The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Volume 1 • Number 8 • August 2004
Statistical Supplement
to the Federal Reserve
# ' • • •
BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson
• Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart
• Louise L. Roseman • Richard Spillenkothen • David J. Stockton
The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by Economic Editing
and the Publications Department.
Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin. Starting with
the winter 2004 issue, the Bulletin is now published
on a quarterly basis.
Published monthly, the new Statistical Supplement
is designed as a compact source of economic and
financial data. All tables that appeared in the Federal
Reserve Bulletin, including the annual and quarterly
special tables, now appear in the Statistical Supplement. All statistical series are published with the
same frequency that they had in the Bulletin, and the
numbering system for the tables remains the same.
Separate subscriptions for the quarterly Federal
Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for
the Statistical Supplement is on the inside front cover.
For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or
send an e-mail to publications-bog@frbog.frb.gov.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886.
Financial and Business Statistics
These tables reflect the data available for publication as of
the first week of August 2004.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions
Policy
Instruments
7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions
Federal Reserve
Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. Treasury—
Types and ownership
26 U.S. government securities
dealers—Transactions
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate
Finance
29 New security issues—Tax-exempt state and local
governments and U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables
Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding
Monetary and Credit Aggregates
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Consumer Credit
34 Total outstanding
34 Terms
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
21
All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
Memo items
Financial Markets
22 Commercial paper outstanding
22 Prime rate charged by banks on short-term
business loans
23 Interest rates—Money and capital markets
24 Stock market—Selected statistics
Flow of Funds
35
37
38
39
Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities
DOMESTIC
NONFINANCIAL
STATISTICS
Selected Measures
40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value
2
Federal Reserve Bulletin Statistical Supplement • August 2004
INTERNATIONAL STATISTICS
Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
45
46
48
49
Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States
50 Liabilities to 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
57 GUIDE TO SPECIAL TABLES AND
STATISTICAL
RELEASES
SPECIAL
TABLES
58 Assets and liabilities of commercial banks,
March 31, 2004
60 Terms of lending at commercial banks,
May 3-7, 2004
66 Assets and liabilities of U.S. branches and
agencies of foreign banks, March 31, 2004
70 INDEX TO STATISTICAL TABLES
Symbols and Abbreviations
c
e
n.a.
n.e.c.
p
r
*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
G-7
G-10
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
TIIS
VA
Group of Seven
Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
4
Federal Reserve Bulletin Statistical Supplement • August 2004
1.10
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1
Monetary or credit aggregate
Q3
Q4
2.4
5.7
29.9
23.8
28.7
5.4
11.8
2.3
10.6
5.3
4.4
5.0
4.5
3.1
9.1
13.4
7.4
2.6
15.3
4.8
2.6
Concepts of money*
5 Ml
6 M2
7 M3
8.6
8.2
5.8
6.4
6.9
6.7
2.4
1.3
1.2
6.1
3.5
5.8'
5.8
1.5
7.5'
Nontransaction components
8 In M2 5
9 In M3 only6
8.1
.4
7.1
6.1
2.3
.9
2.8
10.8'
15.9
8.3
2.5
17.6
13.3
7.6
5.1
9.0
12.1
24.2
9.3
1.6
17.9
12.4
15.0
9.4
6.7
Q2
1
2
3
4
Reserves of depository institutions1
Total
Required
Nonborrowed
Monetary base3
Time and savings deposits
Commercial banks
Savings, including MMDAs
Smalltime7
Large time8'9
Thrift institutions
13
Savings, including MMDAs
14
Smalltime7
15 Large time8
10
11
12
Money market mutual funds
16 Retail10
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
20.5
31.7
11.0
28.9
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
Apr.'
Ql
May
2.6
27.5
25.4
5.1
6.3
2.1
6.9
5.9
18.1
9.9
10.2'
17.8'
9.3
11.5'
2.0
9.4
11.1
13.5
14.4
3.5'
20.7'
7.7
10.7'
7.0
16.1'
12.5
15.0
17.4
16.4
13.5
4.2
34.8
18.2
3.8
54.4
17.3
3.1
11.7
13.8
4.5'
25.9'
25.7
5.4
43.5
25.6
4.5
31.6
5.1
10.3
3.7
2.0
5.2
4.0
5.3'
4.0
8.0
15.0'
2.6
6.0
23.7'
1.8
26.7
11.5
4.4
39.7
21.2
14.2
41.2
22.3
16.4
19.3
7.9
22.9
3.0
17.7
13.4
21.1
9.4
10.1
9.6
12.9
1.7
7.0
33.7'
7.1
55.7'
46.8
38.9'
3.0
33.5'
42.2
46.0
25.4
15.9
47.4
32.8
47.2
26.3
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted separately.
7. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
10. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Money Stock and Bank Credit 5
1.11
RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
Apr.
May
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
733,913
673,143
673,143
246,409
410,754
14,328
1,653
0
21,839
50
21
0
29
510
39,392
11,045
2,200
35,714
739,712
674,956
674,956
247,366
411,388
14,464
1,738
0
24,985
85
28
0
57
657
40,343
11,045
2,200
35,805
743,111
679,294
679,294
250,264
412,730
14,464
1,835
0
24,734
109
7
0
103
324
39,298
11,045
2,200
35,883
740,215
674,520
674,520
246,942
411,388
14,464
1,725
0
25,729
85
33
0
52
465
40,347
11,045
2,200
35,794
739,027
674,786
674,786
247,188
411,388
14,464
1,746
0
24,529
95
34
0
61
690
40,308
11,045
2,200
35,810
744,755
675,539
675,539
247,921
411,388
14,464
1,766
0
29,429
87
16
0
71
755
40,455
11,045
2,200
35,826
742,127
677,738
677,738
250,101
411,388
14,464
1,785
0
24,464
88
6
0
82
746
40,582
11,045
2,200
35,842
741,310
677,826
677,826
250,163
411,388
14,464
1,811
0
23,071
110
16
740,494
679,574
679,574
250,195
413,080
14,464
1,835
0
22,000
105
384
40,687
11,045
2,200
35,862
0
104
484
39,299
11,045
2,200
35,883
743,668
680,027
680,027
250,400
413,304
14,464
1,859
0
26,107
118
4
0
114
222
37,637
11,045
2,200
35,903
714,055
19,304
19,304
0
330
716,861
20,054
20,054
0
342
720,816
19,730
19,730
0
321
717,608
20,136
20,136
0
345
716,925
19,420
19,420
0
338
716,331
20,404
20,404
0
327
718,505
21,477
21,477
0
319
719,551
19,805
19,805
0
310
719,799
18,884
18,884
0
324
720,862
19,191
19,191
0
330
16,531
5,429
86
10,719
10,592
127
297
20,581
12,071
16,754
6,045
93
10,288
10,286
15,923
5,355
143
10,144
10,144
0
280
21,071
14,377
16,146
5,158
83
10,567
10,566
2
338
20,556
14,463
17,009
6,630
96
9,970
9,970
0
313
20,562
13,828
17,828
7,444
103
9,970
9,970
0
312
20,720
18,216
17,049
6,025
130
10,562
10,561
0
332
20,922
12,942
16,369
5,435
103
10,561
10,561
0
270
20,831
13,551
15,687
5,333
282
9,784
9,784
0
287
20,742
14,185
15,336
5,212
83
9,787
9,787
0
254
21,284
15,812
SUPPLYING RESERVE FUNDS
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account . .
Treasury currency outstanding
ABSORBING RESERVE FUNDS
Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .
328
20,678
14,073
Wednesday figures
End-of-month figures
Apr.
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 26
743,981
674,717
674,717
247,132
411,388
14,464
1,733
0
29,700
86
30
0
56
778
40,255
11,045
2,200
35,794
737,999
674,937
674,937
247,332
411,388
14,464
1,753
0
22,750
83
18
0
65
24
40,253
11,045
2,200
35,810
753,637
676,383
676,383
248,757
411,388
14,464
1,774
0
37,500
81
5
0
77
882
40,555
11,045
2,200
35,826
738,581
677,811
677,811
250,163
411,388
14,464
1,796
0
20,000
97
8
0
89
297
40,970
11,045
2,200
35,842
745,171
677,835
677,835
250,163
411,388
14,464
1,820
0
27,250
176
80
0
96
856
40,766
11,045
2,200
35,862
737,619
679,618
679,618
250,230
413,080
14,464
1,844
0
21,250
SUPPLYING RESERVE FUNDS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3 . . . .
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
19
20
21
22
23
24
Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 .
752,121
680,633
680,633
250,439
413,863
14,464
1,867
0
33,750
128
10
0
117
282
37,892
11,045
2,200
35,903
741,174
674,084
674,084
246,539
411,388
14,464
1,692
0
27,500
64
31
0
33
589
40,114
11,045
2,200
35,761
742,592
677,687
677,687
250,055
411,388
14,464
1,779
0
25,250
84
79
831
40,401
11,045
2,200
35,842
750,596
681,472
681,472
250,464
414,659
14,464
1,884
0
30,750
122
4
0
118
163
38,415
11,045
2,200
35,924
716,136
21,701
21,701
0
366
717,528
21,204
21,204
0
321
726,367
20,477
20,477
0
320
718,889
19,470
19,470
0
340
717,181
19,260
19,260
0
328
718,687
19,689
19,689
0
321
720,363
20,653
20,653
0
308
720,828
18,711
18,711
0
323
721,425
18,273
18,273
0
332
723,891
19,331
19,331
0
320
16,611
5,884
83
10,413
10,410
3
231
20,880
14,485
17,417
6,392
96
10,562
10,561
0
368
20,804
14,404
15,134
4,637
86
10,145
10,145
0
267
21,718
15,750
15,904
4,902
85
10,567
10,566
16,317
5,886
165
9,970
9,970
0
297
20,462
13,506
16,902
6,540
100
9,970
9,970
0
293
20,659
26,449
16,884
5,960
87
10,562
10,561
0
275
21,120
8,340
15,852
4,949
83
10,561
10,561
0
259
20,548
18,017
14,581
4,451
80
9,784
9,784
0
266
21,006
11,130
14,979
4,844
85
9,787
9,787
0
263
21,193
21,556
1
0
110
730
37,370
11,045
2,200
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
Note. Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical
release, available at www.federalreserve.gov/releases.
1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
350
20,316
18,102
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 • August 2004
1.12
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification
Apr.
1
2
3
4
5
6
7
8
9
10
11
12
2
Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
9,053
43,894
32,005
11,889
41,058
39,408
1,651
67
33
34
9,926
43,362
30,347
13,015
40,272
38,263
2,009
10,845
44,077
32,080
11,997
42,925
41,887
1,038
11,525
42,598
31,126
11,472
42,651
41,161
1,489
10,845
44,077
32,080
11,997
42,925
41,887
1,038
46
68
46
17
0
29
25
0
43
17
0
29
45
35
11,528
46,583
33,876
12,707
45,404
44,505
899
106
93
0
13
10,819
46,429
32,959
13,470
43,778
42,577
1,201
42
28
0
14
11,932
44,402
32,117
12,285
44,049
42,291
1,758
51
23
0
28
14,000
42,843
31,964
10,879
45,964
44,209
1,755
86
29
0
57
14,080
43,050
32,220
10,830
46,300
44,707
1,592
112
9
0
103
weekly averages of daily figures for two-week periods ending on dates indicated
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
11,405
49,947
36,633
13,314
48,038
47,087
951
110
97
0
14
9,589
47,091
32,237
14,854
41,826
40,441
1,385
26
15
0
10
12,172
44,308
32,543
11,765
44,714
43,657
1,057
38
20
0
19
1. Data in this table also appear in the Board's H.3 (502) weekly statistical release,
available at: www.federalreserve.gov/releases. Data are not break-adjusted or seasonally
adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of" adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.
11,840
43,692
30,832
12,860
42,672
40,684
1,988
51
28
0
23
11,972
45,134
33,311
11,823
45,283
43,606
1,677
55
19
0
36
Apr. 14
Apr. 28
May 12
May 26
12,087
42,794
31,137
11,658
43,224
41,311
1,912
79
35
0
45
16,022
42,961
32,879
10,083
48,901
13,243
42,359
31,348
11,011
44,591
43,078
1,513
99
11
0
14,996
43,779
33,031
10,749
48,027
46,365
1,661
112
3
0
109
47,268
1,632
91
13,525
42,666
32,041
10,625
45,566
43,977
1,589
143
20
0
123
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).
Domestic Financial Statistics
1.14
1
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1
Secondary credit2
Primary credit
Seasona credit3
T7 a|-| pi'n 1 D P CPTVP
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
On
8/13/04
Effective date
Previous rate
On
8/13/04
Effective date
Previous rate
On
8/13/04
Effective date
Previous rate
2.50
8/10/04
8/10/04
8/10/04
8/10/04
8/10/04
8/10/04
2.25
i
3.00
8/10/04
8/10/04
8/10/04
8/10/04
8/10/04
8/10/04
2.75
i
1.45
8/5/04
1.40
i
Chicago
St. Louis
VTinneapolis
Kansas City
Dallas
San Francisco
8/10/04
8/11/04
8/10/04
8/10/04
8/10/04
8/10/04
2.50
1
2.25
3.00
8/10/04
8/11/04
8/10/04
8/10/04
8/10/04
8/10/04
i
1
2.75
1
1.45
8/5/04
1.40
Range of rates for primary credit
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2.25
2.25
2003—June 25
26
2.00-2.25
2.00
2.00
2.00
2004—June
July
Aug.
Aug.
2.00-2.25
2.25
2.25-2.50
2.50
2.25
2.25
2.50
2.50
2.50
2.50
Effective date
In effect Jan. 9, 2003
(beginning of program)
30
1
10
11
In effect August 13, 2004
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25
2002—Nov. 6
7
0.75-1.25
0.75
0.75
0.75
0.75
0.75
Range of rates for adjustment credit in recent years4
Effective date
In effect Dec. 31, 1995
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.25
5.25
1996—Jan. 31
Feb. 3
5.00-5.25
5.00
5.00
5.00
1998—Oct. 15
16
Nov. 17
19
4.75-5.00
4.75
4.50^1.75
4.50
4.75
4.75
4.50
4.50
1999—Aug. 24
26
Nov. 16
18
4.50^1.75
4.75
4.75-5.00
5.00
4.75
4.75
4.75
5.00
Effective date
2000—Feb.
2
4
Mar. 21
23
May 16
19
2001—Jan.
Feb.
Mar.
Apr.
2001—May
3
4
5
31
1
20
21
18
20
15
17
1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The
discount rate on seasonal credit takes into account rates charged on market sources of funds
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00
5.25
5.25
5.50
5.50
5.50
6.00
5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^1.50
4.00
3.50^1.00
3.50
5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50
In effect Jan. 8, 2003
(end of program)
and ordinarily is reestablished on the first business day of each two-week reserve maintenance
period.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914-1941, and 1941-1970; and the Statistical Digest, 1970-1979, 1980-1989, and
1990-1995. See also the Board's Statistics: Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).
8
1.15
Federal Reserve Bulletin Statistical Supplement • August 2004
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirem ent
Type of liability
Net transaction accounts^
1 $0 million-$6.6 million2
2 More than $6.6 million-$45.4 million3 . . . .
3 More than $45.4 million
Percentage of
liabilities
0
3
10
4 Nonpersonal time deposits
0
5 Eurocurrency liabilities
0
NOTE. Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement
corporations.
1. Total transaction accounts consists of demand deposits, automatic transfer service
(ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer
accounts, ineligible bankers acceptances, and obligations issued by affiliates maturing in
seven days or less. Net transaction accounts are total transaction accounts less amounts due
from other depository institutions and less cash items in the process of collection.
12/25/03
12/25/03
12/25/03
For a more detailed description of these deposit types, see Form FR 2900 at
www. federalres erve. gov/bo arddoc s/reportform s/.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low-reserve tranche." By statute, the upper limit of the low-reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.
Policy Instruments
1.17
9
FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars
Type of transaction
and maturity
Apr.
U.S. TREASURY SECURITIES
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Outright transactions
Treasury bills
Gross purchases . . . .
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases . . . .
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases . . . .
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases . . . .
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases . . . .
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases . . . .
Gross sales
Redemptions
26 Net change in U.S. Treasury securities . . . .
18,150
0
738,886
738,886
0
0
75,566
75,566
0
925
0
56,871
56,871
0
1,494
0
59,719
59,719
0
619
0
80,276
80,276
0
747
0
61,389
61,389
0
341
0
56,267
56,267
0
3,516
0
74,959
74,959
0
12,720
0
89,108
92,075
6,565
0
96,433
103,153
0
0
0
5,435
6,368
0
2,561
0
0
0
0
0
0
23,307
20,538
0
0
0
0
0
0
1,311
0
10,791
10,700
0
0
0
16,544
16,333
0
0
0
7,293
8,333
0
22,814
0
45,211
64,519
12,748
0
73,093
88,276
7,814
0
76,364
97,256
1,447
0
5,435
6,368
1,503
0
0
0
237
0
17,681
18,905
1,555
0
9,361
9,627
1,293
0
16,544
16,333
0
0
7,293
8,333
6,003
0
21,063
6,063
5,074
0
11,588
3,800
4,107
0
11,131
5,897
280
0
0
0
787
0
283
0
3,993
1,634
510
0
357
1,072
741
0
0
0
0
0
8,531
0
4,062
1,423
2,280
0
4,427
0
220
0
8,938
0
0
0
0
0
0
0
0
20
0
1,634
0
235
0
1,072
0
40
0
0
0
0
0
0
0
68,513
0
26,897
54,242
0
0
36,856
0
0
5,775
0
0
2,034
0
0
619
0
0
4,358
0
0
2,414
0
0
3,516
0
0
41,616
54,242
542,736
542,736
10,095
657,931
657,931
15,663
0
70,336
72,004
16,802
FEDERAL AGENCY OBLIGATIONS
Outright transactions
Gross purchases
Gross sales
Redemptions
0
0
120
Net change in federal agency obligations
TEMPORARY TRANSACTIONS
Repurchase agreements^
Gross purchases
Gross sales
1,497,713
1,490,838
1,143,126
1,153,876
Matched sale-purchase agreements
Gross purchases
Gross sales
4,722,667
4,724,743
4,981,624
4,958,437
Reverse repurchase agreements*
Gross purchases
Gross sales
Net change in temporary transactions
Total net change in System Open Market Account
231,272
252,363
1,522,
157,750
169,250
122,500
115,500
138,000
127,250
138,250
158,500
121,750
116,500
167,500
168,750
163,650
165,900
4,942,131
4,946,691
427,913
422,259
336,765
336,216
425,519
432,390
416,239
410,716
391,676
393,309
444,402
444,341
443,463
442,966
4,800
8,653
310
5,846
7,549
3,879
14,727
3,617
1,189
1,752
46,295
45,589
36,536
3,238
13,324
5,903
14,108
7,975
1,225
1,764
1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities.
3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10
Federal Reserve Bulletin Statistical Supplement • August 2004
1.18
FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements1
Millions of dollars
Wednesday
Apr. 28
May 5
May 12
May 19
May 26
Apr.
Consolidated condition statement
ASSETS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Gold certificate account
Special drawing rights certificate account
Coin
Securities, repurchase agreements, and loans
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies6
All other7
19 Total assets
11,041
2,200
777
705,261
677,835
677,835
250,163
411,388
14,464
1,820
0
27,250
176
5,728
1,672
39,032
18,884
20,149
11,041
2,200
757
700,979
679,618
679,618
250,230
413,080
14,464
1,844
0
21,250
19,058
19,742
11,041
2,200
799
697,908
677,811
677,811
250,163
411,388
14,464
1,796
0
20,000
97
6,843
1,672
39,247
19,466
19,781
773,792
759,711
683,994
19,689
43,274
36,341
6,540
100
293
6,175
2,294
685,624
20,653
25,174
18,852
5,960
87
275
7,140
2,271
755,426
9,030
8,794
541
11,041
2,200
816
713,965
676,383
676,383
248,757
411,388
14,464
1,774
0
37,500
81
5,307
1,664
38,800
11,041
2,200
741
714,511
680,633
680,633
11,041
2,200
739
712,344
681,472
681,472
250,464
414,659
14,464
1,884
0
30,750
122
4,277
1,688
11,041
2,200
11,041
2,200
836
836
701,648
703,021
674,084
674,084
677,687
677,687
5,504
1,676
35,634
19,013
16,621
250,439
413,863
14,464
1,867
0
33,750
128
5,712
1,678
36,151
19,175
16,976
246,539
411,388
14,464
1,692
0
27,500
64
5,713
1,663
38,506
19,914
18,591
250,055
411,388
14,464
1,779
0
25,250
84
3,831
1,674
38,672
19,147
19,525
765,711
757,791
772,033
761,606
761,274
768,955
686,061
686,626
18,711
33,811
28,521
4,949
83
259
6,579
2,317
18,273
25,658
20,861
4,451
80
689,044
19,331
682,839
21,204
31,767
24,911
6,392
96
691,498
20,477
30,830
25,841
2,341
5,992
2,389
681,574
21,701
31,153
24,955
5,884
83
231
6,298
2,218
368
4,660
2,284
4,637
86
267
4,433
2,406
740,863
747,481
739,127
753,230
742,945
742,753
749,644
9,039
8,847
963
9,072
8,808
350
9,080
8,847
738
9,095
8,847
8,978
8,847
9,031
8,820
862
836
670
9,094
8,847
1,370
18,849
18,230
18,665
18,804
18,661
18,521
1,196,633
1,191,675
962,080
229,595
2,033
1,209,385
975,668
233,717
4,914
1,214,232
980,378
233,854
2,291
1,164,658
934,269
230,388
1,939
1,194,557
965,222
229,335
3,255
1,220,272
984,337
235,935
2,051
36,665
19,397
17,268
LIABILITIES
20
21
22
23
24
25
26
27
28
Federal Reserve notes, net of F.R. Bank holdings . . . .
Reverse repurchase agreements8
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9
29 Total liabilities
266
6,228
36,473
31,282
4,844
85
263
CAPITAL ACCOUNTS
30 Capital paid in
3 1 Surplus
32 Other capital accounts
33 Total capital
MEMO
34 Marketable securities held in custody for foreign offici:
and international accounts3'10
35
U.S. Treasury
36
Federal agency
37 Securities lent to dealers
1,181,534
956,819
224,715
3,776
966,464
230,169
1,827
Federal Reserve notes and collateral statement
38 Federal Reserve notes outstanding
39
Less: Notes held by F.R. Banks not
subject to collateralization
40
Federal Reserve notes to be collateralized
41 Collateral held against Federal Reserve notes
42
Gold certificate account
43
Special drawing rights certificate account
44
U.S. Treasury and agency securities pledged1'
45
Other assets pledged
806,932
806,972
807,594
122,938
683,994
683,994
11,041
2,200
670,753
0
121,348
121,533
685,624
685,624
686,061
686,061
121,431
686,626
807,653
803,473
806,583
807,322
121,900
681,574
681,574
11,041
2,200
668,333
0
123,744
682,839
682,839
11,041
2,200
669,598
0
115,825
691,498
691,498
11,041
2,200
678,257
0
712,222
11,041
2,200
11,041
2,200
11,041
2,200
672,383
0
672,820
0
673,386
0
118,608
689,044
689,044
11,041
2,200
675,804
0
713,883
697,811
705,085
700,868
714,383
701,584
702,937
19,693
20,658
18,715
18,277
19,335
21,707
21,211
20,484
694,190
677,153
686,369
682,591
695,048
679,876
681,726
691,738
686,626
MEMO
46 Total U.S. Treasury and agency securities"
47
Less: face value of securities under reverse repurchase
agreements12
48
U.S. Treasury and agency securities
eligible to be pledged
1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release, which is available at: www.federalreserve.gov/releases.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.
7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market
exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.
Federal Reserve Banks
1.19
FEDERAL RESERVE BANKS
11
Maturity Distribution of Loans and Securities
Millions of dollars
Wednesday
Type of holding and maturity
Apr. 28
May 5
May 12
May 26
125
3
0
60
69
15
109
13
0
1 Total loans
Apr.
64
78
3
0
12
85
0
86
90
676,383
677,811
677,835
679,618
680,633
674,084
677,687
681,472
56,704
148,668
159,705
183,823
50,022
77,462
58,392
146,267
160,782
184,872
50,027
77,470
58,947
146,308
160,187
184,881
50,033
77,479
56,046
147,682
164,308
184,387
50,576
76,618
55,260
149,402
163,583
185,179
50,582
76,627
43,703
149,360
169,796
183,791
50,002
77,432
41,498
156,211
167,625
184,865
50,023
77,464
38,616
166,585
163,069
185,186
51,298
76,717
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19 Total repurchase agreements2
37,500
20,000
27,250
21,250
20 Within 15 days
37,500
0
20,000
0
27,250
0
21,250
0
33,750
0
27,500
0
25,250
0
30,750
0
19,689
20,653
18,711
18,273
21,701
21,204
20,477
19,689
20,653
0
18,711
0
18,273
0
21,701
0
21,204
0
20,477
0
2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury securities'
6
7
8
9
10
11
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
12 Total federal agency securities
13
14
15
16
17
18
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
21 16 days to 90 days
22 Total reverse repurchase agreements2
23 Within 15 days
24 16 days to 90 days
Note. Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.
25,250
19,331
0
2. Cash value of agreements classified by remaining maturity of the agreements.
12
Federal Reserve Bulletin Statistical Supplement • August 2004
1.20
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2003
2000
Dec.
2001
Dec.
2002
Dec.
2003
Dec.
Apr.
May
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2
1
2
3
4
Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5
38.68
38.47
37.25
585.10
41.41
41.34
39.76
635.94
40.44
40.36
38.43
682.15
42.83
42.78
41.79
720.96
43.39
43.29
41.92
715.83
43.03
42.97
41.54
718.97
42.83
42.78
41.79
720.96
43.15
43.05
42.25
722.55
42.92
42.87
41.72
724.09
44.61
44.56
42.85
725.67
45.59
45.51
43.84
728.75
45.35
45.24
43.76
732.30
Not seasonally adjusted
5
6
7
8
Total reserves
Nonborrowed reserves
Required reserves7
Monetary base8
38.53
38.32
37.10
590.06
41.18
41.11
39.53
639.91
40.13
40.05
38.12
38.47
38.26
41.06
40.99
39.41
40.27
40.19
648.74
697.15
2.01
686.23
42.43
42.39
41.39
725.19
42.61
42.51
41.14
712.58
42.08
42.02
40.59
717.15
42.43
42.39
41.39
725.19
45.34
45.23
44.44
725.10
43.71
43.67
42.51
723.87
43.94
43.89
42.18
725.52
45.80
45.71
44.04
729.84
46.07
45.96
44.48
733.47
42.93
42.88
41.89
43.13
43.02
41.65
724.37
1.47
.11
42.65
42.58
41.16
729.47
1.49
.07
42.93
42.88
41.89
45.40
45.30
44.51
44.05
44.00
42.29
736.22
1.04
.05
.90
.11
45.96
45.88
44.21
740.22
1.76
.09
46.30
737.60
43.78
43.74
42.58
734.83
1.20
.04
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9
9
10
11
12
13
14
Total reserves10
Nonborrowed reserves
Required reserves
Monetary base"
Excess reserves12
Borrowings from the Federal Reserve
37.05
596.98
1.43
.21
1.65
.07
38.26
1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Money and Reserves Projections Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves
737.60
1.04
.05
736.32
1.76
.05
46.19
44.71
743.75
1.59
.11
would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).
Monetary and Credit Aggregates
1.21
MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
2000
Dec.
2001
Dec.
2002
Dec.
2003
Dec.
Apr.'
May
Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3
1,087.9
4,933.3
7,113.0
1,179.4
5,449.1
8,025.1
1,217.2
5,795.3
8,552.5
1,292.8
6,062.7
8,837.0
1,305.9'
6,120.4
8,967.8'
1,325.3'
6,167.7'
9,053.4'
1,323.1
6,215.9
9,137.5
1,322.2
6,285.8
9,247.4
531.6
8.3
310.3
237.8
582.0
8.0
332.5
256.9
627.4
7.8
303.4
278.6
663.9
7.7
312.1
309.2
665.8
7.8
313.3
319.0'
666.8
7.8
326.1'
324.6
668.7
7.8
323.3
323.2
671.9
7.8
318.3
324.3
3,845.4
2,179.7
4,269.8
2,576.0
4,578.1
2,757.2
4,769.9
2,774.3
4,814.5'
2,847.4'
4,842.5'
2,885.6'
4,892.8
2,921.6
4,963.6
2,961.6
Commercial banks
10 Savings deposits, including MMDAs . . ,
11 Small time deposits9
12 Large time deposits10'"
1,422.1
699.4
727.4
1,736.0
633.6
679.2
2,053.2
589.9
685.5
2,328.0
536.7
747.5
2,397.4
533.6
789.0
2,424.9
531.6'
806.0'
2,476.9
529.2
835.2
2,529.7
527.2
857.2
Thrift institutions
13 Savings deposits, including MMDAs . . ,
14 Small time deposits9
15 Large time deposits10
454.1
344.8
102.9
572.9
339.1
114.8
716.2
302.3
117.2
830.4
273.0
119.9
837.0
271.5
121.3
853.5'
271.1
124.0
861.7
270.1
128.1
876.9
266.9
132.5
Money market mutual funds
16 Retail12
17 institution-only
925.0
788.9
988.2
1,193.2
916.4
1,244.9
801.8
1,112.9
774.9
1,103.2
761.3
1,111.8
754.9
1,120.7
763.0
1,119.1
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
366.0
194.5
378.9
210.0
480.9
228.6
505.3
288.7
521.9
311.9'
523.2
320.6'
504.8
332.9
515.5
337.3
4
5
6
7
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
Nontransaction components
8 In M27
9 In M3 only8
Not seasons lly adjusted
Measures2
20 Ml
21 M2
22 M3
1,112.1
4,967.7
7,166.1
1,205.2
5,487.2
8,091.7
1,242.6
5,833.8
8,616.8
1,318.5
6,102.9
8,895.5
1,292.4'
6,090.7'
8,967.2'
1,323.8
6,169.3'
9,078.2'
1,332.2
6,241.3
9,156.9
1,319.9
6,252.2
9,222.6
535.6
8.1
585.5
7.9
350.4
261.5
630.6
7.7
319.8
667.0
326.7
241.6
665.9
7.8
305.1
313.6'
667.6
7.8
322.3'
326.2
670.3
7.7
323.0
315.6
284.6
327.9
316.0
331.1
322.6
Nontrans action componen
27 In M27
28 In M3 only8
3,855.6
2,198.4
4,281.9
2,604.6
4,591.2
2,783.0
4,784.4
2,792.6
4,798.3
2,876.5'
4,845.4
2,908.9'
4,909.1
2,915.7
4,932.3
2,970.5
Commercial banks
29 Savings deposits, including MMDAs
30 Small time deposits9
3 1 Large time deposits10'"
1,427.5
700.5
728.4
1,742.4
634.4
679.0
2,060.9
590.3
684.3
2,337.6
536.7
745.5
2,381.0
533.5
785.6
2,419.5'
531.4'
806.1'
2,485.0
529.2
834.8
2,513.7
527.4
865.5
Thrift institutions
32 Savings deposits, including MMDAs . .
33 Small time deposits9
34 Large time deposits10
455.8
345.4
103.0
575.0
339.6
114.7
718.9
302.5
117.0
833.8
273.0
119.5
831.3
271.5
120.8
851.6
271.0
124.0
864.6
270.1
128.0
871.4
267.0
133.8
Money market mutual funds
35 Retail12
36 institution-only
926.4
807.5
990.6
1,224.1
918.6
1,276.5
803.3
1,139.3
781.0
1,127.1
772.0
1,122.6
760.3
1,105.8
752.8
1,100.7
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
364.2
195.2
376.5
210.3
499.0
289.2
528.0
315.1'
532.1
324.1'
510.8
336.3
530.0
340.4
23
24
25
26
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits
Footnotes appear on following page.
7.6
674.0
7.7
13
14
Federal Reserve Bulletin Statistical Supplement • August 2004
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domesticaly chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted.
9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and
Keogh accounts at commercial banks and thrift institutions are subtracted from small time
deposits.
10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
12. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks
15
Assets and Liabilities1
Billions of dollars
Wednesday figures
Monthly averages
Account
July
2004
2004
2003
Jan.
Feb.
Mar.
Apr.7
May7
June7
July
July 7
July 14
July 21
July 28
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)8
6,196.5
1,817.5
1,110.5
707.0
4,379.0
926.3
2,198.0
248.5
1,949.4
600.4
217.7
436.6
327.0
329.8
542.6
6,320.5
1,858.1
1,105.8
752.3
4,462.4
888.7
2,241.1
291.2
1,949.8
631.2
233.5
468.1
317.7
319.2
543.4
6,442.1
1,933.1
1,170.2
762.9
4,508.9
889.6
2,263.0
297.7
1,965.4
633.6
242.7
480.0
342.8
320.5
542.8
6,520.1
1,982.8
1,204.3
778.5
4,537.3
881.3
2,304.0
308.2
1,995.8
639.1
242.1
470.9
296.0
324.3
550.6
6,527.8
1,953.1
1,197.8
755.2
4,574.8
877.6
2,355.8
317.3
2,038.5
639.9
236.4
465.0
319.2
328.9
580.6
6,523.4
1,923.8
1,185.5
738.3
4,599.6
876.5
2,385.2
326.2
2,058.9
642.2
230.6
465.1
311.3
331.7
596.8
6,559.6
1,923.7
1,185.6
738.1
4,635.8
880.0
2,396.8
335.8
2,061.0
644.6
246.1
468.3
319.7
333.5
619.8
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.
6,565.1
1,924.5
1,186.1
738.4
4,640.6
879.3
2,400.0
341.4
2,058.6
641.9
249.4
470.1
362.1
346.5
620.1
6,574.1
1,927.5
1,182.9
744.6
4,646.5
881.3
2,414.4
344.0
2,070.4
641.2
239.1
470.5
364.0
323.7
631.6
6,576.5
1,937.3
1,179.2
758.1
4,639.2
885.4
2,407.6
346.8
2,060.8
643.6
231.7
470.9
369.1
323.1
625.8
6,579.2
1,896.5
1,173.2
723.4
4,682.7
886.7
2,400.0
348.9
2,051.1
674.7
243.8
477.6
377.2
321.9
649.6
7,320.7
7,427.0
7,575.1
7,617.7
7,683.7
7,690.8
7,759.7
n.a.
7,821.6
7,820.9
7,822.6
7,855.5
4,723.1
648.3
4,074.7
1,002.0
3,072.8
1,524.1
412.4
1,111.7
139.8
409.4
4,798.1
630.8
4,167.3
1,020.3
3,147.0
1,522.0
390.7
1,131.2
130.5
421.9
4,834.1
645.0
4,189.1
1,028.0
3,161.1
1,580.1
419.1
1,161.0
103.6
448.6
4,923.7
672.9
4,250.8
1,055.0
3,195.8
1,554.3
395.0
1,159.3
90.2
457.2
4,969.5
662.0
4,307.5
1,072.2
3,235.4
1,573.8
429.6
1,144.2
93.6
435.3
5,038.2
650.9
4,387.3
1,098.5
3,288.8
1,547.0
423.6
1,123.4
75.9
414.8
5,096.7
671.1
4,425.6
1,117.1
3,308.5
1,583.8
433.9
1,149.9
23.8
466.1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
5,115.6
619.2
4,496.4
1,127.9
3,368.6
1,606.1
467.3
1,138.8
43.2
478.4
5,130.6
629.3
4,501.2
1,130.2
3,371.1
1,600.2
458.1
1,142.1
38.5
477.9
5,124.8
659.8
4,465.0
1,143.9
3,321.0
1,593.5
450.1
1,143.4
47.8
482.2
5,139.3
676.1
4,463.1
1,143.9
3,319.2
1,603.2
461.6
1,141.6
27.2
485.9
6,796.4
6,872.5
6,966.4
7,025.3
7,072.2
7,075.9
7,170.4
n.a.
