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Volume 4 • Number 8 • August 2007 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • Vincent R. Reinhart • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). The Statistical Supplement began publication in 2004. It is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frb.gov. The Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/supplement. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886, or send an e-mail to publications-bog@frb.gov. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of August 2007. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • August 2007 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates and indexes of the foreign exchange value of the U.S. dollar 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Terms of lending at commercial banks, May 7-11, 2007 64 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 2007 68 INDEX TO STATISTICAL TABLES 70 FEDERAL RESERVE BOARD PUBLICATIONS 72 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES 74 PUBLICATIONS OF INTEREST 75 FEDERAL RESERVE STATISTICAL RELEASES AVAILABLE ON THE COMMERCE DEPARTMENT'S ECONOMIC BULLETIN BOARD Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • August 2007 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate 1 2 3 4 Reserves of depository institutions2 Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 Q2 Q3 Q4 Q1 5.4 3.8 4.4 -13.7 -11.8 -15.1 .7 -2.0 -4.2 -.3 2.6 -7.5 -6.3 -6.7 1.6 .7 3.4 Apr. -31.4 -24.3 -32.1 1.2 -.4 7.1 5.3' 8.9 12.4 16.7 7.3 2.1 7.4 -3.4 4.0 7.3 7.8 12.5 -1.8 -2.8 -6.9 -3.5 2.4 -10.0 3.8 7.9 9.4 10.7 14.4 10.0 3.4 12.4 15.4 11.7 2.7 8.3 9.1 Nontransaction components 7 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . Small time1" Thrift institutions 10 Savings, including MMDAs .. 11 Small time8 -6.4 20.0 -22.0 8.2 11.5 8.9 17.0 23.2 Money market mutual funds 12 Retail7 13 Institution-only 8.7 13.2 16.0 17.3 17.2 21.2 18.8 11.2 21.9 -4.3 8 9 .8 18.4 .7 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at 1.0' 5.1 4.8 7.1 5.8' 3.2 14.8' 2.4 40.7 10.2 8.8 24.8 26.6 .9 2.4 16.2 6.0 50.2' 7.0 33.6 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Apr. May Apr. 18 Apr. 25 May 2 May 9 May 16 May 23 May 30 851,891 780,850 780,850 277,019 468,553 31,776 3,502 0 32,694 49 17 5 27 -675 38,972 11,041 2,200 38,341 852,390 783,416 783,416 277,019 470,664 32,070 3,663 0 28,967 83 36 0 47 -625 40,549 11,041 2,200 38,393 853,332 789,887 789,887 277,019 474,451 34,459 3,959 0 24,419 106 13 0 93 -974 39,894 11,041 2,200 38,437 851,194 782,844 782,844 277,019 470,399 31,776 3,650 0 28,571 50 0 48 -914 40,643 11,041 2,200 38,393 849,962 784,787 784,787 277,019 471,714 32,336 3,719 0 24,964 115 61 0 55 -947 41,042 11,041 2,200 38,403 866,907 787,183 787,183 277,019 473,150 33,245 3,769 0 38,750 66 6 0 60 -303 41,211 11,041 2,200 38,414 853,521 789,796 789,796 277,019 474,473 34,459 3,846 0 22,821 75 5 0 70 -478 41,306 11,041 2,200 38,424 847,829 790,074 790,074 277,019 474,672 34,459 3,925 0 18,036 84 2 0 82 -1,056 40,691 11,041 2,200 38,433 850,115 790,153 790,153 277,019 474,672 34,459 4,003 0 22,071 142 42 0 101 -937 38,685 11,041 2,200 38,443 853,631 790,236 790,236 277,019 474,672 34,459 4,087 0 25,857 128 6 0 122 -1,415 38,824 11,041 2,200 38,452 806,300 38,080 38,080 0 240 807,595 35,528 34,703 825 316 810,080 33,746 33,512 234 265 808,144 33,163 33,163 0 316 807,201 34,080 34,080 0 305 807,361 40,111 35,754 4,357 296 808,678 36,019 36,019 0 269 809,050 32,298 32,084 214 236 808,818 32,215 32,215 0 266 813,595 32,764 32,764 0 281 12,218 4,992 99 6,877 6,877 0 251 38,739 7,895 13,372 6,289 94 6,707 6,707 0 283 38,905 8,309 13,124 6,242 94 6,509 6,509 0 280 39,012 8,783 12,396 5,454 93 6,555 6,555 0 295 38,975 9,833 13,449 6,534 92 6,557 6,557 0 266 39,041 7,532 21,779 14,887 93 6,508 6,508 0 292 38,834 10,181 11,783 4,914 93 6,508 6,508 0 268 38,801 9,636 11,298 4,451 94 6,470 6,470 0 284 38,981 7,640 11,752 4,913 94 6,470 6,470 0 275 39,060 12,143 5,183 94 6,580 6,580 0 287 39,269 7,272 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 . . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 End-of-month figures Wednesday figures Apr. May 30 Apr. 18 Apr. 25 May 2 May 9 May 16 864,646 787,149 787,149 277,019 474,059 32,336 3,736 0 38,000 57 0 0 56 -1,844 41,284 11,041 2,200 38,403 874,894 787,210 787,210 277,019 471,936 34,459 3,796 0 48,000 76 3 0 73 -1,141 40,749 11,041 2,200 38,414 860,561 790,025 790,025 277,019 474,672 34,459 3,875 0 29,000 82 7 0 75 -38 41,492 11,041 2,200 38,424 845,088 790,103 790,103 277,019 474,672 34,459 3,953 0 18,000 93 7 0 86 -1,154 38,046 11,041 2,200 38,433 859,224 790,182 790,182 277,019 474,672 34,459 4,032 0 31,250 118 0 0 118 -1,175 38,849 11,041 2,200 38,443 860,929 790,260 790,260 277,019 474,672 34,459 4,111 0 31,000 121 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . 864,276 790,272 790,272 277,019 474,672 34,459 4,122 0 35,750 115 25 -870 39,999 11,041 2,200 38,371 879,552 787,188 787,188 277,019 471,936 34,459 3,774 0 51,500 70 11 0 59 97 40,698 11,041 2,200 38,414 114 -606 38,746 11,041 2,200 38,462 846,290 782,860 782,860 277,019 470,399 31,776 3,666 0 24,000 52 1 0 51 -1,208 40,586 11,041 2,200 38,393 805,586 37,283 37,283 0 301 806,998 37,389 37,389 0 299 814,007 34,817 34,817 0 286 809,009 33,971 33,971 0 305 808,521 34,025 34,025 0 299 809,234 41,421 35,671 5,750 275 810,460 35,410 35,410 0 231 810,148 32,446 32,446 0 263 811,368 32,618 32,618 0 815,146 34,860 34,860 0 286 11,549 4,245 91 6,989 6,989 0 224 38,912 11,288 36,424 29,504 95 6,508 6,508 0 316 39,069 11,028 12,269 5,340 93 6,580 6,580 0 256 39,275 15,324 12,156 5,235 95 6,555 6,555 0 271 38,595 3,887 19,172 12,250 92 6,557 6,557 0 274 38,490 15,783 32,229 25,350 93 6,508 6,508 0 278 38,317 5,073 11,589 4,726 93 6,509 6,509 0 261 38,546 15,989 10,965 4,125 93 6,470 6,470 0 279 38,569 4,371 11,141 4,312 93 6,470 6,470 0 266 38,750 16,752 11,563 4,637 94 6,580 6,580 0 253 38,892 11,876 853,306 780,901 780,901 277,019 468,553 31,776 3,553 0 33,250 27 120 856 38,691 11,041 2,200 38,452 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • August 2007 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal 2004 2005 2006 2006 2007 Dec. Dec. Dec. Nov. Dec. Jan. Feb. Mar. Apr. May 12.046 47,259 34,801 12,457 46,847 44,938 1,909 10.045 51,310 35,346 15,964 45,391 43,490 1,901 8.474 50,901 34,807 16,094 43,282 41,478 1,804 8.451 48,958 33,782 15,176 42,234 40,542 1,691 8.474 50,901 34,807 16,094 43,282 41,478 1,804 8 777 52,165 35,864 16,301 44,641 43,131 1,510 7.718 53,733 34,948 18,785 42,666 41,164 1,502 7.515 49,729 33,254 16,475 40,769 39,129 1,640 8.554 48,805 33,988 14,817 42,542 41,014 1,528 9,201 48,651 34,823 13,828 44,023 42,583 1,440 63 11 0 52 169 97 0 72 191 111 0 80 160 48 0 112 191 111 0 80 211 187 0 24 30 8 0 22 54 21 5 28 79 32 0 48 103 14 0 90 B weekly averages of daily figures for two-week periods ending on dates indicated 2007 1 2 3 4 5 6 7 8 9 10 11 2 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal Jan. 31 Feb. 14 Feb. 28 Mar. 14 Mar. 28 Apr. 11 Apr. 25 May 9 May 23 June 6 9,716 53,827 39,086 14,741 48,801 47,531 1,270 6,718 56,037 33,584 22,453 40,301 39,069 1,232 8,719 51,430 36,313 15,117 45,032 43,260 1,772 7,596 48,651 32,098 16,553 39,694 38,136 1,558 7,378 50,964 34,651 16,313 42,029 40,343 1,686 7,776 49,001 32,127 16,874 39,903 38,096 1,806 8,683 48,912 35,256 13,656 43,939 42,610 1,329 9,908 48,075 34,531 13,544 44,439 42,966 1,472 8,664 49,392 35,057 14,335 43,720 42,425 1,295 9,345 48,003 34,741 13,262 44,086 42,428 1,658 265 244 0 22 30 8 0 22 30 8 0 21 43 7 11 26 60 31 0 29 80 44 0 36 83 32 0 52 71 6 0 65 113 22 0 92 124 10 0 114 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 8/21/07 Effective date Previous rate On 8/21/07 Effective date Previous rate On 8/21/07 Effective date Previous rate 5.75 8/17/07 8/17/07 8/17/07 8/17/07 8/17/07 8/17/07 6.25 6.25 8/17/07 8/17/07 8/17/07 8/17/07 8/17/07 8/17/07 6.75 5.25 8/16/07 5.30 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 8/17/07 8/20/07 8/17/07 8/17/07 8/17/07 8/17/07 i 5.75 ' 6.25 6.25 1 8/17/07 8/20/07 8/17/07 8/17/07 8/17/07 8/17/07 i 1 1 6.75 5.25 8/16/07 5.30 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 Effective date In effect Jan. 9,2003 (beginning of program) 2 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Feb. 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 3.50 3.50-3.75 3.75 3.75^.00 4.00 4.00^.25 4.25 4.25^.50 4.50 4.50^.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 5.25-5.50 5.50 5.50 5.50 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2006—Mar. 28 30 May 10 11 June 29 July 6 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 Aug. 20 5.75-6.25 5.75 5.75 5.75 5.75 5.75 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Effective date In effect August 21, 2007 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^.50 4.00 3.50^.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 Effective date In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • August 2007 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$8.5 million2 2 More than $8.5 million-$45.8 million3 3 More than $45.8 million Percentage of liabilities 0 10 4 Nonpersonal time deposits 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 Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/21/06 12/21/06 12/21/06 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 18,138 0 821.685 821,685 0 871,661 871,661 5,748 0 905,206 905,206 0 65,400 65,400 85,342 85,342 69,275 69,275 0 0 66,169 66,169 0 0 0 70,706 70,706 0 0 0 88,466 88,466 0 7,994 0 103,380 -118,373 0 2,894 0 109,557 -108,098 2,795 4,967 0 0 0 10,552 1,757 0 7,427 -16,498 3,749 0 14,046 -15,441 335 0 0 0 0 0 0 0 0 0 817 0 0 0 0 0 0 0 0 0 1,394 0 17,249 0 -84,844 110,819 11,309 0 -91,121 97,723 26,354 0 0 0 1,395 0 -5,246 15,086 3,151 0 -11,009 13,147 4,979 0 0 0 0 0 0 0 1,061 0 0 0 0 0 0 0 3,742 0 0 0 5,763 0 -8,012 7,554 3,626 0 -7,041 7,375 4,322 0 0 0 33 0 -2,181 1,412 411 0 2,073 2,294 445 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 290 0 0 0 1,364 0 -10,524 0 2,007 0 -11,395 3,000 3,299 0 0 0 0 0 0 780 0 -5,110 1,072 0 0 0 0 0 0 0 0 0 0 0 0 0 0 640 0 0 50,507 0 0 28,136 0 2,795 44,690 0 10,552 3,185 0 3,749 4,562 0 335 6,496 0 0 0 0 1,878 0 0 0 0 0 6,066 0 50,507 25,341 1,876,900 1,887,650 2,097,050 2,083,300 2,125,500 2,131,500 178,000 169,750 194,500 186,500 176,500 173,500 176,000 184,750 193,750 180,500 228,250 240,250 179,500 161,250 5,621,153 5,626,285 6,421,223 6,420,945 6,779,023 6,778,132 649,172 651,821 665,558 662,802 586,711 585,277 630,544 633,309 696,788 704,054 843,250 840,887 739,145 739,251 -5,110 5,601 10,756 4,434 -11,515 5,984 -9,637 18,143 29,029 5,037 14,983 10,930 -11,515 7,862 -9,637 24,209 6,496 76,560 76,560 6,066 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 37 Net change in temporary transactions 38 Total net change in System Open Market Account -15,882 34,626 39,369 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • August 2007 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday May 2 May? May 16 May 23 May 3l Apr. May Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Gold certificate account Special drawing rights certificate account . . . . Coin Securities, repurchase agreements, and loans . Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 . . Inflation compensation4 Federal agency3 Repurchase agreements5 Loans Items in process of collection Bank premises Other assets Denominated in foreign currencies'" All other7 19 Total assets .. . 11,037 2,200 1,073 835,286 787,210 787,210 277,019 471,936 34,459 3,796 0 48,000 76 3,984 2,003 39,032 20,961 18,071 11,037 2,200 1,016 819,107 790,025 790,025 277,019 474,672 34,459 3,875 0 29,000 82 4,144 2,006 39,489 20,941 18,548 11,037 2,200 949 808,196 790,103 790,103 277,019 474,672 34,459 3,953 0 18,000 93 2,523 2,005 36,417 20,863 15,553 11,037 2,200 905 821,550 790,182 790,182 277,019 474,672 34,459 4,032 0 31,250 118 3,135 2,014 36,835 20,784 16,051 11,037 2,200 880 821,381 790,260 790,260 277,019 474,672 34,459 4,111 0 31,000 121 5,934 2,016 37,267 20,736 16,531 11,037 2,200 946 814,178 780,901 780,901 277,019 468,553 31,776 3,553 0 33,250 27 2,141 1,992 38,056 20,868 17,188 11,037 2,200 1,068 838,757 787,188 787,188 277,019 471,936 34,459 3,774 0 51,500 70 1,723 2,013 38,973 21,058 17,915 11,037 2,200 890 826,136 790,272 790,272 277,019 474,672 34,459 4,122 0 35,750 115 3,749 2,035 36,725 20,752 15,972 894,615 878,998 863,326 877,676 880,715 870,549 895,772 882,771 772,163 41,421 37,594 11,873 25,350 93 278 5,120 5,892 773,279 35,410 27,583 22,503 4,726 93 261 4,179 5,906 772,923 32,446 15,714 11,218 4,125 93 279 3,675 5,894 774,106 32,618 27,894 23,223 4,312 93 266 4,308 5,920 777,855 34,860 24,032 19,049 4,637 94 253 5,077 5,971 768,457 37,283 22,888 18,328 4,245 91 224 3,010 5,952 769,947 37,389 47,745 17,830 29,504 95 316 1,621 5,867 776,716 34,817 27,591 21,902 5,340 93 256 4,371 6,103 862,190 846,358 830,652 844,847 847,794 837,588 862,569 849,598 15,875 15,374 1,176 15,891 15,374 1,375 15,983 15,374 1,317 16,021 15,374 1,434 16,102 15,375 1,444 15,846 15,361 1,753 15,872 15,374 1,956 16,101 15,386 1,685 32,675 32,829 1,937,394 1,219,345 718,049 7,437 1,948,912 1,223,577 725,336 4,239 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 32 Other capital accounts 32,425 33,203 33 Total capital MEMO 34 Marketable securities held in custody for foreign offic and international accounts3'10 35 U.S. Treasuiy 36 Federal agency 37 Securities lent to dealers 1,929,244 1,227,729 701,515 3,639 1,937,411 1,227,971 709,440 1,675 1,962,529 1,234,593 727,936 8,942 1,888,074 1,215,461 672,613 2,593 1,927,593 1,229,440 698,153 4,299 1,957,027 1,230,407 726,620 11,431 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 967,274 968,133 969,227 970,652 971,407 964,931 966,984 972,157 195,111 772,163 772,163 11,037 2,200 758,926 0 194,853 773,279 773,279 11,037 2,200 760,043 0 196,305 772,923 772,923 11,037 2,200 759,686 0 196,546 774,106 774,106 11,037 2,200 760,869 0 193,552 777,855 777,855 11,037 2,200 764,618 0 196,474 768,457 768,457 11,037 2,200 755,220 0 197,037 769,947 769,947 11,037 2,200 756,710 0 195,440 776,716 776,716 11,037 2,200 763,479 0 835,210 819,025 808,103 821,432 821,260 814,151 838,688 826,022 41,487 35,462 32,490 32,664 34,909 37,375 37,456 34,861 793,723 783,562 775,614 788,768 786,351 776,776 801,232 791,161 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 May 2 May 9 May 16 May 23 May 30 10 66 0 19 63 0 37 56 115 3 119 2 0 25 55 15 95 20 0 787,210 790,025 790,103 790,182 790,260 780,901 787,188 790,272 65,945 164.712 171,410 234,977 66,901 83,265 68,357 162,882 170,832 237,737 66,921 83,296 66,840 153,859 183,320 229,466 66,941 89,676 69,193 164,924 169,907 229,490 74,477 82,190 70,503 164,252 169,274 229,514 74,496 82,220 41,019 191,622 174,582 224,584 66,555 82,538 47,023 175,654 174,159 240,198 66,896 83,257 42,196 170,355 183,763 237,234 74,499 82,225 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 48,000 29,000 18,000 31,250 31,000 33,250 51,500 35,750 20 Within 15 days 48,000 0 29,000 0 18,000 0 31,250 0 31,000 0 33,250 0 51,500 0 35,750 0 32,446 32,618 32,446 0 32,618 0 34,860 0 37,283 0 1 Total loans 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities1 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements" May Apr. 27 41,421 41,421 35,410 0 23 Within 15 days 24 16 days to 90 days NOTE: Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 37,389 37,389 0 34,817 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • August 2007 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. 2005 Dec. 2006 2006 Dec. Apr. May Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 42.67 42.63 41.63 720.52 46.60 46.54 44.69 759.63 45.15 44.98 43.25 787.91 43.31 43.12 41.51 812.57 42.89 42.66 41.27 806.90 43.19 43.03 41.49 810.08 43.31 43.12 41.51 812.57 42.18 41.97 40.67 813.39 42.44 42.41 40.93 812.17 42.34 42.28 40.70 813.79 42.72 42.64 41.19 816.07 43.16 43.05 41.72 817.89 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 42.46 42.41 41.41 725.21 46.52 46.46 44.61 764.66 45.15 44.98 43.25 793.37 43.36 43.17 41.56 818.40 41.88 41.65 40.26 802.35 42.37 42.21 40.68 808.59 43.36 43.17 41.56 818.40 44.63 44.42 43.12 816.80 42.69 42.66 41.19 812.91 40.81 40.76 39.17 813.94 42.60 42.52 41.07 815.95 44.09 43.99 42.65 818.59 42.95 42.91 41.91 737.62 1.05 .05 46.85 46.79 44.94 774.77 1.91 .06 45.39 45.22 43.49 802.30 1.90 .17 43.28 43.09 41.48 825.28 1.80 .19 41.75 41.52 40.13 809.23 1.62 42.23 42.07 40.54 815.38 1.69 .16 43.28 43.09 41.48 825.28 1.80 .19 44.64 44.43 43.13 823.69 1.51 .21 42.67 42.64 41.16 819.69 1.50 .03 40.77 40.72 39.13 820.79 1.64 .05 42.54 42.46 41.01 822.63 1.53 44.02 43.92 42.58 825.07 1.44 .10 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. Apr. May Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,305.5 6.070.4 8,872.3 1,375.1 6,417.9 9,433.0 1,373.0 6,678.5 10,154.0 1,366.2' 7,021.2' n .a. 1,360.8 7,095.9' n.a. 1,369.8 7,151.6' n .a. 1,379.3 7,206.1' n.a. 1,379.3 7,229.1 n.a. 662.7 7.7 325.4 309.7 698.0 7.6 342.3 327.3 724.5 7.2 324.0 317.4 749.6 6.7 305.9 304.0 749.8 6.6 300.0 304.4 751.2 6.6 302.9 309.2 753.4 6.6 306.8 312.6 754.7 6.5 306.7 311.3 4,764.9 2,792.7 5,042.7 3,011.1 5,305.5 3,478.5 5,654.9 n .a. 5,735.1' n.a. 5,781.7' n .a. 5,826.8' n.a. 5,849.8 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,337.5 540.9 764.5 2,630.6 550.5 909.3 2,769.6 643.0 1,122.9 2,902.1 756.9 n .a. 2,931.8 762.0' n.a. 2,924.5' 751.3' n .a. 2,938.7 753.3' n.a. 2,940.9 754.8 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 831.3 273.5 120.7 887.1 272.0 161.5 849.2 339.7 230.7 792.2 398.7 n .a. 813.3' 401.2 n.a. 847.3 414.8 n .a. 867.6 418.5 n.a. 879.3 420.6 n.a. 781.7 1,126.3 702.6 1,076.7 704.0 1,143.9 805.0 1,341.2 826.7 1,346.2 843.8 1,376.0 848.7 1,414.5 854.2 1,453.7 494.8 295.3 492.6 379.1 564.3 423.9 n .a. n .a. n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,332.0 6,100.3 8,927.8 1,401.2 6,449.6 9,482.2 1,396.4 6,712.4 10,201.4 1,388.2 7,062.1 1,347.7 7,066.7' 1,379.4 7,171.6' n.a. 1,392.6 7,258.7' n.a. 1,384.0 7,202.6 666.7 7.6 342.6 315.0 702.4 7.5 358.6 332.8 728.9 7.2 337.6 322.7 754.6 6.7 317.6 309.3' 750.8 6.6 292.2' 298.1 753.0 6.5 306.0 313.9 754.2 6.5 308.7 323.2 756.1 6.5 307.7 313.7 Nontransaction components 27 In M27 28 In M3 onlys 4,768.3 2,815.9 5,048.3 3,025.4 5,316.0 3,488.3 5,673.9 5,718.9' 5,792.2' n.a. Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,337.9 540.5 760.9 2,633.1 549.9 903.3 2,776.0 642.3 1,114.4 2,914.9 756.4 2,916.9 761.4' 2,929.8 750.5' 2,969.5 751.8' n.a. 2,924.8 752.4 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 831.5 273.3 120.1 271.7 160.4 851.2 339.4 228.9 795.7 398.4 809.1 400.9 848.8' 414.3 n.a. 876.7 417.7 874.5 419.3 785.0 1,153.0 705.6 1,099.9 707.1 1,167.1 808.6 1,369.8 830.7 1,368.6 848.8 1,381.5 850.4 1,400.0 847.5 1,430.1 497.6 292.8 494.6 376.6 566.1 422.0 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appear on following page. n.a. n.a. 5,818.6 14 Federal Reserve Bulletin Statistical Supplement • August 2007 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account July 2007 2007 2006 Jan. Feb. Mar. Apr.' May' June' July July 4 July 11 July 18 July 25 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 7,983.4 2,193.4 1,213.9 979.5 5,790.0' 1,132.7 3,130.4 452.2 2,678.2 723.9 231.7 571.4 290.4 298.5 806.1 8,362.9 2,219.0 1,201.4 1,017.7 6,143.9 1,201.6 3,381.4 474.0 2,907.4 745.4 268.3 547.2 369.0 299.2 846.7 8,441.9 2,238.9 1,205.2 1,033.7 6,203.0 1,210.7 3,414.5 471.6 2,942.9 745.3 278.9 553.6 362.2 300.7 859.2 8,429.8' 2,265.9 1,211.6 1,054.3 6,164.0 1,219.0 3,363.2 463.2 2,900.0 742.6 284.6 554.5 365.2 290.5 857.5 8,490.4 2,277.2 1,187.5 1,089.7 6,213.3 1,226.1 3,385.9 458.6 2,927.2 748.5 281.8 571.0 359.6 292.8 853.9 8,538.3 2,281.7 1,174.8 1,106.9 6,256.6 1,241.9 3,395.4 458.7 2,936.7 751.9 294.9 572.5 354.4 291.5 854.6 8,578.3 2,301.2 1,178.7 1,122.4 6,277.1 1,258.7 3,413.1 459.9 2,953.2 762.0 269.2 574.0 365.7 289.0 867.0 8,643.4 2,312.5 1,181.6 1,130.9 6,330.9 1,278.0 3,428.1 462.0 2,966.1 769.8 277.0 578.0 380.3 292.1 876.1 8,620.2 2,306.2 1,179.1 1,127.1 6,314.1 1,274.6 3,417.1 459.6 2,957.5 769.5 274.2 578.8 371.1 296.8 880.9 8,619.4 2,305.3 1,171.3 1,134.0 6,314.1 1,276.2 3,430.2 461.1 2,969.2 770.2 271.7 565.7 368.8 294.3 889.9 8,643.6 2,318.9 1,181.5 1,137.4 6,324.7 1,278.2 3,421.0 462.4 2,958.6 771.3 280.1 574.1 376.2 292.9 861.7 8,646.6 2,312.5 1,187.4 1,125.0 6,334.1 1,277.8 3,431.0 463.2 2,967.8 769.9 276.1 579.3 401.8 288.1 867.8 9,310.6' 9,808.9 9,895.7 9,875.4 9,928.3 9,970.3 10,031.0 10,121.2 10,098.3 10,101.5 10,103.7 10,133.4 5,857.3 632.7 5,224.6 1,560.8 3,663.8 1,833.0 352.8' 1,480.3' 112.7 544.0 6,183.7 641.7 5,542.0 1,685.4 3,856.6 1,995.0 415.6 1,579.4 47.6 576.7 6,180.0 629.0 5,551.0 1,701.0 3,850.0 2,016.3 411.4 1,604.9 58.8 581.3 6,221.2 633.0 5,588.2' 1,728.6' 3,859.6' 2,040.1' 417.5 1,622.6' -5.6 588.5 6,278.3 629.7 5,648.5 1,765.8 3,882.7 2,059.0 427.8 1,631.2 -41.1 598.6 6,296.3 646.9 5,649.4 1,798.2 3,851.2 2,056.7 423.0 1,633.7 -48.1 596.8 6,277.3 622.8 5,654.6 1,778.5 3,876.1 2,096.3 432.7 1,663.6 -21.8 603.9 6,301.1 615.0 5,686.1 1,777.2 3,908.8 2,114.9 431.7 1,683.2 49.7 600.6 6,291.3 604.0 5,687.3 1,777.0 3,910.3 2,100.2 436.9 1,663.3 41.5 597.1 6,280.8 603.2 5,677.6 1,780.3 3,897.4 2,088.4 420.0 1,668.4 69.2 606.7 6,276.5 612.7 5,663.7 1,773.7 3,890.1 2,106.6 429.2 1,677.4 73.0 599.2 6,316.5 623.4 5,693.1 1,763.3 3,929.8 2,137.7 445.4 1,692.4 34.2 601.8 8,347.0 8,803.0' 8,836.4 8,844.1 8,894.8 8,901.7 8,955.7 9,066.3 9,030.0 9,045.2 9,055.1 9,090.3 1,005.9 1,059.3' 1,031.3 1,033.6 1,068.5 1,075.3 1,054.9 1,068.3 1,056.3 1,048.6 1,043.1 963.6' Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 7,951.5' 2,180.9 1,205.9 975.0 5,770.6' 1,130.6 3,121.8 453.0 2,668.7 716.6 307.6' 409.0' 228.3 573.4 283.0 293.8 806.6 8,386.6 2,224.3 1,201.5 1,022.9 6,162.3 1,200.9 3,384.5 471.8 2,912.7 757.8 334.3' 423.5' 270.6 548.6 368.2 310.4 842.8 8,451.2 2,246.1 1,213.0 1,033.1 6,205.2 1,214.9 3,410.7 472.0 2,938.7 750.1 322.6' 427.5' 279.4 550.2 360.1 299.0 853.2 8,409.4 2,266.7' 1,217.1 1,049.6 6,142.6' 1,223.3 3,345.9 459.7 2,886.2 736.8 310.3' 426.5' 284.8 551.8 368.4 280.7 852.0 8,477.3 2,279.5 1,195.8 1,083.7 6,197.8 1,234.1 3,371.6 457.1 2,914.4 741.4 314.6 426.8 281.9 568.8 367.4 288.1 857.2 8,526.3 2,288.0 1,183.9 1,104.2 6,238.3 1,248.6 3,394.0 459.8 2,934.2 746.0 318.0 427.9 280.6 569.1 350.4 288.0 859.8 8,565.5 2,300.4 1,176.9 1,123.4 6,265.1 1,263.0 3,403.9 461.5 2,942.4 755.0 324.1 430.9 268.7 574.5 356.9 285.1 869.4 8,608.3 2,298.8 1,173.3 1,125.5 6,309.5 1,275.6 3,418.8 463.0 2,955.8 762.1 325.5 436.6 273.1 579.9 371.1 287.4 876.9 8,607.1 2,303.2 1,176.8 1,126.4 6,303.9 1,277.4 3,408.6 460.7 2,947.9 761.0 325.1 436.0 270.9 586.0 363.8 317.2 879.8 8,581.8 2,286.7 1,161.1 1,125.7 6,295.1 1,274.9 3,424.3 462.0 2,962.3 760.9 324.8 436.1 265.9 569.0 353.9 287.3 888.4 8,595.4 2,295.7 1,166.7 1,129.0 6,299.6 1,274.9 3,410.8 463.1 2,947.7 763.1 326.7 436.4 276.2 574.6 368.0 281.3 867.6 8,605.2 2,299.2 1,179.2 1,120.0 6,306.0 1,274.0 3,416.8 463.9 2,952.9 764.1 327.3 436.8 272.1 578.9 387.0 273.6 866.8 9,267.3 9,839.1 9,895.1 9,842.6' 9,921.8 9,956.0 10,007.8 10,073.1 10,097.4 10,040.8 10,041.6 10,062.0 5,843.3 625.9 5,217.4 1,563.9 3,653.5 1,828.5' 352.0 1,476.4 104.3 536.3 6,172.2 649.7 5,522.5 1,689.8 3,832.7 1,993.1 414.9 1,578.2 56.1 584.1 6,184.1 620.4 5,563.8 1,705.0 3,858.7 2,014.2 410.2 1,604.0 66.9 588.9 6,216.0' 629.0 5,587.0 1,727.9' 3,859.1' 2,031.5' 416.5 1,615.0' -16.4 578.2 6,302.3 637.3 5,665.0 