The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Volume 5 • Number 6 • June 2008 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS C O M M I T T E E Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan • Stephen R. Malphrus • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). The Statistical Supplement began publication in 2004. It is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frb.gov. The Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/supplement. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886, or send an e-mail to publications-bog@frb.gov. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of June 2008. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONF1NANC1AL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • June 2008 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates and indexes of the foreign exchange value of the U.S. dollar 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Assets and liabilities of commercial banks, March 31, 2008 60 INDEX TO STATISTICAL TABLES 62 FEDERAL RESERVE BOARD PUBLICATIONS 64 ANTICIPATED SCHEDULE OF RELEASE FOR PERIODIC STATISTICAL RELEASES DATES 66 PUBLICATIONS OF INTEREST 67 FEDERAL RESERVE STATISTICAL RELEASES AVAILABLE ON THE COMMERCE DEPARTMENT'S ECONOMIC BULLETIN BOARD Symbols and Abbreviations c e n.a. n.e.c. P * 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 1.10 Federal Reserve Bulletin Statistical Supplement • June 2008 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q2' Q3' Q4' Q1 -5.3 5.1 1.0 4.4 -.1 -.4 6.2 -.7 4.7 -.3 4.8 1.4 9.5 -3.4 4.6 1.0 5.0 6.7 5.4 4.6 23.9 7.6 3.9 6.5 25.8 2.7 3.4 -4.1 -26.2 7.0 -.9 -3.1 -38.8 20.4 54.2 38.9 46.8 17.8 39.9 2 Reserves of depository institutions 1 Total 2 Required 3 Monetary base3 6.6 6.2 2.2 1.2 -9.8 2.0 Concepts of money4 4 Ml 5 M2 .9 6.2 -1.4 1.0 -1.1 -3.0 -15.6 -12.4 -2.8 18.3 16.5 1.6 41.5 6.3 6.5 4.9 17.0 1.9 12.4 16.3 1.6 16.4 -9.3 9.6 .0 -13.2 Nontransaction components 6 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time1" Thrift institutions 9 Savings, including MMDAs . . . 10 Small time1" 2.2 -1.3 Money market mutual funds 11 Retail7 12 Institution-only 13.2 28.4 7 8 26.3 11.8 -4.5 -3.4 21.0 39.8 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 -4.3 1.2 29.6 27.0 2.4 3.1 11.1 14.2 34.7 30.6 62.2 87.7 22.0 33.2 44.0 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Feb. 13 Feb. 20 Feb. 27 Mar. 5 Mar. 12 Mar. 19 Mar. 26 873,491 713,365 713,365 200,360 470,010 38,437 4,559 0 59,357 60,000 358 355 0 3 0 0 -1,374 41,785 11,041 2,200 38,680 869,088 709,133 709,133 196,074 470,010 38,437 4,612 0 58,714 60,000 103 99 0 0 0 -1,161 42,300 11,041 2,200 38,679 878,875 676,894 676,894 165,216 468,581 38,437 4,660 0 61,107 80,000 19,049 81 0 7 13,433 5,529 -1,567 43,392 11,041 2,200 38,679 869,344 628,977 628,977 124,375 461,457 38,437 4,708 0 84,821 80,000 33,481 550 2 6 32,923 0 -1,349 43,413 11,041 2,200 38,679 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 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 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer credit facility Other credit extensions Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 22 23 24 25 26 27 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 . . 868,218' 725,197 725,197 212,294 470,953 37,245 4,705 0 30,177 45,161 1,236 1,231 0 6 0 0 -1,061 67,506' 11,041 2,200 38,681 864,137 713,367 713,367 200,360 470,010 38,437 4,560 0 33,871 60,000 172 169 0 3 0 0 -1,177 57,905 11,041 2,200 38,680 873,331 665,419 665,419 156,980 465,343 38,437 4,659 0 68,121 75,484 19,257 1,186 0 5 16,817 1,248 -1,364 46,414 11,041 2,200 38,679 858,206 713,372 713,372 200,360 470,010 38,437 4,565 0 18,357 60,000 58 57 0 1 0 0 -1,027 67,446 11,041 2,200 38,680 866,966 713,364 713,364 200,360 470,010 38,437 4,558 0 43,536 60,000 223 220 0 0 0 -1,297 51,140 11,041 2,200 38,680 866,481 713,358 713,358 200,360 470,010 38,437 4,551 0 42,857 60,000 173 169 0 5 0 0 -1,112 51,205 11,041 2,200 38,680 815,258 39,424 39,424 0 280 814,627 38,260 38,260 0 271 816,504 41,205 40,229 976 283 813,774 36,406 36,406 0 275 817,060 37,977 37,977 0 269 815,364 39,533 39,533 0 261 815,899 43,138 43,138 0 260 816,854 40,021 40,021 0 261 816,969 40,710 39,674 1,036 273 816,856 40,706 40,706 0 297 12,640 5,525 101 6,663 6,663 0 350 42,789 9,748' 12,018 4,830 98 6,777 6,777 0 313 42,658 8,223 12,323 5,150 103 6,799 6,799 0 270 44,647 10,290 12,537 5,316 97 6,811 6,811 0 313 41,528 5,607 11,016 3,861 98 6,748 6,748 0 310 42,407 10,158 11,870 4,740 98 6,750 6,750 0 283 43,734 7,641 11,985 4,867 97 6,750 6,750 0 271 44,396 9,734 12,228 5,076 98 6,749 6,749 0 306 44,443 7,201 12,271 5,152 103 6,753 6,753 0 264 44,734 15,838 12,854 5,729 118 6,754 6,754 0 254 44,535 6,016 878,550 612,305 612,305 114,091 455,052 38,437 4,726 0 106,750 80,000 37,607 579 0 6 37,023 0 -1,873 43,760 11,041 2,200 38,679 ABSORBING RESERVE FUNDS 28 29 30 31 32 33 34 35 End-of-month figures Wednesday figures SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 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 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer credit facility Other credit extensions Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 22 23 24 25 26 27 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 . . 865,984 713,388 713,388 200,360 470,010 38,437 4,581 0 52,250 60,000 37 34 0 3 0 0 -1,545 41,854 11,041 2,200 38,680 881,590 703,436 703,436 190,360 470,010 38,437 4,629 0 77,000 60,000 28 0 0 -1,273 50,595 11,041 2,200 38,680 879,230 713,355 713,355 200,360 470,010 38,437 4,549 0 54,500 60,000 687 683 0 4 0 0 -1,216 51,904 11,041 2,200 38,680 0 5 0 0 -1,511 42,637 11,041 2,200 38,679 872,784 660,484 660,484 152,360 465,010 38,437 4,678 0 62,000 80,000 28,925 120 0 6 28,800 0 -1,780 43,154 11,041 2,200 38,679 815,971 38,590 38,590 0 270 817,566 38,610 38,610 0 262 816,523 42,648 42,648 0 261 817,842 40,812 40,812 0 260 818,344 40,197 40,197 0 270 818,277 46,143 38,893 7,250 291 817,662 40,822 40,822 0 331 12,192 4,979 96 6,812 6,812 0 305 41,358 11,182 11,673 4,525 101 6,748 6,748 0 299 42,916 3,699 12,222 5,103 99 6,750 6,750 0 270 44,130 15,367 11,916 4,794 98 6,750 6,750 0 275 43,965 3,109 12,354 5,249 96 6,749 6,749 0 260 44,030 18,316 12,503 5,364 99 6,753 6,753 0 288 44,213 3,276 12,197 4,944 239 6,754 6,754 0 261 44,645 14,812 882,556 591,234 591,234 92,985 455,052 38,437 4,760 0 76,000 100,000 51,034 11,285 0 6 39,743 0 -555 64,843 11,041 2,200 38,679 867,642 713,369 713,369 200,360 470,010 38,437 4,563 0 28,000 60,000 39 38 0 1 0 0 -1,433 67,666 11,041 2,200 38,680 862,805 713,362 713,362 200,360 470,010 38,437 4,556 0 38,750 60,000 1,371 1,368 0 0 0 -2,352 68,598 11,041 2,200 38,680 876,155 713,353 713,353 200,360 470,010 38,437 4,547 0 61,750 60,000 770 767 0 2 0 0 -1,085 41,367 11,041 2,200 38,680 810,821 39,574 39,574 0 288 815,028 43,279 43,279 0 261 815,219 44,101 39,101 5,000 331 13,014 5,773 114 6,812 6,812 0 315 42,537 10,855 11,528 4,424 96 6,750 6,750 0 258 44,347 13,632 12,935 5,552 98 7,047 7,047 0 238 45,358 16,531 865,167 713,382 713,382 200,360 470,010 38,437 4,576 0 25,500 60,000 38 36 0 ABSORBING RESERVE FUNDS 28 29 30 31 32 33 34 35 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 • June 2008 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Term auction credit Primary dealer credit facility Other credit extensions 2008 2005 2006 2007 2007 Dec Dec. Dec' Sept. Oct. Nov.' Dec' Jan. Feb. Mar. 10,047 51,314 35,337 15,977 45,384 43,483 1,900 169 97 0 72 n.a. n.a. n.a. 8,480' 50,897 34,803 16,094 43,283' 41,420 1,863' 191 111 0 80 n.a. n.a. n.a. 8,200 52,161 34,521 17,640 42,721 40,946 1,775 15,430 3,787 1 30 11,613 n.a. n.a. 8,754' 49,633 33,483' 16,150' 42,237' 40,503' 1,734' 1,567 1,345 0 221 n.a. n.a. n.a. 8,288' 49,755 33,213' 16,542' 41,501' 40,040' 1,462' 254 126 13 115 n.a. n.a. n.a. 8,539 48,996 33,343 15,652 41,882 40,178 1,704 366 315 0 50 n.a. n.a. n.a. 8,200 52,161 34,521 17,640 42,721 40,946 1,775 15,430 3,787 1 30 11,613 n.a. n.a. 8,724' 53,162 35,329' 17,833' 44,053' 42,410' 1,643' 45,660 1,137 0 6 44,516 n.a. n.a. 8,159' 53,650 34,597' 19,053' 42,756' 41,027' 1,728' 60,157 155 0 60,000 n.a. n.a. 9,759 50,445 32,919 17,526 42,678 39,685 2,993 94,523 1,617 0 6 75,484 16,168 1,249 B weekly a\ erages of daily igures for two- A-eek periods ending on dates indie ited 2008 2007 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Term auction credit Primary dealer credit facility Other credit extensions Dec. 5 Dec 19 Ian.2 Jan. 16 Jan. 30 Feb. 13 Feb. 27' Mar. 12 Mar. 26 Apr. 9 9,490' 48,368' 34,890' 13,478' 44,380 42,530' 1,849' 199 158 0 41 n.a. n.a. n.a. 6,624' 52,089 32,072 20,017 38,696' 37,476' 1,220' 3,833 3,798 2 34 n.a. n.a. n.a. 9,500 53,828 37,225 16,603 46,725 44,334 2,391 35,308 5,286 0 21 30,000 n.a. n.a. 7,939' 51,444 32,046' 19,399' 39,985' 38,247' 1,737' 41,377 1,371 0 6 40,000 n.a. n.a. 9,498' 54,544 38,469' 16,075' 47,967' 46,528' 1,439' 50,390 385 0 5 50,000 n.a. n.a. 7,315' 56,556 33,552' 23,004' 40,867' 39,193' 1,674' 60,102 101 0 1 60,000 n.a. n.a. 8,899 51,577 35,926 15,651 44,825 43,002 1,823 60,198 195 0 4 60,000 n.a. n.a. 8,468 49,271' 32,082' 17,189' 40,549' 39,132 1,417' 60,231 227 0 3 60,000 n.a. n.a. 10,928 51,780 33,596 18,185 44,523 39,901 4,622 106,265 316 1 7 80,000 23,178 2,765 9,588 49,525 33,037 16,488 42,625 40,411 2,214 143,950 8,598 0 12 100,000 35,340 0 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 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco On 7/11/08 Effective date Previous rate On 7/11/08 5/1/08 4/30/08 5/1/08 4/30/08 5/1/08 4/30/08 2.50 2.75 2.25 i 4/30/08 5/1/08 5/1/08 4/30/08 5/1/08 4/30/08 2.25 1 2.50 2.75 Seasona credit3 Effective date Previous rate On 7/11/08 Effective date Previous rate 5/1/08 4/30/08 5/1/08 4/30/08 5/1/08 4/30/08 3.00 2.40 7/3/08 2.35 i 4/30/08 5/1/08 5/1/08 4/30/08 5/1/08 4/30/08 1 3.00 1 2.40 7/3/08 2.35 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 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9, 2003 (beginning of program) 2 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 4.00^1.75 4.00 3.50^1.00 3.50 3.25-3.50 2.50-3.50 2.50 2.25-2.50 2.25 4.00 4.00 3.50 3.50 3.25 2.50 2.50 2.25 2.25 2.25 2.25 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 2008—Jan. 22 24 30 31 Mar. 17 18 20 Apr. 30 May 1 In effect July 11,2008 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 Effective date In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • June 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$9.3 million2 2 More than $9.3 million-$43.9 million3 3 More than $43.9 million Percentage of liabilities Effective date 10 12/21/07 12/21/07 12/21/07 4 Nonpersonal time deposits 0 12/27/90 5 Eurocurrency liabilities 0 12/27/90 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. 0 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 TRANSACTIONS' Millions of dollars Type of transaction and maturity Aug. 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 871,661 871,661 905,206 905,206 0 0 839,688 839,688 49,178 0 0 75,502 75,502 10,000 0 0 62,083 62,083 0 2,894 0 109,557 -108,098 2,795 4,967 0 0 0 10,552 2,211 0 0 0 1,236 0 0 0 0 1,236 11,309 0 -91,121 97,723 26,354 0 0 0 7,539 0 0 0 3,626 0 -7,041 7,375 4,322 0 0 0 2,007 0 -11,395 3,000 28,136 0 2,795 26 Net change in U.S. Treasury securities 0 0 24,580 24,580 39,178 0 0 35,011 35,011 27,481 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -552 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 290 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,299 0 0 640 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 44,690 0 10,552 10,680 0 50,415 0 0 11,236 0 0 0 0 0 39,178 0 0 26,929 62,143 62,143 83,590 83,590 58,896 58,896 34,138 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 2,083,300 2,131,500 2,591,000 209,000 200,750 236,500 230,250 268,750 265,000 318,750 319,750 249,250 250,250 203,500 224,500 256,250 220,000 6,421,223 6,420,945 6,779,023 6,778,132 8,662,508 8,676,879 722,358 725,162 669,935 669,850 786,360 788,726 715,682 713,543 761,133 769,202 830,931 826,520 770,268 773,973 37 Net change in temporary transactions 14,028 -5,110 -8,621 5,446 6,334 1,385 1,139 -16,589 32,545 38 Total net change in System Open Market Account 39,369 29,029 ^18,355 -5,791 6,334 1,385 1,139 -43,517 32,545 Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 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 • June 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Feb. Mar. 11,037 2,200 1,374 11,037 2,200 1,346 61,750 818,268 591,234 591,234 92,985 455,052 38,437 4,760 0 76,000 60,000 770 100,000 51,034 Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, term auction credit, and other loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Items in process of collection Bank premises Other assets Denominated in foreign currencies'" All other7 11,037 2,200 1,352 11,037 2,200 1,351 1,324 828,542' 713,355 713,355 200,360 470,010 38,437 4,549 0 54,500 60,000 687 1,565 2,138 49,766 34,231 15,535 825,675 713,388 713,388 200,360 470,010 38,437 4,581 0 52,250 60,000 37 1,715 2,140 39,584 24,331 15,253 840,464 703,436 703,436 190,360 470,010 38 437 4,629 0 77,000 60,000 28 1,354 2,138 40,441 11,037 2,200 1,316 11,037 2,200 1,321 11,037 2,200 1,396 831,410 836,663 798,921 835,873 660,484 660,484 612,305 612,305 114,091 455,052 713,382 713,382 713,353 713,353 200,360 200,360 470,010 470,010 38,437 4,726 0 38,437 4,576 0 25,500 60,000 38 38 437 4,547 0 1,172 2,133 1,344 2,144 39,097 25,295 65,400 47,663 152,360 465,010 38 437 4,678 0 62,000 80,000 28,925 1,486 106,750 80,000 37,607 785 1,394 2,143 41,619 15,742 2,141 41,158 25,143 16,016 16,324 17,737 14,887 63,250 46,600 16,649 896,599 883,702 898,956 890,747 895,768 882,258 893,069 899,650 779,452 42,648 27,595 22,123 5,103 99 270 2,774 4,716 780,769 40,812 14,895 9,729 4,794 98 275 3,260 4,415 781,254 40,197 30,612 781,201 46,143 780,632 40,822 15,925 25,006 5,249 96 260 2,864 4,365 10,175 27,011 21,567 5,364 99 288 3,265 4,077 4,944 239 773,820 39,574 23,861 17,659 5,773 778,213 44,101 30,050 24,162 5,552 261 114 315 2,658 3,833 2,466 4,485 777,979 43,279 25,035 20,257 4,424 96 258 2,429 4,465 857,185 844,151 859,292 850,611 854,955 844,206 853,187 858,323 31 Capital paid in 32 Surplus 33 Other capital accounts 19,395 18,457 1,562 19,461 18,458 1,632 19,474 18,458 1,733 19,528 18,458 2,150 19,546 18,458 2,808 18,471 18,487 1,095 19,395 18,458 2,030 19,549 18,466 3,312 34 Total capital 39,414 39,665 40,136 2,144,806 1,276,650 868,156 2,162,203 2,173,695 2,195,949 2,124,119 1,282,820 879,383 1,278,331 1,291,523 904,426 1,269,386 854,733 16,300 16,300 11,705 11,705 0 895,364 9,890 9,890 0 15,484 15,484 12,605 12,605 20 Total assets .. . 24,699 24,210 2,155 LIABILITIES 21 22 23 24 25 26 27 28 29 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 30 Total liabilities 98 238 1,927 4,031 CAPITAL ACCOUNTS 39,882 MEMO 35 Marketable securities held in custody for foreign ofncit and international accounts3-10 36 U.S. Treasury 37 Federal agency 38 Securities lent to dealers 39 Overnight facility" 40 Term facility12 2,147,318 1,276,392 870,926 20,365 20,365 0 2,152,860 1,283,209 869,651 19,260 19,260 0 2,217,937 1,309,300 908,637 97,791 22,791 75,000 Federal Reserve notes and collateral statement 41 Federal Reserve notes outstanding 42 Less: Notes held by F.R. Banks not subject to collateralization 43 Federal Reserve notes to be collateralized 44 Collateral held against Federal Reserve notes 45 Gold certificate account 46 Special drawing rights certificate account 47 U.S. Treasury and agency securities pledged13 48 Other assets pledged 996,021 994,268 993,566 992,528 990,897 1,000,423 995,293 990,054 216,570 779,452 779,452 11,037 2,200 725,166 41,049 213,499 780,769 780,769 211,327 781,201 781,201 11,037 2,200 210,266 780,632 780,632 150,979 773,820 773,820 217,314 777,979 777,979 11,037 2,200 11,037 2,200 676,329 91,635 678,208 89,187 699,289 61,295 11,037 2,200 731,765 211,841 778,213 778,213 11,037 2,200 724,785 42,747 212,312 781,254 781,254 11,037 2,200 740,204 27,813 767,855 765,638 780,436 722,484 719,055 42,689 40,853 40,232 46,156 40,847 725,166 724,785 740,204 676,329 678,208 11,037 2,200 32,977 623,091 141,886 738,882 775,103 667,234 39,594 43,338 44,143 699,289 731,765 623,091 MEMO 49 Total U.S. Treasury and agency securities13 50 Less: Face value of securities under reverse repurchase agreements14 51 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. Fully collateralized by U.S. Treasury securities. 12. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated non-agency asset-backed and mortgage-backed securities. 13. 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. 14. 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 Type of holding and remaining maturity Wednesday End of month 2008 2008 Feb. 27 Mar. 5 Mar. 12 Mar. 19 Mar. 26 Jan. Feb. Mar. 60,000 60,000 60,000 80,000 80,000 60,000 60,000 100,000 60,000 0 30,000 30,000 60,000 0 30,000 50,000 80,000 0 30,000 30,000 30,000 30,000 50,000 50,000 4 Other loans 687 37 28 28,925 37,607 38 770 51,034 5 Within 15 days 687 0 0 34 0 23 5 0 28,925 0 0 37,557 50 0 31 8 0 769 1 0 48,796 2,239 0 8 Total U.S. Treasury securities1 713,355 713,388 703,436 660,484 612,305 713,382 713,353 591,234 9 Within 15 days 47.921 116,819 134.163 231,341 88,938 94,174 38,873 126,745 133,639 231,000 88,945 94,187 34,413 122,887 131,959 231,014 88,956 94,207 38,691 99,574 114,118 224,908 88,966 94,226 39,831 73,064 101,222 214,965 88,977 94,246 40,975 110,504 151,542 236,062 84,409 89,890 28,501 133,187 137,565 230,989 88,937 94,173 22,667 64,064 104,370 216,888 88,985 94,260 15 Total repurchase agreements2 54,500 52,250 77,000 62,000 106,750 25,500 61,750 76,000 16 Within 15 days 54,500 0 52,250 0 47,000 30 000 17,000 45 000 76,750 30 000 25,500 0 61,750 0 46,000 30 000 18 Total reverse repurchase agreements2 42,648 40,812 40,197 46,143 40,822 39,574 43,279 44,101 19 Within 15 days 20 16 days to 90 days 42,648 0 40,812 0 40,197 0 46,143 0 40,822 0 39,574 0 43,279 0 44,101 0 2 Within 15 days 3 16 days to 90 days 7 91 days to 1 year 11 91 days to 1 year 13 Over 5 years to 10 years 14 Over 10 years 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. 2. Cash value of agreements. 12 Federal Reserve Bulletin Statistical Supplement • June 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec' Aug.' Sept.' Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 46.55' 46.49' 44.64' 759.17' 45.14 44.97' 43.24 787.30' 43.34' 43.15' 41.48' 811.73' 42.69 27.26 40.92 823.37 45.02 44.05 40.19 824.44 42.67 41.10 40.93 821.97 42.44 42.18 40.98 824.65 42.66 42.29 40.95 825.46 42.69 27.26 40.92 823.37 42.14 -3.52 40.50 821.42 42.78 -17.38 41.05 822.51 44.26 -50.26 41.27 827.00 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.50 818.40 42.74 27.31 40.96 829.86 44.61 43.64 39.79 822.99 42.29 40.72 40.56 819.97 41.56 41.30 40.09 821.85 41.94 41.57 40.23 826.63 42.74 27.31 40.96 829.86 44.03 -1.63 42.38 824.42 42.75 -17.40 41.02 821.87 42.67 -51.85 39.68 825.56 46.85 46.79 44.94 774.77 1.91 .06 45.38 45.22 43.48 802.30 1.90 .17 43.28 43.09 41.42 825.29 1.86 .19 42.72 27.29 40.95 836.45 1.78 15.43 44.57 43.60 39.74 829.68 4.83 .98 42.24 40.67 40.50 826.56 1.73 1.57 41.50 41.25 40.04 828.38 1.46 .25 41.88 41.52 40.18 833.09 1.70 .37 42.72 27.29 40.95 836.45 1.78 15.43 44.05 -1.61 42.41 831.11 1.64 45.66 42.76 -17.40 41.03 828.64 1.73 60.16 42.68 -51.85 39.69 832.36 2.99 94.52 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" 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 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec/ Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,376.3 6,419.4' 9,433.0 1,374.5 6,689.9' 10,154.0 1,366.5 7,032.3' n.a. 1,366.1 7,430.6 n .a. 1,366.1 7,430.6 n.a. 1,367.0 7,480.1 n.a. 1,372.6 7,586.0 n.a. 1,374.8 7,664.3 n.a. Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 697.6 7.5 343.2 328.0 723.9 7.2 324.9 318.5 748.9 6.7 305.9 305.0 758.7 6.3 294.9 306.2 758.7 6.3 294.9 306.2 757.8 6.2 294.8 308.2 758.7 6.2 295.3 312.4 761.8 6.2 297.0 309.7 Nontransaction components 8 In M27 9 In M3 onlys 5,043.0' 3,011.1 5,315.5' 3,478.5 5,665.7' n.a. 6,064.5 n .a. 6,064.5 n.a. 6,113.1 n.a. 6,213.4 n.a. 6,289.6 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,631.0 551.2 909.3 2,771.5 644.9 1,122.9 2,904.0 759.2 n.a. 3,034.2 822.7 n .a. 3,034.2 822.7 n.a. 3,040.3 824.8 n.a. 3,081.7 825.9 n.a. 3,123.9 819.5 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 887.3 278.8 161.5 849.9 351.3 230.7 792.6' 412.2' n.a. 853.2 395.8 n .a. 853.2 395.8 n.a. 861.1 400.5 n.a. 868.0 400.5 n.a. 883.9 396.1 n.a. 694.7' 1,085.2' 697.8' 1,149.5' 797.7' 1,347.3' 958.6 1,882.0 958.6 1,882.0 986.3 1,930.0 1,037.4 2,071.1 1,066.1 2,147.1 492.6 379.1 564.3 423.9 n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. n.a. n.a. 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 1,401.3 6,449.2' 9,482.2 1,396.5' 6,719.9' 10,201.4 1,387.3 7,068.0' n.a. 1,385.7 7,468.7 1,385.7 7,468.7 1,364.0 7,465.9 n.a. 1,351.3 7,553.7 n.a. 1,384.3 7,695.4 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 754.5 6.7 316.7 309.3 763.8 6.3 304.9 310.9 763.8 6.3 304.9 310.9 755.4 6.2 290.0 312.4 758.7 6.1 281.5 305.0 761.9 6.1 299.2 317.1 Nontransaction components 27 In M27 28 In M3 onlys 5,047.9' 3,025.4 5,323.3' 3,488.3 5,680.7' n.a. 6,083.0 6,083.0 6,101.9 n.a. Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,633.2 550.4 903.3 2,776.1 644.1 1,114.4 2,913.1 758.6 n.a. 3,044.0 822.7 3,044.0 822.7 3,022.5 824.6 3,066.7 826.0 n.a. 3,132.7 819.2 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 888.0 278.4 160.4 851.3 350.8 228.9 795.1' 411.9' n.a. 855.9 395.8 855.9 395.8 856.0 400.4 n.a. 863.7 400.6 886.4 396.0 697.7' 1,110.0' 701.1' 1,175.5' 802.0' 1,380.1' 964.4 1,929.6 964.4 1,929.6 998.4 1,973.8 1,045.5 2,091.2 1,076.8 2,145.4 494.6 376.6 566.1 422.0 n.a. 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 appeal on following page. n.a. n.a. 14 Federal Reserve Bulletin Statistical Supplement • June 2008 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Monetary and Reserves Analysis 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. do liar-denominated travelers checks ofnonbank 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 May' Nov.' 2008 2008 2007 2007 Dec' Jan.' Feb.' Mar.' Apr.' May May 7 May 14 May 21 May 28 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8.572.6 2 267 9 1.162.9 1,104.9 6,304.8 1,248.4 3,435.7 462.9 2.972.8 755.4 278.6 586.7 358.7 290.6 865.8 9.184.1 2 466 0 1,131.0 1,335.0 6,718.1 1,408.1 3,559.0 478.6 3.080.4 796.2 285.5 669.3 423.2 298.9 945.4 9.215.6 2 426 6 1.130.1 1,296.5 6,789.0 1,435.7 3,575.7 482.8 3.092.9 809.1 291.6 676.9 436.1 294.0 952.8 9.285.3 2 436 5 1.107.9 1,328.6 6,848.8 1,453.6 3,594.3 486.3 3.108.0 811.6 305.4 683.9 443.5 297.6 972.6 9.347.1 2 459 6 1.107.1 1,352.6 6,887.4 1,464.9 3,618.6 491.0 3.127.5 811.9 298.8 693.2 456.5 301.1 975.1 9.497.7 2,568.8 1,128.4 1,440.5 6,928.9 1,486.4 3,654.8 498.7 3.156.2 815.0 292.3 680.3 446.3 302.9 1,019.6 9.421.7 2,530.4 1,110.6 1,419.8 6.891.3 1,490.5 3,649.6 506.8 3.142.8 821.2 283.2 646.9 442.9 304.1 1,012.4 9,395.9 2,489.1 1,115.2 1,373.9 6,906.8 1,494.4 3,649.6 512.1 3.137.5 825.4 291.7 645.7 446.8 298.8 996.1 9,413.0 2,500.2 1,113.0 1,387.2 6,912.8 1,491.0 3.647.2 510.1 3.137.1 828.1 294.6 651.9 451.6 296.6 990.7 9,393.4 2,497.3 1,118.5 1,378.7 6,896.1 1,493.7 3,646.7 511.4 3.135.3 826.1 287.0 642.6 441.8 290.1 982.7 9,405.0 2,495.0 1,108.6 1,386.4 6,910.1 1,496.2 3,655.1 512.4 3.142.7 823.1 290.3 645.3 460.1 311.2 1,011.1 9,381.5 2,469.4 1,114.7 1,354.7 6,912.1 1,498.3 3,650.2 513.6 3.136.6 824.7 294.7 644.2 431.8 302.6 1,000.4 10,018.8 10,775.3 10,819.5 10,915.2 10,994.4 11,179.4 11,086.2 11,041.2 11,055.9 11,011.7 11,091.4 11,020.3 6.309.9 642.1 5.667.7 1 782 0 3.885.7 2 060 8 425.4 1,635.4 -15.2 589.5 6.636.1 610.2 6.025.9 2 026 6 3.999.3 2 234 7 474.0 1,760.7 86.9 660.1 6.657.2 600.3 6.056.9 2,035.4 4,021.6 2 273 4 501.5 1,772.0 76.9 658.8 6.700.7 615.1 6.085.6 2,069.0 4,016.6 2 275 0 500.9 1,774.1 94.8 708.0 6.778.6 618.8 6.159.8 2,096.5 4,063.2 2,278.0 504.3 1,773.6 73.2 713.3 6,876.1 613.5 6.262.7 2,106.4 4,156.3 2,305.5 499.8 1,805.7 60.5 786.6 6,858.7 636.1 6.222.5 2,083.1 4,139.4 2,295.1 489.7 1,805.3 31.2 741.8 6.888.3 616.1 6.272.2 2,105.8 4,166.3 2,318.6 500.5 1,818.0 -27.1 695.2 6.826.4 634.8 6.191.6 2,074.0 4,117.6 2,321.0 503.7 1,817.3 11.8 720.7 6.894.4 614.6 6.279.8 2,108.3 4,171.4 2,310.5 491.4 1,819.2 -48.7 684.7 6.918.5 609.3 6.309.3 2,117.7 4,191.6 2,327.9 509.6 1,818.3 -33.4 705.6 6,914.2 604.9 6.309.3 2,119.7 4,189.6 2,312.5 493.5 1,819.0 -35.2 683.3 27 Total liabilities 8,945.0 9,617.7 9,666.4 9,778.4 9,843.1 10,028.8 9,926.7 9,874.9 9,879.9 9,840.9 9,918.7 9,874.8 28 Residual (assets less liabilities)5 1.073.8 1.157.6 1.153.1 1,136.8 1.151.3 1.150.6 1.159.6 1.166.3 1.176.0 1.170.9 1.172.7 1.145.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted 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 andAgency 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 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 8 570 2 2,294.4 1,182.6 1,111.8 6.275.8 1,248.6 3,412.8 460.0 2.952.8 750.6 317.6 433.0 281.0 582.8 350.1 288.4 865.7 9 230 0 2,469.8 1,124.7 1,345.1 6,760.1 1,411.1 3,599.5 482.4 3.117.1 796.4 343.1 453.3 285.0 668.1 433.5 303.7 945.5 9,262.5 2,411.3 1.109.9 1,301.4 6,851.2 1,441.4 3,608.9 486.6 3.122.3 818.5 365.7 452.8 299.5 683.0 452.5 309.4 952.3 9,322.4 2,427.6 1,091.8 1,335.8 6,894.7 1,457.8 3,616.7 490.2 3.126.6 828.2 361.7 466.6 307.1 684.8 448.6 312.5 972.2 9,373.4 2,472.0 1,112.1 1,359.9 6,901.3 1,468.5 3,625.8 493.9 3.131.8 818.1 346.9 471.2 300.9 688.1 461.8 301.2 976.4 9,473.9 2,573.4 1.138.6 1,434.8 6,900.6 1,485.4 3,629.1 496.5 3.132.6 810.5 337.8 472.7 301.9 673.6 451.0 294.4 1.013.2 9,398.9 2,546.1 1.125.0 1,421.1 6.852.8 1,489.9 3,618.9 502.1 3.116.8 816.3 338.5 477.8 284.7 642.9 450.5 301.1 1.008.2 9,377.8 2,512.9 1.132.2 1,380.7 6,864.9 1,492.1 3,616.4 508.1 3.108.3 821.0 339.5 481.5 294.5 640.9 434.6 296.5 993.9 9,403.6 2,523.9 1.130.8 1,393.2 6,879.7 1,491.1 3,627.1 506.2 3.120.9 819.8 338.9 480.9 296.4 645.4 442.4 286.5 990.9 9,371.2 2,514.0 1.130.6 1,383.4 6,857.3 1,493.4 3,615.5 507.5 3.108.0 820.8 339.8 481.0 293.1 634.4 432.8 283.3 985.6 9,363.4 2,516.9 1.126.8 1,390.1 6,846.5 1,493.0 3,614.1 508.2 3.105.9 820.3 338.6 481.7 283.9 635.2 438.2 292.9 996.9 9,373.6 2,498.6 1.133.7 1,364.9 6,875.0 1,492.3 3,608.9 509.5 3.099.4 823.3 341.5 481.9 303.9 646.5 423.4 324.3 998.1 10,005.5 10,836.8 10,897.0 10,971.5 11,026.7 11,145.3 11,063.8 11,006.4 11,027.1 10,976.6 10,995.4 11,023.8 6.300.1 638.3 5.661.8 1 801 5 3.860.3 2 076 4 424.0 1,652.4 -38.5 592.9 6.674.2 614.0 6.060.3 2 032 0 4.028.3 2 239 6 478.7 1,760.9 94.8 681.1 6.711.2 628.4 6.082.7 2,032.5 4,050.2 2 281 2 511.6 1,769.6 96.1 662.2 6.716.0 628.0 6.088.0 2,074.9 4,013.2 2 276 9 508.2 1,768.7 123.1 701.9 6.776.0 610.2 6.165.8 2,094.4 4,071.4 2 285 1 506.1 1,779.0 88.1 708.3 6.870.6 616.8 6.253.9 2,107.4 4,146.5 2,311.7 503.2 1,808.4 28.6 763.7 6.897.0 644.2 6.252.8 2,105.8 4,147.0 2,298.4 496.2 1,802.2 -23.0 728.7 6.866.2 611.3 6.254.9 2,127.8 4,127.0 2,331.4 497.4 1,834.0 -56.2 699.5 6.830.0 578.4 6.251.5 2,096.9 4,154.6 2,351.2 502.0 1,849.3 -27.5 711.2 6.876.3 599.2 6.277.1 2,123.7 4,153.4 2,324.8 492.5 1,832.3 -85.9 695.1 6.856.3 612.3 6.243.9 2,144.6 4,099.3 2,318.8 499.5 1,819.3 -50.9 704.1 6.880.2 663.8 6.216.3 2,139.8 4,076.5 2,331.1 492.2 1,838.8 -48.7 695.5 57 Total liabilities 8,930.9 9,689.8 9,750.7 9,817.9 9,857.5 9,974.6 9,901.1 9,841.0 9,864.9 9,810.3 9,828.2 9,858.0 58 Residual (assets less liabilities)5 1,074.6 1,147.0 1,146.3 1,153.6 1,169.2 1,170.7 1,162.7 1,165.5 1,162.2 1,166.3 1,167.2 1,165.8 47 48 49 50 51 52 53 54 55 56 Footnotes appear on p. 21. 16 Federal Reserve Bulletin Statistical Supplement • June 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account May' Nov.' 2008 2008 2007 2007 Dec' Jan.' Feb.' Mar.' Apr.' May May 7 May 14 May 21 May 28 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,558.7 1,851.8 1,078.3 773.5 5,707.0 1,018.7 3,406.1 462.9 2,943.2 755.4 127.7 399.2 294.1 236.8 827.7 8,024.7 1,990.2 1,038.3 951.9 6,034.5 1,133.1 3,523.3 478.6 3,044.7 796.2 141.6 440.3 343.8 242.2 897.5 8,056.5 1,969.5 1,042.2 927.3 6,086.9 1,149.4 3,538.6 482.8 3,055.8 809.1 147.3 442.6 349.8 241.4 905.7 8,110.7 1,976.6 1,014.8 961.9 6,134.0 1,162.0 3,554.9 486.3 3,068.5 811.6 161.4 444.1 358.8 242.2 917.1 8,169.7 1,982.6 1,009.8 972.8 6,187.1 1,168.4 3,577.8 491.0 3,086.8 811.9 176.0 452.9 368.2 245.0 919.6 8,306.2 2,067.8 1,030.0 1,037.7 6,238.4 1,180.3 3,613.3 498.7 3,114.6 815.0 183.1 446.8 373.4 245.5 949.3 8,294.5 2,054.4 1,019.3 1,035.1 6,240.1 1,187.2 3,608.0 506.8 3,101.1 821.2 189.6 434.1 370.1 245.4 950.0 8,275.7 2,028.5 1,024.9 1,003.6 6,247.2 1,189.1 3,609.3 512.1 3,097.2 825.4 190.2 433.1 371.5 242.0 949.1 8,295.3 2,037.3 1,022.8 1,014.5 6,258.0 1,185.0 3,606.0 510.1 3,095.9 828.1 199.2 439.7 374.1 241.5 937.6 8,274.9 2,032.5 1,029.6 1,002.9 6,242.4 1,188.9 3,606.4 511.4 3,095.0 826.1 186.7 434.2 363.0 232.3 939.0 8,270.2 2,027.7 1,019.0 1,008.7 6,242.6 1,191.3 3,616.2 512.4 3,103.8 823.1 182.5 429.5 383.2 254.4 965.4 8,267.4 2,016.2 1,022.8 993.4 6,251.2 1,192.2 3,610.2 513.6 3,096.7 824.7 192.7 431.4 359.8 246.2 955.3 8,849.0 9,432.7 9,475.0 9,545.8 9,617.8 9,788.1 9,765.9 9,742.7 9,753.3 9,713.6 9,778.0 9,733.5 5,426.6 631.2 4,795.4 912.3 3,883.1 1,495.8 362.5 1,133.3 389.3 465.3 5,617.0 597.5 5,019.5 1,023.5 3,996.1 1,648.9 414.1 1,234.8 482.3 534.7 5,634.8 587.7 5,047.1 1,028.5 4,018.6 1,670.6 434.5 1,236.1 486.0 533.0 5,652.2 603.4 5,048.8 1,034.8 4,014.0 1,677.6 435.5 1,242.2 511.0 563.0 5,705.0 607.4 5,097.6 1,035.9 4,061.7 1,681.9 439.1 1,242.8 502.6 572.7 5,813.4 601.8 5,211.6 1,059.3 4,152.3 1,702.0 427.2 1,274.9 509.4 614.8 5,805.1 625.6 5,179.5 1,043.4 4,136.0 1,714.3 418.0 1,296.4 515.7 583.2 5,788.9 604.9 5,183.9 1,021.0 4,162.9 1,713.4 427.1 1,286.3 531.9 548.2 5,760.3 623.3 5,137.0 1,022.2 4,114.8 1,726.2 428.6 1,297.6 533.6 567.9 5,800.7 604.0 5,196.7 1,028.8 4,168.0 1,701.8 421.4 1,280.5 510.4 539.1 5,806.2 597.8 5,208.4 1,021.2 4,187.2 1,716.2 437.1 1,279.1 534.9 553.1 5,794.4 593.6 5,200.8 1,014.4 4,186.4 1,709.6 420.0 1,289.6 543.9 541.7 27 Total liabilities 7,777.0 8,282.9 8,324.4 8,403.8 8,462.1 8,639.6 8,618.2 8,582.4 8,588.0 8,551.9 8,610.4 8,589.5 28 Residual (assets less liabilities)5 1,072.0 1,149.8 1,150.6 1,142.0 1,155.6 1,148.5 1,147.7 1,160.3 1,165.3 1,161.7 1,167.6 1,144.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury andAgency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,555.0 1,875.8 1,098.0 777.8 5,679.2 1,020.8 3,382.6 460.0 2,922.6 1,446.7 1,475.9 750.6 317.6 433.0 127.8 397.4 288.1 235.2 826.4 8,065.5 1,989.3 1,031.5 957.8 6,076.2 1,136.2 3,562.9 482.4 3,080.5 1,519.3 1,561.2 796.4 343.1 453.3 140.3 440.3 350.0 246.0 899.1 8,098.2 1,955.9 1,022.5 933.4 6,142.3 1,151.8 3,570.9 486.6 3,084.3 1,514.5 1,569.8 818.5 365.7 452.8 152.7 448.4 363.3 256.0 905.7 8,143.7 1,969.3 1,000.5 968.7 6,174.4 1,162.8 3,577.4 490.2 3,087.3 1,511.9 1,575.4 828.2 361.7 466.6 164.3 441.6 362.0 256.8 917.4 8,193.2 1,994.1 1,013.6 980.6 6,199.1 1,168.9 3,586.1 493.9 3,092.2 1,507.8 1,584.4 818.1 346.8 471.2 179.2 446.8 373.4 245.7 919.2 8,284.6 2,074.1 1,041.9 1,032.2 6,210.6 1,179.5 3,589.0 496.5 3,092.5 1,501.0 1,591.5 810.5 337.8 472.7 190.8 440.7 380.8 238.4 944.6 8,270.1 2,069.5 1,034.2 1,035.4 6,200.6 1,188.4 3,576.9 502.1 3,074.9 1,478.8 1,596.1 816.3 338.5 477.8 188.9 430.0 380.4 244.5 947.9 8,257.1 2,048.5 1,041.7 1,006.8 6,208.6 1,189.7 3,575.3 508.1 3,067.2 1,461.9 1,605.2 821.0 339.5 481.4 191.8 430.8 362.7 240.3 945.7 8,285.8 2,057.4 1,039.7 1,017.7 6,228.5 1,189.4 3,584.9 506.2 3,078.7 1,477.2 1,601.5 819.8 338.9 480.9 200.0 434.4 366.6 232.3 940.8 8,254.5 2,048.7 1,041.2 1,007.4 6,205.9 1,191.0 3,574.4 507.5 3,067.0 1,464.9 1,602.1 820.8 339.8 481.0 191.5 428.1 359.8 226.9 939.3 8,233.5 2,047.5 1,036.8 1,010.7 6,186.1 1,190.4 3,573.5 508.2 3,065.3 1,458.5 1,606.8 820.3 338.6 481.7 177.2 424.6 364.5 236.2 949.6 8,254.5 2,039.5 1,042.3 997.2 6,214.9 1,189.3 3,568.4 509.5 3,058.9 1,450.2 1,608.7 823.3 341.5 481.9 198.3 435.5 355.3 267.3 949.7 8,836.5 9,485.4 9,544.2 9,596.6 9,646.3 9,762.0 9,748.7 9,710.2 9,729.9 9,685.0 9,688.6 9,732.1 5,396.5 627.8 4,768.6 910.7 3,858.0 1,504.3 365.7 1,138.5 395.4 467.7 5,656.9 601.2 5,055.7 1,030.4 4,025.3 1,655.3 415.7 1,239.6 478.4 550.8 5,700.7 615.0 5,085.7 1,038.4 4,047.2 1,670.6 439.9 1,230.6 494.6 535.2 5,669.2 616.2 5,053.0 1,042.8 4,010.2 1,672.7 439.9 1,232.8 545.3 558.9 5,709.8 598.5 5,111.2 1,042.8 4,068.4 1,676.1 438.9 1,237.2 524.7 569.8 5,803.3 605.0 5,198.2 1,054.7 4,143.5 1,690.0 425.3 1,264.7 501.4 600.0 5,813.0 633.6 5,179.4 1,035.4 4,143.9 1,707.4 425.4 1,282.1 495.7 573.3 5,740.7 600.7 5,140.0 1,016.0 4,124.0 1,719.3 429.4 1,289.9 536.6 551.4 5,741.1 567.6 5,173.5 1,022.0 4,151.6 1,746.0 437.2 1,308.8 521.2 562.8 5,761.3 589.1 5,172.2 1,021.8 4,150.4 1,703.9 422.8 1,281.1 509.2 547.7 5,711.0 601.3 5,109.6 1,013.3 4,096.3 1,710.3 435.7 1,274.6 550.6 552.9 5,734.3 652.9 5,081.5 1,007.9 4,073.5 1,720.1 421.7 1,298.4 568.9 546.3 59 Total liabilities 7,763.8 8,341.3 8,401.1 8,446.1 8,480.4 8,594.7 8,589.4 8,548.1 8,571.1 8,522.0 8,524.7 8,569.6 60 Residual (assets less liabilities)5 1,072.7 1,144.1 1,143.2 1,150.5 1,165.9 1,167.3 1,159.3 1,162.1 1,158.8 1,163.0 1,163.9 1,162.4 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Mayr Nov.' 2008 2008 2007 2007 Dec' Jan.' Feb.' Mar.' Apr.' May May 7 May 14 May 21 May 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 Federal funds sold to and repurchase agreements with others 25 All other loans 26 Lease-financing receivables 27 Interbank loans 28 Federal funds sold to and repurchase agreements with commercial banks 29 Other 30 Cash assets5 31 Other assets'" 32 Total assets7 33 34 35 36 37 38 39 40 41 42 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 43 Total liabilities 44 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4.795.6 1,269.1 708.5 61.2 647.3 575.8 62.4 560.6 269.6 291.0 57.8 233.2 3,526.5 662.7 1,999.3 376.8 1 622 5 1,029.3 593.2 448.7 121.1 5,094.6 1,382.8 661.1 72.3 588.8 526.9 61.9 721.7 387.9 333.8 59.6 274.3 3,711.8 739.1 2,041.5 389.8 1 651 7 1,038.0 613.7 463.0 132.1 5,114.3 1,366.4 667.3 94.0 573.3 519.2 54.4 699.0 360.7 338.4 57.9 280.4 3,747.9 750.1 2,052.8 394.2 1,658.6 1,038.0 620.6 467.4 137.8 5,167.8 1,380.5 644.4 83.0 561.4 510.0 52.4 736.1 392.7 343.4 57.3 286.1 3,787.3 759.5 2,064.4 396.7 1,667.7 1,045.2 622.4 473.0 149.9 5,222.0 1,379.3 636.2 77.1 559.1 512.1 48.7 743.1 396.0 347.1 56.2 290.9 3,842.6 770.6 2,084.3 401.2 1,683.0 1,051.7 631.3 474.6 164.2 5,339.6 1,458.4 649.3 79.1 570.2 529.2 42.7 809.0 455.6 353.4 55.4 298.0 3,881.2 780.0 2,110.2 406.7 1,703.4 1,059.5 644.0 477.9 171.2 5,325.2 1,447.9 637.9 68.1 569.7 523.6 47.8 810.0 448.4 361.6 55.0 306.6 3,877.3 782.8 2,102.5 412.8 1,689.7 1,035.8 653.9 484.7 177.7 5,303.3 1,421.8 644.5 65.2 579.3 532.4 48.7 777.3 404.5 372.7 54.6 318.1 3,881.6 784.6 2,100.4 417.4 1,683.0 1,023.1 659.9 488.2 178.4 5,330.2 1,431.6 643.7 66.0 577.8 530.6 48.8 787.9 417.2 370.7 55.1 315.6 3,898.7 781.1 2,101.4 415.9 1,685.6 1,028.8 656.8 492.6 187.2 5,302.7 1,424.0 647.8 66.9 580.9 532.7 49.9 776.2 405.9 370.3 55.1 315.3 3,878.7 785.1 2,098.5 416.9 1,681.6 1,025.4 656.2 489.1 174.8 5,298.1 1,420.2 638.2 59.2 579.0 531.8 48.9 782.0 406.6 375.4 55.4 319.9 3,877.9 786.4 2,108.7 417.6 1,691.1 1,030.3 660.8 485.8 170.5 5,292.1 1,410.9 642.9 64.7 578.2 531.9 48.0 768.1 395.1 373.0 53.5 319.5 3,881.2 787.5 2,097.8 418.4 1,679.4 1,017.0 662.5 485.9 181.1 97.0 24.1 105.7 26.4 112.1 25.7 122.8 27.0 138.0 26.2 139.3 31.9 142.5 35.2 143.7 34.8 149.3 37.9 135.9 38.9 136.2 34.4 149.7 31.4 43.6 148.8 102.3 188.3 44.5 193.9 97.7 225.1 46.0 196.4 97.3 232.5 45.9 197.4 97.3 234.6 43.6 207.8 97.6 238.6 32.8 210.9 98.3 243.0 25.4 203.1 101.1 242.1 30.4 196.8 102.7 245.8 30.6 203.5 102.3 247.6 28.9 200.1 102.2 237.3 29.0 194.4 103.0 257.1 34.2 191.7 103.0 235.1 133.7 54.6 151.8 607.7 170.6 54.5 151.4 651.6 174.9 57.6 149.2 664.4 180.0 54.6 148.5 685.4 179.9 58.7 150.5 683.8 192.7 50.3 146.5 709.5 189.5 52.6 146.6 709.1 192.0 53.8 145.6 706.8 195.9 51.7 145.0 696.5 183.6 53.7 136.1 695.7 204.1 53.0 155.1 721.9 179.6 55.5 151.7 714.3 5,708.0 6,083.4 6,119.1 6,190.8 6,247.6 6,389.8 6,366.5 6,343.7 6,361.6 6,313.8 6,374.6 6,335.9 3,218.8 357.4 2,861.3 507.6 2,353.7 1,009.5 129.1 880.4 391.6 389.0 3,339.6 326.2 3,013.4 612.1 2,401.3 1,081.9 164.7 917.2 477.6 459.0 3,359.8 318.3 3,041.5 614.8 2,426.7 1,090.6 176.8 913.8 483.1 458.3 3,357.7 331.2 3,026.5 615.5 2,411.0 1,097.1 180.4 916.7 509.3 489.3 3,388.9 330.6 3,058.4 616.3 2,442.1 1,112.2 188.4 923.7 500.7 498.1 3,470.5 325.6 3,144.9 637.4 2,507.6 1,125.3 186.5 938.8 505.0 540.9 3,469.6 339.9 3,129.7 624.2 2,505.6 1,127.9 174.8 953.1 510.6 509.8 3,455.1 325.6 3,129.6 601.6 2,528.0 1,126.9 184.2 942.7 527.9 473.7 3,429.8 338.8 3,091.0 603.6 2,487.4 1,146.9 196.2 950.8 529.8 493.3 3,467.9 329.5 3,138.4 609.1 2,529.3 1,113.5 178.2 935.3 506.3 464.8 3,468.6 314.2 3,154.5 601.1 2,553.3 1,125.9 190.2 935.8 531.8 479.0 3,460.3 317.8 3,142.4 595.4 2,547.0 1,121.8 174.8 947.0 539.7 466.8 5,008.8 5,358.0 5,391.7 5,453.4 5,499.9 5,641.7 5,617.9 5,583.6 5,599.8 5,552.5 5,605.4 5,588.6 699.2 725.4 727.4 737.4 747.7 748.1 748.7 760.1 761.8 761.4 769.2 747.3 18 Federal Reserve Bulletin Statistical Supplement • June 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account May' Nov.' 2008 2008 2007 2007 Dec' Jan.' Feb.' Mar.' Apr.' May May 7 May 14 May 21 May 28 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets5 77 Other assets'" 78 Total assets7 79 80 81 82 83 84 85 86 87 88 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 89 Total liabilities 90 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,772.7 1,282.4 721.0 63.1 657.9 587.7 61.1 561.4 271.1 290.3 57.8 232.5 3,490.2 661.6 1,969.2 374.0 1,595.1 1,011.7 583.5 447.0 127.5 319.5 121.6 5,147.7 1,388.1 659.0 73.9 585.1 520.6 64.6 729.1 394.4 334.7 60.4 274.4 3,759.6 745.7 2,083.8 393.8 1,690.0 1,065.2 624.8 462.5 131.6 330.9 130.5 5,148.8 1,357.3 650.2 87.5 562.8 509.3 53.9 707.1 364.6 342.5 58.0 284.5 3,791.5 753.6 2,080.4 397.4 1,683.0 1,056.3 626.7 468.4 138.2 330.2 142.9 5,199.0 1,376.2 632.8 80.0 552.8 502.8 51.2 743.3 395.8 347.5 57.4 290.1 3,822.8 760.1 2,088.5 400.4 1,688.0 1,058.6 629.5 481.8 138.8 343.0 152.8 5,242.0 1,387.5 638.7 79.1 559.6 513.4 47.9 748.7 397.7 351.1 55.9 295.1 3,854.5 771.3 2,090.3 403.3 1,687.0 1,049.6 637.5 480.9 133.9 347.0 167.2 5,320.7 1,456.1 656.9 82.4 574.6 533.7 42.6 799.2 445.5 353.7 55.0 298.6 3,864.7 779.1 2,090.8 404.9 1,686.0 1,046.0 640.0 479.7 131.4 348.3 178.6 5,289.8 1,453.0 646.9 70.9 575.9 530.7 46.9 806.2 446.6 359.6 54.6 305.0 3,836.8 781.7 2,069.3 408.8 1,660.5 1,021.7 638.9 484.4 132.1 352.3 176.9 5,265.1 1,431.3 654.7 66.5 588.2 542.2 47.7 776.6 406.4 370.2 54.5 315.7 3,833.8 781.6 2,060.1 413.4 1,646.7 1,002.7 644.0 486.3 131.1 355.2 180.5 5,299.9 1,440.8 653.2 66.4 586.8 541.2 47.4 787.6 417.4 370.2 54.8 315.4 3,859.2 781.8 2,071.5 412.0 1,659.5 1,017.2 642.2 488.2 133.3 354.9 188.3 5,266.0 1,430.3 653.5 67.9 585.6 539.1 48.2 776.8 408.6 368.2 54.9 313.3 3,835.7 783.5 2,061.7 413.0 1,648.7 1,005.7 643.0 487.3 132.4 354.9 180.0 5,241.2 1,429.9 649.8 61.0 588.8 543.0 47.6 780.0 407.5 372.5 55.4 317.1 3,811.3 781.8 2,058.9 413.3 1,645.6 1,000.6 644.9 485.0 129.7 355.3 165.9 5,259.2 1,423.0 655.5 66.8 588.6 542.7 47.6 767.6 398.5 369.1 53.6 315.5 3,836.2 781.0 2,051.6 414.3 1,637.2 992.0 645.2 485.9 130.6 355.4 187.3 97.4 24.3 103.7 26.8 116.3 26.6 125.3 27.4 140.5 26.7 146.2 32.5 141.3 35.6 145.6 34.9 149.8 38.5 140.9 39.1 131.8 34.1 155.9 31.4 39.0 151.7 100.2 185.7 46.1 191.5 99.4 230.5 47.3 199.9 98.9 245.0 46.0 195.3 98.5 238.8 41.7 205.5 97.6 237.2 31.9 206.7 97.9 237.8 23.9 201.0 99.6 246.6 27.8 197.7 99.9 240.3 26.7 202.6 100.1 240.6 24.5 199.0 99.7 236.4 25.5 194.4 99.8 244.6 34.2 196.2 99.9 236.8 132.3 53.4 149.2 603.9 174.2 56.3 155.7 656.4 185.4 59.6 161.0 666.0 185.1 53.7 158.5 689.7 179.1 58.1 149.7 684.0 187.2 50.6 142.2 705.9 193.6 52.9 147.0 705.1 187.9 52.4 142.9 700.8 188.2 52.4 136.7 696.2 184.6 51.8 130.5 694.0 192.2 52.3 139.2 708.1 184.9 51.9 166.8 704.0 5,676.2 6,151.2 6,179.4 6,240.4 6,265.1 6,357.6 6,332.1 6,291.4 6,315.4 6,269.1 6,275.7 6,310.0 3,180.1 354.9 2,825.2 504.5 2,320.7 1,017.4 129.2 888.2 396.5 390.8 3,386.5 328.8 3,057.7 619.1 2,438.6 1,083.3 164.9 918.4 474.8 475.3 3,421.4 339.7 3,081.7 624.9 2,456.8 1,075.9 177.2 898.6 491.0 460.3 3,385.1 341.1 3,044.0 624.8 2,419.2 1,077.6 181.2 896.4 541.5 485.6 3,394.2 324.1 3,070.2 620.8 2,449.3 1,102.7 189.6 913.1 520.3 494.1 3,457.6 326.4 3,131.2 631.3 2,499.9 1,125.0 188.7 936.3 496.8 524.9 3,461.2 346.3 3,114.9 614.8 2,500.0 1,130.9 180.9 949.9 490.9 499.4 3,396.8 322.2 3,074.6 595.2 2,479.4 1,134.5 184.4 950.1 531.9 476.3 3,394.3 300.8 3,093.5 601.6 2,491.9 1,166.7 200.0 966.7 516.0 488.0 3,416.6 319.0 3,097.6 600.5 2,497.0 1,121.9 181.5 940.4 504.3 473.0 3,376.9 319.1 3,057.8 592.3 2,465.5 1,119.6 184.6 935.0 546.8 477.8 3,393.5 355.2 3,038.3 587.6 2,450.7 1,131.1 172.2 958.9 563.5 470.6 4,984.9 5,419.8 5,448.7 5,489.8 5,511.3 5,604.4 5,582.4 5,539.5 5,565.0 5,515.7 5,521.1 5,558.8 691.3 731.4 730.8 750.6 753.7 753.2 749.7 751.9 750.4 753.4 754.6 751.2 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 Mayr Nov.' 2008 2008 2007 2007 Dec' Jan.' Feb.' Mar.' Apr.' May May 7 May 14 May 21 May 28 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Other loans and leases Interbank loans Cash assets5 Other assets'" 15 Total assets7 16 17 18 19 20 21 22 23 24 25 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 26 Total liabilities 27 Residual (assets less liabilities)5 2,772.3 591.8 379.0 212.8 2,180.5 356.0 1,406.7 86.1 1,320.7 306.7 111.1 105.8 85.0 220.0 2,930.0 607.4 377.2 230.2 2,322.6 394.0 1,481.8 88.8 1,393.1 333.3 113.6 118.7 90.8 245.9 2,941.8 602.8 374.5 228.3 2,339.0 399.3 1,485.8 88.6 1,397.2 341.6 112.3 117.3 92.2 241.3 2,941.7 595.0 369.2 225.7 2,346.8 402.5 1,490.5 89.7 1,400.9 338.6 115.2 124.2 93.7 231.6 2,946.1 601.7 372.0 229.7 2,344.4 397.8 1,493.5 89.8 1,403.8 337.3 115.8 129.6 94.5 235.8 2,964.9 607.7 379.0 228.7 2,357.2 400.3 1,503.1 91.9 1,411.1 337.0 116.8 130.4 99.1 239.8 2,967.6 604.8 379.7 225.1 2,362.8 404.4 1,505.4 94.0 1,411.4 336.5 116.5 128.0 98.8 240.9 2,970.6 605.0 378.7 226.3 2,365.7 404.5 1,509.0 94.8 1,414.2 337.2 114.9 125.7 96.4 242.3 2,963.4 604.0 377.4 226.6 2,359.4 404.0 1,504.6 94.3 1,410.3 335.5 115.3 126.5 96.5 241.1 2,970.4 606.7 380.1 226.7 2,363.7 403.9 1,507.9 94.6 1,413.4 337.0 114.9 125.7 96.2 243.3 2,970.4 605.7 379.1 226.7 2,364.7 404.9 1,507.4 94.8 1,412.7 337.3 115.0 126.2 99.4 243.5 2,973.6 603.6 378.2 225.4 2,370.0 404.7 1,512.4 95.2 1,417.3 338.8 114.0 124.7 94.5 241.0 3,150.2 3,349.2 3,355.5 3,353.8 