7,243.3
7,247.2
7,248.3
7,255.5
524.3
554.5
608.7
592.4
611.5
614.9
589.3
n.a.
578.3
573.7
574.3
599.9
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
46 Total assets7
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)8
Footnotes appear on p. A21.
6,176.8
1,812.1
1,108.9
703.2
4,364.7
924.9
2,191.0
249.0
1,942.0
594.0
222.6
371.5
215.0
439.8
322.7
324.3
543.5
6,333.9
1,861.4
1,101.8
759.7
4,472.5
884.8
2,242.4
289.9
1,952.5
643.3
260.1
383.2
236.5
465.6
312.6
328.2
544.1
6,432.6
1,930.3
1,165.9
764.4
4,502.3
889.4
2,261.8
297.8
1,964.1
638.2
253.7
384.5
241.3
471.6
336.9
318.0
539.0
6,490.1
1,974.1
1,200.3
773.9
4,516.0
884.1
2,290.8
305.9
1,984.8
633.2
249.6
383.6
241.8
466.2
300.0
312.1
547.0
6,509.9
1,949.8
1,201.3
748.5
4,560.1
881.9
2,344.6
316.3
2,028.3
632.2
248.2
384.0
238.8
462.6
328.9
324.2
578.9
6,515.0
1,927.1
1,193.0
734.1
4,587.9
880.4
2,384.8
326.9
2,057.9
636.7
252.8
383.9
223.0
462.9
312.4
326.2
596.5
6,554.3
1,925.8
1,189.4
736.4
4,628.5
882.5
2,391.3
336.9
2,054.4
637.9
255.4
382.5
245.9
470.9
321.1
325.5
616.1
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.
6,554.6
1,923.3
1,188.8
734.5
4,631.3
882.1
2,394.9
342.0
2,052.8
633.4
252.3
381.1
241.1
479.8
367.1
351.7
623.9
6,554.7
1,917.6
1,177.9
739.6
4,637.1
880.5
2,411.5
344.8
2,066.7
634.1
253.4
380.7
236.7
474.4
359.4
317.9
632.1
6,550.4
1,926.8
1,174.3
752.5
4,623.6
883.3
2,401.3
347.1
2,054.1
637.2
256.7
380.5
229.2
472.7
358.9
311.0
623.8
6,558.4
1,893.1
1,172.6
720.5
4,665.3
882.4
2,395.7
349.8
2,046.0
669.1
287.8
381.3
240.8
477.3
369.0
311.9
648.4
7,292.3
7,445.0
7,553.0
7,575.4
7,669.4
7,677.7
7,744.1
n.a.
7,825.1
7,791.8
7,772.2
7,815.7
4,709.4
646.1
4,063.3
999.5
3,063.9
1,525.4
412.3
1,113.2
132.5
402.4
4,799.5
642.9
4,156.6
1,029.0
3,127.5
1,518.2
387.2
1,131.0
135.3
426.6
4,835.3
637.1
4,198.2
1,036.8
3,161.4
1,577.7
416.0
1,161.6
108.9
454.1
4,916.6
663.9
4,252.7
1,058.0
3,194.7
1,543.3
396.4
1,146.8
83.8
449.9
4,986.7
668.9
4,317.8
1,078.0
3,239.8
1,580.8
434.6
1,146.2
76.4
418.5
5,028.7
641.8
4,387.0
1,107.1
3,279.9
1,563.3
424.1
1,139.2
71.7
411.0
5,096.6
663.6
4,433.0
1,123.8
3,309.2
1,594.2
433.3
1,160.9
20.2
461.9
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
5,140.4
629.7
4,510.7
1,124.0
3,386.7
1,612.1
468.5
1,143.6
32.6
465.2
5,118.3
627.0
4,491.4
1,127.8
3,363.6
1,600.4
457.5
1,142.9
29.7
466.5
5,085.9
648.0
4,437.9
1,141.1
3,296.8
1,595.5
448.8
1,146.7
40.8
473.1
5,098.2
671.2
4,427.0
1,142.0
3,285.0
1,600.2
460.0
1,140.2
25.4
483.2
6,769.8
6,879.6
6,975.9
6,993.6
7,062.4
7,074.7
7,172.9
n.a.
7,250.3
7,214.9
7,195.3
7,207.0
522.5
565.3
577.0
581.8
607.0
602.9
571.2
n.a.
574.8
576.9
576.9
608.7
16
Federal Reserve Bulletin Statistical Supplement • August 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
July
2004
2004
2003
Jan.
Feb.
Mar.
Apr.
May'
June'
July
July 7
July 14
July 21
July 28
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
5,559.7
Securities in bank credit
1,558.2
Treasury and Agency securities2 . .
998.0
Other securities
560.2
Loans and leases in bank credit3 . . . . 4,001.5
Commercial and industrial
772.9
Real estate
2,179.4
Revolving home equity
248.5
Other
1,930.8
Consumer
600.4
Security4
93.4
Other loans and leases
355.4
Interbank loans
287.5
5
Cash assets
278.5
Other assets6
512.4
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)8
5,680.7
1,596.5
1,007.5
589.1
4,084.2
751.4
2,223.9
291.2
1,932.7
631.2
102.0
375.7
282.3
264.7
516.4
5,788.0
1,666.8
1,070.5
596.3
4,121.1
752.8
2,245.8
297.7
1,948.2
633.6
102.6
386.2
311.0
266.4
517.0
5,860.9
1,716.7
1,107.8
608.9
4,144.3
747.6
2,286.6
308.2
1,978.4
639.1
92.4
378.6
266.6
269.5
521.8
5,885.9
1,689.4
1,102.3
587.0
4,196.5'
747.9
2,338.3
317.3
2,021.0
639.9'
95.6
374.8
287.1
271.9
547.0
5,895.0
1,668.0
1,093.1
574.9
4,227.0
746.1
2,369.2
326.2
2,043.0
642.2
93.7
375.8
277.0
271.5
562.8
5,914.5
1,665.4
1,091.7
573.7
4,249.0
748.3
2,382.2
335.8
2,046.4
644.6
96.8
377.1
290.8
276.7
580.4
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.
5,915.1
1,667.8
1,092.8
575.0
4,247.3
747.4
2,385.6
341.4
2,044.2
641.9
92.2
380.3
332.5
286.7
578.2
5,924.6
1,673.7
1,093.2
580.5
4,250.9
748.7
2,399.9
344.0
2,055.9
641.2
81.0
380.1
333.6
263.1
589.0
5,933.4
1,685.7
1,088.1
597.6
4,247.7
750.8
2,393.0
346.8
2,046.1
643.6
79.4
380.9
333.8
261.1
581.5
5,925.9
1,638.4
1,078.4
560.1
4,287.5
751.3
2,386.2
348.9
2,037.4
674.7
87.1
388.2
348.1
261.8
605.2
6,563.4
6,670.7
6,809.6
6,846.0
6,919.7'
6,934.3
6,989.9
n.a.
7,040.8
7,038.4
7,038.1
7,069.1
4,288.4
637.8
3,650.6
581.0
3,069.6
1,215.6
371.1
844.5
228.9
307.4
4,343.3
618.9
3,724.5
585.5
3,139.0
1,193.5
350.8
842.6
262.2
320.9
4,365.9
633.0
3,732.9
576.9
3,156.0
1,236.5
375.3
861.2
256.3
345.9
4,450.8
660.9
3,789.9
596.6
3,193.2
1,201.2
345.8
855.4
245.6
358.9
4,487.7
650.4
3,837.3
603.9'
3,233.4'
1,224.2'
384.3
839.9'
264.8
333.8'
4,543.6
639.4
3,904.2
619.9
3,284.3
1,215.2
380.1
835.1
255.9
316.2
4,575.8
659.1
3,916.6
622.7
3,293.9
1,246.3
384.5
861.8
208.7
374.7
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4,583.3
608.4
3,974.8
615.5
3,359.4
1,261.6
418.9
842.8
232.7
385.4
4,589.1
618.3
3,970.8
611.9
3,358.9
1,267.0
418.0
849.1
223.4
386.6
4,574.0
648.3
3,925.8
619.9
3,305.8
1,268.1
411.2
856.9
233.7
391.7
4,585.3
664.5
3,920.9
621.2
3,299.6
1,269.1
419.6
849.5
224.7
397.5
6,040.3
6,119.9
6,204.6
6,256.5
6,310.5'
6,330.9
6,405.5
n.a.
6,462.9
6,466.1
6,467.5
6,476.7
523.1
550.9
605.0
589.5
609.2'
603.4
584.5
n.a.
577.9
572.3
570.6
592.4
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Assets
5,543.3
Bank credit
1,552.8
Securities in bank credit
996.4
Treasury and Agency securities2 . .
556.4
Other securities
Loans and leases in bank credit3 . . . . 3,990.4
772.3
Commercial and industrial
2,172.3
Real estate
249.0
Revolving home equity
1,923.3
Other
n.a.
Other residential
n.a.
Commercial
594.0
Consumer
222.6
Credit cards and related plans . .
371.5
Other
94.1
Security4
357.7
Other loans and leases
283.2
Interbank loans
273.5
Cash assets5
514.2
Other assets6
48 Total assets7
49
50
51
52
53
54
55
56
57
58
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
59 Total liabilities
60 Residual (assets less liabilities)8
Footnotes appear on p. A21.
5,690.7
1,599.9
1,003.5
596.4
4,090.8
746.8
2,225.3
289.9
1,935.4
n.a.
n.a.
643.3
260.1
383.2
101.2
374.3
277.2
274.0
515.3
5,776.2
1,664.0
1,066.2
597.7
4,112.2
750.9
2,244.7
297.8
1,946.9
n.a.
n.a.
638.2
253.7
384.5
98.7
379.7
305.1
264.6
511.8
5,827.5
1,708.0
1,103.8
604.2
4,119.5
748.5
2,273.4
305.9
1,967.5
n.a.
n.a.
633.2
249.6
383.6
90.3
374.1
270.5
259.1
518.2
5,862.3
1,686.1
1,105.8'
580.3'
4,176.2
751.2
2,327.0
316.3
2,010.8
n.a.
n.a.
632.2'
248.2
384.0'
94.2
371.4
296.8
267.8
546.7
5,889.4
1,671.3
1,100.6
570.7
4,218.1
750.0
2,368.9
326.9
2,042.0
n.a.
n.a.
636.7
252.8
383.9
89.4
373.1
278.0
266.6
562.0
5,909.3
1,667.5
1,095.5
571.9
4,241.8
751.3
2,376.7
336.9
2,039.7
1,097.8
942.0
637.9
255.4
382.5
97.7
378.3
292.2
269.1
576.8
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.
5,910.8
1,666.6
1,095.5
571.1
4,244.2
750.8
2,380.4
342.0
2,038.4
1,096.4
942.0
633.4
252.3
381.1
91.1
388.5
337.5
292.6
583.5
5,907.5
1,663.8
1,088.3
575.5
4,243.8
748.4
2,397.0
344.8
2,052.3
1,105.9
946.4
634.1
253.4
380.7
81.7
382.6
328.9
258.1
590.6
5,910.7
1,675.2
1,083.2
592.0
4,235.5
749.2
2,386.6
347.1
2,039.5
1,091.2
948.3
637.2
256.7
380.5
80.6
381.9
323.5
249.9
581.1
5,909.4
1,634.9
1,077.8
557.2
4,274.5
748.1
2,382.0
349.8
2,032.2
1,081.9
950.3
669.1
287.8
381.3
87.8
387.6
339.9
252.2
605.2
6,539.7
6,683.8
6,784.5
6,802.0
6,901.5
6,923.9
6,975.0
n.a.
7,052.8
7,013.3
6,993.8
7,035.1
4,275.9
635.5
3,640.4
579.6
3,060.7
1,217.0
370.9
846.0
223.4
301.7
4,338.8
630.6
3,708.1
588.7
3,119.5
1,189.7
347.3
842.4
266.2
325.0
4,361.0
625.1
3,735.9
579.7
3,156.2
1,234.1
372.3
861.8
261.8
351.7
4,439.1
652.3
3,786.8
594.7
3,192.1
1,190.2
347.2
843.0
239.8
352.1
4,495.2
657.5
3,837.7
599.9'
3,237.8'
1,231.2'
389.3
841.9'
249.8
319.0'
4,522.9
630.4
3,892.5
617.2
3,275.3
1,231.5
380.6
850.9
253.5
313.9
4,568.3
651.8
3,916.5
622.1
3,294.4
1,256.7
383.8
872.9
207.2
372.3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4,611.2
618.7
3,992.5
614.9
3,377.6
1,267.5
420.1
847.5
225.0
374.7
4,577.6
615.9
3,961.6
610.2
3,351.4
1,267.2
417.3
849.9
216.0
376.5
4,536.2
636.6
3,899.6
618.0
3,281.6
1,270.1
409.9
860.2
227.8
383.6
4,543.8
659.5
3,884.2
618.9
3,265.3
1,266.1
418.0
848.1
222.7
394.6
6,017.9
6,119.7
6,208.6
6,221.2
6,295.3'
6,321.8
6,404.5
n.a.
6,478.5
6,437.2
6,417.7
6,427.2
521.8
564.1
575.9
580.8
606.2'
602.2
570.5
n.a.
574.3
576.1
576.1
607.9
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
C. Large domestically chartered commercial banks
17
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
July
2004
2004
2003
Jan.
Feb.
Mar.
Apr.
May
June
July
July 7
July 14
July 21
July 28
Seasonall f adjusted
Assets
3,113.6
1 Bank credit
865.6
2
Securities in bank credit
508.3
3
Treasury and Agency securities2 . .
38.1
4
Trading account
470.1
5
Investment account
374.0
6
Mortgage-backed
96.2
7
Other
357.3
8
Other securities
176.9
9
Trading account
180.4
10
Investment account
32.0
11
State and local government . .
148.4
12
Other
13 Loans and leases in bank credit3 . . . . 2,248.0
476.9
14
Commercial and industrial
1,119.5
15
Real estate
165.1
16
Revolving home equity
954.4
17
Other
616.6
18
Other residential
337.8
19
Commercial
313.4
20
Consumer
85.7
21
Security4
22
Federal funds sold to and
repurchase agreements
68.1
with broker-dealers
17.6
23
Other
13.2
24
State and local government
8.4
25
Agricultural
26
Federal funds sold to and
repurchase agreements with
26.8
others
95 1
27
All other loans
108.9
28
Lease-financing receivables
187.9
29 Interbank loans
30
Federal funds sold to and
repurchase agreements with
114.2
commercial banks
73.7
31
Other
154.9
32 Cash assets^
363.4
33 Other assets6
34 Total assets7
35
36
37
38
39
40
41
42
43
44
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
45 Total liabilities
46 Residual (assets less liabilities)8
Footnotes appear on p. A21.
3,129.7
880.1
503.5
39.2
464.3
357.1
107.2
376.6
196.8
179.8
31.6
148.1
2,249.6
440.1
1,119.8
197.0
922.8
587.5
335.3
321.4
93.8
3,219.2
950.6
568.5
42.9
525.6
415.4
110.2
382.1
200.4
181.7
32.4
149.2
2,268.6
440.3
1,127.7
201.7
926.0
591.2
334.7
321.6
94.4
3,271.5
1,004.3
611.4
45.1
566.3
452.3
114.0
392.9
208.1
184.8
33.6
151.1
2,267.2
433.0
1,148.6
210.0
938.6
599.3
339.2
323.9
84.7
3,228.1'
965.1
594.7
45.0
549.7
442.2
107.5
370.3
185.3
185.1
33.8
151.2'
2,263.1
433.9
1,142.9
216.2
926.7
586.3
340.4
325.6
88.2
3,224.7'
938.4'
575.4
45.4
530.0
424.3
105.7
363.0'
181.4'
181.6
33.4'
148.2'
2,286.4'
433.4
1,166.4
222.8
943.7
602.2
341.5
327.2
86.4
3,234.2'
936.2'
575.8'
40.5
535.3'
423.4
111.9'
360.4'
179.8'
180.6'
33.3'
147.3
2,298.0'
433.5'
1,174.4
229.3
945.1
601.5
343.6
325.3
89.7
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.
3,228.1
935.0
574.0
35.6
538.5
426.8
111.7
361.0
180.4
180.6
33.1
147.5
2,293.1
431.7
1,174.7
233.8
940.9
597.8
343.1
323.1
85.2
3,232.1
940.5
575.1
38.6
536.4
425.2
111.2
365.5
184.0
181.5
33.2
148.3
2,291.6
433.2
1,183.4
235.5
947.9
603.9
344.0
323.0
73.9
3,241.9
954.9
572.5
41.6
531.0
422.6
108.4
382.4
199.2
183.1
33.2
149.9
2,287.0
434.1
1,179.1
237.2
941.9
596.8
345.0
323.1
72.2
3,237.7
915.8
563.1
38.1
524.9
416.2
108.7
352.8
192.4
160.4
33.1
127.3
2,321.8
433.8
1,176.1
238.8
937.3
591.2
346.2
346.2
79.9
74.7
19.1
14.2
8.2
73.8
20.6
14.2
8.3
64.7
20.0
14.4
8.3
67.0
21.2
13.7
8.4
64.1
22.3
14.0
8.4
69.8
19.9
14.3
8.4
n.a.
n.a.
n.a.
n.a.
64.9
20.4
14.7
8.4
54.9
19.0
14.7
8.5
53.5
18.8
14.9
8.4
59.3
20.6
15.1
8.3
27.1
124.7
100.4
190.0
32.5
127.4
102.2
217.3
26.9
125.9
101.6
179.4
21.0
129.8
99.5
209.6
17.8
137.2
95.5'
198.3
19.7
138.7
94.0
214.9'
n.a.
n.a.
n.a.
n.a.
20.4
141.8
93.0
257.7
20.3
141.6
93.0
256.0
21.6
140.6
93.0
254.6
26.2
144.3
91.9
269.1
97.9
92.0
148.5
357.1
108.8
108.5
148.0
353.5
94.4
85.0
149 A
355.1
98.3
111.3
152.0
376.2'
89.8
108.5
151.1'
387.9'
105.7
109.2
155.4
411.8'
n.a.
n.a.
n.a.
n.a.
139.7
118.0
165.5
390.0
133.4
122.6
143.7
408.9
134.6
120.0
141.6
406.0
153.1
115.9
143.4
412.2
3,776.1
3,783.9
3,897.5
3,915.0
3,926.9
3,923.5'
3,977.7
n.a.
4,003.4
4,002.8
4,006.5
4,024.7
2,156.0
309.8
1,846.2
258.4
1,587.8
802.7
214.8
587.9
217.2
232.7
2,162.5
289.7
1,872.8
250.0
1,622.7
738.3
186.2
552.1
238.8
252.7
2,174.3
296.6
1,877.7
242.2
1,635.4
775.7
204.7
571.0
231.9
275.1
2,248.0
313.1
1,934.9
256.2
1,678.7
739.9
179.1
560.7
225.5
286.7
2,270.5
308.2
1,962.3
260.9
1,701.3
727.2'
185.4
541.8'
241.3
259.8'
2,307.3'
296.4'
2,010.9'
275.9'
1,735.0
710.8
186.7
524.1
233.1'
242.5'
2,320.4'
306.0'
2,014.3'
284.5
1,729.8'
732.1'
192.0
540.1'
193.0'
300.5'
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,318.5
276.4
2,042.1
274.7
1,767.4
746.1
222.1
524.0
215.7
307.6
2,321.6
284.8
2,036.7
271.1
1,765.7
744.4
214.7
529.7
207.8
310.2
2,304.9
303.9
2,001.0
276.6
1,724.4
744.4
209.8
534.6
220.6
315.0
2,309.8
322.3
1,987.5
277.8
1,709.6
746.9
220.2
526.7
212.6
319.2
3,408.6
3,392.3
3,457.0
3,500.2
3,498.9'
3,493.7'
3,545.9
n.a.
3,587.9
3,584.0
3,584.9
3,588.6
367.6
391.6
440.5
414.9
428.0'
429.8'
431.8'
n.a.
415.4
418.7
421.7
436.2
18
Federal Reserve Bulletin Statistical Supplement • August 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
July
2004
2004
2003
Jan.
Feb.
Mar.
Apr.
May
June
July
July 7
July 14
July 21
July 28
Not seasona lly adjusted
Assets
3,105.6
47 Bank credit
862.3
48
Securities in bank credit
508.8
49
Treasury and Agency securities2 .
38.0
50
Trading account
470.7
51
Investment account
374.9
52
Mortgage-backed
95.9
53
Other
353.5
54
Other securities
175.1
55
Trading account
178.5
56
Investment account
31.6
57
State and local government .
146.8
58
Other
59 Loans and leases in bank credit3 . . . 2,243.4
476.2
60
Commercial and industrial
1,116.6
61
Real estate
165.5
62
Revolving home equity
951.1
63
Other
615.3
64
Other residential
335.8
65
Commercial
310.8
66
Consumer
88.9
67
Credit cards and related plans .
221.9
68
Other
86.3
69
Security4
70
Federal funds sold to and
3,136.4
884.3
500.3
39.0
461.4
354.8
106.6
383.9
200.6
183.3
32.3
151.0
2,252.1
436.2
1,120.3
196.0
924.3
588.9
335.4
327.2
104.2
223.0
93.2
3,208.6
947.9
564.4
43.2
521.2
410.2
111.0
383.5
201.2
182.4
32.6
149.8
2,260.7
438.5
1,127.1
202.1
925.0
590.0
335.0
324.2
99.4
224.8
90.5
3,241.6
988.1
599.8
44.7
555.1
442.2
112.9
388.2
205.7
182.6
33.2
149.4
2,253.6
433.3
1,141.9
208.3
933.6
596.1
337.5
321.9
96.3
225.6
82.3
3,213.9
958.1
594.5
45.3
549.1
440.9
108.2
363.7
181.9
181.7
33.2'
148.5'
2,255.7'
435.8
1,140.2
215.4
924.8
585.1
339.7
322.6
96.7
225.9
86.8
3,227.4'
944.0'
585.1
46.1
539.1
431.7
107.4
358.9'
179.4'
179.5
33.0'
146.5'
2,283.4'
435.1
1,170.4
223.4
947.0
604.3
342.7
324.7
98.7
226.1
82.2
3,237.7'
936.8'
578.2'
40.8
537.4'
424.7'
112.7'
358.6'
178.9'
179.7'
33.1'
146.6
2,300.9'
434.7'
1,176.8
230.2
946.6
602.5
344.1
323.1
98.4
224.7
90.6
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.
3,232.9
935.1
578.0
35.7
542.3
430.1
112.1
357.1
178.4
178.7
32.7
146.0
2,297.8
433.2
1,176.2
234.1
942.1
598.6
343.5
319.9
97.1
222.9
83.8
3,223.5
932.7
572.2
38.3
533.9
423.6
110.3
360.5
181.5
179.0
32.8
146.2
2,290.8
432.1
1,185.0
236.0
949.0
604.6
344.4
319.9
97.7
222.2
74.6
3,230.2
946.9
570.1
41.2
528.9
421.4
107.5
376.8
196.3
180.5
32.7
147.7
2,283.3
432.9
1,178.0
237.7
940.2
595.8
344.4
320.2
98.2
222.0
73.6
3,229.1
914.6
564.8
38.0
526.7
418.3
108.4
349.9
190.8
159.1
32.8
126.3
2,314.5
431.5
1,174.5
239.5
935.0
589.7
345.3
343.5
121.0
222.4
80.8
68.6
17.7
13.2
8.5
74.2
19.0
14.2
8.2
70.8
19.7
14.2
8.1
62.9
19.4
14.4
8.3
66.0
20.8
13.7
8.3
61.0
21.2
14.0
8.4
70.5
20.1
14.3
8.5
n.a.
n.a.
n.a.
n.a.
63.8
20.0
14.7
8.5
55.4
19.2
14.7
8.5
54.5
19.1
14.9
8.5
60.0
20.9
15.1
8.4
26.8
96.1
108.8
187.2
27.1
125.0
100.8
189.3
32.5
123.6
101.9
211.3
26.9
123.2
101.4
178.9
21.0
127.8
99.4
215.4
17.8
135.3
95.4'
201.7
19.7
139.5
93.8
217.7'
n.a.
n.a.
n.a.
n.a.
20.4
148.0
93.1
260.5
20.3
142.9
92.9
253.6
21.6
140.8
92.7
249.6
26.2
142.8
91.7
267.0
113.8
73.4
149.9
365 3
97.7
91.7
156.6
356.0
105.8
105.5
148.3
348.2
94.2
84.7
143.9
351.5
101.1
114.4
151.0
375.9'
91.3
110.4
147.2'
387.0'
107.1
110.5
148.5
408.2'
n.a.
n.a.
n.a.
n.a.
141.3
119.3
165.2
395.3
132.2
121.5
139.7
410.5
132.0
117.6
133.9
405.6
152.0
115.1
135.8
412.2
3,764.5
3,797.0
3,875.6
3,875.0
3,917.3
3,924.8'
3,973.5
n.a.
4,016.1
3,989.5
3,981.9
4,006.8
2,149.6
307.7
1,841.9
257.0
1,584.8
804.0
214.6
589.4
211.7
227.0
2,162.3
297.7
1,864.6
253.2
1,611.4
734.6
182.7
551.8
242.9
256.7
2,178.9
293.1
1,885.8
245.1
1,640.8
773.3
201.7
571.6
237.5
280.9
2,238.2
308.6
1,929.6
254.3
1,675.3
728.9
180.5
548.3
219.7
279.9
2,274.1
314.6
1,959.5
256.9
1,702.5
734.3'
190.4
543.8'
226.4
245.1'
2,291.0'
291.6'
1,999.4'
273.1'
1,726.2
727.1
187.2
539.9
230.7'
240.3'
2,314.1'
302.9'
2,011.3
284.0
1,727.3'
742.5'
191.3
551.2'
191.4'
298.1'
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,334.8
281.2
2,053.5
274.2
1,779.3
752.1
223.3
528.7
207.9
297.0
2,316.4
283.7
2,032.7
269.4
1,763.4
744.6
214.1
530.5
200.4
300.0
2,284.1
296.5
1,987.5
274.7
1,712.9
746.4
208.5
537.9
214.7
306.9
2,286.0
318.7
1,967.3
275.5
1,691.8
743.9
218.6
525.3
210.6
316.2
3,392.3
3,396.5
3,470.6
3,466.7
3,479.7'
3,489.1'
3,546.2'
n.a.
3,591.7
3,561.5
3,552.1
3,556.8
372.2
400.5
405.0
408.3
437.6'
435.7'
427.4
n.a.
424.3
428.0
429.8
450.0
71
72
73
74
75
76
77
78
79
80
81
with broker-dealers
Other
State and local government
Agricultural
Federal funds sold to and
repurchase agreements
with others
All other loans
Lease-financing receivables
Interbank loans
Federal funds sold to and
repurchase agreements
with commercial banks
Other
Cash assets5
Other assets6
82 Total assets7
83
84
85
86
87
88
89
90
91
92
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the US
From others
Net due to related foreign offices
Other liabilities
93 Total liabilities
94 Residual (assets less liabilities)8
Footnotes appear on p. A21
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
D. Small domestically chartered commercial banks
19
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
July
2004
2004
2003
Jan.
Feb.
Mar.
Apr.
May
June'
July
July 7
July 14
July 21
July 28
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
2,446.1
Bank credit
692.7
Securities in bank credit
489.8
Treasury and Agency securities2 . .
202.9
Other securities
Loans and leases in bank credit3 . . . . 1,753.4
296.0
Commercial and industrial
1,059.9
Real estate
83.4
Revolving home equity
976.5
Other
287.0
Consumer
7.8
Security4
102.8
Other loans and leases
99.6
Interbank loans
123.7
Cash assets5
149.0
Other assets6
16 Total assets7
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)8
2,550.1
715.5
503.0
212.5
1,834.6
311.3
1,104.2
94.2
1,009.9
309.8
8.2
101.1
92.4
116.2
159.3
2,570.8
718.2
504.0
214.2
1,852.5
312.5
1,118.1
95.9
1,022.2
312.1
8.2
101.7
93.7
118.4
163.5
2,595.5
718.5
502.5
216.0
1,877.1
314.6
1,138.0
98.1
1,039.9
315.3
7.8
101.4
87.2
120.1
166.7
2,659.2
725.8'
509.1'
216.7
1,933.5
314.0
1,195.4
101.1
1,094.3
314.3
7.4
102.4'
77.6'
119.9
170.8'
2,668.4'
727.7
515.9'
211.8'
1,940.7'
312.8
1,202.8
103.5
1,099.3
314.9
7.3
102.9
78.7
120.4
174.9'
2,681.6
730.6
517.3
213.3
1,951.0
314.8
1,207.8
106.5
1,101.3
319.3
7.1
102.0
76.0
121.2
168.6
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.
2,687.1
732.8
518.8
214.0
1,954.3
315.7
1,210.9
107.6
1,103.3
318.8
7.0
101.9
74.8
121.2
188.2
2,692.6
733.2
518.2
215.0
1,959.4
315.5
1,216.5
108.5
1,108.0
318.2
7.1
102.1
77.6
119.4
180.1
2,692.1
731.4
516.2
215.2
1,960.7
316.7
1,213.9
109.6
1,104.3
320.5
7.2
102.4
79.2
119.5
175.5
2,688.1
722.3
515.0
207.3
1,965.7
317.5
1,210.1
110.1
1,100.0
328.5
7.2
102.5
79.0
118.3
193.0
2,787.4
2,885.9
2,914.1
2,937.1
2,994.2
3,008.9
3,013.5
n.a.
3,037.5
3,035.7
3,032.2
3,044.1
2 132 5
328.0
1,804.4
322.6
1 481 8
412.9
156.4
256.6
11.7
74.7
2,180.8
329.2
1,851.7
335.4
1 516 2
455.2
164.6
290.6
23.3
68.2
2,191.7
336.4
1,855.2
334.6
1 520 6
460.8
170.6
290.2
24.4
70.8
2,202.7
347.8
1,855.0
340.4
1,514.6
461.4
166.7
294.7
20.1
72.1
2,217.2
342.2
1,875.0
342.9'
1,532.1'
497.0
198.9
298.1
23.5
74.0
2,236.3
342.9
1,893.4'
344.0'
1,549.3
504.4
193.4
311.0
22.8
73.7
2,255.4
353.1
1,902.3
338.2
1,564.1
514.2
192.5
321.7
15.8
74.2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,264.7
332.0
1,932.7
340.7
1,592.0
515.5
196.7
318.7
17.0
77.8
2,267.5
333.5
1,934.0
340.8
1,593.2
522.6
203.2
319.4
15.6
76.4
2,269.2
344.4
1,924.8
343.3
1,581.4
523.7
201.4
322.3
13.1
76.7
2,275.5
342.1
1,933.4
343.4
1,590.0
522.2
199.4
322.8
12.1
78.4
2,631.7
2,727.6
2,747.6
2,756.3
2,811.6
2,837.1
2,859.5
n.a.
2,875.0
2,882.1
2,882.7
2,888.1
155.6
158.3
166.5
180.8
182.6
171.8
154.0
n.a.
162.5
153.5
149.6
156.0
Not seasonally adjusted
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
Assets
2,437.6
Bank credit
690.6
Securities in bank credit
487.7
Treasury and Agency securities2 . .
202.9
Other securities
Loans and leases in bank credit3 . . . . 1,747.0
296.2
Commercial and industrial
1,055.7
Real estate
83.5
Revolving home equity
972.2
Other
n.a.
Other residential
n.a.
Commercial
283.2
Consumer
133.7
Credit cards and related plans . .
149.6
Other
7.8
Security4
104.2
Other loans and leases
96.0
Interbank loans
123.6
Cash assets
149.0
Other assets6
48 Total assets7
49
50
51
52
53
54
55
56
57
58
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
59 Total liabilities
60 Residual (assets less liabilities)8
Footnotes appear on p. A21.
2,554.3
715.6
503.1
212.5
1,838.7
310.7
1,105.0
93.9
1,011.1
n.a.
n.a.
316.1
155.8
160.3
8.0
99.0
87.9
117.4
159.3
2,567.6
716.1
501.9
214.2
1,851.6
312.4
1,117.5
95.7
1,021.8
n.a.
n.a.
314.0
154.2
159.7
8.2
99.4
93.8
116.3
163.5
2,585.8
719.9
503.9
216.0
1,865.9
315.1
1,131.5
97.6
1,033.9
n.a.
n.a.
311.2
153.2
158.0
8.0
100.1
91.6
115.3
166.7
2,648.4
728.0
511.3
216.7
1,920.4
315.4
1,186.8
100.8
1,086.0
n.a.
n.a.
309.6
151.5
158.1'
7.4
101.2
81.4'
116.8
170.8'
2,662.0'
727.3
515.5'
211.8'
1,934.7
314.9
1,198.4
103.5
1,094.9
n.a.
n.a.
312.0
154.1
157.9
7.2
102.2
76.3
119.3
174.9'
2,671.5
730.7
517.3
213.3
1,940.9
316.5
1,199.9
106.8
1,093.1
495.3
597.8
314.8
157.0
157.8
7.1
102.6
74.6
120.6
168.6
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.
2,677.9
731.5
517.6
214.0
1,946.4
317.7
1,204.2
107.9
1,096.3
497.8
598.5
313.5
155.3
158.2
7.2
103.8
77.0
127.4
2,684.1
731.1
516.1
215.0
1,953.0
316.3
1,212.0
108.8
1,103.3
501.3
602.0
314.2
155.7
158.5
7.1
103.4
75.3
118.4
180.1
2,680.5
728.3
513.1
215.2
1,952.2
316.2
1,208.7
109.4
1,099.3
495.4
603.8
316.9
158.5
158.5
7.0
103.4
73.9
116.0
175.5
2,680.3
720.3
513.0
207.3
1,960.0
316.5
1,207.4
110.2
1,097.2
492.2
605.0
325.6
166.7
158.9
7.0
103.5
72.9
116.4
193.0
2,775.2
2,886.8
2,909.0
2,927.0
2,984.2
2,999.1
3,001.5
n.a.
