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Volume 2 • Number 12 • December 2005 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Lynn S. Fox, Chair • Scott G. Alvarez • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • 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 Published monthly, the Statistical Supplement is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog @ frb.gov. 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 as of the second week of December 2005. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—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 Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • December 2005 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to foreigners 52 Claims on foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Assets and liabilities of commercial banks, September 30, 2005 60 INDEX TO STATISTICAL TABLES 62 FEDERAL RESERVE BOARD PUBLICATIONS 64 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES 66 PUBLICATIONS OF INTEREST 67 FEDERAL RESERVE STATISTICAL RELEASES AVAILABLE ON THE COMMERCE DEPARTMENT'S ECONOMIC BULLETIN BOARD Symbols and Abbreviations c e n.a. n.e.c. p r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten 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 STRIPS TIIS TIPS VA 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 Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • December 2005 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4 Q1 Q2 Q3 May 2.7 -8.0 -9.6 -9.8 2.9 -18.0 -14.7 -18.2 1.5 20.8 14.7 18.0 5.1 -.5 1.7 5.9 -2.0 3.9 8.3 11.0 p .2 5.3 5.4 17.3 Aug. Sept. -14.9 -14.3 -19.5 .9 -40.6 -39.2 -39.3 3.6 31.9 21.1 33.0 4.2 .8' 6.1 10.6 -17.5 1.7 3.5 14.8 5.4 12.5 -6.7 6.1 11.8 -2.6 15.6 7.5 19.8 6.9 7.1 2.9 26.9 9.5 23.1 2 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 3.3 1.9 4.5 4.7 2.1 3.5 2.9 3.7 5.7 5.8 .5 4.0 5.5 5.8 .4 4.9 8.8 14.7 11.6 7.2 6.3 6.7 14.5 32.2 21.5 21.2 5.5 18.6 16.1 -11.2 24.0p .8 8.9 22.2' 27.8 9.8 18.2 -12.6 .7 14.4' 48.2 11.9 13.4 29.3 1.6 3.7 35.1 -1.2 15.0 45.4 -8.7 22.4 44.9 -3.8 21.7 33.7 -2.8 25.7 17.2 -1.0 20.7 40.8 -8.2 17.9 26.7 1.1 25.5 39.1 -7.1 20.4 37.9 Money market mutual funds 16 Retail10 17 Institution-only -9.5 -11.9 -5.0 -1.3 4.0 -1.4 14.4 -3.6 -3.2 -5.1 19.2 .2 -10.0 10.3 -6.2 16.2 12.9 29.0 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars -15.9 34.8 -16.9 25.7 9.3 20.7 19.9 16.7 74.8 30.8 -12.1 30.9 20.2 22.3 Concepts of money* 5 Ml 6 M2 7 M3 Nontransaction components 8 In M2S 9 In M3 only1" Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time7 Large times>9 Thrift institutions 13 Savings, including MMDAs . . . 14 Small time7 15 Large times 10 11 12 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. -3.1 -3.1 -4.2 2.3 .7 23.4 1.1 21.6 -11.8 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 INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Aug. Sept. Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 794,953 724,710 724,710 265,015 437,374 19,533 2,788 0 29,935 419 166 15 237 -287 40,176 11,041 2,200 36,528 794,051 727,297 727,297 266,407 438,573 19,533 2,783 0 27,129 436 139 0 297 -316 39,505 11,041 2,200 36,429 800,252 733,198 733,198 268,303 442,168 19,863 2,864 0 27,552 346 17 12 318 793,708 726,345 726,345 266,259 437,771 19,533 2,782 0 26,857 445 155 0 290 39,046 11,041 2,200 36,429 40,038 11,041 2,200 36,429 791,426 728,553 728,553 267,329 438,905 19,533 2,785 0 25,107 333 16 0 317 -535 37,969 11,041 2,200 36,429 797,801 730,700 730,700 267,623 440,756 19,533 2,788 0 28,714 332 6 0 326 -364 38,419 11,041 2,200 36,429 799,277 730,411 730,411 267,780 440,292 19,533 2,805 0 30,250 321 20 0 301 -452 38,747 11,041 2,200 36,429 800,564 732,393 732,393 267,814 441,808 19,919 2,852 0 28,036 312 3 0 309 820 39,004 11,041 2,200 36,429 800,412 733,363 733,363 267,906 442,593 19,983 2,880 0 27,614 322 1 0 321 -1 39,114 11,041 2,200 36,429 800,580 735,727 735,727 269,299 443,540 19,983 2,905 0 24,857 350 12 0 339 351 39,294 11,041 2,200 36,429 763,598 26,618 26,618 0 240 763,504 24,257 24,257 0 253 767,877 24,996 24,996 0 254 763,818 25,370 25,370 0 250 762,757 24,037 24,037 0 253 762,858 24,971 24,971 0 266 768,957 25,215 25,215 0 261 769,108 25,235 25,235 0 254 767,077 24,535 24,535 0 252 766,619 24,768 24,768 0 252 13,940 4,789 110 8,747 8,747 0 295 29,757 10,567 14,266 4,979 89 8,895 8,894 1 304 30,800 10,642 14,285 5,338 99 8,580 8,580 0 268 31,159 11,352 14,333 4,805 94 9,118 9,115 3 316 30,893 8,714 14,305 5,181 87 8,721 8,721 0 316 30,787 8,958 13,974 4,909 87 8,717 8,717 0 261 30,988 14,414 14,110 4,786 142 8,884 8,884 0 298 31,357 9,047 14,230 4,973 91 8,882 8,882 0 284 31,283 10,124 14,878 6,319 82 8,237 8,237 0 240 30,981 12,358 13,936 5,366 84 8,236 8,236 0 249 31,062 13,613 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 Wednesday figures End-of-month figures July Sept. Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . 799,982 724,699 724,699 265,015 437,374 19,533 2,777 0 35,500 273 17 0 257 -1,211 40,721 11,041 2,200 36,429 805,144 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 22 0 314 728 38,200 11,041 2,200 36,429 801,657 736,360 736,360 269,758 443,697 19,983 2,921 0 25,750 910 240 355 316 -311 38,949 11,041 2,200 36,429 795,719 727,339 727,339 266,259 438,764 19,533 2,783 0 28,500 1,234 924 0 310 751 37,896 11,041 2,200 36,429 793,751 729,579 729,579 267,508 439,752 19,533 2,786 0 26,000 346 12 0 334 -351 38,177 11,041 2,200 36,429 805,144 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 22 0 314 728 38,200 11,041 2,200 36,429 802,274 730,418 730,418 267,780 440,292 19,533 2,813 0 31,500 331 25 0 305 1,225 38,800 11,041 2,200 36,429 804,964 733,268 733,268 267,826 442,593 19,983 2,865 0 32,000 333 13 0 321 266 39,097 11,041 2,200 36,429 794,292 733,388 733,388 267,922 442,593 19,983 2,889 0 20,250 329 1,051 39,273 11,041 2,200 36,429 805,399 736,082 736,082 269,487 443,697 19,983 2,914 0 30,250 353 17 0 336 -616 39,329 11,041 2,200 36,429 762,035 27,480 27,480 0 252 765,723 26,487 26,487 0 262 766,482 26,920 26,920 0 237 764,681 23,503 23,503 0 250 763,446 24,114 24,114 0 267 765,723 26,487 26,487 0 262 770,725 25,154 25,154 0 255 769,018 25,960 25,960 0 252 767,373 23,991 23,991 0 254 768,059 23,811 23,811 0 237 14,119 5,064 83 8,674 8,674 0 297 30,326 15,442 14,714 5,650 81 8,717 8,717 0 265 30,748 16,880 13,636 4,381 96 8,864 8,864 0 295 31,015 13,037 15,184 5,669 78 9,118 9,115 3 319 30,553 11,217 13,700 4,603 80 8,721 8,721 0 296 30,609 11,285 14,714 5,650 81 8,717 8,717 0 265 30,748 16,880 13,725 4,445 82 8,884 8,884 0 314 31,016 11,069 14,542 5,319 83 8,882 8,882 0 258 30,807 14,055 14,279 5,718 83 8,237 8,237 0 240 30,779 7,287 13,041 4,479 83 8,236 8,236 0 243 30,719 19,202 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 2005 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal Adjustment 2005 2002 2003 2004 Dec. Dec. Dec. Mar. Apr. May June July Aug. Sept. 9,926 43,362 30,347 13,016 40,272 38,263 2,009 10,861 44,063 32,086 11,976 42,947 41,906 1,040 12,047 47,261 34,803 12,458 46,850 44,940 1,909 12,060 46,740 33,973 12,767 46,033 44,251 1,782 12,965 45,330 33,710 11,620 46,675 45,006 1,669 12,046 45,590 34,431 11,159 46,477 44,955 1,522 11,249 46,238 34,850 11,387 46,100 44,325 1,774 10,882 47,235 35,593 11,642 46,475 44,743 1,732 10,368 48,119 34,495 13,624 44,863 43,240 1,623 11,156 47,194 34,466 12,727 45,622 43,568 2,055 80 46 17 0 29 63 11 0 52 49 13 0 37 132 52 0 80 139 6 0 133 249 85 0 164 425 176 12 237 362 63 3 297 332 12 5 315 45 35 B weekly a\ erages of daily igures for two- A-eek periods ending on dates indict ted 2005 1 2 3 4 5 6 7 8 u 10 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Secondary June 8 June 22 July 6 July 20 Aug. 3 Aug. 17 Aug. 31 Sept. 14 Sept. 28 Oct. 12 11,879 45,124 34,036 11,089 45,914 44,093 1,821 10,901 45,810 34,539 11,272 45,440 43,809 1,630 11,230 48,100 36,211 11,889 47,441 45,461 1,979 9,361 46,924 34,279 12,645 43,639 42,315 1,324 12,628 47,160 36,930 10,231 49,558 47,442 2,116 8,579 49,267 32,862 16,405 41,441 40,118 1,323 11,673 47,177 35,606 11,571 47,278 45,461 1,817 9,583 46,804 32,447 14,358 42,029 40,256 1,773 12,983 47,196 36,729 10,467 49,712 47,412 2,300 9,385 49,903 32,763 17,140 42,148 39,847 2,300 154 7 0 148 171 18 0 153 480 279 0 201 321 90 0 232 527 230 34 264 357 79 0 279 333 317 12 0 305 336 7 0 330 415 59 76 280 0 322 Adjustment 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 12/16/05 Effective date Previous rate On 12/16/05 Effective date Previous rate On 12/16/05 Effective date Previous rate 5.25 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 5.00 5.75 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 5.50 4.20 12/8/05 4.15 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 12/13/05 12/14/05 12/13/05 12/13/05 12/13/05 12/13/05 i 5.25 ' 5.00 5.75 1 12/13/05 12/14/05 12/13/05 12/13/05 12/13/05 12/13/05 i 1 1 5.50 4.20 12/8/05 4.15 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 2005—Feb. 3.25-3.50 3.50 Effective date In effect Jan. 9,2003 (beginning of program) Effective date 2005—Feb. 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 In effect December 16, 2005 . . . 2 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 3.50 3.50-3.75 3.75 3.75^1.00 4.00 4.00^1.25 4.25 4.25^1.50 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 4.50 4.75 4.75 5.00 5.00 5.25 5.25 5.25 5.25 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. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • December 2005 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$7.8 million2 2 More than $7.8 million-$48.3 million3 3 More than $48.3 million Percentage of liabilities 0 10 4 Nonpersonal time deposits 0 5 Eurocurrency liabilities 0 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/22/05 12/22/05 12/22/05 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. May July 63,637 63,637 1,760 0 70,894 70,894 0 250 0 91,408 91,408 0 0 0 68,438 68,438 0 2,751 0 66,899 66,899 0 U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 21,421 0 657.931 657,931 0 738,886 738,886 18,138 0 821,685 821,685 0 66,741 66,741 0 0 78,822 78,822 0 12,720 0 89,108 -92,075 0 6,565 0 96,433 -103,153 7,994 0 103,380 -118,373 0 0 2,989 -12,710 0 0 8,334 -8,000 211 0 0 0 0 0 0 23,149 -26,036 0 0 0 7,997 -6,667 1,305 0 0 0 0 0 1,298 0 26,261 -18,253 757 12,748 0 -73,093 88,276 7,814 0 -76,364 97,256 17,249 0 -84,844 110,819 0 3,180 11,498 0 0 -8,334 8,000 1,200 0 0 0 2,295 0 -19,402 23,565 0 0 -7,997 6,667 0 0 0 0 1,390 0 -20,702 16,781 5,074 0 -11,588 3,800 4,107 0 -11,131 5,897 5,763 0 -8,012 7,554 -3,112 1,212 0 0 0 0 470 0 0 0 0 -1,277 2,471 340 0 0 0 0 0 0 0 0 -2,919 1,472 2,280 0 -4,427 0 220 0 -8,938 1,364 0 -10,524 0 0 0 0 0 230 0 0 0 0 -2,471 785 0 0 0 0 0 0 0 0 0 -2,640 0 54,242 0 0 36,856 0 50,507 0 0 0 0 211 1,900 0 4,953 0 1,375 0 1,305 0 0 0 6,427 0 757 54,242 36,856 1,900 4,953 1,153,876 1,518,638 1,887,650 125,250 120,250 201,500 204,250 163,500 167,000 186,250 179,000 173,250 173,500 201,750 200,750 200,750 200,750 4,942,131 4,946,691 5,621,153 5,626,285 490,482 488,781 581,322 580,402 505,211 507,649 547,538 546,380 526,972 527,769 531,351 532,647 555,779 554,786 0 0 -3,058 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 4,981,624 4,958,437 231,272 252,363 37 Net change in temporary transactions -8,653 -310 -15,882 6,700 -1,831 -5,938 8,408 -1,047 -297 993 38 Total net change in System Open Market Account 45,589 36,536 34,626 6,402 -2,041 -4,038 13,361 -977 -297 6,662 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • December 2005 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Sept. 7 Sept. 14 Sept. 21 Sept. 28 July Aug. Sept. 11,037 2,200 726 763,020 736,360 736,360 269,758 443,697 19,983 2,921 0 25,750 910 4,937 1,842 37,132 19,380 17,753 Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, and loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans Items in process of collection Bank premises Other assets Denominated in foreign currencies'" All other7 19 Total assets 11,037 2,200 659 766,216 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 7,080 1,834 36,458 19,790 16,668 11,037 2,200 655 762,249 730,418 730,418 267,780 440,292 19,533 2,813 0 31,500 331 9,775 1,832 37,018 19,955 17,063 11,037 2,200 667 765,601 733,268 733,268 267,826 442,593 19,983 2,865 0 32,000 333 7,194 1,834 37,384 19,801 17,583 11,037 2,200 700 753,968 733,388 733,388 267,922 442,593 19,983 2,889 0 20,250 11,037 2,200 644 760,472 724,699 724,699 265,015 437,374 19,533 7,928 1,839 37,595 19,657 17,938 11,037 2,200 708 766,685 736,082 736,082 269,487 443,697 19,983 2,914 0 30,250 353 6,193 1,838 37,497 19,341 18,156 35,500 273 3,774 1,827 38,954 19,476 19,478 11,037 2,200 659 766,216 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 7,080 1,834 36,458 19,790 16,668 825,483 824,766 825,917 815,266 826,159 818,908 825,483 820,894 730,211 26,487 31,698 25,702 5,650 81 265 6,339 3,561 735,201 25,154 24,846 20,005 4,445 82 314 8,549 3,645 733,504 25,960 28,718 23,058 5,319 83 258 6,928 3,751 731,894 23,991 21,709 15,667 5,718 83 240 6,894 3,745 732,570 23,811 32,607 27,802 4,479 83 243 6,452 3,829 726,497 27,480 29,626 24,182 5,064 83 297 4,979 3,368 730,211 26,487 31,698 25,702 5,650 81 265 6,339 3,561 731,011 26,920 26,698 21,927 4,381 96 295 5,249 3,947 798,297 797,395 798,861 788,233 799,269 791,950 798,297 793,826 13,402 11,630 2,155 13,403 11,630 2,338 13,297 11,630 2,129 13,302 11,630 2,102 13,306 11,623 1,961 13,389 11,513 2,056 13,402 11,630 2,155 13,307 11,630 2,132 27,186 27,371 26,890 26,958 1,469,799 1,100,713 369,086 4,655 1,465,764 1,097,542 368,222 5,376 1,466,811 1,087,464 379,347 5,930 1,457,526 1,095,695 361,831 3,827 mi o LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 32 Other capital accounts 27,068 33 Total capital 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 1,459,821 1,086,811 373,011 5,412 1,460,212 1,084,779 375,433 5,888 1,469,799 1,100,713 369,086 4,655 1,460,798 1,080,684 380,114 5,732 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 885,896 886,271 886,582 888,632 890,029 875,153 885,896 890,662 155,686 730,211 730,211 11,037 2,200 716,974 0 151,070 735,201 735,201 11,037 2,200 721,965 0 153,078 733,504 733,504 11,037 2,200 720,267 0 156,738 731,894 731,894 11,037 2,200 718,657 0 157,458 732,570 732,570 11,037 2,200 719,334 0 148,656 726,497 726,497 11,037 2,200 713,260 0 155,686 730,211 730,211 11,037 2,200 716,974 0 159,651 731,011 731,011 11,037 2,200 717,775 0 765,880 761,918 765,268 753,638 766,332 760,199 765,880 762,110 26,513 25,178 25,984 24,011 23,829 27,518 26,513 26,955 739,367 736,740 739,284 729,627 742,503 732,681 739,367 735,154 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 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 July Sept. 1 Total loans 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 329 25 0 225 49 278 58 807 733,388 736,082 724,699 730,380 736,360 58,604 155,983 174,748 214,351 52,588 77,115 58,488 155,823 176,589 215,465 52,592 77,125 39,519 174,767 169,655 209,724 52,887 78,148 52,781 155,418 180,980 211,783 52,433 76,985 34,338 173,327 184,920 214,053 52,593 77,128 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 31,500 32,000 20,250 30,250 35,500 35,500 25,750 31,500 0 32,000 0 20,250 0 30,250 0 35,500 0 35,500 0 25,750 0 25,960 23,991 23,811 25,960 0 23,991 0 23,811 0 278 58 0 100 231 0 61 272 730,380 730,418 733,268 52,781 155.418 180,980 211,783 52,433 76,985 52,350 162,436 174,407 211,793 52,437 76,996 52,446 162,236 174,557 214,341 52,583 77,104 0 0 0 0 0 0 0 0 0 0 0 0 19 Total repurchase agreements2 35,500 20 Within 15 days 35,500 0 5 Total U.S. Treasury securities' 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements" 26,487 26,487 25,154 0 23 Within 15 days 24 16 days to 90 days NOTE: Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 103 0 26,487 27,480 0 26,487 0 26,920 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • December 2005 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Apr. May July Aug. Sept. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 41.50 41.43 39.85 635.41 40.44 40.36 38.43 681.30 42.77 42.72 41.73 719.85 46.80 46.74 44.89 758.60 45.96 45.92 44.47 764.31 46.81 46.76 45.03 766.51 46.59 46.45 44.92 767.42 45.89 45.75 44.36 768.40 46.68 46.43 44.91 771.68 46.10 45.68 44.37 772.24 44.54 44.18 42.92 774.59 45.73 45.39 43.67 777.28 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 41.18 41.11 39.53 639.91 40.13 40.05 38.12 686.23 42.45 42.41 41.41 725.20 46.52 46.46 44.61 764.66 46.69 46.65 45.20 763.23 45.99 45.95 44.21 764.70 46.61 46.47 44.94 766.32 46.38 46.24 44.86 766.94 45.99 45.74 44.22 770.91 46.34 45.92 44.61 773.70 44.70 44.34 43.08 773.68 45.45 45.11 43.39 776.99 41.06 40.99 39.41 648.74 1.65 .07 40.27 40.19 38.26 697.15 2.01 .08 42.95 42.90 41.91 737.62 1.04 .05 46.85 46.79 44.94 774.77 1.91 .06 46.72 46.68 45.22 772.48 1.50 .04 46.03 45.98 44.25 773.85 1.78 .05 46.68 46.54 45.01 775.32 1.67 .13 46.48 46.34 44.96 775.69 1.52 .14 46.10 45.85 44.33 779.56 1.77 .25 46.48 46.05 44.74 782.53 1.73 .43 44.86 44.50 43.24 782.68 1.62 .36 45.62 45.29 43.57 785.68 2.06 .33 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Aug. Sept. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,182.0 5.451.1 8,037.2 1,219.2 5,802.9 8,575.6 1,305.1 6,085.2 8,885.3 1,373.5 6,430.7 9,450.5 1,374.4 6,515.6 9,748.2 1,354.3 6,525.1 9,776.8' 1,371.0 6,554.4 9,878.8' 1,363.4 6,587.9 9,976.2 581.1 8.0 335.3 257.6 626.1 7.8 305.8 279.4 662.1 7.7 324.8 310.4 696.9 7.6 340.7 328.3 708.9 7.3 339.2 318.9 709.3 7.3 321.2 316.5 712.4 7.4 331.8 319.4 715.4 7.4 322.4 318.3 4,269.1 2,586.1 4,583.7 2,772.7 4,780.1 2,800.1 5,057.2 3,019.8 5,141.2 3,232.6 5,170.8 3,251.6 5,183.4 3,324.4 5,224.5 3,388.3 Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 1,740.0 634.4 686.8 2,062.0 589.7 697.0 2,340.5 536.0 761.9 2,638.4 544.1 907.1 2,670.2 601.3 1,036.3 2,691.9 610.4 1,025.4 2,693.4 617.7' 1,066.6 2,720.1 624.6 1,092.6 Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 573.6 338.8 114.3 718.5 302.1 117.0 832.6 273.1 120.0 890.9 271.2 160.0 866.7 301.2 197.9 860.8 305.7 202.3 861.6 312.2 208.9 856.5 317.5 215.5 982.4 1,197.4 911.4 1,250.5 798.0 1,120.7 712.6 1,072.7 701.9 1,069.2 702.0 1,078.4 698.4 1,093.0 705.9 1,119.4 375.8 211.8 476.8 231.5 500.6 297.0 497.3 382.6 499.3 429.8 507.7 437.8 517.6 438.2 526.9 433.9 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,208.3 5,485.1 8,104.9 1,245.2 5,832.2 8,634.5 1,332.2 6,112.0 8,929.7 1,401.4 6,454.5 9,481.5 1,377.8' 6,522.8 9,764.3 1,357.1' 6,541.8 9,774.7 1,368.3 6,563.0 9,876.1 1,354.4 6,593.7 9,956.7 585.2 7.9 354.2 261.0 630.3 7.7 323.5 283.8 666.7 7.6 342.8 315.0 702.4 7.5 358.8 332.7 708.5 7.4 340.0 321.8 711.4 7.5 322.2 315.9 712.1 7.5 329.7 319.0 713.9 7.4 319.1 314.0 Nontransaction components 27 In M27 28 In M3 onlys 4,276.8 2,619.8 4,587.0 2,802.3 4,779.8 2,817.7 5,053.1 3,027.0 5,145.0 3,241.5 5,184.8 3,232.9 5,194.7 3,313.1 5,239.3 3,363.0 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 1,742.5 635.2 690.1 2,061.0 590.4 699.0 2,337.3 536.5 762.7 2,632.8 544.6 907.1 2,677.9 600.3 1,047.0 2,706.7 609.4 1,030.4 2,701.4 616.8 1,068.3 2,732.3 624.0 1,091.5 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 574.4 339.2 114.8 718.2 302.4 117.3 831.5 273.3 120.1 889.0 271.4 160.0 869.2 300.7 200.0 865.6 305.2 203.3 864.1 311.7 209.3 860.3 317.1 215.3 985.5 1,228.1 915.1 1,280.8 801.2 1,143.8 715.2 1,089.9 696.9 1,059.0 697.9 1,066.2 700.6 1,087.8 705.5 1,103.7 376.5 210.3 476.4 228.8 498.2 292.8 493.1 377.0 512.9 422.7 504.8 428.2 515.9 431.8 524.0 428.5 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. 