1,772.2 3,892.8 2,063.0 430.4 1,632.6 -59.3 581.5 6,298.3 639.0 5,659.2 1,813.9 3,845.4 2,071.7 422.9 1,648.8 -53.7 592.7 6,290.6 620.2 5,670.5 1,795.3 3,875.2 2,109.0 432.1 1,676.9 -30.0 597.0 6,287.1 608.2 5,679.0 1,780.9 3,898.1 2,109.3 430.8 1,678.4 39.2 592.0 6,353.8 611.5 5,742.3 1,775.7 3,966.7 2,102.0 434.1 1,667.9 26.2 584.3 6,281.7 569.6 5,712.1 1,777.3 3,934.8 2,075.9 417.5 1,658.3 51.6 591.2 6,253.3 599.2 5,654.0 1,776.2 3,877.8 2,101.7 427.2 1,674.5 57.1 585.9 6,240.0 638.2 5,601.8 1,777.8 3,824.0 2,137.5 444.9 1,692.6 34.2 602.3 8,312.3' 8,805.4 8,854.2 8,809.2 8,887.4 8,909.0 8,966.6 9,027.7 9,066.3 9,000.3 8,997.9 9,014.0 955.0' 1,033.7 1,040.9 1,033.4' 1,034.4 1,047.0 1,041.2 1,045.4 1,031.1 1,040.5 1,043.7 1,048.0 16 Federal Reserve Bulletin Statistical Supplement • August 2007 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account July 2007 2007 2006 Jan. Feb. Mar. Apr.' May' June' July July 4 July 11 July 18 July 25 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 7,099.1' 1,828.0 1,133.1 694.9 5,271.1 939.3 3,107.2 452.2 2,655.0 723.9 92.7 408.0 244.3 244.9 760.2 7,420.6 1,839.4 1,119.7 719.6 5,581.2 982.7 3,357.7 474.0 2,883.7 745.4 120.4 375.1 303.3 246.6 811.9 7,470.5 1,849.2 1,118.9 730.3 5,621.3 989.4 3,392.3 471.6 2,920.7 745.3 120.3 374.0 297.8 246.6 820.8 7,454.3 1,868.1 1,124.7 743.4 5,586.2 996.7 3,340.5' 463.2 2 877.3' 742.6 127.6 378.8 305.4 237.3 820.4 7,487.6 1,868.8 1,102.6 766.2 5,618.8 1,003.1 3,356.6 458.6 2,898.0 748.5 120.8 389.7 303.3 242.4 816.5 7,522.2 1,868.0 1,090.1 777.8 5,654.3 1,014.8 3,365.7 458.7 2,906.9 751.9 133.8 388.2 294.1 237.5 815.8 7,561.7 1,877.7 1,095.7 782.0 5,684.0 1,024.2 3,385.9 459.9 2,926.0 762.0 125.0 386.9 301.7 238.2 827.8 7,605.4 1,888.8 1,099.3 789.5 5,716.6 1,039.8 3,399.2 462.0 2,937.2 769.8 120.9 387.0 308.8 238.1 835.6 7,589.8 1,885.5 1,098.8 786.7 5,704.3 1,036.9 3,388.0 459.6 2,928.4 769.5 118.7 391.3 303.5 242.4 840.0 7,587.7 1,883.8 1,092.8 790.9 5,703.9 1,034.3 3,400.8 461.1 2,939.7 770.2 118.8 379.9 293.7 239.9 846.6 7,607.2 1,898.4 1,102.3 796.1 5,708.8 1,039.8 3,392.1 462.4 2,929.7 771.3 124.4 381.2 307.9 237.0 825.1 7,606.5 1,891.5 1,104.3 787.1 5,715.0 1,040.7 3,402.9 463.2 2,939.7 769.9 116.0 385.5 327.0 234.9 827.3 8,281.2' 8,714.0 8,768.0 8,750.2 8,781.9 8,801.6 8,860.9 8,917.6 8,905.5 8,897.8 8,907.0 8,925.4 5,202.6 621.4 4,581.2 919.1 3,662.1 1,374.3 308.6' 1,065.8 318.4 428.2 5,423.3 631.0 4,792.2 937.3 3,854.9 1,458.3 353.5 1,104.8 365.0 462.0 5,405.6 618.7 4,786.8 938.6 3,848.2 1,465.1 349.1 1,116.0 373.2 464.2 5,417.2' 622.6 4,794.6 936.9' 3,857.7' 1,466.3 349.1 1,117.2' 363.5 473.8 5,428.0 617.6 4,810.4 929.5 3,880.9 1,481.2 366.0 1,115.2 367.9 477.3 5,407.7 635.7 4,772.0 922.7 3,849.3 1,490.0 363.8 1,126.3 387.3 468.5 5,405.6 610.6 4,795.0 920.8 3,874.2 1,519.5 364.8 1,154.7 392.7 482.0 5,442.2 603.2 4,839.1 932.1 3,906.9 1,537.1 367.2 1,169.9 409.0 479.2 5,420.9 589.5 4,831.4 923.0 3,908.4 1,506.4 365.6 1,140.8 422.5 483.3 5,415.6 591.6 4,823.9 928.5 3,895.5 1,522.8 365.2 1,157.6 420.1 486.5 5,418.6 601.5 4,817.1 928.9 3,888.2 1,535.7 365.4 1,170.3 430.6 480.7 5,473.2 612.3 4,860.9 933.0 3,927.9 1,554.5 378.8 1,175.7 395.4 475.7 7,323.5 7,708.5 7,708.0 7,720.8' 7,754.4 7,753.6 7,799.7 7,867.6 7,833.1 7,844.9 7,865.6 7,898.8 957.7' 1,005.5 1,060.0 1,029.5 1,027.5 1,048.0 1,061.1 1,050.1 1,072.4 1,052.9 1,041.4 1,026.6 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 7,070.5' 1,815.5 1,125.2 690.3 5,255.0' 937.8 3,098.6 453.0 2,645.5 1,282.9' 1,362.7' 716.6 307.6' 409.0' 92.1 410.1 237.0 240.6 761.5 7,436.7 1,844.7 1,119.9 724.9 5,592.0 979.9 3,360.8 471.8 2,889.0 1,441.4' 1,447.6' 757.8 334.3' 423.5' 118.8 374.7 302.5 256.9 806.8 7,474.7 1,856.4 1,126.7 729.7 5,618.3 990.6 3,388.5 472.0 2,916.5 1,452.6' 1,463.9' 750.1 322.6' 427.5' 119.2 369.8 295.7 245.7 813.9 7,430.5 1,869.0 1,130.2 738.8 5,561.5 999.1 3,323.2' 459.7 2,863.5 1,391.3' 1,472.2' 736.8 310.3' 426.5' 127.7 374.8 308.6 229.2 815.0 7,469.6 1,871.1 1,111.0 760.2 5,598.5 1,009.7 3,342.4 457.1 2,885.2 1,402.5 1,482.7 741.4 314.6 426.8 119.0 386.0 311.1 238.5 820.6 7,518.9 1,874.3 1,099.2 775.1 5,644.6 1,021.5 3,364.2 459.8 2,904.5 1,412.0 1,492.5 746.0 318.0 427.9 127.9 385.0 290.1 234.7 820.4 7,550.8 1,876.9 1,093.9 783.0 5,673.9 1,029.1 3,376.7 461.5 2,915.2 1,415.1 1,500.0 755.0 324.1 430.9 125.9 387.2 292.9 234.9 830.1 7,574.0 1,875.1 1,091.0 784.1 5,699.0 1,038.1 3,389.8 463.0 2,926.9 1,422.6 1,504.2 762.1 325.5 436.6 120.1 388.9 299.6 233.9 837.0 7,581.2 1,882.5 1,096.5 786.0 5,698.7 1,041.5 3,379.5 460.7 2,918.8 1,421.7 1,497.1 761.0 325.1 436.0 118.9 397.8 296.1 263.4 841.2 7,556.2 1,865.2 1,082.6 782.7 5,691.0 1,034.3 3,394.9 462.0 2,932.9 1,434.0 1,498.8 760.9 324.8 436.1 117.8 383.1 278.8 233.8 846.1 7,562.5 1,875.2 1,087.5 787.7 5,687.4 1,037.0 3,382.0 463.1 2,918.9 1,415.3 1,503.5 763.1 326.7 436.4 123.7 381.6 299.6 225.4 832.0 7,567.7 1,878.2 1,096.1 782.1 5,689.5 1,037.1 3,388.7 463.9 2,924.8 1,416.5 1,508.3 764.1 327.3 436.8 114.4 385.2 312.2 221.2 826.8 8,242.4' 8,734.7 8,762.1 8,716.0 8,772.3 8,796.2 8,840.1 8,874.4 8,912.0 8,844.9 8,849.5 8,857.9 5,187.2 614.8 4,572.3 920.6 3,651.8 1,369.8 307.8 1,062.0' 312.5 422.3 5,409.0 638.9 4,770.2 939.2 3,831.0' 1,456.4 352.8 1,103.6 371.4 468.2 5,408.4 609.8 4,798.6 941.7 3,856.9 1,463.0 347.9 1,115.1 381.5 472.0 5,408.3' 618.3 4,790.0' 932.7' 3,857.2' 1,457.7 348.1 1,109.6' 355.0 464.9 5,440.5 625.3 4,815.2 924.3 3,890.9 1,485.2 368.6 1,116.6 353.0 462.2 5,393.6 628.0 4,765.6 922.1 3,843.5 1,505.0 363.7 1,141.3 386.1 467.3 5,405.0 608.2 4,796.8 923.5 3,873.3 1,532.1 364.3 1,167.9 387.7 477.1 5,426.4 596.5 4,829.9 933.7 3,896.2 1,531.5 366.4 1,165.1 401.5 472.5 5,492.4 596.9 4,895.6 930.8 3,964.8 1,508.2 362.8 1,145.4 410.7 472.5 5,420.7 558.6 4,862.1 929.2 3,932.9 1,510.2 362.7 1,147.6 404.4 472.1 5,391.6 588.5 4,803.2 927.2 3,875.9 1,530.8 363.4 1,167.4 417.3 468.8 5,384.1 627.2 4,756.9 934.8 3,822.1 1,554.3 378.3 1,176.0 397.1 477.3 7,291.8' 7,705.1 7,724.8 7,685.8' 7,740.8 7,752.1 7,801.9 7,831.9 7,883.8 7,807.4 7,808.6 7,812.8 950.6' 1,029.6 1,037.3 1,030.3 1,031.5 1,044.1 1,038.3 1,042.5 1,028.2 1,037.5 1,040.9 1,045.1 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account July' 2007 2007 2006 Jan.' Feb.' Mar.' Apr.' May' June' July July 4 July 11 July 18 July 25 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 Federal funds sold to and repurchase agreements with others 25 All other loans 26 Lease-financing receivables 27 Interbank loans 28 Federal funds sold to and repurchase agreements with commercial banks 29 Other 30 Cash assets5 31 Other assets'" 32 Total assets7 33 34 35 36 37 38 39 40 41 42 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 43 Total liabilities 44 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,166.6 1,201.5 702.6 50.3 652.4 582.3 70.1 498.8 229.1 269.8 45.0 224.8 2,965.2 579.1 1,606.3 336.0 1,270.3 769.5 500.8 384.5 82.8 4,374.5 1,195.8 690.8 55.1 635.7 563.7 72.0 505.0 229.0 275.9 52.1 223.9 3,178.8 600.5 1,802.2 362.7 1,439.5 904.4 535.2 401.0 109.6 4,407.9 1,205.6 692.1 52.0 640.2 572.4 67.8 513.5 231.8 281.7 53.5 228.2 3,202.3 604.8 1,816.4 360.5 1,455.9 909.4 546.5 406.4 110.1 4,451.6 1,226.7 705.5 63.2 642.3 577.4 65.0 521.2 243.3 277.9 54.7 223.3 3,224.9 610.1 1,821.1 360.0 1,461.1 911.1 549.9 407.5 117.3 4,464.8 1,227.2 686.0 63.3 622.7 558.2 64.4 541.2 263.7 277.5 55.6 221.8 3,237.6 613.5 1,825.1 358.1 1,467.0 912.5 554.5 408.9 110.3 4,494.7 1,224.6 673.6 59.9 613.7 552.6 61.1 551.0 271.6 279.4 56.7 222.7 3,270.0 623.2 1,833.7 358.5 1,475.2 914.8 560.5 410.5 123.8 4,515.8 1,235.2 680.5 67.8 612.7 551.8 60.9 554.6 280.4 274.3 56.9 217.4 3,280.6 627.2 1,848.2 359.7 1,488.5 921.9 566.6 415.6 114.4 4,555.8 1,257.3 688.6 70.5 618.1 549.8 68.3 568.7 289.9 278.8 57.6 221.2 3,298.5 634.4 1,861.7 361.1 1,500.5 932.1 568.5 414.7 110.1 4,543.5 1,250.8 688.2 76.0 612.2 546.2 66.0 562.7 285.1 277.6 56.5 221.1 3,292.6 634.5 1,854.3 359.5 1,494.8 930.0 564.8 415.1 108.0 4,539.1 1,251.0 682.2 66.2 616.0 547.8 68.2 568.7 288.4 280.3 58.1 222.2 3,288.1 631.4 1,862.7 360.5 1,502.3 940.2 562.0 414.5 108.6 4,559.5 1,266.9 691.2 66.3 624.9 555.6 69.3 575.7 296.7 279.1 57.5 221.5 3,292.6 634.4 1,855.8 361.4 1,494.4 926.6 567.8 415.3 114.0 4,555.5 1,261.1 693.6 73.8 619.7 550.4 69.4 567.5 289.2 278.3 57.6 220.7 3,294.4 634.2 1,864.2 361.9 1,502.3 928.9 573.4 414.4 105.5 65.4 17.5 88.6 21.0 86.4 23.8 92.4 24.9 85.5 24.9 98.5 25.3 90.2 24.2 85.4 24.7 83.4 24.7 82.5 26.1 90.0 24.0 81.7 23.8 25.1 184.2 103.0 157.4 29.0 136.6 99.9 192.8 30.8 137.2 96.5 188.1 33.2 139.5 96.3 182.7 40.0 143.8 96.0 179.7 41.2 143.0 94.6 172.8 37.8 143.5 93.9 170.2 36.0 147.1 94.4 176.7 38.3 148.0 94.4 169.0 34.9 141.7 94.3 161.2 34.3 144.5 94.2 178.1 34.4 147.2 94.5 194.0 97.2 60.2 156.0 517.8 127.3 65.5 147.2 541.8 122.8 65.3 150.3 546.7 118.6 64.1 142.6 556.2 118.7 61.1 147.6 547.1 116.3 56.5 142.7 542.3 114.2 55.9 143.8 552.5 122.0 54.7 143.5 557.6 115.1 53.9 148.5 555.2 106.3 54.9 145.8 568.0 123.5 54.7 141.8 550.8 138.9 55.1 138.0 558.4 4,964.4 5,222.6 5,259.7 5,300.5 5,306.1 5,319.5 5,349.0 5,399.2 5,381.6 5,379.6 5,395.9 5,411.4 2,874.4 312.0 2,562.4 497.7 2,064.7 844.6 138.7 706.0 307.4 360.9 2,977.1 323.6 2,653.6 495.5 2,158.0 881.1 137.5 743.6 349.7 374.3 2,948.1 314.7 2,633.3 492.7 2,140.7 899.3 140.6 758.8 357.8 377.2 2,986.3 322.2 2,664.1 498.5 2,165.6 937.8 143.2 794.6 351.8 389.5 2,995.6 322.3 2,673.3 494.3 2,179.0 935.7 141.6 794.1 362.7 394.9 2,971.3 333.5 2,637.8 485.6 2,152.2 937.3 136.3 801.0 383.2 385.1 2,955.2 311.6 2,643.6 482.7 2,160.9 958.1 138.5 819.6 387.7 398.8 2,977.6 303.9 2,673.7 493.0 2,180.7 1,011.5 151.2 860.3 403.7 396.3 2,959.4 304.3 2,655.1 480.7 2,174.5 988.0 154.7 833.3 414.8 401.3 2,954.8 297.3 2,657.5 490.7 2,166.7 1,000.4 151.1 849.3 415.0 405.5 2,958.9 303.1 2,655.8 490.8 2,165.0 1,005.5 147.0 858.6 425.0 400.4 2,999.3 308.6 2,690.8 495.2 2,195.6 1,029.8 161.4 868.4 391.1 388.9 4,387.3 4,582.3 4,582.4 4,665.4 4,688.9 4,676.9 4,699.8 4,789.1 4,763.5 4,775.7 4,789.8 4,809.1 577.1 640.3 677.3 635.1 617.3 642.7 649.1 610.1 618.2 603.8 606.1 602.3 18 Federal Reserve Bulletin Statistical Supplement • August 2007 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account July' 2007 2007 2006 Jan.r Feb.' Mar.' Apr.' May' June' July July 4 July 11 July 18 July 25 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets56 77 Other assets 78 Total assets7 79 80 81 82 83 84 85 86 87 88 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 89 Total liabilities 90 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,149.0 1,190.9 696.6 49.0 647.6 577.7 69.9 494.3 226.9 267.4 44.6 222.8 2,958.0 577.8 1,604.1 336.7 1,267.3 769.1 498.2 380.8 116.7 264.1 82.3 4,383.7 1,201.0 690.8 52.4 638.4 567.4 71.0 510.2 231.5 278.7 52.6 226.1 3,182.7 597.8 1,801.5 360.9 1,440.6 903.9 536.6 408.0 131.1 276.9 108.2 4,415.4 1,214.7 701.8 55.1 646.8 577.3 69.5 512.9 231.5 281.4 53.5 227.9 3,200.7 605.9 1,812.8 361.1 1,451.8 904.6 547.1 410.0 128.0 282.0 109.0 4,440.3 1,226.3 709.7 64.0 645.7 577.7 68.0 516.6 241.0 275.5 54.2 221.4 3,214.0 611.7 1,812.8 357.1 1,455.7 906.2 549.6 405.8 123.8 282.0 117.1 4,459.5 1,227.5 692.3 64.2 628.1 562.4 65.8 535.2 260.7 274.5 55.0 219.5 3,232.0 618.0 1,821.6 356.9 1,464.8 911.0 553.7 406.4 124.3 282.1 108.5 4,499.0 1,231.3 683.0 63.1 619.9 558.9 61.0 548.3 270.2 278.1 56.4 221.6 3,267.7 627.1 1,837.5 359.5 1,478.0 918.0 560.0 408.1 124.8 283.3 118.2 4,516.2 1,234.3 678.6 68.2 610.4 548.4 62.0 555.6 280.9 274.7 57.0 217.8 3,282.0 630.0 1,848.4 361.1 1,487.3 923.1 564.2 413.0 127.6 285.3 115.5 4,535.2 1,245.3 682.0 68.8 613.1 545.1 68.1 563.4 287.2 276.2 57.0 219.1 3,289.9 632.9 1,858.7 361.9 1,496.8 931.6 565.2 410.8 127.4 283.4 109.5 4,541.4 1,248.3 686.3 75.2 611.1 544.4 66.7 562.0 284.6 277.3 56.6 220.7 3,293.1 636.7 1,852.6 360.1 1,492.5 931.1 561.4 410.6 127.5 283.1 108.3 4,518.2 1,233.6 673.1 64.5 608.6 540.9 67.7 560.5 284.5 276.0 56.8 219.1 3,284.6 630.7 1,863.1 361.1 1,502.0 941.4 560.6 410.5 127.4 283.1 107.7 4,527.5 1,246.2 678.8 64.0 614.9 545.9 68.9 567.4 292.3 275.1 56.8 218.2 3,281.2 632.2 1,852.4 362.1 1,490.2 925.6 564.6 410.9 127.9 283.0 113.5 4,529.3 1,249.8 687.3 71.9 615.4 546.4 69.0 562.5 286.7 275.8 57.0 218.8 3,279.5 631.6 1,857.3 362.8 1,494.5 926.4 568.1 411.2 127.8 283.4 104.2 64.7 17.6 87.4 20.8 86.2 22.8 92.8 24.2 84.0 24.5 94.1 24.1 91.1 24.4 84.6 24.8 83.7 24.6 82.0 25.7 88.9 24.6 80.3 23.9 25.1 185.5 102.4 155.9 29.0 137.4 100.9 193.2 30.8 135.0 97.2 182.8 33.2 136.7 96.7 178.8 40.0 141.2 96.2 184.6 41.2 141.2 94.4 175.8 37.8 143.8 93.5 168.7 36.0 148.3 93.7 174.9 38.3 152.7 94.0 168.1 34.9 143.9 93.8 155.6 34.3 144.3 93.6 176.4 34.4 147.2 93.6 190.1 96.3 59.6 152.0 519.1 127.7 65.6 155.6 536.8 119.5 63.3 149.8 539.9 116.1 62.7 138.4 550.8 121.7 62.8 146.8 551.2 118.3 57.5 141.2 546.9 113.3 55.4 141.4 554.8 120.8 54.1 139.6 559.0 114.5 53.6 162.0 556.5 102.6 53.0 140.0 567.5 122.2 54.1 132.8 557.7 136.1 54.0 127.8 557.9 4,942.7 5,235.8 5,254.5 5,275.4 5,309.3 5,330.0 5,347.8 5,374.5 5,393.7 5,347.0 5,360.2 5,370.9 2,867.3 307.6 2,559.7 499.2 2,060.5 840.1 138.0 702.1 301.5 354.9 2,969.6 329.7 2,639.8 497.5 2,142.4 879.3 136.8 742.4 356.2 380.6 2,956.8 309.7 2,647.1 495.7 2,151.4 897.2 139.4 757.9 366.1 385.0 2,978.1 320.0 2,658.1 494.3 2,163.8 929.2 142.2 787.0 343.3 380.5 3,001.3 328.3 2,672.9 489.2 2,183.8 939.7 144.2 795.4 347.7 379.8 2,959.9 329.1 2,630.8 485.0 2,145.8 952.3 136.3 816.0 381.9 384.0 2,956.0 310.6 2,645.5 485.4 2,160.1 970.7 138.0 832.8 382.7 394.0 2,969.6 299.2 2,670.5 494.5 2,176.0 1,005.9 150.4 855.5 396.3 389.6 3,012.7 308.1 2,704.6 488.4 2,216.3 989.8 151.9 837.9 403.0 390.5 2,959.0 275.7 2,683.3 491.5 2,191.8 987.8 148.6 839.2 399.3 391.1 2,945.0 296.8 2,648.1 489.2 2,158.9 1,000.7 145.0 855.7 411.7 388.5 2,941.5 317.6 2,624.0 497.0 2,127.0 1,029.6 160.9 868.7 392.8 390.5 4,363.8 4,585.5 4,605.1 4,631.2 4,668.5 4,678.1 4,703.4 4,761.4 4,796.0 4,737.3 4,745.9 4,754.3 578.9 650.3 649.4 644.3 640.8 651.9 644.3 613.1 597.7 609.7 614.3 616.5 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account July' 2007 2007 2006 Jan.' Feb.' Mar.' Apr.' May' June' July July 4 July 11 July 18 July 25 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Other loans and leases Interbank loans Cash assets5 Other assets'" 15 Total assets7 16 17 18 19 20 21 22 23 24 25 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 26 Total liabilities 27 Residual (assets less liabilities)5 2.932.5 626.5 430.5 196.0 2.305.9 359.9 1.501.1 116.1 1.385.0 339.4 105.6 87.0 88.9 242.3 3,046.3 643.8 429.0 214.8 2,402.5 381.9 1,555.8 111.3 1,444.5 344.4 120.4 110.5 99.4 270.1 3,062.9 643.8 426.8 217.0 2,419.1 384.2 1,576.3 111.2 1,465.1 338.9 119.7 109.8 96.4 274.1 3,002.7 641.4 419.0 222.4 2,361.3 386.3 1,519.6 103.2 1,416.4 335.2 120.3 122.7 94.6 264.3 3,021.6 640.4 415.2 225.2 2,381.2 389.3 1,530.8 100.6 1,430.2 339.6 121.5 123.5 94.8 270.7 3,027.1 642.9 415.5 227.4 2,384.2 391.4 1,531.2 100.2 1,430.9 341.4 120.3 121.2 94.8 274.0 3,045.1 642.2 414.4 227.8 2,402.9 396.8 1,536.4 100.2 1,436.2 346.4 123.3 131.5 94.4 276.1 3,043.5 631.3 410.1 221.2 2,412.2 405.3 1,531.6 100.9 1,430.6 354.9 120.5 132.2 95.4 282.2 3,039.8 633.5 410.0 223.5 2,406.3 402.3 1,527.3 100.1 1,427.2 354.1 122.6 134.5 93.9 290.0 3,043.2 632.8 410.0 222.8 2,410.4 402.8 1,531.9 100.6 1,431.3 355.5 120.1 132.6 94.1 283.7 3,042.3 631.5 410.5 220.9 2,410.9 405.5 1,530.4 101.1 1,429.3 355.7 119.3 129.8 95.2 279.4 3,045.7 630.5 410.2 220.2 2,415.2 406.6 1,532.7 101.3 1,431.4 355.5 120.4 133.1 96.8 274.2 3,316.9 3,491.6 3,508.5 3,450.0 3,475.9 3,482.2 3,511.9 3,517.7 3,522.5 3,517.9 3,510.9 3,514.0 2 328 2 309.4 2,018.8 421.3 1,597.4 529.7 170.2 359.5 11.0 67.4 2 446 1 307.5 2,138.6 441.8 1,696.9 577.2 216.3 360.9 15.2 87.7 2,457.5 304.0 2,153.5 446.0 1,707.5 565.8 208.8 357.0 15.4 87.0 2,430.9 300.3 2,130.5 438.2 1,692.4 528.5 206.2 322.3 11.7 84.3 2,432.4 295.3 2,137.1 432.5 1,704.6 545.8 224.7 321.1 5.2 82.3 2,436.5 302.2 2,134.3 434.6 1,699.6 553.0 227.7 325.3 4.1 83.3 2,450.5 299.1 2,151.3 435.5 1,715.8 561.7 226.6 335.1 4.8 83.1 2,466.3 294.7 2,171.6 436.3 1,735.3 525.5 216.0 309.5 5.1 82.7 2,461.5 287.8 2,173.7 437.3 1,736.4 518.8 211.2 307.6 6.5 81.9 2,460.6 294.1 2,166.5 435.5 1,731.0 522.7 214.1 308.7 5.0 80.9 2,459.5 297.9 2,161.7 435.8 1,725.9 530.5 218.5 312.0 5.6 80.3 2,473.7 303.3 2,170.4 435.6 1,734.9 525.0 217.5 307.5 4.3 86.8 2,936.2 3,126.2 3,125.6 3,055.4 3,065.8 3,076.9 3,100.1 3,079.6 3,068.6 3,069.3 3,075.9 3,089.8 380.6 365.4 382.9 394.6 410.1 405.2 411.8 438.1 453.9 448.6 435.0 424.2 Not seasona lly adjusted 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,921.6 624.5 428.5 196.0 2,297.1 359.7 1,494.7 116.3 1,378.4 513.7 864.7 335.8 190.8 144.9 106.8 81.1 88.6 242.3 3,053.1 643.9 429.0 214.8 2,409.3 381.8 1,559.6 110.8 1,448.8 537.5 911.3 349.8 203.2 146.6 118.0 109.2 101.3 270.1 3,059.4 641.8 424.9 217.0 2,417.6 384.4 1,576.0 110.9 1,465.1 548.0 917.1 340.2 194.6 145.6 117.1 112.9 95.9 274.1 2,990.3 642.7 420.3 222.4 2,347.6 387.1 1,510.5 102.6 1,407.9 485.0 922.9 331.0 186.5 144.5 118.9 129.8 90.7 264.3 3,009.0 642.4 417.2 225.2 2,366.6 391.4 1,520.0 100.3 1,419.7 490.3 929.4 335.0 190.3 144.7 120.1 126.5 91.7 270.7 3,019.5 642.6 415.2 227.4 2,376.9 394.2 1,525.9 100.3 1,425.7 492.8 932.9 337.9 193.2 144.6 118.9 114.3 93.6 274.0 3,033.8 642.3 414.5 227.8 2,391.4 398.9 1,527.0 100.5 1,426.5 490.9 935.6 342.0 196.5 145.5 123.5 124.2 93.6 276.1 3,032.8 629.6 408.4 221.2 2,403.2 405.1 1,525.2 101.0 1,424.1 490.4 933.7 351.2 198.1 153.1 121.7 124.8 95.1 282.2 3,033.3 633.1 409.6 223.5 2,400.2 404.7 1,520.6 100.7 1,419.9 489.6 930.3 350.2 197.6 152.6 124.7 128.0 101.3 290.0 3,032.6 631.7 408.9 222.8 2,401.0 403.6 1,525.6 100.9 1,424.7 491.9 932.8 350.2 197.5 152.7 121.6 123.2 93.8 283.7 3,029.7 629.0 408.0 220.9 2,400.8 405.0 1,523.7 101.0 1,422.7 489.0 933.7 351.9 198.8 153.1 120.3 123.3 92.5 279.4 3,033.1 628.5 408.3 220.2 2,404.6 405.6 1,525.5 101.2 1,424.3 489.4 934.9 352.9 199.5 153.4 120.6 122.1 93.4 274.2 3,299.7 3,499.1 3,507.8 3,440.8 3,463.1 3,466.3 3,492.3 3,499.2 3,517.1 3,497.7 3,489.2 3,487.0 2,319.9 307.2 2,012.7 421.3 1,591.3 529.7 170.2 359.5 11.0 67.4 2,439.5 309.1 2,130.3 441.8 1,688.6 577.2 216.3 360.9 15.2 87.7 2,451.6 300.1 2,151.5 446.0 1,705.5 565.8 208.8 357.0 15.4 87.0 2,430.1 298.3 2,131.9 438.2 1,693.7 528.5 206.2 322.3 11.7 84.3 2,439.2 296.9 2,142.3 432.5 1,709.8 545.8 224.7 321.1 5.2 82.3 2,433.8 298.9 2,134.9 434.6 1,700.3 553.0 227.7 325.3 4.1 83.3 2,449.0 297.7 2,151.2 435.5 1,715.7 561.7 226.6 335.1 4.8 83.1 2,458.3 292.7 2,165.6 436.3 1,729.3 525.5 216.0 309.5 5.1 82.7 2,479.6 291.3 2,188.3 437.3 1,751.0 518.8 211.2 307.6 6.5 81.9 2,461.6 282.7 2,178.9 435.5 1,743.4 522.7 214.1 308.7 5.0 80.9 2,446.5 291.1 2,155.4 435.8 1,719.6 530.5 218.5 312.0 5.6 80.3 2,442.4 309.2 2,133.3 435.6 1,697.7 525.0 217.5 307.5 4.3 86.8 2,928.0 3,119.5 3,119.7 3,054.6 3,072.6 3,074.3 3,098.6 3,071.6 3,086.8 3,070.3 3,062.9 3,058.5 371.8 379.6 388.1 386.2 390.5 392.1 393.8 427.6 430.3 427.4 426.3 428.5 20 Federal Reserve Bulletin Statistical Supplement • August 2007 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account July 2007 2007 2006 Jan. Feb. Mar. Apr. May June July July 4 July 11 July 18 July 25 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 884.3 365.4 80.7 284.6 518.9 193.4 23.2 139.0 163.3 46.1 53.6 46.0 942.3 379.6 81.6 298.0 562.7 218.9 23.7 148.0 172.1 65.7 52.6 34.8 971.4 389.7 86.3 303.4 581.7 221.3 22.2 158.6 179.5 64.4 54.0 38.5 975.6 397.7 86.9 310.8 577.8 222.3 22.8 157.0 175.7 59.8 53.2 37.1 1.002.9 408.4 84.9 323.5 594.5 223.1 29.2 161.0 181.3 56.3 50.4 37.4 1,016.1 413.7 84.6 329.1 602.3 227.1 29.8 161.1 184.3 60.3 54.0 38.9 1.016.6' 423.5' 83.1 340.4' 593.1 234.5 27.2 144.2 187.1 64.0 50.8 39.2 1.038.0 423.7 82.3 341.4 614.3 238.3 29.0 156.1 191.0 71.5 54.0 40.6 1.030.4 420.7 80.3 340.4 609.7 237.8 29.1 155.4 187.4 67.7 54.4 40.9 1.031.7 421.5 78.5 343.0 610.2 241.9 29.4 153.0 185.9 75.1 54.3 43.2 1.036.4 420.5 79.2 341.3 615.9 238.4 28.9 155.8 192.9 68.3 55.9 36.6 1.040.1 421.0 83.1 337.9 619.1 237.1 28.1 160.1 193.8 74.7 53.2 40.5 1,029.4 1,094.8 1,127.7 1,125.1 1,146.5 1,168.7 1,170.1' 1,203.6 1,192.8 1,203.7 1,196.7 1,208.0 654.7 11.3 643.4 458.7 44.2 414.5 -205.7 115.8 760.4 10.6 749.8 536.7 62.1 474.6 -317.4 114.7 774.4 10.3 764.1 551.2 62.4 488.9 -314.4 117.1 804.0 10.5 793.6 573.8 68.4 505.4 -369.1 114.6 850.3 12.1 838.1 577.8 61.7 516.0 -409.0 121.3 888.6 11.2 877.4 566.6 59.2 507.4 -435.4 128.3 871.7 12.2 859.5 576.8' 67.8 509.0' -414.5 122.0 858.8 11.8 847.0 577.8 64.5 513.3 -359.2 121.4 870.4 14.5 855.9 593.8 71.3 522.5 -381.0 113.8 865.3 11.6 853.7 565.6 54.9 510.8 -350.9 120.2 857.9 11.2 846.7 570.9 63.8 507.1 -357.6 118.4 843.3 11.1 832.2 583.2 66.6 516.6 -361.2 126.2 1,023.5 1,094.5 1,128.4 1,123.3 1,140.4 1,148.2 1,156.0' 1,198.8 1,196.9 1,200.3 1,189.5 1,191.6 5.9 .4 -.6 1.8 6.1 20.5 4.8 -4.2 3.4 7.2 16.4 14.2 Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 881.0 365.4 80.7 26.2 54.5 284.6 180.6 104.1 515.6 192.8 23.2 136.2 163.3 46.1 53.2 45.1 949.9 379.6 81.6 21.6 60.0 298.0 183.1 114.9 570.3 221.0 23.7 151.7 173.9 65.7 53.4 35.9 976.6 389.7 86.3 26.2 60.1 303.4 187.2 116.2 586.9 224.3 22.2 160.1 180.3 64.4 53.3 39.3 978.9 397.7 86.9 30.0 56.9 310.8 192.7 118.2 581.1 224.2 22.8 157.1 177.1 59.8 51.5 37.0 1.007.7 408.4 84.9 26.4 58.4 323.5 203.5 120.0 599.3 224.3 29.2 162.9 182.8 56.3 49.6 36.5 1.007.4 413.7 84.6 24.9 59.8 329.1 211.7 117.4 593.7 227.1 29.8 152.8 184.1 60.3 53.3 39.4 1.014.7' 423.5' 83.1 26.8 56.3 340.4' 215.9 124.5' 591.2' 233.9 27.2 142.8 187.3 64.0 50.2 39.3 1.034.3 423.7 82.3 25.9 56.4 341.4 216.4 125.0 610.5 237.5 29.0 153.0 191.0 71.5 53.6 39.9 1.025.9 420.7 80.3 25.1 55.2 340.4 214.8 125.6 605.2 235.9 29.1 152.0 188.2 67.7 53.8 38.5 1.025.6 421.5 78.5 23.1 55.4 343.0 218.9 124.2 604.1 240.6 29.4 148.2 185.9 75.1 53.5 42.3 1.032.8 420.5 79.2 23.7 55.5 341.3 216.9 124.4 612.3 237.9 28.9 152.5 193.0 68.3 55.9 35.6 1.037.5 421.0 83.1 25.6 57.5 337.9 214.5 123.4 616.5 237.0 28.1 157.7 193.7 74.7 52.4 40.0 1,024.9 1,104.4 1,133.0 1,126.6 1,149.5 1,159.8 1,167.6' 1,198.7 1,185.3 1,195.9 1,192.1 1,204.1 656.1 11.0 645.0 458.7 44.2 414.5 -208.3 114.0 763.1 10.8 752.3 536.7 62.1 474.6 -315.3 115.8 775.7 10.6 765.2 551.2 62.4 488.9 -314.6 117.0 807.7 10.7 797.0 573.8 68.4 505.4 -371.4 113.3 861.8 12.0 849.8 577.8 61.7 516.0 -412.3 119.3 904.6 11.0 893.6 566.6 59.2 507.4 -439.7 125.4 885.7 12.0 873.7 576.8' 67.8 509.0' -417.7 120.0 860.7 11.6 849.1 577.8 64.5 513.3 -362.3 119.5 861.4 14.6 846.8 593.8 71.3 522.5 -384.5 111.8 860.9 10.9 850.0 565.6 54.9 510.8 -352.8 119.1 861.6 10.8 850.9 570.9 63.8 507.1 -360.2 117.0 855.9 11.0 844.9 583.2 66.6 516.6 -362.9 125.0 1,020.5 1,100.3 1,129.4 1,123.5 1,146.6 1,156.9 1,164.7' 1,195.7 1,182.5 1,192.9 1,189.3 1,201.2 4.3 4.1 3.6 3.2 2.9 2.9 2.9 2.8 3.0 2.9 2.9 2.9 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2006 Julyr 2007 2007 Jan.' Feb.' Mar.' Apr.' May' June' July July 4 July 11 July 18 July 25 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized real estate loans12 111.2 109.9 109.4 114.2 119.5 125.1 129.2 129.6 125.8 126.9 132.5 129.8 96.4 686.7 514.6 172.1 90.9 681.7 518.6 163.2 92.1 693.0 530.1 162.8 95.0 690.9 531.7 159.2 99.7 670.3 514.7 155.6 105.8 670.5 512.4 158.1 116.3 662.0 503.1 158.9 110.1 661.1 502.0 159.1 110.0 661.0 501.0 160.0 110.5 656.2 497.7 158.5 113.0 661.6 503.0 158.6 110.4 662.6 503.6 159.0 -19.8 102.1 69.3 32.8 n.a. -8.3 105.7 67.3 38.4 n.a. -7.9 105.4 67.6 37.7 n.a. -4.9 106.8 69.5 37.3 n.a. -4.7 105.8 69.8 36.0 n.a. -6.2 105.4 70.1 35.3 n.a. -14.2 103.6 68.5 35.1 n.a. -16.9 105.4 69.0 36.3 1,226.0 -17.3 105.4 68.6 36.8 1,223.0 -17.8 105.2 68.6 36.6 1,226.8 -16.9 104.7 68.4 36.3 1,226.8 -16.2 105.4 69.2 36.2 1,227.2 268.4 260.3 256.7 3.6 n.a. 273.4 272.5 269.2 3.3 n.a. 274.6 273.2 269.9 3.3 n.a. 272.6 276.6 273.4 3.2 n.a. 267.6 275.4 272.2 3.2 n.a. 267.2 275.5 272.3 3.2 n.a. 269.6 278.3 274.9 3.4 n.a. 266.2 283.5 278.4 5.1 41.2 271.1 282.4 277.2 5.1 41.5 267.3 281.7 276.6 5.1 41.5 265.7 281.5 276.4 5.1 41.6 264.5 284.7 279.6 5.1 41.0 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Credit cards and related plans 14 Other 15 Securitized real estate loans12 Foreign-related institutions 16 Revaluation gains on off-balancesheet items9 17 Revaluation losses on off-balancesheet items9 71.0 64.9 65.3 66.0 66.9 70.5 66.0 65.9 63.6 65.7 66.8 66.1 76.7 73.5 72.5 72.6 74.6 77.4 73.6 72.2 70.0 72.6 73.2 72.6 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • August 2007 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2006 2007 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2002 2003 2004 2005 2006 Nov. Dec. Jan. Feb. Mar. Apr. 1,341,226 1,260,745 1,375,717 1,631,009 1,981,387 1,930,287 1,981,387 1,978,891 2,000,900 2,033,749 2,041,016 522,863 147,689 519,731 103,982 595,249 119,727 667,321 132,207 757,498 171,302 762,428 141,360 757,498 171,302 770,323 161,118 795,625 162,352 801,674 169,926 796,505 164,631 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 2001—Jan. Feb Mar. Apr May June Aug. Sept. Oct. Nov. Dec. Rate 4 1 21 19 16 28 22 18 3 7 12 9.00 8 50 8.00 7 50 7.00 6 75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 Period 2003 2004 2005 2006 2001 Average rate 4.12 4.34 6.19 7.96 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2005—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 Period Average rate 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 2007—Jan Feb Mar Apr May June 8.25 8.25 8.25 8.25 8.25 8.25 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2007 Item 2004 2005 2007, weekending 2006 Feb. Mar. Apr. May Apr. 27 May 4 May 11 May 18 May 25 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.35 2.34 3.22 4.19 4.97 5.96 5.26 6.25 5.26 6.25 5.25 6.25 5.25 6.25 5.23 6.25 5.25 6.25 5.23 6.25 5.27 6.25 5.24 6.25 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 1.38 1.40 1.41 3.22 3.23 3.42 4.98 5.01 5.10 5.22 5.19 5.18 5.23 5.20 5.20 5.23 5.21 5.20 5.22 5.21 5.19 5.23 5.21 5.22 5.22 5.23 5.18 5.21 5.20 5.17 5.23 5.18 5.20 5.23 5.21 5.19 6 7 8 Financial 1-month 2-month 3-month 1.41 1.46 1.52 3.27 3.36 3.44 5.00 5.04 5.07 5.24 5.23 5.23 5.24 5.23 5.22 5.24 5.24 5.23 5.24 5.23 5.23 5.24 5.24 5.23 5.24 5.24 5.23 5.24 5.23 5.23 5.24 5.23 5.23 5.23 5.23 5.23 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.45 1.57 1.74 3.34 3.51 3.73 5.06 5.16 5.24 5.28 5.31 5.34 5.28 5.30 5.28 5.29 5.31 5.31 5.28 5.31 5.32 5.28 5.31 5.31 5.28 5.31 5.31 5.28 5.31 5.31 5.29 5.31 5.32 5.28 5.31 5.33 12 Eurodollar deposits, 3-month3>s 1.55 3.51 5.19 5.35 5.34 5.34 5.34 5.35 5.35 5.33 5.34 5.35 US Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 1.24 1.37 1.58 2.94 3.15 3.39 4.67 4.73 4.81 5.09 5.03 4.96 5.11 4.94 4.89 4.89 4.87 4.86 4.72 4.73 4.78 4.81 4.83 4.83 4.64 4.77 4.82 4.66 4.75 4.78 4.67 4.69 4.72 4.87 4.77 4.80 1.89 2.38 2.78 3.43 3.87 4.27 5.04 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 5.05 4.85 4.75 4.71 4.71 4.72 4.93 4.92 4.57 4.51 4.48 4.50 4.56 4.81 4.93 4.67 4.60 4.59 4.62 4.69 4.95 4.91 4.77 4.69 4.67 4.69 4.75 4.98 4.90 4.63 4.57 4.56 4.58 4.67 4.92 4.90 4.65 4.58 4.55 4.58 4.65 4.89 4.89 4.70 4.60 4.56 4.58 4.65 4.89 4.86 4.76 4.69 4.66 4.67 4.74 4.97 4.95 4.84 4.78 4.77 4.79 4.84 5.07 4.50 5.09 4.68 4.28 4.86 4.40 4.15 4.71 4.40 3.95 4.39 4.22 3.88 4.27 4.15 3.99 4.41 4.26 4.04 4.44 4.31 3.98 4.41 4.26 3.97 4.39 4.25 3.95 4.36 4.24 4.02 4.42 4.29 4.10 4.50 4.38 6.00 5.57 5.98 5.82 5.77 5.92 5.93 5.88 5.85 5.86 5.92 6.02 5.63 5.91 6.08 6.39 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.39 5.72 5.88 6.28 5.30 5.66 5.84 6.27 5.47 5.83 5.99 6.39 5.47 5.85 6.01 6.39 5.43 5.80 5.96 6.35 5.40 5.76 5.92 6.31 5.42 5.77 5.93 6.31 5.46 5.85 6.01 6.38 5.55 5.94 6.11 6.47 1.64 1.73 1.82 1.76 1.81 1.80 n.a. 1.77 1.76 1.76 1.78 1.77 9 10 11 U.S. TREASURY NOTES AND BONDS 16 17 18 19 20 21 22 Constant maturities'' 1 -year 2-year 3-year 5-year 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/ default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/ data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper webpages (www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • August 2007 1.36 STOCK MARKET Selected Statistics 2006 Indicator 2004 2005 2007 2006 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31,1965 = 50) 6,614.10 741.19 521.11 271.45 657.07 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 8,651.02 n.a. n.a. n.a. n.a. 8,856.30 n.a. n.a. n.a. n.a. 9,089.55 n.a. n.a. n.a. n.a. 9,132.04 n.a. n.a. n.a. n.a. 9,345.98 n.a. n.a. n.a. n.a. 9,120.57 n.a. n.a. n.a. n.a. 9,555.98 n.a. n.a. n.a. n.a. 9,822.99 n.a. n.a. n.a. n.a. 9,896.98 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,130.65 1,207.23 1,310.46 1,363.34 1,388.63 1,416.42 1,424.16 1,444.79 1,406.95 1,463.65 1,511.14 1,514.49 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,260.02 1,567.52 1,936.79 1,920.93 2,003.86 2,065.81 2,060.93 2,150.89 2,115.40 2,207.54 2,204.69 2,336.84 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1 403 376 1 542 724 2 254 869 2 544 752 2 613 632 2 366 386 2 851 992 2 701 807 3 067 918 2 867 225 2 972 410 3 103 633 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 203,790 221,660 275,380 244,370 270,520 275,380 285,610 295,870 293,160 317,990 353,030 378,240 117,850 93,580 119,710 88,730 159,040 94,450 143,400 80,200 155,200 90,980 159,040 94,450 156,190 90,340 155,140 96,550 161,890 99,690 162,570 104,360 176,200 109,030 179,920 119,300 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2005 Sept. 30 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies Sept. 30 7,801.0 7,860.2 7,956.3 8,194.3 8,394.7 8,443.7 8,530.4 8,703.7 8,872.9 7,776.9 4.572.4 3,204.5 7,836.5 4,527.6 3,308.9 7,932.7 4,601.6 3,331.1 8,170.4 4,714.6 3,455.8 8,371.2 4,872.8 3,498.4 8,420.0 4,797.5 3,622.6 8,507.0 4,843.2 3,663.8 8,680.2 4,901.2 3,779.0 8,849.7 5,054.3 3,795.4 24.1 24.1 .0 23.7 23.7 .0 23.6 23.6 .0 23.8 23.8 .0 23.6 23.6 .0 23.6 23.6 .0 23.4 23.4 23.5 23.5 23.2 23.2 8,330.6 8,420.3 8,592.5 8,760.7 7,715.4 .1 7,778.0 .1 7,870.9 .1 8,106.9 .2 8,281.4 .1 8,330.6 .1 8,420.2 8,592.4 8,760.7 8,184.0 8,184.0 8,184.0 8,184.0 8,965.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bom Nonmarketable2 State and local government serit Foreign issues3 Government Public Savings bonds and notes Government account series4 .. Non-interest-bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q2 Q3 Q4 Ql 6,997.3 7,596.1 8,170.4 8,680.2 6,982.0 3,575.1 928.8 1,905.7 564.3 176.2 3,406.9 149.2 9.7 9.7 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 .0 191.7 3,230.6 17.6 8,117.0 4,184.0 963.9 2,326.8 516.6 328.7 3,986.5 235.6 3.8 3.8 .0 191.2 3,506.6 53.4 8,627.5 4,413.9 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 8,400.2 4,354.9 916.7 2,427.4 523.1 372.8 4,166.0 242.0 3.0 3.0 .0 191.0 3,680.2 120.8 8,455.1 4,354.0 911.5 2,415.5 534.7 395.6 4,203.9 238.8 3.0 3.0 .0 189.2 3,722.8 102.9 8,627.5 4,413.9 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 8,796.7 4,527.7 1,033.1 2,436.4 540.4 412.7 4,380.9 281.9 3.5 3.5 .0 185.4 3,859.3 111.9 136.5 364.2 3,189.1 717.8 3,690.6 127.5 254.1 149.7 387.4 3,466.9 744.2 3,970.6 117.2 251.3 160.4 456.2 3,783.1 778.9 4,122.1 115.1' 250.7' 166.4' 484.2 3,626.6 766.4 4,030.8 116.8 244.2 165.0' 466.2 3,668.0 768.9 4,074.2 113.3' 235.3 166.2' 463.0 3,783.1 778.9 4,122.1 115.1' 250.7' 166.4' 484.2 3,799.3 780.9 4,273.1 121.2 264.2 167.0 499.4 203.8 317.1 169.2 147.9 1,533.0 387.5 204.4 300.9 170.5 130.4 1,853.4 412.3 205.1 310.6 181.2 129.4 2,036.0 432.8 202.4 255.7' 121.0' 134.7' 2,104.6 473.0 205.2 250.5' 118.4' 132.1 1,979.7 533.7 203.6 251.7' 119.6' 132.1 2,027.2 542.3 202.4 255.7' 121.0' 134.7' 2,104.6 473.0 200.3 259.1 122.7 136.4 2,199.0 n.a. 192.2 3,007.0 16.0 2,954.4 666.7 3,377.9 154.2 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 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 2007 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2007 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-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Feb. Mar. 2007, week end Apr. Apr. 4 Apr. 11 Apr. 18 Apr. 25 May 2 May 9 May 16 May 23 May 30 48,534 51,714 42,607 60,357 40,616 47,724 31,685 37,848 30,771 37,071 35,292 45,447 202,307 238,449 166,555 216,434 123,060 143,400 175,748 212,437 172,192 151,431 173,771 167,289 131,604 145,558 113,751 147,927 82,313 104,178 106,569 159,900 101,162 103,848 128,214 137,632 140,676 29,141 7,026 121,426 32,257 7,783 88,318 26,805 9,021 99,163 33,478 6,833 66,676 19,256 5,333 95,074 27,321 11,342 84,272 27,370 10,347 109,023 30,913 11,279 116,017 22,001 8,149 110,052 24,899 9,365 134,742 30,010 9,154 95,490 29,683 8,411 58,912 52,903 52,870 57,396 39,239 56,611 56,665 58,503 52,212 53,764 51,736 60,653 10,274 9,952 8,379 9,181 6,295 8,318 10,732 7,227 5,945 6,362 11,389 5,693 3,846 6,856 4,089 4,868 3,810 5,185 2,777 4,136 3,789 6,242 3,615 2,663 2,971 980 5,182 732 4,584 823 5,364 532 2,687 834 6,495 600 3,409 1,164 5,742 898 2,509 413 3,413 540 3,242 843 2,066 828 292,927 317,887 301,901 399,285 414,318 234,644 233,508 243,238 436,204 301,995 285,141 231,628 200,554 30,745 202,602 28,907 210,930 25,272 212,066 28,178 180,737 21,730 227,216 22,739 214,524 26,002 226,979 31,271 212,800 25,148 212,340 27,634 219,269 31,355 215,396 28,998 227,439 252,200 180,317 223,026 135,599 175,957 174,312 229,411 194,258 180,162 217,764 208,690 5,621 64,717 722 7,684 66,350 739 6,693 62,872 612 6,140 78,531 705 4,837 88,213 482 8,450 50,927 550 7,038 47,720 728 6,836 50,143 645 5,046 78,696 504 4,868 75,536 594 4,987 65,756 690 3,900 42,508 402 331,849 344,986 266,739 341,164 201,653 253,083 261,678 331,988 256,034 256,504 293,420 275,262 71,362 228,211 230,576 67,940 251,536 230,770 64,052 239,028 235,590 71,200 320,755 239,540 48,028 326,105 201,986 68,759 183,717 249,405 67,710 185,787 239,798 69,670 193,095 257,605 59,822 357,508 237,444 65,453 226,458 239,380 65,839 219,385 249,933 68,002 189,121 243,991 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2007, week ending 2007 Item, by type of security Feb. Mar. Apr. Apr. 4 Apr. 11 Net 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year Apr. 18 Apr. 25 May 2 May 9 May 16 May 23 outright posit ons2 -15,998 6,857 -3,984 16,584 10,679 -8,158 -17,076 -16,793 -19,488 -21,388 -14,703 -39,186 -40,081 -53,143 -48,353 -45,143 -55,173 -59,214 -56,836 -49,027 -52,873 -58,417 -28,694 -35,781 -28,473 -25,105 -27,087 -27,139 -31,403 -30,876 -33,227 -35,588 -29,138 -49,382 -18,457 5,071 -46,976 -21,822 4,433 -46,615 -19,898 5,902 -43,721 -20,696 3,428 -45,748 -20,249 3,725 -45,078 -20,245 6,112 -47,088 -19,488 8,136 -51,631 -18,856 7,505 -49,744 -18,318 7,095 -49,054 -17,408 7,637 -49,973 -22,514 7,222 45,123 38,450 35,487 34,914 37,710 31,765 35,388 38,181 43,431 46,929 45,460 29,260 37,433 28,778 35,222 28,114 25,862 29,425 27,726 25,463 23,123 19,281 13,454 16,934 15,546 17,164 17,583 14,403 14,067 15,073 16,469 15,885 14,396 12,066 9,285 15,453 8,934 14,936 9,877 14,527 9,281 14,753 9,954 15,734 9,625 14,901 10,018 14,451 10,401 14,106 10,563 16,117 11,047 14,239 10,821 38,592 31,173 39,709 39,597 38,732 33,947 43,344 44,144 44,000 49,770 41,022 42,532 180,948 39,077 210,347 42,011 208,246 39,894 211,432 42,288 208,495 42,514 207,937 41,530 208,279 43,285 205,737 37,956 205,792 43,812 201,209 39,010 199,392 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 1 304 338 1,161,716 1 379446 1,117,808 1 383 077 1,180,952 1 334 873 1,079,771 1 381 292 1,116,326 1 373 890 1,156,820 1 382 054 1,253,016 1 438 432 1,285,266 1 446 195 1,350,486 1 494 804 1,142,643 1 446 271 1,237,488 184,128 245,077 188,182 249,156 202,425 253,407 188,456 247,607 199,942 246,919 217,415 248,484 199,824 260,264 199,733 264,422 208,530 265,589 212,035 261,103 219,944 262,814 161,973 424,857 142,793 436,325 135,318 455,516 138,693 438,825 126,827 449,531 132,837 454,941 135 933 457,578 147,117 475,164 138,107 487,558 145,984 472,377 146,990 474,784 110,550 102,365 115,253 105,367 121,965 106,912 115,662 106,601 125,886 107,152 121,391 106,119 121,969 104,329 122,314 111,551 123,754 110,046 123,468 110,930 123,403 111,298 876,058 1 413 187 919,436 1 371 853 915,201 1 455 793 874,697 1 330 764 918,129 1 379 549 923,298 1 426 279 898,671 1 531 005 955,311 1 598 578 958,859 1 676 708 1,012,106 1 453 652 975,391 1,548,168 1,278,777 934,405 1 320 040 941,659 1 350 586 978,145 1 299 794 900,591 1 356 891 911,425 1 334 888 962,452 1 347 120 1,036,505 1 409 223 1,073,860 1 398 697 1,137,357 1 442 691 942,401 1 373 594 1,046,791 334,159 163,106 349,890 174,012 340,391 181,409 339,848 170,778 344,718 181,798 342,149 174,077 334,069 190,022 341,155 187,578 348,770 200,027 348,100 200,972 351,966 201,131 630,959 255,913 624,203 274,134 642,851 286,653 619,412 275,529 620,697 283,764 655,306 282,748 650,106 289,191 665,026 301,513 666,102 299,756 699,595 298,781 683,488 314,161 304,122 87,626 331,262 96,237 350,980 106,084 350,545 103,233 350,737 104,232 348,524 107,962 350,958 105,892 355,136 108,597 344,126 110,085 347,268 106,947 338,986 103,469 2,256,599 1,356,991 2,297,649 1,398,643 2,339,688 1,457,532 2,280,194 1,355,744 2 335 325 1,385,518 2,342,025 1,433,842 2,328,110 1,527,950 2,406,324 1,574,363 2,386,937 1,653,518 2,468,061 1,453,314 2,374,837 1,569,894 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 31 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE: Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-protected securities (TIPS) are reported in actual funds paid or received, except for pledged securities. TIPS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • August 2007 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 Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation" 18 Resolution Funding Corporation12 n.a. 25,412 6 24,267 6 n.a. 207 Nov. Dec. Jan. Feb 23,351 6 3,520 6 n.a. 110 23,337 6 n.a. 117 3,125 6 n.a. 87 23,192 6 n.a. 88 n.a. n.a. 3,514 n.a. n.a. n.a. 23,331 n.a. n.a. n.a. 3,119 n.a. n.a. n.a. 23,186 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. n.a. n.a. n.a. n.a. n.a. n.a. 23,843 6 23,520 6 n.a. 110 n.a. n.a. n.a. 24,261 n.a. 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 30,811 27,948 30^04 30^04 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. 16,961 n.a. 10,987 n.a. n.a. 30,304 n.a. n.a. 30,304 n.a. n.a. 29,688 23,837 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. 23,514 n.a. 23,345 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 lending*4 25 Farmers Home Administration . . . . 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. n.a. 16,127 14,684 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 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 1 All issues, new and refunding1 357,875 409,649 389,479 31,659 43,301 47,014 31,384 31,943' 43,862 32,372' 43,264 By type of issue 2 General obligation 3 Revenue 130,471 227,404 145,845 263,804 115,084 274,395 10,899 20,760 10,909 32,393 11,105 35,909 11,132 20,252 12,259' 19,684' 14,800 29,061 7,470 24,902' 13,243 30,021 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 47,365 234,237 76,273 31,568 298,634 79,447 28,258 293,388 67,833 3,815 22,470 5,374 2,849 32,043 8,409 2,237 38,246 6,531 1,706 24,453 5,225 3,578 23,831' 4,534 4,538 32,251 7,073 1,732 25,252' 5,388 3,641 29,538 10,085 7 Issues for new capital 228,357 222,840 262,420 19,331 23,639 34,525 13,476 16,150r 24,358 15,824' 25,052 65,426 20,546 9,242 n.a. 19.050 80,438 70,963 25,427 9,899 n.a. 17.653 60,646 70,252 30,232' 7,780 n.a. 34.989 72,663' 4,397 4,611 629 n.a. 2.257 3,971 5,881 2,783 814 n.a. 3.114 5,292 9,846 5,985 924 n.a. 6,316 5,728 4,135 1,046 158 n.a. 2.021 3,650 5,637 661 589 n.a. 1.542 4,773 6,814 1,357 1,114 n.a. 2.735 8,453 5,008 1,348 504 n.a. 1.563' 3,946' 6,095 2,078 937 n.a. 4.528 6,219 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES US. Corporations Millions of dollars 2006 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2004 2005 2007 2006 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 2,070,680 2,438,989 2,710,028 263,451 202,721 260,310 272,056 199,239 237,463 328,777 190,210 1,923,094 2,323,735 2,590,863 252,866 192,906 242,944 260,467 183,863 225,280 312,339 178,829 1,737,342 185 752 2,141,496 182 238 2,318,379 272 483 231.267 21 600 173.165 19 740 190.990 51 954 241.053 19413 166.599 17 265 204.610 20 670 273,357 38 981 166.251 12 578 21,942 22,221 18,262' 1.117' 1.027' 2.272' 1.021' 403 721 2,623 1.084 259,968 1,663,127 216,072 2,107,662 344,005 2,246,858 24,112 228,754 22,166 170,740 59,332 183,612 30,328 230,139 16,044 167,819 26,361 198,919 53,345 258,994 27,424 151,404 147,585 115,255 119,165 10,585 9,816 17,366 11,590 15,375 12,183 16,439 11,381 147,585 n.a. 115,255 n.a. 119,165 n.a. 10,585 n.a. 9,816 n.a. 17,366 n.a. 11,590 n.a. 15,375 n.a. 12,183 n.a. 16,439 n.a. 11,381 n.a. 64,345 83,240 54.713 60,541 56.029 63,136 3.710 6,875 3.976 5,839 7.469 9,897 5.414 6,175 3.315 12,061 4.585 7,598 9.868 6,571 3.089 8,292 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 11 Nonfinancial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • August 2007 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2006 Item 2005 2007 2006' Nov. Dec. Jan. Feb. Mar. Apr. May' June 1 Sales of own shares2 1,755,210 2,011,961 160,846 180,876 230,667 198,887 207,243 211,044 215,669 208,469 2 Redemptions of own shares 1,563,022 192,188 1,785,269 226,692 141,223 19,623 160,476 20,400 182,782 47,885 153,977 44,910 181,606 25,637 176,774 34,270 191,062 24,607 194,296 14,173 6,864,286 8,058,864 7,971,400 8,058,864 8,214,520 8,210,243 8,330,376 8,638,069 8,896,555 8,852,278 302,923 6,561,363 338,921 7,719,943 353,702 7,617,698 338,921 7,719,943 363,938 7,850,582 357,926 7,852,317 335,140 7,995,236 337,720 8,300,349 340,372 8,556,183 331,126 8,521,152 4 Assets 4 5 Cash5 6 Other 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2006 2005 2007 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 1 494 0 566.5 451.5 476.0 1 622 4 601.8 479.2 541.4 1 732 8 640.3 498.0 594.4 1 547 5 590.7 451.0 505.8 1 622 4 601.8 479.2 541.4 1 634 6 591.2 482.8 560.6 1 672 2 602.8 497.4 572.1 1 7104 628.3 490.4 591.7 1 732 8 640.3 498.0 594.4 1 731 0 643.8 505.4 581.9 53.0 26 3 44.7 24 5 49.2 26 6 45.4 26 6 44.7 24 5 44.4 23 5 45.3 23 5 48.4 24 7 49.2 26 6 51.1 25 4 1,414.7 673.8 1,553.2 535.7 1,656.9 486.4 1,475.5 537.4 1,553.2 535.7 1,566.8 527.6 1,603.4 499.6 1,637.2 482.9 1,656.9 486.4 1,654.6 491.0 2,088.5 2,088.8 2,143.3 2,012.9 2,088.8 2,094.4 2,103.0 2,120.1 2,143.3 2,145.6 136.9 175.3 142.1 160.0 129.2 165.3 138.8 146.0 142.1 160.0 137.4 151.0 136.9 152.7 131.5 164.0 129.2 165.3 139.0 161.6 257.7 817.4 471.8 229.4 312.2 806.5 423.6 244.4 338.5 849.7 424.3 236.4 271.0 753.8 497.2 206.2 312.2 806.5 423.6 244.4 319.0 810.9 427.7 248.4 327.4 832.6 415.8 237.5 336.7 824.0 421.1 242.8 338.5 849.7 424.3 236.4 331.0 830.7 437.6 245.8 2,088.5 2,088.8 2,143.3 2,012.9 2,088.8 2,094.4 2,103.0 2,120.1 2,143.3 2,145.6 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit Apr. Seasonally adjusted 1 Total 2 3 4 Consumer Real estate Business . 1,783.9 1,898.1 2,012.7' 736.4 500.5 547.0 773.0 564.1 561.0 816.6 613.8' 582.3' 2,036.3 2,013.6' 811.7 613.8' 579.0' 816.6 613.8' 582.3' 822.8' 611.8' 579.0 842.2 609.3 584.8 831.1 608.9' 584.2 837.2 614.6' 578.6 835.6 253.9 112.5 73.6 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases . . . . Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables' 2,019.1' 1,795.4 1,910.9 743.9 298.3 74.1 50.4 143.7 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 822.7 260.9 104.1 76.6 192.2 825.4 259.8 106.0 79.9 194.7 826.9 254.2 108.0 77.8 200.0 827.8 249.7 109.1 75.6 202.1 830.8 254.2 110.7 72.9 205.3 98.2 4.8 23.1 51.3 501.3 422.0 54.0 112.6 4.2 14.9 47.8 565.0 489.8 51.6 3.6 15.9 52.8 614.8' 538.1 56.2' 115.4 3.7 15.9 53.8 623.7' 547.2 55.8' 112.8 3.6 15.9 52.8 614.8' 538.1 56.2' 113.3 3.6 17.5 52.3 612.5' 538.6 53.3' 116.9 3.5 19.2 51.8 606.3 533.4 52.2 112.1 3.5 20.9 51.3 599.7' 527.4' 52.5' 111.6 3.4 22.0 50.3 601.2 528.6 52.6 21.8 3.5 550.2 84.8 15.1 44.9 24.8 273.4 87.8 185.6 93.3 18.9 4.8 564.5 105.5 15.2 61.2 29.0 281.9 93.6 188.3 91.8 16.8 3.7 586.0 105.1 17.1 55.7 32.3 299.5 102.4 197.1' 93.5 16.9 3.8 578.0 102.4 16.9 54.3 31.2 294.8 101.5 193.3' 93.8 16.8 3.7 586.0 105.1 17.1 55.7 32.3 299.5 102.4 197.1' 93.5 16.7' 3.8' 579.8 103.8 17.3 54.2 32.3 301.8' 102.8 199.0' 91.1 16.7 4.0 584.4 104.3 17.6 54.5 32.2 303.7 104.7 198.9 94.3 15.7' 4.1' 585.2 106.3 17.8 56.3 32.2 304.9 106.7 198.2' 94.2 15.6 4.4 590.9 105.9 18.0 55.7 32.2 311.6 109.8 201.8 93.2 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 36.9 2.8 34.0 .1 15.3 9.8 5.5 34.8 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 35.9 3.0 32.8 .1 14.8 9.4 5.4 32.5 37.3 2.9 34.3 .1 14.4 9.1 5.3 30.5 37.0 2.9 34.0 .1 14.5 9.4 5.1 28.3 38.4 2.9 35.5 .1 13.6 9.1 4.5 28.2 NOTE: This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 2,026.2' 2,027.7 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers—that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 Federal Reserve Bulletin Statistical Supplement • August 2007 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2007 Item 2004 2005 2006 Jan. Feb. Mar. Apr. May June July Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 292.0 215.0 76.0 28.8 .51 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 368.2 267.3 75.4 29.5 .80 361.9 270.3 76.3 29.5 .74 369.0 270.5 75.3 29.3 .79 368.4 268.8 76.3 29.5 .82 355.0 265.8 77.0 29.4 .76 357.9 267.2 76.7 29.5 .88 356.1 270.1 77.6 29.4 .85 5.68 5.75 n.a. 5.86 5.93 n.a. 6.50 6.60 n.a. 6.24 6.35 n.a. 6.20 6.31 n.a. 6.10 6.22 n.a. 6.09 6.21 n.a. 6.11 6.22 n.a. 6.41 6.54 n.a. 6.58 6.70 n.a. n.a. 5.19 n.a. 5.13 n.a. 5.70 n.a. 5.60 n.a. 5.64 n.a. 5.52 n.a. 5.64 n.a. 5.73 n.a. 6.15 n.a. 6.10 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 904,555 n.a. n.a. 727,545 n.a. n.a. 724,400 n.a. n.a. 721,442 n.a. n.a. 712,145 n.a. n.a. 712,806 n.a. n.a. 710,586 n.a. n.a. 718,257 n.a. n.a. 722,475 n.a. n.a. 729,840 n.a. n.a. 14 Mortgage transactions purchased (during period) 262,646 146,641 196,017 9,659 10,359 16,452 9,964 21,776 16,936 21,219 Mortgage commitments (during period) 15 Issued7 16 To sells 149,429 8 828 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 652,936 n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 706,191 n.a. n.a. 709,175 n.a. n.a. 714,454 n.a. n.a. 709,220 n.a. n.a. 711,449 n.a. n.a. 712,136 n.a. n.a. 720,629 n.a. n.a. n.a. 365,148 n.a. 397,867 n.a. 360,023 n.a. 36,709 n.a. 38,962 n.a. 38,694 n.a. 35,336 n.a. 40,648 n.a. 40,818 n.a. 35,483 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Ql 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family6 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q2 Q3 Q4 13,062,000 13,337,070 13,549,040 9,353,340 10,656,390 12,112,690 7,183,087 555,522 1,509,620 105,110 8,257,106 608,606 1,680,277 110,406 9,386,817 679,062 1,931,935 114,872 9,620,218 692,781 1,985,412 116,111 9,872,509 702,212 2,050,649 117,364 10,105,040 713,445 2,124,885 118,630 10,287,960 729,120 2,200,087 119,897 10,426,390 740,919 2,260,705 121,027 3,386,964 2,255,825 1,349,385 104,690 762,335 39,415 870,195 702,525 77,934 89,104 632 260,944 4,403 38,556 203,946 14,039 3,925,694 2,595,334 1,575,779 118,643 859,855 41,057 1,057,036 873,920 87,537 94,980 599 273,324 4,998 40,453 214,085 13,788 4,394,752 2,956,557 1,786,497 138,702 987,887 43,471 1,152,732 953,810 98,349 99,957 616 285,463 4,585 42,440 224,258 14,180 4,505,804 3,024,887 1,819,854 143,689 1,017,289 44,055 1,192,371 988,819 100,318 102,558 676 288,546 4,997 42,792 226,431 14,326 4,648,735 3,132,032 1,889,521 145,038 1,052,827 44,646 1,221,011 1,012,006 102,435 105,874 696 295,692 5,512 43,792 231,707 14,681 4,730,680 3,181,315 1,897,487 147,693 1,090,891 45,244 1,248,957 1,033,744 103,740 110,707 766 300,408 5,986 44,431 235,080 14,911 4,780,754 3,402,987 2,076,445 157,547 1,123,154 45,841 1,073,967 867,831 95,792 109,604 740 303,800 6,730 44,761 236,719 15,590 4,800,258 3,378,629 2,030,136 158,936 1,143,284 46,273 1,117,242 911,540 93,589 111,333 780 304,387 6,740 44,847 237,179 15,621 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 554,997 34 34 0 72,937 13,014 11,493 45,213 3,217 4,819 1,370 3,449 0 0 0 0 0 8 1 555,813 32 558,190 29 29 0 75,918 12,935 11,401 48,396 3,186 4,912 1,632 3,280 0 0 0 0 0 561,016 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 562,941 26 26 0 77,264 12,819 11,340 49,919 3,186 5,013 1,679 3,335 0 0 0 0 0 15 5 0 255,006 219,279 35,727 54,640 14,621 40,019 61,481 20,396 41,085 804 804 0 73,575 12,976 11,451 45,954 3,193 4,626 1,396 3,231 0 0 0 0 0 6 1 1 4 0 254,989 219,262 35,727 55,233 14,485 40,748 62,935 20,878 42,057 787 787 557,941 31 31 0 75,097 12,975 11,423 47,499 3,200 4,830 1,615 3,215 0 0 0 0 0 4 1 1 2 0 255,016 219,289 35,727 56,674 15,189 41,485 63,704 21,133 42,571 787 787 255,000 219,273 35,727 57,774 15,544 42,230 64,077 21,257 42,820 770 770 254,997 219,270 35,727 59,897 16,922 42,975 65,847 21,844 44,003 778 778 10 0 254,963 219,236 35,727 61,451 18,071 43,380 67,136 22,272 44,864 748 748 0 0 0 968,371 610,740 66,620 291,010 0 1,003 1,003 4,965,850 441,235 409,089 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,423,676 1,013,757 73,068 336,851 0 938 938 5,791,117 405,246 371,484 33,762 1,330,795 1,312,284 18,511 1,940,079 1,862,476 77,603 0 0 0 0 0 2,114,153 1,592,439 89,626 432,088 0 844 844 5,945,692 403,170 368,757 34,413 1,375,148 1,356,020 19,128 1,972,793 1,893,881 78,912 0 0 0 0 0 2,193,282 1,654,753 91,458 447,071 0 1,298 1,298 6,097,895 405,435 370,469 34,966 1,400,955 1,381,468 19,487 2,004,453 1,924,275 80,178 0 0 0 0 0 2,285,239 1,728,746 93,393 463,099 0 1,813 1,813 6,301,457 409,478 373,981 35,497 1,436,525 1,416,544 19,981 2,043,037 1,961,316 81,721 0 0 0 0 0 2,409,310 1,828,879 95,742 484,689 0 3,107 3,107 6,507,032 410,196 374,062 36,135 1,472,294 1,451,815 20,479 2,078,829 1,995,676 83,153 0 0 0 0 0 2,542,529 1,923,565 101,280 517,685 0 3,183 3,183 6,699,590 413,217 377,061 36,157 1,531,796 1,510,489 21,307 2,127,130 2,042,045 85,085 0 0 0 0 0 2,624,045 1,962,603 109,478 551,964 0 3,402 3,402 971,749 758,520 79,426 122,682 11,122 1,211,031 982,293 84,260 132,129 12,349 1,371,821 1,129,273 88,299 142,528 11,721 1,407,214 1,160,491 89,590 146,105 11,028 1,438,163 1,188,496 89,971 149,640 10,056 1,471,677 1,216,745 91,396 155,120 8,416 1,488,266 1,221,252 95,457 163,978 7,578 1,486,254 1,215,376 96,224 167,016 7,637 23 4 4 15 0 239,433 219,867 19,566 49,307 14,837 34,470 60,270 27,274 32,996 990 990 4,457,496 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 2 7 0 249,515 222,535 26,980 52,793 15,240 37,553 61,360 23,389 37,971 887 1. Multifamily debt refers to loans on structures of five or more units. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust departments. 3. Includes savings banks and savings and loan associations. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • August 2007 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2006 Holder and type of credit 2004 2005 2007 2006 Nov. Dec. Jan. Feb. Mar. Apr. Seasonally adjusted 1 Total 2,201,869' 2,295,020' 2,398,043 2,393,907 2,398,043 2,406,956' 2,412,469' 2,426,153' 2,430,831 2 Revolving 801,263' 1 400 606r 826,602 1,468,418' 878,671 1,519,372 876,013 1,517,894 878,671 1,519,372 879,045 1,527,912' 881,026' 1,531,443' 887,413' 1,538,740' 888,554 1,542,277 Not seasonally adjusted 4 Total By major holder 5 Commercial banks 6 Finance companies 8 Federal government and Sallie Mae 10 Nonfinancial business 11 Pools of securitized assets3 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 16 Federal government and Sallie Mae 18 19 Nonfinancial business Pools of securitized assets3 21 22 Commercial banks Finance companies 24 Federal government and Sallie Mae 26 27 Nonfinancial business Pools of securitized assets3 2,231,671' 2,326,009' 2,430,764 2,403,039 2,430,764 2,427,367' 2,413,202' 2,412,518' 2,418,615 704,270 492,346 215,384 98,363 91,300' 57,938 572,070 707,039 516,534 228,588 102,122 109,077' 58,060 604,589 741,213 534,354 234,532 103,151 95,547 56,177 665,789 725,248 529,730 234,535 103,437 95,542 52,518 662,030 741,213 534,354 234,532 103,151 95,547 56,177 665,789 742,419 532,064 234,410 105,573' 95,215 54,291 663,395' 725,921 527,352 233,091 105,691' 94,914 52,685 673,548' 723,276 532,366 232,671 105,543' 94,582 52,322 671,759' 729,588 535,694 234,048 105,197 94,789 52,415 666,885 823,679' 314,649 50,382 23,244 n.a. 27,907' 11,740 395,757 849,821 311,204 66,307 24,688 n.a. 40,755 10,841 396,026 903,353 327,344 79,874 27,388 n.a. 42,459 7,198 419,090 878,566 310,250 76,607 26,240 n.a. 42,721 6,799 415,950 903,353 327,344 79,874 27,388 n.a. 42,459 7,198 419,090 888,932 316,771 77,810 27,042 n.a. 42,168 6,789 418,352 880,199' 302,596 75,596 26,839 n.a. 41,904' 6,598 426,666 877,345' 299,170 72,947 26,759 n.a. 41,613' 6,434 430,421 883,386 305,317 73,595 27,198 n.a. 41,790 6,521 428,966 1 407 992' 389,621 441,964 192,140 98,363 63,393' 46,198 176,314 1,476,188' 395,835 450,226 203,900 102,122 68,322' 47,219 208,564 1,527,410 413,869 454,480 207,144 103,151 53,088 48,980 246,699 1,524,472 414,998 453,123 208,295 103,437 52,821 45,719 246,080 1,527,410 413,869 454,480 207,144 103,151 53,088 48,980 246,699 1,538,436' 425,649 454,253 207,368 105,573' 53,047 47,502 245,043' 1,533,003' 423,325 451,756 206,252 105,691' 53,010' 46,087 246,882' 1,535,174' 424,106 459,419 205,912 105,543' 52,969' 45,888 241,338' 1,535,228 424,271 462,099 206,850 105,197 52,999 45,893 237,919 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. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2006 Item 2004 2005 2007 2006 Oct. Nov. Dec. Jan. Feb. Mar. Apr. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 6.60 11.89 7.08 12.05 7.72 12.41 n.a. n.a. 7.92 12.49 n.a. n.a. n.a. n.a. 7.74 12.32 n.a. n.a. n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.71 13.21 12.51 14.54 13.21 14.73 n.a. n.a. 13.31 15.09 n.a. n.a. n.a. n.a. 13.41 14.64 n.a. n.a. n.a. n.a. 4.36 8 96 5.46 9 03 4.96 9 67 5.42 10 13 5.52 10 04 5.92 10 05 6.45 9 45 4.00 9 32 3.89 9 29 5.04 9 20 60.5 56 8 60.0 57 6 62.3 57 5 61.9 57 4 62.0 57 5 62.0 57 3 62.0 58 6 59.5 59 2 58.3 59 3 57.8 59 4 89 100 88 98 91 99 94 99 94 100 91 101 90 100 91 100 91 100 92 102 24,888 15,136 24,133 16,228 25,958 16,671 27,239 16,680 26,307 16,596 25,937 16,712 25,983 16,916 26,866 16,962 26,998 17,044 27,013 16,979 Auto finance companies 5 New car OTHER TERMS3 Maturity (months) 7 New car Loan-to-value ratio 9 New car 10 Used car Amount financed (dollars) 11 New car 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1,136.3 1,381.1 1,681.0 1,997.7 2,275.1 2,437.5 2,437.1 2,355.6 2,026.7 1,908.5 2,303.7 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit -83.0 -5.1 -.5 122.8 347.7 -87.2 4.4 686.4 530.9 40.3 110.2 4.9 151.0 -57.9 257.1 .5 159.4 132.3 -106.6 15.7 868.1 732.3 36.8 91.6 7.3 112.6 -35.1 398.4 -2.4 137.6 158.3 -77.7 5.5 992.6 801.3 70.2 119.3 1.8 103.9 16.8 362.5 -.6 130.5 77.7 12.6 20.4 1,262.3 1,059.3 48.4 149.3 5.3 115.6 -7.9 307.3 -.4 194.8 59.9 136.8 47.7 1,442.5 1,129.8 72.4 235.9 4.5 94.4 2.8 283.5 -.4 237.6 99.6 39.5 20.3 1,650.4 1,313.4 64.5 267.8 4.6 104.2 -89.9 352.3 .8 205.8 75.5 187.2 60.8 1,592.5 1,185.4 91.9 309.6 5.7 52.1 18.8 377.4 -1.0 73.9 211.0 264.1 61.2 1,299.4 1,025.4 52.9 215.8 5.3 50.7 16.8 49.0 2 163.1 204.5 130.6 92.1 1,229.0 946.9 41.5 237.2 3.4 141.4 -37.7 172.5 -1.0 176.4 143.6 127.6 -33.8 1,233.7 882.9 38.2 307.4 5.1 127.3 95.6 136.0 .5 300.0 322.3 173.0 69.5 1,107.2 749.2 64.4 287.2 6.3 99.6 -1.6 325.7 -1.3 197.4 274.0 141.1 66.0 968.9 640.2 44.7 279.1 4.9 113.3 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 651.1 385.1 215.2 162.2 7.8 105.7 -5.6 811.2 168.4 12.8 148.0 7.5 143.9 257.6 982.6 182.1 88.7 92.0 1.4 120.3 396.0 1,102.2 418.3 165.0 244.7 8.7 115.3 361.9 1,215.2 581.7 243.4 325.7 12.5 171.4 306.9 1,327.9 609.7 291.7 300.4 17.7 216.8 283.1 1,271.0 637.3 192.4 425.6 19.3 175.7 353.1 1,094.3 822.8 485.2 320.8 16.8 62.1 376.4 1,111.2 740.1 428.9 298.3 12.9 126.2 49.3 973.9 606.5 274.2 321.7 10.6 156.6 171.4 906.8 995.9 629.8 343.1 23.0 264.5 136.5 770.7 815.9 520.9 274.3 20.8 172.3 324.4 22 Foreign net borrowing in United States -13.7 92.9 31.7 123.5 84.7 84.7 113.3 117.2 114.8 418.4 350.1 168.9 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 15.8 -18.5 -7.3 -3.8 58.3 31.6 5.3 -2.3 12.9 28.7 -7.7 -2.1 62.8 61.8 2.5 -3.6 38.5 38.0 12.9 -4.6 78.5 8.5 5.2 -7.4 59.1 17.9 39.5 -3.1 68.3 50.6 7.6 -9.3 -53.2 147.8 28.2 -8.0 255.0 176.5 -5.3 -7.8 102.2 221.8 30.3 -4.2 -7.6 201.8 -21.5 -3.9 27 Total domestic plus foreign 1,122.7 1,474.1 1,712.7 2,121.2 2,359.8 2,522.3 2,550.4 2,472.7 2,141.5 2,326.9 2,653.8 1 Total net borrowing by domestic nonfinancial sectors Financial sectors 28 Total net borrowing by financial sectors 968.8 905.4 1,024.7 1,024.4 1,201.6 963.8 1,658.5 1,349.6 1,637.0 1,099.8 1,166.4 1,354.2 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages -27.4 304.1 338.5 307.2 18.7 25.5 2.2 -63.8 219.8 326.8 383.8 21.1 6.8 11.0 -52.9 243.7 330.5 471.1 -7.2 31.2 8.2 55.1 65.0 53.0 717.7 33.4 74.1 25.9 236.1 -84.2 134.8 847.3 9.4 44.3 13.9 243.5 -243.9 163.4 726.4 29.3 25.2 20.0 219.3 200.9 191.8 994.2 35.4 25.9 -9.0 261.4 144.8 328.1 570.3 9.3 16.7 19.0 308.5 314.3 303.0 696.8 -37.3 44.6 7.1 316.2 -191.1 282.9 676.8 -21.7 29.0 7.8 189.6 -37.4 236.2 793.5 -1.9 -8.0 -5.8 192.0 49.9 467.9 627.0 66.3 -33.7 -15.2 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 52.9 -2.0 1.5 .6 304.1 338.5 256.5 10.9 3.2 1.4 1.1 49.7 -23.4 2.0 2.0 219.8 326.8 212.9 66.2 27.3 -1.7 23.7 49.2 6.1 2.2 2.9 243.7 330.5 226.8 111.0 31.5 6.4 14.4 77.7 64.4 2.3 3.0 65.0 53.0 476.4 134.3 98.3 15.2 34.6 85.1 16.2 3.3 .4 -84.2 134.8 824.5 33.5 59.8 .1 128.1 82.8 6.9 .3 .4 -243.9 163.4 910.9 -150.2 65.9 28.0 99.4 61.2 13.3 8.1 .6 200.9 191.8 967.6 202.2 7.2 -33.4 38.9 62.5 9.6 -.2 2.8 144.8 328.1 552.6 15.9 61.4 35.1 137.0 195.0 -24.7 6.8 1.3 314.3 303.0 631.6 62.8 56.5 6.5 83.7 52.3 41.2 2.0 2.4 -191.1 282.9 703.3 -41.2 32.8 5.0 210.3 399.9 -271.4 8.4 4.3 -37.4 236.2 748.6 101.7 14.0 -20.9 -17.1 60.5 18.1 -10.5 4.9 49.9 467.9 603.9 2.5 38.0 -29.5 148.5 36 Federal Reserve Bulletin Statistical Supplement • August 2007 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 47 Total net borrowing, all sectors . . . . 48 49 50 51 52 53 54 55 56 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Q3 Q4 Qi Q2 Q3 Q4 Qi 2,091.5 2,379.4 2,737.4 3,145.6 3,561.4 3,486.1 4,208.9 3,822.3 3,778.5 3,426.7 3,820.1 3,606.5 -94.5 -5.1 642.1 122.8 636.4 -75.8 26.1 688.5 151.0 -63.5 257.1 547.2 159.4 547.6 -80.2 20.2 879.0 112.6 -75.1 398.4 571.9 137.6 658.1 -92.6 34.5 1,000.8 103.9 134.7 362.5 117.5 130.5 857.2 48.5 90.9 1,288.2 115.6 266.7 307.3 50.2 194.8 945.1 159.0 87.4 1,456.4 94.4 324.8 283.5 -80.9 237.6 834.4 74.0 38.1 1,670.3 104.2 188.5 352.3 393.5 205.8 1,087.6 262.2 83.5 1,583.5 52.1 348.4 377.4 471.9 73.9 831.9 281.0 68.6 1,318.4 50.7 272.0 49.0 617.6 163.1 1,049.1 121.5 128.7 1,236.1 141.4 533.4 172.5 90.7 176.4 997.0 100.6 -12.6 1,241.5 127.3 387.4 136.0 199.3 300.0 1,337.7 201.4 57.3 1,101.4 99.6 182.8 325.7 516.4 197.4 1,102.8 186.0 28.4 953.7 113.3 Funds raised through mutual funds and corporate equities 57 Total net issues 303.2 227.4 427.2 364.6 107.5 -104.0 66.1 112.6 -174.9 -282.3 29.7 217.5 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents . 61 Financial corporations 62 Mutual fund shares 98.3 -48.1 109.1 37.3 204.9 46.4 -41.6 17.0 71.0 181.1 138.6 -42.0 118.0 62.5 288.6 66.4 -126.6 84.8 108.2 298.2 -152.6 -363.4 142.1 68.6 260.2 -305.6 -469.9 138.7 25.6 201.6 -144.5 -419.2 171.2 103.5 210.6 -389.9 -569.6 164.2 15.5 502.5 -448.1 -602.4 67.9 86.4 273.2 -514.6 -535.2 41.0 -20.5 232.3 -308.2 -701.2 240.9 152.0 337.9 -325.8 -510.4 168.0 16.6 543.3 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F.4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 Domestic nonfinancial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered commercial banks 13 Foreign banking offices in United States . . 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Property-casualty insurance companies . . . . 19 Life insurance companies 20 Private pension funds 21 State and local government retirement funds 22 Federal government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Exchange-traded funds 27 Government-sponsored enterprises 28 Agency- and GSE-backed mortgage pools 29 Asset-backed securities issuers (ABSs) 30 Finance companies 31 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,091.5 2,379.4 2,737.4 3,561.4 3,486.1 4,208.9 3,822.3 3,778.5 3,426.7 3,820.1 3,606.5 3.0 -99.3 -4.7 7.1 93.9 6.0 302.1 1,786.4 39.9 205.2 191.6 -.6 4.2 10.0 44.4 41.5 9.0 130.9 -36.0 -53.8 3.4 267.3 126.6 3.2 .0 304.7 338.5 244.7 49.8 8.6 92.4 -33.8 180.0 59.3 25.8 -.8 86.2 9.5 430.5 1,768.9 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 4.5 -17.7 138.7 8.6 3.7 224.1 326.8 219.4 103.7 23.8 28.4 -68.5 175.9 122.0 -3.2 1.5 58.3 -2.7 516.3 2,045.1 37.2 299.5 323.3 -43.0 8.6 10.6 126.0 51.2 67.0 180.6 69.2 11.2 1.8 -95.9 138.0 35.5 .7 236.5 330.5 233.3 122.7 25.7 79.6 94.8 324.5 214.8 30.5 11.5 64.5 3.3 772.9 2,048.2 51.2 582.2 548.0 20.3 .0 13.9 172.8 39.8 73.6 173.0 -.3 27.2 -.9 -124.9 116.6 11.0 3.8 46.2 53.0 477.5 214.8 87.9 -29.2 73.0 363.3 217.3 34.6 13.6 100.5 -2.7 815.6 2,382.5 26.4 646.6 498.5 142.2 -4.2 10.2 131.2 36.2 66.9 110.3 12.5 -2.8 .0 -5.5 124.1 1.5 6.8 -62.8 134.8 805.4 117.2 66.9 82.3 84.5 584.3 464.2 -11.2 12.9 124.7 -6.3 826.2 2,075.6 56.9 649.2 514.9 174.8 -46.0 5.5 150.6 21.4 107.4 94.3 17.4 -54.5 .3 12.7 83.8 -.8 7.1 -263.5 163.4 889.4 112.0 89.0 -215.3 155.0 498.0 363.5 43.7 17.4 72.5 .8 966.9 2,744.1 14.9 380.4 306.1 56.2 9.4 8.8 138.6 33.2 22.1 66.9 34.7 6.7 -.7 253.4 92.2 -3.3 4.8 155.9 191.8 930.4 256.6 20.9 238.2 -93.9 68.8 .5 37.3 12.0 10.7 8.3 768.0 2,985.5 63.0 876.8 792.5 73.4 6.8 4.1 82.1 55.5 60.1 147.2 7.5 -9.1 -.6 100.0 237.6 10.4 3.0 54.1 328.1 540.0 97.8 40.5 -16.5 308.0 261.0 150.0 33.7 9.1 61.5 6.8 824.7 2,692.8 35.3 813.7 654.6 175.3 -8.0 -8.2 142.4 36.5 48.3 93.1 48.0 59.4 -.5 125.8 156.0 16.5 9.1 144.8 303.0 613.0 65.5 57.7 53.9 -128.9 170.2 159.8 -41.7 11.8 49.7 -9.4 752.3 2,504.2 20.3 120.4 14.7 102.4 6.6 -3.3 260.0 6.5 31.8 45.2 38.9 7.9 1.0 375.9 134.0 -5.0 2.8 -80.5 282.9 670.6 157.1 44.5 156.4 233.5 49.2 -159.6 60.5 11.7 129.1 7.6 949.7 2,821.2 20.3 1,455.7 1,371.7 75.6 8.0 .5 -876.7 21.9 41.0 59.4 41.6 83.1 279.1 212.2 5.5 7.9 27.3 236.2 711.5 38.5 87.1 230.8 138.3 -141.9 -198.4 3.3 10.6 25.2 17.5 1,040.8 2,707.6 15.9 249.7 97.6 166.9 -16.8 2.0 183.6 40.4 51.8 56.5 60.7 46.6 .5 349.6 295.8 -.3 6.8 -24.9 467.9 611.5 53.3 20.9 84.8 136.6 2,091.5 2,379.4 2,737.4 3,145.6 3,561.4 3,486.1 4,208.9 4.3 .0 1.3 6.8 -28.0 156.8 314.6 68.5 428.5 23.7 98.3 204.9 -84.4 3.1 77.2 266.3 14.4 -21.1 770.6 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 87.3 -87.0 60.1 219.7 22.2 -85.1 552.6 -.9 .0 .6 36.6 -14.2 80.1 305.8 61.8 -207.5 227.2 138.6 288.6 24.4 132.5 66.8 233.5 -1.1 29.6 558.3 -3.2 .0 .7 89.9 19.2 89.8 282.9 246.6 -136.5 83.2 66.4 298.2 178.5 166.6 33.1 263.5 28.5 -13.1 1,633.1 -9.6 .0 .8 86.8 .9 3.2 314.9 271.1 127.0 352.6 -152.6 260.2 161.5 .3 16.1 183.5 26.9 -71.7 925.3 -7.2 .0 .9 91.2 -36.7 -44.4 482.8 376.1 216.7 298.3 -305.6 201.6 207.0 20.8 20.0 152.0 13.1 -65.9 1,363.4 -19.5 .0 .3 46.6 -34.4 44.7 283.9 193.7 351.4 163.7 -144.5 210.6 114.2 -96.4 10.9 221.6 51.5 -97.9 268.6 -2.3 .0 .6 229.1 -14.1 67.9 227.6 375.5 133.1 521.2 -389.9 502.5 115.7 212.3 57.8 18.6 29.9 -47.2 1,231.9 2.0 .0 .8 230.2 -132.0 21.9 300.8 303.8 222.6 239.1 -448.1 273.2 233.7 194.1 53.1 158.3 -5.5 -28.6 1,265.2 -4.2 .0 1.0 -31.5 -25.5 -88.4 260.7 386.2 438.5 615.2 -514.6 232.3 63.4 178.3 76.3 44.9 22.0 -12.0 2,021.6 -5.9 .0 .0 -194.3 83.1 -62.0 584.5 31.0 428.6 603.0 -308.2 337.9 204.5 262.2 87.4 251.8 29.1 -56.2 841.4 -5.8 .0 .4 -9.8 -508.7 103.7 256.8 392.8 427.8 470.1 -325.8 543.3 157.6 133.5 19.5 87.1 29.2 -7.3 1,046.5 4,397.3 3,876.3 4,697.9 6,472.9 6,058.5 6,470.4 5,777.9 7,092.6 6,663.1 7,090.8 6,937.9 6,417.4 -12.9 17.2 -51.2 20.1 -219.9 -.6 21.5 7.2 36.0 2.3 -55.4 -.3 53.5 -4.4 -24.0 -42.6 -72.7 -.3 62.0 15.0 -139.3 -14.5 222.1 .7 61.6 9.6 128.9 -28.2 1.7 33.8 1.4 -127.3 9.4 -63.6 -.1 49.7 41.0 57.5 -11.7 483.8 -4.8 208.8 25.3 292.5 -89.9 -150.6 247.3 10.1 536.9 -18.0 -418.7 .6 45.4 -8.8 233.2 3.3 44.8 -.5 -303.5 -76.8 449.8 -9.8 824.5 91.9 41.8 -336.8 -96.6 315.3 -1.6 -.7 165.3 -8.9 .0 39.9 27.9 6.1 -6.6 -.1 -22.6 23.0 .5 -36.5 -18.7 .0 -148.5 4.3 .0 12.5 -15.6 .1 -51.3 35.3 -.1 -137.3 -35.8 .0 -77.1 11.4 -.1 12.0 3,702.3 4,757.5 6,294.1 5,835.0 6,628.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Total identified to sectors as assets .. . 5.7 -.5 4,630.8 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 38 1.59 Federal Reserve Bulletin Statistical Supplement • August 2007 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2005 Transaction category or sector 2002 2003 2004 2006 2007 2005 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 20,581.3 22,294.7 24,307.2 26,582.3 25,915.9 26,582.3 27,153.1 27,620.4 28,111.3 28,727.7 29,260.0 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 119.9 3 609 8 27.3 1,762.9 2,710.3 1,132.8 949.9 8 256 2 6,381.8 464.0 1,307.0 103.4 2,012.2 84.8 4 008 2 24.9 1,900.5 2,868.6 1,087.5 955.4 9,248.8 7,183.1 534.2 1,426.4 105.1 2,116.1 101.6 4 370 7 24.3 2,031.0 2,946.3 1,100.1 975.8 10,525.8 8,257.2 582.6 1,575.7 110.4 2,231.6 93.8 4,678.0 23.8 2,225.8 3,006.2 1,236.9 1,023.5 11,968.4 9,387.0 655.0 1,811.5 114.9 2,326.0 119.6 4,566.0 23.6 2,176.1 2,987.3 1,183.8 1,000.6 11,570.1 9,094.7 632.0 1,729.7 113.7 2,288.6 93.8 4,678.0 23.8 2,225.8 3,006.2 1,236.9 1,023.5 11,968.4 9,387.0 655.0 1,811.5 114.9 2,326.0 100.4 4,834.4 23.6 2,254.2 3,058.9 1,293.0 1,028.6 12,265.6 9,620.5 668.2 1,860.7 116.1 2,294.5 115.4 4,759.6 23.6 2,305.6 3,110.1 1,325.5 1,063.5 12,591.8 9,872.6 678.6 1,923.3 117.4 2,325.3 114.2 4,803.2 23.4 2,332.6 3,146.0 1,361.9 1,040.7 12,909.1 10,105.1 688.1 1,997.2 118.6 2,380.1 117.1 4,861.7 23.5 2,404.1 3,226.6 1,410.7 1,067.5 13,185.7 10,288.1 704.2 2,073.4 119.9 2,430.8 130.2 5,013.7 23.2 2,465.5 3,295.1 1,442.0 1,076.4 13,401.2 10,426.3 715.4 2,138.5 121.0 2,412.7 15 16 17 18 19 20 21 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 8,470.7 7,026.3 4,741.9 2,106.7 177.7 1,447.3 3,637.0 9,463.4 7,230.6 4,852.7 2,198.8 179.1 1,567.6 4,033.1 10,580.5 7,648.9 5,017.7 2,443.4 187.8 1,682.8 4,395.0 11,795.6 8,230.6 5,261.1 2,769.2 200.3 1,854.2 4,701.9 11,460.1 8,052.6 5,194.6 2,661.8 196.2 1,813.6 4,589.6 11,795.6 8,230.6 5,261.1 2,769.2 200.3 1,854.2 4,701.9 11,996.6 8,418.2 5,368.2 2,849.5 200.4 1,880.4 4,858.0 12,283.0 8,632.3 5,501.1 2,924.2 207.0 1,921.9 4,783.2 12,572.4 8,766.9 5,552.3 3,003.3 211.2 1,945.4 4,826.6 12,817.2 9,018.7 5,712.3 3,090.2 216.2 2,006.6 4,885.3 12,936.1 9,224.8 5,848.8 3,158.8 217.2 2,062.3 5,036.9 22 Foreign credit market debt held in United States 1,072.3 1,244.5 1,424.8 1,466.0 1,482.6 1,466.0 1,498.9 1,522.0 1,626.4 1,716.2 1,738.5 254.2 705.2 68.6 44.3 267.1 874.4 60.9 42.2 329.9 993.0 63.3 38.6 368.4 987.5 76.2 34.0 355.0 1,026.5 66.3 34.7 368.4 987.5 76.2 34.0 389.0 1,000.2 78.1 31.6 370.1 1,037.1 85.1 29.7 433.6 1,081.3 83.8 27.7 461.4 1,136.7 91.4 26.6 459.2 1,187.2 66.5 25.6 21,653.6 23,539.2 25,732.0 28,048.4 27,398.5 28,048.4 28,652.0 29,142.5 29,737.7 30,443.8 30,998.5 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign Financial sectors 28 Total credit market debt owed by financial sectors 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Real estate investment trusts (REITs) Funding corporations 29 30 31 10,130.2 11,140.9 12,180.1 13,327.2 12,848.4 13,327.2 13,632.8 14,038.7 14,300.7 14,637.8 14,948.6 1,133.5 2,350.4 1,080.5 2,594.1 1,135.7 2,659.2 1,371.8 2,575.0 1,269.5 2,524.8 1,371.8 2,575.0 1,411.9 2,611.2 1,475.4 2,689.8 1,542.6 2,642.0 1,637.4 2,632.7 1,663.4 2,645.1 3,158.6 2,778.0 142.8 470.5 96.5 3,489.1 3,235.1 135.6 501.7 104.7 3,542.2 3,967.7 169.0 575.8 130.6 3,677.0 4,760.4 178.4 620.1 144.5 3,616.6 4,502.5 173.8 614.5 146.7 3,677.0 4,760.4 178.4 620.1 144.5 3,752.6 4,914.7 176.3 616.9 149.2 3,812.7 5,095.9 172.4 641.5 151.0 3,892.1 5,256.6 170.7 643.7 153.0 3,964.5 5,445.6 165.5 640.7 151.5 4,075.5 5,614.8 177.5 624.4 147.7 325.5 286.4 262.3 6.9 5.1 2,350.4 3,158.6 1,951.2 40.6 884.3 198.5 660.4 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,164.0 47.0 995.3 230.0 674.8 357.5 381.3 332.8 11.4 11.1 2,659.2 3,542.2 2,640.4 62.2 1,129.6 343.2 709.4 394.3 429.5 348.9 14.7 11.5 2,575.0 3,677.0 3,464.9 62.4 1,108.6 402.9 837.5 389.1 421.5 344.3 12.6 11.3 2,524.8 3,616.6 3,214.5 70.7 1,038.6 401.1 803.2 394.3 429.5 348.9 14.7 11.5 2,575.0 3,677.0 3,464.9 62.4 1,108.6 402.9 837.5 398.4 438.7 343.0 14.6 12.2 2,611.2 3,752.6 3,598.9 71.1 1,099.3 418.2 874.6 422.6 467.0 346.5 16.3 12.5 2,689.8 3,812.7 3,761.9 72.8 1,122.3 432.4 882.1 424.1 476.2 354.0 16.8 13.1 2,642.0 3,892.1 3,928.9 74.0 1,119.5 440.5 919.3 498.3 499.7 287.6 18.9 14.2 2,632.7 3,964.5 4,124.0 68.8 1,144.2 444.0 941.0 494.2 520.3 282.8 16.2 15.4 2,645.1 4,075.5 4,271.3 61.4 1,131.2 453.6 981.5 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 31,783.8 34,680.0 37,912.1 41,375.5 40,246.9 41,375.5 42,284.7 43,181.2 44,038.4 45,081.6 45,947.1 1 507 6 3,609.8 5,536.3 1,762.9 6,193.5 1,344.2 1,464.7 8 352 7 2,012.2 1,432.5 4,008.2 6,108.1 1,900.5 6,978.0 1,283.9 1,499.2 9,353.4 2,116.1 1,567.2 4,370.7 6,225.6 2,031.0 7,906.9 1,332.4 1,590.2 10,656.4 2,231.6 1,833.9 4,678.0 6,275.8 2,225.8 8,754.2 1,491.4 1,677.6 12,112.9 2,326.0 1,744.1 4,566.0 6,165.0 2,176.1 8,516.3 1,423.9 1,649.8 11,716.9 2,288.6 1,833.9 4,678.0 6,275.8 2,225.8 8,754.2 1,491.4 1,677.6 12,112.9 2,326.0 1,901.3 4,834.4 6,387.4 2,254.2 8,973.8 1,547.3 1,677.1 12,414.8 2,294.5 1,960.9 4,759.6 6,526.1 2,305.6 9,243.1 1,583.0 1,734.7 12,742.8 2,325.3 2,090.4 4,803.2 6,557.5 2,332.6 9,483.8 1,616.5 1,712.1 13,062.1 2,380.1 2,215.9 4,861.7 6,620.7 2,404.1 9,808.8 1,667.6 1,734.8 13,337.2 2,430.8 2,252.8 5,013.7 6,743.9 2,465.5 10,097.1 1,686.1 1,726.5 13,548.9 2,412.7 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets Domestic nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies . . . . Life insurance companies Private pension funds State and local government retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 31,783.8 34,680.0 37,912.1 41,375.5 40,246.9 41,375.5 42,284.7 43,181.2 44,038.4 45,081.6 45,947.1 3,924.0 2,226.7 269.4 72.4 1,067.4 288.2 3,736.8 24,123.0 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.6 465.4 558.3 2,307.8 577.3 638.7 11.2 1,567.1 1,368.4 117.1 3.7 2,323.2 3,158.6 1,862.7 1,082.3 71.7 344.4 254.1 4,310.1 2,558.8 266.3 73.9 1,125.6 285.6 4,169.3 26,200.6 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,292.6 516.6 625.2 2,488.3 646.5 649.9 13.0 1,471.3 1,506.4 152.6 4.5 2,559.7 3,489.1 2,082.0 1,205.0 97.5 424.1 348.8 4,647.4 2,786.3 296.7 85.4 1,190.2 288.8 4,981.1 28,283.5 717.8 6,543.0 5,909.7 506.1 36.4 90.8 1,485.4 556.4 698.8 2,661.4 646.1 677.1 12.1 1,346.3 1,623.0 163.6 8.2 2,605.9 3,542.2 2,559.5 1,419.8 200.1 394.9 421.8 5,076.0 3,068.9 331.3 99.0 1,290.7 286.1 5,639.7 30,659.8 744.2 7,189.6 6,408.2 648.3 32.2 101.0 1,616.6 592.6 765.8 2,765.4 658.6 674.3 12.1 1,340.8 1,747.1 165.1 15.0 2,543.1 3,677.0 3,364.9 1,537.1 267.0 477.2 506.3 4,794.2 2,823.1 314.5 94.7 1,273.7 288.3 5,557.3 29,895.4 736.4 7,084.1 6,327.3 628.2 29.9 98.8 1,588.8 585.9 760.3 2,760.6 649.9 672.6 12.3 1,241.8 1,719.6 166.0 13.8 2,503.2 3,616.6 3,123.9 1,465.2 261.8 432.0 500.8 5,076.0 3,068.9 331.3 99.0 1,290.7 286.1 5,639.7 30,659.8 744.2 7,189.6 6,408.2 648.3 32.2 101.0 1,616.6 592.6 765.8 2,765.4 658.6 674.3 12.1 1,340.8 1,747.1 165.1 15.0 2,543.1 3,677.0 3,364.9 1,537.1 267.0 477.2 506.3 5,131.1 3,122.0 325.4 102.0 1,293.9 287.9 5,825.1 31,328.5 758.5 7,366.0 6,560.7 669.5 33.9 102.0 .,648.8 604.1 780.8 2,806.3 660.5 672.0 11.9 1,353.5 1,805.4 167.8 15.7 2,545.1 3,752.6 3,495.8 .,542.9 277.1 497.2 566.3 5,170.9 3,139.1 327.8 104.3 1,312.8 286.9 6,041.0 31,969.2 766.4 7,586.6 6,741.8 713.0 31.9 99.9 1,679.5 615.6 792.9 2,827.9 672.5 686.9 11.8 1,370.9 1,839.5 171.9 18.0 2,595.2 3,812.7 3,654.1 1,574.4 291.6 470.0 530.9 5,184.8 3,134.1 330.5 107.2 1,323.0 289.9 6,227.1 32,626.5 768.9 7,632.3 6,769.7 729.9 33.6 99.1 1,744.5 618.9 800.8 2,842.5 682.2 688.8 12.1 1,452.9 1,874.0 170.6 18.7 2,571.7 3,892.1 3,812.9 1,608.3 302.7 537.3 594.1 5,249.1 3,142.3 353.7 110.2 1,353.4 289.5 6,463.4 33,369.1 778.9 8,003.1 7,113.3 755.0 35.6 99.3 1,518.6 622.7 811.1 2,816.7 692.6 709.6 12.1 1,561.0 1,932.0 172.0 20.7 2,579.5 3,964.5 3,998.7 1,626.8 324.5 583.3 640.7 5,263.7 3,159.7 337.4 112.8 1,360.4 293.4 6,716.7 33,966.7 780.9 8,012.4 7,081.7 799.6 31.4 99.7 1,577.4 630.1 824.0 2,835.5 707.8 721.3 12.3 1,634.4 2,005.4 171.9 22.4 2,561.3 4,075.5 4,148.0 1,620.3 329.7 627.2 668.8 42,284.7 43,181.2 44,038.4 45,081.6 45,947.1 46.6 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous 37,912.1 55.8 2.2 25.5 831.1 206.0 1,351.9 3,695.9 1,171.0 2,223.9 1,340.3 3,638.4 738.8 920.9 8,198.0 2,453.9 241.4 12,028.0 62.3 2.2 26.0 867.8 193.3 1,432.0 4,001.7 1,232.8 2,016.4 1,567.5 4,654.2 871.3 1,013.2 9,717.2 2,478.3 240.4 12,497.3 62.2 2.2 26.7 957.7 212.2 1,521.8 4,284.6 1,504.9 1,879.8 1,650.7 5,436.3 1,037.9 1,060.4 10,627.2 2,656.8 268.9 13,955.3 45.9 52.0 27.5 1,044.5 214.6 1,525.0 4,599.4 1,776.0 2,006.9 2,003.3 6,048.9 1,038.2 1,082.6 11,176.7 2,818.4 295.7 14,267.7 27.4 1,032.9 204.3 1,481.9 4,523.7 1,738.0 1,876.7 1,983.9 5,874.4 1,068.0 1,077.7 10,954.1 2,786.7 295.6 14,101.0 45.9 2.2 27.5 1,044.5 214.6 1,525.0 4,599.4 1,776.0 2,006.9 2,003.3 6,048.9 1,038.2 1,082.6 11,176.7 2,818.4 295.7 14,267.7 46.0 2.2 27.6 1,101.8 198.0 1,508.6 4,688.7 1,876.1 2,014.1 2,127.7 6,463.8 1,105.2 1,102.3 11,440.9 2,846.7 311.3 14,154.9 48.3 2.2 27.8 1,159.3 156.1 1,538.5 4,732.0 1,950.0 2,067.4 2,221.8 6,419.3 1,147.9 1,110.1 11,298.4 2,901.4 311.4 14,208.0 46.5 2.2 28.1 1,151.4 151.1 1,491.7 4,791.4 2,053.9 2,166.5 2,373.6 6,627.9 1,191.0 1,133.5 11,547.7 2,922.7 320.8 14,435.7 46.0 2.2 28.1 1,102.8 192.5 1,509.8 4,942.8 2,050.2 2,312.5 2,498.0 7,068.3 1,249.9 1,166.7 12,084.6 2,976.0 314.6 14,110.5 52 Total liabilities 70,906.8 77,553.6 85,057.5 91,348.9 89,327.1 91,348.9 93,300.7 94,481.2 96,474.1 98,737.2 100,177.5 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . 23.2 11,900.5 4,974.5 23.7 15,618.5 5,410.8 24.6 17,389.3 6,009.2 19.3 18,277.8 6,817.7 19.3 17,914.7 6,621.4 19.3 18,277.8 6,817.7 19.4 19,143.3 7,019.3 19.7 18,675.2 7,196.8 19.7 19,310.3 7,339.8 19.9 20,597.8 7,446.3 20.0 20,808.7 7,553.3 -9.1 652.5 15.5 426.6 126.3 -3,266.6 -9.5 705.9 12.6 402.6 69.2 -3,022.9 -9.7 767.9 27.3 258.8 97.0 -2,918.8 -9.1 829.5 38.5 387.7 95.4 -3,298.1 -9.0 817.1 27.5 413.7 80.7 -3,411.8 -9.1 829.5 38.5 387.7 95.4 -3,298.1 -10.3 881.7 44.0 253.4 92.9 3,248.0 -10.2 943.5 44.4 413.4 73.9 3,513.6 -10.0 954.9 45.5 492.1 56.4 -3,715.7 -10.1 879.0 25.9 559.5 50.7 -4,057.9 -10.2 902.0 33.1 474.5 54.0 -4,268.5 -11.7 20.9 19.0 -17.9 20.8 59.0 11.2 20.6 65.1 20.6 42.5 12.4 -13.8 20.6 42.5 1.5 16.4 -32.6 1.5 19.7 -82.5 2.7 12.4 -95.0 20.6 -17.6 1.3 16.4 -98.9 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 62 Federal government checkable deposits . . . . 63 Other checkable deposits 64 Trade credit 65 Totals identified to sectors as assets 110,161.4 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 121,483.6 122,482.6 125,400.5 2. Excludes corporate equities and mutual fund shares. 28.2 1,100.4 51.3 1,502.7 5,039.2 2,155.7 2,390.0 2,610.3 7,308.2 1,298.0 1,173.9 12,187.5 3,013.1 330.5 13,992.6 131,455.8 40 Federal Reserve Bulletin Statistical Supplement • August 2007 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2006 2006 2007 2007 2006 2007 Series Q3 Q4 Q1 Q2' Q3 Q4 Q1 Q2 Capacity (percent of 2002 output) Output (2002=100) Q3 Q4 Q1 Q2' Capacity utiliz ition rate (percent)2 1 Total industry 112.3 111.9 112.2 113.1 136.5 137.3 138.0 138.6 82.3 81.5 81.3 81.6 2 Manufacturing Manufacturing (NAICS) 3 114.2 115.2 113.7 114.6 113.9 114.9 115.0 116.0 141.1 142.6 141.9 143.5 142.7 144.3 143.5 145.1 80.9 80.8 80.1 79.9 79.8 79.6 80.2 79.9 4 5 122.2 114.3 121.7 105.3 121.6 107.8 123.6 111.1 153.6 128.7 155.1 128.0 156.6 127.7 157.9 127.9 79.5 88.8 78.5 82.2 77.7 84.4 78.3 86.9 110.4 120.4 174.3 110.0 119.5 180.3 109.9 116.6 181.7 117.5 184.7 136.8 146.6 225.8 137.2 147.6 233.2 137.7 148.6 241.2 138.1 149.4 249.5 80.7 82.1 77.2 80.2 80.9 77.3 79.9 78.4 75.3 80.5 78.6 74.0 106.8 101.2 105.9 100.1 107.3 98.2 109.2 101.3 125.1 133.8 125.6 134.0 126.2 133.4 126.5 132.1 85.4 75.6 84.3 74.7 85.0 73.6 86.3 76.7 124.8 107.6 109.5 92.6 127.5 106.8 111.4 89.0 130.6 107.5 112.5 87.1 132.0 107.7 113.7 87.5 160.8 130.6 135.0 118.3 161.8 130.9 135.6 117.5 162.8 131.1 136.2 116.7 163.6 131.4 136.8 115.9 77.6 82.4 81.1 78.3 78.8 81.6 82.2 75.8 80.3 82.0 82.6 74.6 80.7 82.0 83.1 75.5 98.7 113.3 112.0 107.1 97.4 98.6 109.3 109.8 104.6 99.2 97.1 111.6 110.1 106.3 98.7 96.6 109.5 110.3 108.6 99.4 115.5 121.6 140.9 122.3 117.0 115.3 121.3 141.2 123.4 117.3 115.1 120.9 141.5 124.4 117.6 114.9 120.8 141.8 125.2 117.8 85.4 93.1 79.5 87.5 83.2 85.5 90.1 77.7 84.8 84.6 84.3 92.3 77.8 85.4 84.0 84.1 90.6 77.8 86.7 84.4 20 21 Electric and gas utilities 100.6 107.3 101.4 106.4 100.1 108.6 100.4 108.6 110.7 124.3 111.0 125.1 111.3 125.8 111.4 126.2 90.9 86.4 91.3 85.0 90.0 86.4 90.2 86.0 MEMOS 22 Computers, communications equipment, and semiconductors 204.8 216.4 221.2 228.4 260.2 271.4 283.8 296.7 78.7 79.7 77.9 77.0 23 Total excluding computers, communications equipment, and semiconductors 108.5 107.8 107.9 108.7 131.3 131.8 132.1 132.4 82.6 81.8 81.7 82.1 24 Manufacturing excluding computers, communications equipment, and semiconductors 109.5 108.6 108.7 109.6 134.8 135.2 135.6 135.9 81.3 80.3 80.2 80.6 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Durable manufacturing Primary metal Fabricated metal products Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2007 2006 Series Low High Low July Feb. Mar. Apr.' Mayr Juner July' Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.0 86.5 70.8 85.0 78.5 82.4 81.6 81.4 81.7 81.4 81.8 81.9 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.2 68.5 67.8 85.4 85.3 77.1 76.9 80.9 80.8 79.6 79.4 80.0 79.8 80.2 79.9 80.0 79.8 80.4 80.1 80.7 80.5 89.4 101.9 69.6 69.6 86.7 90.5 62.9 47.0 84.5 93.8 73.3 74.6 79.5 89.7 77.5 84.2 77.9 85.2 78.2 87.1 78.1 87.3 78.5 86.2 79.0 87.4 91.6 94.6 69.7 74.5 82.8 92.7 61.8 58.0 81.6 85.2 72.6 73.9 80.4 81.8 79.8 77.6 80.3 79.3 80.5 78.6 80.1 78.7 80.8 78.6 80.9 79.3 86.9 66.0 89.9 76.9 81.4 75.9 76.8 75.3 74.7 74.7 73.8 73.6 73.6 99.3 95.6 67.9 54.6 91.9 95.2 64.6 44.9 89.1 89.7 77.0 56.0 86.2 75.1 85.2 74.0 85.4 74.7 86.5 76.0 85.9 75.9 86.7 78.1 86.6 80.4 75.9 87.6 67.9 72.3 87.0 85.8 69.0 75.6 87.1 86.8 81.1 81.6 77.6 82.3 80.5 81.7 79.8 82.1 80.3 82.0 80.7 81.8 81.1 82.1 81.4 82.2 86.3 89.5 77.5 61.8 84.4 89.6 80.6 72.6 85.9 91.2 81.0 77.7 81.1 79.0 82.4 74.8 82.8 74.3 83.2 75.1 82.5 75.7 83.5 75.6 83.5 74.7 96.7 92.2 85.3 96.1 86.0 74.0 80.8 69.1 61.8 75.5 95.4 91.9 83.6 90.1 88.0 81.3 70.7 67.7 71.8 86.3 92.5 89.0 85.1 89.8 91.0 86.1 83.1 80.1 76.4 80.6 84.8 91.8 79.4 88.6 83.9 84.7 91.0 77.8 84.8 83.9 84.5 92.4 78.0 85.9 84.3 84.6 89.3 78.0 86.4 84.5 84.1 91.5 77.5 86.7 84.0 83.4 90.9 77.8 87.1 84.7 84.5 91.7 78.2 86.5 85.3 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 94.0 88.2 78.7 77.6 86.1 92.7 83.5 84.0 91.3 87.6 89.9 90.7 90.0 84.7 90.0 87.0 90.1 85.5 90.4 85.5 91.0 83.6 MEMOS 22 Computers, communications equipment, and semiconductors . 84.3 62.3 89.6 74.6 80.8 74.2 77.7 77.7 77.5 77.5 76.9 76.6 76.6 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.6 85.4 78.7 82.8 81.9 81.8 82.1 81.9 82.3 82.4 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.1 85.9 77.2 81.3 80.0 80.4 80.6 80.4 80.9 81.2 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2006. The recent 2006 annual revision is described in a 2007 article in the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 2.13 Federal Reserve Bulletin Statistical Supplement • August 2007 INDUSTRIAL PRODUCTION Indexes and Gross Value' Monthly data seasonally adjusted Group 2002 proportion Aug. Sept. Dec. Jan. Feb. Apr.' Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 112.3 112.5 112.2 112.0 111.5 112.2 111.7 112.5 112.4 113.1 112.8 113.5 58.9 31.1 8.9 4.7 0.4 1.5 2.4 22.2 18.3 9.8 0.9 5.0 2.1 3.9 111.2 106.9 105.6 99.4 169.9 104.4 108.1 107.2 107.7 109.5 79.5 110.6 101.6 106.1 12.2 07.4 05.1 97.9 72.4 04.2 09.1 08.1 07.9 09.1 81.0 11.6 01.6 09.0 112.5 107.8 106.2 99.6 168.2 105.4 109.5 108.2 107.7 108.7 79.5 112.4 101.0 109.8 112.2 107.6 105.4 98.4 174.1 103.4 109.2 108.2 108.3 109.8 79.1 112.1 102.0 108.4 112.0 107.3 102.8 94.5 171.1 102.0 108.3 108.7 108.7 110.2 80.0 111.6 104.7 109.0 111.9 107.6 104.4 98.2 173.1 101.9 107.5 108.5 108.8 111.2 79.1 110.4 103.9 107.8 112.6 107.8 106.2 100.6 180.7 102.2 108.4 108.2 109.8 111.8 78.9 112.9 103.3 103.7 111.9 107.4 103.1 95.2 184.6 100.5 107.4 108.7 109.7 112.1 80.4 111.8 103.3 106.1 113.1 109.4 104.6 98.7 196.0 99.5 106.3 110.9 109.5 111.9 79.6 110.9 104.7 115.8 112.8 108.6 105.2 99.7 191.1 99.8 107.1 109.6 109.9 112.7 78.7 110.5 105.5 108.9 113.4 109.2 107.1 102.3 200.8 100.4 107.6 109.8 110.3 113.1 79.4 110.9 105.6 108.7 113.0 108.5 106.7 101.1 197.7 101.2 108.1 109.0 109.5 112.4 79.8 109.5 105.1 107.8 113.8 109.6 108.7 103.9 200.8 101.2 109.6 109.8 110.3 113.8 78.9 109.5 106.0 108.3 114.1 110.0 109.8 106.4 200.6 100.0 110.0 109.9 110.7 113.9 77.8 110.5 107.3 107.5 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.1 1.8 3.0 5.3 1.8 125.9 138.9 137.4 115.4 112.0 28.1 40.7 40.3 17.4 13.8 128.6 141.2 139.5 118.4 113.0 128.5 140.7 140.8 117.8 113.6 128.4 141.1 141.9 116.9 113.3 129.5 146.0 142.5 117.0 112.0 132.1 146.8 144.0 120.7 112.5 128.8 144.2 144.4 115.6 113.9 129.2 144.1 146.2 115.4 113.0 130.6 144.3 147.5 117.3 109.8 130.9 143.7 148.6 117.5 111.1 131.3 143.5 149.4 117.9 111.5 131.8 144.8 150.4 117.9 112.3 133.0 146.3 151.4 119.1 113.0 21 22 Construction supplies Business supplies 4.3 11.2 110.4 110.3 11.6 11.2 111.3 111.5 110.3 110.8 108.4 111.9 107.4 110.5 109.7 110.3 108.4 110.6 106.8 111.5 107.9 111.2 108.3 111.9 108.7 111.4 110.0 111.6 109.9 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.1 30.7 19.1 4.1 6.7 8.4 11.6 0.8 2.7 4.5 10.4 111.0 115.7 123.4 100.7 159.9 109.6 104.0 86.3 100.5 109.4 99.8 12.5 17.0 25.2 00.2 63.0 11.4 04.6 87.2 00.6 11.1 01.7 112.6 117.6 125.9 101.1 166.6 110.6 104.9 86.7 100.8 111.7 100.9 112.2 117.4 125.9 100.0 168.5 110.1 104.5 84.8 101.4 110.5 100.0 112.0 116.4 124.9 97.5 169.6 108.6 103.7 83.8 100.9 108.5 101.3 111.0 115.4 123.7 97.6 170.0 106.1 102.9 82.6 100.7 107.3 100.6 111.7 116.6 124.7 98.5 170.8 107.3 104.2 83.3 103.2 108.7 100.2 111.3 115.9 124.4 96.8 169.8 107.8 103.2 81.1 100.1 108.9 100.5 111.8 116.0 123.9 97.1 168.6 107.5 103.9 81.3 101.0 110.1 101.9 112.0 116.8 124.9 98.3 169.5 108.3 104.5 80.9 100.7 111.4 100.5 112.7 117.5 126.0 98.6 170.5 109.7 104.7 80.8 100.3 111.1 101.1 112.7 117.3 126.2 99.1 170.4 109.9 104.1 81.3 99.6 110.6 101.5 113.0 117.8 126.8 99.7 171.9 110.1 104.3 80.0 98.1 111.2 101.5 113.5 118.6 127.7 101.2 173.7 110.4 104.8 78.2 98.9 111.4 101.4 94.8 92.5 107.5 111.7 08.6 13.1 108.7 113.2 108.2 112.9 107.9 113.0 107.4 112.2 108.0 112.9 107.4 112.7 108.3 113.4 108.1 113.3 108.6 113.9 108.4 113.6 108.9 114.2 109.3 114.4 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 3,080.6 3,043.0 43.4 31.1 12.3 15.5 3,055.4 3,053.5 3,103.6 3,114.2 3,085.3 3,052.7 2,302.3 2,321.8 2,331.2 2,329.3 2,309.1 2,320.0 2,335.4 2,314.7 2,346.1 2,336.1 2,340.9 2,334.2 2,357.0 2,371.2 1,606.0 1,614.1 1,623.0 1,621.7 1,604.4 1,612.1 1,615.5 1,611.7 1,641.9 1,629.7 1,636.2 1,628.3 1,646.7 1,655.2 726.0 732.2 713.5 714.2 720.1 706.0 718.5 718.6 718.1 715.6 718.9 713.5 716.4 715.9 741.1 749.2 749.8 745.2 746.5 734.7 737.5 738.7 742.2 741.4 745.3 744.4 747.6 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2006 2007 2006 avg. luly Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.' Mayr Juner July' Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.0 113.0 113.9 113.9 114.9 114.3 115.4 114.3 115.3 113.4 114.3 113.2 114.1 114.4 115.4 113.7 114.7 113.6 114.6 114.4 115.4 114.8 115.8 114.8 115.7 115.5 116.5 116.2 117.1 321 43.4 1.5 120.4 107.5 121.7 109.3 122.6 107.4 122.2 104.8 121.2 100.4 121.3 98.0 122.7 100.3 121.2 98.5 121.3 97.7 122.3 98.3 123.2 98.2 123.3 99.2 124.3 100.3 125.4 100.6 327 331 332 333 2.3 2.3 5.8 5.3 112.5 112.1 108.9 117.1 113.4 115.7 109.9 119.6 113.3 114.5 110.7 121.0 110.6 112.8 110.5 120.6 109.1 109.2 110.5 118.1 109.1 103.8 109.7 117.6 111.0 102.7 109.8 122.6 109.8 107.1 109.3 116.4 106.5 107.6 109.8 115.3 108.3 108.8 110.6 118.0 108.5 111.3 111.1 117.2 109.2 111.7 110.6 117.6 110.9 110.5 111.8 117.6 110.8 112.1 112.0 118.8 334 8.0 169.1 171.6 174.0 177.2 179.3 180.0 181.7 181.3 181.5 182.3 184.2 184.1 185.8 187.7 335 3361-3 2.2 7.5 105.8 101.9 107.6 100.3 107.6 102.2 105.1 100.9 105.5 97.3 105.1 100.7 107.1 102.4 106.5 96.4 107.4 98.7 107.9 99.4 109.3 100.8 108.6 100.3 109.7 102.7 109.7 105.3 3364-9 3.6 122.4 124.5 124.6 125.2 126.3 127.7 128.3 130.7 131.0 130.2 131.1 132.0 132.9 133.6 337 339 1.8 3.3 104.7 116.9 104.9 116.9 106.4 118.1 104.7 118.0 104.2 118.8 103.4 120.0 102.7 121.0 101.8 120.2 100.7 119.4 101.0 121.6 100.4 122.5 101.2 123.1 102.0 123.2 101.8 123.4 35.6 106.7 107.4 107.5 107.8 106.7 106.2 107.4 107.5 107.2 107.8 107.7 107.5 107.9 108.2 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 109.8 92.7 80.7 98.5 103.3 109.4 93.6 82.3 98.0 102.7 108.9 92.8 80.6 98.7 102.7 110.1 91.3 80.2 99.3 103.1 110.6 89.8 80.9 98.3 104.1 111.5 88.6 80.0 97.9 104.3 112.2 88.6 79.7 99.5 106.3 112.3 87.4 81.1 96.4 105.6 112.2 87.3 80.3 97.5 106.0 113.0 86.5 79.5 97.2 105.6 113.7 87.3 80.0 97.3 104.7 112.9 87.8 80.4 96.7 103.0 114.5 87.4 79.6 95.8 101.9 114.6 86.2 78.4 97.0 102.0 324 325 1.8 10.8 110.3 110.3 111.7 111.8 112.8 112.4 115.3 111.7 110.4 110.1 108.5 108.8 108.9 110.5 113.0 109.9 110.0 110.1 111.7 110.4 107.9 110.5 110.6 110.0 109.9 110.4 110.9 111.0 326 3.8 105.7 108.1 107.1 106.1 104.4 103.9 105.6 106.3 105.5 107.1 108.0 108.5 109.3 108.7 1133,5111 4.9 98.0 98.1 97.0 97.2 99.6 99.4 98.7 98.4 98.6 99.1 99.5 99.0 99.8 100.6 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 100.2 105.2 108.0 91.7 101.0 108.7 111.1 97.7 99.9 108.8 111.0 98.4 101.0 104.5 105.5 100.0 100.9 109.8 110.6 106.0 100.7 106.8 108.8 97.6 102.5 102.5 105.8 87.0 100.2 105.1 108.1 91.0 100.0 114.1 114.1 114.2 100.2 106.6 109.2 94.7 100.2 109.7 110.7 104.8 100.3 107.9 110.3 96.7 100.7 108.1 110.2 98.1 101.4 105.8 107.3 98.6 78.7 108.6 109.5 109.7 109.4 108.4 108.2 109.3 108.5 108.4 109.2 109.5 109.3 110.0 110.6 76.4 113.9 115.1 115.3 115.4 114.8 114.3 115.4 115.1 114.9 115.7 116.0 116.0 116.6 117.1 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2006. The recent 2006 annual revision is described in a 2007 article in the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • August 2007 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -640,148 -612,092 1,157,250 -1,769,341 56,357 62,499 139,408 -76,909 -6,141 -84,414 -754,848 -714,371 1,283,070 -1,997,441 48,058 54,459 152,512 -98,053 -6,400 -88,535 -811,477 -758,522 1,445,703 -2,204,225 36,640 43,172 174,214 -131,042 -6,532 -89,595 Ql Q2 Q3 Q4 Q1 -200,611 -189,712 345,636 -535,348 10,462 12,063 42,005 -29,942 -1,601 -21,360 -205,595 -192,577 356,575 -549,153 10,668 12,289 44,647 -32,358 -1,621 -23,686 -217,334 -199,307 365,868 -565,175 5,850 7,491 40,487 -32,996 -1,642 -23,877 -187,938 -176,926 377,623 -554,549 9,661 11,328 47,074 -35,746 -1,668 -20,673 -192,581 -176,788 382,922 -559,710 10,356 12,021 51,313 -39,292 -1,665 -26,148 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) 1,710 962 466 12 Change in U.S. official reserve assets (increase, - ) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 2,805 0 -398 3,826 -623 4,511 10,200 -615 -223 3,331 -734 -67 729 -149 -51 -351 -158 -54 1,275 -215 1,415 0 -51 1,678 -212 -72 0 -43 212 -241 -909,539 -359,767 -124,137 -146,549 -279,086 -446,510 -217,471 -39,603 -197,098 7,662 -1,062,896 -454,585 -83,531 -289,422 -235,358 -345,594 -197,097 -24,302 -57,693 -66,502 -213,423 -54,791 -45,885 -59,003 -53,744 -212,474 -78,798 -29,162 -55,496 -49,018 -291,405 -123,899 15,818 -117,230 -66,094 -421,180 -233,017 -24,968 -87,731 -75,464 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 397,755 273,279 41,662 -134 69,245 13,703 259,268 112,841 100,493 -421 26,260 20,095 440,264 189,181 191,553 3,133 22,040 34,357 125,257 65,124 47,214 26 2,394 10,499 120,861 24,262 41,364 824 42,533 11,878 108,799 52,746 55,226 1,154 -7,221 6,894 85,347 47,049 47,749 1,129 -15,666 5,086 147,834 40,197 66,056 467 29,445 11,669 28 Change in foreign private assets in United States (increase, +) 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 1,064,011 334,747 93,522 93,608 14,829 381,493 145,812 944,963 202,508 31,804 132,300 18,969 450,386 108,996 1,419,333 434,393 235,769 -35,931 12,571 591,951 180,580 412,883 159,422 60,613 -25,274 1,933 173,213 42,976 234,581 2,048 55,907 -19,307 1,127 145,750 49,056 341,188 100,640 69,637 -13,440 1,129 140,243 42,979 430,682 172,283 49,612 22,090 8,382 132,745 45,570 475,720 203,767 81,076 45,614 -1,631 123,428 23,466 -2,369 85,775 -4,054 -18,454 -3,913 -17,794 -1,724 6,593 9,958 -3,365 -1,008 49,378 -252 49,630 -545 -37,121 -15,973 -21,148 -637 -36,643 6,267 -42,910 -559 -9,629 11,077 -20,706 17 Change in U.S. private assets abroad (increase, - ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 2,805 14,096 2,374 513 -560 1,006 1,415 -72 397,889 259,689 437,131 125,231 120,037 107,645 84,218 147,367 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2006 Asset 2004 2005 2007 2006 Dec. Jan. Feb. Mar. Apr. May June July- 1 Total 86,824 65,127 65,895 65,895 65,063 66,082 66,551 66,720 66,008 66,127 67,029 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,045 13,582 11,043 8,210 11,041 8,870 11,041 8,870 11,041 8,786 11,041 8,915 11,041 8,948 11,041 9,030 11,041 9,002 11,041 9,018 11,041 9,111 19,479 42,718 8,036 37,838 5,040 40,943 5,040 40,943 4,855 40,381 4,874 41,251 4,846 41,716 4,553 42,095 4,481 41,483 4,573 41,495 4,369 42,508 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2006 Asset 2004 2005 2007 2006 Dec. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Jan. Mar. Apr. May June July' 80 83 98 98 90 91 91 95 93 197 94 1.041.215 8,967 1.069.014 8,967 1.133.969 8,967 1,133,969 8,967 1,146,680 8,967 1,168,109 8,967 1,181,783 8,913 1,195,672 8,872 1,198,639 8,832 1,211,812' 8,825 1,226,784 8,791 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 Feb. 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2007 2006 Item 2005 2006 1 1 Total1 By type 2 Liabilities reported by banks in the United States2 June " June 8 Dec. Mar. Apr. May Junep 2,691,864' 2,692,026' 2,752,138 2,191,423 2,585,073 2,256,427 2,490,224 2,585,073 2,676,512 296,647 201,863 284,862 176,829 308,636 184,847 308,636 184,847 284,862 176,829 312,527 194,914 319,515' 177,958 313,634' 172,500 331,682 160,745 1 102 333 948 589,632 1 271 174 1,026 851,182 1 112 617 986 649,341 1 211 819 986 783,937 1 271 174 1,026 851,182 1 269 469 1,047 898,556 1 278 833 1,053 914,505 1 274 243 1,060 930,589 1 306 706 1,067 951,938 368,516 7,211 128,006 1,640,968 17,214 29,502 435,062 7,078 175,683 1,915,307 12,434 39,508 366,044 6,952 148,757 1,679,350 18,664 36,654 414,986 7,859 159,323 1,851,747 15,955 40,354 435,062 7,078 175,683 1,915,307 12,434 39,508 436,895 7,705 196,195 1,979,785 14,538 41,394 429,605' 8,210 207,110 1,984,484 16,310 46,144 428,042 8,680 210,189 1,979,306' 18,628 47,180 458,685 8,019 225,620 1,992,421 18,818 48,574 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 10 Asia 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2006 Item 2003 2004 2007 2005 June Sept. Dec. Mar. 2 3 Deposits Other liabilities 63,119 36,674 26,445 98,349 52,410 45,939 91,693 59,241 32,452 110,149 71,751 38,398 109,919 74,011 35,908 132,429 88,692 43,737 136,647 89,709 46,938 5 Deposits 81,669 38,102 43,567 129,544 51,029 78,515 100,144 43,942 56,202 121,111 60,044 61,067 106,937 48,687 58,250 123,463 51,951 71,512 119,389 55,515 63,874 8 Deposits 21,365 5,064 16,301 32,056 8,519 23,537 56,100 20,931 35,169 83,791 26,349 57,442 84,246 34,031 50,215 67,268 35,834 31,434 82,507 52,760 29,747 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 2007 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr. BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 . . . . 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments6 2,911,516 3,795,513 3,795,513 3,956,260" 4,065,811' 2,981 2,299,950 2,879,372 > ,879,372 3,022,250' 955,072 1,127,909 665,127 828,535 1,043,801 1,256,149 713,327 1,316,219 1,563,153 986,473 916,141 1,316,219 1,563,153 986,473 916,141 250,811 250,811 1,321,902 1,353,268 1,348,298 1,431,077 1,407,185 1,700,348' 1,757,648' 1,765,162' 1,865,290' 1,907,214' 1,831,333 1,101,410' 1,159,388' 1,180,443' 1,244,182' 1,258,063' 1,204,142 954,895 949,089 934,010 973,812 947,908 921,455 257,269 252,019 277,693 249,071 226,601 318,783 780,957 259,843 384,483 319,598 4,244,275' 4,297,417" 4,159,973 3,110,916' 3,113,460' 3,296,367' 3,348,328' 3,238,518 386,363 397,050 400,672 48,260 152,789 194,583 53,594 136,783 201,516 66,145 113,755 294,009 66,145 113,755 294,009 66,456 108,181 297,508 69,592 108,847 310,111 70,622 112,775 309,756 72,272 106,062 301,787 74,692 109,965 303,080' 76,572 114,427 294,182 15,654 10,363 6,098 4,265 5,291 1,879 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25 770 19,021 6,749 3,655 800 29,425 25,770 19,021 6,749 3,655 32,539 28,908 22,234 6,674 3,631 380 37,940 29,111 21,539 7,572 8,829 5,679 36,096 28,271 22,527 5,744 7,825 4,535 31,476' 27,370' 21,635 5,735' 4,106 710 29,893 26,363 19,895 6,468 3,530 355 30,030 26,274 20,532 5,742 3,756 383 3,412 4,096 2,855 2,855 3,251 3,150 3,290 3,396 515,586 145,516 26,613 118,903 498,510 170,984 45,426 125,558 461,691 178,989 51,380 127,609 461,691 178,989 51,380 127,609 476,147 192,647 56,189 136,458 498,099 213,173 55,544 157,629 507,441 206,656 50,723 155,933 497,473' 218,084' 56,333 161,751' 486,134' 211,802 58,968 152,834 492,427 225,286 58,026 167,260 370,070 245,199 327,526 201,863 282,702 176,829 282,702 176,829 283,500 181,356 284,926 181,798 300,785 194,914 279,389 177,958 274,332' 172,500 267,141 160,745 105,873 105,873 102,144 26 Banks10 27 Banks' own liabilities 28 Deposits2 29 Other 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'' . . . 