3,036.7
3,023.8
3,011.9
3,028.3
2 126 4
327.9
1,798.5
322.6
1,475.9
412.9
156.4
256.6
11.7
74.7
2,176.4
332.9
1,843.5
335.4
1,508.1
455.2
164.6
290.6
23.3
68.2
2,182.1
332.0
1,850.1
334.6
1,515.4
460.8
170.6
290.2
24.4
70.8
2,200.9
343.7
1,857.2
340.4
1,516.8
461.4
166.7
294.7
20.1
72.1
2,221.1
342.9
1,878.2
342.9'
1,535.3'
497.0
198.9
298.1
23.5
74.0
2,231.9'
338.8
1,893.1
344.0'
1,549.1'
504.4
193.4
311.0
22.8
73.7
2,254.2
348.9
1,905.2
338.2
1,567.1
514.2
192.5
321.7
15.8
74.2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,276.5
337.5
1,939.0
340.7
1,598.2
515.5
196.7
318.7
17.0
77.8
2,261.1
332.3
1,928.9
340.8
1,588.1
522.6
203.2
319.4
15.6
76.4
2,252.1
340.0
1,912.1
343.3
1,568.8
523.7
201.4
322.3
13.1
76.7
2,257.8
340.8
1,917.0
343.4
1,573.6
522.2
199.4
322.8
12.1
78.4
2,625.6
2,723.2
2,738.0
2,754.5
2,815.6
2,832.7
2,858.3
n.a.
2,886.7
2,875.7
2,865.6
2,870.3
149.6
163.6
171.0
172.5
168.6
166.4
143.2
n.a.
150.0
148.1
146.3
157.9
20
Federal Reserve Bulletin Statistical Supplement • August 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
July
2004
2004
2003
Jan.
Feb.
Mar.
Apr.
May
June
July
July 7
July 14
July 21
July 28
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
13 Total assets7
14
15
16
17
18
19
20
21
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
22 Total liabilities
23 Residual (assets less liabilities)8
636.8
259.3
112.5
146.8
377.5
153.4
18.6
124.3
81.2
39.5
51.2
30.2
639.8
261.6
98.3
163.2
378.2
137.3
17.1
131.4
92.4
35.3
54.6
27.0
654.1
266.3
99.6
166.6
387.8
136.8
17.2
140.1
93.8
31.9
54.1
25.8
659.2
266.2
96.5
169.6
393.0
133.7
17.3
149.6
92.3
29.4
54.7
28 8
641.9'
263.7
95.5
168.2
378.2'
129.7'
17.5
140.8
90.2'
32.0
57.0
33.6'
628.4
255.8
92.4
163.4
372.6
130.4
15.9
136.9
89.3
34.4
60.2
34.0
645.1
258.3
93.9
164.4
386.8'
131.7'
14.6
149.3
91.2
28.9
56.8
39.4'
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
650.0
256.7
93.3
163.4
393.3
132.0
14.4
157.2
89.7
29.6
59.8
41.9
649.4
253.8
89.7
164.1
395.6
132.7
14.5
158.0
90.4
30.4
60.6
42.5
643.2
251.6
91.1
160.5
391.5
134.6
14.7
152.2
90.0
35.4
62.1
44.3
653.3
258.1
94.8
163.3
395.1
135.4
13.8
156.6
89.4
29.1
60.1
44.4
757.3
756.3
765.4
771.7
764.0
756.5
769.8
n.a.
780.8
782.5
784.5
786.4
434.6
10.5
424.1
308.5
41.3
267.2
89.1
102.0
454.8
11.9
442.9
328.5
39.9
288.6
131.7
101.0
468.1
11.9
456.2
343.6
43.8
299.8
152.6
102.7
472.9
11.9
460.9
353.0
49.2
303.9
155.4
98.3
481.8
11.6
470.2
349.6'
45.3
304.3'
171.2
101.5
494.6
11.6
483.0
331.8
43.5
288.3
180.1
98.6
520.9
11.9
509.0
337.5
49.5
288.1
185.0'
91.4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
532.3
10.8
521.6
344.5
48.4
296.1
189.4
93.0
541.5
11.1
530.5
333.2
40.2
293.0
184.9
91.2
550.7
11.5
539.2
325.5
38.9
286.5
185.9
90.5
554.0
11.7
542.3
334.1
42.0
292.1
197.5
88.4
756.1
752.6
761.8
768.8
761.7
745.0
764.9
n.a.
780.4
781.1
780.8
778.9
1.2
3.6
3.7
2.9
2.4
11.5
4.9
n.a.
.4
1.5
3.7
7.5
643.7
256.7
93.3
34.6
58.7
163.4
105.4
58.0
387.1
131.2
14.4
150.0
91.3
29.6
59.1
40.4
647.2
253.8
89.7
31.3
58.4
164.1
106.0
58.1
393.4
132.1
14.5
155.0
91.8
30.4
59.8
41.5
639.7
251.6
91.1
34.7
56.4
160.5
103.2
57.2
388.1
134.1
14.7
148.6
90.7
35.4
61.1
42.7
648.9
258.1
94.8
37.9
56.9
163.3
105.3
58.0
390.8
134.3
13.8
153.0
89.7
29.1
59.7
43.3
Not seasonally adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6
40 Total assets7
41
42
43
44
45
46
47
48
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
49 Total liabilities
50 Residual (assets less liabilities)8
Footnotes appear on p. A21.
662.6
266.2
96.5
35.1
61.4
169.6
101.1
68.5
396.5
135.6
17.3
151.5
92.1
29.4
647.6'
263.7
95.5
35.1
60.4
168.2
98.2
70.0
383.9'
130.7'
17.5
144.6
91.1'
32.0
32.2
34.6
39.3
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.
768.4
773.4
767.9
753.7
769.1
n.a.
772.3
778.5
778.4
780.6
460.8
12.3
448.5
328.5
39.9
288.6
131.0
101.6
474.3
11.9
462.3
343.6
43.8
299.8
152.9
102.4
477.5
11.5
466.0
353.0
49.2
303.9
156.0
97.8
491.4
11.4
480.1'
349.6'
45.3
304.3'
173.5
99.5
505.9'
11.4
494.5
331.8
43.5
288.3
181.8
97.1
528.3'
11.9
516.5
337.5
49.5
288.1
187.0
89.6
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
529.2
11.0
518.2
344.5
48.4
296.1
192.4
90.5
540.8
11.0
529.7
333.2
40.2
293.0
186.3
90.1
549.7
11.4
538.3
325.5
38.9
286.5
187.0
89.5
554.4
11.6
542.8
334.1
42.0
292.1
197.3
88.6
751.9
759.9
767.3
772.4
767.1
753.0
768.5
n.a.
771.8
777.7
777.6
779.8
.7
1.2
1.1
1.0
.8
.8
.7
n.a.
.5
.8
.8
.8
633.6
259.3
112.5
39.4
73.1
146.8
95.2
51.6
374.3
152.6
18.6
120.9
82.1
39.5
50.7
29.3
643.2
261.6
98.3
33.8
64.5
163.2
96.6
66.6
381.7
137.9
17.1
135.3
91.3
35.3
54.2
28.8
656.4
266.3
99.6
36.2
63.5
166.6
99.0
67.7
390.1
138.5
17.2
142.6
91.8
31.9
752.6
761.1
433.5
10.5
423.0
308.5
41.3
267.2
90.8
100.7
27.3
625.6
255.8
92.4
33.3
59.1
163.4
100.6
62.8
369.8
130.4
15.9
133.7
89.8
34.4
645.0
258.3
93.9
35.4
58.4
164.4
104.7
59.7
386.7'
131.3
14.6
148.2
92.6'
28.9
Commercial Banking Institutions—Assets and Liabilities
1.26
21
Assets and Liabilities1—Continued
COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items
Billions of dollars
Wednesday figures
Monthly averages
Account
2003
July
2004
2004
Jan.
Feb.
Mar.
Apr.
May
June
July
July 7
July 14
July 21
July 28
Not seasonally adjusted
MEMO
7
8
9
10
Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items9
Revaluation losses on off-balancesheet items 9
Mortgage-backed securities10
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities"
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12
11
12
13
14
Small domestically chartered
commercial banks, adjusted for
m ergers
10
Mortgage-backed securities12
Securitized consumer loans
Credit cards and related plans
Other
1
2
3
4
5
6
Foreign-related institutions
15 Revaluation gains on off-balancesheet items 9
16 Revaluation losses on off-balancesheet items 9
17 Securitized business loans12
108.1
125.7
125.6
129.4
106.9
100.2'
96.9'
n.a.
96.0
98.8
113.0
109.8
85.5
422.4
308.9
113.6
110.5
412.5
293.7
118.8
114.7
469.4
348.4
121.0
118.9
502.0
380.4
121.5
93.2
498.9
383.8
115.1
83.8'
487.7
377.7
109.9
83.1'
483.1
376.3
106.8
n.a.
n.a.
n.a.
n.a.
86.0
489.7
382.6
107.2
89.2
483.1
376.6
106.5
102.4
481.0
374.7
106.3
97.9
477.5
372.6
104.9
n.a.
n.a.
n.a.
n.a.
n.a.
1.4
2.7
1.7
3.2
140.1
118.7
21.4
139.9
118.7
21.2
140.7
118.8
21.9
140.0
118.2
21.8
7.3
7.3
7.2
7.2
6.7
3.8
6.7
5.5
5.6
140.0
120.8
19.2
139.4
120.4
18.9
10.6
141.3
121.1
20.2
4.9
133.6
116.1
17.5
139.5
119.4
20.2
136.9
117.2
19.7
137.7
117.6
20.1
8.4
7.6
7.5
7.4
7.4
7.4
7.3
324.2
228.3
221.0
326.8
234.3
226.7
325.2
231.5
224.1
329.4
232.4
225.2
7.3
7.6
7.4
7.2
7.1
64.5
63.7
62.8
61.8
64.9
68.4
69.1
67.8
1.5
.8
.4
.3
NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," which
is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large
Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks," are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
;„„ .ff—:— i—1~, !,„,,„ i
1 1 u,, i—1
"heet estimates of all foreign-related
ta are break-adjusted.
i. covers me loiiowmg types oi msiiiuiions m me uiiy states and the District of Columt.~.
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related
es International Banking Facilities Data are Wednesday values or pro
;
small domestic banks and foreignrelated institutions are estimates based on weekly samples
and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications
of assets and liabilities.
The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove
the estimated effects of mergers between these two groups. The adjustment for mergers
changes past levels to make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data for the bank group that
contained the acquired bank and put into past data for the group containing the
332.6'
229.4
222.3
332.8'
224.6
217.4
n.a.
n.a.
n.a.
n.a.
330.8
226.7
219.4
330.9
227.2
219.9
328.5
226.0
218.7
328.1
228.5
221.2
7.2
330.7'
224.7
217.4
7.2'
7.3
7.3
7.3
7.3
58.4
60.5
58.6
n.a.
59.0
58.8
56.9
59.5
64.8
63.2
58.9
60.6
60.3
60.0
61.5
.3
.3
.3
n.a.
n.a.
.3
.3
.3
.3
acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a
ratio procedure is used to adjust past levels.
2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of
U.S. government agencies and U.S. government-sponsored enterprises.
3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
5. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
6. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
7. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
8. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
The fair market value of derivative contracts in a gain position is included in "Other
securities, trading account." The fair value of derivative contracts in a loss position is
included in "Other liabilities."
10. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
12. Total amount outstanding.
22
1.32
Federal Reserve Bulletin Statistical Supplement • August 2004
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December
2003
2004
Item
2
3 Nonfinancial companies
1999
2000
2001
2002
2003
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1,403,023
1,619,274
1,458,870
1,347,997
1,265,351
1,306,025
1,265,351
1,296,647
1,320,002
1,326,855
1,348,435
1,123,883
279,140
1,275,841
343,433
1,234,023
224,847
1,193,950
154,047
1,160,317
105,034
1,179,163
126,862
1,160,317
105,034
1,182,719
113,928
1,202,280
117,722
1,213,472
113,383
1,233,129
115,306
1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.
1.33
PRIME RATE CHARGED BY BANKS
2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.
Short-Term Business Loans1
Percent per year
Date of change
1
Rate
2001—Jan.
4
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec.
1
21
19
16
28
22
18
3
7
12
9.50
9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75
2002—Nov.
7
4.25
2003—June 27
4.00
Period
Average
rate
2001
2002
2003
6 91
4.67
4.12
2001—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84
1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call
Period
2002 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.35
4.25
Period
Average
rate
2003—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00
2004—Jan
Feb
Mar
Apr
May
June
4.00
4.00
4.00
4.00
4.00
4.00
Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases, available at www.federalreserve.gov/releases.
Financial Markets
1.35
INTEREST RATES
23
Money and Capital Markets
Percent per year; figures are averages of business day data unless otherwise noted
2004
Item
2001
2002
2004, week ending
2003
Feb.
Mar.
Apr.
May
Apr. 30
May 7
May 14
May 21
May 28
MONEY MARKET INSTRUMENTS
1 Federal funds'^ 3
2 Discount window primary credit2'4
3.88
n.a.
1.67
n.a.
1.13
n.a.
1.01
2.00
1.00
2.00
1.00
2.00
1.00
2.00
1.00
2.00
1.02
2.00
0.99
2.00
1.02
2.00
0.99
2.00
3.78
3.68
3.65
1.67
1.67
1.69
1.11
1.11
1.11
0.99
1.01
1.01
0.99
1.00
1.00
1.00
1.01
1.05
1.00
1.04
1.07
0.98
1.03
1.08
1.00
1.02
1.06
1.00
1.05
1.00
1.05
1.09
1.00
1.08
3.80
3.71
3 65
1.68
1.69
1 70
1.12
1.13
1 13
1.01
1.02
1 03
1.01
1.02
1 03
1.02
1.03
1 06
1.02
1.08
1 16
1.02
1.04
1 08
1.02
1.05
1 09
1.02
1.06
1 15
1.03
1.08
1 17
1.03
1.13
1 21
3.84
3.71
3.66
1.72
1.73
1.81
1.15
1.15
1.17
1.03
1.05
1.11
1.03
1.05
1.09
1.04
1.08
1.21
1.05
1.20
1.46
1.05
1.11
1.30
1.05
1.13
1.34
1.05
1.19
1.48
1.05
1.22
1.50
1.06
1.26
1.53
3.70
1.73
1.14
1.04
1.04
1.07
1.18
1.09
1.11
1.17
1.20
1.23
2.43
3.40
3 34
1.60
1.61
1 68
1.00
1.01
1 05
0.90
0.93
0 99
0.95
0.94
0 99
0.89
0.94
1 09
0.89
1.02
1 31
0.85
0.96
1 15
0.87
1.00
1 20
0.87
1.02
1 32
0.89
1.03
1 34
0.92
1.06
1 37
3.49
3.83
4.09
4.56
4.88
5.02
5.63
2.00
2.64
3.10
3.82
4.30
4.61
5.43
1.24
1.65
2.10
2.97
3.52
4.01
4.96
1.24
1.74
2.25
3.07
3.59
4.08
4.94
1.19
1.58
2.00
2.79
3.31
3.83
4.72
1.43
2.07
2.57
3.39
3.89
4.35
5.16
1.78
2.53
3.10
3.85
4.31
4.72
5.46
1.55
2.29
2.82
3.60
4.08
4.49
5.28
1.63
2.41
2.96
3.74
4.21
4.62
5.39
1.83
2.62
3.19
3.96
4.41
4.81
5.56
1.83
2.57
3.14
3.88
4.34
4.74
5.49
1.82
2.54
3.11
3.83
4.29
4.68
5.41
5.01
5.75
5.15
4.87
5.64
5.04
4.52
5.20
4.75
4.26
4.92
4.55
4.11
4.75
4.41
4.69
5.34
4.82
4.93
5.57
5.07
4.79
5.43
4.95
4.82
5.46
5.01
4.99
5.64
5.14
5.01
5.66
5.13
4.88
5.50
5.01
7.49
7.10
6.24
5.92
5.75
6.13
6.43
6.24
6.34
6.51
6.47
6.39
7.08
7.26
7.67
7.95
6.49
6.93
7.18
7.80
5.66
6.14
6.38
6.76
5.50
5.87
6.04
6.27
5.33
5.70
5.86
6.11
5.73
6.10
6.25
6.46
6.04
6.40
6.54
6.75
5.84
6.20
6.35
6.56
5.95
6.31
6.45
6.66
6.13
6.49
6.62
6.82
6.08
6.44
6.59
6.79
6.00
6.35
6.49
6.72
1.32
1.61
1.72
1.53
1.56
1.60
1.68
1.65
1.66
1.69
1.69
1.66
356
Commercial paper ' '
Non financial
Financial
Certificates of deposit, secondary market-''1
12 Eurodollar deposits, 3-month3'8
US Treasury bills
Secondary market3'5
13 4-week
U.S. TREASURY NOTES AND BONDS
Constant maturities^1
18
3-year
20
7-year
22
20-year
STATE AND LOCAL NOTES AND BONDS
Moody's series1®
24 Baa
25 Bond Buyer series "
CORPORATE BONDS
26 Seasoned issues, all industries12
27
28
29
30
Rating group
Aaa13
Aa
A
Baa
MEMO
Dividend—price ratio14
NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release, available at: www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/
2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York.
Historical series for the rate on adjustment credit is available at: http://
www.federalreserve.gov/releases/hl5/data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web
pages (http://www.federalreserve.gov/releases/cp) for more information.
7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. General obligation bonds based on Thursday figures; Moody's Investors Service.
11. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's
Al rating. Based on Thursday figures.
12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.
24
Federal Reserve Bulletin Statistical Supplement • August 2004
1.36
STOCK MARKET
Selected Statistics
Sept.
Apr.
May
Prices and trading volume (averages of daily figures)
Common stockprices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6,407.95
749.46
444.45
377.72
596.61
5,571.46
656.44
430.63
260.50
554.88
5,456.48
634.11
437.37
238.05
566.74
5,748.80
670.18
464.61
243.37
593.10
5,894.38
678.51
477.98
245.96
616.46
5,989.42
689.30
497.44
248.01
624.02
6,244.68
714.93
509.35
257.12
638.41
6,569.76
741.19
521.11
271.45
657.07
6,661.38
n.a.
n.a.
n.a.
n.a.
6,574.75
n.a.
n.a.
n.a.
n.a.
6,600.77
n.a.
n.a.
n.a.
n.a.
6,371.44
n.a.
n.a.
n.a.
n.a.
1,024.69
1,071.66
1,136.44
1,201.35
1,233.36
1,244.69
1,245.60
1,186.63
6 Standard & Poor's Corporation
(1941-43= 10)'
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
1,361,043
n.a.
68,074
1,397,876 1,383,253 1,262,614
n.a.
n.a.
n.a.
1,463,262
n.a.
Customer financing (millions of dollars, end-of-period balances)
3
10 Margin credit at broker-dealers . . . .
Free credit balances at brokers*
11 Margin accounts5
12 Cash accounts
101,640
78,040
134,380
173,220
95,690
73,340
92,560
84,920
172,140
88,620
87,440
77,130
89,360
173,220
92,570
93,840
179,710
181,280
100,680
80,560
103,670
84,670
106,250
85,060
Margin requirements (percent of market value and effective date)6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
May 6, 1970
70
50
70
65
50
65
1. In July 1976 a financial group, one made up of banks and insurance companies, was
added to the group of stocks on which the index is based. The index is now based on 400
industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility
(formerly 60), and 40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.
Dec. 6, 1971
Nov. 24, 1972
Jan.3, 1974
65
50
65
50
50
50
6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.
Federal Finance
1.40
25
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2002
Mar. 31
June 30
Sept. 30
Dec. 3 1
Mar. 31
June 30
Sept. 30
Dec. 31
1 Federal debt outstanding
6,032.4
6,153.3
6,255.4
6,433.0
6,487.7
6,697.1
6,810.3
7,023.4
7,156.2
2 Public debt securities
3
Held by public
4
Held by agencies
6,006.0
3,443.7
2,562.4
6,126.5
3,463.5
2,662.9
6,228.2
3,552.6
2,675.6
6,405.7
3,647.4
2,758.3
6,460.8
3,710.8
2,750.0
6,670.1
3,816.3
2,853.8
6,783.2
3,924.0
2,859.3
6,998.0
4,044.1
2,954.5
7,131.1
4,176.7
2,954.4
26.4
26.4
.0
26.8
26.8
.0
27.2
27.2
.0
27.3
27.3
.0
26.9
26.9
.0
27.0
27.0
.0
27.0
27.0
.0
25.4
25.4
.0
25.1
25.1
.0
6,625.5
6,737.6
6,952.9
7,088.6
5,935.0
.2
6,058.1
.2
6,161.1
.3
6,359.1
.3
6,399.8
.2
6,625.3
.2
6,736.3
.3
6,952.6
7,088.5
.1
5 Agency securities
6
Held by public
7
Held by agencies . . .
: Debt subject to statutory limit
9 Public debt securities . .
10 Other debt1
MEMO
Statutory debt limit
1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.
1.41
GROSS PUBLIC DEBT OF U.S. TREASURY
SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasury Statement.
Types and Ownership
Billions of dollars, end of period
Type and holder
1 Total gross public debt
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds' .
Nonmarketable2
State and local government series . .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder1
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks6
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international8
Other miscellaneous investors7'9
Q2
Q3
Q4
Ql
6,656.5
6,754.8
3,460.6
6,963.1
3,575.1
928.8
1,905.8
7,115.6
3,721.1
985.0
1,983.4
5,662.2
5,943.4
6,405.7
6,998.0
5,618.1
2,966.9
5,930.8
2,982.9
811.3
1,413.9
6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
6,963.1
3,575.1
928.8
1,905.8
3,186.3
3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0
3,277.6
16.0
13.6
646.9
1,557.3
626.5
602.7
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
140.1
2,947.9
564.4
176.2
3,379.0
927.8
1,713.7
582.4
155.0
140.5
11.7
11.7
.0
189.9
2,905.5
918.2
1,799.4
576.8
166.1
564.4
176.2
3,294.2
148.4
11.0
11.0
.0
192.6
2,912.2
13.4
3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0
564.3
16.0
15.4
188.4
3,394.5
155.7
2,266.1
44.2
15.4
15.4
.0
181.5
2,574.8
12.7
153.4
11.2
11.2
.0
184.8
2,806.9
14.3
2,270.1
511.7
2,880.4
201.5
220.8
110.2
236.2
2,572.2
551.7
2,819.5
181.5
257.5
105.7
256.5
2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2
2,955.1
666.7
3,377.9
155.0
283.0
151.3
343.7
2,854.8
652.1
3,164.7
145.9
301.1
147.5
313.5
2,860.7
656.1
3,268.0
147.8
286.4
150.4
318.4
2,955.1
666.7
3,377.9
155.0
283.0
151.3
343.7
2,955.9
674.1
3,502.8
166.2
279.3
153.4
339.4
184.8
304.1
108.4
195.7
1,034.2
588.7
190.3
281.6
104.2
177.4
1,053.1
493.3
194.9
289.9
113.6
176.3
1,212.7
433.8
203.8
328.0
120.8
207.2
1,538.1
375.0
199.1
328.5
109.7
218.8
1,385.3
322.4
201.5
321.6
108.3
213.3
1,459.3
362.9
203.8
328.0
120.8
207.2
1,538.1
375.0
204.4
313.4
108.1
205.3
1,708.0
n.a.
1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.
7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State
and local treasuries." The data shown here have been revised accordingly.
146.3
6.7
6.7
.0
193.5
3,008.6
8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.
Excludes Treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the
Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow
of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.
26
Federal Reserve Bulletin Statistical Supplement • August 2004
1.42
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
2004
Item
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
6
Inflation-indexed2
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
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
w itn otner
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
Feb.
Mar.
2004, week ending
Apr.
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
42,541
46,512
51,750
49,994
59,903
49,292
46,241
50,764
52,523
48,028
42,453
39,199
178,535
157,493
192,267
157,839
185,394
162,544
200,445
201,715
224,831
222,942
167,342
167,287
135,792
130,042
138,825
110,415
167,705
134,439
132,614
120,302
137,235
181,849
164,580
119,340
103,032
22,806
5,172
107,927
25,177
4,962
111,502
25,497
5,059
102,673
25,802
5,001
138,862
31,141
7,510
97,656
24,913
3,618
101,366
24,348
4,274
101,844
21,533
4,652
120,279
25,337
4,797
143,902
33,094
4,619
155,993
29,190
3,834
98,410
22,040
3,791
51,909
48,508
53,212
51,168
50,287
53,679
55,038
53,527
54,238
57,351
54,350
54,194
13,369
11,352
13,079
14,310
16,081
13,201
15,107
9,937
8,113
7,874
10,606
7,797
7,163
9,175
7,271
7,980
9,034
5,936
8,705
5,514
6,336
9,822
7,902
3,892
4,426
643
5,717
1,039
4,147
588
5,751
908
5,081
709
3,717
768
4,694
592
3,175
325
3,736
572
5,629
479
3,879
381
5,965
388
227,430
209,324
234,609
145,038
317,651
328,042
192,615
133,269
198,475
311,006
158,959
118,985
119,028
21,872
121,768
22,905
130,394
19,725
120,485
25,837
122,809
20,937
133,285
16,809
138,724
20,040
128,915
21,261
126,450
17,904
130,643
19,360
135,847
19,143
125,812
20,892
227,094
212,873
241,626
199,829
271,104
219,271
237,218
229,593
253,748
286,177
256,103
211,465
7,636
60,504
701
8,676
58,100
861
8,216
70,141
680
8,593
38,822
1,000
8,760
95,537
648
6,835
90,798
560
10,086
64,296
674
7,606
37,489
783
6,463
61,581
755
9,880
84,997
1,046
8,623
52,213
609
6,260
37,210
637
260,783
259,238
283,275
251,895
319,411
253,192
272,070
271,218
311,254
348,257
307,289
238,602
69,874
166,926
140,199
67,115
151,225
143,812
70,081
164,468
149,440
71,524
106,216
145,322
72,433
222,115
143,098
70,466
237,244
149,535
74,050
128,318
158,090
64,872
95,780
149,392
66,532
136,894
143,599
71,276
226,009
148,957
68,495
106,745
154,382
65,974
81,775
146,066
W7-it'll -it'll t±r
19
20
21
22
NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-
backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.
Federal Finance
1.43
U.S. GOVERNMENT SECURITIES DEALERS
27
Positions and Financing1
Millions of dollars
2004
2004, week ending
Item, by type of security
Feb.
Mar.
Apr.
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
Net outright positions2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-indexed
2
3
7
8
9
10
11
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven
12 Mortgage-backed
Corporate securities
13 One year or less
14 More than one year
19,441
28,175
27,169
20,338
52,168
44,409
14,057
4,114
5,915
12,859
17,604
24,043
15,997
30,226
20,197
25,583
27,799
32,184
32,483
40,214
54,454
55,448
41,830
51,720
56,603
51,646
51,323
58,582
56,360
58,165
63,543
64,358
62,345
5,560
1,712
1,141
5,975
4,226
132
19,431
6,187
3
6,863
3,490
551
12,797
5,479
407
19,995
5,725
433
20,016
5,545
212
23,755
7,442
870
23,488
8,143
685
21,501
9,460
431
17,050
10,765
400
45,058
46,346
36,871
38,036
42,424
39,074
30,622
34,659
39,339
43,503
46,361
16,193
22,072
21,019
24,497
23,699
21,406
20,174
19,166
19,725
19,839
20,466
935
1,888
2,340
970
947
106
3,862
5,094
6,696
4,926
4,806
5,074
2,938
6,196
3,086
4,825
2,989
6,300
3,128
5,110
2,836
5,723
2,952
4,986
3,025
3,771
3,072
3,805
3,234
2,725
3,083
4,100
3,108
8,573
16,128
15,563
22,785
10,371
17,397
19,332
15,999
12,597
11,608
18,061
31,596
91,889
33,347
91,560
33,238
89,744
29,872
95,589
35,359
91,238
34,562
88,869
31,291
87,281
32,261
90,520
31,413
93,479
26,012
85,143
30,689
85,480
Financing3
Securities in, US. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term
874,217
1,005,144
855,135
1,065,122
882,241
1,037,748
871,819
893,993
842,246
953,470
860,853
996,773
893,244
1,053,686
915,991
1,126,569
940,450
1,109,474
931,663
1,192,419
948,439
1,082,521
173,232
226,140
173,738
210,720
182,778
206,649
182,792
200,539
182,554
205,186
181,397
205,967
185,550
205,647
181,023
210,570
184,839
203,936
198,815
210,883
192,604
210,467
43,863
261,097
42,303
280,694
47,180
272,464
29,374
271,729
40,264
270,914
58,471
277,546
43,363
269,747
46,470
270,740
47,709
275,650
50,529
282,985
56,417
292,168
88,487
45,444
95,251
44,583
96,666
44,253
96,002
44,766
95,748
44,643
97,488
43,758
96,600
45,040
96,657
43,226
97,260
45,454
99,146
46,262
99,825
46,651
585,113
1,291,798
571,314
1,329,832
568,834
1,299,064
629,160
1,109,947
536,833
1,213,193
562,362
1,263,606
573,459
1,313,580
587,729
1,384,832
621,163
1,372,721
617,519
1,474,590
646,087
1,375,419
839,428
899,344
829,373
941,904
824,786
909,562
843,645
763,788
812,363
828,750
817,742
873,671
838,916
917,851
825,056
997,646
842,522
980,716
813,120
1,087,546
822,718
982,496
304,163
151,884
309,757
143,555
309,913
140,772
312,012
129,550
314,075
136,608
310,546
143,052
306,364
140,767
309,467
143,430
307,115
138,073
319,894
150,001
319,715
145,728
394,866
159,082
403,404
173,964
393,657
188,358
378,985
181,653
387,702
178,101
389,211
193,778
390,932
193,482
411,575
186,880
376,886
192,525
377,594
191,899
384,187
198,926
172,811
32,806
171,341
35,377
178,545
36,481
175,349
34,744
177,900
35,994
181,919
35,290
177,721
36,233
175,269
37,817
183,341
38,542
176,456
37,838
184,731
37,420
1,463,554
1,182,370
1,455,729
1,236,633
1,444,447
1,202,318
1,448,546
1,053,430
1,426,729
1,111,302
1,436,990
1,177,488
1,451,342
1,214,373
1,460,256
1,286,369
1,453,091
1,271,406
1,434,457
1,385,990
1,452,309
1,290,785
MEMO
Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
3 1 Overnight and continuing
32 Term
MEMO
Repurchase agreements
33 Overnight and continuing
34 Term
NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
28
1.44
Federal Reserve Bulletin Statistical Supplement • August 2004
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
Debt Outstanding
Millions of dollars, end of period
Agency
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2'3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Farm Credit Banks8
15
Student Loan Marketing Association9
16 Financing Corporation
17 Farm Credit Financial Assistance Corporation "
18 Resolution Funding Corporation12
Dec.
Feb.
Mar.
n.a.
n.a.
n.a.
n.a.
n.a.
25,412
6
n.a.
290
26,598
6
n.a.
287
25,412
6
n.a.
290
24,922
25,049
6
n.a.
120
n.a.
n.a.
n.a.
n.a.
25,406
n.a.
n.a.
n.a.
26,592
n.a.
n.a.
n.a.
25,406
n.a.
n.a.
n.a.
24,916
n.a.
n.a.
n.a.
25,043
n.a.
n.a.
n.a.
25,132
n.a.
1,851,632
2,121,057
25,666
276
6
n.a.
26,828
n.a.
26,828
n.a.
n.a.
n.a.
n.a.
1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996
2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996
2,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996
2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996
2,663,643
722,373
794,200
955,556
91,489
56,800
8,170
1,261
29,996
2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996
2,669,559
763,647
768,600
939,279
93,371
61,600
8,170
1,261
29,996
2,679,201
774,661
760,000
942,43 1
94,326
64,700
8,170
1,261
29,996
2,668,918
770,195
747,300
945,343
95,676
67,500
8,170
1,261
29,996
40,575
39,096
37,017
30,811
32,090
30,811
31,263
30,855
30,128
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13,876
25,220
n.a.
14,48'
22,52:
n.a.
16,127
14,684
n.a.
15,869
16,221
n.a.
16,127
14,684
n.a.
16,150
15,113
n.a.
16,335
14,520
n.a.
16,426
13,702
255
n.a.
n.a.
25,660
n.a.
2,351,039
Nov.
MEMO
19 Federal Financing Bank debt13
20
21
22
23
24
Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6
Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other
5,275
13,126
22,174
1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners' assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.
10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.
Securities Markets and Corporate Finance
1.45
NEW SECURITY ISSUES
29
State and Local Governments
Millions of dollars
Type of issue or issuer,
or use
Apr.'
May
37,994
1 All issues, new and refunding1
291,919'
363,888
384,142
34,749
25,998'
30,832'
21,480
26,497
37,655
31,035
By type of issue
2 General obligation . . . .
3 Revenue
118,554
170,047
145,323
214,788
143,900
238,190
16,379
18,370
8,237
17,761'
9,072
21,760'
9,193
12,287
13,268
13,229
15,037
22,619
11,751
19,284
By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township . . .
30,099
197,462
61,040
33,931
259,070
67,121
49,849
253,462
7,893
20,481
78,813
6,374
2,343
17,509'
6,146
2,930
22,713'
5,189
1,925
16,078
3,478
5,255
16,191
5,051
4,590
23,856
9,209
4,107
21,235
5,692
7 Issues for new capital
200,255'
242,882
264,485'
22,923
20,398'
24,146'
13,773
17,248
22,222
21,819
57,894
22,093
33,404
n.a.
7,227
73,033
70,256
23,758
10,244'
n.a.
22,397
97,662
5,739
1,163
5,864
867
849
n.a.
1,703
8,565'
6,612
148
133
n.a.
1,138
4,450
5,138
1,488
107
n.a.
959
7,613
6,234
1,930
501
n.a.
1,633
7,569
6,475
8
9
10
11
12
13
By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
50,054
21,411
21,917
n.a.
6,607
55,733
NEW SECURITY ISSUES
n.a.
1,988
2,700
6,777'
10,667
2,249
1,053
n.a.
2,286
6,243
5,462
1,798
534
n.a.
1,257
12,447
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
3,718
2,593
1,132
n.a.
658
8,795
21,393
7,806
U.S. Corporations
Millions of dollars
2003
Type of issue, offering,
or issuer
2001
2002
2004
2003
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1 All issues'
1,543,981
1,432,548
1,819,401
174,321
146,965
162,527
139,428
150,136
173,157
192,848
141,553
2 Bonds2
1,415,427
1,322,113
1,692,260
159,112
137,298
145,558
126,270
136,400
151,062
175,433
131,339
1,359,039
56,389
1,235,868
86,246
1,579,311
112,949
144,129
14,984
125,950
11,349
135,493
10,065
119,516
6,753
122,499
13,902
135,866
15,196
160,257
15,176
116,406
14,933
24,415
18,870
20,701'
1,634
1,603
2,502'
2,684
539
1,597
1,675
1,416
459,610
955,817
282,484
1,039,629
362,340
1,329,920
32,248
126,864
29,058
108,240
22,877
122,680
25,365
100,904
22,542
113,858
17,907
133,155
36,881
138,552
21,948
109,391
230,049
170,904
185,964
15,209
9,667
16,969
13,158
13,736
22,095
17,415
10,214
128,554
101,495
110,435
60,469
127,141
58,823
15,209
n.a.
9,667
n.a.
16,969
n.a.
13,158
n.a.
13,736
n.a.
22,095
n.a.
17,415
n.a.
10,214
n.a.
77,577
50,977
62,115
48,320
44,389
82,752
6,474
8,735
3,748
5,919
8,233
8,736
3,694
9,464
4,900
8,836
6,296
15,799
9,368
8,047
4,153
6,061
By type of offering
3 Sold in the United States
MEMO
5 Private placements, domestic
By industry group
8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group
1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.
2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.