14 Federal Reserve Bulletin Statistical Supplement • December 2005 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 ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2005 2005 2004 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 6.759.8 1,924.8 1,145.4 779.5 4.834.9 915.7 2.523.9 394.4 2.129.5 685.6 236.8 472.9 354.8 318.7 648.2 7.166.2 2,071.5 1,199.9 871.6 5.094.8 986.5 2.689.7 425.8 2.263.9 704.4 237.5 476.7 287.8 329.3 677.5 7.220.8 2,055.1 1,172.3 882.8' 5.165.7 992.1 2.732.8 430.1 2.302.7 707.0 248.7 485.2 268.7 333.7 694.2 7.274.9' 2,062.1' 1,176.1 886.0' 5.212.8' 1,006.1 2,781.1 437.8' 2 343.3 710.4 232.7' 482.6 260.9 327.7' 680.6 7.350.2' 2,066.6' 1,172.5 894.1' 5.283.6 1,015.0 2,814.8 439.1 2.375.7 717.0 245.2 491.6 275.9 324.2' 688.5 7.395.8' 2,079.4' 1,164.3 915.1 5.316.5' 1,022.3 2,823.8 438.1 2.385.6 719.6 246.2 504.6 283.7 327.4' 697.7 7.407.0 2,071.8 1,156.6 915.2 5.335.2' 1,029.3 2,846.0 436.3 2.409.8 708.4 241.2 510.2 281.8 316.7' 706.7 7.430.8 2,065.9 1,139.4 926.6 5.364.8 1,037.3 2,858.5 436.3 2.422.2 709.5 246.0 513.6 294.5 309.0 714.5 7.407.9 2,065.8 1,138.4 927.4 5.342.1 1,031.3 2,858.3 436.9 2.421.4 709.1 239.7 503.6 290.0 301.1 716.5 7.430.5 2,069.6 1,143.3 926.3 5.361.0 1,036.2 2,853.8 435.4 2.418.4 714.1 247.3 509.6 287.6 302.1 710.3 7.465.9 2,068.5 1,140.4 928.1 5.397.3 1,043.2 2,863.5 436.7 2.426.8 708.7 253.2 528.7 307.7 327.5 713.0 7.428.9 2,062.7 1,135.5 927.2 5.366.1 1,040.5 2,861.4 436.1 2.425.2 705.8 244.8 513.7 294.3 304.4 719.7 8,010.4 8,392.9 8,449.6 8,476.3' 8,570.8' 8,636.1 8,643.7 8,680.3 8,646.7 8,661.9 8,745.7 8,679.3 5.291.8 670.1 4.621.7 1,182.4 3,439.3 1,590.4 430.1 1,160.3 15.7 493.3 5.517.1 677.6 4.839.5 1,299.4 3.540.1 1,628.3 369.7 1,258.6 58.6 488.3 5.561.7 694.9 4.866.8 1,321.0 3,545.8 1,628.1 369.3 1,258.8 41.0 493.0 5.583.5 661.6 4.921.8' 1,318.5 3,603.4 1,620.2 347.3 1,272.9 98.9 483.1 5.655.1' 685.9 4.969.2 1,364.5 3,604.7' 1,667.7 350.3 1,317.4 64.7 482.8 5.683.5 671.7 5.011.8' 1,387.4 3,624.4' 1,674.5 354.7 1,319.8 66.4 499.4 5.695.4 654.0 5.041.4 1,406.8 3,634.6 1,665.7 346.3 1,319.4 88.4 497.2 5.716.5 669.4 5.047.2 1,402.1 3,645.1 1,695.7 363.9 1,331.8 70.2 498.3 5.685.9 613.6 5.072.2 1,413.8 3,658.4 1,685.7 356.0 1,329.6 75.9 501.2 5.714.8 650.4 5.064.3 1,398.1 3,666.3 1,684.0 362.9 1,321.1 62.9 501.2 5.756.3 733.2 5.023.1 1,398.6 3,624.5 1,722.1 365.2 1,357.0 74.2 489.5 5.712.5 692.6 5.019.9 1,396.6 3,623.3 1,694.8 372.4 1,322.3 68.1 499.9 7,391.3 7,692.3 7,723.8 7,785.6 7,870.3 7,923.8 7,946.7 7,980.7 7,948.6 7,962.9 8,042.2 7,975.4 619.1 700.6 725.8 697.0 699.6 698.1 699.0 703.5 704.0 690.7' 700.5' 712.4' Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 6,794.8 1,933.5 1.153.1 780.4 4.861.3 915.6 2.540.3 394.4 2.145.9 690.0 294.9 395.1 242.0 473.2 358.5 328.6 650.6 7,157.8 2,074.9 1.208.2 866.8 5.082.9 990.8 2.689.4 426.7 2.262.8 698.5 303.1 395.3 229.4 474.8 288.3 324.3 677.2 7,215.0 2,056.8 1.176.1 880.8 5.158.2 994.9 2.726.8 431.5 2.295.3 699.8 306.5 393.3 248.7 488.0 269.2 325.8 690.3 7,255.8' 2,056.2' 1.174.7 881.5' 5.199.6 1,004.7 2,775.8 438.6 2.337.2 702.9 308.0 394.9 229.7 486.6 257.8 322.2' 681.8 7,335.9' 2,065.0' 1.168.7 896.3' 5.270.9 1,009.6 2,816.6 440.5 2.376.1 713.6 308.6 405.0 237.6 493.4 275.5 314.6' 690.6 7,397.9' 2,076.0 1.157.4' 918.5' 5.322.0' 1,018.8 2,831.9 440.0 2.391.9 721.1 311.3 409.8 241.5 508.7 278.3 329.2' 700.5 7,420.3 2,069.9 1.151.8 918.1 5.350.4 1,027.7 2,855.3 437.4 2.418.0 711.0 302.7 408.4 243.5 512.9 278.6 322.0 710.2 7,468.5 2,075.4 1.147.8 927.7 5.393.0 1,037.2 2,877.0 436.3 2.440.7 714.2 309.0 405.2 251.1 513.5 297.7 318.8 717.1 7,447.3 2,073.3 1.143.9 929.4 5,374.1 1,031.1 2.880.1 437.2 2.442.9 712.7 303.9 408.8 247.2 502.9 295.1 302.6 724.8 7,467.2 2,078.3 1.150.4 927.9 5.388.9 1,036.2 2,874.3 435.8 2.438.5 718.3 310.3 408.0 249.4 510.6 293.6 321.2 714.0 7,494.6 2,077.9 1.150.6 927.3 5.416.7 1,042.3 2,880.5 436.6 2.443.9 714.2 311.6 402.6 254.7 524.9 301.7 325.0 706.8 7,473.6 2,075.4 1.147.4 928.1 5.398.1 1,040.8 2,877.3 435.4 2.441.9 711.5 310.7 400.8 253.1 515.5 300.0 325.8 722.2 8,061.6 8,379.7 8,432.4 8,449.9 8,548.5' 8,637.4 8,663.3' 8,733.7 8,701.4 8,727.4 8,759.9 8,753.6 5.302.5 676.0 4.626.6 1,172.7 3,453.9 1,583.3 427.5 1,155.8 25.0 506.0 5.508.4 668.0 4.840.4 1,309.1 3,531.3 1,646.6 370.3 1,276.2 54.2 483.8 5.562.9 687.5 4.875.5 1,328.7 3,546.8 1,639.8 368.8 1,271.0 36.7 488.5 5.567.3' 659.1 4.908.2 1,315.1 3,593.1' 1,621.6 347.1 1,274.5 90.2 474.0 5.632.7 667.3 4.965.4 1,355.7 3,609.7 1,662.1 351.9 1,310.2 64.5 482.7 5.673.1 663.7 5.009.4 1,374.1 3,635.3 1,678.7 355.0 1,323.8 70.8 504.3 5.687.7' 652.9' 5.034.8 1,388.5 3,646.3 1,662.8 346.3 1,316.4 95.3 504.2 5.727.3 675.7 5.051.7 1,391.6 3.660.1 1,688.3 361.8 1,326.5 82.1 510.9 5.707.1 606.0 5.101.1 1,403.3 3,697.8 1,681.4 355.9 1,325.5 85.3 511.6 5.739.9 662.9 5.077.0 1,386.4 3,690.5 1,679.5 361.1 1,318.5 72.8 512.1 5.734.1 727.6 5.006.5 1,389.5 3,617.0 1,705.1 360.4 1,344.7 90.3 505.6 5,732.0 718.4 5.013.6 1,387.4 3,626.2 1,688.0 370.2 1,317.7 80.7 513.2 7,416.9 7,693.0 7,727.9 7,753.2 7,842.1 7,927.0 7,949.9' 8,008.6 7,985.5 8,004.3 8,035.0 8,013.9 644.7 686.7 704.5 696.7' 706.4' 710.4 725.1 715.9 723.1 724.9 739.7 713.4 16 Federal Reserve Bulletin Statistical Supplement • December 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2005 2005 2004 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 6,078.1 1,641.9 1,055.4 586.4 4,436.2 779.9 2,505.7 394.4 2 111.3 685.6 88.6 376.5 304.5 256.9 611.8 6,441.5 1,757.3 1,112.9 644.4 4,684.3 831.7 2,671.3 425.8 2,245.6 704.4 106.9 369.9 239.6 267.7 642.4 6,487.6 1,736.4 1,085.3 651.1 4,751.2 838.3 2,714.3 430.1 2,284.3 707.0 113.8 377.8 219.0 273.6 657.2 6,529.5 1,736.1 1,090.2 645.8 4,793.5 845.5 2,764.3 437.8' 2,326.5 710.4 103.5 369.8 209.8 267.1 644.1 6,579.2 1,732.1 1,087.4 644.7 4,847.1 850.5 2,798.1 439.1 2,359.0 717.0 103.4 378.1 227.0 262.8 651.8 6,608.6 1,727.5 1,078.7 648.8 4,881.1 858.4 2,807.0 438.1 2,368.9 719.6 107.9 388.2 233.5 267.5' 657.5 6,606.2 1,710.9' 1,074.0 636.8 4,895.3 865.3 2,824.4 436.3 2,388.2 708.4 103.7 393.5 233.8 260.3 667.6' 6,618.0 1,701.2 1,057.8 643.4 4,916.9 872.9 2,836.0 436.3 2,399.8 709.5 108.2 390.3 248.1 254.4 673.7 6,600.4 1,697.4 1,055.5 641.9 4,903.0 869.2 2,836.0 436.9 2,399.2 709.1 105.8 382.8 245.6 246.8 670.2 6,621.6 1,705.9 1,062.4 643.5 4,915.7 873.0 2,831.1 435.4 2,395.8 714.1 110.3 387.2 242.0 247.2 669.1 6,644.4 1,705.0 1,058.8 646.3 4,939.3 877.0 2,841.0 436.7 2,404.3 708.7 110.6 402.1 261.3 271.5 675.5 6,612.2 1,698.9 1,054.4 644.5 4,913.3 873.9 2,839.0 436.1 2,402.8 705.8 105.4 389.2 245.4 251.4 680.8 7,180.8 7,523.8 7,570.1 7,583.2 7,653.2 7,699.0 7,699.8 7,726.2 7,694.7 7,711.6 7,784.8 7,722.3 4,743.6 658.6 4,085.1 659.8 3,425.3 1,225.0 377.5 847.5 192.0 394.0 4,929.7 664.7 4,265.0 745.5 3,519.5 1,258.7 323.6 935.1 255.2 394.9 4,959.6 683.1 4,276.6 752.0 3,524.6 1,266.1 318.3 947.8 231.3 394.3 5,001.2' 650.0 4,351.3 768.4 3,582.8' 1,251.8 299.1 952.7 254.3 388.2 5,026.2' 673.5 4,352.7 770.7 3,581.9' 1,278.9 297.6 981.3 265.0 386.6 5,046.6 659.7' 4,386.9' 788.2 3,598.7' 1,290.0 304.6 985.5 258.6 393.2 5,051.8' 642.2 4,409.5 797.9 3,611.6 1,279.2 296.7 982.5 278.5 383.9 5,089.2 657.4 4,431.9 809.3 3,622.6 1,282.7 306.2 976.6 264.2 383.3 5,051.2 601.8 4,449.4 812.5 3,636.9 1,278.3 304.8 973.5 275.2 378.6 5,088.1 638.1 4,450.1 805.1 3,645.0 1,281.8 308.3 973.5 251.7 384.9 5,133.8 721.0 4,412.7 810.9 3,601.8 1,303.1 304.2 998.9 266.8 379.2 5,088.0 681.0 4,407.0 809.0 3,598.0 1,269.3 308.5 960.8 262.9 390.1 6,554.6 6,838.5 6,851.5 6,895.4' 6,956.7' 6,988.4 6,993.3 7,019.5 6,983.4 7,006.6 7,082.9 7,010.3 626.2 685.3 718.7 687.8' 696.5' 710.6 706.5 706.8 711.3 705.0 701.9 712.0 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 6,111.6 1,650.5 1,063.1 587.4 4,461.0 780.5 2,522.1 394.4 2,127.7 1,078.1' 1,049.6' 690.0 294.9 395.1 89.7 378.7 308.3 266.8 614.9 6,435.8 1,760.7 1,121.2 639.6 4,675.0 836.0 2,671.1 426.7 2,244.4 1,116.7' 1,127.8' 698.5 303.1 395.3 102.0 367.4 240.1 263.3 641.5 6,481.6 1,738.1 1,089.1 649.0 4,743.5 841.5 2,708.4 431.5 2,276.8 1,133.9' 1,142.9' 699.8 306.5 393.3 114.9 379.0 219.6 266.2 653.3 6,513.5 1,730.1 1,088.8 641.3 4,783.4 844.9 2,759.0 438.6 2,320.4 1,161.0 1,159.4 702.9 308.0 394.9 104.0 372.6 206.7 262.3 646.4 6,573.8 1,730.5 1,083.6 646.9 4,843.4 846.9 2,799.9 440.5 2,359.4 1,187.9 1,171.5 713.6 308.6 405.0 104.3 378.6 226.6 253.1 654.2 6,617.6' 1,724.1 1,071.8 652.3 4,893.4 856.5 2,815.2 440.0 2,375.2 1,191.4 1,183.8 721.1 311.3 409.8 109.3 391.4 228.1 268.1 662.0 6,623.4 1,708.9 1,069.2 639.8 4,914.5' 865.7 2,833.7 437.4 2,396.4 1,200.6 1,195.8 711.0 302.7 408.4 107.2 396.7 230.6 264.6 672.2 6,655.2 1,710.7 1,066.2 644.5 4,944.5 873.6 2,854.6 436.3 2,418.3 1,212.9 1,205.3 714.2 309.0 405.2 109.4 392.7 251.3 264.2 677.1 6,636.2 1,704.9 1,061.1 643.9 4,931.3 870.4 2,857.8 437.2 2,420.7 1,218.8 1,201.9 712.7 303.9 408.8 106.4 383.9 250.7 248.8 678.7 6,660.1 1,714.6 1,069.5 645.1 4,945.5 873.8 2,851.7 435.8 2,415.8 1,210.4 1,205.4 718.3 310.3 408.0 111.2 390.5 248.0 266.1 673.9 6,676.6 1,714.4 1,069.0 645.4 4,962.2 876.7 2,858.0 436.6 2,421.4 1,213.5 1,207.9 714.2 311.6 402.6 111.5 401.9 255.3 269.9 670.3 6,653.8 1,711.6 1,066.2 645.4 4,942.2 874.4 2,854.9 435.4 2,419.5 1,211.3 1,208.2 711.5 310.7 400.8 107.4 394.0 251.1 271.9 684.0 7,231.0 7,513.2 7,553.2 7,561.6 7,640.2' 7,707.6 7,723.3 7,779.8 7,746.4 7,779.9 7,804.3 7,793.2 4,767.7 664.5 4,103.2 663.0 3,440.2 1,217.9 374.9 843.0 198.7 404.6 4,907.5 655.3 4,252.3 742.1 3,510.1 1,277.0 324.2 952.8 252.9 391.8 4,952.2 675.7 4,276.6 751.3 3,525.2 1,277.8 317.8 960.0 229.7 391.8 4,986.6' 647.5 4,339.2 766.5 3,572.6' 1,253.3 298.9 954.3 247.5 380.3 5,012.6 655.0 4,357.5' 770.3 3,587.2' 1,273.3 299.2 974.1 264.4 386.2 5,047.7 651.5' 4,396.2' 786.2 3,610.0' 1,294.2 304.9 989.4 261.3 396.8 5,065.3' 641.0' 4,424.3 800.3 3,624.0 1,276.3 296.8 979.5 282.5 388.6 5,115.4 663.8 4,451.6 813.4 3,638.1 1,275.3 304.1 971.2 273.2 393.6 5,089.5 594.4 4,495.1 818.2 3,676.9 1,274.1 304.7 969.4 282.6 387.1 5,129.9 650.5 4,479.4 809.5 3,669.8 1,277.3 306.4 970.9 258.8 393.6 5,124.7 715.7 4,408.9 814.2 3,594.8 1,286.1 299.4 986.7 279.1 392.3 5,120.2 706.8 4,413.5 812.0 3,601.5 1,262.5 306.3 956.2 272.4 401.1 6,588.9 6,829.3 6,851.5 6,867.7 6,936.5' 7,000.0 7,012.7 7,057.6 7,033.2 7,059.6 7,082.2 7,056.3 642.1 683.9 701.7 693.9' 707.6 710.6 722.3 713.1 720.3 722.1 736.9 703.6 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2005 2005 2004 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 State and local government 25 Agricultural 26 Federal funds sold to and repurchase agreements with others 27 All other loans 28 Lease-financing receivables 29 Interbank loans 30 Federal funds sold to and repurchase agreements with commercial banks 31 Other 32 Cash assets5 33 Other assets6 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Non transaction 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)5 Footnotes appear on p. 21. 3,391-V 930.6 561.2 45.7 515.5 410.6 104.8 369.5 202.1 167.3 33.5 133.9 2,461.0 459.3 1,262.0 280.3 981.7 614.9 366.8 384.4 80.9 3,570.2 1,031.4 611.5 53.9 557.6 458.3 99.3 419.9 218.7 201.1 36.8 164.3 2,538.8 489.2 1,302.4 299.8 1,002.6 623.1 379.5 382.0 98.4 3,588.8 1,019.4 591.2 51.0 540.2 440.8 99.3 428.3 224.0 204.3 36.6 167.7 2,569.4 492.2 1,318.2 300.1 1,018.0 634.0 384.0 380.0 105.1 3,608.9 1,021.6 597.7 49.4 548.3 449.0 99.3 423.9 214.9 209.0 37.6 171.4 2,587.3 493.0 1,352.0 303.1 1,048.9 658.1 390.8 381.9 94.6 3,640.4 1,016.3 594.2 46.7 547.4 447.6 99.8 422.2 211.9 210.3 37.8 172.5 2,624.0 495.3 1,375.8 303.5 1,072.2 677.0 395.2 385.7 94.3 3,663.6 1,016.0 588.3 36.8 551.5 449.6 101.9 427.7 213.2 214.5 38.1 176.4 2,647.6 500.1 1,381.5 303.5 1,078.0 678.8 399.2 386.8 98.3 3,673.5 1,010.3 588.1 41.6 546.5 444.5 102.0 422.1 203.5 218.7 37.5 181.2 2,663.2 507.1 1,391.4 305.0 1,086.4 684.2 402.2 384.8 93.9 3,670.6 1,002.1 572.3 42.3 530.0 434.8 95.2 429.8 204.0 225.8 37.9 187.9 2,668.5 510.5 1,396.3 304.1 1,092.2 690.6 401.6 382.3 98.0 3,653.3 996.0 568.3 48.0 520.3 426.7 93.6 427.8 204.2 223.6 37.8 185.8 2,657.3 507.7 1,396.1 305.2 1,090.9 691.1 399.8 382.8 96.1 3,672.0 1,006.8 577.8 44.4 533.3 436.7 96.6 429.0 204.2 224.8 37.8 187.1 2,665.2 510.6 1,390.8 303.4 1,087.4 686.0 401.4 385.3 100.2 3,692.4 1,005.3 574.1 39.4 534.7 438.3 96.4 431.1 205.7 225.4 38.4 187.0 2,687.1 513.6 1,400.7 303.9 1,096.8 693.6 403.2 380.9 100.0 3,668.5 1,003.3 569.2 36.7 532.5 438.1 94.4 434.1 203.6 230.5 37.9 192.6 2,665.2 511.0 1,399.0 303.5 1,095.5 692.8 402.8 379.7 95.3 59.9 20.9 16.6 9.6 82.7 15.7 17.0 9.1 89.4 15.7 16.8 9.1 79.5 15.0 17.0 9.1 78.6 15.7 17.6 9.2 82.2 16.2 18.2 9.4 77.2 16.7 18.5 9.6 80.6 17.4 18.7 9.6 78.1 17.9 18.4 9.6 82.8 17.4 18.7 9.6 82.2 17.8 18.9 9.6 78.7 16.6 18.8 9.7 27.4 125.5 95.3 220.3 20.6 127.5 92.7 164.4 26.2 129.4 92.6 145.7 21.2 125.7 92.8 135.3 24.7 128.9 92.6 150.0 28.3 132.6 92.5 154.9 31.8 134.3 91.8 150.7 19.2 142.0 91.9 158.9 16.4 138.8 91.5 161.1 14.3 144.0 91.8 151.4 22.8 148.6 91.9 168.1 22.4 137.2 92.2 155.4 123.5 96.8 144.6 447.1 98.9 65.5 152.9 447.1 80.1 65.6 158.2 452.4 67.3 68.1 150.3 446.1 83.8 66.2 144.1 453.5 88.9 66.1 146.7 455.7 86.2 64.5 141.2 466.7 94.7 64.2 137.3 468.0 95.6 65.4 131.3 465.7 87.6 63.8 132.5 467.0 102.0 66.1 148.8 474.2 93.2 62.2 136.1 465.8 4,165.4 4,300.2 4,310.7 4,306.5 4,354.2 4,386.9 4,397.7 4,400.8 4,377.0 4,388.8 4,449.7 4,392.3 2,443.4 322.6 2,120.8 306.7 1,814.1 736.7 195.8 540.9 184.5 321.5 2,505.2 316.3 2,188.9 350.6 1,838.3 742.7 152.3 590.3 244.4 323.8 2,518.8 327.7 2,191.1 352.8 1,838.2 752.9 150.2 602.7 221.4 320.8 2,527.9 304.0 2 223 9 361.2 1,862.7 742.4 133.7 608.7 240.8 317.3 2,536.2 316.6 2 219 7 358.2 1,861.5 767.9 134.7 633.1 250.9 314.4 2,543.3 311.1 2 232 3 372.4 1,859.9 772.9 139.4 633.4 245.4 320.7 2,545.8 298.4 2 247 4 374.7 1,872.7 776.6 135.6 641.1 262.9 312.3 2,571.1 308.2 2 262 9 380.1 1,882.7 111 .9 140.1 637.8 250.8 310.0 2,539.7 269.4 2 270 4 378.3 1,892.0 773.5 137.9 635.6 260.4 306.6 2,565.7 295.6 2 270 1 379.1 1,891.0 781.9 143.4 638.4 237.0 311.8 2,605.6 353.0 2 252 6 383.0 1,869.6 790.2 137.6 652.6 255.3 305.5 2,578.4 323.1 2 255 3 381.2 1,874.1 766.2 141.4 624.8 250.3 315.2 3,686.1 3,816.0 3,813.9 3,828.4 3,869.4 3,882.2 3,897.7 3,909.8 3,880.3 3,896.4 3,956.6 3,910.1 479.3 484.2 496.8 478.1 484.8 504.6 500.0 491.0 496.7 492.4 493.0 482.2 18 Federal Reserve Bulletin Statistical Supplement • December 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2005 2005 2004 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Not seasona lly 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 80 Cash assets5 81 Other assets8 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 U.S From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)5 Footnotes appear on p. 21. 3,410.4 940.8 570.4 46.1 524.2 418.4 105.9 370.4 202.7 167.8 33.6 134.2 2,469.7 461.0 1,265.7 280.5 985.2 617.1 368.1 385.1 143.6 241.5 81.8 3,572.8 1,037.0 621.9 54.7 567.2 466.4 100.8 415.0 216.2 198.8 36.4 162.4 2,535.9 491.2 1,306.8 300.6 1,006.2 625.4 380.8 379.3 143.3 235.9 93.6 3,592.4 1,019.9 593.7 51.4 542.3 442.3 100.0 426.2 222.9 203.3 36.4 166.9 2,572.5 493.6 1,321.0 301.3 1,019.7 635.1 384.6 377.4 144.7 232.7 106.1 3,602.7 1,017.6 598.3 49.2 549.0 450.0 99.0 419.4 212.6 206.8 37.2 169.6 2,585.1 492.2 1,352.2 303.8 1,048.5 657.8 390.7 378.4 144.7 233.7 95.1 3,639.6 1,018.0 593.6 46.5 547.1 447.6 99.5 424.4 213.0 211.4 38.0 173.4 2,621.6 493.6 1,377.3 304.7 1,072.6 677.3 395.3 384.0 142.8 241.1 95.1 3,669.3 1,015.6 584.5 36.4 548.1 447.3 100.8 431.1 214.9 216.2 38.4 177.9 2,653.7 500.3 1,383.5 304.5 1,078.9 679.4 399.5 387.7 143.2 244.6 99.9 3,680.9 1,009.5 584.5 40.8 543.6 443.5 100.1 425.1 204.9 220.2 37.8 182.4 2,671.4 508.4 1,392.4 305.4 1,087.0 684.6 402.4 385.2 141.9 243.2 97.5 3,691.1 1,012.9 582.0 42.7 539.3 443.2 96.1 430.9 204.5 226.4 38.0 188.4 2,678.2 512.4 1,400.4 304.2 1,096.2 693.1 403.1 382.9 142.2 240.7 99.1 3,673.3 1,006.4 576.7 48.2 528.5 434.4 94.1 429.7 205.1 224.6 37.9 186.7 2,666.9 509.9 1,402.2 305.2 1,097.0 695.0 402.0 383.6 139.5 244.1 96.3 3,693.3 1,017.2 586.6 44.9 541.7 444.1 97.6 430.7 205.0 225.7 37.9 187.8 2,676.1 512.9 1,395.7 303.8 1,092.0 688.9 403.1 385.7 142.1 243.6 100.8 3,706.6 1,014.5 584.2 39.8 544.4 447.1 97.3 430.3 205.3 225.0 38.3 186.7 2,692.1 514.9 1,403.2 304.2 1,099.0 695.0 404.0 381.4 143.4 238.0 100.9 3,693.7 1,016.5 581.5 37.3 544.2 448.2 96.0 434.9 204.0 230.9 38.0 193.0 2,677.3 512.5 1,402.4 303.4 1,099.0 695.0 404.0 380.4 144.1 236.4 97.2 60.6 21.2 16.6 9.6 78.7 14.9 17.0 9.1 90.3 15.8 16.8 9.1 80.0 15.1 17.0 9.2 79.3 15.8 17.6 9.2 83.4 16.5 18.2 9.4 80.2 17.3 18.5 9.6 81.5 17.6 18.7 9.6 78.3 18.0 18.4 9.6 83.3 17.5 18.7 9.7 82.9 18.0 18.9 9.6 80.2 16.9 18.8 9.7 27.4 126.9 95.6 222.5 20.6 125.8 92.6 167.2 26.2 130.0 92.4 147.6 21.2 127.1 92.6 134.7 24.7 127.6 92.5 150.1 28.3 134.0 92.5 151.0 31.8 135.9 92.3 146.6 19.2 143.5 92.2 160.5 16.4 138.5 92.0 161.1 14.3 146.1 92.2 154.9 22.8 148.2 92.2 164.3 22.4 141.5 92.3 161.4 124.7 97.8 150.6 450.2 100.5 66.7 149.5 446.2 81.2 66.4 151.3 448.5 67.0 67.7 145.4 448.3 83.8 66.3 136.3 456.0 86.6 64.4 146.0 460.2 83.9 62.7 144.0 471.4 95.6 64.8 143.2 471.4 95.6 65.4 132.6 474.3 89.6 65.3 144.4 471.8 99.7 64.6 146.9 469.0 96.9 64.6 148.6 468.9 4,195.6 4,301.2 4,305.4 4,297.2 4,348.0 4,392.3 4,408.9 4,432.3 4,407.1 4,430.3 4,453.0 4,439.2 2 456 2 325.3 2,130.9 310.0 1,820.9 729.7 193.2 536.4 191.1 332.1 2 487 6 311.1 2,176.5 347.2 1,829.3 760.9 152.9 608.0 242.1 320.7 2,512.4 324.6 2,187.8 352.2 1,835.6 764.6 149.6 614.9 219.7 318.3 2,520.3 301.8 2,218.5 359.3 1,859.2 743.9 133.6 610.3 234.0 309.4 2,526.6 302.3 2,224.2 357.7 1,866.5 762.3 136.3 626.0 250.3 314.0 2,545.6 304.7 2,241.0 370.4 1,870.6 777.1 139.7 637.4 248.1 324.2 2,557.2 295.8 2,261.3 377.1 1,884.2 773.7 135.6 638.1 267.0 317.0 2,585.1 311.3 2,273.8 384.3 1,889.5 770.5 138.1 632.4 259.9 320.3 2,560.0 261.6 2,298.5 384.1 1,914.4 769.3 137.8 631.5 267.7 315.1 2,590.8 303.7 2,287.0 383.5 1,903.5 777.3 141.6 635.8 244.2 320.5 2,595.6 348.4 2,247.2 386.3 1,860.9 773.2 132.8 640.4 267.6 318.6 2,597.0 339.8 2,257.2 384.2 1,873.0 759.4 139.2 620.2 259.9 326.2 3,709.1 3,811.4 3,815.0 3,807.6 3,853.2 3,895.0 3,914.9 3,935.7 3,912.2 3,932.8 3,955.0 3,942.5 486.5 489.8 490.4 489.6 494.8 497.3 494.1 496.6 494.9 497.5 498.0 496.7 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2005 2005 2004 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Seasonall { adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 2,684.7 709.5 492.6 217.0 1,975.2 320.6 1,243.7 114.0 1,129.6 301.1 7.8 102.1 84.2 112.3 164.7 2,869.6 724.2 499.6 224.5 2,145.5 342.5 1,369.0 126.0 1,242.9 322.3 8.5 103.1 75.2 114.8 195.3 2,900.0 718.1 495.3 222.8 2,181.8 346.1 1,396.2 129.9 1,266.2 327.0 8.8 103.8 73.4 115.4 204.8 2,920.7 714.5 492.6 221.9 2,206.2 352.5 1,412.2 134.6 1,277.6 328.5 9.0 104.0 74.4 116.9 198.1 2,937.1 714.0 491.5 222.5 2,223.1 355.2 1,422.3 135.6 1,286.8 331.3 9.1 105.1 77.0' 118.6 198.3 2,942.3 708.8 487.6 221.2' 2,233.5 358.3 1,425.5 134.7 1,290.8 332.8 9.6 107.2 78.5 120.8 201.8 2,932.9 700.7 486.1' 214.7 2,232.2 358.2 1,433.0 131.3 1,301.7 323.6 9.8 107.5 83.1 119.1' 200.8 2,945.9 697.5 483.9 213.6 2,248.4 362.4 1,439.8 132.2 1,307.6 327.2 10.1 108.9 89.3 117.1 205.6 2,944.3 698.7 484.5 214.1 2,245.7 361.5 1,440.0 131.7 1,308.3 326.3 9.8 108.1 84.5 115.5 204.4 2,948.3 697.8 483.3 214.5 2,250.5 362.4 1,440.4 132.0 1,308.4 328.8 10.2 108.7 90.5 114.7 202.1 2,951.8 699.6 484.4 215.1 2,252.2 363.4 1,440.3 132.8 1,307.5 327.7 10.6 110.2 93.2 122.7 201.3 2,941.8 693.8 483.3 210.5 2,248.1 362.9 1,440.0 132.7 1,307.3 326.1 10.1 109.0 90.0 115.3 215.0 3,013.7 3,221.9 3,260.6 3,276.8 3,297.3 3,309.5' 3,302.3 3,323.9 3,314.9 3,321.5 3,334.9 3,328.2 2,300.2 335.9 1,964.3 353.1 1,611.2 488.2 181.7 306.5 7.5 72.5 2,424.5 348.4 2,076.1 394.9 1,681.2 516.1 171.3 344.8 10.8 71.1 2,440.8 355.3 2,085.5 399.2 1,686.3 513.3 168.2 345.1 10.0 73.5 2,473.3' 346.0 2,127.4 407.3' 1,720.1' 509.4 165.4 344.0 13.5 70.9 2,490.0 357.0 2,133.0' 412.6 1,720.4' 511.0 162.9 348.2 14.1 72.2 2,503.2' 348.6' 2,154.7 415.9 1,738.8' 517.1 165.1 352.0 13.3 72.5 2,505.9 343.9' 2,162.1 423.2 1,738.9 502.6 161.2 341.4 15.5 71.6 2,518.2 349.1 2,169.0 429.2 1,739.9 504.8 166.0 338.8 13.3 73.3 2,511.5 332.5 2,179.1 434.2 1,744.9 504.8 166.9 337.9 14.8 72.0 2,522.5 342.5 2,180.0 426.0 1,753.9 500.0 164.8 335.1 14.6 73.1 2,528.1 368.0 2,160.1 427.9 1,732.3 512.9 166.6 346.3 11.5 73.7 2,509.6 357.9 2,151.7 427.8 1,723.9 503.1 167.1 336.0 12.6 74.9 2,868.5 3,022.5 3,037.6 3,067.1 3,087.3' 3,106.2 3,095.6 3,109.7 3,103.1 3,110.2 3,126.2 3,100.2 145.2 199.4 223.0 209.7 210.0' 203.3' 206.7 214.3 211.8 211.4 208.7 228.0 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets56 Other assets 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,701.1 709.8 492.8 217.0 1,991.4 319.5 1,256.4 113.9 1,142.5 461.0' 681.5' 305.0 