33 Other ,574,793 ,354,437 773,703 580,734 220,356 26,978 1,792,040 1,566,967 841,248 725,719 225,073 23,771 2,211,844 2,211,844 2,285,610' 1,359,768' 2,347,300' 1,872,138 1,872,138 1,957,727' 2,017,152' 2,003,943' 1,022,937 1,022,937 1,021,244 1,052,704 1,042,706 849,201 849,201 936,483' 964,448' 961,237' 339,706 339,706 327,883 342,616 343,357 31,061 31,061 27,132 27,408 31,621 2,446,874' 2,118,322' 1,111,849 1,006,473' 328,552 24,780 52,400 140,978 48,776 152,526 66,350 242,295 66,350 242,295 56,361 244,390 57,411 257,797 55,633 256,103 58,785 244,987 34 Other foreigners'' 35 Banks' own liabilities 36 Deposits2 37 Other 805,483 572,665 148,658 424,007 769,564 546,387 148,766 397,621 1,092,553 802,475 222,881 579,594 1,092,553 802,475 222,881 579,594 1,161,964 842,968 222,235 620,733 1,170,004 851,480 223,481 627,999 1,196,435 874,590 232,342 642,248 1,268,452 932,591 241,260 691,331 38 39 40 232,818 44,727 223,177 33,124 290,078 42,121 290,078 42,121 318,996 43,151 318,524 42,384 321,845 46,623 335,861 45,623 336,355' 43,961 331,383 39,647 136,192 51,899 142,188 47,865 196,345 51,612 196,345 51,612 222,770 53,075 224,006 52,134 221,589 53,633 233,495 56,743 235,706' 56,688' 231,694 60,042 43 Total, all foreigners 2,911,516 3,080,907 3,795,513 3,795,513 3,956,260" 4,065,811' 4,087,272' 4,244,275' 4,297,417' 4,159,973 44 Foreign countries . . 2,895,862 3,060,114 3,766,088 3,766,088 3,923,721" 4,027,871' 4,051,176' 4,212,799' 4,267,524' 4,129,943 ,050,895 4,355 13,512 3,147 1,088 81,852 54,822 1,178 64,050 7,198 50,305 18,170 32,742 1,545 70,186 8,410 6,118 99,224 5,188 470,304 21,262 110 36,129 1,229,338 3,604 16,022 1,537 3,612 71,486 58,960 1,200 68,660 7,075 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 1,441,576 3,797 14,528 931 3,204 68,895 69,548 1,488 83,715 7,350 72,867 25,190 42,393 2,250 62,704 9,041 3,715 54,532 10,369 848,398 33,348 295 23,017 ,441,576 3,797 14,528 931 3,204 68,895 69,548 1,488 83,715 7,350 72,867 25,190 42,393 2,250 62,704 9,041 3,715 54,532 10,369 848,398 33,348 295 23,017 1,560,867' 1,630,388' 1,700,376' 1,759,736' 1,793,106' 1,736,489 3,296 5,608 3,714 3,213 3,214 4,268 17,063 17,974 15,933 17,570 15,495 16,640 651 861 780 633 798 1,208 2,424 618 693 620 732 1,515 60,530 62,317 71,066 68,692 71,471 61,389 72,041 67,786 68,817 70,390 68,496 68,223 1,454 1,703 2,494 2,276 1,523 1,696 89,673 90,587 91,026 89,023 85,354 92,084 7,383 8,108 6,158 6,131 6,518 7,659 98,077 76,827 81,367 87,443 94,944' 79,037 40,751 37,188 45,837 58,115 49,888 33,408 74,558 54,268 59,508 60,027 58,120 45,946 2,131 1,860 1,962 2,981 2,956 1,902 50,604 60,836 64,561 52,900 57,371 57,429 11,992 9,735 13,722 10,041 9,374 9,436 4,151 3,961 6,936 7,921 7,103 4,032 59,188 62,948 67,974' 68,452 63,988 56,632 14,126 15,571 14,250 14,560 14,457 13,204 941,669' 1,002,893' 1,046,593' 1,079,329' 1,127,200' 1,058,604 33,820 33,554 34,714 33,828' 36,884 34,245 327 343 327 325 288 304 20,311 18,388' 20,022' 21,425 22,508 18,917 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 41 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments6 Other 3,175 3,373 106,396 2,508,447' 2,396,923 2,173,575' 2,077,748 1,117,897 1,079,809 1,055,678' 997,939 319,175 334,872 25,826 27,732 60,780 246,360 59,950 233,399 1,272,943' 1,240,593 909,210 936,588' 248,818 244,354' 660,392 692,234 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium13 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg13 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 63 Switzerland 64 Turkey 65 United Kingdom and Isle of Man14 66 Channel Islands 15 67 Yugoslavia Other Europe and other former U.S.S.R. Footnotes appear on next page. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Apr. May MEMO 1,225,932 1,344,971' 68 European Union17 n.a. 69 Canada 34,248 33,552 44,540 44,540 48,916 49,239 48,892 57,968 59,702 54,478 135,970 10,817 15,186 7,299 6,286 2,687 1,530 50,575 4,513 1,971 4,150 24,573 6,383 133,637 9,674 11,900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,663 10,485 16,037 16,829 11,657 3,407 1,420 45,359 7,135 4,267 6,116 22,744 11,207 156,663 10,485 16,037 16,829 11,657 3,407 1,420 45,359 7,135 4,267 6,116 22,744 11,207 165,368 10,543 21,237 18,012 12,224 3,069 1,726 45,874 7,121 4,005 6,448 23,797 11,312 168,069 10,895 22,324 19,145 12,469 3,150 1,757 45,886 6,765 4,418 6,540 22,902 11,818 158,028 11,015 18,492 13,628 12,241 3,318 2,103 43,460 7,283 3,687 7,509 23,047 12,245 161,776 11,057 16,233 16,682 11,793 3,347 1,707 44,538 8,320 4,499 6,851 24,339 12,410 165,701 10,948 19,787 16,536 11,550 3,392 1,663 47,717 7,283 4,865 6,978 22,068 12,914 162,242 10,486 20,861 14,083 11,248 3,466 1,936 45,250 7,677 5,472 6,627 21,645 13,490 1,212,209 186,097 92,577 n.a. 884,980 110 829 5,863 1,624 40,129 1,214,058 211,459 52,132 n.a. 907,840 120 916 6,396 2,830 32,365 1,655,512 256,127 55,100 21,609 1,283,076 83 1,023 8,455 3,341 26,698 1,655,512 256,127 55,100 21,609 1,283,076 83 1,023 8,455 3,341 26,698 1,668,121 245,655 60,166 20,381 1,302,066 83 845 7,348 3,217 28,360 1,698,614 235,210 57,848 20,371 1,345,104 83 810 5,982 3,137 30,069 1,654,203 229,765 59,024 21,813 1,300,240 84 1,168 8,167 3,372 30,570 1,747,943 235,044 55,983 22,962 1,389,013 85 1,043 8,191 3,772 31,850 1,768,955 232,195 50,626 22,812 1,418,849 83 1,040 5,793 3,874 33,683 1,696,618 211,262 49,953 24,046 1,362,344 83 958 8,920 3,753 35,299 420,635 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru* 80 Uruguay 81 Venezuela 82 Other Latin America15 83 Caribbean 84 Bahamas 85 Bermuda 86 British Virgin Islands15 87 Cayman Islands19 88 Cuba 89 Jamaica 90 Netherlands Antilles 91 Trinidad and Tobago 92 Other Caribbean15 408,192 422,234 422,234 432,215 434,517 440,693 428,066 418,660 419,378 52,767 42,788 11,154 5,903 11,214 167,008 12,421 2,949 26,496 11,355 38,257 38,323 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,401 43,107 18,792 4,377 7,241 127,398 27,783 3,793 22,915 8,317 69,494 44,616 44,401 43,107 18,792 4,377 7,241 127,398 27,783 3,793 22,915 8,317 69,494 44,616 53,409 39,094 19,677 3,701 9,316 125,221 29,753 3,530 19,512 8,396 75,440 45,166 54,501 36,879 23,530 3,915 10,794 127,328 29,051 3,521 22,528 8,146 70,364 43,960 54,755 35,539 25,102 4,216 10,930 125,026 30,465 4,038 20,284 10,958 72,695 46,685 50,152 38,999 25,317 4,723 11,760 118,870 28,002 4,235 22,556 7,661 68,168 47,623 46,937 30,471 20,570 4,006 10,580 121,538 27,738 3,956 23,714 9,888 71,265 47,997 47,824 31,233 17,133 4,223 9,966 128,223 23,985 4,515 24,053 10,859 68,704 48,660 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries21 111 Other 14,580 2,711 156 3,284 4,326 4,103 20,095 4,953 138 3,049 6,858 5,097 14,774 2,252 198 1,389 4,438 6,497 14,774 2,252 198 1,389 4,438 6,497 16,540 3,509 206 2,417 4,359 6,049 15,777 3,343 271 2,147 4,066 5,950 16,805 4,230 213 2,002 4,015 6,345 18,188 4,162 252 2,104 4,751 6,919 20,509 5,892 167 2,259 5,280 6,911 19,378 4,069 169 1,956 4,915 8,269 112 Other countries 113 Australia 114 New Zealand22 115 All other 27,325 23,391 3,429 505 21,242 17,769 3,007 466 30,789 25,251 4,500 1,038 30,789 25,251 4,500 1,038 31,694 28,121 2,626 947 31,267 26,807 3,337 1,123 32,179 27,979 3,184 1,016 39,122 33,796 4,300 1,026 40,891 36,556 3,553 782 41,360 37,432 3,235 693 116 International and regional organizations 117 International23 118 Regional24 15,654 11,542 4,112 20 793 15,684 5,109 29,425 25,202 4,223 29,425 25,202 4,223 32,539 28,180 4,359 37 940 34,151 3,789 36,096 32,083 4,013 31,476' 27,377' 4,099 29,893 25,962 3,931 30,030 25,737 4,293 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 17. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 18. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." Before June 2006, data for the British Virgin Islands were included in "Other Caribbean." 19. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 20. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 21. Comprises Algeria, Gabon, Libya, and Nigeria. 22. Before January 2001, these data were included in "All other." 23. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 24. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. *Note: Because of a production error, the data for Peru (line 79) in Table 3.17 were incorrect in the August, September, and October 2007 editions of the Statistical Supplement. The data for Peru in these editions have been corrected. 48 Federal Reserve Bulletin Statistical Supplement • August 2007 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Apr. May 1 Total, all foreigners 1,664,223 1,864,834 2,259,148 2,259,148 2,430,441' 2,488,448' 2,520,043' 2,652,104' 2,710,426' 2,621,147 2 Foreign countries 1,658,247 1,857,584 2,249,974 2,249,974 2,422,473' 2,480,600' 2,511,113' 2,645,020' 2,702,611' 2,612,092 806,546 4,429 7,751 735 11,840 90,941 26,196 94 14,023 16,906 5,864 22,090 25,517 1,576 1,089 8,452 17,027 114,167 2,542 404,844 26,878 3,585 918,660 4,139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,143,970 4,277 13,592 1,032 9,434 112,378 18,155 250 24,304 30,991 7,144 29,578 31,032 924 1,732 9,734 8,905 105,364 3,697 688,140 36,893 6,414 1,143,970 4,277 13,592 1,032 9,434 112,378 18,155 250 24,304 30,991 7,144 29,578 31,032 924 1,732 9,734 8,905 105,364 3,697 688,140 36,893 6,414 1,285,468' 4,752 16,824 355 8,947 132,106 20,855 182 27,900 30,935 7,332 26,781 23,174 943 1,681 9,660 7,930 135,731 3,674 779,679' 40,060 5,968 1,367,076' 3,959 27,020 4,140 13,578 129,890' 19,927 177 26,170 24,963 8,145 34,062 24,249 826 1,736 23,387 5,369 163,224' 3,368 806,510' 39,186 7,190 1,507,494' 3,649 26,361 3,340 14,440 147,069' 24,509' 143 29,168 23,335 9,947 46,905 20,632 696 1,720 20,484 4,264 191,921' 3,362 886,840' 41,886 6,823 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg2 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man3 24 Other Europe and other former U.S.S.R.4 . . 1,333,515' 4,794 31,717 404 10,175 128,549 20,729 271 27,341 28,022 7,974 35,222 24,218 969 1,664 19,295 7,075 151,264 3,847 783,689' 39,051 7,244 1,449,604' 4,370 23,740 426 14,227 144,158 22,310 177 27,988 24,105 7,060 45,417 23,665 871 1,708 23,520 5,334 182,541' 3,226 850,919' 37,702 6,141 1,420,414 3,713 34,567 448 13,579 140,595 24,689 135 28,180 23,856 9,727 49,493 18,558 987 1,716 16,614 4,704 165,393 3,268 827,817 43,447 8,928 MEMO 1,246,295' 1,133,601' 1,079,394' 963,667 25 European Union5 n.a. 26 Canada 51,088 64,104 71,509 71,509 79,564 68,958 74,998 95,463 84,181' 92,225 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America1" 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands'" 44 Cayman Islands7 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean1" 49,378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 58,374 2,703 19,835 6,474 2,490 604 1,016 16,531 2,316 1,446 347 2,279 2,333 58,374 2,703 19,835 6,474 2,490 604 1,016 16,531 2,316 1,446 347 2,279 2,333 58,078 2,685 19,760 5,198 3,346 717 1,058 16,590 2,196 1,489 397 2,293 2,349 61,005 2,697 22,319 5,125 3,471 674 1,048 16,676 2,132 1,432 433 2,693 2,305 62,041 2,671 21,483 5,647 4,070 574 1,098 16,773 2,381 1,352 1,100 2,383 2,509 61,983 2,954 21,588 5,468 4,318 628 1,003 16,885 2,461 1,576 272 2,479 2,351 66,415 3,036 23,161 5,631 4,137' 748 1,009 18,331' 2,943 2,087 293 2,518 2,521' 68,304 3,253 24,607 5,929 4,197 770 1,058 17,990 3,221 2,176 323 2,385 2,395 596,931 80,183 33,294 n.a. 469,166 351 5,554 755 7,628 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 738,110 120,843 17,704 775,151 121,423 18,448 2,666 621,830 628 2,402 1,093 6,661 797,680 127,679 17,832 3,024 638,349 633 2,393 893 6,877 785,259 135,500 24,575 4,007 612,991 742 2,646 1,034 3,764 808,419 112,492 31,032 4,465 651,624 752 2,818 809 4,427 823,623' 124,100 19,741 3,871 666,263' 570 2,461 571 6,046 804,048 6,309 738,110 120,843 17,704 2,807 586,272 636 2,484 1,055 6,309 142,656 190,610 221,574 221,574 207,573 202,799 205,949 212,046 203,656' 209,215 9,267 5,622 2,117 555 1,326 82,207 15,531 993 10,589 1,144 7,022 6,283 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,751 15,587 6,499 2,948 574 7,025 127,248 20,283 871 3,757 6,138 11,262 5,381 15,039 4,978 2,617 591 5,991 122,845 24,465 829 2,818 5,939 11,451 5,236 18,905 5,409 2,941 524 5,145 121,889 24,036 1,041 3,371 5,647 12,050 4,991 20,296 6,023 2,750 504 5,993 124,055 24,166 732 5,129 3,754 13,002 5,642 19,615 5,451 2,860 482' 6,757 118,501 20,514' 895 5,878 3,522 13,269 5,912' 20,279 6,074 3,225 464 6,396 3,166 5,727 10,570 5,554 15,448 6,751 2,827 518 5,315 140,242 24,483 973 3,166 5,727 10,570 5,554 1,262 228 53 318 223 440 1,621 422 63 331 317 488 1,845 597 56 247 403 542 1,845 597 56 247 403 542 1,906 595 63 333 332 583 1,760 661 55 189 290 565 1,755 662 57 197 313 526 2,098 664 53 430 381 570 1,805' 686 31 188' 309 591 1,742 399 34 324 283 702 10,386 9,695 609 82 10,945 10,226 541 178 14,592 14,592 13,100 1,250 242 14,733 13,521 950 262 14,883 13,929 491 463 14,035 13,063 608 364 15,407 13,765 1,357 285 15,437 14,033 1,089 315 16,144 13,100 1,250 242 5,976 7,250 9,174 9,174 7,968 7,848 8,930 7,084 7,815 9,055 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 . . . 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries9 67 Other 68 Other countries 69 Australia 70 New Zealand10 71 Allother 72 International and regional organizations" 2,807 586,272 636 2,484 1,055 2,827 518 5,315 140,242 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 5. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 24,483 973 133,432 14,098 5,302 642,407 558 2,514 678 5,059 113,844 25,926 1,083 5,650 5,584 14,501 6,189 14,957 852 335 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." Before June 2006, data for the British Virgin Islands were included in "Other Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2006 Type of claim 2004 2005 Dec. 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments'" . . 10 Other claims 2007 2006 Jan. Feb. 2 430 441' 89.327 1 785 633' 555.481 2 488 448' 96.698 1 826 923' 564.827 Mar. Apr.' May' Junep 2 652 104 96.738 1 940 929 614.437 2 710 426 85,828 1 986 867 637,731 2 621 147 94,408 1 905 702 621,037 2,026,841 2,344,155 2,881,580 2,881,580 1 664 223 71.892 1 187 954 404.377 1 864 834 72,919 1 391 775 400,140 2 259 148 97,494 1 633 409 528,245 2 259 148 97.494 1 633 409 528.245 3,146,258' 362.618 152,520 107,533 88,423 14,142 479,321 227,685 91,196 140,863 19,577 622,432 262,022 155,746 182,602 22,062 622.432 262,022 155,746 182,602 22,062 668,255 3,970 748,320 2,414 938,850 6,233 938,850 6,233 961,348 7,132 995,422 8,542 1,005,690' 9,794 1,021,894 9,619 1,042,456 9,601 1,011,773 9,279 3,888 988,110 1,097,873 7,324 1,106,776 1,304,277 9,262 1,304,803 1,637,954 9,262 1,304,803 1,637,954 10,073 1,451,888' 1,747,115 11,252 1,473,232' 1,773,265 8,571 1,495,988' 1,840,066 11,733 1,608,858 1,964,516 12,208 1,646,161 1,987,427 14,238 1,585,857 1,909,669 479,422 482,090 622,139 622,139 717,562' 750,573' 739,225' 786,906 820,982 790,484 2 520 043' 92.499 1 861 924' 565.620 626.215 275,183 140,524 186,392 24,116 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase agreements9 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • August 2007 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 1 Total 73,700 92,009 76,710 66,468 76,710 81,003 78,195 85,812 89,242 By type 2 Financial liabilities 3 Short-term negotiable securities' 43,610 14,002 62,847 11,759 39,249 9,050 29,347 5,438 39,249 9,050 39,585 5,704 32,995 11,486 42,556 12,448 48,712 11,617 30,199 23,909 33,881 21,509 8,561 4,781 9,482 12,838 10,120 18,573 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 14 15 16 17 18 19 20 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom n.a. n.a. n.a. n.a. 15,515 28,095 1,431 10,372 11,425 2,493 2,374 29,575 33,272 2,399 9,067 18,337 1,564 1,905 24,003 15,246 2,354 4,052 3,169 2,018 3,653 17,794 11,553 1,860 4,017 2,741 1,401 1,534 24,003 15,246 2,354 4,052 3,169 2,018 3,653 24,509 15,076 1,407 6,242 2,676 1,338 3,413 19,395 13,600 1,064 3,031 2,963 1,212 5,330 29,323 13,233 2,268 3,687 2,722 1,173 3,383 35,033 13,679 2,806 4,629 4,024 1,393 827 34,832 709 3,543 3,531 284 517 23,886 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 16,799 547 1,044 2,425 379 53 9,861 22,697 342 761 2,533 406 124 12,712 20,823 451 1,039 4,510 432 237 11,862 19,644 271 1,572 3,777 453 369 12,652 25,554 273 1,103 9,897 449 143 12,374 30,184 936 995 11,174 1,183 346 14,308 1,239 2,433 2,530 2,530 2,671 2,287 3,573 3,986 4,235 0 711 242 16,196 0 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 77 69 n.a. 6,489 28 0 7,603 0 991 70 n.a. 6,446 25 9,683 0 769 56 n.a. 8,744 23 0 7,879 1 5 53 n.a. 7,732 27 0 9,648 0 0 48 n.a. 9,456 33 0 12,435 0 0 23 n.a. 12,265 30 0 2,547 1,826 36 4,724 1,648 36 5,323 1,383 173 3,640 1,304 35 5,323 1,383 173 5,321 1,083 206 2,355 1,265 647 2,968 1,223 1,200 1,924 1,346 100 123 92 131 94 997 97 122 96 997 97 1,022 98 784 0 MEMO: 21 22 Euro area3 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 34 35 Africa Oil-exporting countries'" 36 All other7 9,855 3,114 34 6,534 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS the United States—Continued 51 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. 37 Commercial liabilities 38 Trade payables 39 Advance payments and other liabilities . 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom . . . Sept. 30.090 17,174 12,916 29,162 18,181 10,981 37,461 23,050 14,411 37,121 23,785 13,336 37,461 23,050 14,411 41,418 26,542 14,876 45,200 30,119 15,081 43,256 28,596 14,660 40,530 25,698 14,832 27,632 2,458 199 787 606 209 657 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 34,513 2,608 155 1,014 391 284 764 34,725 2,736 171 989 471 308 797 38,731 2,687 134 1,098 463 300 692 41,995 3,205 699 1,100 393 304 709 40,203 3,053 668 601 423 387 974 37,323 3,207 730 610 470 377 1,020 9,821 159 900 855 384 1,367 3,025 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 11,344 124 1,816 1,006 329 1,106 3,442 10,574 109 1,870 1,113 489 1,113 2,882 11,367 86 1,979 1,089 626 664 3,606 11,528 138 1,888 1,242 423 856 3,372 11,625 156 1,526 1,204 618 1,349 3,606 10,973 5,286 5,405 2,166 2,145 2,375 2,836 2,375 3,066 4,112 3,519 3,707 3,406 14 513 233 40 1,298 329 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 n.a. 76 2,209 680 5,228 74 621 143 n.a. 100 1,921 738 5,748 70 713 218 n.a. 76 2,209 680 5,748 82 688 158 n.a. 219 2,748 492 7,399 64 851 216 n.a. 629 2,795 461 6,573 85 720 211 n.a. 569 2,521 465 5,766 70 777 247 n.a. 539 2,123 353 13,311 4,370 3,148 12,239 4,221 2,910 17,427 5,971 3,986 16,408 5,892 3,862 17,427 5,971 3,986 20,039 6,089 5,432 20,403 6,182 5,344 20,050 6,031 4,978 18,761 5,863 3,855 782 372 947 424 916 493 851 459 916 493 713 342 1,294 755 969 591 849 283 1,568 1,221 526 725 3,051 MEMO 54 55 Euro area3 Canada 56 57 58 59 60 61 62 63 64 65 66 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 67 68 Africa Oil-exporting countries'" 69 All other7 4,198 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir ates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 Federal Reserve Bulletin Statistical Supplement • August 2007 3.23 CLAIMS ON UNAEFILIATED FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs1 Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom Sept. 100,916 143,232 144,950 135,339 144,950 130,321 130,744 144,168 141,259 67,347 35,465 3,204 110,517 47,270 9,892 111,394 50,149 13,180 104,213 49,477 11,845 111,394 50,149 13,180 94,892 40,565 12,365 93,830 41,964 12,713 108,250 34,378 21,547 103,981 31,909 18,079 157 28,678 103 53,355 65 48,065 82 42,891 65 48,065 41,962 18 39,153 12 52,325 15 53,993 14,453 2,726 14,443 15,196 10,057 17,842 n.a. n.a. n.a. n.a. 57,894 9,453 912 2,776 3,242 831 1,692 67,445 43,072 1,329 20,651 9,219 7,345 4,528 75,802 35,592 9,348 9,308 7,635 3,537 5,764 66,405 37,808 10,837 10,256 8,695 3,880 4,140 75,802 35,592 9,348 9,308 7,635 3,537 5,764 60,754 34,138 7,823 8,164 8,332 3,510 6,309 71,409 22,421 8,473 4,635 4,476 610 4,227 83,341 24,909 10,416 6,337 4,361 656 3,139 82,206 21,775 8,454 5,843 4,014 746 2,718 28,970 391 3,049 2,859 2,789 617 11,438 48,714 2,177 1,452 5,386 7,389 978 23,982 42,736 1,743 2,752 2,729 3,033 1,152 22,111 41,844 784 4,323 1,967 3,271 1,249 21,870 42,736 1,743 2,752 2,729 3,033 1,152 22,111 36,038 1,286 1,639 2,315 3,148 1,449 20,103 35,907 565 2,861 2,428 1,649 864 21,719 53,433 618 2,563 9,084 2,610 795 31,399 49,405 328 1,310 8,506 2,842 706 29,048 5,311 6,412 13,372 14,290 13,372 12,056 12,959 15,110 14,118 26,215 1,049 564 1,832 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 39,763 3,676 1,113 1,664 n.a. 30,263 1,950 156 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 37,353 2,368 1,583 1,655 n.a. 29,253 1,424 163 38,198 3,802 1,602 1,703 n.a. 20,015 1,629 131 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 1,176 136 32,776 4,463 1,631 1,419 n.a. 23,146 1,236 117 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 5,317 1,194 158 6,840 993 137 7,223 568 242 6,546 610 93 7,223 568 242 6,566 496 251 4,105 665 705 4,248 779 1,209 3,238 882 60 306 8 1,291 37 345 55 1,291 37 36 1,112 36 1,067 34 345 34 1,425 1,709 1,611 MEMO: 23 24 Euro area3 Canada 25 26 27 28 29 30 31 32 33 34 35 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 36 37 Africa Oil-exporting countries'" 38 All other7 15,067 11,223 1,096 1,616 Nonbank-Reported Data 3.23 CLAIMS ON UNAEFILIATED FOREIGNERS the United States—Continued 53 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 39 Commercial claims 40 Trade receivables 41 Advance payments and other claims 42 43 44 45 46 47 48 49 50 51 52 53 54 55 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom Sept. 33,569 28,618 4,951 32,715 29,229 3,486 33,556 29,231 4,325 31,126 27,535 3,591 33,556 29,231 4,325 35,429 30,961 4,468 36,914 32,577 4,337 35,918 31,295 4,623 37,278 32,694 4,584 25,494 8,075 1,557 1,542 1,187 589 3,200 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 27,881 3,245 341 1,167 509 196 1,032 29,898 3,658 481 1,335 706 187 949 31,567 3,862 394 1,727 713 126 902 33,539 3,375 424 1,344 659 150 798 32,330 3,588 546 1,345 584 233 33,052 4,226 740 1,108 661 281 1,436 14,552 247 2,816 1,273 395 1,921 3,928 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 12,183 396 2,023 1,438 339 1,358 3,053 12,084 470 2,311 1,509 354 724 2,677 14,531 479 2,286 1,468 653 742 4,721 14,003 420 2,368 1,675 478 659 4,130 14,015 479 2,059 1,637 527 1,043 3,800 14,069 442 2,107 1,636 718 717 3,786 3,070 2,017 2,750 2,001 2,750 2,753 3,179 2,453 3,376 5,153 26 460 903 n.a. 52 1,339 230 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 1,022 n.a. 61 2,089 380 6,524 27 498 1,028 n.a. 294 1,812 390 6,757 41 648 7,037 35 731 938 n.a. 200 2,247 403 7,854 39 1,166 973 n.a. 488 1,896 371 7,359 31 464 1,046 n.a. 563 2,019 350 7,110 48 503 926 7,352 1,757 888 8,943 1,855 1,071 10,073 2,128 1,558 8,561 1,717 1,271 10,073 2,128 1,558 9,148 2,167 1,419 10,146 2,158 1,843 10,309 2,204 1,727 11,004 2,464 1,754 636 138 629 154 830 258 788 234 830 258 915 313 961 315 1,037 359 892 298 1,062 1,069 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 70 Africa Oil-exporting countries'" 71 All other7 6,739 7,340 1. Data available beginning March 2003. For data on loans and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 8,347 n.a. 61 2,089 2,068 379 1,045 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • August 2007 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.June Apr. May 690,355' 662,895' 861,753' 819,709' U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 4,731,749 4,649,799 6,868,558' 6,718,156' 4,562,873 4,419,942 568,205' 579,756' 150,402" 3 Net purchases, or sales (-) 619,724' 596,973' 629,170' 616,809' 880,527 871,052 28,840 27,460" 22,751" 881,344 852,504 81,993 954 150,358" 5,766 142,942 490 -11,555" -499 22,761" -571 12,364" 317 9,471 415 