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Volume 5 • Number 4 • April 2008 Statistical Supplement to the Federal Reserve , •I BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS C O M M I T T E E Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan • Stephen R. Malphrus • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). The Statistical Supplement began publication in 2004. It is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frb.gov. The Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/supplement. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886, or send an e-mail to publications-bog@frb.gov. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of April 2008. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • April 2008 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates and indexes of the foreign exchange value of the U.S. dollar 5 7 GUIDE TO SPECIAL TABLES 5 8 INDEX TO STATISTICAL TABLES 60 FEDERAL RESERVE BOARD PUBLICATIONS 62 ANTICIPATED FOR PERIODIC SCHEDULE OF RELEASE STATISTICAL RELEASES 6 4 PUBLICATIONS OF DATES 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 * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 1.10 Federal Reserve Bulletin Statistical Supplement • April 2008 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Ql' Reserves of depository institutions2 1 Total 2 Required 3 Monetary base3 Concepts of money4 4 Ml 5 M2 Q2' -7.8 -6.1 2.7 8.3 8.1 2.3 .3 7.1 .9 6.1 Q3' Q4' Sept/ -4.7 5.9 1.0 -58.1 27.9 -3.7 4.7 -.2 4.8 6.7 5.3 -1.3 -4.5 3.8 4.2 1.4 -2.2 -3.9 -3.3 -22.9 -20.4 -3.2 4.0 -3.5 4.5 2.7 3.8 -3.1 4.6 .5 4.9 .6 8.0 4.6 23.5 5.6 11.4 1.0 42.6 6.5 25.7 2.7 3.2 2.3 3.2 -4.2 -26.4 -15.2 7.3 2.7 -59.6 -3.1 -38.9 24.2 61.4 12.5 59.6 17.9 39.9 -3.0 Nontransaction components 6 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time1" Thrift institutions 9 Savings, including MMDAs . . . 10 Small time1" 11.4 9.3 26.3 10.9 Money market mutual funds 11 Retail7 12 Institution-only 17.4 17.0 13.3 28.3 7 8 7.2 3.1 2.2 -1.3 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 of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at -4.5 -3.4 21.0 39.7 20.4 54.1 -4.5 1.2 11.0 15.5 29.8 26.8 34.8 30.6 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 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 20 21 22 23 24 25 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 . . 866,970' 779,647 779,647 267,019 470,984 36,911 4,734 0 45,950 0 318 271 0 47 -719 41,774' 11,041 2,200 38,732 871,803' 764,359 764,359 251,631 470,984 36,911 4,834 0 45,040 10,968 3,765' 3,735 1 29 -772 48,443' 11,041 2,200 38,723 868,232 725,197 725,197 212,294 470,953 37,245 4,705 0 30,177 45,161 1,236 1,231 0 6 -1,061 67,521 11,041 2,200 38,681 870,897' 769,748 769,748 257,019 470,984 36,911 4,834 0 55,750 0 4,619 4,586 0 32 -369 41,150' 11,041 2,200 38,723 873,473 754,605 754,605 241,856 470,984 36,911 4,855 0 39,536 20,000 4,828' 4,802 0 26 -913 55,417 11,041 2,200 38,702 891,783 740,611 740,611 227,841 470,984 36,911 4,876 0 39,750 40,000 5,787 5,770 0 16 -1,028 66,663 11,041 2,200 38,681 869,209 728,182 728,182 215,360 470,984 36,911 4,928 0 33,036 40,000 1,517 1,512 0 5 -732 67,207 11,041 2,200 38,681 867,550 728,238 728,238 215,360 470,984 37,068 4,826 0 31,321 40,000 1,236 1,230 0 6 -1,045 67,799 11,041 2,200 38,681 861,622 723,298 723,298 210,360 470,984 37,463 4,491 0 21,500 50,000 752 744 0 8 -1,281 67,352 11,041 2,200 38,680 864,468 718,350 718,350 205,360 470,984 37,463 4,544 0 29,393 50,000 28 25 0 819,798 35,621 35,621 0 279 821,893 38,388 38,388 0 254 815,258 39,424 39,424 0 819,501 37,089 37,089 0 247 825,517 39,120 39,120 0 248 829,075 41,873 41,873 0 259 822,574 39,055 39,055 0 264 813,450 38,568 38,568 0 272 812,048 39,705 39,705 0 288 809,686 39,481 39,481 0 302 11,983' 5,112 99 6,463' 6,459' 4 309 42,830 8,432' 12,868' 5,867 99 6,575' 6,560' 16 327 42,980 7,385' 12,640 5,525 101 6,663 6,663 0 350 42,789 9,763 14,474' 7,500 104 6,597' 6,540' 57 272 42,809 8,743' 11,904' 4,910 97 6,614' 6,614' 0 283 42,799 5,828' 16,105 8,693 97 6,614 6,614 0 701 43,209 13,183 12,138 5,146 102 6,646 6,646 0 243 42,878 4,222 12,224 5,171 100 6,650 6,650 0 303 43,258 11,699 12,440 5,335 102 6,679 6,679 0 325 42,516 6,546 11,751 4,650 101 6,670 6,670 0 330 42,703 12,466 -1,149 67,846 11,041 2,200 38,680 ABSORBING RESERVE FUNDS 26 27 28 29 30 31 32 33 End-of-month figures Wednesday figures Jan. 9 Jan. 16 866,002 728,203 728,203 215,360 470,984 36,911 4,948 0 30,500 40,000 1,015 1,010 0 5 -746 67,029 11,041 2,200 38,681 878,976 728,259 728,259 215,360 470,984 37,463 4,452 0 39,000 40,000 5,567 5,557 0 10 -1,226 67,376 11,041 2,200 38,681 861,242 723,315 723,315 210,360 470,984 37,463 4,508 0 22,000 50,000 20 14 0 6 -1,555 67,463 11,041 2,200 38,680 885,571 718,371 718,371 205,360 470,984 37,463 4,564 0 50,000 50,000 46 43 0 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 20 21 22 23 24 25 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 . . 872,767' 769,755 769,755 257,019 470,984 36,911 4,842 0 57,750 0 4,765 4,735 0 31 -670 41,166' 11,041 2,200 38,723 876,764 754,612 754,612 241,856 470,984 36,911 4,862 0 42,500 20,000 4,535' 4,513 0 -347 55,465 11,041 2,200 38,702 908,035 740,627 740,627 227,841 470,984 36,911 4,892 0 56,750 40,000 4,923 4,918 0 5 -1,059 66,793 11,041 2,200 38,681 810,821 39,574 39,574 0 823,068 36,430 36,430 0 246 829,075 40,542 40,542 0 259 828,938 40,909 40,909 0 263 819,017 37,773 37,773 0 270 812,656 41,079 41,079 0 286 811,799 37,495 37,495 0 304 811,310 39,485 39,485 0 13,014 5,773 114 6,812 6,812 0 315 42,537 10,881 11,539' 4,586 96 6,597' 6,540' 57 260 42,403 11,045' 11,533' 4,529 97 6,614' 6,614' 0 293 42,900 4,399' 14,290 7,277 98 6,614 6,614 0 302 42,466 33,092 12,320 5,363 98 6,650 6,650 0 209 42,477 6,068 12,730 5,674 97 6,650 6,650 0 309 42,632 21,514 11,950 4,871 97 6,679 6,679 0 304 42,151 9,464 12,171 5,082 99 6,670 6,670 0 320 42,443 31,796 866,974' 779,701 779,701 267,019 470,984 36,911 4,787 0 47,500 0 33 8 0 25 -820 40,562' 11,041 2,200 38,765 902,035 740,611 740,611 227,841 470,984 36,911 4,876 0 46,500 40,000 8,636' 8,620 0 16 -19 66,306 11,041 2,200 38,681 865,193 713,382 713,382 200,360 470,010 38,437 4,576 0 25,500 60,000 38 36 0 817,259 35,916 35,916 0 266 828,938 43,985 43,985 0 259 11,536' 4,669 97 6,485' 6,485' 0 285 42,571 11,432' 24,660' 16,120 96 6,614' 6,614' 0 1,830 41,975 14,140' -2,352 68,624 11,041 2,200 38,680 -1,131 68,285 11,041 2,200 38,680 ABSORBING RESERVE FUNDS 26 27 28 29 30 31 32 33 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. In the March edition of the Statistical Supplement, the data in Table 1.11 for "Other loans" (line 11 in the upper and lower tables) were incorrect. The data have been corrected in the online version of the March edition and are correct in both the print and online versions of the April edition. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • April 2008 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Term auction credit 2007 2008 2005 2006 2007 Dec. Dec. Dec' July' Aug.' Sept.' Oct.' Nov.' Dec' Jan. 10.047 51,314 35,337 15,977 45,384 43,483 1,900 169 97 0 72 n.a. 8.479 50,897 34,803 16,094 43,282 41,420' 1,862' 191 111 0 80 n.a. 8.203 52,162 34,527 17,635 42,730 40,978 1,752 15,430 3,787 1 30 11,613 8.276 50,207 34,319 15,889 42,594 40,957 1,637 262 45 0 217 n.a. 10.922 51,043 33,645 17,398 44,567 39,739 4,828 975 701 19 255 n.a. 8.757 49,633 33,479 16,154 42,236 40,510 1,726 1,567 1,345 0 221 n.a. 8.293 49,755 33,212 16,543 41,505 40,070 1,435 254 126 13 115 n.a. 8.553 48,995 33,342 15,653 41,895 40,199 1,696 366 315 0 50 n.a. 8.203 52,162 34,527 17,635 42,730 40,978 1,752 15,430 3,787 1 30 11,613 8.738 53,162 35,325 17,837 44,064 42,430 1,633 45,660 1,137 0 6 44,516 B weekly a\ erages of daily igures for tw o-week periods ending on dates indicated 2008 2007 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Term auction credit Oct. 10' Oct. 24' Nov. 7' Nov. 21' Dec. 5' Dec. 19' Jan. 2' Jan.16 Jan. 30 Feb. 13 9.749 51,372 34,103 17,270 43,852 41,802 2,050 230 70 0 160 n.a. 7.019 49,299 32,887 16,412 39,906 39,123 782 267 134 29 105 n.a. 8.762 48,358 32,590 15,769 41,351 39,492 1,859 264 191 0 74 n.a. 7,845 49,718 32,726 16,992 40,571 39,052 1,519 524 479 0 45 n.a. 9.494 48,367 34,886 13,482 44,380 42,534 1,845 199 158 0 41 n.a. 6.626 52,089 32,072 20,017 38,698 37,521 1,177 3,833 3,798 2 34 n.a. 9.505 53,828 37,242 16,586 46,747 44,364 2,383 35,308 5,286 0 21 30,000 7.961 51,444 32,043 19,402 40,004 38,290 1,713 41,377 1,371 0 6 40,000 9.506 54,544 38,456 16,088 47,962 46,518 1,444 50,390 385 0 5 50,000 7.341 56,556 33,624 22,932 40,965 39,306 1,659 60,102 101 0 1 60,000 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound'' institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta "hicago St. Louis Minneapolis Kansas City Dallas San Francisco On 5/2/08 Effective date Previous rate On 5/2/08 5/1/08 4/30/08 5/1/08 4/30/08 5/1/08 4/30/08 2.50 2.75 2.25 i 1 4/30/08 5/1/08 5/1/08 4/30/08 5/1/08 4/30/08 2.25 i 1 2.50 2.75 Seasona credit3 Effective date Previous rate On 5/2/08 Effective date Previous rate 5/1/08 4/30/08 5/1/08 4/30/08 5/1/08 4/30/08 3.00 2.60 4/24/08 2.50 1 4/30/08 5/1/08 5/1/08 4/30/08 5/1/08 4/30/08 1 1 3.00 2.60 1 1 4/24/08 2.50 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9, 2003 (beginning of program) 2 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 of Range(or level)—All F.R. Banks F.R. Bank 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date N.Y. of Range(or level)—All F.R. Banks F.R. Bank 4.00^1.75 4.00 3.50^1.00 3.50 3.25-3.50 2.50-3.50 2.50 2.25-2.50 2.25 4.00 4.00 3.50 3.50 3.25 2.50 2.50 2.25 2.25 2.25 2.25 Range(or level)—All F.R. Banks F.R. Bank 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 N.Y. 2008—Jan. 22 24 30 31 Mar. 17 18 20 Apr. 30 May 1 In effect May 2, 2008 of N.Y. 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 Effective date 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 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 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 of Effective date N.Y. 2001—June 27 29 Aug. 21 23 In effect Jan. 8, 2003 (end of program) of N.Y. 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 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$9.3 million2 2 More than $9.3 million-$43.9 million3 3 More than $43.9 million Percentage of liabilities Effective date 10 12/21/07 12/21/07 12/21/07 4 Nonpersonal time deposits 0 12/27/90 5 Eurocurrency liabilities 0 12/27/90 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. 0 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET 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 871,661 871,661 905,206 905,206 2,894 0 109,557 -108,098 2,795 4,967 0 0 0 839,688 839,688 49,178 62,340 62,340 0 0 72,690 72,690 0 75,502 75,502 10,000 62,083 62,083 0 0 62,143 62,143 0 0 0 83,590 83,590 0 0 0 0 0 0 0 0 0 0 0 2,211 0 0 0 1,236 0 0 0 0 0 7,539 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 290 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,007 0 -11,395 3,000 3,299 0 0 640 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28,136 0 2,795 44,690 0 10,552 10,680 0 50,415 0 0 0 0 0 0 0 0 0 11,309 0 -91,121 97,723 3,626 0 -7,041 7,375 26 Net change in U.S. Treasury securities . . . 0 10,552 26,354 0 34,138 0 1,236 0 11,236 -11,236 24,580 24,580 39,178 0 39,178 -39,178 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales 2,083,300 2,131,500 2,591,000 177,750 188,250 185,000 180,000 209,000 200,750 236,500 230,250 268,750 265,000 318,750 319,750 249,250 250,250 6,421,223 6,420,945 6,779,023 6,778,132 8,662,508 8,676,879 672,056 669,588 673,157 673,778 722,358 725,162 669,935 669,850 786,360 788,726 715,682 713,543 761,133 769,202 37 Net change in temporary transactions 14,028 -5,110 -8,621 -8,032 4,379 5,446 6,334 1,385 1,139 -9,070 38 Total net change in System Open Market Account 39,369 29,029 ^18,355 -8,032 4,379 -5,791 6,334 1,385 1,139 ^18,248 Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • April 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Jan. 16 Jan. 23 Jan. 30 Nov. Dec. Jan Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, term auction credit, and other loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Items in process of collection Bank premises Other assets Denominated in foreign currencies6 All other7 20 Total assets 11,037 2,200 1,294 11,037 2,200 1,369 11,037 2,200 1,195 1,179 11,037 2,200 1,396 812,826 728,259 728,259 215,360 470,984 37 463 4,452 0 39,000 40,000 5,567 2,062 2,132 65,327 47,939 17,388 795,335 723,315 723,315 210,360 470,984 37,463 4,508 0 22,000 50,000 2,137 65,156 47,415 17,741 818,417 718,371 718,371 205,360 470,984 37,463 4,564 0 50,000 50,000 46 1,725 2,140 66,167 47,772 18,395 827,233 779,701 779,701 267,019 470,984 36,911 4,787 0 47,500 0 33 1,516 2,128 38,417 22,998 15,419 835,748 740,611 740,611 227,841 470,984 36,911 4,876 0 46,500 40,000 8,636 1,804 2,144 64,164 47,295 16,868 798,921 713,382 713,382 200,360 470,010 38,437 4,576 0 25,500 60,000 38 1,172 2,133 65,400 47,663 17,737 883,999 896,830 879,847 903,055 883,726 918,275 882,258 781,803 37,773 18,561 12,892 5,363 98 209 3,384 5,054 775,503 41,079 34,328 28,248 5,674 97 309 3,287 5,068 774,712 37,495 21,255 15,984 4,871 97 304 4,233 4,406 774,282 39,485 43,998 38,497 5,082 99 320 2,847 4,546 779,951 35,916 22,958 17,907 4,669 97 285 2,330 5,864 791,691 43,985 38,813 20,767 16,120 96 1,830 1,811 5,076 773,820 39,574 23,861 17,659 5,773 114 315 2,466 4,485 846,576 859,267 842,102 865,158 847,019 881,376 844,206 18,446 18,302 470 18,459 18,356 607 18,448 18,417 698 18,465 18,444 836 18,472 18,480 945 18,186 15,453 3,069 18,450 18,450 18,471 18,487 1,095 37,217 37,422 2,063,762 1,233,372 830,390 18,110 2,058,359 1,233,183 825,176 4,976 11,037 2,200 1,169 11,037 2,200 1,202 1,246 842,300 740,627 740,627 227,841 470,984 36,911 4,892 0 56,750 40,000 4,923 2,150 2,134 64,711 47,838 16,873 799,718 728,203 728,203 215,360 470,984 36,911 4,948 0 30,500 40,000 1,015 2,647 2,132 65,064 47,726 17,338 925,701 791,684 40,909 47,444 39,769 7,277 98 302 3,197 5,249 LIABILITIES 21 22 23 24 25 26 27 28 29 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 30 Total liabilities CAPITAL ACCOUNTS 31 Capital paid in 32 Surplus 33 Other capital accounts 38,052 37,897 34 Total capital MEMO 35 Marketable securities held in custody for foreign official and international accounts3-10 36 U.S. Treasury 37 Federal agency 38 Securities lent to dealers 2,082,535 1,245,684 836,851 6,505 2,103,433 1,250,167 853,265 10,594 2,118,480 1,263,048 855,431 11,461 2,037,142 1,224,765 812,377 6,066 2,062,692 1,232,649 830,044 16,649 2,124,119 1,269,386 854,733 12,605 Federal Reserve notes and collateral statement 39 Federal Reserve notes outstanding 40 Less: Notes held by F.R. Banks not subject to collateralization 41 Federal Reserve notes to be collateralized 42 Collateral held against Federal Reserve notes . . 43 Gold certificate account 44 Special drawing rights certificate account . . . 45 U.S. Treasury and agency securities pledged1' 46 Other assets pledged 1,009,663 1,007,943 1,006,079 1,004,645 1,001,165 1,005,141 1,010,261 1,000,423 217,979 791,684 791,684 11,037 2,200 756,409 22,039 226,140 781,803 781,803 11,037 2,200 720,876 47,691 230,576 775,503 775,503 11,037 2,200 726,122 36,144 229,932 774,712 774,712 11,037 2,200 707,795 53,680 226,883 774,282 774,282 11,037 2,200 728,856 32,189 225,190 779,951 779,951 11,037 2,200 766,714 0 218,571 791,691 791,691 11,037 2,200 743,064 35,390 226,603 773,820 773,820 11,037 2,200 699,289 61,295 797,377 758,703 767,259 745,315 768,371 827,201 787,111 738,882 40,968 37,827 41,137 37,520 39,515 35,978 44,048 39,594 756,409 720,876 726,122 707,795 728,856 791,223 743,064 699,289 MEMO 47 Total U.S. Treasury and agency securities" 48 Less: face value of securities under reverse repurchase agreements12 49 U.S. Treasury and agency securities eligible to be pledged NOTE: In the March edition of the Statistical Supplement, the data in Table 1.18 for "Other loans" (line 14) were incorrect. The data have been corrected in the online version of the March edition and are correct in both the print and online versions of the April edition. 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 End of month Wednesday Dec. Jan. 0 40,000 60,000 0 0 0 40,000 30.000 30,000 46 33 8,636 38 40 7 0 23 10 0 8,630 6 0 31 8 0 723,315 718,371 779,701 740,611 713,382 46,545 123,121 148,953 231,414 84,395 88,887 48,770 115,775 149,079 231,432 84,407 88,909 34,580 175,217 160,158 239,034 81,932 88,779 27,294 149,727 152,267 240,562 81,947 88,814 40,975 110,504 151,542 236,062 84,409 89,890 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 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 40,000 40,000 40,000 50,000 50,000 20,000 20,000 20.000 20,000 40.000 0 20.000 30,000 50.000 0 4 Other loans 4,923 1,015 5,567 20 5 Within 15 days 4,918 5 0 1,010 5 0 5,567 0 0 20 0 0 8 Total U.S. Treasury securities1 740,627 728,203 728,259 9 Within 15 days 39,862 143,717 150,526 235 751 81,950 88,821 39,729 137,196 144,703 235,773 81,960 88,843 43,205 131,419 148,990 231,397 81,969 91,278 15 Total federal agency securities 0 0 16 Within 15 days 0 0 0 0 0 0 0 0 0 0 0 0 2 Within 15 days 3 16 days to 90 days 7 91 days to 1 year 11 91 days to 1 year 13 Over 5 years to 10 years 14 Over 10 years 18 91 days to 1 year 20 Over 5 years to 10 years 2008 2007 2008 Type of holding and remaining maturity Nov. 56,750 30,500 39,000 22,000 50,000 47,500 46,500 25,500 23 Within 15 days 24 16 days to 90 days 56,750 0 30,500 0 39,000 0 22,000 0 50,000 0 39,500 8,000 46,500 0 25,500 0 25 Total reverse repurchase agreements2 40,909 37,773 41,079 37,495 39,485 35,916 43,985 39,574 26 Within 15 days 27 16 days to 90 days 40,909 0 37,773 0 41,079 0 37,495 0 39,485 0 35,916 0 43,985 0 39,574 0 NOTE: Components may not sum to totals because of rounding. In the March edition of the Statistical Supplement, the data in Table 1.19 for "Other loans" (lines 4-7) were incorrect. The data have been corrected in the online version of the March edition and are correct in both the print and online versions of the April edition. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 2. Cash value of agreements. 12 Federal Reserve Bulletin Statistical Supplement • April 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec' Aug.' Sept.' Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 46.60 46.54 44.69 759.26 45.14 44.98 43.24 787.31 43.32 43.13' 41.46' 811.82 42.60 27.17 40.85 823.39 43.61 43.42 41.86' 820.08' 41.78 41.52 40.15 821.34 44.87 43.90 40.04 824.45 42.70 41.13 40.97 821.89 42.54 42.28 41.10 824.74 42.68 42.31 40.98 825.67 42.60 27.17 40.85 823.39 41.79 -3.87 40.15 821.16 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.50' 818.40 42.81 27.38 41.06 829.81 43.74 43.55 41.99' 820.03 42.69 42.43 41.06 821.92 44.67 43.70 39.85 823.04 42.36 40.79 40.63 820.02 41.64 41.39 40.21 821.91 42.04 41.67 40.34 826.71 42.81 27.38 41.06 829.81 44.06 -1.60 42.43 824.44 46.85 46.79 44.94 774.77 1.91 .06 45.38 45.22 43.48 802.30 1.90 .17 43.28 43.09 41.42' 825.29 1.86' .19 42.73 27.30 40.98 836.35 1.75 15.43 43.65 43.47 41.90' 826.50' 1.75' .19 42.59 42.33 40.96 828.31 1.64 .26 44.57 43.59 39.74 829.68 4.83 .98 42.24 40.67 40.51 826.57 1.73 1.57 41.51 41.25 40.07 828.38 1.44 .25 41.90 41.53 40.20 833.10 1.70 .37 42.73 27.30 40.98 836.35 1.75 15.43 44.06 -1.60 42.43 831.11 1.63 45.66 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash'' and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec/ Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,376.3 6,418.8' 9,433.0 1,374.5 6,689.1' 10,154.0 1,366.5' 7,031.9' n.a. 1,366.3 7,427.9 n .a. 1,369.2 7,369.7 n.a. 1,365.7 7,398.0 n .a. 1,366.3 7,427.9 n.a. 1,367.0 7,477.4 n.a. Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 697.6 7.5 343.2 328.0 723.9 7.2 324.9 318.5 748.9 6.7 305.9' 305.0 758.7 6.3 295.2 306.1 761.5 6.4 296.9 304.4 761.1 6.3 296.9 301.4 758.7 6.3 295.2 306.1 757.7 6.2 295.1 307.9 Nontransaction components 8 In M27 9 In M3 onlys 5,042.5' 3,011.1 5,314.6' 3,478.5 5,665.4' n.a. 6,061.6 n .a. 6,000.5 n.a. 6,032.2 n .a. 6,061.6 n.a. 6,110.3 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,631.0 551.2' 909.3 2,771.5 644.9' 1,122.9 2,904.0' 759.2' n.a. 3,034.1 821.5 n .a. 3,011.0 802.1 n.a. 3,027.2 819.3 n .a. 3,034.1 821.5 n.a. 3,039.8 823.7 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 887.3 278.8 161.5 849.9 351.3 230.7 792.9 412.4 n.a. 853.6 394.8 n .a. 859.0 407.6 n.a. 856.8 394.4 n .a. 853.6 394.8 n.a. 861.4 399.9 n.a. 694.2' 1,085.7' 697.0' 1,150.4' 796.8' 1,348.2' 957.7 1,882.8 920.8 1,782.3 934.5 1,841.6 957.7 1,882.8 985.5 1,930.8 492.6 379.1 564.3 423.9 n.a. n.a. n .a. n .a. n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. 4 5 6 7 Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,401.3 6,448.6' 9,482.2 1,396.6 6,719.1' 10,201.4 1,387.3' 7,067.6' n.a. 1,386.0 7,466.0 1,361.3 7,345.5 1,361.9 7,399.5 n.a. 1,386.0 7,466.0 1,364.1 7,463.2 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 754.5 6.7 316.7' 309.3 763.8 6.3 305.1 310.8 759.6 6.4 296.7 298.7 762.2 6.3 298.0 295.4 763.8 6.3 305.1 310.8 755.4 6.2 290.3 312.1 Nontransaction components 27 In M27 28 In M3 onlys 5,047.4' 3,025.4 5,322.5' 3,488.3 5,680.4' n.a. 6,080.1 5,984.2 6,037.6 n.a. Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,633.2 550.4' 903.3 2,776.1 644.1' 1,114.4 2,913.1' 758.6' n.a. 3,044.0 821.5 2,998.3 805.2 3,030.9 821.8 n.a. 3,044.0 821.5 n.a. 3,022.0 823.4 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 888.0 278.4 160.4 851.3 350.8 228.9 795.4 412.1 n.a. 856.3 394.8 855.3 409.2 857.8 395.6 n.a. 856.3 394.8 856.3 399.8 697.2' 1,110.5' 700.3' 1,176.4' 801.1' 1,381.0' 963.5 1,930.5 916.2 1,792.2 931.5 1,863.7 963.5 1,930.5 997.6 1,974.7 494.6 376.6 566.1 422.0 n.a. n.a. 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appeal on following page. n.a. n.a. 6,099.1 14 Federal Reserve Bulletin Statistical Supplement • April 2008 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Monetary and Reserves Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. do liar-denominated travelers checks 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 ly figures Monthly averages Account Mar. Sept.' Oct.' 2008 2008 2007 2007 Nov.' Dec' Jan.' Feb.' Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,449.6' 2,261.4' 1,204.4 1,057.0' 6,188.2 1,223.7 3,376.3 461.6 2,914.7 746.3 279.0 562.9 365.4 288.5 853.8' 8,952.8 2,383.9 1,174.0 1,210.0 6,568.9 1,354.3 3,503.5 472.5 3,031.0 784.0 283.6 643.5 396.1 296.8 919.0 9,055.7 2,408.5 1,140.2 1,268.4 6,647.1 1,385.7 3,533.7 475.1 3,058.5 789.0 274.2 664.6 409.0 293.9 928.3 9,186.2 2,473.5 1,132.8 1,340.7 6,712.7 1,403.1 3,559.9 478.6 3,081.3 796.2 285.5 667.9 422.6 298.9 945.3 9,217.8 2,435.3 1,131.8 1,303.5 6,782.6 1,429.7 3,576.6 482.8 3,093.8 809.1 291.5 675.7 435.5 294.1 952.5 9,280.9 2,438.3 1,108.0 1,330.2 6,842.6 1,447.8 3,595.0 486.3 3,108.7 811.6 305.2 682.9 443.1 298.0 969.2 9,350.5 2,468.8 1,106.8 1,362.0 6,881.7 1,457.2 3,621.9 490.8 3,131.1 811.9 298.6 692.0 456.2 301.5 971.6 9,501.1 2,577.4 1,128.2 1,449.2 6,923.8 1,479.4 3,656.6 498.3 3,158.4 815.0 292.1 680.6 446.0 303.1 1,019.7 9,429.4 2,515.6 1,114.6 1,401.0 6,913.8 1,470.7 3,632.6 493.7 3,138.8 813.2 298.5 698.9 441.4 297.4 993.1 9,495.1 2,574.5 1,119.4 1,455.1 6,920.6 1,477.8 3,647.1 496.8 3,150.3 816.6 294.3 684.9 447.5 304.9 1,002.9 9,567.4 2,609.4 1,134.1 1,475.4 6,958.0 1,480.6 3,674.4 499.4 3,174.9 815.3 298.6 689.0 446.4 297.8 1,033.0 9,537.9 2,603.5 1,138.1 1,465.4 6,934.4 1,488.9 3,672.4 499.4 3,173.0 815.2 284.2 673.6 451.3 310.9 1,035.2 9,889.4' 10,492.0 10,612.2 10,776.8 10,820.9 10,907.4 10,994.3 11,182.9 11,074.8 11,164.0 11,257.9 11,249.1 6,218.0' 625.5' 5,592.5' 1,720.4 3,872.0' 2,030.9 419.8' 1,611.1' 13.1 593.1 6,450.6 608.6 5,842.0 1,874.2 3,967.9 2,246.4 463.9 1,782.4 86.3 598.0 6,558.3 626.8 5,931.5 1,961.1 3,970.4 2,218.3 471.6 1,746.7 73.8 621.4 6,636.1 609.6 6,026.5 2,027.8 3,998.7 2,234.7 474.3 1,760.4 86.5 658.4 6,656.9 599.9 6,057.0 2,036.2 4,020.8 2,273.5 501.8 1,771.7 76.4 657.3 6,698.1 614.8 6,083.2 2,068.2 4,015.0 2,275.5 501.6 1,773.9 88.1 707.8 6,776.1 618.5 6,157.6 2,095.8 4,061.7 2,278.3 505.0 1,773.3 75.0 712.8 6,873.5 613.0 6,260.5 2,105.8 4,154.7 2,303.5 500.1 1,803.4 62.7 787.5 6,823.1 626.7 6,196.4 2,106.1 4,090.3 2,280.8 499.3 1,781.6 61.6 757.2 6,866.9 604.5 6,262.4 2,109.6 4,152.8 2,280.1 502.6 1,777.5 82.1 787.2 6,899.2 626.3 6,272.9 2,120.9 4,152.0 2,316.0 501.4 1,814.6 69.5 808.1 6,903.2 607.2 6,296.0 2,100.1 4,195.9 2,325.4 506.8 1,818.7 63.4 807.5 27 Total liabilities 8,855.1' 9,381.3 9,471.8 9,615.6 9,664.2 9,769.4 9,842.1 10,027.1 9,922.7 10,016.4 10,092.9 10,099.6 28 Residual (assets less liabilities)5 1,034.3' 1,110.7 1,140.4 1,161.2 1,156.6 1,138.0 1,152.2 1,155.7 1,152.1 1,147.6 1,165.0 1,149.6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury 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'" 8,434.8' 2,271.9' 1,215.7 1,056.2' 6,162.9 1,223.2 3,355.9 459.6 2,896.2 741.2 309.8 431.4 284.7 557.9 370.0 280.2 848.5' 8,946.9 2,368.0 1,164.0 1,204.0 6,578.9 1,353.3 3,506.3 472.4 3,033.9 786.4 333.3 453.1 279.4 653.5 394.8 297.7 928.3 9,068.3 2,395.7 1,126.8 1,268.8 6,672.7 1,387.4 3,565.7 477.8 3,088.0 783.8 331.5 452.3 271.0 664.8 409.9 291.8 936.6 9,232.2 2,477.5 1,126.5 1,351.0 6,754.7 1,406.0 3,600.5 482.4 3,118.1 796.4 343.1 453.3 285.0 666.8 432.9 303.7 945.4 9,264.6 2,419.8 1,111.6 1,308.3 6,844.7 1,435.3 3,609.8 486.6 3,123.2 818.5 365.7 452.8 299.3 681.8 451.8 309.5 952.0 9,317.8 2,429.4 1,091.9 1,337.5 6,888.4 1,452.0 3,617.4 490.1 3,127.3 828.2 361.7 466.5 307.0 683.9 448.2 312.9 968.8 9,376.5 2,481.0 1,111.9 1,369.1 6,895.5 1,460.8 3,629.1 493.7 3,135.4 818.1 346.9 471.2 300.7 686.9 461.5 301.6 972.9 9,477.3 2,581.8 1,138.4 1,443.4 6,895.4 1,478.5 3,630.9 496.1 3,134.8 810.6 337.8 472.8 301.7 673.8 450.6 294.6 1,013.4 9,458.1 2,534.5 1,132.7 1,401.8 6,923.5 1,473.9 3,635.9 495.3 3,140.5 811.2 340.9 470.3 308.4 694.1 446.3 293.7 993.3 9,487.8 2,594.8 1,135.1 1,459.7 6,893.0 1,476.0 3,627.8 495.9 3,131.9 812.4 340.9 471.5 303.0 673.8 455.6 303.0 1,000.4 9,527.3 2,606.9 1,141.6 1,465.3 6,920.4 1,482.2 3,637.5 496.6 3,140.8 811.0 337.9 473.1 305.5 684.2 450.4 286.1 1,022.6 9,481.9 2,591.5 1,142.4 1,449.0 6,890.4 1,482.9 3,636.1 495.8 3,140.3 810.8 337.0 473.8 297.2 663.4 448.5 295.0 1,021.9 9,865.6' 10,495.0 10,632.3 10,838.3 10,898.2 10,963.5 11,026.4 11,148.6 11,104.0 11,159.9 11,199.9 11,161.2 6,216.7' 630.5' 5,586.2' 1,722.6 3,863.6' 2,038.3' 422.3' 1,616.0' -12.4 576.8 6,436.3 599.1 5,837.2 1,867.5 3,969.7 2,256.9 463.6 1,793.3 95.4 601.4 6,567.4 615.9 5,951.5 1,966.2 3,985.4 2,209.7 465.0 1,744.7 90.5 630.8 6,674.2 613.4 6,060.9 2,033.2 4,027.6 2,239.6 479.0 1,760.6 94.4 679.4 6,710.8 627.9 6,082.9 2,033.4 4,049.4 2,281.3 511.9 1,769.3 95.6 660.7 6,713.4 627.7 6,085.7 2,074.1 4,011.6 2,277.4 509.0 1,768.5 116.3 701.7 6,773.5 609.9 6,163.6 2,093.7 4,069.9 2,285.4 506.7 1,778.7 89.8 707.8 6,868.0 616.3 6,251.7 2,106.8 4,144.9 2,309.7 503.6 1,806.1 30.8 764.6 6,856.5 593.7 6,262.8 2,104.2 4,158.6 2,302.1 502.4 1,799.6 37.0 741.0 6,869.4 588.5 6,280.9 2,108.7 4,172.1 2,297.2 511.0 1,786.2 41.1 774.1 6,869.8 635.0 6,234.8 2,114.7 4,120.2 2,336.0 505.6 1,830.4 38.8 777.7 6,835.6 652.1 6,183.5 2,100.9 4,082.7 2,315.9 502.7 1,813.2 51.7 778.2 57 Total liabilities 8,819.3' 9,390.0 9,498.3 9,687.6 9,748.5 9,808.9 9,856.6 9,973.1 9,936.5 9,981.7 10,022.4 9,981.4 58 Residual (assets less liabilities)5 1,046.3' 1,105.0 1,133.9 1,150.7 1,149.7 1,154.6 1,169.7 1,175.5 1,167.5 1,178.1 1,177.5 1,179.9 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. 16 Federal Reserve Bulletin Statistical Supplement • April 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Mar. Sept.' Oct.' 2008 2008 2007 2007 Nov.' Dec' Jan.' Feb.' Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,465.5' 1,857.7' 1,116.6 741.1' 5,607.8 999.4 3,354.2 461.6 2,892.6 746.3 123.9 384.0 300.1 235.7 815.8' 7,851.0 1,942.1 1,084.1 858.1 5,908.9 1,099.4 3,467.9 472.5 2,995.4 783.9 133.7 423.8 319.2 240.8 873.5 7,927.6 1,946.7 1,046.6 900.2 5,980.9 1,125.2 3,498.0 475.1 3,022.8 789.0 133.5 435.2 330.0 235.1 882.7 8,026.7 1,992.3 1,040.1 952.2 6,034.4 1,133.5 3,523.3 478.6 3 044.7 796.2 141.6 439.8 343.2 242.2 897.4 8,058.6 1,971.5 1,043.9 927.6 6,087.1 1,150.0 3,538.5 482.8 3,055.7 809.1 147.3 442.2 349.1 241.5 905.4 8,112.4 1,977.8 1,015.7 962.1 6,134.7 1,163.0 3,554.6 486.3 3,068.3 811.6 161.4 444.0 358.4 242.7 913.6 8,170.6 1,982.5 1,009.6 972.9 6,188.1 1,167.3 3,580.1 490.8 3,089.4 811.9 176.0 452.7 367.9 245.4 916.0 8,306.9 2,067.1 1,029.8 1,037.3 6,239.8 1,179.8 3,614.9 498.3 3,116.6 815.0 183.1 447.0 373.1 245.7 949.5 8,234.7 2,016.9 1,014.7 1,002.3 6,217.8 1,172.9 3,590.7 493.7 3,096.9 813.2 179.5 461.6 368.3 241.3 928.5 8,285.0 2,058.9 1,022.4 1,036.5 6,226.1 1,178.6 3,605.7 496.8 3,109.0 816.6 177.8 447.4 378.8 248.2 938.0 8,363.9 2,090.2 1,035.4 1,054.8 6,273.8 1,179.4 3,632.3 499.4 3,132.9 815.3 194.6 452.1 373.0 240.6 956.7 8,331.0 2,081.3 1,036.8 1,044.4 6,249.8 1,184.8 3,629.6 499.4 3,130.1 815.2 177.6 442.5 378.2 250.7 957.6 8,749.6' 9,212.3 9,301.3 9,434.1 9,476.2 9,544.1 9,615.2 9,788.8 9,687.3 9,764.4 9,848.4 9,832.1 5,414.1' 615.0' 4,799.1' 930.2' 3,868.9' 1,466.4 356.4' 1,110.0' 363.1 474.2 5,515.9 596.0 4,919.8 954.9 3,965.0 1,660.3 397.4 1,262.8 451.3 478.9 5,570.3 614.1 4,956.3 989.6 3,966.7 1,634.2 407.3 1,226.9 461.7 501.1 5,617.0 596.9 5,020.1 1,024.7 3,995.4 1,648.9 414.3 1,234.6 481.9 533.0 5,634.4 587.2 5,047.2 1,029.4 4,017.8 1,670.7 434.9 1,235.8 485.6 531.6 5,649.6 603.2 5,046.4 1,034.0 4,012.4 1,678.1 436.2 1,241.9 510.5 562.8 5,702.5 607.1 5,095.4 1,035.2 4,060.2 1,682.2 439.7 1,242.5 502.1 572.2 5,810.7 601.3 5,209.4 1,058.8 4,150.6 1,700.0 427.5 1,272.5 508.9 615.7 5,742.3 615.2 5,127.2 1,039.7 4,087.5 1,691.5 432.5 1,259.0 499.8 599.5 5,795.4 592.2 5,203.2 1,054.2 4,149.0 1,687.5 432.4 1,255.1 514.2 618.0 5,826.7 612.6 5,214.2 1,066.0 4,148.1 1,706.6 426.0 1,280.6 523.7 630.0 5,851.8 596.7 5,255.1 1,064.2 4,190.9 1,707.2 433.8 1,273.4 501.7 627.3 27 Total liabilities 7,717.8' 8,106.2 8,167.4 8,280.8 8,322.2 8,401.0 8,459.0 8,635.3 8,533.1 8,615.1 8,687.0 8,688.0 28 Residual (assets less liabilities)5 1,031.9' 1,106.1 1,133.8 1,153.3 1,153.9 1,143.1 1,156.2 1,153.5 1,154.2 1,149.3 1,161.3 1,144.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury andAgency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,449.8' 1,868.5' 1,129.1 739.4' 5,581.3 999.2 3,334.3 459.6 2,874.7 1,409.5 1,465.2 741.2 309.8 431.4 127.8 378.7 307.5 228.6 811.7' 7,849.6 1,928.2 1,072.8 855.4 5,921.3 1,097.8 3,470.6 472.4 2,998.2 1,466.1 1,532.1 786.4 333.3 453.1 133.8 432.9 316.1 239.8 880.8 7,942.9 1,934.3 1,032.4 901.8 6,008.7 1,127.7 3,528.9 477.8 3,051.1 1,505.3 1,545.8 783.8 331.5 452.3 132.0 436.3 328.4 232.4 892.1 8,067.5 1,991.4 1,033.3 958.1 6,076.1 1,136.7 3,562.9 482.4 3,080.5 1,519.3 1,561.2 796.4 343.1 453.3 140.3 439.7 349.5 246.0 899.0 8,100.3 1,957.8 1,024.2 933.7 6,142.5 1,152.5 3,570.8 486.6 3,084.2 1,514.5 1,569.7 818.5 365.7 452.8 152.7 448.0 362.6 256.1 905.3 8,145.5 1,970.4 1,001.4 969.0 6,175.0 1,163.9 3,577.1 490.1 3,087.1 1,512.0 1,575.1 828.2 361.7 466.5 164.3 441.6 361.6 257.3 913.9 8,194.1 1,994.0 1,013.3 980.7 6,200.1 1,167.8 3,588.5 493.7 3,094.7 1,507.9 1,586.8 818.1 346.9 471.2 179.2 446.6 373.1 246.1 915.7 8,285.3 2,073.4 1,041.7 1,031.7 6,211.9 1,179.1 3,590.6 496.1 3,094.5 1,500.9 1,593.6 810.6 337.8 472.8 190.8 440.9 380.5 238.6 944.8 8,259.3 2,034.3 1,030.1 1,004.2 6,225.0 1,174.4 3,595.2 495.3 3,099.9 1,508.9 1,591.0 811.2 340.9 470.3 187.2 456.9 374.8 238.5 928.4 8,273.5 2,075.5 1,038.7 1,036.8 6,198.0 1,177.0 3,588.1 495.9 3,092.2 1,498.1 1,594.1 812.4 340.9 471.5 183.2 437.3 389.7 246.4 937.6 8,328.9 2,091.5 1,045.0 1,046.6 6,237.4 1,180.4 3,597.3 496.6 3,100.6 1,505.8 1,594.9 811.0 337.9 473.1 200.9 447.9 381.5 231.0 950.1 8,286.1 2,076.1 1,046.1 1,030.0 6,210.0 1,181.1 3,595.5 495.8 3,099.6 1,503.4 1,596.2 810.8 337.0 473.8 189.0 433.7 375.4 236.7 946.0 8,730.2' 9,214.1 9,322.0 9,486.7 9,545.4 9,594.9 9,643.7 9,762.6 9,714.5 9,761.0 9,805.7 9,759.0 5,409.0' 619.8' 4,789.2' 927.5' 3,861.7' 1,456.6' 353.8' 1,102.8' 358.2 463.3 5,504.9 586.5 4,918.5 951.7 3,966.7 1,690.1 398.2 1,291.9 437.2 480.0 5,580.8 603.1 4,977.7 995.4 3,982.3 1,644.2 403.3 1,240.9 458.3 507.7 5,656.9 600.6 5,056.3 1,031.6 4,024.6 1,655.3 416.0 1,239.3 478.0 549.0 5,700.3 614.5 5,085.8 1,039.4 4,046.4 1,670.7 440.3 1,230.4 494.2 533.8 5,666.6 615.9 5,050.7 1,042.1 4,008.6 1,673.2 440.6 1,232.5 544.8 558.7 5,707.3 598.2 5,109.0 1,042.1 4,066.9 1,676.5 439.6 1,236.9 524.2 569.3 5,800.6 604.5 5,196.1 1,054.2 4,141.9 1,688.0 425.6 1,262.3 500.9 600.9 5,783.7 582.4 5,201.3 1,045.7 4,155.6 1,686.7 430.5 1,256.2 491.2 588.7 5,798.3 576.6 5,221.6 1,052.5 4,169.1 1,678.8 431.3 1,247.5 500.9 608.1 5,796.7 621.2 5,175.6 1,058.4 4,117.2 1,704.7 424.2 1,280.6 518.7 611.3 5,773.4 641.3 5,132.1 1,052.4 4,079.7 1,693.9 428.9 1,265.0 508.8 606.4 59 Total liabilities 7,687.1' 8,112.2 8,191.0 8,339.2 8,398.9 8,443.3 8,477.3 8,590.4 8,550.3 8,586.1 8,631.5 8,582.5 60 Residual (assets less liabilities)5 1,043.1' 1,101.9 1,130.9 1,147.6 1,146.5 1,151.6 1,166.5 1,172.2 1,164.2 1,174.9 1,174.2 1,176.5 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account 2007 2007 Mar. Sept. Oct. 2008 2008 Nov. Dec' Jan.' Feb.' Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 Federal funds sold to and repurchase agreements with others 25 All other loans 26 Lease-financing receivables 27 Interbank loans 28 Federal funds sold to and repurchase agreements with commercial banks 29 Other 30 Cash assets5 31 Other assets'" 32 Total assets7 33 34 35 36 37 38 39 40 41 42 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 43 Total liabilities 44 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,699.7' 1,260.9' 728.0 61.4 666.6 598.7 68.0 532.9' 247.9 285.0' 55.7 229.3' 3,438.7 647.3 1,951.4 372.9 1,578.6 990.6 588.0 442.4 116.9 4,943.3' 1,327.7' 699.7 71.8 627.9 563.5 64.4 628.0' 319.3 308.7' 60.1 248.6' 3,615.6' 714.8 1,999.6 384.4 1,615.2 1,011.8 603.4 460.2 123.9 4,991.4' 1,326.2' 661.0 68.8 592.2 526.4 65.8 665.2' 348.1 317.1' 60.2 256.9' 3,665.2' 734.4 2,018.1 385.3 1,632.8 1,029.0 603.8 460.4 123.7 5,084.6' 1,379.0' 660.0 72.3 587.7 525.7 61.9 719.0' 387.9 331.1' 59.6 271.5' 3,705.6' 739.3' 2,038.6 389.7 1,648.9 1,036.6 612.3 462.7 131.9 5,104.7 1,362.9 666.7 94.0 572.6 518.2 54.4 696.2 360.7 335.5 57.9 277.6 3,741.9 750.4 2,049.9 394.1 1,655.9 1,036.7 619.2 467.2 137.6 5,158.7 1,377.1 644.0 83.0 561.0 508.6 52.4 733.1 392.7 340.3 57.1 283.2 3,781.6 759.6 2,061.6 396.6 1,665.1 1,043.9 621.2 472.8 149.6 5,211.9 1,374.9 635.0 77.1 557.9 509.2 48.7 740.0 396.0 344.0 56.0 288.0 3,837.0 770.7 2,081.6 401.1 1,680.5 1,050.5 630.0 474.4 163.9 5,330.1 1,453.5 648.0 79.1 568.9 526.2 42.7 805.4 455.0 350.5 55.4 295.1 3,876.6 780.4 2,108.1 406.6 1,701.4 1,058.2 643.2 477.7 170.9 5,279.5 1,410.4 637.9 79.9 558.0 510.8 47.2 772.5 425.0 347.6 55.9 291.7 3,869.1 776.4 2,096.5 404.6 1,691.9 1,056.6 635.4 474.1 167.7 5,314.9 1,449.6 645.0 75.6 569.4 527.7 41.7 804.6 454.9 349.7 55.7 294.0 3,865.3 781.8 2,101.0 405.1 1,695.9 1,055.9 640.0 476.5 165.4 5,373.6 1,471.1 650.2 77.9 572.3 531.1 41.2 820.9 469.8 351.1 55.8 295.2 3,902.5 779.1 2,119.0 407.3 1,711.7 1,070.7 641.0 478.3 182.3 5,345.3 1,464.4 652.4 79.3 573.0 530.2 42.9 812.0 460.2 351.8 55.0 296.8 3,880.9 783.5 2,117.3 407.4 1,709.9 1,060.0 649.9 479.4 165.2 92.4 24.4 98.5 25.4 98.2 25.6 105.5 26.4 111.9 25.7 122.6 27.0 137.7 26.2 139.0 31.9 141.1 26.5 135.2 30.2 146.3 36.1 133.3 31.9 30.2 146.6 103.9 189.6 44.6 173.8' 98.7 190.1' 45.4 185.1' 98.0 206.4' 43.4 191.9' 97.7 220.6' 44.9 194.6 97.3 227.6 44.8 195.9 97.2 229.8 42.6 206.2 97.6 233.9 32.1 209.3 98.2 238.2 44.5 212.1 97.8 237.0 33.2 209.4 97.9 238.9 34.1 211.8 98.0 238.2 25.8 211.7 98.1 240.8 131.8 57.8 148.6 605.2' 139.7 50.4' 152.7 637.4' 156.8 49.6' 143.9 637.3' 166.6 54.0' 150.8 649.4' 170.6 57.0 148.5 661.6 175.7 54.0 147.9 679.8 175.8 58.2 149.9 678.4 188.4 49.7 145.9 707.3 183.5 53.5 144.2 688.9 187.7 51.1 149.1 697.5 189.7 48.5 140.6 714.8 192.0 48.7 149.2 715.0 5,608.2' 5,886.0 5,940.2 6,066.0 6,101.2 6,170.7 6,226.9 6,372.7 6,301.5 6,352.1 6,419.0 6,402.5 3,191.3' 342.3' 2,848.9' 521.9 2 327 0' 956.3 138.6 817.7 357.8 397.0 3,221.5' 320.4' 2,901.2' 540.6' 2 360 6' 1,115.6 154.3 961.3 447.6 401.5 3,273.3' 332.2' 2,941.1' 573.9' 2,367.2' 1,072.8 161.5 911.3 457.8 422.9 3,323.8' 324.2' 2,999.6' 609.5' 2,390.1' 1,080.2 164.6 915.5 477.6 456.9 3,343.8 316.3 3,027.6 612.2 2,415.4 1,089.2 176.9 912.4 483.1 456.2 3,341.9 329.1 3,012.8 612.9 2,399.9 1,097.2 180.8 916.4 509.3 487.4 3,373.1 328.5 3,044.6 613.7 2,430.8 1,112.3 188.8 923.4 500.7 495.9 3,454.4 323.6 3,130.8 635.5 2,495.3 1,123.5 186.6 936.9 505.0 540.1 3,403.1 335.5 3,067.6 619.6 2,448.0 1,130.1 194.4 935.8 496.4 524.0 3,441.1 316.9 3,124.3 631.8 2,492.4 187.1 924.1 509.4 541.7 3,464.6 332.3 3,132.3 639.5 2,492.8 1,125.3 185.1 940.2 519.5 555.2 3,486.3 317.0 3,169.3 640.6 2,528.7 1,124.6 190.9 933.7 499.1 551.4 4,902.3' 5,186.3' 5,226.7' 5,338.4' 5,372.3 5,435.8 5,482.0 5,623.0 5,553.6 5,603.5 5,664.6 5,661.5 705.9' 699.7' 713.4' 727.5' 728.9 734.9 745.0 749.7 747.8 748.6 754.4 741.0 18 Federal Reserve Bulletin Statistical Supplement • April 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ly figures Monthly averages Account 2007 2007 Mar. Sept. Oct. 2008 2008 Nov. Dec. Jan.' Feb.' Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets5 77 Other assets6 78 Total assets7 79 80 81 82 83 84 85 86 87 88 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 89 Total liabilities 90 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,688.9' 1,263.4' 736.2 64.0 672.2 604.1 68.1 527.1' 241.8 285.4' 55.5 229.8' 3,425.5 647.1 1,937.2 371.4 1,565.8 980.6 585.2 444.3 126.4 317.9 120.5 4,960.6' 1,321.9' 692.7 67.4 625.3 559.2 66.2 629.1' 319.1 310.0' 60.5 249.5' 3,638.8' 715.2 2,009.7 384.7 1,625.0 1,014.5 610.5 463.9 132.2 331.7 123.9 5,031.9' 1,319.9' 652.4 64.8 587.5 520.0 67.6 667.5' 351.2 316.3' 60.7 255.7' 3,712.1' 741.3 2,057.3 389.2 1,668.2 1,051.3 616.9 460.1 129.7 330.4 122.1 5,137.6' 1,384.3' 657.9 73.9 584.0 519.5 64.6 726.4' 394.4 332.0' 60.4 271.6' 3,753.4' 745.9' 2,080.9 393.7 1,687.3 1,063.8 623.4 462.3 131.6 330.7 130.3 5,139.2' 1,353.8 649.5' 87.5 562.1' 508.2 53.9' 704.2' 364.6 339.6' 57.9 281.7' 3,785.5' 753.9' 2,077.5 397.3 1,680.2 1,054.9 625.3 468.2 138.2 330.0 142.7 5,189.9 1,372.7 632.5 80.0 552.5 501.3 51.2 740.2 395.8 344.4 57.2 287.2 3,817.2 760.2 2,085.7 400.3 1,685.4 1,057.2 628.2 481.6 138.8 342.8 152.5 5,232.0 1,383.0 637.5 79.1 558.4 510.5 47.9 745.6 397.6 348.0 55.7 292.2 3,848.9 771.4 2,087.7 403.2 1,684.5 1,048.3 636.2 480.7 133.9 346.8 167.0 5,311.2 1,451.2 655.6 82.4 573.3 530.7 42.6 795.6 444.9 350.7 55.0 295.7 3,860.0 779.5 2,088.7 404.8 1,684.0 1,044.7 639.2 479.5 131.4 348.1 178.3 5,289.2 1,416.9 647.3 85.7 561.6 513.2 48.4 769.7 419.9 349.8 55.4 294.3 3,872.3 777.1 2,092.1 404.5 1,687.6 1,049.4 638.2 477.7 132.0 345.8 175.0 5,300.9 1,453.0 653.3 81.0 572.3 530.4 41.9 799.7 449.3 350.4 55.4 295.0 3,847.9 779.3 2,088.3 404.8 1,683.5 1,043.2 640.3 478.4 131.5 347.0 170.5 5,352.5 1,467.6 658.6 78.7 579.8 538.0 41.8 809.1 456.3 352.8 55.6 297.2 3,884.9 780.5 2,095.4 405.3 1,690.1 1,049.8 640.3 480.3 132.0 348.4 188.4 5,311.1 1,452.6 659.0 81.4 577.6 536.3 41.3 793.6 444.2 349.3 54.7 294.6 3,858.5 780.5 2,093.2 404.3 1,688.9 1,047.9 641.0 481.2 132.2 349.0 176.4 95.9 24.6 99.2 24.8 97.3 24.8 103.5 26.8 116.1 26.6 125.1 27.4 140.3 26.7 145.9 32.4 149.8 25.2 141.1 29.4 150.8 37.6 142.0 34.4 29.9 142.8 103.8 184.9 49.6 176.6' 99.7 193.2' 48.4 183.1' 99.7 208.2' 45.0 189.5' 99.4 225.9' 46.2 198.1' 98.9 240.1' 44.9 193.8 98.4 234.0 40.7 203.9 97.6 232.6 31.1 205.0 97.8 233.0 43.0 209.8 97.7 229.2 29.7 204.0 97.6 238.6 34.7 208.1 97.5 235.0 26.4 203.4 97.5 227.8 127.0 58.0 144.8 601.6' 142.8 50.4' 152.3' 643.8' 157.5 50.7' 143.2 649.2' 170.2 55.7' 155.1 654.2' 181.2 58.9' 160.4 663.3 180.9 53.2 157.9 684.1 175.0 57.6 149.1 678.6 182.9 50.0 141.7 703.7 175.2 54.0 141.3 688.8 187.9 50.7 148.9 697.5 185.5 49.5 135.4 711.2 180.3 47.4 140.6 707.1 5,585.2' 5,912.4 5,993.7' 6,133.8 6,161.5 6,220.2 6,244.5 6,340.5 6,299.6 6,337.2 6,385.7 6,338.8 3,185.1' 344.6' 2,840.5' 517.6' 2,323.0' 956 2 139.4 816.8 353.1 384.8 3,224.5' 315.0' 2,909.5' 538.9' 2,370.6' 1 147 5 156.1 991.4 435.4 403.4 3,301.3' 324.4' 2,976.9' 581.8' 2,395.2' 1,084.9 160.5 924.4 455.0 429.7 3,370.7' 326.8' 3,043.8' 616.5' 2,427.3' 1,081.6 164.9 916.7 474.8 473.2 3,405.5' 337.7' 3,067.8' 622.3' 2,445.5' 1,074.5 177.3 897.2 491.0 458.2' 3,369.3 339.0 3,030.3 622.2 2,408.1 1,077.7 181.6 896.1 541.5 483.7 3,378.4 322.0 3,056.4 618.3 2,438.1 1,102.8 190.0 912.8 520.3 492.0 3,441.5 324.4 3,117.0 629.4 2,487.6 1,123.3 188.8 934.5 496.8 524.2 3,422.7 309.7 3,113.0 621.1 2,491.8 1,129.8 196.6 933.2 487.1 512.3 3,439.0 304.2 3,134.8 628.4 2,506.5 1,112.8 190.7 922.1 496.1 531.4 3,445.2 340.3 3,104.9 632.8 2,472.0 1,134.5 186.0 948.5 514.5 534.9 3,422.6 344.5 3,078.1 627.6 2,450.5 1,126.2 190.9 935.2 505.0 528.9 4,879.2' 5,210.8' 5,271.0' 5,400.2' 5,429.2' 5,472.2 5,493.5 5,585.7 5,551.9 5,579.3 5,629.0 5,582.6 706.0' 701.6' 722.7' 733.5' 732.3' 748.0 751.0 754.7 747.6 757.8 756.7 756.2 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Mar. Sept. Oct. 2008 2008 2007 2007 Nov. Dec' Jan.' Feb.' Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Other loans and leases Interbank loans Cash assets5 Other assets'" 15 Total assets7 16 17 18 19 20 21 22 23 24 25 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 26 Total liabilities 27 Residual (assets less liabilities)5 2,765.8' 596.7' 388.5 208.2' 2,169.1 352.1 1,402.7 88.7 1,314.0 303.9 110.3 110.5 87.0 210.6 2,907.7' 614.4' 384.4 230.0' 2,293.3 384.6' 1,468.3 88.1 1,380.2 323.7 116.6 129.1 88.2 236.1 2,936.2' 620.5' 385.6 235.0' 2,315.7' 390.8' 1,479.9' 89.8 1,390.1' 328.5 116.4 123.6 91.2 245.3 2,942.1' 613.4 380.1 233.2' 2,328.8 394.3' 1,484.7' 88.9 1,395.8' 333.5 116.3 122.7 91.4 248.1 2,953.8 608.6 377.3 231.4 2,345.2 399.7 1,488.6 88.7 1,399.8 341.8 115.2 121.5 93.0 243.8 2,953.7 600.7 371.6 229.0 2,353.1 403.4 1,492.9 89.7 1,403.2 338.8 117.9 128.6 94.8 233.8 2,958.6 607.6 374.6 233.0 2,351.0 396.6 1,498.5 89.7 1,408.9 337.5 118.4 133.9 95.5 237.6 2,976.8 613.6 381.8 231.8 2,363.2 399.4 1,506.8 91.6 1,415.2 337.3 119.7 134.9 99.8 242.1 2,955.3 606.5 376.8 229.8 2,348.7 396.4 1,494.2 89.2 1,405.0 339.1 119.0 131.3 97.1 239.6 2,970.2 609.4 377.4 231.9 2,360.8 396.8 1,504.7 91.6 1,413.1 340.0 119.2 140.0 99.1 240.5 2,990.3 619.1 385.2 233.9 2,371.2 400.4 1,513.4 92.2 1,421.2 337.0 120.5 134.9 100.1 241.9 2,985.8 616.9 384.5 232.4 2,368.9 401.3 1,512.3 92.0 1,420.3 335.8 119.5 137.4 101.5 242.6 3,141.4' 3,326.3' 3,361.1' 3,368.1' 3,374.9 3,373.4 3,388.2 3,416.1 3,385.8 3,412.3 3,429.4 3,429.6 2 222 8 272.7 1,950.1 408.2 1,541.9 510.1 217.8' 292.3' 5.3 77.2 2 294 3 275.7 2,018.6 414.2 1,604.4 544.7 243.1' 301.6' 3.6 77.4 2,297.0 281.9 2,015.1 415.7 1,599.5' 561.4 245.9' 315.5' 4.0 78.3 2,293.2 272.7 2,020.6' 415.2 1,605.4 568.8' 249.7' 319.1' 4.3 76.1 2,290.6 270.9 2,019.6 417.2 1,602.4 581.5 258.0 323.4 2.5 75.4 2,307.7 274.0 2,033.6 421.1 1,612.5 580.9 255.4 325.5 1.2 75.4 2,329.4 278.6 2,050.8 421.4 1,629.3 569.9 250.9 319.1 1.4 76.3 2,356.3 277.7 2,078.6 423.3 1,655.3 576.5 240.9 335.6 3.9 75.6 2,339.2 279.7 2,059.6 420.1 1,639.5 561.3 238.1 323.2 3.4 75.6 2,354.2 275.3 2,078.9 422.3 1,656.6 576.3 245.3 331.0 4.9 76.3 2,362.2 280.3 2,081.8 426.5 1,655.3 581.3 240.9 340.4 4.1 74.8 2,365.4 279.6 2,085.8 423.6 1,662.2 582.5 242.9 339.6 2.7 75.9 2,815.4 2,920.0 2,940.7 2,942.4' 2,949.9 2,965.2 2,977.0 3,012.3 2,979.5 3,011.7 3,022.4 3,026.6 326.0' 406.4' 420.4' 425.7' 425.0 408.3 411.2 403.8 406.3 400.7 406.9 403.1 Not seasona lly adjusted 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,760.9' 605.1' 392.9 212.3' 2,155.8 352.1 1,397.1 88.2 1,308.9 428.9 880.0 296.9 183.3 113.5 109.6 122.6 83.8 210.1 2,889.0' 606.4' 380.1 226.3' 2,282.6 382.5' 1,460.9' 87.7 1,373.2' 451.6' 921.6 322.4 201.1 121.3 116.7 122.8 87.6 237.0 2,911.0' 614.4' 380.1 234.3' 2,296.6' 386.4' 1,471.5' 88.6 1,382.9' 454.0' 928.9' 323.8 201.8 122.0 114.9 120.2 89.1 242.9 2,929.9' 607.1' 375.4 231.7' 2,322.8 390.8' 1,482.0' 88.7 1,393.2' 455.5' 937.8' 334.2 211.5 122.6 115.8 123.5 90.9 244.9 2,961.1 604.1 374.6 229.4 2,357.0 398.6 1,493.3 89.3 1,403.9 459.6 944.4 350.3 227.5 122.8 114.9 122.6 95.7 242.1 2,955.6 597.7 369.0 228.7 2,357.9 403.7 1,491.4 89.8 1,401.6 454.8 946.9 346.6 222.9 123.8 116.2 127.6 99.4 229.9 2,962.2 611.0 375.8 235.2 2,351.2 396.4 1,500.8 90.5 1,410.3 459.7 950.6 337.4 213.0 124.4 116.6 140.5 97.0 237.1 2,974.1 622.2 386.1 236.1 2,351.9 399.5 1,501.8 91.3 1,410.5 456.2 954.3 331.1 206.4 124.7 119.5 147.5 96.9 241.1 2,970.0 617.4 382.9 234.5 2,352.7 397.3 1,503.2 90.8 1,412.3 459.5 952.8 333.5 209.0 124.5 118.8 145.6 97.1 239.6 2,972.6 622.5 385.4 237.1 2,350.1 397.7 1,499.8 91.1 1,408.7 454.9 953.8 334.0 209.5 124.5 118.7 151.2 97.5 240.0 2,976.4 623.9 386.4 237.5 2,352.5 399.9 1,501.9 91.3 1,410.6 456.0 954.6 330.7 206.0 124.7 120.1 146.5 95.6 238.8 2,975.0 623.5 387.1 236.4 2,351.4 400.6 1,502.2 91.6 1,410.7 455.4 955.3 329.6 204.8 124.7 119.0 147.7 96.1 238.9 3,145.0' 3,301.8' 3,328.2' 3,353.0' 3,383.9 3,374.7 3,399.3 3,422.2 3,414.9 3,423.8 3,420.0 3,420.2 2,223.9 275.2 1,948.7 409.9 1,538.7 500.4 214.4' 286.0' 5.0 78.5 2,280.5 271.5 2,009.0 412.9 1,596.1 542.6 242.2' 300.4' 1.8 76.6 2,279.5 278.7 2,000.8 413.6 1,587.2 559.3 242.8' 316.5' 3.3 78.0 2,286.2 273.8 2,012.5 415.1 1,597.3 573.7 251.1' 322.6' 3.2 75.8 2,294.8 276.8 2,018.0 417.1 1,600.9 596.2 263.0 333.1 3.1 75.5 2,297.2 276.9 2,020.4 419.9 1,600.5 595.5 259.0 336.4 3.3 75.1 2,328.9 276.2 2,052.7 423.8 1,628.8 573.7 249.6 324.1 3.9 77.4 2,359.2 280.1 2,079.0 424.8 1,654.2 564.7 236.9 327.9 4.0 76.7 2,361.0 272.7 2,088.3 424.6 1,663.7 556.9 233.8 323.0 4.1 76.4 2,359.3 272.5 2,086.8 424.1 1,662.7 566.0 240.6 325.4 4.8 76.8 2,351.5 280.8 2,070.7 425.6 1,645.2 570.3 238.2 332.1 4.2 76.4 2,350.8 296.9 2,054.0 424.8 1,629.2 567.8 238.0 329.8 3.8 77.5 2,807.8 2,901.5 2,920.0 2,939.0' 2,969.7 2,971.1 2,983.8 3,004.7 2,998.3 3,006.7 3,002.5 2,999.9 337.2' 400.3' 408.2' 414.0' 414.3 403.6 415.5 417.5 416.5 417.1 417.5 420.3 20 Federal Reserve Bulletin Statistical Supplement • April 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Mar. Sept. Oct. 2008 2008 2007 2007 Nov. Dec. Jan.' Feb. Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 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)5 984.1 403.7 87.8 315.9 580.4 224.2 22.2 155.1 178.9 65.4 52.9 37.9 1,101.9' 441.8' 89.9 351.9' 660.1 254.9 35.6 149.9 219.7 76.9 56.0 45.5 1,128.1' 461.8' 93.6 368.2' 666.3 260.5 35.7 140.7 229.4 79.0 58.8 45.6 1,159.5' 481.2' 92.7 388.5' 678.3 269.5 36.6 144.0 228.2 79.4 56.7 47.9 1,159.3' 463.8' 87.8 375.9' 695.5' 279.7 38.1 144.2 233.5' 86.4 52.7 47.1 1,168.4 460.5 92.4 368.1 707.9 284.8 40.4 143.8 238.9 84.7 55.4 55.5 1,179.9 486.3 97.2 389.1 693.6 290.0 41.7 122.6 239.3 88.3 56.2 55.6 1,194.3 510.3 98.4 411.9 683.9 299.6 41.8 109.0 233.6 72.9 57.4 70.3 1,194.7 498.7 100.0 398.7 696.0 297.8 41.9 119.0 237.3 73.0 56.1 64.6 1,210.1 515.6 97.0 418.6 694.5 299.2 41.3 116.4 237.6 68.6 56.7 64.9 1,203.5 519.3 98.7 420.6 684.2 301.2 42.0 104.0 236.9 73.3 57.2 76.4 1,206.9 522.2 101.2 421.0 684.6 304.1 42.9 106.6 231.1 73.1 60.2 77.6 1,139.7 1,279.7' 1,310.9' 1,342.7' 1,344.7' 1,363.3 1,379.2 1,394.1 1,387.5 1,399.6 1,409.5 1,417.0 803.9 10.5 793.4 564.5 63.4 501.1 -350.0 119.0 934.7 12.5 922.2 586.1 66.5 519.6 -365.0 119.2 988.0 12.8 975.2 584.1 64.3 519.9 -387.9 120.2 1,019.0 12.7 1,006.4 585.8 60.0 525.8 -395.4 125.4 1,022.5 12.7 1,009.8' 602.9' 66.9' 535.9' -409.2 125.8 1,048.5 11.7 1,036.8 597.4 65.4 532.0 -422.4 145.0 1,073.6 11.4 1,062.2 596.1 65.3 530.8 -427.2 140.6 1,062.8 11.7 1,051.1 603.5 72.6 530.9 -446.2 171.8 1,080.8 11.5 1,069.3 589.4 66.8 522.6 -438.2 157.7 1,071.6 12.3 1,059.3 592.6 70.2 522.4 -432.1 169.2 1,072.5 13.7 1,058.8 609.4 75.4 534.0 -454.1 178.1 1,051.5 10.5 1,040.9 618.2 72.9 545.3 -438.3 180.1 1,137.3 1,275.0 1,304.4 1,334.8 1,342.0' 1,368.4 1,383.2 1,391.8 1,389.6 1,401.2 1,405.8 1,411.5 2.4 4.6' 6.5' 7.9' 2.7' -5.2 -4.0 2.2 -2.1 -1.7 3.7 5.4 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. 985.0 403.5 86.6 30.0 56.6 316.8 192.5 124.3 581.6 224.0 21.5 156.9 179.1 62.5 51.6 36.8 1,097.3' 439.8' 91.2 27.6 63.6 348.6' 204.4 144.2' 657.5 255.6 35.7 145.6 220.7 78.7 57.9 47.5 1,125.4' 461.4' 94.4 28.5 65.9 367.0' 220.9 146.1' 664.0 259.7 36.9 139.0 228.5 81.5 59.4 44.6 1,164.7' 486.1' 93.2 26.6 66.6 392.9' 233.4 159.5' 678.6 269.3 37.6 144.7 227.0 83.5 57.8 46.4 1,164.3' 462.0' 87.4 26.3 61.1 374.6' 218.2 156.4' 702.3' 282.8 39.0 146.7 233.8' 89.2 53.4 46.7 1,172.3 459.0 90.5 26.2 64.3 368.5 219.3 149.1 713.4 288.1 40.2 142.7 242.3 86.5 55.7 54.8 1,182.3 487.0 98.6 28.3 70.2 388.4 224.2 164.2 695.4 292.9 40.6 121.5 240.3 88.5 55.5 57.2 1,191.9 508.4 96.7 29.1 67.6 411.7 247.0 164.7 683.5 299.4 40.3 110.9 232.9 70.2 56.1 68.6 1,198.8 500.3 102.6 31.5 71.1 397.7 231.9 165.8 698.5 299.5 40.6 121.2 237.2 71.4 55.2 64.9 1,214.3 519.3 96.4 28.3 68.2 422.9 255.0 167.9 695.0 299.0 39.7 119.8 236.5 65.9 56.6 62.9 1,198.4 515.4 96.6 28.8 67.8 418.7 249.5 169.3 683.0 301.9 40.2 104.6 236.4 68.9 55.2 72.6 1,195.8 515.4 96.3 28.8 67.5 419.1 248.0 171.0 680.4 301.8 40.7 108.2 229.7 73.1 58.3 75.9 1,135.3 1,280.8' 1,310.3' 1,351.6' 1,352.8' 1,368.6 1,382.7 1,386.0 1,389.6 1,398.9 1,394.2 1,402.3 807.7 10.7 797.0 581.7 68.5 513.2 -370.6 113.4 931.4 12.7 918.8 566.7 65.3 501.4 -341.8 121.4 986.6 12.8 973.8 565.5 61.7 503.8 -367.9 123.1 1,017.4 12.8 1,004.6 584.3 63.0 521.3 -383.6 130.4 1,010.5 13.4 997.1 610.6' 71.6' 539.0' -398.5 127.0 1,046.9 11.8 1,035.0 604.2 68.3 535.9 -428.5 142.9 1,066.2 11.6 1,054.6 609.0 67.1 541.8 -434.4 138.5 1,067.4 11.7 1,055.6 621.7 77.9 543.7 -470.1 163.7 1,072.8 11.3 1,061.5 615.3 71.9 543.4 -454.2 152.3 1,071.1 11.8 1,059.2 618.4 79.7 538.7 -459.7 165.9 1,073.1 13.8 1,059.2 631.3 81.4 549.8 -479.9 166.4 1,062.2 10.7 1,051.5 622.0 73.8 548.2 -457.1 171.7 1,132.2 1,277.7 1,307.3 1,348.4 1,349.6' 1,365.6 1,379.4 1,382.7 1,386.2 1,395.7 1,390.9 1,398.9 3.2 3.1' 3.0' 3.1' 3.2' 3.0 3.3 3.3 3.3 3.2 3.3 3.4 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2007 Mar. 2007 Sept. Oct. 2008 2008 Nov. Dec. Jan. Feb. Mar. Mar. 5 Mar. 12 Mar. 19 Mar. 26 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized real estate loans12 114.3 141.0 156.4 201.6 186.1 220.6 222.4 262.6 245.7 270.7 278.0 263.4 94.6 718.3 550.8 167.5 108.9 690.4 507.8 182.6 124.9 657.8 465.9 191.9 159.5 667.9 464.0 203.9 143.6 664.6 451.3 213.2 174.4 664.3 443.9 220.4 174.6 677.7 452.7 225.0 206.5 700.0 470.9 229.1 195.6 682.9 452.8 230.1 214.3 699.0 469.6 229.5 218.9 708.3 478.5 229.8 206.8 706.5 476.2 230.3 -4.5 108.8 69.5 39.3 n.a. -11.8 109.5 70.1 39.4 1,232.6 -10.4 111.0 73.5 37.5 1,256.3 -8.1 111.9 74.5 37.4 1,266.9 -6.5 113.9 74.0 39.9 1,274.4 -2.7 113.2 73.6 39.5 1,274.1 -7.0 114.4 76.1 38.3 1,280.1 -16.1 114.5 76.5 37.9 1,278.7 -18.3 114.7 76.6 38.1 1,278.9 -15.6 114.6 76.6 38.0 1,278.8 -13.1 113.9 76.2 37.7 1,278.3 -14.5 113.8 76.2 37.6 1,278.3 237.8 274.6 n.a. 240.5 284.4 38.3 247.4 285.0 39.8 247.7 283.5 39.7 249.0' 285.2' 39.4 250.1' 289.8' 39.3 265.8 293.2 38.6 282.2 294.3 37.6 276.3 292.4 37.7 280.4 290.6 37.7 283.3 294.2 37.7 284.7 296.4 37.6 66.0 70.0 73.5 82.6 73.8 84.8' 86.6 114.1 96.8 119.7 117.6 116.1 72.7 75.7 79.9 86.8 76.8 85.0 88.6 110.4 98.5 116.9 113.4 111.0 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by ^classifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • April 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2007 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2003 2004 2005 2006 2007 July Aug. Sept. Oct. Nov. Dec. 1,260,745 1,375,717 1,631,009 1,981,406 1,780,812 2,186,912 1,926,934 1,872,359 1,898,703 1,843,559 1,780,812 519,731 103,982 595,249 119,727 667,321 132,207 757,498 171,302 824,494 175,170 811,982 188,114 765,115 180,418 768,953 174,291 834,622 172,914 837,669 177,484 824,494 175,170 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change Rate 1 Nov. 7 4.75 4.25 2003 June 27 4 00 2004—June 30 Aug. 10 Sept. 21 Nov. 10 Dec. 14 4 25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 Dec. 11 7.75 7.50 7.25 2008—Jan. 22 30 6.50 6.00 Period Average rate 2004 2005 2006 2007 4.34 6.19 7.96 8.05 2005 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 Period Average rate 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 7.33 2008—Jan Feb 6.98 6.00 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2007 Item 2005 2006 2008 2007-2008, week ending 2007 Oct. Nov. Dec. Jan. Dec. 28 Jan. 4 Jan. 11 Jan.18 Jan. 25 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 3.22 4.19 4.97 5.96 5.02 5.86 4.76 5.24 4.49 5.00 4.24 4.83 3.94 4.48 4.21 4.75 3.77 4.75 4.23 4.75 4.24 4.75 4.00 4.54 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 3.22 3.23 3.42 4.98 5.01 5.10 5.02 4.98 4.92 4.70 4.66 4.63 4.48 4.45 4.42 4.25 4.24 4.23 3.61 3.41 3.25 4.19 4.15 4.11 4.13 3.98 4.13 4.03 3.97 4.01 3.75 3.68 3.59 3.11 3.12 2.49 6 7 8 Financial 1-month 2-month 3-month 3.27 3.36 3.44 5.00 5.04 5.07 5.07 5.10 5.13 4.76 4.79 4.91 4.51 4.69 4.75 4.51 4.66 4.76 3.71 3.72 3.70 4.54 4.60 4.71 4.24 4.30 4.33 4.17 4.21 4.20 3.90 3.83 3.78 3.21 3.21 3.15 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 3.34 3.51 3.73 5.06 5.16 5.24 5.23 5.27 5.23 4.95 5.08 5.00 4.78 4.97 4.85 5.07 5.02 4.85 3.85 3.84 3.71 4.88 4.87 4.74 4.55 4.62 4.52 4.29 4.32 4.15 3.93 3.90 3.73 3.36 3.29 3.17 12 Eurodollar deposits, 3-month3>s 3.51 5.19 5.32 5.15 5.02 5.17 3.95 5.00 4.78 4.44 3.97 3.39 U.S. Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 2.94 3.15 3.39 4.67 4.73 4.81 4.32 4.36 4.44 3.72 3.90 4.01 3.63 3.27 3.46 2.79 3.00 3.23 2.68 2.75 2.75 2.71 3.17 3.39 2.98 3.19 3.22 3.25 3.14 3.11 2.98 3.01 2.91 2.07 2.26 2.32 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 4.53 4.36 4.35 4.43 4.51 4.63 4.91 4.10 3.97 4.01 4.20 4.33 4.53 4.83 3.50 3.34 3.35 3.67 3.87 4.15 4.56 3.26 3.12 3.13 3.49 3.74 4.10 4.57 2.71 2.48 2.51 2.98 3.31 3.74 4.35 3.42 3.23 3.23 3.63 3.88 4.21 4.66 3.18 2.88 2.89 3.29 3.56 3.94 4.43 3.04 2.70 2.71 3.13 3.44 3.85 4.40 2.83 2.48 2.51 2.97 3.29 3.72 4.32 2.31 2.16 2.21 2.74 3.10 3.58 4.28 4.28 4.86 4.40 4.15 4.71 4.40 4.13 4.60 4.40 4.20 4.68 4.39 4.26 4.81 4.46 4.25 4.93 4.42 4.13 4.86 4.27 4.28 4.97 4.44 4.16 4.85 4.32 4.06 4.78 4.21 4.06 4.78 4.15 n.a. n.a. 4.29 5.57 5.98 6.01 6.05 5.89 6.06 5.93 6.13 5.91 5.93 5.91 5.92 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.56 5.90 6.09 6.48 5.66 5.94 6.13 6.48 5.44 5.78 5.97 6.40 5.49 5.91 6.19 6.65 5.33 5.78 6.06 6.54 5.57 5.96 6.27 6.72 5.35 5.74 6.05 6.49 5.36 5.76 6.07 6.53 5.29 5.78 6.04 6.52 5.30 5.78 6.05 6.54 1.73 1.82 1.83 1.81 1.94 2.01 2.11 2.01 2.09 2.03 2.17 2.14 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 2008 1.36 STOCK MARKET Selected Statistics 2007 Indicator 2005 2006 2008 2007 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) 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,653.00 n.a. n.a. n.a. n.a. 9,896.98 n.a. n.a. n.a. n.a. 9,985.42 n.a. n.a. n.a. n.a. 9.440.44 n.a. n.a. n.a. n.a. 9.777.58 10.159.33 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9.741.15 n.a. n.a. n.a. n.a. 9.807.36 n.a. n.a. n.a. n.a. 9.165.10 n.a. n.a. n.a. n.a. 9.041.52 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,207.23 1,310.46 1,477.19 1,514.49 1,520.70 1,454.62 1,497.12 1,539.66 1,463.39 1,479.23 1,378.76 1,354.87 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1.567.52 1.936.79 2.267.99 2.336.84 2.354.93 2.217.16 2.320.48 2.441.84 2.406.56 2.383.84 2.290.88 2.269.79 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,542,724 2,254,869 3,232,195 3,103,633 3,433,561 4,086,048 3,071,737 3,268,707 4,045,500 3,145,802 4,830,460 3,832,107 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 221,660 275,380 285,610 378,240 381,370 331,370 329,510 345,420 344,300 285,610 328,330 334,900 119,710 88,730 159.040 94,450 156.190 90,340 179.920 119,300 205.830 122,740 214.890 118,250 208.540 118,910 222.900 120,840 246.520 128,530 156.190 90,340 276.390 142,100 266.050 133,670 Margin requirements (percent of market value and effective date)6 13 Margin stocks 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6. 1971 Nov. 24. 1972 Jan. 3. 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities'' (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 1 Federal debt outstanding 8,194.3 8,394.7 8,443.7 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 9,252.3 2 Public debt securities 3 Held by public 4 Held by agencies 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 8,849.7 5,054.3 3,795.4 8,867.7 4,943.0 3,924.6 9,007.7 5,049.2 3,958.4 9,229.2 5,136.3 4,092.9 23.8 23.8 .0 23.6 23.6 .0 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 .0 23.2 23.2 8,760.7 8,779.2 8,921.3 9,144.7 8,106.9 .2 8,281.4 .1 8,330.6 .1 8,420.2 .1 8,592.4 .1 8,760.7 .1 8,779.1 8,921.3 9,144.6 8,184.0 8,965.0 8,965.0 8,965.0 8,965.0 5 Agency securities 6 Held by public 7 Held by agencies 8 Debt subject to statutory limit . . 9 Public debt securities 10 Other debt1 23.1 23.1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' Nonmarketable2 State and local government series . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non -interest- bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7-9 Ql Q2 8,819.6 4,339.1 869.0 2,444.3 547.2 437.8 4,528.6 7,596.1 8,170.4 8,680.2 9,229.2 7,578.5 3,959.7 8,117.0 4,184.0 963.9 2,326.8 539.5 245.9 3,618.8 516.6 8,627.5 4,413.9 944.2 2,409.9 530.6 9,207.5 4,536.6 1,003.9 2,488.4 558.5 8,796.7 4,527.7 1,003.2 2,157.1 411.2 471.7 412.7 4,338.3 257.6 3.0 3.0 .0 4,692.6 293.2 3.0 3.0 .0 4,380.9 281.9 3.5 3.5 .0 180.5 4,164.3 21.7 185.4 301.6 3.0 3.0 .0 183.4 3,859.3 3,989.3 111.9 48.1 160.7 5.9 5.9 328.7 3,986.5 235.6 3.8 3.8 .0 191.7 191.2 187.7 3,230.6 3,506.6 53.4 3,839.4 17.6 124.6 1,033.1 2,436.4 540.4 Q3 Q4 8,959.3 2,431.4 561.0 9,207.5 4,536.6 1,003.9 2,488.4 558.5 456.9 4,559.5 296.5 3.0 3.0 .0 4,692.6 293.2 3.0 3.0 .0 4,448.1 958.1 181.6 471.7 4,026.8 48.4 180.5 4,164.3 21.7 3,189.1 717.8 3,690.6 125.2 254.1 149.7 389.1 3,466.9 744.2 3,783.1 778.9 3,928.9 790.5 4,122.1 115.1 250.7 159.0 497.7 4,097.8 740.6 4,395.7 126.5 358.4 164.4 524.9 3 799.3 780.9 3,970.6 117.2 251.3 160.4 463.2 4,273.1 120.2 264.2 160.7 524.6 4,152.6 110.6 267.2 162.2 549.2 3,963.1 779.6 4,269.7 118.4 306.9 164.4 535.8 4,097.8 740.6 4,395.7 126.5 358.4 164.4 524.9 204.4 321.5 170.5 151.0 1,853.4 393.2 205.1 335.0 181.2 153.8 2,036.0 402.3 202.4 346.2 193.2 153.0 2,105.0 445.9 196.4 349.1 187.2 161.9 2,335.3 n.a. 200.3 333.5 178.4 155.1 2,196.7 452.6 198.6 338.2 182.1 156.1 2,193.4 312.9 197.1 347.1 185.7 161.4 2,240.3 334.9 196.4 349.1 187.2 161.9 2,335.3 n.a. 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCES: Data by type of security, U.S. Treasury Department, Monthly Statement of the Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, unless otherwise noted. 26 Federal Reserve Bulletin Statistical Supplement • April 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2007 2007, week ending 2008, 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. 