151.3 153.6 7.9 102.6 85.7 116.2 164.7 2,862.9 723.8 499.2 224.5 2,139.2 344.8 1,364.3 126.1 1,238.3 491.3' 746.9' 319.2 159.8 159.4 8.4 102.4 72.9 113.8 195.3 2,889.2 718.2 495.4 222.8 2,171.0 348.0 1,387.4 130.3 1,257.1 498.8' 758.3' 322.4 161.8 160.6 8.7 104.5 72.0 114.9 204.8 2,910.8' 712.5 490.6' 221.9 2,198.3 352.7 1,406.7 134.8 1,271.9 503.2 768.7 324.5 163.3 161.2 9.0 105.4 72.0 116.9 198.1 2,934.2 712.5' 490.0 222.5 2,221.8' 353.2 1,422.6 135.8 1,286.8 510.6 776.2 329.6 165.8 163.8 9.2 107.1 76.5 116.8 198.3 2,948.2 708.5 487.3 221.2' 2,239.8' 356.2 1,431.7 135.4 1,296.2 512.0 784.2 333.3' 168.1 165.2 9.5 109.1 77.1 122.1 201.8 2,942.5 699.4 484.7 214.7 2,243.1' 357.4 1,441.4 132.0 1,309.4 516.0 793.4 325.8 160.7 165.1 9.8 108.7 84.0 120.6 200.8 2,964.1 697.8 484.2 213.6 2,266.4 361.2 1,454.2 132.1 1,322.1 519.8 802.3 331.3 166.7 164.5 10.3 109.5 90.8 121.0 205.6 2,962.9 698.5 484.4 214.1 2,264.4 360.6 1,455.7 132.0 1,323.6 523.8 799.8 329.1 164.4 164.7 10.1 109.0 89.6 116.2 204.4 2,966.8 697.4 482.9 214.5 2,269.4 361.0 1,455.9 132.0 1,323.9 521.5 802.4 332.6 168.2 164.4 10.4 109.5 93.1 121.7 202.1 2,970.1 699.9 484.8 215.1 2,270.1 361.8 1,454.8 132.4 1,322.4 518.5 803.9 332.8 168.3 164.5 10.5 110.2 91.0 123.0 201.3 2,960.1 695.1 484.6 210.5 2,265.0 361.9 1,452.5 132.0 1,320.5 516.3 804.2 331.0 166.6 164.4 10.2 109.3 89.6 123.2 215.0 3,035.4 3,212.0 3,247.9 3,264.4 3,292.1 3,315.3 3,314.4' 3,347.5 3,339.3 3,349.6 3,351.3 3,354.1 2,311.6 339.2 1,972.4 353.1 1,619.3 488.2 181.7 306.5 7.5 72.5 2,419.9 344.1 2,075.8 394.9 1,680.9 516.1 171.3 344.8 10.8 71.1 2,439.8 351.0 2,088.8 399.2 1,689.6 513.3 168.2 345.1 10.0 73.5 2,466.4 345.7 2,120.7 407.3' 1,713.4' 509.4 165.4 344.0 13.5 70.9 2,486.0' 352.7 2,133.3 412.6 1,720.7' 511.0 162.9 348.2 14.1 72.2 2,502.1 346.8 2,155.3 415.9 1,739.4' 517.1 165.1 352.0 13.3 72.5 2,508.1 345.2' 2,163.0 423.2 1,739.8 502.6 161.2 341.4 15.5 71.6 2,530.3 352.5 2,177.8 429.2 1,748.6 504.8 166.0 338.8 13.3 73.3 2,529.5 332.8 2,196.6 434.2 1,762.5 504.8 166.9 337.9 14.8 72.0 2,539.1 346.8 2,192.3 426.0 1,766.3 500.0 164.8 335.1 14.6 73.1 2,529.1 367.3 2,161.8 427.9 1,733.9 512.9 166.6 346.3 11.5 73.7 2,523.2 367.0 2,156.2 427.8 1,728.4 503.1 167.1 336.0 12.6 74.9 2,879.8 3,017.9 3,036.6 3,060.1 3,083.4 3,105.0 3,097.8 3,121.8 3,121.1 3,126.8 3,127.2 3,113.8 155.6 194.1 211.3 204.3 208.8' 210.3' 216.5 225.7 218.2 222.8 224.1 240.2 20 Federal Reserve Bulletin Statistical Supplement • December 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Nov. 2005 2005 2004 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Seasonall) adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 681.6 283.0 89.9 193.0 398.7 135.8 18.2 148.2 96.5 50.3 61.8 36.4 724.7 314.2 87.0 227.2 410.5 154.8 18.3 130.5 106.8 48.2 61.6 35.1 733.2 318.7 86.9 231.8 414.5 153.9 18.4 134.8 107.4 49.6 60.1 37.0 745.4r 326.1' 85.9 240.2' 419.3 160.7' 16.8 129.1 112.7 51.1 60.6' 36.4 771.0' 334.5' 85.1 249.4' 436.4 164.5 16.7 141.7 113.5 48.9 61.4' 36.7 787.2' 351.8' 85.6 266.2' 435.4 163.9 16.8 138.3 116.4 50.2 59.9' 40.2 800.8 361.0 82.6 278.4 439.8 164.0 21.6 137.5 116.7 48.0 56.4 39.2 812.7 364.8 81.6 283.2 448.0 164.4 22.4 137.8 123.3 46.4 54.6 40.8 807.5 368.4 82.8 285.5 439.1 162.1 22.3 133.9 120.8 44.4 54.2 46.3 809.0 363.7 80.9 282.8 445.3 163.3 22.6 136.9 122.5 45.6 54.9 41.3 821.5 363.5 81.6 281.9 458.0 166.2 22.6 142.6 126.7 46.4 56.0 37.4 816.7 363.8 81.2 282.6 452.9 166.6 22.4 139.4 124.5 48.9 53.0 38.9 829.6 869.1 879.5 893.1 917.6 937.1 943.9 954.1 952.0 950.3 960.9 957.1 548.1 11.5 536.6 365.4 52.6 312.8 -176.3 99.4 587.4 12.9 574.5 369.6 46.2 323.4 -196.6 93.4 602.1 11.9 590.2 361.9 50.9 311.0 -190.3 98.7 582.2 11.7 570.6 368.4 48.2 320.2 -155.4 95.0 628.9 12.4 616.5 388.8 52.7 336.1 -200.4' 96.2 636.9 12.1 624.9 384.5 50.1 334.4 -192.3 106.1 643.7 11.8 631.9 386.5 49.5 337.0 -190.0 113.3 627.3 12.0 615.3 413.0 57.7 355.3 -194.0 115.0 634.6 11.8 622.8 407.3 51.2 356.1 -199.4 122.6 626.6 12.4 614.3 402.2 54.7 347.6 -188.8 116.2 622.5 12.2 610.3 419.0 61.0 358.0 -192.5 110.3 624.5 11.7 612.9 425.5 63.9 361.5 -194.7 109.8 836.7 853.8 872.3 890.2 913.6 935.3 953.4 961.2 965.2 956.3 959.3 965.1 -7.1 15.3 7.1 2.9 4.0 1.7 -9.5 -7.1 -13.2 -6.0 1.6 -8.0 Not seasonally adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assetss Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 683.2 283.0 89.9 32.4 57.5 193.0 118.7 74.3 400.2 135.2 18.2 152.3 94.5 50.3 61.8 35.7 722.1 314.2 87.0 30.9 56.1 227.2 130.1 97.1 407.9 154.8 18.3 127.4 107.4 48.2 61.0 35.7 733.4 318.7 86.9 29.4 57.6 231.8 132.7 99.0 414.7 153.3 18.4 133.8 109.0 49.6 59.6 37.0 742.3' 326.1' 85.9 27.0 58.9 240.2' 132.8 107.4' 416.2 159.8 16.8 125.6 114.0 51.1 60.0' 35.4 762.0' 334.5' 85.1 26.6 58.5 249.4' 140.1 109.3' 427.5 162.8 16.7 133.3 114.8 48.9 61.5' 36.3 780.4' 351.8' 85.6 26.9 58.7 266.2' 156.2 110.0' 428.5 162.3 16.8 132.2 117.3 50.2 61.1' 38.6 796.9 361.0 82.6 24.5 58.1 278.4 167.7 110.7 436.0 162.0 21.6 136.2 116.2 48.0 57.4 38.0 813.3 364.8 81.6 24.6 57.0 283.2 169.5 113.7 448.5 163.6 22.4 141.7 120.8 46.4 54.6 40.0 811.2 368.4 82.8 26.0 56.8 285.5 172.2 113.3 442.8 160.7 22.3 140.8 119.0 44.4 53.8 46.0 807.1 363.7 80.9 24.1 56.9 282.8 168.5 114.3 443.4 162.4 22.6 138.1 120.2 45.6 55.2 40.1 818.0 363.5 81.6 25.0 56.6 281.9 168.1 113.8 454.5 165.6 22.6 143.3 123.1 46.4 55.1 36.5 819.8 363.8 81.2 23.9 57.3 282.6 169.0 113.7 455.9 166.4 22.4 145.7 121.5 48.9 53.9 38.3 830.5 866.5 879.2 888.3 908.3 929.8 940.0 953.9 955.0 947.5 955.6 960.4 534.8 11.4 523.4 365.4 52.6 312.8 -173.7 101.4 600.8 12.7 588.1 369.6 46.2 323.4 -198.7 91.9 610.7 11.8 598.9 361.9 50.9 311.0 -193.0 96.7 580.7 11.7 569.0 368.4 48.2 320.2 -157.3 93.7 620.1 12.2 607.8 388.8 52.7 336.1 -199.9 96.5 625.4 12.2 613.1 384.5 50.1 334.4 -190.5 107.5 622.4 11.9 610.5 386.5 49.5 337.0 -187.2 115.6 612.0 11.9 600.1 413.0 57.7 355.3 -191.2 117.3 617.6 11.6 606.0 407.3 51.2 356.1 -197.2 124.5 610.0 12.4 597.6 402.2 54.7 347.6 -186.1 118.5 609.4 11.9 597.5 419.0 61.0 358.0 -188.8 113.2 611.8 11.7 600.1 425.5 63.9 361.5 -191.8 112.1 828.0 863.7 876.3 885.5 905.5 927.0 937.2 951.1 952.2 944.7 952.8 957.6 2.6 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2004 Nov. 2005 2005 May June July Aug. Sept. Oct. Nov. Nov. 9 Nov. 16 Nov. 23 Nov. 30 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 95.7 90.8 93.2 86.8 89.6 92.5 90.0 91.7 93.0 91.6 89.3 93.2 90.5 487.8 370.2 117.5 82.7 557.0 433.8 123.2 85.3 535.9 411.3 124.6 77.2 544.3 418.8 125.5 79.7 543.3 416.3 127.0 83.2 545.4 416.5 128.9 82.1 545.1 414.5 130.6 81.6 548.5 414.6 133.9 82.6 539.3 405.6 133.7 82.0 549.4 416.1 133.3 79.3 551.4 418.6 132.8 82.4 555.0 418.9 136.0 4.3 151.9 130.3 21.6 6.5 .5 148.9 129.5 19.4 5.6 3.6 151.1 129.2 21.9 5.5 1.6P 152.5 129.5 22.9 4.9 -1.6 P 153.1 130.7 22.4 4.0 -2.4 P 153.1 130.8 22.2 3.3 -7.9 P 154.2 131.8 22.4 3.2 -10.3 157.0 133.3 23.7 3.1 -12.1 156.2 134.3 21.9 3.1 -10.4 154.1 132.4 21.7 3.1 -9.4 159.2 133.1 26.0 3.0 -8.9 159.0 133.5 25.5 3.0 327.0 221.2 213.9 7.3 342.9 209.6 202.5 7.1 339.7 210.5 203.2 7.2 336.9 212.4 202.5 9.9 336.0 211.7 201.8 9.9 331.2 210.6 200.7 9.9 327.1 199.7 189.9 9.8 325.3 195.8 186.0 9.8 326.6 195.4 185.6 9.8 325.1 193.8 183.9 9.8 326.1 195.4 185.6 9.8 323.2 198.9 189.1 9.8 64.6 53.3 54.6 54.9 56.8 65.9 70.6 71.4 75.3 71.3 69.0 69.8 71.4 .2 62.0 63.6 .2 62.6 .2 62.4 71.2 .2 76.1 78.0 .2 81.7 78.4 75.4 76.4 .2 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 Mortgage-backed securities 12 Securitized consumer loans 12 13 Credit cards and related plans 14 Other Foreign-related institutions 15 Revaluation gains on off-balancesheet items9 16 Revaluation losses on off-balancesheet items9 17 Securitized business loans 12 2 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2 2 2 2 2 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 2005 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2005 Item 2000 2001 2002 2003 2004 Mar. Apr. May June July Aug. 1 All issuers 1,619,274 1,458,870 1,347,997 1,265,351 1,387,807 1,435,879 1,490,359 1,503,470 1,537,820 1,543,702 1,580,335 2 Financial companies' 3 Nonfinancial companies2 1,275,841 343,433 1,234,023 224,847 1,193,950 154,047 1,160,317 105,034 1,268,158 119,649 1,302,219 133,660 1,344,817 145,543 1,353,098 150,373 1,405,057 132,763 1,405,916 137,786 1,441,129 139,206 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 2001—Jan. Feb Mar. Apr May June Aug. Sept. Oct. Nov. Dec. Rate 4 1 21 19 16 28 22 18 3 7 12 9.00 8 50 8.00 7 50 7.00 6 75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. 2 22 3 30 9 20 5.50 5.75 6.00 6.25 6.50 6.75 Period 2001 2002 2003 2004 2002 Average rate 6.91 4.67 4.12 4.34 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 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 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 Period Average rate 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 2005—Jan Feb Mar Apr May June July Aug Sept Oct 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2005 Item 2002 2003 2005, week ending 2004 June July Aug. Sept. Sept. 2 Sept. 9 Sept. 16 Sept. 23 Sept. 30 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 Nonfinancial 1-month 5 3-month 1.13 n.a. 1.35 2.34 3.04 4.01 3.26 4.25 3.50 4.44 3.62 4.59 3.55 4.50 3.51 4.50 3.49 4.50 3.65 4.57 3.77 4.75 1.67 1.67 1.69 1.11 1.11 1.11 1.38 1.40 1.41 3.11 3.18 3.27 3.27 3.36 3.47 3.47 3.53 3.64 3.64 3.67 3.72 3.54 3.58 3.68 3.55 3.60 3.64 3.61 3.64 3.71 3.70 3.72 3.78 3.72 3.78 3.85 1.68 1.69 1 70 1.12 1.13 1 13 1.41 1.46 1 52 3.15 3.22 3 30 3.31 3.41 3 49 3.50 3.60 3 69 3.69 3.74 3 79 3.57 3.66 3 74 3.61 3.66 3 71 3.67 3.71 3 77 3.74 3.78 3 83 3.76 3.84 3 89 1.72 1.73 1.81 1.15 1.15 1.17 1.45 1.57 1.74 3.20 3.38 3.56 3.38 3.57 3.80 3.56 3.77 3.99 3.74 3.87 4.01 3.65 3.81 3.96 3.67 3.77 3.89 3.74 3.84 3.97 3.78 3.91 4.04 3.81 3.99 4.17 1.73 1.14 1.55 3.36 3.55 3.74 3.85 3.78 3.75 3.82 3.88 3.97 1.60 1.61 1 68 1.00 1.01 1 05 1.24 1.37 1 58 2.78 2.97 3 13 3.04 3.22 3 42 3.28 3.44 3 66 3.16 3.42 3 67 3.33 3.43 3 61 3.28 3.42 3 60 3.21 3.40 3 66 3.05 3.44 3 72 3.07 3.44 3 76 2.00 2.64 3.10 3.82 4.30 4.61 5.43 1.24 1.65 2.10 2.97 3.52 4.01 4.96 1.89 2.38 2.78 3.43 3.87 4.27 3.36 3.64 3.69 3.77 3.86 4.00 3.64 3.87 3.91 3.98 4.06 4.18 3.87 4.04 4.08 4.12 4.18 4.26 3.85 3.95 3.96 4.01 4.08 4.20 3.77 3.87 3.90 3.94 3.99 4.09 4.36 3.76 3.86 3.88 3.93 4.01 4.13 4.44 3.82 3.91 3.93 3.98 4.06 4.19 4.53 3.88 3.97 3.98 4.03 4.11 4.23 4.56 3.97 4.11 4.11 4.13 4.20 4.30 4.59 4.87 5.64 5.04 4.52 5.20 4.75 4.50 5.09 4.68 4.08 4.76 4.23 4.18 4.86 4.31 4.33 4.94 4.32 4.34 4.87 4.29 4.32 4.90 4.18 4.18 4.70 4.26 4.28 4.80 4.30 4.44 4.96 4.30 4.49 5.01 4.39 7.10 6.24 6.00 5.30 5.40 5.43 5.47 5.30 5.40 5.48 5.51 5.57 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.63 5.91 6.08 6.39 4.96 5.03 5.33 5.86 5.06 5.14 5.44 5.95 5.09 5.20 5.48 5.96 5.13 5.24 5.50 6.03 4.95 5.06 5.32 5.84 5.05 5.16 5.43 5.96 5.13 5.24 5.51 6.03 5.17 5.28 5.52 6.06 5.21 5.33 5.59 6.12 1.61 1.72 1.66 1.98 1.99 2.00 2.00 1.76 1.73 1.73 1.77 1.75 paper3'5'6 Commercial 3 1.67 n.a. Financial 7 9 10 11 2-month Certificates of deposit, secondary market3-1 1-month 3-month 6-month 12 Eurodollar deposits, 3-month3>s US Treasury bills Secondary market3-5 14 15 3-month 6-month U.S. TREASURY NOTES AND BONDS Constant maturities'' 16 1 -year 18 3-year 20 21 22 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/ default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/ data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper webpages (www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • December 2005 1.36 STOCK MARKET Selected Statistics 2005 Indicator 2002 2003 2004 Feb. Mar. Apr. May June July Aug. Sept. Oct. Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31,1965 = 50) 5,571.46 656.44 430.63 260.50 554.88 5,456.48 634.11 437.37 238.05 566.74 6,614.10 741.19 521.11 271.45 657.07 7,241.89 n.a. n.a. n.a. n.a. 7,275.51 n.a. n.a. n.a. n.a. 7,077.97 n.a. n.a. n.a. n.a. 7,094.02 n.a. n.a. n.a. n.a. 7,238.96 n.a. n.a. n.a. n.a. 7,389.23 n.a. n.a. n.a. n.a. 7,482.93 n.a. n.a. n.a. n.a. 7,584.49 n.a. n.a. n.a. n.a. 7,373.23 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 993.94 965.23 1,130.65 1,199.63 1,194.90 1,164.42 1,178.28 1,202.25 1,222.24 1,224.27 1,225.91 1,191.96 7 American Stock Exchange (Aug. 31, 1973 = 50)2 860.11 943.44 1,260.02 1,483.76 1,483.97 1,453.79 1,455.72 1,519.42 1,556.30 1,625.17 1,711.66 1,640.08 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1,411,689 1,361,043 1,403,376 1,549,991 1,600,618 1,643,376 1,452,615 1,405,330 1,430,294 1,387,088 1,626,430 1,779,200 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 134,380 173,220 203,790 199,480 201,690 194,160 196,270 200,500 210,940 208,660 217,760 212,540 95,690 73,340 92,560 84,920 117,850 93,580 94,330 77,960 100,200 80,200 97,450 74,720 99,480 72,690 105,550 76,380 99,000 74,130 99,050 75,910 106,730 79,310 113,110 77,550 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2003 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 6,810.3 7,023.4 7,156.2 7,298.6 7,403.2 7,620.4 7,801.0 7,860.2 7,956.3' 6,783.2 3,923.9 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 7,596.1 4,406.4 3,189.8 7,776.9 4,572.4 3,204.5 7,836.5 4,527.6 3,308.9 7,932.7' 4,601.6' 3,331.1' 27.0 27.0 .0 25.4 24.9 .5 25.1 25.1 .0 24.2 24.2 .0 24.2 23.7 .4 24.3 23.9 .4 24.1 24.1 23.7 23.7 7,535.6 7,715.5 7,778.1 7,871.0' 6,737.3 .3 6,952.6 .3 7,088.5 .1 7,229.2 .1 7,333.2 .2 7,535.5 .2 7,715.4 7,778.0 7,870.9' 7,384.0 7,384.0 7,384.0 7,384.0 7,384.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 23.6' 23.6' MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' Nonmarketable2 State and local government series . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q4 Ql Q2 Q3 7,759.9 7,818.0 4,103.7 1,059.1 4,031.0 7,913.7 4,084.8 914.3 2,328.7 520.6 5,943.4 6,405.7 6,998.0 7,596.1 5,930.8 2,982.9 6,391.4 6,982.0 3,205.1 3,575.1 7,578.5 3,959.7 7,578.5 3,959.7 811.3 1,413.9 888.8 1,580.8 588.7 146.9 3,186.3 928.8 1,905.7 564.3 1,003.2 2,157.1 1,003.2 2,157.1 539.5 245.9 3,618.8 539.5 245.9 3,618.8 160.7 160.7 2,226.6 537.2 266.8 3,656.2 179.0 5.9 5.9 .0 5.9 5.9 .0 6.1 6.1 .0 602.7 140.1 2,947.9 176.2 923.4 2,273.0 529.9 290.6 3,787.0 206.7 3.0 3.0 .0 190.9 3,356.3 18.5 307.1 3,828.9 225.3 191.7 191.7 2,574.8 11.2 11.2 .0 184.8 2,806.9 3,406.9 149.2 9.7 9.7 .0 192.2 3,007.0 3,230.6 3,230.6 192.2 3,248.9 12.7 14.3 16.0 17.6 17.6 17.0 2,564.3 551.7 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 3,189.1 717.8 3,667.1 128.1 253.1 149.2 385.8 3,189.1 717.8 3,667.1 128.1 253.1 149.2 385.8 3,206.6 717.3 3,855.4 142.1' 262.3 153.3' 407.5' 3,311.6 724.7 3,334.1 736.4 3,803.0 127.2' 249.5' 154.6 434.3' 3,864.9 125.7 248.0 157.7 456.4 190.3 273.1 120.6 152.4 1,051.2 420.9 194.9 278.8 134.7 144.1 1,246.8 323.4 203.8 288.2 140.8 147.4 1,538.1 452.6 204.4 295.7 151.0 144.7 1,942.0 307.8 204.4 295.7 151.0 144.7 1,942.0 307.8 204.2 284.0' 153.8 130.2' 1,982.2 407.4 204.2 287.9' 157.6 130.3' 2,030.0 303.5 203.6 292.0 161.0 131.0 2,069.0 n.a. 146.3 15.4 15.4 181.5 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. 153.4 3.1 3.1 .0 190.0 3,380.6 19.0 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 2005 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2005 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate June July 2005, week end Aug. Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 48,712 44,369 46,692 38,576 46,069 44,000 50,785 50,782 53,459 51,247 46,025 44,683 187,712 167,459 175,112 182,589 188,465 147,619 154,118 205,762 318,401 173,485 196,120 214,233 145,337 135,097 140,448 146,304 148,402 164,510 108,639 136,728 192,506 147,769 152,955 135,902 131,238 31,508 8,247 120,093 24,378 9,086 120,808 27,748 7,250 121,517 28,305 10,970 118,030 27,266 6,909 151,979 29,450 6,058 96,847 21,262 5,257 115,949 32,680 8,543 150,542 38,830 11,390 125,978 40,356 12,058 147,056 38,798 10,046 117,503 31,208 7,609 58,061 60,599 61,082 57,085 65,417 64,079 58,427 58,803 56,703 56,403 69,294 68,466 8,294 7,410 6,867 7,478 7,772 7,875 6,424 5,032 6,131 6,672 7,811 13,194 6,330 5,412 4,232 6,533 6,230 4,408 2,073 2,837 4,120 6,810 3,481 3,969 3,093 697 3,386 408 1,904 472 3,530 387 1,993 285 1,594 906 1,229 390 1,823 356 3,129 503 5,453 721 2,872 426 3,630 372 269,242 242,122 242,035 242,065 383,987 225,573 171,486 187,078 263,059 355,269 182,482 191,496 158,670 21,548 162,124 20,917 169,031 20,143 155,123 20,338 184,931 21,691 181,981 20,740 167,206 18,451 150,352 19,575 161,391 12,518 163,826 19,776 206,165 19,508 192,022 27,357 228,874 203,082 214,364 222,590 221,017 215,791 184,554 231,160 319,578 226,619 254,398 230,078 6,109 67,102 581 5,595 63,481 519 4,679 58,914 399 5,922 54,269 488 5,594 81,992 431 4,853 64,474 413 3,354 46,870 347 4,171 45,108 352 6,532 49,004 351 6,787 80,239 616 5,629 46,495 470 6,354 51,172 477 323,880 297,400 303,694 305,671 314,125 327,826 252,354 319,285 445,550 324,274 336,602 321,059 70,366 202,141 179,637 71,621 178,642 182,522 69,877 183,121 188,776 69,090 187,796 174,973 76,103 301,995 206,191 74,010 161,099 202,308 65,189 124,617 185,310 64,680 141,970 169,575 64,054 214,055 173,558 69,272 275,030 182,986 78,254 135,987 225,202 83,277 140,324 218,902 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2005, week ending 2005 Item, by type of security June July Aug. Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. 7 Sept. 14 Sept. 21 Net outright posit ons2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year 4,968 -1,304 -2,079 -72 208 -4,479 -4,410 -497 7,333 -7,303 -14,972 -53,308 -50,908 -41,787 -47,476 -44,116 -43,717 -36,684 -40,192 -26,488 -40,610 -45,740 -35,096 -44,176 -49,062 -48,914 -46,197 -47,177 -51,027 -51,911 -45,579 -43,307 -41,841 -27,731 -4,487 -480 -38,222 -5,395 -328 -32,058 -7,745 -479 -43,307 -6,153 -679 -42,631 -7,500 -592 -25,617 -6,618 -519 -26,504 -8,499 -830 -28,661 -9,047 109 -32,330 -10,726 307 -17,701 -11,459 -820 -14,919 -8,596 -367 54,844 47,540 48,076 45,877 46,749 51,323 50,756 44,417 48,158 45,453 39,128 30,393 30,547 28,904 29,166 29,896 27,790 29,344 28,474 29,549 30,666 29,450 9,618 9,375 10,502 9,100 9,941 10,791 11,133 10,743 9,822 12,871 14,108 2,955 4,748 1,930 3,907 841 3,802 739 3,590 -161 3,472 401 4,020 1,888 3,724 1,280 4,082 1,855 4,385 3,596 4,540 3,326 4,377 38,385 27,977 30,844 30,439 33,462 30,429 32,020 27,637 27,009 28,728 30,506 37,037 133,983 33,175 124,537 33,591 124,182 34,303 122,490 36,175 119,717 34 445 123,915 31 864 118,348 31,575 135,473 31,440 132,329 35,125 129,394 38,807 128,627 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 1,094,028 1,376,656 1,107,551 1,147,434 1,097,150 1,259,667 1,134,542 1,196,372 1,104,494 1,287,211 1,104,333 1,228,024 1,068,559 1,258,810 1,095,188 1,291,749 1,166,040 1,309,073 1,138,703 1,404,898 1,186,281 1,389,576 163,283 207,880 168,581 205,433 156,993 210,391 164,977 195,267 163,433 205,203 155,790 209,632 154,544 210,048 150,783 223,163 157,822 207,446 162,538 200,745 156,046 187,559 72,729 414,637 70,282 405,031 80,566 407,289 84,653 388,476 85,672 404,763 86,292 405,336 80,407 413,970 68,142 413,149 81,147 412,723 85,668 411,089 91,512 413,826 108,228 71,655 108,236 75,899 107,104 81,086 107,468 78,854 107,730 78,576 107,891 77,872 108,545 79,860 104,092 88,993 108,114 85,876 110,147 86,608 108,395 92,226 736,728 1,750,953 725,844 1,507,834 730,309 1,621,632 749,883 1,529,791 725,414 1,655,653 729,253 1,599,131 695,774 1,635,497 762,408 1,635,607 799,556 1,681,696 735,478 1,765,416 748,089 1,777,947 1 072 376 1,200,438 1 053 779 980,179 1 065 384 1,059,290 1 093 744 1,012,021 1 071 365 1,081,696 1 075 262 1,017,051 1 027 799 1,079,591 1 074 957 1,079,080 1 132 818 1,139,324 1 089 412 1,244,767 1 096 465 1,252,160 300,917 156,523 305,954 145,230 298,300 142,249 298,684 138,484 299,206 142,621 295,028 146,742 298,415 142,799 300,387 138,449 303,514 145,542 317,870 142,097 291,716 133,080 519,186 251,754 488,457 260,845 493,961 244,753 480,224 254,885 500,646 232,843 489,337 251,261 504,917 253,832 486,833 236,734 497,764 246,442 528,127 251,372 549,199 239,473 218,467 48,611 217,694 44,892 221,604 46,793 222,130 44,049 217,627 45,156 218,945 46,310 216,031 45,764 233,588 51,118 229,890 50,532 232,448 50,561 236,994 56,292 1,875,373 1,581,672 1,836,827 1,352,550 1,847,325 1,413,373 1,858,231 1,374,362 1,857,455 1,424,473 1,849,072 1,382,200 1,818,984 1,441,608 1,859,114 1,421,928 1,932,490 1,497,340 1,907,272 1,607,591 1,924,635 1,593,173 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 31 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE: Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-protected securities (TIPS) are reported in actual funds paid or received, except for pledged securities. TIPS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 Federal Reserve Bulletin Statistical Supplement • December 2005 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Apr. 