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Volume 5 • Number 8 • August 2008 Statistical Supplement to the Federal Reserve ^BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS C O M M I T T E E Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan • Stephen R. Malphrus • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). The Statistical Supplement began publication in 2004. It is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frb.gov. The Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/supplement. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886, or send an e-mail to publications-bog@frb.gov. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of August 2008. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONF1NANC1AL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • August 2008 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates and indexes of the foreign exchange value of the U.S. dollar 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Terms of lending at commercial banks, May 5-9, 2008 64 Assets and liabilities of U.S. branches and agencies of foreign banks, March 31, 2008 6 8 INDEX TO STATISTICAL TABLES 70 FEDERAL RESERVE BOARD PUBLICATIONS 72 ANTICIPATED FOR PERIODIC SCHEDULE OF RELEASE STATISTICAL RELEASES 7 4 PUBLICATIONS OF DATES INTEREST 75 FEDERAL RESERVE STATISTICAL AVAILABLE ON THE COMMERCE ECONOMIC BULLETIN BOARD RELEASES DEPARTMENT'S Symbols and Abbreviations c e n.a. n.e.c. P * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 1.10 Federal Reserve Bulletin Statistical Supplement • August 2008 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q2 Q3 Q4 Q1 -5.3 5.1 1.0 4.4 -.1 -.4 4.7 -.3 4.8 1.4 9.5 6.7 5.4 4.6 23.9 Apr. May 2 Reserves of depository institutions 1 Total 2 Required 3 Monetary base3 6.6 6.2 2.2 1.2 -9.8 2.0 Concepts of money4 4 M1 5 M2 .9 6.2 -1.4 -15.6 -12.4 18.3 16.5 1.6 41.5 6.3 6.5 -19.7 9.8 -3.8 4.8 17.0 1.9 12.4 -3.5 16.3 1.7' 16.4 -9.3' 1.0 -9.1 -4.3 9.6 .0 22.0 -13.2 5.4 -2.7' 36.1 -9.1 2.4 17.1 12.8 3.0 -3.2 1.3 Nontransaction components 6 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time1" Thrift institutions 9 Savings, including MMDAs . . . 10 Small time1" 2.2 -1.3 Money market mutual funds 11 Retail7 12 Institution-only 13.2 28.4 7 8 26.3 11.8 -4.5 -3.4 21.0 39.8 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 2.4 3.2 -4.1 -26.2 7.0 -.9 11.1 14.2 20.4 54.2 38.9 46.8 34.7 30.6 62.2 87.7 33.2 44.0 4.5 -22.4 18.5 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1 Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Apr. May Apr. 16 Apr. 23 Apr. 30 May 7 May 14 May 21 May 28 866,961 553,829 553,829 871,578 867,276 548,622 548,622 868,356 548,651 548,651 864,518 548,680 548,680 70,317 435,051 70,317 435,051 867,502 542,395 542,395 65,752 866,335 520,054 520,054 50,467 425,389 878,158 491,064 491,064 34,296 412,392 38,437 38,437 4,846 0 871,081 502,831 502,831 41,155 417,391 39,171 5,114 0 123,357 125,000 27,791 13,536 0 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer credit facility Other credit extensions Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 873,331 665,419 665,419 156,980 465,343 38,437 4,659 0 511,455 511,455 74,514 46,190 436,026 38,461 4,827 0 421,003 39,171 5,090 0 4,817 0 111,250 127,419 106,964 28,537 32,663 14,214 0 7,841 0 18 38,679 103,542 100,000 35,403 10,050 0 20 25,333 0 -1,322 75,509 11,041 2,200 38,712 816,504 813,741 818,317 41,205 39,548 39,423 125 344 38,430 38,430 0 266 12,323 5,150 103 12,855 12,230 5,328 99 6,799 6,799 0 270 44,647 10,290 7,106 7,106 0 322 44,200 4,766 98 7,072 7,072 0 68,121 75,484 19,257 1,186 0 5 16,817 1,248 -1,364 46,414 11,041 2,200 46 14,276 0 -1,194 94,111 11,041 2,200 38,773 100,000 107,786 100,000 33,390 10,731 0 70,317 434,946 38,542 4,875 0 432,531 39,171 107,536 100,000 30,183 11,588 0 25 18,571 0 -1,674 79,793 11,041 2,200 38,735 119,571 100,000 36 125,000 31,045 14,416 1 37 16,517 0 -1,504 78,831 11,041 2,200 38,749 16,592 0 -1,211 95,626 11,041 2,200 38,763 812,412 814,315 39,379 39,379 0 38,766 38,766 0 277 24,804 0 26 22,634 0 -1,440 80,467 11,041 2,200 38,707 -1,856 80,385 11,041 2,200 38,721 813,908 40,047 40,047 0 357 812,832 40,046 40,046 0 351 316 12,312 4,745 13,000 5,437 102 7,150 7,150 0 310 44,017 10,072 13,225 5,721 100 4,942 0 28,208 11,655 0 39,171 5,028 0 95,821 46 14,209 0 -915 93,016 39,171 5,206 0 105,036 150,000 28,335 15,950 1 54 12,329 0 11,041 2,200 -1,118 104,841 11,041 2,200 38,777 38,791 815,760 39,051 39,051 0 255 817,761 251 823,278 37,474 37,474 0 273 12,136 11,828 12,426 4,657 98 7,044 7,043 4,399 98 7,044 7,044 0 288 44,505 10,405 4,940 98 ABSORBING RESERVE FUNDS 22 23 24 25 26 27 28 29 30 31 32 33 34 35 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 . . 40,229 976 283 294 44,119 10,231 8,226 97 7,154 7,154 0 316 44,957 7,645 7,091 7,091 0 313 42,827 8,336 End-of-month figures 12,666 5,191 97 7,090 7,090 0 287 42,546 10,922 1 336 43,563 7,574 38,348 38,348 0 7,113 7,113 0 275 45,843 10,896 Wednesday figures May 21 Apr. May Apr. 16 Apr. 23 Apr. 30 May 7 871,340 877,828 486,901 486,901 30,069 412,392 865,851 548,632 548,632 868,775 548,661 548,661 871,340 871,883 548,692 548,692 536,714 536,714 70,317 435,051 70,317 435,051 38,437 4,857 0 70,317 434,317 39,171 65,752 426,818 38,437 4,827 0 39,171 863,671 515,656 515,656 49,610 421,816 39,171 4,887 0 4,973 0 5,059 0 104,250 100,000 130,500 100,000 100,000 125,000 29,763 27,789 27,905 11,964 0 24 17,775 0 -1,724 79,108 11,041 2,200 38,735 11,490 0 40 16,260 0 -1,739 78,619 11,041 2,200 38,749 13,382 0 38,805 109,500 100,000 32,043 13,462 0 25 18,555 0 -2,170 80,741 11,041 2,200 38,721 115,500 100,000 34,508 8,831 0 22 25,655 0 -2,396 80,857 11,041 2,200 38,707 814,486 40,659 40,659 0 356 813,622 39,912 39,912 0 322 814,089 40,704 40,704 0 12,180 4,614 12,437 7,154 7,154 0 315 13,141 5,570 118 7,150 7,150 0 302 44,389 5,730 43,789 9,951 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer credit facility Other credit extensions Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 882,556 591,234 591,234 92,985 455,052 38,437 4,760 0 76,000 100,000 51,034 11,285 0 6 39,743 0 -555 64,843 11,041 2,200 38,679 548,692 548,692 70,317 434,317 39,171 39,171 4,887 0 5,269 0 115,500 100,000 113,750 150,000 24,450 16,223 0 29,763 11,964 0 24 17,775 0 -1,724 79,108 11,041 2,200 38,735 76 8,150 0 -1,150 103,878 11,041 2,200 883,204 502,863 502,863 887,994 491,091 491,091 34,296 412,392 14,485 0 -340 95,450 11,041 2,200 38,763 41,155 417,391 39,171 5,146 0 134,000 125,000 28,871 15,264 0 52 13,555 0 -1,566 94,037 11,041 2,200 38,777 816,497 39,031 39,031 0 256 817,923 820,510 39,114 39,114 0 247 37,026 37,026 0 272 824,892 38,365 38,365 0 282 13,187 5,730 11,429 4,020 11,854 4,420 11,885 4,415 96 7,090 7,090 0 97 7,044 7,043 271 42,631 12,270 268 43,262 3,700 98 7,044 7,044 0 292 44,874 20,686 7,113 7,113 0 260 44,437 20,164 38 39,171 5,232 0 115,000 150,000 29,222 19,041 0 56 10,125 0 -1,785 104,466 11,041 2,200 38,791 ABSORBING RESERVE FUNDS 22 23 24 25 26 27 28 29 30 31 32 33 34 35 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 . . 815,219 44,101 39,101 5,000 331 814,089 40,704 40,704 0 281 822,884 38,700 38,700 0 282 12,935 5,552 98 7,047 7,047 0 12,437 12,037 4,955 4,620 99 7,070 7,070 0 248 44,279 11,692 238 45,358 16,531 106 7,091 7,091 0 285 42,525 13,280 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 under the overnight and term securities lending facilities. 3. Face value of the securities. 97 281 4,955 106 7,091 7,091 0 285 42,525 13,280 1 98 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 collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • August 2008 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Term auction credit Primary dealer credit facility Other credit extensions 2008 2005 2006 2007 2007 Dec. Dec. Dec. Nov. Dec. Jan. Feb. Mar. Apr. May 10.047 51,314 35,337 15,977 45,384 43,483 1,900 169 97 0 72 n.a. n.a. n.a. 8.480 50,897 34,803 16,094 43,283 41,420 1,863 191 111 0 80 n.a. n.a. n.a. 8.200 52,161 34,521 17,640 42,721 40,946 1,775 15,430 3,787 1 30 11,613 n.a. n.a. 8.539 48,996 33,343 15,652 41,882 40,178 1,704 366 315 0 50 n.a. n.a. n.a. 8.200 52,161 34,521 17,640 42,721 40,946 1,775 15,430 3,787 1 30 11,613 n.a. n.a. 8.724 53,162 35,329 17,833 44,053 42,410 1,643 45,660 1,137 0 6 44,516 n.a. n.a. 8.159 53,650 34,597 19,053 42,756 41,027 1,728 60,157 155 0 3 60,000 n.a. n.a. 9.759 50,445 32,919 17,526 42,678 39,685 2,993 94,523 1,617 0 6 75,484 16,168 1,249 9.257 49,314 34,220 15,094 43,477 41,550 1,927 135,410 9,624 0 21 100,000 25,764 0 9,688 48,579 35,445 13,134 45,133 43,026 2,106 155,780 14,076 0 47 127,419 14,238 0 B weekly averages of daily figures for two-week periods ending on dates indicated 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Term auction credit Primary dealer credit facility Other credit extensions Jan. 30 Feb. 13 Feb. 27 Mar. 12 Mar. 26 Apr. 9 Apr. 23 May 7 May 21 June 4 9.498 54,544 38,469 16,075 47,967 46,528 1,439 50,390 385 0 5 50,000 n.a. n.a. 7.315 56,556 33,552 23,004 40,867 39,193 1,674 60,102 101 0 1 60,000 n.a. n.a. 8.899 51,577 35,926 15,651 44,825 43,002 1,823 60,198 195 0 4 60,000 n.a. n.a. 8.468 49,271 32,082 17,189 40,549 39,132 1,417 60,231 227 0 3 60,000 n.a. n.a. 10.928 51,780 33,596 18,185 44,523 39,901 4,622 106,265 316 1 7 80,000 23,178 2,765 9.588 49,525 33,037 16,488 42,625 40,411 2,214 143,950 8,598 0 8.859 49,367 34,401 14,966 43,260 41,544 1,715 133,027 9,286 0 22 100,000 23,719 0 9,629 48,940 35,380 13,560 45,009 43,028 1,981 129,196 11,622 0 31 100,000 17,544 0 8,990 48,926 34,862 14,064 43,852 41,859 1,993 154,418 13,976 1 42 125,000 15,401 0 10,707 47,842 36,307 11,535 47,014 44,661 2,353 176,296 15,936 1 66 150,000 10,295 0 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. 100,000 35,340 0 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 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco On 8/15/08 Effective date Previous rate On 8/15/08 5/1/08 4/30/08 5/1/08 4/30/08 5/1/08 4/30/08 2.50 2.75 2.25 i 4/30/08 5/1/08 5/1/08 4/30/08 5/1/08 4/30/08 2.25 1 2.50 2.75 Seasona credit3 Effective date Previous rate On 8/15/08 Effective date Previous rate 5/1/08 4/30/08 5/1/08 4/30/08 5/1/08 4/30/08 3.00 2.40 7/3/08 2.35 i 4/30/08 5/1/08 5/1/08 4/30/08 5/1/08 4/30/08 1 3.00 1 2.40 7/3/08 2.35 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 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9, 2003 (beginning of program) 2 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 4.00^1.75 4.00 3.50^1.00 3.50 3.25-3.50 2.50-3.50 2.50 2.25-2.50 2.25 4.00 4.00 3.50 3.50 3.25 2.50 2.50 2.25 2.25 2.25 2.25 Range(or level)—All F.R. Banks F.R. Bank 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 2008—Jan. 22 24 30 31 Mar. 17 18 20 Apr. 30 May 1 In effectAugust 15, 2008 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 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 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 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$9.3 million2 2 More than $9.3 million-$43.9 million3 3 More than $43.9 million Percentage of liabilities Effective date 10 12/21/07 12/21/07 12/21/07 4 Nonpersonal time deposits 0 12/27/90 5 Eurocurrency liabilities 0 12/27/90 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. 0 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS' 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 871,661 871,661 905,206 905,206 2,894 0 109,557 -108,098 2,795 4,967 0 11,309 0 -91,121 97,723 3,626 0 -7,041 7,375 0 0 839,688 839,688 49,178 0 10,552 26,354 0 0 0 0 0 83,590 83,590 0 0 0 24,580 24,580 39,178 2,211 0 0 0 1,236 0 0 0 0 0 0 0 0 0 0 7,539 0 0 0 0 0 0 0 290 0 0 0 62,143 62,143 35,011 35,011 27,481 0 0 58,896 58,896 0 0 81,398 23,501 23,501 25,977 0 -552 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 96,356 25,977 2,007 0 -11,395 3,000 3,299 0 0 640 0 0 0 0 0 0 0 0 0 0 0 28,136 0 2,795 44,690 0 10,552 10,680 0 50,415 0 0 0 0 0 39,178 0 26,929 -39,178 -26,929 26 Net change in U.S. Treasury securities . . . 34,138 20,060 20,060 22,667 20,001 22,667 -42,668 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 2,083,300 2,131,500 2,591,000 268,750 265,000 318,750 319,750 249,250 250,250 203,500 224,500 256,250 220,000 233,750 219,500 386,500 347,000 6,421,223 6,420,945 6,779,023 6,778,132 8,662,508 8,676,879 786,360 788,726 715,682 713,543 761,133 769,202 830,931 826,520 770,268 773,973 861,490 862,311 875,902 872,505 37 Net change in temporary transactions 14,028 -5,110 -8,621 1,385 1,139 -9,070 -16,589 32,545 13,429 42,897 38 Total net change in System Open Market Account 39,369 29,029 ^18,355 1,385 1,139 ^18,248 -43,517 32,545 -108,905 229 Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • August 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Apr. 30 May 7 May 14 May 21 May 28 Mar. Apr. May Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, term auction credit, and other loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Items in process of collection Bank premises Other assets Denominated in foreign currencies'" All other7 11,037 2,200 1,460 11,037 2,200 1,431 793,955 548,692 548,692 70,317 434,317 39,171 4,887 0 115,500 100,000 29,763 1,352 2,158 76,879 60,052 16,827 795,003 536,714 536,714 65,752 426,818 39,171 4,973 0 130,500 100,000 27,789 1,325 2,145 76,480 59,358 17,122 768,561 515,656 515,656 49,610 421,816 39,171 5,059 0 1,386 11,037 2,200 1,345 11,037 2,200 1,318 11,037 2,200 1,346 11,037 2,200 1,460 11,037 2,200 1,338 790,733 502,863 502,863 785,312 491,091 491,091 34,296 412,392 818,268 591,234 591,234 92,985 455,052 38,437 4,760 0 76,000 793,955 548,692 548,692 775,100 100,000 125,000 41,155 417,391 39,171 5,146 0 134,000 125,000 27,905 2,282 28,871 883 29,222 1,902 2,147 2,151 93,139 17,398 91,901 77,322 14,578 2,152 101,847 889,040 889,621 880,752 777,090 40,704 25,645 20,299 4,955 106 285 3,075 2,994 779,432 39,031 25,463 19,366 5,730 96 271 3,064 2,530 780,789 849,509 31 Capital paid in 32 Surplus 33 Other capital accounts 19,606 18,476 1,449 34 Total capital 39,531 20 Total assets .. . 39,171 5,232 0 115,000 150,000 100,000 51,034 70,317 434,317 39,171 486,901 486,901 30,069 412,392 39,171 4,887 0 5,269 0 115,500 100,000 113,750 150,000 24,450 1,102 2,162 101,720 29,763 1,394 1,352 2,155 14,812 63,250 46,600 16,649 2,158 76,879 60,052 16,827 900,249 905,768 899,650 889,040 894,658 787,696 38,365 778,213 777,090 40,704 25,645 20,299 4,955 97 268 2,629 2,734 783,345 37,026 32,557 27 747 4,420 98 292 2,447 3,926 98 260 3,609 3,928 4,031 285 3,075 2,994 785,694 38,700 23,734 18,767 4,620 99 248 849,520 840,224 859,301 865,258 858,323 849,509 854,006 19,623 18,479 2,000 19,861 18,479 2,189 19,923 18,479 2,547 19,914 18,479 2,117 19,549 18,466 3,312 19,606 18,476 1,449 19,909 18,486 2,257 40,528 40,949 2,284,549 2,281,658 2,292,666 1,352,617 1,340,300 1,341,287 931,932 941,358 951,379 151,738 129,021 116,248 14,389 137,349 9,431 119,590 9,988 106,260 75,741 87,035 86,648 15,072 LIABILITIES 21 22 23 24 25 26 27 28 29 Federal Reserve notes, net of F.R. Bank holdings . Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 30 Total liabilities 39,114 14,959 10,574 4,020 31,661 26,888 4,415 44,101 30,050 24,162 5,552 98 238 1,927 106 2,251 3,627 CAPITAL ACCOUNTS 39,531 MEMO 35 Marketable securities held in custody for foreign ofncit and international accounts3-10 36 U.S. Treasury 37 Federal agency 38 Securities lent to dealers 39 Overnight facility" 40 Term facility12 2,281,398 1,346,611 934,787 166,585 23,176 143,409 2,272,927 1,342,098 930,829 161,090 18,561 142,529 2,217,937 1,309,300 908,637 97,791 22,791 75,000 2,281,398 1,346,611 934,787 166,585 23,176 143,409 2,300,418 1,351,117 949,301 117,436 18,866 98,570 Federal Reserve notes and collateral statement 41 Federal Reserve notes outstanding 42 Less: Notes held by F.R. Banks not subject to collateralization 43 Federal Reserve notes to be collateralized 44 Collateral held against Federal Reserve notes 45 Gold certificate account 46 Special drawing rights certificate account 47 U.S. Treasury and agency securities pledged13 48 Other assets pledged 982,429 982,096 982,744 984,851 986,858 990,054 982,429 987,851 205,339 777,090 777,090 11,037 2,200 623,410 140,443 202,664 779,432 779,432 201,956 780,789 780,789 201,506 199,162 787,696 787,696 211,841 205,339 777,090 777,090 785,694 785,694 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 628,099 138,096 576,601 190,951 599,911 170,197 567,483 206,976 623,091 141,886 11,037 2,200 623,410 140,443 562,536 209,921 664,192 667,214 615,656 636,863 606,091 667,234 664,192 600,651 40,782 39,115 39,055 36,951 38,608 44,143 40,782 38,114 623,410 628,099 576,601 599,911 567,483 623,091 623,410 562,536 783,345 783,345 778,213 778,213 202,157 11,037 2,200 MEMO 49 Total U.S. Treasury and agency securities13 50 Less: Face value of securities under reverse repurchase agreements14 51 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 under the overnight and term securities lending facilities. 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 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 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. Fully collateralized by U.S. Treasury securities. 12. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated non-agency asset-backed and mortgage-backed securities. 13. 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. 14. 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 Type of holding and remaining maturity Wednesday End of month 2008 2008 Apr. 30 May 7 May 14 May 21 May 28 Mar. Apr. May 100,000 100,000 125,000 125,000 150,000 100,000 100,000 150,000 2 Within 15 days 3 16 days to 90 days 50,000 50.000 100,000 0 50,000 75,000 125,000 0 75,000 75,000 50,000 50,000 50.000 50,000 75,000 75,000 4 Other loans 29,763 27,789 27,905 28,871 29,222 51,034 29,763 24,450 5 Within 15 days 18.962 10,801 0 16,917 10,872 0 15,358 12,547 0 17,264 11,607 0 17,357 11,865 0 48,796 2,239 0 18,962 10,801 0 12,564 11,886 0 8 Total U.S. Treasury securities1 548,692 536,714 515,656 502,863 491,091 591,234 548,692 486,901 9 Within 15 days 13 Over 5 years to 10 years 14 Over 10 years 30.495 38,195 102,339 197,438 85,914 94,311 32,088 41,326 93,056 192,466 83,432 94,346 30,056 33,547 86,731 187,743 83,199 94,380 16,613 36,535 87,041 176,232 90,046 96,396 13,857 35,040 84,440 171,260 90,065 96,430 22,667 64,064 104,370 216,888 88,985 94,260 30,495 38,195 102,339 197,438 85,914 94,311 10,748 35,875 82,489 171,271 90,073 96,445 15 Total repurchase agreements2 7 91 days to 1 year 11 91 days to 1 year 115,500 130,500 100,000 134,000 115,000 76,000 115,500 113,750 16 Within 15 days 75,500 40 000 90,500 40 000 60,000 40 000 94,000 40 000 75,000 40 000 46,000 30 000 75,500 40 000 73,750 40 000 18 Total reverse repurchase agreements2 40,704 39,031 39,114 37,026 38,365 44,101 40,704 38,700 19 Within 15 days 20 16 days to 90 days 40,704 0 39,031 0 39,114 0 37,026 0 38,365 0 44,101 0 40,704 0 38,700 0 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. 2. Cash value of agreements. 12 Federal Reserve Bulletin Statistical Supplement • August 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2007 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. Apr. May Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 46.55 46.49 44.64 759.17 45.14 44.97 43.24 787.30 43.34 43.15 41.48 811.73 42.69 27.26 40.92 823.37 42.44 42.18 40.98 824.65 42.66 42.29 40.95 825.46 42.69 27.26 40.92 823.37 42.14 -3.52 40.50 821.42 42.78 -17.38 41.05 822.51 44.26 -50.26 41.27 827.00 43.53 -91.88 41.61 824.41 44.16 -111.62 42.05 826.46 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.50 818.40 42.74 27.31 40.96 829.86 41.56 41.30 40.09 821.85 41.94 41.57 40.23 826.63 42.74 27.31 40.96 829.86 44.03 -1.63 42.38 824.42 42.75 -17.40 41.02 821.87 42.67 -51.85 39.68 825.56 43.46 -91.95 41.53 823.38 45.10 -110.68 43.00 826.88 46.85 46.79 44.94 774.77 1.91 .06 45.38 45.22 43.48 802.30 1.90 .17 43.28 43.09 41.42 825.29 1.86 .19 42.72 27.29 40.95 836.45 1.78 15.43 41.50 41.25 40.04 828.38 1.46 .25 41.88 41.52 40.18 833.09 1.70 .37 42.72 27.29 40.95 836.45 1.78 15.43 44.05 -1.61 42.41 831.11 1.64 45.66 42.76 -17.40 41.03 828.64 1.73 60.16 42.68 -51.85 39.69 832.36 2.99 94.52 43.48 -91.93 41.55 830.50 1.93 135.41 45.13 -110.65 43.03 833.97 2.11 155.78 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. Apr. May Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,376.3 6,419.4 9,433.0 1,374.5 6,689.9 10,154.0 1,366.5 7,032.3 n.a. 1,366.1 7,430.6 n .a. 1,372.5 7,586.1 n.a. 1,374.7 7,664.5 n.a. 1,370.7 7,679.8' n.a. 1,367.1 7,688.2 n.a. 697.6 7.5 343.2 328.0 723.9 7.2 324.9 318.5 748.9 6.7 305.9 305.0 758.7 6.3 294.9 306.2 758.7 6.2 295.3 312.4 761.8 6.2 297.0 309.7 759.8 6.2 293.7 311.1 762.7 6.2 288.4 309.9 5,043.0 3,011.1 5,315.5 3,478.5 5,665.7 n.a. 6,064.6' n .a. 6,213.6' n.a. 6,289.8 n.a. 6,309.0 n.a. 6,321.0 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,631.0 551.2 909.3 2,771.5 644.9 1,122.9 2,904.0 759.2 n.a. 3,034.2 822.7 n .a. 3,081.7 826.1' n.a. 3,123.9 819.7 n.a. 3,126.4 813.5 n.a. 3,138.0 810.6 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 887.3 278.8 161.5 849.9 351.3 230.7 792.6 412.2 n.a. 853.2 395.8 n .a. 868.0 400.5 n.a. 883.9 396.1 n.a. 887.9 395.2' n.a. 914.6 392.2 n.a. 694.7 1,085.2 697.8 1,149.5 797.7 1,347.3 958.6 1,882.0 1,037.4 2,071.1 1,066.1 2,147.1 1,086.0 2,187.9 1,065.7 2,221.6 492.6 379.1 564.3 423.9 n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4 5 6 7 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 1,401.3 6,449.2 9,482.2 1,396.5 6,719.9 10,201.4 1,387.3 7,068.0 n.a. 1,385.7 7,468.7 1,351.2 7,553.8 1,384.2 7,695.6 n.a. 1,386.9 7,741.1 1,376.1 7,670.7 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 754.5 6.7 316.7 309.3 763.8 6.3 304.9 310.9 758.7 6.1 281.5 305.0 761.9 6.1 299.2 317.1 759.7 6.1 296.2 324.9 763.9 6.1 291.0 315.0 Nontransaction components 27 In M27 28 In M3 onlys 5,047.9 3,025.4 5,323.3 3,488.3 5,680.7 n.a. 6,083.0 6,202.6 6,311.4' n.a. Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,633.2 550.4 903.3 2,776.1 644.1 1,114.4 2,913.1 758.6 n.a. 3,044.0 822.7 3,066.7 826.1 3,132.8 819.5' 3,158.8 813.2' n.a. 3,128.1 808.7 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 888.0 278.4 160.4 851.3 350.8 228.9 795.1 411.9 n.a. 856.0' 395.8 863.8' 400.5' 886.4 396.0 n.a. 897.1 395.1 911.7 391.3 697.7 1,110.0 701.1 1,175.5 802.0 1,380.1 964.4 1,929.6 1,045.5 2,091.2 1,076.8 2,145.4 1,090.2 2,162.2 1,054.9 2,184.2 494.6 376.6 566.1 422.0 n.a. n.a. 