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Volume 1 • Number 12 • December 2004 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Lynn S. Fox, Chair • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman • Richard Spillenkothen • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by 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. Starting with the winter 2004 issue, the Bulletin is now published on a quarterly basis. Published monthly, the new Statistical Supplement is designed as a compact source of economic and financial data. All tables that appeared in the Federal Reserve Bulletin, including the annual and quarterly special tables, now appear in the Statistical Supplement. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Separate subscriptions for the quarterly Federal Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frbog.frb.gov. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886. Financial and Business Statistics: Table of Contents These tables reflect the data available for publication as of the first week of December 2004. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 1 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Reserve Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—Tax-exempt state and local governments and U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding Monetary and Credit Aggregates 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Consumer Credit 34 Total outstanding 34 Terms Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • December 2004 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 57 GUIDE TO SPECIAL TABLES 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 foreigners 52 Claims on foreigners 58 INDEX TO STATISTICAL TABLES 60 ANTICIPA TED SCHEDULE OF RELEASE DA TES FOR PERIODIC STATISTICAL RELEASES Symbols and Abbreviations c e n.a. n.e.c. p r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation G-7 G-10 GDP GNMA GSE HUD IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC TIIS VA Group of Seven Group of Ten Gross domestic product Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International Monetary Fund Interest only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Treasury inflation-indexed securities Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • December 2004 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4 Ql Q2 Q3 July Sept. 1 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 11.8 2.2 10.5 5.3 5.1 5.7 5.2 3.1 18.6 15.0 18.1 4.9 .7 .4 2.1 7.6 3.7 8.3 5.7 14.5 8.2 12.7 9.0 5.0 .9 6.7 12.7 25.9 23.4 26.2 4.2 40.0 41.1 37.9 8.3 1.3 1.1 6.2 3.5 6.1 6.2 9.8' 10.8' 2.8 2.5 2.5 14.0 13.3' 12.0 1.8 3.9 10.6 1.4 15.5 1.6' 3.0 3.0 5.6 3.9 2.8 11.6' 10.7 12.9 2.4 2.6 18.1 11.6' 1.1 5.8' 2.0 5.8' 6.3 .4 5.1 9.0 12.1 13.5 4.3 33.2 19.5 4.5 27.3 5.5 2.1 13.0 25.9 4.8 22.6 1.2 2.5 16.9 6.5 3.4 19.6 1.8' 5.5 1.1' 10.2 7.5 .7 5.1 10.2 3.8 2.0 4.9 3.4 18.1' 8.7' 27.0 7.6 3.9 31.0 23.6 18.7 37.6 8.9 10.0' .9 5.1 .0 36.4 1.1' 2.3' 47.8 9.7 .5 31.5 Money market mutual funds 16 Retail" 17 Institution-only 22.3 16.4 19.4 7.8 7.2 2.5 11.4 8.5 15.3 2.1 6.9 7.2 22.4 18.0 13.5 3.0 9.9 11.9 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 10.7 16.0' 13.7 32.9' 6.1 19.3' 4.9 1.9 28.7 5.8' 46.6' 18.3' 38.8 8.6' 12.9' 1.1' 17.9 2.2 Concepts of money4 5 Ml 6 M2 7 M3 Nontransaction components 8 In M2 5 9 In M3 only6 Time and savings deposits Commercial banks Savings, including MMDAs Small time Large time8'9 Thrift institutions 13 Savings, including MMDAs 14 Smalltime7 15 Large time8 10 11 12 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted separately. 7. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 9. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 10. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1 Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated July Aug. Sept. Aug. 18 Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 755,109 691,090 691,090 255,039 419,346 14,696 2,009 0 23,750 245 42 0 203 237 40,262 11,044 2,200 36,066 756,713 694,260 694,260 255,271 422,028 14,862 2,099 0 23,040 252 19 0 233 217 39,378 11,044 2,200 36,153 766,660 696,587 696,587 255,997 423,501 14,969 2,120 0 30,825 336 96 0 239 201 38,711 11,043 2,200 36,245 754,234 694,041 694,041 255,251 421,830 14,862 2,098 0 20,536 246 12 0 235 392 39,803 11,044 2,200 36,149 755,205 694,794 694,794 255,281 422,541 14,862 2,110 0 22,786 241 6 0 234 461 37,845 11,044 2,200 36,180 764,042 694,851 694,851 255,326 422,541 14,862 2,121 0 31,000 273 31 0 242 52 37,970 11,043 2,200 36,211 764,438 694,871 694,871 255,348 422,541 14,862 2,119 0 30,929 267 31 0 236 273 38,098 11,043 2,200 36,225 768,418 695,563 695,563 255,360 423,227 14,862 0 33,500 258 20 0 238 473 38,625 11,043 2,200 36,238 767,458 697,024 697,024 255,913 424,141 14,862 2,107 0 31,286 592 352 0 240 291 38,847 11,043 2,200 36,252 765,813 698,602 698,602 257,062 424,141 15,262 2,137 0 27,571 254 9 0 245 117 39,269 11,043 2,200 36,265 734,677 19,912 19,912 0 297 734,719 21,275 21,275 0 307 738,895 24,341 24,341 0 313 735,064 21,728 21,728 0 306 734,441 20,967 20,967 0 321 734,990 22,442 22,442 0 741,270 23,521 23,521 0 321 740,142 24,707 24,707 0 322 737,504 24,814 24,814 0 312 736,840 24,291 24,291 0 299 15,907 4,963 97 10,561 10,561 0 286 21,526 12,101 15,424 4,800 99 10,210 10,208 2 315 22,147 12,237 16,180 5,608 89 10,206 10,206 0 277 23,235 13,184 15,430 4,456 15,755 4,789 102 10,529 10,529 0 336 22,440 10,703 15,882 5,297 91 10,207 10,207 0 287 22,875 16,979 15,499 4,910 78 10,204 10,204 0 308 23,064 10,231 15,846 5,261 84 10,229 10,229 0 273 23,271 13,611 17,571 6,979 81 10,233 10,233 0 278 23,223 13,528 15,638 5,118 110 10,163 10,163 0 247 23,394 14,859 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 . . . . Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 10,528 10,528 0 336 21,965 9,134 Wednesday figures End-of-month figures Aug. Sept. Aug. 18 Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 759,23 1 693,727 693,727 255,248 421,546 14,862 2,071 0 24,750 260 24 0 236 16 40,509 11,044 2,200 36,087 766,546 694,859 694,859 255,330 422,541 14,862 2,125 0 32,250 457 215 0 242 1,002 37,979 11,043 2,200 36,211 771,134 700,341 700,341 258,804 424,141 15,262 2,134 0 29,250 236 5 0 231 1,839 39,468 11,043 2,200 36,279 749,094 694,760 694,760 255,254 422,541 14,862 2,102 0 16,500 241 765,782 694,858 694,858 255,330 422,541 14,862 2,124 0 32,500 239 0 0 239 201 37,985 11,043 2,200 36,211 768,540 694,869 694,869 255,348 422,541 14,862 2,117 0 33,000 418 185 0 234 1,899 38,354 11,043 2,200 36,225 769,924 695,703 695,703 255,389 423,341 14,862 234 176 37,768 11,044 2,200 36,149 757,039 694,840 694,840 255,322 422,541 14,862 2,114 0 24,500 236 5 0 230 311 37,774 11,044 2,200 36,180 0 35,500 303 57 0 246 130 38,548 11,043 2,200 36,238 763,484 698,161 698,161 257,053 424,141 14,862 2,105 0 26,500 255 15 0 240 425 38,993 11,043 2,200 36,252 767,438 698,617 698,617 257,079 424,141 15,262 2,135 0 29,500 251 6 0 245 376 39,445 11,043 2,200 36,265 733,020 20,167 20,167 0 283 736,506 22,941 22,941 0 330 738,372 25,693 25,693 0 291 735,992 21,374 21,374 0 320 735,513 20,922 20,922 0 330 738,194 23,203 23,203 0 320 742,532 23,882 23,882 0 323 739,576 24,323 24,323 0 314 737,942 24,556 24,556 0 300 738,652 24,337 24,337 0 291 15,104 4,917 81 9,803 9,803 0 304 21,302 18,687 13,095 2,456 158 10,207 10,207 0 275 23,084 20,044 16,523 5,987 128 10,165 10,165 0 243 23,502 16,273 15,593 4,665 104 10,529 10,529 0 294 21,683 3,524 14,709 3,668 229 10,529 10,529 0 283 22,557 12,433 16,979 6,374 81 10,207 10,207 0 317 22,893 13,647 14,252 3,701 80 10,204 10,204 0 266 22,988 14,031 18,187 7,626 79 10,229 10,229 0 252 22,879 14,127 15,408 4,845 78 10,233 10,233 0 252 23,151 11,622 15,925 5,436 81 10,163 10,163 0 245 23,175 14,567 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account . . Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 Note. Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • December 2004 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment 9,053 43,894 32,005 11,889 41,058 39,408 1,651 67 33 34 9,926 43,363 30,347 13,016 40,272 38,263 2,009 Apr. May 14,078 43,052 32,255 10,797 46,333 44,745 1,588 10,858 44,069 32,083 11,986 42,941 41,902 1,039 12,020 44,424 32,129 12,295 44,149 42,387 14,078 42,852 31,970 10,881 1,762 1,741 46 51 23 0 17 0 29 45 35 46,048 44,307 86 29 0 57 13,055 43,620 32,510 11,110 July Aug. 12,793 44,487 33,410 11,077 12,112 13,033 45,056 33,388 11,667 44,836 33,416 45,500 43,949 1,552 251 18 0 233 46,449 44,886 1,563 45,564 43,730 46,203 1,834 180 40 0 140 1,676 44,527 245 42 0 203 Sept. 11,420 335 97 0 238 Biweekly averages of daily figures for two-week periods ending on dates indicated July 21 1 2 3 4 5 6 7 8 9 10 11 12 2 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment 13,535 42,671 32,081 10,591 45,615 44,019 1,596 143 20 0 123 13,189 43,355 32,571 10,784 45,760 43,827 1,933 183 44 0 139 12,169 45,371 32,939 12,432 45,108 43,166 1,941 223 59 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 adjusted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 165 12,361 44,026 32,997 11,029 45,358 43,989 1,369 242 40 0 203 Aug. I 13,836 44,515 34,318 10,197 48,153 46,232 1,921 264 34 0 230 9,862 45,863 32,315 13,548 42,176 40,829 1,347 243 14 0 229 Sept. 1 Sept. 15 Sept. 29 14,006 11,918 44,194 31,934 14,230 45,329 34,933 10,396 49,162 47,659 1,503 423 181 0 243 44,353 34,259 10,095 12,260 48,265 46,607 1,657 43,851 42,242 1,609 257 19 0 238 263 26 0 237 10,937 47,408 32,089 15,320 43,026 41,364 1,661 197 4 0 194 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 Primary credit1 Federal Reserve Bank Boston *Jew York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Vlinneapolis Kansas City Dallas San Francisco Secondary credit2 Seasona credit3 On 12/17/04 Effective date Previous rate On 12/17/04 Effective date Previous rate On 12/17/04 Effective date Previous rate 3.25 12/14/04 12/14/04 12/14/04 12/14/04 12/14/04 12/14/04 3.00 3.75 12/14/04 12/14/04 12/14/04 12/14/04 12/14/04 12/14/04 3.50 2.20 12/9/04 2.15 i 12/14/04 12/15/04 12/14/04 12/14/04 12/14/04 12/14/04 3.25 1 3.00 3.75 i 12/14/04 12/15/04 12/14/04 12/14/04 12/14/04 12/14/04 1 3.50 i 2.20 12/9/04 2.15 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 3.25 3.25 Effective date In effect Jan. 9, 2003 (beginning of program) In effect December 17, 2004 . . . Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 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. 2001—May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00-4.50 4.00 3.50-4.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; 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 (http://www.federalreserve.gov/releases/H15/data.htm). 8 Federal Reserve Bulletin Statistical Supplement • December 2004 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Percentage of liabilities Effective date 0 3 10 12/23/04 12/23/04 12/23/04 0 12/27/90 0 12/27/90 Net transaction accounts* NOTE. Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement corporations. 1. Total transaction accounts consists of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. For a more detailed description of these deposit types, see Form FR 2900 at www. federalres erve. gov/bo arddoc s/reportform s/. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS' Millions of dollars Type of transaction and maturity Apr. May Aug. U.S. TREASURY SECURITIES 2 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 15,503 0 542,736 542,736 10,095 21,421 0 657,931 657,931 0 3,831 0 952 0 738,886 738,886 0 61,389 61,389 56,267 56,267 74,959 74,959 66,123 66,123 63,302 63,302 0 78,894 0 15,663 0 70,336 72,004 16,802 12,720 0 89,108 92,075 0 6,565 0 96,433 103,153 0 1,311 0 10,791 10,700 0 16,544 16,333 0 7,293 8,333 1,693 0 9,748 8,913 0 0 0 0 0 0 0 0 0 22,814 0 45,211 64,519 12,748 0 73,093 88,276 7,814 0 76,364 97,256 1,555 0 9,361 9,627 1,293 0 16,544 16,333 0 7,293 8,333 783 0 4,066 6,620 1,760 0 0 0 3,078 0 0 0 6,003 0 21,063 6,063 5,074 0 11,588 3,800 4,107 0 11,131 5,897 510 0 357 1,072 741 0 0 0 0 0 0 0 713 0 2,520 2,293 275 0 0 0 244 0 0 0 8,531 0 4,062 1,423 2,280 0 4,427 0 220 0 8,938 235 0 1,072 0 40 0 0 0 0 0 0 0 84 0 3,163 0 0 0 0 29 0 0 0 0 0 0 68,513 0 26,897 54,242 0 0 36,856 0 4,358 0 0 2,414 0 0 3,516 0 0 3,681 0 0 5,866 0 6,202 0 1,078 0 0 36,856 4,358 2,414 3,681 5,866 6,202 1,078 1,522,888 1,518,638 121,750 116,500 167,500 168,750 163,650 165,900 138,500 133,000 138,750 136,000 173,500 182,250 179,500 172,000 4,942,131 4,946,691 391,676 393,309 444,402 444,341 443,463 442,966 392,021 391,293 427,319 426,071 416,602 417,540 465,642 468,417 26 Net change in U.S. Treasury securities 18,150 0 49,889 49,889 428 0 0 0 0 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions 0 0 120 Net change in federal agency obligations TEMPORARY TRANSACTIONS Repurchase agreements^ Gross purchases : Gross sales Matched sale-purchase agreements Gross purchases Gross sales 1,497,713 1,490,838 1,143,126 1,153,876 4,722,667 4,981,624 4,958,437 Reverse repurchase agreements* Gross purchases Gross sales Net change in temporary transactions Total net change in System Open Market Account 231,272 252,363 4,800 8,653 310 3,617 1,189 1,752 6,227 3,998 46,295 45,589 36,536 7,975 1,225 r,764 9,908 9,864 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. 5,804 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 Federal Reserve Bulletin Statistical Supplement • December 2004 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday Sept. 1 Sept. S Sept. 15 Sept. 22 Sept. 29 July Aug. Sept. Consolidated condition statement ASSETS 8 Notes and bonds, nominal3 9 Notes and bonds, inflation-indexed3 10 Inflation compensation4 11 Federal agency3 12 Repurchase agreements5 13 Loans 14 Items in process of collection 15 Bank premises 16 Other assets 17 Denominated in foreign currencies6 . . . 18 All other7 11,039 2,200 777 727,597 694,858 694,858 255,330 422,541 14,862 2,124 0 32,500 239 6,842 1,718 36,330 19,475 16,856 11,039 2,200 770 728,288 694,869 694,869 255,348 422,541 14,862 2,117 0 33,000 418 9,080 1,718 36,755 19,498 17,258 11,039 2,200 770 731,506 695,703 695,703 255,389 423,341 14,862 0 35,500 303 6,234 1,722 36,915 19,397 17,517 11,039 2,200 773 724,916 698,161 698,161 257,053 424,141 14,862 2,105 0 26,500 255 5,294 1,723 37,447 19,492 17,955 11,039 2,200 777 728,368 698,617 698,617 257,079 424,141 15,262 2,135 0 29,500 251 5,602 1,731 37,887 19,511 18,377 11,040 2,200 760 718,737 693,727 693,727 255,248 421,546 14,862 2,071 0 24,750 260 4,043 1,713 38,867 19,183 19,684 11,039 2,200 780 727,566 694,859 694,859 255,330 422,541 14,862 2,125 0 32,250 457 8,120 1,724 36,319 19,526 16,793 11,039 2,200 783 729,827 700,341 700,341 258,804 424,141 15,262 2,134 0 29,250 236 4,629 1,736 37,821 19,663 18,158 19 Total assets 786,503 789,849 790,385 783,391 787,605 777,360 787,748 788,036 703,077 23,203 30,690 23,918 6,374 81 317 6,641 2,600 707,397 23,882 28,394 24,346 3,701 80 266 7,189 2,670 704,417 24,323 32,493 24,535 7,626 79 252 6,273 2,649 702,759 24,556 27,087 21,913 4,845 78 252 5,838 2,685 703,451 24,337 30,704 24,943 5,436 81 245 5,938 2,759 697,971 20,167 33,854 28,553 4,917 81 304 4,066 2,497 701,401 22,941 33,203 30,315 2,456 158 275 7,118 2,596 703,164 25,693 31,022 24,664 5,987 128 243 4,654 2,875 766,210 769,532 770,156 762,926 767,188 758,556 767,260 767,408 30 Capital paid in 3 1 Surplus 32 Other capital accounts 10,453 8,847 993 10,454 8,847 1,017 10,479 8,847 903 10,501 8,847 1,117 10,502 8,847 1,068 9,247 8,803 755 10,457 8,845 1,186 10,502 8,847 1,279 33 Total capital 20,293 20,229 20,466 1,293,491 1,051,356 242,135 1,450 1,289,292 1,047,480 241,812 1,840 1 2 3 4 5 6 Gold certificate account Special drawing rights certificate account . . . Coin Securities, repurchase agreements, and loans Securities held outright U.S. Treasury k3 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements8 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities CAPITAL ACCOUNTS 20,488 MEMO 34 Marketable securities held in custody for foreign official and international accounts3'10 35 U.S. Treasury 36 Federal agency 37 Securities lent to dealers 1,288,410 1,044,789 243,621 1,336 1,291,479 1,049,029 242,450 2,679 1,291,141 1,049,079 242,062 2,645 1,245,243 1,010,931 234,312 212 1,286,940 1,043,803 243,137 703 1,291,525 1,051,563 239,962 2,946 Federal Reserve notes and collateral statement 38 Federal Reserve notes outstanding 39 Less: Notes held by F.R. Banks not subject to collateralization 40 Federal Reserve notes to be collateralized 41 Collateral held against Federal Reserve notes 42 Gold certificate account 43 Special drawing rights certificate account 44 U.S. Treasury and agency securities pledged1' 45 Other assets pledged 827,010 827,538 827,759 829,099 830,341 820,646 826,889 830,481 123,933 703,077 703,077 11,039 2,200 689,838 0 120,141 707,397 707,397 11,039 2,200 694,158 123,342 704,417 704,417 11,039 2,200 691,178 126,340 702,759 702,759 11,039 2,200 689,520 0 126,891 703,451 703,451 11,039 2,200 690,212 0 122,674 697,971 697,971 11,040 2,200 684,732 125,489 701,401 701,401 11,039 2,200 688,162 127,317 703,164 703,164 11,039 2,200 689,925 0 727,358 727,869 731,203 724,661 728,117 718,477 727,109 729,591 23,212 23,892 24,333 24,567 24,348 20,176 22,951 25,704 704,146 703,977 706,870 700,094 703,769 698,301 704,158 703,887 MEMO 46 Total U.S. Treasury and agency securities" 47 Less: face value of securities under reverse repurchase agreements12 48 U.S. Treasury and agency securities eligible to be pledged 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release, which is available at: www.federalreserve.gov/releases. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Valued daily at market exchange rates. 7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 9. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 11. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 12. Face value of agreements, which are fully collateralized by U.S. Treasury securities. Federal Reserve Banks 1.19 FEDERAL RESERVE BANKS 11 Maturity Distribution of Loans and Securities Millions of dollars Wednesday Type of holding and maturity Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 July Aug. Sept. 30 209 0 220 198 0 127 176 0 0 236 15 0 181 79 0 390 67 0 189 47 0 5 Total US. Treasury securities' 694,858 694,869 695,703 698,161 698,617 693,727 694,859 700,341 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years . . . Over 10 years 49,340 156,878 164,194 198,719 49,808 75,919 48,287 157,266 164,877 198,716 49,807 75,917 54,771 150,162 165,537 199,513 49,805 75,915 54,069 152,191 165,875 199,511 50,203 76,312 53,247 152,822 166,092 199,624 50,517 76,315 39,895 168,219 166,002 190,938 51,867 76,806 33,453 166,721 170,238 198,719 49,808 75,919 30,103 155,392 187,273 200,741 50,517 76,315 12 Total federal agency securities 0 0 0 0 0 0 0 0 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years . . . Over 5 years to 10 years . Over 10 years 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 32,500 33,000 35,500 26,500 29,500 24,750 32,250 29,250 32,500 0 33,000 0 35,500 0 26,500 0 29,500 0 24,750 0 32,250 0 29,250 0 23,203 23,882 24,323 24,556 24,337 22,941 25,693 23,203 0 23,882 24,323 0 24,556 0 24,337 22,941 0 25,693 1 Total loans . . Within 15 days 16 days to 90 days . 91 days to 1 year . . 19 Total repurchase agreements2 . . . . Within 15 days 16 days to 90 days . . 22 Total reverse repurchase agreements2 . . Within 15 days 16 days to 90 days . . Note. Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 20,167 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • December 2004 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec. Sept. Apr. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 38.47 37.25 585.10 41.41 41.34 39.76 635.94 40.44 40.36 38.43 682.15 42.84 42.80 41.80 720.98 42.99 42.95 41.81 724.17 44.71 44.66 42.95 725.76 45.68 45.59 43.94 728.83' 45.39 45.28 43.80 732.30 45.93 45.75 44.10 737.80 45.74 45.50 44.07 745.61 44.76 44.51 43.21 748.20 46.25 45.91 44.69 753.38 Not seasonally adjusted 5 6 7 8 Total reserves6 Nonborrowed reserves Required reserves7 Monetary base8 38.53 38.32 37.10 590.06 41.18 41.11 39.53 639.91 40.13 40.05 38.12 38.47 38.26 41.06 40.99 39.41 40.27 40.19 648.74 697.15 2.01 .08 686.23 42.45 42.40 41.41 725.20 43.79 43.75 42.61 723.94 44.04 43.99 42.28 725.61 45.88 45.79 44.14 729.91 46.11 45.99 44.52 733.47 45.30 45.12 43.46 738.79 45.87 45.62 44.19 745.96 45.11 44.86 43.56 746.33 46.02 45.68 44.45 750.52 42.94 42.90 41.90 737.61 1.04 .05 43.86 43.82 42.67 44.15 44.10 42.39 736.41 1.76 .05 46.05 45.96 44.31 740.30 1.74 .09 46.33 46.22 45.56 45.38 43.73 749.33 1.83 .18 46.20 45.50 45.25 43.95 756.87 1.55 .25 46.45 46.11 44.89 760.99 1.56 .34 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves" Nonborrowed reserves Required reserves Monetary base" Excess reserves12 Borrowings from the Federal Reserve 37.05 596.98 1.43 .21 1.65 .07 38.26 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves 734.91 1.19 .04 44.75 743.75 1.59 .11 45.96 44.53 756.48 1.68 .25 would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). Monetary and Credit Aggregates 1.21 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec. July Sept. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,087.9 4,932.7 7,112.9 1,179.3 5,448.6 8,025.0 1,217.2 5,794.5 8,552.4 1,293.4 6,062.5 8,845.7' 1,335.8 6,299.3' 9,278.9' 1,324.0 6,292.2' 9,257.5' 1,341.1 6,300.8 9,280.5' 1,344.5 6,330.3 9,311.0 531.6 8.3 310.3 237.8 582.0 8.0 332.5 256.8 627.4 7.8 303.4 278.6 663.9 7.7 312.6 309.2 676.7 7.7 322.7 328.7 684.8 7.6 306.3 325.4 687.7 7.6 318.4 327.4 691.7 7.6 323.7 321.6 3,844.9 2,180.1 4,269.3 2,576.5 4,577.4 2,757.9 4,769.1 2,783.2' 4,963.5' 2,979.7' 4,968.1' 2,965.3 4,959.7' 2,979.6' 4,985.8 2,980.7 Commercial banks 10 Savings deposits, including MMDAs . . , 11 Small time deposits9 12 Large time deposits10'" 1,422.1 699.4 727.4 1,736.0 633.6 679.2 2,053.2 589.9 685.5 2,328.0 536.4 747.7 2,528.0 525.6 856.6 2,541.6 527.1 870.6 2,537.8' 529.5 871.4' 2,559.4 532.8 870.9 Thrift institutions 13 Savings deposits, including MMDAs . . , 14 Small time deposits9 15 Large time deposits10 454.1 344.8 102.9 572.9 339.1 114.8 716.3 302.1 117.5 830.4 272.8 120.2 887.1' 262.7 131.7 890.9' 262.7 135.7 891.7 263.2' 141.1 898.9 263.1 144.8 Money market mutual funds 16 Retail12 17 institution-only 924.5 789.4 987.6 1,193.6 915.9 1,245.3 801.5 1,113.2 760.1 1,112.9 745.9 1,096.2 737.5 1,098.9 731.4 1,088.0 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 366.0 194.5 378.9 210.0 480.9 228.6 513.4 288.8' 556.3' 322.2' 538.3' 324.5' 544.1' 324.2' 552.2 324.8 1,325.9' 6,288.6' 9,239.3' 1,339.1 6,304.8 9,264.7' 1,336.3 6,333.9 9,282.5 686.3 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 only8 Not seasonally adjusted 2 Measures 20 Ml 21 M2 22 M3 1,112.0 4,967.2 7,166.0 1,205.1 5,486.6 8,091.6 1,242.6 5,833.1 8,616.8 1,319.1 6,102.7 8,904.1 1,335.9 6,283.5' 9,270.0' 535.6 8.1 326.7 241.5 585.5 7.9 350.4 261.4 630.6 7.7 667.0 7.6 328.4 678.3 7.8 686.0 7.8 319.8 284.6 316.1 321.5 328.4 307.9 324.1 7.7 319.3 325.7 Nontransaction components 27 In M27 28 In M3 only8 3,855.1 2,198.8 4,281.5 2,605.0 4,590.5 2,783.7 4,783.6 2,801.5' 4,947.6' 2,986.5' 4,962.7' 2,950.7 4,965.8' 2,959.9' 4,997.6 2,948.6 Commercial banks 29 Savings deposits, including MMDAs 30 Small time deposits9 3 1 Large time deposits10'" 1,427.5 700.5 728.4 1,742.4 634.4 679.0 2,060.9 590.3 684.3 2,337.5 536.5 745.7 2,523.0 525.8 861.5 2,541.0 527.0 871.5 2,541.4' 529.3 870.9' 2,569.9 532.6 872.3 Thrift institutions 32 Savings deposits, including MMDAs 33 Small time deposits9 34 Large time deposits10 455.8 345.4 103.0 575.1 339.6 114.7 718.9 302.3 117.3 833.8 272.8 119.8 885.4' 262.9' 132.5 890.7' 262.7 135.8 893.0' 263.1' 141.0 902.6 263.0 145.0 990.0 1,224.6 918.1 1,276.9 802.9 1,139.7 750.5 1,104.1 741.3 1,084.8 376.5 210.3 476.4 507.0 289.3' 569.4 319.0' 538.5' 320.1' 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. 364.2 195.2 688.2 7.6 321.1 319.5 729.5 1,071.6 539.5' 320.7' 538.1 321.5 13 14 Federal Reserve Bulletin Statistical Supplement • December 2004 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domesticaly chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities1 Billions of dollars Wednesday figures Monthly averages Account Nov. 2004 2004 2003 May' June' July' Aug.' Sept.' Oct.' Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 6,198.4' Bank credit 1,832.1' Securities in bank credit Treasury and Agency securities2 . . 1,096.5' 735.7' Other securities 3 Loans and leases in bank credit . . . . 4,366.3 888.6 Commercial and industrial 2,206.5' Real estate 273.2 Revolving home equity 1,933.3' Other 626.2' Consumer 4 228.7 Security 416.3 Other loans and leases 305.3 Interbank loans 315.5 Cash assets5 537.8 Other assets' 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 6,545.0 1,929.3 1,188.1 741.1 4,615.7 873.8 2,395.6 327.9 2,067.7 641.7 232.6 472.1 310.1 332.4 592.3 6,587.4 1,933.4 1,188.8 744.6 4,654.0 877.6 2,409.0 337.6 2,071.4 644.2 248.1 475.1 317.9 334.9 599.7 6,600.9 1,906.5 1,180.1 726.5 4,694.3 882.1 2,417.1 347.1 2,070.0 672.5 243.5 479.0 367.2 329.9 622.0 6,629.9 1,913.2 1,182.0 731.2 4,716.6 889.0 2,433.3 358.4 2,074.9 673.0 238.8 482.5 361.1 321.7 623.8 6,695.8 1,923.4 1,177.2 746.2 4,772.4 891.7 2,457.8 369.6 2,088.2 674.7 254.5 493.8 365.8 324.3 630.8 6,709.4 1,918.1 1,148.6 769.6 4,791.3 893.1 2,490.6 383.5 2,107.1 670.3 249.3 488.0 356.0 319.3 616.7 6,754.4 1,924.3 1,146.1 778.2 4,830.1 898.2 2,514.7 393.1 2,121.6 665.5 248.4 503.2 338.8 320.6 631.3 6,717.6 1,914.7 1,146.0 768.7 4,802.9 895.3 2,504.3 389.7 2,114.6 668.9 244.9 489.4 366.2 312.9 604.6 6,729.7 1,914.6 1,143.5 771.1 4,815.1 896.2 2,512.5 391.8 2,120.7 664.7 239.8 501.9 375.7 313.7 638.0 6,736.3 1,911.7 1,137.9 773.8 4,824.6 896.2 2,518.4 392.9 2,125.5 665.9 240.3 503.9 316.9 310.3 622.1 6,782.4 1,935.5 1,153.6 781.9 4,847.0 901.9 2,514.3 394.1 2,120.2 665.6 254.5 510.6 333.9 341.8 641.7 7,282.2' 7,707.9 7,768.1 7,848.7 7,864.7 7,944.8 7,929.9 7,973.3 7,929.2 7,985.3 7,913.8 8,028.3 4,747.4 641.3 4,106.1 996.0 3,110.1 1,452.4 383.8 1,068.6 170.2 392.7 5,059.3 661.0 4,398.3 1,098.3 3,300.0 1,544.0 424.1 1,119.9 81.6 411.4 5,123.4 683.0 4,440.4 1,118.2 3,322.2 1,577.5 434.1 1,143.4 43.7 454.6 5,153.5 657.3 4,496.2 1,149.4 3,346.8 1,592.2 458.4 1,133.9 52.9 474.7 5,173.0 669.4 4,503.6 1,156.4 3,347.2 1,580.8 443.8 1,137.0 36.9 486.6 5,189.9 682.2 4,507.7 1,157.0 3,350.7 1,614.1 458.7 1,155.4 41.4 485.7 5,211.3 666.3 4,545.0 1,170.1 3,374.8 1,594.2 439.3 1,154.9 36.5 476.7 5,266.8 667.3 4,599.6 1,175.6 3,424.0 1,583.2 425.0 1,158.2 19.4 494.8 5,229.0 626.6 4,602.4 1,171.1 3,431.3 1,594.3 450.3 1,144.0 28.4 482.0 5,232.7 641.8 4,590.9 1,172.5 3,418.4 1,621.7 468.7 1,152.9 22.0 490.8 5,246.6 662.2 4,584.3 1,169.7 3,414.6 1,544.5 402.6 1,141.9 7.9 499.4 5,305.0 735.3 4,569.7 1,181.1 3,388.6 1,583.6 411.5 1,172.1 27.7 496.7 6,762.6 7,096.4 7,199.2 7,273.4 7,277.3 7,331.1 7,318.7 7,364.2 7,333.6 7,367.2 7,298.4 7,413.0 519.6' 611.5 568.9 575.2 587.4 613.7 611.3 609.1 595.6 618.1 615.4 615.4 Not seasona lly adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets 6,239.6' Bank credit 1,839.7' Securities in bank credit Treasury and Agency securities2 . . 1,103.1' 736.6' Other securities Loans and leases in bank credit3 . . . . 4,399.9 888.6 Commercial and industrial 2,230.7' Real estate 273.2 Revolving home equity 1,957.5' Other 630.5' Consumer 252.1 Credit cards and related plans .. 378.4' Other 233.5 Security4 416.6 Other loans and leases 308.9 Interbank loans 325.9 Cash assets5 539.8 Other assets6 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)8 Footnotes appear on p. A21. 6,536.5 1,932.6 1,195.6 736.9 4,603.9 877.7 2,395.2 328.6 2,066.6 636.3 252.8 383.5 224.9 469.8 311.1 326.9 592.1 6,582.2 1,935.5 1,192.6 742.8 4,646.8 880.1 2,403.6 338.7 2,064.9 637.5 255.1 382.4 247.9 477.7 319.3 326.9 596.2 6,582.8 1,901.2 1,178.5 722.7 4,681.6 880.9 2,412.5 347.7 2,064.8 665.4 286.0 379.4 239.7 483.0 363.7 324.5 622.9 6,615.0 1,911.0 1,177.9 733.1 4,704.0 884.3 2,435.0 359.5 2,075.5 669.8 289.6 380.2 231.0 483.8 361.1 312.1 625.6 6,696.1 1,919.3 1,170.0 749.2 4,776.8 888.7 2,465.1 371.2 2,093.9 676.0 293.5 382.5 249.2 497.8 357.8 326.1 633.1 6,721.6 1,916.0 1,143.7 772.3 4,805.5 891.7 2,498.8 384.5 2,114.3 672.8 289.7 383.1 251.3 491.0 350.0 324.8 619.7 6,790.1 1,933.0 1,153.8 779.2 4,857.1 898.1 2,531.2 393.2 2,138.0 670.0 288.1 382.0 253.9 503.8 342.5 330.7 633.7 6,758.6 1,922.3 1,150.6 771.7 4,836.3 896.9 2,518.3 390.4 2,127.8 673.1 289.7 383.4 254.0 494.1 378.0 319.8 614.9 6,766.0 1,920.5 1,147.8 772.7 4,845.5 895.7 2,532.5 392.1 2,140.4 668.2 285.0 383.2 248.0 501.1 380.5 318.9 645.1 6,768.4 1,919.8 1,144.9 775.0 4,848.6 896.3 2,535.9 393.3 2,142.6 670.0 287.8 382.2 241.0 505.3 322.2 327.4 623.9 6,811.6 1,944.4 1,163.5 780.9 4,867.1 901.0 2,529.5 393.9 2,135.6 671.1 289.1 381.9 258.1 507.5 326.6 340.3 636.1 7,339.4' 7,694.6 7,752.8 7,822.7 7,842.0 7,941.2 7,945.2 8,025.3 7,999.6 8,038.8 7,970.3 8,043.2 4,759.0 647.1 4,111.9 988.2 3,123.6 1,445.4 381.1 1,064.3 181.2 402.2 5,049.7 651.7 4,398.0 1,106.9 3,291.1 1,560.3 424.6 1,135.7 77.4 407.7 5,123.3 675.5 4,447.8 1,124.9 3,323.0 1,587.8 433.4 1,154.5 39.7 450.5 5,138.7 655.0 4,483.7 1,146.5 3,337.3 1,593.5 458.2 1,135.3 45.5 466.0 5,151.5 650.9 4,500.7 1,148.8 3,351.8 1,577.1 446.3 1,130.9 37.0 486.4 5,180.5 674.1 4,506.4 1,145.9 3,360.5 1,618.0 459.1 1,158.9 45.1 490.3 5,205.7 665.1 4,540.6 1,154.4 3,386.2 1,591.8 439.5 1,152.3 41.8 483.2 5,277.9 673.1 4,604.8 1,166.0 3,438.8 1,576.1 422.4 1,153.7 28.4 507.5 5,245.5 631.4 4,614.1 1,157.4 3,456.7 1,597.6 451.7 1,145.9 35.6 493.2 5,252.5 636.7 4,615.9 1,163.3 3,452.6 1,617.1 467.9 1,149.2 29.6 501.6 5,266.5 673.4 4,593.1 1,159.1 3,434.1 1,538.9 399.7 1,139.2 15.9 510.8 5,283.6 731.9 4,551.7 1,173.0 3,378.6 1,566.7 405.3 1,161.5 40.9 514.0 6,787.8 7,095.1 7,201.4 7,243.7 7,252.0 7,333.9 7,322.5 7,389.9 7,371.9 7,400.9 7,332.1 7,405.2 551.5' 599.5 551.3 579.0 590.0 607.3 622.6 635.4 627.7 637.9 638.2 638.0 16 Federal Reserve Bulletin Statistical Supplement • December 2004 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Nov. 2004 2004 2003 May June' July' Aug.' Sept.' Oct.' Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 5,567.8' Bank credit 1,568.3' Securities in bank credit 998.7' Treasury and Agency securities2 . . 569.6' Other securities Loans and leases in bank credit3 . . . . 3,999.5 757.9 Commercial and industrial 2,184.4' Real estate 273.2 Revolving home equity 1,911.2' Other 626.2' Consumer 4 92.5 Security 338.4 Other loans and leases 268.3 Interbank loans 264.1 Cash assets5 509.1 Other assets' 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 5,913.2' 1,671.2' 1,096.0' 575.2' 4,242.0 743.7' 2,378.7' 327.9 2,050.8' 641.7' 94.7 383.1' 275.5 271.8 559.5' 5,936.2 1,671.1 1,095.3 575.7 4,265.1 746.3 2,392.7 337.6 2,055.1 644.2 97.4 384.5 288.6 277.5 564.0 5,945.4 1,646.5 1,088.4 558.2 4,298.8 748.9 2,400.7 347.1 2,053.6 672.5 86.6 390.1 335.4 268.8 583.3 5,981.6 1,651.5 1,089.7 561.8 4,330.1 753.3 2,417.5 358.4 2,059.1 673.0 92.1 394.2 328.7 261.2 586.9 6,038.7 1,661.4 1,086.1 575.3 4,377.4 758.2 2,442.4 369.6 2,072.8 674.7 98.9 403.1 332.6 264.2 589.7 6,042.6 1,646.5 1,056.2 590.3 4,396.1 758.8 2,475.1 383.5 2,091.6 670.3 94.5 397.4 324.8 260.4 580.9 6,063.8 1,642.2 1,056.0 586.2 4,421.6 762.8 2,498.5 393.1 2,105.4 665.5 88.4 406.3 303.3 261.5 595.5 6,044.6 1,639.1 1,053.2 585.8 4,405.5 761.6 2,488.5 389.7 2,098.8 668.9 90.0 396.5 329.2 253.9 572.0 6,051.1 1,634.9 1,048.7 586.2 4,416.2 759.8 2,496.7 391.8 2,104.9 664.7 88.8 406.1 338.8 253.6 596.3 6,047.9 1,632.6 1,049.4 583.3 4,415.3 761.0 2,502.1 392.9 2,109.2 665.9 80.0 406.3 281.1 252.1 588.1 6,079.8 1,649.0 1,064.8 584.2 4,430.8 766.8 2,497.9 394.1 2,103.7 665.6 88.4 412.2 299.7 280.5 608.5 6,534.9' 6,948.5' 6,994.8 7,061.9 7,087.2 7,153.8 7,137.7 7,152.7 7,128.1 7,168.4 7,097.9 7,197.5 4,309.8 630.4 3,679.4 571.5 3,107.9 1,145.8 349.0 796.8 263.0 290.9 4,563.1 649.4 3,913.8 619.7 3,294.0 1,213.5 381.6 831.9 258.0' 313.7 4,599.5 670.9 3,928.6 623.8 3,304.8 1,242.1 386.3 855.7 221.6 367.3 4,605.6 645.9 3,959 7 630.3 3,329.4 1,260.9 417.8 843.1 235.3 388.3 4,632.3 658.1 3,974.2 638.6 3,335.6 1,259.9 402.0 857.9 211.7 400.2 4,659.3 671.0 3,988.2 646.7 3,341.5 1,281.8 408.3 873.5 203.3 398.5 4,674.3 654.0 4,020.3 650.8 3,369.4 1,258.3 393.5 864.8 197.6 387.9 4,733.2 655.2 4,077.9 656.0 3,421.9 1,221.5 373.8 847.7 184.9 396.2 4,697.9 615.3 4,082.6 654.5 3,428.1 1,249.8 405.1 844.7 174.7 392.5 4,702.2 629.9 4,072.3 655.8 3,416.5 1,259.6 416.2 843.5 182.0 394.4 4,716.0 650.6 4,065.4 652.7 3,412.7 1,194.5 352.3 842.2 167.2 400.4 4,767.1 723.1 4 044.0 657.3 3,386.7 1,212.5 358.2 854.2 206.9 395.6 6,009.5 6,348.2' 6,430.5 6,490.1 6,504.1 6,542.8 6,518.2 6,535.8 6,514.9 6,538.2 6,478.1 6,582.1 525.4' 600.3' 564.3 571.9 583.1 611.1 619.5 616.8 613.1 630.2 619.8 615.3 Not seasona lly adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets 5,607.3' Bank credit 1,575.8' Securities in bank credit Treasury and Agency securities2 . . 1,005.3' 570.5' Other securities Loans and leases in bank credit3 . . . . 4,031.5 758.6 Commercial and industrial 2,208.6' Real estate 273.2 Revolving home equity 1,935.4' Other n.a. Other residential n.a. Commercial 630.5' Consumer 252.1 Credit cards and related plans . . 378.4' Other 93.6 Security4 340.3 Other loans and leases 271.9 Interbank loans 274.4 Cash assets5 511.7 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)8 Footnotes appear on p. A21. 5,907.5' 1,674.5' 1,103.5' 571.0' 4,232.9 747.6' 2,378.3' 328.6 2,049.7' n.a. n.a. 636.3' 252.8 383.5' 90.3 380.4' 276.6 267.0 558.7' 5,931.1 1,673.1 1,099.1 574.0 4,258.0 749.3 2,387.3 338.7 2,048.5 1,071.1 977.5 637.5 255.1 382.4 98.3 385.7 290.0 269.9 560.6 5,931.3 1,641.2 1,086.8 554.4 4,290.1 748.5 2,396.1 347.7 2,048.4 1,053.9 994.4 665.4 286.0 379.4 87.0 393.1 331.9 263.9 585.3 5,975.8 1,649.3 1,085.6 563.7 4,326.5 750.1 2,419.2 359.5 2,059.6 1,054.3 1,005.4 669.8 289.6 380.2 92.9 394.6 328.6 251.6 589.1 6,046.4 1,657.3 1,078.9 578.3 4,389.1 756.5 2,449.7 371.2 2,078.5 1,062.1 1,016.4 676.0 293.5 382.5 100.4 406.5 324.7 264.8 593.6 6,058.1 1,644.3 1,051.3 593.0 4,413.8 759.1 2,483.3 384.5 2,098.8 1,073.9 1,024.8 672.8 289.7 383.1 97.8 400.8 318.8 264.7 585.0 6,097.6 1,650.9 1,063.8 587.2 4,446.7 763.4 2,515.0 393.2 2,121.8 1,084.4 1,037.4 670.0 288.1 382.0 89.5 408.8 307.0 271.7 598.5 6,080.7 1,646.7 1,057.7 588.9 4,434.0 763.8 2,502.4 390.4 2,112.0 1,079.9 1,032.1 673.1 289.7 383.4 93.0 401.7 341.0 260.5 582.7 6,082.1 1,640.8 1,053.1 587.8 4,441.3 760.6 2,516.6 392.1 2,124.5 1,090.0 1,034.5 668.2 285.0 383.2 89.1 406.9 343.6 259.1 603.7 6,082.5 1,640.8 1,056.3 584.4 4,441.7 761.6 2,519.7 393.3 2,126.3 1,088.2 1,038.1 670.0 287.8 382.2 80.8 409.6 286.4 269.2 591.0 6,109.4 1,657.9 1,074.7 583.2 4,451.4 766.3 2,513.1 393.9 2,119.2 1,079.7 1,039.4 671.1 289.1 381.9 89.1 411.9 292.4 279.9 603.6 6,591.1' 6,938.1' 6,980.2 7,041.7 7,073.8 7,158.1 7,156.2 7,203.5 7,193.6 7,217.4 7,157.9 7,214.4 4,332.0 636.4 3,695.7 574.3 3,121.4 1,138.9 346.4 792.5 271.4 298.3 4,542.2 640.2 3,902.0 617.0 3,285.0 1,229.7 382.1 847.6 255.5' 311.5 4,592.0 663.4 3,928.5 623.3 3,305.2 1,252.4 385.7 866.8 220.0 364.9 4,592.2 643.6 3,948.7 628.8 3,319.9 1,262.2 417.6 844.5 229.4 380.7 4,618.4 639.7 3,978.6 638.2 3,340.4 1,256.2 404.5 851.7 211.3 399.8 4,659.4 662.8 3,996.6 645.1 3,351.5 1,285.7 408.8 877.0 205.4 402.0 4,686.4 652.7 4,033.7 652.7 3,381.0 1,255.9 393.6 862.3 200.4 392.7 4,757.2 661.2 4,096.0 659.2 3,436.8 1,214.4 371.2 843.2 191.4 406.9 4,732.1 619.9 4,112.2 658.6 3,453.6 1,253.1 406.5 846.6 180.0 402.4 4,735.6 625.0 4,110.7 660.0 3,450.7 1,255.1 415.3 839.7 187.2 403.3 4,750.0 661.7 4,088.2 656.0 3,432.2 1,188.9 349.4 839.5 172.7 409.9 4,756.4 720.1 4,036.3 659.5 3,376.8 1,195.6 352.0 843.6 216.3 409.8 6,040.6 6,339.0' 6,429.4 6,464.5 6,485.6 6,552.6 6,535.4 6,569.8 6,567.7 6,581.2 6,521.5 6,578.2 550.4' 599.1' 550.8 577.2 588.2 605.5 620.9 633.6 625.9 636.2 636.4 636.2 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Nov. 2004 2004 2003 May June July Aug. Sept. Oct.' Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Seasonall f adjusted Assets 3,099.4 1 Bank credit 861.7 2 Securities in bank credit 501.1 3 Treasury and Agency securities2 . . 40.3 4 Trading account 460.8 5 Investment account 355.4 6 Mortgage-backed 105.4 7 Other 360.6 8 Other securities 184.1 9 Trading account 176.5 10 Investment account 31.8 11 State and local government . . 144.8 12 Other 3 13 Loans and leases in bank credit . . . . 2,237.7 455.5 14 Commercial and industrial 1,118.4' 15 Real estate 184.3 16 Revolving home equity 934.1' 17 Other 596.8' 18 Other residential 337.3 19 Commercial 339.9' 20 Consumer 84.9 21 Security4 22 Federal funds sold to and repurchase agreements 66.8 with broker-dealers 18.1 23 Other 13.7 24 State and local government 8.4 25 Agricultural 26 Federal funds sold to and repurchase agreements with 25.5 others 87.4 27 All other loans 104.0 28 Lease-financing receivables 180.5 29 Interbank loans 30 Federal funds sold to and repurchase agreements with 102.7 commercial banks 77.8 31 Other 148.6 32 Cash assets5 6 362.1 33 Other assets 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)8 Footnotes appear on p. A21. 3,248.9 937.4 575.7 45.4 530.3 424.6 105.7 361.8 180.2 181.6 33.4 148.2 2,311.5 431.4 1,173.2' 223.2 950.0' 606.4' 343.6 339.5' 87.5 3,259.0 936.7 576.0 40.5 535.5 423.4' 112.1' 360.7 179.9 180.8 33.2 147.6 2,322.3 432.2 1,181.2' 229.8 951.4' 605.2' 346.2' 337.6' 90.4 3,261.9' 920.4 569.7 38.1 531.5 421.7 109.8 350.8 189.2 161.5 33.1 128.4 2,341.5 432.9 1,184.7' 237.0 947.7' 600.6' 347.2' 357.7' 79.6 3,287.2' 928.8' 573.1 40.4 532.7 423.8 109.0 355.7' 191.5 164.2' 32.9 131.3' 2,358.5 433.8' 1,193.6' 245.1 948.5' 599.7' 348.8' 356.4' 85.0 3,330.9' 944.6' 575.1 47.9 527.2 418.4 108.8 369.5' 200.8 168.7' 33.3 135.4' 2,386.3 435.7' 1,203.7' 253.7 950.0' 600.2' 349.8' 357.9' 91.6 3,333.9 943.1 551.7 41.0 510.7 405.8 104.9 391.4 210.6 180.8 33.6 147.2 2,390.7 434.3 1,220.9 263.9 957.0 604.3 352.7 357.3 87.0 3,335.5 932.4 550.0 45.6 504.4 399.5 104.8 382.5 202.1 180.3 33.5 146.8 2,403.1 434.8 1,234.3 271.0 963.3 607.1 356.2 353.4 80.6 3,322.3 930.6 546.6 45.3 501.3 397.7 103.6 384.0 205.2 178.8 33.5 145.3 2,391.6 435.1 1,227.8 268.5 959.3 604.3 355.0 356.4 82.5 3,326.1 925.0 542.1 47.2 494.9 389.1 105.8 382.9 203.8 179.1 33.4 145.7 2,401.1 433.1 1,233.2 270.2 963.1 608.6 354.5 354.0 81.0 3,322.1 925.2 545.4 51.3 494.1 390.8 103.3 379.8 198.8 181.0 33.5 147.5 2,396.9 433.0 1,237.7 270.9 966.9 609.8 357.1 354.0 72.1 3,350.9 939.2 559.0 44.6 514.4 411.0 103.4 380.2 199.9 180.3 33.7 146.6 2,411.7 437.9 1,233.4 271.5 961.9 604.8 357.2 354.0 80.5 64.1 23.3 14.9 9.2 69.5 20.9 14.8 9.2 59.1 20.4 15.3 9.2 65.3 19.7 15.7 9.2 71.6 20.0 15.9 9.3 67.6 19.4 16.2 9.5 59.8 20.7 16.2 9.5 63.7 18.7 16.2 9.5 59.5 21.5 16.1 9.5 51.9 20.2 16.2 9.5 58.8 21.7 16.3 9.5 17.8 141.9 95.9 198.0 19.3 143.1 94.4 214.2 22.2 146.9 92.9 260.1' 23.1 149.0' 92.6 254.6 29.7 150.4' 92.2 257.4 24.6 149.0 92.0 246.1 27.1 154.9 92.2 218.8 22.9 149.5 91.8 249.8 25.1 157.1 91.8 254.5 30.2 152.0 92.3 193.5 31.0 156.5 92.5 214.0 90.6 107.4 152.4 392.3' 106.5 107.7 157.1 403.8' 143.0' 117.1 149.9 406.7' 138.8 115.9 142.0 410.6' 140.2 117.2 144.9 411.2' 122.3 123.9 140.4 413.6 121.4 97.4 142.1 427.9 127.9 121.9 135.2 404.5 128.5 126.0 134.2 429.5 107.5 86.0 136.3 424.4 128.9 85.2 157.2 438.8 3,747.4' 3,952.9' 3,995.4' 4,040.6' 4,056.4' 4,106.6' 4,096.2 4,086.3 4,073.4 4,106.2 4,038.4 4,123.3 2,163.6 300.6 1,862.9 249.6' 1,613.3' 726.9 191.5 535.4 248.3 225.2 2,320.6 303.6 2,017.0 278.4' 1,738.6' 726.3 190.7 535.6 235.2' 241.7 2,334.9 315.1 2,019.7 287.6' 1,732.1' 747.0 196.1 551.0 205.8' 295.8 2,328.6 303.8 2,024.8 290.9' 1,733.9' 761.4 221.6 539.8 221.2' 312.9 2,338.4 313.4 2,025.0 292.3' 1,732.7' 771.4 214.6 556.7 198.7' 323.4 2,353.1 322.8 2,030.2 295.5' 1,734.7' 788.9' 216.9 571.9' 192.3' 319.9' 2,356.0 311.7 2,044.4 294.2 1,750.2 769.9 215.1 554.8 187.7 313.9 2,397.9 315.6 2,082.3 295.6 1,786.6 732.1 193.0 539.1 177.6 319.7 2,370.5 288.5 2,082.0 296.0 1,786.0 764.7 227.5 537.2 164.5 317.2 2,379.6 299.6 2,080.0 296.2 1,783.8 768.6 235.3 533.2 174.7 318.2 2,386.0 312.0 2,074.0 294.5 1,779.6 705.6 172.9 532.7 159.2 323.9 2,423.2 360.1 2,063.1 295.9 1,767.2 722.6 175.3 547.3 199.8 317.4 3,364.0 3,523.8' 3,583.5' 3,624.2' 3,631.9' 3,654.1' 3,627.5 3,627.2 3,616.9 3,641.1 3,574.7 3,663.0 383.5 429.0' 411.8' 416.5' 424.5' 452.5' 468.7 459.1 456.5 465.2 463.7 460.4 18 Federal Reserve Bulletin Statistical Supplement • December 2004 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesday figures Monthly averages Account Nov. 2004 2004 2003 May June July Aug. Sept.' Oct.' Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Not seasonally adjusted Assets 47 Bank credit 48 Securities in bank credit 49 Treasury and Agency securities2 . 50 Trading account 51 Investment account 52 Mortgage-backed 53 Other 54 Other securities 55 Trading account 56 Investment account 57 State and local government . 58 Other 59 Loans and leases in bank credit3 . . . 60 Commercial and industrial 61 Real estate 62 Revolving home equity 63 Other 64 Other residential 65 Commercial 66 Consumer 67 Credit cards and related plans . 68 Other 69 Security4 70 Federal funds sold to and repurchase agreements with broker-dealers 71 Other 72 State and local government 73 Agricultural 74 Federal funds sold to and repurchase agreements with others 75 All other loans 76 Lease-financing receivables 77 Interbank loans 78 Federal funds sold to and repurchase agreements with commercial banks 79 Other 5 80 Cash assets 81 Other assets6 82 Total assets7 83 84 85 86 87 88 89 90 91 92 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the US From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)8 Footnotes appear on p. A21. 