View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Volume 4 • Number 4 • April 2007

Statistical Supplement
M to the Federal Keserve
tne t eaeral Reserve

£ BULLETIN

Board of Governors of the Federal Reserve System, Washington, D.C.

PUBLICATIONS COMMITTEE

Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole
• Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus
• Vincent R. Reinhart • Louise L. Roseman • David J. Stockton

The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic
Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members.

Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin (1914-2003).
The Statistical Supplement began publication in
2004. It is designed as a compact source of economic
and financial data. All statistical series are published
with the same frequency that they had in the Bulletin,
and the numbering system for the tables remains the
same.
Subscription information for the Statistical Supplement is on the inside front cover. For subscription

information about the Bulletin, contact Publications
Fulfillment at (202) 452-3245, or send an e-mail
to publications-bog@frb.gov. The Supplement is
also available on the Board's website, at
www.federalreserve.gov/pubs/supplement.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886, or send an e-mail
to publications-bog@frb.gov.

Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of April 2007.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Factors affecting reserve balances of depository
institutions
6 Reserves and borrowings—Depository
institutions
Policy

Instruments

7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions

Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. TreasuryTypes and ownership
26 U.S. government securities
dealers—Tran saction s
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding

Securities Markets and Corporate Finance
29 New security issues—State and local governments
29 New security issues—U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables

Federal Reserve Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Monetary and Credit Aggregates

Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding

12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
21

All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
Memo items

Consumer Credit
34 Total outstanding
34 Terms

Flow of Funds
35
37
38
39

Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities

Financial Markets
22 Commercial paper outstanding
22 Prime rate charged by banks on short-term
business loans
23 Interest rates—Money and capital markets
24 Stock market—Selected statistics

DOMESTIC NONFINANCIAL STATISTICS
Selected

Measures

40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value

2

Federal Reserve Bulletin Statistical Supplement • April 2007

INTERNATIONAL STATISTICS
Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
45
46
48
49

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States

50 Liabilities to unaffiliated foreigners
52 Claims on unaffiliated foreigners
Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions

Interest and Exchange Rates
56 Foreign exchange rates and indexes of the foreign
exchange value of the U.S. dollar
5 7 GUIDE TO SPECIAL

TABLES

5 8 INDEX TO STATISTICAL

TABLES

60 FEDERAL RESERVE BOARD

PUBLICATIONS

62 ANTICIPATED SCHEDULE OF RELEASE DATES
PERIODIC STATISTICAL
RELEASES
6 4 PUBLICATIONS

FOR

OF INTEREST

65 FEDERAL RESERVE STATISTICAL
AVAILABLE ON THE COMMERCE
ECONOMIC BULLETIN
BOARD

RELEASES
DEPARTMENT'S

Symbols and Abbreviations
c
e
n.a.
n.e.c.
P
r

*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
G-7
G-10
GDP

Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
Group of Seven
Group of Ten
Gross domestic product

GNMA
GSE
HUD
IBF
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
STRIPS
TIIS
TIPS
VA

Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International banking facility
International Monetary Fund
Interest-only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal-only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Separate trading of registered interest and principal
of securities
See TIPS
Treasury inflation-protected securities (formerly
TIIS, or Treasury inflation-indexed securities)
Department of Veterans Affairs

GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues

of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.

4

Federal Reserve Bulletin Statistical Supplement • April 2007

1.10

RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1

Monetary or credit aggregate
Ql

Q2

Q3

-13.4
-11.1
-12.7
5.1

9.6
7.6
8.6
4.1

-15.0
-13.8
-16.4
.7

1.3
5.4

.5
3.3

-3.5

Q4

Sept.

Oct.

2

1
2
3
4

Reserves of depository institutions
Total
Required
Nonborrowed
Monetary base3

Concepts of money*
5 Ml
6 M2

4.2

-2.7

-6.5
-.8
.8

-.5

-.4
2.5

-.1
6.8

-6.6
4.0

4.6
8.7

11.7
11.5
13.7
4.6

2.5
-.6
1.6
3.9

-50.0
-43.6
-50.8
1.4

1.1'

-4.2'
7.6

10.3

7.r

5.1

Nontransaction components
7 In M2S
Time and savings deposits
Commercial banks
Savings, including MMDAs . .
Small time1"
Thrift institutions
10
Savings, including MMDAs ..
11
Small time8
8
9

Money market mutual funds
12 Retail7
13 Institution-only

.8
17.4
-6.4
20.0
7.7
8.4

.0
18.6
23.2

8.6
13.1

15.8
17.3

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at

.7

6.8
19.5'

13.5

-58.3
-9.4

-5.4
10.7

-9.6
4.2

17.3

18.1
21.3

17.3
15.2

19.9
26.9

22.4
-3.6

3.9
15.4P

24.5

-22.3
8.3

-7.2
26.2

17.4
20.9

14.6
21.3

33.1 P

13.3'

8.8
6.3
7.5

depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Ml.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
7. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Money Stock and Bank Credit
1.11

5

FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS'
Millions of dollars
Average of
daily figures

Average of daily figures for week ending on date indicated

Jan. 10

Jan. 17

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. Treasuiy2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

19
20
21
22
23
24

Currency in circulation
Reverse repurchase agreements'"
Foreign official and international accounts
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .

844,790
778,888
778,888
277,019
467,826
30,392
3,651
0
26,315
236
215
0
21
-429
39,780
11,041
2,200
38,233

845,210
776,930
776,930
277,019
465,798
30,105
4,008
0
28,929
192
107
0
85
897
38,263
11,041
2,200
38,191

852,192
778,951
778,951
277,019
467,864
30,105
3,964
0
33,036
149
64
0
85
875
39,180
11,041
2,200
38,198

859,448
778,916
778,916
277,019
467,864
30,105
3,928
0
40,857
233
180
0
54
-210
39,651
11,041
2,200
38,206

844,559
778,902
778,902
277,019
467,864
30,105
3,915
0
26,571
39
22
0
16
-262
39,309
11,041
2,200
38,218

846,043
778,891
778,891
277,019
467,864
30,243
3,765
0
27,500
284
265
0
19
-195
39,564
11,041
2,200
38,230

837,088
778,880
778,880
277,019
467,864
30,587
3,410
0
18,607
319
298
0
21
-545
39,827
11,041
2,200
38,242

844,202
778,868
778,868
277,019
467,694
30,757
3,398
0
25,500
210
189
0

38,545
11,041
2,200
38,155

845,968
776,636
776,636
277,019
465,499
30,105
4,013
0
29,629
175
95
0
81
968
38,559
11,041
2,200
38,190

801,980
31,547
31,547
0
177

810,816
29,313
29,313
0
203

807,391
30,233
30,233
0
235

808,651
29,541
29,541
0
204

816,824
30,509
30,509
0
230

819,803
29,545
29,545
0
253

812,449
29,659
29,659
0
261

807,874
30,486
30,486
0
242

803,306
29,410
29,410
0
220

800,808
31,706
31,706
0
210

12,140
4,906
93
6,851
6,847
5
290
35,656
8,532

12,575
5,223
92
6,921
6,917
4
339
36,509
7,983

12,277
4,974
95
6,879
6,873
6
329
36,830
9,298

13,429
6,066
95
7,023
7,016
7
245
36,426
8,391

12,435
5,240
92
6,837
6,837
0
266
36,824
6,809

12,733
5,027
94
6,857
6,842
14
755
36,312
12,248

12,068
4,797
90
6,936
6,917
19
245
36,466
5,115

12,001
4,686
90
6,915
6,915
0
310
36,703
10,209

12,366
5,112
109
6,837
6,837
0
308
37,024
6,244

12,268
5,055
90
6,836
6,836
0
287
37,417
13,288

838,636
770,774
770,774
277,019
459,586
29,990
4,179
0
29,167
150
39
0

-944
40,568
11,041
2,200
38,254

ABSORBING RESERVE FUNDS

25
26
27
28
29
30
31
32

End-of-month figures

Wednesday figures
Jan. 10

Jan. 17

SUPPLYING RESERVE FUNDS

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

19
20
21
22
23
24

Currency in circulation
Reverse repurchase agreements'"
Foreign official and international accounts . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 .

847,431
772,604
772,604
277,019
461,368
30,105
4,112
0
37,750
102
5
0
97
-467
37,442
11,041
2,200
38,177

859,332
778,915
778,915
277,019
467,864
30,105
3,927
0
40,750
67
3
0
63
-333
39,934
11,041
2,200
38,206

851,094
778,863
778,863
277,019
466,675
31,776
3,393
0
32,000
1,326
1,309
0
18
-1,486
40,391
11,041
2,200
38,254

850,163
777,638
777,638
277,019
466,522
30,105
3,993
0
33,500
90
5
0
85
347
38,587
11,041
2,200
38,191

855,173
778,938
778,938
277,019
467,864
30,105
3,951
0
36,000
488
407
0
81
404
39,343
11,041
2,200
38,198

859,693
778,910
778,910
277,019
467,864
30,105
3,922
0
39,750
1,262
1,239
0
23
626
39,146
11,041
2,200
38,206

839,582
778,898
778,898
277,019
467,864
30,105
3,911
0
21,500
21
2
0
19
-240
39,402
11,041
2,200
38,218

842,731
778,887
778,887
277,019
467,864
30,587
3,417
0
19,750
1,756
1,735
0
21
2,950
39,389
11,041
2,200
38,230

837,192
778,875
778,875
277,019
467,864
30,587
3,406
0
19,000
26
5
0
21
-1,098
40,389
11,041
2,200
38,242

851,094
778,863
778,863
277,019
466,675
31,776
3,393
0
32,000
1,326
1,309
0
18
-1,486
40,391
11,041
2,200
38,254

806,375
31,049
31,049
0
164

820,176
29,615
29,615
0
252

802,599
32,379
32,379
0
175

813,056
29,903
29,903
0
227

819,884
32,126
32,126
0
252

818,497
29,742
29,742
0
263

810,057
28,921
28,921
0
245

806,763
31,055
31,055
0
221

802,884
29,419
29,419
0
216

802,599
32,379
32,379
0
175

11,573
4,373
90
6,832
6,832
0
278
36,163
13,526

12,620
4,708
98
6,857
6,842
14
958
36,231
11,885

13,264
6,053
90
6,836
6,836
0
285
36,727
17,445

12,806
5,436
89
7,023
7,016
7
258
36,394
9,210

11,657
4,470
92
6,837
6,837
0
258
36,717
5,977

13,342
6,156
90
6,857
6,843
14
239
36,065
13,230

12,256
4,999
91
6,936
6,917
19
230
36,346
3,216

12,845
5,533
90
6,915
6,915
0
307
36,475
6,842

12,642
5,412
90
6,837
6,837
0
303
37,103
6,411

13,264
6,053
90
6,836
6,836
0
285
36,727
17,445

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
1.12

Federal Reserve Bulletin Statistical Supplement • April 2007
RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
2007

2006

2004

1 Reserve balances with Reserve Banks2
2 Total vault cash3
3
Applied vault cash4
4
Surplus vault cash5
5 Total reserves'"
6
Required reserves
7
Excess reserve balances at Reserve Banks7
X Total borrowing at Reserve Banks
9
Primary
10
Secondary
11
Seasonal

2005

2006

Dec.

Reserve classification

Dec.

Dec.

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

12.046
47,264
34.X01
12,462
46.X4X
44.93X
1,909
63
11
0
52

10.04X
51,315
35,346
15,969
45,394
43,490
1,903
169
97
0
72

X.479
50,905
34,795
16,110
43,274
41,461
1,813
191
111
0
X
O

9,5X9
49.62X
35,252
14,376
44.X41
43,294
1,547
350
39
0
312

X.7X0
50,247
33.XX4
16,363
42,664
41,131
1,533
369
26
0
343

9.101
49,409
33,493
15,915
42,594
40.X32
1,762
403
66
0
33X

X.254
50,102
33,4X6
16,616
41,740
40,061
1,6X0
229
24
0
205

X.457
4X.969
33.763
15,206
42,221
40,517
1,703
160
4X
0
112

X.479
50,905
34 795
16,110
43,274
41,461
1,813
191

X.794
52,170
35.X43
16,327
44.63X
43,123
1,515
211
1X7
0
24

0
XO

B weekly averages of daily figures for two-week periods ending on dates indicated
2007

2006
Sept. 27
2

1 Reserve balances with Reserve Banks
2 Total vault cash3
3
Applied vault cash4
4
Surplus vault cash5
5 Total reserves'"
6
Required reserves
7
Excess reserve balances at Reserve Banks7
X Total borrowing at Reserve Banks
9
Primary
10
Secondary
11
Seasonal

Oct. 11

Oct. 25

Nov. X

Nov. 22

Dec. 6

Dec. 20

Jan. 3

Jan. 17

Jan. 31

10,036
49,526
35.XX3
13,643
45,919
44,517
1,402
370
21
0
349

X.302
51.745
33,012
1X.733
41,314
39,179
2,135
295
23
0
273

8,136
49.517
33.X94
15.623
42,030
40,665
1,365
202
22
0
1X1

X.444
4X.455
33,403
15,052
41 ,X47
40,269
1,577
171

7.X45
49.5X3
33,590
15,993
41,435
39,914
1,521
161
52
0
109

9,543
4X.410
34,427
13,9X3
43,970
41,822
2,147
147
56
0
92

7,190
50,332
32,926
17,406
40,116
3X.679
1,437
210
127
0
X3

9,540
52,996
37,376
15,621
46,915
44.X07
2,1 O
X
191
122
0
70

7,666
50,330
32,2X6
1X.044
39,952
3X.326
1,625
162
144
0
IX

9,763
53.X35
39,073
14,762
4X.X36
47,559
1,277
265
244
0
22

1. Data in this table also appear in the Board's H.3 (502) weekly statistical release,
available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally
adj usted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of' adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.

0
13X

4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).

Policy Instruments
1.14

1

FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1

Secondary credit2

Primary credit
Federal Reserve
Bank

Seasona credit3

Effective date

Previous rate

On
4/20/07

Effective date

Previous rate

On
4/20/07

Effective date

Previous rate

6.25

Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta

On
4/20/07

6/29/06
6/29/06
6/29/06
6/29/06
6/29/06
6/29/06

6.00

6.75

6/29/06
6/29/06
6/29/06
6/29/06
6/29/06
6/29/06

6.50

5.30

3/29/07

5.25

i

"hicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

i

6/29/06
6/30/06
6/29/06
7/6/06
6/29/06
6/29/06

i

6.25

'

6.00

6.75

1

6/29/06
6/30/06
6/29/06
7/6/06
6/29/06
6/29/06

i

1

1

6.50

5.30

3/29/07

5.25

Range of rates for primary credit
Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2.25

2.25

2003—June 25
26

2.00-2.25
2.00

2.00
2.00

2004—June 30
July 1
Aug. 10
11
Sept. 21
22
Nov. 10
12
Dec. 14
15

2.00-2.25
2.25
2.25-2.50
2.50
2.50-2.75
2.75
2.75-3.00
3.00
3.00-3.25
3.25

2.25
2.25
2.50
2.50
2.75
2.75
3.00
3.00
3.25
3.25

2005—Feb.

3.25-3.50

3.50

Effective date

In effect Jan. 9,2003
(beginning of program)

2

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2005—Feb. 3
Mar. 22
24
May 3
4
June 30
July 1
Aug. 9
10
Sept. 20
22
Nov. 1
2
Dec. 13
14

3.50
3.50-3.75
3.75
3.75^.00
4.00
4.00^.25
4.25
4.25^.50
4.50
4.50^.75
4.75
4.75-5.00
5.00
5.00-5.25
5.25

3.50
3.75
3.75
4.00
4.00
4.25
4.25
4.50
4.50
4.75
4.75
5.00
5.00
5.25
5.25

2006—Jan. 31
Feb. 2

5.25-5.50
5.50

5.50
5.50

Effective date

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.50-5.75
5.75
5.75-6.00
6.00
6.00-6.25
6.25

5.75
5.75
6.00
6.00
6.25
6.25

6.25

6.25

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13

3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25

3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25

2002—Nov. 6
7

0.75-1.25
0.75

0.75
0.75

0.75

0.75

Effective date

2006—Mar. 28
30
May 10
11
June 29
July 6
In effect April 20, 2007

Range of rates for adjustment credit in recent years4

Effective date

In effect Dec. 31, 1995

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31
Feb. 3

5.00-5.25
5.00

5.00
5.00

1998—Oct. 15
16
Nov. 17
19

4.75-5.00
4.75
4.50-4.75
4.50

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

4.50-4.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
May

3
4
5
31
1
20
21
18
20
15
17

1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The
discount rate on seasonal credit takes into account rates charged on market sources of funds

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00

5.25
5.25
5.50
5.50
5.50
6.00

5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^.50
4.00
3.50^.00
3.50

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

Effective date

In effect Jan. 8, 2003
(end of program)

and ordinarily is reestablished on the first business day of each two-week reserve maintenance
period.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and
1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases
and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm.

8
1.15

Federal Reserve Bulletin Statistical Supplement • April 2007
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirement
Type of liability

Net transaction accounts^
1 $0 million-$8.5 million2
2 More than $8.5 million-$45.8 million3
3 More than $45.8 million

Percentage of
liabilities

0
10

4 Nonpersonal time deposits

12/21/06
12/21/06
12/21/06

0

5 Eurocurrency liabilities

Effective date

0

NOTE: Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement
corporations.
1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS)
accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts,
ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net
transaction accounts are total transaction accounts less amounts due from other depository
institutions and less cash items in the process of collection.

For a more detailed description of these deposit types, see Form FR 2900 at
www.federalreserve.gov/boarddocs/reportforms.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars

Type of transaction
and maturity
July

Sept.

U.S. TREASURY SECURITIES2

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Outright transactions
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases
Gross sales
Redemptions

26 Net change in U.S. Treasury securities . . .

18,138
0
821,685
821,685
0

871,661
871,661

5,748
0
905,206
905,206
0

95,728
95,728

70,972
70,972

0
0
90,885
90,885
0

0
0
72,636
72,636
0

65,400
65,400

0
0
85,342
85,342
0

7,994
0
103,380
-118,373
0

2,894
0
109,557
-108,098
2,795

4,967
0
0
0
10,552

0
6,667
-7,997

0
6,614
-10,078
3,931

415
0
20,379
-13,535
0

0
0
6,861
0
0

1,757
0
7,427
-16,498
3,749

220
0
14,046
-15,441
335

0
0
0
0

17,249
0
-84,844
110,819

11,309
0
-91,121
97,723

26,354
0
0
0

2,650
0
-3,167
7,997

549
0
-3,784
7,254

1,454
0
-13,673
10,421

1,320
0
-6,861
0

1,395
0
-5,246
15,086

3,151
0
-11,009
13,147

4,979
0
0
0

5,763
0
-8,012
7,554

3,626
0
-7,041
7,375

4,322
0
0
0

-3,500
0

0
0
-2,830
1,588

0
0
-5,149
1,557

548
0
0
0

33
0
-2,181
1,412

411
0
2,073
2,294

445
0
0
0

1,364
0
-10,524
0

2,007
0
-11,395
3,000

3,299
0
0
0

0
0
0
1,235

0
0
-1,557
1,557

0
0
0

0
0
0

780
0
-5,110
0

1,072
0
0

50,507
0
0

28,136
0
2,795

44,690
0
10,552

2,198
0
3,931

1,869
0
0

2,096
0
0

3,185
0
3,749

4,562
0
335

6,496
0

50,507

25,341

1,876,900
1,887,650

2,097,050
2,083,300

2,125,500
2,131,500

182,000
181,500

177,000
178,000

178,000
178,000

128,000
136,750

178,000
169,750

194,500
186,500

176,500
173,500

5,621,153
5,626,285

6,421,223
6,420,945

6,779,023
6,778,132

567,926
572,488

584,190
584,959

642,084
640,413

554,480
557,372

649,172
651,821

665,558
662,802

586,711
585,277

-5,110

-4,061

-1,769

1,671

-11,643

5,601

10,756

4,434

29,029

-331

-3,502

3,540

-9,547

5,037

14,983

10,930

2,096

69,275
69,275

6,496

FEDERAL AGENCY OBLIGATIONS

Outright transactions
Gross purchases
Gross sales
Redemptions
Net change in federal agency obligations . . .
TEMPORARY TRANSACTIONS

Repurchase agreements3
Gross purchases
Gross sales
Matched sale-purchase agreements
33 Gross purchases
34 Gross sales
Reverse repurchase agreements*
35 Gross purchases
36 Gross sales
37 Net change in temporary transactions
38 Total net change in System Open Market Account

-15,882
34,626

39,369

1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities.

3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.

10

Federal Reserve Bulletin Statistical Supplement • April 2007

1.18 FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements'

Millions of dollars
Wednesday

Consolidated condition statement
ASSETS

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

19 Total assets .. .

11,037
2,200
797
819,921
778,910
778,910
277,019
467,864
30,105
3,922
0
39,750
1,262
5,472
1,945
37,152
20,422
16,730

11,037
2,200
865
800,419
778,898
778,898
277,019
467,864
30,105
3,911
0
21,500
21
4,804
1,944
37,419
20,219
17,201

11,037
2,200
908
800,393
778,887
778,887
277,019
467,864
30,587
3,417
0
19,750
1,756
9,332
1,944
37,406
20,167
17,239

11,037
2,200
984
797,901
778,875
778,875
277,019
467,864
30,587
3,406
0
19,000
26
3,118
1,949
38,396
20,176
18,220

11,037
2,200
1,069
812,189
778,863
778,863
277,019
466,675
31,776
3 393
0
32,000
1,326
2,729
1,962
38,373
20,201
18,173

11,037
2,200
804
810,456
772,604
772,604
277,019
461,368
30,105
4,112
0
37,750
102
2,769
1,916
35,493
20,743
14,750

878,524

Gold certificate account
Special drawing rights certificate account . . . .
Coin
Securities, repurchase agreements, and loans .
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3 . .
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies'"
All other7

858,689

863,219

855,585

869,559

781,347
29,742
26,529
20,044
6,156
90
239
4,840
5,461

772,946
28,921
15,426
10,107
4,999
91

769,658
31,055
19,642
13,713
5,533
90
307
6,388
5,502

765,838
29,419
19,013
13,208
5,412
90
303
4,211
5,551

832,246

11,037
2,200

11,037
2,200

801
819,731
778,915
778,915
277,019
467,864

1,069
812,189
778,863
778,863
277,019
466,675

30,105

31,776

3,927
0
40,750
67
3,486
1,953
37,931
20,482
17,449

3 393
0
32,000

864,675

877,140

869,559

765,586
32,379
30,657
24,228
6,053
90
285
4,211
5,568

769,161
31,049
25,122
20,381
4,373
90
278
3,180
6,182

783,019
29,615
24,463
18,699
4,708
98
958
3,813
5,581

765,586
32,379
30,657
24,228
6,053
90
285

824,033

838,400

834,695

846,490

838,400

15,332
15,066
575

15,332
15,092
1,128

15,358
15,127
674

15,305
10,554
4,122

15,325
15,325
0

15,358

30,973

31,552

1,773,496
1,166,296
607,199
2,223

1,784,974
1,169,406
615,568
952

1,326

2,729
1,962
38,373
20,201
18,173

LIABILITIES

20
21
22
23
24
25
26
27
28

Federal Reserve notes, net of F.R. Bank holdings
Reverse repurchase agreements5
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9

29 Total liabilities

5,050
5,518

847,920

4,211

5,568

CAPITAL ACCOUNTS

30 Capital paid in
31 Surplus
32 Other capital accounts

15,328
15,029
248

33 Total capital

15,331
15,031
466

30,604

15,127

674

30,650

MEMO

34 Marketable securities held in custody for foreign officit
and international accounts3'10
35
U.S. Treasuiy
36
Federal agency
37 Securities lent to dealers

1,768,586
1,167,132
601,455
8,225

1,772,235
1,169,039
603,196
2,952

1,791,200
1,176,156
615,043
3,513

1,706,328
1,144,649
561,679
7,787

1,761,240
1,160,811

600,429
6,855

1,791,200
1,176,156
615,043
3,513

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

958,508

958,897

959,451

959,676

960,128

948,439

958,680

960,128

177,161
781,347
781,347
11,037
2,200
768,111
0

185,951
772,946
772,946

189,793
769,658
769,658

193,838
765,838
765,838

194,542
765,586
765,586

179,277
769,161
769,161

175,661

194,542
765,586
765,586

11,037
2,200

11,037
2,200
756,421
0

11,037
2,200
752,601
0

11,037
2,200

11,037
2,200

11,037
2,200

11,037
2,200

759,709
0

752,349
0

755,925
0

769,782
0

752,349
0

818,660

800,398

798,637

797,875

810,863

810,354

819,665

810,863

29,787

29,963

31,103

29,462

32,428

31,094

29,676

32,428

788,873

770,435

767,533

768,413

778,435

779,260

789,988

778,435

783,019
783,019

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
Jan. 24

Jan. 31
1,326

1,326

1 Total loans

1,262

2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year

1,247
15
0

12
9
0

1,756
0

26
0

1,325
1
0

83
19

62
5

1,325
1
0

778,910

778,898

778,887

778,875

778,863

772,604

778,915

778,863

51,356
170,177
184,284
224,972
67,644
80,477

51,875
170,185
183,756
224,968
67,642
80,473

56,939
163,558
185,391
222,745
67,537
82,717

58,154
162,832
184,901
222,742
69,783
80,464

56,075
169,534
179,349
222,478
69,780
81,647

35,217
170,593
200,816
219,258
67,240
79,480

40,588
180,893
185,132
224,177
67,645
80,479

56,075
169,534
179,349
222,478
69,780
81,647

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

19 Total repurchase agreements2

39,750

21,500

19,750

19,000

32,000

37,750

40,750

32,000

20 Within 15 days

39,750
0

21,500
0

19,750
0

19,000
0

32,000
0

37,750
0

40,750
0

32,000
0

31,055

29,419

31,055
0

29,419
0

32,379
0

31,049
0

5 Total U.S. Treasury securities'
6
7
8
9
10
11

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

12 Total federal agency securities
13
14
15
16
17
18

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

21 16 days to 90 days
22 Total reverse repurchase agreements"

29,742
29,742

28,921
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.

29,615
29,615
0

32,379
0

2. Cash value of agreements classified by remaining maturity of the agreements.

12

Federal Reserve Bulletin Statistical Supplement • April 2007

1.20

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures

2003
Dec.

2004
Dec.

2005
Dec.

2006
Dec.
July

Aug.

Sept.

Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

42.70
42.65
41.66
720.52

46.63
46.56
44.72
759.67

45.30
45.13
43.40
788.14

43.29
43.10
41.48
812.37'

45.38
45.13
43.59
804.58

44.18
43.83
42.63
804.07

42.88
42.51
41.34
804.69

42.88
42.48
41.12
805.20

42.78
42.55
41.10
806.64

43.20
43.04
41.50
809.75

43.29
43.10
41.48
812.37'

41.48
41.27
39.97
813.30

Not seasonally adjusted
5
6
7
8

Total reserves'"
Nonborrowed reserves .
Required reserves7 . . . .
Monetary bases

42.45
42.41
41.41
725.21

46.52
46.46
44.61
764.66

45.15
44.98
43.25
793.38

43.27
43.08
41.46
818.34'

45.07
44.82
43.28
804.88

44.88
44.53
43.33
804.60

42.70
42.33
41.16
802.65

42.63
42.22
40.87
803.09

41.77
41.54
40.09
802.29

42.25
42.09
40.54
808.52

43.27
43.08
41.46
818.34'

44.61
44.40
43.10
816.81

42.95
42.90
41.91
737.62
1.04
.05

46.85
46.79
44.94
774.77
1.91
.06

45.39
45.23
43.49
802.30
1.90
.17

43.27
43.08
41.46
825.29'
1.81
.19

45.04
44.78
43.25
812.20
1.79
.25

44.84
44.49
43.29
811.73
1.55
.35

42.66
42.30
41.13
809.72
1.53
.37

42.59
42.19
40.83
809.98
1.76
.40

41.74
41.51
40.06
809.24
1.68

42.22
42.06
40.52
815.39
1.70
.16

43.27
43.08
41.46
825.29'
1.81
.19

44.64
44.43
43.12
823.71
1.52
.21

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9

9
10
11
12
13
14

Total reserves10
Nonborrowed reserves
Required reserves
Monetary base1'
Excess reserves'2
Borrowings from the Federal Reserve

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 14).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess
reserves (line 13).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves

would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11).

Monetary and Credit Aggregates
1.21

13

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures

2003
Dec.

2004
Dec.

2005
Dec.

2006
Dec.

Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3

1,305.5
6.062.0
8,872.3

1,375.3
6,411.7
9,433.0

1,373.2
6,669.4
10,154.0

1,365.6
7,021.0
n .a.

1,369.1
6,936.3'
n.a.

1,370.4'
6,977.1'
n .a.

1,365.6
7,021.0
n.a.

1,371.4
7,081.1
n.a.

662.7
7.7
325.4
309.7

697.9
7.6
342.5
327.4

724.5
7.2
324.1
317.5

749.8'
6.7
305.9
303.1

744.5
6.8
311.9
306.0

747.5
6.8
312.6
303.6

749.8'
6.7
305.9
303.1

750.4
6.7
307.0
307.3

4,756.5
2,792.7

5,036.4
3,011.1

5,296.2
3,478.5

5,655.4
n .a.

5,567.1
n.a.

5,606.6
n .a.

5,655.4
n.a.

5,709.7
n.a.

Commercial banks
10 Savings deposits, including MMDAs . . .
11 Small time deposits9
12 Large time deposits10-"

2,337.5
536.7
764.5

2,630.7
545.7
909.3

2,769.6
634.9
1,122.9

2,895.5
765.4
n .a.

2,847.0
744.9
n.a.

2,863.2
757.0'
n .a.

2,895.5
765.4
n.a.

2,916.8
769.4
n.a.

Thrift institutions
13 Savings deposits, including MMDAs . . .
14 Small time deposits9
15 Large time deposits10

831.4
273.5
120.7

887.0
271.9
161.5

849.3
339.8
230.7

792.3
399.0
n .a.

802.3
394.1
n.a.

798.7
397.6
n .a.

792.3
399.0
n.a.

803.7
401.5
n.a.

777.4
1,123.5

701.0
1,072.7

702.7
1,139.4

803.2
1,334.0

778.9
1,288.4

790.1
1,304.7

803.2
1,334.0

818.2
1,330.0

494.8
295.3

492.6
379.1

564.3
423.9

n .a.
n .a.

n.a.
n.a.

n .a.
n .a.

n.a.
n.a.

n.a.
n.a.

4
5
6
7

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Nontransaction components
8 In M27
9 In M3 onlys

Money market mutual funds
16 Retail12
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars

Not seasonally adjusted
Measures2
20 Ml
21 M2
22 M3

1,332.0
6,091.8
8,927.8

1,401.5
6,443.4
9,482.2

1,396.5
6,703.3
10,201.4

1,387.5
7,061.9

1,360.1
6,919.2'

1,367.8
6,984.4
n.a.

1,387.5
7,061.9
n.a.

1,368.6
7,064.2

666.7
7.6
342.6
315.0

702.4
7.5
358.7
332.8

728.9
7.2
337.7
322.8

754.7'
6.7
317.6
308.4'

740.7
6.7
311.7
301.0

746.2
6.7
314.5
300.4

754.7'
6.7
317.6
308.4'

748.6
6.7
303.3
310.1

Nontransaction components
27 In M27
28 In M3 onlys

4,759.9
2,815.9

5,042.0
3,025.4

5,306.7
3,488.3

5,674.4

5,559.0

5,616.6
n.a.

Commercial banks
29 Savings deposits, including MMDAs . . .
30 Small time deposits9
31 Large time deposits10-"

2,337.9
536.3
760.9

2,633.3
545.2
903.3

2,776.0
634.2
1,114.4

2,908.2
764.9

2,839.0
747.6

2,869.2
758.7
n.a.

2,908.2
764.9
n.a.

2,901.9
768.6

Thrift institutions
32 Savings deposits, including MMDAs . . .
33 Small time deposits9
34 Large time deposits10

831.5
273.4
120.1

887.9
271.6
160.4

851.2
339.5
228.9

795.8
398.7'

800.1
395.5

800.4
398.5
n.a.