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appear on following page. n.a. n.a. 6,294.6 13 14 Federal Reserve Bulletin Statistical Supplement • August 2008 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Monetary and Reserves Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks 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. do liar-denominated travelers checks ofnonbank 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 2008 2008 2007 Jan. Feb. Mar. Apr.' May' June' July July 9 July 16 July 23 July 30 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 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 8,706.2 2,316.6 1,168.3 1,148.3 6,389.6 1,284.7 3,461.8 465.3 2,996.4 772.2 278.2 592.7 382.7 296.9 881.2 9,267.5 2,429.8 1,103.9 1,325.9 6,837.7 1,452.6 3,592.3 486.9 3,105.4 813.2 301.8 677.9 442.3 300.9 973.7 9,329.2 2,448.7 1,093.6 1,355.0 6,880.5' 1,462.6 3,619.4' 492.5 3,126.9' 814.7 296.3 687.6 457.0 305.2 975.0 9,451.0' 2,534.9 1,104.6 1,430.3 6,916.1' 1,484.0' 3 645.8' 498.9 3,147.0' 818.0 292.6 675.6' 445.4' 308.4 1,006.1' 9,403.0 2,504.6 1,093.5 1,411.2 6,898.3 1,493.9 3 651.3 506.8 3,144.5 823.4 283.9 645.9 443.4 310.0 1,000.1 9,390.1 2,468.0 1,095.7 1,372.4 6,922.1 1,500.5 3,654.2 512.2 3,142.1 827.1 293.1 647.2 447.2 306.5 989.2 9,361.8 2,458.6 1,112.5 1,346.1 6,903.2 1,507.5 3,645.0 518.3 3,126.6 831.7 281.0 637.9 453.8 300.0 1,004.9 9,396.2 2,487.3 1,115.1 1,372.2 6,908.9 1,515.0 3,624.1 523.5 3,100.6 839.4 295.2 635.2 438.3 296.7 1,019.1 9,382.9 2,496.8 1,115.6 1,381.3 6,886.0 1,511.6 3,616.0 523.4 3,092.6 834.4 285.2 638.8 451.4 288.1 1,025.1 9,406.9 2,497.6 1,116.3 1,381.2 6,909.3 1,515.7 3,614.8 524.0 3,090.8 840.3 292.5 646.0 440.1 310.8 1,003.3 9,397.8 2,470.8 1,109.3 1,361.5 6,927.0 1,514.1 3,629.8 523.2 3,106.5 839.0 312.6 631.5 426.7 288.5 1,024.2 9,405.2 2,488.2 1,118.0 1,370.2 6,917.0 1,519.7 3,633.0 523.8 3,109.2 843.8 296.1 624.3 434.5 301.9 1,020.2 10,199.4 10,902.6 10,981.3 11,123.3' 11,061.1 11,036.0 11,019.6 11,042.8 11,040.1 11,053.2 11,029.2 11,054.3 6,337.5 616.6 5,720.9 1 800 2 3,920.7 2 131 5' 440.4' 1 691 0 35.0 600.4 6,699.3 616.4 6,082.9 2 065 9 4,017.0 2 271 1' 489.1' 1 782 0 91.7 697.3 6,771.2 617.0 6,154.2 2,094.0 4,060.1 2,269.7' 491.2' 1,778.5 63.7 703.0 6,850.4 610.8 6,239.6 2,103.5 4,136.1 2,293.6' 487.5' 1,806.1 50.0' 774.3 6,847.7 632.3 6,215.5 2,090.5 4,124.9 2,290.7 478.6 1,812.1 18.8 724.7 6,887.7 613.8 6,274.0 2,113.6 4,160.4 2,309.6 488.1 1,821.6 -21.6 690.9 6,910.6 603.8 6,306.8 2,126.5 4,180.3 2,306.7 485.8 1,820.9 -22.5 671.9 6,883.4 621.6 6,261.8 2,131.6 4,130.2 2,331.5 480.4 1,851.1 -54.0 672.8 6,858.3 618.3 6,240.0 2,123.1 4,116.9 2,308.4 483.5 1,824.9 -23.1 687.3 6,914.3 607.8 6,306.5 2,146.8 4,159.8 2,325.4 489.1 1,836.3 -71.1 676.9 6,915.5 604.5 6,311.0 2,138.3 4,172.8 2,336.1 480.4 1,855.7 -85.9 661.5 6,848.2 658.9 6,189.2 2,119.1 4,070.1 2,357.3 470.1 1,887.2 -42.5 665.2 27 Total liabilities 9,104.3' 9,759.3' 9,807.5' 9,968.2' 9,882.0 9,866.7 9,866.6 9,833.7 9,831.0 9,845.6 9,827.3 9,828.1 28 Residual (assets less liabilities)5 1,095.1' 1,143.2' 1,173.8' 1,155.1' 1,179.2 1,169.3 1,153.0 1,209.0 1,209.1 1,207.6 1,201.9 1,226.2 17 18 19 20 21 22 23 24 25 26 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 andAgency 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 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 8,654.3 2,303.6 1,172.6 1,131.0 6,350.7 1,276.8 3,451.0 464.0 2,987.0 766.7 325.4 441.3 266.9 589.3 369.0 293.0 881.3 9,314.9 2,420.1 1,088.4 1,331.7 6,894.8 1,457.9 3,618.1 490.2 3,127.9 828.6 361.9 466.7 305.9 684.3 448.6 314.1 971.8 9,363.8 2,456.2 1,097.4 1,358.8 6,907.6 1,469.6 3,630.4 494.1 3,136.3 819.2 347.5 471.7 300.1 688.3 461.5 304.8 973.7 9,465.1' 2,552.3' 1,115.6 1,436.6 6,912.9' 1,488.2' 3,636.9' 496.8 3,140.1' 812.3 338.8 473.5 301.5 674.0' 450.2 300.5 1,008.4' 9,393.9 2,526.3 1,102.5 1,423.8 6,867.6 1,496.5 3,627.4 502.4 3,125.0 818.2 339.7 478.5 284.5 641.0 449.3 308.7 1,000.0 9,372.5 2,493.0 1,109.7 1,383.3 6,879.5 1,498.7 3,625.0 508.4 3,116.6 822.8 340.7 482.1 294.2 638.8 434.6 304.1 986.4 9,328.1 2,471.7 1,123.2 1,348.6 6,856.4 1,501.6 3,613.6 514.4 3,099.2 826.9 342.8 484.2 281.2 633.1 436.4 296.2 1,000.1 9,326.3 2,469.4 1,119.4 1,350.0 6,856.9 1,503.9 3,608.2 521.6 3,086.6 833.0 347.5 485.5 282.0 629.7 422.6 292.4 1,016.3 9,319.3 2,483.9 1,117.6 1,366.3 6,835.4 1,502.1 3,609.7 520.3 3,089.4 825.7 340.9 484.8 267.9 629.9 416.5 286.9 1,035.3 9,329.5 2,471.5 1,111.5 1,360.0 6,858.0 1,503.9 3,604.0 521.5 3,082.5 832.9 347.9 485.0 281.2 636.0 428.2 304.4 1,003.2 9,312.3 2,449.5 1,115.3 1,334.2 6,862.8 1,500.2 3,608.0 522.0 3,085.9 835.9 349.8 486.1 294.9 623.8 421.4 275.4 1,010.5 9,340.0 2,469.1 1,129.6 1,339.6 6,870.9 1,507.7 3,611.6 523.2 3,088.4 838.3 352.2 486.1 287.1 626.2 425.8 300.9 1,011.3 10,130.0 10,967.6 11,018.8 11,136.6' 11,056.1 11,000.4 10,960.1 10,949.8 10,949.8 10,957.2 10,911.8 10,970.8 6,297.8 601.2 5,696.6 1,771.5 3,925.1 2 101 0' 428.7' 1,672.4 53.1 592.5 6,718.4 628.7 6,089.7 2,076.7 4,013.1 2 264 4' 494.9' 1,769.5 122.3 694.7 6,772.6 609.0 6,163.6 2,096.1 4,067.5 2,276.4' 492.8' 1,783.6 85.3 703.1 6,864.2 614.6 6,249.7 2,109.4 4,140.3 2,307.5' 490.4' 1,817.1 22.9' 760.3 6,893.3 642.8 6,250.5 2,108.7 4,141.7 2,297.6 484.2 1,813.5 -36.1 726.5 6,862.7 609.7 6,253.0 2,131.1 4,121.9 2,329.1 485.2 1,844.0 -62.5 696.8 6,865.5 602.8 6,262.7 2,126.7 4,136.0 2,308.1 481.8 1,826.4 -56.3 664.7 6,830.2 605.9 6,224.2 2,093.9 4,130.3 2,298.3 468.2 1,830.1 -30.3 664.4 6,837.7 569.7 6,268.0 2,085.0 4,183.0 2,248.1 461.4 1,786.7 1.7 675.0 6,867.5 585.0 6,282.5 2,107.0 4,175.4 2,280.3 472.4 1,808.0 -44.6 665.3 6,800.8 613.0 6,187.8 2,099.0 4,088.7 2,322.1 474.2 1,847.9 -48.3 654.4 6,800.6 658.6 6,142.1 2,083.2 4,058.8 2,342.1 465.9 1,876.2 -29.6 664.0 57 Total liabilities 9,044.5' 9,799.8' 9,837.3' 9,954.9' 9,881.3 9,826.2 9,781.9 9,762.5 9,762.5 9,768.5 9,729.0 9,777.1 58 Residual (assets less liabilities)5 1,085.5' 1,167.8' 1,181.5' 1,181.7' 1,174.8 1,174.2 1,178.2 1,187.2 1,187.3 1,188.7 1,182.8 1,193.7 47 48 49 50 51 52 53 54 55 56 Footnotes appear on p. 21. 16 Federal Reserve Bulletin Statistical Supplement • August 2008 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 2008 2008 2007 Jan. Feb. Mar. Apr.' May June' July July 9 July 16 July 23 July 30 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,647.1 1,881.4 1,084.1 797.3 5,765.7 1,043.6 3,432.1 465.3 2,966.8 772.2 127.2 390.6 308.2 243.6 840.8 8,100.6 1,970.2 1,010.4 959.8 6,130.4 1,161.9 3,553.1 486.9 3,066.2 813.2 161.5 440.8 359.0 245.4 917.0 8,156.6 1,970.1 995.8 974.3 6,186.5 1,167.2 3,578.7 492.5 3,086.2 814.7 175.7 450.3 368.4 248.7 918.0 8,262.9' 2,035.6 1,007.0 1,028.6 6,227.2' 1,178.6' 3,604.7' 498.9 3,105.8' 818.0 182.4 443.6 371.1 250.6 936.9' 8,268.1 2,024.9 1,000.6 1,024.3 6,243.2 1,186.3 3,610.0 506.8 3,103.2 823.4 188.7 434.8 368.8 251.3 937.9 8,254.7 2,000.3 1,003.8 996.5 6,254.4' 1,190.1 3,613.5' 512.2 3,101.3 827.1' 189.0 434.7' 371.6' 248.4 940.8' 8,239.9 2,001.0 1,020.9 980.0 6,238.9 1,194.8 3,602.9 518.3 3,084.5 831.7 180.4 429.1 384.7 240.4 949.5 8,273.3 2,021.8 1,021.4 1,000.5 6,251.5 1,199.4 3,581.3 523.5 3,057.8 839.4 194.7 436.6 372.0 240.5 971.1 8,260.8 2,031.9 1,020.3 1,011.5 6,229.0 1,198.1 3,573.2 523.4 3,049.8 834.4 184.0 439.3 386.8 231.7 973.7 8,283.8 2,032.3 1,024.7 1,007.5 6,251.6 1,200.8 3,572.2 524.0 3,048.3 840.3 193.2 445.0 375.2 253.1 962.3 8,269.8 2,004.3 1,014.4 989.9 6,265.4 1,196.9 3,586.8 523.2 3,063.5 839.0 207.5 435.3 361.5 234.2 973.5 8,286.6 2,021.9 1,024.2 997.7 6,264.7 1,203.0 3,590.2 523.8 3,066.3 843.8 199.2 428.5 362.9 246.4 974.4 8,972.1 9,540.2 9,606.6' 9,733.8' 9,730.9 9,718.6' 9,713.7 9,749.4 9,745.8 9,766.5 9,731.1 9,763.0 5,458.7 605.4 4,853.3 931.6 3,921.8 1 536 2' 373.0' 1,163.2 407.5 478.6 5,651.4 603.5 5,047.9 1,033.3 4,014.5 1 670 6' 422.8' 1,247.8 515.1 555.3 5,693.5 602.5 5,091.0 1,032.7 4,058.3 1,671.1' 425.5' 1,245.6 503.6 565.3 5,774.0 594.5 5,179.4 1,048.1 4,131.3 1,686.0' 416.4' 1,269.6 509.2' 609.6 5,776.1 616.0 5,160.1 1,039.6 4,120.5 1,695.7 407.9 1,287.7 511.4 569.6 5,774.3 596.7 5,177.6 1,021.5 4,156.1 1,702.0' 416.2' 1,285.8' 529.6 546.1' 5,784.7 587.0 5,197.7 1,021.8 4,175.9 1,704.1 417.6 1,286.5 542.1 532.5 5,762.1 604.4 5,157.7 1,030.7 4,127.0 1,725.5 409.1 1,316.4 522.9 536.5 5,739.0 600.1 5,138.9 1,025.8 4,113.1 1,709.0 407.8 1,301.2 540.2 549.2 5,788.3 590.6 5,197.7 1,041.3 4,156.3 1,732.0 420.3 1,311.8 502.4 541.2 5,787.0 587.3 5,199.7 1,029.5 4,170.3 1,720.2 406.2 1,313.9 502.8 525.2 5,736.3 642.3 5,094.0 1,026.4 4,067.6 1,744.1 402.2 1,341.9 540.9 530.1 27 Total liabilities 7,881.1' 8,392.4' 8,433.5' 8,578.7' 8,552.8 8,552.0' 8,563.5 8,546.9 8,537.3 8,563.9 8,535.1 8,551.5 28 Residual (assets less liabilities)5 1,091.0' 1,147.8' 1,173.1' 1,155.0' 1,178.1 1,166.6' 1,150.2 1,202.5 1,208.5 1,202.6 1,195.9 1,211.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury andAgency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,612.1 1,875.6 1,089.8 785.8 5,736.4 1,038.4 3,421.8 464.0 2,957.8 1,450.2 1,507.6 766.7 325.4 441.3 120.0 389.5 295.6 239.3 840.6 8,135.6 1,960.8 997.0 963.8 6,174.8 1,163.0 3,578.7 490.2 3,088.5 1,512.4 1,576.2 828.6 361.9 466.7 163.3 441.1 361.7 258.3 916.2 8,179.1 1,975.2 998.3 976.9 6,203.9 1,169.9 3,590.6' 494.1 3,096.5' 1,509.1' 1,587.4 819.2 347.5 471.7 178.4 445.9 372.4 249.1 915.9 8,267.4' 2,047.7 1,017.9 1,029.8 6,219.7' 1,181.1' 3,596.4' 496.8 3,099.7' 1,502.9' 1,596.7 812.3 338.8 473.5 190.3' 439.6 379.1 243.9 939.2' 8,254.9 2,043.4 1,010.4 1,033.0 6,211.6 1,190.2 3,585.4 502.4 3,083.0 1,480.7 1,602.2 818.2 339.7 478.5 188.5 429.3 378.4 251.5 938.9 8,242.1 2,022.1 1,017.6' 1,004.6 6,220.0 1,191.7' 3,583.9' 508.4 3,075.5 1,463.8 1,611.7' 822.8' 340.7 482.1 191.5 430.1' 361.7' 247.3 936.9' 8,214.0 2,012.8 1,032.3 980.6 6,201.1 1,192.2 3,571.9 514.4 3,057.5 1,438.1 1,619.4 826.9 342.8 484.2 181.8 428.2 370.7 237.4 943.7 8,222.1 2,012.0 1,027.4 984.5 6,210.2 1,192.3 3,566.0 521.6 3,044.4 1,422.6 1,621.8 833.0 347.5 485.5 184.8 434.1 357.8 236.1 968.5 8,216.8 2,023.8 1,024.6 999.2 6,193.0 1,192.1 3,567.0 520.3 3,046.7 1,428.3 1,618.4 825.7 340.9 484.8 172.7 435.5 352.9 230.6 985.2 8,225.5 2,015.0 1,022.9 992.1 6,210.5 1,192.4 3,561.6 521.5 3,040.1 1,419.4 1,620.7 832.9 347.9 485.0 185.6 438.1 364.1 246.0 963.1 8,206.1 1,994.1 1,023.0 971.1 6,212.0 1,188.1 3,565.8 522.0 3,043.7 1,419.6 1,624.1 835.9 349.8 486.1 192.4 429.8 355.4 221.2 961.4 8,237.8 2,011.3 1,035.2 976.1 6,226.5 1,194.9 3,569.9 523.2 3,046.8 1,422.4 1,624.3 838.3 352.2 486.1 191.5 431.9 358.1 245.7 963.7 8,920.1 9,590.0 9,631.5' 9,742.1' 9,728.0 9,690.8' 9,665.0 9,676.8 9,677.4 9,690.6 9,636.3 9,698.2 5,438.4 590.3 4,848.1 924.2 3,923.9 1,516.9' 366.2' 1,150.8 407.2 474.9 5,669.7 615.7 5,054.0 1,043.2 4,010.8 1,657.6' 426.3' 1,231.3 545.3 551.9 5,700.6 594.2 5,106.4 1,042.3 4,064.1 1,663.0' 425.7' 1,237.3 524.7 564.4 5,787.3 597.6 5,189.7 1,053.8 4,135.9 1,679.4' 412.8' 1,266.6 500.4' 596.4 5,797.8 626.0 5,171.8 1,034.4 4,137.4 1,699.3 413.6 1,285.7 488.4 570.8 5,725.1 592.9 5,132.2 1,014.6 4,117.6 1,711.6' 417.4' 1,294.2' 534.8 548.5 5,730.4 586.2 5,144.2 1,012.6 4,131.6 1,702.7 415.5 1,287.2 529.8 527.3 5,734.5 589.1 5,145.3 1,019.5 4,125.8 1,702.9 401.6 1,301.4 523.1 532.5 5,747.7 552.2 5,195.5 1,017.0 4,178.5 1,664.4 396.2 1,268.2 537.7 543.7 5,766.2 568.4 5,197.8 1,026.9 4,170.9 1,701.0 407.2 1,293.8 504.7 533.3 5,697.7 596.4 5,101.3 1,017.1 4,084.2 1,721.5 406.9 1,314.5 515.6 522.1 5,711.9 642.0 5,069.9 1,015.5 4,054.4 1,730.9 397.5 1,333.4 533.2 531.9 59 Total liabilities 7,837.4' 8,424.5' 8,452.7' 8,563.4' 8,556.3 8,520.0' 8,490.2 8,493.0 8,493.5 8,505.3 8,456.8 8,507.9 60 Residual (assets less liabilities)5 1,082.7' 1,165.5' 1,178.9' 1,178.7' 1,171.6 1,170.9' 1,174.8 1,183.9 1,183.9 1,185.3 1,179.5 1,190.3 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account July 2008 2008 2007 Jan. Feb. Mar. Apr. May June July July 9 July 16 July 23 July 30 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. 4.844.1' 1,288.2 707.9 67.7 640.2' 567.8 72.3 580.3 292.8 287.5 58.7 230.4 3,555.9' 674.4 2,016.4' 379.5 1,636.9' 1,032.2 604.7' 455.9 119.3 5,158.4' 1,377.7 645.3 81.1 564.2' 510.6 53.6 732.4 387.1 345.3 57.2 286.1 3,780.7' 758.9 2,059.7' 397.0 1,662.7' 1,038.5' 624.2' 473.9 151.0 5,210.0' 1,378.7 635.6 74.4 561.2' 512.3' 48.9 743.1 393.7 349.4 55.9 290.9 3,831.3' 768.1 2,076.2' 401.7 1,674.5' 1,040.7 633.8' 475.8 164.6 5,305.8' 1,445.0 649.0' 76.9 572.0 529.2 42.8 796.1' 441.5 354.5 55.1 298.0 3,860.7' 776.5 2,095.6' 407.0 1,688.7' 1,045.8 642.8' 478.4 171.0 5,303.8' 1,437.3 642.4 68.5 574.0' 526.7' 47.3 794.9 433.4 361.5 54.7' 306.6 3,866.5' 780.2' 2,095.4' 412.8' 1,682.7' 1,031.7 650.9' 483.9 177.1 5,291.7' 1,414.7 647.4 65.7 581.7 534.0 47.7 767.3 396.0 371.2 54.2 318.1 3,877.0' 783.2 2,099.5' 417.1 1,682.4' 1,024.0 658.4' 487.1 177.5 5,266.0' 1,415.8' 664.9 66.3 598.6 552.1 46.5 750.9 378.3 372.6 52.9 323.3 3,850.2' 786.2 2,080.5' 421.4' 1,659.2' 993.2 665.9' 491.1 169.0 5,278.8 1,429.0 663.4 54.9 608.5 560.9 47.7 765.6 396.2 369.3 52.9 n.a. 3,849.8 789.6 2,051.0 426.7 1,624.3 977.5 646.8 498.7 183.1 5,265.3 1,436.1 659.3 56.6 602.7 557.4 45.3 776.8 405.2 371.6 53.0 n.a. 3,829.1 787.9 2,042.3 426.1 1,616.1 968.2 647.9 496.1 172.3 5,297.2 1,439.4 667.2 54.0 613.2 567.6 45.6 772.2 399.6 372.5 53.3 n.a. 3,857.8 793.1 2,049.0 427.4 1,621.6 974.4 647.2 499.1 181.2 5,273.1 1,411.1 657.1 52.2 604.8 558.2 46.6 754.0 385.5 368.5 52.9 n.a. 3,862.1 787.7 2,054.7 426.6 1,628.1 983.2 644.9 498.8 195.7 5,288.8 1,431.7 668.6 53.6 615.0 562.2 52.9 763.1 396.4 366.7 52.7 n.a. 3,857.1 791.2 2,057.0 427.4 1,629.6 984.4 645.2 500.9 188.1 93.4 25.9 123.4 27.5 138.4 26.2 139.4 31.6 142.3 34.8 143.2 34.3 143.2 25.9 157.2 25.9 146.5 25.8 153.8 27.4 169.1 26.6 164.1 24.0 35.9 154.2 99.8 185.8 45.0 194.5 97.8 235.0 42.8 205.5 98.3 239.7 33.2 207.3' 98.6 241.3 26.7 202.3' 100.8 240.8 31.5 196.5' 101.8 244.4 24.1 197.2 102.1 258.9 27.4 201.1 98.9 240.3 29.9 201.0 99.6 255.3 25.9 209.9 99.6 237.6 28.6 198.2 98.3 226.0 26.2 195.8 98.0 238.0 135.2 50.6 152.6 619.0' 181.5 53.5 148.4 687.1 182.1 57.5 149.8 686.9 190.6' 50.7 146.1 703.4' 187.9 53.0 146.1 704.8' 190.3 54.1 145.5 706.0 203.4 55.5 136.7' 712.2' 193.8 46.5 135.3 736.4 206.2 49.2 128.7 736.4 191.4 46.2 144.1 732.1 181.6 44.3 128.2 737.8 193.1 44.9 143.0 740.0 5,766.3' 6,184.6' 6,239.8' 6,348.6' 6,340.8' 6,331.3' 6,313.8' 6,324.5 6,319.4 6,344.3 6,298.4 6,343.8 3,213.1' 331.2 2,881.9' 523.3 2,358.6' 1,049.8' 154.0' 895.8 405.3 401.9 3,359.1' 331.5 3,027.6' 618.3' 2,409.4' 1,084.3' 165.8' 918.5 513.2 480.5 3,388.6' 330.7 3,057.8' 617.4' 2,440.4' 1,095.2' 172.2' 922.9 501.1 487.7 3,447.0' 325.7 3,121.2' 631.6' 2,489.7' 1,104.6' 169.8' 934.8 504.6' 530.9 3,455.7' 339.2 3,116.5' 624.9' 2,491.6' 1,105.1' 158.9' 946.2 506.7 490.6 3,454.8' 325.8 3,128.9' 607.1' 2,521.8' 1,109.8' 167.3' 942.5' 525.5 465.8 3,458.6' 317.0' 3,141.6' 605.3 2,536.3' 1,112.1' 163.7' 948.4' 537.3 451.4 3,416.9 326.3 3,090.5 610.8 2,479.7 1,134.2 163.9 970.3 517.4 455.6 3,393.2 324.2 3,069.0 604.3 2,464.6 1,117.0 162.3 954.7 534.8 467.5 3,440.6 317.6 3,123.0 621.8 2,501.2 1,145.3 177.9 967.4 497.5 459.8 3,433.1 314.1 3,119.1 609.1 2,509.9 1,129.8 162.8 967.1 496.8 445.6 3,400.0 352.7 3,047.3 608.4 2,438.9 1,149.8 154.3 995.5 534.9 450.0 5,070.1' 5,437.1' 5,472.5' 5,587.1' 5,558.2' 5,555.8' 5,559.5' 5,524.1 5,512.5 5,543.3 5,505.3 5,534.6 696.2' 747.4' 767.3' 761.4' 782.5' 775.4' 754.3' 800.4 806.9 801.1 793.0 809.2 18 Federal Reserve Bulletin Statistical Supplement • August 2008 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 2008 2008 2007 Jan. Feb. Mar. Apr. May June July July 9 July 16 July 23 July 30 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets5 77 Other 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. 4,808.1' 1,288.6 715.3' 69.0 646.3' 574.4 71.8 573.4 288.0 285.4 58.1 227.5 3,519.4' 667.6 2,001.0' 377.3 1,623.6' 1,019.8 603.8' 449.7 129.9 319.8 112.5 5,192.9' 1,370.3' 633.2' 79.0 554.1 502.3 51.8 737.1 388.9 348.2 57.4 290.1 3,822.6' 760.2 2,089.3' 400.5 1,688.8' 1,059.0 629.8' 481.8 138.8 343.0 152.8 5,236.0' 1,381.6 639.1 78.2 560.9 512.9 48.0 742.5 390.8 351.7 56.0 295.1 3,854.4' 771.4' 2,091.2' 403.4 1,687.8' 1,050.0 637.8' 480.9 133.9 347.0 167.3 5,314.7' 1,450.1 657.3 81.4 575.9 533.2 42.7 792.8 438.8 354.0 55.1 298.6 3,864.6' 779.2' 2,091.6' 404.9 1,686.7' 1,046.4' 640.3' 479.7 131.4 348.3 178.7 5,283.7' 1,446.7 647.2 70.0 577.3' 530.2 47.1' 799.5 439.8 359.7 54.7 305.0 3,837.0' 781.5 2,070.2' 408.8 1,661.4' 1,022.0 639.4' 484.4 132.1 352.4 177.0 5,260.3' 1,425.3 655.1 65.5 589.6 541.8 47.8 770.2 399.4 370.8 54.6 315.7 3,835.0' 781.7' 2,061.8' 413.4 1,648.4' 1,003.1 645.3' 486.3 131.1 355.2 180.5 5,220.9' 1,420.5 671.3' 67.9 603.3 555.9 47.4 749.3 379.4 369.9 52.7 318.6 3,800.4' 780.6 2,041.2' 418.1 1,623.2' 975.7 647.4' 487.5 131.2 356.3 170.7 5,228.7 1,426.1 671.1 55.6 615.5 568.0 47.5 755.0 388.4 366.6 52.4 n.a. 3,802.6 780.6 2,031.7 424.1 1,607.6 961.3 646.3 491.7 134.5 357.2 173.5 5,229.0 1,435.7 666.3 56.3 610.0 564.9 45.1 769.4 398.8 370.5 52.6 n.a. 3,793.3 781.0 2,034.5 423.0 1,611.5 966.5 645.0 489.7 133.0 356.7 161.3 5,234.2 1,428.5 666.9 52.9 614.0 568.5 45.5 761.5 391.8 369.7 52.7 n.a. 3,805.7 781.8 2,030.4 424.0 1,606.4 960.3 646.1 491.2 134.4 356.8 174.0 5,210.8 1,408.3 667.2 53.1 614.1 567.4 46.7 741.1 377.2 363.9 52.2 n.a. 3,802.5 777.2 2,030.8 424.4 1,606.4 959.3 647.1 492.8 135.2 357.6 181.2 5,238.9 1,428.4 680.4 56.1 624.3 572.0 52.3 748.0 384.9 363.1 52.3 n.a. 3,810.5 781.2 2,031.8 425.2 1,606.6 959.3 647.3 493.6 135.8 357.8 180.5 87.4 25.1 125.3 27.5 140.5 26.8 146.1 32.6 141.3 35.7 145.5 35.0 144.7 25.9 148.3 25.2 135.8 25.6 147.9 26.1 155.9 25.2 156.5 23.9 33.2 155.9 99.5 181.8 45.8 194.3 98.5 237.9 41.5 204.6 97.6 236.4 31.8 205.7 97.9 236.8 24.3 200.0 99.6 245.1 28.1 196.6 99.9 239.1 23.7 196.7 99.9 248.7 25.2 200.8 99.0 234.3 27.9 199.3 99.7 229.1 22.6 206.4 99.5 234.4 25.5 196.6 98.4 232.4 25.9 199.3 98.2 238.6 132.1' 49.8 148.2 615.7 184.2 53.7 158.7 690.5 178.3 58.1 149.8 685.2' 186.3 50.6 142.4 707.4' 192.2 52.9 147.2 704.1 186.7 52.4 143.0 700.3 194.8 53.9 133.1 702.0' 188.7 45.6 131.0 731.5 181.3 47.8 126.5 741.4 189.0 45.4 138.2 730.4 189.2 43.2 117.9 729.8 193.9 44.7 140.9 726.8 5,718.7' 6,235.7' 6,261.0' 6,353.6' 6,325.1' 6,286.4' 6,244.9' 6,258.8 6,258.7 6,270.2 6,224.4 6,279.4 3,189.7' 320.7 2,869.0' 518.0 2,350.9' 1,033.0' 147.1' 886.0 405.2 399.2 3,387.2' 341.4 3,045.8' 629.1' 2,416.7' 1,061.6' 165.9' 895.7 541.5 477.3 3,396.3' 324.3 3,072.0' 625.1' 2,446.9' 1,086.2' 173.5' 912.7 520.3 485.8 3,459.7' 326.7 3,133.0' 635.7' 2,497.4' 1,108.5' 172.3' 936.2' 495.9' 516.8 3,463.3' 346.6 3,116.7' 619.3' 2,497.4' 1,114.9' 164.9' 950.0 483.6' 491.6' 3,398.9' 322.5 3,076.4' 599.3' 2,477.1' 1,118.3' 168.2' 950.2 530.0 468.0 3,390.8' 314.9' 3,076.0' 595.6' 2,480.4' 1,109.1' 161.3' 947.8' 525.6 446.5 3,386.3 315.7 3,070.6 601.4 2,469.1 1,115.5 156.2 959.3 517.9 452.5 3,391.7 291.4 3,100.3 598.7 2,501.6 1,082.8 154.4 928.4 532.2 463.9 3,411.5 303.8 3,107.6 608.7 2,498.9 1,116.5 164.9 951.6 499.4 453.4 3,359.3 320.1 3,039.2 598.6 2,440.6 1,130.0 159.4 970.7 510.3 442.3 3,369.2 349.9 3,019.3 598.0 2,421.3 1,138.9 148.0 990.8 527.9 451.9 5,027.2' 5,467.6' 5,488.6' 5,580.8' 5,553.3' 5,515.2' 5,472.0' 5,472.2 5,470.6 5,480.7 5,441.9 5,487.8 691.6' 768.1' 772.4' 772.8' 771.8' 771.2' 772.9' 786.6 788.1 789.5 782.5 791.5 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 2008 2008 2007 Jan. Feb.' Mar.' Apr.' May' June' July July 9 July 16 July 23 July 30 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 2,803.0' 593.2' 376.2' 217.0 2,209.8' 369.2 1,415.6' 85.8 1,329.8' 316.3 108.7 122.4 91.0 221.8 2,942.2' 592.5 365.1 227.3 2,349.8' 403.0 1,493.4' 89.9 1,403.5' 339.3 114.1 124.0 97.0 229.9 2,946.6 591.3 360.2 231.2 2,355.3 399.1 1,502.5 90.8 1,411.7 338.9 114.7 128.7 98.9 231.1 2,957.1 590.6 358.0 232.6 2,366.5 402.1 1,509.0 91.9 1,417.1 339.5 115.8 129.8 104.5 233.5 2,964.3 587.6 358.2 229.4 2,376.7 406.1 1,514.6 94.0 1,420.6 339.4 116.5 128.0 105.2 233.1 2,962.9 585.6 356.4 229.2 2,377.4 406.9 1,514.0 95.0 1,418.9 340.0 116.5 127.2 102.9 234.8 2,973.9 585.2 356.0 229.2 2,388.7 408.5 1,522.4 97.0 1,425.4 340.7 117.1 125.8 103.7 237.3 2,994.5 592.9 357.9 234.9 2,401.7 409.9 1,530.3 96.8 1,433.5 340.7 120.8 131.7 105.2 234.6 2,995.6 595.8 361.0 234.7 2,399.8 410.2 1,530.9 97.2 1,433.7 338.3 120.4 131.5 103.0 237.3 2,986.6 592.9 357.5 235.4 2,393.7 407.7 1,523.2 96.6 1,426.6 341.2 121.6 137.5 109.0 230.1 2,996.6 593.2 357.3 235.9 2,403.4 409.2 1,532.0 96.6 1,435.4 340.2 121.9 135.5 106.0 235.7 2,997.7 590.1 355.5 234.6 2,407.6 411.8 1,533.2 96.4 1,436.7 343.0 119.7 124.8 103.4 234.4 3,205.8' 3,355.6' 3,366.8 3,385.2 3,390.1 3,387.3 3,399.9 3,424.9 3,426.4 3,422.2 3,432.7 3,419.1 2 245 6' 274.2 1,971.5' 408.2' 1 563 2' 486.4' 219.0' 267.4 2.3 76.6 2 292 2' 272.0 2,020.2' 415.1 1 605 2' 586.3' 257.0' 329.3 1.9 74.8 2,304.9 271.8 2,033.2 415.3 1,617.9 576.0 253.3 322.7 2.5 77.6 2,327.0 268.8 2,058.2 416.6 1,641.6 581.4 246.5 334.9 4.6 78.6 2,320.4 276.7 2,043.6 414.8 1,628.8 590.6 249.0 341.5 4.7 78.9 2,319.6 270.9 2,048.7 414.4 1,634.3 592.2 248.9 343.3 4.1 80.3 2,326.2 270.0 2,056.1 416.5 1,639.7 592.0 253.9 338.1 4.8 81.1 2,345.2 278.1 2,067.2 419.9 1,647.3 591.3 245.2 346.1 5.5 80.9 2,345.8 275.8 2,069.9 421.5 1,648.5 592.0 245.5 346.5 5.3 81.7 2,347.7 273.0 2,074.6 419.5 1,655.1 586.7 242.3 344.4 4.9 81.3 2,353.9 273.2 2,080.7 420.3 1,660.4 590.3 243.5 346.9 5.9 79.6 2,336.3 289.6 2,046.7 418.0 1,628.7 594.3 247.9 346.4 6.1 80.1 2,811.0 2,955.2 2,961.0 2,991.6 2,994.6 2,996.2 3,004.0 3,022.9 3,024.7 3,020.6 3,029.8 3,016.9 394.8' 400.4' 405.8 393.6 395.6 391.1 395.9 402.1 401.6 401.6 402.9 402.3 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. 