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Volume 1 • Number 10 • October 2004
Statistical Supplement
to the Federal Reserve
# ' • • •
BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson
• Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart
• Louise L. Roseman • Richard Spillenkothen • David J. Stockton
The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic
Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members.
Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin. Starting with
the winter 2004 issue, the Bulletin is now published
on a quarterly basis.
Published monthly, the new Statistical Supplement
is designed as a compact source of economic and
financial data. All tables that appeared in the Federal
Reserve Bulletin, including the annual and quarterly
special tables, now appear in the Statistical Supplement. All statistical series are published with the
same frequency that they had in the Bulletin, and the
numbering system for the tables remains the same.
Separate subscriptions for the quarterly Federal
Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for
the Statistical Supplement is on the inside front cover.
For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or
send an e-mail to publications-bog@frbog.frb.gov.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886.
Financial and Business Statistics:
Table of Contents
These tables reflect the data available for publication as of
the first week of October 2004.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions
Policy
Instruments
7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions
Federal Reserve
Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. Treasury—
Types and ownership
26 U.S. government securities
dealers—Transactions
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate
Finance
29 New security issues—Tax-exempt state and local
governments and U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables
Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding
Monetary and Credit Aggregates
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Consumer Credit
34 Total outstanding
34 Terms
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
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
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
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
DOMESTIC
NONFINANCIAL
STATISTICS
Selected Measures
40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value
2
Federal Reserve Bulletin Statistical Supplement • October 2004
INTERNATIONAL STATISTICS
Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
45
46
48
49
Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States
50 Liabilities to foreigners
52 Claims on foreigners
Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange Rates
56 Foreign exchange rates
57 GUIDE TO SPECIAL TABLES AND
STATISTICAL
RELEASES
58 INDEX TO STATISTICAL
TABLES
Symbols and Abbreviations
c
e
n.a.
n.e.c.
p
r
*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
G-7
G-10
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
TIIS
VA
Group of Seven
Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
4
Federal Reserve Bulletin Statistical Supplement • October 2004
1.10
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1
Monetary or credit aggregate
1
2
3
4
Reserves of depository institutions1
Total
Required
Nonborrowed
Monetary base3
Concepts of money*
5 Ml
6 M2
7 M3
Nontransaction components
8 In M2 5
9 In M3 only6
Time and savings deposits
Commercial banks
Savings, including MMDAs
Smalltime7
Large time8'9
Thrift institutions
13
Savings, including MMDAs
14
Smalltime7
15 Large time8
10
11
12
Money market mutual funds
16 Retail10
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
Q3
Q4
29.9
23.8
28.7
5.4
11.8
2.2
10.5
5.3
5.1
5.7
5.2
3.1
18.6
15.0
18.1
4.9
48.0
32.9
47.8
6.5
6.9
2.6
1.3
1.1
6.2
3.5
6.1
7.1
6.6
2.3
.5
17.6
13.3
7.7
5.1
9.0
12.1
17.9
12.4
14.9
July
Apr.
May
2.6
25.9
27.5
25.0
5.1
7.6
3.7
8.3
5.7
12.7
9.0
12.7
6.3'
9.7'
10.7'
17.8'
9.3'
12.1
2.5
9.5'
10.5'
14.1'
13.2'
12.0
1.8
3.9
10.5
1.5
2.9
10.7'
12.9'
7.1
18.1
12.8'
12.7'
18.1'
11.5'
13.5
4.3
33.2
19.5
4.6'
27.3
13.8
4.7'
31.1
25.8
5.4
37.3
25.9'
4.8
5.1
10.2
3.8
2.0
4.9
3.4
18.0
8.7
27.0
23.9
.9'
23.7
13.8
9.3'
36.8
9.4
6.7
22.3
16.4
19.4
7.8
7.2'
2.5
21.2'
9.5
8.4
28.9
10.7
15.9
13.7
33.7
6.1
19.4'
6.7
33.1
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at 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 M1.
Ql
Q2
9.1'
9.6
36.3
34.4'
5.0
1.0
6.7
.9
5.7
1.2
2.7
16.9
6.2
2.7
19.8
23.6
18.7
37.6
8.7
9.5
5.0
.5
35.5
15.3'
2.1
6.9
7.2
22.4
18.0
22.6
28.7
7.3'
46.8
19.4
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted separately.
7. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
10. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Money Stock and Bank Credit
1.11
5
RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
May
July
June 16
June 23
June 30
July 7
July 14
July 21
July 28
746,380
SUPPLYING RESERVE FUNDS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
19
20
21
22
23
24
Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 .
. . ..
743,111
679,294
679,294
250,264
412,730
14,464
1,835
0
24,734
109
7
0
103
324
39,298
11,045
2,200
35,883
748,326
684,809
684,809
252,315
416,117
14,464
1,912
0
24,542
184
43
0
141
188
38,980
11,045
2,200
35,991
755,109
691,090
691,090
255,039
419,346
14,696
2,009
0
23,750
245
42
0
203
237
40,262
11,044
2,200
36,066
684,980
251,913
416,694
14,464
1,908
0
22,821
169
34
0
135
358
38,767
11,045
2,200
35,982
748,435
685,043
685,043
251,964
416,694
14,464
1,920
0
24,250
197
54
0
143
263
39,208
11,045
2,200
36,010
752,256
687,099
687,099
254,008
416,694
14,464
1,932
0
25,250
222
58
0
164
8
39,693
11,045
2,200
36,039
754,953
687,668
687,668
254,558
416,694
14,464
1,951
0
27,179
224
59
0
165
18
39,901
11,045
2,200
36,049
755,408
689,774
689,774
255,024
418,251
14,521
1,977
0
25,250
243
53
0
191
209
40,350
11,045
2,200
36,059
756,127
692,281
692,281
255,238
420,150
14,862
2,031
0
23,536
240
26
0
214
267
40,337
11,045
2,200
36,068
752,225
693,510
693,510
255,248
421,346
14,862
2,053
0
18,607
263
37
0
226
518
40,363
11,045
2,200
36,078
720,816
19,730
19,730
0
321
726,500
19,452
19,452
0
317
734,677
19,912
19,912
0
297
724,918
20,056
20,056
0
324
724,944
18,722
18,722
0
315
729,410
18,494
18,494
0
307
736,293
19,958
19,958
0
303
736,250
19,767
19,767
0
302
733,731
19,884
19,884
0
300
733,036
19,959
19,959
0
289
15,923
5,355
143
10,144
10,144
0
280
21,071
14,377
16,487
5,741
114
10,381
10,381
0
252
21,653
13,153
15,667
4,963
97
10,322
10,322
0
286
21,526
12,340
16,874
6,195
132
10,295
10,295
0
252
21,411
12,024
17,654
7,034
103
10,293
10,293
0
225
21,707
14,348
17,175
5,961
118
10,861
10,861
0
235
21,925
14,230
15,818
4,541
155
10,862
10,862
0
261
21,629
10,247
15,626
4,834
80
10,424
10,423
0
288
21,713
11,053
16,305
5,509
84
10,421
10,421
0
290
21,539
13,681
15,135
4,956
77
9,802
9,802
0
300
21,326
11,801
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
Wednesday figures
End-of-month figures
May
June 30
July 7
July 14
July 28
SUPPLYING RESERVE FUNDS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Reserve Bank credit outstanding
Securities
"
held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
19
20
21
22
23
24
Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .
750,596
681,472
681,472
250,464
414,659
14,464
1,884
0
30,750
122
4
0
118
163
38,415
11,045
2,200
35,924
760,866
687,391
687,391
254,295
416,694
14,464
1,936
0
33,500
323
154
0
169
163
39,490
11,045
2,200
36,039
759,231
693,727
693,727
255,248
421,546
14,862
2,071
0
24,750
260
24
0
236
16
40,509
11,044
2,200
36,087
742,478
684,993
684,993
251,922
416,694
14,464
1,912
0
19,000
174
35
0
139
482
38,793
11,045
2,200
35,982
756,251
685,177
685,177
252,094
416,694
14,464
1,924
0
32,000
165
8
0
157
444
39,353
11,045
2,200
36,010
760,866
687,391
687,391
254,295
416,694
14,464
1,936
0
33,500
323
154
0
169
163
39,490
11,045
2,200
36,039
757,304
687,893
687,893
254,776
416,694
14,464
1,958
0
28,000
225
53
0
172
1,073
40,113
11,045
2,200
36,049
756,487
690,309
690,309
255,178
418,251
14,862
2,017
0
25,500
260
51
0
209
112
40,530
11,045
2,200
36,059
757,962
692,299
692,299
255,248
420,150
14,862
2,039
0
25,500
233
7
0
226
312
40,241
11,045
2,200
36,068
755,212
693,717
693,717
255,248
421,546
14,862
2,061
0
21,500
432
193
0
239
785
40,349
11,045
2,200
36,078
726,367
20,477
20,477
0
320
733,183
19,228
19,228
0
303
733,020
20,167
20,167
0
725,540
17,971
17,971
0
316
727,961
17,465
17,465
0
307
733,183
19,228
19,228
0
303
738,198
19,828
19,828
0
302
736,177
19,835
19,835
0
302
734,225
19,906
19,906
0
290
734,377
19,363
19,363
0
15,134
4,637
86
10,145
10,145
0
267
21,718
15,750
17,399
6,032
280
10,861
10,861
0
226
21,198
15,104
4,917
81
9,803
9,803
0
304
21,302
18,687
17,733
7,067
132
10,295
10,295
0
238
21,245
8,900
17,805
7,202
82
10,293
10,293
0
227
21,639
20,329
17,399
6,032
280
10,861
10,861
0
226
21,198
18,838
14,125
2,915
84
10,862
10,862
0
264
21,510
12,633
16,223
5,369
81
10,424
10,423
0
349
21,318
11,935
15,687
4,879
99
10,421
10,421
0
287
21,151
16,015
14,616
4,447
81
9,802
9,802
0
286
21,117
14,779
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
Note. Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical
release, available at www.federalreserve.gov/releases.
1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
7. Excludes required clearing balances and adjustments to compensate for float.
6
Federal Reserve Bulletin Statistical Supplement • October 2004
1.12
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
9,053
43,894
32,005
11,889
41,058
39,408
1,651
67
33
34
9,926
43,363
30,347
13,016
40,272
38,263
2,009
10,858
44,069
32,083
11,986
42,941
41,902
1,039
46
17
0
29
45
35
11,581
46,578
33,880
12,698
45,461
44,570
891
106
93
0
13
10,892
46,440
32,967
13,473
43,859
42,670
1,189
42
28
0
14
12,020
44,424
32,129
12,295
44,149
42,387
1,762
51
0
28
Apr.
May
14,078
42,852
31,971
10,880
46,049
44,307
1,742
14,078
43,052
32,255
10,797
86
29
0
57
46,334
44,745
1,588
112
9
0
103
13,056
43,620
32,509
11,111
45,565
43,729
1,836
180
40
0
140
12,794
44,487
33,406
11,081
46,200
44,522
1,678
245
42
0
203
weekly averages of daily figures for two-week periods ending on dates indicated
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
12,055
45,147
33,318
11,829
45,373
43,696
1,677
55
19
0
36
Apr. 14
Apr. 28
12,171
42,805
31,144
11,662
43,315
41,437
1,877
79
35
0
45
16,105
42,969
32,884
10,085
48,989
47,348
1,640
91
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
adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of" adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.
May 12
May 26
13,236
14,994
43,781
42,362
31,382
10,980
44,618
43,115
1,503
99
11
0
33,067
10,714
48,061
46,402
1,658
112
3
0
109
July 7
13,535
42,671
32,081
10,590
45,616
44,019
1,597
143
20
0
123
13,189
43,355
32,571
10,784
45,760
43,827
1,933
183
44
0
139
12,173
45,371
32,936
12,435
45,109
43,162
1,946
223
59
0
165
July 21
Aug. 4
12,361
13,836
44,515
34,318
10,197
48,154
44,026
32,990
11,036
45,351
43,982
1,369
242
40
0
203
46,232
1,921
264
34
0
230
4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).
Policy Instruments
1.14
1
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1
Secondary credit2
Primary credit
Seasona credit3
T7 a|-| pi'n 1 D P CPTVP
Bank
On
10/8/04
Effective date
Previous rate
On
10/8/04
Effective date
Previous rate
On
10/8/04
Effective date
Previous rate
2.75
9/21/04
9/21/04
9/21/04
9/21/04
9/21/04
9/21/04
2.50
i
3.25
9/21/04
9/21/04
9/21/04
9/21/04
9/21/04
9/21/04
3.00
i
1.80
9/30/04
1.65
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Vlinneapolis
Kansas City
Dallas
San Francisco
i
9/21/04
9/22/04
9/21/04
9/21/04
9/21/04
9/21/04
2.75
1
2.50
3.25
9/21/04
9/22/04
9/21/04
9/21/04
9/21/04
9/21/04
i
1
3.00
1
1.80
9/30/04
1.65
Range of rates for primary credit
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2.25
2.25
2003—June 25
26
2.00-2.25
2.00
2.00
2.00
2004—June 30
July 1
Aug. 10
11
Sept. 21
22
2.00-2.25
2.25
2.25-2.50
2.50
2.50-2.75
2.75
2.25
2.25
2.50
2.50
2.75
2.75
2.75
2.75
Effective date
In effect Jan. 9, 2003
(beginning of program)
In effect October 8, 2004
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25
2002—Nov. 6
7
0.75-1.25
0.75
0.75
0.75
0.75
0.75
Range of rates for adjustment credit in recent years4
Effective date
In effect Dec. 31, 1995
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.25
5.25
1996—Jan. 31
Feb. 3
5.00-5.25
5.00
5.00
5.00
1998—Oct. 15
16
Nov. 17
19
4.75-5.00
4.75
4.50^1.75
4.50
4.75
4.75
4.50
4.50
1999—Aug. 24
26
Nov. 16
18
4.50^1.75
4.75
4.75-5.00
5.00
4.75
4.75
4.75
5.00
Effective date
2000—Feb.
2
4
Mar. 21
23
May 16
19
2001—Jan.
Feb.
Mar.
Apr.
2001—May
3
4
5
31
1
20
21
18
20
15
17
1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans. 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
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 (http://www.federalreserve.gov/releases/H15/data.htm).
8
1.15
Federal Reserve Bulletin Statistical Supplement • October 2004
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirem ent
Type of liability
Net transaction accounts^
1 $0 million-$6.6 million2
2 More than $6.6 million-$45.4 million3 . . . .
3 More than $45.4 million
Percentage of
liabilities
0
3
10
4 Nonpersonal time deposits
0
5 Eurocurrency liabilities
0
NOTE. Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement
corporations.
1. Total transaction accounts consists of demand deposits, automatic transfer service
(ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer
accounts, ineligible bankers acceptances, and obligations issued by affiliates maturing in
seven days or less. Net transaction accounts are total transaction accounts less amounts due
from other depository institutions and less cash items in the process of collection.
12/25/03
12/25/03
12/25/03
For a more detailed description of these deposit types, see Form FR 2900 at
www. federalres erve. gov/bo arddoc s/reportform s/.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low-reserve tranche." By statute, the upper limit of the low-reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.
Policy Instruments
1.17
9
FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars
Type of transaction
and maturity
Apr.
May
U.S. TREASURY SECURITIES 2
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
15,503
0
542,736
542,736
10,095
21,421
0
657,931
657,931
0
18,150
0
738,886
738,886
0
1,494
0
59,719
59,719
0
619
0
80,276
80,276
0
747
0
61,389
61,389
0
341
0
56,267
56,267
0
3,516
0
74,959
74,959
0
409
0
66,123
66,123
0
3,831
0
63,302
63,302
0
15,663
0
70,336
72,004
16,802
12,720
0
89,108
92,075
0
6,565
0
96,433
103,153
0
0
0
23,307
20,538
0
0
0
0
0
0
1,311
0
10,791
10,700
0
0
0
16,544
16,333
0
0
0
7,293
8,333
0
1,693
0
9,748
8,913
0
0
0
0
0
0
22,814
0
45,211
64,519
12,748
0
73,093
88,276
7,814
0
76,364
97,256
237
0
17,681
18,905
0
0
0
1,555
0
9,361
9,627
1,293
0
16,544
16,333
0
0
7,293
8,333
783
0
4,066
6,620
1,760
0
0
6,003
0
21,063
6,063
5,074
0
11,588
3,800
4,107
0
11,131
5,897
283
0
3,993
1,634
510
0
357
1,072
741
0
0
0
0
0
713
0
2,520
2,293
275
0
8,531
0
4,062
1,423
2,280
0
4,427
0
220
0
20
0
1,634
0
0
0
0
235
0
1,072
0
40
0
0
0
0
0
0
0
0
3,163
0
0
0
0
68,513
0
26,897
54,242
0
0
36,856
0
0
2,034
0
0
619
0
0
4,358
0
0
2,414
0
0
3,516
0
0
3,681
0
0
5,866
0
0
1,522
138,000
127,250
138,250
158,500
121,750
116,500
167,500
168,750
163,650
165,900
138,500
133,000
138,750
136,000
4,942,131
4,946,691
425,519
432,390
416,239
410,716
391,676
393,309
444,402
444,341
443,463
442,966
392,021
391,293
427,319
426,071
8,653
310
3,879
14,727
3,617
1,189
1,752
6,227
3,998
45,589
36,536
5,903
14,108
7,975
1,225
1,764
9,908
9,864
26 Net change in U.S. Treasury securities
FEDERAL AGENCY OBLIGATIONS
Outright transactions
27 Gross purchases
28 Gross sales
29 Redemptions
0
120
30 Net change in federal agency obligations
TEMPORARY TRANSACTIONS
Repurchase agreements^
3 1 Gross purchases
32 Gross sales
Matched sale-purchase agreements
33 Gross purchases
34 Gross sales
1,497,713
1,490,838
4,722,667
Reverse repurchase agreements4
35 Gross purchases
36 Gross sales
231,272
252,363
37 Net change in temporary transactions
3 8 Total net change in System Open Market Account
1,143,126
46,295
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
Federal Reserve Bulletin Statistical Supplement • October 2004
1.18
FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements1
Millions of dollars
Wednesday
July 7
July 28
May
Consolidated condition statement
ASSETS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Gold certificate account
Special drawing rights certificate account
Coin
Securities, repurchase agreements, and loans
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies6
All other7
19 Total assets
11,040
2,200
710
716,069
690,309
690,309
255,178
418,251
14,862
2,017
0
25,500
19,444
18,320
11,040
2,200
712
716,117
687,893
687,893
254,776
416,694
14,464
1,958
0
28,000
225
9,066
1,697
38,395
19,714
18,681
780,624
779,227
698,186
19,228
36,166
703,159
19,828
26,739
29,628
23,476
6,032
280
226
2,915
84
5,845
2,266
7,991
2,325
761,692
760,042
9,226
8,847
859
11,040
2,200
744
721,213
687,391
687,391
254,295
416,694
14,464
1,936
0
33,500
323
5,961
1,702
37,764
11,041
2,200
739
712,344
681,472
681,472
250,464
414,659
14,464
1,884
0
30,750
122
4,277
1,688
11,040
2,200
744
721,213
687,391
687,391
254,295
416,694
14,464
1,936
0
33,500
323
5,961
1,702
718,737
693,727
693,727
255,248
421,546
14,862
2,071
0
24,750
36,665
37,764
38,867
19,446
19,160
11,040
2,200
735
715,649
693,717
693,717
255,248
421,546
14,862
2,061
0
21,500
432
4,983
1,707
38,711
19,164
19,547
19,397
17,268
19,444
18,320
19,183
19,684
776,618
777,861
775,026
768,955
780,624
777,360
701,127
19,835
28,231
22,431
5,369
81
349
6,108
699,168
19,906
31,774
26,508
4,879
99
287
5,862
2,375
699,312
19,363
29,469
24,655
4,447
81
691,498
20,477
30,830
25,841
698,186
19,228
286
5,764
2,465
4,637
86
267
4,433
2,406
6,032
280
226
697,971
20,167
33,854
28,553
4,917
81
304
5,845
4,066
2,266
2,497
757,687
759,085
756,374
749,644
761,692
758,556
9,251
8,847
1,087
9,251
8,847
833
9,245
8,827
705
9,246
8,779
627
9,094
8,847
1,370
9,226
8,847
859
9,247
8,803
755
19,185
18,931
18,777
18,652
19,311
18,932
18,805
1,235,128
998,603
236,525
999
1,236,684
1,235,793
1,002,873
232,920
1,418
1,239,479
1,220,272
984,337
235,935
2,051
1,240,217
1,005,658
234,559
5,503
1,245,243
1,010,931
234,312
212
260
6,004
1,697
38,898
19,661
19,238
11,040
2,200
725
718,032
692,299
692,299
255,248
420,150
14,862
2,039
0
25,500
233
5,558
1,700
38,606
11,040
2,200
760
260
4,043
1,713
LIABILITIES
20
21
22
23
24
25
26
27
28
Federal Reserve notes, net of F.R. Bank holdings . . . .
Reverse repurchase agreements8
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9
29 Total liabilities
264
36,166
29,628
CAPITAL ACCOUNTS
30 Capital paid in
3 1 Surplus
32 Other capital accounts
33 Total capital
MEMO
34 Marketable securities held in custody for foreign offici:
and international accounts3'10
35 U.S. Treasury
36
Federal agency
37 Securities lent to dealers
1,240,217
1,005,658
234,559
5,503
999,349
237,335
269
1,006,486
232,994
1,525
Federal Reserve notes and collateral statement
38 Federal Reserve notes outstanding
39
Less: Notes held by F.R. Banks not
subject to collateralization
40
Federal Reserve notes to be collateralized
41 Collateral held against Federal Reserve notes
42
Gold certificate account
43
Special drawing rights certificate account
44
U.S. Treasury and agency securities pledged1'
45
Other assets pledged
815,194
815,593
817,731
819,229
819,935
807,322
815,194
820,646
117,008
698,186
698,186
11,040
2,200
684,946
0
112,434
703,159
703,159
11,040
2,200
689,919
0
116,604
701,127
701,127
11,040
2,200
120,623
699,312
699,312
11,040
2,200
686,072
0
115,825
691,498
691,498
11,041
2,200
678,257
0
117,008
698,186
698,186
11,040
2,200
684,946
0
122,674
697,971
697,971
11,040
2,200
687,886
0
120,061
699,168
699,168
11,040
2,200
685,928
0
720,891
715,893
715,809
717,799
715,217
712,222
720,891
718,477
19,234
19,834
19,841
19,912
19,369
20,484
19,234
20,176
701,657
696,059
695,968
697,887
695,848
691,738
701,657
698,301
684,732
0
MEMO
46 Total U.S. Treasury and agency securities"
47
Less: face value of securities under reverse repurchase
agreements12
48
U.S. Treasury and agency securities
eligible to be pledged
1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release, which is available at: www.federalreserve.gov/releases.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.
7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market
exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.
Federal Reserve Banks
1.19
FEDERAL RESERVE BANKS
11
Maturity Distribution of Loans and Securities
Millions of dollars
Wednesday
Type of holding and maturity
July 7
July 14
May
1 Total loans
230
3
420
11
0
109
13
276
47
181
79
0
690,309
692,299
693,717
681,472
687,391
693,727
47,148
163,185
161,815
189,520
51,854
76,786
55,036
154,431
164,648
189,529
51,859
76,794
55,955
153,010
165,151
190,934
51,865
76,802
38,616
166,585
163,069
185,186
51,298
76,717
47,329
155,351
168,585
187,803
51,586
76,737
39,895
168,219
166,002
190,938
51,867
76,806
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19 Total repurchase agreements2
33,500
28,000
25,500
25,500
20 Within 15 days
33,500
0
28,000
0
25,500
0
25,500
0
21,500
0
30,750
0
33,500
0
24,750
0
19,228
19,828
19,835
19,906
20,477
19,228
20,167
19,228
19,828
0
19,835
0
19,906
0
20,477
0
19,228
0
20,167
0
2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury securities'
6
7
8
9
10
11
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
12 Total federal agency securities
13
14
15
16
17
18
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
21 16 days to 90 days
22 Total reverse repurchase agreements2 .
276
47
0
59
166
0
687,391
687,893
47,329
155,351
168,585
187,803
51,586
76,737
46,828
163,730
161,187
187,811
51,591
76,745
0
23 Within 15 days
24 16 days to 90 days
Note. Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.
33,500
19,363
0
2. Cash value of agreements classified by remaining maturity of the agreements.
12
Federal Reserve Bulletin Statistical Supplement • October 2004
1.20
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2003
2000
Dec.
2001
Dec.
2002
Dec.
2003
Dec.
July
Apr.
May
44.71
44.66
42.95
725.76
45.68
45.59
43.94
728.82
45.39
45.28
43.80
732.30
45.93
45.75
44.10
737.80
45.74
45.50
44.06
745.61
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2
1
2
3
4
Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5
38.68
38.47
37.25
585.10
41.41
41.34
39.76
635.94
40.44
40.36
38.43
682.15
42.84
42.80
41.80
720.98
42.84
42.80
41.80
720.98
43.20
43.10
42.31
722.61
42.99
42.95
41.81
724.17
Not seasonally adjusted
5
6
7
8
Total reserves
Nonborrowed reserves
Required reserves7
Monetary base8
38.53
38.32
37.10
590.06
41.18
41.11
39.53
639.91
40.13
40.05
38.12
38.47
38.26
41.06
40.99
39.41
40.27
40.19
648.74
697.15
2.01
686.23
42.45
42.40
41.41
725.20
42.45
42.40
41.41
725.20
45.40
45.29
44.51
725.15
43.79
43.75
42.61
723.94
44.04
43.99
42.28
725.61
45.88
45.80
44.14
729.91
46.11
46.00
44.52
733.47
45.30
45.12
43.46
738.79
45.87
45.62
44.19
745.96
42.94
42.90
41.90
737.61
1.04
.05
42.94
42.90
41.90
737.61
1.04
.05
45.46
45.36
44.57
43.86
43.82
42.67
45.57
45.38
43.73
749.33
1.84
.18
46.20
734.91
1.19
.04
46.05
45.96
44.31
740.30
1.74
.09
46.33
46.22
736.28
44.15
44.10
42.39
736.41
1.76
.05
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9
9
10
11
12
13
14
Total reserves10
Nonborrowed reserves
Required reserves
Monetary base"
Excess reserves12
Borrowings from the Federal Reserve
37.05
596.98
1.43
.21
1.65
.07
38.26
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 Money and Reserves Projections Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves
.89
.11
44.75
743.75
1.59
.11
45.96
44.52
756.48
1.68
.25
would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).
Monetary and Credit Aggregates
1.21
MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
2000
Dec.
2001
Dec.
2002
Dec.
2003
Dec.
Apr.
July
May
Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3
1,087.9
4,932.7'
7,112.9'
1,179.3
5,448.6'
8,025.0'
1,217.2
5,794.5'
8,552.4'
1,293.4
6,062.5
8,845.6'
1,323.5
6,216.8'
9,148.1'
1,322.6
6,289.6'
9,249.0'
1,335.8'
6,298.9'
9,278.9'
1,324.1
6,290.8
9,256.6
531.6
8.3
310.3
237.8
582.0
8.0
332.5
256.8
627.4
7.8
303.4
278.6
663.9
7.7
312.6
309.2
668.7
7.8
323.8
323.1
671.8
7.8
318.9
324.1
676.7
7.7
322.7
328.8
684.8
7.6
306.4
325.4
3,844.9
2,180.1
4,269.3
2,576.5
4,577.4
2,757.9
4,769.1
2,783.1
4,893.3'
2,931.3'
4,967.0'
2,959.4'
4,963.1'
2,979.9'
4,966.7
2,965.8
Commercial banks
10 Savings deposits, including MMDAs ..
11 Small time deposits9
12 Large time deposits10'"
1,422.1
699.4
727.4
1,736.0
633.6
679.2
2,053.2
589.9
685.5
2,328.0
536.4
747.7
2,477.1
528.8
829.1
2,530.5'
526.7
844.7
2,527.9'
525.5'
856.6'
2,540.9
526.7
870.7
Thrift institutions
13 Savings deposits, including MMDAs ..
14 Small time deposits9
15 Large time deposits10
454.1
344.8
102.9
572.9
339.1
114.8
716.3
302.1
117.5
830.4
272.8
120.2
863.5
269.0'
127.8
880.5
264.8'
131.8
886.9
262.7
131.7
890.6
262.6
135.6
Money market mutual funds
16 Retail12
17 Institution-only
924.5'
789.4
987.6'
1,193.6
915.9'
1,245.3
801.5
1,113.2
754.9'
1,121.6
764.5'
1,119.6
760.1'
1,112.9
745.9
1,096.2
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
366.0
194.5
378.9
210.0
480.9
228.6
513.4
288.7
523.0
329.7'
535.5
327.7'
556.4
322.4'
538.5
324.8
1,332.5'
6,242.2'
9,167.7'
1,320.3
6,255.9'
9,224.5'
1,336.0
6,283.2'
9,270.0'
1,326.0
6,287.2
9,238.4
670.3
7.7
674.0
7.7
678.3
7.8
316.2
322.4
321.5
328.5
686.0
7.8
308.0
324.1
4
5
6
7
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
Nontransaction components
8 In M27
9 In M3 only8
Not seasons lly adjusted
Measures2
20 Ml
21 M2
22 M3
1,112.0
4,967.;
7,166.0'
1,205.1
5,486.6'
8,091.6'
1,242.6
5,833.1
8,616.8
1,319.1
6,102.6'
8,904.1
535.6
8.1
326.7
241.5
585.5
7.9
350.4
261.4
630.6
7.7
319.8
667.0
284.6
316.1
323.5
331.0
Nontransaction componen
27 In M27
28 In M3 only8
3,855.1'
2,198.8
4,281.5
2,605.0
4,590.5
2,783.7
4,783.6
2,801.4
4,909.6'
2,925.5'
4,935.6'
2,968.6'
4,947.2'
2,986.8'
4,961.3
2,951.2
Commercial banks
29 Savings deposits, including MMDAs
30 Small time deposits9
3 1 Large time deposits10'"
1,427.5
700.5
728.4
1,742.4
634.4
679.0
2,060.9
590.3
684.3
2,337.5
536.5
745.7
2,485.2
528.8
2,514.5
526.9
852.9'
2,522.9
525.8
861.5
2,540.3
526.7
871.6
Thrift institutions
32 Savings deposits, including MMDAs . .
33 Small time deposits9
34 Large time deposits10
455.8
345.4
103.0
575.1
339.6
114.7
718.9
302.3
117.3
833.8
272.8
119.8
866.3
269.0'
127.7
874.9'
264.9'
133.1
885.2
262.8
132.5
890.4
262.6
135.8
Money market mutual funds
35 Retail12
36 institution-only
925.9'
808.0
990.0'
1,224.6
918.1'
1,276.9
802.9'
1,139.7
760.3'
1,106.7
754.4'
1,101.2
750.5'
1,104.1
741.3
1,084.8
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
364.2
195.2
376.5
210.3
507.0
289.2
529.2
333.0'
550.6
330.8'
569.4
319.3'
538.7
320.3
23
24
25
26
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits
Footnotes appear on following page.