795.8
398.7'

799.6
401.1

780.8
1,150.1

704.1
1,095.8

705.7
1,162.6

806.7
1,362.4

776.8
1,281.5

789.8
1,304.9

806.7
1,362.4

824.4
1,364.2

497.6
292.8

494.6
376.6

566.1
422.0

23
24
25
26

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Money market mutual funds
35 Retail12
36 Institution-only
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
Footnotes appeal on following page.

n.a.
n.a.

5,695.6

14

Federal Reserve Bulletin Statistical Supplement • April 2007

NOTES TO TABLE 1.21
NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all
the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)
except for institutional money funds. Measures of large time deposits will continue to be
published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Ml.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the

United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations (excluding those amounts held by
depository institutions, the U.S. government, and foreign banks and official institutions) less
cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted.
9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and
Keogh accounts at commercial banks and thrift institutions are subtracted from small time
deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
12. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks

15

Assets and Liabilities'

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Mar.

Sept.'

Oct.'

2007

2007

2006

2006

Nov.'

Dec'

Jan.'

Feb.'

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Seasonall 1 adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

16 Total assets7
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)5

7,717.3'
2,118.5
1,185.9
932.6
5,598.8'
1,073.7'
2,999.7'
450.6'
2,549.1'
722.7
269.5
533.2
300.5
314.0
747.5'

8,060.2
2,191.4
1,210.6
980.8
5,868.9
1,164.9
3,153.2
450.9
2,702.4
727.9
277.0
545.8
313.5
295.4
797.9

8,195.0
2,207.9
1,211.8
996.1
5,987.2
1,176.8
3,299.2
466.9
2,832.3
724.6
279.3
507.3
325.9
300.2
820.6

8,238.3
2,220.7
1,208.9
1,011.8
6,017.6
1,182.2
3,308.7
468.4
2,840.3
729.7
287.8
509.1
340.7
297.5
812.1

8,290.6
2,222.9
1,195.7
1,027.2
6,067.7
1,191.4
3,332.0
471.4
2,860.6
736.7
292.2
515.4
359.3
301.1
831.4

8,319.7
2,214.7
1,198.2
1,016.5
6,105.1
1,195.0
3,351.9
473.0
2,878.9
744.1
295.6
518.5
366.9
302.5
841.0

8,388.4
2,232.2
1,201.5
1,030.7
6,156.1
1,202.9
3,377.9
470.6
2,907.3
743.8
308.3
523.4
362.1
304.4
851.2

8,365.7
2,260.3
1,209.1
1,051.2
6,105.4
1,210.6
3,316.4
462.0
2,854.4
740.8
312.6
524.9
365.4
294.5
850.2

8,431.9
2,264.6
1,218.6
1,046.0
6,167.3
1,208.9
3,372.9
471.1
2,901.8
738.9
323.5
523.2
365.4
295.8
850.8

8,323.9
2,257.2
1,218.7
1,038.6
6,066.7
1,206.0
3,289.2
458.7
2,830.6
739.5
305.7
526.2
367.9
301.6
848.0

8,336.3
2,246.4
1,200.4
1,046.0
6,089.9
1,214.8
3,303.8
459.8
2,844.0
741.2
302.6
527.5
349.5
284.1
844.2

8,349.6
2,256.0
1,199.7
1,056.3
6,093.6
1,209.9
3,308.3
460.2
2,848.1
742.0
316.0
517.4
379.6
297.5
854.0

9,012.1'

9,399.3

9,572.6

9,619.3

9,711.5

9,760.0

9,836.3

9,806.6

9,874.8

9,772.3

9,744.9

9,811.6

5,896.5
677.7
5,218.8
1,522.4
3,696.4
1,789.8'
374.2'
1,415.5'
40.5
501.8

6,104.7
636.0
5,468.7
1,694.7
3,774.0
1,853.8
367.2
1,486.5
57.5
552.4

6,204.4
635.8
5,568.6
1,712.9
3,855.7
1,910.9
389.1
1,521.8
24.2
558.7

6,244.8
646.8
5,598.0
1,724.9
3,873.1
1,946.0
395.1
1,551.0
6.5
560.0

6,307.5
630.8
5,676.8
1,725.3
3,951.5
1,958.9
403.3
1,555.6
31.7
565.3

6,343.6
645.5
5,698.1
1,729.1
3,969.0
1,958.1
417.8
1,540.3
19.5
571.0

6,343.5
633.6
5,710.0
1,747.1
3,962.9
1,972.4
418.1
1,554.3
19.8
578.2

6,402.9
640.0
5,762.9
1,778.0
3,984.9
1,984.4
419.2
1,565.2
-59.5
588.0

6,381.0
641.4
5,739.6
1,773.3
3,966.3
2,023.5
413.8
1,609.7
-37.8
586.3

6,373.2
637.8
5,735.4
1,759.0
3,976.4
1,993.0
431.4
1,561.6
-71.7
588.8

6,387.8
642.6
5,745.2
1,774.0
3,971.2
1,945.2
415.0
1,530.2
-42.1
584.8

6,442.1
638.9
5,803.2
1,791.1
4,012.0
1,977.3
421.4
1,555.9
-68.9
585.2

8,228.6'

8,568.4

8,698.3

8,757.4

8,863.4

8,892.2

8,913.9

8,915.8

8,953.0

8,883.3

8,875.6

8,935.7

783.6'

830.9

874.3

861.9

848.1

867.7

922.4

890.8

921.9

889.0

869.3

876.0

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

46 Total assets7
47
48
49
50
51
52
53
54
55
56

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

57 Total liabilities
58 Residual (assets less liabilities)5
Footnotes appear on p. 21.

7,683.7'
2,108.4
1,180.0
928.4
5,575.3'
1,077.4'
2,983.4'
447.2
2,536.2'
717.2
297.0
420.2
268.8
528.5
303.3
303.3
742.6'

8,057.3
2,185.1
1,200.9
984.2
5,872.2
1,159.1
3,160.3
452.7
2,707.5
729.6
312.7
417.0
274.2
549.0
310.1
296.4
800.1

8,195.2
2,197.5
1,199.6
997.9
5,997.7
1,171.1
3,309.7
468.0
2,841.7
726.5
308.6
417.9
284.7
505.7
328.0
302.9
820.9

8,272.5
2,225.4
1,211.6
1,013.8
6,047.2
1,178.4
3,330.3
468.5
2,861.8
733.2
313.1
420.1
294.8
510.5
348.3
305.3
812.1

8,335.0
2,227.0
1,195.5
1,031.5
6,107.9
1,189.8
3,345.4
470.2
2,875.3
747.9
331.5
416.4
303.6
521.2
365.6
317.0
828.9

8,343.9
2,219.8
1,198.1
1,021.7
6,124.1
1,194.3
3,354.9
470.8
2,884.2
756.4
332.8
423.7
298.6
519.8
366.1
313.7
837.2

8,398.8
2,240.1
1,210.0
1,030.1
6,158.7
1,207.0
3,374.2
470.9
2,903.3
748.6
320.9
427.7
309.0
519.9
359.9
302.8
845.2

8,346.1
2,261.8
1,215.3
1,046.5
6,084.3
1,214.9
3,299.3
458.5
2,840.8
735.0
308.4
426.6
312.8
522.2
368.5
284.5
844.6

8,427.6
2,272.3
1,227.8
1,044.5
6,155.3
1,212.8
3,363.9
469.4
2,894.5
735.4
309.2
426.2
322.7
520.6
367.4
287.3
846.3

8,311.4
2,261.5
1,225.1
1,036.4
6,049.9
1,210.5
3,276.3
455.7
2,820.6
733.5
307.4
426.1
306.6
523.0
373.4
295.8
847.5

8,311.7
2,246.3
1,206.2
1,040.1
6,065.4
1,219.4
3,282.2
455.7
2,826.6
736.1
309.1
427.0
303.7
523.9
353.7
270.8
835.8

8,317.1
2,252.7
1,204.5
1,048.2
6,064.4
1,213.9
3,284.7
455.5
2,829.2
735.0
308.1
427.0
316.1
514.7
375.9
285.8
843.9

8,965.6'

9,396.0

9,578.2

9,669.0

9,775.6

9,790.8

9,836.8

9,774.4

9,859.1

9,758.8

9,702.7

9,753.6

5,891.6
674.0
5,217.6
1,521.4
3,696.1
1,782.3'
373.2'
1,409.2'
32.3
493.0

6,094.2
630.8
5,463.4
1,685.7
3,777.7
1,863.7
368.6
1,495.2
61.1
556.1

6,190.1
630.9
5,559.3
1,698.9
3,860.4
1,910.0
389.6
1,520.5
30.6
564.0

6,257.5
653.0
5,604.5
1,713.0
3,891.6
1,940.9
395.9
1,545.0
17.9
569.9

6,329.2
665.3
5,663.8
1,718.2
3,945.6
1,947.0
400.9
1,546.1
40.4
572.7

6,331.7
653.6
5,678.1
1,733.6
3,944.5
1,956.2
417.1
1,539.1
27.5
578.4

6,347.6
624.9
5,722.6
1,751.2
3,971.5
1,970.2
416.9
1,553.4
27.1
585.8

6,397.8
635.9
5,761.9
1,777.4
3,984.5
1,975.8
418.2
1,557.6
-68.9
577.7

6,408.5
593.6
5,814.8
1,772.5
4,042.3
2,011.3
412.3
1,599.1
-42.1
579.8

6,381.4
622.1
5,759.3
1,760.0
3,999.3
1,987.5
429.7
1,557.9
-78.6
581.3

6,353.0
643.5
5,709.5
1,769.8
3,939.7
1,950.3
414.1
1,536.2
-58.2
569.4

6,397.9
690.9
5,707.0
1,790.6
3,916.5
1,961.0
420.0
1,541.0
-73.5
579.6

8,199.1'

8,575.1

8,694.8

8,786.1

8,889.3

8,893.8

8,930.8

8,882.4

8,957.5

8,871.6

8,814.4

8,865.0

766.5'

820.8

883.5

882.8

886.3

897.0

906.0

892.0

901.6

887.3

888.2

888.6

16

Federal Reserve Bulletin Statistical Supplement • April 2007

1.26

COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Mar.

Sept.'

Oct.'

2007

2007

2006

2006

Nov.'

Dec'

Jan.'

Feb.'

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Seasonall 1 adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

16 Total assets7
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)5

6.887.8'
1,773.2
1,107.6
665.6
5.114.6'
898.4'
2.978.4'
450.6'
2.527.8'
722.7
113.4
401.7
252.9
261.7
710.5'

7.149.8
1,820.7
1,126.1
694.6
5.329.0
955.1
3.129.7
450.9
2.678.8
727.9
111.2
405.1
256.4
247.1
754.9

7,279.4
1,840.1
1.130.6
709.5
5,439.2
962.2
3.275.2
466.9
2.808.3
724.6
112.2
365.1
263.9
252.7
781.3

7.322.6
1,848.2
1,126.0
722.1
5.474.5
967.0
3.285.2
468.4
2.816.7
729.7
120.8
371.8
275.0
245.9
777.1

7,359.7
1,848.4
1,111.2
737.2
5.511.3
975.4
3.307.7
471.4
2.836.2
736.7
118.4
373.2
295.1
250.2
795.8

7.380.7
1,837.6
1,116.1
721.5
5.543.1
978.3
3.326.9
473.0
2.853.9
744.1
119.1
374.7
299.6
251.9
806.7

7.422.0
1,847.2
1,115.4
731.8
5.574.8
984.6
3,353.3
470.6
2.882.8
743.8
119.0
374.1
295.6
253.5
812.7

7.397.3
1,869.0
1,123.0
746.1
5.528.3
992.1
3.290.7
462.0
2.828.6
740.8
126.3
378.4
303.1
245.5
812.4

7.453.8
1,873.8
1,130.2
743.5
5.580.1
989.2
3.347.9
471.1
2.876.9
738.9
129.5
374.5
298.1
246.3
815.7

7,359.7
1,862.8
1.128.5
734.3
5.497.0
988.3
3.264.0
458.7
2.805.3
739.5
125.8
379.4
303.0
251.8
812.4

7,373.9
1,857.5
1,116.4
741.1
5.516.4
995.4
3.278.2
459.8
2.818.4
741.2
119.5
382.1
290.5
236.3
807.5

7.388.7
1,867.1
1,117.0
750.1
5.521.6
993.5
3.281.7
460.2
2.821.6
742.0
132.0
372.4
318.9
247.4
813.5

8,046.3r

8,340.9

8,508.7

8,551.9

8,630.5

8,669.2

8,714.7

8,689.6

8,745.3

8,658.3

8,639.5

8,699.9

5.247.8
664.3
4.583.5
884.6
3.698.9
1,355.5
315.7
1,039.8
260.0
402.3

5.363.3
625.3
4.738.0
972.8
3.765.3
1,407.1
313.1
1,094.0
309.5
431.5

5.452.9
625.5
4.827.4
974.9
3.852.6
1,442.3
333.2
1,109.1
292.5
443.4

5.480.7
635.8
4,844.9
973.5
3.871.3
1,456.8
334.4
1,122.4
304.0
446.9

5.546.2
620.0
4.926.1
976.4
3.949.8
1,455.0
343.6
1,111.4
323.7
450.2

5.572.4
635.0
4,937.4
969.9
3.967.4
1,449.1
355.8
1,093.3
323.7
454.2

5.555.5
623.4
4.932.1
970.9
3.961.3
1,455.4
355.5
1,099.9
320.6
458.4

5.581.9
629.5
4.952.4
969.1
3.983.3
1,450.2
350.1
1,100.1
297.0
470.4

5.575.6
630.9
4.944.7
980.0
3.964.7
1,476.6
345.2
1,131.4
297.6
474.2

5.568.4
627.8
4.940.6
965.8
3.974.8
1,444.9
354.9
1,090.0
286.0
469.5

5.568.2
632.3
4.935.9
966.3
3.969.6
1,423.0
354.0
1,069.0
306.6
465.9

5.604.5
628.4
4.976.1
965.7
4.010.5
1,457.2
349.7
1,107.6
306.5
464.6

7,265.5

7,511.4

7,631.0

7,688.4

7,775.1

7,799.4

7,789.9

7,799.6

7,824.0

7,768.8

7,763.6

7,832.9

780.8'

829.5

877.6

863.6

855.5

869.8

924.8

890.0

921.3

889.5

875.9

867.0

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

48 Total assets7
49
50
51
52
53
54
55
56
57
58

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

59 Total liabilities
60 Residual (assets less liabilities)5
Footnotes appear on p. 21.

6,851.3'
1,763.1
1,101.6
661.4
5.088.2'
900.6'
2.962.2'
447.2
2.515.0'
1,214.4'
1,300.6'
717.2
297.0
420.2
110.9
397.4'
255.7
252.8
705.7'

7,151.6
1,814.5
1.116.4
698.1
5.337.2
950.8
3.136.8
452.7
2.684.0
1,293.7
1,390.3
729.6
312.7
417.0
111.5
408.6
252.9
247.2
757.7

7,282.8
1,829.8
1,118.4
711.4
5.453.0
959.4
3.285.7
468.0
2.817.7
1,402.4
1,415.3
726.5
308.6
417.9
114.9
366.5
266.0
254.5
782.5

7,355.6
1,852.8
1,128.8
724.1
5.502.8
965.4
3.306.7
468.5
2.838.2
1,411.9
1.426.3
733.2
313.1
420.1
122.9
374.5
282.6
253.1
777.7

7,396.0
1,852.6
1,111.0
741.6
5.543.4
973.0
3.321.0
470.2
2.850.9
1,419.3
1,431.6
747.9
331.5
416.4
123.0
378.4
301.4
264.9
792.5

7,396.5
1,842.7
1,116.0
726.7
5.553.8
975.5
3.330.0
470.8
2.859.2
1,420.7
1,438.5
756.4
332.8
423.7
117.5
374.3
298.8
262.3
801.7

7,427.0
1,855.1
1.123.8
731.2
5.572.0
985.9
3.349.6
470.9
2.878.7
1,425.9
1,452.9
748.6
320.9
427.7
118.0
369.9
293.4
252.6
805.9

7,374.4
1,870.5
1,129.1
741.4
5.503.9
994.6
3,273.6
458.5
2.815.0
1,355.4
1,459.6
735.0
308.4
426.6
126.4
374.3
306.2
237.1
807.1

7,448.0
1,881.5
1.139.4
742.1
5.566.5
991.2
3.339.0
469.4
2.869.5
1,413.8
1,455.8
735.4
309.2
426.2
130.2
370.7
300.0
239.5
810.3

7,343.1
1,867.0
1,134.9
732.1
5.476.1
990.7
3.251.0
455.7
2.795.4
1,336.2
1,459.2
733.5
307.4
426.1
125.9
374.8
308.6
247.1
811.0

7,345.1
1,857.4
1.122.2
735.1
5.487.7
998.2
3.256.6
455.7
2.801.0
1,339.3
1,461.6
736.1
309.1
427.0
119.5
377.3
294.6
224.9
800.4

7,353.1
1,863.9
1.121.8
742.1
5.489.3
996.0
3.258.1
455.5
2.802.6
1,340.8
1,461.8
735.0
308.1
427.0
131.9
368.2
315.2
237.4
803.6

7,998.6r

8,342.1

8,517.5

8,600.3

8,684.4

8,689.8

8,709.6

8,655.9

8,728.9

8,641.1

8,596.1

8,640.7

5.239.8
660.3
4.579.5
880.9
3.698.6
1,348.1
314.6
1,033.5
253.6
394.5

5.361.2
620.0
4.741.2
972.1
3.769.1
1,417.0
314.4
1,102.6
311.7
434.2

5.453.9
620.6
4,833.2
975.9
3.857.3
1,441.5
333.6
1,107.8
295.1
446.5

5.505.9
642.1
4.863.8
974.0
3.889.8
1,451.7
335.2
1,116.5
309.5
453.2

5.573.8
654.2
4.919.6
975.8
3.943.9
1,443.1
341.1
1,101.9
328.6
455.4

5.557.7
642.9
4.914.8
971.8
3.943.0
1,447.2
355.1
1,092.1
329.6
460.4

5.558.2
614.4
4.943.8
973.9
3.969.9
1,453.3
354.2
1,099.1
328.1
466.2

5.573.1
625.3
4.947.8
964.9
3.982.9
1,441.6
349.1
1,092.5
290.0
461.5

5.605.8
583.2
5.022.6
981.9
4.040.7
1,464.4
343.7
1,120.7
292.1
467.1

5.572.2
612.0
4.960.2
962.5
3.997.7
1,439.5
353.2
1,086.3
281.1
463.2

5.530.8
633.2
4.897.6
959.5
3.938.1
1,428.1
353.1
1,075.0
296.9
454.1

5.551.1
679.8
4.871.2
956.4
3.914.9
1,441.0
348.3
1,092.7
302.7
459.5

7,236.0

7,524.1

7,636.9

7,720.3

7,801.0

7,794.9

7,805.8

7,766.1

7,829.4

7,756.0

7,710.0

7,754.3

762.7'

818.0

880.6

879.9

883.4

894.9

903.9

889.8

899.4

885.1

886.1

886.4

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
C. Large domestically chartered commercial banks

17

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Mar.

Sept.

Oct.

2007

2007

2006

2006

Nov.

Dec.

Jan.

Feb.

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Seasonall 1 adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
Treasury and Agency securities2 . .
4
Trading account
5
Investment account
6
Mortgage-backed
7
Other
8
Other securities
9
Trading account
10
Investment account
11
State and local government . .
12
Other
13 Loans and leases in bank credit3 . . . .
14
Commercial and industrial
15
Real estate
16
Revolving home equity
17
Other
18
Other residential
19
Commercial
20
Consumer
21
Security4
22
Federal funds sold to and
repurchase agreements
with broker-dealers
23
Other
24
State and local government
25
Agricultural
26
Federal funds sold to and
repurchase agreements with
others
27
All other loans
28
Lease-financing receivables
29 Interbank loans
30
Federal funds sold to and
repurchase agreements with
commercial banks
31
Other
32 Cash assets5
33 Other assets6
34 Total assets7
35
36
37
38
39
40
41
42
43
44

Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

45 Total liabilities
46 Residual (assets less liabilities)5
Footnotes appear on p. 21.

3,860.7'
1,083.8
634.3
38.5
595.8
515.4
80.4
449.5
209.7
239.8
42.2
197.5
2,776.9'
534.6'
1,469.1'
324.3
1,144.9'
701.8
443.1'
374.0
102.7

3,985.5'
1,121.4'
650.1
44.3
605.8
532.4
73.4
471.3'
221.6'
249.7
42.6
207.0
2,864.1'
557.0'
1,538.8
329.3'
1,209.5
739.5
470.0
373.7
100.1

4,104.0'
1,130.3'
654.0
51.5
602.5
529.8'
72.8'
476.3'
222.1'
254.2
45.2
209.0
2,973.8'
564.4'
1,677.0
346.9'
1,330.1
847.3
482.7'
377.4
101.2'

4,138.8'
1,140.9
651.7
53.3
598.4
526.4'
71.9'
489.3
233.1
256.2
47.4
208.8
2,997.9'
566.6'
1,682.2
346.8
1,335.4
847.3
488.1
383.1
109.2'

4,150.6'
1,150.5
648.3
49.1
599.3
529.5'
69.7'
502.2
245.7
256.5
49.5
207.0
3,000.0'
571.5'
1,683.3
349.5'
1,333.8'
845.1'
488.7
381.7
106.8'

4,143.5'
1,137.6
651.6
54.8
596.8
525.4'
71.4'
486.0
228.7
257.3
49.6
207.7
3,005.8'
572.4'
1,688.6'
351.8'
1,336.8
845.7
491.1
383.2
107.6

4,170.0'
1,148.5
654.2
51.7
602.5
533.5'
69.0'
494.3
231.4
262.9
51.0
211.9
3,021.4'
576.4'
1,695.7'
349.6'
1,346.1
844.5'
501.5
388.3
107.7

4,209.6
1,174.2
670.0
63.0
607.0
538.4
68.6
504.2
244.6
259.5
52.1
207.4
3,035.4
581.4
1,692.4
349.3
1,343.1
838.1
505.0
389.4
114.5

4,207.6
1,168.9
672.5
65.3
607.2
538.1
69.1
496.4
238.1
258.3
51.5
206.8
3,038.7
579.6
1,698.5
348.9
1,349.6
846.9
502.7
387.9
117.9

4,200.9
1,171.1
675.1
63.0
612.1
542.5
69.6
496.0
236.6
259.4
51.6
207.7
3,029.8
577.8
1,690.2
350.2
1,340.0
835.2
504.8
389.2
114.2

4,206.5
1,166.8
664.2
56.8
607.4
540.2
67.2
502.6
241.4
261.3
52.5
208.8
3,039.7
585.0
1,696.1
349.1
1,347.0
839.5
507.5
389.3
107.7

4,216.1
1,175.7
667.6
61.3
606.3
537.8
68.4
508.1
248.2
259.9
53.0
206.8
3,040.4
582.3
1,696.4
349.5
1,347.0
841.1
505.9
390.5
119.8

84.9
17.8
19.1
10.1

83.0
17.1
20.8
10.2

84.9
16.3
23.4
10.4

90.4
18.8
23.5
10.6

87.6
19.2
23.5
10.6

88.4
19.2
23.3
10.7

86.2
21.6'
23.5
10.8

92.2
22.3
23.6
10.6

96.2
21.7
23.5
10.7

92.7
21.5
23.5
10.7

85.3
22.4
23.7
10.6

96.3
23.5
23.9
10.5

21.2
152.6
93.5
155.8'

25.5'
143.9
94.1
163.0'

25.7'
101.3
93.0
169.0'

29.2
100.8
92.7
167.0'

25.3
104.7
92.7
180.6'

28.7
99.7
91.6
182.7

30.5
100.1
88.5
178.6

32.9
102.4
88.3
173.5

28.6
103.6
88.4
171.6

31.1
104.8
88.3
175.0

37.7
101.0
88.5
165.8

31.3
97.8
87.9
185.2

83.0'
72.8
152.3
473.3

101.8'
61.2
137.6
506.5

95.2'
73.8
143.7
513.3

97.8'
69.2
138.7'
504.7

110.0'
70.6
139.6
511.6

117.2
65.4
139.5
515.0

113.3
65.3
142.9
519.0

109.4
64.0
135.8
527.2

106.0
65.6
135.2
528.4

111.5
63.4
142.9
525.5

100.7
65.1
127.8
527.5

124.4
60.8
138.2
530.3

4,610.1'

4,761.0'

4,896.8'

4,915.9'

4,948.6'

4,947.5'

4,977.5'

5,013.4

5,010.2

5,011.6

4,994.9

5,037.3

2,684.4'
316.3'
2,368.1'
430.1
1,938.0'
834.3
151.1
683.2
241.5
328.5'

2,709.8'
301.8'
2,408.0'
472.4
1,935.6'
867.9
150.9
717.0
289.3
353.2'

2,778.5'
302.5'
2,476.0'
479.1
1,996.9'
883.4
148.1
735.3
271.8
357.3'

2,771.2'
307.2'
2,464.0'
471.8
1,992.2'
898.8
153.2
745.6
282.8
360.3'

2,799.5'
297.7
2,501.8'
474.4
2,027.4'
888.2
151.9
736.3
300.3
363.1'

2,817.1
307.3
2,509.8
472.4
2,037.4
876.9
136.9
740.1
299.2
364.0'

2,788.7
299.5
2,489.2
469.6
2,019.6
895.1
139.9
755.1
295.9
366.7

2,825.8
306.4
2,519.3
475.7
2,043.6
933.4
142.5
790.8
276.8
379.2

2,802.5
306.9
2,495.6
476.5
2,019.1
933.2
135.3
797.9
276.5
382.0

2,828.0
310.3
2,517.6
476.0
2,041.6
934.7
150.3
784.4
264.6
379.4

2,825.1
304.4
2,520.8
476.6
2,044.2
914.9
144.8
770.1
285.2
374.8

2,844.6
303.0
2,541.6
473.4
2,068.2
947.8
142.4
805.4
287.2
373.0

4,088.7'

4,220.2'

4,290.9'

4,313.1'

4,351.1'

4,357.3'

4,346.4

4,415.1

4,394.1

4,406.6

4,400.0

4,452.6

521.4'

540.7'

605.9'

602.9'

597.5'

590.2'

631.2'

598.3

616.1

604.9

595.0

584.8

18

Federal Reserve Bulletin Statistical Supplement • April 2007

1.26

COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesd ay figures

Monthly averages
Account

Mar.

Sept.

Oct.

2007

2007

2006

2006

Nov.

Dec.

Jan.

Feb.

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Not seasona lly adjusted
Assets
47 Bank credit
48
Securities in bank credit
49
Treasury and Agency securities2 .
50
Trading account
51
Investment account
52
Mortgage-backed
53
Other
54
Other securities
55
Trading account
56
Investment account
57
State and local government .
58
Other
59 Loans and leases in bank credit3 . . .
60
Commercial and industrial
61
Real estate
62
Revolving home equity
63
Other
64
Other residential
65
Commercial
66
Consumer
67
Credit cards and related plans .
68
Other
69
Security4
70
Federal funds sold to and
repurchase agreements
with broker-dealers
71
Other
72
State and local government
73
Agricultural
74
Federal funds sold to and
repurchase agreements
with others
75
All other loans
76
Lease-financing receivables
77 Interbank loans
78 Federal funds sold to and
repurchase agreements
with commercial banks
79
Other
80 Cash assets5
81 Other assets8
82 Total assets7
83
84
85
86
87
88
89
90
91
92

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

93 Total liabilities
94 Residual (assets less liabilities)5
Footnotes appear on p. 21.

3.832.1'
1,068.0
622.7
39.0
583.7
504.1
79.6
445.4
207.8
237.5
41.9
195.7
2,764.1'
536.0'
1,462.1'
321.6
1,140.6'
697.8
442.8'
372.4
113.5
258.8
99.8

3,983.7'
1,118.4'
643.7'
43.2
600.4
527.8
72.7'
474.7'
223.2'
251.5
43.0
208.5
2,865.4'
554.9'
1,539.9
330.5'
1,209.5
740.1
469.3'
374.3
120.1
254.2
100.5

4,099.7'
1,122.2'
644.1
49.0
595.1
523.7'
71.4'
478.1'
223.0'
255.2
45.4
209.8
2,977.4'
562.9'
1,679.7
347.4'
1,332.3'
847.8
484.5'
377.0
120.5
256.5
103.9'

4,154.7'
1,147.4
656.2
55.8
600.4
527.8'
72.6'
491.2
234.0
257.2
47.6
209.7
3,007.2'
566.1'
1,688.4
347.0
1,341.4'
850.5
490.9'
383.0
124.0
258.9
110.9'

4,167.9'
1,153.0
646.5
47.2
599.3
529.5'
69.7'
506.6
247.9
258.7
49.9
208.8
3,014.8'
569.7'
1,686.8'
348.6
1,338.1'
847.2
490.9'
385.6
130.1
255.5

4,153.3'
1,143.5
652.3
52.2
600.1
529.2'
71.0'
491.2
231.2
260.0
50.1
209.9
3,009.8'
569.8'
1,687.8
350.0
1,337.8
845.3
492.5
390.1
129.9
260.2
106.2

4,176.5'
1,156.4
662.7
54.8
607.8
538.4'
69.5'
493.7
231.1
262.6
50.9
211.6
3,020.1'
577.5'
1,692.3'
350.2'
1,342.1
839.9'
502.1
391.9'
126.9
265.0
106.6

4,194.8
1,170.0
670.5
63.8
606.7
538.7
68.0
499.5
242.4
257.1
51.6
205.5
3,024.8
583.0
1,684.3
346.3
1,338.0
833.3
504.7
387.7
122.7
265.0
114.3

4,206.2
1,173.0
678.0
68.0
610.0
540.7
69.4
495.0
237.5
257.5
51.3
206.3
3,033.3
581.2
1,693.9
347.5
1,346.4
842.9
503.5
387.9
123.2
264.7
118.1

4,190.1
1,169.6
675.8
64.2
611.6
542.8
68.8
493.8
235.4
258.4
51.7
206.7
3,020.5
579.5
1,683.7
347.6
1,336.1
831.0
505.1
387.6
123.1
264.5
114.0

4,186.5
1,160.6
663.9
57.1
606.7
540.7
66.1
496.7
238.6
258.2
51.8
206.4
3,025.9
586.7
1,685.4
345.6
1,339.8
833.5
506.3
387.6
122.2
265.4
107.6

4,192.0
1,165.5
665.5
61.1
604.3
537.1
67.3
500.0
244.3
255.7
52.1
203.6
3,026.6
583.7
1,685.7
345.6
1,340.1
835.4
504.7
388.0
122.5
265.4
119.7

82.5
17.3
19.1
10.0

83.1
17.4
20.8
10.2

87.0
16.9
23.4
10.4

91.9
19.0
23.5
10.6

91.1
20.0
23.5
10.7

87.2
19.0
23.3
10.8

86.0
20.7'
23.5
10.7

92.6
21.7
23.6
10.5

96.4
21.8
23.5
10.6

92.9
21.1
23.5
10.6

85.8
21.8
23.7
10.5

97.3
22.4
23.9
10.4

21.2
149.4
94.0
152.8'

25.5'
145.7
93.4
161.7'

25.7'
101.5
92.9
168.7'

29.2
102.8
92.7
168.1'

25.3
109.1
93.0
182.8'

28.7
100.4
92.6
183.1

30.5
98.0
89.2
173.3

32.9
99.7
88.8
169.5

28.6
100.5
89.0
163.3

31.1
101.6
88.9
175.6

37.7
98.0
88.8
163.1

31.3
95.6
88.3
176.3

81.6'
71.1
147.9
468.5

101.0'
60.7
136.2
509.3

95.0'
73.7
144.2
514.5

98.2'
69.8
142.4
505.3

111.4'
71.3
150.6
508.3

117.6
65.5
147.9
510.0

110.0
63.3
142.4
512.2

106.9
62.7
131.6
521.9

100.9
62.5
131.4
523.0

111.9
63.6
141.6
524.1

99.1
64.1
121.9
520.4

118.4
57.9
132.9
520.5

4,569.1'

4,759.1'

4,894.1'

4,937.2'

4,975.7'

4,961.4'

4,971.4'

4,985.0

4,991.1

4,998.6

4,959.1

4,989.1

2,677.4'
314.6'
2,362.8'
426.3
1,936.5'
826.9
150.1
676.8
235.1
320.7'

2,708.5'
297.8'
2,410.7'
471.8
1,938.9'
877.9
152.3
725.6
291.5
355.8'

2,779.2'
297.7'
2,481.5'
480.2
2,001.3'
882.5
148.5
734.0
274.4
360.5'

2,783.6'
310.6'
2,473.0'
472.2
2,000.8'
893.6
154.0
739.6
288.4
366.6'

2,816.0'
320.3
2,495.7'
473.8
2,021.9'
876.2
149.4
726.8
305.2
368.4'

2,809.6
313.5
2,496.1
474.3
2,021.8
875.1
136.2
738.9
305.1
370.2'

2,797.4
294.4
2,503.0
472.6
2,030.3
892.9
138.7
754.2
303.4
374.5

2,817.6
304.2
2,513.4
471.6
2,041.8
924.8
141.5
783.2
269.7
370.2

2,820.5
276.5
2,544.0
478.4
2,065.6
921.0
133.8
787.3
271.0
374.8

2,831.9
302.5
2,529.4
472.7
2,056.7
929.3
148.6
780.7
259.7
373.1

2,797.6
307.9
2,489.8
469.8
2,020.0
920.0
143.9
776.1
275.5
363.1

2,804.3
333.3
2,471.0
464.1
2,006.9
931.6
141.1
790.5
283.4
367.9

4,060.2'

4,233.7'

4,296.6'

4,332.2'

4,365.8'

4,360.0'

4,368.3

4,382.3

4,387.3

4,393.9

4,356.1

4,387.1

508.9'

525.4'

597.5'

604.9'

609.8'

601.4'

603.1'

602.7

603.8

604.7

603.0

602.1

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
D. Small domestically chartered commercial banks

19

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Mar.'