2,804.0' 587.0 374.6 212.4 2,217.0' 370.8' 1,420.8' 86.6 1 334 2' 430.4 903.8' 317.0 195.5 121.5 108.4 113.8 91.1 224.9 2,942.6' 590.5 363.8 226.7 2,352.1' 402.8 1,489.5' 89.7 1 399 8' 453.4 946.4' 346.8 223.1 123.7 113.0 123.8 99.7 225.8 2,943.1 593.6 359.2 234.4 2,349.5 398.5 1,499.4 90.7 1,408.7 459.1 949.6 338.3 213.6 124.7 113.3 136.0 99.2 230.7 2,952.8 597.6 360.6 237.0 2,355.2 402.0 1,504.8 91.8 1,413.0 456.6 956.4 332.5 207.4 125.1 115.9 142.3 101.5 231.8 2,971.2 596.6 363.2 233.5 2,374.6 408.6 1,515.2 93.5 1,421.6 458.8 962.9 333.8 207.6 126.2 117.0 133.2 104.3 234.8 2,981.8 596.8 362.5 234.4 2,385.0 410.0 1,522.1 94.9 1,427.2 460.7 966.4 336.5 209.6 126.9 116.4 122.6 104.2 236.6 2,993.1 592.3 361.0 231.3 2,400.8 411.6 1,530.7 96.3 1,434.3 462.4 971.9 339.4 211.6 127.9 119.0 122.0 104.3 241.7 2,993.5 585.9 356.4 229.5 2,407.6 411.7 1,534.3 97.6 1,436.7 461.3 975.5 341.3 213.0 128.3 120.3 123.6 105.1 237.0 2,987.8 588.1 358.3 229.8 2,399.6 411.1 1,532.5 97.3 1,435.2 461.8 973.4 336.0 207.9 128.1 120.0 123.9 104.1 243.8 2,991.4 586.6 356.0 230.6 2,404.8 410.6 1,531.2 97.5 1,433.7 459.1 974.6 341.7 213.5 128.2 121.3 129.6 107.8 232.7 2,995.3 585.8 355.8 230.0 2,409.5 410.9 1,535.0 97.7 1,437.3 460.3 977.0 343.1 214.6 128.5 120.5 123.0 103.3 231.6 2,998.9 583.0 354.8 228.1 2,415.9 413.6 1,538.1 98.0 1,440.2 463.2 977.0 344.7 216.3 128.3 119.5 119.5 104.8 236.8 3,201.3' 3,354.3' 3,370.6 3,388.5 3,402.9 3,404.5 3,420.1 3,418.1 3,418.7 3,420.4 3,411.9 3,418.8 2,248.7' 269.6 1,979.2' 406.2' 1,573.0' 483.9' 219.1' 264.8 2.0 75.6 2,282.6' 274.3 2,008.2' 414.1' 1,594.1' 595.9' 260.4' 335.5 3.8 74.6 2,304.3 269.9 2,034.4 417.2 1,617.3 576.8 252.1 324.6 4.4 78.6 2,327.6 270.9 2,056.6 418.1 1,638.5 570.9 240.5 330.4 4.6 79.6 2,334.5 279.4 2,055.1 415.1 1,640.0 584.4 248.7 335.7 4.8 79.2 2,326.2 270.4 2,055.8 415.3 1,640.5 593.3 249.2 344.0 4.7 80.5 2,339.6 271.4 2,068.2 417.0 1,651.2 593.6 254.2 339.4 4.2 80.8 2,348.2 273.4 2,074.8 418.1 1,656.7 587.4 245.3 342.0 5.2 80.0 2,355.9 260.8 2,095.2 418.3 1,676.9 581.6 241.8 339.8 5.5 79.8 2,354.8 264.6 2,090.2 418.1 1,672.0 584.5 242.4 342.2 5.3 80.0 2,338.4 276.3 2,062.1 418.5 1,643.6 591.4 247.6 343.9 5.3 79.9 2,342.7 292.1 2,050.6 417.5 1,633.1 592.1 249.5 342.6 5.4 79.9 2,810.2 2,956.9 2,964.1 2,982.6 3,003.0 3,004.7 3,018.2 3,020.8 3,022.9 3,024.6 3,015.0 3,020.1 391.1' 397.4' 406.5 405.9 399.9 399.7 401.9 397.2 395.9 395.8 397.0 398.7 20 Federal Reserve Bulletin Statistical Supplement • August 2008 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 2008 2008 2007 Jan. Feb. Mar. Apr. May June July July 9 July 16 July 23 July 30 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 1.059.1 435.1 84.1 351.0 623.9 241.1 29.6 151.0 202.1 74.5 53.3 40.4 1.166.9 459.6 93.5 366.1 707.3 290.7 39.4 140.3 237.1 83.2 55.6 56.7 1,172.6 478.6 97.9 380.7 694.0 295.4 40.7 120.6 237.3 88.5 56.6 56.9 1,188.1 499.3 97.6 401.7 688.9' 305.4' 41.6 110.2 232.1' 74.3 57.9 69.3 1,134.9' 479.7 92.9 386.9 655.1 307.6' 41.6 95.2 211.1' 74.6 58.7 62.1 1,135.5 467.7 91.8 375.9 667.7' 310.4' 40.2 104.1 212.5' 75.6 58.1 48.4 1,121.9' 457.7' 91.6 366.1' 664.3' 312.8' 41.8 100.6 208.8' 69.1 59.6 55.4 1,122.9 465.5 93.8 371.8 657.4 315.6 n.a. 100.5 198.5 66.4 56.1 48.1 1,122.0 465.0 95.2 369.7 657.1 313.5 n.a. 101.2 199.6 64.6 56.3 51.5 1,123.1 465.3 91.6 373.7 657.8 314.9 n.a. 99.3 201.0 65.0 57.7 41.0 1,128.1 466.5 94.9 371.6 661.6 317.2 n.a. 105.1 196.3 65.2 54.3 50.7 1,118.6 466.3 93.9 372.4 652.3 316.7 n.a. 96.9 195.8 71.6 55.5 45.7 1,227.3 1,362.3 1,374.6 1,389.6 1,330.2 1,317.4' 1,305.9' 1,293.4 1,294.3 1,286.7 1,298.1 1,291.4 878.8 11.2 867.5 595.2 67.4 527.8 -372.6 121.8 1,047.9 12.9 1,035.0 600.5' 66.3 534.2 -423.5 142.0 1,077.7 14.5 1,063.2 598.6 65.7 532.9 -439.9 137.6 1,076.4 16.2 1,060.2 607.6 71.1 536.5 -459.3 164.7 1,071.6 16.3 1,055.3 595.0 70.7 524.4 -492.6 155.1 1,113.4 17.0 1,096.4 607.7 71.9 535.8 -551.2 144.9 1,125.8 16.8 1,109.0 602.6' 68.2' 534.4 -564.7 139.3 1,121.3 17.2 1,104.1 606.0 71.3 534.7 -576.9 136.3 1,119.3 18.3 1,101.1 599.5 75.7 523.8 -563.3 138.2 1,126.0 17.2 1,108.8 593.4 68.9 524.6 -573.5 135.7 1,128.5 17.2 1,111.3 616.0 74.1 541.8 -588.6 136.3 1,111.8 16.6 1,095.2 613.2 67.9 545.3 -583.4 135.1 1,223.2 1,367.0 1,374.0 1,389.5 1,329.2 1,314.7 1,303.1' 1,286.8 1,293.7 1,281.8 1,292.2 1,276.7 4.1 -4.6' .7 .1 1.0 2.7' 2.8' 6.6 .6 4.9 6.0 14.7 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. 1.042.2 428.0 82.8 24.0 58.8 345.2 214.8 130.4 614.2 238.4 29.2 146.9 199.8 73.3 53.6 40.7 1,179.4 459.3 91.5 26.4 65.1 367.8 219.3 148.5 720.0 294.9 39.3 142.6 243.2 86.9 55.7 55.5 1,184.7 481.0 99.2 28.7 70.5 381.9 217.5 164.4 703.7 299.7 39.6 121.6 242.4 89.1 55.7 57.8 1,197.7 504.6 97.8 29.7 68.1 406.8 241.4 165.4 693.1 307.1' 40.2 111.1 234.5' 71.1 56.6 69.2 1,138.9 482.9 92.1 28.4 63.7 390.9 246.0 144.9 656.0 306.4' 42.0 96.0 211.7' 71.0 57.2 61.1 1,130.4 470.9 92.2 30.1 62.1 378.7 235.9 142.8 659.5 307.0' 41.1 102.7 208.7' 72.9 56.8 49.5 1,114.1' 458.9' 90.9 28.7 62.2 368.0' 221.9 146.1' 655.2' 309.4' 41.6 99.4 204.8' 65.7 58.8 56.4' 1,104.1 457.4 92.0 29.3 62.6 365.5 216.8 148.7 646.7 311.6 n.a. 97.2 195.6 64.8 56.3 47.8 1,102.5 460.1 93.0 29.4 63.6 367.1 217.8 149.4 642.4 310.0 n.a. 95.2 194.4 63.5 56.3 50.1 1,104.0 456.5 88.6 27.3 61.2 367.9 218.1 149.8 647.5 311.5 n.a. 95.6 197.9 64.1 58.5 40.1 1,106.2 455.4 92.3 29.4 62.9 363.0 215.9 147.1 650.8 312.1 n.a. 102.5 194.0 66.0 54.3 49.2 1,102.2 457.8 94.4 31.3 63.1 363.4 215.1 148.3 644.4 312.8 n.a. 95.6 194.3 67.7 55.2 47.6 1,209.9 1,377.5 1,387.3 1,394.5 1,328.1 1,309.5 1,295.1' 1,272.9 1,272.4 1,266.6 1,275.5 1,272.6 859.4 11.0 848.4 584.1 62.5 521.6 -354.1 117.6 1,048.7 13.0 1,035.7 606.8 68.5' 538.3 -423.0 142.8 1,072.0 14.8 1,057.2 613.4 67.1 546.3 -439.4 138.7 1,077.0 17.0 1,060.0 628.1 77.7 550.5 -477.6 163.9 1,095.5 16.8 1,078.6 598.3 70.6 527.8 -524.5 155.7 1,137.6 16.8 1,120.8 617.6 67.8 549.8 -597.3 148.3 1,135.0 16.5 1,118.5 605.4' 66.3' 539.2 -586.2 137.4 1,095.7 16.8 1,078.9 595.3 66.6 528.7 -553.4 131.9 1,090.1 17.5 1,072.5 583.6 65.2 518.4 -536.1 131.4 1,101.3 16.6 1,084.7 579.3 65.1 514.2 -549.3 132.0 1,103.1 16.6 1,086.5 600.6 67.3 533.3 -563.9 132.3 1,088.8 16.6 1,072.2 611.1 68.3 542.8 -562.8 132.1 1,207.1 1,375.3 1,384.7 1,391.5 1,324.9 1,306.2 1,291.7' 1,269.6 1,269.0 1,263.2 1,272.2 1,269.2 2.9 2.3' 2.6 3.0 3.2 3.3 3.4 3.4 3.4 3.3 3.4 3.4 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2007 July 2008 2008 Jan. Feb. Mar. Apr. May June July July 9 July 16 July 23 July 30 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 129.6 220.6 222.4 262.4 241.5 211.7 195.1 206.2 212.8 213.1 194.3 203.6 110.0 697.3' 522.7 174.5 166.2 669.6 444.1 225.5 166.3 683.1 453.0 230.1 198.0 705.5 471.2 234.4 183.7 702.6 471.3' 231.3' 162.0 715.2 483.0' 232.2' 146.9 728.0 496.5 231.6' 159.1 737.3 508.0 229.3 165.6 736.6 505.2 231.4 166.0 739.7 509.2 230.6 148.9 736.5 507.9 228.5 156.6 737.8 511.0 226.8 -17.7 110.0 69.0 40.9 1,147.1 -2.7 113.1 73.6 39.4 1,209.6 -7.0 114.1 76.1 38.0 1,215.7 -15.8 113.9 76.5 37.4 1,213.5 -20.2 112.8 75.9 36.9 1,214.5 -21.3 114.3 78.3 36.1 1,218.3 -29.2 117.4' 81.1 36.4 1,220.5 -35.6 117.0 80.2 36.9 1,234.0 -31.9 117.7 80.6 37.1 1,231.8 -32.6 116.9 79.8 37.0 1,231.8 -38.7 116.7 79.8 36.9 1,234.7 -37.0 116.7 80.2 36.5 1,239.5 228.3 279.1 37.4 245.4 289.8 37.9 249.4 293.2 37.5 256.9' 294.2 37.0 263.0' 296.0 36.5 265.9' 296.5 35.4 265.2' 296.9 28.1 262.8 296.4 27.5 263.7 299.2 27.7 262.4 294.3 27.4 262.9 295.3 27.4 261.9 296.2 27.4 67.3 84.7 86.4 113.8 114.5 106.8 99.3 98.5 100.9 101.6 98.5 93.0 72.9 85.1 88.9 110.9 108.3 103.4 95.8 94.6 96.4 97.3 94.6 90.0 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by ^classifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • August 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2007 2008 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2003 2004 2005 2006 2007 Nov. Dec. Jan. Feb. Mar. Apr. 1,284,153 1,403,929 1,662,157 1,983,118 1,780,685 1,843,369 1,780,685 1,860,738 1,819,246 1,821,489 1,757,975 519,785 112,292 589,499 129,902 663,951 142,363 730,735 167,075 816,693 162,720 825,002 167,923 816,693 162,720 854,644 172,258 845,397 179,731 835,350 173,591 802,401 186,154 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 1 Nov Rate 7 4.75 4 25 2003 June 27 4 00 2004—June 30 Aug. 10 Sept. 21 Nov. 10 Dec. 14 4 25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 Dec. 11 7.75 7.50 7.25 2008—Jan. 22 30 Mar. 18 Apr. 30 6.50 6.00 5.25 5.00 Period Average rate 2004 2005 2006 2007 4.34 6.19 7.96 8.05 2005 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 Period Average rate 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 7.33 2008—Jan Feb Mar Apr May June 6.98 6.00 5.66 5.24 5.00 5.00 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2008 Item 2005 2006 2008, week ending 2007 Feb. Mar. Apr. May May 2 May 9 May 16 May 23 May 30 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 3.22 4.19 4.97 5.96 5.02 5.86 2.98 3.50 2.61 3.04 2.28 2.49 1.98 2.25 2.28 2.46 1.94 2.25 1.96 2.25 1.96 2.25 2.05 2.25 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 3.22 3.23 3.42 4.98 5.01 5.10 5.02 4.98 4.92 2.90 2.75 2.72 2.36 2.32 2.35 2.10 2.05 1.99 1.99 2.01 2.00 2.05 2.02 1.87 1.96 1.98 1.96 1.97 1.97 1.95 1.98 2.04 2.06 2.07 2.05 2.06 6 7 8 Financial 1-month 2-month 3-month 3.27 3.36 3.44 5.00 5.04 5.07 5.07 5.10 5.13 3.00 2.95 3.03 2.61 2.65 2.70 2.56 2.61 2.72 2.28 2.43 2.61 2.55 2.60 2.72 2.35 2.49 2.62 2.28 2.47 2.58 2.19 2.37 2.60 2.20 2.40 2.60 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 3.34 3.51 3.73 5.06 5.16 5.24 5.23 5.27 5.23 3.11 3.06 2.99 2.82 2.79 2.70 2.82 2.85 2.86 2.50 2.66 2.84 2.75 2.82 2.94 2.62 2.70 2.80 2.50 2.66 2.86 2.39 2.62 2.80 2.42 2.64 2.90 12 Eurodollar deposits, 3-month3>s 3.51 5.19 5.32 3.12 2.86 3.03 2.84 3.07 2.85 2.85 2.75 2.85 U.S. Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 2.94 3.15 3.39 4.67 4.73 4.81 4.32 4.36 4.44 2.23 2.12 2.04 1.34 1.26 1.48 1.04 1.29 1.55 1.73 1.73 1.82 1.14 1.43 1.67 1.49 1.61 1.71 1.80 1.79 1.85 1.93 1.82 1.87 1.98 1.86 1.92 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 4.53 4.36 4.35 4.43 4.51 4.63 4.91 2.05 1.97 2.19 2.78 3.21 3.74 4.49 1.54 1.62 1.80 2.48 2.93 3.51 4.36 1.74 2.05 2.23 2.84 3.19 3.68 4.44 2.06 2.45 2.69 3.15 3.46 3.88 4.60 1.93 2.37 2.56 3.10 3.41 3.83 4.54 1.94 2.32 2.55 3.07 3.42 3.85 4.58 2.07 2.44 2.69 3.12 3.43 3.86 4.58 2.09 2.44 2.70 3.12 3.42 3.84 4.56 2.19 2.63 2.91 3.36 3.63 4.03 4.72 4.28 4.86 4.40 4.15 4.71 4.40 4.13 4.60 4.40 4.42 5.24 4.64 4.63 5.43 4.93 4.45 5.31 4.70 4.34 5.24 4.58 4.39 5.28 4.63 4.36 5.26 4.62 4.30 5.20 4.53 4.27 5.18 4.52 4.38 5.30 4.62 5.57 5.98 6.01 6.15 6.13 6.19 6.20 6.17 6.18 6.19 6.18 6.32 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.56 5.90 6.09 6.48 5.53 5.97 6.26 6.82 5.51 5.90 6.24 6.89 5.55 5.93 6.30 6.97 5.57 6.01 6.31 6.93 5.56 5.93 6.28 6.90 5.57 5.97 6.29 6.89 5.56 6.01 6.30 6.92 5.53 5.99 6.28 6.91 5.67 6.14 6.41 7.06 1.73 1.82 1.83 2.18 2.34 2.20 2.18 2.16 2.18 2.14 2.20 2.18 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. Source: U.S. Treasury. 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/ defaulthtm. 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. Source: U.S. Treasury. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in 20 years are used in compiling this index. The 20-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. 24 Federal Reserve Bulletin Statistical Supplement • August 2008 1.36 STOCK MARKET Selected Statistics 2007 Indicator 2005 2006 2008 2007 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) 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,653.00 10,159.33 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,741.15 n.a. n.a. n.a. n.a. 9,807.36 n.a. n.a. n.a. n.a. 9,165.10 n.a. n.a. n.a. n.a. 9,041.52 n.a. n.a. n.a. n.a. 8,776.21 n.a. n.a. n.a. n.a. 9,174.10 n.a. n.a. n.a. n.a. 9,429.04 n.a. n.a. n.a. n.a. 8,996.98 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,207.23 1,310.46 1,477.19 1,539.66 1,463.39 1,479.23 1,378.76 1,354.87 1,316.94 1,370.47 1,403.22 1,341.25 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,567.52 1,936.79 2,267.99 2,441.84 2,406.56 2,383.84 2,290.88 2,269.79 2,262.29 2,297.06 2,351.25 2,293.07 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1,542,724 2,254,869 3,232,195 3,268,707 4,045,500 3,145,802 4,830,460 3,832,107 4,601,666 3,829,875 3,774,019 4,482,650 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 3 221,660 275,380 285,610 345,420 344,300 285,610 328,330 334,900 311,660 295,550 310,310 314,360 119,710 88,730 159,040 94,450 156,190 90,340 222,900 120,840 246,520 128,530 156,190 90,340 276,390 142,100 266,050 133,670 305,600 122,140 313,740 100,600 325,040 95,930 351,340 96,090 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 25 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 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 8,394.7 8,443.7 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 9,252.3 9,461.1 8,371.2 4.872.8 3,498.4 8,420.0 4,797.5 3,622.6 8,507.0 4,843.2 3,663.8 8,680.2 4,901.2 3,779.0 8,849.7 5,054.3 3,795.4 8,867.7 4,943.0 3,924.6 9,007.7 5,049.2 3,958.4 9,229.2 5,136.3 4,092.9 9,437.6 5,334.0 4,103.6 23.6 23.6 .0 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 .0 23.2 23.2 .0 23.0 23.0 23.1 23.1 23.5 23.5 8,779.2 8,921.3 9,144.7 9,358.1 8,281.4 .1 8,330.6 .1 8,420.2 .1 8,592.4 .1 8,760.7 .1 8,779.1 .1 8,921.3 9,144.6 9,358.1 8,965.0 8,965.0 8,965.0 8,965.0 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 bone Nonmarketable2 State and local government serie 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 7,596.1 8,170.4 8,680.2 9,229.2 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 191.7 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 2,409.9 530.6 411.2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 9,207.5 4,536.6 1,003.9 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 180.5 4,164.3 21.7 8,819.6 4,339.1 869.0 2,444.3 547.2 437.8 4,528.6 301.6 3.0 3.0 .0 183.4 3,989.3 48.1 8,959.3 4,448.1 958.1 2,431.4 561.0 456.9 4,559.5 296.5 3.0 3.0 .0 181.6 4,026.8 48.4 9,207.5 4,536.6 1,003.9 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 180.5 4,164.3 21.7 9,416.6 4,732.4 1,158.4 2,514.0 571.8 474.1 4,705.2 286.3 4.9 4.9 .0 179.4 4,183.7 21.0 3,189.1 717.8 3,690.6 125.0 254.1 149.7 389.1 3,466.9 744.2 3,970.6 117.2 251.3 160.4 463.2 3,783.1 778.9 4,122.1 115.1 250.7 159.0 497.7 4,097.8 740.6 4,395.7 129.9 362.9 135.3 524.9 3,928.9 790.5 4,152.6 110.6 267.2 147.9 549.2 3,963.1 779.6 4,269.7 119.8 306.7 142.2 535.8 4,097.8 740.6 4,395.7 129.9 362.9 135.3 524.9 4,108.2 591.2 4,742.9 126.7 468.2 135.8 520.2 204.4 301.4 150.3 151.0 1,853.4 413.4 205.1 314.9 161.1 153.8 2,036.0 422.5 202.4 326.1 173.0 153.0 2,105.0 466.1 196.4 373.8 209.3 164.5 2,355.3 320.6 198.6 358.3 202.2 156.1 2,193.9 332.6 197.1 367.2 205.9 161.4 2,244.1 355.9 196.4 373.8 209.3 164.5 2,355.3 320.6 195.3 391.4 223.7 167.7 2,438.6 n.a. 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCES: Data by type of security, U.S. Treasury Department, Monthly Statement of the Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, unless otherwise noted. 26 Federal Reserve Bulletin Statistical Supplement • August 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2008 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. 2008, week end Apr. Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr. 30 May 7 May 14 May 21 May 28 62,803 84,792 57,718 72,068 57,578 65,018 54,464 48,071 49,231 54,967 53,883 50,730 219,804 254,861 183,130 235,310 181,549 156,392 194,295 179,411 179,591 172,508 156,816 207,690 192,218 203,051 159,389 186,795 164,474 146,599 151,660 163,860 144,208 139,785 146,468 133,705 158,086 35,957 9,418 145,925 35,694 10,712 104,218 24,772 8,404 118,358 34,397 8,927 96,048 25,204 6,390 110,330 25,994 10,913 109,723 21,497 7,695 95,115 22,544 8,408 121,093 35,124 6,793 130,957 26,724 8,372 116,176 26,529 5,412 99,802 21,062 6,638 94,128 96,944 98,811 104,457 101,744 93,194 99,355 98,693 87,051 91,833 89,333 89,360 14,242 14,020 13,544 10,697 15,085 16,460 14,087 9,681 7,397 9,645 13,564 7,795 5,987 6,026 5,208 4,488 5,471 5,655 5,892 4,102 3,715 3,642 4,889 5,922 3,970 1,458 4,302 1,057 2,860 472 3,196 545 2,193 408 3,813 584 2,226 285 3,075 580 2,072 285 3,225 672 1,716 313 2,075 613 419,968 401,337 306,613 307,458 545,031 245,562 213,055 222,465 483,855 344,319 233,231 202,175 205,461 16,544 206,214 16,924 178,439 20,510 182,884 18,830 178,891 17,290 177,055 21,537 181,993 21,071 174,041 22,814 186,891 24,242 159,980 25,106 164,778 23,370 157,150 14,930 276,011 295,203 224,367 269,870 224,696 216,362 221,709 216,500 228,162 223,472 205,660 211,644 7,080 124,822 516 8,600 117,982 516 7,955 93,223 548 8,348 92,195 662 8,464 153,978 432 8,790 80,184 542 7,968 67,630 541 6,439 71,509 633 8,982 133,306 731 7,595 93,863 641 7,047 83,056 686 5,918 59,749 594 402,274 439,833 313,264 385,986 306,546 298,885 317,626 300,909 307,878 309,840 299,624 307,982 112,705 295,146 221,490 113,749 283,354 222,622 112,940 213,390 198,401 115,035 215,263 201,052 116,437 391,053 195,749 110,916 165,378 198,050 113,878 145,425 202,523 109,693 150,955 196,222 91,537 350,550 210,402 101,422 250,456 184,444 102,769 150,174 187,463 99,846 142,426 171,485 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing' Millions of dollars 2008, week ending 2008 Item, by type of security Feb. Mar. Apr. Apr. 2 Apr. 9 Apr. 16 Apr. 23 Apr. 30 May 7 May 14 May 21 Net outright posit ons2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year 4,741 12,670 -5,478 1,491 10,907 -1,528 -15,724 -17,556 1,763 20,872 24,796 -20,413 -15,277 -21,307 -18,562 -18,870 -23,002 -15,844 -28,295 -34,082 -37,044 -24,105 -31,824 -35,415 -38,290 -35,045 -35,387 -41,286 -40,937 -36,475 -36,251 -36,275 -30,789 -31,921 -6,439 2,627 -30,678 -4,215 4,226 -30,758 -4,456 4,438 -28,595 -4,357 3,400 -27,574 -4,989 2,787 -31,781 -4,126 3,547 -30,275 -4,278 5,672 -34,020 -4,460 6,041 -28,339 -5,495 4,536 -30,601 -1,169 4,016 -29,196 -2,149 4,266 48,150 50,491 59,330 50,789 59,529 58,814 58,170 63,247 63,769 65,366 68,554 59,880 63,871 75,482 64,458 73,555 78,005 78,121 75,395 71,736 69,453 74,973 14,216 10,657 6,558 7,846 7,082 6,333 6,556 5,894 7,111 8,497 8,037 12,625 9,829 12,009 9,252 12,215 8,834 11,258 9,035 11,809 9,198 11,591 8,785 10,917 8,779 14,817 8,517 11,743 8,612 9,965 8,660 9,487 8,577 63,224 64,314 60,295 66,586 59,820 65,402 55,898 58,263 46,728 52,700 51,256 56,340 193,971 54,686 184,684 45,289 174,954 45,922 181,754 47,114 177,647 43,728 174,354 42,149 174,532 47,983 171,338 47,021 170,863 45,747 169,269 42,560 159,835 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 1 566 849 1,098,604 1 570 505 984,840 1 559 103 1,059,982 1 591 577 1,085,800 1 577 040 1,137,551 1 538 631 1,143,586 1 535 892 1,174,778 1 525 948 1,254,776 1 493195 1,241,768 267,079 272,288 259,129 292,453 249,894 263,746 251,770 273,993 262,661 297,308 261,516 302,076 263,208 304,635 280,126 312,214 332,954 318,162 318,341 322,042 224,992 441,919 201,868 422,592 185,748 417,357 165,225 409,715 196,682 425,996 187,461 406,723 181,092 420,650 183,619 418,244 198,947 405,641 195,233 409,032 225,754 399,131 131,850 80,658 138,211 61,521 139,776 61,141 136,071 61,830 140,614 61,750 138,024 61,448 139,772 60,421 141,754 60,749 142,740 58,581 137,491 62,519 135,834 64,437 1,149,688 1 683 120 1,181,908 1 684 116 1,142,153 1 502 207 1,092,061 1 373 987 1,126,938 1 472 439 1,162,374 1 490160 1,125,618 1 560 945 1,167,995 1 521 916 1,138,618 1 597 293 1,174,136 1 692 841 1,193,413 1 647 631 1 543 737 1,106,776 1 637 610 1,113,543 1 557 744 891,718 1 599 922 785,421 1 551 832 853,772 1 578 814 876,296 1 550 018 929,459 1 538 261 937,717 1 514 068 992,223 1 512 155 1,065,387 1 503 409 1,047,038 452,662 188,788 445,342 194,302 444,531 211,915 432,486 189,099 446,280 205,616 458,284 218,046 441,412 220,478 435,590 210,039 453,820 227,173 503,228 234,194 512,610 223,903 932,073 182,542 880,414 196,631 869,142 185,942 814,486 185,482 864,849 189,129 882,294 179,765 875,752 190,416 869,291 184,591 828,977 212,705 825,756 236,068 864,043 221,916 352,320 90,835 342,573 80,036 333,122 86,440 334,347 89,277 338,158 88,119 332,036 88,463 326,840 87,471 335,104 80,898 333,624 79,986 327,621 75,382 323,815 71,871 2,878,106 1,492,245 2,910,533 1,516,994 2,817,117 1,303,742 2,780,759 1,178,375 2,821,543 1,267,500 2,858,381 1,287,433 2,807,253 1,351,783 2,791,681 1,344,073 2,758,283 1,433,516 2,809,117 1,530,642 2,860,131 1,481,648 1 590 724 1,254,956 1 644 050 1,273,899 245,527 281,377 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 2008 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import 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 Nov. Dec. 3,151 6 n.a. 84 23,103 6 n.a. 84 23,151 6 n.a. 84 n.a. n.a. 3,145 n.a. n.a. n.a. 23,097 n.a. n.a. n.a. 23,145 n.a. n.a. 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 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. 28^25 32,422 32,422 31,229 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. 