27,459" -653 42,049" -673 28,838 1,655 39,592 5,757 7,675 -3,278 1,660 7,924 -2,326 1,334 19,775 350 16,549 -103 15,414 1,789 8,399 -528 1,050 72 281 72 97,066' 1,625' 21,735' -8,040' -1,788' 11,608' -5,363' 1,180' 75,764' 102' 11,805' 2,166' 35,068' 7,974' -4,490' 471' -463' -669' 89 73,794 -795 10,899 901 57 -1,036 9,196 -2,261 57,267 1,103 -289 471 58,577 361 6,005 2,687 11,999 -4,112 -166 4,189 -10,056' -281' 974 -5,263' -1,579' 236' -673' 235' -1,578' -941' 270' 344' -1,118' 226' -1,319' 443' -392' -677 -20' 118' 13,754' 147' 3,577 -864' 30' -382 1,417' 579 8,032' 229 -124' IT 10,413' 649' -2,499' -91' 207' -1,252' 4' 487' -743 3,883' 929' 563 -2,056' -842 2,952' 79 -SIT -13' 8,790' -63' 571' -26' -359' 868' -99' 328' 9,210 -368 -325 1,452 -160 -222 1,742 -897 9,101 73 -724 452 -1,395 -82 1,325 -23 1,531 7 -27 712 12,850' -363' 2,620' 439' -513' -16' -1,700' -390' 12,523' 235' -91' -299' 14,758' -718' 23,440' -183' 2,499' 1,215' 38' -468' 11,011' 40' 9,898' 221' 643' 65' 13,483' 539' 2,818' -118' 4,135' -497 20' 1,041' 11,013 302 3,271 -5,224 -267 -511 -1,219 -751 14,761 266 684 189 12,528 36 3,570 2,942 4,808 -2,636 -44 862 1,097,458 878,202 1,572,160' 1,283,493' 940,639 784,002 154,126 126,320 143,450 107,677 142,507 140,030 159,064 143,916 159,266' 123,145 165,332 137,873' 171,020 131,361 28 Foreign sales 219,256 288,667 156,637 27,806 35,773 2,477 15,148 36,121" 27,459" 39,659 29 Net purchases, or sales (-) 218,983 31,629 288,431 92,632 156,522 78,881 27,843 15,506 35,790 15,751 2,513 4,545 15,028 16,108 36,155" 13,691 27,495 12,793 39,541 15,993 55,564 -398 500 5,938 3,591 1,583 1,259 -1,971 40,819 54 12,476 15,473 17,304 1,810 115,851 22,986 16,289 59,140 -103 608 88,523 -274 -261 4,471 4,133 5,028 -655 -186 53,275 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 48,668 84 2,092 386 -405 -447 -381 -1,055 31,699 3,894 2,686 6,732 -2,503 9,030 91,620 48,210 16,234 9,001 35 254 10,336 -75 857 270 675 187 155 131 6,770 293 1,812 5,289 2,527 1,140 6,771 383 3,599 -578 -36 4 12,074 -30 706 252 -195 -2,156 -361 -78 10,384 31 521 2,150 3,377 2,189 15,389 11,400 2,823 -1,088 10 80 -1,218 49 904 -304 -163 1,535 -143 -213 -3,014 312 379 1,152 -6,464 1,011 7,542 2,516 3,177 1,104 36 75 4,375 149 -385 -82 -280 943 -681 -181 1,655 2,192 571 -554 -32 1,975 8,709 5,756 1,725 -2,826 15 -31 11,283 -67 908 196 -143 187 70 132 6,975 197 1,031 736 2,555' 861 19,787 8,946 3,383 3,549 -6 -92 6,154' -26 -75 50 148 -870 127 -717' 4,358 1,481 -483 1,229 -1,964' 1,149 21,321 9,851 2,918 3,225 -11 100 16,000 9 34 274 227 -86 606 2 11,341 -319 667 2,019 25 1,845 18,872 9,741 2,208 5,037 -9 122 1,277,006 904,784 1,668,036' 1,167,658' 1,035,385 769,538 166,979' 131,659' 155,256' 112,216' 159,105' 112,598' 187,433 143,140 142,592' 109,071' 209,923' 137,336 181,076 155,177 54 Foreign sales 372,222 500,378" 265,847 35,320 43,040" 46,507" 44,293 33,521" 72,587" 25,899 55 Net purchases, or sales (-) 369,370 19,141 499,355" 28,556 265,333 21,385 35,721 2,864 42,957" 2,383 46,447" 5,553 44,305 2,873 33,594" 2,911 72,268" 3,964 25,762 3,701 241,709 3,625 13,156 6,488 12,184 4,610 2,772 3,742 168,881 16,570 2,279 7,203 40,488 1,022 69,910 26,130 11,012 25,617 394 6,365 305,702' -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 243,334' 10,388 8,052 10,029' 91,309' 4,666 72,282 31,158 14,810 12,646 -188 7,503 177,956 -5,252 4,000 2,239 5,893 688 -376 2,117 2,117 9,772 8,578 2,263 26,519 1,543 44,781 21,915 6,453 7,696 -92 3,785 12,795 -361 3,038 -14,901 24 -31 585 376 20,797 1,612 1,301 680 12,282 -89 8,778 3,639 1,615 2,318 -435 409 30,735 -1,513 3,723 285 1,989 -746 -217 491 27,729 650 377' 698' 3,593 221 7,487 3,401 1,234 1,564 -86 27,250 -781 1,505 187 1,220 925 -253 749 22,027 458 3,153' 92' 5,227 25 7,702 4,043 220 773 52 2,946 26,179 -682 93 153 352 487 276 -615 24,959 -104 1,732 158 9,712 512 5,901 2,700 2,051 424 29 82 21,384' -408 38 520 1,717 -904 -164 -134 18,710 1,792 815 357' 5,238' 52,612' -313 65 1,350 412 993 -114 399 45,155' 3,682 1,855 589' 9,580 109 6,938 3,550 961 322 -73 658' 19,796 -1,555 -1,424 -256 203 -67 96 1,227 17,514 3,294 646 369 -6,831 346 11,341 4,776 1,326 4,616 -6 101 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Foreign countries Of which: by foreign official institutions . . . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 3' 1,677' -602' 26 International and regional organizations2 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Foreign countries Of which: by foreign official institutions . . . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 52 International and regional organizations2 CORPORATE BONDS 3 53 Foreign purchases 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 Foreign countries Of which: by foreign official institutions . . . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 78 International and regional organizations3 1,023 5,412 3,445 661 -3 -8 66 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars Transaction, and area or country 2005 2007 2006 Jan.June Dec' 2007 2006' Jan.' Feb.' Mar.' Apr.' May' June' -16,418 361,592 378,010 -7,413 431,137 438,550 -7,658 370,379 378,037 -16,453 448,533 464,986 -13,519 451,421 464,940 Foreign securities 79 Stocks, net purchases or sales (-) 4 -127,296 2,240,104 2 367 400 80 Foreign purchases 82 Bonds, net purchases or sales (-) 4 -106,455 3,636,185 3 742 640 -74,056 2,393,881 2 467 937 -19,592 315,773 335,365 -12,595 330,819 343,414 -45,095 -144,452 -86,033 -31,566 -1,444 -4,570 -34,927 -9,666 -21,190 -14,236 83 Foreign purchases 1,459,882 1 504 977 1,879,713 2 024 165 1,559,497 1 645 530 194,990 226,556 217,115 218,559 232,772 237,342 275,255 310,182 261,522 271,188 293,776 314,966 279,057 293,293 85 Net purchases, or sales (-) of stocks and bonds4 -172,391 -250,907 -160,089 -51,158 -14,039 -20,988 -42,340 -17,324 -37,643 -27,755 -165,403 -81,669 -15,952 -46,382 -4,559 -23,487 5,474 -45,551 -32,842 -1,668 -13,943 -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -171,596 -159,329 -51,125 -103,611 -3,841 -5,236 8,661 -505 -9,691 272 -11,618 -50,901 -39,440 -11,049 -27,188 -2,488 -2,399 1,058 -6,389 -5,486 -347 -896 -14,200 -11,965 -1,067 -12,128 2,761 1,898 -2,587 -3,556 -792 177 -928 -25,401 -26,067 -8,177 -19,662 -1,214 56 8,195 -4,303 -4,645 345 -2,413 -45,157 -42,328 -15,477 -20,128 -2,371 481 -5,320 8,165 744 -113 -3,671 -18,586 -11,367 -4,530 -4,570 -503 177 580 -4,391 -3,194 -169 -2,913 -37,709 -39,191 -7,461 -30,829 -1,620 -4,619 8,491 -690 -1,247 -1 -79 -30,543 -28,411 -14,414 -16,294 -894 -3,229 -698 4,270 -557 33 -1,614 -6,988 5,109 11,507 -257 161 4,413 2,817 1,262 66 2,788 87 Europe 89 United Kingdom 91 Latin America 93 Asia 95 Africa 97 Nonmonetary international and regional organizations2 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 2. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 3. Includes state and local securities. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investment abroad. 4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign securities. 5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Foreign Transactions1 Millions of dollars; net purchases, or sales (-), during period Area or country Jan.June Apr. 1 Total reported 338,112 139,912 10,374' 2 Foreign countries 3 Of which: by foreign official institutions 335,160 68,689 194,714' 69,639 141,430 35,532 10,459' 6,092 15,296 -5,254 18,613 2,172 29,793' 1,377 321' 9,364 21,295' -4,590 56,112 32,463 173,638 500 9,559 14,497 1,246 2,046 -6,095 6,414 1,832 -4,904 134,118 419 14,006 21,452 357 -1,600 2,116' -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161' 92,908 -1,874 490 3,049 640 -75 2,930 -23,609 3,604 -1,671 99,194 -573 10,802 2,244 8,170' -1 -494 -29 -2,786 -28 1,309 -4,071 174 -1,828 16,705 -258 -522' 517 9,807 -631 2,396 3,971 848 -256 769 -11,683 1,932 -244 10,418 -98 2,386 902 9,598 55 -1,116 -2,251 225 -560 790 -8,202 886 -1,100 19,679 -114 1,305 1,671 11,331' -829' -1,809 -906 -430 -36 -39 -5,263 -17 -232' 23,334 -176 -2,266 -16,374' 322 -317 3,041 -3,273 -26 409' -5,175 -80 -778 -10,675 146 39,918' -612 1,304 1,732 3,536 419 -769' -4,317 596 -135 33,329 -153 4,987 3,126 38,628 -179 31 -2,538 -264 384 1,768 11,031 287 818 23,109 -178 4,358 -2,971 6,631 7,109 -728 -77 327 13,200 9,011 1,741 18 2,430 10,746' 10,002 603 -6 147' 3,140' 1,891' 810 115 324 14,797 12,199 900 13 1,685 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R. . . Canada 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 23,368 12,269 9,756 518 825 21,838' 23,100 -322 242 -1,182' 50,868 41,914 3,957 68 4,929 -2,202 994 -3,720 211 313 2,354 1,702 631 5 16 23 Caribbean 44,997 -9,838 -19,815 -16,779 -3,921 -722 12,390' -3,757 -26,055 2,250 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,317 37,369 12,313 -5,015 1,459 2,063 20,128 68,694 40,633 16,257 1,312 6,168 4,548 -224 11,268 12,161 8,133 -9,915 -12,742 5,834 7,797 21,130 7,187 1,671 8,644 -825 1,199 3,254 5,387 235 2,232 3,286 -3,684 1,399 1,919 1,726 9,640 2,587 -9,655 -4,003 193 2,964 -7,110' 3,677 -1,001' -4,483 -745 766 -5,324' 8,888 -941 284 3,344 -312 851 5,662 -760 -3,215 2,012 -1,051 -3,205 2,042 2,657 3,137 2,765 2,019 -1,356 -793 583 -81 2,222 2,027 3,515' 2,400 3,748 3,721 187' -4 179 501 -199 109 -15 84 820 836 1,640 1,197 1,323 994 1,166 -2,638 209 -564 588 -92 -231' 710 286 -1,052 2,952 822 -1,518 -85 -139 -51 212 48 273 -1,861 31 Africa 32 African oil exporters3 33 Other countries 34 International and regional organizations 4 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). -712 3. Comprises Algeria, Gabon, Libya, and Nigeria. 4. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 56 Federal Reserve Bulletin Statistical Supplement • August 2007 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2007 Item 2004 2005 2006 Jan. Feb. Mar. Apr. May June 0.7932 2.0883 1.1682 7.7369 5.6232 1.3246 7.8132 43.79 117.26 3.4894 11.114 0.6995 6.1401 1.5242 7.3525 942.88 109.294 7.0171 1.2178 33.010 32.642 1.9474 2,144.60 0.8273 2.0302 1.1350 7.7247 5.5155 1.3513 7.8154 42.02 118.93 3.4364 10.980 0.7345 6.0098 1.5150 7.1026 930.69 109.360 6.8371 1.2124 33.145 32.421 1.9879 2,144.60 0.8254 1.9836 1.0951 7.6773 5.5120 1.3518 7.8187 40.57 120.77 3.4002 10.822 0.7334 6.0220 1.5231 7.0148 927.56 110.800 6.8094 1.2211 33.278 32.818 1.9842 2,144.60 0.8423 1.9323 1.0651 7.6333 5.5463 1.3421 7.8142 40.59 122.69 3.4444 10.833 0.7570 5.9980 1.5367 7.1515 927.87 110.966 6.9485 1.2330 32.974 32.318 1.9867 2,144.60 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7365 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 0.6643 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 1.8330 1,886.13 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1,023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2,107.13 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2,144.60 0.7826 2.1376 1.1763 7.7876 5.7364 1.2993 7.8000 44.21 120.45 3.5065 10.956 0.6947 6.3656 1.5373 7.1898 936.76 108.522 6.9901 1.2431 32.770 35.189 1.9587 2,144.60 0.7830 2.0939 1.1710 7.7502 5.6981 1.3080 7.8114 44.02 120.50 3.4949 10.995 0.6934 6.1860 1.5333 7.1755 936.90 108.684 7.0200 1.2393 32.968 33.888 1.9589 2,144.60 Indexes4 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)° 26 Other important trading partners (January 1997=100)7 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 113.63 85.37 110.71 83.71 108.52 82.46 107.59 82.37 107.23 82.07 106.67 81.23 105.30 79.87 104.40 79.20 104.12 78.93 143.38 138.89 135.38 133.18 132.77 132.80 131.64 130.48 130.23 99.47' 91.00' 97.82 90.81' 96.67 90.74' 95.04' 90.36' 94.65' 90.31' 94.93' 89.98' 94.29' 88.85' 93.92' 88.47' 93.69 88.25 119.97 116.27 113.53 110.08 109.22 110.33 110.27 109.88 109.62 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. dollars per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 June 30, 2006 September 30, 2006 December 31,2006 March 31,2007 September December March June 2006 2006 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 August 2006 November 2006 February 2007 May 2007 November February May August 2006 2007 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 June 30, 2006 September 30,2006 December 31,2006 March 31,2007 November February May August 2006 2007 2007 2007 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement September September September September 2003 2004 2005 2006 A70 70 60 60 Bulletin Supplement Supplement Supplement September September September September 2003 2004 2005 2006 A73 73 63 63 Bulletin Supplement Supplement Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1996-2002 1997-2003 1998-2004 1999-2005 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2002 2003 2004 2005 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • August 2007 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 7-11, 2007 A. Commercial and industrial loans made by all commercial banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 7.07 5.74 6.95 6.97 8.15 82,291 6,434 21,318 30,856 13,477 553 1.714 1.556 544 319 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.90 6.62 7.55 7.80 8.83 22,055 455 2,639 11,046 3,961 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 5.98 5.54 5.94 6.04 7.14 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 25.5 4.6 12.3 29.7 39.7 78.3 73.9 84.5 67.2 88.5 9.1 1.6 11.6 17.2 7.6 10.2 5.7 3.4 5.6 70.5 48.3 75.0 66.0 81.7 88.6 75.2 83.0 89.4 94.6 9.0 8.6 9.9 8.4 10.5 6.9 .6 6.2 5.8 37.3 60.1 73.6 80.6 47.0 40.2 6.3 .3 5.8 6.2 25.6 53.5 85.1 57.6 35.2 38.3 7.0 .2 5.5 15.0 9.3 405 478 405 400 257 37.2 24.0 22.1 39.6 46.3 50.9 53.8 67.1 54.7 41.4 6.3 .6 2.5 4.4 10.6 74.7 45.9 87.1 61.9 90.5 10.7 2.3 4.6 13.3 17.0 1.234 380 6.424 615 1.270 1,415 398 2,197 495 412 72.4 14.7 91.5 48.3 73.7 14.9 58.1 6.6 27.1 22.4 7.1 6.1 1.5 9.4 18.8 95.7 66.6 99.6 89.2 96.8 9.4 6.5 .7 19.0 26.0 281 106 217 243 518 50 47 66 50 49 69.2 60.7 79.2 52.7 80.4 23.4 12.1 10.1 20.7 11.3 39.7 40.5 41.0 45.7 47.6 82.2 50.4 66.6 79.9 87.8 10.1 10.1 11.7 6.5 14.5 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 85.0 73.8 48.6 36.1 7.2 13.4 30.1 37.2 69.2 66.3 34.4 11.8 84.9 89.3 84.6 73.5 7.9 10.7 13.1 7.1 87.4 75.2 10.9 8.5 Secured by collateral Subject to prepayment penalty 685 163 1,220 430 591 45.2 12.2 54.8 35.6 65.7 31.7 62.6 34.5 29.5 21.7 255 445 356 334 153 586 340 607 465 765 58.6 63.5 56.3 53.1 74.4 21,083 3,994 5,462 9,412 1,200 1.893 18.414 3.912 2.016 327 129 5 91 193 201 6.66 5.84 6.06 6.77 7.76 15,357 1,433 3,153 5,791 2,834 820 4.206 1.489 814 455 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 7.46 5.85 7.62 6.78 8.12 19,189 458 9,785 2,868 3,855 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 7.81 8.21 7.62 7.81 8.04 4,471 60 258 1,676 1,610 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 8.58 8.10 7.21 6.73 9,591 19,055 50,656 3.3 3.2 3.1 2.5 154 152 144 71 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 8.39 6.61 20,982 61,309 3.2 2.6 126 92 65.7 38.1 9.6 39.2 212 1,229 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 7-11, 2007—Continued B. Commercial and industrial loans made by all domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 7.36 6.16 6.99 7.14 8.20 43,851 1,638 4,974 20,692 9,792 304 466 394 376 238 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.80 6.93 7.52 7.63 8.73 19,314 350 2,443 9,195 3,392 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 6.19 5.58 6.05 6.12 8.66 16 2 to 30 days 17 Minimal risk .. 18 Low risk 19 Moderate risk . 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms set* 42.1 17.5 48.4 35.4 50.2 76.2 33.6 71.1 69.5 94.2 14.7 10.0 13.3 14.4 20.1 8.4 13.3 4.8 4.0 5.4 68.8 62.8 76.2 60.3 84.4 87.0 67.8 81.6 87.3 93.9 10.0 9.9 10.8 11.3 2.9 13.1 6.2 80.5 21.4 2.7 22.5 19.4 1.5 14.7 2.1 26.5 9.5 67.6 36.5 6.1 33.8 31.1 90.2 24.5 14.8 43.3 28.0 8.6 427 782 537 410 340 53.6 58.8 56.6 42.1 66.6 13.8 .1 4.2 10.3 21.3 15.6 .4 7.0 9.6 19.5 76.1 43.4 88.2 63.0 96.9 17.4 7.8 6.4 19.3 24.2 414 206 298 409 1,016 440 207 835 432 290 25.1 54.8 53.8 83.3 11.9 55.2 14.6 12.9 4.4 20.8 11.8 21.4 13.5 24.8 90.8 34.9 91.3 94.0 97.0 25.2 16.8 11.5 22.1 32.6 275 106 209 233 513 50 47 67 51 49 69.2 60.7 82.5 50.6 81.4 21.8 12.1 7.4 17.2 10.8 40.5 40.5 42.7 47.7 47.7 82.1 50.4 65.2 79.0 10.3 10.1 12.2 6.8 14.5 85.2 76.6 58.7 26.1 7.0 11.1 15.4 14.0 69.3 68.6 47.3 21.9 84.8 89.1 87.9 61.0 7.9 10.5 15.0 18.8 85.7 69.4 11.9 17.3 Secured by collateral Subject to prepayment penalty 579 248 613 507 617 50.0 37.3 47.5 35.3 77.4 13.3 12.3 9.9 10.7 8.2 227 356 343 281 133 571 471 638 55.1 81.5 56.4 44.4 74.9 8,106 635 1,171 5,410 398 802 3,599 1,012 1,274 116 283 14 330 318 325 7.14 6.18 6.58 7.29 7.39 5,859 324 707 2,622 1,478 338 1,303 385 399 249 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 7.43 5.96 6.79 6.94 8.02 6,065 235 383 1,798 2,915 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 7.82 8.21 7.68 7.82 8.06 4,370 60 247 1,604 1,592 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other Weightedaverage risk Weightedaverage maturity/ repricing interval2 SIZE OF LOAN (thousands of dollars) 31 32 33 34 59 1-99 100-999 1,000-9,999 .. . 10,000 or more . 8.59 8.16 7.49 6.71 2,968 8,904 12,937 19,041 3.3 3.2 3.2 3.0 155 162 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 8.35 6.64 18,448 25,403 3.2 3.1 142 173 63.8 39.9 9.6 16.0 189 545 60 Federal Reserve Bulletin Statistical Supplement • August 2007 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 7-11, 2007—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 7.25 5.94 6.81 6.99 8.17 37,465 1,247 4,366 18,342 7,814 499 1,231 611 728 368 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.67 7.02 7.44 7.48 8.67 16,714 243 2,169 7,989 2,568 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 6.04 5.56 5.87 6.03 8.22 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 39.6 19.7 45.3 31.7 45.8 76.1 37.2 70.8 67.4 96.9 15.9 9.8 14.2 15.4 22.5 9.3 19.2 5.1 4.5 5.8 67.0 79.6 76.7 57.3 80.3 87.2 86.3 80.0 87.0 95.6 10.2 9.7 10.4 10.6 10.8 6.2 2.4 8.0 3.2 67.6 18.4 2.5 23.9 20.0 .4 9.9 1.8 21.8 6.7 23.9 30.5 5.6 34.6 29.5 99.2 30.1 15.6 44.4 29.3 15.9 544 414 236 51.3 4.7 54.4 38.0 73.7 14.7 .3 3.6 10.8 23.4 11.8 .0 2.3 4.3 14.1 76.6 99.0 87.1 59.7 97.0 17.8 7.9 6.7 19.7 26.8 1,761 1 746 1,209 1,789 2,168 468 202 968 450 294 67.7 15.8 47.4 50.7 83.8 12.7 66.3 17.3 14.3 4.4 19.3 9.7 12.5 9.9 25.5 93.5 29.1 92.7 95.3 97.8 27.2 10.4 12.4 23.8 34.4 1 160 869 594 1,128 1,659 44 58 48 48 38 60.5 6.7 68.6 34.3 76.7 25.9 27.3 16.5 21.1 6.4 40.2 88.8 18.1 53.1 51.4 91.4 97.9 94.1 81.4 97.3 12.2 12.3 15.6 8.9 17.1 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 85.9 73.0 56.8 25.8 11.6 13.1 16.3 12.4 70.5 69.6 45.4 22.7 90.4 93.0 90.4 60.1 8.9 11.7 15.7 19.2 86.9 69.0 13.0 18.3 Secured by collateral Subject to prepayment penalty 549 218 549 472 540 45.7 18.8 42.2 29.2 78.4 13.7 16.0 11.0 11.6 7.9 315 339 423 453 187 572 268 557 452 676 51.2 73.9 53.6 38.6 76.0 7,194 632 1,100 5,227 149 1,546 8 423 2,064 2,725 124 283 13 314 309 112 7.10 5.62 6.42 7.21 7.44 4,980 139 649 2,370 1,144 442 2 056 659 657 272 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 7.36 5.87 6.55 6.74 8.00 5,314 196 316 1,570 2,731 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 7.79 7.38 6.99 7.87 8.19 3,207 25 110 1,172 1,216 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 8.34 8.04 7.46 6.74 1,516 6,476 11,246 18,226 3.3 3.2 3.2 3.0 47 101 172 134 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 8.24 6.59 14,828 22,636 3.2 3.1 133 139 59.2 36.9 11.2 15.3 284 988 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 7-11, 2007—Continued D. Commercial and industrial loans made by small domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 8.04 6.87 8.26 8.31 8.33 6,386 392 92 156 2,350 1,978 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 8.60 6.73 8.19 8.60 8.92 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 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 56.7 10.4 70.7 64.3 67.4 77.1 21.9 73.5 85.7 83.5 8.1 11.0 7.0 8.1 8.7 80.5 24.8 71.7 80.0 97.0 85.9 25.9 94.5 89.8 88.5 7.4 2.1 7.4 5.2 11.1 3.2 2.1 52.4 72.8 98.8 89.5 93.7 84.0 100.0 21.2 75.4 84.8 8.5 5.0 14.7 13.8 3.5 66.9 99.1 81.3 80.3 42.3 10.3 5.2 13.9 36.8 .6 60.2 59.2 37.7 73.4 2.0 99.9 93.9 96.4 14.8 1.4 4.1 17.1 15.4 237 239 221 304 226 71.4 71.1 89.5 75.1 76.0 6.5 .0 2.0 3.2 3.6 31.0 22.1 63.1 38.0 14.9 72.0 63.4 85.0 85.2 85.5 6.3 31.3 6.6 8.9 1.1 67 39 83 59 85 93.1 100.0 93.6 94.9 96.7 10.6 1.1 6.5 25.1 41.1 5.2 62.4 32.9 35.9 56.5 15.9 42.2 72.5 59.1 1.9 .1 6.1 .5 84.4 86.2 71.0 2.2 5.7 9.2 67.9 65.7 59.4 78.8 78.5 71.2 6.7 6.9 9.3 81.1 71.8 7.2 9.5 Secured by collateral Subject to prepayment penalty 79 100 771 611 1,085 797 935 74.9 96.2 85.2 83.1 73.5 11.2 .3 2.5 3.0 9.5 2,600 107 275 1,206 824 81 401 138 80 70 555 373 705 610 513 80.0 98.6 78.9 82.9 71.4 2.2 .1 7.40 9.50 8.83 8.69 8.93 913 3 71 184 249 167 30 114 79 111 284 236 561 587 438 51.5 88.0 92.4 91.7 88.2 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 7.39 6.60 8.31 8.09 7.21 879 186 57 252 334 145 1 024 67 85 194 509 108 478 371 683 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 7.93 6.37 7.92 8.33 8.30 751 40 67 228 183 65 38 66 65 114 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 7.91 8.81 8.23 7.68 7.64 1,163 35 138 432 375 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 65 138 74 158 Weightedaverage risk rating3 1.3 4.2 44.5 23.9 Weightedaverage maturity/ repricing interval2 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 61 1-99 100-999 1,000-9,999 10,000 or more 8.84 8.46 7.69 1,452 2,428 1,691 3.3 3.2 3.2 269 325 384 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 8.80 7.04 3,619 2,767 3.3 2.9 180 454 82.4 65.0 3.1 21.8 80 117 62 Federal Reserve Bulletin Statistical Supplement • August 2007 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 7-11, 2007—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weightedaverage maturity5 Percent of amount of loans (percent) Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 6.73 5.59 6.94 6.63 8.03 38,441 4,796 16,344 10,164 3,685 8.567 20.398 15.375 6.297 3.303 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 8.61 5.59 7.94 8.63 9.40 2,741 105 196 1,851 569 2.433 2.608 5.090 1.358 1,420 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 5.86 5.53 5.90 5.94 6.39 12,977 3,359 4,290 4,002 801 12.645 83.117 17.964 9.418 3.537 35 3 30 28 142 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 6.36 5.74 5.91 6.35 8.16 9,498 1,109 2,446 3,169 1,356 6.780 12.072 8.684 5.841 4.557 393 439 375 392 172 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 7.47 5.75 7.65 6.50 8.43 13,125 223 9,401 1,070 940 14.521 3.569 39.368 3.989 5.686 1,860 577 3.8 2,252 Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Secured by collateral Days Subject to prepayment penalty Commitment status Percent made under commitment Average months since loan terms LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 661 52.6 79.8 41.9 67.8 57.5 6.6 .1 1.3 18.2 11.8 80.7 87.7 88.6 62.5 73.6 3.1 .4 .9 5.2 7.3 2.7 .0 16.2 6.6 81.8 .0 60.1 94.5 65.7 99.8 100.0 100.0 99.9 99.4 4.1 8.1 8.4 2.0 8.7 15.8 84.2 87.0 96.5 84.4 59.5 1.0 .0 .1 1.7 4.7 64.2 100.0 64.1 40.7 12.4 .7 .0 .1 1.5 11.7 27.1 13.9 12.1 37.6 24.1 73.7 69.5 85.2 91.3 63.2 .6 .6 1.2 73.8 46.7 86.8 61.0 83.5 4.0 8.1 7.8 74.4 93.0 39.2 44.0 16.2 61.3 6.2 50.9 78.3 .7 .0 .7 2.5 .1 98.0 100.0 100.0 81.1 96.3 12.8 5.2 55.0 37.6 27.3 42.1 31.2 43.2 61.1 51.2 61.4 36.6 7.2 5.8 98.8 92.5 77.7 81.0 10.9 12.7 8.6 1.8 797 140 39.7 1,379 57.1 36.2 34.6 282 524 686 470 986 438 601 795 3.6 83.9 4.0 54.7 96.2 71.4 4.1 .2 4.4 5.3 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 7.94 7.33 6.64 6.74 22 687 6,118 31,614 2.9 3.0 3.0 14 20 26 35 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 8.67 6.59 2,535 35,906 79.7 36.8 9.3 55.7 2,158 10,839 99.7 79.3 Financial Markets 4.23 63 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 7-11, 2007—Continued F. Commercial and industrial loans by date pricing terms were set and commitment status Weighted- Date pricing terms were set and commitment status Weightedaverage effective loan rate4 (percent) Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weightedaverage risk rating3 maturity repricing interval2 Percent of amount of loans 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 6.81 6.40 5.99 7.80 45,610 17,843 11,230 16,538 947 744 804 1,620 2.4 2.7 2.1 2.4 77 77 28 111 40.1 14.3 15.6 84.6 41.4 39.6 83.3 15.0 14.9 14.8 7.1 20.3 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 7.59 7.41 7.28 7,041 13,351 16,280 292 263 646 32 3.0 3.4 193 145 89 50.8 53.4 50.0 14.3 22.6 19.3 37.3 48.0 31.5 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment 11 Formal commitment 7.10 6.74 8.17 7.99 14,484 10,420 1,189 2,876 313 447 91 291 2.8 2.7 3.4 3.2 172 127 205 324 36.9 22.6 81.6 70.1 9.8 5.9 6.3 25.3 34.6 25.3 64.5 55.8 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 7.49 7.56 7.42 5,446 11,041 12,870 230 221 538 3.2 3.1 3.4 232 169 107 54.8 60.0 54.0 9.6 16.8 15.9 45.1 56.0 37.2 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment 18 Formal commitment 6.79 6.56 7.60 7.81 11,074 8,955 257 1,862 961 1,161 125 1,066 2.8 2.7 3.1 3.3 80 52 19 222 22.0 12.3 65.7 62.4 11.0 5.5 1.2 38.7 27.6 21.8 37.9 54.1 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 7.40 7.52 7.39 4,785 9,699 11,906 336 285 774 3.2 3.1 3.4 226 189 111 51.2 60.1 53.9 9.8 14.9 16.8 43.0 56.5 35.5 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment 25 Formal commitment 8.13 7.86 8.33 8.33 3,410 1,465 932 1,014 98 94 85 125 3.0 2.6 3.4 3.2 473 583 257 512 85.4 85.7 86.0 84.3 5.8 8.2 7.7 .7 57.3 46.8 71.9 59.0 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 8.13 7.89 7.84 661 1,342 964 70 84 113 3.2 3.2 3.4 275 25 56 81.2 59.1 55.1 8.3 31.2 4.5 60.2 52.1 58.1 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment 32 Formal commitment 6.67 5.93 5.74 7.76 31,126 7,423 10,041 13,662 15 985 10,747 10,718 42,741 2.3 2.7 1.9 2.3 33 7 7 66 41.6 2.7 7.8 87.6 56.2 87.0 92.4 12.8 5.8 .1 .3 12.8 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 7.96 6.69 6.76 1,595 2,310 3,410 3,808 2,702 2,693 3.2 2.7 3.1 58 30 24 37.2 22.1 34.9 30.4 49.9 32.2 10.7 9.8 10.1 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 website at: www.federalreserve.gov/releases. 