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Volume 5 • Number 1 • January 2008 Statistical Supplement $; to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan • Stephen R. Malphrus • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). The Statistical Supplement began publication in 2004. It is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frb.gov. The Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/supplement. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886, or send an e-mail to publications-bog@frb.gov. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of January 2008. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • January 2008 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 and indexes of the foreign exchange value of the U.S. dollar 5 7 GUIDE TO SPECIAL TABLES 5 8 INDEX TO STATISTICAL TABLES 60 FEDERAL RESERVE BOARD PUBLICATIONS 62 ANTICIPATED SCHEDULE OF RELEASE DATES PERIODIC STATISTICAL RELEASES 6 4 PUBLICATIONS FOR OF INTEREST 65 FEDERAL RESERVE STATISTICAL AVAILABLE ON THE COMMERCE ECONOMIC BULLETIN BOARD RELEASES DEPARTMENT'S Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • January 2008 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4' Ql' Q2' Q3' Juner July Aug.r Sept/ Oct. -1.0 1.9 -7.6 -6.2 -6.8 2.7 8.1 8.3 7.9 2.3 -.4 -11.9 -8.0 1.9 11.4 4.1 9.1 1.9 -46.5 -47.3 -48.8 2.0 86.1 -4.5 66.1 4.4 -63.6 20.9 -81.2 -4.0 -.9 7.6 37.5 4.4 .8 6.1 -1.7 -1.8 4.9 2.5 4.4 11.7 2.8 6.0 11.0 .8 41.3 2 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 .4 6.5 2.1 4.0 4.7 Nontransaction components 7 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . Small time1" Thrift institutions 10 Savings, including MMDAs .. 11 Small time8 8 9 Money market mutual funds 12 Retail7 13 Institution-only 12.6 16.1 7.2 3.0 -21.7 7.4 11.4 9.3 26.4 10.9 17.3 18.7 17.4 16.5 13.0 27.7 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at 2.2 -1.5 6.6 5.1 21.5 38.1 3.6 1.7 5.6 -2.5 -14.6 -11.7 -4.3 .6 -15.5 7.3 2.8 -55.1 18.1 24.3 19.5 24.6 31.0 58.2 25.2 59.9 16.9 59.4 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures Aug. Sept. 855,045' 788,389 788,389 275,245 472,700 35,753 4,691 0 26,161 916 642 19 255 -695 40,273' 11,041 2,200 38,569 857,715 779,636 779,636 267,019 472,142 35,753 4,723 0 36,158 1,623 1,399 0 224 125 40,173' 11,041 2,200 38,616 811,813 31,460 31,460 0 276 12,014 4,910 96 6,694 6,694 1 314 40,298 10,994' Average of daily figures for week ending on date indicated Sept. 19 Sept. 26 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 859,312 779,593 779,593 267,019 472,105 35,790 4,680 0 38,798 262 133 13 116 -723 41,382 11,041 2,200 38,671 852,943' 779,636 779,636 267,019 472,142 35,753 4,723 0 30,179 2,421 2,179 0 241 619 40,088' 11,041 2,200 38,617 859,611' 779,634 779,634 267,019 472,142 35,753 4,720 0 39,107 306 88 0 218 -177 40,741' 11,041 2,200 38,628 861,486 779,630 779,630 267,019 472,142 35,753 4,716 0 41,893 202 27 0 175 -1,040 40,802 11,041 2,200 38,639 858,423 779,613 779,613 267,019 472,142 35,753 4,699 0 38,071 257 113 0 144 -509 40,991 11,041 2,200 38,653 857,994 779,597 779,597 267,019 472,142 35,753 4,684 0 38,500 240 126 0 114 -1,472 41,129 11,041 2,200 38,667 858,936 779,580 779,580 267,019 472,142 35,753 4,667 0 37,714 294 142 57 95 -490 41,837 11,041 2,200 38,681 862,618 779,568 779,568 267,019 471,977 35,918 4,654 0 41,250 283 190 0 93 -730 42,247 11,041 2,200 38,695 811,612 35,207 35,207 0 337 814,030 35,787 35,787 0 327 809,893 35,735 35,735 0 339 809,845 35,138 35,138 0 333 811,777 35,242 35,242 0 337 816,153 34,349 34,349 0 340 814,497 34,404 34,404 0 335 812,811 36,726 36,726 0 322 813,082 38,131 38,131 0 308 11,928 4,956 100 6,611 6,611 0 261 41,021 9,466 11,928 4,937 114 6,545 6,545 0 331 41,663 7,488 12,432 5,416 105 6,653 6,653 0 258 40,897 5,506' 11,744 4,761 97 6,648 6,648 0 238 41,150 13,269' 12,281 5,430 103 6,469 6,469 0 278 41,351 12,378 11,308 4,379 97 6,471 6,471 0 362 41,121 7,047 12,114 5,080 97 6,579 6,579 0 357 41,592 6,961 12,032 5,046 99 6,579 6,579 0 309 41,940 7,026 12,006 4,950 169 6,586 6,586 0 301 42,181 8,846 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 . . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 End-of-month figures Wednesday figures Sept. 19 Sept. 26 869,192 779,586 779,586 267,019 470,984 36,911 4,672 0 48,500 92 10 0 82 -747 41,761 11,041 2,200 38,695 853,546' 779,635 779,635 267,019 472,142 35,753 4,722 0 32,750 1,359 1,115 0 244 -136 39,937' 11,041 2,200 38,617 876,160' 779,633 779,633 267,019 472,142 35,753 4,719 0 56,000 207 0 0 207 -588 40,909' 11,041 2,200 38,628 810,607 35,689 35,689 0 336 815,303 38,055 38,055 0 301 810,565 36,225 36,225 0 333 12,364 5,539 112 6,469 6,469 0 245 41,548 15,737' 11,781 4,307 601 6,586 6,586 0 287 41,849 13,839 11,419 4,455 98 6,653 6,653 0 213 40,362 6,501' Aug. Sept. 857,485' 779,642 779,642 267,019 472,142 35,753 4,728 0 38,500 1,342 1,103 0 239 -733 38,734' 11,041 2,200 38,595 864,402' 779,632 779,632 267,019 472,142 35,753 4,718 0 44,750 202 20 0 182 -722 40,540' 11,041 2,200 38,639 815,020 35,774 35,774 0 329 11,617 4,579 94 6,613 6,613 0 Oct. 10 Oct. 17 854,266 779,624 779,624 267,019 472,142 35,753 4,711 0 35,250 179 26 0 153 -651 39,864 11,041 2,200 38,639 870,817 779,608 779,608 267,019 472,142 35,753 4,694 0 50,000 173 40 0 133 -277 41,313 11,041 2,200 38,653 854,886 779,591 779,591 267,019 472,142 35,753 4,677 0 36,250 108 10 0 98 -1,817 40,754 11,041 2,200 38,667 867,537 779,574 779,574 267,019 472,142 35,753 4,661 0 46,000 502 3 402 98 -636 42,097 11,041 2,200 38,681 869,192 779,586 779,586 267,019 470,984 36,911 4,672 0 48,500 92 10 0 82 -747 41,761 11,041 2,200 38,695 812,034 35,312 35,312 0 336 814,588 34,542 34,542 0 340 816,925 34,424 34,424 0 337 814,855 35,087 35,087 0 324 813,861 37,428 37,428 0 310 815,303 38,055 38,055 0 301 11,920 4,943 96 6,648 6,648 0 233 40,846 27,582' 12,518 5,645 98 6,469 6,469 0 306 40,689 3,468 11,262 4,166 97 6,471 6,471 0 529 40,807 18,955 12,095 5,105 97 6,579 6,579 0 315 41,364 3,069 11,715 4,737 99 6,579 6,579 0 300 41,612 14,535 11,781 4,307 601 6,586 6,586 0 287 41,849 13,839 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 40,612 5,969' NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • January 2008 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal 2007 2004 2005 2006 Dec. Dec. Dec.' Apr.' May' June' July' Aug.' Sept.' Oct. 12.046 47,258 34.801 12,457 46.847 44,939 1,909 63 11 0 52 10,047 51,314 35,337 15,977 45,384 43,483 1,900 169 97 0 72 8,479 50,897 34,803 16,094 43,282 41,474 1,808 191 111 0 80 8,560 48,809 33,981 14,828 42,541 41,016 1,525 79 9,205 48,659 34,861 13,798 44,066 42,630 1,436 103 14 0 90 8,739 49,432 34,913 14,519 43,652 41,951 1,702 187 43 0 145 8,420 50,206 34 311 15,896 42,731 41,067 1,664 262 45 0 217 10,983 51,040 33,637 17,402 44,621 39,799 4,822 975 701 19 255 8,606 49,628 33,473 16,155 42,079 40,338 1,742 1,567 1,345 0 221 8,264 49,747 33,212 16,535 41,476 40,026 1,450 254 126 13 115 0 48 B weekly averages of daily figures for two-week periods ending on dates indicated 2007 1 2 3 4 5 6 7 8 9 10 11 2 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal July 4' July 18' Aug. 1' Aug. 15' Aug. 29' Sept. 12' Sept. 26' Oct. 10' Oct. 24 Nov. 7 9,121 51,300 36,827 14,474 45,948 43,935 2,012 188 12 0 176 7,433 49,981 32,082 17,899 39,515 37,838 1,676 299 94 0 206 9,268 50,113 35,937 14,176 45,205 43,661 1,544 245 3 0 243 14,659 52,413 32,127 20,287 46,786 37,467 9,318 261 6 0 255 7,953 50,020 35,358 14,662 43,311 42,257 1,053 1,559 1,258 43 259 7,326 49,032 31,022 18,010 38,348 36,981 1,367 2,250 2,018 0 232 9,388 49,643 35,394 14,249 44,782 42,816 1,965 1,364 1,134 0 9,713 51,366 34,104 17,262 43,817 41,736 2,081 230 70 0 160 6,994 49,294 32,889 16,405 39,883 39,091 791 267 134 29 105 8,737 48,341 32,584 15,758 41,320 39,453 1,867 264 191 0 74 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 On 1/25/08 Effective date Previous rate On 1/25/08 Effective date Previous rate On 1/25/08 Effective date Previous rate 4.00 1/22/08 1/22/08 1/22/08 1/22/08 1/22/08 1/24/08 4.75 4.50 1/22/08 1/22/08 1/22/08 1/22/08 1/22/08 1/24/08 5.25 4.25 1/17/08 4.40 i i 1/22/08 1/23/08 1/22/08 1/24/08 1/22/08 1/22/08 i 4.00 ' 4.75 4.50 1 1/22/08 1/23/08 1/22/08 1/24/08 1/22/08 1/22/08 i 1 1 5.25 4.25 1/17/08 4.40 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 2 Feb. 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 3.25-3.50 3.50 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9,2003 (beginning of program) Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 Aug. 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 4.00^1.75 4.00 4.00 4.00 4.00 4.00 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Effective date 2008—Jan. 22 Jan. 24 In effect January 25, 2008 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 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 Effective date In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • January 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$9.3 million2 2 More than $9.3 million-$43.9 million3 3 More than $43.9 million Percentage of liabilities 0 10 4 Nonpersonal time deposits 0 5 Eurocurrency liabilities 0 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/21/07 12/21/07 12/21/07 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. May July 0 0 76,560 76,560 0 0 0 94,858 94,858 0 Sept. Aug. U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 18,138 0 821.685 821,685 0 871,661 871,661 5,748 0 905,206 905,206 0 0 0 72,690 72,690 0 0 0 75,502 75,502 10,000 7,994 0 103,380 -118,373 0 2,894 0 109,557 -108,098 2,795 4,967 0 0 0 10,552 1,394 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,236 17,249 0 -84,844 110,819 11,309 0 -91,121 97,723 26,354 0 0 0 3,742 0 0 0 2,736 0 0 0 0 0 0 0 0 0 0 0 5,763 0 -8,012 7,554 3,626 0 -7,041 7,375 4,322 0 0 0 290 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,364 0 -10,524 0 2,007 0 -11,395 3,000 3,299 0 0 0 640 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50,507 0 0 28,136 0 2,795 44,690 0 10,552 6,066 0 0 2,736 0 0 0 0 0 0 0 11,236 50,507 25,341 1,876,900 1,887,650 2,097,050 2,083,300 2,125,500 2,131,500 228,250 240,250 179,500 161,250 174,250 190,000 177,750 188,250 185,000 180,000 209,000 200,750 236,500 230,250 5,621,153 5,626,285 6,421,223 6,420,945 6,779,023 6,778,132 843,250 840,887 739,145 739,251 752,100 749,528 672,056 669,588 673,157 673,778 722,358 725,162 669,935 669,850 -5,110 -9,637 18,143 -13,178 -8,032 4,379 5,446 6,334 29,029 -9,637 24,209 -10,442 -8,032 4,379 -5,791 6,334 88,466 88,466 62,340 62,340 62,083 62,083 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 37 Net change in temporary transactions 38 Total net change in System Open Market Account -15,882 34,626 39,369 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • January 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Aug. Sept. 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 currencies'" All other7 19 Total assets 11,037 2,200 1,120 815,053 779,624 779,624 267,019 472,142 35,753 4,711 0 35,250 179 2,678 2,103 38,576 21,942 16,634 11,037 2,200 1,143 829,781 779,608 779,608 267,019 472,142 35,753 4,694 0 50,000 173 4,671 2,103 39,086 21,945 17,142 11,037 2,200 1,179 815,949 779,591 779,591 267,019 472,142 35,753 4 677 0 36,250 108 1,377 2,105 39,278 22,044 17,233 11,037 2,200 1,216 826,077 779,574 779,574 267,019 472,142 35,753 4,661 0 46,000 502 2,354 2,106 39,985 22,276 17,709 11,037 2,200 1,251 828,178 779,586 779,586 267,019 470,984 36,911 4,672 0 48,500 92 2,210 2,118 39,936 22,417 17,519 11,037 2,200 1,019 819,483 779,642 779,642 267,019 472,142 35,753 4,728 0 38,500 1,342 1,828 2,080 36,824 21,472 15,352 11,037 2,200 1,142 824,584 779,632 779,632 267,019 472,142 35,753 4,718 0 44,750 202 1,759 2,094 39,261 22,144 17,116 11,037 2,200 1,251 828,178 779,586 779,586 267,019 470,984 36,911 4,672 0 48,500 92 2,210 2,118 39,936 22,417 17,519 872,766 890,021 873,124 884,973 886,929 874,472 882,076 886,929 777,405 34,542 16,793 10,744 5,645 98 306 3,337 6,004 779,748 34,424 30,329 25,538 4,166 97 529 4,713 6,008 777,686 35,087 15,793 10,276 5,105 97 315 3,193 5,925 776,701 37,428 26,243 21,107 4,737 99 300 2,989 5,934 778,155 38,055 25,915 20,720 4,307 601 287 2,955 5,724 777,769 35,774 17,775 12,771 4,579 94 330 2,542 6,017 773,442 35,689 28,909 23,014 5,539 778,155 38,055 25,915 20,720 4,307 601 287 2,955 5,724 838,080 855,223 837,684 849,296 850,803 839,877 17,290 15,438 1,958 17,291 15,438 2,070 17,736 15,438 2,266 17,756 15,438 2,484 17,947 15,455 2,724 16,848 15,424 2,323 34,686 34,799 36,126 34,595 1,998,716 1,215,623 783,093 6,021 2,012,029 1,226,787 785,241 5,743 2,027,987 1,230,603 797,384 10,448 1,979,433 1,205,928 773,505 5,633 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities 245 2,488 5,872 850,803 CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 17,274 15,437 2,964 17,947 15,455 2,724 32 Other capital accounts 36,126 33 Total capital MEMO 34 Marketable securities held in custody for foreign official and international accounts3'10 35 U.S. Treasury 36 Federal agency 37 Securities lent to dealers 2,024,595 1,236,887 787,708 8,354 2,032,855 1,231,085 801,770 9,509 1,997,777 1,212,181 785,596 3,154 2,027,987 1,230,603 797,384 10,448 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 1,001,331 1,001,525 1,001,313 1,002,075 1,001,409 995,132 1,000,658 1,001,409 223,927 777,405 777,405 11,037 2,200 764,168 0 221,777 779,748 779,748 11,037 2,200 766,511 0 223,626 777,686 777,686 11,037 2,200 764,449 0 225,375 776,701 776,701 11,037 2,200 763,464 0 223,253 778,155 778,155 11,037 2,200 764,919 0 217,362 777,769 777,769 11,037 2,200 764,533 0 227,217 773,442 773,442 11,037 2,200 760,205 0 223,253 778,155 778,155 11,037 2,200 764,919 0 814,874 829,608 815,841 825,574 828,086 818,142 824,382 828,086 34,586 34,467 35,133 37,604 38,345 35,906 35,747 38,345 780,288 795,140 780,708 787,970 789,740 782,236 788,634 789,740 MEMO 46 Total U.S. Treasury and agency securities'' 47 Less: face value of securities under reverse repurchase agreements12 48 U.S. Treasury and agency securities eligible to be pledged 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release, which is available at www.federalreserve.gov/releases. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Valued daily at market exchange rates. 7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 9. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 11. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 12. Face value of agreements, which are fully collateralized by U.S. Treasury securities. Federal Reserve Banks 1.19 FEDERAL RESERVE BANKS 11 Maturity Distribution of Loans and Securities Millions of dollars Wednesday Type of holding and maturity Sept. Aug. 1 Total loans 502 47 132 0 62 111 0 101 7 501 72 20 0 140 1,202 142 60 72 20 0 779,624 779,608 779,591 779,574 779,586 779,642 779,632 779,586 46,514 164.935 169,183 237,311 75,487 86,195 46,555 165,644 168,432 237,305 75,484 86,188 55,399 159,545 166,660 236,325 75,481 86,181 57,578 157,995 166,029 236,319 75,478 86,174 61,096 148,087 164,893 243,868 75,475 86,167 33,693 167,042 175,414 241,801 75,490 86,202 38,183 172,972 170,964 235,827 75,488 86,197 61,096 148,087 164,893 243,868 75,475 86,167 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 Total repurchase agreements2 35,250 50,000 36,250 46,000 48,500 38,500 44,750 48,500 20 Within 15 days 35,250 0 50,000 0 36,250 0 46,000 0 48,500 0 38,500 0 44,750 0 48,500 0 35,087 37,428 35,087 0 37,428 0 38,055 0 35,774 0 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities' 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements" 34,542 34,542 34,424 0 23 Within 15 days 24 16 days to 90 days NOTE: Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 35,689 35,689 0 38,055 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • January 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. Apr. May' Aug. Sept/ Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 42.67 42.63 41.63 720.36' 46.60 46.54 44.69 759.26' 45.14 44.98 43.24 787.31' 43.32' 43.12 41.51 811.82' 42.32 42.27 40.69 814.99' 42.72 42.64 41.19 817.21 43.20 43.09 41.76 818.80 43.61 43.42 41.90 820.09 41.92 41.65 40.25' 821.48' 44.92 43.95 40.10 824.51' 42.54 40.97 40.80 821.73 42.51 42.25 41.06 824.71 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 42.46 42.41 41.41 725.21 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.55' 818.40 40.79 40.74 39.16 813.94 42.60 42.52 41.07 815.95 44.14 44.03 42.70 818.60 43.74 43.55 42.03 820.03 42.83 42.57 41.16' 822.06 44.73 43.75 39.91' 823.10 42.20 40.64 40.46 819.87 41.61 41.36 40.16 821.88 42.95 42.91 41.91 737.62 1.05 .05 46.85 46.79 44.94 774.77 1.91 .06 45.38 45.22 43.48 802.30 1.90 .17 43.28 43.09 41.47' 825.29 1.81 .19 40.75 40.70 39.12 820.79 1.64 .05 42.54 42.46 41.02 822.63 1.53 .08 44.07 43.96 42.63 825.07 1.44 .10 43.65 43.47 41.95 826.51 1.70 .19 42.73 42.47 41.07' 828.45 1.66' .26 44.62 43.65' 39.80 829.74 4.82 .98 42.08 40.51 40.34 826.42 1.74 1.57 41.48 41.22 40.03 828.35 1.45 .25 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec/ Julyr Aug.r Sept.r Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,306.1' 6.071.2' 8,872.3 1,376.3' 6,421.6' 9,433.0 1,374.5' 6,691.7' 10,154.0 1,367.1 7,035.5 n .a. 1,368.7 7,271.2 n.a. 1,367.9 7,320.7 n .a. 1,365.8 7,350.7 n.a. 1,368.7 7,377.6 n.a. 662.5' 7.7 325.8' 310.1' 697.6' 7.5' 343.2' 328.0' 723.9' 7.2 324.9' 318.5' 748.9 6.7 306.4 305.0 758.0 6.5 301.9 302.3 758.1 6.4 300.7 302.6 759.2 6.4 296.1 304.1 761.6 6.4 296.1 304.7 4,765.1' 2,792.7 5,045.3' 3,011.1 5,317.2' 3,478.5 5,668.5 n .a. 5,902.5 n.a. 5,952.9 n .a. 5,984.9 n.a. 6,008.8 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,337.7' 541.3' 764.5 2,631.0' 551.0' 909.3 2,771.5' 644.6' 1,122.9 2,905.7 758.0 n .a. 2,966.7 763.6 n.a. 2,995.6 765.4 n .a. 3,010.5 772.4 n.a. 3,012.6 799.0 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 831.4 277.4' 120.7 887.3' 278.8' 161.5 849.9' 351.3' 230.7 792.9 412.4 n .a. 871.5 426.2 n.a. 868.4 426.4 n .a. 857.2 429.0 n.a. 859.2 409.3 n.a. 777.4' 1,132.2' 697.1' 1,082.8' 699.9' 1,147.5' 799.4 1,344.3 874.4 1,526.3 897.0 1,600.3 915.8 1,680.2 928.7 1,763.4 494.8 295.3 492.6 379.1 564.3 423.9 n .a. n .a. n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,332.0 6,099.9' 8,927.8 1,401.3 6,451.5' 9,482.2 1,396.6 6,721.6' 10,201.4 1,387.8 7,071.3 1,365.9 7,255.1 1,367.0 7,311.5 n.a. 1,350.5 7,339.3 n.a. 1,360.9 7,353.4 666.7 7.6 342.7 315.0 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 754.5 6.7 317.3 309.3 758.3 6.6 303.3 297.7 757.3 6.6 303.9 299.1 756.7 6.5 289.9 297.5 759.6 6.4 295.9 298.9 Nontransaction components 27 In M27 28 In M3 onlys 4,767.9' 2,815.9 5,050.2' 3,025.4 5,325.1' 3,488.3 5,683.5 5,889.2 5,944.5 n.a. Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,338.0 540.8 760.9 2,633.2 550.3 903.3 2,776.1 643.7' 1,114.4 2,914.8 757.5 2,964.4 761.7 2,991.0 765.4 3,012.9 774.4 n.a. 2,999.8 802.1 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 831.5 277.1 120.1 278.4 160.4 851.3' 350.8 228.9 795.4 412.1 870.8 425.2 867.1 426.4 n.a. 857.9 430.1 855.6 410.9 780.5' 1,160.0' 700.2' 1,107.6' 703.2' 1,173.4' 803.7 1,377.0 867.0 1,498.4 894.6 1,585.8 913.6 1,682.8 924.1 1,773.1 497.6 292.8 494.6 376.6 566.1 422.0 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appeal on following page. n.a. n.a. 5,992.5 14 Federal Reserve Bulletin Statistical Supplement • January 2008 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account Dec. 2007 2007 2006 June July Aug. Sept.' Oct.' Nov.' Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,349.0 2,227.4 1,196.0 1,031.4 6,121.7 1,193.8 3,369.5 471.3 2,898.1 741.8 266.0 550.7 355.3 295.8 839.1 8,628.8' 2,308.9' 1,177.8' 1,131.1' 6,319.9' 1,261.8 3,441.6 459.6 2,982.0 767.0 269.2 580.3 364.0 289.0 871.3 8,694.2' 2,318.1' 1,180.6' 1,137.5' 6,376.1' 1,281.0' 3,458.6 462.4 2,996.3' 774.7 270.6 591.2 378.3 293.5 878.0' 8,820.7' 2,342.0' 1,186.1' 1,155.9' 6,478.7 1,313.4 3,471.3' 465.9 3,005.4 777.2 285.7 631.2 397.4 290.6' 891.9' 8,947.9 2,370.9 1,170.7 1,200.2 6,577.0 1,361.3 3,496.1 470.1 3,026.0 784.4 281.7 653.5 403.1 298.1 925.0 9,065.7 2,403.4 1,135.1 1,268.3 6,662.3 1,396.4 3,549.7 476.3 3,073.4 781.8 265.5 668.9 412.5 289.2 936.9 9,183.6 2,466.8 1,118.5 1,348.3 6,716.7 1,411.8 3,569.4 481.3 3,088.1 792.2 279.5 663.8 430.9 291.8 948.9 9,225.8 2,441.1 1,110.8 1,330.3 6,784.6 1,436.8 3,583.4 486.5 3,096.9 803.9 289.6 670.9 451.3 293.5 960.7 9,204.7 2,454.3 1,112.3 1,342.0 6,750.5 1,434.1 3,579.1 484.3 3,094.9 801.9 270.8 664.6 469.6 280.9 966.2 9,165.8 2,413.4 1,110.9 1,302.5 6,752.3 1,425.1 3,570.0 485.6 3,084.4 804.7 287.4 665.2 434.0 282.6 959.3 9,230.8 2,450.1 1,110.5 1,339.5 6,780.8 1,433.6 3,583.6 486.6 3,097.1 807.5 284.4 671.7 455.4 286.0 961.3 9,257.7 2,426.8 1,107.1 1,319.6 6,830.9 1,445.5 3,593.1 487.9 3,105.2 804.4 305.6 682.3 460.6 299.6 954.1 9,770.4 10,084.0' 10,172.7' 10,328.9' 10,501.6 10,630.0 10,780.5 10,853.5 10,844.4 10,764.3 10,855.8 10,894.1 6,144.8 624.8 5,520.0 1,679.4 3,840.6 1,979.9 418.9 1,561.1 69.0 576.1 6,279.2 620.4 5,658.8 1,768.2' 3,890.6' 2,096.2 442.1 1,654.2 -4.6 605.1 6,304.8 607.7 5,697.1 1,768.2' 3,928.9' 2,112.4 439.1 1,673.3 66.1 603.8 6,373.0 624.9 5,748.0 1,816.3' 3,931.8' 2,194.2 459.9 1,734.3 58.9 597.4 6,432.5 605.0 5,827.4 1,868.5 3,958.9 2,242.9 463.9 1,779.0 107.3 598.4 6,565.6 622.2 5,943.4 1,970.4 3,973.0 2,209.6 465.7 1,743.9 104.7 626.8 6,640.7 608.3 6,032.4 2,030.7 4,001.7 2,240.7 477.7 1,763.0 104.8 672.1 6,663.5 593.1 6,070.5 2,020.8 4,049.7 2,322.7 512.9 1,809.7 113.3 659.2 6,651.1 613.5 6,037.7 2,034.5 4,003.2 2,286.9 501.2 1,785.7 94.6 674.3 6,650.9 582.1 6,068.8 2,024.3 4,044.5 2,240.7 486.8 1,753.9 100.2 669.1 6,629.5 593.3 6,036.2 2,019.0 4,017.1 2,355.7 518.4 1,837.3 125.9 649.7 6,701.0 594.6 6,106.4 2,009.9 4,096.5 2,377.4 535.2 1,842.1 111.8 631.0 27 Total liabilities 8,769.8 8,976.0 9,087.1 9,223.5 9,381.1 9,506.7 9,658.3 9,758.7 9,706.9 9,661.0 9,760.8 9,821.1 28 Residual (assets less liabilities)5 1,000.7 1,108.0' 1,085.6' 1,105.4' 1,120.6 1,123.2 1,122.1 1,094.8 1,137.4 1,103.2 1,095.0 1,072.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,394.4 2,232.8 1,197.1 1,035.7 6,161.5 1,192.1 3,383.0 470.1 2,912.9 753.1 332.1 420.9 276.4 556.9 361.6 311.6 836.5 8,615.9' 2,308.1' 1,176.0' 1,132.1' 6,307.8 1,266.0 3,432.3 461.3 2,971.0 759.9' 324.3 435.6 268.7 580.8 355.3 285.1 873.7 8,658.2' 2,304.4' 1,172.2 1,132.2' 6,353.8 1,278.6 3,449.2 463.3 2,985.9 767.0 325.8 441.2 266.9 592.1 369.2 288.8 878.8' 8,793.4' 2,335.4' 1,179.8' 1,155.6' 6,458.0 1,306.4' 3,471.0 467.5 3,003.5 774.4 328.4 446.0 278.2 627.9 395.1 280.6 894.5' 8,943.1 2,366.1 1,161.3 1,204.8 6,577.0 1,354.6 3,502.1 472.0 3,030.1 786.4 333.2 453.2 279.0 654.8 398.7 298.8 927.8 9,063.5 2,394.2 1,123.4 1,270.8 6,669.4 1,389.5 3,560.1 477.3 3,082.8 783.5 331.2 452.4 270.8 665.4 415.2 291.5 937.3 9,220.1 2,474.2 1,123.0 1,351.2 6,745.9 1,407.3 3,590.9 481.5 3,109.4 795.6 342.5 453.0 285.9 666.3 439.4 299.7 948.8 9,275.9 2,446.2 1,109.6 1,336.6 6,829.7 1,434.9 3,596.6 485.3 3,111.3 815.6 364.7 450.9 301.4 681.3 458.6 310.7 957.5 9,239.8 2,462.9 1,118.7 1,344.2 6,776.9 1,425.4 3,598.2 482.7 3,115.5 802.8 350.5 452.3 281.7 668.8 464.5 287.2 958.1 9,217.2 2,421.1 1,111.7 1,309.4 6,796.0 1,418.1 3,589.4 484.2 3,105.2 809.8 358.1 451.7 306.2 672.5 440.3 284.9 957.5 9,291.8 2,455.2 1,107.9 1,347.2 6,836.7 1,433.8 3,594.9 485.9 3,108.9 820.6 370.6 449.9 303.3 684.1 471.5 304.6 953.2 9,316.3 2,430.7 1,104.1 1,326.6 6,885.5 1,449.1 3,602.0 486.4 3,115.5 824.1 374.2 449.9 314.3 696.1 471.5 316.8 954.0 9,835.2 10,060.8' 10,123.9' 10,291.9' 10,495.8 10,633.5 10,833.1 10,924.8 10,871.9 10,822.2 10,943.2 10,980.8 6,166.2 659.1 5,507.1 1,672.4 3,834.7 1,968.1 416.4 1,551.6 78.3 583.5 6,292.5 617.8 5,674.7 1,784.9' 3,889.8' 2,108.9 441.5 1,667.4 -13.1 598.2 6,290.8 600.8 5,690.0 1,771.9' 3,918.1' 2,106.8' 438.3 1,668.5 55.5 595.2 6,357.1 611.8 5,745.3 1,812.6' 3,932.8' 2,185.3' 461.0 1,724.4 60.3 599.1 6,419.7 599.7 5,820.1 1,857.2 3,962.9 2,256.3 465.3 1,791.0 112.6 602.4 6,546.0 616.7 5,929.3 1,951.5 3,977.8 2,208.2 466.0 1,742.2 113.0 633.0 6,648.0 612.9 6,035.1 2,014.7 4,020.4 2,234.0 478.3 1,755.7 120.0 684.3 6,680.4 626.4 6,054.0 2,011.5 4,042.6 2,308.1 510.0 1,798.1 124.4 668.1 6,678.8 583.3 6,095.5 2,025.5 4,070.0 2,253.3 498.0 1,755.3 110.9 686.6 6,666.7 580.6 6,086.2 2,018.7 4,067.5 2,217.0 484.0 1,733.0 112.6 679.9 6,658.3 633.3 6,025.0 2,014.0 4,011.0 2,362.7 518.0 1,844.7 126.1 648.9 6,674.9 688.3 5,986.6 1,999.1 3,987.4 2,375.0 531.6 1,843.3 135.1 649.2 57 Total liabilities 8,796.2 8,986.6 9,048.3 9,201.9 9,391.1 9,500.3 9,686.4 9,781.0 9,729.5 9,676.2 9,796.0 9,834.1 58 Residual (assets less liabilities)5 1,039.0 1,074.2' 1,075.6' 1,090.0' 1,104.8 1,133.2 1,146.7 1,143.8 1,142.4 1,146.0 1,147.2 1,146.7 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. 16 Federal Reserve Bulletin Statistical Supplement • January 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Dec. 2007 2007 2006 June July Aug. Sept.' Oct.' Nov.' Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,415.1 1,851.0 1,112.3 738.8 5,564.1 976.1 3,345.7 471.3 2 874.3 741.8 119.3 381.2 291.2 243.7 802.9 7,600.0' 1,879.9' 1,094.6' 785.2' 5,720.2 1,025.9 3,412.6 459.6 2,952.9 767.0 124.9 389.8 298.3 238.2 832.1' 7,645.8' 1,889.7' 1,098.0' 791.7' 5,756.1 1,042.6' 3,428.2' 462.4 2,965.8 774.7 120.5 390.1 305.2 239.6 837.5' 7,739.3' 1,907.2' 1,095.8' 811.4' 5,832.1 1,069.2 3,441.0 465.9 2,975.2' 777.2 127.9 416.8 323.2 236.6 850.9' 7,842.9 1,930.7 1,080.6 850.1 5,912.2 1,104.1 3,459.3 470.1 2,989.1 784.4 132.4 432.0 323.4 241.3 876.3 7,931.0 1,941.2 1,041.9 899.3 5,989.9 1,132.4 3,511.6 476.3 3,035.3 781.8 127.6 436.5 329.6 231.2 890.8 8,015.2 1,980.3 1,026.3 954.0 6,034.9 1,139.2 3,531.0 481.3 3,049.7 792.2 136.7 435.7 345.3 236.4 901.3 8,064.9 1,978.1 1,023.8 954.3 6,086.8 1,155.0 3,543.9 486.5 3 057.4 803.9 145.6 438.4 359.2 244.0 915.0 8,050.3 1,981.0 1,024.4 956.7 6,069.3 1,152.9 3,541.1 484.3 3,056.8 801.9 140.7 432.7 377.5 231.1 917.5 8,005.0 1,946.1 1,025.4 920.7 6,058.9 1,146.6 3,530.7 485.6 3,045.2 804.7 145.3 431.7 344.7 231.7 918.8 8,071.4 1,991.9 1,024.2 967.7 6,079.4 1,151.5 3,544.3 486.6 3,057.7 807.5 138.4 437.7 355.4 235.6 916.6 8,088.5 1,972.7 1,020.7 951.9 6,115.8 1,160.6 3,552.7 487.9 3,064.8 804.4 150.9 447.2 368.9 251.7 903.1 8,684.7 8,900.0r 8,957.3r 9,079.0r 9,211.9 9,309.0 9,424.0 9,505.9 9,499.8 9,423.4 9,501.7 9,534.8 5,393.1 614.0 4,779.1 940.4 3,838.7 1,452.1 359.1 1,093.0 371.9 462.8 5,409.4 609.1 4,800.3 912.3' 3,888.1' 1,515.4 376.2 1,139.2 401.6 483.5 5,448.7 596.6 4,852.2 926.0' 3,926.2' 1,530.7 377.0 1,153.7 414.0 482.9 5,487.0 613.2 4,873.9 944.8' 3,929.0' 1,608.5 389.2 1,219.4 408.5 475.2' 5,503.0 593.0 4,910.0 953.8 3,956.2 1,678.0 399.6 1,278.4 433.5 477.1 5,575.2 609.9 4,965.2 994.9 3,970.3 1,646.3 405.8 1,240.5 454.0 505.4 5,625.7 596.0 5,029.7 1,030.7 3,999.0 1,659.3 417.6 1,241.7 469.5 545.5 5,666.5 580.8 5,085.7 1,038.7 4,047.0 1,714.8 445.0 1,269.8 486.8 534.8 5,654.5 601.2 5,053.3 1,052.7 4,000.5 1,690.9 430.6 1,260.4 473.8 550.0 5,658.6 569.9 5,088.7 1,046.9 4,041.8 1,644.2 419.7 1,224.5 465.4 543.9 5,631.4 581.0 5,050.4 1,035.9 4,014.5 1,749.7 456.8 1,292.9 484.1 532.6 5,706.1 582.6 5,123.4 1,029.6 4,093.8 1,744.9 455.2 1,289.7 496.8 511.0 27 Total liabilities 7,679.9 7,809.9 7,876.3 7,979.2 8,091.7 8,180.8 8,300.0 8,402.8 8,369.2 8,312.1 8,397.8 8,458.8 28 Residual (assets less liabilities)5 1,004.8 1,090.1' 1,081.0' 1,099.8' 1,120.3 1,128.2 1,124.0 1,103.1 1,130.7 1,111.3 1,103.9 1,076.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,453.3 1,856.5 1,113.4 743.1 5,596.8 973.7 3,359.2 470.1 2,889.1 1,454.7 1,434.4 753.1 332.1 420.9 124.0 386.8 297.4 258.3 799.6 7,589.0' 1,879.1' 1,092.8' 786.3' 5,710.0 1,030.8 3,403.3' 461.3 2,942.0 1,424.9 1,517.1' 759.9' 324.3 435.6 125.8 390.2 289.6 235.0 834.4 7,613.4' 1,876.0' 1,089.6 786.4' 5,737.4 1,040.9' 3,418.8' 463.3 2,955.5 1,450.5 1,505.0' 767.0 325.8 441.2 119.7 391.1 296.1 235.3 839.0' 7,720.2' 1,900.6' 1,089.5' 811.1' 5,819.6 1,062.9 3,440.7 467.5 2,973.3' 1,456.4' 1,516.8 774.4 328.4 446.0 126.6 415.0 320.9 226.2 854.1' 7,843.2 1,925.9 1,071.3 854.6 5,917.3 1,099.3 3,465.3 472.0 2,993.3 1,466.0 1,527.3 786.4 333.2 453.2 132.7 433.6 319.0 240.9 879.8 7,934.3 1,932.0 1,030.2 901.8 6,002.3 1,129.2 3,522.0 477.3 3,044.7 1,504.3 1,540.4 783.5 331.2 452.4 130.8 436.9 332.3 232.6 892.2 8,052.2 1,987.7 1,030.8 956.9 6,064.5 1,137.5 3,552.5 481.5 3,071.0 1,517.3 1,553.7 795.6 342.5 453.0 139.1 439.9 353.8 243.7 902.1 8,107.5 1,983.2 1,022.6 960.6 6,124.3 1,152.0 3,557.1 485.3 3,071.8 1,511.7 1,560.1 815.6 364.7 450.9 151.5 448.0 366.5 260.0 910.7 8,080.5 1,989.7 1,030.8 958.9 6,090.8 1,146.7 3,560.2 482.7 3,077.5 1,523.2 1,554.3 802.8 350.5 452.3 142.5 438.7 372.4 236.4 910.6 8,045.3 1,953.7 1,026.1 927.6 6,091.5 1,140.4 3,550.1 484.2 3,065.9 1,507.8 1,558.1 809.8 358.1 451.7 151.5 439.7 350.9 233.3 913.5 8,121.8 1,997.1 1,021.6 975.4 6,124.7 1,149.6 3,555.5 485.9 3,069.6 1,507.6 1,561.9 820.6 370.6 449.9 149.8 449.2 371.5 251.7 908.0 8,141.1 1,976.6 1,017.7 958.9 6,164.4 1,161.3 3,561.6 486.4 3,075.1 1,510.0 1,565.2 824.1 374.2 449.9 158.6 458.9 379.7 267.8 902.4 8,740.2 8,879.3r 8,913.3r 9,050.3r 9,210.8 9,317.9 9,477.4 9,567.4 9,522.7 9,465.9 9,575.5 9,613.7 5,420.5 647.9 4,772.7 939.8 3,832.9 1,440.2 356.6 1,083.6 377.5 468.1 5,408.8 606.7 4,802.1 914.9' 3,887.2' 1,528.1 375.6 1,152.4 396.4 478.6 5,432.9 589.9 4,842.9 927.5' 3,915.4' 1,525.1 376.2 1,148.9 406.5 476.1 5,475.1 600.2 4,874.9 944.8' 3,930.0' 1,599.7 390.2 1,209.5 411.0 477.5 5,500.8 587.6 4,913.2 953.1 3,960.2 1,691.4 401.0 1,290.4 436.9 480.1 5,575.8 604.6 4,971.2 996.1 3,975.1 1,644.9 406.1 1,238.8 458.0 509.2 5,649.8 600.7 5,049.1 1,031.3 4,017.8 1,652.5 418.2 1,234.3 477.8 553.8 5,691.4 613.6 5,077.8 1,037.9 4,039.9 1,700.2 442.0 1,258.2 494.0 541.3 5,690.3 571.2 5,119.1 1,051.7 4,067.4 1,657.3 427.4 1,229.9 479.9 556.1 5,676.7 568.3 5,108.4 1,043.6 4,064.9 1,620.4 416.8 1,203.6 473.7 552.3 5,662.8 620.4 5,042.4 1,034.1 4,008.3 1,756.6 456.3 1,300.3 481.8 530.4 5,689.4 675.7 5,013.7 1,029.0 3,984.8 1,742.6 451.6 1,291.0 513.1 525.3 59 Total liabilities 7,706.3 7,811.8 7,840.6 7,963.2 8,109.3 8,187.9 8,334.0 8,426.9 8,383.5 8,323.2 8,431.6 8,470.3 60 Residual (assets less liabilities)5 1,033.8 1,067.5' 1,072.7' 1,087.1' 1,101.5 1,130.0 1,143.4 1,140.5 1,139.2 1,142.7 1,143.8 1,143.4 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Dec.' 2007 2007 2006 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 Federal funds sold to and repurchase agreements with others 25 All other loans 26 Lease-financing receivables 27 Interbank loans 28 Federal funds sold to and repurchase agreements with commercial banks 29 Other 30 Cash assets5 31 Other assets'" 32 Total assets7 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)5 Footnotes appear on p. 21. 4,610.6 1,247.4 716.5 49.1 667.4 596.8 70.6 530.9 250.0 280.9 53.1 227.9 3,363.2 630.8 1,903.4 373.5 1 529 9 963.1 566.8 435.2 111.9 4,757.6 1,270.1 704.8 67.8 637.0 575.9 61.0 565.3 281.5 283.8 58.1 225.7 3,487.5 659.5 1,973.3 373.0 1 600 4 982.6 617.7 453.0 117.4 4,796.0 1,290.2 714.3 70.5 643.9 575.5 68.4 575.8 290.6 285.3 58.4 226.8 3,505.8 666.9 1,988.0 375.0 1,613.0 1,013.2 599.8 451.8 112.8 4,871.8 1,305.7 713.5 66.6 646.9 576.9 70.0 592.1 301.7 290.5 59.2 231.2 3,566.1 687.8 1,993.3 377.9 1,615.4 1,011.4 604.0 454.4 119.8 4,944.8 1,324.9 700.5 68.7 631.8 563.1 68.7 624.4 317.1 307.3 59.9 247.4 3,619.9 715.2 1,997.0 381.8 1,615.1 1,008.5 606.7 461.5 123.3 5,015.8 1,325.7 661.0 67.9 593.1 525.2 67.9 664.7 350.1 314.6 60.2 254.4 3,690.0 740.4 2,043.2 387.1 1,656.1 1,045.2 610.8 458.7 118.8 5,096.5 1,373.8 650.9 70.4 580.4 517.2 63.2 722.9 392.8 330.1 59.9 270.2 3,722.7 743.7 2,062.2 391.8 1,670.3 1,054.3 616.0 460.6 128.2 5,123.3 1,377.6 651.1 91.0 560.1 507.3 52.8 726.5 390.2 336.3 57.2 279.0 3,745.7 752.9 2,062.4 396.6 1,665.9 1,047.2 618.7 460.4 136.8 5,121.0 1,381.9 653.4 77.8 575.6 520.6 55.0 728.5 392.0 336.6 59.2 277.4 3,739.1 753.8 2,061.4 394.4 1,667.0 1,053.7 613.3 463.7 132.1 5,072.2 1,345.6 652.0 91.1 560.9 505.6 55.2 693.6 355.6 338.1 57.9 280.1 3,726.6 746.8 2,052.2 395.7 1,656.5 1,041.5 614.9 462.9 137.0 5,117.8 1,386.8 650.1 94.8 555.2 505.5 49.7 736.8 399.3 337.5 56.4 281.0 3,731.0 749.5 2,060.8 396.5 1,664.3 1,044.7 619.6 459.7 129.9 5,139.8 1,372.9 648.0 92.6 555.4 503.4 51.9 724.9 391.7 333.2 56.4 276.8 3,766.9 756.5 2,068.1 398.1 1,670.0 1,046.0 624.0 458.6 142.5 90.4 21.5 93.1 24.3 88.0 24.8 94.6 25.2 99.0 24.3 94.9 23.9 101.7 26.4 111.4 25.4 106.6 25.4 111.9 25.1 104.9 25.0 117.0 25.5 25.0 150.2 106.7 191.6 34.2 150.8 99.4 174.0 32.2 154.3 99.8 178.9 41.8 169.5 99.7 190.7 49.3 173.5 100.1 192.9 48.0 181.3 99.6 206.2 44.7 184.2 99.3 222.1 45.8 188.6 98.6 234.5 46.8 182.6 98.7 249.7 43.5 185.4 98.7 221.1 46.5 186.2 98.5 233.5 52.4 190.2 98.6 243.2 126.0 65.7 154.0 586.2 123.2 50.9 150.0 602.4 129.2 49.7 150.1 607.1 140.3 50.4 147.5 618.1 142.2 50.7 153.2 635.3 155.4 50.8 142.4 642.7 166.8 55.3 150.2 648.2 176.3 58.1 155.1 663.6 183.2 66.5 145.9 663.5 163.0 58.1 144.4 663.5 172.9 60.6 149.8 668.4 189.5 53.6 161.8 652.3 5,507.0 5,648.8 5,695.1 5,791.3 5,888.9 5,968.2 6,078.2 6,135.3 6,139.2 6,060.2 6,128.7 6,156.4 3,149.7 337.5 2,812.2 520.1 2 292 1 914.3 149.8 764.5 362.8 382.6 3,143.3 332.7 2,810.6 498.4 2 312 2 982.8 139.0 843.8 402.0 405.8 3,163.9 322.1 2,841.9 513.3 2,328.6 1,034.8 151.2 883.6 412.7 406.1 3,196.6 333.1 2,863.5 532.0 2,331.5 1,090.8 155.3 935.5 406.9 398.7 3,208.6 316.7 2,891.9 541.8 2,350.1 1,128.8 154.2 974.6 432.0 401.7 3,282.9 327.4 2,955.6 582.6 2,372.9 1,080.8 159.7 921.0 451.0 427.9 3,338.9 321.8 3,017.1 618.0 2,399.2 1,081.5 163.8 917.7 466.4 468.0 3,371.8 311.8 3,060.0 624.7 2,435.4 1,117.4 180.3 937.1 483.9 455.6 3,367.7 326.6 3,041.1 638.6 2,402.5 1,104.9 172.2 932.7 471.0 472.8 3,362.8 300.5 3,062.3 632.6 2,429.7 1,061.1 167.3 893.8 462.3 466.3 3,339.7 309.0 3,030.7 621.5 2,409.2 1,146.9 186.8 960.1 481.3 452.4 3,403.5 313.0 3,090.5 615.6 2,475.0 1,133.9 181.9 951.9 493.8 431.1 4,809.3 4,933.9 5,017.6 5,093.0 5,171.1 5,242.6 5,354.8 5,428.7 5,416.4 5,352.6 5,420.3 5,462.3 697.7 715.0 677.6 698.3 717.8 725.6 723.4 706.6 722.8 707.6 708.5 694.1 18 Federal Reserve Bulletin Statistical Supplement • January 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account 2006 Dec.' 2007 2007 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets5 77 Other assets6 78 Total assets7 79 80 81 82 83 84 85 86 87 88 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 89 Total liabilities 90 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,627.7 1,249.2 713.9 47.3 666.7 596.8 69.9 535.3 252.2 283.1 53.5 229.6 3,378.5 629.1 1,906.8 372.6 1,534.2 965.2 569.0 439.2 134.1 305.1 116.4 4,758.0 1,269.2 702.9 68.2 634.7 572.5 62.2 566.3 282.0 284.3 58.2 226.1 3,488.9 662.3 1,973.6 374.3 1,599.2 983.9 615.3 450.3 130.4 319.9 118.5 4,775.5 1,278.2 707.7 68.8 638.9 570.7 68.2 570.5 287.8 282.6 57.9 224.8 3,497.3 665.3 1,985.1 375.8 1,609.3 1,012.7 596.6 447.8 130.1 317.7 112.1 4,856.7 1,300.4 708.5 65.5 643.0 574.4 68.6 591.8 301.5 290.3 59.2 231.1 3,556.4 683.8 1,993.1 379.3 1,613.7 1,011.8 601.9 452.2 130.6 321.6 118.4 4,941.7 1,320.4 691.4 67.1 624.3 558.2 66.2 628.9 319.4 309.5 60.3 249.2 3,621.3 712.6 1,998.3 383.2 1,615.1 1,009.3 605.9 462.2 132.2 330.0 123.8 5,012.1 1,317.6 650.4 64.6 585.8 519.1 66.8 667.2 351.4 315.8 60.5 255.4 3,694.5 738.4 2,046.5 387.6 1,658.9 1,045.8 613.1 458.3 129.7 328.6 122.0 5,116.6 1,381.1 655.2 73.9 581.3 518.6 62.8 725.8 394.4 331.5 60.2 271.3 3,735.6 743.0 2,070.1 392.1 1,678.0 1,058.4 619.6 460.6 131.6 329.0 130.1 5,146.1 1,379.8 647.0 87.5 559.6 507.3 52.2 732.7 393.6 339.2 57.7 281.4 3,766.3 750.7 2,066.7 395.6 1,671.1 1,049.6 621.5 465.2 138.2 327.0 142.5 5,138.3 1,389.0 658.2 79.5 578.7 524.0 54.7 730.8 393.2 337.6 59.3 278.3 3,749.4 749.5 2,071.3 393.4 1,677.9 1,059.5 618.5 462.5 134.3 328.2 133.4 5,095.9 1,350.5 650.0 89.6 560.4 505.6 54.8 700.5 359.0 341.5 58.7 282.9 3,745.4 742.7 2,061.9 394.8 1,667.1 1,046.7 620.4 463.8 136.0 327.8 142.8 5,146.0 1,388.7 644.3 90.5 553.7 504.1 49.6 744.5 403.5 341.0 56.9 284.0 3,757.3 748.4 2,062.5 396.2 1,666.4 1,044.5 621.8 464.6 138.5 326.0 141.0 5,165.2 1,372.5 640.6 86.8 553.8 502.8 50.9 731.9 395.5 336.5 56.9 279.5 3,792.7 756.4 2,067.1 396.5 1,670.5 1,046.5 624.0 467.3 141.4 325.8 150.2 94.0 22.4 94.0 24.5 87.2 25.0 93.1 25.4 99.1 24.7 97.2 24.8 103.4 26.7 116.0 26.6 107.6 25.8 116.5 26.4 113.2 27.8 123.4 26.7 25.0 155.0 107.0 193.8 34.2 151.1 98.9 172.6 32.2 155.5 99.2 177.1 41.8 168.2 98.9 191.6 49.3 175.7 99.4 191.2 48.0 181.7 99.5 205.9 44.7 187.8 99.3 223.5 45.8 196.5 99.0 237.5 46.8 187.0 98.9 235.1 43.5 191.8 98.9 222.3 46.5 195.6 98.7 242.4 52.4 200.4 98.9 253.9 127.4 66.4 165.1 582.8 122.2 50.4 147.6 604.7 128.0 49.1 146.1 608.6 141.0 50.6 138.6 621.2 140.9 50.3 151.6 638.8 155.3 50.7 142.7 644.1 167.9 55.7 154.6 649.0 178.7 58.8 168.0 659.2 172.4 62.6 149.4 656.6 163.9 58.4 146.0 658.3 179.5 62.9 163.2 659.7 197.9 56.0 175.8 651.6 5,533.7 5,647.6 5,670.6 5,771.2 5,885.8 5,966.3 6,104.9 6,169.6 6,137.9 6,081.1 6,170.3 6,205.8 3 166 2 360.1 2,806.1 519.5 2,286.6 902.4 147.3 755.1 368.4 387.9 3 144 1 331.6 2,812.5 501.0 2,311.5 995.5 138.5 857.0 396.7 400.9 3,156.0 317.3 2,838.7 514.9 2,323.8 1,029.2 150.4 878.9 405.2 399.3 3,187.5 322.5 2,865.0 532.1 2,332.9 1,081.9 156.3 925.6 409.4 401.0 3,206.9 312.4 2,894.5 541.0 2,353.5 1,142.2 155.7 986.6 435.4 404.7 3,283.2 321.9 2,961.3 583.8 2,377.5 1,079.5 160.1 919.4 455.0 431.7 3,352.2 324.2 3,028.0 618.5 2,409.5 1,074.7 164.4 910.3 474.8 476.4 3,387.5 335.1 3,052.4 623.8 2,428.6 1,102.8 177.3 925.5 491.0 462.2 3,387.0 303.5 3,083.6 637.5 2,446.0 1,071.3 169.0 902.3 477.1 478.9 3,373.9 300.7 3,073.2 629.3 2,443.9 1,037.3 164.5 872.8 470.7 474.8 3,362.0 339.4 3,022.6 619.7 2,402.9 1,153.8 186.4 967.4 479.0 450.3 3,389.5 377.4 3,012.1 614.9 2,397.2 1,131.5 178.3 953.2 510.2 445.3 4,824.8 4,937.2 4,989.8 5,079.8 5,189.2 5,249.4 5,378.1 5,443.5 5,414.3 5,356.7 5,445.1 5,476.4 708.9 710.4 680.8 691.4 696.6 716.9 726.8 726.0 723.6 724.4 725.2 729.4 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Dec.' 2007 2007 2006 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Other loans and leases Interbank loans Cash assets5 Other assets'" 15 Total assets7 16 17 18 19 20 21 22 23 24 25 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 26 Total liabilities 27 Residual (assets less liabilities)5 2.804.5 603.6 395.8 207.9 2.200.9 345.3 1.442.2 97.8 1.344.4 306.6 106.8 99.5 89.7 216.8 2,842.4 609.8 389.8 220.0 2,232.6 366.4 1,439.2 86.7 1,352.6 314.0 113.0 124.2 88.2 229.7 2,849.8 599.5 383.6 215.9 2,250.3 375.7 1,440.2 87.4 1,352.8 322.9 111.5 126.3 89.5 230.4 2,867.5 601.5 382.3 219.2 2,265.9 381.4 1,447.8 88.0 1,359.8 322.8 114.0 132.5 89.1 232.9 2,898.1 605.8 380.1 225.7 2,292.3 388.9 1,462.3 88.3 1,374.0 322.9 118.2 130.5 88.1 241.0 2,915.3 615.4 380.9 234.6 2,299.8 392.1 1,468.5 89.2 1,379.3 323.0 116.3 123.4 88.8 248.1 2,918.6 606.5 375.4 231.0 2,312.1 395.6 1,468.9 89.5 1,379.4 331.6 116.1 123.3 86.2 253.1 2,941.7 600.5 372.7 227.9 2,341.1 402.0 1,481.5 90.0 1,391.5 343.5 114.1 124.7 89.0 251.5 2,929.3 599.1 371.0 228.1 2,330.2 399.1 1,479.7 89.9 1,389.9 338.1 113.2 127.8 85.2 254.0 2,932.8 600.4 373.4 227.1 2,332.3 399.8 1,478.5 89.8 1,388.7 341.8 112.3 123.6 87.3 255.2 2,953.5 605.1 374.1 231.0 2,348.4 402.0 1,483.5 90.1 1,393.4 347.8 115.1 121.9 85.7 248.2 2,948.7 599.8 372.8 227.0 2,348.9 404.1 1,484.6 89.8 1,394.7 345.7 114.4 125.7 89.9 250.8 3,177.6 3,251.2 3,262.2 3,287.7 3,323.0 3,340.7 3,345.8 3,370.6 3,360.6 3,363.2 3,373.0 3,378.4 2 243 4 276.5 1,966.9 420.3 1,546.6 537.8 209.3 328.5 9.1 80.2 2 266 2 276.4 1,989.7 413.9 1,575.9 532.6 237.2 295.4 -.3 77.6 2,284.8 274.5 2,010.3 412.7 1,597.6 495.9 225.8 270.0 1.3 76.8 2,290.5 280.1 2,010.4 412.8 1,597.6 517.7 233.9 283.9 1.6 76.5 2,294.4 276.3 2,018.1 412.0 1,606.0 549.2 245.4 303.9 1.5 75.4 2,292.3 