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Volume 5 • Number 11 D November 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, which began publication in 2004, is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). All statistical series in the Statistical Supplement are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. The Statistical Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/ supplement. Please note that the Statistical Supplement will be discontinued in both the print and online versions as of December 2008. (For more information, see "Important Notice to Subscribers" on the inside front cover.) 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 November 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. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • November 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 Terms of lending at commercial banks, August 4-8, 2008 64 Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 2008 6 8 INDEX TO STATISTICAL TABLES 70 FEDERAL RESERVE BOARD PUBLICATIONS 72 ANTICIPATED FOR PERIODIC SCHEDULE OF RELEASE STATISTICAL RELEASES 7 4 PUBLICATIONS OF DATES INTEREST 75 FEDERAL RESERVE STATISTICAL AVAILABLE ON THE COMMERCE ECONOMIC BULLETIN BOARD RELEASES DEPARTMENT'S Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 1.10 Federal Reserve Bulletin Statistical Supplement • November 2008 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q3 Apr. May June July -19.8 11.8 -3.8 15.7 11.6 -20.7 -29.1 8.8 -.7 7.9 8.1 34.3 35.6 5.1 -2.8 1.5 15.9 -.3 14.8 6.4 -8.0 -1.5 -4.4' 4.1' 1.4 22.0 -3.9 37.3 Aug. 2 Reserves of depository institutions 1 Total 2 Required 3 Monetary base3 1.2 -9.8 2.0 Concepts of money* 4 Ml 5 M2 -1.4 4.7 -5.5 4.9 1.0 4.7 .3 -.4 5.6 6.6 2.0 1.3 9.0 1.0 5.3P 4.6 23.9 7.7 4.3 6.3 -3.6 1.1 -6.4 4.5 -1.0 -4.2 -26.1 7.2 -.9 18.5 -8.7 6.2P -3.6 37.0p -12.5 15.3 -17.2 5.9 -19.3' -14.6 -3.5 22.9 54.0 34.5 47.0 9.4 32.7 18.0 22.1 -23.6 18.4 -19.5 14.4 7.9 -1.0 -4.5 12.8 Nontransaction components 6 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . Small time1" Thrift institutions 9 Savings, including MMDAs . . 10 Small time8 7 8 Money market mutual funds 11 Retail7 12 Institution-only 6.7 5.5 21.0 40.0 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M l . 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 Aug. July 16 July 23 July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 888,434 479,004 479,004 21,740 412,392 39,171 5,701 0 111,143 150,000 14,301' 13,916 279 98 9 0 28,955 -1,344 106,375 11,041 2,200 38,676 883,293' 479,089 479,089 21,740 412,392 39,171 5,787 0 104,786 150,000 16,510' 16,381 34 96 0 0 29,025 -1,404 105,287' 11,041 2,200 38,676 893,822' 479,174 479,174 21,740 412,392 39,171 5,871 0 113,714 150,000 17,644' 17,452 89 101 0 29,065 -1,321 105,546' 11,041 2,200 38,676 890,469 479,291 479,291 21,740 411,731 39,832 5,988 0 110,500 150,000 17,463 17,370 0 93 0 0 29,105 -1,187 105,297 11,041 2,200 38,676 886,205 479,396 479,396 21,740 411,731 39,832 6,093 0 105,786 150,000 17,807 17,699 7 100 0 0 29,145 -1,127 105,199 11,041 2,200 38,676 889,872 479,500 479,500 21,740 411,731 39,832 6,197 0 107,714 150,000 17,609 17,513 0 95 0 0 29,183 -940 106,806 11,041 2,200 38,676 886,484 479,604 479,604 21,740 411,731 39,832 6,301 0 103,393 150,000 18,570 18,469 0 100 0 0 29,213 -1,213 106,918 11,041 2,200 38,676 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 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 Net portfolio holdings of Maiden Lane LLC( Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 23 24 25 26 27 28 Currency in circulation Reverse repurchase agreements7 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 capital5 Reserve balances with Federal Reserve Banks9 . 877,270 480,619 480,619 23,645 412,392 39,171 5,411 0 118,000 150,000 21,112' 14,229 72 76 6,735 0 4,995 -1,278 103,823' 11,041 2,200 38,739 889,322' 479,042 479,042 21,740 412,371 39,192 5,739 0 111,298 150,000 15,423' 15,068 103 99 153 0 29,018 -1,429 105,970 11,041 2,200 38,676 888,878 479,486 479,486 21,740 411,731 39,832 6,183 0 107,815 150,000 18,021 17,923 823,204 40,498 40 498 0 277 830,814 42,782 42,782 0 287 831,017 43,294 43,294 0 829,905 42,046 42,046 0 279 829,799 42,610 42,610 0 278 830,559 43,536 43,536 0 313 831,496 43,790 43,790 0 315 831,085 42,458 42,458 0 298 830,017 44,455 44,455 0 297 829,456 42,858 42,858 0 302 12,481 5,020 104 7,084 7,084 0 273 44,765 8,256 12,674 5,070 103 7,206 7,206 0 295 44,470 10,212' 12,382 4,806 154 7,095 7,095 1 328 44,233 9,568 12,285 4,711 101 7,195 7,195 0 278 45,073 10,764 13,107 5,419 101 7,253 7,253 0 335 44,211 5,205' 12,770 5,094 101 7,253 7,253 0 322 43,879 14,682' 12,359 4,880 115 7,016 7,016 0 348 44,139 10,287 12,510 4,859 319 7,006 7,006 0 325 43,788 7,983 12,365 4,765 103 7,179 7,176 3 318 43,991 10,664 12,435 4,828 101 7,175 7,175 0 332 44,604 8,746 Aug. 6 Aug. 13 Aug. 20 Aug. 27 97 0 0 29,175 -1,203 105,584 11,041 2,200 38,676 ABSORBING RESERVE FUNDS 29 30 31 32 33 34 35 36 Wednesday figures End-of-month figures July 23 July Aug. 901,552 478,841 478,841 21,740 412,392 39,171 5,538 0 114,500 150,000 25,644' 24,095 1 93 1,455 0 29,970 -638 103,236 11,041 2,200 38,677 898,515 479,240 479,240 21,740 411,731 39,832 5,937 0 119,000 150,000 17,529' 17,432 0 97 0 0 29,099 -2,178 105,825 11,041 2,200 38,676 895,974 479,702 479,702 21,740 411,731 39,832 6,399 0 117,500 150,000 19,104 19,011 0 93 0 0 29,247 -1,470 101,891 11,041 2,200 38,675 895,171 479,036 479,036 21,740 412,392 39,171 5,733 0 116,750 150,000 16,192' 16,097 0 94 0 0 29,019 -2,072 106,248 11,041 2,200 38,676 883,642' 479,121 479,121 21,740 412,392 39,171 5,818 0 103,750 150,000 17,830' 17,675 60 94 0 0 29,059 -1,788 105,671' 11,041 2,200 38,676 902,634' 479,206 479,206 21,740 412,392 39,171 5,903 0 123,250 150,000 17,377' 17,279 0 98 0 0 29,099 -1,930 105,632' 11,041 2,200 38,676 884,284 479,330 479,330 21,740 411,731 39,832 6,027 0 104,750 150,000 17,504 17,407 0 97 0 0 29,139 -1,662 105,224 11,041 2,200 38,676 898,870 479,434 479,434 21,740 411,731 39,832 6,131 0 118,250 150,000 17,651 17,552 0 99 0 0 29,179 -998 105,355 11,041 2,200 38,676 882,696 479,538 479,538 21,740 411,731 39,832 6,235 0 100,750 150,000 18,563 18,469 0 94 0 0 29,207 -1,702 106,340 11,041 2,200 38,676 894,222 479,642 479,642 21,740 411,731 39,832 6,339 0 111,000 150,000 19,002 18,901 0 102 0 0 29,247 -1,689 107,019 11,041 2,200 38,676 826,362 43,822 43,822 0 279 831,862 45,422 45,422 0 318 835,129 42,610 42,610 831,278 42,149 42,149 0 312 832,539 44,463 44,463 0 318 832,852 43,198 43,198 0 281 830,518 43,007 43,007 0 272 832,107 44,172 44,172 0 296 830,675 43,606 43,606 0 306 832,677 43,768 43,768 0 281 12,526 4,978 211 7,053 7,053 0 284 46,346 24,135 12,702 5,256 103 7,016 7,016 0 327 43,981 16,147 12,164 4,681 99 7,086 7,086 0 298 44,968 12,738 11,669 4,036 102 7,195 7,195 0 336 45,003 16,620 14,397 6,720 101 7,253 7,253 0 322 43,589 3,835' 11,958 4,271 101 7,253 7,253 0 333 43,814 21,460' 12,219 4,798 101 7,016 7,016 0 303 43,847 3,788 12,142 4,715 101 7,006 7,006 0 319 43,693 18,377 12,767 5,177 102 7,179 7,176 12,648 4,989 100 7,175 7,175 0 385 44,549 12,215 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 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 New portfolio holdings of Maiden Lane LLC Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 23 24 25 26 27 28 Currency in circulation Reverse repurchase agreements7 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 capital5 Reserve balances with Federal Reserve Banks9 . ABSORBING RESERVE FUNDS 29 30 31 32 33 34 35 36 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 under the overnight and term securities lending facilities. 3. Face value of the securities. 310 44,121 3,138 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 collateralized by U.S. Treasury and federal agency securities. 6. Fair value. 7. Cash value of agreements, which are collateralized by U.S. Treasury securities. 8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 9. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • November 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 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 10 Secondary 12 Term auction credit 14 Other credit extensions 2008 2005 2006 2007 Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. 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. 8,179 52,161 34,522 17,639 42,701 40,932 1,769 15,430 3,787 1 30 11,613 n.a. n.a. 8,147 53,651 34,631 19,021 42,778 41,053 1,724 60,157 155 0 3 60,000 n.a. n.a. 9,754 50,446 32,952 17,494 42,706 39,728 2,978 94,523 1,617 0 6 75,484 16,168 1,249 9,254 49,315 34,252 15,063 43,506 41,661 1,844 135,410 9,624 0 9,688 48,576 35,423 13,153 45,111 43,100 2,011 155,780 14,076 0 47 127,419 14,238 0 9,181 49,333 34,752 14,581 43,933 41,660 2,272 171,278 14,225 70 75 150,000 6,908 0 9,343 49,225 34,781 14,444 44,124 42,147 1,977 165,664 15,204 107 98 150,000 255 0 9,430 50,142 34,704 15,438 44,134 42,146 1,988 168,078 17,980 1 97 150,000 0 0 100,000 25,764 0 B weekly averages of daily figures for two-week periods ending on dates indicated 2008 1 2 3 4 5 6 7 8 9 11 12 13 2 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal Term auction credit Primary dealer credit facility May 7 May 21 June 4 June 18 July 2 July 16 July 30 Aug. 13 Aug. 27 Sept. 10 9,628 48,939 35,406 13,533 45,034 43,141 1,893 129,196 11,622 0 31 100,000 17,544 0 8,995 48,923 34,826 14,097 43,821 41,927 1,894 154,418 13,976 1 42 125,000 15,401 0 10,702 47,837 36,270 11,568 46,972 44,716 2,256 176,297' 15,936 1 66 150,000 10,295 0 7,998 48,530 32,598 15,933 40,596 38,942 1,653 171,945 13,260 112 69 150,000 8,505 0 10,053 50,769 36,760 14,009 46,813 43,813 3,000 168,827 14,782 43 86 150,000 3,917 0 8,657 48,968 32,761 16,207 41,418 39,616 1,801 163,658 13,386 168 100 150,000 5 0 9,944 49,124 36,655 12,469 46,599 44,583 2,016 167,077 16,917 62 99 150,000 2 0 9,135 51,141 32,870 18,272 42,004 40,157 1,847 167,635 17,535 4 97 150,000 0 0 9,705 49,474 36,399 13,076 46,104 44,062 2,041 168,090 17,991 0 98 150,000 0 0 9,429 49,230 34,735 14,496 44,163 41,908 2,255 169,481 19,386 0 94 150,000 0 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 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Primary credit1 L l—U-Ll i l l l\.\_i\_l Secondary credit2 Seasona credit3 VL- Bank Boston New York Philadelphia Cleveland Richmond Atlanta "hicago St. Louis Minneapolis Kansas City Dallas San Francisco On 11/14/08 Effective date Previous rate 10/29/08 10/29/08 10/30/08 10/29/08 10/30/08 10/31/08 1.75 i 1.25 i 10/29/08 10/30/08 10/30/08 10/29/08 10/30/08 10/29/08 1.25 On 11/14/08 1.75 1 1.75 1.75 Effective date Previous rate 10/29/08 10/29/08 10/30/08 10/29/08 10/30/08 10/31/08 2.25 i 10/29/08 10/30/08 10/30/08 10/29/08 10/30/08 10/29/08 On 11/14/08 Effective date Previous rate 1.90 11/6/08 2.70 i 1 2.25 1 1.90 11/6/08 2.70 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 \\ 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 1.75-2.25 1.75 1.25-1.75 1.25 4.00 4.00 3.50 3.50 3.25 2.50 2.50 2.25 2.25 1.75 1.75 1.25 1.25 1.25 1.25 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 Oct. 8 9 29 31 In effect November 14, 2008 . . . Range of rates for adjustment credit in recent years4 Range(or level)—All F.R. Banks F.R. Bank of N.Y. In effect Dec. 31, 1995 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 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 • November 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Percentage of liabilities Effective date 0 3 10 01/01/09 01/01/09 01/01/09 4 Nonpersonal time deposits 0 12/27/90 5 Eurocurrency liabilities 0 12/27/90 Net transaction accounts* 1 $0 million-$10.3 million2 2 More than $10.3 million-$44.4 million3 3 More than $44.4 million NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. July 2 U.S. TREASURY SECURITIES 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 8,300 0 871,661 871,661 0 5,748 0 905,206 905,206 0 0 0 839,688 839,688 49,178 0 35,011 35,011 27,481 0 0 58,896 58,896 0 0 81,398 23,501 23,501 25,977 0 20,060 20,060 22,667 0 13,719 0 0 26,529 0 1,510 5,361 5,361 6,819 0 7,320 7,320 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 -552 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,926 0 0 0 0 0 0 0 0 0 0 11,309 0 -91,121 97,723 26,354 0 0 7,539 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,626 0 -7,041 7,375 4,322 0 290 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,007 0 -11,395 3,000 3,299 0 0 0 640 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28,136 0 2,795 44,690 0 10,552 10,680 0 50,415 0 0 26,929 0 0 0 0 96,356 25,977 0 20,001 22,667 0 33,718 28,455 0 1,510 6,819 2,097,050 2,125,500 2,596,750 203,500 224,500 256,250 220,000 233,750 219,500 386,500 347,000 345,500 347,250 347,250 346,500 353,000 348,500 6,421,223 6,420,945 6,779,023 6,778,132 8,662,508 8,676,879 830,931 826,520 770,268 773,973 861,490 862,311 875,902 872,505 813,259 811,255 850,374 855,495 940,787 942,387 Net change in temporary transactions 14,028 -5,110 -8,621 -16,589 32,545 13,429 42,897 253 -4,372 2,900 Total net change in System Open Market Account 39,369 29,029 ^18,355 -43,517 32,545 -108,905 229 -61,920 -12,700 2,900 26 Net change in U.S. Treasury securities . . . . FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations TEMPORARY TRANSACTIONS Repurchase agreements^ Gross purchases Gross sales Matched sale-purchase agreements i Gross purchases • Gross sales Reverse repurchase agreements* Gross purchases 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 • November 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday July 30 Aug. 6 Aug. 13 End of month Aug. 20 Aug. 27 Consolidated condition statement ASSETS 1,386 11,037 2,200 1,379 11,037 2,200 1,378 11,037 2,200 1,402 11,037 2,200 1,415 11,037 2,200 1,339 11,037 2,200 1,409 11,037 2,200 1,422 769,833 479,206 479,206 21,740 412,392 39,171 5,903 0 123,250 150,000 17,377 29,099 805 2,161 103,471 85,157 18,314 751,584 479,330 479,330 21,740 411,731 39,832 6,027 0 104,750 150,000 17,504 29,139 2,514 2,160 103,115 84,519 18,597 765,335 479,434 479,434 21,740 411,731 39,832 6,131 0 118,250 150,000 17,651 29,179 1,600 2,162 103,147 82,204 20,942 748,851 479,538 479,538 21,740 411,731 39,832 6,235 0 100,750 150,000 18,563 29,207 938 2,163 104,315 88,186 16,129 759,644 479,642 479,642 21,740 411,731 39,832 6,339 0 111,000 150,000 19,002 29,247 926 2,166 104,840 88,172 16,668 768,985 478,841 478,841 21,740 412,392 39,171 5,538 0 114,500 150,000 25,644 29,970 1,020 2,163 103,382 87,802 15,580 765,770 479,240 479,240 21,740 411,731 39,832 5,937 0 119,000 150,000 17,529 29,099 1,085 2,167 102,935 85,461 17,474 766,306 479,702 479,702 21,740 411,731 39,832 6,399 0 117,500 150,000 19,104 29,247 785 2,173 100,054 85,262 14,792 919,992 903,127 916,038 900,113 911,475 920,095 915,702 913,223 795,563 44,463 33,417 28,712 4,271 101 333 2,736 3,431 795,848 43,198 16,065 10,862 4,798 101 303 4,169 3,532 795,101 44,172 30,480 25,345 4,715 101 319 2,592 3,576 793,703 43,606 16,051 10,463 5,177 102 310 2,632 3,685 795,694 43,768 24,850 19,377 4,989 100 385 2,614 3,760 789,299 43,822 38,971 33,497 4,978 211 284 1,657 5,168 794,909 45,422 28,909 23,223 5,256 103 327 2,481 3,450 798,152 42,610 25,246 20,168 4,681 99 298 2,246 3,717 879,609 862,812 875,920 859,678 870,686 878,916 875,171 871,972 32 Capital paid in 33 Surplus 34 Other capital accounts 19,937 18,501 1,946 19,937 18,502 1,875 19,935 18,505 1,678 20,189 18,507 1,740 20,189 18,509 2,091 19,874 18,493 2,811 19,935 18,501 2,095 20,190 18,509 2,552 35 Total capital 40,383 40,315 40,117 40,789 41,179 2,376,324 1,394,631 981,693 134,715 11,567 123,148 2,400,849 1,420,203 980,646 132,790 7,642 125,148 2,394,588 1,419,375 975,212 131,057 2,211 128,846 2,408,874 1,440,551 968,323 124,141 6,793 117,348 2,364,100 1,389,731 974,369 124,810 20,713 104,097 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 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 Net portfolio holdings of Maiden Lane LLC1" Items in process of collection Bank premises Other assets Denominated in foreign currencies7 All other8 21 Total assets LIABILITIES 22 23 24 25 26 27 28 29 30 Federal Reserve notes, net of F.R. Bank holdings . Reverse repurchase agreements9 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends10'" 31 Total liabilities CAPITAL ACCOUNTS 41,251 MEMO 36 Marketable securities held in custody for foreign official and international accounts3-12 37 U.S. Treasury 38 Federal agency 39 Securities lent to dealers 40 Overnight facility13 41 Term facility14 2,395,304 1,423,017 972,287 126,022 8,676 117,346 2,391,753 1,417,852 973,901 137,234 14,086 123,148 2,405,090 1,437,380 967,710 127,996 12,098 115,898 Federal Reserve notes and collateral statement 42 Federal Reserve notes outstanding 43 Less: Notes held by F.R. Banks not subject to collateralization 44 Federal Reserve notes to be collateralized 45 Collateral held against Federal Reserve notes 46 Gold certificate account 47 Special drawing rights certificate account 48 U.S. Treasury and agency securities pledged15 49 Other assets pledged 990,738 991,468 991,705 992,338 991,668 988,739 990,808 991,160 195,175 795,563 795,563 11,037 2,200 558,980 223,346 195,620 795,848 795,848 11,037 2,200 541,515 241,096 196,604 795,101 795,101 11,037 2,200 554,113 227,750 198,635 793,703 793,703 11,037 2,200 537,703 242,762 195,974 795,694 795,694 11,037 2,200 547,720 234,737 199,440 789,299 789,299 11,037 2,200 550,512 225,550 195,899 794,909 794,909 11,037 2,200 553,552 228,120 193,008 798,152 798,152 11,037 2,200 555,319 229,597 602,456 584,080 597,684 580,288 590,642 593,341 598,240 597,202 43,475 42,564 43,570 42,585 42,922 42,830 44,688 41,883 558,980 541,515 554,113 537,703 547,720 550,512 553,552 555,319 MEMO 50 Total U.S. Treasury and agency securities15 51 Less: Face value of securities under reverse repurchase agreements"" 52 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 under the overnight and term securities lending facilities. 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 collateralized by U.S. Treasury and federal agency securities. 6. Fair value. 7. Includes any exchange-translation assets, which are revalued daily at market exchange rates. 8. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 9. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 11. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 12. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 13. Fully collateralized by U.S. Treasury securities. 14. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated non-agency asset-backed and mortgage-backed securities. 15. 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. 16. 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 July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 June July Aug. 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 0 75,000 75,000 150,000 0 75,000 75,000 125,000 25,000 75,000 75,000 75,000 75,000 50,000 100,000 4 Other loans' 17,377 17,504 17,651 18,563 19,002 25,644 17,529 19,104 5 Within 15 days 3.061 14,316 0 3,338 14,166 0 3,354 14,297 0 3,821 14,742 0 3,874 15,128 0 17,623 8,021 0 3,074 14,456 0 3,943 15,161 0 8 Total U.S. Treasury securities2 479,206 479,330 479,434 479,538 479,642 478,841 479,240 479,702 9 Within 15 days 14.547 35,967 69,445 172,683 89,865 96,699 19,040 27,921 69,497 175,563 89,886 97,424 21,201 25,759 69,504 175,596 89,907 97,467 15,488 31,182 70,313 169,506 91,812 101,237 18,455 28,214 70,320 169,539 91,834 101,280 494 39,201 79,005 173,458 90,131 96,553 15,722 28,402 72,326 175,535 89,867 97,387 14,570 32,099 70,324 169,558 91,846 101,304 2 Within 15 days 3 16 days to 90 days 7 91 days to 1 year 11 12 13 14 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 15 Total repurchase agreements3 123,250 104,750 118,250 100,750 111,000 114,500 119,000 117,500 16 Within 15 days 83,250 40 000 64,750 40 000 78,250 40 000 60,750 40 000 71,000 40 000 74,500 40 000 79,000 40 000 77,500 40 000 18 Total reverse repurchase agreements3 44,463 43,198 44,172 43,606 43,768 43,822 45,422 42,610 19 Within 15 days 20 16 days to 90 days 44,463 0 43,198 0 44,172 0 43,606 0 43,768 0 43,822 0 45,422 0 42,610 0 NOTE: Components may not sum to totals because of rounding. 1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when preparing that Bank's statement of condition consistent with consolidation under generally accepted accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule. 2. 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. 3. Cash value of agreements. 