Sept.'

Oct.'

2007

2007

2006

2006

Nov.'

Dec'

Jan.'

Feb.'

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Seasonall { adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6

16 Total assets7
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)5

3,031.4
693.7
477.6
216.1
2,337.7
363.8
1,509.3
126.3
1,383.0
348.7
10.7
105.2
97.1
109.4
237.2

3,162.2
697.3
474.0
223.3
2,464.9
398.0
1,590.9
121.6
1,469.3
354.2
11.1
110.6
93.3
109.5
248.4

3,175.4
710.0
476.7
233.2
2,465.5
397.7
1,598.2
120.0
1,478.2
347.1
11.0
111.3
94.8
108.9
268.0

3,182.7
706.1
473.2
232.9
2,476.6
400.3
1,603.0
121.6
1,481.4
346.6
11.7
115.0
108.0
107.2
272.4

3,208.4
697.2
462.1
235.0
2,511.2
403.9
1,624.3
121.9
1,502.4
355.0
11.6
116.4
114.6
110.6
284.2

3,236.6
699.3
463.8
235.5
2,537.3
405.9
1,638.4
121.2
1,517.2
360.9
11.5
120.6
116.9
112.4
291.7

3,253.3
699.9
462.4
237.5
2,553.4
408.2
1,657.7
121.0
1,536.7
355.5
11.3
120.8
117.0
110.7
293.7

3,191.3
698.5
456.6
241.9
2,492.8
410.7
1,598.3
112.8
1,485.5
351.4
11.8
120.5
129.7
109.7
285.2

3,249.1
707.7
460.6
247.1
2,541.4
409.6
1,649.5
122.2
1,527.3
351.1
11.6
119.7
126.5
111.1
287.3

3,162.8
695.7
457.4
238.3
2,467.2
410.5
1,573.8
108.5
1,465.3
350.4
11.6
120.9
128.1
108.9
286.9

3,171.6
694.8
456.4
238.4
2,476.8
410.4
1,582.1
110.7
1,471.3
351.9
11.8
120.6
124.7
108.5
280.0

3,176.7
695.5
453.5
242.0
2,481.2
AW 2
1,585.3
110.7
1,474.6
351.5
12.2
121.0
133.6
109.2
283.1

3,440.6

3,577.9

3,611.9

3,634.8

3,681.2

3,721.0

3,738.4

3,679.9

3,738.0

3,650.8

3,648.8

3,666.6

2,563.4
347.9
2,215.5
454.5
1,760.9
521.1
164.5
356.6
18.5
73.8

2,653.5
323.5
2,330.0
500.3
1,829.7
539.1
162.1
377.0
20.2
78.3

2,674.4
323.0
2,351.4
495.8
1,855.7
558.9
185.1
373.8
20.7
86.0

2,709.5
328.6
2,380.9
501.7
1,879.2
558.1
181.2
376.8
21.1
86.6

2,746.6
322.3
2,424.3
502.0
1,922.4
566.8
191.7
375.1
23.4
87.1

2,755.3
327.7
2,427.5
497.5
1,930.0
572.1
218.9
353.2
24.5
90.2

2,766.8
323.9
2,442.9
501.3
1,941.7
560.3
215.5
344.8
24.7
91.6

2,756.2
323.1
2,433.1
493.3
1,939.7
516.9
207.6
309.3
20.2
91.3

2,773.1
324.0
2,449.1
503.5
1,945.6
543.4
210.0
333.5
21.2
92.2

2,740.4
317.5
2,423.0
489.8
1,933.2
510.2
204.6
305.5
21.4
90.2

2,743.0
327.9
2,415.1
489.7
1,925.4
508.2
209.2
298.9
21.4
91.1

2,759.9
325.3
2,434.6
492.3
1,942.2
509.4
207.3
302.2
19.4
91.6

3,176.8

3,291.2

3,340.1

3,375.3

3,424.0

3,442.1

3,443.5

3,384.5

3,429.9

3,362.2

3,363.7

3,380.3

263.7

286.8

271.9

259.5

257.3

279.0

294.8

295.4

308.0

288.6

285.1

286.3

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets56
Other assets

48 Total assets7
49
50
51
52
53
54
55
56
57
58

Liabilities
Deposits
Transaction
Non transaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

59 Total liabilities
60 Residual (assets less liabilities)5
Footnotes appear on p. 21.

3 019 2
695.1
479.0
216.1
2,324.1
364.6
1,500.0
125.6
1,374.4
516.6
857.8
344.8
183.5
161.4
11.0
103.7
102.9
104.9
237.2

3 167 9
696.1
472.7
223.3
2,471.8
395.8
1,596.8
122.3
1,474.6
553.6
921.0
355.3
192.6
162.7
11.0
112.9
91.3
111.0
248.4

3,183.1
707.5
474.3
233.2
2,475.6
396.4
1,606.1
120.7
1,485.4
554.7
930.8
349.5
188.1
161.3
11.0
112.6
97.3
110.3
268.0

3,200.9
705.4
472.5
232.9
2,495.5
399.3
1,618.3
121.5
1,496.8
561.5
935.3
350.3
189.1
161.2
12.1
115.6
114.5
110.7
272.4

3,228.1
699.5
464.5
235.0
2,528.6
403.3
1,634.3
121.5
1,512.8
572.1
940.7
362.3
201.4
161.0
11.8
116.8
118.7
114.3
284.2

3,243.1
699.1
463.7
235.5
2,544.0
405.7
1,642.2
120.7
1,521.4
575.4
946.0
366.3
202.9
163.5
11.3
118.4
115.7
114.4
291.7

3,250.5
698.7
461.2
237.5
2,551.8
408.4
1,657.4
120.7
1,536.7
585.9
950.7
356.8
194.1
162.7
11.3
118.0
120.1
110.2
293.7

3,179.6
700.5
458.6
241.9
2,479.1
411.6
1,589.3
112.2
1,477.1
522.1
954.9
347.3
185.7
161.6
12.1
118.9
136.7
105.5
285.2

3,241.8
708.5
461.4
247.1
2,533.2
410.0
1,645.0
121.9
1,523.1
570.9
952.2
347.5
186.0
161.5
12.1
118.6
136.7
108.1
287.3

3,153.0
697.4
459.1
238.3
2,455.6
AW 2
1,567.3
108.0
1,459.3
505.2
954.1
346.0
184.4
161.6
11.9
119.2
133.0
105.5
286.9

3,158.6
696.8
458.4
238.4
2,461.8
411.5
1,571.2
110.1
1,461.2
505.8
955.4
348.5
186.9
161.6
12.0
118.6
131.5
103.0
280.0

3,161.1
698.4
456.4
242.0
2,462.7
412.3
1,572.5
109.9
1,462.5
505.4
957.1
347.1
185.5
161.5
12.3
118.7
138.9
104.4
283.1

3,429.6

3,583.0

3,623.5

3,663.1

3,708.8

3,728.4

3,738.3

3,670.9

3,737.8

3,642.5

3,637.0

3,651.6

2,562.4
345.7
2,216.7
454.5
1,762.2
521.1
164.5
356.6
18.5
73.8

2,652.7
322.2
2,330.6
500.3
1,830.2
539.1
162.1
377.0
20.2
78.3

2,674.7
323.0
2,351.7
495.8
1,856.0
558.9
185.1
373.8
20.7
86.0

2,722.3
331.5
2,390.8
501.7
1,889.1
558.1
181.2
376.8
21.1
86.6

2,757.8
333.9
2,424.0
502.0
1,922.0
566.8
191.7
375.1
23.4
87.1

2,748.1
329.4
2,418.7
497.5
1,921.2
572.1
218.9
353.2
24.5
90.2

2,760.8
320.0
2,440.8
501.3
1,939.5
560.3
215.5
344.8
24.7
91.6

2,755.5
321.0
2,434.4
493.3
1,941.1
516.9
207.6
309.3
20.2
91.3

2,785.3
306.7
2,478.6
503.5
1,975.1
543.4
210.0
333.5
21.2
92.2

2,740.3
309.5
2,430.8
489.8
1,941.0
510.2
204.6
305.5
21.4
90.2

2,733.2
325.4
2,407.9
489.7
1,918.2
508.2
209.2
298.9
21.4
91.1

2,746.8
346.6
2,400.2
492.3
1,907.9
509.4
207.3
302.2
19.4
91.6

3,175.8

3,290.4

3,340.4

3,388.1

3,435.2

3,434.9

3,437.5

3,383.8

3,442.1

3,362.1

3,353.9

3,367.2

253.8

292.6

283.1

275.0

273.6

293.5

300.8

287.1

295.7

280.4

283.1

284.4

20

Federal Reserve Bulletin Statistical Supplement • April 2007

1.26

COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Mar.

Sept.

Oct.

2007

2007

2006

2006

Nov.

Dec.

Jan.'

Feb.'

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Seasonall 1 adjusted

1
2
3
4
5
6
7
8
9
10
11
12

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

13 Total assets7
14
15
16
17
18
19
20
21

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

22 Total liabilities
23 Residual (assets less liabilities)5

829.4
345.3
78.4
267.0
484.1
175.3
21.3
156.1
131.5
47.6
52.3
37.0

910.5'
370.7'
84.5
286.2'
539.8
209.9
23.5
165.8
140.7
57.1
48.3
43.0'

915.7'
367.7'
81.2
286.6'
547.9
214.7
23.9
167.1
142.2
62.0
47.5
39.2'

915.6'
372.5'
82.8
289.7'
543.1
215.3
23.5
166.9
137.4'
65.7
51.6
35.0'

930.9'
374.4'
84.5
290.0'
556.4
216.1
24.4
173.8
142.2
64.1
50.9
35.6'

939.1
377.1
82.1
295.0
562.0
216.7
24.9
176.6
143.8
67.3
50.6
34.3

966.3
385.0
86.1
298.9
581.3
218.2
24.5
189.3
149.2
66.5
50.9
38.5

968.4
391.3
86.2
305.1
577.1
218.5
25.8
186.3
146.5
62.3
49.0
37.7

978.1
390.8
88.4
302.4
587.3
219.7
24.9
194.0
148.7
67.3
49.5
35.2

964.2
394.5
90.2
304.3
569.7
217.7
25.2
179.9
146.9
64.9
49.9
35.6

962.4
388.9
84.0
305.0
573.4
219.3
25.6
183.1
145.4
59.1
47.8
36.7

960.9
388.9
82.7
306.2
572.0
216.4
26.5
184.0
145.0
60.7
50.1
40.5

965.8

1,058.4

1,063.9

1,067.4

1,080.9

1,090.8

1,121.7

1,116.9

1,129.6

1,114.0

1,105.4

1,111.7

648.7
13.4
635.3
434.3'
58.6'
375.7'
-219.5
99.6

741.4
10.8
730.6
446.7
54.2'
392.5'
-252.1
120.9

751.5'
10.4
741.2'
468.6
56.0'
412.6'
-268.3
115.4

764.1'
11.0
753.1'
489.2'
60.7'
428.6'
-297.4'
113.2'

761.4'
10.7
750.7'
503.9'
59.7'
444.2'
-292.0'
115.1

771.3
10.5
760.8
509.0
62.0
447.0
-304.3
116.8

788.0
10.2
777.8
517.0
62.7
454.3
-300.8
119.8

821.0
10.4
810.5
534.2
69.1
465.1
-356.6
117.6

805.4
10.5
794.9
546.9
68.5
478.3
-335.5
112.1

804.8
10.0
794.8
548.1
76.5
471.6
-357.7
119.3

819.6
10.3
809.3
522.2
61.0
461.1
-348.7
118.9

837.6
10.5
827.1
520.0
71.7
448.3
-375.4
120.6

963.0'

1,057.0'

1,067.2'

1,069.0

1,088.4'

1,092.8

1,124.0

1,116.2

1,129.0

1,114.5

1,112.0

1,102.8

-2.1

-2.3

.7

.6

-.5

-6.6

8.9

2.8'

1.4

-3.3

-1.6

-7.4

Not seasona lly adjusted

24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

40 Total assets7
41
42
43
44
45
46
47
48

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

49 Total liabilities
50 Residual (assets less liabilities)5
Footnotes appear on p. 21.

832.4
345.3
78.4
28.2
50.2
267.0
157.0
110.0
487.1
176.8
21.3
157.9
131.1
47.6
50.6
36.9

905.7'
370.7'
84.5
27.7
56.8
286.2'
178.5
107.6
535.0
208.4'
23.5
162.7
140.4
57.1
49.2
42.4

912.5'
367.7'
81.2
24.0
57.2
286.6'
178.1'
108.5'
544.7
211.8
23.9
169.8
139.2
62.0
48.3
38.4'

916.9'
372.5'
82.8
25.4
57.4
289.7'
182.2'
107.5
544.4
213.0
23.5
171.8
136.0
65.7
52.2
34.4'

939.0'
374.4'
84.5
24.5
60.0'
290.0'
182.0'
108.0
564.5
216.8
24.4
180.6
142.8
64.1
52.1
36.4'

947.4
377.1
82.1
21.7
60.4
295.0
183.5
111.5
570.3
218.8
24.9
181.0
145.5
67.3
51.4
35.5

971.7
385.0
86.1
26.0
60.1
298.9
186.2
112.7
586.7
221.1
24.5
191.0
150.0
66.5
50.2
39.3

971.7
391.3
86.2
29.6
56.6
305.1
190.5
114.6
580.4
220.3
25.8
186.4
147.9
62.3
47.4
37.6

979.6
390.8
88.4
31.7
56.7
302.4
189.2
113.2
588.8
221.6
24.9
192.4
149.9
67.3
47.8
35.9

968.3
394.5
90.2
31.7
58.4
304.3
190.1
114.2
573.9
219.7
25.2
180.7
148.2
64.9
48.7
36.4

966.7
388.9
84.0
28.2
55.7
305.0
190.0
114.9
577.7
221.3
25.6
184.2
146.6
59.1
46.0
35.4

964.0
388.9
82.7
27.5
55.2
306.2
190.9
115.3
575.1
218.0
26.5
184.2
146.4
60.7
48.4
40.2

966.9

1,053.9'

1,060.7

1,068.7

1,091.1

1,101.0

1,127.2

1,118.5

1,130.2

1,117.7

1,106.6

1,112.9

651.7
13.7
638.1
434.3'
58.6'
375.7'
-221.3
98.5

733.0
10.8
722.2
446.7
54.2'
392.5'
-250.6
121.9

736.3'
10.2
726.0
468.6
56.0'
412.6'
-264.5'
117.5

751.6'
10.9
740.7'
489.2'
60.7'
428.6'
-291.7
116.7'

755.3'
11.1
744.2'
503.9'
59.7'
444.2'
-288.2
117.3

774.0
10.7
763.3
509.0
62.0
447.0
-302.2
118.0

789.4
10.5
778.8
517.0
62.7
454.3
-301.0
119.7

824.7
10.6
814.1
534.2
69.1
465.1
-358.8
116.3

802.7
10.5
792.2
546.9
68.5
478.3
-334.3
112.8

809.2
10.1
799.0
548.1
76.5
471.6
-359.7
118.0

822.1
10.3
811.8
522.2
61.0
461.1
-355.1
115.2

846.9
11.1
835.8
520.0
71.7
448.3
-376.3
120.1

963.2'

1,051.0

1,057.8

1,065.8

1,088.3

1,098.9

1,125.0

1,116.3

1,128.1

1,115.6

1,104.4

1,110.7

3.8'

2.9

2.9

2.9

2.8

2.2

2.2

2.2

2.2

2.2

2.2

2.2

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items

21

Assets and Liabilities' —Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2006
Mar.

2006
Sept.

Oct.

2007

2007
Nov.

Dec.

Jan.

Feb.

Mar.

Mar. 7

Mar. 14

Mar. 21

Mar. 28

Not seasonally adjusted
MEMO

1
2
3
4
5
6
7
8
9
10

Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items9
Revaluation losses on off-balancesheet items9
Mortgage-backed securities10
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities"
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12

92.6

104.8'

103.8'

106.5

116.2

109.5

109.0

113.8

115.0

112.8

114.7

111.9

79.4
593.0
459.9
133.2

91.0
620.4
481.7
138.8

91.5
621.4
473.6
147.8

90.2
623.6
483.8
139.8

96.2
625.6
491.6
134.0

90.5
628.8
494.8
134.0

91.7
639.6
505.9
133.8

94.6
633.0
507.4
125.5

95.8
635.0
508.3
126.8

92.0
637.4
510.4
127.0

98.3
636.3
510.7
125.6

91.8
632.3
507.8
124.5

-14.0
100.2
70.4
29.8
3.0

-3.0
102.5
68.7
33.8
2.3

-1.6
101.8
67.1
34.7
2.2

-2.8
102.1
66.6
35.5
2.2

-4.0
105.7'
67.2
38.5'
2.2

-6.0
105.1'
67.3
37.8'
2.2

-5.8
104.6'
67.6
37.0'
2.2

-3.3
106.1
69.5
36.6
2.2

-3.1
105.9
69.4
36.6
2.2

-3.3
106.0
69.2
36.8
2.2

-2.9
106.3
69.6
36.7
2.2

-3.6
106.2
69.6
36.6
2.2

326.6
272.0
268.1
4.0

327.0'
278.8
275.3
3.5

331.7'
282.9
279.4
3.5

329.8'
285.4
281.7
3.7

322.7'
286.6
283.0
3.7

324.1'
285.7
282.1
3.7

325.2'
286.4
282.8
3.6

321.5
289.9
286.4
3.6

330.8
289.0
285.5
3.5

320.0
290.1
286.5
3.6

319.7
288.9
285.3
3.6

317.9
291.2
287.7
3.6

Small domestically chartered
commercial banks, adjusted for
yyi ^v^ers
10
11 Mortgage-backed securities12
12 Securitized consumer loans
13
Credit cards and related plans
14
Other

Foreign-related institutions
15 Revaluation gains on off-balancesheet items9
16 Revaluation losses on off-balancesheet items9

61.3

68.6

67.3'

66.8'

67.2'

64.7'

65.0'

65.6

66.4

67.1

66.3

63.3

65.1

76.1

75.9'

73.9'

73.8'

72.8'

71.6'

71.5

72.1

72.5

72.1

69.7

NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," which
is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large
Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks," are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are break-adjusted.
1. Covers the following types of institutions in the fifty states and the District of Columbia:
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related
institutions). Excludes international banking facilities. Data are Wednesday values or pro rata
averages of Wednesday values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on weekly samples and on
quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove
the estimated effects of mergers between these two groups. The adjustment for mergers
changes past levels to make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data for the bank group that
contained the acquired bank and put into past data for the group containing the acquiring
bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio
procedure is used to adjust past levels.

2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of
U.S. government agencies and U.S. government-sponsored enterprises.
3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
5. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
6. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
7. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
8. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
The fair market value of derivative contracts in a gain position is included in "Other
securities, trading account." The fair value of derivative contracts in a loss position is
included in "Other liabilities."
10. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
12. Total amount outstanding.

22
1.32

Federal Reserve Bulletin Statistical Supplement • April 2007
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2006

Item
2002

2004

2005

2006

July

Aug.

Sept.

Oct.

Nov.

Dec.

1,341,226

1,260,745

1,375,717

1,631,009

1,981,387

1,796,699

1,840,587

1,887,218

1,885,773

1,930,287

1,981,387

522,863
147,689

1 All issuers
2 Financial companies'
3 Nonfinancial companies2

2003

519,731
103,982

595,249
119,727

667,321
132,207

757,498
171,302

715,193
142,738

735,897
143,567

750,459
142,143

751,896
126,121

762,428
141,360

757,498
171,302

1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal, and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.

1.33

PRIME RATE CHARGED BY BANKS

2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.

Short-Term Business Loans1

Percent per year
Date of change
2001—Jan.
Feb
Mar.
Apr
May
June
Aug.
Sept.
Oct.
Nov.
Dec.

Rate

4
1
21
19
16
28
22
18
3
7
12

9.00
8 50
8.00
7 50
7.00
6 75
6.50
6.00
5.50
5.00
4.75

2002—Nov. 7

4.25

2003—June 27

4.00

2004—June
Aug.
Sept.
Nov.
Dec.

30
10
21
10
14

4.25
4.50
4.75
5.00
5.25

2005—Feb.
Mar.
May
June
Aug.
Sept.
Nov.
Dec.

2
22
3
30
9
20
1
13
31
28
10
29

2003
2004
2005
2006

Average
rate

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

4.00
4.00
4.00
4.00
4.00
4.01
4.25
4.43
4.58
4.75
4.93
5.15

1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call

2005—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Average
rate
5.25
5.49
5.58
5.75
5.98
6.01
6.25
6.44
6.59
6.75
7.00
7.15

Period

Average
rate

7.50
7.75
8.00
8.25

2001

4.12
4.34
6.19
7.96

Period

5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25

2006—Jan.
Mar.
May
June

Period

2006—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

7.26
7.50
7.53
7.75
7.93
8.02
8.25
8.25
8.25
8.25
8.25
8.25

2007—Jan
Feb

8.25
8.25

Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release,
available on the Board's website, www.federalreserve.gov/releases.

Financial Markets
1.35

INTEREST RATES

23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2006
Item

2004

2005

2006-2007, week ending

2007

2006
Oct.

Nov.

Dec.

Jan.

Dec. 29

Jan. 5

Jan. 12

Jan.19

Jan. 26

MONEY MARKET INSTRUMENTS

1 Federal funds1-13
2 Discount window primary credit2-4

1.35
2.34

3.22
4.19

4.97
5.96

5.25
6.25

5.25
6.25

5.24
6.25

5.25
6.25

5.24
6.25

5.22
6.25

5.23
6.25

5.24
6.25

5.25
6.25

paper3'5'6

Commercial

3
4
5

Nonfinancial
1-month
2-month
3-month

1.38
1.40
1.41

3.22
3.23
3.42

4.98
5.01
5.10

5.20
5.18
5.19

5.21
5.19
5.17

5.23
5.20
5.19

5.22
5.19
5.17

5.25
5.23
n.a.

5.23
5.19
n.a.

5.24
5.21
5.17

5.20
5.21
5.18

5.21
5.19
5.17

6
7
8

Financial
1-month
2-month
3-month

1.41
1.46
1.52

3.27
3.36
3.44

5.00
5.04
5.07

5.23
5.23
5.24

5.23
5.24
5.24

5.25
5.24
5.24

5.25
5.24
5.24

5.25
5.24
5.24

5.25
5.24
5.23

5.25
5.24
5.24

5.25
5.24
5.24

5.24
5.24
5.24

Certificates of deposit, secondary market3-1
1-month
3-month
6-month

1.45
1.57
1.74

3.34
3.51
3.73

5.06
5.16
5.24

5.28
5.33
5.35

5.29
5.32
5.33

5.31
5.32
5.31

5.29
5.32
5.34

5.32
5.32
5.32

5.30
5.32
5.32

5.29
5.32
5.33

5.29
5.32
5.35

5.29
5.32
5.35

12 Eurodollar deposits, 3-month3>s

1.55

3.51

5.19

5.36

5.36

5.35

5.35

5.36

5.35

5.35

5.35

5.35

US Treasury bills
Secondary market3-5
13
4-week
14
3-month
15
6-month

1.24
1.37
1.58

2.94
3.15
3.39

4.67
4.73
4.81

4.88
4.92
4.92

5.13
4.94
4.95

4.78
4.85
4.88

4.84
4.98
4.95

4.66
4.87
4.91

4.71
4.92
4.90

4.84
4.96
4.94

4.89
4.99
4.96

4.88
5.00
4.98

1.89
2.38
2.78
3.43
3.87
4.27
5.04

3.62
3.85
3.93
4.05
4.15
4.29
4.64

4.94
4.82
4.77
4.75
4.76
4.80
5.00

5.01
4.80
4.72
4.69
4.69
4.73
4.94

5.01
4.74
4.64
4.58
4.58
4.60
4.78

4.94
4.67
4.58
4.53
4.54
4.56
4.78

5.06
4.88
4.79
4.75
4.75
4.76
4.95

4.99
4.78
4.70
4.65
4.66
4.67
4.88

4.98
4.76
4.68
4.65
4.65
4.66
4.84

5.03
4.82
4.74
4.70
4.70
4.70
4.88

5.08
4.90
4.81
4.76
4.76
4.77
4.96

5.10
4.95
4.87
4.82
4.82
4.83
5.01

4.50
5.09
4.68

4.28
4.86
4.40

4.15
4.71
4.40

3.91
4.48
4.30

3.81
4.34
4.14

3.76
4.26
4.11

3.89
4.34
4.23

3.82
4.31
4.17

3.78
4.24
4.15

3.86
4.31
4.21

3.92
4.37
4.25

4.00
4.44
4.32

6.00

5.57

5.98

5.91

5.72

5.72

5.86

5.83

5.77

5.80

5.86

5.92

5.63
5.91
6.08
6.39

5.23
5.37
5.59
6.06

5.59
5.80
6.06
6.48

5.51
5.74
5.94
6.42

5.33
5.57
5.76
6.20

5.32
5.58
5.78
6.22

5.40
5.75
5.93
6.34

5.43
5.69
5.89
6.32

5.31
5.66
5.85
6.27

5.34
5.68
5.88
6.29

5.41
5.76
5.94
6.35

5.47
5.81
5.99
6.39

1.64

1.73

1.82

1.80

1.79

1.78

1.78

1.78

1.80

1.77

1.77

1.78

9
10
11

U.S. TREASURY NOTES AND BONDS

16
17
18
19
20
21
22

Constant maturities''
1 -year
2-year
3-year
5-year
7-year
10-year
20-year
STATE AND LOCAL NOTES AND BONDS

Moody's series10
23 Aaa
24 Baa
25 Bond Buyer series"
CORPORATE BONDS

26 Seasoned issues, all industries12
27
28
29
30

Rating group
Aaa13
Aa
A
Baa
MEMO

Dividend-price ratio14
31 Common stocks

NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly
statistical release, available at www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/
default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical
series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/
data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper
webpages (www.federalreserve.gov/releases/cp) for more information.

7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. General obligation bonds based on Thursday figures; Moody's Investors Service.
11. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's
Al rating. Based on Thursday figures.
12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.

24

Federal Reserve Bulletin Statistical Supplement • April 2007

1.36

STOCK MARKET

Selected Statistics
2006

Indicator

2004

2005

2007

2006
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Pr ces and trac ng volume (averages of daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31,1965 = 50)

6,614.10
741.19
521.11
271.45
657.07

7,351.19
n.a.
n.a.
n.a.
n.a.

8,357.63
n.a.
n.a.
n.a.
n.a.

7,985.59
n.a.
n.a.
n.a.
n.a.

8,103.97
n.a.
n.a.
n.a.
n.a.

8,294.89
n.a.
n.a.
n.a.
n.a.

8,383.29
n.a.
n.a.
n.a.
n.a.

8,651.02
n.a.
n.a.
n.a.
n.a.

8,856.30
n.a.
n.a.
n.a.
n.a.

9,089.55
n.a.
n.a.
n.a.
n.a.

9,132.04
n.a.
n.a.
n.a.
n.a.

9,345.98
n.a.
n.a.
n.a.
n.a.

6 Standard & Poor's Corporation
(1941^3 - 10)'

1,130.65

1,207.23

1,310.46

1,253.12

1,260.24

1,287.15

1,317.81

1,363.34

1,388.63

1,416.42

1,424.16

1,444.79

7 American Stock Exchange
(Aug. 31, 1973 = 50)2

1,260.02

1,567.52

1,936.79

1,881.59

1,924.93

1,996.50

1,950.11

1,920.93

2,003.86

2,065.81

2,060.93

2,150.89

3
4
5

Transportation
Utility
Finance

Volume of trading (thousands of shares)
1 403 376 1 542 724 2 254 869 2 501 759 2 351 792 2 201 576 2 446 458 2 544 752 2 613 632 2 366 386 2 851 992 2 701 807
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9 American Stock Exchange

Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers
Free credit balances at brokers4
11 Margin accounts5

3

203,790

221,660

275,380

225,780

231,490

226,480

237,120

244,370

270,520

275,380

285,610

295,870

117,850
93,580

119,710
88,730

159,040
94,450

137,550
84,400

141,000
79,420

139,290
79,460

142,580
80,470

143,400
80,200

155,200
90,980

159,040
94,450

156,190
90,340

155,140
96,550

Margin requirements (percent of market value and effective date)6
Mar. 11, 1968

14 Convertible bonds

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

1. In July 1976 a financial group made up of banks and insurance companies was added to
the group of stocks on which the index is based. The index is now based on 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and
40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.

6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.

Federal Finance
1.40

25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2004

Mar. 31
1 Federal debt outstanding

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

7,620.4

7,801.0

7,860.2

7,956.3

8,194.3

8,394.7

8,443.7

8,530.4

8,703.7

7,776.9
4,572.4
3,204.5

7,836.5
4,527.6
3,308.9

7,932.7
4,601.6
3,331.1

8,170.4
4,714.6
3,455.8

8,371.2
4,872.8
3,498.4

8,420.0
4,797.5
3,622.6

8,507.0
4,843.2
3,663.8

8,680.2
4,901.2
3,779.0

24.3
23.9
.4

24.1
24.1
.0

23.7
23.7
.0

23.6
23.6
.0

23.8
23.8
.0

23.6
23.6
.0

23.6
23.6

23.4
23.4

23.5
23.5

8,281.5

8,330.6

8,420.3

8,592.5

7,535.5
.2

7,715.4
.1

7,778.0
.1

7,870.9
.1

8,106.9
.2

8,281.4
.1

8,330.6

8,184.0

5 Agency securities
6
Held by public
7
Held by agencies

Sept. 30

7,596.1
4.406.4
3,189.8

....

2 Public debt securities
3
Held by public
4
Held by agencies

June 30

8,184.0

8,184.0

8,184.0

8,184.0

8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1

8,592.4

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
Ql
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bom
Nonmarketable2
State and local government serit
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4 ..
Non-interest-bearing
By holder^
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks8
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international5
Other miscellaneous investors7'9

Q2

Q3

Q4

8,400.2
4,354.9
916.7
2,427.4

8,455.1
4,354.0
911.5

8,627.5
4,413.9
944.2
2,409.9
530.6
AW 2
4,338.3
257.6
3.0
3.0
.0
187.7
3,839.4
124.6

6,997.3'

7,596.1

8,170.4

8,680.2

6,982.0
3,575.1
928.8
1,905.7
564.3
176.2
3,406.9
149.2
9.7
9.7

7,578.5
3,959.7

8,117.0
4,184.0

539.5
245.9
3,618.8
160.7
5.9
5.9
.0
191.7
3,230.6
17.6

963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4

8,627.5
4,413.9
944.2
2,409.9
530.6
AW 2
4,338.3
257.6
3.0
3.0
.0
187.7
3,839.4
124.6

8,351.7
4,340.4

1,003.2
2,157.1

136.5
364.2'

3,189.1
717.8
3,690.6'
127.5'
254.1'
149.7'
387.4'

3,466.9
744.2
3,970.6
117.2
251.3'
160.4'
456.2'

203.8
317.1'
169.2'
147.9'
1,533.0'
387.5'

204.4
300.9'
170.5'
130.4'
1,853.4'
412.3'

205.1
310.6'
181.2'
129.4'
2,036.0'
432.8'

192.2
3,007.0
16.0
2,954.4'
666.7
3,377.9
154.2'

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.