282.6 2,009.7 412.3 1,597.4 565.5 246.1 319.4 3.0 77.5 2,286.8 274.3 2,012.6 412.8 1,599.8 577.8 253.8 324.0 3.0 77.5 2,294.6 269.0 2,025.7 414.0 1,611.6 597.4 264.7 332.7 2.9 79.1 2,286.8 274.6 2,012.2 414.2 1,598.0 586.0 258.4 327.6 2.7 77.2 2,295.8 269.4 2,026.4 414.3 1,612.1 583.1 252.3 330.7 3.0 77.6 2,291.8 272.1 2,019.7 414.4 1,605.3 602.8 270.0 332.9 2.8 80.1 2,302.6 269.6 2,032.9 414.1 1,618.8 611.1 273.3 337.8 3.0 80.0 2,870.5 2,876.1 2,858.8 2,886.3 2,920.5 2,938.2 2,945.2 2,974.1 2,952.8 2,959.5 2,977.5 2,996.6 307.1 375.1 403.4 401.5 402.5 402.6 400.6 396.5 407.9 403.7 395.4 381.9 Not seasona lly adjusted 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,825.7 607.3 399.5 207.9 2,218.3 344.6 1,452.4 97.4 1,354.9 489.5 865.4 313.9 198.0 115.9 107.4 103.7 93.2 216.8 2,831.0 609.9 390.0 220.0 2,221.1 368.4 1,429.7 86.9 1,342.8 441.0 901.7 309.7 193.9 115.7 113.3 117.0 87.4 229.7 2,837.9 597.8 381.9 215.9 2,240.1 375.6 1,433.7 87.5 1,346.2 437.8 908.4 319.1 195.7 123.4 111.7 119.0 89.2 230.4 2,863.4 600.2 381.0 219.2 2,263.2 379.1 1,447.7 88.1 1,359.5 444.6 914.9 322.2 197.9 124.3 114.3 129.3 87.7 232.9 2,901.6 605.5 379.8 225.7 2,296.0 386.7 1,467.0 88.8 1,378.1 456.7 921.4 324.2 201.0 123.2 118.2 127.8 89.3 241.0 2,922.2 614.3 379.8 234.6 2,307.8 390.8 1,475.5 89.7 1,385.8 458.5 927.3 325.2 201.5 123.7 116.4 126.3 89.9 248.1 2,935.6 606.6 375.6 231.0 2,329.0 394.5 1,482.4 89.4 1,393.0 459.0 934.1 335.0 210.9 124.1 117.0 130.3 89.1 253.1 2,961.4 603.5 375.6 227.9 2,358.0 401.4 1,490.4 89.7 1,400.8 462.1 938.6 350.4 226.5 124.0 115.7 129.0 92.1 251.5 2,942.2 600.7 372.6 228.1 2,341.4 397.2 1,488.8 89.3 1,399.5 463.7 935.9 340.4 216.2 124.1 115.1 137.3 87.0 254.0 2,949.4 603.2 376.2 227.1 2,346.1 397.6 1,488.2 89.4 1,398.8 461.1 937.7 346.1 222.1 123.9 114.2 128.6 87.4 255.2 2,975.7 608.3 377.4 231.0 2,367.4 401.2 1,493.0 89.8 1,403.2 463.1 940.1 356.0 232.1 123.9 117.2 129.1 88.5 248.2 2,975.9 604.2 377.1 227.0 2,371.7 404.9 1,494.5 89.9 1,404.6 463.5 941.1 356.8 232.8 124.1 115.5 125.8 92.0 250.8 3,206.5 3,231.7 3,242.7 3,279.1 3,324.9 3,351.6 3,372.6 3,397.8 3,384.8 3,384.8 3,405.2 3,407.9 2,254.4 287.8 1,966.6 420.3 1,546.3 537.8 209.3 328.5 9.1 80.2 2,264.6 275.0 1,989.6 413.9 1,575.7 532.6 237.2 295.4 -.3 77.6 2,276.8 272.6 2,004.2 412.7 1,591.6 495.9 225.8 270.0 1.3 76.8 2,287.6 277.7 2,009.9 412.8 1,597.1 517.7 233.9 283.9 1.6 76.5 2,293.9 275.2 2,018.7 412.0 1,606.7 549.2 245.4 303.9 1.5 75.4 2,292.6 282.6 2,009.9 412.3 1,597.6 565.5 246.1 319.4 3.0 77.5 2,297.6 276.6 2,021.1 412.8 1,608.3 577.8 253.8 324.0 3.0 77.5 2,303.9 278.5 2,025.4 414.0 1,611.3 597.4 264.7 332.7 2.9 79.1 2,303.3 267.8 2,035.5 414.2 1,621.3 586.0 258.4 327.6 2.7 77.2 2,302.8 267.6 2,035.2 414.3 1,621.0 583.1 252.3 330.7 3.0 77.6 2,300.8 281.0 2,019.8 414.4 1,605.4 602.8 270.0 332.9 2.8 80.1 2,299.9 298.3 2,001.6 414.1 1,587.6 611.1 273.3 337.8 3.0 80.0 2,881.5 2,874.5 2,850.8 2,883.4 2,920.1 2,938.5 2,955.9 2,983.3 2,969.2 2,966.5 2,986.5 2,993.9 325.0 357.1 391.9 395.7 404.8 413.1 416.7 414.4 415.6 418.3 418.7 414.0 20 Federal Reserve Bulletin Statistical Supplement • January 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Dec. 2007 2007 2006 June July Aug. Sept. Oct. Nov. Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 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)5 933.9 376.3 83.7 292.6 557.6 217.7 23.8 146.6 169.5 64.2 52.1 36.1 1.028.8 429.1 83.2 345.9 599.7 235.9 29.1 144.3 190.5 65.7 50.8 39.2 1.048.4 428.4 82.6 345.8 620.0 238.4 30.4 150.1 201.0 73.1 53.9 40.5 1.081.4 434.8 90.3 344.5 646.6 244.2 30.3 157.7 214.4 74.1 54.0 40.9 1.105.0 440.2 90.1 350.1 664.8 257.2 36.8 149.3 221.5 79.8 56.8 48.6 1.134.6 462.2 93.2 369.0 672.4 264.0 38.1 138.0 232.4 82.9 58.0 46.1 1.168.4' 486.5' 92.2 394.3' 681.9 272.6 38.4 142.8 228.1 85.6 55.4 47.6 1,160.8 463.0 87.0 376.0 697.8 281.9 39.5 144.0 232.5 92.2 49.5 45.7 1,154.4 473.2 87.9 385.3 681.2 281.2 38.0 130.1 231.9 92.1 49.8 48.7 1,160.8 467.4 85.6 381.8 693.4 278.4 39.2 142.1 233.6 89.3 50.8 40.5 1,159.5 458.1 86.3 371.8 701.4 282.1 39.4 145.9 234.0 100.1 50.4 44.7 1,169.2 454.1 86.4 367.7 715.1 284.8 40.4 154.7 235.1 91.8 47.9 51.0 1,085.8 1,184.0 1,215.4 1,249.9 1,289.7 1,321.0 1,356.5' 1,347.6 1,344.5 1,340.9 1,354.1 1,359.3 751.7 10.8 740.8 527.8 59.8 468.0 -302.9 113.3 869.8 11.3 858.5 580.8 65.9 515.0 -406.2 121.7 856.0 11.1 845.0 581.7 62.1 519.6 -347.9 120.9 885.9 11.7 874.2 585.7 70.8 514.9 -349.6 122.3 929.5 12.0 917.5 564.9 64.3 500.6 -326.2 121.2 990.5 12.3 978.2 563.3 59.9 503.4 -349.3 121.5 1,014.9' 12.3 1,002.6' 581.4' 60.1 521.4' -364.6 126.6 997.1 12.3 984.8 607.9 68.0 539.9 -373.6 124.5 996.7 12.2 984.4 596.0 70.6 525.4 -379.2 124.3 992.3 12.2 980.1 596.6 67.2 529.4 -365.1 125.2 998.0 12.3 985.8 606.1 61.6 544.4 -358.2 117.1 995.0 12.0 983.0 632.4 80.0 552.4 -385.0 120.0 1,089.9 1,166.1 1,210.8 1,244.3 1,289.4 1,326.0 1,358.3' 1,355.9 1,337.8 1,349.0 1,363.0 1,362.3 -4.1 17.9 4.6 5.7 .3 -5.0 -8.2 6.7 -8.1 -8.9 -3.0 -1.9 Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 941.0 376.3 83.7 24.3 59.4 292.6 180.9 111.7 564.7 218.4 23.8 152.4 170.1 64.2 53.3 37.0 1.026.9 429.1 83.2 26.2 57.0 345.9 213.9 132.0 597.8 235.3 29.1 142.9 190.7 65.7 50.1 39.3 1.044.8 428.4 82.6 23.9 58.7 345.8 214.6 131.2 616.4 237.7 30.4 147.2 201.0 73.1 53.5 39.8 1.073.2 434.8 90.3 27.2 63.1 344.5 212.3 132.2 638.4 243.5 30.3 151.7 212.9 74.1 54.3 40.5 1.099.8 440.2 90.1 27.6 62.4 350.1 204.5 145.6 659.6 255.3 36.8 146.3 221.2 79.8 58.0 48.0 1.129.2 462.2 93.2 28.6 64.6 369.0 221.1 147.9 667.0 260.4 38.1 140.0 228.5 82.9 58.9 45.1 1,167.9' 486.5' 92.2 26.6 65.6 394.3' 233.4' 161.0 681.3' 269.7 38.4 146.8 226.4 85.6 56.0 46.7 1,168.4 463.0 87.0 26.3 60.7 376.0 217.9 158.1 705.4 282.8 39.5 149.8 233.2 92.2 50.7 46.7 1,159.3 473.2 87.9 27.3 60.6 385.3 226.1 159.3 686.1 278.7 38.0 139.2 230.1 92.1 50.8 47.6 1,171.9 467.4 85.6 24.2 61.4 381.8 220.9 160.9 704.5 277.8 39.2 154.6 232.9 89.3 51.6 44.0 1,170.1 458.1 86.3 24.8 61.5 371.8 213.9 157.9 712.0 284.2 39.4 153.5 234.9 100.1 52.9 45.3 1,175.2 454.1 86.4 27.1 59.3 367.7 211.4 156.3 721.1 287.8 40.4 155.7 237.3 91.8 49.0 51.6 1,095.0 1,181.5 1,210.6 1,241.6 1,285.1 1,315.6 1,355.7' 1,357.4 1,349.2 1,356.3 1,367.7 1,367.1 745.7 11.2 734.5 527.8 59.8 468.0 -299.1 115.4 883.7 11.1 872.6 580.8 65.9 515.0 -409.4 119.7 857.9 10.9 847.0 581.7 62.1 519.6 -351.0 119.1 882.0 11.6 870.4 585.7 70.8 514.9 -350.7 121.7 918.9 12.1 906.8 564.9 64.3 500.6 -324.3 122.2 970.3 12.1 958.1 563.3 59.9 503.4 -345.0 123.8 998.2 12.2 986.1 581.4' 60.1 521.4' -357.8 130.5 989.0 12.8 976.3 607.9 68.0 539.9 -369.6 126.8 988.5 12.1 976.4 596.0 70.6 525.4 -369.0 130.5 990.0 12.3 977.7 596.6 67.2 529.4 -361.1 127.5 995.5 12.9 982.6 606.1 61.6 544.4 -355.7 118.5 985.5 12.6 972.8 632.4 80.0 552.4 -378.0 123.9 1,089.8 1,174.8 1,207.7 1,238.7 1,281.8 1,312.4 1,352.4' 1,354.1 1,346.0 1,353.0 1,364.3 1,363.8 5.2 6.7 2.9 2.9 3.3 3.2 3.3 3.3 3.3 3.3 3.4 3.3 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2006 Dec. 2007 2007 June July Aug. Sept. Oct. Nov. Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized real estate loans12 119.5 129.7 129.6 134.2 141.0 156.4 201.6 185.5 208.5 177.4 178.8 172.4 99.4 705.9' 537.5' 168.4 116.4 692.8' 520.8' 172.0' 110.3 692.3' 522.0' 170.2' 104.3 698.3' 526.2' 172.1' 108.9 689.5' 507.2' 182.3' 125.0 656.9' 465.4' 191.5 159.7 667.0' 463.5' 203.5' 143.3 663.7 450.9 212.9 163.5 678.7 466.9 211.8 136.9 662.2 448.8 213.4 135.6 661.5 448.0 213.5 131.5 658.9 446.9 212.0 -5.9 108.0 67.2 40.9 n.a. -10.6' 105.8 68.5 37.3 n.a. -18.4' 110.0 69.0 40.9 1,215.2 -15.3' 110.6 70.4 40.2 1,219.5 -11.4' 109.6 70.1 39.5 1,229.8 -10.2' 111.4 73.5 37.9 1,247.7' -7.8' 112.3 74.5 37.8 1,253.8' -6.1 114.3 74.0 40.3 1,259.6 -3.7 112.9 74.0 38.9 1,256.5 -6.6 114.7 74.0 40.7 1,259.0 -6.0 114.6 74.0 40.6 1,259.8 -8.6 114.5 74.0 40.5 1,259.8 242.1' 271.4 n.a. 236.9' 276.3 n.a. 232.9' 279.1 41.1 233.1' 283.6 40.4 240.5' 284.3 39.1' 246.9' 284.9 40.7 246.8' 283.3 40.5 248.3 285.1 40.2 246.9 284.9 40.2 248.6 283.7 40.3 249.9 280.3 40.2 247.6 287.7 40.1 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 67.4 67.3 67.3 71.3 69.9 73.3 82.2 73.2 82.2 77.9 66.1 64.9 74.4 74.2 72.9 76.3 75.8 79.9 86.7 76.4 85.2 81.0 70.2 69.7 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • January 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2007 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2002 2003 2004 2005 2006 Apr. May June July Aug. Sept. 1,341,226 1,260,745 1,375,717 1,631,009 1,981,406 2,041,248 2,111,365 2,148,931 2,186,912 1,926,934 1,872,359 522,863 147,689 519,731 103,982 595,249 119,727 667,321 132,207 757,498 171,302 791,103 164,631 806,988 165,918 792,045 185,468 811,982 188,114 765,115 180,418 768,953 174,291 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 2001—Jan. Feb Mar. Apr May June Aug. Sept. Oct. Nov. Dec. Rate 4 1 21 19 16 28 22 18 3 7 12 9.00 8 50 8.00 7 50 7.00 6 75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 7.75 7.50 Period 2003 2004 2005 2006 2001 Average rate 4.12 4.34 6.19 7.96 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 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 2005—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 Period Average rate 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2007 Item 2004 2005 2007, weekending 2006 July Aug. Sept. Oct. Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.35 2.34 3.22 4.19 4.97 5.96 5.26 6.25 5.02 6.01 4.94 5.53 4.76 5.24 4.78 5.25 4.72 5.25 4.75 5.25 4.74 5.25 4.73 5.25 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 1.38 1.40 1.41 3.22 3.23 3.42 4.98 5.01 5.10 5.23 5.24 5.22 5.24 5.24 5.25 4.94 4.94 4.92 4.70 4.66 4.63 4.77 4.78 4.76 4.72 4.73 4.74 4.72 4.73 4.65 4.76 4.73 4.63 4.71 4.59 4.61 6 7 8 Financial 1-month 2-month 3-month 1.41 1.46 1.52 3.27 3.36 3.44 5.00 5.04 5.07 5.25 5.24 5.25 5.27 5.28 5.30 5.04 5.07 5.19 4.76 4.79 4.91 4.80 4.83 4.96 4.81 4.85 5.03 4.87 4.91 5.06 4.82 4.83 4.99 4.70 4.72 4.75 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.45 1.57 1.74 3.34 3.51 3.73 5.06 5.16 5.24 5.29 5.32 5.34 5.51 5.49 5.40 5.46 5.46 5.33 4.95 5.08 5.00 5.12 5.20 5.12 5.12 5.23 5.16 5.08 5.21 5.19 4.98 5.12 5.04 4.80 4.96 4.81 12 Eurodollar deposits, 3-month3>s 1.55 3.51 5.19 5.35 5.52 5.53 5.15 5.26 5.28 5.25 5.21 5.04 US Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 1.24 1.37 1.58 2.94 3.15 3.39 4.67 4.73 4.81 4.71 4.82 4.83 4.11 4.20 4.38 3.70 3.89 4.05 3.72 3.90 4.01 3.25 3.69 3.93 3.51 3.86 4.01 3.82 4.00 4.12 3.67 3.93 4.06 3.80 3.85 3.92 1.89 2.38 2.78 3.43 3.87 4.27 5.04 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 4.96 4.82 4.82 4.88 4.93 5.00 5.19 4.47 4.31 4.34 4.43 4.53 4.67 5.00 4.14 4.01 4.06 4.20 4.10 3.97 4.01 4.20 4.52 4.84 4.53 4.83 4.05 3.99 4.07 4.26 4.41 4.61 4.92 4.12 4.02 4.07 4.25 4.38 4.57 4.86 4.24 4.17 4.22 4.38 4.50 4.67 4.95 4.14 4.01 4.06 4.23 4.37 4.57 4.88 3.97 3.78 3.82 4.04 4.18 4.39 4.72 4.50 5.09 4.68 4.28 4.86 4.40 4.15 4.71 4.40 4.24 4.64 4.56 4.30 4.75 4.64 4.26 4.76 4.51 4.20 4.68 4.39 4.20 4.69 4.48 4.18 4.65 4.42 4.27 4.75 4.42 4.20 4.69 4.39 4.16 4.64 4.33 6.00 5.57 5.98 6.19 6.20 6.14 6.05 6.19 6.11 6.15 6.08 5.94 5.63 5.91 6.08 6.39 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.73 6.09 6.30 6.65 5.79 6.06 6.29 6.65 5.74 6.02 6.23 6.59 5.66 5.94 6.13 6.48 5.79 6.06 6.27 6.63 5.72 5.99 6.19 6.55 5.78 6.04 6.23 6.57 5.68 5.97 6.15 6.49 5.54 5.83 6.01 6.37 1.64 1.73 1.82 1.77 1.89 1.85 1.81 1.82 1.78 1.78 1.84 1.83 9 10 11 U.S. TREASURY NOTES AND BONDS 16 17 18 19 20 21 22 Constant maturities'' 1 -year 2-year 3-year 5-year 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/ default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/ data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper webpages (www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • January 2008 1.36 STOCK MARKET Selected Statistics 2007 Indicator 2004 2005 2006 Mar. Apr. May June July Aug. Sept. Oct. Nov. Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31,1965 = 50) 6,614.10 741.19 521.11 271.45 657.07 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,120.57 n.a. n.a. n.a. n.a. 9,555.98 n.a. n.a. n.a. n.a. 9,822.99 n.a. n.a. n.a. n.a. 9,896.98 n.a. n.a. n.a. n.a. 9,985.42 n.a. n.a. n.a. n.a. 9,440.44 n.a. n.a. n.a. n.a. 9,777.58 10,159.33 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,741.15 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,130.65 1,207.23 1,310.46 1,406.95 1,463.65 1,511.14 1,514.49 1,520.70 1,454.62 1,497.12 1,539.66 1,463.39 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,260.02 1,567.52 1,936.79 2,115.40 2,207.54 2,204.69 2,336.84 2,354.93 2,217.16 2,320.48 2,441.84 2,406.56 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1 403 376 1 542 724 2 254 869 3 067 918 2 867 225 2 972 410 3 103 633 3 433 561 4 086 048 3 071737 3 268 707 4 045 500 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 203,790 221,660 275,380 293,160 317,990 353,030 378,240 381,370 331,370 329,510 345,420 344,300 117,850 93,580 119,710 88,730 159,040 94,450 161,890 99,690 162,570 104,360 176,200 109,030 179,920 119,300 205,830 122,740 214,890 118,250 208,540 118,910 222,900 120,840 246,520 128,530 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2005 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept 7,956.3 8,194.3 8,394.7 8,443.7 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 7,932.7 4,601.6 3,331.1 8,170.4 4,714.6 3,455.8 8,371.2 4,872.8 3,498.4 8,420.0 4,797.5 3,622.6 8,507.0 4,843.2 3,663.8 8,680.2 4,901.2 3,779.0 8,849.7 5,054.3 3,795.4 8,867.7 4,943.0 3,924.6 9,007.7 5,049.2 3,958.4 23.6 23.6 .0 23.8 23.8 .0 23.6 23.6 .0 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 23.2 23.2 8,592.5 8,760.7 8,779.2 8,921.3 7,870.9 .1 8,106.9 .2 8,281.4 .1 8,330.6 .1 8,420.2 .1 8,592.4 .1 8,760.7 8,779.1 8,921.3 8,184.0 8,184.0 8,965.0 8,965.0 8,965.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bom Nonmarketable2 State and local government serit Foreign issues3 Government Public Savings bonds and notes Government account series4 .. Non-interest-bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q4 Ql Q2 8,796.7 4,527.7 8,819.6 4,339.1 869.0 2,444.3 547.2 437.8 4,528.6 6,997.3 7,596.1 8,170.4 8,680.2 6,982.0 3,575.1 928.8 1,905.7 564.3 176.2 3,406.9 149.2 9.7 9.7 7,578.5 3,959.7 8,117.0 4,184.0 8,627.5 8,627.5 4,413.9 4,413.9 1,003.2 2,157.1 963.9 2,326.8 539.5 245.9 3,618.8 516.6 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 192.2 3,007.0 16.0 328.7 3,986.5 235.6 3.8 3.8 .0 1,033.1 2,436.4 540.4 412.7 4,380.9 281.9 3.5 3.5 .0 191.7 191.2 187.7 187.7 185.4 301.6 3.0 3.0 .0 183.4 3,230.6 3,506.6 53.4 3,839.4 3,839.4 3,859.3 3,989.3 124.6 124.6 111.9 48.1 160.7 5.9 5.9 .0 17.6 3,466.9 744.2 3,783.1 778.9 3,783.1 778.9 3,799.3 780.9 3,928.9 790.5 136.5 364.2 3,189.1 717.8 3,690.6 125.2 254.1 149.7 389.1 3,970.6 117.2 251.3 160.4 463.2 4,122.1 115.1 250.7 159.0 497.7 4,122.1 115.1 250.7 159.0 497.7 4,273.1 120.2 264.2 160.7 524.6 4,152.6 110.6 267.2 162.2 549.2 203.8 317.1 169.2 147.9 1,533.0 388.8 204.4 300.9 170.5 130.4 1,853.4 415.5 205.1 310.6 181.2 129.4 2,036.0 433.7 202.4 327.9 193.2 134.7 2,116.7 466.1 202.4 327.9 193.2 134.7 2,116.7 466.1 200.3 333.3 198.5 134.8 2,208.4 486.7 198.6 338.1 202.2 135.9 2,205.4 360.3 2,954.4 666.7 3,377.9 153.6 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. Q3 8,959.3 4,448.1 958.1 2,431.4 561.0 456.9 4,559.5 296.5 3.0 3.0 .0 181.6 4,026.8 48.4 3,963.1 779.6 4,269.7 118.4 306.8 163.0 545.8 197.1 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 • January 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2007 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 eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate July Aug. 2007, week end Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 38,590 59,447 42,905 50,469 47,383 43,968 35,198 36,973 38,600 36,417 31,639 44,881 195,357 288,853 226,050 228,030 228,154 223,728 226,568 222,327 184,078 217,857 216,894 210,186 147,735 175,616 154,632 173,172 160,176 152,492 139,836 155,297 124,488 151,399 151,381 154,850 134,546 29,312 9,217 146,352 37,902 7,049 123,835 37,984 7,876 106,292 35,334 6,139 135,373 38,024 7,559 136,375 40,082 8,766 118,891 39,520 8,144 102,319 32,774 8,382 92,350 22,037 5,188 111,291 28,877 7,927 119,879 23,690 7,904 97,378 23,347 9,696 63,444 71,460 70,360 72,800 74,091 66,920 69,877 67,178 68,563 69,584 71,674 68,828 5,989 9,794 9,320 7,439 12,163 7,960 9,906 6,972 6,137 6,271 6,185 11,313 3,245 3,927 5,136 2,827 7,454 3,849 5,628 4,790 3,458 6,327 3,254 3,676 4,386 799 3,834 574 2,779 597 2,299 483 2,738 816 2,243 504 3,163 524 3,982 633 3,103 616 5,040 266 5,180 401 2,961 268 283,499 335,159 349,639 318,169 540,375 248,002 247,916 428,403 473,250 215,583 285,758 246,668 232,483 22,447 228,568 24,915 225,308 22,595 236,892 13,901 232,304 20,046 226,843 23,147 215,563 29,705 210,971 22,853 211,035 26,984 206,421 25,038 206,909 20,935 203,914 21,080 231,909 302,040 242,279 250,278 255,720 241,615 232,037 223,939 184,361 215,936 237,605 220,159 5,513 67,878 475 6,590 89,342 622 6,812 103,439 607 5,448 74,892 405 8,758 143,356 567 6,617 89,019 657 6,256 97,327 742 5,869 97,793 548 4,438 132,156 715 7,156 74,842 900 6,321 88,673 576 6,046 74,043 513 322,848 413,179 351,004 349,160 360,949 363,796 336,120 334,133 282,380 337,832 313,783 320,178 72,350 215,621 254,455 82,999 245,817 252,861 81,380 246,201 247,296 80,400 243,277 250,388 88,504 397,020 251,783 74,858 158,983 249,333 82,842 150,589 244,526 77,685 330,610 233,275 77,439 341,094 237,304 80,332 140,741 230,559 80,373 197,085 227,267 81,000 172,625 224,481 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2007, week ending 2007 Item, by type of security July Aug. Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Oct. 3 Oct. 10 Oct. 17 Oct. 24 Net outright posit ons2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year -20,703 -4,183 1,907 11,022 15,019 2,365 -5,878 -19,609 -16,124 -22,944 -19,352 -53,203 -30,944 -16,154 -23,224 -21,886 -10,399 -16,001 -7,628 -7,801 -15,659 -17,724 -34,332 -21,470 -25,003 -24,772 -21,638 -24,607 -26,094 -29,965 -28,322 -31,528 -30,726 -52,131 -21,662 5,713 -38,696 -15,130 6,409 -34,105 -12,829 4,910 -41,567 -12,717 6,682 -30,984 -11,157 6,354 -31,130 -12,835 4,818 -33,620 -12,957 3,517 -36,292 -15,661 2,766 -38,318 -14,685 3,171 -38,230 -16,118 6,571 -42,096 -15,530 7,818 44,727 51,675 49,035 51,274 55,158 44,577 43,443 53,106 56,903 56,119 42,980 23,131 34,345 36,908 38,222 38,259 35,661 36,157 36,399 37,639 35,978 36,871 8,649 5,985 5,146 4,287 5,803 4,981 4,886 5,812 7,185 8,811 8,813 15,688 9,692 12,025 7,955 10,590 8,170 12,210 7,692 11,350 8,256 10,805 8,082 8,914 8,064 9,789 8,958 8,770 8,842 9,949 8,818 12,352 9,226 19,130 27,557 47,268 35,710 53,691 50,131 48,181 43,870 37,171 31,077 28,781 46,520 229,931 42,047 223,878 44,980 215,289 40,237 221,050 42,343 221,106 52,299 210,359 41,763 211,207 48,344 213,676 42,578 233,582 43,616 235,289 51,513 234,512 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 1 512 372 1,197,892 1 572 167 1,167,026 1 501 539 1,094,060 1 555 264 1,033,277 1 542 790 1,123,149 1 522 067 1,083,481 1 413 487 1,137,472 1 480 362 1,061,673 1 425 227 1,108,354 1 494 016 1,147,531 1,508,785 1,226,059 207,899 256,485 223,259 259,489 243,298 251,863 244,642 253,848 237,185 268,171 248,135 242,999 238,383 245,247 252,450 247,929 255,742 243,518 261,403 247,305 271,780 249,373 153,303 393,285 174,854 422,772 187,223 455,438 182,696 437,089 190,410 442,349 189,573 459,838 188,872 476,792 180,304 456,212 177,028 450,105 189,481 466,010 190,523 476,491 129,924 111,181 131,945 92,712 130,702 87,402 128,489 85,270 132,057 85,069 132,083 85,594 128,824 91,665 131,968 89,851 132,314 92,699 127,516 92,374 127,091 90,094 1,006,937 1 452 468 1,086,627 1 449144 1,047,355 1 454 416 1,091,936 1 354 185 1,075,333 1 468 026 1,052,726 1 467 500 990 936 1 518 320 1 032 002 1 421 160 970,242 1 455 967 1,044,873 1 517 207 1,061,007 1 619190 1,398,906 1,041,365 1 502 390 1,028,577 1 486 795 938,258 1 524 106 879,742 1 531 211 958,310 1 509 389 945,841 1 402 037 982,822 1 471 213 885,058 1,438,868 937,039 1,462,551 1,000,014 1,482,138 1,060,695 343,546 175,741 360,727 181,466 376,857 179,846 368,641 180,934 375,814 188,353 373,088 185,549 369,161 178,197 409,013 156,507 405,924 154,392 417,760 152,348 416,068 163,158 650,922 232,276 681,660 237,805 705,880 246,995 713,335 234,295 695,679 242,640 706,529 240,030 706,535 269,332 712,131 243,592 702,782 225,804 768,843 233,304 798,385 242,188 362,802 106,861 353,080 101,364 356,307 94,289 342,924 100,065 360,219 93,732 361,570 94,059 357,527 89,334 354,843 97,118 355,057 94,434 365,308 105,898 382,245 92,380 2,366,038 1,456,123 2,487,392 1,448,108 2,544,178 1,372,292 2,555,158 1,300,346 2,571,603 1,390,963 2,571,586 1,381,739 2,470,520 1,437,663 2,563,395 1,298,622 2,512,064 1,322,886 2,616,497 1,401,558 2,679,304 1,469,562 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 31 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE: Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-protected securities (TIPS) are reported in actual funds paid or received, except for pledged securities. TIPS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • January 2008 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Apr. 