12 Federal Reserve Bulletin Statistical Supplement • November 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. July Apr. May 43.56 -91.85 41.72 824.41 44.13 -111.65 42.12 826.46 43.37 -127.91 41.10 832.53 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 42.67 27.24 40.91 823.35 42.15 -3.51 40.51 821.41 42.80 -17.35 41.08 822.56 44.29 -50.23 41.31 826.99 43.35 44.59 -122.32 -123.49 41.37 42.60 838.14 841.71 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 42.72 27.29 40.95 829.84 44.04 -1.62 42.40 824.42 42.78 -17.38 41.05 821.92 42.70 -51.82 39.72 825.56 43.49 -91.92 41.65 823.38 45.08 -110.70 43.07 43.90 44.08 44.07 -127.38 -121.59 -124.01 41.63 42.09 42.10 831.98 839.22 840.16 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 42.70 27.27 40.93 836.43 1.77 15.43 44.07 -1.60 42.42 831.10 1.64 45.66 42.78 -17.38 41.05 828.69 1.72 60.16 42.71 -51.82 39.73 832.36 2.98 94.52 43.51 -91.90 41.66 830.49 1.84 135.41 45.11 -110.67 43.10 833.97 2.01 155.78 43.93 44.12 44.13 -127.35 -121.54 -123.94 41.66 42.15 42.15 846.46 847.30 839.09 1.98 2.27 1.99 165.66 171.28 168.08 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 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. May July Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,376.3 6,400.7 9,433.0 1,374.5 6,659.7 10,154.0 1,366.5 7,012.3 n.a. 1,366.5 7,404.3 n .a. 1,368.1 7,640.7' n.a. 1,386.2 7,638.7' n.a. 1,403.3 7,679.5' n.a. 1,394.0 7,669.9 n.a. 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 6.3 294.8 306.8 762.7 6.2 289.0 310.3 769.0 6.0 294.0 317.1' 774.6 5.9 303.1 319.7 775.8 5.9 302.4 309.9 5,024.4 3,011.1 5,285.2 3,478.5 5,645.8 n.a. 6,037.7 n .a. 6,272.6' n.a. 6,252.5' n.a. 6,276.2' n.a. 6,275.9 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. 3,033.7 823.0 n .a. 3,138.3 815.8 n.a. 3,126.7' 818.6' n.a. 3,130.4' 833.6' n.a. 3,120.3 859.5 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 875.3 278.8 161.5 827.7 351.3 230.7 781.4 412.2 n.a. 825.3 395.9 n .a. 886.9 390.9 n.a. 898.2 385.3 n.a. 902.6 379.1' n.a. 891.6 378.0 n.a. 688.0 1,093.4 689.9 1,161.2 789.0 1,362.0 959.9 1,901.2 1,040.6 2,242.3 1,023.7 2,269.3 1,030.4 2,267.5 1,026.5 2,291.7 492.6 379.1 564.3 423.9 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 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasons lly adjusted 2 Measures 20 Ml 21 M2 22 M3 1,401.3 6,430.5 9,482.2 1,396.5 6,689.6 10,201.4 1,387.3 7,048.0 n.a. 1,386.2 7,442.3 1,377.0 7,623.6' 1,388.4 7,639.7' n.a. 1,400.2 7,656.9' 1,392.6 7,666.6 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 754.5 6.7 316.7 309.3 763.8 6.3 304.8 311.4 763.9 6.1 291.6 315.4 768.8 6.1 296.2 317.3 774.8 6.1 305.0 314.3 775.4 6.0 305.6 305.7 Nontransaction components 27 In M27 28 In M3 onlys 5,029.2 3,025.4 5,293.0 3,488.3 5,660.7 n.a. 6,251.4' n.a. 6,256.7' 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. 3,043.5 823.0 3,128.4' 813.9 3,135.6' 815.5' n.a. 3,125.4' 831.1' 3,121.6 859.0 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 876.1 278.4 160.4 829.0 350.8 228.9 783.9 411.9 827.9 395.9 884.1 390.0 900.7 383.9' n.a. 901.1 378.0 n.a. 892.0 377.8 691.0 1,118.4 693.1 1,187.4 793.2 1,395.1 965.6 1,949.3 1,030.1 2,204.6 1,015.7 2,228.3 1,021.1 2,223.8 1,023.6 2,267.8 494.6 376.6 566.1 422.0 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 appear on following page. n.a. n.a. 13 14 Federal Reserve Bulletin Statistical Supplement • November 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 Wednesday figures Monthly averages Account Oct. 2008 2008 2007 Apr.' May' June' July' Aug.' Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 9,961.0 2,719.3 1,228.7 1,490.6 7,241.7 1,601.8 3,790.5 577.7 3,212.8 869.4 302.6 677.4 441.3 574.5 1,093.6 9,885.6 2,669.3 1,166.9 1,502.4 7,216.3 1,589.0 3,785.4 576.1 3,209.3 864.8 311.7 665.3 450.5 476.3 1,100.5 9,911.3 2,654.0 1,179.5 1,474.5 7,257.3 1,606.7 3,793.4 578.7 3,214.7 871.9 291.2 694.1 465.1 554.7 1,081.4 10,075.6 2,802.9 1,283.9 1,519.0 7,272.7 1,611.9 3,791.4 577.9 3,213.4 870.6 320.9 678.0 465.0 541.8 1,096.5 10,007.1 2,767.1 1,279.3 1,487.8 7,240.0 1,605.2 3,794.5 578.4 3,216.1 871.7 289.0 679.6 401.7 687.2 1,088.9 Seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 9 057 2r 2.404.5' 1 138 9r 1.265.5' 6,652.7' 1.390.1' 3 540 0' 475.6 3,064.4' 788.5 271.9 662.2' 408.8 296.6 934.8 9 408 9 2,511.1 1 093 8 1,417.3 6,897.8 1,489.5 3 654 2 506.8 3,147.4 823.4 283.6 647.1 443.6 310.0 999.2 9 402 5 2,481.1 1 096 0 1,385.2 6,921.4 1,495.9 3 657 0 512.2 3,144.9 827.1 292.8 648.5 447.2 306.5 988.1 9 374 0 2,471.4 1112 9 1,358.5 6,902.6 1,503.1 3 648 0 518.4 3,129.7 831.7 280.8 639.1 453.7 300.0 1,003.9 10,626.2' 11,066.4 11,047.3 11,030.6 6,563.8 627.9 5 935 9 1,961.6 3,974.4 2,199.7 453.5 1,746.2 73.8 628.2 6,847.8 631.9 6 215 9 2,090.5 4,125.4 2,299.6 473.7 1,825.9 17.4 727.1 6,887.0 613.4 6 273 6 2,113.0 4,160.6 2,319.0 484.0 1,835.0 -23.6 693.4 6,909.5 603.6 6 305 9 2,125.9 4,179.9 2,316.6 483.3 1,833.3 -18.5 674.5 27 Total liabilities 9,465.5 9,892.0 9,875.8 28 Residual (assets less liabilities)5 1,160.7' 1,174.4 1,171.5 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 9,398.3 2,491.0 1 1147 1,376.3 6,907.3 1,509.9 3 626 8 523.5 3,103.2 839.3 295.0 636.3 438.3 296.6 1,019.2 11,044.8 9,414.5 2,477.8 1 129 0 1,348.8 6,936.7 1,509.7 3,645.7 526.2 3,119.5 845.0 305.5 630.8 434.8 297.8 1,018.7 9,575.1 2,533.8 1 155 1 1,378.7 7,041.3 1,537.3 3,666.4 540.4 3,126.0 852.0 331.0 654.6 462.4 368.5 1,042.2 11,056.6 11,335.0 11,948.0 11,790.6 11,889.9 12,056.3 12,062.5 6,884.1 621.0 6 263 1 2,131.7 4,131.4 2,340.3 479.6 1,860.8 -46.9 674.5 6,914.2 600.2 6,314.0 2,130.6 4,183.4 2,357.0 476.8 1,880.1 -92.2 673.4 7,072.5 640.2 6,432.3 2,161.3 4,271.0 2,398.5 478.6 1,919.9 -61.8 715.1 7,125.7 682.5 6,443.2 2,065.5 4,377.6 2,619.2 457.6 2,161.6 181.0 806.3 7,126.4 654.8 6,471.6 2,080.7 4,391.0 2,530.8 478.6 2,052.2 104.2 802.8 7,159.5 661.4 6,498.1 2,065.0 4,433.2 2,604.1 468.9 2,135.2 140.8 782.2 7,133.6 687.7 6,445.9 2,068.5 4,377.3 2,711.9 463.5 2,248.4 127.9 857.1 7,079.4 702.8 6,376.6 2,059.4 4,317.2 2,649.3 432.3 2,217.0 329.2 796.6 9,882.2 9,852.0 9,852.4 10,124.3 10,732.3 10,564.3 10,686.7 10,830.4 10,854.5 1,148.4 1,192.8 1,204.3 1,210.7 1,215.7 1,226.3 1,203.2 1,225.9 1,208.0 Not seasona lly 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 Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 9,061.5' 2,389.0' 1,126.1' 1,262.9' 6,672.4' 1,389.7' 3 566 T 477.8 3,088.3' 783.6 331.4 452.2 270.4 662.6' 410.8 295.3 942.3 9,399.8 2,532.8 1,102.8 1,430.0 6,867.0 1,492.1 3 630 2 502.4 3,127.8 818.2 339.7 478.5 284.2 642.1 449.5 308.8 999.1 9,385.0 2,506.3 1,110.1 1,396.2 6,878.7 1,494.1 3 627 8 508.4 3,119.4 822.8 340.8 482.0 293.9 640.1 434.6 304.1 985.3 9,340.2 2,484.5 1,123.5 1,361.0 6,855.7 1,497.2 3 616 6 514.5 3,102.1 826.9 342.8 484.1 280.9 634.2 436.3 296.3 999.1 9,328.3 2,473.0 1,119.0 1,354.0 6,855.3 1,498.8 3 610 9 521.6 3,089.2 832.9 347.5 485.4 281.9 630.9 422.7 292.4 1,016.3 9,348.1 2,462.2 1,134.2 1,328.0 6,885.9 1,502.5 3,615.2 526.0 3,089.1 843.7 355.4 488.3 294.9 629.6 427.4 285.8 1,015.0 9,553.4 2,513.1 1,147.5 1,365.6 7,040.4 1,534.7 3,660.7 540.7 3,120.1 853.9 362.6 491.3 327.3 663.7 460.6 366.1 1,050.9 9,968.3 2,702.0 1,214.2 1,487.8 7,266.3 1,602.3 3,822.0 580.6 3,241.4 864.6 375.6 489.0 298.6 678.7 440.8 573.2 1,102.9 9,890.6 2,655.2 1,157.1 1,498.1 7,235.4 1,589.4 3,819.7 578.1 3,241.6 857.2 367.9 489.2 306.9 662.3 452.1 486.6 1,127.1 9,913.2 2,626.7 1,157.0 1,469.7 7,286.6 1,608.9 3,824.5 580.7 3,243.8 865.5 376.9 488.6 289.3 698.4 464.0 571.2 1,096.8 10,068.4 2,777.2 1,261.6 1,515.6 7,291.2 1,610.2 3,822.4 581.7 3,240.7 867.3 377.8 489.5 317.9 673.5 454.1 501.8 1,086.9 10,022.2 2,755.1 1,270.1 1,485.0 7,267.1 1,606.1 3,822.2 582.1 3,240.1 869.2 379.9 489.3 282.1 687.5 408.9 699.5 1,094.8 10,639.0' 11,061.3 11,011.7 10,971.1 10,951.8 10,967.0 11,317.5 11,963.1 11,834.4 11,922.9 11,989.0 12,103.6 6,570.1 616.4 5 953 7 1,966.0 3 987 7 2,191.8 448.5 1,743.3 90.7 634.0 6,893.4 642.4 6 250 9 2,108.8 4 142 2 2,306.4 479.2 1,827.2 -37.5 728.9 6,862.0 609.4 6 252 6 2,130.5 4 122 1 2,338.6 481.1 1,857.5 -64.5 699.3 6,864.4 602.6 6 261 8 2,126.1 4 135 7 2,318.1 479.3 1,838.8 -52.3 667.3 6,830.9 605.4 6 225 6 2,094.0 4 131 6 2,306.9 467.3 1,839.6 -23.3 666.1 6,844.1 589.9 6,254.2 2,103.3 4,150.9 2,342.9 469.7 1,873.2 -66.3 671.5 7,052.3 631.1 6,421.2 2,148.4 4,272.9 2,414.1 477.9 1,936.2 -47.9 712.7 7,145.6 670.5 6,475.1 2,075.3 4,399.8 2,616.9 453.5 2,163.4 196.0 812.2 7,186.6 604.7 6,581.9 2,092.0 4,489.9 2,540.4 475.0 2,065.4 115.6 800.8 7,209.2 644.5 6,564.7 2,072.5 4,492.2 2,582.4 462.0 2,120.3 163.4 783.6 7,092.3 690.5 6,401.8 2,076.6 4,325.2 2,693.8 452.6 2,241.3 156.7 854.3 7,085.3 734.1 6,351.2 2,070.6 4,280.6 2,660.3 435.1 2,225.1 337.3 817.7 57 Total liabilities 9,486.7 9,891.2 9,835.4 9,797.5 9,780.7 9,792.2 10,131.2 10,770.8 10,643.3 10,738.5 10,797.1 10,900.7 58 Residual (assets less liabilities)5 1,152.3' 1,170.1 1,176.3 1,173.6 1,171.1 1,174.8 1,186.3 1,192.3 1,191.1 1,184.4 1,191.9 1,202.9 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. 16 Federal Reserve Bulletin Statistical Supplement • November 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account Oct. 2008 2008 2007 Apr.' May' June' July' Aug.' Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 Seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,931.9' 1.946.1' 1,045.5' 900.6' 5,985.7' 1,124.9' 3,505.2' 475.6 3 029 6' 788.5 133.5 433.8' 329.6 237.7 888.0 8,275.0 2,032.4 1,001.0 1,031.4 6,242.6 1,182.0 3,612.9 506.8 3 106 1 823.4 188.7 435.7 369.0 251.3 936.0 8,268.0 2,014.3 1,004.1 1,010.2 6,253.7 1,185.5 3,616.3 512.2 3,104.1 827.1 189.0 435.7 371.6 248.4 938.8 8,252.9 2,014.7 1,021.3 993.4 6,238.2 1,190.0 3,605.9 518.4 3,087.6 831.7 180.4 430.2 384.7 240.4 947.6 8,276.2 2,026.3 1,020.9 1,005.4 6,249.9 1,194.2 3,584.0 523.5 3,060.5 839.3 194.7 437.7 372.0 240.5 970.7 8,290.9 2,016.6 1,042.2 974.4 6,274.3 1,191.4 3,601.6 526.2 3,075.4 845.0 204.8 431.6 368.2 244.7 975.7 8,456.8 2,082.4 1,072.2 1,010.2 6,374.5 1,209.8 3,623.3 540.4 3,082.9 852.0 241.3 448.1 393.7 307.7 995.5 8,807.6 2,247.1 1,153.0 1,094.1 6,560.4 1,249.2 3,749.4 577.7 3,171.7 869.4 230.6 461.8 380.3 444.2 1,032.7 8,742.2 2,199.5 1,097.0 1,102.5 6,542.7 1,240.0 3,744.1 576.1 3,168.0 864.8 237.3 456.5 376.6 386.8 1,046.8 8,773.2 2,192.7 1,112.1 1,080.6 6,580.5 1,254.8 3,752.1 578.7 3,173.3 871.9 224.2 477.5 404.4 430.3 1,024.9 8,885.7 2,313.9 1,208.8 1,105.2 6,571.8 1,254.7 3,749.8 577.9 3,171.8 870.6 243.1 453.6 400.8 431.6 1,027.8 8,849.6 2,290.8 1,192.3 1,098.5 6,558.8 1,250.9 3,753.8 578.4 3,175.4 871.7 218.4 464.0 352.6 514.2 1,022.4 9,316.1' 9,736.1 9,729.8 9,724.7 9,751.8 9,770.3 10,040.6 10,542.4 10,430.2 10,510.2 10,623.4 10,616.5 5,576.4 614.7 4,961.7 989.4 3,972.3 1,614.0 388.9 1,225.1 460.7 504.8 5,776.2 615.6 5,160.6 1,039.7 4,120.9 1,705.5 403.0 1,302.4 510.0 571.1 5,774.2 596.4 5,177.8 1,021.6 4,156.3 1,711.6 412.1 1,299.6 527.7 547.6 5,784.9 586.9 5,198.0 1,022.5 4,175.6 1,713.8 413.7 1,300.1 546.2 534.3 5,763.2 603.8 5,159.4 1,031.2 4,128.2 1,735.2 406.7 1,328.5 529.7 537.3 5,786.7 583.7 5,202.9 1,024.1 4,178.9 1,753.4 409.4 1,343.9 509.8 532.8 5,969.7 621.1 5,348.6 1,082.5 4,266.0 1,791.3 394.5 1,396.8 506.3 567.0 6,192.9 660.2 5,532.7 1,160.4 4,372.3 1,999.7 399.7 1,600.0 513.0 622.9 6,156.1 632.3 5,523.8 1,138.3 4,385.5 1,937.2 407.4 1,529.8 476.2 634.0 6,238.9 638.1 5,600.8 1,172.9 4,427.9 1,964.9 403.8 1,561.1 496.2 606.5 6,202.3 664.3 5,537.9 1,166.1 4,371.8 2,065.8 405.3 1,660.4 477.2 657.9 6,176.2 681.4 5,494.8 1,182.8 4,312.0 2,042.2 391.8 1,650.4 591.2 600.4 27 Total liabilities 8,155.9 8,562.8 8,561.1 8,579.1 8,565.5 8,582.7 8,834.2 9,328.4 9,203.5 9,306.5 9,403.2 9,410.1 28 Residual (assets less liabilities)5 1,160.1' 1,173.3 1,168.7 1,145.6 1,186.3 1,187.6 1,206.4 1,213.9 1,226.8 1,203.7 1,220.2 1,206.4 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 seasona lly 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'" 7,938.3' 1,932.1' 1,031.7' 900.4' 6,006.3' 1,125.7' 3,530.3' 477.8 3,052.5' 1,505.7' 1,546.8' 783.6 331.4 452.2 131.8 434.8' 328.9 235.9 896.6 8,261.9 2,050.9 1,010.7 1,040.2 6,211.0 1,185.8 3,588.2 502.4 3,085.8 1,481.9 1,604.0 818.2 339.7 478.5 188.5 430.2 378.5 251.5 937.0 8,255.5 2,036.3 1,017.9 1,018.5 6,219.2 1,187.1 3,586.7 508.4 3,078.3 1,465.0 1,613.3 822.8 340.8 482.0 191.5 431.1 361.7 247.3 934.8 8,227.0 2,026.6 1,032.6 994.0 6,200.4 1,187.5 3,574.9 514.5 3,060.5 1,439.2 1,621.3 826.9 342.8 484.1 181.8 429.3 370.6 237.4 941.7 8,225.0 2,016.4 1,027.0 989.4 6,208.6 1,187.1 3,568.7 521.6 3,047.0 1,423.2 1,623.9 832.9 347.5 485.4 184.8 435.1 357.9 236.1 968.0 8,238.2 2,006.7 1,046.4 960.3 6,231.5 1,186.0 3,572.8 526.0 3,046.7 1,419.0 1,627.7 843.7 355.4 488.3 196.9 432.1 362.5 231.9 972.0 8,443.4 2,066.1 1,063.7 1,002.4 6,377.3 1,207.2 3,617.9 540.7 3,077.2 1,434.4 1,642.8 853.9 362.6 491.3 240.5 457.8 390.6 303.4 1,002.8 8,816.9 2,231.8 1,138.0 1,093.8 6,585.1 1,251.0 3,779.8 580.6 3,199.2 1,511.0 1,688.2 864.6 375.6 489.0 226.6 463.1 377.9 440.8 1,043.6 8,752.5 2,186.9 1,085.0 1,101.9 6,565.6 1,243.5 3,777.0 578.1 3,198.9 1,514.4 1,684.4 857.2 367.9 489.2 234.3 453.6 375.7 398.9 1,073.5 8,776.2 2,167.1 1,089.3 1,077.8 6,609.1 1,258.1 3,782.2 580.7 3,201.5 1,514.3 1,687.2 865.5 376.9 488.6 222.5 480.8 401.9 443.8 1,041.6 8,884.2 2,292.5 1,186.3 1,106.3 6,591.6 1,254.3 3,780.0 581.7 3,198.3 1,507.8 1,690.6 867.3 377.8 489.5 238.3 451.7 388.7 390.3 1,022.6 8,863.0 2,281.6 1,183.3 1,098.4 6,581.4 1,251.3 3,780.4 582.1 3,198.3 1,507.7 1,690.6 869.2 379.9 489.3 210.8 469.7 358.2 521.3 1,029.3 9,328.8' 9,733.2 9,702.2 9,676.0 9,679.2 9,695.2 10,026.7 10,557.2 10,478.5 10,541.3 10,563.7 10,650.0 5,583.9 603.6 4,980.3 994.0 3,986.3 1,625.2 386.6 1,238.6 458.5 510.5 5,797.9 625.6 5,172.3 1,034.5 4,137.8 1,709.0 408.6 1,300.4 487.0 572.3 5,725.0 592.5 5,132.4 1,014.6 4,117.8 1,721.3 413.3 1,308.1 532.8 550.1 5,730.5 586.1 5,144.5 1,013.2 4,131.2 1,712.4 411.6 1,300.8 533.8 529.0 5,735.7 588.6 5,147.1 1,020.0 4,127.1 1,712.6 399.2 1,313.3 529.9 533.4 5,733.1 573.6 5,159.5 1,013.2 4,146.3 1,751.9 404.3 1,347.6 507.0 531.8 5,955.3 612.0 5,343.2 1,075.1 4,268.1 1,827.3 395.1 1,432.2 495.2 565.9 6,211.6 648.7 5,562.8 1,168.2 4,394.7 2,018.5 398.1 1,620.4 509.1 629.3 6,213.5 583.4 5,630.2 1,145.2 4,485.0 1,963.3 405.4 1,558.0 479.6 634.7 6,289.3 621.6 5,667.7 1,180.8 4,487.0 1,973.6 400.5 1,573.2 487.8 610.0 6,162.4 667.9 5,494.5 1,174.5 4,320.0 2,082.5 402.2 1,680.3 475.2 655.5 6,177.8 712.5 5,465.3 1,189.8 4,275.5 2,061.5 393.0 1,668.5 590.7 620.2 59 Total liabilities 8,178.1 8,566.3 8,529.2 8,505.9 8,511.5 8,523.8 8,843.7 9,368.5 9,291.2 9,360.7 9,375.6 9,450.2 60 Residual (assets less liabilities)5 1,150.7' 1,166.9 1,172.9 1,170.2 1,167.7 1,171.5 1,183.0 1,188.8 1,187.3 1,180.6 1,188.0 1,199.9 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 Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Oct.' 2008 2008 2007 Apr.' May' June' July' Aug.' Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 Seasonally 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 5 30 Cash assets 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. 5 023 8 1.335.4 667.2 70.4 596.7 528.1 68.6 668.2 348.0 320.3 61.1 259.2 3.688.4 736.9 2.035.2 386.3 1.648.9 1,037.4 611.5 461.5 124.3 5 317 1 1,444.0 642.9 68.5 574.4 526.9 47.5 801.0 439.1 361.9 55.0 306.9 3,873.1 777.5 2,103.5 413.0 1,690.6 1,033.9 656.7 484.1 177.1 5,310.9 1,427.8 647.9 65.7 582.2 534.2 48.0 779.9 408.2 371.6 54.6 317.0 3,883.1 780.3 2,107.1 417.3 1,689.8 1,026.1 663.7 487.3 177.5 5,284.9 1,428.6 665.2 66.1 599.1 552.2 46.9 763.4 390.4 373.0 53.2 319.7 3,856.2 783.2 2,088.2 421.6 1,666.6 995.3 671.3 491.3 169.0 5,288.8 1,433.0 663.0 54.0 609.0 560.3 48.7 770.0 400.3 369.7 53.3 316.5 3,855.8 786.4 2,058.6 427.0 1,631.7 979.5 652.2 498.9 183.2 5,295.0 1,428.8 686.7 57.6 629.1 576.7 52.3 742.1 384.0 358.0 52.7 305.4 3,866.2 780.6 2,066.2 428.6 1,637.6 984.3 653.3 503.4 193.6 5,426.5 1,499.0 711.2 73.3 637.9 587.6 50.3 787.8 402.9 384.9 52.2 332.7 3,927.5 792.6 2,066.9 440.2 1,626.7 977.2 649.5 501.3 229.8 5,754.4 1,668.6 785.9 134.9 651.1 604.7 46.4 882.7 445.5 437.2 52.7 384.5 4,085.7 822.3 2,177.4 474.1 1,703.3 1,019.7 683.6 517.1 219.6 5,694.9 1,623.0 730.9 99.9 631.0 583.7 47.2 892.1 443.0 449.1 52.3 396.8 4,071.9 815.5 2,172.2 473.0 1,699.2 1,018.4 680.8 514.8 226.2 5,717.4 1,614.9 746.1 104.1 642.0 594.9 47.1 868.8 430.5 438.3 53.1 385.2 4,102.6 827.5 2,178.9 475.0 1,703.9 1,020.6 683.3 518.7 213.0 5,826.3 1,733.6 840.9 176.7 664.1 617.8 46.3 892.7 461.8 430.9 52.7 378.2 4,092.7 827.0 2,176.1 473.7 1,702.4 1,017.9 684.5 518.0 231.9 5,795.9 1,710.9 823.8 160.2 663.7 619.0 44.6 887.1 455.7 431.4 52.9 378.5 4,084.9 822.9 2,183.3 474.6 1,708.7 1,023.3 685.4 517.6 207.8 98.3 25.9 142.3 34.8 143.2 34.3 143.2 25.9 157.3 25.9 168.4 25.1 189.1 40.7 177.7 41.9 186.4 39.8 167.6 45.4 192.3 39.6 164.4 43.4 45.9 186.3 98.3 210.3 26.8 203.2 100.9 241.3 31.5 197.4 101.9 244.8 24.1 198.2 102.2 259.3 27.4 202.3 99.0 241.5 24.9 201.7 95.8 239.5 22.5 220.5 93.8 257.2 25.3 231.8 92.2 247.9 21.4 229.4 92.5 246.2 26.7 245.1 92.7 266.9 26.2 221.4 92.3 264.0 29.1 232.8 91.5 224.3 159.8 50.5 145.3 643.1 188.2 53.1 146.7 705.7 190.6 54.2 146.2 706.9 203.7 55.6 137.3 713.1 194.9 46.6 135.9 738.9 193.2 46.3 138.1 741.7 214.1 43.0 200.3 753.9 207.4 40.5 322.0 782.4 203.8 42.4 278.5 797.7 223.2 43.7 304.6 775.4 225.1 38.9 304.0 779.4 185.7 38.6 387.5 774.6 5,985.4 6,355.9 6,352.3 6,334.4 6,338.7 6,346.4 6,566.6 7,026.8 6,937.3 6,984.4 7,093.8 7,102.6 3.303.3 334.6 2.968.7 583.0 2.385.6 1.059.1 147.7 911.4 456.4 425.5 3,462.9 340.0 3,122.9 626.4 2,496.5 1,114.8 155.8 959.0 505.4 492.4 3,461.5 326.5 3,135.0 608.6 2,526.4 1,119.5 165.2 954.2 523.7 467.5 3,465.6 317.7 3,147.9 607.2 2,540.7 1,121.5 161.5 960.0 541.5 453.3 3,424.7 327.8 3,096.8 612.6 2,484.2 1,143.4 163.0 980.4 524.4 457.1 3,436.3 317.3 3,119.0 606.4 2,512.7 1,158.6 158.2 1,000.5 506.2 452.5 3,584.0 349.8 3,234.2 662.8 2,571.4 1,194.9 150.4 1,044.5 501.7 485.1 3,781.9 383.4 3,398.5 737.2 2,661.3 1,387.6 152.2 1,235.4 510.8 541.7 3,762.2 358.2 3,404.0 717.3 2,686.7 1,332.3 163.1 1,169.2 474.1 553.4 3,820.3 365.5 3,454.8 749.6 2,705.2 1,350.4 156.5 1,193.9 493.8 525.5 3,779.0 390.2 3,388.8 742.2 2,646.7 1,447.5 154.4 1,293.1 475.8 577.2 3,764.5 402.5 3,362.0 758.1 2,603.9 1,429.4 143.4 1,286.0 589.1 519.5 5,244.4 5,575.5 5,572.2 5,581.9 5,549.6 5,553.7 5,765.7 6,221.9 6,122.0 6,189.9 6,279.6 6,302.4 741.0 780.4 780.1 752.5 789.1 792.7 800.9 804.9 815.3 794.5 814.2 800.2 18 Federal Reserve Bulletin Statistical Supplement • November 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesday figures Monthly averages Account Oct.' 2008 2008 2007 Apr.' May' June' July' Aug.' Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 Not seasonally 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. 5,052.4 1,327.5 658.5 66.9 591.6 521.9 69.7 669.1 349.4 319.7 61.1 258.5 3,724.9 741.4 2,067.9 389.5 1,678.4 1,055.0 623.4 460.5 129.7 330.8 122.5 5,297.0 1,453.4 647.7 70.0 577.7 530.4 47.3 805.7 445.6 360.1 55.1 305.1 3,843.6 778.8 2,078.3 409.1 1,669.2 1,024.1 645.1 484.6 132.1 352.6 177.0 5,279.5 1,438.5 655.6 65.5 590.1 542.0 48.0 782.9 411.7 371.2 54.9 316.3 3,841.0 778.8 2,069.3 413.7 1,655.7 1,005.2 650.5 486.5 131.1 355.4 180.5 5,239.8 1,433.4 671.6 67.7 603.8 556.0 47.8 761.9 391.6 370.3 53.1 317.2 3,806.4 777.6 2,048.8 418.3 1,630.5 977.8 652.7 487.7 131.2 356.5 170.7 5,238.7 1,430.1 670.7 54.7 616.0 567.5 48.5 759.4 392.4 367.0 52.7 314.3 3,808.6 777.5 2,039.3 424.3 1,615.0 963.3 651.7 491.9 134.5 357.4 173.6 5,242.3 1,425.5 691.9 56.1 635.8 583.4 52.4 733.5 377.8 355.8 52.1 303.6 3,816.8 775.3 2,035.1 427.6 1,607.4 955.9 651.5 497.8 137.9 359.9 185.7 5,428.5 1,491.4 707.0 69.9 637.1 586.0 51.1 784.4 398.6 385.8 52.2 333.6 3,937.2 791.8 2,067.0 440.1 1,626.8 968.9 658.0 503.6 142.5 361.1 229.0 5,785.5 1,658.9 775.6 129.2 646.3 599.4 46.9 883.3 446.6 436.8 52.8 383.9 4,126.6 827.7 2,216.3 478.2 1,738.1 1,039.6 698.4 515.4 155.9 359.5 215.6 5,730.1 1,616.7 724.4 91.4 633.0 585.6 47.4 892.3 443.0 449.3 52.3 397.0 4,113.3 823.1 2,216.3 476.4 1,739.9 1,043.7 696.2 510.3 151.3 359.0 222.9 5,745.4 1,596.0 728.5 96.0 632.6 585.5 47.1 867.5 428.8 438.7 53.3 385.4 4,149.4 834.4 2,218.5 478.4 1,740.2 1,042.5 697.7 516.4 157.6 358.8 211.2 5,846.2 1,717.2 823.0 167.6 655.4 608.4 46.9 894.2 465.2 429.0 52.7 376.3 4,129.0 830.3 2,214.3 479.0 1,735.2 1,035.7 699.5 517.9 157.6 360.3 227.2 5,827.8 1,706.7 818.6 158.7 660.0 614.5 45.4 888.0 457.8 430.3 53.0 377.2 4,121.2 826.7 2,216.3 479.3 1,737.0 1,036.5 700.5 517.8 157.7 360.1 200.3 97.5 25.0 141.3 35.7 145.5 35.0 144.7 25.9 148.4 25.2 161.3 24.4 189.2 39.9 175.0 40.6 183.0 39.9 168.5 42.8 188.8 38.4 158.7 41.6 49.4 183.3 99.8 212.1 24.3 200.8 99.7 245.6 28.1 197.6 100.1 239.5 23.7 197.8 100.1 249.1 25.2 202.0 99.1 235.5 26.1 200.9 96.0 237.8 26.3 224.3 95.2 259.8 27.4 230.4 93.8 249.3 23.5 223.0 94.3 245.4 30.2 244.3 94.4 268.2 27.2 218.4 93.6 257.4 30.8 236.4 92.9 236.1 160.7 51.4 144.7 653.1 192.5 53.0 147.9 705.0 187.0 52.5 143.7 701.2 195.1 54.0 133.7 702.9 189.8 45.7 131.6 733.9 192.0 45.7 127.3 735.3 217.2 42.6 197.1 761.7 208.1 41.2 794.2 201.7 43.7 289.1 819.7 224.1 44.1 316.8 790.4 218.0 39.4 271.2 780.9 197.6 38.6 395.6 783.9 6,025.1 6,340.3 6,307.5 6,265.6 6,272.9 6,274.6 6,575.5 7,069.5 7,004.1 7,040.9 7,076.0 7,164.1 3,325.7 327.3 2,998.4 589.1 2 409 2 1,072.5 147.0 925.4 454.7 431.3 3,470.4 347.3 3,123.1 620.9 2 502 2 1,124.5 161.7 962.8 482.4 493.3 3,405.6 323.2 3,082.4 600.7 2,481.7 1,128.2 166.1 962.0 528.2 469.7 3,397.8 315.6 3,082.3 597.4 2,484.9 1,118.5 159.1 959.4 529.8 448.4 3,394.1 317.2 3,076.9 603.2 2,473.7 1,124.7 155.4 969.3 524.8 454.0 3,380.4 306.4 3,073.9 595.6 2,478.3 1,161.7 155.9 1,005.8 504.1 452.1 3,583.0 345.5 3,237.5 656.6 2,580.9 1,231.0 150.6 1,080.5 492.3 484.6 3,817.1 375.9 3,441.1 746.2 2,694.9 1,407.0 151.0 1,256.0 507.4 548.2 3,821.1 325.9 3,495.1 725.0 2,770.2 1,362.5 162.8 1,199.7 477.8 553.7 3,881.3 356.5 3,524.8 759.6 2,765.2 1,362.2 155.9 1,206.3 486.3 528.6 3,773.2 395.2 3,378.0 752.2 2,625.8 1,462.8 150.6 1,312.2 474.2 575.2 3,790.0 421.1 3,369.0 766.1 2,602.8 1,445.2 142.5 1,302.7 588.7 539.3 5,284.1 5,570.6 5,531.7 5,494.5 5,497.5 5,498.3 5,790.9 6,279.7 6,215.2 6,258.3 6,285.4 6,363.2 741.0 769.7 775.7 771.1 775.4 776.3 784.6 789.8 789.0 782.6 790.6 801.0 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Oct.' 2008 2008 2007 Apr.' May' June' July' Aug.' Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 Seasonally 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 2,908.1 610.7 378.3 232.4 2,297.3 388.0 1,469.9 89.3 1,380.7 326.9 112.5 119.4 92.5 244.8 2,957.9 588.4 358.0 230.4 2,369.5 404.5 1,509.4 93.8 1,415.6 339.2 116.4 127.8 104.5 230.3 2,957.1 586.5 356.2 230.3 2,370.6 405.2 1,509.2 94.8 1,414.4 339.8 116.4 126.8 102.2 231.9 2,968.0 586.0 356.1 230.0 2,382.0 406.8 1,517.8 96.8 1,421.0 340.4 117.0 125.3 103.1 234.5 2,987.4 593.3 357.9 235.4 2,394.1 407.8 1,525.4 96.6 1,428.8 340.4 120.5 130.5 104.6 231.8 2,995.9 587.8 355.5 232.3 2,408.1 410.7 1,535.4 97.6 1,437.8 341.7 120.4 128.7 106.6 233.9 3,030.3 583.3 361.0 222.4 2,447.0 417.1 1,556.4 100.2 1,456.2 350.7 122.8 136.5 107.4 241.6 3,053.2 578.5 367.1 211.4 2,474.7 426.9 1,572.0 103.7 1,468.4 352.3 123.4 132.4 122.2 250.3 3,047.3 576.5 366.1 210.4 2,470.8 424.5 1,571.9 103.2 1,468.7 350.0 124.5 130.4 108.3 249.1 3,055.8 577.8 366.1 211.8 2,478.0 427.3 1,573.2 103.7 1,469.5 353.2 124.3 137.5 125.6 249.4 3,059.4 580.4 367.9 212.5 2,479.0 427.7 1,573.7 104.3 1,469.5 352.6 125.0 136.8 127.6 248.3 3,053.7 579.9 368.5 211.4 2,473.8 428.0 1,570.4 103.8 1,466.7 354.1 121.2 128.3 126.7 247.9 3,330.7 3,380.2 3,377.5 3,390.3 3,413.2 3,423.9 3,474.0 3,515.6 3,493.0 3,525.8 3,529.6 3,513.9 2,273.1 280.0 1,993.1 406.4 1,586.7 554.8 241.2 313.6 4.3 79.2 2,313.3 275.6 2,037.7 413.3 1,624.4 590.7 247.2 343.4 4.6 78.7 2,312.7 269.9 2,042.9 413.0 1,629.9 592.1 246.8 345.3 4.0 80.1 2,319.3 269.2 2,050.1 415.3 1,634.8 592.3 252.2 340.1 4.6 80.9 2,338.6 276.0 2,062.6 418.7 1,643.9 591.8 243.7 348.1 5.3 80.3 2,350.3 266.4 2,083.9 417.7 1,666.2 594.7 251.3 343.5 3.7 80.3 2,385.7 271.3 2,114.4 419.8 1,694.6 596.4 244.1 352.3 4.6 81.9 2,411.1 276.8 2,134.3 423.3 1,711.0 612.1 247.5 364.6 2.2 81.2 2,393.9 274.0 2,119.8 421.0 1,698.8 604.9 244.3 360.6 2.2 80.6 2,418.6 272.6 2,146.0 423.3 1,722.7 614.6 247.3 367.2 2.4 81.0 2,423.3 274.1 2,149.1 423.9 1,725.2 618.3 251.0 367.3 1.4 80.7 2,411.7 278.9 2,132.8 424.7 1,708.1 612.9 248.4 364.5 2.2 81.0 2,911.6 2,987.3 2,988.9 2,997.2 3,015.9 3,029.1 3,068.5 3,106.5 3,081.5 3,116.6 3,123.6 3,107.7 419.1 392.9 388.6 393.1 397.2 394.9 405.4 409.1 411.5 409.3 406.0 406.2 Not seasonally 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. 2,885.9 604.5 373.2 231.3 2,281.4 384.3 1,462.3 88.3 1,374.1 450.7 923.4 323.1 201.7 121.4 111.6 116.8 91.3 243.5 2,964.9 597.5 363.0 234.5 2,367.4 407.0 1,510.0 93.4 1,416.6 457.7 958.9 333.6 207.6 126.0 116.9 133.0 103.7 231.9 2,976.0 597.8 362.3 235.5 2,378.2 408.3 1,517.3 94.7 1,422.6 459.8 962.8 336.3 209.6 126.6 116.3 122.2 103.6 233.6 2,987.2 593.2 361.1 232.1 2,394.1 409.9 1,526.1 96.1 1,429.9 461.4 968.5 339.2 211.6 127.6 118.9 121.5 103.8 238.9 2,986.3 586.3 356.3 230.0 2,400.0 409.6 1,529.4 97.4 1,432.0 459.8 972.2 341.0 213.0 128.0 120.0 122.4 104.5 234.1 2,995.9 581.2 354.4 226.8 2,414.7 410.7 1,537.7 98.4 1,439.3 463.1 976.2 345.9 217.5 128.4 120.4 124.7 104.5 236.8 3,014.8 574.7 356.7 218.0 2,440.1 415.4 1,550.9 100.5 1,450.4 465.5 984.9 350.3 220.1 130.2 123.5 130.8 106.3 241.1 3,031.4 572.9 362.4 210.5 2,458.6 423.2 1,563.5 102.4 1,461.1 471.4 989.7 349.2 219.7 129.5 122.6 128.6 120.5 249.5 3,022.5 570.2 360.6 209.6 2,452.3 420.4 1,560.7 101.7 1,459.0 470.8 988.2 346.8 216.6 130.2 124.3 130.2 109.8 253.8 3,030.8 571.1 360.8 210.3 2,459.7 423.7 1,563.6 102.3 1,461.3 471.8 989.5 349.1 219.4 129.7 123.3 133.7 126.9 251.3 3,037.9 575.3 363.2 212.1 2,462.6 424.0 1,565.8 102.6 1,463.1 472.0 991.1 349.3 220.2 129.2 123.5 131.3 119.1 241.7 3,035.2 575.0 364.6 210.3 2,460.2 424.6 1,564.1 102.8 1,461.3 471.2 990.1 351.4 222.2 129.2 120.1 122.1 125.7 245.4 3,303.7 3,392.9 3,394.7 3,410.5 3,406.3 3,420.6 3,451.2 3,487.7 3,474.4 3,500.4 3,487.6 3,485.9 2 258 2 276.3 1,981.9 404.9 1,577.0 552.7 239.5 313.2 3.8 79.3 2 327 5 278.3 2,049.2 413.6 1,635.6 584.5 246.9 337.6 4.7 79.0 2,319.4 269.3 2,050.0 413.9 1,636.1 593.2 247.1 346.0 4.6 80.3 2,332.7 270.5 2,062.2 415.8 1,646.4 594.0 252.5 341.4 4.1 80.6 2,341.7 271.4 2,070.3 416.9 1,653.4 587.9 243.8 344.1 5.1 79.4 2,352.7 267.2 2,085.5 417.5 1,668.0 590.2 248.4 341.8 2.9 79.7 2,372.3 266.5 2,105.7 418.5 1,687.2 596.3 244.6 351.8 2.9 81.3 2,394.5 272.8 2,121.7 422.0 1,699.8 611.5 247.1 364.4 1.7 81.2 2,392.5 257.4 2,135.0 420.2 1,714.8 600.8 242.5 358.3 1.8 81.0 2,408.0 265.1 2,143.0 421.2 1,721.8 611.5 244.5 366.9 1.6 81.4 2,389.2 272.7 2,116.5 422.3 1,694.2 619.7 251.6 368.1 1.0 80.3 2,387.8 291.5 2,096.3 423.7 1,672.7 616.3 250.5 365.8 2.0 80.9 2,894.0 2,995.7 2,997.5 3,011.4 3,014.0 3,025.4 3,052.8 3,088.8 3,076.0 3,102.4 3,090.2 3,087.0 409.7 397.2 397.2 399.1 392.3 395.2 398.4 398.9 398.4 398.0 397.4 398.9 20 Federal Reserve Bulletin Statistical Supplement • November 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account Apr. Oct. 2008 2008 2007 May June' July' Aug. Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 Seasonally 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 assets6 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Non transaction 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 1 125 3 458.3 93.4 364.9 667.0 265.2 34.9 138.5 228.4 79.2 58.8 46.8 l,133.8 r 478.7' 92.9 385.9' 655.1 307.6 41.2 94.9' 211.4' 74.6 58.7 63.2' 1,134.5' 466.8' 91.8 375.0' 667.7 310.4 40.7 103.8' 212.8' 75.6 58.1 49.3' 1,121.1 456.7 91.6 365.1 664.4 313.1 42.1 100.4 208.9 69.0 59.6 56.3 1,122.1 464.7 93.7 370.9 657.4 315.7 42.8 100.3 198.7 66.3 56.1 48.5 1,123.6 461.2 86.8 374.4 662.4 318.3 44.1 100.7 199.2 66.6 53.2 43.0 1,118.3 451.5 83.0 368.5 666.8 327.5 43.0 89.7 206.5 68.8 60.8 46.7 1,153.5 472.2 75.6 396.5 681.3 352.6 41.1 72.0 215.6 61.0 130.3 60.9 1,143.3 469.8 69.9 399.9 673.5 349.0 41.3 74.4 208.8 73.9 89.5 53.8 1,138.1 461.3 67.4 393.9 676.8 351.9 41.3 67.0 216.6 60.6 124.5 56.5 1,189.9 489.0 75.2 413.8 700.9 357.2 41.6 77.8 224.3 64.2 110.2 68.7 1,157.5 476.3 87.0 389.3 681.3 354.3 40.7 70.7 215.6 49.1 173.0 66.4 1310.2 l,330.3 r 1,317.5"" 1,305.9 1,292.9 1,286.3 1,294.4 1,405.7 1,360.3 1,379.6 1,433.0 1,446.0 987.4 13.2 974.2 585.8 64.6 521.2 -387.0 123.4 1,071.6 16.3 1,055.3 594.1' 70.7 523.5' -492.6 156.0' 1,112.8' 17.0 1,095.8' 607.4' 71.9 535.5' -551.2 145.8' 1,124.6 16.8 1,107.9 602.9 69.7 533.2 -564.6 140.3 1,120.9 17.2 1,103.7 605.1 72.9 532.2 -576.7 137.2 1,127.5 16.5 1,111.0 603.6 67.4' 536.2 -602.0 140.5 1,102.9 19.1 1,083.8 607.2 84.1 523.2 -568.1 148.1 932.8 22.3 910.4 619.6 57.9 561.6 -331.9 183.5 970.4 22.5 947.9 593.6 71.2 522.4 -372.0 168.8 920.7 23.3 897.4 639.2 65.1 574.1 -355.4 175.7 931.3 23.3 907.9 646.1 58.2 588.0 -349.3 199.1 903.2 21.4 881.8 607.1 40.5 566.5 -262.1 196.2 1309.6 1,329.2 1,314.7 1,303.1 1,286.5 1,269.6 1,290.1 1,403.9 1,360.8 1,380.2 1,427.2 1,444.4 .5 1.1' 2.7 2.8 6.5 16.7 4.3 1.8 -.5 -.6 5.7 1.6 1,184.2 484.6 75.3 27.4 48.0 409.3 247.3 162.0 699.6 355.8 42.3 79.6 221.8 65.4 111.5 64.3 1,159.2 473.5 86.9 30.7 56.2 386.6 229.1 157.5 685.7 354.8 41.8 71.3 217.8 50.7 178.2 65.5 Not seasonally adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 .. Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Non transaction 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. 1 123 1 457.0 94.4 28.6 65.8 362.6 217.5 145.1 666.2 264.0 35.9 138.6 227.7 81.9 59.4 45.7 1,137.9' 481.9' 92.1 28.4 63.7 389.8' 245.0' 144.9 656.0 1,113.3 457.9 90.9 28.7 62.2 367.0 220.9 146.1 655.3 309.7 41.7 99.1 204.9 65.7 58.8 57.4 1,103.3 456.6 92.0 29.3 62.6 364.6 216.0 148.7 646.7 311.7 42.2 97.0 195.8 64.8 56.3 48.2 1,109.9 455.5 87.8 29.0 58.8 367.7 1,110.1 447.0 83.8 28.1 55.6 363.2 1,151.4 470.2 76.2 27.2 49.1 394.0 1,138.1 468.3 72.1 26.4 45.7 396.2 306.3' 42.0 95.7' 212.0' 71.0 57.2 62.1' 1,129.5' 470.0' 92.2 30.1 62.1 377.8' 235.0' 142.8 659.5 307.0 41.1 102.4' 209.0' 72.9 56.8 50.4' 144.0 654.4 316.5 42.4 98.0 197.5 65.0 54.0 43.0 144.8 663.1 327.5 42.9 86.8 205.9 70.0 62.7 48.1 161.0 681.2 351.4 42.2 72.0 215.6 62.8 132.4 59.3 163.8 669.8 345.9 42.7 72.5 208.7 76.5 87.7 53.6 1,137.0 459.5 67.7 23.5 44.1 391.9 228.7 163.2 677.5 350.9 42.3 66.7 217.6 62.1 127.4 55.2 1,310.1 1,328.1 1,309.5 1,295.1 1,272.5 1,271.8 1,290.8 1,405.9 1,355.8 1,381.6 1,425.4 1,453.5 986.2 12.8 973.4 566.6 61.9 504.7 -367.7 123.5 1,095.4' 16.8 1,078.6 597.4' 70.6 526.8' -524.5 156.6' 1,137.0' 16.8 1,120.1' 617.3' 67.8 549.5' -597.3 149.2' 1,133.9 16.5 1,117.3 605.6 67.6 538.0 -586.1 138.3 1,095.2 16.8 1,078.4 594.3 68.1 526.3 -553.2 132.7 1,111.0 16.3 1,094.7 591.0' 65.4 525.6 -573.3 139.7 1,097.0 19.0 1,078.0 586.7 82.7 504.0 -543.2 146.8 934.1 21.8 912.3 598.4 55.4 543.0 -313.1 182.9 973.0 21.3 951.7 577.1 69.6 507.4 -364.0 166.1 919.9 22.9 897.0 608.7 61.6 547.1 -324.4 173.6 929.9 22.5 907.3 611.4 50.4 561.0 -318.5 198.8 907.5 21.6 885.9 598.8 42.2 556.7 -253.3 197.5 1,308.6 1,324.9 1,306.2 1,291.6 1,269.2 1,268.4' 1,287.4 1,402.3 1,352.1 1,377.8 1,421.5 1,450.5 1.5 3.2 3.3 3.4 3.4 3.4 3.6 3.7 3.8 3.9 3.0 3.4 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 Monthly averages Account 2007 Oct. Wednesday figures 2008 Apr. May June July 2008 Aug. Sept.' Oct. Oct. 8 Oct. 15 Oct. 22 Oct. 29 Not seasona ly 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 156.4 241.5 211.7 195.1 205.3 205.3 224.5 276.1 266.0 257.0 305.5 283.1 124.9 662.6 460.0' 202.6' 185.8 704.0' 465.2' 238.8' 164.1 716.7' 477.1' 239.6' 149.0 729.3' 490.3' 239.0' 159.2 737.7' 501.6' 236.1' 160.9 746.1' 515.6' 230.5' 176.4 745.9 519.1 226.8 213.2 758.6 533.2 225.4 208.4 744.0 517.7 226.3 196.7 745.8 520.4 225.5 241.5 768.0 542.4 225.7 209.8 773.8 548.6 225.2 -10.4 111.0 73.5 37.5 1,182.5' -20.2 110.9 75.9 35.0 1,216.4' -21.3 112.5 78.3 34.2 1,221.5' -29.2 115.6 81.1 34.5 1,226.4' -35.6 115.1 80.2 35.0 1,239.9' -46.2 114.2 79.9 34.3 1,253.2' -46.6 121.0 82.6 38.4 1,277.7 -56.1 133.8 91.7 42.2 1,347.9 -51.3 137.2 95.0 42.3 1,348.8 -57.4 132.7 90.3 42.4 1,345.7 -52.0 132.5 90.3 42.2 1,347.7 -59.6 132.9 91.0 41.8 1,348.7 242.6' 285.0 36.9 262.8' 296.0 36.5 265.7' 296.5 35.4 265.0' 296.9 28.0' 262.8' 296.4 27.5 262.6' 295.5 31.8 265.7 294.3 35.1 266.4 293.2 35.2 266.5 294.9 35.2 265.9 292.7 35.1 266.8 292.6 35.2 266.5 292.8 35.2 73.4 114.4' 106.8 99.3 98.5 103.0 103.2 129.9 123.0 122.5 146.9 132.2 79.9 108.3 103.3' 95.8 94.5' 101.8 102.3 125.5 119.2 117.5 141.3 127.9 Small domestically chartered commercial banks, adjusted for mergers 11 Mortgage-backed securities10 12 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 reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • November 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2008 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2003 2004 2005 2006 2007 Feb. Mar. Apr. May June July 1,284,153 1,403,929 1,662,157 1,983,118 1,780,685 1,819,246 1,821,489 1,757,975 1,748,960 1,740,990 1,732,714 519,785 112,292 589,499 129,902 663,951 142,363 730,735 167,075 816,693 162,720 845,397 179,731 835,350 173,591 802,401 186,154 810,988 181,125 817,619 165,069 808,065 168,861 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 Rate 1 Nov. 7 4 75 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 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 May June July Aug Sept 6.98 6.00 5.66 5.24 5.00 5.00 5.00 5.00 5.00 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 2008 Item 2005 2006 200 8, week ending 2007 May June July Aug. Aug.l Aug. 8 Aug. 15 Aug. 22 Aug. 29 MONEY MARKET INSTRUMENTS 3.22 4.19 4.97 5.96 5.02 5.86 1.98 2.25 2.00 2.25 2.01 2.25 2.00 2.25 2.08 2.25 2.02 2.25 1.99 2.25 2.02 2.25 1.99 2.25 3.22 3.23 3 42 4.98 5.01 5 10 5.02 4.98 4 92 1.99 2.01 2 00 2.14 2.15 2 21 2.08 2.13 2 18 2.04 2.08 2 08 2.05 2.01 2 02 2.03 2.04 2.03 2.09 2 07 2.05 2.11 2 06 2.04 2.08 3.27 3.36 3.44 5.00 5.04 5.07 5.07 5.10 5.13 2.28 2.43 2.61 2.34 2.53 2.70 2.34 2.52 2.72 2.39 2.54 2.76 2.36 2.53 2.79 2.37 2.54 2.70 2.40 2.51 2.77 2.39 2.55 2.75 2.41 2.57 2.78 3.34 3.51 3 73 5.06 5.16 5 24 5.23 5.27 5 23 2.50 2.66 2 84 2.50 2.76 3 09 2.49 2.79 3 13 2.46 2.79 3 11 2.48 2.79 3 13 2.45 2.79 3 11 2.45 2.78 3 10 2.46 2.80 3 11 2.47 2.80 3 12 12 Eurodollar deposits, 3-month3>s 3.51 5.19 5.32 2.84 2.95 3.00 3.00 3.00 3.00 2.98 3.00 3.00 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 1.73 1.73 1.82 1.69 1.86 2.13 1.58 1.63 1.93 1.65 1.72 1.92 1.60 1.67 1.86 1.57 1.67 1.90 1.73 1.83 1.97 1.72 1.72 1.92 1.61 1.69 1.91 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 2.06 2.45 2.69 3.15 3.46 3.88 4 60 2.42 2.77 3.08 3.49 3.73 4.10 4 74 2.28 2.57 2.87 3.30 3.60 4.01 4 62 2.18 2.42 2.70 3.14 3.46 3.89 4 53 2.30 2.58 2.88 3.31 3.61 4.04 4 66 2.23 2.51 2.80 3.24 3.55 3.99 4 63 2.18 2.47 2.75 3.18 3.49 3.91 4 58 2.12 2.33 2.62 3.07 3.39 3.83 4 48 2.17 2.34 2.61 3.06 3.39 3.79 4 43 4.28 4.86 4.40 4.15 4.71 4.40 4.13 4.60 4.40 4.34 5.24 4.58 4.47 5.38 4.69 4.44 5.42 4.68 4.44 5.45 4.69 4.53 5.51 4.74 4.53 5.53 4.75 4.41 5.42 4.67 4.39 5.41 4.64 4.41 5.44 4.68 5.57 5.98 6.01 6.20 6.32 6.34 6.31 6.40 6.40 6.34 6.27 6.24 5.23 5.37 5.59 6 06 5.59 5.80 6.06 6 48 5.56 5.90 6.09 6 48 5.57 6.01 6.31 6 93 5.68 6.11 6.43 7 07 5.67 6.05 6.47 7 16 5.64 6.01 6.46 7 15 5.73 6.10 6.54 7 21 5.74 6.10 6.54 7 22 5.68 6.04 6.49 7 17 5.58 5.95 6.43 7 11 5.54 5.93 6.39 7 09 1.73 1.82 1.83 2.18 2.31 2.44 2.36 2.40 2.39 2.36 2.38 2.40 2 Discount window primary credit2-4 paper3-5-6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 6 Financial 1-month 8 3-month 9 10 Certificates of deposit, secondary market3-1 1-month 3-month U.S. TREASURY NOTES AND BONDS Constant maturities'* 17 2-year 19 5-year 21 10-year STATE AND LOCAL NOTES AND BONDS Moody's series^ 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 Rating group 27 Aaa13 28 Aa 29 A MEMO Dividend-price ratiom 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 • November 2008 1.36 STOCK MARKET Selected Statistics 2008 Indicator 2005 2006 2007 Feb. Jan. Mar. Apr. May June July Aug. Sept. Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 2 Industrial 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. 9,165.10 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. 9,429.04 n.a. n.a. n.a. n.a. 8,996.98 n.a. n.a. n.a. n.a. 8,427.37 n.a. n.a. n.a. n.a. 8,362.20 n.a. n.a. n.a. n.a. 7,886.29 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941-43 = 10)' 1,207.23 1,310.46 1,477.19 1,378.76 1,354.87 1,316.94 1,370.47 1,403.22 1,341.25 1,257.33 1,281.47 1,216.93 7 American Stock Exchange (Aug 31 1973 - 50)2 1 567 52 1 936 79 2 267 99 2 290 88 2,269.79 2,262.29 2,297.06 2,351.25 2,293.07 2,153.19 2,078.76 1,889.93 4 5 Utility Finance Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,542,724 2,254,869 3,232,195 4,830,460 3,832,107 4,601,666 3,829,875 3,774,019 4,482,650 5,589,370 4,226,522 6,602,084 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-dealers3 221,660 275,380 285,610 328,330 334,900 311,660 295,550 310,310 314,360 313,290 292,110 299,960 119,710 88,730 159,040 94,450 156,190 90,340 276,390 142,100 266,050 133,670 305,600 122,140 313,740 100,600 325,040 95,930 351,340 96,090 370,200 98,890 385,850 90,860 193,350 106,370 Free credit balances at brokers4 12 Cash accounts Margin requirements (percent of market value and effective date)6 13 Margin stocks 15 Short sales 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 25 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2006 1 Federal debt outstanding Sept. 30 Dec. 31 Mar. 31 June 30 9,030.6 9,252.3 9,461.1 9,515.5 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 9,492.0 5,285.0 4,207.0 23.2 23.2 .0 23.0 23.0 .0 23.1 23.1 .0 23.5 23.5 .0 23.5 23.5 .0 8,760.7 8,779.2 8,921.3 9,144.7 9,358.1 9,427.9 8,760.7 .1 8,779.1 .1 8,921.3 .1 9,144.6 .1 9,358.1 .1 9,427.8 .1 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 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 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 .0 8,330.6 8,420.3 8,592.5 8,330.6 .1 8,420.2 .1 8,592.4 .1 .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' Nonmarketable2 State and local government series . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder5 U.S. Treasury and other federal agencies and trust funds . Federal Reserve Banks'" Private investors Depository institutions Mutual funds Insurance companies State and local treasuries7 Individuals Savings bonds Pension funds Private State and Local Foreign and international5 Other miscellaneous investors7'9 9,229.2 Q3 Q4 Ql Q2 9,007.7 9,229.2 9,437.6 9,492.0 9,416.6 4,732.4 1,158.4 2,514.0 571.8 474.1 4,705.2 7,596.1 8,170.4 8,680.2 7,578.5 3,959.7 8,117.0 4,184.0 8,627.5 9,207.5 8,959.3 9,207.5 4,413.9 1,003.2 2,157.1 963.9 2,326.8 4,536.6 1,003.9 516.6 4,448.1 958.1 2,431.4 561.0 4,536.6 1,003.9 539.5 245.9 944.2 2,409.9 530.6 328.7 3,986.5 235.6 3.8 3.8 .0 411.2 471.7 4,338.3 257.6 3.0 3.0 .0 4,692.6 293.2 3.0 3.0 .0 456.9 4,559.5 296.5 3.0 3.0 .0 124.6 180.5 4,164.3 21.7 4,026.8 48.4 180.5 4,164.3 21.7 179.4 4,183.7 21.0 3.1 3.1 .0 178.8 4,288.1 20.5 3,618.8 160.7 5.9 5.9 .0 191.7 191.2 187.7 3,230.6 3,506.6 53.4 3,839.4 17.6 2,488.4 558.5 181.6 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 286.3 4.9 4.9 .0 9,471.5 4,696.4 1,060.5 2,543.4 581.0 497.5 4,795.6 275.2 3,189.1 717.8 3,690.6 125.0 254.1 149.7 389.1 3,466.9 744.2 3,783.1 778.9 4,097.8 740.6 3,963.1 779.6 4,097.8 740.6 3,970.6 117.2 251.3 160.4 463.2 4,122.1 115.1 250.7 159.0 497.7 4,395.7 129.9 362.7 123.3 531.5 4,269.7 119.8 306.7 133.4 541.4 4,395.7 129.9 362.7 123.3 531.5 4,108.2 591.2 4,742.9 127.9 464.7 123.4 523.6 4,212.5 478.8 4,806.2 115.4 449.8 123.4 522.2 204.4 321.5 170.5 151.0 1,853.4 393.3 205.1 335.0 181.2 153.8 2,036.0 402.4 202.4 346.2 193.2 153.0 2,105.0 446.0 196.4 376.1 211.6 164.5 2,355.1 317.3 197.1 367.2 205.9 161.4 2,237.2 363.5 196.4 376.1 211.6 164.5 2,355.1 317.3 195.3 387.1 222.1 165.0 2,515.6 389.6 194.9 393.3 226.0 167.3 2,648.0 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 • November 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2008 2008, week end ng Item May 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 June July July 2 July 9 July 16 July 23 July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 53.197 61,827 65,406 69,044 61,352 72,854 62,979 63,849 61,090 58,155 69,550 73,358 190.183 227,557 185,916 200,729 192,368 185,748 188,626 180,937 136,218 128,931 119,613 145,722 146.319 160,239 150,371 180,722 146,954 151,740 137,309 156,891 132,615 125,935 115,755 120,547 117,852 27.944 7,007 106,303 29,340 7,464 101,767 23,323 9,354 107,728 29,447 8,655 101,123 24,506 8,634 118,016 23,582 11,365 97,853 20,576 10,461 85,834 21,355 7,591 111,065 27,442 7,584 99,684 34,426 6,513 69,623 21,536 7,541 76,710 17,423 6,000 89,442 88,570 86,911 99,003 89,286 89,400 82,941 81,732 84,154 79,593 78,905 73,614 9,880 11,966 9,542 12,027 9,447 9,035 11,023 7,970 8,046 10,418 8,767 5,764 4,707 3,998 3,543 2,054 2,634 4,607 3,835 3,189 6,063 2,945 4,657 4,991 2,310 483 2,493 407 2,653 447 3,219 294 2,304 186 4,588 562 1,858 516 1,856 586 1,557 453 1,457 324 1,288 374 1,761 584 318,447 307,425 313,398 329,879 530,212 268,715 224,140 228,232 291,904 408,136 174,321 161,211 166,333 21,558 169,488 15,550 160,939 10,989 173,188 10,878 173,337 8,010 168,795 10,601 153,151 13,288 145,744 12,192 150,084 10,531 151,429 10,719 144,284 10,575 154,680 6,479 224,346 255,267 228,546 250,845 227,505 242,077 223,157 218,873 196,816 193,047 172,234 185,746 7,553 91,287 661 7,465 79,189 556 7,131 93,820 447 7,072 93,315 481 7,756 153,467 396 7,373 91,833 428 7,641 58,357 435 5,974 78,113 475 6,147 62,373 660 7,300 121,837 402 5,340 46,181 349 4,169 41,102 415 318,155 337,463 307,592 345,481 307,431 321,228 294,648 297,584 279,198 260,597 231,385 254,013 99,268 227,160 187,230 99,969 228,236 184,481 95,966 219,579 171,480 109,526 236,565 183,584 96,100 376,745 180,952 100,821 176,882 178,969 92,531 165,783 166,003 89,358 150,119 157,460 94,125 229,531 159,955 87,435 286,299 161,746 88,650 128,140 154,510 82,546 120,109 160,744 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 2008, week ending Item, by type of security May June July July 2 July 9 July 16 July 23 July 30 Aug. 6 Aug. 13 Aug. 20 Net outright positions2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-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 17,929 9,108 -8,664 -8,677 -1,903 -12,837 -9,603 -9,778 -12,392 81 247 -27,851 -13,449 -22,891 -17,624 -8,848 -27,305 -21,786 -33,898 -31,509 -40,704 -40,268 -34,289 -30,476 -27,760 -30,946 -27,687 -30,262 -29,440 -22,506 -29,412 -25,925 -27,973 -29,868 -2,857 4,221 -25,824 -3,488 1,755 -25,152 -230 3,895 -21,538 -1,516 306 -23,319 -151 448 -22,184 -212 2,829 -27,127 -746 6,627 -29,084 586 6,299 -24,652 -428 6,723 -24,431 3,474 7,664 -22,239 2,833 6,572 66,153 54,028 57,330 55,990 57,780 53,154 57,267 60,737 62,683 65,388 62,091 73,283 75,508 81,601 78,104 81,666 83,879 80,404 81,134 83,833 87,385 83,425 7,423 6,354 4,987 5,571 6,370 6,444 4,523 2,716 3,092 3,113 2,793 9,622 8,635 7,901 8,370 6,564 8,099 7,748 8,127 7,673 7,806 6,277 8,141 5,790 7,632 6,186 8,757 6,514 8,474 7,228 8,720 6,840 8,836 51,020 62,796 61,635 65,189 56,749 66,319 59,584 62,980 60,869 60,990 62,980 42,681 162,540 42,634 146,739 43,069 137,203 43,534 145,010 44,786 139,563 45,363 139,328 40,670 136,477 41,631 132,535 40,916 127,956 43,635 129,068 37,758 128,309 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 1,474,706 1 046 471 1,489,938 1 097 047 1,506,385 1 152 054 1,409,121 1 167 101 1,512,496 1 096 735 1,471,865 1 163 328 1,522,056 1 095 492 252,431 315,955 253,683 318,240 280,109 316,049 275,680 320,515 273,759 324,539 293,266 321,931 268,677 332,421 269,187 327,027 205,437 413,308 156,772 425,008 159,952 417,389 200,290 398,368 238,606 409,507 229,168 426,278 258,890 401,740 237,274 414,894 239,380 418,092 124,365 59,967 117,095 63,639 118,083 59,515 121,032 62,840 116,342 63,413 116,348 65,001 114,699 64,358 114,830 64,503 115,339 63,443 114,845 64,372 1,159,948 1,665,964 1,144,168 1,755,197 1,122,665 1,500,834 1,105,361 1,400,329 1,078,364 1,445,215 1,143,603 1,483,215 1,183,800 1,543,616 1,073,837 1,562,770 1,234,672 1,481,495 1,145,830 1,568,745 1,192,720 1,512,601 1,490,807 1,061,824 1,450,430 1,149,620 1,449,923 907,866 1,451,395 801,758 1,428,097 848,731 1,466,967 915,442 1,483,370 946,693 1,411,941 955,729 1,512,181 874,167 1,485,213 935,609 1,495,872 903,841 492,658 225,451 485,274 221,872 478,621 234,554 477,930 212,277 477,005 229,776 490,832 227,542 478,576 232,737 468,242 250,827 478,803 260,446 474,440 263,564 478,930 258,041 844,286 208,003 786,025 201,867 781,463 208,310 726,884 199,685 729,059 209,971 785,891 200,842 824,597 212,621 793,559 216,001 839,854 182,195 809,869 207,423 820,500 203,019 316,442 77,449 303,720 74,983 295,051 69,649 300,993 69,084 306,529 68,413 294,663 66,043 294,911 71,292 283,413 72,507 287,986 73,166 288,317 73,392 278,571 74,047 2 798 119 1,488,685 2 660 661 1,562,900 2 623 631 1,331,346 2 559 821 1,198,791 2 556 429 1,270,381 2 653 531 1,328,776 2 694 724 1,373,128 2 592 537 1,396,396 2 732 371 1,293,366 2 680 010 1,377,895 2 703 040 1,346,934 1,500,976 1 253 229 1,466,648 1 352148 1,472,028 1 108 319 1,479,662 1 011 215 298,444 319,307 261,210 326,870 270,347 319,653 206,580 405,649 193,240 425,296 137,061 61,999 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 • November 2008 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank2-3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 Apr. May n.a. n.a. 23,151 6 n.a. 84 984 6 a. 69 23,470 6 n.a. 69 3,169 6 n.a. 66 23,176 6 n.a. 67 n.a. n.a. 23,837 n.a. n.a. n.a. 23,145 n.a. a. a. 978 a. n.a. n.a. 23,464 n.a. n.a. n.a. 3,163 n.a. n.a. n.a. 23,170 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 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. a. a. a. a. a. a. a. a. 