5 Dec. 12 Dec. 19 Dec. 26 Jan. 2 Jan. 9 Jan.16 Jan. 23 Jan. 30 37,706 55,101 55,350 71,042 57,002 56,595 44,253 53,322 50,024 44,111 47,869 48,279 209,220 244,134 166,632 233,054 228,468 144,081 121,485 109,977 211,093 214,169 227,583 249,278 146,804 175,646 126,737 221,776 160,736 114,278 61,982 103,726 165,513 172,266 180,186 214,177 104,846 25,569 7,770 149,452 29,682 8,024 110,834 25,290 6,745 150,869 37,820 9,861 144,925 28,401 8,615 126,158 28,685 8,738 66,623 16,146 2,873 62,128 17,159 3,646 128,873 33,305 8,882 144,963 30,294 13,109 167,502 38,168 9,075 169,765 42,773 12,162 69,338 80,131 87,897 83,740 81,226 93,455 88,750 92,484 87,362 93,702 105,900 102,523 7,411 11,125 7,018 9,652 7,138 10,138 3,786 4,372 15,135 12,779 14,736 12,277 4,258 4,551 4,455 7,466 4,879 5,218 2,254 3,136 8,431 11,972 4,698 7,776 4,059 420 4,487 506 3,927 756 4,411 630 5,843 1,271 4,378 759 1,734 616 3,152 250 3,966 1,364 4,691 1,376 4,361 1,346 5,948 1,656 321,370 352,854 292,683 494,775 473,396 244,410 119,110 159,144 666,853 412,151 279,008 400,640 207,579 23,424 207,766 17,330 192,278 14,667 196,833 21,659 215,993 19,420 210,900 16,958 162,852 8,644 166,205 5,975 193,490 16,737 191,359 23,320 192,933 18,576 217,882 26,406 215,744 275,423 201,045 305,632 255,882 194,510 121,976 147,738 246,831 256,238 275,076 309,499 5,974 93,128 659 7,053 94,230 470 5,886 88,275 340 7,548 116,662 416 6,810 154,976 524 6,551 93,227 370 3,742 32,201 165 5,149 33,923 198 7,865 163,182 434 7,747 140,439 832 6,812 72,421 485 8,336 111,361 710 316,170 386,616 290,543 418,791 372,264 284,025 191,386 202,220 350,859 362,674 395,307 426,935 79,512 228,242 230,343 93,747 258,624 224,626 98,167 204,408 206,605 98,352 378,113 218,075 93,548 318,420 234,890 107,397 151,183 227,488 93,399 86,909 171,330 98,244 125,222 171,982 108,393 503,671 209,793 116,773 271,712 213,846 124,229 206,587 211,024 121,844 289,279 243,578 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing' Millions of dollars 2008 2007 2007 Item, by type of security Oct. Nov. Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Jan. 2 Jan. 9 Jan.16 Jan. 23 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 -19,321 1,036 -3,110 3,067 3,751 -11,857 -6,428 -2,004 -11,090 -14,038 -921 -15,129 -17,193 -9,070 -17,134 -4,920 -12,326 -5,487 -7,276 -84 -4,001 -5,157 -28,039 -30,245 -25,152 -25,029 -25,556 -24,956 -24,470 -25,939 -30,374 -33,386 -37,081 -39,823 -14,809 5,645 -36,845 -13,619 5,652 -33,960 -10,551 3,117 -30,122 -9,170 4,611 -31,336 -11,068 5,177 -35,505 -11,052 2,658 -34,530 -10,190 1,574 -38,510 -11,015 1,544 -32,276 -11,166 488 -33,699 -8,075 2,660 -24,741 -6,724 577 50,695 43,547 52,543 52,217 57,847 54,013 46,785 51,446 58,339 52,015 54,276 37,178 39,982 42,405 43,631 39,841 44,302 43,389 40,735 56,718 51,109 55,878 8,223 6,850 5,056 4,224 3,716 6,183 4,979 6,291 8,420 12,181 15,759 10,809 9,017 12,854 9,721 13,843 9,861 15,059 10,893 12,698 9,861 14,437 10,312 14,095 9,268 13,046 9,030 14,982 10,396 15,995 10,921 14,360 11,362 33,863 39,571 55,915 45,671 54,132 55,441 61,681 61,248 59,182 56,088 64,320 47,608 232,064 42,533 229,189 47,659 220,150 38,028 222,970 48,113 223,216 53,430 220,777 46,520 218,116 50,168 215,008 58,909 217,799 61,582 219,110 57,557 215,810 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 1 466 501 1,168,589 1 483 997 1,292,601 1 464 804 1,219,200 1 534 010 1,180,281 1 516 768 1,220,975 1 470 925 1,302,217 1 365 207 1,361,711 1 453 715 939,892 1 468 660 1,072,701 1 559 246 1,142,381 1 514 398 1,140,685 256,317 247,793 247,255 258,411 227,395 258,169 238,951 260,591 252,865 253,676 219,430 261,624 209,618 274,025 216,218 235,002 238,674 247,832 244,732 264,645 235,435 269,156 176,872 468,290 177,293 487,128 178,148 454,396 192,768 477,872 202,856 457,141 171,730 460,496 146,514 463,903 182,207 405,225 184,469 422,363 183,537 429,682 180,900 433,947 128,489 91,622 130,365 92,240 128,928 86,249 129,255 89,933 130,675 89,905 128,285 85,446 127,933 82,804 128,446 83,393 136,100 81,919 130,663 80,659 130,683 76,850 1,019,440 1 532 960 1,031,148 1 703122 991,623 1 620 426 1,101,682 1 596 192 1,059,142 1 649 998 978,805 1 716 841 864,236 1 773 208 983,325 1 254 384 1,016,275 1 434 785 1,088,451 1 523 427 1,034,150 1 536 299 1 449 489 997,387 1 469 300 1,122,745 1 430 608 1,088,904 1 523 487 1,031,756 1 453 152 1,118,616 1 425 158 1,189,705 1 342 587 1,225,106 1 437 028 772,649 1 461 641 911,654 1 525 006 995,002 1 496 019 983,312 406,790 156,629 393,688 166,173 406,172 149,629 417,063 140,851 434,460 141,152 399,249 158,354 388,868 165,123 389,595 136,366 433,794 138,142 435,176 158,290 412,696 172,732 757,667 235,700 789,172 271,445 794,535 248,882 805,925 254,723 827,851 259,273 784,003 250,241 784,060 252,185 765,912 221,964 802,963 203,098 873,745 195,642 894,200 184,260 373,631 93,167 373,312 95,742 364,664 90,600 364,154 96,949 379,553 91,664 362,707 88,907 356,158 90,724 358,980 84,959 370,367 80,935 382,387 83,903 379,805 81,649 2,597,999 1,395,479 2,621,843 1,568,908 2,592,093 1,509,334 2,700,953 1,458,305 2,691,977 1,535,429 2,573,428 1,616,432 2,467,720 1,665,162 2,543,649 1,155,732 2,644,443 1,283,268 2,794,348 1,372,741 2,754,314 1,360,668 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 2008 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank2-3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service1" 8 Tennessee Valley Authority 9 United States Railway Association1" 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 n.a. 25.412 6 24.267 6 n.a. 207 July Aug. Sept. 23,293 6 3,007 6 n.a. 83 22,965 6 n.a. 85 23,017 6 n.a. 83 23,103 6 n.a. 84 n.a. n.a. 3,001 n.a. n.a. n.a. 22,959 n.a. n.a. n.a. 23,011 n.a. n.a. n.a. 23,097 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23,843 6 23,520 6 n.a. 110 n.a. n.a. n.a. 24.261 n.a. 1,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854.815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 30,811 27,948 30^04 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 16,961 n.a. 10,987 n.a. n.a. 30,304 23,837 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. 23,514 n.a. 23,287 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 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^ 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. 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. 29,119 29,119 30,179 31,931 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 30,179 n.a. n.a. 31,931 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 409,802 389,540 425,502' 47,821 31,380 28,033 32,717' 44,627 28,842 29,199 19,369 By type of issue 2 General obligation 3 Revenue 145.845 263,957 115,128 274,413 131,234' 294,268' 15,780 32,041 9,748 21,632 9,124 18,909 6,799' 25,918 11,177 33,450 10,148' 18,695 9,502 19,698 9,001 10,367 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township 31,568 298,762 79,472 28,258 293,403 67,879 34,970 314,989' 75,543' 4,775 34,507 8,539 1,158 24,791 5,431 3,036 19,443 5,554 2,037 25,282' 5,397 4,133 35,233 5,261 2,149 18,948' 7,745 2,488 21,444 5,267 1,279 13,893 4,197 7 Issues for new capital 222,986 262,485 276,042' 37,109 23,138 20,895 25,141 30,827 21,654 22,281 15,423 70,974 25,427 10,052 n.a. 17.655 60,626 70,252 30,232 7,801 n.a. 35.000 72,684 70,662' 27,921 11,394 n.a. 38.244 82,975' 9,110 3,674 2,055 n.a. 4.686 11,605 6,468 1,133 554 n.a. 3.556 8,264 4,565 3,436 590 n.a. 2.859 5,700 3,747 5,578 520 n.a. 4.092 8,650 6,110 3,641 723 n.a. 6.030 10,266 7,117 1,989 1,112 n.a. 2.075 5,739' 6,161 1,652 2,547 n.a. 2.467 5,614 4,118 2,951 1,007 n.a. 1.352 4,406 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2007 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2005 2006 2007 May June July Aug. Sept. Oct. Nov. Dec. 2,438,989 2,710,028 2,447,707 303,465 290,454 140,993 183,529 159,087 162,021 143,274 109,195 2,323,735 2,590,863 2,279,052 286,368 273,954 135,078 173,382 151,933 151,119 119,184 87,724 2,141,496 182 238 2,318,379 272 483 2,030,248 248 803 259,498 26 870 240,025 33 929 125,312 9 766 159.508 13 873 131.957 19 976 122.921 28 198 98.829 20 356 81.383 6 341 22,221 18,262 20,103 2,665 1,547 1,403 1.669 2.626 1.436 2.246 1.349 216,072 2,107,662 344,005 2,246,858 411,723 1,867,329 51,794 234,574 45,474 228,480 13,137 121,940 32,055 141,326 34,501 117,432 48,456 102,663 30,003 89,181 33,128 54,596 115,255 119,165 168,655 17,097 16,500 5,915 10,147 7,154 10,902 24,090 21,471 54,713' 60,541 56,029' 63,136 65,440 103,216 7,211' 9,887 5,024' 11,477 2,776' 3,140 6,881' 3,266 3,255' 3,899 4,952' 5,950 11,673' 12,418 2,813 18,658 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By industry group 10 Financial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • April 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2007 Item 2006 2008 2007' July Aug. Sept. Oct. Nov. Dec. Jan.' Feb. 1 Sales of own shares 2 2,009,480 2,529,722 218,387 198,153 182,213 235,084 198,432 225,067 280,573 204,415 2 Redemptions of own shares 1,782,393 227,087 2,302,915 226,807 201,002 17,385 217,606 -19,453 166,197 16,016 210,539 24,545 205,546 -7,114 221,500 3,567 302,693 -22,120 176,606 27,809 8,058,059 8,914,249 8,691,047 8,722,777 9,068,464 9,337,512 8,995,368 8,914,249 8,445,110 8,357,451 345,066 7,712,993 378,795 8,535,454 324,128 8,366,919 352,428 8,370,349 347,208 8,721,256 365,821 8,971,691 384,831 8,610,537 378,795 8,535,454 361,823 8,083,287 382,693 7,974,758 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 2007 2006 Account 2005 2006 2007 Q2 Q3 Q4 Ql Q2 Q3 Q4 ASSETS 1 622 4 601.8 479.2 541.4 1 732 7 640.3 498.0 594.4 n.a. n.a. n.a. n.a. 1,672.1 602.8 497.4 572.0 1,710.3 628.3 490.4 591.6 1,732.7 640.3 498.0 594.4 1,728.4 643.1 505.4 579.8 1,732.1 659.7 509.3 563.2 1,754.8 686.4 508.0 560.4 n.a. n.a. n.a. n.a. 44.7 24 5 49.2 26 6 n.a. 45.3 23 5 48.4 24 7 49.2 26 6 50.8 25 5 50.6 25 5 50.2 28 6 n.a. 8 All other 1,553.2 535.7 1,656.9 486.5 n.a. n.a. 1,603.4 499.6 1,637.2 482.9 1,656.9 486.5 1,652.1 497.6 1,655.9 504.9 1,676.0 516.5 n.a. n.a. 9 Total assets 2,088.8 2,143.3 n.a. 2,103.0 2,120.1 2,143.3 2,149.7 2,160.8 2,192.4 n.a. 142.1 160 0 129.2 165 3 n.a. 136.9 152 7 131.5 164 0 129.2 165 3 138.1 159 1 153.5 154 0 176.7 149 0 n.a. 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 n.a. n.a. n.a. n.a. 327.4 832.6 415.7 237.5 336.7 824.0 421.1 242.8 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.6 847.0 444.1 244.0 n.a. n.a. n.a. n.a. 2,088.8 2,143.3 n.a. 2,103.0 2,120.1 2,143.3 2,149.7 2,160.8 2,192.4 n.a. 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 10 Bank loans Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables1 Billions of dollars, amounts outstanding Type of credit Sept. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 774.6 561.5 559.1 2,009.3 2,044.5 818.4 610.9 580.0 885.9 566.1 592.4 2,047.8 878.5 581.2 597.8 876.7 576.8 594.8 880.3 572.6 594.8 2,050.2 885.9 566.1 592.4 881.0' 559.8' 599.0' 884.2 561.8 604.1 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 2,057.9 2,046.2 2,026.2 2,061.8 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 893.5 262.9 122.9 86.0 234.9 883.3 261.9 120.5 78.3 228.5 886.4 260.4 121.1 80.6 230.0 890.1 259.4 122.2 82.9 233.0 893.5 262.9 122.9 86.0 234.9 885.7' 256.0 124.4 85.5 238.0' 879.9 253.6 124.3 84.7 236.9 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 113.3 3.1 25.6 44.7 569.8 474.2 59.1 118.9 3.2 25.9 46.1 579.3 503.2 57.2 119.8 25.8 45.6 576.0 500.1 57.8 118.6 3.2 25.7 45.2 573.5 497.5 58.6 113.3 3.1 25.6 44.7 569.8 474.2 59.1 108.7' 3.1 25.4 44.6 562.1' 466.7' 59.1 107.4 3.0 25.4 44.6 560.9 465.2 59.3 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 34.9 1.6 598.6 105.7 16.4 56.9 32.4 319.4 106.1 213.3 94.4 15.2 3.8 589.4 104.2 18.0 53.2 33.0 310.9 106.4 204.5 92.9 15.1 3.1 589.9 104.4 17.4 54.1 32.9 311.4 106.1 205.3 93.7 15.0 2.4 594.3 106.9 16.8 57.3 32.7 312.3 105.6 206.7 95.9 34.9 1.6 598.6 105.7 16.4 56.9 32.4 319.4 106.1 213.3 94.4 34.8 1.6 599.4' 104.7 16.2 56.1 32.4 328.0' 111.4' 216.6' 89.2' 34.8 1.6 605.5 107.4 16.0 59.0 32.4 329.5 113.2 216.4 90.9 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 40.3 2.8 37.5 .1 13.1 9.4 3.7 28.1 37.8 2.7 35.0 .1 13.0 9.3 3.7 29.5 35.1 2.7 32.3 .1 13.2 9.4 3.8 31.0 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 32.4 2.6 29.7 .1 13.0 9.2 3.9 32.1 32.5 2.6 29.8 .1 12.9 9.1 3.9 32.2 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 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2007 Item 2005 2006 2008 2007 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Terms and y elds in primary and secondary markets PRIMARY MARKETS Terms] 1 Purchase price (thousands of dollars) 2 Amount of loan (thousands of dollars) 4 Maturity (years) 5 Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 358.3 266.5 76.9 29.6 .87 350.7 266.3 78.6 29.4 .81 366.8 273.7 77.1 29.2 .80 347.7 268.8 79.4 29.2 .74 360.2 269.5 78.6 29.0 .78 373.1 275.9 78.1 29.2 .66 329.8 248.6 77.9 28.8 .80 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 6.45 6.58 n.a. 6.43 6.55 n.a. 6.30 6.42 n.a. 6.10 6.21 n.a. 5.90 6.02 n.a. 5.87 5.96 n.a. 5.80 5.92 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 5.79 n.a. 5.67 n.a. 5.38 n.a. 5.37 n.a. 5.00 n.a. 5.19 n.a. 5.16 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGEASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 723,813 n.a. n.a. 732,291 n.a. n.a. 722,032 n.a. n.a. 723,976 n.a. n.a. 720,985 n.a. n.a. 721,579 n.a. n.a. 722,768 n.a. n.a. 14 Mortgage transactions purchased (during period) 146,641 196,017 182,470 11,926 20,957 13,997 12,796 8,913 11,593 15,817 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 720,813 n.a. n.a. 713,164 n.a. n.a. 703,145 n.a. n.a. 701,352 n.a. n.a. 720,813 n.a. n.a. 716,932 n.a. n.a. 709,523 n.a. n.a. 712,462 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 470,976 n.a. 54,262 n.a. 31,085 n.a. 34,215 n.a. 48,210 n.a. 29,480 n.a. 42,968 n.a. 43,526 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Mortgage commitments (during period) 15 Issued7 16 To sells FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-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 MortgageAssociation 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 . 10,656,390 Q1 13,337,070 Q2 Q3 Q4" 13,981,770 14,363,850 14,560,260 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm 8,257,106 608,606 1,680,277 110,406 9,386,817 679,062 1,931,935 114,872 10,287,960 729,120 2,200,087 119,897 10,287,960 729,120 2,200,087 119,897 10,426,390 740,919 2,260,705 121,027 10,749,660 777,775 2,343,794 110,535 11,027,950 813,375 2,406,109 116,417 11,135,820 831,045 2,472,796 120,598 By type of holder 6 Major j financial institutions . . . C i l b k2 Commercial banks One- to four-family Multifamily Nonfarm, nonresidential Farm Savings institutions3 One- to four-family Multifamily Nonfarm, nonresidential Farm Life insurance companies . One- to four-family Multifamily Nonfarm, nonresidential Farm 3,925,694 2,595,334 1,575,779 118,643 859,855 41,057 1,057,036 873,920 87,537 94,980 599 273,324 4,998 40,453 214,085 13,788 4,394,752 2,956,557 1,786,497 138,702 987,887 43,471 1,152,732 953,810 98,349 99,957 616 285,463 4,585 42,440 224,258 14,180 4,780,754 3,402,987 2,076,445 157,547 1,123,154 45,841 1,073,967 867,831 95,792 109,604 740 303,800 6,730 44,761 236,719 15,590 4,780,754 3,402,987 2,076,445 157,547 1,123,154 45,841 1,073,967 867,831 95,792 109,604 740 303,800 6,730 44,761 236,719 15,590 4,800,258 3,378,629 2,030,136 158,936 1,143,284 46,273 1,117,242 911,540 93,589 111,333 780 304,387 6,740 44,847 237,179 15,621 4,886,757 3,462,137 2,081,919 160,726 1,178,415 41,077 1,112,818 905,281 92,570 114,161 806 311,802 6,869 45,458 243,463 16,012 4,977,053 3,513,839 2,122,486 163,251 1,186,179 41,923 1,146,872 933,532 94,763 117,731 846 316,342 7,253 46,550 246,213 16,326 5,051,584 3,633,255 2,201,334 167,045 1,221,211 43,665 1,095,226 878,927 92,704 122,713 882 323,103 7,311 47,567 251,540 16,685 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 2 554,997 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 1 561,016 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 561,016 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 14,621 40,019 61,481 20,396 41,085 804 804 1 1 2 0 254,997 219,270 35,727 59,897 16,922 42,975 65,847 21,844 44,003 778 778 723,868 22 22 0 78,411 13,024 11,282 50,839 3,266 4,927 1,779 3,147 0 0 0 0 0 2 0 7 0 249,515 222,535 26,980 52,793 15,240 37,553 61,360 23,389 37,971 887 887 10 0 254,963 219,236 35,727 61,451 18,071 43,380 67,136 22,272 44,864 748 748 699,472 25 25 0 77,978 12,893 11,318 50,564 3,204 5,115 1,687 3,428 0 0 0 0 0 6 1 1 4 0 389,934 329,272 60,662 62,902 18,449 44,453 68,350 21,219 47,131 754 754 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 1 1 2 0 254,997 219,270 35,727 59,897 16,922 42,975 65,847 21,844 44,003 778 778 562,941 26 26 0 77,264 12,819 11,340 49,919 3,186 5,013 1,679 3,335 0 0 0 0 0 15 2 399,420 321,955 77,465 64,859 19,490 45,369 71,680 22,946 48,734 742 742 403,577 311,831 91,746 64,859 17,606 47,253 79,776 23,876 55,900 742 742 4,965,850 441,235 409,089 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,423,676 1,013,757 73,068 336,851 0 938 938 5,791,117 405,246 371,484 33,762 1,330,795 1,312,284 18,511 1,940,079 1,862,476 77,603 0 0 0 0 0 2,114,153 1,592,439 89,626 432,088 0 844 844 6,507,032 410,196 374,062 36,135 1,472,294 1,451,815 20,479 2,078,829 1,995,676 83,153 0 0 0 0 0 2,542,529 1,923,565 101,280 517,685 0 3,183 3,183 6,507,032 410,196 374,062 36,135 1,472,294 1,451,815 20,479 2,078,829 1,995,676 83,153 0 0 0 0 0 2,542,529 1,923,565 101,280 517,685 0 3,183 3,183 6,699,590 413,217 377,061 36,157 1,531,796 1,510,489 21,307 2,127,130 2,042,045 85,085 0 0 0 0 0 2,624,045 1,962,603 109,478 551,964 0 3,402 3,402 6,934,306 417,136 380,925 36,211 1,587,795 1,565,710 22,085 2,094,251 2,010,481 83,770 0 0 0 0 0 2,830,445 2,120,175 116,278 593,991 0 4,679 4,679 7,199,833 427,492 391,094 36,398 1,660,047 1,636,957 23,090 2,167,980 2,081,261 86,719 0 0 0 0 0 2,939,696 2,179,319 123,178 637,199 0 4,618 4,618 7,336,212 443,650 407,011 36,640 1,717,342 1,706,684 10,658 2,277,491 2,188,791 88,700 0 0 0 0 0 2,893,111 2,116,601 123,955 652,555 0 4,618 4,618 1,211,031 982,293 84,260 132,129 12,349 1,371,821 1,129,273 88,299 142,528 11,721 1,488,266 1,221,252 95,457 163,978 7,578 1,488,266 1,221,252 95,457 163,978 7,578 1,486,254 1,215,376 96,224 167,016 7,637 1,461,232 1,200,378 98,108 163,196 -450 1,474,247 1,204,108 98,722 168,028 3,389 1,448,593 1,169,497 101,673 173,936 3,487 2 3 4 5 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 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Federal and related agencies Government National Mortgage Association One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Housing Admin, and Dept. of Veterans Affairs One- to four-family Multifamily Resolution Trust Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Deposit Insurance Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal National Mortgage Association One- to four-family Multifamily Federal Land Banks One- to four-family Farm Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal Agricultural Mortgage Corporation Farm One- to four-family Multifamily Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal National Mortgage Association . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family1" Multifamily Nonfarm, nonresidential Farm Federal Agricultural Mortgage Corporation Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm 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 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2007 Holder and type of credit 2005 2006 2008 2007 Oct. Nov. Dec. Jan. Feb. Mar. Seasonally adjusted 1 Total 2,284,876 2,387,470 2,524,293 2,504,925' 2,522,138' 2,524,293 2,536,529 2,543,065 2,558,354 2 Revolving 824.963 1 459 913 875,406 1,512,064 941,448 1,582,845 929.458' 1,575,467' 939.289' 1,582,849' 941.448 1,582,845 947.004 1,589,526 950.931 1,592,134 957.209 1,601,146 Not seasonally adjusted 4 Total By major holder 5 Commercial banks 6 Finance companies 8 9 10 11 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 16 17 18 19 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 21 22 Commercial banks Finance companies 24 25 26 27 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 2,313,862 2,418,262 2,557,297 2,511,491' 2,532,169' 2,557,297 2,557,715 2,541,957 2,541,037 707,039 516.534 228,588 89.822 109,077 58,817 603,986 741,200 534,354 234,532 91,676 95,547 56,757 664,197 804,616 583,869 235,700 98,160 90,941 55,224 688,787 771,441 570,906' 238,574' 98,208 87,181 53,734 691,448' 788,351 575,330' 237,654' 98,295 87,290 55,298 689,950' 804,616 583,869 235,700 98,160 90,941 55,224 688,787 808,074 581,387 234,066 102,309 90,820 53,230 687,829 798,262 578,798 232,276 102,989 90,708 51,904 687,020 793,382 583,641 230,728 103,336 90,587 51,145 688,219 849,975 311,204 66,307 24,688 n.a. 40,755 11,598 395,423 902,316 327,302 79,874 27,388 n.a. 42,459 7,779 417,514 970,389 353,985 86,046 31,071 n.a. 44,904 4,228 450,154 927,309' 321,324 80,562 29,334' n.a. 40,245 7,295 448,549 944,830' 336,536 82,948 29,919' n.a. 40,796 7,429 447,202 970,389 353,985 86,046 31,071 n.a. 44,904 4,228 450,154 958,383 337,720 85,249 30,802 n.a. 44,753 3,987 455,872 949,095 328,512 84,150 30,450 n.a. 44,611 3,808 457,564 944,094 319,686 83,788 30,452 n.a. 44,460 3,657 462,051 1,463,887 395,835 450,226 203,900 89,822 68,322 47,219 208,564 1,515,946 413,898 454,480 207,144 91,676 53,088 48,978 246,683 1,586,909 450,631 497,823 204,629 98,160 46,037 50,996 238,633 1,584,182' 450,116 490,344' 209,240' 98,208 46,936 46,439 242,899' 1,587,339' 451,816 492,383' 207,735' 98,295 46,494 47,868 242,749' 1,586,909 450,631 497,823 204,629 98,160 46,037 50,996 238,633 1,599,332 470,354 496,138 203,264 102,309 46,068 49,243 231,957 1,592,862 469,751 494,648 201,826 102,989 46,096 48,096 229,456 1,596,943 473,696 499,853 200,276 103,336 46,127 47,489 226,167 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.I9 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2007 Item 2005 2006 2007 June July Aug. Sept. Oct. Nov. Dec. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 7.08 12.05 7.72 12.41 7.77 12.39 n.a. n.a. n.a. n.a. 7.82 12.51 n.a. n.a. n.a. n.a. 7.59 12.16 n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.51 14.55 13.21 14.73 13.38 14.67 n.a. n.a. n.a. n.a. 13.58 15.24 n.a. n.a. n.a. n.a. 13.08 14.34' n.a. n.a. 6.02' 8 81' 4.99' 9 61' 4.87 9 24 5.19' 8 95' 5.06' 881' 4.65' 8 83' 4.83' 8 95' 4.60' 9 46' 4.72' 9 74' 4.33 9 73 60.0 58 6' 63.0' 59 4' 62.0 60 7 61.4' 61 7' 60.5' 61 5' 62.6' 60 5' 63.3' 60 5' 63.6' 60 3' 62.7' 60 4' 62.5 60 5 88 98 94 99 95 100 95 103 95 102' 95 101' 96 100' 95 99 95 98 95 97 24,133 16,228 26,620 16,671 28,287 17,095 27,524 17,131 27,583 17,230 28,639 17,109 28,826 17,117 30,133 17,162 29,327 17,184 29,076 17,371 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 Ql Q2 Q3 Q4 Nonfinancial sectors 1,399.4 1,669.4 1,959.0 2,244.8 2,319.6 2,287.8 2,001.3 2,287.8 2,292.9 2,102.6 2,625.6 -57.9 257.1 .5 159.4 129.3 -106.6 15.7 893.9 759.4 37.1 90.5 6.9 107.9 -35.1 398.4 -2.4 137.6 150.4 -77.0 5.5 987.6 798.3 71.2 119.4 -1.3 104.4 16.8 362.5 -.6 130.5 74.4 10.8 20.4 1,229.1 1,027.9 48.3 150.2 2.7 115.0 -7.9 307.3 -.4 195.0 53.6 137.6 47.7 1,417.5 1,103.7 71.7 237.4 4.6 94.5 23.4 183.7 -.3 177.3 213.4 173.4 47.3 1,397.1 1,069.7 52.1 267.7 7.5 104.4 16.8 49.7 .2 172.6 201.0 99.0 93.9 1,527.0 1,236.0 42.1 241.4 7.5 127.8 -37.7 172.4 -1.0 169.2 133.8 163.1 -30.0 1,311.9 988.7 35.9 279.7 7.6 119.7 95.6 135.8 .5 252.8 315.9 223.2 60.1 1,095.0 739.6 67.1 280.7 7.6 108.9 14.2 327.5 -1.3 249.1 282.2 115.7 69.7 1,119.0 774.6 60.1 276.0 8.3 116.8 47.2 -70.7 -.1 246.6 377.5 99.0 64.1 1,199.4 780.5 93.4 317.1 8.4 139.5 -32.8 435.9 -.8 164.3 225.2 423.8 198.6 1,040.7 670.5 103.6 258.1 8.5 170.7 13.5 257.1 .7 198.3 371.6 414.6 143.7 853.6 541.7 119.1 184.3 8.5 102.2 833.7 164.2 9.1 148.0 7.1 143.9 257.6 980.5 172.6 82.2 92.1 -1.6 120.3 396.0 1,063.8 418.0 167.2 244.7 6.1 115.3 361.9 1,178.7 587.7 243.4 331.6 12.7 171.6 306.9 1,194.2 790.8 425.7 346.8 18.4 151.2 183.4 1,383.1 718.4 377.4 323.6 17.4 136.4 49.9 1,096.4 586.3 229.9 342.5 13.9 147.2 171.4 944.9 988.3 631.1 334.6 22.6 218.2 136.3 884.5 857.9 527.3 304.9 25.6 224.4 326.2 952.9 1,008.0 618.0 379.0 11.1 212.4 -70.8 912.0 1,142.2 641.0 488.6 12.6 136.4 435.0 759.1 1,174.5 723.2 440.2 22 Foreign net borrowing in United States 92.9 36.9 124.8 102.8 250.4 115.7 518.1 227.7 160.5 236.2 -.4 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 58.3 31.6 5.3 -2.3 12.9 28.7 -2.5 -2.1 62.8 61.8 3.8 -3.6 38.5 54.5 14.5 -4.6 93.1 150.9 13.8 -7.4 -51.7 144.6 30.8 -8.0 357.8 180.2 -12.2 -7.7 -17.2 218.0 31.6 -4.6 11.1 174.8 -22.5 -3.0 24.7 167.3 47.1 -2.9 -197.0 172.6 26.3 -2.3 -102.9 52.7 45.9 -.8 27 Total domestic plus foreign 1,492.3 1,706.3 2,083.8 2,347.7 2,569.9 2,403.5 2,519.4 2,515.5 2,453.4 2,338.7 2,625.2 2,350.1 1 Total net borrowing by domestic nonfinancial sectors 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 163.8 257.8 -5.2 Financial sectors 869.3 1,068.5 975.3 1,065.8 1,293.6 1,587.2 932.3 1,293.0 1,231.5 1,406.0 2,339.1 1,300.5 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages -99.5 219.8 326.8 383.3 21.1 6.8 11.0 -59.7 250.9 330.6 486.0 21.4 31.2 8.2 26.6 75.0 47.9 667.7 58.1 74.1 25.9 214.5 -84.0 167.3 692.8 17.0 44.4 13.9 200.7 35.6 295.4 797.8 -64.1 21.2 7.0 331.7 195.2 299.8 731.1 -15.7 38.1 7.1 80.7 -83.5 284.4 655.7 -42.8 29.9 7.8 199.6 40.7 278.9 1,000.3 -216.8 -3.9 -5.8 206.5 66.7 482.5 470.6 51.0 -30.5 -15.2 357.0 161.4 534.9 294.6 48.8 .4 9.0 -681.7 556.6 622.2 982.6 103.4 746.2 9.7 -337.2 343.6 783.8 276.1 13.8 209.7 10.7 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 49.7 -23.4 2.0 2.0 219.8 326.8 212.5 66.2 27.3 -1.7 -11.9 48.5 34.5 2.2 2.9 250.9 330.6 242.4 111 .1 31.5 6.4 7.6 78.4 89.0 2.3 3.0 75.0 47.9 425.7 134.3 98.3 15.2 6.1 85.1 23.8 3.3 .4 -84.0 167.3 670.0 33.5 59.8 .1 106.5 177.4 -111.9 4.2 2.7 35.6 295.4 772.4 34.8 41.1 6.4 35.4 171.8 -1.8 6.8 1.3 195.2 299.8 674.8 89.1 56.5 6.5 87.2 51.6 17.1 2.0 2.4 -83.5 284.4 701.9 -36.6 32.8 5.0 -44.8 400.6 -463.3 8.4 4.3 40.7 278.9 906.3 69.0 14.0 -20.9 55.0 90.7 -20.5 -10.5 4.9 66.7 482.5 438.5 13.9 2.2 59.5 103.6 147.3 -24.9 10.6 12.6 161.4 534.9 472.9 9.3 -9.9 39.9 51.9 496.2 363.6 37.9 26.9 556.6 622.2 78.5 119.6 -6.0 -29.4 73.0 301.7 94.1 16.0 13.6 343.6 783.8 -282.2 -22.9 -4.2 -85.9 142.9 28 Total net borrowing by financial sectors 36 Federal Reserve Bulletin Statistical Supplement • April 2008 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 47 Total net borrowing, all sectors . . . . 48 49 50 51 52 53 54 55 56 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Q2 Q3 Q4 Ql Q2 Q3 Q4 2,361.6 2,774.9 3,059.1 3,413.4 3,863.5 3,990.7 3,451.6 3,808.5 3,684.9 3,744.7 4,964.4 3,650.6 -99.1 257.1 547.2 159.4 544.2 -80.2 20.2 904.8 107.9 -82.0 398.4 579.1 137.6 665.1 -58.1 34.6 995.8 104.4 106.2 362.5 122.3 130.5 803.9 72.7 90.9 1,255.0 115.0 245.1 307.3 82.8 195.0 800.9 169.1 87.4 1,431.4 94.5 317.1 183.7 330.6 177.3 1,162.1 123.1 61.1 1,404.1 104.4 296.7 49.7 495.2 172.6 1,076.6 114.2 123.9 1,534.1 127.8 400.8 172.4 199.9 169.2 969.7 108.1 -7.8 1,319.7 119.7 278.0 135.8 320.1 252.8 1,534.1 38.0 51.6 1,089.2 108.9 231.8 327.5 547.9 249.1 927.6 144.2 36.2 1,103.7 116.8 428.8 -70.7 696.2 246.6 839.3 195.0 61.6 1,208.4 139.5 -911.5 435.9 1,178.0 164.3 1,380.5 553.6 942.5 1,050.4 170.7 -426.7 257.1 1,128.2 198.3 700.3 474.3 352.5 864.4 102.2 Funds raised through mutual funds and corporate equities 57 Total net issues 227.4 427.5 366.0 110.9 -80.4 -155.3 -274.8 16.6 190.5 -36.1 -304.0 -647.4 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents 61 Financial corporations 62 Mutual fund shares 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -417.2 -614.1 138.5 58.4 336.8 -423.7 -601.6 91.4 86.5 268.4 -512.6 -534.0 41.8 -20.4 237.8 -349.1 -751.2 251.0 151.2 365.6 -314.9 -572.8 174.0 83.9 505.4 -560.8 -770.0 161.5 47.7 524.7 -538.5 -846.0 142.7 164.8 234.5 -854.4 -1,157.6 -37.5 340.7 206.9 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F.4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Q2 Q3 Q4 Q1 Q2 Q3 Q4 NET LENDING IN CREDIT MARKETS2 2,361.6 2,774.9 3,059.1 3,413.4 3,863.5 3,990.7 3,451.6 3,808.5 3,684.9 3,744.7 4,964.4 3,650.6 188.0 71.9 25.8 -.8 86.2 4.9 430.5 1,743.1 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 219.0 103.7 23.8 28.4 -102.1 171.4 116.9 -3.2 1.5 58.3 -2.1 573.3 2,030.2 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 233.2 122.9 25.7 79.6 28.6 382.3 264.5 31.1 11.5 72.4 2.7 765.7 1,911.1 51.2 608.0 571.1 252.4 77.3 42.3 11.4 124.1 -2.7 780.6 2,380.3 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 44.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 167.3 673.5 117.2 66.9 82.3 47.5 283.2 167.5 14.8 12.3 84.6 4.0 856.8 2,723.5 34.7 761.7 656.3 103.7 3.3 -1.7 -98.1 30.1 47.7 75.6 14.0 76.3 8.4 220.0 184.9 6.7 5.7 46.6 295.4 727.7 89.7 57.5 106.2 32.8 260.8 148.7 13.5 10.0 77.5 11.1 839.0 2,890.8 36.1 783.0 662.3 136.9 -8.0 -8.2 122.3 26.6 48.3 89.6 48.0 147.7 17.8 185.3 147.6 16.5 9.1 91.3 299.8 710.6 96.0 57.7 63.4 -105.9 149.3 118.5 -49.4 12.9 81.3 -14.0 841.8 2,460.5 21.4 154.5 57.3 94.0 6.6 -3.3 258.1 7.9 31.8 48.6 38.9 14.4 7.7 362.1 130.8 -4.9 2.8 -30.4 284.4 720.9 158.1 44.5 162.5 46.4 399.1 202.1 53.6 11.6 122.9 8.9 911.7 2,497.7 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 7.7 41.6 43.7 2.5 216.5 232.6 5.5 7.9 51.7 278.9 734.2 -5.8 87.1 218.5 60.4 118.0 -137.4 78.0 12.0 145.0 991.4 2,575.6 13.0 194.5 29.7 188.2 -16.8 -6.5 189.1 39.8 32.8 85.0 30.7 -8.4 14.9 370.7 285.2 -.9 6.8 -86.9 482.5 585.5 56.5 -36.2 281.1 39.9 124.1 -19.0 -29.4 13.9 144.9 13.6 891.2 2,729.4 44.7 688.0 499.3 194.9 -5.3 -.9 67.4 24.6 34.7 89.4 39.6 18.6 3.4 350.8 365.6 13.9 15.6 81.0 534.9 483.3 -34.7 -30.4 -167.2 106.1 851.5 983.8 -106.7 17.2 -40.1 -2.6 238.9 3,874.0 -33.7 963.4 704.5 238.1 21.4 -.7 136.8 46.1 34.0 160.8 50.1 61.3 17.5 444.2 179.8 -18.0 9.6 673.3 622.2 148.1 99.5 -117.4 471.7 -75.3 460.5 535.4 -33.9 5.5 -57.0 10.5 1,044.9 2,145.2 -177.2 1,155.5 876.2 185.7 93.1 .5 -130.1 36.5 50.7 72.0 18.3 32.8 11.1 396.9 219.4 5.9 19.9 296.1 783.8 -240.0 -96.4 -78.9 341.9 -572.9 2,361.6 2,774.9 3,808.5 3,684.9 3,744.7 4,964.4 3,650.6 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 86.7 -87.0 60.1 262.9 22.2 -84.1 505.8 -.9 .0 .6 36.0 -14.5 85.0 307.4 55.8 -207.5 218.7 138.9 288.6 22.4 120.0 66.8 258.5 -1.1 45.0 460.0 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -18.0 1,620.5 -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 336.6 .2 16.1 238.3 28.1 -137.8 1,389.1 -2.6 .0 .6 98.8 -11.2 -18.7 347.0 261.2 305.3 496.0 -417.2 336.8 166.5 211.5 65.6 198.2 19.9 -51.5 1,133.1 2.0 .0 .8 282.0 -195.6 29.2 232.7 308.8 274.2 278.8 -423.7 268.4 316.2 178.7 53.1 310.0 4.7 -63.4 1,125.8 -4.2 .0 1.0 -38.7 43.9 -73.0 336.8 344.7 418.0 602.2 -512.6 237.8 69.1 173.0 76.3 161.8 21.4 -35.0 1,466.7 -5.9 .0 .0 -64.4 116.3 -75.2 578.7 -3.6 378.8 619.1 -349.1 365.6 187.7 274.2 75.4 216.9 28.0 -50.1 831.3 .1 .0 .4 284.6 -490.2 91.7 371.2 291.3 442.3 699.5 -314.9 505.4 184.3 113.5 23.6 133.8 33.0 18.3 680.5 -.3 .0 1.3 395.3 24.4 -99.0 218.1 95.7 441.5 128.4 -560.8 524.7 243.8 357.4 16.7 2.2 11.8 -59.5 3,353.8 .1 .0 1.4 170.9 149.1 115.9 336.8 526.1 1,260.4 227.1 -538.5 234.5 197.3 -18.9 32.4 145.6 26.0 -78.0 1,853.1 .1 .0 -.4 212.8 104.0 -6.5 221.1 372.1 819.9 -745.2 -854.4 206.9 75.0 604.1 37.1 216.1 24.9 -109.2 1,246.4 3,855.4 4,654.5 6,429.0 6,521.6 7,002.9 6,973.2 6,740.9 6,932.4 6,753.2 8,840.3 9,605.9 6,075.4 -.6 21.5 7.2 36.0 19.7 -58.1 -.3 52.8 -4.3 -33.9 -42.6 -42.1 61.9 14.9 -139.9 -20.2 106.3 .7 40.6 -3.7 134.2 -18.1 208.4 -1.1 99.8 -1.9 298.0 1.9 -304.2 296.1 4.5 303.8 1.9 -516.6 .6 40.5 48.1 144.6 24.1 -56.3 -.5 -141.2 -71.8 601.9 23.7 -317.0 -.3 359.8 48.8 -132.0 -29.2 -843.1 .7 377.4 -53.8 13.4 692.5 .9 12.3 -11.6 109.3 -24.3 -446.6 -1.1 74.8 23.3 -910.2 -48.9 1,340.0 Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit -1.6 -.7 164.7 -8.9 .0 22.4 27.9 -.8 11.1 -6.6 -.9 -32.6 -3.0 -.5 -61.6 2.1 -.8 37.4 16.4 -.9 -51.2 -19.1 -.8 -92.7 -5.9 -.8 183.2 -.5 -1.3 17.0 13.5 -.8 25.3 -2.5 -1.2 -54.4 64 Total identified to sectors as assets . . 3,667.1 4,711.4 6,574.8 6,950.0 7,172.7 7,817.9 9,927.9 5,655.6 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 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 47.9 416.2 214.9 87.9 -29.2 47.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 38 1.59 Federal Reserve Bulletin Statistical Supplement • April 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2003 2004 2005 2007 2006 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 22,327.0 24,300.8 26,545.6 28,861.9 27,743.9 28,254.6 28,861.9 29,445.7 29,938.0 30,575.0 31,212.5 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 84.8 4,008.2 24.9 1,900.5 2,870.1 1,088.4 955.4 9 290 4 7.227.8 543.6 1.424.8 94.1 2.104.4 101.6 4,370.7 24.3 2,031.0 2,944.5 1,099.2 975.8 10,534.3 8,270.5 591.9 1.575.0 96.9 2.219.4 93.8 4,678.0 23.8 2,225.9 2,998.1 1,236.8 1,023.5 11,951.8 9,374.3 663.6 1.812.4 101.5 2.313.9 117.1 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,067.5 13,348.9 10,444.0 715.7 2.080.2 109.0 2.418.3 115.4 4,759.6 23.6 2,305.8 3,099.1 1,316.4 1,063.5 12,744.7 10,012.9 689.9 1.936.7 105.2 2.315.8 114.2 4,803.2 23.4 2,332.7 3,132.5 1,361.6 1,040.7 13,079.3 10,269.1 698.9 2.004.2 107.1 2.367.0 117.1 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,067.5 13,348.9 10,444.0 715.7 2.080.2 109.0 2.418.3 130.2 5,014.3 23.2 2,465.6 3,282.1 1,441.6 1.076.8 13,612.5 10,626.8 730.7 2.143.9 111.1 2.399.5 159.5 4,904.0 23.2 2,533.8 3,376.4 1,475.5 1,104.3 13,927.9 10,835.6 754.0 2.225.1 113.2 2,433.4 135.9 5,010.0 23.0 2,560.5 3,432.7 1,582.9 1,136.6 14,194.8 11.012.5 780.0 2.286.9 115.4 2.498.7 127.6 5,099.2 23.1 2,617.8 3,525.6 1,680.0 1,186.5 14,402.0 11,135.8 809.7 2.339.0 117.5 2.550.6 15 16 17 18 19 20 21 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 9.496.8 7,229.6 4,862.7 2,198.8 168.1 1,567.6 4,033.1 10.575.4 7,647.6 5,029.9 2,443.5 174.2 1,682.8 4,395.0 11.754.1 8,235.2 5,273.3 2,775.0 186.9 1,854.4 4,701.9 12.948.3 9,022.8 5,695.7 3,121.8 205.3 2,005.6 4,885.3 12.397.4 8,641.3 5,493.9 2,952.6 194.8 1,922.0 4,783.2 12.705.8 8,776.9 5,540.3 3,036.8 199.7 1,945.4 4,826.6 12.948.3 9,022.8 5,695.7 3,121.8 205.3 2,005.6 4,885.3 13.115.5 9,230.5 5,825.5 3,197.6 207.4 2,062.2 5,037.4 13,366.9 9,522.9 6,017.3 3,292.8 212.9 2,121.0 4,927.2 13.630.9 9,768.3 6,137.1 3,413.5 217.7 2,142.8 5,032.9 13.825.4 10,075.0 6,329.5 3,525.0 220.4 2,189.8 5,122.3 22 Foreign credit market debt held in United States 1,249.7 1,431.3 1,514.9 1,767.0 1,576.9 1,706.1 1,767.0 1,786.7 1,838.0 1,837.9 1,845.2 267.1 874.4 66.1 42.2 329.9 993.0 69.9 38.6 368.4 1.028.2 84.4 34.0 461.4 1.180.8 98.3 26.6 374.3 1.079.5 93.4 29.7 463.5 1,124.6 90.4 27.7 461.4 1.180.8 98.3 26.6 463.3 1.224.5 73.1 25.8 461.7 1.266.3 84.9 25.1 412.4 1.309.4 91.5 24.5 395.4 1.322.6 103.0 24.3 23,576.7 25,732.1 28,060.5 30,628.9 29,320.7 29,960.7 30,628.9 31,232.4 31,776.0 32,412.9 33,057.7 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 10,888.9 11,879.0 12,890.3 14,181.3 13,603.5 13,833.4 14,181.3 14,468.5 14,821.9 15,404.2 15,750.6 941.0 2,601.3 967.6 2,676.3 1.182.1 2,592.2 1.379.5 2,627.8 1.275.3 2,638.5 1.287.7 2,617.6 1.379.5 2,627.8 1.410.2 2,644.5 1.488.6 2,684.8 1.309.3 2,824.0 1.265.6 2,909.9 3 326 7 3 249 5 164.0 501.7 104.7 3,374.6 3,932.1 222.1 575.8 130.6 3,541.9 4,570.4 239.1 620.2 144.5 3,837.3 5,368.9 175.0 641.4 151.5 3,681.6 4,978.4 237.2 641.5 151.0 3,763.1 5,139.4 229.0 643.7 153.0 3,837.3 5,368.9 175.0 641.4 151.5 3,955.7 5,502.6 183.3 624.4 147.7 4,075.8 5,584.0 196.8 642.0 150.0 4,243.2 5,827.9 225.7 821.8 152.4 4,443.1 5,874.9 229.2 872.8 155.1 338.6 321.8 296.8 9.1 8.0 2.601.3 3,326.7 2,179.1 47.0 995.3 230.0 535.2 357.4 381.3 385.8 11.4 11.1 2.676.3 3,374.6 2,604.8 62.2 1.129.6 343.2 541.3 394.3 429.5 409.6 14.7 11.5 2.592.2 3,541.9 3,274.8 62.4 1.108.6 402.9 647.9 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,047.2 68.8 1,144.2 444.0 683.3 422.6 467.0 411.2 16.3 12.5 2.638.5 3,681.6 3,648.6 72.8 1.122.2 432.4 677.8 424.1 476.2 412.4 16.8 13.1 2.617.6 3,763.1 3,814.9 74.0 1.119.5 440.5 661.1 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,047.2 68.8 1.144.2 444.0 683.3 495.2 520.3 288.4 16.2 15.4 2.644.5 3,955.7 4,154.7 83.7 1.133.6 444.6 716.2 511.0 551.5 289.5 18.9 18.6 2.684.8 4,075.8 4,279.8 93.6 1.135.2 442.1 721.1 597.5 586.8 375.9 28.4 25.3 2.824.0 4,243.2 4,289.5 86.3 1.172.7 440.6 734.1 630.0 627.0 400.9 32.4 28.7 2.909.9 4,443.1 4,224.1 64.8 1.174.1 439.6 776.1 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 34,465.6 1 292 9 4.008.2 5,952.9 1,900.5 6,994.0 1,318.4 1.499.3 9 395 1 2.104.4 37,611.1 40,950.8 44,810.2 42,924.2 43,794.1 44,810.2 45,700.8 46,597.9 47,817.1 48,808.3 1,399.1 4,370.7 6,075.2 2,031.0 7,869.6 1,391.2 1.590.2 10,664.8 2,219.4 1,644.2 4,678.0 6,158.0 2,225.9 8,596.6 1,560.3 1.677.6 12,096.3 2,313.9 1,958.0 4,861.7 6,488.6 2,403.2 9,761.2 1,683.4 1.735.4 13,500.4 2,418.3 1,764.9 4,759.6 6,343.7 2,305.8 9,157.0 1,647.0 1.734.6 12,895.8 2,315.8 1,865.3 4,803.2 6,404.1 2,332.7 9,396.5 1,681.0 1.712.1 13,232.3 2,367.0 1,958.0 4,861.7 6,488.6 2,403.2 9,761.2 1,683.4 1.735.4 13,500.4 2,418.3 2,003.7 5,014.3 6,623.4 2,465.6 10,009.1 1,697.9 1.727.0 13,760.3 2,399.5 2,109.8 4,904.0 6,783.8 2,533.8 10,226.7 1,757.2 1.771.4 14,077.9 2,433.4 1,857.6 5,010.0 7,090.2 2,560.5 10,570.1 1,900.0 1.982.9 14,347.2 2,498.7 1,788.6 5,099.2 7,376.1 2,617.8 10,723.1 2,012.2 2.083.6 14,557.1 2,550.6 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q2 Q3 Q4 Q1 Q2 Q3 Q4 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets Domestic nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in United States Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local government retirement funds . . Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 34,465.6 37,611.1 40,950.8 44,810.2 42,924.2 43,794.1 44,810.2 45,700.8 46,597.9 47,817.1 48,808.3 4,669.3 2,929.7 266.2 73.9 1,125.6 273.8 3,836.1 25,960.2 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 668.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.5 1,204.9 97.5 424.1 152.0 5,070.4 3,213.0 297.4 85.4 1,198.1 276.5 4,634.7 27,906.1 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 698.8 2,661.4 668.2 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,374.6 2,497.7 1,419.8 200.1 394.9 198.9 5,482.2 3,449.8 339.6 96.8 1,322.2 273.8 5,188.3 30,280.2 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 712.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,541.9 3,171.2 1,537.1 267.0 477.2 246.4 5,815.1 3,666.9 354.4 109.1 1,406.8 277.9 6,032.9 32,962.1 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 726.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,898.9 1,626.8 324.5 583.4 275.9 5,675.8 3,599.8 335.6 102.9 1,360.5 277.0 5,573.7 31,674.7 766.4 7,649.6 6,806.5 711.2 31.9 99.9 1,679.5 615.6 792.9 2,827.9 706.5 755.1 81.8 1,375.9 1,839.5 171.7 18.0 2,591.2 3,681.6 3,538.5 1,574.4 291.6 470.0 247.0 5,705.4 3,610.0 334.4 106.2 1,376.9 278.0 5,776.4 32,312.4 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 716.2 758.7 83.7 1,461.2 1,874.0 170.4 18.7 2,579.0 3,763.1 3,709.6 1,608.2 302.7 537.3 256.8 5,815.1 3,666.9 354.4 109.1 1,406.8 277.9 6,032.9 32,962.1 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 726.