manufacturing
3
Manufacturing (NAICS)
88.1
88.1
71.5
71.3
86.3
86.3
68.7
68.0
85.6
85.5
77.2
77.0
73.6
73.3
72.7
72.0
73.0
72.5
73.0
72.4
73.6
73.0
73.7
73.1
74.4
73.8
89.0
100.8
69.6
69.0
86.9
91.1
63.2
47.2
84.5
95.3
73.4
75.2
70.9
78.7
69.3
73.3
69.8
73.4
69.8
73.0
70.8
73.4
70.9
75.3
71.6
77.0
4
5
Durable manufacturing
Primary metal
6
7
8
91.8
94.3
70.3
74.4
83.3
93.1
62.0
58.4
80.3
84.6
71.1
72.8
69.4
67.1
67.0
67.3
67.6
67.0
66.8
67.7
67.6
68.2
68.0
67.6
68.7
70.2
86.9
66.7
89.5
77.3
81.1
76.3
63.2
63.1
64.2
65.5
65.9
67.2
67.9
99.2
95.7
68.5
55.6
91.9
96.3
64.5
45.3
87.4
89.7
75.0
56.5
74.2
83.2
73.7
78.3
73.2
80.0
73.3
78.6
74.1
83.7
74.5
81.5
74.6
81.2
74.9
87.5
65.9
72.4
84.2
85.7
69.6
75.6
88.9
87.0
81.9
81.8
64.0
76.7
63.6
75.8
63.4
76.2
64.2
76.1
64.3
76.2
64.2
76.3
64.4
77.0
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 . . . .
85.9
89.8
77.9
62.7
84.3
90.2
80.4
72.4
85.5
91.4
81.3
77.2
76.8
75.5
77.4
71.3
77.7
71.1
76.9
70.5
77.0
69.8
76.6
70.5
77.0
72.2
15
16
17
18
19
Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .
97.3
93.2
84.8
96.4
85.5
74.4
81.0
68.8
61.6
75.0
95.4
92.3
83.1
89.9
88.2
81.3
71.2
68.1
70.5
85.7
93.7
88.9
85.6
91.3
90.7
85.2
82.5
80.8
77.2
79.1
85.6
88.8
72.8
79.4
78.9
84.3
86.3
71.8
79.2
83.8
84.3
87.0
72.4
79.6
82.3
83.1
88.4
73.1
80.0
82.5
82.8
88.4
73.4
80.1
82.3
82.8
88.3
73.6
80.8
83.5
83.7
88.0
74.7
80.9
84.4
20 Mining
21 Electric and gas utilities
93.6
96.3
87.6
82.7
94.2
88.1
78.6
77.6
85.6
92.8
83.4
84.1
85.1
87.1
84.8
81.1
85.0
83.4
84.8
83.5
85.2
81.8
85.3
83.1
85.9
84.0
MEMOS
22 Computers, communications
equipment, and semiconductors .
84.4
63.1
89.4
75.4
79.9
74.5
62.0
62.5
63.6
65.4
65.8
67.2
68.2
23 Total excluding computers,
communications equipment,
and semiconductors
89.1
74.3
86.7
70.7
85.6
78.8
76.4
75.1
75.6
75.5
75.9
76.1
76.8
24 Manufacturing excluding computers
communications
equipment, and semiconductors .
88.4
71.8
86.3
68.2
86.1
77.3
74.7
73.9
74.2
74.0
74.6
74.7
75.4
9
10
11
12
13
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2003. The recent annual revision is described in the Winter
2004 issue of the Bulletin.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
3. Monthly highs, 1978-80; monthly lows, 1982.
4. Monthly highs, 1988-89; monthly lows, 1990-91.
42
Federal Reserve Bulletin Statistical Supplement • February 2004
2.13
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
Group
2002
proportion
2002
2002
avg.
Apr.
May
July
Aug.7
Sept.7
Oct.7
Index (1997=100)
MAJOR MARKETS
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
111.2
110.6
111.2
111.6
110.8
110.1
110.0
110.0
110.8
110.9
111.5
111.9
106.9
105.3
115.5
124.4
172.7
110.0
97.5
101.4
100.1
96.9
64.0
116.3
108.6
108.5
107.1
105.5
115.3
123.5
168.8
111.7
97.5
101.8
100.0
97.1
64.1
115.6
109.0
110.4
106.8
105.0
116.2
125.7
169.4
110.8
97.7
100.9
99.8
97.1
62.2
114.4
110.2
107.1
107.5
105.8
118.2
129.1
170.7
112.2
97.8
101.3
99.6
97.3
61.6
114.4
108.4
109.8
107.6
105.7
117.4
127.3
179.2
112.0
97.4
101.4
99.3
96.2
59.7
116.5
108.8
111.1
108.0
106.1
120.8
135.0
183.2
110.6
97.1
100.9
99.1
96.0
59.7
116.3
108.2
109.4
108.3
106.2
119.8
131.7
197.3
110.6
97.5
101.3
99.4
95.6
61.1
117.3
109.9
110.5
109.5
107.1
120.6
131.6
205.3
112.3
98.4
102.2
100.4
96.1
61.7
119.6
110.9
58.9
31.1
8.1
4.0
0.3
1.4
2.3
23.0
18.6
10.4
1.0
4.6
2.1
4.4
107.9
106.8
115.7
124.1
148.4
110.8
100.3
103.4
102.0
100.7
70.9
115.6
103.9
110.0
107.8
106.6
118.8
129.5
163.9
110.8
100.8
102.1
99.7
96.9
71.1
114.7
104.6
113.5
107.3
105.6
116.8
124.9
166.2
111.1
100.9
101.5
98.8
96.0
69.4
113.9
102.8
114.3
108.1
106.6
119.4
129.5
184.7
111.0
100.3
101.9
100.1
97.6
68.0
114.6
106.3
110.7
108.6
107.0
127.1
167.2
110.4
99.2
103.2
100.2
97.1
66.6
115.3
108.5
117.6
107.9
106.3
116.4
125.7
170.8
109.8
98.6
102.6
100.6
97.6
65.7
115.7
109.6
112.1
in.2
16
17
18
19
20
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
10.0
1.8
3.2
5.1
1.9
109.5
84.5
159.6
90.5
105.7
109.6
80.1
164.3
90.5
107.1
109.2
77.9
167.0
89.7
109.7
109.8
78.1
169.0
89.8
110.3
110.6
76.7
172.1
90.6
111.0
110.0
76.2
172.3
89.8
111.0
108.7
75.0
170.0
88.9
110.3
108.6
74.3
170.8
88.8
111.8
109.0
74.0
170.9
89.4
111.8
109.3
73.9
172.5
89.5
112.1
110.0
74.5
174.7
89.6
113.0
111.2
77.1
175.4
90.3
113.7
111.1
75.6
179.7
89.3
113.8
113.2
76.3
181.4
91.9
113.8
21
22
Construction supplies
Business supplies
4.3
11.2
103.1
110.7
102.8
111.0
102.1
110.9
102.7
111.8
101.9
112.6
101.2
111.9
100.6
111.1
100.8
111.0
100.8
110.6
101.5
111.5
101.9
111.2
102.3
111.3
103.1
112.4
104.2
113.5
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
41.1
30.5
19.2
4.0
6.8
8.4
11.3
0.8
2.7
4.2
10.6
115.1
118.9
132.5
105.9
199.4
96.9
96.6
78.2
92.7
100.1
100.5
115.9
119.8
134.3
108.8
203.5
96.9
96.3
77.4
93.8
99.2
100.9
115.3
119.0
133.0
106.1
203.0
96.1
96.2
75.7
93.1
99.6
101.0
115.5
119.4
134.0
108.8
203.9
96.3
95.7
74.4
91.5
99.5
100.6
115.8
119.3
133.7
107.1
205.2
96.0
96.0
74.3
91.3
100.1
101.7
114.7
118.7
132.7
106.0
205.1
94.9
95.9
73.2
91.8
99.6
99.8
114.5
118.3
132.2
104.8
206.0
94.1
95.5
71.8
90.6
100.2
100.2
114.1
117.9
132.1
103.9
207.9
93.8
94.8
70.4
90.5
98.1
99.6
114.4
118.3
133.1
105.0
210.5
94.0
94.5
69.9
90.7
97.0
99.6
115.4
119.2
134.6
105.9
214.2
94.6
94.8
67.8
90.9
98.5
100.9
115.5
119.2
134.9
104.8
218.2
94.1
94.4
67.0
89.3
99.1
101.0
116.4
120.8
137.0
109.2
221.6
94.4
95.1
67.5
89.6
100.8
100.4
117.0
121.5
138.3
108.1
224.7
95.9
95.0
67.5
88.7
100.6
101.0
118.2
122.9
140.1
108.6
228.7
97.1
96.1
68.2
89.9
102.3
101.6
94.8
93.3
100.5
110.6
100.3
110.6
99.8
110.3
100.3
110.6
100.5
111.3
99.7
110.5
99.0
109.9
98.9
109.9
98.7
109.7
99.4
110.4
99.2
110.6
99.8
110.7
100.0
111.4
101.0
112.6
SPECIAL AGGREGATES
34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts ..
Gross value (billions of 1996 dollars, annual rates)
36 Final products and nonindustrial
supplies
2,726.7
37 Final products
38
Consumer goods
39
Equipment total
43.4
31.1
12.3
40 Nonindustrial supplies
15.5
2,741.3
2,723.8 2,742.2 2,749.6 2,730.1 2,704.8 2,708.8 2,700.9 2,729.6 2,728.7 2,752.3 2,753.0 2,778.8
2,054.0 2,068.2 2,053.0 2,066.7 2,072.7 2,058.7 2,038.0 2,041.0 2,037.6 2,059.6 2,058.6 2,080.6 2,074.5 2,092.8
1,398.9 1,409.5 1,397.2 1,407.8 1,410.6 1,400.6 1,386.5 1,388.5 1,383.9 1,401.2 1,396.8 1,409.9 1,405.0 1,412.8
679.5
649.4
652.5
650.2
652.9
656.7
652.8
646.3
647.4
649.6
653.2
658.2
667.8
667.0
672.6
673.0
670.8
675.4
676.8
671.3
666.8
667.7
663.3
669.9
670.1
671.6
678.5
Selected Measures
2.13
INDUSTRIAL PRODUCTION
43
Indexes and Gross Value1—Continued
Monthly data seasonally adjusted
Group
NAICS
code2
2002
proportion
2002
2003
2002
avg.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. 7
Sept. 7
Oct. 7
Nov.7*
Index (1997=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
31
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
83.5
78.4
111.8
112.5
111.9
112.6
111.3
111.9
112.0
112.6
112.1
112.4
111.8
112.0
111.1
111.3
111.0
111.2
111.2
111.4
111.8
112.2
111.8
112.1
112.7
113.2
113.0
113.4
114.2
114.6
42.6
321
1.4
122.9
100.6
124.5
98.4
123.6
97.5
124.8
98.5
124.5
98.4
123.6
97.0
122.8
97.1
122.8
97.0
123.6
97.7
124.8
99.6
124.9
98.7
127.1
98.7
127.4
101.2
128.9
102.2
327
331
332
333
2.3
2.2
5.9
5.2
99.9
86.5
97.4
86.8
100.9
88.8
96.5
86.5
101.2
84.3
96.6
85.6
101.4
88.3
96.2
85.2
99.8
88.0
95.7
86.5
100.3
83.5
95.0
86.3
99.9
83.8
94.0
85.4
99.3
82.2
93.2
86.2
100.0
82.7
93.3
86.3
100.8
82.9
94.2
85.9
100.9
82.5
93.2
86.7
100.4
83.0
94.4
87.3
100.8
85.2
94.9
86.4
101.6
87.1
96.0
89.6
334
8.1
234.7
246.5
248.9
251.1
253.6
254.6
254.6
258.0
260.5
266.7
273.7
277.1
284.2
289.2
335
3361 3
2.3
6.7
96.4
114.5
94.8
118.9
94.8
114.6
93.5
118.7
94.6
116.0
93.0
114.4
92.8
113.0
92.4
112.0
93.6
113.8
92.9
116.6
93.0
114.9
93.9
122.7
94.3
119.8
94.4
119.8
3364 9
3.6
97.5
94.6
94.8
94.7
94.1
94.3
93.7
94.2
94.0
93.8
94.9
95.0
94.8
95.1
337
339
1.7
3.2
103.4
116.0
103.8
116.8
102.0
119.0
103.9
119.1
103.1
118.9
101.5
118.8
101.0
117.1
100.8
116.6
100.3
in.2
101.2
116.6
100.1
114.8
100.5
115.3
100.3
114.4
101.0
115.0
35.8
99.2
97.8
97.4
97.5
97.5
97.5
97.0
96.8
96.3
96.7
96.5
96.6
96.7
97.5
11.9
101.3
83.9
70.8
93.5
93.7
97.7
83.2
71.1
95.3
92.7
97.1
82.3
69.4
94.2
93.0
98.4
79.8
68.1
92.4
92.7
98.0
80.4
66.7
92.5
92.3
98.4
80.1
65.9
93.4
90.3
97.8
78.5
64.2
92.2
90.3
98.0
77.7
64.2
92.7
88.8
98.0
77.2
62.5
93.1
88.8
98.3
76.7
62.0
93.0
89.0
97.3
75.9
60.2
91.6
88.5
97.3
74.9
60.2
91.3
88.7
96.7
75.5
61.6
91.2
88.7
97.2
77.1
62.2
92.1
89.3
311,2
313,4
315,6
322
323
1.3
1.1
3.1
2.5
324
325
10.0
100.6
105.3
101.3
104.3
103.0
104.0
100.8
104.5
100.4
105.3
102.1
105.0
100.5
105.6
101.6
104.4
99.1
103.5
100.0
104.5
101.8
105.5
101.9
106.1
102.0
106.5
101.8
108.2
326
3.8
104.3
103.9
103.4
103.4
103.8
103.9
102.2
103.0
102.5
102.8
103.1
103.0
103.7
103.6
1133,5111
5.1
102.0
101.6
100.5
103.7
106.0
107.0
106.0
106.1
107.0
105.0
105.2
104.7
106.2
107.1
21
6.8
9.8
8.3
1.5
93.0
111.3
113.3
99.9
93.8
112.8
113.8
106.5
94.2
112.8
114.0
105.2
93.4
112.3
113.9
102.6
93.3
116.4
117.2
110.8
93.1
110.8
112.9
99.4
93.4
109.4
111.9
96.5
92.7
110.2
112.4
98.0
93.2
107.9
109.8
97.5
93.4
111.3
114.1
96.7
93.1
111.8
115.0
95.9
93.5
109.9
112.4
96.8
93.7
112.0
115.1
96.3
94.2
113.5
116.8
97.3
2211,2
2211
2212
2.2
78.2
99.7
99.3
98.6
99.3
99.2
98.8
98.1
97.9
98.0
98.4
98.1
99.0
99.0
99.9
76.8
111.6
111.3
111.0
111.5
111.8
111.6
110.9
110.9
110.9
111.4
111.5
111.9
112.4
113.7
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2003. The recent annual revision is described in the Winter 2004
issue of the Bulletin.