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. 27,948 28^25 30,463 29,772 30,937 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24,267 6 23,843 6 n.a. 161 23,520 6 23,533 6 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 Lending So federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending^4 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 6,961 n.a. 0,987 18,515 n.a. 9,810 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. 30^04 32,422 31,229 n.a. n.a. n.a. n.a. n.a. 30,304 n.a. n.a. 32,422 n.a. n.a. n.a. n.a. n.a. 31,229 n.a. n.a. 30,463 30,999 n.a. n.a. n.a. n.a. n.a. 29,772 n.a. n.a. 30,937 30,999 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 2008 Type of issue or issuer, or use 2005 2006 2007' Jan. 1 Feb. Mar. Apr. May' June' July' Aug. 1 All issues, new and refunding 409,802 389,540 426,208 19,750 21,338' 43,243' 50,871' 43,069 49,436 37,526 31,071 By type of issue 2 General obligation 3 Revenue 145,845 263,957 115,128 274,413 130,475 295,734 9,285 10,466 11,303 10,035' 11,116' 32,127 15,217' 35,655 9,674 33,395 12,715 36,721 9,842 27,684 8,727 22,345 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 34,992 315,292 75,924 1,279 14,184 4,287 3,707 12,591' 5,040 3,777 33,590 5,876' 6,455 33,520 10,896' 2,242 34,287 6,540 3,880 36,603 8,953 2,480 27,053 7,993 1,308 23,872 5,891 7 Issues for new capital 222,986 262,485 275,281 15,203 14,799 21,205' 22,240 20,217 26,464 21,362 17,464 70,974 25,427 10,052 n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,684 70,921 27,912 11,416 n.a. 38,114 82,846 4,235' 2,951 910' n.a. 1,372 4,419 4,538 420 3,450 n.a. 1,342 3,786 3,863 4,725 1,962' n.a. 2,904 5,586' 4,921 1,171 405 n.a. 3,417 9,244 5,232 1,891 526 n.a. 2,730 4,839 8,647 2,833 503 n.a. 3,494 7,029 5,086 5,777 1,618 n.a. 1,378 5,514 4,631 617 545 n.a. 2,047 5,725 By use of proceeds 9 Transportation 11 Social welfare 13 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 2 Bonds2 By type of offering 4 Sold abroad 2005 2006 2008 2007 Dec. Jan. Feb. Mar. Apr. May June July 2,361,779 2,619,935 2,389,186 108,152 141,862 78,721 79,164 152,793 175,102 104,710 48,091 2,246,525 2,500,770 2,220,530 86,681 114,794 66,571 71,886 124,420 142,798 88,231 33,125 2115 411 131,113 2 296 544 204,227 2 002 704 217,826 80 702 5.980 102129 12.665 64 365 2.206 64 200 7.686 109 421 14.998 119 002 23,796 73 844 14,387 24 911 8,214 22,221 18,262 20,103 1,349 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 210,825 2 035 700 338,777 2161 994 404,819 1 815 711 32,767 53 915 28.251 86 543 23.162 43 409 37.019 34 867 33.525 90 894 52.609 90 189 33.669 54 562 18.309 14 816 115,255 119,165 168,655 21,471 27,068 12,150 7,278 28,373 32,304 16,480 14,966 54,713 60,541 56,029 63,136 65,440 103,216 2,813 18,658 1.958 25,110 3.091 9,059 1.880 5,398 4,376 23,997 6.343 25,961 3.070 13,409 4.644 10,322 MEMO 5 Private placements, domestic By industry group 6 Nonfinancial 8 Stocks3 By industry group 9 Nonfinancial 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 • November 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2008 Item 2006 2007' Feb. 1 Sales of own shares 2 Mar. Apr. May June July Aug.' Sept. 2,009,480 2,530,025 204,415 200,928 229,537 205,830 189,241 193,122 165,304 203,362 3 Net sales3 1 782 393 227,087 2 306 207 223,818 176 606 27,809 201 377 -449 198 284 31,253 169 775 36,055 188 805 436 220 070 -26,948 177 441 -12,137 266 898 -63,536 4 Assets4 8,058,059 8,914,249 8,357,451 8,263,656 8,634,205 8,814,797 8,276,887 8,100,821 8,069,019 7,246,626 5 Cashs 6 Other 345,066 7,712,993 378,795 8,535,454 382,693 7,974,758 383,612 7,880,044 421,223 8,212,982 429,119 8,385,678 408,324 7,868,563 376,820 7,724,001 388,145 7,680,874 356,858 6,889,768 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 Account 2005 2006 2008 2007 Q4 Ql Q2 Q3 Q4 Ql Q2 ASSETS 1 Accounts receivable, gross2 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 1,732.7 640.3 498.0 594 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 1,775.2 707.4 542.0 525 8 1,761.2 705.8 563.9 491 5 44.7 24.5 49.2 26.6 50.2 33.5 49.2 26.6 50.8 25.5 50.6 25.5 50.3 28.7 50.2 33.5 51.4 34.7 49.3 36.3 7 Accounts receivable, net 8 All other 1,553.2 535 7 1,656.9 486 5 1,675.9 499 4 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 1,689.0 521 2 1,675.5 519 6 9 Total assets 2,088.8 2,143.3 2,175.2 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,210.3 2,195.1 142.1 160.0 129.2 165.3 173.3 158.5 129.2 165.3 138.1 159.1 153.5 154.0 176.7 149.0 173.3 158.5 172.3 153.2 180.2 158.4 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 326.4 837.3 440.0 239.7 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.8 847.6 444.4 244.2 326.4 837.3 440.0 239.7 335.1 851.4 454.1 244.3 327.7 826.0 461.8 241.0 2,088.8 2,143.3 2,175.2 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,210.3 2,195.1 3 Business 5 LESS: 6 LESS: Reserves for unearned income Reserves for losses LIABILITIES AND CAPITAL 11 Commercial paper Debt 13 Not elsewhere classified 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. May July Seasonally adjusted 1 Total 2 3 4 Consumer Real estate Business . 1,895.4 2,009.8 2,045.1 2,064.3 2,069.9 2,063.0 2,058.7 2,039.7 2,037.7' 775.2 560.4 559.7 819.4 609.9 580.6 887.4 565.0 592.7 886.7P 564.7 613.0 889.7 566.3 613.8 891.2 557.5 614.3 891.2 547.2 620.3 885.9 523.9 630.0 883.8P 517.0' 636.8 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables'" . 1,910.9 2,026.2 2,061.8 2,063.2 2,060.6 2,058.9 2,039.1 2,026.3' 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 86.0 234.9 882.7 253.6 124.3 83.4 241.6 882.9 255.7 124.9 82.1 244.7 884.2 257.0 125.5 83.1 245.7 884.4 256.1 125.3 83.9 246.5 880.4 252.3 121.9 84.0 247.6 881.4' 254.7 122.1 84.0 247.8 112.6 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 59.1 107.4 3.0 25.4 44.0 566.3 465.2 64.9 103.5 3.0 25.4 43.6 561.8 457.9 67.8 101.6 3.0 25.1 43.2 555.6 451.9 68.3 102.0 2.9 24.8 42.9 547.5 442.6 70.0 104.9 2.9 24.5 42.4 522.9 420.4 71.1 103.1' 2.9 24.5 42.3 516.1' 414.3' 70.5' 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 34.8 1.4 614.3 107.9 15.6 59.9 32.4 331.5 114.4 217.0 97.2 34.7 1.4 618.5 107.8 15.3 60.7 31.9 333.4 115.9 217.4 100.8 34.5 .9 620.7 108.5 15.1 61.6 31.8 334.6 114.6 220.0 102.8 34.4 .5 627.0 110.0 14.8 63.4 31.8 342.0 114.8 227.2 103.1 31.4 .0 635.7 112.8 14.7 64.5 33.6 347.2 113.5 233.7 103.9 31.3 .0 628.7 108.4 14.6 60.2 33.6 346.9 113.6 233.3 103.3 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 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 28.4 2.6 25.8 .1 13.8 9.7 4.1 32.6 24.7 2.5 22.1 .1 13.7 9.6 4.1 33.5 23.6 2.5 21.1 .1 13.7 9.5 4.2 34.5 22.3 2.5 19.8 .0 13.3 9.2 4.2 34.5 NOTE: This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 2,063.3' 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 1.53 Federal Reserve Bulletin Statistical Supplement • November 2008 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2008 Item 2005 2006 2007 Mar. Apr. May June July Aug. Sept. Terms and y elds in primary and secondary markets PRIMARY MARKETS Terms' 1 Purchase price (thousands of dollars) 2 Amount of loan (thousands of dollars) 3 Loan-to-price ratio (percent) 5 Fees and charges (percent of loan amount)2 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 329.8 248.6 77.9 28.8 .80 346.3 252.4 76.4 28.9 .64 339.4 254.2 77.3 29.2 .67 352.7 258.3 75.6 29.1 .91 349.1 254.8 75.5 29.3 .94 358.1 261.2 75.2 29.1 1.03 353.5 253.4 73.9 28.6 1.07 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 5.80 5.92 n.a. 5.89 5.98 n.a. 5.92 6.01 n.a. 5.99 6.13 n.a. 6.15 6.29 n.a. 6.18 6.33 n.a. 5.93 6.09 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 5.16 n.a. 5.22 n.a. 5.27 n.a. 5.76 n.a. 5.66 n.a. 5.68 n.a. 5.20 Yield (percent per year) 7 Effective rate1-3 SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203)5 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGEASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 14 Mortgage transactions purchased (during period) Mortgage commitments (during period) 15 Issued7 16 Tosell s 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 722,768 n.a. n.a. 728,414 n.a. n.a. 736,925 n.a. n.a. 749,640 n.a. n.a. 758,112 n.a. n.a. 759,980 n.a. n.a. 761,396 n.a. n.a. 146,641 196,017 182,470 15,817 17,961 20,001 23,385 18,214 13,614 14,572 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. 710,017 n.a. n.a. 703,629 n.a. n.a. 720,813 n.a. n.a. 712,462 n.a. n.a. 737,537 n.a. n.a. 770,383 n.a. n.a. 791,798 n.a. n.a. 798,241 n.a. n.a. 760,883 n.a. n.a. 736,876 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 470,976 n.a. 43,526 n.a. 40,779 n.a. 47,310 n.a. 43,981 n.a. 21,712 n.a. 22,072 n.a. 21,994 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)8 17 Total 18 FHA/VA insured Mortgage transactions (during period) 20 Purchases 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 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 Major financial institutions . . . Commercial banks2 One- to four-family Multifamily Nonfarm, nonresidential . Farm Savings institutions3 One- to four-family Multifamily Nonfarm, nonresidential . Farm Life insurance companies . . One- to four-family Multifamily Nonfarm, nonresidential . Farm Federal and related agencies Government National Mortgage Association One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Housing Admin, and Dept. of Veterans Affairs One- to four-family Multifamily Resolution Trust Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Deposit Insurance Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal National Mortgage Association One- to four-family Multifamily Federal Land Banks One- to four-family Farm Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal Agricultural Mortgage Corporation Farm Q2 Q3 Q4 10,667,810 12,101,430 13,511,710 14,096,250 14,362,580 14,603,110 14,740,480 14,804,080 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 10,862,200 780,372 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 11,254,100 875,149 2,565,388 109,442 ,926,324 ,595,605 ,580,992 118,710 860,670 35,233 ,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 4,897,281 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 5,113,591 3,662,237 2,157,978 176,135 1,286,899 41,225 1,115,550 884,453 96,928 133,256 913 335,804 11,763 49,768 263,254 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 0 0 11 666,601 34 34 0 72,937 13,014 11,493 45,213 3,217 4,819 1,370 3,449 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 3 1 1 712,714 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 1 726,458 22 22 0 78,411 13,024 11,282 50,839 3,266 4,927 1,779 3,147 0 0 0 742,109 24 24 0 78,941 13,066 11,249 51,399 3,228 4,917 1,853 3,063 0 0 0 756,316 38 38 0 80,357 13,611 11,205 52,271 3,271 5,021 1,910 3,111 0 0 0 0 399,420 321,955 77,465 64,859 21,008 43,851 71,680 22,946 48,734 742 742 0 1 0 403,577 311,831 91,746 67,423 23,572 43,851 79,776 23,876 55,900 768 768 0 1 0 411,838 313,458 98,380 68,964 24,808 44,156 86,105 26,802 59,303 759 759 0 1 0 420,992 315,242 105,750 71,742 25,686 46,056 88,345 26,395 61,950 784 784 5 0 366,680 314,801 51,879 54,640 14,515 40,125 61,428 20,378 41,050 804 804 0 383,045 322,703 60,342 59,897 16,046 43,851 65,536 20,543 44,993 778 778 702,228 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 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 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 7,548,580 510,217 473,272 36,945 1,802,312 1,791,127 11,185 2,444,639 2,346,853 97,786 0 0 0 0 0 2,787,105 2,025,279 118,149 643,678 0 4,307 4,307 1,467,074 1,202,923 96,202 162,214 5,734 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 1,385,594 1,091,488 106,209 186,029 1,867 1 2 7 0 400,157 355,687 44,470 52,793 15,070 37,723 61,320 23,374 37,946 887 887 55 Mortgage pools or trusts5 56 Government National Mortgage Association 57 One- to four-family 58 Multifamily 59 Federal Home Loan Mortgage Corporation . 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family1" 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation . 76 Farm 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 0 938 938 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 77 Individuals and others7 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm 1,202,649 981,482 83,275 130,547 7,345 1,365,193 1,125,988 89,322 141,929 7,954 1,459,776 1,049,767 73,068 336,941 1. Multifamily debt refers to loans on structures of five or more units. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust departments. 3. Includes savings banks and savings and loan associations. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • November 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2008 Holder and type of credit 2005 2006 2007 Apr. May June July' Aug.' Sept. Seasonally adjusted 1 Total 2,285,160 2,387,691 2,521,372 2,564,154 2,571,086 2,579,975' 2,587,498 2,581,211 2,588,074 2 Revolving 3 Nonrevolving2 824,469 1,460,691 874,621 1,513,070 939,458 1,581,914 957,264 1,606,890 962,876 1,608,210 965,613 1,614,362 970,107 1,617,391 970,454 1,610,757 971,408 1,616,666 Not seasonally adjusted 4 Total 2,313,862 2,418,262 2,554,250 2,546,582 2,553,250 2,561,716' 2,572,372 2,587,252 2,596,942 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 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 55,184 686,218 807,446 585,790 231,142 103,852 88,335 51,107 678,910 807,866 586,472 231,734 104,195 89,182 51,270 682,531 812,994 583,848 231,083 104,566 90,002 51,338 687,885 820,500 589,178 233,863 105,217 89,720 51,509 682,386 833,300 595,631 235,992 106,362 89,437 51,958 674,572 844,622 599,814 236,731 106,709 79,164 51,705 678,198 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 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 7,779 417,514 969,538 353,446 86,046 31,071 n.a. 44.750 4,245 449,981 948,316 327,110 83,073 30,486 n.a. 43.792 3,713 460,142 953,616 325,992 83,898 30,752 n.a. 44.844 3,709 464,420 959,290 328,882 84,035 31,275 n.a. 45.863 3,749 465,485 963,494 335,186 84,440 31,600 n.a. 45.366 3,745 463,158 970,021 342,847 84,793 31,987 n.a. 44.868 3,827 461,699 970,493 354,982 85,337 32,055 n.a. 34.387 3,821 459,912 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,463,887 395,835 450,226 203,900 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 1,584,711 450,650 497,823 204,629 98,396 46,037 50,939 236,237 1,598,266 480,336 502,716 200,656 103,852 44,543 47,394 218,768 1,599,634 481,874 502,574 200,982 104,195 44,338 47,561 218,110 1,602,427 484,112 499,813 199,808 104,566 44,139 47,589 222,399 1,608,878 485,314 504,739 202,263 105,217 44,354 47,764 219,228 1,617,231 490,453 510,838 204,005 106,362 44,569 48,130 212,873 1,626,450 489,640 514,477 204,676 106,709 44,777 47,884 218,286 5 6 7 8 9 10 11 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1.56 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2008 Item 2005 2006 2007 Mar. Apr. May June July Aug. Sept. INTEREST RATES Commercial banks2 1 48-month new car 7.08 12 05 7.72 12 41 7.77 12 39 n.a. n.a. 6.84 11 14 n.a. n.a. 6.95 11 43 n.a. 12.51 14.55 13.21 14.73 13.38 14.67 n.a. n.a. n.a. n.a. 11.87 13.48 n.a. n.a. n.a. n.a. 11.93 13.64 n.a. n.a. 6.02 8.81 4.99 9.61 4.87 9.24 4.19 8.88 4.54 8.34 5.82 8.23 5.49 8.36 3.28 8.43 5.11 8.42 6.24 8.46 60.0 58.6 63.0 59.4 62.0 60.7 62.3 60.8 63.1 60.6 64.0 60.5 63.5 60.2 67.2 60.1' 64.6 59.8 64.3 n.a. 88 98 94 99 95 100 94 96 94 96 92 97 93 97 95 96 88 97 85 n.a. 24.133 16,228 26.620 16,671 28.287 17,095 28.173 17,049 27.397 17,281 24.579 17,114 24.505 16,163 27.582 16,679' 26.920 16,446 25.427 n.a. Credit card plan 4 Accounts assessed interest Auto finance companies 6 Used car OTHER TERMS3 Maturity (months) 8 Used car Loan-to-value ratio 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 Q4 Q3 Q1 Q1 Nonfinancial sectors 1 Total net borrowing by domestic 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 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 2,313.4 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 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 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 28 Total net borrowing by financial sectors 36 Federal Reserve Bulletin Statistical Supplement • November 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 Q4 Q1 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 NET LENDING IN CREDIT MARKETS Q3 Q4 Q1 Q2 Q3 Q4 2 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 23.0 .0 13.9 103.5 39.8 73.6 173.0 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 47.9 416.2 214.9 87.9 -29.2 47.0 284.5 109.3 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 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 -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 -.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 .2 .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 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 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 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 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 52.8 -4.3 -33.9 -42.6 -26.2 -.3 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 -.3 297.0 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 3,632.1 4,690.1 6,229.9 7,350.0 7,153.6 7,162.5 7,870.9 8,378.8 10,383.2 5,947.9 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. 