18,515 n.a. 9,810 n.a. n.a. 32,422 n.a. n.a. 32,422 n.a. n.a. 31,229 n.a. n.a. 24,267 6 24,261 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 23,843 6 n.a. 161 n.a. n.a. 23,837 n.a. 23,520 6 23,514 n.a. 23,108 6 23,102 22,984 6 n.a. 69 n.a. n.a. 22,978 n.a. 23,470 6 23,464 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^ 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 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 409,802 389,540 426,179 44,214 29,532 29,009' 19,710 21,266 43,203 50,741 42,185 By type of issue 2 General obligation 3 Revenue 145,845 263,957 115,128 274,413 131,277 294,902 11,176 33,038 10,225 19,306 9,513 19,496' 9,278 10,433 11,285 9,981 11,126 32,077 15,198 35,543 9,667 32,519 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township 31,568 298,762 79,472 28,258 293,403 67,879 34,992 315,233 75,954 4,133 34,829 5,252 2,149 19,592 7,790 2,488 21,240' 5,282 1,279 14,166 4,266 3,707 12,523 5,037 3,777 33,571 5,855 6,455 33,415 10,871 1,958 33,705 6,523 7 Issues for new capital 222,986 262,485 275,299 30,430 22,606 21,494' 15,169 14,792 21,172 22,580 19,404 70,974 25,427 10,052 n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,684 70,917 27,832 11,380 n.a. 38,154 83,278 6,116 3,641 722 n.a. 6,038 10,268 7,920 1,900 1,159 n.a. 2,084 5,931 5,597' 1,652 2,482 n.a. 2,467 5,625 4,138 2,951 988 n.a. 1,372 4,409 4,538 420 3,677 n.a. 1,342 3,564 3,877 4,725 2,051 n.a. 2,904' 5,464 4,897 1,171 373 n.a. 3,350 9,236 5,237 1,891 502 n.a. 2,753 4,794 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2007 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2005 2006 2008 2007 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 2,438,989 2,710,028 2,447,707 159,087 162,021 143,274 109,195 148,308 78,814 79,858 152,793 2,323,735 2,590,863 2,279,052 151,933 151,119 119,184 87,724 121,240 66,664 72,580 124,420 2,141,496 182,238 2,318,379 272,483 2,030,248 248,803 131,957 19,976 122,921 28,198 98,829 20,356 81,383 6,341 108,575 12,665 64,458 2,206 64,894 7,686 109,421 14,998 22,221 18,262 20,103 2,626 1,436 2,246 1,349 n.a. n.a. n.a. n.a. 216,072 2,107,662 344,005 2,246,858 411,723 1,867,329 34,501 117,432 48,456 102,663 30,003 89,181 33,128 54,596 28,251 92,989 22,560 44,104 37,019 35,561 33,525 90,894 115,255 119,165 168,655 7,154 10,902 24,090 21,471 27,068 12,150 7,278 28,373 54,713 60,541 56,029 63,136 65,440 103,216 3,255 3,899 4,952 5,950 11,673 12,418 2,813 18,658 1,958 25,110 3,091 9,059 1,880 5,398 4,376 23,997 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By industry group 10 Financial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • August 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2007 Item 2006 2008 2007 Nov. Dec. Jan. Feb. Mar. Apr. May June 1 Sales of own shares2 2,009,480 2,530,003 198,432 225,067 280,573 204,415 200,928 229,537 205,830 192,074 2 Redemptions of own shares 1,782,393 227,087 2,306,331 223,672 205,546 -7,114 221,500 3,567 302,693 -22,120 176,606 27,809 201,377 -449 198,284 31,253 169,775 36,055 191,600 474 8,058,059 8,914,249 8,995,368 8,914,249 8,445,110 8,357,451 8,263,656 8,634,205 8,814,797 8,271,519 345,066 7,712,993 378,795 8,535,454 384,831 8,610,537 378,795 8,535,454 361,823 8,083,287 382,693 7,974,758 383,612 7,880,044 421,223 8,212,982 429,119 8,385,678 417,060 7,854,459 4 Assets 4 5 Cash5 6 Other 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2007 2006 2008 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ASSETS 1 622 4 601.8 479.2 541.4 1 732 7 640.3 498.0 594.4 1,759.5 706.8 519.5 533.3 1,710.3 628.3 490.4 591.6 1,732.7 640.3 498.0 594.4 1,728.4 643.1 505.4 579.8 1,732.1 659.7 509.3 563.2 1,757.5 689.2 507.9 560.4 1,759.5 706.8 519.5 533.3 1,766.6 707.4 533.4 525.8 44.7 24 5 49.2 26 6 50.2 33 5 48.4 24 7 49.2 26 6 50.8 25 5 50.6 25 5 50.3 28 7 50.2 33 5 51.2 34 5 8 All other 1 553 2 535.7 1 656 9 486.5 1 675 9 499.4 1 637 2 482.9 1 656 9 486.5 1 652 1 497.6 1 655 9 504.9 1 678 5 515.3 1 675 9 499.4 1 680 9 525.1 9 Total assets 2,088.8 2,143.3 2,175.2 2,120.1 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,206.0 142.1 160.0 129.2 165.3 173.3 158.5 131.5 164.0 129.2 165.3 138.1 159.1 153.5 154.0 176.7 149.0 173.3 158.5 172.3 153.2 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 326.4 837.3 440.0 239.7 336.7 824.0 421.1 242.8 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.8 847.6 444.4 244.2 326.4 837.3 440.0 239.7 334.3 849.5 453.0 243.7 2,088.8 2,143.3 2,175.2 2,120.1 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,206.0 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 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 Receivables1 Billions of dollars, amounts outstanding Type of credit Apr.' Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 774.6 561.5 559.1 2,009.3' 2,044.5' 818.4 610.9 580.0' 885.9 566.1 592.4' 2,038.9 2,070.8' 882.2' 562.6' 603.3' 887.0 567.3' 612.9' 889.7 569.9' 611.2' 890.8 559.8 614.2 891.7 547.2 619.8 888.7 521.1 629.2 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 2,026.2' 2,061.8' 2,063.2' 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 893.5 262.9 122.9 86.0 234.9 886.9 256.0 124.4 84.9 240.1 882.7 253.6 124.3 83.4 241.6 882.9 255.7 124.9 82.1 244.7 884.2 257.0 125.5 83.1 245.7 884.4 256.1 125.3 83.9 246.5 252.5 122.1 85.0 247.9 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 113.3 3.1 25.6 44.7 569.8 474.2 59.1 108.7' 3.1 25.4 44.3 564.9' 466.7 62.0 107.4 3.0 25.4 44.0 566.3 465.2 64.9 103.5' 3.0 25.4 43.6 561.8' 457.9 67.8 101.6 3.0 25.1 43.2 555.6 451.9 68.3 102.0 2.9 24.8 42.9 547.5 442.6 70.0 104.9 2.9 24.5 42.4 525.8 423.3 71.1 18.9 4.8 564.5 105.5 15.2 61.2 29.0 281.9 93.6 188.3 91.8 16.8 3.7 586.0' 105.1 17.1 55.7 32.3 299.5' 102.4 197.1' 93.5 34.9 1.6 598.6' 105.7 16.4 56.9 32.4 319.4' 106.1 213.3' 94.4 34.8' 1.5' 603.7' 104.9 16.0 56.5 32.4 328.5' 112.0' 216.6' 92.6 34.8 1.4 614.3 107.9 15.6 59.9 32.4 331.5 114.4 217.0 97.2 34.7' 1.4' 618.5' 107.8 15.3 60.7 31.9 333.4' 115.9' 217.4' 100.8 34.5 .9 620.7 108.5 15.1 61.6 31.8 334.6 114.6 220.0 102.8 34.4 .5 627.0 110.0 14.8 63.4 31.8 342.0 114.8 227.2 103.1 31.4 .0 635.7 112.8 14.7 64.5 33.6 347.2 113.5 233.7 103.9 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 32.4 2.6 29.7 .1 13.2 9.2 3.9 32.0 32.5 2.6 29.8 .1 13.2 9.2 4.0 32.0 31.5 2.6 28.9 .1 13.3 9.2 4.1 31.7 28.4 2.6 25.8 .1 13.8 9.7 4.1 32.6 24.7 2.5 22.1 .1 13.7 9.6 4.1 33.5 23.6 2.5 21.1 .1 13.7 9.5 4.2 34.5 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 2,043.8 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 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2008 2007 Item 2005 2006 2007 Dec. Jan. Feb. Mar. Apr. May June 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)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 347.7 268.8 79.4 29.2 .74 360.2 269.5 78.6 29.0 .78 373.1 275.9 78.1 29.2 .66 329.8 248.6 77.9 28.8 .80 346.3 252.4 76.4 28.9 .64 339.4 254.2 77.3 29.2 .67 352.7 258.3 75.6 29.1 .91 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 6.10 6.21 n.a. 5.90 6.02 n.a. 5.87 5.96 n.a. 5.80 5.92 n.a. 5.89 5.98 n.a. 5.92 6.01 n.a. 5.99 6.13 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 5.37 n.a. 5.00 n.a. 5.19 n.a. 5.16 n.a. 5.22 n.a. 5.27 n.a. 5.76 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGEASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 723,976 n.a. n.a. 720,985 n.a. n.a. 721,579 n.a. n.a. 722,768 n.a. n.a. 728,414 n.a. n.a. 736,925 n.a. n.a. 749,640 n.a. n.a. 14 Mortgage transactions purchased (during period) 146,641 196,017 182,470 12,796 8,913 11,593 15,817 17,961 20,001 23,385 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 720,813 n.a. n.a. 720,813 n.a. n.a. 716,932 n.a. n.a. 709,523 n.a. n.a. 712,462 n.a. n.a. 737,537 n.a. n.a. 770,383 n.a. n.a. 791,798 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 470,976 n.a. 48,210 n.a. 29,480 n.a. 42,968 n.a. 43,526 n.a. 40,779 n.a. 47,310 n.a. 43,981 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Mortgage commitments (during period) 15 Issued7 16 To sells FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-do wnpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National MortgageAssociation exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property 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 j financial institutions . . . 7 Commercial C i l b k2 banks 8 One- to four-family 9 Multifamily Nonfarm, nonresidential 10 Farm 11 12 Savings institutions3 One- to four-family 13 Multifamily 14 Nonfarm, nonresidential 15 Farm 16 17 Life insurance companies . One- to four-family 18 Multifamily 19 Nonfarm, nonresidential 20 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 One- to four-family Multifamily Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal National Mortgage Association . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family1" Multifamily Nonfarm, nonresidential Farm Federal Agricultural Mortgage Corporation Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q2 Q3 Q4 14,362,580 14,740,480 10,667,810 12,101,430 8,273,402 617,869 1,679,672 96,872 9,379,328 687,682 1,932,904 101,518 10,451,630 741,158 2,209,884 109,038 10,652,390 758,046 2,257,680 111,124 10,862,200 780,372 2,340,442 113,233 11,015,740 804,588 2,426,895 115,365 11,158,060 837,115 2,490,437 117,497 11,233,930 855,616 2,532,719 118,219 3,926,324 2,595,605 1,580,992 118,710 860,670 35,233 1,057,395 874,199 87,545 95,052 599 273,324 7,874 40,453 214,085 10,912 4,396,243 2,958,042 1,793,029 138,702 989,372 36,939 1,152,738 953,819 98,352 99,951 616 285,463 7,746 42,440 224,258 11,019 4,780,819 3,403,052 2,081,766 157,555 1,123,210 40,521 1,073,967 867,831 95,792 109,604 740 303,800 11,301 44,761 236,719 11,019 4,810,107 3,386,400 2,053,931 159,697 1,132,251 40,521 1,117,259 911,458 93,627 111,394 780 306,448 11,056 45,208 239,165 11,019 4,897,281 3,472,132 2,105,412 161,648 1,164,551 40,521 1,112,812 905,278 92,570 114,158 806 312,337 11,062 46,141 244,115 11,019 4,989,289 3,525,100 2,128,207 164,965 1,191,407 40,521 1,146,869 933,511 94,773 117,739 846 317,320 11,003 46,910 248,388 11,019 5,067,153 3,645,724 2,208,306 168,407 1,228,490 40,521 1,095,256 878,958 92,705 122,711 882 326,173 11,124 48,336 255,694 11,019 5,126,517 3,683,796 2,216,360 172,803 1,253,830 40,803 1,111,468 884,832 94,495 131,231 910 331,253 11,449 49,093 259,692 11,019 704,438 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 688,678 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 693,842 26 26 0 77,264 12,819 11,340 49,919 3,186 5,013 1,679 3,335 0 0 0 0 0 15 2 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 0 3 0 1 742,109 24 24 0 78,941 13,066 11,249 51,399 3,228 4,917 1,853 3,063 0 0 0 0 0 2 0 10 0 386,372 321,464 64,908 61,451 17,600 43,851 66,702 20,363 46,339 748 748 702,228 25 25 0 77,978 12,893 11,318 50,564 3,204 5,115 1,687 3,428 0 0 0 0 0 6 1 1 4 0 392,690 320,463 72,227 62,902 19,051 43,851 68,350 21,219 47,131 754 754 726,458 22 22 0 78,411 13,024 11,282 50,839 3,266 4,927 1,779 3,147 0 0 0 0 0 2 0 7 0 400,157 355,687 44,470 52,793 15,070 37,723 61,320 23,374 37,946 887 887 666,601 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 2 5 0 366,680 314,801 51,879 54,640 14,515 40,125 61,428 20,378 41,050 804 804 399,420 321,955 77,465 64,859 21,008 43,851 71,680 22,946 48,734 742 742 403,577 311,831 91,746 67,423 23,572 43,851 79,776 23,876 55,900 768 768 411,838 313,458 98,380 68,964 24,808 44,156 86,105 26,802 59,303 759 759 4,834,403 441,235 409,089 32,147 1,189,393 1,173,847 15,546 1,743,061 1,673,339 69,722 0 0 0 0 0 1,459,776 1,049,767 73,068 336,941 0 938 938 5,673,395 405,246 371,484 33,762 1,309,024 1,294,521 14,503 1,826,779 1,753,708 73,071 0 0 0 0 0 2,131,502 1,609,699 89,626 432,176 0 844 844 6,575,142 410,021 373,886 36,135 1,450,721 1,442,306 8,415 1,973,329 1,894,396 78,933 0 0 0 0 0 2,737,888 2,105,469 103,229 529,190 0 3,183 3,183 6,821,362 412,958 376,802 36,157 1,515,034 1,506,246 8,788 2,024,330 1,943,357 80,973 0 0 0 0 0 2,865,638 2,187,446 110,563 567,629 0 3,402 3,402 7,056,351 417,018 380,808 36,211 1,571,033 1,561,920 9,113 2,083,085 1,999,762 83,323 0 0 0 0 0 2,980,535 2,256,223 118,250 606,062 0 4,679 4,679 7,217,958 427,255 390,856 36,398 1,643,285 1,633,753 9,532 2,167,980 2,081,261 86,719 0 0 0 0 0 2,974,820 2,199,705 125,251 649,864 0 4,618 4,618 7,381,689 443,461 406,822 36,640 1,717,342 1,706,684 10,658 2,298,191 2,206,263 91,928 0 0 0 0 0 2,918,152 2,132,365 124,928 660,859 0 4,543 4,543 7,441,639 461,481 424,708 36,772 1,762,586 1,751,647 10,939 2,373,863 2,278,908 94,955 0 0 0 0 0 2,839,256 2,062,046 122,275 654,935 0 4,453 4,453 1,202,649 981,482 83,275 130,547 7,345 1,365,193 1,125,988 89,322 141,929 7,954 1,467,074 1,202,923 96,202 162,214 5,734 1,453,933 1,191,924 97,081 157,312 7,617 1,440,388 1,172,018 98,983 160,988 8,399 1,442,622 1,163,985 99,336 168,737 10,564 1,427,810 1,141,911 101,410 171,842 12,647 1,430,217 1,133,434 102,261 181,631 12,891 11 2 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. 1 1 2 0 383,045 322,703 60,342 59,897 16,046 43,851 65,536 20,543 44,993 778 778 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 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Apr. Seasonally adjusted 824,963 1,459,913 2 Revolving . . . 3 Nonrevolving2 2,387,470 2,523,632 875,406 1,512,064 940,609 1,583,024 946,545 1,589,013 2,542,433 2,555,038 950,735 1,591,699 956,578 1,598,460 2,572,004 2,586,333 956,789 1,607,165 962,859 1,609,145 968,353 1,617,981 Not seasonally adjusted 2,313,862 2,418,262 2,556,611 2,556,735 2,541,326 2,537,737 2,549,780 2,556,811 2,569,172 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . Savings institutions Nonfinancial business Pools of securitized assets3 707,039 516,534 228,588 89,822 109,077 58,817 603,986 741,200 534,354 234,532 91,676 95,547 56,757 664,197 804,096 583,869 235,700 98,396 90,787 55,167 688,596 808,704 581,032 234,066 102,377 89,684 53,221 687,651 800,042 578,604 232,276 103,122 88,651 51,939 686,691 796,312 582,475 230,546 103,537 87,548 51,220 686,098 807,966 585,790 231,747 103,761 88,100 51,150 681,267 808,911 586,472 232,541 104,009 88,670 51,340 684,868 814,564 585,403 233,938 104,289 89,221 51,416 690,341 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 849,975 311,204 66,307 24,688 n.a. 40,755 11,598 395,423 902,316 327,302 79,874 27,388 n.a. 42,459 7,779 417,514 969,523 353,446 86,046 31,071 n.a. 44,750 4,228 449,982 957,919 338,287 84,895 30,802 n.a. 44,077 3,987 455,872 948,899 330,184 83,447 30,450 n.a. 43,446 3,808 457,564 943,472 322,463 82,065 30,462 n.a. 42,773 3,657 462,051 949,178 327,759 83,073 30,746 n.a. 43,510 3,731 460,359 955,122 327,291 83,898 31,079 n.a. 44,271 3,730 464,854 962,451 330,830 85,042 31,681 n.a. 45,008 3,755 466,135 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,463,887 395,835 450,226 203,900 89,822 68,322 47,219 208,564 1,515,946 413,898 454,480 207,144 91,676 53,088 48,978 246,683 1,587,088 450,650 497,823 204,629 98,396 46,037 50,939 238,614 1,598,816 470,417 496,138 203,264 102,377 45,607 49,234 231,779 1,592,427 469,859 495,157 201,826 103,122 45,205 48,131 229,127 1,594,265 473,849 500,410 200,084 103,537 44,775 47,563 224,047 1,600,602 480,206 502,716 201,001 103,761 44,590 47,419 220,908 1,601,689 481,620 502,574 201,462 104,009 44,399 47,611 220,015 1,606,721 483,734 500,361 202,257 104,289 44,214 47,661 224,206 4 Total 5 6 7 8 9 10 11 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1.56 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2007 Item 2005 2006 2008 2007 Oct. Nov. Dec. Jan. Feb. Mar. Apr. INTEREST RATES Commercial banks2 2 24-month personal 7.08 12.05 7.72 12.41 7.77 12.39 na na 7.59 12.16 n.a. n.a. n.a. n.a. 7.27 11.43 n.a. n.a. n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.51 14.55 13.21 14.73 13.38 14.67 na na 13.08 14.34 n.a. n.a. n.a. n.a. 12.48 13.72 n.a. n.a. n.a. n.a. 6.02 8 81 4.99 9 61 4.87 9 24 4.60 9 46 4.72 9 74 4.33 9 73 4.97 9 06 5.37 8 91 4.19 8 88 4.54 8 34 60.0 58 6 63.0 59 4 62.0 60 7 63.6 60 3 62.7 60 4 62.5 60 5 62.3 58 9 63.2 60 3 62.3 60 8 63.1 60 6 88 98 94 99 95 100 95 99 95 98 95 97 94 96 95 96 94 96 94 96 24,133 16,228 26,620 16,671 28,287 17,095 30,133 17,162 29,327 17,184 29,076 17,371 28,231 17,220 28,118 17,127 28,173 17,049' 27,397 17,281 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 1,398.6 1,667.7 1,957.7 2,247.3 2,332.4 2,029.5 2,308.1 2,307.5 2,101.0 2,742.5 2,315.5 2,036.3 -57.9 257.1 .5 159.4 129.3 -106.6 15.7 893.1 758.6 37.1 90.5 6.9 107.9 -37.3 398.4 -2.4 137.6 150.4 -77.0 5.5 988.2 798.9 71.2 119.4 -1.3 104.4 15.3 362.5 -.6 130.5 74.4 10.8 20.4 1,229.3 1,028.1 48.3 150.2 2.7 115.0 -7.7 307.3 -.4 195.0 53.6 137.6 47.7 1,419.8 1,106.0 71.7 237.5 4.6 94.5 22.4 183.7 -.3 177.3 213.4 173.4 54.8 1,403.2 1,072.3 52.7 270.7 7.5 104.4 -21.5 172.4 -1.0 169.2 133.8 163.1 -36.1 1,330.0 1,006.0 35.9 280.5 7.6 119.7 111.1 135.8 .5 252.8 315.9 223.2 68.5 1,091.5 730.9 68.0 285.0 7.6 108.9 18.9 327.5 -1.3 249.1 282.2 85.2 81.3 1,149.4 846.0 63.1 231.9 8.3 115.1 40.9 -70.7 -.1 246.7 377.5 92.3 79.6 1,197.0 784.8 95.2 308.6 8.4 137.7 -30.6 435.9 -.8 165.5 225.2 420.1 299.1 1,026.1 577.2 104.5 335.8 8.5 202.1 16.0 257.1 .7 198.7 371.6 397.9 3.7 971.4 618.5 129.7 214.7 8.5 98.5 54.6 487.5 1.3 152.8 274.8 257.7 101.7 559.8 313.0 69.0 174.5 3.3 146.1 832.9 164.2 9.1 148.0 7.1 143.9 257.6 981.0 170.4 80.0 92.1 -1.6 120.3 396.0 1,064.0 416.6 165.8 244.7 6.1 115.3 361.9 1,180.9 587.9 243.6 331.6 12.7 171.6 306.9 1,196.9 800.9 433.4 349.1 18.4 151.2 183.4 1,112.8 598.1 248.2 336.1 13.9 147.2 171.4 937.9 1,015.8 634.4 358.8 22.6 218.2 136.3 905.4 851.0 528.0 297.4 25.6 224.9 326.2 942.8 1,016.5 625.5 379.9 11.1 212.4 -70.8 856.2 1,312.7 767.7 532.4 12.6 138.5 435.0 829.9 1,062.8 577.4 461.2 24.2 164.8 257.8 481.0 927.0 575.1 321.5 30.4 139.5 488.8 22 Foreign net borrowing in United States 93.4 42.4 130.7 102.6 254.4 523.0 253.6 136.1 227.4 2.9 21.7 277.1 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 58.8 31.6 5.3 -2.3 18.3 28.7 -2.5 -2.1 68.7 61.8 3.8 -3.6 38.2 54.5 14.5 -4.6 97.1 150.9 13.8 -7.4 362.8 180.2 -12.2 -7.7 8.6 218.0 31.6 -4.6 -19.8 174.8 -16.0 -3.0 22.4 167.3 40.7 -2.9 -193.8 173.2 26.3 -2.9 -78.3 56.1 45.3 -1.3 214.6 39.8 23.8 -1.1 27 Total domestic plus foreign 1,491.9 1,710.1 2,088.5 2,349.9 2,586.8 2,552.6 2,561.7 2,443.6 2,328.4 2,745.3 2,337.2 1 Total net borrowing by domestic nonfinancial sectors 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government Financial sectors 28 Total net borrowing by financial sectors 870.3 1,060.8 968.7 1,064.0 1,287.7 931.3 1,249.0 1,264.2 1,398.0 2,348.0 1,356.3 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages -99.9 219.8 326.8 384.8 21.1 6.8 11.0 -62.9 250.9 330.6 481.4 21.4 31.2 8.2 22.2 75.0 47.9 665.5 58.1 74.1 25.9 214.6 -84.0 167.3 691.0 17.0 44.4 13.9 197.6 35.6 295.4 795.0 -64.1 21.2 7.0 72.2 -83.5 284.4 663.2 -42.8 29.9 7.8 174.3 40.7 278.9 981.5 -216.8 -3.9 -5.8 233.5 66.7 482.5 476.3 51.0 -30.5 -15.2 362.6 161.4 534.9 280.8 48.9 .4 9.0 -689.5 556.6 622.2 997.8 101.6 746.2 12.9 -360.0 344.8 866.3 274.6 27.5 187.0 16.1 -191.4 119.9 534.1 -14.8 176.7 156.4 20.8 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 49.7 -23.4 2.0 2.0 219.8 326.8 212.3 66.2 27.3 -1.7 -10.7 48.5 34.5 2.2 2.9 250.9 330.6 244.2 111 .1 31.5 6.4 -1.9 78.4 89.0 2.3 3.0 75.0 47.9 427.3 134.3 98.3 15.2 -2.2 85.1 23.8 3.3 .4 -84.0 167.3 669.2 33.5 59.8 .1 105.6 177.4 -111.9 4.2 2.7 35.6 295.4 772.0 34.8 41.1 6.4 29.9 51.6 17.1 2.0 2.4 -83.5 284.4 701.1 -36.6 32.8 5.0 -44.9 400.6 -463.3 8.4 4.3 40.7 278.9 910.9 69.0 14.0 -20.9 6.4 90.9 -20.7 -10.5 4.9 66.7 482.5 428.8 13.9 2.2 59.5 146.0 147.1 -24.6 10.6 12.6 161.4 534.9 472.8 9.3 -21.2 39.9 55.3 496.2 363.5 37.9 26.9 556.6 622.2 97.7 122.1 -14.7 -29.4 69.0 318.6 71.1 15.7 13.7 344.8 866.3 -285.2 -45.6 10.4 -85.9 132.4 228.1 67.0 -15.2 9.6 119.9 534.1 -305.0 73.9 -40.3 62.3 -91.7 36 Federal Reserve Bulletin Statistical Supplement • August 2008 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 47 Total net borrowing, all sectors . . . . 48 49 50 51 52 53 54 55 56 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Q3 Q4 Q1 Q2 Q3 Q4 Q1 2^62.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 -99.1 257.1 547.2 159.4 545.7 -80.2 20.2 904.1 107.9 -82.0 398.4 579.1 137.6 660.5 -58.1 34.6 996.4 104.4 106.2 362.5 122.3 130.5 801.8 72.7 90.9 1,255.2 115.0 245.1 307.3 82.8 195.0 799.0 169.1 87.4 1,433.8 94.5 317.1 183.7 330.6 177.3 1,159.3 123.1 68.6 1,410.3 104.4 413.6 172.4 199.9 169.2 977.2 108.1 -13.9 1,337.8 119.7 294.1 135.8 320.1 252.8 1,515.4 38.0 60.0 1,085.7 108.9 232.6 327.5 547.9 249.1 933.4 120.2 47.8 1,134.2 115.1 426.0 -70.7 696.2 246.7 825.6 181.9 77.0 1,206.0 137.7 -913.9 435.9 1,178.0 165.5 1,396.3 548.0 1,042.3 1,039.0 202.1 -422.4 257.1 1,211.9 198.7 702.2 470.7 189.4 987.5 98.5 77.7 487.5 655.2 152.8 299.8 458.3 256.9 580.6 146.1 Funds raised through mutual funds and corporate equities 57 Total net issues . 227.4 427.5 366.0 110.9 -80.4 -274.8 16.6 193.6 -80.6 -207.1 -657.4 131.2 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents 61 Financial corporations 62 Mutual fund shares 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -417.2 -614.1 138.5 58.4 336.8 -512.6 -534.0 41.8 -20.4 237.8 -349.1 -751.2 251.0 151.2 365.6 -315.0 -572.8 174.0 83.8 508.6 -604.5 -814.0 161.5 48.0 523.9 -453.5 -831.2 227.6 150.1 246.4 -840.3 -1,124.8 -39.2 323.6 183.0 -75.3 -562.2 135.2 351.7 206.5 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 2,362.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 152.0 35.9 25.8 -.8 86.2 4.9 467.2 1,743.1 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 219.0 103.7 23.8 28.4 -102.1 157.8 103.4 -3.2 1.5 58.3 -2.1 582.8 2,030.2 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 233.2 122.9 25.7 79.6 28.6 291.6 173.9 31.1 11.5 72.4 2.7 854.4 1,911.1 51.2 608.0 571.1 284.5 109.3 42.3 11.4 124.1 -2.7 749.0 2,380.4 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 44.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 167.3 673.6 117.2 66.9 82.3 47.5 293.8 203.7 -10.9 12.3 84.6 4.0 855.0 2,725.7 34.7 761.7 656.3 103.7 3.3 -1.7 -98.1 30.1 47.7 75.6 14.0 76.3 8.4 220.0 184.9 6.7 5.7 46.6 295.4 725.8 89.7 57.5 106.2 36.9 286.6 277.2 -70.5 12.6 81.3 -14.0 724.1 2,473.2 21.4 154.5 57.3 94.0 6.6 -3.3 258.1 7.9 31.8 48.6 38.9 14.4 7.6 362.1 130.8 -4.9 2.8 -30.4 284.4 721.3 158.1 44.5 162.5 58.6 332.8 181.0 7.5 12.5 122.9 8.9 952.2 2,525.8 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 7.7 41.6 43.7 2.5 216.5 232.6 5.5 7.9 51.7 278.9 728.6 -5.8 87.1 218.5 94.1 90.5 -185.6 98.7 12.1 145.0 20.3 1,017.9 2,599.4 13.0 204.1 39.3 188.2 -16.8 -6.5 189.1 39.8 32.8 94.3 30.7 -8.4 14.9 431.1 285.2 -.9 6.8 -86.9 482.5 585.2 56.5 -36.2 279.7 -13.9 189.6 78.6 -62.4 14.0 144.9 14.6 866.5 2,670.3 44.7 678.4 489.7 194.9 -5.3 -.9 67.4 24.6 34.7 99.5 39.6 18.6 3.4 290.4 365.6 13.9 15.6 81.0 534.9 484.0 -34.7 -48.8 -199.0 156.4 645.1 867.6 -195.6 17.3 -40.1 -4.2 587.2 3,861.0 -33.7 963.4 704.5 238.1 21.4 -.7 136.8 40.9 34.0 99.3 50.1 61.3 17.5 444.2 184.4 -18.0 9.6 673.3 622.2 167.1 110.5 -135.8 436.3 -2.5 515.4 631.3 -86.2 16.4 -57.0 11.0 835.2 2,342.8 -177.2 1,157.4 882.2 185.7 93.0 -3.5 -130.6 35.7 4.4 45.5 14.0 49.1 11.1 396.9 249.3 5.9 18.9 288.6 866.3 -242.1 -92.9 8.6 362.0 -528.3 -1,014.9 -921.9 -92.7 11.8 -31.9 19.8 996.0 3,133.9 -430.9 592.5 427.3 160.9 4.0 .3 8.3 45.0 48.3 90.8 31.6 42.9 40.1 1,293.4 252.8 -6.0 17.5 298.0 534.1 -292.3 88.6 -39.4 174.2 344.7 2,362.2 2,770.9 3,707.8 3,726.4 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 86.7 -87.0 60.1 262.9 22.2 -84.1 505.3 -.9 .0 .6 36.0 -14.5 85.0 307.4 55.8 -207.5 218.7 138.9 288.6 22.4 120.0 66.8 258.5 -1.1 45.0 456.9 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -18.0 1,616.0 -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 336.6 .2 16.1 238.3 28.1 -137.8 1,389.1 -2.6 .0 .6 98.8 -11.2 -18.7 347.0 261.2 305.3 496.0 -417.2 336.8 217.4 211.5 65.6 198.2 19.9 -54.0 1,724.0 -4.2 .0 1.0 -38.7 43.9 -73.0 336.8 344.7 418.0 602.2 -512.6 237.8 123.3 173.0 76.3 161.8 21.3 -26.6 2,007.7 -5.9 .0 .0 -64.4 116.5 -75.2 578.7 -3.6 378.8 619.1 -349.1 365.6 211.0 274.2 75.4 216.9 28.4 -62.6 1,538.5 .1 .0 .4 284.6 -487.0 91.9 386.4 276.7 441.4 707.9 -315.0 508.6 295.5 105.5 28.4 136.4 33.1 15.0 1,208.9 -.3 .0 1.3 395.3 22.2 -99.2 205.8 107.4 442.5 116.6 -604.5 523.9 334.0 365.7 36.4 149.2 11.9 -48.4 3,550.3 .1 .0 1.4 185.7 205.5 124.0 329.4 529.0 1,260.4 222.3 -453.5 246.4 283.6 -19.1 28.9 164.4 26.1 -122.0 2,225.8 -.1 .0 -.4 41.3 100.8 .9 223.8 365.3 819.9 -670.4 -840.3 183.0 221.5 653.9 43.1 227.7 25.4 -107.5 1,049.5 .0 -.9 50.0 -231.3 74.8 461.9 320.6 1,549.3 96.3 -75.3 206.5 275.4 313.3 23.4 149.5 25.4 -18.3 1,424.4 3,855.6 4,647.3 6,422.6 6,522.1 7,653.1 7,376.6 7,653.2 7,426.7 9,236.7 10,331.7 6,030.6 7,760.4 -.6 21.5 7.2 36.0 19.7 -23.0 -.3 52.8 -4.3 -33.9 -42.6 -26.2 61.9 14.9 -139.9 -20.2 198.8 .7 40.6 -3.7 134.2 -18.1 177.8 -1.1 114.3 -1.9 297.9 1.9 -201.2 .6 37.0 48.1 144.6 24.1 -123.7 -.5 -138.0 -71.8 601.8 23.7 -44.5 297.0 50.5 -73.6 -29.2 -958.6 .7 377.1 -54.5 -33.9 -23.0 647.3 .9 49.0 -12.6 103.8 -24.3 -172.5 -.6 -59.5 23.7 -814.6 -5.5 934.5 -.9 -11.1 -15.8 -18.9 -69.3 79.2 -1.6 -.7 164.9 -8.9 .0 20.6 27.9 -.8 9.4 -6.6 -.9 -31.7 -3.0 -.5 96.6 16.4 -.9 76.9 -19.1 -.8 140.0 -5.9 -.8 276.7 -.5 -1.3 -54.1 13.5 -.8 -8.5 -2.4 -1.2 8.4 -5.7 -1.0 25.9 6,270.9 6,229.9 7,350.0 7,153.6 7,162.5 7,870.9 8,378.8 10,383.2 5,947.9 7,777.9 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 47.9 416.2 214.9 87.9 -29.2 47.