2. North American Industry Classification System.
44
Federal Reserve Bulletin Statistical Supplement • February 2004
3.10
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data seasonally adjusted except as noted1
Item credits or debits
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
411,458
375,384
1,070,054
1,445,438
19,605
24,191
94,929
70,738
4,586
55,679
11 Change in U.S. government assets other than official
reserve assets, net (increase, )
Q3
Q4
Ql
Q2'
Q3P
139,394
124,184
247,484
371,668
1,730
3,035
22,209
19,174
1,305
16,940
135,041
121,317
254,670
375,987
2,595
3,819
23,981
20,162
1,224
16,319
393,745
357,819
1,007,580
1,365,399
10,689
15,701
106,485
90,784
5,012
46,615
480,861
418,038
974,107
1,392,145
3,970
1,271
93,475
92,204
5,241
58,853
122,724
106,980
247,815
354,795
1,747
481
21,914
22,395
1,266
13,997
128,586
116,116
246,151
26,225
21,919
1,340
15,436
138,707
121,629
247,377
369,006
191
1,567
22,077
20,510
1,376
17,269
630
3,600
475
127
541
144
897
644
170
170
0
102
86
154
611
0
97
383
131
43,910
4,954
1,922
5,364
31,670
101,344
27,795
11,998
27,146
34,405
113,075
72,765
19,101
8,654
29,863
4,810
39,335
22,206
28,826
37,525
32,210
40,978
22,288
9,480
437
8,321
1,326
57,000
35,349
3,290
16
17,628
749
43,895
16,271
3,340
41
22,879
1,446
201,026
16,723
74,848
14,568
4,927
55,574
34,386
205,819
36,822
4,147
55,037
1,458
85,964
22,391
84,305
7,132
6,772
49,868
2,768
9,626
8,139
1,578
9,479
11,057
1,553
9,054
1,454
10,508
795
12,527
12,200
24,727
362,267
2,966
4,306
941
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
290
0
722
2,308
1,876
681
574
132
1,136
148
568,567
148,657
138,790
121,908
159,212
344,542
134,945
4,997
175,272
21,357
31,880
15,801
137,836
31,155
52,999
11,862
21,641
31,623
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
37,724
10,233
40,909
1,825
5,746
3,127
5,104
10,745
20,920
2,309
29,978
5,726
94,860
43,144
30,377
137
17,594
1,415
10,885
3,608
835
5,628
95
2,094
1,141
28 Change in foreign private assets in United States (increase, +) . . . ,
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
3 1 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
988,415
116,971
170,672
76,949
1,129
455,318
321,274
760,427
118,379
67,489
7,438
23,783
406,633
151,581
612,123
91,126
72,142
96,217
21,513
291,492
39,633
132,486
20,448
8,102
57,505
2,556
45,880
14,199
165,238
54,176
8,863
12,705
7,249
66,964
15,281
799
44,084
1,062
20,785
1,285
45,852
364
48,102
12,409
35,693
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
35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
84,637
119,963
2,632
27,630
464
4,607
358
23,602
1,744
25,346
MEMO
Changes in official assets
39 U.S. official reserve assets (increase, )
40 Foreign official assets in United States, excluding line 25
(increase, +)
290
4,911
3,681
1,416
812
83
170
611
39,549
7,413
94,723
8,528
32,305
41,415
57,016
43,936
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
12,000
1,725
8,132
1,289
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 3S—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
2003
Asset
7000
2001
2002
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.P
1 Total
67,647
68,654
79,006
82,287
81,660
80,620
80,422
84,431
84,150
85,141
85,938
2 Gold stock1
3 Special drawing rights2'3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4
11,046
10,539
11,045
10,774
11,043
12,166
11,044
11,880
11,044
11,720
11,043
11,646
11,043
11,619
11,043
12,062
11,043
12,079
11,043
12,243
11,043
12,638
14,824
31,238
17,854
28,981
21,979
33,818
23,214
36,149
23,210
35,686
22,746
35,185
22,463
35,297
24,067
37,259
23,595
37,433
23,618
38,237
22,535
39,722
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 also have 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 BANKS1
Millions of dollars, end of period
2003
Asset
2000
2001
2002
May
1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3
July
Aug.
Sept.
Oct.
Nov.
Dec.P
215
61
136
79
898
318
81
82
155
79
162
594,094
9,451
592,630
9,099
678,106
9,045
727,142
9,031
747,089
9,004
743,308
9,004
754,469
8,977
772,222
8,971
788,734
8,971
810,572°
8,971
845,080
8,971
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3.15
June
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
Apr.
1 Total1
2
3
4
5
6
7
8
9
10
11
12
By type
Liabilities reported by banks in the United States2
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U.S. securities other than U.S. Treasury securities5
By area
Europe1
Canada
Latin America and Caribbean
Asia
Africa
Other countries
July
Aug.
Sept.7
1,181,3 85'
1,190,104'
1,217,513
1,233,941
r, 078,908
1,116,145'
144,478
190,372
150,977'
200,352'
175,036'
210,065'
167,407'
209,957'
165,295'
205,897'
165,573'
214,275'
188,866
206,857
183,154
206,093
464,415
2,769
120,571
161,719
502,831'
276,874
471,085'
2,839'
290,892'
486,334'
244,706
2,857'
293,518'
291,791'
515,169'
2,894'
292,130'
514,206'
2,913'
293,137'
522,282
2,931
296,577
541,733
2,951
300,010
243,307
13,440
71,103
632,466
15,167
9,228
271,168
11,120
63,321
704,598
15,338
13,361
275,313'
9,746'
62,853'
739,764'
15,834'
12,633'
290,588'
9,942'
65,295'
774,704'
15,656'
11,623'
281,080'
9,998'
71,039'
781,904'
15,829'
15,010'
281,902'
9,791'
73,277'
786,593'
15,788'
14,032'
279,043'
10,412'
73,311'
797,892'
15,712'
13,732'
281,774
10,423
71,859
824,888
14,931
13,636
276,903
9,956
71,419
842,644
14,800
18,217
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.
3.16
May
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies
2,876'
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
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
Sept.
1 Banks' own liabilities
2 Deposits
3
Other liabilities
88,537
n.a.
n.a.
77,779
n.a.
n.a.
79,363
n.a.
n.a.
80,543
n.a.
n.a.
86,741
51,547
35,194
72,310
44,718
27,592
67,157
40,117
27,040
4 Banks' own claims
5
Deposits
6
Other claims
67,365
34,426
32,939
56,912
23,315
33,597
74,640
44,094
30,546
71,724
34,287
37,437
78,191
37,709
40,482
87,339
43,080
44,259
78,040
36,600
41,440
7 Claims of banks' domestic customers2
8 Deposits
9
Other claims
20,826
n.a.
n.a.
24,411
n.a.
n.a.
17,631
n.a.
n.a.
35,923
n.a.
n.a.
26,526
4,439
22,087
26,242
4,745
21,497
24,564
4,347
20,217
1. 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 • February 2004
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
Apr.
May
July7
Aug.7
Sept.7
Oct
BY HOLDER AND TYPE OF LIABILITY
1,511,410
1,630,417
1,975,993
2,193,450'
2,213,902'
2,173,588' 2,300,358
2,280,100
2,272,687
2,243,392
1,077,636
1,174,976
1,400,467
1,612,424
1,612,044
1,564,463
1,641,534
1,612,131
1,626,432
1,594,402
221,248
171,401
0
188,005
194,680
151,071
455,441
175,231
246,623
190,134
575,526
829,641
782,783
378,842
581,026'
812,890
799,154
390,974
601,858'
856,981
707,482
361,754
609,125'
868,804
772,730
409,301
658,824
830,832
781,299
417,367
667,969
827,3 14
799,118
419,087
646,255
763,116
831,286
450,593
648,990
186,115
235,316
244,246
252,646
251,684
250,657
258,890
250,824
248,595
139,807
189,382
193,060'
207,287'
210,208'
211,195
209,478
204,784
209,914
34,217
0
110,088
20,440
59,781
129,519
37,701
74,417
150,828
40,672'
76,645
143,720
43,852'
83,423
147,233
196,972
45,181
81,122
199,601
38,764
85,982
190,647
38,056
84,293
190,481
12,543
12,140
6,287
5,853
403
252
10,830
10,169
3,791
6,378
661
600
13,467
12,362
5,769
6,593
1,105
1,089
10,587
10,534
4,670
5,864
53
33
9,666
9,650
3,901
5,749
16
3
12,415
12,242
5,761
6,481
173
13
15,387
15,169
5,063
10,106
218
13
12,064
11,815
4,992
6,823
249
11
15,642
15,355
7,034
8,321
287
13
12,947
12,655
4,363
8,292
292
11
149
2
61
16
0
20
13
140
20
205
238
0
274
0
281
297,603
96,989
39,525
57,464
282,290
80,970
21,987
58,983
334,850
93,884
20,733
73,151
351,329'
95,449
24,026
71,423
385,101'
111,092
22,586
88,506
377,364'
105,022
23,767
81,255
371,192
107,412
23,383
84,029
379,848
105,789
22,051
83,738
395,723
119,538
22,030
97,508
389,247
117,485
23,601
93,884
200,614
153,010
201,320
161,719
240,966
190,372
255,880'
200,352
274,009'
210,065
272,342'
209,957
263,780
205,897
274,059
214,275
276,185
206,857
271,762
206,093
47,366
238
38,531
1,070
50,530
64
55,374'
154
63,280'
664
57,305'
5,080
55,667
2,216
57,137
2,647
62,657
6,671
64,616
1,053
28 Banks'"
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 instruments6
Other
35
972,932
821,306
82,426
53,893
151,626
16,023
1,052,626
914,034
68,218
53,525
138,592
11,541
1,302,447 1,329,814' 1,319,952' 1,331,760' 1,441,855
1,093,055 1,131,109 1,119,846 1,125,404 1,180,946
56,020
690,506
677,685
714,388
726,718
58,422
440,603
442,161
411,016
454,228
209,392
198,705'
200,106'
206,356'
260,909
25,03 1
23,103
20,509
20,295
22,673
1,403,425
1,141,759
688,698
453,061
261,666
23,651
1,382,168
1,139,250
686,128
453,122
242,918
22,347
1,322,795
1,077,571
621,007
456,564
245,224
20,131
36,036
99,567
24,059
102,992
57,562
126,799
57,846'
117,756
64,044'
115,553
68,767'
117,294
68,171
170,065
65,951
172,064
61,802
158,769
63,675
161,418
36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other
228,332
147,201
93,010
54,191
284,671
169,803
94,009
75,794
325,229
201,166
92,709
108,457
501,720
375,332
110,439
264,893
499,183
371,456
108,718
262,738
452,049
321,795
113,065
208,730
471,924
338,007
113,640
224,367
484,763
352,768
115,091
237,677
479,154
352,289
112,122
240,167
518,403
386,691
114,145
272,546
81,131
8,561
114,868
12,255
124,063
18,824
126,388
20,758
127,727
22,069
130,254
21,419
133,917
22,074
131,995
20,953
126,865
21,607
131,712
22,360
62,289
10,281
77,156
25,457
81,274
23,965
79,820
25,810
79,950
25,708
83,996
24,839
87,152
24,691
86,152
24,890
80,051
25,207
81,342
28,010
1 Total, all foreigners
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
instruments6
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7
11
Other
12 Nonmonetary international and regional organizations8
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
instruments6
19
Other
20 Official institutions9 . . . .
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27
40
41
42
43
Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments6
Other
Banks' custodial liabilities
U.S. Treasury bills and certificates5
Other negotiable and readily
transferable instruments6
Other
433,774
177,846
145,840
MEMO
44 Own foreign offices'2
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) below.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) below.
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
Apr.
July
May
Aug.
Sept.
AREA OR COUNTRY
45 Total, all foreigners .
1,511,410
1,630,417
1,975,993
2,193,450' 2,213,902'
2,173,588' 2,300,358' 2,280,100' 2,272,687' 2,243,392
46 Foreign countries . . .
1,498,867
1,619,587
1,962,526
4,365,726' 4,408,472'
4,322,346' 4,569,942' 4,536,072' 4,514,090' 4,460,890
446,788
2,692
33,399
3,000
1,411
37,833
35,519
2,011
5,072
0
7,047
2,305
2,403
19,018
7,787
6,497
74,635
7,548
167,757
0
276
30,578
520,438
653,512
2,818
9,536
5,037
1,693
40,399
34,650
2,975
5,568
31,825
10,839
18,879
3,574
23,146
14,038
4,647
132,700
12,131
185,970
47,539
301
65,247
47 Europe . . . .
48
Austria . .
49
Belgium13
50 Denmark .
51 Finland . .
52 France . . .
53
Germany .
54
Greece ..
