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Volume 3 • Number 7 • July 2006 Statistical Supplement M to the tne Federal t eaeral Keserve Reserve £ BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • Vincent R. Reinhart • Louise L. Roseman • Richard Spillenkothen • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (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 July 2006. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—Tax-exempt state and local governments and U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • July 2006 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to foreigners 52 Claims on foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 5 7 GUIDE TO SPECIAL TABLES 5 8 INDEX TO STATISTICAL TABLES 60 FEDERAL RESERVE BOARD PUBLICATIONS 62 ANTICIPATED SCHEDULE OF RELEASE DATES PERIODIC STATISTICAL RELEASES 6 4 PUBLICATIONS FOR OF INTEREST 65 FEDERAL RESERVE STATISTICAL AVAILABLE ON THE COMMERCE ECONOMIC BULLETIN BOARD RELEASES DEPARTMENT'S Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 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 • July 2006 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate 1 2 3 4 Reserves of depository institutions2 Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 7 M3 Nontransaction components 8 In M2S 9 In M3 only1" Q2 Q3' Q4' Ql' -3.2 -3.2 -4.3 2.9 -2.4 -3.7 -4.1 3.7 -4.8 -5.6 -3.2 4.2 -12.9 -10.5 -12.2 6.0 -2.9 -6.4 -4.1 4.5 -33.5 -26.1 -32.1 7.5 3.1 4.4 4.6 6.9 -12.4 -11.8 -15.6 3.8 24.6 16.2 22.5 4.4 .8 4.5 7.8 5.0 9.3 2.4 6.3 -5.7 5.0 9.0 11.8 11.0 10.5 -5.5 3.4 6.5 7.8 2.7 4.9 4.0 n.a. 3.2 13.3 5.5 14.9 6.4 17.7 7.3 n.a. 7.8 16.6 10.8 9.5 5.7 11.7 1.4 n.a. 3.7 n.a. 2.6P 6.0 Apr. Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time7 Large times>9 Thrift institutions 13 Savings, including MMDAs . . . 14 Small time7 15 Large time s 2.6' 19.2' 22.9 4.9 20.3 12.3 7.0 8.2 21.4 5.6 15.3 12.0 15.4 22.8 7.7 15.4 31.6 1.6 15.8 16.5 -3.5 16.3 n.a. 6.2 12.1 n.a. -6.5 22.2' 45.5 21.0 33.1 -3.7 29.6 36.0 2.4 16.4 -7.2 10.7 4.2 11.9 16.6 25.0 8.2 18.2 -3.1 -11.7 18.9 n.a. -21.3 20.7 n.a. Money market mutual funds 16 Retail10 17 Institution-only -2.4' 2.4 -.8 11.8 4.7 12.1 8.1 9.1 1.7 16.7 15.1 15.0 3.5 -2.8 14.1 7.3 7.8 14.6 11.8 7.0 22.5 11.5 22.3 7.9 19.4 3.7 -34.0 -14.4 37.0 14.3 n.a. n.a. n.a. n.a. 10 11 12 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 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. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions: (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M l . n.a. n.a. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted separately. 7. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 9. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 10. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Apr. Mar. 15 Mm. 22 Mar. 29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 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 . 815,080 750,949 750,949 273,597 451,998 22,196 3,158 0 25,071 53 21 2 30 38 38,969 11,044 2,200 37,290 817,808 756,872 756,872 274,498 456,693 22,443 3,237 0 26,040 162 112 0 50 -142 34,877 11,044 2,200 37,847 820,622 758,789 758,789 275,370 457,397 22,646 3,376 0 22,858 252 171 0 81 -1,371 40,093 11,043 2,200 37,906 820,051 756,617 756,617 274,142 457,020 22,260 3,194 0 28,536 59 10 0 49 685 34,155 11,044 2,200 37,840 820,828 757,241 757,241 274,142 457,177 22,646 3,275 0 28,893 403 350 0 52 -520 34,812 11,044 2,200 37,853 814,103 758,513 758,513 275,370 457,177 22,646 3,320 0 20,750 91 36 0 55 -291 35,040 11,044 2,200 37,866 820,458 758,544 758,544 275,370 457,177 22,646 3,351 0 24,143 294 235 0 59 -1,821 39,298 11,043 2,200 37,879 817,859 758,559 758,559 275,370 457,177 22,646 3,365 0 19,464 600 526 0 74 -410 39,647 11,043 2,200 37,893 823,620 758,571 758,571 275,370 457,177 22,646 3,378 0 26,321 87 0 84 -1,359 40,000 11,043 2,200 37,907 820,068 758,896 758,896 275,370 457,490 22,646 3,390 0 21,536 119 29 0 90 -990 40,507 11,043 2,200 37,922 787,001 23,473 23,473 0 196 789,087 24,281 24,281 0 196 790,688 24,467 24,467 0 200 789,749 24,599 24,599 0 194 788,929 25,013 25,013 0 198 788,446 22,893 22,893 0 204 789,654 25,181 25,181 0 208 790,718 23,646 23,646 0 200 791,150 25,410 25,410 0 208 790,652 24,053 24,053 0 199 13,783 5,155 85 8,268 8,268 0 275 31,811 9,350 13,420 5,033 108 8,039 8,039 0 241 32,752 9,163 12,948 5,036 85 7,536 7,536 0 291 33,212 10,255 12,968 4,479 99 8,145 8,145 0 245 32,597 11,027 13,525 5,142 172 7,980 7,980 0 231 33,070 11,190 13,685 5,400 85 7,981 7,981 0 219 32,895 7,089 13,310 5,228 85 7,731 7,731 0 267 32,939 10,288 13,233 5,126 86 7,731 7,731 0 290 33,001 12,998 4,999 83 7,608 7,608 0 308 33,021 11,983 12,933 4,953 85 7,611 7,611 0 284 33,488 9,908 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 Wednesday figures End-of-month figures Apr. Mar. 29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 812,747 758,529 758,529 275,370 457,177 22,646 3,336 0 19,500 251 192 0 58 -694 35,161 11,044 2,200 37,866 816,828 758,551 758,551 275,370 457,177 22,646 3,358 0 19,250 64 0 0 64 -595 39,559 11,043 2,200 37,879 819,501 758,563 758,563 275,370 457,177 22,646 3,370 0 18,750 3,755 3,676 0 79 -1,374 39,807 11,043 2,200 37,893 819,014 758,575 758,575 275,370 457,177 22,646 3,382 0 21,250 88 80 -1,008 40,109 11,043 2,200 37,907 827,369 759,683 759,683 275,370 458,273 22,646 3,394 0 26,750 105 1 0 105 -19 40,849 11,043 2,200 37,922 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 . . 0 31,500 38 12 0 26 1,463 37,671 11,044 2,200 37,813 824,069 758,542 758,542 275,370 457,177 22,646 3,349 0 26,750 566 510 0 56 -856 39,067 11,043 2,200 37,879 824,371 759,690 759,690 275,370 458,273 22,646 3,401 0 24,250 138 40 0 98 -1,089 41,382 11,041 2,200 37,936 821,701 757,213 757,213 274,142 457,177 22,646 3,247 0 29,750 60 48 244 34,435 11,044 2,200 37,840 816,910 757,257 757,257 274,142 457,177 22,646 3,292 0 25,750 201 148 0 53 -1,190 34,892 11,044 2,200 37,853 789,289 24,802 24,802 0 185 788,769 26,540 26,540 0 209 790,794 24,108 24,108 0 182 790,733 24,293 24,293 0 197 789,763 24,151 24,151 0 204 789,999 22,419 22,419 0 209 791,455 23,523 23,523 0 198 792,524 24,016 24,016 0 209 792,184 24,729 24,729 0 202 792,097 22,910 22,910 0 182 13,401 5,024 82 8,015 8,015 0 279 32,510 16,220 13,487 5,455 84 7,731 7,731 0 217 32,894 13,292 11,844 4,784 86 6,696 6,696 0 278 33,807 14,812 11,399 2,844 150 8,145 8,145 0 261 32,443 13,719 12,689 4,414 71 7,980 7,980 0 223 32,537 8,662 12,903 4,619 84 7,981 7,981 0 219 32,482 5,845 12,830 4,663 84 7,731 7,731 0 352 32,796 7,148 12,440 4,334 90 7,731 7,731 0 285 32,551 8,897 13,219 5,245 85 7,608 7,608 0 281 32,964 6,866 13,586 5,610 85 7,611 7,611 0 280 33,189 16,570 825,348 754,676 754,676 274,142 455,227 22,196 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • July 2006 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 7 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 Seasonal 2006 2003 2004 2005 Dec. Dec. Dec' Oct.' Nov.' Dec' Jan.' Feb.' Mar.' Apr. 10.863 44,063 32,086 11,976 42,949 41,906 1,043 12.046 47,264 34,801' 12,462' 46,848' 44,938 1,909 10.045 51,306 35,356 15,950 45,401 43,492 1,909 10.250 49,514 34,475 15,039 44,725 42,830 1,896 10.131 49,198 34,491 14,707 44,622 42,834 1,788 10.045 51,306 35,356 15,950 45,401 43,492 1,909 10.277 52,068 36,904 15,164 47,181 45,594 1,587 9.405 53,287 35,244 18,043 44,649 43,107 1,543 9.125 49,603 33,625 15,978 42,750 41,246 1,504 10.283 48,370 34,438 13,932 44,721 42,893 1,828 169 97 0 72 284 35 29 220 126 20 0 106 169 97 0 72 110 78 0 32 53 21 2 30 169 119 0 50 248 164 0 84 46 17 0 29 63 11 0 52 2005 B weekly averages of daily figures for two-week periods ending on dates indicated 2006 1 2 3 4 5 6 7 8 9 10 11 2 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal Jan. 4' Jan. 18' Feb. 1' Feb. 15' Mar. 1' Mar. 15' Mar. 29' Apr. 12' Apr. 26 May 10 10,842 52,674 37,313 15,361 48,154 45,904 2,250 8,983 50,168 33,725 16,443 42,708 41,256 1,452 11,496 53,928 40,202 13,726 51,698 50,171 1,527 8,501 55,209 33,438 21,771 41,939 40,458 1,481 10,219 51,167 36,808 14,360 47,026 45,416 1,610 8,964 48,425 31,226 17,200 40,189 38,461 1,728 9,194 50,800 36,042 14,758 45,235 44,052 1,183 9,237 48,689 31,911 16,778 41,147 39,024 2,123 11,010 48,267 36,507 11,760 47,517 46,042 1,475 10,879 47,777 34,781 12,997 45,659 43,480 2,179 95 29 0 66 180 154 0 26 40 11 0 29 66 36 0 30 40 6 4 30 61 15 0 46 247 193 0 54 447 381 0 67 103 16 0 87 156 33 0 124 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 7/14/06 Effective date Previous rate On 7/14/06 Effective date Previous rate On 7/14/06 Effective date Previous rate 6.25 6/29/06 6/29/06 6/29/06 6/29/06 6/29/06 6/29/06 6.00 6.75 6/29/06 6/29/06 6/29/06 6/29/06 6/29/06 6/29/06 6.50 5.25 7/6/06 5.15 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 6/29/06 6/30/06 6/29/06 7/6/06 6/29/06 6/29/06 i 6.25 ' 6.00 6.75 1 6/29/06 6/30/06 6/29/06 7/6/06 6/29/06 6/29/06 i 1 1 6.50 5.25 7/6/06 5.15 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 Effective date In effect Jan. 9,2003 (beginning of program) 2 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Feb. 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 3.50 3.50-3.75 3.75 3.75^.00 4.00 4.00^.25 4.25 4.25^.50 4.50 4.50^.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 5.25-5.50 5.50 5.50 5.50 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.75 5.75 6.00 6.00 6.25 6.25 6.25 6.25 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Effective date 2006—Mar. 28 30 May 10 11 June 29 July 6 In effect July 14,2006 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^.50 4.00 3.50^.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 Effective date In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • July 2006 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$7.8 million2 2 More than $7.8 million-$48.3 million3 3 More than $48.3 million Percentage of liabilities 0 10 4 Nonpersonal time deposits 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 12/22/05 12/22/05 12/22/05 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 Sept. U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 18,150 0 738.886 738,886 0 821,685 821,685 8,300 0 871,661 871,661 0 87,522 87,522 68,397 68,397 67,302 67,302 1,308 0 68,077 68,077 0 79,509 79,509 6,565 0 96,433 -103,153 0 7,994 0 103,380 -118,373 2,894 0 109,557 -108,098 2,795 0 7,999 -6,585 500 0 11,700 -6,551 1,096 0 14,200 -15,297 189 0 13,599 -13,594 1,321 1,200 0 11,858 -10,989 0 0 8,000 -8,334 7,814 0 -76,364 97,256 17,249 0 -84,844 110,819 11,309 0 -91,121 97,723 3,635 0 -7,999 6,585 1,693 0 -11,700 6,551 1,096 0 -11,240 13,077 2,809 0 -13,599 11,830 2,498 0 -4,775 9,306 2,136 0 -4,500 8,334 4,107 0 -11,131 5,897 5,763 0 -8,012 7,554 3,626 0 -7,041 7,375 130 0 0 0 0 0 0 0 800 0 266 2,221 1,505 0 0 0 25 0 -5,205 841 174 0 -3,500 0 220 0 -8,938 0 1,364 0 -10,524 2,007 0 -11,395 3,000 90 0 0 902 0 0 0 0 -3,227 0 205 0 0 1,765 924 0 -1,878 841 90 0 0 36,856 0 0 50,507 0 28,136 0 2,795 5,847 0 4,118 0 3,481 0 189 6,082 0 1,321 5,955 0 0 3,628 0 36,856 50,507 1,522,888 1,518,638 1,887,650 2,083,300 187,300 197,050 145,250 147,000 140,750 129,500 223,000 211,500 185,750 206,750 157,000 151,250 204,250 209,000 4,942,131 4,946,691 5,621,153 5,626,285 6,421,223 6,420,945 523,085 523,518 509,449 508,709 505,101 508,976 581,376 581,826 504,837 498,351 445,563 446,346 558,568 560,306 -310 -15,882 14,028 -10,183 -1,010 7,375 11,050 -14,514 4,967 -6,488 36,536 34,626 39,369 -4,336 3,108 10,667 11,050 -9,752 10,922 -2,860 489 0 65,570 65,570 0 0 0 80,886 4,761 5,847 3,628 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 37 Net change in temporary transactions 38 Total net change in System Open Market Account 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • July 2006 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Apr. 5 Apr. 12 Apr. 19 Apr. 26 Apr. 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 .. . 11,040 2,200 789 778,280 758,529 758,529 275,370 457,177 22,646 3,336 0 19,500 251 5,259 1,824 37,471 19,180 18,291 11,039 2,200 797 777,865 758,551 758,551 275,370 457,177 22,646 3,358 0 19,250 64 6,313 1,832 37,722 19,425 18,296 836,862 11,039 2,200 798 11,039 2,200 801 758,563 758,563 275,370 779,913 758,575 758,575 275,370 457,177 457,177 22,646 3,370 0 22,646 3,382 0 18,750 3,755 5,103 1,833 19,219 18,752 21,250 88 5,416 1,833 38,269 19,506 18,763 837,768 840,011 753,127 22,419 22,881 17,959 4,619 84 219 5,953 4,647 754,567 23,523 20,022 14,923 4,663 84 352 6,859 4,613 755,634 90 285 6,455 4,638 809,027 809,585 13,748 12,901 1,186 13,766 12,901 1,515 781,068 11,039 2,200 11,040 2,200 805 786,539 759,683 759,683 275,370 458,273 22,646 3 394 0 26,750 830 786,214 754,676 754,676 274,142 455,227 22,196 1,833 39,010 19,824 19,186 0 31,500 38 8,605 1,821 35,853 19,195 16,658 839,471 847,711 755,276 24,729 755,158 22,910 20,194 14,583 5,245 30,259 24,284 85 6,309 4,594 85 280 6,194 4,650 812,098 811,101 13,771 12,901 1,241 13,751 12,901 1,717 27,913 28,370 1,603,772 1,131,217 472,555 517 1,607,334 37,970 105 6,285 11,039 2,200 811 785,858 758,542 758,542 275,370 457,177 22,646 3,349 0 26,750 566 3,746 1,833 37,214 19,305 11,037 2,200 826 784,078 759,690 759,690 275,370 458,273 22,646 3,401 0 24,250 138 4,018 1,831 17,909 39,452 20,043 19,408 846,564 842,701 843,443 752,486 24,802 29,627 751,906 26,540 26,778 753,863 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 24,016 21,355 16,646 4,334 281 24,241 5,024 24,108 26,562 21,414 217 4,784 86 278 7,140 4,414 4,582 4,758 5,103 4,714 819,172 818,468 814,564 814,350 13,816 12,901 1,822 13,738 12,901 1,457 13,759 12,901 1,476 13,817 12,901 2,375 5,610 82 279 5/155 84 CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 32 Other capital accounts 27,835 28,136 33 Total capital MEMO 34 Marketable securities held in custody for foreign offic and international accounts3'10 35 U.S. Treasuiy 36 Federal agency 37 Securities lent to dealers 1,594,287 1,129,854 464,433 1,107 1,587,572 1,121,040 466,532 1,499 1,610,446 1,117,715 1,582,711 1,127,775 1,593,994 1,129,993 477,341 1,023 492,732 443 454,936 3,772 466,439 2,953 1,127,555 1,610,551 1,118,345 492,206 1,115 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 912,770 912,369 914,107 915,349 916,483 911,359 912,481 159,643 753,127 753,127 11,040 2,200 739,888 0 157,802 158,474 160,074 158,874 754,567 754,567 755,634 755,634 755,276 755,276 11,039 2,200 741,328 0 11,039 2,200 742,395 0 11,039 2,200 742,037 0 161,325 755,158 755,158 11,039 2,200 741,919 0 778,029 777,801 777,313 779,825 22,449 23,554 24,048 24,760 755,580 754,246 753,266 755,065 916,980 11,040 2,200 160,575 751,906 751,906 11,039 2,200 739,246 0 738,667 0 740,626 0 786,433 786,176 785,292 783,940 22,937 24,836 26,594 24,152 763,496 761,340 758,698 759,788 752,486 752,486 163,117 753,863 753,863 11,037 2,200 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 Apr. 5 Apr. 12 Apr. 19 Apr. 26 38 566 251 0 0 12 52 0 3,690 65 84 4 97 9 0 37 564 123 15 0 758,529 758,551 758,563 758,575 759,683 754,676 758,542 759,690 54,045 167.569 186,079 215,479 55,375 79,982 47,230 174,254 185,878 215,819 55,378 79,992 49,823 172,127 185,412 215,823 55,380 79,998 60,915 167,450 178,998 215,827 55,382 80,003 63,186 166,349 177,830 216,926 55,384 80,009 32,595 183,177 190,677 213,481 54,952 79,793 30,617 182,870 193,874 215,817 55,377 79,988 45,530 185,147 176,689 216,929 55,385 80,012 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 19,500 19,250 18,750 21,250 26,750 31,500 26,750 24,250 20 Within 15 days 19,500 0 19,250 0 18,750 0 21,250 0 26,750 0 31,500 0 26,750 0 24,250 0 24,016 24,729 24,016 0 24,729 0 22,910 0 24,802 0 1 Total loans 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities1 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" 22,419 22,419 23,523 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. Apr. 26,540 26,540 0 24,108 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • July 2006 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2005 2002 Dec. 2003 Dec. 2004 Dec. 2005 Dec' Sept/ Apr. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 40.36 40.28 38.35 681.46 42.70 42.65 41.66 720.13 46.63' 46.56 44.72 758.99 45.31 45.14 43.40 787.09 46.29 45.96 44.26 778.81 45.57 45.29 43.68 780.83 45.42 45.29 43.63 784.15 45.31 45.14 43.40 787.09 44.04 43.93 42.46 791.98 44.15 44.10 42.61 796.55 43.70 43.53 42.19' 799.05' 44.59 44.35 42.76 801.97 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 40.13 40.05 38.12 686.23 42.45 42.41 41.41 725.21 46.52 46.46 44.61 764.66 45.16 44.99 43.25 793.38 45.98 45.65 43.95 777.53 44.48 44.20 42.59 778.26 44.34 44.21 42.55 783.95 45.16 44.99 43.25 793.38 47.11 47.00 45.52 795.22 44.66 44.61 43.12 796.16 42.77 42.60 41.27 798.14' 44.75 44.50 42.92 800.90 40.27 40.19 38.26 697.15 2.01 .08 42.95 42.90 41.91 737.62 1.04 .05 46.85 46.79' 44.94 774.77 1.91 .06 45.40 45.23 43.49 802.30 1.91 .17 46.20 45.87 44.16 786.26 2.04 44.73 44.44 42.83 787.15 1.90 .28 44.62 44.50 42.83 792.94 1.79 .13 45.40 45.23 43.49 802.30 1.91 .17 47.18 47.07 45.59 804.29 1.59 .11 44.65 44.60 43.11 804.42 1.54 .05 42.75 42.58 41.25 806.16' 1.50 .17 44.72 44.47 42.89 808.42 1.83 .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 2002 Dec. 2003 Dec. 2004 Dec' 2005 Dec' Apr. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,219.0 5.782.8' 8,568.0 1,304.2 6,065.8' 8,872.3 1,372.3 6,413.2 9,433.0 1,368.7 6,671.8 10,154.0 1,382.2 6,733.2 10,242.8 1,375.9 6,752.2 10,298.7 1,384.9 6,767.5 n.a. 1,390.6 6,790.0 n.a. Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 626.2 7.8 306.0 279.1 662.3 7.7 324.6 309.5 697.3 7.6 340.3 327.1 723.5 7.3 320.8 317.2 729.4 7.2 326.2 319.4 733.8 7.1 318.3 316.6 736.6 6.9 322.2 319.1 739.0 6.8 326.4 318.4 Nontransaction components 8 In M27 9 In M3 onlys 4,563.8' 2,767.4 4,761.7' 2,792.7 5,041.0 3,011.1 5,303.1 3,478.5 5,351.0 3,506.0 5,376.4 3,540.2 5,382.6 n.a. 5,399.4 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,060.9 590.1 698.2 2,337.9 536.4 764.5 2,632.0 545.1 909.3 2,771.7 637.5 1,122.9 2,789.4 645.7 1,152.5 2,793.1 654.2 1,168.3 2,784.9 663.1 n.a. 2,799.3 669.8 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 717.9 302.4 117.5 831.5 273.4 120.7 887.5 271.8 161.5 850.0 338.8 230.7 858.4 343.5 235.5 864.3 348.7 234.9 855.9 354.2 n.a. 840.7 360.3 n.a. 892.5' 1,247.7 782.5' 1,117.6' 704.6 1,069.6 705.1 1,138.3 714.0 1,152.5 716.1 1,149.8 724.5 1,156.8 729.2 1,170.9 473.4 230.7 494.8 295.3 492.6 379.1 564.3 423.9 548.3 418.8 565.2 423.8 n.a. n.a. n.a. n.a. 4 5 6 7 Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,245.0 5,814.4' 8,633.5 1,332.1 6,098.2' 8,927.8 1,401.5 6,448.1 9,482.2 1,396.7 6,709.4 10,201.4 1,377.1 6,703.0 10,221.9 1,362.1 6,709.1 10,276.1 1,394.2 6,773.0 n.a. 1,396.7 6,836.6 630.3 7.7 323.3 283.8 666.7 7.6 342.8 315.0 702.4 7.5 358.9 332.7 728.9 7.2 338.0 322.6 727.3 7.2 321.3 321.3 733.6 7.0 311.3 310.1 736.9 6.9 328.4 322.1 738.7 6.8 324.5 326.8 Nontransaction components 27 In M27 28 In M3 onlys 4,569.4' 2,801.3 4,766.1' 2,815.9 5,046.6 3,025.4 5,312.6 3,488.3 5,325.9 3,515.2 5,347.0 3,560.7 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,061.6 590.2 697.4 2,337.9 536.2 760.9 2,633.3 544.8 903.3 2,776.0 636.9 1,114.4 2,767.1 644.9 1,142.4 2,767.8 653.7 1,161.3 2,778.8 663.0 n.a. 2,827.9 670.2 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 718.2 302.4 117.3 831.5 273.3 120.1 887.9 271.6 160.4 851.3 338.5 228.9 851.5 343.1 233.5 856.5 348.5 233.5 854.1 354.2 849.3 360.5 896.9' 1,281.3 787.1' 1,144.4 709.1 1,091.4 709.9 1,158.4 719.2 1,175.8 720.5 1,163.2 728.8 1,159.3 731.9 1,160.4 476.4 228.8 497.6 292.8 494.6 376.6 566.1 422.0 541.1 424.1 574.3 430.2 571.6 n.a. 