38 Federal Reserve Bulletin Statistical Supplement • November 2008 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q4 Q2 Q4 29,956.2 31,249.3 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 2 3 4 5 6 7 8 9 10 11 12 13 14 24,299.8 28,876.2 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 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 1,926.3 344.2 993.0 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 30,661.3 29,985.6 30,661.3 31,262.5 31,804.7 33,111.9 14,800.4 15,745.3 22 Foreign credit market debt held in United States 23 24 25 26 28,876.2 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 Commercial paper Bonds Bank loans n.e.c Other loans and advances 275.5 874.4 66.1 42.2 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign 25,745.5 Financial sectors 28 Total credit market debt owed by financial sectors 11,859.0 14,153.7 14,153.7 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 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 48 Total credit market debt, domestic and foreign 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 29 30 31 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 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 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 Q4 Q1 Q2 Q4 2 CREDIT MARKET DEBT OUTSTANDING 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 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 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 1,198.1 276.5 4,634.7 27,884.0 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 698.8 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,374.6 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 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 62.3 2.2 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,722.4 2,465.3 240.4 12,423.3 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 46.0 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 46.6 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 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 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 2.2 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 .1 11.4 100.8 1.3 10.0 100.5 -.8 10.0 58.7 .8 6.4 76.2 2.8 10.3 156.4 91.4 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 . 8.9 100,541.3 110,451.6 119,445.1 132,080.6 127,273.9 132,080.6 134,754.9 138,751.9 141,899.9 142,581.2 141,629.9 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • November 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2008 2008 2007 2008 Series Q4 Q1 Q2' Q3' Q4 Q1 Q2 Q3 Capa city (percen t of 2002 output) Output (2002=100) Q4 Q1 Q2' Q3' Capacity utilization rate (percent)2 1 Total industry 112.2 112.3 111.3 109.1 138.5 139.1 139.7 140.2 81.0 80.7 79.7 77.9 2 Manufacturing 3 Manufacturing (NAICS) 113.7 115.0 113.4 114.8 112.3 113.7 110.0 111.4 143.4 145.1 144.1 145.8 144.8 146.5 145.3 147.1 79.3 79.3 78.7 78.7 77.5 77.6 75.7 75.7 4 5 Durable manufacturing Primary metal 122.6 111.3 122.5 113.9 120.8 110.3 119.0 108.8 157.6 132.8 158.9 133.2 160.1 133.5 161.2 133.9 77.8 83.8 77.1 85.5 75.4 82.6 73.8 81.2 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 113.3 115.5 195.7 113.5 115.1 202.3 111.3 112.3 209.6 109.7 111.5 209.9 139.3 149.6 251.4 139.7 150.3 259.7 140.0 150.9 267.1 140.2 151.5 274.0 81.3 77.2 77.8 81.3 76.6 77.9 79.6 74.4 78.5 78.3 73.6 76.6 105.1 95.5 105.5 91.9 106.3 84.5 104.9 83.0 126.0 132.0 126.7 131.7 127.5 131.7 128.2 131.9 83.4 72.3 83.3 69.7 83.4 64.1 81.9 62.9 126.2 106.7 110.2 77.3 125.9 106.3 110.2 75.0 124.8 105.9 110.3 73.0 116.7 103.2 109.1 72.4 157.0 131.8 135.8 112.4 157.6 132.0 136.2 111.5 158.2 132.2 136.5 110.6 159.0 132.4 136.8 109.8 80.4 81.0 81.1 68.8 79.9 80.6 80.9 67.3 78.8 80.1 80.8 66.0 73.4 77.9 79.8 65.9 95.6 108.5 114.6 104.8 91.9 94.9 110.6 113.8 102.6 91.2 94.9 110.5 113.1 101.7 88.7 93.2 106.1 108.5 101.1 86.7 115.7 122.1 145.2 123.9 116.2 115.6 122.1 145.8 124.5 116.3 115.4 122.0 146.2 125.1 116.4 115.3 122.0 146.7 125.7 116.5 82.6 88.8 79.0 84.6 79.1 82.1 90.6 78.1 82.4 78.4 82.2 90.6 77.3 81.3 76.2 80.8 87.0 74.0 80.4 74.5 20 Mining 21 Electric and gas utilities 102.7 108.6 103.6 110.7 104.1 109.4 102.6 107.1 114.2 126.3 114.5 127.1 114.7 127.8 114.9 128.5 89.9 85.9 90.5 87.1 90.8 85.6 89.3 83.3 MEMOS 22 Computers, communications equipment, and semiconductors 247.1 257.7 270.1 271.5 306.7 321.5 335.1 347.8 80.6 80.1 80.6 78.1 23 Total excluding computers, communications equipment, and semiconductors 107.3 107.2 106.0 103.8 81.0 80.7 79.7 77.8 24 Manufacturing excluding computers, communications equipment, and semiconductors 107.6 107.1 105.6 103.3 79.2 78.6 77.4 75.5 10 11 12 13 14 15 16 17 18 19 Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 135.9 136.2 136.5 136.7 Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 Series Low High Low Oct. Mayr Capacity ut lization rate (percent) June' July' Aug.' Sept.' Oct.' 4 1 Total industry 88.8 74.0 86.6 70.9 85.0 78.6 80.9 79.6 79.6 79.6 78.5 75.5 76.4 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 79.3 79.3 77.6 77.6 77.4 77.4 77.2 77.3 76.4 76.4 73.5 73.4 73.8 73.8 89.4 101.9 69.6 69.8 86.7 90.1 62.9 46.9 84.6 93.8 73.5 75.0 77.8 82.9 75.3 82.0 75.4 82.2 75.5 83.7 74.2 82.0 71.8 77.9 70.3 74.1 91.7 94.6 69.9 74.3 83.1 92.7 61.8 58.0 81.7 85.3 72.7 74.0 81.3 78.0 79.7 74.4 78.6 74.2 78.3 73.5 78.7 74.6 77.8 72.7 76.6 71.4 87.0 66.0 90.0 77.4 81.9 76.7 77.6 78.4 78.1 77.7 76.8 75.4 74.4 99.3 95.8 68.0 54.8 91.9 95.1 64.6 44.9 89.1 89.5 77.0 56.0 82.9 72.0 83.6 63.3 83.6 65.9 83.2 67.7 82.3 60.1 80.1 60.9 80.4 58.7 75.9 87.6 68.1 72.3 87.1 85.8 69.0 75.4 87.4 86.7 81.0 81.4 79.9 81.0 78.4 80.3 79.4 79.7 78.3 79.5 77.7 79.0 64.2 75.3 62.2 77.6 86.3 89.5 77.5 61.8 84.2 89.6 80.4 72.1 86.0 91.1 80.9 77.6 81.5 68.9 80.8 66.4 80.4 65.6 79.9 65.9 79.9 66.6 79.5 65.3 80.0 65.1 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 81.3 89.0 79.0 84.6 79.4 83.5 90.9 77.5 81.1 76.1 82.0 90.2 77.0 81.7 76.0 81.3 90.4 76.7 81.8 74.9 82.0 89.0 75.8 80.2 74.4 79.2 81.5 69.4 79.1 74.1 78.9 89.6 72.9 77.4 73.8 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 88.7 86.0 90.8 84.5 90.8 85.9 92.1 85.2 91.8 81.5 84.0 83.3 89.0 83.5 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.3 89.6 75.1 81.7 75.3 80.6 80.5 79.9 79.5 78.1 76.6 75.0 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.8 70.6 85.3 78.7 80.9 79.6 79.6 79.6 78.5 75.4 76.4 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.0 85.8 77.2 79.2 77.4 77.2 77.1 76.2 73.3 73.7 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released on March 28, 2008. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • November 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 propor- 2007 avg. Apr. May' Julyr Aug.r Sept/ Index (2002=100) MAJOR MARKETS 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 111.8 112.3 112.4 112.6 112.3 112.0 111.4 111.2 111.3 111.4 110.1 105.9 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 07.3 02.4 00.0 58.8 94.1 03.8 08.8 09.4 110.0 76.3 118.8 95.8 07.6 111.8 107.4 102.9 101.1 167.6 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 96.5 112.6 112.0 107.9 100.0 98.5 168.1 87.3 100.9 110.4 109.1 109.2 76.5 119.0 96.6 113.8 111.4 106.7 97.8 93.8 169.7 87.3 101.4 109.5 109.5 110.2 75.3 118.1 97.2 109.7 110.8 106.2 94.5 87.2 177.4 86.9 100.8 109.8 109.1 109.8 74.8 118.7 94.9 111.7 110.5 105.8 94.9 87.9 179.9 86.3 100.9 109.1 109.2 109.9 73.7 118.7 95.2 109.4 110.7 106.2 96.8 92.3 177.1 85.4 100.9 109.1 109.0 109.2 75.0 119.0 95.8 109.8 110.7 106.2 97.6 93.6 184.8 85.0 100.8 108.9 108.7 108.8 75.8 119.4 94.5 109.6 109.3 104.1 91.5 83.2 183.2 81.5 99.9 108.0 108.8 108.8 76.3 118.9 94.6 106.6 106.6 102.9 90.8 84.7 178.7 78.1 97.6 106.7 108.5 108.5 75.6 119.2 94.0 102.7 107.1 104.3 88.9 81.6 178.4 77.3 96.9 109.0 108.8 109.2 74.2 119.0 94.2 109.8 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 29.9 22.6 60.7 116.7 118.3 130.2 123.2 162.7 116.2 120.2 131.2 123.9 164.8 116.7 119.9 131.4 122.5 165.2 117.4 120.9 131.1 121.1 167.5 116.5 119.6 132.3 120.7 169.9 117.6 119.6 130.0 118.1 172.0 113.8 119.5 130.4 118.6 172.8 114.0 119.0 130.8 120.8 173.7 113.6 120.2 130.8 121.2 172.9 113.7 119.1 130.5 115.9 172.6 115.1 119.4 121.2 76.2 171.0 112.8 116.9 118.5 68.5 170.7 110.9 118.1 21 22 Construction supplies Business supplies 4.3 11.0 106.0 108.7 05.4 08.8 104.5 109.2 104.2 108.9 103.6 109.3 102.3 109.2 102.3 108.5 101.4 108.6 101.7 107.9 101.3 107.5 102.1 107.4 101.1 106.3 99.2 103.6 98.1 104.3 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 97.7 112.4 101.6 112.2 116.4 25.5 92.4 74.6 09.7 02.9 73.5 96.4 111.9 02.5 113.0 117.2 126.4 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 97.8 111.9 104.2 112.6 116.0 126.0 89.1 179.9 109.6 101.4 71.0 95.9 109.9 104.5 112.8 116.4 126.4 87.6 182.8 109.5 101.8 69.6 96.6 109.7 104.3 112.3 115.7 125.7 86.0 182.3 109.2 101.1 68.9 95.8 109.4 104.1 112.2 115.4 125.0 85.7 181.6 108.4 101.2 69.2 97.8 109.1 104.2 112.1 115.4 125.4 86.5 182.5 108.4 100.8 67.4 95.1 108.9 104.1 112.3 115.1 125.7 87.1 182.6 108.6 99.8 67.8 94.5 107.9 105.1 111.1 113.9 124.2 81.6 183.4 107.8 99.1 69.6 94.6 105.9 103.7 105.1 108.6 121.9 81.3 180.6 105.1 90.4 67.4 92.4 89.2 96.9 107.6 109.5 119.9 78.9 179.1 103.2 94.5 66.8 91.8 98.6 101.9 94.6 92.6 107.0 112.3 07.0 112.9 107.4 113.4 107.4 113.5 107.6 113.8 107.2 113.5 106.8 113.5 106.1 113.2 105.9 113.0 105.9 112.9 106.0 112.8 104.7 112.0 100.6 107.6 102.0 109.2 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 40 Nonindustrial supplies . . . 3,034.7 30.8 12.3 3,032.8 3,041.3 3,043.1 3,062.1 3,051.2 3,026.8 3,005.6 2,998.4 3,005.8 3,014.8 2,958.9 2,866.5 2,904.9 : ,321.0 2,337.6 2,310.5 2,217.9 2,310.9 !,283.6 2,293.6 2,251.6 1,606.3 1,603.7 1,606.9 1,605.5 1,621.4 1,616.8 1,593.9 1,581.4 1,576.3 1,583.2 1,589.2 1,547.3 1,516.9 1,557.4 674.6 662.0 715.4 728.0 719.5 720.8 724.0 724.0 720.7 717.9 722.4 727.2 724.7 730.7 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. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May' June' July' Aug.' Sept.' Oct.' 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 78.5 112.9 114.2 113.5 114.8 113.8 115.1 113.8 115.1 113.8 115.2 113.1 114.5 113.3 114.6 112.3 113.7 112.3 113.7 112.2 113.6 112.1 113.6 111.0 112.4 106.9 108.1 107.5 108.8 321 43.2 1.5 121.0 99.2 122.2 96.5 122.9 94.2 122.8 94.3 122.9 92.3 122.2 91.0 122.4 91.4 120.7 90.2 120.6 89.6 121.0 89.0 121.4 88.4 119.6 87.6 115.9 85.1 113.9 81.5 327 331 332 333 2.3 2.3 5.7 5.3 108.1 110.3 112.0 116.0 108.9 110.0 113.1 116.4 109.7 111.0 113.7 115.4 105.9 112.9 113.1 114.6 106.1 115.2 113.4 115.2 104.9 114.1 113.5 114.1 106.5 112.3 113.6 116.0 104.9 111.5 112.4 112.4 105.0 109.5 111.5 112.3 103.9 109.9 110.1 112.2 105.1 112.0 109.7 111.2 104.2 109.8 110.3 113.0 101.8 104.4 109.1 110.3 101.3 99.4 107.5 108.4 334 8.1 183.4 192.8 196.2 198.1 198.5 202.2 206.2 208.9 209.5 210.5 211.3 210.4 208.1 207.2 335 3361-3 2.2 7.4 104.9 97.2 104.3 95.1 105.0 95.8 106.1 95.5 106.1 93.9 104.4 93.0 106.0 88.6 105.7 83.1 106.6 83.4 106.7 86.8 106.4 89.2 105.5 79.4 102.8 80.4 103.4 77.6 3364-9 3.5 122.3 125.3 126.9 126.4 127.4 125.2 125.1 124.4 124.0 125.9 124.3 123.6 102.2 99.1 337 339 1.8 3.3 102.0 115.9 101.7 116.5 101.4 116.0 100.1 117.2 98.1 117.8 96.4 115.3 95.9 117.1 94.6 116.3 94.4 116.6 93.7 116.1 92.8 116.6 89.2 118.8 87.6 116.7 85.1 116.4 35.3 106.6 106.7 106.6 106.8 106.8 106.0 106.2 106.0 106.2 105.5 105.2 104.6 99.8 102.9 311,2 313,4 315,6 322 323 11.3 1.4 1.0 3.1 2.4 110.1 80.5 78.5 95.8 99.8 110.5 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 98.4 109.7 75.2 77.1 93.7 97.3 111.0 74.7 76.0 95.1 98.4 110.6 73.3 75.6 93.8 97.4 110.4 73.4 74.5 96.4 97.0 109.9 72.4 75.9 94.6 94.2 109.3 72.5 76.7 93.8 92.6 109.3 73.2 77.1 94.5 94.0 108.9 71.5 76.5 91.2 92.9 109.6 71.1 75.1 90.9 92.4 324 325 1.8 10.7 108.7 114.2 108.7 114.5 108.1 114.7 108.5 114.6 111.7 114.6 110.6 113.6 109.5 113.2 110.6 113.2 110.9 113.4 110.0 112.7 110.3 112.3 108.6 111.2 99.4 102.0 109.2 107.2 326 3.8 103.4 104.6 105.4 104.5 103.0 102.8 102.0 101.3 101.5 102.4 102.7 100.9 99.6 97.6 1133,5111 4.7 92.9 92.2 91.7 91.9 91.3 91.2 91.0 89.1 88.5 88.4 87.3 86.7 86.3 85.9 21 2211,2 2211 2212 7.2 9.6 8.2 1.4 101.4 108.2 110.4 98.2 101.3 108.4 112.3 90.9 102.9 109.1 111.1 99.4 103.9 108.2 109.7 101.2 103.2 110.8 112.4 103.2 103.6 112.6 113.5 107.9 103.9 108.7 110.4 101.0 104.0 110.4 111.8 103.4 104.1 108.0 109.2 102.0 104.2 110.0 112.3 99.4 105.7 109.2 111.3 99.8 105.5 104.7 106.0 98.4 96.5 107.3 108.8 99.8 102.4 107.7 109.4 99.8 77.8 107.6 107.5 107.7 107.6 107.6 106.8 106.7 105.6 105.6 105.5 105.3 104.3 100.2 100.9 75.7 114.3 115.0 115.3 115.4 115.5 114.8 115.3 114.7 114.7 114.3 114.0 113.6 109.1 110.0 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 • November 2008 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 2008 2007 2005 2006 2007 Q2 Q3 Q4 Q1 Q2 -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 -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 -175,640 -177,110 451,645 -628,756 33,212 35,009 70,261 -35,252 -1,797 -31,742 -183,147 -180,551 474,819 -655,369 27,344 29,127 63,862 -34,735 -1,782 -29,941 11 Change in U.S. government assets other than official reserve assets, net (increase, —) 5,539 5,346 -22,273 -596 623 -22,744 3,265 -41,265 12 Change in U.S. official reserve assets (increase, —) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 14,096 0 4,511 10,200 -615 2,374 0 -223 3,331 -734 -122 0 -154 1,021 -989 26 0 -39 294 -229 -54 0 -37 230 -247 0 -35 285 -272 -276 0 -29 112 -359 -1,267 0 -22 -955 -290 17 Change in U.S. private assets abroad (increase, —) 18 Bank-reported claims2 -566,266 -207,625 -71,207 -251,199 - 3 6 235 -1,259,469 -488,424 -164,597 -365,204 -241 244 -1,267,459 -644,751 -706 -288,731 - 3 3 3 271 -522,985 -209,985 -134,713 -84,671 - 9 3 616 -171,045 -88,697 80,012 -100,317 - 6 2 043 -130,990 -115,926 100,043 -4,202 -110 905 -263,634 -221,316 81,848 -35,066 - 8 9 100 152,963 225,745 25,224 -32,457 - 6 5 549 259,268 112,841 100,493 -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 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 33,991 173,533 88,649 79,234 1,645 -26,930 30,935 144,417 57,245 93,145 2,439 -30,131 21,719 988,079 214,736 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 -10,675 573,850 237,542 629,290 149,769 122,476 -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 55,746 285,484 79,088 84,085 63,263 -914 -20,475 80,437 -118,116 -233,623 -61,972 66,950 230 16,532 93,767 36 Discrepancy -4,036 32,313 -3,880 -47,078 -1,843 -41,287 38 32,313 -47,078 -41,287 -112 656 722 -66 -617 71,627 -21,805 93,431 -571 -45,600 8,892 -54,491 -600 -14,131 9,271 -23,403 -652 47,067 -3,464 50,531 -276 -1,267 141,365 171,888 141,978 Item credits or debits 1 Balance on current account 3 Exports 5 Income, net 7 8 9 10 Direct Portfolio Compensation of employees Unilateral current transfers, net 20 U.S. purchase of foreign securities, net 22 Change in foreign official assets in United States (increase, +) 23 U.S. Treasury securities Other U.S. government liabilities2 Other U.S. liabilities reported by U.S. banks2 Other foreign official assets3 25 26 27 28 Change in foreign private assets in United States (increase, +) 30 31 U.S. nonbank-reported liabilities Foreign private purchases of U.S. Treasury securities, net 33 34 Foreign purchases of other U.S. securities, net Foreign direct investments in United States, net Before seasonal adjustment MEMO Changes in official assets 39 U.S. official reserve assets (increase, —) 40 Foreign official assets in United States, excluding line 25 (increase, +) 14,096 2,374 -122 26 -54 259,689 485,123 405,716 88,891 12,556 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 2008 Asset 1 Total 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 2005 2006 2007 Mar. Apr. May June July Aug. Sept. Oct.' 65,127 65,895 70,565 75,764 74,372 75,170 75,740 74,832 72,560 71,834 69,763 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,892 11,041 9,767 11,041 9,771 11,041 9,849 11,041 9,772 11,041 9,494 11,041 9,418 11,041 9,001 8,036 37,838 5,040 40,943 4,244 45,804 4,302 50,529 4,253 49,311 5,111 49,247 5,237 49,613 4,930 49,089 4,774 47,252 4,750 46,626 4,433 45,288 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. Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. Excludes outstanding reciprocal currency swaps with foreign central banks. At end-October 2008 total swaps outstanding were $533,564 billion: $295,381 billion with the European Central Bank, $28.48 billion with the Swiss National Bank, $72,365 billion with the Bank of England, $70,168 billion with the Bank of Japan, $26.67 billion with the Reserve Bank of Australia, $15 billion with the National Bank of Denmark, $20 billion with the Bank of Sweden, and $5.5 billion with the Bank of Norway. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2008 2005 Asset 2006 2007 Mar. 83 98 96 1 069 014 8,967 1 133 969 8,967 1 191 706 8,710 1 Deposits Apr. 98 May 105 June 99 July Aug. Sept. Oct.' 211 103 99 121 184 1 348 988 8,521 1 375199 8,494 1 397 692 8,487 1 443 421 8,440 1 521 445 8,426 Held in custody 3 Earmarked gold3 1 275 124 1310 649 8,595 8,548 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 1 315 616 8,534 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 1 8 9 10 11 12 By type Liabilities reported by banks in the United States2 U.S. Treasury bills and certificates3 U.S. Treasury bonds and notes Marketable Nonmarketable4 U.S. securities other than U.S. Treasury securitiesf By area Europe1 Canada Latin America and Caribbean Asia Africa Other countries Aug.' Sept.' 3,396,402 3,417,979 3,418,207 3,437,113 2,585,038 3,239,548 2,490,430 284,827 176,829 398,233 196,344 308,842 184,847 308,842 184,847 284,827 176,829 344,240 226,625 364,821 232,464 362,166 245,562 354,681 276,781 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 1,523,888 1,155 1,300,493 1,533,956 1,163 1,285,574 1,538,804 1,171 1,270,503 1,543,748 1,179 1,260,724 435,062 7,078 175,746 1,915,375 12,422 39,354 602,976 11,370 267,443 2,292,778 25,262 39,719 414,986 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 39,354 636,205 11,529 299,051 2,376,104 30,462 43,051 646,714 11,340 289,400 ! ,392,984 33,968 43,573 639,144 11,264 289,799 2,408,081 31,409 38,509 623,415 11,336 284,757 2,444,700 32,899 40,006 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 July' LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 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 customers2 8 Deposits 9 Other claims 98,349 52,410 45,939 91,693 59,241 32,452 140,873 97,088 43,785 182,153 104,822 77,331 261,508 120,710 140,798 257,937 114,692 143,245 233,449 99,032 134,417 129,544 51,029 78,515 100,144 43,942 56,202 131,530 59,152 72,378 149,605 67,718 81,887 170,112 73,205 96,907 184,353 75,224 109,129 160,378 70,367 90,011 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 80,195 50,748 29,447 74,693 50,263 24,430 84,299 57,797 26,502 78,173 50,282 27,891 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 • November 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. Julyr May Aug.r Sept. 