3,125.5' 870.7 509.2 40.7 468.5 362.1 106.5 361.5 184.5 177.0 31.8 145.1 2,254.8' 457.1 1,131.1' 184.4 946.7' 607.2' 339.5 340.4' 109.5' 230.9' 85.8 3,251.5 943.1 585.5 46.1 539.4 432.0 107.4 357.6 178.1 179.5 33.0 146.5 2,308.4 433.2 1,177.3' 223.9 953.4' 608.5' 344.8 337.0' 104.2 232.8' 83.2 3,262.6 937.3 578.4 40.8 537.6 424.7' 112.9' 358.9 179.0 179.9 33.0 146.9 2,325.2' 433.3 1,183.6' 230.7 953.0' 606.2' 346.7 335.4' 103.7' 231.7' 91.3 3,257.0 917.2 570.1 38.0 532.1 422.7 109.5 347.0 187.2 159.8 32.8 127.0 2,339.8' 432.3 1,184.9' 237.5 947.4' 600.3' 347.0' 354.6' 126.8 227.8' 80.0 3,286.0' 930.1' 572.5 40.2 532.3 423.8 108.5 357.5' 192.5 165.0' 33.1 132.0' 2,356.0 432.4' 1,194.9' 246.1 948.8' 600.0' 348.9' 354.9' 127.2 227.8' 85.7 3,335.9 943.8 571.3 47.4 523.9 416.2 107.7 372.5 202.4 170.1 33.6 136.5 2,392.1 435.8 1,205.4 254.6 950.8 600.7 350.1 358.7 129.5 229.3 93.1 3,340.8 942.2 548.1 40.2 507.8 404.9 102.9 394.1 212.1 182.1 33.8 148.3 2,398.6 435.4 1,221.8 264.3 957.5 604.6 352.9 357.6 130.1 227.5 90.3 3,354.6 942.6 559.1 46.0 513.1 407.2 105.9 383.4 202.7 180.8 33.6 147.2 2,412.0 436.5 1,238.0 271.1 966.9 609.3 357.5 354.0 127.6 226.4 81.5 3,346.7 941.2 554.1 45.5 508.6 404.6 104.0 387.1 206.9 180.2 33.8 146.5 2,405.5 438.0 1,230.9 268.9 962.0 606.0 356.0 357.6 129.7 227.9 85.1 3,342.8 933.9 549.5 47.4 502.1 395.8 106.2 384.5 204.6 179.8 33.5 146.3 2,408.9 434.8 1,238.7 270.1 968.6 612.0 356.5 354.7 126.7 227.9 81.0 3,341.3 934.8 553.9 51.8 502.0 397.6 104.4 380.9 199.4 181.6 33.6 147.9 2,406.5 435.0 1,241.7 271.3 970.4 612.0 358.4 354.4 128.2 226.2 72.7 3,363.7 947.9 568.6 45.0 523.6 419.3 104.3 379.3 199.4 179.9 33.6 146.3 2,415.8 438.9 1,235.5 271.7 963.8 606.0 357.9 354.5 128.5 225.9 81.3 67.5 18.3 13.7 8.4 61.0 22.2 14.9 9.2 70.3 21.0 14.8 9.3 59.4 20.6 15.3 9.3 65.8 19.9 15.7 9.2 72.9 20.3 15.9 9.3 70.2 20.1 16.2 9.4 60.5 21.0 16.2 9.5 65.8 19.3 16.2 9.5 59.5 21.5 16.1 9.5 52.3 20.3 16.2 9.5 59.4 21.9 16.3 9.5 25.5 88.4 104.3 182.4 17.8 140.0 95.8 201.4 19.3 143.9 94.2 217.0 22.2 148.6 92.8 259.0' 23.1 147.5' 92.5 255.0 29.7 152.0 92.2 250.9 24.6 150.7 92.6 239.2 27.1 156.6 92.5 221.1 22.9 152.9 92.4 256.4 25.1 156.6 92.3 255.3 30.2 154.2 92.7 196.8 31.0 156.0 92.7 209.7 103.7 78.6 154.5 364.6 92.1 109.3 148.6 391.4' 107.9 109.1 150.2 400.4' 142.4' 116.6 145.1 408.7' 139.0 116.0 134.3 412.7' 136.7 114.2 144.2 415.1 118.9 120.4 143.2 417.8 122.6 98.5 148.2 431.0 131.3 125.1 139.5 415.1 128.9 126.4 137.6 437.0 109.4 87.4 147.0 427.3 126.2 83.4 155.9 433.9 3,784.1 3,954.1' 3,991.3' 4,032.0' 4,049.9' 4,108.3 4,103.8 4,116.9 4,119.9 4,134.8 4,074.5 4,125.7 2,175.0 303.3 1,871.7 252.4' 1,619.3' 720.0 188.9 531.1 256.8 232.6 2,304.2 298.7 2,005.5 275.6' 1,729.9' 742.6 191.2 551.4 232.8' 239.6 2,328.5 311.9 2,016.6 287.0 1,729.6' 757.4 195.4 562.0 204.2' 293.5 2,321.6 301.7 2,019.9 289.4' 1,730.6' 762.7 221.4 541.2 215.3' 305.3 2,328.4 299.2 2,029.2 292.0' 1,737.2' 767.7 217.1 550.6 198.4' 322.9 2,354.4 316.3 2,038.1 293.9 1,744.2 792.8 217.4 575.4 194.5 323.4 2,366.0 309.1 2,057.0 296.1 1,760.9 767.4 215.2 552.2 190.5 318.6 2,410.6 318.3 2,092.3 298.9 1,793.4 725.0 190.4 534.6 184.0 330.4 2,392.1 288.7 2,103.4 300.1 1,803.3 768.1 228.9 539.2 169.8 327.0 2,397.0 293.8 2,103.2 300.3 1,802.9 764.0 234.5 529.5 179.9 327.1 2,406.4 319.5 2,087.0 297.9 1,789.1 700.0 170.1 529.9 164.6 333.4 2,412.4 357.0 2,055.4 298.2 1,757.2 705.7 169.0 536.7 209.2 331.7 3,384.3 3,519.1' 3,583.6' 3,604.9' 3,617.4' 3,665.1 3,642.6 3,650.0 3,657.1 3,668.0 3,604.5 3,658.9 399.7' 435.0' 407.7' 427.1' 432.5' 443.2 461.1 466.9 462.8 466.9 470.1 466.8 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Nov. 2004 2004 2003 May June July' Aug.' Sept.' Oct.' Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 2,466.7' Bank credit 704.9' Securities in bank credit 495.9' Treasury and Agency securities2 . . 209.0' Other securities 3 Loans and leases in bank credit . . . . 1,761.8 302.5 Commercial and industrial 1,066.0 Real estate 88.9 Revolving home equity 977.1 Other 286.3 Consumer 4 7.6 Security 99.3 Other loans and leases 87.8 Interbank loans 115.5 Cash assets5 147.0 Other assets' 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 2,662.4' 731.9' 518.5' 213.5' 1,930.5 312.3' 1,205.4 104.6 1,100.8 302.2 7.2 103.3' 77.5 119.4 167.2' 2,678.5 735.7 520.7' 215.0' 1,942.8 314.2' 1,211.5 107.8 1,103.7 306.6' 7.0 103.5' 74.4 120.4 160.2' 2,683.5 726.2 518.8 207.4 1,957.4 316.0 1,216.0 110.1 1,105.9 314.8 7.0 103.5 75.3 118.8 176.6 2,692.5 720.9 514.8 206.1 1,971.6 319.5 1,223.9 113.3 1,110.6 316.6 7.1 104.6 74.0 119.2 176.4 2,704.9 713.8 508.0 205.8 1,991.1 322.6 1,238.8 116.0 1,122.8 316.8 7.3 105.7 75.2 119.3 178.5 2,708.9 703.5 504.7 198.9 2,005.4 324.5 1,254.2 119.6 1,134.6 313.0 7.6 106.2 78.7 119.9 167.3 2,726.6 708.1 504.4 203.7 2,018.5 328.0 1,264.3 122.2 1,142.1 312.2 7.8 106.2 84.4 119.5 167.6 2,720.3 706.4 504.5 201.8 2,013.9 326.4 1,260.7 121.1 1,139.6 312.6 7.6 106.6 79.4 118.7 167.5 2,722.1 707.0 503.6 203.3 2,015.1 326.7 1,263.4 121.6 1,141.8 310.7 7.9 106.4 84.3 119.5 166.8 2,724.8 706.5 503.0 203.5 2,018.3 328.0 1,264.4 122.1 1,142.3 311.9 8.0 106.1 87.6 115.8 163.7 2,728.5 709.4 505.4 203.9 2,019.1 328.8 1,264.5 122.7 1,141.8 311.6 7.9 106.4 85.7 123.3 169.7 2,785.8' 2,993.8' 3,000.8 3,021.4 3,028.9 3,044.2 3,041.6 3,064.6 3,052.6 3,059.3 3,058.5 3,073.8 2,146.2 329.8 1,816.5 321.9' 1,494.5' 418.9 157.5 261.4 14.6 65.7 2,242.5 345.7 1,896.8 341.4' 1,555.4' 487.2 190.9 296.3 22.8 71.9 2,264.7 355.8 1,908.9 336.3' 1,572.6' 495.1' 190.3 304.8 15.8 71.5 2,276.9 342.0 1,934.9 339.4 1,595.5 499.5 196.2 303.3 14.1 75.3 2,294.0 344.8 1,949.2 346.3 1,602.9 488.5 187.4 301.1 13.0 76.8 2,306.2 348.2 1,958.0 351.2 1,606.8 492.9 191.4 301.5 10.9 78.6 2,318.2 342.4 1,975.9 356.6 1,619.3 488.5 178.4 310.0 9.9 74.1 2,335.3 339.6 1,995.7 360.4 1,635.3 489.4 180.8 308.6 7.3 76.5 2,327.4 326.8 2,000.6 358.5 1,642.1 485.0 177.6 307.5 10.2 75.4 2,322.6 330.3 1,992.3 359.6 1,632.7 491.1 180.9 310.2 7.3 76.2 2,330.0 338.6 1,991.3 358.2 1,633.1 488.9 179.3 309.5 8.0 76.5 2,343.9 363.0 1,980.9 361.4 1,619.5 489.9 183.0 306.9 7.2 78.2 2,645.5 2,824.4 2,847.0 2,865.9 2,872.2 2,888.6 2,890.6 2,908.6 2,898.0 2,897.2 2,903.4 2,919.2 140.3' 169.5' 153.8 155.5 156.7 155.6 151.0 156.0 154.5 162.1 155.1 154.6 Not seasona lly adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets 2,481.8' Bank credit 705.1' Securities in bank credit 496.1' Treasury and Agency securities2 . . 209.0' Other securities Loans and leases in bank credit3 . . . . 1,776.7 301.4 Commercial and industrial 1,077.5 Real estate 88.8 Revolving home equity 988.7 Other n.a. Other residential n.a. Commercial 290.1' Consumer 142.5 Credit cards and related plans . . 147.5 Other 7.8 Security4 99.9 Other loans and leases 89.5 Interbank loans 119.9 Cash assets5 147.0 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)8 Footnotes appear on p. A21. 2,656.0' 731.5' 518.0' 213.5' 1,924.5 314.4' 1,201.1 104.7 1,096.4 n.a. n.a. 299.3 148.6 150.7 7.1 102.6' 75.1 118.4 167.2' 2,668.6' 735.8 520.7' 215.0' 1,932.8 315.9' 1,203.7 108.1 1,095.6 464.8' 630.7' 302.1' 151.4' 150.7 7.0 104.2' 73.0 119.7 160.2' 2,674.2 724.0 516.6 207.4 1,950.2 316.2 1,211.2 110.2 1,101.0 453.6 647.4 310.8 159.2 151.6 7.0 105.0 72.9 118.9 176.6 2,689.8 719.2 513.1 206.1 1,970.6 317.7 1,224.3 113.5 1,110.8 454.3 656.5 314.9 162.5 152.5 7.2 106.5 73.6 117.4 176.4 2,710.5 713.5 507.7 205.8 1,997.0 320.7 1,244.4 116.7 1,127.7 461.4 666.3 317.3 164.1 153.2 7.2 107.5 73.8 120.6 178.5 2,717.4 702.1 503.3 198.9 2,015.2 323.7 1,261.5 120.2 1,141.3 469.4 671.9 315.2 159.6 155.6 7.5 107.3 79.6 121.4 167.3 2,743.1 708.3 504.6 203.7 2,034.8 326.9 1,277.0 122.1 1,155.0 475.1 679.9 316.1 160.5 155.6 8.0 106.8 85.9 123.5 167.6 2,734.0 705.4 503.6 201.8 2,028.5 325.7 1,271.5 121.5 1,150.0 473.9 676.1 315.5 160.0 155.5 7.9 107.9 84.6 120.9 167.5 2,739.4 706.9 503.6 203.3 2,032.5 325.8 1,277.9 122.0 1,155.9 478.0 678.0 313.5 158.3 155.2 8.1 107.2 88.3 121.5 166.8 2,741.2 706.0 502.5 203.5 2,035.3 326.6 1,277.9 122.0 1,155.9 476.2 679.7 315.7 159.7 156.0 8.1 106.9 89.6 122.2 163.7 2,745.6 710.0 506.1 203.9 2,035.6 327.4 1,277.6 122.2 1,155.3 473.8 681.6 316.6 160.6 156.0 7.8 106.3 82.8 124.0 169.7 2,807.0' 2,984.0' 2,988.9 3,009.7 3,023.9 3,049.8 3,052.5 3,086.6 3,073.7 3,082.5 3,083.3 3,088.7 2,157.0 333.0 1,824.0 321.9' 1 502 1' 418.9 157.5 261.4 14.6 65.7 2,238.0 341.5 1,896.5 341.4' 1 555 1' 487.2 190.9 296.3 22.8 71.9 2,263.4 351.5 1,911.9 336.3' 1,575.6' 495.1' 190.3 304.8 15.8 71.5 2,270.6 341.9 1,928.8 339.4 1,589.3 499.5 196.2 303.3 14.1 75.3 2,290.0 340.5 1,949.4 346.3 1,603.2 488.5 187.4 301.1 13.0 76.8 2,305.0 346.5 1,958.5 351.2 1,607.3 492.9 191.4 301.5 10.9 78.6 2,320.4 343.7 1,976.7 356.6 1,620.1 488.5 178.4 310.0 9.9 74.1 2,346.6 342.9 2,003.7 360.4 1,643.4 489.4 180.8 308.6 7.3 76.5 2,340.0 331.2 2,008.8 358.5 1,650.4 485.0 177.6 307.5 10.2 75.4 2,338.7 331.2 2,007.5 359.6 1,647.8 491.1 180.9 310.2 7.3 76.2 2,343.6 342.3 2,001.3 358.2 1,643.1 488.9 179.3 309.5 8.0 76.5 2,344.0 363.1 1,980.9 361.4 1,619.5 489.9 183.0 306.9 7.2 78.2 2,656.3 2,819.9 2,845.7 2,859.6 2,868.2 2,887.5 2,892.8 2,919.9 2,910.6 2,913.2 2,917.0 2,919.2 150.7' 164.1' 143.1 150.1 155.7 162.3 159.7 166.7 163.1 169.3 166.3 169.4 20 Federal Reserve Bulletin Statistical Supplement • December 2004 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Nov. 2004 2004 2003 May June July Aug. Sept. Oct. Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Seasonallyi adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)8 630.7 263.8 97.8 166.1 366.8 130.7 22.1 136.1 77.9 37.0 51.4 28.6 631.8 258.0 92.1 165.9 373.8 130.1 16.9 137.9 88.9 34.6 60.6 651.2 262.3' 93.5 168.9' 388.9' 131.3 16.3 150.7' 90.6 29.3 57.5 35.7 655.5' 260.0' 91.7 168.3' 395.5' 133.2' 16.4 156.9' 88.9 31.8 61.2 38.7 648.2' 261.7' 92.3 169.5' 386.5' 135.7 15.8 146.8 88.2' 32.5 60.4 36.9 657.0' 262.0' 91.1 170.9' 395.0' 133.5 15.4 155.6 90.6 33.2 60.1 41.1 666.8' 271.7' 92.4 179.3' 395.2' 134.3 15.5 154.8 90.6 31.2 59.0 35.7' 690.6 282.1 90.1 192.0 408.5 135.3 16.2 160.0 96.9 35.5 59.1 35.8 673.0 275.6 92.8 182.8 397.3 133.7 15.8 154.9 93.0 37.0 59.0 32.6 678.6 279.7 94.8 184.9 398.9 136.3 15.8 151.0 95.7 36.9 60.1 41.7 688.4 279.1 88.5 190.6 409.3 135.3 16.3 160.2 97.6 35.8 58.2 34.0 702.6 286.5 88.8 197.7 416.1 135.1 16.4 166.2 98.4 34.2 61.3 33.2 747.3 759.3 773.2 786.7' 777.5' 791.0' 792.3' 820.6 801.1 816.9 816.0 830.9 437.6 10.9 426.7 306.6 34.8 271.8 92.8 101.8 496.2 11.7 484.5 330.6 42.5 288.0 176.3 97.8 523.9 12.1 511.8 335.4 47.7 287.7 178.0 87.3 547.9 11.5 536.5 331.3 40.5 290.8 182.3' 86.5 540.7 11.2 529.4 321.0 41.8 279.1 174.8' 86.3 530.7 11.1 519.5 332.3 50.4 281.9 161.8' 87.2 537.0 12.3 524.7 335.9 45.8 290.1 161.1' 88.7 533.7 12.0 521.7 361.7 51.2 310.5 165.5 98.6 531.1 11.3 519.8 344.5 45.2 299.3 146.3 89.5 530.5 11.9 518.6 362.0 52.6 309.5 160.0 96.5 530.6 11.6 519.0 350.0 50.3 299.7 159.3 99.1 537.8 12.2 525.6 371.1 53.3 317.9 179.2 101.1 753.1 748.2 768.6 783.3' 773.2' 788.3' 800.5' 828.4 818.6 829.0 820.4 830.8 5.9 11.1 4.6 7.8 17.5 12.1 4.4 .0 3.4 4.3 2.7 8.2 Not seasonally adjusted 2A 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 securities . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)8 Footnotes appear on p. A21. 632.2 263.8 97.8 32.8 65.0 166.1 103.5 62.6 368.4 130.1 22.1 139.9 76.3 37.0 51.4 28.1 629.0 258.0 92.1 33.0 59.1 165.9 100.3 65.6 371.0 130.1 16.9 134.6 89.4 34.6 60.0 33.4 651.1 262.3' 93.5 35.0 58.5 168.9' 104.0' 64.8' 388.7' 130.8' 16.3 149.6' 92.0 29.3 57.0 35.6 651.5' 260.0' 91.7 34.1 57.6 168.3' 103.4' 64.9' 391.5' 132.4' 16.4 152.7' 90.0' 31.8 60.5 37.6 639.1' 261.7' 92.3 34.1 58.1 169.5' 104.4' 65.1' 377.4' 134.2' 15.8 138.1' 89.2' 32.5 60.5 36.5 649.7' 262.0' 91.1 36.1' 54.9' 170.9' 104.0' 67.0' 387.6' 132.2 15.4 148.8' 91.3 33.2 61.3 39.4 663.4' 271.7' 92.4 34.6 57.8 179.3' 108.6' 70.7' 391.8' 132.6' 15.5 153.4' 90.2 31.2 60.1 34.7 692.5 282.1 90.1 32.4 57.7 192.0 118.8 73.2 410.3 134.7 16.2 164.5 95.0 35.5 59.1 35.2 677.9 275.6 92.8 35.5 57.3 182.8 111.8 71.1 402.3 133.1 15.8 161.0 92.4 37.0 59.3 32.3 683.9 279.7 94.8 36.0 58.8 184.9 112.7 72.2 404.2 135.2 15.8 159.0 94.2 36.9 59.8 41.4 685.9 279.1 88.5 31.2 57.3 190.6 118.3 72.3 406.8 134.7 16.3 160.2 95.6 35.8 58.2 33.0 702.2 286.5 88.8 31.2 57.6 197.7 123.3 74.5 415.7 134.7 16.4 169.0 95.6 34.2 60.4 32.5 748.3 756.5 772.6 781.0' 768.2' 783.1' 788.9' 821.8 806.0 821.5 812.4 828.8 426.9 10.8 416.2 306.6 34.8 271.8 90.2 103.9 507.5 11.5 496.0 330.6 42.5 288.0 178.2 96.2 531.4' 12.0 519.3 335.4 47.7 287.7 180.3 85.6 546.5 11.4 535.0 331.3 40.5 290.8 183.9' 85.3 533.2 11.1 522.0 321.0 41.8 279.1 174.4' 86.6 521.0 11.3 509.8 332.3 50.4 281.9 160.3' 88.3 519.3 12.4 506.9 335.9 45.8 290.1 158.6' 90.5 520.7 11.9 508.8 361.7 51.2 310.5 163.0 100.6 513.4 11.5 501.9 344.5 45.2 299.3 144.4 90.8 516.9 11.7 505.2 362.0 52.6 309.5 157.6 98.4 516.6 11.7 504.9 350.0 50.3 299.7 156.8 100.9 527.2 11.8 515.4 371.1 53.3 317.9 175.5 104.2 747.2 756.1 772. V 779.2' 766.4' 781.3' 787.1' 820.0 804.3 819.7 810.7 827.0 1.1 .4 .5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account 2003 Nov. 2004 2004 May June July Aug. Sept. Oct. Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Not seasonally adjusted MEMO 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 11 12 13 14 Small domestically chartered commercial banks, adjusted for mergers Mortgage-backed securities12 Securitized consumer loans Credit cards and related plans Other 1 2 3 4 5 6 Foreign-related institutions 15 Revaluation gains on off-balancesheet items9 16 Revaluation losses on off-balancesheet items9 17 Securitized business loans12 109.6 99.0 96.8 105.4 111.3 109.2 107.9' 95.7 102.6 96.5 91.3 95.8 91.7 414.9 299.6 115.3 82.5 487.8 377.8 110.1 83.0 483.3' 376.2' 107.1 94.7 483.0 376.5 106.5 102.0 488.6 378.4 110.2 99.2 486.4' 373.4 113.0' 96.4' 475.5' 363.4 112.0' 90.5 479.0 366.0 113.0 96.7 476.8 362.7 114.1 90.6 467.9 354.4 113.5 86.3 469.4 356.5 112.9 91.7 490.0 378.6 111.4 2.8 149.3 130.4 18.9 7.5 2.4 148.3 128.6 19.7 7.4 2.8 149.3 129.1 20.2 7.3 2.3 152.1 130.2 21.9 7.2 .7 151.7 130.2 21.5 6.8 2.7 150.5 129.5 21.0 6.6 2.5 150.1 128.0 22.0 6.5 1.6 153.8 130.3 23.6 6.5 3.4 151.4 128.0 23.4 6.5 1.1 153.3 129.9 23.4 6.5 2.0 152.9 129.7 23.3 6.5 2.2 152.8 129.6 23.2 6.4 324.2 219.9 212.5 7.4 336.6 213.3 206.1 7.2 336.6 213.2 206.0 7.2 334.1 215.7 208.4 7.3 332.1 214.5 207.2 7.3 330.3' 213.9' 206.6' 7.3 330.8 220.6' 213.3' 7.3 337.3 221.8 214.5 7.2 333.9 219.8 212.6 7.3 335.1 221.3 214.0 7.3 335.6 222.0 214.8 7.3 338.8 223.3 216.0 7.2 64.0 60.5 58.7 58.4' 57.3' 56.8 59.9' 64.5 59.1 59.9 64.5 67.3 66.3 1.3 63.3 58.9 .3 60.5 .3 59.7 59.3 .3 64.1 71.2 65.9 .3 66.1 71.3 74.6 .3 • 3 NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and 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 reclassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the • 3 3 • 3 3 • 3 acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • December 2004 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period 2004 Year ending December Item 3 Nonfinancial companies2 1999 2000 2001 2002 2003 Mar. Apr. May June July Aug. 1,403,023 1,619,274 1,458,870 1,347,997 1,265,351 1,326,855 1,348,435 1,339,606 1,327,368 1,348,697 1,367,708 1,123,883 279,140 1,275,841 343,433 1,234,023 224,847 1,193,950 154,047 1,160,317 105,034 1,213,472 113,383 1,233,129 115,306 1,217,653 121,953 1,206,539 120,829 1,218,031 130,666 1,242,937 124,771 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change Rate 2001—Jan. Feb. Mar. Apr. May June Aug. Sept. Oct. Nov. Dec. 4 1 21 19 16 28 22 18 3 7 12 9.00 8.50 8.00 7.50 7.00 6.75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June 30 Aug. 10 Sept. 21 4.25 4.50 4.75 Period Average rate 2001 2002 2003 6.91 4.67 4.12 2001—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 9.05 8.50 8.32 7.80 7.24 6.98 6.75 6.67 6.28 5.53 5.10 4.84 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2002—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 Period Average rate 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 2004—Jan Feb Mar Apr May June July Aug Sept Oct 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 Report. Data in this table also appear in the Board's H.15 (519) weekly statistical release, available on the Board's website, at www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2004 Item 7001 2002 2004, week ending 2003 June July Aug. Sept. Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 MONEY MARKET INSTRUMENTS 2 Discount window primary credit2'4 3.88 n.a. 1.67 n.a. 1.13 n.a. 1.03 2.01 1.26 2.25 1.43 2.43 1.61 2.58 1.51 2.50 1.53 2.50 1.50 2.50 1.49 2.50 1.64 2.57 3.78 3.68 3 65 1.67 1.67 1 69 1.11 1.11 1 11 1.13 1.22 1 34 1.29 1.38 1 50 1.48 1.53 1 62 1.67 1.71 1 75 1.50 1.56 1 74 1.53 1.60 1 68 1.61 1.65 1 76 1.67 1.73 1.72 1.76 1 78 3.80 3.71 3.65 1.68 1.69 1.70 1.12 1.13 1.13 1.15 1.26 1.39 1.32 1.41 1.51 1.49 1.57 1.65 1.69 1.74 1.81 1.52 1.61 1.68 1.55 1.65 1.73 1.64 1.70 1.78 1.70 1.74 1.80 1.75 1.78 1.84 3.84 3.71 3 66 1.72 1.73 1 81 1.15 1.15 1 17 1.21 1.46 1 76 1.37 1.57 1 85 1.55 1.68 1 89 1.73 1.86 2 04 1.57 1.73 1 94 1.62 1.77 1 96 1.66 1.80 2 01 1.75 1.85 2 01 1.79 1.90 2 06 3.70 1.73 1.14 1.43 1.55 1.66 1.84 1.70 1.74 1.80 1.83 1.88 2.43 3.40 3.34 1.60 1.61 1.68 1.00 1.01 1.05 1.02 1.27 1.60 1.16 1.33 1.66 1.35 1.48 1.72 1.52 1.65 1.87 1.36 1.52 1.76 1.43 1.58 1.78 1.54 1.63 1.85 1.54 1.65 1.84 1.53 1.69 1.90 3.49 4.09 4.56 4.88 5.02 5 63 2.00 2.64 3.10 3.82 4.30 4.61 5 43 1.24 1.65 2.10 2.97 3.52 4.01 4 96 2.12 2.76 3.26 3.93 4.35 4.73 5 45 2.10 2.64 3.05 3.69 4.11 4.50 5 24 2.02 2.51 2.88 3.47 3.90 4.28 5 07 2.12 2.53 2.83 3.36 3.75 4.13 4 89 2.03 2.49 2.86 3.45 3.88 4.25 5 05 2.03 2.47 2.81 3.39 3.82 4.19 4 98 2.10 2.52 2.86 3.42 3.83 4.21 4 99 2.09 2.49 2.81 3.35 3.76 AAA A 92 2.14 2.53 2.81 3.29 3.66 4.04 4 80 5.01 5.75 5.15 4.87 5.64 5.04 4.52 5.20 4.75 4.85 5.47 5.05 4.71 5.28 4.87 4.52 5.05 4.70 4.40 4.93 4.56 4.45 4.94 4.66 4.43 4.92 4.63 4.46 4.97 4.61 4.40 4.94 4.54 4.38 4.92 4.46 7.49 7.10 6.24 6.36 6.17 6.02 5.84 6.00 5.93 5.92 5.87 5.75 7.08 7.26 7.67 7 95 6.49 6.93 7.18 7 80 5.66 6.14 6.38 6 76 6.01 6.21 6.42 6 78 5.82 6.02 6.23 6 62 5.65 5.87 6.08 6 46 5.46 5.73 5.91 6 27 5.63 5.86 6.07 6 44 5.55 5.80 6.00 6 37 5.54 5.80 6.00 6 36 5.48 5.77 5.93 6 29 5.37 5.66 5.82 6 17 1.32 1.61 1.72 1.65 1.69 1.75 1.73 1.72 1.74 1.71 1.71 1.74 Commercial paper1^^1 Nonfinancial Financial Certificates of deposit, secondary market^'1 12 Eurodollar deposits, 3-month3'8 US. Treasury bills Secondary market3'5 13 4-week U.S. TREASURY NOTES AND BONDS Constant maturities® 19 5-year 21 10-year STATE AND LOCAL NOTES AND BONDS Moody S series'0 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 ratio1* NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly statistical release, available at: www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/ 2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at: http:// www.federalreserve.gov/releases/hl5/data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web pages (http://www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • December 2004 1.36 STOCK MARKET Selected Statistics Apr. Sept. May Prices and trading volume (averages of daily figures) Common stockprices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 2 Industrial 3 Transportation 4 Utility 5 Finance 749.46 444.45 377.72 596.61 6 Standard & Poor's Corporation (1941-43= 10)' 1,194.18 656.44 430.63 260.50 554.88 5,456.48 634.11 437.37 238.05 566.74 n.a. n.a. n.a. n.a. 1,143.36 n.a. n.a. n.a. n.a. 1,123.98 1,133.08 6,371.44 n.a. n.a. n.a. n.a. 6,548.06 n.a. n.a. n.a. n.a. 6,443.45 n.a. n.a. n.a. n.a. 6,352.83 n.a. n.a. n.a. n.a. 6,551.90 n.a. n.a. n.a. n.a. 6,608.98 n.a. n.a. n.a. n.a. 1,102.78 1,132.76 1,105.85 1,088.94 1,117.66 1,118.07 7 American Stock Exchange (Aug. 31, 1973 = 50)2 Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,216,529 68,074 1,411,689 1,361,043 1,438,593 1,428,501 1,496,282 1,463,262 1,291,998 1,386,189 1,202,885 1,253,362 1,477,745 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers3 150,450 134,380 173,220 Free credit balances at brokers* 11 Margin accounts5 12 Cash accounts 101,640 78,040 95,690 73,340 92,560 84,920 84,540 179,710 181,280 178,470 180,090 177,030 80,560 103,670 84,670 106,250 85,060 85,540 83,530 177,100 180,100 185,700 110,720 83,400 110,870 81,610 Margin requirements (percent of market value and effective date)6 13 Margin stocks 14 Convertible bonds 15 Short sales Mar. 11, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 70 50 70 65 50 65 55 50 55 65 50 65 1. In July 1976 a financial group, one made up of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 50 50 50 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2002 Sept. 30 1 Federal debt outstanding Sept. 30 .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 Sept. 30 7,023.4 7,156.2 7,298.6 7,403.2' 6,228.2 3,552.6 2,675.6 6,405.7 3,647.4 2,758.3 6,460.8 3,710.8 2,750.0 6,670.1 3,816.3 2,853.8 6,783.2 3,924.0 2,859.3 6,998.0 4,044.1 2,954.5 7,131.1 4,176.7 2,954.4 7,274.3 4,218.7 3,055.6 7,379.0' 4,303.4' 3,075.7' 27.2 27.2 .0 27.3 27.3 .0 26.9 26.9 .0 27.0 27.0 .0 27.0 27.0 .0 25.4 25.4 .0 25.1 25.1 .0 24.2 24.2 24.2' 24.2' 6,161.4 6,359.4 6,400.0 6,625.5 6,737.6 6,952.9 7,088.6 7,229.3 7,333.4' 6,161.1 .3 6,359.1 .3 6,399.8 6,625.3 6,736.3 .3 6,952.6 .3 7,088.5 .1 7,274.3 .1 7,333.2' .2' 6,400.0 6,400.0 6,400.0 7,384.0 7,384.0 7,384.0 7,384.0 7,384.0 7,384.0' MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' . Nonmarketable2 State and local government series . . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non -interest- bearing . . By holder' 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks6 18 Private investors 19 Depository institutions Mutual funds Insurance companies State and local treasuries7 Individuals Savings bonds Pension funds Private State and Local Foreign and international8 Other miscellaneous investors7'9 Q4 Ql Q2 5,662.2 5,943.4 6,405.7 6,998.0 6,998.0 7,131.1 7,274.3 5,618.1 2,966.9 646.9 1,557.3 5,930.8 2,982.9 811.3 1,413.9 6,963.1 3,575.1 928.8 1,905.8 564.4 176.2 3,388.1 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 6,963.1 3,575.1 928.8 1,905.8 564.4 176.2 3,388.1 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 7,115.6 3,721.1 985.0 1,983.4 564.3 188.4 3,394.5 155.7 7,274.3 3,755.5 946.8 2,052.2 556.0 200.4 3,518.8 161.5 6.7 6.7 .0 6.4 6.4 .0 193.5 15.4 194.1 3,111.7 15.3 626.5 602.7 121.2 2,651.2 151.0 27.2 27.2 2,266.1 44.2 140.1 2,947.9 146.3 15.4 15.4 .0 181.5 2,574.8 12.7 6,391.4 3,205.1 888.8 1,580.8 588.7 146.9 3,186.3 153.4 11.2 11.2 .0 184.8 2,806.9 14.3 2,270.1 511.7 2,880.4 201.5 220.7 110.2 297.2 2,572.2 551.7 2,819.5 181.5 257.5 105.7 339.4 2,757.8 629.4 3,018.5 222.8 278.8 139.7 351.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 358.8 2,955.1 666.7 3,377.9 154.0 279.6 136.5 358.8 2,955.9 674.1 3,502.8 165.0 281.3 140.7 362.9 3,057.4 687.4 3,531.5 161.6 258.0 144.1 368.3 184.8 288.8 110.9 177.9 1,034.2 550.3 190.3 248.7 96.3 152.4 1,051.2 194.9 248.6 104.4 144.1 1,246.8 296.5 203.8 254.4 107.0 147.4 1,542.0 395.5 203.8 254.4 107.0 147.4 1,542.0 395.5 204.4 255.7 110.5 145.2 1,706.9 339.7 204.6 262.9 110.9 152.0 1,759.0 n.a. 176.9 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. 426.0 3,008.6 Q3 7,379.0 3,846.1 961.5 2,109.5 552.0 223.0 3,532.9 158.2 5.9 5.9 .0 194.1 3,130.0 14.9 n.a. 700.3 n.a. 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 • December 2004 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2004 2004, week ending Item June By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-indexed2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 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 July Aug. Aug. 4 Aug. 11 Aug. 18 Aug. 25 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 54,324 53,839 53,544 44,777 53,321 61,443 49,378 55,73 1 68,814 63,145 51,941 65,586 174,927 146,288 168,154 167,802 248,123 147,631 144,774 123,337 172,691 158,890 158,971 199,865 139,633 113,857 121,852 103,473 146,175 144,417 99,740 104,667 152,456 142,083 142,916 142,365 96,359 22,724 2,933 94,952 20,740 7,197 110,692 21,197 5,452 92,275 19,372 7,369 133,067 26,463 5,535 138,474 21,875 6,409 85,119 17,458 3,840 93,773 19,809 4,727 122,205 23,933 4,546 110,230 26,041 4,373 150,803 33,686 8,245 138,591 35,437 8,331 55,350 56,216 60,041 55,775 58,124 74,524 54,206 54,826 53,072 56,471 67,720 62,665 8,059 6,282 7,422 9,129 6,772 8,953 6,392 6,328 7,691 10,104 9,654 9,464 5,689 5,575 5,433 4,031 5,883 4,493 6,415 5,870 6,262 5,780 6,752 5,996 3,681 455 3,749 501 2,806 629 2,119 602 4,038 531 2,774 421 2,194 1,154 2,588 377 4,210 378 6,832 437 5,972 448 6,636 556 186,076 199,374 192,939 158,891 329,348 186,363 122,988 143,624 213,015 287,510 164,604 175,970 128,083' 19,571 124,462' 20,413' 119,615' 19,645 113,219' 19,849 126,846' 18,242 131,028 21,983 116,667 21,816 104,791 15,607 115,529 14,719 132,364 26,732 150,957 20,669 149,471 25,755 226,465 195,573 210,180 196,229 264,744 219,470 179,860 178,725 252,654 233,716 253,018 268,097 8,058 51,099 511 7,083 58,856 547 6,509 56,362 484 5,434 45,836 470 8,584 85,586 656 7,844 62,571 489 4,974 36,837 440 4,969 44,369 329 6,818 54,382 464 7,275 80,436 839 10,426 51,406 781 9,207 49,126 670 264,435 241,299 270,711 238,838 347,941 300,779 220,449 223,319 291,992 271,046 293,545 322,078 65,176 134,977 147,143' 65,241 140,517 144,328' 69,822 136,578 138,776' 66,221 113,056 132,598' 66,763 243,762 144,433' 83,320 123,791 152,522 65,387 86,151 138,043 65,020 99,256 120,070 64,795 158,633 129,784 72,348 207,075 158,258 80,120 113,198 170,845 76,111 126,844 174,556 NOTE. Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing1 Millions of dollars 2004 2004, week ending Item, by type of security June July Aug. Aug. 4 Aug. 11 Aug. 18 Aug. 25 Net outright positions Sept. 1 Sept. 8 Sept. 15 Sept. 22 2 26,717 25,284 18,544 21,499 19,555 5,598 19,803 29,031 60,233 24,750 19,863 51,597 46,048 28,062 46,708 40,700 22,906 12,767 24,745 35,598 26,669 30,404 61,405 56,947 35,709 52,400 41,377 29,922 31,741 29,350 26,668 26,836 31,259 25,475 12,135 1,426 30,811 10,885 623 22,227 6,719 134 30,162 8,525 428 29,871 5,613 46 18,202 7,411 420 18,571 6,177 273 16,982 6,631 113 24,553 3,794 643 21,825 2,937 675 16,349 2,509 1,279 39,245 48,717 54,845 60,168 54,273 50,209 56,313 55,658 56,979 57,649 50,100 18,006 15,821 14,030 11,563 12,344 13,747 15,097 16,729 16,925 19,082 24,254 3,071 4,717 5,072 5,024 5,977 5,047 4,495 4,753 5,879 3,572 5,280 3,231 2,947 4,899 3,519 4,404 4,185 5,629 3,324 4,890 3,760 4,534 4,337 3,801 4,695 3,570 4,482 3,460 4,414 3,632 4,159 5,502 4,216 12 Mortgage-backed 17,420 15,851 15,236 16,274 16,558 6,870 14,735 23,349 21,525 31,911 42,950 Corporate securities 13 One year or less 14 More than one year 31,356 92,102 33,310 94,142 31,606 95,578 31,478 96,105 36,035 99,285 30,785 93,781 29,461 91,943 29,984 97,239 30,466 96,562 35,668 101,096 34,225 98,688 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-indexed 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven Financing3 Securities in, US. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 984,364 1,209,132 1,002,614 1,102,833 987,657 1,148,696 993,876 1,138,948 1,029,145 1,172,307 1,012,477 1,108,250 945,267 1,164,639 955,605 1,156,233 961,574 1,214,925 980,336 1,268,746 1,032,457 1,270,456 182,013 231,641 175,037 236,289 185,381 218,460 187,144 233,648 183,427 216,697 186,386 217,065 190,999 218,587 178,761 211,871 170,096 213,928 173,543 220,993 168,824 211,811 46,483 295,728 45,623 298,450 48,368 309,250 37,304 304,205 45,270 298,940 56,392 311,913 52,983 317,581 44,611 311,815 49,628 314,894 57,567 312,555 50,101 320,556 101,737 48,153 113,266' 55,101 115,616' 57,944 105,569 59,819 106,955 57,041 104,918 58,835 104,901 57,422 117,099 57,315 117,310 57,600 118,782 57,816 118,559 56,906 672,821 1,519,614 635,511 1,457,922 641,873 1,492,012 639,546 1,481,688 665,677 1,506,139 671,620 1,458,652 612,248 1,515,169 615,511 1,494,317 608,379 1,551,999 655,965 1,609,369 682,486 1,634,956 873,588 1,110,752 842,527 1,041,135 887,572 1,078,505 847,410 1,074,880 891,363 1,131,327 928,915 1,021,316 861,849 1,087,240 891,703 1,075,824 902,140 1,132,650 916,172 1,170,578 938,602 1,190,461 309,425 156,708 317,717 152,937 321,662 143,172 323,048 159,076 322,092 140,034 325,713 140,476 328,368 141,222 307,686 141,650 311,320 138,952 316,727 152,974 304,348 149,064 381,533 190,656 414,265 178,096 404,658 180,280 400,312 179,763 401,309 181,164 407,532 178,381 413,573 180,982 397,707 180,989 395,229 188,496 410,603 210,455 404,184 234,060 185,288 36,512 185,351' 47,387 184,306' 52,388 192,328 53,553 198,838 51,589 192,338 53,550 194,111 52,619 181,492 50,918 189,222 49,658 195,939 48,414 194,905 49,855 1,493,740 1,427,296 1,501,697 1,357,785 1,545,331 1,381,047 1,502,278 1,394,422 1,548,046 1,429,215 1,594,987 1,319,561 1,529,675 1,389,674 1,531,200 1,377,601 1,552,158 1,439,496 1,602,901 1,505,041 1,605,864 1,547,724 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 3 1 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE. Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for pledged securities. TIIS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • December 2004 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Mar. 1 Federal and federally sponsored agencies . 2 Federal agencies 3 Defense Department1 4 Export-Import Bank2'3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service' 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Banks8 15 Student Loan Marketing Association9 16 Financing Corporation 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 1,616,492 1,851,632 2,121,057 26,376 6 n.a. 126 25,666 6 n.a. 255 276 6 n.a. 26,828 n.a. n.a. 26,370 n.a. n.a. n.a. 25,660 n.a. n.a. n.a. n.a. n.a. 1,590,116 529,005 360,711 547,619 1,825,966 594,404 426,899 642,700 74,181 45,375 8,170 1,261 29,996 2,120,781 623,740 565,071 763,500 76,673 48,350 8,170 1,261 29,996 2,351,037 674,841 648,894 851,000 41,988 8,170 1,261 29,996 2,351,039 6 47,900 8,170 1,261 29,996 Apr. June Jul 2,753,085 2,696,299 25,138 6 n.a. 120 24,953 6 n.a. 149 24,875 6 n.a. 162 24,227 6 n.a. 163 24,041 6 n.a. 185 n.a. n.a. 25,132 n.a. n.a. n.a. 24,947 n.a. n.a. n.a. 24,869 n.a. n.a. n.a. 24,221 n.a. n.a. n.a. 24,035 n.a. 2,668,918 770,195 747,300 945,343 95,676 67,500 8,170 1,261 29,996 2,671,346 795,477 728,300 940,296 95,470 69,000 8,170 1,261 29,996 2,695,800 810,352 736,100 941,824 96,059 68,600 8,170 1,261 29,996 2,728,858 821,470 759,600 939,668 94,883 70,100 8,170 1,261 29,996 2,741,389 818,094 770,200 945,198 96,139 68,627 8,170 1,261 29,996 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 42,152 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service' Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending** 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 6,665 14,085 21,402 39,096 28,642 29,433 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5,275 13,126 22,174 n.a. 13,876 25,220 n.a. 14,489 22,528 n.a. 16,426 13,702 n.a. 16,373 13,060 n.a. 16,627 12,497 n.a. 16,765 11,877 n.a. 16,762 12,064 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use May7 Apr/ 1 1 All issues, new and refunding 291,919 363,888 384,335 By type of issue 2 General obligation 3 Revenue 118,554 170,047 145,323 214,788 143,940 238,343 12,523 14,719 16,208 22,362 12,495 19,266 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township 30,099 197,462 61,040 33,931 259,070 67,121 49,795 4,420 17,762 5,061 5,399 253,622 23,864 9,307 4,107 22,020 5,634 7 Issues for new capital 200,255 242,882 264,694 50,054 21,411 21,917 n.a. 57,894 22,093 33,404 n.a. 7,227 73,033 70,305 23,816 10,251 n.a. 22,339 97,736 6,393 1,266 115 n.a. 889 6,736 5,676 1,955 385 n.a. 1,522 7,422 7,027 2,249 885 n.a. 2,061 5,648 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes 6,607 55,733 78,900 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES July' Sept. 9,920 25,411 8,845 15,828 11,538 15,847 10,143 14,606 8,848 21,461 7,781 6,764 20,580 7,988 2,310 16,593 5,769 1,694 18,730 6,961 3,402 15,806 5,541 5,349 1,733 396 n.a. 1,349 12,524 6,501 1,977 756 n.a. 1,832 12,786 5,109 2,200 737 n.a. 1,516 5,364 5,138 2,946 1,144 n.a. 1,340 5,003 3,933 1,403 292 n.a. 2,202 3,807 SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then. US. Corporations Millions of dollars Type of issue, offering, or issuer Apr. May July Aug. 1 All issues1 1,543,981 1,432,548 1,819,401 150,136 173,157 192,848 141,553 148,070 191,476 158,714 174,460 2 Bonds2 1,415,427 1,322,113 1,692,260 136,400 151,062 175,433 131,339 135,131 183,475 149,980 166,054 By type of offering 3 Sold in the United States 4 Sold abroad 1,359,039 56,389 1,235,868 86,246 1,579,311 112,949 122,499 13,902 135,866 15,196 160,257 15,176 116,406 14,933 119,809 170,210 138,152 11,828 152,816 1,597 1,675 1,416 3,092 MEMO 5 Private placements, domestic 24,415 18,870 20,701 By industry group 6 Nonfinancial 7 Financial 459,610 955,817 282,484 1,039,629 362,340 1,329,920 22,542 113,858 17,907 133,155 36,881 138,552 21,948 109,391 13,815 121,316 17,940 165,535 11,666 138,314 21,961 144,094 8 Stocks3 17,415 10,214 12,939 8,001 8,734 8,406 10,214 n.a. 12,939 n.a. 8,734 n.a. 8,406 n.a. 4,153 6,061 5,046 7,893 5,524 3,210 5,099 3,307 230,049 170,904 185,964 13,736 22,095 By type of offering 9 Public 10 Private placement4 128,554 101,495 110,435 60,469 127,141 58,823 13,736 n.a. 22,095 n.a. By industry group 11 Nonfinancial 12 Financial 77,577 50,977 62,115 48,320 44,389 82,752 4,900 8,836 6,296 15,799 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. 9,368 8,047 4,711 3,290 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • December 2004 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2004 Item 7002 2003' Mar. Apr. May June July Aug. Sept. Oct. 1,823,569 1,710,973 163,224 151,920 117,904 124,965 119,990 113,400 117,048 119,492 2 Redemptions of own shares 3 Net sales3 1,702,368 121,201 1,495,004 215,969 134,653 28,571 132,171 19,749 131,415 13,511 119,717 5,248 108,796 11,194 105,445 7,955 101,143 15,905 105,405 14,087 4 Assets4 4,118,926 5,362,397 5,622,686 5,510,446 5,536,440 5,636,780 5,489,559 5,526,306 5,658,210 5,759,107 5 Cash5 6 Other 208,450 3,910,476 258,594 5,103,803 260,275 5,362,411 267,217 5,243,229 259,540 5,276,900 268,651 5,368,129 260,395 5,229,164 279,831 5,246,475 289,846 5,368,364 299,806 5,459,301 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 2003 Account 2001 2002 2004 2003 Ql Q2 Q3 Q4 Ql Q2' Q3 ASSETS 5 LESS: Reserves for unearned income 8 All other 950.2 341.9 447.0 161 3 951.2 321.4 455.3 174 5 1,022.2 365.8 457.4 198 9 943.2 315.4 453.9 173 9 960.6 321.4 455.8 183 4 1,000.0 359.7 445.6 194 7 1,022.2 365.8 457.4 198 9 1,056.2 374.4 475.6 206 2 1,075.4 390.1 471.3 213 9 1,097.3 416.5 456.3 224 5 60.6 21.0 57.0 23.8 50.6 24.5 53.2 23.6 52.9 24.0 51.8 24.4 50.6 24.5 49.4 24.0 47.1 23.9 46.8 24.3 868.5 524 9 870.3 586 4 947.1 751 8 866.4 604 7 883.7 653 0 923.8 717 2 947.1 751 8 982.8 748 2 1,004.4 730 2 1,026.2 738 3 1,393.4 1,456.8 1,698.9 1,471.1 1,536.8 1,641.0 1,698.9 1,731.1 1,734.6 1,764.5 50.8 158.6 48.0 141.5 56.2 136.3 47.3 127.3 53.2 145.3 57.6 132.9 56.2 136.3 59.8 138.6 52.6 141.4 64.1 150.8 99.2 569.9 326.2 188.8 88.2 631.9 339.8 207.3 99.8 746.2 424.2 236.3 87.2 645.4 343.6 220.3 96.0 672.5 358.2 211.5 95.8 705.8 422.4 226.5 99.8 746.2 424.2 236.3 104.8 759.7 435.1 233.1 108.0 768.2 426.0 238.3 112.4 771.0 423.2 243.0 1,393.4 1,456.8 1,698.9 1,471.1 1,536.8 1,641.0 1,698.9 1,731.1 1,734.6 1,764.5 LIABILITIES AND CAPITAL Debt 15 Capital, surplus, and undivided profits 16 Total liabilities and capital Note. Some of the data presented in the table is available in the the Board's monthly G.20 (422) statistical release, which is available at: www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables1 Billions of dollars, amounts outstanding Type of credit July Apr. Seasonally adjusted 1 Total 2 3 4 Consumer . . Real estate . Business . . . 515.2 207.7 525.5 1,277.4 1,333.1 519.1 217.4 540.9 542.5 239.6 551.0 1,380.5 1,364.3 548.8 243.8 562.9 549.9 247.1 557.2 556.3 251.0 557.0 556.4 252.1 557.5 558.6' 253.9 555.1 562.1 257.6 560.8 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 1,284.3 1,340.4 519.7 173.9 103.5 31.5 32.7 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 545.1 202.5 66.6 37.6 67.2 546.5 202.5 66.1 37.7 71.1 552.0 207.6 65.3 37.7 74.9 553.9 206.3 65.0 39.9 78.5 557.1' 209.4 64.2 41.4 80.3' 562.4 215.3 63.5 41.3 82.4 131.9 6.8 25.0 14.3 207.7 120.1 41.2 151.9 5.7 31.1 14.0 217.4 135.0 39.5 132.8 5.5 31.6 12.2 239.6 152.2 46.7 122.6 5.3 31.5 11.6 243.8 159.5 46.7 122.2 5.3 30.6 11.1 247.1 163.5 46.2 119.7 5.2 30.7 10.9 251.0 167.6 46.3 120.4 5.1 28.1 10.7 252.1 167.9 46.0 118.3 5.1 28.0 10.5 253.9 169.2 46.8 116.5 5.0 28.0 10.4 257.6 172.4 47.4 40.7 5.7 527.9 54.0 16.1 20.3 17.6 289.4 77.8 211.6 103.5 39.7 3.2 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 36.9 3.8 553.1 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 36.1 1.5 569.5 88.8 16.6 48.1 24.1 275.2 75.7 199.5 111.6 35.9 1.5 561.7 91.9 17.2 50.7 24.1 268.8 71.7 197.2 108.0 35.6 1.5 561.4 92.6 17.6 50.7 24.3 266.2 68.6 197.6 108.9 35.4 2.8 565.4 95.4 18.0 52.8 24.6 265.0 68.5 196.4 110.9 35.2 2.8 551.0 88.5 18.8 44.8 24.8 260.5 68.3 192.1 110.2 35.0 2.8 551.4 87.2 19.3 43.0 24.8 259.7 68.2 191.5 110.9 50.1 5.1 42.5 2.5 23.2 16.4 6.8 7.7 50.2 2.4 45.9 1.9 20.2 13.0 7.2 17.4 48.4 2.2 44.2 2.1 22.1 12.5 9.6 25.1 48.4 2.2 44.1 2.1 20.1 11.6 8.5 25.4 47.0 2.2 42.8 2.1 20.4 11.9 8.5 25.5 47.6 2.2 43.3 2.1 20.4 12.1 8.3 25.6 45.6 43.6 2.2 39.3 2.1 22.3 11.8 10.4 26.0 45.6 2.2 41.4 2.1 22.0 11.6 10.4 25.9 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 1,364.4 1,371.4 41.3 2.1 22.7 12.2 10.5 25.9 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 • December 2004 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2004 Item 2001 7002 2003 Apr. May June July Aug. Sept. Oct. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 2 Amount of loan (thousands of dollars) 3 Loan-to-price ratio (percent) 5 Fees and charges (percent of loan amount)2 245.0 184.2 77.3 28.8 .67 261.1 197.0 77.8 28.9 .62 272.1 205.3 77.9 28.7 .61 292.9 213.6 75.5 28.6 .50 291.6 213.2 75.3 28.7 .49 288.1 213.2 75.8 28.6 .50 289.2 214.1 76.2 28.9 .48 297.5 221.8 76.9 29.1 .48 301.5 225.1 77.0 29.2 .57 297.6 218.7 76.0 29.0 .47 6.90 7.00 6.35 6.44 5.71 5.80 5.42 5.49 5.70 5.77 5.73 5.81 5.89 5.96 5.81 5.88 5.63 5.72 5.75 5.82 n.a. 6.36 n.a. 5.81 n.a. 5.03 n.a. 5.25 n.a. 5.67 n.a. 5.66 n.a. 5.43 n.a. 5.22 n.a. 5.09 n.a. 5.02 Yield (percent per year) SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 707,015 n.a. 794,253 n.a. 898,445 n.a. 880,481 n.a. 878,386 n.a. 891,210 n.a. 892,724 n.a. 895,428 n.a. 904,543' n.a. 913,246 n.a. 14 Mortgage transactions purchased (during period) 270,384 370,641 572,852 27,448 26,686 37,164 21,618 21,787 27,661 27,142 Mortgage commitments (duringperiod) 15 Issued7 16 To sell8 304,084 7,586 400,327 12,268 522,083 33,010 30,702 1,842 28,982 593 32,084 2,415 n.a. n.a. n.a. n.a. 491,719 3,506 488 213 568,173 4,573 563 600 644,436 n.a. 632,482 n.a. 634,895 n.a. 645,185 n.a. 656,342 n.a. 661,358 n.a. 660,713 n.a. 660,301 n.a. 21 Sales n.a. 389 611 n.a. 547 046 n.a. 713 260 n.a. 38 219 n.a. 41 778 n.a. 39 022 n.a. 30 709 n.a. 23 461 n.a. 23 586r n.a. 26 541 22 Mortgage commitments contracted (during period)9 417,434 620,981 n.a. 12 FHA/VA insured FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)* 17 Total 18 FHAAA insured Mortgage transactions (duringperiod) 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end often years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued, but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 1 All holders . Q4 Ql Q2 9,326,863' 9,574,728' 9,822,328' 10,127,790 6,820,157' 7,496,841' By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm 405,966' 1,170,840' 110,195' 5,645,188' 448,095' 1,285,711' 117,847' 6,322,727' 486,124' 1,388,929' 125,496' 6,957,691' 530,999' 1,482,486' 131,707' 7,119,963' 554,281' 1,519,036' 133,583' 7,323,358' 559,959' 1,556,098' 135,313' 7,519,299' 573,319' 1,591,378' 138,332' 7,770,908 581,562 1,634,834 140,486 By type of holder 6 Major financial institutions .. 7 Commercial banks2 8 One- to four-family . . . . 9 Multifamily 10 Nonfarm, nonresidential 11 Farm 12 Savings institutions3 13 One- to four-family . . . . 14 Multifamily 15 Nonfarm, nonresidential 16 Farm 17 Life insurance companies . 18 One- to four-family . . . . 19 Multifamily 20 Nonfarm, nonresidential 21 Farm 2,618,969 1,660,054 965,635 77,803 582,577 34,039 722,974 594,221 61,258 66,965 529 235,941 4,903 33,681 183,757 13,600 2,791,076 1,789,819 1,023,851 84,851 645,619 35,498 758,236 620,579 64,592 72,534 531 243,021 4,931 35,631 188,376 14,083 3,089,824 2,058,426 1,222,126 94,178 704,097 38,025 781,378 631,392 68,679 80,730 577 250,019 4,657 36,816 195,040 13,506 3,373,051 2,263,725 1,368,832 102,841 751,847 40,205 852,054 690,404 74,928 86,095 3,387,865 2,256,037 1,346,908 104,901 763,579 40,649 870,884 703,374 77,994 3,518,918 2,329,270 1,394,747 107,440 785,660 41,422 927,658 753,855 81,705 91,449 3,666,087' 626 632 648 257,272 3,585 38,141 202,253 13,293 260,944 4,403 38,556 203,946 14,039 261,990 4,583 38,685 204,643 14,079 3,792,347 2,517,372 1,522,178 114,986 836,313 43,894 1,009,323 830,379 85,808 92,508 628 265,652 4,653 39,228 207,492 14,279 341,140 6 6 0 73,323 16,372 11,733 41,070 4,148 3,507 1,308 2,199 0 0 0 0 0 45 7 9 29 0 152,511 144,150 8,361 373,240 433,565 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 0 0 46 7 9 30 0 185,801 172,230 13,571 46,257 2,722 43,535 524,680 52 52 0 69,474 14,127 11,632 40,161 3,554 4,061 1,285 537,131' 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 23 4 4 15 0 239,433 219,867 19,566 49,307 2,901 543,418 48 48 0 71,271 13,820 11,588 2 3 4 5 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 3 1 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 Federal Deposit Insurance Corporation 40 One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 Federal Land Banks 48 One- to four-family 49 Farm 50 Federal Home Loan Mortgage Corporation 51 One- to four-family 52 Multifamily 53 Federal Agricultural Mortgage Corporation 54 Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family Multifamily Federal Home Loan Mortgage Corporation . One- to four-family Multifamily Federal National Mortgage Association . . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family 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 36,326 0 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 0 0 13 2 3 8 0 165,957 155,419 10,538 40,885 2,137 34,189 59,240 42,871 16,369 30 30 38,479 62,792 40,309 22,483 202 202 2,406 3,161,103' 611,553 592,624 18,929 822,310 816,602 5,708 1,057,750 1,016,398 41,352 0 0 0 0 0 667,859' 433,882' 47,812' 186,165' 0 1,631 1,631 3,616,353' 591,368 569,460 21,908 948,409 940,933 698,945' 486,109' 80,531' 110,277' 22,028' 716,172' 498,775' 80,730' 113,221' 7,476 1,290,351 1,238,125 52,226 0 0 0 0 0 784,569' 505,822' 53,759' 224,988' 0 1,656 1,656 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. 