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,898.9 1,626.8 324.5 583.4 275.9 5,844.4 3,654.3 352.1 112.1 1,442.6 283.2 6,314.3 33,542.1 780.9 8,023.5 7,088.6 805.9 31.4 97.6 1,577.5 629.2 821.7 2,829.4 734.3 767.5 88.1 1,634.4 2,005.4 171.6 22.4 2,558.4 3,955.7 4,043.1 1,617.6 315.4 677.5 288.4 5,875.4 3,645.6 345.1 115.6 1,484.9 284.2 6,515.6 34,206.9 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,850.8 744.2 772.2 88.9 1,699.7 2,093.5 175.1 26.3 2,596.7 4,075.8 4,170.9 1,615.8 307.8 592.1 322.7 6,065.0 3,855.8 330.7 119.9 1,470.6 288.0 6,587.5 35,164.6 779.6 8,465.0 7,417.6 914.8 35.4 97.2 1,628.9 653.8 838.9 2,892.8 756.8 787.5 93.3 1,802.7 2,140.4 170.6 28.7 2,758.9 4,243.2 4,197.9 1,634.2 278.5 735.4 277.3 6,173.0 3,977.0 331.4 121.2 1,455.0 288.3 6,855.2 35,780.2 740.6 8,756.5 7,637.2 963.3 58.7 97.4 1,584.4 659.4 851.6 2,907.9 761.3 795.7 96.1 1,951.5 2,194.5 172.0 33.7 2,831.4 4,443.1 4,143.1 1,633.0 258.8 815.2 150.3 34,465.6 37,611.1 40,950.8 44,810.2 45,700.8 46,597.9 47,817.1 48,808.3 62.3 62.2 2.2 26.7 957.0 212.2 1,521.7 4,284.9 1,505.1 1,879.8 1,647.2 5,436.3 1,038.2 1,060.4 10,654.6 2,659.7 268.9 13,156.7 45.9 2.2 27.5 1,024.7 201.3 1,525.2 4,599.3 1,789.5 2,006.9 1,998.0 6,048.9 1,038.4 1,082.6 11,391.0 2,996.3 297.0 13,967.2 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,323.6 3,166.0 316.9 14,579.8 48.3 2.2 27.8 1,149.3 140.4 1,536.8 4,734.0 1,965.6 2,067.4 2,213.3 6,419.3 1,148.6 1,110.1 11,544.4 3,096.0 312.6 13,785.1 46.5 2.2 28.1 1,139.6 147.5 1,491.1 4,792.1 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,794.3 3,114.6 323.2 13,862.1 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,323.6 3,166.0 316.9 14,579.8 46.6 2.2 28.2 1,194.7 49.7 1,501.3 5,072.3 2,122.5 2,390.0 2,676.3 7,328.7 1,291.0 1,171.9 12,431.6 3,203.4 335.4 14,602.4 46.1 2.2 28.5 1,293.5 65.4 1,498.5 5,111.2 2,147.2 2,489.7 2,728.7 7,806.1 1,379.4 1,188.3 12,870.6 3,268.5 336.9 14,771.8 48.7 2.2 28.8 1,336.2 98.3 1,497.6 5,166.2 2,282.0 2,801.6 2,791.4 7,980.1 1,374.5 1,204.1 12,996.8 3,318.5 348.2 14,936.9 74.0 83,984.8 90,992.5 99,377.9 94,225.6 96,080.6 99,377.9 101,148.9 103,630.4 106,029.3 107,290.7 23.7 15,618.5 5,396.8 24.6 17,389.3 5,986.4 19.3 18,512.0 6,651.4 19.9 20,909.3 7,329.8 19.7 18,944.2 7,028.3 19.7 19,595.7 7,189.5 19.9 20,909.3 7,329.8 20.0 21,133.9 7,507.9 20.1 22,219.5 7,684.2 20.3 22,419.5 7,811.5 20.5 21,463.5 7,891.9 -9.5 705.3 12.7 392.7 69.2 -3,481.2 -9.7 767.2 27.3 248.3 97.0 -3,550.0 -9.1 807.9 25.2 382.4 96.7 -4,849.3 -10.1 907.6 23.2 474.1 53.0 -5,760.5 -10.2 932.8 27.8 318.7 75.1 -5,243.3 -10.0 942.9 41.4 374.4 58.9 -5,544.9 -10.1 907.6 23.2 474.1 53.0 -5,760.5 -10.2 997.6 32.6 460.6 58.8 -6,118.2 -10.0 1,091.9 19.6 477.1 55.3 -6,278.0 -9.8 1,095.0 20.8 526.4 43.6 -6,491.8 -10.1 1,113.7 21.7 244.3 26.2 -6,651.9 -17.9 20.8 25.8 11.2 20.0 36.9 1.8 19.2 4.3 .1 11.4 -54.1 1.5 13.9 -115.0 2.7 10.4 -109.5 11.4 -54.1 1.3 10.0 -78.2 10.0 -102.6 6.4 -76.2 10.3 -11.3 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 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 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,744.4 2,465.3 240.4 11,781.4 52 Total liabilities Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . . 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 99,937.1 119,696.1 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 28.7 1,389.4 133.7 1,532.0 5,233.1 2,372.1 3,053.2 2,571.4 7,798.3 1,514.0 1,204.8 12,779.5 3,341.1 340.9 15,113.9 127,119.2 131,992.3 134,456.5 138,291.7 141,165.5 141,921.0 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • April 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2008 2007 2008 2007 2008 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 111.1 112.1 112.2 112.2 137.2 137.9 138.5 139.1 81.0 81.3 81.0 80.6 2 Manufacturing 3 Manufacturing (NAICS) 112.8 113.9 113.9 115.1 113.7 115.0 113.5 114.9 141.9 143.5 142.7 144.3 143.4 145.1 144.1 145.8 79.5 79.4 79.8 79.8 79.3 79.3 78.8 78.8 4 5 Durable manufacturing Primary metal 120.6 110.1 122.6 111.3 122.6 111.3 122.5 114.4 154.9 132.3 156.3 132.5 157.6 132.8 158.9 133.2 77.8 83.2 78.4 84.0 77.8 83.9 77.1 85.9 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 111.7 116.6 178.4 112.9 117.2 186.8 113.3 115.5 195.5 113.6 114.7 200.9 138.3 148.0 234.1 138.8 148.8 242.7 139.3 149.6 251.4 139.7 150.3 259.7 80.8 78.8 76.2 81.3 78.8 77.0 81.3 77.3 77.4 81.3 76.3 77.4 105.4 98.4 105.7 98.9 105.1 95.6 106.0 91.8 124.7 133.6 125.3 132.7 126.0 132.0 126.7 131.7 84.5 73.7 84.3 74.6 83.4 72.4 83.6 69.7 120.8 106.6 110.1 82.7 124.2 107.0 111.2 79.1 126.2 106.7 110.2 77.4 126.9 106.6 110.3 75.3 156.4 131.2 135.0 114.2 156.6 131.5 135.4 113.3 157.0 131.8 135.8 112.4 157.6 132.0 136.2 111.5 77.3 81.2 81.5 72.4 79.3 81.4 82.1 69.9 80.4 81.0 81.1 68.9 80.5 80.8 81.0 67.5 95.9 108.1 114.1 103.2 93.5 95.5 108.4 114.6 104.4 93.1 95.6 108.5 114.6 104.8 92.0 94.4 110.6 114.8 102.6 90.9 116.0 122.3 143.9 122.8 115.9 115.9 122.2 144.5 123.3 116.1 115.7 122.1 145.2 123.9 116.2 115.6 122.1 145.8 124.5 116.3 82.7 88.4 79.3 84.0 80.7 82.5 88.7 79.3 84.6 80.2 82.6 88.9 78.9 84.6 79.2 81.7 90.6 78.8 82.3 78.1 20 Mining 21 Electric and gas utilities 100.7 107.6 101.3 108.0 102.9 108.6 103.3 108.9 113.4 125.2 113.9 125.7 114.2 126.3 114.5 127.1 88.8 85.9 89.0 85.9 90.2 85.9 90.2 85.7 MEMOS 22 Computers, communications equipment, and semiconductors 215.2 231.6 246.6 255.0 276.2 291.3 306.7 321.5 77.9 79.5 79.9 79.3 23 Total excluding computers, communications equipment, and semiconductors 107.0 107.5 107.3 107.1 131.8 132.1 132.4 132.7 81.1 81.4 81.0 80.7 24 Manufacturing excluding computers, communications equipment, and semiconductors 107.6 108.3 107.6 107.3 135.3 135.6 135.9 136.2 79.6 79.8 79.2 78.8 10 11 12 13 14 15 16 17 18 19 Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 41 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 2007 Series Low High Low Mar. Oct.' Nov.' Dec' Jan.' Feb.' Mar.' Capacity ut lization rate (percent)4 1 Total Industry 88.8 74.0 86.6 70.9 85.0 78.6 80.7 80.8 81.1 81.0 81.0 80.3 80.4 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.5 71.3 86.2 86.2 68.5 67.8 85.4 85.3 77.1 77.0 79.2 79.1 79.2 79.2 79.3 79.3 79.2 79.2 79.1 79.1 78.4 78.5 78.3 78.3 89.4 101.9 69.6 69.8 86.7 90.1 62.9 46.9 84.6 93.8 73.5 75.0 77.3 82.9 77.7 83.1 77.9 83.6 77.7 85.0 77.5 86.9 76.8 86.2 76.6 85.1 91.7 94.6 69.9 74.3 83.1 92.7 61.8 58.0 81.7 85.3 72.7 74.0 80.7 78.6 81.1 78.0 81.5 77.3 81.1 76.6 81.3 76.7 81.1 76.0 81.1 75.9 87.0 66.0 90.0 77.4 81.9 76.7 75.9 77.1 77.6 77.6 76.8 77.3 77.8 99.3 95.8 68.0 54.8 91.9 95.1 64.6 44.9 89.1 89.5 77.0 56.0 83.9 72.1 82.9 71.9 83.4 72.6 84.0 72.7 83.8 71.4 82.5 70.6 83.6 67.5 75.9 87.6 68.1 72.3 87.1 85.8 69.0 75.4 87.4 86.7 81.0 81.4 75.6 81.3 79.9 81.0 80.9 80.9 80.4 81.0 81.0 81.0 79.8 80.3 80.0 80.2 86.3 89.5 77.5 61.8 84.2 89.6 80.4 72.1 86.0 91.1 80.9 77.6 80.9 71.9 81.5 68.9 81.0 68.6 80.9 69.2 80.8 67.5 80.1 67.5 81.3 67.3 96.7 92.1 85.3 96.1 86.2 74.1 80.8 69.1 61.7 75.6 95.4 91.0 83.5 90.1 88.0 81.4 68.8 67.9 71.8 86.7 92.6 88.2 85.0 89.8 91.1 86.1 82.4 79.9 76.4 80.4 82.9 89.8 79.6 83.0 80.6 81.3 89.0 79.0 84.6 79.4 82.4 88.7 78.9 85.0 79.0 84.1 88.8 78.8 84.1 79.1 83.0 91.4 78.7 82.9 78.6 81.0 90.6 78.2 82.8 77.8 81.5 88.7 77.9 80.9 77.9 20 Mining 21 Electric and gas utilities 93.4 96.2 87.6 82.9 93.8 89.0 79.6 77.7 86.3 92.7 83.6 84.1 89.2 85.2 88.7 86.0 90.6 86.3 91.2 85.5 90.4 87.5 90.6 85.3 91.4 85.8 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.3 89.6 75.1 81.7 75.3 77.3 79.9 79.9 79.9 78.7 79.1 79.8 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.8 70.6 85.3 78.7 80.9 80.9 81.1 81.1 81.2 80.4 80.4 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.0 85.8 77.2 79.3 79.2 79.3 79.2 79.1 78.4 78.2 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. e Board's G. 17(419) monthly statistical rel aiuc ui me i1 tact Hi i\.cjct vt utiLLtitn. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • April 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion Apr. Aug. Sept. Nov.r Dec. Feb.' MarJ Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 110.4 111.0 111.0 111.4 112.0 112.0 112.3 111.8 112.3 112.4 112.6 111.8 58.5 30.8 8.9 4.7 0.4 1.4 2.4 21.9 18.1 9.7 0.9 5.0 2.0 3.9 111.5 107.5 103.2 100.9 155.8 96.0 104.0 108.8 109.1 109.9 78.0 117.6 96.2 108.4 110.8 06.9 02.2 99.2 48.8 96.8 03.7 08.4 08.7 09.2 78.1 117.4 96.4 08.1 111.3 107.5 104.0 101.8 155.8 98.3 103.8 108.6 109.0 109.5 78.8 117.7 96.6 107.7 111.2 107.3 103.6 101.0 152.1 98.3 104.2 108.4 108.8 109.8 78.8 116.6 96.3 107.7 111.6 107.6 105.0 103.7 153.2 97.3 104.9 108.3 109.1 110.4 78.4 116.1 97.0 106.5 112.2 108.2 105.8 105.1 153.1 96.5 105.6 108.9 109.9 111.2 78.3 117.4 97.1 106.5 112.0 107.9 104.6 103.0 152.7 96.5 105.3 108.9 109.1 110.0 77.3 117.4 96.7 108.6 112.5 108.4 103.5 101.1 156.4 95.5 105.0 109.9 110.1 111.8 77.0 117.4 96.9 109.5 111.6 107.3 102.4 100.0 158.8 94.1 103.8 108.8 109.4 110.0 76.3 118.8 95.8 107.6 111.8 107.4 102.9 101.1 167.6 92.9 103.2 108.8 108.8 109.5 76.2 118.0 95.2 109.0 111.9 107.4 102.9 101.9 170.4 91.5 102.3 108.8 109.2 109.5 78.0 118.5 96.0 108.1 112.3 108.0 101.3 99.8 169.6 89.2 101.9 110.1 109.2 109.4 77.2 118.7 96.6 112.5 111.4 107.1 100.1 98.6 170.9 87.2 101.0 109.3 108.8 108.6 76.7 119.3 95.9 110.9 111.4 106.7 98.1 94.5 167.6 87.6 101.0 109.4 109.5 110.1 75.6 118.3 97.1 109.4 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.2 1.8 3.1 5.3 1.8 128.4 124.2 155.5 115.7 117.1 26.5 24.8 49.9 114.7 113.1 126.9 123.3 151.6 115.1 114.6 127.2 122.6 152.7 115.4 115.7 128.3 124.5 154.7 115.8 117.4 129.6 125.3 156.2 117.2 118.1 129.4 124.4 157.7 116.4 117.9 130.5 124.1 159.2 117.9 118.4 129.9 122.6 160.7 116.7 118.3 130.2 123.2 162.7 116.2 120.2 131.1 124.2 163.9 116.8 119.8 131.4 123.0 164.7 117.4 120.8 131.2 121.9 167.1 116.4 119.3 132.1 122.2 169.4 117.0 119.5 21 22 Construction supplies Business supplies 4.3 11.0 106.1 108.7 06.2 08.4 106.1 108.9 106.5 108.4 107.3 108.5 107.4 108.5 107.1 108.7 106.6 109.1 105.4 108.8 104.5 109.2 104.8 108.9 104.5 109.2 103.1 107.8 102.7 108.4 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.5 30.5 19.0 4.0 6.6 8.4 11.5 0.8 2.7 4.5 11.0 111.3 115.5 123.5 93.7 167.1 109.1 103.5 76.6 97.7 112.4 101.6 09.9 114.1 20.9 94.0 59.9 07.7 03.7 79.2 98.2 113.0 00.3 110.6 114.9 122.0 95.0 161.9 108.3 104.1 79.1 98.3 113.2 100.7 110.7 115.1 122.4 95.3 162.7 108.7 104.0 79.2 97.8 113.1 100.8 111.0 115.7 123.5 95.3 165.7 109.2 103.9 78.6 96.6 113.2 100.5 111.8 116.7 125.4 95.1 170.4 110.3 103.9 76.3 97.4 112.6 100.8 112.0 116.3 125.1 95.0 170.1 110.0 103.2 74.0 97.5 111.9 102.1 112.0 116.6 125.3 93.6 171.3 110.4 103.8 74.0 96.4 113.1 101.6 112.2 116.4 125.5 92.4 174.6 109.7 102.9 73.5 96.4 111.9 102.5 113.0 117.2 126.4 92.9 176.5 110.4 103.5 73.1 97.7 112.5 103.3 113.2 117.0 126.0 90.8 176.4 110.4 103.7 73.0 99.3 112.3 104.1 113.0 116.8 126.1 90.1 177.4 110.4 103.1 71.1 97.8 111.9 104.1 112.4 116.0 125.9 89.1 178.2 110.2 101.5 71.0 95.9 110.3 103.7 112.8 116.1 125.8 86.6 180.5 109.8 101.9 69.7 96.5 110.4 104.7 94.6 92.6 107.0 112.3 06.5 111.3 106.9 111.8 106.9 111.8 107.1 112.1 107.5 112.7 107.4 112.8 107.6 113.3 107.0 112.9 107.4 113.4 107.5 113.5 107.7 113.8 106.7 113.0 106.8 113.5 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 . 3,024.8 3,034.7 43.4 31.1 12.3 15.5 3,055.6 3,054.5 3,044.6 3,033.7 2,311.5 2,295.0 2,300.2 2,301.3 2,313.6 2,330.7 2,324.1 2,331.2 2,310.9 2,318.1 2,321.7 2,337.8 2,319.1 2,307.0 1,606.2 1,596.9 1,602.7 1,602.1 1,608.2 1,619.2 1,615.5 1,618.1 1,603.7 1,606.9 1,606.2 1,621.4 1,606.0 1,590.7 730.6 707.5 721.7 722.4 724.8 715.3 706.4 708.5 715.4 718.6 723.7 717.9 727.8 727.4 724.6 723.7 725.6 724.4 725.8 725.5 726.6 726.0 723.2 724.7 724.4 726.9 716.5 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2007 2008 2007 avg. 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 83.2 78.5 112.9 114.2 112.0 113.1 112.4 113.6 112.6 113.8 113.2 114.4 114.1 115.3 113.6 114.8 114.0 115.2 113.5 114.8 113.8 115.1 113.8 115.1 113.8 115.2 113.0 114.4 113.0 114.4 321 43.2 1.5 121.0 99.2 119.1 101.9 120.0 100.6 120.2 101.2 121.5 102.2 122.9 100.9 122.4 100.3 122.4 97.9 122.2 96.5 122.9 94.2 122.8 94.3 122.8 92.3 122.1 91.1 122.1 89.5 327 331 332 333 2.3 2.3 5.7 5.3 108.1 110.3 112.0 116.0 107.0 109.6 111.2 115.8 106.9 110.4 111.4 116.4 107.7 110.2 111.3 117.0 108.9 109.6 112.2 116.3 109.9 113.2 112.6 117.4 110.0 111.4 112.8 116.2 110.2 109.2 113.2 118.0 108.9 110.0 113.1 116.4 109.7 111.0 113.7 115.4 106.0 113.1 113.2 114.8 106.4 115.6 113.5 115.1 104.7 114.8 113.3 114.2 106.6 113.5 113.4 114.3 334 8.1 183.3 173.7 176.6 177.4 181.3 185.6 186.5 188.3 192.8 196.2 197.3 197.4 200.8 203.9 335 3361-3 2.2 7.4 104.9 97.2 104.2 96.8 105.7 98.1 104.9 97.5 105.5 99.5 105.9 100.8 105.4 99.3 105.7 96.6 104.3 95.1 105.0 95.8 106.1 95.9 106.1 94.1 104.6 92.9 106.2 88.9 3364-9 3.5 122.3 118.2 119.2 120.5 122.7 123.4 123.8 125.3 125.3 126.9 126.4 127.5 125.7 126.3 337 339 1.8 3.3 101.9 115.9 102.0 114.9 101.7 115.7 101.9 116.0 102.5 116.6 103.3 116.9 103.4 116.4 102.4 117.4 101.7 116.5 101.4 116.0 99.9 117.1 98.0 117.7 96.4 115.2 96.1 117.5 35.3 106.6 106.5 106.5 106.6 106.6 107.1 106.6 107.3 106.7 106.6 106.8 106.8 106.0 106.0 311,2 313,4 315,6 322 323 11.3 1.4 1.0 3.1 2.4 110.1 80.5 78.5 95.8 99.8 109.1 82.6 78.6 96.2 101.3 109.7 82.9 79.2 96.4 100.8 109.9 82.8 79.1 96.1 99.5 110.6 82.5 78.7 95.3 98.7 111.4 80.6 78.5 95.9 98.4 110.3 78.7 77.6 95.7 99.1 112.0 78.1 77.6 95.0 99.6 110.5 77.7 77.0 94.1 98.9 110.0 77.1 76.8 95.4 99.4 110.0 77.5 78.7 97.3 99.0 110.0 75.5 77.8 96.0 98.4 109.1 75.2 77.3 93.7 97.2 110.8 74.8 76.3 94.2 98.4 324 325 1.8 10.7 108.7 114.2 109.9 114.1 107.1 114.3 109.1 114.1 108.2 114.0 108.3 114.5 108.5 114.2 108.4 115.0 108.7 114.5 108.1 114.7 108.5 114.7 111.7 114.6 110.6 114.0 108.3 113.7 326 3.8 103.4 101.7 102.7 103.1 103.8 104.5 103.8 105.0 104.6 105.4 104.5 103.0 103.2 101.0 1133,5111 4.7 92.9 93.4 93.8 93.2 93.5 93.2 92.8 93.2 92.2 91.7 92.0 91.4 90.5 90.6 21 2211,2 2211 2212 7.2 9.6 8.2 1.4 101.5 108.2 110.4 98.2 100.8 106.5 109.2 94.3 100.7 108.7 110.1 101.7 100.6 107.7 110.1 96.2 100.9 106.5 109.0 95.1 101.5 105.6 107.8 95.5 101.2 109.3 111.1 101.0 101.3 109.0 111.5 97.4 101.3 108.4 112.3 90.9 102.9 109.1 111.1 99.4 104.3 108.2 109.7 101.2 103.4 111.0 112.9 101.8 103.7 108.4 108.9 105.5 104.7 109.2 110.7 102.3 77.8 107.6 107.2 107.5 107.5 107.9 108.5 108.0 108.3 107.5 107.7 107.7 107.7 106.8 106.6 75.7 114.3 113.3 113.6 113.9 114.4 115.2 114.8 115.4 115.0 115.3 115.3 115.5 114.7 115.0 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released on March 28, 2008. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • April 2008 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -754,848 -714,371 1,283,070 -1,997,441 48,058 54,459 152,512 -98,053 -6,400 -88,535 -811,477 -758,522 1,445,703 -2,204,225 36,640 43,172 174,214 -131,042 -6,532 -89,595 11 Change in U.S. government assets other than official reserve assets, net (increase, —) -738,638 -708,515 1,628,358 -2,336,873 74,316 81,065 223,602 -142,537 -6,749 -104,438 Q4 Q1 Q2 Q3 Q4 -187,938 -176,926 377,623 -554,549 9,661 11,328 47,074 -35,746 -1,668 -20,673 -198,201 -178,620 380,995 -559,615 7,428 9,017 47,721 -38,704 -1,589 -27,009 -190,058 -179,472 395,362 -574,834 12,583 14,269 50,309 -36,040 -1,686 -23,169 -177,444 -172,570 419,701 -592,271 21,337 23,037 56,082 -33,045 -1,700 -26,211 -172,936 -177,853 432,298 -610,152 32,970 34,742 69,490 -34,748 -1,773 -28,052 -22,931 -369 623 -122 -43 212 -241 26 0 -39 294 -229 -54 0 -37 230 -247 -22 0 -35 285 -272 -291,405 -123,899 15,818 -117,230 -66,094 -450,306 -233,384 -47,830 -87,206 -81,886 -465,565 -210,964 -93,976 -82,203 -78,422 -174,596 -102,522 86,817 -100,220 -58,671 -92,812 -42,961 70,808 -4,222 -116,437 412,698 49,900 181,952 5,673 108,456 66,717 85,347 47,049 47,749 1,129 -15,666 5,086 152,193 37,705 73,067 654 29,797 10,970 70,464 -13,125 56,400 -77 15,981 11,285 38,857 -11,768 29,354 995 9,805 10,471 151,184 37,088 23,131 4,101 52,873 33,991 1,419,333 434,393 235,769 -35,931 12,571 591,951 180,580 1,450,999 510,884 166,579 166,301 10,937 391,884 204,414 430,682 172,283 49,612 22,090 8,382 132,745 45,570 465,531 203,603 93,624 44,638 -1,631 112,269 13,028 552,387 143,963 110,172 1,813 3,347 242,963 50,129 237,698 68,397 56,094 50,252 4,741 -43,128 101,342 195,383 94,921 -93,311 69,598 4,480 79,780 39,915 -3,913 -17,794 -2,317 83,590 -637 -36,643 6,267 -42,910 -559 16,170 11,796 4,373 -598 34,719 784 33,935 -609 66,972 -17,759 84,731 -552 -56,615 5,180 -61,795 12 Change in U.S. official reserve assets (increase, —) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 4,511 10,200 -615 -223 3,331 -734 -154 1,021 -51 1,678 -212 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 -446,510 -217,471 -39,603 -197,098 7,662 -1,062,896 -454,585 -83,531 -289,422 -235,358 -1,183,278 -589,831 15,819 -273,851 -335,415 22 Change in foreign official assets in United States (increase, +) 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 259,268 112,841 100,493 -421 26,260 20,095 440,264 189,181 191,553 3,133 22,040 34,357 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 944,963 202,508 31,804 132,300 18,969 450,386 108,996 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -4,054 -18,454 MEMO Changes in official assets 39 U.S. official reserve assets (increase, —) 40 Foreign official assets in United States, excluding line 25 (increase, +) 14,096 2,374 -122 1,415 -72 26 -54 -22 259,689 437,131 407,025 84,218 151,539 70,541 37,862 147,083 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 3 8 ^ 1 . 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2007 Asset 2005 2006 2008 2007 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' 1 Total 65,127 65,895 70,565 67,508 69,070 69,626 70,966 70,565 72,017 73,404 75,764 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,157 11,041 9,301 11,041 9,392 11,041 9,536 11,041 9,476 11,041 9,566 11,041 9,688 11,041 9,892 8,036 37,838 5,040 40,943 4,244 45,804 4,388 42,922 4,463 44,266 4,394 44,800 4,416 45,973 4,244 45,804 4,237 47,173 4,280 48,395 4,302 50,529 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Excludes outstanding reciprocal currency swaps with the European Central Bank and the Swiss National Bank. Swaps outstanding were $15 billion and $6 billion, respectively, at the end of March. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2007 Asset 2005 2006 Aug. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Sept. Oct. Nov. Dec. Jan. Feb. Mar.' 83 98 96 94 112 601 97 96 114 96 98 1.069.014 8,967 1.133.969 8,967 1.191.706 8,710 1,173,166 8,764 1,179,525 8,737 1,195,592 8,724 1,191,855 8,724 1,191,706 8,710 1,235,576 8,697 1,244,808 8,643 1,275,124 8,595 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 2008 2007 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 2007 2006 Item 2006 1 1 1 Total 2,585,038 By type 2 Liabilities reported by banks in the United States2 2008 2007 8 June " June Dec. 2,256,633 2,490,430 2,585,038 284,827 176,829 397,958 196,344 308,842 184,847 308,842 184,847 284,827 176,829 1 271 174 1,026 851,182 1,111 1 112 617 986 649,341 1 211 819 986 783,937 1 271 174 1,026 851,182 366,044 6,952 148,878 1,679,435 18,664 36,654 414,986 7,859 159,444 1,851,832 15,955 40,354 435,062 7,078 175,746 1,915,375 12,422 39,354 Nov. Dec. Jan. Feb.' 391,401 185,256 397,958 196,344 413,882' 207,123' 403,472 204,319 1,103 1,111 1,118 1,126 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 435,062 7,078 175,746 1,915,375 12,422 39,354 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 2007 Item 2004 2005 2006 Mar. June Sept. Dec. 98,349 52,410 45,939 91,693 59,241 32,452 140,941 97,135 43,806 144,353 96,917 47,436 169,948 103,815 66,133 182,041 104,826 77,215 260,790 120,710 140,080 Deposits 129,544 51,029 78,515 100,144 43,942 56,202 131,556 59,153 72,403 130,427 63,063 67,364 143,576 65,611 77,965 148,606 67,723 80,883 168,572 73,199 95,373 Deposits 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 77,258 51,484 25,774 81,285 55,342 25,943 80,195 50,748 29,447 76,552 50,263 26,289 2 3 Deposits Other liabilities 5 8 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 2008 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period Aug.r Sept. Jan. Feb.' BY HOLDER AND TVPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" 3,080,907 3,851,558 4,460,445' 4,313,782 4,280,618' 4,414,225 4,463,625" 4,460,445"" 4,562,898' 4,630,782 2,299,950 2,924,438 3,317,821' 3,277,054 3,238,742' 3,342,068 3,354,279' 3,317,821' 3,346,449' 3,410,893 1,043,801 1,256,149 713,327 1,315,290 1,609,148 1,028,974 927,120 1,535,884' 1,413,635 1,781,937 1,863,419 1,099,640 1,209,355 1,036,728 1,466,592' 1,518,134 1,772,150 1,823,934 1,129,192 1,180,996 1,041,876 1,522,485' 1,831,794 1,195,995 1,109,346 1,535,884' 1,781,937 1,099,640 1,142,624 780,957 1,505,586' 1,840,863' 1,168,935 1,216,449' 1,513,731 1,897,162 1,217,478 1,219,889 250,886 299,686 266,424 259,921 268,937 284,583 299,686 311,259' 325,878 371,732 505,508 450,777 461,997 505,828 516,853 505,508 552,098 544,931 53,594 136,783 201,516 66,155 113,865 304,502 97,608 200,152 337,430 95,616 152,364 319,527 92,621 163,193' 319,958 101,066 182,759 297,392 99,123 198,162 307,910 97,608 200,152 337,430 113,786 211,045 353,092 118,702 202,427 349,080 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 800 27,164 22,929 17,784 5,145 4,235 250 31,304 27,765 21,208 6,557 3,539 353 29,217 25,776 20,535 5,241 3,441 310 30,397 25,971 20,833 5,138 4,426 838 30,048 26,301 20,740 5,561 3,747 738 27,164 22,929 17,784 5,145 4,235 250 30,460' 24,781' 18,663 6,118' 5,679 951 21,755 16,618 5,137 7,133 1,124 259,843 319,598 4,096 2,855 3,985 3,186 3,588 3,009 3,985 4,728 6,009 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,302 215,946 48,614 167,332 533,725 218,925 55,760 163,165 520,572' 198,622' 53,745' 144,877 541,676 197,578 49,356 148,222 576,657 210,430 48,100 162,330 594,302 215,946 48,614 167,332 621,005' 224,966 46,573 178,393 607,791 220,147 46,894 173,253 327,526 201,863 282,702 176,829 378,356 196,344 314,800 180,017 321,950' 178,263' 344,098 180,419 366,227 185,256 378,356 196,344 396,039' 207,123' 387,644 204,319 >, 258,115 1,536,729' 2,468,425 2,462,253' 1,526,885 2,511,915' 2,536,729' !,525,312' 1,917,300 >, 176,565' 2,126,153 2,120,958' 2,197,426 2,172,413' 2,176,565' 2,140,590' 1,025,334 1,170,207' 1,073,674 1,124,533' 1,177,339 1,173,137' 1,170,207' 1,131,759' 996,425 1,020,087 999,276 1,006,358 1,008,831 891,966 1,006,358 1,052,479 360,164 341,295 339,502 360,164 340,815 342,272 329,459 384,722' 38,381 30,584 39,454 38,381 31,153 30,246 36,236 39,043 2,536,093 2,150,613 1,146,392 1,004,221 385,480 47,897 3,131 183,325 26 Banks10 27 Banks' own liabilities 28 Deposits2 Other 29 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'" . . . Other ,792,040 ,566,967 841,248 725,719 225,073 23,771 48,776 152,526 66,378 243,284 65,362 256,421 71,245 240,781 34 Other foreigners" 35 Banks' own liabilities 36 Deposits2 37 Other 769,564 546,387 148,766 397,621 1,102,362 802,414 219,555 582,859 1,302,250 902,381 299,279 603,102 1,280,328 904,211 262,993 641,218 38 39 40 223,177 33,124 299,948 42,104 399,869 64,711 376,117 55,808 375,190' 50,764' 142,188 47,865 196,728 61,116 255,150 80,008 242,827 77,482 247,389 77,037 43 Total, all foreigners 3,080,907 3,851,558 4,460,445' 4,313,782 4,280,618" 4,414,225 4,463,625' 4,460,445' 4,562,898' 4,630,782 44 Foreign countries . . 3,060,114 3,822,133 4,433,281' 4,282,478 4,251,401" 4,383,828 4,433,577' 4,433,281' 4,532,438' 4,601,894 ,229,338 3,604 16,022 1,537 3,612 71,486 58,960 1,200 68,660 7,075 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 1,482,788 3,841 14,528 931 3,204 69,078 69,894 1,488 84,085 7,350 73,099 25,309 42,383 2,250 62,711 8,941 3,715 54,622 10,369 888,945 33,360 295 22,389 1,749,498 4,987 18,245 768 1,263 64,758 97,579 1,345 113,469 8,072 106,918 24,850 48,022 2,993 104,709 11,433 7,677 51,911 12,098 1,005,684 25,279 532 36,906 1,687,018' 1,802,362 6,064 4,723 15,188 18,659 886 1,000 611 1,184 67,385 80,552 90,644' 95,231 1,665 1,516 99,864 112,774 6,550 8,207 102,023 109,056 24,454 30,504 56,616 56,465 2,617 2,618 88,741 70,249' 9,566 9,153 4,625 5,645 44,874 47,933 13,276' 12,684 1,018,366' 1,046,244 25,368 40,251 530 463 25,597' 28,759 1,804,393 5,121 20,071 2,143 1,273 70,293 97,104 1,415 110,385 9,108 112,223 32,065 58,042 2,373 94,308 9,775 6,115 50,788 12,013 1,047,534 26,224 481 35,540 41 Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" . . . Other 68,934 241,777 75,555 217,668 72,584 227,464 65,362 256,421 75,672' 270,007 74,438 263,145 1,268,576' 1,315,267 893,386' 921,093 267,779' 270,606 625,607 650,487 1,345,005 945,135 280,508 664,627 1,302,250 902,381 299,279 603,102 394,174 51,444 399,870 59,135 399,869 64,711 430,009' 64,142' 439,632 72,538 263,151 79,579 260,302 80,433 255,150 80,008 284,012' 81,855 285,481 81,613 1,386,121' 1,458,010 956,112' 1,018,378 308,591' 303,827 647,521 714,551 MEMO 42 Own foreign offices12 . BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 Switzerland 63 Turkey 64 United Kingdom 65 Channel Islands and Isle of Man 66 Yugoslavia13 67 Other Europe and other former U.S.S.R.1 Footnotes appear on next page. ,759,804 5,804 19,945 1,156 1,625 65,432 77,828 1,370 96,186 5,545 98,064 29,443 72,655 3,084 59,001 8,099 4,282 56,993 15,281 ,079,619 32,254 337 25,800 1,749,498 4,987 18,245 768 1,263 64,758 97,579 1,345 113,469 8,072 106,918 24,850 48,022 2,993 104,709 11,433 7,677 51,911 12,098 1,005,684 25,279 532 36,906 1,789,777' 1,853,966 4,708 3,998 17,705 21,505 771 657 1,635 1,652 84,962 78,384 103,634 105,080 1,325 1,309 128,767 131,784 7,661 8,566 102,111 119,842 37,088 37,439 47,444 41,220 2,573 3,245 104,708 94,611 11,408 10,103 5,095 6,096 45,861 49,669' 14,544 16,816 1,009,953 1,068,948 22,880 21,955 487 939 30,296 34,306 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. MEMO 68 European Union1- n.a. ,495,565 1,538,887 69 Canada . 33,552 44,613 59,386 62,088' 64,122' 67,082 56,943 59,386 67,470 71,141 133.637 9,674 11.900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 172,535 11,920 24,407 15,531 10,962 3,271 1,812 52,126 6,960 5,168 6,361 23,000 11,017 176,052' 10,788 25,671 14,667 10,828 3,264 1,777' 55,629' 6,991 5,383 6,417 22,167 12,470' 176,433' 11,138 28,542 14,760 9,827 2,972 1,619' 55,084' 7,092 5,682 7,010 21,353 11,354' 175,193 10,793 28,504 15,208 10,682 3,255 1,587 53,054 6,710 4,417 7,401 22,840 10,742 174,774 10,616 30,465 15,713 10,698 3,133 1,750 50,873 6,572 5,490 6,055 22,840 10,569 172,535 11,920 24,407 15,531 10,962 3,271 1,812 52,126 6,960 5,168 6,361 23,000 11,017 169,272 11,459 22,205 15,601 11,336 3,151 1,799 50,251 7,395 5,922 6,156 22,999 10,998 175,983 11,237 27,339 14,758 11,079 3,538 1,895 52,134 6,721 5,721 6,009 24,535 11,017 1,879,585' 1,781,639 284,475 234,703 48,498 52,209 33,518 28,904 1,459,079' 1,418,321 84 80 826 1,322 5,036 10,082 4,032 3,300 37,524 39,231 1,806,567 238,894 46,731 28,264 1,451,394 84 846 5,112 3,640 31,602 1,800,447 247,069 45,580 31,769 1,430,322 84 975 5,670 3,423 35,555 1,858,262' 279,399 48,018 33,013 1,449,173' 80 981 5,711 3,146 38,741 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean . 84 Bahamas 85 Bermuda 86 British Virgin Islands . 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles . . 91 Trinidad and Tobago . 92 Other Caribbean 1,214,058 1,669,856 211,459 256,173 52,132 55,129 n.a. 21,493 907,840 1,297,459 120 82 916 1,023 6.396 8,456 2,830 3,346 32,365 26,695 1,621,869 ,879,585' 1,924,705' 1,916,026 273,772 273,233' 284,475 47 315 47,002 48 498 33,678 34,851' 33,518 ,459,079' 1,521,720' 1,513,326 87 80 86 1,210 1,322 1,217 7,942 10,082 7,722 2,430 3,300 2,777 36,266 39,231 36,097' 408,192 422,744 528,077 452,149' 474,404' 497,596 497,334 528,077 525,118' 522,446 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,363 44,474 18,212 5,212 7,750 146,328 35,911 4,833 26,027 14,150 80,132 50,685 73,951' 33,789 20,000 3,427 9,552 134,056' 22,810' 3,692' 21,263 9,933 71,009 48,667' 81,452' 39,926 17,969' 4,189 8,718 146,356 19,147' 4,526' 21,753 10,166 71,848 48,354' 97,495 47,097 19,973 5,888 9,778 76,168 47,689 86,423 42,778 18,615 3,429 9,259 141,372 26,217 4,662 22,151 13,951 79,730 48,747 94,363 44,474 18,212 5,212 7,750 146,328 35,911 4,833 26,027 14,150 80,132 50,685 109,579 34,594 17,773 4,013 9,915 135,244 33,354 3,720 23,761 17,874 85,457 49,834' 95,936 44,901 17,552 3,824 9,239 133,106 32,317 3,565 29,598 13,618 88,773 50,017 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 25,816 3,682 180 1,629 6,117 14,208 19,576 3,845 173 3,897 4,381 7,280 17,701 3,299 137 1,850 4,444 7,971 18,948 3,817 185 1,628 5,353 7,965 22,397 3,586 152 2,486 4,038 12,135 25,816 3,682 180 1,629 6,117 14,208 30,175 4,387 161 3,112 4,946 17,569 31,193 4,482 272 2,802 4,598 19,039 112 Other countries 113 Australia 114 New Zealand 115 All other 21,242 17,769 3,007 466 30,620 25,277 4,505 838 18,384 14,130 3,110 1,144 31,170' 27,580' 2,963 627 25,156' 21,907' 2,400 849 22,200 18,530 2,768 902 19,474 14,304 3,802 1,368 18,384 14,130 3,110 1,144 25,921 21,858 3,017 1,046 31,139 26,220 3,774 1,145 116 International and regional organizations . 117 International15 118 Regional" 20,793 15,684 5,109 29,425 25,202 4,223 27,164 23,107 4,057 31,304 27,290 4,014 29,217 25,476 3,741 30,397 26,004 4,393 30,048 26,206 3,842 27,164 23,107 4,057 30,460' 25,017' 5,443 28,888 24,392 4,496 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 1. 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 9,529 140,092 18,975 4,522 20,390 agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe.'' 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • April 2008 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Aug. Sept. 1 Total, all foreigners 1,864,834 2,291,340 2,793,369' 2,701,859' 2,690,481' 2,834,198' 2,825,252' 2,793,369' 2,902,327' 2,966,226 2 Foreign countries 1,857,584 2,282,166 2,783,064' 2,693,587' 2,681,608' 2,826,636' 2,815,703' 2,783,064' 2,892,875' 2,955,571 918,660 4.139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,620,351' 4,055 20,566 2,828 28,445 162,416 34,111 110 45,960' 35,870 13,260' 52,122' 22,517 1,364 1,800 20,448 7,279 191,987 3,426 932,805 24,677 14,306' 1,561,293' 4,674 17,101 1,567 21,906 142,526 37,029 208 34,085' 32,732 10,725' 58,033 23,756 1,458 1,900 17,355 7,174 178,371' 3,276 926,984' 32,294 8,139 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 1,525,249' 4,912 26,613 4,173 15,908 142,020 31,230 216 32,053' 25,923 10,425' 57 341 23,840 1,191 1,793 15,963 6,916 173,991' 3,324 898,944 39,291 9,182 1,670,570' 4,205 31,589 1,611 21,279 144,062 35,354 267 41,611' 37,707 10,002' 54,828 22,657 1,279 1,998 17,256 9,504 199,804' 3,238 976,319 46,436 9,564 1,676,330' 4,884 31,117 5,026 23,236 153,868 29,416' 222 37,008' 35,075 8,882' 52,471 27,476 1,630 1,758 23,774 7,723 239,311 3,330 948,791' 26,626 14,706 1,620,351' 4,055 20,566 2,828 28,445 162,416 34,111 110 45,960' 35,870 13,260' 52,122' 22,517 1,364 1,800 20,448 7,279 191,987 3,426 932,805 24,677 14,306' 1,646,720 5,358 28,890 1,180 21,592 185,493' 33,620 291 50,610 37,080 13,671 56,073 25,201 1,895 1,863 16,078 8,078 187,967 3,416 932,093 20,230' 16,040 1,688,250 4,852 25,865 3,680 24,806 185,759 41,788 371 54,659 35,557 13,918 56,169 20,610 1,823 1,770 22,979 8,200 187,966 3,394 961,133 16,388 16,564 MEMO 1,406,462' 1,376,346' 1,320,121' 1,374,378' 25 European Union3 n.a. 26 Canada 64.104 71,325 85,140' 85,741' 87,613' 87,531' 94,785' 85,140' 105,504' 102,333 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 51.170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 83,042' 3,978 30,340 8,849 3,567 962' 1,314 21,783' 3,859' 2,995 338 2,335' 2,722 74,581' 3,722' 26,053 6,538 4,517 828 1,141 20,945 3,083' 2,270 317 2,664 2,503 81,788' 3,849' 31,330 7,120 4,629 889 1,195 21,254 3,203' 2,128 989 2,670 2,532 81,525' 4,087' 29 973 7,490 3,764 913 1,244 3355' 2,633 330 2,597 2,616 87,674' 3,966' 35,708 8,329 3,493 960' 1,310 22,106' 3,511' 2,671 316 2,569 2,735 83,042' 3,978 30,340 8,849 3,567 962' 1,314 21,783' 3,859' 2,995 338 2,335' 2,722 87,235 3,626 32,785 8,916 3,427 879 1,319 24,002 3,984 3,186 366 2,057 93,229 4,026 38,510 8,372 3,311 931 1,337 24,105 4,328 3,433 294 1,845 2,737 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316 120,904 17,777 2,807 572,273 669 2,484 1,055 6,347 770,890' 145,303 10,603' 3,328' 598,150' 657 4,114 673 8,062 803,713' 133,157' 22,190' 4,586' 632,151' 613 5,621 488 4,907 759,517' 130,200' 17,659' 3,794' 597,711' 638 4,620 489 4,406 786,154' 154,785 13,446' 3,943' 603,716' 620 4,642 576 4,426 749,703' 139,628' 10,667' 3,497' 579,918' 588 4,482 658 10,265 770,890' 145,303 10,603' 3,328' 598,150' 657 4,114 673 8,062 826,184' 134,325 12,104 3,203' 661,393' 677 4,430 764 9,288 833,960 160,436 14,741 4,275 639,559 685 4,687 759 8,818 190,610 221,858 185,323' 177,378' 165,877' 174,363' 176,239' 185,323' 188,636' 192,964 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 18,489 8,820' 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 18,657 9,169' 4,095 574 7,204 92,791 17,161 878 3,690 2,858 15,454 4,847 17,399 6,242' 4,269 549 5,150 92,100 12,787 1,188 3,396 2,333 14,532 5,932 13,196' 5,324' 5,144 633 5,553 104,283 12,740 1,207 2,982 1,671 16,002 5,628 16,952 7,907' 4,784 763 6,812 95,012 14,468 1,073 1,436 4,328 16,993 5,711' 18,489 8,820' 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 17,656 6,859 4,585 1,023 4,360 88,727 31,148 1,135 1,727 8,208 18,157 5,051' 21,167 7,457 4,826 1,056 3,675 96,690 30,904 1,108 1,280 1,455 16,585 6,761 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 1,642 367 17 244 287 727 1,674 304 26 249 312 783 2,237 343 18 506 321 1,049 5,016 353 19 231 353 4,060 8,164 312 27 493 442 6,890 12,268 350 25 456 1,070 10,367 14,324 352 24 766 1,053 12,129 10,945 10,226 541 178 14,700 13,195 1,263 242 30,154' 28,716' 1,122 316 25,283 23,988 916 379 23,846 22,680 810 356 24,256' 23,055' 839 362 25,956' 24,611' 1,011 334 30,154' 28,716' 1,122 316 26,328 24,824 1,158 346 30,511 29,274 823 414 7,250 9,174 10,305 8,272 8,873 7,562 9,549 10,305 9,452 10,655 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries'" 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean.'' 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2007 Type of claim 2005 2006 2008 2007' Aug.' Sept. Oct.' Nov.' 2 834 198 85,027 2 091 540 657,631 2 825 252 108,338 2 076 287 640,627 Dec' Jan.' Feb.' 2 902 327 125,117 2,125,154 652,056 2 966 226 116,032 2,174,573 675,621 1 Total claims reported by banks 2,344,155 2,944,476 3,483,139 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,864,834 72,919 1 391 775 400,140 2,291,340 98,010 1 662 805 530,525 2,793,369 108,136 2 060 830 624,403 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 689,770 380,649 130,467 155,286 23,368 748,320 2,414 923,958 6,272 971,828 5,830 971,210 10,143 923,245' 5,953 994,971 6,346 920,048 5,604 971,828 5,830 1,010,165 6,963 1,034,833 3,374 7,324 1,106,776 1 304 277 9,236 1,351,874 1 639 474 18,933 1,796,778 2 068 786 12,982 1,707,524 1 924 185 12,703 1,748,580' 1 963 765' 17,713 1,815,168 2 064 668 17,132 1,882,468 2 047 930 18,933 1,796,778 2 068 786 19,990 1,865,209 2,108,302 17,125 1,910,894 2,134,756 482,090 664,373 800,427 849,224 843,785 862,637 862,960 800,427 897,698 915,518 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims 3,463,850' 2,701,859 93,527 1 979 364 628,968 2 690 481' 86,503 1 963 989' 639,989' 3,483,139 2 793 369 108,136 2,060,830 624,403 689,770 380,649 130,467 155,286 23,368 773,369 339,725 205,448 195,153 33,043 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 3.22 Federal Reserve Bulletin Statistical Supplement • April 2008 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 1 Total 73,700 92,009 76,710 78,195 85,780 89,217 89,729 106,508 112,853 By type 2 Financial liabilities 3 Short-term negotiable securities' 43,610 14,002 62,847 11,759 39,249 9,050 32,995 11,486 42,556 12,448 48,712 11,617 47,089 7,692 52,649 6,783 55,051 4,663 8,561 4,781 9,482 12,838 10,120 18,573 10,915 21,013 12,219 24,908 13,536 15,048 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. 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 24,003 15,246 2,354 4,052 3,169 2,018 3,653 19,395 13,600 1,064 3,031 2,963 1,212 5,330 29,323 13,233 2,268 3,687 2,722 1,173 3,383 35,033 13,679 2,806 4,629 4,024 1,393 827 27,136 19,953 1,115 10,675 5,311 1,365 1,487 31,589 21,060 1,328 11,414 4,044 2 397 1,877 29,103 25,948 834 13,006 4,007 3,319 4,782 34,832 709 3,543 3,531 284 517 23,886 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 19,644 271 1,572 3,777 453 369 12,652 25,554 273 1,103 9,897 449 143 12,374 30,184 936 995 11,174 1,183 346 14,308 30,304 788 889 4,450 598 280 22,353 34,443 863 621 6,264 204 313 24,956 35,076 460 1,466 6,164 242 289 23,664 8,567 9,496 MEMO: 21 22 6,534 12,133 14,659 1,239 2,433 2,530 2,287 3,573 3,986 1,826 2,361 3,232 4,235 0 711 242 n.a. 3,114 34 3 16,196 0 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 7,879 1 5 53 n.a. 7,732 27 9,648 0 12,435 0 0 23 n.a. 12,265 30 0 12,589 0 49 24 n.a. 12,178 25 1 12,645 0 12,388 35 14 14,196 7 1 23 n.a. 13,994 27 16 2,547 1,826 36 4,724 1,648 36 5,323 1,383 173 2,355 1,265 647 2,968 1,223 1,200 1,924 1,346 100 2,225 1,568 59 3,106 1,392 1,088 2,445 1,676 56 123 92 131 94 997 97 784 0 733 0 31 0 30 0 27 0 26 0 7,049 Euro area3 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries1 34 35 Africa Oil-exporting countries'" 36 All other7 9,456 33 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 37 Commercial liabilities 38 Trade payables 39 Advance payments and other liabilities 30.090 17,174 12,916 29,162 18,181 10,981 37,461 23,050 14,411 45,200 30,119 15,081 43,224 28,564 14,660 40,505 25,673 14,832 42,640 27,165 15,475 53,859 28,237 25,622 57,802 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 27,632 2,458 199 787 606 209 657 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 41,995 3,205 699 1,100 393 304 709 40,171 3,053 668 601 423 387 974 37,298 3,207 730 610 470 377 1,020 39,114 3,526 745 640 551 410 1,180 50,440 3,419 707 617 541 381 1,173 54,969 2,833 666 482 300 354 1,031 9,821 159 900 855 384 1,367 3,025 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 11,528 138 1,888 1,242 423 856 3,372 11,611 156 1,525 1,198 618 1,348 3,600 10,962 222 1,567 1,217 526 724 3,046 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1,559 2,201 755 1,370 4,313 15,069 220 1,667 2,161 929 1,291 3,928 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 28^480 MEMO 54 55 6,850 7,279 2,166 2,145 2,375 4,112 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 countries 67 68 Africa Oil-exporting countries'" 69 All other7 5,015 3,519 3,708 4,127 4,737 4,271 3,406 14 513 233 n.a. 40 1,298 329 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 n.a. 76 2,209 7,399 64 851 216 n.a. 629 2,795 461 6,563 85 720 204 6,272 109 744 141 n.a. 485 2,321 570 7,817 163 1,008 360 n.a. 647 2,512 663 8,546 569 2,518 465 5,757 70 777 241 n.a. 539 2,120 353 13,311 4,370 3,148 12,239 4,221 2,910 17,427 5,971 3,986 20,403 6,182 5,344 20,042 6,031 4,978 18,755 5,864 3,855 18,753 5,703 4,656 24,049 5,688 5,803 26,832 5,476 7,324 782 372 947 424 916 493 1,294 755 969 591 849 283 952 599 1,267 637 1,453 763 3,730 Euro area3 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 1,160 425 n.a. 728 2,936 586 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • April 2008 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom Sept. 100,916 143,232 144,950 118,575 124,815 126,032 131,225 137,231 144,477 67,347 35,465 3,204 110,517 47,270 9,892 111,394 50,149 13,180 81,661 41,964 544 88,855 34,378 2,152 88,646 31,909 2,744 93,073 28,337 579 93,794 27,228 2,223 100,784 36,820 1,344 157 28,678 103 53,355 65 48,065 18 39,153 12 52,325 15 53,993 6 64,157 20 64,343 14 62,620 14,453 2,726 14,443 15,196 10,057 17,842 12,174 22,603 14,268 18,789 14,678 17,506 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 75,802 35,592 9,348 9,308 7,635 3,537 5,764 59,240 22,421 8,473 4,635 4,476 610 4,227 63,946 24,909 10,416 6,337 4,361 656 3,139 66,871 21,775 8,454 5,843 4,014 746 2,718 64,047 29,026 4,336 16,280 4,936 777 2,697 66,625 27,169 3,729 15,339 3,850 868 3,383 65,146 35,638 4,387 15,498 3,611 9,113 3,029 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 42,736 1,743 2,752 2,729 3,033 1,152 22,111 23,738 565 2,861 2,428 1,649 864 9,550 34,038 618 2,563 9,084 2,610 795 12,004 34,070 328 1,310 8,506 2,842 706 13,713 44,607 445 2,119 8,447 4,437 722 21,847 47,629 2,985 3,557 9,058 5,138 806 18,377 44,651 2,270 2,850 7,543 3,690 820 20,467 5,311 6,412 13,372 12,959 15,110 14,118 10,177 11,312 11,208 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 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 38,198 3,802 1,602 1,703 n.a. 28,980 1,176 136 32 776 4,463 1,631 1,419 n.a. 23,146 1,236 117 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 32,293 5,762 1,296 1,655 n.a. 20,885 1,098 116 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 30,826 2,466 1,397 1,463 n.a. 23,035 1,217 150 5,317 1,194 158 6,840 993 137 7,223 568 242 4,105 665 705 4,248 779 1,209 3,238 882 60 3,841 1,563 82 4,745 1,465 1,111 11,738 1,395 111 1,291 37 1,112 36 1,067 34 345 34 365 33 366 33 368 32 MEMO: 23 24 18,829 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 countries1 36 37 Africa Oil-exporting countries'" 38 All other7 419 12 25,150 Nonbank-Reported Data 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. Sept. 39 Commercial claims 40 Trade receivables 41 Advance payments and other claims . 