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appear on following page. 5,439.8 14 Federal Reserve Bulletin Statistical Supplement • July 2006 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 2005 2005 June Dec. 2006 2006 Jan. Feb. Mar.' Apr.' May' June June 7 June 14 June 21 June 28 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 7.215.3 2,051.5' 1,172.6 878.9' 5.163.8' 988.7' 2.734.5 431.4' 2.303.0' 706.6' 248.3 485.7 274.4 329.2 689.1 7.501.4' 2,052.0' 1,138.9' 913.1 5.449.4' 1,044.1' 2,909.4 436.5' 2.472.8' 707.6' 263.8 524.6' 282.1 319.0 706.3' 7.558.4' 2,067.3' 1,149.8' 917.5 5.491.1' 1,061.0' 2,933.4' 435.3' 2.498.2' 711.8' 255.2 529.7' 289.9 320.0' 726.7' 7.645.5' 2,104.9' 1,180.4' 924.5' 5.540.7' 1,071.1 2.959.0 433.3' 2.525.6 712.0' 262.9 535.8' 289.5 316.8' 754.6' 7.712.8 2,113.6 1,185.5 928.1 5.599.2 1,081.9 2,988.2 434.7 2.553.5 722.3 268.8 538.1 300.1 318.0 753.4 7.803.7 2,165.8 1,196.9 968.9 5.637.9 1,098.5 3,013.0 431.1 2.581.9 726.9 261.2 538.3 299.0 313.2 759.3 7.921.1 2,201.6 1,193.2 1,008.5 5,719.5 1,117.8 3,040.3 428.5 2.611.8 733.7 283.4 544.3 285.5 306.0 780.2 7.929.8 2,189.2 1,199.6 989.6 5.740.6 1,125.2 3,079.6 428.9 2.650.8 728.7 260.8 546.3 295.4 304.8 785.0 7.924.2 2,183.2 1,190.6 992.6 5.741.1 1,127.1 3,064.7 428.9 2.635.8 736.3 268.7 544.4 296.6 302.5 776.7 7.940.3 2,204.8 1,206.6 998.2 5.735.5 1,126.1 3,067.7 428.5 2.639.2 740.4 255.8 545.5 298.8 308.5 784.4 7.932.4 2,192.2 1,203.7 988.5 5.740.2 1,120.6 3,088.5 429.3 2.659.2 722.7 258.5 550.0 303.8 306.3 784.1 7.919.2 2,177.7 1,197.7 979.9 5.741.5 1,124.5 3,093.2 428.5 2.664.6 718.3 261.0 544.5 285.0 302.0 789.8 8,440.2 8,741.3 8,828.4 8,940.0 9,017.1 9,107.5 9,224.8 9,247.0 9,232.0 9,264.1 9,258.5 9,227.8 5.552.6 689.8 4.862.8 1,318.8 3,544.0 1,637.1 367.6 1,269.5 35.4 495.7 5.766.7 665.1 5.101.6 1,432.5 3,669.1 1,733.4 366.3 1,367.1 72.8 493.0' 5.816.4 666.3 5.150.2 1,454.3 3,695.8 1,748.8 381.8 1,367.0 73.2 482.6 5,827.7 662.6 5.165.1 1,476.8 3,688.3 1,783.4 371.0 1,412.4 60.3 494.5' 5.898.7 677.9 5.220.8 1,525.1 3,695.7 1,792.5 378.1 1,414.4 56.4 498.6 5.960.5 661.5 5.299.1 1,551.3 3,747.8 1,780.6 370.6 1,409.9 67.4 536.9 5.975.6 677.5 5.298.1 1,573.4 3,724.7 1,818.3 367.7 1,450.6 91.9 567.1 5.992.8 664.3 5.328.5 1,597.2 3,731.3 1,825.0 369.5 1,455.5 89.1 550.4 5.962.9 652.8 5.310.1 1,597.1 3.713.0 1,829.1 365.7 1,463.4 56.2 553.0 5.998.9 657.7 5.341.2 1,586.4 3,754.8 1,835.5 377.9 1,457.6 68.1 570.7 6.004.4 674.4 5.329.9 1,587.0 3,742.9 1,830.1 383.4 1,446.7 112.6 542.5 6.004.4 668.0 5.336.4 1,612.9 3,723.5 1,817.4 355.7 1,461.7 113.8 535.7 7,720.8 8,066.0 8,120.9' 8,165.9' 8,246.3 8,345.4 8,452.9 8,457.3 8,401.2 8,473.1 8,489.6 8,471.4 719.4 675.3 774.1' 770.8 762.1 771.9 789.6 830.8 790.9 768.9 756.4 707.4 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 7,211.8' 2,056.1' 1.176.3 879.7' 5.155.8' 992.2' 2.726.9 432.9' 2.293.9' 700.1' 306.8' 393.3 248.4 488.2 269.3 324.8 691.1 7,545.5' 2,058.3' 1,141.5' 916.8 5.487.3' 1,042.5' 2,921.1 435.3' 2.485.7' 718.3' 320.3' 398.1 275.7 529.6 287.0 335.9 704.2' 7,571.6' 2,066.0' 1.143.9' 922.1 5.505.6' 1,060.1' 2,936.2 433.2' 2.503.0' 723.8' 318.4' 405.4 258.3 527.1' 289.2 332.0 723.3' 7,635.6' 2,100.5' 1.176.6' 924.0 5.535.1' 1,074.5 2,956.0 433.6' 2.522.4' 716.8' 306.2' 410.6 261.3 526.6' 287.9 314.9' 749.5' 7,679.3 2,103.5 1,179.5 924.0 5.575.7 1,085.6 2,972.0 431.5 2.540.6 716.8 297.0 419.8 268.0 533.3 302.9 307.2 748.4 7,788.3 2,163.3 1,199.9 963.4 5.625.0 1,105.6 2,999.1 429.7 2.569.5 720.1 299.5 420.6 263.8 536.3 305.4 308.0 762.1 7,915.6 2,209.6 1.203.7 1,005.9 5,706.1 1,123.9 3,038.1 429.4 2.608.7 728.1 306.5 421.7 274.1 541.9 282.5 302.8 785.0 7,923.2 2,192.1 1.202.3 989.8 5.731.1 1,129.0 3,071.1 430.4 2.640.7 722.1 304.7 417.4 260.3 548.6 288.6 300.7 787.2 7,919.8 2,196.3 1,201.1 995.2 5.723.5 1,128.7 3,060.5 429.5 2.631.0 729.1 303.2 425.9 258.4 546.9 292.7 298.8 782.9 7,937.5 2,204.1 1.207.7 996.5 5.733.4 1,129.5 3.062.4 429.9 2.632.5 732.2 307.5 424.7 261.8 547.5 298.9 301.0 792.1 7,919.8 2,190.6 1.204.3 986.3 5.729.2 1,126.5 3,073.5 431.1 2.642.4 717.0 303.7 413.3 262.3 549.9 291.1 295.7 780.8 7,915.1 2,180.5 1,198.1 982.4 5,734.7 1,129.3 3.083.3 430.7 2.652.6 713.2 304.4 408.8 260.9 548.0 274.4 300.6 789.3 8,429.2 8,805.0 8,849.7 8,921.4 8,970.4 9,096.5 9,218.0 9,231.7 9,226.2 9,261.3 9,219.3 9,211.3 5.561.6 687.4 4.874.2 1,330.1 3,544.1 1,646.4 367.0 1,279.3 30.1 490.2 5.792.0 701.5 5.090.5 1,426.8 3,663.6 1,723.1 364.1 1,359.0 80.0 499.7' 5.806.2 674.6 5.131.6 1,458.1 3,673.5 1,747.4 381.1 1,366.3 80.1 488.9 5.830.7 654.0 5.176.7 1,480.2 3,696.5 1,781.4 369.7 1,411.7 67.2 501.2' 5.893.7 674.2 5.219.5 1,524.2 3,695.3 1,785.1 377.1 1,408.0 48.0 489.9 5.982.4 669.2 5.313.1 1,555.5 3,757.6 1,784.8 373.5 1,411.3 52.6 521.3 5.973.4 669.0 5.304.4 1,584.8 3,719.6 1,831.3 367.6 1,463.7 86.4 563.1 6.003.0 661.9 5.341.1 1,610.5 3,730.6 1,835.4 368.9 1,466.5 82.0 544.0 6.014.8 604.7 5.410.1 1,617.8 3,792.3 1,836.8 366.8 1,470.0 55.0 552.9 6.036.9 648.3 5.388.7 1,608.1 3,780.5 1,843.0 373.1 1,469.9 54.1 556.8 5.974.8 674.2 5.300.5 1,603.3 3,697.3 1,850.5 383.8 1,466.7 99.8 530.7 5.970.1 716.1 5.254.0 1,610.9 3,643.2 1,826.7 357.2 1,469.5 115.4 537.9 7,728.3 8,094.8' 8,122.6' 8,180.5 8,216.7 8,341.0 8,454.1 8,464.5 8,459.6 8,490.9 8,455.7 8,450.1 700.9 710.2' 740.9 753.7 755.4 763.9 767.2 766.6 770.5 763.5 761.2 727.1 16 Federal Reserve Bulletin Statistical Supplement • July 2006 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account 2005 2005 June Dec. 2006 2006 Jan. Feb. Mar. Apr.' May' June June 7 June 14 June 21 June 28 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 6.482.2 1,733.2 1,084.9 648.3 4.749.0 835.7' 2.715.0 431.4' 2.283.6' 706.6' 113.6 378.1 224.8 268.7 651.1 6.688.5 1,695.4 1,058.7 636.7 4.993.1 876.9' 2.887.4 436.5' 2.450.9' 707.6' 121.7 399.4 240.1 265.8 667.6 6.746.9 1,720.3 1,075.1' 645.2' 5.026.7 889.9' 2.912.7 435.3' 2 477.4' 711.8' 112.7 399.6 247.9 268.1 690.3 6.826.7 1,762.0 1,103.5' 658.5' 5.064.7 896.3' 2.938.2' 433.3' 2.504.8 712.0' 114.6 403.7 245.8 265.5 715.7 6.883.3' 1,769.2' 1,107.5 661.7' 5.114.2 905.1 2.966.9' 434.7' 2.532.2 722.3' 113.4 406.5 252.6 265.8 716.2' 6.954.4 1,808.9 1,119.6 689.3 5.145.5 916.1 2.991.0 431.1 2.559.9 726.9 105.4 406.2 250.8 263.8 719.3 7.020.1 1,819.2 1,112.7 706.5 5.200.9 930.4 3.017.7 428.5 2.589.2 733.7 111.4 407.7 239.7 256.2 731.4 7.036.3 1,811.1 1,119.4 691.7 5.225.1 932.1 3.057.6 428.9 2.628.7 728.7 94.7 412.0 245.7 252.1 739.5 7.022.3 1,800.3 1,110.1 690.2 5.222.1 933.9 3.042.8 428.9 2.613.9 736.3 97.8 411.3 248.8 251.1 733.8 7,054.3 1,822.7 1.126.2 696.5 5.231.5 934.2 3.045.8 428.5 2.617.3 740.4 97.8 413.3 249.5 256.8 738.1 7.040.3 1,817.9 1,124.1 693.7 5.222.4 928.4 3.066.5 429.3 2.637.2 722.7 89.7 415.1 249.1 253.6 739.8 7.025.5 1,803.4 1,118.0 685.4 5.222.1 930.1 3.070.8 428.5 2.642.3 718.3 94.2 408.7 237.3 247.8 740.9 7,559.5 7,794.9 7,887.2 7,987.9 8,051.2r 8,121.3 8,180.0 8,206.1 8,188.5 8,231.1 8,215.2 8,183.8 4.952.7 677.8 4.274.9 750.8 3.524.1 1,274.3 318.4 955.9 225.6 396.3 5.159.4 653.0 4.506.5 839.3 3.667.2 1,304.6 305.4 999.2 266.8 383.8 5.202.1 653.5 4.548.5 854.1 3.694.5 1,313.4 316.8 996.6 282.4 383.2 5.208.3 649.4 4.558.9 870.1 3.688.8 1,344.2 310.8 1,033.4 269.5 393.1 5.248.3' 664.4 4.584.0 887.0 3.697.0 1,356.4 316.2 1,040.2 275.6 402.0 5.287.3 648.7 4.638.5 903.0 3.735.5 1,360.6 315.3 1,045.3 283.5 430.2 5.302.7 665.8 4.636.9 926.1 3.710.9 1,381.8 316.6 1,065.1 298.4 436.6 5.315.0 652.5 4.662.5 943.7 3.718.8 1,381.2 318.7 1,062.4 298.5 431.2 5.284.3 641.1 4.643.2 940.9 3.702.4 1,383.0 312.0 1,071.0 281.8 433.5 5.325.8 646.8 4.679.0 936.5 3.742.5 1,380.8 322.6 1,058.2 296.2 443.4 5.328.5 662.0 4.666.5 941.1 3.725.4 1,391.2 336.3 1,054.9 304.3 428.2 5.323.5 656.0 4.667.5 955.3 3.712.2 1,382.8 308.9 1,073.9 307.7 417.4 6,848.9 7,114.7 7,181.0 7,215.1 7,282.3 7,361.6 7,419.4 7,425.9 7,382.5 7,446.2 7,452.2 7,431.5 710.6 680.2 706.2 772.8 759.7 760.5 780.2 806.0 784.9 763.0 752.3 768.9' Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 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 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 6,478.5 1,737.8 1.088.7 649.1 4.740.7 839.7' 2.707.4 432.9' 2.274.5' 1,126.4' 1,148.1' 700.1' 306.8' 393.3 114.6 378.9 219.7 265.1 653.1 6,726.8 1,701.7 1.061.2 640.4 5.025.1 874.8' 2.899.1 435.3' 2.463.8' 1,211.9' 1,251.9' 718.3' 320.3' 398.1 127.0 405.8 245.0 281.4 664.5 6,755.9 1,719.0 1.069.2' 649.8' 5.036.8' 887.4' 2.915.5 433.2' 2.482.2' 1,214.1' 1,268.1' 723.8' 318.4' 405.4 111.6 398.5 247.2 279.3 685.8 6,814.5 1,757.6 1.099.6' 658.0' 5.056.8 897.4' 2.935.2 433.6' 2.501.6' 1,219.6' 1,281.9' 716.8' 306.2' 410.6 110.3 397.1 244.3 264.3 709.6 6,846.9' 1,759.1' 1,101.6' 657.5' 5.087.8 907.3 2.950.8' 431.5' 2.519.3 1,228.1' 1,291.2' 716.8' 297.0' 419.8 110.9 402.1 255.3 256.6' 711.4' 6,932.4 1,806.5 1.122.6 683.9 5.125.9 922.2 2.977.2 429.7 2.547.5 1,243.5 1,304.0 720.1 299.5 420.6 103.8 402.7 257.2 259.4 723.0 7,018.1 1,827.1 1.123.2 703.9 5.191.0 936.5 3.015.5 429.4 2.586.1 1,264.7 1,321.4 728.1 306.5 421.7 106.3 404.6 236.7 253.6 735.7 7,030.0 1,814.1 1.122.2 691.9 5.215.9 936.3 3.049.1 430.4 2.618.7 1,285.8 1,332.9 722.1 304.7 417.4 95.7 412.8 238.9 248.7 741.6 7,025.3 1,813.4 1.120.5 692.9 5.211.9 935.8 3.038.6 429.5 2.609.1 1,282.1 1,327.0 729.1 303.2 425.9 96.9 411.5 244.9 248.6 738.6 7,046.3 1,822.1 1.127.3 694.8 5.224.2 937.5 3.040.5 429.9 2.610.5 1,278.0 1,332.6 732.2 307.5 424.7 101.0 413.0 249.5 249.7 745.0 7,024.3 1,816.2 1.124.7 691.5 5.208.0 934.2 3.051.5 431.1 2.620.4 1,286.0 1,334.4 717.0 303.7 413.3 91.6 413.7 236.4 243.9 737.5 7,022.2 1,806.1 1.118.3 687.8 5.216.1 936.0 3.060.9 430.7 2.630.2 1,293.3 1,336.9 713.2 304.4 408.8 94.4 411.5 226.7 246.7 740.3 7,548.9 7,850.5 7,902.2 7,966.7 8,003.4r 8,105.3 8,176.7 8,191.6 8,189.8 8,222.9 8,174.5 8,168.4 4.952.2 675.6 4.276.6 752.8 3.523.9 1,283.6 317.8 965.7 222.6 392.4 5.189.5 688.9 4.500.5 838.8 3.661.8 1,294.3 303.2 991.2 271.0 388.4 5.189.6 661.7 4.527.9 855.7 3.672.2 1,312.0 316.1 995.9 287.9 388.5 5.210.1 640.3 4.569.8 872.7 3.697.0 1,342.1 309.4 1,032.7 276.6 399.9 5.240.4 660.4 4.579.9 883.3 3.696.6' 1,348.9 315.1 1,033.8 269.0 394.3 5.300.1 656.6 4.643.4 898.2 3.745.2 1,364.8 318.1 1,046.7 271.4 416.3 5.288.5 657.5 4.631.0 925.5 3.705.4 1,394.8 316.5 1,078.2 297.0 435.4 5.314.4 650.3 4.664.1 946.3 3.717.8 1,391.6 318.1 1,073.5 294.4 426.8 5.319.1 593.5 4.725.6 944.2 3.781.5 1,390.6 313.1 1,077.6 282.0 434.3 5,347.7 637.4 4.710.2 942.3 3.767.9 1,388.4 317.8 1,070.5 286.6 432.7 5.287.2 662.1 4.625.1 945.7 3.679.4 1,411.6 336.7 1,074.9 295.9 419.0 5.286.3 704.2 4.582.1 950.3 3.631.9 1,392.1 310.4 1,081.7 311.0 420.7 6,850.9 7,143.2 7,178.0 7,228.6 7,252.6 7,352.6 7,415.7 7,427.2 7,426.1 7,455.3 7,413.7 7,410.1 698.0 707.3 724.3 738.0 752.6 761.0 764.4 763.7 767.6 760.7 758.3 750.8' 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 2005 2005 June Dec. 2006 2006 Jan. Feb. Mar. Apr. May June June 7 June 14 June 21 June 28 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 State and local government 25 Agricultural 26 Federal funds sold to and repurchase agreements with others 27 All other loans 28 Lease-financing receivables 29 Interbank loans 30 Federal funds sold to and repurchase agreements with commercial banks 31 Other 32 Cash assets5 33 Other assets6 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)5 Footnotes appear on p. 21. 3,593.1' 1,017.2 591.8 51.0 540.8 441.5 99.3 425.5 222.6 202.9 36.4 166.5 2,575.8 490.9' 1,324.9' 300.8 1 024 0 635.1' 389.0' 380.7 105.1 3,705.2' 998.9 572.6 33.3 539.2 447.3 91.9 426.3 200.3 226.0 38.7 187.3 2,706.2 510.3' 1,419.8 304.5 1 115 3' 697.4' 417.9' 377.0 111.1 3,728.7' 1,018.8 587.8 36.3 551.5 469.6 81.9 431.1 204.9 226.1 39.8 186.3 2,709.8 519.1 1,425.9 306.2 1,119.7 697.3' 422.4' 378.1 101.3 3,787.5' 1,056.4 614.2 40.2 574.1 494.0 80.1 442.1 208.3 233.8 41.2 192.6 2,731.1' 522.3 1,434.9 304.3 1,130.6' 704.2' 426.3' 383.2 103.2 3,819.8 1,071.7 626.3 38.5 587.9 507.5 80.4 445.3 205.4 239.9 42.2 197.7 2,748.1 527.0 1,435.3 305.7 1,129.6' 704.1' 425.5' 394.9 101.8 3,871.6 1,114.3 640.2 42.7 597.4 512.2 85.3 474.2 227.3 246.8 43.3 203.5 2,757.3' 534.3 1,442.9 304.2 1,138.7 711.4' 427.3' 397.6 93.6 3,915.7 1,124.6 633.1 38.9 594.3 511.6 82.7 491.5 241.8 249.7 45.1 204.6 2,791.1 545.1 1,452.0 302.6 1,149.4 715.6' 433.8' 402.7' 100.1 3,909.0 1,121.2 645.6 47.9 597.7 522.3 75.4 475.6 228.5 247.1 43.8 203.3 2,787.8 541.8 1,471.3 302.3 1,169.0 730.9 438.0 397.7 83.2 3,900.6 1,106.8 633.1 38.0 595.1 519.5 75.5 473.8 227.2 246.5 45.2 201.4 2,793.8 545.3 1,462.0 302.7 1,159.3 726.3 433.0 405.5 86.9 3,929.3 1,130.6 651.3 52.7 598.6 522.0 76.5 479.4 228.7 250.6 45.4 205.2 2,798.6 545.1 1,463.2 302.2 1,161.0 724.5 436.4 408.6 86.4 3,906.4 1,128.7 650.8 50.4 600.5 523.7 76.7 477.9 230.3 247.6 43.2 204.4 2,777.7 537.3 1,476.1 302.1 1,174.0 733.0 441.0 391.0 77.8 3,899.3 1,118.1 647.9 49.7 598.2 523.3 74.9 470.2 227.0 243.2 42.0 201.3 2,781.2 538.4 1,481.5 302.4 1,179.1 736.9 442.2 388.5 82.5 89.4 15.7 16.8 9.1 93.7 17.4 18.9 9.9 84.1 17.2 18.9 9.8 84.8 18.4 19.1 9.8 84.1 17.7 18.9 9.7 75.4 18.2 18.9 9.6 80.3 19.8 19.2 9.8 64.9 18.3 19.4 9.7 67.4 19.5 19.2 9.8 68.8 17.6 19.4 9.7 60.6 17.2 19.5 9.7 63.2 19.3 19.6 9.7 26.2 130.7 91.6 148.9' 22.2 146.2 90.9 150.2 21.1 145.4 90.3 149.9' 18.1 150.2 90.2 144.2' 19.9 150.1 90.4 145.3' 18.9 150.9 90.5 142.0 18.0 153.0 91.0 136.8 23.4 149.6 91.7 139.7 23.0 150.7 91.5 144.9 21.4 153.1 91.7 142.7 23.5 150.9 91.8 138.1 25.5 143.6 91.9 135.0 81.8 67.0 153.3 447.0 84.7 65.5 146.1 463.6 82.2 67.6 145.0 473.2 72.7 71.5 143.1 478.8 72.5' 72.8 145.7 474.5 79.1 62.9 146.1 474.9 76.9 59.9 138.2 486.2' 78.8 60.9 138.8 486.4 82.3 62.5 136.1 484.0 84.3 58.4 142.6 483.6 76.5 61.6 140.3 492.2 73.6 61.4 135.0 485.8 4,307.9' 4,431.5' 4,464.1' 4,521.0' 4,552.3' 4,601.5' 4,643.8' 4,641.0 4,632.6 4,665.1 4,644.1 4,622.2 2,514.3 325.6 2,188.7 350.5 1,838.2 761.0 150.2 610.8 215.6 322.9 2,604.7 307.1 2,297.6 400.5' 1,897.2' 779.9 137.5 642.4 252.6 314.3 2,618.2' 304.9 2,313.3 406.7 1,906.6 777.8 143.5 634.3 263.8 310.8 2,604.0' 299.4' 2,304.6 414.1 1,890.5 810.2 144.7 665.5 249.9 317.4 2,631.3' 310.1' 2,321.2 423.9 1,897.3 823.4 149.0 674.4 257.1 325.1 2,660.2 302.7 2,357.6' 438.6 1,918.9' 833.6 150.7 682.9 264.7 353.7 2,669.4' 312.0' 2,357.4' 453.2' 1,904.2' 842.3' 146.8 695.5' 279.1 360.6' 2,663.3 306.2 2,357.1 461.4 1,895.7 835.3 148.5 686.8 280.2 355.6 2,645.9 297.6 2,348.3 459.6 1,888.7 848.1 145.1 703.0 264.5 357.7 2,673.5 309.0 2,364.5 456.5 1,908.0 841.5 153.3 688.1 278.9 367.9 2,667.3 312.2 2,355.1 458.9 1,896.2 835.9 162.1 673.7 284.5 353.5 2,665.1 308.9 2,356.3 470.3 1,886.0 826.5 137.3 689.3 289.3 342.0 3,813.8 3,951.6' 3,970.7' 3,981.5' 4,037.0' 4,112.2' 4,151.4 4,134.3 4,116.2 4,161.9 4,141.2 4,123.0 479.9 493.4 539.5 515.3 489.3 492.4' 506.7 516.4 503.3 502.8 499.3 494.1' 18 Federal Reserve Bulletin Statistical Supplement • July 2006 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account 2005 2005 June Dec. 2006 2006 Jan. Feb. Mar. Apr. May June June 7 June 14 June 21 June 28 Not seasona lly adjusted Assets 47 Bank credit 48 Securities in bank credit 49 Treasury and Agency securities2 . 50 Trading account 51 Investment account 52 Mortgage-backed 53 Other 54 Other securities 55 Trading account 56 Investment account 57 State and local government . 58 Other 59 Loans and leases in bank credit3 . . . 60 Commercial and industrial 61 Real estate 62 Revolving home equity 63 Other 64 Other residential 65 Commercial 66 Consumer 67 Credit cards and related plans . 68 Other 69 Security4 70 Federal funds sold to and repurchase agreements with broker-dealers 71 Other 72 State and local government 73 Agricultural 74 Federal funds sold to and repurchase agreements with others 75 All other loans 76 Lease-financing receivables 77 Interbank loans 78 Federal funds sold to and repurchase agreements with commercial banks 79 Other 80 Cash assets58 81 Other assets 82 Total assets7 83 84 85 86 87 88 89 90 91 92 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)5 Footnotes appear on p. 21. 