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.1
6^546
3,618
1,446
49,056
22,318
2,307
6,215
16,667
12,363
3,727
4,033
20,800
8,811
3,375
66,382
7,474
204,107
36,024
309
41,938
732,623'
3,079
8,290
5,172
1,007
41,668
42,616
1,397
6,775
37,040
15,235
13,866
2,906
30,641
14,012
6,811
99,747
11,214
305,866'
21,528
237
63,516
771,706'
3,691
5,974
7,302
2,291
46,808
44,146
1,634
6,275
38,649
16,086
15,479
2,736
35,048
15,786
6,309
112,824
12,253
310,499'
23,864
183
63,869
734,384'
4,427
4,572
5,040
2,159
44,936
45,255
2,096
6,760
37,699
15,529
14,987
2,168
34,316
11,973
5,736
119,604
12,540
275,541'
21,780
183
67,083
785,091'
4,330
5,402
2,693'
3,315
45,147
51,707
1,965
6,896
37,938'
13,244'
20,945
2,145
33,505
8,878
4,088
125,906'
13,937
323,137'
21,689'
200'
58,024'
761,499'
4,988
6,519
1,512'
3,641
48,421
50,572
1,740
5,840
37,451'
13,306
17,884
1,834
31,282
8,634
5,120
109,340'
15,598
310,868'
23,375'
182
63,392'
765,735'
4,822
6,959
1,822'
3,532
39,235
50,448
1,725
5,532
38,475'
12,742'
20,439
1,738
30,275
7,978'
4,609
103,847'
18,469
325,021'
23,440'
155
64,472'
762,785
6,077
5,059
2,840
1,062
44,350
47,898
1,654
5,891
38,257
14,615
U959
35,902
11,279
4,295
89,142
14,988
332,184
21,425
148
61,397
30,982
27,240
27,323
29,696
32,260
36,357
37,419'
34,121'
34,760'
35,455
Latin America
Argentina
g
Brazilil
Chile
Colombia
Ecuador
Guatemala
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin America17
120,041
19,451
10,852
5,892
4,542
2,112
1,601
32,166
4,240
1,427
3,003
24,730
10,025
118,025
10,704
14,169
4,939
4,695
2,390
1,882
39,871
3,610
1,359
3,172
24,974
6,260
107,051
10,874
10,040
6,064
4,158
2,299
1,379
36,109
3,864
1,363
2,807
21,939
6,155
106,973'
10,002
11,261
5,098
4,726
2,256
1,530
38,594
3,741
1,382
2,880
19,160
6,343'
105,800'
9,769
12,693
5,535
4,653
2,296
1,498
34,972
3,725
1,619
2,885
20,153
6,002'
107,750'
9,884
16,251
4,725
4,617
2,217
1,546
33,732
4,283
1,512
3,136
19,778
6,069'
107,071'
10,443'
15,599
4,624'
4,539
2,379
1,399
32,751
4,152
1,533
3,241'
20,448
5,963'
106,028'
9,858'
19,968'
4,788'
4,424
2,393
1,499
28,904
3,954
1,432
3,051
19,902
5,855'
104,833'
9,477'
18,900'
4,318'
4,369
2,316
1,593
29,631'
3,835
1,347
3,012
19,985'
6,050'
105,818
9,220
17,353
4,704
4,314
2,568
1,572
30,933
3,676
1,455
3,386
20,865
5,772
Caribbean
Bahamas
Bermuda
British West Indies18
Cayman Islands18
Cuba
Jamaica
Netherlands Antilles
Trinidad and Tobago
Other Caribbean17
573,337
189,298
9,636
367,197
0
90
794
5,428
894
0
194,744
178,472
10,469
0
439,190
88
1,182
3,264
1,269
12,113
195,115
163,120
24,666
0
622,244
91
829
5,004
1,405
11,674
212,373'
161,247
44,180'
0
741,160'
91
929
4,606
1,320
12,423
222,635'
169,524
45,908'
0
689,166'
92
837
5,071
1,203
13,162
228,869
174,221
43,988
0
669,068'
93
790
8,373
1,404
16,067
211,005'
156,459'
43,796'
0
760,754'
93
707
8,989
961
21,604'
206,208'
156,944'
39,131'
0
765,489'
94
680
8,164
1,195
21,224'
203,873'
155,169'
37,950'
0
726,845'
94
799
8,571
1,290
23,097'
196,875
146,638
40,482
0
725,119
93
730
7,648
1,284
24,744
305,554
290,923
319,307
319,474
342,108
337,841
333,426'
343,800'
369,512'
345,902
16,531
17,352
26,462
4,530
8,514
8,053
150,415
7,955
2,316
3,117
23,763
36,546
10,486
17,561
26,003
3,676
12,383
7,870
154,887
8,997
1,772
4,743
18,095
24,450
15,483
18,693
33,066
7,951
14,123
7,477
161,487
8,940
1,811
7,605
16,365
26,306
14,968
21,392
34,479
9,279
12,029
10,892
165,973
6,873
1,560
5,741
10,511
25,777
15,609
23,500
33,705
9,394
11,891
10,282
179,813
7,878
1,878
5,293
14,447
28,418
17,511
20,786
35,193
7,942
10,478
9,706
175,754
9,152
1,575
5,534
15,784
28,426
19,287
20,839
35,799
8,347
8,857
10,030
173,988'
9,394
1,980
4,729
13,763
26,413
20,879
21,311
39,543
10,773
9,647
10,122
173,451'
12,811
1,491
4,575
14,381
24,816
26,018
28,110
37,965
16,907
10,596
10,795
177,446'
12,462'
1,513
5,137
14,354
28,209
21,806
27,077
38,702
11,898
12,280
10,095
164,688
9,279
1,807
5,716
15,477
27,077
106 Africa
107
Egypt
108 Morocco
109
South Africa
110
Congo (formerly Zaire)
111
Oil-exporting countries20 . . . .
112 Other
10,824
2,621
139
1,010
4
4,052
11,233
2,778
274
711
4
4,377
3,089
12,251
2,655
306
1,114
4,370
3,804
13,603
3,607
210
2,018
4
4,146
3,618
13,191
3,536
281
2,172
4
3,701
3,497
13,063
3,295
234
2,028
6
3,581
3,919
12,849
2,966
350
2,067
7
3,577
12,853
2,966
305
2,178
5
3,358
4,041
12,062
2,692
293
2,125
4
3,195
3,753
12,256
2,403
287
2,838
3
3,075
3,650
113 Other countries . .
114 Australia
115 New Zealand21
116 All other
11,341
10,070
0
1,27'1
5,681
5,037
232
412
14,049
11,991
1,796
262
14,538
11,917
2,123
498
14,208
11,603
2,039
566
17,774
14,351
2,959
464
15,752
13,199
2,252
301
16,814
14,631
1,889
294
16,328
13,885
2,065
378
21,491
18,845
2,243
403
117 Nonmonetary international and regional organizations
118
International22
119 Latin American regional23
120
Other regional24
12,543
11,270
740
533
10,830
9,331
480
935
13,467
11,282
507
1,611
10,587
9,503
296
614
9,666
8,486
339
693
12,415
11,360
373
621
15,387'
13,168'
1,616
553
12,064
10,556
538
836
15,642'
14,211'
647
752
12,947
11,570
553
771
69 Canada
93 Asia . .
China
94
Mainland
95
Taiwan
96
Hong Kong
97
India
98
Indonesia
99
Israel
100 Japan
101 Korea (South)
102 Philippines
103
Thailand
104 Middle Eastern oil-exporting countries19
105 Other
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 • February 2004
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
Apr.
July
May
Aug.
Sept.
r
1 Total, all foreigners . .
904,642
r,052,066
U85,445
r,33r,693
r,328,078
r,359,602
r,380,53r
r,338,702
2 Foreign countries . . . .
899,956
r,047,r20
U8r,768
2,654,134
2,648,796
2,708,342
2,754,022
2,671,294' 2,684,902' 2,545,162
378,115
2,926
5,399
3,272
7,382
40,035
36,834
646
7,629
0
17,043
5,012
1,382
517
2,603
9,226
82,085
3,059
144,938
0
50
8,077
462,418
5,280
6,491
1,105
10,350
60,866
30,044
367
4,205
1,323
16,039
6,236
1,603
594
3,260
12,756
87,350
2,124
201,185
4,478
0
6,762
487,004
3,603
6,044
1,109
8,518
47,705
22,481
477
3,753
3,407
23,133
13,885
2,226
877
5,371
15,889
126,958
2,112
176,953
17,457
0
5,046
540,057
4,875
8,120
648
11,893
54,726
19,908
234
4,536
4,472
18,128
11,672
2,260
699
2,916
16,860
80,950
2,441
247,491
38,641
0
570,453
4,165
4,722
495
8,130
52,852
20,453
214
4,133
6,436
19,769
11,039
2,457
755
2,374
16,184
97,913
2,531
262,411
44,454
0
8,966
588,945
4,339
6,741
1,737
9,191
55,435
22,986
207
6,251
6,214
18,731
15,866
2,406
815
2,118
15,615
103,028
2,196
262,946
44,692
0
7,431
611,957
5,898
6,987
1,314
7,447
56,055
27,265
190
6,101
6,132
20,556
21,058
2,331
863
1,627
14,721
102,533'
2,379
274,764'
45,857
0
7,879
609,888'
6,221
7,398
1,993
7,136
58,406
28,402
214
6,199
5,801
22,903
8,716
2,150
829
1,885
18,753
91,247'
3,085
278,781'
47,778
0
11,991
607,809'
5,459
8,243
1,795
6,927
54,63 1'
27,827
234
6,222
4,933
19,965
12,702
2,312'
993
2,220'
17,305
94,980'
2,951
276,696'
47,273
0
14,138'
576,248
6,147
8,004
962
7,899
57,63 1
25,712
39,837
54,421
60,521
58,599
53,520
49,789
53,346
51,073
52,708
52,437
54,765
6,082
15,341
5,342
2,586
482
841
14,629
1,964
1,448
321
3,196
2,533
56,185
5,924
16,393
5,301
2,484
485
799
15,416
1,903
1,493
313
3,127
2,547
55,648
6,006
16,550
5,276
2,422
481
773
14,641
1,986
1,541
335
3,209
2,428
54,833
5,494
16,623
5,752
2,310
443
770
14,332
1,696
1,479
328
3,061
2,545
55,669
5,342
17,388
5,845
2,410
436
781
14,270
1,793
1,447
416
3,053
2,488
54,150'
5,042'
16,790'
5,833
2,447
407
792
13,615'
1,882
1,388
426
3,020
2,508
53,726
4,859
17,212
5,956
2,057
437
793
13,538
1,853
1,414
436
2,933
2,238
3 Europe
4
Austria
5
Belgium2
6
Denmark
7
Finland
8 France
9
Germany
10 Greece
11 Italy
12 Luxembourg^
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
r,3 48,927'
1,276,714
7,046
6,092
18,888
13,619
2,515
926
1,695
15,651
75,515
2,571
266,195
44,432
0
14,518
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 America6 . . . .
76,561
11,519
20,567
5,815
4,370
635
1,244
17,415
2,933
2,807
673
3,518
5,065
69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,061
2,185
447
3,077
3,364
56,642
6,783
15,419
5,250
2,614
457
892
15,658
1,915
1,411
255
3,254
2,734
39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies7
43
Cayman Islands7
44
Cuba
45
Jamaica
46
Netherlands Antilles . . . .
47
Trinidad and Tobago . . . .
48
Other Caribbean6
319,403
114,090
9,260
189,289
0
0
355
5,801
608
0
366,319
101,034
7,900
0
245,750
0
418
6,729
931
3,557
475,896
95,584
9,902
0
359,259
0
321
6,690
889
3,251
547,903
86,032
21,351
0
429,181
0
376
7,009
848
3,106
521,751
91,506
21,552
0
396,974
0
309
7,104
852
3,454
541,048
96,660
21,734
0
409,974
0
327
7,134
837
4,382
537,759
89,217
23,973
0
411,299
0
377
6,736
796
5,361
498,537
74,036
20,649
0
391,895
0
385
7,204
772
3,596
506,587
83,236
12,917
0
398,704
0
399
7,093
760
3,478
467,628
73,890
16,430
0
365,054
0
407
6,660
769
4,416
77,829
85,990
93,551
117,240
115,304
109,525
110,769
111,363
111,551'
112,804
1,606
2,247
6,669
2,178
1,914
2,729
34,974
7,776
1,784
1,381
9,346
5,225
2,073
4,433
10,035
1,348
1,752
4,396
34,136
10,653
2,587
2,499
7,882
4,196
1,057
3,766
7,258
1,235
1,270
4,660
47,600
11,118
2,137
1,167
7,952
4,331
7,819
5,349
4,788
1,077
997
4,014
63,247
14,841
1,862
1,263
6,871
5,112
4,731
5,689
5,549
1,187
993
3,971
62,399
13,237
1,651
1,658
7,271
6,968
5,395
7,061
1,375
944
4,333
62,052
7,058
1,504
1,223
6,011
5,581
10,860
6,452
5,075
1,432
979
4,722
54,788
12,988
1,345
1,318
5,535
5,275
11,635
6,150
6,509
1,410
917
4,604
51,970
12,437
1,298
1,602
6,693
6,138
8,412
7,254
6,604
1,608
848
3,189
58,578'
7,197'
1,295
1,828
6,269
8,469
9,456
5,918
6,877
1,560
807
4,737
52,938
13,089
1,175
1,934
6,414
7,899
62 Africa
63
Egypt
64
Morocco
65
South Africa . . .
66
Congo (formerly Zaire) . .
67
Oil-exporting countries9 . .
Other
2,094
201
204
309
0
471
909
2,146
416
106
761
0
167
696
1,977
487
53
617
0
222
598
1,850
551
42
471
0
215
571
1,777
446
41
546
0
129
558
1,743
412
43
526
0
218
544
1,565
411
43
381
0
182
548
1,688
369
37
534
0
170
578
1,620
351
35
439
0
209
586
1,608
326
39
452
0
163
627
69 Other countries . . .
70
Australia
71
New Zealand10 .
72 All other
6,117
5,868
0
249
6,064
5,677
349
38
6,177
5,566
569
42
6,653
5,892
640
121
5,408
4,594
668
146
7,473
6,583
794
96
6,782
6,023
641
118
7,429
6,740
587
102
8,026
7,181
766
79
8,130
7,270
767
93
73 Nonmonetary international and regional organizations''
4,686
4,946
3,677
4,626
3,680
5,431
3,520
3,055
6,476
4,133
49 Asia . .
China
50
Mainland
51
Taiwan
52
Hong Kong
53
India
54
Indonesia
55
Israel
56
Japan
57
Korea (South)
58
Philippines
59
Thailand
60
Middle Eastern oil-exporting countries8
61
Other
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
2003
Type of claim
2000
2001
2002
1 Total claims reported by banks
1 095,869
1,259,328
1,409,095'
2 Banks' own claims on foreigners
3
Foreign official institutions2
4
Foreign banks^ 4
5
Other foreigners
904,642
37,907
725,380
141,355
1,052,066
50,618
844,865
156,583
1,185,445
52,198
970,357
162,890
191,227
100,352
207,262
82,566
223,650'
80,269
78,147
12,728
114,287
10,409
137,289'
6,092
6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8 Negotiable CDs
9
Other short-term negotiable instruments6 . .
10 Other claims
Apr.
May
1,331,693
47,722
987,415
296,556
1,328,078
49,048
977,873
301,157
June
July'
Aug.'
1,380,531
55,310
1,022,127
303,094
1,338,702
57,309
959,149
322,244
1,658,399'
1,359,602
43,233
1,006,350
310,019
Sept.'
Oct.P
1,637,945
298,797'
143,523'
68,818'
71,454
15,002'
1,348,927
51,509
984,798
312,620
1,276,714
53,294
905,022
318,398
289,018
126,541
78,135
68,387
15,955
MEMO
11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices8
16 Loans collateralized by repurchase
agreements9
n.a.