1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies averaged $3.3 billion. 2. The "maturity/repricing" interval measures the period from the date the loan is made until it first may be repriced or matures. For floating-rate loans that are subject to repricing at any time—such as many prime-based loans—the maturity/repricing interval is zero. For floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval measures the number of days between the date the loan is made and the date on which it is next scheduled to reprice. For loans having rates that remain fixed until the loan matures (fixed-rate loans), the "maturity/repricing" interval measures the number of days between the date the loan is made and the date on which it matures. Loans that reprice daily mature or reprice on the business day after they are made. Owing to weekends and holidays, such loans may have "maturity/repricing" intervals in excess of one day; such loans are not included in the 2- to 30-day category. 3. A complete description of these risk categories is available on the Board's website at "http://www.federalreserve.gov/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 0.19 percentage point. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a complete survey of the universe of all banks. 5. Average maturities are weighted by loan amount and exclude loans with no stated maturities. 6. For loans made under formal commitments, the average time interval between the date on which the loan pricing was set and the date on which the loan was made, weighted by the loan amount. For loans under informal commitment, the time interval is zero. 7. Prime-based loans are based on the lending bank's own prime rate, any other lender's prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with "other" base rates include loan rates expressed in terms of any other base rate (e.g., the federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan rate. 8. For loans made under formal commitments. * The number of loans was insufficient to provide a meaningful value. 64 Federal Reserve Bulletin Statistical Supplement • August 2007 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20071 Millions of dollars except as noted Total including IBFs3 Total assets4 . 2 Claims on nonrelated parties 3 Cash and balances due from depository institutions 4 Cash items in process of collection and unposted debits 5 Currency and coin (U.S. and foreign) 6 Balances with depository institutions in United States 7 U.S. branches and agencies of other foreign banks (including their IBFs) 8 Other depository institutions in United States (including their IBFs) 9 Balances with banks in foreign countries and with foreign central banks 10 Foreign branches of U.S. banks 11 Banks in home country and home-country central banks 12 All other banks in foreign countries and foreign central banks . 13 Balances with Federal Reserve Banks IBFs only3 44,794 37,636 Total including IBFs IBFs only 52,683 16,558 0 n.a. 6,720 6,521 198 1,044,019 57,746 2,152 5 51,020 15,784 0 40,747 34,879 5,869 IBFs only 17,972 1,144 1 4 796 6,171 198 Total including IBFs IBFs only 79,628 20,142 1,587,342 1,814,501 1,192,886 62,996 2,171 11 Total including IBFs 288 648 0 l.a. 338 76,259 165 8 0 27 140 102 0 562 9,415 218 1,077 8,120 n.a. 234 327 0 30 297 15 28,647 14,295 236 1,756 12,303 547 550,624 27,849 16,458 3,515 n.a. n.a. 168,779 6,299 15,179 3,108 n.a. n.a. 1,607 45 65 397 n.a. n.a. 150,769 7,547 39,103 30,656 8,447 43,987 60,133 3,515 1,587 3,108 1,558 1,497 37 0 1,928 147,301 7,471 38,800 30,353 8,447 43,525 57,506 0 1,549 0 1,160 397 28 0 0 0 0 369 0 243 0 0 0 0 0 0 0 25 Federal funds sold 26 With depository institutions in the U.S. . . . 27 With others 18,334 14,975 3,358 4,432 2,681 1,750 16,835 13,514 3,321 4,394 2,681 1,713 0 0 0 35 0 35 35 0 35 28 Securities purchased under agreements to rese 29 With depository institutions in the U.S. . . . 30 With others 211,271 38,791 172,479 0 0 0 6,163 1,258 4,904 0 0 0 31 Total loans, gross 32 LESS: Unearned income on loans . 456,051 569 455,482 25,159 26 25,132 382,341 497 381,844 24,767 26 24,742 14,877 26 14,851 230 1 229 40,824 5 40,818 2 0 2 26,828 115,168 5,088 3,627 1,462 7 12,162 0 12,162 97,911 7,287 1,441 1,291 150 5 5,556 0 5,556 285 22,871 90,205 4,624 3,219 1,405 7 9,954 0 9,954 75,620 7,109 1,381 1,231 150 5 5,438 0 5,438 285 3,178 2,976 122 122 0 0 355 0 355 2,500 0 110 60 60 0 0 50 0 50 0 126 19,785 87 83 5 0 1,534 0 1,534 18,164 241,457 191,036 50,421 16,138 230 15,908 199,444 155,025 44,418 15,925 230 15,695 8,257 7,835 423 120 0 120 19,659 17,449 2,210 2,348 24,354 45,125 909 523 302 2,223 22,967 43,860 909 523 302 6 460 0 0 0 120 1,003 131 772 772 0 0 0 0 0 0 0 0 0 26,384 0 26,384 0 0 0 305 18 18 0 287 2,170 2,170 14 n.a. n.a. n.a. 14 4,172 n.a. 1,655 54 51 3 1,602 3,369 3,369 1 n.a. n.a. n.a. 1 3,434 n.a. 14 Total securities and loans . . . 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) Securities of foreign governmental units Mortgage-backed securities Issued or guaranteed by U.S. government agencies Other Other asset-backed securities All other 33 EQUALS: Loans, net Total loans, gross, by category 34 Real estate loans 35 Loans to depository institutions and acceptances of other banks 36 Commercial banks in United States (including their IBFs) 37 U.S. branches and agencies of other foreign banks 38 Other commercial banks in United States 39 Other depository institutions in United States (including their IBFs) . 40 Banks in foreign countries 41 Foreign branches of U.S. banks 42 Other banks in foreign countries 43 Loans to other financial institutions 44 Commercial and industrial loans 45 U.S. addressees (domicile) 46 Non-U.S. addressees (domicile) 47 Loans to foreign governments and official institutions (including foreign central banks) 48 Loans for purchasing or carrying securities (secured and unsecured) 49 All other loans 50 Lease financing receivables (net of unearned income) 51 U.S. addressees (domicile) 52 Non-U.S. addressees (domicile) 7,159 15,357 237 1 787 13,332 663 628,803 173,321 6,923 15,629 9,838 218 1,107 8,513 n.a. 203,272 37,533 165,739 772 772 30 280 108 0 0 107 22 0 100 41,857 1,039 538 236 n.a. n.a. 0 0 0 0 0 0 53 Trading assets 54 U.S. Treasury and agency securities 55 Other trading assets 230,276 31,761 198,515 1,661 0 1,661 178,112 31,677 146,435 1,661 0 1,661 56 All other assets 57 Customers' liabilities on acceptances outstanding 58 U.S. addressees (domicile) 59 Non-U.S. addressees (domicile) 60 Other assets including other claims on nonrelated parties 61 Net due from related depository institutions5 62 Net due from head office and other related depository institutions5 63 Net due from establishing entity, head office, and other related depository institutions5 41,206 320 136 184 40,886 621,615 1,385 n.a. n.a. n.a. 1,385 96,588 n.a. 37,430 233 63 170 37,197 543,324 543,324 1,331 n.a. n.a. n.a. 1,331 68,176 n.a. 68,176 n.a. 4,172 149,270 1,587,342 119,196 20,142 5,460 79,628 3,574 133,825 1,453,185 103,875 13,041 5,350 76,321 3,573 64 Total liabilities4 65 Liabilities to nonrelated parties Footnotes appear at end of table. 621,615 n.a. 1,814,501 1,655,816 96,588 3,434 U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 2007'—Continued Millions of dollars except as noted 66 Total deposits and credit balances 67 Individuals, partnerships, and corporations (including certified and official checks) 68 U.S. addressees (domicile) 69 Non-U.S. addressees (domicile) 70 Commercial banks in United States (including their IBFs) . . . 71 U.S. branches and agencies of other foreign banks 72 Other commercial banks in United States 73 Banks in foreign countries 74 Foreign branches of U.S. banks 75 Other banks in foreign countries 76 Foreign governments and official institutions (including foreign central banks) 77 All other deposits and credit balances 78 Transaction accounts and credit balances (excluding IBFs) 79 Individuals, partnerships, and corporations (including certified and official checks) 80 U.S. addressees (domicile) 81 Non-U.S. addressees (domicile) 82 Commercial banks in United States (including their IBFs) . . . 83 U.S. branches and agencies of other foreign banks 84 Other commercial banks in United States 85 Banks in foreign countries 86 Foreign branches of U.S. banks 87 Other banks in foreign countries 88 Foreign governments and official institutions (including foreign central banks) 89 All other deposits and credit balances 90 Nontransaction accounts (including MMDAs, excluding IBFs) . . 91 Individuals, partnerships, and corporations (including certified and official checks) 92 U.S. addressees (domicile) 93 Non-U.S. addressees (domicile) 94 Commercial banks in United States (including their IBFs) . . . 95 U.S. branches and agencies of other foreign banks 96 Other commercial banks in United States 97 Banks in foreign countries 98 Foreign branches of U.S. banks 99 Other banks in foreign countries 100 Foreign governments and official institutions (including foreign central banks) 101 All other deposits and credit balances 102 IBF deposit liabilities 103 Individuals, partnerships, and corporations (including certified and official checks) 104 U.S. addressees (domicile) 105 Non-U.S. addressees (domicile) 106 Commercial banks in United States (including their IBFs) . . . 107 U.S. branches and agencies of other foreign banks 108 Other commercial banks in United States 109 Banks in foreign countries 110 Foreign branches of U.S. banks 111 Other banks in foreign countries 112 Foreign governments and official institutions (including foreign central banks) 113 All other deposits and credit balances Footnotes appear at end of table. Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 834,749 94,112 748,666 70,075 4,905 4,482 14,704 2,072 723,528 697,156 26,373 77,962 13,493 64,469 11,167 2,135 9,032 10,544 115 10,429 8,229 7,061 1,168 31,513 667 30,846 645,155 627,052 18,103 71,851 13,184 58,667 10,892 2,135 8,757 6,444 115 6,329 7,279 6,446 833 19,866 516 19,349 4,069 2,461 1,609 98 1 97 3 0 3 47 0 47 366 366 0 3,045 141 2,904 13,678 13,393 284 840 118 722 187 0 187 70 70 0 645 0 645 4,066 18,025 43,291 535 3,871 16,897 36,151 335 6 728 1,026 0 0 11,618 8,847 10,507 7,545 2,961 53 7 46 499 0 499 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7,841 6,302 1,538 52 7 45 457 0 457 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 102 59 43 0 0 0 3 0 3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 221 179 42 0 0 0 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 484 n.a. n.a. 439 58 n.a. n.a. n.a. n.a. 0 0 n.a. n.a. 75 739,820 823,131 713,022 689,610 23,411 77,909 13,486 64,423 10,668 2,135 8,533 3,581 17,950 14,483 4,794 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 637,314 620,750 16,564 71,799 13,177 58,622 10,435 2,135 8,300 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,967 2,401 1,566 98 1 97 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13,457 13,214 242 840 118 722 186 0 186 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,432 16,840 n.a. n.a. 4 725 n.a. n.a. 0 n.a. n.a. 94,112 70,075 4,482 10,544 115 10,429 8,229 7,061 1,168 31,513 667 30,846 6,444 115 6,329 7,279 6,446 833 19,866 516 19,349 47 0 47 366 366 0 3,045 141 2,904 70 70 0 645 0 645 43,291 535 36,151 335 1,026 0 1,335 0 65 66 Federal Reserve Bulletin Statistical Supplement • August 2007 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 2007'—Continued Millions of dollars except as noted IBFs only Total including IBFs 90 423 37,176 53,247 12,652 1,082 11,569 1,046 20,955 208,916 12,071 196,845 210,557 1,046 19,340 22,209 14,890 2,849 25 21,272 14,416 7,319 17,458 517 16,940 210,469 2,824 14,425 399 14,026 3,681 6,857 15,752 357 15,396 173,533 873 124,547 Total including IBFs3 IBFs only3 114 Federal funds purchased 115 With depository institutions in the U.S 116 With others 107,652 46,480 61,172 16,839 1,196 15,644 117 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 213,563 12,071 201,491 250,136 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 155,605 336 115,466 39,803 n.a. 132 Net due to related depository institutions5 133 Net due to head office and other related depository institutions5 134 Net due to establishing entity, head office, and other related depository institutions5 Total including IBFs IBFs only Total including IBFs IBFs only 1,015 1,005 10 96 86 10 7,073 4,250 2,823 1,066 27 1,039 292 0 292 0 0 0 740 2,491 0 2,491 25,164 0 426 2,730 25 438 126 35 0 57 1 54 0 2,705 13,272 347 12,925 3,338 312 646 92 554 924 35 482 52 430 223 56 372 0 372 24,736 54 351 0 351 n.a. 0 31 53 23,101 1,662 762 24,816 n.a. 6 866 246 89,707 34,594 6 756 18 0 321 158,685 158,685 15,446 n.a. 134,158 134,158 15,321 n.a. 7,100 7,100 110 n.a. 3,307 3,307 83,264 23,749 59,514 n.a. n.a. n.a. 59,314 16,352 42,963 n.a. n.a. n.a. 3,342 1,129 2,213 n.a. n.a. n.a. 14,614 4,351 10,263 n.a. n.a. n.a. 157,572 14,648 142,923 n.a. n.a. n.a. 139,686 12,408 127,278 n.a. n.a. n.a. 4,835 353 4,482 n.a. n.a. n.a. 4,971 522 4,449 n.a. n.a. n.a. MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one ye or less (excluding those in nonaccrual status) 137 Predetermined interest rates 138 Floating interest rates 139 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 140 Predetermined interest rates 141 Floating interest rates Footnotes appear at end of table. U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 67 of U.S. Branches and Agencies of Foreign Banks, March 31, 20071—Continued Millions of dollars except as noted All states2 Item 142 Components of total n on transaction accounts, included in total deposits and credit balances 143 Time deposits of $100,000 or more 144 Time CDs in denominations of $100,000 or more with remaining maturity of more than 12 months Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 892,241 804,916 n.a. n.a. 805,376 725,170 n.a. n.a. 4,601 4,601 n.a. n.a. 14,009 14,004 n.a. n.a. 87,325 n.a. 80,206 n.a. 0 n.a. 4 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 88,048 247 n.a. 130 84,647 48 n.a. 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a monthly FR 886a report. Aggregate data from that report were available through the Federal Reserve monthly statistical release G.I 1, last issued on July 10,1980. Data in this table and in the G.I 1 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 IBFs only Total including IBFs IBFs only 1,663 n.a. n.a. n.a. 1,203 n.a. n.a. n.a. either because the item is not an eligible IBF asset or liability or because that level of detail is not reported for IBFs. From December 1981 through September 1985, IBF data were included in all applicable items reported. 4. Total assets and total liabilities include net balances, if any, due from or owed to related banking institutions in the United States and in foreign countries (see note 5). On the former monthly branch and agency report, available through the G.ll monthly statistical release, gross balances were included in total assets and total liabilities. Therefore, total asset and total liability figures in this table are not comparable to those in the G.I 1 tables. 5. Related depository institutions includes the foreign head office and other U.S. and foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including subsidiaries owned both directly and indirectly). 6. In some cases, two or more offices of a foreign bank within the same metropolitan area file a consolidated report. 68 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign banks, U.S. branches and agencies, 64—67 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21, 64—67 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 64-67 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21, 58-63 Consumer loans held, by type and terms, 34, 58-63 Real estate mortgages held, by holder and property, 33 Terms of lending, 58-63 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) 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, 35-39 Foreign banks, U.S. branches and agencies, 64—67 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Commercial banks, 58-63 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22, 58-63 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21, 58-63 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21, 58-63 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Foreign banks, U.S. branches and agencies, 64-67 Insured or guaranteed by United States, 32, 33 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22, 58-63 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Saving deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 69 70 Federal Reserve Bulletin Statistical Supplement • August 2007 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or 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A A A A Consumer's Guide to Mortgage Lock-Ins Consumer's Guide to Mortgage Settlement Costs Consumer's Guide to Mortgage Refinancings Guide to Business Credit for Women, Minorities, and Small Businesses Choosing a Credit Card Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish) Consumer Handbook to Credit Protection Laws Home Mortgages: Understanding the Process and Your Right to Fair Lending How to File a Consumer Complaint about a Bank (also available in Spanish) In Plain English: Making Sense of the Federal Reserve Keys to Vehicle Leasing (also available in Spanish) Looking for the Best Mortgage (also available in Spanish) Making Sense of Savings Privacy Choices for Your Personal Financial Information Protecting Yourself from Overdraft and Bounced-Check Fees Putting Your Home on the Loan Line Is Risky Business (also available in Spanish) Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System The Federal Open Market Committee Federal Reserve Bank Board of Directors Federal Reserve Banks What You Should Know About Home Equity Lines of Credit (also available in Spanish) When Is Your Check Not a Check? (also available in Spanish) 71 STAFF STUDIES: Only Summaries Printed in the 170. BULLETIN Studies and papers on economic and financial subjects that are of general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff Studies 165-176 are available online at www.federalreserve.gov/ pubs/staffstudies. Requests to obtain single copies of any paper or to be added to the mailing list for the series may be sent to Publications Fulfillment. IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. 172. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. 35 pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- KET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 160. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 173. 159. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff, for the Payments System Development Committee, Federal Reserve System. December 2002. 27 pp. 176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994— 2003, by Steven J. Pilloff. May 2004. 23 pp. 72 Federal Reserve Bulletin Statistical Supplement • August 2007 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data, refer VV ±±-LW±± U U l u A W-LW-L Corresponding Bulletin or Statistical Supplement 2 table numbers Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base 3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G.15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 73 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases $ 5.00 Midmonth of March, June, September, and December February, May, August, and November 5.00 15th of March, June, September, and December Previous quarter E.16. Country Exposure Lending Survey 3 $ 5.00 January, April, July, and October Previous quarter Z. 1. $25.00 Second week of March, June, September, and December Previous quarter E.2. Survey of Terms of Business Lending 3 E. 11. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks Flow of Funds Accounts of the United States: Flows and Outstandings3 As- 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 74 Federal Reserve Bulletin Statistical Supplement • August 2007 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. The Payment System Handbook deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulations CC, J, and EE, related statutes and commentaries, and policy statements on risk reduction in the payment system. For domestic subscribers, the annual rate is $200 for the Federal Reserve Regulatory Service and $75 for each handbook. For subscribers outside the United States, the price, which includes additional airmail costs, is $250 for the service and $90 for each handbook. The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a standalone PC, the annual subscription fee is $300. For network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent users, $2,000 for a maximum of 50 concurrent users, and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add $50 to cover additional airmail costs. For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 75 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve System makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
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