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Total identified to sectors as assets . 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. 3,693.5 38 1.59 Federal Reserve Bulletin Statistical Supplement • August 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2003 2004 2005 2007 2008 2006 Q3 Q4 Ql Q2 Q3 Q4 Ql Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 24,299.8 26,547.1 28,876.2 28,268.7 28,876.2 29,463.5 29,956.2 30,622.2 31,249.3 31,763.0 82.5 4,008.2 24.9 1,900.5 2,870.1 1,088.4 955.4 9 293 1 7,230.5 543.6 1.424.8 94.1 2.104.4 97.8 4,370.7 24.3 2,031.0 2,944.5 1,099.2 975.8 10 537 2 8.273.4 591.9 1.575.0 96.9 2.219.4 90.1 4,678.0 23.8 2,225.9 2,998.1 1,236.8 1,023.5 11 957 0 9.379.4 663.6 1.812.5 101.5 2.313.9 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10.451.7 716.3 2.083.2 109.0 2.418.3 110.6 4,803.2 23.4 2,332.7 3,132.5 1,361.6 1,046.2 13 091 5 10.279.0 699.3 2.006.2 107.1 2.367.0 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10.451.7 716.3 2.083.2 109.0 2.418.3 126.2 5,014.3 23.2 2,465.6 3,282.1 1,433.9 1,087.3 13 631 5 10.652.4 732.1 2.135.9 111.1 2.399.5 154.3 4,904.0 23.2 2,533.8 3,376.4 1,466.2 1,118.7 13,946.3 10,862.2 755.8 2.215.0 113.2 2.433.3 131.4 5,010.0 23.0 2,560.8 3,432.7 1,572.7 1,176.0 14,209.5 11,015.8 782.0 2.296.3 115.4 2.506.1 123.8 5,099.2 23.1 2,618.2 3,525.6 1,665.6 1,191.0 14,446.2 11,158.3 814.4 2.356.0 117.5 2.556.6 140.0 5,299.1 23.5 2,656.9 3,594.3 1,727.3 1,208.2 14,570.9 11,226.5 831.7 2.394.4 118.3 2.542.9 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 9.499.5 7,227.2 4,860.3 2,198.8 168.1 1,567.6 4,033.1 10.578.2 7,643.7 5,026.0 2,443.5 174.2 1,682.8 4,395.0 11.759.2 8,231.6 5,269.6 2,775.0 186.9 1,854.4 4,701.9 12.956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 12.715.4 8,781.3 5,548.5 3,033.1 199.7 1,945.4 4,826.6 12.956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 13.129.0 9,234.7 5,829.2 3,198.1 207.4 2,062.4 5,037.4 13.378.2 9,529.6 6,023.3 3,293.4 212.9 2,121.2 4,927.2 13.628.0 9,817.8 6,175.0 3,425.1 217.7 2,143.5 5,032.9 13.839.7 10,096.6 6,331.0 3,541.9 223.7 2,190.7 5,122.3 13.906.7 10,307.2 6,458.6 3,621.8 226.9 2,226.6 5,322.6 22 Foreign credit market debt held in United States 1,258.1 1,445.7 1,528.9 1,785.1 1,716.9 1,785.1 1,799.0 1,848.5 1,849.6 1,862.6 1,926.3 275.5 874.4 66.1 42.2 344.2 993.0 69.9 38.6 382.4 1.028.2 84.4 34.0 479.5 1.180.8 98.3 26.6 474.3 1.124.6 90.4 27.7 479.5 1.180.8 98.3 26.6 474.0 1.224.5 74.7 25.8 472.2 1.266.3 84.9 25.1 424.2 1.309.6 91.5 24.4 412.2 1.323.6 102.8 24.0 460.2 1.333.6 108.8 23.7 23,585.4 25,745.5 28,076.0 30,661.3 29,985.6 30,661.3 31,262.5 31,804.7 32,471.8 33,111.9 33,689.3 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 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 22,327.3 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 10,875.5 11,859.0 12,868.5 14,153.7 13,816.8 14,153.7 14,449.0 14,800.4 15,384.9 15,745.3 15,925.1 935.0 2,601.3 957.1 2,676.3 1,171.7 2,592.2 1.366.0 2,627.8 1.280.5 2,617.6 1.366.0 2,627.8 1.403.5 2,644.5 1.483.3 2,684.8 1.302.0 2,824.0 1.252.6 2,910.2 1.184.4 2,940.2 3 326 7 3 242 1 164.0 501.7 104.7 3,374.6 3,922.5 222.1 575.8 130.6 3,541.9 4,559.0 239.1 620.2 144.5 3,837.3 5,354.8 175.0 641.4 151.5 3,763.1 5,129.9 229.0 643.7 153.0 3,837.3 5,354.8 175.0 641.4 151.5 3,955.7 5,489.9 183.3 624.4 147.7 4,075.8 5,567.8 196.8 642.0 150.0 4,243.2 5,815.5 225.2 821.8 153.2 4,463.7 5,862.1 232.2 867.1 157.2 4,594.6 5,875.3 271.8 896.4 162.4 338.6 321.8 296.8 9.1 8.0 2.601.3 3,326.7 2,181.7 47.0 995.3 230.0 519.3 357.4 381.3 385.8 11.4 11.1 2.676.3 3,374.6 2,609.0 62.2 1.129.6 343.2 517.1 394.3 429.5 409.6 14.7 11.5 2.592.2 3,541.9 3,278.3 62.4 1.108.6 402.9 622.7 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,050.3 68.8 1.144.2 444.0 652.5 424.1 476.2 412.4 16.8 13.1 2.617.6 3,763.1 3,816.8 74.0 1.119.5 440.5 642.6 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,050.3 68.8 1.144.2 444.0 652.5 495.3 520.3 288.3 16.2 15.4 2.644.5 3,955.7 4,155.3 83.7 1.133.6 444.6 696.1 511.0 551.5 289.5 18.9 18.6 2.684.8 4,075.8 4,280.5 93.6 1.135.2 439.3 701.8 597.5 586.8 375.9 28.4 25.3 2.824.0 4,243.2 4,294.9 86.3 1.173.3 435.6 713.8 630.1 631.1 395.1 32.3 28.7 2.910.2 4,463.7 4,228.8 64.8 1.169.1 438.2 753.2 647.5 665.4 407.2 28.5 31.1 2.940.2 4,594.6 4,150.9 80.4 1.173.3 428.1 738.1 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 1 292 9 4.008.2 5,952.9 1,900.5 6,986.6 1,318.4 1.499.3 9 397 7 2.104.4 1,399.1 4,370.7 6,075.2 2,031.0 7,860.0 1,391.2 1.590.2 10,667.7 2,219.4 1,644.2 4,678.0 6,158.0 2,225.9 8,585.2 1,560.3 1.677.6 12,101.5 2,313.9 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1.743.0 13,511.7 2,418.3 1,865.3 4,803.2 6,404.1 2,332.7 9,387.0 1,681.0 1.717.6 13,244.5 2,367.0 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1.743.0 13,511.7 2,418.3 2,003.7 5,014.3 6,623.4 2,465.6 9,996.4 1,692.0 1.737.5 13,779.2 2,399.5 2,109.8 4,904.0 6,783.8 2,533.8 10,210.5 1,747.9 1.785.8 14,096.2 2,433.3 1,857.6 5,010.0 7,090.2 2,560.8 10,557.9 1,889.4 2.022.1 14,362.7 2,506.1 1,788.6 5,099.2 7,397.1 2,618.2 10,711.4 2,000.6 2.082.1 14,603.4 2,556.6 1,784.6 5,299.1 7,558.2 2,656.9 10,803.2 2,107.9 2.128.3 14,733.3 2,542.9 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 4,686.6 2,947.1 266.2 73.9 1,125.6 273.8 3,836.1 25,938.1 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 646.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.5 1,204.9 97.5 424.1 152.0 5,085.8 3,228.4 297.4 85.4 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,374.6 2,497.7 1,419.8 200.1 394.9 198.9 5,498.0 3,465.6 339.6 96.8 1,322.2 273.8 5,188.3 30,258.2 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 690.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,541.9 3,171.3 1,537.1 267.0 477.2 246.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,705.4 3,624.3 320.2 106.0 1,376.9 278.0 5,807.5 32,289.5 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 694.2 758.7 83.7 1,461.2 1,874.0 170.4 18.7 2,579.0 3,763.1 3,709.2 1,608.2 302.7 537.3 256.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,891.1 3,721.1 332.0 112.1 1,442.6 283.2 6,292.4 33,528.0 780.9 8,025.9 7,091.0 805.9 31.4 97.6 1,577.5 629.2 821.7 2,831.7 712.3 767.5 88.1 1,649.5 2,005.4 171.6 22.4 2,558.4 3,955.7 4,041.2 1,617.6 315.4 677.2 278.8 5,909.8 3,707.6 317.2 115.6 1,484.9 284.5 6,516.6 34,178.8 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,855.7 722.2 772.2 88.9 1,699.7 2,093.5 175.1 26.3 2,596.7 4,075.8 4,169.2 1,615.8 303.2 583.8 326.4 6,063.7 3,905.1 280.2 119.9 1,470.6 287.9 6,659.3 35,133.7 779.6 8,465.0 7,417.6 914.8 35.4 97.2 1,628.9 652.6 838.9 2,882.2 734.7 787.5 93.3 1,802.7 2,141.6 170.6 28.7 2,758.9 4,243.2 4,201.0 1,637.0 269.3 718.2 299.8 6,192.3 4,057.6 267.4 124.0 1,455.0 288.3 6,867.2 35,797.7 740.6 8,757.0 7,638.7 963.3 58.7 96.4 1,584.3 657.9 840.0 2,890.8 738.2 799.8 96.1 1,951.5 2,203.1 172.0 33.5 2,829.5 4,463.7 4,145.7 1,636.6 271.4 803.1 182.9 5,981.7 3,894.6 219.8 127.0 1,446.8 293.5 7,114.1 36,518.5 631.0 8,875.3 7,718.6 1,000.6 59.7 96.4 1,598.8 665.5 852.0 2,915.5 746.1 810.5 106.1 2,253.4 2,269.2 170.5 37.8 2,893.4 4,594.6 4,071.0 1,634.5 261.6 869.6 262.1 34,460.9 37,604.5 40,944.6 46,605.1 47,856.7 48,857.2 49,614.4 62.3 62.2 2.2 26.7 957.0 212.2 1,521.7 4,284.9 1,505.1 1,879.8 1,647.2 5,436.3 1,038.2 1,060.4 10,632.6 2,659.7 268.9 13,914.7 45.9 2.2 27.5 1,024.7 201.3 1,525.2 4,599.3 1,789.5 2,006.9 1,998.0 6,048.9 1,038.4 1,082.6 11,368.9 2,996.3 297.0 14,897.7 46.1 2.2 28.5 1,293.5 65.6 1,498.5 5,111.9 2,146.5 2,489.7 2,727.8 7,805.2 1,379.5 1,191.1 12,867.6 3,369.8 336.9 16,513.6 48.7 2.2 28.8 1,339.9 112.6 1,499.6 5,165.1 2,282.0 2,801.6 2,789.4 7,989.3 1,374.5 1,199.6 12,980.1 3,441.4 348.2 16,886.6 50.0 2.2 28.7 1,350.3 147.1 1,535.9 5,232.6 2,370.4 3,053.2 2,588.1 7,829.0 1,526.4 1,201.5 12,764.9 3,500.6 341.0 16,815.4 54.8 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,722.4 2,465.3 240.4 12,423.3 28.5 1,362.8 73.0 1,526.5 5,381.0 2,448.9 3,407.8 2,623.4 7,271.7 1,618.1 1,184.0 12,162.6 3,561.1 358.3 17,387.6 52 Total liabilities 77,231.3 84,714.1 91,894.8 100,921.3 97,570.0 100,921.3 102,865.1 105,479.3 108,146.5 109,194.7 110,066.6 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . . 23.7 15,618.5 5,393.3 24.6 17,389.3 5,981.3 19.3 18,512.0 6,641.6 19.9 20,909.3 7,303.7 19.7 19,595.7 7,168.8 19.9 20,909.3 7,303.7 20.0 21,133.9 7,510.3 20.1 22,208.5 7,687.4 20.3 22,429.6 7,810.4 20.5 21,477.2 7,892.1 20.9 19,360.8 7,934.7 -9.5 705.3 12.7 392.7 69.2 -3,471.3 -9.7 767.2 27.3 248.3 97.0 -3,536.2 -9.1 807.9 25.2 382.4 96.7 -3,702.5 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.0 956.7 41.4 374.4 58.8 -4,341.2 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.2 996.4 33.0 475.2 58.8 -4,890.6 -10.0 1,090.7 19.9 479.8 55.3 -5,060.1 -9.8 1,103.0 20.8 527.8 43.7 -5,261.9 -9.9 1,088.1 21.7 269.5 26.3 -5,561.9 -10.2 1,085.3 15.0 287.6 2.9 -5,739.2 -17.9 20.8 23.3 11.2 20.0 32.7 1.8 19.2 .9 .1 11.4 100.8 2.7 10.4 -12.8 .1 11.4 100.8 1.3 10.0 100.5 10.0 58.7 6.4 76.2 2.8 10.3 156.4 8.9 11.2 91.4 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 276.5 4,634.7 27,884.0 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 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 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 100,541.3 110,451.6 119,445.1 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.5 2.2 28.1 1,139.6 147.5 1,491.1 4,792.1 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,772.2 3,159.7 323.1 15,320.4 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.6 2.2 28.2 1,194.7 50.5 1,501.4 5,076.1 2,118.9 2,389.7 2,678.4 7,328.7 1,289.0 1,172.7 12,408.3 3,282.2 335.4 16,250.8 134,754.9 138,751.9 141,899.9 142,581.2 141,629.9 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • August 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2008 2008 2007 2008 Series Q3 Q4 Ql' 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 112.1 112.2 112.3 111.4 137.9 138.5 139.1 139.7 81.3 81.0 80.6 79.7 2 Manufacturing Manufacturing (NAICS) 3 113.9 115.1 113.7 115.0 113.4 114.8 112.3 113.7 142.7 144.3 143.4 145.1 144.1 145.8 144.8 146.5 79.8 79.8 79.3 79.3 78.7 78.7 77.6 77.6 4 5 122.6 111.3 122.6 111.3 122.5 114.0 120.7 110.2 156.3 132.5 157.6 132.8 158.9 133.2 160.1 133.5 78.4 84.0 77.8 83.9 77.0 85.7 75.4 82.5 112.9 117.2 186.8 113.3 115.5 195.7 113.5 115.1 202.1 111.9 112.2 208.4 138.8 148.8 242.7 139.3 149.6 251.4 139.7 150.3 259.7 140.0 150.9 267.1 81.3 78.8 77.0 81.3 77.3 77.4 81.1 76.5 77.6 79.9 74.3 78.0 105.7 98.9 105.1 95.5 105.5 91.9 106.3 84.3 125.3 132.7 126.0 132.0 126.7 131.7 127.5 131.7 84.3 74.6 83.4 72.4 83.4 69.8 83.4 64.0 124.2 107.0 79.1 126.2 106.7 110.2 77.3 125.8 106.3 110.2 75.0 124.4 106.0 110.4 73.5 156.6 131.5 135.4 113.3 157.0 131.8 135.8 112.4 157.6 132.0 136.2 111.5 158.2 132.2 136.5 110.6 79.3 81.4 82.1 69.9 80.4 81.0 81.1 68.9 80.2 80.6 80.9 67.5 78.6 80.1 80.8 66.4 95.5 108.4 114.6 104.4 93.1 95.6 108.5 114.6 104.8 91.9 94.9 110.6 113.8 102.6 91.2 94.8 110.7 113.3 101.6 88.8 115.9 122.2 144.5 123.3 116.1 115.7 122.1 145.2 123.9 116.2 115.6 122.1 145.8 124.5 116.3 115.4 122.0 146.2 125.1 116.4 82.5 88.7 79.3 84.6 80.2 82.6 88.9 78.9 84.6 79.2 82.1 90.5 78.2 82.4 78.2 82.1 90.7 77.4 81.2 76.3 20 21 Electric and gas utilities 101.3 108.0 102.7 108.6 103.6 110.7 104.2 109.5 113.9 125.7 114.2 126.3 114.5 127.1 114.7 127.8 89.0 85.9 90.2 85.9 90.4 86.7 90.9 85.7 MEMOS 22 Computers, communications equipment, and semiconductors 231.6 247.1 257.3 267.6 291.3 306.7 321.5 335.1 79.5 79.9 79.6 79.9 23 Total excluding computers, communications equipment, and semiconductors 107.5 107.3 107.2 106.0 132.1 132.4 132.7 133.0 81.4 81.0 80.7 79.7 24 Manufacturing excluding computers, communications equipment, and semiconductors 108.3 107.6 107.1 105.6 135.6 135.9 136.2 136.5 79.8 79.2 78.6 77.4 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 41 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 Series Low High Low July Feb.' Mar.' Apr.' May' June' July' Capacity ut lization rate (percent)4 1 Total Industry 88.8 74.0 86.6 70.9 85.0 78.6 81.4 80.3 80.5 79.8 79.6 79.8 79.9 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.5 71.3 86.2 86.2 68.5 67.8 85.4 85.3 77.1 77.0 80.1 80.1 78.4 78.4 78.5 78.6 77.6 77.6 77.5 77.6 77.5 77.6 77.7 77.8 89.4 101.9 69.6 69.8 86.7 90.1 62.9 46.9 84.6 93.8 73.5 75.0 78.8 85.5 76.8 85.6 76.8 84.7 75.4 83.3 75.2 81.7 75.4 82.4 75.8 83.0 91.7 94.6 69.9 74.3 83.1 92.7 61.8 58.0 81.7 85.3 72.7 74.0 81.2 79.1 81.0 76.0 81.0 76.9 80.6 74.4 80.0 74.3 79.2 74.2 78.9 74.6 87.0 66.0 90.0 77.4 81.9 76.7 77.4 77.4 78.5 78.5 77.9 77.6 77.0 99.3 95.8 68.0 54.8 91.9 95.1 64.6 44.9 89.1 89.5 77.0 56.0 84.7 75.8 82.5 70.7 83.8 67.2 83.1 62.8 83.6 63.1 83.5 66.1 83.5 68.5 75.9 87.6 68.1 72.3 87.1 85.8 69.0 75.4 87.4 86.7 81.0 81.4 78.8 81.5 79.8 80.3 79.8 80.5 78.5 80.1 78.2 80.3 79.1 80.0 79.8 80.2 86.3 89.5 77.5 61.8 84.2 89.6 80.4 72.1 86.0 91.1 80.9 77.6 82.4 71.0 80.1 67.4 81.7 67.5 81.1 66.4 80.8 66.7 80.7 66.2 80.5 65.1 96.7 92.1 85.3 96.1 86.2 74.1 80.8 69.1 61.7 75.6 95.4 91.0 83.5 90.1 88.0 81.4 68.8 67.9 71.8 86.7 92.6 88.2 85.0 89.8 91.1 86.1 82.4 79.9 76.4 80.4 82.7 88.6 79.4 84.8 80.3 81.1 90.6 78.1 82.8 77.8 82.3 89.6 77.8 81.6 78.1 81.2 90.6 77.3 81.0 76.7 83.5 90.9 77.6 81.1 76.4 81.7 90.7 77.4 81.4 75.9 81.1 92.5 77.6 81.7 74.9 20 Mining 21 Electric and gas utilities 93.4 96.2 87.6 82.9 93.8 89.0 79.6 77.7 86.3 92.7 83.6 84.1 89.2 84.2 90.5 85.8 90.5 86.7 90.6 86.5 90.6 84.4 91.4 86.2 92.1 84.4 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.3 89.6 75.1 81.7 75.3 80.1 79.2 80.9 80.9 79.7 79.1 78.3 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.8 70.6 85.3 78.7 81.4 80.4 80.5 79.8 79.6 79.8 79.9 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.0 85.8 77.2 80.1 78.4 78.4 77.4 77.4 77.4 77.7 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. e Board's G. 17(419) monthly statistical rel aiuc ui me i1 tact Hi i\.cjct vt utiLLtitn. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • August 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion Aug. Sept. Dec. Jan. Feb.1 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 112.0 112.0 112.3 111.8 112.3 112.4 112.6 112.3 112.0 111.3 111.1 111.6 58.5 30.8 8.9 4.7 0.4 1.4 2.4 21.9 18.1 9.7 0.9 5.0 2.0 3.9 111.5 107.5 103.2 100.9 155.8 96.0 104.0 108.8 109.1 109.9 78.0 117.6 96.2 108.4 112.2 08.2 05.8 05.1 53.1 96.5 05.6 08.9 09.9 111.2 78.3 117.4 97.1 06.5 112.0 107.9 104.6 103.0 152.7 96.5 105.3 108.9 109.1 110.0 77.3 117.4 96.7 108.6 112.5 108.4 103.5 101.1 156.4 95.5 105.0 109.9 110.1 111.8 77.0 117.4 96.9 109.5 111.6 107.3 102.4 100.0 158.8 94.1 103.8 108.8 109.4 110.0 76.3 118.8 95.8 107.6 111.8 107.4 102.9 101.1 167.6 92.9 103.2 108.8 108.8 109.5 76.2 118.0 95.2 109.0 111.9 107.4 102.7 101.6 170.1 91.7 102.3 108.8 109.2 109.6 78.0 118.5 95.9 108.1 112.3 108.0 101.1 99.6 167.7 89.1 101.9 110.1 109.3 109.3 77.2 119.1 96.5 112.6 112.0 107.9 100.0 98.5 168.1 87.3 100.9 110.4 109.1 109.2 76.5 119.0 96.6 113.8 111.3 106.7 97.8 93.8 168.8 87.3 101.3 109.5 109.5 110.2 75.3 118.0 97.2 109.7 110.5 106.0 94.2 86.5 175.4 87.1 100.8 109.6 109.1 109.8 74.8 118.5 95.1 111.2 110.4 105.8 94.7 87.5 179.1 86.5 100.9 109.2 109.1 109.9 73.7 118.3 95.6 109.9 110.9 106.7 97.2 93.0 176.1 85.6 101.0 109.6 109.2 109.7 74.5 119.2 95.6 110.8 111.2 107.0 98.2 95.3 175.1 84.7 101.0 109.7 109.1 109.3 73.9 119.8 94.3 111.5 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.2 1.8 3.1 5.3 1.8 128.4 124.2 155.6 115.7 117.1 29.6 25.3 56.2 117.2 118.1 129.4 124.4 157.7 116.4 117.9 130.5 124.1 159.2 117.9 118.4 129.9 122.6 160.7 116.7 118.3 130.2 123.2 162.7 116.2 120.2 131.2 123.9 164.8 116.7 119.9 131.4 122.5 165.2 117.4 120.9 131.1 121.1 167.5 116.5 119.6 132.0 120.2 169.3 117.5 119.5 129.5 117.4 170.3 113.8 119.4 129.8 118.3 170.7 113.9 118.8 130.1 120.4 171.6 113.4 119.7 131.1 123.8 171.3 114.1 120.4 21 22 Construction supplies Business supplies 4.3 11.0 106.0 108.7 07.4 08.5 107.1 108.7 106.6 109.1 105.4 108.8 104.5 109.2 104.2 108.9 103.6 109.3 102.3 109.2 102.3 108.5 101.3 108.3 101.7 107.8 101.5 107.8 101.7 107.2 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.5 30.5 19.0 4.0 6.6 8.4 11.5 0.8 2.7 4.5 11.0 111.3 115.5 123.5 93.7 167.1 109.1 103.5 76.6 97.7 112.4 101.6 111.8 116.7 25.4 95.1 70.4 110.3 03.9 76.3 97.4 112.6 00.8 112.0 116.3 125.1 95.0 170.1 110.0 103.2 74.0 97.5 111.9 102.1 112.0 116.6 125.3 93.6 171.3 110.4 103.8 74.0 96.4 113.1 101.6 112.2 116.4 125.5 92.4 174.6 109.7 102.9 73.5 96.4 111.9 102.5 113.0 117.2 126.4 92.9 176.5 110.4 103.5 73.1 97.7 112.5 103.3 113.1 116.9 125.8 90.7 176.7 110.0 103.7 72.6 99.3 112.3 104.1 113.0 116.7 126.0 90.1 178.3 109.8 103.1 71.0 97.8 111.9 104.2 112.6 116.0 126.0 89.1 179.9 109.6 101.4 71.0 95.9 109.9 104.5 112.8 116.4 126.4 87.6 182.7 109.6 101.8 69.6 96.6 109.7 104.3 112.4 115.7 125.6 86.0 182.7 108.9 101.1 68.9 95.8 109.3 104.5 112.1 115.6 125.0 85.7 181.9 108.1 101.7 69.2 97.8 110.0 103.9 112.5 115.6 125.5 87.1 182.6 108.2 101.3 68.1 94.8 110.1 104.6 112.7 116.0 126.2 88.9 183.4 108.4 101.1 66.9 93.9 110.4 104.8 94.6 92.6 107.0 112.3 07.5 112.7 107.4 112.8 107.6 113.3 107.0 112.9 107.4 113.4 107.4 113.5 107.6 113.8 107.2 113.5 106.7 113.5 106.0 113.2 105.8 112.9 106.3 113.2 106.5 113.2 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts .. Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 3,049.2 3,034.7 37 Final products 38 Consumer goods . . . 39 Equipment total 43.1 30.8 40 Nonindustrial supplies . 15.4 12.3 3,041.3 3,062.1 3,014.3 2,998.4 2,311.5 2,330.7 2,324.1 2,331.2 2,310.9 2,318.1 2,321.0 2,337.6 2,330.6 2,309.1 2,283.0 2,282.3 2,299.9 2,320.8 1,606.3 1,619.2 1,615.5 1,618.1 1,603.7 1,606.9 1,605.5 1,621.4 1,616.8 1,593.6 1,578.3 1,576.6 1,591.5 1,605.0 728.3 715.4 721.7 722.4 724.7 720.4 718.6 723.7 717.9 728.0 727.2 729.4 717.2 718.8 724.5 725.5 726.6 726.0 723.2 724.7 723.6 726.2 722.4 717.9 716.7 715.0 716.0 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2007 2008 2007 avg. July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar.' Apr.' May' June' 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 83.2 78.5 112.9 114.2 114.1 115.3 113.6 114.8 114.0 115.2 113.5 114.8 113.8 115.1 113.8 115.1 113.8 115.2 113.1 114.5 113.2 114.6 112.2 113.6 112.3 113.7 112.4 113.8 112.8 114.3 321 43.2 1.5 121.0 99.2 122.9 100.9 122.4 100.3 122.4 97.9 122.2 96.5 122.9 94.2 122.8 94.3 122.9 92.3 122.2 91.0 122.4 91.4 120.5 90.1 120.4 89.8 121.1 89.7 121.9 88.5 327 331 332 333 2.3 2.3 5.7 5.3 108.1 110.3 112.0 116.0 109.9 113.2 112.6 117.4 110.0 111.4 112.8 116.2 110.2 109.2 113.2 118.0 108.9 110.0 113.1 116.4 109.7 111.0 113.7 115.4 105.9 112.9 113.1 114.6 106.1 115.2 113.4 115.2 104.9 114.1 113.5 114.1 106.4 112.8 113.6 115.9 104.8 111.2 112.8 112.2 105.0 109.1 111.9 112.2 103.9 110.2 110.9 112.1 104.7 111.0 110.5 112.9 334 8.1 183.4 185.6 186.5 188.3 192.8 196.2 198.1 198.5 202.2 205.7 207.9 208.2 209.1 209.2 335 3361-3 2.2 7.4 104.9 97.2 105.9 100.8 105.4 99.3 105.7 96.6 104.3 95.1 105.0 95.8 106.1 95.5 106.1 93.9 104.4 93.0 106.0 88.6 105.7 82.7 106.6 83.2 106.7 87.2 106.8 90.3 3364-9 3.5 122.3 123.4 123.8 125.3 125.3 126.9 126.4 127.4 125.2 124.8 124.1 123.8 125.4 126.7 337 339 1.8 3.3 102.0 115.9 103.3 116.9 103.4 116.4 102.4 117.4 101.7 116.5 101.4 116.0 100.1 117.2 98.1 117.8 96.4 115.3 95.9 117.1 94.9 116.3 94.4 116.6 94.0 116.4 93.2 116.9 35.3 106.6 107.1 106.6 107.3 106.7 106.6 106.8 106.8 106.0 106.2 105.9 106.2 105.8 106.1 311,2 313,4 315,6 322 323 11.3 1.4 1.0 3.1 2.4 110.1 80.5 78.5 95.8 99.8 111.4 80.6 78.5 95.9 98.4 110.3 78.7 77.6 95.7 99.1 112.0 78.1 77.6 95.0 99.6 110.5 77.7 77.0 94.1 98.9 110.0 77.1 76.8 95.4 99.4 110.1 77.2 78.7 97.3 99.0 110.0 75.3 77.8 96.0 98.4 109.7 75.2 77.1 93.7 97.3 111.0 74.7 76.0 95.1 98.4 110.6 73.7 75.6 93.8 97.4 110.3 73.7 74.5 96.4 97.0 110.2 73.0 75.3 94.3 94.2 110.1 71.7 74.9 93.5 92.9 324 325 1.8 10.7 108.7 114.2 108.3 114.5 108.5 114.2 108.4 115.0 108.7 114.5 108.1 114.7 108.5 114.6 111.7 114.6 110.6 113.6 109.5 113.1 110.6 112.9 110.9 113.5 110.7 113.3 112.8 113.7 326 3.8 103.4 104.5 103.8 105.0 104.6 105.4 104.5 103.0 102.8 102.0 101.3 101.5 102.0 102.6 1133,5111 4.7 92.9 93.2 92.8 93.2 92.2 91.7 91.9 91.3 91.2 91.0 89.3 88.9 88.4 87.3 21 2211,2 2211 2212 7.2 9.6 8.2 1.4 101.4 108.2 110.4 98.2 101.5 105.6 107.8 95.5 101.2 109.3 111.1 101.0 101.3 109.0 111.5 97.4 101.3 108.4 112.3 90.9 102.9 109.1 111.1 99.4 103.9 108.2 109.7 101.2 103.2 110.8 112.4 103.2 103.6 112.6 113.5 107.9 103.9 108.7 110.4 100.6 103.9 110.4 111.7 103.7 103.9 107.9 108.7 103.5 104.8 110.3 111.9 102.8 105.8 108.3 109.4 102.7 77.8 107.6 108.5 108.0 108.3 107.5 107.7 107.6 107.6 106.8 106.7 105.6 105.6 105.7 106.1 75.7 114.3 115.2 114.8 115.4 115.0 115.3 115.4 115.5 114.8 115.3 114.7 114.7 114.5 114.7 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released on March 28, 2008. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • August 2008 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -728,993 -711,567 1,283,753 -1,995,320 72,358 78,758 173,205 -94,447 -6,400 -89,784 -788,116 -753,283 1,457,015 -2,210,298 57,194 63,804 184,146 -120,342 -6,609 -92,027 -731,214 -700,258 1,645,726 -2,345,984 81,749 88,776 233,861 -145,085 -7,027 -112,705 Ql Q2 Q3 Q4 Q1 -196,930 -179,543 385,436 -564,979 12,787 14,453 50,263 -35,810 -1,666 -30,174 -194,093 -178,819 399,951 -578,770 9,679 11,443 49,053 -37,610 -1,764 -24,953 -172,952 -168,114 424,873 -592,986 22,958 24,729 59,710 -34,981 -1,771 -27,796 -167,241 -173,783 435,465 -609,248 36,327 38,151 74,835 -36,684 -1,824 -29,784 -176,376 -174,920 454,271 -629,191 29,771 31,575 66,850 -35,275 -1,804 -31,227 -22 0 -35 285 -272 -276 0 -29 112 -359 11 Change in U.S. government assets other than official reserve assets, net (increase, —) 623 3,346 12 Change in U.S. official reserve assets (increase, —) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 4,511 10,200 -615 -223 3,331 -734 -154 1,021 -989 -43 212 -241 -39 294 -229 -54 0 -37 230 -247 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 -566,266 -207,625 -71,207 -251,199 -36,235 -1,259,469 -488,424 -164,597 -365,204 -241,244 -1,267,459 -644,751 -706 -288,731 -333,271 -442,438 -230,143 -46,048 -99,541 -66,706 -522,985 -209,985 -134,713 -84,671 -93,616 -171,045 -88,697 80,012 -100,317 -62,043 -130,990 -115,926 100,043 -4,202 -110,905 -289,697 -218,907 53,644 -38,826 -85,608 22 Change in foreign official assets in United States (increase, +) 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 259,268 112,841 100,493 -421 26,260 20,095 487,939 208,564 219,837 2,816 22,365 34,357 411,058 58,865 171,465 5,342 108,695 66,691 163,270 40,337 81,303 366 30,329 10,935 88,822 1,610 60,031 -69 15,956 11,294 13,469 -25,810 18,022 913 9,873 10,471 145,497 42,728 12,109 4,132 52,537 33,991 173,501 88,647 79,035 1,792 -26,906 30,933 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 988,079 214,736 69,572 132,300 8,447 450,386 112,638 1,573,174 461,100 242,727 -58,204 2,227 683,363 241,961 1,646,645 532,813 156,290 156,825 -10,675 573,850 237,542 529,443 205,132 90,061 42,882 -6,165 183,507 14,026 629,290 149,769 122,476 -13,522 -1,635 310,340 61,862 253,007 53,925 55,599 67,406 655 -30,486 105,908 234,905 123,987 -111,846 60,059 -3,530 110,489 55,746 237,461 85,746 57,185 68,932 -914 -20,115 46,627 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -4,036 32,313 -3,880 -47,078 -1,843 -41,287 -543 -67,970 12,192 -80,161 -112 656 722 -66 -617 71,627 -21,805 93,431 -571 -45,600 8,892 -54,491 -597 52,638 9,512 43,126 MEMO Changes in official assets 39 U.S. official reserve assets (increase, —) 40 Foreign official assets in United States, excluding line 25 (increase, +) 14,096 2,374 -122 -72 26 -54 -22 -276 259,689 485,123 405,716 162,904 88,891 12,556 141,365 171,709 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 2007 Asset 2005 2006 2008 2007 Dec. Jan. Feb. Mar. Apr. May June July- 1 Total 65,127 65,895 70,565 70,565 72,017 73,404 75,764 74,372 75,170 75,740 74,832 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,476 11,041 9,566 11,041 9,688 11,041 9,892 11,041 9,767 11,041 9,771 11,041 9,849 11,041 9,772 8,036 37,838 5,040 40,943 4,244 45,804 4,244 45,804 4,237 47,173 4,280 48,395 4,302 50,529 4,253 49,311 5,111 49,247 5,237 49,613 4,930 49,089 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. Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. Excludes outstanding reciprocal currency swaps with the European Central Bank and the Swiss National Bank. At endDecember 2007 and end-January 2008 swaps outstanding were $20 billion and $4 billion respectively. At end-February there were no swaps outstanding. At end-March swaps outstanding were $15 billion and $6 billion respectively. At end-April swaps outstanding were $30 billion and $6 billion respectively. At end-May, end-June, and end-July swaps outstanding were $50 billion and $12 billion respectively. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2007 Asset 2005 2006 2008 2007 Dec. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Jan. Mar. Apr. May June July' 83 98 96 96 114 96 98 105 99 211 103 1.069.014 8,967 1.133.969 8,967 1.191.706 8,710 1,191,706 8,710 1,235,576 8,697 1,244,808 8,643 1,275,124 8,595 1,310,649 8,548 1,315,616 8,534 1,348,988 8,521 1,375,199 8,494 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 2008 2006 Item 2006 2007 1 1 Total1 By type 2 Liabilities reported by banks in the United States2 June " June 8 Dec. Mar. Apr. May' 3,326,618' 3,360,168' 3,378,051 Junep 3,395,421 2,585,038 3,239,273 2,490,430 2,490,430 2,585,038 284,827 176,829 397,958 196,344 308,842 184,847 308,842 184,847 284,827 176,829 372,393' 201,281' 350,870' 215,088' 348,629 218,769 344,125 225,760 1 271 174 1,026 851,182 1 443 691 1,111 1,200,169 1 211 819 986 783,937 1,211,819 986 783,937 1,271,174 1,026 851,182 1,504,209 1,133 1,247,601 1,526,507 1,140 1,266,562 1,522,783 1,148 1,286,722 1,523,888 1,155 1,300,493 435,062 7,078 175,746 1 915 375 12,422 39,354 602,738 11,370 267,443 2 292 741 25,262 39,719 414,986 7,859 159,444 1,851,832 15,955 40,354 414,986 7,859 159,444 1,851,832 15,955 40,354 435,062 7,078 175,746 1,915,375 12,422 39,354 617,265' 11,274 276,004 2,353,077' 26,810 42,187 632,945 11,361 278,177 2,366,976' 27,561 43,148 628,906 11,302 296,382 2,367,196 30,766 43,499 635,898 11,524 299,050 2,375,534 30,359 43,056 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 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2007 Item 2004 2005 2008 2006 June Sept. Dec. Mar. 98,349 52,410 45,939 91,693 59,241 32,452 140,873 97,088 43,785 169,863 103,800 66,063 181,917 104,822 77,095 260,790 120,710 140,080 257,001 114,688 142,313 Deposits 129,544 51,029 78,515 100,144 43,942 56,202 131,530 59,152 72,378 143,525 65,606 77,919 148,539 67,718 80,821 168,572 73,199 95,373 182,798 75,216 107,582 Deposits 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 81,285 55,342 25,943 80,195 50,748 29,447 74,693 50,263 24,430 84,085 57,797 26,288 2 3 Deposits Other liabilities 5 8 Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • August 2008 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 TVPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" 3,080,907 3,851,558 4,442,608 4,442,608 4,540,818' 4,608,192' 4,539,582' 4,479,877' 4,436,548' 4,312,698 2,299,950 2,924,438 3,317,855 3,317,855 3,346,546 1,043,801 1,256,149 1,315,290 1,609,148 1,028,974 927,120 1,541,223 1,776,632 1,099,640 1,541,223 1,776,632 1,099,640 250,886 299,686 299,686 311,286 325,916 353,769' 371,732 504,389 504,389 552,266 545,123 524,752' 53,594 136,783 201,516 66,155 113,865 304,502 97,746 200,152 320,678 97,746 200,152 320,678 114,076 211,055 330,720' 119,006 202,438 326,293' 124,953' 186,202 326,581' 126,418 180,566 316,134' 133,182 165,199 318,813' 129,460 168,075 316,146 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 800 27,164 22,929 17,784 5,145 4,235 250 27,164 22,929 17,784 5,145 4,235 250 30,460 24,781 18,663 6,118 5,679 951 29,188 22,055 16,918 5,137 7,133 1,124 28,372 20,944 16,386 4,558 7,428 1,796 24,776 19,105 14,624 4,481 5,671 416 27,925' 20,166' 13,872 6,294' 7,759 2,447 24,163 18,019 13,408 4,611 6,144 1,040 713,327 780,957 259,843 319,598 3,410,860 1,512,340 1,519,544 1,834,206 1,891,316 1,168,935 1,217,478 1,124,753 1,194,272' 3,334,480 3,288,747' 3,236,075' 3,114,376 1,563,452 1,771,028 1,092,118 1,205,102' 1,506,680' 1,782,067' 1,079,970 1,191,130' 1,446,779' 1,463,539 1,789,296' 1,650,837 1,087,096 968,239 1,200,473' 1,198,322 368,610' 357,172' 375,549 513,050 517,824' 506,627 4,096 2,855 3,985 3,985 4,728 6,009 5,632 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,302 215,946 49,204 166,742 594,302 215,946 49,204 166,742 621,005 224,966 47,376 177,590 607,791 220,147 47,535 172,612 573,674' 196,337 48,024 148,313 565,958' 187,783 47,003 140,780 567,398' 197,870 46,554 151,316 569,885 191,364 44,296 147,068 327,526 201,863 282,702 176,829 378,356 196,344 378,356 196,344 396,039 207,123 387,644 204,319 377,337' 201,281' 378,175' 215,088' 369,528' 218,769' 378,521 225,760 150,759 152,761 26 Banks10 27 Banks' own liabilities 28 Deposits2 Other 29 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'" . . . Other ,792,040 ,566,967 841,248 725,719 225,073 23,771 2,258,115 1,917,300 1,025,334 891,966 340,815 31,153 48,776 152,526 66,378 243,284 64,243 239,669 64,243 239,669 75,693 247,635' 80,109 240,358' 34 Other foreigners" 35 Banks' own liabilities 36 Deposits2 37 Other 769,564 546,387 148,766 397,621 1,102,362 802,414 219,555 582,859 1,302,250 902,381 299,939 602,442 1,302,250 902,381 299,939 602,442 1,386,187 956,058 309,245 646,813 1,452,224 1,018,116 304,454 38 39 40 223,177 33,124 299,948 42,104 399,869 64,711 399,869 64,711 430,129 64,115 434,108 72,493 450,968' 96,509' 444,576' 92,207' 455,313' 103,616' 451,325 103,631 142,188 47,865 196,728 61,116 255,150 80,008 255,150 80,008 284,159 81,855 280,002 81,613 268,653' 85,806 265,664' 86,705 266,621' 85,076 264,099 83,595 43 Total, all foreigners 3,080,907 3,851,558 4,442,608 4,442,608 4,540,818" 4,608,192' 4,539,582' 4,479,877" 4,436,548' 4,312,698 44 Foreign countries . . 3,060,114 3,822,133 4,415,444 4,415,444 4,510,358" 4,579,004' 4,511,210' 4,455,101" 4,408,623' 4,288,535 ,229,338 3,604 16,022 1,482,788 3,841 14,528 931 3,204 69,078 69,894 1,488 84,085 7,350 73,099 25,309 42,383 1,749,481 4,987 18,245 768 1,263 64,741 97,579 ,749,481 4,987 18,245 768 1,263 64,741 97,579 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" . . . Other 5,255 5,312 5,104 1,518,892 ! ,518,892 2,503,166' 1,518,989' 2,508,796' 2,466,714' 2,377,641' 2,360,161 >, 176,599 !,176,599 2,140,741 >, 150,542 2,139,427 2,104,006' 2,009,768' 1,997,829 1,174,296 1,174,296 1,137,056 1,150,637 1,170,270 1,127,346' 1,068,599' 1,072,589 1,002,303 1,002,303 1,003,685 999,905 969,157 976,660 925,240 941,169 342,293 342,293 362,425' 368,447' 362,708' 367,873' 362,332 369,369' 38,381 38,381 39,097 47,980 49,461' 43,778' 45,118 54,183' 713,662 83,043' 232,143' 85,471' 227,776' 90,848' 233,247' 87,831 229,383 1,428,740' 1,422,429' 1,463,584' 1,358,489 977,772 977,853' 1,008,271' 907,164 317,707 333,246 328,772 317,754 660,146' 573,918 649,000 690,517' MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 63 Switzerland 64 Turkey 65 United Kingdom and Isle of Man 66 Channel Islands 13 67 Yugoslavia Other Europe and other former U.S.S.R.1 Footnotes appear on next page. 1,537 3,612 71,486 58,960 1,200 1,789,799 4,709 1,853,897 3,998 17,705 771 21,504 1,635 84,963 103,637 1,326 128,767 7,663 657 1,652 78,386 105,038 ,782,798' 1,754,853' 4,533 4,310 20,258 24,682 1,011 761 1,811 1,856 80,924 77,719 94,274' 96,111 1,310 147,164 1,128 154,724 8,566 119,842 37,086 6,819 124,159 41,214 3,245 31,095 3,991 83,545 1,345 1,345 101,335 2,250 62,711 113,469 8,072 106,918 24,850 48,022 2,993 104,709 113,469 8,072 106,918 24,850 48,022 2,993 104,709 9,535 8,941 11,433 11,433 11,417 10,103 4,771 140,140 3,715 7,677 7,677 54,622 10,369 888,945 33,360 295 22,389 51,911 51,911 5,095 49,670 12,098 1,005,684 25,279 532 36,906 12,098 ,005,684 25,279 532 36,906 1,009,957 22,880 487 30,296 6,096 45,846 16,816 1,053,560 21,955 939 34,308 68,660 7,075 61,065 14,502 27,921 2,716 9,895 563,253 29,559 119 32,371 102,111 37,439 47,444 2,573 104,708 14,544 94,611 35,713 12,427 6,534 45,249 15,908 992,466' 20,552 846 48,037 1,215 160,862 6,300 112,425 34,706 29,954 2,253 91,502 13,687 6,961 43,104 18,587 953,474' 19,443 412 51,326 ,709,454' 1,608,921 5,968 4,409 20,352 20,383 1,028 4,753 1,284 1,326 70,394 73,698 93,324' 87,160 1,530 1,823 166,305 163,191 8,525 8,495 107,775 103,951 35,776 42,619 29,393 30,516 2,916 3,260 88,322 92,667 12,554 13,583 3,606 4,768 40,547 37,467 16,510 18,508 931,715 839,474 15,860 14,382 530 334 49,958 47,438 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 68 European Union1- n.a. 1,495,548 1,538,908 1,621,820 69 Canada . 33,552 44,613 59,386 59,386 67,471 70,960 71,872' 70,039' 73,156 77,108 133,637 9,674 11,900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 172,535 11,920 24,407 15,531 10,962 3,271 1,812 52,126 6,960 5,168 6,361 23,000 11,017 172,535 11,920 24,407 15,531 10,962 3,271 1,812 52,126 6,960 5,168 6,361 23,000 11,017 169,366 11,462 22,210 15,602 11,339 3,152 1,801 50,308 7,406 5,922 6,157 23,006 11,001 175,980 11,248 27,345 14,760 11,083 3,539 1,897 52,092 6,730 5,721 6,010 24,535 11,020 166,549' 12,344 17,343 14,292 9,849 3,669 1,855 51,424' 7,668 5,706 6,660 23,972' 11,767 169,231' 12,640 15,214 16,152 10,472 3,702 1,893 52,171' 7,637 6,900 6,188 23,607 12,655 180,394' 12,175' 28,076 13,374 11,001 3,797 1,919 51,786 7,575 6,235 6,361 25,918 12,177 173,252 11,725 24,016 13,993 11,010 3,431 2,026 49,350 7,093 6,539 5,736 25,855 12,478 1,214,058 211,459 52,132 n.a. 907,840 120 916 6,396 2,830 32,365 1,669,856 256,173 55,129 21,493 1,297,459 82 1,023 8,456 3,346 26,695 1,862,879 284,475 48,498 33,518 1,442,373 80 1,322 10,082 3,300 39,231 1,862,879 284,475 48,498 33,518 1,442,373 80 1,322 10,082 3,300 39,231 408,192 422,744 526,963 526,963 525,159 522,457 514,514 494,624' 495,633' 483,683 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,363 44,474 18,212 5,212 7,750 146,328 34,797 4,833 26,027 14,150 80,132 50,685 94,363 44,474 18,212 5,212 7,750 146,328 34,797 4,833 26,027 14,150 80,132 50,685 109,581 34,596 17,774 4,013 9,924 135,255 33,354 3,720 23,774 17,875 85,458 49,835 95,936 44,903 17,549 3,824 9,247 133,110 32,317 3,565 29,597 13,618 88,774 50,017 86,928 43,622 15,441 3,812 8,843 136,888 31,772 3,723 28,443 11,647 92,261 51,134 84,251 42,133 12,226 3,768' 9,739 133,272 21,579 3,308 24,254 15,001 93,427 51,666 68,389 46,194 12,930 3,113 11,859' 132,347 22,011 2,928 23,990 19,679 105,057 47,136 58,336 40,667 14,504 4,733 12,999 133,489 21,718 3,711 22,318 17,828 105,324 48,056 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 25,816 3,682 180 1,629 6,117 14,208 25,816 3,682 180 1,629 6,117 14,208 30,176 4,387 161 3,113 4,946 17,569 31,194 4,482 272 2,803 4,598 19,039 32,961' 5,632 223 3,577' 3,311 20,218 35,153' 4,781 211 2,985' 3,727 23,449 36,867' 4,035 170 3,384' 4,168 25,110 36,969 4,471 274 2,964 4,665 24,595 112 Other countries 113 Australia 114 New Zealand 115 All other 21,242 17,769 3,007 466 30,620 25,277 4,505 838 18,384 14,130 3,110 1,144 18,384 14,130 3,110 1,144 25,922 21,859 3,017 1,046 31,139 26,220 3,774 1,145 25,405' 20,777' 3,423 1,205 29,013 24,816 3,046 1,151 31,947' 27,786' 3,175 986 31,080 27,103 3,213 764 116 International and regional organizations . 117 International15 118 Regional" 20,793 15,684 5,109 29,425 25,202 4,223 27,164 23,107 4,057 27,164 23,107 4,057 30,460 25,017 5,443 29,188 24,692 4,496 28,372 24,007 4,365 24,776 20,413 4,363 27,925' 23,621' 4,304 24,163 19,534 4,629 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean . 84 Bahamas 85 Bermuda 86 British Virgin Islands . 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles . . 91 Trinidad and Tobago . 92 Other Caribbean 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 1,573,816' 1,537,067' 1,504,481' 1,399,777 1,902,465' 1,893,377' 1,917,111' 1,902,188' 1,881,172' 1,877,522 288,644 284,676 291,771 273,773 273,234 289,109 44,870' 46,498 49,436 47,424' 47,315 47,002 39,124 33,696 34,865 41,023 38,719 38,209 1,499,461' 1,490,656' 1,492,706' 1,484,904' 1,467,886' 1,456,170 94 86 87 87 92 93 1,092 1,217 1,210 1,047 1,100' 1,458 7,723 7,942 9,486 9,248 8,249 7,250 2,822 2,778 2,431 3,131 2,808 3,976 30,731 36,267 35,912 29,499' 28,649 36,099 agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe.'' 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • August 2008 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Apr. May 1 Total, all foreigners 1,864,834 2,291,340 2,818,514 2,818,514 2,927,444 2,991,546 3,032,903' 3,011,250' 3,016,211' 2,877,859 2 Foreign countries 1,857,584 2,282,166 2,808,209 2,808,209 2,917,992 2,980,891 3,022,099' 3,001,504' 3,008,578' 2,872,567 918,660 4,139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,616,561 4,055 20,566 2,828 28,445 162,416 34,111 110 45,960 35,870 13,260 52,122 22,517 1,364 1,800 20,448 7,279 191,987 3,426 929,015 24,677 14,306 1,616,561 4,055 20,566 2,828 28,445 162,416 34,111 110 45,960 35,870 13,260 52,122 22,517 1,364 1,800 20,448 7,279 191,987 3,426 929,015 24,677 14,306 1,643,005 5,358 28,890 1,180 21,592 185,493 33,620 291 50,610 37,080 13,671 56,073 25,201 1,895 1,863 16,078 8,078 187,967 3,416 928,378 20,230 16,040 1,684,618 4,852 25,865 3,680 24,806 185,759 41,788 371 54,659 35,557 13,918 56,169 20,610 1,823 1,770 22,979 8,200 187,966 3,394 957,501 16,388 16,564 1,743,406 4,625 22,646 2,196 24,830 189,078 45,542 178 64,302 43,923 14,028 55,574 19,760 1,809 1,611 37,286 6,832 174,732 3,548 995,555 13,387 21,965 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 1,750,908 4,998 40,457 6,451 32,133 201,697 51,589 341 67,368 47,181 9,195 53,152 13,822 1,552 1,797 49,123 9,431 186,320 3,658 936,481 12,484 21,678 1,704,848 5,035 33,888 6,159 27,073 188,786 53,633 347 73,668 49,395 8,421 54,966 15,407 1,626 2,033 55,065 8,576 145,397 3,663 940,757 9,015 21,938 1,613,210 5,416 31,029 4,021 29,854 181,173 57,384 275 68,574 48,224 10,825 59,290 14,674 1,417 2,244 47,496 7,433 116,614 3,675 894,492 7,010 22,090 MEMO 1,370,588 1,527,532 1,528,550 1,402,747 25 European Union3 n.a. 26 Canada 64,104 71,325 85,140 85,140 105,504 102,333 101,847 91,358 92,993 88,780 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 83,042 3,978 30,340 8,849 3,567 962 1,314 21,783 3,859 2,995 338 2,335 2,722 83,042 3,978 30,340 8,849 3,567 962 1,314 21,783 3,859 2,995 338 2,335 2,722 87,235 3,626 32,785 8,916 3,427 879 1,319 24,002 3,984 3,186 366 2,057 93,224 4,026 38,510 8,372 3,311 926 1,337 24,105 4,328 3,433 294 1,845 2,737 84,094 3,970 26,746 9,108 3,428 872 1,328 25,319 4,514 3,631 286 1,930 2,962 83,458 4,825 24,761 9,787 3,524 811 1,296 24,906 4,408 3,857 271 1,898 3,114 96,073 3,866 38,626 10,192 3,527 835 1,311 23,752 4,588 4,144 311 1,956 2,965 96,794 4,224 37,857 10,353 3,625 786 1,377 23,901 5,020 4,517 297 1,873 2,964 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316 120,904 17,777 2,807 572,273 669 2,484 1,055 6,347 799,825 149,092 10,603 3,328 623,296 657 4,114 673 8,062 799,825 149,092 10,603 3,328 623,296 657 4,114 673 8,062 855,016 138,039 12,104 3,203 686,511 677 4,430 764 9,288 862,917 164,068 14,741 4,280 664,879 685 4,687 759 8,818 872,843' 195,177' 17,358 3,246 642,592' 722 4,586 723 8,439 862,902' 147,173' 16,100 3,881 676,125' 742 4,409 855 13,617 897,497' 154,129' 17,803 3,905 706,679' 769 4,229 766 9,217 868,076 147,091 13,272 3,996 688,717 820 4,053 807 9,320 190,610 221,858 185,323 185,323 188,636 192,964 179,064 168,980 172,584 158,396 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 18,489 8,820 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 18,489 8,820 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 17,656 6,859 4,585 1,023 4,360 88,727 31,148 1,135 1,727 8,208 18,157 5,051 21,167 7,457 4,826 1,056 3,675 96,690 30,904 1,108 1,280 1,455 16,585 6,761 14,991 8,892 4,380 1,007 3,591 90,736 27,288 1,689 2,522 2,455 13,948 7,565 15,569 9,269 4,293 1,086 3,387 83,802 22,174 1,133 1,569 4,030 15,646 7,022 23,034 8,945 5,352 1,329 5,419 78,551 21,080 1,028 1,228 3,629 16,160 6,829 19,464 8,882 5,654 1,144 4,109 74,553 19,468 1,448 1,655 1,116 13,317 7,586 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 8,164 312 27 493 442 6,890 12,268 350 25 456 1,070 10,367 14,324 352 24 766 1,053 12,129 15,688 370 15 395 1,213 13,695 16,679 356 60 562 891 14,810 17,578 367 18 450 608 16,135 18,595 367 30 374 696 17,128 10,945 10,226 541 178 14,700 13,195 1,263 242 30,154 28,716 1,122 316 30,154 28,716 1,122 316 26,328 24,824 1,158 346 30,511 29,274 823 414 25,157 22,835 1,836 486 27,219 25,528 1,236 455 27,005 25,160 1,440 405 28,716 27,280 1,012 424 7,250 9,174 10,305 10,305 9,452 10,655 10,804 9,746 7,633 5,292 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 countries6 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . . 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean.'' 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2007 Type of claim 2005 2006 2008 2007 Dec. Jan. Feb. 2 927 W^ 125,777 2,124,494 677,173 2 991 546 116,032 2,174,870 700,644 Mar. Apr.' May' Junep 3 011 250 92,627 2,235,618 683,005 3 016 211 117,555 2,230,730 667,926 2 877 859 94,316 2,133,144 650,399 1 Total claims reported by banks 2,344,155 2,944,476 3,594,268 3,594,268 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,864,834 72,919 1 391 775 400,140 2,291,340 98,010 1 662 805 530,525 2,818,514 108,136 2 060 830 649,548 2,818,514 108,136 2,060,830 649,548 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 775,754 394,459 179,599 178,203 23,493 775,754 394,459 179,599 178,203 23,493 748,320 2,414 923,958 6,272 971,828 5,830 971,828 5,830 1 010 164r 6,963 1 034 833 3,374 1 117 793' 2,100 1 076 002 2,190 1 106 531 3,277 1 092 738 2,424 7,324 1,106,776 1 304 277 9,236 1,351,874 1 639 474 42,252 1,798,604 2 032 682 42,252 1,798,604 2 032 682 45,068 1,865,249' 2 072 616 42,445 1,910,894 2 100 427 42,767 1,870,243' 2 203 520' 42,586 1,890,472 2,144,854 40,321 1,866,082 2,123,901 39,989 1,742,708 2,055,797 482,090 664,373 800,427 800,427 897,698 915,518 845,240 842,101 766,900 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 3,775,248' 3 032 903r 101,405 2,237,857' 693,641 742,345 370,883 195,264 153,727 22,471 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 851,626 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 3.22 Federal Reserve Bulletin Statistical Supplement • August 2008 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. 1 Total 92,009 76,710 89,217 89,217 89,729 106,508 112,853 103,833 111,383 By type 2 Financial liabilities 3 Short-term negotiable securities' 62,847 11,759 39,249 9,050 48,712 11,617 48,712 11,617 47,089 7,692 52,649 6,783 55,051 4,663 47,919 4,923 46,175 7,751 10,120 18,573 10,120 18,573 10,915 21,013 12,219 24,908 13,536 15,048 14,130 7,625 15,015 5,027 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. 