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 Service1" 8 Tennessee Valley Authority 9 United States Railway Association1" 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation'' 18 Resolution Funding Corporation12 n.a. 25,412 6 24,267 6 n.a. 207 n.a. n.a. n.a. 24,261 n.a. 1,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 30,811 n.a. 23,843 6 23,837 23,520 6 n.a. 110 n.a. n.a. 23,514 n.a. Aug. n.a. 22,988 6 22,982 23,006 6 n.a. 86 n.a. n.a. 23,000 n.a. n.a. 23,168 6 23,162 23,293 6 n.a. 84 n.a. n.a. 23,287 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. 27,948 30^04 30,088 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. 16,961 n.a. 10,987 n.a. n.a. 30,304 n.a. n.a. 30,088 n.a. n.a. 29,119 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 23,007 6 23,001 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. MEMO 19 Federal Financing Bank debt" 20 21 22 23 24 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service1" Student Loan Marketing Association Tennessee Valley Authority United States Railway Association1" Other lending*4 25 Farmers Home Administration . . . . 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. n.a. 16,127 14,684 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 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. Mayr July' Aug.r Sept.' 1 All issues, new and refunding1 357,875 409,789 389,536 44,157' 32,514' 43,019 47,715' 31,456 27,999 32,682 44,913 By type of issue 2 General obligation 3 Revenue 130,471 227,404 145,845 263,945 115,124 274,413 14,849 29,308' 7,455' 25,059 13,388 29,632 15,777' 31,938 9,734 21,722 9,124 18,875 6,770 25,913 11,172 33,741 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 47,365 234,237 76,273 31,568 298,762 79,460 28,258 293,399 67,879 4,538 32,492' 7,127 1,732 25,374 5,408' 3,641 29,372 10,007 4,775 34,510' 8,430 1,158 24,878 5,421 3,036 19,410 5,554 2,037 25,253 5,392 4,133 35,529 5,251 7 Issues for new capital 228,357 222,974 262,498 24,538' 15,934' 24,732 37,710 23,224 20,861 25,136 31,111 65,426 20,546 9,242 n.a. 19,050 80,438 70,974 25,427 10,040 n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,680 6,806 1,357 1,077' n.a. 2,736 8,565' 4,993 1,368 554 n.a. 1,563 3,937' 6,059 2,080 763 n.a. 4,620 6,191 6,468 1,133 547 n.a. 3,545 8,368 4,532 3,436 590 n.a. 2,859 5,700 3,697 5,578 501 n.a. 7,592 5,218 6,116 3,641 720 n.a. 6,294 10,257 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES 9,496 3,674 2,034' n.a. 4,744' 11,784' U.S. Corporations Millions of dollars 2007 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2004 2005 2006 Feb. Mar. Apr. May June July Aug. Sept. 2,070,680 2,438,989 2,710,028 237,463 328,777 190,210 303,465 290,454 140,993 183,529 159,087 1,923,094 2,323,735 2,590,863 225,280 312,339 178,829 286,368 273,954 135,078 173,382 151,933 1,737,342 185 752 2,141,496 182 238 2,318,379 272 483 204,610 20 670 273,357 38 981 166,251 12 578 259,498 26 870 240,025 33 929 125,312 9 766 159,508 13 873 131,957 19 976 21,942 22,221 18,262 721 2,623 1,084 2,665 1,520 n.a. n.a. n.a. 259,968 1,663,127 216,072 2,107,662 344,005 2,246,858 26,361 198,919 53,345 258,994 27,424 151,404 51,794 234,574 45,474 228,480 13,137 121,940 32,055 141,326 34,501 117,432 147,585 115,255 119,165 12,183 16,439 11,381 17,097 16,500 5,915 10,147 7,154 147,585 n.a. 115,255 n.a. 119,165 n.a. 12,183 n.a. 16,439 n.a. 11,381 n.a. 17,097 n.a. 16,500 n.a. 5,915 n.a. 10,147 n.a. 7,154 n.a. 64,345 83,240 54,713 60,541 56,029 63,136 4,585 7,598 9,868 6,571 3,089 8,292 7,211 9,887 5,024 11,477 2,776 3,140 6,881 3,266 3,255 3,899 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 11 Nonfinancial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • January 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2007 Item 2005 2006' Apr. May June July Aug. Sept. Oct.' Nov. 1 Sales of own shares2 1,755,210 2,009,424 211,044 215,669 208,059 218,387 198,153 182 213 235,084 198,972 2 Redemptions of own shares 1,563,022 192,188 1,782,393 227,031 176,774 34,270 191,062 24,607 194,350 13,709 201,002 17,385 217,606 -19,453 166,197 16,016 210,539 24,545 206,844 -7,872 4 Assets4 6,864,286 8,058,864 8,638,069 8,896,555 8,842,461 8,691,047 8,722,777 9,068,464 9,337,512 9,001,691 5 Cash5 6 Other 302,923 6,561,363 338,921 7,719,943 337,720 8,300,349 340,372 8,556,183 329,069 8,513,392 324,128 8,366,919 352,428 8,370,349 347,208 8,721,256 365,821 8,971,691 398,283 8,603,408 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 1 494 0 566.5 451.5 476.0 1 622 4 601.8 479.2 541.4 1 732 7 640.3 498.0 594.4 1 634 6 591.2 482.8 560.6 1 672 1 602.8 497.4 572.0 1 710 3 628.3 490.4 591.6 1 732 7 640.3 498.0 594.4 1 728 4 643.1 505.4 579.8 1 732 1 659.7 509.3 563.2 1 754 8 686.4 508.0 560.4 53.0 26 3 44.7 24 5 49.2 26 6 44.4 23 5 45.3 23 5 48.4 24 7 49.2 26 6 50.8 25 5 50.6 25 5 50.2 28 6 1,414.7 673.8 1,553.2 535.7 1,656.9 486.5 1,566.8 527.6 1,603.4 499.6 1,637.2 482.9 1,656.9 486.5 1,652.1 497.6 1,655.9 504.9 1,676.0 516.5 2,088.5 2,088.8 2,143.3 2,094.4 2,103.0 2,120.1 2,143.3 2,149.7 2,160.8 2,192.4 136.9 175.3 142.1 160.0 129.2 165.3 137.4 151.0 136.9 152.7 131.5 164.0 129.2 165.3 138.1 159.1 153.5 154.0 176.7 149.0 257.7 817.4 471.8 229.4 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 319.0 810.9 427.7 248.4 327.4 832.6 415.7 237.5 336.7 824.0 421.1 242.8 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.6 847.0 444.1 244.0 2,088.5 2,088.8 2,143.3 2,094.4 2,103.0 2,120.1 2,143.3 2,149.7 2,160.8 2,192.4 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit July Aug. Sept. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 737.1 497.8 545.8 1,895.3 2,009.3 774.6 561.5 559.1 818.4 610.9 580.0 2,062.5' 855.3 578.1 583.8 863.4 589.1 593.2' 876.1' 586.2' 600.2' 2,032.5 870.7' 581.2 597.8' 865.8 576.7 595.0 864.8 572.4 595.3 Not seasonally adjusted 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 . 2,051.4' 1,910.9 2,026.2 743.9 298.3 74.1 50.4 143.7 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 849.1 254.0 116.3 75.1 214.2 859.1 259.9 118.0 76.4 219.0 875.3' 265.8' 119.7' 77.5 224.2 875.5' 259.1' 120.5' 78.3 228.5 875.4 257.6 121.1 78.6 228.4 874.3 256.1 122.2 79.1 229.8 98.2 4.8 23.1 51.3 501.3 422.0 54.0 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 113.4 3.4 24.3 48.3 583.4 510.0 53.2 110.1 24.9 47.5 591.0 516.7 54.6 112.7' 3.3 25.4 46.8 587.1' 511.8 56.0 113.9 3.2 25.9 46.1 579.3 503.2 57.2 114.7 3.2 25.7 46.0 575.9 500.1 57.0 112.5 3.2 25.6 46.0 573.3 497.5 57.0 3.5 550.2 84.8 15.1 44.9 24.8 273.4 87.8 185.6 93.3 18.9 4.8 564.5 105.5 15.2 61.2 29.0 281.9 93.6 188.3 91.8 16.8 3.7 586.0 105.1 17.1 55.7 32.3 299.5 102.4 197.1 93.5 15.4 4.8 589.9 108.3 18.1 56.9 33.3 309.5 106.7 202.8 91.5 15.3 4.5 583.9' 102.8 18.2 51.3 33.3 309.4' 106.4' 203.0' 92.5' 15.2' 4.1 589.0' 103.1 18.1 51.4 33.6 311.2 107.3 203.9' 93.3 15.2 3.8 589.4' 104.2' 18.0' 53.2' 33.0' 310.9' 106.4 204.5' 92.9 15.1 3.8 590.1 104.6 17.8 53.9 32.9 311.5 106.4 205.1 93.0 15.0 3.8 594.7 107.1 17.6 56.8 32.7 312.7 106.2 206.5 94.5 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 40.3 2.9 37.3 .1 12.1 39.3 2.8 36.4 .1 11.7 8.3 3.4 28.2 41.2' 2.8 38.3' .1 11.9 8.4 3.6 28.2 40.3 2.8 37.5 .1 13.1 9.4 3.7 28.1 40.2 2.8 37.3 .1 12.8 9.1 3.7 28.0 39.8 2.8 36.9 .1 12.8 9.1 3.7 27.9 NOTE: This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 2,042.4 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers—that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 Federal Reserve Bulletin Statistical Supplement • January 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2007 Item 2005 2006 2007 June July Aug. Sept. Oct. Nov. Dec. Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 357.9 267.2 76.7 29.5 .88 356.1 270.1 77.6 29.4 .85 368.9 282.9 78.6 29.6 .88 358.3 266.5 76.9 29.6 .87 350.7 266.3 78.6 29.4 .81 366.8 273.7 77.1 29.2 .80 347.7 268.8 79.4 29.2 .74 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 6.41 6.54 n.a. 6.58 6.70 n.a. 6.60 6.73 n.a. 6.45 6.58 n.a. 6.43 6.55 n.a. 6.30 6.42 n.a. 6.10 6.21 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 6.15 n.a. 6.10 n.a. 5.90 n.a. 5.79 n.a. 5.67 n.a. 5.38 n.a. 5.37 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 13 Conventional 14 Mortgage transactions purchased (during period) Mortgage commitments (during period) 15 Issued7 16 To sells 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 722,475 n.a. n.a. 729,840 n.a. n.a. 728,886 n.a. n.a. 723,813 n.a. n.a. 732,291 n.a. n.a. 722,032 n.a. n.a. 723,976 n.a. n.a. 146,641 196,017 182,470 16,936 21,219 16,429 11,926 20,957 13,997 12,796 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 718,053 n.a. n.a. 712,136 n.a. n.a. 720,629 n.a. n.a. 732,219 n.a. n.a. 713,164 n.a. n.a. 703,145 n.a. n.a. 701,352 n.a. n.a. 718,053 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 469,770 n.a. 40,818 n.a. 35,483 n.a. 35,348 n.a. 54,262 n.a. 31,085 n.a. 34,215 n.a. 48,210 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family6 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q4 Q1 Q2 Q3> 13,549,040 13,981,770 14,363,850 9,353,340 10,656,390 12,112,690 7,183,087 555,522 1,509,620 105,110 8,257,106 608,606 1,680,277 110,406 9,386,817 679,062 1,931,935 114,872 10,105,040 713,445 2,124,885 118,630 10,287,960 729,120 2,200,087 119,897 10,426,390 740,919 2,260,705 121,027 10,749,660 777,775 2,343,794 110,535 11,027,950 813,375 2,406,109 116,417 3,386,964 2,255,825 1,349,385 104,690 762,335 39,415 870,195 702,525 77,934 89,104 632 260,944 4,403 38,556 203,946 14,039 3,925,694 2,595,334 1,575,779 118,643 859,855 41,057 1,057,036 873,920 87,537 94,980 599 273,324 4,998 40,453 214,085 13,788 4,394,752 2,956,557 1,786,497 138,702 987,887 43,471 1,152,732 953,810 98,349 99,957 616 285,463 4,585 42,440 224,258 14,180 4,730,680 3,181,315 1,897,487 147,693 1,090,891 45,244 1,248,957 1,033,744 103,740 110,707 766 300,408 5,986 44,431 235,080 14,911 4,780,754 3,402,987 2,076,445 157,547 1,123,154 45,841 1,073,967 867,831 95,792 109,604 740 303,800 6,730 44,761 236,719 15,590 4,800,258 3,378,629 2,030,136 158,936 1,143,284 46,273 1,117,242 911,540 93,589 111,333 780 304,387 6,740 44,847 237,179 15,621 4,886,757 3,462,137 2,081,919 160,726 1,178,415 41,077 1,112,818 905,281 92,570 114,161 806 311,802 6,869 45,458 243,463 16,012 4,977,053 3,513,839 2,122,486 163,251 1,186,179 41,923 1,146,872 933,532 94,763 117,731 846 316,342 7,253 46,550 246,213 16,326 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 554,997 34 34 0 72,937 13,014 11,493 45,213 3,217 4,819 1,370 3,449 0 0 0 0 0 8 1 558,190 29 29 0 75,918 12,935 11,401 48,396 3,186 4,912 1,632 3,280 0 0 0 0 0 561,016 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 562,941 26 26 0 77,264 12,819 11,340 49,919 3,186 5,013 1,679 3,335 0 0 0 0 0 15 5 0 255,006 219,279 35,727 54,640 14,621 40,019 61,481 20,396 41,085 804 804 1 1 2 0 255,000 219,273 35,727 57,774 15,544 42,230 64,077 21,257 42,820 770 770 1 1 2 0 254,997 219,270 35,727 59,897 16,922 42,975 65,847 21,844 44,003 778 778 10 0 254,963 219,236 35,727 61,451 18,071 43,380 67,136 22,272 44,864 748 748 699,472 25 25 0 77,978 12,893 11,318 50,564 3,204 5,115 1,687 3,428 0 0 0 0 0 6 1 1 4 0 389,934 329,272 60,662 62,902 18,449 44,453 68,350 21,219 47,131 754 754 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 0 3 0 1 0 0 0 968,371 610,740 66,620 291,010 0 1,003 1,003 4,965,850 441,235 409,089 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,423,676 1,013,757 73,068 336,851 0 938 938 5,791,117 405,246 371,484 33,762 1,330,795 1,312,284 18,511 1,940,079 1,862,476 77,603 0 0 0 0 0 2,114,153 1,592,439 89,626 432,088 0 844 844 6,301,457 409,478 373,981 35,497 1,436,525 1,416,544 19,981 2,043,037 1,961,316 81,721 0 0 0 0 0 2,409,310 1,828,879 95,742 484,689 0 3,107 3,107 6,507,032 410,196 374,062 36,135 1,472,294 1,451,815 20,479 2,078,829 1,995,676 83,153 0 0 0 0 0 2,542,529 1,923,565 101,280 517,685 0 3,183 3,183 6,699,590 413,217 377,061 36,157 1,531,796 1,510,489 21,307 2,127,130 2,042,045 85,085 0 0 0 0 0 2,624,045 1,962,603 109,478 551,964 0 3,402 3,402 6,934,306 417,136 380,925 36,211 1,587,795 1,565,710 22,085 2,094,251 2,010,481 83,770 0 0 0 0 0 2,830,445 2,120,175 116,278 593,991 0 4,679 4,679 7,199,833 427,492 391,094 36,398 1,660,047 1,636,957 23,090 2,167,980 2,081,261 86,719 0 0 0 0 0 2,939,696 2,179,319 123,178 637,199 0 4,618 4,618 971,749 758,520 79,426 122,682 11,122 1,211,031 982,293 84,260 132,129 12,349 1,371,821 1,129,273 88,299 142,528 11,721 1,471,677 1,216,745 91,396 155,120 8,416 1,488,266 1,221,252 95,457 163,978 7,578 1,486,254 1,215,376 96,224 167,016 7,637 1,461,232 1,200,378 98,108 163,196 -450 1,474,247 1,204,108 98,722 168,028 3,389 23 4 4 15 0 239,433 219,867 19,566 49,307 14,837 34,470 60,270 27,274 32,996 990 990 4,457,496 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 2 7 0 249,515 222,535 26,980 52,793 15,240 37,553 61,360 23,389 37,971 887 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. 399,420 321,955 77,465 64,859 19,490 45,369 71,680 22,946 48,734 742 742 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • January 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2007 Holder and type of credit 2004 2005 2006 Apr. May June July Aug. Sept. Seasonally adjusted 1 Total 2,191,323 2,284,876 2,387,470 2,418,968' 2,437,898' 2,448,008 2,461,754' 2,482,581' 2,487,887 2 Revolving 800,017 1 391 306 824,963 1,459,913 875,406 1,512,064 887,612 1,531,355' 897,091 1,540,807' 902,189 1,545,820 909,488 1,552,266' 917,557 1,565,024' 922,142 1,565,744 Not seasonally adjusted 4 Total By major holder 5 Commercial banks 6 Finance companies 8 Federal government and Sallie Mae 10 Nonfinancial business 11 Pools of securitized assets3 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 16 Federal government and Sallie Mae 18 19 Nonfinancial business Pools of securitized assets3 21 22 Commercial banks Finance companies 24 Federal government and Sallie Mae 26 27 Nonfinancial business Pools of securitized assets3 2,219,410 2,313,862 2,418,262 2,405,653' 2,423,550' 2,431,752 2,446,854' 2,484,823' 2,494,391 704,270 492,346 215,384 86,074 91,300 58,570 571,466 707,039 516,534 228,588 89,822 109,077 58,817 603,986 741,200 534,354 234,532 91,676 95,547 56,757 664,197 729,133 535,694 233,438 94,826 95,433 53,072' 664,056 735,749 541,129 234,656 94,652 96,313 53,402' 667,650 737,869 543,353 232,952 94,642 97,165 53,517 672,255 748,566 555,253 235,627 94,436 86,904 53,421 672,649' 763,846 567,429 237,906 96,577 86,912 54,034 678,119' 771,510 565,910 238,317 98,006 87,030 53,814 679,804 823,707 314,649 50,382 23,244 n.a. 27,907 12,372 395,153 849,975 311,204 66,307 24,688 n.a. 40,755 11,598 395,423 902,316 327,302 79,874 27,388 n.a. 42,459 7,779 417,514 880,552 304,694 73,595 26,998 n.a. 41,892 7,203 426,170 889,883 307,935 74,454 27,495 n.a. 42,180 7,202 430,618 896,691 311,006 75,083 27,724 n.a. 42,459 7,233 433,185 903,597 312,726 76,378 28,451 n.a. 39,590 7,227 439,225 916,772 319,737 77,455 28,904 n.a. 39,598 7,319 443,759 921,421 322,802 78,347 29,159 n.a. 39,637 7,320 444,155 1 395 703 389,621 441,964 192,140 86,074 63,393 46,198 176,314 1,463,887 395,835 450,226 203,900 89,822 68,322 47,219 208,564 1,515,946 413,898 454,480 207,144 91,676 53,088 48,978 246,683 1,525,102' 424,440 462,099 206,440 94,826 53,541 45,869' 237,886 1,533,668' 427,815 466,675 207,161 94,652 54,133 46,200' 237,032 1,535,062 426,863 468,269 205,228 94,642 54,706 46,283 239,070 1,543,258' 435,840 478,875 207,176 94,436 47,314 46,193 233,424' 1,568,051' 444,109 489,974 209,002 96,577 47,314 46,715 234,360' 1,572,970 448,708 487,563 209,158 98,006 47,393 46,494 235,649 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2007 Item 2004 2005 2006 Mar. Apr. May June July Aug. Sept. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 6.60 11.89 7.08 12.05 7.72 12.41 n.a. n.a. n.a. n.a. 7.92 12.57 n.a. n.a. n.a. n.a. 7.82 12.51' n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.72 13.22 12.51 14.55 13.21 14.73 n.a. n.a. n.a. n.a. 13.46 14.47 n.a. n.a. n.a. n.a. 13.58 15.24 n.a. n.a. 4.36 8 96 5.46 9 03 4.96 9 67 3.89 9 29 5.04 9 20 4.88 9 35 4.66 9 22 4.74 9 00 4.10 9 08 4.48 9 24 60.5 56 8 60.0 57 6 62.3 57 5 58.3 59 3 57.8 59 4 61.1 59 4 58.7 59 3 58.6 59 4 62.6 59 5 62.9 59 6 89 100 88 98 91 99 91 100 92 102 94 103 92 103 92 103 95 102 96 102 24,888 15,136 24,133 16,228 25,958 16,671 26,998 17,044 27,013 16,979 27,163 16,938 26,929 17,131 27,090 17,230 28,759 17,109 28,908 17,117 Auto finance companies 5 New car OTHER TERMS3 Maturity (months) 7 New car Loan-to-value ratio 9 New car 10 Used car Amount financed (dollars) 11 New car 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 Nonfinancial sectors 1,155.6 1,402.4 1,677.3 1,977.1 2,210.6 2,645.8 2,262.2 1,990.3 2,421.5 2,313.9 2,134.4 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit -83.0 -5.1 -.5 122.8 347.7 -87.2 4.4 705.8 551.5 40.3 110.3 3.8 150.7 -57.9 257.1 .5 159.4 132.3 -106.6 15.7 893.9 759.4 37.1 90.5 6.9 107.9 -35.1 398.4 -2.4 137.6 158.3 -77.0 5.5 987.6 798.3 71.2 119.4 -1.3 104.4 16.8 362.5 -.6 130.5 77.7 10.8 20.4 1,243.9 1,041.6 49.5 150.2 2.7 115.0 -7.9 307.3 -.4 194.9 59.9 137.6 47.7 1,377.0 1,060.7 74.3 237.4 4.6 94.5 18.8 377.0 -1.0 114.6 211.0 208.2 65.1 1,590.8 1,281.9 65.6 235.6 7.7 61.3 16.8 49.7 2 172.6 204.1 99.0 93.9 1,498.2 1,200.4 49.6 241.3 6.9 127.8 -37.7 172.4 -1.0 169.2 138.6 163.1 -30.0 1,296.1 964.9 44.0 279.6 7.6 119.7 95.6 135.8 .5 252.8 320.9 223.2 60.1 1,223.7 859.0 76.0 280.7 7.9 108.9 -1.6 327.5 -1.3 248.5 284.8 115.7 69.7 1,157.7 815.1 61.5 275.8 5.3 113.0 31.3 -70.7 -.1 246.9 388.0 99.0 64.1 1,246.6 830.1 95.1 317.1 4.4 129.2 -48.6 435.9 -.8 205.0 212.0 430.6 196.3 1,089.9 732.4 100.6 251.8 5.1 150.5 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 671.5 384.0 215.2 162.2 6.7 105.7 -5.6 833.7 167.2 12.1 148.0 7.1 143.9 257.6 980.5 180.6 90.1 92.1 -1.6 120.3 396.0 1,077.4 422.5 171.8 244.7 6.1 115.3 361.9 1,135.7 596.5 256.3 327.5 12.7 171.6 306.9 1,322.2 844.9 488.4 336.5 19.9 102.8 376.0 1,351.0 724.8 401.5 306.6 16.7 136.4 49.9 1,076.3 595.4 262.9 318.6 13.9 147.2 171.4 1,063.1 1,003.8 635.3 345.7 22.9 218.2 136.3 921.2 842.7 537.2 282.9 22.6 223.8 326.2 1,004.6 987.6 603.1 377.5 7.0 212.9 -70.8 924.8 1,132.9 661.5 462.3 9.2 178.1 435.0 22 Foreign net borrowing in United States -13.7 92.9 36.9 124.8 102.8 140.1 115.7 518.1 227.7 158.2 257.8 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 15.8 -18.5 -7.3 -3.8 58.3 31.6 5.3 -2.3 12.9 28.7 -2.5 -2.1 62.8 61.8 3.8 -3.6 38.5 54.5 14.5 -4.6 83.4 60.8 5.2 -9.3 -51.7 144.6 30.8 -8.0 357.8 180.2 -12.2 -7.7 -17.2 218.0 31.6 -4.6 8.8 174.8 -22.5 -3.0 22.4 191.1 47.1 -2.9 -199.4 170.1 26.5 -.7 27 Total domestic plus foreign 1,141.9 1,495.3 1,714.3 2,101.9 2,313.5 2,785.8 2,377.8 2,508.3 2,649.2 2,472.1 2,392.2 2,667.4 1 Total net borrowing by domestic nonfinancial sectors -3.5 Financial sectors 871.1 869.3 1,068.2 989.8 1,069.9 1,370.7 1,593.7 939.9 1,302.4 1,170.5 1,418.5 2,321.1 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 124.5 304.1 338.5 306.6 18.7 25.5 2.2 -99.5 219.8 326.8 383.3 21.1 6.8 11.0 -59.7 250.9 330.6 485.7 21.4 31.2 8.2 26.6 75.0 62.7 667.3 58.1 74.1 25.9 214.5 -84.0 174.2 690.1 17.0 44.4 13.9 190.9 -.5 318.2 803.4 18.9 20.8 19.0 331.7 204.7 299.6 728.2 -15.7 38.1 7.1 80.7 -73.9 284.2 654.0 -42.8 29.9 7.8 199.6 50.3 278.7 1,000.2 -216.8 -3.9 -5.8 206.5 28.3 463.2 467.2 51.0 -30.5 -15.2 357.0 161.4 535.0 306.9 48.8 .4 9.0 -681.7 556.6 622.6 965.2 103.4 746.2 8.7 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 52.9 -2.0 1.5 .6 304.1 338.5 255.9 10.9 3.2 1.4 -96.0 49.7 -23.4 2.0 2.0 219.8 326.8 212.5 66.2 27.3 -1.7 -11.9 48.5 34.5 2.2 2.9 250.9 330.6 242.1 111.1 31.5 6.4 7.6 78.4 89.0 2.3 3.0 75.0 62.7 425.3 134.3 98.3 15.2 6.1 85.1 23.8 3.3 .4 -84.0 174.2 667.3 33.5 59.8 .1 106.5 85.7 .5 -.2 2.8 -.5 318.2 805.8 17.7 61.4 35.1 44.1 171.8 -1.8 6.8 1.3 204.7 299.6 671.9 89.1 56.5 6.5 87.2 51.6 17.1 2.0 2.4 -73.9 284.2 700.1 -36.6 32.8 5.0 -44.8 400.6 -463.3 8.4 4.3 50.3 278.7 906.2 69.0 14.0 -20.9 55.0 90.7 -20.5 -10.5 4.9 28.3 463.2 435.1 13.9 2.2 59.5 103.6 147.3 -24.9 10.6 12.6 161.4 535.0 485.3 9.3 -9.9 39.9 51.9 496.0 363.8 37.9 26.9 556.6 622.6 49.3 119.7 4.7 -29.3 73.0 28 Total net borrowing by financial sectors 36 Federal Reserve Bulletin Statistical Supplement • January 2008 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Qi Q2 Q3 Q4 Qi Q2 Q3 47 Total net borrowing, all sectors . . . . 