3,368.6 3,396.6 3,397.6 3,397.3 3,390.0 3,398.0 3,401.7 3,395.8 2 207 9 273.8 1,934.1 404.7 1 529 4 486.4 233.4 252.9 -2.3 76.3 2 277 4 271.3 2,006.1 411.4 1 594 7 567.1 249.4 317.7 4.7 75.7 2,275.0 269.4 2,005.6 413.7 1,591.9 580.0 257.7 322.3 2.9 74.8 2,294.5 272.2 2,022.3 419.3 1,603.0 580.5 255.1 325.4 1.7 73.7 2,316.0 276.8 2,039.2 419.6 1,619.6 569.7 250.6 319.1 1.9 74.6 2,342.8 276.2 2,066.6 421.9 1,644.7 576.7 240.7 336.1 4.4 73.9 2,335.4 285.7 2,049.8 419.3 1,630.5 586.5 243.2 343.2 5.0 73.4 2,333.7 279.4 2,054.3 419.4 1,634.9 586.5 242.8 343.7 4.0 74.6 2,330.5 284.5 2,046.0 418.6 1,627.4 579.3 232.4 346.9 3.9 74.6 2,332.8 274.5 2,058.3 419.7 1,638.6 588.3 243.1 345.1 4.1 74.3 2,337.5 283.6 2,053.9 420.1 1,633.9 590.3 247.0 343.3 3.2 74.1 2,334.1 275.7 2,058.4 419.0 1,639.4 587.8 245.2 342.6 4.2 74.9 2,768.2 2,924.9 2,932.7 2,950.4 2,962.3 2,997.9 3,000.3 2,998.8 2,988.2 2,999.5 3,005.0 3,000.9 381.9 424.3 422.8 403.5 406.3 398.7 397.3 398.5 401.7 398.6 396.7 394.9 Not seasona lly adjusted 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,791.5 602.5 386.1 216.4 2,189.0 359.3 1,413.4 86.0 1 327 5 435.0 892.4 303.6 190.1 113.5 112.7 102.5 86.0 222.5 2,917.8 601.2 372.5 228.7 2,316.6 390.5 1,479.1 88.7 1 390 5 454.1 936.4 333.9 211.5 122.4 113.1 119.5 90.3 242.7 2,949.1 598.2 371.9 226.3 2,350.9 398.2 1,490.5 89.2 1,401.3 458.2 943.1 350.1 227.5 122.6 112.0 118.3 94.9 239.6 2,943.6 592.0 366.6 225.4 2,351.6 402.8 1,489.0 89.7 1,399.3 453.3 945.9 346.4 222.9 123.6 113.4 123.2 98.3 227.7 2,949.6 605.0 373.2 231.8 2,344.6 397.7 1,495.8 90.6 1,405.2 458.3 946.9 337.2 213.0 124.2 113.9 136.1 96.0 235.3 2,962.2 616.3 383.3 233.0 2,345.9 400.4 1,498.1 91.6 1,406.5 455.0 951.5 330.8 206.4 124.4 116.5 143.0 96.1 238.8 2,978.6 614.8 385.6 229.2 2,363.8 406.8 1,507.6 93.3 1,414.3 457.1 957.2 331.9 206.4 125.5 117.5 133.8 97.4 242.8 2,990.2 615.4 385.3 230.2 2,374.8 408.1 1,515.2 94.8 1,420.5 459.2 961.2 334.6 208.4 126.3 116.8 122.4 97.4 244.8 2,984.2 614.9 384.8 230.1 2,369.3 407.7 1,513.4 94.2 1,419.2 459.9 959.3 331.6 205.6 125.9 116.6 126.0 95.6 244.6 2,986.8 616.7 386.1 230.6 2,370.1 407.5 1,512.7 94.4 1,418.3 459.2 959.1 333.5 207.4 126.1 116.4 123.4 96.3 245.3 2,990.6 615.8 385.2 230.6 2,374.8 408.5 1,514.6 94.9 1,419.8 457.9 961.9 335.3 208.9 126.3 116.3 119.9 97.0 241.4 2,993.5 614.8 385.1 229.6 2,378.8 408.3 1,516.8 95.2 1,421.6 458.2 963.4 337.4 210.9 126.5 116.2 118.5 100.5 245.7 3,169.5 3,334.1 3,364.4 3,355.1 3,379.6 3,402.7 3,414.9 3,417.0 3,412.7 3,414.2 3,411.2 3,420.4 2,216.3 272.9 1,943.4 406.2 1,537.3 486.9 236.5 250.4 -1.2 76.9 2,270.4 272.4 1,998.0 411.3 1,586.7 572.0 250.8 321.2 3.6 75.5 2,279.2 275.3 2,003.9 413.5 1,590.4 594.7 262.7 332.0 3.6 74.9 2,284.0 275.0 2,009.0 418.0 1,591.0 595.1 258.7 336.4 3.8 73.3 2,315.5 274.5 2,041.1 422.0 1,619.1 573.4 249.3 324.1 4.4 75.8 2,345.6 278.6 2,067.0 423.4 1,643.6 565.0 236.6 328.4 4.6 75.1 2,351.8 287.3 2,064.5 420.6 1,643.9 576.5 244.4 332.1 4.8 73.9 2,343.8 278.4 2,065.4 420.8 1,644.6 584.8 245.0 339.8 4.7 75.2 2,346.8 266.8 2,080.0 420.3 1,659.7 579.2 237.1 342.1 5.2 74.8 2,344.7 270.1 2,074.6 421.2 1,653.4 582.0 241.3 340.7 4.9 74.7 2,334.1 282.3 2,051.8 421.0 1,630.8 590.6 251.1 339.5 3.8 75.1 2,340.8 297.6 2,043.2 420.4 1,622.8 589.0 249.5 339.5 5.4 75.7 2,778.9 2,921.5 2,952.4 2,956.3 2,969.1 2,990.3 3,007.1 3,008.5 3,006.0 3,006.3 3,003.7 3,010.9 390.5 412.6 412.0 398.8 410.5 412.4 407.9 408.5 406.7 407.9 407.6 409.5 20 Federal Reserve Bulletin Statistical Supplement • June 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account May Nov. 2008 2008 2007 2007 Dec. Jan.' Feb. Mar.' Apr. May May 7 May 14 May 21 May 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 1.013.9' 416.1 84.6 331.5 597.8' 229.7 29.6' 150.9 187.5 64.6 53.8 38.1 1.159.4' 475.8' 92.7 383.1' 683.7' 275.1' 35.6' 144.0 228.9' 79.4 56.7 47.9 1.159.1' 457.0' 87.8 369.2' 702.1' 286.3' 37.1' 144.3 234.3' 86.4 52.7 47.1 1.174.6 459.9 93.2 366.7 714.8 291.7 39.4 143.9 239.8 84.7 55.4 55.5 1.177.4' 477.0' 97.2 379.8' 700.4' 296.5' 40.7' 122.8 240.3' 88.3 56.2 55.5 1,191.5 501.1 98.4 402.7 690.4 306.1 41.6 109.2 233.5 72.9 57.4 70.2 1.127.2' 476.0' 91.3 384.7' 651.2 303.3' 41.6 93.6 212.8 72.8 58.8' 62.4 1.120.2 460.6 90.3 370.3 659.6 305.3 40.2 101.5 212.7 75.3 56.8 47.0 1.117.6 462.8 90.2 372.7 654.8 306.0 41.2 95.4 212.2 77.5 55.1 53.1 1.118.5 464.8 88.9 375.8 653.7 304.7 40.3 100.3 208.4 78.8 57.9 43.7 1,134.8 467.3 89.6 377.7 667.5 304.9 39.0 107.8 215.8 76.9 56.8 45.7 1,114.0 453.2 91.9 361.2 660.9 306.1 39.9 102.0 212.8 72.0 56.4 45.1 1,169.8' 1,342.7 1,344.5' 1,369.4 1,376.6' 1,391.3 1,320.4' 1,298.5 1,302.6 1,298.1 1,313.4 1,286.8 883.2 10.9 872.3 565.0 62.9 502.1 -404.5 124.2 1,019.0 12.7 1,006.4 585.8 60.0 525.8 -395.4 125.4 1,022.5 12.7 1,009.8 602.9 66.9 535.9 -409.1' 125.8 1,048.5 11.7 1,036.8 597.4 65.4 532.0 -416.2 145.0 1,073.6 11.4 1,062.2 596.1 65.3 530.8 -429.4' 140.6 1,062.8 11.7 1,051.1 603.5 72.6 530.9 -448.9 171.8 1,053.6 10.6 1,043.0 580.7 71.8 509.0 -484.5' 158.6 1,099.4 11.2 1,088.2 605.1 73.5 531.7 -559.0 147.0 1,066.1 11.5 1,054.6 594.7 75.1 519.6 -521.8 152.8 1,093.7 10.6 1,083.0 608.7 70.0 538.7 -559.1 145.6 1,112.4 11.5 1,100.9 611.7 72.5 539.3 -568.3 152.5 1,119.9 11.3 1,108.5 602.9 73.4 529.5 -579.1 141.6 1,168.0 1,334.8 1,342.0 1,374.6 1,380.9' 1,389.2 1,308.5 1,292.6 1,291.9 1,288.9 1,308.3 1,285.3 2.5' -5.2 -4.3' 2.1 11.9 6.0 10.7 9.2 5.1 1.5 1.8' 7.8' Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 1.015.2' 418.6 84.6 24.5 60.1 334.0 210.0 124.0 596.6' 227.8 30.2' 153.2 185.4 61.9 53.2 39.3 1.164.5' 480.5' 93.2 26.6 66.6 387.3' 227.9' 159.5 683.9' 274.9' 36.6' 144.7 227.8' 83.5 57.8 46.4 1.164.3 455.4' 87.4 26.3 61.1 368.0' 211.6' 156.4 708.9' 289.5' 38.0' 146.8 234.6' 89.2 53.4 46.7 1.178.7 458.3 91.3 26.2 65.1 367.0 217.9 149.1 720.3 295.0 39.3 142.8 243.2 86.5 55.7 54.8 1,180.1' 477.9' 98.5' 28.3 70.2 379.4' 215.2' 164.2 702.2' 299.6' 39.6' 121.7 241.3' 88.4' 55.5 57.2 1.189.3 499.3 96.7 29.1 67.6 402.6 238.1 164.5 690.0 305.9 40.2 111.1 232.9 70.2 56.0 68.6 1.128.8' 476.6' 90.8 27.8 63.0 385.8' 242.2' 143.5' 652.2 301.5 42.0 95.8 212.9 70.1 56.7 60.4 1.120.7 464.4 90.5 29.5 61.0 373.9 232.4 141.5 656.3 302.4 41.1 102.6 210.1 71.9 56.2 48.2 1.117.8 466.5 91.0 29.5 61.5 375.5 234.1 141.4 651.3 301.6 42.2 96.4 211.0 75.9 54.2 50.1 1.116.7 465.3 89.3 28.0 61.3 375.9 234.8 141.1 651.4 302.4 41.0 101.7 206.3 73.0 56.4 46.3 1,129.9 469.4 90.0 29.3 60.7 379.4 238.3 141.1 660.5 302.6 40.6 106.6 210.6 73.7 56.7 47.3 1,119.1 459.0 91.3 30.7 60.6 367.7 225.9 141.8 660.0 303.0 40.5 105.6 210.9 68.1 57.0 48.3 1,169.0' 1,351.4' 1,352.8 1,374.9 1,380.4' 1,383.3 1,315.1' 1,296.3 1,297.2 1,291.6 1,306.8 1,291.7 903.6 10.5 893.1 572.1 58.3 513.9 -433.9 125.2 1,017.4 12.8 1,004.6 584.3 63.0 521.3 -383.6 130.4 1,010.5 13.4 997.1 610.6 71.6 539.0 -398.5 127.0 1,046.9 11.8 1,035.0 604.2 68.3 535.9 -422.2 142.9 1,066.2 11.6 1,054.6 609.0 67.1 541.8 -436.6' 138.5 1,067.4 11.7 1,055.6 621.7 77.9 543.7 -472.8 163.7 1,084.1 10.6 1,073.4 590.9 70.8 520.2 -518.7' 155.4 1,125.5 10.6 1,114.9 612.1 68.1 544.1 -592.8 148.1 1,088.9 10.8 1,078.0 605.3 64.8 540.5 -548.7 148.4 1,115.0 10.1 1,104.9 620.9 69.7 551.2 -595.1 147.4 1,145.3 11.0 1,134.3 608.5 63.8 544.7 -601.5 151.2 1,145.8 10.9 1,134.9 611.0 70.5 540.4 -617.6 149.2 1,167.1 1,348.4 1,349.6 1,371.8 1,377.1' 1,379.9 1,311.7' 1,292.9 1,293.8 1,288.2 1,303.5 1,288.4 3.2 3.1 3.3 3.4 3.4 3.3 3.4 3.4 3.3 3.3 2.0' 2.9' 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 2007 May 2007 Nov. 2008 2008 Dec. Jan. Feb. Mar.' Apr.' May May 7 May 14 May 21 May 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 real estate loans12 125.3 201.6 186.1 220.6 222.4 262.4 241.5 211.9 219.0 213.8 214.9 205.2 105.1' 707.3' 531.1' 176.1' 159.5 673.6' 464.3' 209.2' 143.6 670.5' 451.7' 218.8' 174.4 670.5' 444.3' 226.2' 174.6 684.0' 453.2' 230.8' 206.3 706.4 471.4 235.0 191.9 703.5 471.6 231.9 170.3 716.0 483.3 232.7 173.3 714.8 482.3 232.5 170.2 712.2 480.2 232.0 177.6 717.8 484.2 233.6 164.1 716.0 483.5 232.5 -7.5 107.3 70.1 37.2 n.a. -8.1 111.9 74.5 37.4 1,188.3' -6.5 113.9 74.0 39.9 1,195.6' -2.7 113.1 73.6 39.4 1,199.7' -7.0 114.1 76.1 38.0 1,205.8' -16.2 113.9 76.5 37.4 1,203.6 -21.3 112.8 75.9 36.9 1,204.5 -21.2 114.3 78.3 36.1 1,217.7 -19.5 111.3 74.8 36.5 1,217.7 -20.2 112.9 76.5 36.4 1,217.7 -20.9 115.7 79.8 35.9 1,217.7 -23.3 116.0 80.2 35.8 1,217.7 228.7' 273.7 n.a. 242.1' 283.5 39.7 243.3' 285.2 39.4 244.2' 289.8 39.3 259.6' 293.2 38.6 275.7 294.3 37.6 281.2 296.1 37.1 284.1 296.6 36.0 283.3 298.0 36.8 284.4 296.6 36.8 284.6 296.0 36.7 283.6 296.1 36.7 71.2 82.6 73.8 84.7' 86.6 114.0 114.7 107.1 108.6 109.1 113.0 100.0 77.8 86.8 76.8 85.0 88.6 110.4 107.7 102.9 104.0 105.3 108.0 96.6 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 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 ^classifications 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 • June 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2007 2008 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2003 2004 2005 2006 2007 Sept. Oct. Nov. Dec. Jan. Feb. 1,284,153 1,403,929 1,662,157 1,983,118 1,780,685 1,871,813 1,897,975 1,843,369 1,780,685 1,860,738 1,819,246 519,785 112,292 589,499 129,902 663,951 142,363 730,735 167,075 816,693 162,720 749,451 168,984 821,370 163,993 825,002 167,923 816,693 162,720 854,644 172,258 845,397 179,731 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 1 Nov Rate 7 4.75 4 25 2003 June 27 4 00 2004—June 30 Aug. 10 Sept. 21 Nov. 10 Dec. 14 4 25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 Dec. 11 7.75 7.50 7.25 2008—Jan. 22 30 Mar. 18 Apr. 30 6.50 6.00 5.25 5.00 Period Average rate 2004 2005 2006 2007 4.34 6.19 7.96 8.05 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 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 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 Period Average rate 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 7.33 2008—Jan Feb Mar Apr 6.98 6.00 5.66 5.24 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2007 Item 2005 2006 2008 2008, week ending 2007 Dec. Jan. Feb. Mar. Feb. 29 Mar. 7 Mar. 14 Mar. 21 Mar. 28 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 3.22 4.19 4.97 5.96 5.02 5.86 4.24 4.83 3.94 4.48 2.98 3.50 2.61 3.04 2.96 3.50 3.00 3.50 2.97 3.50 2.70 3.18 2.18 2.50 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 3.22 3.23 3.42 4.98 5.01 5.10 5.02 4.98 4.92 4.25 4.24 4.23 3.61 3.41 3.25 2.90 2.75 2.72 2.36 2.32 2.35 2.84 2.68 2.54 2.69 2.64 2.60 2.47 2.44 2.44 2.18 2.00 n.a. 2.14 2.11 2.12 6 7 8 Financial 1-month 2-month 3-month 3.27 3.36 3.44 5.00 5.04 5.07 5.07 5.10 5.13 4.51 4.66 4.76 3.71 3.72 3.70 3.00 2.95 3.03 2.61 2.65 2.70 2.93 2.95 3.07 2.87 2.86 2.92 2.70 2.74 2.80 2.40 2.48 2.55 2.52 2.56 2.57 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 3.34 3.51 3.73 5.06 5.16 5.24 5.23 5.27 5.23 5.07 5.02 4.85 3.85 3.84 3.71 3.11 3.06 2.99 2.82 2.79 2.70 3.10 3.06 2.99 3.04 2.94 2.82 2.84 2.81 2.76 2.62 2.62 2.49 2.75 2.74 2.69 12 Eurodollar deposits, 3-month3>s 3.51 5.19 5.32 5.17 3.95 3.12 2.86 3.11 3.04 2.87 2.65 2.82 U.S. Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 2.94 3.15 3.39 4.67 4.73 4.81 4.32 4.36 4.44 2.79 3.00 3.23 2.68 2.75 2.75 2.23 2.12 2.04 1.34 1.26 1.48 2.17 1.97 1.95 1.86 1.52 1.66 1.57 1.34 1.46 0.61 0.81 1.24 1.19 1.27 1.50 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 4.53 4.36 4.35 4.43 4.51 4.63 4.91 3.26 3.12 3.13 3.49 3.74 4.10 4.57 2.71 2.48 2.51 2.98 3.31 3.74 4.35 2.05 1.97 2.19 2.78 3.21 3.74 4.49 1.54 1.62 1.80 2.48 2.93 3.51 4.36 1.98 1.94 2.19 2.80 3.25 3.78 4.56 1.66 1.60 1.83 2.51 3.00 3.61 4.48 1.52 1.59 1.78 2.47 2.93 3.51 4.39 1.35 1.52 1.66 2.34 2.79 3.39 4.22 1.60 1.75 1.89 2.58 2.99 3.52 4.32 4.28 4.86 4.40 4.15 4.71 4.40 4.13 4.60 4.40 4.25 4.93 4.42 4.13 4.86 4.27 4.42 5.24 4.64 4.63 5.43 4.93 4.77 5.61 5.11 4.65 5.43 4.92 4.63 5.42 4.94 4.58 5.40 4.88 4.64 5.47 4.96 5.57 5.98 6.01 6.06 5.93 6.15 6.13 6.21 6.18 6.16 6.05 6.14 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.56 5.90 6.09 6.48 5.49 5.91 6.19 6.65 5.33 5.78 6.06 6.54 5.53 5.97 6.26 6.82 5.51 5.90 6.24 6.89 5.60 6.03 6.32 6.91 5.54 5.98 6.28 6.89 5.53 5.94 6.26 6.91 5.44 5.79 6.15 6.82 5.51 5.86 6.25 6.93 1.73 1.82 1.83 2.01 2.11 2.18 2.34 2.20 2.37 2.35 2.30 2.32 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. Source: U.S. Treasury. 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/ defaulthtm. 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. Source: U.S. Treasury. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in 20 years are used in compiling this index. The 20-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. 24 Federal Reserve Bulletin Statistical Supplement • June 2008 1.36 STOCK MARKET Selected Statistics 2007 Indicator 2005 2006 2008 2007 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Pr ces and trac ng volume (averages of daily figures) Common slock prices (indexes) 1 New York Stock Exchange (Dec. 31,1965 = 50) 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,653.00 n.a. n.a. n.a. n.a. 9,440.44 n.a. n.a. n.a. n.a. 9,777.58 10,159.33 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,741.15 n.a. n.a. n.a. n.a. 9,807.36 n.a. n.a. n.a. n.a. 9,165.10 n.a. n.a. n.a. n.a. 9,041.52 n.a. n.a. n.a. n.a. 8,776.21 n.a. n.a. n.a. n.a. 9,174.10 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,207.23 1,310.46 1,477.19 1,454.62 1,497.12 1,539.66 1,463.39 1,479.23 1,378.76 1,354.87 1,316.94 1,370.47 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,567.52 1,936.79 2,267.99 2,217.16 2,320.48 2,441.84 2,406.56 2,383.84 2,290.88 2,269.79 2,262.29 2,297.06 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,542,724 2,254,869 3 232195 4 086 048 3 071 737 3 268 707 4 045 500 3 145 802 4,830,460 3,832,107 4,601,666 3,829,875 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 221,660 275^80 285,610 331^70 329,510 345,420 344,300 285,610 328,330 334,900 311,660 295,550 119,710 88,730 159,040 94,450 156,190 90,340 214,890 118,250 208,540 118,910 222,900 120,840 246,520 128,530 156,190 90,340 276,390 142,100 266,050 133,670 305,600 122,140 313,740 100,600 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 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 8,394.7 8,443.7 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 9,252.3 9,461.l r 8,371.2 4.872.8 3,498.4 8,420.0 4,797.5 3,622.6 8,507.0 4,843.2 3,663.8 8,680.2 4,901.2 3,779.0 8,849.7 5,054.3 3,795.4 8,867.7 4,943.0 3,924.6 9,007.7 5,049.2 3,958.4 9,229.2 5,136.3 4,092.9 9,437.6' 5,334.0' 4,103.6' 23.6 23.6 .0 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 .0 23.2 23.2 .0 23.0 23.0 23.1 23.1 23.5' 23.5' 8,779.2 8,921.3 9,144.7 9,358.1' 8,281.4 .1 8,330.6 .1 8,420.2 .1 8,592.4 .1 8,760.7 .1 8,779.1 .1 8,921.3 9,144.6 9,358.1' 8,965.0 8,965.0 8,965.0 8,965.0 8,965.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bone Nonmarketable2 State and local government serie 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 7,596.1 8,170.4 8,680.2 9,229.2 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 191.7 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 8,627.5 4,413.9 944.2 2,409.9 530.6 411.2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 9,207.5 4,536.6 1,003.9 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 180.5 4,164.3 21.7 8,819.6 4,339.1 869.0 2,444.3 547.2 437.8 4,528.6 301.6 3.0 3.0 .0 183.4 3,989.3 48.1 8,959.3 4,448.1 958.1 2,431.4 561.0 456.9 4,559.5 296.5 3.0 3.0 .0 181.6 4,026.8 48.4 9,207.5 4,536.6 1,003.9 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 180.5 4,164.3 21.7 9,416.6 4,732.4 1,158.4 2,514.0 571.8 474.1 4,705.2 286.3 4.9 4.9 .0 179.4 4,183.7 21.0 3,189.1 717.8 3,690.6 125.0 254.1 149.7 389.1 3,466.9 744.2 3,970.6 117.2 251.3 160.4 463.2 3,783.1 778.9 4,122.1 115.1 250.7 159.0 497.7 4,097.8 740.6 4,395.7 129.9 362.9 135.3 524.9 3,928.9 790.5 4,152.6 110.6 267.2 147.9 549.2 3,963.1 779.6 4,269.7 119.8 306.7 142.2 535.8 4,097.8 740.6 4,395.7 129.9 362.9 135.3 524.9 4,108.2 591.2 4,742.9 126.7 468.2 135.8 520.2 204.4 301.4 150.3 151.0 1,853.4 413.4 205.1 314.9 161.1 153.8 2,036.0 422.5 202.4 326.1 173.0 153.0 2,105.0 466.1 196.4 373.8 209.3 164.5 2,355.3 320.6 198.6 358.3 202.2 156.1 2,193.9 332.6 197.1 367.2 205.9 161.4 2,244.1 355.9 196.4 373.8 209.3 164.5 2,355.3 320.6 195.3 391.4 223.7 167.7 2,438.6 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 • June 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2007 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Dec. 2008 Jan. 2008, week end Feb. Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 5 Mar. 12 Mar. 19 Mar. 26 55,350 48,152 62,803 48,279 49,431 57,674 70,802 64,757 77,487 72,076 98,865 95,453 166,632 215,659 219,804 249,278 229,586 166,199 195,214 265,088 282,513 265,196 267,600 226,927 126,737 176,236 192,218 214,177 185,256 162,886 201,180 195,622 248,557 220,695 218,194 152,714 110,834 25,290 6,745 144,633 34,515 10,202 158,086 35,957 9,418 169,765 42,773 12,162 146,792 36,822 11,206 149,210 39,711 7,530 182,711 32,510 9,306 146,957 33,409 9,431 169,122 39,827 10,807 158,671 33,998 9,629 169,571 40,845 12,698 112,155 30,539 10,821 87,897 96,980 94,129 102,523 98,139 88,881 93,609 96,049 95,732 82,177 99,526 105,354 7,018 13,090 14,242 12,277 17,693 11,510 11,393 15,436 18,304 14,034 16,761 10,687 4,455 7,697 5,987 7,776 6,363 5,357 4,966 6,416 8,293 7,417 6,014 4,208 3,927 756 4,544 1,330 3,968 1,458 5,948 1,656 3,368 1,376 3,470 1,940 4,730 1,496 3,857 991 4,787 1,491 4,321 1,452 4,612 867 4,344 896 292,683 417,242 419,968 400,640 485,012 406,889 384,913 367,352 541,752 535,934 344,408 295,747 192,278 14,667 196,649 19,785 205,461 16,544 217,882 26,406 212,188 17,899 192,889 16,728 208,463 13,598 212,044 17,284 199,474 18,894 205,451 15,417 229,898 16,744 201,337 16,286 201,045 261,001 276,011 309,499 269,328 238,906 281,330 288,574 337,431 302,543 311,271 261,658 5,886 88,275 340 7,415 114,844 579 7,080 124,822 516 8,336 111,361 710 6,448 136,554 624 6,290 118,999 490 6,163 127,746 359 8,578 105,871 596 8,863 155,980 554 8,986 134,123 541 8,762 108,286 475 8,044 104,212 423 290,543 368,395 402,274 426,935 389,766 344,304 410,392 426,691 490,882 457,722 496,503 366,952 98,167 204,408 206,605 116,225 302,398 215,854 112,705 295,146 221,490 121,844 289,279 243,578 120,491 348,458 229,464 104,868 287,890 209,127 110,032 257,168 221,702 114,170 261,481 228,733 119,744 385,772 217,814 100,414 401,811 220,326 119,019 236,122 246,167 117,446 191,534 217,199 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 2008, week ending 2008 2007 Item, by type of security Dec. Jan. Feb. Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 5 Mar. 12 Mar. 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 -3,110 -9,032 4,741 -11,992 -9,689 1,623 17,663 3,757 17,167 27,921 2,614 -9,070 -2,482 -20,413 2,472 -15,006 -20,244 -23,454 -25,653 -8,237 -18,347 -18,114 -25,152 -29,661 -31,824 -19,818 -23,007 -35,292 -29,737 -36,869 -35,787 -33,366 -35,368 -33,960 -10,551 3,117 -32,853 -8,766 1,453 -31,921 -6,439 2,627 -39,353 -8,381 2,104 -30,933 -9,285 1,144 -31,931 -5,511 2,547 -29,674 -6,200 2,546 -33,808 -4,930 3,526 -36,110 -7,268 4,492 -36,137 -3,163 4,827 -27,025 -5,095 4,549 52,543 50,980 48,895 40,047 44,753 50,364 51,311 47,378 53,033 50,421 46,844 42,405 55,106 59,835 59,561 63,966 61,273 55,467 56,504 69,354 64,562 61,444 5,056 12,720 14,178 15,982 15,353 14,703 13,873 13,390 12,640 12,125 10,311 13,843 9,861 14,713 10,696 12,069 9,723 14,195 10,651 13,296 10,205 12,969 9,999 11,340 9,450 10,922 9,497 11,800 9,060 11,474 9,239 11,104 9,314 55,915 59,916 63,224 59,251 63,016 63,890 65,020 60,204 65,795 49,078 70,334 47,659 220,150 57,608 214,734 56,340 193,971 54,918 207,937 54,749 202,146 54,682 196,323 59,754 192,976 54,755 188,663 60,519 183,276 57,949 185,099 63,355 187,184 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 1 464 804 1,219,200 1 522 028 1,133,387 1 590 724 1,254,956 1 557 396 1,226,867 1 577 541 1,176,781 1,568,811 1,263,691 1,589,039 1,236,986 1,598,773 1,317,485 1,684,696 1,302,946 1,690,899 1,336,589 1,709,152 1,326,528 227,395 258,169 232,936 263,401 245,527 281,377 217,459 278,786 234,476 272,496 245,853 276,151 258,712 277,647 239,724 299,901 251,702 274,538 283,981 280,817 273,186 263,173 178,148 454,396 188,187 427,804 224,992 441,919 200,183 432,849 225,763 419,599 224,808 444,307 223,722 437,136 223,947 459,032 231,428 457,370 206,789 427,443 201,213 406,281 128,928 86,249 132,278 79,502 131,850 80,658 133,649 76,239 126,061 88,099 129,376 84,691 130,204 78,828 137,969 76,511 142,219 65,142 140,764 60,858 134,728 61,771 991,623 1 620 426 1,045,441 1 519 183 1,149,688 1 683 120 1,049,773 1 648 922 1,121,489 1 581 864 1,125,949 1 694186 1,163,684 1 661 199 1,158,996 1 765 531 1,235,802 1 736 445 1,221,751 1 747 957 1,235,137 1,728,358 1 430 608 1,088,904 1 495 768 970,263 1 543 737 1,106,776 1 510 692 1,041,670 1 541 245 1,011,392 1 488 033 1,124,833 1 548 599 1,115,880 1 562 469 1,152,693 1 663 596 1,137,154 1 675 499 1,195,038 1 717 374 1,183,138 406,172 149,629 419,667 162,205 452,662 188,788 402,236 186,036 443,165 169,213 458,346 188,557 463,609 193,331 443,386 202,309 455,405 185,097 464,301 197,572 422,895 189,245 794,535 248,882 862,651 197,699 932,073 182,542 898,519 203,606 924,382 178,500 960,800 176,913 926,655 174,440 919,493 198,365 917,601 187,350 878,266 205,357 892,610 185,089 364,664 90,600 374,651 82,280 352,320 90,835 372,120 81,420 363,475 85,427 357,110 94,076 351,738 95,498 341,138 88,666 343,268 86,982 338,437 87,801 353,303 74,898 2,592,093 1,509,334 2,730,072 1,352,653 2,878,106 1,492,245 2,760,012 1,447,132 2,873,122 1,374,108 2,858,189 1,506,964 2,891,645 1,496,872 2,861,966 1,563,371 2,971,863 1,530,005 2,949,060 1,618,132 2,999,275 1,563,998 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 • June 2008 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Sept. 