630,137
497,269
1,741
463,085
2,198
476,622
771
482,727
1,456
469,267
1,368
476,044
1,110
435,558
1,132
n.a.
744,498
n.a.
892,340
13,853
818,830
956,930
13,210
849,585
951,671
12,433
869,776
973,704
9,519
886,829
976,791
10,214
857,853
941,142
7,402
864,371
956,462
8,843
831,181
881,442
137,979
161,585
311,728
319,597
310,317
344,874
359,656
344,085
351,649
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,
dealers.
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) below.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) below.
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 • February 2004
3.22
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
70,43 r
1 Total
53,020
73,904
By type
2 Financial liabilities
3
Short-term negotiable securities'
27,980
n.a.
47,419
n.a.
41,034
n.a.
46,408
n.a.
42,826
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.
n.a.
n.a.
n.a.
25,246
22,173
n.a.
n.a.
n.a.
n.a.
n.a.
18,763
22,271
n.a.
n.a.
n.a.
n.a.
n.a.
20,454
25,954
n.a.
n.a.
n.a.
n.a.
n.a.
22,050
20,776
n.a.
n.a.
n.a.
n.a.
n.a.
18,913
22,398
23,241
31
1,659
1,974
1,996
147
16,521
34,172
147
1,480
2,168
2,016
104
26,362
31,806
154
2,841
2,344
1,954
39,379
119
3,531
2,982
1,946
84
28,694
35,004
120
4,071
7,587
8,798
411
955
892
1
5
126
492
n.a.
25
0
4,125
6
1,739
148
406
n.a.
26
3,437
3,142
4
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
By currency
7 U.S. dollars
8 Foreign currency2
9
Canadian dollars
10 Euros
11 United Kingdom pounds sterling
12 Japanese yen
13 All other currencies
14
15
16
17
18
19
20
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switerzerland
United Kingdom
41,311
n.a.
39,561
n.a.
73,828
70,700
45,455
21,428
42,251
18,242
24,027
24,009
n.a.
n.a.
5,502
23,276
n.a.
n.a.
18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.
18,698
26,757
527
12,337
7,209
2,880
3,804
17,510
24,741
738
10,019
6,919
2,745
4,320
U935
61
24,338
34,809
232
3,517
2,865
1,915
61
24,303
34,335
144
5,243
2,923
1,825
61
22,531
36,138
1,164
2,782
3,343
1,797
19
25,878
32,639
410
3,376
2,901
1,790
167
22,903
9,991
10,107
10,369
11,211
10,100
9,485
1,067
1,078
583
591
493
1,012
2,858
157
960
35
1,627
n.a.
36
2
1,547
5
836
35
612
n.a.
27
1
1,832
5
626
38
1,000
n.a.
25
5
1,088
0
588
65
377
n.a.
26
1
1,504
23
990
65
365
n.a.
31
1
3,816
334
3,046
127
4,495
4
4,244
129
n.a.
37
27
7,965
6,216
12
5,042
3,269
10
4,020
3,299
15
4,498
2,387
14
4,450
2,447
16
2,932
1,832
14
4,302
2,043
17
3,412
1,909
52
0
53
5
122
91
120
91
128
91
131
91
114
91
MEMO:
21
22
Euro area3
Canada
23
24
25
26
27
28
29
30
31
32
33
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
34
35
Africa
Oil-exporting countries6
36
All other7
91
581
Nonbank-Reported Data
3.22
LIABILITIES TO UNAFFILIATED 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.
37 Commercial liabilities
3 8 Trade payables
39
Advance payments and other liabilities
25,040
12,834
n.a.
26,485
14,293
12,192
25,645
11,781
13,864
28,479
15,119
13,360
27,605
14,205
13,400
26,914
13,819
13,095
28,103
14,699
13,404
28,373
15
14
28,449
15
13
By currency
40 Payable in U.S. dollars
41 Payable in foreign currencies2
42
Canadian dollars
43
Euros
44
United Kingdom pounds sterling
45
Japanese yen
46
All other currencies
23,722
1,318
n.a.
n.a.
n.a.
n.a.
n.a.
23,685
2,800
n.a.
n.a.
n.a.
n.a.
n.a.
24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.
26,715
1,764
n.a.
n.a.
n.a.
n.a.
n.a.
26,004
1,601
n.a.
n.a.
n.a.
n.a.
n.a.
25,621
1,293
n.a.
26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.
24,813
3,560
114
1,074
661
242
1,469
25,190
3,259
146
940
668
154
1,351
9,262
140
672
1,131
507
626
3,071
9,629
293
979
1,047
300
502
2,847
9,219
99
734
905
1,163
790
2,279
8,168
105
713
584
236
648
2,747
8,015
94
827
570
312
749
2,551
8,065
134
718
855
506
592
2,317
8,257
141
765
807
590
433
2,649
8,773
186
873
n.a.
729
521
2,892
9,853
202
1,027
n.a.
1,317
464
3,304
1,933
1,622
1,802
2,027
1,570
1,588
1,721
1,749
2,310
22
152
145
2,381
31
281
114
76
n.a.
841
284
2,727
52
591
290
45
n.a.
899
166
3,515
23
433
277
67
n.a.
1,518
281
2,817
12
422
320
46
n.a.
1,015
204
2,923
14
468
290
47
n.a.
1,070
327
3,073
51
538
253
36
n.a.
1,170
177
3,046
59
525
246
n.a.
80
1,095
143
3,249
11
559
267
n.a.
20
906
456
9,886
2,609
2,493
10,983
2,757
2,832
10,517
2,581
2,639
13,116
4,281
3,289
12,866
4,143
3,432
12,462
4,031
3,857
13,382
4,292
3,979
13,119
4,137
3,546
12,321
3,954
3,062
950
499
948
483
836
436
1,000
454
916
349
876
445
827
405
927
423
631
184
47
48
49
50
51
52
53
By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO
54
55
Canada
56
57
58
59
60
61
62
63
64
65
66
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
67
Africa
68
4,518
Euro area3
Oil-exporting countries6
69
All other7
70
Financial liabilities to foreign affiliates8
4,359
1,018
MEMO
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 not included in lines 1-6 above.
52
Federal Reserve Bulletin Statistical Supplement • February 2004
3.23
CLAIMS ON UNAFFILIATED 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
By type
Financial claims
Non-negotiable deposits
Negotiable securities
Ofwhich:
Negotiable CDs1
Other claims
Ofwhich:
Loans'
Repurchase agreements'
By currency
9 U.S. dollars
10 Foreign currency2
11 Canadian dollars
12 Euros
13 United Kingdom pounds sterling .
14 Japanese yen
15 All other currencies
16
17
18
19
20
21
22
By area or country
Financial claims
Europe
Belgium-Luxembourg .
France
Germany
Netherlands
Switerzerland
United Kingdom
76,642
90,157
113,082
116,608
112,784
40,23 1
n.a.
n.a.
53,031
23,374
29,657
81,287
29,801
51,486
85,359
41,813
43,546
87,331
42,136
45,195
84,038
38,074
45,964
71,389
27,064
44,325
83,023
45,828
3,767
49,490
3,197
n.a.
21,665
n.a.
29,657
n.a.
51,486
n.a.
43,568
n.a.
45,188
n.a.
45,959
n.a.
44,064
241
33,428
133
30,777
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12,674
6,599
15,638
3,010
n.a.
n.a.
n.a.
n.a.
n.a.
46,157
6,874
n.a.
n.a.
n.a.
n.a.
n.a.
74,471
6,816
n.a.
n.a.
n.a.
n.a.
n.a.
79,722
5,637
n.a.
n.a.
n.a.
n.a.
n.a.
82,353
4,978
n.a.
n.a.
n.a.
n.a.
n.a.
79,307
4,731
n.a.
n.a.
n.a.
n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.
75,944
7,079
605
3,054
71,755
11,709
597
2,383
2,560
875
5,294
13,023
529
967
504
1,229
23,136
296
1,206
848
1,396
699
15,900
26,118
625
1,450
1,068
2,138
589
16,510
36,032
37,003
797
3,921
3,972
3,995
1,010
16,133
32,139
656
3,854
4,292
4,024
1,135
11,454
29,018
722
3,247
4,245
3,648
383
10,663
34,749
1,494
3,402
6,240
4,355
1,497
11,204
33,386
352
4,445
4,425
3,655
1,178
13,437
18,542
17,281
20,494
17,301
5,485
5,013
5,643
5,879
715
1,157
29,612
1,038
724
32,405
757
387
2,324
n.a.
25,848
1,780
161
37,340
598
699
2,104
n.a.
30,734
1,906
169
643
7,561
751
3,489
4,114
3,253
308
17,982
115,521
83,464
MEMO:
23
Euro area3
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
33
34
35
Asia
Japan
Middle Eastern oil-exporting countries5
Africa
Oil-exporting countries6 . .
38
All other7 . . .
n.a.
5,580
8,626
16,903
2,553
4,576
6,193
5,471
5,537
18,206
1,593
19,317
1,353
19
1,827
12,596
n.a.
2,448
87
41,201
976
918
2,127
32,965
n.a.
3,075
34,979
1,197
611
1,892
27,328
n.a.
2,777
79
37,489
1,332
704
5,457
3,262
23
4,697
1,631
6,430
1,604
135
6,414
2,051
79
286
15
411
57
414
49
390
51
1,476
12,099
n.a.
1,798
48
2,036
29,569
n.a.
2,823
2,226
30,837
2,286
n.a.
2,871
71
21,528
n.a.
2,921
104
5,754
1,146
78
6,041
1,481
5,358
1,277
79
7,596
1,226
5,361
1,246
166
431
64
379
29
395
25
358
486
35
60
26
International Statistics
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States—Continued
53
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
Sept.
39 Commercial claims
40
Trade receivables
41
Advance payments and other claims
36,411
32,602
3,809
37,126
33,104
4,022
31,795
27,513
4,282
30,610
25,845
4,765
29,277
24,716
4,561
28,746
24,171
4,575
31,177
26,385
4,792
29,449
24,740
4,709
32,057
25,824
6,233
By currency
42 Payable in U.S. dollars
43 Payable in foreign currencies2
44
Canadian dollars
45
Euros
46
United Kingdom pounds sterling
47
Japanese yen
48
All other currencies
34,204
2,207
n.a.
n.a.
n.a.
n.a.
n.a.
33,401
3,725
n.a.
n.a.
n.a.
n.a.
n.a.
29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.
26,864
3,746
n.a.
n.a.
n.a.
n.a.
n.a.
25,361
3,916
n.a.
n.a.
n.a.
n.a.
n.a.
25,441
3,305
n.a.
26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.
19,806
9,643
1,351
1,803
1,451
545
4,493
21,885
10,172
1,279
1,753
1,549
537
5,054
16,389
316
2,236
1,960
1,429
610
5,827
15,938
452
3,095
1,982
1,729
763
4,502
14,022
268
2,921
1,658
529
611
3,833
12,935
272
2,883
1,198
642
436
3,579
12,314
207
2,828
1,163
832
472
3,387
12,680
254
2,972
1,158
1,089
404
3,236
14,187
269
3,164
1,202
1,490
503
3,727
2,804
1,300
1,135
15,229
240
3,065
1,185
1,376
530
4,480
7,237
7,106
2,757
3,502
2,818
2,760
By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO
56
Euro area3
2,752
2,623
2,790
2,564
2,913
58
59
60
61
62
63
64
65
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
5,959
20
390
905
181
n.a.
1,678
439
5,851
37
376
957
137
n.a.
1,507
328
4,859
42
369
954
95
n.a.
1,391
4,912
42
422
837
73
n.a.
1,225
312
4,530
28
214
829
26
n.a.
1,283
316
4,324
35
270
862
12
n.a.
1,184
340
4,346
31
287
750
19
n.a.
1,259
4,794
61
551
734
n.a.
59
1,095
232
4,619
28
461
781
n.a.
16
1,093
238
66
67
68
Asia
Japan
Middle Eastern oil-exporting countries5
9,165
2,074
1,573
9,630
2,796
1,024
7,849
2,006
850
7,513
1,975
657
7,309
2,064
6,778
2,083
819
7,324
2,341
5,996
1,436
617
6,349
1,717
742
69
70
Africa
Oil-exporting countries6
631
171
672
180
630
109
605
94
637
107
584
95
636
139
432
97
71
All other7
1,767
1,704
1,946
2,145
2,515
72
Financial claims on foreign affiliates8
1,533
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).
1,602
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 not included in lines 1-8 above.
54
3.24
Federal Reserve Bulletin Statistical Supplement • February 2004
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
Transaction, and area or country
Jan.Oct.
Apr.
May
July
Aug.
Sept.