2,013.0 2,364.6 2,782.5 3,091.7 3,383.4 4,156.5 3,971.5 3,448.2 3,951.5 3,642.5 3,810.7 4,988.5 48 49 50 51 52 53 54 55 56 -191.6 -5.1 642.1 122.8 635.8 -75.8 26.1 708.0 150.7 -99.1 257.1 547.2 159.4 547.2 -80.2 20.2 904.8 107.9 -82.0 398.4 579.1 137.6 672.7 -58.1 34.6 995.8 104.4 106.2 362.5 137.1 130.5 806.8 72.7 90.9 1,269.8 115.0 245.1 307.3 89.7 194.9 804.4 169.1 87.4 1,390.9 94.5 293.0 377.0 316.7 114.6 1,075.2 232.3 76.5 1,609.9 61.3 296.7 49.7 504.6 172.6 1,076.9 114.2 123.9 1,505.3 127.8 400.8 172.4 209.3 169.2 972.7 108.1 -7.8 1,303.9 119.7 278.0 135.8 329.5 252.8 1,539.1 38.0 51.6 1,217.9 108.9 213.7 327.5 490.2 248.5 926.8 144.2 36.2 1,142.5 113.0 410.6 -70.7 696.3 246.9 886.1 195.0 61.7 1,255.6 129.2 -929.7 435.9 1,178.4 205.0 1,347.3 560.5 941.9 1,098.6 150.5 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Funds raised through mutual funds and corporate equities 57 Total net issues 303.2 227.4 427.5 366.0 110.9 91.2 -155.3 -274.7 15.5 210.3 -26.3 -198.5 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents . 61 Financial corporations 62 Mutual fund shares 98.3 -48.1 109.1 37.3 204.9 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -384.2 -569.6 170.0 15.4 475.4 -423.7 -601.6 91.4 86.5 268.4 -512.6 -534.0 41.8 -20.4 237.8 -348.9 -751.2 251.0 151.3 364.4 -314.3 -572.8 174.0 84.5 524.6 -551.0 -770.0 161.1 57.9 524.7 -446.0 -846.0 192.8 207.2 247.5 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F.4, available at www.federalreserve.gov/releases. 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 Q3 Q4 Q1 Q2 Q3 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 Domestic nonfinancial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered commercial banks 13 Foreign banking offices in United States . . 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Property-casualty insurance companies . . . . 19 Life insurance companies 20 Private pension funds 21 State and local government retirement funds 22 Federal government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Exchange-traded funds 27 Government-sponsored enterprises 28 Agency- and GSE-backed mortgage pools 29 Asset-backed securities issuers (ABSs) 30 Finance companies 31 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,013.0 2,364.6 2,782.5 3,091.7 3,383.4 4,156.5 3,971.5 3,448.2 3,951.5 3,642.5 3,810.7 4,988.5 15.9 -86.1 -4.7 7.1 93.9 5.7 302.1 1,695.0 39.9 205.2 191.6 -.6 4.2 10.0 44.4 41.5 9.0 130.9 -36.0 -53.8 9.7 267.3 126.6 3.2 .0 304.7 338.5 244.0 49.9 8.6 92.4 -130.9 193.1 77.0 25.8 -.8 86.2 4.9 430.5 1,741.0 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 219.0 103.7 23.8 28.4 -104.1 178.2 123.7 -3.2 1.5 58.3 -2.1 516.3 2,088.0 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 232.9 122.9 25.7 79.6 86.7 400.5 282.8 31.1 11.5 72.4 2.7 772.5 1,918.7 51.2 608.0 571.1 23.0 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 62.7 415.8 214.9 87.9 -29.2 40.0 250.0 66.1 48.7 13.7 124.1 -2.7 778.4 2,355.0 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 12.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 174.2 670.8 117.2 66.9 82.3 50.0 199.5 73.4 46.6 12.5 56.8 10.2 769.5 3,187.5 60.0 834.5 739.8 83.8 6.8 4.1 86.8 58.2 60.1 156.6 7.5 99.2 5.4 116.2 228.7 10.4 3.0 73.9 318.2 744.4 110.5 40.5 -19.7 193.0 244.6 129.6 16.9 9.4 77.5 11.1 909.7 2,817.3 36.1 783.0 662.3 136.9 -8.0 -8.2 122.3 26.6 48.3 89.6 48.0 147.7 17.8 185.3 147.6 16.5 9.1 91.3 299.6 707.7 96.0 57.7 63.4 -176.3 146.0 115.5 -48.5 11.7 81.3 -14.0 754.2 2,548.0 21.4 154.5 57.3 94.0 6.6 258.1 7.9 31.8 48.6 38.9 14.4 7.7 362.1 130.8 -5.0 2.8 -30.4 284.2 719.2 158.1 44.5 162.5 135.8 546.7 343.8 59.4 11.8 122.9 8.9 932.7 2,472.1 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 in 41.6 43.7 2.5 217.2 232.6 5.5 7.9 48.6 278.7 734.1 -5.8 87.1 218.5 37.5 2.1 -233.9 59.9 10.8 145.0 20.3 990.2 2,650.2 13.0 194.5 29.7 188.2 -16.8 -6.5 189.1 39.8 32.8 85.0 60.7 -8.4 14.9 370.0 285.2 -.3 6.8 3.2 463.2 582.1 56.5 -36.2 277.6 20.6 127.3 -17.6 -27.3 13.6 144.9 13.7 828.8 2,854.6 44.7 688.0 499.3 194.9 -5.3 -.9 67.4 24.6 34.7 89.4 69.6 18.6 3.4 350.8 365.6 23.2 15.6 135.2 535.0 495.7 -34.7 -30.4 -123.4 81.4 728.7 794.6 -120.9 16.0 39.9 -.9 286.1 3,973.7 -33.7 968.0 705.2 238.9 21.5 2.4 136.8 33.6 43.1 81.0 70.2 15.0 17.5 444.2 192.3 11.4 9.6 717.8 622.6 118.9 99.8 -86.3 431.4 80.4 2,013.0 2,364.6 2,782.5 3,091.7 4,156.5 3,971.5 4.3 .0 1.3 6.8 -28.0 156.8 314.6 68.5 428.5 23.7 98.3 204.9 -84.6 3.1 77.2 266.3 14.4 -19.8 663.3 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 86.7 -87.0 60.1 262.9 22.2 -84.1 502.5 -.9 .0 .6 36.0 -14.5 85.0 307.4 55.8 -207.5 218.7 138.9 288.6 22.4 120.0 66.8 258.5 -1.1 34.5 519.3 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -15.1 1,597.5 16.1 192.4 26.9 -76.1 1,316.6 -2.3 .0 .6 216.3 -9.3 44.0 239.6 395.1 150.2 483.9 -384.2 475.4 88.5 220.2 57.8 81.7 25.7 -53.5 1,120.4 2.0 .0 .8 282.0 -195.6 29.2 232.7 308.8 274.2 278.8 -423.7 268.4 313.0 178.7 53.1 210.3 5.3 -64.9 1,003.0 -4.2 .0 1.0 -38.7 43.9 -80.3 344.2 344.7 418.0 602.2 -512.6 237.8 63.9 173.0 76.3 48.4 22.0 -38.9 1,542.8 -5.9 .0 .0 -64.4 116.3 -67.8 571.3 -3.6 380.4 619.1 -348.9 364.4 198.0 274.2 75.4 220.3 29.1 -69.1 899.4 .1 .0 .4 284.6 -490.2 91.7 371.3 291.2 440.7 698.0 -314.3 524.6 169.4 113.5 23.6 132.2 33.8 28.4 667.5 .0 1.3 455.3 24.3 -99.0 221.8 92.0 441.5 221.5 -551.0 524.7 246.7 358.6 16.7 37.6 13.8 -79.1 3,384.6 -.1 .0 1.4 150.0 151.2 126.0 312.7 537.7 1,260.4 166.2 -446.0 247.5 176.0 -11.9 15.7 170.6 28.1 -95.5 1,456.6 4,212.6 3,855.0 4,710.9 6,441.5 6,402.0 7,306.4 6,727.7 6,691.6 7,139.9 6,709.0 9,121.8 9,235.5 -12.9 17.2 -51.2 20.1 -223.8 -.6 21.5 7.2 36.0 19.7 -61.5 -.3 52.8 -4.3 -33.9 -42.6 -39.8 -.3 61.9 14.9 -139.9 -20.2 89.5 .7 40.6 -3.7 134.1 -18.1 150.0 -4.8 203.6 11.6 141.7 -42.0 -357.3 296.1 4.5 303.8 1.9 -528.4 .6 38.5 48.1 144.7 24.1 49.2 -.5 -141.2 -71.8 600.9 23.7 -189.8 359.7 48.8 -133.8 -28.9 -789.3 .7 434.1 -53.9 107.7 -22.1 484.1 .9 45.8 -14.1 9.2 -24.5 -420.8 5.7 -.5 7.9 -1.6 -.7 164.7 -8.9 .0 22.4 27.9 11.1 -6.6 -.1 -45.3 -11.3 .0 -131.0 2.1 .0 40.7 16.4 .0 -88.7 -19.1 .0 -84.9 -5.9 -.1 161.7 -.5 -.2 9.5 13.5 -.3 -31.3 4,450.3 3,670.1 4,765.5 6,396.8 6,150.4 7,495.8 6,606.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates . . . Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency . . . Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity . . . Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Total identified to sectors as assets .. . 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 305.0 2. Excludes corporate equities and mutual fund shares. 38 1.59 Federal Reserve Bulletin Statistical Supplement • January 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2002 2003 2004 2007 2005 Q2 Q1 Q3 Q4 Q1 Q2 Q3 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 20,615.8 22,325.5 24,317.4 26,528.0 27,174.1 27,706.0 28,214.0 28,854.7 29,448.5 29,953.8 30,606.2 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 119.9 3 609 8 27.3 1,762.9 2,710.3 1,133.0 949.9 8 302 8 6,437.4 464.5 1.305.5 95.4 1.999.9 84.8 4 008 2 24.9 1,900.5 2,868.6 1,088.4 955.4 9,290.4 7,227.8 543.6 1.424.8 94.1 2.104.4 101.6 4 370 7 24.3 2,031.0 2,946.3 1,099.2 975.8 10,549.1 8,284.2 593.1 1.575.0 96.9 2.219.4 93.8 4,678.0 23.8 2,225.9 3,006.2 1,236.8 1,023.5 11,926.1 9,344.9 667.4 1.812.4 101.5 2.313.9 100.4 4,834.4 23.6 2,254.3 3,058.9 1,283.1 1,028.5 12,306.2 9,653.1 683.8 1.866.0 103.4 2.284.5 115.4 4,759.6 23.6 2,305.8 3,110.0 1,316.4 1,063.5 12,696.0 9,966.4 696.2 1.928.2 105.2 2.315.8 114.2 4,803.2 23.4 2,332.7 3,144.6 1,361.6 1,040.7 13,026.6 10,216.7 707.2 1.995.6 107.1 2.367.0 117.1 4,861.7 23.5 2,403.2 3,224.8 1,410.2 1,067.5 13,328.3 10,421.4 726.2 2.071.7 109.0 2.418.3 130.2 5,014.3 23.2 2,465.4 3,296.0 1,441.6 1,076.8 13,601.6 10,614.4 741.6 2.135.3 110.3 2.399.5 159.5 4,904.0 23.2 2,533.7 3,393.0 1,475.5 1,104.3 13,928.9 10,835.5 765.4 2.216.5 111.5 2.431.8 135.9 5,010.0 23.0 2,570.6 3,446.0 1,584.6 1,136.0 14,208.1 11,027.9 790.5 2.276.8 112.8 2.492.1 15 16 17 18 19 20 21 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 8.514.0 7,017.4 4,740.9 2,106.7 169.8 1,447.3 3,637.0 9.496.8 7,228.0 4,861.1 2,198.8 168.1 1,567.6 4,033.1 10.589.0 7,650.6 5,032.9 2,443.5 174.2 1,682.8 4,395.0 11.724.7 8,247.1 5,289.2 2,771.0 186.9 1,854.4 4,701.9 12.000.7 8,435.0 5,392.6 2,854.7 187.6 1,880.5 4,858.0 12.352.3 8,648.5 5,521.9 2,931.7 194.8 1,922.0 4,783.2 12.655.7 8,786.3 5,576.5 3,010.1 199.7 1,945.4 4,826.6 12.927.8 9,036.1 5,732.9 3,097.8 205.3 2,005.5 4,885.3 13.105.2 9,243.8 5,869.2 3,168.1 206.5 2,062.1 5,037.4 13.370.4 9,535.3 6,061.3 3,262.8 211.2 2,121.0 4,927.2 13.637.7 9,782.3 6,190.2 3,377.0 215.1 2,153.2 5,032.9 22 Foreign credit market debt held in United States 1,072.3 1,249.7 1,431.3 1,514.9 1,553.5 1,576.9 1,706.1 1,767.0 1,786.7 1,844.0 1,843.7 254.2 705.2 68.6 44.3 267.1 874.4 66.1 42.2 329.9 993.0 69.9 38.6 368.4 1.028.2 84.4 34.0 392.8 1.043.4 85.7 31.6 374.3 1.079.5 93.4 29.7 463.5 1.124.6 90.4 27.7 461.4 1.180.8 98.3 26.6 463.3 1.224.5 73.1 25.8 461.7 1.272.3 84.9 25.1 412.4 1.314.8 91.5 24.9 21,688.1 23,575.2 25,748.7 28,042.9 28,727.5 29,282.9 29,920.1 30,621.6 31,235.2 31,797.8 32,449.9 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign Financial sectors 28 Total credit market debt owed by financial sectors 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Real estate investment trusts (REITs) Funding corporations 29 30 31 9,996.9 10,888.6 11,893.2 12,908.6 13,226.6 13,625.6 13,857.5 14,207.7 14,479.6 14,836.2 15,414.0 1.000.7 2,350.4 941.0 2,601.3 967.6 2,676.3 1,182.1 2,592.2 1.205.2 2,592.1 1.275.3 2,643.3 1.287.7 2,624.8 1.379.5 2,637.4 1,410.2 2,644.5 1.488.6 2,684.8 1.309.3 2,824.0 3,158.6 2 777 6 142.6 470.5 96.5 3,326.7 3 249 2 164.0 501.7 104.7 3,389.5 3 931 4 222.1 575.8 130.6 3,563.7 4,567.0 239.1 620.2 144.5 3,641.1 4,782.6 239.5 616.9 149.2 3,703.3 4,974.1 237.2 641.5 151.0 3,784.7 5,134.6 229.0 643.7 153.0 3,858.8 5,364.2 175.0 641.4 151.5 3,972.5 5,497.0 183.3 624.4 147.7 4,092.6 5,581.4 196.8 642.0 150.0 4,260.1 5,821.0 225.7 821.8 152.2 325.5 286.4 262.3 6.9 5.1 2.350.4 3,158.6 1,950.8 40.6 884.2 198.5 527.6 338.6 321.8 296.8 9.1 8.0 2.601.3 3,326.7 2,178.9 47.0 995.3 230.0 535.2 357.4 381.3 385.8 11.4 11.1 2.676.3 3,389.5 2,604.1 62.2 1.129.6 343.2 541.3 394.3 429.5 409.6 14.7 11.5 2.592.2 3,563.7 3,271.4 62.4 1.108.6 402.9 647.9 398.4 438.7 406.1 14.6 12.2 2.592.1 3,641.1 3,470.2 71.1 1.099.3 418.2 664.6 422.6 467.0 411.2 16.3 12.5 2.643.3 3,703.3 3,644.3 72.8 1.122.2 432.4 677.8 424.1 476.2 412.4 16.8 13.1 2.624.8 3,784.7 3,810.1 74.0 1.119.5 440.5 661.1 498.3 499.7 297.8 18.9 14.2 2.637.4 3,858.8 4,042.4 68.8 1.144.2 444.0 683.3 495.2 520.3 288.4 16.2 15.4 2.644.5 3,972.5 4,149.0 83.7 1.133.6 444.6 716.2 511.0 551.5 289.5 18.9 18.6 2.684.8 4,092.6 4,277.3 93.6 1.135.2 442.1 721.1 597.4 586.9 375.9 28.4 25.3 2.824.0 4,260.1 4,279.7 86.3 1.172.7 443.3 734.1 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 31,685.0 34,463.8 37,641.9 40,951.6 41,954.1 42,908.5 43,777.6 44,829.4 45,714.8 46,634.0 47,863.9 1 374 9 3.609.8 5,536.3 1,762.9 6,193.0 1,344.2 1.464.7 8 399 3 1.999.9 1,292.9 4,008.2 5,952.9 1,900.5 6,992.2 1,318.4 1.499.3 9,395.1 2,104.4 1,399.1 4,370.7 6,090.0 2,031.0 7,870.7 1,391.2 1.590.2 10,679.7 2,219.4 1,644.2 4,678.0 6,179.7 2,225.9 8,601.3 1,560.3 1.677.6 12,070.6 2,313.9 1,698.4 4,834.4 6,256.8 2,254.3 8,884.9 1,608.3 1.677.0 12,455.5 2,284.5 1,764.9 4,759.6 6,370.2 2,305.8 9,163.6 1,647.0 1.734.6 12,847.0 2,315.8 1,865.3 4,803.2 6,432.9 2,332.7 9,403.8 1,681.0 1.712.1 13,179.6 2,367.0 1,958.0 4,861.7 6,519.7 2,403.2 9,769.7 1,683.4 1.735.4 13,479.9 2.418.3 2,003.7 5,014.3 6,640.1 2,465.4 10,017.5 1,697.9 1.727.0 13,749.3 2,399.5 2,109.8 4,904.0 6,800.6 2,533.7 10,246.7 1,757.2 1.771.4 14,078.8 2,431.8 1,857.6 5,010.0 7,107.1 2,570.6 10,581.8 1,901.8 1.982.7 14,360.2 2,492.1 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets Domestic nonfinancial sectors Household 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 commercial banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies . . . . Life insurance companies Private pension funds State and local government retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 31,685.0 34,463.8 37,641.9 40,951.6 41,954.1 42,908.5 43,777.6 44,829.4 45,714.8 46,634.0 47,863.9 3,912.3 2,227.2 269.4 72.4 1,067.4 275.9 3,736.8 24,035.9 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.6 465.4 558.3 2,307.8 577.3 638.7 57.6 1,567.1 1,368.4 117.1 3.7 2,323.2 3,158.6 1,862.3 1,082.0 71.7 344.4 121.3 4,300.6 2,561.1 266.2 73.9 1,125.6 273.8 4,169.3 25,993.8 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 646.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.2 1,204.9 97.5 424.1 208.0 4,704.5 2,847.2 297.4 85.4 1,198.1 276.5 4,990.2 27,947.3 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 698.8 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,389.5 2,497.0 1,419.8 200.1 394.9 248.0 5,052.1 3,011.0 346.1 99.1 1,322.2 273.8 5,603.3 30,296.1 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 658.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,563.7 3,167.8 1,537.1 267.0 477.2 298.0 5,129.5 3,075.5 339.2 102.2 1,335.9 276.6 5,792.6 31,032.1 758.5 7,433.0 6,620.9 676.2 33.9 102.0 1,648.9 604.1 780.8 2,806.3 660.5 718.2 77.3 1,353.5 1,805.4 167.8 15.7 2,552.5 3,641.1 3,351.2 1,542.9 277.1 497.2 340.0 5,173.1 3,086.9 344.2 104.6 1,360.5 277.0 6,027.5 31,707.8 766.4 7,649.6 6,806.5 711.2 31.9 99.9 1,679.5 615.6 792.9 2,827.9 672.5 755.1 81.8 1,375.9 1,839.5 171.9 18.0 2,591.2 3,703.3 3,534.2 1,574.4 291.6 470.0 296.7 5,196.4 3,090.8 343.2 107.5 1,376.9 278.0 6,213.8 32,367.4 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 682.2 758.7 83.7 1,461.2 1,874.0 170.6 18.7 2,579.0 3,784.7 3,704.9 1,608.2 302.7 537.3 328.8 5,331.9 3,172.1 364.7 110.4 1,406.8 277.9 6,486.7 33,010.8 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 692.6 769.7 84.3 1,561.0 1,932.0 172.0 20.7 2,589.8 3,858.8 3,894.2 1,626.8 324.5 583.4 342.2 5,369.1 3,171.3 358.8 113.1 1,442.6 283.2 6,731.7 33,614.0 780.9 8,023.5 7,088.6 805.9 31.4 97.6 1,577.5 629.2 821.7 2,829.4 707.8 767.5 88.1 1,634.4 2,005.4 171.9 22.4 2,580.2 3,972.5 4,037.5 1,617.6 315.4 676.6 354.4 5,372.9 3,134.0 353.3 116.5 1,484.9 284.3 6,946.5 34,314.6 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,850.8 725.2 772.2 88.9 1,699.7 2,093.5 177.7 26.3 2,632.0 4,092.6 4,168.4 1,615.8 307.8 602.1 387.1 5,548.2 3,313.1 335.5 120.5 1,490.6 288.5 7,013.9 35,301.7 779.6 8,466.2 7,417.8 915.0 35.4 98.0 1,628.9 650.7 841.1 2,872.8 742.7 776.0 93.3 1,802.7 2,143.6 180.6 28.7 2,805.4 4,260.1 4,188.1 1,634.3 286.3 735.4 385.2 44,829.4 45,714.8 46,634.0 47,863.9 46.6 2.2 28.2 1,194.7 49.7 1,501.3 5,072.3 2,122.5 2,390.0 2,675.9 7,328.7 1,291.0 1,171.9 12,261.8 3,174.3 334.9 15,056.4 46.1 2.2 28.5 1,308.5 65.4 1,498.5 5,112.1 2,146.2 2,489.7 2,751.6 7,806.1 1,379.7 1,188.3 12,713.3 3,237.2 337.0 15,268.5 48.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous 40,951.6 55.8 2.2 25.5 831.1 206.0 1,351.9 3,695.9 1,171.0 2,223.9 1,340.3 3,638.4 738.8 920.9 8,198.0 2,445.7 241.4 11,827.4 62.3 2.2 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,722.4 2,468.1 240.4 12,238.8 62.2 2.2 26.7 957.0 212.2 1,521.7 4,284.9 1,505.1 1,879.8 1,647.2 5,436.3 1,038.2 1,060.4 10,632.6 2,662.5 268.9 13,701.6 27.5 1,024.7 201.3 1,525.2 4,599.3 1,789.5 2,006.9 1,998.0 6,048.9 1,038.4 1,082.6 11,193.7 2,967.5 295.8 14,452.3 46.0 2.2 27.6 1,078.8 181.2 1,507.8 4,692.9 1,887.7 2,014.1 2,122.3 6,463.8 1,105.5 1,102.3 11,487.2 2,987.4 311.5 14,355.8 48.3 2.2 27.8 1,149.3 140.4 1,536.8 4,734.0 1,965.6 2,067.4 2,213.3 6,419.3 1,148.6 1,110.1 11,367.2 3,066.3 311.6 14,281.0 46.5 2.2 28.1 1,139.6 147.5 1,489.2 4,794.0 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,617.0 3,082.3 322.3 14,385.3 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.5 2,494.0 7,068.3 1,249.9 1,163.7 12,146.4 3,136.6 316.3 15,073.1 52 Total liabilities 70,599.3 77,052.5 84,541.3 91,251.2 93,328.3 94,497.9 96,376.8 99,683.6 101,417.2 104,012.8 106,608.1 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . 23.2 11,900.5 4,987.8 23.7 15,618.5 5,426.6 24.6 17,389.3 6,026.5 19.3 18,512.0 6,797.5 19.4 19,401.7 7,012.3 19.7 18,944.0 7,209.5 19.7 19,595.5 7,388.8 19.9 20,909.1 7,528.4 20.0 21,133.9 7,719.4 20.1 22,221.9 7,907.8 20.3 22,445.0 8,052.6 -9.1 652.5 15.5 426.6 126.3 -3,286.9 -9.5 705.3 12.7 392.7 69.2 -3,085.4 -9.7 767.2 27.3 248.3 97.0 -3,060.4 -9.1 807.9 25.2 382.4 95.5 -4,394.8 -10.3 858.8 27.1 226.6 93.0 -4,452.0 -10.2 932.8 27.8 318.6 74.1 -4,761.9 -10.0 942.4 41.4 374.4 58.0 -5,031.8 -10.1 907.1 23.2 473.9 52.3 -5,263.2 -10.2 997.0 32.6 459.9 58.4 -5,643.7 -10.0 1,105.5 19.6 500.0 55.4 -5,804.9 -9.8 1,117.0 20.2 524.3 44.2 -5,704.2 -11.7 20.9 10.9 -17.9 20.8 11.2 20.6 44.3 20.6 -1.0 1.5 16.4 -94.4 1.5 19.7 -116.3 2.7 12.4 -121.4 20.6 -63.7 1.3 16.4 -88.3 19.6 -116.5 12.2 -105.5 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 62 Federal government checkable deposits . . . . 63 Other checkable deposits 64 Trade credit 65 Totals identified to sectors as assets 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 45.9 119,651.6 124,184.9 127,112.8 132,001.0 134,467.1 2. Excludes corporate equities and mutual fund shares. 