1,042.1

2,409.7
526.7
347.9
4,030.8
234.8
3.4
3.4
.0
192.0

523.1

2,415.5
534.7

19.5

372.8
4,166.0
242.0
3.0
3.0
.0
191.0
3,680.2
120.8

395.6
4,203.9
238.8
3.0
3.0
.0
189.2
3,722.8
102.9

3,783.1
778.9
4,122.1
115.9
249.9
166.0
484.2

3,502.0
758.5
4,114.0
115.4
248.7
162.9
456.5

3,626.6
766.4
4,030.8
116.8
244.2
164.4
466.2

4,074.2
114.0
235.3
165.4
463.0

3,783.1
778.9
4,122.1
115.9
249.9
166.0
484.2

202.4
326.1
193.2
132.9
2,225.0
n.a.

205.9
311.9
183.0
128.9
2,083.6
528.0

205.2
320.5
188.4
132.1
2,099.1
413.7

203.6
323.3
191.2
132.1
2,147.5
417.0

202.4
326.1
193.2
132.9
2,225.0
n.a.

3,551.2

3,668.0
768.9

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 • April 2007

1.42

U.S. GOVERNMENT SECURITIES DEALERS

Transactions1

Millions of dollars, daily averages
2006

2006, week ending

2007, week ending

Item
Oct.
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2 Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
6
Inflation-protected2

7
8
9
10
11
12

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed

Corporate securities
13
One year or less
14
More than one year

15
16
17
18
19
20
21
22

By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
With other
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate

Nov.

Dec.

Dec. 6

Dec. 13

Dec. 20

Dec. 27

Jan. 3

Jan. 10

Jan.17

Jan. 24

Jan. 31

41,879

54,028

52,237

62,367

54,129

46,389

51,295

43,750

36,036

40,108

34,611

43,177

190,332

189,591

177,154

267,332

185,099

159,967

116,576

141,056

192,053

166,962

174,332

223,281

123,697

106,283

112,452

160,900

117,727

96,851

74,799

116,672

130,636

122,877

111,172

162,419

110,855
22,993
9,015

122,619
25,845
6,090

108,638
25,140
6,459

149,034
33,243
7,047

126,669
32,951
6,760

101,242
24,025
8,070

67,077
11,959
4,060

84,379
18,555
5,297

115,615
27,542
9,450

108,432
23,068
10,831

110,265
24,192
12,162

131,678
26,318
11,825

55,409

55,085

60,045

57,233

54,235

62,106

66,456

62,216

59,028

66,954

66,218

67,036

7,875

7,784

9,478

11,549

9,716

12,660

4,584

6,576

8,390

12,541

9,749

9,762

4,737

3,299

3,361

4,939

4,610

2,849

1,618

1,846

2,944

3,878

2,093

3,040

3,208
443

3,533
467

3,254
841

6,344
487

2,991
1,331

3,230
1,121

1,236
434

1,830
436

7,212
344

7,396
732

2,827
264

4,060
1,601

278,490

276,363

267,620'

438,754

360,764

190,655

107,204

205,738

532,675

237,321

217,425

286,378

198,955
23,386

188,255
25,054

194,711
22,404'

199,749
23,655

192,972
25,720

205,947
30,185

177,968
12,984

194,375
10,997

189,870
25,546

194,285
23,853

189,157
35,679

189,041
26,422

214,674

213,643

203,698

285,233

222,463

186,904

141,070

160,956

202,879

196,093

196,137

240,103

6,028
67,369
572

5,282
63,471
503

5,743
57,092'
408

6,988
78,678
539

6,767
80,261
502

6,116
49,675
443

3,746
24,474
170

3,758
39,772
301

5,317
110,471
585

7,420
48,897
754

5,973
50,745
955

7,452
64,937
1,158

284,098

290,813

278,381

394,689

300,872

249,641

184,696

248,754

308,453

276,184

270,596

358,594

65,645
211,121
221,769

64,886
212,891
212,806

71,236
210,528'
216,707'

73,565
360,076
222,865

66,116
280,503
218,191

75,851
140,980
235,689

70,584
82,730
190,782

69,146
165,965
205,071

72,600
422,204
214,831

84,082
188,424
217,384

75,177
166,679
223,881

78,047
221,441
214,305

NOTE: Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html)
under the Primary Dealer heading.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-

backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at
principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio.

Federal Finance
1.43

U.S. GOVERNMENT SECURITIES DEALERS

27

Positions and Financing

Millions of dollars
2007

2006

2006
Item, by type of security
Oct.

Nov.

Dec.

Dec. 6

Dec. 13

Dec. 20

Dec. 27

Jan. 3

Jan. 10

Jan.17

Jan. 24

Net outright posit ons2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-protected
2
3

7
8
9
10
11

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven

12 Mortgage-backed
Corporate securities
13
One year or less
14
More than one year

-6,537

1,520

-5,995

1,257

-799

-2,828

-14,021

-17,461

-14,136

-13,732

-23,980

-42,455

-46,905

-48,199

-46,239

-47,281

-48,596

-47,289

-53,640

-49,692

-43,376

-41,822

-35,394

-36,583

-17,373

-14,589

-18,575

-19,385

-17,694

-15,365

-17,836

-23,434

-27,038

-29,618
-16,023
839

-32,355
-16,750
3,151

-44,108
-20,610
2,716

-40,104
-18,877
1,843

-43,222
-19,534
2,587

-47,560
-21,798
2,870

-44,904
-22,231
3,516

-44,233
-20,179
2,579

-45,979
-20,984
3,789

-43,349
-20,120
2,559

-46,260
-19,865
3,687

46,978

45,376

38,111'

38,573

37,973

40,163

36,280

37,269

30,167

35,544

31,085

28,776

30,880

29,408'

34,635

30,014

26,675

26,722

29,994

26,687

26,863

24,584

14,323

15,421

12,653'

14,041

12,321

12,636

12,117

12,118

13,223

13,918

13,647

6,981
9,311

8,894
9,539

9,124'
10,223'

9,590
9,604

8,880
10,564

8,768
10,029

8,667
10,129

10,277
11,056

9,559
10,813

11,299
10,519

11,803
10,491

43,204

50,649

46,483'

52,789

49,842

41,734

44,124

43,584

45,662

44,586

54,839

44,549
156,427

44,492
165,916

42,764'
172,716'

42,470
165,962

49,143
177,074

43,481
173,313

36,357
174,114

41,997
171,731

38,153
164,628

43,358
160,125

44,064
153,591

Financing3
Securities in, U.S. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term

1 351 334 1 271 843
996,349 1,043,170

1 255 770
1,075,887

1 223 290
1,110,089

1 264 568
955,891

1 284 341
1,049,574

1 286 009
1,093,971

1 251 798
1,172,717

186,111
234,602

193,997
238,185

183,063
235,975

169,873
245,440

171,729
217,425

181,862
224,287

182,974
228,817

173,790
228,017

113,177'
413,186'

114,050
413,115

119,436
414,691

113,485
424,497

101,892
421,529

120,127
376,261

132,078
398,283

140,776
398,867

142,557
418,648

108,043'
97,346'

106,951
97,048

108,009
97,407

108,139
95,915

109,283
101,776

107,400
92,441

108,431
91,533

108,146
90,046

107,481
89,403

800,232
1 405 094

867,288
798,145'
1 359 169' 1 324 652

802,702
1 381 932

785,742
1 402 769

755,957
1 423 743

781,990
1,181,801

815,226
1,283,185

827,417
1,328,107

787,172
1,409,891

1 262 015
816,518

1 276 509
864,018

1 284 706
820,367

1 363 308
770,194

1 273 170
829,980

1 271 680
845,037

1 239 428
888,375

1 289 022
716,615

1 285 241
818,651

1 286 407
870,871

1 230 327
955,412

331,581
164,197

337,180
170,513

325,381
166,868

350,206
162,040

339,257
166,859

320,495
174,634

304,737
178,539

308,537
140,110

313,024
146,230

325,532
142,601

316,950
146,454

600,543
245,721

601,492
258,298

597,636'
259,963'

613,229
255,485

608,812
270,284

608,528
264,234

578,433
275,243

569,236
214,407

580,629
230,889

611,414
216,745

622,172
228,722

288,918
56,426

285,345
61,748

298,760'
59,528'

296,164
58,246

297,713
58,518

301,296
53,721

292,194
59,038

311,542
74,240

305,165
75,731

305,820
76,039

292,359
78,510

2,193,779
1,199,443

2,204,452
1,273,901

2,210,498'
1,233,796'

2,323,723
1,172,453

2,221,223
1,260,835

2,198,810
1,269,406

2,130,730
1,317,670

2,181,939
1,069,396

2,188,148
1,189,372

2,234,034
1,221,798

2,167,517
1,329,139

1 271 697
1,045,345

1,282,638
1,014,288

1,278,567
1,080,195

190,400
223,831

186,480
236,435

181,681
235,952

131,304
389,408

118,166
400,309

110,511
94,279

110,491
96,524

799,840
1 342 730

MEMO

Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
31 Overnight and continuing
32 Term
MEMO

Repurchase agreements
33 Overnight and continuing
34 Term

NOTE: Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.

2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-protected securities (TIPS) are reported in actual funds paid or received, except for
pledged securities. TIPS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).

28
1.44

Federal Reserve Bulletin Statistical Supplement • April 2007
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period

Agency
July
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2-3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service1"
8
Tennessee Valley Authority
9
United States Railway Association1"
10 Federally sponsored agencies7
11
Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation . .
13 Federal National Mortgage Association
14 Farm Credit Bankss
15
Student Loan Marketing Association9
16 Financing Corporation10
17
Farm Credit Financial Assistance Corporation''
18
Resolution Funding Corporation12

2,351,039

n.a.
25.412
6
n.a.
290

n.a.
>,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996

n.a.
n.a.
25.406
n.a.
2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996

Aug.

23,515
6

23,323
6
n.a.
90

n.a.
24,267
6

24,261

23,843
6
n.a.
161
n.a.
n.a.
23,837
n.a.

Sept.

n.a.

23,509

n.a.
n.a.
23,317
n.a.

n.a.
23,398
6

23,392

23,217
6
n.a.
112
n.a.
n.a.
23,211
n.a.

n.a.
921,793
773,600
754,535
113,021
91,929
8,170
1,261
29,996

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
29,764

29,694

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

18,515
n.a.
9,810

18,086
n.a.
29,764

23,345

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

28^25

854,815
733,400
949,510
97,266
78,121
8,170
1,261
29,996

23,351
6

n.a.
n.a.
29,694

MEMO

19 Federal Financing Bank debt"
20
21
22
23
24

Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service1"
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association1"

Other lending*4
25 Farmers Home Administration . . . .
26 Rural Electrification Administration
27 Other

37,017
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
14,489
22,528

n.a.
16,127
14,684

1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners' assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.

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
July

Sept.

1 All issues, new and refunding1

357,875

409,649

389,452'

44,710

27,453

31,772

28,036

31,659

43,281

47,021

31,456

By type of issue
2 General obligation
3 Revenue

130,471
227,404

145,845
263,804

115,054'
274,397'

12,195
32,515

6,841
20,612

10,890
20,882

9,319
18,718

10,899'
20,760'

10,889
32,393

11,095
35,926

11,126
20,330

By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township . . .

47,365
234,237
76,273

31,568
298,634
79,447

28,258
293,361'
67,833'

3,224
35,811
5,675

2,252
19,742
5,460

2,113
22,223
7,436

2,681
20,040
5,315

3,815
22,470
5,374

2,849
32,023
8,409

2,237
38,252
6,531

1,706
24,539
5,212

7 Issues for new capital

228,357

223,833

262,445r

34,182

22,496

19,687

20,996

19,331

23,619

34,532

13,549

65,426
20,546
9,242
n.a.
19,050
80,438

70,963
25,427
9,899
n.a.
18.646
60,646

70,260'
30,211'
7,791'
n.a.
34.989
72,684'

8,216
3,466
874
n.a.
4.148
11,607

4,451
2,688
799
n.a.
4.012
8,245

7,084
1,506
288
n.a.
2.302
6,124

5,988
1,857
1,035
n.a.
2.635
5,812

4,397
4,611
629
n.a.
2.257
3,971

5,861
2,783
814
n.a.
3.114
5,292

9,836
5,985
935
n.a.
6.316
5,728

4,205
1,046
158
n.a.
2.021
3,642

8
9
10
11
12
13

By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest
before then.

1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

US. Corporations

Millions of dollars
2006
Type of issue, offering,
or issuer

2004

2005

2006
May

1

1 All issues

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

2,438,989

2,710,028

251,880

279,027

132,531

207,338

263,451

202,721

260,310

272,056

1,923,094
By type of offering
3 Sold in the United States

2,070,680

2,323,735

2,590,863

239,524

269,135

125,606

202,072

252,866

192,906

242,944

260,467

1,737,342
185 752

2,141,496
182 238

2,318,379
272 483

213,104
26 420

241,092
28 043

119,315
6 291

178.107
23 964

231.267
21 600

173.165
19 740

190.990
51 954

241.053
19413

21,942

22,221

20,777

2,010

1,627

3,162

1.642

2.102

1.057

2.596

1,211

259,968
1,663,127

216,072
2,107,662

344,005
2,246,858

33,141
206,383

28,556
240,579

11,624
113,982

20,328
181,743

24,112
228,754

22,166
170,740

59,332
183,612

30,328
230,139

147,585

115,255

119,165

12,356

9,892

6,925

5,267

10,585

9,816

17,366

11,590

147,585
n.a.

115,255
n.a.

119,165
n.a.

12,356
n.a.

9,892
n.a.

6,925
n.a.

5,267
n.a.

10,585
n.a.

9,816
n.a.

17,366
n.a.

11,590
n.a.

64,345
83,240

54.713
60,541

56.029
63,136

6.008
6,348

5.341
4,551

1.990
4,934

2.029
3,238

3.710
6,875

3.976
5,839

7.469
9,897

5.414
6,175

MEMO

5 Private placements, domestic
By industry group
7 Financial
8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group
11 Nonfinancial

1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.

2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve
System.

30

Federal Reserve Bulletin Statistical Supplement • April 2007

1.47

OPEN-END INVESTMENT COMPANIES

Net Sales and Assets1

Millions of dollars
2006
Item

2005

2007

2006'
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.'

Feb.

1 Sales of own shares 2

1,755,210

2,017,116

134,662

150,952

142,528

175,165

160,846

180,876

230,667

199,392

2 Redemptions of own shares

1,563,022
192,188

1,789,399
227,717

130,809
3,853

139,022
11,930

130,701
11,827

150,428
24,737

141,223
19,623

160,476
20,400

182,782
47,885

154,244
45,148

6,864,286

8,058,864

7,235,158

7,395,128

7,517,825

7,768,801

7,971,400

8,058,864

8,214,520

8,210,284

302,923
6,561,363

338,921
7,719,943

340,109
6,895,049

356,042
7,039,086

353,939
7,163,886

352,610
7,416,191

353,702
7,617,698

338,921
7,719,943

363,938
7,850,582

356,185
7,854,099

4 Assets

4

5 Cash5
6 Other

1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.

1.51 DOMESTIC FINANCE COMPANIES

4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE: Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.

Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted
2006

2005
Q2

Q3

Q4

Q1

Q2

Q3

Q4

ASSETS

2
4

1 494 0
566.5
451.5
476.0

Reserves for unearned income

8 All other
9 Total assets

1 736 2
639.5
498.2
598.5

1 521 9
575.2
455.6
491.1

1 547 5
590.7
451.0
505.8

1 622 4
601.8
479.2
541.4

1 634 7
591.3
482.8
560.6

1 672 2
602.9
497.4
572.0

1 711 3
628.5
490.3
592.6

1 736 2
639.5
498.2
598.5

53.0
26 3

44.7
24 5

49.6
23 9

51.6
24 2

45.4
26 6

44.7
24 5

44.4
23 5

45.3
23 5

48.4
24 7

49.6
23 9

1,553.2
535.7

1,662.7
479.9

1,446.1
664.6

1,475.5
537.4

1,553.2
535.7

1,566.8
527.6

1,603.4
499.6

1,638.2
479.4

1,662.7
479.9

2,088.5

Real estate

5 LESS:

1 622 4
601.8
479.2
541.4

1,414.7
673.8

Consumer

2,088.8

2,142.6

2,110.7

2,012.9

2,088.8

2,094.4

2,103.0

2,117.5

2,142.6

136.9
175.3

142.1
160.0

126.8
164.1

129.9
148.8

138.8
146.0

142.1
160.0

137.4
151.0

137.5
152.7

125.1
164.0

126.8
164.1

257.7
817.4
471.8
229.4

312.2
806.5
423.6
244.4

338.1
854.7
432.7
226.3

260.0
865.1
457.2
249.7

271.0
753.8
497.2
206.2

312.2
806.5
423.6
244.4

318.3
813.3
426.7
247.8

326.6
834.6
414.7
236.9

333.0
830.0
422.4
243.2

338.1
854.7
432.7
226.3

2,088.5

2,088.8

2,142.6

2,110.7

2,012.9

2,088.8

2,094.4

2,103.0

2,117.5

2,142.6

LIABILITIES AND CAPITAL

10 Bank loans
11 Commercial paper
Debt
12 Owed to parent
14 All other liabilities
15 Capital, surplus, and undivided profits
16 Total liabilities and capital

NOTE: Some of the data presented in the table is available in the Board's monthly G.20
(422) statistical release, which is available at www.federalreserve.gov/releases.
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.

2. Before deduction for unearned income and losses. Excludes pools of securitized assets.

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

31

Owned and Managed Receivables'

Billions of dollars, amounts outstanding

Type of credit
Aug.

Sept.

Seasonally adjusted
1 Total
2
3
4

Consumer
Real estate
Business .

1,783.9

1,898.1

2,012.7

736.4
500.5
547.0

773.0
564.1
561.0

816.6
613.8
582.3

2,012.7

2,000.9'
807.0'
598.1
582.2

811.3'
601.9
584.4

809.2'
609.3
582.4

806.2'
611.2
579.0

2,001.6'

811.7'
613.8'
579.0

2,011.4'

816.6
613.8
582.3

Not seasonally adjusted
5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases . . . .
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables'" .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables'

2,026.3

1,795.4

1,910.9

2,026.3

743.9
298.3
74.1
50.4
143.7

781.4
278.0
85.3
66.3
172.3

825.4
259.8
106.0
79.9
194.7

800.4'
264.9'
99.4
70.6
177.1

808.6
270.3
101.3
71.6
181.3

813.9'
270.4'
102.1
72.2
183.6

817.6
265.9
103.2
74.2
187.0

822.7'
260.9'
104.1
76.6'
192.2'

825.4
259.8
106.0
79.9
194.7

98.2
4.8
23.1
51.3
501.3
422.0
54.0

112.6
4.2
14.9
47.8
565.0
489.8
51.6

3.6
15.9
52.8
614.9
538.1
56.3

114.4'
3.8
14.9'
55.3'
602.0
525.1
55.2

109.5
3.8
15.4
55.6
609.5
532.7
55.2

110.1'
3.7
16.0
55.8'
612.7
536.3
55.3

112.8
3.7
15.9
54.8
618.9
542.3
55.7

115.4'
3.7
15.9
53.8'
623.7'
547.2'
55.8

112.8
3.6
15.9
52.8
614.9
538.1
56.3

21.8
3.5
550.2
84.8
15.1
44.9
24.8
273.4
87.8
185.6
93.3

18.9
4.8
564.5
105.5
15.2
61.2
29.0
281.9
93.6
188.3
91.8

16.8
3.7
586.0
105.1
17.1
55.7
32.3
299.5
102.4
197.1
93.5

17.5
4.2
574.6
103.4
16.8
56.4
30.2
292.9
102.1
190.8
93.5

17.3
4.3
574.4
102.7
16.9
55.1
30.7
293.1
101.5
191.6
94.4

17.2
3.9
574.9
102.3
17.0
54.6
30.7
294.1
101.6
192.5
94.1

17.1
3.8
575.0
102.2
16.9
54.4
30.8
293.7
101.3
192.4
94.0

16.9
3.8
578.0
102.4
16.9
54.3
31.2
294.8
101.5
193.3
93.8

16.8
3.7
586.0
105.1
17.1
55.7
32.3
299.5
102.4
197.1
93.5

44.8
2.2
40.6
2.0
23.6
11.5
12.1
30.2

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2

38.0
3.0
34.9
.1
15.4
9.9
5.5
34.6

33.8
2.5
31.2

33.7
2.6
31.0

16.3
10.4
5.9
34.7

16.2
10.3
5.9
34.3

33.6
2.5
31.0
.1
15.7
10.1
5.6
35.2

34.9
2.7
32.1
.1
15.2
9.7
5.6
35.0

36.9
2.8
34.0
.1
15.3
9.8
5.5
34.8

38.0
3.0
34.9
.1
15.4
9.9
5.5
34.6

NOTE: This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reelassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown

before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers—that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.

32

Federal Reserve Bulletin Statistical Supplement • April 2007

1.53

MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted
2006
Item

2004

2005

2007

2006
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Terms and y elds in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5

Terms]
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2

Yield (percent per year)
6 Contract rate1
8 Contract rate (HUD series)4

292.0
215.0
76.0
28.8
.51

326.8
238.5
75.3
29.2
.54

345.7
253.4
75.4
29.5
.66

343.1
248.9
74.8
29.5
.69

347.6
255.8
75.3
29.7
.76

349.7
257.7
75.7
29.7
.81

354.8
260.6
75.7
29.7
.75

348.6
255.8
74.9
29.3
.73

368.2
267.3
75.4
29.5
.80

361.9
270.3
76.3
29.5
.74

5.68
5.75
n.a.

5.86
5.93
n.a.

6.50
6.60
n.a.

6.77
6.87
n.a.

6.61
6.72
n.a.

6.57
6.69
n.a.

6.44
6.55
n.a.

6.26
6.37
n.a.

6.24
6.35
n.a.

6.20
6.31
n.a.

n.a.
5.19

n.a.
5.13

n.a.
5.70

n.a.
5.81

n.a.
5.63

n.a.
5.69

n.a.
5.52

n.a.
5.49

n.a.
5.60

n.a.
5.64

SECONDARY MARKETS

Yield (percent per year)
10 GNMA securities6

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total

904,555
n.a.
n.a.

727,545
n.a.
n.a.

724,400
n.a.
n.a.

726,811
n.a.
n.a.

725,534
n.a.
n.a.

720,959
n.a.
n.a.

717,438
n.a.
n.a.

724,400
n.a.
n.a.

721,442
n.a.
n.a.

712,145
n.a.
n.a.

14 Mortgage transactions purchased (during period)

262,646

146,641

196,017

15,927

20,180

13,045

13,902

19,606

9,659

10,359

Mortgage commitments (during period)
15 Issued7
16 To sells

149,429
8 828

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

652,936
n.a.
n.a.

710,017
n.a.
n.a.

703,629
n.a.
n.a.

706,979
n.a.
n.a.

702,448
n.a.
n.a.

704,446
n.a.
n.a.

704,334
n.a.
n.a.

703,629
n.a.
n.a.

706,191
n.a.
n.a.

709,175
n.a.
n.a.

n.a.
365,148

n.a.
397,867

n.a.
360,023

n.a.
31,893

n.a.
30,584

n.a.
30,904

n.a.
28,395

n.a.
32,748

n.a.
36,709

n.a.
38,962

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

13

Conventional

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end ofperiod)*
17 Total
18 FHA/VA insured
19
Conventional
Mortgage transactions (during period)
21 Sales
22 Mortgage commitments contracted (during period)9

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.

6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period

Type of holder and property
Q4
1 All holders .
2
3
4
5

By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm

By type of holder
6 Major financial institutions . . .
7
Commercial banks2
One- to four-family
9
Multifamily
10
Nonfarm, nonresidential .
11
Farm
12 Savings institutions3
13
One- to four-family
14
Multifamily
15
Nonfarm, nonresidential .
16
Farm
17 Life insurance companies . .
18
One- to four-family
19
Multifamily
20
Nonfarm, nonresidential .
Farm
21
22 Federal and related agencies
23 Government National Mortgage Association
24
One- to four-family
25
Multifamily
26 Farmers Home Administration4
27
One- to four-family
28
Multifamily
29
Nonfarm, nonresidential
30
Farm
31 Federal Housing Admin, and Dept. of Veterans Affairs . . .
32
One- to four-family
33
Multifamily
34 Resolution Trust Corporation
35
One- to four-family
36
Multifamily
37
Nonfarm, nonresidential
38
Farm
39
40 Federal Deposit Insurance Corporation
One- to four-family
41
Multifamily
42
Nonfarm, nonresidential
43
Farm
44
Federal National Mortgage Association
45
One- to four-family
46
Multifamily
47
48 Federal Land Banks
49
One- to four-family
50
Farm
51 Federal Home Loan Mortgage Corporation
52
One- to four-family
53
Multifamily
54 Federal Agricultural Mortgage Corporation
Farm
55 Mortgage pools or trusts5
56
Government National Mortgage Association
One- to four-family
57
58
Multifamily
59 Federal Home Loan Mortgage Corporation
60
One- to four-family
61
Multifamily
62 Federal National Mortgage Association . . .
63
One- to four-family
64
Multifamily
65 Farmers Home Administration4
66
One- to four-family
67
Multifamily
68
Nonfarm, nonresidential
69
Farm
70
Private mortgage conduits
71
One- to four-family1"
72
Multifamily
73
Nonfarm, nonresidential
74
Farm
75
Federal Agricultural Mortgage Corporation
76
Farm
77 Individuals and others7 . . .
78
One- to four-family
79
Multifamily
80
Nonfarm, nonresidential
81
Farm

Q2

Q3

Q4"

12,761,210

Q1

13,050,000

13,315,070

9,368,870

10,672,100

12,133,840

7,168,933
555,697
1,510,655
133,586

8,237,910
609,099
1,683,373
141,718

9,367,860
680,072
1,937,991
147,914

9,367,860
680,072
1,937,991
147,914

9,598,815
694,128
1,994,452
150,450

9,841,300
704,192
2,061,007
154,715

10,037,040
716,013
2,137,661
159,284

10,199,330
731,039
2,221,260
163,440

3,387,175
2,256,037
1,346,908
104,901
763,579
40,649
870,194
702,784
77,895
88,884
632
260,944
4,403
38,556
203,946
14,039

3,925,678
2,595,318
1,568,000
119,294
863,467
44,557
1,057,036
874,518
87,445
94,475
598
273,324
4,998
40,453
214,085
13,788

4,394,767
2,956,572
1,774,348
140,121
994,513
47,590
1,152,732
954,974
98,168
98,974
616
285,463
4,585
42,440
224,258
14,180

4,394,767
2,956,572
1,774,348
140,121
994,513
47,590
1,152,732
954,974
98,168
98,974
616
285,463
4,585
42,440
224,258
14,180

4,505,599
3,024,873
1,803,974
145,471
1,026,978
48,450
1,192,401
990,190
100,112
101,423
676
288,325
4,632
42,822
226,545
14,326

4,648,130
3,131,845
1,870,924
147,213
1,063,861
49,847
1,221,013
1,013,538
102,197
104,582
696
295,271
4,747
43,852
231,991
14,681

4,730,229
3,181,309
1,876,172
150,081
1,103,880
51,176
1,249,133
1,035,677
103,468
109,222
767
299,787
4,821
44,521
235,534
14,911

4,781,105
3,402,429
2,052,963
160,137
1,137,154
52,176
1,074,535
870,164
95,517
108,115
740
304,141
4,893
45,167
238 947
15,134

537,131
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
2,887
0
0
0

553,821
44
44
0
70,624
13,464
11,556
42,370
3,235
4,733
1,338
3,394
0
0
0
0
0
11

554,997
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1

554,997
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1

557,941
31
31
0
75,097
12,975
11,423
47,499
3,200
4,830
1,615
3,215
0
0
0
0
0
4

558,190
29
29
0
75,918
12,935
11,401
48,396
3,186
4,912
1,632
3,280
0
0
0
0
0

561,008
27
27
0
76,448
12,918
11,374
48,945
3,212
5,023
1,625
3,398
0
0
0
0
0

5
0
255,006
219,279
35,727
54,640
3,215
51,425
61,481
20,396
41,085
804
804

5
0
255,006
219,279
35,727
54,640
3,215
51,425
61,481
20,396
41,085
804
804

555,813
32
32
0
73,575
12,976
11,451
45,954
3,193
4,626
1,396
3,231
0
0
0
0
0
6
1
1
4
0
254,989
219,262
35,727
55,233
3,250
51,983
62,935
20,878
42,057
787
787

255,016
219,289
35,727
56,674
3,335
53,339
63,704
21,133
42,571
787
787

255,000
219,273
35,727
57,774
3,399
54,375
64,077
21,257
42,820
770
770

254,997
219,270
35,727
59,897
3,524
56,373
65,847
21,844
44,003
770
770

0
0
0
968,384
610,740
66,623
291,021
0
1,003
1,003

4,965,892
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,423,719
1,013,876
73,001
336,841
0
938
938

5,786,344
405,246
371,484
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,109,389
1,587,305
89,503
432,581
0
835
835

5,786,344
405,246
371,484
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,109,389
1,587,305
89,503
432,581
0
835
835

5,940,037
403,170
368,757
34,413
1,375,148
1,356,020
19,128
1,972,793
1,893,881
78,912
0
0
0
0
0
2,187,627
1,648,750
91,333
447,545
0
1,298
1,298

6,084,226
405,435
370,469
34,966
1,400,955
1,381,468
19,487
2,005,027
1,924,826
80,201
0
0
0
0
0
2,270,996
1,713,815
93,513
463,668
0
1,813
1,813

6,249,902
409,725
374,228
35,497
1,436,525
1,416,544
19,981
2,042,818
1,961,105
81,713
0
0
0
0
0
2,357,727
1,776,595
96,269
484,863
0
3,107
3,107

6,438,241
410,651
374,517
36,135
1,472,294
1,451,815
20,479
2,079,074
1,995,911
83,163
0
0
0
0
0
2,473,115
1,843,346
102,550
527,219
0
3,107
3,107

987,055
758,520
79,426
122,682
26,428

1,226,710
982,293
84,260
132,129
28,028

1,397,730
1,137,842
88,193
142,448
29,247

1,397,730
1,137,842
88,193
142,448
29,247

1,436,395
1,171,200
89,456
146,004
29,736

1,470,915
1,201,350
89,811
149,404
30,350

1,511,678
1,233,682
91,241
155,763
30,992

1,534,714
1,248,531
93,376
160,878
31,929

23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
60,270
27,274
32,996
990
990
4,457,509
473,738
444,820
28,918
1,157,339
1,141,241
16,098
1,857,045
1,780,884
76,161
0

2
7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887

1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.

6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE: Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 70 from LoanPerformance Corporation and other sources.

34

Federal Reserve Bulletin Statistical Supplement • April 2007

1.55 TOTAL OUTSTANDING CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period

Holder and type of credit
July

Aug.

Sept.