7.6
328.4
13
14
Federal Reserve Bulletin Statistical Supplement • October 2004
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank 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 M1.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domesticaly 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 Liabilities1
Billions of dollars
Wednesday figures
Monthly averages
Account
Sept.1
2004
2004
2003
Mar.1
Apr/
May7
June7
July7
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
6,185.0
Bank credit
1,788.9
Securities in bank credit
Treasury and Agency securities2 . . 1,071.1
717.8
Other securities
Loans and leases in bank credit3 . . . . 4,396.1
907.9
Commercial and industrial
2,245.3
Real estate
258.5
Revolving home equity
1,986.8
Other
601.6
Consumer
212.2
Security4
429.2
Other loans and leases
308.4
Interbank loans
5
319.5
Cash assets
554.4
Other assets6
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)8
6,517.6
1,980.3
1,205.0
775.3
4,537.3
878.4
2,303.8
308.1
1,995.7
639.1
243.0
473.0
295.6
321.2
549.1
6,536.4
1,952.4
1,199.8
752.6
4,584.0
874.2
2,361.4
318.0
2,043.4
639.8
237.6
470.9
318.0
328.6
579.8
6,544.7
1,929.2
1,188.8
740.4
4,615.5
874.0
2,395.7
327.9
2,067.9
641.4
232.6
471.7
310.1
332.4
594.7
6,587.8
1,933.9
1,189.5
744.4
4,653.9
878.4
2,409.5
337.6
2,071.9
644.0
248.2
473.9
317.9
334.9
614.7
6,600.7
1,907.0
1,181.0
726.0
4,693.7
883.1
2,416.5
347.0
2,069.5
672.5
243.7
477.9
365.9
330.0
639.0
6,629.4
1,914.0
1,183.1
731.0
4,715.3
889.5
2,432.3
358.3
2,074.0
673.0
238.9
481.6
361.1
321.7
640.8
6,696.3
1,925.2
1,178.5
746.7
4,771.0
892.5
2,456.2
369.6
2,086.6
674.6
254.5
493.2
365.9
324.8
646.4
6,692.7
1,934.6
1,191.6
743.0
4,758.2
891.9
2,451.2
365.7
2,085.4
675.7
250.5
489.0
356.7
332.8
648.9
6,697.7
1,929.5
1,188.8
740.7
4,768.2
894.6
2,455.0
367.9
2,087.0
675.8
250.2
492.7
378.7
325.7
648.3
6,709.4
1,922.2
1,172.7
749.5
4,787.2
891.0
2,461.7
370.8
2,091.0
675.7
256.4
502.4
373.0
318.3
653.9
6,690.6
1,916.4
1,163.4
753.0
4,774.1
893.3
2,455.8
373.8
2,082.0
671.9
262.2
491.0
358.3
322.7
637.5
7,291.6
7,610.2
7,690.2
7,709.9
7,783.6
7,864.2
7,881.3
7,961.5
7,959.5
7,978.7
7,982.6
7,937.3
4,749.0
644.1
4,104.9
1,007.0
3,097.9
1,498.1
400.0
1,098.1
126.6
402.7
4,930.8
680.1
4,250.6
1,053.7
3,196.9
1,554.3
396.3
1,158.0
90.1
448.8
4,983.0
670.9
4,312.1
1,070.6
3,241.5
1,575.3
430.6
1,144.7
94.5
431.2
5,059.3
661.0
4,398.3
1,098.2
3,300.1
1,544.0
424.1
1,119.9
80.5
411.4
5,123.4
683.0
4,440.4
1,117.8
3,322.6
1,577.5
434.2
1,143.3
36.6
454.6
5,153.4
657.3
4,496.2
1,137.8
3,358.4
1,592.1
459.1
1,133.0
46.2
475.0
5,172.9
669.2
4,503.7
1,143.7
3,360.0
1,580.6
444.6
1,136.0
30.7
487.1
5,190.3
682.8
4,507.6
1,143.2
3,364.3
1,613.1
459.5
1,153.6
34.0
486.5
5,185.9
636.4
4,549.4
1,141.4
3,408.1
1,575.0
442.0
1,133.1
42.2
499.2
5,213.9
667.4
4,546.5
1,143.6
3,402.9
1,638.3
481.9
1,156.4
23.0
477.3
5,189.3
707.7
4,481.6
1,141.7
3,339.9
1,629.1
466.2
1,162.9
41.4
487.8
5,170.4
731.4
4,439.0
1,142.6
3,296.4
1,617.1
451.6
1,165.6
36.6
482.2
6,776.4
7,024.0
7,083.9
7,095.3
7,192.1
7,266.7
7,271.3
7,323.9
7,302.3
7,352.5
7,347.7
7,306.3
515.2
586.1
606.3
614.7
591.5
597.5
610.0
637.6
657.3
626.2
634.9
630.9
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Assets
6,192.4
Bank credit
1,785.8
Securities in bank credit
Treasury and Agency securities2 . . 1,065.1
720.7
Other securities
Loans and leases in bank credit3 . . . . 4,406.6
904.8
Commercial and industrial
2,258.5
Real estate
259.6
Revolving home equity
1,998.9
Other
602.8
Consumer
224.7
Credit cards and related plans ..
378.1
Other 4
208.0
Security
432.5
Other loans and leases
302.5
Interbank loans
321.4
Cash assets5
556.5
Other assets6
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)8
Footnotes appear on p. A21.
6,487.5
1,971.7
1,200.9
770.7
4,515.8
881.2
2,290.6
305.8
1,984.8
633.1
249.6
383.5
242.6
468.3
299.6
309.1
545.5
6,518.4
1,949.2
1,203.2
745.9
4,569.2
878.5
2,350.2
317.0
2,033.1
632.1
248.3
383.8
239.9
468.4
327.7
323.9
578.2
6,536.2
1,932.5
1,196.3
736.3
4,603.6
877.9
2,395.4
328.6
2,066.8
636.0
252.8
383.2
224.9
469.5
311.1
326.9
594.4
6,582.6
1,935.9
1,193.3
742.6
4,646.7
880.9
2,404.0
338.7
2,065.3
637.2
255.2
382.1
247.9
476.5
319.3
326.9
611.2
6,582.7
1,901.7
1,179.4
722.3
4,681.0
881.9
2,412.0
347.6
2,064.3
665.3
286.2
379.1
239.9
481.9
362.4
324.5
639.9
6,614.7
1,911.8
1,179.0
732.8
4,702.9
884.8
2,434.2
359.5
2,074.8
669.8
289.9
379.9
231.1
482.9
361.0
312.2
642.7
6,696.7
1,921.1
1,171.4
749.7
4,775.6
889.5
2,463.7
371.2
2,092.5
676.0
293.7
382.3
249.2
497.2
358.0
326.6
648.8
6,680.6
1,934.8
1,188.2
746.7
4,745.7
885.6
2,457.8
367.0
2,090.8
674.1
291.3
382.7
235.5
492.8
352.9
343.4
653.9
6,706.6
1,923.2
1,179.8
743.4
4,783.4
891.8
2,465.4
369.9
2,095.5
677.8
295.6
382.2
251.5
496.9
376.0
326.7
649.8
6,712.9
1,915.8
1,164.3
751.6
4,797.0
889.1
2,469.3
372.4
2,096.9
679.0
296.8
382.2
255.9
503.7
356.0
310.0
649.5
6,693.3
1,911.5
1,155.4
756.0
4,781.8
891.9
2,461.9
375.3
2,086.6
674.0
291.7
382.4
256.4
497.5
348.4
325.3
644.2
7,297.1
7,568.0
7,675.7
7,696.7
7,768.1
7,838.4
7,858.8
7,958.3
7,958.9
7,987.0
7,956.5
7,939.6
4,740.9
636.4
4,104.4
997.6
3,106.8
1,501.7
400.5
1,101.3
130.6
406.5
4,923.6
671.0
4,252.6
1,056.8
3,195.8
1,543.3
397.7
1,145.6
83.8
441.7
5,000.3
677.9
4,322.4
1,076.4
3,246.0
1,582.3
435.6
1,146.7
77.3
414.6
5,049.7
651.7
4,398.0
1,106.8
3,291.2
1,560.3
424.6
1,135.7
76.2
407.7
5,123.3
675.5
4,447.8
1,124.5
3,323.3
1,587.8
433.5
1,154.3
32.7
450.6
5,138.7
654.9
4,483.7
1,134.9
3,348.8
1,593.3
458.9
1,134.4
39.0
466.3
5,151.4
650.7
4,500.8
1,136.2
3,364.6
1,576.9
447.0
1,129.9
30.7
486.9
5,180.9
674.7
4,506.2
1,132.2
3,374.1
1,617.0
460.0
1,157.1
37.6
491.2
5,210.1
634.5
4,575.5
1,131.9
3,443.6
1,569.4
442.5
1,126.9
43.5
501.8
5,212.6
662.7
4,549.8
1,131.6
3,418.2
1,642.3
482.6
1,159.7
24.4
479.2
5,139.7
682.9
4,456.8
1,129.8
3,326.9
1,643.5
468.1
1,175.4
46.7
494.0
5,152.9
728.1
4,424.8
1,131.5
3,293.3
1,621.7
450.0
1,171.7
43.7
490.7
6,779.8
6,992.5
7,074.4
7,094.0
7,194.4
7,237.2
7,246.0
7,326.7
7,324.9
7,358.5
7,323.9
7,309.1
517.3
575.5
601.3
602.7
573.7
601.1
612.9
631.6
634.0
628.5
632.5
630.6
16
Federal Reserve Bulletin Statistical Supplement • October 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Sept.1
2004
2004
2003
Mar.1
Apr/
May7
June7
July7
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Seasonall f adjusted
Assets
5,562.9
1 Bank credit
1,526.6
2
Securities in bank credit
964.0
3
Treasury and Agency securities2 . .
5,858.7
1,714.0
1,108.4
5,893.5
1,688.1
1,104.4
5,912.9
1,671.2
1,096.6
5,936.6
1,671.6
1,096.0
5,945.4
1,647.4
1,089.3
5,981.3
1,652.6
1,090.8
6,039.3
1,663.5
1,087.4
6,031.3
1,666.2
1,095.5
6,050.9
1,670.4
1,097.6
6,051.1
1,662.5
1,083.5
6,028.7
1,657.4
1,075.5
5
Loans and leases in bank credit3 . . . .
6
Commercial and industrial
7
Real estate
8
Revolving home equity
9
Other
10
Consumer
11
Security4
12
Other loans and leases
13 Interbank loans
14 Cash assets5
15 Other assets6
4,036.3
763.6
2,227.9
258.5
1,969.5
601.6
88.2
355.0
271.1
266.6
519.9
4,144.7
744.8
2,286.5
308.1
1,978.4
639.1
93.2
381.2
266.2
266.4
520.4
4,205.5
743.4
2,343.6
318.0
2,025.6
639.8
96.5
382.1
286.0
271.5
546.5
4,241.7
743.7
2,378.8
327.9
2,051.0
641.4
94.7
383.0
275.5
271.8
561.9
4,265.0
747.0
2,393.1
337.6
2,055.5
644.0
97.4
383.5
288.6
277.5
579.1
4,298.0
749.8
2,399.9
347.0
2,052.9
672.5
86.6
389.2
334.0
268.8
600.2
4,328.7
753.6
2,416.5
358.3
2,058.2
673.0
92.1
393.5
328.6
261.3
603.9
4,375.9
758.8
2,440.8
369.6
2,071.2
674.6
98.9
402.7
332.7
264.6
605.3
4,365.2
758.0
2,435.7
365.7
2,070.0
675.7
96.8
399.0
327.0
273.4
605.0
4,380.5
759.8
2,439.5
367.9
2,071.6
675.8
102.6
402.9
347.2
265.2
605.9
4,388.6
757.8
2,446.4
370.8
2,075.7
675.7
98.6
410.1
336.7
259.1
610.8
4,371.3
760.3
2,440.5
373.8
2,066.7
671.9
97.9
400.9
322.4
261.4
601.4
16 Total assets7
6,545.2
6,838.8
6,925.3
6,950.6
7,010.4
7,077.6
7,103.9
7,170.6
7,165.6
7,198.1
7,186.3
7,142.6
4,315.1
633.5
3,681.6
586.6
3,095.0
1,190.1
361.6
828.6
229.6
298.4
4,457.8
668.2
3,789.6
595.3
3,194.3
1,201.3
347.1
854.2
245.6
350.6
4,500.7
659.3
3,841.5
602.3
3,239.2
1,226.0
385.5
840.5
264.8
329.7
4,563.1
649.4
3,913.8
619.6
3,294.1
1,213.5
381.6
831.9
256.8
313.7
4,599.5
670.9
3,928.6
623.5
3,305.1
1,242.0
386.5
855.6
214.6
367.4
4,605.5
645.8
3,959.7
618.7
3,341.0
1,260.8
418.5
842.2
228.7
388.6
4,632.2
657.9
3,974.3
625.9
3,348.4
1,259.6
402.7
856.9
205.5
400.8
4,659.7
671.6
3,988.0
632.9
3,355.1
1,280.8
409.1
871.7
195.9
399.3
4,654.4
625.0
4,029.4
631.7
3,397.8
1,247.5
395.3
852.2
203.7
408.8
4,684.9
655.7
4,029.2
633.4
3,395.7
1,301.7
423.6
878.1
191.8
389.6
4,658.0
696.8
3,961.2
633.0
3,328.2
1,299.0
419.7
879.3
195.9
401.1
4,641.7
720.9
3,920.8
632.0
3,288.7
1,281.6
401.5
880.1
195.9
397.8
6,033.2
6,255.3
6,321.2
6,347.0
6,423.5
6,483.5
6,498.2
6,535.7
6,514.4
6,568.1
6,554.1
6,517.1
512.0
583.4
604.1
603.6
586.9
594.1
605.7
634.9
651.2
630.0
632.2
625.5
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)8
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Assets
5,576.5
Bank credit
1,523.4
Securities in bank credit
958.0
Treasury and Agency securities2 . .
565.5
Other securities
Loans and leases in bank credit3 . . . . 4,053.0
761.9
Commercial and industrial
2,241.1
Real estate
259.6
Revolving home equity
1,981.6
Other
n.a.
Other residential
n.a.
Commercial
602.8
Consumer
224.7
Credit cards and related plans . .
378.1
Other 4
89.4
Security
357.7
Other loans and leases
265.2
Interbank loans
267.5
Cash assets5
523.5
Other assets6
48 Total assets7
49
50
51
52
53
54
55
56
57
58
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
59 Total liabilities
60 Residual (assets less liabilities)8
Footnotes appear on p. A21.
5,825.1
1,705.3
1,104.4
600.9
4,119.8
745.7
2,273.3
305.8
1,967.4
n.a.
n.a.
633.1
249.6
383.5
91.0
376.6
270.2
256.1
516.7
5,869.8
1,684.9
1,107.8
577.1
4,184.9
746.7
2,332.3
317.0
2,015.3
n.a.
n.a.
632.1
248.3
383.8
95.1
378.6
295.6
267.4
546.2
5,907.1
1,674.5
1,104.1
570.4
4,232.7
747.6
2,378.5
328.6
2,049.9
n.a.
n.a.
636.0
252.8
383.2
90.3
380.3
276.6
267.0
561.0
5,931.5
1,673.7
1,099.8
573.9
4,257.9
750.0
2,387.7
338.7
2,048.9
1,080.6
968.3
637.2
255.2
382.1
98.3
384.7
290.0
269.9
575.5
5,931.3
1,642.0
1,087.6
554.4
4,289.3
749.3
2,395.4
347.6
2,047.8
1,071.3
976.4
665.3
286.2
379.1
87.0
392.1
330.6
264.0
602.3
5,975.7
1,650.4
1,086.7
563.7
4,325.3
750.4
2,418.4
359.5
2,058.9
1,072.0
986.9
669.8
289.9
379.9
92.9
393.8
328.6
251.7
606.2
6,047.2
1,659.4
1,080.2
579.1
4,387.8
757.1
2,448.3
371.2
2,077.1
1,078.8
998.4
676.0
293.7
382.3
100.4
406.1
324.8
265.3
609.4
6,033.3
1,666.4
1,092.1
574.3
4,366.9
753.7
2,442.3
367.0
2,075.3
1,082.0
993.3
674.1
291.3
382.7
94.9
401.8
323.1
284.1
611.1
6,063.2
1,664.1
1,088.6
575.5
4,399.1
758.3
2,450.0
369.9
2,080.1
1,081.9
998.2
677.8
295.6
382.2
106.6
406.4
344.5
265.7
609.4
6,058.9
1,656.1
1,075.1
581.0
4,402.8
757.1
2,454.0
372.4
2,081.6
1,080.4
1,001.2
679.0
296.8
382.2
101.5
411.3
319.7
249.3
608.6
6,037.8
1,652.4
1,067.5
584.9
4,385.4
759.7
2,446.6
375.3
2,071.3
1,070.5
1,000.9
674.0
291.7
382.4
98.5
406.5
312.5
261.1
609.7
6,557.3
6,794.8
6,907.0
6,940.1
6,995.5
7,057.5
7,090.8
7,175.2
7,180.2
7,211.1
7,165.1
7,150.1
4,314.8
625.7
3,689.1
585.2
3,104.0
1,193.8
362.0
831.8
232.0
300.9
4,446.1
659.5
3,786.6
593.4
3,193.1
1,190.3
348.5
841.8
239.8
344.0
4,508.4
666.5
3,841.9
598.3
3,243.6
1,233.0
390.6
842.4
249.8
315.1
4,542.2
640.2
3,902.0
616.9
3,285.1
1,229.7
382.1
847.6
254.4
311.5
4,592.0
663.4
3,928.5
622.9
3,305.6
1,252.4
385.8
866.6
213.0
365.0
4,592.2
643.5
3,948.7
617.3
3,331.4
1,262.0
418.4
843.6
223.0
380.9
4,618.3
639.5
3,978.8
625.6
3,353.2
1,256.0
405.2
850.7
205.2
400.3
4,659.8
663.4
3,996.5
631.4
3,365.1
1,284.8
409.6
875.2
198.0
402.8
4,689.6
623.2
4,066.4
632.8
3,433.6
1,241.9
395.9
846.0
205.1
411.5
4,694.9
651.1
4,043.8
632.6
3,411.2
1,305.7
424.2
881.5
192.7
391.1
4,616.5
671.8
3,944.7
629.2
3,315.5
1,313.4
421.6
891.8
199.0
405.6
4,631.6
717.0
3,914.6
628.9
3,285.7
1,286.2
399.9
886.3
199.5
404.0
6,041.4
6,220.2
6,306.4
6,337.8
6,422.4
6,458.1
6,479.7
6,545.4
6,548.0
6,584.4
6,534.4
6,521.3
515.9
574.7
600.7
602.3
573.2
599.4
611.1
629.8
632.3
626.7
630.8
628.8
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
Sept.'
2004
2004
2003
Mar.'
Apr/
May7
June7
July7
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Seasonall f adjusted
Assets
3,118.8
1 Bank credit
828.7
2
Securities in bank credit
469.7
3
Treasury and Agency securities2 . .
38.5
4
Trading account
431.2
5
Investment account
332.4
6
Mortgage-backed
98.8
7
Other
359.0
8
Other securities
179.6
9
Trading account
179.4
10
Investment account
31.1
11
State and local government . .
148.3
12
Other
13 Loans and leases in bank credit3 . . . . 2,290.0
464.7
14
Commercial and industrial
1,166.7
15
Real estate
173.6
16
Revolving home equity
993.1
17
Other
654.9
18
Other residential
338.2
19
Commercial
324.1
20
Consumer
4
80 5
21
Security
22
Federal funds sold to and
repurchase agreements
62.9
with broker-dealers
17.6
23
Other
13.7
24
State and local government
8.5
25
Agricultural
26
Federal funds sold to and
repurchase agreements with
28.0
others
97.1
27
All other loans
106.7
28
Lease-financing receivables
180.6
29 Interbank loans
30
Federal funds sold to and
repurchase agreements with
110.8
commercial banks
69.7
31
Other
148.3
32 Cash assets5
369.4
33 Other assets6
34 Total assets7
35
36
37
38
39
40
41
42
43
44
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
45 Total liabilities
46 Residual (assets less liabilities)8
Footnotes appear on p. A21.
3,291.4
1,001.3
611.7
45.1
566.6
452.6
114.0
389.6
204.8
184.8
33.7
151.1
2,290.1
433.1
1,155.2
210.3
944.8
603.6
341.2
336.6
85 5
3,249.9
962.0
595.1
45.0
550.0
442.6
107.5
367.0
181.9
185.1
33.8
151.2
2,287.8
431.2
1,149.7
216.5
933.2
590.9
342.4
338.1
89.2
3,248.9
937.4
575.7
45.4
530.3
424.6
105.7
361.8
180.2
181.6
33.4
148.2
2,311.5
431.4
1,173.5
223.2
950.3
606.7
343.6
339.2
87.5
3,259.0
936.7
576.0
40.5
535.5
423.5
112.0
360.7
179.9
180.8
33.2
147.6
2,322.3
432.1
1,181.4
229.8
951.6
605.5
346.1
337.4
90.4
3,261.9
920.4
569.7
38.1
531.5
421.7
109.8
350.8
189.2
161.5
33.1
128.4
7 341.5
432.8
1,184.8
236.9
947.9
601.0
346.9
357.7
79.6
3,287.5
929.0
573.1
40.4
532.7
423.8
109.0
355.9
191.5
164.4
32.9
131.5
2,358.5
433.1
1,194.1
245.1
949.0
600.7
348.4
356.5
85.0
3,331.9
945.6
575.1
47.9
527.2
418.4
108.8
370.5
200.8
169.7
33.3
136.3
2,386.3
435.1
1,204.2
253.6
950.5
601.1
349.4
357.6
91.6
3,320.0
942.7
578.8
45.0
533.8
423.8
110.0
364.0
196.9
167.0
33.0
134.0
2,377.2
435.0
1,200.9
250.5
950.4
602.7
347.7
357.2
89.8
3,337.0
949.2
583.0
53.9
529.1
419.2
109.9
366.2
196.8
169.4
33.2
136.1
2,387.7
435.4
1,201.1
252.3
948.8
600.2
348.6
357.9
95.3
3,343.8
947.0
573.8
45.5
528.3
419.0
109.3
373.2
203.0
170.1
33.6
136.5
2,396.8
435.0
1,208.0
254.8
953.1
602.8
350.4
358.6
90.9
3,331.0
944.5
567.3
49.5
517.8
411.1
106.7
377.2
206.4
170.8
33.6
137.2
2,386.5
435.6
1,206.3
257.0
949.3
598.5
350.8
357.5
90.5
64.7
20.7
14.6
9.1
67.1
22.1
14.9
9.3
64.1
23.3
14.9
9.2
69.5
20.9
14.8
9.2
59.1
20.4
15.3
9.2
65.3
19.7
15.7
9.2
71.6
19.9
15.9
9.3
69.0
20.8
15.7
9.2
76.0
19.2
15.8
9.3
71.4
19.5
15.9
9.3
70.0
20.5
16.1
9.3
24.4
129.7
101.9
179.3
21.1
134.4
99.8
209.4
17.8
141.9
95.9
198.0
19.3
143.1
94.4
214.2
22.2
146.9
92.9
258.7
23.1
149.2
92.6
254.6
29.7
150.8
92.2
257.5
28.9
148.1
92.5
257.4
27.2
153.7
92.1
272.9
34.1
153.0
92.1
255.3
30.1
149.1
92.0
247.1
95.2
84.1
147.8
362.2
99.2
110.2
152.9
383.4
90.6
107.4
152.3
394.6
106.5
107.7
157.0
418.8
141.7
117.1
149.8
423.8
138.8
115.9
141.9
426.6
140.3
117.2
145.1
425.8
135.2
122.1
154.0
422.4
157.6
115.3
145.0
431.6
137.8
117.6
139.8
434.8
133.7
113.4
141.7
415.7
3,772.8
3,939.9
3,956.2
3,955.1
4,010.3
4,056.3
4,072.6
4,122.7
4,116.2
4,148.9
4,136.1
4,097.7
2,179.4
304.8
1,874.7
266.3
1,608.3
775.2
205.1
570.1
215.5
231.0
2,261.5
320.5
1,941.0
258.5
1,682.6
755.5
183.3
572.1
225.5
280.0
2,283.9
315.5
1,968.5
263.0
1,705.4
742.9
189.5
553.4
241.3
257.9
2,320.6
303.6
2,017.0
278.5
1,738.5
726.3
190.7
535.6
234.0
241.7
2,334.9
315.1
2,019.7
287.4
1,732.3
747.0
196.1
551.0
198.8
295.8
2,328.6
303.8
2,024.8
279.2
1,745.6
761.4
221.6
539.8
214.5
313.1
2,338.4
313.4
2,025.0
279.5
1,745.5
771.4
214.6
556.7
192.5
323.6
2,353.1
322.8
2,030.2
281.4
1,748.8
789.0
216.9
572.0
184.8
320.1
2,353.2
293.9
2,059.2
279.2
1,780.0
765.3
209.0
556.3
191.3
328.3
2,376.4
312.5
2,063.9
284.4
1,779.5
809.8
228.1
581.7
180.8
311.1
2,350.1
339.0
2,011.1
282.2
1,728.9
800.7
222.9
577.8
183.5
321.5
2,333.6
353.9
1,979.7
279.2
1,700.5
784.7
208.3
576.3
187.4
318.8
3,401.2
3,522.5
3,526.0
3,522.6
3,576.4
3,617.7
3,625.8
3,647.0
3,638.1
3,678.1
3,655.9
3,624.4
371.7
417.4
430.2
432.5
433.8
438.6
446.8
475.7
478.1
470.8
480.2
473.3
18
Federal Reserve Bulletin Statistical Supplement • October 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Sept/
2004
2004
2003
Mar.'
Apr.'
May'
June'
July'
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Not seasona lly adjusted
Assets
3,129.7
47 Bank credit
828.6
48
Securities in bank credit
466.6
49
Treasury and Agency securities2 .
38.1
50
Trading account
428.5
51
Investment account
330.8
52
Mortgage-backed
97.7
53
Other
361.9
54
Other securities
55
Trading account
181.1
180.9
56
Investment account
31.4
57
State and local government .
149.5
58
Other
59 Loans and leases in bank credit3 . . . 2,301.2
464.9
60
Commercial and industrial
1,174.7
61
Real estate
174.2
62
Revolving home equity
1,000.5
63
Other
662.5
64
Other residential
338.0
65
Commercial
324.8
66
Consumer
93.3
67
Credit cards and related plans .