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation" 18 Resolution Funding Corporation12 2,121,057 276 6 2^51,039 6 n.a. 26,828 n.a. 25,412 6 n.a. n.a. n.a. 2,120,781 623,740 565,071 763,500 76,673 48,350 8,170 1,261 29,996 2,351,037 674,841 648,894 851,000 85,088 47,900 8,170 1,261 29,996 24,267 6 n.a. 207 n.a. 24,083 6 23,894 6 n.a. 140 n.a. 23,978 6 23,744 6 n.a. 143 n.a. n.a. n.a. 24,261 n.a. 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 30,811 27,948 27,471 27,485 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 16,961 n.a. 10,987 16,961 n.a. 10,510 17,926 n.a. 9,559 24,077 856,756 727,000 898,910 100,893 77,757 n.a. n.a. 23,888 n.a. July M ay n.a. 881,584 726,700 884,540 101,645 77,333 n.a. n.a. n.a. 23,972 879,010 735,200 857,754 102,655 77,074 n.a. n.a. 23,738 n.a. n.a. 896,220 739,600 836,975 104,218 79,697 n.a. n.a. n.a. 23,678 6 23,672 895,404 732,400 814,760 106,024 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 39,096 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending^ 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. 13,876 25,220 n.a. 14,489 22,528 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 16,127 14,684 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr.' May July' Aug.' Sept. 1 All issues, new and refunding1 363,888 384,311 357,499' 30,937' 44,752 31,320 35,935' 44,185 34,304 34,274 31,163 By type of issue 2 General obligation 3 Revenue 145,323 214,788 144,056 238,204 130,330' 227,169 14,012 16,926' 19,718 25,034 13,073 18,247 13,676' 22,259 16,777 27,407 10,576 23,728 11,089 23,186 11,784 19,379 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 33,931 259,070 67,121 49,795 253,536 78,962 47,365' 233,886' 76,248 1,786 22,505' 6,647 5,464 31,830 7,458 2,664 20,618 8,038 1,942 25,159' 8,834 3,275 32,788 8,122 1,735 26,519 6,050 1,853 24,413 8,009 4,017 20,646 6,500 7 Issues for new capital 242,882 264,697 228,099' 15,763' 20,303 16,030 17,919' 25,370 16,966 20,479 15,718 57,894 22,093 33,404 n.a. 7,227 73,033 70,394 23,809 10,251 n.a. 22,339 97,736 65,432 20,546 9,377 n.a. 18,998 80,477' 4,948 1,981 438 n.a. 618 4,272 6,775 2,606 1,248 n.a. 2,404 4,743 5,257 1,266 583 n.a. 2,212 3,849 4,565 1,177' 805 n.a. 1,719 5,964' 8,568 3,942 728 n.a. 1,518 6,348 8,633 985 456 n.a. 1,307 3,541 5,914 4,359 1,503 n.a. 901 5,397 3,762 1,868 1,493 n.a. 1,379 4,813 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES US. Corporations Millions of dollars 2005 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2002 2003 2004 Jan. Feb. Mar. Apr. May June July Aug. 1,432,548 1,815,569' 2,070,680 183,454' 158,779 223,777 144,986' 182,463' 264,143' 172,969 227,934 1,322,113 1,692,260 1,923,094 177,157 146,154 213,440 139,849 176,510 250,164 168,045 215,978 1,235,868 86 246 1,579,311 112 949 1,737,342 185 752 159,207 17 950 125,762 20 392 204,222 9 218 130,985 8 864 169,998 6 512 230,843 19 321 152,735 15 310 204,581 11 397 18,870 20,701 21,942 830 914 1,673 987 2,209 2,016 n.a. n.a. 282,484 1,039,629 362,340 1,329,920 259,968 1,663,127 15,981 161,176 16,837 129,317 17,775 195,665 11,711 128,138 9,496 167,014 31,342 218,822 17,969 150,076 17,876 198,102 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 11 Nonfinancial 170,903' 182,132' 147,585 6,298 12,625 10,337 5,137' 5,953' 13,979' 4,924 11,956 110,434' 60,469 123,309' 58,823 147,585 n.a. 6,298 n.a. 12,625 n.a. 10,337 n.a. 5,137' n.a. 5,953' n.a. 13,979' n.a. 4,924 n.a. 11,956 n.a. 62,114' 48,320 44,416' 78,893' 64,345' 83,240 2,071 4,227 7,964 4,661 3,129 7,208 2,595 2,543 2,427 3,527 4,448 9,532 1,953 2,971 6,385 5,571 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • December 2005 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2005 Item 2003 2004' Mar. Apr. May June July Aug. Sept/ Oct. 1 Sales of own shares2 1,710,931 1,658,952 165,785 144,492 136,078 134,943 134,584 149,375 138,526 153,432 2 Redemptions of own shares 1,495,077 215,854 1,449,032 209,920 148,026 17,759 132,057 12,435 119,075 17,003 122,673 12,270 115,906 18,678 133,891 15,484 125,447 13,079 145,299 8,133 5,362,397 6,193,664 6,169,231 6,076,485 6,264,465 6,350,829 6,563,380 6,597,170 6,676,342 6,559,654 258,594 5,103,803 304,816 5,888,848 328,885 5,840,346 315,830 5 760 655 318,691 5 945 774 315,528 6 035 301 296,235 6 267 145 301,663 6 295 507 294,070 6 382 272 298,640 6 261 014 4 Assets 4 5 Cash5 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 2004 2005 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 951.2 321.4 455.3 174.5 1,022.2 365.8 457.4 198.9 1,145.0 430.4 471.7 242.9 1,056.2 374.4 475.6 206.2 1,075.4 390.1 471.3 213.9 1,097.2 416.4 456.3 224.5 1,145.0 430.4 471.7 242.9 1,141.6 425.7 469.2 246.7 1,153.6 423.8 478.1 251.7 1,164.6 431.2 474.6 258.8 57.0 23 8 50.8 24 6 46.3 24 8 49.6 24 1 47.3 24 0 46.5 24 1 46.3 24 8 45.4 23 4 44.8 23 1 38.5 24 4 870.3 586.4 946.8 753.9 1,073.9 765.4 982.5 750.4 1,004.1 732.2 1,026.5 746.8 1,073.9 765.4 1,072.9 747.9 1,085.7 764.4 1,101.7 794.6 1,456.8 1,700.8 1,839.3 1,732.9 1,736.4 1,773.3 1,839.3 1,820.9 1,850.0 1,896.2 48.0 141.5 56.2 136.3 65.2 163.9 59.8 138.6 52.6 141.4 64.1 154.3 65.2 163.9 63.1 149.2 60.0 136.2 70.8 134.6 88.2 631.9 339.8 207.3 99.9 747.1 424.7 236.6 118.2 828.3 415.3 248.3 104.9 760.6 435.6 233.4 108.1 769.1 426.6 238.5 112.7 776.7 422.6 242.9 118.2 828.3 415.3 248.3 114.7 855.5 388.0 250.5 116.8 872.1 398.6 266.3 120.8 870.6 435.4 264.0 1,456.8 1,700.8 1,839.3 1,732.9 1,736.4 1,773.3 1,839.3 1,820.9 1,850.0 1,896.2 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit Apr. Aug. May Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 519.8 210.5 541.3 1,323.8 1,405.2 543.3 229.2 551.4 568.6 267.8 568.8 1,433.6 1,427.2 577.5 278.1 563.2 578.4 278.1 569.7 579.3 277.2 570.7 581.5 280.1 564.1 580.0 281.8 565.2 579.5 285.6 568.6 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 1,428.7 1,425.1 1,330.2 1,411.8 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 573.3 230.0 62.5 40.5 96.3 573.3 219.5 63.7 41.6 99.7 574.5 216.1 64.5 42.6 101.0 574.3 212.3 64.9 43.5 102.0 578.6 208.2 67.3 44.5 102.9 578.4 203.0 68.1 45.5 106.1 579.4 202.7 68.6 45.3 109.3 151.9 5.7 31.1 14.0 210.6 135.0 39.5 132.8 5.5 31.6 12.2 229.4 152.2 46.7 109.9 4.8 19.3 9.8 268.2 190.1 52.7 117.0 4.6 18.0 9.1 271.3 194.5 52.3 119.5 4.6 17.3 8.9 274.4 198.0 52.0 121.7 4.5 16.5 8.7 275.3 198.9 52.3 125.9 4.5 16.9 8.5 277.9 199.7 52.0 126.9 4.4 16.1 8.3 283.6 206.1 51.6 125.6 4.4 15.4 8.1 289.2 212.0 51.5 33.0 3.2 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 26.7 3.8 553.1 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 21.8 3.5 570.4 91.6 18.4 46.2 27.0 264.8 70.6 194.3 115.3 21.1 3.5 569.7 91.9 21.5 42.8 27.5 260.8 69.6 191.2 116.5 20.8 3.5 574.6 94.0 21.6 45.0 27.5 262.9 70.6 192.3 116.5 20.6 3.5 575.5 97.4 21.7 47.8 27.9 265.2 71.3 193.9 117.1 20.3 5.9 572.1 99.1 21.9 48.1 29.2 264.5 70.0 194.5 114.5 20.1 5.9 560.2 88.9 22.0 37.7 29.3 265.0 70.8 194.2 116.3 19.8 5.9 560.1 88.1 21.8 37.1 29.2 266.3 70.6 195.7 118.5 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 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 48.8 2.2 44.6 2.0 21.6 9.9 11.7 30.2 49.0 2.2 44.8 2.0 22.1 10.5 11.7 30.1 43.9 2.2 39.7 2.0 21.7 10.0 11.7 30.2 43.2 2.8 40.2 .1 23.4 11.7 11.6 27.5 39.5 2.8 36.6 .1 23.0 11.4 11.6 27.5 36.9 2.8 34.0 .1 22.9 11.3 11.6 27.4 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 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 2005 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2005 Item 2002 2003 2004 Apr. May June July Aug. Sept. Oct. Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 261.1 197.0 77.8 28.9 .62 272.1 205.3 77.9 28.7 .61 292.0 215.0 76.0 28.8 .51 307.0 223.8 75.3 29.1 .50 320.8 235.6 75.5 29.1 .51 329.9 238.6 74.4 29.2 .52 330.7 240.4 75.1 29.2 .48 323.1 237.7 75.9 29.1 .52 332.3 243.3 75.5 29.2 .58 338.6 246.3 75.1 29.4 .58 6.35 6.44 n.a. 5.71 5.80 n.a. 5.68 5.75 n.a. 5.77 5.84 n.a. 5.75 5.82 n.a. 5.69 5.76 n.a. 5.69 5.76 n.a. 5.75 5.83 n.a. 5.91 5.99 n.a. 5.95 6.03 n.a. n.a. 5.81 n.a. 5.03 n.a. 5.19 n.a. 5.12 n.a. 4.97 n.a. 4.81 n.a. 5.03 n.a. 5.14 n.a. 5.06 n.a. 5.39 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 794,253 n.a. n.a. 898,445 n.a. n.a. 904,555 n.a. n.a. 851,936 n.a. n.a. 828,079 n.a. n.a. 808,225 n.a. n.a. 788,786 n.a. n.a. 768,280 n.a. n.a. 727,824 n.a. n.a. 717,254 n.a. n.a. 14 Mortgage transactions purchased (during period) 370,641 572,852 262,646 8,865 11,198 8,964 9,365 11,564 10,021 10,136 Mortgage commitments (during period) 15 Issued7 16 To sells 400,327 12 268 522,083 33 010 149,429 8 828 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 568,173 4,573 563,600 644,436 n.a. n.a. 652,936 n.a. n.a. 662,063 n.a. n.a. 668,137 n.a. n.a. 665,003 n.a. n.a. 660,035 n.a. n.a. 677,764 n.a. n.a. 684,530 n.a. n.a. 678,178 n.a. n.a. 21 Sales n.a. 547,046 n.a. 713,260 n.a. 365,148 n.a. 32,043 n.a. 33,654 n.a. 29,917 n.a. 28,633 n.a. 40,883 n.a. 43,002 n.a. 34,986 22 Mortgage commitments contracted (during period)9 620,981 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family6 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q4 Q1 Q2 10,716,050' 11,093,880' Q3> 7,420,995' 8,243,014' 5,571,346' 447,820' 1,283,983' 117,846 6,244,136' 486,680' 1,386,691' 125,507 7,026,105' 557,179' 1,518,173' 133,583 7,768,288' 593,991' 1,639,338' 140,528 8,013,733' 608,994' 1,698,776' 141,710' 617,615' 1,745,250' 142,963' 8,501,976' 632,363' 1,813,322' 146,219' 8,821,496 641,613 1,888,295 148,339 1,790,877' 1,789,819 1,023,851 84,851 645,619 35,498 758,037' 620,402' 64,570' 72,534 531 243,021 4,931 35,631 188,376 14,083 3,089,434' 2,058,426 1,222,126 94,178 704,097 38,025 780,989' 631,057' 68,624' 80,730 577 250,019 4,657 36,816 195,040 13,506 3,387,175' 2,256,037 1,346,908 104,901 763,579 40,649 870,194' 702,784' 77,895' 88,884 632 260,944 4,403 38,556 203,946 14,039 3,793,190' 2,517,411 1,522,198 114,986 836,332 43,894 1,007,894' 829,040' 85,716' 92,510' 628 267,885 4,653 39,464 209,489 14,279 3,925,678' 2,595,318 1,568,000 119,294 863,467 44,557 1,057,036' 874,518' 87,445' 94,475' 598 273,324 4,998 40,453 214,085 13,788 4,033,131' 2,690,415' 1,633,827' 122,807 888,751' 45,030 1,068,024' 883,372' 90,294' 93,761' 597 274,692 5,024 40,655 215,154 13,859 4,181,155' 2,790,446 1,696,037 129,021 919,168 46,220 1,112,919' 921,684' 95,048' 95,582' 604 277,790' 5,082 41,113' 217,576' 14,019 4,317,545 2,896,249 1,751,282 135,558 962,271 47,137 1,140,810 946,867 96,694 96,644 605 280,486 5,132 41,512 219,683 14,159 373,240 8 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 548,489 45 45 0 69,935 13,557 11,565 41,520 3,294 4,498 1,328 3,169 0 0 0 0 0 13 2 3 8 0 165,957 155,419 10,538 40,885 2,406 38,479 62,792 40,309 22,483 202 202 433,565 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 63,887 35,851 28,036 966 966 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 2 554,645' 42 42 0 70,690 13,338 11,537 42,559 3,255 4,936' 1,346' 3,589' 0 0 0 0 0 11 552,979' 39 39 0 70,995 13,274 11,527 42,957 3,237 4,784' 1,356' 3,429' 0 0 0 0 0 9 2 550,130 36 36 0 72,044 13,124 11,500 44,172 3,247 4,703 1,359 3,344 0 0 0 0 0 9 1 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 32,996 990 990 15 0 245,883 221,267 24,616 51,849 3,051 48,798 60,808 23,403 37,405 900 900 7 0 249,515 222,535 26,980 52,793 3,106 49,687 61,360 23,389 37,971 887 887 2 7 0 249,397 222,417 26,980 53,341 3,139 50,202 61,736 23,532 38,204 865 865 6 0 249,230 222,250 26,980 54,769 3,223 51,546 60,986 23,246 37,740 838 838 5 0 248,994 222,014 26,980 55,489 3,265 52,224 61,207 23,331 37,876 832 832 3,543,665' 591,368 569,460 21,908 948,409 940,933 7,476 1,290,351 1,238,125 52,226 0 0 0 0 0 711,881' 433,366' 53,759 224,756' 0 1,656 1,656 3,955,508' 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 0 796,904' 487,486' 59,225 250,193' 0 367 367 4,456,274' 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 0 967,149' 605,411' 67,288 294,450' 0 1,003 1,003 4,843,163' 452,555 421,364 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,973 75,707 0 0 0 0 0 1,299,552' 898,498' 71,953 329,101' 0 964 964 4,964,296' 441,235' 409,089' 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,422,122' 998,892' 75,170 348,061' 0 938 938 5,088,004' 431,193' 398,619' 32,574 1,218,978 1,202,023 16,955 1,896,003 1,820,163 75,840 0 0 0 0 0 1,540,949' 1,098,107' 77,309' 365,533' 0 882 882 5,284,959' 421,149' 388,291' 32,858 1,245,930 1,228,600 17,330 1,900,149 1,824,143 76,006 0 0 0 0 0 1,716,856' 1,241,175' 82,955' 392,726' 0 875 875 5,519,570 411,870 378,641 33,229 1,279,664 1,261,865 17,799 1,924,810 1,847,818 76,992 0 0 0 0 0 1,902,392 1,403,710 83,705 414,977 0 835 835 713,214' 497,566' 80,478' 111,725' 23,445 764,507' 547,832' 77,343' 114,501' 24,830 854,462' 621,022 80,244' 126,771' 26,424 957,302' 717,617' 81,543' 130,372' 27,770 1,019,420' 773,101' 81,986' 136,312' 28,021' 1,040,272' 791,661' 80,852' 139,485' 28,273' 1,074,787' 822,261' 78,340' 145,307' 28,879' 1,112,497 856,251 76,406 150,541 29,299 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 1. Multifamily debt refers to loans on structures of five or more units. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust departments. 3. Includes savings banks and savings and loan associations. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • December 2005 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Apr.1 May' July' Aug. Seasonally adjusted 2,009,850' 732,665' 1,189,187 2 Revolving . . . 3 Nonrevolving2 752,792' 1,257,058 781,057' 1,318,054' 2,113,398 2,124,651 2,122,028 780,427 1,332,971 785,865 1,338,786 784,684 1,337,343 2,148,368 2,159,976 789,322 1,345,356 790,640 1,357,728 795,246 1,364,730 Not seasonally adjusted 1,948,987' 2,037,519' 2,128,554' 2,103,521 2,112,156 2,110,398 2,120,681 2,132,822 2,154,803 602,570' 237,790 195,744 129,576 68,705 77,520 637,082 669,386' 295,424 205,877 114,658 77,850 63,348 610,976 704,270' 366,834' 215,384 98,363 91,271' 64,799 587,634 683,112 360,897 216,691 100,647 90,754 60,875 590,546 690,490 359,737 219,057 99,039 91,825 61,106 590,903 685,201 357,793 221,148 98,795 92,931 60,976 593,553 683,951 355,600 221,367 98,647 94,002 61,088 606,026 694,658 354,551 225,516 98,120 96,493 61,081 602,402 705,390 357,357 229,223 98,205 98,984 63,270 602,376 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 753,942' 246,395' 38,948 22,228 n.a. 16,260 39,848 390,263 774,887' 285,015' 37,576 22,410 n.a. 23,848 19,363 386,675 804,953' 314,649' 40,496' 23,244 n.a. 27,905 17,899 380,760 773,504 287,979 41,613 22,310 n.a. 27,192 17,184 377,225 781,894 295,968 42,649 22,431 n.a. 27,538 17,262 376,045 780,317 292,530 43,467 22,622 n.a. 27,896 17,252 376,550 785,497 293,725 44,497 22,816 n.a. 28,242 17,266 378,951 785,791 296,856 45,479 23,130 n.a. 28,792 17,240 374,295 792,738 298,081 45,346 23,385 n.a. 29,341 19,189 377,396 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 1,195,045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 1,262,632 384,371 257,847 183,467 114,658 54,002 43,986 224,301 1,323,602' 389,621 326,338' 192,140 98,363 63,366' 46,900 206,874 1,330,018 395,133 319,284 194,381 100,647 63,562 43,690 213,321 1,330,262 394,522 317,088 196,626 99,039 64,287 43,844 214,857 1,330,081 392,672 314,326 198,526 98,795 65,035 43,725 217,003 1,335,184 390,226 311,103 198,551 98,647 65,760 43,822 227,075 1,347,031 397,803 309,073 202,386 98,120 67,701 43,840 228,107 1,362,065 407,308 312,011 205,838 98,205 69,642 44,081 224,980 4 Total 5 6 7 8 9 10 11 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . . Savings institutions Nonfinancial business Pools of securitized assets3 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2005 Item 2002 2003 2004 Feb. Mar. Apr. May June July Aug. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 7.62 12.54 6.93 11.95 6.60 11.89 6.86 12.01 n.a. n.a. n.a. n.a. 6.93 12.03 n.a. n.a. n.a. n.a. 7.08 12.22 Credit card plan 3 All accounts 4 Accounts assessed interest 13.40 13.11 12.30 12.73 12.71 13.21 12.21 14.13 n.a. n.a. n.a. n.a. 12.76 14.81 n.a. n.a. n.a. n.a. 12.48 14.75 4.29 10 74 3.40 9 72 4.36 8 96 4.68 9 36 4.35 9 38 4.76 9 41 5.25 9 34 5.55 8 93 5.71 8 55 5.80 8 72 56.8 57 5 61.4 57 5 60.5 56 8 59.1 57 9 59.7 57 9 59.5 57 9 59.2 57 5 59.9 57 5 60.4 57 5 60.1 57 6 94 100 95 100 89 100 89 98 88 99 87 99 88 98 88 98 89 97 88 97 24,747 14,532 26,295 14,613 24,888 15,136 24,290 15,453 24,118 15,395 23,725 15,750 22,989 16,011 23,717 16,316 25,086 16,509 25,059 16,383 Auto finance companies 5 New car OTHER TERMS3 Maturity (months) 7 New car Loan-to-value ratio 9 New car 10 Used car Amount financed (dollars) 11 New car 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Ql' Q2' Q3 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors 1,027.3' 825.2' By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages -71.2 -71.0 -.2 -295.9 -294.9 -1.0 5 Nonfederal 1,094.6' 1,319.1' 1,651.3' 2,034.4' 1,701.0' 1,922.8' 2,046.3' 2,311.7 1,998.3 -5.6 -5.1 -.5 257.6 257.1 .5 396.0 398.4 -2.4 502.9 501.9 1.1 367.2 370.8 -3.6 266.3 266.5 -.2 311.2 310.9 .3 630.7 631.5 -.7 5.8 7.2 -1.4 231.9 232.3 -.4 ,098.6' 1,121.1' 1,100.2' 1,061.6' 1,255.2' 1,531.5' 1,333.8' 1,656.4' 1,735.2' 1,680.9 1,992.4 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 37.4 54.4 221.7 82.2' 26.1 563.8' 418.0' 39.2' 100.6' 6.1' 113.0' 48.1 23.6 162.6 98.2' 79.6 540.8' 401.0' 26.8 106.1' 6.9' 168.1' -88.3 122.9 347.7 -81.6' 8.9 658.3' 496.1' 40.6 113.9' 7.7 132.3' -64.2 159.4 132.3 -87.0' 20.3 813.7' 672.8' 37.2 96.0' 7.7 87.1' -40.0 135.1 158.3 -80.2' 10.0 983.6' 782.0' 69.9 123.6' 8.1 88.4' 33.8 174.0 114.2 -38.4' 14.3 1,143.8' 964.7' 23.7 148.4' 7.1 89.7' 32.3 70.2 6.7 85.3' -15.3' 1,092.9' 889.6' 67.5 125.3' 10.4 61.8' 22.4 157.3' 51.7 -31.5' .2' 1,334.6' 1,097.9' 42.3 185.2' 9.1 121.7' -25.4 130.9' 138.3 119.1' 100.7' 1,180.6' 938.6' 57.6' 178.6' 5.9 90.9' 53.7 224.9 34.3 88.5 84.0 1,137.8 918.7 30.9 183.1 5.1 57.7 9.2 127.7 30.1 210.3 70.2 1,459.7 1,137.4 64.2 246.7 11.4 85.2 4.6 240.5 82.7 42.1 23.4 1,554.3 1,225.3 30.6 289.5 8.8 117.0 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 487.5' 572.6' 373.3' 194.3 5.0' 38.5 551.1' 554.5' 346.2' 197.1 11.2' 15.5 600.5' 393.9' 220.7' 162.7 10.5 105.8 736.2' 181.5' 25.2' 148.5 7.9 143.9 825.2' 312.3' 148.4' 156.1 7.7 117.8 1,024.4' 351.1' 207.4' 137.5 6.2 156.0 968.7' 314.0' 131.8' 169.0 13.1 51.1 1,063.3' 447.9' 261.5' 168.1' 18.3 145.2' 990.4' 624.3' 432.0' 183.8' 8.5 120.5' 929.4 549.3 351.4 195.0 2.9 202.2 1,158.4 728.3 429.8 281.5 17.0 105.7 1,235.9 608.0 362.3 220.6 25.1 220.7 19.0 16.3 7.9 .5 -5.7 63.0 31.7 21.2 11.4 -1.3 -43.8 -14.2 -18.5 -7.3 -3.8 70.8 36.1 31.6 5.3 -2.3 54.3 22.3 41.9 -7.7 -2.1 84.2 99.6 -4.3 -6.7 -4.3 -63.6 -30.1 -40.1 7.0 -.4 97.5 24.4 86.8 -9.0 -4.8 210.7 160.7 34.4 18.5 -2.9 17.6 13.7 -4.6 12.1 -3.5 87.5 33.6 60.7 -5.3 -1.6 111.7 116.7 -3.5 5.2 -6.7 1,046.3' 888.2' 1,050.8' 1,389.9' 1,705.6' 1,637.4' 2,020.2' 2,257.0' 2,329.3 2,085.7 23 Foreign net borrowing in United States 24 Commercial paper 25 Bonds 26 Bank loans n.e.c 27 Other loans and advances 28 Total domestic plus foreign 2,118.7' Financial sectors 29 Total net borrowing by financial sectors . .. 