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Volume 5 • Number 12 D December 2008 Statistical Supplement to the Federal Reserve C BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS C O M M I T T E E Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan • Stephen R. Malphrus • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. IMPORTANT NOTICE TO SUBSCRIBERS of the Statistical Supplement to the Federal Reserve Bulletin Effective with the publication of this issue of the Statistical Supplement to the Federal Reserve Bulletin, the Board is discontinuing both the print and online versions. The majority of data published in the Statistical Supplement are available elsewhere on the Federal Reserve Board's website at www.federalreserve.gov. The Board has created a webpage that provides a detailed list of links to the most recent data on its site and links to other data provided by the Federal Reserve Bank of New York, the U.S. Treasury, and the Federal Financial Institutions Examination Council. The Board will continue to publish the following tables from the Statistical Supplement in the Statistics and Historical Data section of its website: 1.36 1.45 1.46 1.54 3.10 3.12 3.13 3.15 3.16 3.17 3.18 3.19 3.22 3.23 3.24 3.25 4.20 4.30 Stock Market, Selected Statistics New Security Issues, State and Local Governments New Security Issues, U.S. Corporations Mortgage Debt Outstanding U.S. International Transactions, Summary U.S. Reserve Assets Foreign Official Assets Held at Federal Reserve Banks Selected U.S. Liabilities to Foreign Official Institutions Liabilities to, and Claims on, Foreigners Liabilities to Foreigners Banks' Own Claims on Foreigners Banks' Own and Domestic Customers' Claims on Foreigners Liabilities to Unaffiliated Foreigners Claims on Unaffiliated Foreigners Foreign Transactions in Securities Marketable U.S. Treasury Bonds and Notes, Foreign Transactions Assets and Liabilities of Commercial Banks Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks Data for the Board's principal www.federalreserve.gov/releases. statistical releases are available free in multiple formats at The Statistical Supplement to the Federal Reserve Bulletin (ISSN 1547-6863) is published by the Board of Governors of the Federal Reserve System, Washington, DC 20551. POSTMASTER: Send address changes to Statistical Supplement to the Federal Reserve Bulletin, PUBLICATIONS FULFILLMENT, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. Preface The Statistical Supplement to the Federal Reserve Bulletin, which began publication in 2004, is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). All statistical series in the Statistical Supplement have been published with the same frequency that they had in the Bulletin, and the numbering system for the tables have remained the same. Please note that the Statistical Supplement will cease publication in both the print and online versions with this issue. For more information, see "Important Notice to Subscribers" on the inside front cover. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of December 2008. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONF1NANC1AL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • December 2008 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates and indexes of the foreign exchange value of the U.S. dollar 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Assets and liabilities of commercial banks, September 30, 2008 60 INDEX TO STATISTICAL TABLES 62 FEDERAL RESERVE BOARD PUBLICATIONS 64 ANTICIPATED SCHEDULE OF RELEASE FOR PERIODIC STATISTICAL RELEASES DATES 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 * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 1.10 Federal Reserve Bulletin Statistical Supplement • December 2008 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4 Q1 Q2 Q3 May -5.5 4.9 1.0 -.4 5.6 6.6 2.0 182.1 5.7 16.1 15.7 11.6 3.0 -.3 5.2 1.3 9.0 1.0 5.3 12.2 3.6 -2.9 P 1.5 4.6 23.9 7.7 4.3 6.3 -3.6 20.4 -1.0 -4.2 -26.1 7.2 -.9 18.5 -8.7 1.8 -14.1 -12.5 -17.2 5.9 -19.3 9.4 32.7 -5.5 -23.6 18.4 -19.5 14.4 7.9 -1.0 Aug. Sept. 2 Reserves of depository institutions 1 Total 2 Required 3 Monetary base3 Concepts of money4 4 Ml 5 M2 4.7 -20.7 -29.1 16.0p -.3 -.7 7.9 34.3 35.6 5.1 1,566.8 4.2 14.8 6.4 -8.0 -1.5 51.5 15.5 1.4 22.1 r -3.9 37.1' 19.2 32.8 Nontransaction components 6 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time1" Thrift institutions 9 Savings, including MMDAs . . . 10 Small time1" 7 8 Money market mutual funds 11 Retail7 12 Institution-only 22.9 54.0 34.5 47.0 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at 1.2 2.2 4.5 37.0 15.3 -14.6 -3.5 -38.1 -16.8 -.4 -48.9 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures for week ending on date indicated Average of daily figures 2008 Sept. Aug. 13 97 0 1,054,506 481,559 478,392 20,303 411,731 39,832 6,527 3,167 108,967 149,833 133,726 29,471 73 92 54,873 886,205 479,396 479,396 21,740 411,731 39,832 6,093 0 105,786 150,000 17,807 17,699 7 100 0 889,872 479,500 479,500 21,740 411,731 39,832 6,197 0 107,714 150,000 17,609 17,513 0 95 0 0 29,018 -1,429 105,970 11,041 2,200 38,676 0 0 29,175 -1,203 105,584 11,041 2,200 38,676 20,719 29,340 -1,052 152,132 11,041 2,200 38,675 0 0 29,145 -1,127 105,199 11,041 2,200 38,676 830,814 42,782 42,782 0 287 831,017 43,294 43,294 0 300 834,152 56,247 52,080 4,167 270 12,674 5,070 0 103 7,206 7,206 0 295 44,470 10,212 12,382 4,806 0 154 7,095 7,095 1 328 44,233 9,568 98,695 5,757 77,914' 141 7,331 7,331 0 7,552 45,674 71,384 Aug. Sept. 3 Sept. 10 Sept. 17 Sept. 24 886,484 479,604 479,604 21,740 411,731 39,832 6,301 0 103,393 150,000 18,570 18,469 0 100 0 894,412 479,701 479,701 21,740 411,731 39,832 6,398 0 115,893 150,000 19,070 18,976 0 93 0 890,442 479,762 479,762 21,740 411,731 39,832 6,459 0 110,821 150,000 19,891 19,796 0 95 0 932,632 479,818 479,818 21,740 411,731 39,832 6,515 0 124,500 150,000 47,969 21,598 8 96 20,268 1,135,020 480,272 476,557 18,423 411,731 39,832 6,572 3,714 111,714 150,000 187,753 39,357 19 95 88,147 0 0 29,183 -940 106,806 11,041 2,200 38,676 0 0 29,213 -1,213 106,918 11,041 2,200 38,676 0 0 29,253 -1,483 101,979 11,041 2,200 38,675 0 0 29,293 -1,057 101,731 11,041 2,200 38,675 0 6,000 29,333 -1,070 102,081 11,041 2,200 38,675 21,760 38,375 29,373 -1,058 176,967 11,041 2,200 38,675 831,085 42,458 42,458 0 298 830,017 44,455 44,455 0 297 829,456 42,858 42,858 0 302 835,191 42,880 42,880 0 281 834,477 42,690 42,690 0 275 832,301 45,743 45,743 0 267 833,801 59,790 56,219 3,571 262 12,510 4,859 0 319 7,006 7,006 0 325 43,788 7,983 12,365 4,765 0 103 7,179 7,176 318 43,991 10,664 12,435 4,828 0 101 7,175 7,175 0 332 44,604 8,746 12,239 4,746 0 100 7,086 7,086 0 307 44,866 10,871 12,250 4,723 0 161 7,085 7,085 0 281 44,680 7,986 14,366 4,941 0 168 7,360 7,360 0 1,897 44,869 47,002 142,044 5,088 117,046 119 7,364 7,364 0 12,427 46,536 104,504 Sept. Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 SUPPLYING RESERVE FUNDS Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer and other broker-dealer credit1" Asset-backed commercial paper money market mutual fund liquidity facility Other credit extensions Net portfolio holdings of Maiden Lane LLC7 . . Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 889,322 479,042 479,042 21,740 412,371 39,192 5,739 0 111,298 150,000 15,423 15,068 103 99 153 479,486 479,486 21,740 411,731 39,832 6,183 0 107,815 150,000 18,021 17,923 ABSORBING RESERVE FUNDS Currency in circulation Reverse repurchase agreements5 Foreign official and international accounts . . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account U.S. Treasury, supplementary financing account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital9 Reserve balances with Federal Reserve Banks10 . . End-of-month figures July Wednesday figures SUPPLYING RESERVE FUNDS Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer and other broker-dealer credit1" Asset-backed commercial paper money market mutual fund liquidity facility Other credit extensions Net portfolio holdings of Maiden Lane LLC7 . . . Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 898,515 479,240 479,240 21,740 411,731 39,832 5,937 0 119,000 150,000 17,529 17,432 0 97 0 895,974 479,702 479,702 21,740 411,731 39,832 6,399 0 117,500 150,000 19,104 19,011 0 93 0 1,492,635 491,127 476,627 18,423 411,731 39,832 6,641 14,500 83,000 149,000 411,870 50,960 0 60 148,701 898,870 479,434 479,434 21,740 411,731 39,832 6,131 0 118,250 150,000 17,651 17,552 0 99 882,696 479,538 479,538 21,740 411,731 39,832 6,235 0 100,750 150,000 18,563 18,469 0 94 0 894,222 479,642 479,642 21,740 411,731 39,832 6,339 0 111,000 150,000 19,002 18,901 0 102 0 888,012 479,726 479,726 21,740 411,731 39,832 6,423 0 109,000 150,000 19,089 19,000 0 90 909,783 479,782 479,782 21,740 411,731 39,832 6,480 0 126,750 150,000 23,556 23,455 0 101 0 979,163 479,839 479,839 21,740 411,731 39,832 6,536 0 98,000 150,000 121,294 33,401 18 95 59,780 1,196,789 486,578 476,578 18,423 411,731 39,832 6,593 10,000 86,000 150,000 262,341 39,327 19 101 105,662 0 0 29,099 -2,178 105,825 11,041 2,200 38,676 0 29,247 -1,470 101,891 11,041 2,200 38,675 151,070' 61,080 29,407 -954 329,184 11,041 2,200 38,675 0 0 29,179 -998 105,355 11,041 2,200 38,676 0 0 29,207 -1,702 106,340 11,041 2,200 38,676 0 0 29,247 -1,689 107,019 11,041 2,200 38,676 0 0 29,287 -372 101,282 11,041 2,200 38,675 0 0 29,327 -1,302 101,669 11,041 2,200 38,675 0 28,000 29,367 -1,704 102,367 11,041 2,200 38,675 72,667 44,566 29,407 -1,410 183,872 11,041 2,200 38,675 831,862 45,422 45,422 0 318 835,129 42,610 42,610 0 281 838,253 77,937 77,937 0 270 832,107 44,172 44,172 0 296 830,675 43,606 43,606 0 306 832,677 43,768 43,768 0 281 836,709 41,756 41,756 0 276 834,569 44,296 44,296 0 268 833,044 46,633 46,633 0 261 836,338 90,673 65,673 25,000 270 12,702 5,256 0 103 7,016 7,016 0 327 43,981 16,147 12,164 4,681 0 99 7,086 7,086 0 298 44,968 12,738 366,443 32,988 299,491' 121 7,566 7,566 0 26,277 47,168 214,480 12,142 4,715 0 101 7,006 7,006 0 319 43,693 18,377 12,767 5,177 0 102 7,179 7,176 3 310 44,121 3,138 12,648 4,989 0 100 7,175 7,175 0 385 44,549 12,215 13,109 5,606 0 100 7,086 7,086 0 317 44,575 3,504 13,312 5,412 0 522 7,085 7,085 0 292 44,283 24,971 24,303 5,512 0 102 7,360 7,360 0 11,330 45,140 81,699 187,139 5,175 159,806 150 7,364 7,364 0 14,644 46,361 87,925 ABSORBING RESERVE FUNDS Currency in circulation Reverse repurchase agreements5 Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account U.S. Treasury, supplementary financing account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital9 Reserve balances with Federal Reserve Banks10 . . . NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers under the overnight and term securities lending facilities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 6. Includes credit extended through Primary Dealer Credit Facility and credit extended to certain other broker-dealers. 