231.5
68
Other
4
81.8
69
Security
70
Federal funds sold to and
3,261.4
985.1
600.1
44.7
555.5
442.5
112.9
384.9
202.4
182.6
33.3
149.3
2,276.3
433.5
1,148.5
208.6
939.9
600.5
339.5
334.7
101.7
233.1
83.1
3,235.5
955.1
594.8
45.3
549.5
441.3
108.2
360.3
178.6
181.7
33.2
148.5
2,280.4
433.1
1,147.1
215.8
931.4
589.7
341.7
335.1
102.0
233.1
87.8
3,251.5
943.1
585.5
46.1
539.4
432.0
107.4
357.6
178.1
179.5
33.0
146.5
2,308.4
433.2
1,177.5
2^3 9
953.6
608.8
344.8
336.8
104.2
232.5
83.2
3,262.6
937.3
578.4
40.8
537.6
424.8
112.8
358.9
179.0
179.9
33.0
146.9
2,325.2
433.3
1,183.9
230.7
953.2
606.5
346.7
335.2
103.8
231.4
91.3
3,257.0
917.2
570.1
38.0
532.1
422.7
109.5
347.0
187.2
159.8
32.8
127.0
2,339.9
432.2
1,185.0
237.4
947.5
600.8
346.7
354.6
127.0
227.6
80.0
3,286.2
930.3
572.5
40.2
532.3
423.8
108.5
357.7
192.5
165.3
33.1
132.2
2,356.0
431.7
1,195.4
246.0
949.4
600.9
348.5
354.9
127.5
227.5
85.7
3,337.0
944.8
571.3
47.4
523.9
416.2
107.7
373.5
202.4
171.1
33.6
137.5
2,392.2
435.2
1,205.9
254.5
951.3
601.6
349.7
358.5
129.5
229.0
93.1
3,325.1
948.2
580.5
45.2
535.4
425.0
110.3
367.6
198.9
168.7
33.4
135.4
2,377.0
433.5
1,203.8
251.6
952.2
603.8
348.4
357.1
127.4
229.7
87.6
3,346.3
947.6
578.7
53.5
525.2
416.2
109.0
368.9
198.2
170.6
33.5
137.2
2,398.8
436.0
1,205.0
253.5
951.4
601.8
349.6
358.9
130.0
228.9
99.4
3,344.2
942.1
566.9
44.7
522.2
414.9
107.3
375.2
204.2
171.0
33.7
137.3
2,402.1
435.3
1,208.1
255.5
952.6
602.4
350.2
360.0
131.2
228.8
94.3
3,335.1
941.4
561.2
48.5
512.7
408.0
104.6
380.2
208.1
172.2
33.8
138.3
2,393.7
436.5
1,206.3
257.6
948.7
598.1
350.6
358.8
129.9
228.9
91.4
63.9
17.9
13.7
8.5
63.0
20.1
14.6
9.0
66.0
21.8
14.9
9.2
61.0
22.2
14.9
9.2
70.3
21.0
14.8
9.3
59.4
20.6
15.3
9.3
65.8
19.9
15.7
9.2
72.9
20.3
15.9
9.3
67.3
20.3
15.7
9.2
79.3
20.1
15.8
9.3
74.1
20.2
15.9
9.3
70.7
20.7
16.1
9.4
28.0
98.1
106.6
176.4
24.4
126.9
101.6
178.8
21.1
132.3
99.7
215.2
17.8
140.0
95.8
201.4
19.3
143.9
94.2
217.0
22.2
148.6
92.8
257.6
23.1
147.7
92.5
255.0
29.7
152.4
92.2
251.0
28.9
148.7
92.3
248.4
27.2
155.3
92.0
270.0
34.1
153.3
91.8
245.6
30.1
152.7
92.4
241.6
108.4
68.0
147.7
372.9
95.0
83.8
142.4
358.5
101.9
113.3
151.8
383.1
92.1
109.3
148.5
393.8
107.9
109.1
150.1
415.2
141.1
116.6
145.0
425.9
139.0
116.0
134.2
428.8
136.8
114.2
144.4
429.9
130.5
117.8
157.3
428.6
156.0
114.1
145.1
435.0
132.6
113.1
133.5
432.6
130.8
110.8
141.1
424.0
3,782.5
3,900.0
3,946.6
3,956.4
4,006.1
4,047.7
4,066.2
4,124.4
4,121.5
4,158.7
4,118.3
4,104.2
2,180.2
298.5
1,881.7
264.9
1,616.8
778.8
205.5
573.3
217.9
233.5
2,251.6
315.9
1,935.7
256.5
1,679.2
744.5
184.7
559.7
219.7
273.4
2,287.7
322.0
1,965.6
259.0
1,706.6
750.0
194.5
555.4
226.4
243.3
2,304.2
298.7
2,005.5
275.7
1,729.8
742.6
191.2
551.4
231.6
239.5
2,328.5
311.9
2,016.6
286.8
1,729.8
757.4
195.4
562.0
197.2
293.4
2,321.6
301.7
2,019.9
277.7
1,742.2
762.7
221.4
541.2
208.8
305.5
2,328.4
299.2
2,029.2
279.2
1,750.0
767.7
217.1
550.6
192.1
323.1
2,354.4
316.3
2,038.1
279.9
1,758.2
792.9
217.4
575.5
186.9
323.6
2,371.3
287.4
2,083.9
280.4
1,803.4
759.6
209.6
550.1
192.7
331.0
2,384.8
309.3
2,075.5
283.5
1,791.9
813.8
228.7
585.1
181.7
312.6
2,325.6
323.4
2,002.2
278.4
1,723.8
815.0
224.7
590.3
186.6
326.0
2,332.5
351.9
1,980.6
276.1
1,704.5
789.2
206.8
582.5
191.0
324.9
3,410.5
3,489.2
3,507.2
3,517.9
3,576.6
3,598.6
3,611.3
3,657.9
3,654.6
3,692.8
3,653.2
3,637.6
372.0
410.8
439.4
438.5
429.5
449.1
454.9
466.6
466.9
465.9
465.1
466.6
71
72
73
74
75
76
77
78
79
80
81
with broker-dealers
Other
State and local government
Agricultural
Federal funds sold to and
repurchase agreements
with others
All other loans
Lease-financing receivables
Interbank loans
Federal funds sold to and
repurchase agreements
with commercial banks
Other
Cash assets5
Other assets6
82 Total assets7
83
84
85
86
87
88
89
90
91
92
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the US
From others
Net due to related foreign offices
Other liabilities
93 Total liabilities
94 Residual (assets less liabilities)8
Footnotes appear on p. A21
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
Sept.1
2004
2004
2003
Mar.1
Apr/
May7
June7
July7
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
2,441.5
Securities in bank credit
695.2
Treasury and Agency securities2 . .
491.7
Other securities
203.5
Loans and leases in bank credit3 . . . . 1,746.2
Commercial and industrial
298.9
Real estate
1,061.2
Revolving home equity
84.9
Other
976.3
Consumer
277.5
Security4
7.7
Other loans and leases
101.0
Interbank loans
90.5
5
Cash assets
118.3
Other assets6
150.5
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)8
2,573.4
718.8
502.8
216.0
1,854.6
311.7
1,131.3
97.8
1,033.5
302.4
7.8
101.5
86.9
118.6
158.2
2,645.1
727.5
510.8
216.7
1,917.6
312.2
1,193.9
101.5
1,092.3
301.7
7.3
102.5
76.6
118.6
163.1
2,662.1
731.9
519.1
212.8
1,930.2
312.3
1,205.3
104.6
1,100.7
302.2
7.2
103.1
77.5
119.5
167.3
2,678.9
736.3
521.3
214.9
1,942.7
314.9
1,211.7
107.8
1,103.9
306.5
7.0
102.5
74.4
120.5
160.3
2,683.5
727.1
519.7
207.4
1,956.5
317.0
1,215.1
110.1
1,105.0
314.7
7.0
102.6
75.3
119.0
176.5
2,692.0
721.8
515.8
206.0
1,970.2
320.5
1,222.4
113.2
1,109.2
316.6
7.1
103.7
74.0
119.4
177.4
2,704.5
714.9
509.3
205.6
1,989.5
323.7
1,236.7
116.0
1,120.7
317.0
7.3
104.8
75.2
119.5
179.5
2,706.4
718.4
511.7
206.7
1,987.9
323.1
1,234.8
115.3
1,119.6
318.5
7.0
104.5
69.6
119.4
182.6
2,709.8
717.1
510.5
206.6
1,992.8
324.4
1,238.5
115.7
1,122.8
317.9
7.3
104.7
74.4
120.2
174.3
2,705.5
713.7
507.9
205.8
1,991.8
322.9
1,238.5
115.9
1,122.5
317.1
7.7
105.7
81.3
119.4
176.0
2,696.5
711.7
507.0
204.7
1,984.8
324.7
1,234.2
116.8
1,117.4
314.4
7.4
104.2
75.3
119.7
185.7
2,769.7
2,904.9
2,970.6
2,993.6
3,001.4
3,021.4
3,029.4
3,045.0
3,044.5
3,045.0
3,048.4
3,043.6
2,135.7
328.8
1,807.0
320.3
1,486.7
414.9
156.5
258.4
14.1
67.3
2,196.3
347.7
1,848.6
336.9
1,511.7
445.8
163.8
282.0
20.1
70.6
2,216.8
343.8
1,873.0
339.3
1,533.8
483.1
196.1
287.0
23.5
71.9
2,242.5
345.7
1,896.8
341.2
1,555.6
487.2
190.9
296.3
22.8
72.0
2,264.7
355.8
1,908.9
336.1
1,572.8
495.0
190.4
304.6
15.8
71.6
2,276.9
342.0
1,934.9
339.5
1,595.4
499.3
196.9
302.4
14.2
75.4
2,293.9
344.6
1,949.3
346.4
1,602.9
488.3
188.1
300.2
13.1
77.2
2,306.6
348.8
1,957.8
351.5
1,606.3
491.8
192.2
299.6
11.1
79.2
2,301.2
331.0
1,970.2
352.4
1,617.8
482.2
186.3
296.0
12.3
80.5
2,308.5
343.3
1,965.3
349.0
1,616.3
491.9
195.5
296.4
11.0
78.5
2,307.9
357.8
1,950.1
350.8
1,599.3
498.3
196.8
301.5
12.4
79.5
2,308.1
367.1
1,941.1
352.8
1,588.2
496.9
193.1
303.8
8.6
79.0
2,632.0
2,732.9
2,795.2
2,824.4
2,847.0
2,865.8
2,872.4
2,888.7
2,876.3
2,890.0
2,898.2
2,892.7
137.7
172.1
175.3
169.2
154.4
155.6
157.0
156.3
168.2
155.0
150.2
151.0
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Assets
2,446.7
Bank credit
694.9
Securities in bank credit
491.3
Treasury and Agency securities2 . .
203.5
Other securities
Loans and leases in bank credit3 . . . . 1,751.8
297.1
Commercial and industrial
1,066.5
Real estate
85.4
Revolving home equity
981.1
Other
n.a.
Other residential
n.a.
Commercial
277.9
Consumer
131.4
Credit cards and related plans . .
146.5
Other
7.6
Security4
102.8
Other loans and leases
88.8
Interbank loans
119.8
Cash assets5
150.5
Other assets6
48 Total assets7
49
50
51
52
53
54
55
56
57
58
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
59 Total liabilities
60 Residual (assets less liabilities)8
Footnotes appear on p. A21.
2,563.7
720.2
504.2
216.0
1,843.5
312.3
1,124.8
97.3
1,027.5
n.a.
n.a.
298.4
148.0
150.5
7.9
100.1
91.4
113.8
158.2
2,634.3
729.8
513.0
216.7
1,904.5
313.6
1,185.2
101.3
1,084.0
n.a.
n.a.
297.0
146.3
150.7
7.3
101.4
80.4
115.6
163.1
2,655.7
731.4
518.7
212.8
1,924.2
314.4
1,200.9
104.7
1,096.3
n.a.
n.a.
299.3
148.6
150.7
7.1
102.5
75.1
118.5
167.3
2,669.0
736.3
521.4
214.9
1,932.6
316.6
1,203.8
108.1
1,095.7
474.1
621.6
302.0
151.3
150.7
7.0
103.2
73.0
119.8
160.3
2,674.3
724.9
517.5
207.4
1,949.4
317.2
1,210.4
110.2
1,100.2
470.5
629.7
310.7
159.2
151.5
7.0
104.0
72.9
119.0
176.5
2,689.4
720.1
514.2
206.0
1,969.3
318.7
1,223.0
113.4
1,109.6
471.1
638.4
314.9
162.4
152.4
7.2
105.6
73.5
117.5
177.4
2,710.2
714.6
509.0
205.6
1,995.7
321.8
1,242.5
116.6
1,125.8
477.2
648.7
317.5
164.2
153.3
7.2
106.6
73.8
120.9
179.5
2,708.2
718.3
511.6
206.7
1,989.9
320.2
1,238.5
115.5
1,123.1
478.1
644.9
317.0
163.9
153.0
7.3
106.9
74.8
126.7
182.6
2,716.8
716.5
509.9
206.6
2,000.3
322.3
1,245.1
116.4
1,128.7
480.1
648.6
318.9
165.6
153.3
7.3
106.8
74.4
120.6
174.3
2,714.7
714.0
508.2
205.8
2,000.7
321.8
1,245.9
116.9
1,129.0
477.9
651.1
319.0
165.7
153.3
7.2
106.9
74.1
115.8
176.0
2,702.7
711.0
506.4
204.7
1,991.7
323.2
1,240.4
117.7
1,122.7
472.4
650.3
315.2
161.8
153.5
7.1
105.8
70.9
120.1
185.7
2,774.8
2,894.9
2,960.5
2,983.8
2,989.4
3,009.8
3,024.6
3,050.8
3,058.8
3,052.5
3,046.8
3,045.9
2,134.6
327.1
1,807.5
320.3
1,487.2
414.9
156.5
258.4
14.1
67.3
2,194.5
343.6
1,850.9
336.9
1,514.0
445.8
163.8
282.0
20.1
70.6
2,220.7
344.5
1,876.2
339.3
1,537.0
483.1
196.1
287.0
23.5
71.9
2,238.0
341.5
1,896.5
341.2
1,555.3
487.2
190.9
296.3
22.8
72.0
2,263.4
351.5
1,911.9
336.1
1,575.8
495.0
190.4
304.6
15.8
71.6
2,270.5
341.8
1,928.7
339.5
1,589.2
499.3
196.9
302.4
14.2
75.4
2,289.9
340.3
1,949.6
346.4
1,603.2
488.3
188.1
300.2
13.1
77.2
2,305.5
347.1
1,958.4
351.5
1,606.9
491.8
192.2
299.6
11.1
79.2
2,318.3
335.8
1,982.5
352.4
1,630.1
482.2
186.3
296.0
12.3
80.5
2,310.1
341.9
1,968.3
349.0
1,619.3
491.9
195.5
296.4
11.0
78.5
2,290.9
348.5
1,942.5
350.8
1,591.7
498.3
196.8
301.5
12.4
79.5
2,299.1
365.0
1,934.1
352.8
1,581.3
496.9
193.1
303.8
8.6
79.0
2,630.9
2,731.0
2,799.2
2,819.9
2,845.8
2,859.5
2,868.4
2,887.5
2,893.4
2,891.6
2,881.2
2,883.6
143.8
163.9
161.3
163.8
143.6
150.3
156.2
163.2
165.4
160.9
165.6
162.2
20
Federal Reserve Bulletin Statistical Supplement • October 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Sept.
2004
2004
2003
Mar.'
Apr.'
May'
June'
July'
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 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
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
22 Total liabilities
23 Residual (assets less liabilities)8
622.2
262.4
107.1
155.2
359.8
144.3
17.3
124.0
74.2
37.3
52.9
34.5
658.9
266.4
96.6
169.8
392.6
133.6
17.3
149.8
91.9
29.5
54.7
28.7
642.8
264.3
95.4
168.9
378.5
130.8
17.8
141.0
88.8
32.1
57.1
33.3
631.8
258.0
92.1
165.9
373.8
130.2
16.9
137.9
88.7
34.6
60.6
32.8
651.2
262.2
93.5
168.7
389.0
131.4
16.4
150.8
90.4
29.3
57.5
35.7
655.3
259.6
91.7
167.9
395.7
133.3
16.6
157.1
88.8
31.8
61.2
38.7
648.1
261.4
92.3
169.1
386.7
135.9
15.8
146.8
88.1
32.5
60.4
36.9
656.9
261.7
91.1
170.6
395.2
133.7
15.4
155.6
90.5
33.2
60.1
41.1
661.4
268.4
96.1
172.3
393.0
133.9
15.5
153.7
90.0
29.7
59.4
43.9
646.7
259.1
91.2
167.9
387.6
134.8
15.4
147.6
89.8
31.5
60.5
42.4
658.3
259.7
89.2
170.5
398.6
133.1
15.3
157.9
92.3
36.3
59.1
43.1
661.8
259.0
87.9
171.2
402.8
133.0
15.3
164.3
90.2
35.9
61.3
36.1
746.4
771.4
764.8
759.3
773.2
786.6
777.4
790.9
793.9
780.6
796.3
794.7
433.8
10.6
423.2
308.0
38.5
269.5
102.9
104.3
472.9
11.9
461.0
353.0
49.2
303.8
155.4
98.2
482.3
11.6
470.6
349.3
45.1
304.2
170.3
101.4
496.2
11.7
484.5
330.6
42.5
288.0
176.3
97.8
523.9
12.1
511.8
335.4
47.7
287.7
178.0
87.3
547.9
11.5
536.5
331.3
40.5
290.8
182.5
86.5
540.7
529.4
321.0
41.8
279.1
174.9
86.3
530.7
11.1
519.5
332.3
50.4
281.9
161.9
87.2
531.4
11.5
520.0
327.5
46.7
280.9
161.5
90.4
529.0
11.7
517.3
336.6
58.3
278.3
168.9
87.7
531.3
10.9
520.4
330.1
46.5
283.6
154.5
86.7
528.7
10.5
518.2
335.5
50.1
285.5
159.3
84.3
743.2
768.7
762.7
748.2
768.6
783.2
773.1
788.2
787.9
784.4
793.6
789.3
3.3
2.7
2.2
11.1
4.6
3.4
4.3
2.7
6.0
3.8
2.8
5.4
Not seasonally adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
40 Total assets7
41
42
43
44
45
46
47
48
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
49 Total liabilities
50 Residual (assets less liabilities)8
Footnotes appear on p. A21.
615.9
262.4
107.1
39.4
67.7
155.2
102.5
52.7
353.6
142.8
17.3
118.6
74.8
37.3
53.9
33.1
662.4
266.4
96.6
35.1
61.5
169.8
101.2
68.6
396.0
135.4
17.3
151.6
91.6
29.5
52.9
28.8
648.6
264.3
95.4
35.0
60.4
168.9
98.1
70.7
384.2
131.8
17.8
144.8
89.8
32.1
56.5
32.0
629.0
258.0
92.1
33.0
59.1
165.9
100.3
65.6
371.0
130.3
16.9
134.6
89.2
34.6
60.0
33.4
651.1
262.2
93.5
35.0
58.5
168.7
104.2
64.6
388.8
131.0
16.4
149.7
91.8
29.3
57.0
35.6
651.4
259.6
91.7
34.1
57.6
167.9
104.2
63.7
391.7
132.6
16.6
152.8
89.8
31.8
60.5
37.6
639.0
261.4
92.3
34.1
58.1
169.1
105.3
63.8
377.6
134.5
15.8
138.2
89.1
32.5
60.5
36.5
649.5
261.7
91.1
36.2
55.0
170.6
105.1
65.5
387.8
132.4
15.4
148.9
91.1
33.2
61.3
39.4
647.3
268.4
96.1
37.9
58.2
172.3
108.2
64.1
378.9
131.9
15.5
140.6
91.0
29.7
59.4
42.8
643.4
259.1
91.2
37.1
54.1
167.9
103.5
64.5
384.3
133.5
15.4
144.9
90.5
31.5
61.0
40.4
653.9
259.7
89.2
36.1
53.1
170.5
104.3
66.2
394.2
132.1
15.3
154.4
92.4
36.3
60.6
40.9
655.5
259.0
87.9
34.3
53.6
171.2
104.1
67.0
396.4
132.2
15.3
157.9
91.0
35.9
64.2
34.5
739.8
773.2
768.7
756.5
772.6
780.9
768.1
783.0
778.7
775.9
791.3
789.6
426.0
10.8
415.3
308.0
38.5
269.5
101.3
105.6
477.6
11.5
466.0
353.0
49.2
303.8
156.0
97.7
491.9
11.4
480.5
349.3
45.1
304.2
172.6
99.4
507.5
11.5
496.0
330.6
42.5
288.0
178.2
96.2
531.3
12.0
519.3
335.4
47.7
287.7
180.3
85.6
546.5
11.4
535.0
331.3
40.5
290.8
184.0
85.3
533.2
11.1
522.0
321.0
41.8
279.1
174.5
86.6
521.0
11.3
509.8
332.3
50.4
281.9
160.4
88.3
520.5
11.3
509.2
327.5
46.7
280.9
161.5
90.4
517.6
11.6
506.1
336.6
58.3
278.3
168.3
88.1
523.2
11.1
512.1
330.1
46.5
283.6
152.2
88.4
521.3
11.2
510.2
335.5
50.1
285.5
155.8
86.7
738.3
772.3
768.0
756.1
772.0
779.1
766.3
781.2
776.9
774.1
789.5
787.8
1.5
.8
.7
.4
.5
1.8
1.8
1.8
1.8
1.8
1.8
1.8
Commercial Banking Institutions—Assets and Liabilities
1.26
21
Assets and Liabilities1—Continued
COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items
Billions of dollars
Wednesday figures
Monthly averages
Account
2003
Sept.
2004
2004
Mar.'
Apr.
May
June
July
Aug.
Sept.
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Not seasonally adjusted
MEMO
7
8
9
10
Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items9
Revaluation losses on off-balancesheet items 9
Mortgage-backed securities10
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities"
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12
11
12
13
14
Small domestically chartered
commercial banks, adjusted for
m ergers
10
Mortgage-backed securities12
Securitized consumer loans
Credit cards and related plans
Other
1
2
3
4
5
6
Foreign-related institutions
15 Revaluation gains on off-balancesheet items 9
16 Revaluation losses on off-balancesheet items 9
17 Securitized business loans12
109.8'
126.5
103.9'
99.0
96.8
105.4
111.3
109.2
105.2
106.6
112.1
113.4
93.3'
382.2
269.3
112.9
115.6
502.1
380.5
121.7
89.8'
499.0
383.8
115.2
82.5
487.8
377.8
110.1
83.0
483.4
376.3
107.1'
94.7
483.0
376.5
106.5
102.0
488.6
378.4
110.2
99.2
486.9
373.4
113.5
96.4
494.5
380.3
114.3
95.4
486.7
372.9
113.8
102.2
486.4
373.2
113.1
103.2
479.2
366.6
112.6
10.5
153.5
132.9
20.6
2.7'
151.2'
131.0'
20.2
2.4'
148.3'
128.6'
19.7
2.8'
149.3'
129.1'
20.2
2.3'
152.1'
130.2'
21.9
.7
2.7
2.8
2.1
3.4
2.4
151.7
130.2
21.5
150.5
129.5
21.0
151.9
130.7
21.1
149.9
128.9
21.0
149.4
128.4
21.0
150.9
130.0
20.9
6.8
6.6
6.6
6.6
6.6
6.6
331.6
214.5
207.2
329.9
214.0
206.6
331.9
213.5
206.2
330.7
211.9
204.6
329.3
213.0
205.7
327.4
216.8
209.5
4.9
146.0'
127.6'
18.4
7.9
321.7'
219.8'
212.6'
7.4
330.0
220.6
213.4
7.4
7.4
333.9'
217.8'
210.7'
336.6'
213.3'
206.1'
7.3
336.1'
213.3'
206.1'
7.2
333.6'
215.7'
208.4'
7.2
7.2
7.1
7.2
7.2
7.3
7.3
7.3
7.3
7.3
7.3
7.3
66.9
61.8
58.4
60.5
58.7'
58.5
57.4
56.8
57.6
54.8
56.8
57.5
66.6
67.8
64.8
63.3'
58.9
60.5'
59.7
59.3
59.8
57.0
59.5
60.4
1.2
.3
.3
.3
.3
.3
.3
.3
.3
.3
NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," 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
;„„ .ff—:— i—1~, !,„,,„ i
1 1 u,, i—1
"heet estimates of all foreign-related
ta are break-adjusted.
i. covers me loiiowmg types oi msiiiuiions m me uiiy states and the District of Columt.~.
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
es International Banking Facilities Data are Wednesday values or pro
;
small domestic banks and foreignrelated institutions are estimates based on weekly samples
and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications
of assets and liabilities.
The data for large and small domestic banks presented on pp. 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
.3
.3
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 • October 2004
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December
2004
Item
2
3 Nonfinancial companies
1999
2000
2001
2002
2003
Jan.
Feb.
Mar.
Apr.
May
June
1,403,023
1,619,274
1,458,870
1,347,997
1,265,351
1,296,647
1,320,002
1,326,855
1,348,435
1,339,606
1,327,368
1,123,883
279,140
1,275,841
343,433
1,234,023
224,847
1,193,950
154,047
1,160,317
105,034
1,182,719
113,928
1,202,280
117,722
1,213,472
113,383
1,233,129
115,306
1,217,653
121,953
1,206,539
120,829
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
2001—Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec.
4
1
21
19
16
28
22
18
3
7
12
9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75
2002—Nov.
7
4.25
2003—June 27
4.00
2004—June 30
4.25
Period
Average
rate
2001
2002
2003
6 91
4.67
4.12
2001—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84
1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call
Period
2002—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.35
4.25
Period
Average
rate
2003—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00
2004—Jan
Feb
Mar
Apr
May
June
July
4.00
4.00
4.00
4.00
4.00
4.01
4.25
Report. Data in this table also appear in the Board's H.15 (519) weekly statistical release,
available at 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
2004
Item
2001
2002
2004, week ending
2003
Apr.
May
June
July
July 2
July 9
July 16
July 23
July 30
MONEY MARKET INSTRUMENTS
1 Federal funds'^ 3
2 Discount window primary credit2'4
3.88
n.a.
1.67
n.a.
1.13
n.a.
1.00
2.00
1.00
2.00
1.03
2.01
1.26
2.25
1.11
2.04
1.28
2.25
1.25
2.25
1.25
2.25
1.26
2.25
3.78
3.68
3.65
1.67
1.67
1.69
1.11
1.11
1.11
1.00
1.01
1.05
1.00
1.04
1.07
1.13
1.22
1.34
1.29
1.38
1.50
1.26
1.33
1.47
1.25
1.34
1.46
1.26
1.35
1.49
1.31
1.39
1.50
1.34
1.44
1.55
3.80
3.71
3 65
1.68
1.69
1 70
1.12
1.13
1 13
1.02
1.03
1 06
1.02
1.08
1 16
1.15
1.26
1 39
1.32
1.41
1 51
1.29
1.36
1 47
1.27
1.37
1 47
1.30
1.39
1 48
1.32
1.43
1 52
1.38
1.48
1 58
3.84
3.71
3.66
1.72
1.73
1.81
1.15
1.15
1.17
1.04
1.08
1.21
1.05
1.20
1.46
1.21
1.46
1.76
1.37
1.57
1.85
1.32
1.54
1.84
1.30
1.52
1.80
1.34
1.55
1.82
1.39
1.59
1.86
1.44
1.63
1.92
3.70
1.73
1.14
1.07
1.18
1.43
1.55
1.52
1.52
1.53
1.56
1.61
2.43
3.40
3 34
1.60
1.61
1 68
1.00
1.01
1 05
0.89
0.94
1 09
0.89
1.02
1 31
1.02
1.27
1 60
1.16
1.33
1 66
1.09
1.30
1 65
1.11
1.28
1 61
1.14
1.32
1 64
1.18
1.34
1 66
1.28
1.43
1 74
3.49
3.83
4.09
4.56
4.88
5.02
5.63
2.00
2.64
3.10
3.82
4.30
4.61
5.43
1.24
1.65
2.10
2.97
3.52
4.01
4.96
1.43
2.07
2.57
3.39
3.89
4.35
5.16
1.78
2.53
3.10
3.85
4.31
4.72
5.46
2.12
2.76
3.26
3.93
4.35
4.73
5.45
2.10
2.64
3.05
3.69
4.11
4.50
5.24
2.14
2.71
3.16
3.81
4.24
4.63
5.35
2.04
2.56
2.98
3.65
4.09
4.49
5.24
2.07
2.58
2.99
3.64
4.07
4.47
2.12
2.66
3.05
3.67
4.08
4.46
5.20
2.16
2.76
3.16
3.78
4.19
4.56
5.30
5.01
5.75
5.15
4.87
5.64
5.04
4.52
5.20
4.75
4.69
5.34
4.82
4.93
5.57
5.07
4.85
5.47
5.05
4.71
5.28
4.87
4.76
5.32
4.98
4.62
5.18
4.81
4.66
5.27
4.85
4.75
5.32
4.84
4.76
5.33
4.88
7.49
7.10
6.24
6.13
6.43
6.36
6.17
6.27
6.18
6.16
6.13
6.22
7.08
7.26
7.67
7.95
6.49
6.93
7.18
7.80
5.66
6.14
6.38
6.76
5.73
6.10
6.25
6.46
6.04
6.40
6.54
6.75
6.01
6.21
6.42
6.78
5.82
6.02
6.23
6.62
5.92
6.11
6.33
6.71
5.83
6.02
6.23
6.63
5.81
6.00
6.21
6.60
5.78
5.98
6.19
6.58
5.87
6.06
6.28
6.66
1.32
1.61
1.72
1.60
1.68
1.65
1.69
1.65
1.67
1.67
1.70
1.73
356
Commercial paper ' '
Non financial
Financial
Certificates of deposit, secondary market3'1
12 Eurodollar deposits, 3-month3'8
US Treasury bills
Secondary market3'5
13
4-week
U.S. TREASURY NOTES AND BONDS
Constant maturities^
18
3-year
20
7-year
22
20-year
STATE AND LOCAL NOTES AND BONDS
Moody's series^
24 Baa
25 Bond Buyer series "
CORPORATE BONDS
26 Seasoned issues, all industries12
27
28
29
30
Rating group
Aaa13
Aa
A
Baa
MEMO
Dividend-price ratio14
NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release, available at: www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/
2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York.
Historical series for the rate on adjustment credit is available at: http://
www.federalreserve.gov/releases/hl5/data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web
pages (http://www.federalreserve.gov/releases/cp) for more information.
7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. General obligation bonds based on Thursday figures; Moody's Investors Service.
11. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's
Al rating. Based on Thursday figures.
12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.
24
Federal Reserve Bulletin Statistical Supplement • October 2004
1.36
STOCK MARKET
Selected Statistics
Apr.
May
July
Aug.
Prices and trading volume (averages of daily figures)
Common stockprices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6,407.95
749.46
444.45
377.72
596.61
5,571.46
656.44
430.63
260.50
554.88
5,456.48
634.11
437.37
238.05
566.74
6,244.68
714.93
509.35
257.12
638.41
6,569.76
741.19
521.11
271.45
657.07
6,661.38
n.a.
n.a.
n.a.
n.a.
6,574.75
n.a.
n.a.
n.a.
n.a.
6,600.77
n.a.
n.a.
n.a.
n.a.
6,371.44
n.a.
n.a.
n.a.
n.a.
6,548.06
n.a.
n.a.
n.a.
n.a.