30
1.47
Federal Reserve Bulletin Statistical Supplement • August 2004
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets1
Millions of dollars
2003
Item
2002
Oct.
3
3 Net sales
4 Assets
4
5 Cash5
6 Other
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
1,823,569
1,711,348
147,682
125,127
149,600
181,507
144,567
163,224
151,920
117,904
1,702,368
121,201
1,495,178
216,170
119,565
28,117
109,819
15,308
135,040
14,560
133,323
48,184
111,818
32,749
134,653
28,571
132,171
19,749
131,415
13,511
4,118,926
5,362,397
5,072,817
5,162,420
5,362,397
5,502,747
5,617,297
5,622,686
5,510,446
5,536,440
208,450
3,910,476
258,594
5,103,803
245,016
4,827,801
261,641
4,900,779
258,594
5,103,803
271,952
5,230,795
277,245
5,340,052
260,275
5,362,411
267,217
5,243,229
259,540
5,276,900
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
2004
2003'
DOMESTIC FINANCE COMPANIES
4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE. Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.
Assets and Liabilities1
Billions of dollars, end of period; not seasonally adjusted
2003
2002
Q3
Q4
Ql
Q2
2004
Q3
Q4
Ql
ASSETS
5 LESS:
Reserves for unearned income
8 All other
9 Total assets
950.2
341.9
447.0
161.3
951.2
321.4
455.3
174.5
1,022.2
365.8
457.4
198.9
949.2
338.2
445.5
165.5
951.2
321.4
455.3
174.5
943.2
315.4
453.9
173.9
960.6
321.4
455.8
183.4
1,000.0
359.7
445.6
194.7
1,022.2
365.8
457.4
198.9
1,056.0
374.2
475.6
206.2
60.6
21 0
57.0
23 8
50.6
24 5
58.0
22 0
57.0
23 8
53.2
23 6
52.9
24 0
51.8
24 4
50.6
24 5
49.7
24 0
868.5
524.9
870.3
586.4
947.1
751.8
869.2
560.4
870.3
586.4
866.4
604.7
883.7
653.0
923.8
717.2
947.1
751.8
982.4
749.9
1,393.4
1,456.8
1,698.9
1,429.6
1,456.8
1,471.1
1,536.8
1,641.0
1,698.9
1,732.2
50.8
158 6
48.0
141 5
56.2
136 3
74.9
143 1
48.0
141 5
47.3
127 3
53.2
145 3
57.6
132 9
56.2
136 3
60.5
138 8
99.2
569.9
326.2
188.8
88.2
631.9
339.8
207.3
99.8
746.2
424.2
236.3
82.9
590.0
344.3
194.4
88.2
631.9
339.8
207.3
87.2
645.4
343.6
220.3
96.0
672.5
358.2
211.5
95.8
705.8
422.4
226.5
99.8
746.2
424.2
236.3
104.0
761.8
433.7
233.5
1,393.4
1,456.8
1,698.9
1,429.6
1,456.8
1,471.1
1,536.8
1,641.0
1,698.9
1,732.2
LIABILITIES AND CAPITAL
Debt
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
Note. Some of the data presented in the table is available in the the Board's monthly G.20
(422) statistical release, which is available at: www.federalreserve.gov/releases.
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.
2. Before deduction for unearned income and losses. Excludes pools of securitized assets.
Securities Markets and Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
31
Owned and Managed Receivables1
Billions of dollars, amounts outstanding
Type of credit
Apr.
Seasonally adjusted
1 Total
2
3
4
Consumer . .
Real estate .
Business . . .
r,248.7
r,277.5
M33.3
515.2
207.7
525.8
519.1
217.4
541.0
542.5
239.6
551.2
538.2
240.9
554.7
1,333.3
r, 337.7
542.5
239.6
551.2
548.6
243.7
545.3
546.0
246.0
555.5
1,350.1
549.0
243.8
563.6'
545.8
247.2
557.0
Not seasonally adjusted
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
29
30
31
32
33
34
35
36
Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables6 . . . .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6 . .
r, 284.3
r,340.4
1,333.8
r,340.4
r, 338.7
1,345.8
519.7
173.9
103.5
31.5
32.7
523.9
160.2
83.3
38.9
38.7
547.7
197.0
70.0
37.6
60.9
543.1
195.2
70.0
40.0
57.2
547.7
197.0
70.0
37.6
60.9
549.4
199.0
68.9
39.3
63.9
545.3
201.2
67.6
38.3
64.2
545.1
202.4
66.6
131.9
6.8
25.0
14.3
207.7
120.1
41.2
151.9
5.7
31.1
14.0
217.4
135.0
39.5
132.8
5.5
133.2
132.8
5.5
29.4
12.4
240.9
154.7
47.2
12.2
239.6
152.2
129.8
5.5
31.1
12.0
243.7
156.5
126.2
31.6
11.1
247.2
163.5
46.7
46.8
158.7
47.0
122.8
5.3
31.5
11.6
243.8
159.5
46.7
46.4
40.7
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5
39.7
3.2
543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5
36.9
3.8
553.1
74.9
18.2
40.3
16.3
36.9
3.8
553.1
74.9
18.2
40.3
16.3
36.6
3.8
36.4
3.8
36.1
1.5
569.5'
88.8
16.6
48.1
24.1
275.2'
75.7
199.5'
111.6
35.9
1.5
562.4
91.9
17.1
50.7
24.1
203.1
105.0
545.5
72.4
17.5
38.7
16.3
272.4
74.3
198.1
103.5
554.5
75.9
17.0
42.7
16.3
203.1
105.0
37.2
1.8
549.8
74.8
18.2
40.3
16.3
277.3
74.5
202.9
104.2
50.1
5.1
42.5
2.5
23.2
50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4
48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1
47.2
2.2
42.8
2.1
22.5
13.0
9.4
23.8
48.4
2.2
44.2
2.1
50.5
2.2
51.0
2.2
46.2
2.1
46.7
2.1
12.5
9.6
25.1
21.7
12.1
9.6
25.0
21.5
12.0
9.5
25.1
48.4
2.2
44.1
2.1
20.1
11.6
8.5
25.4
47.0
2.2
42.8
2.1
20.4
11.9
8.5
25.5
16.4
6.8
7.7
NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at: www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown
12.2
239.6
152.2
46.7
277.6
74.6
5.6
31.6
277.6
74.6
5.4
30.6
11.7
246.0
272.8
74.6
198.1
108.2
1,352.6
37.6
67.2
543.0
202.2
66.1
37.3
68.0
122.6
5.3
30.6
270.6
73.4
197.2
107.0
before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.
32
1.53
Federal Reserve Bulletin Statistical Supplement • August 2004
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
Apr.
May
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars) . . . .
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2
Yield {percent per year)
6 Contract rate1
7 Effective rate1'3
8 Contract rate (HUD series)4
245.0
184.2
77.3
28.8
.67
261.1
197.0
77.8
28.9
.62
6.90
7.00
6.35
6.44
n.a.
n.a.
6.36
n.a.
5.81
272.1
205.3
77.9
28.7
.61
263.2
199.0
78.1
29.2
.54
288.0
211.0
75.6
28.6
.59
283.9
198.7
72.9
292.9
213.6
75.5
28.6
.50
291.6
213.2
75.3
28.7
.49
5.49
5.59
5.40
5.48
n.a.
5.63
5.72
5.36
5.42
n.a.
5.42
5.49
5.70
5.77
n.a.
n.a.
5.16
n.a.
5.07
n.a.
5.02
n.a.
4.80
n.a.
5.25
n.a.
5.67
284.6
275.9
214.5
78.0
29.0
.69
206.3
77.6
5.82
5.92
n.a.
n.a.
5.21
28.9
.66
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)5 ..
10 GNMA securities6
n.a.
5.03
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA insured
13 Conventional
707,015
n.a.
n.a.
794,253
n.a.
n.a.
898,445'
n.a.
n.a.
906,387'
n.a.
n.a.
898,445'
n.a.
n.a.
886,730'
n.a.
n.a.
882,124'
n.a.
n.a.
880,911
n.a.
n.a.
880,481
n.a.
n.a.
878,386
n.a.
n.a.
304,084
7,586
400,327
12,268
522,083
33,010
14,390
1,286
11,562
3,506
13,814
2,118
13,685
1,109
30,162
751
n.a.
n.a.
n.a.
n.a.
Mortgage holdings (end of period)*
17 Total
18 FHA/VA insured
19 Conventional
491,719
3,506
488,213
568,173
4,573
563,600
644,436
n.a.
n.a.
646,636
n.a.
n.a.
644,436
n.a.
n.a.
640,660'
n.a.
n.a.
638,034'
n.a.
n.a.
636,595'
n.a.
n.a.
632,482'
n.a.
n.a.
634,895
n.a.
n.a.
Mortgage transactions (duringperiod)
20 Purchases
21 Sales
n.a.
389,611
n.a.
547,046
n.a.
713,260
n.a.
39,028
n.a.
33,871
n.a.
31,653
n.a.
26,368
n.a.
32,651
n.a.
38,219
n.a.
41,778
22 Mortgage commitments contracted (during period)9
417,434
620,981
14 Mortgage transactions purchased (during period)
Mortgage commitments (duringperiod)
15 Issued7
16 To sell8
FEDERAL HOME LOAN MORTGAGE CORPORATION
1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end often years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.
6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.
Real Estate
1.54
33
MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
Type of holder and property
Ql
Q2
Q3
Q4
Q1P
6,821,085
7,508,807
8,354,897
8,579,714
8,872,300
9,140,192
9,366,364
9,617,452
By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm
5,142,520
400,837
1,168,871
108,858
5,664,656
445,830
1,281,986
116,336
1,387,901
124,759
6,546,23 1
497,045
1,409,435
127,003
6,788,639
510,506
1,444,000
129,155
7,005,122
523,861
1,480,832
130,377
7,171,193
544,167
1,518,855
132,149
7,375,999
550,707
1,556,744
134,001
By type of holder
6 Major financial institutions
Commercial banks2
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Savings institutions3
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Life insurance companies .
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
2,618,969
1,660,054
965,635
77,803
582,577
34,039
722,974
594,221
61,258
66,965
529
235,941
4,903
33,681
183,757
13,600
2,791,076
1,789,819
1,023,851
84,851
645,619
35,498
758,236
620,579
64,592
72,534
531
243,021
4,931
35,631
188,376
14,083
3,089,824
2,058,426
1,222,056
94,178
704,167
38,025
781,378
631,392
68,679
80,730
577
250,019
4,657
36,816
195,040
13,506
3,166,373
2,099,352
1,244,823
96,830
718,996
38,704
815,873
662,858
69,757
82,669
589
251,148
3,985
36,958
196,142
14,063
3,280,858
2,192,983
1,320,685
100,130
732,508
39,660
833,625
676,163
72,715
84,152
595
254,251
3,839
37,567
199,368
13,477
3,373,077
2,263,880
1,368,871
102,841
751,963
40,205
852,054
690,404
74,928
86,095
626
257,143
3,805
38,026
201,795
13,517
3,387,418
2,256,245
1,346,985
104,901
763,710
40,649
632
260,289
4,603
38,293
203,208
14,185
3,518,526
2,329,530
1,394,676
107,689
785,731
41,434
927,465
753,797
81,617
91,416
636
261,531
4,703
38,460
204,083
14,285
341,110
6
372,689
455,076
6
6
0
165,598
155,060
10,538
40,885
2,406
38,479
62,792
40,309
22,483
432,790
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
185,797
172,226
13,571
46,257
2,722
43,535
63,887
35,851
28,036
14,652
11,654
40,093
3,590
3,824
1,255
2,569
0
0
0
0
0
118
19
23
76
0
195,633
180,829
14,804
46,974
2,764
44,210
63,858
35,824
28,034
489,252
7
7
0
69,930
14,413
11,641
40,352
3,525
4,006
1,247
2,760
0
0
0
0
0
47
8
9
30
0
211,146
195,079
16,067
48,490
2,853
45,637
65,249
36,605
28,644
524,068
52
52
0
69,474
14,127
11,632
40,161
3,554
4,061
1,285
2,776
0
0
0
0
0
24
4
5
15
0
232,415
214,734
17,681
48,852
2,874
45,978
61,080
34,266
26,814
535,647
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
2,887
0
0
0
0
0
23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
59,776
33,534
26,242
541,943
48
48
0
71,271
13,820
11,588
42,476
3,387
4,460
1,315
3,144
0
0
0
0
0
37
6
7
24
0
240,710
220,33 1
20,379
50,007
2,942
47,065
60,324
33,842
26,482
3,159,055
611,553
592,624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
667,442
432,831
47,529
187,082
3,614,388
591,368
569,460
21,908
948,409
940,933
7,476
1,290,351
1,238,125
52,226
0
0
0
0
0
784,260
505,006
53,537
225,717
0
4,032,600
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
0
0
0
0
874,364
563,181
59,034
252,149
0
4,148,466
515,815
489,056
26,759
1,073,016
1,064,114
8,902
1,637,474
1,576,495
60,979
0
0
0
0
0
922,161
606,331
59,638
256,192
0
4,262,763
487,753
460,254
27,499
1,051,141
1,042,417
8,724
1,749,896
1,687,263
62,633
0
0
0
0
0
973,973
642,188
61,684
270,101
0
4,370,225
472,899
444,799
28,100
1,095,873
1,086,777
9,096
1,801,528
1,733,853
67,675
0
0
0
0
0
999,925
656,415
63,699
279,811
0
4,546,959
473,815
444,897
28,918
1,157,186
1,147,581
9,605
1,857,045
1,780,884
76,161
0
0
0
0
0
1,058,913
696,077
67,137
295,699
0
4,636,464
464,476
438,470
26,007
1,166,709
1,157,025
9,684
1,878,030
1,802,301
75,729
0
0
0
0
0
1,127,249
754,707
68,789
303,753
0
701,951
496,523
75,685
107,391
22,352
730,653
519,408
78,687
108,767
23,792
799,682
580,799
79,783
113,685
25,415
809,799
588,614
80,070
115,268
25,847
839,426
615,302
80,373
117,490
26,262
872,822
644,802
80,533
120,991
26,497
896,341
661,898
80,794
126,810
26,838
920,519
682,980
81,083
129,261
27,195
1 All holders
2
3
4
5
Federal and related agencies
Government National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Housing Admin, and Dept. of Veterans Affairs
One- to four-family
Multifamily
Resolution Trust Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Deposit Insurance Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal National Mortgage Association
One- to four-family
Multifamily
Federal Land Banks
One- to four-family
Farm
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
53 Mortgage pools or trusts5
54
Government National Mortgage Association
One- to four-family
Multifamily
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
Federal National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Private mortgage conduits
One- to four-family6
Multifamily
Nonfarm, nonresidential
Farm
73 Individuals and others7 . . .
74
One- to four-family . . . .
75 Multifamily
76
Nonfarm, nonresidential
77
Farm
0
72,452
15,824
11,712
40,965
3,952
3,290
1,260
2,031
0
0
0
0
0
13
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
45
7
9
29
0
152,511
144,150
8,361
36,326
2,137
34,189
59,240
42,871
16,369
3
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.
703,374
77,994
6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.
34
1.55
Federal Reserve Bulletin Statistical Supplement • August 2004
CONSUMERCREDIT1
Millions of dollars, amounts outstanding, end of period
Holder and type of credit
Apr.
Seasonally adjusted
2 Revolving
3 Nonrevolving2
1,828,774
1,904,978
1,986,676
1,982,117
1,986,676
2,012,794'
2,012,927'
2,017,831'
2,023,742
708,917
1,119,857
719,116
1,185,861
734,070
1,252,605
735,811
734,070
1,252,605
746,201'
745,587'
744,244'
1,273,586'
740,944
2,004,784'
2,005,368'
2,010,406
Not seasonally adjusted
1,942,565
2,025,536
1,993,295
2,025,536
2,020,307'
558,421
238,133
189,570
119,521
71,100
88,759
599,684
587,165
237,790
195,744
129,576
68,705
86,503
620,202
292,440
204,437
117,402
76,115
63,574
619,125
636,432
295,424
205,877
114,629
77,850
70,339
624,986
636,669
302,161
206,289
115,631
79,085
60,765
619,708'
628,633
637,082
636,432
295,424
205,877
114,629
77,850
70,339
624,986
303,714
205,951'
114,167
80,240
59,440
612,640'
624,703
307,200
207,592'
109,816
81,475
62,051
612,532'
631,187
306,667
208,477
109,128
83,502
61,706
609,739
By major type of credit*
Revolving
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets3
736,954
224,878
31,538
22,265
n.a.
17,941
50,595
389,737
747,520
230,990
38,948
22,228
n.a.
16,260
48,831
390,263
763,065
260,061
37,576
22,410
n.a.
23,848
26,494
392,676
737,584
244,872
39,967
21,379
n.a.
22,391
22,883
386,091
763,065
260,061
37,576
22,410
n.a.
23,848
26,494
392,676
746,497'
251,910
39,276
21,999
n.a.
23,196
18,258
391,857'
736,490'
248,039
38,323
21,546'
n.a.
22,586
17,787
388,210'
736,289'
243,281
37,587
21,536'
n.a.
21,934
20,720
391,230'
736,751
246,977
37,698
21,218
n.a.
22,192
20,377
388,290
20 Nonrevolving .
21
Commercial banks
22 Finance companies
23
Credit unions
24
Federal government and Sallie Mae
25
Savings institutions
26
Nonfinancial business
27
Pools of securitized assets3
1,128,234
333,543
206,595
167,305
119,521
53,159
38,165
209,947
1,195,045
356,175
198,842
173,516
129,576
52,445
1,262,471
376,371
257,847
183,467
114,629
54,002
43,845
232,310
1,255,711
375,330
252,473
183,058
117,402
53,723
40,691
233,034
1,262,471
376,371
257,847
183,467
114,629
54,002
43,845
232,310
1,273,810
384,759
262,885
184,290
115,631
55,889
42,506
227,851
1,268,294'
380,594
265,391
184,405'
114,167
57,654
41,653
224,429
1,269,080'
381,422
269,613
186,056'
109,816
59,541
41,330
221,301'
1,273,655
384,209
268,969
187,259
109,128
61,310
41,329
221,449
4 Total . . .
5
6
7
8
9
10
11
By major holder
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae . .
Savings institutions
Nonfinancial business
Pools of securitized assets3
12
13
14
15
16
17
18
19
37,673
246,819
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/
releases.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.
1.56
3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.
TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2003
Item
2001
2002
2004
2003
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
INTEREST RATES
Commercial banks
1 48-month new car
2 24-month personal
8.50
7.62
12.54
6.93
11.95
n.a.
n.a.
6.82
11.97
n.a.
n.a.
n.a.
n.a.
6.72
11.88
n.a.
n.a.
n.a.
n.a.
14.89
14.44
13.42
13.09
12.74
12.92
n.a.
n.a.
12.36
12.91
n.a.
n.a.
n.a.
n.a.
12.66
12.41
n.a.
n.a.
n.a.
n.a.
5.65
12 18
4.29
10 74
3.40
9 72
3.92
9 17
3.93
9 08
3.56
9 18
3.20
9 22
3.00
9 29
3.51
9 14
3.60
8 92
55.1
57 5
56.8
57 5
61.4
57 5
63.5
57 5
62.9
57 1
61.3
56 2
59.9
56 4
59.6
56 6
59.5
56 7
59.9
56 8
91
100
94
100
95
100
94
101
94
100
94
100
94
99
94
99
93
100
93
101
22,822
14,416
24,747
14,532
26,295
14,613
26,067
14,904
26,306
14,951
27,105
14,949
27,240
14,535
26,296
14,434
25,873
14,599
25,918
14,829
Credit card plan
4 Accounts assessed interest
Auto finance companies
OTHER TERMS3
Maturity (months)
Loan-to-value ratio
9 New car
Amount financed (dollars)
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release, available at: www.federalreserve.gov/releases.
2. Data are available for only the second month of each quarter.
3. At auto finance companies.
Flow of Funds
1.57
35
FUNDS RAISED INU.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q3
Q4
Ql
Q2
Q3
Q4
Ql
Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
5 Nonfederal
1,033.7
1,024.6
844.2
1,128.5
1,339.5
1,223.2
1,587.2
1,427.7
2,357.1
1,544.2
1,412.4
1,927.3
52.6
54.6
2.0
71.2
71.0
295.9
294.9
1.0
5.6
5.0
.5
257.5
257.0
.5
261.5
259.9
1.6
244.4
244.0
.4
164.2
165.8
1.6
749.0
748.5
.5
317.5
317.5
.1
353.4
362.0
8.6
466.0
465.0
•2
1,086.4
1,095.8
1,140.1
1,134.1
1,082.0
961.8
1,342.8
1,263.4
1,608.1
1,226.6
1,059.1
1.1
6
7
8
9
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
24.4
84.2
235.2
109.8
68.5
467.5
366.6
23.1
71.3
6.5
96.8
37.4
54.4
221.7
82.9
26.1
561.2
421.4
35.4
98.7
5.8
112.1
48.1
23.6
162.6
101.8
79.6
559.2
415.0
30.1
107.5
6.5
165.2
88.3
122.9
348.5
82.0
8.9
686.4
522.1
44.6
112.2
7.5
137.7
64.2
159.4
132.3
87.1
20.1
840.1
688.6
41.2
101.8
8.4
81.4
17.4
160.0
20.3
106.2
39.8
826.0
682.3
31.1
99.6
13.0
79.9
13.2
215.4
99.8
28.4
34.3
1,008.7
829.1
65.6
109.2
4.7
26.2
9.3
103.5
186.8
83.1
24.1
1,006.3
854.2
33.4
110.0
8.7
83.4
81.4
194.7
297.0
43.3
17.7
1,102.9
908.4
52.9
133.1
8.5
120.6
4.8
112.3
96.1
105.2
26.4
1,026.1
823.6
50.8
146.3
5.4
118.9
74.3
131.2
69.7
93.9
74.0
895.8
685.7
78.9
124.1
7.1
56.6
34.4
170.1
103.4
47.7
18.8
1,096.3
904.7
20.9
17
18
19
20
21
22
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
436.2
582.5
392.4
179.9
10.1
67.7
489.9
567.3
372.5
190.2
4.6
38.5
563.7
560.9
357.2
192.9
10.9
15.5
634.3
394.0
227.3
156.4
10.3
105.8
740.3
197.8
40.9
148.3
8.6
143.9
689.5
126.8
25.3
138.0
14.1
145.5
863.4
288.1
107.3
178.4
2.3
191.4
908.8
272.8
166.0
104.5
2.3
81.9
1,005.2
422.0
278.7
134.2
9.0
180.9
903.9
231.1
72.1
148.5
10.6
91.6
659.9
282.9
105.9
170.7
6.3
116.2
1,008.2
303.3
187.6
115.5
31.2
7.8
22.8
6.6
6.0
13.0
16.3
1.9
.5
5.7
57.0
31.7
15.2
11.4
1.3
49.7
14.2
24.5
7.3
3.8
5.9
36.1
33.5
5.3
2.1
45.9
3.9
35.3
11.7
2.9
1.0
37.3
30.1
2.9
3.3
19.3
52.0
28.9
4.0
.2
63.5
72.9
102.2
31.4
2.7
61.6
56.0
5.5
5.3
5.3
46.3
20.2
27.9
.7
1.1
100.1
22.5
8.0
1.1
1,065.0
1,037.5
901.2
1,078.8
1,345.3
1,177.3
1,588.2
1,447.0
2,293.6
1,482.6
1,458.7
1,995.7
23 Foreign net borrowing in United States
24
Commercial paper
25 Bonds
26
Bank loans n.e.c
27
Other loans and advances
28 Total domestic plus foreign
163.8
7.1
123.4
149.7
68.4
Financial sectors
29 Total net borrowing by financial sectors . . .
30
31
32
33
By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government
34 Private
35
Open market paper
36
Corporate bonds
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs) . . . .
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
1,063.1
1,052.8
802.8
895.7
847.3
741.3
948.6
1,078.9
775.2
1,048.7
970.9
470.9
278.3
192.6
.0
592.0
318.2
273.8
.0
433.5
234.1
199.4
.0
629.3
290.8
338.5
.0
554.0
225.9
328.1
.0
425.6
249.1
176.5
.0
603.3
321.5
281.8
.0
478.9
195.4
283.5
.0
445.9
199.9
246.0
.0
770.7
437.5
333.1
.0
556.4
99.8
456.6
.0
131.2
36.1
95.1
592.2
161.0
287.7
28.5
90.2
24.8
460.8
176.2
186.8
14.4
107.1
5.1
369.3
131.7
189.3
.4
42.5
6.2
266.4
45.3
262.4
13.1
34.9
1.3
293.3
63.5
333.1
1.1
16.6
5.9
315.6
32.7
144.5
76.2
57.0
5.3
345.3
83.9
546.2
103.7
18.1
4.7
600.1
1.3
529.2
35.3
108.4
3.5
329.3
67.5
379.8
15.4
1.7
3.3
278.0
30.4
316.2
13.4
28.9
7.8
414.5
158.6
559.9
14.7
20.9
6.9
674.5
187.4
329.9
31.5
109.0
72.9
52.2
67.2
48.0
2.2
.7
318.2
273.8
191.5
70.7
.0
6.3
17.2
91.5
60.0
27.3
.0
.7
234.1
199.4
183.0
81.9
.0
2.7
15.6
.4
52.9
7.4
1.5
.6
290.8
338.5
254.0
1.3
.0
2.5
1.4
55.2
49.9
13.7
2.0
2.0
225.9
328.1
193.5
42.2
.0
19.8
1.7
.6
68.7
15.8
3.1
2.0
249.1
176.5
123.6
79.5
.0
27.7
15.2
20.0
82.3
29.6
.4
2.5
321.5
281.8
263.4
27.6
.0
18.6
24.0
4.0
78.6
48.8
2.8
4.4
195.4
283.5
273.6
35.0
.0
17.5
38.4
101.0
30.5
25.6
1.6
1.5
199.9
246.0
227.9
188.8
.0
12.9
16.2
92.0
1.8
28.4
3.3
3.1
437.5
333.1
169.9
101.6
.0
36.4
9.9
19.5
86.3
2.9
1.0
2.5
99.8
456.6
149.5
143.8
.0
28.2
6.6
6.9
186.0
28.0
2.7
.6
.7
278.3
192.6
298.9
57.1
.0
62.7
7.2
40.0
16.7
.1
36.1
95.1
135.2
133.7
.0
54.2
51.9
87.9
36
1.57
Federal Reserve Bulletin Statistical Supplement • August 2004
FUNDS RAISED INU.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q3
Q4
Ql
Q2
Q3
Q4
52 Total net borrowing, all sectors
128.1
2,090.3
1,704.0
1,974.5
2,192.6
1,918.5
2,536.8
2,526.0
3,068.8
2,531.3
2,429.6
2,801.5
53
54
55
56
57
58
59
60
193.1
418.3
84.2
545.7
145.0
152.7
492.3
96.8
229.9
520.7
54.4
410.4
69.0
127.5
566.3
112.1
211.6
137.6
23.6
367.0
112.8
120.8
565.4
165.2
147.8
623.8
122.9
586.4
76.2
40.0
687.7
137.7
91.5
811.5
159.4
431.9
80.6
34.6
846.0
81.4
19.2
687.1
160.0
88.9
41.7
93.9
831.2
79.9
59.8
847.7
215.4
615.9
134.9
12.9
1,013.3
26.2
44.1
643.1
103.5
687.0
122.4
84.6
1,002.8
83.4
76.0
1,194.9
194.7
574.5
59.3
13.2
1,106.2
120.6
81.6
1,088.2
112.3
406.8
86.5
60.6
1,033.8
118.9
212.7
909.8
131.2
657.5
109.3
93.8
902.8
56.6
322.0
597.3
170.1
410.8
24.2
89.1
1,113.0
123.4
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds . . . ,
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
Funds raised through mutual funds and corporate equities
61 Total net issues
166.2
192.7
244.7
300.2
229.5
58.3
287.2
287.5
437.2
422.9
391.1
480.9
62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65 Financial corporations
66 Mutual fund shares
113.3
215.5
01.4
.9
279.5
1.5
110.4
114.3
2.4
191.2
5.3
118.2
106.7
16.8
239.4
99.0
47.4
109.1
37.3
201.2
47.1
41.6
17.7
71.0
182.4
120.2
140.8
51.3
71.8
61.9
87.8
30.5
51.6
66.7
199.5
112.1
67.0
137.5
41.5
175.5
107.6
50.2
67.6
90.2
329.6
127.9
44.9
120.0
52.8
295.0
38.8
67.0
40.2
65.7
352.2
64.1
104.0
78.2
89.9
416.9
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4, available at: www.federalreserve.gov/releases.
Flow of Funds
1.58
37
SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q3
Q4
Ql
Q2
Q3
Q4
Ql
NET LENDING IN CREDIT MARKETS
2,090.3
1,704.0
1,974.5
2,192.6
1,918.5
2,536.8
2,526.0
3,068.8
2,531.3
2,429.6
2,801.5
238.6
105.5
14.7
13.3
134.5
11.6
172.5
,705.4
21.1
305.6
312.1
11.6
.9
6.0
36.2
18.9
12.8
76.9
5.8
26.1
72.1
244.0
127.3
4.9
313.8
192.6
259.2
77.3
.0
5.1
6.8
15.8
125.3
118.3
18.5
2.9
28.4
6.4
139.7
1,818.9
25.7
312.2
318.6
17.0
6.2
4.4
67.7
27.5
27.8
53.5
3.0
99.3
46.9
182.0
48.4
9.6
291.2
273.8
173.4
97.1
.0
2.6
34.7
120.2
79.7
88.3
25.1
1.3
17.8
11.6
225.9
1,546.2
33.7
357.9
339.5
23.9
12.2
6.7
56.2
28.0
.8
57.9
8.7
3.8
54.6
143.0
20.9
5.6
253.6
199.4
153.2
108.6
.0
7.1
68.9
24.9
31.6
101.9
2.6
7.1
60.6
6.0
319.8
1,680.3
39.9
205.2
191.6
.6
4.2
10.0
42.8
41.5
28.1
130.9
9.0
15.8
17.7
246.0
126.1
3.2
307.8
338.5
227.9
4.8
.0
6.7
92.4
8.9
61.7
23.3
3.7
25.8
9.8
439.1
1,752.7
77.7
404.4
393.8
6.2
3.1
1.3
35.4
42.7
.9
233.0
39.9
21.1
14.1
25.3
144.2
8.6
210.9
328.1
170.8
21.2
.0
23.1
28.4
43.1
254.4
306.1
23.7
2.8
25.1
31.1
466.0
1,675.9
76.5
592.8
559.3
31.2
1.6
4.0
65.0
6.5
.8
271.4
21.7
30.2
10.4
92.4
155.2
3.1
190.6
176.5
101.0
69.3
.0
27.7
181.9
145.3
56.3
1.1
20.6
4.0
32.8
2.4
432.6
2,045.5
107.3
460.8
501.7
30.9
10.2
76.2
43.1
.8
166.2
65.6
5.2
50.7
264.9
122.9
17.8
270.7
281.8
241.7
9.9
.0
6.7
140.8
308.1
133.8
87.9
35.5
.2
81.2
17.4
398.1
2,279.1
23.7
351.5
327.1
4.4
20.8
.7
195.0
44.2
2.7
308.2
56.2
7.3
.1
164.3
215.6
26.1
313.4
283.5
249.8
.4
.0
8.6
65.9
287.3
92.1
14.3
49.6
4.1
52.7
8.4
738.0
2,247.0
36.3
613.9
540.3
17.1
39.7
16.8
95.3
75.9
2.5
236.8
49.7
24.3
22.4
251.1
249.9
60.1
122.3
246.0
207.3
59.5
.0
31.0
85.2
50.0
524.6
477.3
16.4
.8
30.0
20.1
274.4
1,712.2
39.8
2.1
116.5
113.2
26.1
20.6
62.3
87.2
2.5
116.4
68.7
11.8
11.4
242.9
15.2
42.5
636.8
333.1
149.9
180.4
.0
18.6
24.0
214.7
347.1
332.6
45.9
.9
59.4
4.8
668.4
1,418.9
49.2
237.4
309.1
80.4
.2
8.4
152.5
4.6
2.0
122.3
88.4
3.3
18.3
296.5
100.6
16.1
40.1
456.6
130.1
97.5
.0
26.2
313.9
40.9
320.0
21.5
.1
9.1
6.6
1,155.0
1,929.2
1.8
818.1
784.5
20.0
1.2
12.5
234.8
43.3
12.9
130.8
43.2
43.8
4.6
274.0
198.2
8.8
14.5
95.1
116.5
175.7
.0
58.3
175.0
371.8
2,128.1
2,090.3
1,704.0
1,974.5
2,192.6
1,918.5
2,536.8
2,526.0
3,068.8
2,531.3
2,429.6
2,801.5
.6
6.5
31.8
47.3
152.4
91.8
287.2
91.3
113.3
279.5
115.5
103.2
48.0
216.9
14.7
46.1
78.8
969.0
8.7
3.0
1.0
61.1
15.0
151.2
45.1
131.1
249.1
169.8
1.5
191.2
262.5
104.4
50.8
127.3
22.9
8.1
79.3
1,125.0
.4
4.0
2.4
134.2
15.1
71.4
188.8
116.2
233.3
113.2
5.3
239.4
402.3
146.1
50.2
174.5
25.9
56.6
9.6
1,404.0
4.3
.0
1.3
30.7
28.0
204.3
267.2
68.6
428.6
22.3
99.0
201.2
77.6
3.1
77.2
183.4
14.5
59.9
24.9
628.0
9.9
.0
1.0
23.9
17.3
43.5
271.1
50.4
16.8
105.0
47.1
182.4
27.4
87.0
60.1
209.3
28.9
2.4
55.6
457.9
24.6
.0
2.4
53.0
28.5
178.6
309.5
26.5
124.0
122.4
120.2
61.9
22.0
62.4
277.9
67.7
2.1
95.9
1,069.6
4.9
.0
.0
20.3
132.9
39.7
258.1
120.9
201.5
2.1
87.8
199.5
105.5
46.1
54.2
242.1
5.1
1.3
44.8
268.3
4.9
.0
.6
16.9
12.6
220.2
258.9
176.5
394.5
39.6
112.1
175.5
106.4
220.6
73.8
212.0
73.6
26.6
42.5
930.0
.6
.0
1.6
159.7
180.2
79.7
456.8
49.1
213.8
526.2
107.6
329.6
216.9
698.8
56.9
218.0
35.0
26.4
2.0
445.4
7.1
.0
.1
297.2
102.5
110.9
84.4
22.0
223.1
126.2
127.9
295.0
200.9
108.4
44.7
221.6
26.4
38.1
1,788.5
8.2
.0
.0
71.3
47.4
51.9
118.0
44.6
427.7
597.1
38.8
352.2
214.4
281.1
39.4
321.0
13.5
25.5
44.5
169.2
2.3
.0
.8
251.2
166.8
42.3
212.0
320.8
298.9
563.6
64.1
416.9
190.8
283.4
66.9
258.8
64.6
29.8
34.6
1,947.8
4,288.5
4,700.3
4,926.1
4,017.7
3,565.9
3,574.3
4,023.4
4,662.5
6,456.1
4,722.9
3,590.8
6,425.8
.1
8.5
3.8
57.7
20.8
198.8
.7
42.8
.1
31.9
10.8
260.9
1.2
73.5
20.4
112.4
32.6
417.2
.1
11.1
17.2
58.8
24.2
420.2
1.1
39.8
26.4
135.4
23.7
416.4
10.8
32.8
204.7
15.7
42.7
1.1
23.5
1.2
340.4
44.8
236.5
.5
244.2
31.2
334.3
16.7
271.5
296.3
39.2
6.5
10.9
517.4
.7
84.3
60.1
261.7
45.1
607.3
.1
241.6
38.8
86.7
33.1
481.7
2.6
3.1
32.2
7.4
.8
2.9
9.0
1.7
10.8
5.7
4.5
14.6
.1
7.3
10.5
47.1
7.6
15.4
42.1
8.5
53.2
70.5
8.9
12.1
113.0
9.7
28.1
171.4
10.4
20.2
216.1
11.0
28.3
182.7
11.7
11.6
4,446.3
4,887.5
5,084.3
4,419.5
3,455.1
3,664.9
3,650.1
4,900.1
6,294.5
4,649.1
4,191.4
6,186.4
1 Total net lending in credit markets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
Foreign banking offices in United States
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities issuers (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Netflowsthrough credit markets
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous
55 Total financial sources .
56
57
58
59
60
61
Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements . . . .
Taxes payable
Miscellaneous
Floats not included in assets ( )
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F. 1 and F.5, available at: www.federalreserve.gov/releases.
18.9
7.1
2. Excludes corporate equities and mutual fund shares.
38
Federal Reserve Bulletin Statistical Supplement • August 2004
1.59
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
Transaction category or sector
Q3
Q4
Ql
Q2
Q3
Q4
Ql
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonflnancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
18,098.8
20,567.4
20,567.4
21,416.6
22,299.2
3,681.0
3,652.7
28.3
3,385.1
3,357.8
27.3
3,379.5
3,352.7
3,637.0
3,609.8
27.3
3,540.8
3,513.6
27.2
3,637.0
3,609.8
27.3
3,700.6
3,673.7
26.8
26.9
3,806.9
3,779.9
27.0
3,914.5
3,887.5
27.0
4,033.1
4,008.2
24.9
4,168.9
4,143.8
25.1
13,562.5
14,713.7
15,848.4
16,930.4
16,562.8
16,930.4
17,177.0
17,609.7
17,914.0
18,266.1
18,556.5
6
7
8
9
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans . . .
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
230.3
1,457.2
2,067.7
1,233.2
852.4
6,179.0
4,727.5
343.3
1,005.8
102.3
1,542.7
278.4
1,480.9
2,230.3
1,335.0
932.1
6,738.2
5,142.5
373.5
1,113.3
108.9
1,719.0
190.1
1,603.7
2,578.8
1,253.5
941.0
7,424.6
5,664.6
418.1
1,225.6
116.3
1,856.7
126.0
1,763.1
2,711.0
1,166.5
961.1
8,264.7
6,353.2
459.3
1,327.4
124.8
1,938.1
142.2
1,706.9
2,686.1
1,162.2
955.9
8,012.3
6,151.1
442.9
1,294.7
123.6
1,897.2
126.0
1,763.1
2,711.0
1,166.5
961.1
8,264.7
6,353.2
459.3
1,327.4
124.8
1,938.1
127.1
1,791.1
2,757.7
1,141.8
957.1
8,490.7
6,546.3
467.6
1,349.7
127.0
1,911.5
107.5
1,850.7
2,832.0
1,128.8
966.7
8,782.7
6,788.9
480.9
1,383.7
129.2
1,941.4
108.4
1,863.5
2,856.0
1,096.5
958.0
9,048.3
7,005.0
493.6
1,419.2
130.4
1,983.3
85.9
1,898.5
2,873.4
1,131.5
971.4
9,272.5
7,171.2
513.3
1,455.8
132.2
2,032.9
95.5
1,943.3
2,899.3
1,116.1
968.0
9,519.6
7,375.9
518.5
1,491.1
134.1
2,014.8
17
18
19
20
21
22
By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
6,439.3
5,946.4
4,181.6
1,595.5
169.3
1,176.9
7,014.1
6,507.3
4,538.8
1,788.4
180.2
1,192.3
7,648.4
6,901.9
4,766.7
1,944.7
190.5
1,298.1
8,388.7
7,099.7
4,807.6
2,093.0
199.1
1,442.0
8,136.2
7,033.6
4,787.3
2,047.9
198.4
1,393.0
8,388.7
7,099.7
4,807.6
2,093.0
199.1
1,442.0
8,544.1
7,166.8
4,849.7
2,119.3
197.8
1,466.1
8,813.1
7,275.7
4,920.2
2,153.2
202.3
1,521.0
9,054.8
7,329.4
4,935.7
2,189.3
204.4
1,529.8
9,281.4
7,425.1
4,986.4
2,232.5
206.2
1,559.6
9,458.8
7,496.7
5,030.8
2,261.6
204.3
1,601.0
709.5
659.7
665.6
665.7
665.6
669.9
653.1
639.4
650.7
667.2
120.9
142.8
409.8
142.8
409.8
155.7
402.5
68.6
44.4
67.6
44.1
173.1
377.0
59.7
43.3
160.4
375.6
61.0
42.4
165.1
382.6
60.9
42.2
190.0
376.9
58.9
41.5
21,233.0
21,547.4
22,069.7
22,467.9
22,949.9
5 Nonfederal
23 Foreign credit market debt held in
United States
24
25
26
27
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
28 Total credit market debt owed by nonflnancial
sectors, domestic and foreign
452.5
59.2
51.6
467.7
106.7
443.2
70.5
50.3
63.2
46.6
68.6
44.4
134.0
417.3
69.3
45.1
17,896.0
18,808.3
19,887.7
21,233.0
20,769.3
Financial sectors
29 Total credit market debt owed by
financial sectors
30
31
32
33
34
35
36
37
38
39
By instrument
Federal government-related
Government-sponsored enterprise securities .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
52
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
53 Total credit market debt, domestic and foreign
54
55
56
57
58
59
60
61
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
8,370.4
3,884.0
1,591.7
2,292.2
.0
3,679.7
1,082.9
2,032.7
91.5
395.8
76.7
4,317.4
1,825.8
2,491.6
.0
4,053.0
1,214.7
230.0
219.3
266.7
10,523.2
4,944.1
2,114.0
2,830.1
.0
4,319.4
1,169.4
2,488.4
104.2
473.2
84.2
5,498.1
2,339.9
3,158.2
.0
4,612.6
1,105.9
2,821.5
105.3
489.8
90.1
5,344.0
2,259.5
3,084.5
.0
4,480.7
1,075.0
2,695.6
130.3
491.0
5,498.1
2,339.9
3,158.2
.0
4,612.6
1,105.9
2,821.5
105.3
489.8
90.1
296.0
266.1
295.1
4.9
3.1
2,114.0
2,830.1
1,997.8
42.3
779.2
16.0
170.2
448.4
325.6
286.4
281.4
6.9
5.1
2,339.9
3,158.2
2,191.2
318.7
271.8
1,591.7
2,292.2
1,556.8
25.3
696.1
16.0
165.1
504.0
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,743.8
40.9
778.0
16.0
167.8
503.7
325.6
286.4
281.4
6.9
5.1
2,339.9
3,158.2
2,191.2
821.4
16.0
190.0
447.9
16.0
185.3
421.5
821.4
16.0
190.0
447.9
25,459.6
27,178.7
29,151.2
31,343.7
30,594.1
1,402.4
7,564.9
1,457.2
4,553.0
1,383.8
1,299.9
6,255.7
1,542.7
1,614.0
7,702.5
1,480.9
4,924.0
1,496.6
1,420.7
6,821.1
1,719.0
1,466.2
8,323.6
1,603.7
5,510.5
1,421.0
1,460.7
7,508.8
1,856.7
1,374.7
9,135.1
1,763.1
5,942.3
1,340.4
1,495.3
8,354.8
1,938.1
1,351.2
260.4
3.4
3.2
2,226.0
91.1
438.3
82.9
1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2
through L.4, available at: www.federalreserve.gov/releases.
40.6
286.3
6.8
4.5
2,259.5
3,084.5
2,115.0
46.6
808.0
1,706.9
5,799.0
1,361.7
1,492.0
8,101.2
1,897.2
6,091.3
2,582.1
3,509.2
.0
5,141.5
1,055.0
3,353.3
104.2
531.2
97.9
4,721.6
1,076.5
2,956.5
92.9
506.5
89.2
5,727.5
2,438.7
3,288.8
.0
4,795.7
1,036.5
3,064.1
98.7
506.5
90.1
5,918.4
2,548.1
3,370.3
.0
4,864.5
1,025.7
3,137.9
102.8
506.2
92.0
6,061.1
2,573.0
3,488.0
.0
5,018.1
1,042.1
324.8
302.8
287.2
7.6
6.3
2,388.7
3,226.3
336.8
302.7
277.0
8.0
6.6
2,438.7
3,288.8
2,249.6
50.2
820.0
16.0
194.4
2,307.1
334.0
304.8
277.9
8.8
7.4
2,548.1
3,370.3
2,347.2
356.0
347.7
281.4
8.4
8.1
2,582.1
3,509.2
2,420.0
46.2
48.6
871.0
16.0
197.6
896.3
16.0
206.7
462.7
426.8
416.5
339.5
321.8
280.9
9.1
8.0
2,573.0
3,488.0
2,396.4
47.0
938.7
16.0
213.8
447.0
31,343.7
31,884.1
32,592.9
33,250.7
34,029.1
34,625.5
1,374.7
9,135.1
1,763.1
5,942.3
1,340.4
1,495.3
8,354.8
1,938.1
1,359.2
9,315.6
1,791.1
6,116.8
1,302.3
1,507.6
8,579.9
1,911.5
1,317.1
9,534.4
1,850.7
6,273.0
1,287.2
1,516.4
8,872.7
1,941.4
1,294.5
9,832.9
1,863.5
6,369.4
1,260.3
1,506.6
9,140.3
1,983.3
1,293.1
10,094.1
1,898.5
6,523.8
1,292.4
1,528.0
9,366.2
2,032.9
1,340.4
10,260.2
1,943.3
6,629.5
1,279.1
1,540.7
9,617.5
2,014.8
40.6
5,615.0
2,388.7
11,079.2
3,226.3
.0
3,267.8
100.0
514.5
93.7
60.0
961.1
16.0
227.3
455.5
Flow of Funds
1.60
39
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period
Transaction category or sector
Q3
Q4
Ql
Q2
Q3
Q4
Ql
CREDIT MARKET DEBT OUTSTANDING
25,459.6
27,178.7
29,151.2
31,343.7
30,594.1
31,343.7
31,884.1
32,592.9
33,250.7
34,029.1
34,625.5
3,427.0
2,370.3
224.3
64.6
767.8
261.1
2,354.6
19,416.9
478.1
4,648.3
4,080.0
487.4
32.7
48.3
1,032.4
351.7
222.0
1,886.0
518.2
720.4
751.4
1,147.8
1,076.8
110.8
1,543.2
2,292.2
1,360.0
742.6
32.1
42.9
154.7
272.2
3,310.7
2,245.4
249.4
65.9
750.0
272.7
2,621.1
20,974.2
511.8
5,006.3
4,419.5
511.3
20.5
55.0
1,088.6
379.7
222.8
1,943.9
509.4
724.2
806.0
1,290.9
1,097.7
105.3
1,803.9
2,491.6
1,517.2
851.2
32.1
35.8
223.6
297.1
3,265.5
2,129.8
252.1
73.0
810.6
278.7
2,953.7
22,653.3
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,131.4
421.2
194.7
2,074.8
518.4
708.3
788.4
1,536.9
1,223.8
108.5
2,110.0
2,830.1
1,745.1
846.4
32.1
42.5
316.0
217.8
3,212.5
2,024.1
275.4
76.7
836.4
288.5
3,436.8
24,406.0
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
729.5
802.4
1,511.6
1,368.0
117.1
2,320.9
3,158.2
1,915.8
867.6
32.1
65.6
344.4
174.7
3,193.8
2,029.3
260.7
75.7
828.1
287.9
3,293.6
23,818.8
604.2
5,476.2
4,858.4
521.2
27.7
3,212.5
2,024.1
275.4
76.7
836.4
288.5
3,436.8
24,406.0
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
729.5
802.4
1,511.6
1,368.0
117.1
2,320.9
3,158.2
1,915.8
867.6
32.1
65.6
344.4
174.7
3,144.6
1,984.6
266.7
76.6
816.7
284.1
3,535.5
24,919.9
641.5
5,673.6
5,055.6
519.0
33.0
66.1
1,214.4
473.7
194.9
2,377.6
572.3
731.3
802.5
1,485.5
1,415.6
123.6
2,387.0
3,226.3
1,968.2
861.1
32.1
63.5
390.9
215.9
3,181.2
1,991.1
279.8
77.6
832.7
282.0
3,722.5
25,407.3
652.1
5,831.6
5,200.8
517.6
42.9
70.3
1,238.8
495.3
194.3
2,437.4
584.7
737.4
808.1
1,480.3
1,480.9
138.6
2,419.0
3,288.8
2,020.6
883.5
32.1
71.2
341.1
202.4
3,282.6
2,076.6
291.6
77.8
836.7
287.0
3,799.5
25,881.5
656.1
5,832.4
5,230.3
490.3
36.4
75.5
1,261.4
517.7
193.7
2,472.8
601.9
734.4
810.9
1,438.1
1,478.5
149.3
2,583.8
3,370.3
2,055.8
924.2
32.1
75.9
375.0
247.9
3,420.0
2,201.0
289.3
78.1
851.6
285.8
3,956.5
26,366.7
666.7
5,961.5
5,361.7
485.8
36.4
77.6
1,293.1
514.5
193.2
2,503.7
624.0
733.6
815.5
1,398.5
1,505.7
153.3
2,579.0
3,488.0
2,100.1
951.8
32.1
82.4
424.1
277.5
3,286.3
2,077.7
276.0
78.1
854.5
287.5
4,243.6
26,808.1
674.1
6,135.7
5,525.9
492.4
36.7
80.7
1,370.6
524.3
196.4
2,528.6
634.8
744.5
816.6
1,344.7
1,548.6
155.5
2,570.1
3,509.2
2,119.0
989.0
32.1
97.0
412.8
334.4
25,459.6
27,178.7
29,151.2
31,343.7
30,594.1
31,884.1
32,592.9
33,250.7
34,029.1
34,625.5
50.1
6.2
20.9
686.1
202.4
1,484.5
2,671.6
936.4
1,578.8
1,083.6
4,538.5
676.6
783.9
9,095.5
2,345.4
178.9
1,130.4
9,317.7
46.1
2.2
23.2
820.3
221.2
1,413.1
2,860.4
1,052.6
1,812.1
1,196.8
4,435.3
822.7
819.1
9,067.3
2,747.7
204.8
1,095.8
10,523.4
55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,638.4
738.8
920.9
7,980.3
2,697.5
248.1
840.9
11,717.7
53.1
2.2
25.5
869.8
150.7
1,610.7
3,336.8
1,199.9
2,114.8
1,313.7
3,450.5
726.3
902.9
7,694.7
2,664.3
254.2
811.6
12,004.2
55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,638.4
738.8
920.9
7,980.3
2,697.5
248.1
840.9
11,717.7
57.6
2.2
25.6
870.7
175.5
1,680.4
3,502.5
1,209.1
2,156.1
1,323.1
3,587.8
796.6
936.3
7,902.1
2,701.1
271.2
819.6
12,003.4
58.9
2.2
26.0
910.6
123.8
1,703.1
3,575.2
1,222.5
2,120.8
1,450.0
4,071.6
971.9
963.7
8,502.7
2,759.6
276.6
877.0
11,924.7
61.3
2.2
24.5
851.0
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
880.0
8,655.1
2,670.1
219.2
960.7
11,178.3
26.0
836.3
163.7
1,670.6
3,601.2
1,222.1
2,058.0
1,483.2
4,242.6
940.2
978.0
8,679.5
2,823.4
284.8
885.0
12,221.6
62.3
2.2
26.0
854.1
202.9
1,681.0
3,628.3
1,233.5
2,016.0
1,659.1
4,653.2
871.3
999.6
9,256.6
2,882.2
276.6
932.4
11,980.3
61.5
2.2
26.2
791.3
123.9
1,651.1
3,721.6
1,332.8
1,971.9
1,773.5
4,890.4
945.4
1,019.5
9,422.8
2,907.1
297.2
955.0
12,072.3
53 Total liabilities
62,247.0
66,342.8
69,116.4
71,068.2
69,779.9
71,068.2
71,904.8
74,133.8
75,430.4
77,246.7
78,591.1
Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business . .
21.4
19,522.8
4,602.2
21.6
17,627.0
4,990.6
21.8
15,310.6
5,098.7
23.2
11,870.9
5,289.0
22.8
10,946.9
5,249.7
23.2
11,870.9
5,289.0
22.4
11,424.8
5,347.8
22.8
13,275.0
5,386.4
23.1
13,746.6
5,502.1
23.7
15,472.7
5,650.6
23.7
15,782.9
5,717.5
7.1
568.2
28.5
262.5
106.9
2,355.8
641.6
4.3
374.9
116.9
3,425.6
8.6
652.8
11.1
329.7
9.1
671.7
15.3
338.9
124.2
3,655.7
8.9
661.7
16.5
363.8
127.5
3,597.4
9.1
671.7
15.3
338.9
124.2
3,655.7
9.2
668.9
19.3
379.0
117.5
3,740.7
9.1
730.0
6.8
284.0
122.6
3,680.2
9.3
655.9
18.1
285.1
107.3
3,407.5
9.5
677.0
12.0
364.3
93.7
3,721.0
616.6
14.7
372.5
89.1
4,055.7
9.8
22.3
97.0
2.3
24.0
107.8
12.3
28.6
122.4
11.7
35.9
132.9
14.8
25.8
53.9
11.7
35.9
132.9
27.4
34.2
87.5
17.1
40.1
57.6
52.5
35.2
58.3
117.6
45.8
116.7
139.7
44.9
69.8
87,737.7
91,157.5
92,090.4
1 Total credit market assets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10 Monetary authority
11 Commercial banking
12
U.S.-chartered banks
13
Foreign banking offices in United States
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17 Credit unions
18 Bank personal trusts and estates
19 Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
28
Asset-backed securities (ABSs) issuers
29
Finance companies
30
Mortgage companies
3 1 Real estate investment trusts (REITs)
32 Brokers and dealers
33
Funding corporations
1,153.8
455.1
195.4
2,265.7
541.9
728.2
1,411.2
1,335.8
112.6
2,248.0
3,084.5
1,845.0
860.8
32.1
63.9
335.2
223.1
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
57
58
59
60
61
62
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous
Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets ( )
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals identified to sectors as assets . . .
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
L.I and L.5, available at: www.federalreserve.gov/releases.
91,115.9
2. Excludes corporate equities and mutual fund shares.
103,112.4
40
Federal Reserve Bulletin Statistical Supplement • August 2004
2.12
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
2003
2004
2003
2004
2003
2004
Series
Q3
Q4
Ql
Q2'
Q3
Q4
Ql
Q2
Ca pacity (percent of 1997 output)
Output (1997=100)
Q3
Q4
Ql
Q2'
Capacity utilization rate (percent)2
1 Total industry
III.I
112.6
114.4
115.8
148.8
149.1
149.6
150.2
74.6
75.5
76.5
77.1
2 Manufacturing
3
Manufacturing (NAICS)
112.1
112.5
113.8
114.2
115.5
116.0
117.4
117.7
153.2
154.9
153.5
155.2
153.8
155.7
154.5
156.4
73.2
72.6
74.1
73.6
75.1
74.5
76.0
75.2
4
5
Durable manufacturing
Primary metal
125.6
82.8
128.5
86.5
131.5
88.8
133.4
88.7
179.1
113.0
180.0
113.1
181.1
113.1
182.8
112.4
70.1
73.3
71.4
76.5
72.6
78.6
73.0
78.9
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
93.9
86.6
272.5
95.2
88.5
284.5
96.3
92.9
295.9
97.8
96.4
309.7
139.5
128.0
417.9
139.7
127.7
425.8
140.0
127.4
435.1
140.5
127.4
450.0
67.3
67.6
65.2
68.1
69.3
66.8
68.7
72.9
68.0
69.6
75.7
68.8
93.3
118.1
95.7
120.6
97.0
123.4
98.8
120.0
126.8
146.2
126.5
147.5
126.3
148.8
126.4
150.0
73.5
80.7
75.6
81.7
76.8
83.0
78.2
80.1
94.6
96.6
97.6
75.9
95.6
97.2
97.2
76.9
96.7
97.7
97.7
75.8
97.7
99.2
99.1
74.2
147.8
126.9
126.4
107.7
147.7
126.7
126.2
106.8
147.6
126.4
125.9
105.8
147.7
126.3
125.5
104.9
64.0
76.1
77.2
70.4
64.7
76.8
77.0
72.1
65.5
77.3
77.6
71.6
66.2
78.5
79.0
70.8
92.0
101.2
105.4
103.0
104.9
92.0
103.0
107.5
103.6
105.9
92.4
103.1
108.3
104.0
108.2
94.7
102.9
110.8
106.7
112.1
110.3
115.1
144.4
128.9
127.4
110.1
115.6
144.8
128.1
127.0
109.8
116.0
145.2
127.4
126.6
109.6
116.0
145.9
127.3
126.4
83.4
87.9
73.0
79.9
82.4
83.6
89.1
74.2
80.9
83.4
84.2
88.8
74.6
81.6
85.5
86.4
88.7
75.9
83.8
88.7
20 Mining
21 Electric and gas utilities
93.3
111.0
93.6
112.4
93.2
116.5
92.8
115.3
109.8
133.9
109.7
135.2
109.7
136.3
109.8
136.9
85.0
82.9
85.3
83.1
84.9
85.5
84.6
84.2
MEMOS
22 Computers, communications equipment, and
semiconductors
379.9
401.6
426.6
452.3
584.8
599.5
617.0
646.6
65.0
67.0
69.1
69.9
23 Total excluding computers, communications
equipment, and semiconductors
99.5
100.6
102.0
102.9
131.4
131.5
131.6
131.8
75.7
76.5
77.5
78.1
24 Manufacturing excluding computers,
communications equipment, and
semiconductors
98.5
99.7
100.9
102.3
132.6
132.6
132.6
132.6
74.3
75.2
76.1
77.1
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
2.12
41
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973
1975
Previous cycle3
High
Low
High
Latest cycle4
2003
2004
Series
Low
High
Low
July
Feb.
Mar.
Apr.'
May'
June'
JulyP
Capacity utilization rate (percent)2
1 Total industry
88.8
74.0
86.6
70.9
85.2
78.6
74.5
76.7
76.6
76.8
77.4
76.9
77. r
2 Manufacturing
3
Manufacturing (NAICS)
88.1
88.1
71.5
71.3
86.3
86.3
68.7
68.0
85.6
85.5
77.2
77.0
73.0
72.5
75.3
74.6
75.5
74.8
75.9
75.2
76.2
75.4
75.9
75.2
76.3
75.5
89.0
100.8
69.6
69.0
86.9
91.1
63.2
47.2
84.5
95.3
73.4
75.2
69.8
73.4
72.9
79.8
72.9
78.8
73.0
77.8
73.1
78.1
72.8
80.7
73.1
79.7
4
5
Durable manufacturing
Primary metal
6
7
8
91.8
94.3
70.3
74.4
83.3
93.1
62.0
58.4
80.3
84.6
71.1
72.8
67.6
67.0
68.7
73.4
69.2
73.8
69.7
74.8
69.7
76.1
69.5
76.0
69.7
76.7
86.9
66.7
89.5
77.3
81.1
76.3
64.2
68.2
68.5
68.1
69.1
69.2
70.2
99.2
95.7
68.5
55.6
91.9
96.3
64.5
45.3
87.4
89.7
75.0
56.5
73.2
80.0
76.6
84.1
76.9
82.2
78.3
82.0
77.7
80.0
78.5
78.1
78.7
77.4
74.9
87.5
65.9
72.4
84.2
85.7
69.6
75.6
88.9
87.0
81.9
81.8
63.4
76.2
65.8
77.2
65.8
77.7
66.2
78.3
66.2
78.7
66.1
78.6
66.8
78.9
14
Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .
85.9
89.8
77.9
62.7
84.3
90.2
80.4
72.4
85.5
91.4
81.3
77.2
77.7
71.1
77.6
71.2
78.0
70.0
78.4
70.0
79.4
71.4
79.2
70.9
79.6
72.0
15
16
17
18
19
Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .
97.3
93.2
84.8
96.4
85.5
74.4
81.0
68.8
61.6
75.0
95.4
92.3
83.1
89.9
88.2
81.3
71.2
68.1
70.5
85.7
93.7
88.9
85.6
91.3
90.7
85.2
82.5
80.8
77.2
79.1
84.3
87.0
72.4
79.6
82.3
84.6
88.2
74.5
81.8
86.2
84.0
90.3
75.2
81.8
86.7
85.8
88.9
76.0
83.3
88.2
86.7
88.6
76.0
83.9
89.5
86.8
88.6
75.8
84.3
88.5
87.0
89.2
76.1
83.8
89.9
20 Mining
21 Electric and gas utilities
93.6
96.3
87.6
82.7
94.2
88.1
78.6
77.6
85.6
92.8
83.4
84.1
85.0
83.4
84.9
86.5
84.5
83.1
84.8
82.5
84.8
86.2
84.1
83.9
85.0
82.2
MEMOS
22 Computers, communications
equipment, and semiconductors .
84.4
63.1
89.4
75.4
79.9
74.5
63.6
69.6
69.5
69.4
70.1
70.4
70.9
23 Total excluding computers,
communications equipment,
and semiconductors
89.1
74.3
86.7
70.7
85.6
78.8
75.6
77.7
77.5
77.9
78.5
78.0
78.2
24 Manufacturing excluding computers
communications
equipment, and semiconductors .
88.4
71.8
86.3
68.2
86.1
77.3
74.2
76.3
76.6
77.0
77.3
77.0
77.4
9
10
11
12
13
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2003. The recent annual revision is described in the Winter
2004 issue of the Bulletin.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
3. Monthly highs, 1978-80; monthly lows, 1982.
4. Monthly highs, 1988-89; monthly lows, 1990-91.
42
Federal Reserve Bulletin Statistical Supplement • August 2004
2.13
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
Group
2002
proportion
2003
avg.
July
Aug.
Sept.
Dec.
Jan.
Feb.
Apr.'
May'
JulyP
Index (1997=100)
MAJOR MARKETS
1 Total IP
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Market groups
Final products and nonindustrial supplies . .
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting . . .
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy
110.8
110.9
111.5
111.8
112.9
113.1
113.8
114.8
114.7
115.3
116.3
115.8
58.9
31.1
8.1
4.0
0.3
1.4
2.3
23.0
18.6
10.4
1.0
4.6
2.1
4.4
107.9
106.1
118.3
129.5
172.1
111.0
98.1
101.6
99.9
96.7
62.9
116.4
109.1
111.1
107.5
105.8
118.2
129.1
170.7
112.2
97.8
101.3
99.6
97.3
61.6
114.4
108.4
109.8
107.6
105.7
117.4
127.3
179.2
112.0
97.4
101.4
99.3
96.2
59.7
116.5
108.8
111.1
108.0
106.1
120.8
135.0
183.2
110.6
97.1
100.9
99.1
96.0
59.7
116.3
108.2
109.4
108.2
106.0
119.8
131.8
196.2
110.6
97.6
101.0
99.5
95.7
60.7
117.4
109.7
109.0
109.3
107.1
121.3
133.0
202.8
112.3
98.9
102.1
100.5
96.4
61.1
120.0
110.6
109.9
109.5
107.3
121.2
133.1
202.7
111.4
99.0
102.3
100.1
96.1
61.2
118.7
109.7
113.0
110.2
108.1
122.7
135.0
203.1
113.3
99.6
102.9
99.8
96.0
61.2
117.6
110.3
117.2
1112
108.8
123.8
137.2
212.0
112.4
99.6
103.5
100.8
96.3
62.1
119.3
113.7
116.2
111 1
108.5
122.9
135.1
227.3
110.6
99.5
103.4
101.6
96.8
62.6
121.1
113.8
112.3
111.7
108.6
123.1
135.1
200.3
113.1
101.2
103.4
102.4
97.3
63.5
122.2
115.7
109.0
112.7
109.5
121.9
132.4
204.3
112.1
101.5
105.0
103.2
98.6
62.2
122.0
118.0
113.8
112.0
108.2
120.0
129.3
190.4
111.9
101.4
103.9
102.5
98.2
61.3
121.2
116.6
111.1
112.6
108.5
120.4
129.2
207.4
111.2
101.7
104.1
103.2
98.7
60.4
122.1
118.4
109.2
16
17
18
19
20
Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment
10.0
1.8
3.2
5.1
1.9
110.4
76.0
173.7
90.0
111.9
109.3
73.9
172.5
89.5
112.1
110.0
74.5
174.7
89.6
113.0
1112
77.1
175.4
90.3
113.7
110.8
75.9
178.5
89.2
113.7
win
76.7
178.4
92.0
113.3
113.2
77.8
177.6
92.5
112.4
114.4
78.0
179.2
93.8
111.7
116.2
79.3
180.9
95.5
113.2
116.2
78.6
181.4
95.7
114.4
117.3
80.3
182.0
96.6
115.0
118.9
79.6
187.1
97.8
116.2
119.4
79.1
189.9
97.9
116.2
121.2
79.5
194.1
99.2
118.0
21
22
Construction supplies
Business supplies
4.3
11.2
102.0
111.7
101.5
111.5
101.9
111.2
102.3
111.3
103.1
112.1
104.4
112.8
104.1
113.4
104.1
114.1
104.3
115.3
105.1
115.1
106.0
116.9
106.8
117.7
106.5
117.2
106.6
117.8
23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33
Energy
41.1
30.5
19.2
4.0
6.8
8.4
11.3
0.8
2.7
4.2
10.6
115.7
119.8
135.2
106.7
214.7
95.0
95.3
70.1
90.2
99.9
100.4
115.4
119.2
134.6
105.9
214.2
94.6
94.8
67.8
90.9
98.5
100.9
115.5
119.2
134.9
104.8
218.2
94.1
94.4
67.0
89.3
99.1
101.0
116.4
120.8
137.0
109.2
221.6
94.4
95.1
67.5
89.6
100.8
100.4
116.9
121.3
138.2
108.4
224.2
95.7
95.0
68.3
88.7
100.4
100.9
117.9
122.7
139.8
109.2
227.7
96.8
96.0
69.3
89.1
102.5
100.9
118.2
123.0
140.2
109.9
228.8
96.7
96.2
68.8
89.7
102.8
101.4
118.9
123.3
141.0
110.4
233.0
96.4
95.8
68.6
89.8
101.8
102.6
119.8
124.9
143.4
112.6
237.9
97.5
96.4
66.2
89.6
102.6
102.2
119.7
125.4
144.0
111.5
240.5
98.0
96.7
66.2
89.9
103.7
100.9
120.2
126.1
144.7
110.9
244.4
98.0
97.4
64.5
90.8
104.8
101.0
121.3
126.7
145.5
109.4
248.9
98.5
97.7
64.4
91.0
104.9
102.9
121.1
127.1
146.4
108.3
253.0
98.9
97.6
64.6
91.7
105.1
101.4
121.3
127.5
146.8
107.4
256.7
98.7
98.0
65.3
92.0
105.3
101.2
94.8
93.3
99.7
110.7
99.4
110.4
99.2
110.6
99.8
110.7
99.9
111.2
100.8
112.3
101.1
112.6
101.5
113.2
102.3
114.0
102.1
114.1
102.6
114.8
103.4
116.0
102.8
115.6
103.1
116.2
SPECIAL AGGREGATES
34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts ..
Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total
I Nonindustrial supplies
2,736.2
43.4
31.1
12.3
15.5
2,729.8 2,728.9
2,752.5
2,748.7 2,777.5 2,789.5 2,810.9 2,833.1 2,825.7 2,835.5 2,855.2 2,833.9 2,846.9
2,073.1 2,069.0 2,068.0 2,090.1 2,080.4 2,102.8 2,112.3 2,130.6 2,147.7 2,141.6 2,141.5 2,155.7 2,137.5 2,148.5
1,493.8 1,494.0 1,489.3 1,503.3 1,495.5 1,508.5 1,515.5 1,527.0 1,536.5 1,531.3 1,525.9 1,533.6 1,514.9 1,516.7
626.7
637.1
578.5
573.4
586.3
584.7
594.6
604.2
612.2
611.6
577.9
597.0
617.9
625.0
663.3
660.9
661.1
662.6
668.3
674.8
677.3
680.5
685.6
684.3
694.0
699.4
696.3
Selected Measures
2.13
INDUSTRIAL PRODUCTION
43
Indexes and Gross Value1—Continued
Monthly data seasonally adjusted
Group
NAICS
code2
2002
proportion
2003
2004
2003
avg.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.'