3,597.8 1,020.5 594.3 51.3 543.0 442.9 100.0 426.3 223.0 203.3 36.4 166.9 2,577.3' 493.1 1,325.3' 302.0 1,023.3 636.1' 387.2' 378.2 144.9 233.3 106.1 3,725.3' 1,002.3 572.3 32.1 540.1 448.2 92.0 430.0 202.1 227.9 39.0 188.9 2,723.0' 508.7 1,422.8' 303.8 1,119.0' 699.2' 419.8' 380.8 147.9 232.9 116.3 3,732.4 1,018.3 582.6 34.7 547.9 466.5 81.4 435.7 207.1 228.6 40.3 188.3 2,714.2' 516.7 1,425.3 304.7 1,120.7' 697.0' 423.6' 384.9 146.7 238.3 100.5 3,777.4 1,052.6 611.0 42.5 568.5 487.8 80.6 441.6 208.1 233.6 41.2 192.4 2,724.8 523.3 1,432.2 304.9 1,127.3 700.5' 426.9' 386.8 143.7 243.1 99.0 3,791.3 1,055.9 614.7 39.0 575.7 496.1 79.6 441.2 203.5 237.7 41.9 195.8 2,735.4' 528.5' 1,428.3 303.2' 1,125.2 700.0' 425.2' 393.3 138.6 254.8 98.9 3,860.7' 1,108.6 639.9 43.4 596.5 510.7 85.8 468.7 224.7 244.0 42.8 201.2 2,752.1' 538.5' 1,439.9' 303.1 1,136.8' 710.1' 426.7' 395.2 138.4 256.9' 92.0 3,922.6' 1,134.4 645.5 40.9 604.6 520.6 84.0 489.0 240.6 248.4 44.8 203.5 2,788.1 548.6 1,455.1 303.5 1,151.6' 718.2' 433.4' 400.4 142.1 258.3 95.2 3,912.9 1,123.2 647.4 48.0 599.3 523.5 75.9 475.8 228.5 247.3 43.9 203.4 2,789.8 544.3 1,472.1 303.5 1,168.6 732.1 436.6 395.0 141.3 253.8 84.3 3,915.7 1,120.6 644.2 39.8 604.4 527.0 77.4 476.4 228.5 247.9 45.4 202.5 2,795.1 546.1 1,467.5 303.2 1,164.3 729.8 434.5 402.7 140.5 262.2 85.4 3,934.5 1,129.7 652.0 52.0 600.0 522.7 77.3 477.7 227.9 249.7 45.2 204.5 2,804.8 547.3 1,467.4 303.5 1,163.9 726.7 437.2 406.0 145.2 260.9 89.5 3,904.9 1,125.6 649.8 50.2 599.7 522.8 76.8 475.7 229.2 246.5 43.0 203.5 2,779.3 541.6 1,473.5 304.1 1,169.4 732.0 437.4 389.6 139.8 249.8 80.1 3,898.4 1,118.0 645.3 49.5 595.9 521.6 74.3 472.7 228.0 244.6 42.4 202.2 2,780.4 541.4 1,478.1 303.4 1,174.7 736.8 437.9 385.2 140.0 245.1 83.2 90.3 15.8 16.8 9.1 98.1 18.2 18.9 10.0 83.4 17.1 18.9 9.9 81.3 17.6 19.1 9.7 81.7 17.2 18.9 9.6 74.1 17.9 18.9 9.5 76.4 18.8 19.2 9.8 65.8 18.5 19.4 9.8 66.3 19.2 19.2 9.8 71.3 18.2 19.4 9.8 62.3 17.7 19.5 9.7 64.0 19.2 19.6 9.8 26.2 131.4 91.1 147.7 22.2 152.1 91.2 152.1' 21.1 145.5 91.2 150.2 18.1 145.8 91.0 139.9 19.9 146.9 90.9 142.2 18.9 148.6 90.7 146.1 18.0 150.9 90.9 139.2 23.4 150.2 91.3 138.5 23.0 150.1 91.3 142.4 21.4 152.6 91.3 146.0 23.5 150.6 91.2 135.0 25.5 146.3 91.3 132.4 81.3' 66.4 150.6 449.0 85.8 66.2 157.7 460.6' 82.5' 67.8 153.9 468.7 70.6 69.3 142.4 472.7 71.0 71.1 141.2 469.7 81.4 64.7 145.3 478.6 78.3' 61.0 137.0 490.5' 78.2 60.3 136.4 488.6 80.9 61.5 134.7 488.9 86.3 59.7 137.7 490.6 74.8 60.2 133.9 489.9 72.2 60.2 133.6 485.2 4,310.7"" 4,461.8' 4,472.8' 4,499.8' 4,511.2' 4,597.9' 4,656.2' 4,643.3 4,648.5 4,675.6 4,630.7 4,616.8 2,515.4 325.0 2,190.4 352.5 1,838.0' 770.3 149.7 620.6 212.6 319.0 2,622.7' 330.7 2,292.0' 399.9 1,892.0 769.6 135.3 634.4 256.9 318.9' 2,612.1' 311.2 2,300.9' 408.3 1,892.5 776.4 142.8 633.6 269.3 316.2 2,612.0 294.6' 2,317.5' 416.8 1,900.7 808.1 143.3 664.8 257.0 324.2 2,624.3 308.4 2,316.0' 420.2 1,895.8' 816.0 148.0 668.0 250.5 317.4 2,666.0 308.8 2,357.3' 433.8 1,923.4' 837.9 153.5 684.3 252.5 339.8 2,658.2' 307.4' 2,350.9' 452.7' 1,898.1' 855.3' 146.7 708.6' 277.7 359.5' 2,664.3 305.5 2,358.8 464.0 1,894.8 845.8 147.9 697.8 276.1 351.1 2,662.1 268.3 2,393.8 462.9 1,930.9 855.8 146.2 709.6 264.8 358.6 2,692.3 305.0 2,387.3 462.3 1,924.9 849.0 148.5 700.4 269.3 357.2 2,648.3 316.1 2,332.3 463.4 1,868.8 856.3 162.6 693.8 276.1 344.4 2,639.8 336.1 2,303.7 465.2 1,838.4 835.8 138.7 697.0 292.6 345.3 3,817.3 3,968.1' 3,974.0' 4,001.3' 4,008.3' 4,096.3' 4,150.7' 4,137.3 4,141.2 4,167.8 4,125.1 4,113.4 493.4' 493.8' 498.9' 498.5 502.9 501.7' 505.4' 506.0 507.3 507.9 505.6 503.4 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 2005 2005 June Dec. 2006 2006 Jan. Feb. Mar.' Apr.' May' June June 7 June 14 June 21 June 28 Seasonall { adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 2,890.4 717.2 494.3 222.8 2,173.2 344.8' 1,390.2 130.6' 1,259.6' 325.9' 8.5 103.7 75.9' 115.3 204.1 2,982.4 695.5 485.1 210.4 2,286.9 366.7' 1,467.6 132.0' 1,335.6 330.6' 10.6 111.3 89.8' 119.7 204.0 3,017.5 700.6 486.6' 214.1' 2,316.8' 370.8' 1,486.8' 129.1' 1,357.7 333.7' 11.4 114.1 98.1 123.1 217.1 3,040.7 707.1 490.7' 216.4' 2,333.6' 374.0' 1,503.3' 129.0' 1 374.3 328.8' 11.3 116.2 101.7 122.4 236.9 3,067.8 701.8 485.5 216.3 2,366.0 378.1 1,531.6 129.0 1,402.7 327.4 11.7 117.3 107.3 120.0 241.7 3,083.9 695.7 480.6 215.1 2,388.2 381.7 1,548.1 126.9 1,421.1 329.3 11.8 117.3 108.8 117.7 244.4 3,102.9 693.1 478.1 215.0 2,409.8 385.3 1,565.7 125.8 1,439.8 331.0 11.3 116.6 102.9 118.0 245.2 3,128.2 690.8 474.7 216.1 2,437.4 390.3 1,586.3 126.5 1,459.8 331.1 11.5 118.2 105.9 113.3 253.1 3,121.3 693.1 476.6 216.5 2,428.3 388.5 1,580.8 126.2 1,454.6 330.7 10.9 117.2 103.9 115.0 249.8 3,125.7 692.8 475.7 217.1 2,432.9 389.1 1,582.6 126.3 1,456.3 331.8 11.4 118.0 106.8 114.2 254.4 3,135.7 691.0 475.2 215.8 2,444.7 391.0 1,590.4 127.2 1,463.2 331.7 12.0 119.6 111.0 113.3 247.6 3,127.6 686.7 471.6 215.2 2,440.9 391.7 1,589.2 126.1 1,463.1 329.8 11.7 118.5 102.3 112.7 255.1 3,252.7' 3,362.4' 3,422.3' 3,468.3' 3,503.2 3,520.9 3,534.7 3,565.9 3,555.6 3,566.7 3,573.0 3,563.0 2,438.4 352.2 2,086.2 400.3 1,685.9 513.3 168.1 345.1 10.1 73.4 2,554.7' 345.8' 2,208.9 438.8 1,770.0' 524.7 167.9 356.8 14.1 69.5 2,583.8' 348.6 2,235.2' 447.4 1,787.8' 535.6 173.2 362.3 18.6 72.3 2,604.3 350.0 2,254.3 455.9 1,798.3' 534.0 166.1 367.8 19.6 75.7 2,617.1 354.3 2,262.7 463.1 1,799.6 532.9 167.2 365.8 18.5 76.8 2,627.0 346.1 2,281.0 464.4 1,816.6 527.0 164.6 362.4 18.9 76.5 2,633.3 353.8 2,279.5 472.8 1,806.7 539.5 169.9 369.6 19.2 76.0 2,651.7 346.3 2,305.4 482.3 1,823.1 545.9 170.2 375.7 18.3 75.6 2,638.4 343.5 2,294.9 481.3 1,813.6 534.9 166.9 368.0 17.3 75.7 2,652.3 337.8 2,314.4 480.0 1,834.5 539.4 169.3 370.1 17.3 75.4 2,661.2 349.8 2,311.4 482.2 1,829.2 555.3 174.1 381.2 19.8 74.7 2,658.4 347.1 2,311.3 485.0 1,826.2 556.3 171.7 384.7 18.4 75.4 3,035.1' 3,163.1' 3,210.3' 3,233.6 3,245.3 3,249.4 3,268.0 3,291.6 3,266.3 3,284.4 3,311.0 3,308.5 217.7 199.4 212.0 234.7 257.9 271.5 266.7 274.4 289.3 282.4 262.0 254.5 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,880.7 717.3 494.4 222.8 2,163.4' 346.5' 1,382.1' 130.9' 1,251.2' 490.3' 760.9' 322.0' 161.9' 160.1 8.5 104.3 72.0 114.5 204.1 3,001.5' 699.4 489.0 210.4 2,302.1' 366.1' 1,476.4 131.5' 1,344.8 512.7' 832.1' 337.5' 172.4' 165.1 10.7 111.5 92.9' 123.7 204.0 3,023.4' 700.7 486.7' 214.1' 2,322.7 370.7' 1,490.1' 128.6' 1,361.6' 517.1' 844.5' 338.9' 171.8' 167.1 11.1 111.8' 97.0 125.3 217.1 3,037.0' 705.0 488.6' 216.4' 2,332.0' 374.1' 1,503.0' 128.7' 1,374.3' 519.2' 855.1' 330.0' 162.5' 167.5 11.3' 113.5 104.4 121.9 236.9 3,055.6 703.2 486.9 216.3 2,352.4 378.8 1,522.4 128.3 1,394.1 528.1 866.0 323.5 158.4 165.1 11.9 115.7 113.1 115.4 241.7 3,071.7 697.9 482.7 215.1 2,373.8 383.7 1,537.3 126.6 1,410.7 533.4 877.4 324.9 161.2 163.7 11.8 116.1 111.1 114.1 244.4 3,095.5 692.7 477.7 215.0 2,402.9 387.9 1,560.4 125.9 1,434.5 546.5 888.0 327.7 164.4 163.3 11.1 115.8 97.4 116.7 245.2 3,117.0 690.9 474.8 216.1 2,426.1 392.0 1,576.9 126.9 1,450.1 553.8 896.3 327.1 163.4 163.7 11.4 118.7 100.4 112.4 253.1 3,109.6 692.8 476.3 216.5 2,416.8 389.7 1,571.1 126.3 1,444.8 552.3 892.5 326.4 162.7 163.7 11.4 118.2 102.5 113.8 249.8 3,111.8 692.4 475.3 217.1 2,419.4 390.2 1,573.0 126.4 1,446.6 551.3 895.4 326.2 162.4 163.8 11.5 118.5 103.5 111.9 254.4 3,119.4 690.7 474.9 215.8 2,428.7 392.6 1,578.0 127.0 1,451.0 554.0 897.0 327.4 163.9 163.5 11.5 119.2 101.4 110.0 247.6 3,123.8 688.1 473.0 215.2 2,435.6 394.5 1,582.8 127.3 1,455.5 556.5 899.0 328.0 164.4 163.7 11.2 119.0 94.3 113.1 255.1 3,238.2' 3,388.7' 3,429.4' 3,466.9' 3,492.2 3,507.3 3,520.5 3,548.3 3,541.3 3,547.2 3,543.8 3,551.6 2,436.8' 350.6 2,086.2 400.3 1,685.9 513.3 168.1 345.1 10.1 73.4 2,566.8' 358.2' 2,208.6 438.8 1,769.7' 524.7 167.9 356.8 14.1 69.5 2,577.5' 350.5 2,227.0' 447.4 1,779.6' 535.6 173.2 362.3 18.6 72.3 2,598.0' 345.8 2,252.3 455.9 1,796.3' 534.0 166.1 367.8 19.6 75.7 2,616.0 352.0 2,264.0 463.1 1,800.9 532.9 167.2 365.8 18.5 76.8 2,634.0 347.8 2,286.2 464.4 1,821.8 527.0 164.6 362.4 18.9 76.5 2,630.2 350.1 2,280.1 472.8 1,807.3 539.5 169.9 369.6 19.2 76.0 2,650.1 344.7 2,305.3 482.3 1,823.0 545.9 170.2 375.7 18.3 75.6 2,657.0 325.1 2,331.9 481.3 1,850.6 534.9 166.9 368.0 17.3 75.7 2,655.4 332.4 2,323.0 480.0 1,843.0 539.4 169.3 370.1 17.3 75.4 2,638.9 346.0 2,292.8 482.2 1,810.6 555.3 174.1 381.2 19.8 74.7 2,646.5 368.0 2,278.5 485.0 1,793.4 556.3 171.7 384.7 18.4 75.4 3,033.5' 3,175.2' 3,204.0' 3,227.4 3,244.3 3,256.4 3,264.9 3,289.9 3,284.9 3,287.5 3,288.6 3,296.7 239.5' 247.9 251.0 255.6 258.4 256.4 259.8 255.1 254.9 204.7 213.5' 225.4 20 Federal Reserve Bulletin Statistical Supplement • July 2006 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account 2005 2005 June Dec. 2006 2006 Jan.' Feb. Mar. Apr.' May June June 7 June 14 June 21 June 28 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)5 733.1 318.3' 87.7 230.6' 414.8' 153.0' 19.5 134.8 107.6 49.6 60.6' 37.9 812.9' 356.6' 80.3' 276.3' 456.3' 167.1' 21.9 142.1 125.2' 42.0 53.2 38.7' 811.5 347.0 74.7 272.3 464.5 171.1 20.7 142.5 130.1 42.0 51.9 36.3 818.9' 342.9' 76.9' 266.0' 476.0' 174.7 20.8 148.3 132.1' 43.6 51.3 38.9' 829.4' 344.4' 77.9' 266.5' 485.0' 176.8' 21.3 155.3 131.6' 47.6 52.2 37.2' 849.3 356.9 77.3 279.5 492.4 182.4 22.0 155.9 132.1 48.1 49.4 40.0 901.1' 382.5' 80.5 302.0' 518.6' 187.4' 22.6 172.1 136.6' 45.8 49.8 48.8' 893.5 378.1 80.1 297.9 515.5 193.1 22.0 166.1 134.3 49.7 52.7 45.5 901.9 382.9 80.5 302.3 519.0 193.2 21.9 170.8 133.1 47.8 51.4 43.0 886.0 382.1 80.4 301.6 504.0 191.9 21.9 157.9 132.2 49.3 51.7 46.4 892.2 374.4 79.6 294.8 517.8 192.2 22.0 168.7 134.9 54.7 52.7 44.3 893.7 374.3 79.8 294.6 519.4 194.4 22.4 166.8 135.8 47.7 54.3 48.9 880.7 946.4 941.2 952.2' 965.9' 986.3 1,044.9' 1,040.9 1,043.5 1,032.9 1,043.4 1,044.0 599.9 12.0 587.9 362.8 49.2 313.6 -190.3 99.4 607.3 12.2 595.1 428.7 60.9 367.9 -194.0 109.2' 614.4 12.7 601.6 435.4 65.0 370.4 -209.2 99.4 619.4 13.3 606.2 439.3 60.2 379.0 -209.3 101.4' 650.3 13.5 636.8 436.1 61.9 374.2 -219.2 96.6' 673.2 12.7 660.5 419.9 55.4 364.6 -216.1 106.7 672.9 11.7 661.2 436.5 51.0 385.5 -206.5' 130.6' 677.9 11.8 666.0 443.8 50.8 393.0 -209.4 119.2 678.6 11.7 666.9 446.2 53.8 392.4 -225.6 119.6 673.1 10.9 662.2 454.7 55.3 399.4 -228.1 127.3 675.9 12.4 663.5 438.9 47.1 391.8 -191.7 114.3 680.9 12.0 668.9 434.6 46.8 387.8 -193.9 118.3 871.9 951.3 939.9 950.9 963.9' 983.8 1,033.5' 1,031.5 1,018.7 1,026.9 1,037.4 1,039.9 8.8 -4.9' 1.2 1.3' 9.5 24.8 6.0 5.9 4.1 1.9 2.5 11.4 Not seasonally adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit 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. 733.3' 318.3' 87.7 29.8 57.9 230.6' 131.9 98.7' 415.1' 152.6' 19.5 133.8 109.3 49.6 59.8' 38.0 818.7' 356.6' 80.3' 22.3' 58.0 276.3' 163.5' 112.9' 462.2' 167.7' 21.9 148.7 123.8 42.0 54.5 39.7' 815.8 347.0 74.7 20.4 54.3 272.3 162.3 110.0 468.7 172.7 20.7 146.7 128.6 42.0 52.8 37.5 821.1' 342.9' 76.9' 25.6' 51.3 266.0' 157.9' 108.1' 478.2' 177.1' 20.8 151.0 129.4' 43.6 50.6 39.9' 832.4' 344.4' 77.9' 27.8 50.2 266.5' 157.2' 109.3' 488.0' 178.3' 21.3 157.2 131.3' 47.6 50.5 37.0' 855.9 356.9 77.3 24.9 52.4 279.5 170.2 109.3 499.1 183.5 22.0 160.0 133.6 48.1 48.6 39.1 897.5' 382.5' 80.5 26.8 53.7 302.0' 191.7 110.3' 515.1' 187.4' 22.6 167.8 137.3' 45.8 49.1 49.3 893.3 378.1 80.1 25.6 54.5 297.9 185.8 112.1 515.2 192.7 22.0 164.7 135.8 49.7 52.0 45.6 894.5 382.9 80.5 25.8 54.7 302.3 190.2 112.1 511.6 192.9 21.9 161.5 135.4 47.8 50.3 44.3 891.2 382.1 80.4 25.3 55.1 301.6 188.8 112.9 509.2 192.0 21.9 160.8 134.5 49.3 51.3 47.1 895.6 374.4 79.6 25.3 54.3 294.8 182.5 112.3 521.2 192.4 22.0 170.7 136.2 54.7 51.8 43.3 892.9 374.3 79.8 25.6 54.1 294.6 182.9 111.7 518.6 193.3 22.4 166.5 136.4 47.7 53.9 49.0 880.3 954.5 947.5 954.7 967.0 991.2 1,041.3' 1,040.1 1,036.4 1,038.4 1,044.8 1,042.9 609.4 11.8 597.6 362.8 49.2 313.6 -192.5 97.7 602.6 12.6 590.0 428.7 60.9 367.9 -191.1 111.3' 616.6 13.0 603.7 435.4 65.0 370.4 -207.7 100.3 620.7 13.7 607.0 439.3 60.2 379.0 -209.4 101.3' 653.4 13.8 639.6 436.1 61.9 374.2 -221.0 95.6 682.3 12.6 669.7 419.9 55.4 364.6 -218.8 104.9 684.9 11.5 673.4 436.5 51.0 385.5 -210.6' 127.6' 688.6 11.6 677.0 443.8 50.8 393.0 -212.4 117.2 695.7 11.2 684.5 446.2 53.8 392.4 -227.0 118.6 689.3 10.9 678.4 454.7 55.3 399.4 -232.5 124.2 687.6 12.1 675.5 438.9 47.1 391.8 -196.1 111.6 683.8 11.9 671.9 434.6 46.8 387.8 -195.6 117.2 877.5 951.6 944.6 951.8' 964.1' 988.4 1,038.4' 1,037.2 1,033.5 1,035.6 1,042.0 1,040.1 2.8 2.9' 2.9 2.9' 2.9' 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2005 2005 June Dec. 2006 2006 Jan. Feb. Mar. Apr. May June June 7 June 14 June 21 June 28 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 93.6 85.8 90.6 93.7 89.5 108.5 123.4 111.7 113.6 111.7 109.8 111.9 85.3 536.3 411.5 124.7 76.2 550.9 415.0 135.9 82.0 558.2 425.0 133.2 82.5 577.7 446.8 130.9 79.1 587.2 456.5 130.6 96.6 602.3 472.8 129.6 110.6' 614.2 482.4 131.8 99.6 618.1 484.0 134.1 101.9 621.4 487.0 134.4 100.7 617.7 483.1 134.6 98.0 618.2 483.8 134.3 98.3 615.6 482.5 133.1 4.4' 149.3' 129.2 20.2' 5.5 -9.9' 164.1 134.8 29.3 3.0 -8.9' 165.8 136.2 29.6 3.0 -11.2' 164.8 135.4 29.4 3.0 -14.1' 166.5 136.8 29.7 3.0 -17.2' 166.8 137.9 28.9 3.0 -18.6 165.8 137.5 28.4 3.0 -20.2 166.3 136.2 30.1 2.9 -18.3 166.8 138.7 28.1 3.0 -18.9 163.8 135.5 28.3 3.0 -20.6 164.1 135.0 29.1 3.0 -22.1 169.6 136.0 33.6 3.0 339.2 213.1 203.2 9.9 329.8 203.3 193.4 9.8 333.9 202.2 192.5 9.7 336.3 205.2 195.6 9.6 332.9 204.8 195.2 9.6 328.4 203.6 194.0 9.6 328.0' 202.0 192.6 9.4 328.1 207.1 197.9 9.1 329.3 205.3 196.1 9.2 328.9 207.4 198.1 9.3 328.2 207.0 198.0 9.0 326.2 208.4 199.4 9.0 54.6 67.1' 61.7' 60.3' 57.9' 64.4' 78.0' 70.4 75.6 73.7 66.0 67.3 63.7 .2 72.8' .1 66.3' .1 63.9' .1 61.7' .1 68.2' .1 82.7' .1 75.7 .1 80.2 .1 78.7 .1 71.8 .1 73.0 .1 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Credit cards and related plans 14 Other Foreign-related institutions 15 Revaluation gains on off-balancesheet items9 16 Revaluation losses on off-balancesheet items9 17 Securitized business loans12 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 • July 2006 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2005 2006 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2001 2002 2003 2004 2005 Oct. Nov. Dec. Jan. Feb. Mar. 1,442,842 1,341,226 1,260,745 1,375,717 1,631,009 1,604,026 1,638,298 1,631,009 1,672,657 1,687,510 1,705,078 563,428 216,448 522,863 147,689 519,731 103,982 595,249 119,727 667,321 132,207 669,566 156,664 668,550 155,587 667,321 132,207 681,727 140,561 690,883 134,575 692,513 134,245 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. 31 Mar. 28 May 10 7.50 7.75 8.00 Period Average rate 2002 2003 2004 2005 4.67 4.12 4.34 6.19 2003 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 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 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 Period Average rate 2005—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 2006—Jan Feb Mar Apr May 7.26 7.50 7.53 7.75 7.93 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 2006 Item 2003 2004 2006, week ending 2005 Jan. Feb. Mar. Apr. Mar. 31 Apr. 7 Apr. 14 Apr. 21 Apr. 28 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.13 n.a. 1.35 2.34 3.22 4.19 4.29 5.26 4.49 5.50 4.59 5.53 4.79 5.75 4.70 5.57 4.88 5.75 4.76 5.75 4.77 5.75 4.74 5.75 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 1.11 1.11 1.11 1.38 1.40 1.41 3.22 3.23 3.42 4.36 4.37 n.a. 4.47 4.50 4.55 4.61 4.65 4.76 4.80 4.81 4.87 4.72 4.75 4.77 4.75 4.76 4.83 4.73 4.78 n.a. 4.79 4.83 4.90 4.87 4.88 4.90 6 7 8 Financial 1-month 2-month 3-month 1.12 1.13 1.13 1.41 1.46 1.52 3.27 3.36 3.44 4.37 4.43 4.48 4.50 4.57 4.63 4.66 4.73 4.79 4.81 4.90 4.94 4.75 4.79 4.85 4.76 4.84 4.88 4.77 4.88 4.94 4.82 4.91 4.96 4.89 4.96 5.00 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.15 1.15 1.17 1.45 1.57 1.74 3.34 3.51 3.73 4.45 4.56 4.69 4.55 4.72 4.88 4.72 4.88 5.01 4.88 5.03 5.17 4.79 4.94 5.07 4.80 4.98 5.12 4.85 5.02 5.17 4.90 5.05 5.17 4.97 5.09 5.21 12 Eurodollar deposits, 3-month3>s 1.14 1.55 3.51 4.59 4.75 4.91 5.06 4.97 5.00 5.05 5.08 5.12 US Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 1.00 1.01 1.05 1.24 1.37 1.58 2.94 3.15 3.39 4.03 4.24 4.31 4.31 4.43 4.52 4.47 4.51 4.62 4.52 4.60 4.72 4.60 4.51 4.64 4.56 4.56 4.67 4.53 4.58 4.73 4.47 4.61 4.73 4.54 4.66 4.76 1.24 1.65 2.10 2.97 3.52 4.01 4.96 1.89 2.38 2.78 3.43 3.87 4.27 5.04 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.45 4.40 4.35 4.35 4.37 4.42 4.65 4.68 4.67 4.64 4.57 4.56 4.57 4.73 4.77 4.73 4.74 4.72 4.71 4.72 4.91 4.90 4.89 4.89 4.90 4.94 4.99 5.22 4.82 4.80 4.79 4.78 4.79 4.80 5.01 4.85 4.85 4.84 4.84 4.86 4.89 5.11 4.91 4.91 4.90 4.91 4.93 4.98 5.22 4.90 4.88 4.88 4.91 4.95 5.02 5.26 4.94 4.92 4.92 4.95 5.00 5.07 5.30 4.52 5.20 4.75 4.50 5.09 4.68 4.28 4.86 4.40 4.27 4.73 4.37 4.33 4.80 4.41 4.29 4.78 4.44 4.36 4.98 4.58 4.42 4.88 4.53 4.34 4.84 4.56 4.34 5.01 4.57 4.39 5.03 4.59 4.38 5.02 4.59 6.24 6.00 5.57 5.69 5.74 5.90 6.20 5.99 6.09 6.20 6.24 6.27 5.66 6.14 6.38 6.76 5.63 5.91 6.08 6.39 5.23 5.37 5.59 6.06 5.29 5.45 5.79 6.24 5.35 5.51 5.85 6.27 5.53 5.68 5.98 6.41 5.84 6.00 6.27 6.68 5.61 5.78 6.07 6.50 5.72 5.88 6.17 6.59 5.84 6.00 6.28 6.69 5.88 6.04 6.31 6.72 5.93 6.08 6.34 6.73 1.72 1.66 1.89 1.76 1.80 1.79 1.78 1.78 1.78 1.78 1.77 1.79 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 • July 2006 1.36 STOCK MARKET Selected Statistics 2005 Indicator 2003 2004 2006 2005 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31,1965 = 50) 5,456.00 634.11 437.37 238.05 566.74 6,614.10 741.19 521.11 271.45 657.07 7,351.19 n.a. n.a. n.a. n.a. 7,584.49 n.a. n.a. n.a. n.a. 7,373.23 n.a. n.a. n.a. n.a. 7,585.75 n.a. n.a. n.a. n.a. 7,787.22 n.a. n.a. n.a. n.a. 8,007.35 n.a. n.a. n.a. n.a. 8,044.86 n.a. n.a. n.a. n.a. 8,174.34 n.a. n.a. n.a. n.a. 8,351.28 n.a. n.a. n.a. n.a. 8,353.45 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 965.23 1,130.65 1,207.23 1,225.91 1,191.96 1,237.37 1,262.07 1,278.72 1,276.65 1,293.74 1,302.18 1,290.00 7 American Stock Exchange (Aug. 31, 1973 = 50)2 943.44 1,260.02 1,567.52 1,711.66 1,640.08 1,694.64 1,752.65 1,815.91 1,828.06 1,902.69 1,976.03 1,968.30 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1 361 043 1 403 376 1 542 724 1 626 430 1 779 200 1 576 379 1 508 647 1,808,726 1,660,932 1,728,333 2,285,601 2,510,157 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 173,220 203,790 221,660 217,760 212,540 219,020 221,660 232,190 222,780 236,670 241,540 230,540 92,560 84,920 117,850 93,580 119,710 88,730 106,730 79,310 113,110 77,550 110,610 78,330 119,710 88,730 115,220 83,250 117,970 81,600 119,360 82,750 119,020 83,000 126,210 81,090 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 2004 Sept. 30 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 7,156.2 7,298.6 7,403.2 7,620.4 7,801.0 7,860.2 7,956.3 8,194.3 8,394.7 7,131.1 4.176.7 2,954.4 7,274.3 4,218.7 3,055.6 7,379.0 4,303.4 3,075.7 7,596.1 4,406.4 3,189.8 7,776.9 4,572.4 3,204.5 7,836.5 4,527.6 3,308.9 7,932.7 4,601.6 3,331.1 8,170.4 4,714.6 3,455.8 8,371.2 4,872.8 3,498.4 25.1 25.1 .0 24.2 24.2 .0 24.2 23.7 .4 24.3 23.9 .4 24.1 24.1 .0 23.7 23.7 .0 23.6 23.6 23.8 23.8 23.6 23.6 7,778.1 7,871.0 8,107.0 8,281.5 7,088.5 .1 7,229.2 .1 7,333.2 .2 7,535.5 .2 7,715.4 .1 7,778.0 .1 7,870.9 8,106.9 8,281.4 7,384.0 7,384.0 7,384.0 8,184.0 8,184.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' Nonmarketable2 State and local government series . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q2 Q3 Q4 Ql 6,405.7 6,998.0 7,596.1 8,170.4 6,391.4 3,205.1 888.8 1,580.8 588.7 146.9 3,186.3 153.4 11.2 11.2 .0 184.8 2,806.9 14.3 6,982.0 3,575.1 928.8 1,905.7 564.3 176.2 3,406.9 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 .0 191.7 3,230.6 17.6 8,117.0 4,184.0 963.9 2,326.8 516.6 328.7 3,986.5 235.6 3.8 3.8 .0 191.2 3,506.6 53.4 7,818.0 4,031.0 923.4 2,273.0 529.9 290.6 3,787.0 206.7 3.0 3.0 .0 190.9 3,356.3 18.5 7,913.7 4,084.8 914.3 2,328.7 520.6 307.1 3,828.9 225.3 3.1 3.1 .0 190.0 3,380.6 19.0 8,117.0 4,184.0 963.9 2,326.8 516.6 328.7 3,986.5 235.6 3.8 3.8 .0 191.2 3,506.6 53.4 8,351.7 4,340.4 1,042.1 2,409.7 526.7 347.9 4,030.8 234.8 3.4 3.4 .0 192.0 3,551.2 19.5 2 757.8 629.4 3,018.5 222.8 278.8 139.7 351.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 358.8 3,189.1 717.8 3,667.1 128.1 253.1 149.2 385.8 3,466.9' 744.2 3,970.6 117.2 252.2' 172.2' 454.6' 3,311.6 724.7 3,803.0 127.2 249.1 163.7' 429.3 3,334.1 736.4 3,864.9 125.0 245.0' 171.6' 446.5 3,466.9' 744.2 3,970.6 117.2 252.2' 172.2' 454.6' 3,502.0 758.5 4,114.0 115.0 250.8 176.8 462.8 194.9 278.8 134.7 144.1 1,246.8 323.4 203.8 288.2 140.8 147.4 1,538.1 452.6 204.4 295.7 151.0 144.7 1,942.0 307.8 205.1 306.3' 179.9' 126.4' 2,041.1' 455.8 204.2 306.1' 176.1' 130.1 2,030.0 303.5 203.6 302.0' 179.4' 122.6 2,069.0 311.5 205.1 306.3' 179.9' 126.4' 2,041.1' 455.8 205.9 310.9 182.2 128.6 2,089.2 n.a. 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. 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 • July 2006 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2006 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 Jan. Feb. 2006, week end Mar. Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 46,950 49,853 51,445 59,561 51,879 48,960 49,016 51,268 59,030 48,447 45,362 40,843 205,687 220,920 212,149 239,289 243,638 204,856 202,242 207,877 173,535 145,822 183,102 209,778 138,934 143,048 135,674 178,234 149,258 130,194 123,763 132,128 132,777 88,600 113,888 120,567 121,618 31,712 10,988 125,047 42,854 7,603 119,256 30,660 6,119 124,098 39,830 5,608 142,308 40,015 7,391 122,588 25,860 5,496 116,295 29,169 6,298 98,271 26,656 5,135 110,742 28,424 6,768 122,050 32,057 9,358 117,100 25,113 8,540 114,711 33,302 10,334 63,214 61,720 55,567 59,429 53,021 47,105 56,648 59,600 68,366 49,471 60,305 51,513 9,915 8,737 6,955 7,123 7,860 7,374 6,617 5,589 7,816 9,637 6,901 9,213 5,185 6,130 5,278 5,784 7,192 6,730 4,218 3,337 4,107 2,204 5,526 4,426 2,779 295 2,677 609 1,877 331 1,769 296 2,127 414 1,899 239 1,520 205 1,608 406 2,817 500 5,497 345 2,498 222 2,944 391 259,273 269,494 272,801 230,717 438,075 293,738 188,820 191,697 241,025 344,564 188,981 190,197 189,425 24,328 183,103 22,999 188,676 24,581 191,662 24,337 173,449 25,481 179,267 19,951 189,415 25,396 208,977 27,919 196,177 23,640 180,127 21,772 208,338 19,359 205,557 29,083 234,322 250,460 241,181 274,916 277,005 236,407 235,290 217,918 219,572 200,648 215,940 242,815 6,143 61,325 436 6,112 65,395 486 5,074 65,827 514 5,916 57,194 465 6,236 85,082 402 4,609 79,185 562 5,377 53,146 535 3,935 52,523 321 5,006 53,575 1,125 4,928 80,994 394 6,052 50,747 510 6,472 50,310 495 321,567 338,866 314,123 371,705 357,485 301,547 291,494 303,418 291,703 245,685 277,166 286,719 75,245 197,948 213,318 73,761 204,099 205,617 64,933 206,974 212,743 68,486 173,522 215,534 64,377 352,993 198,527 58,737 214,552 198,657 63,833 135,674 214,276 66,605 139,175 236,575 78,602 187,450 218,691 62,227 263,570 201,505 69,400 138,234 227,188 62,016 139,887 234,145 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2006, week ending 2006 Item, by type of security Jan. Feb. Mar. Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 Apr. 5 Apr. 12 Apr. 19 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 -5,489 5,112 24,677 13,434 23,681 23,556 27,570 25,173 25,853 34,278 12,350 -42,542 -43,332 -44,588 -44,624 -40,761 -48,088 -44,164 -46,856 -39,253 -34,893 -36,500 -41,375 -42,274 -43,369 -44,006 -43,144 -46,342 -43,547 -40,644 -42,351 -41,596 -42,011 -37,597 -11,375 288 -38,827 -10,106 561 -38,157 -13,065 714 -36,537 -10,157 -559 -40,391 -12,699 1,057 -36,638 -13,505 655 -36,362 -14,066 686 -38,110 -12,903 608 -42,913 -11,326 823 -43,256 -12,692 964 -42,139 -13,791 -58 49,293 47,983 45,384 51,803 49,003 45,283 45,547 41,277 43,667 50,212 44,689 29,611 36,566 38,264 36,656 38,217 41,022 38,440 35,695 37,962 37,843 39,681 12,072 12,586 15,842 13,605 16,526 15,837 16,401 15,487 13,875 14,396 16,087 599 5,359 1,227 5,111 -128 5,852 643 5,150 -748 5,359 -58 5,826 113 5,918 -255 6,223 1,019 6,497 2,257 6,508 2,115 6,538 11,971 17,012 24,950 28,545 23,246 14,158 30,794 30,961 25,399 12,397 28,344 39,449 148,898 38,735 136,286 38,623 140,670 40,234 139,650 36,972 136,527 46,027 132,929 37,433 138,400 33,624 152,555 39,350 149,129 44,365 150,059 45,054 147,505 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 1 182 966 1,098,745 1 234 150 1,185,052 1 199 134 1,285,065 1 252 389 1,140,416 1 215 888 1,238,073 1 185 692 1,277,214 1 201 436 1,374,883 1 194 688 1,342,590 1 168 417 1,033,633 1 157 201 1,089,638 1 206 527 1,064,843 158,404 215,725 156,424 231,279 161,713 241,161 152,865 229,769 164,490 244,798 154,650 247,641 163,078 240,564 161,575 237,277 176,851 227,132 164,808 235,741 164,745 236,972 102,984 379,992 103,058 395,634 97,763 394,912 99,054 390,497 101,963 390,030 93,063 392,327 94,772 401,115 100,691 400,199 99,090 383,039 97,104 396,190 98,960 398,574 113,021 93,505 110,668 94,829 112,725 94,016 109,945 95,485 110,273 94,421 111,473 92,954 112,203 93,245 115,769 94,700 118,252 95,891 118,343 97,639 115,210 98,368 754,595 1 407 148 793,826 1 523 550 757,925 1 646 126 799,231 1 474 252 781,770 1 583 202 736,926 1 630 826 769,351 1 729 046 749,412 1 736 673 717,110 1 398 707 683,080 1 467 725 720,780 1 457 635 1 174 763 886,633 1 210142 994,303 1 157 255 1,136,819 1 230 868 946,553 1 205 063 1,059,011 1 164 381 1,108,254 1 149 918 1,236,982 1 101 406 1,247,910 1 149 325 864,868 1 126 035 939,450 1 135 268 945,731 297,967 143,737 297,232 166,261 310,775 171,152 292,859 165,729 304,411 175,702 304,618 169,951 317,306 171,549 312,848 173,364 333,448 153,009 320,449 162,885 313,846 161,818 539,555 229,291 548,071 226,211 547,043 240,920 526,061 231,310 535,353 231,750 552,900 241,313 548,874 247,324 558,171 244,032 532,592 243,133 526,970 256,266 506,312 264,710 262,303 55,147 251,120 57,304 256,884 56,839 258,500 56,032 249,619 57,967 261,855 57,316 249,910 56,039 261,716 56,485 271,597 55,662 270,678 56,837 267,634 55,225 2,004,038 1,232,261 2,035,842 1,353,945 2,013,599 1,519,023 2,038,778 1,315,099 2,027,419 1,435,940 2,011,693 1,488,624 2,017,000 1,624,603 1,989,958 1,637,102 2,030,157 1,235,363 1,997,648 1,331,960 1,973,141 1,348,127 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 • July 2006 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency 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 2,351,039 n.a. 25.412 6 n.a. 290 n.a. >,351,037 674,841 648,894 851,000 85,088 47,900 8,170 1,261 29,996 n.a. n.a. 25.406 n.a. 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 Oct. Nov. 23,511 6 23,649 6 n.a. 149 n.a. 24,267 6 24,261 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 23,843 6 n.a. 161 n.a. n.a. 23,837 n.a. n.a. 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 Dec. n.a. 23,505 898,271 767,700 733,691 110,814 89,218 8,170 1,261 29,996 n.a. n.a. 23,643 n.a. n.a. 893,788 770,000 747,464 111,525 92,538 8,170 1,261 29,996 n.a. 23,843 6 23,837 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 23,680 6 n.a. 166 n.a. n.a. 23,674 n.a. n.a. 920,103 779,300 755,612 114,375 90,518 8,170 1,261 29,996 23,454 6 23,448 918,457 776,600 750,240 115,147 90,468 8,170 1,261 29,996 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 37,017 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14,489 22,528 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. 28,325 28,091 28,085 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. 18,515 n.a. 9,810 18,234 n.a. 9,857 18,765 n.a. 9,320 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 Sept. Apr. 1 All issues, new and refunding1 384,311 357,875 409,497 32,444 27,296 39,298' 31,867 20,219 23,865 28,219 29,870 By type of issue 2 General obligation 3 Revenue 144,056 238,204 130,471 227,404 146,028 263,468 12,531 19,913 5,880 21,415 10,289' 29,010 8,564 23,302 7,428 12,790 9,158 14,706 9,635 18,583 7,154 22,716 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 49,795 253,536 78,962 47,365 234,237 76,273 31,568 298,506 79,423 4,734 21,132 6,578 790 21,760 4,746 2,925 30,710' 5,663' 2,210 23,033 6,624 1,170 14,567 4,482 1,684 18,546 3,634 2,767 21,012 4,440 1,311 22,765 5,794 7 Issues for new capital 264,697 228,357 223,833 17,091 17,011 24,475' 20,669 12,221 15,269 17,961 20,306 70,394 23,809 10,251 n.a. 22,339 97,736 65,426 20,546 9,242 n.a. 19.050 80,438 70,938 25,261 10,004 n.a. 18.674 60,733 3,908 2,205 1,472 n.a. 1.468 5,508 4,922 1,929 721 n.a. 2.418 3,278 7,190 2,202 617 n.a. 1.845' 9,482 6,538 1,384 1,152 n.a. 1.708 5,392 3,618 1,890 250 n.a. 1.555 3,108 3,210 1,803 411 n.a. 2.051 6,166 5,039 477 908 n.a. 2.471 5,615 5,512 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 1,959 4,477 US. Corporations Millions of dollars 2005 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2003 2004 2006 2005 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1,815,569 2,070,680 2,438,989 227,934 235,682 184,688 217,135 242,978 186,975 209,946 258,136 1,692,260 1,923,094 2,323,735 215,978 217,950 176,725 209,117 232,645 178,937 203,784 244,797 1,579,311 112 949 1,737,342 185 752 2,141,496 182 238 204.581 11 397 204.402 13 548 163.616 13 109 185.344 23 772 209.801 22 844 161.509 17 428 188.618 15 166 219.010 25 787 20,701 22,328 24,595 2.331 1.610 952 2.753 3,377 n.a. n.a. n.a. 362,340 1,329,920 259,968 1,663,127 216,072 2,107,662 17,876 198,102 23,373 194,577 8,529 168,196 24,247 184,869 20,936 211,709 32,935 146,003 25,099 178,686 29,320 215,477 182,132 147,585 115,255 11,956 17,732 7,963 8,018 10,333 8,037 6,162 13,339 123,309 58,823 147,585 n.a. 115,255 n.a. 11,956 n.a. 17,732 n.a. 7,963 n.a. 8,018 n.a. 10,333 n.a. 8,037 n.a. 6,162 n.a. 13,339 n.a. 44,416 78,893 64.345 83,240 54.713 60,541 6.385 5,571 9.597 8,135 2.445 5,517 4.324 3,694 7,375 2,958 5.713 2,324 4.238 1,924 6.839 6,500 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 • July 2006 1.47 Net Sales and Assets1 OPEN-END INVESTMENT COMPANIES Millions of dollars 2005 Item 2004 2006 2005' Oct. Nov. Dec. Jan. Feb. Mar. Apr.' May 1 Sales of own shares2 1,660,423 1,771,292 153,140 147,140 160,537 201,428 165,338 194,323 171,541 188,641 2 Redemptions of own shares 1,450,319 210,104 1,579,603 191,689 145,548 7,592 125,925 21,215 154,317 6,220 161,688 39,740 128,504 36,834 154,083 40,240 143,954 27,587 189,431 -790 6,193,664 6,864,636 6,561,255 6,775,522 6,864,636 7,152,932 7,169,845 7,313,245 7,460,010 7,234,679 304,816 5 888 848 303,068 6 561 568 298,520 6 262 735 313,283 6 462 239 303,068 6 561 568 314,604 6,838,328 333,544 6,836,301 330,511 6,982,734 353,879 7,106,131 353,542 6,881,137 4 Assets 4 5 Cash5 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2005 2004 2006 Q3 Q4 Q1 Q2 Q3' Q4' Q1 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 1 022 2 365.8 457.4 198.9 1 145 0 430.4 471.7 242.9 1 223 9 435.4 503.9 284.6 1 097 2 416.4 456.3 224.5 1 145 0 430.4 471.7 242.9 1 141 6 425.7 469.2 246.7 1 153 6 423.8 478.1 251.7 1 171 0 431.9 474.6 264.6 1 223 9 435.4 503.9 284.6 1 225 3 423.6 507.2 294.5 50.8 24 6 46.3 24 8 36.3 22 0 46.5 24 1 46.3 24 8 45.4 23 4 44.8 23 1 37.8 24 2 36.3 22 0 36.1 21 2 946.8 753.9 1,073.9 765.4 1,165.6 645.0 1,026.5 746.8 1,073.9 765.4 1,072.9 747.9 1,085.7 764.4 1,109.0 643.0 1,165.6 645.0 1,168.0 644.5 1,700.8 1,839.3 1,810.7 1,773.3 1,839.3 1,820.9 1,850.0 1,752.0 1,810.7 1,812.5 56.2 136.3 65.2 163.9 68.5 146.1 64.1 154.3 65.2 163.9 63.1 149.2 60.0 136.2 70.5 132.8 68.5 146.1 66.7 139.8 99.9 747.1 424.7 236.6 118.2 828.3 415.3 248.3 151.6 819.9 362.6 262.0 112.7 776.7 422.6 242.9 118.2 828.3 415.3 248.3 114.7 855.5 388.0 250.5 116.8 872.1 398.6 266.3 123.0 771.0 426.8 228.0 151.6 819.9 362.6 262.0 153.8 823.5 364.6 264.2 1,700.8 1,839.3 1,810.7 1,773.3 1,839.3 1,820.9 1,850.0 1,752.0 1,810.7 1,812.5 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 Seasonally adjusted 1 Total 2 3 4 Consumer Real estate Business . 1,368.9 1,451.2 1,515.5 588.3 229.2 551.4 614.6 267.8 568.8 620.0 307.8 587.7 1,537.6 1,515.5 618.2 292.1 576.4 615.7 296.8 581.5 620.0 307.8 587.7 623.1 315.5 583.1 620.3 319.7 586.8 626.1 325.1 586.5 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases . . . . Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables' 1,522.6 1,531.9 1,375.6 1,458.2 1,522.6 593.1 197.0 70.0 37.6 60.9 619.6 230.0 62.5 40.5 96.3 625.1 194.5' 71.2 54.2 114.4 623.0 203.1 68.9 47.2 113.4 620.8 200.9 69.5 48.2 114.2 625.1 194.5' 71.2 54.2 114.4 626.4' 193.9' 73.0 53.7 114.9 619.3 187.7' 73.9 53.0 108.9 621.6 185.7 76.1 52.1 108.6 132.8 5.5 38.3 51.0 229.4 152.2 46.7 109.9 4.8 24.5 51.0 268.2 190.1 52.7 123.8' 4.2 15.1 47.8 308.3 232.3 52.4 120.6 4.3 18.1 47.5 295.7 220.7 51.9 118.7 4.2 17.5 47.6 301.6 226.7 52.0 123.8' 4.2 15.1 47.8 308.3 232.3 52.4 122.7' 4.1 14.7 49.5 315.8 239.8 52.6 126.2' 4.1 14.5 51.0 318.4 242.8 52.3 126.9 4.0 15.5 52.7 317.1 241.4 53.0 26.7 3.8 553.1 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 21.8 3.5 570.4 91.6 18.4 46.2 27.0 264.8 70.6 194.3 115.3 18.9 4.8 589.2 113.8 19.2 62.9 31.7 271.4 72.5 198.9 118.7 19.4 3.7 572.8 91.2 20.1 41.8 29.3 268.2 70.8 197.4 118.6 19.2 3.7 579.8 111.6 19.7 62.7 29.3 268.7 70.8 198.0 122.5 18.9 4.8 589.2 113.8 19.2 62.9 31.7 271.4 72.5 198.9 118.7 18.6 4.8 582.4 112.3 19.5 61.2 31.6 270.4 72.5 197.9 115.5 18.4 4.8 586.6 114.9 19.8 63.6 31.5 271.2 73.7 197.5 115.8 18.2 4.5 593.2 117.8 20.2 65.6 32.0 273.4 75.3 198.1 115.9 48.4 2.2 44.2 2.1 22.1 12.5 9.6 25.1 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 43.2 2.7 40.3 .1 23.6 12.2 11.4 28.1 25.3 2.7 22.5 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 29.3 2.7 26.5 .1 22.9 10.1 12.8 32.0 29.8 2.7 27.0 .1 22.7 10.0 12.8 32.1 35.6 2.6 32.9 .1 15.7 9.7 6.0 34.7 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 11.4 28.3 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 • July 2006 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2006 2005 Item 2003 2004 2005 Nov. Dec. Jan. Feb. Mar. Apr. May Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 272.1 205.3 77.9 28.7 .61 292.0 215.0 76.0 28.8 .51 326.8 238.5 75.3 29.2 .54 345.6 249.6 74.4 29.5 .66 358.5 260.4 74.4 29.5 .65 337.7 243.4 74.4 28.9 .43 338.1 248.2 75.4 29.3 .52 341.8 254.8 76.4 29.7 .59 335.0 248.2 76.5 29.5 .63 350.0 255.4 75.2 29.5 .65 5.71 5.80 n.a. 5.68 5.75 n.a. 5.86 5.93 n.a. 6.11 6.20 n.a. 6.30 6.39 n.a. 6.06 6.12 n.a. 6.32 6.40 n.a. 6.45 6.53 n.a. 6.55 6.64 n.a. 6.60 6.69 n.a. n.a. 5.03 n.a. 5.19 n.a. 5.13 n.a. 5.55 n.a. 5.45 n.a. 5.24 n.a. 5.44 n.a. 5.59 n.a. 5.84 n.a. 5.99 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 898,445 n.a. n.a. 904,555 n.a. n.a. 727,545 n.a. n.a. 715,896 n.a. n.a. 727,545 n.a. n.a. 725,661 n.a. n.a. 721,189 n.a. n.a. 721,544 n.a. n.a. 730,367 n.a. n.a. 733,786 n.a. n.a. 14 Mortgage transactions purchased (during period) 572,852 262,646 146,641 16,021 28,760 12,199 11,417 14,165 23,042 18,704 Mortgage commitments (during period) 15 Issued7 16 To sells 522,083 33 010 149,429 8 828 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 644,436 n.a. n.a. 652,936 n.a. n.a. 710,017 n.a. n.a. 692,758 n.a. n.a. 710,017 n.a. n.a. 704,172 n.a. n.a. 705,320 n.a. n.a. 715,407 n.a. n.a. 723,774 n.a. n.a. 723,068 n.a. n.a. n.a. 713,260 n.a. 365,148 n.a. 397,867 n.a. 37,837 n.a. 39,784 n.a. 33,669 n.a. 33,231 n.a. 26,769 n.a. 26,620 n.a. 25,446 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Ql 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family1" 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q2 Q3 Q4 11,129,540 11,560,350 11,970,520 12,329,310 8,245,339 9,238,721 10,488,130 6,244,957 486,680 1,388,194 125,507 7,027,946 557,375 1,519,818 133,583 8,032,245 612,162 1,702,010 141,710 8,233,769 623,132 1,746,145 142,963 8,530,305 640,616 1,812,385 146,234 8,872,313 655,249 1,884,450 148,337 9,175,540 675,191 1,971,891 147,902 9,455,485 690,497 2,032,948 150,381 3,089,434 2,058,426 1,222,126 94,178 704,097 38,025 780,989 631,057 68,624 80,730 577 250,019 4,657 36,816 195,040 13,506 3,387,175 2,256,037 1,346,908 104,901 763,579 40,649 870,194 702,784 77,895 88,884 632 260,944 4,403 38,556 203,946 14,039 3,925,678 2,595,318 1,568,000 119,294 863,467 44,557 1,057,036 874,518 87,445 94,475 598 273,324 4,998 40,453 214,085 13,788 4,032,258 2,689,241 1,633,240 122,807 888,164 45,030 1,068,024 883,372 90,294 93,761 597 274,993 5,024 40,705 215,405 13,859 4,181,783 2,790,473 1,696,047 129,021 919,185 46,220 1,112,919 921,684 95,048 95,582 604 278,391 5,082 41,213 218,065 14,031 4,317,224 2,895,448 1,750,876 135,547 961,886 47,139 1,140,910 946,883 96,732 96,690 605 280,866 5,122 41,585 220,005 14,154 4,394,587 2,956,568 1,774,344 140,121 994,513 47,590 1,152,732 954,974 98,168 98,974 616 285,287 4,532 42,474 224,101 14,180 4,504,566 3,024,712 1,803,998 145,450 1,026,835 48,430 1,192,341 990,148 100,103 101,412 677 287,513 4,568 42,708 225,943 14,294 433,565 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 2 554,645 42 42 0 70,690 13,338 11,537 42,559 3,255 4,936 1,346 3,589 0 0 0 0 0 11 2 552,979 39 39 0 70,995 13,274 11,527 42,957 3,237 4,784 1,356 3,429 0 0 0 0 0 9 548,982 34 34 0 72,937 13,014 11,493 45,213 3,217 4,819 1,370 3,449 0 0 0 0 0 8 1 7 0 249,515 222,535 26,980 52,793 3,106 49,687 61,360 23,389 37,971 887 887 7 0 249,397 222,417 26,980 53,341 3,139 50,202 61,736 38^204 865 865 2 6 0 249,230 222,250 26,980 54,769 3,223 51,546 60,986 23,246 37,740 838 838 550,130 36 36 0 72,044 13,124 11,500 44,172 3,247 4,703 1,359 3,344 0 0 0 0 0 9 1 2 5 0 248,994 222,014 26,980 55,489 3,265 52,224 61,207 23,331 37,876 832 832 5 0 248,991 222,011 26,980 54,640 3,215 51,425 61,481 23,435 38,046 804 804 549,798 32 32 0 73,575 12,976 11,451 45,954 3,193 4,626 1,396 3,231 0 0 0 0 0 6 1 1 4 0 248,974 221,994 26,980 55,233 3,250 51,983 62,935 23,989 38,946 787 787 0 0 0 797,725 488,307 59,225 250,193 0 367 367 4,460,249 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 971,124 609,386 67,288 294,450 0 1,003 1,003 4,972,063 441,235 409,089 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,429,890 1,006,659 75,170 348,061 0 938 938 5,095,772 431,193 398,619 32,574 1,218,978 1,202,023 16,955 1,896,003 1,820,163 75,840 0 0 0 0 0 1,548,716 1,105,874 77,309 365,533 0 882 882 5,292,492 420,915 388,057 32,858 1,245,930 1,228,600 17,330 1,900,149 1,824,143 76,006 0 0 0 0 0 1,724,623 1,248,942 82,955 392,726 0 875 875 5,544,190 411,338 378,109 33,229 1,279,664 1,261,865 17,799 1,924,810 1,847,818 76,992 0 0 0 0 0 1,927,543 1,428,130 85,991 413,422 0 835 835 5,823,804 405,355 371,593 33,762 1,330,795 1,312,284 18,511 1,940,079 1,862,476 77,603 0 0 0 0 0 2,146,740 1,594,000 95,162 457,578 0 835 835 6,031,532 403,368 368,955 34,413 1,375,148 1,356,020 19,128 1,972,793 1,893,881 78,912 0 0 0 0 0 2,278,925 1,702,356 98,494 478,075 0 1,298 1,298 766,011 547,833 77,343 116,004 24,830 854,166 618,886 80,439 128,416 26,424 1,036,565 783,845 85,154 139,545 28,021 1,063,335 808,025 86,320 140,717 28,273 1,102,285 843,047 86,492 143,864 28,881 1,148,805 883,580 87,657 148,269 29,300 1,203,150 933,003 89,405 151,507 29,235 1,243,415 968,306 90,665 154,725 29,719 0 0 0 0 23 4 4 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 32,996 990 990 46 7 9 30 0 185,801 172,230 13,571 46,257 2,722 43,535 63,887 35,851 28,036 966 966 3,956,329 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 1. Multifamily debt refers to loans on structures of five or more units. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust departments. 3. Includes savings banks and savings and loan associations. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • July 2006 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Seasonally adjusted 2 Revolving . . . 3 Nonrevolving2 759,291 1,247,287 2,091,034 2,147,871' 786,080 1,304,954 805,515' 1,342,355' 2,143,908' 2,158,402' 2,159,747 805,515' 806,442' 1,348,294' 805,506' 1,352,896' 803,929 1,355,818 2,147,871' 803,012 1,340,227 Not seasonally adjusted 4 Total 2,178,165' 2,147,885 2,152,786' 2,178,165' 2,177,281' 2,160,652' 2,149,611 704,270 366,834 215,384 98,363 91,271 64,684 579,771 707,039 363,130' 228,588 102,122 109,078 62,186 606,023' 701,905 363,706 228,667 104,002 108,452 58,630 582,523 697,084 363,305 228,703 102,786 108,713 58,611 593,584' 707,039 363,130' 228,588 102,122 109,078 62,186 606,023' 706,606 362,428' 229,661 104,421 109,343 60,455 604,368' 696,407 349,558' 228,904 104,422 109,974 58,935 612,453' 697,565 346,398 228,849 104,427 98,059 58,351 615,962 781,582 285,015 37,576 22,410 n.a. 23,848 19,363 393,370 810,129 314,649 40,496 23,244 n.a. 27,905 17,899 385,937 830,160' 311,204 54,224 24,688 n.a. 40,755 14,427 384,861' 797,549 294,521 47,218 23,308 n.a. 39,340 14,907 378,256 807,565' 299,808 48,224 23,616 n.a. 39,989 13,943 381,985' 830,160' 311,204 54,224 24,688 n.a. 40,755 14,427 384,861' 817,057' 301,662 53,672 24,656 n.a. 40,376 14,113 382,579' 805,784' 289,494 52,991 23,353 n.a. 40,035 13,881 386,029' 796,797 281,234 52,125 23,122 n.a. 39,656 13,715 386,944 1,252,818 384,371 257,847 183,467 114,658 54,002 43,986 214,487 1,310,447 389,621 326,338 192,140 98,363 63,366 46,786 193,834 1,348,006' 395,835 308,906' 203,900 102,122 68,323 47,759 221,162' 1,350,336 407,384 316,489 205,359 104,002 69,112 43,723 204,267 1,345,221' 397,276 315,082 205,087 102,786 68,724 44,668 211,599' 1,348,006' 395,835 308,906' 203,900 102,122 68,323 47,759 221,162' 1,360,223' 404,944 308,756' 205,005 104,421 68,966 46,342 221,789' 1,354,869' 406,912 296,567' 205,551 104,422 69,940 45,054 226,423' 1,352,814 416,331 294,272 205,727 104,427 58,403 44,636 229,018 2,034,400 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . Savings institutions Nonfinancial business Pools of securitized assets3 669,386 295,424 205,877 114,658 77,850 63,348 607,857 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 5 6 7 8 9 10 11 2,120,577' 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. 