23,446' 63,887 35,851 28,036 966 966 4,032,546' 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 873,942' 563,906' 59,225' 250,811' 0 367 367 767,341' 549,669' 76,732' 116,121' 24,819' 2,776 0 0 0 0 0 24 4 5 15 0 232,415 214,734 17,681 48,852 2,874 45,978 61,080 29,313' 31,767' 980 46,406 60,270' 27,274' 32,996' 990 4,370,787' 472,899 444,799 28,100 1,095,873 1,082,144' 13,729' 1,801,528 1,733,853 67,675 0 0 0 0 0 999,458' 657,054' 63,861' 278,543' 0 1,029 1,029 4,547,554' 473,738 444,820 28,918 1,157,339' 1,141,241' 16,098' 1,857,045 1,780,884 76,161 0 0 0 0 0 1,058,429' 696,681' 834,365' 606,945' 77,807' 123,571' 854,314' 623,019' 77,246' 127,624' 26,424' 26,042' 67,288' 294,460' 0 1,003 1,003 2,435,903' 1,473,532' 110,832 808,610' 42,928 966,533 789,486 83,952 92,455 639 263,652' 4,603' 38,933' 205,937' 14,179' 3,226' 0 0 0 548,298 45 45 0 69,935 13,557 11,565 41,520 3,294 4,498 1,328 3,169 0 0 0 42 7 8 27 0 241,510 218,845 22,665 51,070 3,005 48,065 60,315 27,294' 33,021' 944 944 23 4 4 15 0 245,183 222,173 23,010 51,849 3,051 48,798 61,307 27,743 33,564 910 910 4,636,585' 464,306' 438,300' 26,007 1,166,862' 1,150,632' 16,230' 1,878,030 1,802,301 75,729 0 0 0 0 0 1,126,421' 755,294' 69,108' 302,019' 0 966 966 4,710,037' 458,684' 428,103' 30,581 1,184,976' 1,168,494' 16,482' 1,879,009 1,803,584 75,425 0 0 0 0 0 1,186,401' 797,915' 317,798' 0 967 967 4,835,381 452,702 421,511 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,706 75,974 0 0 0 0 0 1,291,623 890,556 71,953 329,114 0 964 964 875,807' 642,626' 76,590' 129,826' 902,214' 673,604' 75,881' 125,378' 27,350' 951,763 721,735 74,438 127,872 27,718 42,476 3,387 4,460 1,315 3,144 0 0 0 37 6 7 24 0 240,710 220,331 20,379 50,007 2,942 47,065 60,819 27,522' 33,297' 980 26,766' 543,990' 45 45 0 69,681 13,668 11,581 41,172 3,260 4,550' 1,324' 70,688' 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 69 from Inside Mortgage Securities and other sources. 34 Federal Reserve Bulletin Statistical Supplement • December 2004 1.55 CONSUMERCREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Apr/ Seasonally adjusted 1,924,184' 2 Revolving . . . . 3 Nonrevolving 2 722,299' 1,119,857 738,323' 1,185,861 758,676' 1,252,605 768,869' 1,274,114' 2,045,222 2,050,371 765,123 1,280,099 766,242 1,284,129 2,069,251 2,072,103 767,454 1,287,398 776,018 1,293,233 776,667 1,295,436 Not seasonally adjusted r,878,569' 1,961,771' 2,050,142' 2,030,524' 2,031,912 2,041,466 2,044,419 2,056,447 2,072,690 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . Savings institutions Nonfinancial business Pools of securitized assets3 571,803' 238,133 189,570 119,521 71,100 88,759 599,684 606,372' 237,790 195,744 129,576 68,705 86,503 637,082 661,038' 295,424 205,877 114,629 77,850 70,339 624,986 649,741' 307,377 207,086 109,836 81,449' 62,468' 612,567 652,880 311,245 207,745 104,934 83,647 62,123 609,339 659,025 320,116 209,080 99,767 85,917 63,922 603,639 652,683 324,672 211,684 94,830 88,115 62,920 609,515 656,371 331,033 214,432 93,706 88,466 62,437 610,002 666,111 338,995 216,716 94,204 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 750,335' 238,260' 31,538 22,265 n.a. 17,941 50,595 389,737 766,727' 250,197' 38,948 22,228 n.a. 16,260 48,831 390,263 787,670' 284,667' 37,576 22,410 n.a. 23,848 26,494 392,676 760,918' 268,318' 37,587 21,572 n.a. 21,489' 20,720 391,231 760,937 270,588 37,698 21,265 n.a. 22,690 20,377 388,319 765,516 278,013 37,654 21,385 n.a. 23,931 21,787 382,747 766,857 275,594 39,888 21,606 n.a. 25,132 20,966 383,670 773,145 278,869 41,386 21,783 n.a. 25,249 20,392 385,466 779,480 286,765 41,322 22,412 n.a. 25,366 21,069 382,547 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,128,234 333,543 206,595 167,305 119,521 53,159 38,165 209,947 1,195,045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 1,262,471 376,371 257,847 183,467 114,629 54,002 43,845 232,310 1,269,606' 381,423 269,790 185,514 109,836 59,960' 41,748' 221,336 1,270,976 382,292 273,547 186,480 104,934 60,957 41,747 221,020 1,275,949 381,013 282,462 187,695 99,767 61,986 42,135 220,892 1,277,563 377,089 284,784 190,078 94,830 62,983 41,954 225,845 1,283,302 377,501 289,647 192,649 93,706 63,218 42,045 224,537 1,293,209 379,346 297,673 194,304 94,204 63,452 42,471 221,760 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 63,540 604,307 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 2004 Item 7001 7002 2003 Feb. Mar. Apr. May June July Aug. INTEREST RATES Commercial banks1 1 48-month new car 2 24-month personal 8.50 13.22 7.62 12.54 6.93 11.95 6.72 11.88 n.a. n.a. n.a. n.a. 6.47 11.80 n.a. n.a. n.a. n.a. 6.55 12.02 14.89 14.44 13.42 13.09 12.74 12.92 12.66 12.41 n.a. n.a. n.a. n.a. 12.68 12.93 n.a. n.a. n.a. n.a. 12.83 13.36 5.65 12.18 4.29 10.74 3.40 9.72 3.00 9.29 3.51 9.14 3.60 8.92 3.32 8.80 4.02 5.25 8.90 5.62 8.96 55.1 57.5 56.8 57.5 61.4 57.5 59.6 56.6 59.5 56.7 59.9 56.8 60.2 56.9 60.6 57.0 60.9 56.9 60.8 57.1 91 100 94 100 95 100 94 99 93 100 93 101 92 101 91 101 89 100 84 100 14/116 24,747 14,532 26,295 14,613 26,296 14,434 25,873 14,599 25,918 14,829 25,854 14,955 24,804 15,086 23,821 15,361 22,951 15,197 Credit card plan 4 Accounts assessed interest Auto finance companies OTHER TERMS3 Maturity (months) Loan-to-value ratio 10 Used car Amount financed (dollars) 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 INU.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Q2 Qi Q3 Q4' Ql r Q2' 1,345.7 2,024.7 1,592.0 Q3 Nonfinancial sectors 1 Total net borrowing by domestic nonflnancial sectors . By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages l,041.7r 1,030.7' 837.5' 52.6 54.6 2.0 71.2 71.0 .2 295.9 294.9 1.0 1,101.9' 1,317.6' 1,482.9' 2,297.1' 1,514.0' 5.6 5.1 .5 257.6 257.1 .5 184.0 185.6 1.6 723.0 722.5 .5 317.1 317.0 .1 360.0 368.6 8.6 483.9 482.9 1.1 444.9 448.6 3.6 207.0 208.9 1.9 1,133.3' 1,123.6' 1,060.1' 1,298.9' 1,574.0' 1,196.9' 985.7 1,540.7 1,147.0 1,502.9 73.9r 6.7 105.4r 37.4 54.4 221.7 81.4' 26.1 568.0' 425.3' 38.5' 97.8' 6.5 113.0' 48.1 23.6 162.6 97.7' 79.6 554.4' 410.9' 29.4' 107.5' 6.6 167.4' 88.3 122.9 348.5 82.0 8.9 674.1' 511.7' 41.4' 113.4' 7.7 139.5' 64.2 159.4 132.3 87.2' 20.3 816.3' 677.7' 34.7' 96.3' 7.6' 83.2' 9.3 119.9 169.5 84.9' 4.2 1,009.7' 859.6' 39.4' 102.4' 8.3 89.7' 81.4 182.6 297.0 42.1' 9.9 1,119.1' 907.1' 69.9' 135.2' 6.9 108.8' 4.8 130.0 96.1 111.0' 22.9 991.0' 769.0' 64.9' 148.6' 8.5 108.9' 74.3 107.7 70.6 90.8 68.7 857.6 651.1 87.0 110.9 8.6 46.1 34.4 167.5 114.2 46.5 23.2 1,121.1 945.8 15.0 153.4 6.9 126.8 32.9 82.0 5.7 91.7 30.7 918.0 732.8 47.2 127.4 10.6 47.5 23.0 241.4 33.8 12.4 24.0 1,069.8 860.9 29.7 170.2 8.9 123.4 438.9r 587.8r 397.6r 179.9 10.3 67.7 493.9' 569.5' 374.0' 190.2 5.3 38.5 559.7' 558.2' 354.4' 192.9 10.9 15.5 622.9' 394.9' 228.0' 156.4 10.5 105.8 734.1' 182.0' 28.9' 145.3' 7.8' 143.9 918.3' 281.0' 167.1' 107.6' 6.3 99.5 988.3' 419.6' 272.9' 143.8' 2.9 166.1 835.3' 252.6' 71.9' 168.8' 12.0' 109.1 620.3 269.1 74.6 184.7 9.8 96.3 1,052.9 339.1 195.8 138.7 4.5 148.8 810.5 273.0 92.4 167.6 12.9 63.5 887.9 386.5 194.4 171.5 20.6 228.5 31.2 7.8 22.8 6.6 6.0 13.0 16.3 1.9 .5 5.7 57.0 31.7 15.2 11.4 1.3 49.8 14.2 24.5 7.3 3.8 5.6 36.1 33.5 5.3 2.3 17.8 52.0 29.9 4.0 61.8 72.9 100.2 31.4 3.0 64.7 56.0 8.8 5.3 5.3 46.0 20.2 26.5 .7 .0 70.8 100.1 19.6 6.7 2.9 63.8 29.6 39.7 7.0 1.5 9.0 24.9 l,073.0r 1,043.7' 894.5' 1,449.3' 1,391.7 2,095.5 1,528.2 1,718.9 5 Nonfederal By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 23 Foreign net borrowing in United States 24 Commercial paper 25 Bonds 26 Bank loans n.e.c 27 Other loans and advances 28 Total domestic plus foreign . . 24.4 84.2 235.2 109.8 68.5 466.8r 360.6r 25. T 1,118.0' 1,068.2' 1,323.3' •2 1,500.7' 2,235.3' Financial sectors 29 Total net borrowing by financial sectors 30 31 32 33 By instrument Federal government-related Government-sponsored enterprise securities . Mortgage pool securities Loans from U.S. government 34 Private 35 Open market paper 36 Corporate bonds 37 Bank loans n.e.c 38 Other loans and advances 39 Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) . Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 1,059.5' 805.4' 903.2' 834.7' 972.2' 857.7' 1,053.4' 1,073.9 672.0 873.9 471.6 278.9 192.7 593.3 318.8 274.6 .0 434.9 235.2 199.7 .0 642.7 304.1 338.5 .0 546.7 219.8 326.8 .0 498.0' 225.8' 272.2 .0 459.4' 192.4' 266.9 .0 767.5' 459.9' 307.6 .0 572.2 96.9 475.3 .0 98.2 18.2 80.1 .0 308.4 234.4 74.0 .0 167.4 592.2 161.0 287.7 28.5 90.2 24.8 466.2' 176.2 188.7' 12.8' 107.1 6.9' 370.5' 131.7 187.7' 3.8' 42.5 4.9' 260.5' 45.3 265.1' 13.0' 25.5 2.2' 288.0' 63.5 333.3' 1.3' 6.8 10.1' 474.3' 27.7 497.1' 38.6' 43.9 .4' 398.4' 50.6 395.6' 12.1' 38.2 3.1' 285.9' 62.5 319.9' 14.6' .7 13.2' 501.6 114.3 562.4 6.5 41.9 18.1 573.8 149.6 295.7 25.3 76.0 27.2 565.5 10.8 407.1 34.4 166.1 15.9 521.0 64.4 72.9 52.2 .6 .7 278.9 192.7 298.9 57.1 .0 67.2 48.0 2.2 .7 318.8 274.6 192.6' 70.7 .0 10.4' 17.2 91.6' 60.0 27.3 .0 .7 235.2 199.7 182.3' 81.9 .0 4.5' 15.6 .3' 52.9 2.0 1.5 .6 304.1 338.5 256.2' 1.3 .0 3.2' 1.4 54.6' 49.7 23.4 2.0 2.0 219.8 326.8 191.6' 42.2 .0 26.2' 1.7 .5' 80.9 18.0 2.8 4.4 225.8' 272.2 256.5' 45.6 .0 17.5 38.4 46.2' 28.0 16.9 1.6 1.5 192.4' 266.9 240.1' 171.1 .0 12.5' 16.2 57.0' 2.8 .4 3.3 3.1 459.9' 307.6 166.6' 104.1 .0 43.7' 9.9 48.0' 85.2 25.0 1.0 2.5 96.9 475.3 137.4 148.2 .0 55.7 6.6 53.3 187.6 7.0 2.7 .4 18.2 80.1 126.3 134.0 .0 67.8 51.9 16.2 7.1 184.4 4.9 2.7 234.4 74.0 300.6 19.7 .0 43.6 2.5 39.5 60.1 1,063.8 62.7 7.2 40.0 108.0 59.4 .0 555.3 51.2 30.9 9.8 21.0 .9 .1 108.0 59.4 357.0 84.4 33.2 83.5 36 Federal Reserve Bulletin Statistical Supplement • December 2004 1.57 FUNDS RAISED INU.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 52 Total net borrowing, all sectors 53 54 55 56 57 58 59 60 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds . . . , Bank loans n.e.c Other loans and advances Mortgages Consumer credit Ql Q2 Q3 Q4 Ql' Q2' Q3 2,136.7' 2,103.2' 1,699.9' 1,971.4' 2,158.0' 2,473.0' 3,093.0' 2,502.7' 2,465.6' 2,767.5 2,402.1 2,407.2 193.1 419.0 84.2 545.7 145.0 152.7 491.6' 105.4' 229.9 522.1 54.4 412.4' 69.0 127.5 574.9' 113.0' 211.6 139.0 23.6 365.5' 112.8 120.8 559.2' 167.4' 147.8 637.1 122.9 589.1' 76.2 30.6 676.3' 139.5' 91.5 804.2 159.4 432.1' 80.6 24.7 826.5' 83.2' 15.0 682.0' 119.9 636.6' 127.5 48.0 1,009.3' 89.7' 59.2 1,182.4' 182.6 592.4' 61.4 25.4 1,122.1' 108.8' 113.7 1,084.5' 130.0 407.2' 91.1 27.4 1,004.2' 108.9' 168.5 932.3' 107.7 659.6' 98.0 110.6 875.8' 46.1' 284.2 582.1 167.5 390.2 28.0 96.3 1,148.3 126.8 14.2 753.3 82.0 373.0 64.3 133.9 933.9 47.5 16.4 374.4 241.4 591.4 29.8 16.2 1,079.5 123.4 Funds raised through mutual funds and corporate equities 61 Total net issues 166.2 192.7 244.7 300.2 229.4 300.2 472.2 389.7' 412.5 547.1 194.8 62 Corporate equities 63 Nonfinancial corporations 64 Foreign shares purchased by U.S. residents 65 Financial corporations 66 Mutual fund shares 113.3 215.5 101.4 .9 279.5 1.5 110.4 114.3 2.4 191.2 5.3 118.2 106.7 16.8 239.4 99.0 47.4 109.1 37.3 201.2 47.0 41.6 17.6 71.0 182.4 111.0 67.0 136.4 41.6 189.2 106.5 50.2 66.5 90.2 365.7 129.9 44.9 122.0 52.8 259.8' 75.1 69.0 76.8 67.3 337.4 116.3 82.6 85.7 113.2 430.7 82.1 159.5 161.0 80.6 112.7 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.2 through F4, available at: www.federalreserve.gov/releases. 34.3 137.8 299.1 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 Ql NET LENDING IN CREDIT MARKETS Q2 Q3 Q4 Ql Q2' Q3 3,093.0' 2,502.7' 2,465.6' 2,767.5' 2,402.1 2,407.2 705.6' 587.0' 24.8 .8 92.9 20.1 321.4 1,455.6' 37.6 6.1 100.5 100.0 26.1 19.4 66.4 83.6 2.5 117.1 68.7 42.3' 16.4' 220.2' 14.5 42.5 506.6' 307.6 146.6' 164.4 .0 28.7' 21.1 81.1' 288.9' 261.1' 42.0' .9 69.0 4.3 682.3 1,498.7' 33.8 206.1 283.0 85.3 312.3' 493.7' 90.6' .1 90.7' 4.7 952.7 2,122.4' 16.2 880.8 849.5 18.3 1.2 11.9 225.3' 44.3' 12.9 235.1 105.3 45.1' 6.6' 228.9 209.0' 8.7 2.3' 80.1' 107.5' 187.3 .0 95.1' 185.3 273.6' 112.4 1.3 47.4 1.0 67.2 12.3 769.0 1,533.0 53.0 491.8 491.5 15.9 2.3 18.5 163.3 63.2 3.4 176.0 65.1 22.5 59.8 121.9 21.0 20.8 193.7 74.0 282.4 44.8 .0 28.0 177.0 58.6 42.0 27.9 14.8 1.5 86.2 20.9 713.4 1,631.0 74.1 253.4 249.9 10.2 3.0 10.7 152.3 18.5 4.4 162.9 59.9 37.6 15.2 153.1 126.3 1.8 106.9 59.4 339.4 89.3 .0 63.1 372.1 131.6 2.5 .0 .8 132.4 213.3' 172.0 226.2 301.0 122.4 370.8' 116.3 430.7' 308.3' 287.2 70.8 233.6' 17.8' 29.8 65.1' 2,011.9' 12.7 .0 1.2 47.2 87.5 134.5 429.9 177.6 176.6 82.1 112.7 218.8 168.0 70.4 198.7 42.3 8.2 34.5 543.6 .4 .0 .7 44.8 231.0 102.7 166.0 203.2 154.3 324.9 36.7 299.1 234.0 20.0 66.6 212.2 3.7 .5 74.2 996.1 2 1 Total net lending in credit markets 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered banks 13 Foreign banking offices in United States 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Bank personal trusts and estates 19 Life insurance companies 20 Other insurance companies 21 Private pension funds 22 State and local government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Government-sponsored enterprises 27 Federally related mortgage pools 28 Asset-backed securities issuers (ABSs) 29 Finance companies 30 Mortgage companies 3 1 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,136.7' 2,103.2' 1,699.9' 1,971.4' 241.9' 132.6' 8.9 13.3 104.8 11.6 139.8 1,743.4' 21.1 305.6 312.1 11.6 .9 6.0 37.0 18.9 12.8 76.9 5.8 26.1 63.2' 244.0 127.3 4.9 317.3 192.7 259.2 77.3 .0 5.1 6.8 26.7 125.9' 50.9' 22.8 2.9 100.6 6.4 171.2 1,799.8' 25.7 312.2 318.6 17.0 6.2 4.4 67.2 27.5 27.8 53.5 3.0 99.3 45.5' 182.0 48.4 9.6 287.3 274.6 174.4' 97.1 .0 1.0' 34.7 103.4 14.4' 24.3' 25.1 1.3 12.3 11.6 241.9 1,431.9' 33.7 357.9 339.5 23.9 12.2 6.7 56.2 28.0 .8 57.9 8.7 96.4' 45.8' 143.0 20.9 5.6 246.0 199.7 152.5' 108.6 .0 4.0' 68.9 24.4' 20.4' 137.1' 1.8 7.1 107.8 6.0 305.3 1,680.5' 39.9 205.2 191.6 .6 4.2 10.0 44.6 41.5 28.1 130.9 9.0 13.3' 41.1' 246.0 126.1 3.2 304.7 338.5 230.0' 4.8 .0 8.6' 92.4 2,136.7' 2,103.2' 1,699.9' 6.6 .0 .6 9.1 31.8 47.3 152.4 91.8 287.2 91.3 113.3 279.5 115.5 103.2 48.0 207.3' 14.7 46.1 90.3' 996.8' 8.7 3.0 1.0 48.9 15.0 151.2 45.1 131.1 249.1 169.0' 1.5 191.2 262.5 104.4 50.8 124.5' 22.9 8.1 88.9' 1,108.4' 9.6 422.8 1,723.7' 77.7 404.4 393.8 6.2 3.1 1.3 33.6 42.7 .9 233.0 39.9 25.7' 14.0' 25.3 144.2 8.6 224.1 326.8 168.9' 21.2 .0 24.8' 28.4 58.4' 11.0 17.9 402.4 2,243.8' 37.3 406.6 384.9 1.6 20.8 .7 186.9 45.0 2.7 283.0 56.2 13.8' 43.0' 128.4 213.0 26.1 298.5' 272.2 232.7' 8.5 .0 6.0' 64.7 279.9' 75.8' 54.3' 71.6' 4.1 54.4 8.1 746.8 2,278.5' 40.3 591.4 524.6 11.6 39.7 15.5 107.9 79.4 2.5 236.4 49.7 18.7' 55.4' 158.4 258.4 60.1 106.9' 266.9 219.5' 56.5 .0 34.0' 73.8 49.1' 1,971.4' 2,158.0' 2,473.0' 3,093.0' .4 4.0 2.4 126.9 15.1 71.4 188.8 116.2 233.3 114.5' 5.3 239.4 402.3 146.1 50.2 134.2' 25.9 56.6 43.9' 1,394.3' 4.3 .0 1.3 6.8 28.0 204.3 267.2 68.6 428.6 23.7' 99.0 201.2 83.4 3.1 77.2 130.5' 14.5 59.9 29.9' 656.6' 9.9 .0 1.0 21.0 17.3 43.5 270.9 50.1 16.8 106.6' 47.0 182.4 70.9' 87.0 60.1 170.3' 28.9 2.4 42.7' 483.4' 1.9' 46.2' 21.6 3.7 155.3' 230.1' 64.0' 8.1 143.9 5.3 2.0 85.9 93.3 47.1' 39.9' 262.4' 93.9 16.1 34.0' 475.3' 118.0' 107.5 .0 38.2' 306.5' 68.3' RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Investment in bank personal trusts Noncorporate proprietors' equity Miscellaneous .6 34.7 4.2 121.2 268.3 161.5 243.8 153.7' 111.0 189.2 92.1' 196.8 73.8 193.8' 21.7 26.6 39.0' 816.7' .6 .0 1.6 143.1 190.0' 182.0 427.2 45.1 107.4 335.7' 106.5 365.7 191.0' 720.9 41.1 157.5' 31.4' 26.4 42.5' 475.4' .1 306.0 80.8' 46.1 120.2 23.3 227.3' 39.5' 129.9 259.8' 173.0' 109.7 42.2 236.5' 3.4' 26.4 76.5' 1,349.0' .0 .0 128.1 98.2' 186.0 102.1 64.6 467.7' 379.9' 75.1 337.4 208.7' 278.1 110.1 194.4' 8.5' 25.5 96.1' 31.9' 4,306.6' 4,671.1' 4,831.6' 3,957.0' 3,572.4' 4,599.3' 6,166.1' 4,220.7' Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous .1 5.8 3.8 62.1 20.8 195.1' .7 30.5 .1 38.6' 10.8 233.8' 1.2 66.1 20.4 110.8' 32.6 445.1' .1 12.8 17.2 61.2' 21.4 319.1' .6 11.0 7.1 22.5' 27.8 78.1' 40.8 8.5 422.9' 47.3 138.7' .5 208.3' 28.2' 264.3' 3.4' 10.7' 286.5' 34.2' 56.3' 30.2' 13.0' .7 157.5' 31.3' 128.1' 48.3' 735.5' 44.4 15.4' 10.2' 13.6' 356.6' .0 149.0 64.4 160.2 47.1 200.5 .3 59.2 44.3 11.6 6.5 70.7 Floats not included in assets ( ) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 3.1 32.5 9.0 .3 3.3 2.9 21.6 1.1 43.9' .3 41.7' 37.0 .3 36.7' 30.4 1.0 45.3' 41.2 1.7 7.7' 14.8 2.4 61.6 7.1 3.1 26.8 4,948.4' 5,759.1' 55 Total financial sources 56 57 58 59 60 61 65 Total identified to sectors as assets 4,454.1' 4,849.5' 5,036.1' 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.I andF.5, available at: www.federalreserve.gov/releases. 4,303.4' 3,485.2' 7,073.9' 2. Excludes corporate equities and mutual fund shares. 38 Federal Reserve Bulletin Statistical Supplement • December 2004 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q2 Ql Q4 Ql' Q2' Q3 Nonfinajicial sectors 1 Total credit market debt owed by domestic nonflnancial sectors 17,269.9' 18,118.5' 19,237.1' 20,554.7' 20,848.6' 21,387.3' 21,797.2' 22,261.0' 22,678.6 23,048.8 23,528.5 3,681.0 3,652.7 28.3 3,385.1 3,357.8 27.3 3,379.5 3,352.7 3,637.0 3,609.8 27.3 3,700.6 3,673.7 26.9 3,806.9 3,779.9 27.0 3,914.5 3,887.5 27.0 4,033.1 4,008.2 24.9 4,168.9 4,143.8 25.1 4,209.6 4,185.4 24.2 4,293.0 4,269.2 23.7 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 230.3 1,457.2 2,067.7 1,237.3' 852.4 6,183.3' 4,723.1' 349.11 1,007.5' 103.6 1,560.6' 278.4 1,480.9 2,230.3 1,335.0 932.1 6,737.6 5,134.0' 378.5' 1,115.0' 110.2 1,739.1' 190.1 1,603.7 2,578.8 1,253.6' 941.0 7,411.8' 5,645.7' 419.9 1,228.4' 117.8' 1,878.6' 126.0 1,763.1 2,711.0 1,166.4' 961.3 8,228.1' 6,323.4' 454.5' 1,324.7' 125.5 1,961.8' 127.1 1,791.1 2,753.4 1,141.3' 957.2 8,443.6' 6,506.6' 464.4' 1,345.1' 127.6 1,934.3' 107.5 1,850.7 2,827.7 1,128.4' 966.8 8,736.1' 6,745.0' 481.8' 1,379.6' 129.7 1,963.2' 108.4 1,863.5 2,851.7 1,096.0' 958.0 9,003.2' 6,957.7' 498.1' 1,415.8' 131.7 2,001.9' 85.9 1,898.2 2,869.3 1,130.6' 971.3 9,222.4' 7,120.1' 519.8' 1,449.0' 133.6 2,050.1' 95.5 1,937.2 2,897.9 1,115.4 969.5 9,463.6 7,323.1 523.6 1,481.7 135.3 2,030.5 102.5 1,973.0 2,899.3 1,135.6 976.8 9,707.4 7,519.3 535.4 1,514.4 138.3 2,044.4 109.3 2,012.0 2,907.7 1,128.3 980.4 10,010.3 7,770.9 542.8 1,556.2 140.5 2,087.4 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 6,454.9' 5,957.2' 4,191.1' 1,595.5 170.6 1,176.9 7,025.7' 6,515.3' 4,545.5' 1,788.4 181.5 1,192.3 7,648.6' 6,910.8' 4,774.1' 1,944.7 192.0 1,298.1 8,382.8' 7,092.9' 4,803.0' 2,090.0' 199.8' 1,442.0 8,527.0' 7,155.0' 4,839.7' 2,117.0' 198.3 1,466.1 8,790.8' 7,268.6' 4,912.4' 2,153.3' 202.8 1,521.0 9,025.9' 7,327.1' 4,927.0' 2,194.5' 205.6' 1,529.8 9,246.5' 7,421.7' 4,972.9' 2,241.2' 207.6 1,559.7 9,420.5 7,493.7 5,012.1 2,276.0 205.6 1,595.5 9,642.9 7,570.1 5,039.2 2,318.4 212.5 1,626.1 9,907.5 7,664.9 5,087.3 2,360.2 217.4 1,663.2 651.8 654.1 183.4 367.1 60.9 40.4 189.2 367.6 58.7 38.7 By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages . 5 Nonfederal 17 18 19 20 21 22 23 Foreign credit market debt held in United States 652.6 709.6 659.9 665.5 669.4 653.2 638.7 649.8 24 25 26 27 89.2 452.8 59.2 51.5 120.9 468.0 106.7 443.5 155.7 402.5 70.5 50.2 63.2 46.4 142.8 410.0 68.6 44.1 173.1 377.5 59.7 42.9 160.4 375.3 61.0 42.0 165.1 381.9 60.9 42.0 Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonflnancial sectors, domestic and foreign 18,828.1' 21,220.2' 67.6 43.7 21,518.1' 22,040.5' 190.0 377.0 59.2 22,436.0' 22,910.8' 10,527.2' 10,795.4' 11,100.7' 11,246.8 11,443.6 11,638.0 5,744.1' 2,454.9' 3,289.1 .0 4,783.1' 1,036.5 3,065.1' 99.1' 486.0 96.4' 5,941.2' 2,569.9' 3,371.3 .0 4,854.1' 1,025.7 3,135.4' 103.1' 490.3 99.7' 6,083.3' 6,180.9 2,657.3 3,523.6 .0 5,262.7 1,028.2 3,462.1 99.2 558.1 115.0 6,228.0 2,684.3 100.8' 501.7 104.2' 6,108.8 2,598.7 3,510.2 .0 5,138.0 1,055.0 3,350.6 104.8 516.6 111.0 339.3 321.8 355.8 347.5 268.3 267.2 8.4 358.7 351.5 308.0 9.6 356.7 366.9 308.2 9.9 6.6 333.8 304.8 262.3 8.8 7.4 8.6 2,454.9' 3,289.1 2,307.2' 2,569.9' 3,371.3 2,342.9' 8.6 2,684.3 23,700.6 Financial sectors 29 Total credit market debt owed by financial sectors 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securities . Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 52 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Mortgage companies Real estate investment trusts (REITs) Funding corporations 7,567.0' 8,373.5' 9,276.6' 10,111.3' 3,887.7 1,594.2 2,293.5 .0 3,679.3' 1,082.9 2,034.7' 87.3' 395.8 78.5' 4,319.7 1,826.4 2,493.2 .0 4,053.8' 1,214.7 2,226.4' 91.1 438.3 83.4' 4,962.3 2,130.6 2,831.8 .0 4,314.3' 1,169.4 2,491.5' 104.1' 5,509.0 2,350.4 3,158.6 .0 5,633.5' 4,602.3' 4,697.6' 1,076.5 2,955.8' 93.4' 476.3 95.6' 230.0 219.3 260.4 3.4 3.2 1,594.2 2,293.5 1,557.9' 25.3 696.1 16.0 163.5' 504.2' 53 Total credit market debt, domestic and foreign 54 55 56 57 58 59 60 61 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 7,568.7 1,457.2 4,555.2' 1,383.8 1,299.7 6,261.8' 1,560.6' 463.7 85.6' 242.5 287.7 3.4 2.5 1,826.4 2,493.2 1,744.2' 40.9 778.0 16.0 168.0' 503.9' 296.0 266.1 285.7 4.9 3.1 2,130.6 2,831.8 2,000.3' 42.3 779.2 16.0 171.2' 449.3' 27,201.5' 1,614.0 7,704.8 1,480.9 4,924.7' 1,496.6 1,420.5 6,821.0' 1,739.1' 266.7 1,105.9 2,824.9' 105.4' 470.5 95.7' 325.5 286.4 262.3 6.9 5.1 2,350.4 3,158.6 2,191.9' 40.6 2,406.8' 3,226.6 .0 324.7 302.8 257.2 7.6 6.3 2,406.8' 3,226.6 2,247.0' 50.2 820.0 16.0 201.8' 336.7 302.7 256.7 8.0 46.2 48.6 896.3 16.0 215.9' 417.2' 464.0' 871.0 16.0 204.9' 427.2' 29,173.6' 31,331.5' 31,849.2' 32,567.7' 33,231.3' 1,466.2 1,374.7 9,146.0 1,763.1 5,945.9' 1,340.4 1,475.9 8,323.8' 1,961.8' 1,359.2 9,334.0' 1,791.1 6,111.7' 1,302.3 1,477.2 8,539.2' 1,934.3' 1,317.1 9,551.0' 1,850.7 6,270.3' 1,287.2 1,495.7 8,832.5' 1,963.2' 1,294.5 9,855.7' 1,863.5 6,362.3' 1,260.2 1,490.3 9,102.9' 2,001.9' 1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.I through L.4, available at: www.federalreserve.gov/releases. 