28.8 1,346.0 98.8 1,500.1 5,161.1 2,284.0 2,801.6 2,799.1 7,967.2 1,376.6 1,194.5 12,833.0 3,280.5 348.8 15,673.2 141,227.0 40 Federal Reserve Bulletin Statistical Supplement • January 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2007 Series Ql Q2 Q3' Q4 Q1 Q2 Q3 Q4 Capacity (percent of 2002 output) Output (2002=100) Q1 Q2 Q3' Q4 Capacity utilization rate (percent)2 1 Total industry 112.2 113.2 114.2 113.9 138.0 138.6 139.2 139.8 81.3 81.7 82.0 81.5 2 Manufacturing 3 Manufacturing (NAICS) 113.9 114.9 115.1 116.1 116.2 117.2 115.6 116.7 142.7 144.3 143.5 145.1 144.2 145.9 144.9 146.7 79.8 79.6 80.3 80.0 80.6 80.4 79.8 79.6 4 5 121.6 107.8 123.8 111.3 125.7 112.0 125.2 111.1 156.6 127.7 157.9 127.9 159.1 128.4 160.4 128.8 77.7 84.4 78.4 87.0 79.0 87.3 78.0 86.3 109.9 116.6 181.7 111.3 117.4 185.4 112.5 119.4 192.1 112.4 118.3 196.9 137.7 148.6 241.2 138.1 149.4 249.5 138.6 150.1 258.0 139.0 150.9 266.8 79.9 78.4 75.3 80.6 78.6 74.3 81.2 79.5 74.5 80.9 78.4 73.8 107.3 98.2 109.1 101.3 109.3 101.6 107.9 98.1 126.2 133.4 126.5 132.1 126.8 130.6 127.1 129.1 85.0 73.6 86.2 76.7 86.3 77.8 84.9 76.0 130.6 107.5 112.5 87.1 131.9 107.8 113.6 87.7 135.2 108.1 114.0 83.4 137.1 107.5 112.9 81.3 162.8 131.1 136.2 116.7 163.6 131.4 136.8 115.9 164.4 131.7 137.5 115.1 165.3 132.0 138.1 114.3 80.3 82.0 82.6 74.6 80.6 82.0 83.0 75.6 82.2 82.1 82.9 72.5 82.9 81.4 81.8 71.1 97.1 111.6 110.1 106.3 98.7 96.7 109.6 110.6 108.5 99.3 96.5 110.5 111.4 109.9 98.9 95.3 109.4 111.2 110.1 98.4 115.1 120.9 141.5 124.4 117.6 114.9 120.8 141.8 125.2 117.8 114.7 120.9 142.1 126.0 118.0 114.5 121.1 142.5 126.7 118.2 84.3 92.3 77.8 85.4 84.0 84.1 90.7 78.0 86.7 84.3 84.1 91.3 78.4 87.2 83.8 83.2 90.3 78.1 86.9 83.2 20 Mining 21 Electric and gas utilities 100.1 108.6 100.2 108.3 101.2 109.2 102.3 109.7 111.3 125.8 111.4 126.2 111.4 126.6 111.5 126.9 90.0 86.4 89.9 85.8 90.8 86.2 91.8 86.4 MEMOS 22 Computers, communications equipment, and semiconductors 221.2 229.8 243.7 251.9 283.8 296.7 310.3 324.5 77.9 77.4 78.5 77.6 23 Total excluding computers, communications equipment, and semiconductors 107.9 108.7 109.3 108.9 132.1 132.4 132.6 132.9 81.7 82.1 82.4 81.9 24 Manufacturing excluding computers, communications equipment, and semiconductors 108.7 109.7 110.3 109.5 135.6 135.9 136.2 136.5 80.2 80.7 81.0 80.2 6 8 9 10 11 12 13 14 15 16 17 18 19 Durable manufacturing Primary metal Fabricated metal products Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2007 2006 Series Low High Low Dec. July Aug. Sept.' Oct.' Nov.' Dec' Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.0 86.5 70.8 85.0 78.5 81.6 82.2 82.0 81.9 81.4 81.6 81.4 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.2 68.5 67.8 85.4 85.3 77.1 76.9 80.5 80.3 81.0 80.8 80.4 80.2 80.4 80.1 79.8 79.6 79.8 79.7 79.7 79.5 89.4 101.9 69.6 69.6 86.7 90.5 62.9 47.0 84.5 93.8 73.3 74.6 78.9 80.4 79.5 88.9 78.9 87.9 78.5 85.0 78.0 85.8 78.1 87.0 78.0 86.0 91.6 94.6 69.7 74.5 82.8 92.7 61.8 58.0 81.6 85.2 72.6 73.9 79.9 82.9 81.3 80.0 81.1 78.4 81.3 80.1 81.3 78.8 81.0 78.2 80.3 78.2 86.9 66.0 89.9 76.9 81.4 75.9 77.1 75.1 74.4 73.9 73.7 74.0 73.7 99.3 95.6 67.9 54.6 91.9 95.2 64.6 44.9 89.1 89.7 77.0 56.0 85.1 76.4 86.8 79.0 85.8 78.3 86.2 76.2 84.6 75.3 85.1 76.4 84.9 76.3 75.9 87.6 67.9 72.3 87.0 85.8 69.0 75.6 87.1 86.8 81.1 81.6 79.2 82.0 81.9 82.4 82.3 81.8 82.4 82.1 82.3 81.5 82.8 81.5 83.6 81.3 86.3 89.5 77.5 61.8 84.4 89.6 80.6 72.6 85.9 91.2 81.0 77.7 82.6 75.5 83.4 74.0 82.6 71.8 82.9 71.7 82.2 71.8 81.4 70.7 81.8 70.9 96.7 92.2 85.3 96.1 86.0 74.0 80.8 69.1 61.8 75.5 95.4 91.9 83.6 90.1 88.0 81.3 70.7 67.7 71.8 86.3 92.5 89.0 85.1 89.8 91.0 86.1 83.1 80.1 76.4 80.6 86.4 89.9 78.2 85.3 84.0 84.4 91.2 78.7 87.4 84.1 84.1 91.3 78.0 86.7 83.2 83.8 91.5 78.4 87.5 84.2 82.6 90.2 78.0 86.7 83.4 83.9 90.7 78.3 87.5 83.1 83.0 90.0 77.9 86.4 83.2 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 94.0 88.2 78.7 77.6 86.1 92.7 83.5 84.0 92.3 81.8 90.9 84.0 90.2 88.1 91.2 86.6 91.2 86.6 92.1 86.5 92.1 86.2 MEMOS 22 Computers, communications equipment, and semiconductors . 84.3 62.3 89.6 74.6 80.8 74.2 79.4 79.3 78.4 77.9 77.8 77.8 77.3 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.6 85.4 78.7 81.9 82.6 82.4 82.4 81.9 82.0 81.9 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.1 85.9 77.2 80.7 81.4 80.7 80.8 80.2 80.3 80.1 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2006. The recent 2006 annual revision is described in a 2007 article in the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • January 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion Apr. Aug. Sept/ Index (2002=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 112.2 111.7 112.5 112.4 113.1 113.0 113.5 114.2 114.1 114.2 113.7 114.0 58.9 31.1 8.9 4.7 0.4 1.5 2.4 22.2 18.3 9.8 0.9 5.0 2.1 3.9 113.5 109.1 106.1 100.5 198.8 99.4 108.2 109.9 110.0 112.7 78.4 111.0 105.2 109.6 12.6 07.8 06.2 00.6 80.7 02.2 08.4 08.2 09.8 11.8 78.9 12.9 03.3 03.7 111.9 107.4 103.1 95.2 184.6 100.5 107.4 108.7 109.7 112.1 80.4 111.8 103.3 106.1 113.1 109.4 104.6 98.7 196.0 99.5 106.3 110.9 109.5 111.9 79.6 110.9 104.7 115.8 112.8 108.6 105.2 99.7 191.1 99.8 107.1 109.6 109.9 112.7 78.7 110.5 105.5 108.9 113.4 109.2 107.1 102.3 200.8 100.4 107.6 109.8 110.3 113.1 79.4 110.9 105.6 108.7 113.1 108.8 106.7 101.1 199.4 101.3 108.1 109.4 109.8 112.8 79.7 109.9 105.1 108.3 113.7 109.2 108.7 104.1 200.3 101.1 109.4 109.3 110.0 113.3 78.8 109.5 105.8 107.4 114.3 109.7 109.3 105.3 200.4 100.3 110.0 109.8 110.7 113.7 79.2 111.1 106.0 107.0 114.0 109.6 107.9 102.8 199.1 100.1 109.7 110.0 109.9 112.7 77.4 110.9 105.1 110.8 114.2 109.5 106.3 100.3 199.0 98.9 109.3 110.4 110.3 113.1 76.8 110.9 106.4 111.5 113.4 108.6 105.0 99.2 195.3 97.7 108.0 109.7 110.1 112.5 76.3 111.8 105.4 108.7 113.6 108.7 105.8 100.6 204.9 97.6 107.3 109.5 109.3 111.6 76.4 111.2 104.9 110.6 113.7 108.8 105.6 100.8 204.4 96.1 107.4 109.7 109.9 112.3 77.7 111.1 105.2 109.5 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.1 1.8 3.0 5.3 1.8 132.3 145.5 150.6 118.5 112.1 32.1 46.8 44.0 20.7 12.5 128.8 144.2 144.4 115.6 113.9 129.2 144.1 146.2 115.4 113.0 130.6 144.3 147.5 117.3 109.8 130.9 143.7 148.6 117.5 111.1 131.1 142.1 149.8 117.8 111.0 132.2 145.5 151.0 118.1 112.9 133.9 146.6 151.8 120.4 113.0 133.1 147.3 151.4 118.9 112.2 134.2 146.7 152.1 120.8 112.3 133.3 145.3 151.8 119.7 112.0 134.1 147.5 155.0 119.2 112.4 135.3 150.9 155.8 119.7 112.5 21 22 Construction supplies Business supplies 4.3 11.2 108.6 111.8 09.7 10.3 108.4 110.6 106.8 111.5 107.9 111.2 108.3 111.9 109.1 111.5 110.2 111.7 109.9 111.8 109.5 111.9 109.3 112.3 108.6 112.0 108.3 111.8 107.3 111.8 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 30.7 19.1 4.1 6.7 8.4 11.6 0.8 2.7 4.5 10.4 113.2 118.0 127.3 98.1 174.9 110.2 103.9 78.3 99.4 110.5 102.0 11.7 16.6 24.7 98.5 70.8 07.3 04.2 83.3 03.2 08.7 00.2 111.3 115.9 124.4 96.8 169.8 107.8 103.2 81.1 100.1 108.9 100.5 111.8 116.0 123.9 97.1 168.6 107.5 103.9 81.3 101.0 110.1 101.9 112.0 116.8 124.9 98.3 169.5 108.3 104.5 80.9 100.7 111.4 100.5 112.7 117.5 126.0 98.6 170.5 109.7 104.7 80.8 100.3 111.1 101.1 112.7 117.7 126.5 99.1 170.5 110.4 104.4 81.3 99.6 111.2 100.9 113.2 118.2 127.4 99.8 173.4 110.4 104.6 80.7 98.4 111.6 101.2 114.2 119.6 129.4 99.8 178.4 111.8 105.0 78.1 99.4 111.8 101.4 114.3 118.9 129.1 99.7 178.1 111.4 103.7 75.1 99.5 110.0 103.3 114.3 119.1 129.1 97.6 179.2 111.7 104.2 75.8 98.5 110.5 102.8 114.1 118.5 129.0 96.6 180.8 111.2 102.9 75.6 98.2 109.1 103.6 114.6 119.3 129.8 96.7 182.0 112.1 103.7 74.8 99.5 110.6 103.6 114.3 118.8 129.3 95.8 182.7 111.2 103.3 74.6 98.7 109.9 103.6 94.8 92.5 108.7 114.3 08.0 12.9 107.4 112.7 108.3 113.4 108.1 113.3 108.6 113.9 108.5 113.8 108.9 114.2 109.4 114.9 109.3 114.9 109.3 115.2 108.7 114.7 109.0 115.0 108.9 115.0 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 3,091.7 43.4 31.1 12.3 15.5 3,076.4 3,085.3 3,052.7 3,101.6 3,116.7 3,095.3 3,109.3 2,347.3 2,335.4 2,314.7 2,346.1 2,336.1 2,340.9 2,337.0 2,354.4 2,370.1 2,362.1 2,362.0 2,338.9 2,352.4 2,356.5 1,636.0 1,615.5 1,611.7 1,641.9 1,629.7 1,636.2 1,632.1 1,642.5 1,650.9 1,648.3 1,644.6 1,628.3 1,635.8 1,634.8 727.5 733.1 721.4 732.2 713.5 714.2 713.5 716.4 714.6 722.0 729.7 723.8 728.0 721.1 745.4 737.5 738.7 742.2 741.4 745.3 745.6 748.2 748.0 748.4 748.4 746.1 744.1 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2006 2007 2007 avg. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept/ Oct.' Nov.r Dec.p Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.0 115.2 116.2 114.4 115.4 113.7 114.7 113.6 114.6 114.4 115.4 114.8 115.8 114.9 115.9 115.7 116.7 116.6 117.7 115.9 117.0 116.1 117.1 115.4 116.5 115.7 116.8 115.7 116.8 321 43.4 1.5 124.0 97.7 122.7 100.3 121.2 98.5 121.3 97.7 122.3 98.3 123.2 98.2 123.4 100.3 124.7 101.9 126.2 100.8 125.5 99.1 125.3 97.1 124.8 94.5 125.3 93.3 125.4 94.3 327 331 332 333 2.3 2.3 5.8 5.3 110.1 110.5 111.5 118.3 111.0 102.7 109.8 122.6 109.8 107.1 109.3 116.4 106.5 107.6 109.8 115.3 108.3 108.8 110.6 118.0 108.5 111.3 111.1 117.2 109.2 112.1 110.8 117.6 110.6 110.6 112.1 117.5 111.7 114.0 112.5 119.9 112.0 112.8 112.3 117.7 111.9 109.2 112.8 120.5 111.0 110.5 112.9 118.7 111.5 112.1 112.6 118.0 109.2 110.9 111.8 118.2 334 8.0 188.8 181.7 181.3 181.5 182.3 184.2 184.4 187.7 191.6 191.8 192.8 194.5 197.3 198.8 335 3361-3 2.2 7.5 108.5 99.5 107.1 102.4 106.5 96.4 107.4 98.7 107.9 99.4 109.3 100.8 108.7 100.3 109.3 102.8 109.9 103.6 108.7 102.2 109.4 99.1 107.4 97.5 108.1 98.6 108.0 98.2 3364-9 3.6 133.6 128.3 130.7 131.0 130.2 131.1 131.1 133.5 134.4 135.3 135.8 135.8 136.9 138.5 337 339 1.8 3.3 101.6 122.7 102.7 121.0 101.8 120.2 100.7 119.4 101.0 121.6 100.4 122.5 101.2 123.1 102.2 123.4 103.2 123.6 103.6 123.0 101.7 124.7 101.1 123.9 101.6 122.8 100.3 125.3 35.6 107.7 107.4 107.5 107.2 107.8 107.7 107.8 107.9 108.5 107.7 108.2 107.5 107.6 107.4 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 113.3 84.9 79.0 96.4 103.7 112.2 88.6 79.7 99.5 106.3 112.3 87.4 81.1 96.4 105.6 112.2 87.3 80.3 97.5 106.0 113.0 86.5 79.5 97.2 105.6 113.7 87.3 80.0 97.3 104.7 113.3 87.8 80.3 96.7 103.1 113.9 87.9 79.4 96.1 102.1 114.5 85.3 79.5 96.8 101.7 113.5 82.6 77.9 96.5 102.5 114.1 82.3 77.6 96.1 103.2 113.3 82.3 77.3 94.7 102.4 112.3 80.7 77.2 96.1 102.7 113.1 80.8 78.3 95.0 102.3 324 325 1.8 10.8 110.2 110.9 108.9 110.5 113.0 109.9 110.0 110.1 111.7 110.4 107.9 110.5 110.6 110.6 110.1 110.8 110.3 111.8 110.4 110.9 110.7 111.5 109.2 111.0 109.8 111.5 109.1 111.1 326 3.8 108.7 105.6 106.3 105.5 107.1 108.0 108.5 109.0 109.9 109.3 110.5 109.6 110.9 109.8 1133,5111 4.9 98.7 98.7 98.4 98.6 99.1 99.5 99.0 99.4 99.1 98.1 99.4 98.5 98.3 98.4 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 100.9 109.1 111.0 98.5 102.5 102.5 105.8 87.0 100.2 105.1 108.1 91.0 100.0 114.1 114.1 114.2 100.2 106.6 109.2 94.7 100.2 109.7 110.7 104.8 99.9 108.0 110.4 96.8 100.4 107.3 109.9 95.4 101.3 106.2 108.4 96.1 100.5 111.5 113.4 102.8 101.7 109.7 112.2 98.1 101.6 109.8 113.1 94.3 102.6 109.8 111.9 100.0 102.7 109.6 112.3 96.9 78.7 109.5 109.3 108.5 108.4 109.2 109.5 109.5 110.0 110.8 110.0 110.1 109.4 109.6 109.5 76.4 116.5 115.4 115.1 114.9 115.7 116.0 116.2 116.7 117.7 117.0 117.5 116.9 117.1 117.1 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2006. The recent 2006 annual revision is described in a 2007 article in the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • January 2008 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 -640,148 -612,092 1,157,250 -1,769,341 56,357 -754,848 -714,371 1,283,070 -1,997,441 48,058 54,459 152,512 -98,053 Q3 Q4 Q1 Q2 Q3 -811,477 -758,522 1,445,703 -2,204,225 -217,334 -199,307 365,868 -187,938 -176,926 5,850 7,491 40,487 -32,996 -554,549 9,661 11,328 47,074 -188,919 -178,431 396,525 -574,956 12,669 14,350 50,384 -178,456 -173,152 -565,175 -197,097 -177,581 382,156 -559,737 7,478 9,062 -23,877 -35,746 -1,668 -20,673 -6,141 -6,400 36,640 43,172 174,214 -131,042 -6,532 -84,414 -88,535 -89,595 62,499 139,408 -76,909 377,623 -1,642 417,736 -590,888 -38,698 -1,584 -26,994 -36,034 20,456 22,154 55,260 -33,106 -1,681 -23,157 -25,760 47,760 -1,698 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) 5,346 962 445 -369 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 2,374 0 -223 3,331 -734 -54 1,275 -215 1,415 0 -51 1,678 -212 -72 0 -43 212 -241 -39 294 -229 -37 230 -247 -212,474 -78,798 -29,162 -55,496 -49,018 -291,405 -123,899 15,818 -117,230 -66,094 -449,827 -233,384 -47,830 -87,206 -81,407 -465,123 -156,107 -111,282 90,323 -78,825 -56,323 26 0 -398 3,826 -623 4,511 10,200 -615 -909,539 -359,767 -124,137 -146,549 -279,086 -446,510 -217,471 7,662 -1,062,896 -454,585 -83,531 -289,422 -235,358 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 397,755 273,279 259,268 112,841 100,493 -421 26,260 20,095 440,264 189,181 191,553 3,133 22,040 34,357 108,799 52,746 55,226 1,154 -7,221 6,894 85,347 47,049 47,749 1,129 -15,666 5,086 152,193 37,705 73,067 654 29,797 10,970 70,464 -13,125 56,400 -77 28 Change in foreign private assets in United States (increase, +) . . . 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 1,064,011 334,747 944,963 202,508 31,804 132,300 18,969 450,386 108,996 1,419,333 434,393 235,769 -35,931 12,571 591,951 180,580 341,188 100,640 69,637 -13,440 1,129 140,243 42,979 430,682 172,283 49,612 22,090 8,382 132,745 45,570 464,409 93,522 93,608 14,829 381,493 145,812 548,808 143,963 110,172 1,813 3,347 242,963 -2,369 85,775 -4,054 -18,454 -3,913 -17,794 -545 -37,121 -15,973 -21,148 -637 -36,643 -559 15,708 11,335 4,373 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 -39,603 -197,098 41,662 -134 69,245 13,703 6,267 -42,910 203,603 93,624 44,638 -1,631 112,269 11,906 -210,964 -93,976 -82,203 -77,980 15,981 11,285 46,550 -598 36,718 2,782 33,935 39,016 -11,536 29,354 881 9,846 10,471 210,110 69,822 51,821 46,658 4,741 -44,177 81,245 -554 85,622 -18,584 104,206 MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 2,805 14,096 2,374 1,006 1,415 -72 26 -54 397,889 259,689 437,131 107,645 84,218 151,539 70,541 38,135 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2007 Asset 2005 2006 2007 May June July Aug. Sept. Oct. Nov. DecP 1 Total 65,127 65,895 70,565 66,008 66,127 67,029' 67,508' 69,070' 69,626' 70,966' 70,565 2 Gold stock1 3 Special drawing rights2'3 4 Reserve position in International Monetary 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,002 11,041 9,018 11,041 9,111 11,041 9,157 11,041 9,301 11,041 9,392 11,041 9,536 11,041 9,476 8,036 37,838 5,040 40,943 4,244 45,804 4,481 41,483 4,573 41,495 4,369 42,508' 4,388 42,922' 4,463 44,266' 4,394 44,800' 4,416 45,973' 4,244 45,804 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. In the print version of the January Statistical Supplement, the second sentence of footnote 4 was omitted. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. For December 2007, excludes outstanding reciprocal currency swaps with the European Central Bank and the Swiss National Bank in the amounts of $20 billion and $4 billion, respectively. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2007 Asset 2005 2006 2007 May 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 June Aug. Sept. Oct. Dec.p Nov. 83 98 96 93 197 94 94 112 601 97 96 1,069,014 8,967 1,133,969 8,967 1,191,706 8,710 1,198,639 8,832 1,211,812 8,825 1,226,784 8,791 1,173,166 8,764 1,179,525 8,737 1,195,592 8,724 1,191,855 8,724 1,191,706 8,710 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 July 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2007 2006 Item 1 1 Total By type 2 Liabilities reported by banks in the United States2 2005 2006' June" June 8 Dec' Aug.' Sept.' Oct.' Nov.' 2,191,423 2,585,038 2,256,633 2,490,430 2,585,038 2,746,662 2,761,800 2,804,732 2,851,471 296,647 201,863 284,827 176,829 308,842 184,847 308,842 184,847 284,827 176,829 353,307 179,837 341,913 178,083 360,862 180,239 390,993 185,075 1 102 333 948 589,632 1 271 174 1,026 851,182 1 112 617 986 649,341 1 211 819 1 271 174 986 1,026 783,937 851,182 1 244 460 1,082 967,977 1 258 830 1,089 981,886 1 262 810 1 263 188 1,096 1,103 999,725 1,011,112 368,516 7,211 128,006 1,640,968 17,214 29,502 435,062 7,078 175,746 1,915,375 12,422 39,354 366,044 6,952 148,878 1,679,435 18,664 36,654 414,986 7,859 159,444 1,851,832 15,955 40,354 451,341 7,521 238,609 1,991,790 18,520 38,881 467,239 6,857 241,403 1,995,414 18,406 32,481 502,562 6,928 241,980 2,005,039 19,670 28,552 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 10 Asia 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 435,062 7,078 175,746 1,915,375 12,422 39,354 528,168 6,918 250,585 2,022,186 19,702 23,911 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2006 Item 2003 2004 2007 2005 Dec. Mar. June Sept. 2 3 Deposits Other liabilities 63,119 36,674 26,445 98,349 52,410 45,939 91,693 59,241 32,452 140,941 97,135 43,806 144,175 96,917 47,258 169,727 103,815 65,912 182,041 104,826 77,215 5 Deposits 81,669 38,102 43,567 129,544 51,029 78,515 100,144 43,942 56,202 131,556 59,153 72,403 130,224 63,063 67,161 143,355 65,611 77,744 148,662 67,723 80,939 8 Deposits 21,365 5,064 16,301 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 77,258 51,484 25,774 81,285 55,342 25,943 80,430 50,748 29,682 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 • January 2008 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period May Aug. Sept. BY HOLDER AND TYPE OF LIABILITY 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 instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 . . . . 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments6 2,911,516 3,851,558' 4,321,807" 4,199,775" 4,374,587' 4,314,511' 4,281,633' 4,416,875' 4,465,758 2,981 2,299,950 2,924,438' 3,358,011' 3,253,508' 955,072 1,127,909 665,127 828,535 1,043,801 1,256,149 713,327 1,430,743' 1,609,148 1,916,161' 1,844,355' 1,939,757' 1,028,974 1,264,884 1,216,061 1,319,817 1,004,087 927,120 946,267' 963,796 245,389 250,886 226,939' 244,715 440,240 371,732 410,833' 401,325 318,783 780,957 259,843 319,598 3,238,467' 3,341,782' 3,354,161 1,413,525' 1,863,219' 1,209,155 1,037,767 1,466,517' 1,517,848' 1,522,371 1,771,950' 1,823,934' 1,831,790 1,128,992 1,180,996' 1,195,995 1,111,597 1,043,166' 266,433 259,931' 268,946' 284,591 451,807 463,277' 508,755' 519,096 48,260 152,789 194,583 53,594 136,783 201,516 66,155 113,865 304,502 74,674 109,999 317,756 86,041' 114,579' 308,495 93,276 120,861 318,458 96,646 149,998 319,527 93,651 160,891 319,958 102,341 180,911 297,392 100,278 196,254 307,910 15,654 10,363 6,098 4,265 5,291 1,879 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25 770 19,021 6,749 3,655 800 29,898 26,368 19,895 6,473 3,530 355 30,386' 26,453 20,532 5,921 3,933' 506' 30,262 26,585 20,632 5,953 3,677 287 31,304 27,765 21,208 6,557 3,539 353 29,217 25,776 20,535 5,241 3,441 310 30,397 25,971 20,833 5,138 4,426 838 30,012 26,265 20,704 5,561 3,747 738 3,412 4,096 2,855 3,390 3,186 3,588 3,009 515,586 145,516 26,613 118,903 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 486,315' 211,983' 59,113' 152,870 492,637 225,442 58,169 167,273 528,452' 245,012' 58,667' 186,345 533,144' 218,524' 55,359' 163,165 519,996' 198,226' 53,349' 144,877' 541,101 197,183 48,961' 148,222' 576,068 210,022 47,692 162,330 370,070 245,199 327,526 201,863 282,702 176,829 274,332 172,500 267,195 160,745 283,440 176,036 314,620 179,837 321,770 178,083 343,918 180,239 366,046 185,075 101,832 106,450 134,783 143,687 163,679 180,971 26 Banks10 27 Banks' own liabilities 28 Deposits2 29 Other 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'' . . . 33 Other ,574,793 ,354,437 773,703 580,734 220,356 26,978 1,792,040 1,566,967 841,248 725,719 225,073 23,771 ',258,115' 1,917,300' 1,025,334' 891,966 340,815 31,153 2,518,429' 2,182,084' 1,121,527' 1,060,557' 336,345 27,845 2,415,990' 2,090,884' 1,084,051' 1,006,833' 325,106' 25,888 2,447,034' 2,107,006' 1,090,667' 1,016,339' 340,028 28,421 52,400 140,978 48,776 152,526 66,378 243,284 60,780 247,720 65,775' 233,443 68,979 242,628 34 Other foreigners'' 35 Banks' own liabilities 36 Deposits2 37 Other 805,483 572,665 148,658 424,007 769,564 546,387 148,766 397,621 38 39 40 232,818 44,727 223,177 33,124 299,948 42,104 349,589 44,015 350,033' 39,800 376,942 40,645 377,316 55,997 376,640' 50,954' 397,290' 51,633' 402,302 59,324 136,192 51,899 142,188 47,865 196,728 61,116 235,570 70,004 235,922' 74,311 260,470 75,827 243,837 77,482 248,649' 77,037 266,078' 79,579 262,545 80,433 43 Total, all foreigners 2,911,516 3,080,907 3,851,558' 4,321,807' 4,199,775" 4,374,587" 4,314,511" 4,281,633' 4,416,875' 4,465,758 44 Foreign countries . . 