Seasonally adjusted
2,295,021'
801,261
1,400,579'

2 Revolving . . .
3 Nonrevolving2

2,400,139

826,602
1,468,419'

880,143
1,519,996

2,370,425'

2,373,694'

858,038
1,512,387'

851,309'
1,505,760'

861,207
1,512,488'

2,394,151'

2,400,139

866,499'
1,507,519'

877,212'
1,516,938'

880,143
1,519,996

Not seasonally adjusted
2,231,642'

2,326,010'

2,432,904

2,339,528r

2,368,028r

2,380,221r

2,382,023]

2,403,282'

2,432,904

704,270
492,346
215,384
98,363
91,271
57,938'
572,070

707,039
516,534
228,588
102,122
109,078
58,060'
604,589

741,213
534,354
236,333
103,151
95,544
56,177
666,131

701,261
512,586'
231,937
101,562
103,358
51,182'
637,641'

715,117
523,095'
234,020
102,417
104,811
51,653'
636,916'

710,502
526,168'
234,581
105,442
106,216
51,323'
645,990'

712,214
527,170'
234,698
104,590
95,420
51,215'
656,717'

725,248
529,730'
234,779
103,437
95,540
52,518'
662,030'

741,213
534,354
236,333
103,151
95,544
56,177
666,131

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

823,677
314,649
50,382
23,244
n.a.
27,905
11,740
395,757

849,821
311,204
66,307
24,688
n.a.
40,755
10,841
396,026

904,866
327,344
79,874
28,901
n.a.
42,459
7,198
419,090

845,836'
295,830
70,589
25,113
n.a.
42,031
6,651
405,623'

857,204
301,164
71,552
25,616
n.a.
42,643
6,737
409,492

859,813
298,860
72,157
25,920
n.a.
43,236
6,727
412,913

863,437'
298,182
74,246
26,797
n.a.
42,974
6,697
414,541'

879,769'
310,250
76,607
27,443
n.a.
42,721
6,799
415,950'

904,866
327,344
79,874
28,901
n.a.
42,459
7,198
419,090

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

1,407,965'
389,621
441,964
192,140
98,363
63,366
46,198'
176,314

1,476,189'
395,835
450,226
203,900
102,122
68,323
47,219'
208,564

1,528,038
413,869
454,480
207,432
103,151
53,085
48,980
247,041

1,493,691'
405,431
441,997'
206,824
101,562
61,328
44,532'
232,018'

1,510,824'
413,954
451,543'
208,404
102,417
62,167
44,915'
227,424'

1,520,408'
411,642
454,011'
208,661
105,442
62,980
44,596'
233,077'

1,518,586'
414,032
452,924'
207,901
104,590
52,446
44,519'
242,176'

1,523,512'
414,998
453,123'
207,336
103,437
52,819
45,719'
246,080'

1,528,038
413,869
454,480
207,432
103,151
53,085
48,980
247,041

4 Total
5
6
7
8
9
10
11

By major holder
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae . .
Savings institutions
Nonfinancial business
Pools of securitized assets3

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
2006
Item

2004

2005

2006
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

INTEREST RATES

Commercial banks2
1 48-month new car
2 24-month personal

6.60
11.89

7.08
12.05

7.72
12.41

n.a.
n.a.

n.a.
n.a.

7.95
12.40

n.a.
n.a.

n.a.
n.a.

7.92
12.49

n.a.
n.a.

Credit card plan
3 All accounts
4 Accounts assessed interest

12.71
13.21

12.51
14.54

13.21
14.73

n.a.
n.a.

n.a.
n.a.

13.06
14.67

n.a.
n.a.

n.a.
n.a.

13.31
15.09

n.a.
n.a.

4.36
8 96

5.46
9 03

4.96
9 67

5.30
9 56

2.07
9 66

3.69
10 06

3.97
10 28

5.42
10 13

5.52
10 04

5.92
10 05

60.5
56 8

60.0
57 6

62.3
57 5

61.2
57 5

66.5
57 6

62.9
57 3

63.3
57 2

61.9
57 4

62.0
57 5

62.0
57 3

89
100

88
98

91
99

89
99

96
100

91
99

92
100

94
99

94
100

91
101

24,888
15,136

24,133
16,228

25,958
16,671

26,126
16,817

28,052
16,745

26,468
16,627

26,813
16,864

27,239
16,680

26,307
16,596

25,937
16,712

Auto finance companies
5 New car
OTHER TERMS3

Maturity (months)
7 New car
Loan-to-value ratio
9 New car
10 Used car
Amount financed (dollars)
11 New car
12 Used car

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release, available at www.federalreserve.gov/releases.

2. Data are available for only the second month of each quarter.
3. At auto finance companies.

Flow of Funds
1.57

35

FUNDS RAISED IN U.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates

Transaction category or sector
Q2

Q3

Q4

Q1

Q2

Q3

Q4

Nonfinancial sectors
1,137.9

1,380.7

1,684.7

1,998.7

2,278.8

1,999.1

2,429.6

2,434.9

2,530.6

1,849.4

1,805.1

2
3
4
5
6
7
8
9
10
11
12
13
14

By instrument
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

-83.0
-5.1
-.5
122.8
347.7
-87.2
4.4
687.9
529.6
40.3
110.2
7.7
151.0

-57.9
257.1
.5
159.4
132.3
-106.6
15.7
867.7
731.6
36.8
91.7
7.5
112.6

-35.1
398.4
-2.4
137.6
158.3
-77.7
5.5
996.4
797.9
70.4
120.0
8.1
103.9

16.8
362.5
-.6
130.5
77.7
12.6
20.4
1,262.7
1,054.0
48.8
151.7
8.1
116.1

-7.9
307.3
-.4
194.8
59.9
136.9
45.1
1,448.8
1,128.4
72.9
241.3
6.2
94.3

5.8
26.5
-1.4
147.5
30.1
212.0
33.6
1,431.2
1,129.4
80.7
209.5
11.6
113.9

2.8
264.2
-.4
237.6
99.6
39.5
20.3
1,661.6
1,315.7
65.4
272.1
8.5
104.3

-89.9
368.1
.8
205.8
75.5
187.6
50.2
1,584.6
1,173.3
91.9
320.0
-.5
52.1

18.8
532.5
-1.0
73.9
211.0
263.7
71.9
1,303.4
1,021.5
53.9
217.6
10.4
56.5

16.8
-116.4
.2
163.1
204.5
128.5
92.1
1,211.2
908.6
43.6
243.4
15.5
149.4

-37.7
161.0
-1.0
176.4
143.6
155.4
-34.2
1,110.3
734.4
41.1
316.6
18.3
131.3

95.6
157.7
.5
298.6
322.3
143.5
73.3
1,017.5
631.5
58.5
310.7
16.8
107.3

15
16
17
18
19
20
21

By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
Federal government

649.9
387.9
215.2
162.2
10.5
105.7
-5.6

810.6
168.7
12.9
148.0
7.7
143.9
257.6

980.1
188.4
88.6
92.0
7.7
120.3
396.0

1,100.1
421.4
165.2
244.7
11.5
115.3
361.9

1,238.8
561.8
245.0
304.2
12.6
171.4
306.9

1,285.5
561.9
208.0
335.9
18.0
126.6
25.1

1,321.2
627.8
292.2
314.0
21.6
216.8
263.9

1,330.4
559.9
197.5
356.1
6.4
175.7
368.9

1,145.9
791.9
462.6
300.5
28.8
61.4
531.5

1,135.7
703.7
404.8
273.9
25.0
126.2
-116.1

928.4
560.1
275.5
260.8
23.8
156.6
160.0

838.0
958.0
604.6
319.8
33.6
262.1
158.2

22 Foreign net borrowing in United States

-13.7

92.9

31.7

123.5

84.7

84.5

84.7

113.3

117.2

114.8

427.2

357.6

23
24
25
26

Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

15.8
-18.5
-7.3
-3.8

58.3
31.6
5.3
-2.3

12.9
28.7
-7.7
-2.1

62.8
61.8
2.5
-3.6

38.5
38.0
12.9
-4.6

10.0
84.4
-5.3
-4.6

78.5
8.5
5.2
-7.4

59.1
17.9
39.5
-3.1

68.3
50.6
7.6
-9.3

-53.2
147.8
28.2
-8.0

255.0
180.2
-5.3
-2.7

102.2
229.4
30.3
-4.3

27 Total domestic plus foreign

1,124.2

1,473.7

1,716.5

2,122.2

2,363.5

2,083.6

2,514.4

2,548.2

2,647.8

1,964.2

2,232.3

1 Total net borrowing by domestic nonfinancial sectors

Financial sectors
932.8

874.3

1,008.9

879.5

1,039.7

1,172.8

774.5

1,491.7

1,384.0

1,630.8

792.9

29
30
31
32
33
34
35

By instrument
Open market paper
Government-sponsored enterprise securities
Agency- and GSE-backed mortgage pool securities
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

-27.4
304.1
338.5
271.1
18.7
25.5
2.2

-63.8
219.8
326.8
352.8
21.1
6.8
10.9

-52.9
243.7
330.5
455.3
-7.2
31.2
8.3

55.1
65.0
53.0
572.8
33.4
74.1
25.9

236.1
-84.2
134.8
686.5
9.3
44.3
12.9

301.5
-84.2
136.6
754.6
-44.1
87.4
20.9

243.5
-243.9
163.4
537.1
29.3
25.2
20.0

219.3
200.9
191.8
831.7
35.1
25.9
-13.0

261.4
144.8
327.3
601.1
9.7
16.7
23.0

308.5
314.3
306.1
685.5
-35.2
44.6
7.1

316.2
-191.1
280.7
399.9
-49.5
29.0
7.8

189.6
-31.3
238.6
573.5
24.4
-9.9
7.8

36
37
38
39
40
41
42
43
44
45
46

By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Issuers of asset-backed securities (ABSs)
Finance companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations

52.9
-2.0
1.5
.6
304.1
338.5
220.4
10.9
3.2
1.4
1.1

49.7
-23.4
2.0
2.0
219.8
326.8
181.9
66.2
27.2
-1.7
23.7

49.2
6.1
2.2
2.9
243.7
330.5
211.0
111.0
31.6
6.4
14.4

77.7
64.4
2.3
3.0
65.0
53.0
331.5
134.3
98.3
15.2
34.6

85.1
16.2
3.3
.4
-84.2
134.8
664.0
33.5
58.4
.1
128.1

47.1
49.4
3.1
2.3
-84.2
136.6
691.7
-26.9
91.6
-5.2
267.1

82.8
6.9
.3
.4
-243.9
163.4
721.5
-150.2
65.9
28.0
99.4

61.2
13.3
8.1
.6
200.9
191.8
806.2
202.2
1.8
-33.4
38.9

62.5
9.6
-.2
2.8
144.8
327.3
572.7
25.5
66.8
35.1
137.0

195.0
-24.7
6.8
1.3
314.3
306.1
621.8
63.4
56.5
6.5
83.7

52.3
41.2
2.0
2.4
-191.1
280.7
410.8
-53.3
32.8
5.0
210.3

399.9
-273.3
8.4
4.3
-31.3
238.6
522.8
109.0
47.5
-20.9
-12.3

28 Total net borrowing by financial sectors

36

Federal Reserve Bulletin Statistical Supplement • April 2007

1.57

FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates

Transaction category or sector
Q2

47 Total net borrowing, all sectors . . . .
48
49
50
51
52
53
54
55
56

Open market paper
Treasury securities
Agency- and GSE-backed securities . .
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

Q3

Q4

Qi

Q2

Q3

Q4

2,057.0

2,348.0

2,725.4

3,001.7

3,403.2

3,256.4

3,288.8

4,039.9

4,031.8

3,595.0

3,025.2

3,566.5

-94.5
-5.1
642.1
122.8
600.3
-75.8
26.1
690.1
151.0

-63.5
257.1
547.2
159.4
516.7
-80.2
20.2
878.6
112.6

-75.1
398.4
571.9
137.6
642.3
-92.6
34.5
1,004.6
103.9

134.7
362.5
117.5
130.5
712.4
48.5
90.9
1,288.6
116.1

266.7
307.3
50.2
194.8
784.4
159.0
84.8
1,461.8
94.3

317.3
26.5
51.1
147.5
869.1
162.6
116.4
1,452.1
113.9

324.8
264.2
-80.9
237.6
645.1
74.0
38.1
1,681.6
104.3

188.5
368.1
393.5
205.8
925.1
262.2
72.9
1,571.6
52.1

348.4
532.5
471.1
73.9
862.7
281.0
79.2
1,326.5
56.5

272.0
-116.4
620.7
163.1
1,037.8
121.5
128.6
1,218.3
149.4

533.4
161.0
88.6
176.4
723.8
100.6
-8.0
1,118.1
131.3

387.4
157.7
207.8
298.6
1,125.2
198.2
59.1
1,025.2
107.3

Funds raised through mutual funds and corporate equities
57 Total net issues

303.2

227.4

427.2

364.6

107.5

112.3

-104.0

66.1

113.5

-171.4

-290.5

58 Corporate equities
59
Nonfmancial corporations
60
Foreign shares purchased by U.S. residents .
61
Financial corporations
62 Mutual fund shares

98.3
-48.1
109.1
37.3
204.9

46.4
-41.6
17.0
71.0
181.1

138.6
-42.0
118.0
62.5
288.6

66.4
-126.6
84.8
108.2
298.2

-152.6
-363.4
142.1
68.6
260.2

-126.9
-300.1
98.5
74.7
239.2

-305.6
-469.9
138.7
25.6
201.6

-144.5
-419.2
171.2
103.5
210.6

-390.6
-569.6
164.2
14.8
504.1

-445.7
-602.4
67.9
88.9
274.3

-524.7
-535.2
31.9
-21.4
234.1

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2
through F.4, available at www.federalreserve.gov/releases.

43.0

-277.2
-701.2
288.3
135.7
320.3

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
Q2

Q3

Q4

Q1

Q2

Q3

Q4

NET LENDING IN CREDIT MARKETS2

1 Total net lending in credit markets
2 Domestic nonfinancial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7
Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
12
U.S.-chartered commercial banks
13
Foreign banking offices in United States . .
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18 Property-casualty insurance companies . . . .
19 Life insurance companies
20
Private pension funds
21
State and local government retirement funds
22
Federal government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Exchange-traded funds
27
Government-sponsored enterprises
28 Agency- and GSE-backed mortgage pools
29
Asset-backed securities issuers (ABSs)
30
Finance companies
31
Real estate investment trusts (REITs)
32
Brokers and dealers
33 Funding corporations

2,057.0

2,348.0

2,725.4

3,403.2

3,256.4

3,288.8

4,039.9

4,031.8

3,595.0

3,025.2

3,566.5

-104.1
-4.7
7.1
93.9
6.0
302.1
1,756.6
39.9
205.2
191.6
-.6
4.2
10.0
44.4
41.5
9.0
130.9
-36.0
-53.8
9.7
267.3
126.6
3.2
.0
304.7
338.5
208.6
49.8
8.6
92.4
-33.8

171.4
50.6
25.8
-.8
86.2
9.5
430.5
1,746.1
77.7
404.4
393.8
6.2
3.1
1.3
33.4
44.2
39.9
233.0
-8.6
-50.7
12.7
-17.7
138.7
8.6
3.7
224.1
326.8
188.4
103.7
23.8
28.4
-68.5

175.6
121.6
-3.2
1.5
58.3
-2.7
516.3
2,033.5
37.2
299.5
323.3
-43.0
8.6
10.6
126.0
51.2
67.0
180.6
69.2
11.2
6.0
-95.9
138.0
35.5
.7
236.5
330.5
217.5
122.7
25.7
79.6
94.8

319.9
209.5
31.1
11.5
64.5
3.3
772.9
1,908.9
51.2
582.2
548.0
20.3
.0
13.9
172.8
39.8
73.6
173.0
-.3
27.2
4.7
-124.9
116.6
11.0
3.8
46.2
53.0
332.6
214.8
87.9
-29.2
73.0

364.3
218.6
35.1
12.8
100.5
-2.7
815.6
2,223.4
26.4
646.6
498.5
142.2
-4.2
10.2
131.2
36.2
66.9
110.3
12.5
-2.8
7.7
-5.5
124.1
1.5
6.8
-65.4
134.8
644.9
117.2
66.9
82.3

415.3
279.1
36.2
14.0
92.2
-6.2
674.6
2,166.5
31.8
591.4
428.0
119.7
29.4
14.4
233.6
44.3
49.2
81.3
.7
-23.6
11.4
-118.5
127.3
3.7
3.5
-88.8
136.6
678.1
18.5
120.1
230.6
35.4

573.8
429.6
12.3
13.5
124.7
-6.3
826.2
1,888.9
56.9
649.2
514.9
174.8
-46.0
5.5
150.6
21.4
107.4
94.3
17.4
-54.5
8.1
12.7
83.8
-.8
7.1
-263.5
163.4
700.0
112.0
89.0
-215.3
149.8

499.6
346.4
65.2
14.6
72.5
.8
966.9
2,573.4
14.9
380.4
306.1
56.2
9.4
8.8
138.6
33.2
22.1
66.9
34.7
6.7
3.0
253.4
92.2
-3.3
4.8
145.3
191.8
769.0
256.6
20.8
238.2
-96.2

274.3
193.6
50.5
11.1
10.7
8.3
768.0
2,989.4
63.0
876.8
792.5
73.4
6.8
4.1
82.1
55.5
60.1
134.1
7.5
-9.1
5.4
76.9
238.3
9.7
3.0
64.7
327.3
560.1
98.1
40.5
-16.5
312.0

51.3
-79.2
53.9
8.3
61.5
6.8
824.7
2,719.0
35.3
813.7
654.6
175.3
-8.0
-8.2
142.4
36.5
48.3
81.1
48.0
59.4
17.8
148.9
156.7
19.1
9.1
144.8
306.1
603.2
65.4
57.7
53.9
-128.5

85.1
72.0
-41.8
9.5
49.7
-4.3
697.7
2,242.4
20.3
120.4
14.7
102.4
6.6
-3.3
260.0
28.6
31.8
33.2
38.9
7.9
7.7
375.9
135.2
-5.0
2.8
-80.5
280.7
378.0
160.8
44.5
156.4
244.7

-6.0
-191.8
38.5
10.9
129.1
7.5
1,012.4
2,560.1
20.3
1,449.1
1,373.3
75.4
8.0
-7.5
-876.8
43.8
53.2
90.1
46.8
19.9
2.7
279.1
190.4
5.6
7.9
9.8
238.6
485.6
48.6
61.0
230.8
153.5

2,057.0

2,348.0

2,725.4

3,001.7

3,403.2

3,256.4

3,288.8

4.3
.0
1.3
6.8
-28.0
156.8
314.6
68.5
428.5
23.7
98.3
204.9
-84.3
3.1
77.2
254.0
14.4
-23.4
764.3

3.2
.0
1.0
21.0
17.4
-8.3
325.4
50.0
-16.7
106.6
46.4
181.1
87.9
-87.0
60.1
186.5
22.2
-82.6
546.2

-.9
.0
.6
36.6
-14.2
80.1
305.8
61.8
-207.5
227.2
138.6
288.6
23.7
132.5
66.8
200.3
-1.1
27.2
554.2

-3.2
.0
.7
89.9
19.2
89.8
282.9
246.6
-136.5
83.2
66.4
298.2
179.5
166.6
33.1
241.4
28.5
-5.6
1,625.6

-9.6
.0
.8
86.8
.9
3.2
314.9
271.1
127.0
352.6
-152.6
260.2
234.0
.3
16.1
152.6
26.4
-60.8
724.8

2.8
.0
1.1
-210.5
73.1
-31.6
259.9
251.1
11.7
387.9
-126.9
239.2
261.4
73.1
18.1
160.9
6.1
-71.6
1,458.4

-7.2
.0
.9
91.2
-36.7
-44.4
482.8
376.1
216.7
298.3
-305.6
201.6
298.2
20.8
20.0
136.8
13.4
-77.9
1,030.8

-19.5
.0
.3
46.6
-34.4
44.7
283.9
193.7
351.4
163.7
-144.5
210.6
167.2
-96.4
10.9
223.5
50.0
-59.9
61.5

-2.3
.0
.6
229.1
-13.5
67.9
227.6
375.5
133.1
521.2
-390.6
504.1
129.4
212.3
3.3
62.8
29.4
-48.8
1,037.0

2.0
.0
.8
230.2
-131.9
21.9
304.7
300.0
222.6
239.1
-445.7
274.3
254.6
194.1
19.2
167.2
-5.9
-41.1
1,078.6

-4.2
.0
1.0
-36.5
-25.4
-87.6
262.5
390.0
438.5
615.2
-524.7
234.1
46.0
178.3
12.4
154.4
20.8
-.5
1,654.7

6.3
.0
.0
96.1
81.6
-58.3
579.6
30.3
428.6
574.9
-277.2
320.3
133.2
262.2
21.7
232.0
28.6
-56.7
935.8

4,341.9

3,808.3

4,645.5

6,307.9

5,751.9

6,020.9

6,004.7

5,493.0

7,109.8

6,279.6

6,354.2

6,905.6

-12.9
17.2
-51.2
20.1
-219.9

-.6
21.5
7.2
36.0
2.3
-55.5

-.3
53.5
-4.4
-24.0
-42.6
-72.7

-.3
62.0
15.0
-139.3
-14.5
221.9

.7
48.2
9.6
128.0
-28.2
-87.3

.8
-243.3
-37.4
162.5
-23.5
434.3

1.7
22.1
1.4
-128.1
9.4
-292.9

-.1
29.2
41.0
55.2
-11.7
216.1

-4.8
221.3
25.3
306.1
-89.9
-390.5

248.2
10.1
244.4
-18.0
-275.3

.6
44.8
-8.8
289.5
3.3
-67.3

-.6
13.7
-77.5
596.6
-46.3
-52.1

-1.6
-.7
165.8

-8.9
.0
39.2

27.9
7.7

-6.6
-.1
-22.1

-11.9
-.3
33.4

23.0
.5
-53.0

-18.7
.0
-128.4

4.3
.0
75.1

-15.6
.1
-30.0

35.3
-.1
-124.8

-35.8
.0
-72.4

3,633.8

4,705.7

6,127.8

5,709.6

5,706.3

6,420.7

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Netflowsthrough credit markets
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53

Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Noncorporate proprietors' equity
Miscellaneous

54 Total financial sources
55
56
57
58
59
60

Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets (-)
61 Federal government checkable deposits
62 Other checkable deposits
63 Trade credit
64 Total identified to sectors as assets .. .

5.7
-.5

4,575.3

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I
and F.5, available at www.federalreserve.gov/releases.

2. Excludes corporate equities and mutual fund shares.

6,115.5

38
1.59

Federal Reserve Bulletin Statistical Supplement • April 2007
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING'
Billions of dollars, end of period
2005
Transaction category or sector

2002

2003

2004

2006

2005
Q2

Q3

Q4

Ql

Q2

Q3

Q4

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors

20,592.8

22,310.0

24,323.5

26,602.3

25,316.8

25,940.4

26,602.3

27,178.1

27,642.3

28,110.3

28,699.4

2
3
4
5
6
7
8
9
10
11
12
13
14

By instrument
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

119.9
3 609 8
27.3
1,762.9
2,710.3
1,132.8
949.9
8 267 7
6.371.1
464.0
1.307.1
125.5
2.012.2

84.8
4 008 2
24.9
1,900.5
2,868.6
1,087.5
955.4
9,264.1
7,169.0
534.3
1.427.1
133.6
2,116.1

101.6
4 370 7
24.3
2,031.0
2,946.3
1,100.1
975.8
10,541.5
8,237.9
583.1
1.578.8
141.7
2.232.2

93.8
4,678.0
23.8
2,225.8
3,006.2
1,237.0
1,020.9
11,990.4
9,366.2
656.1
1.820.1
147.9
2.326.5

114.4
4,493.1
23.7
2,134.2
2,962.4
1,170.6
1,008.2
11,169.3
8,736.1
616.7
1.670.2
146.3
2.240.8

119.6
4,566.0
23.6
2,176.1
2,987.3
1,183.8
1,000.6
11,594.1
9,077.0
633.1
1,735.7
148.4
2.289.2

93.8
4,678.0
23.8
2,225.8
3,006.2
1,237.0
1,020.9
11,990.4
9,366.2
656.1
1.820.1
147.9
2.326.5

100.4
4,834.4
23.6
2,254.2
3,058.9
1,293.0
1,028.6
12,288.6
9,598.8
669.5
1.869.8
150.5
2.296.4

115.4
4,759.6
23.6
2,305.6
3,110.1
1,325.0
1,063.5
12,610.4
9,841.3
680.5
1.933.9
154.7
2.329.3

114.2
4,803.2
23.4
2,332.6
3,146.0
1,368.4
1,040.6
12,896.8
10,036.7
690.7
2.010.1
159.3
2.385.1

117.1
4,861.7
23.5
2,403.7
3,226.6
1,409.7
1,068.3
13,151.0
10,190.2
705.3
2.092.2
163.2
2.437.7

15
16
17
18
19
20
21

By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
Federal government

8.460.0
7,048.5
4,742.0
2,106.7
199.8
1,447.3
3,637.0

9,450.3
7,259.1
4,852.7
2,198.8
207.6
1,567.6
4,033.1

10.565.1
7,680.5
5,018.0
2,443.4
219.1
1,682.8
4,395.0

11.803.9
8,242.3
5,263.0
2,747.6
231.7
1,854.2
4,701.9

11.079.5
7,944.9
5,140.4
2,580.4
224.1
1,775.5
4,516.8

11.453.5
8,083.7
5,195.3
2,657.6
230.8
1,813.6
4,589.6

11.803.9
8,242.3
5,263.0
2,747.6
231.7
1,854.2
4,701.9

12.017.8
8,422.1
5,364.5
2,822.8
234.8
1,880.2
4,858.0

12.310.3
8,627.1
5,491.3
2,891.5
244.3
1,921.7
4,783.2

12.588.4
8,750.1
5,542.9
2,955.4
251.9
1,945.2
4,826.6

12.815.9
8,992.4
5,696.6
3,036.4
259.5
2,005.8
4,885.3

22 Foreign credit market debt held in
United States

1,072.3

1,244.5

1,424.8

1,466.0

1,462.0

1,482.6

1,466.0

1,498.9

1,522.0

1,628.6

1,720.3

254.2
705.2
68.6
44.3

267.1
874.4
60.9
42.2

329.9
993.0
63.3
38.6

368.4
987.5
76.2
34.0

336.2
1.024.4
65.0
36.4

355.0
1.026.5
66.3
34.7

368.4
987.5
76.2
34.0

389.0
1.000.2
78.1
31.6

370.1
1.037.1
85.1
29.7

433.6
1.082.2
83.8
29.0

461.4
1.139.5
91.4
27.9

21,665.2

23,554.5

25,748.2

28,068.3

26,778.8

27,423.0

28,068.3

28,676.9

29,164.4

29,738.9

30,419.6

23
24
25
26

Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

27 Total credit market debt owed by nonfinancial
sectors, domestic and foreign

Financial sectors
28 Total credit market debt owed by
financial sectors

32
33
34
35

By instrument
Open market paper
Government-sponsored enterprise securities
Agency- and GSE-backed mortgage pool
securities
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

36
37
38
39
40
41
42
43
44
45
46
47

By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Real estate investment trusts (REITs)
Funding corporations

29
30
31

10,057.3

11,052.2

11,946.6

12,931.8

12,384.9

12,494.7

12,931.8

13,246.0

13,650.4

13,835.6

14,129.3

1.133.5
2,350.4

1.080.5
2,594.1

1.135.7
2,659.2

1.371.8
2,575.0

1.218.0
2,585.7

1.269.5
2,524.8

1.371.8
2,575.0

1,411.9
2,611.2

1.475.4
2,689.8

1.542.6
2,642.0

1.637.4
2,634.2

3,158.6
2 705 2
142.8
470.5
96.4

3,489.1
3,146.4
135.6
501.7
104.7

3,542.2
3,734.1
169.0
575.8
130.6

3,677.0
4,366.1
178.3
620.1
143.5

3,567.9
4,096.4
163.3
611.9
141.8

3,616.6
4,148.8
173.8
614.5
146.7

3,677.0
4,366.1
178.3
620.1
143.5

3,752.4
4,528.1
176.3
616.9
149.2

3,813.2
4,706.5
172.9
641.5
151.0

3,892.2
4,797.9
164.3
643.7
153.0

3,965.1
4,931.9
165.6
640.2
154.9

325.5
286.4
262.3
6.9
5.1
2.350.4
3,158.6
1,878.4
40.6
884.3
198.4
660.4

339.3
321.8
268.3
9.1
8.0
2.594.1
3,489.1
2,075.3
47.0
995.3
230.0
674.8

357.5
381.3
332.8
11.4
11.1
2.659.2
3,542.2
2,406.9
62.2
1.129.6
343.2
709.4

394.3
429.5
348.9
14.7
11.5
2.575.0
3,677.0
3,070.9
62.4
1.108.6
401.5
837.5

383.4
408.6
344.1
12.5
11.2
2.585.7
3,567.9
2,688.4
63.7
1.143.9
384.6
790.7

389.1
421.5
344.3
12.6
11.3
2.524.8
3,616.6
2,860.9
70.7
1.038.6
401.1
803.2

394.3
429.5
348.9
14.7
11.5
2.575.0
3,677.0
3,070.9
62.4
1.108.6
401.5
837.5

398.4
438.7
343.0
14.6
12.2
2.611.2
3,752.4
3,209.9
71.1
1,101.7
418.2
874.6

422.6
467.0
346.5
16.3
12.5
2.689.8
3,813.2
3,370.4
72.8
1.124.8
432.4
882.1

424.1
476.2
354.0
16.8
13.1
2.642.0
3,892.2
3,464.3
74.0
1,119.0
440.5
919.3

498.2
499.7
287.1
18.9
14.2
2.634.2
3,965.1
3,602.9
68.8
1.145.5
452.4
942.2

All sectors
48 Total credit market debt, domestic and foreign .
49
50
51
52
53
54
55
56
57

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

31,722.5

34,606.6

37,694.8

41,000.1

39,163.6

39,917.7

41,000.1

41,922.9

42,814.8

43,574.5

44,548.9

1 507 6
3.609.8
5,536.3
1,762.9
6,120.7
1,344.2
1.464.7
8 364 1
2.012.2

1,432.5
4,008.2
6,108.1
1,900.5
6,889.4
1,283.9
1.499.2
9,368.7
2,116.1

1,567.2
4,370.7
6,225.6
2,031.0
7,673.4
1,332.4
1.590.2
10,672.1
2,232.2

1,833.9
4,678.0
6,275.8
2,225.8
8,359.9
1,491.4
1.675.0
12,133.8
2,326.5

1,668.5
4,493.1
6,177.3
2,134.2
8,083.1
1,398.9
1.656.5
11,311.0
2,240.8

1,744.1
4,566.0
6,165.0
2,176.1
8,162.6
1,423.9
1.649.8
11,740.8
2,289.2

1,833.9
4,678.0
6,275.8
2,225.8
8,359.9
1,491.4
1.675.0
12,133.8
2,326.5

1,901.3
4,834.4
6,387.2
2,254.2
8,587.2
1,547.3
1.677.1
12,437.8
2,296.4

1,960.9
4,759.6
6,526.6
2,305.6
8,853.7
1,583.0
1.734.7
12,761.4
2,329.3

2,090.4
4,803.2
6,557.6
2,332.6
9,026.1
1,616.5
1.713.3
13,049.8
2,385.1

2,215.9
4,861.7
6,622.8
2,403.7
9,298.0
1,666.8
1.736.4
13,305.9
2,437.7

1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L
through L.4, available at www.federalreserve.gov/releases.