1,015.6' 778.4' 877.5' 823.3' 1,009.2' 710.8' 926.0' 727.4' 832.2' 598.5 1,302.3 By instrument Federal government-related Government-sponsored enterprise securities Mortgage pool securities Loans from U.S. government 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 .0 574.3 243.7 330.5 .0 127.2 .6 126.7 .0 299.9 211.9 88.0 .0 155.3 93.1 62.1 .0 -110.1' -45.5 -64.6 .0 -144.9 -209.6 64.7 .0 39.3 -84.2 123.5 .0 -65.5 -243.9 178.4 .0 422.3' 176.2 144.8' -12.8 107.1 6.9 343.5' 131.7 160.7' 3.8 42.5 4.9 234.8' -45.3 239.4' 13.0 25.5 2.2 276.7' -63.5 323.7' 1.5 6.8 8.2 434.9' -63.8 463.9' -4.8 31.2 8.3 583.6' 129.6 331.0' 17.5 79.1 26.5 626.1' -2.5 490.3' -25.8 148.1 15.9 572.2' -31.4 554.6' 44.2 -15.7 20.6 942.3' 41.1 762.8' 13.6 85.1 39.6 743.4 122.1 563.3 5.8 27.0 25.2 1,263.0 473.2 680.1 -24.0 114.5 19.3 749.2 140.2 538.9 39.5 10.8 19.9 67.2 48.0 2.2 .7 318.8 274.6 146.8' 70.7 .0 12.3' -17.2 91.6 60.0 27.3 .0 -.7 235.2 199.7 157.2' 81.9 .0 2.6' 15.6 -.3 52.9 -2.0 1.5 .6 304.1 338.5 230.4' 1.3 .0 3.2 1.4 -54.6 49.7 -23.4 2.0 2.0 219.8 326.8 181.9' 42.2 .0 24.5 -1.7 -.5 49.2 6.1 2.2 2.9 243.7 330.5 219.5' 118.2 .0 31.9 6.4 -1.4 182.7 1.1 -2.7 -.4 .6 126.7 147.1' 111.2 .0 67.1 51.9 25.6 6.8 166.6 4.9 2.7 211.9 88.0 355.1' -8.4 .0 63.9' 2.5 32.1 60.1 -7.0 .9 .1 93.1 62.1 417.0' 115.5' .0 42.1' 33.2 -89.6 61.2 96.9 6.1 9.7 -45.5 -64.6 367.9' 253.2' .0 217.6' -26.6 -43.6 163.0 -30.6 1.5 -1.6 -209.6 64.7 430.3 75.8 .0 76.2 11.2 17.6 41.4 82.4 3.1 2.3 -84.2 123.5 688.4 -23.6 .0 92.8 -5.2 381.4 82.7 -7.1 .3 .4 -243.9 178.4 620.6 12.6 .0 65.5 18.0 -43.9 30 31 32 33 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 36 Federal Reserve Bulletin Statistical Supplement • December 2005 1.57 FUNDS RAISED IN U.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 Qi Q2 Q4 Q3 2,061.9' 1,666.6' 1,928.3' 2,213.2' 2,714.7' 2,829.5' 2,563.4' 2,747.7 3,089.2' 2,927.8 3,388.0 3,092.0 229.9 522.1 54.4 374.5P 69.8' 127.5 570.7' 113.0' 211.6 139.0 23.6 344.5' 113.3' 120.8 545.6' 168.1' -147.8 637.1 122.9 568.6' -75.8' 30.6 660.5' 132.3' -91.5 804.2 159.4 487.6' -80.2' 24.7 821.9' 87.1' -81.6 970.3 135.1 664.1' -92.6' 39.1 991.9' 88.4' 263.0 630.2 174.0 440.9' -27.6' 89.1 1,170.3' 89.7' -.3 667.1 70.2 456.8' 66.5' 132.4' 1,108.8' 61.8' 15.4 421.6 157.3 693.0 3.7 -20.3 1,355.1 121.7 176.4 201.1 130.9' 935.5' 151.3' 182.9' 1,220.2' 90.9' 189.4 485.8 224.9 593.1 106.4 107.5 1,163.0 57.7 516.0 45.2 127.7 770.9 180.9 183.1 1,478.9 85.2 261.5 166.4 240.5 618.1 86.8 27.5 1,574.1 117.0 Funds raised through mutual funds and corporate equities 61 Total net issues 192.7 244.7 299.5 228.8 407.1 553.9 214.9 301.0 264.3 378.6 27.3 -85.4 62 Corporate equities 63 Nonfmancial corporations 64 Foreign shares purchased by U.S. residents . 65 Financial corporations 66 Mutual fund shares 1.5 10.4 14.3 -2.4 191.2 5.3 -118.2 106.7 16.8 239.4 98.3 -48.1 109.1 37.3 201.2 46.3 -41.6 17.0 71.0 182.4 119.1 -57.8 114.2 62.7 288.0 89.8 -82.2 66.5 105.5 464.1 99.3 -159.5 160.9 97.9 115.6 -7.9 -203.2 67.0 128.4 308.9 -43.3 -183.2 38.5 101.4 307.6 -21.7 -251.6 159.3 70.6 400.2 -196.4 -351.1 83.3 71.4 223.7 -264.4 -446.2 140.0 41.8 179.0 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Ql' Q2' Q3 3,089.2' 2,927.8 3,388.0 3,092.0 57.1 -81.4 6.9 .8 130.7 .2 788.1 2,082.5 -10.5 982.5 760.2 219.7 -9.4 12.0 8.8 46.5 187.4 89.0 7.5 -4.1 -198.5 206.9 6.4 -65.5 64.7 421.0 4.5 .0 37.3 67.3 211.2 44.6 -76.3 25.1 -.1 95.8 -14.1 750.1 2,607.5 32.0 597.2 426.8 126.6 29.4 14.4 239.7 41.6 65.8 49.2 46.5 1.1 -78.5 123.4 1.7 -66.5 123.5 669.0 14.6 .0 120.1 316.1 296.2 358.7 189.6 18.2 -.6 151.6 16.2 826.7 1,890.4 66.8 695.9 568.9 167.5 -46.1 5.6 141.0 47.8 185.1 78.1 49.4 29.3 -49.2 94.0 4.1 -277.9 178.4 601.3 27.9 .0 89.0 -322.3 237.0 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 3 4 5 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 Domestic nonfederal nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Life insurance companies Other insurance companies Private pension funds State and local government retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools Asset-backed securities issuers (ABSs) Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 2,061.9' 1,666.6' 1,928.3' 2,213.2' 2,714.7' 2,829.5' 2,563.4' 2,747.7' 120.1' 39.8' -21.7 -2.7' 104.8 6.4 171.2 1,764.3' 25.7 312.2 318.6 -17.0 6.2 4.4 67.2 27.5 53.5 -3.0 99.3 45.5 184.9 48.4 9.6 287.3 274.6 167.5' 97.1 .0 1.5' -34.7 97.3 12.9' -87.4' 26.1 2.1' 72.1 11.6 241.9 1,400.1' 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 57.9 -8.7 -96.4 36.3 138.3 20.9 -5.6 246.0 199.7 144.3' 108.6 .0 -5.3' 68.9 17.3 -79.6' -175.0' -4.3 6.4 93.4 6.0 305.3 1,696.5' 39.9 205.2 191.6 -.6 4.2 10.0 44.4' 41.5 130.9 9.0 13.3 -53.8 267.3 126.1 3.2 304.7 338.5 217.0' -4.8 .0 8.6' 92.4 -96.6 94.2' -17.8' 26.1' -.6' 86.5 9.6 422.7 1,686.8' 77.7 404.4 393.8 6.2 3.1 1.3 33.4' 42.7 233.0 39.9 25.7 -50.7 -17.7 144.2 8.6 224.1 326.8 189.9' 21.2 .0 23.8' 28.4 -85.1 240.7' 186.1' -1.0' 3.0' 52.5 -2.5 531.6 1,945.0' 37.2 299.5 323.3 -43.0 8.6 10.6 126.0' 50.7 180.6 67.0 14.2 11.2' -95.9 137.7 36.2 236.5 330.5 226.1' 84.2 .0 25.7' 79.6 90.9' -169.2' -288.6' 22.5' 2.7' 94.2 4.7 814.0 2,180.0' 22.1 863.9 828.1 22.7 1.2 11.9 117.3' 47.0 216.7 105.3 44.7 109.7' -212.1 231.7 9.9 18.8 126.7 159.7' 172.1 .0 86.4' -190.0 244.2' 102.2' 30.8' 42.5' 2.7' 26.2 -11.9 793.6 1,679.5' 53.5 486.6 495.7 -25.3 -2.3 18.5 186.5' 58.8 162.2 65.1 22.9 67.4' -151.8 8.1 21.7 168.0 88.0 372.4' 64.9 .0 56.0' -118.8 57.6' 54.1' 24.6 593.0 1,685.1' 71.3 263.5 252.7 -2.7 3.0 10.5 128.0' 18.9 158.2 73.5 44.9 -63.1' -153.7' 103.4 .3 104.3 62.1 424.6' 90.1' .0 31.9' 302.8 10.9' 428.9' 292.1' 63.2' 1.1' 72.6' -1.9 817.0 1,845.1' 57.6 714.7 615.5 86.5 -2.0 14.8 259.2' 43.3 154.9 50.6 27.0 -5.1' 17.7' 125.2 12.7 -106.0 -64.6 332.6' 191.4' .0 177.5' -110.7 -37.2' 2,061.9' 1,666.6' 1,928.3' 2,213.2' 2,714.7' 2,829.5' 2,563.4' 2,747.7' 3,089.2' 2,927.8 3,388.0 3,092.0 -8.7 -3.0 1.0 48.9 18.1 151.2 45.1 131.1 251.7 169.0 1.5 191.2 262.5 104.4 50.8 113.5 22.9 -88.3 1,177.1' -.4 -4.0 2.4 126.9 12.0 -71.4 188.8 116.2 232.5 114.5 5.3 239.4 402.3 146.1 50.2 189.8 25.9 -52.0' 1,379.3' 4.3 .0 1.3 6.8 -28.0 204.3 267.1' 68.5' 428.5 23.7 98.3 201.2 -80.4 3.1 77.2 213.2 14.4' -24.6' 674.1' 3.2 .0 1.0 21.0 17.4 43.5 270.8' 50.0' -16.7 106.6 46.3 182.4 70.8 -87.0 60.1 181.4 22.2 -82.0' 480.4' -.9 .0 .6 22.3 -14.6' 133.8 254.8' 61.8' -207.5 227.2 119.1 288.0 102.4 132.5 66.8 213.9' 8.8 -78.3' 486.7' 152.4 -205.4' 180.6 93.0' 278.2' -132.4 259.9 89.8 464.1 305.0 285.2 25.5 298.1' 37.9 -47.7' 1,669.3' 16.2 239.0' 114.0' 404.4' 178.1' -85.9 -278.2 99.3 115.6 170.2 177.1 34.7 205.0' 23.1 -16.7' 1,001.4' .7 79.8 -45.7' 78.7' 181.8' 207.4' -156.1' 396.8 -7.9 308.9' 217.5 -10.2 37.9 211.8' 21.9' -65.0' 1,333.9' -3.2 .0 .1 196.6 -8.0' 223.3' 215.7' 322.8' -171.8' -45.8' -43.3 307.6 248.2 214.3 34.4 208.2 15.7' -65.7' 1,117.7' -14.5 .0 .8 371.2 145.9 108.4 72.4 258.0 -71.4 580.7 -21.7 400.2 187.0 9.7 56.0 226.8 36.7 -31.2 445.1 .0 1.1 49.8 167.6 .4 229.7 237.3 60.7 424.4 -196.4 223.7 251.6 73.3 56.9 181.1 3.5 -76.5 1,349.2 -8.2 .0 .9 104.8 -247.5 -24.0 445.2 392.8 222.2 173.7 -264.4 179.0 292.2 23.4 56.4 218.5 -3.5 -77.2 709.1 4,701.8' 4,770.4' 4,081.2' 3,584.8' 4,531.9' 6,581.0' 4,957.1' 5,537.7' 5,856.3' 6,428.2 5,285.4 -.7 31.8 3.2 36.3 10.8 244.6' -1.2 64.1 17.3 133.9 32.6 -367.7' -7.5 17.2 -58.1' 21.4 -301.0' -.6 7.9 7.2 40.2' 19.7 -42.9' -31.5 -101.7' -.4 92.4 .7 -127.1' 1.6 452.3' .0 -53.1 70.4 -278.7' 12.5 649.2' -.3 124.9 -33.4 84.5' 21.4 27.0' -.5 82.3 22.2 -159.9' 15.7 332.2' .4 339.6 12.8 589.1 -54.7 -585.2 -95.2 -13.1 92.9 4.9 368.5 1.7 34.2 -.6 -115.5 24.9 -84.0 -7.4 -.8 23.6 9.0 -.3 23.5 5.7 -.5 10.9 -1.6 -.7 150.0' -8.9 .0 38.6' 70.3 2.2 37.5' -15.3 2.6 -41.9' 23.9 2.9 45.9' 32.7 3.3 60.3' -18.3 5.0 -56.9 -35.5 5.4 1.1 29.7 6.8 33.2 3,405.5' 4,612.5' 6,051.4' 4,611.4' 5,240.7' 5,467.9' 5,456.2 6,098.4 5,355.0 445.0' 426.3' -37.7' RELATION OF LIABILITIES TO FINANCIAL ASSETS 33 Netflowsthrough credit markets 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 53 Total financial sources . 54 55 56 57 58 59 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements . . . . Taxes payable Miscellaneous Floats not included in assets (-) 60 Federal government checkable deposits 61 Other checkable deposits 62 Trade credit 63 Total identified to sectors as assets .. . 4,849.7' 4,859.3' 4,393.2' 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. -.3 49.6 -4.4 2. Excludes corporate equities and mutual fund shares. 38 Federal Reserve Bulletin Statistical Supplement • December 2005 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q2 Ql Q3 Q4 Ql' Q2' Q3 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages 5 Nonfederal 18,051.6' 19,146.8' 20,465.9' 22,149.6' 22,582.2' 22,987.1' 23,501.6' 24,090.5' 24,583.5 25,070.2 25,663.8 3,385.1 3,357.8 27.3 3,379.5 3,352.7 26.8 3,637.0 3,609.8 27.3 4,033.1 4,008.2 24.9 4,168.9 4,143.8 25.1 4,209.6 4,185.4 24.2 4,292.9 4,268.7 24.2 4,395.0 4,370.7 24.3 4,559.7 4,535.6 24.1 4,516.8 4,493.1 23.7 4,589.6 4,566.0 23.6 14,666.5' 19,208.7' 18,413.3' 16,828.9' 20,023.8 21,074.2 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 278.4 1,480.9 2,230.3 1,338.0' 932.1 6,677.1' 5,075.2' 388.2 1,103.5' 110.2 1,729.8' 190.1 1,603.7 2,578.0 1,257.0' 941.0 7,335.4' 5,571.3' 428.8 1,217.5 117.8 1,862.0' 126.0 1,763.1 2,710.3 1,170.0' 961.3 8,149.1' 6,244.2' 466.0 1,313.5' 125.5 1,949.1' 85.9 1,898.2 2,868.6 1,122.3' 971.3 9,132.7' 7,026.2' 535.9' 1,437.1' 133.6 2,037.5' 95.5 1,940.4 2,897.1 1,107.1' 969.5 9,381.3' 7,235.0' 541.8' 1,469.2' 135.3 2,022.3' 102.5 1,974.0 2,898.8 1,127.7' 976.8 9,664.0' 7,465.8' 558.7' 1,501.2' 138.3 2,033.7' 109.3 1,993.7' 2,911.7 1,120.6' 971.1' 10,024.3' 7,768.3' 569.3 1,546.2' 140.5 2,078.0' 101.7 2,031.3' 2,946.3 1,155.9' 996.3' 10,335.5' 8,013.7' 583.6' 1,596.4 141.7 2,128.6' 115.6 2,085.9 2,954.9 1,172.5 1,010.3 10,581.0 8,209.6 591.4 1,637.0 143.0 2,103.7 114.6 2,135.0 2,962.4 1,224.4 1,041.1 10,955.0 8,502.0 607.4 1,699.4 146.2 2,120.8 119.6 2,174.5 2,983.1 1,235.8 1,040.7 11,355.1 8,821.1 615.1 1,770.6 148.3 2,165.4 17 18 19 20 21 22 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 6,960.6' 6,513.6' 4,535.4' 1,796.7 181.5 1,192.3 7,561.1' 6,908.1 4,756.7' 1,959.3 192.0 1,298.1 8,297.3' 7,089.6' 4,781.9' 2,107.8 199.8 1,442.0 9,142.9' 7,413.9' 4,942.3' 2,264.0 207.6 1,559.7 9,324.9' 7,489.9' 4,985.5' 2,298.7 205.6 1,598.6 9,574.7' 7,576.0' 5,022.3' 2,341.1 212.5 1,626.9 9,882.9' 7,680.9' 5,081.4' 2,382.0' 217.5 1,644.9' 10,169.4' 7,848.2' 5,200.5' 2,428.6' 219.1 1,678.0' 10,324.4 7,971.3 5,277.3 2,477.7 216.2 1,728.1 10,621.5 8,160.6 5,388.3 2,548.2 224.1 1,771.2 10,959.5 8,307.4 5,474.4 2,602.2 230.8 1,807.2 23 Foreign credit market debt held in United States 727.6 683.9 754.6 808.9 829.9 814.7 839.1 891.1 895.9 918.7 945.8 24 25 26 27 120.9 486.0 70.5 50.2 106.7 467.5 63.2 46.4 142.8 499.1 68.6 44.1 165.1 541.0 60.9 42.0 190.0 539.9 59.2 40.8 183.4 529.9 60.9 40.5 189.2 551.6 58.7 39.7 228.7 560.2 63.3 38.9 232.6 559.0 66.3 38.0 242.1 574.2 65.0 37.3 270.1 573.3 66.3 36.0 Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 22,958.5' 19,830.6' 23,412.1' 23,801.9' 24,340.7' 25,988.9 24,981.6' Financial sectors 29 Total credit market debt owed by financial sectors 8,104.8' 8,982.3' 9,805.6' 10,800.8' 10,950.6' 11,162.2' 11,365.3' 11,614.7' 11,737.9 12,040.6 12,219.3 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securi Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 4,319.7 1,826.4 2,493.2 .0 3,785.2' 1,214.7 1,957.8' 91.1 438.3 83.4 4,962.3 2,130.6 2,831.8 .0 4,019.9' 1,169.4 2,197.2' 104.1 463.7 85.6 5,509.0 2,350.4 3,158.6 .0 4,296.6' 1,105.9 2,520.9' 105.6 470.5 93.8 6,083.3 2,594.1 3,489.1 .0 4,717.5' 1,042.1 2,970.8' 100.8 501.7 102.1 6,104.4 2,594.3 3,510.2 .0 4,846.2' 1,055.0 3,061.1' 104.8 516.6 108.7 6,170.7 2,647.3 3,523.5 .0 4,991.5' 1,028.2 3,193.2' 99.2 558.1 112.7 6,214.1 2,670.5 3,543.6 .0 5,151.2' 1,022.0 3,344.6' 112.5 554.3 117.8 6,201.3' 2,659.2 3,542.2 .0 5,413.4' 1,076.3 3,520.3' 113.2 575.8 127.7 6,153.8 2,606.8 3,547.1 .0 5,584.0 1,087.9 3,668.9 114.6 578.6 134.0 6,153.8 2,585.7 3,568.1 .0 5,886.7 1,179.2 3,847.3 109.5 611.9 138.8 6,141.9 2,524.8 3,617.2 .0 6,077.3 1,216.7 3,980.5 121.7 614.5 143.8 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 266.7 242.5 287.7 3.4 2.5 1,826.4 2,493.2 1,475.5' 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 1,706.0' 42.3 779.2 16.0 171.2 449.3 325.5 286.4 262.3 6.9 5.1 2,350.4 3,158.6 1,887.8' 40.6 821.4 16.0 195.7 448.8 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,093.3' 47.0 939.6 16.0 227.7 447.4 355.8 347.5 267.2 8.4 7.9 2,594.3 3,510.2 2,123.8' 60.0 959.0 16.0 244.4 456.1 358.7 351.5 308.0 9.6 8.6 2,647.3 3,523.5 2,214.1' 60.6 963.1 16.0 260.4' 440.8 356.8 366.6 308.2 9.9 8.6 2,670.5 3,543.6 2,314.0' 68.9 995.1 16.0 285.8' 421.3 357.5 381.3 332.8 11.4 11.1 2,659.2 3,542.2 2,415.1' 62.2 1,057.4' 16.0 340.1' 428.5 373.0 403.3 324.3 11.8 10.7 2,606.8 3,547.1 2,516.6 65.0 1,067.7 16.0 359.2 436.5 383.4 408.6 344.1 12.5 11.2 2,585.7 3,568.1 2,690.1 63.7 1,068.3 16.0 382.4 506.2 389.1 421.5 344.3 12.6 11.3 2,524.8 3,617.2 2,840.6 68.2 1,076.0 16.0 398.8 498.8 28,812.9' 31,026.1' 33,759.2' 34,362.7' 34,964.1' 35,706.0' 36,596.3' 37,217.3 38,029.5 38,828.8 1,466.2 8,341.8 1,603.7 5,242.7' 1,424.3' 1,451.1 7,421.0' 1,862.0' 1,374.7 9,146.0 1,763.1 5,730.3' 1,344.2' 1,475.9 8,242.9' 1,949.1' 1,293.1 10,116.3 1,898.2 6,380.4' 1,283.9' 1,515.0 9,234.8' 2,037.5' 1,340.4 10,273.4 1,940.4 6,498.2' 1,271.1' 1,527.0 9,490.0' 2,022.3' 1,314.2 10,380.3 1,974.0 6,621.9' 1,287.9' 1,575.4 9,776.7' 2,033.7' 1,320.5 10,507.1 1,993.7' 6,807.9' 1,291.8' 1,565.1' 10,142.1' 2,078.0' 1,406.7 10,596.3 2,031.3' 7,026.8' 1,332.4' 1,611.0' 10,463.2' 2,128.6' 1,436.1 10,713.5 2,085.9 7,182.8 1,353.5 1,626.8 10,715.0 2,103.7 1,535.9 10,670.7 2,135.0 7,383.9 1,398.9 1,690.3 11,093.9 2,120.8 1,606.4 10,731.6 2,174.5 7,537.0 1,423.8 1,691.2 11,498.9 2,165.4 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 1,614.0 7,704.8 1,480.9 4,674.1' 1,499.6' 1,420.5 6,760.5' 1,729.8' 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Ql Q2 Q3 Q4 Ql' Q2' Q3 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 26,884.0' 28,812.9' 31,026.1" 33,759.2' 34,362.7' 34,964.1' 35,706.0" 36,596.3' 37,217.3 38,029.5 38,828.8 3,519.4' 2,312.4' 250.4 65.0' 891.5 272.6 2,590.8 20,501.2' 511.8 5,006.3 4,419.5 511.3 20.5 55.0 .,088.8 379.7 .,943.9 509.4 624.0 743.2 1,317.5 1,097.7 105.3 1,794.4 2,493.2 1,385.7' 851.2 32.1 39.3' 223.6 318.9 3,692.8' 2,223.8' 271.3 73.7' 1,124.0 285.6 3,918.4 25,862.5' 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,292.6' 514.5 2,488.3 625.2 677.2 649.9' 1,471.3 1,505.7 153.3 2,559.7 3,489.1 2,004.6' 951.8 32.1 97.5' 424.1 229.5' 3,594.6' 2,108.4' 266.0 74.4' 1,145.8 286.8 4,113.6 26,367.7' 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,348.8' 524.2 2,546.3 651.5 688.4 677.3' 1,416.9 1,558.9 155.8 2,555.7 3,510.2 2,038.2' 989.2 32.1 119.0' 405.0 270.5' 3,657.0' 2,160.0' 269.3 75.1' 1,152.6 283.8 4,321.2 26,702.1' 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,391.2' 541.5 2,586.1 667.8 694.2 694.1' 1,352.0 1,558.9 161.2 2,603.8 3,523.5 2,132.8' 1,009.9 32.1 133.0' 325.5 264.2' 3,730.4' 2,222.9' 269.4 75.6' 1,162.5 289.9 4,475.4 27,210.3' 700.3 6,336.9 5,734.3 478.6 36.9 87.1 1,426.9' 547.7 2,631.6 686.2 705.4 678.4' 1,322.1' 1,586.7 161.3 2,631.3 3,543.6 2,234.7' 1,033.4' 32.1 155.8' 453.5 266.5' 3,882.4' 2,326.9' 293.9 75.9' 1,185.8' 289.5 4,679.7 27,744.7' 717.8 6,543.0 5,909.7 506.1 36.4 90.8 1,485.4' 556.5 2,661.4 698.8 712.1 677.1' 1,346.3 1,622.8 164.5 2,605.9 3,542.2 2,326.9' 1,081.4' 32.1 200.2' 394.9 298.4' 3,854.8 2,279.3 283.1 76.1 1,216.4 289.5 4,866.7 28,206.2 717.3 6,745.2 6,054.3 563.1 34.0 93.8 1,495.8 566.0 2,713.8 721.1 714.0 676.1 1,294.3 1,670.0 166.0 2,581.4 3,547.1 2,426.1 1,076.8 32.1 209.5 440.0 331.5 3,910.2 2,312.0 281.9 76.1 1,240.3 286.0 5,065.3 28,768.0 724.7 6,909.7 6,178.8 592.1 41.4 97.4 1,550.2 579.0 2,728.9 733.4 725.6 676.4 1,252.7 1,698.0 166.5 2,571.2 3,568.1 2,594.8 1,085.4 32.1 239.5 466.2 379.9 3,941.5 2,294.1 297.0 75.9 1,274.6 290.0 5,277.7 29,319.6 736.4 7,084.1 6,327.2 628.2 29.9 98.8 1,588.6 592.5 2,781.0 752.9 738.0 683.7 1,246.8 1,723.8 167.5 2,503.1 3,617.2 2,740.5 1,094.2 32.1 261.8 442.9 443.2 26,884.0' 28,812.9' 31,026.1" 33,759.2" 34,362.7' 34,964.1' 35,706.0' 36,596.3' 37,217.3 38,029.5 38,828.8 46.1 2.2 23.2 803.3 221.3 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3 4,435.3 822.7 819.1 9,000.1 2,747.7 204.8 10,669.4' 46.8 2.2 24.5 810.1 191.4 1,603.2 3,127.5' 1,121.0' 2,240.6 1,233.7 4,135.5 825.9 880.0 8,571.8 2,667.3 219.2 11,469.8' 55.8 2.2 25.5 831.1 206.0 1,646.7 3,398.3' 1,171.0' 2,223.9 1,340.3 3,638.4 738.8 920.9 7,814.8 2,738.1 241.4 12,201.4' 61.5 2.2 26.2 891.5 113.4' 1,791.8 3,720.7' 1,331.5' 1,968.9 1,618.4 4,912.0 952.8 1,022.5 9,426.6' 2,897.6 264.8 12,960.4' 58.9 58.7 26.5 895.6 167.1' 1,847.7' 3,793.5' 1,378.6' 1,914.8 1,569.2 4,966.2 987.2 1,031.9 9,537.5' 2,942.9 270.1 13,089.6' 26.7 915.5 168.3' 1,857.4 3,830.2' 1,436.4' 1,866.9' 1,673.5 4,983.2 985.5 1,038.2 9,534.5' 3,003.9 283.1 13,288.8' 62.2 2.2 26.7 964.7 187.6' 1,929.7' 3,876.8' 1,504.9' 1,879.8 1,650.7' 5,436.0 1,037.9 1,060.4 10,150.0' 3,075.7 274.9 13,783.7' 56.3 2.2 26.9 1,057.5 196.4 1,921.5 3,940.9 1,575.4 1,841.0 1,782.8 5,471.6 1,051.5 1,069.4 9,957.0 3,103.7 289.2 13,802.9 54.3 26.0 853.4 192.9' 1,780.6 3,653.1' 1,232.8' 2,016.4 1,567.5 4,653.2 871.3 1,013.2 9,213.9' 2,840.5 250.2 12,714.5' 27.2 1,070.0 229.7 1,952.3 3,970.8 1,637.1 1,832.4 1,911.8 5,593.7 1,058.5 1,087.2 10,151.3 3,170.0 290.0 13,991.2 52.0 2.2 27.4 1,096.2 184.1 1,934.1 4,071.2 1,741.5 1,876.6 1,962.9 5,882.0 1,066.3 1,107.5 10,438.9 3,248.6 297.3 13,530.2 51 Total liabilities 65,014.7' 67,983.3' 70,220.9' 76,703.1' 78,325.6' 79,443.8' 80,659.0' 83,500.2' 84,363.5 86,058.9 87,347.8 Financial assets not included in liabilities (+) 52 Gold and special drawing rights 53 Corporate equities 54 Household equity in noncorporate business . . . 21.6 17,627.0 4,773.4' 15,310.6 4,875.8' 23.2 11,900.5 5,037.9' 23.7 15,618.5 5,387.3' 23.7 15,953.0 5,443.9' 23.7 16,108.6 5,579.4' 23.8 15,771.0 5,778.3' 24.6 17,376.8' 5,927.4' 22.6 16,985.2 6,186.0 22.3 17,138.4 6,416.8 19.3 17,852.5 6,648.0 -8.5 628.6 -4.3 417.9 120.0 -3,296.1' -8.6 621.1 11.1 372.4' 93.3' -3,385.4' -9.1 629.0 15.5 412.6' 126.3' -3,089.1' -9.5 678.6 12.6 390.7' 79.1' -2,768.0' -9.6 701.7 16.5 354.9' 68.1' -2,827.5' -9.5 688.4 27.4 306.3' 87.5' -2,640.8' -9.6 719.6 20.4 339.8' 98.9' -2,562.5' -9.7 740.2 27.3 270.4' 103.0' -2,585.5' -9.6 825.1 35.7 414.5 96.2 2,855.6 -9.4 801.3 23.3 459.2 99.4 -2,831.7 -9.0 809.8 27.5 447.4 82.4 -3,320.5 -2.3 22.0 135.0 -12.3 21.6 145.9 -11.7 20.9 295.9' -17.9 20.8 334.5 1.1 17.4 314.1 .1 21.5 254.9 3.1 14.7 280.9 11.2 23.6 359.9' 4.9 20.9 314.9 1.7 25.6 264.8 2.5 19.9 2 3 4 5 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 Domestic nonfederal nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Life insurance companies Other insurance companies Private pension funds State and local government retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools Asset-backed securities (ABSs) issuers Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 3,387.0' 2,084.6' 246.1 71.3' 985.0 278.6 2,949.0 22,198.3' 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.2' 421.2 2,074.8 518.4 637.3 689.4 1,584.9 1,223.8 108.5 2,099.1 2,831.8 1,602.6' 846.4 32.1 48.0' 316.0 223.8 3,428.8' 2,014.4' 272.2' 70.7' 1,071.4 288.2 3,424.1 23,885.1' 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.6' 463.9 2,307.8 558.3 663.0 638.7 1,567.1 1,368.0 117.1 2,323.2 3,158.6 1,792.5' 867.6 32.1 71.8' 344.4 138.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 33 Total credit market debt 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 55 56 57 58 59 60 Other liabilities Official foreign exchange Special drawing rights certificates . Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency . Small time and savings deposits . . Large time deposits Money market fund shares Security repurchase agreements . . Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Totals Identified to sectors as assets . 