6,443.45
n.a.
n.a.
n.a.
n.a.
6,352.8
1,136.44
1,201.35
1,233.36
1,244.69
1,245.60
1,186.63
1,218.98
1,248.23
1,222.33
6 Standard & Poor's Corporation
(1941-43= 10)'
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
1,361,043
n.a.
68,074
1,202,885
n.a.
Customer financing (millions of dollars, end-of-period balances)
3
10 Margin credit at broker-dealers . . . .
Free credit balances at brokers*
11 Margin accounts5
12 Cash accounts
101,640
78,040
134,380
173,220
95,690
73,340
92,560
84,920
92,560
84,920
92,570
82,740
180,360
179,710
93,840
84,540
100,680
80,560
103,670
84,670
106,250
85,060
180,090
177,030
177,100
109,820
85,540
114,720
83,530
114,330
Margin requirements (percent of market value and effective date)6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
May 6, 1970
70
50
70
65
50
65
1. In July 1976 a financial group, one 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.
Dec. 6, 1971
Nov. 24, 1972
Jan.3, 1974
65
50
65
50
50
50
6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.
Federal Finance
1.40
25
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2002
1 Federal debt outstanding
....
2 Public debt securities
3
Held by public
4
Held by agencies
5 Agency securities
6
Held by public
7
Held by agencies
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
6,153.3
6,255.4
6,433.0
6,487.7
6,697.1
6,810.3
7,023.4
7,156.2
7,298.6
6,126.5
3,463.5
2,662.9
6,228.2
3,552.6
2,675.6
6,405.7
3,647.4
2,758.3
6,460.8
3,710.8
2,750.0
6,670.1
3,816.3
2,853.8
6,783.2
3,924.0
2,859.3
6,998.0
4,044.1
2,954.5
7,131.1
4,176.7
2,954.4
7,274.3
4,218.7
3,055.6
26.8
26.8
.0
27.2
27.2
.0
27.3
27.3
.0
26.9
26.9
.0
27.0
27.0
.0
27.0
27.0
.0
25.4
25.4
.0
25.1
25.1
.0
24.2
24.2
.0
6,737.6
6,952.9
7,088.6
7,229.3
6,058.1
.2
6,161.1
.3
6,359.1
.3
6,399.8
.2
6,625.3
.2
6,736.3
.3
6,952.6
.3
7,088.5
.1
7,274.3
.1
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
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds' .
Nonmarketable2
State and local government series . .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder1
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks6
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international8
Other miscellaneous investors7'9
Q3
Q4
Ql
Q2
6,963.1
3,575.1
928.8
1,905.8
564.4
176.2
3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0
16.0
7,115.6
3,721.1
985.0
1,983.4
564.3
188.4
3,394.5
155.7
7,274.3
3,755.5
946.8
2,052.2
556.0
200.4
3,518.8
161.5
6.7
6.7
.0
6.4
6.4
.0
193.5
15.4
194.1
3,111.7
15.3
5,662.2
5,943.4
6,405.7
6,998.0
5,618.1
2,966.9
646.9
1,557.3
5,930.8
2,982.9
811.3
1,413.9
6,963.1
3,575.1
928.8
1,905.8
564.4
176.2
3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0
16.0
6,754.8
626.5
602.7
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2
140.1
2,947.9
146.3
15.4
15.4
.0
181.5
2,574.8
12.7
6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3
2,270.1
511.7
2,880.4
201.5
220.7'
110.2
297.2'
2,572.2
551.7
2,819.5
181.5
257.5
105.7
339.4'
2,757.8
629.4
3,018.5
222.8'
278.8'
139.7'
351.5'
2,955.1
666.7
3,377.9
154.0'
279.6'
136.5'
2,860.7
656.1
3,268.0
146.9'
286.4
137.4'
355.6'
2,955.1
666.7
3,377.9
154.0'
279.6'
136.5'
2,955.9
674.1
3,502.8
165.0'
281.3'
140.7'
362.9'
3,057.4
687.4
3,531.5
161.6
258.0
144.1
368.3
184.8
288.8'
110.9'
177.9'
1,034.2
550.3'
190.3
248.7'
96.3'
152.4'
1,051.2'
194.9
248.6'
104.4'
144.1'
1,246.8'
296.5'
203.8
254.4'
107.0'
147.4'
1,542.0'
395.5'
201.5
249.9'
108.3
141.6'
1,463.1'
366.6'
203.8
254.4'
107.0'
147.4'
1,542.0'
395.5'
204.4
255.7'
110.5'
145.2'
1,706.9'
339.7
204.6
262.9
110.9
152.0
1,759.0
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.
426.0'
3,460.6
918.2
1,799.4
576.8
166.1
3,294.2
148.4
11.0
11.0
.0
192.6
2,912.2
13.4
3,008.6
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 • October 2004
1.42
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
2004
Item
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven2
6
Inflation-indexed
7
8
9
10
11
12
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed
Corporate securities
13 One year or less
14 More than one year
15
16
17
18
19
20
21
22
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
W7"-it'll -it'll t±r
w itn otner
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
Apr.
May
2004, week ending
June
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
51,750
46,528
54,324
62,294
60,008
57,922
44,327
51,853
68,745
57,184
46,634
49,401
192,267
194,486
174,927
213,689
154,422
192,539
151,442
185,801
167,042
115,530
137,421
160,704
138,825
155,258
139,633
182,304
149,160
160,820
103,462
128,020
153,174
96,100
114,282
103,887
111,502
25,497
5,059
128,000
27,107
4,140
96,359
22,724
2,933
103,818
22,250
3,595
99,589
24,161
2,772
115,471
22,770
3,422
79,337
20,227
2,333
88,056
23,927
2,939
110,777
23,390
4,870
76,594
20,288
7,354
102,880
21,814
5,416
93,792
18,545
10,614
53,212
55,322
55,350
57,122
45,303
58,448
56,648
60,290
71,765
49,383
53,891
53,110
13,079
8,446
8,059
6,600
7,805
12,361
6,458
6,197
4,686
5,929
5,505
7,552
7,271
7,169
5,689
8,146
5,965
5,695
5,412
4,699
4,865
4,207
6,442
7,263
4,147
588
4,816
424
3,681
455
3,869
260
3,658
442
3,929
420
3,094
413
3,969
621
3,620
550
5,014
632
4,322
521
2,666
270
234,609
190,638
186,076
136,290
280,742
227,016
124,229
132,231
193,462
298,014
186,021
135,009
130,394
19,725
128,772
18,998
137,084
19,571
117,293
14,634
124,948
18,271
151,190
20,240
138,266
20,324
141,847
21,425
159,542
13,140
133,912
21,173
134,639
24,343
118,893
23,782
241,626
253,377
226,465
268,788
232,994
258,713
184,052
213,170
232,075
166,324
193,595
197,337
8,216
70,141
680
7,856
56,856
736
8,058
51,099
511
6,960
40,138
496
7,891
76,256
533
10,141
60,826
454
7,316
35,739
569
7,321
35,959
496
7,334
44,596
614
6,256
85,596
499
8,611
54,649
475
6,839
52,941
646
283,275
302,141
264,435
319,162
257,118
294,231
217,077
267,425
295,923
206,726
234,852
239,606
70,081
164,468
149,440
68,320
133,782
147,034
65,176
134,977
156,143
69,037
96,152
131,430
55,283
204,487
142,687
70,712
166,190
170,976
64,710
88,490
158,020
68,455
96,272
162,776
78,152
148,866
172,068
58,909
212,418
154,585
62,071
131,372
158,507
64,023
82,068
142,029
NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-
backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.
Federal Finance
1.43
U.S. GOVERNMENT SECURITIES DEALERS
27
Positions and Financing1
Millions of dollars
2004
2004, week ending
Item, by type of security
Mar.
Apr.
May
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
Net outright positions2
28,175
27,169
24,115
5,915
12,859
17,604
26,819
63,405
46,241
25,661
20,144
15,997
30,226
49,978
40,214
54,454
55,448
53,016
41,564
48,279
57,972
53,785
51,720
56,603
60,081
63,543
64,358
62,345
50,761
60,507
66,048
60,545
56,274
5,975
4,226
132
19,431
6,187
3
20,617
10,411
669
23,488
8,143
685
21,501
9,460
431
17,050
10,765
400
18,579
10,540
617
24,355
13,334
1,436
24,699
13,035
1,437
21,941
11,542
1,222
28,409
12,218
1,152
46,346
36,871
41,430
39,339
43,503
46,361
37,065
39,826
38,020
40,317
40,789
22,072
21,019
20,585
19,725
19,839
20,466
23,035
19,223
16,920
19,686
16,863
1,888
2,340
4,868
6,696
4,926
4,806
3,987
4,279
2,505
2,589
3,156
6,196
3,086
4,825
2,989
3,817
3,218
3,805
3,234
2,725
3,083
4,100
3,108
4,331
3,388
4,243
3,304
3,395
3,040
3,977
2,727
2,469
2,719
12 Mortgage-backed
16,128
15,563
14,861
12,597
11,608
18,061
14,601
17,565
18,794
12,391
17,727
Corporate securities
13 One year or less
14 More than one year
33,347
91,560
33,238
89,744
27,922
86,871
31,413
93,479
26,012
85,143
30,689
85,480
27,274
84,339
24,138
88,177
29,879
88,551
33,362
90,633
33,361
90,239
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-indexed
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
Financing3
Securities in, US. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term
855,135
1,065,122
882,241
1,037,748
940,606
1,143,648
940,450
1,109,474
931,663
1,192,419
948,439
1,082,521
922,972
1,151,282
967,004
1,184,434
972,986
1,257,026
979,545
1,264,826
969,555
1,312,063
173,738
210,720
182,778
206,649
191,631
213,752
184,839
203,936
198,815
210,883
192,604
210,467
190,055
216,685
189,208
228,076
186,960
239,461
186,223
234,867
181,217
241,832
42,303
280,694
47,180
272,464
49,963
289,725
47,709
275,650
50,529
282,985
56,417
292,168
41,548
295,579
54,171
301,623
55,243
300,253
39,162
291,464
53,266
307,474
95,251
44,583
96,666
44,253
99,276
46,649
97,260
45,454
99,146
46,262
99,825
46,651
99,827
47,327
99,936
47,432
100,950
47,730
101,611
48,022
101,644
47,330
571,314
1,329,832
568,834
1,299,064
634,339
1,433,895
621,163
1,372,721
617,519
1,474,590
646,087
1,375,419
617,191
1,448,359
678,620
1,499,711
662,745
1,584,379
644,607
1,582,658
646,247
1,661,494
829,373
941,904
824,786
909,562
825,747
1,042,618
842,522
980,716
813,120
1,087,546
822,718
982,496
802,487
1,074,399
863,454
1,081,299
873,417
1,161,065
862,399
1,162,238
855,949
1,223,318
309,757
143,555
309,913
140,772
314,781
149,819
307,115
138,073
319,894
150,001
319,715
145,728
313,275
152,846
310,492
162,797
313,134
168,648
315,177
160,787
309,131
165,044
403,404
173,964
393,657
188,358
380,408
193,238
376,886
192,525
377,594
191,899
384,187
198,926
382,596
192,749
379,513
188,545
377,515
195,689
386,974
191,222
402,456
201,845
171,341
35,377
178,545
36,481
180,263
38,389
183,341
38,542
176,456
37,838
184,731
37,420
178,875
39,874
178,200
38,286
179,816
37,861
186,793
37,582
183,634
36,284
1,455,729
1,236,633
1,444,447
1,202,318
1,443,991
1,346,396
1,453,091
1,271,406
1,434,457
1,385,990
1,452,309
1,290,785
1,412,979
1,381,669
1,480,008
1,394,426
1,480,848
1,493,031
1,493,014
1,482,433
1,491,883
1,565,699
MEMO
Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
3 1 Overnight and continuing
32 Term
MEMO
Repurchase agreements
33 Overnight and continuing
34 Term
NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
28
1.44
Federal Reserve Bulletin Statistical Supplement • October 2004
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
Debt Outstanding
Millions of dollars, end of period
Agency
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2'3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Farm Credit Banks8
15
Student Loan Marketing Association9
16 Financing Corporation
17 Farm Credit Financial Assistance Corporation "
18 Resolution Funding Corporation12
1,851,632
2,121,057
25,666
276
6
255
n.a.
n.a.
25,660
n.a.
2,351,039
Apr.
May
2,694,481
2,704,250
2,694,056
2,696,299
2,720,675
25,412
6
n.a.
290
24,922
6
n.a.
120
25,049
6
n.a.
120
25,138
24,953
6
n.a.
149
24,875
n.a.
n.a.
25,406
n.a.
n.a.
n.a.
24,916
n.a.
n.a.
n.a.
25,043
n.a.
n.a.
n.a.
25,132
n.a.
n.a.
n.a.
24,947
n.a.
n.a.
n.a.
24,869
n.a.
2,671,346
2,695,800
810,352
736,100
941,824
96,059
n.a.
n.a.
26,828
n.a.
26,828
n.a.
n.a.
n.a.
n.a.
2,120,781
2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996
2,669,559
2,679,201
763,647
768,600
774,661
760,000
939,279
93,371
942,43 1
94,326
61,600
64,700
8,170
1,261
29,996
8,170
1,261
29,996
2,668,918
770,195
747,300
945,343
95,676
67,500
8,170
1,261
29,996
642,700
565,071
763,500
74,181
45,375
8,170
1,261
29,996
48,350
8,170
1,261
29,996
2,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996
40,575
39,096
37,017
30,811
31,263
30,855
30,128
29,433
29,124
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13,876
25,220
n.a.
14,48'
22,52:
n.a.
16,127
14,684
n.a.
16,150
15,113
n.a.
16,335
14,520
n.a.
n.a.
16,373
13,060
n.a.
1,825,966
594,404
426,899
623,740
76,673
795,477
728,300
940,296
95,470
69,000
8,170
1,261
29,996
68,600
8,170
1,261
29,996
MEMO
19 Federal Financing Bank debt13
20
21
22
23
24
Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6
Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other
5,275
13,126
22,174
1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners' assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.
16,426
13,702
16,627
12,497
10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.
Securities Markets and Corporate Finance
1.45
NEW SECURITY ISSUES
29
State and Local Governments
Millions of dollars
Type of issue or issuer,
or use
Apr.'
May7
July
1 All issues, new and refunding1
291,919
363,888
384,245
30,907
20,511
26,660
38,992
31,009
38,052
35,620
24,628
By type of issue
2 General obligation . . . .
3 Revenue
118,554
170,047
145,323
214,788
143,914
238,279
9,072
21,835
9,246
11,265
12,492
14,168
16,247
22,745
11,704
19,305
7,956
30,096
10,227
25,393
8,860
15,768
By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township . . .
30,099
197,462
61,040
33,931
259,070
67,121
49,795
253,553
2,930
22,729
5,247
1,925
15,155
3,432
4,420
17,258
4,982
5,399
24,271
9,321
4,107
21,279
5,623
8,795
21,452
7,805
6,764
20,590
8,266
2,310
16,573
5,745
7 Issues for new capital
200,255
242,882
264,634
24,220
11,922
17,150
21,715
20,942
24,953
27,546
16,937
50,054
21,411
21,917
n.a.
57,894
22,093
33,404
n.a.
7,227
73,033
70,315
23,816
10,244
n.a.
22,346
97,709
5,865
926
849
n.a.
1,703
8,578
5,533
70
133
n.a.
1,069
3,821
6,063
1,379
107
n.a.
959
6,747
5,726
2,330
385
n.a.
1,583
7,515
6,210
2,249
882
n.a.
2,270
5,692
5,379
1,733
439
n.a.
1,335
12,502
6,517
1,977
751
n.a.
1,832
13,207
4,887
2,200
823
n.a.
1,516
5,543
8
9
10
11
12
13
By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
6,607
55,733
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
2003
Type of issue, offering,
or issuer
2001
2002
2004
2003
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1 All issues'
1,543,981
1,432,548
1,819,401
162,527
139,428
150,136
173,157
192,848
141,553
148,070
191,476
2 Bonds2
1,415,427
1,322,113
1,692,260
145,558
126,270
136,400
151,062
175,433
131,339
135,131
183,475
1,359,039
56,389
1,235,868
86,246
1,579,311
112,949
135,493
10,065
119,516
6,753
122,499
13,902
135,866
15,196
160,257
15,176
116,406
14,933
119,809
15,322
170,210
13,265
24,415
18,870
20,701
2,502
2,684
539
1,597
1,675
1,416
3,092
947
459,610
955,817
282,484
1,039,629
362,340
1,329,920
22,877
122,680
25,365
100,904
113^858
17,907
133,155
36,881
138,552
21,948
109,391
13,815
121,316
17,940
165,535
230,049
170,904
185,964
16,969
13,158
13,736
22,095
17,415
10,214
12,939
8,001
128,554
101,495
110,435
60,469
127,141
58,823
16,969
n.a.
13,158
n.a.
13,736
n.a.
22,095
n.a.
17,415
n.a.
10,214
n.a.
12,939
n.a.
8,001
n.a.
77,577
50,977
62,115
48,320
44,389
82,752
8,233
8,736
3,694
9,464
4,900
8,836
6,296
15,799
9,368
8,047
4,153
6,061
5,046
7,893
4,711
3,290
By type of offering
3 Sold in the United States
MEMO
5 Private placements, domestic
By industry group
8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group
1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.
2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.
30
1.47
Federal Reserve Bulletin Statistical Supplement • October 2004
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets1
Millions of dollars
2004
Item
2002
2003'
Jan.
3
3 Net sales
4 Assets
4
5 Cash5
6 Other
Mar.
Apr.
May
June
July1
Aug.
1,823,569
1,711,138
181,507
144,567
163,224
151,920
117,904
124,965
119,990
113,546
1,702,368
121,201
1,494,968
216,170
133,323
48,184
111,818
32,749
134,653
28,571
132,171
19,749
131,415
13,511
119,717
5,248
108,796
11,194
105,664
7,882
4,118,926
5,362,397
5,502,747
5,617,297
5,622,686
5,510,446
5,536,440
5,636,780
5,489,559
5,525,521
208,450
3,910,476
258,594
5,103,803
271,952
5,230,795
277,245
5,340,052
260,275
5,362,411
267,217
5,243,229
259,540
5,276,900
268,651
5,368,129
260,395
5,229,164
275,745
5,249,776
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
Feb.
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
2003
2002
Q4
Ql
Q2
2004
Q3
Q4
Ql
Q2
ASSETS
5 LESS:
Reserves for unearned income
8 All other
9 Total assets
950.2
341.9
447.0
161.3
951.2
321.4
455.3
174.5
1,022.2
365.8
457.4
198.9
951.2
321.4
455.3
174.5
943.2
315.4
453.9
173.9
960.6
321.4
455.8
183.4
1,000.0
359.7
445.6
194.7
1,022.2
365.8
457.4
198.9
1,056.2
374.4
475.6
206.2
1,075.4
390.2
471.3
213.9
60.6
21 0
57.0
23 8
50.6
24 5
57.0
23 8
53.2
23 6
52.9
24 0
51.8
24 4
50.6
24 5
49.4
24 0
47.2
23 9
868.5
524.9
870.3
586.4
947.1
751.8
870.3
586.4
866.4
604.7
883.7
653.0
923.8
717.2
947.1
751.8
982.8
748.2
1,004.3
731.1
1,393.4
1,456.8
1,698.9
1,456.8
1,471.1
1,536.8
1,641.0
1,698.9
1,731.1
1,735.5
50.8
158 6
48.0
141 5
56.2
136 3
48.0
141 5
47.3
127 3
53.2
145 3
57.6
132 9
56.2
136 3
59.8
138 6
52.6
140 6
99.2
569.9
326.2
188.8
88.2
631.9
339.8
207.3
99.8
746.2
424.2
236.3
88.2
631.9
339.8
207.3
87.2
645.4
343.6
220.3
96.0
672.5
358.2
211.5
95.8
705.8
422.4
226.5
99.8
746.2
424.2
236.3
104.8
759.7
435.1
233.1
107.9
769.3
426.8
238.2
1,393.4
1,456.8
1,698.9
1,456.8
1,471.1
1,536.8
1,641.0
1,698.9
1,731.1
1,735.5
LIABILITIES AND CAPITAL
Debt
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
Note. Some of the data presented in the table is available in the 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
Seasonally adjusted
1 Total
2
3
4
Consumer . .
Real estate .
Business . . .
r,248.4r
r,277.4r
r,333.rr
515.2'
207.7
525.5'
519.1'
217.4
540.9'
542.5'
239.6
551.0'
542.5'
239.6
551.0'
r,336.3r
r,347.2r
546.6'
243.7
546.0'
546.0'
246.0
555.3'
548.8'
243.8
562.9'
r,364.3
549.9
247.1
557.2
556.3
251.0
557.0
Not seasonally adjusted
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
29
30
31
32
33
34
35
36
Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables6 . . . .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6 . .
r, 284.3
r,340.4
1,340.4
r,338.7
r,345.8
1,358.4
519.7
173.9
103.5
31.5
32.7
523.9
160.2
83.3
38.9
38.7
547.7
197.0
70.0
37.6
60.9
547.7
197.0
70.0
37.6
60.9
549.4
199.0'
68.9
39.3
63.9
545.3
201.3'
545.1
202.5'
66.6
37.6
67.2
546.5
202.5
66.1
37.7
71.1
552.0
207.6
65.3
37.7
74.9
131.9
6.8
25.0
14.3
207.7
120.1
41.2
151.9
5.7
31.1
14.0
217.4
135.0
39.5
132.8
5.5
31.6
12.2
239.6
152.2
132.8
5.5
31.6
12.2
239.6
152.2
129.8'
5.5
31.1
12.0
243.7
156.5
126.1'
5.4
122.6'
5.3
31.5
11.6
243.8
159.5
122.2
5.3
11.1
247.1
163.5
119.7
5.2
30.7
10.9
251.0
46.7
46.7
46.8
46.7
46.2
40.7
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5
39.7
3.2
543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5
36.9
3.8
553.1
74.9
18.2
40.3
16.3
36.9
3.8
553.1
74.9
18.2
40.3
16.3
35.6
1.5
561.4
92.6
17.6
50.7
24.3
277.6
74.6
277.6
74.6
203.1
105.0
35.9
1.5
561.7
91.9
17.2
50.7
24.1
268.8
71.7
197.2
108.0
50.1
5.1
42.5
2.5
23.2
50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4
48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1
47.0
2.2
42.8
2.1
20.4
11.9
8.5
25.5
47.6
2.2
16.4
6.8
7.7
NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at: www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown
67.6
38.3
64.2
30.6
11.7
246.0
158.7
47.0
36.6
3.8
36.4
3.8
554.5
75.9
17.0
42.7
16.3
203.1
105.0
545.5
72.4
17.5
38.7
16.3
272.4
74.3
198.1
103.5
198.1
108.2
36.1
1.5
569.5
88.8
16.6
48.1
24.1
275.2
75.7
199.5
111.6
48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1
50.5
2.2
46.2
2.1
21.7
12.1
9.6
25.0
51.0
2.2
46.7
2.1
21.5
12.0
9.5
25.1
48.4
2.2
44.1
2.1
20.1
11.6
8.5
25.4
272.8
74.6
r,364.4
30.6
167.6
46.3
266.2
68.6
197.6
108.9
43.3
2.1
20.4
12.1
8.3
25.6
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 • October 2004
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
Apr.
July
May
Aug.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars) . . . .
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2
Yield {percent per year)
6 Contract rate1
7 Effective rate1'3
8 Contract rate (HUD series)4
245.0
184.2
77.3
28.8
.67
261.1
197.0
77.8
28.9
.62
6.90
7.00
6.35
6.44
n.a.
n.a.
6.36
n.a.
5.81
272.1
205.3
77.9
28.7
.61
288.0
211.0
75.6
297.5
221.8
76.9
29.1
.48
.59
283.9
198.7
72.9
28.0
.45
292.9
213.6
75.5
28.6
.50
291.6
213.2
75.3
28.7
.49
288.1
213.2
75.8
28.6
.50
214.1
76.2
28.9
.48
5.63
5.72
n.a.
5.36
5.42
n.a.
5.42
5.49
n.a.
5.70
5.77
5.73
5.81
n.a.
5.89
5.96
5.81
5.88
n.a.
n.a.
5.02
n.a.
4.80
n.a.
5.25
n.a.
5.67
n.a.
5.66
n.a.
5.43
n.a.
5.2:
28.6
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)5 ..
10 GNMA securities6
n.a.
5.03
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA insured
13 Conventional
707,015
n.a.
n.a.
794,253
n.a.
n.a.
898,445
n.a.
n.a.
182,124
n.a.
n.a.
880,911
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
891,210
n.a.
n.a.
892,724
n.a.
n.a.
895,428
n.a.
n.a.
304,084
7,586
400,327
12,268
522,083
33,010
13,685
1,109
30,162
751
30,702
1,842
28,982
593
32,084
2,415
n.a.
n.a.
n.a.
n.a.
Mortgage holdings (end of period)*
17 Total
18 FHA/VA insured
19 Conventional
491,719
3,506
488,213
568,173
4,573
563,600
644,436
n.a.
n.a.
638,034
n.a.
n.a.
636,595
n.a.
n.a.
632,482
n.a.
n.a.
634,895
n.a.
n.a.
645,185
n.a.
n.a.
656,342
n.a.
n.a.
661,358
n.a.
n.a.
Mortgage transactions (duringperiod)
20 Purchases
21 Sales
n.a.
389,611
n.a.
547,046
n.a.
713,260
n.a.
26,368
n.a.
32,651
n.a.
38,219
n.a.
41,778
n.a.
39,022
n.a.
30,709
n.a.
23,461
22 Mortgage commitments contracted (during period)9
417,434
620,981
14 Mortgage transactions purchased (during period)
Mortgage commitments (duringperiod)
15 Issued7
16 To sell8
FEDERAL HOME LOAN MORTGAGE CORPORATION
1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end often years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.
6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.
Real Estate
1.54
33
MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
Type of holder and property
Q2'
Q3'
Q4'
Ql'
Q2P
6,820,568'
7,502,066'
8,335,642'
8,854,152
9,123,248
9,351,894
9,600,739
9,883,910
By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm
5,133,773'
404,487'
1,172,106'
110,203'
5,651,384'
447,697'
1,285,125'
117,860'
6,332,203'
487,291'
1,390,626'
125,523'
6,767,03 1
509,940
1,447,487
129,694
6,983,261
523,765
1,484,502
131,720
7,150,067
545,173
1,523,065
133,589
7,351,980
552,034
1,561,410
135,315
7,570,974
567,142
1,607,228
138,567
By type of holder
6 Major financial institutions
Commercial banks2
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Savings institutions3
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Life insurance companies .
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
2,618,969
1,660,054
965,635
77,803
582,577
34,039
722,974
594,221
61,258
66,965
529
235,941
4,903
33,681
183,757
13,600
2,791,076
1,789,819
1,023,851
84,851
645,619
35,498
758,236
620,579
64,592
72,534
531
243,021
4,931
35,631
188,376
14,083
3,089,824
2,058,426
1,222,126'
94,178
704,097'
38,025
781,378
631,392
68,679
80,730
577
250,019
3,280,767
3,373,051
2,263,725
1,368,832
102,841
751,847
40,205
852,054
690,404
74,928
86,095
3,387,865
2,256,037
1,346,908
104,901
763,579
40,649
870,884
703,374
77,994
3,518,918
2,329,270
1,394,747
107,440
3,671,703
2,435,855
1,473,509
110,832
808,585
42,928
966,533
789,486
83,952
92,455
639
269,316
341,140'
6
373,240'
433,565'
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
185,801'
172,230'
13,571
46,257
2,722
43,535
1 All holders .
2
3
4
5
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
Mortgage pools or trusts
Government National Mortgage Association
One- to four-family
Multifamily
Federal Home Loan Mortgage Corporation .
One- to four-family
Multifamily
Federal National Mortgage Association . . . .
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Private mortgage conduits
One- to four-family6
Multifamily
Nonfarm, nonresidential
Farm
Federal Agricultural Mortgage Corporation .
Farm
77 Individuals and others7 . . .
78
One- to four-family . . . .
79
Multifamily
80 Nonfarm, nonresidential
81 Farm
0
72,452
15,824
11,712
40,965
3,952
3,290
1,260
2,031
0
0
0
0
0
13
2
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
45
7
9
29
0
152,511
144,150
8,361
165,957'
155,419'
10,538
40,885
36,326
2,137
34,189
59,240
42,871
16,369
30'
30'
38,479
62,792
40,309
22,483
202'
202'
3,160,686'
3,616,044'
611,553'
592,624'
18,929'
822,310'
591,368'
569,460'
21,908'
948,409'
940,933'
2,406
816,602'
5,708'
1,057,750'
1,016,398'
41,352'
0
0
0
0'
0'
667,442'
432,831'
47,529'
187,082'
0'
1,631'
1,631'
7,476'
1,290,351'
1,238,125'
52,226'
0
0
0
0'
0'
784,260'
505,006'
53,537'
225,717'
0'
1,656'
1,656'
699,774'
487,776'
79,335'
110,626'
22,036'
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.