1.56 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2005 Item 2003 2004 2006 2005 Sept. Oct. Nov. Dec. Jan. Feb. Mar. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 6.93 11.95 6.60 11.89 7.08 12.05 n.a. n.a. n.a. n.a. 7.43 11.95 n.a. n.a. n.a. n.a. 7.39 12.18 n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.30 12.73 12.71 13.21 12.50 14.54 n.a. n.a. n.a. n.a. 12.57 14.48 n.a. n.a. n.a. n.a. 13.29 14.38 n.a. n.a. 3.40 9 72 4.36 8 96 5.46 9 03 5.89 9 06 6.13 8 96 6.40 8 95 5.39 873 5.13 8 64 5.54 9 41 5.35 9 17 61.4 57 5 60.5 56 8 60.0 57 6 60.2 57 4 61.4 57 6 60.6 57 5 61.2 57 5 62.6 57 9 61.8 57 7 61.1 57 7 95 100 89 100 88 98 88 99 90 99 88 98 88 98 88 98 90 98 91 98 26,295 14,613 24,888 15,136 24,133 16,228 23,579 16,220 24,209 16,836 24,174 17,019 24,706 17,174 24,522 16,894 24,766 16,303 25,490 16,599 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1,099.2 1,322.5 1,647.6 1,944.7 1,947.4 2,060.4 2,350.6 2,006.7 2,405.5 2,434.2 48.1 -294.9 -1.0 23.6 162.6 98.2 79.6 542.0 401.3 26.8 106.9 7.0 168.4 -83.0 -5.1 -.5 122.9 347.7 -81.6 8.9 656.8 496.1 40.6 112.4 7.7 133.1 -57.9 257.1 .5 159.4 132.3 -87.0 20.3 814.1 672.8 37.2 96.5 7.6 83.7 -35.1 398.4 -2.4 135.1 158.3 -80.2 10.0 981.8 779.9 70.1 123.7 8.0 81.7 16.8 362.5 -.6 133.1 77.7 33.5 25.0 1,210.5 991.0 50.1 161.0 8.4 86.2 23.2 266.5 -.2 157.3 51.7 -31.5 .2 1,352.8 1,111.0 45.5 187.0 9.3 127.3 -24.3 310.9 .3 130.9 138.3 118.6 100.7 1,197.3 951.7 59.0 180.6 6.1 87.7 49.8 631.5 -.7 225.3 35.1 89.0 84.1 1,172.3 949.3 42.8 176.4 3.9 64.2 5.8 7.2 -1.4 125.7 30.3 210.3 70.1 1,478.4 1,155.2 75.1 236.6 11.4 80.2 2.8 232.3 -.4 249.5 100.9 43.4 19.1 1,657.3 1,317.0 52.2 279.4 8.7 100.5 -89.9 358.2 .8 182.5 76.4 214.7 154.6 1,552.0 1,161.0 76.9 314.6 -.4 -15.3 42.1 608.7 -1.0 122.3 240.4 238.8 34.5 1,579.7 1,258.8 58.3 252.6 10.0 48.1 551.7 555.4 347.0 197.1 11.3 15.5 -295.9 601.4 397.7 224.5 162.7 10.5 105.8 -5.6 732.8 188.2 31.9 148.5 7.8 143.9 257.6 939.6 194.2 89.6 96.9 7.7 117.8 396.0 1,032.4 432.1 180.8 239.5 11.8 118.2 361.9 1,064.1 471.7 188.1 265.1 18.5 145.2 266.3 1,054.0 574.7 274.2 291.7 8.7 120.5 311.2 1,007.3 510.5 300.8 208.1 1.7 202.0 630.7 1,251.7 645.3 289.8 338.5 17.0 103.9 5.8 1,333.2 611.5 253.3 333.2 25.0 228.8 231.9 1,242.8 676.8 277.1 394.3 5.4 155.6 359.0 1,333.9 864.3 509.4 336.6 18.3 107.7 607.7 22 Foreign net borrowing in United States 63.0 -13.7 92.9 44.9 81.3 68.9 253.3 10.1 72.9 78.1 99.4 111.0 23 24 25 26 31.7 21.2 11.4 -1.3 15.8 -18.5 -7.3 -3.8 58.3 31.6 5.3 -2.3 12.9 41.9 -7.7 -2.1 62.8 19.2 2.5 -3.1 -4.1 86.8 -9.0 -4.8 203.3 34.4 18.5 -2.9 6.2 -4.6 12.1 -3.5 10.0 72.3 -5.3 -4.1 78.5 2.6 5.2 -8.2 59.1 4.1 39.5 -3.3 62.6 47.4 8.0 -7.0 1,085.6 1,415.4 1,692.5 2,026.0 2,016.3 2,313.7 2,360.8 2,079.6 2,483.6 2,533.5 1 Total net borrowing by domestic nonfinancial sectors 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total domestic plus foreign Financial sectors 935.0 848.6 1,020.6 856.1 762.9 998.6 683.5 1,226.0 724.4 1,513.1 1,479.2 131.7 235.2 199.7 161.3 3.8 42.5 4.9 -27.4 304.1 338.5 279.0 13.0 25.5 2.2 -63.8 219.8 326.8 349.3 1.5 6.8 8.2 -52.9 243.7 330.5 464.5 -4.8 31.2 8.3 55.1 65.0 53.0 569.9 12.5 74.1 26.3 -13.4 93.1 62.1 572.0 44.2 -15.7 20.6 119.4 -45.5 -64.6 847.9 14.2 85.1 42.1 167.3 -209.6 64.7 606.0 5.3 27.0 22.7 345.5 -84.2 122.6 732.4 -24.0 114.5 19.3 196.0 -243.9 177.2 525.7 38.6 10.8 19.9 235.5 200.9 175.1 853.2 7.8 25.0 15.6 246.7 144.8 348.2 725.4 -1.4 -.5 16.0 60.0 27.3 .0 -.7 235.2 199.7 157.8 81.9 .0 2.6 15.6 -.3 52.9 -2.0 1.5 .6 304.1 338.5 229.7 1.3 .0 3.2 1.4 3.6 49.7 -23.4 2.0 2.0 219.8 326.8 180.4 42.2 .0 24.5 -1.7 26.3 49.2 6.1 2.2 2.9 243.7 330.5 212.6 118.2 .0 31.9 6.4 16.9 77.7 64.4 2.3 3.0 65.0 53.0 321.9 117.9 .0 98.4 15.2 37.1 60.1 -7.0 .9 .1 93.1 62.1 421.1 115.5 .0 42.1 33.2 -58.3 61.2 96.9 6.1 9.7 -45.5 -64.6 366.9 253.2 .0 220.7 -26.6 120.6 163.0 -30.6 1.5 -1.6 -209.6 64.7 433.7 75.8 .0 73.0 11.2 102.3 41.4 82.4 3.1 2.3 -84.2 122.6 678.2 -23.6 .0 92.8 -5.2 316.2 82.6 -7.1 .3 .4 -243.9 177.2 683.2 -100.4 .0 66.0 28.0 38.1 53.4 20.0 8.1 .6 200.9 175.1 759.0 174.4 .0 88.9 -33.4 66.0 28 Total net borrowing by financial sectors 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 77.4 -22.7 2.8 144.8 348.2 662.7 16.7 .0 94.8 35.1 119.6 36 Federal Reserve Bulletin Statistical Supplement • July 2006 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Q3 Q4 Qi Q2 Q3 Q4 Qi 48 Total net borrowing, all sectors . . . . 1,668.6 2,020.5 2,263.9 2,713.1 2,882.1 2,779.3 3,312.3 3,044.2 3,305.6 3,208.0 4,046.6 4,503.7 49 50 51 52 53 54 55 56 57 211.6 -294.9 433.9 23.6 345.1 113.3 120.8 546.8 168.4 -94.5 -5.1 642.1 122.9 608.2 -75.8 30.6 659.0 133.1 -63.5 257.1 547.2 159.4 513.2 -80.2 24.7 822.3 83.7 -75.1 398.4 571.9 135.1 664.7 -92.6 39.1 990.1 81.7 134.7 362.5 117.5 133.1 666.8 48.5 96.0 1,236.8 86.2 5.7 266.5 155.1 157.3 710.5 3.7 -20.3 1,373.4 127.3 298.4 310.9 -109.8 130.9 1,020.7 151.3 182.9 1,239.4 87.7 223.4 631.5 -145.7 225.3 636.5 106.4 107.6 1,195.0 64.2 361.3 7.2 37.0 125.7 835.0 180.9 180.5 1,497.7 80.2 277.3 232.3 -67.0 249.5 629.2 87.2 21.7 1,677.2 100.5 204.8 358.2 376.8 182.5 933.7 262.0 176.4 1,567.6 -15.3 351.4 608.7 492.0 122.3 1,013.2 245.4 27.0 1,595.7 48.1 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Funds raised through mutual funds and corporate equities 58 Total net issues 242.9 303.2 227.4 407.7 348.6 301.0 274.4 366.0 99.0 -113.9 73.9 99.0 59 Corporate equities 60 Nonfmancial corporations 61 Foreign shares purchased by U.S. residents . 62 Financial corporations 63 Mutual fund shares 5.3 118.2 106.7 16.8 237.6 98.3 -48.1 109.1 37.3 204.9 46.4 -41.6 17.0 71.0 181.1 119.1 -57.8 114.2 62.7 288.6 50.4 -141.1 83.2 108.3 298.2 -8.3 -203.6 67.0 128.4 309.3 -33.2 -173.1 38.5 101.4 307.6 -34.4 -264.3 159.3 70.6 400.4 -129.3 -299.7 95.6 74.8 228.3 -308.9 -470.4 135.7 25.7 195.0 -143.7 -400.2 155.9 100.5 217.7 -401.5 -586.8 172.0 13.3 500.4 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 Domestic nonfinancial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered commercial banks 13 Foreign banking offices in United States . . 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Property-casualty insurance companies . . . . 19 Life insurance companies 20 Private pension funds 21 State and local government retirement funds 22 Federal government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Exchange-traded funds 27 Government-sponsored enterprises 28 Agency- and GSE-backed mortgage pools 29 Asset-backed securities issuers (ABSs) 30 Finance companies 31 Mortgage companies 32 Real estate investment trusts (REITs) 33 Brokers and dealers 34 Funding corporations 1,668.6 2,020.5 2,263.9 2,713.1 2,882.1 2,779.3 3,312.3 3,044.2 3,305.6 3,208.0 4,046.6 4,503.7 41.4 -70.6 26.1 2.1 72.1 11.6 241.9 1,385.3 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 -8.7 57.9 -125.0 36.3 2.1 138.3 26.3 -5.6 .0 246.0 199.7 144.8 108.6 .0 -5.3 68.9 25.3 8.3 -93.9 -4.3 7.1 93.4 6.0 305.3 1,706.9 39.9 205.2 191.6 -.6 4.2 10.0 44.4 41.5 9.0 130.9 -37.3 -53.8 9.7 267.3 126.6 3.2 .0 304.7 338.5 217.9 -4.8 .0 8.6 92.4 -37.0 164.7 43.4 26.0 -.8 86.5 9.6 422.7 1,676.6 77.7 404.4 393.8 6.2 3.1 1.3 33.4 42.7 39.9 233.0 7.1 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 186.9 21.2 .0 21.4 28.4 -65.8 191.1 141.0 -1.0 1.2 52.5 -2.5 531.6 1,990.4 37.2 299.5 323.3 -43.0 8.6 10.6 126.0 50.7 67.0 180.6 57.2 11.2 6.0 -95.9 138.0 36.2 .7 236.5 330.5 219.1 84.2 .0 28.1 79.6 98.0 298.9 189.4 32.1 11.7 61.8 3.9 754.4 1,828.8 51.2 582.2 548.0 20.3 .0 13.9 172.8 42.0 73.6 173.0 -5.3 27.2 4.7 -124.9 116.6 11.2 3.8 46.2 53.0 323.0 129.6 .0 87.9 -29.2 90.3 580.5 504.7 -16.0 13.1 54.2 24.6 593.0 1,605.8 71.3 263.5 252.7 -2.7 3.0 10.5 128.0 18.9 73.5 158.2 -16.5 -63.1 10.9 -162.0 103.4 .3 2.2 104.3 62.1 430.4 90.1 .0 31.9 302.8 -4.7 521.3 394.1 42.5 14.1 72.5 -1.9 817.0 1,974.0 57.6 714.7 615.5 86.5 -2.0 14.8 259.2 43.3 50.6 154.9 23.2 -5.1 .1 19.6 125.2 12.7 4.2 -106.0 -64.6 330.3 191.4 .0 177.3 -110.7 96.2 95.8 -77.7 33.6 9.0 130.7 788.1 2,160.3 -10.5 982.5 760.2 219.7 -9.4 12.0 10.8 46.5 89.0 189.1 -3.5 60.0 8.5 -198.5 203.5 6.4 11.7 -65.5 64.7 429.8 4.5 .0 37.6 67.3 226.5 227.6 104.4 49.7 14.2 75.9 -16.6 736.4 2,341.6 32.0 597.2 426.8 126.6 29.4 14.4 237.6 41.6 49.2 81.5 4.6 -23.6 11.4 -78.5 123.5 4.0 3.5 -66.5 122.6 664.5 14.6 .0 120.1 280.5 121.8 660.3 485.5 11.6 14.4 134.2 14.6 919.5 1,628.1 66.8 696.1 569.2 167.5 -46.0 5.5 141.8 21.1 115.4 86.2 17.7 -58.6 8.1 -49.2 79.8 -.8 7.1 -277.9 177.2 661.6 55.7 .0 89.1 -330.3 121.4 375.7 296.7 22.9 16.3 48.7 -8.9 1,047.1 2,623.8 17.3 311.5 238.5 54.9 9.4 8.8 134.7 35.5 14.3 77.7 37.2 12.2 3.0 285.8 89.3 -3.4 4.8 148.1 175.1 721.8 206.1 .0 100.2 346.7 -94.1 637.3 499.0 31.1 13.7 85.0 8.5 819.1 3,047.3 48.4 900.6 814.9 74.3 6.7 4.6 92.2 46.3 65.3 140.4 -4.2 1.0 5.7 58.6 256.3 12.6 3.0 38.1 348.2 650.1 8.8 .0 109.9 -40.6 306.6 1,668.6 2,020.5 2,263.9 2,713.1 2,882.1 2,779.3 3,312.3 3,044.2 3,305.6 3,208.0 4,046.6 4,503.7 -.4 -4.0 2.4 126.9 12.0 -113.6 231.0 116.2 232.5 114.5 5.3 237.6 402.3 146.1 50.2 271.4 25.9 -52.2 1,372.5 4.3 .0 1.3 6.8 -28.0 156.8 314.6 68.5 428.5 23.7 98.3 204.9 -80.4 3.1 77.2 250.6 14.4 -23.9 711.1 3.2 .0 1.0 21.0 17.4 -9.0 323.4 50.0 -16.7 106.6 46.4 181.1 70.8 -87.0 60.1 247.5 22.2 -83.1 481.9 -.9 .0 .6 22.3 -14.6 81.7 306.9 61.8 -207.5 227.2 119.1 288.6 33.1 132.5 66.8 201.0 -1.0 23.3 546.9 -3.2 .0 .7 111.3 -5.0 89.7 283.1 246.6 -136.5 83.2 50.4 298.2 209.4 166.6 33.1 189.5 27.6 -52.5 1,496.6 371.2 142.6 53.6 129.8 258.2 -71.4 580.7 -34.4 400.4 208.8 9.7 15.2 148.1 42.0 -32.9 611.5 .0 1.1 -36.4 163.4 -66.1 292.7 237.1 60.7 422.8 -129.3 228.3 252.9 97.2 18.1 140.9 9.4 -69.7 1,342.8 -7.2 .0 .9 82.7 -67.2 -83.9 463.5 378.8 222.2 259.2 -308.9 195.0 281.8 6.3 20.0 62.5 6.5 -101.3 1,176.6 -19.5 .0 .3 124.8 -48.7 100.7 379.8 210.4 296.5 178.4 -143.7 217.7 147.8 -143.9 13.3 201.3 46.0 -81.7 -164.2 -19.0 .0 .6 56.0 70.0 71.1 133.9 374.0 135.6 577.5 -401.5 500.4 220.1 215.5 21.7 99.1 39.7 -49.7 1,104.4 4,845.1 4,252.3 3,700.7 4,600.7 6,274.0 5,795.6 5,361.9 7,653.3 -1.2 76.4 17.3 143.4 32.6 -347.0 -.1 -12.9 17.2 -50.7 21.4 -252.9 -.6 21.5 7.2 30.7 19.7 -93.2 17.2 269.5 1.7 14.5 -.4 -103.6 27.0 -33.0 -.1 123.1 38.9 56.4 -6.4 163.7 .1 64.8 -2.7 278.0 -79.2 33.1 9.0 -.3 23.5 5.7 -.5 12.5 -37.7 -.6 19.4 31.5 .8 -15.8 -4.9 .6 -67.9 44.8 4,891.4 4,512.4 RELATION OF LIABILITIES TO FINANCIAL ASSETS 35 Netflowsthrough credit markets 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 55 Total financial sources . 56 57 58 59 60 61 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements . . . . Taxes payable Miscellaneous Floats not included in assets (-) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 65 Total identified to sectors as assets .. . .7 79.8 -45.7 20.8 239.3 207.4 -164.4 396.8 -8.3 309.3 229.1 -10.2 37.9 210.6 25.8 -78.7 1,596.6 196.6 -8.0 164.0 270.6 322.8 -169.9 -45.8 -33.2 307.6 216.0 214.3 34.4 161.7 20.8 -90.8 1,474.0 5,971.0 5,823.9 6,344.4 -.3 40.0 -4.4 -20.8 -31.5 -105.4 -.3 82.7 15.0 -118.8 14.9 446.8 -.3 120.9 -33.4 84.2 21.1 207.7 -.5 138.7 22.2 -157.1 20.3 462.7 .4 320.6 12.8 348.4 -52.1 -141.8 -1.6 -.7 148.5 -8.9 .0 50.3 27.9 -.2 -1.2 23.5 -.1 -13.2 28.3 .3 26.2 -17.1 -1.0 -43.5 3,569.1 4,681.7 5,504.2 5,413.4 5,803.2 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. -106.9 -13.1 inn 2. Excludes corporate equities and mutual fund shares. 14.5 7,299.7 38 1.59 Federal Reserve Bulletin Statistical Supplement • July 2006 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2004 Transaction category or sector 2001 2002 2003 2005 2006 2004 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 19,142.7 20,465.1 22,145.1 24,104.6 23,512.0 24,104.6 24,607.8 25,097.4 25,718.6 26,403.9 27,033.5 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 177.9 3,352.7 26.8 1,603.7 2,578.0 1,257.0 941.0 7 336 6 5,571.3 428.8 1,218.5 118.0 1,869.0 119.9 3,609.8 27.3 1,763.1 2,710.3 1,170.0 961.3 8,150.7 6,244.2 466.0 1,315.0 125.6 1,952.7 84.8 4,008.2 24.9 1,898.2 2,868.6 1,122.3 971.3 9,132.5 7,024.1 536.1 1,438.7 133.6 2,034.4 101.6 4,370.7 24.3 2,031.3 2,946.3 1,155.8 996.3 10,357.8 8,029.9 586.2 1,599.7 142.0 2,120.6 109.0 4,268.7 24.2 1,993.7 2,911.7 1,120.6 971.1 10,042.4 7,781.2 571.5 1,549.0 140.8 2,070.6 101.6 4,370.7 24.3 2,031.3 2,946.3 1,155.8 996.3 10,357.8 8,029.9 586.2 1,599.7 142.0 2,120.6 115.3 4,535.6 24.1 2,086.0 2,955.1 1,172.5 1,010.3 10,611.9 8,233.5 596.9 1,638.6 143.0 2,097.0 114.4 4,493.1 23.7 2,134.6 2,962.7 1,224.4 1,041.1 10,990.7 8,530.3 615.7 1,698.5 146.2 2,112.8 119.6 4,566.0 23.6 2,176.4 2,987.9 1,236.1 1,039.6 11,416.5 8,872.3 628.7 1,767.1 148.3 2,152.9 93.8 4,678.0 23.8 2,227.0 3,007.0 1,295.1 1,078.3 11,822.8 9,175.5 647.9 1,851.4 147.9 2,178.0 100.4 4,834.4 23.6 2,255.9 3,067.1 1,349.3 1,075.6 12,177.7 9,455.5 662.5 1,909.3 150.4 2,149.6 15 16 17 18 19 20 21 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 7,568.1 6,897.0 4,745.5 1,959.3 192.1 1,298.1 3,379.5 8,300.9 7,085.2 4,777.4 2,107.8 200.0 1,442.0 3,637.0 9,250.7 7,301.6 4,889.2 2,204.8 207.6 1,559.7 4,033.1 10,297.9 7,733.7 5,070.1 2,444.3 219.4 1,678.0 4,395.0 9,995.3 7,578.9 4,990.4 2,370.7 217.8 1,644.9 4,292.9 10,297.9 7,733.7 5,070.1 2,444.3 219.4 1,678.0 4,395.0 10,472.1 7,848.0 5,135.1 2,496.7 216.2 1,728.1 4,559.7 10,792.5 8,017.4 5,211.9 2,581.4 224.1 1,770.7 4,516.8 11,154.4 8,165.9 5,271.5 2,663.6 230.8 1,808.7 4,589.6 11,506.7 8,344.8 5,350.3 2,762.8 231.7 1,850.6 4,701.9 11,760.5 8,538.0 5,458.0 2,847.3 232.6 1,877.0 4,858.0 22 Foreign credit market debt held in United States 862.9 1,072.3 1,244.5 1,349.0 1,263.2 1,349.0 1,348.4 1,367.8 1,386.9 1,410.2 1,443.0 23 24 25 26 196.0 557.1 63.2 46.6 254.2 705.2 68.6 44.3 267.1 874.4 60.9 42.2 329.9 916.7 63.3 39.1 279.7 884.9 58.7 39.9 329.9 916.7 63.3 39.1 332.3 915.5 66.3 34.3 336.2 933.6 65.0 33.0 355.0 934.2 66.3 31.3 368.4 935.2 76.2 30.4 389.0 947.1 78.2 28.7 20,005.5 21,537.5 23,389.6 25,453.6 24,775.2 25,453.6 25,956.2 26,465.3 27,105.6 27,814.1 28,476.5 Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign Financial sectors 28 Total credit market debt owed by financial sectors 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 48 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Mortgage companies Real estate investment trusts (REITs) Funding corporations 29 30 31 9,172.1 10,020.6 11,027.2 11,898.1 11,607.1 11,898.1 12,042.5 12,326.1 12,441.5 12,880.4 13,221.9 1,197.3 2,130.6 1,133.5 2,350.4 1,080.5 2,594.1 1,135.7 2,659.2 1,061.8 2,670.5 1,135.7 2,659.2 1,158.6 2,606.8 1,218.0 2,585.7 1,269.5 2,524.8 1,371.8 2,575.0 1,411.9 2,611.2 2,831.8 2 359 0 104.1 463.7 85.6 3,158.6 2,708.3 105.6 470.5 93.8 3,489.1 3,158.8 100.8 501.7 102.1 3,542.2 3,743.6 113.3 575.8 128.4 3,543.6 3,546.6 112.5 554.3 117.8 3,542.2 3,743.6 113.3 575.8 128.4 3,547.1 3,902.9 114.6 578.6 134.0 3,567.9 4,094.4 109.5 611.9 138.8 3,616.6 4,150.8 121.5 614.5 143.8 3,677.1 4,368.4 120.3 620.1 147.7 3,752.6 4,557.4 120.3 616.9 151.7 296.0 266.1 285.7 4.9 3.1 2,130.6 2,831.8 1,704.6 42.3 779.2 16.0 171.2 640.4 325.5 286.4 262.3 6.9 5.1 2,350.4 3,158.6 1,885.0 40.6 821.4 16.0 195.7 666.7 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,083.6 47.0 939.6 16.0 227.7 683.6 357.5 381.3 332.8 11.4 11.1 2,659.2 3,542.2 2,405.4 62.2 1,057.4 16.0 340.9 720.8 356.8 366.6 308.2 9.9 8.6 2,670.5 3,543.6 2,304.7 68.9 995.1 16.0 285.8 672.5 357.5 381.3 332.8 11.4 11.1 2,659.2 3,542.2 2,405.4 62.2 1,057.4 16.0 340.9 720.8 373.0 403.3 324.3 11.8 10.7 2,606.8 3,547.1 2,507.8 65.0 1,067.7 16.0 359.2 749.9 383.4 408.6 344.1 12.5 11.2 2,585.7 3,567.9 2,678.8 63.7 1,068.3 16.0 382.4 803.4 389.1 421.5 344.3 12.6 11.3 2,524.8 3,616.6 2,844.9 70.7 974.2 16.0 398.9 816.4 394.3 429.5 348.9 14.7 11.5 2,575.0 3,677.1 3,043.9 62.4 1,034.5 16.0 421.1 851.4 398.3 438.6 343.1 14.6 12.2 2,611.2 3,752.6 3,203.7 71.1 1,029.9 16.0 444.8 885.8 All sectors 49 Total credit market debt, domestic and foreign . 50 51 52 53 54 55 56 57 58 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 29,177.6 31,558.1 34,416.8 37,351.7 36,382.3 37,351.7 37,998.7 38,791.4 39,547.0 40,694.4 41,698.4 1,571.1 3 352 7 4,989.1 1,603.7 5,494.1 1,424.3 1,451.3 7,422.2 1,869.0 1,507.6 3,609.8 5,536.3 1,763.1 6,123.8 1,344.2 1,476.1 8,244.5 1,952.7 1,432.5 4,008.2 6,108.1 1,898.2 6,901.8 1,283.9 1,515.2 9,234.6 2,034.4 1,567.2 4,370.7 6,225.6 2,031.3 7,606.6 1,332.4 1,611.2 10,486.2 2,120.6 1,450.4 4,268.7 6,238.3 1,993.7 7,343.2 1,291.8 1,565.2 10,160.3 2,070.6 1,567.2 4,370.7 6,225.6 2,031.3 7,606.6 1,332.4 1,611.2 10,486.2 2,120.6 1,606.2 4,535.6 6,177.9 2,086.0 7 773.5 1,353.5 1,623.2 10,746.0 2,097.0 1,668.5 4,493.1 6,177.3 2,134.6 7,990.6 1,398.9 1,686.0 11,129.5 2,112.8 1,744.1 4,566.0 6,165.0 2,176.4 8,072.9 1,423.9 1,685.4 11,560.3 2,152.9 1,833.9 4,678.0 6,275.9 2,227.0 8,310.7 1,491.6 1,728.9 11,970.5 2,178.0 1,901.3 4,834.4 6,387.4 2,255.9 8,571.6 1,547.7 1,721.1 12,329.4 2,149.6 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 29,177.6 31,558.1 34,416.8 37,351.7 36,382.3 37,351.7 37,998.7 38,791.4 39,547.0 40,694.4 41,698.4 3,951.0 2,368.1 246.1 73.1 985.0 278.8 2,949.0 22,277.6 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.2 421.2 518.4 2,074.8 584.5 689.4 44.8 1,584.9 1,229.7 108.5 .0 2,099.1 2,831.8 1,609.6 846.4 32.1 48.0 316.0 343.1 4,179.9 2,475.6 272.1 72.4 1,071.4 288.3 3,424.1 23,954.1 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.6 463.9 558.3 2,307.8 591.6 638.7 57.6 1,567.1 1,368.4 117.1 3.7 2,323.2 3,158.6 1,796.5 867.6 32.1 69.4 344.4 277.3 4,521.5 2,767.1 271.1 73.6 1,124.0 285.8 3,918.4 25,976.9 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,292.6 514.5 625.2 2,488.3 648.8 649.9 63.6 1,471.3 1,506.4 153.3 4.5 2,559.7 3,489.1 2,001.6 951.8 32.1 97.5 424.1 375.3 4,831.5 2,967.5 303.2 85.2 1,185.8 289.7 4,679.7 27,840.6 717.8 6,543.0 5,909.7 506.1 36.4 90.8 1,485.4 556.5 698.8 2,661.4 643.6 677.1 68.2 1,346.3 1,623.0 164.5 8.2 2,605.9 3,542.2 2,324.5 1,081.4 32.1 200.1 394.9 465.6 4,633.0 2,814.9 283.7 81.7 1,162.5 290.1 4,475.4 27,273.9 700.3 6,336.9 5,734.3 478.6 36.9 87.1 1,426.9 547.7 686.2 2,631.6 637.8 678.4 68.2 1,321.6 1,586.9 161.3 7.2 2,631.3 3,543.6 2,232.9 1,033.4 32.1 155.8 453.5 400.3 4,831.5 2,967.5 303.2 85.2 1,185.8 289.7 4,679.7 27,840.6 717.8 6,543.0 5,909.7 506.1 36.4 90.8 1,485.4 556.5 698.8 2,661.4 643.6 677.1 68.2 1,346.3 1,623.0 164.5 8.2 2,605.9 3,542.2 2,324.5 1,081.4 32.1 200.1 394.9 465.6 4,809.4 2,920.9 298.8 87.5 1,216.3 285.8 4,866.7 28,322.7 717.3 6,745.2 6,054.3 563.1 34.0 93.8 1,496.3 566.0 721.1 2,714.2 642.7 692.1 70.4 1,294.3 1,669.3 166.1 11.2 2,581.4 3,547.1 2,425.9 1,076.8 32.1 209.5 440.0 503.7 4,910.4 2,998.8 303.7 91.1 1,235.3 281.7 5,061.9 28,819.1 724.7 6,909.7 6,178.8 592.1 41.4 97.4 1,550.2 579.0 733.4 2,733.3 643.8 686.2 73.2 1,252.7 1,697.3 167.1 12.0 2,571.2 3,567.9 2,593.5 1,085.4 32.1 239.5 457.3 509.6 4,943.2 2,981.3 316.7 94.7 1,265.2 285.3 5,297.5 29,306.3 736.4 7,084.1 6,327.3 628.2 29.9 98.8 1,588.8 585.9 762.3 2,760.6 648.3 671.5 75.2 1,246.8 1,719.6 166.9 13.8 2,503.1 3,616.6 2,754.2 1,101.1 32.1 261.8 432.0 545.2 5,119.2 3,121.5 332.7 98.7 1,283.1 283.1 5,552.5 30,022.8 744.2 7,189.8 6,408.3 648.3 32.2 101.0 1,616.6 592.7 765.8 2,763.8 657.6 674.6 76.0 1,336.2 1,747.0 166.0 15.0 2,540.5 3,677.1 2,944.0 1,151.6 32.1 286.9 486.0 559.5 5,232.2 3,215.9 326.9 102.2 1,302.0 285.2 5,746.1 30,720.0 758.5 7,366.7 6,561.2 669.5 33.9 102.1 1,648.8 602.0 782.2 2,805.8 656.5 674.8 77.4 1,347.7 1,806.8 169.2 15.7 2,542.5 3,752.6 3,100.5 1,148.1 32.1 314.3 504.0 613.7 29,177.6 31,558.1 34,416.8 37,351.7 36,382.3 37,351.7 37,998.7 38,791.4 39,547.0 40,694.4 41,698.4 46.8 2.2 24.5 810.1 191.4 1,360.2 3,370.5 1,121.0 2,240.6 1,233.7 4,135.4 825.9 880.0 8,761.3 2,672.9 219.2 11,221.7 55.8 2.2 25.5 831.1 206.0 1,351.2 3,693.9 1,171.0 2,223.9 1,340.3 3,638.4 738.8 920.9 7,917.2 2,743.7 241.4 11,843.3 62.3 2.2 26.0 853.4 192.9 1,432.9 4,000.8 1,232.8 2,016.4 1,567.5 4,654.2 871.3 1,013.2 9,340.7 2,776.8 240.5 12,267.8 62.2 2.2 26.7 964.7 187.6 1,522.6 4,283.9 1,504.9 1,879.8 1,650.7 5,436.3 1,037.9 1,060.4 10,302.8 2,986.2 268.1 13,537.8 58.8 2.2 26.7 915.5 168.3 1,464.0 4,223.6 1,436.4 1,866.4 1,673.5 4,983.3 985.5 1,038.2 9,679.9 2,922.4 275.0 12,983.0 62.2 56.3 2.2 26.9 1,057.5 195.6 1,500.4 4,362.4 1,575.4 1,841.0 1,782.8 5,471.6 1,051.5 1,059.4 10,156.9 3,019.6 283.8 13,604.3 54.3 2.2 27.2 1,048.4 227.9 1,515.1 4,408.0 1,637.1 1,832.4 1,911.3 5,595.7 1,064.5 1,067.2 10,351.7 3,086.2 286.0 13,801.4 52.0 45.9 26.7 964.7 187.6 1,522.6 4,283.9 1,504.9 1,879.8 1,650.7 5,436.3 1,037.9 1,060.4 10,302.8 2,986.2 268.1 13,537.8 27.4 1,069.1 227.2 1,481.4 4,513.0 1,738.0 1,876.6 1,983.9 5,874.4 1,068.0 1,077.7 10,628.0 3,162.2 295.8 13,587.8 27.5 1,100.3 236.6 1,523.6 4,600.3 1,776.0 2,006.9 2,011.0 6,048.8 1,030.2 1,083.2 10,855.0 3,209.0 294.1 13,316.1 46.0 2.2 27.6 1,114.3 226.6 1,503.8 4,680.8 1,877.4 2,014.1 2,143.3 6,472.9 1,096.0 1,096.8 11,108.6 3,248.7 309.1 13,150.5 53 Total liabilities 68,294.9 70,502.7 76,968.2 84,066.5 81,085.0 84,066.5 85,046.3 86,707.9 88,211.8 89,861.2 91,817.0 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 55 Corporate equities 56 Household equity in noncorporate business . . . 