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 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 23,520 6 3,151 6 n.a. 84 22,965 6 n.a. 85 23,017 6 n.a. 83 23,103 6 n.a. 84 3,151 6 n.a. 84 23,108 6 n.a. 68 n.a. n.a. 3,145 n.a. n.a. n.a. 22,959 n.a. n.a. n.a. 23,011 n.a. n.a. n.a. 23,097 n.a. n.a. n.a. 3,145 n.a. n.a. n.a. 23,102 n.a. n.a. 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 28^25 32,422 31,931 32,422 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 18,515 n.a. 9,810 n.a. n.a. 32,422 n.a. n.a. 31,931 n.a. n.a. 32,422 n.a. n.a. 23,837 n.a. 23,514 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending^ 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Sept. 1 All issues, new and refunding1 409,802 389,540 426,167 28,375' 32,882 44,659 28,912' 29,194' 19,702 21,266 41,979 By type of issue 2 General obligation 3 Revenue 145,845 263,957 115,128 274,413 131,209 294,958 9,064 19,311' 6,809 26,072 11,182 33,477 10,175 18,737' 9,513 19,681' 9,278 10,424 11,285 9,981 11,124 30,854 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township 31,568 298,762 79,472 28,258 293,403 67,879 34,970 315,228 75,970 3,036 19,489' 5,851 2,037 25,423 5,421 4,133 35,261 5,265 2,149 18,970 7,793' 2,488 21,425' 5,282' 1,279 14,166 4,258 3,707 12,523 5,037 3,777 32,346 5,855 7 Issues for new capital 222,986 262,485 275,208 20,850' 25,097 30,859 21,621 21,790' 15,188 14,812 19,948 70,974 25,427 10,052 n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,684 70,305 27,921 11,399 n.a. 38,137 83,044 4,566 3,436 590 n.a. 2,859 5,741 3,694 5,578 520 n.a. 4,092 8,674 6,115 3,641 723 n.a. 6,030 10,267 7,125 1,989 1,112 n.a. 2,075 5,697 5,782' 1,652 2,547 n.a. 2,467 5,625 4,138 2,951 1,007 n.a. 1,372 4,409 4,538 420 3,695 n.a. 1,342 3,564 3,877 4,725 1,051 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 U.S. Corporations Millions of dollars 2007 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2005 2006 2008 2007 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 2,438,989 2,710,028 2,447,707 140,993 183,529 159,087 162,021 143,274 109,195 148,308 78,814 2,323,735 2,590,863 2,279,052 135,078 173,382 151,933 151,119 119,184 87,724 121,240 66,664 2,141,496 182 238 2,318,379 272 483 2,030,248 248 803 125,312 9 766 159,508 13 873 131,957 19 976 122,921 28 198 98,829 20 356 81,383 6 341 108,575 12 665 64,458 2 206 22,221 18,262 20,103 1,403 1,669 2,626 1,436 2,246 1,349 n.a. n.a. 216,072 2,107,662 344,005 2,246,858 411,723 1,867,329 13,137 121,940 32,055 141,326 34,501 117,432 48,456 102,663 30,003 89,181 33,128 54,596 28,251 92,989 22,560 44,104 115,255 119,165 168,655 5,915 10,147 7,154 10,902 24,090 21,471 27,068 12,150 54,713 60,541 56,029 63,136 65,440 103,216 2,776 3,140 6,881 3,266 3,255 3,899 4,952 5,950 11,673 12,418 2,813 18,658 1,958 25,110 3,091 9,059 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By industry group 10 Financial 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. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • June 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2007 Item 2006 2008 2007' Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 Sales of own shares2 2,009,480 2,529,954 182,213 235,084 198,432 225,067 280,573 204,415 200,928 229,537 2 Redemptions of own shares 1,782,393 227,087 2,305,640 224,314 166,197 16,016 210,539 24,545 205,546 -7,114 221,500 3,567 302,693 -22,120 176,606 27,809 201,377 -449 198,284 31,253 8,058,059 8,914,249 9,068,464 9,337,512 8,995,368 8,914,249 8,445,110 8,357,451 8,263,656 8,634,205 345,066 7 712 993 378,795 8 535 454 347,208 8 721 256 365,821 8 971 691 384,831 8,610,537 378,795 8,535,454 361,823 8,083,287 382,693 7,974,758 383,612 7,880,044 421,223 8,212,982 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 2007 2006 2008 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ASSETS 1 622 4 601.8 479.2 541.4 1 732 7 640.3 498.0 594.4 1,759.5 706.8 519.5 533.3 1,710.3 628.3 490.4 591.6 1,732.7 640.3 498.0 594.4 1,728.4 643.1 505.4 579.8 1,732.1 659.7 509.3 563.2 1,757.5 689.2 507.9 560.4 1,759.5 706.8 519.5 533.3 1,766.6 707.4 533.4 525.8 44.7 24 5 49.2 26 6 50.2 33 5 48.4 24 7 49.2 26 6 50.8 25 5 50.6 25 5 50.3 28 7 50.2 33 5 51.2 34 5 8 All other 1 553 2 535.7 1 656 9 486.5 1 675 9 499.4 1 637 2 482.9 1 656 9 486.5 1 652 1 497.6 1 655 9 504.9 1 678 5 515.3 1 675 9 499.4 1 680 9 525.1 9 Total assets 2,088.8 2,143.3 2,175.2 2,120.1 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,206.0 142.1 160.0 129.2 165.3 173.3 158.5 131.5 164.0 129.2 165.3 138.1 159.1 153.5 154.0 176.7 149.0 173.3 158.5 172.3 153.2 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 326.4 837.3 440.0 239.7 336.7 824.0 421.1 242.8 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.8 847.6 444.4 244.2 326.4 837.3 440.0 239.7 334.3 849.5 453.0 243.7 2,088.8 2,143.3 2,175.2 2,120.1 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,206.0 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 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 Receivables1 Billions of dollars, amounts outstanding Type of credit Apr. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 774.6 561.5 559.1 2,009.3 2,044.5 818.4 610.9 580.0 885.9 566.1 592.4 2,045.9' 572.6 594.8 882.2' 562.5 601.3' 885.9 566.1 592.4 2,044.7 887.0' 567.0 608.3' 889.7' 569.3' 602.7' 889.5 558.3 596.8 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 2,026.2 2,061.8 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 893.5 262.9 122.9 86.0 234.9 890.1 259.4 122.2 82.9 233.0 893.5 262.9 122.9 86.0 234.9 886.9' 256.0 124.4 84.9 240.1 882.7' 253.6 124.3 83.4 241.6 882.9' 255.7 124.9 82.1' 244.7' 883.0 257.0 125.5 82.1 244.8 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 113.3 3.1 25.6 44.7 569.8 474.2 59.1 118.6 3.2 25.7 45.2 573.5 497.5 58.6 113.3 3.1 25.6 44.7 569.8 474.2 59.1 108.7' 3.1 25.4 44.3 564.8 466.7 62.0 107.4 3.0 25.4 44.0 566.0 465.2 64.9 103.5' 3.0 25.4 43.6 561.2' 457.9' 67.8 101.6 3.0 25.4 43.5 554.2 451.9 67.0 18.9 4.8 564.5 105.5 15.2 61.2 29.0 281.9 93.6 188.3 91.8 16.8 3.7 586.0 105.1 17.1 55.7 32.3 299.5 102.4 197.1 93.5 34.9 1.6 598.6 105.7 16.4 56.9 32.4 319.4 106.1 213.3 94.4 15.0 2.4 594.3 106.9 16.8 57.3 32.7 312.3 105.6 206.7 95.9 34.9 1.6 598.6 105.7 16.4 56.9 32.4 319.4 106.1 213.3 94.4 34.8 1.3 601.7' 104.9 16.0 56.5 32.4 326.6' 111.2' 215.4' 92.6 34.8 1.1 609.7' 107.9 15.6 59.9 32.4 326.9' 112.8' 214.1' 97.2' 34.7' .8 609.9' 107.8 15.3 60.7 31.9 324.8' 113.5' 211.3' 100.8' 34.6 .8 603.1 109.2 15.2 62.1 31.8 319.7 112.5 207.2 100.4 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 35.1 2.7 32.3 .1 13.2 9.4 3.8 31.0 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 32.4 2.6 29.7 .1 13.2 9.2 3.9 32.0 32.5 2.6 29.8 .1 13.2 9.2 4.0 32.0 31.5 2.6 28.9 .1 13.3 9.2 4.1 31.7 28.7 2.6 26.0 .1 13.6 9.5 4.0 31.6 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 reelassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 2,053.4' 2,040.3 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 • June 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2008 2007 Item 2005 2006 2007 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)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 366.8 273.7 77.1 29.2 .80 347.7 268.8 79.4 29.2 .74 360.2 269.5 78.6 29.0 .78 373.1 275.9 78.1 29.2 .66 329.8 248.6 77.9 28.8 .80 346.3 252.4 76.4 28.9 .64 339.4 254.2 77.3 29.2 .67 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 6.30 6.42 n.a. 6.10 6.21 n.a. 5.90 6.02 n.a. 5.87 5.96 n.a. 5.80 5.92 n.a. 5.89 5.98 n.a. 5.92 6.01 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 5.38 n.a. 5.37 n.a. 5.00 n.a. 5.19 n.a. 5.16 n.a. 5.22 n.a. 5.27 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGEASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 722,032 n.a. n.a. 723,976 n.a. n.a. 720,985 n.a. n.a. 721,579 n.a. n.a. 722,768 n.a. n.a. 728,414 n.a. n.a. 736,925 n.a. n.a. 14 Mortgage transactions purchased (during period) 146,641 196,017 182,470 13,997 12,796 8,913 11,593 15,817 17,961 20,001 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 720,813 n.a. n.a. 701,352 n.a. n.a. 720,813 n.a. n.a. 716,932 n.a. n.a. 709,523 n.a. n.a. 712,462 n.a. n.a. 737,537 n.a. n.a. 770,383 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 470,976 n.a. 34,215 n.a. 48,210 n.a. 29,480 n.a. 42,968 n.a. 43,526 n.a. 40,779 n.a. 47,310 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Mortgage commitments (during period) 15 Issued7 16 To sells 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-do wnpayment 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 MortgageAssociation 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 j financial institutions . . . 7 Commercial C i l b k2 banks 8 One- to four-family 9 Multifamily Nonfarm, nonresidential 10 Farm 11 12 Savings institutions3 One- to four-family 13 Multifamily 14 Nonfarm, nonresidential 15 Farm 16 17 Life insurance companies . One- to four-family 18 Multifamily 19 Nonfarm, nonresidential 20 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 One- to four-family Multifamily Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal National Mortgage Association . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family1" Multifamily Nonfarm, nonresidential Farm Federal Agricultural Mortgage Corporation Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q2 Q3 Q4 14,362,580 14,740,480 10,667,810 12,101,430 8,273,402 617,869 1,679,672 96,872 9,379,328 687,682 1,932,904 101,518 10,451,630 741,158 2,209,884 109,038 10,652,390 758,046 2,257,680 111,124 10,862,200 780,372 2,340,442 113,233 11,015,740 804,588 2,426,895 115,365 11,158,060 837,115 2,490,437 117,497 11,233,930 855,616 2,532,719 118,219 3,926,324 2,595,605 1,580,992 118,710 860,670 35,233 1,057,395 874,199 87,545 95,052 599 273,324 7,874 40,453 214,085 10,912 4,396,243 2,958,042 1,793,029 138,702 989,372 36,939 1,152,738 953,819 98,352 99,951 616 285,463 7,746 42,440 224,258 11,019 4,780,819 3,403,052 2,081,766 157,555 1,123,210 40,521 1,073,967 867,831 95,792 109,604 740 303,800 11,301 44,761 236,719 11,019 4,810,107 3,386,400 2,053,931 159,697 1,132,251 40,521 1,117,259 911,458 93,627 111,394 780 306,448 11,056 45,208 239,165 11,019 4,897,281 3,472,132 2,105,412 161,648 1,164,551 40,521 1,112,812 905,278 92,570 114,158 806 312,337 11,062 46,141 244,115 11,019 4,989,289 3,525,100 2,128,207 164,965 1,191,407 40,521 1,146,869 933,511 94,773 117,739 846 317,320 11,003 46,910 248,388 11,019 5,067,153 3,645,724 2,208,306 168,407 1,228,490 40,521 1,095,256 878,958 92,705 122,711 882 326,173 11,124 48,336 255,694 11,019 5,126,517 3,683,796 2,216,360 172,803 1,253,830 40,803 1,111,468 884,832 94,495 131,231 910 331,253 11,449 49,093 259,692 11,019 704,438 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 688,678 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 693,842 26 26 0 77,264 12,819 11,340 49,919 3,186 5,013 1,679 3,335 0 0 0 0 0 15 2 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 0 3 0 1 742,109 24 24 0 78,941 13,066 11,249 51,399 3,228 4,917 1,853 3,063 0 0 0 0 0 2 0 10 0 386,372 321,464 64,908 61,451 17,600 43,851 66,702 20,363 46,339 748 748 702,228 25 25 0 77,978 12,893 11,318 50,564 3,204 5,115 1,687 3,428 0 0 0 0 0 6 1 1 4 0 392,690 320,463 72,227 62,902 19,051 43,851 68,350 21,219 47,131 754 754 726,458 22 22 0 78,411 13,024 11,282 50,839 3,266 4,927 1,779 3,147 0 0 0 0 0 2 0 7 0 400,157 355,687 44,470 52,793 15,070 37,723 61,320 23,374 37,946 887 887 666,601 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 2 5 0 366,680 314,801 51,879 54,640 14,515 40,125 61,428 20,378 41,050 804 804 399,420 321,955 77,465 64,859 21,008 43,851 71,680 22,946 48,734 742 742 403,577 311,831 91,746 67,423 23,572 43,851 79,776 23,876 55,900 768 768 411,838 313,458 98,380 68,964 24,808 44,156 86,105 26,802 59,303 759 759 4,834,403 441,235 409,089 32,147 1,189,393 1,173,847 15,546 1,743,061 1,673,339 69,722 0 0 0 0 0 1,459,776 1,049,767 73,068 336,941 0 938 938 5,673,395 405,246 371,484 33,762 1,309,024 1,294,521 14,503 1,826,779 1,753,708 73,071 0 0 0 0 0 2,131,502 1,609,699 89,626 432,176 0 844 844 6,575,142 410,021 373,886 36,135 1,450,721 1,442,306 8,415 1,973,329 1,894,396 78,933 0 0 0 0 0 2,737,888 2,105,469 103,229 529,190 0 3,183 3,183 6,821,362 412,958 376,802 36,157 1,515,034 1,506,246 8,788 2,024,330 1,943,357 80,973 0 0 0 0 0 2,865,638 2,187,446 110,563 567,629 0 3,402 3,402 7,056,351 417,018 380,808 36,211 1,571,033 1,561,920 9,113 2,083,085 1,999,762 83,323 0 0 0 0 0 2,980,535 2,256,223 118,250 606,062 0 4,679 4,679 7,217,958 427,255 390,856 36,398 1,643,285 1,633,753 9,532 2,167,980 2,081,261 86,719 0 0 0 0 0 2,974,820 2,199,705 125,251 649,864 0 4,618 4,618 7,381,689 443,461 406,822 36,640 1,717,342 1,706,684 10,658 2,298,191 2,206,263 91,928 0 0 0 0 0 2,918,152 2,132,365 124,928 660,859 0 4,543 4,543 7,441,639 461,481 424,708 36,772 1,762,586 1,751,647 10,939 2,373,863 2,278,908 94,955 0 0 0 0 0 2,839,256 2,062,046 122,275 654,935 0 4,453 4,453 1,202,649 981,482 83,275 130,547 7,345 1,365,193 1,125,988 89,322 141,929 7,954 1,467,074 1,202,923 96,202 162,214 5,734 1,453,933 1,191,924 97,081 157,312 7,617 1,440,388 1,172,018 98,983 160,988 8,399 1,442,622 1,163,985 99,336 168,737 10,564 1,427,810 1,141,911 101,410 171,842 12,647 1,430,217 1,133,434 102,261 181,631 12,891 11 2 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. 1 1 2 0 383,045 322,703 60,342 59,897 16,046 43,851 65,536 20,543 44,993 778 778 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 • June 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2007 Holder and type of credit 2005 2006 2008 2007 Dec. Jan. Feb. Mar.' Apr.' May Seasonally adjusted 1 Total 2,284,876 2,387,470 2,523,632' 2,523,632' 2,535,558' 2,542,433' 2,555,038 2,562,800 2,570,582 2 Revolving 824.963 1 459 913 875,406 1,512,064 940,609 1,583,024' 940,609 1,583,024' 946,545 1,589,013' 950,735 1,591,699' 956,578 1,598,460 956,154 1,606,647 961,846 1,608,736 Not seasonally adjusted 4 Total By major holder 5 Commercial banks 6 Finance companies 8 9 10 11 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 16 17 18 19 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 21 22 Commercial banks Finance companies 24 25 26 27 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 2,313,862 2,418,262 2,556,611' 2,556,611' 2,556,735' 2,541,326' 2,537,737 2,548,633 2,555,399 707,039 516.534 228,588 89.822 109,077 58,817 603,986 741,200 534,354 234,532 91,676 95,547 56,757 664,197 804,096 583,869 235,700 98,396 90,787 55,167 688,596' 804,096 583,869 235,700 98,396 90,787 55,167 688,596' 808,704 581,032 234,066 102,377 89,684 53,221 687,651' 800,042 578,604 232,276 103,122 88,651 51,939 686,691' 796,312 582,475 230,546 103,537 87,548 51,220 686,098 807,995 583,933 231,747 103,761 88,100 51,149 681,949 809,005 583,552 232,664 104,009 88,670 51,347 686,152 849,975 311,204 66,307 24,688 n.a. 40,755 11,598 395,423 902,316 327,302 79,874 27,388 n.a. 42,459 7,779 417,514 969,523 353,446 86,046 31,071 n.a. 44,750 4,228 449,982 969,523 353,446 86,046 31,071 n.a. 44,750 4,228 449,982 957,919 338,287 84,895 30,802 n.a. 44,077 3,987 455,872 948,899 330,184 83,447 30,450 n.a. 43,446 3,808 457,564 943,472 322,463 82,065 30,462 n.a. 42,773 3,657 462,051 948,548 327,692 82,119 30,746 n.a. 43,510 3,731 460,750 954,117 327,184 82,264 31,123 n.a. 44,271 3,730 465,545 1,463,887 395,835 450,226 203,900 89,822 68,322 47,219 208,564 1,515,946 413,898 454,480 207,144 91,676 53,088 48,978 246,683 1,587,088' 450,650 497,823 204,629 98,396 46,037 50,939 238,614' 1,587,088' 450,650 497,823 204,629 98,396 46,037 50,939 238,614' 1,598,816' 470,417 496,138 203,264 102,377 45,607 49,234 231,779' 1,592,427' 469,859 495,157 201,826 103,122 45,205 48,131 229,127' 1,594,265 473,849 500,410 200,084 103,537 44,775 47,563 224,047 1,600,086 480,302 501,814 201,001 103,761 44,590 47,418 221,199 1,601,282 481,821 501,288 201,541 104,009 44,399 47,618 220,607 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2007 Item 2005 2006 2008 2007 Aug. Sept. Oct. Nov. Dec. Jan. Feb. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 7.08 12.05 7.72 12.41 7.77 12.39 7.82 12.51 na na na na 7.59 12.16 n.a. n.a. n.a. n.a. 7.27 11.43 Credit card plan 3 All accounts 4 Accounts assessed interest 12.51 14.55 13.21 14.73 13.38 14.67 13.58 15.24 na na na na 13.08 14.34 n.a. n.a. n.a. n.a. 12.48 13.72 6.02 8 81 4.99 9 61 4.87 9 24 4.65 8 83 4.83 8 95 4.60 9 46 4.72 9 74 4.33 9 73 4.97 9 06 5.37 8 91 60.0 58 6 63.0 59 4 62.0 60 7 62.6 60 5 63.3 60 5 63.6 60 3 62.7 60 4 62.5 60 5 62.3 58 9 63.2 60 3 88 98 94 99 95 100 95 101 96 100 95 99 95 98 95 97 94 96 95 96 24,133 16,228 26,620 16,671 28,287 17,095 28,639 17,109 28,826 17,117 30,133 17,162 29,327 17,184 29,076 17,371 28,231 17,220 28,118 17,127 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 1,398.6 1,667.7 1,957.7 2,247.3 2,332.4 2,029.5 2,308.1 2,307.5 2,101.0 2,742.5 2,315.5 2,036.3 -57.9 257.1 .5 159.4 129.3 -106.6 15.7 893.1 758.6 37.1 90.5 6.9 107.9 -37.3 398.4 -2.4 137.6 150.4 -77.0 5.5 988.2 798.9 71.2 119.4 -1.3 104.4 15.3 362.5 -.6 130.5 74.4 10.8 20.4 1,229.3 1,028.1 48.3 150.2 2.7 115.0 -7.7 307.3 -.4 195.0 53.6 137.6 47.7 1,419.8 1,106.0 71.7 237.5 4.6 94.5 22.4 183.7 -.3 177.3 213.4 173.4 54.8 1,403.2 1,072.3 52.7 270.7 7.5 104.4 -21.5 172.4 -1.0 169.2 133.8 163.1 -36.1 1,330.0 1,006.0 35.9 280.5 7.6 119.7 111.1 135.8 .5 252.8 315.9 223.2 68.5 1,091.5 730.9 68.0 285.0 7.6 108.9 18.9 327.5 -1.3 249.1 282.2 85.2 81.3 1,149.4 846.0 63.1 231.9 8.3 115.1 40.9 -70.7 -.1 246.7 377.5 92.3 79.6 1,197.0 784.8 95.2 308.6 8.4 137.7 -30.6 435.9 -.8 165.5 225.2 420.1 299.1 1,026.1 577.2 104.5 335.8 8.5 202.1 16.0 257.1 .7 198.7 371.6 397.9 3.7 971.4 618.5 129.7 214.7 8.5 98.5 54.6 487.5 1.3 152.8 274.8 257.7 101.7 559.8 313.0 69.0 174.5 3.3 146.1 832.9 164.2 9.1 148.0 7.1 143.9 257.6 981.0 170.4 80.0 92.1 -1.6 120.3 396.0 1,064.0 416.6 165.8 244.7 6.1 115.3 361.9 1,180.9 587.9 243.6 331.6 12.7 171.6 306.9 1,196.9 800.9 433.4 349.1 18.4 151.2 183.4 1,112.8 598.1 248.2 336.1 13.9 147.2 171.4 937.9 1,015.8 634.4 358.8 22.6 218.2 136.3 905.4 851.0 528.0 297.4 25.6 224.9 326.2 942.8 1,016.5 625.5 379.9 11.1 212.4 -70.8 856.2 1,312.7 767.7 532.4 12.6 138.5 435.0 829.9 1,062.8 577.4 461.2 24.2 164.8 257.8 481.0 927.0 575.1 321.5 30.4 139.5 488.8 22 Foreign net borrowing in United States 93.4 42.4 130.7 102.6 254.4 523.0 253.6 136.1 227.4 2.9 21.7 277.1 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 58.8 31.6 5.3 -2.3 18.3 28.7 -2.5 -2.1 68.7 61.8 3.8 -3.6 38.2 54.5 14.5 -4.6 97.1 150.9 13.8 -7.4 362.8 180.2 -12.2 -7.7 8.6 218.0 31.6 -4.6 -19.8 174.8 -16.0 -3.0 22.4 167.3 40.7 -2.9 -193.8 173.2 26.3 -2.9 -78.3 56.1 45.3 -1.3 214.6 39.8 23.8 -1.1 27 Total domestic plus foreign 1,491.9 1,710.1 2,088.5 2,349.9 2,586.8 2,552.6 2,561.7 2,443.6 2,328.4 2,745.3 2,337.2 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 Financial sectors 28 Total net borrowing by financial sectors 870.3 1,060.8 968.7 1,064.0 1,287.7 931.3 1,249.0 1,264.2 1,398.0 2,348.0 1,356.3 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 -99.9 219.8 326.8 384.8 21.1 6.8 11.0 -62.9 250.9 330.6 481.4 21.4 31.2 8.2 22.2 75.0 47.9 665.5 58.1 74.1 25.9 214.6 -84.0 167.3 691.0 17.0 44.4 13.9 197.6 35.6 295.4 795.0 -64.1 21.2 7.0 72.2 -83.5 284.4 663.2 -42.8 29.9 7.8 174.3 40.7 278.9 981.5 -216.8 -3.9 -5.8 233.5 66.7 482.5 476.3 51.0 -30.5 -15.2 362.6 161.4 534.9 280.8 48.9 .4 9.0 -689.5 556.6 622.2 997.8 101.6 746.2 12.9 -360.0 344.8 866.3 274.6 27.5 187.0 16.1 -191.4 119.9 534.1 -14.8 176.7 156.4 20.8 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 49.7 -23.4 2.0 2.0 219.8 326.8 212.3 66.2 27.3 -1.7 -10.7 48.5 34.5 2.2 2.9 250.9 330.6 244.2 111 .1 31.5 6.4 -1.9 78.4 89.0 2.3 3.0 75.0 47.9 427.3 134.3 98.3 15.2 -2.2 85.1 23.8 3.3 .4 -84.0 167.3 669.2 33.5 59.8 .1 105.6 177.4 -111.9 4.2 2.7 35.6 295.4 772.0 34.8 41.1 6.4 29.9 51.6 17.1 2.0 2.4 -83.5 284.4 701.1 -36.6 32.8 5.0 -44.9 400.6 -463.3 8.4 4.3 40.7 278.9 910.9 69.0 14.0 -20.9 6.4 90.9 -20.7 -10.5 4.9 66.7 482.5 428.8 13.9 2.2 59.5 146.0 147.1 -24.6 10.6 12.6 161.4 534.9 472.8 9.3 -21.2 39.9 55.3 496.2 363.5 37.9 26.9 556.6 622.2 97.7 122.1 -14.7 -29.4 69.0 318.6 71.1 15.7 13.7 344.8 866.3 -285.2 -45.6 10.4 -85.9 132.4 228.1 67.0 -15.2 9.6 119.9 534.1 -305.0 73.9 -40.3 62.3 -91.7 36 Federal Reserve Bulletin Statistical Supplement • June 2008 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 47 Total net borrowing, all sectors . . . . 48 49 50 51 52 53 54 55 56 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2^62.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 -99.1 257.1 547.2 159.4 545.7 -80.2 20.2 904.1 107.9 -82.0 398.4 579.1 137.6 660.5 -58.1 34.6 996.4 104.4 106.2 362.5 122.3 130.5 801.8 72.7 90.9 1,255.2 115.0 245.1 307.3 82.8 195.0 799.0 169.1 87.4 1,433.8 94.5 317.1 183.7 330.6 177.3 1,159.3 123.1 68.6 1,410.3 104.4 413.6 172.4 199.9 169.2 977.2 108.1 -13.9 1,337.8 119.7 294.1 135.8 320.1 252.8 1,515.4 38.0 60.0 1,085.7 108.9 232.6 327.5 547.9 249.1 933.4 120.2 47.8 1,134.2 115.1 426.0 -70.7 696.2 246.7 825.6 181.9 77.0 1,206.0 137.7 -913.9 435.9 1,178.0 165.5 1,396.3 548.0 1,042.3 1,039.0 202.1 -422.4 257.1 1,211.9 198.7 702.2 470.7 189.4 987.5 98.5 77.7 487.5 655.2 152.8 299.8 458.3 256.9 580.6 146.1 Funds raised through mutual funds and corporate equities 57 Total net issues . 