May'
June'
JulyP
Index (1997=100)
INDUSTRY GROUPS
41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
31
62
63
64
Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)
65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts
83.5
78.4
112.2
112.6
111.8
112.2
111.8
112.1
112.7
113.2
112.9
113.3
114.2
114.6
114.2
114.7
114.5
115.0
115.8
116.2
116.3
116.6
117.1
117.4
117.7
117.9
117.5
117.8
118.2
118.4
42.6
321
1.4
125.3
99.1
124.8
99.6
124.9
98.7
127.1
98.7
127.2
101.2
128.8
103.8
129.3
102.0
130.1
103.2
132.0
103.3
132.4
102.8
133.0
103.9
133.6
104.7
133.6
103.3
134.5
102.9
327
331
332
333
2.3
2.2
5.9
5.2
100.8
84.6
94.4
86.7
100.8
82.9
94.2
85.9
100.9
82.5
93.2
86.7
100.4
83.0
94.4
87.3
101.5
84.7
94.6
86.3
102.5
86.7
95.3
89.7
102.6
88.0
95.6
89.6
101.7
87.3
95.6
91.1
100.4
90.3
96.3
93.5
102.9
89.0
96.9
94.1
102.8
87.7
97.8
95.4
102.0
87.8
98.0
97.0
101.9
90.5
97.8
96.9
102.6
89.1
98.2
97.8
334
8.1
266.5
266.7
273.7
277.1
282.9
285.3
285.3
290.1
296.6
301.0
302.5
311.1
315.4
324.0
335
3361 3
2.3
6.7
93.8
117.5
92.9
116.6
93.0
114.9
93.9
122.7
94.4
119.9
95.9
120.5
96.7
121.3
97.0
122.6
96.8
125.1
97.1
122.7
99.0
122.6
98.2
120.0
99.2
117.5
99.6
116.7
3364 9
3.6
94.6
93.8
94.9
95.0
95.0
95.6
96.2
95.7
97.2
97.2
97.7
97.8
97.7
98.8
337
339
1.7
3.2
101.0
116.7
101.2
116.6
100.1
114.8
100.5
115.3
100.0
114.8
100.4
115.1
100.0
117.6
101.2
116.7
101.5
117.1
101.4
117.9
101.7
118.3
101.6
118.0
101.7
116.9
101.1
118.4
35.8
97.0
96.7
96.5
96.6
96.7
97.6
97.4
97.2
97.6
98.2
98.9
99.4
99.2
99.6
11.9
97.7
77.6
63.2
92.3
89.3
98.3
76.7
62.0
93.0
89.0
97.3
75.9
60.2
91.6
88.5
97.3
74.9
60.2
91.3
88.7
96.8
76.2
61.2
91.4
88.3
97.5
77.9
61.7
92.0
87.0
97.2
76.6
61.8
92.7
87.6
97.2
78.1
61.7
92.3
88.5
97.6
75.4
62.4
92.9
87.9
98.1
73.9
63.0
92.1
88.9
98.5
73.7
63.9
94.1
88.6
99.7
74.9
62.7
95.0
87.9
99.2
74.1
61.9
95.1
87.5
99.7
75.0
61.1
95.2
88.1
311,2
313,4
315,6
322
323
1.3
1.1
3.1
2.5
324
325
10.0
101.4
105.5
100.0
104.5
101.8
105.5
101.9
106.1
102.1
106.4
102.8
108.3
104.2
107.8
102.0
107.3
102.4
108.2
104.8
109.4
103.1
110.7
102.7
110.9
102.8
110.8
103.4
111.4
326
3.8
103.1
102.8
103.1
103.0
103.4
104.2
103.1
103.6
104.2
104.2
106.0
106.8
107.3
106.7
1133,5111
5.1
105.8
105.0
105.2
104.7
105.8
106.6
105.4
105.8
109.1
109.6
111.4
113.1
111.7
113.5
21
6.8
9.8
8.3
1.5
93.1
110.9
113.8
101.6
93.4
111.3
114.1
96.7
93.1
111.8
115.0
95.9
93.5
109.9
112.4
96.8
93.7
111.0
113.9
96.6
93.6
111.9
114.6
98.3
93.5
114.2
116.9
100.0
93.6
118.2
120.5
105.9
93.2
117.9
119.7
107.7
92.8
113.4
117.7
93.1
93.1
112.9
116.6
94.6
93.1
118.0
122.3
97.7
92.3
115.0
118.1
98.9
93.4
112.6
115.1
99.8
2211,2
2211
2212
2.2
78.2
98.8
98.4
98.1
99.0
99.0
100.0
100.1
100.1
101.1
101.5
102.1
102.5
102.2
102.7
76.8
111.8
111.4
111.5
111.9
112.3
113.6
113.6
113.8
115.0
115.7
116.6
117.5
117.5
118.3
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2003. The recent annual revision is described in the Winter 2004
issue of the Bulletin.
2. North American Industry Classification System.
44
Federal Reserve Bulletin Statistical Supplement • August 2004
3.10
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data seasonally adjusted except as noted1
Item credits or debits
Ql
1 Balance on current account
2
Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
Compensation of employees
10 Unilateral current transfers, net
385,701
362,692
1,006,653
1,369,345
23,572
28,727
115,882
87,155
5,155
46,581
11 Change in U.S. government assets other than official
reserve assets, net (increase, )
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
473,944
421,735
975,940
1,397,675
7,173
12,615
100,831
88,216
5,442
59,382
530,668
496,508
1,020,503
1,517,011
33,279
38,781
118,865
80,084
5,502
67,439
Q3
Q4
133,875
123,380
248,474
371,854
5,874
131,628
122,250
255,723
377,973
7,261
8,614
Q1P
126,960
125,494
144,879
136,931
268,306
276,838
1,353
16,639
393,800
16,151
17,526
38,554
21,028
1,375
17,617
413,769
12,675
14,075
35,494
21,419
1,400
486
309
4,911
0
557
0
100
815
158
475
138,206
125,386
247,999
373,385
3,995
5,379
25,333
19,954
1,384
16,815
Q2
7,264
26,342
19,078
1,390
16,369
28,640
20,026
20,623
897
644
170
102
86
154
97
383
131
2,221
0
97
2,435
117
111,102
63,002
22,480
8,429
34,049
8,010
29,663
35,845
28,312
45,206
63,559
47,071
31,090
25,835
53,705
290,389
183,438
34,534
15,211
57,206
65,245
3,290
16
18,552
751
50,663
23,953
3,340
41
22,019
1,392
83,679
72,787
8,685
70
524
1,753
125,240
100,110
13,016
177
10,849
1,442
681
574
601
1,494
572
361,371
125,858
8,520
142,349
194,678
30,307
45,425
15,889
134,835
285,474
10,406
28,932
72,337
173,799
102,801
24,138
11,207
26,619
40,837
22 Change in foreign official assets in United States (increase, +) . . . ,
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities2
26
Other U.S. liabilities reported by U.S. banks2
27
Other foreign official assets3
28,059
33,700
20,920
2,309
29,978
5,726
113,990
60,466
28,550
137
21,221
3,616
248,573
169,685
24,883
564
49,420
5,149
48,986
30,277
9,568
437
8,325
1,253
28 Change in foreign private assets in United States (increase, +) . . . ,
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
3 1 Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net
754,800
118,379
66,110
14,378
23,783
393,885
167,021
654,256
96,410
77,990
100,432
21,513
285,500
72,411
580,600
75,643
84,014
113,432
16,640
250,981
197,119
24,562
69,410
8,974
4,927
56,723
32,523
153,308
8,990
2,257
53,254
1,458
92,407
544
83,539
6,280
12,721
46,490
2,768
18,090
2,810
146,632
35,811
4,140
4,714
7,487
83,761
10,719
322,354
141,304
36,164
1,083
29,307
1,260
95,028
3,079
12,012
406
4,828
11,091
15,919
1,552
27,836
3,121
30,957
821
6,385
13,418
19,803
300
41,404
5,449
46,853
344
13,078
11,504
24,582
630
3,600
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
2,632
84,644
35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
42,668
66,372
1,800
62,329
17,985
MEMO
Changes in official assets
39 U.S. official reserve assets (increase, )
40 Foreign official assets in United States, excluding line 25
(increase, +)
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
4,911
3,681
1,523
83
170
611
2,221
557
30,368
113,853
249,137
49,423
65,261
50,704
83,749
125,417
1,725
8,132
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 3S—41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.
3.12
5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.
U.S. RESERVE ASSETS
Millions of dollars, end of period
2003
Asset
7000
2001
2004
2002
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
JulyP
1 Total
67,647
68,654
79,006
85,938
85,255
84,741
85,192
82,090
82,804
82,652
81,375
2 Gold stock1
3 Special drawing rights2'3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4
11,046
10,539
11,045
10,774
11,043
12,166
11,043
12,638
11,043
12,598
11,045
12,687
11,045
12,691
11,045
12,445
11,045
12,682
11,045
12,659
11,045
12,586
14,824
31,238
17,854
28,981
21,979
33,818
22,535
39,722
21,887
39,727
21,819
39,190
21,642
39,814
20,322
38,279
20,297
38,780
20,076
38,873
19,393
38,352
Note. The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web
site at: www. federalreserve.gov/releases.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.
Summary Statistics
3.13
45
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period
2003
Asset
2000
2001
2004
2002
Dec.
1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3
Feb.
Mar.
Apr.
May
June
JulyP
215
61
136
162
84
82
93
96
86
280
81
594,094
9,451
592,630
9,099
678,106
9,045
845,080
8,971
869,829
8,971
898,244
8,971
908,656
8,971
949,941
8,971
969,157
8,971
991,142
8,971
995,923
8,967
Note. The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web
site at: www. federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.
3.15
Jan.
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1
1 Total
2
3
4
5
6
7
8
9
10
11
12
By type
Liabilities reported by banks in the United States
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U.S. securities other than U.S. Treasury securities5
By area
Europe1
Canada
Latin America and Caribbean
Asia
Africa
Other countries
984,713
1,161,907
1,261,198
120,571
161,719
144,646
190,444
168,156
211,025
454,306
3,411
244,706
569,891
2,769
254,157
243,307
13,440
71,103
632,466
15,167
9,228
283,512
5,962
87,261
760,012
9,355
15,835'
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
3.16
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies
Apr. 7
MayP
1,456,893
1,536,465
1,577,896
1,593,321
1,609,490
168,156
211,025
190,685
212,025
206,066
224,028
203,420
230,022
199,418
223,287
193,136
231,186
610,122
660,940
2,876
269,019
2,876
306,346
730,054
2,613
321,516
773,035
1,529
331,807
806,940
1,540
335,974
829,080
1,549
339,987
1,559
339,969
295,662
4,845
95,110
838,281
9,846
17,484
313,413
5,840
82,538
922,947
9,194
15,396
307,092
5,891
83,451
1,033,904
8,888
17,652
310,844
7,367
89,220
1,100,478
11,026
17,515
310,151
7,814
87,855
1,144,934
10,370
16,757
311,966
7,591
93,125
1,153,622
10,656
16,346
311,225
7,136
96,435
1,165,604
10,834
18,241
843,640
6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners' holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2002 and are comparable to those shown for the following
dates.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.
Reported by Banks in the United States1
Millions of dollars, end of period
Sept.
1 Banks' own liabilities
2 Deposits
3
Other liabilities
77,779
n.a.
n.a.
79,363
n.a.
n.a.
80,543
n.a.
n.a.
72,310
44,766
27,544
67,110
40,982
26,128
61,158
36,435
24,723
62,930
38,457
24,473
4 Banks' own claims
5
Deposits
6
Other claims
56,912
23,315
33,597
74,640
44,094
30,546
71,724
34,287
37,437
84,798
42,630
42,168
77,097
36,696
40,401
77,883
38,135
39,748
78,751
37,569
41,182
24,411
n.a.
n.a.
17,631
n.a.
n.a.
35,923
n.a.
n.a.
25,179
4,560
20,619
23,594
4,228
19,366
26,533
7,036
19,497
23,887
5,463
18,424
7 Claims of banks' domestic customers
8 Deposits
9
Other claims
..
1. Data on claims exclude foreign currencies held by U.S. monetary authorities.
2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.
46
Federal Reserve Bulletin Statistical Supplement • August 2004
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
Feb.
Mar.
Apr.'
MayP
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners
r,630,4r7
r,985,588
2,313,007
2,3rr,039
2,313,007
2,391,430'
2,485,604' 2,487,066
2,518,717
2,515,390
1,174,976
1,363,270
1,658,506
1,664,820
1,658,506
1,733,628' 1,806,963' 1,802,382
1,840,841
1,827,976
188,005
194,680
151,071
455,441
175,231
246,623
190,134
622,318
848,178
810,328
462,860
654,501
815,647
849,173
484,983
646,219
848,178
810,328
462,860
654,501
832,234'
901,394'
533,365'
657,802
869,334'
937,629'
544,802'
678,641
858,296
944,086
530,736
684,684
866,550
974,291
567,207
677,876
869,082
958,894
562,102
687,414
186,115
236,796
257,705
261,845
257,705
257,476
272,106
281,023
271,746
275,810
139,807
189,573
204,047
204,189
204,047
209,568'
213,948
210,029
208,355
211,986
20,440
59,781
129,519
37,761
74,513
195,949
34,386
84,412
192,749
35,019
85,823
180,185
34,386
84,412
192,749
33,494
94,632
190,758'
192,587
34,809
89,422
193,632
35,597
89,445
197,775
37,786
89,684
199,618
10,830
10,169
3,791
6,378
661
600
13,467
12,362
5,769
6,593
1,105
1,089
14,149
12,577
5,784
6,793
1,572
110
12,435
10,529
4,978
5,551
1,906
195
14,149
12,577
5,784
6,793
1,572
110
15,103
13,446
7,500
5,946
1,657
137
13,530
12,186
8,452
3,734
1,344
178
13,914
12,068
9,467
2,601
1,846
13,658
12,163
7,178
4,985
1,495
451
13,777
11,822
7,103
4,719
1,955
839
61
0
16
1,462
0
1,711
1,462
1,520
0
1,165
1
1,237
1
1,044
0
1,116
282,290
80,970
21,987
58,983
335,090
93,884
20,733
73,151
402,710
117,819
24,147
93,672
401,026
113,305
22,477
90,828
402,710
117,819
24,147
93,672
422,075'
128,227'
23,881
104,346'
430,094'
125,013'
26,613
98,400'
433,442
126,115
25,276
100,839
422,705
126,685
25,794
100,891
424,322
118,471
28,418
90,053
201,320
161,719
241,206
190,444
284,891
212,025
287,721
215,580
284,891
212,025
293,848
213,135
305,081
224,028
307,327
230,022
296,020
223,287
305,851
231,186
38,531
1,070
50,698
64
70,417
2,449
71,992
149
70,417
2,449
80,475
238
81,036
17
76,964
341
71,973
760
74,073
592
1,052,626
914,034
68,218
53,525
138,592
11,541
1,311,267
1,055,858
56,020
58,422
255,409
25,916
1,380,420
1,146,567
705,763
440,804
233,853
18,263
1,361,426
1,139,468
675,597
463,871
221,958
17,064
1,380,420
1,146,567
705,763
440,804
233,853
18,263
1,403,684' 1,461,153' 1,460,213
1,170,224' 1,223,435' 1,224,249
703,958
685,928'
715,405'
520,291
484,296'
508,030'
235,964
233,460
237,718
21,628
18,615
20,177
1,454,031
1,220,470
709,465
511,005
233,561
19,492
1,445,268
1,208,302
709,137
499,165
236,966
18,457
24,059
102,992
57,605
171,888
49,264
166,326
48,535
156,359
49,264
166,326
49,096
165,749
49,669
167,872
46,852
167,484
43,045
171,024
46,148
172,361
36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other
284,671
169,803
94,009
75,794
325,764
201,166
92,709
108,457
515,728
381,543
112,484
269,059
536,152
401,518
112,595
288,923
515,728
381,543
112,484
269,059
550,568'
421,731'
114,925
306,806'
580,827'
446,329'
118,864
327,465'
579,497
439,950
119,595
320,355
628,323
481,523
124,113
357,410
632,023
489,381
124,424
364,957
40
41
42
114,868
12,255
124,598
19,347
134,185
27,307
134,634
29,006
134,185
27,307
128,837
25,589
134,498
27,723
139,547
28,765
146,800
28,516
142,642
25,328
77,156
25,457
81,254
23,997
82,904
23,974
81,951
23,677
82,904
23,974
78,477'
24,771'
82,078
24,697
84,976
25,806
92,293
25,991
90,649
26,665
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments6
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7
11
Other
12 Nonmonetary international and regional organizations8
13 Banks' own liabilities
14
Deposits2
15
Other
16 Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments6
19
Other
20 Official institutions9
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27
Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments6
Other
28 Banks'"
29
Banks' own liabilities
30
Deposits2
31
Other
32 Banks' custody liabilities4
33
U.S. Treasury bills and certificates5
34
Other negotiable and readily
transferable instruments6
35
Other
43
Banks' custodial liabilities
U.S. Treasury bills and certificates5
Other negotiable and readily
transferable instruments6
Other
MEMO
44 Own foreign offices'2
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) below.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.
Bank-Reported Data
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
47
Reported by Banks in the United States1—Continued
Millions of dollars, end of period
Apr.
MayP
AREA OR COUNTRY
45 Total, all foreigners .
1,630,417
1,985,588
2,313,007
2,311,039
2,313,007
2,391,430' 2,485,604' 2,487,066'
2,518,717' 2,515,390
46 Foreign countries . . .
1,619,587
1,972,121
4,597,716
4,597,208
4,597,716
4,752,654' 4,944,148' 4,946,304'
5,010,118' 5,003,226
520,438
2,922
6,546
3,618
1,446
49,056
22,318
2,307
6,215
16,667
12,363
3,727
4,033
20,800
8,811
3,375
66,382
7,474
204,107
36,024
309
41,938
653,988
2,818
9,536
5,106
1,693
40,399
34,650
2,975
5,568
31,945
10,839
18,879
3,574
23,146
14,039
4,647
132,895
12,131
185,970
47,594
301
65,283
784,103
4,819
9,353
3,678
1,780
40,749
46,727
1,254
6,193
35,871
17,012
22,425
933
41,671
9,885
7,076
110,789
13,745
333,550
20,800
160
55,633
801,600
4,429
6,749
2,938
5,904
45,149
47,993
1,461
5,916
33,153
17,497
19,483
2,013
37,616
8,988
5,438
105,231
13,355
353,821
21,188
180
63,098
784,103
4,819
9,353
3,678
1,780
40,749
46,727
1,254
6,193
35,871
17,012
22,425
933
41,671
9,885
7,076
110,789
13,745
333,550
20,800
160
55,633
47 Europe
48
Austria
49
Belgium13
50 Denmark
Finland
France
Germany
Greece
Italyy
56 Luxembourg13
57 Netherlands
58 Norway
59 Portugal
60 Russia
61
Spain
62
Sweden
63
Switzerland
64
Turkey
65 United Kingdom
66
Channel Islands and Isle of Man14
67 Yugoslavia15
68
Other Europe and other former U.S.S.R.1
819,439'
4,296
6,584
2,725'
2,777
50,280'
49,819
1,331
7,552'
37,666'
15,039'
27,431'
1,337
47,500
9,765'
6,230
105,900
8,636
354,598'
20,315
169
59,489'
893,994'
4,224
7,138
2,379'
3,478
53,197'
53,644
1,508
9,003'
42,556'
15,017'
19,178'
996
47,684
9,976'
7,281
131,969
8,234
387,038'
20,674
159
68,661'
876,598'
4,176
6,141
2,473'
2,503
44,725'
49,913
1,766
8,104'
39,904'
19,034'
22,736
1,430
45,694
8,394'
8,515
124,162
8,910
385,858'
23,123
81
68,956'
879,128'
3,995
8,988
2,747
1,228
44,965
48,431
1,307
7,982'
37,612
23,649'
30,226
1,151
44,127
9,241
9,652
107,464
10,124
391,898'
21,915'
175
72,251'
899,882
4,698
9,576
2,116
1,122
41,831
50,599
1,392
8,519
39,298
25,762
27,305
1,104
45,435
8,845
6,092
105,011
9,697
412,082
22,048
89
77,261
27,240
27,323
36,168
37,708
36,168
36,470'
33,711'
33,849'
35,420
30,920
Latin America
Argentina
g
Brazilil
Chile
Colombia
Ecuador
Guatemala
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin America17
118,025
10,704
14,169
4,939
4,695
2,390
1,882
39,871
3,610
1,359
3,172
24,974
6,260
107,357
10,878
10,040
6,146
4,158
2,299
1,379
36,109
3,864
1,363
2,815
21,939
6,367
109,967
9,755
16,282
4,405
4,214
2,565
1,537
34,927
4,079
1,394
3,667
21,207
5,935
111,677
9,491
21,547
4,084
3,946
2,598
1,571
32,718
3,790
1,241
3,463
21,248
5,980
109,967
9,755
16,282
4,405
4,214
2,565
1,537
34,927
4,079
1,394
3,667
21,207
5,935
111,519'
9,931
19,818'
5,401
3,987
2,514
1,483
32,757
3,871
1,379
3,235
21,433
5,710
114,167'
9,781
19,696'
5,013
4,033
2,399'
1,521
33,692
4,009
1,306
3,568
23,205
5,944
116,156'
9,891'
17,687'
5,661
4,077
2,375'
1,554
36,342
3,650
1,332
3,664
23,705
6,218
115,450'
10,199'
19,902'
5,531
4,162
2,407'
1,568
32,367
3,854
1,451
3,596
23,916
6,497
118,081
10,595
22,894
5,444
4,068
2,506
1,562
32,158
3,733
1,436
3,802
24,004
5,879
Caribbean
Bahamas
Bermuda
British West Indies18
Cayman Islands18
Cuba
Jamaica
Netherlands Antilles
Trinidad and Tobago
Other Caribbean17
646,047
178,472
10,469
0
439,190
88
1,182
3,264
1,269
12,113
837,666
163,543
24,674
0
630,446
91
829
5,004
1,405
11,674
968,282
153,507
38,847
0
737,551
96
669
8,887
1,252
27,473
951,294
146,902
43,860
0
727,767
93
666
7,296
1,242
23,468
968,282
153,507
38,847
0
737,551
96
669
8,887
1,252
27,473
290,923
319,487
369,669
365,283
369,669
373,557'
377,772'
397,272'
381,284
370,646
10,486
17,561
26,003
3,676
12,383
7,870
154,887
8,997
1,772
4,743
18,095
24,450
15,483
18,693
33,066
7,951
14,123
7,477
161,667
8,968
1,811
7,605
16,365
26,278
13,176
26,269
49,311
14,521
14,374
12,199
159,975
12,613
1,596
7,193
23,461
34,981
20,994
24,238
42,100
13,580
13,816
10,305
162,963
14,745
1,535
7,112
24,115
29,780
13,176
26,269
49,3 11
14,521
14,374
12,199
159,975
12,613
1,596
7,193
23,461
34,981
12,337
27,659
50,660
13,135
14,130
11,314
162,291
14,736'
1,622
8,970
25,839
30,864'
17,391
22,467
52,042
11,414
13,858
14,953
166,097
14,059'
1,582
10,743
21,789'
31,377'
21,961
29,619
50,553
11,338
14,377
16,881
172,338
10,065'
1,904
7,602
24,002'
36,632'
18,522
26,662
50,323
10,533
11,602
16,067
168,598
10,494
1,964
6,531
24,500'
35,488'
16,350
27,092
44,069
10,368
12,018
15,588
168,002
10,892
1,874
6,644
23,661
34,088
11,233
2,778
274
711
4
4,377
12,251
2,655
306
1,114
2
4,370
3,804
13,809
2,336
376
3,710
18
3,503
3,866
13,763
2,521
333
3,645
5
3,287
3,972
13,809
2,336
376
3,710
18
3,503
3,866
14,080
2,149
179
3,929
37
4,254
3,532
15,537
3,262
311
3,528
6
5,075
3,355
15,094
3,225
165
3,888
5
4,702
3,109
15,557
3,056
128
3,789
40
5,114
3,430
16,269
2,987
100
4,197
10
5,468
3,507
5,681
5,037
232
412
14,049
11,991
1,796
262
16,860
13,975
2,457
428
17,279
13,971
2,865
443
16,860
13,975
2,457
428
15,922
13,035
2,324
563
16,031
12,928
2,602
501
15,661
12,099
2,818
744
16,564
14,057
2,062
445
19,548
17,278
1,784
486
10,830
9,331
13,467
11,282
507
1,611
14,149
10,500
420
3,166
12,435
10,787
323
1,264
14,149
10,500
420
3,166
15,103
12,929
708
1,406
13,530
11,585
515
1,361
13,914
11,938
444
1,463
13,658'
11,454'
753
1,388
13,777
11,816
520
1,391
69 Canada
93 Asia
China
94
Mainland
95
Taiwan
96
Hong Kong
97
India
98
Indonesia
99
Israel
100 Japan
101 Korea (South)
102 Philippines
103
Thailand
104 Middle Eastern oil-exporting countries19
105 Other
106 Africa
107
Egypt
108 Morocco
109
South Africa
110
Congo (formerly Zaire)
111
Oil-exporting countries20 . . . .
112 Other
113 Other countries . .
114 Australia
115 New Zealand21
116 All other
117 Nonmonetary international and regional organizations
118
International22
119 Latin American regional23
120
Other regional24
935
13. Before January 2001, data for Belgium-Luxembourg were combined.
14. Before January 2001, these data were included in data reported for the United
Kingdom.
15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
16. Includes the Bank for International Settlements and the European Central Bank.
17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
18. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.
1,005,340' 1,020,862' 1,018,522' 1,061,656' 1,046,267
144,187'
148,691
149,100'
151,327'
155,593'
58,435'
52,357
50,669
49,276
45,864
0
0
0
0
0
820,011'
805,736
781,568'
780,541'
765,090'
97
96
95
95
95
923
802
837
784
696
6,725
4,999
3,945
4,432
7,409'
1,425
1,555
1,638
1,582
1,291
29,853
32,031
30,670
32,825
29,302
19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
20. Comprises Algeria, Gabon, Libya, and Nigeria.
21. Before January 2001, these data were included in "All other."
22. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
23. Principally the Inter-American Development Bank.
24. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."
48
Federal Reserve Bulletin Statistical Supplement • August 2004
3.18
BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
2003
Area or country
Apr.'
1 Total, all foreigners . .
r,052,066
1,185,445
r,320,446
1,321,190
1,320,446
1,341,677
1,455,114
1,503,254
1,545,881
1,510,800
2 Foreign countries . . . .
r,047,r20
1,181,768
2,630,724
2,636,242
2,630,724
2,674,502
2,901,328
2,994,194
3,083,820
3,014,818
462,418
5,280
6,491
1,105
10,350
60,866
30,044
367
4,205
1,323
16,039
6,236
1,603
594
3,260
12,756
87,350
2,124
201,185
4,478
0
6,762
487,004
3,603
6,044
1,109
8,518
47,705
22,481
477
3,753
3,407
23,133
13,885
2,226
877
5,371
15,889
126,958
2,112
176,953
17,457
0
5,046
590,834
4,714
6,837
2,764
8,125
63,698
25,520
238
7,310
5,512
21,253
17,666
2,019
1,233
2,295
15,246
78,634
2,149
269,070
43,099
0
13,452
595,702
4,793
5,452
1,281
6,782
65,634
25,491
193
5,490
6,506
19,035
16,146
2,360
909
1,789
14,709
87,582
2,189
270,183
44,051
0
15,127
590,834
4,714
6,837
2,764
8,125
63,698
25,520
238
7,310
5,512
21,253
17,666
2,019
1,233
2,295
15,246
78,634
2,149
269,070
43,099
0
13,452
603,351
4,760
6,600
947
7,454
74,144
27,820
157
6,232
5,564
19,303
20,695
2,055
1,006
2,168
14,297
59,376
2,683
289,211
43,401
0
15,478
666,558
5,146
8,549
2,510
6,893
73,849
30,231
166
6,687
6,943
22,861
13,377
2,146
1,181
2,448
16,151
97,811
2,988
303,720
45,020
0
17,881
701,294
4,917
10,294
1,317
8,829
72,346
29,370
208
8,302
5,768
23,395
20,135
2,320
1,040
2,324
18,027
103,031
3,229
319,510
49,616
0
17,316
710,490
5,018
8,697
1,634
9,516
77,699
33,315
214
8,530
5,012
22,701
26,881
2,312
948
1,212
20,086
689,478
4,895
7,079
1,252
9,625
79,628
27,897
217
8,815
5,202
22,591
14,545
2,158
1,120
2,837
17,627
78,843
3,126
336,929
45,276
0
19,816
25 Canada
54,421
60,521
52,131
57,074
52,131
57,272
56,347
55,957
55,761
54,257
26 Latin America
27 Argentina
28 Brazil
29 Chile
30 Colombia
31 Ecuador
32 Guatemala
33 Mexico
34 Panama
35 Peru
36 Uruguay
37 Venezuela
38 Other Latin America6
69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,061
2,185
447
3,077
3,364
56,642
6,783
15,419
5,250
2,614
457
892
15,658
1,915
1,411
255
3,254
2,734
51,504
3,819
15,825
6,094
2,026
404
781
13,570
1,844
1,370
465
2,911
2,395
54,189
4,699
17,769
5,830
2,069
441
793
13,600
1,857
1,392
428
3,020
2,291
51,504
3,819
15,825
6,094
2,026
404
781
13,570
1,844
1,370
465
2,911
2,395
54,043
3,856
18,347
6,135
2,021
403
785
13,550
1,779
1,470
402
2,877
2,418
52,143
3,569
17,373
5,794
2,090
407
803
13,222
1,785
1,491
382
2,809
2,418
51,850
3,332
17,707
5,962
2,143
406
808
12,716
1,795
1,357
399
2,818
2,407
51,741
3,130
17,757
6,077
2,126
417
829
12,463
1,668
1,494
361
2,822
2,597
52,181
3,256
18,191
6,169
2,182
430
824
12,012
1,806
1,685
340
2,811
2,475
366,319
101,034
7,900
0
245,750
0
418
6,729
931
3,557
475,896
95,584
9,902
0
359,259
0
321
6,690
889
3,251
492,717
73,709
14,889
0
391,536
0
377
6,629
665
4,912
489,770
83,137
19,035
0
376,008
0
398
7,008
799
3,385
492,717
73,709
14,889
0
391,536
0
377
6,629
665
4,912
493,341
69,915
18,265
0
390,064
0
405
5,307
697
8,688
544,196
80,788
21,215
0
427,116
0
378
5,023
771
8,905
552,647
78,004
20,104
0
442,242
0
388
5,268
790
5,851
578,912
71,700
23,990
0
470,578
0
389
5,211
809
6,235
578,965
75,611
23,955
0
464,853
0
475
5,098
925
8,048
85,990
93,551
117,964
112,255
117,964
119,917
119,626
124,629
133,753
121,904
2,073
4,433
10,035
1,348
1,752
4,396
34,136
10,653
2,587
2,499
7,882
4,196
1,057
3,766
7,258
1,235
1,270
4,660
47,600
11,118
2,137
1,167
7,952
4,331
4,134
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,782
8,113
6,573
8,210
6,663
1,584
810
3,625
54,618
13,198
1,048
1,128
6,229
8,569
4,134
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,782
8,113
5,349
10,195
7,627
1,599
764
5,228
58,168
15,550
981
604
5,425
8,427
5,135
9,838
7,401
1,768
763
5,392
58,147
16,401
1,489
635
4,644
8,013
9,614
9,149
8,833
1,898
771
5,368
53,960
19,830
1,531
875
4,292
12,229
10,403
8,481
2,099
812
4,474
57,749
19,512
1,460
704
4,892
10,938
6,660
10,043
5,187
2,290
711
3,269
58,439
17,405
1,517
700
5,015
10,668
62 Africa
63
Egypt
64
Morocco
65
South Africa . . .
66
Congo (formerly Zaire) . .
67
Oil-exporting countries9 . .
Other
2,146
416
106
761
0
167
696
1,977
487
53
617
0
222
598
1,450
233
46
453
0
147
571
1,575
293
36
330
0
169
747
1,450
233
46
453
0
147
571
1,479
219
32
486
0
181
561
1,403
220
41
471
0
183
1,330
211
30
445
0
192
452
1,230
203
32
461
0
139
395
1,258
161
27
461
0
214
395
69 Other countries . . .
70
Australia
71
New Zealand10 .
72 All other
6,064
5,677
349
38
6,177
5,566
569
42
8,762
7,902
819
41
7,556
6,859
662
35
8,762
7,902
819
41
7,848
6,901
887
60
10,391
9,304
990
97
9,390
8,442
10,023
9,128
817
78
9,366
8,502
748
116
73 Nonmonetary international and regional organizations''
4,946
3,677
5,084
3,069
5,084
4,426
4,450
3,971
3,391
Europe
Austria
Belgium2
Denmark
Finland
France
Germany
Greece
Italy
Luxembourg^
Netherlands
Norway
Portugal
Russia
Spain
Sweden
Switzerland
Turkey
United Kingdom
Channel Islands and Isle of Man3
Yugoslavia4
Other Europe and other former U.S.S.R.5
39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies7
43
Cayman Islands7
44
Cuba
45
Jamaica
46
Netherlands Antilles . . . .
47
Trinidad and Tobago . . . .
48
Other Caribbean6
49 Asia . .
China
Mainland
50
Taiwan
51
Hong Kong
52
India
53
Indonesia
54
Israel
55
Japan
56
Korea (South)
57
Philippines
58
Thailand
59
Middle Eastern oil-exporting countries8
60
61
Other
1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
3,215
336,189
47,305
5. Includes the Bank for International Settlements and the European Central Bank.
6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."
Bank-Reported Data
3.19
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars
49
Reported by Banks in the United States1
Millions of dollars, end of period
2003
Type of claim
2001
2002
Nov.'
1 Total claims reported by banks
1,259,328
1,409,095
1,610,301
2 Banks' own claims on foreigners
3
Foreign official institutions2
4
Foreign banks3
5
Other foreigners4
1,052,066
50,618
844,865
156,583
1,185,445
52,198
970,357
162,890
1,320,446
56,838
982,43 1
281,177
207,262
82,566
223,650
80,269
114,287
10,409
137,289
6,092
289,855
136,941
69,952
68,553
14,409
6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8 Negotiable CDs
9
Other short-term negotiable instruments6 . .
2004
2003'
Dec'
Jan.'
Feb.'
1,341,677
68,370
972,959
300,348
1,455,114
60,200
1,083,660
311,254
1,610,301
1,321,190
60,250
965,133
295,807
1,320,446
56,838
982,43 1
281,177
Mar.'
Apr.'
MayP
1,545,881
82,988
1,129,944
332,949
1,510,800
63,127
1,110,070
337,603
1,783,630
289,855
136,941
69,952
68,553
14,409
1,503,254
71,526
1,120,108
311,620
280,376
131,818
70,979
64,816
12,763
MEMO
11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices8
498,421
376
472,721
180
498,421
376
506,954
203
542,157
129
551,521
1,491
571,724
443
552,673
2,199
n.a.
744,498
n.a.
892,340
5,328
816,321
933,816
6,512
841,777
925,680
5,328
816,321
933,816
6,138
828,382
928,994
6,369
906,459
1,013,886
7,483
942,759
1,040,658
10,015
963,699
1,064,009
7,969
947,959
1,053,357
137,979
161,585
344,753
349,546
344,753
366,611
393,008
415,593
443,495
427,032
16 Loans collateralized by repurchase
1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances,
dealers.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) below.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) below.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.
6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.
50
Federal Reserve Bulletin Statistical Supplement • August 2004
3.22
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
By type
2 Financial liabilities
3
Short-term negotiable securities'
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
By currency
7 U.S. dollars
8 Foreign currency2
9
Canadian dollars
10 Euros
11 United Kingdom pounds sterling .
12 Japanese yen
13 All other currencies
14
15
16
17
18
19
20
By area or country
Financial liabilities
Europe
Belgium-Luxembourg .
France
Germany
Netherlands
Switerzerland
United Kingdom
73,904
66,679
73,975
47,419
n.a.
41,034
n.a.
39,561
n.a.
39,561
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
25,246
22,173
n.a.
n.a.
n.a.
n.a.
n.a.
18,763
22,271
n.a.
n.a.
n.a.
n.a.
n.a.
18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.
34,172
147
1,480
2,168
2,016
104
26,362
31,806
154
2,841
2,344
1,954
94
22,852
73,935
76,380
57,058'
21,428
53,684'
18,242
56,330'
17,410
53,385'
14,002
58,551
10,225
35,630'
35,442'
38,920'
39,383'
48,326
5,502
23,276
5,532
22,397
7,081
21,588
8,498
22,946
8,253
21,534
18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.
30,301'
26,757
527
12,337
7,209
2,880
3,804
29,342'
24,342
738
10,019
6,919
2,745
3,921
28,781'
27,549
25,290'
28,095
1,431
10,372
11,425
2,493
2,374
34,225
34,335
144
5,243
2,923
1,825
61
22,53 1
34,335
144
5,243
2,923
1,825
61
22,53 1
36,138
1,261
2,685
3,343
1,797
19
25,878
32,639
546
3,240
2,901
1,790
167
22,903
33,575
675
2,743
35,224
31,606
677
285
17
24,733
3,514
3,531
284
16
25,011
495
2,158
3,015
284
15
23,127
11,211
11,211
10,100
9,485
8,496
9,629
7,790
591
591
1,012
1,386
1,348
1,415
4,495
4
4,244
129
n.a.
37
27
0
5,579
26
0
615
242
n.a.