33.569 28,618 4,951 32,715 29,229 3,486 33,556 29,231 4,325 36,914 32,577 4,337 35,960 31,337 4,623 37,386 32,802 4,584 38,152 33,260 4,892 43,437 36,001 7,436 43,693 36,520 7,173 42 43 44 45 46 47 48 Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling . Japanese yen All other currencies 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 29,898 3,658 481 1,335 706 187 949 33,539 3,375 424 1,344 659 150 798 32,372 3,588 546 1,345 584 233 880 33,160 4,226 740 1,108 661 281 1,436 34,289 3,863 608 1,360 734 221 940 39,644 3,793 658 1,233 707 257 938 40,136 3,557 637 1,124 663 285 848 49 50 51 52 53 54 55 By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 14,552 247 2,816 1,273 395 1,921 3,928 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,003 420 2,368 1,675 478 659 4,130 14,019 475 2,059 1,639 527 1,043 3,802 14,105 443 2,110 1,642 728 718 3,789 14,845 481 2,114 1,765 578 830 4,260 16,762 488 1,956 1,780 665 1,087 5,118 16,501 368 1,972 1,713 745 948 5,734 MEMO 56 Euro area3 8,961 8,436 Canada 3,070 6,890 2,017 2,750 3,179 2,483 3,402 2,850 4,109 3,595 58 59 60 61 62 63 64 65 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 5,153 26 460 903 n.a. 52 1,339 6,477 55 650 935 7,854 39 1,166 973 n.a. 488 1,896 371 7,355 31 464 1,046 n.a. 563 2,016 349 7,146 48 503 945 n.a. 323 2,067 379 7,779 29 662 914 n.a. 401 1,980 426 8,089 33 1,267 922 8,747 27 1,528 946 160 2,018 319 6,757 41 648 1,022 n.a. 61 2,089 380 585 1,952 451 452 2,196 474 66 67 68 Asia Japan Middle Eastern oil-exporting countries5 7,352 1,757 8,943 1,855 1,071 10,073 2,128 1,558 10,146 2,158 1,843 10,321 2,207 1,727 11,011 2,467 1,754 10,849 2,504 1,600 12,507 3,156 1,686 13,027 2,948 2,114 69 70 Africa Oil-exporting countries6 . 636 138 629 154 830 258 961 315 1,037 359 962 266 982 321 1,007 261 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. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • April 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Feb. Aug. Sept. U.S. corporate securities STOCKS 1 Foreign purchases 6,718,156 2 Foreign sales 195,524' 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 .. 10,443,806' 2,325,842 150,371 5,766 195,562' 15,107 23,730 18,115 944,625 911,164 1,268,701' 1,250,923' 1,278,771' 1,319,388' 799,640' 797,033' 999,347 969,083 -40,617" 2,607" 30,264 -40,623' -1,612 2,608" 84 30,263 354 4,749 482 33,458 12,502 17,770" 13,943 5,960 4,172 -7,522' 130 5,840' -2,721' -100 -1,148 -2,372 -532 -5,320 -22 1,858 -276 7,620 -96 902 -57 1,248 111 -43 165 14,290 -14 6,475 2,556 -425 -972 -1,079 41 6,785 35 2,378 -380 6,186 1,739 5,138 3,054 -756 895 2,857 70 -1,660 121 -785 848 -380 2,460 374 -7,818 901 5,301 1,133 4,233 125 13,558 328 -1,158 -191 153 -1,666 -1,129 695 16,342 154 -19 105 4,395 7,100 9,241 73 4,673 126 -210 -712 6,925' -479 6,342' 1,740 -524' -2,046' 1,146' 816' -1,568' -190 -1,495' 1,345' -7,520 6,234 14,526' -245 3,191' 2,369 -1,948 -297' -3,178 235 -4,967 -1,638 115 73 -1,487 1,399 1,608 -11 1,344 670 -4,258 -334 12,306 -33 4,354 1,927 -931 341 -1 1 1 r -14,744 -290' -4,165' -3,280' 214' -870 -224' 878 -9,463 -75 221 -30 -24,493 573 -1,722 -26 2,787 -64 -15 -413 1,101,407 1,096,657 33,461 5,969 89,259' -1,168 19,521' 600' 28' -7,143 6,887' -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 3,747 -244 1,375 102 -409 -1,973 -341 2,215 40 -201 -151 2,015 -11,778 5,900 26,832 -278 7,545 4,296 -2,879 44 44 -38 17 1,572,160 1,285,696 2,050,451 1,824,365 538,212 481,991 166,107 157,752 182,090 170,608 179,040 164,162 174,264 147,627 227,714 231,030 258,288 238,963 279,924 243,028 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 4,720 25 -31 943 366 U.S. GOVERNMENT AGENCY BONDS Foreign purchases Foreign sales 286,464 226,086 56,221 8,355 11,482 14,878 26,637 -3,316 19,325 36,896 Foreign countries Of which: by foreign official institutions . . 286,228 92,632 225,707 119,057 56,537 573 8,352 4,063 11,448 9,194 14,943 10,048 26,303 6,007 -3,311 4,080 19,649 -630 36,888 1,203 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 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 33,869 -120 1,395 -1,107 1,956 1,310 -709 -298 31,195 -394 1,704 -1,282 2,564 248 18,359 2,238 3,746 12,679 -61 1,136 -1,587 -697 -272 161 293 -1,969 131 -316 3,719 -132 169 -989 -2,517 173 13,153 2,700 2,344 3,692 -20 -30 5,948 -30 1,208 -44 287 -280 167 55 4,339 38 411 -497 -5,860 101 11,410 8,026 2,684 -220 -30 -35 10,224 -916 439 -242 371 -2,448 -49 -311 6,732 466 402 399 -344 184 3,560 3,048 1,611 2,713 -8 526 7,669 -68 933 -566 918 -2,907 -48 -159 6,093 -33 -1,225 -1,189 15,543 -595 5,921 6,627 2,567 1,063 26 153 1,816 -138 -18 47 -225 290 -713 -293 279 -48 508 -1,006 -9,098 -497 4,884 2,550 2,071 2,654 -21 103 13,364 -63 506 -1,238 672 1,997 -209 -123 11,751 -279 -635 -213 5,196 184 1,775 -2,011 2,639 4 453 -38 16 20,505 -57 889 131 1,283 -687 -500 -175 19,444 -115 2,339 -1,069 -2,632 64 16,584 4,249 1,107 8,226 -23 1,120 236 379 -316 34 -65 334 -5 -324 1,678,464 1,167,658 1,912,361' 1,530,304' 269,102 245,651 155,190 156,145' 166,392' 143,702' 121,310 106,513' 140,595 103,091 29 Net purchases, or sales (-) . International and regional organizations2 .. CORPORATE BONDS3 53 Foreign purchases 54 Foreign sales 15,918 382,057' 55 Net purchases, or sales (-) 134,280 118,362 125,212' 121,045' 143,890 124,606 19,284 37,504 Foreign countries Of which: by foreign official institutions . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 509,783 28,556 380,810' 50,566 23,591 8,306 -1,364" 2,985 15,998 4,631 22,657" 7,437 14,828" 4,898 37,496 8,218 4,280" 3,946 19,311 4,360 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 197,327' -7,413 4,261 5,419 8,658 -14,650 -652 3,580 207,541' -6,717 12,274 5,097 41,694 3,803 115,195 41,675 12,780 38,573 -169 5,589 764 -2,813 -656 328 -1,720 -1,479 -661 115 115 -1,949 1,200 1,267 4,295 422 15,440 5,462 814 6,621 -46 249 -3,066 -159 24 1,126 310 -7,960 49 -156 6,301 -3,301 513' 555 -4,878 651 4,538 1,558 1,053 136 -28 351 -4,464 -641 543 100 -324 -1,927 23 -450 7,200 -9,034 813 240 1,680 286 17,373 2,697 1,309 10,579 18 52 -1,180' 19 -56 716 -689 -1,034 161 645 7,860' -1,208 504 1,048 4,438 873 17,376 1,957 587 9,222 4 -406 564' -590 -250 -337 641 -557 -234 831 873' -151 -473 187 3,901 774 9,833 3,706 1,502 3,082 -26 11,444 -408 -10 965 75 -1,827 -1,234' -2,064 21' 454 -1,267 -1,345 -334 -404 5,100' -1,141 591' 481 -4,490' -25 8,741' 2,945 948 3,233' -21 237 1,998 -749 -677 -126 -453 -134 -327 519 4,679 -808 609 786 8,785 447 6,699 2,517 -134 3,388 -25 12 78 International and regional organizations3 1,023 1,247 -140 409 -80 33 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 497 12,502 -724 810 -191 9,718 -30 15,589 7,739 1,491 5,390 71 85 -113 -27 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars 2008 Transaction, and area or country 2006 2007 2008 2007' Jan.Feb. Aug.' Sept.' Oct. Nov. Dec. Jan.' Feb.' 9,617 521,977 512,360 456 430,223 429,767 -2,928 523,026 525,954 -15,797 453,117 468,914 Foreign securities 79 Stocks, net purchases or sales (-) 4 80 Foreign purchases -106,455 3,636,185 3 742 640 -94,840 5,215,017 5,309,857 -18,725 976,143 994,868 -12,789 544,133 556,922 -21,298 359,679 380,977 5,025 546,421 541,396 82 Bonds, net purchases or sales (-) 4 -144,452 -127,998 -11,670 -20,999 -20,372 -9,101 r 10,979' -12,504' -17,241 5,571 83 Foreign purchases 1,879,713 2 024 165 2,972,152 3100150 487,269 498,939 282,821 303,820 200,176 220,548 264,614' 273,715' 209,714' 198,735' 168,954' 181,458' 246,733 263,974 240,536 234,965 85 Net purchases, or sales (-) of stocks and bonds4 -250,907 -222,838 -30,395 -33,788 -41,670 -4,076' 20,596' -12,048' -20,169 -10,226 -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -238,767 -217,861 -62,336 -154,424 -10,191 -7,929 -18,442 26,919 3,815 1,112 -12,375 -31,436 -33,313 -4,944 -24,393 -3,138 8,121 -598 8,713 807 2,244 -13,465 -34,798 -6,742 -5,000 -1,826 -604 -1,477 -31,961 6,234 2,293 -870 622 -41,725 -43,701 -4,158 -39,774 -1,073 -1,344 7,634 -3,633 1,270 169 223 -7,132' -13,988 -9,536 -3,787 -1,954' -810 10,759 283 1,263 5 -1,427 20,714' 3,988' 8,866 -6,183' 416' 932 -2,477 17,836 4,614 988 -969 -12,335' 851 653 -832 -3,586' -1,259 -11,730 3,034 4,398 680 -325 -20,295 -17,885 -2,234 -11,632 -4,551 2,351 -4,908 11,361 868 1,631 -8,294 -11,141 -15,428 -2,710 -12,761 1,413 5,770 4,310 -2,648 -61 613 -5,171 5,109 15,929 1,041 1,010 55 3,056 126 915 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 -118 287 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 195,536 1,910' 35,969' 20,603 2 Foreign countries 3 Of which: by foreign official institutions . . . 194,714 69,639 202,228' 2,994 56,510 32,507 -836' -29,685 27,561' 14,370 44,386' 3,980 25,016' 378 1,635' 10,980 36,016' 36,101 20,494 -3,594 27,704' 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R Canada 98,982 357 -1,600 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161 180,257' -3,100 -4,665' -3,330' 1,734 -28 1,471 -27,339 2,176 -2,560 207,374' -974 9,498' -3,196' 28,718 -144 -5,567 457 -1,821 122 -1,380 9,243 -80 -1,499 22,710 727 5,948 2,855 41,028' -873 -4,102' 379' 245 19 1,669 15,961 147 -179 34,044' 483 -6,764 -4,716' 35,470' 244 -3,725' -605 326 186 -1,520 16,365 -855 -340 23,971' -175 1,597 -1,260' 33,636' 76 858' 248' 537 68 -345 2,391 -385 645 26,565' -334 3,311 -1,381' 18,235' -948 933' -2,517 662 -292 -848 1,896 -441 -168 21,005' -334 -713 7,196' -16,859' -547 390' 190 -361 95 1,330 -2,284 -284 543 -15,775' -36 -120 -5,209 7,828' -133 -5,282' 990' -1,794' 279 178 8,427 -309 -562 -530' 584 5,980 5,273' 20,890 -11 -284 -532 -26 -157 -1,558 816 229 -937 23,240 143 -32 -2,418 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 21,838 23,100 -322 242 -1,182 86,160 77,066 1,735 -196 7,555 16,673 14,968 1,094 -233 844 -3,781 1,827 -5,600 47 -55 2,841 2,713 81 -19 66 5,557 3,065 2,184 -74 382 13,967 8,065 4,169 -179 1,912 10,287 8,540 1,241 -46 552 11,375 10,332 939 -77 181 5,298 4,636 155 -156 663 23 Caribbean -9,838 2,380 -16,115 19,502 1,443 7,549 -283 9,597 -9,510 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,694 40,633 16,257 1,312 6,168 4,548 -224 -68,122' -7,968 1,934' -47,384 -17,874 1,805 1,365' 23,050 13,560 3,988 5,761 2,646 -223 -2,682 -52,051' -14,204 -2,504' -23,843 -1,774 -1,294 -8,432 -9,627 -2,394 -598 -4,641 -2,219 -626 851 359' -4,795 -1,347 9,579 -2,551 221 -748' 3,515 2,400 6,127 4,568 1,758 50 44 5 -120 0 -44 -4 -2,638 -1,378 -862 -1,186 822 -1,048 -175 143 31 Africa 32 African oil exporters3 33 Other countries 34 4 International and regional organizations .. 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3,179 6,862 -654 -5,681 975 -1,558 3,235 20,210' 9,563 2,674' 6,362 2,648 -1,715 678' 2,840 3,997 1,314 -601 -2 1,492 -3,360 1,054 4 916 500 1,116' 54 642 -4 -1,290 484 -276 -276 -153 354 -191 275 -47 109 -15,637' -5,210 546 -11,507 380 -345 499' 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 2008 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2007 Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1.023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2.11 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2.14 0.8391 1.9461 1.0734 7.6058 5.4413 1.3711 7.8016 41.18 117.76 3.4354 10.928 0.7365 5.8557 1.5065 7.0477 928.97 110.620 6.7550 1.1999 32.852 32.203 2.0020 2.14 0.8461 1.9023 1.0267 7.5210 5.3563 1.3910 7.7824 40.17 115.04 3.4691 11.032 0.7188 5.6256 1.5110 7.1007 928.60 113.342 6.6713 1.1852 33.011 32.057 2.0184 2.14 0.8996 1.7987 0.9754 7.5019 5.2363 1.4233 7.7545 39.37 115.87 3.3735 10.821 0.7603 5.4023 1.4650 6.7574 914.94 112.858 6.4439 1.1741 32.550 31.525 2.0449 2.14 0.8961 1.7669 0.9672 7.4210 5.0766 1.4683 7.7774 39.33 111.07 3.3588 10.881 0.7631 5.4156 1.4466 6.7049 918.81 110.418 6.3242 1.1233 32.328 31.348 2.0701 2.14 0.8719 1.7852 1.0021 7.3682 5.1235 1.4559 7.7983 39.38 112.45 3.3324 10.846 0.7690 5.5000 1.4487 6.8376 931.10 108.891 6.4764 1.1402 32.412 30.158 2.0161 2.14 0.8823 1.7710 1.0099 7.2405 5.0575 1.4728 7.8044 39.27 107.82 3.2653 10.906 0.7740 5.3993 1.4299 6.9962 942.06 108.156 6.3978 1.1006 32.359 30.305 1.9702 2.14 0.9133 1.7290 0.9986 7.1644 5.0507 1.4759 7.7963 39.67 107.03 3.2216 10.768 0.7969 5.3851 1.4106 7.6578 944.01 107.827 6.3450 1.0890 31.616 31.174 1.9646 2.14 110.71 83.71 108.52 82.46 103.40 77.84 101.93 75.91 99.80 73.93 98.37 72.20 99.27 73.69 98.48 73.06 97.67 72.57 97.60' 90.62' 96.46' 90.55' 91.92' 86.41 90.65' 84.50' 88.47' 82.27' 87.15' 80.48' 87.70' 81.90' 87.17' 81.47' 85.91 81.01 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)'' 26 Other important trading partners (January 1997=100)7 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. dollars per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 December 31,2006 March 31,2007 June 30, 2007 September 30, 2007 December 31,2007 March June September December March 2007 2007 2007 2007 2008 58 58 58 58 58 Supplement Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 November 2006 February 2007 May 2007 August 2007 February May August November 2007 2007 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 September 30,2006 December 31,2006 March 31,2007 June 30, 2007 February May August November 2007 2007 2007 2007 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin BuUetin September 2002 September 2003 September 2004 A58 A58 58 BuUetin BuUetin Supplement September 2002 September 2003 September 2004 A67 A67 67 BuUetin BuUetin Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1997-2003 1998-2004 1999-2005 2000-2006 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2003 2004 2005 2006 September September September September 2004 2005 2006 2007 70 60 60 60 Supplement Supplement Supplement Supplement September September September September 2004 2005 2006 2007 73 63 63 63 Supplement Supplement Supplement Supplement *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 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 by 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 securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44-55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EXCHANGE rates, foreign, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, ' Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44—55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting by banks, 17, 18 YIELDS (See Interest rates) 59 60 Federal Reserve Bulletin Statistical Supplement • April 2008 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE COMPUTERS. CD-ROM; updated monthly. Standalone PC. $300 per year. Network, maximum 1 concurrent user. $300 per year. Network, maximum 10 concurrent users. $750 per year. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover additional airmail costs. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Vol. //(Irregular Transactions). 1969. 116 pp. Each volume $5.00. 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. January 2000. 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: BUDGET REVIEW, 2004. FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; OF FUNDS ACCOUNTS. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN. ANNUAL REPORT, 2003. ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 1982 December 1983 266 pp. $ 7.50 1983 October 1984 264 pp. $11.50 1984 October 1985 254 pp. $12.50 1985 October 1986 231 pp. $15.00 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 1980-89 March 1991 712 pp. $25.00 1990 November 1991 185 pp. $25.00 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 1994 December 1995 190 pp. $25.00 1990-95 November 1996 404 pp. $25.00 1996-2000 March 2002 352 pp. $25.00 FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $15.00 per year or $3.50 each. TO THE FLOW 1,186 pp. $20.00 each. Lending— 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. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IN 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. SAVINGS ACT, by Gregory Elliehausen and Barbara R Lowrey. December 1997. 17 pp. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. 173. IMPROVING 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 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. CREDIT CRUNCH DISCLOSURE IN BANKING, 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, 2003, by Steven J. Pilloff. May 2004. 23 pp. FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. by Study 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 160. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by 164. THE 1989-92 PUBLIC Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 1994- 62 Federal Reserve Bulletin Statistical Supplement • April 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data refer Corresponding Bulletin or Statistical Supplement table numbers2 Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G.15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization 3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 63 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases E.2. Survey of Terms of Business Lending 3 E.ll. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks E. 16. Country Exposure Lending Survey 3 Z. 1. Flow of Funds Accounts of the United States: Flows and Outstandings3 As- $ 5.00 Midmonth of March, June, September, and December February, May, August, and November $ 5.00 15th of March, June, September, and December Previous quarter January, April, July, and October Previous quarter Second week of March, June, September, and December Previous quarter 5.00 $25.00 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 64 Federal Reserve Bulletin Statistical Supplement • April 2008 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. The Payment System Handbook deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulations CC, J, and EE, related statutes and commentaries, and policy statements on risk reduction in the payment system. For domestic subscribers, the annual rate is $200 for the Federal Reserve Regulatory Service and $75 for each handbook. For subscribers outside the United States, the price, which includes additional airmail costs, is $250 for the service and $90 for each handbook. The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a standalone PC, the annual subscription fee is $300. For network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent users, $2,000 for a maximum of 50 concurrent users, and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add $50 to cover additional airmail costs. For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 65 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve Systern makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
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