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 instruments6 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'" 19 Official institutions' 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'" 3,080,907 3,851,558 4,426,986 4,522,491 4,455,418 4,397,986 4,245,262 4,235,339 4,261,454 4,246,331 2,299,950 2,924,438 3,301,255 3,317,389 3,264,288 3,197,513 3,075,427 3,049,733 3,053,732 3,027,056 1,043,801 1,256,149 713,327 780,957 1,315,290 1,609,148 1,028,974 927,120 1,541,223 1,760,032 1,565,627 1,751,762 1,107,751 1,125,731 1,103,311 1,205,102 1,507,001 1,757,287 1,092,243 1,191,130 1,447,363 1,750,150 1,088,385 1,200,473 1,464,931 1,610,496 987,456 1,169,835 1,428,346 1,621,387 995,842 1,185,606 1,368,506 1,685,226 1,026,483 1,207,722 1,457,981 1,569,075 895,475 259,843 250,886 300,130 353,769 357,172 368,610 375,094 379,321 409,908 319,598 371,732 504,923 524,752 517,824 513,050 477,412 489,478 487,438 53,594 136,783 201,516 66,155 113,865 304,502 97,990 200,312 320,678 124,953 186,202 326,581 126,418 180,566 316,134 133,182 165,199 318,813 89,021 168,155 317,329 107,231 163,923 316,807 115,243 154,520 310,376 100,824 156,136 286,872 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 27,164 22,929 17,784 5,145 4,235 250 28,372 20,944 16,386 4,558 7,428 1,796 24,776 19,105 14,599 4,506 5,671 416 28,075 20,316 13,997 6,319 7,759 2,447 24,398 18,456 13,397 5,059 5,942 1,073 25,966 19,534 16,161 3,373 6,432 547 27,681 21,465 15,892 5,573 6,216 435 23,672 17,809 12,346 5,463 5,863 286 1,219,275 499,810 432,593 4,096 2,855 3,985 5,632 5,255 5,312 4,869 5,885 5,781 5,577 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,577 216,221 49,204 167,017 574,065 196,728 48,024 148,704 567,009 188,201 47,003 141,198 568,467 197,722 46,554 151,168 570,865 191,501 44,817 146,684 597,285 205,667 51,079 154,588 607,728 211,126 50,701 160,425 631,462 211,991 53,865 158,126 327,526 201,863 282,702 176,829 378,356 196,344 377,337 201,281 378,808 215,711 370,745 219,976 379,364 226,625 391,618 232,464 396,602 245,562 419,471 276,781 125,663 105,873 163,097 152,739 159,154 151,040 142,690 1,792,040 1,566,967 841,248 725,719 225,073 23,771 2,258,115 1,917,300 1,025,334 891,966 340,815 31,153 2,491,653 2,477,762 2,426,372 2,149,292 2,108,393 2,063,664 1,174,296 1,172,027 1,127,346 974,996 936,366 936,318 342,361 362,708 369,369 38,383 49,461 54,183 2,337,293 2,277,159 1,969,420 1,939,306 1,068,700 1,073,172 900,720 866,134 367,873 337,853 43,778 44,589 2,228,856 1,893,671 1,023,076 870,595 335,185 44,756 2,231,380 1,897,546 971,222 926,324 333,834 48,430 2,312,911 1,980,151 1,035,846 944,305 332,760 48,151 48,776 152,526 66,378 243,284 64,309 239,669 83,043 232,143 85,471 227,776 90,848 233,247 63,914 229,350 62,299 228,130 62,923 222,481 65,479 219,130 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 1,313,592 912,813 299,939 612,874 ,442,292 991,324 329,190 662,134 1,437,261 993,318 318,053 675,265 1,464,151 1,010,055 318,112 691,943 ,372,840 926,164 333,545 592,619 1,383,232 930,861 338,030 592,831 ,394,665 923,595 330,691 592,904 1,278,286 817,105 355,924 461,181 38 39 40 223,177 33,124 299,948 42,104 400,779 65,153 450,968 96,509 443,943 91,584 454,096 102,409 446,676 102,807 452,371 101,554 471,070 115,481 461,181 174,592 142,188 47,865 196,728 61,116 255,618 80,008 268,653 85,806 265,654 86,705 266,611 85,076 259,058 84,811 265,351 85,466 269,202 86,387 218,847 67,742 1,552,323 1,938,224 2,054,391 2,025,732 1,870,603 1,836,023 26 Banks10 27 Banks' own liabilities 28 Deposits2 29 Other 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'" 33 Other 41 Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments'" Other MEMO 42 Own foreign offices12 1,911,296 BY AREA OR COUNTRY 43 Total, all foreigners 44 Foreign countries 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 Switzerland 63 Turkey 64 United Kingdom 65 Channel Islands and Isle of Man 66 Yugoslavia13 67 Other Europe and other former U.S.S.R.1 Footnotes appear on next page. 4,235,339 4,261,454 4,426,986 4,522,491 4,455,418 4,397,986 3,060,114 3,822,133 4,399,822 4,494,119 4,430,642 4,369,911 4,220,864 4,209,373 4,233,773 4,222,659 1,229,338 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 1,757,775 4,988 18,249 768 1,263 64,697 97,585 1,348 113,306 8,076 106,918 24,857 48,261 2,993 104,709 11,477 7,677 51,914 12,098 1,013,963 25,192 532 36,904 1,804,000 1,780,836 4,310 4,533 24,682 20,258 761 1,011 1,856 1,811 80,926 77,678 96,112 93 525 1,215 1,128 160,903 154,724 6,300 6,819 112,177 123,711 34,725 35,732 30,358 31,489 2,253 3,991 91,502 83,545 13,687 12,427 6,961 6,534 43,105 45,155 18,587 15,908 979,306 1,014,612 19,374 20,530 412 846 51,326 48,034 1,734,892 1,612,272 5,388 4,409 15,628 20,352 4,749 1,028 1,326 1,284 66,476 70,396 93 325 86,847 1,530 1,824 162,424 166,359 8,525 6,457 107,775 103,955 42,638 35,769 29,512 30,778 2,916 3,260 88,322 92,667 12,554 12,850 3,606 4,711 40,548 37,438 16,510 18,471 956,957 859,751 15,860 13,745 530 334 49,958 47,424 1,527,891 3,366 13,895 3,976 1,551 81,814 95,566 1,030 147,158 9,645 97,709 41,505 23,821 2,202 79,154 15,011 12,225 44,494 19,977 778,186 13,299 144 42,163 3,080,907 1,623,320 3,898 14,283 4,774 1,479 62,591 90,869 2,046 162,342 6,634 101,251 39,475 33,939 2,366 91,490 13,097 2,647 35,968 21,594 863,338 15,984 303 52,952 1,648,160 5,835 12,767 4,171 1,334 64,062 88,697 1,345 171,037 8,394 104,850 39,381 36,313 2,090 87,063 13,276 3,166 38,402 22,729 876,103 13,669 293 53,185 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. Apr. May Juner July Aug.' Sept MEMO 68 European Union15 n.a. 1,267,657 1,503,687 1,594,740 1,562,714 1,529,799 1,403,581 69 Canada 33.552 44,613 59,391 71,891 70,047 73,165 75,690 70,679 66,970 67,933 133,637 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 11,217 172,931 11,974 24,418 15,539 10,971 3,273 1,816 52,354 6,996 5,168 6,367 23,029 11,026 166,613 12,345 17,348 14,296 9,849 3,669 1,855 51,432 7,714 5,706 6,660 23,972 11,767 169,280 12,641 15,220 16,158 10,472 3,702 1,893 52,177 7,667 6,900 6,188 23,607 12,655 180,449 12,176 28,080 13,380 11,001 3,797 1,919 51,791 7,613 6,235 6,362 25,918 12,177 173,464 11,558 24,022 13,953 11,011 3,431 2,005 49,785 7,155 6,564 5,748 25,844 12,388 175,929' 11,594 22,681 13,558' 10,997 3,437 1,685 54,728 7,400 6,467 5,665 25,219 12,498 179,164 11,574 24,264 13,572 11,390 3,375 1,684 56,800 6,926 6,321 5,481 25,966 11,811 176,452 13,310 18,049 14,477 12,196 3,701 1,641 56,139 7,618 5,396 5,584 26,121 12,220 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 8/156 3,346 26,695 1,838,464 284,539 48,524 33,579 1,417,794 80 1,323 10,086 3,301 39,238 1,878,668 289,123 47,485 38,318 1,454,077 87 1,047 9,487 3,131 35,913 1,851,603 288,586 44,898 41,082 1,434,281 92 1,100 9,250 2,808 29,506 1,817,175 284,695 46,061 39,140 1,404,289 94 1,092 8,249 2,822 30,733 1,816,528 1,773,526 291,798 301,699 50,162 49,264 39,892 38,805 1,395,234 1,341,814 92 93 1,413 1,458 7,250 6,454 3,976 2,979 28,650 29,021 1,769,051 280,459 45,134 41,412 1,361,655 94 1,312 5,421 3,220 30,344 1,806,349 300,850 44,705 41,946 1,374,459 94 1,153 4,717 3,757 34,668 408,192 422,744 527,061 514,584 494,703 495,419 480,912 500,045' 525,950 597,039 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 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,367 44,481 18,213 5,212 7,770 146,350 34,769 4,834 26,056 14,188 80,133 50,688 86,928 43,633 15,441 3,812 8,846 136,911 31,772 3,723 28,443 11,647 92,261 51,167 84,251 42,148 12,226 3,768 9,742 133,294 21,579 3,308 24,254 15,008 93,427 51,698 68,391 46,210 12,930 3,113 11,862 132,369 21,743 2,928 23,990 19,679 105,057 47,147 58,496 40,683 14,805 4,723 12,085 131,453 21,607 3,698 22,159 17,837 105,342 48,024 65,089' 40,680 15,644 5,099 10,079' 136,027' 21,604' 3 596 22,712' 18,919 112,791' 47,805' 72,215 40,579 17,483 6,556 8,606 142,044 20,152 3,694 22,499 18,002 125,309 48,811 122,713 52,416 18,201 8,269 11,248 150,036 16,446 4,101 29,733 14,361 121,778 47,737 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countri 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 32,961 5,632 223 3,577 3,311 20,218 35,153 4,781 211 2,985 3,727 23,449 36,867 4,035 170 3,384 4,168 25,110 36,984 4,486 274 2,964 4,665 24,595 39,480' 5,101' 349 2,662 5,405 25,963 21,525 3,855 242 2,991 4,315 10,122 24,787 7,321 532 2,967 3,965 10,002 112 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 25,402 20,774 3,423 1,205 29,020 24,823 3,046 1,151 31,944 27,783 3,175 986 25,014 21,037 3,213 764 26,394' 22,220' 3,059 1,115 22,953 17,387 4,772 794 22,208 17,666 3,990 552 116 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 28,372 24,007 4,365 24,776 20,413 4,363 28,075 23,771 4,304 24,398 19,704 4,694 25,966' 21,179' 4,787 27,681 23,324 4,357 23,672 18,304 5,368 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 Bahamas 84 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 . . Hong Kong 95 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries"' 105 Other 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory 1,407,589' 1,431,536 1,329,246 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 • November 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. 2,998,835 May 2,987,770 July Sept.' 2,874,640' 2,781,660 1 Total, all foreigners 2,291,340 2 Foreign countries 2,282,166 2,780,727 2,988,031 2,970,340 2,980,137 2,850,292' 2,868,493' 2,881,541' 2,776,249 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 1,587,218 4,055 20,566 2,828 28,445 162,295 33,725 110 45,960 35,870 13,260 52,122 22,684 1,364 1,800 20,448 7,279 191,970 3,426 900,349 24,357 14,306 1,715,672 4,625 22,646 2,196 24,830 189,055 45,274 178 64,302 43,923 13,973 55,574 19,760 1,809 1,611 37,286 6,832 174,602 3,548 968,640 13,044 21,965 1,725,855 4,998 40,457 6,451 32,133 201,697 51,589 341 67,368 47,231 9,142 53,152 13,820 1,552 1,797 49,123 9,431 186,320 3,658 911,716 12,201 21,678 1,680,918 5,335 33,888 6,159 27,073 188,786 53,633 347 73,668 49,445 8,366 54,966 15,412 1,626 2,033 55,160 8,576 145,397 3,663 916,714 8,733 21,938 1,593,221 5,416 31,029 4,021 29,854 181,173 57,384 275 68,574 48,224 10,767 59,290 15,073 1,417 2,244 47,496 7,433 116,675 3,675 874,381 6,730 22,090 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.2 918,660 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 1,584,310 5,717 26,476 5,804 22,469 190,233 47,686 251 66,092 52,376 9,216 53,642 16,810 1,745 2,667 47,630 7,032 106,351 3,928 890,070 5,110 1,621,458 8,441 32,831 4,188 24,167 193,311 47,876 141 70,477 57,214 8,959 57,483 16,413 1,438 2,455 45,817 8,132 106,301 3,839 905,899 4,883 21,192 1,607,638 4,624 21,730 2,321 25,907 171,846 49,736 149 63,668 49,844 11,508 46,498 23,912 1,370 2,518 46,324 7,899 107,312 3,782 947,929 4,356 14,405 MEMO 1,008,255 25 European Union3 26 Canada 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 . 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries'" 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 .. 64,104 71,325 85,145 101,856 91,367 92,996 88,786 81,114 91,539 94,075 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 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 96,073 3,866 38,626 10,192 3,527 835 1,311 23,752 4,588 4,144 311 1,956 2,965 96,734' 4,224 37,796 10,353 3,625 786 1,377 23,902' 5,020 4,517 297 1,873 2,964 97,576' 4,763 37,280 10,524 3,529 778 1,323 24,757' 4,883 4,239 291 1,819 3,390 103,794' 5,356 41,787 10,974 3,591 761 1,387 25,298' 5,001 4,586 1,774 2,959 92,893 4,819 31,085 11,078 3,770 831 1,355 25,444 4,842 4,540 333 1,805 2,991 620,474 113,458 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 6,347 801,309 151,187 10,651 3,328 622,637 657 4,114 673 8,062 866,256 195,177 17,370 3,246 635,993 722 4,586 723 8,439 856,318 147,173 16,110 3,881 669,531 742 4,409 855 13,617 892,761 154,129 17,832 3,905 701,914 769 4,229 766 9,217 865,530 147,091 13,289 3,996 686,156 818 4,053 807 9,320 884,141' 157,522 14,055 4,161 691,688 811 3,656 755 11,493' 869,034' 152,480 11,876 5,705 683,918 814 3,530 864 9,847' 816,629 141,424 13,178 5,324 637,871 808 3,400 592 14,032 190,610 221,858 185,695 179,305 169,445 172,807 158,654' 171,371' 165,391' 138,428 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 83,652 27,383 1,207 1,222 5,960 23,160 6,708 14,991 8,892 4,380 1,007 3,591 91,021 27,288 1,689 2,501 2,455 13,924 7,566 15,564 9,269 4,293 1,086 3,387 84,316 22,182 1,133 1,548 4,045 15,596 7,026 23,032 8,945 5,352 1,329 5,419 78,836 21,090 1,028 1,207 3,629 16,109 6,831 19,501' 8,886' 5,654 1,144 4,109 74,838 19,464 1,448 1,634 1,116 13,265 7,595 21,702' 9,481' 6,638 1,062 6,618 79,227 18,283 1,214 1,205 2,930 13,670 9,341 23,653' 10,056' 5,983 1,088 5,564 70,620' 17,278' 993 1,165 1,134 17,305 10,552' 10,497 13,884 5,882 1,111 2,879 69,402 13,784 864 1,954 90 10,989 7,092 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 15,688 370 15 395 1,213 13,695 16,679 356 60 562 891 14,810 17,578 367 18 450 608 16,135 18,614 367 30 374 696 17,147 20,297 1,353 11 387 950 17,596 2,838 417 6 532 940 943 3,968 397 8 895 964 1,704 10,945 10,226 541 178 14,700 13,195 1,263 242 30,154 28,716 1,122 316 25,160 22,838 1,836 486 27,218 25,527 1,236 455 27,004 25,159 1,440 405 28,753 27,317 1,012 424 29,684 27,926 1,298 460 27,487 25,799 1,223 465 22,618 21,276 817 525 7,250 9,174 10,305 10,804 9,746 7,633 5,292 6,147 5,864 5,411 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 2008 Type of claim 2005 2006 2007 1 Total claims reported by banks 2,344,155 2,944,476 3,547,969 3,748,510 2 Banks' own claims on foreigners 3 Foreign official institutions2 4 Foreign banks3 5 Other foreigners4 1.864.834 72,919 1.391.775 400,140 2,291,340 98,010 1,662,805 530,525 2,791,032 108,326 2,067,163 615,543 2,998,835 101,408 2,236,043 661,384 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 756,937 392,710 167,311 173,423 23,493 749,675 380,976 193,260 152,968 22,471 748,320 2,414 923,958 6,272 978,182 5,830 1,118,396 2,100 1,076,657 2,190 1,106,976 3,277 7,324 1,106,776 1,304,277 9,236 1,351,874 1,639,474 42,252 1,764,768 1,928,520 42,801 1,835,538 2,117,109 42,586 1,858,653 2,070,008 482,090 664,373 764,821 817,524 814,026 Mar. 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments'" . . Apr. May June' July' Aug.' Sept.' 2,874,640 104,798 2,144,243 625,599 2,887,405 109,375 2,166,598 611,432 2,781,660 76,762 2,115,563 589,335 1,092,847 2,610 1,076,920 2,692 1,072,985 2,653 991,554 2,256 40,321 1,837,196 2,050,758 39,773 1,720,354 1,980,944 45,096 1,749,932 1,948,816 38,085 1,773,682 1,957,297 40,075 1,747,775 1,952,220 813,211 742,200 795,782 807,559 748,798 3,554,726 2,980,086 92,643 2,234,603 652,840 2,987,770 117,571 2,230,628 639,571 2,855,584 96,578 2,134,480 624,526 699,142 334,742 172,401 171,143 20,856 MEMO 11 Non-negotiable deposits7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase agreements9 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 3.22 Federal Reserve Bulletin Statistical Supplement • November 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. 1 Total 92,009 76,710 By type 2 Financial liabilities 3 Short-term negotiable securities' 62.847 11,759 39,249 9,050 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. 106,508 112,853 52,649 6,783 55,051 4,663 48,712 11,617 47,089 7,692 37,095 39,397 10,120 18,573 10,915 21,013 12,219 24,908 13,536 15,048 47,919 4,923 46,175 7,751 39,285 6,374 42,996 38,424 32,911 14,130 7,625 15,015 5,027 14,086 4,614 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 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 23,995 22,180 899 9,968 3,967 3,849 3,497 21,646 17,639 879 8,893 4,319 2,335 1,213 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 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 26,207 225 1,522 1,843 285 90 21,680 22,846 985 485 1,553 284 91 18,638 2,433 3,986 1,826 2,361 3,232 2,104 1,964 1,391 16,196 0 8,715 208 12,435 0 0 23 n.a. 12,265 30 0 12,589 0 49 24 n.a. 12,178 25 12,645 0 0 15 n.a. 12,388 35 14 14,196 7 1 23 n.a. 13,994 27 16 15,017 29 n.a. 14,802 28 18 15,106 0 58 26 n.a. 14,833 36 16 13,081 1 93 64 n.a. 12,635 70 13 2,225 1,568 59 3,106 1,392 1,088 2,445 1,676 56 2,470 1,563 53 2,688 1,864 123 1,694 810 50 MEMO: 21 22 Euro area3 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 34 35 Africa Oil-exporting countries'" 36 All other7 7,049 6,369 991 70 7,178 26 18 6,446 25 4,724 1,648 36 5,323 1,383 173 1,924 1,346 100 131 94 997 97 31 0 96 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. 37 Commercial liabilities 38 Trade payables 39 Advance payments and other liabilities . 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourj France Germany Netherlands Switzerland United Kingdom . . . 29,162 18,181 10,981 37,461 23,050 14,411 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 65,077 32,272 32,805 68,234 37,772 30,462 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 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 61,087 3,990 1,756 528 294 400 1,012 65,052 3,182 911 731 270 262 1,008 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 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1,559 2,201 755 1,370 4,313 15,069 1,667 2,161 929 1,291 3,928 15,328 260 1,712 2,037 938 1,416 3,328 15,617 280 1,774 1,284 751 1,914 3,730 17,777 377 1,688 1,359 1,133 2,741 4,425 3,730 5,405 2,145 2,375 3,708 4,127 4,737 4,271 5,663 5,365 5,846 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 n.a. 76 2,209 680 5,757 70 777 241 n.a. 539 2,120 353 6,272 109 744 141 n.a. 485 2,321 570 7,817 163 1,008 360 n.a. 647 2,512 663 8,546 122 1,160 425 n.a. 728 2,936 586 8,358 89 707 911 n.a. 1,167 2,820 557 9,671 180 1,264 1,142 n.a. 997 3,076 870 10,757 162 1,010 1,049 n.a. 859 4,120 1,174 12,239 4,221 2,910 17,427 5,971 3,986 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 30,451 6,166 9,945 30,187 5,564 12,254 947 424 916 493 849 283 952 599 1,267 637 1,453 763 1,458 655 2,141 1,069 1,920 1,108 1,832 1,747 MEMO 54 55 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 countriesf 67 68 Africa Oil-exporting countries'" 69 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. 6,850 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir ates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • November 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 143,232 144,950 110.517 47,270 9,892 111,394 50,149 13,180 103 53,355 65 48,065 n.a. n.a. 131,225 137,231 138,664 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 91,838 34,052 1,354 95,287 43,002 1,387 15 53,993 6 64,157 20 64,343 14 62,620 31 56,895 28 56,432 37 50,898 10,057 17,842 12,174 22,603 14,268 18,789 14,678 17,506 12,875 10,765 13,083 8,814 1,856 7,196 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 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 72,084 19,754 4,692 7,791 2,981 886 3,404 75,228 20,059 4,512 8,535 3,486 908 2,618 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 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 39,429 3,856 3,576 4,132 2,142 882 16,753 43,931 2,951 2,656 6,124 3,592 1,128 18,675 MEMO: 23 Euro area3 24 Canada 22,053 6,412 13,372 14,118 10,177 11,312 11,208 11,203 10,747 11,254 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 32,293 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 35,231 1,862 466 1,695 n.a. 28,028 1,232 195 32,597 1,602 495 1,600 n.a. 26,103 1,419 170 6,840 993 137 7,223 568 242 3,238 882 60 3,841 1,563 4,745 1,465 1,111 11,738 1,395 111 11,533 1,536 150 3,831 1,352 148 4,525 1,296 166 345 34 368 32 425 36 455 36 520 55 25 26 27 28 29 30 31 32 33 34 35 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 36 37 Africa Oil-exporting countries'" 1,291 37 38 All other7 1,709 1,790 1,706 2,145 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 32.715 29,229 3,486 33,556 29,231 4,325 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 46,826 39,391 7,435 50,976 43,671 7,305 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 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 42,760 4,066 1,059 1,171 631 253 952 47,841 3,135 399 1,311 550 156 719 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 14,845 481 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 16,780 257 1,976 1,693 629 1,146 5,133 18,807 296 2,626 2,648 1,082 980 5,501 MEMO 56 57 7,663 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'" 71 All other7 2,017 2,750 3,402 2,850 3,595 5,216 4,555 4,797 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 7,146 48 503 945 n.a. 323 2,067 379 7,779 29 662 914 n.a. 401 1,980 426 8,089 1,267 922 n.a. 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 9,117 47 1,314 979 n.a. 335 2,302 496 10,768 48 1,286 1,227 n.a. 639 2,943 479 8,943 1,855 1,071 10,073 2,128 1,558 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 14,244 3,892 1,803 14,504 4,012 1,843 629 154 830 258 298 962 266 982 321 1,007 261 967 315 1,298 317 1,340 342 n.a. 61 2,089 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. 830 1,003 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 • November 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Sept. Mar. Apr. July May Sept.' U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters1 Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 .. . 6,868,571 6,718,156 10,639,316 10,443,794 9,788,702 9,751,680 1,134,086 1,122,710 958,436 970,005 997,461 981,481 1,066,125 1,067,942' 1,273,558 1,279,336' 150,415 195,522 37,022 11,376 -11,569 15,980 -l,817 r -5,778 r 150,371 5,766 195,562 15,107 36,992 19,229 11,378 413 -11,569 436 15,976 36 -l,820 r 527 -5,783' 1,069 -987 -1,415 11,521 48 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 13,556 -1,031 -5,293 -17,071 602 -5,996 724 3,198 23,442 1,125 6,695 4,945 -29,142 7,207 36,557 -974 24,457 8,691 -4,677 1,851 3,195 -265 4,352 -1,697 361 -1,049 1,537 1,069 -2,247 -121 1,982 -321 914 1,127 3,747 297 2,288 708 299 435 -113 54 -7,604 -5,545 437 -236 3,572 336 6,538 -35 1,370 105 -14,716 95 2,887 -186 1,965 1,131 -1,717 520 4,045 308 2,437 -8,451 744 -60 -403 804 3,946 46 1,571 394 2,601 489 6,167 130 7,670 -33 -32 741 560 -401 -1,711 -2,182 -362 -69 -523 1,148 3,073 224 1,088 437 -9,763' -40 3,979 -213 2,721 817 1,471 448 5,328 -62 3,806 -128 182 -927 -859 -313 2,590 -185 -1,698 970 -4,844' 187 -4,995 -736 -127 920 -814 83 5,197 68 -1,161 1,533 210 -317 -1,403 -1,388 5,241 652 1,836 689 -5,212 -396 -1,818 -37 592 132 -920 -363 -2,949 -489 -6,787 -703 -561 -1,365 -856 -673 9,715 745 697 656 13,656 -155 -242 49 1,803 720 -85 -57 44 -40 30 -2 0 1,572,160 1,285,696 1,824,365 2,039,909 332,852 314,119 259,359 244,088 255,882 227,727 905,531 906,513 1,168,913 1,157,394 11,519 -2 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 28 Foreign sales 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 52 International and regional organizations2 .. . 