3,020
34
7,875
0
3,506
291
n.a.
3,813
32
1,266
13,731
7,987
1,945
2,620
3,366
24,326
1,152
7,384
12,824
1,336
1,630
MEMO:
21
Euro area3 . . .
411
955
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
4,125
6
1,739
148
2,858
157
960
35
1,627
n.a.
36
1,504
23
990
65
365
n.a.
31
1
1,504
23
990
65
365
n.a.
31
1
3,816
334
31
32
33
Asia
Japan
Middle Eastern oil-exporting countries5
7,965
5,042
3,269
10
2,932
1,832
14
2,932
1,832
14
4,307
2,043
17
3,417
1,909
32
4,116
2,210
2,518
1,826
67
36
4,511
1,453
29
34
35
Africa
Oil-exporting countries6 . .
131
91
131
91
114
91
112
91
119
91
123
92
126
93
36
All other7 . . .
406
n.a.
26
2
6,216
12
3,046
127
n.a.
25
29
2,862
155
n.a.
2,426
31
0
Nonbank-Reported Data
3.22
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States—Continued
51
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
37 Commercial liabilities
3 8 Trade payables
39
Advance payments and other liabilities
26,485
14,293
12,192
25,645
11,781
13,864
28,103
14,699
13,404
28,103
14,699
13,404
28,515
15
14
28,497
15
13
27,626
16
11
30,090
17
13
30,776
18
13
By currency
40 Payable in U.S. dollars
41 Payable in foreign currencies2
42
Canadian dollars
43
Euros
44
United Kingdom pounds sterling
45
Japanese yen
46
All other currencies
23,685
2,800
n.a.
n.a.
n.a.
n.a.
n.a.
24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.
26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.
26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.
24,955
3,560
114
1,074
661
242
1,469
25,238
3,259
146
940
668
154
1,351
25,615
2,011
165
490
542
154
660
27,632
2,458
199
787
606
209
657
2,254
196
699
513
223
623
9,629
293
979
1,047
300
502
2,847
9,219
99
734
905
1,163
790
2,279
8,257
141
765
781
590
433
2,649
8,257
141
765
781
590
433
2,649
8,786
186
873
747
729
521
2,905
9,914
197
1,030
711
1,335
465
3,354
8,744
178
779
764
1,326
383
2,911
9,821
159
900
855
384
1,367
3,025
9,253
145
1,019
1,021
313
634
3,152
4,359
5,054
4,440
1,933
1,622
1,588
1,588
4,830'
5,166'
5,699'
5,572'
6,254
2,381
31
281
114
76
n.a.
841
284
2,727
52
591
290
45
n.a.
899
166
3,073
51
538
253
36
n.a.
1,170
177
3,073
51
538
253
36
n.a.
1,170
177
3,036
59
525
242
n.a.
80
1,091
142
3,247
8
575
255
n.a.
19
937
457
3,667
25
631
220
n.a.
32
1,274
517
3,406
14
513
233
n.a.
40
1,298
329
3,918
16
648
226
n.a.
77
1,362
389
10,983
2,757
2,832
10,517
2,581
2,639
13,382
4,292
3,979
13,382
4,292
3,979
13,185
4,133
3,546
12,165
3,973
3,059
11,702
4,175
2,934
13,311
4,370
3,148
13,552
4,973
2,553
948
483
836
436
827
405
827
405
598
185
884
373
782
372
1,030
569
47
48
49
50
51
52
53
By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO
54
55
Euro area3
Canada
56
57
58
59
60
61
62
63
64
65
66
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
67
Africa
68
Oil-exporting countries6
69
All other7
70
Financial liabilities to foreign affiliates8
4,518
MEMO
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are not included in lines 1-6 above.
52
Federal Reserve Bulletin Statistical Supplement • August 2004
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
By type
Financial claims
Non-negotiable deposits
Negotiable securities
Ofwhich:
Negotiable CDs1
Other claims
Ofwhich:
Loans'
Repurchase agreements'
By currency
9 U.S. dollars
10 Foreign currency2
11 Canadian dollars
12 Euros
13 United Kingdom pounds sterling .
14 Japanese yen
15 All other currencies
16
17
18
19
20
21
22
By area or country
Financial claims
Europe
Belgium-Luxembourg .
France
Germany
Netherlands
Switerzerland
United Kingdom
90,157
113,082
102,566
112,711
53,031
23,374
29,657
81,287
29,801
51,486
71,389
27,064
44,325
71,389
27,064
44,325
46,422'
3,777'
97,659'
49,933'
3,207'
46,742'
3,174'
81,207'
35,920'
3,211'
39,727'
2,502'
n.a.
29,657
n.a.
51,486
n.a.
n.a.
n.a.
44,064
241
44,93 1'
133
44,519'
158
44,987'
157
42,076'
46,603'
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12,766
6,599
15,638
3,010
15,830
4,729
18,083
3,253
18,928
475
46,157
6,874
n.a.
n.a.
n.a.
n.a.
n.a.
74,471
6,816
n.a.
n.a.
n.a.
n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.
7,128
605
3,054
2,083
880
506
90,106'
7,553
597
2,383
2,561
875
1,137
84,591'
10,312
1,371
71,754'
9,453
912
3,677
2,704
2,776
3,242
982
1,578
831
1,692
78,892'
9,940
1,254
2,449
3,722
877
1,638
23,136
296
1,206
848
1,396
699
15,900
26,118
625
1,450
1,068
2,138
589
16,510
29,018
722
3,247
4,245
3,648
383
10,663
29,018
722
3,247
4,245
3,648
383
10,663
34,806
1,494
3,402
6,244
4,355
1,516
11,237
33,440
352
4,445
4,427
3,655
1,196
13,469
36,125
3,541
6,061
4,476
1,767
11,660
28,970
391
3,049
2,859
2,789
617
11,438
31,818
506
3,113
4,573
2,293
618
13,430
5,580
8,626
17,281
17,281
20,499
17,305
20,878
15,067
16,108
4,576
6,193
5,013
5,013
5,643
5,879
4,942
5,311
5,241
19,317
1,353
19
1,827
12,596
n.a.
2,448
87
41,201
976
918
2,127
32,965
n.a.
3,075
29,612
1,038
724
29,612
1,038
724
2,286
2,286
21,528
n.a.
2,921
104
37,420
598
699
2,158
n.a.
30,734
1,912
173
33,805
412
533
2,592
n.a.
26,936
2,136
123
26,215
1,049
564
1,832
n.a.
20,015
1,629
131
30,383
646
21,528
n.a.
2,921
104
32,511
757
387
2,396
n.a.
25,848
1,786
171
4,697
1,631
6,430
1,604
135
5,358
1,277
79
5,358
1,277
79
7,625
1,226
90
5,389
1,246
183
7,017
1,496
275
5,317
1,194
158
5,635
963
138
411
57
414
49
395
25
358
486
35
565
34
419
12
391
13
95,130'
115,934
100,949
94,903'
MEMO:
23
Euro area3
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
33
34
35
Asia
Japan
Middle Eastern oil-exporting countries5
Africa
Oil-exporting countries6 . .
38
All other7 . . .
26
1,034
1,967
n.a.
23,676
1,723
174
International Statistics
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States—Continued
53
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
Sept.
Dec.
39 Commercial claims
40
Trade receivables
41
Advance payments and other claims
37,126
33,104
4,022
31,795
27,513
4,282
31,177
26,385
4,792
31,177
26,385
4,792
29,496
24,787
4,709
32,308
26,075
6,233
31,260
25,749
5,511
33,602
28,651
4,951
34,132
28,914
5,218
By currency
42 Payable in U.S. dollars
43 Payable in foreign currencies2
44
Canadian dollars
45
Euros
46
United Kingdom pounds sterling
47
Japanese yen
48
All other currencies
33,401
3,725
n.a.
n.a.
n.a.
n.a.
n.a.
29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.
26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.
26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.
20,653
8,843
1,351
1,803
1,451
545
3,693
23,036
9,272
1,279
1,753
1,549
537
4,154
24,327
6,933
1,262
1,216
1,123
547
2,785
25,527
8,075
1,557
1,542
1,187
589
3,200
26,456
7,676
1,518
1,255
1,299
478
3,126
15,938
452
3,095
1,982
1,729
763
4,502
14,022
268
2,921
1,658
529
611
3,833
14,187
269
3,164
1,202
1,490
503
3,727
14,187
269
3,164
1,202
1,490
503
3,727
13,330
228
2,804
1,305
1,136
453
3,720
15,272
244
3,066
1,202
1,381
537
4,489
14,087
208
3,093
1,196
1,300
652
4,007
14,576
247
2,816
1,284
397
1,921
3,928
14,625
211
2,745
1,497
446
1,357
4,048
8,114
9,015
8,255
2,790
2,790
2,564
2,905
2,673
3,070
3,275
49
50
51
52
53
54
55
By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO
56
57
Euro area3
Canada
58
59
60
61
62
63
64
65
66
67
68
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
69
Africa
70
Oil-exporting countries6
71
All other7
72
Financial claims on foreign affiliates8
8,819
3,502
7,944
5,851
37
376
957
137
n.a.
1,507
328
4,859
42
369
954
95
n.a.
1,391
4,346
31
287
750
19
n.a.
1,259
4,346
31
287
750
19
n.a.
1,259
4,810
61
551
737
n.a.
59
1,099
234
4,693
28
463
782
n.a.
16
1,128
243
4,813
25
447
808
n.a.
50
1,181
233
5,153
26
460
903
n.a.
52
1,339
230
5,516
35
739
1,002
n.a.
67
1,149
228
9,630
2,796
1,024
7,849
2,006
7,324
2,341
7,324
2,341
6,010
1,441
617
6,484
1,730
770
6,452
1,734
738
7,356
1,761
7,245
1,589
584
95
584
95
636
139
444
97
548
136
636
138
621
183
1,946
1,946
2,146
2,510
2,811
2,850
672
180
1,602
MEMO
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are not included in lines 1-8 above.
54
3.24
Federal Reserve Bulletin Statistical Supplement • August 2004
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
Transaction, and area or country
Jan.May
Nov.7
Dec.1
Apr.
May?
U.S. corporate securities
3,209,760
3,159,571
3,120,259
3,082,503
1,735,108
1,742,665
262,864
254,091
289,264
275,909
323,907
311,091
317,653
315,135
377,340
390,765
366,980
368,823
349,228
356,851
3 Net purchases, or sales ( ) .
50,189
37,756
7,557
8,773
13,355
12,816
2,518
13,425
1,843
7,623
4 Foreign countries
50,253
37,789
7,561
8,766
13,337
12,761
2,487
13,351
1,875
7,583
32,909
2,127
129
4,307
2,787
15,172
255
8,207
15,419
1,309
24,264
3,286
700
2,842
5,031
145
78
227
504
6,092
1,659
3,865
581
530
360
52
842
1,557
1,074
1,442
1,048
179
116
7,597
2,159
931
383
75
4,380
38
1,863
3,405
249
881
1,284
28
174
5,959
2,951
2,030
22
244
7,449
109
1,707
429
411
163
291
8,969
1,252
369
570
450
5,170
18
1,387
4,752
94
2,571
935
19
299
3,127
1,985
12
255
2,564
1,925
1,018
59
382
424
72
697
4,681
144
55
142
25
135
1 Foreign purchases
2 Foreign sales . . . .
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries
6,210
969
206
174
48
2,521
55
2,619
3,094
770
476
1,240
1,619
6,435
213
2,038
5,320
4,199
1,712
1,140
151
747
2,548,719
2,171,264
3,368,176
2,933,314
1,575,804
1,366,811
229,291
189,020
225,253
187,471
253,892
213,280
281,347
235,628
374,047
339,668
342,648
294,916
323,870
283,319
22 Net purchases, or sales ( )
377,455
434,862
208,993
40,271
37,782
40,612
45,719
34,379
47,732
40,551
23 Foreign countries
377,192
435,147
208,324
40,036
37,880
40,457
45,819
33,805
47,673
40,570
24
25
26
27
28
29
30
31
32
33
34
35
36
37
167,168
211,223
4,524
2,725
1,166
7,706
133,653
19,885
5,640
100,114
3,742
110,996
34,562
2,356
1,076
75,521
1,179
4,232
415
3,323
40,652
4,736
7,159
46,956
7,715
68,195
30,712
1,374
1,404
20,062
271
565
201
274
14,176
714
19,325
347
1,733
491
141
12,697
485
121
7,430
220
10,988
3,785
30
12,260
1,324
13
443
698
6,756
245
771
13,839
134
13,186
5,928
90
177
13,838
70
41
529
1,140
12,506
889
2,251
1,097
1,707
3,898
2,778
3,205
4,129
821
13,111
3,614
3
19,294
17,623
198
1,362
329
605
8,801
907
1,578
22,676
12,336
72
3,261
62
2,138
661
97
11,702
598
503
2,122
2,319
272
4,286
12
5,345
1,146
27
852
108
1
206
1,232
648
2,826
19 Nonmonetary international and
regional organizations
20 Foreign purchases
21 Foreign sales
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries
3,762
5,125
421
8,621
109,913
11,173
1,040
83,002
2,263
121,440
48,578
860
3,499
12,281
248
6,058
1,707
288
231
68
6,380
1,983
497
13,594
16,025
6,397
147
831
766
565
439
569
14,817
1,177
1,108
7,018
2,332
17,274
9,274
975
8,376
3,541
8,599
5,499
165
36
3 8 Nonmonetary international and
regional organizations
Foreign securities
1,493
1,267,794
1,269,287
28,492
1,372,239
1,343,747
71,769
1,376,302
1,448,071
26,682
2,156,860
2,130,178
45 Net purchases, or sales ( ), of stocks and bonds . . . .
26,999
45,087
46 Foreign countries
27,029
44,526
47
48
49
50
51
52
53
14,562
4,857
4,578
7,770
7,661
8,661
51,078
32,134
224
442
39 Stocks, net purchases, or sales ( )
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales ( )
43
Foreign purchases
44
Foreign sales
Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries
2,632
10,060
380
780
1,235,370
54 Nonmonetary international and
regional organizations
1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
11,333
171,662
182,995
6, 111
228,070
221,959
5,766
154,691
160,457
7,355
233,926
226,571
1,682
5,640
5,222
1,589
1,689
3,608
5,181
1,699
7,472
614
3,685
1,200
2,882
24
823
684
2,378
8,462
893
3,382
858
1,315
154
220
4,198
24
993
6,661
3,837
187
18
5,190
123,782
128,972
195
186,772
186,577
13,198
138,187
151,385
4,719
252,677
247,958
2,425
154,701
157,126
743
247,329
246,586
4,596
4,995
8,479
4,485
4,581
8,273
8,936
327
4,260
2,688
1,335
4,330
4,509
70
4,761
72
4,844
8,082
7,574
26
372
19,434
17,052
25,716
501
8,540
577
8,336
564
364
3,955
195,741
199,696
1,685
290,611
292,296
132,546
133,528
3,614
182,822
186,436
36,677
814,982
851,659
17,243
1,252,613
607
13,978
6,810
80
197
1,214
3,032
221
2,032
3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.
Securities Holdings and Transactions
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
55
Foreign Transactions1
Millions of dollars; net purchases, or sales ( ) during period
Area or country
Jan.May
Apr.'
MayP
1 Total estimated . .
119,921
272,827'
202,634
33,420'
29,754
46,910
37,014
61,474
35,346
21,890
2 Foreign countries .
117,910
273,553'
202,350
33,349'
29,750
46,786
37,139
61,370
35,145
21,910
Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3 .
Other Europe and former U.S.S.R.
Canada
43,678
2,046
46,922'
1,736
7,885
909'
153
432
4,899'
30,551
1,555
1,198'
10,783
44,519
835
3,808
255
1,123
1,950
3,825
8,510
754
873
359
558
176
924
1,824
18
8,908
19,596
161
2,104
301
903
3,660
664
3,667
1,573
1,464
440
785
1,099
711
13,379
438
8,578
1,750
21,906
131
952
411
341
183
1,053
18,784
128
4,215
1,457
18,871
495
4,762
182
2,526
532
1,992
9,597
282
69
2,589
19,521
213
7,439
2,007'
331
794
61
592
623
563'
2,126
80
5,209
1,577
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other
20,023
59
24,122'
317'
16,964'
6,841
184,649'
148,932
55
7,022
30,638
30
2,002'
6'
6,875
26,318
4,350
122,698
107,477
220
3,164
1,754'
242
27,444
24,325
42'
277
4,863
2,015
26,358
20,659
80
1,447
1,101
5
85
1,191
26,998
26,590
16
1,557
5,186
27
2,402
2,811
25,859
30,249
61
738
6,796
3
4,101
2,698
33,047
30,520
30
1,806
6,092
6
2,157
3,929
20,077
5,485
202
502
23,647
11
22,057
1,579
16,717
14,633
125
37
284
42
76
71
150
10
4
325
124
341
1
125
79
13
104
300
2
201
114
28
20
34
53
117,910
7,149
110,761
273,553'
109,345
164,208'
202,350
113,586
88,764
33,349'
18,883
14,466'
29,750
11,329
18,421
46,786
26,910
19,876
37,139
16,071
21,068
61,370
33,905
27,465
35,145
22,140
13,005
21,910
14,560
7,350
3,880
29
6,910
52
133
0
1,027
0
22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
3,931
1,609
17,020
2,923
448
61,606
724
613
5,197
20,862
780
55,656
841
2,909
2,011
1,642
726
446
38,606
1,327
2,886
60
52
9,206
1,070
5,843
642
107
1,180
1,506
121
12,360
2,989
4,297
979
MEMO
25 Foreign countries
26
Official institutions . . .
27
Other foreign
Oil-exporting countries
28 Middle East*
29 Africa5
1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds andnotes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.
806
0
3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
56
Federal Reserve Bulletin Statistical Supplement • August 2004
3.28
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2004
Apr.
May
Exchange rates
COUNTRY/CURRENCY UNIT
1
2
3
4
5
6
7
8
9
10
11
12
Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3 . . . ,
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malays ia/ringgit
Mexico/peso
13
14
15
16
17
18
19
20
21
21
23
24
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/bant
United Kingdom/pound2
Venezuela/bolivar
51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337
54.37
2.9213
1.5704
8.2770
7.8862
0.9454
n.a.
7.7997
48.63
125.22
3.8000
9.663
65.24
3.0750
1.4008
8.2772
6.5774
1.1321
n.a.
7.7875
46.59
115.94
3.8000
10.793
77.17
2.8533
1.2958
8.2770
5.8952
1.2638
n.a.
7.7663
45.46
106.27
3.8000
10.920
77.70
2.9342
1.3299
8.2771
5.8956
1.2640
n.a.
7.7748
45.27
106.71
3.8000
11.032
74.96
2.9067
1.3286
8.2771
6.0757
1.2261
n.a.
7.7930
44.97
108.52
3.8000
11.019
74.43
2.9079
1.3420
8.2769
6.2104
1.1989
n.a.
7.7970
43.89
107.66
3.8000
11.270
70.39
3.1023
1.3789
8.2771
6.2021
1.2000
n.a.
7.7971
45.18
112.20
3.8000
11.520
69.37
3.1293
1.3578
8.2767
6.1220
1.2146
n.a.
7.7980
45.50
109.43
3.8000
11.393
42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10
46.45
7.9839
1.7908
10.5176
1,250.31
95.773
9.7233
1.5567
34.536
43.019
150.25
1,161.19
58.22
7.0803
1.7429
7.5550
1,192.08
96.541
8.0787
1.3450
34.405
41.556
163.47
1,613.43
67.38
6.8117
1.6965
6.9398
1,183.35
98.009
7.2334
1.2391
33.669
39.124
182.55
1,600.00
69.16
6.9508
1.6869
6.7542
1,167.53
98.507
7.2630
1.2448
33.214
39.116
186.73
1,818.95
66.07
6.9598
1.6996
6.6140
1,166.29
97.522
7.5322
1.2778
33.252
39.470
182.61
1,920.00
64.15
6.9263
1.6849
6.5747
1,152.86
98.132
7.6496
1.2969
32.971
39.453
180.31
1,920.00
61.51
6.8428
1.7124
6.7996
1,177.88
98.929
7.6097
1.2839
33.444
40.560
178.60
1,919.76
62.84
6.8279
1.7136
6.4216
1,159.02
100.930
7.5323
1.2503
33.568
40.827
182.79
1,920.00
114.26
86.48
115.12
87.44
117.08
89.03
115.91
87.57
100.27r
91.6T
101.08r
92.67r
103.18r
94.50r
102.42
93.22
Indexes4
NOMINAL
25 Broad (January 1997=100)5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997= 100)7
125.91
107.66
126.75
105.98
119.28
93.04
28 Broad (March 1973=100)5
29 Major currencies (March 1973=100)6
30 Other important trading partners (March
1973=100)7
111.08
112.19
111.30
110.61
104.60
97.66
1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at:
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564
Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds
1,936.27
40.3399
2.20371
200.482
166.386
340.750
Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas
112.54
84.43
113.10
84.97
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.
57
Guide to Special Tables and Statistical Releases
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title and Date
Issue
Page
Reference
Assets and liabilities of commercial banks
September 30,2003
December 31,2003
March 31,2004
June 30, 2003
February
May
August
November
2004
2004
2004
2003
58
58
58
A58
Supplement
Supplement
Supplement
Bulletin
Terms of lending at commercial banks
November 2003
February 2004
May 2004
August 2003
February
May
August
November
2004
2004
2004
2003
60
60
60
A60
Supplement
Supplement
Supplement
Bulletin
Assets and liabilities of US. branches and agencies of foreign banks
September 30,2003
December 31,2003
March 31,2004
June 30, 2003
February
May
August
November
2004
2004
2004
2003
66
66
66
A66
Supplement
Supplement
Supplement
Bulletin
August 2001
October 2001
January 2002
A76
A64
A64
Bulletin
Bulletin
Bulletin
Residential lending reported under the Home Mortgage Disclosure Act
1989-2001
1990-2002
September 2002
September 2003
A58
A58
Bulletin
Bulletin
Disposition of applications for private mortgage insurance
1998-2001
1999-2002
September 2002
September 2003
A67
A67
Bulletin
Bulletin
Small loans to businesses and farms
1996-2001
1996-2002
September 2002
September 2003
A70
A70
Bulletin
Bulletin
Community development lending reported under the Community Reinvestment Act
2001
2002
September 2002
September 2003
A73
A73
Bulletin
Bulletin
Pro forma financial statements for Federal Reserve priced services *
March31,2001
June 30, 2001
September 30, 2001
*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).
58
Federal Reserve Bulletin Statistical Supplement • August 2004
4.20
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, March 31, 2004
Millions of dollars except as noted
Banks with foreign offices'
Domestic
total
1 Total assets . .
2 Cash and balances due from depository institutions
3
Cash items in process of collection, unposted debits, and currency and coin
4
Cash items in process of collection and unposted debits
5
Currency and coin
6
Balances due from depository institutions in the United States
7
Balances due from banks in foreign countries and foreign central banks
8 Balances due from Federal Reserve Banks
Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value)
U.S. Treasury securities
U.S. government agency and corporation obligations (excludes mortgage-backed
securities)
Issued by U.S. government agencies
Issued by U.S. government-sponsored agencies
Securities issued by states and political subdivisions in the United States
Mortgage-backed securities (MBS)
Pass-through securities
Guaranteed by GNMA
Issued by FNMA and FHLMC
Other pass-through securities
Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)
Issued or guaranteed by FNMA, FHLMC or GNMA
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
All other mortgage-backed securities
Asset-backed securities
Credit card receivables
Home equity lines
Automobile loans
Other consumer loans
Commercial and industrial loans
Other
Other debt securities
Other domestic debt securities
Foreign debt securities
Investments in mutual funds and other equity securities with readily determinable
fair value
398,006
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
255,165
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
5,236,695
4,407,601
311,472
115,838
n.a.
n.a.
168,631
113,282
88,953
24,329
27,126
15,339
12,883
39,156
143,486
12,992
1,540,136
77,352
n.a.
n.a.
973,432
53,351
253,412
9,653
243,759
110,730
860,949
593,423
64,230
520,503
8,690
267,527
167,133
4,817
95,576
101,545
41,520
24,714
12,218
2,732
7,348
13,011
120,745
43,276
77,470
n.a.
n.a.
n.a.
n.a.
n.a.
100,411
6,541
93,870
38,031
616,934
452,227
47,511
398,561
6,156
164,707
94,732
1,505
68,470
64,347
26,420
16,332
7,331
2,422
5,396
6,446
91,476
20,999
70,477
n.a.
n.a.
n.a.
Banks with
domestic
offices only2
86,534
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
566,704
24,001
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.
153,001
3,112
149,889
72,699
244,016
141,196
16,719
121,943
2,534
102,820
72,401
3,313
27,106
37,198
15,100
8,382
4,888
310
1,953
6,565
29,270
22,277
6,993
6,521
15,402
345,991
171,653
174,338
283,317
171,653
111,664
273,657
108,050
165,607
210,983
108,050
102,932
72,334
63,603
8,731
38 Total loans and leases (gross) and lease-financing receivables (net)
39
LESS: Unearned income on loans
40
LESS: Loans and leases held for sale
41 Total loans and leases (net of unearned income)
42
LESS: Allowance for loan and lease losses
43 Loans and leases, net of unearned income and allowance
4,395,225
2,759
178,488
4,213,978
72,101
4,141,878
4,108,709
1,578
2,823,810
1,696
144,021
2,678,094
46,842
2,631,252
2,537,294
515
n.a.
n.a.
n.a.
n.a.
1,571,415
1,063
34,467
1,535,885
25,259
1,510,626
Total loans and leases, gross, by category
44 Loans secured by real estate
45
Construction and land development
46
Farmland
47
One- to four-family residential properties
48
Revolving, open-end loans, extended under lines of credit
2,322,965
n.a.
n.a.
n.a.
n.a.
2,286,045
240,662
41,434
1,310,777
308,801
1,316,721
n.a.
n.a.
n.a.
n.a.
1,279,801
112,689
6,873
865,443
217,740
1,006,244
127,973
34,561
445,335
91,061
n.a.
n.a.
n.a.
n.a.
146,439
n.a.
n.a.
n.a.
43,447
856,815
n.a.
n.a.
920,718
81,258
81,340
611,832
131,937
n.a.
n.a.
n.a.
42,930
738,170
n.a.
n.a.
n.a.
n.a.
140,590
88,186
35,007
17,398
11,238
607,837
490,763
117,074
599,262
48,440
39,258
255,538
126,088
87,044
34,999
4,044
10,721
489,193
482,163
7,030
321,456
32,818
42,082
356,294
5,849
n.a.
n.a.
n.a.
32,209
248,978
n.a.
n.a.
696,128
243,599
35,808
416,721
624,687
219,904
23,361
381,423
454,322
148,026
31,051
275,244
382,881
124,331
18,604
239,946
241,806
95,573
4,757
141,477
25,199
158,844
5,651
153,193
n.a.
n.a.
145,387
25,199
129,071
3,016
126,055
n.a.
n.a.
130,670
15,729
146,073
5,641
140,431
n.a.
n.a.
131,301
15,729
116,299
3,005
113,293
23,193
90,101
116,583
9,470
12,772
10
12,761
n.a.
n.a.
14,087
434,955
48,145
2,936
6,972
5,095
n.a.
120,432
79,067
41,365
284,327
n.a.
n.a.
n.a.
n.a.
n.a.
41,839
n.a.
n.a.
n.a.
n.a.
15,923
35,036
2,674
519
246
n.a.
30,058
20,687
9,370
75,688
35 Federal funds sold and securities purchased under agreements to resell
36.
Federal funds sold in domestic offices
37
Securities purchased under agreements to resell
66
67
68
69
70
71
Closed-end loans secured by one- to four-family residential properties
Secured by first liens
Secured by junior liens
Multifamily (five or more) residential properties
Nonfarm nonresidential properties
Loans to depository institutions and acceptances of other banks
Commercial banks in the United States
Other depository institutions in the United States
Banks in foreign countries
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans
U.S. addressees (domicile)
Non-US, addressees (domicile)
Loans to individuals for household, family, and other personal expenditures (includes
purchased paper)
Credit cards
Other revolving credit plans
Other consumer loans (including single-payment, installment, and all student loans)
Obligations (other than securities) of states and political subdivisions in the United States
(includes nonrated industrial development obligations)
All other loans
Loans to foreign governments and official institutions
Other loans
Loans for purchasing and carrying securities
All other loans (excludes consumer loans)
Lease-financing receivables
72
73
74
75
76
77
78
79
80
81
Trading assets
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs
Intangible assets
Goodwill
Other intangible assets
All other assets
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
450,878
83,181
5,611
7,491
5,340
n.a.
150,489
99,754
50,735
360,015
Special Tables
4.20
59
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, March 31, 2004
Millions of dollars except as noted
Banks with foreign offices'
Domestic
total
Banks with
domestic
offices only2
82 Total liabilities, minority interest, and equity capital . .
7,667,503
n.a.
5,236,695
n.a.
83 Total liabilities
6,960,542
6,131,448
4,780,620
3,951,526
2,179,922
84 Total deposits
85
Individuals, partnerships, and corporations (include all certified and official checks) .
86 U.S. government
87
States andd political
lii subdivisions in the United States
88
Commercial banks and other depository institutions in the United States
89 Banks in foreign countries
90
Foreign governments and official institutions (including
foreign central banks)
5,135,378
4,591,357
n.a.
n.a.
104,732
143,162
4,356,064
4,048,604
3,986
234,758
57,528
10,213
3,369,673
2,972,928
n.a.
n.a.
81,038
142,863
2,590,360
2,430,175
2,668
112,803
33,834
9,915
1,765,704
1,618,429
1,318
121,955
23,694
299
91
92
93
94
95
96
97
Total transaction accounts
Individuals, partnerships, and corporations (include all certified and official checks) .
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks) . . ,
98
Total demand deposits
99
100
101
102
103
104
105
Total nontransaction accounts
Individuals, partnerships, and corporations (include all certified and official checks) . .
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks)
56,527
975
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
707,656
598,891
2,135
66,419
33,903
5,669
639
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
56,517
965
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
368,968
302,718
1,297
32,033
26,718
5,570
632
338,688
296,173
839
34,385
7,185
99
7
507,259
302,765
204,494
3,648,408
3,449,713
1,850
168,340
23,626
4,544
335
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,221,392
2,127,457
1,371
80,770
7,116
4,345
333
1,427,016
1,322,256
479
87,570
16,510
199
106 Federal funds purchased and securities sold under agreements to repurchase
107 Federal funds purchased in domestic offices
108
Securities sold under agreements to repurchase
109 Trading liabilities
110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized
leases)
111 Banks' liability on acceptances executed and outstanding
112 Subordinated notes and debentures to deposits
113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
114 All other liabilities
115 Minority interest in consolidated subsidiaries
559,029
202,646
356,382
260,495
518,182
202,646
315,535
428,150
148,507
279,643
259,950
387,303
148,507
238,796
n.a.
130,878
54,139
76,739
544
673,047
5,350
98,555
n.a.
228,689
11,832
610,802
3,347
n.a.
438,785
5,105
89,284
n.a.
189,673
9,995
376,540
3,101
n.a.
222,808
n.a.
n.a.
234,262
246
9,271
n.a.
39,017
1,837
116 Total equity capital
695,129
446,080
249,049
MEMO
117 Trading assets at large banks2
118 U.S. Treasury securities (domestic offices)
119 U.S. government agency obligations (excluding MBS)
120
Securities issued by states and political subdivisions in the United States
121 Mortgage-backed securities
122
Other debt securities
123
Other trading assets
124
Trading assets in foreign offices
125 Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity contracts
126 Total individual retirement (IRA) andKeogh plan accounts
127 Total brokered deposits
128 Fully insured brokered deposits
129
Issued in denominations ofless than $100,000
130
Issued in denominations of $100,000, or in denominations greater than $100,000 and
participated out by the broker in shares of $100,000 or less
131 Money market deposit accounts (MMDAs)
132 Other savings deposits (excluding MMDAs)
133 Total time deposits ofless than $100,000
134 Total time deposits of $100,000 or more
135 Number of banks . .
NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have
foreign offices, the inapplicability of certain items to banks that have only domestic offices, or
the absence of detail on a fully consolidated basis for banks that have foreign offices.
1. All transactions between domestic and foreign offices of a bank are reported in "net due
from" and "net due to" lines. All other lines represent transactions with parties other than the
domestic and foreign offices of each bank. Because these intra-office transactions are nullified
by consolidation, total assets and total liabilities for the entire bank may not equal the sum of
assets and liabilities, respectively, of the domestic and foreign offices.
450,860
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
137,094
242,218
28,106
9,680
1,623
11,751
51,282
31,554
0
434,949
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
137,094
226,307
28,045
9,208
1,346
8,173
40,440
31,006
15,911
61
472
277
3,578
10,843
549
0
179,770
n.a.
n.a.
n.a.
n.a.
108,221
166,410
291,857
179,510
106,314
179,638
n.a.
n.a.
n.a.
n.a.
108,089
73,390
136,649
70,503
47,870
132
93,020
155,208
109,008
58,444
22,633
1,204,541
425,725
264,684
326,443
50,564
533,027
237,791
383,805
272,392
n.a.
n.a.
n.a.
n.a.
n.a.
7,694
73,197
1,737,568
663,516
648,489
598,835
7,694
n.a.
n.a.
n.a.
n.a.
n.a.
114
7,580
Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated
insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement
corporations wherever located; and international banking facility (IBF).
2. Components of "Trading Assets at Large Banks" are reported only by banks that
reported trading assets of $2 million or more any quarter of the preceding calendar year.