721,706'
505,787'
80,555'
111,906'
23,458'
4,657
36,816
195,040
13,506
63,887
35,851
2,192,793
1,320,612
100,130
732,391
39,660
833,625
676,163
72,715
84,152
595
254,350
3,639
37,631
199,807
13,273
626
632
648
260,944
4,403
38,556
203,946
14,039
261,990
4,583
38,685
536,637
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
543,418
48
48
0
71,271
13,820
11,588
1,247
524,680
52
52
0
69,474
14,127
11,632
40,161
3,554
4,061
1,285
2,760
0
0
0
0
0
2,776
0
0
0
0
0
0
0
47
8
9
30
0
211,146
195,079
24
4
5
15
0
232,415
214,734
17,681
48,852
2,874
45,978
61,080
489,947
7
7
0
69,930
14,413
11,641
40,352
3,525
4,006
16,067
48,490
2,853
45,637
65,249
36,605
28,644
34,266
966'
966'
1,005
1,005
4,032,968'
537,888'
512,098'
25,790'
1,082,062'
1,072,990'
9,072'
1,538,287'
1,478,610'
59,677'
0
0
0
0'
0'
874,364'
563,181'
59,034'
252,149'
0'
4,263,102
487,753
460,254
27,499
1,051,141
1,042,417
8,724
1,749,896
4,371,254
472,899
444,799
28,100
1,095,873
1,086,777
9,096
1,801,528
1,733,853
367'
367'
779,286'
559,870'
78,091'
116,480'
24,846'
41,422
927,658
753,855
81,705
91,449
257,272
3,585
38,141
202,253
13,293
26,814
980
980
28,036
785,660
1,687,263
62,633
0
0
0
0
0
67,675
0
0
0
0
0
973,973
642,188
61,684
270,101
0
339
339
999,925
656,415
63,699
279,811
0
1,029
1,029
820,335
594,277
79,743
120,654
25,661
854,263
623,568
80,321
124,319
26,055
204,643
14,079
42,476
3,387
4,460
4,763
39,768
210,356
14,429
543,899
45
45
0
69,681
13,668
11,581
41,172
3,260
4,460
59,776
33,534
1,315
3,144
0
0
0
0
0
37
6
7
24
0
240,710
220,33 1
20,379
50,007
2,942
47,065
60,819
34,119
26,242
26,700
26,478
990
990
980
980
944
944
4,547,885
473,738
444,820
28,918
1,157,186
1,147,581
9,605
1,857,045
1,780,884
76,161
0
0
0
0
0
1,058,913
696,077
67,137
295,699
0
1,003
1,003
4,634,883
464,373
438,367
26,007
4,730,407
458,722
428,141
30,581
1,181,144
1,171,341
9,803
1,879,009
1,803,584
75,425
0
0
0
0
0
1,210,565
818,625
70,452
321,488
0
967
967
879,508
641,126
81,537
130,414
26,431
903,520
662,425
81,985
132,342
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
1,163,030
1,153,377
9,653
1,878,030
1,802,301
75,729
0
0
0
0
0
1,128,484
754,707
68,962
304,815
0
966
966
26,768
1,315
3,144
0
0
0
0
0
42
7
8
27
0
241,510
218,845
22,665
51,070
3,005
48,065
60,315
33,837
937,901
695,013
82,409
133,145
27,334
6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.
34
Federal Reserve Bulletin Statistical Supplement • October 2004
CONSUMERCREDIT1
1.55
Millions of dollars, amounts outstanding, end of period
2004
Holder and type of credit
2001
2002
2003
Jan.
Feb.
Mar.
Apr.
May
June
Seasonally adjusted
1 Total
1,828,774
1,904,978
1,986,676
2,012,814
2,013,395'
2,018,048'
2,020,199'
2,024,780'
2,029,132
2 Revolving
3 Nonrevolving2
708,917
1,119,857
719,116
1,185,861
734,070
1,252,605
746,196
1,266,618
745,576
1,267,820'
744,229'
1,273,819'
739,286'
1,280,913
738,700'
1,286,080'
738,627
1,290,505
Not seasonally adjusted
1,865,188
1,942,565
2,025,536
2,020,328
2,005,254'
2,005,585'
2,006,885'
2,015,864'
2,018,677
By major holder
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets3
558,421
238,133
189,570
119,521
71,100
88,759
599,684
587,165
237,790
195,744
129,576
68,705
86,503
637,082
636,432
295,424
205,877
114,629
77,850
70,339
624,986
636,664
302,181
206,289
115,657
79,085
60,765
619,688
628,623
303,779
205,951
114,190
80,240
59,440
613,031'
624,688
307,377
207,592
109,836
81,475
62,050
612,567'
627,443
311,245
208,477
104,934
83,752
61,695
609,339'
632,719
320,116
210,044
99,767
86,104'
63,475
603,639'
625,754
324,672
212,934
94,830
88,381
62,444
609,662
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
736,954
224,878
31,538
22,265
n.a.
17,941
50,595
389,737
747,520
230,990
38,948
22,228
n.a.
16,260
48,831
390,263
763,065
260,061
37,576
22,410
n.a.
23,848
26,494
392,676
746,491
251,905
39,276
21,999
n.a.
23,196
18,258
391,857
736,480
248,028
38,323
21,546
n.a.
22,586
17,787
388,210
736,274'
243,265
37,587
21,536
n.a.
21,934
20,720
391,231'
735,102'
245,154
37,698
21,218
n.a.
22,336
20,377
388,319'
737,975'
251,711
37,654
21,325
n.a.
22,752
21,787
382,747'
738,032
248,673
39,888
21,533
n.a.
23,154
20,966
383,818
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
1 128 234
333,543
206,595
167,305
119,521
53,159
38,165
209,947
1,195,045
356,175
198,842
173,516
129,576
52,445
37,673
246,819
1,262,471
376,371
257,847
183,467
114,629
54,002
43,845
232,310
1,273,836
384,759
262,904
184,290
115,657
55,889
42,506
227,831
1,268,774'
380,594
265,457
184,405
114,190
57,654
41,653
224,821'
1,269,311'
381,423
269,790
186,056
109,836
59,541
41,330
221,336'
1,271,783'
382,289
273,547
187,259
104,934
61,416
41,318
221,020
1,277,888'
381,008
282,462
188,719
99,767
63,353'
41,688
220,892
1,280,645
377,081
284,784
191,401
94,830
65,227
41,477
225,845
4 Total
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
2004
2003
Item
2001
2002
2003
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
INTEREST RATES
Commercial banks
1 48-month new car
2 24-month personal
8.50
7.62
12.54
6.93
11.95
n.a.
n.a.
n.a.
n.a.
6.72
11.88
n.a.
n.a.
n.a.
n.a.
6.47
11.80
n.a.
n.a.
14.89
14.44
13.42
13.09
12.74
12.92
n.a.
n.a.
n.a.
n.a.
12.66
12.41
n.a.
n.a.
n.a.
n.a.
12.68
12.93
n.a.
n.a.
5.65
12 18
4.29
10 74
3.40
9 72
3.56
9 18
3.20
9 22
3.00
9 29
3.51
9 14
3.60
8 92
3.32
8 80
4.02
8 78
55.1
57 5
56.8
57 5
61.4
57 5
61.3
56 2
59.9
56 4
59.6
56 6
59.5
56 7
59.9
56 8
60.2
56 9
60.6
57 0
91
100
94
100
95
100
94
100
94
99
94
99
93
100
93
101
92
101
91
101
22,822
14,416
24,747
14,532
26,295
14,613
27,105
14,949
27,240
14,535
26,296
14,434
25,873
14,599
25,918
14,829
25,854
14,955
24,804
15,086
Credit card plan
4 Accounts assessed interest
Auto finance companies
OTHER TERMS3
Maturity (months)
Loan-to-value ratio
9 New car
Amount financed (dollars)
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release, 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 INU.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q4'
Ql'
Q2'
Q3'
Q4'
Ql'
Q2
Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
1,041.3'
1,020.4'
52.6
54.6
2.0
71.2
71.0
•2
841.6'
1,123.2'
1,323.2
1,566.7
1,514.1
2,294.0
1,509.3
1,374.3
2,034.8
1,756.5
295.9
294.9
1.0
5.6
5.1'
.5
257.6
257.1
.5
256.4
256.0
.4
184.0
185.6
1.6
723.0
722.5
.5
317.1
317.0
.1
360.0
368.6
8.6
483.9
482.9
1.1
444.9
448.6
3.6
1,093.9'
1,091.6'
1,137.4'
1,128.8'
1,065.7
1,310.3
1,330.1
1,570.9
1,192.2
1,014.3
1,550.9
6
7
8
9
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
24.4
84.2
235.2
109.8
68.5
468.5'
361.9'
26.2'
73.8'
6.7'
103.3'
37.4
54.4
221.7
82.9
26.1
561.9'
420.1'
36.2'
99.1'
6.5'
107.2'
48.1
23.6
162.6
101.8
79.6
556.5'
412.3'
29.9'
107.8'
6.6'
165.2
88.3
122.9
348.5
82.0
8.9
680.2'
517.6'
42.8'
112.2
7.7'
138.7'
64.2
159.4
132.3
87.1
20.3
827.6
680.8
37.6
101.4
7.7
77.4
13.2
197.0
99.8
27.3
33.9
982.5
804.2
64.5
109.0
4.7
37.6
9.3
119.9
169.5
83.2
4.2
1,048.6
895.0
33.6
111.7
8.3
80.3
81.4
182.6
297.0
42.4
9.9
1,122.9
924.6
57.1
134.3
6.9
102.1
4.8
130.0
96.1
111.2
22.9
991.1
783.0
52.6
147.0
8.5
104.4
74.3
107.7
70.6
90.2
68.7
886.6
669.1
83.0
125.9
8.6
45.1
34.4
167.4
114.2
45.7
22.3
1,133.9
940.0
22.5
164.5
6.9
124.4
32.9
98.8
5.7
90.7
24.5
1,063.1
825.1
55.1
171.4
11.5
45.0
17
18
19
20
21
22
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
438.1'
588.2'
398.0'
179.9
10.3'
67.7
483.8'
569.3'
373.7'
190.2
5.3'
38.5
561.0'
561.0'
357.2
192.9
10.9
15.5
628.0'
395.0'
228.2'
156.4
10.5'
105.8
731.5
190.3
34.2
148.3
7.9
143.9
847.7
287.6
105.3
178.2
4.2
175.0
945.2
285.4
174.1
105.0
6.3
99.5
999.1
405.8
269.0
133.9
2.9
166.1
844.6
238.5
77.9
148.7
11.9
109.1
637.6
280.4
100.3
170.3
9.8
96.3
1,045.5
356.9
236.2
116.1
4.5
148.6
904.9
332.5
145.9
172.8
13.8
74.3
31.2
7.8
22.8
6.6
6.0
13.0
16.3
1.9
.5
5.7
57.0
31.7
15.2
11.4
1.3
49.8'
14.2
24.5
7.3
3.8
5.6
36.1
33.5
5.3
2.3
.5
37.3
30.4
2.9
3.5
17.8
52.0
29.9
4.0
.2
61.8
72.9
100.2
31.4
3.0
64.7
56.0
8.8
5.3
5.3
46.0
20.2
26.5
.7
.0
70.8
100.1
19.6
6.7
2.9
63.8
1,033.3'
898.6'
1,073.5'
1,328.9
1,567.2
1,532.0
2,232.2
1,444.6
1,420.3
2,105.7
1,692.8
5 Nonfederal
23 Foreign net borrowing in United States
24
Commercial paper
25 Bonds
26
Bank loans n.e.c
27
Other loans and advances
28 Total domestic plus foreign
1,072.5'
29.6
39.7
7.0
1.5
Financial sectors
29 Total net borrowing by financial sectors . . .
30
31
32
33
By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government
34 Private
35
Open market paper
36
Corporate bonds
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs) . . . .
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
1,063.8'
r,054.2'
804.2'
899.6'
830.0
941.8
969.0
861.9
r,047.0
1,054.1
651.8
471.6'
278.9'
192.7'
.0
593.3'
318.8'
274.6'
.0
434.9'
235.2'
199.7'
.0
642.7'
304.1'
338.5
.0
546.7
219.8
326.8
.0
567.2
270.4
296.8
.0
495.1
222.9
272.2
.0
458.4
191.4
266.9
.0
768.4
460.8
307.6
.0
574.6
99.9
474.7
.0
83.8
18.2
65.6
.0
308.2
234.4
73.9
592.2
161.0
287.7
28.5
90.2
24.8
460.8
176.2
186.8
14.4
107.1
5.1
369.3
131.7
189.3
.4
42.5
6.2
257.0'
45.3
262.4
13.1
25.5'
1.3
283.4
63.5
333.1
1.1
6.8
5.9
374.6
62.2
538.2
98.2
7.8
4.7
473.9
27.7
501.5
40.3
43.9
3.5
403.6
50.6
400.2
12.4
38.2
3.3
278.7
62.5
317.8
14.9
.7
7.8
479.5
114.3
551.2
7.1
41.9
7.8
568.0
149.6
299.7
24.4
76.0
18.3
577.7
10.8
421.0
33.5
166.1
13.2
72.9
52.2
.6
.7
278.9'
192.7'
298.9
57.1
.0
62.7
7.2
40.0
67.2
48.0
2.2
.7
318.8'
274.6'
191.5
70.7
.0
6.3
17.2
91.5
60.0
27.3
.0
.7
235.2'
199.7'
183.0
81.9
.0
2.7
15.6
.4
52.9
2.0'
1.5
.6
304.1'
338.5
254.0
1.3
.0
2.5
1.4
55.2
49.7
23.4
2.0
2.0
219.8
326.8
193.5
42.2
.0
19.8
1.7
.6
80.5
17.4
.4
2.5
270.4
296.8
250.5
29.1
.0
18.6
24.0
34.5
80.9
18.0
2.8
4.4
222.9
272.2
257.7
45.6
.0
17.5
38.4
44.6
28.0
16.9
1.6
1.5
191.4
266.9
241.1
171.1
.0
12.9
16.2
53.3
2.8
.4
3.3
3.1
460.8
307.6
167.8
104.1
.0
36.4
9.9
49.2
85.2
25.0
1.0
2.5
99.9
474.7
137.8
148.2
.0
32.1
6.6
54.3
187.6
7.0
2.7
.4
18.2
65.6
130.7
133.8
.0
56.0
51.9
18.0
7.1
184.4
4.9
2.7
234.4
73.9
308.8
19.8
.0
44.5
3.0
42.2
36
1.57
Federal Reserve Bulletin Statistical Supplement • October 2004
FUNDS RAISED INU.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q4'
Q4'
Ql r
Q2
52 Total net borrowing, all sectors
136.3'
2,087.5'
1,702.8'
1,973.1'
2,158.9
2,509.0
2,501.0
3,094.1
2,491.6
2,474.3
2,757.5
2,578.7
53
54
55
56
57
58
59
60
193.1
419.0'
84.2
545.7
145.0
152.7
493.3'
103.3'
229.9
522.1'
54.4
410.4
69.0
127.5
567.0'
107.2'
211.6
139.0'
23.6
367.0
112.8
120.8
562.7'
165.2
147.8
637.1'
122.9
586.4
76.2
30.6'
681.5'
138.7'
91.5
804.2
159.4
431.8
80.6
24.7
833.4
77.4
38.1
823.6
197.0
607.6
128.4
22.5
987.2
37.6
15.0
679.1
119.9
641.0
127.5
48.0
1,045.2
80.3
59.2
1,181.4
182.6
597.0
61.4
25.4
1,126.2
102.1
113.7
1,085.5
130.0
405.1
91.1
27.4
998.8
104.4
168.5
934.6
107.7
648.4
98.0
110.6
894.4
45.1
284.2
567.7
167.4
394.2
28.0
95.3
1,152.2
124.4
14.2
753.2
98.8
386.9
140.1
1,076.3
45.0
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds . . . ,
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
64.3
Funds raised through mutual funds and corporate equities
61 Total net issues
166.2
192.7
244.7
300.2
229.4
270.1
300.2
472.2
390.2
412.5
548.2
201.4
62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65 Financial corporations
66 Mutual fund shares
113.3
215.5
01.4
.9
279.5
1.5
110.4
114.3
2.4
191.2
5.3
118.2
106.7
16.8
239.4
99.0
47.4
109.1
37.3
201.2
47.0
41.6
17.6
71.0
182.4
87.3
30.5
51.1
66.7
182.8
111.0
67.0
136.4
41.6
189.2
106.5
50.2
66.5
90.2
365.7
129.9
44.9
122.0
52.8
260.3
75.1
69.0
76.8
67.3
337.4
116.3
82.6
85.7
113.2
431.9
82.7
159.5
161.0
81.2
118.7
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4, 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
Q4'
Ql'
Q2'
Q3'
Q4'
Ql'
Q2
NET LENDING IN CREDIT MARKETS
1,702.8'
1,973.1'
2,158.9'
2,509.0
2,501.0
3,094.1
2,491.6
2,474.3
2,757.5
2,578.7
239.7'
130.5'
8.9'
13.3
104.8'
11.6
139.8'
,745.1'
21.1
305.6
312.1
11.6
.9
6.0
37.0'
18.9
12.8
76.9
5.8
26.1
64.9'
244.0
127.3
4.9
317.3'
192.7'
259.2
77.3
.0
5.1
6.8
26.7'
118.7'
43.7'
22.8'
2.9
100.6'
6.4
171.2'
1,791.3'
25.7
312.2
318.6
17.0
6.2
4.4
67.2'
27.5
27.8
53.5
3.0
99.3
39.7'
182.0
48.4
9.6
287.3'
274.6'
173.4
97.1
.0
2.6
34.7
103.4'
80.4'
119.1'
25.1
1.3
12.3'
11.6
241.9'
1,529.6'
33.7
357.9
339.5
23.9
12.2
6.7
56.2
28.0
.8
57.9
8.7
3.8
49.2'
143.0
20.9
5.6
246.0'
199.7'
153.2
108.6
.0
7.1
68.9
21.1'
7.1'
109.6'
1.8'
7.1
107.8'
6.0
305.3'
1,654.7'
39.9
205.2
191.6
.6
4.2
10.0
44.6'
41.5
28.1
130.9
9.0
15.8
36.9'
246.0
126.1
3.2
304.7'
338.5
227.9
4.8
.0
6.7
92.4
86.0'
8.5'
39.6'
21.6'
3.7
22.8'
9.6'
422.8'
1,718.0'
77.7
404.4
393.8
6.2
3.1
1.3
33.6'
42.7
.9
233.0
39.9
21.1
7.1'
25.3
144.2
8.6
224.1'
326.8'
170.8
21.2
.0
23.1
28.4
66.7'
83.4
120.5
197.0
65.8
.2
11.0
17.9
402.4
2,236.9
37.3
406.6
384.9
1.6
20.8
.7
186.9
45.0
2.7
283.0
56.2
7.3
20.3
128.4
213.0
26.1
246.9
272.2
233.9
8.6
64.7
282.0
52.1
74.3
67.9
4.1
54.4
8.1
746.8
2,303.2
40.3
591.4
524.6
11.6
39.7
15.5
107.9
79.4
2.5
236.4
49.7
24.3
56.7
158.4
258.4
60.1
85.8
266.9
220.5
56.5
.0
31.0
73.8
52.8
689.1
570.5
24.8
.8
92.9
20.1
321.4
1,461.0
37.6
6.1
100.5
100.0
26.1
19.4
66.4
83.6
2.5
117.1
68.7
11.8
21.7
214.9
14.5
42.5
581.2
307.6
147.9
164.4
.0
18.6
21.1
75.0
313.6
278.0
34.3
.9
69.0
4.3
682.3
1,482.7
33.8
206.1
283.0
85.3
.2
8.1
143.9
5.3
2.0
85.9
93.3
3.3
68.7
267.8
93.9
16.1
53.6
474.7
118.4
107.5
.0
26.2
306.6
64.8
303.4
439.9
85.7
.1
50.7
4.7
952.7
2,103.5
16.2
880.8
849.5
18.3
1.2
11.9
225.4
45.7
12.9
235.1
105.3
25.6
33.7
228.9
210.2
8.7
1.7
65.6
111.9
187.3
.0
57.7
185.3
291.3
271.1
163.7
61.2
1.0
47.2
12.7
773.7
1,546.6
53.0
491.4
491.1
15.9
2.3
18.5
164.6
64.8
3.4
213.4
72.0
9.7
58.5
121.9
11.1
22.9
193.8
73.9
290.6
42.2
.0
31.5
183.7
64.5
2,136.3'
2,087.5'
1,702.8'
1,973.1'
2,158.9'
2,509.0
2,501.0
3,094.1
2,491.6
2,474.3
2,757.5
2,578.7
.6
9.1'
31.8
47.3
152.4
91.8
287.2
91.3
113.3
279.5
115.5
103.2
48.0
209.0'
14.7
46.1
79.0'
996.4'
8.7
3.0
1.0
48.9'
15.0
151.2
45.1
131.1
249.1
169.8
1.5
191.2
262.5
104.4
50.8
118.6'
22.9
8.1
79.9'
1,114.2'
.4
4.0
2.4
126.9'
15.1
71.4
188.8
116.2
233.3
113.2
5.3
239.4
402.3
146.1
50.2
168.4'
25.9
56.6
4.7'
1,397.6'
4.3
.0
1.3
6.8'
28.0
204.3
267.2
68.6
428.6
22.3
99.0
201.2
83.4'
3.1
77.2
164.6'
14.5
59.9
15.9'
667.1'
9.9
.0
1.0
21.0'
17.3
43.5
270.9'
50.1'
16.8
105.0
47.0'
182.4
66.7'
87.0
60.1
186.3'
28.9
2.4
62.5'
482.0'
4.9
.0
.0
10.4
168.3
35.6
246.8
102.2
144.3
8.6
87.3
182.8
100.9
49.1
54.2
228.9
8.9
1.3
68.1
371.1
4.9
.0
.6
34.7
4.2
121.2
268.3
161.5
243.8
153.5
111.0
189.2
90.5
196.8
73.8
211.5
21.7
26.6
48.2
850.9
.6
.0
1.6
143.1
188.1
182.0
427.2
45.1
107.4
333.4
106.5
365.7
186.8
720.9
41.1
197.0
32.2
26.4
7.4
568.7
7.1
.0
.1
306.0
78.8
46.1
120.2
23.3
224.6
32.8
129.9
260.3
164.7
109.7
42.2
227.2
3.7
26.4
46.6
1,462.5
8.2
.0
.0
128.1
95.7
186.0
102.1
64.6
470.4
371.0
75.1
337.4
201.3
278.1
110.1
243.2
8.1
25.5
67.0
23.0
2.5
.0
.8
132.4
218.1
172.0
226.2
301.0
122.4
353.9
116.3
431.9
310.2
287.2
70.8
256.9
24.0
29.8
21.9
1,973.7
7.4
.0
1.2
47.2
70.6
134.2
429.5
178.0
.2
176.5
82.7
118.7
261.9
127.1
76.5
238.6
44.8
8.2
77.1
669.0
4,318.8'
4,665.0'
4,909.8'
4,015.8'
3,562.3'
4,668.3
6,346.0
4,330.5
3,508.7
7,079.8
4,711.6
.1
5.8'
3.8
62.1'
20.8
195.5'
.7
30.5'
.1
39.4'
10.8
231.2'
1.2
66.1'
20.4
106.2'
32.6
441.2'
.1
12.8'
17.2
61.9'
21.4'
304.3'
.6
11.0'
7.1
19.9'
27.8'
97.7'
1.1
20.0
2.7
134.7
1.6
230.5
420.9
47.3
89.4
198.3
26.2
264.9
2.6
42.1
287.1
32.3
62.3
29.9
128.5
.7
158.1
33.8
126.5
47.9
729.6
.4
44.4
10.6
8.8
7.4
212.4
.3
144.0
59.6
155.4
50.7
184.6
2.6
3.1
32.5'
7.4
.8
15.7'
9.0
5.7
.5'
2.9'
.1
.7'
94.1'
52.4
.5
110.6
21.6
1.1
14.0
3.2
3.3'
41.5
37.0
.3
59.9
30.4
1.0
44.4
41.2
1.7
26.2
13.1
2.4
4.5
4,466.6'
4,840.1'
5,115.0'
4,348.3'
3,501.4'
3,765.6
5,006.7
5,998.3
4,646.3
4,049.2
6,759.8
4,722.0
1 Total net lending in credit markets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
Foreign banking offices in United States
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities issuers (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
26.4
4.0
53.2
1.6
434.6
1,989.4
93.8
429.7
475.0
35.3
10.2
68.4
42.6
.8
183.7
65.6
5.2
20.3
285.7
115.1
17.8
249.2
296.8
228.8
21.6
.0
6.7
145.2
308.1
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
54
Other financial sources
Official foreign exchange
Special drawing rights certificates . . .
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency . . .
Small time and savings deposits . . . .
Large time deposits
Money market fund shares
Security repurchase agreements . . . .
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts . .
Noncorporate proprietors' equity . . .
Miscellaneous
55 Total financial sources .
56
57
58
59
60
61
Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements . . . .
Taxes payable
Miscellaneous
Floats not included in assets ( )
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets .
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.I andF.5, available at: www.federalreserve.gov/releases.
4,039.5
2. Excludes corporate equities and mutual fund shares.
38
Federal Reserve Bulletin Statistical Supplement • October 2004
1.59
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
Transaction category or sector
Q4'
Q2'
Ql'
Q3'
Q4'
Ql'
Q2
Nonfinajicial sectors
1 Total credit market debt owed by
domestic nonflnancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
18,105.9'
20,552.9
21,801.3
20,854.6
22,692.3
3,681.0
3,652.7
28.3
3,385.1
3,357.8
27.3
3,379.5
3,352.7
3,637.0
3,609.8
27.3
3,637.0
3,609.8
27.3
3,700.6
3,673.7
26.8
26.9
3,806.9
3,779.9
27.0
3,914.5
3,887.5
27.0
4,033.1
4,008.2
24.9
4,168.9
4,143.8
25.1
4,209.6
4,185.4
24.2
13,572.2r
14,720.8'
15,850.2
16,915.9
16,915.9
17,154.1
17,585.6
17,886.8
18,239.1
18,523.4
18,894.0
6
7
8
9
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans . . .
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
230.3
1,457.2
2,067.7
1,233.2
852.4
6,181.1'
4,721.5'
347.2'
1,008.8'
103.6'
1,550.2'
278.4
1,480.9
2,230.3
1,335.0
932.1
6,737.6'
5,133.8'
377.1'
1,116.5'
110.2'
1,726.5'
190.1
1,603.7
2,578.8
1,253.5
941.0
7,417.9
5,651.4
419.9
1,228.7
117.9
1,865.2
126.0
1,763.1
2,711.0
1,166.5
961.3
8,245.4
6,332.2
457.6
1,330.1
125.5
1,942.6
126.0
1,763.1
2,711.0
1,166.5
961.3
8,245.4
6,332.2
457.6
1,330.1
125.5
1,942.6
127.1
1,791.1
2,753.4
1,141.8
957.2
8,470.7
6,524.3
466.0
1,352.9
127.6
1,912.7
107.5
1,850.7
2,827.7
1,128.8
480.2
1,387.2
129.7
1,940.0
108.4
1,863.5
2,851.7
1,096.4
958.0
9,031.3
6,983.3
493.4
1,422.9
131.7
1,977.5
85.9
1,898.2
2,869.3
1,131.1
971.3
9,257.7
7,150.2
514.1
1,459.9
133.6
2,025.5
95.5
1,937.2
2,897.9
1,116.1
969.3
9,502.1
7,351.7
519.8
1,495.4
135.3
2,005.3
102.5
1,977.2
2,899.3
1,136.1
978.2
9,782.2
7,571.0
533.5
1,539.1
138.6
2,018.6
17
18
19
20
21
22
By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
6,440.8'
5,954.5'
4,188.5'
1,595.5
170.6'
1,176.9
7,012.9'
6,515.5'
4,545.7'
1,788.4
181.5'
1,192.3
7,640.9
6,911.2
4,774.4
1,944.7
192.0
1,298.1
8,372.4
7,101.4
4,808.6
2,093.0
199.9
1,442.0
8,372.4
7,101.4
4,808.6
2,093.0
199.9
1,442.0
8,523.4
7,164.6
4,847.0
2,119.3
198.3
1,466.1
8,789.9
7,274.8
4,918.7
2,153.2
202.8
1,521.0
9,027.3
7,329.8
4,934.8
2,189.3
205.7
1,529.8
9,252.3
7,427.1
4,987.1
2,232.5
207.6
1,559.7
9,424.4
7,503.6
5,036.4
2,261.6
205.6
1,595.4
9,670.4
7,594.9
5,076.9
2,305.2
212.8
1,628.7
709.6'
659.9
665.5
665.5
669.4
653.2
638.7
649.8
666.9
651.8
120.9
142.8
410.0
142.8
410.0
155.7
402.5
173.1
377.5
59.7
42.9
160.4
375.3
61.0
42.0
165.1
381.9
60.9
42.0
190.0
377.0
59.2
40.8
183.4
367.1
60.9
40.4
22,045.7
22,440.0
22,922.0
23,359.3
23,755.5
5 Nonfederal
23 Foreign credit market debt held in
United States
24
25
26
27
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
28 Total credit market debt owed by nonflnancial
sectors, domestic and foreign
452.8'
59.2
51.5'
468.0'
106.7
443.5
70.5
50.2'
63.2
46.4
68.6
68.6
44.1
44.1
67.6
43.7
17,905.8'
18,815.5'
19,889.5
21,218.4
21,218.4
21,524.1
966.8
8,764.2
6,767.0
Financial sectors
29 Total credit market debt owed by
financial sectors
30
31
32
33
34
35
36
37
38
39
By instrument
Federal government-related
Government-sponsored enterprise securities .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
52
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
53 Total credit market debt, domestic and foreign
54
55
56
57
58
59
60
61
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
8,372.7'
3,887.7'
1,594.2'
2,293.5'
.0
3,679.7
1,082.9
2,032.7
91.5
395.8
76.7
4,319.7'
1,826.4'
2,493.2'
.0
4,053.0
1,214.7
230.0
219.3
10,102.3
463.7
84.2
5,509.0
2,350.4
3,158.6
.0
4,593.3
1,105.9
2,821.5
105.3
470.5
90.1
5,509.0
2,350.4
3,158.6
.0
4,593.3
1,105.9
2,821.5
105.3
470.5
90.1
266.7
296.0
325.5
325.5
266.1
285.7
4.9
3.1
2,130.6
2,831.8
1,997.8
42.3
779.2
16.0
170.2
448.4
286.4
262.3
286.4
262.3
1,594.2'
2,293.5'
1,556.8
25.3
696.1
16.0
165.1
504.0
242.5
287.7
3.4
2.5
1,826.4'
2,493.2'
1,743.8
40.9
778.0
16.0
167.8
503.7
6.9
5.1
2,350.4
3,158.6
2,191.2
6.9
5.1
2,350.4
3,158.6
2,191.2
40.6
40.6
821.4
16.0
190.0
447.9
25,473.2'
27,188.1'
29,161.8
1,402.4
7,568.7'
1,457.2
4,553.3'
1,383.8
1,299.7'
6,257.8'
1,550.2'
1,614.0
7,704.8'
1,480.9
4,924.3'
1,496.6
1,420.5'
6,820.6'
1,726.5'
1,466.2
8,341.8
1,603.7
5,510.7
1,421.0
1,451.1
7,502.1
1,865.2
260.4
3.4
3.2
2,226.0
91.1
438.3
82.9
4,962.3
2,130.6
2,831.8
.0
4,310.0
1,169.4
2,488.4
104.2
1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2
through L.4, available at: www.federalreserve.gov/releases.