173,505 213,612' 155,794 177,944' 190,743 184,572 18,733 15,271 28,155 286,228 92,632 225,707 119,057 94,287 9,717 18,709 15,937 15,256 11,012 28,275 11,036 31,415 9,142 -40,049' -16,160 -22,352' -13,146 6,504 -8,677 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 79,055 -1,205 5,093 -3,462 243 -21,658 -1,011 -280 101,762 -1,361 6,326 6,347 -46,434 -13,272 62,565 27,807 23 533 16,045 -1,297 997 30,598 -862 5,940 -90 1,714 -2,774 -461 -223 24,976 -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 11,893 -130 -677 343 -605 -4,615 110 -158 18,424 -70 2,585 1,468 -9,626 -1,344 23,519 14,859 4,353 4,474 -44 -176 4,190 -58 1,995 -1,273 53 -3,945 88 407 6,713 -20 208 -289 11,884 -480 15,999 9,641 4,567 770 -181 84 -8,580' 52 -1,817 726 -754' -3,427 -125 -118' -1,517 -67 156' -2,800 -12,044' -3,371 -12,410 -3,367 1,187 -5,518 -412 -588 -4,096' 41 204 -1,207 -883' -3,343 212 88' 3,139 19 -1,646' 25 -1,557' -3,027 -11,380 -7,116 148 -2,786 -402 -269 227 -76 -2,102 -1,159 -859 -1,280 239 176 4,695 -7 -575 3,244 15,664 -1,490 -10,628 -7,730 -195 -1,281 60 236 379 -537 24 15 -120 49 1,678,464 1,167,658 1,913,307 1,519,952 1,155,547 1,072,897 140,391 145,082 164,754 139,751 189,665 129,823 124,990' 120,305' 510,806 393,355 82,650 25,003 59,842 509,783 28,556 392,108 50,566 82,783 31,609 4,088 24,887 7,513 59,765 9,088 316,130 -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 7,503 207,482 -7,413 4,261 5,419 8,658 -14,650 -652 3,581 208,956 -6,717 12,274 5,097 41,694 3,803 116,187 41,675 12,780 39,565 -169 5,740 -8,373 -7,965 -2,944 5,856 -8,415 -6,806 -1,126 625 625 -11,696 4,847 2,081 20,385 4,625 59,692 26,419 5,307 23,378 -288 -186 -8,903 -802 -579 174 -406 1,654 -259 -36 -7,641 -1,250 112 736 -4,324 234 7,303 2,765 1,005 2,600 9 142 6,762 -8 -367 246 880 1,219 -38 306 5,435 -734 580 26 7,306 551 9,775 6,947 747 1,107 19 -132 1,023 1,247 -133 0 116 226,086 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 51 227,298 195,834 -40,107' -58 6,171 202 CORPORATE BONDS3 53 Foreign purchases 97,810 101,948' 80,587 93,717 94,172 101,734 4,685' -13,130 -7,562 4,737r 4,102 172 -13,077 -510 -7,491 -1,150 16,149 -926 210 289 444 -1,366 681 678 21,155 -4,757 1,511 262 23,141 654 17,078 9,238 1,642 4,640 -20 990 -2,745 -1,430 -8 6,549 -1,041 -1,702 -9 -264 -3,132 -1,748 1,130 -470 -2,676 1,258 8,228 3,817 640 3,648 4 8 -4,567' -130 -353 -120 -2,532 -648' -106 -62 49 -84 16' -21 -3,203' 786 4,378' 1,567 656 3,573 -48 -1,469 -11,574 -1,361 -1,003 -778 -1,774 -2,863 -349 343 -2,634 -520 236 254 -3,721 628 1,177 -778 199 1,711 -116 39 -3,506 -495 -188 -832 -2,268 -1,621 -385 -455 3,779 -654 77 27 -433 92 -3,645 -2,599 -347 -529 -90 -13 77 -52 -53 -71 54 Foreign sales 55 Net purchases, or sales (-) 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 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 78 International and regional organizations3 .. . -10 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars Transaction, and area or country Jan.Sept. Apr. Aug. Sept.p 2,851' 428,218' 425,367' -2,445 482,941 485,386 157,238 137,541 227,068 189,258 Foreign securities 79 Stocks, net purchases or sales (-) 4 -106.455 3,636,185 3,742,640 80 Foreign purchases 81 Foreign sales 82 Bonds, net purchases or sales (-) 4 -95,298 5,215,765 5,311,063 -23,020 4,426,098 4,449,118 -2,922 487,580 490,502 -245 505,496 505,741 264,947 262,068 -144,452 -18,106 494,660 512,766 1,562' 499,993' 498,431 16,894 560,901 544,007 193,225 182,497 182,056 190,359 188,259 199,776' 158,503 141,225 10,728 17,278 37,810 83 Foreign purchases 1,879,713 2,024,165 3,100,818 1,800,225 84 Foreign sales -250,907 -224,313 36,924 -A3 10,483 -26,409 -9,955' 34,172 22,548' 35,365 85 Net purchases, or sales (-) of stocks and bonds4 -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -240,242 -218,683 -62,543 -154,906 -10,935 -7,948 -18,442 27,066 4,032 1,112 -12,412 27,858 16,613 25,023 -27,156 -3,431 13,776 -38,514 61,437 13,015 567 -22,590 -2,788 3,595 -5,482 7,304 1,680 3,942 -12,864 5,463 2,404 -1,841 -2,763 8,529 -5,690 -3,927 -6,145 -2,397 2,899 4,420 10,532 -1,188 -217 -1,018 -26,401 -18,064 -1,544 -19,134 -6,351 -5,117 -2,136 7,726 5,233 -591 -1,868 -9,85 8r 812 -1,739 -856 -2,216 3,603 -7,296' 3,663 -1,658 -22 -8,402 34,158 12,103 17,610 -2,470 1,444 477 2,253 16,754 8,144 296 831 20,081' 25,511' 11,059' 11,179 1,734 -1,133 -13,624 5,978 591 601 1,014 34,415 33,673 14,325 8,655 2,317 1,019 -8,625 2,861 -1,116 185 2,985 86 87 88 89 90 91 92 93 94 95 96 97 Foreign countries Europe Euro Area5 United Kingdom Canada Latin America Caribbean Asia Japan Africa Other countries Nonmonetary international and regional organizations2 5,109 1,954 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 2,467 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.Sept. Apr. May July Aug. Sept.' 1 Total reported 195,536 200,940 307,124 51,770 76,958 5,673 28,326' 34,290 34,710' 20,737 2 Foreign countries 3 Of which: by foreign official institutions . 194,714 69,639 201,988 2,994 306,903 100,057 51,611 28,011 76,944 22,298 5,726 -3,724 27,992' 1,105 34,658 10,068 34,913' 4,848 20,461 4,944 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 14,161 178,485 -3,100 -7,827 -3,358 1,734 -28 1,471 -27,339 2,176 -2,560 208,792 -974 9,498 -1,936 182,357 -1,527 -13,205 813 -11,226 115 -3,607 27,636 -2,055 -1,278 174,237 856 11,598 2,503 27,533 -464 -3,074 293 -430 -489 559 10,564 -435 -947 17,567 45 4,344 -497 51,683 -56 -2,820 2,539 -327 435 677 770 -26 986 46,640 -123 2,988 4,514 17,160 -289 -6,315 1,675 -5,216 -225 411 1,754 72 -725 24,047 -33 2,003 4,727 3,966 -120 1,038 -3,945 -1,784 -139 -607 -3,636 -812 2,403 9,790 -166 1,945 -2,571 7,487 -146 1,377 -74 -1,677 374 -210 -1,476 -54 -714 9,230 198 660 69 18,581' -192 4,345 661 330 305' -1,066 -575 375 -1,014 15,720 136 -443 787 29,080 -116 -1,602 -581 -301 -268 -1,983 10,992 -1,095 232 29,576 72 -5,846 -7,447 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 15,185 10,698 -1,643 -323 6,453 5,750 3,376 1,904 -72 542 -602 597 -2,075 24 852 3,683 819 1,401 119 4,566 1,166 2,541 -16 875 -5,921 -2,751 -4,350 -187 1,367 -5,684 -2,772 -2,065 15 -862 -3,280 -4,705 -93 27 1,491 23 Caribbean -9,838 2,380 15,984 -7,694 5,485 20,878 3,910 12,346 10,470 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 -67,850 -7,968 2,056 -47,384 -17,874 1,805 1,515 84,752 80,510 9,345 2,522 -2,263 13,680 -19,042 26,183 6,613 2,958 15,654 -581 983 556 15,011 12,849 2,705 -3,791 -390 1,468 2,170 27,446 13,665 -485 11,962 -1,111 803 2,612 9,155 18,262 454 -10,263 2,493 1,363 -3,154 -5,771 4,171 968 -7,889 -1,684 6,765 -8,102 3,515 2,400 6,127 4,568 7,715 7,685 638 -40 591 448 -10,662 11,692 -92 -13,432 -1,735 817 -7,912 4,662 5,297 467 -302 -915 4,520 -1,901 1,697 -2,632 1,745 1,736 865 439 1,271 -3,097 -1,951 -2,638 -1,378 -1,593 262 -548 -302 -69 -711 506 822 -1,048 221 14 -53 334 -368 -203 276 31 Africa 32 African oil exporters3 33 Other countries 34 International and regional organizations4 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). 1,344 -13,296 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 • November 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 2008 Apr. May June July Aug. Sept. 0.9511 1.6179 1.0166 6.8993 4.7926 1.5562 7.8073 42.76 106.92 3.2568 10.327 0.7616 5.1351 1.3679 7.9367 1,031.49 107.763 6.0249 1.0371 30.371 33.175 1.9664 2.14 0.9620 1.5900 1.0130 6.8355 4.7335 1.5759 7.8001 42.70 106.85 3.2476 10.209 0.7546 5.1058 1.3591 7.6114 1,015.05 107.609 6.0015 1.0283 30.414 33.471 1.9888 2.14 0.8815 1.6127 1.0535 6.8462 4.9894 1.4955 7.8076 42.91 109.36 3.3300 10.115 0.7091 5.3331 1.4052 7.6651 1,046.11 107.718 6.2845 1.0841 31.221 33.820 1.8865 2.14 0.8168 1.8031 1.0582 6.8307 5.2020 1.4342 7.7854 45.53 106.57 3.4405 10.663 0.6739 5.6958 1.4297 8.0753 1,134.87 107.823 6.6816 1.1102 31.992 34.238 1.7973 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 32.855 32.203 2.0020 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 0.9492 1.6585 0.9993 6.9725 4.7963 1.5554 7.7988 42.00 104.36 3.2127 10.438 0.7777 5.0571 1.3659 7.6076 1,034.13 107.771 5.9887 1.0448 30.589 32.026 1.9650 2.14 Indexes4 NOMINAL 24 Broad (January 1997=100)5 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 95.48 70.47 95.83 70.75 96.09 71.42 95.40 70.91 97.93 74.09 100.30 75.51 138.89 135.38 130.28 122.91 123.33 122.78 121.89 122.94 126.53 97.98' 90.63' 96.87' 90.55' 92.28' 86.40' 85.21' 79.46' 85.94' 79.98' 86.55' 81.06' 85.98' 80.65' 87.89' 83.86' 89.72 85.23 117.40 114.69 109.06' 101.13 102.18 102.26' 101.43' 101.92' 104.51 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 September 30, 2007 December 31,2007 March 31,2008 June 30, 2008 December March June September 2007 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 November 2007 February 2008 May 2008 August 2008 February May August November 2008 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 September 30,2007 December 31,2007 March 31,2008 June 30, 2008 February May August November 2008 2008 2008 2008 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October2001 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 June30,2001 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 2001-2007 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 2007 September September September September September 2004 2005 2006 2007 2008 70 60 60 60 60 Supplement Supplement Supplement Supplement Supplement September September September September September 2004 2005 2006 2007 2008 73 63 63 63 63 Supplement 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 • November 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 2008 A. Commercial and industrial loans made by all commercial banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 3.79 2.93 2.99 3.97 4.40 90,306 3,264 14,468 26,894 21,895 653 851 1 044 524 584 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 4.70 4.60 4.09 4.76 5.21 18,266 339 1,944 6,315 4,657 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 2.75 2.30 2.43 2.92 2.91 16 2 to 30 days 17 Minimal risk .. 18 Low risk 19 Moderate risk . 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms set* 25.6 5.9 19.8 26.5 36.7 78.8 73.1 81.8 71.5 77.4 10.0 1.6 5.2 12.9 15.6 13.6 2.0 10.9 12.2 14.9 72.9 41.7 50.3 71.6 81.6 91.4 94.5 89.7 96.2 94.2 10.8 8.3 11.2 12.0 11.1 3.7 2.4 1.8 6.2 5.1 44.5 55.6 80.8 47.1 17.7 12.2 .7 15.6 17.3 12.4 58.1 51.6 75.1 44.3 30.7 7.2 .1 2.0 21.2 3.9 420 430 379 285 233 32.9 18.2 36.1 37.6 53.9 38.6 83.5 60.3 48.3 32.0 6.7 1.9 7.9 4.3 14.3 82.7 95.9 92.1 67.6 8.6 .7 6.6 9.6 16.6 786 259 728 328 1,765 486 1,076 688 369 254 43.8 37.6 31.0 47.1 79.7 20.1 14.7 46.6 31.5 19.1 12.6 5.8 8.5 8.2 24.6 97.0 95.3 96.2 96.3 97.8 12.7 1.3 12.9 13.6 19.5 430 87 306 254 1,023 48 39 55 59 43 61.4 95.6 76.4 49.8 63.8 3.2 6.9 13.3 51.3 3.7 60.6 48.9 63.7 83.2 76.5 91.5 85.0 85.1 4.9 6.7 22.0 84.8 75.4 47.3 17.9 7.8 12.7 24.4 38.0 68.7 63.9 35.2 12.8 88.2 89.7 89.1 72.3 7.8 10.7 12.8 8.7 93.6 73.6 13.3 8.6 Secured by collateral Subject to prepayment penalty 505 335 299 411 564 33.5 16.1 20.8 36.2 55.5 30.9 52.0 63.3 35.6 19.2 240 478 272 236 211 751 907 943 699 701 66.0 40.3 70.5 63.4 80.1 30,256 1,642 8,746 7,819 5,433 3 604 7,294 6 614 1,936 3,329 264 7 35 109 642 3.75 2.88 3.31 4.00 4.16 20,441 871 2,213 8,522 3,364 998 1,004 902 1,356 439 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 4.16 3.75 3.67 4.17 4.84 15,790 347 1,116 2,884 5,872 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.58 6.31 6.03 5.77 5.38 5,421 52 407 1,315 2,542 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other Weightedaverage risk Weightedaverage maturity/ repricing interval2 SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 5.61 5.02 4.16 3.34 2,652 10,320 21,651 55,683 3.2 3.2 3.3 3.1 159 196 141 65 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 4.94 3.40 23,148 67,158 3.4 3.0 160 81 62.1 23.6 15.9 36.1 256 1,402 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 2008—Continued B. Commercial and industrial loans made by all domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.52 3.27 3.84 4.44 5.06 47,724 1,191 5,372 18,313 14,687 359 335 412 367 405 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 4.68 4.31 4.11 4.75 5.19 17,024 171 1,765 6,105 4,205 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.26 2.39 2.86 3.30 4.91 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms 45.8 14.7 43.1 38.1 53.1 86.8 32.4 84.9 87.2 96.5 13.9 7.6 9.8 13.4 17.6 13.4 1.7 6.3 12.5 15.1 75.0 72.6 51.2 72.6 85.4 90.7 89.2 88.6 96.1 93.5 10.8 14.4 11.1 11.7 10.9 8.9 5.0 8.6 5.0 28.4 20.2 .9 38.0 16.4 2.2 38.9 1.6 50.1 35.0 85.7 56.0 1.8 72.0 57.4 95.9 18.9 7.5 10.1 28.6 5.9 381 795 324 272 930 562 214 192 41.5 83.0 68.4 20.6 64.3 10.1 .9 4.2 8.5 6.2 14.7 20.1 21.5 7.3 19.3 95.7 57.8 95.8 94.8 99.0 12.9 6.6 8.9 10.1 19.6 8,942 136 561 2,435 5,012 471 105 401 287 1,601 335 1,066 598 362 223 69.6 49.3 54.2 44.6 88.5 15.1 .0 7.1 24.3 8.9 21.9 14.7 17.0 9.5 28.8 96.9 87.9 93.6 97.3 98.8 17.7 2.1 10.2 13.2 21.8 5,144 52 407 1,295 2,285 410 87 306 251 931 48 39 55 60 43 64.2 95.6 76.4 50.5 69.8 12.8 .1 3.2 5.6 3.8 54.1 3.7 60.6 49.6 70.8 87.6 76.5 91.5 86.2 94.4 14.9 1.8 4.9 6.7 22.0 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 85.0 78.1 58.9 32.8 7.6 10.5 15.5 15.7 68.8 66.9 49.1 30.8 89.6 91.3 82.2 7.7 10.4 14.6 16.0 93.3 81.3 13.6 14.3 Secured by collateral Subject to prepayment penalty 630 270 698 506 752 52.8 29.9 49.4 36.9 75.6 14.1 .9 16.4 13.3 9.1 227 275 254 231 194 696 377 981 695 675 65.9 69.9 73.3 63.1 78.6 7,739 734 1,785 3,832 787 1,063 4 063 1,558 1 015 551 676 12 211 214 4,692 4.52 4.00 4.09 4.73 4.50 8,753 84 813 4,607 2,372 472 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.66 4.87 4.07 4.18 5.05 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.64 6.31 6.03 5.80 5.50 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other no Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 59 1-99 100-999 1.000-9.999 . . . 10,000 or more . 5.62 5.08 4.49 4.14 2,633 9,588 14,597 20,907 3.2 3.3 3.4 3.3 160 209 195 136 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 4.97 4.14 21,836 25,888 3.5 3.2 170 170 63.7 43.6 14.2 14.1 244 594 60 Federal Reserve Bulletin Statistical Supplement • November 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 2008—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.36 2.84 3.50 4.24 5.00 42,379 980 4,656 16,020 13,157 540 1,465 613 619 593 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 4.57 4.26 3.91 4.63 5.09 15,027 160 1,537 5,297 3,441 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.17 2.35 2.78 3.25 4.79 16 2 to 30 days 17 Minimal risk .. 18 Low risk 19 Moderate risk . 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms set* 44.2 15.9 39.4 35.2 51.7 87.8 27.2 84.0 87.3 97.9 14.8 9.8 10.9 14.6 18.3 7.0 13.7 17.3 72.7 72.9 45.5 69.4 82.8 91.3 90.1 87.7 96.9 94.7 11.0 14.8 12.1 12.5 10.2 5.4 1.2 6.7 2.3 17.7 20.9 .0 38.9 17.2 .0 36.2 1.4 49.3 31.6 84.0 55.8 1.6 72.5 56.9 100.0 19.4 8.2 10.0 29.4 6.3 244 1,189 512 205 119 37.4 57.1 63.3 15.8 63.0 10.5 .0 4.9 8.1 7.0 11.4 32.3 14.6 2.7 18.3 95.8 98.3 95.0 94.5 99.1 13.6 8.2 9.9 10.4 21.3 317 1,567 606 353 201 68.4 26.1 51.2 35.8 89.7 16.4 .1 7.5 28.1 9.2 21.8 22.4 14.6 8.6 29.2 98.4 96.6 95.1 98.0 99.6 18.6 1.0 10.5 14.9 22.0 711 809 1,849 46 40 37 55.2 12.3 66.9 3.7 3.6 2.9 72.9 76.1 76.4 93.3 96.1 97.1 14.0 9.9 23.5 Weightedaverage risk Weightedaverage maturity/ repricing interval2 83.7 72.6 56.8 32.5 11.8 12.5 16.3 15.9 73.1 69.0 48.9 30.5 92.3 94.7 92.4 82.1 15.5 16.1 95.0 82.1 14.6 15.1 Secured by collateral Subject to prepayment penalty 583 205 633 435 720 48.6 16.7 43.6 29.9 75.0 18.6 14.4 9.5 279 381 322 294 262 718 376 1,074 721 679 63.6 69.4 72.1 59.9 77.7 7,347 705 1,745 3,637 672 1 981 9,558 2,717 1,911 1,650 692 11 201 212 5,478 4.44 3.56 3.75 4.68 4.40 8,004 33 685 4,311 2,101 610 499 495 1,191 373 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 4.52 3.96 3.87 3.79 5.06 8,194 74 516 2,071 4,848 1 977 873 968 1,452 2,851 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.21 5.11 5.39 131 674 2,076 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 1,132 SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 5.07 4.80 4.40 4.13 1,537 7,038 13,116 20,687 3.4 3.3 3.4 3.3 53 113 167 127 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 4.86 3.96 18,717 23,661 3.5 3.2 164 111 59.8 39.7 15.9 14.8 Financial Markets 4.23 61 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 2008—Continued D. Commercial and industrial loans made by small domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.81 5.25 6.01 5.82 5.62 5,346 211 716 2,293 1,530 73 132 95 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.52 4.98 5.41 5.52 5.64 1,997 12 228 808 763 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.84 3.20 6.42 4.21 5.63 16 2 to 30 days 17 Minimal risk .. 18 Low risk 19 Moderate risk . 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms set* 58.3 9.3 67.4 58.9 64.8 79.1 56.7 90.6 86.1 84.3 6.1 2.7 3.4 4.9 10.1 3.9 .0 2.1 4.1 5.1 92.3 68.6 89.5 93.1 97.0 86.7 76.7 94.6 90.6 88.2 8.6 6.8 5.1 5.5 13.8 74.5 97.4 95.3 55.6 90.9 6.9 23.4 .0 1.5 15.0 89.3 6.0 82.0 98.6 96.0 60.1 8.1 53.6 66.2 71.9 9.7 4.3 14.2 13.9 2.7 584 417 826 354 727 86.0 100.0 95.9 89.5 74.6 6.0 1.5 14.4 .6 50.0 12.0 58.5 73.6 27.0 94.5 31.1 100.0 99.3 98.5 5.4 3.4 3.5 5.4 6.4 543 503 503 411 902 83.7 77.2 89.3 94.4 50.9 1.9 .0 2.5 3.0 1.4 23.5 5.5 44.8 14.9 19.3 80.4 77.5 76.3 93.6 75.8 5.3 3.6 6.0 3.5 12.6 93.5 99.4 86.6 91.9 99.3 7.1 .0 2.9 7.7 13.3 25.7 .5 54.8 21.0 15.6 65.3 75.7 90.6 75.5 68.0 1.4 .7 .5 2.2 .9 86.9 93.2 77.5 1.7 5.1 8.1 62.7 61.1 50.3 82.2 75.3 82.1 6.4 5.5 5.9 83.1 73.6 6.9 4.8 Secured by collateral Subject to prepayment penalty 999 739 1,061 1,014 1,032 86.1 91.2 87.4 86.2 80.7 5.0 3.6 2.0 6.0 6.0 95 58 105 96 89 534 381 410 510 656 83.9 77.8 81.7 84.1 82.5 393 29 40 195 115 110 273 79 104 113 392 235 562 252 415 5.38 4.29 5.89 5.45 5.25 748 51 129 296 271 138 73 171 136 161 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 6.12 5.96 6.50 6.41 4.80 747 62 44 364 164 50 51 51 51 115 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.55 6.44 6.42 6.55 6.62 1,435 49 275 622 209 155 83 240 144 157 71 39 59 81 102 Weightedaverage risk Weightedaverage maturity/ repricing interval2 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 6.39 5.88 5.35 1,096 2,549 1,481 3.1 3.2 3.2 309 474 446 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 5.65 6.05 3,119 2,227 3.2 3.0 204 803 86.9 85.0 3.8 6.7 94 104 62 Federal Reserve Bulletin Statistical Supplement • November 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 2008—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weightedaverage maturity5 Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 2.98 2.73 2.49 2.98 3.05 42,582 2,074 9,095 8,581 7,208 8.021 7.314 10.899 6.193 6.147 376 368 104 215 198 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.01 4.90 3.93 5.12 5.38 1,242 167 180 211 453 1.173 1.961 1,454 1,361 891 663 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 2.58 2.23 2.32 2.56 2.57 16 2 to 30 days 17 Minimal risk .. 18 Low risk 19 Moderate risk . 20 Other 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Percent of amount of loans (percent) Secured by collateral Days Subject to prepayment penalty Commitment status Percent made under commitment Average months since loan terms set* LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 34.7 14.5 49.8 81.4 90.9 83.1 39.7 3.1 .8 6.0 1.7 3.3 69.8 96.4 79.9 38.1 38.6 4.6 .5 2.4 10.1 5.4 1.133 631 835 933 66.1 10.0 42.9 71.8 94.9 16.8 2.4 56.1 4.8 12.8 43.5 10.0 41.8 42.6 46.5 100.0 100.0 100.0 100.0 100.0 12.2 22.0 12.9 22,516 908 6,960 3,987 4,647 20.139 20.439 39.442 15.224 22.673 140 2 1 13 3 1.8 .2 .0 7.4 1.2 52.9 99.8 91.8 76.5 20.3 3.0 .0 6.7 58.9 91.9 75.9 31.7 19.7 3.4 .0 .0 8.5 2.3 3.18 2.76 2.86 3.15 3.35 11,689 787 1,400 3,915 992 6.000 7.680 4.361 7.979 2.913 526 400 282 367 324 26.4 11.3 17.3 57.6 29.0 59.9 92.3 93.0 95.3 93.8 73.1 100.0 90.0 35.5 62.4 5.2 8.1 5.1 3.52 3.04 3.27 4.13 3.66 6,848 6.151 4.762 4.099 1.534 4.367 681 10.0 30.0 .4 .0 .0 60.9 28.6 26.5 24.1 86.5 70.6 78.7 97.2 100.0 98.8 90.9 92.0 6.2 .8 15.5 15.5 5.0 53.6 40.7 23.3 8.9 36.2 41.2 42.7 51.4 55.9 25.3 6.4 1.9 95.0 92.1 84.5 66.3 15.5 14.9 8.8 3.2 99.8 68.8 8.4 4.4 555 449 860 1,082 774 410 430 11.8 8.2 4.0 7.5 .0 .9 2.4 Months 5,516 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other Weightedaverage risk Weightedaverage maturity/ repricing interval2 SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 4.74 4.16 3.48 2.85 19 733 7,054 34,776 3.0 3.1 3.1 2.8 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 4.42 2.93 1,312 41,270 2.7 2.9 4 25 35.3 11.1 43.3 50.0 1,281 9,633 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 4-8, 2008—Continued F. Commercial and industrial loans by date pricing terms were set and commitment status Date pricing terms were set and commitment status Weightedaverage loan rate4 (percent) Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weighted- Weightedaverage maturity repricing interval2 Percent of amount of loans risk rating3 Days Secured by collateral Subject to prepayment penalty Prime based All commercial banks 1 During survey week 2 Not under commitment 3 Informal commitment 4 Formal commitment 3.21 2.99 2.96 4.68 45,668 19,174 20,131 6,363 1,176 1,032 1,673 775 2.9 3.1 2.4 3.4 77 75 59 139 21.2 21.6 7.5 63.7 42.9 43.4 45.8 32.5 10.9 7.7 5.9 36.7 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 4.85 4.20 4.25 11,164 11,190 22,236 379 260 849 3.1 3.1 3.6 116 95 146 37.7 53.5 46.2 21.4 16.7 18.3 43.0 45.6 36.8 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment 11 Formal commitment 4.38 3.68 5.66 4.94 12,374 6,299 1,452 4,623 342 354 139 583 3.1 2.6 2.7 3.6 230 168 671 176 52.7 29.1 89.5 73.3 13.0 9.4 4.4 20.7 35.0 23.3 47.7 47.0 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.17 4.39 4.35 8,956 9,176 17,169 306 216 704 3.3 3.1 3.7 140 107 175 43.8 62.3 52.3 10.6 13.2 17.3 52.6 53.9 45.4 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment 18 Formal commitment 3.88 3.17 4.46 4.76 9,565 5,184 438 3,943 850 749 199 1,851 3.1 2.5 2.6 3.7 106 64 122 160 41.1 16.6 69.2 70.1 14.9 9.2 2.5 23.8 29.6 18.1 40.9 43.3 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.10 4.27 4.32 7,854 8,380 16,571 414 282 898 3.3 3.1 3.7 104 109 178 38.2 59.7 52.1 11.5 14.2 17.9 50.8 53.6 44.7 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment 25 Formal commitment 6.08 6.06 6.18 5.99 2,810 1,116 1,013 681 113 102 123 117 2.9 3.0 2.7 3.2 655 658 907 272 92.3 87.1 98.3 91.8 6.7 10.5 5.2 2.6 53.6 47.3 50.6 68.3 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.62 5.68 5.04 1,102 796 598 107 62 101 3.3 3.3 3.6 396 89 99 83.5 89.9 55.6 4.2 2.8 1.9 65.9 57.2 65.7 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment 32 Formal commitment 2.78 2.65 2.76 3.97 33,293 12,875 18,679 1,739 12,621 16,729 11,761 6,210 2.9 3.4 2.3 2.8 20 30 11 40 9.5 17.9 1.1 38.2 54.1 60.0 49.1 63.8 2.0 .0 2.7 9.3 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 3.56 3.32 3.90 2,208 2,014 5,067 8,736 3,331 2,794 2.2 3.3 3.0 22 40 46 13.0 13.3 25.6 65.4 32.7 21.7 4.1 8.1 7.8 5 6 7 12 13 14 19 20 21 26 27 28 33 34 35 63 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions made during the first full business week in the mid-month of each quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. The sample data are used to estimate the terms of loans extended during that week at all domestic commercial banks and all U.S. branches and agencies of foreign banks. Note that the terms on loans extended during the survey week may differ from those extended during other weeks of the quarter. The estimates reported here are not intended to measure the average terms on all business loans in bank portfolios. The data in this table also appear in the Board's E.2 statistical release, available on the Board's website at: www.federalreserve.gov/releases. 