Flow of Funds
1.60

39

SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period

Transaction category or sector
Q2

Q3

Q4

Q1

Q2

Q3

Q4

CREDIT MARKET DEBT OUTSTANDING2

1 Total credit market assets
2 Domestic nonfinancial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7
Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
12
U.S.-chartered commercial banks
13
Foreign banking offices in United States . .
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18 Property-casualty insurance companies . . . .
19 Life insurance companies
20
Private pension funds
21
State and local government retirement funds
22
Federal government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Exchange-traded funds
27
Government-sponsored enterprises
28 Agency- and GSE-backed mortgage pools
29
Asset-backed securities (ABSs) issuers
30
Finance companies
31
Real estate investment trusts (REITs)
32
Brokers and dealers
33 Funding corporations

31,722.5

34,606.6

37,694.8

41,000.1

39,163.6

39,917.7

41,000.1

41,922.9

42,814.8

43,574.5

44,548.9

3,889.1
2,191.8
269.4
72.4
1,067.4
288.2
3,736.8
24,096.5
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
465.4
558.3
2,307.8
577.3
638.7
57.6
1,567.1
1,368.4
117.1
3.7
2,323.2
3,158.6
1,789.9
1,082.3
71.7
344.4
254.1

4,274.9
2,523.6
266.3
73.9
1,125.6
285.6
4,169.3
26,162.4
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,292.6
516.6
625.2
2,488.3
646.5
649.9
63.6
1,471.3
1,506.4
152.6
4.5
2,559.7
3,489.1
1,993.4
1,205.0
97.5
424.1
348.8

4,607.5
2,745.8
297.3
85.4
1,190.2
288.8
4,981.1
28,106.1
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.4
698.8
2,661.4
646.1
677.1
68.2
1,346.3
1,623.0
163.6
8.2
2,605.9
3,542.2
2,326.0
1,419.8
200.1
394.9
421.8

5,037.1
3,029.7
332.4
98.1
1,290.7
286.1
5,639.7
30,323.3
744.2
7,189.6
6,408.2
648.3
32.2
101.0
1,616.6
592.6
765.8
2,765.4
658.6
674.3
76.0
1,340.8
1,747.1
165.1
15.0
2,540.5
3,677.0
2,970.9
1,537.1
267.0
477.2
502.6

4,715.1
2,799.7
294.7
91.1
1,244.9
284.6
5,351.2
29,097.3
724.7
6,909.7
6,178.8
592.1
41.4
97.4
1,550.2
579.0
733.4
2,733.2
645.6
686.2
73.2
1,245.1
1,697.3
166.2
12.0
2,571.2
3,567.9
2,603.1
1,441.7
239.5
457.3
460.8

4,758.8
2,792.1
310.2
94.5
1,273.7
288.3
5,557.3
29,601.6
736.4
7,084.1
6,327.3
628.2
29.9
98.8
1,588.8
585.9
760.3
2,760.6
649.9
672.6
75.2
1,241.8
1,719.6
166.0
13.8
2,503.2
3,616.6
2,770.2
1,465.2
261.8
432.0
497.8

5,037.1
3,029.7
332.4
98.1
1,290.7
286.1
5,639.7
30,323.3
744.2
7,189.6
6,408.2
648.3
32.2
101.0
1,616.6
592.6
765.8
2,765.4
658.6
674.3
76.0
1,340.8
1,747.1
165.1
15.0
2,540.5
3,677.0
2,970.9
1,537.1
267.0
477.2
502.6

5,104.8
3,092.3
329.8
100.9
1,293.9
287.9
5,825.1
30,993.0
758.5
7,366.0
6,560.7
669.5
33.9
102.0
1,648.8
604.1
780.8
2,803.0
660.5
672.0
77.3
1,347.7
1,805.6
167.6
15.7
2,545.2
3,752.4
3,106.8
1,543.0
277.1
497.2
563.6

5,133.4
3,093.5
337.3
103.0
1,312.8
286.9
6,041.0
31,640.3
766.4
7,586.6
6,741.8
713.0
31.9
99.9
1,679.5
615.6
792.9
2,821.6
672.5
686.9
81.8
1,370.9
1,839.8
172.3
18.0
2,595.2
3,813.2
3,262.7
1,574.4
291.6
470.0
528.4

5,129.0
3,069.4
340.0
105.4
1,323.0
291.2
6,213.4
32,232.1
768.9
7,632.3
6,769.7
729.9
33.6
99.1
1,744.5
624.5
800.8
2,833.3
682.2
688.8
83.7
1,452.9
1,874.7
171.1
18.7
2,571.7
3,892.2
3,348.3
1,609.2
302.7
537.3
594.3

5,139.0
3,029.1
357.7
108.1
1,353.4
290.7
6,465.4
32,944.4
778.9
8,001.4
7,113.7
754.9
35.6
97.2
1,518.5
633.7
814.1
2,850.1
693.9
693.8
84.4
1,561.0
1,927.2
172.5
20.7
2,575.2
3,965.1
3,477.6
1,630.3
317.9
583.3
644.7

41,922.9

42,814.8

43,574.5

44,548.9
46.0

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market debt
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Miscellaneous

41,000.1
55.8
2.2
25.5
831.1
206.0
1,351.9
3,695.9
1,171.0
2,223.9
1,340.3
3,638.4
738.8
920.9
8,068.0
2,460.2
241.4
11,981.5

62.3
2.2
26.0
867.8
193.3
1,432.0
4,001.7
1,232.8
2,016.4
1,567.5
4,654.2
871.3
1,013.2
9,672.7
2,483.9
240.4
12,446.8

62.2
2.2
26.7
957.7
212.2
1,521.8
4,284.6
1,504.9
1,879.8
1,650.7
5,436.3
1,037.9
1,060.4
10,636.8
2,663.4
268.9
13,899.3

45.9

54.3

27.5
1,044.5
214.6
1,525.0
4,599.4
1,776.0
2,006.9
2,003.3
6,048.9
1,038.2
1,082.6
11,176.7
2,897.4
295.3
14,011.8

27.2
1,010.0
207.6
1,514.6
4,408.5
1,637.1
1,831.5
1,911.3
5,595.7
1,064.5
1,067.2
10,666.5
2,771.8
287.8
14,129.1

52.0
2.2
27.4
1,032.9
204.3
1,481.9
4,523.7
1,738.0
1,876.7
1,983.9
5,874.4
1,068.0
1,077.7
10,954.2
2,852.5
295.5
13,896.3

45.9
2.2
27.5
1,044.5
214.6
1,525.0
4,599.4
1,776.0
2,006.9
2,003.3
6,048.9
1,038.2
1,082.6
11,176.7
2,897.4
295.3
14,011.8

46.0
2.2
27.6
1,101.8
198.1
1,508.6
4,688.7
1,876.1
2,014.1
2,127.7
6,464.0
1,105.2
1,091.6
11,393.8
2,929.2
310.7
13,847.8

48.3
2.2
27.8
1,159.3
156.3
1,538.5
4,733.0
1,949.0
2,067.4
2,221.8
6,419.7
1,147.9
1,092.6
11,271.4
2,989.1
310.7
13,860.4

46.5
2.2
28.1
1,150.2
151.3
1,491.9
4,792.8
2,053.9
2,166.5
2,373.6
6,628.6
1,191.0
1,102.0
11,583.1
3,006.0
319.8
14,002.3

28.1
1,174.2
192.4
1,510.9
4,943.0
2,050.0
2,312.5
2,490.9
7,093.4
1,249.9
1,119.1
12,191.7
3,041.4
313.5
13,699.6

52 Total liabilities

70,675.3

77,390.9

84,800.5

90,796.2

87,350.8

88,859.1

90,796.2

92,656.2

93,810.1

95,664.2

98,007.9

Financial assets not included in liabilities (+)
53 Gold and special drawing rights
54 Corporate equities
55 Household equity in noncorporate business . . .

23.2
11,900.5
4,967.3

23.7
15,618.5
5,403.0

24.6
17,389.3
6,004.2

19.3
18,277.8
6,797.1

22.3
17,185.9
6,407.3

19.3
17,914.7
6,620.8

19.3
18,277.8
6,797.1

19.4
19,143.1
7,002.5

19.7
18,675.6
7,193.2

19.7
19,308.2
7,296.7

19.9
20,603.3
7,385.5

-9.1
652.5
15.5
426.6
126.3
-3,266.7

-9.5
705.9
12.6
402.6
69.2
-3,022.9

-9.7
767.9
27.3
258.8
97.0
-2,919.1

-9.1
816.1
38.5
386.8
94.9
-3,465.5

-9.4
803.3
23.3
427.7
97.2
-3,147.7

-9.0
808.8
27.5
413.4
80.6
-3,513.2

-9.1
816.1
38.5
386.8
94.9
-3,465.5

-10.3
871.4
44.0
462.1
92.3
3,684.0

-10.2
933.5
44.4
549.0
73.2
-3,908.3

-10.0
944.7
45.5
641.8
55.4
-4,118.1

-10.2
948.1
25.9
745.9
49.5
-4,695.7

-11.7
20.9
25.3

-17.9
20.8
64.6

11.2
20.6
72.2

20.6
50.1

1.7
19.6
-19.9

12.4
-11.2

20.6
50.1

1.5
16.4
-9.3

1.5
19.7
-53.9

2.7
12.4
-63.3

20.6
15.3

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

56
57
58
59
60
61

Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets (-)
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Totals identified to sectors as assets

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I
and L.5, available at www.federalreserve.gov/releases.

117,956.0

121,037.0 122,049.7 124,777.8 128,917.1

2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement • April 2007

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'
Seasonally adjusted
2006

2007

2006

2007

2006

2007

Series
Q2

Q3

Q4'

Q1

Output (2002=100)

Q2

Q3

Q4

Q1

Capacity (percent of 2002 output)

Q2

Q3

Q4'

Q1

Capacity utilization rate (percent)2

1 Total industry

111.2

112.3

111.9

112.3

135.7

136.5

137.3

138.0

82.0

82.3

81.5

81.4

2 Manufacturing
3
Manufacturing (NAICS)

113.0
113.9

114.2
115.2

113.7
114.6

114.1
115.0

140.2
141.6

141.1
142.6

141.9
143.5

142.8
144.3

80.6
80.4

80.9
80.8

80.1
79.9

79.9
79.7

4
5

120.6
116.4

122.2
114.3

121.7
105.3

121.9
108.3

152.1
129.4

153.6
128.7

155.1
128.0

156.6
127.8

79.3
89.9

79.5
88.8

78.5
82.2

77.8
84.8

109.0
115.0
166.3

110.4
120.4
174.3

110.0
119.5
180.3

109.8
117.2
182.5

136.4
145.6
218.5

136.8
146.6
225.8

137.2
147.6
233.2

137.6
148.7
241.4

79.9
79.0
76.1

80.7
82.1
77.2

80.2
80.9
77.3

79.7
78.8
75.6

106.3
103.8

106.8
101.2

105.9
100.1

106.5
97.9

124.5
133.4

125.1
133.8

125.6
134.0

126.2
133.4

85.3
77.8

85.4
75.6

84.3
74.7

84.4
73.4

121.2
106.5
109.2
93.9

124.8
107.6
109.5
92.6

127.5
106.8
111.4
89.0

131.0
107.5
113.3
87.6

159.8
130.3
134.4
119.1

160.8
130.6
135.0
118.3

161.8
130.9
135.6
117.5

162.8
131.2
136.2
116.7

75.8
81.8
81.2
78.9

77.6
82.4
81.1
78.3

78.8
81.6
82.2
75.8

80.5
82.0
83.1
75.1

98.1
108.8
110.4
106.6
98.4

98.7
113.3
112.0
107.1
97.4

98.6
109.3
109.8
104.6
99.2

96.8
111.5
109.6
106.3
98.0

115.7
121.8
140.6
121.2
116.8

115.5
121.6
140.9
122.3
117.0

115.3
121.3
141.2
123.4
117.3

115.1
120.9
141.6
124.4
117.6

84.8
89.3
78.5
87.9
84.3

85.4
93.1
79.5
87.5
83.2

85.5
90.1
77.7
84.8
84.6

84.1
92.2
77.5
85.4
83.3

20 Mining
21 Electric and gas utilities

100.5
106.1

100.6
107.3

101.4
106.4

101.1
107.7

110.4
123.6

110.7
124.3

111.0
125.1

111.3
125.7

91.0
85.9

90.9
86.4

91.3
85.0

90.8
85.6

MEMOS
22 Computers, communications equipment, and
semiconductors

192.7

204.8

216.4

222.7

249.5

260.2

271.4

284.0

77.2

78.7

79.7

78.4

23 Total excluding computers, communications
equipment, and semiconductors

107.7

108.5

107.8

108.0

130.8

131.3

131.8

132.1

82.3

82.6

81.8

81.7

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

108.7

109.5

108.6

108.8

134.3

134.8

135.2

135.6

80.9

81.3

80.3

80.2

6
8
9
10
11
12
13
14
15
16
17
18
19

Durable manufacturing
Primary metal
Fabricated metal products
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)

Selected Measures 41
2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED
Seasonally adjusted
1973

1975

High

Low

High

Latest cycle3

Previous cycle2

2007

2006

2006

Series
Low

High

Low

Mar.

Oct.

Nov.

Dec'

Jan.'

Feb.'

Mar.'

Capacity ut lization rate (percent)4
1 Total Industry

88.9

74.0

86.5

70.8

85.0

78.5

81.4

81.7

81.3

81.6

81.1

81.6

81.4

2 Manufacturing
3
Manufacturing (NAICS)

88.3
88.4

71.6
71.4

86.2
86.2

68.5
67.8

85.4
85.3

77.1
76.9

80.1
79.8

80.1
79.8

79.8
79.5

80.5
80.3

79.8
79.6

79.7
79.5

80.1
79.9

89.4
101.9

69.6
69.6

86.7
90.5

62.9
47.0

84.5
93.8

73.3
74.6

78.5
86.1

78.4
85.2

78.2
81.1

78.9
80.4

77.8
84.4

77.6
84.7

78.1
85.3

91.6
94.6

69.7
74.5

82.8
92.7

61.8
58.0

81.6
85.2

72.6
73.9

79.4
78.6

80.6
80.2

80.0
79.7

79.9
82.9

79.6
79.0

79.7
78.4

80.0
79.0

86.9

66.0

89.9

76.9

81.4

75.9

74.4

77.7

77.2

77.1

75.9

75.2

75.8

99.3
95.6

67.9
54.6

91.9
95.2

64.6
44.9

89.1
89.7

77.0
56.0

84.6
78.3

84.1
72.6

83.6
75.1

85.1
76.4

84.4
72.1

84.4
73.9

84.3
74.2

75.9
87.6

67.9
72.3

87.0
85.8

69.0
75.6

87.1
86.8

81.1
81.6

73.6
81.5

78.2
81.6

78.9
81.2

79.2
82.0

80.6
81.9

80.5
81.9

80.3
82.2

86.3
89.5

77.5
61.8

84.4
89.6

80.6
72.6

85.9
91.2

81.0
77.7

81.5
79.1

81.7
76.3

82.3
75.4

82.6
75.5

82.7
74.9

83.1
75.3

83.6
75.0

96.7
92.2
85.3
96.1
86.0

74.0
80.8
69.1
61.8
75.5

95.4
91.9
83.6
90.1
88.0

81.3
70.7
67.7
71.8
86.3

92.5
89.0
85.1
89.8
91.0

86.1
83.1
80.1
76.4
80.6

83.9
89.0
78.0
87.6
83.9

85.2
90.9
78.0
84.8
85.0

84.9
89.5
77.1
84.1
84.7

86.4
89.9
78.2
85.3
84.0

83.7
93.2
77.4
85.7
83.3

84.1
91.7
77.3
85.0
83.3

84.4
91.7
77.7
85.5
83.4

20 Mining
21 Electric and gas utilities

93.6
96.3

87.6
82.7

94.0
88.2

78.7
77.6

86.1
92.7

83.5
84.0

89.4
85.7

91.0
88.0

90.7
85.4

92.3
81.8

90.7
83.6

90.9
89.8

90.9
83.5

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.3

62.3

89.6

74.6

80.8

74.2

75.5

80.1

79.6

79.4

78.4

77.8

79.0

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.4

86.7

70.6

85.4

78.7

81.8

82.0

81.5

81.9

81.4

82.0

81.7

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.4

68.1

85.9

77.2

80.5

80.3

80.0

80.7

80.1

80.1

80.4

4
5

Durable manufacturing
Primary metal

6
7
8

14

Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .

15
16
17
18
19

Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .

9
10
11
12
13

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

aiuc ui me i1 tact Hi i\.cjct vt utiLLtitn.

2. Monthly highs, 1978-80; monthly lows, 1982.
3. Monthly highs, 1988-89; monthly lows, 1990-91.
4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.

42

Federal Reserve Bulletin Statistical Supplement • April 2007

2.13

INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
proportion

Apr.

Aug.

Sept.

Nov.

Dec.

Feb.'

MarJ

Index (2002=100)
MAJOR MARKETS

110.0

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

110.9

110.9

111.9

112.3

112.5

112.2

112.0

111.5

112.2

111.8

112.7

58.9
31.1
8.9
4.7
0.4
1.5
2.4
22.2
18.3
9.8
0.9
5.0
2.1
3.9

111.2
106.9
105.6
99.4
169.9
104.4
108.1
107.2
107.7
109.5
79.5
110.6
101.6
106.1

10.2
06.7
06.8
02.3
62.0
06.4
07.3
06.5
06.7
08.9
79.0
09.2
99.8
06.5

111.0
106.8
107.0
101.2
176.6
106.7
108.0
106.6
107.7
109.7
80.2
110.1
101.7
103.8

110.8
106.4
106.0
99.9
174.3
106.0
107.6
106.4
106.7
108.6
79.9
109.1
100.8
105.8

111.9
107.6
107.4
102.8
177.0
104.5
107.9
107.6
107.1
108.3
80.3
110.7
101.6
109.3

112.2
107.4
105.1
97.9
172.4
104.2
109.1
108.1
107.9
109.1
81.0
111.6
101.6
109.0

112.5
107.8
106.2
99.6
168.2
105.4
109.5
108.2
107.7
108.7
79.5
112.4
101.0
109.8

112.2
107.6
105.4
98.4
174.1
103.4
109.2
108.2
108.3
109.8
79.1
112.1
102.0
108.4

112.0
107.3
102.8
94.5
171.1
102.0
108.3
108.7
108.7
110.2
80.0
111.6
104.7
109.0

111.9
107.6
104.4
98.2
173.1
101.9
107.5
108.5
108.8
111.2
79.1
110.4
103.9
107.8

112.6
107.8
106.2
100.6
180.7
102.2
108.4
108.2
109.8
111.8
78.9
112.9
103.3
103.7

112.1
107.8
103.1
95.2
183.9
100.5
107.6
109.3
109.7
112.4
80.2
111.4
102.8
108.4

113.2
109.6
104.9
98.7
198.3
100.2
106.5
111.0
110.2
113.1
79.6
111.4
104.3
114.2

112.9
108.9
105.5
99.1
210.9
99.5
106.9
109.9
110.9
113.8
78.9
112.2
104.8
107.2

16
17
18
19
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

10.1
1.8
3.0
5.3
1.8

125.9
138.9
137.4
115.4
112.0

21.6
34.7
30.5
12.3
09.9

124.6
136.9
135.2
114.7
111.5

124.8
136.6
137.6
114.0
111.8

126.4
139.0
139.8
115.0
112.6

128.1
140.7
140.3
117.4
113.8

128.6
141.2
139.5
118.4
113.0

128.5
140.7
140.8
117.8
113.6

128.4
141.1
141.9
116.9
113.3

129.5
146.0
142.5
117.0
112.0

132.1
146.8
144.0
120.7
112.5

129.2
144.7
144.2
116.2
113.8

129.6
144.6
145.6
116.3
113.3

130.6
144.9
147.1
117.3
111.0

21
22

Construction supplies
Business supplies

4.3
11.2

110.4
110.3

11.4
09.4

111.6
110.1

111.1
109.9

111.1
110.8

111.6
111.2

111.3
111.5

110.3
110.8

108.4
111.9

107.4
110.5

109.7
110.3

108.6
110.1

107.8
110.9

109.0
110.2

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33 Energy

41.1
30.7
19.1
4.1
6.7
8.4
11.6
0.8
2.7
4.5
10.4

111.0
115.7
123.4
100.7
159.9
109.6
104.0
86.3
100.5
109.4
99.8

09.6
14.3
21.4
02.1
51.4
09.8
03.3
88.3
99.6
08.5
98.5

110.9
115.7
123.4
104.2
154.7
110.9
104.1
87.7
100.0
109.2
99.4

111.0
115.6
123.3
101.4
155.7
111.3
103.9
87.0
99.7
110.0
100.2

111.9
116.4
124.3
102.2
158.0
111.6
104.4
86.9
100.3
110.3
101.1

112.5
117.0
125.2
100.2
163.0
111.4
104.6
87.2
100.6
111.1
101.7

112.6
117.6
125.9
101.1
166.6
110.6
104.9
86.7
100.8
111.7
100.9

112.2
117.4
125.9
100.0
168.5
110.1
104.5
84.8
101.4
110.5
100.0

112.0
116.4
124.9
97.5
169.6
108.6
103.7
83.8
100.9
108.5
101.3

111.0
115.4
123.7
97.6
170.0
106.1
102.9
82.6
100.7
107.3
100.6

111.7
116.6
124.7
98.5
170.8
107.3
104.2
83.3
103.2
108.7
100.2

111.3
116.0
124.8
96.9
170.0
108.4
102.9
81.2
100.1
108.2
100.1

111.9
116.0
124.5
96.7
169.2
108.5
103.0
82.0
100.9
108.2
102.4

111.9
116.9
125.8
97.2
171.6
109.4
103.6
81.9
101.5
108.9
100.1

94.8
92.5

107.5
111.7

06.8
10.3

107.6
111.4

107.4
111.4

108.3
112.3

108.6
113.1

108.7
113.2

108.2
112.9

107.9
113.0

107.4
112.2

108.0
112.9

107.5
112.8

108.4
113.6

108.0
113.4

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 .
Nonindustrial supplies .

3,043.0
43.4
31.1
12.3
15.5

3,069.2

3,033.3

3,070.6

3,073.9

3,087.3

3,071.6

2,302.3 2,286.9 2,291.3 2,292.3 2,323.9 2,321.8 2,331.2 2,329.3 2,309.1 2,320.0 2,335.4 2,322.7 2,348.5 2,337.7
1,606.0 1,606.4 1,598.3 1,599.7 1,625.7 1,614.1 1,623.0 1,621.7 1,604.4 1,612.1 1,615.5 1,618.1 1,642.4 1,631.2
715.5
716.5
702.7
702.2
732.2
706.0
687.9
707.1
718.5
718.6
718.1
715.6
718.9
715.0
741.1

739.0

742.2

741.4

745.9

749.2

749.8

745.2

746.5

734.7

737.5

735.9

740.2

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2006

2007

2006
avg.
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.'

Jan.'

Feb.'

Mar.'

Index (2002=100)
INDUSTRY GROUPS

41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52

53
54
55
56
57
58
59
60
61
62
63
64

Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)

65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts

83.9
79.0

113.0
113.9

111.7
112.6

112.8
113.7

112.6
113.5

113.5
114.5

113.9
114.9

114.3
115.4

114.3
115.3

113.4
114.3

113.2
114.1

114.4
115.4

113.7
114.7

113.8
114.8

114.6
115.6

321

43.4
1.5

120.4
107.5

118.5
112.9

120.3
111.3

120.1
111.1

121.3
109.3

121.7
109.3

122.6
107.4

122.2
104.8

121.2
100.4

121.3
98.0

122.7
100.3

121.4
98.4

121.6
98.1

122.6
96.8

327
331
332
333

2.3
2.3
5.8
5.3

112.5
112.1
108.9
117.1

114.1
111.8
108.1
114.0

114.5
114.3
109.4
116.2

113.3
117.1
108.4
114.1

114.0
117.7
109.1
114.8

113.4
115.7
109.9
119.6

113.3
114.5
110.7
121.0

110.6
112.8
110.5
120.6

109.1
109.2
110.5
118.1

109.1
103.8
109.7
117.6

111.0
102.7
109.8
122.6

111.0
107.7
109.4
117.2

107.4
108.2
109.7
116.6

110.6
109.1
110.2
117.7

334

8.0

169.1

158.9

164.0

165.8

169.1

171.6

174.0

177.2

179.3

180.0

181.7

181.1

181.5

185.1

335
3361-3

2.2
7.5

105.8
101.9

105.1
104.3

106.6
104.3

106.7
102.5

105.6
104.6

107.6
100.3

107.6
102.2

105.1
100.9

105.5
97.3

105.1
100.7

107.1
102.4

106.3
96.5

106.5
98.6

106.6
98.7

3364-9

3.6

122.4

117.3

120.1

120.9

122.4

124.5

124.6

125.2

126.3

127.7

128.3

130.9

131.1

131.0

337
339

1.8
3.3

104.7
116.9

104.9
114.8

105.5
115.9

106.4
115.7

106.6
116.5

104.9
116.9

106.4
118.1

104.7
118.0

104.2
118.8

103.4
120.0

102.7
121.0

101.9
120.3

100.9
120.5

100.2
122.5

35.6

106.7

105.9

106.3

106.1

107.0

107.4

107.5

107.8

106.7

106.2

107.4

107.4

107.4

107.9

311,2
313,4
315,6
322
323

11.4
1.4
1.0
3.1
2.4

109.8
92.7
80.7
98.5
103.3

109.2
94.7
80.3
97.2
102.3

110.2
94.3
81.4
97.6
103.9

108.7
93.8
81.2
97.8
102.7

108.6
93.5
81.4
99.0
103.0

109.4
93.6
82.3
98.0
102.7

108.9
92.8
80.6
98.7
102.7

110.1
91.3
80.2
99.3
103.1

110.6
89.8
80.9
98.3
104.1

111.5
88.6
80.0
97.9
104.3

112.2
88.6
79.7
99.5
106.3

112.5
87.6
80.9
96.4
105.7

113.3
87.9
80.4
96.8
106.2

114.1
87.3
79.8
97.2
106.0

324
325

1.8
10.8

110.3
110.3

108.4
109.4

105.3
110.1

108.9
110.0

112.3
111.1

111.7
111.8

112.8
112.4

115.3
111.7

110.4
110.1

108.5
108.8

108.9
110.5

112.8
109.5

110.9
109.4

110.8
110.1

326

3.8

105.7

105.6

106.9

105.9

106.9

108.1

107.1

106.1

104.4

103.9

105.6

106.4

105.7

106.7

1133,5111

4.9

98.0

97.8

99.0

98.0

98.1

98.1

97.0

97.2

99.6

99.4

98.7

97.9

98.0

98.1

21
2211,2
2211
2212

6.4
9.7
8.3
1.5

100.2
105.2
108.0
91.7

98.6
105.5
107.9
94.6

99.7
105.3
108.0
93.1

100.7
105.7
108.5
93.0

101.1
107.4
109.7
97.0

101.0
108.7
111.1
97.7

99.9
108.8
98.4

101.0
104.5
105.5
100.0

100.9
109.8
110.6
106.0

100.7
106.8
108.8
97.6

102.5
102.5
105.8
87.0

100.9
105.0
107.7
92.5

101.2
113.0
114.0
108.0

101.3
105.1
107.8
92.1

78.7

108.6

107.8

108.7

108.3

109.2

109.5

109.7

109.4

108.4

108.2

109.3

108.6

108.6

109.1

76.4

113.9

112.3

113.5

113.4

114.3

115.1

115.3

115.4

114.8

114.3

115.4

115.2

115.1

115.9

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data
are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest
historical revision of the industrial production index and the capacity utilization rates was
released in December 2006. The recent annual revision will be described in an upcoming
issue of the Federal Reserve Bulletin.
2. North American Industry Classification System.

44

Federal Reserve Bulletin Statistical Supplement • April 2007

3.10

U.S. INTERNATIONAL TRANSACTIONS

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1

Item credits or debits
Q4
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

-665,286
-611,296
1,151,942
-1,763,238
27,592
33,635
123,867
-90,232
-6,043
-81,582

-791,508
-716,730
1,275,245
-1,991,975
11,293
17,598
134,417
-116,819
-6,304
-86,072

-856,655
-765,267
1,436,816
-2,202,083
-7,266
-777
150,323
-151,100
-6,489
-84,122

Q1

Q2

Q3

Q4

-223,109
-194,774
331,165
-525,939
-2,159
-581
32,642
-33,223
-1,578
-26,176

-213,778
-191,646
343,445
-535,091
-2,587
-967
34,233
-35,200
-1,620
-19,545

-217,713
-193,633
354,951
-548,584
-2,220
-599
38,003
-38,602
-1,621
-21,860

-229,377
-201,399
364,947
-566,346
-5,480
-3,869
34,247
-38,116
-1,611
-22,498

-195,790
-178,591
373,472
-552,063
3,021
4,658
43,840
-39,182
-1,637
-20,220

11 Change in U.S. government assets other than official
reserve assets, net (increase, - )

1,710

1,570

835

12 Change in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16 Foreign currencies

2,805
0
-398
3,826
-623

4,511
10,200
-615

-223
3,331
-734

-81
5,050
-173

-67
729
-149

-51
-351
-158

1,006
0
-54
1,275
-215

1,415
0
-51
1,678
-212

-872,317
-361,623
-120,017
-146,549
-244,128

-446,436
-213,018
-44,221
-180,125
-9,072

-1,053,353
-482,372
-44,434
-277,691
-248,856

-15,911
10,368
-4,812
-47,266
25,799

-358,216
-196,407
-46,190
-53,692
-61,927

-213,174
-80,697
-31,199
-53,915
-47,363

-228,464
-84,582
-24,096
-54,391
-65,395

-253,499
-120,686
57,051
-115,693
-74,171

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

387,809
263,338
41,662
-139
69,245
13,703

199,495
71,749
84,701
-488
24,275
19,258

300,510
118,344
125,450
3,274
19,550
33,892

71,934
37,418
23,786
-255
5,078
5,907

75,697
42,156
24,063
37
-821
10,262

75,869
-8,905
30,458
724
42,241
11,351

78,434
45,044
32,934
1,153
-7,470
6,773

70,510
40,049
37,995
1,360
-14,400
5,506

28 Change in foreign private assets in United States (increase, +)
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33 Foreign purchases of other U.S. securities, net
34 Foreign direct investments in United States, net

1,062,412
336,740
93,250
102,940
14,827
381,493
133,162

1,012,755
179,849
30,105
199,491
19,416
474,140
109,754

1,464,399
441,178
176,509
29,417
12,570
621,154
183,571

181,416
2,141
-50,305
62,041
9,158
131,871
26,510

452,226
148,851
74,953
-5,212
1,932
186,009
45,693

289,674
79,586
25,082
9,784
1,127
127,285
46,810

377,164
86,017
70,331
-4,899
1,129
162,953
61,633

345,335
126,724
6,143
29,744
8,382
144,907
29,435

-2,261
85,128

-4,351
10,410

-3,914
141,419

-514
-19,071
9,219
-28,291

-1,756
44,265
11,268
32,997

-1,003
65,142
-2,827
67,968

-551
218
-13,702
13,920

-604
31,798
5,263
26,535

17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net

35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
MEMO

Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)

2,805

14,096

2,374

4,796

513

-560

1,006

1,415

387,948

199,983

297,236

72,189

75,660

75,145

77,281

69,150

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.

3.12

5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2006
Asset

2004

2005

2007

2006
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.'

1 Total

86,824

65,127

65,895

66,606

66,217

65,588

66,705

65,895

65,063

66,082

66,551

2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,045
13,582

11,043
8,210

11,041
8,870

11,041
8,726

11,041
8,655

11,041
8,676

11,041
8,890

11,041
8,870

11,041
8,786

11,041
8,915

11,041
8,948

19,479
42,718

8,036
37,838

5,040
40,943

6,715
40,124

6,619
39,902

5,577
40,294

5,309
41,465

5,040
40,943

4,855
40,381

4,874
41,251

4,846
41,716

NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of

exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF have also been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

Summary Statistics
3.13

45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS'
Millions of dollars, end of period
2006
Asset

2004

2005

Aug.
1 Deposits

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.'

80

83

98

89

98

104

90

98

90

91

91

1.041.215
8,967

Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3

1.069.014
8,967

1.133.969
8,967

1,116,941
8,967

1,098,848
8,967

1,111,991
8,967

1,116,038
8,967

1,133,969
8,967

1,146,680
8,967

1,168,109
8,967

1,181,783
8,967

NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.

3.15

2007

2006

2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.

SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2006

2006
Item

2005

2007

2006'
1

June "
1

June""

Dec'

Nov.'

Dec'

Jan.'

Feb.'

2,166,212

By type
2 Liabilities reported by banks in the United States2

2,584,687

2,230,589

2,489,597

2,584,687

2,553,158

2,584,687

2,611,729

2,646,285

296,647
201,863

284,476
176,829

308,009'
184,847'

308,009
184,847

284,476
176,829

267,582
186,164

284,476
176,829

294,675
181,356

316,210
181,798

1,077,122
948
589,632

1,271,174
1,026
851,182

1,087,406
986
649,341

1,211,819
986
783,937

1,271,174
1,026
851,182

1,265,082
1,019
833,311

1,271,174
1,026
851,182

1,265,920
1,033
868,745

1,268,459
1,040
878,779

368,516
7,211
128,006
1,615,757
17,214
29,502

1 Total

435,062
7,078
175,297
1,915,307
12,434
39,508

365,772
6,952
148,402
1,654,139
18,664
36,654

414,714
7,859
158,968
1,851,747
15,955
40,354

435,062
7,078
175,297
1,915,307
12,434
39,508

422,870
7,917
174,875
1,893,979
15,107
38,409

435,062
7,078
175,297
1,915,307
12,434
39,508

427,541
7,341
185,856
1,935,096
14,647
41,247

431,700
6,895
195,902
1,958,914
14,097
38,776

U.S. Treasury bonds and notes
5
Nonmarketable4
6 U.S. securities other than U.S. Treasury securities5
By area
7 Europe1
9 Latin America and Caribbean
10 Asia
11 Africa

1. For data before June 2006, includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.

3.16

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies

6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners' holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2006 and are comparable to those shown for the following
dates.
SOURCE: Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Millions of dollars, end of period
2006
Item

2003

2004

2005
Mar.

June

Sept.