89,424.3' 90,332.5' 88,792.3' 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 62.3 99,011.8' 101,109.5' 102,419.9' 103,326.7' 107,888.6' 108,710.4 110,802.1 113,518.3 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • December 2005 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2004 2004 2005 2004 2005 2005 Series Q4 Q1 Q2 Q3' Q4 Q1 Q2 Q3 Capacity (percent of 2002 output) Output (2002=100) Q4 Q1 Q2 Q3' Capacity utilization rate (percent)2 1 Total Industry 106.2 107.2 107.6 107.9 133.7 134.2 134.7 135.3 79.4 79.9 79.9 79.8 2 Manufacturing 3 Manufacturing (NAICS) 107.1 107.6 108.3 108.7 108.6 109.0 109.2 109.7 137.0 138.3 137.6 138.9 138.3 139.6 139.1 140.4 78.2 77.8 78.7 78.3 78.5 78.1 78.5 78.1 4 5 112.4 105.2 114.2 102.7 114.9 98.0 116.8 98.3 147.3 123.7 148.5 123.7 150.0 123.8 151.5 123.9 76.3 85.0 76.9 83.0 76.6 79.1 77.1 79.4 104.7 113.2 137.7 105.2 114.1 146.1 105.6 114.6 151.8 106.4 115.5 159.5 141.7 144.5 188.9 141.9 144.4 194.5 142.2 144.3 201.2 142.6 144.3 208.6 73.9 78.3 72.9 74.2 79.0 75.1 74.3 79.4 75.4 74.6 80.1 76.4 103.4 109.7 103.9 110.6 104.4 109.4 107.5 112.8 127.6 136.2 127.2 137.1 126.8 138.2 126.5 139.5 81.1 80.5 81.7 80.7 82.3 79.1 85.0 80.8 103.3 101.8 102.5 91.8 106.0 102.1 103.2 91.9 110.1 102.0 104.0 90.1 105.6 101.2 104.4 92.1 158.5 127.5 129.2 122.3 159.1 127.4 129.3 121.3 159.8 127.3 129.3 120.3 160.6 127.3 129.4 119.4 65.2 79.9 79.4 75.1 66.6 80.1 79.8 75.8 68.8 80.1 80.4 74.9 65.7 79.5 80.7 77.1 99.1 106.1 104.3 103.3 99.7 99.8 106.2 104.1 103.7 102.1 97.6 106.8 104.0 103.2 102.6 96.4 102.7 101.3 104.6 100.8 116.0 113.6 134.8 121.5 117.4 116.0 113.7 135.1 121.3 117.7 115.9 113.9 135.3 121.1 117.8 115.8 114.0 135.6 120.8 117.9 85.5 93.4 77.4 85.0 84.9 86.0 93.4 77.1 85.5 86.8 84.2 93.8 76.8 85.3 87.1 83.2 90.1 74.7 86.6 85.5 20 Mining 21 Electric and gas utilities 99.4 103.7 100.4 103.1 100.4 104.8 96.2 107.7 112.5 122.8 112.2 123.0 112.0 123.0 111.9 122.9 88.3 84.4 89.4 83.9 89.6 85.2 85.9 87.7 MEMOS 22 Computers, communications equipment, and semiconductors 148.6 159.5 165.7 175.9 204.1 211.9 221.8 233.6 72.8 75.3 74.7 75.3 23 Total excluding computers, communications equipment, and semiconductors 104.1 104.7 104.9 104.9 130.4 130.5 130.7 130.8 79.8 80.2 80.3 80.2 24 Manufacturing excluding computers, communications equipment, and semiconductors 104.6 105.3 105.4 105.5 133.1 133.3 133.5 133.8 78.6 79.0 78.9 78.9 6 8 9 10 11 12 13 14 15 16 17 18 19 Durable manufacturing Primary metal Fabricated metal products Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2005 2004 Series Low High Low Nov. June July Aug.' Sept.' Oct.' Nov.p Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.1 86.6 70.7 85.1 78.6 79.3 80.3 80.2 80.3 78.9 79.8 80.2 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.3 68.4 67.8 85.5 85.5 77.1 76.9 78.0 77.7 78.7 78.2 78.6 78.2 78.8 78.4 78.1 77.7 79.4 79.0 79.4 79.2 89.4 101.9 69.7 69.7 86.8 90.4 62.8 46.9 84.6 94.9 73.4 74.6 76.1 85.6 76.8 77.1 76.8 76.9 77.4 79.2 77.1 81.9 78.9 82.1 78.5 83.0 91.7 94.5 69.7 74.5 82.8 92.6 61.8 58.2 81.7 85.3 72.6 73.9 73.8 78.3 74.2 79.7 74.5 80.6 74.7 79.1 74.7 80.5 76.2 82.7 76.1 83.0 86.9 66.1 89.4 76.4 81.5 75.9 72.5 75.5 76.0 76.7 76.6 76.9 77.6 99.3 95.6 68.0 54.6 91.9 95.2 64.7 45.0 89.0 89.3 77.0 56.0 81.2 80.2 82.9 80.4 83.9 78.5 84.8 81.1 86.2 82.8 88.2 82.1 88.6 78.0 75.8 87.6 67.5 72.4 86.7 85.8 68.8 75.6 87.3 86.9 81.3 81.5 65.3 79.8 68.8 80.2 69.2 80.2 69.5 79.7 58.5 78.6 70.4 79.2 71.5 80.1 86.3 89.5 77.6 61.9 84.5 89.9 80.6 72.6 85.9 91.5 81.1 77.6 79.4 74.7 80.8 75.7 81.0 76.8 80.3 76.9 80.7 77.5 81.0 78.4 80.8 79.0 96.7 92.2 85.3 96.1 86.0 74.3 80.8 69.1 61.8 75.5 95.2 91.7 83.2 90.2 88.5 81.3 70.4 68.0 71.3 86.1 93.6 89.0 85.0 89.5 91.0 85.6 83.0 80.0 76.2 80.7 85.5 93.6 77.2 84.6 84.4 84.4 94.7 76.7 85.0 86.6 83.3 92.6 76.5 85.4 85.7 83.1 91.4 75.7 86.2 85.6 83.3 86.1 71.8 88.2 85.1 85.3 85.1 73.1 87.8 85.4 84.8 89.9 74.6 89.2 84.7 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 93.9 88.2 78.7 77.6 86.1 92.7 83.6 84.1 88.7 83.9 90.0 88.0 89.1 88.0 88.6 88.2 80.1 86.8 80.0 85.1 83.8 85.4 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.4 88.7 74.0 80.9 74.0 72.5 74.5 74.8 75.6 75.5 75.0 75.5 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.5 85.5 78.8 79.7 80.7 80.6 80.7 79.2 80.2 80.6 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.3 68.1 86.0 77.3 78.5 79.1 79.0 79.2 78.5 79.9 79.9 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 2.13 Federal Reserve Bulletin Statistical Supplement • December 2005 INDUSTRIAL PRODUCTION Indexes and Gross Value' Monthly data seasonally adjusted Group 2002 proportion 2004 Apr. May July Aug.r Sept/ Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 106.0 106.7 106.9 107.4 107.3 107.2 107.4 108.3 108.3 108.6 106.9 108.2 59.0 31.1 8.9 4.7 0.4 1.5 2.4 22.1 18.3 9.8 1.0 4.9 2.1 3.9 104.8 103.1 106.9 109.3 113.6 103.9 103.2 101.6 101.5 102.7 88.2 102.2 99.6 101.9 06.2 03.7 07.3 09.9 12.6 04.4 03.2 02.2 02.3 03.0 87.7 03.3 01.1 02.1 106.9 104.1 107.3 110.1 106.6 104.1 103.4 102.9 102.6 103.0 87.0 103.7 103.4 104.1 107.1 103.9 106.3 108.2 108.2 104.2 103.6 102.9 103.1 103.5 86.0 103.8 105.6 102.0 107.6 104.7 109.7 113.9 115.0 104.5 103.8 102.8 103.2 103.0 85.8 105.5 104.5 101.1 107.7 104.6 107.7 110.3 113.1 105.5 102.9 103.4 103.1 103.2 85.1 104.7 105.2 104.6 107.7 104.1 106.0 107.8 115.2 102.9 103.0 103.3 103.3 103.2 85.4 105.2 105.6 103.1 108.1 104.6 107.1 109.3 124.7 104.0 102.5 103.5 103.9 104.2 83.3 105.4 106.2 102.0 109.0 105.8 108.5 111.7 120.4 105.6 102.5 104.7 104.0 104.7 82.9 105.2 105.6 107.2 109.1 105.2 107.1 109.5 116.1 105.2 102.3 104.4 103.8 104.7 84.7 104.2 104.7 107.1 109.5 105.6 110.1 114.4 113.6 106.5 103.1 103.9 103.2 103.8 85.0 103.8 104.4 106.5 108.8 106.1 112.4 117.5 109.3 108.5 104.9 103.6 103.6 104.4 85.8 104.0 104.1 103.7 110.6 105.9 112.1 116.1 110.7 108.2 106.5 103.5 104.0 104.7 84.7 104.8 104.9 101.6 110.5 105.1 108.8 110.1 115.3 106.5 106.7 103.6 103.7 104.3 85.4 104.3 104.5 103.3 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.1 5.3 1.8 109.4 105.6 113.8 108.2 113.1 12.9 10.2 19.9 10.0 17.6 114.1 110.6 122.6 110.8 119.0 115.2 111.8 124.4 111.5 119.4 115.9 114.8 125.5 111.2 121.6 116.3 115.1 126.3 111.4 122.5 116.8 116.4 127.4 111.3 124.5 117.9 118.7 129.2 111.7 124.1 118.4 119.3 131.0 111.6 124.9 120.0 118.5 133.9 113.4 126.8 120.1 118.7 136.1 112.5 127.4 115.0 88.7 138.1 113.1 124.6 123.5 122.9 141.3 114.7 128.2 124.6 124.3 143.2 115.5 127.6 21 22 Construction supplies Business supplies 4.3 11.2 104.6 103.9 05.7 05.0 106.1 106.2 106.0 106.7 106.4 106.1 106.2 106.5 107.3 106.7 107.5 106.7 106.9 107.6 107.5 107.4 108.2 107.9 109.6 107.3 112.2 107.6 108.4 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.0 30.7 19.1 4.0 6.7 8.4 11.6 0.8 2.7 4.5 10.3 104.6 106.5 110.4 99.9 125.8 103.7 100.1 89.2 96.7 104.2 99.6 05.9 08.3 12.8 00.4 30.8 05.2 01.0 87.1 98.0 05.9 99.3 106.5 108.8 113.4 100.8 132.5 105.1 101.3 87.4 98.4 106.3 100.4 106.7 109.6 114.7 100.8 136.4 105.3 101.3 87.6 98.4 104.6 99.4 107.0 109.7 115.2 102.4 138.0 104.6 101.0 85.4 98.6 104.9 99.7 106.8 109.4 114.8 100.4 137.8 104.8 100.7 85.1 98.6 103.9 99.8 106.5 109.2 114.9 99.1 139.7 104.5 100.1 83.5 97.5 103.7 99.2 106.5 109.3 115.2 99.5 141.0 104.1 99.8 83.6 96.4 102.6 99.2 107.3 109.5 115.5 102.4 141.7 103.0 99.7 84.4 97.2 102.9 101.3 107.2 109.8 115.9 101.1 143.4 103.2 100.0 85.3 96.1 103.3 100.3 107.4 110.2 117.0 101.6 145.7 104.0 99.3 84.5 96.0 102.1 100.0 104.2 109.3 118.5 103.2 147.1 105.5 94.8 84.1 95.8 90.9 92.1 105.0 110.7 119.8 103.9 149.4 106.3 96.4 84.3 97.1 93.3 91.6 106.9 111.9 120.6 101.6 152.6 107.1 98.2 84.3 96.7 98.1 95.0 94.8 92.6 102.9 104.5 04.0 05.8 104.6 106.5 104.5 106.8 104.9 106.9 104.8 107.1 104.6 107.1 104.7 107.3 105.5 108.0 105.4 108.2 105.5 108.2 103.7 106.2 105.0 107.7 105.6 108.9 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 2,877.6 43.5 31.1 12.4 15.5 2,937.0 2,955.4 2,960.9 3,015.3 2,997.0 2,174.0 2,202.4 2,218.7 2,220.4 2,241.9 2,238.6 2,228.2 2,239.3 2,265.9 2,262.5 2,270.1 2,248.3 2,287.3 2,282.3 1,558.7 1,566.1 1,576.6 1,571.0 1,588.6 1,584.7 1,571.5 1,578.3 1,601.0 1,589.7 1,598.1 1,599.4 1,594.7 1,589.0 699.7 698.7 616.3 638.4 644.4 652.3 656.1 656.8 660.3 664.6 668.2 677.2 676.0 650.6 703.7 712.8 718.4 718.1 717.6 717.2 722.1 721.8 726.5 724.3 727.2 724.1 728.5 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2004 2005 2004 avg. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept/ Oct.' Nov.' Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.1 105.4 105.8 106.9 107.4 107.5 107.9 108.1 108.4 108.6 109.0 108.2 108.6 108.3 108.6 108.7 109.0 109.0 109.4 109.1 109.6 109.5 110.1 108.8 109.3 110.8 111.4 111.1 111.8 321 43.6 1.5 109.8 104.9 112.1 105.3 112.9 105.4 113.7 108.7 114.8 105.7 114.2 104.9 114.3 104.8 115.0 105.9 115.5 104.4 115.9 104.9 117.3 104.0 117.3 106.6 120.5 110.8 120.3 109.8 327 331 332 333 2.3 2.3 5.7 5.3 105.4 103.4 103.2 110.7 106.0 105.8 104.6 113.1 107.7 104.4 104.6 113.1 106.3 103.8 105.4 114.1 106.4 101.9 105.3 114.0 105.1 102.3 105.0 114.3 105.7 99.5 105.5 114.3 105.9 98.9 105.7 114.5 106.4 95.5 105.6 115.0 105.9 95.3 106.1 116.3 105.9 98.2 106.6 114.1 107.2 101.5 106.6 116.1 109.1 101.8 108.9 119.2 110.2 102.8 108.8 119.7 334 8.0 130.7 136.9 139.7 144.3 146.8 147.4 149.5 152.2 153.6 156.5 160.1 161.8 164.4 168.1 335 3361-3 2.2 7.4 101.5 108.0 103.6 109.2 103.6 110.0 104.3 108.6 103.7 113.4 103.6 109.8 103.5 107.9 104.4 108.8 105.1 111.4 106.3 109.2 107.2 113.1 109.0 115.9 111.5 115.4 111.8 109.9 3364-9 3.6 100.7 103.6 104.2 104.2 106.3 107.5 109.5 110.4 110.2 110.9 111.7 94.1 113.4 115.3 337 339 1.8 3.3 101.4 105.5 102.0 107.0 102.7 107.5 102.5 108.5 102.2 108.9 101.6 108.8 100.0 108.9 100.3 109.0 99.9 109.7 99.8 109.7 100.2 111.6 101.7 111.9 100.3 113.0 99.8 112.0 35.5 101.0 101.8 101.9 102.1 102.2 101.9 101.9 101.9 102.1 102.1 101.5 100.0 100.8 101.9 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 102.3 93.1 88.4 98.0 96.0 102.6 91.4 88.2 99.1 96.8 102.6 90.5 87.4 99.0 97.2 103.4 92.6 86.4 99.9 97.9 103.0 91.6 86.1 99.6 97.0 103.3 91.5 85.5 99.8 96.4 103.2 89.6 85.8 98.2 96.5 104.3 89.8 83.9 96.8 97.0 104.5 90.8 83.6 97.8 96.5 104.8 91.9 85.5 96.6 97.9 103.9 91.9 85.9 96.2 97.2 104.5 92.4 86.8 96.5 97.9 104.9 93.2 85.6 98.8 98.4 104.6 93.6 86.5 98.2 99.1 324 325 1.7 10.7 103.7 102.8 106.4 104.1 107.2 104.5 105.3 103.8 107.6 104.6 105.7 103.8 106.9 104.1 105.5 103.9 107.9 103.9 105.6 103.7 104.2 102.7 98.2 97.4 97.1 99.3 102.7 101.3 326 3.8 102.5 102.8 103.3 104.0 103.7 103.5 103.8 103.1 102.9 103.2 104.1 106.5 105.9 107.5 1133,5111 4.8 98.8 99.1 101.1 102.5 101.5 102.4 102.5 103.2 102.0 101.0 100.9 100.3 100.8 99.9 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 99.5 103.1 104.1 98.2 99.9 103.0 104.1 97.1 100.4 105.2 106.2 99.8 99.9 102.9 104.0 97.3 100.9 101.7 102.9 95.6 100.4 104.8 105.5 101.1 100.5 103.1 104.1 98.3 99.8 102.9 103.2 101.1 100.8 108.3 109.7 101.2 99.8 108.1 109.6 100.9 99.2 108.4 110.1 100.4 89.7 106.7 108.9 96.2 89.5 104.5 106.0 97.1 93.8 104.8 106.1 98.1 78.7 103.2 104.5 104.9 105.2 105.6 105.2 105.1 105.4 105.7 105.6 105.9 105.0 107.0 107.1 76.5 105.1 106.7 107.3 108.0 108.1 108.1 108.3 108.7 108.8 109.1 109.2 108.1 110.3 111.2 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • December 2005 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 -475,211 -421,181 977,276 -1,398,457 10,016 15,453 99,770 -84,317 -5,437 -64,046 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) -519,679 -494,814 1,022,567 -1,517,381 46,304 51,834 121,842 -70,008 -5,530 -71,169 -668,074 -617,583 1,151,448 -1,769,031 30,439 36,234 127,921 -91,687 -5,795 -80,930 Q3 Q4 Q1 Q2' Q3 -166,982 -157,465 290,370 -447,835 6,254 7,694 30,343 -22,649 -1,440 -15,771 -188,359 -169,221 298,887 -468,108 3,236 4,691 33,413 -28,722 -1,455 -22,374 -198,668 -173,052 306,444 -479,496 643 2,067 28,377 -26,310 -1,424 -26,259 -197,781 -173,599 317,267 -490,866 -1,541 -102 28,490 -28,592 -1,439 -22,641 -195,821 -182,795 320,764 -503,559 512 2,037 34,709 -32,672 -1,525 -13,538 345 971 562 -3,681 0 -475 -2,632 -574 601 1,494 -572 -398 3,826 -623 676 -149 -110 990 -183 1,713 3 763 -145 -797 0 -97 -564 -136 4,766 0 2,976 1,951 -161 -290,691 -38,260 -49,403 -48,568 -154,460 -330,457 -9,574 -24,240 -156,064 -140,579 -859,529 -356,133 -149,001 -102,383 -252,012 -137,943 -44,787 -13,490 -38,444 -41,222 -290,155 -97,263 -74,669 -18,226 -99,997 -91,328 49,278 -74,934 -38,675 -26,997 -225,376 -170,985 8,978 -41,979 -21,390 -129,348 -107,867 -14,599 -33,954 27,072 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 115,945 60,466 30,505 137 21,221 3,616 278,275 184,931 39,943 -517 48,643 5,275 394,710 272,648 38,485 488 70,329 12,760 75,792 55,357 11,542 710 4,867 3,316 94,478 41,728 15,040 -158 32,054 5,814 25,277 14,306 24,938 -650 -15,843 2,526 82,646 22,448 21,620 297 34,190 4,091 38,394 9,651 20,471 709 826 6,737 28 Change in foreign private assets in United States (increase, +) 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 678,398 96,410 95,932 100,403 21,513 283,299 80,841 610,768 96,675 99,676 104,380 16,640 226,306 67,091 1,045,395 322,627 124,358 106,958 14,827 369,793 106,832 178,436 42,164 14,752 -1,107 2,560 84,401 35,666 363,437 91,458 61,096 15,710 5,313 158,238 31,622 218,174 -67,735 93,897 75,911 1,072 79,973 35,056 293,170 149,069 1,153 9,923 4,507 114,064 14,454 358,525 88,696 24,845 40,863 4,679 160,669 38,773 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -1,363 -23,742 -3,214 -37,753 -1,648 85,126 -393 50,672 -12,977 63,649 -455 19,856 5,718 14,138 -4,466 41,193 15,238 25,955 -315 47,482 -7,710 55,192 -311 -76,767 -16,265 -60,502 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 MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) -3,681 1,523 2,805 429 697 5,331 -797 4,766 115,808 278,792 394,222 75,082 94,636 25,927 82,349 37,685 -8,132 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2005 Asset 2002 2003 2004 Apr. May June July Aug. Sept. Oct. Nov.' 1 Total 79,006 85,938 86,824 79,526 77,742 76,594 74,620 72,243 71,273 70,218 68,773 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 12,166 11,043 12,638 11,045 13,582 11,041 11,610 11,041 11,385 11,041 11,243 11,041 11,206 11,041 8,304 11,041 8,245 11,041 8,224 11,041 8,180 21,979 33,818 22,535 39,722 19,479 42,718 15,422 41,452 15,406 39,910 15,274 39,036 13,438 38,935 13,336 39,563 13,245 38,742 12,720 38,234 12,097 37,445 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2005 Asset 2002 2003 2004 Apr. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 May July Aug. Sept. Oct. Nov.' 136 162 80 126 105 103 83 81 96 88 82 678.106 9,045 845.080 8,971 1.041.215 8,967 1,057,109 8,967 1,065,032 8,967 1,058,972 8,967 1,070,625 8,967 1,075,098 8,967 1.056.594 8,967 1.060.857 8,967 1.073.710 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 website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 June 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 2005 2004 Item 2002 2003 1 1 1 Total By type 2 Liabilities reported by banks in the United States2 June " June 8 Dec. July Aug. Sept. Oct.' 1,161,907 1,445,526 1,665,335 1,780,503 1,909,030 1,959,813 1,964,912' 1,962,807' 1,980,393 144,646 190,444 189,824 212,032 234,553 248,862 234,553 248,862 270.385 245,197 287,083 203,174 285.540' 205,404 289.148' 195,367 289.329 199,801 569,891 2,769 254,157 719,302 2,613 321,755 844,444 1,569 335,907 910,456 1,569 385,063 986,454 1,630 405,364 1,031,381 923 437,252 1,034,604 924 438,440 1,033,470 929 443,893 1,038,366 936 451,961 283,512 5,962 87,261 760 012 9,355 15,835 306,272 5,112 72,869 1 034 751 8,857 17,652 334,000 6,578 98,106 1 201 702 10,187 14,749 340,412 7,631 104,911 1 296 622 10,812 19,926 357,316 7,806 112,605 1 388 408 10,842 31,864 369,912 8,286 111,236 1 418 150 12,743 39,297 369,059 8,436 113,618' 1 427 057 11,935 34,618 367,806' 7,605 111,873' 1 435 694 10,914 28,726 378,806 8,137 115,316 1 437 360 10,958 29,627 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 11 Africa 1. 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 2004 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 2004 Item 2001 2002 2005 2003 Dec' Mar.' June' Sept. 2 3 Deposits Other liabilities 79,363 n.a. n.a. 80,543 n.a. n.a. 63,119 36,674 26 ,AAi 98,349 52,410 45,939 91,509 51,305 40,204 102,989 55,982 47,007 108,305 60,840 47,465 5 Deposits 74,640 44,094 30,546 71,724 34,287 37,437 81,669 38,102 43,567 129,544 51,029 78,515 110,063 47,433 62,630 109,277 47,053 62,224 102,541 43,649 58,892 8 Deposits 17,631 n.a. n.a. 35,923 n.a. n.a. 21,365 5,064 16,301 32,056 8,519 23,537 41,261 21,014 20,247 45,207 21,686 23,521 45,076 21,574 23,502 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 2005 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr. Aug.r May Sept/ BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners . . 2,832,441 2,821,723 2,863,596 2,944,589 2,962,695 3,003,631 3,013,177 3,002,096 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other ,363,270 1,677,193 1,004,813 ,982,989 2,016,226 2,149,793 2,178,807 2,236,964 2,251,220 2,224,176 175,231 246,623 190,134 622,318 852,803 824,390 460,191 638,413 933,744 1,071,069 647,140 827,628 929,099 1,053,890 608,955 838,734 948,290 1,067,936 610,755 985,250 1,164,543 649,950 975,159 1,027,517 1,203,648 1,209,447 690,063 677,002 1,044,839 1,206,381 687,152 986,461 1,237,715 701,179 847,370 794,796 236,796 258,797 318,743 308,605 783,888 766,667 761,957 777,920 308,307 277,532 270,618 271,289 251,933 258,020 333,193 308,877 309,634 297,474 301,152 311,958 37,761 74,513 195,949 34,394 83,633 176,842 48,260 152,561 194,583 52,623 147,347 199,558 52,859 147,239 205,870 47,240 144,113 208,387 51,875 132,507 203,636 50,724 126,541 197,904 51,291 132,188 208,872 55,921 125,002 207,942 12 Nonmonetary international and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" Other 19 13,467 12,362 5,769 6,593 1,105 14,149 12,577 6,134 6,443 1,572 110 15,120 9,829 6,098 3,731 5,291 1,879 15,730 11,030 4,910 6,120 4,700 1,166 19,011 13,005 4,608 8,397 6,006 2,317 16,140 10,231 5,359 4,872 5,909 2,247 16,212 10,640 5,020 5,620 5,572 2,122 16,454 10,540 5,781 4,759 5,914 2,131 17,394 11,093 5,615 5,478 6,301 2,097 18,221 12,955 5,888 7,067 5,266 939 16 0 1,462 3,412 0 3,532 2 3,584 105 3,571 91 3,448 2 3,779 4,197 7 4,325 2 335,090 93,884 20,733 73,151 401,856 117,737 24,208 93,529 515,582 145,516 26,613 118,903 516,453 165,093 33,267 131,826 509,533 152,055 36,616 115,439 493,629 162,252 39,098 123,154 490,257 169,936 38,951 130,985 490,944 171,533 40,882 130,651 484,515 169,142 39,315 129,827 489,130 175,763 40,462 135,301 241,206 190,444 284,119 212,032 370,066 245,197 351,360 230,105 357,478 228,961 331,377 204,897 320,321 203,174 319,411 205,404 315,373 195,367 313,367 199,801 50,698 64 69,638 2,449 123,163 1,706 120,781 474 127,654 863 121,942 4,538 116,789 358 113,466 541 119,019 987 111,871 1,695 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,380,639 1,163,309 706,536 456,773 217,330 18,267 1,499,129 1,278,743 755,530 523,213 220,386 27,027 1,489,070 1,256,663 743,259 513,404 232,407 35,949 1,520,510 1,281,130 753,989 527,141 239,380 35,602 1,669,770 1,437,218 786,394 650,824 232,552 33,704 1,666,536 1,436,112 773,784 662,328 230,424 28,491 1,717,782 1,493,314 827,029 666,285 224,468 29,867 1,724,941 1,499,158 838,243 660,915 225,783 23,331 1,701,124 1,469,546 783,630 685,916 231,578 24,700 57,605 171,888 49,311 149,752 52,381 140,978 50,404 146,054 51,769 152,009 43,073 155,775 47,679 154,254 43,290 151,311 40,696 161,756 47,789 159,089 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 325,764 201,166 92,709 108,457 518,962 383,570 115,925 267,645 802,610 570,725 145,503 425,222 800,470 550,203 147,663 402,540 814,542 570,036 153,077 416,959 765,050 540,092 154,399 385,693 789,690 562,119 157,404 404,715 778,451 561,577 153,825 407,752 786,327 571,827 161,666 410,161 793,621 565,912 156,481 409,431 40 41 42 124,598 19,347 135,392 28,388 231,885 44,640 250,267 41,385 244,506 41,427 224,958 36,684 227,571 36,831 216,874 33,887 214,500 31,138 227,709 32,580 81,254 23,997 82,363 24,641 135,346 51,899 155,854 53,028 150,186 52,893 140,291 47,983 141,718 49,022 136,939 46,048 137,240 46,122 147,973 47,156 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 instruments'' Other 28 tanks10 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 instruments'" 35 Other 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments'" Other 1,985,588 189,573 202,774 MEMO 44 Own foreign offices12 941,416 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Apr. May July Aug. Sept. AREA OR COUNTRY 45 Total, all foreigners 1,985,588 2,315,606 2,832,441 2,821,723 2,863,596 2,944,589 2,962,695" 3,003,631' 3,013,177' 3,002,096 46 Foreign countries 1,972,121 2,301,457 2,817,321 2,805,993 2,844,585 2,928,449 2,946,483' 2,987,177' 2,995,783' 