15,310.6 4,797.2 23.2 11,900.5 4,943.8 23.7 15,618.5 5,365.6 24.6 17,389.3 5,889.8 23.8 15,780.1 5,737.9 24.6 17,389.3 5,889.8 22.6 16,998.1 6,063.6 22.3 17,158.5 6,265.1 19.3 17,857.0 6,474.4 19.3 18,177.7 6,649.6 19.4 19,025.3 6,786.3 -8.6 630.9 11.1 390.3 93.3 -3,512.3 -9.1 652.5 15.5 421.0 126.3 -3,382.8 -9.5 692.5 12.6 400.3 69.3 -3,193.2 -9.7 775.1 27.3 281.5 96.2 -2,941.1 -9.6 740.5 20.4 350.3 90.9 -2,923.9 -9.7 775.1 27.3 281.5 96.2 -2,941.1 -9.6 855.3 35.7 365.5 90.7 -3,116.3 -9.4 828.6 23.3 443.9 95.4 -3,108.8 -9.0 832.2 27.5 435.1 80.9 -3,375.3 -9.1 863.0 38.3 413.8 93.7 -3,719.1 -9.0 879.2 43.6 481.2 90.6 -3,924.3 -12.3 21.6 154.2 -11.7 20.9 302.6 -17.9 20.8 352.9 11.2 20.6 351.7 3.1 12.5 280.9 11.2 20.6 351.7 4.9 16.4 309.7 1.7 19.6 264.1 2.5 12.4 275.9 1.4 20.6 324.8 1.9 16.7 307.6 90,656.4 89,235.1 99,648.1 2 Domestic nonfinancial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered commercial banks 13 Foreign banking offices in United States . . 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Property-casualty insurance companies . . . . 19 Life insurance companies 20 Private pension funds 21 State and local government retirement funds 22 Federal government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Exchange-traded funds 27 Government-sponsored enterprises 28 Agency- and GSE-backed mortgage pools 29 Asset-backed securities (ABSs) issuers 30 Finance companies 31 Mortgage companies 32 Real estate investment trusts (REITs) 33 Brokers and dealers 34 Funding corporations RELATION OF LIABILITIES TO FINANCIAL ASSETS 35 Total credit market debt 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 57 58 59 60 61 62 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 63 Federal government checkable deposits 64 Other checkable deposits 65 Trade credit 66 Totals identilled to sectors as a sets 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. 108,757.3 104,061.7 108,757.3 109,578.3 111,595.3 114,280.4 116,680.4 119,760.6 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • July 2006 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2005 2005 2006 2006 2005 2006 Series Q3 Q4 Ql' Q2 Q3 Q4 Q1 Q2 Capacity (percent of 2002 output) Output (2002=100) Q3 Q4 Ql' Q2 Capacity utiliz ition rate (percent)2 1 Total industry 108.0 109.4 110.8 112.6 135.3 135.9 136.6 137.2 79.8 80.5 81.1 82.0 2 Manufacturing Manufacturing (NAICS) 3 109.2 109.7 111.6 112.2 113.1 113.8 114.6 115.3 139.1 140.4 139.9 141.3 140.7 142.2 141.6 143.1 78.5 78.1 79.8 79.4 80.3 80.1 80.9 80.6 4 5 116.9 98.4 121.1 103.4 122.7 105.8 125.0 109.7 151.5 123.9 153.2 123.9 154.8 123.6 156.2 123.2 77.1 79.4 79.1 83.5 79.3 85.6 80.0 89.1 106.5 115.5 159.6 108.9 120.3 169.4 110.6 119.8 173.9 112.3 121.9 180.9 142.6 144.3 208.6 143.1 144.2 216.6 143.6 144.3 224.4 144.2 144.8 230.4 74.7 80.1 76.5 76.1 83.5 78.2 77.0 83.0 77.5 77.8 84.2 78.5 107.5 112.9 110.7 112.2 113.3 112.2 116.8 112.8 126.5 139.5 126.2 141.0 126.2 142.2 126.7 143.1 84.9 80.9 87.7 79.6 89.8 78.9 92.1 78.8 105.6 101.2 104.4 92.1 115.7 101.8 106.0 91.5 121.0 103.4 107.4 90.7 124.0 104.0 107.4 88.4 160.6 127.3 129.4 119.4 161.3 127.2 129.5 118.5 162.2 127.4 129.8 117.7 163.1 127.8 130.6 117.0 65.8 79.5 80.7 77.2 71.7 80.0 81.9 77.2 74.6 81.2 82.7 77.0 76.0 81.3 82.2 75.6 96.4 102.8 101.3 104.6 100.8 98.4 99.7 100.7 107.3 101.6 98.8 103.6 102.7 108.1 100.9 97.4 102.7 104.4 109.6 102.5 115.8 114.0 135.6 120.8 117.9 115.7 114.2 135.9 120.5 118.0 115.6 114.3 136.3 120.7 118.1 115.4 114.5 136.9 121.6 118.1 83.2 90.1 74.7 86.6 85.5 85.0 87.3 74.1 89.0 86.1 85.5 90.6 75.3 89.6 85.5 84.4 89.7 76.3 90.2 86.8 20 21 Electric and gas utilities 96.4 108.2 92.6 106.6 98.1 102.6 100.3 106.3 111.9 122.9 111.9 122.8 111.7 122.8 111.2 123.0 86.1 88.1 82.7 86.9 87.9 83.5 90.1 86.4 MEMOS 22 Computers, communications equipment, and semiconductors 175.9 186.8 193.5 202.0 233.6 246.7 258.7 265.9 75.3 75.7 74.8 76.0 23 Total excluding computers, communications equipment, and semiconductors 105.0 106.1 107.3 108.8 130.8 131.0 131.3 131.7 80.2 81.0 81.7 82.6 24 Manufacturing excluding computers, communications equipment, and semiconductors 105.6 107.6 108.8 110.1 133.8 134.0 134.4 135.0 78.9 80.3 81.0 81.5 6 7 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 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 2006 2005 Series Low High Low June Jan. Feb. Mar.' Apr.' May' June' Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.1 86.6 70.7 85.1 78.6 80.3 80.9 81.1 81.3 81.9 81.8 82.4 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.3 68.4 67.8 85.5 85.5 77.1 76.9 78.7 78.2 80.5 80.2 80.2 79.9 80.3 80.0 80.8 80.5 80.7 80.4 81.1 80.8 89.4 101.9 69.7 69.7 86.8 90.4 62.8 46.9 84.6 94.9 73.4 74.6 76.8 77.1 79.3 86.3 79.2 85.8 79.3 84.5 79.9 86.2 79.8 90.0 80.4 91.0 91.7 94.5 69.7 74.5 82.8 92.6 61.8 58.2 81.7 85.3 72.6 73.9 74.2 79.7 76.6 83.0 76.9 82.5 77.5 83.5 78.1 85.4 77.5 83.4 77.9 83.7 86.9 66.1 89.4 76.4 81.5 75.9 75.5 77.6 77.4 77.4 77.9 78.6 79.1 99.3 95.6 68.0 54.6 91.9 95.2 64.7 45.0 89.0 89.3 77.0 56.0 82.9 80.4 89.9 79.1 89.2 78.3 90.4 79.2 91.7 78.8 92.3 77.6 92.3 80.1 75.8 87.6 67.5 72.4 86.7 85.8 68.8 75.6 87.3 86.9 81.3 81.5 68.8 80.2 73.9 81.5 75.4 81.0 74.5 81.1 75.8 81.3 76.0 81.3 76.3 81.4 86.3 89.5 77.6 61.9 84.5 89.9 80.6 72.6 85.9 91.5 81.1 77.6 80.8 75.7 83.2 77.5 82.5 77.2 82.5 76.4 82.8 76.0 82.2 75.5 81.7 75.3 96.7 92.2 85.3 96.1 86.0 74.3 80.8 69.1 61.8 75.5 95.2 91.7 83.2 90.2 88.5 81.3 70.4 68.0 71.3 86.1 93.6 89.0 85.0 89.5 91.0 85.6 83.0 80.0 76.2 80.7 84.4 94.7 76.7 85.0 86.6 87.1 91.9 75.3 89.7 86.4 85.0 90.9 75.0 89.5 84.9 84.3 89.1 75.7 89.7 85.2 84.3 86.9 76.1 90.7 86.2 84.3 90.4 76.2 89.7 86.5 84.7 91.9 76.5 90.1 87.6 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 93.9 88.2 78.7 77.6 86.1 92.7 83.6 84.1 90.0 88.0 87.4 80.1 88.1 84.6 88.1 86.0 89.4 86.1 89.9 86.3 91.1 86.8 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.4 88.7 74.0 80.9 74.0 74.5 74.9 74.8 74.7 75.3 76.2 76.5 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.5 85.5 78.8 80.7 81.5 81.7 81.9 82.5 82.4 83.0 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.3 68.1 86.0 77.3 79.1 81.2 80.8 81.0 81.5 81.3 81.8 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006), "Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal Reserve Bulletin, vol. 92, pp. A39-A58, http://www.federalreserve.gov/pubs/bulletin/2006/ ipO6.pdf. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • July 2006 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion July Aug. Sept. Oct. Nov. Dec. Apr.1 Jan 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 108.3 108.3 108.6 107.2 108.4 109.4 110.4 110.3 110.7 111.2 112.2 112.3 59.0 31.1 8.9 4.7 0.4 1.5 2.4 22.1 18.3 9.8 1.0 4.9 2.1 3.9 109.3 105.5 109.4 112.6 120.0 105.4 103.9 104.0 103.8 104.4 85.3 104.7 105.4 104.7 09.0 05.8 08.5 11.7 20.4 05.6 02.5 04.7 04.0 04.7 82.9 05.2 05.6 07.2 109.1 105.2 107.1 109.5 116.1 105.2 102.3 104.4 103.8 104.7 84.7 104.2 104.7 107.1 109.5 105.6 110.1 114.4 113.6 106.5 103.1 103.9 103.2 103.8 85.0 103.8 104.4 106.5 109.1 106.4 112.7 117.8 113.5 108.5 104.9 103.9 103.7 104.5 85.7 104.2 103.9 105.0 111.0 106.5 113.1 117.3 125.3 108.4 106.3 103.9 104.2 105.3 85.4 104.1 105.3 102.7 111.3 105.7 110.1 111.7 132.1 106.2 106.6 103.9 104.4 105.7 86.2 103.8 104.9 102.3 112.0 106.6 109.0 110.1 133.4 104.7 106.7 105.5 105.1 106.7 86.5 104.1 106.4 107.2 111.5 105.4 110.2 112.3 132.7 105.6 106.2 103.6 105.3 107.3 87.8 103.1 106.3 97.0 111.8 105.8 109.9 112.0 131.7 105.2 105.8 104.2 104.6 106.5 87.4 102.9 104.1 103.0 112.5 106.6 110.7 113.6 130.5 106.1 105.4 104.9 105.2 106.6 88.4 104.7 104.6 103.9 113.2 106.6 110.2 112.6 129.5 105.5 106.1 105.1 106.0 107.1 89.2 105.6 106.5 101.7 113.2 106.7 109.7 111.7 131.5 105.7 105.7 105.5 105.7 106.7 89.4 105.0 107.2 104.6 114.1 107.6 112.1 116.4 133.0 103.8 106.2 105.9 105.8 106.1 90.1 105.7 108.5 106.1 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.1 5.3 1.8 119.5 117.5 134.0 112.8 125.7 18.4 19.3 31.0 11.6 24.9 120.0 118.5 133.9 113.4 126.8 120.1 118.7 136.1 112.5 127.4 115.1 88.9 138.1 113.1 124.6 123.1 121.5 141.3 114.5 127.8 125.8 127.9 144.9 115.5 128.6 126.4 129.4 144.8 116.0 129.9 127.6 134.0 146.6 115.9 129.7 128.2 134.5 148.9 115.6 131.8 129.4 133.3 151.3 117.2 131.1 132.3 135.8 154.6 120.0 132.5 132.1 134.6 156.8 119.1 133.0 133.0 135.6 158.9 119.5 134.2 21 22 Construction supplies Business supplies 4.3 11.2 108.7 107.7 06.9 07.6 107.5 107.4 108.2 107.9 109.8 107.8 112.4 108.4 113.4 109.1 113.1 110.3 114.1 109.3 113.7 109.1 113.6 109.9 113.9 110.8 113.2 110.8 113.6 111.5 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.0 30.7 19.1 4.0 6.7 8.4 11.6 0.8 2.7 4.5 10.3 106.7 110.2 117.1 102.0 143.9 105.2 99.2 84.5 97.1 100.8 97.9 07.3 09.5 15.5 02.4 41.7 03.0 99.7 84.4 97.2 02.9 01.3 107.2 109.8 115.9 101.1 143.4 103.2 100.0 85.3 96.1 103.3 100.3 107.4 110.2 117.0 101.6 145.7 104.0 99.3 84.5 96.0 102.1 100.0 104.5 109.4 118.8 103.3 147.2 105.8 94.8 84.3 95.7 90.8 92.8 104.9 110.9 120.1 104.4 149.1 107.0 96.4 84.4 97.1 92.9 90.9 106.9 112.1 120.9 102.1 153.1 107.2 98.3 83.7 96.4 98.4 94.3 108.3 113.0 121.8 102.0 155.3 107.7 99.2 82.6 98.0 99.2 96.8 108.8 114.4 122.9 103.4 155.5 109.2 101.0 84.6 99.2 101.5 95.5 109.3 114.3 123.4 103.4 156.7 109.5 100.1 84.1 97.7 100.8 97.2 109.5 114.5 123.5 104.3 157.9 108.7 100.3 83.6 98.2 101.3 97.5 110.7 115.5 124.9 105.3 160.4 109.5 100.8 82.6 97.9 101.9 99.0 111.1 115.9 125.3 103.5 162.2 110.2 101.1 81.4 97.6 103.1 99.3 112.0 116.7 126.6 105.2 163.8 111.0 101.3 81.0 98.4 103.2 100.4 94.8 92.6 105.3 107.9 05.5 08.0 105.4 108.2 105.5 108.2 104.0 106.5 105.2 107.8 106.0 109.3 107.0 110.5 106.9 110.2 107.2 110.7 107.7 111.1 108.5 112.1 108.6 112.4 109.4 113.1 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 2,990.6 43.5 31.1 12.4 15.5 2,986.5 2,981.; 3,022.8 3,058.4 3,091.7 3,118.2 3,077.0 2,264.1 2,265.9 2,262.5 2,270.1 2,254.5 2,289.8 2,297.5 2,311.8 2,311.8 2,319.0 2,332.8 2,335.1 2,344.4 2,367.3 1,593.2 1,601.0 1,589.7 1,598.1 1,604.8 1,599.3 1,596.5 1,606.9 1,599.1 1,605.2 1,613.3 1,603.1 1,615.2 1,634.0 738.2 741.9 675.0 668.2 677.2 676.0 651.3 696.3 707.8 711.8 720.7 721.6 727.5 741.8 726.8 726.5 724.3 727.2 726.9 733.4 741.2 746.7 742.9 740.2 744.6 749.2 747.8 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2005 2006 2005 avg. lune July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' Apr.' May' Junep Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.1 109.6 110.0 109.0 109.4 109.1 109.6 109.5 110.1 108.9 109.5 110.9 111.5 111.7 112.4 112.2 112.8 113.1 113.8 112.8 113.6 113.3 114.1 114.2 115.0 114.3 115.1 115.2 115.9 321 43.6 1.5 117.0 107.6 115.5 104.4 115.9 104.9 117.3 104.0 117.5 107.2 120.7 112.7 121.2 114.0 121.4 113.4 122.3 111.5 122.5 109.4 123.2 107.7 124.5 107.2 124.6 107.3 125.9 106.2 327 331 332 333 2.3 2.3 5.7 5.3 107.2 100.6 106.7 115.7 106.4 95.5 105.6 115.0 105.9 95.3 106.1 116.3 105.9 98.2 106.6 114.1 107.2 101.8 106.8 116.1 108.8 102.7 109.0 119.0 111.6 103.5 109.1 120.2 109.6 104.0 108.5 121.8 112.6 106.8 109.8 119.7 112.5 106.1 110.4 119.1 112.1 104.4 111.4 120.7 112.4 106.3 112.4 123.6 110.8 110.9 111.8 120.8 111.5 112.0 112.5 121.4 334 8.0 156.7 153.6 156.5 160.1 162.1 165.0 170.7 172.5 172.4 173.8 175.3 177.9 181.1 183.5 335 3361-3 2.2 7.4 106.9 112.1 105.1 111.4 106.3 109.2 107.2 113.1 108.8 116.3 110.9 116.3 110.5 110.9 110.6 109.5 113.3 112.3 112.5 111.3 114.2 112.9 116.0 112.5 117.0 111.1 117.2 114.8 3364-9 3.6 109.8 110.2 110.9 111.7 94.2 112.2 116.4 118.4 119.6 122.3 121.0 123.5 123.9 124.7 337 339 1.8 3.3 100.7 110.3 99.9 109.7 99.8 109.7 100.2 111.6 101.7 111.9 100.5 112.6 100.2 112.2 99.4 111.7 99.3 112.0 99.7 113.0 100.6 113.0 100.7 113.8 101.7 114.3 100.9 114.6 35.5 101.8 102.1 102.1 101.5 100.1 100.7 102.0 102.7 103.7 103.1 103.4 103.8 103.9 104.2 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 104.4 91.4 86.0 98.0 97.7 104.5 90.8 83.6 97.8 96.5 104.8 91.9 85.5 96.6 97.9 103.9 91.9 85.9 96.2 97.2 104.6 92.6 86.7 96.5 97.9 105.5 93.2 86.5 98.8 98.2 105.8 91.6 87.5 97.2 98.3 106.9 89.7 87.7 99.3 98.4 107.8 91.5 88.9 100.8 100.2 107.1 90.9 88.5 98.3 100.7 107.3 89.7 89.2 97.4 101.4 107.9 89.1 89.9 97.3 102.5 107.4 88.3 90.2 97.3 102.2 106.9 87.9 90.8 97.7 102.8 324 325 1.7 10.7 103.8 102.6 107.9 103.9 105.6 103.7 104.2 102.7 98.5 97.5 95.4 98.8 101.9 101.3 101.7 101.9 105.0 102.5 103.9 102.2 101.9 103.3 99.4 104.0 103.4 104.3 105.2 104.8 326 3.8 104.8 102.9 103.2 104.1 106.5 106.2 107.4 108.4 108.0 108.0 108.4 110.0 109.1 109.8 1133,5111 4.8 101.9 102.0 101.0 100.9 100.4 101.4 101.1 102.3 102.0 100.3 100.6 101.8 102.2 103.4 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 97.4 105.8 107.4 97.4 100.8 108.3 109.7 101.2 99.8 108.1 109.6 100.9 99.2 108.4 110.1 100.4 90.3 108.1 110.5 96.5 89.1 105.9 109.5 89.6 93.1 104.8 107.3 93.0 95.5 109.2 110.0 104.3 97.7 98.3 102.4 80.2 98.4 103.9 106.9 89.9 98.2 105.6 107.2 97.4 99.6 105.9 108.8 92.6 100.0 106.2 108.5 94.8 101.2 106.9 109.3 95.4 78.7 106.1 105.7 105.6 105.9 105.2 107.1 107.7 108.0 109.0 108.6 109.0 109.8 109.8 110.6 76.5 109.3 108.8 109.1 109.2 108.2 110.4 111.8 112.4 113.2 113.0 113.3 114.3 114.6 115.2 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006), "Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal Reserve Bulletin, vol. 92, pp. A39-A58, http://www.federalreserve.gov/pubs/bulletin/2006/ ipO6.pdf. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • July 2006 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 -527,514 -494,897 1,016,096 -1,510,993 36,593 42,292 112,789 -70,497 -5,699 -69,210 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) -665,286 -611,296 1,151,942 -1,763,238 27,592 33,635 123,867 -90,232 -6,043 -81,582 -791,508 -716,730 1,275,245 -1,991,975 11,293 17,598 134,417 -116,819 -6,304 -86,072 Ql Q2 Q3 Q4 Q1 -191,724 -168,108 306,580 -474,688 3,621 5,171 30,356 -25,185 -1,550 -27,237 -193,258 -172,058 316,645 -488,703 1,994 3,549 31,052 -27,503 -1,555 -23,194 -183,415 -181,792 320,853 -502,645 7,841 9,463 40,371 -30,908 -1,622 -9,464 -223,109 -194,774 331,165 -525,939 -2,159 -581 32,642 -33,223 -1,578 -26,176 -208,672 -190,741 344,646 -535,387 1,924 3,500 38,906 -35,406 -1,576 -19,855 537 459 943 1,523 0 601 1,494 -572 -398 3,826 -623 4,511 10,200 -615 1,713 3,763 -145 -97 -564 -136 2,976 1,951 -161 4,796 0 -81 5,050 -173 513 0 -67 729 -149 -328,484 -13,014 -18,851 -146,722 -149,897 -872,317 -361,623 -120,017 -146,549 -244,128 -446,436 -213,018 -44,221 -180,125 -9,072 -95,313 53,483 -67,170 -50,367 -31,259 -196,568 -174,153 57,244 -45,702 -33,957 -138,647 -102,716 -29,483 -36,790 30,342 -15,911 10,368 -4,812 -47,266 25,799 -335,381 -183,637 -36,420 -53,478 -61,846 22 Change in foreign official assets in United States (increase, +) 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 278,275 184,931 39,943 -517 48,643 5,275 387,809 263,338 41,662 -139 69,245 13,703 199,495 71,749 84,701 -488 24,275 19,258 18,965 9,226 23,781 -740 -15,814 2,512 74,613 16,892 19,421 34,187 4,001 33,983 8,213 17,713 395 824 6,838 71,934 37,418 23,786 -255 5,078 5,907 75,207 41,684 24,809 23 -1,201 9,892 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 586,494 97,207 96,526 91,455 16,640 220,705 63,961 1,062,412 336,740 93,250 102,940 14,827 381,493 133,162 1,012,755 179,849 30,105 199,491 19,416 474,140 109,754 205,163 -70,142 80,174 86,108 1,072 77,412 30,539 271,566 152,938 -20,035 14,103 4,507 111,808 8,245 354,609 94,912 20,271 37,239 4,679 153,049 44,459 181,416 2,141 -50,305 62,041 9,158 131,871 26,510 416,347 154,041 45,963 -1,887 1,932 183,011 33,287 -3,321 -7,510 -2,261 85,128 -4,351 10,410 -2,691 57,678 13,192 44,486 -589 44,044 -4,862 48,905 -557 -72,240 -17,549 -54,691 -514 -19,071 9,219 -28,291 -1,756 52,799 12,137 40,662 12 Change in U.S. official reserve assets (increase, - ) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 17 Change in U.S. private assets abroad (increase, - ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 1,523 2,805 14,096 5,331 -797 4,766 4,796 513 278,792 387,948 199,983 19,705 74,501 33,588 72,189 75,184 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2005 Asset 2002 2003 2006 2004 Nov. Dec. Jan. Feb. Mar. Apr. May June' 1 Total 79,006 85,938 86,824 68,773 65,127 65,594 65,364 65,354 66,846 67,706 67,935 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 12,166 11,043 12,638 11,045 13,582 11,041 8,180 11,043 8,210 11,044 8,302 11,044 8,310 11,043 8,344 11,041 8,518 11,041 8,704 11,041 8,618 21,979 33,818 22,535 39,722 19,479 42,718 12,097 37,455 8,036 37,838 7,639 38,609 7,638 38,372 7,376 38,592 7,219 40,068 7,219 40,742 7,906 40,370 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2005 Asset 2002 2003 Nov. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Dec. Jan. Feb. Mar. Apr. Junep May 136 162 80 82 83 83 82 84 86 86 142 678.106 9,045 845.080 8,971 1.041.215 8,967 1,073,710 8,967 1,069,014 8,967 1,080,198 8,967 1,105,178 8,967 1,103,810 8,967 1,097,103 8,967 1,093,393 8,967 1,089,512 8,967 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 2006 2004 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2006 2005 Item 2004 2005' June"" 1 Total1 By type 2 Liabilities reported by banks in the United States2 June"" 1,954,620' 2,109,144 Dec' Feb.' Mar.' Apr.' Mayp 2,166,951 2,208,904 2,218,705 2,228,763 2,243,872 296,650 201,863 286,943 216,047 295,039 215,489 301,038 197,456 319,916 195,085 1,909,034 2,166,951 270,387 245,199 296,650 201,863 986 454 1,630 405,363 1 077 631 948 589,859 1 030 763' 1 052 742 911 911 561,787 429,242' 1 077 631 948 589,859 1 098 368 960 606,586 1 092 495 967 614,715 1 103 813 973 625,483 1 089 561 980 638,330 357,322 7,806 112,608 1 388 409 10,843 31,866 368,519 7,211 128,006 1 616 493 17,214 29,502 364,413' 350,973 368,519 7,211 7,569' 6,679 128,006 113,245' 122,989 1 417 229' 1 575 240 1 616 493 17,214 14,551 15,247 29,502 38,010 37,433 382,931 6,438 135,926 1 632 419 20,654 30,530 389,739 7,308 136,361 1 637 228 15,831 32,232 383,820 7,038 139,290 1 646 152 16,723 35,734 394,705 7,956 141,693 1 642 546 17,976 38,990 288,792' 204,912 288,792 204,912 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 11 Africa 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 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 2005 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2005 Item 2002 2003 2006 2004 June Sept. Dec Mar. 2 3 Deposits Other liabilities 80,543 n.a. n.a. 63,119 36,674 26 ,AAi 98,349 52,410 45,939 104,059 62,557 41,502 109,367 67,668 41,699 85,841 59,241 26,600 94,799 60,769 34,030 5 Deposits 71,724 34,287 37,437 81,669 38,102 43,567 129,544 51,029 78,515 109,206 47,032 62,174 101,745 42,883 58,862 93,290 43,868 49,422 106,504 49,355 57,149 8 Deposits 35,923 7,907 28,016 21,365 5,064 16,301 32,056 8,519 23,537 46,669 21,697 24,972 45,118 21,616 23,502 54,698 20,835 33,863 65,338 24,015 41,323 Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • July 2006 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period Apr.1 May' B Y 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 2,315,606 3,232,643 3,396^79 3,493,912 2,450,407 2,611,251 2,681,691 1,086,845 1,364,241 804,186 1,102,167 1,348,240 768,352 1,250,130 1,431,561 853,179 777,296 782,236 1,195,865 1,415,386 812,631 785,128 275,808 277,836 304,840 303,969 3,073,217 3,102,634 3,073,217 3,144,265 ,677,193 2,082,981 2,294,279 ! ,319,412 2,294,279 !,355,215 2,451,086 852,803 824,390 460,191 638,413 955,072 1,127,909 665,127 1,045,161 1,249,118 706,297 778,938 1,055,847 1,263,565 733,411 783,222 1,060,965 1,294,250 757,998 789,050 259,843 276,959 258,797 828,535 318,783 1,045,161 1,249,118 706,297 778,938 259,843 269,264 319,826 315,169 258,880 812,221 255,544 352,640 34,394 83,633 176,842 48,260 152,789 194,583 53,594 136,783 199,269 54,389 122,140 193,951 53,594 136,783 199,269 53,754 131,744 202,154 52,886 114,582 196,648 52,170 116,421 200,431 55,514 118,748 197,762 58,866 131,861 204,037 14,149 12,577 6,134 6,443 1,572 110 15,654 10,363 6,098 4,265 5,291 1,879 20,793 15,612 8,361 7,251 5,181 1,085 20,596 14,369 7,190 7,179 6,227 1,329 20,793 15,612 8,361 7,251 5,181 1,085 20,296 15,360 8,278 7,082 4,936 1,164 23,137 18,071 9,619 8,452 5,066 1,398 20,802 16,073 9,209 6,864 4,729 1,399 19,551 14,177 9,470 4,707 5,374 1,081 19,422 14,306 8,846 5,460 5,116 1,057 1,462 0 3,412 4,096 0 4,896 2 4,096 3,772 0 3,668 3,330 0 4,293 0 4,059 401,856 117,737 24,208 93,529 515,586 145,516 26,613 118,903 498,513 170,987 45,429 125,558 503,901 179,577 45,111 134,466 498,513 170,987 45,429 125,558 510,565 181,700 47,453 134,247 502,990 179,708 45,418 134,290 510,528 193,752 45,014 148,738 498,494 195,539 45,654 149,885 515,001 202,269 49,600 152,669 284,119 212,032 370,070 245,199 327,526 201,863 324,324 214,852 327,526 201,863 328,865 210,460 323,282 216,047 316,776 215,489 302,955 197,456 312,732 195,085 69,638 2,449 123,165 1,706 124,538 1,125 124,538 1,125 118,404 1 107,234 101,286 1 105,498 1 117,614 33 1,380,639 1,163,309 706,536 456,773 217,330 18,267 1,574,793 1,354,437 773,703 580,734 220,356 26,978 1,787,860 1,564,629 839,880 724,749 223,231 23,771 1,789,711 1,570,816 849,082 721,734 218,895 22,386 1,787,860 1,564,629 839,880 724,749 223,231 23,771 1,821,990 1,596,861 848,992 747,869 225,129 22,144 1,870,933 1,647,293 874,278 773,015 223,640 23,486 1,890,153 2,028,203 1,663,690 1,801,173 983,368 892,395 817,805 771,295 227,030 226,463 23,890 22,507 2,087,250 1,853,845 1,034,285 819,560 233,405 23,642 49,311 149,752 52,400 140,978 48,777 150,683 50,001 146,508 48,777 150,683 48,341 154,644 48,174 151,980 48,660 155,296 51,326 151,814 51,959 157,804 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 518,962 383,570 115,925 267,645 805,483 572,665 148,658 424,007 766,051 543,051 151,491 391,560 788,426 554,650 154,464 400,186 766,051 543,051 151,491 391,560 791,414 561,294 156,242 405,052 831,322 606,014 157,530 448,484 811,160 576,892 155,549 421,343 850,131 600,362 157,373 442,989 872,239 611,271 157,399 453,872 40 41 42 135,392 28,388 232,818 44,727 223,000 33,124 233,776 38,392 223,000 33,124 230,120 35,496 225,308 34,877 234,268 38,441 249,769 36,453 260,968 35,760 82,363 24,641 136,192 51,899 142,415 47,461 148,825 46,559 142,415 47,461 147,115 47,509 145,764 44,667 150,693 45,134 167,369 45,947 179,008 46,200 12 Nonmonetary international and regional organizations5 . . 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" Other 19 20 Official institutions9 21 Banks' own liabilities 22 Deposits2 23 Other 24 25 26 27 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'' Other 28 tanks10 29 Banks' own liabilities 30 Deposits2 31 Other 32 Banks' custody liabilities4 33 U.S. Treasury bills and certificates5 . . 34 Other negotiable and readily transferable instruments'" 35 Other 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments'' Other MEMO 44 Own foreign offices12 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 47 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1—Continued Payable in U.S. dollars Millions of dollars, end of period Apr.1 May' AREA OR COUNTRY 45 Total, all foreigners 2,315,606 2,911,516 3,073,217 3,102,634 3,073,217 3,144,265 3,228,382 3,232,643 3,396,379 3,493,912 46 Foreign countries 2,301,457 2,895,862 3,052,424 3,082,038 3,052,424 3,123,969 3,205,245 3,211,841 3,376,828 3,474,490 781,550 4,826 9,359 3,631 1,783 40,719 46,806 1,264 6,215 35,855 15,857 22,429 952 41,673 9,902 7,082 110,626 13,748 332,528 20,802 162 55,331 1,050,895 4,355 13,512 3,147 1,088 81,852 54,822 1,178 7,198 50,305 18,170 32,742 1,545 70,186 8,410 6,118 99,224 5,188 470,304 21,262 110 100,179 1,221,808 3,604 16,022 1,537 3,612 71,686 56,912 1,200 7,078 61,065 14,462 27,921 2,716 101,335 9,495 4,771 140,459 9,896 558,007 29,559 119 100,352 1,259,612 4,142 18,843 2,413 1,366 88,678 60,077 1,213 9,879 70,701 22,173 23,563 2,860 90,715 11,204 4,671 151,132 10,214 561,814 29,575 112 94,267 1,221,808 3,604 16,022 1,537 3,612 71,686 56,912 1,200 7,078 61,065 14,462 27,921 2,716 101,335 9,495 4,771 140,459 9,896 558,007 29,559 119 100,352 1,267,436 4,276 18,368 2,231 5,967 90,571 57,682 1,475 7,820 63,404 17,396 27,583 3,164 99,023 10,471 3,899 102,844 10,072 613,849 28,977 104 98,260 1,318,544 4,267 17,738 2,358 953 97,275 58,321 1,499 6,781 61,755 19,420 26,862 2,734 94,220 11,027 4,135 117,321 12,658 646,341 30,390 103 102,386 1,329,813 5,460 18,150 2,073 1,603 85,597 61,478 1,276 5,904 60,389 20,718 40,391 3,804 91,133 11,121 5,833 139,533 10,650 628,150 28,416 97 108,037 1,450,877 5,477 15,245 2,007 3,476 107,623 57,083 1,490 5,988 65,353 27,720 45,478 3,223 95,081 7,845 4,513 195,194 10,787 668,522 29,212 98 99,462 1,505,359 5,336 14,136 1,692 2,108 106,716 56,698 1,520 6,723 66,334 27,929 49,284 2,332 93,490 7,592 5,189 207,856 10,936 702,379 28,365 113 108,631 47 Europe 48 Austria 49 Belgium13 50 Denmark 51 Finland 52 France 53 Germany 54 Greece 55 Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R."' 35,590 34,248 33,165 37,437 33,165 37,070 38,957 32,180 43,657 39,214 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America17 110,566 9,758 16,283 4,438 4,235 2,567 1,547 35,389 4,093 1,401 3,670 21,222 5,963 135,970 10,817 15,186 7,299 6,286 2,687 1,530 50,575 4,513 1,971 4,150 24,573 6,383 133,653 9,674 11,901 8,961 6,477 3,393 1,643 42,531 5,277 3,051 4,939 27,262 8,544 145,346 10,081 17,525 7,513 6,745 3,057 1,633 49,284 4,998 2,608 5,216 28,220 8,466 133,653 9,674 11,901 8,961 6,477 3,393 1,643 42,531 5,277 3,051 4,939 27,262 8,544 138,181 9,533 13,906 10,108 7,196 3,071 1,991 42,232 5,139 2,988 5,615 27,613 8,789 142,178 9,486 16,219 9,551 9,785 3,195 1,842 43,776 5,164 2,537 5,687 25,369 9,567 145,263 9,737 19,188 12,229 10,527 3,282 1,759 42,061 5,750 2,778 5,420 22,925 9,607 152,430 10,141 19,858 11,588 10,504 3,341 1,618 47,833 5,632 3,665 5,242 22,889 10,119 147,739 10,211 19,581 13,305 11,149 2,768 1,574 42,669 5,781 3,186 5,185 21,765 10,565 83 Caribbean 84 Bahamas 85 Bermuda 86 Cayman Islands15 87 Cuba 88 Jamaica 89 Netherlands Antilles 90 Trinidad and Tobago 91 Other Caribbean" 969,986 153,554 38,964 739,204 96 669 8,689 1,253 27,557 1,212,209 186,097 92,577 884,980 110 829 5,863 1,624 40,129 1,214,474 212,430 52,146 907,269 120 916 6,397 2,830 32,366 1,200,644 203,418 54,045 903,190 118 787 4,794 2,442 31,850 1,214,474 212,430 52,146 907,269 120 916 6,397 2,830 32,366 1,241,686 216,659 56,748 926,009 120 693 6,103 2,961 32,393 1,278,600 230,917 56,790 947,577 121 1,199 6,096 2,849 33,051 1,288,249 225,497 55,418 962,961 122 897 6,783 3,348 33,223 1,317,772 224,292 52,562 995,173 123 818 8,479 2,896 33,429 1,364,214 236,624 48,160 1,030,135 124 843 10,188 3,034 35,106 92 Asia China Mainland Taiwan Hong Kong India Indonesia Israel Japan Korea (South) Philippines Thailand Middle Eastern oil-exporting countries19 Other 373,024 420,635 407,914 396,765 407,914 396,756 381,860 372,818 365,964 367,132 13,236 26,808 49,557 14,534 14,373 12,223 162,003 12,647 1,683 7,226 23,626 35,108 52,767 26,496 42,788 11,154 5,903 11,214 167,008 12,421 2,949 11,355 38,257 38,323 46,462 23,253 34,007 13,736 4,307 9,802 155,716 27,095 3,777 9,965 49,485 30,309 42,501 20,477 35,950 12,082 3,522 5,981 152,397 26,086 3,009 11,026 52,738 30,996 46,462 23,253 34,007 13,736 4,307 9,802 155,716 27,095 3,777 9,965 49,485 30,309 49 509 22,360 28,543 3^548 9,033 148,450 26,572 3,466 9,242 53,216 30,784 34,190 22,241 32,186 11,072 3,319 8,557 145,372 26,778 3,538 11,630 55,513 27,464 34,273 19,463 25,385 13,251 7,805 7,484 138,643 25,430 3,429 12,704 56,950 28,001 29 393 22,229 29,831 14,222 5,819 8,057 132,110 23,173 4,048 11,529 55,772 29,781 30,095 20,115 29,643 15,340 5,421 8,076 130,582 22,468 3,749 12,758 57,752 31,133 105 Africa 106 Egypt 107 Morocco 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 111 Other 13,828 2,336 376 3,715 18 3,498 3,885 14,580 2,711 156 3,284 4 4,326 4,099 20,168 4,980 138 3,049 7 6,892 5,102 17,708 3,315 105 3,387 12 6,125 4,764 20,168 4,980 138 3,049 7 6,892 5,102 20,988 5,071 162 3,175 4 7,478 5,098 22,423 5,241 131 3,541 5 8,526 4,979 17,982 4,366 231 3,898 17,228 4,421 211 1,766 4,677 4,807 5,471 5,357 18,145 3,430 122 1,627 3 7,680 5,283 112 Other countries 113 Australia 114 New Zealand21 115 All other 16,913 14,020 2,465 428 27,325 23,391 3,429 505 21,242 17,769 3,007 466 24,526 19,578 4,115 833 21,242 17,769 3,007 466 21,852 17,001 4,331 520 22,683 17,438 4,712 533 25,536 20,558 4,355 623 28,900 23,457 4,579 864 32,687 26,958 4,988 741 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 14,149 10,500 420 3,166 15,654 11,542 1,993 2,006 20,793 15,684 2,036 2,979 20,596 15,709 2,515 2,270 20,793 15,684 2,036 2,979 20,296 16,093 1,709 2,393 23,137 18,894 1,626 2,526 20,802 16,783 1,604 2,320 19,551 14,112 2,373 2,729 19,422 14,909 1,634 2,454 69 Canada 93 94 95 96 97 98 99 100 101 102 103 104 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. Includes the Bank for International Settlements and the European Central Bank. 17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." 18. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 20. Comprises Algeria, Gabon, Libya, and Nigeria. 21. Before January 2001, these data were included in "All other." 22. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. 23. Principally the Inter-American Development Bank. 24. Asian, African, Middle Eastern, and European regional organizations, except the Bank for International Settlements, which is included in "Other Europe." 48 Federal Reserve Bulletin Statistical Supplement • July 2006 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Apr. 1 Total, all foreigners 1,322,363 1,664,223 1,854,203 1,914,901' 1,854,203 1,911,829' 2,000,266' 1,999,420' 2,085,647' 2,146,621 2 Foreign countries 1,317,292 1,658,247 1,846,953 1,909,108' 1,846,953 1,904,365' 1,994,434' 1,992,206' 2,079,003' 2,139,176 591,018 4,819 6,910 2,814 8,160 63,719 25,811 238 7,310 5,512 21,415 17,666 2,106 1,233 2,295 15,269 78,716 2,149 268,822 43,099 0 12,955 806,546 4,429 7,751 735 11,840 90,941 26,196 94 16,906 5,864 22,090 25,517 1,576 1,089 8,452 17,027 114,167 2,542 404,844 26,878 0 17,608 917,967 4,101 11,886 864 9,247 88,873 30,027 97 18,482 8,201 20,907 14,688 832 1,264 8,372 9,452 143,891 3,270 488,345 31,124 0 24,044 959,127' 4,157 15,174' 1,207 9,622 87,272' 33,023' 177 18,507 8,561 18,285' 20,742' 925 1,145' 8,118 9,112 159,622' 3,194 510,948' 29,584 0 19,752' 917,967 4,101 11,886 864 9,247 88,873 30,027 97 18,482 8,201 20,907 14,688 832 1,264 8,372 9,452 143,891 3,270 488,345 31,124 0 24,044 948,980' 5,219 19,304 499 8,416 98,133' 27,446' 163 17,381 9,083 19,585' 16,270' 829 1,194' 9,790 8,190 95,994' 3,380 552,522' 30,793 1 24,788' 993,168' 4,224 18,446 1,022 9,407 89,455' 28,380' 299 17,688 9,382 22,684' 15,266' 677 1,353' 12,649 11,965 106,776' 3,213 585,032' 30,512 0 24,738' 1,014,050' 4,540 15,922 365 9,256 90,155' 28,071' 236 18,274 9,087 19,937' 19,557' 607 2,109 12,137 13,460 166,345' 3,190 548,902' 30,652 0 21,248 1,072,885' 4,551 18,379' 1,369 9,691 106,092' 26,578' 120 17,396 10,124 23,214' 21,196' 757 2,083 10,105 14,303 195,010' 3,203 553,162' 31,535 0 24,017' 1,093,377 4,911 20,852 828 8,638 120,355 22,313 168 18,954 10,303 25,427 24,089 976 1,927 7,745 13,529 198,605 3,100 555,624 29,989 0 25,044 52,140 51,088 63,422 58,292 63,422 53,252 56,858 61,060' 65,488' 59,073 54,399' 2,209' 16,875 6,814 2,727 542 996 15,872' 2,067 1,178 425 2,104' 2,590 52,418 2,350 15,370 6,983 2,593 564 956 15,438 2,090 1,232 414 2,013 2,415 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Italy 12 Luxembourg2 13 Netherlands 14 Norway 15 Portugal 16 Russia 17 Spain 18 Sweden 19 Switzerland 20 Turkey 21 United Kingdom 22 Channel Islands and Isle of Man3 23 Yugoslavia4 24 Other Europe and other former U.S.S.R.5 25 Canada 26 Latin America 27 Argentina 28 Brazil 29 Chile 30 Colombia 31 Ecuador 32 Guatemala 33 Mexico 34 Panama 35 Peru 36 Uruguay 37 Venezuela 38 Other Latin America1" 51,517 3,819 15,825 6,094 2,026 404 781 13,583 1,844 1,370 465 2,911 2,395 49,378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 51,173 2,290 15,111 6,642 2,438 582 872 14,604 2,076 1,226 464 2,273 2,595 52,311' 2,224' 16,325' 6,775 2,652 637 867 14,432 1,855 1,218 435 2,435 2,456 51,173 2,290 15,111 6,642 2,438 582 872 14,604 2,076 1,226 464 2,273 2,595 54,650' 2,298' 17,937 6,480 2,952 570 965 15,087' 1,881 1,159 459 2,296 2,566 53,286' 2,408' 17,142 6,489 2,838 597 1,014 14,468' 1,911 1,159 437 2,247 2,576 52,478' 2,246' 15,901 6,565 2,902 572 986 14,766' 2,173 1,188 455 2,174' 2,550 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago 47 Other Caribbean8 492,705 73,709 14,889 391,524 0 377 6,629 665 4,912 596,931 80,183 33,294 469,166 0 351 5,554 755 7,628 614,190 108,793 17,846 473,608 0 444 4,444 907 8,148 642,941' 95,942' 26,627 505,364 0 413 4,410 786 9,399 614,190 108,793 17,846 473,608 0 444 4,444 907 8,148 654,409' 127,168' 21,201 492,593 0 484 4,484 931 7,548 690,096' 135,090' 21,903 518,720 0 454 4,619 792 8,518 678,014' 126,898' 22,246 514,321 0 465 4,517 771 8,796 703,505' 134,896' 20,092 533,145 0 454 4,464 854 9,600 737,590 157,913 19,589 538,967 0 523 4,557 870 15,171 48 Asia China 49 Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Thailand 59 Middle Eastern oil-exporting countries5 60 Other 119,562 142,656 187,677 184,812' 187,677 181,312' 189,200' 172,316' 169,998' 181,411 4,134 9,659 7,190 1,588 838 5,122 62,059 11,395 1,693 989 6,782 8,113 9,267 10,589 5,622 2,117 555 1,326 82,207 15,531 993 1,144 7,022 6,283 14,780 8,626 8,398 2,518 440 4,288 103,465 17,274 1,790 7,796 12,330 5,972 19,712 7,196 8,143' 2,693 523' 4,370 101,187' 16,005' 1,319 8,066 9,412 6,186 14,780 8,626 8,398 2,518 440 4,288 103,465 17,274 1,790 7,796 12,330 5,972 16,262 5,754 7,034 2,524 391' 4,172 108,224' 16,206' 907 6,487 7,808 5,543 17,688 6,003 6,395 3,189 417' 4,115 114,182' 15,232' 956 7,765 8,615 4,643 16,910 6,422 7,499 2,063 438' 3,243 100,944' 11,991' 1,202 6,837 9,291 5,476' 15,341 5,389 6,947 2,549 436' 5,414 96,269' 16,263' 954 6,937 8,323' 5,176' 14,885 6,027 7,623 2,043 433 5,580 105,058 17,463 917 8,881 8,104 4,397 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) 66 Oil-exporting countries9 67 Other 1,453 236 46 453 0 147 571 1,262 228 53 318 0 223 440 1,621 422 63 331 0 317 488 1,560' 453 51' 193 0 402' 461' 1,621 422 63 331 0 317 488 1,670' 448 74' 318 0 343' 487' 1,396' 341 58' 194 0 317' 486' 1,597' 431 62' 312 0 294' 498' 1,686' 470 55' 296 0 297' 568' 1,751 466 81 338 0 303 563 68 Other countries 69 Australia 70 New Zealand10 71 Allother 8,897 8,037 819 41 10,386 9,695 609 82 10,903 10,184 541 178 10,065' 9,260' 580 225 10,903 10,184 541 178 10,092' 9,014' 801 277 10,430' 9,512' 609 309 12,691' 11,817' 541 11,042' 10,117' 589 336 13,556 12,634 469 453 72 Nonmonetary international and regional organizations" 5,071 5,976 7,250 5,793 7,250 7,464 5,832 6,644 7,445 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2005 Type of claim 2003 2004 Nov.' 1 Total claims reported by banks 2006 2005' Dec' Jan.' Feb.' 1,911,829 74,163 1,416,140 421,526 2,000,266 73,635 1,494,944 431,687 Mar.' Apr.' May' 2,085,647 76,322 1,576,751 432,574 2,146,621 82,403 1,611,421 452,797 1,596,965 2,026,841 2,303,869 1 322 363 53,328 979,597 289,438 1 664 223 71,892 1,187,954 404,377 1 854 203 72,871 1,385,990 395,342 274,602 129,787 71,791 63,225 9,799 362,618 152,520 107,533 88,423 14,142 449,666 176,858 112,391 140,840 19,577 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 500,085 376 668,255 3,970 743,280 2,804 748,773 4,019 743,280 2,804 808,940 3,376 836,778 2,387 830,993 2,679 862,619 2,210 922,213 1,990 14 Other claims7 5,328 816,574 934 166 3,888 988,110 1 097 873 7,276 1,100,843 1 299 067 11,637 1,150,472 1 303 616 7,276 1,100,843 1 299 067 8,642 1,090,871 1 334 657 10,520 1,150,581 1,395,887 9,783 1,155,965 1,433,195 11,883 1,208,935 1,487,031 11,619 1,210,799 1,534,484 344,753 479,422 476,331 537,270 476,331 507,115 544,258 516,346 505,617 521,137 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 2,303,869 1 914 901 82,631 1,399,013 433,257 1,854,203 72,871 1,385,990 395,342 2,494,080 449,666 176,858 112,391 140,840 19,577 1,999,420 73,577 1,496,169 429,674 494,660 205,479 114,941 153,464 20,776 MEMO 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 • July 2006 3.22 LIABILITIES TO FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. 