3,268.6' 9.1 8.0 2,594.1 3,489.1' 2,392.0' 47.0 938.7 16.0 229.8' 447.4' 821.4 16.0 197.4' 448.8' 8,341.8 1,603.7 5,513.8' 1,421.0 1,451.1 7,497.3' 1,878.6' 2,594.1 3,489.1' .0 5,017.4' 1,042.1 7.9 2,598.7 3,510.2 2,414.2 3,543.8 .0 5,410.0 1,022.0 3,604.0 112.3 554.3 117.4 456.1 2,657.3 3,523.6 2,488.9 60.6 962.3 16.0 257.6 440.8 34,011.5' 34,592.4 35,144.2 35,820.6 1,293.1 10,116.3' 1,898.2 6,519.8' 1,292.3 1,515.0 9,326.7' 2,050.1' 1,340.4 10,277.8 1,937.2 6,625.5 1,279.3 1,527.0 9,574.6 2,030.5 1,314.2 10,390.5 1,973.0 6,728.5 1,295.8 1,575.3 9,822.4 2,044.4 1,320.5 10,521.0 2,012.0 6,879.4 1,299.4 1,573.3 10,127.8 2,087.4 60.0 958.1 16.0 246.7 3,543.8 2,571.5 68.9 984.8 16.0 293.6 424.8 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 CREDIT MARKET DEBT OUTSTANDING Ql Q2 Q3 Q4 Q2' Ql 2 1 Total credit market assets 25,489.5' 27,201.5' 29,173.6' 31,331.5' 31,849.2' 32,567.7' 33,231.3' 34,011.5' 34,592.4' 35,144.2 35,820.6 3,510.6' 2,404.0' 231.7 64.6 810.4 260.9 2,316.0 19,402.0' 478.1 4,648.3 4,080.0 487.4 32.7 48.3 1,032.6 351.7 222.0 1,886.0 518.2 720.4 707.0' 1,147.8 1,076.8 110.8 1,538.8 2,293.5 1,361.1' 742.6 32.1 42.2' 154.7 304.3 3,487.1' 2,341.8' 256.8 65.9 822.6 272.6 2,590.8 20,851.0' 511.8 5,006.3 4,419.5 511.3 20.5 55.0 1,088.8 379.7 222.8 1,943.9 509.4 624.0' 752.8' 1,290.9 1,097.7 105.3 1,794.4 2,493.2 1,517.6' 851.2 32.1 38.2' 223.6 332.2' 3,446.0' 2,184.0' 258.5 73.0 930.5 278.6 2,916.9 22,532.1' 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.4 421.2 194.7 2,074.8 518.4 637.3' 711.7' 1,536.9 1,223.8 108.5 2,099.1 2,831.8 1,747.6' 846.4 32.1 46.7' 316.0 244.5' 3,392.7' 2,082.7' 280.1 76.7 953.3 3,394.8 24,255.8' 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,167.0 463.9 195.6 2,307.8 558.3 663.0' 697.7' 1,511.6 1,368.0 117.1 2,323.2 3,158.6 1,916.5' 867.6 32.1 71.6' 344.4 186.1' 3,318.6' 2,013.8' 273.7' 76.6 954.5 283.7 3,489.7 24,757.2' 641.5 5,673.6 5,055.6 519.0 33.0 66.1 1,214.6 473.7 194.9 2,377.0 572.3 659.6' 687.0' 1,485.5 1,415.6 123.6 2,389.8' 3,226.6 1,965.6' 861.1 32.1 70.1' 390.9 233.8' 3,351.9' 2,014.0' 291.1' 77.6 969.2 281.7 3,683.8 25,250.2' 652.1 5,831.3 5,200.8 517.6 42.9 70.0 1,239.0 495.3 194.3 2,436.5 584.7 654.9' 700.8' 1,479.6 1,480.9 138.6 2,419.4' 3,289.1 2,020.7' 883.5 32.1 78.6' 341.1 228.4' 3,496.7' 2,121.2' 308.2' 77.8 989.5 286.7 3,772.2 25,675.8' 656.1 5,831.8 5,230.3 490.3 36.4 74.9 1,261.5 517.7 193.7 2,471.6 601.9 665.5' 696.7' 1,436.8' 1,478.5 149.3 2,549.7' 3,371.3 2,051.5' 924.2 32.1 85.8' 375.0 255.7' 3,621.5' 2,223.6' 309.7' 78.1 1,010.1 285.6 3,933.1 26,171.4' 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 193.2 2,488.3 625.2 677.2' 706.7' 1,398.5 1,505.7 153.3 2,559.7' 3,489.1' 2,095.7' 951.8 32.1 95.3' 424.1 271.6' 3,483.0' 2,065.5' 308.6' 78.1 1,030.9' 286.8 4,163.3 26,659.2' 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,370.8 524.2' 196.4 2,546.1 651.5 688.5' 708.3' 1,344.7 1,552.3' 155.5 2,552.0' 3,510.2' 2,113.2' 989.2 32.1 119.1' 410.6 315.0' 3,531.1 2,083.5 321.3 77.8 1,048.5 283.7 4,365.2 26,964.1 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,408.6 541.5 197.3 2,590.5 667.8 694.2 723.3 1,271.3 1,557.7 160.7 2,603.3 3,523.6 2,183.4 1,009.9 32.1 126.1 334.2 308.4 3,522.1 2,047.8 329.5 77.5 1,067.3 288.9 4,552.4 27,457.2 700.3 6,336.9 5,734.3 478.6 36.9 87.2 1,453.0 547.9 198.4 2,637.6 682.8 703.6 719.5 1,247.1 1,590.4 160.2 2,633.5 3,543.8 2,261.5 1,032.9 32.1 156.7 455.8 287.4 25,489.5' 27,201.5' 29,173.6' 31,331.5' 50.1 6.2 20.9 676.5 202.4 1,484.5 2,671.6 936.4 1,578.8 1,082.8' 4,538.5 676.6 783.9 9,115.6' 2,345.4 178.9 1,130.4 9,322.4' 46.1 2.2 23.2 803.4 221.2 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3' 4,435.3 822.7 819.1 8,833.9' 2,747.7 204.8 1,095.8 10,523.4' 46.8 2.2 24.5 810.1 191.4 1,603.2 3,127.6 1,121.1 2,240.7 1,233.7' 4,135.5 825.9 8,332.5' 2,664.3 219.2 960.7 11,298.2' 25.5 831.1 205.9 1,646.7 3,398.5 1,171.3 2,223.9 1,340.3' 3,638.4 738.8 920.9 7,614.2' 2,735.1' 248.1 840.9 11,935.8' 62.3 2.2 26.0 831.1 203.5' 1,780.6 3,627.9 1,233.2 2,016.0 1,567.5' 4,653.2 871.3 1,013.2 8,834.8' 2,901.3' 260.1' 932.4 12,489.0' 61.5 2.2 26.2 864.2 117.8' 1,791.8 3,721.5 1,332.2 1,971.9 1,642.8' 4,900.9' 953.3 1,034.3 9,007.7' 2,953.0' 271.1' 955.0 12,791.7' 58.9 2.2 26.5 852.4 135.9 1,847.9 3,793.9 1,379.3 1,912.3 1,597.4 4,959.5 988.9 1,052.7 9,114.7 3,011.8 278.6 961.9 12,892.2 58.7 2.2 26.7 863.6 100.5 1,858.1 3,830.7 1,436.2 1,866.3 1,676.2 4,945.7 979.1 1,065.7 9,103.8 3,079.0 285.7 951.0 13,137.9 53 Total liabilities 62,291.4' 66,115.7' 68,891.2' 70,904.9' 77,317.2' 78,991.4' 80,011.2 81,087.7 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 55 Corporate equities 56 Household equity in noncorporate business 21.4 19,522.8 4,649.8' 21.6 17,627.0 5,056.0' 21.8 15,310.6 5,209.7' 23.2 11,871.0 5,471.7' 22.4 11,425.9 5,544.7' 22.8 13,278.7 5,621.9' 23.1 13,755.1 5,729.4' 23.7 15,497.0 5,866.9' 23.7 15,832.8 5,951.2' 23.7 15,982.7 6,055.1 23.8 15,627.1 6,200.3 7.1 558.6 28.5 273.6' 112.8 2,507.7' 8.5 624.7 4.3 396.6' 120.0 3,623.0' 8.6 611.9 11.1 348.1' 93.4 3,680.1' 9.1 622.9 15.3 370.6' 127.3 3,587.0' 9.2 633.1 19.3 255.7' 107.8 3,495.1' 9.1 685.1' 6.3' 326.8' 113.1' 3,582.6' 9.3 613.5' 18.1 314.4' 98.2' 3,441.7' 9.5 652.9' 12.6' 348.9' 83.8' 3,602.3' 9.6 664.0' 16.5' 336.4' 69.3' 3,728.1' 9.5 626.7 27.5 300.8 90.2 3,588.2 9.6 641.5 20.5 305.3 95.4 3,418.2 2.3 22.0 3.7 12.3 21.6 6.6 11.7 20.9 104.8' 7.7 16.7 44.9' 7.9 20.1 2.2' 15.9 12.7 4.8' 17.9 20.8 62.9' 1.1 17.4 14.3' .1 21.5 32.5 3.1 14.7 26.2 91,291.2' 92,041.8' 90,616.8' 91,108.3' 95,256.1' 97,011.6' 101,152.4' 103,417.8' 104,636.4 105,312.5 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered banks 13 Foreign banking offices in United States 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Bank personal trusts and estates 19 Life insurance companies 20 Other insurance companies 21 Private pension funds 22 State and local government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Government-sponsored enterprises 27 Federally related mortgage pools 28 Asset-backed securities (ABSs) issuers 29 Finance companies 30 Mortgage companies 3 1 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 57 58 59 60 61 62 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Investment in bank personal trusts Miscellaneous Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets ( ) 63 Federal government checkable deposits 64 Other checkable deposits 65 Trade credit 66 Totals identified to sectors as assets . 9.8 22.3 .4 88,070.8' 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.I andL.5, available at: www.federalreserve.gov/releases. 34,011.5' 57.6 25.6 839.8 175.5 1,645.3 3,502.2 1,208.8 2,156.1 1,361.8' 3,587.8 796.6 936.3 7,540.9' 2,733.5' 260.0 819.6 12,182.1' 58.9 2.2 26.0 875.6 123.3' 1,712.2 3,575.0 1,222.2 2,120.1 1,444.9' 4,071.6 971.9 959.7 8,107.7' 2,784.2' 264.6' 877.0 12,121.9' 61.3 2.2 26.0 799.1 163.7 1,707.2 3,600.9 1,221.8 2,057.3' 1,452.4' 4,242.6 940.2 973.0 8,298.7' 2,836.9' 271.2' 885.0 12,328.0' 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • December 2004 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2003 Q4 2003 2004 Ql Q2 Q3' Q4 2003 2004 Ql Q2 Q3 Capacity (percent of 1997 output) Output (1997=100) Q4 2004 Ql Q2 Q3' Capacity utilization rate (percent)2 1 Total industry 112.6 114.4 115.8 116.7 149.1 149.6 150.2 150.9 75.5 76.5 77.1 77.3 2 Manufacturing 3 Manufacturing (NAICS) 113.8 114.2 115.5 116.0 117.5 117.8 119.0 119.2 153.5 155.2 153.8 155.7 154.5 156.4 155.3 157.2 74.1 73.6 75.1 74.5 76.1 75.3 76.6 75.8 4 5 Durable manufacturing Primary metal 128.5 86.5 131.5 88.8 133.5 88.1 135.7 90.6 180.0 113.1 181.1 113.1 182.8 112.4 184.7 111.6 71.4 76.5 72.6 78.6 73.1 78.4 73.5 81.2 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 95.2 88.5 284.5 96.3 92.9 295.9 98.3 96.4 308.9 99.0 98.3 320.2 139.7 127.7 425.8 140.0 127.4 435.1 140.5 127.4 450.0 141.1 127.6 467.9 68.1 69.3 66.8 68.7 72.9 68.0 69.9 75.7 68.6 70.2 77.1 68.4 95.7 120.6 97.0 123.4 99.5 120.1 102.0 120.3 126.5 147.5 126.3 148.8 126.4 150.0 126.6 151.1 75.6 81.7 76.8 83.0 78.7 80.1 80.6 79.6 95.6 97.2 97.2 76.9 96.7 97.7 97.7 75.8 97.6 99.3 99.0 74.2 98.9 100.0 99.5 75.1 147.7 126.7 126.2 106.8 147.6 126.4 125.9 105.8 147.7 126.3 125.5 104.9 147.8 126.2 125.1 103.9 64.7 76.8 77.0 72.1 65.5 77.3 77.6 71.6 66.1 78.6 78.9 70.8 66.9 79.2 79.5 72.3 92.0 103.0 107.5 103.6 105.9 92.4 103.1 108.3 104.0 108.2 94.7 102.9 111.0 106.5 112.3 95.2 103.1 112.8 105.8 114.1 110.1 115.6 144.8 128.1 127.0 109.8 116.0 145.2 127.4 126.6 109.6 116.0 145.9 127.3 126.4 109.3 115.8 146.6 127.4 126.3 83.6 89.1 74.2 80.9 83.4 84.2 88.8 74.6 81.6 85.5 86.4 88.7 76.1 83.7 88.9 87.0 89.0 77.0 83.1 90.4 93.6 112.4 93.2 116.5 92.6 114.4 92.1 112.5 109.7 135.2 109.7 136.3 109.8 136.9 109.8 137.1 85.3 83.1 84.9 85.5 84.4 83.6 83.9 82.1 401.6 426.6 450.3 465.2 599.5 617.0 646.6 682.8 67.0 69.1 69.6 68.1 100.6 102.0 103.0 103.6 131.5 131.6 131.8 131.9 76.5 77.5 78.1 78.6 99.7 100.9 102.4 103.5 132.6 132.6 132.6 132.7 75.2 76.1 77.2 78.0 10 11 12 13 14 16 18 19 Petroleum and coal products Plastics and rubber products Other manufacturing (non-NAICS) 21 Electric and gas utilities MEMOS 22 Computers, communications equipment, and 23 Total excluding computers, communications equipment, and semiconductors 24 Manufacturing excluding computers, communications equipment, and Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued Seasonally adjusted 1973 1975 Previous cycle3 High Low High Latest cycle4 2003 2004 Series Low High Low Nov. June July Aug.7 Sept.' Oct.' Nov.P 2 Capacity utilization rate (percent) 1 Total industry 88.8 74.0 86.6 70.9 85.2 78.6 75.7 77.0 77.5 77.4 77.2 77.5 77.6 2 Manufacturing 3 Manufacturing (NAICS) 88.1 88.1 71.5 71.3 86.3 86.3 68.7 68.0 85.6 85.5 77.2 77.0 74.4 73.8 76.0 75.3 76.6 75.9 76.8 76.0 76.3 75.5 76.6 75.8 76.7 75.9 89.0 100.8 69.6 69.0 86.9 91.1 63.2 47.2 84.5 95.3 73.4 75.2 71.6 76.7 73.0 79.4 73.6 81.2 73.6 81.4 73.2 81.0 73.4 83.1 73.5 83.2 4 5 Durable manufacturing Primary metal 6 7 8 91.8 94.3 70.3 74.4 83.3 93.1 62.0 58.4 80.3 84.6 71.1 72.8 68.2 70.2 70.2 76.0 70.2 78.2 70.4 76.4 69.9 76.7 69.5 76.5 69.7 76.7 86.9 66.7 89.5 77.3 81.1 76.3 67.0 68.8 68.8 68.5 68.1 67.6 66.9 99.2 95.7 68.5 55.6 91.9 96.3 64.5 45.3 87.4 89.7 75.0 56.5 75.8 81.7 79.4 78.2 80.3 78.4 81.1 80.8 80.3 79.5 78.9 81.6 79.5 80.9 74.9 87.5 65.9 72.4 84.2 85.7 69.6 75.6 88.9 87.0 81.9 81.8 64.8 77.0 65.8 78.7 66.9 79.3 67.1 79.4 66.8 79.0 67.6 79.3 68.7 79.6 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 85.9 89.8 77.9 62.7 84.3 90.2 80.4 72.4 85.5 91.4 81.3 77.2 77.2 73.0 79.0 70.9 79.5 72.9 79.4 72.5 79.7 71.5 79.8 72.9 79.8 72.7 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 97.3 93.2 84.8 96.4 85.5 74.4 81.0 68.8 61.6 75.0 95.4 92.3 83.1 89.9 88.2 81.3 71.2 68.1 70.5 85.7 93.7 88.9 85.6 91.3 90.7 85.2 82.5 80.8 77.2 79.1 83.6 88.9 74.8 81.4 84.0 86.5 88.6 76.0 83.8 88.6 88.5 89.9 76.5 83.8 89.6 86.4 90.5 77.6 83.3 91.3 86.3 86.6 76.7 82.1 90.3 87.5 88.3 77.0 83.0 90.1 87.2 90.0 77.3 82.9 90.1 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 94.2 88.1 78.6 77.6 85.6 92.8 83.4 84.1 85.3 82.8 83.8 83.6 85.0 82.3 84.3 80.2 82.3 83.7 83.1 84.6 84.9 83.4 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 63.1 89.4 75.4 79.9 74.5 67.2 69.6 68.7 68.3 67.4 66.4 65.9 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.3 86.7 70.7 85.6 78.8 76.7 78.1 78.7 78.6 78.5 78.9 79.1 24 Manufacturing excluding computers communications equipment, and semiconductors . 88.4 71.8 86.3 68.2 86.1 77.3 75.4 77.2 78.0 78.2 77.8 78.2 78.4 9 10 11 12 13 Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2003. The recent annual revision is described in the Winter 2004 issue of the Bulletin. 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 3. Monthly highs, 1978-80; monthly lows, 1982. 4. Monthly highs, 1988-89; monthly lows, 1990-91. 42 Federal Reserve Bulletin Statistical Supplement • December 2004 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 propor- 2003 avg. Apr. Aug.7 Sept.1 Index (1997=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 112.9 113.1 113.8 114.8 114.7 115.3 116.2 115.9 116.7 116.7 116.6 117.3 58.9 31.1 8.1 4.0 0.3 1.4 2.3 23.0 18.6 10.4 1.0 4.6 2.1 4.4 107.9 106.1 118.3 129.5 172.1 111.0 98.1 101.6 99.9 96.7 62.9 116.4 109.1 111.1 109.3 107.1 121.3 133.0 202.8 112.3 98.9 102.1 100.5 96.4 61.1 120.0 110.6 109.9 109.5 107.3 121.2 133.1 202.7 111.4 99.0 102.3 100.1 96.1 61.2 118.7 109.7 113.0 110.2 108.1 122.7 135.0 203.1 113.3 99.6 102.9 99.8 96.0 61.2 117.6 110.3 117.2 111.2 108.8 123.8 137.2 212.0 112.4 99.6 103.5 100.8 96.3 62.1 119.3 113.7 116.2 111.1 108.5 122.9 135.1 227.3 110.6 99.5 103.4 101.6 96.8 62.6 121.1 113.8 112.3 111.7 108.6 123.1 135.1 200.3 113.1 101.2 103.4 102.4 97.3 63.5 122.2 115.7 109.0 112.7 109.2 122.0 132.5 204.3 112.4 101.5 104.6 103.3 98.4 62.2 122.4 118.7 111.5 112.3 108.3 119.8 128.8 189.7 111.7 101.7 104.1 102.6 98.0 61.3 121.2 116.8 111.6 113.3 108.6 120.6 129.9 179.6 113.4 102.4 104.2 103.3 98.5 59.7 123.1 118.4 109.3 113.2 109.1 122.6 134.4 188.3 112.8 101.7 104.3 103.9 98.2 58.8 125.7 120.7 107.0 113.3 109.1 120.5 132.0 187.2 110.5 100.1 104.9 104.1 98.6 59.4 125.5 119.6 109.4 114.0 109.9 122.3 135.6 196.4 110.1 100.1 105.4 104.3 98.5 59.5 125.9 120.3 111.3 114.3 110.0 122.3 135.3 189.7 111.4 100.4 105.4 104.4 98.5 59.5 126.9 119.7 111.0 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.0 1.8 3.2 5.1 1.9 110.4 76.0 173.7 90.0 111.9 112.7 76.7 178.4 92.0 113.3 113.2 77.8 177.6 92.5 112.4 114.4 78.0 179.2 93.8 111.7 116.2 79.3 180.9 95.5 113.2 116.2 78.6 181.4 95.7 114.4 117.3 80.3 182.0 96.6 115.0 119.1 80.0 186.6 98.2 116.3 119.8 79.2 189.3 98.7 115.9 123.5 81.5 194.4 102.0 118.3 122.0 81.1 195.8 99.3 118.5 122.7 81.4 197.5 99.9 119.7 123.6 83.9 198.8 99.9 120.1 124.0 84.0 199.7 100.3 121.9 21 22 Construction supplies Business supplies 4.3 11.2 102.0 111.7 104.4 112.8 104.1 113.4 104.1 114.1 104.3 115.3 105.1 115.1 106.0 116.9 106.9 118.1 106.4 118.3 107.4 118.8 107.2 118.3 105.6 118.8 106.4 118.9 106.9 119.0 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.1 30.5 19.2 4.0 6.8 8.4 11.3 0.8 2.7 4.2 10.6 115.7 119.8 135.2 106.7 214.7 95.0 95.3 70.1 90.2 99.9 100.4 117.9 122.7 139.8 109.2 227.7 96.8 96.0 69.3 89.1 102.5 100.9 118.2 123.0 140.2 109.9 228.8 96.7 96.2 68.8 89.7 102.8 101.4 118.9 123.3 141.0 110.4 233.0 96.4 95.8 68.6 89.8 101.8 102.6 119.8 124.9 143.4 112.6 237.9 97.5 96.4 66.2 89.6 102.6 102.2 119.7 125.4 144.0 111.5 240.5 98.0 96.7 66.2 89.9 103.7 100.9 120.2 126.1 144.7 110.9 244.4 98.0 97.4 64.5 90.8 104.8 101.0 121.2 126.9 145.7 109.5 249.3 98.6 97.9 64.4 91.8 105.0 102.1 120.9 127.2 146.3 108.3 251.8 99.2 97.9 64.7 92.6 105.5 100.5 121.5 127.9 146.9 107.0 254.6 99.8 98.7 65.8 93.6 105.9 101.0 121.7 128.7 148.2 110.1 256.2 100.0 98.8 65.7 92.0 107.4 99.9 121.2 128.1 147.4 109.2 256.9 98.9 98.5 65.7 92.9 106.8 99.5 121.9 128.6 148.2 110.5 257.5 99.3 98.8 64.9 91.6 107.1 100.5 122.2 129.0 148.7 110.2 259.3 99.7 98.8 64.1 92.0 107.7 101.0 94.8 93.3 99.7 110.7 100.8 112.3 101.1 112.6 101.5 113.2 102.3 114.0 102.1 114.1 102.6 114.8 103.3 115.9 102.9 115.7 103.7 116.6 103.7 116.4 103.5 116.3 104.1 116.8 104.3 117.2 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 58.9 2,736.2 37 Final products 38 Consumer goods 39 Equipment total 43.4 31.1 12.3 2,147.7 2,141.6 2,141.5 2,151.5 2,161.6 2,165.3 2,160.3 2,184.4 2,186.2 2,073.1 2,102.8 2,112.3 1,493.8 1,508.5 1,515.5 1,527.0 1,536.5 1,531.3 1,525.9 1,529.0 1,514.9 1,518.6 1,529.5 1,520.6 1,538.0 1,536.6 652.7 656.6 578.5 594.6 597.0 604.2 612.2 611.6 617.9 625.7 628.5 650.0 641.0 646.0 40 Nonindustrial supplies 2,777.5 2,789.5 2,833.1 2,825.7 2,835.5 2,852.2 2,867.1 2,866.0 2,861.1 2,887.6 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2003 2004 2003 avg. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.7 Sept.' Oct.' Nov.P Index (1997=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 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 83.5 78.4 112.2 112.6 114.2 114.6 114.2 114.7 114.5 115.0 115.8 116.2 116.3 116.6 117.1 117.4 117.9 118.1 117.7 118.0 118.8 119.1 119.3 119.4 118.8 119.0 119.4 119.7 119.7 120.0 42.6 321 1.4 125.3 99.1 128.8 103.8 129.3 102.0 130.1 103.2 132.0 103.3 132.4 102.8 133.0 103.9 133.8 104.7 133.8 102.6 135.4 105.1 136.0 103.5 135.7 102.8 136.6 105.7 137.1 104.6 327 331 332 333 2.3 2.2 5.9 5.2 100.8 84.6 94.4 86.7 102.5 86.7 95.3 89.7 102.6 88.0 95.6 89.6 101.7 87.3 95.6 91.1 100.4 90.3 96.3 93.5 102.9 89.0 96.9 94.1 102.8 87.7 97.8 95.4 101.9 87.6 98.2 97.0 102.1 89.1 98.8 96.9 102.7 90.8 98.9 99.7 103.2 90.9 99.3 97.4 102.1 90.2 98.7 97.8 100.7 92.3 98.3 97.6 102.6 92.1 98.7 97.9 334 8.1 266.5 285.3 285.3 290.1 296.6 301.0 302.5 310.8 313.4 317.4 320.3 322.9 324.8 326.1 335 3361 3 2.3 6.7 93.8 117.5 95.9 120.5 96.7 121.3 97.0 122.6 96.8 125.1 97.1 122.7 99.0 122.6 99.2 120.1 100.4 117.6 101.6 118.2 102.7 122.1 101.7 120.5 99.9 123.9 100.8 123.3 3364 9 3.6 94.6 95.6 96.2 95.7 97.2 97.2 97.7 98.0 97.2 98.9 99.2 98.7 100.0 101.6 337 339 1.7 3.2 101.0 116.7 100.4 115.1 100.0 117.6 101.2 116.7 101.5 117.1 101.4 117.9 101.7 118.3 102.5 118.6 102.3 120.7 104.6 119.7 103.4 119.8 101.7 121.5 101.4 122.3 101.9 123.0 35.8 97.0 97.6 97.4 97.2 97.6 98.2 98.9 99.6 99.4 100.1 100.2 99.6 100.0 100.3 11.9 97.7 77.6 63.2 92.3 89.3 97.5 77.9 61.7 92.0 87.0 97.2 76.6 61.8 92.7 87.6 97.2 78.1 61.7 92.3 88.5 97.6 75.4 62.4 92.9 87.9 98.1 73.9 63.0 92.1 88.9 98.5 73.7 63.9 94.1 88.6 99.5 74.9 62.7 95.2 89.8 99.0 74.1 62.0 94.7 91.2 99.6 75.9 60.5 96.8 90.3 99.3 75.3 59.5 94.4 90.2 99.6 74.1 60.2 94.3 91.6 99.6 75.3 60.2 95.5 90.1 99.5 74.9 60.4 95.2 91.0 311,2 313,4 315,6 322 323 1.3 1.1 3.1 2.5 324 325 10.0 101.4 105.5 102.8 108.3 104.2 107.8 102.0 107.3 102.4 108.2 104.8 109.4 103.1 110.7 102.8 111.1 102.7 111.1 104.1 112.0 104.8 113.8 100.2 112.7 102.1 113.3 104.0 113.9 326 3.8 103.1 104.2 103.1 103.6 104.2 104.2 106.0 106.8 106.6 106.7 106.1 104.6 105.7 105.6 1133,5111 5.1 105.8 106.6 105.4 105.8 109.1 109.6 111.4 113.6 112.0 113.2 115.2 114.0 113.7 113.6 21 6.8 9.8 8.3 1.5 93.1 110.9 113.8 101.6 93.6 114.6 98.3 93.5 114.2 116.9 100.0 93.6 118.2 120.5 105.9 93.2 117.9 119.7 107.7 92.8 113.4 117.7 93.1 93.1 112.9 116.6 94.6 92.7 116.0 120.2 95.6 92.0 114.5 117.7 98.3 93.4 112.8 115.5 98.9 92.6 110.0 112.0 99.0 90.4 114.8 118.8 95.5 91.3 116.0 120.0 96.9 93.2 114.5 117.5 99.2 78.2 98.8 100.0 100.1 100.1 101.1 101.5 102.1 102.7 102.5 103.5 103.8 103.3 103.8 104.1 76.8 111.8 113.6 113.6 113.8 115.0 115.7 116.6 117.7 117.7 118.9 119.0 118.6 119.0 119.4 2211,2 2211 2212 2.2 Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2003. The recent annual revision is described in the Winter 2004 issue of the Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • December 2004 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 385,701 362,692 1,006,653 1,369,345 23,572 28,727 115,882 87,155 5,155 46,581 11 Change in U.S. government assets other than official reserve assets, net (increase, ) 473,944 421,735 975,940 1,397,675 7,173 12,615 100,831 88,216 5,442 59,382 530,668 496,508 1,020,503 1,517,011 33,279 38,781 118,865 80,084 5,502 67,439 Q3 Q4 131,628 122,250 255,723 377,973 7,261 8,614 28,640 20,026 1,353 16,639 126,960 125,494 268,306 393,800 16,151 17,526 38,554 21,028 1,375 17,617 Q2' Q3P 147,164 138,602 276,076 414,678 12,164 13,564 34,766 21,202 1,400 20,726 164,391 151,084 284,044 435,128 5,037 6,576 31,264 24,688 1,539 18,344 164,709 155,342 289,619 444,961 5,281 6,700 31,396 24,696 1,419 14,648 Ql 486 345 537 4,911 0 630 3,600 681 3,681 0 475 2,632 574 1,523 0 601 1,494 572 611 0 97 383 131 2,221 0 97 2,435 117 557 0 100 815 158 1,122 0 90 1,345 133 429 0 98 676 149 361,371 125,858 8,520 84,644 142,349 194,678 30,307 45,425 15,889 134,835 285,474 10,406 28,932 72,337 173,799 8,010 29,663 35,845 28,312 45,206 63,559 47,071 31,090 25,835 53,705 308,013 187,120 56,761 16,524 47,608 106,930 36,951 12,122 26,844 55,257 133,788 60,308 14,986 15,015 43,479 22 Change in foreign official assets in United States (increase, +) . . . 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 28,059 33,700 20,920 2,309 29,978 5,726 113,990 60,466 28,550 137 21,221 3,616 248,573 169,685 24,883 564 49,420 5,149 50,663 23,953 3,340 41 22,019 1,392 83,679 72,787 8,685 70 524 1,753 127,864 101,692 13,016 140 11,854 1,442 73,349 62,979 2,261 89 6,189 2,009 60,118 45,688 6,047 515 4,750 3,118 28 Change in foreign private assets in United States (increase, +) . . . 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 3 1 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 754,800 118,379 66,110 14,378 23,783 393,885 167,021 654,256 96,410 77,990 100,432 21,513 285,500 72,411 580,600 75,643 84,014 113,432 16,640 250,981 39,890 83,539 6,280 12,721 46,490 2,768 18,090 2,810 146,632 35,811 4,140 4,714 7,487 83,761 10,719 317,484 140,834 40,723 65,438 1,800 62,064 10,225 197,396 41,150 3,603 29,684 8,754 88,843 32,568 226,294 46,561 19,542 14,072 2,560 90,489 53,070 1,083 29,307 1,260 95,028 3,079 12,012 95,028 12,012 300 41,404 5,449 46,853 396 8,941 11,839 29,307 821 6,385 13,418 19,803 324 220 5,558 5,338 374 11,847 15,068 26,915 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 17 Change in U.S. private assets abroad (increase, ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment 309 MEMO Changes in official assets 39 U.S. official reserve assets (increase, ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 4,911 3,681 1,523 611 2,221 557 1,122 429 30,368 113,853 249,137 50,704 83,749 128,004 73,438 59,603 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 3 8 ^ 1 . 