267,033
274,888
252,364
240,812
262,804
269,090
308,296
309,547
1,251
U.S. corporate securities
3,051,332
2,934,942
3,209,760
3,159,571
2,563,796
2,548,412
3 Net purchases, or sales ( ) .
116,390
50,189
15,384
7,855
11,552
6,286
4 Foreign countries
116,187
50,253
15,442
4,360
6,597
10,325
7,865
11,547
6,290
1,239
13,194
4,722
250
1,647
118
1,090
98
777
1,526
5,914
8,415
10,919
3,456
38,493
698
10,984
5,154
1,789
32,909
2,127
129
4,307
2,787
15,172
255
8,207
15,419
1,309
8,129
882
4,452
921
562
1,928
65
2,385
1,198
68
770
597
101
206
5,502
1,555
830
31
7,864
35
4,440
870
150
801
228
35
591
9,416
2,107
832
222
136
4,761
118
4,275
1,440
2,248
553
409
78
91
123
953
252
1,506
423
2,576
2,095
78
224
456
3,395
10
883
1,121
96
1,838
331
351,934
322,061
323,913
285,661
1 Foreign purchases
2 Foreign sales . . . .
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
453
2,680
6,133
54
3,748
2,867
233,275
228,918
46
2,540
1,230
7
73
1,093
68
352
109
12,336
72
3,261
1,942,690
1,556,745
2,548,697
2,171,260
2,911,654
2,555,765
305,997
264,263
22 Net purchases, or sales ( ) .
385,945
377,437
355,889
41,734
23 Foreign countries
385,379
377,174
356,314
41,324
24
25
26
27
28
29
30
31
32
33
34
35
36
37
195,412
5,028
12,362
1,538
5,721
152,772
2,000
4,595
77,019
2,337
106,400
167,168
25,438
116
5,125
421
8,621
109,913
11,173
1,040
82,985
171,315
3,902
427
878
7,289
106,285
18,664
4,734
80,170
2,263
3,276
121,440
48,578
860
93,953
29,074
2,098
3,498
768
22,676
311,954
301,646
6,593
294
2,697
1,789
106
1,142
20,726
6,788
366
273,263
266,670
642
260
262
901
1,181
30
435
4,575
29
612
677
37
327
2,195
625
110
608
1,067
17
12
6
75
125
296,771
271,010
256,870
240,344
253,138
222,804
19 Nonmonetary international and
regional organizations
20 Foreign purchases
21 Foreign sales . . . .
381,880
322,432
29,873
38,252
25,761
16,526
30,334
30,368
37,988
25,780
17,039
29,792
4,897
77
16,969
1,133
802
10,988
884
344
16,864
510
3,441
1,268
143
283
7,410
437
244
48
907
2,135
1,251
797
12,695
289
3,393
2,843
302
894
19,551
1,241
696
834
247
12,638
284
6,798
1,525
2,396
1,033
202
461
11,106
1,347
28
130
370
7,119
698
2,162
6,929
415
9,038
5,234
41
101
59,448
59,684
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
33,687
760
1,144
3,762
68
614
1,263
16,951
3,091
894
1,725
29
15,497
8,540
147
618
21,452
112
143
317
366
13,911
3,320
1,428
25,924
277
10,929
3,885
110
118
726
74
346
4,991
9
236
12,430
170
12,311
4,712
241
555
306
263
624
3 8 Nonmonetary international and
regional organizations
Foreign securities
39 Stocks, net purchases, or sales ( )
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales ( )
43
Foreign purchases
44
Foreign sales
45 Net purchases, or sales ( ), of stocks and bonds
46 Foreign countries
47
48
49
50
51
52
53
Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries
50,113
1,397,664
1,447,777
30,502
1,160,102
1,129,600
66,173
1,119,675
1,185,848
29,056
1,782,467
1,753,411
2,073
100,054
97,981
2,416
135,970
138,386
10,800
99,777
110,577
14,049
230,256
216,207
5,231
116,975
122,206
11,639
209,819
198,180
4,723'
129,486'
134,209'
3,006
207,675
204,669
13,555'
112,392'
125,947'
1,021
159,271
158,250
134,227
143,123
2,717
211,302
214,019
8,311
157,363
165,674
5,151
211,524
216,675
26,934
37,117
343
3,249
6,408
1,717'
12,534'
11,613
13,462
26,964
37,081
256
3,270
6,386
1,681'
12,514'
11,575
13,508
14,592
4,854
4,484
2,631
10,060
377
2,183
5,295
11,345
4,409
600
7,450
3,456
2,218
1,593
2,106
1,289
649
1,509
5
1,074
3,476
4,381'
3,319
6,084'
1,809
1,842
204
8,412
2,582
47
331
5,459
3,249
1,595
17,084
8,908
73
156
1,512
1,267,633
1,269,145
28,446
1,372,042
1,343,596
19,611
19,024
12,108
2,943
4,315
11,869
20,116
558
1,747
32,726
20,593
32
520
60
651
4,438
1,456
4,009
139
4,767
3,298
2,776
153
697
719
3,951
10,841
4,922
72
187
54 Nonmonetary international and
regional organizations
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.Oct.
Apr.
July
May
Aug.
Sept.
1 Total estimated
18,514
119,918
209,780
9,792
41,109
44,027
44,686
25,115
5,563
12,028
2 Foreign countries
19,200
117,907
210,581
9,844
40,793
44,124
45,626
24,718
5,773
12,331
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
20,604
598
1,668
462
6,728
1,190
1,412
7,279
179
4,836
1,634
43,678
2,046
3,931
1,609
17,020
2,923
448
61,606
724
613
5,197
53,435
2,159
9,552
1,211
119
879
4,537
30,854
1,617
2,507
5,546
7,739
218
1,148
33
4,425
240
784
571
140
2,228
820
6,132
77
3,449
2
2,216
482
749
523
550
866
1,317
20,629
82
874
127
659
608
1,700
8,439
973
7,331
4,102
21,886
267
3,124
482
364
163
1,382
19,554
124
3,248
4,011
15,734
1,565
2,422
355
474
393
1,603
8,288
69
1,513
1,260
15,679
239
86
149
3,428
369
451
12,268
45
322
1,063
95
605
275
449
1,877
966
495
5,483
226
2,445
3,606
14
15
16
17
18
19
20
21
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other
4,272
290
14,726
10,744
36,332
16,114
880
1,714
20,020
59
20,859
780
55,656
30,498
841
2,909
15,372
318
10,470
4,584
130,838
103,948
92
5,298
6,109
13
4,809
1,313
7,178
5,532
127
10,705
37
7,234
3,434
25,236
25,097
59
96
1,690
9
1,219
2,918
18,693
11,698
86
2,304
7,971
34
6,011
1,926
9,590
1,444
155
9
1,259
1,405
7,972
9,721
47
356
439
44
3,300
2,817
20,657
21,540
157
328
9,610
686
290
41
2,011
1,642
316
381
6
97
177
940
1,128
397
380
16
210
185
44
303
562
19,200
3,474
15,726
117,907
10,109
107,798
210,581
77,318
133,263
366
10,210
40,793
15,249
25,544
44,124
16,497
27,627
45,626
12,338
33,288
24,718
963
25,681
5,773
8,076
2,303
12,331
19,451
7,120
3,880
29
7,937
52
2,772
0
395
0
271
51
22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
921
63
9,892
250
25,114
21,534
37
491
MEMO
25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting countries
28 Middle East*
29 Africa5
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 andnotes 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 • February 2004
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
2003
July
Aug.
Sept.
Exchange rates
COUNTRY/CURRENCY UNIT
1
2
3
4
5
6
7
8
9
10
11
12
Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3 . . . ,
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malays ia/ringgit
Mexico/peso
13
14
15
16
17
18
19
20
21
21
23
24
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/bant
United Kingdom/pound2
Venezuela/bolivar
51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337
54.37
2.9213
1.5704
8.2770
7.8862
0.9454
n.a.
7.7997
48.63
125.22
3.8000
9.663
65.24
3.0750
1.4008
8.2772
6.5774
1.1321
n.a.
7.7875
46.59
115.94
3.8000
10.793
66.07
2.8833
1.3821
8.2773
6.5425
1.1365
n.a.
7.7990
46.22
118.70
3.8000
10.458
65.18
3.0053
1.3963
8.2770
6.6653
1.1155
n.a.
7.7990
45.96
118.66
3.8000
10.783
66.35
2.9204
1.3634
8.2772
6.5953
1.1267
n.a.
7.7850
45.85
114.80
3.8000
10.923
69.48
2.8628
1.3221
8.2768
6.3449
1.1714
n.a.
7.7427
45.40
109.50
3.8000
11.180
71.58
2.9150
1.3130
8.2769
6.3526
1.1710
n.a.
7.7637
45.55
109.18
3.8000
11.149
73.91
2.9255
1.3128
8.2770
6.0537
1.2298
n.a.
7.7645
45.57
107.74
3.8000
11.252
42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10
46.45
7.9839
1.7908
10.5176
1,250.31
95.773
9.7233
1.5567
34.536
43.019
150.25
1,161.19
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
58.64
7.2924
1.7551
7.5458
1,181.16
97.153
8.0929
1.3611
34.396
41.808
162.21
1,600.00
58.29
7.4096
1.7533
7.3945
1,178.60
96.975
8.2821
1.3811
34.318
41.656
159.39
1,600.00
58.43
7.2782
1.7466
7.3060
1,165.40
95.284
8.0426
1.3743
33.995
40.483
161.55
1,600.00
60.20
7.0331
1.7345
6.9644
1,169.34
94.560
7.6957
1.3222
33.875
39.761
167.92
1,600.00
62.85
7.0054
1.7282
6.7205
1,186.39
96.011
7.6799
1.3318
34.036
39.935
168.97
1,600.00
64.71
6.7128
1.7107
6.5374
1,192.34
96.413
7.3395
1.2643
34.056
39.745
175.16
1,599.86
116.07
88.51
114.51
86.27
101.55
92.89
99.98
90.35
Indexes4
NOMINAL
25 Broad (January 1997=100)5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997=100)7
125.91
107.66
126.75
105.98
119.28
93.04
118.57r
93.00r
119.93r
94.13r
118.57r
92.3 T
28 Broad (March 1973=100)5
29 Major currencies (March 1973=100)6
30 Other important trading partners (March
1973=100)7
111.36
112.18
110.60
104.90
97.66
104.65r
97.7 T
106.04r
99.07r
104.75r
97.25r
122.72
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. For ordering address,
see inside front cover.
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
102.297
93.49r
1,936.27
40.3399
2.20371
200.482
166.386
340.750
Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas
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 and Statistical Releases
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title and Date
Issue
Page
Reference
Assets and liabilities of commercial banks
September 30,2003
December 31, 2002
March 31,2003
June 30, 2003
February
May
August
November
2004
2003
2003
2003
58
A58
A58
A58
Supplement
Bulletin
Bulletin
Bulletin
Terms of lending at commercial banks
November 2003
February 2003
May 2003
August 2003
February
May
August
November
2004
2003
2003
2003
60
A60
A60
A60
Supplement
Bulletin
Bulletin
Bulletin
Assets and liabilities of US. branches and agencies of foreign banks
September 30,2003
December 31, 2002
March 31,2003
June 30, 2003
February
May
August
November
2004
2003
2003
2003
66
A66
A66
A66
Supplement
Bulletin
Bulletin
Bulletin
August 2001
October 2001
January 2002
A76
A64
A64
Bulletin
Bulletin
Bulletin
Residential lending reported under the Home Mortgage Disclosure Act
1989-2001
1990-2002
September 2002
September 2003
A58
A58
Bulletin
Bulletin
Disposition of applications for private mortgage insurance
1998-2001
1999-2002
September 2002
September 2003
A67
A67
Bulletin
Bulletin
Small loans to businesses and farms
1996-2001
1996-2002
September 2002
September 2003
A70
A70
Bulletin
Bulletin
Community development lending reported under the Community Reinvestment Act
2001
2002
September 2002
September 2003
A73
A73
Bulletin
Bulletin
Pro forma financial statements for Federal Reserve priced services *
March31,2001
June 30, 2001
September 30, 2001
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
Federal Reserve Bulletin Statistical Supplement • February 2004
4.20
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, September 30, 2003
Millions of dollars except as noted
Banks with foreign offices'
Domestic
total
1 Total assets
2 Cash and balances due from depository institutions
3
Cash items in process of collection, unposted debits, and currency and coin
4
Cash items in process of collection and unposted debits
5
Currency and coin
6
Balances due from depository institutions in the United States
7
Balances due from banks in foreign countries and foreign central banks
8 Balances due from Federal Reserve Banks
Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value)
U.S. Treasury securities
U.S. government agency and corporation obligations (excludes mortgage-backed
securities)
Issued by U.S. government agencies
Issued by U.S. government-sponsored agencies
Securities issued by states and political subdivisions in the United States
Mortgage-backed securities (MBS)
Pass-through securities
Guaranteed by GNMA
Issued by FNMA and FHLMC
Other pass-through securities
Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)
Issued or guaranteed by FNMA, FHLMC or GNMA
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
All other mortgage-backed securities
Asset-backed securities
Credit card receivables
Home equity lines
Automobile loans
Other consumer loans
Commercial and industrial loans
Other
Other debt securities
Other domestic debt securities
Foreign debt securities
Investments in mutual funds and other equity securities with readily determinable
fair value
Banks with
domestic
offices only2
4,166,497
378,563
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
280,297
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,359,151
67,588
n.a.
n.a.
237,001
9,744
227,257
109,458
730,661
484,204
72,084
404,601
7,519
246,457
158,491
6,823
81,143
94,382
40,737
24,714
10,867
2,334
6,268
9,462
104,358
37,408
66,950
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
271,920
123,244
n.a.
n.a.
35,011
99,866
13,799
173,653
120,960
98,221
22,739
29,107
9,868
13,718
561,808
25,341
797,343
42,247
6,582
82,224
36,950
486,297
340,228
52,304
282,208
5,716
146,069
86,695
2,956
56,418
58,284
26,268
17,160
5,068
1,975
3,652
4,162
75,664
14,597
61,068
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.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
148,195
3,162
145,032
72,508
244,363
143,976
19,779
122,393
1,803
100,387
71,795
3,866
24,726
36,098
14,469
7,554
5,800
359
2,616
5,301
28,693
22,811
5,882
6,610
9,094
15,704
106,644
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
358,131
167,789
190,342
306,576
167,789
138,787
272,570
90,468
182,102
221,015
90,468
130,547
85,561
77,321
8,240
38 Total loans and leases (gross) and lease-financing receivables (net)
39
LESS: Unearned income on loans
40
LESS: Loans and leases held for sale
41 Total loans and leases (net of unearned income)
42
LESS: Allowance for loan and lease losses
43 Loans and leases, net of unearned income and allowance
4,264,847
2,813
245,191
4,016,844
73,979
3,942,865
3,981,123
1,733
2,735,955
1,728
207,578
2,526,648
49,716
2,476,932
2,452,231
648
n.a.
n.a.
n.a.
n.a.
1,528,892
1,085
37,612
1,490,195
24,262
1,465,933
Total loans and leases, gross, by category
44 Loans secured by real estate
45
Construction and land development
46
Farmland
47
One- to four-family residential properties
48
Revolving, open-end loans, extended under lines of credit
2,250,801
n.a.
n.a.
n.a.
n.a.
2,216,098
222,265
40,205
1,291,710
260,710
1,289,606
n.a.
n.a.
n.a.
n.a.
1,254,903
103,666
6,730
860,402
180,196
961,195
118,599
33,475
431,308
80,514
n.a.
n.a.
n.a.
n.a.
131,621
n.a.
n.a.
n.a.
45,908
870,927
n.a.
n.a.
948,428
82,571
78,515
583,403
116,903
n.a.
n.a.
n.a.
45,422
750,529
n.a.
n.a.
n.a.
n.a.
119,425
77,453
24,983
16,989
9,538
627,625
508,921
118,704
632,482
47,723
39,276
244,829
104,707
76,398
24,935
3,374
9,052
507,227
498,297
8,929
315,946
34,847
39,239
338,575
12,196
n.a.
n.a.
n.a.
36,370
243,302
n.a.
n.a.
662,051
214,905
37,035
410,110
593,700
191,003
24,543
378,154
422,110
135,294
32,228
254,588
353,759
111,392
19,736
222,632
239,941
79,611
4,807
155,522
23,810
127,964
6,050
121,914
n.a.
n.a.
151,765
23,790
99,574
2,636
96,938
n.a.
n.a.
135,107
14,321
114,916
6,036
n.a.
n.a.
138,413
14,302
86,525
2,621
83,904
20,682
63,222
121,756
9,489
13,048
14
13,034
n.a.
n.a.