10,785.0
10,321.3
5,632.8
2,406.1
3,226.6
.0
4,688.5
1,076.5
2,953.6
92.9
476.3
324.7
302.8
257.2
11,226.5
6,177.1
2,657.3
3,519.8
.0
5,249.1
1,028.2
100.3
501.7
93.9
6,105.1
2,598.7
3,506.4
.0
5,121.4
1,055.0
3,347.2
104.1
516.6
98.5
339.3
321.8
355.8
347.5
268.3
267.2
8.4
358.7
351.5
308.0
9.6
5,743.1
2,454.0
3,289.1
.0
4,775.3
1,036.5
3,064.1
98.7
486.0
90.1
5,940.5
2,569.2
3,371.3
.0
4,844.5
1,025.7
3,133.8
102.8
490.3
92.0
6,083.1
2,594.1
3,489.0
.0
5,002.2
1,042.1
336.7
302.7
256.7
8.0
6.6
333.8
304.8
262.3
8.8
7.4
2,454.0
3,289.1
2,307.1
2,569.2
3,371.3
2,343.2
3,264.2
46.2
48.6
821.4
16.0
190.0
447.9
50.2
820.0
16.0
194.4
871.0
16.0
197.6
896.3
16.0
206.7
462.7
426.8
416.5
9.1
8.0
2,594.1
3,489.0
2,392.3
47.0
938.7
16.0
214.7
447.0
31,320.7
31,320.7
31,845.3
32,564.1
33,225.0
1,374.7
9,146.0
1,763.1
5,942.6
1,340.4
1,475.9
8,335.5
1,942.6
1,374.7
9,146.0
1,763.1
5,942.6
1,340.4
1,475.9
8,335.5
1,942.6
1,359.2
9,333.3
1,791.1
6,109.5
1,302.3
1,477.2
8,559.9
1,912.7
1,317.1
9,550.0
1,850.7
6,269.2
1,287.2
1,495.7
8,854.2
1,940.0
1,294.5
9,855.0
1,863.5
6,360.7
1,260.2
1,490.3
9,123.3
1,977.5
7.6
6.3
2,406.1
3,226.6
2,246.6
7.9
2,598.7
3,506.4
2,415.6
3,462.2
98.7
558.1
101.8
8.6
2,657.3
3,519.8
2,492.4
60.0
60.7
958.1
16.0
228.7
456.1
962.2
16.0
239.9
441.4
34,007.4
34,585.7
35,181.7
1,293.1
10,116.2
1,898.2
6,515.4
1,292.3
1,515.0
9,351.7
2,025.5
1,340.4
10,274.0
1,937.2
6,622.1
1,279.3
1,526.7
9,600.6
2,005.3
1,314.2
10,386.7
1,977.2
6,728.6
1,295.8
1,576.6
9,884.0
2,018.6
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
Ql'
Q2'
Q3'
Q4'
Ql'
Q2
CREDIT MARKET DEBT OUTSTANDING
25,473.2'
27,188.1'
29,161.8'
31,320.7'
31,320.7'
31,845.3
32,564.1
33,225.0
34,007.4
34,585.7
35,181.7
3,498.8'
2,392.1'
231.7'
64.6
810.4'
260.9'
2,316.0'
19,397.5'
478.1
4,648.3
4,080.0
487.4
32.7
48.3
1,032.6'
351.7
222.0
1,886.0
518.2
720.4
702.8'
1,147.8
1,076.8
110.8
1,538.8'
2,293.5'
1,360.0
742.6
32.1
42.9
154.7
304.3'
3,380.5'
2,235.2'
256.8'
65.9
822.6'
272.6'
2,590.8'
20,944.2'
511.8
5,006.3
4,419.5
511.3
20.5
55.0
1,088.8'
379.7
222.8
1,943.9
509.4
724.2
752.0'
1,290.9
1,097.7
105.3
1,794.4'
2,493.2'
1,517.2
851.2
32.1
35.8
223.6
3,366.8'
2,104.8'
258.5'
73.0
930.5'
278.6'
2,916.9'
22,599.5'
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,133.4'
421.2
194.7
2,074.8
518.4
708.3
715.2'
1,536.9
1,223.8
108.5
2,099.1'
2,831.8'
1,745.1
846.4
32.1
42.5
316.0
244.4'
3,320.2'
2,010.1'
280.1'
76.7
953.3'
288.2'
3,394.8'
24,317.5'
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,167.0'
463.9
195.6
2,307.8
558.3
729.5
708.0'
1,511.6
1,368.0
117.1
2,323.2'
3,158.6'
1,915.8
867.6
32.1
65.6
344.4
177.7'
3,320.2'
2,010.1'
280.1'
76.7
953.3'
288.2'
3,394.8'
24,317.5'
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,167.0'
463.9
195.6
2,307.8
558.3
729.5
708.0'
1,511.6
1,368.0
117.1
2,323.2'
3,158.6'
1,915.8
867.6
32.1
65.6
344.4
177.7'
3,254.7
1,949.5
274.1
76.6
954.5
283.7
3,489.7
24,817.2
641.5
5,673.6
5,055.6
519.0
33.0
66.1
1,214.6
473.7
194.9
2,377.0
572.3
731.3
703.0
1,485.5
1,415.6
123.6
2,376.9
3,226.6
1,965.3
861.1
32.1
63.5
390.9
225.9
3,282.2
1,944.7
290.6
77.6
969.2
281.7
3,683.8
25,316.4
652.1
5,831.3
5,200.8
517.6
42.9
70.0
1,239.0
495.3
194.3
2,436.5
584.7
737.4
717.1
1,479.6
1,480.9
138.6
2,401.3
3,289.1
2,020.6
883.5
32.1
71.2
341.1
221.5
3,422.8
2,047.8
307.7
77.8
989.5
286.7
3,772.2
25,743.3
656.1
5,831.8
5,230.3
490.3
36.4
74.9
1,261.5
517.7
193.7
2,471.6
601.9
734.4
711.7
1,438.1
1,478.5
149.3
2,550.2
3,371.3
2,051.7
924.2
32.1
75.9
375.0
247.2
3,553.8
2,154.4
311.2
78.1
1,010.1
285.6
3,933.1
26,234.9
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,293.3
514.5
193.2
2,488.3
625.2
733.6
728.9
1,398.5
1,505.7
153.3
2,565.0
3,489.0
2,096.0
951.8
32.1
82.4
424.1
263.9
3,417.6
2,009.8
308.8
78.1
1,020.9
286.8
4,163.3
26,718.0
674.1
6,135.3
5,525.9
492.9
36.7
79.9
1,370.8
524.6
196.4
2,546.1
651.5
740.0
737.3
1,344.7
1,552.6
155.5
2,557.5
3,506.4
2,114.6
989.2
32.1
96.8
410.6
311.8
3,505.3
2,069.1
324.9
77.8
1,033.5
283.6
4,366.4
27,026.3
687.4
6,270.1
5,665.5
484.0
36.1
84.5
1,408.9
542.3
197.3
2,599.8
669.5
737.6
751.9
1,271.3
1,555.5
161.2
2,608.9
3,519.8
2,186.8
1,009.3
32.1
104.7
332.5
306.7
25,473.2'
27,188.1'
29,161.8'
31,320.7'
31,845.3
32,564.1
33,225.0
34,007.4
34,585.7
35,181.7
50.1
6.2
20.9
676.5'
202.4
1,484.5
2,671.6
936.4
1,578.8
1,083.6
4,538.5
676.6
783.9
9,111.4'
2,345.4
178.9
1,130.4
9,325.1'
46.1
2.2
23.2
803.4'
221.2
1,413.1
2,860.4
1,052.6
1,812.1
1,196.8
4,435.3
822.7
819.1
8,901.3'
2,747.7
204.8
1,095.8
10,529.7'
55.8
2.2
25.5
831.1'
205.9
1,646.7
3,398.5'
1,171.3'
2,223.9
1,336.8
3,638.4
738.8
920.9
7,754.1'
2,730.9'
248.1
840.9
12,024.3'
55.8
2.2
25.5
831.1'
205.9
1,646.7
3,398.5'
1,171.3'
2,223.9
1,336.8
3,638.4
738.8
920.9
7,754.1'
2,730.9'
248.1
840.9
12,024.3'
57.6
2.2
25.6
839.8
175.5
1,645.3
3,502.2
1,208.8
2,156.1
1,358.1
3,587.8
796.6
936.3
7,664.6
2,728.9
260.0
819.6
12,283.6
58.9
2.2
26.0
875.6
123.8
1,712.2
3,575.0
1,222.2
2,120.1
1,440.8
4,071.6
971.9
959.7
8,239.9
2,778.5
264.8
877.0
12,219.9
61.3
2.2
26.0
799.1
163.7
1,707.2
3,600.9
1,221.8
2,058.0
1,446.6
4,242.6
940.2
973.0
8,424.2
2,829.2
271.5
885.0
12,446.8
62.3
2.2
26.0
831.1
202.9
1,780.6
3,627.9
1,233.2
2,016.0
1,559.4
4,653.2
871.3
1,013.2
8,960.6
2,891.8
260.5
932.4
12,592.1
61.5
2.2
26.2
864.2
116.0
1,791.8
3,721.5
1,332.2
1,971.9
1,630.5
4,901.2
953.3
1,034.3
9,137.5
2,943.9
273.1
955.0
12,881.0
58.9
2.2
24.5
810.1'
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
880.0
8,444.1'
2,664.3'
219.2
960.7
11,342.4'
26.5
852.4
129.8
1,847.9
3,793.8
1,379.4
1,912.3
1,585.1
4,969.7
978.7
1,054.2
9,266.7
3,013.5
281.1
961.9
12,982.3
53 Total liabilities
62,274.4'
66,175.5'
69,033.3'
71,114.8'
71,114.8'
71,894.1
74,104.2
75,324.2
77,524.1
79,183.0
80,278.2
Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business
21.4
19,522.8
4,600.4'
21.6
17,627.0
4,993.7'
21.8
15,310.6
5,054.1'
23.2
11,871.0'
5,267.8'
23.2
11,871.0'
5,267.8'
22.4
11,425.9
5,332.0
22.8
13,278.7
5,381.6
23.1
13,755.1
5,503.3
23.7
15,497.0
5,660.8
23.7
15,832.8
5,761.2
23.7
15,982.7
5,859.1
7.1
558.6'
28.5
274.4'
112.8'
2,506.1'
624.7'
4.3
392.8'
120.0'
3,617.5'
8.6
611.9'
11.1
343.5'
93.4'
3,659.8'
9.1
622.9'
15.3
363.5'
127.3'
3,586.3'
9.1
622.9'
15.3
363.5'
127.3'
3,586.3'
9.2
633.1
19.3
249.0
107.8
3,506.7
9.1
682.6
6.8
320.3
113.3
3,593.8
9.3
610.9
18.1
306.4
98.5
3,427.7
9.5
650.4
12.0
340.5
84.2
3,529.7
9.6
661.5
14.7
328.4
71.3
3,677.7
9.5
625.5
24.4
294.0
92.7
3,552.9
Floats not included in assets ( )
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
9.8
22.3
.4'
2.3
22.0'
3.7'
12.3
21.6'
6.6'
11.7
20.9'
100.6'
11.7
20.9'
100.6'
7.7
16.7
55.2
7.9
20.1
12.5
15.9
12.7
9.3
17.9
20.8
67.7
1.1
17.4
23.7
.1
21.5
6.7
66 Totals identified to sectors as assets .
88,001.9'
91,287.0'
92,012.6'
90,633.5'
1 Total credit market assets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10 Monetary authority
11 Commercial banking
12
U.S.-chartered banks
13
Foreign banking offices in United States
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17 Credit unions
18 Bank personal trusts and estates
19 Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
28
Asset-backed securities (ABSs) issuers
29
Finance companies
30
Mortgage companies
3 1 Real estate investment trusts (REITs)
32 Brokers and dealers
33
Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
57
58
59
60
61
62
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous
Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
L.I andL.5, available at: www.federalreserve.gov/releases.
91,116.8
2. Excludes corporate equities and mutual fund shares.
40
Federal Reserve Bulletin Statistical Supplement • October 2004
2.12
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
2003
2003
2004
2004
2003
2004
Series
Q4
Ql
Q2'
Q3
Q4
Ql
Q2
Q3
Capacity (percent of 1997 output)
Output (1997=100)
Q4
Ql
Q2'
Q3
Capacity utilization rate (percent)2
1 Total industry
112.6
114.4
115.8
116.6
149.1
149.6
150.2
150.9
75.5
76.5
77.1
77.3
2 Manufacturing
3
Manufacturing (NAICS)
113.8
114.2
115.5
116.0
117.5
117.8
118.8
119.0
153.5
155.2
153.8
155.7
154.5
156.4
155.3
157.2
74.1
73.6
75.1
74.5
76.1
75.3
76.5
75.7
4
5
Durable manufacturing
Primary metal
128.5
86.5
131.5
88.8
133.5
88.1
135.6
90.3
180.0
113.1
181.1
113.1
182.8
112.4
184.7
111.6
71.4
76.5
72.6
78.6
73.1
78.4
73.4
80.9
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
95.2
88.5
284.5
96.3
92.9
295.9
98.3
96.4
308.9
98.9
98.4
320.0
139.7
127.7
425.8
140.0
127.4
435.1
140.5
127.4
450.0
141.1
127.6
467.9
68.1
69.3
66.8
68.7
72.9
68.0
69.9
75.7
68.6
70.1
77.2
68.4
95.7
120.6
97.0
123.4
99.5
120.1
102.4
120.2
126.5
147.5
126.3
148.8
126.4
150.0
126.6
151.1
75.6
81.7
76.8
83.0
78.7
80.1
80.9
79.5
95.6
97.2
97.2
76.9
96.7
97.7
97.7
75.8
97.6
99.3
99.0
74.2
99.0
99.7
99.1
74.4
147.7
126.7
126.2
106.8
147.6
126.4
125.9
105.8
147.7
126.3
125.5
104.9
147.8
126.2
125.1
103.9
64.7
76.8
77.0
72.1
65.5
77.3
77.6
71.6
66.1
78.6
78.9
70.8
67.0
79.0
79.2
71.6
92.0
103.0
107.5
103.6
105.9
92.4
103.1
108.3
104.0
108.2
94.7
102.9
111.0
106.5
112.3
95.3
103.6
112.3
105.7
114.8
110.1
115.6
144.8
128.1
127.0
109.8
116.0
145.2
127.4
126.6
109.6
116.0
145.9
127.3
126.4
109.3
115.8
146.6
127.4
126.3
83.6
89.1
74.2
80.9
83.4
84.2
88.8
74.6
81.6
85.5
86.4
88.7
76.1
83.7
88.9
87.2
89.4
76.6
83.0
90.9
20 Mining
21 Electric and gas utilities
93.6
112.4
93.2
116.5
92.6
114.4
92.1
112.8
109.7
135.2
109.7
136.3
109.8
136.9
109.8
137.1
85.3
83.1
84.9
85.5
84.4
83.6
83.9
82.3
MEMOS
22 Computers, communications equipment, and
semiconductors
401.6
426.6
450.3
464.6
599.5
617.0
646.6
682.8
67.0
69.1
69.6
68.0
23 Total excluding computers, communications
equipment, and semiconductors
100.6
102.0
103.0
103.6
131.5
131.6
131.8
131.9
76.5
77.5
78.1
78.5
99.7
100.9
102.4
103.4
132.6
132.6
132.6
132.7
75.2
76.1
77.2
77.9
10
11
12
13
14
15
16
17
18
19
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
24 Manufacturing excluding computers,
communications equipment, and
semiconductors
Selected Measures
2.12
41
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973
1975
Previous cycle3
Latest cycle4
2003
2004
Series
High
Low
High
Low
High
Low
Sept.
Apr.
May
June
7
July'
Aug.7
Sept.7*
Capacity utilization rate (percent)2
1 Total industry
88.8
74.0
86.6
70.9
85.2
78.6
74.9
76.8
77.4
77.0
77.4
77.2
77.2
2 Manufacturing
3
Manufacturing (NAICS)
88.1
88.1
71.5
71.3
86.3
86.3
68.7
68.0
85.6
85.5
77.2
77.0
73.6
73.0
75.9
75.2
76.3
75.5
76.0
75.3
76.6
75.9
76.6
75.7
76.3
75.4
89.0
100.8
69.6
69.0
86.9
91.1
63.2
47.2
84.5
95.3
73.4
75.2
70.8
73.4
73.0
77.8
73.2
77.9
73.0
79.4
73.6
81.2
73.5
80.6
73.2
80.9
4
5
Durable manufacturing
Primary metal
6
7
8
91.8
94.3
70.3
74.4
83.3
93.1
62.0
58.4
80.3
84.6
71.1
72.8
67.6
68.2
69.7
74.8
69.9
76.1
70.2
76.0
70.1
78.6
70.1
76.4
70.1
76.6
86.9
66.7
89.5
77.3
81.1
76.3
65.9
68.1
69.1
68.8
69.0
68.3
67.9
99.2
95.7
68.5
55.6
91.9
96.3
64.5
45.3
87.4
89.7
75.0
56.5
74.1
83.7
78.3
82.0
78.5
80.1
79.4
78.2
80.4
78.1
81.1
80.6
81.1
80.0
74.9
87.5
65.9
72.4
84.2
85.7
69.6
75.6
88.9
87.0
81.9
81.8
64.3
76.2
66.2
78.3
66.4
78.9
65.8
78.7
66.9
79.2
67.1
79.1
66.9
78.7
14
Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .
85.9
89.8
77.9
62.7
84.3
90.2
80.4
72.4
85.5
91.4
81.3
77.2
77.0
69.8
78.4
70.0
79.3
71.4
79.0
70.9
79.5
72.4
78.9
71.5
79.3
71.0
15
16
17
18
19
Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .
97.3
93.2
84.8
96.4
85.5
74.4
81.0
68.8
61.6
75.0
95.4
92.3
83.1
89.9
88.2
81.3
71.2
68.1
70.5
85.7
93.7
88.9
85.6
91.3
90.7
85.2
82.5
80.8
77.2
79.1
82.8
88.4
73.4
80.1
82.3
85.8
88.9
76.0
83.3
88.2
86.9
88.6
76.2
83.9
89.9
86.5
88.6
76.0
83.8
88.6
88.4
89.7
76.4
83.8
89.7
86.4
90.7
77.2
82.9
91.7
86.7
87.8
76.3
82.4
91.3
20 Mining
21 Electric and gas utilities
93.6
96.3
87.6
82.7
94.2
88.1
78.6
77.6
85.6
92.8
83.4
84.1
85.2
81.8
84.8
82.5
84.5
84.7
83.8
83.6
85.0
82.1
84.3
80.2
82.4
84.5
MEMOS
22 Computers, communications
equipment, and semiconductors .
84.4
63.1
89.4
75.4
79.9
74.5
65.8
69.4
70.0
69.6
68.8
68.0
67.4
23 Total excluding computers,
communications equipment,
and semiconductors
89.1
74.3
86.7
70.7
85.6
78.8
75.9
77.9
78.4
78.1
78.6
78.5
78.5
24 Manufacturing excluding computers
communications
equipment, and semiconductors .
88.4
71.8
86.3
68.2
86.1
77.3
74.6
77.0
77.4
77.2
77.9
78.0
77.8
9
10
11
12
13
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2003. The recent annual revision is described in the Winter
2004 issue of the Bulletin.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
3. Monthly highs, 1978-80; monthly lows, 1982.
4. Monthly highs, 1988-89; monthly lows, 1990-91.
42
Federal Reserve Bulletin Statistical Supplement • October 2004
2.13
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
Group
2002
proportion
2003
avg.
Sept.
Feb.
Mar.
Apr.
May
July1
Aug.7
Sept.P
Index (1997=100)
MAJOR MARKETS
1 Total IP
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Market groups
Final products and nonindustrial supplies . .
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting . . .
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
111.8
112.9
113.1
113.8
114.8
114.7
115.3
116.2
115.9
116.7
116.5
111 1
108.5
122.9
135.1
227.3
110.6
99.5
103.4
101.6
96.8
62.6
121.1
113.8
112.3
111.7
108.6
123.1
135.1
200.3
113.1
101.2
103.4
102.4
97.3
63.5
122.2
115.7
109.0
112.7
109.2
122.0
132.5
204.3
112.4
101.5
104.6
103.3
98.4
62.2
122.4
118.7
111.5
112.3
108.3
119.8
128.8
189.7
111.7
101.7
104.1
102.6
98.0
61.3
121.2
116.8
111.6
113.3
108.6
120.6
129.7
188.7
112.5
102.5
104.2
103.1
98.4
59.6
122.8
118.4
110.1
113.1
108.9
122.3
133.9
188.0
113.1
101.5
104.1
103.3
97.6
59.3
124.3
121.2
108.6
113.5
109.2
121.9
133.6
186.9
112.6
101.1
104.6
103.5
98.0
59.8
124.2
120.6
110.7
58.9
31.1
8.1
4.0
0.3
1.4
2.3
23.0
18.6
10.4
1.0
4.6
2.1
4.4
107.9
106.1
118.3
129.5
172.1
111.0
98.1
101.6
99.9
96.7
62.9
116.4
109.1
111.1
108.0
106.1
120.8
135.0
183.2
110.6
97.1
100.9
99.1
96.0
59.7
116.3
108.2
109.4
108.2
106.0
119.8
131.8
196.2
110.6
97.6
101.0
99.5
95.7
60.7
117.4
109.7
109.0
109.3
107.1
121.3
133.0
202.8
112.3
98.9
102.1
100.5
96.4
61.1
120.0
110.6
109.9
109.5
107.3
121.2
133.1
202.7
111.4
99.0
102.3
100.1
96.1
61.2
118.7
109.7
113.0
110.2
108.1
122.7
135.0
203.1
113.3
99.6
102.9
99.8
96.0
61.2
117.6
110.3
in.2
111.2
108.8
123.8
137.2
212.0
112.4
99.6
103.5
100.8
96.3
62.1
119.3
113.7
116.2
114.4
78.0
179.2
93.8
111.7
116.2
79.3
180.9
95.5
113.2
116.2
78.6
181.4
95.7
114.4
117.3
80.3
182.0
96.6
115.0
119.1
80.0
186.6
98.2
116.3
119.8
79.2
189.3
98.7
115.9
123.4
80.8
195.0
101.9
118.9
122.0
80.9
196.8
99.1
119.0
122.3
81.2
197.4
99.4
119.7
16
17
18
19
20
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
10.0
1.8
3.2
5.1
1.9
110.4
76.0
173.7
90.0
111.9
111.2
77.1
175.4
90.3
113.7
110.8
75.9
178.5
89.2
113.7
win
76.7
178.4
92.0
113.3
113.2
77.8
177.6
92.5
112.4
21
22
Construction supplies
Business supplies
4.3
11.2
102.0
111.7
102.3
103.1
112.1
104.4
112.8
104.1
113.4
104.1
114.1
104.3
115.3
105.1
115.1
106.0
116.9
106.9
118.1
106.4
118.3
107.1
118.7
107.4
118.1
107.1
118.9
23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33
Energy
41.1
30.5
19.2
4.0
6.8
8.4
11.3
0.8
2.7
4.2
10.6
115.7
119.8
135.2
106.7
214.7
95.0
95.3
70.1
90.2
99.9
100.4
116.4
120.8
137.0
109.2
221.6
94.4
95.1
67.5
89.6
100.8
100.4
116.9
121.3
138.2
108.4
224.2
95.7
95.0
68.3
88.7
100.4
100.9
117.9
122.7
139.8
109.2
227.7
96.8
96.0
69.3
89.1
102.5
100.9
118.2
123.0
140.2
109.9
228.8
96.7
96.2
68.8
89.7
102.8
101.4
118.9
123.3
141.0
110.4
233.0
96.4
95.8
68.6
89.8
101.8
102.6
119.8
124.9
143.4
112.6
237.9
97.5
96.4
66.2
89.6
102.6
102.2
119.7
125.4
144.0
111.5
240.5
98.0
96.7
66.2
89.9
103.7
100.9
120.2
126.1
144.7
110.9
244.4
98.0
97.4
64.5
90.8
104.8
101.0
121.2
126.9
145.7
109.5
249.3
98.6
97.9
64.4
91.8
105.0
102.1
120.9
127.2
146.3
108.3
251.8
99.2
97.9
64.7
92.6
105.5
100.5
121.4
127.9
147.0
107.5
254.8
99.6
98.6
65.3
93.6
105.7
100.8
121.2
128.3
147.6
109.8
255.0
99.5
98.7
64.5
91.9
107.3
99.3
121.1
128.0
147.4
108.5
256.6
99.3
98.3
63.6
91.9
106.4
99.5
94.8
93.3
99.7
110.7
99.8
110.7
99.9
111.2
100.8
112.3
101.1
112.6
101.5
113.2
102.3
114.0
102.1
114.1
102.6
114.8
103.3
115.9
102.9
115.7
103.7
116.6
103.5
116.1
103.6
116.4
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
I Nonindustrial supplies
2,736.2
43.4
31.1
12.3
15.5
2,752.5
2,748.7 2,777.5 2,789.5 2,810.9 2,833.1 2,825.7 2,835.5 2,852.2 2,839.3 2,866.6 2,865.2 2,869.1
2,073.1 2,090.1 2,080.4 2,102.8 2,112.3 2,130.6 2,147.7 2,141.6 2,141.5 2,151.5 2,139.1 2,162.4 2,164.1 2,165.1
1,493.8 1,503.3 1,495.5 1,508.5 1,515.5 1,527.0 1,536.5 1,531.3 1,525.9 1,529.0 1,514.9 1,519.4 1,527.4 1,526.4
644.5
578.5
586.3
584.7
604.2
612.2
611.6
625.7
650.0
642.1
594.6
597.0
617.9
628.5
663.3
662.6
668.3
674.8
677.3
680.5
685.6
684.3
694.0
700.6
700.1
704.2
701.1
Selected Measures
2.13
INDUSTRIAL PRODUCTION
43
Indexes and Gross Value1—Continued
Monthly data seasonally adjusted
Group
NAICS
code 2
2002
proportion
2003
2004
2003
avg.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June 7
July7
Aug. 7
Sept.7*
Index (1997=100)
INDUSTRY GROUPS
41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
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
83.5
78.4
112.2
112.6
112.7
113.2
112.9
113.3
114.2
114.6
114.2
114.7
114.5
115.0
115.8
116.2
116.3
116.6
117.1
117.4
117.9
118.1
117.7
118.0
118.8
119.1
119.0
119.1
118.7
118.8
321
42.6
1.4
125.3
99.1
127.1
98.7
127.2
101.2
128.8
103.8
129.3
102.0
130.1
103.2
132.0
103.3
132.4
102.8
133.0
103.9
133.8
104.7
133.8
102.6
135.4
103.4
135.7
103.0
135.7
102.0
327
331
332
333
2.3
2.2
5.9
5.2
100.8
84.6
94.4
86.7
100.4
83.0
94.4
87.3
101.5
84.7
94.6
86.3
102.5
86.7
95.3
89.7
102.6
88.0
95.6
89.6
101.7
87.3
95.6
91.1
100.4
90.3
96.3
93.5
102.9
89.0
96.9
94.1
102.8
87.7
97.8
95.4
101.9
87.6
98.2
97.0
102.1
89.1
98.8
96.9
103.2
90.9
98.8
100.2
104.1
89.9
98.9
97.4
103.7
90.0
99.0
97.7
334
8.1
266.5
277.1
282.9
285.3
285.3
290.1
296.6
301.0
302.5
310.8
313.4
318.6
319.7
321.7
335
3361 3
2.3
6.7
93.8
117.5
93.9
122.7
94.4
119.9
95.9
120.5
96.7
121.3
97.0
122.6
96.8
125.1
97.1
122.7
99.0
122.6
99.2
120.1
100.4
117.6
101.7
117.7
102.7
121.7
102.8
121.2
3364 9
3.6
94.6
95.0
95.0
95.6
96.2
95.7
97.2
97.2
97.7
98.0
97.2
98.9
99.2
98.9
337
339
1.7
3.2
101.0
116.7
100.5
115.3
100.0
114.8
100.4
115.1
100.0
117.6
101.2
116.7
101.5
117.1
101.4
117.9
101.7
118.3
102.5
118.6
102.3
120.7
103.4
119.9
104.0
119.1
103.4
118.6
35.8
97.0
96.6
96.7
97.6
97.4
97.2
97.6
98.2
98.9
99.6
99.4
100.0
99.7
99.2
311,2
313,4
315,6
322
323
11.9
1.3
1.1
3.1
2.5
97.7
77.6
63.2
92.3
89.3
97.3
74.9
60.2
91.3
88.7
96.8
76.2
61.2
91.4
88.3
97.5
77.9
61.7
92.0
87.0
97.2
76.6
61.8
92.7
87.6
97.2
78.1
61.7
92.3
88.5
97.6
75.4
62.4
92.9
87.9
98.1
73.9
63.0
92.1
88.9
98.5
73.7
63.9
94.1
88.6
99.5
74.9
62.7
95.2
89.8
99.0
74.1
62.0
94.7
91.2
99.5
75.4
60.5
96.7
90.6
98.7
74.3
60.0
94.4
90.0
99.1
73.6
60.5
94.8
89.3
324
325
2.2
10.0
101.4
105.5
101.9
106.1
102.1
106.4
102.8
108.3
104.2
107.8
102.0
107.3
102.4
108.2
104.8
109.4
103.1
110.7
102.8
111.1
102.7
111.1
104.0
111.8
105.1
113.2
101.6
112.0
326
3.8
103.1
103.0
103.4
104.2
103.1
103.6
104.2
104.2
106.0
106.8
106.6
106.6
105.5
104.9
1133,5111
5.1
105.8
104.7
105.8
106.6
105.4
105.8
109.1
109.6
111.4
113.6
112.0
113.3
115.8
115.2
21
2211,2
2211
2212
6.8
9.8
8.3
1.5
93.1
110.9
113.8
101.6
93.5
109.9
112.4
96.8
93.7
111.0
113.9
96.6
93.6
111.9
114.6
98.3
93.5
114.2
116.9
100.0
93.6
118.2
120.5
105.9
93.2
117.9
119.7
107.7
92.8
113.4
117.7
93.1
93.1
112.9
116.6
94.6
92.7
116.0
120.2
95.6
92.0
114.5
117.7
98.3
93.3
112.6
115.2
98.9
92.6
110.0
112.2
98.1
90.4
115.9
119.8
97.3
78.2
98.8
99.0
99.0
100.0
100.1
100.1
101.1
101.5
102.1
102.7
102.5
103.4
103.6
103.2
76.8
111.8
111.9
112.3
113.6
113.6
113.8
115.0
115.7
116.6
117.7
117.7
118.9
118.8
118.5
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2003. The recent annual revision is described in the Winter 2004
issue of the Bulletin.