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. Reserve Assets Millions of dollars, end of period 2004 Asset 2001 2002 2003 Apr. May June July Aug. Sept. Oct. Nov.P 1 Total 68,654 79,006 85,938 82,090 82,804 82,652 81,375 82,603 82,578 84,232 86,702 2 Gold stock1 3 Special drawing rights2'3 4 Reserve position in International Monetary 11,045 10,774 11,043 12,166 11,043 12,638 11,045 12,445 11,045 12,682 11,045 12,659 11,045 12,586 11,044 12,710 11,043 12,782 11,043 13,041 11,043 13,478 5 Foreign currencies4 17,854 28,981 21,979 33,818 22,535 39,722 20,322 38,279 20,297 38,780 20,076 38,873 19,393 38,352 19,812 39,037 19,433 39,310 19,530 40,618 20,079 42,102 Note. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web site at: www. federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF also have been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 Foreign Official Assets Held at Federal Reserve Banks1 Millions of dollars, end of period 2004 Asset 2001 2002 2003 Apr. 1 Deposits Held in custody 2 U.S. Treasury securities 3 Earmarked gold 3 June July Aug. Sept. Nov.7* Oct. 61 136 162 96 86 280 81 157 128 91 88 592,630 9,099 678,106 9,045 845,080 8,971 949,941 8,971 969,157 8,971 991,142 8,971 995,923 8,967 1,026,155 8,967 1,031,322 8,967 1,028,945 8,967 1,044,531 8,967 Note. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web site at: www. federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 May 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 2004 2003 Item 1 Total1 By type 2 Liabilities reported by banks in the United States2 3 U.S. Treasury bills and certificates3 U.S. Treasury bonds and notes 4 Marketable 6 U.S. securities other than U.S. Treasury securities5 2002 2003 June 6 June 6 Dec. July1 Aug.7 Sept.7 Oct.7* 1,161,907 1,445,505 1,261,186 1,338,727 1,445,505 1,652,208 1,669,613 1,683,774 1,699,533 144,646 190,444 189,901 212,025 168,144 211,025 168,144 211,025 189,901 212,025 220,608 230,407 211,634 237,608 218,151 232,207 225,003 226,921 569,891 2,769 254,157 719,450 2,613 321,516 610,122 2,876 269,019 650,336 2,876 306,346 719,450 2,613 321,516 856,030 1,579 343,584 871,545 1,589 347,237 881,353 1,599 350,464 896,193 1,609 349,807 283,512 5,962 87,261 760,012 9,355 15,835 307,091 5,112 72,849 1,033,900 8,888 17,652 295,661 4,845 95,110 838,270 9,846 17,484 313,412 5,840 71,936 922,936 9,194 15,396 307,091 5,112 72,849 1,033,900 8,888 17,652 343,496 6,902 88,230 1,182,117 11,642 19,808 323,437 7,314 89,125 1,217,716 11,881 20,127 345,319 7,640 86,789 1,219,259 11,806 12,948 356,810 6,897 87,252 1,216,775 12,615 19,171 By area 8 Canada 10 Asia 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2002 and are comparable to those shown for the following dates. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period Sept. 1 Banks' own liabilities 2 Deposits 3 Other liabilities 77,779 n.a. n.a. 79,363 n.a. n.a. 80,543 n.a. n.a. 63,050 36,435 26,615 64,787 38,819 25,968 61,986 30,883 31,103 64,235 35,905 28,330 4 Banks' own claims 5 Deposits 6 Other claims 56,912 23,315 33,597 74,640 44,094 30,546 71,724 34,287 37,437 81,403 38,091 43,312 84,837 37,725 47,112 89,999 38,587 51,412 89,485 37,710 51,775 7 Claims of banks' domestic customers2 8 Deposits 9 Other claims 24,411 n.a. n.a. 17,631 n.a. n.a. 35,923 n.a. n.a. 18,327 5,063 13,264 18,409 5,794 12,615 21,464 9,948 11,516 20,593 7,688 12,905 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • December 2004 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr. July7 Aug.7 Sept.7 Oct BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners r,630,4r7 1,985,588 2,312,246 2,531,097 2,518,013 2,533,777 2,585,713 2,618,447 2,585,648 2,628,075 1,174,976 1,363,270 1,675,098 1,868,115 1,845,513 1,854,333 1,900,963 1,925,181 1,897,275 1,939,028 188,005 194,680 151,071 455,441 175,231 246,623 190,134 622,318 848,754 826,344 462,860 637,148 877,987 990,128 567,137 662,982 870,013 975,500 562,032 672,500 902,525 951,808 549,384 679,444 920,845 980,118 586,997 684,750 939,869 985,312 600,077 693,266 897,627 999,648 599,575 688,373 946,531 992,497 186,115 236,796 257,705 272,609 276,517 277,155 279,182 288,629 284,716 277,865 139,807 189,573 203,268 208,697 213,006 212,285 216,808 218,997 218,758 234,727 20,440 59,781 129,519 37,761 74,513 195,949 34,386 83,633 176,175 35,597 89,055 181,676 37,786 182,977 37,710 88,293 190,004 40,881 93,875 188,760 40,997 99,423 185,640 40,851 96,725 184,899 43,873 102,902 176,455 10,830 10,169 3,791 6,378 661 600 13,467 12,362 5,769 6,593 1,105 1,089 14,149 12,577 6,134 6,443 1,572 110 13,904 12,163 7,178 4,985 1,741 555 13,987 11,822 7,103 4,719 2,165 916 14,922 12,487 7,268 5,219 2,435 742 13,579 11,325 5,704 5,621 2,254 11,606 8,950 4,909 4,041 2,656 855 12,329 9,430 5,275 4,155 2,899 1,209 15,219 11,821 6,594 5,227 3,398 1,536 61 0 16 0 1,462 0 1,186 0 1,249 0 1,627 66 1,567 4 1,801 0 1,690 0 1,856 282,290 80,970 21,987 58,983 335,090 93,884 20,733 73,151 401,926 117,814 24,142 93,672 423,418 126,693 25,794 100,899 426,000 118,479 28,418 90,061 440,629 133,821 28,765 105,056 451,015 144,824 25,747 119,077 449,242 131,848 24,207 107,641 450,358 141,713 23,683 118,030 451,924 139,165 23,832 115,333 201,320 161,719 241,206 190,444 284,112 212,025 296,725 224,750 307,521 232,899 306,808 231,893 306,191 230,407 317,394 237,608 308,645 232,207 312,759 226,921 38,531 1,070 50,698 64 69,638 2,449 71,215 760 74,030 592 72,415 2,500 75,544 240 78,718 1,068 75,238 1,200 84,872 966 1,052,626 914,034 68,218 53,525 138,592 11,541 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,380,442 1,163,163 1,445,115 1,225,698 710,225 515,473 219,417 16,782 1,479,708 1,252,961 742,117 510,844 1,527,747 1,295,551 456,695 217,279 18,263 1,465,149 1,247,615 721,067 526,548 217,534 18,183 17,388 529,027 232,196 18,055 1,525,508 1,468,112 1,297,614 1,244,619 782,23 1 736,565 515,383 508,054 227,894 223,493 17,655 17,031 1,513,202 1,297,067 783,581 513,486 216,135 15,956 24,059 102,992 57,605 171,888 49,264 149,752 43,478 155,873 46,421 156,214 48,026 161,333 50,965 163,176 52,375 157,864 49,536 156,926 51,696 148,483 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 284,671 169,803 94,009 75,794 325,764 201,166 92,709 108,457 515,729 381,544 112,010 269,534 628,626 481,644 123,948 357,696 632,911 489,514 124,267 365,247 598,518 455,064 124,375 330,689 593,372 449,263 122,870 326,393 632,091 486,769 128,522 358,247 654,849 501,513 132,104 369,409 647,730 490,975 132,524 358,451 40 41 42 114,868 12,255 124,598 19,347 134,185 27,307 146,982 29,121 143,397 25,920 143,454 27,132 144,109 30,037 145,322 32,511 153,336 34,269 156,755 33,452 77,156 25,457 81,254 23,997 82,904 23,974 91,306 26,171 90,217 26,105 88,732 25,340 86,103 26,708 92,294 26,773 96,303 27,000 941,416 1,122,529 1,192,885 1,196,699 1,237,702 1,266,565 1,217,003 1,246,510 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments6 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 11 Other 12 Nonmonetary international and regional organizations8 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments6 19 Other 20 Official institutions9 21 Banks' own liabilities 22 Deposits2 23 Other 24 25 26 27 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 28 Banks" 29 Banks' own liabilities 30 Deposits2 31 Other 32 Banks' custody liabilities4 33 U.S. Treasury bills and certificates5 34 Other negotiable and readily transferable instruments6 35 Other 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 706,468 226,747 766,524 689,047 MEMO 44 Own foreign offices12 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 1,205,080 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) below. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Apr. Aug. Sept.7 2,618,447' 2,585,648 Oct AREA OR COUNTRY 45 Total, all foreigners . 1,630,417 46 Foreign countries . . . 1,619,587 1,972,121 520,438 2,922 6,546 3,618 1,446 49,056 22,318 2,307 6,215 16,667 12,363 3,727 4,033 20,800 8,811 3,375 66,382 7,474 204,107 36,024 309 41,938 653,988 2,818 9,536 5,106 1,693 40,399 34,650 2,975 5,568 31,945 10,839 18,879 3,574 23,146 14,039 4,647 132,895 12,131 185,970 47,594 301 65,283 47 Europe 48 Austria 49 Belgium13 50 Denmark 51 Finland 52 France 53 Germany 54 Greece 55 Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R." 2,518,013 2,533,777 2,298,097' 2,517,193' 2,504,026' 2,518,855' 2,572,134' 2,606,841' 2,573,319 879,810 3,995 8,988 2,747 1,228 44,965 48,431 1,370 7,983 37,612 24,072 30,226 1,151 44,127 9,241 9,652 107,384 10,124 391,899 21,927 175 72,513 900,341 4,698 9,576 2,116 1,122 41,831 50,599 1,392 8,521 39,298 26,019 27,305 1,104 45,435 8,845 6,092 105,012 9,697 412,082 22,064 89 77,444 2,312,246 784,103 4,819 9,353 3,678 1,780 40,749 46,727 1,254 6,193 35,871 17,012 22,425 933 41,671 9,885 7,076 110,607 13,745 333,550 20,800 160 55,815 2,531,097 913,696 4,375 13,859 1,892 2,129 46,484 53,635 1,742 10,316 39,109 16,334 44,294 1,311 49,784 8,769 7,759 110,259 8,759 395,076 22,427 104 75,279 948,568' 4,942' 9,793 2,057 2,566' 51,286' 51,291 1,667 9,219 37,977' 15,505' 45,943' 871 51,801 8,878 7,703 139,728' 8,887 401,750' 24,002' 103 72,599' 944,594' 5,040' 9,114 3,010 2,598' 47,950' 53,959' 2,018 7,677 39,388' 16,837' 22,439' 1,186 52,235 11,601 5,830 137,841' 9,747 423,517' 21,705' 112 70,790' 956,884 5,424 10,400 4,413 989 47,908 54,257 1,527 7,691 38,909 13,201 37,528 909 58,789 9,321 7,273 110,665 9,511 439,107 21,312 96 77,654 2,612,856 948,593 4,998 12,066 3,970 1,055 55,753 56,105 1,531 8,109 37,239 16,336 33,375 900 64,620 8,504 6,745 119,233 410/711 22,000 141 76,089 27,240 27,323 35,389 35,051 31,682 33,031 31,465' 30,448' 33,178 36,095 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru Uruguay Venezuela 82 Other Latin America17 118,025 10,704 14,169 4,939 4,695 2,390 1,882 39,871 3,610 1,359 3,172 24,974 6,260 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 109,992 9,755 16,282 4,415 4,229 2,565 1,537 34,927 4,079 1,394 3,667 21,207 5,935 115,514 10,207 19,902 5,541 4,179 2,407 1,568 32,372 3,854 1,451 3,596 23,940 6,497 118,171 10,603 22,894 5,453 4,084 2,506 1,562 32,191 3,733 1,436 3,802 24,028 5,879 116,333 11,094 17,967 5,364 4,437 2,425 1,530 33,779 3,615 1,570 3,978 24,549 6,025 119,549' 11,043 18,695 6,064 4,009 2,443 1,668 34,325' 3,714' 1,569 4,137 25,618 6,264 118,618' 11,441 17,595 5,935 4,457 2,542 1,668 35,732' 3,821' 1,459 4,508 23,292 6,168 114,428 11,434 15,702 5,882 4,442 2,597 1,444 33,714 3,860 1,536 3,930 23,544 6,343 117,548 11,885 15,919 6,814 4,555 2,506 1,407 33,425 4,075 1,845 4,075 24,511 6,531 83 Caribbean 84 Bahamas 85 Bermuda 86 Cayman Islands18 . . . 87 Cuba 88 Jamaica 89 Netherlands Antilles Trinidad and Tobago Other Caribbean17 . . 91 646,047 178,472 10,469 439,190 88 1,182 3,264 1,269 12,113 837,666 163,543 24,674 630,446 91 829 5,004 1,405 11,674 968,283 153,507 38,847 737,551 96 669 8,887 1,252 27,474 1,073,187 155,034 58,489 820,606 97 923 6,725 1,425 1,047,108 148,761 52,417 806,139 96 802 5,268 1,555 32,070 1,057,114 155,366 43,124 820,219 51 700 5,076 1,601 30,977 1,058,677' 1,078,384' 1,058,483 144,811 140,448' 152,277' 57,517 64,674' 48,859' 815,116 832,801' 820,901' 97 96' 95' 806 750 698 3,171 2,619 2,511 1,382 1,238 1,587 35,583 35,758' 31,749' 1,106,897 146,703 68,089 852,057 107 872 3,416 1,354 34,299 290,923 319,487 369,661 381,481 370,877 367,123 375,508' 394,605' 379,121 366,510 10,486 17,561 26,003 3,676 12,383 7,870 154,887 8,997 1,772 4,743 18,095 24,450 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,176 26,269 49,311 14,521 14,374 12,199 159,975 12,613 1,596 7,193 23,461 34,973 18,522 26,662 50,323 10,533 11,602 16,067 168,598 10,494 1,964 6,531 24,686 35,499 16,350 27,092 44,069 10,368 12,018 15,588 168,002 10,892 1,874 6,644 23,880 34,100 22,869 22,306 46,930 10,635 11,103 15,522 166,957 12,737 1,719 6,938 18,957 30,450 22,714' 21,461 49,064' 10,244 9,998 12,110 173,480' 13,253' 1,706 9,120 22,190' 30,168' 35,373 22,697 37,736' 11,181 9,433 14,227 180,309' 14,259 1,588 10,379 28,081' 29,342' 36,624 21,646 39,807 10,977 8,266 12,774 170,069 10,875 1,657 9,490 25,953 30,983 30,759 21,069 36,692 11,620 7,662 9,431 170,691 10,275 1,694 10,499 23,970 32,148 11,233 2,778 274 711 4 4,377 12,251 2,655 306 1,114 2 4,370 3,804 13,809 2,336 376 3,710 18 3,503 3,866 15,574 3,056 128 3,789 40 5,114 3,447 16,289 2,987 100 4,197 10 5,468 3,527 15,678 2,993 110 4,121 44 5,104 3,306 16,351' 2,898 154 3,664 4 6,226 3,405' 16,634' 2,723 104 4,008 4 6,380 3,415' 16,322 2,421 95 3,807 4 6,246 3,749 15,313 5,681 5,037 232 412 14,049 11,991 1,796 262 16,860 13,975 2,457 428 16,576 14,057 2,074 445 19,558 17,278 1,794 486 15,880 13,751 1,710 419 22,016' 19,690' 1,829' 497 23,558' 21,053' 2,044' 461 14,903 11,792 2,471 640 21,900 18,647 2,574 679 10,830 9,331 13,467 11,282 507 1,611 14,149 10,500 420 3,166 13,904 11,620 798 1,388 13,987 11,959 555 1,391 14,922 12,726 444 1,700 13,579 11,569 410 1,524 11,606' 9,654' 369 1,498 12,329 10,290 343 1,626 15,219 13,254 345 1,537 69 Canada 92 Asia China 93 Mainland 94 Taiwan 95 Hong Kong 96 India 97 Indonesia Israel Japan 100 Korea (South) 101 Philippines 102 Thailand 103 Middle Eastern oil-exporting countries19 104 Other 105 Africa 106 Egypt 107 Morocco 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 . . . . Other 112 Other countries . . 113 Australia 114 New Zealand21 115 All other 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 935 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. Includes the Bank for International Settlements and the European Central Bank. 17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." 18. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 99 1,610 6 7,413 3,863 19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 20. Comprises Algeria, Gabon, Libya, and Nigeria. 21. Before January 2001, these data were included in "All other." 22. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. 23. Principally the Inter-American Development Bank. 24. Asian, African, Middle Eastern, and European regional organizations, except the Bank for International Settlements, which is included in "Other Europe." 48 Federal Reserve Bulletin Statistical Supplement • December 2004 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Sept. Apr. 1 Total, all foreigners 2 Foreign countries . . r,052,066 U85,445 r,320,455 r,543,53r r,508,720 1,507,337 r,563,280r r,580,474r r,573,678r r,638,390 r r,539,570' r,505,349' 1,504,748' r,558,880 1,576,813' 1,568,913' r,633,843 590,834 4,714 6,837 2,764 8,125 63,698 25,520 238 7,310 5,512 21,253 17,666 2,019 1,233 2,295 15,246 78,634 2,149 269,070 43,099 0 13,452 709,035 5,018 8,697 1,384 9,516 77,699 33,315 214 8,530 5,012 22,426 26,881 2,312 948 1,212 20,086 80,998 3,215 335,259 47,305 0 19,008 687,842 4,895 7,079 1,002 9,625 79,628 27,897 217 8,815 5,202 14^545 2,158 1,120 2,837 17,627 78,843 3,126 335,998 45,276 0 19,816 709,887 4,646 11,214 1,182 10,215 73,158 31,864 256 11,068 4,748 21,745 29,286 1,641 1,099 5,296 17,370 86,638 3,171 328,938 47,992 0 18,360 736,342' 4,748 11,291 1,816 9,073 71,315 28,545' 208 13,204 5,764 17,888 33,353 1,361 1,054 7,239 18,933 104,069 2,799 338,354 48,778 0 16,550 747,419' 4,915 11,000 2,955 9,043 64,449 29,267' 203 11,904 6,410 19,891 19,437 1,547 973 5,108 13,502 118,642 2,368 365,610' 44,660 0 15,535 761,916' 5,023 11,659' 2,148 11,253 66,202 29,219' 236 14,454 6,300 22,638 25,271 1,409 953 6,683 15,035 108,354 2,288 372,011' 44,692 0 16,088 761,128 4,743 9,800 3,895 8,422 68,589 27,503 185 13,771 6,339 20,403 29,098 1,525 1,168 9,758 15,124 98,303 1,786 381,957 44,831 0 13,928 60,521 52,140 54,866 53,833 55,959 55,909 50,513 51,171 46,073 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,514 3,819 15,825 6,094 2,026 404 781 13,580 1,844 1,370 465 2,911 2,395 51,751 3,130 17,757 6,077 2,126 417 829 12,473 1,668 1,494 361 2,822 2,597 52,201 3,256 18,191 6,169 2,182 430 824 U806 1,685 340 2,811 2,485 50,172 3,315 16,701 6,162 2,215 434 804 11,474 1,631 1,638 367 2,787 2,644 51,532 2,972 17,578 5,917 2,184 454 809 12,449 1,945 1,644 375 2,737 2,468 49,499 2,631 16,130 5,798 2,357 449 846 12,331 1,730 1,658 424 2,816 2,329 49,053' 2,502' 16,061 5,751 2,494 426 749 12,648' 1,482 1,635 364 2,596 2,345 49,241 2,550 15,781 6,029 2,596 437 775 12,636 1,609 1,568 383 2,538 2,339 366,319 101,034 7,900 245,750 0 418 6,729 931 3,557 475,896 95,584 9,902 359,259 0 321 6,690 889 3,251 492,717 73,709 14,889 391,536 0 377 6,629 665 4,912 578,912 71,700 23,990 470,578 0 389 5,211 809 6,235 578,965 75,611 23,955 464,853 0 475 5,098 925 8,048 557,704 76,010 15,613 452,795 0 457 5,278 869 6,682 580,847' 74,792 22,161 472,227 0 409 5,013' 818 5,427 584,959' 65,225 31,627 473,153 0 360 5,333' 780 8,481 564,128' 66,298 25,334 459,379 0 378 5,222' 658 6,859 648,360 85,466 30,336 518,676 0 375 5,179 677 7,651 85,990 93,551 117,964 133,753 121,904 120,641 123,410 133,378 132,343' 118,820 2,073 4,433 10,035 1,348 1,752 4,396 34,136 10,653 2,587 2,499 7,882 4,196 1,057 3,766 7,258 1,235 1,270 4,660 47,600 11,118 2,137 1,167 7,952 4,331 4,134 9,659 7,190 1,588 838 5,122 60,461 11,395 1,693 989 6,782 8,113 12,229 10,403 8,481 2,099 812 4,474 57,749 19,512 1,460 704 4,892 10,938 6,660 10,043 5,287 2,290 711 3,269 58,439 17,405 1,517 700 5,015 10,568 8,813 11,064 5,182 2,292 716 3,319 59,993 14,296 1,285 495 4,653 8,533 10,695 10,157 4,695 2,208 685 3,061 64,212 12,684 1,040 453 5,220 8,300 9,835 10,264 4,601 2,321 626 5,483 70,623 12,338 843 648 6,741 9,055 11,759 9,867 3,784 2,214 603 3,948 72,517' 13,099 905 676 6,420 6,551 7,643 9,396 3,832 2,067 544 1,889 65,997 13,986 848 722 6,217 5,679 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) .. 66 Oil-exporting countries9 . . 67 Other 2,146 416 106 761 0 167 696 1,977 487 53 617 0 222 598 1,450 233 46 453 0 147 571 1,230 203 32 461 0 139 395 1,258 161 27 461 0 214 395 1,230 196 51 385 0 150 448 1,324' 195' 42 457 0 152 478 1,124' 179' 53 296 0 141 455 1,172 174 69 298 0 193 438 1,235 167 59 373 0 188 438 68 Other countries . . . 69 Australia 70 New Zealand10 . 71 All other 6,064 5,677 349 38 6,177 5,566 569 42 8,762 7,902 819 41 10,023 9,128 817 78 9,346 8,482 748 9,155 8,487 634 34 9,516 8,550 919 47 9,921 9,117 746 9,130 8,298 753 79 8,232 656 72 Nonmonetary international and regional organizations'' 4,946 3,677 5,074 3,961 r,047,r20 U8r,768 462,418 5,280 6,491 1,105 10,350 60,866 30,044 367 4,205 1,323 16,039 6,236 1,603 594 3,260 12,756 87,350 2,124 201,185 4,478 0 6,762 487,004 3,603 6,044 1,109 8,518 47,705 22,481 477 3,753 3,407 23,133 13,885 2,226 877 5,371 15,889 126,958 2,112 176,953 17,457 0 5,046 25 Canada 54,421 26 Latin America 27 Argentina 28 Brazil 29 Chile 30 Colombia 31 Ecuador 32 Guatemala 33 Mexico 34 Panama 35 Peru 36 Uruguay 37 Venezuela 38 Other Latin America6 69,762 10,763 19,434 5,317 3,602 495 1,495 16,522 3,061 2,185 447 3,077 3,364 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago 47 Other Caribbean' 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Italy 12 Luxembourg2 13 Netherlands 14 Norway 15 Portugal 16 Russia 17 Spain 18 Sweden 19 Switzerland 20 Turkey 21 United Kingdom 22 Channel Islands and Isle of Man3 23 Yugoslavia4 24 Other Europe and other former U.S.S.R.5 48 Asia China 49 Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Thailand 59 Middle Eastern oil-exporting countries8 60 Other 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 4,400' 4,765 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2004 Type of claim 7001 7002 2003 1 Total claims reported by banks 1,259,328 1,409,095 1,602,395' 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,052,066 50,618 844,865 156,583 1,185,445 52,198 970,357 162,890 1,320,455 56,574 982,791 281,090 207,262 82,566 223,650 80,269 114,287 10,409 137,289 6,092 281,940' 136,249' 72,196' 63,107' 10,388' Apr. 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . May June July' Aug. 1,810,012' 1,543,531 81,647 1,128,877 333,007 1,508,720 61,833 1,109,244 337,643 1,507,337 71,172 1,111,529 324,636 Sept.' Oct.P 1,863,702 1,563,280 75,409 1,169,580 318,291 1,580,474' 62,994 1,165,028' 352,452' 302,675' 137,559' 70,917' 86,424' 7,775' 1,573,678 68,637 1,158,148 346,893 1,638,390 69,379 1,200,880 368,131 290,024 143,503 63,383 75,166 7,972 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices8 500,607 376 574,772 448 556,407 2,204 566,820 2,669 585,904 1,233 568,628 2,686 560,913 2,928 614,735 3,110 n.a. 744,498 n.a. 892,340 5,328 814,144 933,064 7,569 960,742 1,063,233 5,777 944,332 1,052,614 5,515 932,333 1,039,165 7,679 968,464 1,086,420 5,409' 1,003,751' 1,104,933' 5,206 1,004,631 1,083,616 6,501 1,014,044 1,123,118 137,979 161,585 344,753 443,495 427,032 408,471 431,065 461,012' 439,243 444,240 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances, dealers. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) below. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) below. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • December 2004 3.22 LIABILITIES TO FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. By type Financial liabilities Short-term negotiable securities' Other liabilities' Of which: Borrowings' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies Financial liabilities to unaffiliated foreigners By area or country Europe Belgium-Luxembourg France Germany Netherlands Switerzerland United Kingdom 81,861 83,956 83,475 88,728 57,058 21,428 53,684 18,242 56,330 17,410 53,385 14,002 58,296 9,859 n.a. n.a. 5,502 23,276 5,532 22,397 7,081 21,588 8,498 22,946 8,402 32,449 5,949 45,495 18,763 22,271 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 n.a. n.a. n.a. n.a. n.a. 30,301 29,342 24,342 738 10,019 6,919 2,745 3,921 28,781 27,549 1,266 13,731 7,987 1,945 2,620 25,290 28,095 1,431 10,372 11,425 2,493 2,374 34,150 42,406 30,628 527 12,337 7,209 2,880 3,804 41,034 39,561 45,460 42,256 45,364 43,845 45,349 58,319 31,806 34,335 144 5,243 2,923 1,825 36,138 1,261 2,685 3,343 1,797 19 32,639 33,575 546 3,240 675 2,743 3,366 34,832' 709' 3,543' 3,531 284 517' 23,886' 30,976' 528' 2,133' 3,015 284 524' 22,004' 45,810 539 2,092 3,699 320 298 28,992 8,554 73,904 66,679 67,664 85,573 47,419 n.a. 41,034 n.a. 39,561 n.a. n.a. n.a. n.a. n.a. 25,246 22,173 n.a. n.a. n.a. n.a. n.a. 34,172 147 1,480 26,362 154 2,841 2,344 1,954 94 22,852 11,211 591 2,168 2,016 104 61 26,757 2,901 1,790 24,146 ros,r49 1,149 7,147 12,894 1,330 1,730 7,998 17,883 1,626 1,357 1,660 22,903 285 17 24,733 10,100 9,485 8,496 9,855' 7,768' 493 1,012 1,386 1,474' 1,542' 1,762 4,495 4 4,244 129 n.a. 37 27 5,579 26 4,235' 0 711' 242 n.a. 3,114' 34 3 8,115' 0 3,604' 291 n.a. 3,910' 6,093 0 2,300 200 n.a. 3,483 25 0 2,547' 22,53 1 167 MEMO: Euro area3 . . . 411 955 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 4,125 6 1,739 148 2,858 157 960 35 1,627 n.a. 36 1,504 23 990 3,816 334 3,046 65 365 127 n.a. 25 29 Asia Japan Middle Eastern oil-exporting countries5 7,965 5,042 3,269 10 2,932 1,832 14 4,307 2,043 17 131 91 114 91 Africa Oil-exporting countries6 . . 37 All other7 . . . 406 n.a. 26 2 6,216 12 n.a. 31 1 3,417 1,909 91 581 2,862 155 n.a. 2,426 31 0 4,116 2,210 67 1,826 36 4,519' 1,431 29 4,487 1,612 24 119 91 123 92 126 93 118 93 Nonbank-Reported Data 3.22 LIABILITIES TO FOREIGNERS the United States—Continued 51 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. 38 Commercial liabilities 39 Trade payables 40 Advance payments and other liabilities 26,485 14,293 12,192 25,645 11,781 13,864 By currency 41 Payable in U.S. dollars 42 Payable in foreign currencies2 43 Canadian dollars 44 Euros 45 United Kingdom pounds sterling 46 Japanese yen 47 All other currencies 23,685 2,800 n.a. n.a. n.a. n.a. n.a. 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 n.a. n.a. n.a. n.a. n.a. 24,955 3,560 114 1,074 661 242 1,469 26,055 2,122 137 587 582 238 578 25,615 2,011 165 490 542 154 660 27,632 2,458 199 787 606 209 657 28,178 2,254 196 699 513 223 623 29,636 2,479 183 729 593 255 719 9,629 293 979 1,047 300 502 2,847 9,219 99 734 905 1,163 790 2,279 8,257 141 765 781 590 433 2,649 8,786 186 873 747 729 521 2,905 9,138 152 931 739 1,337 458 8,744 178 779 764 1,326 383 2,911 9,821 159 900 855 384 1,367 3,025 8,943 145 1,017 1,018 303 543 3,023 9,715 135 1,092 1,269 288 641 3,035 5,141 4,200 4,359 4,855 4,440 4,198 4,156 4,542 1,933 1,622 1,588 1,794 1,954 2,032 2,166 2,337 2,533 2,381 31 281 114 76 n.a. 841 284 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 3,036 59 525 242 n.a. 80 1,091 142 3,252 15 585 224 n.a. 19 905 457 3,667 25 631 220 n.a. 32 1,274 517 3,406 14 513 233 n.a. 40 1,298 329 3,916 16 647 226 77 1,362 389 4,400 39 801 168 n.a. 32 1,751 481 10,983 2,757 10,517 2,581 2,639 13,382 4,292 3,979 13,185 4,133 3,546 12,567 4,127 3,071 11,702 4,175 2,934 13,311 4,370 3,148 13,540 4,973 2,553 13,455 4,728 2,311 836 436 827 405 927 423 575 185 782 372 1,009 548 1,082 567 1,598 11,428 9,540 12,947 14,715 48 49 50 51 52 53 54 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 28,103 14,699 13,404 28,515 15 14 28,177 15 13 27,626 16 30,090 17 13 30,432 17 13 32,115 18 14 MEMO 55 56 Euro area3 Canada 57 58 59 60 61 62 63 64 65 66 67 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 68 Africa 69 Oil-exporting countries6 70 All other7 71 Financial liabilities to foreign affiliates8 MEMO 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 10,966 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other financial intermediaries. These data are included in lines 1-6 above. 52 Federal Reserve Bulletin Statistical Supplement • December 2004 3.23 CLAIMS ON FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 182,889 186,182 181,821 165,934 176,473 188,499 90,157 113,082 102,566 53,031 23,374 29,657 81,287 29,801 51,486 71,389 27,064 44,325 153,393 46,422 3,777 153,992 49,933 3,207 150,561 3,174 132,332 35,920 3,211 142,632 45,415 2,502 154,096 42,974 5,468 n.a. 29,657 n.a. 51,486 n.a. n.a. 241 103,194 133 100,852 158 100,645 157 93,201 6 94,715 129 105,654 n.a. n.a. n.a. n.a. n.a. n.a. 71,029 6,599 71,971 3,010 71,488 4,729 69,208 3,253 67,343 5,602 66,849 19,073 By currency 9 U.S. dollars 10 Foreign currency2 11 Canadian dollars 12 Euros 13 United Kingdom pounds sterling 14 Japanese yen 15 All other currencies 46,157 6,874 n.a. n.a. n.a. n.a. n.a. 74,471 6,816 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 n.a. n.a. n.a. n.a. n.a. 146,265 7,128 605 3,054 2,083 880 506 146,439 7,553 597 2,383 2,561 875 1,137 140,249 10,312 1,371 122,879 9,453 912 3,677 2,704 2,776 3,242 982 1,578 831 1,692 132,701 9,931 1,254 2,425 3,722 892 1,638 135,909 18,187 1,140 4,452 7,428 3,574 1,593 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg . . . . 19 France 20 Germany 21 Netherlands 22 Switerzerland 23 United Kingdom 83,215 83,626 83,450 67,347 80,256 92,499 23,136 296 1,206 848 1,396 699 15,900 26,118 625 1,450 1,068 2,138 589 16,510 29,018 722 3,247 4,245 3,648 383 10,663 34,806 1,494 3,402 6,244 4,355 1,516 11,237 33,440 352 4,445 4,427 3,655 1,196 13,469 36,125 3,541 6,061 4,476 1,767 11,660 28,970 391 3,049 2,859 2,789 617 11,438 32,331 1,256 3,113 4,573 2,293 618 13,193 46,343 1,206 4,375 3,151 2,974 453 23,575 8,626 17,281 20,499 17,305 20,878 15,067 16,858 17,830 4,576 6,193 5,013 5,643 5,879 4,942 5,311 5,278 4,533 19,317 1,353 19 1,827 12,596 n.a. 2,448 87 41,201 976 918 2,127 32,965 n.a. 3,075 29,612 1,038 724 37,420 598 699 2,158 n.a. 30,734 1,912 173 33,805 412 533 2,592 n.a. 26,936 2,136 123 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 35,284 21,528 n.a. 2,921 104 32,511 757 387 2,396 n.a. 25,848 1,786 171 1,034 1,967 n.a. 28,577 1,723 174 34,256 801 1,410 1,749 n.a. 27,613 1,706 135 4,697 1,631 6,430 1,604 135 5,358 1,277 79 7,625 1,226 90 5,389 1,246 183 7,017 1,496 275 5,317 1,194 158 5,650 978 138 5,976 1,011 121 411 57 414 49 395 25 486 35 565 34 419 12 391 13 2 3 4 5 6 7 8 By type Financial claims Non-negotiable deposits Negotiable securities Ofwhich: Negotiable CDs' Other claims Ofwhich: Loans' Repurchase agreements' 46,742 MEMO: 24 Euro area3 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 34 35 36 Asia Japan Middle Eastern oil-exporting countries5 37 38 Africa Oil-exporting countries6 39 All other7 . . . 646 International Statistics 3.23 53 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 40 Commercial claims 41 Trade receivables 42 Advance payments and other claims By currency 43 Payable in U.S. dollars 44 Payable in foreign currencies2 45 Canadian dollars 46 Euros 47 United Kingdom pounds sterling 48 Japanese yen 49 All other currencies 50 51 52 53 54 55 56 By area or country Commercial claims Europe Belgium-Luxembourg . . . France Germany Netherlands Switzerland United Kingdom 37,126 33,104 4,022 31,795 27,513 4,282 31,177 26,385 4,792 29,496 24,787 4,709 32,190 25,981 6,209 31,260 25,749 5,511 33,602 28,651 4,951 33,841 28,623 5,218 34,403 29,877 4,526 33,401 3,725 n.a. 29,393 2,402 n.a. n.a. n.a. n.a. n.a. 26,481 4,696 n.a. n.a. n.a. n.a. n.a. 20,653 8,843 1,351 1,803 1,451 545 3,693 24,368 7,822 1,279 1,497 1,429 530 3,087 24,327 6,933 1,262 1,216 1,123 547 2,785 25,527 8,075 1,557 1,542 1,187 589 3,200 26,165 7,676 1,518 1,255 1,299 478 3,126 27,373 7,030 649 1,196 1,204 598 3,383 15,938 452 3,095 1,982 1,729 763 4,502 14,022 268 2,921 1,658 529 611 3,833 14,187 269 3,164 1,202 1,490 503 3,727 13,330 15,097 221 2,998 1,184 1,352 537 4,342 14,087 208 3,093 1,196 1,300 652 4,007 14,576 247 2,816 1,284 397 1,921 3,928 14,332 209 2,740 1,494 421 1,248 3,964 13,558 238 2,606 1,529 345 1,258 3,902 8,114 8,931 8,255 7,359 7,893 7,213 2,790 2,564 2,950 2,673 3,070 3,272 2,290 4,813 25 447 5,153 26 460 903 n.a. 52 1,339 230 5,516 35 739 1,002 n.a. 67 1,149 228 5,609 26 690 1,022 n.a. 66 1,224 251 1,305 1,136 453 3,720 MEMO Euro area3 . 7,961 58 Canada 3,502 59 60 61 62 63 64 65 66 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 5,851 37 376 957 137 n.a. 1,507 4,859 42 369 954 95 n.a. 1,391 288 4,346 31 287 750 19 n.a. 1,259 4,810 61 551 n.a. 59 1,099 234 4,722 30 353 841 n.a. 16 1,123 236 67 68 69 Asia Japan Middle Eastern oil-exporting countries5 9,630 2,796 1,024 7,849 2,006 850 7,324 2,341 818 6,010 1,441 617 6,496 1,733 777 6,452 1,734 738 7,356 1,761 7,250 1,589 980 8,148 1,767 1,086 70 71 Africa Oil-exporting countries6 584 95 636 139 441 105 548 136 636 138 621 183 711 224 72 All other7 70,178 70,366 64,985 62,376 61,597 672 180 Til 50 1,181 233 1,533 MEMO 73 Financial claims on foreign affiliates8 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 67,1 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial claims on foreign affiliates of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other financial intermediaries. These data are included in lines 1-8 above. 54 3.24 Federal Reserve Bulletin Statistical Supplement • December 2004 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Oct. Apr. May June July1 Sept. U.S. corporate securities 1 Foreign purchases 2 Foreign sales 3,209,760 3,159,571 3,353,545 3,350,213 366,898 368,820 348,884 356,563 333,732 331,977 359,160 349,383 285,478 286,604 295,564' 298,632' 345,032 341,272 3 Net purchases, or sales ( ) . 50,189 37,768 3,332 7,679 1,755 9,777 1,126 3,068' 3,760 4 Foreign countries 50,253 37,801 3,381 1,954 7,639 1,710 9,775 1,119 2,948' 3,733 32,909 2,127 129 4,307 2,787 15,172 255 8,207 15,419 1,309 24,275 6,213 969 5,959 2,951 2,030 22 244 7,449 109 1,706 510 2,577 1,925 1,018 58 383 431 5,700 2,064 181 193 220 3,367 97 2,394 297 40 1,443 887 10 109 2,934 75 165 413 237 1,658 67 1,626 200 108 316 817 2,278 1,429 195 245 764 55 24 2,253 741' 186 556 248 114 4,692 1,182 232 178 669 4,004 149 395 131 45 1,013 12,336 72 3,261 2,139 675 97 11,703 494 503 2,019 2,328 272 477 5,106 2,790 3,373 1,324 899 1,069 446 2,941 6,353 4,088 594 1,900 38 1,769 2,548,719 2,171,264 3,190,123 2,758,932 22 Net purchases, or sales ( ) . 377,455 23 Foreign countries 377,192 167,168 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean .. Middle East2 Other Asia Japan Africa Other countries 22,676 3,128 1,985 12 255 144 55 142 27 135 3,249 198 222 268 627 1,776 269 901 312 28 214 312 25 59 2,384,577 1,949,859 325,477 277,120 231,639 190,863 219,837 176,912 219,262 171,803 176,687 134,768 189,591' 137,566' 174,701 133,545 431,191 434,718 48,357 40,776 42,925 47,459 41,919 52,025' 41,156 431,476 433,068 48,298 40,795 42,369 47,380 41,799 51,705' 41,250 210,612 4,752 2,658 1,178 7,699 132,822 19,900 5,463 97,355 193,589 4,709 11,018 252 7,293 113,705 5,238 9,967 92,619 9,388 123,729 57,175 1,464 2,312 19,418 16,536 188 1,341 341 596 20,986 570 645 276 1,882 6,564 1,817 341 6,699 1,635 13,421 10,727 19 12 23,120 794 1,852 166 971 15,158 562 269 12,704 466 10,361 5,816 153 307 21,716 795 1,604 155 212 16,596 2,337 1,201 8,947 143 9,509 2,198 0 283 34,513' 1,185 3,929 182 586 22,712 1,230 1,060 8,382' 134 18,798 156 1,289 210 333 12,614 370 814 6,547 30 14,708 7,850 66 2,826 68 697 4,726 46 2,666 776 1 362 19 Nonmonetary international and regional organizations 20 Foreign purchases . . . . 21 Foreign sales Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean . . Middle East2 Other Asia Japan Africa Other countries 3,762 5,125 421 8,621 109,913 11,173 1,040 83,002 2,263 3,736 121,440 48,578 110,802 34,452 2,356 1,152 860 3,499 3 8 Nonmonetary international and regional organizations 746 565 440 569 14,943 1,173 1,095 7,508 2,332 17,297 9,275 976 328 8,260 881 1,398 10,804 2,805 8,404 5,241 160 688 7,682 142 128 62 86 267 1,650 Foreign securities 1,493 1,267,794 1,269,287 28,492 1,372,239 1,343,747 71,005 1,376,134 1,447,139 22,338 1,661,640 1,639,302 62,087 1,487,969 1,550,056 10,211 1,386,705 1,376,494 12,748 170,971 183,719 2,422 130,158 127,736 6,814 153,680 160,494 15,313 140,675 125,362 5,199 152,032 157,231 7,049 139,616 146,665 9,267 130,710 139,977 153 104,575 104,728 130,190 129,310 1,872 103,742 105,614 1,279' 125,012' 123,733' 1,448' 123,274' 121,826' 11,956 136,633 148,589 3,235 116,657 119,892 45 Net purchases, or sales ( ), of stocks and bonds 26,999 48,667 51,876 10,326 8,499 12,248 9,420 992 2,727' 15,191 46 Foreign countries 27,029 48,106 49,377 10,285 8,506 12,220 9,323 994 2,736' 15,103 47 48 49 50 51 52 53 14,562 4,857 4,578 3,078 8,286 74,694 5,510 29,997 6,998 19,156 1,270 4,462 11,633 858 2,720 828 1,313 154 1,496 3,034 30 4,922 6,473 3,756 162 47 12,663 1,036 908 8,637 1,608' 4,365' 5,222' 3,753' 4,406' 43 1,533 15,528 420 4,215 3,013 2,141 287 39 Stocks, net purchases, or sales ( ) 40 Foreign purchases 41 Foreign sales 42 Bonds, net purchases, or sales ( ) 43 Foreign purchases 44 Foreign sales Europe Canada Latin America and Caribbean . . . Asia Japan Africa Other countries 2,632 10,060 380 780 7,798 50,233 32,134 217 1,656 54 Nonmonetary international and regional organizations 1. Before January 2001, data included in United Kingdom. 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 628 2,469 70 383 1,256 2,898 3,156 1,082 3,282 2,841 1,429 67 264 75 174 3,688 644 2,499 3. Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Securities Holdings and Transactions 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 55 Foreign Transactions1 Millions of dollars; net purchases, or sales ( ) during period Area or country Jan.Oct. 1 Total estimated . . . 2 Foreign countries . . Apr. May July' 13,250 r 4,427' 15,779' 13,634 13,741' 16,543' 17,869 2,372 542 2,474 17 1,077 1,487 244 161 1,724 1,366 2,547 11,982 31 2,137 95 97 284 81 4,925 10 5,324 2,096 3,715' 233 1,326' 202 7,597 382 186 3,716 81 1,278 538' 3,106 294 2,274 616 3,048 33 365 8 444 1,932 1,997 13,965 30 1,544 1,075 1,421 995 1,744 5,228 183 4,587 1,096 22,002 13 17,717 4,272 23,775 3,907 14 2,409' 51 2,877' 519 21,368' 24,375 40' 1,005 4,438' 3 5,708' 1,273 6,996 434 107 101 28 4,802 1,742 5,552 2,051 11 355 764 328 0 469 66 0 13,741' 15,515' 1,774' 16,543' 9,808' 6,735' 17,869 14,840 3,029 170 1 609 0 3,831 0 35,673 117,910 278,865 307,340 35,472 23,398 43,678 2,046 51,103 1,739 7,921 906 200 432 4,894 35,971 1,554 2,114 10,787 73,332 237 5,953 438 3,702 1,521 5,067 58,853 1,470 3,969 9,556 19,574 495 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R. Canada 13,835 209 652 107 1,168 1,504 123 5,948 2,675 5,335 990 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 20,023 59 25,479 317 17,181 7,981 184,475 148,777 55 6,966 44,635 79 32,212 12,502 183,596 156,413 303 4,082 6,468 6 19,340 2,507 3,955 20,077 5,485 202 502 17,763 1,566 16,910 14,622 130 137 2,011 1,642 3 726 446 201 114 20 34 290 248 43 384 104 53 581 686 117 117,910 7,149 110,761 278,865 109,345 169,520 307,340 176,743 130,597 35,472 22,140 13,332 23,398 14,380 9,018 40,285 17,540 22,745 13,634 5,634 8,000 6,913 52 5,075 271 0 739 0 1,092 812 0 3 4 5 6 7 8 9 10 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional 3,931 1,609 17,020 2,923 448 61,606 724 613 5,197 20,862 780 55,656 30,498 841 2,909 4,762 178 2,527 532 1,992 10,283 279 54 2,589 Sept. 20,767 36 537 6,876 2,955 3,015 5,422 22 470 686 638 0 MEMO 25 Foreign countries 26 Official institutions . . . 27 Other foreign Oil-exporting countries 28 Middle Middl East* 29 Africa 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. Before January 2001, combined data reported for Belgium and Luxembourg. 3. Before January 2001, these data were included in the data reported for the United Kingdom. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 5. Comprises Algeria, Gabon, Libya, and Nigeria. 56 Federal Reserve Bulletin Statistical Supplement • December 2004 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted Aug.7 Sept.' 71.61 3.0384 1.3225 8.2767 6.0631 1.2266 7.8000 46.06 109.49 3.8000 11.468 64.67 6.9126 1.7121 6.1350 1,158.70 102.998 7.5027 1.2452 33.806 40.982 184.38 1,920.00 71.11 3.0018 1.3127 8.2768 6.1007 1.2191 7.7997 46.32 110.23 3.8000 11.395 65.61 6.8369 1.7145 6.4667 1,158.03 103.436 7.5362 1.2623 34.023 41.521 182.03 1,920.00 70.28 2.8914 1.2881 8.2767 6.0866 1.2224 7.7995 46.05 110.09 3.8000 11.487 65.94 6.8416 1.6948 6.5349 1,148.72 103.326 7.4356 1.2629 33.893 41.474 179.37 1,920.00 73.37 2.8520 1.2469 8.2765 5.9486 1.2507 7.7889 45.74 108.78 3.8000 11.404 68.46 6.5809 1.6767 6.3815 1,141.57 103.885 7.2453 1.2330 33.775 41.294 180.77 1,918.08 Exchange rates COUNTRY/CURRENCY UNIT 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 51.69 2.3527 1.5487 8.2770 8.3323 0.8952 7.7997 54.37 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 47.22' 121.57' 3.8000' 9.337' 42.02' 8.9964' 1.7930' 8.6093' 1,292.01' 89.602' 10.3425' 1.6891' 33.824' 44.532' 143.96' 724.10' 48.63' 125.22' 3.8000' 9.663' 46.45' 7.9839' 1.7908' 10.5176' 1,250.31' 95.773' 9.7233' 1.5567' 34.536' 43.019' 150.25' 1,161.19' 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59' 115.94' 3.8000' 10.793' 58.22' 7.0803' 1.7429' 7.5550' 1,192.08' 96.541' 8.0787' 1.3450' 34.405' 41.556' 163.47' 1,613.43' 70.39 3.1023 1.3789 8.2771 6.2021 1.2000 7.7971 45.18 112.20 3.8000 11.520 61.51 6.8428 1.7124 6.7996 1,177.88 98.929 7.6097 1.2839 33.444 40.560 178.60 1,919.76 69.37 3.1293 1.3578 8.2767 6.1220 1.2146 7.7980 45.50 109.43 3.8000 11.393 62.84 6.8279 1.7136 6.4216 1,159.02 100.930 7.5323 1.2503 33.568 40.827 182.79 1,920.00 Indexes4 24 Broad (January 1997=100)5 25 Major currencies (March 1973=100)' 26 Other important trading partners (January 1997=100)7 125.91' 107.66' 126.75' 105.98' 119.28' 93.04' 117.08 89.03 115.91 87.57 115.08 86.46 115.26 86.72 114.81 86.25 113.15 84.32 111.08' 112.19' 111.30' 110.61' 104.60' 97.66' 103.18 94.50 102.42 93.22 101.51 92.06 101.47 92.33 100.97 91.91 99.63 90.01 REAL 27 Broad (March 1973=100)5 28 Major currencies (March 1973=100)' 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. cents per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 Austrian schillings Belgian francs Finnish markkas French francs German marks Irish pounds 1,936.27 40.3399 2.20371 200.482 166.386 Italian lire Luxembourg francs Netherlands guilders Portuguese escudos Spanish pesetas 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 ofthe dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average ofthe foreign exchange value ofthe 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 ofthe importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average ofthe foreign exchange value ofthe 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 ofthe subset of currencies in the index sum to one. 7. Weighted average ofthe foreign exchange value ofthe U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title and Date Issue Page Reference Assets and liabilities of commercial banks September 30,2003 December 31,2003 March 31,2004 June 30, 2004 February May August November 2004 2004 2004 2004 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks November 2003 February 2004 May 2004 August 2004 February May August November 2004 2004 2004 2004 60 60 60 60 Supplement Supplement Supplement Supplement Assets and liabilities of US. branches and agencies of foreign banks September 30,2003 December 31,2003 March 31,2004 June 30, 2004 February May August November 2004 2004 2004 2004 66 66 66 66 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin Residential lending reported under the Home Mortgage Disclosure Act 1989-2001 1990-2002 1991-2003 September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement Disposition of applications for private mortgage insurance 1998-2001 1999-2002 2000-2003 September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Small loans to businesses and farms 1996-2001 1996-2002 1997-2003 September 2002 September 2003 September 2004 A70 A70 70 Bulletin Bulletin Supplement Community development lending reported under the Community Reinvestment Act 2001 2002 2003 September 2002 September 2003 September 2004 A73 A73 73 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services * March 31,2001 June 30, 2001 September 30, 2001 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 46, 49-51, 53 Liabilities to, 45-48, 52, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 46, 47, 49, 52, 53 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit and retail sales, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44, 45 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 59
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