2,983,875 981,660 4,355 13,512 3,147 1,088 57,049 51,427 1,178 7,198 50,105 18,148 32,740 1,545 70,186 8,410 6,118 99,222 5,188 430,018 20,840 110 100,076 1,056,904 5,424 13,987 2,750 2,599 59,250 60,164 1,972 7,997 56,827 25,982 34,818 2,490 73,980 8,778 5,910 90,717 3,663 474,197 20,583 90 104,726 1,037,611 4,129 14,017 3,927 2,682 60,421 52,499 1,886 8,522 57,461 23,440 18,671 1,917 82,050 8,291 1,944 100,903 4,552 461,711 23,087 106 105,395 1,116,531 4,060 15,810 1,877 1,766 76,471 56,431 1,424 7,977 57,637 17,477 20,740 2,093 85,022 8,357 2,636 106,122 6,787 521,692 26,060 103 95,989 27,323 35,590 33,658 34,300 38,312 32,575 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America17 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 110,566 9,758 16,283 4,438 4,235 2,567 1,547 35,389 4,093 1,401 3,670 21,222 5,963 135,888 10,813 15,186 7,299 6,263 2,676 1,526 50,545 4,506 1,968 4,150 24,573 6,383 129,145 9,221 19,726 8,318 6,059 2,654 1,361 38,870 4,382 2,484 4,079 24,754 7,237 130,634 9,813 19,077 8,394 5,968 2,749 1,403 38,374 4,848 3,280 4,436 24,996 7,296 133,068 9,662 17,807 7,277 5,575 2,499 2,044 42,142 4,714 3,336 4,931 25,397 7,684 1,129,699' 1,198,612' 1,183,264' 1,171,763 5,243 4,095 4,174 4,473 16,303 19,069 17,892 15,302 5,709 1,765 2,364 2,010 2,398 972 747 1,941 85,008' 88,210 77,351' 90,213' 59,308 61,615 62,794 64,879 1,063 1,375 1,528 1,113 7,741 6,856 8,470 5,589 56,345' 59,764 56,670' 58,600' 20,501' 18,727 18,729 17,749 21,084 24,911 22,033 31,499 2,345 3,747 2,964 2,680 85,163 88,985 83,615 86,021 12,479 10,850 11,962 9,361 4,086 3,959 3,078 4,909 100,694' 159,069' 95,611 146,993' 7,998 6,601 6,946 5,735 515,150' 528,245' 551,351 533,066' 23,597 27,198 27,576 104 25,848 100 102 98,150 94,509 87,879 90,319 37,926 38,215 37,296 40,670 125,601 131,705' 128,075 131,779 9,314 9,558 9,985 9,558 13,754 12,860 16,126 15,139 6,733 6,987 7,312 6,879 7,025 6,122 6,048 6,029 2,956 2,832 2,541 2,927 1,642 1,638 1,848 1,959 41,823 40,061' 41,718 38,055 4,755 4,541 4,390 4,773 3,135 3,183 3,679 3,469 4,853 4,987 4,991 4,879 27,608 25,395 25,913 26,428 7,937 7,681' 7,581' 7,553 83 Caribbean 84 Bahamas 85 Bermuda 86 Cayman Islands15 87 Cuba 88 Jamaica 89 Netherlands Antilles 90 Trinidad and Tobago 91 Other Caribbean" 837,666 163,543 24,674 630,446 91 829 5,004 1,405 11,674 969,986 153,554 38,964 739,204 96 669 8,689 1,253 27,557 1,204,089 186,080 92,576 877,040 110 829 5,863 1,624 39,967 1,130,470 184,528 56,358 849,346 114 789 5,555 2,052 31,728 1,172,492 200,821 62,147 868,417 113 792 5,388 1,997 32,817 1,205,229 201,834 60,540 904,466 113 790 4,744 2,017 30,725 1,212,793' 1,175,971' 1,210,857' 1,208,023 195,527 192,196 185,050 189,942 63,373 64,971 63,796' 63,691 909,644 885,193' 917,676 915,749' 116 115 115 116 707 1,230 829 981 5,835 5,637 5,130 4,838 2,381 2,415 2,541 2,901 31,982' 30,863 30,385 31,719 92 Asia China Mainland Taiwan Hong Kong India Indonesia Israel Japan Korea (South) Philippines Thailand Middle Eastern oil-exporting countries19 Other 319,487 373,024 420,564 409,459 419,572 392,902 389,899 395,792 399,885 396,593 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,236 26,808 49,557 14,534 14,373 12,223 162,003 12,647 1,683 7,226 23,626 35,108 52,763 26,488 42,768 11,154 5,903 11,214 166,979 12,421 2,949 11,355 38,247 38,323 67,332 24,554 41,173 14,561 3,673 9,261 149,401 19,422 2,302 10,972 38,334 28,474 71,189 23,596 43,435 13,404 3,406 8,343 151,703 18,279 2,228 13,986 40,423 29,580 59 303 22,089 42,144 12,963 2,445 7,354 148,901 15,576 2,453 10,291 39,131 30,252 51,335 19,938 43,293 14,176 2,635 8,104 150,801 17,011 2,420 9,644 40,960 29,582 52,203 21,918 42,320 12,717 2,296 7,237 150,205 19,397 2,451 9,212 44,001 31,835 57 494 19,982 36,873 11,561 2,805 6,675 153,979 20,581 2,420 10,361 46,853 30,301 50,030 20,719 37,870 10,917 3,226 6,484 152,872 21,111 2,973 12,251 49,516 28,624 105 Africa 106 Egypt 107 Morocco 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 111 Other 12,251 2,655 306 1,114 4,370 3,804 13,828 2,336 376 3,715 18 3,498 3,885 14,557 2,711 156 3,284 4 4,326 4,076 17,353 3,952 223 3,439 8 6,012 3,719 18,079 3,724 151 3,727 8 6,688 3,781 18,225 3,497 133 3,483 6 7,113 3,993 16,472 3,653 129 3,002 8 5,259 4,421 15,646 3,383 131 3,229 5 4,587 4,311 15,577 2,437 166 3,763 4 5,192 4,015 15,291 2,261 151 3,820 5 4,665 4,389 112 Other countries 113 Australia 114 New Zealand21 115 All other 14,049 11,991 1,796 262 16,913 14,020 2,465 428 26,905 22,971 3,429 505 28,362 23,843 4,077 442 27,885 23,574 3,510 801 29,919 26,960 2,485 474 32,249 27,865 3,690 694 28,781 25,092 2,898 791 22,384 18,931 2,820 633 22,500 18,818 3,051 631 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 13,467 11,282 507 1,611 14,149 10,500 420 3,166 15,120 11,008 1,993 2,006 15,730 11,792 1,865 2,007 19,011 15,227 1,565 2,146 16,140 12,568 1,749 1,787 16,212' 12,535' 1,965 1,650 16,454 12,537 2,257 1,601 17,394 12,929 3,004 1,391 18,221 13,657 3,181 1,302 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."' 69 Canada 93 94 95 96 97 98 99 100 101 102 103 104 653,988 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 65,283 781,550 4,826 9,359 3,631 1,783 40,719 46,806 1,264 6,215 35,855 15,857 22,429 952 41,673 9,902 7,082 110,626 13,748 332,528 20,802 162 55,331 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. 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 2005 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Apr. May July Aug. Sept. 1 Total, all foreigners 1,185,445 1,322,363 1,668,538 1,707,113 1,713,617 1,787,702 1,790,984' 1,863,379' 1,862,005' 1,810,897 2 Foreign countries 1,181,768 1,317,292 1,662,782 1,702,633 1,707,934 1,781,607 1,783,490' 1,856,616' 1,852,334' 1,803,858 487,004 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 5,046 591,018 4,819 6,910 2,814 8,160 63,719 25,811 238 7,310 5,512 21,415 17,666 2,106 1,233 2,295 15,269 78,716 2,149 268,822 43,099 0 12,955 804,909 4,591 7,888 912 11,840 90,010 25,841 94 16,906 5,866 22,102 25,517 1,576 1,089 8,452 17,027 114,167 2,542 404,000 26,878 0 17,611 812,602 5,180 17,239 646 9,989 93,339 36,102 102 22,635 3,741 16,380 22,016 1,359 1,154 15,998 14,418 113,235 2,665 388,146 28,414 0 19,844 810,351 4,425 14,898 734 9,303 99,244 28,114 121 19,940 3,961 15,958 15,664 1,533 1,093 15,662 11,967 110,290 2,713 406,230 28,506 0 19,995 858,217 4,575 13,404 914 10,721 95,454 30,060 121 19,676 3,716 18,702 30,737 1,482 1,001 12,134 13,278 116,868 2,955 438,755 26,723 0 16,941 833,182' 5,113 10,830 1,098 9,564 88,226' 28,505 110 16,761 4,702 18,813 30,563 1,416 1,235 11,231 12,204 93,502 3,017 452,854 25,725 0 17,713 920,140' 4,508 16,270 1,317 9,574 89,665' 25,758 154 18,783 5,473 17,903 25,700 1,391 1,017 13,136 12,896 164,254' 3,084 461,893 27,669 0 19,695 929,930' 4,551 16,304 2,489 9,013 89,053' 32,772 108 17,256 7,021' 20,300 20,727 1,312 1,013 9,811 10,979 170,295' 3,228 462,931' 28,273 0 22,494 867,927 5,344 16,361 797 8,608 85,799 31,740 185 18,120 8,301 18,221 23,856 1,216 824 9,245 10,538 103,554 3,093 471,412 29,524 0 21,189 60,521 52,140 51,089 47,749 50,876 50,935 54,434 57,971 56,449' 57,850 51,237 2,089 15,515 6,924 2,670 596 860 13,792 1,931 1,488 412 2,514 2,446 51,201 2,359 15,741 6,716 2,676 544 841 13,624 2,039 1,428 411 2,468 2,354 48,301' 2,342 13,659' 6,226 2,653 526 731 13,622 1,905 1,331 459 2,502 2,345 49,934 2,338 14,582 6,612 2,685 565 752 14,084 1,749 1,278 511 2,304 2,474 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 25 Canada 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 America1" 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,517 3,819 15,825 6,094 2,026 404 781 13,583 1,844 1,370 465 2,911 2,395 49,378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 52,804 1,994 17,338 7,017 2,425 527 812 14,196 1,940 1,510 336 2,521 2,188 51,552 2,024 16,051 7,142 2,473 534 811 13,848 1,924 1,465 347 2,585 2,348 50,813 2,011 14,991 6,527 2,533 564 869 14,334 2,099 1,525 433 2,484 2,443 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago 47 Other Caribbean8 475,896 95,584 9,902 359,259 0 321 6,690 889 3,251 492,705 73,709 14,889 391,524 0 377 6,629 665 4,912 603,081 80,202 33,301 475,290 0 351 5,554 755 7,628 628,174 85,450 30,226 497,201 0 398 5,891 695 8,313 630,874 90,815 31,364 496,224 0 426 4,769 655 6,621 657,213 108,305 26,641 506,849 0 433 4,878 734 9,373 671,721' 96,405 27,097 532,158' 0 438 4,751 715 10,157 652,137' 94,688 28,937 513,601' 0 408 4,936 705 8,862 640,305' 97,555 21,672 505,722' 0 418 5,006 826 9,106 645,677 84,075 24,396 521,895 0 432 4,846 900 9,133 93,551 119,562 142,662 150,287 153,543 153,314 163,089' 165,980' 167,173 171,394 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 62,059 11,395 1,693 989 6,782 8,113 9,267 10,590 5,623 2,117 555 1,326 82,207 15,531 993 1,144 7,022 6,287 11,103 11,847 6,787 2,201 536 3,218 85,081 15,841 899 2,416 5,230 5,128 13,210 11,409 7,303 2,420 560 2,750 85,463 13,603 806 2,982 6,540 6,497 10,521 10,497 7,755 2,324 548 1,748 84,966 15,620 907 5,621 6,662 6,145 20,058 8,925 6,116 2,751 559 3,152 83,645 16,780 1,119 6,544 7,869 5,571' 16,913 8,605 5,659 2,660 555 4,204 86,600 18,784 1,018 6,720 7,541 6,721' 17,420 7,934 6,974 2,738 572 3,186 83,472 16,669 1,085 8,318 11,432 7,373 19,410 8,134 8,352 2,698 578 3,183 86,040 17,189 1,211 8,995 8,968 6,636 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) 66 Oil-exporting countries9 67 Other 1,977 487 53 617 0 222 598 1,453 236 46 453 0 147 571 1,262 228 53 318 0 223 430 1,339 307 42 264 0 271 455 1,269 344 39 172 0 274 440 1,533 395 39 219 0 273 607 1,342 384 38 179 0 334 407 1,629 443 31 387 0 361 407 1,399 453 33 217' 0 337' 359 1,564 413 20 437 0 332 362 68 Other countries 69 Australia 70 New Zealand10 71 Allother 6,177 5,566 569 42 8,897 8,037 819 41 10,401 9,709 610 82 9,678 8,930 662 86 9,469 7,466 1,910 93 9,582 8,906 572 104 8,485 7,833 568 84 7,558 6,830 634 94 8,777 7,836 848 93 9,512 8,872 531 109 72 Nonmonetary international and regional organizations" 3,677 5,071 5,756 4,480 5,683 6,095 7,494' 6,763' 9,671 7,039 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 countries5 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." 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 2005 Type of claim 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims 2002 2003 2004 Apr. May 1 707 113 84,464 1,207,279 415,370 1 713 617 73,975 1,218,100 421,542 June July' Aug.' 1 790 984 95,749 1,309,475 385,760 1,863,379 89,553 1,365,670 408,156 2,179,087' Sept.' Oct.' 2,288,199 1,409,095 1,603,404 2,031,156' 1 185 445 52,198 970,357 162,890 1 322 363 57,897 980,099 284,367 1 668 538 77,648 1,192,156 398,734 223,650 80,269 281,041 135,939 72,196 63,107 9,799 362,618' 152,520 107,533' 88,423' 14,142 500,085 376 632,635 3,970 654,870 4,711 643,279 4,313 737,834 4,668 739,690 4,044 732,688 3,260 722,150 3,971 714,881 4,723 n .a. 892,340 5,328 816,574 934,166 4,750 1,027,183 1 106 491 6,845 1,040,687 1 114 452 8,390 1,057,635 1 125 149 7,562 1,037,638 1 201 757 10,007 1,037,243 1 199 940 11,699 1,115,732 1 249 724 9,012 1,126,872 1 283 649 11,528 1,079,765 1 198 444 161,585 344,753 478,239 510,628 518,212 526,927 527,403 545,571 527,073 550,302 137,289 6,092 1 787 702 87,917 1,296,359 403,426 391,385' 157,192' 102,750' 115,684' 15,759' 1,862,005 88,026 1,375,151 398,828 1,810,897 93,304 1,299,389 418,204 426,194 170,254 109,231 128,870 17,839 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • December 2005 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 2002 Sept. 1 Total 66,679 67,664 83,240 88,474 104,940 103,204 108,339 109,178 105,703 By type 2 Financial liabilities 3 Short-term negotiable securities' . . 41,034 n.a. 39,561 53,150 14,002 58,042 9,859 72,799 10,868 73,818 11,415 79,177 11,759 76,065 10,053 71,839 14,064 39,148 48,183 62,403 67,418 8,498 22,946 8,402 32,449 5,949 45,495 3,558 45,766 6,315 49,882 8,163' 45,852 10,570 34,151 42,171 30,628 1,730 7,998 17,883 1,660 1,357 43,617 30,201 1,981 7,678 17,420 1,642 1,480 45,905 33,272 2,399 9,067 18,337 1,564 1,905 42,618 33,447 2,296 11,159 16,548 1,379 2,065 46,891 24,948 1,774 16,183 4,195 1,604 1,192 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 14 Financial liabilities to unaffiliated foreigners Byy area or country 15 Europe 16 Belgium-Luxembourg 17 France 18 Germany 19 Netherlands 20 Switzerland 21 United Kingdom n.a. n.a. 18,763 22,271 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 25,055 28,095 1,431 10,372 11,425 2,493 2,374 33,896 24,146 1,149 7,147 12,894 1,330 1,626 41,034 39,561 43,610 45,095 58,084 57,142 62,847 52,835 45,841 31,806 154 2,841 2,344 1,954 94 22,852 34,335 144 5,243 2,923 1,825 61 22,531 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 43,134 677 2,290 3,335 340 431 28,166 38,690 775 1,349 2,911 363 514 29,473' 36,330 590 1,550 5,276 413 282 26,043' 31,816 641 1,093 7,591 129 114 17,615 MEMO: 22 Euro area3 . . . 8,798 9,855 955 591 1,239 1,288 1,527 1,956 2,433 2,283 2,080 1,504 23 990 65 365 n.a. 31 4,235 0 711 242 n.a. 3,114 34 3 8,115 0 3,604 291 n.a. 3,910 28 0 6,093 0 2,300 200 n.a. 3,483 25 0 7,297 0 2,382 185 n.a. 4,591 24 22 16,196 0 8,715 208 n.a. 7,178 26 18 9,076 0 801 263 n.a. 7,871 8,101 0 115 306 n.a. 7,583 20 5 24 25 26 27 28 29 30 31 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 2,858 157 960 35 1,627 32 33 34 Asia Japan Middle Eastern oil-exporting countriesf 5,042 3,269 10 2,932 1,832 14 2,547 1,826 36 4,519 1,431 29 4,487 1,612 24 4,589 1,664 30 4,724 1,648 36 4,347 1,365 33 3,697 1,642 2 35 36 Africa Oil-exporting countries6 53 5 131 91 123 92 126 93 118 93 119 93 131 94 132 95 108 96 37 All other7 36 2 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 . 41 42 43 44 45 46 47 48 49 50 51 52 53 54 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourj France Germany Netherlands Switzerland United Kingdom . . . 25.645 11,781 13,864 28,103 14,699 13,404 30,090 17,174 12,916 30,432 17,484 12,948 32,141 18,386 13,755 29,386 18,362 11,024 29,162 18,181 10,981 33,113 21,678 11,435 33,864 22,851 11,013 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 27,632 2,458 199 787 606 209 657 5,178 2,254 196 699 513 223 623 29,662 2,479 183 729 593 255 719 26,090 3,296 241 1,030 600 302 1,123 25,811 3,351 224 1,058 704 296 1,069 29,890 3,223 200 1,026 634 314 1,049 30,990 2,874 143 1,028 585 119 999 9,219 99 734 905 1,163 790 2,279 8,257 141 765 781 590 433 2,649 9,821 159 900 855 384 1,367 3,025 8,943 145 1,017 1,018 303 543 3,023 9,719 135 1,092 1,275 289 638 3,035 8,843 133 1,050 1,021 315 616 3,127 9,030 123 1,019 1,024 305 564 3,407 10,087 100 1,600 1,020 322 740 3,576 10,080 103 1,669 949 401 947 3,232 2,143 2,070 5,361 79 774 127 n.a. 76 2,210 522 MEMO Euro area3 5,141 56 Canada 1,622 1,588 2,166 2,337 2,533 1,995 57 58 59 60 61 62 63 64 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 3,406 14 513 233 n.a. 40 1,298 329 3,916 16 647 226 n.a. 77 1,362 389 4,388 39 801 167 n.a. 32 1,755 481 4,317 35 635 98 n.a. 29 1,925 477 4,276 515 113 n.a. 101 1,942 433 4,894 66 511 97 n.a. 29 2,154 640 65 66 67 Asia Japan Middle Eastern oil-exporting countries- 10,517 2,581 2,639 13,382 4,292 3,979 13,311 4,370 3,148 13,540 4,973 2,553 13,484 4,755 2,311 12,707 4,288 3,312 12,239 4,221 2,910 14,470 5,324 3,900 14,865 5,202 4,248 68 Africa 836 436 827 405 782 372 1,009 548 1,082 567 956 488 947 424 935 447 1,010 627 69 70 Oil-exporting countries'" All other7 MEMO 71 Financial liabilities to foreign affiliates5 . . . 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above. 52 Federal Reserve Bulletin Statistical Supplement • December 2005 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. 102,566 165,901 176,473 188,506 192,336 197,696 202,046 182,238 71,389 27,064 44,325 132,332 35,920 3,211 142,632 45,415 2,502 154,096 42,974 5,468 160,552 50,314 7,595 164,981 47,883 9,892 168,943 52,316 11,912 148,995 48,975 8,894 n.a. 51,486 157 93,201 6 94,715 129 105,654 70 102,643 103 107,206 94 104,715 173 91,126 n.a. n.a. 69,208 3,253 67,343 5,602 66,849 19,073 64,968 17,685 59,683 24,034 64,386 12,737 57,548 8,069 122,879 9,453 912 2,776 3,242 831 1,692 132,701 9,931 1,254 2,425 3,722 892 1,638 117,735 36,361 1,400 8,534 13,992 7,952 4,483 124,592 35,960 1,278 13,129 9,618 7,829 4,106 121,909 43,072 1,329 20,651 9,219 7,345 4,528 125,119 43,824 7,216 17,593 7,687 6,111 5,217 111,366 37,629 10,031 10,935 7,714 4,007 4,942 67,347 80,256 92,499 101,867 110,517 115,412 101,634 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 47,040 292 3,620 2,299 3,149 585 26,641 48,714 2,177 1,452 5,386 7,389 978 23,982 54,240 2,651 3,177 7,126 7,692 845 25,828 41,763 1,998 4,593 4,534 1,738 1,237 18,016 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs1 Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg 19 France 20 Germany 21 Netherlands 22 Switzerland 23 United Kingdom 81,287 29,801 51,486 74,471 6,816 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 26,118 625 1,450 1,068 2,138 589 16,510 29,018 722 3,247 4,245 3,648 383 10,663 MEMO: 24 25 17,281 Euro area3 Canada 26 27 28 29 30 31 32 33 34 35 36 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 . 37 38 Africa Oil-exporting countries'" 39 All other7 6,193 5,013 5,311 5,278 4,533 5,825 6,412 11,361 11,905 41,201 976 918 2,127 32,965 n.a. 3,075 83 29,612 1,038 724 2,286 21,528 n.a. 2,921 104 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 35,284 646 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 42,091 1,346 1,063 1,833 n.a. 35,188 1,527 139 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 39,893 1,899 2,128 1,839 n.a. 31,162 1,727 164 38,945 3,436 1,316 1,486 n.a. 30,448 1,392 62 6,430 1,604 135 5,358 1,277 79 5,317 1,194 158 5,650 978 138 5,976 1,011 121 5,633 1,050 138 6,840 993 137 7,990 1,268 133 7,401 1,832 114 414 49 395 25 419 12 391 13 238 8 306 8 290 16 282 23 1,322 1,153 1,638 1,338 1,993 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 43 44 45 46 47 48 49 50 51 52 53 54 55 56 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 31.795 27,513 4,282 31,177 26,385 4,792 33,569 28,618 4,951 33,841 28,623 5,218 34,410 29,884 4,526 31,784 27,346 4,438 32,715 29,229 3,486 33,103 28,567 4,536 33,243 29,140 4,103 29,393 2,402 26,481 4,696 n.a. 25,494 8,075 1,557 1,542 1,187 589 3,200 26,165 7,676 1,518 1,255 1,299 478 3,126 27,380 7,030 649 1,196 1,204 598 3,383 27,908 3,876 446 1,026 1,169 191 1,044 27,439 5,276 512 1,561 1,586 238 1,379 28,299 4,804 499 1,577 239 1,378 28,879 4,364 407 1,483 1,094 153 1,227 14,552 247 2,816 1,273 395 1,921 3,928 14,332 209 2,740 1,494 421 1,248 3,964 13,531 235 2,603 1,509 345 1,257 3,904 13,000 298 2,582 1,331 396 1,218 3,815 13,457 257 2,261 1,401 494 1,528 3,742 13,914 367 2,895 1,478 490 1,477 3,494 13,423 401 2,258 1,485 460 1,405 3,253 14,022 268 2,921 1,658 529 611 3,833 14,187 269 3,164 1,202 1,490 503 3,727 MEMO 57 58 Canada 59 60 61 62 63 64 65 66 67 68 69 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 70 Africa 71 72 8,580 Euro area3 Oil-exporting countries6 7,185 2,818 2,790 3,070 3,272 2,288 2,260 2,017 2,143 2,131 4,859 42 369 954 95 n.a. 1,391 4,346 31 287 750 19 n.a. 1,259 288 5,153 26 460 903 n.a. 52 1,339 5,516 35 739 1,002 n.a. 67 1,149 228 5,628 25 690 1,025 n.a. 66 1,244 252 6,141 58 766 905 n.a. 124 1,767 263 6,477 55 650 935 n.a. 160 2,018 319 6,505 41 591 1,048 n.a. 75 1,859 360 6,306 29 581 952 n.a. 143 1,838 389 7,849 2,006 850 7,324 2,341 818 7,352 1,757 888 7,250 1,589 980 8,165 1,784 1,085 8,601 1,847 961 8,943 1,855 1,071 8,564 1,918 1,205 9,393 1,923 1,380 645 88 584 95 636 138 621 183 711 224 783 209 629 154 830 221 969 244 2,806 2,850 All other7 1,192 MEMO 73 Financial claims on foreign affiliates5 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial 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 Federal Reserve Bulletin Statistical Supplement • December 2005 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Oct. Apr. May July Aug. Sept. 363,887 360,054 411,497' 386,935 U.S. corporate securities STOCKS 1 Foreign purchases 3.104.232 3,069,495 2 Foreign sales 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 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 Nonmonetary international and regional organizations 3,704,777 3,630,005 396,240 391,849 366,128 365,621 