2,895,862 3,060,114 3,822,133' 4,291,909' 4,169,389" 4,344,325' 4,283,207' 4,252,416' 4,386,478' 4,435,746 ,050,895 4,355 1,229,338 3,604 13,512 3,147 1,088 81,852 54,822 1,178 16,022 1,537 3,612 71,486 64,050 7,198 50,305 68,660 7,075 1,482,788 1,798,139' 1,750,105' 1,852,495' 1,759,583' 1,686,810' 1,802,113' 1,804,481 3,841 3,278 4,619 4,723 5,121 6,614 5,804 6,064 15,499 17,064 14,528 18,659 20,071 15,248 19,745 14,988 798 652 931 1,000 2,143 722 1,156 886 732 2,425 3,204 1,184 1,273 811 1,625 611 68,895 60,760 69,078 80,552 70,293 60,978 65,432 67,385 69,043' 73,059 69,894 97,100 74,626' 77,824 90,643 95,229 2,276 1,415 1,528 1,490 1,370 1,665 1,488 1,516 85,917 95,696' 84,085 112,774 110,384 103,940 96,186 99,864 6,131 8,206 9,108 6,527 6,228 5,545 6,550 7,350 95,373 99,278' 73,099 109,056 112,223 111,616 98,064 102,023 50,162 41,142' 25,309 30,505 32,066 40,501 29,442 24,454 58,120 74,558 42,383 56,462 58,041 72,655 56,616 84,549 2,981 2,618 2,373 2,957 3,035 3,084 2,617 2,250 52,907 50,616 62,711 88,740 94,308 49,034 59,001 70,248 9,274 12,011 9,153 9,774 8,543 8,098 9,566 8,941 7,921 5,645 6,114 7,104 7,080 4,282 4,625 3,715 68,617 47,933 50,782 64,176 62,547 56,993 44,874 54,622 14,560 12,684 12,013 14,467 15,281 13,275 14,459 10,369 1,130,034' 888,945 33,872 1,061,858 1,139,153 1,079,604' 1,018,362' 1,046,240' 1,047,635 40,251 26,224 36,796 35,538 32,254 25,368 33,360 325 463 481 293 337 530 295 289 21,424 28,520 35,540 22,531 25,481 25,800 25,596 22,389 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 41 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments6 Other 3,175 3,427' 107,404 3,131 2,464,304' 2,461,164' 2,525,062' 2,510,946 2,122,012' 2,119,849' 2,195,603' 2,171,444 1,073,583' 1,124,474' 1,177,066' 1,173,073 995,375' 1,018,537' 998,371 1,048,429' 342,292 341,315' 339,502 329,459' 30,246 30,584 36,236 39,454 71,265 240,781 68,954' 241,777 75,555' 217,668 72,584 227,464 1,102,362' 1,287,165' 1,260,762' 1,368,839' 1,285,759' 1,271,256' 1,320,315' 1,348,732 937,576' 910,729' 991,897' 908,443' 894,616' 923,025' 946,430 802,414' 260,777' 263,375' 241,315' 246,401' 268,159' 270,988' 280,902 219,555' 731,120 645,068 696,261 664,328 626,457 652,037' 665,528 582,859 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 63 Switzerland 64 Turkey 65 United Kingdom and Isle of Man 66 Channel Islands 13 67 Yugoslavia Other Europe and other former U.S.S.R.1 Footnotes appear on next page. 18,170 32,742 1,545 70,186 8,410 6,118 99,224 5,188 470,304 21,262 110 36,129 58,960 1,200 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 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 July Aug. Sept. MEMO 1,267,657 1,552,241 68 European Union15 n.a. 69 Canada 34,248 33,552 44,613 59,853 55,283 61,306 62,058 64,098' 67,077' 56,913 135.970 10,817 15.186 7,299 6,286 2,687 1,530 50,575 4,513 1,971 4,150 24,573 6,383 133,637 9,674 11,900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 165,845 10,947 19,853 16,560 11,601 3,392 1,664 47,721 7,270 4,865 6,985 22,068 12,919 162,427 10,579 20,954 14,128 11,278 3,462 1,935 45,176 7,640 5,472 6,608 21,683 13,512 169,571 10,571 23,835 15,670 10,969 3,309 1,831 48,765 6,932 5,820 6,541 22,153 13,175 176,023 10,788 25,671 14,667 10,828 3,264 1,775 55,609 6,991 5,383 6,417 22,167 12,463 176,410 11,138 28,542 14,760 9,827 2,972 1,617 55,068 7,092 5,682 7,010 21,353 11,349 175,179 10,793 28,504 15,208 10,682 3,255 1,586 53,044 6,710 4,417 7,401 22,840 10,739 174,785 10,616 30,465 15,713 10,698 3,133 1,749 50,856 6,572 5,526 6,055 22,840 10,562 1,212,209 186,097 92,577 n.a. 884,980 110 829 5,863 1,624 40,129 1,214,058 211,459 52,132 n.a. 907,840 120 916 6,396 2,830 32,365 1,669,856 256,173 55,129 21,493 1,297,459 82 1,023 8,456 3,346 26,695 1,787,649 232,220 50,951 22,903 1,436,734 83 1,040 5,793 3,875 34,050 1,781,639' 1,806,567' 1,800,458 234,703' 238,894' 247,069 46,731 45,580 52,209 28,264 28,904 31,769 1,418,321 1,451,394 1,430,322 84 84 95 826 846 975 5,036 5,112 5,670 4,032 3,640 3,423 37,524 31,602 35,555 1,857,892 279,399 48,018 33,013 1,448,803 420,635 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean 84 Bahamas 85 Bermuda 86 British Virgin Islands 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles 91 Trinidad and Tobago 92 Other Caribbean 1,720,438' 1,783,467 211,275 213,077 50 349' 46,991 24,121' 26,278 1,385,020' 1,448,400 83 83 958 915 10,585 7,198 3,755 3,964 34,292' 36,561 981 5,711 3,146 38,741 408,192 422,744' 418,972' 419,941' 416,061' 453,169' 475,685' 500,514' 499,697 52,767 42,788 11,154 5,903 11,214 167,008 12,421 2,949 26,496 11,355 38,257 38,323 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492' 44,740 47,024 30,474 20,606 4,005 10,636 121,720 27,741 4,003 23,554 9,897 71,264' 48,048 47,851 31,720 17,183 4,235 10,022 127,831' 23,998 4,538 24,162 10,867 68,711' 48,823 59,385 35,804 18,375 4,648 9,187 113,777 24,298 4,024 23,646 12,601 62,184' 48,132 73,950 33,789 20,000 3,427 9,552 135,095 22,795 3,691 21,263 9,933 71,009' 48,665' 81,451 39,926 17,968 4,189 8,718 147,646 19,143 4,525 21,753 10,166 71,848' 48,352' 97,495 47,097 19,973 5,888 9,529 143,027 18,963 4,522 20,389 9,777 76,167' 47,687 86,422 42,778 18,615 3,429 9,259 143,623 26,194 4,662 22,150 13,950 79,671 48,944 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 14,580 2,711 156 3,284 4,326 4,103 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 20,511 5,892 167 2,260 5,281 6,911 19,405 4,070 169 1,978 4,914 8,274 20,521 3,937 192 2,693 5,783 7,916 19,576 3,845 173 3,897 4,381 7,280 17,701 3,299 137 1,850 4,444 7,971 18,947 3,817 185 1,627 5,353' 7,965' 22,515 3,706 151 2,486 4,037 12,135 112 Other countries 113 Australia 114 New Zealand 115 All other 27,325 23,391 3,429 505 21,242 17,769 3,007 466 30,620 25,277 4,505 838 40,940 36,601 3,554 785 41,790 37,864 3,235 691 40,904 37,217 2,729 958 31,159 27,569 2,963 627 25,145 21,896 2,400 849 22,190 18,520 2,768 902 19,463 14,293 3,802 1,368 116 International and regional organizations 117 International15 118 Regional19 15,654 11,542 4,112 20 793 15,684 5,109 29,425 25,202 4,223 29,898 25,967 3,931 30,386' 25,844' 4,542' 30,262 25,953 4,309 31,304 27,290 4,014 29,217 25,476 3,741 30,397 26,004 4,393 30,012 26,206 3,806 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 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. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. 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." 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • January 2008 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Aug. Sept. 1 Total, all foreigners 1,664,223 1,864,834 2,291,340' 2,706,573' 2,627,693' 2,707,136 2,710,969 2,704,167 2,848,751' 2,827,435 2 Foreign countries 1,658,247 1,857,584 2,282,166' 2,698,758' 2,618,638' 2,698,583 2,702,697 2,695,294 2,841,189' 2,817,886 806,546 4.429 7,751 735 11,840 90,941 26,196 94 14,023 16,906 5,864 22,090 25,517 1,576 1,089 8,452 17,027 114,167 2,542 404,844 26,878 3,585 918,660 4,139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,486,137 4,337 22,595 1,034 15,018 152,501 24,958 176 28,068 24,309 11,697 50,450 21,109 993 1,838 17,758 4,942 163,303 3,253 886,026 42,831 8,941 1,525,917 4,912 26,613 4,173 15,908 142,020 31,230 216 30,029 25,923 13,129 57,341 23,840 1,191 1,793 15,963 6,916 173,979 3,324 898,944 39,291 9,182 1,563,876 4,674 17,101 1,567 21,906 142,526 37,029 208 32,249 32,732 15,156 58,033 23,756 1,458 1,900 17,355 7,174 178,360 3,276 926,983 32,294 8,139 1,675,043' 4,205 31,589 1,611 21,279 144,062 35,354 267 40,037 37,707 16,060 54,828 22,657 1,279 1,998 17,256 9,504 199,793 3,238 976,319' 46,436 9,564 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 . . 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,510,262' 3,649 26,361 3,462 14,440 147,073 23,952' 143 29,218 23,335 10,739 46,906 20,693 696 1,796' 20,484 4,264 191,833' 3,387 889,115' 41,886 6,830 1,432,992' 3,713 34,567 762 13,579 140,602 24,718 135 28,227 23,856 11,573 49,535 18,619 987 1,731 16,617 4,704 172,834 3,304 830,519' 43,447 8,963 1,681,057 4,884 31,117 5,026 23,236 153,875 29,406 222 35,909 35,075 14,675 52,471 27,476 1,630 1,758 23,774 7,723 239,311 3,330 948,827 26,626 14,706 MEMO 1,399,303' 1,282,335 1,191,477' 1,008,255 25 European Union3 n.a. 26 Canada 51,088 64,104 71,325 84,105 92,110 98,422 86,238 88,143 88,100 95,209 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 49,378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 67,141 3,152 23,243 5,657 4,137 748 1,014 18,757 2,947 2,121 302 2,533 2,530 69,205 3,473 24,630 5,894 4,266 772 1,074 18,387 3,253 2,247 334 2,429 2,446 71,877 3,762 24,334 6,051 4,436 829 1,096 20,447 3,209 2,447 282 2,552 2,432 74,505 3,706 26,053 6,538 4,517 828 1,141 20,945 3,023 2,270 317 2,664 2,503 81,712 3,835 31,330 7,120 4,629 889 1,195 21,254 3,141 2,128 989 2,670 2,532 81,486 4,074 29,973 7,490 3,764 913 1,244 22,523 3,329 2,633 330 2,597 2,616 87,594 3,950 35,703 8,329 3,493 939 1,310 22,092 3,482 2,671 316 2,569 2,740 596,931 80,183 33,294 n.a. 469,166 351 5,554 755 7,628 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316' 120,904 17,777 2,807 572,273' 669 2,484 1,055 6,347 815,990' 124,141 20,924 3,927 657,291' 570 2,461 571 6,105 796,722' 133,440 14,966 5,348 634,090' 566 2,514 678 5,120 810,316 131,300 23,076 5,377 641,117 580 2,490 534 5,842 811,754 144,198 22,174 4,315 629,438 613 5,621 488 4,907 770,182 144,435 17,613 3,372 594,609 638 4,620 489 4,406 795,744 167,359 13,422 3,440 601,259 620 4,642 576 4,426 746,867 139,608 10,604 3,142 577,523 588 4,482 658 10,262 142,656 190,610 221,858 203,910 209,595 207,419 177,358 165,861 174,336 176,207 9,267 5,622 2,117 555 1,326 82,207 15,531 993 10,589 1,144 7,022 6,283 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 19,615 5,500 2,860 487 6,760 118,579 20,515 973 5,878 3,526 13,275 5,942 20,279 6,249 3,256 488 6,399 113,884 25,927 1,098 5,650 5,587 14,505 6,273 24,809 6,961 3,611 513 6,373 108,175 24,268 820 5,970 6,416 13,597 5,906 18,657 9,149 4,095 574 7,204 92,791 17,161 878 3,690 2,858 15,454 4,847 17,399 6,226 4,269 549 5,150 92,100 12,787 1,188 3,396 2,333 14,532 5,932 13,183 5,310 5,144 633 5,553 104,283 12,740 1,207 2,982 1,671 16,002 5,628 16,952 7,888 4,784 763 6,812 95,012 14,468 1,073 1,436 4,328 16,993 5,698 1,262 228 53 318 223 440 1,621 422 63 331 317 488 1,853 597 56 255 403 542 1,812 686 31 195 309 591 1,771 399 58 329 283 702 1,761 434 64 194 292 777 1,642 367 17 244 287 727 1,674 304 26 249 312 783 2,237 343 18 506 321 1,049 5,016 353 19 231 353 4,060 10,386 9,695 609 82 10,945 10,226 541 178 14,700 13,195 1,263 242 15,538' 14,127' 1,096 315 16,243' 15,041' 867 335 22,651 20,751 1,532 368 25,283 23,988 916 379 23,846 22,680 810 356 24,243 23,042 839 362 25,936 24,591 1,011 334 5,976 7,250 9,174 7,815 9,055 8,553 8,272 8,873 7,562 9,549 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 . . . 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries'" 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . . . . 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. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean." 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 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 2007 Type of claim 2004 2005 2006 May' 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims June July Aug. 2 707 136 106,601 1 945 706 654,829 2 710 969 93,527 1 990 238 627,204 Sept. Oct.' Nov.' 2,848,751 85,064 2 103 841 659,846 2,827,435 108,403 2 076 595 642,437 2,026,841 2,344,155 2,944,476' 1 664 223 71,892 1 187 954 404,377 1 864 834 72,919 1 391 775 400,140 2 291 340r 98,010 1 662 805r 530,525 362,618 152,520 107,533 88,423 14,142 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 668,255 3,970 748,320 2,414 923,958' 6,272 1,030,917 9,601 1,000,976' 9,281 1,011,009 9,481 982,251 10,143 946,637 5,953 1,017,525 6,346 928,285 5,604 3,888 988,110 1,097,873 7,324 1,106,776 1 304 277 9,236 1,351,874' 1 639 474' 9,575 1,656,480 1 990 299 10,552 1,606,884' 1 920 290' 13,410 1,673,236 1 954 096 12,982 1,705,593 1 935 048 12,703 1,738,874 1 977 312 17,713 1,807,167 2 076 940 17,132 1,876,414 2 047 949 479,422 482,090 664,373 824,111 794,401 864,849 849,224 843,785 862,637 862,960 3,361,669' 2 706 573 86,188 1 978 268 642,117 2 627 693' 96,012 1 904 201' 627,480' 3,477,536 733,976 302,829 191,133 216,169 23,845 2 704 167 86,503 1 977 550 640,114 773,369 339,725 205,448 195,153 33,043 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • January 2008 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. 1 Total 73,700 92,009 76,710 81,003 78,195 85,780 89,217 89,729 106,508 By type 2 Financial liabilities 3 Short-term negotiable securities' 43,610 14,002 62,847 11,759 39,249 9,050 39,585 5,704 32,995 11,486 42,556 12,448 48,712 11,617 47,089 7,692 52,649 6,783 30,199 33,881 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 14 15 16 17 18 19 20 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom n.a. n.a. 30,108 37,095 n.a. 8,561 4,781 9,482 12,838 10,120 18,573 10,915 21,013 45,866 12,219 24,908 15,515 28,095 1,431 10,372 11,425 2,493 2,374 29,575 33,272 2,399 9,067 18,337 1,564 1,905 24,003 15,246 2,354 4,052 3,169 2,018 3,653 24,509 15,076 1,407 6,242 2,676 1,338 3,413 19,395 13,600 1,064 3,031 2,963 1,212 5,330 29,323 13,233 2,268 3,687 2,722 1,173 3,383 35,033 13,679 2,806 4,629 4,024 1,393 827 27,136 19,953 1,115 10,675 5,311 1,365 1,487 31,589 21,060 1,328 11,414 4,044 2,397 1,877 34,832 709 3,543 3,531 284 517 23,886 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 20,823 451 1,039 4,510 432 237 11,862 19,644 271 1,572 3,777 453 369 12,652 25,554 273 1,103 9,897 449 143 12,374 30,184 936 995 11,174 1,183 346 14,308 30,304 788 889 4,450 598 280 22,353 34,443 863 621 6,264 204 313 24,956 1,239 2,433 2,530 2,671 2,287 3,573 3,986 1,826 2,361 4,235 0 711 242 16,196 0 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 9,683 0 769 56 n.a. 8,744 23 0 7,879 1 5 53 n.a. 7,732 27 0 9,648 0 0 48 n.a. 9,456 33 0 12,435 0 0 12,589 0 49 24 n.a. 12,178 25 12,645 0 0 15 n.a. 12,388 35 14 2,547 1,826 36 4,724 1,648 36 5,323 1,383 173 5,321 1,083 206 2,355 1,265 647 2,968 1,223 1,200 1,924 1,346 100 2,225 1,568 59 3,106 1,392 1,088 123 92 131 94 997 97 1,022 98 733 0 31 0 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 countriesf 34 35 Africa Oil-exporting countries'" 36 All other7 8,024 9,855 3,114 34 14,659 n.a. 12,265 30 0 27 0 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 38 Trade payables 39 Advance payments and other liabilities . 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom . . . 30.090 17,174 12,916 29,162 18,181 10,981 37,461 23,050 14,411 41,418 26,542 14,876 45,200 30,119 15,081 43,224 28,564 14,660 40,505 25,673 14,832 42,640 27,165 15,475 53,859 28,237 25,622 27,632 2,458 199 787 606 209 657 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 38,731 2,687 134 1,098 463 300 692 41,995 3,205 699 1,100 393 304 709 40,171 3,053 668 601 423 387 974 37,298 3,207 730 610 470 377 1,020 39,114 3,526 745 640 551 410 1,180 50,440 3,419 707 617 541 381 1,173 9,821 159 900 855 384 1,367 3,025 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 11,367 86 1,979 1,089 626 664 3,606 11,528 138 1,888 1,242 423 856 3,372 11,611 156 1,525 1,198 618 1,348 3,600 10,962 222 1,567 1,217 526 724 3,046 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1,559 2,201 755 1,370 4,313 2,166 2,145 2,375 3,066 4,112 3,519 3,708 4,127 4,737 3,406 14 513 233 5,748 70 713 218 n.a. 76 2,209 680 5,748 82 40 1,298 329 4,276 32 515 113 n.a. 101 1,942 433 219 2,748 492 7,399 64 851 216 n.a. 629 2,795 461 6,563 85 720 204 n.a. 569 2,518 465 5,757 70 777 241 n.a. 539 2,120 353 6,272 109 744 141 n.a. 485 2,321 570 7,817 163 1,008 360 n.a. 647 2,512 663 13,311 4,370 3,148 12,239 4,221 2,910 17,427 5,971 3,986 20,039 6,089 5,432 20,403 6,182 5,344 20,042 6,031 4,978 18,755 5,864 3,855 18,753 5,703 4,656 24,049 5,688 5,803 782 372 947 424 916 493 713 342 1,294 755 969 591 849 283 952 599 1,267 637 MEMO 54 Euro area3 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 countriesf 67 68 Africa Oil-exporting countries'" 69 All other7 4,198 5,480 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 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. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 6,850 1,113 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir ates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 Federal Reserve Bulletin Statistical Supplement • January 2008 3.23 CLAIMS ON UNAEFILIATED FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs1 Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 100,916 143,232 144,950 130,321 118,575 124,815 126,032 131,225 137,231 67,347 35,465 3,204 110,517 47,270 9,892 111,394 50,149 13,180 94,892 40,565 12,365 81,661 41,964 544 88,855 34,378 2,152 88,646 31,909 2,744 93,073 28,337 579 93,794 27,228 2,223 157 28,678 103 53,355 65 48,065 2 41,962 18 39,153 52,325 15 53,993 6 64,157 20 64,343 14,453 2,726 14,443 15,196 10,057 17,842 12,174 22,603 14,268 18,789 n.a. n.a. 57,894 9,453 912 2,776 3,242 831 1,692 67,445 43,072 1,329 20,651 9,219 7,345 4,528 75,802 35,592 9,348 9,308 7,635 3,537 5,764 60,754 34,138 7,823 8,164 8,332 3,510 6,309 59,240 22,421 8,473 4,635 4,476 610 4,227 63,946 24,909 10,416 6,337 4,361 656 3,139 66,871 21,775 8,454 5,843 4,014 746 2,718 64,047 29,026 4,336 16,280 4,936 777 2,697 66,625 27,169 3,729 15,339 3,850 868 3,383 28,970 391 3,049 2,859 2,789 617 11,438 48,714 2,177 1,452 5,386 7,389 978 23,982 42,736 1,743 2,752 2,729 3,033 1,152 22,111 36,038 1,286 1,639 2,315 3,148 1,449 20,103 23,738 565 2,861 2,428 1,649 864 9,550 34,038 618 2,563 9,084 2,610 795 12,004 34,070 328 1,310 8,506 2,842 706 13,713 44,607 445 2,119 8,447 4,437 722 21,847 47,629 2,985 3,557 9,058 5,138 806 18,377 5,311 6,412 13,372 12,056 12,959 15,110 14,118 10,177 11,312 26,215 1,049 564 1,832 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 37,353 2,368 1,583 1,655 n.a. 29,253 1,424 163 38,198 3,802 1,602 1,703 20,015 1,629 131 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 1,176 136 32,776 4,463 1,631 1,419 n.a. 23,146 1,236 117 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 32,293 5,762 1,296 1,655 n.a. 20,885 1,098 116 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 5,317 1,194 158 6,840 993 137 7,223 568 242 6,566 496 251 4,105 665 705 4,248 779 1,209 3,238 882 60 3,841 1,563 82 4,745 1,465 1,111 306 8 1,291 37 1,268 36 1,112 36 1,067 34 345 34 MEMO: 23 24 Euro area3 Canada 25 26 27 28 29 30 31 32 33 34 35 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 36 37 Africa Oil-exporting countries'" 38 All other7 15,067 11,223 1,096 1,549 1,790 Nonbank-Reported Data 3.23 CLAIMS ON UNAEFILIATED 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 . 33.569 28,618 4,951 32,715 29,229 3,486 33,556 29,231 4,325 35,429 30,961 4,468 36,914 32,577 4,337 35,960 31,337 4,623 37,386 32,802 4,584 38,152 33,260 4,892 43,437 36,001 7,436 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling . . Japanese yen All other currencies 25,494 8,075 1,557 1,542 1,187 589 3,200 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 31,567 3,862 394 1,727 713 126 902 33,539 3,375 424 1,344 659 150 798 32,372 3,588 546 1,345 584 233 33,160 4,226 740 1,108 661 281 1,436 34,289 3,863 608 1,360 734 221 940 39,644 3,793 658 1,233 707 257 938 14,552 247 2,816 1,273 395 1,921 3,928 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,531 479 2,286 1,468 653 742 4,721 14,003 420 2,368 1,675 478 659 4,130 14,019 475 2,059 1,639 527 1,043 3,802 14,105 443 2,110 1,642 728 718 3,789 14,845 481 2,114 1,765 578 830 4,260 16,762 488 1,956 1,780 665 1,087 5,118 8,376 8,457 3,070 2,017 2,750 2,753 3,179 2,483 3,402 2,850 5,153 26 460 903 n.a. 52 1,339 230 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 1,022 n.a. 61 2,089 7,037 35 731 938 n.a. 200 2,247 403 7,854 39 1,166 973 n.a. 488 1,896 371 7,355 31 464 1,046 n.a. 563 2,016 349 7,146 48 503 945 n.a. 323 2,067 379 7,779 29 662 914 n.a. 401 1,980 426 8,089 33 1,267 922 n.a. 585 1,952 451 7,352 1,757 8,943 1,855 1,071 10,073 2,128 1,558 9,148 2,167 1,419 10,146 2,158 1,843 10,321 2,207 1,727 11,011 2,467 1,754 10,849 2,504 1,600 12,507 3,156 1,686 636 138 629 154 830 258 915 313 961 315 1,037 359 892 298 962 266 982 321 42 43 44 45 46 47 48 49 50 51 52 53 54 55 By area or country Commercial claims Europe Belgium-Luxembourg . . . . France Germany Netherlands Switzerland United Kingdom MEMO Euro area3 Canada 58 59 60 61 62 63 64 65 66 67 68 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 69 70 Africa Oil-exporting countries'" 7,340 1,192 1. Data available beginning March 2003. For data on loans and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 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. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 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 Emir ates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • January 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Nov. May July Sept. U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 4,731,749 4,649,799 6,868,571 6,718,156 9,691,497 9,529,583 861,753 819,709 896,129' 866,165' 927,052 905,830 1,278,775 1,319,500 799,649 797,035 999,347 969,127 1,097,812 1,093,185 150,415 161,914 42,044 29,964' 21,222 -40,725 2,614 30,220 4,627 81,993 954 150,371 5,766 161,955 2,605 42,049 -673 29,962' 1,655 21,257 2,815 -40,731 -1,612 2,615 84 30,219 354 4,626 482 39,592 5,757 7,675 -3,278 1,660 7,924 -2,326 1,334 19,775 350 16,549 -103 15,414 1,789 8,399 -528 1,050 72 281 72 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 75,642 -1,496 20,676 782 -126 -5,477 8,011 -3,676 53,122 723 8,106 638 44,190 5,133 22,461 3,907 30,758 -5,100 -92 5,877 23,440 -183 2,499 1,215 38 -468 11,011 40 9,898 221 643 65 13,483 539 2,818 -118 4,135 -497 20 1,041 12,153' 302 4,443' -5,224 -273' -512' -1,219 -751 14,755' 266 682' 185' 12,528 36 3,560' 2,942 4,808 -2,646' -44 862 6,104 185 -408 515 45 259 2,973 -939 2,684 35 975 519 4,594 1,676 6,885 -50 5,791 -1,166 53 451 -14,852 -294 -4,187 -3,312 213 -870 -230 878 -9,463 -75 221 -30 -24,493 573 -1,722 -26 2,787 -64 -15 -413 -7,515 130 5,841 -2,719 -100 -1,148 -2,372 -532 -5,320 -22 1,858 -276 7,620 -96 902 -57 1,248 14,246 -16 6,466 2,543 -426 -972 -1,081 41 6,785 35 2,378 -380 6,186 1,739 5,138 -43 165 4,720 25 -31 943 3,021 -755 898 2,856 69 -1,660 118 -789 839 -380 2,461 337 -7,823 894 5,269 1,120 4,230 124 109 358 1,097,458 878,202 1,572,160 1,285,696 1,822,737 1,593,335 165,332 138,288 171,020 131,426 164,857 156,190 166,107 157,752 182,090 170,608 179,040 164,162 174,264 147,627 28 Foreign sales 219,256 286,464 229,402 27,044 8,667 8,355 29 Net purchases, or sales (-) 218,983 31,629 286,228 92,632 229,018 114,977 27,080 12,793 39,476 15,993 8,691 7,468 8,352 4,063 11,448 9,194 14,943 10,048 26,303 6,007 55,564 -398 500 5,938 3,591 1,583 1,259 -1,971 40,819 54 12,476 15,473 17,304 1,810 115,851 22,986 16,289 59,140 -103 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 80,209 -1,670 4,311 242 1,340 -8,810 128 -1,613 60,027 4,871 2,724 7,382 1,169 8,850 127,702 71,183 28,651 11,407 59 923 5,739 -26 -75 50 148 -870 127 -717 3,943 1,481 -483 1,229 -1,964 1,149 21,321 9,851 2,918 3,225 -11 100 15,935 9 34 274 227 -86 606 11,276 -319 667 2,019 25 1,845 18,872 9,741 2,208 5,037 -9 122 7,084 -42 -88 552 -128 -691 300 170 5,015 635 349 2,929 -3,501 -191 1,917 2,519 3,163 -4,858 55 49 -1,587 -697 -272 161 293 -1,969 131 -316 3,719 -132 169 -989 -2,517 173 13,153 2,700 2,344 3,692 -20 -30 5,948 -30 1,208 -44 287 -280 167 55 4,339 38 411 -497 -5,860 101 11,410 8,026 2,684 -220 -30 -35 10,224 -916 439 -242 371 -2,448 -49 -311 6,732 466 402 399 -344 184 3,560 3,048 1,611 2,713 -8 526 7,669 -68 933 -566 918 -2,907 -48 -159 6,093 -33 -1,225 -1,189 15,543 -595 5,921 6,627 2,567 1,063 26 153 1,277,006 904,784 1,678,464 1,167,658 1,771,749 1,425,759 215,879 137,513' 184,509' 154,529' 137,269 132,545 155,190 156,009 134,280 118,213 166,376 143,263 121,309 105,783 55 Net purchases, or sales (-) . 372,222 510,806 345,990 78,366' 56 Foreign countries 57 Of which: by foreign official institutions 369,370 19,141 509,783 28,556 344,712 42,348 78,047' 3,972' 29,843' 3,702' 4,334 1,030 -1,228 2,985 16,115 4,631 23,073 7,437 15,557 4,898 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 241,709 3,625 13,156 6,488 12,184 4,610 2,772 3,742 168,881 16,570 2,279 7,203 40,488 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 186,822 -7,005 4,271 4,454 8,583 -12,823 -422 3,083 3,083 -5,993 11,955 5,256 31,976 3,833 99,606 33,936 11,289 33,183 -240 5,504 55,921' -294 84 1,399 431 993 -95 399 48,263' 3,682 1,787 615' 9,580 109 8,253 3,550 961 1,637 -73 1,855 22,797' -1,555 -1,384' -234 588' -20' 105 1,224 19,864' 3,294 647' 399 -6,805' 347' 11,565' 4,776 1,326 4,673' -6 899' -1,414 -411 -56 513 1,105 -2,526 -102 -180 3,394 -2,016 1,620 786 670 -290 3,438 1,927 351 1,072 -117 -359 -3,066 -159 24 1,126 310 -7,960 49 -156 6,301 -3,301 649 555 -4,878 651 4,538 1,558 1,053 136 -28 351 -4,464 -641 543 100 -324 -1,927 23 -450 7,200 -9,034 962 208 1,680 286 17,373 2,697 1,309 10,579 18 52 -815 19 -56 716 -689 -1,034 161 645 8,232 -1,208 555 1,048 4,438 873 17,376 1,957 587 9,222 4 -406 1,138 -590 -250 -337 641 -557 -234 831 1,447 -151 -318 187 3,901 774 9,833 3,706 1,502 3,082 -26 68 1,023 1,278 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 14,878 52 International and regional organizations2 CORPORATE BONDS 3 53 Foreign purchases . . 54 Foreign sales Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man . Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 78 International and regional organizations3 69^910 26,130 11,012 25,617 394 6,365 23,113 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars 2007 Transaction, and area or country 2005 2007 2006' Jan.Nov. May' June' July' Aug. Sept. Oct. Nov.' -14,883 454,098 468,981 -12,852 544,210 557,062 -21,277 359,707 380,984 5,029' 546,484 541,455' 9,628 521,739 512,111 Foreign securities 79 Stocks, net purchases or sales (-) 4 -127,296 2,240,104 2 367 400 80 Foreign purchases 82 Bonds, net purchases or sales (-) 4 -106,455 3,636,185 3 742 640 -95,351 4,784,795 4 880 146 -12,587 442,782 455,369 -8,477 442,946 451,423 -45,095 -144,452 -115,525 -21,773 -6,659 830 -21,679 -19,726 -9,082 10,963 83 Foreign purchases 1,459,882 1 504 977 1,879,713 2 024 165 2,793,455 2 908 980 292,299 314,072 278,799 285,458 289,744 288,914 279,607 301,286 198,109 217,835 262,946 272,028 206,920 195,957 85 Net purchases, or sales (-) of stocks and bonds4 -172,391 -250,907 -210,876 -34,360 -15,136 -14,053 -34,531 -41,003 -4,053 r 20,591 86 Foreign countries 87 Europe -165,403 -81,669 -15,952 -46,382 -4,559 -23,487 5,474 -45,551 -32,842 -1,668 -13,943 -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -226,518 -218,968 -63,058 -153,778 -6,425 -6,671 -6,713 23,895 -583 433 -12,069 -34,406 -36,529 -6,163 -30,084 -1,710 -4,152 8,484 -827 -1,481 21 307 -17,960 -23,155 -13,682 -12,199 -1,071 -2,195 6,204 3,885 -1,070 -26 -1,602 -14,211 -10,318 -3,937 -5,529 843 186 -5,619 1,582 -887 161 -1,046 -35,541 -6,825 -5,063 -1,846 -1,264 -1,477 -31,961 6,234 2,293 -870 622 -41,058 -43,680 -4,137 -39,774 -403 -1,344 7,634 -3,633 1,270 169 199 -7,109 r -13,984' -9,532 -3,787 -1,935 -810 10,759 283 1,263 5 -1,427 20,709 3,818 8,863 -6,349 567 931 -2,478 17,846 4,614 989 -964 -6,988 5,109 15,642 46 2,824 158 1,010 55 3,056 -118 89 United Kingdom 91 Latin America 93 Asia 95 Africa 97 Nonmonetary international and regional organizations2 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 2. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 3. Includes state and local securities. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investment abroad. 4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign securities. 5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Foreign Transactions1 Millions of dollars; net purchases, or sales (-), during period Area or country Jan.Nov. May Aug. Sept. 1 Total reported 338,112 199,614 22,658 -2,764 26,002' 49,832 2 Foreign countries 3 Of which: by foreign official institutions 335,160 68,689 194,714 69,639 200,937 -7,986 22,385 -4,590 26,163' 6,433 -9,443 -6,925 -2,589 -29,685 25,859' 14,370' 49,478 3,980 23,731 378 173,638 500 9,559 14,497 1,246 2,046 -6,095 6,414 1,832 -4,904 134,118 419 14,006 21,452 357 -1,600 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161 196,694 -2,553 -6,441 -3,536 2,095 -123 141 -25,055 2,460 -3,103 224,133 -938 9,615 2,643 40,851 -612 1,296 1,723 3,536 419 -745 -4,317 596 -135 34,276 -153 4,966 3,235 12,821 -179 31 -2,558 -264 384 1,734 -14,857 287 818 23,281 -178 4,321 -2,365 -1,469 185 335 -4,099 -196 -110 -1,453 -12,883 382 -1,357 16,358 -5 1,375 -1,258 39,394 -873 -4,889 380 245 19 1,669 15,961 147 -179 33,196 483 -6,764 -4,896 33,751 244 -3,872 -605 326 186 -1,520 16,365 -855 -340 22,399 -175 1,597 -1,243 38,321 76 1,315 233 537 68 -345 2,391 -385 645 30,808 -334 3,311 -999 16,489 -948 26 -2,517 662 -292 -848 1,896 -441 -168 20,166 -334 -713 7,607 75,873 68,526 494 -150 7,003 3,140 1,891 810 115 324 14,797 12,199 900 13 1,685 6,441 10,942 -4,297 7 -211 -3,781 1,827 -5,600 47 -55 2,841 2,713 81 -19 66 5,557 3,065 2,184 -74 382 13,967 8,065 4,169 -179 1,912 1,443 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R. . . Canada 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 23,368 12,269 9,756 518 825 21,838 23,100 -322 242 -1,182 23 Caribbean 44,997 -9,838 -7,217 -3,205' -9,257 19,502 7,549 -283 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,317 37,369 12,313 -5,015 1,459 2,063 20,128 68,694 40,633 16,257 1,312 6,168 4,548 -224 -71,165 -14,830 2,649 -41,703 -18,849 3,363 -1,795 -742 -3,215 2,027 -1,051 -3,205 2,042 2,660 3,886 2,765 2,023 -600 -797 583 -88 -6,061 -560 -1,613 -1,956 43 -188 -1,787 -51,990 -14,204 -2,443 -23,843 -1,774 -1,294 -8,432 -9,627' -2,394 -598 -4,641' -2,219 -626 851 384 -4,795 -1,347 9,579 -2,551 221 -723 -15,587 -5,210 546 -11,507 380 -345 549 2,222 2,027 3,515 2,400 5,211 4,068 1,640 1,197 1,323 994 547 342 44 5 -120 0 -44 -4 1,054 4 1,166 -2,638 -1,102 286 -1,094 1,614 -862 -1,186 -1,290 484 2,952 822 -1,323 273 -1,861 76 -175 143 354 -191 31 Africa 32 African oil exporters3 33 Other countries 34 International and regional organizations 4 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Comprises Algeria, Gabon, Libya, and Nigeria. 4. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 56 Federal Reserve Bulletin Statistical Supplement • January 2008 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 2007 July Aug. Sept. 0.8291 1.9620 1.0579 7.5734 5.4621 1.3626 7.8155 40.68 116.73 3.4826 11.044 0.7259 5.8492 1.5226 7.2153 934.48 112.184 6.8429 1.2027 32.962 31.796 2.0110 2.14' 0.8461 1.9023 1.0267 7.5210 5.3563 1.3910 7.7824 40.17 115.04 3.4691 11.032 0.7188 5.6256 1.5110 7.1007 928.60 113.342 6.6713 1.1852 33.011 32.057 2.0184 2.14' 0.8996 1.7987 0.9754 7.5019 5.2363 1.4233 7.7545 39.37 115.87 3.3735 10.821 0.7603 5.4023 1.4650 6.7574 914.94 112.858 6.4439 1.1741 32.550 31.525 2.0449 2.14' 0.8961 1.7669 0.9672 7.4210 5.0766 1.4683 7.7774 39.33 111.07 3.3588 10.881 0.7631 5.4156 1.4466 6.7049 918.81 110.418 6.3242 1.1233 32.328 31.348 2.0701 2.14 103.33 77.51 101.93 75.91 99.80 73.93 98.37 72.20 87.87' 84.73' 85.74' 82.47' 84.46 80.66 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . . Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7365 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 0.6643 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 1.8330 1.89P 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1,023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2.11P 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2.14' 0.8423 1.9323 1.0651 7.6333 5.5463 1.3421 7.8142 40.59 122.69 3.4444 10.833 0.7570 5.9980 1.5367 7.1515 927.87 110.966 6.9485 1.2330 32.974 32.318 1.9867 2.14' 0.8677 1.8812 1.0502 7.5757 5.4199 1.3726 7.8197 40.27 121.41 3.4397 10.815 0.7862 5.7807 1.5156 6.9730 918.12 111.672 6.6933 1.2069 32.810 30.387 2.0355 2.14' Indexes 4 NOMINAL 24 Broad (January 1997=100)5 25 Major currencies (March 1973=100)'' . . . . 26 Other important trading partners (January 1997=100)7 113.63 85.37 110.71 83.71 108.52 82.46 104.12 78.93 93.48' 90.78' 90.59' 88.29' 102.77 77.51 REAL 27 Broad (March 1973=100)5 28 Major currencies (March 1973=100)6 29 Other important trading partners (March 1973=100)7 96.19r 91.04r 94.59' 90.85 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. dollars 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. 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. 91 (Winter 2005), pp. 1-8. 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 89.10' 86.68' 89.15' 86.47' 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 Bloomberg LLP. 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 Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 December 31,2006 March 31,2007 June 30, 2007 September 30, 2007 March June September December 2007 2007 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 November 2006 February 2007 May 2007 August 2007 February May August November 2007 2007 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 September 30,2006 December 31,2006 March 31,2007 June 30, 2007 February May August November 2007 2007 2007 2007 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1997-2003 1998-2004 1999-2005 2000-2006 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2003 2004 2005 2006 September September September September 2004 2005 2006 2007 70 60 60 60 Supplement Supplement Supplement Supplement September September September September 2004 2005 2006 2007 73 63 63 63 Supplement Supplement Supplement Supplement *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 Weekly reporting by banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EXCHANGE rates, foreign, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting by banks, 17, 18 YIELDS (See Interest rates) 59 60 Federal Reserve Bulletin Statistical Supplement • January 2008 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federah-eserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. COMPUTERS. CD-ROM; updated monthly. Standalone PC. $300 per year. Network, maximum 1 concurrent user. $300 per year. Network, maximum 10 concurrent users. $750 per year. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover additional airmail costs. T H E FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in 1,186 pp. $20.00 each. Lending— Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each volume $5.00. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $35.00 per year or $3.50 each. ANNUAL REPORT, 2003. ANNUAL REPORT: BUDGET REVIEW, 2004. ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 266 pp. $ 7.50 1982 December 1983 1983 October 1984 264 pp. $11.50 254 pp. $12.50 1984 October 1985 231 pp. $15.00 1985 October 1986 1986 November 1987 288 pp. $15.00 272 pp. $15.00 1987 October 1988 256 pp. $25.00 1988 November 1989 1980-89 March 1991 712 pp. $25.00 185 pp. $25.00 1990 November 1991 215 pp. $25.00 1991 November 1992 215 pp. $25.00 1992 December 1993 1993 December 1994 281 pp. $25.00 190 pp. $25.00 1994 December 1995 404 pp. $25.00 1990-95 November 1996 1996-2000 March 2002 352 pp. $25.00 FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $15.00 per year or $3.50 each. FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated monthly. (Requests must be prepaid.) Consumer and Community Affairs Handbook. $75.00 per year. Monetary Policy and Reserve Requirements Handbook. $75.00 per year. Securities Credit Transactions Handbook. $75.00 per year. The Payment System Handbook. $75.00 per year. Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Rates for subscribers outside the United States are as follows and include additional airmail costs: Federal Reserve Regulatory Service, $250.00 per year. Each Handbook, $90.00 per year. EDUCATION PAMPHLETS Short pamphlets suitable for classroom use. Multiple copies are available without charge. A A A A Consumer's Guide to Mortgage Lock-Ins Consumer's Guide to Mortgage Settlement Costs Consumer's Guide to Mortgage Refinancings Guide to Business Credit for Women, Minorities, and Small Businesses Choosing a Credit Card Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish) Consumer Handbook to Credit Protection Laws Home Mortgages: Understanding the Process and Your Right to Fair Lending How to File a Consumer Complaint about a Bank (also available in Spanish) In Plain English: Making Sense of the Federal Reserve Keys to Vehicle Leasing (also available in Spanish) Looking for the Best Mortgage (also available in Spanish) Making Sense of Savings Privacy Choices for Your Personal Financial Information Protecting Yourself from Overdraft and Bounced-Check Fees Putting Your Home on the Loan Line Is Risky Business (also available in Spanish) Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System The Federal Open Market Committee Federal Reserve Bank Board of Directors Federal Reserve Banks What You Should Know About Home Equity Lines of Credit (also available in Spanish) When Is Your Check Not a Check? (also available in Spanish) 61 STAFF STUDIES: Only Summaries Printed in the 170. BULLETIN Studies and papers on economic and financial subjects that are of general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff Studies 165-176 are available online at www.federalreserve.gov/ pubs/staffstudies. Requests to obtain single copies of any paper or to be added to the mailing list for the series may be sent to Publications Fulfillment. IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. 172. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. 35 pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- KET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 160. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 173. 159. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff, for the Payments System Development Committee, Federal Reserve System. December 2002. 27 pp. 176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994— 2003, by Steven J. Pilloff. May 2004. 23 pp. 62 Federal Reserve Bulletin Statistical Supplement • January 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data, refer VV ±±-LW±± U U l u A W-LW-L Corresponding Bulletin or Statistical Supplement 2 table numbers Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base 3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G.15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 63 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases E.2. Survey of Terms of Business Lending 3 E. 11. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks As- $ 5.00 Midmonth of March, June, September, and December February, May, August, and November 5.00 15th of March, June, September, and December Previous quarter E.16. Country Exposure Lending Survey 3 $ 5.00 January, April, July, and October Previous quarter Z. 1. $25.00 Second week of March, June, September, and December Previous quarter Flow of Funds Accounts of the United States: Flows and Outstandings3 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 64 Federal Reserve Bulletin Statistical Supplement • January 2008 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. The Payment System Handbook deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulations CC, J, and EE, related statutes and commentaries, and policy statements on risk reduction in the payment system. For domestic subscribers, the annual rate is $200 for the Federal Reserve Regulatory Service and $75 for each handbook. For subscribers outside the United States, the price, which includes additional airmail costs, is $250 for the service and $90 for each handbook. The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a standalone PC, the annual subscription fee is $300. For network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent users, $2,000 for a maximum of 50 concurrent users, and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add $50 to cover additional airmail costs. For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 65 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve System makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
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