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 35,033 13,679 2,806 4,629 4,024 1,393 827 35,033 13,679 2,806 4,629 4,024 1,393 827 27,136 19,953 1,115 10,675 5,311 1,365 1,487 31,589 21,060 1,328 11,414 4,044 2,397 1,877 29,103 25,948 834 13,006 4,007 3,319 4,782 26,474 21,445 1,193 8,496 3,948 3,536 4,272 23,995 22,180 899 9,968 3,967 3,849 3,497 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 30,184 936 995 11,174 1,183 346 14,308 30,184 936 995 11,174 1,183 346 14,308 30,304 788 889 4,450 598 280 22,353 34,443 863 621 6,264 204 313 24,956 35,076 460 1,466 6,164 242 289 23,664 28,175 467 1,453 2,940 256 287 20,230 26,207 225 1,522 1,843 285 90 21,680 5,955 14,659 14,659 6,956 8,567 9,496 6,369 2,530 3,986 3,986 1,826 2,361 3,232 2,104 1,964 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 12,435 0 0 12,435 0 0 23 n.a. 12,265 30 12,589 0 49 24 14,196 7 1 23 n.a. 13,994 27 16 15,017 0 0 29 12,178 25 1 12,645 0 0 15 n.a. 12,388 35 14 14,802 28 18 15,106 0 58 26 n.a. 14,833 36 16 4,724 1,648 36 5,323 1,383 173 1,924 1,346 100 1,924 1,346 100 2,225 1,568 59 3,106 1,392 1,088 2,445 1,676 56 2,470 1,563 53 2,688 1,864 123 131 94 997 97 31 0 31 0 30 0 27 0 26 0 31 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 countries1 34 35 Africa Oil-exporting countries'" 36 All other7 n.a. 12,265 30 0 0 122 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of liability, and area or country Sept. 37 Commercial liabilities 38 Trade payables 39 Advance payments and other liabilities 29.162 18,181 10,981 37,461 23,050 14,411 40,505 25,673 14,832 40,505 25,673 14,832 42,640 27,165 15,475 53,859 28,237 25,622 57,802 29,322 28,480 55,914 27,866 28,048 65,208 32,403 32,805 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 37,298 3,207 730 610 470 377 1,020 37,298 3,207 730 610 470 377 1,020 39,114 3,526 745 640 551 410 1,180 50,440 3,419 707 617 541 381 1,173 54,969 2,833 666 482 300 354 1,031 52,685 3,229 969 579 319 372 990 61,218 3,990 1,756 528 294 400 1,012 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 10,962 222 1,567 1,217 526 724 3,046 10,962 222 1,567 1,217 526 724 3,046 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1,559 2,201 755 1,370 4,313 15,069 220 1,667 2,161 929 1,291 3,928 15,328 260 1,712 2,037 938 1,416 3,328 15,630 280 1,775 1,284 751 1,916 3,739 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom MEMO 54 55 5,120 6,850 7,677 7,163 2,145 2,375 3,708 3,708 4,127 4,737 4,271 5,663 5,378 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 5,757 70 777 241 n.a. 539 2,120 353 6,272 109 744 141 485 2,321 570 7,817 163 1,008 360 n.a. 647 2,512 663 8,546 122 1,160 425 n.a. 728 2,936 586 8,358 89 707 911 76 2,209 680 5,757 70 777 241 n.a. 539 2,120 353 9,720 180 1,264 1,156 n.a. 997 3,077 12,239 4,221 2,910 17,427 5,971 3,986 18,755 5,864 3,855 18,755 5,864 3,855 18,753 5,703 4,656 24,049 5,688 5,803 26,832 5,476 7,324 23,410 5,325 7,105 30,490 6,166 9,954 947 424 916 493 849 283 849 283 952 599 1,267 637 1,453 763 1,458 655 2,158 1,086 5,405 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 countries 67 68 Africa Oil-exporting countries'" 69 All other7 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 1,167 2,820 557 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • August 2008 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits . Negotiable securities Of which: Negotiable CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom 143,232 144,950 126,032 126,032 131,225 137,231 144,477 136,044 138,720 110,517 47,270 9,892 111,394 50,149 13,180 88,646 31,909 2,744 88,646 31,909 2,744 93,073 28,337 579 93,794 27,228 2,223 100,784 36,820 1,344 88,031 29,891 1,245 91,840 33,832 1,576 103 53,355 65 48,065 15 53,993 15 53,993 6 64,157 14 62,620 31 56,895 28 56,432 10,057 17,842 10,057 17,842 12,174 22,603 14,268 18,789 14,678 17,506 12,875 10,765 13,083 8,814 n.a. n.a. 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 66,871 21,775 8,454 5,843 4,014 746 2,718 66,871 21,775 8,454 5,843 4,014 746 2,718 64,047 29,026 4,336 16,280 4,936 777 2,697 66,625 27,169 3,729 15,339 3,850 868 3,383 65,146 35,638 4,387 15,498 3,611 9,113 3,029 66,726 21,305 4,583 8,717 3,461 1,059 3,485 72,086 19,754 4,692 7 791 2,981 886 3,404 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 34,070 328 1,310 8,506 2,842 706 13,713 34,070 328 1,310 8,506 2,842 706 13,713 44,607 445 2,119 8,447 4,437 722 21,847 47,629 2,985 3,557 9,058 5,138 806 18,377 44,651 2,270 2,850 7,543 3,690 820 20,467 39,482 1,393 3,841 3,288 3,005 777 19,251 39,431 3,845 3,576 4,132 2,142 882 16,766 MEMO: 23 Euro area3 24 Canada 25 26 27 28 29 30 31 32 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 33 34 35 Asia Japan Middle Eastern oil-exporting countries5 36 37 Africa Oil-exporting countries'" . . 38 All other7 16,702 16,020 17,002 19,490 6,412 13,372 14,118 14,118 10,177 11,312 11,208 11,203 10,747 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 32,293 5,762 1,296 1,655 n.a. 20,885 1,098 116 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 30,826 2,466 1,397 1,463 n.a. 23,035 1,217 150 23,481 2,145 568 1,658 n.a. 16,492 1,222 194 35,231 1,862 466 1,695 n.a. 28,028 1,232 195 6,840 993 137 7,223 568 242 3,238 882 60 3,238 882 60 3,841 1,563 82 4,745 1,465 1,111 11,738 1,395 11,533 1,536 150 3,831 1,352 148 306 8 1,291 37 345 34 345 34 365 33 366 33 368 32 425 36 455 36 1,096 Nonbank-Reported Data 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 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 32.715 29,229 3,486 33,556 29,231 4,325 37,386 32,802 4,584 37,386 32,802 4,584 38,152 33,260 4,892 43,437 36,001 7,436 43,693 36,520 7,173 48,013 41,420 6,593 46,880 39,445 7,435 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 33,160 4,226 740 1,108 661 281 1,436 33,160 4,226 740 1,108 661 281 1,436 34,289 3,863 608 1,360 734 221 940 39,644 3,793 658 1,233 707 257 938 40,136 3,557 637 1,124 663 285 848 42,972 5,041 788 2,116 749 319 1,069 42,814 4,066 1,059 1,171 631 253 952 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,105 443 2,110 1,642 728 718 3,789 14,105 443 2,110 1,642 728 718 3,789 14,845 481 2,114 1,765 578 830 4,260 16,762 488 1,956 1,780 665 1,087 5,118 16,501 368 1,972 1,713 745 948 5,734 16,637 327 2,225 1,631 979 1,374 4,510 16,779 257 1,976 1,693 629 1,146 5,133 MEMO 56 8,953 8,918 2,017 7,663 2,750 3,402 3,402 2,850 4,109 3,595 5,216 4,612 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 1,022 7,146 48 503 945 n.a. 323 2,067 379 7,779 29 662 914 n.a. 401 1,980 426 8,089 33 1,267 922 n.a. 585 1,952 451 8,747 27 1,528 946 n.a. 452 2,196 474 8,818 53 1,140 1,023 9,117 47 1,314 979 61 2,089 380 7,146 48 503 945 n.a. 323 2,067 379 495 2,277 499 335 2,302 496 8,943 1,855 1,071 10,073 2,128 1,558 11,011 2,467 1,754 11,011 2,467 1,754 10,849 2,504 1,600 12,507 3,156 1,686 13,027 2,948 2,114 15,372 3,981 2,310 14,243 3,892 1,802 629 154 830 258 892 298 962 266 982 321 1,007 261 967 315 1,297 316 Euro area3 57 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 countries 69 70 Africa Oil-exporting countries'" 71 All other7 8,457 1,192 1. Data available beginning March 2003. For data on loans and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • August 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.June Apr. U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 6,868,571 6,718,156 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 .. 6,408,438 944,625 911,164 1,268,101 1,250,923 1,016,491 1,015,376 1,134,086' 1,122,710' 958,436' 970,005' 997,461 981,481 1,066,125 1,067,943 -1,818 195,522 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 10,443,794 150,371 5,766 195,562 15,107 32,240 19,527 33,458 12,502 17,170 13,343 1,106 4,772 11,378' 413 -11,569' 436 15,976 36 -1,821 527 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 89,259 -1,168 19,521 600 28 -7,143 6,887 -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 5,980 -548 -1,151 -17,773 771 -3,387 3,842 5,572 5,896 -87 5,860 2,630 -32,743 7,571 43,612 -250 22,189 6,919 -2,858 2,188 13,558 328 -1,158 -191 153 -1,666 -1,129 695 16,342 154 -19 105 4,395 7,100 9,241 73 4,673 126 -210 -712 6,925 -479 6,342 1,740 -524 -2,046 1,146 816 -1,568 -190 -1,495 1,345 -7,520 6,234 13,926 -245 3,191 2,369 -1,948 -297 -8,632 235 -4,967 -1,638 115 73 -1,487 1,399 -3,846 -11 1,344 670 -4,258 -334 12,906 3,195' -265 4,352 -1,697 361 -1,049 1,537 1,069 -2,247' -121 1,982' -321 914 1,127 3,747' 297 2,288 708 299 435 -113' 54 -7,604 -5,545 437 -236 3,572 336 6,538' -35 1,370' 105 -14,716 95 2,887' -186 1,965 1,131 -1,717 520 4,045 308 2,437 -8,451 744 -60 -403 804 3,946 46 1,571 394 2,601 489 6,167 130 7,670 -33 -32 741 560 -401 -1,711 -2,182 -362 -69 -523 1,148 3,073 224 1,088 437 -9,764 -40 3,979 -213 2,721 817 1,471 448 44 -40 22 1,572,160 1,285,696 2,050,451 1,613,617 227,714 231,030 258,302 238,985 279,924 243,028 332,852' 314,119' 259,359' 244,088' 255,882 227,727 227,298 195,834 4,354 1,927 -931 341 -2 3 0 U.S. GOVERNMENT AGENCY BONDS Foreign purchases Foreign sales 286,464 226,086 149,836 -3,316 19,317 36,896 18,733' 15,271 28,155 31,464 Foreign countries Of which: by foreign official institutions . . 286,228 92,632 225,707 119,057 150,184 47,700 -3,311 4,080 19,641 -630 36,888 1,203 18,709' 15,937 15,256 11,012 28,275 11,036 31,415 9,142 Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 91,504 -1,223 8,809 -1,822 2,739 -13,608 -1,337 -426 95,445 -1,306 8,391 5,878 -48,497 -5,384 96,983 46,020 22,393 25,630 -543 1,852 1,816 -138 -18 47 -225 290 -713 -293 279 -48 508 -1,006 -9,098 -497 4,884 2,550 2,071 2,654 -21 103 13,364 -63 527 -1,228 672 1,997 -209 -123 11,720 -279 -635 -183 5,234 184 1,761 -2,011 2,625 4,453 -38 -46 20,505 -57 889 131 1,283 -687 -500 -175 19,444 -115 2,339 -1,069 -2,632 64 16,584 4,249 1,107 8,226 30,598' -862 5,940 -90 1,714 -2,774 -461 -223 24,976' -810 2,684 2,291 -33,461 -1,708 18,329 7,391 4,409 5,102 -406 382 10,954 -52 135 294 -379 -3,584 -365 -154 14,168 -12 1,210 3,660 -19,896 -2,100 20,791 11,891 5,332 2,605 149 488 11,893 -130 -677 343 -605 -4,615 110 -158 18,424 -70 2,585 1,468 -9,626 -1,344 23,519 14,859 4,353 4,474 -44 -176 4,190 -58 1,995 -1,273 53 -3,945 88 407 6,713 -20 208 -289 11,884 -480 15,999 9,641 4,567 770 -181 84 236 379 -348 -5 -324 15 -120 49 1,678,464 1,167,658 1,913,307 1,519,952 882,978 775,498 140,595 103,296 125,095 121,703 140,391' 145,082' 164,754' 139,751' 189,665 129,823 124,990 120,305 29 Net purchases, or sales (-) . International and regional organizations2 .. 1,120 24 CORPORATE BONDS3 53 Foreign purchases 54 Foreign sales 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 4,685 19,249 393,355 55 Net purchases, or sales (-) 138,083 118,834 509,783 28,556 392,108 50,566 107,479 33,097 37,291 8,218 3,505 3,946 19,276 4,360 -4,691' 4,088 24,887' 7,513 59,765 9,088 4,737 4,102 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 207,482 -7,413 4,261 5,419 8,658 -14,650 -652 3,581 208,956 -6,717 12,274 5,097 41,694 3,803 116,187 41,675 12,780 39,565 -169 5,740 11,274 - 5 979 -1,400 7,586 -1,841 -1,674 -286 799 799 -10,438 4,518 1,821 27,742 3,119 57,782 28,229 4,799 18,623 -34 1,257 11,234 -408 -10 965 75 -1,827 -1,952 -2,064 21 454 -1,265 -1,345 -334 -404 4,380 -1,141 576 481 -4,490 -25 8,699 2,945 899 3,240 -21 237 1,963 -749 -677 -126 -453 -134 -327 519 4,644 -808 609 786 8,785 447 6,699 2,517 -134 3,388 -25 12 -8,903' -802 -579 174 -406 1,654 -259 -36 -7,641' -1,250 112 736 -4,324 234 7,303 2,765 1,005 2,600 9 142 6,762' -8 -367 246 880 1,219 -38 306 5,435' -734 580 26 7,306 551 9,775 6,947 747 1,107 19 -132 16,149 -926 210 289 444 -1,366 681 678 21,155 -4,757 1,511 262 23,141 654 17,078 9,238 1,642 4,640 -20 990 -2,745 -1,430 -8 6,549 -1,041 -1,702 -9 -264 -3,132 -1,748 1,130 -470 -2,676 1,258 8,228 3,817 640 3,648 1,023 1,247 1 -113 -27 0 116 77 497 12,292 -724 810 -191 9,718 -30 15,589 7,739 1,491 5,390 71 90 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars Transaction, and area or country 2006 2008 2007 Jan.June Dec. 2008 2007 Jan. Feb. Mar. Apr. May' June' -2,922 P 487,580' 490,502' -245' 505,496' 505,741' -18,106 494,660 512,766 1,561 499,992 498,431 Foreign securities 79 Stocks, net purchases or sales (-) 4 -106,455 3,636,185 3 742 640 80 Foreign purchases -95,298 -40,321 5,215,765 2,954,037 5 311 063 2 994 358 -2 430,971 430,973 -2,337 523,685 526,022 -18,272 442,624 460,896 82 Bonds, net purchases or sales (-) 4 -144,452 -129,015 -14,121 -13,459 -15,971 7,343 2,879 10,728 -8,303 -10,797 83 Foreign purchases 1,879,713 2 024 165 2,971,803 3,100,818 1,317,360 1,331,481 168,636 182,095 247,486 263,457 241,387 234,044 264,947 262,068 193,225 182,497 182,056 190,359 188,259 199,056 85 Net purchases, or sales (-) of stocks and bonds4 -250,907 -224,313 -54,442 -13,461 -18,308 -10,929 -A2F 10,483' -26,409 -9,236 86 Foreign countries 87 Europe -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -240,242 -218,683 -62,543 -154,906 -10,935 -7,948 -18,442 27,066 4,032 1,112 -12,412 -60,077 -54,674 -17,971 -44,520 -8,926 13,413 -17,799 35,844 5,396 -515 -27,420 -13,748 403 446 -940 -4,690 -1,278 -11,730 3,181 4,615 680 -314 -18,434 -17,748 -2,132 -11,609 -2,936 2,319 -4,946 11,459 945 1,532 -8,114 -11,844 -17,579 -3,147 -14,080 3,294 5,767 4,304 -2,999 -340 624 -5,255 -2,788 r 3,595' -5,482 7,304' 1,680 3,942 -12,864 5,463 2,404 -1,841 -2,763 8,529r -5,690' -3,927 -6,145' -2,397' 2,899 4,420 10,532 -1,188 -217 -1,018 -26,401 -18,064 -1,544 -19,134 -6,351 -5,117 -2,136 7,726 5,233 -591 -1,868 -9,139 812 -1,739 -856 -2,216 3,603 -6,577 3,663 -1,658 -22 -8,402 5,109 15,929 5,635 287 126 915 2,745 -8 -97 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 1,954 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 1 Total reported 195,536 2 Foreign countries 3 Of which: by foreign official institutions . . . 194,714 69,639 201,988 2,994 178,485 -3,100 -7,827 -3,358 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R Canada 98,982 357 -1,600 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 21,838 23,100 -322 242 -1,182 23 Caribbean 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 31 Africa 32 African oil exporters3 33 Other countries 34 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 -28 1,471 -27,339 2,176 -2,560 208,792 -974 9,498 -1,936 127,209 -1,073 -17,803 -547 -4 190 -361 95 -17,325 808 -9,578 -297 -347 18,695 1,330 5,726 -3,724 27,992 1,105 17,160 -5,216 -225 411 1,754 72 -725 24,047 -33 2,003 4,727 3,966 -120 1,038 -3,945 -1,784 -139 -607 -3,636 -812 2,403 9,790 -166 1,945 -2,571 -602 597 -2,075 24 852 3,683 819 4,566 1,166 1,401 119 1,344 2,541 38,964 36,101 15,634 -3,594 51,611 28,011 76,944 22,298 10,707 -133 16,160 -5,328 678 -1,794 279 170 8,427 -309 -562 -826 -432 -26 -157 -1,558 816 229 -937 18,952 143 -32 -2,508 27,533 -464 -3,074 293 -430 -489 559 51,683 -56 -2,820 2,539 -327 435 677 770 -26 986 46,640 -123 2,988 -11 -289 -6,315 1,675 17,228 9,094 -5,209 584 5,980 5,429 10,287 8,540 11,375 10,332 5,298 4,636 1,241 -196 7,555 30,070 20,926 4,865 -178 4,457 -46 552 939 -77 181 155 -156 663 5,750 3,376 1,904 -72 542 -9,838 2,380 -10,742 9,597 -9,510 -6,605 -7,694 5,485 -13,296 20,878 68,694 40,633 -67,850 -7,968 2,056 -47,384 -17,874 1,805 53,922 -601 -2 1,492 -3,360 26,183 6,613 2,958 15,654 -581 983 556 15,011 12,849 2,705 -3,791 -390 1,468 2,170 -10,662 11,692 -92 1,515 20,123 9,563 2,478 6,362 2,648 -1,708 780 2,800 3,997 8,408 8,712 -1,961 4,749 -10,398 3,179 6,862 -654 -5,681 975 -1,558 3,235 467 -302 -915 4,520 -1,901 1,697 -2,632 3,515 2,400 6,127 4,568 8,637 7,500 916 500 1,116 54 642 -4 638 591 448 4,662 5,297 -2,638 -1,378 -1,319 -276 -276 -153 262 -548 822 -1,048 516 275 -47 109 14 -53 6,168 4,548 -224 .. 1,734 691 10,980 -2,284 -284 543 -16,325 -36 16,257 1,312 International and regional organizations 5,673 38,917 216,871 80,197 May' -1,281 218 119,711 450 14,161 4 Apr. 86,160 77,066 1,735 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). 44,412 -120 2,715 1,274 10,564 -435 -947 17,567 45 4,344 -497 -40 -302 159 4,514 -13,432 -1,735 817 -7,912 -16 875 988 1,745 -302 334 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 2008 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2008 Apr. May Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1.023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2.11 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2.14 0.8391 1.9461 1.0734 7.6058 5.4413 1.3711 7.8016 41.18 117.76 3.4354 10.928 0.7365 5.8557 1.5065 7.0477 928.97 110.620 6.7550 1.1999 32.852 32.203 2.0020 2.14 0.8823 1.7710 1.0099 7.2405 5.0575 1.4728 7.8044 39.27 107.82 3.2653 10.906 0.7740 5.3993 1.4299 6.9962 942.06 108.156 6.3978 1.1006 32.359 30.305 1.9702 2.14 0.9133 1.7290 0.9986 7.1644 5.0507 1.4759 7.7963 39.67 107.03 3.2216 10.768 0.7969 5.3851 1.4106 7.6578 944.01 107.827 6.3450 1.0890 31.616 31.174 1.9646 2.14 0.9221 1.7090 1.0029 7.0722 4.8043 1.5520 7.7813 40.15 100.76 3.1841 10.733 0.8004 5.1495 1.3843 7.9921 981.73 107.684 6.0613 1.0126 30.577 31.404 2.0015 2.14 0.9309 1.6863 1.0137 6.9997 4.7354 1.5754 7.7910 39.97 102.68 3.1604 10.515 0.7897 5.0541 1.3643 7.7585 986.86 107.779 5.9470 1.0138 30.356 31.558 1.9816 2.14 0.9492 1.6585 0.9993 6.9725 4.7963 1.5554 7.7988 42.00 104.36 3.2127 10.438 0.7777 5.0571 1.3659 7.6076 1.034.13 107.771 5.9887 1.0448 30.589 32.026 1.9650 2.14 0.9511 1.6179 1.0166 6.8993 4.7926 1.5562 7.8073 42.76 106.92 3.2568 10.327 0.7616 5.1351 1.3679 7.9367 1.031.49 107.763 6.0249 1.0371 30.371 33.175 1.9664 2.14 110.71 83.71 108.52 82.46 103.40 77.84 98.48 73.06 97.67 72.57 95.77 70.32 95.48 70.47 95.83 70.75 96.09 71.42 97.98' 90.63 96.87' 90.54 92.27' 86.39' 87.47' 81.47' 86.15' 81.00' 85.11' 78.94' 85.21' 79.45' 85.94' 79.98' 86.56 81.05 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)'' 26 Other important trading partners (January 1997=100)7 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. dollars per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 June 30, 2007 September 30, 2007 December 31,2007 March 31,2008 September December March June 2007 2007 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 August 2007 November 2007 February 2008 May 2008 November February May August 2007 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 June 30, 2007 September 30,2007 December 31,2007 March 31,2008 November February May August 2007 2008 2008 2008 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 Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1997-2003 1998-2004 1999-2005 2000-2006 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2003 2004 2005 2006 September September September September 2004 2005 2006 2007 70 60 60 60 Supplement Supplement Supplement Supplement September September September September 2004 2005 2006 2007 73 63 63 63 Supplement Supplement Supplement Supplement *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • August 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 5-9, 2008 A. Commercial and industrial loans made by all commercial banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.64 3.61 3.97 4.86 5.36 84,378 5,835 11,280 29,977 15,526 556 1.583 748 540 359 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.68 5.02 5.15 6.02 6.11 18,258 358 1,934 7,288 3,916 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.70 3.30 3.48 3.90 3.90 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 24.0 5.7 20.5 27.0 36.2 77.8 58.4 76.3 73.3 80.2 10.3 1.9 9.0 14.1 15.9 11.0 2.5 4.6 9.9 8.7 69.7 48.3 62.3 75.0 74.0 87.0 89.3 71.4 93.5 94.8 10.7 9.8 13.1 12.1 10.5 12.9 1.2 5.5 28.3 10.9 51.3 44.1 61.2 65.8 53.8 10.2 .4 15.0 15.5 6.5 51.6 43.8 69.4 38.2 30.7 7.5 .0 6.9 17.7 4.7 523 517 367 462 550 29.6 33.7 18.4 47.0 62.3 32.2 30.9 69.8 39.9 58.8 5.3 11.9 7.0 6.7 8.3 86.6 83.7 88.5 78.6 79.9 8.5 3.0 10.0 12.9 11.8 456 453 433 366 226 52.8 14.1 42.8 52.3 81.7 20.7 7.3 43.0 40.1 12.8 14.2 1.5 8.9 5.7 28.5 94.4 98.3 95.5 92.8 97.3 15.8 1.6 7.1 17.4 25.2 356 128 310 288 645 48 54 69 49 41 61.8 16.9 82.7 38.7 73.0 25.0 .7 47.0 22.5 8.6 43.7 40.6 23.3 36.2 60.8 86.8 71.9 53.8 89.0 95.2 14.4 6.3 7.8 14.0 17.8 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 85.9 74.1 44.5 22.9 7.2 12.7 26.9 38.7 67.6 61.6 28.2 11.1 86.0 90.8 88.4 69.6 11.1 12.3 9.1 89.7 74.1 16.1 8.2 Secured by collateral Subject to prepayment penalty 485 178 336 449 471 37.3 10.5 21.0 46.6 62.4 31.2 35.2 52.8 39.0 27.3 202 319 237 221 144 683 913 687 653 632 64.8 49.2 51.6 66.6 78.2 23,678 3,955 5,054 8,151 3,061 2.517 15.779 2.595 1.986 1.702 124 9 120 119 31 4.38 4.05 3.84 4.69 4.79 26,715 827 3,382 9,859 2,680 1.203 1.033 1.407 1.460 352 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 5.05 3.99 4.71 4.86 5.69 10,447 625 606 3,077 3,920 704 912 355 495 1.174 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.91 4.69 4.86 5.70 6.24 4,934 58 249 1,476 1,934 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 . 6.48 5.87 4.86 4.16 2,990 10,539 22,454 48,395 3.2 3.2 3.2 2.8 170 147 157 61 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 5.90 4.24 20,224 64,154 3.3 2.9 139 89 62.3 29.4 14.5 36.4 203 1,232 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 5-9, 2008—Continued B. Commercial and industrial loans made by all domestic banks' Maturity/repricing interval2 and risk of loans3 Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Secured by collateral Subject to prepayment penalty Days Commitment status Percent made under commitment Average months since loan terms set* LOAN RISK 5.22 4.20 4.60 5.08 5.89 44,796 1,524 4,779 19,661 10,775 305 449 333 364 256 630 309 661 602 543 53.3 34.0 43.3 40.7 79.8 17.5 3.2 21.5 18.7 11.1 42.1 20.8 46.8 35.8 51.0 85.0 49.8 72.0 88.4 96.0 14.6 6.5 18.9 14.5 17.7 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.47 4.62 5.12 5.54 6.06 16,588 263 1,810 6,186 3,608 186 248 227 189 135 667 689 643 657 584 63.5 60.1 53.1 63.7 76.7 11.5 3.4 3.0 11.0 8.6 69.3 61.2 62.5 71.5 77.2 85.9 85.4 69.4 92.9 94.3 10.8 10.8 13.4 12.6 10.3 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.22 3.57 3.84 4.27 6.19 6,068 603 1,134 3,666 306 720 3,078 638 954 189 285 8 513 268 348 14.3 7.1 23.8 7.4 68.0 50.9 25.7 4.7 37.9 2.7 66.8 33.8 63.3 53.7 2.5 51.4 62.0 85.0 25.8 2.7 41.0 23.6 16.4 16 2 to 30 days 17 Minimal risk . . 18 Low risk 19 Moderate risk . 20 Other 4.96 4.99 4.22 5.06 5.16 10,407 256 1,216 6,417 1,291 524 387 575 1,053 179 566 551 562 553 409 46.5 81.3 34.0 38.1 86.4 20.4 13.9 18.2 18.7 28.9 13.4 38.4 19.4 10.1 17.0 94.8 56.7 95.3 97.6 96.0 11.9 7.9 17.5 11.3 13.4 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 5.43 4.25 5.65 4.84 5.77 6,609 332 318 1,830 3,624 467 512 194 306 1,130 329 230 376 525 181 68.6 26.6 67.8 43.3 85.1 13.2 .4 7.2 22.5 2.8 17.0 9.6 30.8 95.1 96.9 93.4 92.9 99.1 21.6 3.1 9.8 19.9 26.3 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.91 4.69 4.88 5.72 6.24 352 128 309 281 646 48 54 69 50 41 62.2 16.9 83.5 38.0 73.1 25.4 .7 46.5 23.1 8.6 44.4 40.6 23.5 37.2 60.9 86.6 71.9 53.4 88.7 95.2 14.4 6.3 7.9 14.4 17.8 86.2 76.5 55.3 32.1 7.0 10.8 18.5 22.3 67.7 64.2 39.9 26.6 86.0 90.6 91.9 75.3 8.2 10.8 14.0 19.2 89.0 82.1 16.5 13.0 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 4,854 58 247 1,436 1,931 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 . 