227.4 427.5 366.0 110.9 -80.4 -274.8 16.6 193.6 -80.6 -207.1 -657.4 131.2 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents 61 Financial corporations 62 Mutual fund shares 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -417.2 -614.1 138.5 58.4 336.8 -512.6 -534.0 41.8 -20.4 237.8 -349.1 -751.2 251.0 151.2 365.6 -315.0 -572.8 174.0 83.8 508.6 -604.5 -814.0 161.5 48.0 523.9 -453.5 -831.2 227.6 150.1 246.4 -840.3 -1,124.8 -39.2 323.6 183.0 -75.3 -562.2 135.2 351.7 206.5 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F.4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector 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 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,362.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 152.0 35.9 25.8 -.8 86.2 4.9 467.2 1,743.1 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 219.0 103.7 23.8 28.4 -102.1 157.8 103.4 -3.2 1.5 58.3 -2.1 582.8 2,030.2 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 233.2 122.9 25.7 79.6 28.6 291.6 173.9 31.1 11.5 72.4 2.7 854.4 1,911.1 51.2 608.0 571.1 284.5 109.3 42.3 11.4 124.1 -2.7 749.0 2,380.4 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 44.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 167.3 673.6 117.2 66.9 82.3 47.5 293.8 203.7 -10.9 12.3 84.6 4.0 855.0 2,725.7 34.7 761.7 656.3 103.7 3.3 -1.7 -98.1 30.1 47.7 75.6 14.0 76.3 8.4 220.0 184.9 6.7 5.7 46.6 295.4 725.8 89.7 57.5 106.2 36.9 286.6 277.2 -70.5 12.6 81.3 -14.0 724.1 2,473.2 21.4 154.5 57.3 94.0 6.6 -3.3 258.1 7.9 31.8 48.6 38.9 14.4 7.6 362.1 130.8 -4.9 2.8 -30.4 284.4 721.3 158.1 44.5 162.5 58.6 332.8 181.0 7.5 12.5 122.9 8.9 952.2 2,525.8 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 7.7 41.6 43.7 2.5 216.5 232.6 5.5 7.9 51.7 278.9 728.6 -5.8 87.1 218.5 94.1 90.5 -185.6 98.7 12.1 145.0 20.3 1,017.9 2,599.4 13.0 204.1 39.3 188.2 -16.8 -6.5 189.1 39.8 32.8 94.3 30.7 -8.4 14.9 431.1 285.2 -.9 6.8 -86.9 482.5 585.2 56.5 -36.2 279.7 -13.9 189.6 78.6 -62.4 14.0 144.9 14.6 866.5 2,670.3 44.7 678.4 489.7 194.9 -5.3 -.9 67.4 24.6 34.7 99.5 39.6 18.6 3.4 290.4 365.6 13.9 15.6 81.0 534.9 484.0 -34.7 -48.8 -199.0 156.4 645.1 867.6 -195.6 17.3 -40.1 -4.2 587.2 3,861.0 -33.7 963.4 704.5 238.1 21.4 -.7 136.8 40.9 34.0 99.3 50.1 61.3 17.5 444.2 184.4 -18.0 9.6 673.3 622.2 167.1 110.5 -135.8 436.3 -2.5 515.4 631.3 -86.2 16.4 -57.0 11.0 835.2 2,342.8 -177.2 1,157.4 882.2 185.7 93.0 -3.5 -130.6 35.7 4.4 45.5 14.0 49.1 11.1 396.9 249.3 5.9 18.9 288.6 866.3 -242.1 -92.9 8.6 362.0 -528.3 -1,014.9 -921.9 -92.7 11.8 -31.9 19.8 996.0 3,133.9 -430.9 592.5 427.3 160.9 4.0 .3 8.3 45.0 48.3 90.8 31.6 42.9 40.1 1,293.4 252.8 -6.0 17.5 298.0 534.1 -292.3 88.6 -39.4 174.2 344.7 2,362.2 2,770.9 3,707.8 3,726.4 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 86.7 -87.0 60.1 262.9 22.2 -84.1 505.3 -.9 .0 .6 36.0 -14.5 85.0 307.4 55.8 -207.5 218.7 138.9 288.6 22.4 120.0 66.8 258.5 -1.1 45.0 456.9 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -18.0 1,616.0 -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 336.6 .2 16.1 238.3 28.1 -137.8 1,389.1 -2.6 .0 .6 98.8 -11.2 -18.7 347.0 261.2 305.3 496.0 -417.2 336.8 217.4 211.5 65.6 198.2 19.9 -54.0 1,724.0 -4.2 .0 1.0 -38.7 43.9 -73.0 336.8 344.7 418.0 602.2 -512.6 237.8 123.3 173.0 76.3 161.8 21.3 -26.6 2,007.7 -5.9 .0 .0 -64.4 116.5 -75.2 578.7 -3.6 378.8 619.1 -349.1 365.6 211.0 274.2 75.4 216.9 28.4 -62.6 1,538.5 .1 .0 .4 284.6 -487.0 91.9 386.4 276.7 441.4 707.9 -315.0 508.6 295.5 105.5 28.4 136.4 33.1 15.0 1,208.9 -.3 .0 1.3 395.3 22.2 -99.2 205.8 107.4 442.5 116.6 -604.5 523.9 334.0 365.7 36.4 149.2 11.9 -48.4 3,550.3 .1 .0 1.4 185.7 205.5 124.0 329.4 529.0 1,260.4 222.3 -453.5 246.4 283.6 -19.1 28.9 164.4 26.1 -122.0 2,225.8 -.1 .0 -.4 41.3 100.8 .9 223.8 365.3 819.9 -670.4 -840.3 183.0 221.5 653.9 43.1 227.7 25.4 -107.5 1,049.5 .0 -.9 50.0 -231.3 74.8 461.9 320.6 1,549.3 96.3 -75.3 206.5 275.4 313.3 23.4 149.5 25.4 -18.3 1,424.4 3,855.6 4,647.3 6,422.6 6,522.1 7,653.1 7,376.6 7,653.2 7,426.7 9,236.7 10,331.7 6,030.6 7,760.4 -.6 21.5 7.2 36.0 19.7 -23.0 -.3 52.8 -4.3 -33.9 -42.6 -26.2 61.9 14.9 -139.9 -20.2 198.8 .7 40.6 -3.7 134.2 -18.1 177.8 -1.1 114.3 -1.9 297.9 1.9 -201.2 .6 37.0 48.1 144.6 24.1 -123.7 -.5 -138.0 -71.8 601.8 23.7 -44.5 297.0 50.5 -73.6 -29.2 -958.6 .7 377.1 -54.5 -33.9 -23.0 647.3 .9 49.0 -12.6 103.8 -24.3 -172.5 -.6 -59.5 23.7 -814.6 -5.5 934.5 -.9 -11.1 -15.8 -18.9 -69.3 79.2 -1.6 -.7 164.9 -8.9 .0 20.6 27.9 -.8 9.4 -6.6 -.9 -31.7 -3.0 -.5 96.6 16.4 -.9 76.9 -19.1 -.8 140.0 -5.9 -.8 276.7 -.5 -1.3 -54.1 13.5 -.8 -8.5 -2.4 -1.2 8.4 -5.7 -1.0 25.9 6,270.9 6,229.9 7,350.0 7,153.6 7,162.5 7,870.9 8,378.8 10,383.2 5,947.9 7,777.9 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 47.9 416.2 214.9 87.9 -29.2 47.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Total identified to sectors as assets . 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 3,693.5 38 1.59 Federal Reserve Bulletin Statistical Supplement • June 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2003 2004 2005 2007 2008 2006 Q3 Q4 Ql Q2 Q3 Q4 Ql Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 24,299.8 26,547.1 28,876.2 28,268.7 28,876.2 29,463.5 29,956.2 30,622.2 31,249.3 31,763.0 82.5 4,008.2 24.9 1,900.5 2,870.1 1,088.4 955.4 9 293 1 7,230.5 543.6 1.424.8 94.1 2.104.4 97.8 4,370.7 24.3 2,031.0 2,944.5 1,099.2 975.8 10 537 2 8.273.4 591.9 1.575.0 96.9 2.219.4 90.1 4,678.0 23.8 2,225.9 2,998.1 1,236.8 1,023.5 11 957 0 9.379.4 663.6 1.812.5 101.5 2.313.9 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10.451.7 716.3 2.083.2 109.0 2.418.3 110.6 4,803.2 23.4 2,332.7 3,132.5 1,361.6 1,046.2 13 091 5 10.279.0 699.3 2.006.2 107.1 2.367.0 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10.451.7 716.3 2.083.2 109.0 2.418.3 126.2 5,014.3 23.2 2,465.6 3,282.1 1,433.9 1,087.3 13 631 5 10.652.4 732.1 2.135.9 111.1 2.399.5 154.3 4,904.0 23.2 2,533.8 3,376.4 1,466.2 1,118.7 13,946.3 10,862.2 755.8 2.215.0 113.2 2.433.3 131.4 5,010.0 23.0 2,560.8 3,432.7 1,572.7 1,176.0 14,209.5 11,015.8 782.0 2.296.3 115.4 2.506.1 123.8 5,099.2 23.1 2,618.2 3,525.6 1,665.6 1,191.0 14,446.2 11,158.3 814.4 2.356.0 117.5 2.556.6 140.0 5,299.1 23.5 2,656.9 3,594.3 1,727.3 1,208.2 14,570.9 11,226.5 831.7 2.394.4 118.3 2.542.9 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 9.499.5 7,227.2 4,860.3 2,198.8 168.1 1,567.6 4,033.1 10.578.2 7,643.7 5,026.0 2,443.5 174.2 1,682.8 4,395.0 11.759.2 8,231.6 5,269.6 2,775.0 186.9 1,854.4 4,701.9 12.956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 12.715.4 8,781.3 5,548.5 3,033.1 199.7 1,945.4 4,826.6 12.956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 13.129.0 9,234.7 5,829.2 3,198.1 207.4 2,062.4 5,037.4 13.378.2 9,529.6 6,023.3 3,293.4 212.9 2,121.2 4,927.2 13.628.0 9,817.8 6,175.0 3,425.1 217.7 2,143.5 5,032.9 13.839.7 10,096.6 6,331.0 3,541.9 223.7 2,190.7 5,122.3 13.906.7 10,307.2 6,458.6 3,621.8 226.9 2,226.6 5,322.6 22 Foreign credit market debt held in United States 1,258.1 1,445.7 1,528.9 1,785.1 1,716.9 1,785.1 1,799.0 1,848.5 1,849.6 1,862.6 1,926.3 275.5 874.4 66.1 42.2 344.2 993.0 69.9 38.6 382.4 1.028.2 84.4 34.0 479.5 1.180.8 98.3 26.6 474.3 1.124.6 90.4 27.7 479.5 1.180.8 98.3 26.6 474.0 1.224.5 74.7 25.8 472.2 1.266.3 84.9 25.1 424.2 1.309.6 91.5 24.4 412.2 1.323.6 102.8 24.0 460.2 1.333.6 108.8 23.7 23,585.4 25,745.5 28,076.0 30,661.3 29,985.6 30,661.3 31,262.5 31,804.7 32,471.8 33,111.9 33,689.3 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign 22,327.3 Financial sectors 28 Total credit market debt owed by financial sectors 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Real estate investment trusts (REITs) Funding corporations 29 30 31 10,875.5 11,859.0 12,868.5 14,153.7 13,816.8 14,153.7 14,449.0 14,800.4 15,384.9 15,745.3 15,925.1 935.0 2,601.3 957.1 2,676.3 1,171.7 2,592.2 1.366.0 2,627.8 1.280.5 2,617.6 1.366.0 2,627.8 1.403.5 2,644.5 1.483.3 2,684.8 1.302.0 2,824.0 1.252.6 2,910.2 1.184.4 2,940.2 3 326 7 3 242 1 164.0 501.7 104.7 3,374.6 3,922.5 222.1 575.8 130.6 3,541.9 4,559.0 239.1 620.2 144.5 3,837.3 5,354.8 175.0 641.4 151.5 3,763.1 5,129.9 229.0 643.7 153.0 3,837.3 5,354.8 175.0 641.4 151.5 3,955.7 5,489.9 183.3 624.4 147.7 4,075.8 5,567.8 196.8 642.0 150.0 4,243.2 5,815.5 225.2 821.8 153.2 4,463.7 5,862.1 232.2 867.1 157.2 4,594.6 5,875.3 271.8 896.4 162.4 338.6 321.8 296.8 9.1 8.0 2.601.3 3,326.7 2,181.7 47.0 995.3 230.0 519.3 357.4 381.3 385.8 11.4 11.1 2.676.3 3,374.6 2,609.0 62.2 1.129.6 343.2 517.1 394.3 429.5 409.6 14.7 11.5 2.592.2 3,541.9 3,278.3 62.4 1.108.6 402.9 622.7 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,050.3 68.8 1.144.2 444.0 652.5 424.1 476.2 412.4 16.8 13.1 2.617.6 3,763.1 3,816.8 74.0 1.119.5 440.5 642.6 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,050.3 68.8 1.144.2 444.0 652.5 495.3 520.3 288.3 16.2 15.4 2.644.5 3,955.7 4,155.3 83.7 1.133.6 444.6 696.1 511.0 551.5 289.5 18.9 18.6 2.684.8 4,075.8 4,280.5 93.6 1.135.2 439.3 701.8 597.5 586.8 375.9 28.4 25.3 2.824.0 4,243.2 4,294.9 86.3 1.173.3 435.6 713.8 630.1 631.1 395.1 32.3 28.7 2.910.2 4,463.7 4,228.8 64.8 1.169.1 438.2 753.2 647.5 665.4 407.2 28.5 31.1 2.940.2 4,594.6 4,150.9 80.4 1.173.3 428.1 738.1 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 1 292 9 4.008.2 5,952.9 1,900.5 6,986.6 1,318.4 1.499.3 9 397 7 2.104.4 1,399.1 4,370.7 6,075.2 2,031.0 7,860.0 1,391.2 1.590.2 10,667.7 2,219.4 1,644.2 4,678.0 6,158.0 2,225.9 8,585.2 1,560.3 1.677.6 12,101.5 2,313.9 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1.743.0 13,511.7 2,418.3 1,865.3 4,803.2 6,404.1 2,332.7 9,387.0 1,681.0 1.717.6 13,244.5 2,367.0 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1.743.0 13,511.7 2,418.3 2,003.7 5,014.3 6,623.4 2,465.6 9,996.4 1,692.0 1.737.5 13,779.2 2,399.5 2,109.8 4,904.0 6,783.8 2,533.8 10,210.5 1,747.9 1.785.8 14,096.2 2,433.3 1,857.6 5,010.0 7,090.2 2,560.8 10,557.9 1,889.4 2.022.1 14,362.7 2,506.1 1,788.6 5,099.2 7,397.1 2,618.2 10,711.4 2,000.6 2.082.1 14,603.4 2,556.6 1,784.6 5,299.1 7,558.2 2,656.9 10,803.2 2,107.9 2.128.3 14,733.3 2,542.9 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 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 4,686.6 2,947.1 266.2 73.9 1,125.6 273.8 3,836.1 25,938.1 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 646.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.5 1,204.9 97.5 424.1 152.0 5,085.8 3,228.4 297.4 85.4 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,374.6 2,497.7 1,419.8 200.1 394.9 198.9 5,498.0 3,465.6 339.6 96.8 1,322.2 273.8 5,188.3 30,258.2 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 690.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,541.9 3,171.3 1,537.1 267.0 477.2 246.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,705.4 3,624.3 320.2 106.0 1,376.9 278.0 5,807.5 32,289.5 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 694.2 758.7 83.7 1,461.2 1,874.0 170.4 18.7 2,579.0 3,763.1 3,709.2 1,608.2 302.7 537.3 256.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,891.1 3,721.1 332.0 112.1 1,442.6 283.2 6,292.4 33,528.0 780.9 8,025.9 7,091.0 805.9 31.4 97.6 1,577.5 629.2 821.7 2,831.7 712.3 767.5 88.1 1,649.5 2,005.4 171.6 22.4 2,558.4 3,955.7 4,041.2 1,617.6 315.4 677.2 278.8 5,909.8 3,707.6 317.2 115.6 1,484.9 284.5 6,516.6 34,178.8 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,855.7 722.2 772.2 88.9 1,699.7 2,093.5 175.1 26.3 2,596.7 4,075.8 4,169.2 1,615.8 303.2 583.8 326.4 6,063.7 3,905.1 280.2 119.9 1,470.6 287.9 6,659.3 35,133.7 779.6 8,465.0 7,417.6 914.8 35.4 97.2 1,628.9 652.6 838.9 2,882.2 734.7 787.5 93.3 1,802.7 2,141.6 170.6 28.7 2,758.9 4,243.2 4,201.0 1,637.0 269.3 718.2 299.8 6,192.3 4,057.6 267.4 124.0 1,455.0 288.3 6,867.2 35,797.7 740.6 8,757.0 7,638.7 963.3 58.7 96.4 1,584.3 657.9 840.0 2,890.8 738.2 799.8 96.1 1,951.5 2,203.1 172.0 33.5 2,829.5 4,463.7 4,145.7 1,636.6 271.4 803.1 182.9 5,981.7 3,894.6 219.8 127.0 1,446.8 293.5 7,114.1 36,518.5 631.0 8,875.3 7,718.6 1,000.6 59.7 96.4 1,598.8 665.5 852.0 2,915.5 746.1 810.5 106.1 2,253.4 2,269.2 170.5 37.8 2,893.4 4,594.6 4,071.0 1,634.5 261.6 869.6 262.1 34,460.9 37,604.5 40,944.6 46,605.1 47,856.7 48,857.2 49,614.4 62.3 62.2 2.2 26.7 957.0 212.2 1,521.7 4,284.9 1,505.1 1,879.8 1,647.2 5,436.3 1,038.2 1,060.4 10,632.6 2,659.7 268.9 13,914.7 45.9 2.2 27.5 1,024.7 201.3 1,525.2 4,599.3 1,789.5 2,006.9 1,998.0 6,048.9 1,038.4 1,082.6 11,368.9 2,996.3 297.0 14,897.7 46.1 2.2 28.5 1,293.5 65.6 1,498.5 5,111.9 2,146.5 2,489.7 2,727.8 7,805.2 1,379.5 1,191.1 12,867.6 3,369.8 336.9 16,513.6 48.7 2.2 28.8 1,339.9 112.6 1,499.6 5,165.1 2,282.0 2,801.6 2,789.4 7,989.3 1,374.5 1,199.6 12,980.1 3,441.4 348.2 16,886.6 50.0 2.2 28.7 1,350.3 147.1 1,535.9 5,232.6 2,370.4 3,053.2 2,588.1 7,829.0 1,526.4 1,201.5 12,764.9 3,500.6 341.0 16,815.4 54.8 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,722.4 2,465.3 240.4 12,423.3 28.5 1,362.8 73.0 1,526.5 5,381.0 2,448.9 3,407.8 2,623.4 7,271.7 1,618.1 1,184.0 12,162.6 3,561.1 358.3 17,387.6 52 Total liabilities 77,231.3 84,714.1 91,894.8 100,921.3 97,570.0 100,921.3 102,865.1 105,479.3 108,146.5 109,194.7 110,066.6 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . . 23.7 15,618.5 5,393.3 24.6 17,389.3 5,981.3 19.3 18,512.0 6,641.6 19.9 20,909.3 7,303.7 19.7 19,595.7 7,168.8 19.9 20,909.3 7,303.7 20.0 21,133.9 7,510.3 20.1 22,208.5 7,687.4 20.3 22,429.6 7,810.4 20.5 21,477.2 7,892.1 20.9 19,360.8 7,934.7 -9.5 705.3 12.7 392.7 69.2 -3,471.3 -9.7 767.2 27.3 248.3 97.0 -3,536.2 -9.1 807.9 25.2 382.4 96.7 -3,702.5 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.0 956.7 41.4 374.4 58.8 -4,341.2 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.2 996.4 33.0 475.2 58.8 -4,890.6 -10.0 1,090.7 19.9 479.8 55.3 -5,060.1 -9.8 1,103.0 20.8 527.8 43.7 -5,261.9 -9.9 1,088.1 21.7 269.5 26.3 -5,561.9 -10.2 1,085.3 15.0 287.6 2.9 -5,739.2 -17.9 20.8 23.3 11.2 20.0 32.7 1.8 19.2 .9 .1 11.4 100.8 2.7 10.4 -12.8 .1 11.4 100.8 1.3 10.0 100.5 10.0 58.7 6.4 76.2 2.8 10.3 156.4 8.9 11.2 91.4 Domestic nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies . . . . Life insurance companies Private pension funds State and local government retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 276.5 4,634.7 27,884.0 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 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 ( - ) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 65 Totals identified to sectors as assets 100,541.3 110,451.6 119,445.1 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. 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.5 2.2 28.1 1,139.6 147.5 1,491.1 4,792.1 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,772.2 3,159.7 323.1 15,320.4 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.6 2.2 28.2 1,194.7 50.5 1,501.4 5,076.1 2,118.9 2,389.7 2,678.4 7,328.7 1,289.0 1,172.7 12,408.3 3,282.2 335.4 16,250.8 134,754.9 138,751.9 141,899.9 142,581.2 141,629.9 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • June 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2008 2008 2007 2008 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 112.1 112.2 112.3 111.4 137.9 138.5 139.1 139.7 81.3 81.0 80.6 79.8 2 Manufacturing Manufacturing (NAICS) 3 113.9 115.1 113.7 115.0 113.4 114.8 112.4 113.8 142.7 144.3 143.4 145.1 144.1 145.8 144.8 146.5 79.8 79.8 79.3 79.3 78.7 78.7 77.6 77.7 4 5 122.6 111.3 122.6 111.3 122.5 114.1 120.8 110.8 156.3 132.5 157.6 132.8 158.9 133.2 160.1 133.5 78.4 84.0 77.8 83.9 77.0 85.7 75.4 83.0 112.9 117.2 186.8 113.3 115.5 195.7 113.3 115.0 202.1 111.6 112.1 209.2 138.8 148.8 242.7 139.3 149.6 251.4 139.7 150.3 259.7 140.0 150.9 267.1 81.3 78.8 77.0 81.3 77.3 77.4 81.1 76.5 77.6 79.8 74.3 78.3 105.7 98.9 105.1 95.5 105.7 91.9 107.1 84.5 125.3 132.7 126.0 132.0 126.7 131.7 127.5 131.7 84.3 74.6 83.4 72.4 83.4 69.8 84.0 64.1 124.2 107.0 79.1 126.2 106.7 110.2 77.3 126.4 106.4 110.1 75.2 125.0 106.0 110.5 74.2 156.6 131.5 135.4 113.3 157.0 131.8 135.8 112.4 157.6 132.0 136.2 111.5 158.2 132.2 136.5 110.6 79.3 81.4 82.1 69.9 80.4 81.0 81.1 68.9 80.2 80.6 80.9 67.5 79.0 80.2 80.9 67.1 95.5 108.4 114.6 104.4 93.1 95.6 108.5 114.6 104.8 91.9 94.9 110.5 114.0 102.6 91.1 94.6 110.1 113.6 101.4 89.2 115.9 122.2 144.5 123.3 116.1 115.7 122.1 145.2 123.9 116.2 115.6 122.1 145.8 124.5 116.3 115.4 122.0 146.2 125.1 116.4 82.5 88.7 79.3 84.6 80.2 82.6 88.9 78.9 84.6 79.2 82.1 90.5 78.2 82.4 78.2 81.9 90.2 77.7 81.0 76.6 20 21 Electric and gas utilities 101.3 108.0 102.7 108.6 103.5 111.1 103.8 110.1 113.9 125.7 114.2 126.3 114.5 127.1 114.7 127.8 89.0 85.9 90.2 85.9 90.4 86.7 90.5 86.1 MEMOS 22 Computers, communications equipment, and semiconductors 231.6 247.1 257.4 269.2 291.3 306.7 321.5 335.1 79.5 79.9 79.6 80.3 23 Total excluding computers, communications equipment, and semiconductors 107.5 107.3 107.2 106.1 132.1 132.4 132.7 133.0 81.4 81.0 80.7 79.8 24 Manufacturing excluding computers, communications equipment, and semiconductors 108.3 107.6 107.1 105.7 135.6 135.9 136.2 136.5 79.8 79.2 78.6 77.5 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 41 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 Series Low High Low June Jan.' Feb.' Mar.' Apr.' May' June' Capacity ut lization rate (percent)4 1 Total Industry 88.8 74.0 86.6 70.9 85.0 78.6 81.0 81.0 80.3 80.5 79.9 79.6 79.9 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.5 71.3 86.2 86.2 68.5 67.8 85.4 85.3 77.1 77.0 79.6 79.6 79.1 79.1 78.4 78.4 78.5 78.6 77.7 77.7 77.6 77.6 77.6 77.6 89.4 101.9 69.6 69.8 86.7 90.1 62.9 46.9 84.6 93.8 73.5 75.0 78.2 82.8 77.5 86.9 76.8 85.6 76.8 84.7 75.5 83.6 75.2 81.5 75.5 83.8 91.7 94.6 69.9 74.3 83.1 92.7 61.8 58.0 81.7 85.3 72.7 74.0 81.0 78.4 81.3 76.7 81.0 76.0 81.0 76.9 80.2 74.7 80.2 74.4 78.9 73.6 87.0 66.0 90.0 77.4 81.9 76.7 76.6 76.8 77.4 78.5 78.5 78.0 78.5 99.3 95.8 68.0 54.8 91.9 95.1 64.6 44.9 89.1 89.5 77.0 56.0 84.5 74.7 83.8 71.4 82.5 70.7 83.8 67.2 83.5 62.7 84.3 63.1 84.2 66.5 75.9 87.6 68.1 72.3 87.1 85.8 69.0 75.4 87.4 86.7 81.0 81.4 78.4 81.2 81.0 81.0 79.8 80.3 79.8 80.5 79.2 80.3 78.5 80.3 79.3 80.0 86.3 89.5 77.5 61.8 84.2 89.6 80.4 72.1 86.0 91.1 80.9 77.6 81.8 72.4 80.8 67.5 80.1 67.4 81.7 67.5 81.1 66.6 81.2 67.4 80.5 67.2 96.7 92.1 85.3 96.1 86.2 74.1 80.8 69.1 61.7 75.6 95.4 91.0 83.5 90.1 88.0 81.4 68.8 67.9 71.8 86.7 92.6 88.2 85.0 89.8 91.1 86.1 82.4 79.9 76.4 80.4 82.2 88.5 79.1 84.4 80.6 83.0 91.4 78.7 82.9 78.6 81.1 90.6 78.1 82.8 77.8 82.3 89.6 77.8 81.6 78.1 81.2 90.4 77.8 80.8 76.8 82.6 89.9 77.8 80.9 76.3 82.0 90.2 77.5 81.4 76.8 20 Mining 21 Electric and gas utilities 93.4 96.2 87.6 82.9 93.8 89.0 79.6 77.7 86.3 92.7 83.6 84.1 88.8 85.0 90.4 87.5 90.5 85.8 90.5 86.7 90.1 86.9 90.3 84.9 91.2 86.5 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.3 89.6 75.1 81.7 75.3 78.4 78.7 79.2 80.9 80.8 79.9 80.3 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.8 70.6 85.3 78.7 81.2 81.2 80.4 80.5 79.8 79.6 79.9 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.0 85.8 77.2 79.7 79.1 78.4 78.4 77.5 77.4 77.4 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. e Board's G. 17(419) monthly statistical rel aiuc ui me i1 tact Hi i\.cjct vt utiLLtitn. 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 • June 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion July Aug. Sept. Oct. Nov. Dec. Jan.1 Apr.1 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 111.4 112.0 112.0 112.3 111.8 112.3 112.4 112.6 112.2 112.2 111.4 111.2 58.5 30.8 8.9 4.7 0.4 1.4 2.4 21.9 18.1 9.7 0.9 5.0 2.0 3.9 111.5 107.5 103.2 100.9 155.8 96.0 104.0 108.8 109.1 109.9 78.0 117.6 96.2 108.4 111.6 07.6 05.0 03.7 53.2 97.3 04.9 08.3 09.1 110.4 78.4 116.1 97.0 06.5 112.2 108.2 105.8 105.1 153.1 96.5 105.6 108.9 109.9 111.2 78.3 117.4 97.1 106.5 112.0 107.9 104.6 103.0 152.7 96.5 105.3 108.9 109.1 110.0 77.3 117.4 96.7 108.6 112.5 108.4 103.5 101.1 156.4 95.5 105.0 109.9 110.1 111.8 77.0 117.4 96.9 109.5 111.6 107.3 102.4 100.0 158.8 94.1 103.8 108.8 109.4 110.0 76.3 118.8 95.8 107.6 111.8 107.4 102.9 101.1 167.6 92.9 103.2 108.8 108.8 109.5 76.2 118.0 95.2 109.0 111.9 107.4 102.7 101.6 170.1 91.7 102.3 108.8 109.2 109.6 78.0 118.5 95.9 108.1 112.3 108.0 101.1 99.6 167.7 89.1 101.9 110.1 109.3 109.3 77.2 119.1 96.5 112.6 111.8 107.8 100.2 98.9 168.6 87.3 100.9 110.1 108.9 108.6 76.6 119.4 96.6 113.5 111.7 107.2 98.2 94.6 169.2 87.5 101.3 110.0 109.7 110.6 75.1 118.2 97.0 110.8 110.7 106.1 94.5 87.3 175.1 87.2 100.5 109.7 109.1 109.8 74.9 118.4 95.2 111.6 110.5 105.9 95.0 88.3 179.5 86.6 100.6 109.3 109.2 110.4 73.5 118.0 95.3 109.7 111.0 106.7 97.5 93.8 179.1 86.0 100.4 109.5 109.1 109.5 74.4 118.7 96.6 111.0 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.2 1.8 3.1 5.3 1.8 128.4 124.2 155.6 115.7 117.1 28.3 24.5 54.7 115.8 117.4 129.6 125.3 156.2 117.2 118.1 129.4 124.4 157.7 116.4 117.9 130.5 124.1 159.2 117.9 118.4 129.9 122.6 160.7 116.7 118.3 130.2 123.2 162.7 116.2 120.2 131.2 123.9 164.8 116.7 119.9 131.4 122.5 165.2 117.4 120.9 131.1 121.4 167.1 116.5 119.5 132.0 121.1 169.2 117.3 119.4 129.8 118.1 170.1 114.1 119.2 130.0 118.8 170.3 114.2 118.1 130.3 120.7 172.2 113.3 119.5 21 22 Construction supplies Business supplies 4.3 11.0 106.0 108.7 07.3 08.5 107.4 108.5 107.1 108.7 106.6 109.1 105.4 108.8 104.5 109.2 104.2 108.9 103.6 109.3 102.3 108.9 102.1 109.2 101.0 108.7 101.4 108.1 100.6 108.3 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 41.5 30.5 19.0 4.0 6.6 8.4 11.5 0.8 2.7 4.5 11.0 111.3 115.5 123.5 93.7 167.1 109.1 103.5 76.6 97.7 112.4 101.6 111.0 115.7 23.5 95.3 65.7 09.2 03.9 78.6 96.6 113.2 00.5 111.8 116.7 125.4 95.1 170.4 110.3 103.9 76.3 97.4 112.6 100.8 112.0 116.3 125.1 95.0 170.1 110.0 103.2 74.0 97.5 111.9 102.1 112.0 116.6 125.3 93.6 171.3 110.4 103.8 74.0 96.4 113.1 101.6 112.2 116.4 125.5 92.4 174.6 109.7 102.9 73.5 96.4 111.9 102.5 113.0 117.2 126.4 92.9 176.5 110.4 103.5 73.1 97.7 112.5 103.3 113.1 116.9 125.8 90.7 176.7 110.0 103.7 72.6 99.3 112.3 104.1 113.0 116.7 126.0 90.1 178.3 109.8 103.1 71.0 97.8 111.9 104.2 112.6 115.9 125.9 89.1 179.5 109.5 101.3 71.0 95.9 110.0 104.4 112.9 116.3 126.2 87.5 182.4 109.4 101.9 69.9 96.7 110.1 104.5 112.4 115.8 125.5 85.9 182.7 108.6 101.6 68.9 95.8 110.4 104.2 112.1 115.6 124.8 85.8 182.3 107.7 101.8 70.0 96.7 110.6 103.7 112.7 115.9 125.8 87.0 184.2 108.1 101.4 69.1 96.2 110.4 104.7 94.6 92.6 107.0 112.3 07.1 112.1 107.5 112.7 107.4 112.8 107.6 113.3 107.0 112.9 107.4 113.4 107.4 113.5 107.6 113.8 107.1 113.4 107.0 113.7 106.1 113.3 105.9 113.0 106.3 113.3 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts .. Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 3,034.7 43.4 31.1 12.3 15.5 3,032.8 3,054.5 3,043.1 2,996.6 3,035.5 2,311.5 2,313.6 2,330.7 2,324.1 2,331.2 2,310.9 2,318.1 2,321.0 2,337.6 2,328.7 2,316.1 2,286.2 2,281.2 2,300.6 1,606.3 1,608.2 1,619.2 1,615.5 1,618.1 1,603.7 1,606.9 1,605.5 1,621.4 1,615.2 1,600.0 1,580.6 1,575.3 1,591.0 722.1 715.4 721.7 722.4 724.5 719.2 715.4 718.6 723.7 717.9 728.0 727.2 729.4 718.2 724.5 725.8 725.5 726.6 726.0 723.2 724.7 723.6 726.2 721.3 721.0 718.1 716.6 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2007 2008 2007 avg. June 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 83.2 78.5 112.9 114.2 113.2 114.4 114.1 115.3 113.6 114.8 114.0 115.2 113.5 114.8 113.8 115.1 113.8 115.1 113.8 115.2 113.1 114.4 113.4 114.7 112.3 113.7 112.3 113.7 112.5 113.9 321 43.2 1.5 121.0 99.2 121.5 102.2 122.9 100.9 122.4 100.3 122.4 97.9 122.2 96.5 122.9 94.2 122.8 94.3 122.9 92.3 122.2 91.5 122.4 91.0 120.6 90.9 120.5 89.3 121.3 90.0 327 331 332 333 2.3 2.3 5.7 5.3 108.1 110.3 112.0 116.0 108.9 109.6 112.2 116.3 109.9 113.2 112.6 117.4 110.0 111.4 112.8 116.2 110.2 109.2 113.2 118.0 108.9 110.0 113.1 116.4 109.7 111.0 113.7 115.4 105.9 112.9 113.1 114.6 106.1 115.2 113.4 115.2 104.3 114.0 113.2 114.3 106.3 112.9 113.2 115.7 104.7 111.5 112.2 112.6 104.7 108.8 112.3 112.3 102.1 111.9 110.4 111.2 334 8.1 183.4 181.3 185.6 186.5 188.3 192.8 196.2 198.1 198.5 202.0 205.9 207.8 208.4 211.4 335 3361-3 2.2 7.4 104.9 97.2 105.5 99.5 105.9 100.8 105.4 99.3 105.7 96.6 104.3 95.1 105.0 95.8 106.1 95.5 106.1 93.9 104.6 93.1 106.4 88.5 106.3 82.6 107.5 83.1 107.5 87.6 3364-9 3.5 122.3 122.7 123.4 123.8 125.3 125.3 126.9 126.4 127.4 125.7 126.0 125.2 124.2 125.6 337 339 1.8 3.3 102.0 115.9 102.5 116.6 103.3 116.9 103.4 116.4 102.4 117.4 101.7 116.5 101.4 116.0 100.1 117.2 98.1 117.8 96.4 115.1 95.9 117.4 94.9 116.2 94.3 116.3 93.9 115.4 35.3 106.6 106.6 107.1 106.6 107.3 106.7 106.6 106.8 106.8 106.0 106.4 106.1 106.2 105.8 311,2 313,4 315,6 322 323 11.3 1.4 1.0 3.1 2.4 110.1 80.5 78.5 95.8 99.8 110.6 82.5 78.7 95.3 98.7 111.4 80.6 78.5 95.9 98.4 110.3 78.7 77.6 95.7 99.1 112.0 78.1 77.6 95.0 99.6 110.5 77.7 77.0 94.1 98.9 110.0 77.1 76.8 95.4 99.4 110.1 77.2 78.7 97.3 99.0 110.0 75.3 77.8 96.0 98.4 109.1 75.4 77.2 93.7 97.3 111.3 75.0 75.8 95.1 98.6 110.7 73.9 75.7 93.8 97.8 110.9 74.6 74.2 95.3 97.2 109.9 74.1 75.2 94.6 95.3 324 325 1.8 10.7 108.7 114.2 108.2 114.0 108.3 114.5 108.5 114.2 108.4 115.0 108.7 114.5 108.1 114.7 108.5 114.6 111.7 114.6 110.6 113.8 109.3 113.5 110.4 113.6 109.7 113.8 110.1 113.5 326 3.8 103.4 103.8 104.5 103.8 105.0 104.6 105.4 104.5 103.0 103.1 101.8 101.0 101.2 102.1 1133,5111 4.7 92.9 93.5 93.2 92.8 93.2 92.2 91.7 91.9 91.3 91.1 90.8 89.4 88.8 89.4 21 2211,2 2211 2212 7.2 9.6 8.2 1.4 101.4 108.2 110.4 98.2 100.9 106.5 109.0 95.1 101.5 105.6 107.8 95.5 101.2 109.3 111.1 101.0 101.3 109.0 111.5 97.4 101.3 108.4 112.3 90.9 102.9 109.1 111.1 99.4 103.9 108.2 109.7 101.2 103.2 110.8 112.4 103.2 103.6 112.1 112.8 108.0 103.7 110.4 112.4 100.9 103.3 110.8 112.3 103.7 103.6 108.5 109.3 104.6 104.7 110.8 112.5 102.9 77.8 107.6 107.9 108.5 108.0 108.3 107.5 107.7 107.6 107.6 106.7 106.8 105.7 105.7 105.8 75.7 114.3 114.4 115.2 114.8 115.4 115.0 115.3 115.4 115.5 114.8 115.4 114.8 114.7 114.6 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released on March 28, 2008. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • June 2008 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -728,993 -711,567 1,283,753 -1,995,320 72,358 78,758 173,205 -94,447 -6,400 -89,784 -788,116 -753,283 1,457,015 -2,210,298 57,194 63,804 184,146 -120,342 -6,609 -92,027 -731,214 -700,258 1,645,726 -2,345,984 81,749 88,776 233,861 -145,085 -7,027 -112,705 Ql' Q2' Q3' Q4' Q1 -196,930 -179,543 385,436 -564,979 12,787 14,453 50,263 -35,810 -1,666 -30,174 -194,093 -178,819 399,951 -578,770 9,679 11,443 49,053 -37,610 -1,764 -24,953 -172,952 -168,114 424,873 -592,986 22,958 24,729 59,710 -34,981 -1,771 -27,796 -167,241 -173,783 435,465 -609,248 36,327 38,151 74,835 -36,684 -1,824 -29,784 -176,376 -174,920 454,271 -629,191 29,771 31,575 66,850 -35,275 -1,804 -31,227 -22 0 -35 285 -272 -276 0 -29 112 -359 11 Change in U.S. government assets other than official reserve assets, net (increase, —) 623 3,346 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 4,511 10,200 -615 -223 3,331 -734 -154 1,021 -989 -43 212 -241 -39 294 -229 -54 0 -37 230 -247 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 -566,266 -207,625 -71,207 -251,199 -36,235 -1,259,469 -488,424 -164,597 -365,204 -241,244 -1,267,459 -644,751 -706 -288,731 -333,271 -442,438 -230,143 -46,048 -99,541 -66,706 -522,985 -209,985 -134,713 -84,671 -93,616 -171,045 -88,697 80,012 -100,317 -62,043 -130,990 -115,926 100,043 -4,202 -110,905 -289,697 -218,907 53,644 -38,826 -85,608 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 259,268 112,841 100,493 -421 26,260 20,095 487,939 208,564 219,837 2,816 22,365 34,357 411,058 58,865 171,465 5,342 108,695 66,691 163,270 40,337 81,303 366 30,329 10,935 88,822 1,610 60,031 -69 15,956 11,294 13,469 -25,810 18,022 913 9,873 10,471 145,497 42,728 12,109 4,132 52,537 33,991 173,501 88,647 79,035 1,792 -26,906 30,933 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 988,079 214,736 69,572 132,300 8,447 450,386 112,638 1,573,174 461,100 242,727 -58,204 2,227 683,363 241,961 1,646,645 532,813 156,290 156,825 -10,675 573,850 237,542 529,443 205,132 90,061 42,882 -6,165 183,507 14,026 629,290 149,769 122,476 -13,522 -1,635 310,340 61,862 253,007 53,925 55,599 67,406 655 -30,486 105,908 234,905 123,987 -111,846 60,059 -3,530 110,489 55,746 237,461 85,746 57,185 68,932 -914 -20,115 46,627 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -4,036 32,313 -3,880 -47,078 -1,843 -41,287 -543 -67,970 12,192 -80,161 -112 656 722 -66 -617 71,627 -21,805 93,431 -571 -45,600 8,892 -54,491 -597 52,638 9,512 43,126 MEMO Changes in official assets 39 U.S. official reserve assets (increase, —) 40 Foreign official assets in United States, excluding line 25 (increase, +) 14,096 2,374 -122 -72 26 -54 -22 -276 259,689 485,123 405,716 162,904 88,891 12,556 141,365 171,709 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2007 Asset 2005 2006 2008 2007 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May' 1 Total 65,127 65,895 70,565 69,626 70,966 70,565 72,017 73,404 75,764 74,372 75,170 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,392 11,041 9,536 11,041 9,476 11,041 9,566 11,041 9,688 11,041 9,892 11,041 9,767 11,041 9,771 8,036 37,838 5,040 40,943 4,244 45,804 4,394 44,800 4,416 45,973 4,244 45,804 4,237 47,173 4,280 48,395 4,302 50,529 4,253 49,311 5,111 49,247 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. Excludes outstanding reciprocal currency swaps with the European Central Bank and the Swiss National Bank. Swaps outstanding were $20 billion and $4 billion, respectively, at end-January and zero at end-February. Swaps outstanding were $15 billion and $6 billion, resepectively, at end-March. Swaps outstanding were $30 billion and $6 billion, respectively, at end-April. Swaps outstanding were $50 billion and $12 billion, respectively, at end-May. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1 Millions of dollars, end of period 2007 Oct. 2008 Nov. Dec. Jan. Feb. Mar. Apr. MayP 83 98 % 601 97 96 114 96 98 105 99 1,069,014 8,967 1,133,969 8,967 1,191,706 8,710 1,195,592 8,724 1,191,855 8,724 1,191,706 8,710 1,235,576 8,697 1,244,808 8,643 1,275,124 8,595 1,310,649 8,548 1,315,616 8,534 Held in custody 3 Earmarked gold3 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. The data in line 2, "U.S. Treasury securities," were corrected on August 7, 2008, in the online versions of the June edition of the Statistical Supplement. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 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 1 1 Total 2 3 4 5 6 7 8 9 10 11 12 June' Apr? 2,585,038 3,239,273 2,490,430 2,490,430 2,585,038 3,318,744 3,312,278 3,326,247 3,359,732 284,827 176,829 397,958 196,344 308,842 184,847 308,842 184,847 284,827 176,829 413,882 207,123 403,472 204,319 372,416 201,279 350,863 215,051 1,271,174 1,026 851,182 1,443,691 1,111 1,200,169 1,211,819 986 783,937 1,211,819 986 783,937 1,271,174 1,026 851,182 1,479,792 1,118 1,216,828 1,476,198 1,125 1,227,163 1,504,209 1,133 1,247,209 1,526,507 1,140 1,266,170 602,738 11,370 414,986 7,859 159,444 1,851,832 15,955 40,354 414,986 7,859 159,444 1,851,832 15,955 40,354 435,062 7,078 175,746 1,915,375 12,422 39,354 621,691 11,258 274,140 2,345,090 26,590 39,975 608,552 11,815 283,570 2,339,280 26,831 42,230 617,299 11,274 632,945 11,361 278,177 By type Liabilities reported by banks in the United States U.S. Treasury bills and certificates3 U.S. Treasury bonds and notes Marketable Nonmarketable4 U.S. securities other than U.S. Treasury securities5 By area Europe1 Canada Latin America and Caribbean Asia Aftica Other countries 435,062 7,078 175,746 1,915,375 12,422 39,354 267,443 2,292,741 25,262 39,719 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 June' LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 276,004 2,352,672 26,810 42,187 2,366,540 27,561 43,148 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period Sept. 1 Banks' own liabilities 2 Deposits 3 Other liabilities 4 Banks' own claims 5 Deposits 6 Other claims 7 Claims of banks' domestic customers 8 Deposits 9 Other claims .. 98,349 52,410 45,939 91,693 59,241 32,452 140,873 97,088 43,785 169,863 103,800 66,063 181,917 104,822 77,095 260,790 120,710 140,080 257,001 114,688 142,313 129,544 51,029 78,515 100,144 43,942 56,202 131,530 59,152 72,378 143,525 65,606 77,919 148,539 67,718 80,821 168,572 73,199 95,373 182,798 75,216 107,582 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 81,285 55,342 25,943 80,195 50,748 29,447 74,693 50,263 24,430 84,085 57,797 26,288 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • June 2008 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr.BY HOLDER AND TVPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" 3,080,907 3,851,558 4,471,030 4,414,225 4,463,625 4,471,030 4,576,096 4,639,670 4,576,813 4,513,268 2,299,950 2,924,438 3,317,821 3,342,068 3,354,279 3,317,821 3,346,546 3,410,860 3,334,479 3,288,167 1,043,801 1,256,149 713,327 1,315,290 1,609,148 1,028,974 927,120 1,535,884 1,781,937 1,099,640 1,518,134 1,823,934 1,180,996 1,072,157 1,522,485 1,831,794 1,195,995 1,109,346 1,535,884 1,781,937 1,099,640 1,505,725 1,840,821 1,168,935 1,229,550 1,513,987 1,896,873 1,217,478 1,228,810 1,554,833 1,779,646 1,092,118 1,497,705 1,790,462 1,079,973 1,225,101 250,886 299,686 268,937 284,583 299,686 311,259 325,878 353,719 357,065 371,732 504,389 505,828 516,853 504,389 552,098 544,931 524,553 517,536 53,594 136,783 201,516 66,155 113,865 304,502 97,746 200,152 349,134 101,066 182,759 297,392 99,123 198,162 307,910 97,746 200,152 349,134 113,924 211,045 366,193 118,839 202,426 358,001 124,783 186,188 364,062 126,179 180,532 350,500 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 800 27,164 22,929 17,784 5,145 4,235 250 30,397 25,971 20,833 5,138 4,426 838 30,048 26,301 20,740 5,561 3,747 738 27,164 22,929 17,784 5,145 4,235 250 30,460 24,781 18,663 6,118 5,679 951 29,188 22,055 16,918 5,137 7,133 1,124 28,372 20,944 16,386 4,558 7,428 1,796 24,776 19,105 14,624 4,481 5,671 416 780,957 259,843 319,598 4,096 2,855 3,985 3,588 3,009 3,985 4,728 6,009 5,632 5,255 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,302 215,946 48,614 167,332 541,676 197,578 49,356 148,222 576,657 210,430 48,100 162,330 594,302 215,946 48,614 167,332 621,005 224,966 46,573 178,393 607,791 220,147 46,894 173,253 573,695 196,337 47,186 149,151 565,914 187,783 46,190 141,593 327,526 201,863 282,702 176,829 378,356 196,344 344,098 180,419 366,227 185,256 378,356 196,344 396,039 207,123 387,644 204,319 377,358 201,279 378,131 215,051 26 Banks10 27 Banks' own liabilities 28 Deposits2 Other 29 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'" . . . Other ,792,040 ,566,967 841,248 725,719 225,073 23,771 2,258,115 1,917,300 1,025,334 891,966 340,815 31,153 1,547,314 ! ,538,639 >, 176,565 !, 140,741 1,170,207 1,131,910 1,006,358 1,008,831 370,749 397,898 38,381 39,097 2,550,697 2,150,542 1,146,321 1,004,221 400,155 47,980 !,533,001 !,139,426 1,162,941 976,485 393,575 52,603 2,486,086 2,101,551 1,119,535 982,016 384,535 48,206 48,776 152,526 66,378 243,284 64,243 268,125 75,555 217,668 72,584 227,464 64,243 268,125 75,693 283,108 80,109 272,066 71,348 269,624 74,184 262,145 34 Other foreigners" 35 Banks' own liabilities 36 Deposits2 37 Other 769,564 546,387 148,766 397,621 1,102,362 802,414 219,555 582,859 1,302,250 902,381 299,279 603,102 1,315,267 921,093 270,606 650,487 1,345,005 945,135 280,508 664,627 1,302,250 902,381 299,279 603,102 1,385,992 956,058 308,579 647,479 1,451,994 1,018,116 303,854 714,262 1,441,745 977,772 328,320 649,452 1,436,492 979,728 317,356 662,372 38 39 40 223,177 33,124 299,948 42,104 399,869 64,711 394,174 51,444 399,870 59,135 399,869 64,711 429,934 64,088 433,878 72,455 463,973 98,041 456,764 93,392 142,188 47,865 196,728 61,116 255,150 80,008 263,151 79,579 260,302 80,433 283,991 81,855 279,810 81,613 280,126 85,806 276,670 86,702 43 Total, all foreigners 3,080,907 3,851,558 4,471,030 4,414,225 4,463,625 4,471,030 4,576,096 4,639,670 4,576,813 4,513,268 44 Foreign countries . . 3,060,114 3,822,133 4,443,866 4,383,828 4,433,577 4,443,866 4,545,636 4,610,482 4,548,441 4,488,492 ,229,338 3,604 16,022 1,537 3,612 71,486 58,960 1,200 68,660 7,075 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 1,482,788 3,841 14,528 931 3,204 69,078 69,894 1,488 84,085 7,350 73,099 25,309 42,383 2,250 62,711 8,941 3,715 54,622 10,369 888,945 33,360 295 22,389 1,749,498 1,802,362 4,987 4,723 18,245 18,659 768 1,000 1,263 1,184 64,758 80,552 95,231 97,579 1,516 1,345 112,774 113,469 8,072 8,207 106,918 109,056 24,850 30,504 48,022 56,465 2,993 2,618 88,741 104,709 11,433 9,153 7,677 5,645 47,933 51,911 12,098 12,684 1,005,684 1,046,244 25,279 40,251 532 463 36,906 28,759 1,804,393 5,121 20,071 2,143 1,273 70,293 97,104 1,415 110,385 9,108 112,223 32,065 58,042 2,373 94,308 9,775 6,115 50,788 12,013 1,047,534 26,224 481 35,540 1,749,498 4,987 18,245 768 1,263 64,758 97,579 1,345 113,469 8,072 106,918 24,850 48,022 2,993 104,709 11,433 7,677 51,911 12,098 1,005,684 25,279 532 36,906 ,789,777 4,708 17,705 771 1,635 84,962 103,634 1,325 128,767 7,661 102,111 37,439 47,444 2,573 104,708 11,408 5,095 49,669 14,544 ,009,953 22,880 487 30,296 1,853,870 3,998 21,503 657 1,652 78,384 105,035 1,309 147,164 8,564 119,842 37,086 41,214 3,245 94,611 10,093 6,096 45,845 16,816 1,053,555 21,955 939 34,306 1,754,772 4,309 24,680 761 1,856 80,922 96,106 1,214 160,860 6,299 112,425 34,705 29,954 2,253 91,502 13,660 6,961 43,083 18,587 953,460 19,440 412 51,325 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" . . . Other 163,080 1,547,314 ! ,526,885 2,511,915 >, 176,565 !,197,426 2,172,413 1,170,207 1,177,339 1,173,137 1,006,358 1,020,087 999,276 370,749 339,502 329,459 38,381 36,236 39,454 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 63 Switzerland 64 Turkey 65 United Kingdom and Isle of Man 66 Channel Islands 13 67 Yugoslavia Other Europe and other former U.S.S.R.1 Footnotes appear on next page. ,782,756 4,532 20,257 1,011 1,811 77,716 94,272 1,127 154,724 6,817 124,159 35,713 31,095 3,991 83,545 12,416 6,534 45,231 15,908 992,464 20,552 846 48,036 Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Mar. Api MEMO 68 European Union1- n.a. 69 Canada . 33,552 44,613 59,386 67,082 56,943 59,386 67,470 70,959 71,875 70,040 133,637 9,674 11,900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 172,535 11,920 24,407 15,531 10,962 3,271 1,812 52,126 6,960 5,168 6,361 23,000 11,017 175,193 10,793 28,504 15,208 10,682 3,255 1,587 53,054 6,710 4,417 7,401 22,840 10,742 174,774 10,616 30,465 15,713 10,698 3,133 1,750 50,873 6,572 5,490 6,055 22,840 10,569 172,535 11,920 24,407 15,531 10,962 3,271 1,812 52,126 6,960 5,168 6,361 23,000 11,017 169,272 11,459 22,205 15,601 11,336 3,151 1,799 50,251 7,395 5,922 6,156 22,999 10,998 175,861 11,237 27,339 14,758 11,079 3,538 1,895 52,024 6,719 5,721 6,009 24,525 11,017 166,428 12,331 17,336 14,290 9,843 3,668 1,855 51,360 7,656 5,706 6,658 23,962 11,763 169,031 12,624 15,206 16,148 10,440 3,701 1,891 52,069 7,624 6,900 6,187 23,590 12,651 1,214,058 211,459 52,132 n.a. 907,840 120 916 6,396 2,830 32,365 1,669,856 256,173 55,129 21,493 1,297,459 82 1,023 8,456 3,346 26,695 1,891,284 284,475 48,498 33,518 1,470,778 80 1,322 10,082 3,300 39,231 1,800,447 247,069 45,580 31,769 1,430,322 84 975 5,670 3,423 35,555 1,858,262 279,399 48,018 33,013 1,449,173 981 5,711 3,146 38,741 1,891,284 284,475 48,498 33,518 1,470,778 80 1,322 10,082 3,300 39,231 1,937,903 273,233 47,002 34,851 1,534,918 86 1,217 7,722 2,777 36,097 ,925,044 273,772 47,315 33,678 ,522,346 87 1,210 7,942 2,430 36,264 1,954,549 289,107 47,429 38,189 1,530,168 87 1,046 9,485 3,130 35,908 1,935,913 288,642 44,876 40,993 1,518,666 92 1,094 9,247 2,807 29,496 408,192 422,744 526,963 497,596 497,334 526,963 525,118 522,416 514,467 494,569 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,363 44,474 18,212 5,212 7,750 146,328 34,797 4,833 26,027 14,150 80,132 50,685 97,495 47,097 19,973 5,888 9,529 140,092 18,975 4,522 20,390 9,778 76,168 47,689 86,423 42,778 18,615 3,429 9,259 141,372 26,217 4,662 22,151 13,951 79,730 48,747 94,363 44,474 18,212 5,212 7,750 146,328 34,797 4,833 26,027 14,150 80,132 50,685 109,579 34,594 17,773 4,013 9,915 135,244 33,354 3,720 23,761 17,874 85,457 49,834 95,936 44,901 17,548 3,824 9,239 133,098 32,317 3,565 29,582 13,618 88,773 50,015 86,927 43,620 15,440 3,812 8,833 136,873 31,772 3,723 28,427 11,647 92,260 51,133 84,249 42,131 12,225 3,769 9,728 133,254 21,579 3,307 24,236 15,001 93,426 51,664 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 25,816 3,682 180 1,629 6,117 14,208 18,948 3,817 185 1,628 5,353 7,965 22,397 3,586 152 2,486 4,038 12,135 25,816 3,682 180 1,629 6,117 14,208 30,175 4,387 161 3,112 4,946 17,569 31,193 4,482 272 2,802 4,598 19,039 32,962 5,632 223 3,578 3,311 20,218 35,154 4,781 211 2,986 3,727 23,449 112 Other countries 113 Australia 114 New Zealand 115 All other 21,242 17,769 3,007 466 30,620 25,277 4,505 838 18,384 14,130 3,110 1,144 22,200 18,530 2,768 902 19,474 14,304 3,802 1,368 18,384 14,130 3,110 1,144 25,921 21,858 3,017 1,046 31,139 26,220 3,774 1,145 25,404 20,776 3,423 1,205 29,013 24,816 3,046 1,151 116 International and regional organizations . 117 International15 118 Regional" 20,793 15,684 5,109 29,425 25,202 4,223 27,164 23,107 4,057 30,397 26,004 4,393 30,048 26,206 3,842 27,164 23,107 4,057 30,460 25,017 5,443 29,188 24,692 4,496 28,372 24,007 4,365 24,776 20,413 4,363 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean . 84 Bahamas 85 Bermuda 86 British Virgin Islands . 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles . . 91 Trinidad and Tobago . 92 Other Caribbean 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 1,537,010 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe.'' 