7. Fair value. 8. Cash value of agreements, which are collateralized by U.S. Treasury securities. 9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 10. Excludes required clearing balances and adjustments to compensate for float. 6 1.12 Federal Reserve Bulletin Statistical Supplement • December 2008 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Term auction credit Primary Secondary Seasonal Primary dealer and other broker-dealer credit5 Asset-backed commercial paper money market mutual fund liquidity facility 15 Credit extended to American International Group, Inc 16 Other credit extensions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2005 2006 2007 2008 Dec. Dec. Dec. Mar. Apr. May June July Aug. Sept. 10,047 51,314 35,337 15,977 45,384 43,483 1,900 169 n.a. 97 0 72 n.a. 8,480 50,897 34,803 16,094 43,283 41,420 1,863 191 n.a. Ill 0 80 n.a. 8,179 52,161 34,522 17,639 42,701 40,932 1,770' 15,430 11,613 3,787 1 30 n.a. 9,754 50,446 32,952 17,494 42,706 39,728 2,978 94,523 75,484 1,617 0 6 16,168 9,254 49,315 34,252 15,063 43,506 41,661 1,844 135,410 100,000 9,624 0 21 25,764 9,688 48,576 35,423 13,153 45,111 43,100 2,011 155,780 127,419 14,076 0 47 14,238 9,181 49,333 34,752 14,581 43,933 41,660 2,272 171,278 150,000 14,225 70 75 6,908 9,343 49,225 34,781 14,444 44,124 42,147 1,977 165,664 150,000 15,204 107 98 255 9,430 50,142 34,704 15,438 44,134 42,146 1,988 168,078 150,000 17,980 1 97 0 67,173 50,443 35,411 15,032 102,584 42,533 60,051 290,105 149,814 32,632 35 87 53,473 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 31,877 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,249 n.a. n.a. n.a. n.a. n.a. 0 0 0 0 0 22,187 0 B weekly averages of daily figures for two-week periods ending on dates indicated 2008 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Term auction credit Primary Secondary Seasonal Primary dealer and other broker-dealer credit5 Asset-backed commercial paper money market mutual fund liquidity facility 15 Credit extended to American International Group, Inc 16 Other credit extensions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 June 4 June 18 July 2 July 16 July 30 Aug. 13 Aug. 27 Sept. 10 Sept. 24 Oct. 8 10,702 47,837 36,270 11,568 46,972 44,716 2,256 176,297 150,000 15,936 1 66 10,295 7,998 48,530 32,598 15,933 40,596 38,942 1,653 171,945 150,000 13,260 112 69 8,505 10,053 50,769 36,760 14,009 46,813 43,813 3,000 168,827 150,000 14,782 43 86 3,917 8,657 48,968 32,761 16,207 41,418 39,616 1,801 163,658 150,000 13,386 168 100 5 9,944 49,124 36,655 12,469 46,599 44,583 2,016 167,077 150,000 16,917 62 99 2 9,135 51,141 32,870 18,272 42,004 40,157 1,847 167,635 150,000 17,535 4 97 0 9,705 49,474 36,399 13,076 46,104 44,062 2,041 168,090 150,000 17,991 0 98 0 9,429 49,230 34,735 14,496 44,163 41,908 2,255 169,481 150,000 19,386 0 94 0 75,753 50,225 35,584 14,641 111,337 42,575 68,762 267,861 150,000 30,478 14 96 54,208 143,396 52,973 36,133 16,840 179,529 43,479 136,050 543,050 149,072 59,737 145 57 140,879 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,880 133,997 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 22,188 0 59,164 0 0 0 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 0 0 0 0 0 0 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound'' institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). 8. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers. Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco On 12/12/08 Effective date Previous rate On 12/12/08 10/29/08 10/29/08 10/30/08 10/29/08 10/30/08 10/31/08 1.75 1.75 1.25 i 10/29/08 10/30/08 10/30/08 10/29/08 10/30/08 10/29/08 ' 1.25 1 1.75 1.75 Seasona credit3 Effective date Previous rate On 12/12/08 Effective date Previous rate 10/29/08 10/29/08 10/30/08 10/29/08 10/30/08 10/31/08 2.25 1.40 12/4/08 1.30 i 10/29/08 10/30/08 10/30/08 10/29/08 10/30/08 10/29/08 1 2.25 1 1.40 12/4/08 1.30 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9, 2003 (beginning of program) 2 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 4.00^1.75 4.00 3.50^1.00 3.50 3.25-3.50 2.50-3.50 2.50 2.25-2.50 2.25 1.75-2.25 1.75 1.25-1.75 1.25 4.00 4.00 3.50 3.50 3.25 2.50 2.50 2.25 2.25 1.75 1.75 1.25 1.25 1.25 1.25 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Effective date 2008—Jan. 22 24 30 31 Mar. 17 18 20 Apr. 30 May 1 Oct. 8 9 29 31 In effect December 12, 2008 . . . Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 Effective date In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • December 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-Sl0.3 million2 2 More than $10.3 million-$44.4 million3 . . . 3 More than $44.4 million Percentage of liabilities Effective date 10 01/01/09 01/01/09 01/01/09 4 Nonpersonal time deposits 0 12/27/90 5 Eurocurrency liabilities 0 12/27/90 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. 0 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. May July 0 81,398 23,501 23,501 25,977 0 0 20,060 20,060 22,667 0 13,719 2,211 0 0 0 1,236 0 0 0 0 0 0 0 0 0 0 7,539 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 290 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 871,661 871,661 905,206 905,206 2,894 0 109,557 -108,098 2,795 4,967 0 11,309 0 -91,121 97,723 3,626 0 -7,041 7,375 0 0 839,688 839,688 49,178 0 10,552 26,354 0 0 0 58,896 58,896 0 26,529 0 1,510 5,361 5,361 6,819 0 1,926 3,299 0 0 640 0 0 0 0 0 0 0 0 0 0 0 28,136 0 2,795 44,690 0 10,552 10,680 0 50,415 0 96,356 25,977 0 20,001 22,667 33,718 28,455 1,510 6,819 -42,668 -62,173 -8,329 34,138 12,859 12,859 0 0 0 0 0 2,007 0 -11,395 3,000 26 Net change in U.S. Treasury securities 0 0 7,320 7,320 0 0 0 0 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales 2,083,300 2,131,500 2,591,000 256,250 220,000 233,750 219,500 386,500 347,000 345,500 347,250 347,250 346,500 353,000 348,500 276,000 277,500 6,421,223 6,420,945 6,779,023 6,778,132 8,662,508 8,676,879 770,268 773,973 861,490 862,311 875,902 872,505 813,259 811,255 850,374 855,495 940,787 942,387 912,593 909,781 37 Net change in temporary transactions 14,028 -5,110 -8,621 32,545 13,429 42,897 253 -4,372 2,900 1,312 38 Total net change in System Open Market Account 39,369 29,029 ^18,355 32,545 -108,905 229 -61,920 -12,700 2,900 1,312 Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • December 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 July Sept. Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, term auction credit, and other loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Net portfolio holdings of Maiden Lane LLC1" Items in process of collection Bank premises Other assets Denominated in foreign currencies7 All other8 21 Total assets 11,037 2,200 1,415 11,037 2,200 1,414 11,037 2,200 1,445 11,037 2,200 1,468 1,494 11,037 2,200 1,409 11,037 2,200 1,422 11,037 2,200 1,514 759,644 479,642 479,642 21,740 411,731 39,832 6,339 0 111,000 150,000 19,002 29,247 926 2,166 104,840 88,172 16,668 757,815 479,726 479,726 21,740 411,731 39,832 6,423 0 109,000 150,000 19,089 29,287 3,366 2,162 99,457 84,492 14,966 780,089 479,782 479,782 849,133 479,839 479,839 984,920 486,578 476,578 765,770 479,240 479,240 766,306 479,702 479,702 1,134,998 21,740 411,731 21,740 411,731 18,423 411,731 21,740 411,731 21,740 411,731 18,423 411,731 39,832 6,480 0 39,832 6,536 0 98,000 39,832 6,593 39,832 5,937 0 39,832 6,399 0 39,832 6,641 119,000 150,000 117,500 150,000 19,104 83,000 149,000 411,870 29,247 785 29,407 2,363 2,173 100,054 2,178 327,007 304,495 911,475 491,127 476,627 150,000 121,294 10,000 86,000 150,000 262,341 29,367 908 2,168 29,407 968 2,169 99,507 82,179 100,244 181,718 84,668 166,494 102,935 85,461 17,328 15,576 15,224 17,474 85,262 14,792 906,738 927,201 996,525 1,213,912 915,702 913,223 1,510,704 795,694 43,768 24,850 19,377 4,989 0 100 385 2,614 3,760 799,719 41,756 16,959 10,936 5,606 0 100 317 3,729 3,772 797,602 44,296 38,295 32,068 796,094 46,633 799,422 90,673 275,076 95,301 798,152 5,412 0 522 292 2,725 3,822 5,512 0 102 11,330 2,614 3,804 794,909 45,422 28,909 23,223 5,256 0' 801,359 77,937 580,935 222,059 32,988 299,491 121 26,277 3,305 4,969 870,686 865,935 886,740 20,189 18,509 2,091 20,191 18,511 2,100 20,202 18,514 1,745 40,789 40,803 2,408,874 1,440,551 968,323 124,141 6,793 117,348 2,395,399 1,436,830 958,569 120,790 4,892 115,898 126,750 150,000 23,556 29,327 1,432 2,165 17,529 29,099 1,085 2,167 14,500 22,512 LIABILITIES 22 23 24 25 26 27 28 29 30 31 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements9 Deposits Depository institutions U.S. Treasury, general account U.S. Treasury, supplementary financing account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends10'" .... 32 Total liabilities 106,045 89,102 5,175 159,806' 150 14,644 2,380 4,602 103 327 2,481 3,450 955,190 1,172,153 875,171 20,211 18,516 2,608 20,236 18,516 19,935 18,501 2,095 42,610 25,246 20,168 4,681 0' 99 298 2,246 3,717 1,468,505 CAPITAL ACCOUNTS 33 Capital paid in 34 Surplus 20,190 18,509 2,552 20,312 18,516 3,370 35 Other capital accounts 42,198 41,759 36 Total capital MEMO 37 Marketable securities held in custody for foreign official and international accounts3-12 38 U.S. Treasury 39 Federal agency 40 Securities lent to dealers 41 Overnight facility13 42 Term facility14 2,394,660 1,438,094 956,566 117,340 1,441 115,899 2,412,943 1,451,833 961,111 127,325 9,826 117,499 2,435,934 1,469,207 966,727 190,532 16,059 2,391,753 2,405,090 1,417,852 1,437,380 973,901 174,473 123,148 967,710 127,996 12,098 115,898 137,234 14,086 2,488,603 1,519,383 969,220 259,243 23,699 235,544 Federal Reserve notes and collateral statement 43 Federal Reserve notes outstanding 44 Less: Notes held by F.R. Banks not subject to collateralization 45 Federal Reserve notes to be collateralized 46 Collateral held against Federal Reserve notes 47 Gold certificate account 48 Special drawing rights certificate account 49 U.S. Treasury and agency securities pledged15 . . . 50 Other assets pledged 991,668 990,711 989,500 989,956 989,581 990,808 991,160 989,135 195,974 795,694 795,694 11,037 2,200 547,720 234,737 190,992 799,719 799,719 191,897 797,602 797,602 193,862 796,094 796,094 190,158 799,422 799,422 195,899 794,909 794,909 193,008 798,152 798,152 801,359 801,359 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 563,995 220,370 533,638 249,220 487,847 298,338 11,037 2,200 553,552 228,120 11,037 2,200 548,031 238,451 555,319 229,597 499,013 289,109 590,642 588,726 606,532 577,839 572,578 598,240 597,202 574,127 42,922 40,694 42,537 44,202 84,731 44,688 41,883 75,114 547,720 548,031 563,995 533,638 487,847 553,552 555,319 499,013 187,777 MEMO 51 Total U.S. Treasury and agency securities15 52 Less: Face value of securities under reverse repurchase agreements"" 53 U.S. Treasury and agency securities eligible to be pledged 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release, which is available at www.federalreserve.gov/releases. 