6.48 5.92 5.15 4.64 2,966 9,824 15,263 16,743 3.2 3.2 3.2 3.2 171 155 216 154 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 5.73 4.84 18,849 25,947 3.3 3.1 149 197 61.3 47.5 15.2 19.1 191 541 60 Federal Reserve Bulletin Statistical Supplement • August 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 5-9, 2008—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.04 3.79 4.41 4.91 5.75 39,519 1,206 4,082 17,556 9,371 449 1,124 479 633 348 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.32 4.44 5.07 5.39 5.87 13,957 236 1,373 5,116 2,833 450 242 262 160 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.10 3.47 3.73 4.21 5.93 5,760 564 1,093 3,554 199 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 4.87 4.39 4.17 4.97 5.03 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Subject to prepayment penalty 596 274 716 556 482 49.7 18.7 40.8 35.8 78.6 19.1 3.6 24.6 20.3 11.7 39.4 13.8 43.7 33.0 48.1 85.9 49.9 73.4 88.4 97.9 15.7 8.0 20.6 15.5 19.2 701 598 774 678 62.2 57.9 56.7 61.0 74.1 13.0 1.8 3.5 12.4 10.2 66.7 57.2 55.2 69.9 73.6 86.2 88.5 75.1 93.2 95.9 11.4 11.4 14.0 13.5 10.7 1,553 8 015 1,922 1 905 579 265 5 513 255 135 10.3 1.8 21.0 4.7 55.8 26.7 .3 52.5 26.4 2.8 35.4 1.7 65.6 31.9 50.6 52.5 1.5 50.4 61.0 89.6 27.5 4.3 43.0 24.6 21.8 9,751 95 1,179 6,091 1,174 648 369 711 1 614 199 509 725 572 475 43.6 50.0 33.0 35.7 85.2 21.5 37.3 18.6 19.4 31.5 10.5 .0 19.0 8.1 11.5 95.8 82.7 95.4 97.5 97.8 12.3 14.3 17.7 11.6 14.3 5.26 3.70 5.00 4.54 5.73 5,926 267 162 1,599 3,513 1,481 1,512 541 1,171 1,990 341 252 485 571 179 65.9 9.7 51.1 36.5 84.7 14.6 .5 11.5 26.3 9.4 21.2 .6 20.8 6.6 30.1 97.3 100.0 96.3 95.5 99.8 23.2 3.7 17.4 21.9 26.8 5.61 3.64 4.66 5.35 6.05 3,878 42 1 096 1,250 748 957 1,662 44 52 71 46 37 55.5 9.8 28.5 81.8 22.0 71.1 49.5 6.4 50.1 49.8 24.5 45.2 68.3 91.9 91.2 54.0 93.3 98.7 16.7 6.9 8.3 17.9 20.0 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 84.8 73.3 53.6 32.3 10.7 12.9 19.5 22.5 66.7 63.2 39.8 25.7 90.8 93.8 92.6 76.2 9.4 12.1 14.9 19.2 91.3 82.3 18.2 13.8 Days Percent made under commitment Average months since loan terms Secured by collateral LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 1,075 1,640 1.0 26.1 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 . . . 10,000 or more . 6.01 5.67 5.05 4.65 1,749 7,360 13,865 16,545 3.4 3.3 3.2 3.2 54 109 180 156 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 5.57 4.70 15,584 23,935 3.3 3.1 157 147 58.1 44.3 17.9 19.9 Financial Markets 4.23 61 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 5-9, 2008—Continued D. Commercial and industrial loans made by small domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 6.51 5.74 5.68 6.52 6.86 5,277 319 697 2,104 1,404 90 137 120 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 6.24 6.20 5.27 6.28 6.75 2,632 27 438 1,070 775 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 6.41 5.04 6.73 6.45 6.67 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 61.9 47.3 65.0 58.9 70.5 78.7 49.2 63.8 88.2 83.0 5.5 .7 7.6 6.0 6.2 3.3 18.0 1.4 4.5 3.0 82.9 97.0 85.7 79.5 90.2 84.1 57.9 51.5 91.6 88.6 7.9 2.6 10.8 8.2 8.7 89.7 86.1 95.8 92.0 90.7 4.5 .0 8.9 1.2 8.1 83.6 17.6 99.0 95.8 87.0 76.2 17.7 77.8 93.8 76.4 7.6 3.1 4.6 1,537 330 239 2,024 1,401 90.0 99.9 67.0 84.6 97.7 4.1 .0 6.6 6.3 3.1 56.1 61.3 33.9 48.4 72.0 80.5 41.2 91.2 99.1 77.9 12.6 5.8 2.1 67 138 117 50 76 229 141 278 219 240 92.2 96.0 85.0 90.9 97.2 .8 .0 2.8 .5 .1 33.8 11.9 13.2 30.4 53.0 75.8 84.1 90.3 74.9 78.4 1.5 2.6 4.1 95 39 47 90 145 65 58 50 61 88.6 35.6 98.7 85.6 84.3 18.6 14.1 21.2 21.8 16.7 14.1 13.4 18.9 65.6 21.7 47.5 74.9 75.2 4.3 1.0 1.1 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 86.1 71.7 1.7 4.5 9.2 69.0 67.4 40.6 79.1 80.8 85.6 6.2 6.3 3.7 78.0 79.7 6.9 3.4 Secured by collateral Subject to prepayment penalty 890 537 379 1,020 946 80.2 92.0 58.2 81.6 87.9 4.9 1.5 3.0 5.8 6.9 94 50 190 81 86 483 1,392 344 532 570 70.3 80.0 42.0 76.4 86.1 308 38 42 112 107 65 305 34 56 84 698 196 533 665 664 6.29 5.35 5.80 6.70 6.51 657 160 37 326 117 136 399 82 140 91 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 6.98 6.53 6.33 6.93 6.95 683 65 156 231 110 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 7.09 7.42 6.93 6.83 7.31 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 976 16 24 361 291 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 . . . 10,000 or more . 7.16 6.68 6.06 1,217 2,464 1,398 3.1 3.2 2.9 340 294 570 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 6.48 6.56 3,265 2,012 3.1 2.9 111 783 76.7 85.7 2.3 9.2 81 110 62 Federal Reserve Bulletin Statistical Supplement • August 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 5-9, 2008—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 3.99 3.40 3.52 4.44 4.14 39,582 4,311 6,501 10,316 4,751 7.871 14.854 8.804 7.125 4.214 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.84 6.15 5.62 8.72 6.69 1,670 95 124 1,101 308 1.762 1.553 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.52 3.26 3.38 3.60 3.65 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) 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 603 332 137 145 156 319 916 1,490 1,152 3.882 610 783 1,119 17,610 3,352 3,920 4,485 2,755 18.024 61.156 23.231 17.243 15.535 72 9 15 4 2 4.00 3.63 3.62 4.00 4.44 16,307 571 2,166 3,442 1,389 6.976 4,117 7.465 5.242 3.356 497 505 277 295 671 4.38 3.68 3.66 4.87 4.68 3,838 292 288 1,247 296 5.545 8.239 4,119 5.551 2.222 672 704 492 142 779 57.9 23.1 46.7 46.5 75.9 77.7 63.9 3.5 .3 1.1 10.4 2.6 69.7 61.5 79.5 44.5 44.5 4.5 .6 2.4 12.4 6.8 78.0 18.9 29.5 82.8 95.9 6.3 .0 28.8 3.6 10.1 74.3 12.7 58.9 94.6 36.6 98.1 100.0 100.0 97.1 100.0 9.6 7.3 10.0 9.2 12.5 12.4 60.2 51.9 64.2 98.7 59.2 .7 .0 .0 .4 .2 50.9 51.2 74.6 18.8 24.7 .9 .0 39.7 38.5 98.8 79.3 86.6 .1 .0 81.4 95.8 84.7 43.1 65.0 5.9 1.7 5.2 19.7 9.7 93.2 100.0 97.9 92.7 74.8 5.8 .0 4.3 13.8 7.4 93.1 93.9 11.6 14.9 8.3 3.1 99.8 68.7 10.2 4.2 19.1 2.1 4.6 .1 .2 45.4 4.6 18.8 12.4 9.6 63.5 39.8 15.2 65.5 40.7 33.7 15.0 82.6 65.2 57.6 56.1 41.6 21.7 18.0 29.6 38.7 44.6 47.4 25.7 .0 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 . 5.82 5.09 4.26 3.90 24 715 7,191 31,652 3.1 3.1 3.1 2.6 35 32 13 59.0 26.0 3.5 2.9 Average size (thousands of dollars) BASE RATE OF LOAN7 35 Prime 36 Other Footnotes appear at end of table. 8.31 3.84 1,375 38,207 3.0 2.6 0 17 76.4 17.0 3.8 48.2 1,471 9,333 Financial Markets 4.23 63 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, May 5-9, 2008—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 4.03 3.89 3.85 5.19 41,183 18,694 17,602 4,887 919 890 1,175 555 2.7 2.8 2.3 2.9 68 74 32 175 23.8 30.2 7.6 57.3 41.7 47.3 40.7 23.9 9.9 11.1 4.3 25.6 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.18 5.40 5.08 10,036 16,073 17,056 420 287 642 3.0 3.1 3.4 150 91 162 46.9 50.5 51.6 19.1 18.2 25.2 32.9 35.6 41.5 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment 11 Formal commitment 5.05 4.45 6.24 5.82 11,215 6,718 1,467 3,030 265 330 109 354 2.9 2.5 3.0 3.5 222 199 226 270 48.3 29.1 80.4 75.2 14.0 10.5 1.7 27.7 36.3 30.9 50.5 41.2 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 4.93 5.55 5.19 7,131 12,506 13,915 301 227 555 3.1 3.2 3.5 203 105 190 53.8 54.3 56.1 18.3 13.8 23.1 34.6 44.4 48.4 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment 18 Formal commitment 4.52 4.09 5.06 5.49 8,228 5,592 411 2,225 610 641 164 980 2.9 2.5 3.2 3.6 148 137 37 196 36.9 19.6 81.1 72.3 16.6 11.0 1.5 33.6 27.9 24.3 36.4 35.4 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 4.75 5.47 5.14 6,489 11,409 13,394 401 292 696 3.1 3.1 3.5 136 110 195 49.9 51.9 55.7 20.1 14.9 23.9 33.5 41.9 47.3 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment 25 Formal commitment 6.53 6.24 6.70 6.71 2,987 1,126 1,056 805 103 97 96 128 2.9 2.6 2.9 3.0 421 506 289 476 79.7 76.7 80.1 83.2 6.8 8.1 1.7 11.5 59.3 63.7 56.0 57.5 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 6.71 6.36 6.39 642 1,097 521 86 68 89 3.4 3.3 3.2 890 50 76 93.0 79.9 66.7 .6 2.7 4.1 45.3 70.1 77.7 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment 32 Formal commitment 3.64 3.58 3.63 4.17 29,969 11,977 16,135 1,857 12,316 17,465 10,808 7,289 2.6 2.9 2.2 2.1 11 5 15 21 14.6 30.9 .9 28.2 52.1 68.0 44.2 17.6 .0 .0 .1 .2 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.81 4.89 4.61 2,905 3,567 3,142 13,861 3,951 2,118 2.8 2.9 3.0 20 41 36 29.9 37.2 31.4 21.1 33.5 34.2 28.9 4.9 11.0 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.feder alreserve.gov/boarddocs/reportforms/ReportDetail.cfm?WhichForm!d= 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 2008 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20081 Millions of dollars except as noted 1 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 Total including IBFs3 IBFs only3 Total including IBFs IBFs only Total including IBFs IBFs only Total including IBFs IBFs only 2,108,274 138,274 1,830,657 115,706 24,837 6,220 100,320 3,130 1,380,852 63,677 2,269 12 61,513 13,196 0 1,217,263 55,726 2,243 6 58,689 11,672 0 21,289 1,098 1 1,077 528 0 93,167 1,686 16 1,353 825 0 n.a. 0 42,584 48,332 8,764 0 34,921 39,568 315 8,063 79 2,512 5,472 7,663 0 315 6,927 79 1,657 5,191 281 0 30 251 20 280 0 30 250 830 0 827 825 0 825 30,177 10,056 128 1,902 8,026 837 677,536 29,447 3,722 n.a. n.a. 201,257 16,007 13,908 3,359 n.a. n.a. 1,356 40 16 174,915 5,406 34,903 27,092 7,811 53,657 80,949 3,722 1,770 10 1,942 171,342 5,318 34,633 26,822 7,811 53,132 78,259 3,359 1,755 0 0 0 10 1,594 1,300 43 270 270 0 7 980 15 0 0 0 0 318 356 0 0 0 0 0 356 0 0 0 0 0 0 0 31,743 24,264 7,479 8,922 2,750 6,172 25,991 18,928 7,063 8,367 2,217 6,150 65 65 0 7 7 0 1,876 1,876 0 526 526 0 28 Securities purchased under agreements to resell 29 With depository institutions in the U.S 30 With others 172,663 50,731 121,931 6,647 0 6,647 158,159 46,042 112,117 6,647 0 6,647 0 0 0 0 0 0 14,502 4,690 9,812 0 0 0 31 Total loans, gross 32 LESS: Unearned income on loans 570,060 831 569,228 26,483 28 26,455 477,026 746 476,280 26,116 28 26,088 18,463 30 18,433 197 0 197 54,305 9 54,296 2 0 2 39,140 146,659 4,526 2 918 1,608 31 18,429 41 18,388 123,672 8,372 1,142 1,052 90 30 6,375 15 6,360 825 33,785 110,473 4,236 2,656 1,580 31 15,740 41 15,698 90,466 0 8,329 1,127 1,037 90 30 6,347 15 6,333 825 3,879 2,977 90 90 0 0 503 0 503 2,385 0 35 15 15 0 0 20 0 20 0 178 30,804 92 88 5 0 1,738 0 1,738 28,974 311,185 252,655 58,530 16,550 206 16,344 263,471 210,627 52,844 16,226 206 16,019 11,202 10,590 611 162 0 162 21,521 20,397 1,124 2,244 22,735 47,549 683 573 305 2,097 20,743 45,909 683 573 305 9 397 0 0 0 93 1,583 126 0 0 0 548 548 0 0 0 0 0 0 0 0 0 0 0 0 4 0 4 0 0 0 17,649 0 17,649 0 0 0 333 20 18 1 313 3,548 3,548 13 n.a. n.a. n.a. 13 5,143 n.a. 2,202 103 57 47 2,099 7,152 7,152 0 n.a. n.a. n.a. 0 1,777 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) 19 Securities of foreign governmental units 20 Mortgage-backed securities 21 Issued or guaranteed by U.S. government agencies 22 Other 23 Other asset-backed securities 24 All other 25 Federal funds sold 26 With depository institutions in the U.S 27 With others 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) 12,093 128 2,759 9,206 971 774,850 205,622 16,120 14,587 548 548 n.a. n.a. 956 50 549 n.a. n.a. 53 Trading assets 54 U.S. Treasury and agency securities 55 Other trading assets 277,266 28,593 248,672 2,003 0 2,003 244,840 28,518 216,322 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 60,654 348 120 228 60,306 727,422 727,422 568 n.a. n.a. n.a. 568 76,760 n.a. 55,011 214 42 172 54,796 613,393 613,393 553 n.a. n.a. n.a. 553 57,018 n.a. 57,018 n.a. 5,143 n.a. 1,777 64 Total liabilities4 2,108,274 138,274 1,830,657 115,706 24,837 6,220 100,320 3,130 65 Liabilities to nonrelated parties 1,946,322 116,276 1,687,040 93,991 16,960 6,116 97,510 3,129 Footnotes appear at end of table. 76,760 U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 65 of U.S. Branches and Agencies of Foreign Banks, March 31, 20081—Continued Millions of dollars except as noted Alls ates2 Item New York California Illinois Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 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 1,050,725 82,626 904,767 62,425 6,949 5,254 40,537 2,137 942,630 905,863 36,767 64,697 11,034 53,663 9,687 2,137 7,550 10,302 264 10,038 5,050 4,376 675 30,768 873 29,895 806,020 781,390 24,630 56,865 10,794 46,071 9,376 2,137 7,239 6,744 264 6,480 4,089 3,623 466 19,402 747 18,655 5,888 3,504 2,384 137 21 116 3 0 3 66 0 66 782 706 76 3,146 126 3,020 39,280 38,770 509 1,029 0 1,029 198 0 198 10 0 10 125 0 125 1,552 0 1,552 6,086 27,625 36,035 471 5,938 26,568 31,839 351 8 913 1,260 0 30 0 450 0 78 Transaction accounts and credit balances (excluding IBFs) 79 Individuals, partnerships, and corporations (including certified and official checks) 80 US addressees (domicile) 81 Non-U.S. addressees (domicile) 82 Commercial banks in United States (including their IBFs) 83 U.S. branches and agencies of other foreign banks 84 Other commercial banks in United States 85 Banks in foreign countries 86 Foreign branches of U S banks 87 Other banks in foreign countries 88 Foreign governments and official institutions (including foreign central banks) 89 All other deposits and credit balances 10,503 n.a. 8,519 n.a. 113 n.a. 245 n.a. 9,320 5,950 3 370 140 4 136 527 0 527 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7,455 5,443 2,012 135 4 131 481 0 481 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 100 54 46 5 0 5 3 0 3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 245 227 18 0 0 0 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 384 132 n.a. n.a. 332 115 n.a. n.a. 3 2 n.a. n.a. 0 0 n.a. n.a. 90 Nontransaction accounts (including MMDAs, excluding IBFs) 91 Individuals, partnerships, and corporations (including certified and official checks) 92 U.S. addressees (domicile) 93 Non-U.S. addressees (domicile) 94 Commercial banks in United States (including their IBFs) 95 U.S. branches and agencies of other foreign banks 96 Other commercial banks in United States 97 Banks in foreign countries 98 Foreign branches of U S banks 99 Other banks in foreign countries 100 Foreign governments and official institutions (including foreign central banks) 101 All other deposits and credit balances 1,040,222 n.a. 896,248 n.a. 6,836 n.a. 40,292 n.a. 933,311 899,914 33,397 64,557 11,030 53,527 9,160 2,137 7,023 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 798,565 775,947 22,618 56,731 10,790 45,941 8,894 2,137 6,758 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5,788 3,450 2,338 132 21 111 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 39,035 38,543 492 1,029 0 1,029 198 0 198 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5,702 27 493 n.a. n.a. 5,606 26,453 n.a. n.a. 5 911 n.a. n.a. 30 0 n.a. n.a. 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 n.a. 82,626 n.a. 62,425 n.a. 5,254 n.a. 2,137 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,302 264 10,038 5,050 4,376 675 30,768 873 29,895 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6,744 264 6,480 4,089 3,623 466 19,402 747 18,655 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 66 0 66 782 706 76 3,146 126 3,020 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 0 10 125 0 125 1,552 0 1,552 n.a. n.a. 36,035 471 n.a. n.a. 31,839 351 n.a. n.a. 1,260 0 n.a. n.a. 450 0 Footnotes appear at end of table. 66 Federal Reserve Bulletin Statistical Supplement • August 2008 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, March 31, 20081—Continued Millions of dollars except as noted Total including IBFs3 IBFs only3 Total including IBFs IBFs only Total including IBFs IBFs only 114 Federal funds purchased 115 With depository institutions in the U.S. 116 With others 114,501 60,071 54,430 17,301 2,104 15,196 106,964 55,528 51,435 16,274 1,612 14,662 911 911 0 122 122 0 5,700 2,770 2,930 869 362 507 117 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 197,632 21,673 175,958 323,073 455 15,226 186,499 21,673 164,826 271,475 455 14,249 225 0 225 3,251 0 0 0 712 9,055 0 9,055 26,489 0 0 0 115 20,835 14,486 2,517 405 20,224 14,185 2,447 405 404 164 40 0 50 50 0 0 6,349 16,269 691 15,577 285,969 9,308 142 9,166 3,401 6,040 15,370 588 14,781 235,881 2,042 8,636 100 8,536 3,166 240 497 62 435 2,350 40 437 42 395 235 0 138 0 138 26,300 0 115 0 115 0 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 177,766 668 154,910 369 134,354 43,042 n.a. 588 370 132 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 n.a. 4 664 226 116,341 38,343 161,952 161,952 21,998 n.a. 117,109 31,790 85,319 193,442 15,137 178,305 Total including IBFs IBFs only 13,592 4 584 20 1 350 n.a. 0 29 103 11,986 1,503 143,617 143,617 21,715 n.a. 7,878 7,878 104 n.a. 2,809 2,809 n.a. n.a. n.a. 88,731 23,087 65,644 n.a. n.a. n.a. 4,326 1,504 2,822 n.a. n.a. n.a. 16,718 5,354 11,363 n.a. n.a. n.a. n.a. n.a. n.a. 174,332 13,318 161,014 n.a. n.a. n.a. 6,808 528 6,280 n.a. n.a. n.a. 4,670 691 3,979 n.a. n.a. n.a. n.a. 0 7 MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one year or less (excluding those in nonaccrual status) 137 Predetermined interest rates 138 Floating interest rates 139 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 140 Predetermined interest rates 141 Floating interest rates Footnotes appear at end of table. U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 67 of U.S. Branches and Agencies of Foreign Banks, March 31, 20081—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 1,065,584 1,018,770 n.a. n.a. 925,232 879,916 n.a. n.a. 6,756 6,623 n.a. n.a. 38,522 38,522 n.a. n.a. 46,814 n.a. 45,316 n.a. 134 n.a. 0 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 155,372 243 n.a. 127 147,853 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.ll, last issued on July 10, 1980. Data in this table and in the G.ll 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 2,530 n.a. n.a. n.a. 1,539 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.ll 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 by 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 securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) EXCHANGE rates, foreign, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 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 Commercial banks, 4, 15-21, 58-63 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans 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 U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44—55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting by banks, 17, 18 YIELDS (See Interest rates) 69 70 Federal Reserve Bulletin Statistical Supplement • August 2008 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. 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THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in Lending— Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each volume $5.00. ANNUAL REPORT, 2003. ANNUAL REPORT: BUDGET REVIEW, 2004. ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 1982 December 1983 266 pp. $ 7.50 1983 October 1984 264 pp. $11.50 1984 October 1985 254 pp. $12.50 1985 October 1986 231 pp. $15.00 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 1980-89 March 1991 712 pp. $25.00 1990 November 1991 185 pp. $25.00 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 1994 December 1995 190 pp. $25.00 1990-95 November 1996 404 pp. $25.00 1996-2000 March 2002 352 pp. $25.00 FEDERAL RESERVE BULLETIN. 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A Consumer's Guide to Mortgage Lock-Ins A Consumer's Guide to Mortgage Settlement Costs A Consumer's Guide to Mortgage Refinancings A 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 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. 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 160. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by 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. THE 1989-92 CREDIT CRUNCH Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 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. 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. 72 Federal Reserve Bulletin Statistical Supplement • August 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data refer Corresponding Bulletin or Statistical Supplement table numbers2 Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G. 15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization 3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 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 E.2. Survey of Terms of Business Lending 3 E.ll. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks E. 16. Country Exposure Lending Survey 3 Z. 1. Flow of Funds Accounts of the United States: Flows and Outstandings3 As- $ 5.00 Midmonth of March, June, September, and December February, May, August, and November $ 5.00 15th of March, June, September, and December Previous quarter January, April, July, and October Previous quarter Second week of March, June, September, and December Previous quarter 5.00 $25.00 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 74 Federal Reserve Bulletin Statistical Supplement • August 2008 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. The Payment System Handbook deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulations CC, J, and EE, related statutes and commentaries, and policy statements on risk reduction in the payment system. For domestic subscribers, the annual rate is $200 for the Federal Reserve Regulatory Service and $75 for each handbook. For subscribers outside the United States, the price, which includes additional airmail costs, is $250 for the service and $90 for each handbook. The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a standalone PC, the annual subscription fee is $300. For network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent users, $2,000 for a maximum of 50 concurrent users, and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add $50 to cover additional airmail costs. For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 75 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve Systern makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
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