Dec

2
3

Deposits
Other liabilities

63,119
36,674
26,445

98,349
52,410
45,939

91,693
59,241
32,452

96,086
60,726
35,360

100,448
64,735
35,713

100,508
67,143
33,365

122,415
81,676
40,739

5

Deposits

81,669
38,102
43,567

129,544
51,029
78,515

100,144
43,942
56,202

110,770
49,346
61,424

110,665
48,679
61,986

100,180
39,706
60,474

116,740
44,105
72,635

8

Deposits

21,365
5,064
16,301

32,056
8,519
23,537

56,100
20,931
35,169

67,362
24,110
43,252

88,716
26,928
61,788

88,076
35,110
52,966

71,453
37,886
33,567

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 • April 2007

3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Aug.'

Sept.

BY HOLDER AND TYPE OF LIABILITY

1 Total, all foreigners
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments'"
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7 . . .
11
Other
12 International and regional organizations5
13
Banks' own liabilities
14
Deposits2
15
Other
16
Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments'"

3,766,480' 3,581,480

3,623,867

3,682,951" 3,859,275" 3,766,480" 3,890,697

3,998,700

!,082,981

2,299,950

1,851,133'

!,677,914

2,730,324

2,789,988' 2,950,833' 2,851,133' 2,957,459

3,044,620

955,072
1,127,909
665,127
828,535

1,043,801
1,256,149
713,327

1,202,618
1,527,706
955,013

1,314,944'
1,511,949' 1,575,094' 1,536,189' 1,637,134
948,356' 1,010,571'
961,091' 1,039,218
892,963
933,238
908,442
915,347

1,351,779
1,692,841
1,095,640

259,843

1,314,944' 1,178,936
1,536,189' 1,498,978
930,566
961,091'
915,347
903,566
250,811
257,010

242,183

255,711

250,811

257,269

319,598

372,238

368,063

363,721

371,321

387,515

2,911,516

318,783

780,957

893,543

954,080

48,260
152,789
194,583

53,594
136,783
201,516

66,145
113,755
293,215

62,472
122,074
274,318

60,954
116,930
283,297

60,480
104,177
288,200

64,756
105,747
289,010

66,145
113,755
293,215

66,456
108,181
296,736

69,592
108,847
309,296

15,654
10,363
6,098
4,265
5,291
1,879

20,793
15,612
8,361
7,251
5,181
1,085

29,425
25 770
19,021
6,749
3,655
800

28,165
20,350
14,792
5,558
7,815
2,522

30,971
25,655
18,901
6,754
5,316
1,327

30,220
25,570
19,988
5,582
4,650
814

32,845
28,676
18,977
9,699
4,169
1,281

29,425
25,770
19,021
6,749
3,655
800

32,539
28,908
22,234
6,674
3,631
380

37,648
28,819
21,539
7,280
8,829
5,679

3,412

4,096

2,855

5,293

3,989

3,836

2,888

2,855

3,251

3,150

515,586
145,516
26,613
118,903

498,510
170,984
45,426
125,558

461,305'
178,603'
50,994'
127,609'

482,807
178,658
49,130
129,528

479,388
187,389
50,296
137,093

447,936'
168,237'
50,610'
117,627'

453,746'
167,488'
51,298'
116,190'

461,305'
178,603'
50,994'
127,609'

476,031
192,531
56,073
136,458

498,008
213,082
55,454
157,628

370,070
245,199

327,526
201,863

282,702
176,829

304,149
189,963

291,999
179,394

279,699
178,474

286,258
186,164

282,702
176,829

283,500
181,356

284,926
181,798

105,873

114,186

112,605

26 Banks10 . .
27
Banks' own liabilities
28
Deposits2
29
Other
30
Banks' custody liabilities4
31
U.S. Treasury bills and certificates5 . .
32
Other negotiable and readily
transferable instruments'"
33
Other

,574,793
,354,437
773,703
580,734
220,356
26,978

1,792,040
1,566,967
841,248
725,719
225,073
23,771

2,193,169' 2,052,662
1,854,257' 1,738,471
1,022,392'
905,296
831,865'
833,175
338,912
314,191
31,061
25,665

2,097,926
1,775,652
918,004
857,648
322,274
24,583

1,167,342' 2,267,936' 2,193,169' !,229,906
1,835,896' 1,937,334' 1,854,257' ,902,795
990,540' 1,081,841' 1,022,392' 1,020,152
845,356'
855,493'
831,865'
882,643
331,446
330,602
338,912
327,111
26,561
27,613
31,061
27,132

2,304,946
1,963,145
1,052,778
910,367
341,801
27,408

52,400
140,978

48,776
152,526

34 Other foreigners''
35
Banks' own liabilities
36
Deposits2
37
Other

805,483
572,665
148,658
424,007

769,564
546,387
148,766
397,621

38
39
40

232,818
44,727

223,177
33,124

290,078
42,121

277,411
38,860

273,954
36,879

277,168
40,394

287,413
40,653

290,078
42,121

318,996
43,151

318,524
42,384

136,192
51,899

142,188
47,865

196,345
51,612

191,368
47,183

189,758
47,317

189,098
47,676

198,059
48,701

196,345
51,612

222,770
53,075

224,006
52,134

19 Official institutions9
20
Banks' own liabilities
21
Deposits2
22
Other
23
24
25

41

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments'"

Banks' custodial liabilities
U.S. Treasury bills and certificates5 .
Other negotiable and readily
transferable instruments'"
Other

61,439
227,087

62,000
235,691

1,082,581' 1,017,846
792,503'
740,435
222,537'
209,718
569,966'
530,717

1,015,582
741,628
215,417
526,211

66,350
241,501

103,128

56,361
243,618

57,411
256,982

1,037,453' 1,104,748' 1,082,581' 1,152,221
760,285'
817,335'
792,503'
833,225
216,901'
223,623'
222,537'
221,866
543,384'
593,712'
569,966'
611,359

1,158,098
839,574
222,008
617,566

64,509
240,376

62,682
240,307

66,350
241,501

MEMO

42 Own foreign offices12
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund. Beginning with data for June 2006, also
includes the Bank for International Settlements.

9. Foreign central banks and foreign central governments. Before June 2006, also includes
the Bank for International Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.

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

Aug.'

Sept.'

Oct.'

Nov.'

Dec

AREA OR COUNTRY

43 Total, all foreigners

2,911,516

3,080,907

3,766,480

3,581,480

3,623,867

3,682,951

3,859,275

3,766,480

3,890,697

3,998,700

44 Foreign countries

2,895,862

3,060,114

3,737,055

3,553,315

3,592,896

3,652,731

3,826,430

3,737,055

3,858,158

3,961,052

45 Europe
46
Austria
47
Belgium13
48
Denmark
49
Finland
50 France
51
Germany
52
Greece
53
Ireland
54
Italy
55 Luxembourg13
56
Netherlands
57
Norway
58 Portugal
59
Russia
60
Spain
61
Sweden
62
Switzerland
63 Turkey
64
United Kingdom
65
Channel Islands and Isle of Man14
66
Yugoslavia15
67
Other Europe and other former U.S.S.R.1

1.050.895
4,355
13.512
3,147
1.088
81,852
54,822
1,178
64,050
7,198
50,305
18,170
32,742
1,545
70,186
8,410
6,118
99,224
5,188
470,304
21,262
110
36,129

1,229,338
3,604
16,022
1,537
3,612
71,486
58,960
1,200
68,660
7,075
61,065
14,502
27,921
2,716
101,335
9,535
4,771
140,140
9,895
563,253
29,559
119
32,371

1,420,547
3,797
14,528
931
3,204
68,895
60,833
1,488
83,715
7,348
72,867
25,190
42,393
2,250
62,704
9,027
3,715
54,532
10,369
836,273
33,348
295
22,844

1,392,186
4,346
16,002
2,235
1,229
72,891
59,282
1,139
77,369
7,238
67,988
23,841
52,798
2,320
53,402
8,468
3,756
58,455
10,155
818,807
27,517
236
22,713

1,402,535
3,862
14,981
2,330
942
68,109
61,376
1,565
75,430
5,849
73,627
28,835
57,151
2,441
49,164
7,505
3,839
67,410
9,850
819,527
28,157
249
20,338

1,421,519
3,862
16,662
1,023
838
66,785
58,770
1,389
76,247
7,201
74,341
34,401
40,694
2,502
45,985
9,086
5,019
51,548
9,159
859,986
33,795
307
21,920

1,492,385
4,448
19,736
1,892
1,038
69,715
60,338
2,293
77,847
9,897
76,178
38,255
36,314
2,641
53,170
8,188
3,971
50,475
10,534
911,588
32,416
273
21,179

1,420,547
3,797
14,528
931
3,204
68,895
60,833
1,488
83,715
7,348
72,867
25,190
42,393
2,250
62,704
9,027
3,715
54,532
10,369
836,273
33,348
295
22,844

1,504,440

4,268
16,640
1,208
1,515
71,469
60,950
1,696
92,084
7,657
79,037
33,408
45,946
1,902
57,371
9,421
4,032
56,632
13,204
892,715
34,245
304
18,736

1,572,483
5,608
17,974
861
618
62,317
59,469
1,454
90,587
7,383
76,827
37,188
54,268
2,131
60,836
9,735
4,151
59,188
14,126
953,305
33,820
327
20,311

n.a.

1,341,563

MEMO

68 European Union17

1,205,076

1,177,424

1,180,367

1,229,013

1,299,283

1,205,076

1,288,725

34.248

33.552

44,540

44,233

45,070

48,511

48,471

44,540

48,916

49,224

70 Latin America
Argentina
71
72
Brazil
73
Chile
74
Colombia
75
Ecuador
76
Guatemala
77
Mexico
78 Panama
79
Peru
80
Uruguay
81
Venezuela
82
Other Latin America15

135.970
10,817
15,186
7,299
6,286
2,687
1,530
50,575
4,513
1,971
4,150
24,573
6,383

133.637
9,674
11,900
8,961
6 477
3,393
1,643
42,532
5,262
3,051
4,939
27,261
8,544

155,322
10,474
15,841
16,825
11,630
3,150
1,387
45,350
7,083
4,253
6,102
22,642
10,585

151,884
10,456
14,542
14,158
10,539
2,690
1,541
50,121
5,924
3,385
5,875
22,406
10,247

152,344
10,317
14,059
15,771
10,656
2,857
1,499
49,430
5,848
3,649
5,624
22,749
9,885

153,833
10,710
15,694
16,189
10,941
3,028
1,489
46,968
5,562
4,072
6,013
23,452
9,715

160,350
10,667
20,301
17,070
11,514
2,846
1,411
46,147
6,812
3,763
5,835
23,779
10,205

155,322
10,474
15,841
16,825
11,630
3,150
1,387
45,350
7,083
4,253
6,102
22,642
10,585

163,803
10,530
20,865
18,010
12,197
2,866
1,670
45,864
7,095
3,992
6,434
23,666
10,614

168,057
10,895
22,321
19,145
12,469
3,150
1,757
45,877
6,765
4,418
6,540
22,902
11,818

83 Caribbean
84
Bahamas
85
Bermuda
86
British Virgin Islands15
87
Cayman Islands19
88
Cuba
89 Jamaica
90
Netherlands Antilles . .
91
Trinidad and Tobago . .
92
Other Caribbean15 . . . .

,212,209
186,097
92,577
n.a.
110
829
5.863
1,624
40,129

1,214,058
211,459
52,132
n.a.
907,840
120
916
6,396
2,830
32,365

1,648,848
251,619
55,100
21,608
1,281,357
83
986
8,453
3,096
26,546

,507,739
238,139
49,452
20,120
,168,322
127
941
6,130
2,700

1,539,730
239,210
54,994
20,722
1,192,887
127
1,047
6,170
2,760
21,813

1,582,697
242,437
54,986
21,608
1,231,079
128
832
6,076
2,832
22,719

1,669,153
265,168
52,699
21,323
1,294,827
81
996
5,226
2,725
26,108

1,648,848
251,619
55,100
21,608
1,281,357
83
986
8,453
3,096
26,546

,660,550
240,154
60,166
20,380
,300,508
83
810
7,346
2,905
28,198

1,691,203
227,709
57,848
20,371
1,345,194
83
810
5,982
3,137
30,069

420,635

408,192

422,234

403,425

406,257

402,214

408,708

422,234

432,214

433,042

52,767
42,788
11,154
5,903
11,214
167,008
12,421
2,949
26,496
11,355
38,257
38,323

46,439
33,972
13,702
4,212
9,802
156,245
27,094
3,776
23,252
9,961
49,463
30,274

44,401
43,108
18,792
4,377
7,240
127,398
27,783
3,793
22,915
8,317
69,494
44,616

49,502
35,469
16,414
4,685
6,363
134,890
21,873
3,069
20,045
10,279
69,041
31,795

55,028
34,843
14,861
5,360
9,557
127,871
23,033
3,292
23,212
10,002
70,300
28,898

47,021
32,567
15,693
3,286

7,657
72,359
39,712

46,657
39,120
18,345
3,852
6,797
127,811
21,836
3,453
19,463
8,324
72,581
40,469

44,401
43,108
18,792
4,377
7,240
127,398
27,783
3,793
22,915
8,317
69,494
44,616

53,409
39,094
19,677
3,701
9,315
125,221
29,753
3,530
19,512
8,396
75,440
45,166

54,350
36,767
23,530
3,903
10,794
127,324
29,048
3,517
21,348
8,146
70,364
43,951

106 Africa
107
Egypt
Morocco
108
South Africa
109
110
Oil-exporting countri
Other

14,580
2,711
156
3,284
4,326
4,103

20,095
4,953
138
3,049
6,858
5,097

14 775
2,253
198
1,389
4,438
6,497

19,845
2,772
198
1,893
7,830
7,152

18,483
2,325
174
1,452
8,277
6,255

13,948
1,576
162
1,357
4,448
6,405

17,386
2,681
168
1,725
5,270
7,542

14775
2,253
198
1,389
4,438
6,497

16,541
3,510
206
2,417
4,359
6,049

15,776
3,343
271
2,146
4,066
5,950

112 Other countries . .
113 Australia
114
New Zealand22
115 All other

27,325
23,391
3,429
505

21,242
17,769
3,007
466

30,789
25,251
4,500
1,038

34,003
28,329
4,844
830

28,477
22,412
5,206
859

30,009
24,650
4,038
1,321

29,977
24,698
4,116
1,163

30,789
25,251
4,500
1,038

31,694
28,121
2,626
947

31,267
26,807
3,337
1,123

116 International and regional organizations .
117
International23
118
Regional24

15,654
11,542
4,112

20,793
15,684
5,109

29,425
25,202
4,223

28,165
21,970
6,195

30,971
25,746
5,225

30,220
25,095
5,125

32,845
28,566
4,279

29,425
25,202
4,223

32,539
28,180
4,359

37,648
33,859
3,789

93 Asia
China
94
Mainland
95
Hong Kong
96
India
97
Indonesia
98
Israel
99 Japan
Korea (South)
100
Philippines
101
Taiwan
102
103 Thailand
Middle Eastern oil-exporting countries20
104
Oh
105
Other

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. For data prior to June 2006, also includes the Bank for International Settlements and
the European Central Bank.
17. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006.

8,813
129,625
23,030
3,454
18,997

18. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean." Before June 2006, data for the British
Virgin Islands were included in "Other Caribbean."
19. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.
20. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
21. Comprises Algeria, Gabon, Libya, and Nigeria.
22. Before January 2001, these data were included in "All other."
23. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006,
also includes the Bank for International Settlements.

48

Federal Reserve Bulletin Statistical Supplement • April 2007

3.18

BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Area or country
Aug.'

Sept/

1 Total, all foreigners

1,664,223

1,864,834

2,249,371

2,107,304

2,144,228

2,208,959

2,330,324

2,249,371

2,377,668

2,434,397

2 Foreign countries

1,658,247

1,857,584

2,240,197

2,100,469

2,135,558

2,200,646

2,323,172

2,240,197

2,369,700

2,426,549

806,546
4,429
7,751
735
11,840
90,941
26,196
94
14,023
16,906
5,864
22,090
25,517
1,576
1,089
8,452
17,027
114,167
2,542
404,844
26,878
3,585

918,660
4,139
11,900
864
9,247
88,873
30,027
97
16,426
18,482
8,201
20,958
14,688
832
1,264
8,372
9,452
143,892
3,270
487,492
32,566
7,618

1,137,594
4,277
13,592
1,032
9,434
112,350
17,983
250
24,301
30,991
7,138
29,508
30,978
924
1,732
9,734
8,905
105,364
3,697
682,097
36,893
6,414

1,038,167
6,186
13,198
944
8,496
96,245
19,977
157
19,067
23,705
10,103
23,442
22,599
804
1,662
8,102
10,141
108,674
3,421
626,140
29,799
5,305

1,092,189
4,134
13,788
300
12,740
103,456
16,357
143
18,526
25,425
10,072
25,613
26,106
835
1,676
9,714
10,124
132,266
3,611
641,047
30,281
5,975

1,112,209
5,357
12,921
419
10,231
105,888
18,583
161
20,921
25,976
9,722
28,830
26,450
843
1,602
12,344
11,318
148,282
3,467
632,818
31,258
4,817

1,178,217
4,957
13,109
1,319
10,470
114,964
17,872
129
20,684
28,643
8,044
30,187
26,266
944
2,078
12,019
9,385
153,615
3,359
680,565
34,575
5,033

1,137,594
4,277
13,592
1,032
9,434
112,350
17,983
250
24,301
30,991
7,138
29,508
30,978
924
1,732
9,734
8,905
105,364
3,697
682,097
36,893
6,414

1,235,494
4,752
16,824
355
8,947
132,089
20,502
182
27,900
30,935
7,332
26,781
23,153
943
1,681
9,660
7,930
135,731
3,674
730,396
40,060
5,668

1,282,533
4,794
31,717
404
10,175
128,512
20,514
271
27,208
28,022
7,804
35,027
24,215
969
1,664
19,295
7,071
151,264
3,847
733,464
39,051
7,244

3 Europe
4
Austria
5
Belgium2
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Ireland
12
Italy
13 Luxembourg2
14
Netherlands
15
Norway
16 Portugal
17
Russia
18
Spain
19
Sweden
20
Switzerland
21
Turkey
22
United Kingdom
23
Channel Islands and Isle of Man3
24
Other Europe and other former U.S.S.R.4 . .
MEMO

1,029,741

956,436

25 European Union5

n.a.

957,345

870,561

896,718

26 Canada

51,088

64,104

71,471

75,337

65,624

72,011

74,926

71,471

79,530

68,904

27 Latin America
28 Argentina
29
Brazil
30
Chile
31
Colombia
32
Ecuador
33
Guatemala
34
Mexico
35 Panama
36
Peru
37
Uruguay
38 Venezuela
39
Other Latin America1"
40 Caribbean
41
Bahamas
42
Bermuda
43
British Virgin Islands'"
44
Cayman Islands7
45
Jamaica
46
Netherlands Antilles
47
Trinidad and Tobago
48
Other Caribbean1"

49,378
2,220
14,094
6,213
2,645
469
866
13,440
1,939
1,529
403
2,844
2,716

51,170
2,290
15,111
6,642
2,438
582
872
14,601
2,076
1,226
464
2,273
2,595

58,374
2,703
19,835
6,474
2,490
604
1,016
16,531
2,316
1,446
347
2,279
2,333

55,642
2,193
18,534
6,428
2,606
551
845
16,441
2,212
1,298
353
1,941
2,240

53,390
2,170
14,386
6,758
2,684
579
883
17,090
2,315
1,320
517
2,363
2,325

63,076
3,326
23,017
6,650
2,654
583
918
17,096
2,251
1,500
407
2,223
2,451

64,788
2,627
25,289
6,172
2,648
637
972
17,431
2,596
1,498
422
2,183
2,313

58,374
2,703
19,835
6,474
2,490
604
1,016
16,531
2,316
1,446
347
2,279
2,333

58,078
2,685
19,760
5,198
3,346
717
1,058
16,590
2,196
1,489
397
2,293
2,349

61,005
2,697
22,319
5,125
3,471
674
1,048
16,676
2,132
1,432
433
2,693
2,305

596,931
80,183
33,294
n.a.
469,166
351
5,554
755
7,628

620,474
113,458
17,846
n.a.
475,227
444
4,444
907
8,148

735,125
120,806
17,704
2,807
583,324
636
2,484
1,055
6,309

709,057
156,675
18,589
3,589
515,411
675
8,010
730
5,378

691,363
135,539
18,369
3,743
523,063
666
3,945
745
5,293

727,838
141,022
18,597
4,465
553,847
646
2,404
807
6,050

780,100
157,465
21,642
4,588
586,430
648
2,318
723
6,286

735,125
120,806
17,704
2,807
583,324
636
2,484
1,055
6,309

772,394
121,423
18,448
2,666
619,073
628
2,402
1,093
6,661

795,203
127,679
17,823
3,024
635,881
633
2,393
893
6,877

142,656

190,610

221,554

203,751

216,271

206,895

208,669

221,554

207,568

202,760

9,267
5,622
2,117
555
1,326
82,207
15,531
993
10,589
1,144
7,022
6,283

14,807
8,412
2,518
440
4,288
106,377
17,254
1,790
8,626
7,796
12,330
5,972

15,448
6,751
2,827
518
5,315
140,242
24,463
973
3,166
5,727
10,570
5,554

19,406
9,475
2,174
367
5,201
118,039
18,698
1,093
4,790
7,150
11,403
5,955

15,223
9,219
2,646
439
4,853
123,298
29,028
1,094
5,563
7,333
10,588
6,987

8,552
9,071
2,343
506
8,617
127,355
23,494
847
4,082
5,841
9,664
6,523

10,215
9,814
2,583
464
5,436
133,140
22,523
803
2,975
5,565
9,845
5,306

15,448
6,751
2,827
518
5,315
140,242
24,463
973
3,166
5,727
10,570
5,554

15,587
6,499
2,948
574
7,025
127,248
20,278
871
3,757
6,138
11,262
5,381

15,039
4,978
2,617
591
5,991
122,845
24,433
829
2,818
5,939
11,451
5,229

1,262
228
53
318
223
440

1,621
422
63
331
317
488

1,845
597
56
247
403
542

1,910
603
69
309
332
597

2,007
601
48
282
323
753

1,860
589
95
259
345
572

1,786
592
53
195
338
608

1,845
597
56
247
403
542

1,906
595
63
333
332
583

1,760
661
55
189
290
565

10,386
9,695
609
82

10,945
10,226
541
178

14,234
12,835
1,157
242

16,605
15,739
656
210

14,714
13,595
901
218

16,757
15,539
1,004
214

14,686
13,825
647
214

14,234
12,835
1,157
242

14,730
13,520
948
262

14,384
13,430
491
463

5,976

7,250

9,174

6,835

8,670

8,313

7,152

9,174

7,968

7,848

49 Asia
China
50
Mainland
51
Hong Kong
52
India
53
Indonesia
54
Israel
55 Japan
56
Korea (South)
57
Philippines
58 Taiwan
59
Thailand
60
Middle Eastern oil-exporting countries5 . . .
61
Other
62 Africa
63 Egypt
64
Morocco
65
South Africa
66
Oil-exporting countries9
67
Other
68 Other countries
69
Australia
70
New Zealand10
71
Allother
72 International and regional organizations"

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. For data prior to June 2006, also includes the Bank for International Settlements and the
European Central Bank.
5. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006.

6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean." Before June 2006, data for the British
Virgin Islands were included in "Other 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. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

Bank-Reported Data
3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars

49

Reported by Banks in the United States1

Millions of dollars, end of period
2006
Type of claim

2004

2005

Aug.'
1 Total claims reported by banks

2007

2006'
Sept.'

Oct.'

Nov.'

2 208 959
84.620
1 631 238
493.101

2 330 324
86.949
1 718 544
524.831

2,764,234

Dec'

Jan.'

Feb.'

2 377 668
89.375
1 734 812
553.481

2 434 397
96.698
1 776 432
561.267

2,892,513

Foreign official institutions2

5

Other foreigners4

6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8
Negotiable CDs
9
Other short-term negotiable instruments6 . .
10
Other claims

2,344,155

2,892,513

1 664 223
71,892
1 187 954
404,377

1 864 834
72,919
1 391 775
400,140

2 249 371
97,545
1 626 559
525,267

362,618
152,520
107,533
88,423
14,142

479,321
227,685
91,196
140,863
19,577

643,142
262,105
170,342
188,633
22,062

668,255
3,970

748,320
2,414

938,869
6,233

883,393
2,505

900,353
2,790

925,921
5,678

995,747
6,356

938,869
6,233

961,394
7,132

995,422
8,542

3,888
988,110
1,097,873

7,324
1,106,776
1,304,277

7,869
1,296,400
1,631,356

11,054
1,210,352
1,505,649

7,840
1,233,245
1,568,699

9,542
1,267,818
1,605,066

8,640
1,319,581
1,702,446

7,869
1,296,400
1,631,356

9,753
1,399,389
1,738,187

9,510
1,420,923
1,765,409

479,422

3

2,026,841

482,090

613,909

586,409

592,695

595,480

630,287

613,909

665,289

698,491

2107 304
83.035
1 545 649
478.620

2 144 228
96.383
1 575 554
472.291
620.006
263,369
141,757
191,609
23,271

2 249 371
97.545
1 626 559
525.267
643.142
262,105
170,342
188,633
22,062

MEMO

11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
14 Other claims7
15 Own foreign offices5
16 Loans collateralized by repurchase

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) above.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) above.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

50

Federal Reserve Bulletin Statistical Supplement • April 2007

3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.

Sept.

1 Total

67,664

73,700

92,009

71,802

66,468

76,710

81,264

83,915

92,438

By type
2 Financial liabilities
3
Short-term negotiable securities'

39,561
n.a.

43,610
14,002

62,847
11,759

35,918
9,576

29,347
5,438

39,249
9,050

39,585
5,704

38,445
6,584

48,990
7,971

51,088

26,342

30,199

33,881
8,561
10,099

9,645
19,109

4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
7
8
9
10
11
12
13
14
15
16
17
18
19
20

By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

n.a.
n.a.

n.a.
n.a.

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

15,515
28,095
1,431
10,372
11,425
2,493
2,374

29,575
33,272
2,399
9,067
18,337
1,564
1,905

21,917
14,001
1,786
4,604
2,202
1,222
4,187

17,794
11,553
1,860
4,017
2,741
1,401
1,534

24,003
15,246
2,354
4,052
3,169
2,018
3,653

24,509
15,076
1,407
6,242
2,676
1,338
3,413

24,312
14,133
1,064
3,564
2,963
1,212
5,330

35,594
13,396
2,268
3,708
2,722
1,173
3,525

34,335
144
5,243
2,923
1,825
61
22,531

34,832
709
3,543
3,531
284
517
23,886

38,690
775
1,349
2,911
363
514
29,473

22,474
633
1,087
2,832
128
114
13,091

16,799
547
1,044
2,425
379
53
9,861

22,697
342
761
2,533
406
124
12,712

20,823
451
1,039
4,510
432
237
11,862

21,115
340
1,786
3,816
453
371
12,997

28,543
395
1,218
9,897
449
158
14,105

591

1,239

2,433

2,058

2,530

2,671

2,287

3,573

1,504
23
990
65
365
n.a.
31

4,235
0
711
242
n.a.
3,114
34
3

16,196
0
8,715
208
n.a.
7,178
26
18

6,679
0
77
69
n.a.
6,489
28
0

7,603
0
991
70
n.a.
6,446
25
1

9,683
0
769
56
n.a.
8,744
23
0

8,590
1
238
69
n.a.
8,189
28
0

10,254
0
16
67
n.a.
10,016
35
0

2,932
1,832
14

2,547
1,826
36

4,724
1,648
36

3,211
1,161

3,640
1,304
35

5,323
1,383
173

5,321
1,083
206

5,612
1,265
647

5,795
1,223
1,200

131
91

123
92

131
94

107
96

122
96

997
97

1,022
98

MEMO:

21
22

Euro area3
Canada

23
24
25
26
27
28
29
30
31
32
33

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

34
35

Africa
Oil-exporting countries'"

36

All other7

8,024

6,214

11,211

115
240
n.a.
7,569
8
0

Nonbank-Reported Data
3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States—Continued

51

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.
37 Commercial liabilities
38 Trade payables
39
Advance payments and other liabilities .
40
41
42
43
44
45
46

47
48
49
50
51
52
53

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial liabilities
Europe
Belgium-Luxembourj
France
Germany
Netherlands
Switzerland
United Kingdom . . .

Sept.

28.103
14,699
13,404

30,090
17,174
12,916

29,162
18,181
10,981

35,884
22,497
13,387

37,121
23,785
13,336

37,461
23,050
14,411

41,679
26,697
14,982

45,470
30,269
15,201

43,448
28,731
14,717

26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

27,632
2,458
199
787
606
209
657

25,811
3,351
224
1,058
704
296
1,069

33,010
2,874
143
1,028
585
119
999

34,513
2,608
155
1,014
391
284
764

34,725
2,736
171
989
471
308
797

38,731
2,948
182
1,142
484
300
840

41,995
3,475
742
1,158
415
304
856

40,203
3,245
710
633
431
387
1,084

8,257
141
765
781
590
433
2,649

9,821
159
900
855
384
1,367
3,025

9,030
123
1,019
1,024
305
564
3,407

10,729
103
1,669
965
402
893
3,203

11,344
124
1,816
1,006
329
1,106
3,442

10,574
109
1,870
1,113
489
1,113
2,882

11,479
86
2,004
1,092
626
708
3,627

11,666
138
1,921
1,245
423
911
3,394

11,701
156
1,538
1,206
619
1,382
3,614

4,200

4,198

3,730

1,588

2,166

2,145

2,179

2,836

2,375

3,114

4,155

3,561

3,073
51
538
253
36
n.a.
1,170
177

3,406
14
513
233
n.a.
40
1,298
329

4,276
515
113
n.a.
101
1,942
433

5,360
79
774
127
n.a.
76
2,210
522

5,228
74
621
143
n.a.
100
1,921
738

5,748
70
713
218
n.a.
76
2,209
680

5,771
82
688
163
n.a.
219
2,751
499

7,424
64
851
629
2,798
467

6,595
85
720
215
n.a.
569
2,523
471

13,382
4,292
3,979

13,311
4,370
3,148

12,239
4,221
2,910

16,127
5,671
4,221

16,408
5,892
3,862

17,427
5,971
3,986

20,081
6,089
5,432

20,449
6,182
5,344

20,091
6,031
4,978

827
405

782
372

947
424

1,009
627

851
459

916
493

714
342

1,296
755

970
591

MEMO

54
55

Euro area3
Canada

56
57
58
59
60
61
62
63
64
65
66

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

67
68

Africa
Oil-exporting countries'"

69

5,837

All other7

1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

52

Federal Reserve Bulletin Statistical Supplement • April 2007

3.23

CLAIMS ON UNAEFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Of which:
Loans'
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

Sept.

102,566

100,916

143,232

129,812

135,339

144,950

130,598

136,141

149,131

71,389
n.a.
n.a.