1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies averaged $3.3 billion. 2. The "maturity/repricing'' interval measures the period from the date the loan is made until it first may be repriced or matures. For floating-rate loans that are subject to repricing at any time—such as many prime-based loans—the maturity/repricing interval is zero. For floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval measures the number of days between the date the loan is made and the date on which it is next scheduled to reprice. For loans having rates that remain fixed until the loan matures (fixed-rate loans), the "maturity/repricing" interval measures the number of days between the date the loan is made and the date on which it matures. Loans that reprice daily mature or reprice on the business day after they are made. Owing to weekends and holidays, such loans may have "maturity/repricing" intervals in excess of one day; such loans are not included in the 2- to 30-day category. 3. A complete description of these risk categories is available on the Board's website at "http://www.feder alreserve.gov/boarddocs/reportforms/ReportDetail.cfm?WhichForm!d= FR_2028a/s." The category "Moderate risk" includes the average loan, under average economic conditions, at the typical lender. The "Other" category includes loans rated "Acceptable'' as well as special mention or classified loans. The weighted-average risk rating published for loans in rows 31-36 are calculated by assigning a value of " 1 " to minimal risk loans; " 2 " to low risk loans; " 3 " to moderate risk loans, " 4 " to acceptable risk loans; and " 5 " to special mention and classified loans. These values are weighted by loan amount and exclude loans with no risk rating. Some of the loans in table rows 1, 6, 11, 16, 21, 26, and 31-36 are not rated for risk. 4. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan amount. The standard error of the loan rate for all commercial and industrial loans in the current survey (line 1, column 1) is 0.19 percentage point. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a complete survey of the universe of all banks. 5. Average maturities are weighted by loan amount and exclude loans with no stated maturities. 6. For loans made under formal commitments, the average time interval between the date on which the loan pricing was set and the date on which the loan was made, weighted by the loan amount. For loans under informal commitment, the time interval is zero. 7. Prime-based loans are based on the lending bank's own prime rate, any other lender's prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with "other" base rates include loan rates expressed in terms of any other base rate (e.g., the federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan rate. 8. For loans made under formal commitments. * The number of loans was insufficient to provide a meaningful value. 64 Federal Reserve Bulletin Statistical Supplement • November 2008 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 20081 Millions of dollars except as noted All states2 Total including IBFs3 Total assets4 . 2 Claims on nonrelated parties 3 Cash and balances due from depository institutions 4 Cash items in process of collection and unposted debits 5 Currency and coin (U.S. and foreign) 6 Balances with depository institutions in United States 7 U.S. branches and agencies of other foreign banks (including their IBFs) 8 Other depository institutions in United States (including their IBFs) 9 Balances with banks in foreign countries and with foreign central banks 10 Foreign branches of U.S. banks 11 Banks in home country and home-country central banks 12 All other banks in foreign countries and foreign central banks . 13 Balances with Federal Reserve Banks Total including IBFs IBFs only3 Total including IBFs IBFs only 70 298 2,275 11 59,006 13,845 0 n.a. 1,141,232 62,206 2,248 5 54,716 10,432 0 n.a. 52,801 4,313 49,412 3,944 41,939 4,031 39,535 3,662 10,862 282 9,532 65 4,237 5,230 n.a. 9,878 282 6,488 65 1,462 4,961 14,640 127 4,513 10,000 571 Total including IBFs IBFs only 109,042 24,282 1,812,868 2,081,359 IBFs only 21,454 1,144 1,047 541 3 855 274 95,415 2,995 17 0 214 2,943 2,740 274 214 270 1 35 234 14 267 0 35 232 2,744 0 2,741 4 19 2,740 0 2,740 0 14 Total securities and loans 774,047 30,643 10,071 126 1,738 8,207 470 680,360 29,985 19,635 15 Total securities, book value 16 U.S. Treasury 17 Obligations of U.S. government agencies and corporations 18 Other bonds, notes, debentures, and corporate stock (including state and local securities) 19 Securities of foreign governmental units 20 Mortgage-backed securities 21 Issued or guaranteed by U.S. government agencies 22 Other 23 Other asset-backed securities 24 All other 206,095 13,146 12,880 3,533 n.a. n.a. 201,987 13,045 12,423 3,177 n.a. n.a. 1,338 34 11 326 n.a. n.a. 787 50 384 180,068 5,150 32,296 26,721 5,575 54,154 88,468 3,533 1,572 0 0 0 10 1,950 176,519 5,062 32,038 26,463 5,575 53,626 85,794 3,177 1,557 0 0 0 10 1,610 1,293 43 258 258 0 7 985 326 15 0 0 0 0 310 0 0 0 0 353 0 0 0 0 0 0 0 22,327 16,061 6,266 6,281 2,252 4,029 19,334 13,109 6,225 6,075 2,047 4,028 326 326 5 5 0 540 500 40 200 200 0 28 Securities purchased under agreements to resell 29 With depository institutions in the U.S 30 With others 143,566 31,657 111,909 5,728 0 5,728 130,196 31,559 98,637 5,728 0 5,728 0 0 0 13,369 98 13,271 0 0 0 31 Total loans, gross 32 LESS: Unearned income on loans . . 568,819 867 567,953 27,137 27 27,110 479,151 778 478,374 26,835 27 26,808 18,329 32 18,297 166 0 166 50,771 11 50,760 40,376 147,324 6,135 3,128 3 007 12 18,641 45 18,596 122,536 0 8,246 1,771 1,611 160 10 6,086 15 6,072 379 34,689 112,155 5,005 2,839 2,166 12 15,624 45 15,579 91,515 0 8,201 1,756 1,596 160 10 6,056 15 6,042 379 3,910 2,922 90 90 0 0 517 0 517 2,315 0 35 15 15 0 0 20 0 20 0 156 29,748 804 67 737 0 1,876 0 1,876 27,068 321,921 259,709 62,212 17,189 231 16,958 274,985 219,109 55,876 16,933 231 16,702 11,139 10,256 883 131 0 131 20,499 19,422 1,077 2,439 15,450 40,756 773 635 293 2,254 14,901 39,614 773 635 293 0 9 349 0 0 0 140 104 124 553 553 0 0 0 0 553 553 0 0 0 0 0 0 0 0 0 0 0 0 0 53 Trading assets 54 U.S. Treasury and agency securities 55 Other trading assets 249,055 29,160 219,894 2,024 0 2,024 211,594 29,010 182,584 2,024 0 2,024 3 0 3 0 0 0 24,995 0 24,995 56 All other assets 57 Customers' liabilities on acceptances outstanding 58 U.S. addressees (domicile) 59 Non-U.S. addressees (domicile) 60 Other assets including other claims on nonrelated parties 61 Net due from related depository institutions5 62 Net due from head office and other related depository institutions5 63 Net due from establishing entity, head office, and other related depository institutions5 42,082 311 142 169 41,771 779,984 779,984 485 n.a. n.a. n.a. 485 65,730 n.a. 37,542 208 85 123 37,334 671,636 671,636 472 n.a. n.a. n.a. 472 46,634 n.a. 345 7 6 1 338 2,829 2,829 9 n.a. n.a. n.a. 9 5,850 n.a. 1,970 88 48 39 1,882 13,627 13,627 1,233 n.a. 64 Total liabilities4 2,081,359 124,736 1,812,868 101,350 24,282 6,897 109,042 4,177 65 Liabilities to nonrelated parties . . 1,929,916 103,823 1,681,362 81,591 16,588 6,829 104,289 3,184 25 Federal funds sold 26 With depository institutions in the U.S 27 With others 33 EQUALS: Loans, net Total loans, gross, by category 34 Real estate loans 35 Loans to depository institutions and acceptances of other banks 36 Commercial banks in United States (including their IBFs) 37 U.S. branches and agencies of other foreign banks 38 Other commercial banks in United States 39 Other depository institutions in United States (including their IBFs) . 40 Banks in foreign countries 41 Foreign branches of U.S. banks 42 Other banks in foreign countri 43 Loans to other financial institutions . . 44 Commercial and industrial loans 45 U.S. addressees (domicile) 46 Non-U.S. addressees (domicile) 47 Loans to foreign governments and official institutions (including foreign central banks) 48 Loans for purchasing or carrying securities (secured and unsecured) 49 All other loans 50 Lease financing receivables (net of unearned income) 51 U.S. addressees (domicile) 52 Non-U.S. addressees (domicile) Footnotes appear at end of table. n.a. n.a. n.a. n.a. n.a. 1,233 5,850 46,634 65,730 51,547 U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 65 of U.S. Branches and Agencies of Foreign Banks, June 30, 2008'—Continued Millions of dollars except as noted All states2 66 Total deposits and credit balances 67 Individuals, partnerships, and corporations (including certified and official checks) 68 U.S. addressees (domicile) 69 Non-U.S. addressees (domicile) 70 Commercial banks in United States (including their IBFs) 71 U.S. branches and agencies of other foreign banks 72 Other commercial banks in United States 73 Banks in foreign countries 74 Foreign branches of U.S. banks 75 Other banks in foreign countries 76 Foreign governments and official institutions (including foreign central banks) 77 All other deposits and credit balances 78 Transaction accounts and credit balances (excluding IBFs) 79 Individuals, partnerships, and corporations (including certified and official checks) 80 U.S. addressees (domicile) 81 Non-U.S. addressees (domicile) 82 Commercial banks in United States (including their IBFs) 83 U.S. branches and agencies of other foreign banks 84 Other commercial banks in United States 85 Banks in foreign countries 86 Foreign branches of U.S. banks 87 Other banks in foreign countries 88 Foreign governments and official institutions (including foreign central banks) 89 All other deposits and credit balances 90 Nontransaction accounts (including MMDAs, excluding IBFs) . . . 91 Individuals, partnerships, and corporations (including certified and official checks) 92 U.S. addressees (domicile) 93 Non-U.S. addressees (domicile) 94 Commercial banks in United States (including their IBFs) 95 U.S. branches and agencies of other foreign banks 96 Other commercial banks in United States 97 Banks in foreign countries 98 Foreign branches of U.S. banks 99 Other banks in foreign countries 100 Foreign governments and official institutions (including foreign central banks) 101 All other deposits and credit balances 102 IBF deposit liabilities 103 Individuals, partnerships, and corporations (including certified and official checks) 104 U.S. addressees (domicile) 105 Non-U.S. addressees (domicile) 106 Commercial banks in United States (including their IBFs) 107 U.S. branches and agencies of other foreign banks 108 Other commercial banks in United States 109 Banks in foreign countries 110 Foreign branches of U.S. banks 111 Other banks in foreign countries 112 Foreign governments and official institutions (including foreign central banks) 113 All other deposits and credit balances Footnotes appear at end of table. Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only 1,073,349 78,364 943,269 972,519 937 347 35,172 58,762 15,164 7,650 2 306 5,345 8,937 110 8,827 6,330 4,770 1,559 28,335 601 27,734 852,904 830,724 22,181 50,744 14,575 36,168 7,008 2,306 4,702 1,058 16,151 450 15,701 226 4 0 8,662 25,756 34,592 170 8,505 24,108 30,549 170 10,252 6,708 3,544 45 8 37 588 1 587 n.a n.a n.a n.a n.a n.a n.a n.a n.a 8,442 6,258 477 141 n.a n.a 43 598 Total excluding IBFs IBFs only Total excluding IBFs IBFs only 58,505 5,853 5,706 39,908 2,320 6,510 110 4,592 71 0 71 482 405 78 3,782 135 3,647 38,512 36,634 1,879 788 275 513 266 0 266 1 0 1 270 145 125 1,724 0 1,724 10 990 1,371 0 0 342 326 0 126 495 1 494 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 79 47 0 0 0 4 0 4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 216 190 25 0 0 0 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 438 105 n.a. n.a. 4 20 n.a. n.a. 0 0 n.a. n.a. 6,400 5,125 4,067 2,071 2,521 257 31 9,525 2,184 44 7 37 1,061,846 933,744 5,699 962,267 930,639 31,628 58,717 15,157 43 560 7,062 2,304 4,758 n.a n.a n.a n.a n.a n.a n.a n.a n.a 844,462 824,466 19,997 50,700 6,513 2,304 4,208 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,466 1,992 2,474 257 8,184 25,615 n.a n.a 8,067 24,002 n.a. n.a. 14,568 36,131 39,692 38,297 36,443 226 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 788 275 513 266 0 266 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5 970 n.a. n.a. 0 342 n.a. n.a. 31 1,854 78,364 58,505 5,706 2,320 8,937 6,510 71 0 71 3,647 1 0 1 270 145 125 1,724 0 1,724 1,371 0 326 0 110 110 8,827 6,330 4,770 1,559 28,335 601 27,734 6,400 16,151 450 15,701 34,592 170 30,549 170 5,125 4,067 1,058 482 405 78 3,782 135 66 Federal Reserve Bulletin Statistical Supplement • November 2008 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2008'—Continued Millions of dollars except as noted All states2 Total including IBFs3 IBFs only3 Total including IBFs IBFs only Total including IBFs IBFs only Total including IBFs IBFs only 94,639 41,667 52,973 10,055 657 9,398 88,882 37,325 51,557 9,785 517 9,268 1,143 1,113 30 116 86 30 4,066 2,721 1,345 147 54 93 117 Securities sold under agreements to repurchase 118 With depository institutions in the U.S 119 With others 120 Other borrowed money 121 Owed to nonrelated commercial banks in United States (including their IBFs) 122 Owed to U.S. offices of nonrelated U.S. banks 123 Owed to U.S. branches and agencies of nonrelated foreign banks 124 Owed to nonrelated banks in foreign countries 125 Owed to foreign branches of nonrelated U.S. banks 126 Owed to foreign offices of nonrelated foreign banks 127 Owed to others 173,835 20,054 153,781 356,413 497 0 497 14,323 161,813 19,906 141,907 301,939 497 0 497 12,324 216 0 216 3,331 0 0 0 982 9,810 0 9,810 28,512 0 0 0 712 13,525 7,815 2,124 262 12,652 7,293 2,054 262 450 186 25 0 209 209 0 0 5,710 14,971 571 14,400 327,917 1,862 8,147 92 8,055 4,052 5,359 12,721 483 12,238 276,566 1,792 6,593 60 6,533 3,677 264 1,037 57 980 1,845 25 687 32 655 270 0 733 0 733 27,569 0 712 0 712 0 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 153,316 584 126,954 479 338 332 117,232 35,752 n.a. 132 Net due to related depository institutions5 133 Net due to head office and other related depository institutions5 . . 134 Net due to establishing entity, head office, and other related depository institutions5 114 Federal funds purchased 115 With depository institutions in the U.S 116 With others n.a. 581 220 95,802 30,932 151,443 151,443 20,913 n.a. 119,900 32,203 87,697 200,414 15,419 184,994 19,674 476 7 0 331 n.a. 0 25 17,607 1,979 n.a. 0 6 131,506 131,506 19,759 n.a. 7,694 7,694 69 n.a. 4,752 4,752 992 n.a. n.a. n.a. n.a. 93,705 23,758 69,946 n.a. n.a. n.a. 3 837 1,190 2,647 n.a. n.a. n.a. 15,017 5,206 9,811 n.a. n.a. n.a. n.a. n.a. n.a. 180,425 13,434 166,990 n.a. n.a. n.a. 7,214 554 6,661 n.a. n.a. n.a. 4,849 764 4,085 n.a. n.a. n.a. MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one year or less (excluding those in nonaccrual status) 137 Predetermined interest rates 138 Floating interest rates 139 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 140 Predetermined interest rates 141 Floating interest rates Footnotes appear at end of table. U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 67 of U.S. Branches and Agencies of Foreign Banks, June 30, 2008'—Continued Millions of dollars except as noted All states2 Item 142 Components of total n on transaction accounts, included in total deposits and credit balances 143 Time deposits of $100,000 or more 144 Time CDs in denominations of $100,000 or more with remaining maturity of more than 12 months Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 1,083,834 1,042,313 n.a. n.a. 958,034 918,578 n.a. n.a. 5,695 5,546 n.a. n.a. 38,298 38,298 n.a. n.a. 41,521 n.a. 39,456 n.a. 149 n.a. 0 n.a. Total including IBFs3 IBFs only3 Total including IBFs 189,727 242 n.a. 128 178,719 48 All states2 145 Immediately available funds with a maturity greater than one day included in other borrowed money 146 Number of reports filed6 Illinois California New York 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a monthly FR 886a report. Aggregate data from that report were available through the Federal Reserve monthly statistical release G.11, last issued on July 10, 1980. Data in this table and in the G.ll tables are not strictly comparable because of differences in reporting panels and in definitions of balance sheet items. 2. Includes the District of Columbia. 3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to permit banking offices located in the United States to operate international banking facilities (IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column. These data are either included in or excluded from the total columns as indicated in the headings. The notation "n.a." indicates that no IBF data have been reported for that item, Illinois California New York IBFs only Total including IBFs IBFs only n.a. 12 2,626 n.a. n.a. n.a. Total including IBFs 5,029 n.a. IBFs only n.a. n.a. either because the item is not an eligible IBF asset or liability or because that level of detail is not reported for IBFs. From December 1981 through September 1985, IBF data were included in all applicable items reported. 4. Total assets and total liabilities include net balances, if any, due from or owed to related banking institutions in the United States and in foreign countries (see note 5). On the former monthly branch and agency report, available through the G.ll monthly statistical release, gross balances were included in total assets and total liabilities. Therefore, total asset and total liability figures in this table are not comparable to those in the G.ll tables. 5. Related depository institutions includes the foreign head office and other U.S. and foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including subsidiaries owned both directly and indirectly). 6. In some cases, two or more offices of a foreign bank within the same metropolitan area file a consolidated report. 68 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign banks, U.S. branches and agencies, 64-67 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21, 64—67 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 64-67 Weekly reporting by banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21, 58-63 Consumer loans held, by type and terms, 34, 58-63 Real estate mortgages held, by holder and property, 33 Terms of lending, 58-63 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) 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 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 banks, U.S. branches and agencies, 64-67 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 Commercial banks, 58-63 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22, 58-63 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, 58-63 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21, 58-63 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Foreign banks, U.S. branches and agencies, 64-67 Insured or guaranteed by United States, 32, 33 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22, 58-63 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 Saving deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44—55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting by banks, 17, 18 YIELDS (See Interest rates) 69 70 Federal Reserve Bulletin Statistical Supplement • November 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. 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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) 71 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. 72 Federal Reserve Bulletin Statistical Supplement • November 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 PprioH or HHTP to 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 Rates3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G.15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates 3 3.28 1.51, 1.52 73 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. 74 Federal Reserve Bulletin Statistical Supplement • November 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. 75 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
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