2. Includes securities lent to dealers under the overnight and term securities lending facilities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 6. Fair value. 7. Includes any exchange-translation assets, which are revalued daily at market exchange rates. 8. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 9. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 11. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 12. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 13. Fully collateralized by U.S. Treasury securities. 14. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities. 15. 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. 16. 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 remaining maturity Term auction credit 2 Within 15 days 3 16 days to 90 days . 4 Other loans' 5 6 7 8 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years 9 Total U.S. Treasury securities2 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 July 150,000 150,000 125,000 25.000 50,000 100,000 125,000 25,000 75,000 75,000 19,002 19,089 23,556 3.874 4,238 8,539 15,128 0 0 14,851 0 0 479,642 18,455 28,214 70,320 Sept. 150,000 150,000 100,000 50,000 75,000 75,000 50,000 100,000 24,000 125,000 121,294 262,341 17,529 19,104 411,870 135,248 77,174 5,353 3,074 14,456 0 3,943 15,017 0 101,237 20,057 0 15,161 0 209,415 120,253 21,123 61,080 479,726 479,782 479,839 476,578 479,240 479,702 476,627 169,539 91,834 14,851 31,653 69,268 170,789 91,851 14,955 31,549 69,272 170,807 91,863 19,326 23,716 68,105 170,694 93,353 14,570 32,099 70,324 169,558 91,846 149,000 44,566 101,280 101,314 101,337 16,358 30,001 68,101 170,676 93,341 101,361 101,384 15,722 28,402 72,326 175,535 89,867 97,387 101,304 11,041 26,627 70,092 174,100 93,363 101,404 16 Total federal agency securities3 0 0 0 0 10,000 0 0 14,500 17 18 19 20 21 22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 395 5,632 3,973 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 395 9,178 4,927 0 0 0 111,000 109,000 126,750 98,000 86,000 119,000 117,500 83,000 71,000 40,000 69,000 40,000 86,750 40,000 58,000 40,000 46,000 40,000 79,000 40,000 77,500 40,000 63,000 20,000 43,768 41,756 44,296 46,633 90,673 42,610 77,937 43,768 0 41,756 44,296 0 46,633 0 90,673 42,610 0 77,937 10 11 12 13 14 15 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 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 23 Total repurchase agreements3 24 Within 15 days 25 16 days to 90 days 26 Total reverse repurchase agreements3 27 Within 15 days 28 16 days to 90 days NOTE: Components may not sum to totals because of rounding. 1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when preparing that Bank's statement of condition consistent with consolidation under generally accepted accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule. 45,422 0 2. 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. 3. Cash value of agreements. 12 Federal Reserve Bulletin Statistical Supplement • December 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 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 46.55 46.49 44.64 759.17 45.14 44.97 43.24 787.30 43.34 43.15 41.48 811.73 42.68' 27.24 40.91 823.35 42.80 -17.35 41.08 822.56 44.29 -50.23 41.31 826.99 43.56 -91.85 41.72 824.41 44.13 -111.65 42.12 826.46 43.37 43.35 -127.91 -122.32 41.37 41.10 832.53 838.14 102.80 44.59 -123.49 -187.31 42.60 42.75 841.71 903.52 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.50 818.40 42.72 27.29 40.95 829.84 42.78 -17.38 41.05 821.92 42.70 -51.82 39.72 825.56 43.49 -91.92 41.65 823.38 45.08 -110.70 43.07 826.88 43.90 44.08 -127.38 -121.59 41.63 42.10 831.98 839.22 44.07 102.52 -124.01 -187.58 42.47 42.09 900.64 840.16 46.85 46.79 44.94 774.77 1.91 .06 45.38 45.22 43.48 802.30 1.90 .17 43.28 43.09 41.42 825.29 1.86 .19 42.70 27.27 40.93 836.43 1.77 15.43 42.78 -17.38 41.05 828.69 1.72 60.16 42.71 -51.82 39.73 832.36 2.98 94.52 43.51 -91.90 41.66 830.49 1.84 135.41 45.11 -110.67 43.10 833.97 2.01 155.78 43.93 44.12 -127.35 -121.54 41.66 42.15 846.46 839.09 1.98 2.27 165.66 171.28 44.13 102.58 -123.94 -187.52 42.15 42.53 847.30 908.03 60.05 1.99 168.08 290.11 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec. Aug. Sept. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,376.3 6,400.7 9,433.0 1,374.5 6,659.7 10,154.0 1,366.5 7,012.3 n.a. 1,366.5 7,404.3 n .a. 1,386.2 7,638.7 n.a. 1,403.3 7,679.5 n.a. 1,394.0 7,670.0' n.a. 1,453.8 7,769.1 n.a. 697.6 7.5 343.2 328.0 723.9 7.2 324.9 318.5 748.9 6.7 305.9 305.0 758.7 6.3 294.8 306.8 769.0 6.0 294.0 317.1 774.6 5.9 303.1 319.7 775.8 5.9 302.4 309.9 780.1 5.8 351.9 316.1 5,024.4 3,011.1 5,285.2 3,478.5 5,645.8 n.a. 6,037.7 n .a. 6,252.6' n.a. 6,276.2 n.a. 6,276.0' n.a. 6,315.3 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,631.0 551.2 909.3 2,771.5 644.9 1,122.9 2,904.0 759.2 n.a. 3,033.7 823.0 n .a. 3,126.7 818.6 n.a. 3,130.4 833.7' n.a. 3,120.3 859.5 n.a. 3,170.2 883.0 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 875.3 278.8 161.5 827.7 351.3 230.7 781.4 412.2 n.a. 825.3 395.9 n .a. 898.2 385.3 n.a. 902.6 379.1 n.a. 891.6 378.0 n.a. 863.3 372.7 n.a. 688.0 1,093.4 689.9 1,161.2 789.0 1,362.0 959.9 1,901.2 1,023.7 2,269.3 1,030.4 2,267.5 1,026.5 2,291.7 1,026.2 2,198.3 492.6 379.1 564.3 423.9 n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,400.2 1,392.6 7,666.6 1,435.8 7,743.0 775.4 6.0 305.6 305.7 776.8 5.8 344.0 309.2 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 1,386.2 7,442.3 1,388.4 7,639.8' 763.8 6.3 304.8 309.3 311.4 768.8 6.1 296.2 317.3 774.8 316.7 5,293.0 3,488.3 5,660.7 n.a. 6,056.1 6,251.4 6,256.8' n.a. 6,274.0 n.a. 6,307.2 2,633.2 550.4 903.3 2,776.1 644.1 1,114.4 2,913.1 758.6 n.a. 3,043.5 823.0 3,135.6 815.5 3,125.4 831.2' n.a. 3,121.6 859.0 3,163.4 885.1 876.1 278.4 160.4 829.0 350.8 228.9 783.9 411.9 n.a. 827.9 395.9 900.7 383.9 901.1 378.0 n.a. 892.0 377.8 n.a. 861.4 373.6 691.0 1,118.4 693.1 1,187.4 793.2 1,395.1 965.6 1,949.3 1,015.7 2,228.3 1,021.1 2,223.8 1,023.6 2,267.8 1,023.7 2,197.2 494.6 376.6 566.1 422.0 1,401.3 6,430.5 9,482.2 1,396.5 6,689.6 10,201.4 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 754.5 6.7 Nontransaction components 27 In M27 28 In M3 onlys 5,029.2 3,025.4 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 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 appeal on following page. 1,387.3 7,048.0 n.a. n.a. n.a. 7,657.0' n.a. 6.1 305.0 314.3 n.a. n.a. 14 Federal Reserve Bulletin Statistical Supplement • December 2008 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Monetary and Reserves Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. do liar-denominated travelers checks ofnonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2008 2008 2007 May' June' July' Aug.' Sept.' Oct.' Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 9,180.3 2,464.5 1,129.0 1,335.5 6,715.8' 1,408.5' 3,562.3' 478.5 3,083.7' 795.9 282.0 667.1 421.5 302.3 953.5 9,403.3 2,481.2 1,096.0 1,385.3 6,922.0 1,496.3 3,657.2 512.2 3,145.1 827.1 292.8 648.5 446.6 306.5 987.9 9,374.5 2,471.8 1,112.8 1,359.0 6,902.7 1,503.1 3,648.2 518.4 3,129.9 831.7 280.8 638.8 453.1 300.0 1,003.9 9,399.0 2,494.4 1,114.2 1,380.2 6,904.6 1,508.5 3,627.0 523.5 3,103.5 839.3 295.0 634.8 437.7 296.6 1,019.0 9,415.2 2,481.1 1,127.7 1,353.4 6,934.1 1,508.3 3,645.9 526.2 3,119.7 845.0 305.5 629.3 434.2 297.8 1,018.5 9,575.2 2,537.1 1,153.8 1,383.3 7,038.1 1,536.1 3,666.5 540.4 3,126.1 852.0 331.0 652.4 462.6 368.5 1,042.0 9,957.1 2,719.4 1,227.0 1,492.4 7,237.7 1,600.1 3,791.4 577.8 3,213.6 870.7 302.6 672.9 444.6 576.5 1,087.6 9,897.9 2,725.8 1,261.2 1,464.6 7,172.1 1,596.4 3,784.3 580.5 3,203.8 876.3 269.7 645.4 344.8 851.5 1,131.9 9,866.3 2,692.6 1,270.8 1,421.8 7,173.7 1,596.6 3,776.0 578.2 3,197.7 871.4 273.3 656.4 382.0 784.8 1,095.0 9,906.3 2,728.2 1,278.8 1,449.4 7,178.1 1,604.1 3,785.9 578.6 3 207.3 872.2 263.9 652.0 343.8 863.3 1,108.9 9,859.1 2,707.4 1,241.9 1,465.6 7,151.7 1,589.2 3,777.4 580.0 3,197.5 875.7 276.2 633.2 334.5 858.5 1,146.2 9,904.1 2,720.9 1,252.3 1,468.6 7,183.2 1,599.6 3,790.3 582.2 3,208.1 880.9 271.1 641.2 324.4 866.3 1,151.7 10,784.2 11,047.3 11,030.6 11,044.8 11,056.6 11,335.0 11,943.3 12,099.9 12,002.4 12,095.9 12,072.1 12,121.2 6,637.8 610.9 6,027.0 2 026 6 4,000.4 2 221 4 456.7 1,764.7 85.9 665.9 6,887.0 613.4 6,273.6 2 112 8 4,160.9 2 319 1 483.9 1,835.2 -23.6 693.4 6,909.6 603.6 6,306.0 2 125 5 4,180.4 2,316.9 483.4 1,833.5 -18.5 674.5 6,884.1 621.0 6,263.2 2 131 0 4,132.1 2,340.5 479.6 1,860.9 -46.9 674.5 6,914.3 600.2 6,314.0 2 129 9 4,184.1 2,357.2 477.0 1,880.1 -92.2 673.3 7,072.5 640.2 6,432.3 2,161.0 4,271.3 2,398.6 478.6 1,920.0 -61.8 715.1 7,125.1 679.4 6,445.7 2,065.5 4,380.3 2,619.8 458.5 2,161.3 180.2 805.9 7,063.6 707.4 6,356.2 1,944.1 4,412.1 2,601.3 404.6 2,196.7 389.2 840.6 7,084.5 730.9 6,353.5 1,986.7 4,366.8 2,589.5 413.7 2,175.8 337.6 787.9 7,077.5 702.1 6,375.4 1,949.7 4,425.7 2,655.9 409.5 2,246.4 387.9 799.4 6,991.2 681.9 6,309.4 1,930.8 4,378.6 2,609.7 401.4 2,208.3 430.0 852.8 7,101.7 700.1 6,401.6 1,933.7 4,467.9 2,565.1 401.7 2,163.4 378.5 875.3 27 Total liabilities 9,611.1 9,875.9 9,882.5 9,852.2 9,852.6 10,124.4 10,731.0 10,894.8 10,799.6 10,920.7 10,883.7 10,920.6 28 Residual (assets less liabilities)5 1,173.1 1,171.3 1,148.2 1,192.6 1,204.0 1,210.6 1,212.3 1,205.1 1,202.8 1,175.2 1,188.3 1,200.6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury andAgency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 9 385 7 2,506.4 1,110.0 1,396.4 6,879.3 1,494.5 3,628.0 508.4 3,119.6 822.8 340.8 482.0 293.9 640.1 434.0 304.1 985.1 9,340.8 2,485.0 1,123.5 1,361.5 6,855.8 1,497.2 3,616.8 514.5 3,102.3 826.9 341.8 485.2 280.9 634.0 435.8 296.3 999.2 9,329.0 2,476.4 1,118.5 1,357.8 6,852.6 1,497.4 3,611.1 521.6 3,089.5 833.0 347.1 485.8 281.9 629.3 422.1 292.4 1,016.1 9,348.8 2,465.5 1,133.0 1,332.6 6,883.3 1,501.2 3,615.3 526.0 3,089.3 843.7 355.4 488.3 294.9 628.2 426.9 285.8 1,014.8 9,553.6 2,516.4 1,146.2 1,370.2 7,037.2 1,533.5 3,660.9 540.6 3,120.2 854.0 361.6 492.3 327.3 661.5 460.6 366.1 1,050.6 9,964.4 2,702.1 1,212.5 1,489.6 7,262.3 1,600.6 3,822.8 580.7 3,242.1 865.9 371.9 494.0 298.6 674.3 443.7 575.2 1,096.9 9,953.1 2,735.3 1,257.0 1,478.3 7,217.8 1,598.9 3,827.1 585.5 3,241.6 876.7 383.5 493.2 268.8 646.3 351.6 867.5 1,130.4 9,931.2 2,707.9 1,275.4 1,432.5 7,223.3 1,598.6 3,825.7 582.9 3,242.9 868.4 376.4 492.1 272.5 658.0 381.6 776.3 1,095.1 9,944.9 2,727.2 1,271.1 1,456.2 7,217.7 1,599.2 3,833.1 583.7 3,249.4 872.0 380.2 491.9 267.4 646.0 349.9 887.9 1,115.2 9,910.7 2,713.7 1,237.5 1,476.1 7,197.0 1,595.6 3,815.4 585.3 3,230.1 878.3 386.2 492.1 269.5 638.3 345.1 886.9 1,136.8 9,967.7 2,736.1 1,246.2 1,490.0 7,231.5 1,605.4 3,829.3 587.5 3,241.8 882.1 386.7 495.4 270.4 644.2 330.8 878.1 1,151.2 11,011.7 10,971.2 10,951.8 10,967.0 11,317.4 11,957.9 12,177.1 12,058.7 12,172.4 12,154.5 12,204.8 6,676.3 613.9 6,062.4 2 032 8 4,029.6 2 221 5 462.2 1,759.3 95.1 682.8 6,862.0 609.3 6,252.7 2 130 3 4,122.4 2 338 7 481.0 1,857.7 -64.5 699.3 6,864.5 602.6 6,261.9 2 1257 4,136.2 2,318.3 479.3 1,839.0 -52.3 667.3 6,831.0 605.4 6,225.6 2 093 3 4,132.3 2,307.1 467.3 1,839.8 -23.3 666.1 6,844.2 589.9 6,254.3 2 102 6 4,151.6 2,343.1 469.9 1,873.2 -66.3 671.4 7,052.3 631.0 6,421.3 2,148.0 4,273.2 2,414.2 477.9 1,936.3 -47.9 712.7 7,145.1 667.4 6,477.7 2,075.3 4,402.4 2,617.4 454.4 2,163.1 195.2 811.8 7,117.4 711.1 6,406.3 1,957.4 4,448.9 2,600.9 408.0 2,192.9 399.0 862.7 7,135.3 668.2 6,467.1 2,003.0 4,464.2 2,604.3 412.6 2,191.7 329.8 811.8 7,144.6 673.1 6,471.4 1,969.3 4,502.1 2,647.9 411.3 2,236.6 383.3 813.8 7,062.4 706.3 6,356.1 1,943.7 4,412.4 2,598.7 405.1 2,193.7 433.2 869.4 7,115.0 770.7 6,344.3 1,939.8 4,404.5 2,576.1 408.3 2,167.8 420.9 907.4 57 Total liabilities 9,675.7 9,835.5 9,797.8 9,780.9 9,792.4 10,131.2 10,769.6 10,980.0 10,881.2 10,989.6 10,963.8 11,019.4 58 Residual (assets less liabilities)5 1,169.0 1,176.2 1,173.4 1,170.9 1,174.6 1,186.1 1,188.3 1,197.2 1,177.5 1,182.8 1,190.7 1,185.4 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 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 Footnotes appear on p. 21. 