60
Federal Reserve Bulletin Statistical Supplement • August 2004
4.23
TERMS OF LENDING AT COMMERCIAL BANKS SURVEY OF LOANS MADE, MAY 3-7, 2004
A. Commercial and industrial loans made by all commercial banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
2.99
2.19
2.16
2.95
3.71
69,269
2,242
12,113
23,019
20,201
434
634
1,009
473
393
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.82
2.53
3.00
4.13
4.58
15,295
450
1,553
4,589
5,006
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.39
1.95
1.78
2.37
2.89
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
28.6
17.3
13.7
27.8
39.3
73.0
95.5
77.7
78.0
74.5
18.0
10.7
18.6
16.5
18.5
7.8
38.4
12.9
4.8
3.3
60.0
38.6
43.7
77.4
75.4
78.8
95.4
83.1
90.2
88.7
13.7
12.2
11.4
13.7
15.5
35.6
78.9
6.1
49.5
51.2
39.1
.0
70.6
29.2
23.5
17.6
12.4
5.7
18.9
9.2
61.8
96.0
70.2
70.4
42.4
23.2
2.8
26.2
20.4
15.0
360
191
460
321
384
42.8
16.9
16.5
48.7
57.4
35.8
12.8
36.5
50.5
20.7
23.7
13.1
16.1
13.1
49.1
75.5
98.3
86.6
66.7
86.2
14.9
17.7
8.5
13.8
14.8
642
767
40.0
43.8
20.0
36.5
58.0
23.7
11.9
54.8
22.1
10.0
14.7
9.7
9.2
9.5
25.7
87.1
94.5
91.6
91.0
95.1
20.1
4.2
14.4
21.1
26.0
55.6
92.6
75.8
31.5
74.0
25.7
1.9
16.5
55.5
6.7
33.5
9.3
61.9
21.9
52.0
80.3
56.0
75.5
87.9
84.1
14.3
.8
13.3
7.1
24.7
84.8
73.1
41.3
36.6
6.4
9.0
23.5
37.9
72.5
68.1
32.1
9.9
84.8
59.3
13.3
14.9
16.0
22.0
91.2
65.7
16.9
18.6
Secured by
collateral
Subject to
prepayment
penalty
474
392
498
531
429
45.7
48.5
16.0
49.1
62.5
27.5
15.5
54.0
30.7
13.8
202
309
383
183
185
514
210
360
720
604
61.5
84.0
42.6
64.6
76.9
23,238
347
6,450
6,520
6,029
858
1,110
3,431
891
971
223
233
305
277
40
2.59
1.67
2.02
2.30
3.73
14,077
826
2,047
6,457
3,498
636
2,534
1,225
1,457
307
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.17
2.54
2.65
3.10
3.71
11,556
570
1,839
3,861
3,762
601
690
597
609
1,140
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
4.57
5.42
5.07
4.37
4.40
3,895
46
179
1,460
1,536
290
76
136
316
650
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Weightedaverage risk
rating3
512
628
55
43
66
33
Weightedaverage
maturity/
repricing
interval2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
4.96
4.22
3.10
2.35
2,858
10,601
22,395
33,416
3.4
3.4
3.2
3.0
162
139
100
100
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.36
2.44
19,792
49,477
3.5
3.0
68.7
36.5
6.0
36.2
181
990
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
61
SURVEY OF LOANS MADE, MAY 3-7, 2004—CONTINUED
B. Commercial and industrial loans made by all domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
3.32
2.33
2.24
3.41
4.20
48,421
1,133
8,413
16,302
13,051
312
345
732
346
263
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.80
2.40
2.91
4.13
4.58
14,928
415
1,499
4,496
4,823
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.68
2.58
1.79
2.85
4.07
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
39.5
33.7
19.0
37.2
58.7
81.4
91.2
90.0
84.3
87.0
18.6
19.3
22.0
15.0
18.0
7.9
41.6
13.4
4.9
2.9
59.8
40.6
45.1
77.0
75.2
78.3
95.0
82.5
90.0
88.3
13.3
12.0
11.7
13.3
14.6
37.1
64.4
10.0
46.2
68.2
29.5
.0
68.6
19.4
.7
33.3
32.4
9.4
30.5
38.9
83.4
89.6
95.1
73.1
71.4
26.1
7.8
31.8
15.3
13.8
514
297
526
510
539
48.3
24.0
22.1
46.3
77.5
20.5
25.5
26.5
27.8
8.4
36.8
26.1
21.8
22.9
72.5
84.7
96.7
90.6
79.6
93.4
15.4
34.7
9.0
12.5
13.7
736
502
1,218
581
766
40.5
63.6
21.3
34.1
51.3
20.3
25.8
60.4
15.9
6.1
19.7
45.8
9.0
10.5
34.5
89.6
74.0
87.8
92.1
94.3
22.3
3.3
17.3
22.4
26.0
55
43
55.6
92.6
75.8
31.5
74.0
25.7
1.9
16.5
55.5
6.7
33.5
9.3
61.9
21.9
52.0
80.3
56.0
75.5
87.9
84.1
14.3
.8
13.3
7.1
24.7
85.0
76.0
51.3
31.0
6.4
7.2
14.7
29.5
72.5
70.4
42.8
16.5
83.8
88.3
91.0
70.0
13.3
14.9
17.6
23.1
90.9
75.3
16.8
20.1
Secured by
collateral
Subject to
prepayment
penalty
628
366
576
730
644
50.1
60.2
21.4
48.0
71.1
18.7
27.4
48.5
19.7
4.7
199
292
376
181
181
506
200
321
715
601
61.3
90.0
41.6
64.7
76.7
11,655
133
3,920
3,531
1,334
454
545
2,269
513
238
412
402
368
540
211
2.94
1.60
2.09
2.73
4.21
8,829
413
1,507
3,569
2,302
422
1 709
966
907
210
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.41
3.06
2.63
3.32
3.76
7,906
121
1,263
3,114
2,686
438
160
438
524
924
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
4.57
5.42
5.07
4.37
4.40
3,895
46
179
1,460
1,536
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
290
76
136
316
651
Weightedaverage risk
rating3
66
33
Weightedaverage
maturity/
repricing
interval2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
4.96
4.28
3.39
2.55
2,836
9,962
15,865
19,757
3.4
3.4
3.2
2.9
163
147
133
162
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.35
2.65
19,124
29,296
3.5
2.9
91
188
69.7
37.3
5.2
27.5
176
629
62
Federal Reserve Bulletin Statistical Supplement • August 2004
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
SURVEY OF LOANS MADE, MAY 3-7, 2004—CONTINUED
C. Commercial and industrial loans made by large domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
3.04
1.63
2.04
3.17
3.96
40,112
853
6,944
14,145
9,856
485
1,229
2,296
657
312
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.56
1.38
2.61
3.96
4.49
12,058
267
1,287
3,306
4,124
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.58
2.29
1.73
2.67
3.77
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
34.9
21.5
16.3
32.7
51.1
81.5
95.1
90.7
85.4
87.5
20.4
24.2
26.1
16.1
17.9
9.1
64.7
15.5
4.6
3.1
56.3
15.5
39.7
74.4
72.0
76.8
93.4
82.2
92.7
90.5
15.0
18.3
12.5
14.8
15.8
35.2
60.6
8.1
43.5
61.8
32.9
.0
85.2
18.8
.9
31.1
29.0
7.4
25.7
27.2
82.1
91.6
95.7
71.2
65.1
29.9
8.4
39.3
16.6
17.0
213
496
301
560
513
408
46.0
17.1
22.8
45.3
80.3
22.2
27.9
29.4
28.1
8.0
31.0
20.5
22.3
22.0
61.1
84.7
96.4
90.7
79.6
97.9
16.5
38.0
10.0
12.7
15.1
2,129
1 189
3,539
3 345
1,595
775
638
1,112
588
939
31.1
40.1
13.4
31.0
34.2
23.5
45.5
67.1
16.7
8.2
12.6
38.6
7.5
9.2
17.4
91.1
99.9
89.4
94.2
92.9
22.1
3.7
19.5
23.4
22.7
1 043
465
435
2,126
49
36
25
62
29
27.8
79.0
22.3
12.6
49.5
37.1
5.3
52.6
62.7
10.7
22.9
20.6
47.1
93.8
96.1
98.3
98.7
89.2
13.7
1.2
34.1
7.8
25.3
80.6
70.6
47.4
28.4
9.4
7.4
16.7
30.9
78.5
71.9
41.9
12.7
91.7
94.5
91.5
69.2
18.0
18.1
18.7
23.4
93.9
74.9
17.9
22.1
Secured by
collateral
Subject to
prepayment
penalty
573
328
548
642
641
43.9
49.8
17.4
42.9
64.5
21.4
36.4
58.0
20.7
5.1
293
707
1 449
274
241
473
180
316
644
625
55.0
91.5
34.8
59.3
73.5
10,265
119
3,155
3,283
1,074
495
2 056
4,974
648
262
378
408
439
357
170
2.75
1.44
2.10
2.70
3.92
7,713
379
1,335
3,469
1,536
561
2 480
1,253
1 407
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.04
2.11
2.19
3.16
3.28
6,525
69
1,068
2,848
1,963
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
4.04
3.37
2.49
3.88
4.12
2,366
16
53
1,126
791
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
4.31
3.94
3.27
2.45
1,565
7,115
12,572
18,860
3.6
3.5
3.2
2.8
40
57
91
158
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.11
2.47
14,013
26,099
3.4
2.9
54
147
62.8
33.7
5.3
30.1
222
1,341
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
63
SURVEY OF LOANS MADE, MAY 3-7, 2004—CONTINUED
D. Commercial and industrial loans made by small domestic banks'
Weightedaverage
maturity5
Percent of amount of loans (percent)
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
4.67
4.43
3.17
4.94
4.94
8,309
280
1,469
2,157
3,195
174
84
177
886
619
706
1,349
652
79.9
91.9
40.1
81.2
91.3
5.3
.0
3.8
13.1
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
4.81
4.24
4.73
4.61
5.07
2,870
148
212
1,190
699
85
142
68
93
73
660
418
355
940
454
87.9
87.1
83.1
79.8
95.6
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
3.47
5.07
2.04
5.21
5.33
1,390
14
765
248
260
283
76
700
136
172
636
353
82
2,762
340
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
4.23
3.39
2.00
4.00
4.78
1,116
35
171
99
766
156
390
347
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
5.16
4.30
5.02
5.09
5.07
1,381
52
195
266
723
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
5.39
6.54
6.16
6.01
4.70
1,529
30
126
334
745
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
61.5
71.1
31.5
66.8
82.2
81.0
79.2
87.0
77.1
85.2
9.9
1.1
1.6
6.8
18.3
2.9
.0
74.5
85.7
78.0
84.2
94.4
84.3
98.0
84.2
82.3
75.3
6.7
1.2
7.0
8.5
6.2
50.5
96.6
17.7
83.0
94.7
4.8
.0
.0
26.9
.2
49.9
61.7
17.6
92.9
87.2
93.5
72.7
92.6
97.5
97.7
1.6
1.0
.1
638
12
276
401
786
64.0
99.8
16.5
81.4
71.8
8.8
.0
3.8
20.3
9.3
76.8
87.3
18.3
55.8
95.1
84.7
99.9
89.2
78.4
84.4
.6
6.5
10.5
92
75
75
52
431
548
281
1,803
506
294
85.1
94.5
64.3
67.0
97.8
5.0
.0
23.4
7.9
53.3
55.2
17.1
25.0
81.1
82.9
39.9
79.5
69.0
98.0
23.2
2.0
4.0
7.3
34.5
137
52
105
81
511
63
48
128
81
37
98.6
100.0
98.5
95.1
99.9
44.9
12.2
78.5
26.1
57.1
59.5
34.2
65.9
51.2
78.7
2.3
24.0
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
65.0
66.6
46.3
96.3
74.0
72.8
89.1
87.5
6.1
4.5
13.0
17.4
82.6
78.5
13.3
4.3
Secured by
collateral
Days
Subject to
prepayment
penalty
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
1.2
31.1
2.4
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
5.77
5.13
3.84
4.74
1,271
2,848
3,293
897
3.2
3.2
3.3
4.0
311
369
294
228
90.4
89.6
66.1
85.2
2.6
6.6
6.8
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
5.01
4.13
5,112
3,197
3.6
2.8
191
515
88.6
66.1
4.9
6.0
113
118
64
4.23
Federal Reserve Bulletin Statistical Supplement • August 2004
TERMS OF LENDING AT COMMERCIAL BANKS
SURVEY OF LOANS MADE, MAY 3-7, 2004—CONTINUED
E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
2.21
2.05
1.97
1.85
2.80
20,848
1,109
3,700
6,717
7,150
4.551
4.395
7.105
4.173
3.929
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
5.42
4.24
4.72
54
93
183
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.09
1.55
1.76
1.80
2.55
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
3.2
.5
1.6
4.8
3.8
53.4
100.0
49.7
62.7
51.7
15.9
2.7
4.5
21.5
20.0
.0
.9
11.5
3.8
98.9
80.8
100.0
100.0
100.0
5.6
29.1
34.6
34.2
87.9
.0
53.3
46.4
48.8
.0
73.8
40.8
30.0
1.7
.0
.0
5.3
.8
39.9
100.0
31.6
67.2
34.1
17.2
.0
.2
26.9
15.8
109
105
277
94
89
33.6
9.8
1.1
51.7
18.9
61.6
.0
64.4
78.4
44.3
1.5
.0
.0
1.1
4.1
60.1
100.0
75.6
50.7
72.5
13.5
430
840
837
211
279
39.0
38.5
17.2
46.5
74.8
31.1
8.1
42.5
48.0
19.8
3.9
.0
9.6
5.4
3.6
81.5
100.0
100.0
86.7
97.1
15.1
4.4
8.8
15.5
25.9
58.5
28.3
16.9
44.7
15.0
38.1
45.1
50.1
81.6
32.3
5.9
.4
100.0
87.3
69.9
43.8
17.0
14.9
100.0
51.8
21.0
15.6
Secured by
collateral
Subject to
prepayment
penalty
141
415
322
76
74
35.5
36.5
3.8
51.9
47.0
48.2
3.3
66.5
57.2
30.4
852
320
470
1,389
972
675
69.7
58.7
81.7
11,583
214
2,530
2,989
4,695
8.228
3.130
6.586
6.931
7.853
48
95
208
1
1
2.00
1.74
1.84
1.75
2.81
5,248
413
540
2,889
1,196
4.351
4.903
4.889
5.782
2.762
2.65
2.40
2.69
2.16
3.57
3,650
448
576
746
1,076
3.084
6.557
2.962
1.918
2.729
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
6.8
16.4
17.7
Months
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
4.91
3.31
2.41
2.06
21
639
6,530
13,659
3.5
3.4
3.2
3.2
42
20
19
15
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.54
2.14
668
20,180
3.5
3.2
15
16
39.1
35.4
29.3
48.8
580
5,885
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
65
SURVEY OF LOANS MADE, MAY 3-7, 2004—CONTINUED
F. Commercial and industrial loans by date pricing terms were set and commitment status
Date pricing terms were set
and commitment status
Weightedaverage
loan rate4
(percent)
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Weighted-
Weightedaverage
maturity
repricing
interval2
Percent of amount of loans
risk rating3
Days
Secured by
collateral
Subject to
prepayment
penalty
Prime
based
All commercial banks
1 During survey week
2
Not under commitment
3
Informal commitment
4
Formal commitment
2.69
2.38
2.73
4.15
28,410
18,713
5,915
3,782
539
691
347
439
3.1
3.4
2.9
2.7
114
102
110
182
38.9
41.1
28.6
44.2
31.8
41.9
11.2
13.9
15.8
9.3
22.8
36.6
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.66
3.36
2.97
7,021
11,464
22,359
317
242
600
3.1
3.1
3.2
304
53
68
39.4
60.7
48.5
27.9
24.6
23.5
36.5
45.9
33.4
Domestic banks
8 During survey week
9
Not under commitment
10
Informal commitment
11
Formal commitment
3.34
2.82
3.56
4.87
14,721
8,990
3,114
2,617
292
345
194
316
3.1
3.2
3.0
3.1
214
214
199
234
46.9
44.5
52.1
49.0
5.0
3.5
3.6
12.1
29.9
19.4
42.7
50.4
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.73
3.45
3.08
6,261
10,042
17,381
286
216
483
3.2
3.1
3.1
340
57
81
41.5
65.4
47.0
27.0
20.9
25.9
40.6
50.1
41.1
Large domestic banks
15 During survey week
16
Not under commitment
17
Informal commitment
18 Formal commitment
2.74
2.22
2.94
4.68
9,982
7,413
656
1,914
1,083
1,094
721
1,251
3.2
3.2
2.9
3.2
91
44
243
201
35.1
34.8
38.4
35.1
4.8
3.0
.4
12.9
18.3
11.6
28.1
40.9
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.56
3.27
2.92
5,415
8,954
15,760
406
295
528
3.2
3.1
3.0
375
57
69
33.8
62.6
42.3
28.7
23.3
28.4
38.3
48.3
36.7
Small domestic banks
22 During survey week
23
Not under commitment
24
Informal commitment
25 Formal commitment
4.61
5.63
3.73
5.39
4,738
1,577
2,458
703
115
82
162
104
3.1
3.2
3.0
2.9
452
923
187
323
71.8
90.1
55.7
86.8
5.7
5.8
4.4
9.7
54.2
56.3
46.6
76.2
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
4.85
4.92
4.63
846
1,088
1,621
99
67
265
3.2
3.4
4.2
117
55
198
90.4
87.7
93.0
16.2
1.3
1.2
55.5
65.0
83.9
Foreign banks
29 During survey week
30
Not under commitment
31
Informal commitment
32
Formal commitment
1.98
1.97
1.80
2.53
13,689
9,724
2,801
1,165
5,888
9,886
2,803
3,407
3.2
3.5
2.8
1.7
14
8
11
67
30.3
38.0
2.5
33.4
60.5
77.4
19.6
17.9
.6
.0
.7
5.5
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.09
2.72
2.57
759
1,421
4,979
3,209
2,047
3,756
2.7
2.7
3.5
14
24
21
22.3
27.8
53.9
35.8
50.6
15.3
2.7
16.4
6.6
5
6
7
12
13
14
19
20
21
26
27
28
33
34
35
NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions
made during the first full business week in the mid-month of each quarter. The authorized
panel size for the survey is 348 domestically chartered commercial banks and 50 U.S.
branches and agencies of foreign banks. The sample data are used to estimate the terms of
loans extended during that week at all domestic commercial banks and all U.S. branches and
agencies of foreign banks. Note that the terms on loans extended during the survey week may
differ from those extended during other weeks of the quarter. The estimates reported here are
not intended to measure the average terms on all business loans in bank portfolios. The data in
this table also appear in the Board's E.2 statistical release, available on the Board's web site
at: www.federalreserve.gov/releases.
1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total
assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies
averaged $3.3 billion.
2. The "maturity/repricing" interval measures the period from the date the loan is made
until it first may be repriced or matures. For floating-rate loans that are subject to repricing at
any time—such as many prime-based loans—the maturity/repricing interval is zero. For
floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval
measures the number of days between the date the loan is made and the date on which it is
next scheduled to reprice. For loans having rates that remain fixed until the loan matures
(fixed-rate loans), the "maturity/repricing" interval measures the number of days between the
date the loan is made and the date on which it matures. Loans that reprice daily mature or
reprice on the business day after they are made. Owing to weekends and holidays, such loans
may have "maturity/repricing" intervals in excess of one day; such loans are not included in
the 2 to 30 day category.
3. A complete description of these risk categories is available at "http://
www.federalreserve.go v/boarddocs/reportforms/ReportDetail.cfm?WhichFormId=FR_2028a/
s." The category "Moderate risk" includes the average loan, under average economic
conditions, at the typical lender. The "Other" category includes loans rated "Acceptable" as
well as special mention or classified loans. The weighted-average risk rating published for
loans in rows 31-36 are calculated by assigning a value of " 1 " to minimal risk loans; " 2 " to
low risk loans; " 3 " to moderate risk loans, "4" to acceptable risk loans; and " 5 " to special
mention and classified loans. These values are weighted by loan amount and exclude loans
with no risk rating. Some of the loans in table rows 1, 6, 11, 16, 21, 26, and 31-36 are not
rated for risk.
4. Effective (compounded) annual interest rates are calculated from the stated rate and
other terms of the loans and weighted by loan amount. The standard error of the loan rate for
all commercial and industrial loans in the current survey (line 1, column 1) is 0.23 percentage
point. The chances are about two out of three that the average rate shown would differ by less
than this amount from the average rate that would be found by a complete survey of the
universe of all banks.
5. Average maturities are weighted by loan amount and exclude loans with no stated
maturities.
6. For loans made under formal commitments, the average time interval between the date
on which the loan pricing was set and the date on which the loan was made, weighted by the
loan amount. For loans under informal commitment, the time interval is zero.
7. Prime-based loans are based on the lending bank's own prime rate, any other lender's
prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with
"other" base rates include loan rates expressed in terms of any other base rate (e.g., the
federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan
rate.
8. For loans made under formal commitments.
* The number of loans was insufficient to provide a meaningful value.
66
Federal Reserve Bulletin Statistical Supplement • August 2004
4.30
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20041
Millions of dollars except as noted
1 Total assets4
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
1,143,489
150,546
1,010,362
119,393
14,874
4,964
42,860
4,170
2 Claims on nonrelated parties
3 Cash and balances due from depository institutions
4
Cash items in process of collection and unposted debits
5
Currency and coin (U.S. and foreign)
6
Balances with depository institutions in United States
7
U.S. branches and agencies of other foreign banks
(including their IBFs)
8
Other depository institutions in United States (including their
IBFs)
9
Balances with banks in foreign countries and with foreign central
banks
10
Foreign branches of U.S. banks
11
Banks in home country and home-country central banks
12
All other banks in foreign countries and foreign central banks . . .
13 Balances with Federal Reserve Banks
807,801
76,577
2,993
10
49,662
60,430
23,958
0
n.a.
10,713
727,750
71,326
2,951
7
56,649
22,269
0
n.a.
10,119
13,742
1,282
42,168
1,551
1
961
1,216
643
0
n.a.
342
1,568
965
0
n.a.
200
41,937
10,299
9,768
799
292
7,725
414
351
162
23,041
236
3,962
18,844
871
13,245
58
1,976
11,211
n.a.
12,150
58
1,956
10,136
n.a.
303
0
20
283
15
20
281
n.a.
14 Total securities and loans
398,005
22,300
341,257
21,122
15 Total securities, book value
16 U.S. Treasury
17 Obligations of U.S. government agencies and corporations
18 Other bonds, notes, debentures, and corporate stock (including state
and local securities)
19
Securities of foreign governmental units
20
Mortgage-backed securities
21
Issued or guaranteed by U.S. government agencies
22
Other
23
Other asset-backed securities
24
All other
130,921
16,100
20,698
5,045
n.a.
n.a.
125,861
14,527
20,094
4,724
n.a.
n.a.
1,490
74
191
299
n.a.
n.a.
3,156
1,459
314
94,123
10,092
25,722
23,650
2,072
16,327
41,982
5,045
3,275
56
1,715
91,240
9,776
25,172
23,100
2,072
16,327
39,965
4,724
3,222
0
0
0
56
1,446
1,224
110
162
162
0
0
952
299
48
0
0
0
0
251
1,383
195
386
386
0
0
1
1
0
0
0
0
0
28,499
18,679
9,820
13,513
4,851
8,662
26,698
17,490
9,208
12,766
4,704
8,062
172
169
97
97
0
613
13
600
600
0
600
0
0
0
43
0
43
0
0
0
0
0
0
25 Federal funds sold
26
With depository institutions in the U.S. .
27
With others
46,025
38,841
7,184
21,682
209
3,840
17,634
662
0
645
200
860
0
1
859
18
33,211
146,759
13,262
133,497
28 Securities purchased under agreements to resell
29
With depository institutions in the US
30
With others
146,802
13,262
133,541
3 1 Total loans, gross
32 LESS: Unearned income on loans . .
267,471
387
267,084
17,265
10
17,255
215,725
328
215,396
16,407
9
16,398
10,553
10,531
175
0
175
30,059
4
30,055
17,462
87,964
3,133
1,774
1,359
0
11,216
17
11,198
73,616
67
6,510
491
466
25
0
5,389
0
5,389
630
13,545
71,936
2,282
1,050
1,232
0
9,342
17
9,325
60,311
67
5,934
324
299
25
0
4,980
0
4,980
630
2,975
1,820
414
410
4
0
183
0
183
1,223
0
101
90
90
0
0
11
0
11
0
59
12,647
0
0
0
0
1,030
0
1,030
11,617
142,791
112,855
29,936
9,403
91
9,312
113,196
87,295
25,901
9,156
91
9,064
5,421
4,977
444
74
0
74
16,181
15,125
1,056
3,125
8,427
7,018
1,226
4
54
2,706
7,692
6,170
1,202
0
0
337
0
0
0
252
594
124
0
0
0
203
166
37
33
EQUALS: Loans, net
Total loans, gross, by category
34 Real estate loans
35 Loans to depository institutions and acceptances of other banks
36
Commercial banks in United States (including their IBFs)
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Other depository institutions in United States (including their IBFs) .
Banks in foreign countries
Foreign branches of U.S. banks
Other banks in foreign countries
43 Loans to other financial institutions . .
44 Commercial and industrial loans
45
U.S. addressees (domicile)
46
Non-US, addressees (domicile)
47 Loans to foreign governments and official institutions (including
foreign central banks)
48 Loans for purchasing or carrying securities (secured and unsecured)
49 All other loans
50 Lease financing receivables (net of unearned income)
51
U.S. addressees (domicile)
52 Non-US, addressees (domicile)
0
765
n.a.
0
646
37
53 Trading assets
54
U.S. Treasury and agency securities
55
Other trading assets
129,758
26,956
102,802
180
0
180
116,096
26,916
89,180
155
0
155
2
31
0
0
0
5,710
0
5,710
56 All other assets
57
Customers' liabilities on acceptances outstanding
58
U.S. addressees (domicile)
59
Non-US, addressees (domicile)
60
Other assets including other claims on nonrelated parties
61 Net due from related depository institutions5
62 Net due from head office and other related depository institutions5
63
Net due from establishing entity, head office, and other related
depository institutions5
28,160
514
370
145
27,645
335,688
335,688
479
n.a.
n.a.
n.a.
479
90,116
n.a.
25,614
419
318
101
25,194
282,612
282,612
337
n.a.
n.a.
n.a.
337
62,744
n.a.
234
44
43
1
191
1,131
1,131
3
n.a.
n.a.
n.a.
3
3,747
n.a.
1,040
32
9
n.a.
n.a.
n.a.
n.a.
n.a.
1,008
691
691
1
2,603
n.a.
n.a.
90,116
n.a.
62,744
n.a.
3,747
n.a.
2,603
64 Total liabilities4
1,143,489
150,546
1,010,362
119,393
14,874
4,964
42,860
4,170
65 Liabilities to nonrelated parties
1,039,924
133,317
921,538
103,706
8,949
4,854
40,801
3,057
Footnotes appear at end of table.
US. Branches and Agencies
4.30
67
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20041—Continued
Millions of dollars except as noted
Total
excluding
IBFs3
IBFs
only3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
66 Total deposits and credit balances
67
Individuals, partnerships, and corporations (including certified
and official checks)
68
U.S. addressees (domicile)
69
Non-U.S. addressees (domicile)
70
Commercial banks in United States (including their IBFs)
71
U.S. branches and agencies of other foreign banks
72
Other commercial banks in United States
73
Banks in foreign countries
74
Foreign branches of U.S. banks
75
Other banks in foreign countries
76
Foreign governments and official institutions
(including foreign central banks)
77
All other deposits and credit balances
477,770
88,919
432,782
71,098
2,800
3,602
10,404
391,185
376,004
15,182
58,816
15,738
43,079
5,788
1,002
4,786
7,078
229
6,850
11,962
7,729
4,233
40,948
2,229
38,720
350,510
340,806
9,705
55,365
15,293
40,073
5,636
1,002
4,634
3,693
229
3,464
10,867
6,898
3,969
32,284
2,181
30,103
2,359
1,716
644
410
100
310
18
0
18
100
0
100
663
514
149
1,725
45
1,680
10,278
10,211
67
108
0
108
18
0
18
185
0
185
0
0
0
206
3
203
4,378
17,603
28,521
410
4,311
16,959
23,844
410
1,114
0
0
25
0
78 Transaction accounts and credit balances (excluding IBFs)
79
Individuals, partnerships, and corporations (including certified
and official checks)
80
U.S. addressees (domicile)
81
Non-U.S. addressees (domicile)
82
Commercial banks in United States (including their IBFs)
83
U.S. branches and agencies of other foreign banks
84
Other commercial banks in United States
85 Banks in foreign countries
86
Foreign branches of U.S. banks
87
Other banks in foreign countries
88 Foreign governments and official institutions
(including foreign central banks)
89 All other deposits and credit balances
10,583
8,477
9,096
5,980
3,116
154
27
128
951
0
950
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7,119
5,549
1,570
154
27
127
866
0
866
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
145
105
40
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
235
207
28
0
0
0
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
307
76
n.a.
n.a.
267
71
n.a.
n.a.
3
4
n.a.
n.a.
0
0
n.a.
n.a.
90 Nontransaction accounts (including MMDAs, excluding IBFs)
91
Individuals, partnerships, and corporations (including certified
and official checks)
92
U.S. addressees (domicile)
93
Non-U.S. addressees (domicile)
94
Commercial banks in United States (including their IBFs)
95
U.S. branches and agencies of other foreign banks
96
Other commercial banks in United States
97
Banks in foreign countries
98
Foreign branches of U.S. banks
99
Other banks in foreign countries
100 Foreign governments and official institutions
(including foreign central banks)
101 All other deposits and credit balances
467,187
102 IBF deposit liabilities
103
Individuals, partnerships, and corporations (including certified
and official checks)
104
U.S. addressees (domicile)
105
Non-U.S. addressees (domicile)
106
Commercial banks in United States (including their IBFs)
107
U.S. branches and agencies of other foreign banks
108
Other commercial banks in United States
109 Banks in foreign countries
110
Foreign branches of U.S. banks
111
Other banks in foreign countries
112 Foreign governments and official institutions
(including foreign central banks)
113 All other deposits and credit balances
Footnotes appear at end of table.
10,169
2,630
424,305
2,214
1,611
603
410
100
310
0
0
0
IBFs
only
382,090
370,024
12,066
58,662
15,711
42,951
4,837
1,002
3,835
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
343,391
335,257
8,134
55,211
15,266
39,945
4,770
1,002
3,767
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4,071
17,527
n.a.
n.a.
4,045
n.a.
n.a.
n.a.
n.a.
88,919
71,098
3,602
7,078
229
6,850
11,962
7,729
4,233
40,948
2,229
38,720
3,693
229
3,464
10,867
6,898
3,969
32,284
2,181
30,103
100
0
100
663
514
149
1,725
45
1,680
28,521
410
23,844
410
1,114
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10,043
10,004
108
17
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
185
0
185
0
0
0
206
3
203
68
Federal Reserve Bulletin Statistical Supplement • August 2004
4.30
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20041—Continued
Millions of dollars except as noted
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
73,525
35,454
38,070
26,484
7,384
19,100
51,644
21,611
30,032
16,360
2,334
14,026
117 Securities sold under agreements to repurchase
118 With depository institutions in the U S
119 With others
120 Other borrowed money
121 Owed to nonrelated commercial banks in United States (including
their IBFs)
122 Owed to U.S. offices of nonrelated U.S. banks
123
Owed to U.S. branches and agencies of nonrelated
foreign banks
124 Owed to nonrelated banks in foreign countries
125 Owed to foreign branches of nonrelated U.S. banks
126
Owed to foreign offices of nonrelated foreign banks
127 Owed to others
169,261
17,195
152,065
118,882
2,229
15,287
168,804
17,184
151,620
96,375
11,728
6,638
2,965
697
5,090
12,743
984
11,759
94,411
128 All other liabilities
129 Branch or agency liability on acceptances executed and
outstanding
130
Trading liabilities
131
Other liabilities to nonrelated parties
132 Net due to related depository institutions5
133 Net due to head office and other related depository institutions5
134 Net due to establishing entity, head office, and other related
depository institutions5
114 Federal funds purchased
115 With depository institutions in the U.S. . .
116 With others
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
6,165
3,663
2,502
2,258
495
1,763
571
563
144
136
2,229
13,641
232
11
221
1,499
0
1,103
198
0
198
18,319
0
383
11,276
6,441
2,855
697
164
52
54
0
197
121
41
0
2,268
9,409
517
8,892
2,913
4,836
11,755
869
10,886
73,344
2,159
8,575
492
8,083
2,211
45
323
968
54
348
25
323
702
76
377
0
377
17,745
41
342
0
342
0
111,566
398
100,836
379
540
88,151
22,875
n.a.
47
351
442
80,929
19,465
n.a.
47
332
44
24
177
103,565
103,565
17,229
n.a.
88,824
88,824
15,687
n.a.
5,925
5,925
5,298
31
3,946
1,320
110
n.a.
2,059
2,059
1,114
n.a.
MEMO
135 Holdings of own acceptances included in commercial and
industrial loans
136 Commercial and industrial loans with remaining maturity of one year
or less (excluding those in nonaccrual status)
137 Predetermined interest rates
138 Floating interest rates
139 Commercial and industrial loans with remaining maturity of more
than one year (excluding those in nonaccrual status)
140 Predetermined interest rates
141 Floating interest rates
Footnotes appear at end of table.
n.a.
n.a
64,572
22,087
42,486
n.a
n.a.
n.a
45,864
15,295
30,569
2,953
1,423
1,530
72,593
11,865
60.728
n.a
n.a
n.a
62,468
9,949
52,519
n.a.
n.a.
n.a.
2,449
250
2,199
12,061
3,665
8,396
n.a.
n.a.
n.a.
3,770
403
3,367
n.a.
n.a.
n.a.
US. Branches and Agencies
4.30
69
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20041—Continued
Millions of dollars except as noted
All states2
Item
142 Components of total nontransaction accounts,
included in total deposits and credit balances
143
Time deposits of $100,000 or more
144
Time CDs in denominations of $100,000 or more
with remaining maturity of more than 12 months
Total
excluding
IBFs3
IBFs
only3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
520,673
458,261
n.a.
n.a.
476,613
416,668
n.a.
n.a.
2,513
2,507
n.a.
n.a.
9,914
9,909
n.a.
n.a.
62,411
n.a.
59,944
n.a.
6
n.a.
5
n.a.
All states2
145 Immediately available funds with a maturity greater than one day
included in other borrowed money
146 Number of reports filed6
Illinois
California
New York
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
44,066
275
n.a.
0
42,635
145
n.a.
0
1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first
used for reporting data as of June 30, 1980, and was revised as of December 3 1, 1985. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through the Federal
Reserve monthly statistical release G. 11, last issued on July 10, 1980. Data in this table and in
the G. 11 tables are not strictly comparable because of differences in reporting panels and in
definitions of balance sheet items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to
permit banking offices located in the United States to operate international banking facilities
(IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column.
These data are either included in or excluded from the total columns as indicated in the
headings. The notation "n.a." indicates that no IBF data have been reported for that item,
Illinois
California
New York
Total
including
IBFs
978
53
IBFs
only
n.a.
0
Total
including
IBFs
159
17
IBFs
only
n.a.
0
either because the item is not an eligible IBF asset or liability or because that level of detail is
not reported for IBFs. From December 1981 through September 1985, IBF data were
included in all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or owed to related
banking institutions in the United States and in foreign countries (see note 5). On the former
monthly branch and agency report, available through the G.ll monthly statistical release,
gross balances were included in total assets and total liabilities. Therefore, total asset andtotal
liability figures in this table are not comparable to those in the G. 11 tables.
5. Related depository institutions includes the foreign head office and other U.S. and
foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including
subsidiaries owned both directly and indirectly).
6. In some cases, two or more offices of a foreign bank within the same metropolitan area
file a consolidated report.
70
Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21, 58-59
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign banks, U.S. branches and agencies, 66-9
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21, 66-9 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21, 58-59
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21, 58-59, 66-9
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21, 58-59
Commercial and industrial loans, 15-21, 58-59, 60-5
Consumer loans held, by type and terms, 34, 60-5
Real estate mortgages held, by holder and property, 33
Terms of lending, 60-5
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4—6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21, 58-59
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10
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, 35-9
Foreign banks, U.S. branches and agencies, 66-9
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, 45-7, 50-51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Commercial banks, 60-5
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22, 60-5
International capital transactions of United States, 44—55
International organizations, 45, 46, 48, 50-3
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21, 60-5
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21, 58-59, 60-5
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Foreign banks, U.S. branches and agencies, 66-9
Insured or guaranteed by United States, 32, 33
MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)
OPEN market transactions, 9
Index to Statistical Tables
PRICES
Stock market, 24
Prime rate, 22, 60-5
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35-9
Saving deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-9
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21, 58-59
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)
71
@FedFRASER