13,351
405,537
46,543
1,871
9,162
5,581
n.a.
110,127
73,477
36,650
327,948
n.a.
n.a.
n.a.
n.a.
n.a.
22,009
n.a.
n.a.
n.a.
n.a.
6,271
34,636
2,751
484
228
n.a.
28,076
19,910
8,166
76,068
35 Federal funds sold and securities purchased under agreements to resell
36.
Federal funds sold in domestic offices
37
Securities purchased under agreements to resell
66
67
68
69
70
71
Closed-end loans secured by one- to four-family residential properties
Secured by first liens
Secured by junior liens
Multifamily (five or more) residential properties
Nonfarm nonresidential properties
Loans to depository institutions and acceptances of other banks
Commercial banks in the United States
Other depository institutions in the United States
Banks in foreign countries
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans
U.S. addressees (domicile)
Non-US, addressees (domicile)
Loans to individuals for household, family, and other personal expenditures (includes
purchased paper)
Credit cards
Other revolving credit plans
Other consumer loans (including single-payment, installment, and all student loans)
Obligations (other than securities) of states and political subdivisions in the United States
(includes nonrated industrial development obligations)
All other loans
Loans to foreign governments and official institutions
Other loans
Loans for purchasing and carrying securities
All other loans (excludes consumer loans)
Lease-financing receivables
72
73
74
75
76
77
78
79
80
81
Trading assets
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs
Intangible assets
Goodwill
Other intangible assets
All other assets
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
411,809
81,179
4,622
9,647
5,809
n.a.
138,203
93,387
44,816
404,016
Special Tables
4.20
59
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, September 30, 2003
Millions of dollars except as noted
Banks with foreign offices'
Domestic
total
Banks with
domestic
offices only2
82 Total liabilities, minority interest, and equity capital . .
7,339,186
n.a.
n.a.
2,406,073
83 Total liabilities
6,661,836
5,895,221
4,498,312
3,731,696
2,163,525
84 Total deposits
85
Individuals, partnerships, and corporations (include all certified and official checks) . . .
86 U.S. government
87
States and political subdivisions in the United States
88
Commercial banks and other depository institutions in the United States
89 Banks in foreign countries
90
Foreign governments and official institutions (including
foreign central banks)
4,874,136
4,391,465
n.a.
n.a.
110,408
120,258
4,182,431
3,885,315
11,230
211,088
59,003
14,539
3,116,813
2,772,792
n.a.
n.a.
86,605
119,998
2,425,108
2,266,642
9,914
97,830
35,200
14,279
1,757,323
1,618,673
1,315
113,258
23,802
260
91
92
93
94
95
96
97
Total transaction accounts
Individuals, partnerships, and corporations (include all certified and official checks) .
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks) . . .
98
Total demand deposits
99
100
101
102
103
104
105
Total nontransaction accounts
Individuals, partnerships, and corporations (include all certified and official checks) . .
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks)
29,303
1,255
29,290
1,242
13
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
351,139
287,912
1,253
27,801
28,561
5,037
575
332,560
290,825
854
31,862
8,909
101
10
504,481
299,367
205,114
3,498,732
3,306,579
9,123
151,426
21,532
9,402
671
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,073,969
1,978,731
8,661
70,029
6,639
9,242
667
1,424,763
1,327,848
462
81,396
14,893
160
4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
683,699
578,736
2,107
59,663
37,470
5,138
584
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
106 Federal funds purchased and securities sold under agreements to repurchase
107 Federal funds purchased in domestic offices
108
Securities sold under agreements to repurchase
109 Trading liabilities
110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized
leases)
111 Banks' liability on acceptances executed and outstanding
112 Subordinated notes and debentures to deposits
113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
114 All other liabilities
115 Minority interest in consolidated subsidiaries
538,990
219,218
319,773
269,212
509,803
219,218
290,585
408,963
164,770
244,192
268,555
379,775
164,770
215,005
n.a.
130,028
54,447
75,580
658
624,894
5,822
97,276
n.a.
251,506
14,577
575,767
3,798
n.a.
395,471
5,594
88,564
n.a.
214,351
12,736
346,344
3,570
n.a.
170,722
n.a.
n.a.
229,423
228
8,712
n.a.
37,155
1,840
116 Total equity capital
662,773
422,065
n.a.
240,709
MEMO
117 Trading assets at large banks2
118 U.S. Treasury securities (domestic offices)
119 U.S. government agency obligations (excluding MBS)
120
Securities issued by states and political subdivisions in the United States
121 Mortgage-backed securities
122
Other debt securities
123
Other trading assets
124
Trading assets in foreign offices
125 Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity contracts
126 Total individual retirement (IRA) andKeogh plan accounts
127 Total brokered deposits
128 Fully insured brokered deposits
129
Issued in denominations ofless than $100,000
130
Issued in denominations of $100,000, or in denominations greater than $100,000 and
participated out by the broker in shares of $100,000 or less
131 Money market deposit accounts (MMDAs)
132 Other savings deposits (excluding MMDAs)
133 Total time deposits ofless than $100,000
134 Total time deposits of $100,000 or more
135 Number of banks . .
NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have
foreign offices, the inapplicability of certain items to banks that have only domestic offices, or
the absence of detail on a fully consolidated basis for banks that have foreign offices.
1. All transactions between domestic and foreign offices of a bank are reported in "net due
from" and "net due to" lines. All other lines represent transactions with parties other than the
domestic and foreign offices of each bank. Because these intra-office transactions are nullified
by consolidation, total assets and total liabilities for the entire bank may not equal the sum of
assets and liabilities, respectively, of the domestic and foreign offices.
411,520
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
115,091
211,727
15,378
8,988
1,608
6,935
42,372
24,980
0
405,339
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
115,091
205,546
15,168
8,498
1,336
4,303
40,375
24,687
6,181
210
490
271
2,632
1,997
293
0
196,169
n.a.
n.a.
n.a.
n.a.
111,466
167,466
271,153
163,183
90,183
195,881
n.a.
n.a.
n.a.
n.a.
111,178
73,607
139,247
65,449
32,129
288
93,859
131,906
97,734
58,054
33,320
1,107,775
364,325
268,101
333,769
39,680
515,988
257,639
393,698
257,439
n.a.
n.a.
n.a.
n.a.
n.a.
7,791
73,000
1,623,763
621,964
661,798
591,207
7,791
n.a.
n.a.
n.a.
n.a.
n.a.
123
7,668
Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated
insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement
corporations wherever located; and international banking facility (IBF).
2. Components of "Trading Assets at Large Banks" are reported only by banks that
reported trading assets of $2 million or more any quarter of the preceding calendar year.
60
Federal Reserve Bulletin Statistical Supplement • February 2004
4.23
TERMS OF LENDING AT COMMERCIAL BANKS SURVEY OF LOANS MADE, NOVEMBER 3-7, 2003
A. Commercial and industrial loans made by all commercial banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
2.96
1.62
2.05
3.01
3.73
65,832
2,437
16,118
20,948
18,641
449
754
1,267
483
361
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.68
1.23
2.14
3.97
4.49
14,379
693
2,890
5,675
4,551
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.56
1.35
1.74
2.36
3.24
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
31.0
10.3
10.7
33.6
44.4
73.4
50.2
71.4
79.1
76.1
18.8
9.0
28.3
15.1
13.7
20.2
61.3
12.4
19.6
22.1
60.0
10.7
23.8
71.0
75.8
79.9
51.4
37.9
92.7
94.6
14.8
9.6
14.1
14.8
16.4
35.3
1.7
5.4
43.9
46.7
36.1
1.8
70.0
32.5
18.1
29.6
10.1
8.8
27.1
60.3
37.5
70.9
58.2
57.5
19.1
2.1
16.6
13.7
17.6
460
201
624
465
277
29.0
27.7
6.4
37.4
50.9
55.3
28.0
74.5
45.3
53.8
14.4
.3
5.5
15.4
26.1
78.8
34.5
91.2
86.3
63.5
26.3
10.1
37.3
16.9
16.5
504
314
307
524
1,099
437
382
507
619
50.5
80.7
44.5
42.6
61.0
21.3
4.7
30.8
21.5
15.3
19.2
25.5
20.3
5.0
32.8
82.4
99.0
79.7
89.2
91.7
11.9
7.4
19.4
15.5
5.9
277
170
192
249
715
45
32
48
67
33
59.2
73.7
65.9
51.7
69.4
22.0
46.9
24.4
33.6
15.4
43.6
48.0
24.7
24.5
73.6
83.3
74.5
74.3
78.5
89.6
9.0
35.7
10.1
12.8
5.9
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
84.0
73.0
41.6
28.0
7.2
13.9
32.7
45.4
76.0
71.2
32.9
14.9
83.6
89.2
82.7
61.9
14.2
16.4
16.1
22.8
90.4
65.7
13.6
22.1
Secured by
collateral
Subject to
prepayment
penalty
450
256
444
561
376
41.0
45.5
15.9
44.4
57.4
35.3
29.0
54.9
30.5
28.5
242
591
725
286
181
478
241
212
634
505
51.9
79.4
15.7
49.9
68.8
19,539
529
3,846
6,636
4,428
564
1 955
2,691
795
444
243
175
183
266
2.57
1.47
2.08
2.59
3.40
19,694
804
7,230
4,840
5,294
902
2 851
3,473
922
532
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.01
2.68
2.49
2.72
3.56
7,701
343
1,076
2,560
2,916
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
4.52
4.17
4.53
4.51
4.46
3,526
69
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
1,130
1,327
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
5.00
4.24
3.17
2.28
2,711
9,122
21,383
32,616
3.4
3.4
3.3
2.8
175
116
117
51
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime8
36 Other
Footnotes appear at end of table.
4.36
2.32
20,421
45,411
3.5
2.9
69.1
28.3
10.6
46.5
191.0
1140.0
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
61
SURVEY OF LOANS MADE, NOVEMBER 3-7, 2003—CONTINUED
B. Commercial and industrial loans made by all domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
3.18
1.59
2.12
3.34
4.15
48,467
1,824
12,824
15,926
12,400
340
605
1,052
377
250
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.84
1.20
2.14
4.32
4.70
12,156
687
2,515
4,649
3,735
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.96
1.21
1.88
2.76
4.26
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Subject to
prepayment
penalty
585
289
530
720
532
46.6
43.7
17.6
45.7
74.0
23.9
25.8
48.2
17.2
12.9
40.9
13.1
12.7
43.3
64.0
81.3
44.1
75.3
83.8
91.4
20.0
11.1
32.5
14.5
13.0
589
652
239
152
540
242
221
746
590
60.2
79.2
17.8
60.2
81.2
9.0
61.8
2.5
5.2
9.6
68.2
10.0
25.0
84.4
87.7
76.7
51.0
28.6
92.3
93.5
11.5
8.8
7.2
12.0
13.0
11,520
383
1,915
4,345
1,828
344
1 683
1,515
533
194
425
249
370
406
550
39.8
2.4
9.3
34.9
70.8
18.7
.9
51.4
17.3
49.3
12.3
16.0
40.8
74.1
76.0
13.7
97.7
67.0
85.2
24.0
7.2
24.1
17.0
21.7
2.62
1.37
2.11
2.74
3.76
14,585
485
6,375
3,652
2,877
708
2 901
3,346
747
303
582
295
668
587
424
30.5
4.3
4.3
40.3
75.6
47.4
.7
75.5
33.2
28.6
18.8
.5
6.2
19.9
45.5
90.0
31.8
95.1
91.4
91.2
28.9
16.1
40.3
15.8
17.8
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.16
3.23
2.50
2.82
3.56
5,953
200
949
2,049
2,515
409
192
275
441
1,074
479
248
436
732
315
54.2
86.1
41.3
41.6
65.6
11.1
3.4
25.8
24.1
43.8
6.1
36.9
89.2
98.3
80.1
88.7
94.2
11.6
6.0
21.1
14.5
5.4
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
4.51
4.17
4.54
4.52
4.46
3,261
69
317
1,125
1,321
258
170
190
248
715
47
32
48
67
33
63.7
73.7
66.8
51.4
69.2
23.5
46.9
24.8
46.9
48.0
25.1
24.6
74.0
82.1
74.5
75.4
78.4
89.5
9.6
35.7
10.1
12.7
5.9
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
84.3
76.3
54.2
25.5
7.1
11.1
18.1
34.7
76.0
74.1
44.3
21.7
83.5
89.7
90.1
72.0
14.2
16.5
16.7
25.3
90.3
75.1
13.4
25.5
Days
Percent made
under
commitment
Average
months since
loan terms
Secured by
collateral
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
5.00
4.29
3.45
2.36
2,693
8,518
14,959
22,297
3.4
3.4
3.3
2.6
176
120
157
65
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime8
36 Other
Footnotes appear at end of table.
4.34
2.38
19,826
28,640
3.5
2.7
70.1
30.3
187.0
783.0
62
Federal Reserve Bulletin Statistical Supplement • February 2004
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
SURVEY OF LOANS MADE, NOVEMBER 3-7, 2003—CONTINUED
C. Commercial and industrial loans made by large domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
2.91
1.35
1.95
3.09
3.96
41,310
1,635
11,791
13,923
9,485
549
2 313
4,009
671
311
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.63
1.03
1.68
4.26
4.69
9,569
603
2,120
3,608
3,139
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.80
1.14
1.89
2.63
3.83
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
35.3
12.5
9.0
39.9
56.0
81.5
39.4
74.6
85.6
91.8
22.8
12.4
35.5
15.6
16.2
10.3
61.9
2.3
5.9
11.1
62.9
7.9
11.7
83.0
86.4
74.6
45.4
17.8
96.0
93.5
13.3
10.5
10.9
13.1
14.2
36.7
.6
9.0
32.4
63.8
20.0
.9
55.9
18.2
46.6
10.7
16.3
37.9
68.0
75.0
12.1
97.6
66.7
83.3
25.9
8.1
26.2
17.8
27.1
594
296
685
575
429
28.4
4.0
3.9
39.1
72.7
49.8
.7
77.7
33.9
32.5
16.8
.5
5.9
18.6
39.3
90.4
31.6
95.3
91.9
90.4
16.2
41.5
16.1
20.4
2,040
1,362
2,454
2 599
2,182
510
224
451
734
334
44.5
77.2
34.4
37.6
54.2
13.2
.0
27.2
12.3
67.3
17.1
3.6
13.3
91.7
99.9
80.5
91.5
96.6
13.6
3.4
23.6
15.2
7.4
755
2,500
1 309
989
754
35
20
35
34
38
32.3
64.1
37.1
21.0
36.0
28.2
64.0
32.2
24.6
23.1
35.5
64.0
13.6
29.7
56.0
94.2
100.0
98.7
95.6
94.2
16.3
36.1
18.3
16.2
12.8
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
79.1
71.2
49.2
22.9
11.6
13.2
19.9
35.6
80.8
74.0
39.1
19.2
91.8
94.8
91.3
71.4
20.7
20.1
19.5
26.3
91.7
75.9
16.7
26.8
Secured by
collateral
Subject to
prepayment
penalty
545
273
513
624
526
39.8
37.3
13.6
40.0
68.2
26.8
25.2
51.9
17.8
15.9
378
1,798
4 637
369
246
523
244
109
753
611
53.3
76.6
5.5
53.6
79.8
10,658
376
1,760
4,133
1,428
372
3 009
2,042
653
190
425
247
402
411
509
2.56
1.37
2.11
2.69
3.64
13,828
484
6,190
3,549
2,521
960
3 530
5,336
1 274
371
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
2.64
2.69
2.05
2.50
3.04
4,719
122
839
1,877
1,743
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
3.83
3.29
2.93
3.49
4.56
1,570
51
129
651
553
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
4.37
3.99
3.27
2.30
1,420
6,152
12,192
21,546
3.6
3.5
3.2
2.6
47
47
92
54
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime8
36 Other
Footnotes appear at end of table.