1 Total 67,664 83,240 108,339 108,339 107,795 97,800 94,443 96,409 100,005 By type 2 Financial liabilities 3 Short-term negotiable securities' 39,561 n.a. 53,150 14,002 79,177 11,759 79,177 11,759 75,039 9,027 61,916 9,576 57,322 5,438 58,948 6,252 59,126 5,021 52,340 51,884 n.a. n.a. 8,498 22,946 6,315 49,882 6,315 49,882 8,163 45,852 5,657 34,151 10,732 32,124 7,070 35,338 8,404 35,500 18,844 20,717 n.a. n.a. n.a. n.a. n.a. 25,055 28,095 1,431 10,372 11,425 2,493 2,374 45,905 33,272 2,399 9,067 18,337 1,564 1,905 45,905 33,272 2,399 9,067 18,337 1,564 1,905 42,608 32,431 2,296 11,159 15,532 1,379 2,065 47,915 14,001 1,786 4,604 2,202 1,222 4,187 45,769 11,553 1,860 4,017 2,741 1,401 1,534 44,146 14,802 2,354 4,052 2,725 2,018 3,653 43,773 15,353 1,407 6,032 3,166 1,338 3,410 39,561 43,610 62,847 62,847 51,809 35,918 29,347 37,259 34,913 34,335 144 5,243 2,923 1,825 61 22,531 34,832 709 3,543 3,531 284 517 23,886 38,690 775 1,349 2,911 363 514 29,473 38,690 775 1,349 2,911 363 514 29,473 35,304 590 1,550 5,276 413 282 25,017 22,474 633 1,087 2,832 128 114 13,091 16,799 547 1,044 2,425 379 53 9,861 21,011 342 761 2,533 406 122 11,028 17,322 283 597 3,056 432 237 10,436 591 1,239 2,433 2,433 2,283 2,080 2,058 1,534 1,504 23 990 65 365 n.a. 31 1 4,235 0 711 242 n.a. 3,114 34 3 16,196 0 8,715 208 n.a. 7,178 26 18 16,196 0 8,715 208 n.a. 7,178 26 18 9,076 0 801 263 n.a. 7,871 8,012 0 115 240 n.a. 7,569 8 0 6,679 0 77 69 n.a. 6,489 28 0 9,652 0 808 56 n.a. 8,744 23 0 2,932 1,832 14 2,547 1,826 36 4,724 1,648 36 4,724 1,648 36 4,347 1,365 33 3,211 1,161 2 3,640 1,304 35 5,323 1,383 173 5,318 1,083 206 131 91 123 92 131 94 131 94 132 95 107 96 122 96 997 97 1,022 98 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 14 Financial liabilities to unaffiliated foreigners By area or country 15 Europe 16 Belgium-Luxembourg 17 France 18 Germany 19 Netherlands 20 Switzerland 21 United Kingdom 67,418 54,105 MEMO: 22 23 Euro area3 Canada 24 25 26 27 28 29 30 31 32 33 34 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 35 36 Africa Oil-exporting countries'" 37 All other7 5,958 11,211 991 70 6,446 25 Nonbank-Reported Data 3.22 LIABILITIES TO FOREIGNERS the United States—Continued 51 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country June Sept 28.103 14,699 13.404 30,090 17,174 12,916 29,162 18,181 10,981 29,162 18,181 10,981 32,756 21,321 11,435 35,884 22,497 13,387 37,121 23,785 13,336 37,461 23,050 14,411 40,879 25,899 14,980 26.243 1,860 n.a. n.a. n.a. n.a. n.a. 27,632 2,458 199 787 606 209 657 25,811 3,351 224 1,058 704 296 1,069 25,811 3,351 224 1,058 704 296 1,069 29,533 3,223 200 1,026 634 314 1,049 33,010 2,874 143 1,028 585 119 999 34,335 2,786 163 1,041 397 286 899 34,637 2,824 171 1,009 477 309 858 37,931 2,948 182 1,142 484 300 840 8.257 141 765 781 590 433 2.649 9,821 159 900 855 384 1,367 3,025 9,030 123 1,019 1,024 305 564 3,407 9,030 123 1,019 1,024 305 564 3,407 9,861 100 1,600 1,020 322 739 3,376 10,729 103 1,669 965 402 893 3,203 11,344 124 1,816 1,006 329 1,106 3,442 10,574 109 1,870 1,113 489 1,113 11,173 86 1,960 1,092 580 708 3,414 Euro area3 4.200 4,198 3,730 56 Canada 1.588 2,166 2,145 2,145 2,143 2,179 2,836 2,375 2,846 57 58 59 60 61 62 63 64 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 3,073 51 538 253 36 n.a. 1.170 177 3,406 14 513 233 n.a. 40 1,298 329 4,276 515 113 n.a. 101 1,942 433 4,276 32 515 113 n.a. 101 1,942 433 4,894 66 511 97 n.a. 29 2,154 640 5,360 79 774 127 n.a. 76 2,210 522 5,228 74 621 143 n.a. 100 1,921 738 5,748 70 713 218 n.a. 76 2,209 680 5,752 82 688 160 n.a. 219 2,745 499 65 66 67 Asia Japan Middle Eastern oil-exporting countries- 13,382 4,292 3,979 13,311 4,370 3,148 12,239 4,221 2,910 12,239 4,221 2,910 14,339 5,317 3,855 16,127 5,671 4,221 16,408 5,892 3,862 17,427 5,971 3,986 19,875 6,146 5,329 68 Africa 827 405 782 372 947 424 947 424 935 447 1,009 627 851 459 916 493 714 342 38 Commercial liabilities 39 Trade payables 40 Advance payments and other liabilities . 41 42 43 44 45 46 47 48 49 50 51 52 53 54 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourj France Germany Netherlands Switzerland United Kingdom . . . MEMO 69 70 Oil-exporting countries'" All other7 MEMO 71 Financial liabilities to foreign affiliates5 . . . 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above. 52 Federal Reserve Bulletin Statistical Supplement • July 2006 3.23 CLAIMS ON FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs1 Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg 19 France 20 Germany 21 Netherlands 22 Switzerland 23 United Kingdom 102,566 165,901 197,696 197,696 199,565 177,173 181,901 183,943 169,817 71,389 n.a. n.a. 132,332 35,920 3,211 164,981 47,883 9,892 164,981 47,883 9,892 167,204 52,316 11,912 144,501 48,975 8,894 150,775 51,353 11,845 150,387 50,149 13,180 135,167 40,629 12,365 n.a. 44,064 157 93,201 103 107,206 103 107,206 94 102,976 173 86,632 82 87,577 65 87,058 82,173 n.a. n.a. 69,208 3,253 59,683 24,034 59,683 24,034 64,386 12,737 57,548 8,069 56,381 8,499 51,034 8,696 52,822 5,724 65,070 6,319 n.a. n.a. n.a. n.a. n.a. 122,879 9,453 912 2,776 3,242 831 1,692 121,909 43,072 1,329 20,651 9,219 7,345 4,528 121,909 43,072 1,329 20,651 9,219 7,345 4,528 123,380 43,824 7,216 17,593 7,687 6,111 5,217 109,139 35,362 10,031 9,331 7,527 3,826 4,647 112,967 37,808 10,837 10,256 8,695 3,880 4,140 114,796 35,591 9,348 9,308 7,635 3,537 5,763 101,131 34,036 7,823 8,152 8,296 3,510 6,255 71,389 67,347 110,517 110,517 113,673 97,140 105,837 111,394 94,767 29,018 722 3,247 4,245 3,648 383 10,663 28,970 391 3,049 2,859 2,789 617 11,438 48,714 2,177 1,452 5,386 7,389 978 23,982 48,714 2,177 1,452 5,386 7,389 978 23,982 53,001 2,651 3,177 7,126 7,692 827 25,105 38,627 1,930 4,593 3,040 1,696 1,185 17,414 41,844 784 4,323 1,967 3,271 1,249 21,870 43,177 1,743 2,752 2,729 3,033 1,152 22,552 36,378 1,286 1,632 2,315 3,134 1,441 20,483 17,012 15,067 MEMO: 24 25 Euro area3 Canada 26 27 28 29 30 31 32 33 34 35 36 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 37 38 Africa Oil-exporting countries'" 39 All other7 5,013 5,311 6,412 6,412 11,361 11,905 14,290 13,372 12,052 29,612 1,038 724 2,286 21,528 2,921 104 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 39,893 1,899 2,128 1,839 n.a. 31,162 1,727 164 38,915 3,436 1,316 1,480 n.a. 30,437 1,384 62 41,387 3,802 1,113 1,664 n.a. 31,761 1,950 156 44,622 1,590 1,149 1,950 n.a. 36,355 2,019 159 36,893 2,368 1,160 1,655 n.a. 29,238 1,406 163 5,358 1,277 79 5,317 1,194 158 6,840 993 137 6,840 993 137 7,680 981 133 6,120 784 114 6,546 610 93 7,223 568 242 6,565 496 251 395 25 419 12 306 8 306 8 290 16 345 55 1,291 37 36 1,096 1,448 1,709 1,611 1,115 International Statistics 3.23 53 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 40 Commercial claims 41 Trade receivables 42 Advance payments and other claims 43 44 45 46 47 48 49 50 51 52 53 54 55 56 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 31.177 26,385 4,792 33,569 28,618 4,951 32,715 29,229 3,486 32,715 29,229 3,486 32,361 27,844 4,517 32,672 28,576 4,096 31,126 27,535 3,591 33,556 29,231' 4,325' 34,650 30,178 4,472 26,481 4,696 25,494 8,075 1,557 1,542 1,187 589 3,200 27,439 5,276 512 1,561 1,586 238 1,379 27,439 5,276 512 1,561 1,586 238 1,379 27,608 4,753 499 1,530 1,110 239 1,375 28,347 4,325 407 1,442 1,098 153 1,225 27,417 3,709 372 1,227 780 206 1,124 29,898 3,658 481 1,335 706 187 949 30,511 4,139 444 1,777 736 126 1,056 14,187 269 3,164 1,202 1,490 503 3,727 14,552 247 2,816 1,273 395 1,921 3,928 13,457 257 2,261 1,401 494 1,528 3,742 13,457 257 2,261 1,401 494 1,528 3,742 13,369 366 2,865 1,476 490 1,283 3,295 13,096 402 2,233 1,477 461 1,319 3,119 12,183 396 2,023 1,438 339 1,358 3,053 12,084 470 2,311 1,509 354 724 2 fill 14,479 480 2,308 1,472 648 743 4,601 2,790 3,070 2,017 2,017 2,137 2,139 2,001 2,750 2,323 4,346 31 287 750 19 n.a. 1,259 5,153 26 460 903 n.a. 52 1,339 230 6,477 55 650 935 n.a. 160 2,018 319 6,477 55 650 935 n.a. 160 2,018 319 6,509 41 591 1,049 n.a. 75 1,859 365 6,310 29 581 952 n.a. 143 1,838 393 6,524 27 498 1,028 n.a. 294 1,812 390 6,757 41 648 1,022 n.a. 61 2,089 380 6,638 7,324 2,341 818 7,352 1,757 888 8,943 1,855 1,071 8,943 1,855 1,071 8,447 1,918 1,146 9,245 1,930 1,317 8,561 1,717 1,271 10,073 2,128 1,558 9,196 2,167 1,419 584 95 636 138 629 154 629 154 767 205 873 226 788 234 830 258 917 313 1,192 1,192 1,009 1,069 MEMO 57 58 Canada 59 60 61 62 63 64 65 66 67 68 69 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 70 Africa 71 72 6,739 Euro area3 Oil-exporting countries6 All other7 7,922 731 865 n.a. 200 2,154 373 MEMO 73 Financial claims on foreign affiliates5 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial claims on foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-8 above. 54 Federal Reserve Bulletin Statistical Supplement • July 2006 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.May Apr. U.S. corporate securities STOCKS 1 Foreign purchases 3.862.043 2 Foreign sales 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean Middle East2 Other Asia Japan Africa Other countries Nonmonetary international and regional organizations 419,802 414,903 423,372 413,780 455,198 433,974 436,362 419,842 513,677 494,543 456,730 450,138 609,929 607,228 2,701 9,592 21,224 28,616 79,655 66,137 4,914 9,568 21,220 16,514 19,115 6,589 2,699 19,571 -876 -2,360 1,697 -1,194 15,208 -180 1,292 631 6,485 -320 2,832 -41 998 37,270 6,877 -3,278 -2,315 1,351 18,109 350 16,558 15,280 1,791 8,378 72 309 69 45,016 8,964 535 -2,286 2,422 21,639 22 4,697 7,341 5,769 2,751 1,187 258 305 4,136 4,586 143 127 920 -2,086 61 1,768 -680 184 -284 16 3 -213 4,116 -1,752 -298 -1,299 72 6,335 5 1,813 1,491 11 1,550 532 -17 604 13,390 5,277 -629 811 920 4,586 21 755 3,501 1,034 2,206 1,547 32 302 12,415 1,125 1,464 -835 1,493 8,397 -93 536 3,468 318 -432 -43 70 139 14,958 247 1,319 -472 570 12,456 70 3,179 452 973 -363 -783 -16 -68 5,569 3,936 -707 -1,024 -44 -920 -43 -535 -1,355 3,324 -639 -117 101 124 -1,316 -1,621 -912 -766 -517 2,380,796 1,844,895 2,375,544 1,783,651 1,181,384 873,398 200,993 151,458 202,834 155,417 207,955 153,546 233,389 168,066 244,282 180,204 224,987 173,693 270,771 197,889 79,612 3 Net purchases, or sales (-) 4 Foreign countries 2,471,896 2,405,725 19,134 67 762 1,275 120 1,979 583 71 -192 BONDS 3 20 Foreign purchases 21 Foreign sales 591,893 22 Net purchases, or sales (-) Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean Middle East2 Other Asia Japan Africa Other countries Nonmonetary international and regional organizations 72,882 64,078 588,768 306,725 49,393 46,639 54,012 65,019 63,773 51,217 72,704 256,263 7,369 12,124 1,929 6,972 160,243 6,477 12,095 105,994 4,702 151,858 77,905 512 1,998 297,218 13,612 12,426 4,026 1,771 209,694 16,624 14,763 80,460 2,832 186,231 84,818 291 6,973 152,321 2,297 6,786 757 938 108,298 4,435 6,745 44,337 5,223 92,164 26,308 -138 6,073 32,590 1,954 1,180 122 712 21,890 1,777 2,053 -3,551 -454 18,574 11,648 -23 204 25,007 1,352 777 23 -44 19,628 758 1,002 2,723 145 16,762 5,885 -27 1,027 21,238 -1,814 2,027 4 184 14,040 1,396 357 10,381 667 21,107 7,070 -91 353 30,938 1,453 1,178 -126 693 22,739 502 1,655 9,977 717 20,896 4,968 -126 962 37,641 1,541 1,505 323 608 29,286 395 3,509 6,312 708 13,058 1,291 90 2,455 27,284 884 1,038 333 46 18,964 714 108 5,903 1,394 14,529 4,000 62 1,937 35,220 233 1,038 223 -593 23,269 1,428 1,116 11,764 1,737 22,574 8,979 -73 366 2,479 3,125 1,261 -8,098 268,954 277,052 -2,019 129,758 131,777 -4,926 369,441 374,367 -14,256 167,457 181,713 23 Foreign countries 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 47,417 533,422 Foreign securities 39 Stocks, net purchases, or sales (-) . 40 Foreign purchases 41 Foreign sales 42 Bonds, net purchases, or sales (-) . 43 Foreign purchases 44 Foreign sales -84,970 1,664,076 1,749,046 -67,872 1,459,043 1,526,915 -127,485 2,222,011 2,349,496 -45,137 1,459,374 1,504,511 45 Net purchases, or sales (-), of stocks and bonds . . -152,842 -172,622 46 Foreign countries -141,025 -165,634 47 48 49 50 51 52 53 Europe Canada Latin America and Caribbean Asia Japan Africa Other countries -124,892 -5,492 9,184 -12,814 -20,640 1,591 -8,602 -82,095 -4,818 -18,371 -44,970 -32,827 -1,672 -13,708 54 Nonmonetary international and regional organizations -11,817 -47,294 1,434,947 1,482,241 -26,179 743,591 769,770 -17,320 233,766 251,086 -44 108,260 108,304 -16,650 226,596 243,246 -5,730 116,972 122,702 -10,414 239,623 250,037 -2,621 139,650 142,271 -11,861 267,433 279,294 -158 141,136 141,294 -11,995 289,496 301,491 -7,125 165,590 172,715 -17,364 -22,380 -13,035 -12,019 -19,120 -10,117 -19,182 -17,067 -22,458 -12,938 -11,802 -19,558 -10,200 -19,123 -2,648 -1,600 -300 -11,287 -8,678 -837 -395 -12,776 -809 176 -6,698 -4,118 50 -2,401 -845 -3,219 -1,372 -6,711 -1,892 -277 -514 -5,562 -1,498 176 -4,511 -164 -270 -137 -11,766 -2,448 -566 -3,965 -369 -504 -309 -1,875 -3,131 1,697 -3,803 434 -1,312 -1,776 -21,783 -855 -1,899 5,310 4,516 128 -24 -73,473 -73,621 -41,831 -11,151 -1,964 -13,680 2,525 -2,235 -2,760 1. Before January 2001, data included in United Kingdom. 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Securities Holdings and Transactions 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 55 Foreign Transactions1 Millions of dollars; net purchases, or sales (-), during period Area or country Jan.May Apr. Mayp 1 Total estimated 352,079 339,167 45,008 52,770' 17,685' 4,478 20,782' 3,177' 3,371' 13,200 2 Foreign countries 351,360 336,215 44,005 52,699' 17,391' 4,053 21,044' 3,503' 2,965' 12,440 88,431 118 8,804 -575 -3,153 3,236 5,342 78,661 1,175 -5,177 16,098 173,639 500 14,497 2,046 -6,095 1,832 -4,904 134,118 419 31,226 21,419 7,125 1,101 -2,620 -28 -653 1,873 255 28,575 258 -21,636 12,625 37,968' 405 925' -36 -1,858 469 -1,059 33,960 360' 4,802' 2,564 10,427' 482 1,712 194 -1,075 -869 -379 10,728 -146' -114 11,476 367 -1,616 -246 -130 1,168 -430 10,135 381 1,847 1,835 4,945' 119 -621' -55 -715 -349 478 5,436' -47' 699' 3,428 4,934' 162 -1,878' 127 434 796 94 16,077 155' -11,033' 1,158 -13,818' 434 1,413 140 -138 181 121 -11,064' -473 -4,432' 1,218 -412 19 82 6 -104 77 -8 7,991 242 -8,717 4,986 33,544 -15 21,963 11,596 214,788 166,377 677 69,669 518 68,312 839 68,100 -5,955 2,222 1,166 -6,949 11 -7,571 611 31,104 -14,373 2,073 -1,973 7,442' 106 7,256' 80 4,267' -932 373 85 -1,692' 142 -2,843' 1,009 8,607' 2,260 106 57 -11,366 -119 -11,602 355 3,472 -13,040 102 -1,466 -9,284' 52 -8,799' -537 21,335 7,262 901 -281 10,104' 95 8,363' 1,646 -13,410' -14,185 472' 245 -1,388' -29 -1,363' 4 17,526 3,905 286' -859 4,985 2,952 2,555 1,003 732 -2 71 80 -3 294 280 425 391 0 -262 -220 -2 -326 -321 0 406 316 0 760 566 0 351,360 201,140 150,220 336,215 69,198 267,017 44,005 11,930 32,075 52,699' 4,810' 47,889' 17,391' 6,496' 10,895' 4,053 8,287 -4,234 21,044' 12,450' 8,594' 3,503' -5,873' 9,376' 2,965' 11,318' -8,353' 12,440 -14,252 26,692 9,041 249 2,063 2,027 5,501 2,058 743 438 1,548 23 2,177 253 965 844 1,020' 147 611 366 728 448 3 4 5 6 7 8 9 10 11 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R Canada 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional -2,178 719 -26 5,830 -857 2,181 1,685 312 388 MEMO 25 Foreign countries 26 Official institutions 27 Other foreign Oil-exporting countries 28 Middle East4 29 Africas 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Before January 2001, combined data reported for Belgium and Luxembourg. 3. Before January 2001, these data were included in the data reported for the United Kingdom. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 5. Comprises Algeria, Gabon, Libya, and Nigeria. 56 Federal Reserve Bulletin Statistical Supplement • July 2006 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2005 Item 2003 2004 2006 2005 Dec. Jan. Feb. Mar. Apr. May 74.18 2.1587 1.1489 8.0512 6.2514 1.1940 7.7593 44.23 117.86 3.7276 10.484 67.35 6.7526 1.6286 6.1153 969.84 102.194 7.8226 1.3052 32.319 39.343 174.80 2,144.62 72.66 2.1528 1.1573 8.0350 6.2025 1.2028 7.7591 44.34 117.28 3.7040 10.749 63.42 6.6317 1.6211 6.2436 974.71 102.648 7.8109 1.3050 32.459 38.947 174.42 2,144.60 73.69 2.1281 1.1441 8.0143 6.0798 1.2273 7.7561 44.82 117.07 3.6626 11.049 62.20 6.3922 1.6008 6.0811 952.60 102.635 7.6005 1.2830 32.288 37.952 176.80 2,144.60 76.39 2.1697 1.1100 8.0131 5.8398 1.2767 7.7538 45.20 111.73 3.6091 11.091 63.11 6.1040 1.5755 6.3128 940.82 102.838 7.3050 1.2190 31.737 37.947 186.87 2,144.55 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59 115.94 3.8000 10.793 58.22 7.0803 1.7429 7.5550 1,192.08 96.541 8.0787 1.3450 34.405 41.556 163.47 1,613.43 73.65 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 66.43 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 183.30 1,886.13 76.27 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 70.49 6.4412 1.6639 6.3606 1,023.75 100.383 7.4710 1.2459 32.131 40.252 182.04 2,107.13 74.23 2.2809 1.1615 8.0755 6.2844 1.1861 7.7531 45.56 118.46 3.7780 10.627 69.47 6.7242 1.6738 6.3480 1,022.38 101.977 7.9518 1.3053 33.286 41.076 174.58 2,144.62 75.05 2.2666 1.1572 8.0654 6.1530 1.2126 7.7537 44.20 115.48 3.7530 10.542 68.72 6.6287 1.6310 6.0760 981.44 102.016 7.6697 1.2773 32.035 39.519 176.86 2,144.64 Indexes4 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)° 26 Other important trading partners (January 1997=100)7 119.09 93.00 113.59 85.37 110.81 83.78 111.79 85.83 110.18 84.44 110.46 85.22 110.63 85.17 109.83 84.05 107.45 80.78 143.54 143.39 138.90 137.72 136.02 135.35 135.88 135.80 135.56 104.47' 97.56 99.83' 90.60 98.29' 90.50 98.89' 92.77 97.98' 91.95 98.07' 92.94 98.62' 93.00 98.43' 92.05' 96.60 88.62 123.23' 121.86' 118.07 116.26' 115.16' 114.00' 115.27' 116.14' 116.49 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. cents per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 Austrian schillings Belgian francs Finnish markkas French francs German marks Irish pounds 1,936.27 Italian lire 40.3399 Luxembourg francs 2.20371 Netherlands guilders 200.482 Portuguese escudos 166.386 Spanish pesetas 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 March 31,2005 June 30, 2005 September 30, 2005 December 31,2005 March 31,2006 June September December March June 2005 2005 2005 2006 2006 58 58 58 58 58 Supplement Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 May 2005 August 2005 November 2005 February 2006 August November February May 2005 2005 2006 2006 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 March 31,2005 June 30, 2005 September 30,2005 December 31,2005 August November February May 2005 2005 2006 2006 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement September September September September 2002 2003 2004 2005 A70 A70 70 60 Bulletin Bulletin Supplement Supplement September September September September 2002 2003 2004 2005 A73 A73 73 63 Bulletin Bulletin Supplement Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1996-2001 1996-2002 1997-2003 1998-2004 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2001 2002 2003 2004 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 59