67,347
35,465
3,204

110,517
47,270
9,892

97,140
48,354
8,894

104,213
49,477
11,845

111,394
50,149
13,180

94,892
40,565
12,365

98,948
42,436
12,787

112,908
34,607
21,642

n.a.
44,064

157
28,678

103
53,355

173
39,892

82
42,891

65
48,065

2
41,962

18
43,725

12
56,659

14,453
7,298

14,443
19,530

n.a.
n.a.

n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

57,894
9,453
912
2,776
3,242
831
1,692

67,445
43,072
1,329
20,651
9,219
7,345
4,528

61,778
35,362
10,031
9,331
7,527
3,826
4,647

66,405
37,808
10,837
10,256
8,695
3,880
4,140

75,802
35,592
9,348
9,308
7,635
3,537
5,764

60,754
34,138
7,823
8,164
8,332
3,510
6,309

75,755
23,193
8,549
4,970
4,726
610
4,338

87,667
25,241
10,513
6,374
4,467
656
3,231

29,018
722
3,247
4,245
3,648
383
10,663

28,970
391
3,049
2,859
2,789
617
11,438

48,714
2,177
1,452
5,386
7,389
978
23,982

38,627
1,930
4,593
3,040
1,696
1,185
17,414

41,844
784
4,323
1,967
3,271
1,249
21,870

42,736
1,743
2,752
2,729
3,033
1,152

36,038
1,286
1,639
2,315
3,148
1,449
20,103

37,222
580
2,867
2,453
1,722
1,417
22,356

54,738
697
2,569
9,084
2,712
1,364
31,943

17,012

15,067

MEMO:

23
24

Euro area3
Canada

25
26
27
28
29
30
31
32
33
34
35

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

36
37

Africa
Oil-exporting countries'"

38

All other7

5,013

5,311

6,412

11,905

14,290

13,372

12,056

13,078

15,250

29,612
1,038
724
2,286
21,528
2,921
104

26,215
1,049
564
1,832
n.a.
20,015
1,629
131

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

38,915
3,436
1,316
1,480
n.a.
30,437
1,384
62

39,763
3,676
1,113
1,664
n.a.
30,263
1,950
156

45,063
1,590
1,590
1,950
n.a.
36,355
2,019
159

37,353
2,368
1,583
1,655
n.a.
29,253
1,424
163

38,406
3,802
1,602
1,703
n.a.
29,156
1,182
148

32,952
4,463
1,631
1,420
n.a.
23,296
1,244

5,358
1,277
79

5,317
1,194
158

6,840
993
137

6,120
784
114

6,546
610
93

7,223
568
242

6,566
496
251

7,526
665
705

7,248
779
1,209

395
25

419
12

306
8

282
23

345
55

1,291
37

1,268
36

1,123
36

1,078
34

1,291

1,425

1,115

1,593

Nonbank-Reported Data
3.23

CLAIMS ON UNAEFILIATED FOREIGNERS
the United States—Continued

53

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.

Sept.

39 Commercial claims
40
Trade receivables
41
Advance payments and other claims .

31.177
26,385
4,792

33,569
28,618
4,951

32,715
29,229
3,486

32,672
28,576
4,096

31,126
27,535
3,591

33,556
29,231
4,325

35,706
31,234
4,472

37,193
32,848
4,345

36,223
31,595
4,628

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling . .
Japanese yen
All other currencies

26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.

25,494
8,075
1,557
1,542
1,187
589
3,200

27,439
5,276
512
1,561
1,586
238
1,379

28,347
4,325
407
1,442
1,098
153
1,225

27,881
3,245
341
1,167
509
196
1,032

29,898
3,658
481
1,335
706
187
949

31,567
4,139
444
1,777
736
126
1,056

33,540
3,653
465
1,424
692
150
922

32,330
3,893
601
1,428
618

14,187
269
3,164
1,202
1,490
503
3,727

14,552
247
2,816
1,273
395
1,921
3,928

13,457
257
2,261
1,401
494
1,528
3,742

13,096
402
2,233
1,477
461
1,319
3,119

12,183
396
2,023
1,438
339
1,358
3,053

12,084
470
2,311
1,509
354
724
2,677

14,630
480
2,308
1,472
654
743
4,744

14,131
421
2,404
1,681
480
666
4,165

14,148
480
2,092
1,643
529
1,050
3,834

Euro area3

8,849

7,340

57

Canada

2,790

3,070

2,017

2,139

2,001

2,750

2,803

3,220

2,508

58
59
60
61
62
63
64
65

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

4,346
31
287
750
19
n.a.
1,259
288

5,153
26
460
903
n.a.
52
1,339
230

6,477
55
650
935
n.a.
160
2,018
319

6,310
29
581
952
n.a.
143
1,838
393

6,524
27
498
1,028
n.a.
294
1,812
390

6,757
41
648
1,022
n.a.
61
2,089
380

7,062
35
731
947
n.a.
200
2,252
409

7,880
39
1,166
981
n.a.
488
1,902
378

7,382
31
464
1,053
n.a.
563
2,024
356

66
67
68

Asia
Japan
Middle Eastern oil-exporting countriesf

7,324
2,341
818

7,352
1,757
888

8,943
1,855
1,071

9,245
1,930
1,317

8,561
1,717
1,271

10,073
2,128
1,558

9,197
2,167
1,419

10,197
2,159
1,843

10,368
2,204
1,727

69
70

Africa
Oil-exporting countries'"

584
95

636
138

629
154

873
226

788
234

830
258

917
313

964
315

1,040
359

71

All other7

42
43
44
45
46
47
48

49
50
51
52
53
54
55

By area or country
Commercial claims
Europe
Belgium-Luxembourj
France
Germany
Netherlands
Switzerland
United Kingdom . . .

1,013

MEMO

2,806

1. Data available beginning March 2003. For data on loans and repurchase agreements,
data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

6,739

1,069
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

54

Federal Reserve Bulletin Statistical Supplement • April 2007

3.24

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars

Transaction, and area or country

Jan.Feb.

Sept.
U.S. corporate securities

STOCKS

1 Foreign purchases
2 Foreign sales

4,731,749
4,649,799

6,904,113
6,753,857

1,256,353
1,220,062

583,195'
575,077'

562,165
547,511'

643,028
615,986'

610,621
603,563'

573,252
584,852

624,681'
601,903'

631,672
618,159

150,256

36,291

8,118r

14,654'

27,042'

7,058'

-11,600

22,778'

13,513

81,993
954

150,212
5,766

36,304
-242

8,116r
207

14,651'
-682

27,043'
-407

7,058'
-2,098

-11,604
-499

22,788'
-571

13,516
329

39,592
5,757
7,675
-3,278
1,660
7,924
-2,326
1,334
19,775
350
16,549
-103
15,414
1,789
8,399
-528
1,050
72
281
72

96,946
1,622
21,738
-8,164
-1,775
11,611
-5,428
1,194
75,858
96
11,821
2,151
35,039
7,965
-4,486
465
-465
-668
89
687

17,179
-222
2,829
2,951
963
127
-714
-257
10,949
290
-461
74
20,029
590
-1,860
-118
-148
-330
-76
829

9,640'
375
2,239
-819
-182
252
169
513
6,620'
-149
14
-208
-1,914
491
48
-50
26
434
1
44

11,305'
167
893
865
25
93
267
-222
9,908'
-148
355
68
5,463
-300
-2,285
-52
-252
-790
-87
132

15,417'
-399
6,128
1,267
-560
426
-2,005
-379
11,356'
-88
915
200
12,472
418
-1,993
403
-55
-741

3,395'
-781
2,889
-7
-287
1,367
-927
-1,156
2,222'
74
838
-55
5,938
-487
-2,742
-76
-432
-218
26
145

-10,077
-272
974
-5,300
-1,574
233
-679
228
-1,598
-944
290
343
-1,157
218
-1,316
444
-396
-677
-22
117

13,819'
151'
3,577'
-892'
38
-382'
1,401'
579'
8,045'
229
-141'
72
10,387'
648'
-2,495'
-92
205'
-1,249
10'
488

3,360
-372
-748
3,843
925
509
-2,115
-836
2,904
61
-320
2
9,642
-58
635
-26
-353
919
-86
341

1,097,458
878,202

1,572,182
1,282,602

285,235
247,441

127,242
94,057'

123,864
98,413'

127,613
111,642'

140,619
124,893'

154,126
126,320'

143,450'
107,677'

141,785
139,764

28 Foreign sales

219,256

289,580

37,794

33,185'

15,726'

27,806'

35,773'

29 Net purchases, or sales (-)

218,983
31,629

289,344
92,632

37,847
19,931

33,319'
9,599'

25,448'
7,872

15,916'
5,260

15,751'
3,955

27,843'
15,506

35,790'
15,751

2,057
4,180

55,564
-398
500
5,938
3,591
1,583
1,259
-1,971
40,819
54
12,476
15,473
17,304
1,810
115,851
22,986
16,289
59,140
-103

88,746
-193
-261
4,471
4,168
5,028
-648
-185
53,311
1,528
9,507
14,181
39,750
7,037
129,141
37,461
31,659
45,062
-118
1,100

10,808
-25
1,608
-52
-336
-644
-505
-291
7,428
343
900
3,302
-3,139
3,200
22,575
13,684
5,987
6
46
155

10,277'
-19
344
84
481
315'
52
20'
5,251
282'
400
-267
7,665'
1,443
13,882'
4,770'
3,699
3,214
-19
-62

8,701'
3
759
436
819
1,018
-39
20'
4,706'
13
919
810
3,844'
575
10,578'
2,545
1,422
5,004
4
17

6,618'
-45
8
190
-585'
-149
-368
214'
3,487
501
697'
-87
1,820'
11
6,783'
1,156
2,363
3,857
25
49

4,577'
-70
-66
805
57'
-299
13
-171
3,765
694
498
1,920
4,461'
-488
4,854
610
1,132
2,534
-23
-48

10,336'
-75
857
270
675'
187
155
131
6,770
293
1,812
5,289
2,527'
1,140
6,771
383
3,599
-578
-36

12,074'
-30
706
252
-195'
-2,156
-361
-78
10,384
31
521
2,150
3,377'
2,189
15,389
11,400
2,823
-1,088
10
80

-1,266
5
902
-304
-141
1,513
-144
-213
-2,956
312
379
1,152
-6,516
1,011
7,186
2,284
3,164
1,094
36
75

1,277,006
904,784

1,666,037
1,165,329

312,680
224,247

131,424'
90,722'

157,346'
99,050'

149,055'
108,405'

173,943'
111,595'

166,971'
131,666'

155,259'
112,220'

157,421
112,027

55 Net purchases, or sales (-) .

372,222

500,708

88,433

40,702'

35,305'

43,039'

56 Foreign countries
57
Of which: by foreign official institutions

369,370
19,141

499,632
28,556

88,290
7,908

40,264'
2,761'

58,322'
1,830

40,640'
2,006

62,144'
3,220'

35,706'
2,864

42,956'
2,383

45,334
5,525

58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77

241,709
3,625
13,156
6,488
12,184
4,610
2,772
3,742
168,881
16,570
2,279
7,203
40,488

305,763
-653
21,563
-11,985
14,010
3,564
3,216
9,755
242,349
10,388
8,052
10,035
91,370
4,674
72,404
31,251
14,810
12,671
-178
7,512

57,219
-2,303
5,226
480
3,254
177
-462
1,264
1,264
1,093
3,499
802
8,618
244
15,076
7,339
1,451
2,315
-34
2,866

20,083'
-1,458
2,869'
27'
442'
-395'
144'
1,015
15,538'
-81
439'
1,578
10,698'
911'
6,468'
2,319
1,006
2,050'

44,616'
173'
3,029
836
3,118'
1,713'
64'
635
30,387'
3,108'
776'
1,024
7,577'
-486
3,982
1,869
669
268
63
770

25,122'
-138
3,423
-2,948
1,430'
-519
1,135
1,139
19,825'
883
-159'
977
8,711'
-56
5,681'
1,367
1,776
1,468
31
333

41,261'
-32
2,636
764'
2,589'
548'
61
2,477'
31,664'
-670'
1,317
762
9,433'
414'
8,899'
3,334
1,402'
2,377
49'
9'

12,780'
-374'
3,038'
-14,901'
24'
-33'
585'
376'
20,797'
1,612
1,301'
680
12,282'
-89'
8,778'
3,639
1,615
2,318
-435
409

30,729'
-1,519
3,723
285
1,989'
-746'
-217
491'
27,729'
650
376'
704
3,593'
221
7,487'
3,401
1,234
1,564'
-86
-68

26,490
-784
1,503
195
1,265
923
-245
773
21,182
443
3,123
98
5,025
23
7,589
3,938
217
751
52
2,934

3 Net purchases, or sales (-)
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Foreign countries
Of which: by foreign official institutions
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

-275

26 International and
regional organizations2
U.S. GOVERNMENT AGENCY BONDS

27 Foreign purchases

30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

Foreign countries
Of which: by foreign official institutions
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

52 International and
regional organizations2
CORPORATE BONDS 3

53 Foreign purchases . .
54 Foreign sales

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man .
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

78 International and
regional organizations3

69^910
26,130
11,012
25,617
394
6,365

1,076

-24

Securities Holdings and Transactions
3.24

55

FOREIGN TRANSACTIONS IN SECURITIES—Continued
Millions of dollars
2007
Transaction, and area or country

2005

2006

2007

2006'
Jan.Feb.

Aug.'

Sept.'

Oct.'

Nov.'

Dec'

Jan.'

Feb.'

-8,374
346,245
354,619

-19,867
342,698
362,565

-19,547
326,212
345,759

-13,200
341,666
354,866

-15,327
370,376
385,703

Foreign securities
79 Stocks, net purchases or sales (-) 4
-127,296
2,240,104
2,367,400

80 Foreign purchases
82 Bonds, net purchases or sales (-) 4

-107,391
3,699,410
3,806,801

-28,527
712,042
740,569

6,385
287,585
281,200

-9,335
281,208
290,543

-45,095

-139,751

-9,227

-10,392

-13,936

-8,224

-14,184

-29,186

-4,774

^t,453

83 Foreign purchases

1,459,882
1 504 977

1,872,823
2 012 574

445,915
455,142

140,409
150,801

146,152
160,088

161,418
169,642

194,222
208,406

195,131
224,317

216,329
221,103

229,586
234,039

85 Net purchases, or sales (-) of stocks and bonds4

-172,391

-247,142

-37,754

-4,007

-23,271

-16,598

-34,051

-48,733

-17,974

-19,780

-165,403
-81,669
-15,952
-46,382
-4,559
-23,487
5,474
-45,551
-32,842
-1,668
-13,943

-251,589
-218,438
-48,820
-158,505
-18,775
-12,564
25,749
-16,779
2,275
-2,272
-8,510

^12,330
-40,334
-11,528
-31,304
1,337
1,900
5,995
-8,422
-4,826
501
-3,307

-6,757
-11,723
734
-9,690
-3,302
1,005
2,095
5,026
1,547
-35
177

-25,312
-20,687
-3,404
-17,519
-839
43
-169
-2,103
-863
96
-1,653

-16,645
-20,076
-5,552
-9,098
-1,297
-2,153
9,176
-1,302
-665
244
-1,237

-34,132
-30,570
-5,735
-23,954
691
-2,787
3,878
-2,223
1,816
-79
-3,042

-48,476
-37,256
-8,605
-26,741
-2,543
-2,189
1,180
-6,399
-5,495
-349
-920

-18,138
-15,917
-3,974
-12,944
2,771
1,853
-2,564
-3,553
-792
186
-914

-24,192
-24,417
-7,554
-18,360
-1,434
47
8,559
-4,869
-4,034
315
-2,393

-6,988

4,447

4,576

2,750

2,041

47

81

-257

164

4,412

87 Europe
89

United Kingdom

91 Latin America
93 Asia
95 Africa
97 Nonmonetary international and
regional organizations2

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
2. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

3. Includes state and local securities. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investment abroad.
4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign
securities.
5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.

Foreign Transactions1

Millions of dollars; net purchases, or sales (-), during period

Area or country

Jan.Feb.

Aug.

Sept.

1 Total reported

338,112

32,200

42,902'

2,293r

2 Foreign countries
3
Of which: by foreign official institutions

335,160
68,689

196,830
69,639

32,548
-2,715

43,023'
16,482'

2,304'
7,589'

25,170'
18,463

32,750'
1,016

10,462'
6,092

15,346'
-5,254'

17,202
2,539

173,638
500
9,559
14,497
1,246
2,046
-6,095
6,414
1,832
-4,904
134,118
419
14,006
21,452

99,245
580
-1,600
2,146
-1,313
-1,288
693
5,129
703
-2,893
91,546
-296
5,838
14,160

16,801
-582
1,176
1,748
1,207
-857
1,535
-19,878
2,873
-1,355
27,437
-212
3,708
1,696

13,802'
113
-1,803
658'
1,455'
-550
-830
4,003

21,077
-91
5,379
62
655
-265
410
13,370
-908
25
26
234
2,180
-1,220

19,874'
-99
2,628
-610
-526
-555
280
6,121
-153
-898
13,880'
-44
-151
-2,625'

8,171
-1
-494
-29
-2,786
-28
1,309
-4,071
174
-1,828
16,705
-258
-521
517'

9,857'
-631
2,396
3,971'
898
-256
769
-11,683
1,932
-244'
10,418
-98
2,386
902'

6,944
50
-1,220
-2,223
310
-601
765
-8,195
941

230'
10,626
-328'
196
5,693'

7,635'
-370
-2,430
1,935'
-521
595'
729'
1,922
-547
-439'
6,876'
-235
120
2,001

3,054
4,476
-1,138
59
-343

-2,202
994
-3,720
211
313

2,354
1,702
631
5
16

6,628
7,109
-725
-77
321

10,377'

4
5
6
7
8
9
10
11
12
13
14
15
16
17

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man
Other Europe and former U.S.S.R. . .
Canada

18
19
20
21
22

Latin America
Brazil
Mexico
Venezuela
All other Latin America

23,368
12,269
9,756
518
825

21,924
23,100
-308
242
-1,110

8,982
8,811
-94
-72
337

10,214
11,244
-1,670
-18
658

3,265'
1,990
592
-22
705'

491
1,434
-874
43

23

Caribbean

44,997

-9,830

-4,258

-4,168'

-9,743'

2,287'

15,605'

-16,779'

-3,921'

-337

24
25
26
27
28
29
30

Asia
China, Mainland
Hong Kong
Japan
Korea
Middle East Oil Exporters2
All other Asia

68,317
37,369
12,313
-5,015
1,459
2,063
20,128

70,453
40,700
16,264
2,015
6,768
4,899
-193

8,812
10,177
4,844
-5,157
-7,581
1,620
4,909

16,324'
4,449'
1,961
11,365
-922
-540
11

-542'
1,501
-898
-3,432
2,420
-81
-52'

2,073
3,140
260
781
-702
-2,538
1,132

-2,760
-798
678
-256
-833
-1,097
-454

21,131
7,187
1,671
8,645
-825
1,199
3,254

5,387'
235
2,232
3,286
-3,684
1,399
1,919'

3,425
9,942
2,612
-8,443
-3,897
221
2,990

2,222
2,027

3,513
2,400

-15
610

163

641
-6

-638

188

-744

-4

179
501

-194
109

1,166

-2,635

530

744

-179

240

-564

2,952

824

-348

-121

-168

31

Africa

32

African oil exporters3

33

Other countries

34

International and regional organizations

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).

414
101

615

-85

17J019
-114
1,322
794

588

-58

-139

-209

3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

56

Federal Reserve Bulletin Statistical Supplement • April 2007

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
2006
Item

2004

2005

2007

2006
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

0.7728
2.1555
1.1359
7.8622
5.7858
1.2888
7.7816
44.73
117.32
3.6413
10.913
0.6693
6.3991
1.5558
7.2455
935.41
107.720
7.0612
1.2356
32.808
36.501
1.9125
2,144.60

0.7858
2.1476
1.1532
7.8219
5.6452
1.3205
7.7733
44.48
117.32
3.5477
10.855
0.6933
6.1826
1.5401
7.0345
924.98
107.791
6.8398
1.2099
32.512
35.694
1.9629
2,144.60

0.7826
2.1376
1.1763
7.7876
5.7364
1.2993
7.8000
44.21
120.45
3.5065
10.956
0.6947
6.3656
1.5373
7.1898
936.76
108.522
6.9901
1.2431
32.770
35.189
1.9587
2,144.60

0.7830
2.0939
1.1710
7.7502
5.6981
1.3080
7.8114
44.02
120.50
3.4949
10.995
0.6934
6.1860
1.5333
7.1755
936.90
108.684
7.0200
1.2393
32.968
33.888
1.9589
2,144.60

Exchange rates
COUNTRY/CURRENCY UNIT

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Australia/dollar2
Brazil/real
Canada/dollar
China, P.RJyuan
Denmark/krone
European Monetary Union/euro3
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

0.7365
2.9262
1.3017
8.2768
5.9891
1.2438
7.7891
45.26
108.15
3.8000
11.290
0.6643
6.7399
1.6902
6.4402
1,145.24
101.268
7.3480
1.2428
33.372
40.271
1.8330
1,886.13

0.7627
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
0.7049
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
1.8204
2,107.13

0.7535
2.1738
1.1340
7.9723
5.9422
1.2563
7.7681
45.19
116.31
3.6661
10.906
0.6492
6.4095
1.5882
6.7668
954.32
103.940
7.3718
1.2532
32.507
37.876
1.8434
2,144.60

0.7549
2.1679
1.1161
7.9334
5.8633
1.2722
7.7825
46.01
117.21
3.6699
10.989
0.6551
6.5008
1.5803
7.4465
952.29
102.595
7.2844
1.2455
32.904
37.427
1.8839
2,144.60

0.7544
2.1458
1.1285
7.9018
5.9085
1.2617
7.7849
45.36
118.61
3.6762
10.885
0.6621
6.6591
1.5775
7.6300
952.64
105.718
7.3338
1.2602
33.194
37.281
1.8765
2,144.60
Indexes4

NOMINAL

24 Broad (January 1997=100)s
25 Major currencies (March 1973=100)°
26 Other important trading partners (January
1997=100)7

113.63
85.37

110.71
83.71

108.52
82.46

107.92
81.59

108.21
82.36

107.34
81.48

106.53
80.89

107.59
82.37

107.23
82.07

143.38

138.89

135.38

135.37

134.79

134.06

133.03

133.18

132.77

99.54
91.09'

97.89'
90.89'

96.74'
90.82'

96.56
90.22

96.11'
90.62'

94.83'
89.34'

94.02'
88.65'

95.12'
90.45'

94.74
90.42

119.97

116.27

113.53'

113.89

112.26

110.86'

109.83

110.11'

109.24

REAL

27 Broad (March 1973=100)s
28 Major currencies (March 1973=100)s
29 Other important trading partners (March
1973=100)7

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at
www.federalreserve.gov/releases.
2. U.S. dollars per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro.
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a

measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.

57

Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data

Issue

Page

Reference

Assets and liabilities of commercial banks, 4.20
March 31,2006
June 30, 2006
September 30, 2006
December 31,2006

June
September
December
March

2006
2006
2006
2007

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Terms of lending at commercial banks, 4.23
February 2006
May 2006
August 2006
November 2006

May
August
November
February

2006
2006
2006
2007

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30
December 31,2005
March 31,2006
June 30, 2006
September 30,2006

May
August
November
February

2006
2006
2006
2007

64
64
64
64

Supplement
Supplement
Supplement
Supplement

August 2001
October 2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

September 2002
September 2003
September 2004

A58
A58
58

Bulletin
Bulletin
Supplement

September 2002
September 2003
September 2004

A67
A67
67

Bulletin
Bulletin
Supplement

September
September
September
September

2003
2004
2005
2006

A70
70
60
60

Bulletin
Supplement
Supplement
Supplement

September
September
September
September

2003
2004
2005
2006

A73
73
63
63

Bulletin
Supplement
Supplement
Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31,2001
June 30, 2001
September 30, 2001
Residential lending reported under the Home Mortgage Disclosure Act,
1989-2001
1990-2002
1991-2003
Disposition of applications for private mortgage insurance,
1998-2001
1999-2002
2000-2003
Small loans to businesses and farms,
1996-2002
1997-2003
1998-2004
1999-2005

4.34-4.411

4.42-4.45

4.46-4.48

Community development lending reported under the Community Reinvestment Act, 4.49
2002
2003
2004
2005

*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).

58

Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 34
Real estate mortgages held, by holder and property, 33
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4—6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)

Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-39
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 45, 48^19, 52-53
Liabilities to, 45^17, 50-51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
International capital transactions of United States, 44—55
International organizations, 45, 46^17, 48, 50-55
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33

EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10

MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)

OPEN market transactions, 9

Index to Statistical Tables

PRICES
Stock market, 24
Prime rate, 22
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit, 34
SAVING
Flow of funds, 33, 34, 35-39
Savings deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23

Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)

59

60

Federal Reserve Bulletin Statistical Supplement • April 2007

Federal Reserve Board Publications
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, Washington, DC 20551, or telephone (202) 452-3245,
or FAX (202) 728-5886. You may also use the publications
order
form
available
on
the
Board's
website
(www.federah-eserve.gov). When a charge is indicated, payment
should accompany request and be made payable to the Board of
Governors of the Federal Reserve System or may be ordered via
MasterCard, VISA, or American Express. Payment from foreign
residents should be drawn on a U.S. bank.

FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL

BOOKS AND MISCELLANEOUS

GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000.

COMPUTERS. CD-ROM; updated monthly.
Standalone PC. $300 per year.
Network, maximum 1 concurrent user. $300 per year.
Network, maximum 10 concurrent users. $750 per year.
Network, maximum 50 concurrent users. $2,000 per year.
Network, maximum 100 concurrent users. $3,000 per year.
Subscribers outside the United States should add $50 to cover
additional airmail costs.
T H E FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS.

2005. 136 pp.
ANNUAL

PERCENTAGE

RATE

PUBLICATIONS

TABLES

(Truth

in

1,186 pp. $20.00 each.

Lending—

Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp.
Vol. II (Irregular Transactions). 1969. 116 pp. Each volume
$5.00.

REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM.
STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN.

Monthly. $25.00 per year or $2.50 each in the United States,
its possessions, Canada, and Mexico. Elsewhere, $35.00 per
year or $3.50 each.

ANNUAL REPORT, 2003.
ANNUAL REPORT: BUDGET REVIEW, 2004.

ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price.
1981
October 1982
239 pp.
$ 6.50
266 pp.
$ 7.50
1982
December 1983
1983
October 1984
264 pp.
$11.50
254 pp.
$12.50
1984
October 1985
231 pp.
$15.00
1985
October 1986
1986
November 1987
288 pp.
$15.00
272 pp.
$15.00
1987
October 1988
256 pp.
$25.00
1988
November 1989
1980-89
March 1991
712 pp.
$25.00
185 pp.
$25.00
1990
November 1991
215 pp.
$25.00
1991
November 1992
215 pp.
$25.00
1992
December 1993
1993
December 1994
281 pp.
$25.00
190 pp.
$25.00
1994
December 1995
404 pp.
$25.00
1990-95
November 1996
1996-2000
March 2002
352 pp.
$25.00
FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50
each in the United States, its possessions, Canada, and
Mexico. Elsewhere, $15.00 per year or $3.50 each.
FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated

monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $75.00 per year.
Monetary Policy and Reserve Requirements Handbook. $75.00
per year.
Securities Credit Transactions Handbook. $75.00 per year.
The Payment System Handbook. $75.00 per year.
Federal Reserve Regulatory Service. Four vols. (Contains all
four Handbooks plus substantial additional material.) $200.00
per year.
Rates for subscribers outside the United States are as follows
and include additional airmail costs:
Federal Reserve Regulatory Service, $250.00 per year.
Each Handbook, $90.00 per year.

EDUCATION PAMPHLETS
Short pamphlets suitable for classroom use. Multiple copies are
available without charge.
A
A
A
A

Consumer's Guide to Mortgage Lock-Ins
Consumer's Guide to Mortgage Settlement Costs
Consumer's Guide to Mortgage Refinancings
Guide to Business Credit for Women, Minorities, and Small
Businesses
Choosing a Credit Card
Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish)
Consumer Handbook to Credit Protection Laws
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Making Sense of Savings
Privacy Choices for Your Personal Financial Information
Protecting Yourself from Overdraft and Bounced-Check Fees
Putting Your Home on the Loan Line Is Risky Business (also
available in Spanish)
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
What You Should Know About Home Equity Lines of Credit
(also available in Spanish)
When Is Your Check Not a Check? (also available in Spanish)

61

STAFF STUDIES: Only Summaries Printed in the

170.

BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-176 are available online at www.federalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications Fulfillment.

IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.
171.
172.

BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by

Gregory E. Elliehausen and John D. Wolken. September
1990. 35 pp.
162.

EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A.

Rhoades. February 1992. 11 pp.
164.

T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.
167.

A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING
PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES,

by Stephen A. Rhoades. July 1994. 37 pp.

USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR-

KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
69 pp.

N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and

Donald Savage. February 1990. 12 pp.
160.

THE COST OF BANK REGULATION: A REVIEW OF THE EVI-

DENCE, by Gregory Elliehausen. April 1998. 35 pp.

173.
159.

THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH

IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study

Group on Disclosure, Federal Reserve System. March 2000.
35 pp.
174.

BANK MERGERS AND BANKING STRUCTURE IN THE UNITED

STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp.
175.

THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS:
INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve

Staff, for the Payments System Development Committee,
Federal Reserve System. December 2002. 27 pp.
176.

BANK MERGER ACTIVITY IN THE UNITED STATES, 1994—

2003, by Steven J. Pilloff. May 2004. 23 pp.

62

Federal Reserve Bulletin Statistical Supplement • April 2007

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202)
728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a
charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal
Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be
drawn on a U.S. bank.

Release number and title

Annual
mail
rate

Annual
fax

rate

Approximate
release
days1

which data, refer
V ±±-LW±± U U l u A W-LW-L
V

Corresponding
Bulletin or
Statistical
Supplement 2
table numbers

Weekly Releases
Actions of the Board:
Applications and Reports
Received
H.3. Aggregate Reserves of
Depository Institutions and
the Monetary Base 3
H.4.1. Factors Affecting Reserve Balances
of Depository Institutions and
Condition Statement of
Federal Reserve Banks3
H.6. Money Stock Measures3

$55.00

n.a.

Friday

$20.00

n.a.

Thursday

$20.00

n.a.

Thursday

$35.00

n.a.

Thursday

H.8.

Assets and Liabilities of
Commercial Banks in the
United States3
H. 10. Foreign Exchange Rates 3

$30.00

n.a.

Friday

$20.00

$20.00

Monday

H.15. Selected Interest Rates3

$20.00

$20.00

Monday

$ 5.00

$ 5.00

First of month

Previous month

G.15. Research Library—
Recent Acquisitions
G.17. Industrial Production and
Capacity Utilization3

No charge

n.a.

First of month

Previous month

$15.00

n.a.

Midmonth

Previous month

2.12,2.13

G.19. Consumer Credit3

$ 5.00

$ 5.00

$ 5.00

n.a.

Second month
previous
Second month
previous

1.55, 1.56

G.20. Finance Companies3

Fifth working day
of month
End of month

H.2.

Week ending
previous
Saturday
Week ending
previous
Wednesday
Week ending
previous
Wednesday
Week ending
Monday of
previous week
Week ending
previous
Wednesday
Week ending
previous
Friday
Week ending
previous
Friday

1.20

1.11, 1.18

1.21

1.26A-F

3.28

1.35

Monthly Releases
G.5.

Foreign Exchange Rates3

3.28

1.51, 1.52

63

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin or
Statistical
Supplement
table numbers 2

Quarterly Releases
Survey of Terms of Business
Lending 3

$ 5.00

E. 11. Geographical Distribution of
Assets and Liabilities of
Major Foreign Branches of
U.S. Banks

5.00

E.16. Country Exposure Lending
Survey 3

E.2.

Z. 1.

Flow of Funds Accounts
of the United States:
Flows and Outstandings3

Midmonth of
March, June,
September, and
December

February, May,
August, and
November

n.a.

15th of March,
June,
September, and
December

Previous quarter

5.00

n.a.

January, April,
July, and
October

Previous quarter

$25.00

n.a.

Second week of
March, June,
September, and
December

Previous quarter

4.23

1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures.
Moreover, for all series unusual circumstances may, from time to time,
result in a release date being later than anticipated.
2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin,
the corresponding table for the statistical release no longer appears in the

1.57, 1.58,
1.59, 1.60

Bulletin. Statistical tables are now published in the Statistical Supplement
to the Federal Reserve Bulletin; the table numbers, however, remain the
same.
3. These releases are also available on the Board's website,
www.federalreserve.gov/releases.
n.a. Not available.

64

Federal Reserve Bulletin Statistical Supplement • April 2007

Publications of Interest
FEDERAL RESERVE REGULATORY SERVICE
To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related
statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin
stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price, which includes additional airmail costs,
is $250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Fulfillment, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.I quarterly statistical release),

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Fulfillment, Mail Stop
127, Board of Governors of the Federal Reserve System, Washington, DC 20551.

65

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.I

Flow of Funds

Quarterly


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102