4.14
2.23
14,597
26,713
3.4
2.6
46
74
62.5
27.4
12.7
34.5
248.0
1,633.0
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
63
SURVEY OF LOANS MADE, NOVEMBER 3-7, 2003—CONTINUED
D. Commercial and industrial loans made by small domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
4.77
3.62
4.06
5.07
4.78
7,157
189
1,034
2,002
2,915
107
82
112
93
152
4.63
2.41
4.65
4.53
4.74
2,586
84
394
1,041
596
1.72
5.26
5.78
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Percent made
under
commitment
Average
months since
loan terms
73.1
18.3
55.0
66.9
90.2
80.6
85.1
82.9
70.7
89.9
3.7
6.1
1.6
5.6
2.4
87.6
25.1
96.5
89.3
94.5
84.5
91.5
86.7
79.4
93.6
5.7
2.8
3.0
7.2
6.9
82.0
88.6
13.6
97.6
96.1
99.4
72.1
92.0
.5
2.8
4.0
.1
6.8
1.1
16.3
63.6
89.5
88.7
74.3
97.0
3.5
.8
3.2
8.6
15.7
7.3
69.5
7.3
67.7
32.9
90.1
79.5
95.8
76.9
57.8
88.8
2.7
10.2
1.4
1.2
.1
Secured by
collateral
Subject to
prepayment
penalty
803
418
713
1,389
551
85.7
99.0
63.1
85.5
92.7
7.2
30.7
6.7
13.1
3.1
78
101
116
107
50
607
229
883
722
473
85.8
97.9
84.4
83.1
4.0
61.1
3.6
2.6
155
212
399
386
116
211
43
325
659
13.3
83.6
95.8
2.02
4.32
4.63
185
103
356
248
49
132
125
1,009
390
16.2
79.9
96.7
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
5.16
4.08
5.94
6.29
4.74
1,234
78
111
172
771
101
82
36
44
500
365
286
327
714
272
91.3
99.9
94.1
85.0
91.6
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
5.14
6.57
5.66
5.92
4.39
1,692
19
188
474
768
160
48
119
122
58
63
57
113
30
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
Days
Commitment status
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
4.86
.2
4.5
92.8
100.0
87.3
93.3
93.1
19.6
45.3
9.2
57.4
4.1
33.0
17.5
86.9
70.7
4.7
59.4
54.7
86.1
3.7
.4
90.0
89.7
76.3
100.0
2.2
5.6
9.9
11.0
70.8
74.2
67.2
95.2
74.2
76.4
85.0
88.4
5.1
4.9
3.3
.4
86.3
65.1
3.6
4.3
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
5.71
5.10
4.24
4.12
1,273
2,366
2,767
752
3.2
3.2
3.5
3.9
314
308
440
364
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime8
36 Other
Footnotes appear at end of table.
4.90
4.42
5,229
1,927
3.6
2.7
201
819
91.3
70.4
3.6
17.0
112.0
95.0
64
4.23
Federal Reserve Bulletin Statistical Supplement • February 2004
TERMS OF LENDING AT COMMERCIAL BANKS
SURVEY OF LOANS MADE, NOVEMBER 3-7, 2003—CONTINUED
E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
2.32
1.74
1.77
1.97
2.90
17,365
613
3,294
5,022
6,241
4.178
2.853
6.176
4.321
3.322
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
2.13
2.42
3.53
375
1,027
816
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
1.60
1.60
2.53
1,931
2,291
2,601
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
2.44
1.63
1.87
2.13
2.97
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
2.48
1.92
2.45
2.33
3.53
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
3.4
1.9
2.7
2.9
5.3
51.1
68.1
56.5
64.4
45.7
13.5
4.8
6.6
17.4
16.8
78.5
84.9
79.1
15.6
10.2
21.3
100.0
94.8
99.9
27.5
27.1
30.8
1.6
60.8
29.7
88.5
61.5
30.6
1.6
1.0
2.3
44.3
41.6
38.0
3.5
11.2
108
60
239
63
108
24.6
63.5
21.9
28.7
21.5
77.9
69.4
67.0
82.7
83.9
1.7
.0
.1
1.4
2.9
46.7
38.5
62.5
70.5
30.5
12.1
2.6
2.6
21.0
11.9
293
569
1,033
158
428
38.0
73.2
68.2
46.8
31.7
56.1
6.6
68.0
75.4
58.3
2.2
.0
.0
.7
7.0
59.3
100.0
76.5
91.4
75.9
13.2
9.4
5.4
19.1
9.5
38.4
25.6
12.1
33.4
21.9
53.8
66.8
68.4
61.7
29.8
6.3
94.8
82.1
65.5
40.2
12.1
14.1
14.0
13.0
93.6
49.5
20.4
13.1
Secured by
collateral
Subject to
prepayment
penalty
97
166
125
82
89
25.3
51.0
9.4
40.0
24.4
67.3
38.6
80.9
72.8
59.4
2.911
2.944
1.511
150
147
146
1.7
3.1
11.8
7.227
16
28.9
1.664
1.513
4.694
15
42
2
5,109
318
855
1,188
2,416
4.223
2.778
4.840
3.287
5.234
1,748
143
127
511
402
2.430
2.729
2.216
2.139
1.281
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Months
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
4.26
3.41
2.52
2.12
18
604
6,425
10,319
3.4
3.6
3.3
3.4
88
56
25
21
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime8
36 Other
Footnotes appear at end of table.
4.89
2.23
595
16,770
3.6
3.3
29
24
34.7
24.9
19.4
69.0
649
5,176
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
65
SURVEY OF LOANS MADE, NOVEMBER 3-7, 2003—CONTINUED
F. Commercial and industrial loans by date pricing terms were set and commitment status
Date pricing terms were set
and commitment status
Weightedaverage
loan rate4
(percent)
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Weighted-
Weightedaverage
maturity
repricing
interval2
Percent of amount of loans
risk rating3
Days
Secured by
collateral
Subject to
prepayment
penalty
Prime
based
All commercial banks
1 During survey week
2
Not under commitment
3
Informal commitment
4
Formal commitment
2.80
2.38
2.91
3.90
30,423
17,544
6,783
6,096
649
713
463
804
3.2
3.0
3.1
3.6
104
63
58
269
39.3
34.6
32.3
60.7
30.9
43.5
14.1
13.4
24.1
11.2
29.9
55.0
Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days
3.49
3.41
2.83
5,496
8,807
21,019
252
234
532
3.0
3.0
3.0
117
97
48
50.9
56.6
34.1
29.7
31.5
45.0
48.5
49.1
28.7
Domestic banks
8 During survey week
9
Not under commitment
10
Informal commitment
11
Formal commitment
3.22
2.51
3.94
3.92
18,071
9,045
3,230
5,795
406
384
239
776
3.0
2.5
3.3
3.6
168
114
111
278
47.8
34.7
61.4
60.6
5.6
4.6
.8
9.9
39.7
21.3
59.2
57.6
Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days
3.48
3.56
2.89
4,873
7,756
17,680
226
209
462
3.0
3.1
2.9
103
106
54
51.6
61.1
37.4
26.0
27.2
40.7
54.6
54.0
32.6
Large domestic banks
15 During survey week
16
Not under commitment
17
Informal commitment
18 Formal commitment
2.70
2.01
3.67
3.57
13,478
7,657
1,746
4,074
1,554
1,272
1,471
2,787
2.9
2.4
3.3
3.5
94
30
14
237
35.9
26.6
50.2
47.1
6.1
3.8
1.0
12.5
28.5
15.8
51.4
42.6
Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days
3.15
3.32
2.86
4,013
6,514
17,258
333
310
516
3.0
3.0
2.8
49
46
53
42.7
55.2
36.4
30.7
28.9
41.3
49.4
50.7
31.5
Small domestic banks
22 During survey week
23
Not under commitment
24
Informal commitment
25 Formal commitment
4.75
5.26
4.26
4.76
4,593
1,388
1,484
1,721
128
79
120
287
3.5
3.1
3.4
4.0
375
536
226
375
82.9
79.5
74.6
92.8
4.4
9.3
.7
3.6
72.5
51.5
68.3
92.9
Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days
4.99
4.79
4.41
860
1,243
422
90
77
87
2.9
3.3
3.4
353
418
83
93.1
92.3
80.4
4.3
18.1
12.9
78.7
71.2
75.4
Foreign banks
29 During survey week
30
Not under commitment
31
Informal commitment
32
Formal commitment
2.20
2.25
1.98
3.38
12,352
8,499
3,553
300
5,418
8,188
3,152
2,621
3.4
3.6
2.9
2.9
15
14
10
90
26.9
34.4
5.8
61.9
67.9
84.9
26.1
82.0
1.4
.4
3.3
5.0
Prior to survey week9
Up to 90 days
91 to 365 days
More than 365 days
3.61
2.35
2.52
623
1,051
3,339
3,184
2,316
2,720
3.0
2.8
3.5
224
31
20
45.4
23.2
16.2
57.9
63.9
67.7
1.2
13.2
8.3
5
6
7
12
13
14
19
20
21
26
27
28
33
34
35
NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions
made during the first full business week in the mid-month of each quarter. The authorized
panel size for the survey is 348 domestically chartered commercial banks and 50 U.S.
branches and agencies of foreign banks. The sample data are used to estimate the terms of
loans extended during that week at all domestic commercial banks and all U.S. branches and
agencies of foreign banks. Note that the terms on loans extended during the survey week may
differ from those extended during other weeks of the quarter. The estimates reported here are
not intended to measure the average terms on all business loans in bank portfolios.
1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total
assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies
averaged $3.3 billion.
2. The "maturity/repricing" interval measures the period from the date the loan is made
until it first may be repriced or matures. For floating-rate loans that are subject to repricing at
any time—such as many prime-based loans—the maturity/repricing interval is zero. For
floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval
measures the number of days between the date the loan is made and the date on which it is
next scheduled to reprice. For loans having rates that remain fixed until the loan matures
(fixed-rate loans), the "maturity/repricing" interval measures the number of days between the
date the loan is made and the date on which it matures. Loans that reprice daily mature or
reprice on the business day after they are made. Owing to weekends and holidays, such loans
may have "maturity/repricing" intervals in excess of one day; such loans are not included in
the 2 to 30 day category.
3. A complete description of these risk categories is available at "http://
www.federalreserve.go v/boarddocs/reportforms/ReportDetail.cfm?WhichFormId=FR_2028a/
s." The category "Moderate risk" includes the average loan, under average economic
conditions, at the typical lender. The "Other" category includes loans rated "Acceptable" as
well as special mention or classified loans. The weighted-average risk rating published for
loans in rows 31-36 are calculated by assigning a value of " 1 " to minimal risk loans; " 2 " to
low risk loans; " 3 " to moderate risk loans, "4" to acceptable risk loans; and " 5 " to special
mention and classified loans. These values are weighted by loan amount and exclude loans
with no risk rating. Some of the loans in table rows 1, 6, 11, 16, 21, 26, and 31-36 are not
rated for risk.
4. Effective (compounded) annual interest rates are calculated from the stated rate and
other terms of the loans and weighted by loan amount. The standard error of the loan rate for
all commercial and industrial loans in the current survey (line 1, column 1) is 0.20 percentage
point. The chances are about two out of three that the average rate shown would differ by less
than this amount from the average rate that would be found by a complete survey of the
universe of all banks.
5. Average maturities are weighted by loan amount and exclude loans with no stated
maturities.
6. For loans made under formal commitments, the average time interval between the date
on which the loan pricing was set and the date on which the loan was made, weighted by the
loan amount. For loans under informal commitment, the time interval is zero.
7. Prime-based loans are based on the lending bank's own prime rate, any other lender's
prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with
"other" base rates include loan rates expressed in terms of any other base rate (e.g., the
federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan
rate.
8. See the summary statistics table for the average reported prime rate weighted by dollar
value of loans priced relative to a prime rate.
9. For loans made under formal commitments.
66
Federal Reserve Bulletin Statistical Supplement • February 2004
4.30
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20031
Millions of dollars except as noted
1 Total assets4
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
1,061,853
142,389
939,425
113,084
16,331
5,229
29,208
3,455
2 Claims on nonrelated parties
3 Cash and balances due from depository institutions
4
Cash items in process of collection and unposted debits
5
Currency and coin (U.S. and foreign)
6
Balances with depository institutions in United States
7
U.S. branches and agencies of other foreign banks
(including their IBFs)
8
Other depository institutions in United States (including their
IBFs)
9
Balances with banks in foreign countries and with foreign central
banks
10
Foreign branches of U.S. banks
11
Banks in home country and home-country central banks
12
All other banks in foreign countries and foreign central banks . . .
13 Balances with Federal Reserve Banks
778,910
71,763
2,154
11
62,898
23,650
0
n.a.
10,383
706,051
66,643
2,115
60,165
22,215
0
n.a.
14,767
1,128
1
1
877
1,001
545
0
n.a.
312
28,912
1,445
27
0
622
884
790
0
n.a.
35
705
262
590
35
786
0
755
0
0
755
n.a.
43,526
37,711
9,980
9,979
9,639
5,815
23,778
555
3,956
19,267
2,294
404
5,339
13,267
327
1,821
11,119
n.a.
22,543
534
3,800
18,208
2,152
341
12,235
307
1,821
10,107
n.a.