2. North American Industry Classification System.
44
Federal Reserve Bulletin Statistical Supplement • October 2004
3.10
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data seasonally adjusted except as noted1
Item credits or debits
1 Balance on current account
2 Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
Compensation of employees
10 Unilateral current transfers, net
385,701
362,692
1,006,653
1,369,345
23,572
28,727
115,882
87,155
5,155
46,581
11 Change in U.S. government assets other than official
reserve assets, net (increase, )
473,944
421,735
975,940
1,397,675
7,173
12,615
100,831
88,216
5,442
59,382
530,668
496,508
1,020,503
1,517,011
33,279
38,781
118,865
80,084
5,502
67,439
Q2
Q3
Q4
133,875
123,380
248,474
371,854
5,874
131,628
122,250
255,723
377,973
7,261
8,614
126,960
125,494
268,306
393,800
16,151
17,526
38,554
21,028
1,375
17,617
7,264
26,342
28,640
20,026
19,078
1,390
16,369
1,353
16,639
Ql
147,164
138,602
276,076
414,678
12,164
13,564
166,177
150,286
284,294
434,580
2,643
20,726
4,176
29,060
24,884
1,533
18,534
1,122
0
90
1,345
133
34,766
21,202
1,400
41
486
12 Change in U.S. official reserve assets (increase, )
13 Gold
14
Special drawing rights (SDRs)
15 Reserve position in International Monetary Fund
16 Foreign currencies
Q2P
4,911
0
630
3,600
2,632
681
574
601
1,494
572
102
86
154
97
383
131
97
2,435
117
557
0
100
815
158
361,371
125,858
8,520
142,349
194,678
30,307
45,425
15,889
134,835
285,474
10,406
28,932
72,337
173,799
111,102
63,002
22,480
8,429
34,049
8,010
29,663
35,845
28,312
45,206
63,559
47,071
31,090
25,835
53,705
308,013
187,120
56,761
16,524
47,608
119,536
30,880
2,403
30,316
60,743
22 Change in foreign official assets in United States (increase, +) . . . ,
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities2
26
Other U.S. liabilities reported by U.S. banks2
27
Other foreign official assets3
28,059
33,700
20,920
2,309
29,978
5,726
113,990
60,466
28,550
137
21,221
3,616
248,573
169,685
24,883
564
49,420
5,149
65,245
50,663
23,953
3,340
41
22,019
1,392
83,679
72,787
8,685
70
524
1,753
127,864
101,692
13,016
140
11,854
1,442
73,877
63,027
2,767
158
6,237
2,004
28 Change in foreign private assets in United States (increase, +) . . . ,
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
3 1 Foreign private purchases of U.S. Treasury securities, net
32 U.S. currency flows
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net
754,800
118,379
66,110
14,378
23,783
393,885
167,021
654,256
96,410
77,990
100,432
21,513
285,500
72,411
580,600
75,643
84,014
113,432
16,640
250,981
153,308
8,990
2,257
53,254
1,458
92,407
544
83,539
6,280
12,721
46,490
2,768
18,090
146,632
35,811
4,140
4,714
7,487
83,761
10,719
317,484
140,834
40,723
65,438
1,800
62,064
10,225
191,369
30,927
5,191
35,560
8,754
88,617
32,702
1,083
29,307
1,260
95,028
3,079
12,012
1,552
27,836
3,121
30,957
821
6,385
13,418
19,803
300
41,404
5,449
46,853
396
8,941
11,839
2,898
321
19,707
5,301
25,008
17 Change in U.S. private assets abroad (increase, )
18 Bank-reported claims2
19 Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net
475
84,644
35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
42,668
3,290
16
18,552
751
MEMO
Changes in official assets
39 U.S. official reserve assets (increase, )
40 Foreign official assets in United States, excluding line 25
(increase, +)
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
4,911
3,681
1,523
170
611
2,221
557
1,122
30,368
113,853
249,137
65,261
50,704
83,749
128,004
74,035
1,725
8,132
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
2004
Asset
7001
2002
2003
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.P
1 Total
68,654
79,006
85,938
84,741
85,192
82,090
82,804
82,652
81,375
82,603
82,578
2 Gold stock1
3 Special drawing rights2'3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4
11,045
10,774
11,043
12,166
11,043
12,638
11,045
12,687
11,045
12,691
11,045
12,445
11,045
12,682
11,045
12,659
11,045
12,586
11,044
12,710
11,043
12,782
17,854
28,981
21,979
33,818
22,535
39,722
21,819
39,190
21,642
39,814
20,322
38,279
20,297
38,780
20,076
38,873
19,393
38,352
19,812
39,037
19,433
39,310
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 web
site 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 1974through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.
Summary Statistics
3.13
45
Foreign Official Assets Held at Federal Reserve Banks1
Millions of dollars, end of period
2004
Asset
2001
2002
2003
Feb.
1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3
Apr.
May
June
July
Aug.
Sept.P
61
136
162
82
93
96
86
280
81
157
128
592,630
9,099
678,106
9,045
845,080
8,971
898,244
8,971
908,656
8,971
949,941
8,971
969,157
8,971
991,142
8,971
995,923
8,967
1,026,155
8,967
1,031,322
8,967
Note. The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web
site at: www. federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.
3.15
Mar.
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1
1 Total
2
3
4
5
6
7
8
9
10
11
12
By type
Liabilities reported by banks in the United States
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U.S. securities other than U.S. Treasury securities5
By area
Europe1
Canada
Latin America and Caribbean
Asia
Africa
Other countries
Aug.P
1,161,907
1,445,505'
1,261,186
1,338,727
1,445,505
1,599,883
1,632,756
1,643,753
1,668,996
144,646
190,444
189,901'
212,025
168,144
211,025
168,144
211,025
189,901
212,025
193,101
232,899
208,786
231,761
214,872
230,307
210,000
237,598
569,891
2,769
254,157
719,450
2,613
321,516
610,122
650,336
2,876
306,346
719,450
2,613
321,516
832,856
1,559
339,468
850,396
1,569
340,244
854,539
1,579
873,593
1,589
269,019
342,456
346,216
283,512
5,962
87,261
760,012
9,355
15,835
307,091'
5,112'
72,849
1,033,900'
8,888
17,652
295,661
4,845
95,110
838,270
9,846
17,484
313,412
5,840
71,936
922,936
9,194
15,396
307,091
5,112
72,849
1,033,900
8,888
17,652
312,391
6,935
85,840
1,165,609
10,854
18,241
334,582
6,677
84,986
1,181,997
10,676
13,825
334,441
6,902
88,629
1,182,018
11,942
19,808
322,293
7,314
89,327
1,218,041
11,881
20,127
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
3.16
July
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies
2,876
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 2002 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
77,779
n.a.
n.a.
79,363
n.a.
n.a.
80,543
n.a.
n.a.
67,110
40,982
26,128
61,158
36,435
24,723
62,950
38,776
24,174
59,555
30,798
28,757
4 Banks' own claims
5
Deposits
6
Other claims
56,912
23,315
33,597
74,640
44,094
30,546
71,724
34,287
37,437
77,097
36,696
40,401
77,883
38,135
39,748
80,325
37,530
42,795
85,779
38,633
47,146
24,411
n.a.
n.a.
17,631
n.a.
n.a.
35,923
n.a.
n.a.
4^259
19,463
25,431
5,061
20,370
26,975
5,410
21,565
34,058
9,834
24,224
7 Claims of banks' domestic customers
8 Deposits
9
Other claims
..
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 • October 2004
3.17
LIABILITIES TO FOREIGNERS Reported by Banks in the United States1
Payable in U.S. dollars
Millions of dollars, end of period
Feb.1
Mar.1
Apr.
May
June7
July7
Aug.
B Y HOLDER AND TYPE OF LIABILITY
r,630,4r7
r,985,588
2,312,246
2,486,678
2,487,417
2,531,097'
2,518,013' 2,533,203
2,582,442
2,620,336
1,174,976
1,363,270
1,675,098
1,824,393
1,819,945
1,868,1157
1,845,5137 1,853,183
1,901,320
1,928,756
188,005
194,680
151,071
455,441
175,231
246,623
190,134
622,318
848,754
826,344
462,860
637,148
870,552
953,841
544,775
662,285
858,766
961,179
530,711
667,472
877,9 877
990,128'
567,137
662,982'
870,013'
975,500'
562,032
672,500'
901,259
951,924
552,026
680,020
919,845
981,475
590,000
681,122
939,043
989,713
605,890
691,580
186,115
236,796
257,705
272,690
281,766
272,609'
276,517'
277,308
275,263
286,997
139,807
189,573
203,268
214,143
209,378
208,697'
213,006'
213,010
216,455
218,943
20,440
59,781
129,519
37,761
74,513
195,949
34,386
83,633
176,175
33,530
97,735
175,452
34,809
88,624
176,328
35,597
89,055'
181,676
182,977
37,855
88,059
189,702
40,982
91,469
189,404
41,153
97,085
185,640
10,830
10,169
3,791
6,378
661
600
13,467
12,362
5,769
6,593
1,105
1,089
14,149
12,577
6,134
6,443
1,572
110
13,760
12,186
8,452
3,734
1,574
295
14,135
12,038
9,437
2,601
2,097
727
13,904
12,163
7,178
4,985
1,741
555
13,987
11,822
7,103
4,719
2,165
916
14,330
11,895
7,268
4,627
2,435
742
13,204
10,950
5,704
5,246
2,254
683
11,406
8,750
4,909
3,841
2,656
855
61
0
16
1,462
0
1,278
1
1,369
1
1,186
0
1,249
1,627
66
1,567
1,801
282,290
80,970
21,987
58,983
335,090
93,884
20,733
73,151
401,926
117,814
24,142
93,672
431,402
125,017
26,609
98,408
434,151
126,123
25,276
100,847
423,418
126,693
25,794
100,899
426,000
118,479
28,418
90,061
440,547
133,871
28,765
105,106
445,179
139,088
25,747
113,341
447,598
130,214
24,207
106,007
201,320
161,719
241,206
190,444
284,112
212,025
306,385
225,604
308,028
231,604
296,725
224,750
307,521
232,899
306,676
231,761
306,091
230,307
317,384
237,598
38,531
1,070
50,698
64
69,638
2,449
80,764
17
76,083
341
71,215
760
74,030
592
72,415
2,500
75,544
240
78,718
1,068
1,052,626
914,034
68,218
53,525
138,592
11,541
1,311,267
1,055,858
56,020
58,422
255,409
25,916
1,380,442
1,163,163
706,468
456,695
217,279
18,263
1,461,208
1,240,811
716,777
524,034
220,397
18,639
1,460,114
1,241,838
704,662
537,176
218,276
20,079
1,465,149' 1,445,115' 1,481,054
1,247,615' 1,225,698' 1,254,508
721,067
710,225
742,103
526,548'
515,473'
512,405
217,534'
219,417'
226,546
18,183
16,782
17,388
1,536,855
1,307,335
766,509
540,826
229,520
15,638
1,529,149
1,301,888
782,219
519,669
227,261
17,190
24,059
102,992
57,605
171,888
49,264
149,752
49,991
151,767
46,938
151,259
43,478'
155,873'
46,421'
156,214'
47,825
161,333
50,706
163,176
52,207
157,864
36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other
284,671
169,803
94,009
75,794
325,764
201,166
92,709
108,457
515,729
381,544
112,010
269,534
580,308
446,379
118,714
327,665
579,017
439,946
119,391
320,555
628,626'
481,644
123,948'
357,696'
632,911'
489,514
124,267'
365,247'
597,272
452,909
123,123
329,786
587,204
443,947
121,885
322,062
632,183
487,904
127,708
360,196
40
41
42
114,868
12,255
124,598
19,347
134,185
27,307
133,929
28,152
139,071
29,356
146,982'
29,121'
143,397'
25,920'
144,363
27,417
143,257
28,635
144,279
31,354
77,156
25,457
81,254
23,997
82,904
23,974
82,110
23,667
84,988
24,727
92,818'
25,043'
91,306'
26,171'
91,143
25,803
88,638
25,984
86,217
26,708
1 Total, all foreigners
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments6
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7
11
Other
12 Nonmonetary international and regional organizations8
13 Banks' own liabilities
14
Deposits2
15
Other
16 Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments6
19
Other
20 Official institutions9
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27
Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments6
Other
28 Banks'"
29
Banks' own liabilities
30
Deposits2
31
Other
32
Banks' custody liabilities4
33
U.S. Treasury bills and certificates5
34
Other negotiable and readily
transferable instruments6
35
Other
43
Banks' custodial liabilities
U.S. Treasury bills and certificates5
Other negotiable and readily
transferable instruments6
Other
MEMO
44 Own foreign offices'2
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) below.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.
Bank-Reported Data
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
47
Reported by Banks in the United States1—Continued
Millions of dollars, end of period
Apr.
May
June7
July7
Aug.
AREA OR COUNTRY
45 Total, all foreigners .
1,630,417
1,985,588 2,312,246' 2,486,678' 2,487,417' 2,531,097' 2,518,013' 2,533,203
2,582,442
2,620,336
46 Foreign countries . . .
1,619,587
1,972,121
5,008,052' 5,037,746
5,138,476
5,217,860
520,438
2,922
6,546
3,618
1,446
49,056
22,318
2,307
6,215
16,667
12,363
3,727
4,033
20,800
8,811
3,375
66,382
7,474
204,107
36,024
309
41,938
653,988
2,818
9,536
5,106
1,693
40,399
34,650
2,975
5,568
31,945
10,839
18,879
3,574
23,146
14,039
4,647
132,895
12,131
185,970
47,594
301
65,283
784,103
4,819
9,353
3,678
1,780
40,749
46,727
1,254
6,193
35,871
17,012
22,425
933
41,671
9,885
7,076
110,607'
13,745
333,550
20,800
160
55,815'
894,236'
4,224
7,138
2,379
3,478
53,197
53,644
1,519'
9,004'
42,556
15,237'
19,178
996
47,684
9,976
7,281
131,788'
8,234
387,035'
20,686'
159
68,843'
876,614
4,176
6,141
2,473
2,503
44,725
49,913
1,766
8,105
39,904
19,034
22,736
1,430
45,694
8,394
8,515
124,031
8,910
385,860'
23,135'
81
69,088
948,061
5,037
9,114
3,061
2,599
48,122
53,410
2,014
7,676
39,363
16,801
24,239
1,185
52,236
11,601
5,831
137,832
9,747
425,038
27,240
27,323
35,389'
33,515'
33,082
Latin America
Argentina
g
Brazilil
Chile
Colombia
Ecuador
Guatemala
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin America17
118,025
10,704
14,169
4,939
4,695
2,390
1,882
39,871
3,610
1,359
3,172
24,974
6,260
107,357
10,878
10,040
6,146
4,158
2,299
1,379
36,109
3,864
1,363
2,815
21,939
6,367
109,992'
9,755
16,282
4,415'
4,229'
2,565
1,537
34,927
4,079
1,394
3,667
21,207
5,935
114,246'
9,779'
19,696
5,023'
4,051'
2,399
1,521
33,721'
4,009
1,306
3,568
23,229'
5,944
116,216'
9,893
17,687
5,671'
4,094'
2,375
1,554
36,349
3,650
1,332
3,664
23,729'
6,218
Caribbean
Bahamas
Bermuda
British West Indies18
Cayman Islands18
Cuba
Jamaica
Netherlands Antilles
Trinidad and Tobago
Other Caribbean17
646,047
178,472
10,469
0
439,190
88
1,182
3,264
1,269
12,113
47 Europe
48
Austria
49
Belgium13
50 Denmark
Finland
France
Germany
Greece
Italyy
56 Luxembourg13
57 Netherlands
58 Norway
59 Portugal
60 Russia
61
Spain
62
Sweden
63
Switzerland
64
Turkey
65 United Kingdom
66
Channel Islands and Isle of Man14
67 Yugoslavia15
68
Other Europe and other former U.S.S.R.1
69 Canada
93 Asia
China
94
Mainland
95
Taiwan
96
Hong Kong
97
India
98
Indonesia
99
Israel
100 Japan
101 Korea (South)
102 Philippines
103
Thailand
104 Middle Eastern oil-exporting countries19
105 Other
106 Africa
107
Egypt
108 Morocco
109
South Africa
110
Congo (formerly Zaire)
111
Oil-exporting countries20 . . . .
112 Other
113 Other countries . .
114 Australia
115 New Zealand21
116 All other
117 Nonmonetary international and regional organizations
118
International22
119 Latin American regional23
120
Other regional24
4,596,194' 4,945,836' 4,946,564' 5,034,386'
879,810'
3,995
8,988
2,747
1,228
44,965
48,431
1,370
7,983
37,612
24,072
30,226
1,151
44,127
9,241
9,652
107,384
10,124
391,899'
21,927'
175
72,513'
900,341'
4,698
9,576
2,116
1,122
41,831
50,599
1,392
8,521
39,298
26,019
27,305
1,104
45,435
8,845
6,092
105,012
9,697
412,082'
22,064'
89
77,444'
915,207
4,374
13,856
1,943
2,129
46,483
53,613
1,751
10,315
39,110
17,088
44,295
1,310
49,791
8,769
7,760
110,252
8,759
396,186
22,428
104
74,891
949,226
4,938
9,792
2,058
2,565
51,281
51,269
1,676
9,219
37,966
15,462
45,944
870
51,800
8,878
7,704
139,704
8,887
402,803
23,982
103
72,325
35,051'
31,682'
34,381
32,382
115,514
10,207
19,902
5,541
4,179
2,407
1,568
32,372
3,854
1,451
3,596
23,940
6,497
118,171
10,603
22,894
5,453
4,084
2,506
1,562
32,191
3,733
1,436
3,802
24,028
5,879
115,908
11,096
17,967
5,374
4,435
2,422
1,530
33,382
3,613
1,569
3,980
24,515
6,025
119,682
11,044
19,094
6,067
4,011
2,441
1,667
34,074
3,702
1,568
4,135
25,614
6,265
30,531
118,673
11,435
17,799
5,935
4,455
2,542
1,668
35,612
3,805
1,458
4,507
23,290
6,167
837,666
163,543
24,674
0
630,446
91
829
5,004
1,405
11,674
968,283' 1,021,358' 1,019,129' 1,073,187' 1,047,108' 1,054,682
155,034'
148,761'
155,179
149,104
151,331'
153,507
58,489
52,417
43,114
50,691
49,345'
38,847
0
0
0
0
0
0
820,606'
806,139
818,037
782,131'
780,932'
737,551
97
96
51
95
95
96
923
802
726
837
784
669
6,725
5,268'
5,028
3,945
4,432
8,887
1,425
1,555
1,655
1,638
1,582
1,252
29,888
32,070
30,892
30,688
32,857'
27,474'
1,055,954
151,914
48,788
0
818,794
51
725
2,491
1,631
31,560
1,075,904
140,128
64,596
0
830,925
51
765
2,605
1,260
35,574
290,923
319,487
369,661'
377,982'
397,477'
381,481
370,877
367,124
373,338
395,586
10,486
17,561
26,003
3,676
12,383
7,870
154,887
8,997
1,772
4,743
18,095
24,450
15,483
18,693
33,066
7,951
14,123
7,477
161,667
8,968
1,811
7,605
16,365
26,278
13,176
26,269
49,311
14,521
14,374
12,199
159,975
12,613
1,596
7,193
23,461
34,973'
17,391
22,467
52,042
11,414
13,858
14,953
166,097
14,059
1,582
10,743
21,989'
31,387'
21,961
29,619
50,553
11,338
14,377
16,881
172,338
10,065
1,904
7,602
24,195
36,644'
18,522
26,662
50,323
10,533
11,602
16,067
168,598
10,494
1,964
6,531
24,686
35,499
16,350
27,092
44,069
10,368
12,018
15,588
168,002
10,892
1,874
6,644
23,880
34,100
22,865
22,297
46,929
10,635
11,102
15,530
167,057
12,736
1,719
6,940
18,904
30,410
22,709
21,454
49,065
10,244
9,998
12,118
171,132
13,244
1,706
9,122
22,042
30,504
35,374
22,686
37,735
11,181
9,433
14,238
179,950
14,259
1,588
10,381
27,871
30,890
11,233
2,778
274
711
4
4,377
12,251
2,655
306
1,114
2
4,370
3,804
13,809
2,336
376
3,710
18
3,503
3,866
15,545'
3,262
311
3,528
6
5,075
3,363'
15,097
3,225
165
4,702
3,112
15,574
3,056
128
3,789
40
5,114
3,447
16,289
2,987
100
4,197
10
5,468
3,527
15,693
2,994
126
4,117
44
5,104
3,308
16,658
2,899
170
3,657
4
6,226
3,702
16,644
2,725
120
4,004
4
6,380
3,411
5,681
5,037
232
412
14,049
11,991
1,796
262
16,860
13,975
2,457
428
16,036'
12,928
2,607'
501
15,667
12,099
2,824
744
16,576
14,057
2,074
445
19,558
17,278
1,794
486
15,878
13,749
1,710
419
21,998
19,673
1,828
497
23,531
21,027
2,043
461
10,830
9,331
13,467
11,282
507
1,611
14,149
10,500
420
3,166
13,760'
11,752'
540'
1,361
14,135'
12,076'
488
1,463
13,904
11,620
798
1,388
13,987
11,959
555
1,391
14,330
12,134
444
1,700
13,204
11,194
410
1,524
11,406
9,454
369
1,498
935
13. Before January 2001, data for Belgium-Luxembourg were combined.
14. Before January 2001, these data were included in data reported for the United
Kingdom.
15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
16. Includes the Bank for International Settlements and the European Central Bank.
17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
18. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.
21,687
71,356
19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
20. Comprises Algeria, Gabon, Libya, and Nigeria.
21. Before January 2001, these data were included in "All other."
22. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
23. Principally the Inter-American Development Bank.
24. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."
48
Federal Reserve Bulletin Statistical Supplement • October 2004
3.18
BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
Area or country
Apr.
May
r,508,720'
July1
Aug.P
1 Total, all foreigners . .
r,052,066
1,185,445
r,320,455'
r,454,472>
r,sor,o84'
r,543,53r>
1,510,129
r,564,505
1,582,000
2 Foreign countries . . . .
r,047,r20
1,181,768
2,630,762'
2,900,064'
2,989,874'
3,079, r 40' 3,010,698' 3,014,780
3,120,204
3,156,672
462,418
5,280
6,491
1,105
10,350
60,866
30,044
367
4,205
1,323
16,039
6,236
1,603
594
3,260
12,756
87,350
2,124
201,185
4,478
0
6,762
487,004
3,603
6,044
1,109
8,518
47,705
22,481
477
3,753
3,407
23,133
13,885
2,226
877
5,371
15,889
126,958
2,112
176,953
17,457
0
5,046
590,834
4,714
6,837
2,764
8,125
63,698
25,520
238
7,310
5,512
21,253
17,666
2,019
1,233
2,295
15,246
78,634
2,149
269,070
43,099
0
13,452
665,983'
5,146
8,549
2,310'
6,893
73,849
30,231
166
6,687
6,943
22,861
13,377
2,146
1,181
2,448
16,151
97,811
2,988
303,345'
45,020
0
17,881
699,864'
4,917
10,294
1,117'
8,829
72,346
29,370
208
8,302
5,768
23,395
20,135
2,320
1,040
2,324
18,027
102,531'
3,229
318,780'
49,616
0
17,316
709,035'
5,018
8,697
1,384'
9,516
77,699
33,315
214
8,530
5,012
22,426'
26,881
2,312
948
1,212
20,086
748,109
4,917
11,000
2,954
9,043
64,451
29,461
207
11,905
6,410
19,934
19,436
1,548
972
5,108
13,501
118,644
2,368
365,774
44,660
0
15,816
54,421
60,521
52,140'
56,280'
Europe
Austria
Belgium2
Denmark
Finland
France
Germany
Greece
Italy
Luxembourg^
Netherlands
Norway
Portugal
Russia
Spain
Sweden
Switzerland
Turkey
United Kingdom
Channel Islands and Isle of Man3
Yugoslavia4
Other Europe and other former U.S.S.R.5
25 Canada
3,215
335,259'
47,305
0
19,008
687,842'
4,895
7,079
1,002'
9,625
79,628
27,897
217
8,815
5,202
22,136'
14,545
2,158
1,120
2,837
17,627
78,843
3,126
335,998'
45,276
0
19,816
710,412
4,647
11,217
1,181
10,215
73,159
31,886
259
11,070
4,747
21,749
29,285
1,642
1,092
5,296
17,369
86,645
3,171
329,043
47,991
0
18,748
737,033
4,751
11,292
1,815
9,073
71,319
28,742
211
13,205
5,764
17,892
33,351
1,362
1,055
7,239
18,932
104,090
2,799
338,449
48,780
0
16,912
55,217'
54,866'
53,833'
55,958
55,908
50,517
51,860'
3,332
17,707
5,962
2,143
406
808
12,726'
1,795
1,357
399
2,818
2,407
51,751
3,130
17,757
6,077
2,126
417
829
12,473
1,668
1,494
361
50,557
3,318
16,701
6,152
2,215
432
804
11,866
1,623
1,638
365
2,800
2,643
51,766
2,976
17,578
5,914
2,182
456
810
12,694
1,926
1,645
377
2,741
2,467
49,601
2,636
16,130
5,795
2,354
449
846
12,441
1,717
1,659
424
2,819
2,331
69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,061
2,185
447
3,077
3,364
56,642
6,783
15,419
5,250
2,614
457
892
15,658
1,915
1,411
255
3,254
2,734
51,514'
3,819
15,825
6,094
2,026
404
781
13,580'
1,844
1,370
465
2,911
2,395
52,153'
3,569
17,373
5,794
2,090
407
803
13,232'
1,785
1,491
382
2,809
2,418
2^597
52,201
3,256
18,191
6,169
2,182
430
824
12,022
1,806
1,685
340
2,811
2,485
366,319
101,034
7,900
0
245,750
0
418
6,729
931
3,557
475,896
95,584
9,902
0
359,259
0
321
6,690
889
3,251
492,717
73,709
14,889
0
391,536
0
377
6,629
665
4,912
544,196
80,788
21,215
0
427,116
0
378
5,023
771
8,905
552,647
78,004
20,104
0
442,242
0
388
5,268
790
5,851
578,912
71,700
23,990
0
470,578
0
389
5,211
809
6,235
578,965
75,611
23,955
0
464,853
0
475
5,098
925
8,048
559,343
76,059
15,625
0
454,322
0
431
5,326
815
6,765
581,066
74,816
22,166
0
472,456
0
382
5,037
774
5,435
585,609
65,229
31,640
0
473,782
0
346
5,351
752
8,509
85,990
93,551
117,964
119,626
124,629
133,753
121,904
120,748
123,502
133,463
2,073
4,433
10,035
1,348
1,752
4,396
34,136
10,653
2,587
2,499
7,882
4,196
1,057
3,766
7,258
1,235
1,270
4,660
47,600
11,118
2,137
1,167
7,952
4,331
4,134
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,782
8,113
5,135
9,838
7,401
1,768
763
5,392
58,147
16,401
1,489
635
4,644
8,013
9,614
9,149
8,833
1,898
771
5,368
53,960
19,830
1,531
875
4,292
8,508
12,229
10,403
8,481
2,099
812
4,474
57,749
19,512
1,460
704
4,892
10,938
6,660
10,043
5,287
2,290
711
3,269
58,439
17,405
1,517
700
5,015
10,568
8,817
11,073
5,183
2,292
717
3,311
60,001
14,297
1,285
493
4,706
8,573
10,698
10,164
4,691
2,208
685
3,053
64,218
12,684
1,040
451
5,269
8,341
9,834
10,258
4,598
2,321
626
5,470
70,629
12,353
843
646
6,786
9,099
62 Africa
63
Egypt
64
Morocco
65
South Africa . . .