365,045 360,669 331,399 321,383 421,687 411,083 10,604 3,833 28,476 3 Net purchases, or sales (-) 4 Foreign countries 3,862,043 3,833,567 34,770 28,616 74,825 4,361 528 4,394 9,957 3,858 24,553' 10,592 21,399 6,208 -3,782 46 -2,120 684 91 11,659 -929 612 2,207 -2,224 258 -436 19,571 -876 -2,360 1,697 -1,194 15,208 -180 1,292 631 6,485 -320 2,832 -41 31,657 4,499 -3,556 -1,133 170 16,609 308 21,756 13,411 1,256 6,914 -389 140 -309 2,628 -391 26 182 -244 1,611 44 559 1,324 9 -86 -350 -7 -66 2,639 774 -546 -526 190 1,579 -112 408 -4,447 -71 2,057 655 -1 -57 956 2,836 -766 143 -584 -466 4 20 1,013 736 2,037 -132 -44 -324 -658 377 -505 -782 1,622 -3,027 116 5,289 6,066 -317 -714 -634 34 257 -2,946 1,086 -1,955 -613 -371 -4,009 33 6,650 -317 2,236 -267 -159 29 159 714 82 3,868 226 -597 2 241 15,356' 651 54 950 33 11,819' 42 5,355 2,356 5 1,605 127 28 -152 2,420,212 1,998,669 2,380,796 1,844,908 1,984,888 1,465,264 178,764 154,155 179,166 137,579 227,483 152,790 187,905 125,412 205,307 149,415 214,263' 142,482 216,356 147,090 115 989 594 -23 77 BONDS 3 20 Foreign purchases 21 Foreign sales 535,888 23 Foreign countries 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 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 Nonmonetary international and regional organizations 69,266 55,892 41,587 74,693 421,187 533,409 517,388 24,437 41,478 74,345 62,607 55,567 70,966' 69,205 211,710 4,790 2,293 2,289 7,263 133,799 19,772 4,071 94,041 3,281 106,370 32,290 1,663 51 256,263 7,369 12,124 1,929 6,972 160,243 6,477 12,095 105,994 4,702 151,845 77,905 512 1,998 257,882 12,225 11,046 3,559 2,383 170,193 12,643 12,758 82,839 3,115 155,374 67,116 430 4,990 9,644 2,638 135 144 -46 5,646 545 575 11,569 -15 2,579 3,248 10 75 15,821 -185 3,504 440 886 3,621 2,028 -29 9,586 390 14,999 7,411 55 656 41,526 2,038 1,356 552 986 29,010 2,897 2,457 4,164 1,124 24,068 8,690 -9 1,015 23,130 852 184 439 -314 15,218 152 1,307 12,505 328 24,141 9,543 53 1,143 32,606 905 898 217 -641 26,898 1,531 704 6,620 176 14,802 5,282 60 599 42,228' 3,835 1,568 839 1,150 28,637' 1,863 1,593 8,208 987 17,427 10,196 221 302 31,576 234 2,153 188 660 17,403 2,036 2,579 9,327 -613 25,735 15,217 43 558 2,479 2,236 22 Net purchases, or sales (-) Foreign securities -88,587 1,304,564 1,393,151 32,046 1,457,282 1,425,236 -84,970 1,664,076 1,749,046 -67,872 1,459,043 1,526,915 -91,834 1,730,537 1,822,371 -15,412 1,297,064 1,312,476 -2,522 169,752 172,274 -4,613 116,793 121,406 -4,770 159,089 163,859 -9,999 128,622 138,621 -11,839 160,588 172,427 -1,236 147,335 148,571 -8,651' 161,587' 170,238' -5,093 111,751 116,844 -16,030' 181,841' 197,871' 17,099 129,836 112,737 -7,033' 190,698' 197,731' -9,409' 128,495 137,904' -5,870 227,062 232,932 2,365 152,866 150,501 45 Net purchases, or sales (-), of stocks and bonds . . -56,541 -152,842 -107,246 -7,135 -14,769 -13,075 -13,744' 1,069' -16,442' -3,505 46 Foreign countries -56,047 -141,025 -100,136 -6,662 -11,729 -12,987 -13,741' 1,119' -16,357' -3,612 47 48 49 50 51 52 53 -138 6,263 -1,762 -59,150 -39,527 227 -1,487 -124,892 -5,492 9,184 -12,814 -20,640 1,591 -8,602 -47,951 906 -18,590 -24,611 -22,016 -1,119 -8,771 -4,984 78 -1,357 850 1,550 -39 -1,210 -9,452 -199 732 231 185 -153 -2,888 -15,651 1,497 705 1,389 1,318 -209 -718 -5,382' 1,330 -3,925 -5,071 -4,298 -325 -368 11,128' 277 -1,698 -8,510 -5,255 -138 60 -2,694' -2,652' -4,216' -5,320 -5,794 23 -1,498 4,294 -776 -5,340 -1,539 -3,950 -54 -197 -11,817 -7,110 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 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). -3,040 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. Apr. May July Aug. Sept. 1 Total estimated 263,580 352,065 277,931 24,702 27,586 15,795 28,519 28,183 21,789 30,427 2 Foreign countries 263,523 351,346 275,322 23,945 27,634 14,551 28,571 28,015 21,893 29,995 48,653 1,809 11,005 881 434 434 4,883 32,846 1,256 -4,895 10,438 88,431 118 8,804 -575 -3,153 3,236 5,342 78,661 1,175 -5,177 16,098 123,980 -385 11,938 1,437 -3,453 2,295 -2,757 88,845 517 25,543 19,032 20,751 164 4,263 1,293 -1,039 -96 -749 3 384 -159 13,690 4,012 20,236 97 515 -298 -1,302 994 -1,830 7,581 -62 14,541 -1,410 15,213 -51 -540 -724 -321 1,358 -1,019 16,165 -2,473 2,818 2,905 15,768 84 1,122 -256 872 -443 -2,164 14,771 181 1,601 2,347 14,848 186 -30 591 -485 310 744 13,267 383 -118 1,731 7,121 77 108 587 -476 246 -226 9,089 61 -2,345 24 12,384 -53 1,156 -179 346 -177 -39 5,199 212 5,919 3,217 17,116 293 8,860 7,963 181,097 146,521 -56 6,275 33,544 -15 21,963 11,596 214,774 166,377 677 -2,178 77,951 289 77,917 -255 53,769 -6,770 1,679 -1,089 -3,910 -35 -4,246 371 3,877 7,017 -190 -595 5,389 -20 6,487 -1,078 3,503 -1,740 -149 65 -11,285 32 -11,290 -27 9,270 -5,644 -635 -917 67 76 1,619 -1,628 9,515 237 162 712 5,881 101 5,173 607 4,997 1,682 523 35 4,387 35 4,063 289 10,563 3,081 143 -345 12,046 93 12,054 -101 1,155 -6,372 804 389 57 337 -53 719 2 -26 2,609 2,210 -6 757 283 9 -48 38 1,244 1,276 0 -52 -13 -35 168 72 0 -104 -129 40 432 433 10 263,523 103,838 159,685 351,346 201,140 150,206 275,322 51,912 223,410 23,945 13,908 10,037 27,634 6,815 20,819 14,551 16,666 -2,115 28,571 3,616 24,955 28,015 3,223 24,792 21,893 -1,134 23,027 29,995 4,896 25,099 -6,645 52 9,041 249 -440 1,566 -1,400 -190 -1,105 -149 -18 -712 496 99 282 589 -268 180 1,172 994 3 4 5 6 7 8 9 10 11 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 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional MEMO 25 Foreign countries 26 Official institutions 27 Other foreign Oil-exporting countries 28 Middle East4 29 Africas 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 2005 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 2005 Item 2002 2003 2004 May June July Aug. Sept. Oct. 75.24 2.3702 1.2229 8.2264 6.1943 1.2041 7.7751 43.43 111.95 3.7872 10.672 67.89 6.5783 1.6815 6.6966 1,036.56 100.283 7.8263 1.2945 31.886 41.700 175.07 2,144.60 76.14 2.3609 1.2043 8.1017 6.0665 1.2295 7.7709 43.55 110.61 3.7589 10.686 69.56 6.4367 1.6623 6.4599 1,021.68 100.738 7.5951 1.2629 32.076 41.132 179.44 2,144.60 76.51 2.2949 1.1777 8.0919 6.0973 1.2234 7.7618 43.85 111.24 3.7689 10.786 69.87 6.3830 1.6820 6.3661 1,029.84 101.332 7.6300 1.2671 32.925 41.041 180.64 2,144.60 75.35 2.2536 1.1774 8.0895 6.2064 1.2022 7.7559 44.76 114.87 3.7735 10.835 69.83 6.5103 1.6915 6.5878 1,045.88 101.485 7.8433 1.2880 33.468 40.895 176.51 2,144.60 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 54.37 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 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 73.65 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 66.43 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 183.30 1,886.13 76.63 2.4554 1.2555 8.2765 5.8628 1.2697 7.7914 43.41 106.60 3.8000 10.976 71.91 6.3656 1.6507 6.3267 1,001.84 99.791 7.2382 1.2172 31.265 39.801 185.59 2,144.60 76.67 2.4148 1.2402 8.2765 6.1247 1.2155 7.7755 43.52 108.75 3.8000 10.820 70.83 6.4936 1.6723 6.7396 1,012.46 99.946 7.6229 1.2665 31.347 40.917 181.77 2,144.60 Indexes4 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)° 26 Other important trading partners (January 1997=100)7 126.66 105.98 119.08 93.00 113.55 85.36 110.44 83.34 111.62 84.95 112.18 85.79 110.76 84.26 110.70 83.89 111.83 85.21 140.32 143.49 143.31 138.70 138.75 138.65 137.76 138.34 138.82 111.20 110.57 104.46 97.56 99.82 90.60 97.84' 89.64' 99.00' 91.40' 99.69' 92.69' 98.72' 91.29' 99.41' 91.55' 100.32 93.18 121.57 123.22 121.89 118.10 118.39 118.21' 117.82' 119.23' 119.09 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. 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 Italian lire 40.3399 Luxembourg francs 2.20371 Netherlands guilders 200.482 Portuguese escudos 166.386 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 of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 September 30,2004 December 31,2004 March 31,2005 June 30, 2005 September 30, 2005 February March June September December 2005 2005 2005 2005 2005 58 58 58 58 58 Supplement Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 November 2004 February 2005 May 2005 August 2005 February May August November 2005 2005 2005 2005 60 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 September 30,2004 December 31,2004 March 31,2005 June 30, 2005 February May August November 2005 2005 2005 2005 66 64 64 64 Supplement Supplement Supplement Supplement August2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement September September September September 2002 2003 2004 2005 A70 A70 70 60 Bulletin Bulletin Supplement Supplement September September September September 2002 2003 2004 2005 A73 A73 73 63 Bulletin Bulletin Supplement Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1996-2001 1996-2002 1997-2003 1998-2004 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2001 2002 2003 2004 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • December 2005 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, September 30, 2005 Millions of dollars except as noted Domestic total 1 Total assets 2 Cash and balances due from depository institutions 3 Cash items in process of collection, unposted debits, and currency and coin 4 Cash items in process of collection and unposted debits 5 Currency and coin 6 Balances due from depository institutions in the United States 7 Balances due from banks in foreign countries and foreign central banks 8 Balances due from Federal Reserve Banks 9 Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value) 10 U.S. Treasury securities 11 U.S. government agency and corporation obligations (excludes mortgage-backed securities) 12 Issued by U.S. government agencies 13 Issued by U.S. government-sponsored agencies 14 Securities issued by states and political subdivisions in the United States 15 Mortgage-backed securities (MBS) 16 Pass-through securities 17 Guaranteed by GNMA 18 Issued by FNMA and FHLMC 19 Other pass-through securities 20 Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS) 21 Issued or guaranteed by FNMA, FHLMC or GNMA 22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA 23 All other mortgage-backed securities 24 Asset-backed securities 25 Credit card receivables 26 Home equity lines 27 Automobile loans 28 Other consumer loans 29 Commercial and industrial loans 30 Other 31 Other debt securities 32 Other domestic debt securities 33 Foreign debt securities 34 Investments in mutual funds and other equity securities with readily determinable fair value Banks with foreign offices' Banks with domestic offices only2 8,754,777 7,741,755 6,101,013 5,087,990 2,653,765 380,241 263,237 n. a. n. a. n. a. n. a. n. a. n. a. 287,268 133,942 n.a. n.a. 170,263 129,990 104,688 25,303 24,717 5,369 10,187 92,973 31,297 111,752 10,277 1,539,310 55,398 n. a. n. a. 1,009,016 40,807 250,505 10,592 239,913 118,851 886,976 593,613 30,588 544,967 18,058 293,364 150,107 10,541 132,716 72,550 14,143 22,376 9,596 6,931 6,220 13,284 141,286 50,416 90,870 n. a. n. a. n. a. 89,456 530,294 14,591 7,123 82,333 45,514 651,406 468,089 16,971 435,571 15,547 183,317 81,101 6,003 96,213 57,016 11,998 14,945 8,293 6,561 5,539 9,680 115,781 33 374 82,408 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. 125,524 13,616 109,396 2,511 110,046 69,006 4,538 36,502 15,534 2,145 7,431 1,303 370 681 3,604 25,505 17,043 8,462 4,708 9,035 13,742 161,049 3,469 157,580 73,337 235,570 420,080 159,344 260,736 290,211 159,344 130,867 342,363 92,489 249,875 212,494 92,489 120,005 77,717 66,855 10,861 38 Total loans and leases (gross) and lease-financing receivables (net) 39 LESS: Unearned income on loans 40 LESS: Loans and leases held for sale 41 Total loans and leases (net of unearned income) 42 LESS: Allowance for loan and lease losses 43 Loans and leases, net of unearned income and allowance 5,182,789 2,999 216,391 4,963,399 68,232 4,895,167 4,848,634 1,870 3,392,157 1,786 179,344 3,058,002 657 n.a. n.a. n.a. n.a. 1,790,632 1,213 Total loans and leases, gross, by category 44 Loans secured by real estate 45 Construction and land development 46 Farmland 47 One- to four-family residential properties 48 Revolving, open-end loans, extended under lines of credit 2,887,115 n.a. n.a. n.a. n.a. 2,839,115 359,133 47,137 1,624,433 436,885 1,651,968 162,358 7,868 1,187,147 n.a. n.a. n.a. n.a. 148,945 n.a. n.a. n.a. 50,171 978,694 n.a. n.a. 1,083,843 103,706 96,253 795,129 309,042 40,106 445,982 31,260 155,726 2,855 152,870 n.a. n.a. 135,748 35 Federal funds sold and securities purchased under agreements to resell 36 Federal funds sold in domestic offices 37 Securities purchased under agreements to resell 66 67 68 69 70 71 Closed-end loans secured by one- to four-family residential properties Secured by first liens Secured by junior liens Multifamily (five or more) residential properties Nonfarm n on residential properties Loans to depository institutions and acceptances of other banks Commercial banks in the United States Other depository institutions in the United States Banks in foreign countries Loans to finance agricultural production and other loans to farmers Commercial and industrial loans U.S. addressees (domicile) Non-U.S. addressees (domicile) Loans to individuals for household, family, and other personal expenditures (includes purchased paper) Credit cards Other revolving credit plans Other consumer loans (including single-payment, installment, and all student loans) Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) All other loans Loans to foreign governments and official institutions Other loans Loans for purchasing and carrying securities All other loans (excludes consumer loans) Lease-financing receivables 72 73 74 75 76 77 78 79 80 81 Trading assets Premises and fixed assets (including capitalized leases) Other real estate owned Investments in un con soli dated subsidiaries and associated companies Customers' liability on acceptances outstanding Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs Intangible assets Goodwill Other intangible assets All other assets 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 519,888 89,383 3,866 10,073 5,588 n.a. 284,948 211,410 73,538 389,841 3,211,027 42,464 3,168,563 1,699,968 1,131,217 329,408 732,673 69,136 47,870 302,654 712,158 130,966 145,427 127,447 63,656 55,335 8,456 49,546 847,574 64,037 55,336 26,053 12,260 700,543 11,634 37,047 1,752,373 25,768 1,726,604 196,775 39,269 493,216 107,477 351,170 34,570 48,383 409,504 3,519 37,911 278,152 570,411 130,132 569,422 560,181 9,241 714,295 278,619 27,970 407,706 552,581 196,586 35,952 320,043 471,747 166,163 23,816 281,768 242,548 31,260 21,149 138,757 2,823 135,934 21,149 98,161 516 97,645 18,957 78,688 106,473 10,111 115,130 548 114,581 121,472 503,668 50,815 1,596 9,499 5,377 n.a. n.a. n.a. n.a. n.a. n.a. 234,471 171,840 n.a. n.a. n.a. n.a. 62,631 309,031 37,411 112,456 4,154 125,938 16,969 32 16,936 14,276 16,220 38,568 2,270 573 211 n.a. 50,477 39,570 10,907 80,810 Special Tables 4.20 59 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, September 30, 2005 Millions of dollars except as noted Domestic total Banks with foreign offices' Banks with domestic offices only2 6,101,013 82 Total liabilities, minority interest, and equity capital 8,754,777 83 Total liabilities 7,862,014 6,849,293 5,496,239 4,483,519 2,365,774 84 Total deposits 85 Individuals, partnerships, and corporations (include all certified and official checks) . . . . 86 U.S. government 87 States and political subdivisions in the United States 88 Commercial banks and other depository institutions in the United States 89 Banks in foreign countries 90 Foreign governments and official institutions (including foreign central banks) 5,860,493 5,295,046 4,958,250 4,633,928 3,750 241,006 59,314 18,303 3.910.709 3,501,265 n.a. n.a. 68.172 175,737 3,008,467 2,840,147 2,840 111,396 34,068 18,103 1.949.783 1,793,781 910 129,610 25,246 200 91 92 93 94 95 96 97 Total transaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) . . . . 98 Total demand deposits 99 100 101 102 103 104 105 Total n on transaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) 93,418 175,937 1,950 50,815 n.a. n.a. n.a. 1,914 36 357,639 296,078 1,269 29,419 24,219 6,297 357 343,014 301,579 406 34,517 6,439 58 14 n.a. n.a. n.a. n.a. 700,653 597,658 1,675 63,936 30,658 6,355 371 512,066 293,322 218,744 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,257,597 4,036,271 2,074 177,070 28,656 11,948 1,579 2,650,828 2,544,069 1,570 81,977 9,849 11,805 1,557 1,606,770 1,492,202 504 95,093 18,807 142 106 Federal funds purchased and securities sold under agreements to repurchase 107 Federal funds purchased in domestic offices 108 Securities sold under agreements to repurchase 109 Trading liabilities 110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 111 Banks' liability on acceptances executed and outstanding 112 Subordinated notes and debentures to deposits 113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs 114 All other liabilities 115 Minority interest in consolidated subsidiaries 638,525 197,727 440,798 269,574 565,276 197,727 367,550 524.350 144,928 379,422 268,577 451,102 144,928 306,173 n.a. 114,175 52,799 61,376 997 734,665 5,675 116,328 n.a. 236,755 14,112 650,232 3,609 478,583 5,462 108,611 n.a. 199.948 12,651 394.150 3,396 n.a. 291,595 n.a. n.a. 256,082 212 7,717 n.a. 36.807 1,461 116 Total equity capital 878,651 592,122 n.a. 286,529 MEMO 117 Trading assets at large banks2 118 U.S. Treasury securities (domestic offices) 119 U.S. government agency obligations (excluding MBS) 120 Securities issued by states and political subdivisions in the United States 121 Mortgage-backed securities 122 Other debt securities 123 Other trading assets 124 Trading assets in foreign offices 125 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 126 Total individual retirement (IRA) and Keogh plan accounts 127 Total brokered deposits 128 Fully insured brokered deposits 129 Issued in denominations of less than $100,000 130 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 131 Money market deposit accounts (MMDAs) 132 Other savings deposits (excluding MMDAs) 133 Total time deposits of less than $100,000 134 Total time deposits of $100,000 or more 135 Number of banks NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have foreign offices, the inapplicability of certain items to banks that have only domestic offices, or the absence of detail on a fully consolidated basis for banks that have foreign offices. 1. All transactions between domestic and foreign offices of a bank are reported in "net due from" and "net due to" lines. All other lines represent transactions with parties other than the domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities, respectively, of the domestic and foreign offices. 519.702 n.a. n.a. n.a. n.a. n.a. n.a. 190,106 255.271 22,168 7.808 5,638 12,825 67,321 55,773 0 503,657 239,226 21,898 7,343 5,456 10,334 55,145 55,380 0 16,045 271 465 182 2,491 12,176 393 0 158.063 n.a. n.a. n.a. n.a. 83,738 170,451 331,022 186,383 75,999 157,995 83,670 75,896 181,661 78,707 48,467 68 94,555 149,362 107,676 27,532 30,240 1,403,996 458,067 322,006 466,759 80,144 567,163 271,745 408,348 359,513 n.a. n.a. n.a. n.a. n.a. 110,384 1,971,159 729,811 730,354 826.272 7,521 Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement corporations wherever located; and international banking facility (IBF). 2. Components of "Trading Assets at Large Banks" are reported only by banks that reported trading assets of $2 million or more any quarter of the preceding calendar year. 60 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21, 58-59 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-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, 58-59 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 58-59 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21, 58-59 Commercial and industrial loans, 15-21, 58-59 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, 58-59 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments (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, 58-59 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, ' 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 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21, 58-59 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 61