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • June 2008 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Apr.' 1 Total, all foreigners 1,864,834 2,291,340 2,793,369 2,834,198 2,825,252 2,793,369 2,902,327 2,966,226 3,005,458 2,984,167 2 Foreign countries 1,857,584 2,282,166 2,783,064 2,826,636 2,815,703 2,783,064 2,892,875 2,955,571 2,994,654 2,974,421 918,660 4,139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,620,351 4,055 20,566 2,828 28,445 162,416 34,111 110 45,960 35,870 13,260 52,122 22,517 1,364 1,800 20,448 7,279 191,987 3,426 932,805 24,677 14,306 1,670,570 4,205 31,589 1,611 21,279 144,062 35,354 267 41,611 37,707 10,002 54,828 22,657 1,279 1,998 17,256 9,504 199,804 3,238 976,319 46,436 9,564 1,676,330 4,884 31,117 5,026 23,236 153,868 29,416 222 37,008 35,075 8,882 52,471 27,476 1,630 1,758 23,774 7,723 239,311 3,330 948,791 26,626 14,706 1,620,351 4,055 20,566 2,828 28,445 162,416 34,111 110 45,960 35,870 13,260 52,122 22,517 1,364 1,800 20,448 7,279 191,987 3,426 932,805 24,677 14,306 1,643,006 5,358 28,890 1,180 21,592 185,493 33,620 291 50,610 37,080 13,671 56,073 25,201 1,895 1,863 16,078 8,078 187,967 3,416 928,379 20,230 16,040 1,684,618 4,852 25,865 3,680 24,806 185,759 41,788 371 54,659 35,557 13,918 56,169 20,610 1,823 1,770 22,979 8,200 187,966 3,394 957,501 16,388 16,564 1,743,401 4,625 22,646 2,196 24,830 189,078 45,537 178 64,302 43,923 14,028 55,574 19,760 1,809 1,611 37,286 6,832 174,732 3,548 995,555 13,387 21,965 1,750,903 4,998 40,457 6,451 32,133 201,697 51,584 341 67,368 47,181 9,195 53,152 13,822 1,552 1,797 49,123 9,431 186,320 3,658 936,481 12,484 21,678 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 MEMO 1,528,545 1,402,748 1,376,346 1,374,378 25 European Union3 n.a. 26 Canada 64,104 71,325 85,140 87,531 94,785 85,140 105,504 102,333 101,847 91,358 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 83,042 3,978 30,340 8,849 3,567 962 1,314 21,783 3,859 2,995 338 2,335 2,722 81,525 4,087 29,973 7,490 3,764 913 1,244 3355 2,633 330 2,597 2,616 87,674 3,966 35,708 8,329 3,493 960 1,310 22,106 3,511 2,671 316 2,569 2,735 83,042 3,978 30,340 8,849 3,567 962 1,314 21,783 3,859 2,995 338 2,335 2,722 87,235 3,626 32,785 8,916 3,427 879 1,319 24,002 3,984 3,186 366 2,057 93,224 4,026 38,510 8,372 3,311 926 1,337 24,105 4,328 3,433 294 1,845 2,737 84,094 3,970 26,746 9,108 3,428 872 1,328 25,319 4,514 3,631 286 1,930 2,962 83,458 4,825 24,761 9,787 3,524 811 1,296 24,906 4,408 3,857 271 1,898 3,114 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316 120,904 17,777 2,807 572,273 669 2,484 1,055 6,347 770,890 145,303 10,603 3,328 598,150 657 4,114 673 8,062 786,154 154,785 13,446 3,943 603,716 620 4,642 576 4,426 749,703 139,628 10,667 3,497 579,918 588 4,482 658 10,265 770,890 145,303 10,603 3,328 598,150 657 4,114 673 8,062 829,898 138,039 12,104 3,203 661,393 677 4,430 764 9,288 837,597 164,068 14,741 4,280 639,559 685 4,687 759 8,818 845,403 194,281 17,358 3,246 616,048 722 4,586 723 8,439 835,824 146,324 16,100 3,881 649,896 742 4,409 855 13,617 190,610 221,858 185,323 174,363 176,239 185,323 188,636 192,964 179,064 168,980 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 18,489 8,820 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 13,196 5,324 5,144 633 5,553 104,283 12,740 1,207 2,982 1,671 16,002 5,628 16,952 7,907 4,784 763 6,812 95,012 14,468 1,073 1,436 4,328 16,993 5,711 18,489 8,820 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 17,656 6,859 4,585 1,023 4,360 88,727 31,148 1,135 1,727 8,208 18,157 5,051 21,167 7,457 4,826 1,056 3,675 96,690 30,904 1,108 1,280 1,455 16,585 6,761 14,991 8,892 4,380 1,007 3,591 90,736 27,288 1,689 2,522 2,455 13,948 7,565 15,569 9,269 4,293 1,086 3,387 83,802 22,174 1,133 1,569 4,030 15,646 7,022 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 2,237 343 18 506 321 1,049 5,016 353 19 231 353 4,060 8,164 312 27 493 442 6,890 12,268 350 25 456 1,070 10,367 14,324 352 24 766 1,053 12,129 15,688 370 15 395 1,213 13,695 16,679 356 60 562 891 14,810 10,945 10,226 541 178 14,700 13,195 1,263 242 30,154 28,716 1,122 316 24,256 23,055 839 362 25,956 24,611 1,011 334 30,154 28,716 1,122 316 26,328 24,824 1,158 346 30,511 29,274 823 414 25,157 22,835 1,836 486 27,219 25,528 1,236 455 7,250 9,174 10,305 7,562 9,549 10,305 9,452 10,655 10,804 9,746 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 . 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries6 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . . 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean.'' 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2007 Type of claim 2005 2006 2008 2007 Oct. Nov. 2,834,198 85,027 2 091 540 657,631 2,825,252 108,338 2 076 287 640,627 Dec. Jan. Feb. 2,902,327 125,777 2 124 494 652,056 2,966,226 116,032 2,174,870 675,324 Mar. Apr.- 1 Total claims reported by banks 2,344,155 2,944,476 3,569,123 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,864,834 72,919 1 391 775 400,140 2,291,340 98,010 1 662 805 530,525 2,793,369 108,136 2 060 830 624,403 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 775,754 394,459 179,599 178,203 23,493 748,320 2,414 923,958 6,272 971,828 5,830 994,971 6,346 920,048 5,604 971,828 5,830 1,010,165 6,963 1,034,833 3,374 1,116,470 2,100 1,074,582 2,190 7,324 1,106,776 1 304 277 9,236 1,351,874 1 639 474 17,146 1,798,565 2 068 786 17,713 1,815,168 2 064 668 17,132 1,882,468 2 047 930 17,146 1,798,565 2 068 786 19,990 1,865,209 2 107 641 17,125 1,910,894 2 134 756 17,729 1,869,159 2,238,793 17,926 1,889,469 2,170,533 482,090 664,373 800,427 862,637 862,960 800,427 897,698 915,518 851,626 845,240 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 3,569,123 2,793,369 108,136 2 060 830 624,403 3,747,803 775,754 394,459 179,599 178,203 23,493 3,005,458 101,405 2,235,433 668,620 2,984,167 92,627 2,233,185 658,355 742,345 370,883 195,264 153,727 22,471 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 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 3.22 Federal Reserve Bulletin Statistical Supplement • June 2008 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 1 Total 92,009 76,710 89,217 85,780 89,217 89,729 106,508 112,853 103,833 By type 2 Financial liabilities 3 Short-term negotiable securities' 62,847 11,759 39,249 9,050 48,712 11,617 42,556 12,448 48,712 11,617 47,089 7,692 52,649 6,783 55,051 4,663 47,919 4,923 10,120 18,573 9,482 12,838 10,120 18,573 10,915 21,013 12,219 24,908 13,536 15,048 14,130 7,625 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 14 15 16 17 18 19 20 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom n.a. n.a. 29,575 33,272 2,399 9,067 18,337 1,564 1,905 24,003 15,246 2,354 4,052 3,169 2,018 3,653 35,033 13,679 2,806 4,629 4,024 1,393 827 29,323 13,233 2,268 3,687 2,722 1,173 3,383 35,033 13,679 2,806 4,629 4,024 1,393 827 27,136 19,953 1,115 10,675 5,311 1,365 1,487 31,589 21,060 1,328 11,414 4,044 2,397 1,877 29,103 25,948 834 13,006 4,007 3,319 4,782 26,474 21,445 1,193 8,496 3,948 3,536 4,272 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 30,184 936 995 11,174 1,183 346 14,308 25,554 273 1,103 9,897 449 143 12,374 30,184 936 995 11,174 1,183 346 14,308 30,304 788 889 4,450 598 280 22,353 34,443 863 621 6,264 204 313 24,956 35,076 460 1,466 6,164 242 289 23,664 28,175 467 1,453 2,940 256 287 20,230 5,955 14,659 12,133 14,659 6,956 9,496 6,369 2,530 3,986 3,573 3,986 1,826 2,361 3,232 2,104 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 12,435 0 0 9,648 0 0 48 n.a. 9,456 33 12,435 0 0 23 n.a. 12,265 30 12,589 0 49 24 n.a. 12,178 25 1 12,645 0 0 15 n.a. 12,388 35 14 14,196 7 1 13,994 27 16 15,017 0 0 29 n.a. 14,802 28 18 4,724 1,648 36 5,323 1,383 173 1,924 1,346 100 2,968 1,223 1,200 1,924 1,346 100 2,225 1,568 59 3,106 1,392 1,088 2,445 1,676 56 2,470 1,563 53 131 94 997 97 31 0 733 0 31 0 30 0 27 0 26 0 31 0 MEMO: 21 22 Euro area3 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries1 34 35 Africa Oil-exporting countries'" 36 All other7 n.a. 12,265 30 0 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 37 Commercial liabilities 38 Trade payables 39 Advance payments and other liabilities 29,162 18,181 10,981 37,461 23,050 14,411 40,505 25,673 14,832 43,224 28,564 14,660 40,505 25,673 14,832 42,640 27,165 15,475 53,859 28,237 25,622 57,802 29,322 28,480 55,914 27,866 28,048 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 37,298 3,207 730 610 470 377 1,020 40,171 3,053 668 601 423 387 974 37,298 3,207 730 610 470 377 1,020 39,114 3,526 745 640 551 410 1,180 50,440 3,419 707 617 541 381 1,173 54,969 2,833 666 482 300 354 1,031 52,685 3,229 969 579 319 372 990 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 10,962 222 1,567 1,217 526 724 3,046 11,611 156 1,525 1,198 618 1,348 3,600 10,962 222 1,567 1,217 526 724 3,046 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1,559 2,201 755 1,370 4,313 15,069 220 1,667 2,161 929 1,291 3,928 15,328 260 1,712 2,037 938 1,416 3,328 3,730 5,405 5,226 5,015 5,120 6,850 2,145 2,375 3,708 3,519 3,708 4,127 4,737 4,271 5,663 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 n.a. 76 2,209 5,757 70 777 241 5,757 70 777 241 n.a. 539 2,120 353 6,272 109 744 141 539 2,120 353 6,563 85 720 204 n.a. 569 2,518 465 485 2,321 570 7,817 163 1,008 360 n.a. 647 2,512 663 8,546 122 1,160 425 n.a. 728 2,936 586 8,358 89 707 911 n.a. 1,167 2,820 557 12,239 4,221 2,910 17,427 5,971 3,986 18,755 5,864 3,855 20,042 6,031 4,978 18,755 5,864 3,855 18,753 5,703 4,656 24,049 5,688 5,803 26,832 5,476 7,324 23,410 5,325 7,105 947 424 916 493 849 283 969 591 849 283 952 599 1,267 637 1,453 763 1,458 655 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom MEMO Euro area3 Canada 56 57 58 59 60 61 62 63 64 65 66 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 67 68 Africa Oil-exporting countries'" All other7 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • June 2008 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits . Negotiable securities Of which: Negotiable CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom Sept. 143,232 144,950 126,032 124,815 126,032 131,225 137,231 144,477 136,044 110,517 47,270 9,892 111,394 50,149 13,180 88,646 31,909 2,744 88,855 34,378 2,152 88,646 31,909 2,744 93,073 28,337 579 93,794 27,228 2,223 100,784 36,820 1,344 88,031 29,891 1,245 103 53,355 65 48,065 15 53,993 12 52,325 15 53,993 6 64,157 20 64,343 14 62,620 31 56,895 10,057 17,842 14,443 15,196 10,057 17,842 12,174 22,603 14,268 18,789 14,678 17,506 12,875 10,765 n.a. n.a. 67,445 43,072 1,329 20,651 9,219 7,345 4,528 75,802 35,592 9,348 9,308 7,635 3,537 5,764 66,871 21,775 8,454 5,843 4,014 746 2,718 63,946 24,909 10,416 6 337 4,361 656 3,139 66,871 21,775 8,454 5,843 4,014 746 2,718 64,047 29,026 4,336 16,280 4,936 777 2,697 66,625 27,169 3,729 15 339 3,850 868 3,383 65,146 35,638 4,387 15,498 3,611 9,113 3,029 66,726 21,305 4,583 8,717 3,461 1,059 3,485 48,714 2,177 1,452 5,386 7,389 978 23,982 42,736 1,743 2,752 2,729 3,033 1,152 22,111 34,070 328 1,310 8,506 2,842 706 13,713 34,038 618 2,563 9,084 2,610 795 12,004 34,070 328 1,310 8,506 2,842 706 13,713 44,607 445 2,119 8,447 4,437 722 21,847 47,629 2,985 3,557 9,058 5,138 806 18,377 44,651 2,270 2,850 7,543 3,690 820 20,467 39,482 1,393 3,841 3,288 3,005 777 19,251 MEMO: 23 Euro area3 24 Canada 25 26 27 28 29 30 31 32 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 33 34 35 Asia Japan Middle Eastern oil-exporting countries5 36 37 Africa Oil-exporting countries'" . . 38 All other7 16,702 18,829 17,002 6,412 13,372 14,118 15,110 14,118 10,177 11,312 11,208 11,203 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 32,776 4,463 1,631 1,419 n.a. 23,146 1,236 117 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 32,293 5,762 1,296 1,655 n.a. 20,885 1,098 116 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 30,826 2,466 1,397 1,463 n.a. 23,035 1,217 150 23,481 2,145 568 1,658 n.a. 16,492 1,222 194 6,840 993 137 7,223 568 242 3,238 882 60 4,248 779 1,209 3,238 882 60 3,841 1,563 82 4,745 1,465 1,111 11,738 1,395 111 11,533 1,536 150 306 8 1,291 37 345 34 1,067 34 345 34 365 33 366 33 368 32 425 36 1,096 20,564 Nonbank-Reported Data 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 39 Commercial claims 40 Trade receivables 41 Advance payments and other claims 42 43 44 45 46 47 48 49 50 51 52 53 54 55 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom Sept. 32,715 29,229 3,486 33,556 29,231 4,325 37,386 32,802 4,584 35,960 31,337 4,623 37,386 32,802 4,584 38,152 33,260 4,892 43,437 36,001 7,436 43,693 36,520 7,173 48,013 41,420 6,593 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 33,160 4,226 740 1,108 661 281 1,436 32,372 3,588 546 1,345 584 233 880 33,160 4,226 740 1,108 661 281 1,436 34,289 3,863 608 1,360 734 221 940 39,644 3,793 658 1,233 707 257 938 40,136 3,557 637 1,124 663 285 848 42,972 5,041 788 2,116 749 319 1,069 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,105 443 2,110 1,642 728 718 3,789 14,019 475 2,059 1,639 527 1,043 3,802 14,105 443 2,110 1,642 728 718 3,789 14,845 481 2,114 1,765 578 830 4,260 16,762 488 1,956 1,780 665 1,087 5,118 16,501 368 1,972 1,713 745 948 5,734 16,637 327 2,225 1,631 979 1,374 4,510 8,457 8,961 8,436 2,017 2,750 3,402 2,483 3,402 2,850 4,109 3,595 5,216 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 1,022 n.a. 61 2,089 380 7,146 48 503 945 7,146 48 503 945 n.a. 323 2,067 379 7,779 29 662 914 8,089 33 1,267 922 323 2,067 379 7,355 31 464 1,046 n.a. 563 2,016 349 401 1,980 426 585 1,952 451 8,747 27 1,528 946 n.a. 452 2,196 474 8,818 53 1,140 1,023 n.a. 495 2,277 499 8,943 1,855 1,071 10,073 2,128 1,558 11,011 2,467 1,754 10,321 2,207 1,727 11,011 2,467 1,754 10,849 2,504 1,600 12,507 3,156 1,686 13,027 2,948 2,114 15,372 3,981 2,310 629 154 830 258 892 298 1,037 359 962 266 982 321 1,007 261 967 315 MEMO 8,376 Euro area3 Canada 58 59 60 61 62 63 64 65 66 67 68 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 69 70 Africa Oil-exporting countries'" All other7 1. Data available beginning March 2003. For data on loans and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • June 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Apr. Nov. Apr.' Dec. U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 6,868,571 6,718,156 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 .. 4,379,500 999,347 969,083 1,101,407 1,096,657 944,625 911,164 1,268,101 1,250,923 1,016,491 1,015,376 1,143,493 1,132,719 964,622 980,482 -15,860 33,461 195,524 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 10,443,806 150,371 5,766 195,562 15,107 13,192 18,964 30,263 354 4,749 482 33,458 12,502 17,170 13,343 1,106 4,772 10,776 413 -15,860 436 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 89,259 -1,168 19,521 600 28 -7,143 6,887 -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 -3,557 -457 -1,887 -7,154 388 -3,258 4,765 3,620 -6,008 -357 3,202 1,799 -25,580 7,122 33,504 -167 11,799 6,132 -4,297 999 14,290 -14 6,475 2,556 -425 -972 -1,079 41 6,785 35 2,378 -380 6,186 1,739 5,138 4,720 25 -31 943 3,054 -756 895 2,857 70 -1,660 121 -785 848 -380 2,460 374 -7,818 901 5,301 1,133 4,233 125 111 366 13,558 328 -1,158 -191 153 -1,666 -1,129 695 16,342 154 -19 105 4,395 7,100 9,241 73 4,673 126 -210 -712 6,925 -479 6,342 1,740 -524 -2,046 1,146 816 -1,568 -190 -1,495 1,345 -7,520 6,234 13,926 -245 3,191 2,369 -1,948 -297 -8,632 235 -4,967 -1,638 115 73 -1,487 1,399 -3,846 -11 1,344 670 -4,258 -334 12,906 -33 4,354 1,927 -931 341 2,517 -267 4,342 -1,711 360 -1,049 1,534 1,069 -2,878 -121 1,980 -321 914 1,127 3,825 297 2,288 708 299 435 -4,367 54 -7,604 -5,545 437 -236 3,572 336 2,284 -35 1,373 105 -14,716 95 2,847 -186 1,966 1,128 -1,717 520 44 -38 15 1 1 -2 0 ,572,160 ,285,696 2,050,451 1,824,365 1,130,483 1,040,264 179,040 164,162 174,264 147,627 227,714 231,030 258,302 238,985 279,924 243,028 332,885 314,150 259,372 244,101 286,464 226,086 90,219 14,878 26,637 -3,316 19,317 36,896 18,735 15,271 286,228 92,632 225,707 119,057 90,496 27,130 14,943 10,048 26,303 6,007 -3,311 4,080 19,641 -630 36,888 1,203 18,711 15,545 15,256 11,012 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 75,423 -1,034 7,491 -892 3,291 -5,048 -1,535 -675 70,310 -1,216 5,598 4,699 -50,755 -3,560 57,465 21,520 13,473 20,386 -318 1,944 10,224 -916 439 -242 371 -2,448 -49 -311 6,732 466 402 399 -344 184 3,560 3,048 1,611 2,713 -8 526 7,669 -68 933 -566 918 -2,907 -48 -159 6,093 -33 -1,225 -1,189 15,543 -595 5,921 6,627 2,567 1,063 26 153 1,816 -138 -18 47 -225 290 -713 -293 279 -48 508 -1,006 -9,098 -497 4,884 2,550 2,071 2,654 -21 103 13,364 -63 527 -1,228 672 1,997 -209 -123 11,720 -279 -635 -183 5,234 184 1,761 -2,011 2,625 4,453 -38 -46 20,505 -57 889 131 1,283 -687 -500 -175 19,444 -115 2,339 -1,069 -2,632 64 16,584 4,249 1,107 8,226 -23 1,120 30,600 -862 5,940 -90 1,714 -2,774 -461 -223 24,978 -810 2,684 2,291 -33,461 -1,708 18,329 7,391 4,409 5,102 -406 382 10,954 -52 135 294 -379 -3,584 -365 -154 14,168 -12 1,210 3,660 -19,896 -2,100 20,791 11,891 5,332 2,605 149 488 236 379 -277 -65 334 -5 -324 24 15 1,678,464 1,167,658 1,912,361 1,530,509 568,573 525,419 166,392 143,702 121,310 106,513 140,595 103,296 125,095 121,703 140,455 145,035 164,940 139,847 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 28 Foreign sales 29 Net purchases, or sales (-) 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries International and regional organizations2 .. . CORPORATE BONDS3 53 Foreign purchases 54 Foreign sales 19,249 37,299 381,852 55 Net purchases, or sales (-) 138,083 118,834 25,093 Foreign countries Of which: by foreign official institutions . . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 509,783 28,556 380,605 50,566 43,178 19,907 22,657 7,437 14,828 4,898 37,291 8,218 3,505 3,946 19,276 4,360 ^1,580 4,088 24,977 7,513 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 197,117 -7,413 4,261 5,419 8,658 -14,650 -652 3,580 207,331 -6,717 12,274 5,097 41,694 3,803 115,195 41,675 12,780 38,573 -169 5,594 -1,929 -3,623 -1,602 748 -1,244 1,394 -958 385 385 -3,933 1,877 2,029 7,277 1,207 32,476 15,174 2,517 10,335 -18 259 -1,180 19 -56 716 -689 -1,034 161 645 7,860 -1,208 504 1,048 4,438 873 17,376 1,957 587 9,222 4 -406 564 -590 -250 -337 641 -557 -234 831 873 -151 -473 187 3,901 774 9,833 3,706 1,502 3,082 -26 11,234 -408 -10 965 75 -1,827 -1,952 -2,064 21 454 -1,265 -1,345 -334 -404 4,380 -1,141 576 481 -4,490 -25 8,699 2,945 899 3,240 -21 237 1,963 -749 -677 -126 -453 -134 -327 519 4,644 -808 609 786 8,785 447 6,699 2,517 -134 3,388 -25 12 -8,792 -802 -579 174 -406 1,654 -259 -36 -7,530 -1,250 112 736 -4,324 234 7,303 2,765 1,005 2,600 9 142 6,852 -8 -367 246 880 1,219 -38 306 5,525 -734 580 26 7,306 551 9,775 6,947 747 1,107 19 -132 78 International and regional organizations3 . 1,023 1,247 -24 33 -113 -27 0 116 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 497 12,292 -724 810 -191 9,718 -30 15,589 7,739 1,491 5,390 71 90 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars 2008 Transaction, and area or country 2006 2007 2008 2007 Jan.Apr. Oct. Nov. Dec. Jan. Feb. Mar. Apr.p -18,272 442,624 460,896 -3,008 487,855 490,863 -828 505.636 506,464 Foreign securities 79 Stocks, net purchases or sales (-) 4 -106,455 3,636,185 3 742 640 80 Foreign purchases -95,325 5,215,768 5 311 093 -24,445 1,959,800 1 984 245 5,025 546,421 541,396 9,617 521,977 512,360 -29 430.974 431,003 -2,337 523,685 526,022 82 Bonds, net purchases or sales (-) 4 -144,452 -127,861 3,192 -9,101 10,979 -12,367 -17,343 5,323 4,065 11,147 83 Foreign purchases 1,879,713 2 024 165 2,972,380 3 100 241 948,999 945,807 264,614 273,715 209,714 198,735 169,182 181,549 246,800 264,143 240,377 235,054 267,714 263,649 194,108 182,961 85 Net purchases, or sales (-) of stocks and bonds4 -250,907 -223,186 -21,253 ^t,076 20,596 -12,396 -19,680 -12,949 1,057 10,319 86 Foreign countries 87 Europe -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -239,115 -218,331 -62,547 -154,543 -10,203 -7,948 -18,442 27,064 4,030 1,112 -12,367 -26,993 -37,063 -14,735 -24,124 -3,072 14,927 -9,104 24,371 1,821 98 -17,150 -7,132 -13,988 -9,536 -3,787 -1,954 -810 10,759 283 1,263 5 -1,427 20,714 3,988 8,866 -6,183 416 932 -2,477 17,836 4,614 988 -969 -12,683 381 442 -951 -3,598 -1,278 -11,730 3,179 4,613 680 -317 -19,806 -17,514 -2,132 -11,375 -4,542 2,319 -4,946 11,459 945 1,532 -8,114 -13,864 -17,579 -3,147 -14,080 1,274 5,767 4,304 -2,999 -340 624 -5,255 -1,688 3,579 -5,529 7,335 2,814 3,942 -12,882 5,463 2,404 -1,841 -2,763 8,365 -5,549 -3,927 -6,004 -2,618 2,899 4,420 10,448 -1,188 -217 -1,018 5,109 15,929 5,740 3,056 -118 287 126 915 2,745 1,954 89 United Kingdom 91 Latin America 93 Asia 95 Africa 97 Nonmonetary international and regional organizations2 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 2. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 3. Includes state and local securities. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investment abroad. 4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign securities. 5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Foreign Transactions1 Millions of dollars; net purchases, or sales (—), during period Area or country Jan.Apr. Apr.' 1 Total reported 195,536 44,740 24,825 53,628 80,276 2 Foreign countries 3 Of which: by foreign official institutions . . . 194.714 69,639 202,228 2,994 190,739 82,816 44,386 3,980 25,016 378 1,635 10,980 36,514 36,101 20,494 -3,594 53,469 28,011 80,262 22,298 20,890 -11 -284 -532 -26 -157 -1,558 816 229 -937 23,240 143 -32 -2,418 30,585 -464 -1,450 293 -430 -489 559 10,564 -435 -947 18,995 45 4,344 -1,831 54,271 -56 -2,116 2,539 -327 435 677 770 -26 986 48,524 -123 2,988 5,244 -602 597 -2,075 24 852 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R Canada 98,982 357 -1,600 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161 180,257 -3,100 -4,665 -3,330 1,734 -28 1,471 -27,339 2,176 -2,560 207,374 -974 9,498 -3,196 114,261 -664 -9,133 3,288 -2,578 68 -151 20,577 -541 -1,460 90,926 649 13,280 6,268 33,636 76 858 248 537 68 -345 2,391 -385 645 26,565 -334 3,311 -1,381 18,235 -948 933 -2,517 662 -292 -848 1,896 -441 -168 21,005 -334 -713 7,196 -16,859 -547 390 190 -361 95 -2^284 -284 543 -15,775 -36 -120 -5,209 8,515 -133 -5,282 988 -1,794 279 170 8,427 -309 -562 167 584 5,980 5,273 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 21,838 23,100 -322 242 -1,182 86,160 77,066 1,735 -196 7,555 21,821 18,941 923 -281 2,238 5,557 3,065 2,184 -74 382 13,967 8,065 4,169 -179 1,912 10,287 8,540 1,241 -46 552 11,375 10,332 939 -77 181 5,298 4,636 155 -156 663 5,750 3,376 1,904 -72 542 23 Caribbean -9,838 2,380 -18,324 7,549 -283 9,597 -9,510 -6,605 -7,694 5,485 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,694 40,633 16,257 1,312 6,168 4,548 -224 -68,122 -7,968 1,934 -47,384 -17,874 1,805 1,365 64,195 33,022 9,495 17,624 1,675 2,235 144 359 -4,795 -1,347 9,579 -2,551 221 -748 -15,637 -5,210 546 -11,507 380 -345 499 3,179 6,862 -654 -5,681 975 -1,558 3,235 20,021 9,563 2,478 6,362 2,648 -1,708 678 2,840 3,997 1,314 -601 1,492 -3,360 26,323 6,613 2,998 15,654 -581 983 656 15,011 12,849 2,705 -3,791 -390 1,468 2,170 3,515 2,400 6,127 4,568 2,987 458 -44 -4 1,054 4 916 500 1,116 54 642 -4 638 591 448 -2,638 -1,378 -469 -1,290 484 -276 -276 -153 822 -1,048 235 354 -191 275 -47 109 31 Africa 32 African oil exporters3 33 Other countries 34 4 International and regional organizations .. 