66
Congo (formerly Zaire) . .
67
Oil-exporting countries9 . .
Other
2,146
416
106
761
0
167
696
1,977
487
53
617
0
222
598
1,450
233
46
453
0
147
571
1,403
220
41
471
0
183
1,330
211
1,230
203
32
461
0
139
395
1,258
161
27
461
0
214
395
1,215
195
35
389
0
150
446
1,312
191
26
464
0
152
479
1,109
176
37
300
0
141
455
69 Other countries . . .
70
Australia
71
New Zealand10 .
72 All other
6,064
5,677
349
38
6,177
5,566
569
42
8,762
7,902
819
41
10,391
9,304
990
97
9,390
8,442
10,023
9,128
817
78
9,346'
8,482'
748
116
9,157
8,489
634
34
9,515
8,549
919
47
9,928
9,124
746
73 Nonmonetary international and regional organizations''
4,946
3,677
5,074'
4,440'
3,961
3,371
2,739
4,403
26 Latin America
27 Argentina
28 Brazil
29 Chile
30 Colombia
31 Ecuador
32 Guatemala
33 Mexico
34 Panama
35 Peru
36 Uruguay
37 Venezuela
38 Other Latin America6
39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies7
43
Cayman Islands7
44
Cuba
45
Jamaica
46
Netherlands Antilles . . . .
47
Trinidad and Tobago . . . .
48
Other Caribbean'
49 Asia . .
China
50
Mainland
51
Taiwan
52
Hong Kong
53
India
54
Indonesia
55
Israel
56
Japan
57
Korea (South)
58
Philippines
59
Thailand
60
Middle Eastern oil-exporting countries8
61
Other
1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
192
452
5. Includes the Bank for International Settlements and the European Central Bank.
6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."
Bank-Reported Data
3.19
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars
49
Reported by Banks in the United States1
Millions of dollars, end of period
2004
Type of claim
2001
2002
2003'
Feb.
1 Total claims reported by banks
3
4
5
Foreign official institutions2
Foreign banks3
Other foreigners4
6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8 Negotiable CDs
9
Other short-term negotiable instruments6 . .
1,259,328
1,409,095
1,605,059
1,052,066
50,618
844,865
156,583
1,185,445
52,198
970,357
162,890
1,320,455
56,574
982,791
281,090
207,262
82,566
223,650
80,269
114,287
10,409
137,289
6,092
284,604
137,534
67,826
67,689
11,555
1
1
Mar.
Apr.'
May'
1,543,531
81,647
1,128,877
333,007
1,508,720
61,833
1,109,244
337,643
1,774,207
1,454,472
60,149
1,083,008
311,315
1,501,084
70,780
1,118,613
311,691
June7
July'
Aug.P
1,564,505
72,104
1,173,803
318,598
1,582,000
62,994
1,166,683
352,323
1,827,744
273,123
126,235
65,895
68,298
12,695
1,510,129
71,169
1,113,116
325,844
317,615
142,622
73,003
90,480
11,510
MEMO
11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices8
500,607
376
545,484
129
554,319
1,491
574,772
448
556,407
2,204
568,257
1,916
586,012
635
569,215
1,841
n.a.
744,498
n.a.
892,340
5,328
814,144
933,064
5,624
903,235
1,012,882
5,208
940,066
1,039,913
7,569
960,742
1,063,233
5,777
944,332
1,052,614
6,268
933,688
1,040,588
8,456
969,402
1,084,542
6,433
1,004,511
1,104,059
137,979
161,585
344,753
393,008
415,593
443,495
427,032
408,471
431,065
461,047
16 Loans collateralized by repurchase
1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances,
dealers.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) below.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) below.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.
6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.
50
Federal Reserve Bulletin Statistical Supplement • October 2004
3.22
LIABILITIES TO FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
r
8r,86r
1 Total
73,904
66,679
By type
2 Financial liabilities
3
Short-term negotiable securities'
47,419
n.a.
41,034
n.a.
39,561
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
By currency
7 U.S. dollars
8 Foreign currency2
9
Canadian dollars
10 Euros
11 United Kingdom pounds sterling
12 Japanese yen
13 All other currencies
25,246
22,173
n.a.
n.a.
n.a.
n.a.
n.a.
18,763
22,271
n.a.
n.a.
n.a.
n.a.
n.a.
14 Financial liabilities to unaffiliated
foreigners
By area or country
15 Europe
16
Belgium-Luxembourg
17
France
18
Germany
19
Netherlands
20
Switerzerland
21
United Kingdom
34,172
147
1,480
2,168
2,016
104
26,362
7,587
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
88,728'
rO5,T49
73,034
10,868
57,058
21,428
53,684
18,242
56,330
17,410
53,385
14,002
58,296
9,859
35,630
35,442
38,920
39,383
48,437
5,502
23,276
5,532
22,397
7,081
21,588
18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.
30,301
26,757
527
12,337
7,209
2,880
3,804
29,342
24,342
738
10,019
6,919
2,745
3,921
28,781
27,549
1,266
13,731
7,987
1,945
2,620
41,034
39,561
45,460
42,256
31,806
154
2,841
2,344
1,954
94
22,852
34,335
144
5,243
2,923
1,825
61
22,53 1
36,138
1,261
2,685
3,343
1,797
19
25,878
32,639
546
3,240
2,901
1,790
167
22,903
8,798
11,211
9,485
8,496
955
591
493
1,012
1,386
1,348
1,412
1,689
4,125
6
1,739
148
406
2,858
157
960
35
1,627
n.a.
36
2
1,504
23
990
65
365
n.a.
31
1
3,816
334
3,046
127
n.a.
25
29
0
4,495
4
4,244
129
n.a.
37
27
0
5,579
26
2,862
155
n.a.
2,426
31
0
3,998
0
615
242
n.a.
3,020
34
3
7,871
0
3,506
291
n.a.
3,813
28
0
5,956
0
2,245
200
n.a.
3,428
25
0
7,965
6,216
12
5,042
3,269
10
2,932
1,832
14
4,307
2,043
17
3,417
1,909
32
4,116
2,210
67
2,518
1,826
36
4,489
1,431
29
4,470
1,612
24
52
0
53
5
131
91
114
91
112
91
119
91
123
92
126
93
118
93
8,402
32,449
5,949
45,495
25,290
28,095
1,431
10,372
11,425
2,493
2,374
34,150
24,146
1,149
7,147
12,894
1,330
1,626
42,406
30,628
1,730
7,998
17,883
1,660
1,357
45,364
43,845
45,349
58,319
33,575
675
2,743
3,366
285
17
24,733
35,224
677
3,514
3,531
284
16
25,011
31,380
495
2,103
3,015
284
7
23,164
46,037
520
2,075
3,699
320
7
29,645
MEMO:
22
23
Euro area3
Canada
24
25
26
27
28
29
30
31
32
33
34
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries
35
36
Africa
Oil-exporting countries6
37
All other7
Nonbank-Reported Data
3.22
LIABILITIES TO FOREIGNERS
the United States—Continued
51
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
38 Commercial liabilities
39
Trade payables
40
Advance payments and other liabilities
26,485
14,293
12,192
25,645
11,781
13,864
28,103
14,699
13,404
28,515
15
14
28,497
15
13
27,626
16
30,090
17
13
30,432'
17'
13
32,115
18
14
By currency
41 Payable in U.S. dollars
42 Payable in foreign currencies2
43
Canadian dollars
44
Euros
45
United Kingdom pounds sterling
46
Japanese yen
47
All other currencies
23,685
2,800
n.a.
n.a.
n.a.
n.a.
n.a.
24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.
26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.
24,955
3,560
114
1,074
661
242
1,469
26,055
2,122
137
587
582
238
578
25,615
2,011
165
490
542
154
660
27,632
2,458
199
787
606
209
657
28,178'
2,254
196
699
513
623
29,636
2,479
183
729
593
255
719
9,629
293
979
1,047
300
502
2,847
9,219
99
734
905
1,163
790
2,279
8,257
141
765
781
590
433
2,649
8,786
186
873
747
729
521
2,905
9,138
152
931
739
1,337
458
2,822
8,744
178
779
764
1,326
383
2,911
9,821
159
900
855
384
1,367
3,025
8,943'
145
1,017'
1,018'
303'
543'
3,023'
9,715
135
1,092
1,269
288
641
3,035
4,440
4,198
1,933
1,622
1,588
1,794'
1,954
2,032'
2,166'
2,337'
2,533
2,381
31
281
114
76
n.a.
841
284
2,727
52
591
290
45
n.a.
899
166
3,073
51
538
253
36
n.a.
1,170
177
3,036
59
525
242
n.a.
80
1,091
142
3,252
15
585
224
n.a.
19
905
457
3,667
25
631
220
n.a.
32
1,274
517
3,406
14
513
233
n.a.
40
1,298
329
3,916'
16
647'
226
n.a.
77
1,362
389
4,400
39
801
168
n.a.
10,983
2,757
2,832
10,517
2,581
2,639
13,382
4,292
3,979
13,185
4,133
3,546
12,567
4,127
3,071
11,702
4,175
2,934
13,311
4,370
3,148
13,540'
4,973
2,553
13,455
4,728
2,311
948
483
836
436
827
405
927
423
575
185
884
373
782
372
1,009'
548'
1,082
567
48
49
50
51
52
53
54
By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO
55
56
Euro area3
Canada
57
58
59
60
61
62
63
64
65
66
67
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
68
Africa
69
Oil-exporting countries6
70
All other7
71
Financial liabilities to foreign affiliates8
4,518
4,542
1,751
MEMO
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are included in lines 1-6 above.
52
Federal Reserve Bulletin Statistical Supplement • October 2004
3.23
CLAIMS ON FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
Sept.
182,889
186,182'
71,389
27,064
44,325
153,393
46,422
3,777
153,992
49,933
3,207
150,561
3,174
n.a.
51,486
n.a.
n.a.
241
103,194
133
100,852
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
71,029
6,599
By currency
9 U.S. dollars
10 Foreign currency2
11 Canadian dollars
12 Euros
13 United Kingdom pounds sterling
14 Japanese yen
15 All other currencies
46,157
6,874
n.a.
n.a.
n.a.
n.a.
n.a.
74,471
6,816
n.a.
n.a.
n.a.
n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.
146,265
7,128
605
3,054
2,083
880
506
16 Financial claims on unaffiliated
foreigners
By area or country
17 Europe
18
Belgium-Luxembourg . . . .
19
France
20
Germany
21
Netherlands
22
Switerzerland
23
United Kingdom
83,215
23,136
296
1,206
848
1,396
699
15,900
26,118
625
1,450
1,068
2,138
589
16,510
29,018
722
3,247
4,245
3,648
383
10,663
34,806
1,494
3,402
6,244
4,355
1,516
11,237
1 Total
2
3
4
5
6
7
8
By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Ofwhich:
Loans'
Repurchase agreements'
90,157
113,082
53,031
23,374
29,657
81,287
29,801
51,486
n.a.
29,657
n.a.
176,473'
188,499
132,332
35,920
3,211
142,632
45,415
2,502
154,096
42,974
5,468
158
100,645
157
93,201
6
94,715
129
105,654
71,971
3,010
71,488
4,729
69,208
3,253
67,343
5,602
66,849
19,073
146,439
7,553
597
2,383
2,561
875
1,137
140,249
10,312
1,371
122,879
9,453
912
3,677
2,704
2,776
3,242
982
1,578
831
1,692
132,701
9,931
1,254
2,425
3,722
892
1,638
135,909
18,187
1,140
4,452
7,428
3,574
1,593
83,626
83,450
67,347
80,256
92,499
33,440
352
4,445
4,427
3,655
1,196
13,469
36,125
226
3,541
6,061
4,476
1,767
11,660
28,970
391
3,049
2,859
2,789
617
11,438
32,331
1,256
46,343
1,206
4,375
3,151
2,974
453
23,575
46,742
4^573
2,293
618
13,193
MEMO:
24
Euro area3
26
27
28
29
30
31
32
33
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
34
35
36
Asia
Japan
Middle Eastern oil-exporting countries5
37
38
Africa
Oil-exporting countries6 . .
39
All other7 . . .
5,580
8,626
4,576
6,193
5,013
5,643
5,879
4,942
5,311
5,278
4,533
19,317
1,353
19
1,827
12,596
41,201
976
918
2,127
32,965
n.a.
3,075
83
29,612
1,038
724
37,420
598
699
2,158
n.a.
30,734
1,912
173
33,805
412
533
2,592
n.a.
26,936
2,136
123
26,215
1,049
564
1,832
n.a.
20,015
1,629
131
35,284
21,528
n.a.
2,921
104
32,511
757
387
2,396
n.a.
25,848
1,786
171
1,034
1,967
n.a.
28,577
1,723
174
34,256
801
1,410
1,749
n.a.
27,613
1,706
135
6,430
5,358
1,277
79
7,625
1,226
90
5,389
1,246
183
7,017
1,496
275
5,317
1,194
158
5,650
978
138
5,976
1,011
121
395
25
358
57
26
486
35
565
34
419
12
391
13
238
9
894
1,993
2,272
1,012
2,448
87
4,697
1,631
1,604
135
16,858
2,286
1,115
646
1,153
International Statistics
3.23
53
CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States—Continued
Millions of dollars, end of period
Type of claim, and area or country
Sept.
40 Commercial claims
41
Trade receivables
42
Advance payments and other claims . . .
By currency
43 Payable in U.S. dollars
44 Payable in foreign currencies2
45
Canadian dollars
46
Euros
47
United Kingdom pounds sterling
48
Japanese yen
49
All other currencies
50
51
52
53
54
55
56
By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
37,126
33,104
4,022
31,795
27,513
4,282
31,177
26,385
4,792
29,496
24,787
4,709
32,308
25,981
6,209
31,260
25,749
5,511
33,602
28,651
4,951
33,841
28,623'
5,218
34,403
29,877
4,526
33,401
3,725
29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.
26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.
20,653
8,843
1,351
1,803
1,451
545
3,693
24,368
7,822
1,279
1,497
1,429
530
3,087
24,327
6,933
1,262
1,216
1,123
547
2,785
25,527
8,075
1,557
1,542
1,187
589
3,200
26,165'
7,676
1,518
1,255
1,299
478
3,126
27,373
7,030
649
1,196
1,204
598
3,383
15,938
452
3,095
1,982
1,729
763
4,502
14,022
268
2,921
1,658
529
611
3,833
14,187
269
3,164
1,202
1,490
503
3,727
13,330
228
2,804
1,305
1,136
453
3,720
15,097
221
2,998
1,184
1,352
537
4,342
14,087
208
3,093
1,196
1,300
652
4,007
14,576
247
2,816
1,284
397
1,921
3,928
14,332'
209'
2,740'
1,494'
421'
1,248'
3,964'
13,558
238
2,606
1,529
345
1,258
3,902
8,114
8,931
8,255
7,359
3,502
2,818
2,790
2,564
2,950
2,673
3,070
3,272'
2,290
5,851
37
376
957
137
n.a.
1,507
328
4,859
42
369
954
95
n.a.
1,391
4,346
31
287
750
19
n.a.
1,259
4,810
61
551
737
n.a.
59
1,099
234
4,722
30
353
841
n.a.
16
1,123
236
4,813
25
447
808
n.a.
50
1,181
233
5,153
26
460
903
n.a.
52
1,339
230
5,516
35
739
1,002
n.a.
67
1,149
5,609
26
690
1,022
n.a.
66
1,224
251
9,630
2,796
1,024
7,849
2,006
850
7,324
2,341
6,010
1,441
617
6,496
1,733
777
6,452
1,734
738
7,356
1,761
7,250'
1,589
8,148
1,767
1,086
584
95
636
139
441
105
548
136
636
138
621
183
711
224
1,946
2,146
2,484
2,811
2,850
4,087
MEMO
57
58
Euro area3
Canada
59
60
61
62
63
64
65
66
67
68
69
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
70
Africa
71
Oil-exporting countries6
72
All other7
73
Financial claims on foreign affiliates8
8,819
672
180
1,602
MEMO
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial claims on foreign affiliates of
insurance underwriting subsidiaries of Bank/Financial Holding Companies and other financial
intermediaries. These data are included in lines 1-8 above.
54
3.24
Federal Reserve Bulletin Statistical Supplement • October 2004
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
Transaction, and area or country
Jan.Aug.
Apr/
May7
July'
Aug.P
U.S. corporate securities
3,209,760
3,159,571
3,120,076
3,082,308
2,750,490
2,748,810
317,610
315,122
377,293
390,774
366,898
368,820
348,884
356,563
333,732
331,977
359,335
349,560
322,844
324,928
3 Net purchases, or sales ( ) .
50,189
37,768
1,680
2,488
13,481
1,922
7,679
1,755
9,775
2,084
4 Foreign countries
50,253
37,801
1,636
2,457
13,407
1,954
7,639
1,710
9,773
2,077
32,909
2,127
129
4,307
2,787
15,172
255
8,207
15,419
1,309
24,275
6,213
969
2,702
3,037
3,410
901
541
2,990
321
1,083
7,601
2,159
932
382
75
4,381
38
1,861
5,959
2,951
2,030
22
244
7,449
109
1,706
510
2,577
1,925
1,018
3,249
198
222
5,710
383
431
2,934
75
165
413
237
1,658
67
1,626
1,150
108
317
817
1 Foreign purchases
2 Foreign sales . . . .
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries
153
501
581
529
207
1,232
582
56
842
1,534
1,074
1,437
1,048
179
116
3,190,123
2,758,932
2,092,181
1,745,301
260,461
215,163
351,069
316,452
325,477
277,120
231,639
190,863
219,949
177,036
238,581
191,551
229,152
181,449
377,455
431,191
346,880
45,298
34,617
48,357
40,776
42,913
47,030
47,703
377,192
431,476
345,426
45,398
34,043
48,298
40,795
42,357
46,921
47,583
167,168
210,612
4,752
2,658
1,178
7,699
132,822
19,900
5,463
97,355
138,991
3,328
8,538
149
13,976
70
108
530
1,134
12,483
889
2,251
1,099
1,708
3,877
2,777
19,418
16,536
188
1,341
341
596
20,986
570
645
276
1,882
6,564
1,817
315
6,661
1,635
13,421
10,727
19
12
21,818
754
2,012
178
925
14,986
549
312
13,492
469
10,350
5,852
148
332
21,731
795
1,604
158
214
16,598
2,337
1,201
14,590
143
9,555
2,198
80
283
66
12,336
72
3,261
2,139
675
97
11,703
494
503
2,019
2,328
272
477
2,548,719
2,171,264
22 Net purchases, or sales ( ) .
23 Foreign countries
24
25
26
27
28
29
30
31
32
33
34
35
36
37
22,676
6,680
4,319
136
876
249
2,826
876
1,284
28
176
3,128
1,985
12
255
144
55
142
27
135
627
1,776
269
901
312
28
214
312
25
59
3,466
68
697
4,726
2,064
181
193
213
3,367
97
2,394
310
40
1,443
887
10
134
55
19 Nonmonetary international and
regional organizations
20 Foreign purchases
21 Foreign sales . . . .
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries
3,762
5,125
421
8,621
109,913
11,173
1,040
83,002
2,263
3,736
121,440
48,578
110,802
34,452
2,356
1,152
860
3,499
6,330
78,209
3,651
8,162
84,083
9,227
101,374
49,219
1,581
6,446
1,988
492
13,030
16,033
6,397
148
831
3,206
4,388
821
13,110
3,601
37
746
565
440
569
14,943
1,173
1,095
7,508
2,332
17,297
9,275
976
328
8,260
881
1,398
10,804
2,805
8,404
5,241
160
3 8 Nonmonetary international and
regional organizations
Foreign securities
1,493
1,267,794
1,269,287
28,492
1,372,239
1,343,747
71,005'
1,376,134'
1,447,139'
22,338'
1,661,640'
1,639,302'
50,582
1,241,007
1,291,589
4,158
1,205,564
1,201,406
2,060
154,878
156,938
2,207
163,490
161,283
2,865
195,740
198,605
1,472
185,962
187,434
12,748
170,971
183,719
2,422
130,158
127,736
6,814
153,680
160,494
15,313
140,675
125,362
5,199
152,032
157,231
7,018
139,666
146,684
8,856
139,153
148,009
7,312
147,828
155,140
1,297
136,430
135,133
2,584
119,229
121,813
45 Net purchases, or sales ( ), of stocks and bonds
26,999
48,667'
46,424
147
4,337
10,326
8,499
12,217
16,168
1,287
46 Foreign countries
27,029
48,106'
44,022
140
2,305
10,285
8,506
12,189
16,071
1,289
47
48
49
50
51
52
53
14,562
4,857
4,578
3,078'
8,286'
57,900
1,285
13,508
333
12,225
947
2,195
4,792
685
2,725
1,213
2,882
24
333
1,367
11,633
858
2,720
828
1,313
154
1,496
3,034
30
4,922
6,473
3,756
162
47
12,625
1,029
908
9,154
1,226
3,631
2,312
2,745
73
179
8,862
39 Stocks, net purchases, or sales ( )
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales ( )
43
Foreign purchases
44
Foreign sales
Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries
2,632
10,060
380
780
7,798'
50,233'
32,134'
217'
1,656'
54 Nonmonetary international and
regional organizations
1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
726
565
1,213
3,022
221
107
628
2,469
70
383
779
3,549
2,820
1,402
265
160
2,032
3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.
Securities Holdings and Transactions
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
55
Foreign Transactions1
Millions of dollars; net purchases, or sales ( ) during period
Area or country
Jan.Aug.
Apr.
May7
July
Aug.P
1 Total estimated . .
119,921
278,139
283,167
36,705
60,799'
35,673
23,378
40,575
22,415
14,625
2 Foreign countries . .
117,910
278,865
282,291
36,830
60,695'
35,472
23,398
40,285
22,799
13,939
Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3 .
Other Europe and former U.S.S.R.
Canada
43,678
2,046
51,103
1,739
7,921
906
200
432
4,894
35,971
1,554
2,114
10,787
56,610
419
2,305
21
5,329
556
3,698
54,016
719
1,085
21,037'
131
952
411
335
183
1,053
17,923
128
4,201'
1,458'
19,574
495
13,835
209
652
107
1,168
1,504
123
5,948
2,675
5,335
990
2,372
542
2,474
17
1,077
1,487
244
161
1,724
12,330
6,477
2,429
1,573
1,464
440
833
1,099
711
12,124
502
8,577
1,750
3,714
233
1,325
202
7,597
382
186
3,716
81
1,278
524
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other
20,023
59
25,479
317
17,181
7,981
184,475
148,777
55
51,957
53
39,977
12,033
171,356
158,143
209
4,318
6,115'
27
3,190'
2,952
25,859
30,249
61
738'
19,340
11
17,763
1,566
16,910
14,622
130
137
22,002
13
17,717
4,272
23,775
53
876
948
117
117,910
7,149
110,761
278,865
109,345
169,520
3,880
29
6,913
52
22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
3,931
1,609
17,020
2,923
448
61,606
724
613
5,197
20,862
780
55,656
841
2,909
6,966
2,011
1,642
726
446
4,762
178
2,527
532
1,992
10,283
279
54
2,589
1,366
2,547
2,306
95
97
287
71
5,308
134
5,095
2,096
4,695
15
1,725
2,955
3,212
5,535
2,339
51
2,807
519
21,479
24,375
42
1,005
290
248
43
384
104
2
686
638
23,398
14,380
9,018
40,285
17,540
22,745
22,799
4,143
18,656
13,939
19,054
5,115
739
0
1,092
5
812
0
170
1
6,989'
6,468
6
4,460'
2,532
33,047
30,520
30
1,806
2,507
3,955
20,077
5,485
202
502
125
79
13
104
300
201
114
28
20
34
282,291
154,143
128,148
36,830
16,071
20,759
60,695'
33,905
26,790'
35,472
22,140
13,332
635
6
133
0
20,767
36
537
MEMO
25 Foreign countries
26
Official institutions . . .
27
Other foreign
Oil-exporting countries
28 Middle East*
29 Africa5
1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.
3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
56
Federal Reserve Bulletin Statistical Supplement • October 2004
3.28
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2004
Apr.
July
May
Aug.
Exchange rates
COUNTRY/CURRENCY UNIT
1
2
3
4
5
6
7
8
9
10
11
12
Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3 . . . ,
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malays ia/ringgit
Mexico/peso
13
14
15
16
17
18
19
20
21
21
23
24
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/bant
United Kingdom/pound2
Venezuela/bolivar
51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337
54.37
2.9213
1.5704
8.2770
7.8862
0.9454
n.a.
7.7997
48.63
125.22
3.8000
9.663
65.24
3.0750
1.4008
8.2772
6.5774
1.1321
n.a.
7.7875
46.59
115.94
3.8000
10.793
74.96
2.9067
1.3286
8.2771
6.0757
1.2261
n.a.
7.7930
44.97
108.52
3.8000
11.019
74.43
2.9079
1.3420
8.2769
6.2104
1.1989
n.a.
7.7970
43.89
107.66
3.8000
11.270
70.39
3.1023
1.3789
8.2771
6.2021
1.2000
n.a.
7.7971
45.18
112.20
3.8000
11.520
69.37
3.1293
1.3578
8.2767
6.1220
1.2146
n.a.
7.7980
45.50
109.43
3.8000
11.393
71.61
3.0384
1.3225
8.2767
6.0631
1.2266
n.a.
7.8000
46.06
109.49
3.8000
11.468
71.11
3.0018
1.3127
8.2768
6.1007
1.2191
n.a.
7.7997
46.32
110.23
3.8000
11.395
42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10
46.45
7.9839
1.7908
10.5176
1,250.31
95.773
9.7233
1.5567
34.536
43.019
150.25
1,161.19
58.22
7.0803
1.7429
7.5550
1,192.08
96.541
8.0787
1.3450
34.405
41.556
163.47
1,613.43
66.07
6.9598
1.6996
6.6140
1,166.29
97.522
7.5322
1.2778
33.252
39.470
182.61
1,920.00
64.15
6.9263
1.6849
6.5747
1,152.86
98.132
7.6496
1.2969
32.971
39.453
180.31
1,920.00
61.51
6.8428
1.7124
6.7996
1,177.88
98.929
7.6097
1.2839
33.444
40.560
178.60
1,919.76
62.84
6.8279
1.7136
6.4216
1,159.02
100.930
7.5323
1.2503
33.568
40.827
182.79
1,920.00
64.67
6.9126
1.7121
6.1350
1,158.70
102.998
7.5027
1.2452
33.806
40.982
184.38
1,920.00
65.61
6.8369
1.7145
6.4667
1,158.03
103.436
7.5362
1.2623
34.023
41.521
182.03
1,920.00
Indexes4
NOMINAL
25 Broad (January 1997=100)5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997= 100)7
125.91
107.66
126.75
105.98
119.28
93.04
114.26
86.48
115.12
87.44
117.08
89.03
115.91
87.57
115.08
86.46
115.26
86.72
28 Broad (March 1973=100)5
29 Major currencies (March 1973=100)6
30 Other important trading partners (March
1973= 100)7
111.08'
112.19
111.30'
110.61
104.60'
97.66
100.27
91.61
101.08'
92.67
103.21'
94.50
102.42'
93.22
101.47'
92.07
101.46
92.32
1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at:
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564
Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds
1,936.27
40.3399
2.20371
200.482
166.386
340.750
Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.
57
Guide to Special Tables and Statistical Releases
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title and Date
Issue
Page
Reference
Assets and liabilities of commercial banks
September 30,2003
December 31,2003
March 31,2004
June 30, 2003
February
May
August
November
2004
2004
2004
2003
58
58
58
A58
Supplement
Supplement
Supplement
Bulletin
Terms of lending at commercial banks
November 2003
February 2004
May 2004
August 2003
February
May
August
November
2004
2004
2004
2003
60
60
60
A60
Supplement
Supplement
Supplement
Bulletin
Assets and liabilities of US. branches and agencies of foreign banks
September 30,2003
December 31,2003
March 31,2004
June 30, 2003
February
May
August
November
2004
2004
2004
2003
66
66
66
A66
Supplement
Supplement
Supplement
Bulletin
August 2001
October 2001
January 2002
A76
A64
A64
Bulletin
Bulletin
Bulletin
Residential lending reported under the Home Mortgage Disclosure Act
1989-2001
1990-2002
1991-2003
September 2002
September 2003
September 2004
A58
A58
58
Bulletin
Bulletin
Supplement
Disposition of applications for private mortgage insurance
1998-2001
1999-2002
2000-2003
September 2002
September 2003
September 2004
A67
A67
67
Bulletin
Bulletin
Supplement
Small loans to businesses and farms
1996-2001
1996-2002
1997-2003
September 2002
September 2003
September 2004
A70
A70
70
Bulletin
Bulletin
Supplement
Community development lending reported under the Community Reinvestment Act
2001
2002
2003
September 2002
September 2003
September 2004
A73
A73
73
Bulletin
Bulletin
Supplement
Pro forma financial statements for Federal Reserve priced services *
March31,2001
June 30, 2001
September 30, 2001
*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).
58
Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 34
Real estate mortgages held, by holder and property, 33
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4—6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-39
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 46, 49-51, 53
Liabilities to, 45-48, 52, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
International capital transactions of United States, 44—55
International organizations, 46, 47, 49, 52, 53
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33
EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10
MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)
OPEN market transactions, 9
Index to Statistical Tables
PRICES
Stock market, 24
Prime rate, 22
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35-39
Savings deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44, 45
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)
59
@FedFRASER