14 Total securities and loans
390,700
24,080
340,691
22,860
15 Total securities, book value
16 U.S. Treasury
17 Obligations of U.S. government agencies and corporations
18 Other bonds, notes, debentures, and corporate stock (including state
and local securities)
19
Securities of foreign governmental units
20
Mortgage-backed securities
21
Issued or guaranteed by U.S. government agencies
22
Other
23
Other asset-backed securities
24
All other
130,054
18,127
22,144
4,552
n.a.
n.a.
123,249
16,300
21,561
89,784
9,912
27,290
25,634
1,657
10,545
42,036
4,552
2,894
31,778
19,946
11,832
25 Federal funds sold
26
With depository institutions in the US
27
With others
0
50
236
20
0
216
12
233
20
0
213
n.a.
784
9
68
424
n.a.
n.a.
1,559
56
236
274
n.a.
n.a.
4,071
1,737
241
12
1,647
85,389
9,495
26,309
24,958
1,351
10,124
39,461
2,840
0
0
0
12
1,376
1,267
50
168
168
0
0
1,049
274
43
0
0
0
0
231
2,092
347
496
496
0
0
1,249
1
1
0
0
0
0
0
14,465
5,347
9,119
30,461
18,661
11,800
14,396
5,292
9,104
141
141
29
29
0
469
469
25
25
0
117,960
18,587
99,373
0
0
0
0
0
0
221
0
221
0
0
0
n.a.
n.a.
28 Securities purchased under agreements to resell
29
With depository institutions in the US
30
With others
118,181
18,587
99,594
3 1 Total loans, gross
32 LESS: Unearned income on loans . .
261,040
394
260,646
19,537
10
19,528
217,771
329
217,442
18,641
9
18,632
11,738
11,715
151
0
151
17,900
5
17,895
67
0
67
23,762
72,617
2,357
1,807
551
0
11,391
34
11,358
44
7,725
744
679
65
0
6,610
14
6,596
371
19,506
63,137
1,568
1,139
429
0
9,894
34
9,861
51,674
44
7,184
647
622
25
0
6,221
14
6,207
316
3,303
1,665
370
365
5
0
121
0
121
1,175
0
77
45
45
0
0
32
0
32
0
51
5,856
30
30
0
0
817
0
817
5,009
0
66
0
0
0
0
16
0
16
50
148,796
116,453
32,343
10,482
122
10,359
121,608
93,491
28,117
10,148
122
10,025
6,518
6,088
430
74
0
74
10,737
9,520
1,217
0
0
0
2,962
7,468
4,801
1,205
2,371
6,684
4,125
1,196
0
69
0
252
0
0
0
264
603
96
0
0
0
340
340
0
0
0
0
0
0
0
293
256
0
0
0
0
0
0
33
EQUALS: Loans, net
Total loans, gross, by category
34 Real estate loans
35 Loans to depository institutions and acceptances of other banks
36
Commercial banks in United States (including their IBFs)
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Other depository institutions in United States (including their IBFs) .
Banks in foreign countries
Foreign branches of U.S. banks
Other banks in foreign countries
43 Loans to other financial institutions . .
44 Commercial and industrial loans
45
U.S. addressees (domicile)
46
Non-US, addressees (domicile)
47 Loans to foreign governments and official institutions (including
foreign central banks)
48 Loans for purchasing or carrying securities (secured and unsecured)
49 All other loans
50 Lease financing receivables (net of unearned income)
51
U.S. addressees (domicile)
52 Non-US, addressees (domicile)
633
596
38
0
53 Trading assets
54
U.S. Treasury and agency securities
55
Other trading assets
133,238
28,050
105,188
158
0
158
119,363
28,022
91,341
158
0
158
44
2
42
0
0
0
3,783
0
3,783
56 All other assets
57
Customers' liabilities on acceptances outstanding
58
U.S. addressees (domicile)
59
Non-US, addressees (domicile)
60
Other assets including other claims on nonrelated parties
61 Net due from related depository institutions5
62 Net due from head office and other related depository institutions5
63
Net due from establishing entity, head office, and other related
depository institutions5
33,250
439
343
95
32,812
282,943
282,943
544
n.a.
n.a.
n.a.
544
79,492
n.a.
30,933
300
239
61
30,633
233,375
233,375
536
n.a.
n.a.
n.a.
536
52,919
n.a.
180
78
77
0
102
1,565
1,565
3
n.a.
n.a.
n.a.
3
4,227
n.a.
1,028
33
21
11
995
296
n.a.
79,492
n.a.
52,919
n.a.
4,227
1,061,853
142,389
939,425
113,084
16,331
5,229
942,243
122,815
838,886
93,947
9,892
5,110
64 Total liabilities4
65 Liabilities to nonrelated parties
Footnotes appear at end of table.
296
n.a.
29,208
25,227
n.a.
n.a.
n.a.
1
2,571
n.a.
2,571
3,455
3,315
US. Branches and Agencies
4.30
67
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 2003J—Continued
Millions of dollars except as noted
66 Total deposits and credit balances
67
Individuals, partnerships, and corporations (including certified
and official checks)
68
U.S. addressees (domicile)
69
Non-U.S. addressees (domicile)
70
Commercial banks in United States (including their IBFs)
71
U.S. branches and agencies of other foreign banks
72
Other commercial banks in United States
73 Banks in foreign countries
74
Foreign branches of U.S. banks
75
Other banks in foreign countries
76 Foreign governments and official institutions
(including foreign central banks)
77 All other deposits and credit balances
Total
excluding
IBFs3
IBFs
only3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
421,426
78,188
379,061
60,096
3,194
2,783
9,657
1,997
332,826
316,708
16,117
56,919
15,759
41,160
6,283
1,487
4,797
8,482
128
8,354
8,524
7,058
1,466
30,574
2,730
27,843
293,818
3,660
128
3,532
7,457
6,043
1,415
24,245
2,542
21,703
2,708
1,739
969
107
0
107
178
178
0
1,611
178
1,433
9,622
9,478
144
0
0
0
35
0
35
18
0
18
6,022
19,376
30,265
343
5,961
24,391
343
7
14
Transaction accounts and credit balances (excluding IBFs)
Individuals, partnerships, and corporations (including certified
and official checks)
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Commercial banks in United States (including their IBFs) . . . .
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Banks in foreign countries
Foreign branches of U.S. banks
Other banks in foreign countries
Foreign governments and official institutions
(including foreign central banks)
All other deposits and credit balances
15,024
90 Nontransaction accounts (including MMDAs, excluding IBFs) . . .
91
Individuals, partnerships, and corporations (including certified
and official checks)
92
U.S. addressees (domicile)
93
Non-U.S. addressees (domicile)
94
Commercial banks in United States (including their IBFs) . . . .
95
U.S. branches and agencies of other foreign banks
96
Other commercial banks in United States
97 Banks in foreign countries
98
Foreign branches of U.S. banks
99
Other banks in foreign countries
100 Foreign governments and official institutions
(including foreign central banks)
101 All other deposits and credit balances
406,402
102 IBF deposit liabilities
103
Individuals, partnerships, and corporations (including certified
and official checks)
104
U.S. addressees (domicile)
105
Non-U.S. addressees (domicile)
106 Commercial banks in United States (including their IBFs) . . .
107
U.S. branches and agencies of other foreign banks
108
Other commercial banks in United States
109 Banks in foreign countries
110
Foreign branches of U.S. banks
Other banks in foreign countries
Foreign governments and official institutions
(including foreign central banks)
All other deposits and credit balances
Footnotes appear at end of table.
283,367
10,451
54,274
14,947
39,326
6,141
1,479
4,662
446
0
446
18
0
18
640
640
0
413
9
404
0
0
13,185
11,674
8,344
3,330
825
574
252
1,197
9
1,188
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9,969
8,008
1,961
825
574
252
1,110
1
1,109
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
120
86
34
0
0
0
18
0
18
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
182
165
17
0
0
0
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
243
1,085
n.a.
n.a.
204
1,078
n.a.
n.a.
2
6
n.a.
n.a.
0
0
n.a.
n.a.
9,475
365,876
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9,440
9,313
127
0
0
0
35
0
35
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.
0
n.a.
n.a.
78,188
60,096
2,783
1,997
8,482
128
8,354
8,524
7,058
1,466
30,574
2,730
27,843
3,660
128
3,532
7,457
6,043
1,415
24,245
2,542
21,703
107
0
107
178
178
0
1,611
178
1,433
18
0
18
30,265
343
24,391
343
321,152
308,364
12,787
56,093
15,185
40,908
5,086
1,478
3,609
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
283,849
275,359
8,490
53,449
14,374
39,075
5,031
1,478
3,553
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
5,780
18,291
n.a.
n.a.
5,758
17,790
1,653
935
446
0
446
0
0
0
640
640
0
413
9
404
927
0
68
Federal Reserve Bulletin Statistical Supplement • February 2004
4.30
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 2003'—Continued
Millions of dollars except as noted
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
67,563
29,796
37,767
26,381
5,364
21,017
43,630
17,454
26,176
17,851
2,526
15,325
1,493
1,362
132
117 Securities sold under agreements to repurchase
118 With depository institutions in the U S
119 With others
120 Other borrowed money
121 Owed to nonrelated commercial banks in United States (including
their IBFs)
122 Owed to U.S. offices of nonrelated U.S. banks
123
Owed to U.S. branches and agencies of nonrelated
foreign banks
124 Owed to nonrelated banks in foreign countries
125 Owed to foreign branches of nonrelated U.S. banks
126
Owed to foreign offices of nonrelated foreign banks
127 Owed to others
166,430
13,688
152,742
89,279
1,806
16,050
165,749
13,674
152,074
80,271
1,806
13,823
10,633
5,758
3,105
628
9,914
5,575
4,874
10,950
996
9,953
67,696
2,477
9,415
774
8,642
3,529
4,340
9,577
881
8,696
60,779
128 All other liabilities
129 Branch or agency liability on acceptances executed and
outstanding
130
Trading liabilities
131
Other liabilities to nonrelated parties
119,358
391
110,080
372
455
88,291
30,612
n.a.
40
351
312
81,609
28,159
n.a.
39
332
78
30
132 Net due to related depository institutions5
133 Net due to head office and other related depository institutions
134 Net due to establishing entity, head office, and other related
depository institutions5
119,610
119,610
19,574
n.a.
100,539
100,539
19,137
n.a.
6,439
6,439
114 Federal funds purchased
115 With depository institutions in the U.S. . .
116 With others
Total
including
IBFs
IBFs
only
491
375
117
4,148
2,094
2,053
981
103
877
216
14
202
2,018
0
1,829
435
0
435
4,621
0
0
0
335
2,835
628
391
46
228
0
192
123
35
0
2,207
8,174
734
7,440
2,814
346
906
60
846
721
40
846
715
70
316
0
316
4,113
35
301
0
301
0
IBFs
only
4,369
3,137
1,200
119
n.a.
n.a.
0
3,981
3,981
140
n.a.
6,027
4,634
1,393
n.a.
0
n.a.
4,159
433
3,726
n.a.
n.a.
n.a.
MEMO
135 Holdings of own acceptances included in commercial and
industrial loans
136 Commercial and industrial loans with remaining maturity of one year
or less (excluding those in nonaccrual status)
137 Predetermined interest rates
138 Floating interest rates
139 Commercial and industrial loans with remaining maturity of more
than one year (excluding those in nonaccrual status)
140 Predetermined interest rates
141 Floating interest rates
Footnotes appear at end of table.
n.a.
n.a.
62,089
25,352
36,737
n.a.
48,003
17,346
30,657
n.a.
3,579
1,695
1,885
79,261
14,527
64,735
n.a.
n.a.
n.a.
67,308
12,249
55,058
n.a.
n.a.
n.a.
2,874
303
2,571
n.a.
n.a.
n.a.
US. Branches and Agencies
4.30
69
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20031—Continued
Millions of dollars except as noted
All states2
Item
142 Components of total nontransaction accounts,
included in total deposits and credit balances
143
Time deposits of $100,000 or more
144
Time CDs in denominations of $100,000 or more
with remaining maturity of more than 12 months
Total
excluding
IBFs3
IBFs
only3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
451,797
398,232
n.a.
n.a.
407,839
358,760
n.a.
n.a.
2,910
2,910
n.a.
n.a.
11,181
9,444
n.a.
n.a.
53,565
n.a.
49,079
n.a.
0
n.a.
1,738
n.a.
All states2
145 Immediately available funds with a maturity greater than one day
included in other borrowed money
146 Number of reports filed6
Illinois
California
New York
Illinois
California
New York
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
36,381
278
n.a.
0
34,430
149
n.a.
0
1,348
53
n.a.
0
1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first
used for reporting data as of June 30, 1980, and was revised as of December 3 1, 1985. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through the Federal
Reserve monthly statistical release G. 11, last issued on July 10, 1980. Data in this table and in
the G. 11 tables are not strictly comparable because of differences in reporting panels and in
definitions of balance sheet items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to
permit banking offices located in the United States to operate international banking facilities
(IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column.
These data are either included in or excluded from the total columns as indicated in the
headings. The notation "n.a." indicates that no IBF data have been reported for that item,
Total
including
IBFs
327
17
IBFs
only
n.a.
0
either because the item is not an eligible IBF asset or liability or because that level of detail is
not reported for IBFs. From December 1981 through September 1985, IBF data were
included in all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or owed to related
banking institutions in the United States and in foreign countries (see note 5). On the former
monthly branch and agency report, available through the G.ll monthly statistical release,
gross balances were included in total assets and total liabilities. Therefore, total asset andtotal
liability figures in this table are not comparable to those in the G. 11 tables.
5. Related depository institutions includes the foreign head office and other U.S. and
foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including
subsidiaries owned both directly and indirectly).
6. In some cases, two or more offices of a foreign bank within the same metropolitan area
file a consolidated report.
70
Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21, 58-59
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign banks, U.S. branches and agencies, 66-9
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21, 66-9 (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, 58-59
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21, 58-59, 66-9
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21, 58-59
Commercial and industrial loans, 15-21, 58-59, 60-5
Consumer loans held, by type and terms, 34, 60-5
Real estate mortgages held, by holder and property, 33
Terms of lending, 60-5
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, 58-59
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)
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
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, 35-9
Foreign banks, U.S. branches and agencies, 66-9
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, 45-7, 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
Commercial banks, 60-5
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22, 60-5
International capital transactions of United States, 44—55
International organizations, 45, 46, 48, 50-3
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21, 60-5
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21, 58-59, 60-5
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Foreign banks, U.S. branches and agencies, 66-9
Insured or guaranteed by United States, 32, 33
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, 60-5
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, 35-9
Saving deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-9
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, 58-59
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)
71
@FedFRASER