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). -40 -302 159 262 14 3. Comprises Algeria, Gabon, Libya, and Nigeria. 4. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 56 Federal Reserve Bulletin Statistical Supplement • June 2008 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2007 Item 2005 2006 2008 2007 Nov. Dec. Jan. Feb. Mar. Apr. 0.8823 1.7710 1.0099 7.2405 5.0575 1.4728 7.8044 39.27 107.82 3.2653 10.906 0.7740 5.3993 1.4299 6.9962 942.06 108.156 6.3978 1.1006 32.359 30.305 1.9702 2.14 0.9133 1.7290 0.9986 7.1644 5.0507 1.4759 7.7963 39.67 107.03 3.2216 10.768 0.7969 5.3851 1.4106 7.6578 944.01 107.827 6.3450 1.0890 31.616 31.174 1.9646 2.14 0.9221 1.7090 1.0029 7.0722 4.8043 1.5520 7.7813 40.15 100.76 3.1841 10.733 0.8004 5.1495 1.3843 7.9921 981.73 107.684 6.0613 1.0126 30.577 31.404 2.0015 2.14 0.9309 1.6863 1.0137 6.9997 4.7354 1.5754 7.7910 39.97 102.68 3.1604 10.515 0.7897 5.0541 1.3643 7.7585 986.86 107.779 5.9470 1.0138 30.356 31.558 1.9816 2.14 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1,023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2.11 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2.14 0.8391 1.9461 1.0734 7.6058 5.4413 1.3711 7.8016 41.18 117.76 3.4354 10.928 0.7365 5.8557 1.5065 7.0477 928.97 110.620 6.7550 1.1999 32.852 32.203 2.0020 2.14 0.8961 1.7669 0.9672 7.4210 5.0766 1.4683 7.7774 39.33 111.07 3.3588 10.881 0.7631 5.4156 1.4466 6.7049 918.81 110.418 6.3242 1.1233 32.328 31.348 2.0701 2.14 0.8719 1.7852 1.0021 7.3682 5.1235 1.4559 7.7983 39.38 112.45 3.3324 10.846 0.7690 5.5000 1.4487 6.8376 931.10 108.891 6.4764 1.1402 32.412 30.158 2.0161 2.14 Indexes4 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)'' 26 Other important trading partners (January 1997=100)7 110.71 83.71 108.52 82.46 103.40 77.84 98.37 72.20 99.27 73.69 98.48 73.06 97.67 72.57 95.77 70.32 95.48 70.47 97.58' 90.63' 96.48' 90.54' 91.90' 86.39' 87.18' 80.50' 87.68' 81.91' 87.12' 81.46' 85.80' 81.00' 84.76' 78.95' 84.88 79.46 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. dollars per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 June 30, 2007 September 30, 2007 December 31,2007 March 31,2008 September December March June 2007 2007 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 May 2007 August 2007 November 2007 February 2008 August November February May 2007 2007 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 March 31,2007 June 30, 2007 September 30,2007 December 31,2007 August November February May 2007 2007 2008 2008 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1997-2003 1998-2004 1999-2005 2000-2006 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2003 2004 2005 2006 September September September September 2004 2005 2006 2007 70 60 60 60 Supplement Supplement Supplement Supplement September September September September 2004 2005 2006 2007 73 63 63 63 Supplement Supplement Supplement Supplement *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • June 2008 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, March 31, 2008 Millions of dollars except as noted Domestic total 1 Total assets 2 Cash and balances due from depository institutions 3 Cash items in process of collection, unposted debits, and currency and coin 4 Cash items in process of collection and unposted debits 5 Currency and coin 6 Balances due from depository institutions in the United States 7 Balances due from banks in foreign countries and foreign central banks 8 Balances due from Federal Reserve Banks 9 Total securities, held-to-maturity (amortized cost) and avail able-for-sale (fair value) 10 U.S. Treasury securities 11 U.S. government agency and corporation obligations (excludes mortgage-backed securities) 12 Issued by U.S. government agencies 13 Issued by U.S. government-sponsored agencies 14 Securities issued by states and political subdivisions in the United States 15 Mortgage-backed securities (MBS) 16 Pass-through securities 17 Guaranteed by GNMA 18 Issued by FNMA and FHLMC 19 Other pass-through securities 20 Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS) 21 Issued or guaranteed by FNMA, FHLMC or GNMA 22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA 23 All other mortgage-backed securities 24 Asset-backed securities 25 Credit card receivables 26 Home equity lines 27 Automobile loans 28 Other consumer loans 29 Commercial and industrial loans 30 Other 31 Other debt securities 32 Other domestic debt securities 33 Foreign debt securities 34 Investments in mutual funds and other equity securities with readily determinable fair value 35 Federal funds sold and securities purchased under agreements to resell 36 Federal funds sold in domestic offices 37 Securities purchased under agreements to resell Banks with foreign offices' 11,387,531 9,749,244 8,563,471 6,925,184 2,824,060 505,640 293,610 n .a. n .a. n .a. n .a. n .a. n .a. 416,007 150,759 203,977 145,444 115,583 29,861 31,409 13,910 13,213 89,633 n.a. n.a. 43,548 208,482 13,218 1,569,169 22,066 n .a. n .a. 1,086,147 13,584 483,021 8,482 162,675 5,601 157,073 139,991 1,005,975 623,204 25,820 577,596 19,788 382,771 141,294 9,045 232,432 93,229 21,680 13,034 7,528 14,546 8,276 27,353 123,812 29,885 93,927 n .a. n .a. n .a. 43,458 119,216 783,915 499,323 14,232 466,687 18,403 284,592 85,743 7,783 191,066 76,791 13,493 12,690 5,529 12,025 8,053 25,001 97,316 15,386 81,929 2,584 116,633 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,944 21,420 710,837 250,064 460,773 3,018 40,441 60,140 492,617 250,064 242,553 1,323,566 287,811 48,066 477,944 77,022 2,240,570 267,471 n.a. n.a. n.a. n.a. 143,763 n.a. n.a. n.a. 53,331 1,395,323 n.a. n.a. 1,277,316 200,362 113,785 862,114 107,719 917,315 159,441 64,218 943,062 340,179 65,143 537,740 801,566 275,817 72 73 74 75 76 77 78 79 80 Trading assets Premises and fixed assets (including capitalized leases) Other real estate owned Investments in un con soli dated subsidiaries and associated companies Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs Intangible assets Goodwill Other intangible assets All other assets 1,000,989 104,896 11,799 20,934 n.a. 428,008 334,220 93,788 538,227 9,837 1,497,108 420,352 119,767 52,929 7,889 58,948 13,410 1,080,504 839,496 45,922 183,575 414 183,161 26,497 14,498 11,998 1,912,035 1,004 3,564,135 555,281 57,903 1,975,052 497,374 45,927 255,431 1,792 253,640 n.a. n.a. 125,659 2,521 223 2,352 4,121,404 1,075 n.a. n.a. n.a. n.a. 3,638,466 n.a. n.a. n.a. n.a. 66 67 68 69 70 71 55,551 1,262 41,366 16,438 8,187 344 1,999 4,688,928 4,529,138 75,584 4,453,554 52,331 473,417 11,587 110,909 1,386 98,179 10,476 Total loans and leases, gross, by category 44 Loans secured by real estate 45 Construction and land development 46 Farmland 47 One- to four-family residential properties 48 Revolving, open-end loans, extended under lines of credit 62 63 64 65 123,882 113,850 75,216 38,634 1,332 158,457 52,539 1,164,187 222,061 378,767 174,849 203,919 6,600,962 2,337 204,014 6,394,612 101,594 6,293,018 Closed-end loans secured by one- to four-family residential properties Secured by first liens Secured by junior liens Multifamily (five or more) residential properties Nonfarm n on residential properties Loans to depository institutions and acceptances of other banks Commercial banks in the United States Other depository institutions in the United States Banks in foreign countries Loans to finance agricultural production and other loans to farmers Commercial and industrial loans U.S. addressees (domicile) Non-U.S. addressees (domicile) Loans to individuals for household, family, and other personal expenditures (includes purchased paper) Credit cards Other revolving credit plans Other consumer loans (including single-payment, installment, and all student loans) Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) All other loans Loans to foreign governments and official institutions Other loans Loans for purchasing and carrying securities All other loans (excludes consumer loans) Lease-financing receivables 79,851 596,987 174,849 422,138 38 Total loans and leases (gross) and lease-financing receivables (net) 39 LESS: Unearned income on loans 40 LESS: Loans and leases held for sale 41 Total loans and leases (net of unearned income) 42 LESS: Allowance for loan and lease losses 43 Loans and leases, net of unearned income and allowance 49 50 51 52 53 54 55 56 57 58 59 60 61 Banks with domestic offices only2 401,936 83,723 52,647 7,889 23,186 12,618 849,367 827,607 45,557 1,865,474 26,010 1,839,464 360,001 40,921 49,568 460,178 23,996 39,921 314,819 241,008 21,760 778,026 288,814 60,910 428,303 636,530 224,452 48,098 363,980 165,036 51 ,365 4 ,233 109,438 34,680 234,198 1,786 34,675 162,342 11 ,247 21 ,233 6 21 .227 232,412 113,442 948,430 59,143 6,313 20,278 n.a. 372,717 293,769 78,947 445,438 408 161,934 30,791 131,144 101,579 n.a. n.a. n.a. n.a. 24,182 n.a. n.a. n.a. n.a. 12,217 52,559 45,752 5,486 656 n.a. 55,292 40,451 14,841 92,789 Special Tables 4.20 59 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, March 31, 2008 Millions of dollars except as noted Domestic total Banks with foreign offices' Banks with domestic offices only2 81 Total liabilities, minority interest, and equity capital 11,387,531 82 Total liabilities 10,222,187 8,584,585 7,704,542 6,066,939 2,517,645 7,370,324 6,605,052 5,874,450 5,445,144 6,121 318,764 66,040 29,058 5,285,276 4,690,116 n.a. n.a. 106,681 201,887 3,789,402 3,530,208 5,125 174,069 41,806 28,897 2,085,048 1,914,936 995 144,696 24,235 161 9,322 106,748 83 Total deposits 84 Individuals, partnerships, and corporations (include all certified and official checks) . . . . 85 U.S. government 86 States and political subdivisions in the United States 87 Commercial banks and other depository institutions in the United States 88 Banks in foreign countries 89 Foreign governments and official institutions (including foreign central banks) 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 Total transaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) . . . . 130,915 202,047 n.a. n.a. n.a. n.a. Total demand deposits Total nontransaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) 105 Federal funds purchased and securities sold under agreements to repurchase 106 Federal funds purchased in domestic offices 107 Securities sold under agreements to repurchase 108 Trading liabilities 109 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 110 Subordinated notes and debentures to deposits 111 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs 112 All other liabilities 113 Minority interest in consolidated subsidiaries 114 Total equity capital n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8,563,471 689,970 580,452 2,338 70,026 29,004 7,224 926 n.a. n.a. n.a. 9,297 26 401,856 331,507 1,909 35,605 24,757 7,161 916 288,114 248,944 429 34,421 4,248 62 10 499,853 325,282 174,571 5.184.480 4,864,692 3,783 248,738 37,036 21,834 8,396 3,387,545 3,198,701 3,216 138,463 17,049 21,736 8,380 1,796,935 1,665,992 567 110,275 19,987 98 16 800.108 294,621 505,487 405.663 658,534 294,621 363,913 n.a. 664.039 219,918 444,120 404,849 522,465 219,918 302,547 n.a. 136,069 74,703 61,366 814 .134.543 174,241 n.a. 337,308 16.166 954.695 n.a. n.a. n.a. n.a. 885,995 165,299 n.a. 299,085 15,174 706.146 n.a. 494.684 n.a. n.a. 248,549 8,943 n.a. 38,223 993 n.a. 1,149,178 305,422 MEMO 115 Trading assets at large banks2 116 U.S. Treasury securities (domestic offices) 117 U.S. government agency obligations (excluding MBS) 118 Securities issued by states and political subdivisions in the United States 119 Mortgage-backed securities 120 Other debt securities 121 Other trading assets 122 Trading assets in foreign offices 123 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 124 Total individual retirement (IRA) and Keogh plan accounts 125 Total brokered deposits 126 Fully insured brokered deposits 127 Issued in denominations of less than $100,000 128 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 129 Money market deposit accounts (MMDAs) 130 Other savings deposits (excluding MMDAs) 131 Total time deposits of less than $100,000 132 Total time deposits of $100,000 or more 133 Number of banks NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have foreign offices, the inapplicability of certain items to banks that have only domestic offices, or the absence of detail on a fully consolidated basis for banks that have foreign offices. 1. All transactions between domestic and foreign offices of a bank are reported in "net due from" and "net due to" lines. All other lines represent transactions with parties other than the domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities, respectively, of the domestic and foreign offices. 931,149 n.a. n.a. n.a. n.a. n.a. n.a. 329,536 491,675 42,887 8,175 14,681 59,987 103,087 35,516 0 439,298 42,831 7,063 14,280 47,829 66,283 35,395 0 52,376 56 1,112 401 12,158 36,805 121 0 337,280 n.a. n.a. n.a. n.a. 227,342 217,200 443,542 268,362 208,576 225,617 98,794 213,640 101,952 84,179 1,724 118,407 229,902 166,411 124,397 59,786 2,415,359 688,971 1,032,098 1,048,052 17,772 1,740,750 432,570 524,206 690,019 42,013 674,608 256,401 507,892 358,033 n.a. n.a. n.a. n.a. n.a. 7,213 7,213 7,104 Foreign offices include branches in foreign countries, Puerto Rico, and U.S.-affiliated insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement corporations wherever located; and international banking facility (IBF). 2. Components of "Trading Assets at Large Banks" are reported only by banks that reported trading assets of $2 million or more any quarter of the preceding calendar year. 60 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21, 58-59 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-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, 58-59 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 58-59 Weekly reporting by banks, 17, 18 Commercial banks Assets and liabilities, 15-21, 58-59 Commercial and industrial loans, 15-21, 58-59 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21, 58-59 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44-55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21, 58-59 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EXCHANGE rates, foreign, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21, 58-59 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44—55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting by banks, 17, 18 YIELDS (See Interest rates) 61 62 Federal Reserve Bulletin Statistical Supplement • June 2008 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE TO THE FLOW COMPUTERS. CD-ROM; updated monthly. Standalone PC. $300 per year. Network, maximum 1 concurrent user. $300 per year. Network, maximum 10 concurrent users. $750 per year. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover additional airmail costs. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in Lending— Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each volume $5.00. ANNUAL REPORT, 2003. ANNUAL REPORT: BUDGET REVIEW, 2004. ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 1982 December 1983 266 pp. $ 7.50 1983 October 1984 264 pp. $11.50 1984 October 1985 254 pp. $12.50 1985 October 1986 231 pp. $15.00 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 1980-89 March 1991 712 pp. $25.00 1990 November 1991 185 pp. $25.00 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 1994 December 1995 190 pp. $25.00 1990-95 November 1996 404 pp. $25.00 1996-2000 March 2002 352 pp. $25.00 FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $15.00 per year or $3.50 each. FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated monthly. (Requests must be prepaid.) Consumer and Community Affairs Handbook. $75.00 per year. Monetary Policy and Reserve Requirements Handbook. $75.00 per year. Securities Credit Transactions Handbook. $75.00 per year. The Payment System Handbook. $75.00 per year. Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Rates for subscribers outside the United States are as follows and include additional airmail costs: Federal Reserve Regulatory Service, $250.00 per year. Each Handbook, $90.00 per year. OF FUNDS ACCOUNTS. January 2000. 1,186 pp. $20.00 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $35.00 per year or $3.50 each. EDUCATION PAMPHLETS Short pamphlets suitable for classroom use. Multiple copies are available without charge. A Consumer's Guide to Mortgage Lock-Ins A Consumer's Guide to Mortgage Settlement Costs A Consumer's Guide to Mortgage Refinancings A Guide to Business Credit for Women, Minorities, and Small Businesses Choosing a Credit Card Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish) Consumer Handbook to Credit Protection Laws Home Mortgages: Understanding the Process and Your Right to Fair Lending How to File a Consumer Complaint about a Bank (also available in Spanish) In Plain English: Making Sense of the Federal Reserve Keys to Vehicle Leasing (also available in Spanish) Looking for the Best Mortgage (also available in Spanish) Making Sense of Savings Privacy Choices for Your Personal Financial Information Protecting Yourself from Overdraft and Bounced-Check Fees Putting Your Home on the Loan Line Is Risky Business (also available in Spanish) Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System The Federal Open Market Committee Federal Reserve Bank Board of Directors Federal Reserve Banks What You Should Know About Home Equity Lines of Credit (also available in Spanish) When Is Your Check Not a Check? (also available in Spanish) 63 STAFF STUDIES: Only Summaries Printed in the BULLETIN Studies and papers on economic and financial subjects that are of general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff Studies 165-176 are available online at www.federalreserve.gov/ pubs/staffstudies. Requests to obtain single copies of any paper or to be added to the mailing list for the series may be sent to Publications Fulfillment. 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 160. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. 35 pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. THE 1989-92 CREDIT CRUNCH Group on Disclosure, Federal Reserve System. March 2000. 35 pp. STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff, for the Payments System Development Committee, Federal Reserve System. December 2002. 27 pp. 176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994- 2003, by Steven J. Pilloff. May 2004. 23 pp. FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. 64 Federal Reserve Bulletin Statistical Supplement • June 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data refer Corresponding Bulletin or Statistical Supplement table numbers2 Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G. 15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization 3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 65 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases E.2. Survey of Terms of Business Lending 3 E. 11. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks As- 5.00 Midmonth of March, June, September, and December February, May, August, and November 5.00 15th of March, June, September, and December Previous quarter E.16. Country Exposure Lending Survey 3 $ 5.00 January, April, July, and October Previous quarter Z.I. $25.00 Second week of March, June, September, and December Previous quarter Flow of Funds Accounts of the United States: Flows and Outstandings3 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 66 Federal Reserve Bulletin Statistical Supplement • June 2008 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. The Payment System Handbook deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulations CC, J, and EE, related statutes and commentaries, and policy statements on risk reduction in the payment system. For domestic subscribers, the annual rate is $200 for the Federal Reserve Regulatory Service and $75 for each handbook. For subscribers outside the United States, the price, which includes additional airmail costs, is $250 for the service and $90 for each handbook. The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a standalone PC, the annual subscription fee is $300. For network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent users, $2,000 for a maximum of 50 concurrent users, and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add $50 to cover additional airmail costs. For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 67 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve Systern makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
@FedFRASER