9 225 9' 2,468.7 1,123.1 1,345.6 6,757.2' 1,409.7' 3,600.6' 482.4 3,118.2' 796.3 343.0 453.3 284.1 666.4 433.7 307.4 950.5 10,844.7 16 Federal Reserve Bulletin Statistical Supplement • December 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2008 2008 2007 May' June' July' Aug.' Sept.' Oct.' Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,026.1' 1,990.3 1,036.3 954.0 6,035.8' 1,133.5' 3,526.6' 478.5 3,048.1' 795.9 141.4 438.5' 342.5 245.5 904.5 8,268.2 2,014.4 1,004.1 1,010.3 6,253.7 1,185.4 3,616.5 512.2 3,104.3 827.1 189.0 435.8 371.6 248.4 938.6 8,253.0 2,014.6 1,021.2 993.4 6,238.4 1,189.9 3,606.1 518.4 3,087.8 831.7 180.4 430.2 384.7 240.4 947.6 8,276.4 2,026.4 1,020.5 1,005.9 6,250.0 1,194.0 3,584.2 523.5 3,060.7 839.3 194.7 437.7 372.0 240.5 970.5 8,291.1 2,016.6 1,040.9 975.6 6,274.5 1,191.4 3,601.7 526.2 3,075.6 845.0 204.8 431.6 368.2 244.7 975.5 8,456.5 2,082.3 1,070.9 1,011.5 6,374.2 1,209.8 3,623.5 540.4 3,083.1 852.0 241.3 447.6 394.4 307.7 995.3 8,804.2 2,244.2 1,151.4 1,092.8 6,560.0 1,249.3 3,750.6 577.8 3,172.8 870.7 230.6 458.8 383.8 446.5 1,027.0 8,779.0 2,261.7 1,177.8 1,083.9 6,517.3 1,243.5 3,745.2 580.5 3,164.8 876.3 213.1 439.2 298.4 577.8 1,077.6 8,746.1 2,232.3 1,184.5 1,047.7 6,513.8 1,243.9 3,737.1 578.2 3,158.9 871.4 213.2 448.2 339.0 541.4 1,035.0 8,764.9 2,249.8 1,191.7 1,058.1 6,515.0 1,250.5 3,746.8 578.6 3,168.2 872.2 205.8 439.7 300.0 607.0 1,056.3 8,734.8 2,233.8 1,160.9 1,072.9 6,501.0 1,238.1 3,738.6 580.0 3,158.6 875.7 217.5 431.1 284.3 544.4 1,091.6 8,807.5 2,273.2 1,172.2 1,101.0 6,534.3 1,246.1 3,751.0 582.2 3,168.8 880.9 218.0 438.2 275.4 593.1 1,099.7 9,445.2r 9,729.8 9,724.8 9,751.9 9,770.3 10,040.7 10,538.9 10,606.5 10,536.0 10,602.0 10,529.1 10,650.4 5,620.3 597.8 5,022.5 1,024.3 3,998.2 1,634.7 396.0 1,238.7 482.0 537.2 5,774.3 596.4 5,177.9 1,021.4 4,156.5 1,711.7 412.0 1,299.7 527.7 547.6 5,784.9 586.8 5,198.1 1,022.1 4,176.0 1,714.0 413.7 1,300.3 546.2 534.3 5,763.3 603.8 5,159.5 1,030.5 4,128.9 1,735.4 406.7 1,328.7 529.7 537.3 5,786.7 583.7 5,203.0 1,023.4 4,179.6 1,753.6 409.6 1,344.0 509.8 532.8 5,969.6 621.1 5,348.6 1,082.2 4,266.3 1,791.6 394.6 1,397.0 506.3 567.0 6,194.5 657.0 5,537.5 1,160.3 4,377.2 2,000.9 400.6 1,600.3 512.8 622.5 6,201.4 689.0 5,512.4 1,104.1 4,408.3 1,993.9 364.8 1,629.2 556.6 654.8 6,181.4 712.4 5,469.0 1,104.9 4,364.1 1,996.8 377.9 1,618.9 556.7 607.3 6,213.2 683.8 5,529.4 1,106.4 4,423.0 2,041.0 370.3 1,670.7 555.6 619.6 6,130.3 662.5 5,467.8 1,091.9 4,375.9 1,981.8 365.2 1,616.6 563.6 661.6 6,261.0 682.5 5,578.5 1,116.6 4,461.9 1,968.6 355.0 1,613.6 543.3 686.6 27 Total liabilities 8,274.2 8,561.2 8,579.4 8,565.7 8,582.9 8,834.5 9,330.7 9,406.8 9,342.3 9,429.5 9,337.3 9,459.5 28 Residual (assets less liabilities)5 1,171.0' 1,168.6 1,145.4 1,186.1 1,187.3 1,206.2 1,208.2 1,199.7 1,193.7 1,172.5 1,191.8 1,190.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury andAgency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,063.2' 1,988.4 1,029.9 958.5 6,074.8 1,134.9' 3,564.1' 482.4 3,081.7' 1,519.8 1,561.9' 796.3 343.0 453.3 139.7 439.7 349.9 249.7 903.1 8,255.7 2,036.4 1,017.9 1,018.6 6,219.2 1,187.0 3,586.9 508.4 3,078.5 1,464.6 1,613.9 822.8 340.8 482.0 191.5 431.1 361.7 247.3 934.7 8,227.1 2,026.5 1,032.5 993.9 6,200.6 1,187.4 3,575.1 514.5 3,060.7 1,438.9 1,621.8 826.9 341.8 485.2 181.8 429.3 370.6 237.4 941.8 8,225.2 2,016.4 1,026.5 989.9 6,208.8 1,186.9 3,568.9 521.6 3,047.3 1,422.7 1,624.5 833.0 347.1 485.8 184.8 435.1 357.9 236.1 967.9 8,238.3 2,006.7 1,045.1 961.5 6,231.7 1,186.0 3,572.9 526.0 3,046.9 1,418.6 1,628.3 843.7 355.4 488.3 196.9 432.2 362.5 231.9 971.8 8,443.1 2,066.1 1,062.4 1,003.7 6,377.0 1,207.2 3,618.0 540.6 3,077.4 1,434.0 1,643.4 854.0 361.6 492.3 240.5 457.2 391.2 303.4 1,002.5 8,813.5 2,228.8 1,136.3 1,092.5 6,584.8 1,251.0 3,781.0 580.7 3,200.3 1,511.2 1,689.1 865.9 371.9 494.0 226.6 460.2 381.0 443.0 1,037.9 8,826.3 2,265.1 1,173.3 1,091.8 6,561.2 1,245.8 3,787.2 585.5 3,201.7 1,506.8 1,694.9 876.7 383.5 493.2 210.3 441.2 302.9 588.6 1,077.8 8,804.1 2,241.0 1,188.9 1,052.1 6,563.2 1,247.0 3,785.7 582.9 3,202.8 1,511.5 1,691.3 868.4 376.4 492.1 211.5 450.5 336.5 528.4 1,037.4 8,802.4 2,245.1 1,183.8 1,061.3 6,557.3 1,247.9 3,793.2 583.7 3,209.5 1,517.6 1,691.9 872.0 380.2 491.9 207.4 436.7 304.4 622.6 1,063.3 8,782.0 2,236.3 1,156.9 1,079.5 6,545.7 1,243.7 3,775.9 585.3 3,190.6 1,495.6 1,695.0 878.3 386.2 492.1 210.1 437.7 294.6 568.0 1,086.6 8,855.2 2,279.8 1,165.6 1,114.2 6,575.4 1,249.2 3,789.4 587.5 3,201.8 1,503.4 1,698.4 882.1 386.7 495.4 213.7 441.0 278.1 599.5 1,099.6 9,493.1 9,702.2 9,676.1 9,679.3 9,695.2 10,026.8 10,553.3 10,670.3 10,581.0 10,667.3 10,606.2 10,709.4 5,659.3 601.2 5,058.2 1,030.0 4,028.2 1,635.9 398.9 1,237.0 478.5 552.4 5,725.0 592.5 5,132.5 1,014.5 4,118.1 1,721.4 413.2 1,308.2 532.8 550.1 5,730.6 586.1 5,144.6 1,012.8 4,131.7 1,712.7 411.6 1,301.0 533.8 529.0 5,735.7 588.6 5,147.2 1,019.4 4,127.8 1,712.7 399.2 1,313.5 529.9 533.4 5,733.1 573.6 5,159.5 1,012.5 4,147.0 1,752.1 404.5 1,347.6 507.0 531.8 5,955.3 612.0 5,343.3 1,074.8 4,268.5 1,827.6 395.2 1,432.4 495.2 565.9 6,213.2 645.6 5,567.6 1,168.0 4,399.6 2,019.8 399.0 1,620.7 508.9 628.9 6,252.2 693.2 5,559.0 1,113.6 4,445.5 1,996.8 367.2 1,629.6 554.2 674.8 6,232.4 650.5 5,581.8 1,120.1 4,461.8 2,015.3 377.4 1,637.9 534.6 627.3 6,272.4 655.2 5,617.2 1,117.4 4,499.8 2,040.5 372.5 1,668.0 544.0 633.6 6,199.5 687.9 5,511.7 1,101.6 4,410.0 1,983.2 365.1 1,618.0 558.7 680.2 6,269.3 752.8 5,516.6 1,117.4 4,399.1 1,974.5 361.9 1,612.6 568.3 714.9 59 Total liabilities 8,326.1 8,529.3 8,506.1 8,511.7 8,524.0 8,844.0 9,370.8 9,478.1 9,409.5 9,490.5 9,421.6 9,527.1 60 Residual (assets less liabilities)5 1,167.0 1,172.8 1,170.0 1,167.5 1,171.2 1,182.8 1,182.5 1,192.2 1,171.5 1,176.8 1,184.6 1,182.3 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2008 2008 2007 May June July Aug. Sept. Oct.' Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 Federal funds sold to and repurchase agreements with others 25 All other loans 26 Lease-financing receivables 27 Interbank loans 28 Federal funds sold to and repurchase agreements with commercial banks 29 Other 30 Cash assets5 31 Other assets'" 32 Total assets7 33 34 35 36 37 38 39 40 41 42 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 43 Total liabilities 44 Residual (assets less liabilities)5 Footnotes appear on p. 21. 5,113.1 1,388.1 663.8 72.2 591.6 527.0 64.6 724.3 388.7 335.6 60.3 275.3 3,725.0 741.6 2,052.2 390.2 1,662.1 1,042.0 620.1 463.6 132.7 5,310.9 1,427.8 647.9 65.7 582.2 534.2 48.0 779.9 408.2 371.6 54.6 317.0 3,883.1 780.3 2,107.1 417.3 1,689.8 1,026.1 663.7 487.3 177.5 5,284.9 1,428.6 665.2 66.1 599.1 552.2 46.9 763.4 390.4 373.0 53.2 319.7 3,856.2 783.2 2,088.2 421.6 1,666.6 995.3 671.3 491.3 169.0 5,288.9' 1,433.0 662.7' 53.7' 609.0 560.3 48.7 770.3' 400.6' 369.7 53.3 316.5 3,855.9' 786.4 2,058.6 427.0 1,631.7 979.5 652.2 498.9 183.2 5,295.1' 1,428.7' 685.4' 56.4' 629.1 576.7 52.3 743.3' 385.3' 358.0 52.7 305.4 3,866.4' 780.8' 2,066.2 428.6 1,637.6 984.3 653.3 503.4 193.6 5,426.8' 1,499.0 710.0' 72.0' 637.9 587.6 50.3 789.1' 404.1' 385.0' 52.2 332.8' 3,927.7' 792.9' 2,066.9 440.2 1,626.7 977.2 649.5 501.3 229.8 5,751.6 1,665.6 784.3 133.6 650.7 604.3 46.4 881.3 446.5 434.7 52.7 382.1 4,086.0 822.6 2,177.4 474.1 1,703.3 1,019.7 683.6 517.1 219.6 5,721.1 1,676.5 806.9 122.1 684.7 636.4 48.3 869.7 484.0 385.6 52.0 333.6 4,044.6 816.4 2,174.5 476.6 1,697.9 1,008.1 689.8 518.8 203.4 5,697.9 1,655.8 816.8 149.1 667.7 622.5 45.2 839.0 436.2 402.8 52.2 350.6 4,042.1 816.6 2,164.7 474.4 1,690.3 1,003.7 686.6 516.2 203.2 5,715.3 1,671.1 823.4 154.6 668.8 622.3 46.6 847.7 450.1 397.5 51.9 345.6 4,044.2 822.6 2,175.6 475.3 1,700.3 1,012.7 687.5 515.4 196.2 5,690.1 1,661.9 790.4 99.6 690.8 643.6 47.3 871.5 487.5 383.9 52.0 332.0 4,028.2 812.2 2,168.1 476.0 1,692.1 1,003.9 688.3 517.6 207.9 5,762.2 1,697.9 800.2 100.8 699.4 648.4 51.0 897.7 518.4 379.3 51.9 327.5 4,064.3 818.7 2,183.2 478.0 1,705.2 1,012.4 692.8 522.7 209.0 105.9 26.9 143.2 34.3 143.2 25.9 157.3 25.9 168.4 25.1 189.1 40.7 177.7 41.9 172.9 30.5 166.4 36.9 161.5 34.7 180.5 27.4 180.7 28.2 44.1 192.7 98.1 225.1 31.5 197.4 101.9 244.8 24.1 198.2 102.2 259.3 27.4 202.3 99.0 241.5 24.9 201.7 95.8 239.5 22.5 220.5 93.8 257.2 25.3 231.8 92.2 247.7 20.7 219.2 91.5 184.6 20.1 229.6 91.6 217.7 23.1 219.7 91.6 189.6 18.1 213.0 91.3 172.6 20.1 218.9 91.6 171.2 170.6 54.5 152.5 655.0 190.6 54.2 146.2 706.9 203.7 55.6 137.3 713.1 194.9 46.6 135.9 738.8' 193.2 46.3 138.1 741.6' 214.1 43.0 200.3 753.6' 207.1 40.6 323.0 779.4 146.8 37.9 411.8 820.4 182.0 35.7 396.4 784.9 149.0 40.6 449.9 796.8 133.3 39.3 383.8 839.3 134.6 36.6 408.0 844.0 6,107.7 6,352.3 6,334.4 6,338.7 6,346.4 6,566.6 7,021.7 7,054.7 7,014.1 7,068.4 7,002.8 7,103.2 3,351.5 327.1 3,024.4 618.9 2,405.5 1,069.9 150.6 919.3 477.3 459.7 3,461.5 326.5 3,135.0 608.6 2,526.4 1,119.5 165.2 954.2 523.7 467.5 3,465.6 317.7 3,147.9 607.2 2,540.7 1,121.5 161.5 960.0 541.5 453.3 3,424.7 327.8 3,096.8 612.6 2,484.2 1,143.4 163.0 980.4 524.4 457.1 3,436.3 317.3 3,119.0 606.4 2,512.7 1,158.6 158.2 1,000.5 506.2 452.5 3,584.0 349.8 3,234.2 662.8 2,571.4 1,194.9 150.4 1,044.5 501.7 485.1 3,781.7 383.3 3,398.4 737.2 2,661.3 1,387.8 152.2 1,235.6 510.7 541.7 3,761.8 418.0 3,343.7 675.9 2,667.8 1,391.2 130.3 1,260.9 550.4 571.9 3,763.8 442.2 3,321.7 680.6 2,641.1 1,387.5 129.2 1,258.3 553.3 525.3 3,772.4 412.9 3,359.5 679.4 2,680.2 1,436.6 138.5 1,298.1 551.5 539.5 3,701.1 398.2 3,302.9 663.9 2,638.9 1,378.1 128.3 1,249.8 556.5 581.4 3,798.3 414.0 3,384.3 685.9 2,698.4 1,380.9 128.5 1,252.4 534.1 604.8 5,358.4 5,572.2 5,581.9 5,549.6 5,553.7 5,765.7 6,221.8 6,275.3 6,229.9 6,299.9 6,217.1 6,318.1 749.2 780.1 752.5 789.1 792.7 800.9 799.9 779.4 784.2 768.5 785.7 785.2 18 Federal Reserve Bulletin Statistical Supplement • December 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2008 2008 2007 May June July Aug. Sept. Oct.' Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets5 77 Other assets'" 78 Total assets7 79 80 81 82 83 84 85 86 87 88 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 89 Total liabilities 90 Residual (assets less liabilities)5 Footnotes appear on p. 21. 5.158.5 1,391.2 661.4 74.4 587.0 520.4 66.6 729.8 394.3 335.6 60.8 274.8 3,767.3 746.2 2,091.3 394.1 1,697.2 1,067.6 629.6 462.8 131.6 331.2 130.7 5,279.5 1,438.5 655.6 65.5 590.1 542.0 48.0 782.9 411.7 371.2 54.9 316.3 3,841.0 778.8 2,069.3 413.7 1,655.7 1,005.2 650.5 486.5 131.1 355.4 180.5 5,239.8 1,433.4 671.6 67.7 603.8 556.0 47.8 761.9 391.6 370.3 53.1 317.2 3,806.4 777.6 2,048.8 418.3 1,630.5 977.8 652.7 487.7 131.2 356.5 170.7 5,238.8' 1,430.1 670.4' 54.4' 616.0 567.5 48.5 759.7' 392.7' 367.0 52.7 314.3 3,808.7' 777.5 2,039.3 424.3 1,615.0 963.3 651.7 491.9 134.5 357.4 173.6 5,242.4' 1,425.5 690.7' 54.9' 635.8 583.4 52.4 734.7' 379.0' 355.8 52.1 303.6 3,816.9' 775.4' 2,035.1 427.6 1,607.4 955.9 651.5 497.8 137.9 359.9 185.7 5,428.8' 1,491.4 705.8' 68.7' 637.1 586.0 51.1 785.7' 399.8' 385.9' 52.2 333.6 3,937.4' 792.0' 2,067.0 440.1 1,626.8 968.9 658.0 503.6 142.5 361.1 229.0 5,782.7 1,655.9 774.0 128.0 645.9 599.0 46.9 881.9 447.6 434.3 52.8 381.5 4,126.9 828.0 2,216.3 478.2 1,738.1 1,039.6 698.4 515.4 155.9 359.5 215.6 5,776.2 1,684.7 806.1 125.5 680.6 630.8 49.7 878.6 492.0 386.5 52.5 334.0 4,091.6 821.9 2,218.2 481.6 1,736.6 1,035.5 701.1 517.7 158.5 359.2 200.4 5,768.3 1,667.4 824.2 157.6 666.7 619.5 47.2 843.2 439.1 404.1 52.6 351.5 4,100.9 822.9 2,218.1 479.7 1,738.4 1,038.9 699.5 514.7 156.0 358.7 201.2 5,762.5 1,669.6 818.8 159.3 659.5 611.3 48.3 850.7 452.4 398.3 52.5 345.8 4,093.0 824.3 2,224.4 480.3 1,744.0 1,044.0 700.0 515.4 156.8 358.6 197.5 5,744.7 1,669.6 790.5 102.9 687.6 638.4 49.1 879.1 495.0 384.1 52.8 331.3 4,075.0 820.3 2,208.6 481.5 1,727.1 1,026.6 700.5 517.3 159.2 358.2 200.1 5,814.0 1,711.0 797.6 102.4 695.2 643.1 52.1 913.4 533.6 379.8 52.2 327.6 4,103.0 825.0 2,219.6 483.2 1,736.4 1,033.3 703.2 520.7 160.1 360.6 204.5 103.7 27.0 145.5 35.0 144.7 25.9 148.4 25.2 161.3 24.4 189.2 39.9 175.0 40.6 169.8 30.6 164.8 36.4 162.1 35.4 173.3 26.8 175.4 29.0 46.0 190.7 99.5 230.1 28.1 197.6 100.1 239.5 23.7 197.8 100.1 249.1 25.2 202.0 99.1 235.5 26.1 200.9 96.0 237.8 26.3 224.3 95.2 259.8 27.4 230.4 93.8 249.1 21.5 219.1 92.9 188.4 21.5 229.5 93.1 215.0 21.1 217.5 92.9 191.7 20.0 216.0 92.8 179.6 22.2 218.0 93.0 179.7 173.7 56.4 156.6 658.2 187.0 52.5 143.7 701.2 195.1 54.0 133.7 702.9 189.8 45.7 131.6 733.9 192.0 45.7 127.3 735.1' 217.2 42.6 197.1 761.4' 207.9 41.2 321.3 791.1 149.1 39.2 422.0 824.3 177.3 37.7 385.8 790.2 149.6 42.0 464.8 806.3 139.4 40.2 404.4 840.3 142.0 37.7 414.8 848.8 6,165.5 6,307.5 6,265.6 6,272.9 6,274.6 6,575.5 7,064.3 7,128.4 7,076.6 7,142.5 7,086.9 7,177.1 3,395.5 329.8 3,065.7 624.4 2,441.3 1,069.0 151.2 917.8 474.8 474.9 3,405.6 323.2 3,082.4 600.7 2,481.7 1,128.2 166.1 962.0 528.2 469.7 3,397.8 315.6 3,082.3 597.4 2,484.9 1,118.5 159.1 959.4 529.8 448.4 3,394.1 317.2 3,076.9 603.2 2,473.7 1,124.7 155.4 969.3 524.8 454.0 3,380.4 306.4 3,073.9 595.6 2,478.3 1,161.7 155.9 1,005.8 504.1 452.1 3,583.0 345.5 3,237.5 656.6 2,580.9 1,231.0 150.6 1,080.5 492.3 484.6 3,816.9 375.8 3,441.1 746.2 2,694.9 1,407.2 151.0 1,256.2 507.3 548.1 3,818.4 421.5 3,396.9 685.0 2,711.9 1,391.7 130.6 1,261.1 548.8 591.8 3,813.3 392.0 3,421.3 694.9 2,726.4 1,409.8 131.0 1,278.7 531.9 546.0 3,832.9 392.2 3,440.7 690.1 2,750.6 1,436.7 140.3 1,296.4 540.1 553.3 3,774.6 421.3 3,353.3 673.3 2,680.0 1,378.5 127.2 1,251.4 552.6 599.3 3,829.0 466.5 3,362.5 686.5 2,676.0 1,375.5 126.7 1,248.9 560.5 633.1 5,414.2 5,531.7 5,494.5 5,497.5 5,498.3 5,790.9 6,279.5 6,350.7 6,301.0 6,363.0 6,305.0 6,398.1 751.3 775.7 771.1 775.4 776.3 784.6 784.8 777.7 775.6 779.6 781.9 779.0 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. 2008 2008 2007 May' June' July' Aug. Sept.' Oct.' Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Other loans and leases Interbank loans Cash assets5 Other assets'" 15 Total assets7 16 17 18 19 20 21 22 23 24 25 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 26 Total liabilities 27 Residual (assets less liabilities)5 2.913.0 602.1 372.5 229.6 2.310.8' 391.9' 1.474.4' 88.4 1.386.0' 332.4 112.2 117.3 93.0 249.5 2,957.3 586.6 356.2 230.5 2,370.7 405.1 1,509.4 94.8 1,414.5 339.8 116.4 126.8 102.2 231.7 2.968.1 586.0 356.0 230.0 2.382.2 406.7 1.518.0 96.8 1.421.2 340.5 117.0 125.3 103.1 234.6 2.987.5 593.3 357.7 235.6 2.394.2 407.6 1.525.6 96.6 1.429.0 340.4 120.5 130.5 104.6 231.7 2.996.0' 587.8 355.5 232.3 2.408.2' 410.6' 1.535.5' 97.6 1.438.0' 341.7 120.4 128.7 106.6 233.9 3.029.8 583.3 360.9 222.4 2.446.4 416.9 1.556.6 100.2 1.456.4 350.7 122.2 137.3 107.4 241.6 3.052.6 578.6 367.1 211.5 2.474.0 426.7 1.573.2 103.7 1.469.5 353.7 120.5 136.1 123.5 247.6 3.057.9 585.2 371.0 214.2 2.472.8 427.1 1.570.7 103.9 1.466.8 357.5 117.4 113.7 166.1 257.2 3.048.2 576.5 367.8 208.7 2.471.7 427.3 1.572.4 103.8 1.468.6 355.1 116.9 121.4 145.0 250.1 3.049.5 578.7 368.3 210.4 2.470.8 427.9 1.571.3 103.3 1.468.0 356.8 114.9 110.5 157.1 259.5 3.044.7 571.9 370.5 201.4 2.472.8 426.0 1.570.4 103.9 1.466.5 358.1 118.3 111.7 160.6 252.3 3.045.3 575.3 372.1 203.3 2.470.0 427.4 1.567.8 104.2 1.463.6 358.2 116.6 104.2 185.1 255.7 3,337.6 3,377.5 3,390.4 3,413.2 3,423.9 3,474.1 3,517.2 3,551.9 3,521.9 3,533.5 3,526.3 3,547.2 2 268 8 270.6 1,998.1 405.5 1,592.7 564.8 245.4 319.4 4.7 77.5 2 312 8 269.8 2,042.9 412.8 1,630.1 592.2 246.7 345.5 4.0 80.1 2,319.4 269.1 2,050.2 414.9 1,635.3 592.5 252.2 340.3 4.6 80.9 2,338.6 275.9 2,062.7 418.0 1,644.7 592.0 243.7 348.3 5.3 80.3 2,350.4' 266.4 2,084.0' 417.0' 1,667.0' 594.9' 251.4' 343.5 3.7 80.3 2,385.7 271.2 2,114.4 419.5 1,694.9 596.7 244.2 352.5 4.6 81.9 2,412.8 273.8 2,139.0 423.1 1,715.9 613.2 248.4 364.7 2.1 80.8 2,439.6 271.0 2,168.7 428.2 1,740.4 602.7 234.5 368.2 6.3 82.9 2,417.6 270.2 2,147.4 424.4 1,723.0 609.3 248.7 360.6 3.5 82.0 2,440.8 270.9 2,169.9 427.1 1,742.8 604.4 231.8 372.7 4.1 80.2 2,429.2 264.3 2,164.9 427.9 1,737.0 603.7 236.9 366.8 7.2 80.2 2,462.7 268.5 2,194.2 430.7 1,763.5 587.7 226.5 361.2 9.2 81.8 2,915.8 2,989.0 2,997.4 3,016.1 3,029.3' 3,068.8 3,108.9 3,131.5 3,112.4 3,129.5 3,120.2 3,141.4 421.8' 388.5 393.0 397.0 394.6' 405.3 408.3 420.3 409.5 404.0 406.1 405.8 Not seasona lly adjusted 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,904.7' 597.2 368.6 228.6 2,307.5' 388.7' 1,472.8' 88.4 1,384.4' 452.1 932.3' 333.5 211.4 122.1 112.5 119.8 93.1 245.0 2.976.2 597.9 362.3 235.7 2,378.3 408.1 1,517.5 94.7 1,422.8 459.4 963.4 336.3 209.6 126.6 116.4 122.2 103.6 233.4 2.987.3 593.1 361.0 232.1 2,394.2 409.8 1,526.3 96.1 1,430.2 461.1 969.1 339.2 210.6 128.6 118.9 121.5 103.7 238.9 2.986.4 586.3 356.2 230.2 2,400.1 409.4 1,529.6 97.4 1,432.3 459.4 972.9 341.0 212.6 128.4 120.0 122.4 104.5 234.0 2.995.9 581.2 354.4 226.8 2,414.7 410.6' 1,537.9' 98.4 1,439.5' 462.6' 976.8' 345.9 217.5 128.4 120.4 124.7 104.5 236.7' 3.014.3 574.7 356.7 218.0 2,439.6 415.2 1,551.1 100.5 1,450.6 465.1 985.4 350.4 219.2 131.2 122.9 131.4 106.3 241.1 3.030.8 572.9 362.3 210.6 2,457.9 423.0 1,564.7 102.4 1,462.3 471.6 990.6 350.5 216.0 134.6 119.7 132.0 121.7 246.8 3.050.1 580.5 367.2 213.2 2,469.6 423.8 1,569.0 103.9 1,465.2 471.4 993.8 359.0 225.0 134.0 117.7 114.5 166.6 253.5 3.035.8 573.5 364.6 208.9 2,462.3 424.1 1,567.6 103.2 1,464.5 472.6 991.9 353.8 220.4 133.4 116.8 121.5 142.6 247.1 3.039.9 575.6 365.0 210.6 2,464.3 423.7 1,568.9 103.4 1,465.5 473.5 991.9 356.7 223.4 133.3 115.1 112.7 157.9 257.0 3,037.4 566.7 366.4 200.3 2,470.6 423.4 1,567.3 103.8 1,463.5 469.0 994.5 360.9 227.0 133.9 119.0 115.0 163.6 246.3 3.041.3 568.8 368.1 200.8 2,472.4 424.2 1,569.8 104.3 1,465.4 470.2 995.3 361.5 226.6 134.8 117.0 98.4 184.7 250.8 3,327.6' 3,394.7 3,410.6 3,406.3 3,420.6 3,451.2 3,489.0 3,541.9 3,504.5 3,524.8 3,519.3 3,532.3 2,263.8 271.4 1,992.5 405.6 1,586.8 566.9 247.7 319.2 3.7 77.5 2.319.4 269.3 2.050.1 413.7 1.636.4 593.2 247.0 346.2 4.6 80.3 2.332.8 270.5 2.062.3 415.4 1.646.9 594.2 252.6 341.6 4.1 80.6 2.341.7 271.4 2.070.3 416.2 1.654.1 588.0 243.8 344.2 5.1 79.4 2.352.7 267.1' 2.085.6' 416.9' 1.668.7' 590.4' 248.6' 341.8 2.9 79.7 2.372.3 266.5 2.105.8 418.2 1.687.5 596.6 244.6 352.0 2.9 81.2 2.396.3 269.8 2.126.5 421.8 1.704.7 612.5 248.0 364.5 1.6 80.8 2.433.8 271.7 2.162.1 428.6 1.733.6 605.1 236.6 368.5 5.4 83.1 2.419.1 258.5 2.160.5 425.1 1,735.4 605.6 246.4 359.2 2.6 81.3 2.439.5 263.0 2.176.5 427.3 1.749.2 603.8 232.2 371.6 3.9 80.3 2.424.9 266.5 2.158.4 428.3 1.730.1 604.6 238.0 366.7 6.1 81.0 2.440.4 286.3 2.154.1 430.9 1.723.1 599.0 235.2 363.8 7.9 81.8 2,911.9 2,997.6 3,011.7 3,014.2 3,025.7' 3,053.1 3,091.3 3,127.3 3,108.5 3,127.5 3,116.6 3,129.1 415.7 397.1 398.9 392.2 394.9' 398.2 397.7 414.6 395.9 397.3 402.7 403.3 20 Federal Reserve Bulletin Statistical Supplement • December 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Nov. 2008 2008 2007 May June July Aug. Sept.' Oct.' Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 1,154.2 474.2 92.7 381.5 680.0 275.1 35.7 140.6 228.6 79.0 56.7 49.0 1,135.1' 466.8 91.8 375.0 668.3' 310.9' 40.8' 103.8 212.8 75.0' 58.1 49.3 1,121.5' 457.2' 91.6 365.7' 664.3' 313.2' 42.1 100.4 208.6' 68.5' 59.6 56.3 1,122.6' 468.0' 93.7 374.3' 654.5' 314.4' 42.8 100.3 197.1' 65.7' 56.1 48.5 1,124.1' 464.6' 86.8 377.8' 659.6' 317.0' 44.1 100.7 197.7' 66.0' 53.2 43.0 1,118.7 454.8 83.0 371.8 663.9 326.3 43.0 89.7 204.9 68.1 60.8 46.7 1,152.9 475.3 75.6 399.6 677.7 350.8 40.8 72.0 214.1 60.9 130.1 60.6 1,118.9 464.1 83.4 380.7 654.8 352.9 39.1 56.6 206.2 46.5 273.7 54.3 1,120.2 460.3 86.3 374.0 659.9 352.7 38.8 60.1 208.3 42.9 243.3 60.0 1,141.4 478.3 87.0 391.3 663.1 353.6 39.0 58.1 212.3 43.7 256.3 52.6 1,124.3 473.6 80.9 392.7 650.7 351.0 38.9 58.7 202.1 50.1 314.1 54.6 1,096.6 447.7 80.1 367.6 648.9 353.5 39.4 53.1 203.0 49.0 273.2 52.0 1,338.9 1,317.4' 1,305.8' 1,292.9 1,286.3 1,294.2 1,404.4 1,493.4 1,466.4 1,493.9 1,543.0 1,470.7 1 017 5 13.1 1,004.4 586.7 60.7 526.0 -396.0 128.7 1,112.8 17.0 1,095.8 607.4 71.9 535.5 -551.2 145.8 1,124.6 16.8 1,107.9 602.9 69.7 533.2 -564.6 140.3 1,120.9 17.2 1,103.7 605.1 72.9 532.2 -576.7 137.2 1,127.6' 16.5 1,111.0 603.6 67.4 536.2 -602.0 140.5 1,102.9 19.1 1,083.8 607.0 84.0 523.0 -568.1 148.1 930.6 22.3 908.3 618.8 57.9 561.0 -332.6 183.4 862.2 18.3 843.8 607.4 39.8 567.6 -167.4 185.8 903.0 18.5 884.5 592.7 35.8 556.9 -219.1 180.6 864.3 18.3 846.0 614.9 39.2 575.7 -167.7 179.8 860.9 19.3 841.6 627.9 36.1 591.7 -133.6 191.3 840.8 17.6 823.1 596.5 46.7 549.8 -164.9 188.7 1,336.9 1,314.7 1,303.1 1,286.5 1,269.6 1,289.9 1,400.3 1,488.0 1,457.3 1,491.2 1,546.5 1,461.1 2.1 2.7 2.7' 6.4' 16.7 4.4 4.1 5.4 9.1 2.7 -3.5 9.6 Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 1,162.7 480.3 93.1 26.6 66.5 387.2 228.8 158.4 682.4 274.8 36.5 144.4 226.7 83.8 57.7 47.3 1,130.0' 470.0 92.2 30.1 62.1 377.8 235.0 142.8 660.0' 307.5' 41.1 102.4 209.0 72.3' 56.8 50.4 1,113.7' 458.5' 90.9 28.7 62.2 367.6' 221.5' 146.1 655.2' 309.8' 41.7 99.1 204.6' 65.2' 58.8 57.4 1,103.9' 460.0' 92.0 29.3 62.6 368.0' 219.3' 148.7 643.9' 310.5' 42.2 97.0 194.2' 64.2' 56.3 48.2 1,110.5' 458.9' 87.8 29.0 58.8 371.1' 227.1' 144.0 651.6' 315.2' 42.4 98.0 196.0' 64.4' 54.0 43.0 1,110.5 450.2 83.8 28.1 55.6 366.5 221.8 144.7 660.2 326.3 42.8 86.8 204.3 69.4 62.7 48.1 1,150.8 473.3 76.2 27.2 49.1 397.1 236.6 160.5 677.5 349.6 41.8 72.0 214.1 62.6 132.2 59.0 1,126.8 470.2 83.6 26.8 56.8 386.6 240.4 146.2 656.6 353.2 39.9 58.5 205.1 48.7 278.9 52.6 1,127.0 466.9 86.5 30.5 56.1 380.4 227.6 152.9 660.1 351.6 40.0 61.0 207.5 45.1 247.9 57.7 1,142.5 482.1 87.3 30.0 57.3 394.9 244.6 150.2 660.4 351.2 39.9 60.0 209.3 45.5 265.3 51.9 1,128.7 477.3 80.7 25.8 54.9 396.7 251.9 144.7 651.4 351.9 39.5 59.4 200.6 50.5 318.9 50.2 1,112.4 456.3 80.5 23.5 57.1 375.8 231.9 143.9 656.1 356.2 40.0 56.7 203.2 52.7 278.6 51.6 1,351.6 1,309.5 1,295.0' 1,272.5 1,271.8 1,290.6 1,404.6 1,506.9 1,477.7 1,505.1 1,548.3 1,495.3 1 017 0 12.8 1 004 2 585.6 63.3 522.3 -383.4 130.4 1,137.0 16.8 1 120 1 617.3 67.8 549.5 -597.3 149.2 1,133.9 16.5 1 117 3 605.6 67.6 538.0 -586.1 138.3 1,095.2 16.8 1,078.4 594.3 68.1 526.3 -553.2 132.7 1,111.1' 16.3 1,094.7 591.0 65.4 525.6 -573.3 139.6' 1,097.0 19.0 1,078.0 586.5 82.7 503.8 -543.2 146.8 931.9 21.8 910.1 597.7 55.3 542.3 -313.8 182.9 865.2 17.9 847.3 604.1 40.8 563.3 -155.2 187.8 903.0 17.7 885.3 589.0 35.2 553.8 -204.8 184.5 872.1 17.9 854.2 607.4 38.9 568.6 -160.7 180.2 862.9 18.4 844.5 615.6 39.9 575.7 -125.5 189.2 845.6 17.9 827.8 601.6 46.4 555.2 -147.4 192.5 1,349.6 1,306.2 1,291.6 1,269.1' 1,268.4 1,287.2 1,398.7 1,501.9 1,471.7 1,499.1 1,542.2 1,492.3 2.0 3.3 3.4 3.4 3.3' 3.4 5.9 4.9 6.0 6.0 6.1 3.1 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2007 Nov. 2008 2008 May June July Aug. Sept. Oct. Nov. Nov. 5 Nov. 12 Nov. 19 Nov. 26 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized real estate loans12 201.6 211.7 195.1 205.3 205.3 224.5 276.1 343.8 281.0 301.2 351.5 388.5 159.5 673.3 458.1 215.2 164.1 716.7 477.1 239.6 149.0 729.3 490.3 239.0 159.2 737.7 501.6 236.1 160.9 746.1 515.6 230.5 176.4 745.9 519.1 226.8 213.2 758.2' 532.8' 225.4 264.5 780.5 563.8 216.7 221.8 774.5 553.7 220.8 229.7 765.4 545.1 220.3 271.2 788.3 570.8 217.6 299.5 791.9 576.0 215.9 -8.1 111.9 74.5 37.4 1,189.8 -21.3 112.5 78.3 34.2 1,218.3' -29.2 115.6 81.1 34.5 1,220.3' -35.6 115.1 80.2 35.0 1,233.3' -46.2 114.2 79.9 34.3 1,245.3' -46.5' 120.9' 82.6 38.3' 1,268.0' -56.0' 133.3' 91.7 41.6' 1,335.6' -74.4 130.6 89.6 41.0 1,339.2 -72.9 131.7 90.5 41.2 1,339.3 -72.3 131.6 90.5 41.1 1,339.4 -76.1 130.0 89.0 41.0 1,338.7 -72.6 129.8 89.0 40.8 1,337.5 242.7 283.5 36.8 265.7 296.5 35.4 265.0 296.9 28.0 262.7' 296.4 27.5 262.6 295.5 31.7' 265.8' 294.3 35.1 266.5' 293.2 35.2 261.2 287.2 35.2 265.4 290.6 35.2 265.5 287.9 35.2 257.8 284.6 35.2 257.6 287.0 35.2 82.6 106.8 99.3 98.5 103.0 103.2 129.9 148.5 128.2 142.3 157.2 151.9 86.8 103.3 95.8 94.5 101.8 102.3 125.5 141.3 124.8 135.0 146.8 145.5 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by ^classifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • December 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2008 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2003 2004 2005 2006 2007 Mar. Apr. May June July Aug. 1,284,153 1,403,929 1,662,157 1,983,118 1,780,685 1,821,489 1,757,975 1,748,960 1,740,990 1,732,714 1,777,235 519,785 112,292 589,499 129,902 663,951 142,363 730,735 167,075 816,693 162,720 835,350 173,591 802,401 186,154 810,988 181,125 817,619 165,069 808,065 168,861 832,343 195,466 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 1 Nov Rate 7 4.75 4 25 2003 June 27 4 00 2004—June 30 Aug. 10 Sept. 21 Nov. 10 Dec. 14 4 25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 Dec. 11 7.75 7.50 7.25 2008—Jan. 30 Mar. Apr. Oct. 29 6.50 6.00 5.25 5.00 4.50 4.00 22 18 30 8 Period Average rate 2004 2005 2006 2007 4.34 6.19 7.96 8.05 2005 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 Period Average rate 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 7.33 2008—Jan Feb Mar Apr May June July Aug Sept Oct 6.98 6.00 5.66 5.24 5.00 5.00 5.00 5.00 5.00 4.56 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2008 Item 2005 2006 2008, week ending 2007 June July Aug. Sept. Aug. 29 Sept. 5 Sept. 12 Sept. 19 Sept. 26 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 3.22 4.19 4.97 5.96 5.02 5.86 2.00 2.25 2.01 2.25 2.00 2.25 1.81 2.25 1.99 2.25 1.96 2.25 1.99 2.25 2.25 2.25 1.54 2.25 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 3.22 3.23 3.42 4.98 5.01 5.10 5.02 4.98 4.92 2.14 2.15 2.21 2.08 2.13 2.18 2.04 2.08 2.08 2.10 2.11 2.13 2.04 2.08 n.a. 2.03 2.02 2.11 2.03 2.04 2.04 2.29 2.21 2.23 1.99 2.15 2.17 6 7 8 Financial 1-month 2-month 3-month 3.27 3.36 3.44 5.00 5.04 5.07 5.07 5.10 5.13 2.34 2.53 2.70 2.34 2.52 2.72 2.39 2.54 2.76 2.69 2.78 2.91 2.41 2.57 2.78 2.42 2.58 2.72 2.38 2.57 2.72 2.64 2.73 2.86 3.20 3.10 3.15 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 3.34 3.51 3.73 5.06 5.16 5.24 5.23 5.27 5.23 2.50 2.76 3.09 2.49 2.79 3.13 2.46 2.79 3.11 3.44 3.59 3.82 2.47 2.80 3.12 2.46 2.79 3.12 2.48 2.79 3.09 3.98 4.06 4.12 4.16 AAA 4.36 12 Eurodollar deposits, 3-month3>s 3.51 5.19 5.32 2.95 3.00 3.00 3.95 3.00 3.00 3.00 3.99 5.00 U.S. Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 2.94 3.15 3.39 4.67 4.73 4.81 4.32 4.36 4.44 1.69 1.86 2.13 1.58 1.63 1.93 1.65 1.72 1.92 0.86 1.13 1.61 1.61 1.69 1.91 1.55 1.67 1.87 1.51 1.60 1.83 0.31 0.62 1.27 0.33 0.84 1.56 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 4.53 4.36 4.35 4.43 4.51 4.63 4.91 2.42 2.77 3.08 3.49 3.73 4.10 4.74 2.28 2.57 2.87 3.30 3.60 4.01 4.62 2.18 2.42 2.70 3.14 3.46 3.89 4.53 1.91 2.08 2.32 2.88 3.25 3.69 4.32 2.17 2.34 2.61 3.06 3.39 3.79 4.43 2.08 2.24 2.46 2.93 3.28 3.69 4.34 2.05 2.23 2.43 2.92 3.25 3.66 4.28 1.69 1.85 2.10 2.69 3.08 3.54 4.20 1.95 2.11 2.37 3.02 3.40 3.84 4.48 4.28 4.86 4.40 4.15 4.71 4.40 4.13 4.60 4.40 4.50' 5.42' 4.69 4.44 5.42 4.68 4.44 5.45 4.69 4.61 5.73 4.86 4.41 5.44 4.68 4.34 5.36 4.62 4.29 5.53 4.54 4.84 5.99 5.03 4.97 6.05 5.23 5.57 5.98 6.01 6.32 6.34 6.31 6.39 6.24 6.18 6.17 6.35 6.67 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.56 5.90 6.09 6.48 5.68 6.11 6.43 7.07 5.67 6.05 6.47 7.16 5.64 6.01 6.46 7.15 5.65 6.03 6.55 7.31 5.54 5.93 6.39 7.09 5.49 5.88 6.32 7.04 5.46 5.87 6.31 7.05 5.63 5.98 6.51 7.28 5.91 6.28 6.85 7.66 1.73 1.82 1.83 2.31 2.44 2.38' 2.46 2.40 2.42 2.46 2.45 2.52 9 10 11 U.S. TREASURY NOTES AND BONDS 16 17 18 19 20 21 22 Constant maturities'' 1 -year 2-year 3-year 5-year 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. Source: U.S. Treasury. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/ defaulthtm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/ data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper webpages (www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in 20 years are used in compiling this index. The 20-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. 24 Federal Reserve Bulletin Statistical Supplement • December 2008 1.36 STOCK MARKET Selected Statistics 2008 Indicator 2005 2006 2007 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) 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,653.00 n.a. n.a. n.a. n.a. 9,041.52 n.a. n.a. n.a. n.a. 8,776.21 n.a. n.a. n.a. n.a. 9,174.10 n.a. n.a. n.a. n.a. 9,429.04 n.a. n.a. n.a. n.a. 8,996.98 n.a. n.a. n.a. n.a. 8,427.37 n.a. n.a. n.a. n.a. 8,362.20 n.a. n.a. n.a. n.a. 7,886.29 n.a. n.a. n.a. n.a. 6,130.39 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,207.23 1,310.46 1,477.19 1,354.87 1,316.94 1,370.47 1,403.22 1,341.25 1,257.33 1,281.47 1,216.93 968.80 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,567.52 1,936.79 2,267.99 2,269.79 2,262.29 2,297.06 2,351.25 2,293.07 2,153.19 2,078.76 1,889.93 1,468.58 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,542,724 2,254,869 3,232,195 3,832,107 4,601,666 3,829,875 3 774 019 4 482 650 5 589 370 4 226 522 6 602 084 6 880 451 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 221,660 275,380 285,610 334,900 311,660 295,550 310,310 314,360 313,290 292,110 299,960 233,350 119,710 88,730 159,040 94,450 156,190 90,340 266,050 133,670 305,600 122,140 313,740 100,600 325,040 95,930 351,340 96,090 370,200 98,890 385,850 90,860 193,350 106,370 186,870 100,330 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 25 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month Sept. 30 Sept. 30 Sept. 30 1 Federal debt outstanding . . . . 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 9,252.3 9,461.1 9,515.5 10,047.8' 2 Public debt securities 3 Held by public 4 Held by agencies 8,507.0 4.843.2 3,663.8 8,680.2 4,901.2 3,779.0 8,849.7 5,054.3 3,795.4 8,867.7 4,943.0 3,924.6 9,007.7 5,049.2 3,958.4 9,229.2 5,136.3 4,092.9 9,437.6 5,334.0 4,103.6 9,492.0 5,285.0 4,207.0 10,024.7' 5,814.2' 4,210.5' 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 .0 23.2 23.2 .0 23.0 23.0 .0 23.1 23.1 .0 23.5 23.5 23.5 23.5 23.1' 23.1' 9,144.7 9,358.1 9,427.9 9,959.8' 8,420.2 .1 8,592.4 .1 8,760.7 .1 8,779.1 .1 8,921.3 .1 9,144.6 .1 9,358.1 9,427.8 9,959.8' 8,965.0 8,965.0 8,965.0 8,965.0 9,815.0 5 Agency securities 6 Held by public 7 Held by agencies 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bone Nonmarketable2 State and local government serie Foreign issues3 Government Public Savings bonds and notes Government account series4 . . Non -interest- bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds . . . 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q4 Ql Q2 Q3 7,596.1 8,170.4 8,680.2 9,229.2 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 191.7 3,230.6 17.6 8,117.0 4,184.0 963.9 2,326.8 516.6 328.7 3,986.5 235.6 3.8 3.8 .0 191.2 3,506.6 53.4 8,627.5 4,413.9 944.2 2,409.9 530.6 411.2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 9,207.5 4,536.6 1,003.9 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 180.5 4,164.3 21.7 9,207.5 4,536.6 1,003.9 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 180.5 4,164.3 21.7 9,416.6 4,732.4 1,158.4 2,514.0 571.8 474.1 4,705.2 286.3 4.9 4.9 .0 179.4 4,183.7 21.0 9,471.5 4,696.4 1,060.5 2,543.4 581.0 497.5 4,795.6 275.2 3.1 3.1 .0 178.8 4,288.1 20.5 10,004.7 5,236.0 1,489.8 2,624.7 582.8 524.5 4,788.7 260.2 3.0 3.0 .0 177.9 4,297.7 20.0 3,189.1 717.8 3,690.6 125.0 254.1 149.7 389.1 3,466.9 744.2 3,970.6 117.2 251.3 160.4 481.4' 3,783.1 778.9 4,122.1 115.1 250.7 159.0 516.9' 4,097.8 740.6 4,395.7 129.9 362.7 123.3 531.5 4,097.8 740.6 4,395.7 129.9 362.7 123.3 531.5 4,108.2 591.2 4,742.9 127.9 464.7 123.4 523.6 4,212.5 478.8 4,806.2 115.4 449.8 123.4 522.2 4,196.3 476.6 5,344.2 204.4 321.5 170.5 151.0 1,853.4 393.3 205.1 335.0 181.2 153.8 2,036.0 384.1' 202.4 346.2 193.2 153.0 2,105.0 426.8' 196.4 376.1 211.6 164.5 2,355.1 320.7' 196.4 376.1 211.6 164.5 2,355.1 320.7' 195.3 387.1 222.1 165.0 2,515.6 405.1' 194.9 393.3 226.0 167.3 2,647.9' 359.1 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCES: Data by type of security, U.S. Treasury Department, Monthly Statement of the Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, unless otherwise noted. 26 Federal Reserve Bulletin Statistical Supplement • December 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2008 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate June July 2008, week end Aug. July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 61,827 65,406 66,098 63,849 61,090 58,155 69,550 73,358 69,188 66,199 113,615 149,069 227,557 185,916 137,407 180,937 136,218 128,931 119,613 145,722 184,672 197,721 258,272 259,145 160,239 150,371 129,538 156,891 132,615 125,935 115,755 120,547 189,330 209,695 211,518 169,862 106,303 29,340 7,464 101,767 23,323 9,354 88,665 24,810 6,958 85,834 21,355 7,591 111,065 27,442 7,584 99,684 34,426 6,513 69,623 21,536 7,541 76,710 17,423 6,000 93,815 22,163 7,752 136,253 30,526 7,549 170,762 45,179 12,644 134,116 42,872 10,993 88,570 86,911 78,465 81,732 84,154 79,593 78,905 73,614 75,293 78,609 96,766 127,863 11,966 9,542 8,090 7,970 8,046 10,418 8,767 5,764 6,482 11,193 10,397 14,960 3,998 3,543 4,359 3,189 6,063 2,945 4,657 4,991 2,158 2,947 6,368 3,281 2,493 407 2,653 447 1,491 423 1,856 586 1,557 453 1,457 324 1,288 374 1,761 584 1,281 326 2,139 508 2,788 1,590 3,679 2,562 307,425 313,398 261,225 228,232 291,904 408,136 174,321 161,211 299,881 664,535 327,153 246,606 169,488 15,550 160,939 10,989 150,365 9,536 145,744 12,192 150,084 10,531 151,429 10,719 144,284 10,575 154,680 6,479 152,683 9,634 158,050 10,013 136,190 9,393 196,290 14,496 255,267 228,546 191,296 218,873 196,816 193,047 172,234 185,746 237,412 273,993 331,653 297,433 7,465 79,189 556 7,131 93,820 447 5,522 68,778 428 5,974 78,113 475 6,147 62,373 660 7,300 121,837 402 5,340 46,181 349 4,169 41,102 415 3,661 74,628 261 6,652 152,476 690 6,093 74,346 283 4,692 50,649 465 337,463 307,592 262,180 297,584 279,198 260,597 231,385 254,013 329,508 373,950 480,337 468,624 99,969 228,236 184,481 95,966 219,579 171,480 87,305 192,446 159,473 89,358 150,119 157,460 94,125 229,531 159,955 87,435 286,299 161,746 88,650 128,140 154,510 82,546 120,109 160,744 81,880 225,253 162,056 88,746 512,059 167,373 111,816 252,807 145,299 147,652 195,957 210,321 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing' Millions of dollars 2008, week ending 2008 Item, by type of security June July Aug. July 30 Aug. 6 Aug. 13 Aug. 20 Aug. 27 Sept. 3 Sept. 10 Sept. 17 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 9,108 -8,664 -740 -9,778 -12,392 81 247 4,727 4,007 15,171 -25,945 -13,449 -22,891 -36,335 -33,898 -31,509 -40,704 -40,268 -35,826 -29,939 -32,680 -30,619 -30,476 -27,760 -29,420 -22,506 -29,412 -25,925 -27,973 -32,201 -33,212 -32,689 -22,192 -25,824 -3,488 1,755 -25,152 -230 3,895 -22,421 2,386 6,646 -29,084 586 6,299 -24,652 -428 6,723 -24,431 3,474 7,664 -22,239 2,833 6,572 -18,436 3,425 6,226 -22,847 2,099 5,614 -19,968 1,376 5,937 -17,100 1,814 8,056 54,028 57,330 61,525 60,737 62,683 65,388 62,091 58,703 56,972 60,323 66,501 75,508 81,601 85,735 81,134 83,833 87,385 83,425 86,754 87,962 90,108 91,628 6,354 4,987 3,289 2,716 3,092 3,113 2,793 3,859 3,765 3,346 5,284 7,901 8,370 6,564 8,099 6,839 8,667 6,186 8,757 6,514 8,474 7,228 8,720 6,840 8,836 6,797 8,488 6,715 8,885 6,863 9,073 10,144 9,176 62,796 61,635 62,801 62,980 60,869 60,990 62,980 66,621 61,870 80,468 87,403 42,634 146,739 43,069 137,203 37,968 125,719 41,631 132,535 40,916 127,956 43,635 129,068 37,758 128,309 29,760 120,795 38,359 120,591 40,273 119,295 46,394 117,326 1,538,999 1,155,839 1,444,202 1,166,071 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 1 466 648 1,352,148 1 472 028 1,108,319 1 497 695 1,118,859 1 409 121 1,167,101 1 512 496 1,096,735 1 471 865 1,163,328 1 522 056 1,095,492 1 458 328 1,128,125 1 546 954 1,098,897 261,210 326,870 270,347 319,653 280,108 325,384 273,759 324,539 293,266 321,931 268,677 332,421 269,187 327,027 283,745 324,308 293,125 317,256 301,599 347,968 240,061 303,761 193,240 425,296 205,437 413,308 235,693 410,709 229,168 426,278 258,890 401,740 237,274 414,894 239,380 418,092 231,640 409,784 198,772 405,541 206,553 410,288 165,496 443,017 124,365 59,967 117,095 63,639 115,227 63,738 114,699 64,358 114,830 64,503 115,339 63,443 114,845 64,372 115,062 62,814 116,581 63,615 115,170 64,465 90,510 60,297 1,144,168 1,755,197 1,122,665 1,500,834 1,178,646 1,515,967 1,073,837 1,562,770 1,234,672 1,481,495 1,145,830 1,568,745 1,192,720 1,512,601 1,131,490 1,516,559 1,209,929 1,480,167 1,218,084 1,569,790 1,114,868 1,598,657 1 450 430 1,149,620 1 449 923 907,866 1 488 321 904,837 1 411 941 955,729 1 512 181 874,167 1 485 213 935,609 1 495 872 903,841 1 436 556 918,197 1 535 345 875,354 1 533 059 933,795 1,488,196 935,247 485,274 221,872 478,621 234,554 483,357 257,952 468,242 250,827 478,803 260,446 474,440 263,564 478,930 258,041 487,457 258,391 506,364 243,468 519,414 267,706 417,426 233,290 786,025 201,867 781,463 208,310 811,420 202,229 793,559 216,001 839,854 182,195 809,869 207,423 820,500 203,019 807,955 216,162 761,655 197,426 808,692 205,453 873,532 201,930 303,720 74,983 295,051 69,649 279,911 73,367 283,413 72,507 287,986 73,166 288,317 73,392 278,571 74,047 271,487 72,239 270,173 74,410 261,242 75,323 234,273 66,301 2,660,661 1,562,900 2,623,631 1,331,346 2,688,199 1,340,781 2,592,537 1,396,396 2,732,371 1,293,366 2,680,010 1,377,895 2,703,040 1,346,934 2,632,292 1,364,503 2,708,137 1,294,673 2,764,786 1,390,209 2,673,630 1,355,371 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 31 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE: Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-protected securities (TIPS) are reported in actual funds paid or received, except for pledged securities. TIPS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • December 2008 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 May n.a. n.a. 24,267 6 24,261 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 July 3,151 6 n.a. 84 23,470 6 n.a. 69 3,169 6 n.a. 66 23,176 6 n.a. 67 23,533 6 n.a. 65 n.a. n.a. 3,145 n.a. n.a. n.a. 23,464 n.a. n.a. n.a. 3,163 n.a. n.a. n.a. 23,170 n.a. n.a. n.a. 23,527 n.a. n.a. 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 28^25 32,422 29,772 30,999 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 18,515 n.a. 9,810 n.a. n.a. 32,422 n.a. n.a. 29,772 n.a. n.a. 30,999 23,843 6 n.a. 161 n.a. n.a. 23,837 n.a. 23,520 6 23,514 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending^ 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr/ Mayr July' Aug.r Sept. 1 All issues, new and refunding1 409,802 389,540 426,208 21,352 43,101 50,926 43,119 49,446 37,612 31,096 20,839 By type of issue 2 Geneial obligation 3 Revenue 145,845 263,957 115,128 274,413 130,475 295,734 11,311 10,041 11,120 31,981 15,219 35,707 9,680 33,439 12,702 36,744 9,921 27,691 8,731 22,365 6,466 14,373 By type of issuer 4 State 5 Special district 01 statutoiy authority2 6 Municipality, county, 01 township 31,568 298,762 79,472 28,258 293,403 67,879 34,992 315,292 75,924 3,707 12,593 5,053 3,777 33,444 5,880 6,427 33,603 10,896 2,273 34,302 6,544 3,880 36,594 8,972 2,480 27,080 8,051 1,308 23,873 5,915 1,702 15,345 3,792 7 Issues for new capital 222,986 262,485 275,281 14,813 21,237 22,243 20,268 26,490 21,448 17,493 11,596 70,974 25,427 10,052 n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,684 70,921 27,912 11,416 n.a. 38,114 82,846 4,539 420 3,450 n.a. 1,342 3,799 3,863 4,725 1,962 n.a. 2,904 5,594 4,922 1,171 413 n.a. 3,418 9,221 5,267 1,891 529 n.a. 2,732 4,849 8,659 2,833 503 n.a. 3,494 7,042 5,110 5,781 1,618 n.a. 1,438 5,513 4,632 617 565 n.a. 2,053 5,729 2,919 847 226 n.a. 891 4,043 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conseivation Social welfare Industrial aid Othei puiposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Pal amounts of long-teim issues based on date of sale. 2. Includes school distiicts. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2008 Type of issue, offering, 01issuei 1 1 All issues By type of offering 3 Sold in the United States 2005 2006 2007 Jan. Feb. Mai. Api. May June July Aug. 2,361,779 2,619,935 2,389,186 141,862 78,721 79,164 152,793 175,102 104,710 48,091 42,698 2,246,525 2,500,770 2,220,530 114,794 66,571 71,886 124,420 142,798 88,231 33,125 39,269 2,115,411 131 113 2,296,544 204 227 2,002,704 217 826 102,129 12 665 64,365 2 206 64,200 7 686 109,421 14 998 119,002 23 796 73,844 14 387 24,911 8 214 34,896 4 374 22,221 18,262 20,103 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 210,825 2,035,700 338,777 2,161,994 404,819 1,815,711 28,251 86,543 23,162 43,409 37,019 34,867 33,525 90,894 52,609 90,189 33,669 54,562 18,309 14,816 12,622 26,647 115,255 119,165 168,655 27,068 12,150 7,278 28,373 32,304 16,480 14,966 3,429 54,713 60,541 56,029 63,136 65,440 103,216 1,958 25,110 3,091 9,059 1,880 5,398 4,376 23,997 6,343 25,961 3,070 13,409 4,644 10,322 2,406 1,022 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By industry group 10 Financial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • December 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2008 Item 2006 2007' Mar. Apr. May June July Aug. Sept/ Oct. 1 Sales of own shares2 2,009,480 2,530,131 200,928 229,537 205,830 189,241 193,122 165,304 203,056 239,719 2 Redemptions of own shares 1,782,393 227,087 2,306,301 223,830 201,377 -449 198,284 31,253 169,775 36,055 188,805 436 220,070 -26,948 177,441 -12,137 266,872 -63,816 366,566 -126,847 8,058,059 8,914,249 8,263,656 8,634,205 8,814,797 8,276,887 8,100,821 8,069,019 7,245,214 6,009,443 345,066 7,712,993 378,795 8,535,454 383,612 7,880,044 421,223 8,212,982 429,119 8,385,678 408,324 7,868,563 376,820 7,724,001 388,145 7,680,874 357,900 6,887,314 311,104 5,698,339 4 Assets 4 5 Cash5 6 Other 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2007 2008 Qlr Q2' Q3P Q4' Qlr Q2r Q3 ASSETS 1 622 4 601.8 479.2 541.4 1 732 7 640.3 498.0 594.4 1,761.7 707.0 522.9 531.9 1,727.9 642.7 505.4 579.8 1,731.3 659.0 509.2 563.2 1,756.3 688.1 507.8 560.4 1,761.7 707.0 522.9 531.9 1,773.4 705.6 541.9 525.8 1,759.2 703.7 563.9 491.6 1,740.4 714.8 557.0 468.6 44.7 24 5 49.2 26 6 50.1 33 6 50.7 25 5 50.6 25 5 50.2 28 6 50.1 33 6 51.3 34 7 49.3 36 3 48.7 41 0 8 All other 1 553 2 535.7 1 656 8 486.4 1 678 0 498.3 1 651 6 497.7 1 655 2 505.2 1 677 5 515.7 1 678 0 498.3 1 687 4 522.0 1 673 6 520.4 1 650 6 513.5 9 Total assets 2,088.8 2,143.3 2,176.3 2,149.4 2,160.4 2,193.2 2,176.3 2,209.4 2,194.1 2,164.1 142.1 160.0 129.2 165.3 182.0 123.5 138.1 132.5 153.5 127.0 176.7 119.8 182.0 123.5 183.4 113.5 197.6 112.4 169.2 103.3 312.2 806.5 423.6 244.4 338.5 849.7 424.2 236.4 321.4 974.1 387.7 187.6 327.0 963.6 387.4 200.8 344.4 959.8 385.1 190.6 327.8 983.9 392.4 192.7 321.4 974.1 387.7 187.6 328.7 1,004.5 391.7 187.6 319.9 989.3 391.5 183.4 326.9 986.7 392.4 185.7 2,088.8 2,143.3 2,176.3 2,149.4 2,160.4 2,193.2 2,176.3 2,209.4 2,194.1 2,164.1 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables1 Billions of dollars, amounts outstanding Type of credit Apr. May July' Aug. 886.1 523.4 638.3 881.0 512.0 640.0 Sept. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 775.2 560.4 559.7 2,009.8 2,049.1' 819.4 609.9 580.6 887.4 569.0' 592.7 2,017.2 2,045.2' 891.2 562.0' 614.3 891.2 552.1' 620.3 885.9 529.3' 630.0 876.0 507.8 633.4 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 2,012.8 2,026.2 2,065.8' 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 893.5 261.5' 122.9 86.0 236.5' 884.2 255.1' 125.5 83.1 245.7 884.4 254.1' 125.3 83.9 246.5 880.4 250.2' 121.9 84.0 247.6 883.7 252.6 122.1 83.9 250.1 883.0 256.6 120.8 83.6 252.2 881.6 258.5 118.5 83.3 254.4 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 110.7' 3.1 25.6 44.7 573.8' 474.2 59.1 98.1' 3.0 25.1 43.2 560.1' 451.9 68.3 98.3' 2.9 24.8 42.9 552.4' 442.6 70.0 101.0' 2.9 24.5 42.4 528.3' 420.4 71.1 99.2 2.9 24.5 41.9 522.4 414.3 71.5 93.8 2.8 24.6 41.4 511.2 402.0 72.7 90.7 2.8 24.7 41.0 504.9 395.2 73.4 18.9 4.8 564.5 105.5 15.2 61.2 29.0 281.9 93.6 188.3 91.8 16.8 3.7 586.0 105.1 17.1 55.7 32.3 299.5 102.4 197.1 93.5 34.9' 5.6' 598.6 105.7 16.4 56.9 32.4 319.4 106.1 213.3 94.4 34.5 5.4' 620.7 108.5 15.1 61.6 31.8 334.6 114.6 220.0 102.8 34.4 5.4' 627.0 110.0 14.8 63.4 31.8 342.0 114.8 227.2 103.1 31.4 5.4' 635.7 112.8 14.7 64.5 33.6 347.2 113.5 233.7 103.9 31.3 5.3 630.3 108.3 14.5 60.2 33.6 349.6 115.3 234.3 103.5 31.3 5.3 630.5 101.4 14.4 53.3 33.7 354.5 118.2 236.4 102.5 31.2 5.2 626.2 97.3 14.1 52.4 30.8 356.6 119.0 237.5 103.2 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 28.4 2.6 25.8 .1 13.8 9.7 4.1 32.6 24.7 2.5 22.1 .1 13.7 9.6 4.1 33.5 23.6 2.5 21.1 .1 13.7 9.5 4.2 34.5 22.1 2.5 19.6 .0 13.2 9.1 4.1 33.5 27.5 2.5 25.0 .0 11.9 7.9 4.0 32.6 26.1 2.4 23.7 .0 11.6 7.6 3.9 31.4 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 2,044.5' 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 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2008 Item 2005 2006 2007 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)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 346.3 252.4 76.4 28.9 .64 339.4 254.2 77.3 29.2 .67 352.7 258.3 75.6 29.1 .91 349.1 254.8 75.5 29.3 .94 358.1 261.2 75.2 29.1 1.03 353.5 253.4 73.9 28.6 1.07 n.a. n.a. n.a. n.a. n.a. 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 5.89 5.98 n.a. 5.92 6.01 n.a. 5.99 6.13 n.a. 6.15 6.29 n.a. 6.18 6.33 n.a. 5.93 6.09 n.a. n.a. n.a. n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 5.22 n.a. 5.27 n.a. 5.76 n.a. 5.66 n.a. 5.68 n.a. 5.20 n.a. 5.66 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGEASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 728,414 n.a. n.a. 736,925 n.a. n.a. 749,640 n.a. n.a. 758,112 n.a. n.a. 759,980 n.a. n.a. 761,396 n.a. n.a. 777,112 n.a. n.a. 14 Mortgage transactions purchased (during period) 146,641 196,017 182,470 17,961 20,001 23,385 18,214 13,614 14,572 24,606 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 720,813 n.a. n.a. 737,537 n.a. n.a. 770,383 n.a. n.a. 791,798 n.a. n.a. 798,241 n.a. n.a. 760,883 n.a. n.a. 736,876 n.a. n.a. n.a. n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 470,976 n.a. 40,779 n.a. 47,310 n.a. 43,981 n.a. 21,712 n.a. 22,072 n.a. 21,994 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Mortgage commitments (during period) 15 Issued7 16 To sells FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-do wnpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National MortgageAssociation exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 Q4 Q1 Q2 Q3> 14,736,030' 14,782,480' 14,724,590 10,662,680' 12,100,210' 13,520,610' By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm 8,268,548' 617,869 1 679 393' 96,872 9,380,538' 688,536' 1,929,622' 101,518 10,463,160' 744,786' 2,211,189' 101,475' 11,032,180' 809,997' 2,428,946' 106,189' 11,164,150' 841,640' 2,493,597' 107,778' 11,230,370' 860,420' 2,536,626' 108,610' 877,218' 2,572,606' 109,442 11,164,450 892,947 2,556,704 110,490 By type of holder 6 Major j financial institutions . . . C i l b k2 Commercial banks One- to four-family Multifamily Nonfarm, nonresidential Farm Savings institutions3 One- to four-family Multifamily Nonfarm, nonresidential Farm Life insurance companies . One- to four-family Multifamily Nonfarm, nonresidential Farm 3,926,324 2,595,605 1,580,992 118,710 860,670 35,233 1,057,395 874,199 87,545 95,052 599 273,324 7,874 40,453 214,085 10,912 4,396,243 2,958,042 1,793,029 138,702 989,372 36,939 1,152,738 953,819 98,352 99,951 616 285,463 7,746 42,440 224,258 11,019 4,780,819 3,403,052 2,084,510' 157,555 1,123,210 37,777' 1,073,967 867,831 95,792 109,604 740 303,800 11,301 44,761 236,719 11,019 4,989,289 3,525,100 2,128,841' 164,965 1,191,407 39,887' 1,146,869 933,511 94,773 117,739 846 317,320 11,003 46,910 248,388 11,019 5,067,153 3,645,724 2,208,229' 168,407 1,228,490 40,598' 1,095,256 878,958 92,705 122,711 882 326,173 11,124 48,336 255,694 11,019 5,129,099' 3,685,963' 2,217,309' 172,942' 1,254,801' 40,911' 1,111,860' 884,907' 94,571' 131,472' 910 331,276' 11,446' 49,091' 259,720' 11,019 5,113,719' 3,662,246' 2,157,985' 176,145' 1,286,891' 41,225 1,115,685' 884,533' 96,924' 133,315' 913 335,788' 11,745' 49,762' 263,262' 11,019 5,039,535 3,814,785 2,280,194 210,399 1,282,650 41,542 883,631 691,589 65,203 125,966 873 341,119 11,819 50,595 267,686 11,019 704,438 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 666,601 34 34 0 72,937 13,014 11,493 45,213 3,217 4,819 1,370 3,449 0 0 0 0 0 8 1 2 5 0 366,680 314,801 51,879 54,640 14,515 40,125 61,428 20,378 41,050 804 804 688,678 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 0 726,458 22 22 0 78,411 13,024 11,282 50,839 3,266 4,927 1,779 3,147 0 0 0 0 0 1 1 2 0 383,045 322,703 60,342 59,897 19,016' 40,881' 65,536 20,543 44,993 778 778 0 1 2 0 399,420 321,955 77,465 64,859 20,631' 44,228' 71,680 22,946 48,734 742 742 0 0 1 0 403,577 311,831 91,746 67,423 22,067' 45,356' 79,776 23,876 55,900 768 768 742,109 24 24 0 78,941 13,066 11,249 51,399 3,228 4,917 1,853 3,063 0 0 0 0 0 2 0 756,572' 38 38 0 80,357 13,611 11,205 52,271 3,271 5,021 1,910 3,111 0 0 0 0 0 2 0 411,838 313,458 98,380 68,964 23,258' 45,706' 86,105 26,802 59,303 759 759 420,992 315,242 105,750 71,742 25,686 46,056 88,601' 26,471' 62,130' 784 784 754,370 38 38 0 79,962 13,131 11,101 52,271 3,460 4,562 1,406 3,156 0 0 0 0 0 6 1 1 4 0 407,671 294,847 112,824 74,659 28,249 46,410 97,744 31,187 66,557 694 694 5,683,271' 405,246 371,484 33,762 1,309,024 1,294,521 14,503 1,826,779 1,753,708 73,071 0 0 0 0 7,243,850' 427,255 390,856 36,398 1,643,285 1,633,753 9,532 2,167,980 2,081,261 86,719 0 0 0 0 0 3,000,713' 2,223,436' 125,748' 651,529' 0 4,618 4,618 7,407,994' 443,461 406,822 36,640 1,717,342 1,706,684 10,658 2,298,191 2,206,263 91,928 0 0 0 0 0 2,944,457' 2,156,196' 125,498' 662,763' 0 4,543 4,543 7,469,775' 461,481 424,708 36,772 1,762,586 1,751,647 10,939 2,373,863 2,278,908 94,955 0 0 0 0 7,535,210' 510,217 473,272 36,945 1,802,312 1,791,127 11,185 2,444,639 2,346,853 97,786 0 0 0 0 7,581,498 576,761 539,508 37,253 1,812,917 1,801,666 11,251 2,500,521 2,400,500 100,021 0 0 0 0 2,867,392' 2,087,689' 122,914' 656,788' 0 4,453 4,453 2,773,735' 2,002,812' 120,027' 650,896' 0 4,307 4,307 2,686,576 1,928,777 117,789 640,010 0 4,723 4,723 1,431,461' 1,156,445' 104,249' 169,123' 1,645' 1,405,565' 1,125,756' 105,365' 173,098' 1,346' 1,395,048' 1,104,767' 106,213' 182,445' 1,624' 1,376,980' 1,082,922' 106,220' 185,970' 1,867 1,349,191 1,052,533 106,771 188,118 1,770 1 All holders . 2 3 4 5 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 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Federal and related agencies Government National Mortgage Association One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Housing Admin, and Dept. of Veterans Affairs One- to four-family Multifamily Resolution Trust Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Deposit Insurance Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal National Mortgage Association One- to four-family Multifamily Federal Land Banks One- to four-family Farm Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal Agricultural Mortgage Corporation Farm One- to four-family Multifamily Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal National Mortgage Association . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family1" Multifamily Nonfarm, nonresidential Farm Federal Agricultural Mortgage Corporation Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm 11 2 7 0 400,157 355,687 44,470 52,793 15,070 37,723 61,320 23,374 37,946 887 887 4,830,127' 441,235 409,089 32,147 1,189,393 1,173,847 15,546 1,743,061 1,673,339 69,722 0 1,045,744' 73,068 336,688' 0 938 938 2,141,378' 1,616,997' 89,607' 434,774' 0 844 844 6,612,249' 410,021 373,886 36,135 1,450,721 1,442,306 8,415 1,973,329 1,894,396 78,933 0 0 0 0 0 2,774,995' 2,133,784' 103,507' 537,704' 0 3,183 3,183 1,201,792' 980,651' 83,275 130,521' 7,345 1,354,098' 1,119,900' 90,195' 136,049' 7,954 1,438,866' 1,180,423' 99,552' 155,005' 3,885' 0 0 1,455,500' 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 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Aug.r July' Sept/ Seasonally adjusted 2 Revolving . . . 3 Nonrevolving2 824,469 1,460,691 2,387,691 2,519,020' 874,621 1,513,070 939,515' 1,579,505' 962,935 1,602,511 2,574,033 2,581,360 965,673 1,608,361 971,776 1,609,584 2,581,656 2,578,121 973,773 1,601,152 976,255 1,605,401 976,073 1,602,047 Not seasonally adjusted 2,313,862 2,418,262 2,551,895' 2,547,640 2,555,818 2,566,264 2,580,926 2,590,451 2,583,440 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . Savings institutions Nonfinancial business Pools of securitized assets3 707,039 516,534 228,588 89,822 109,077 58,817 603,986 741,200 534,354 234,532 91,676 95,547 56,757 664,197 804,096 584,056' 235,700 98,396 90,787 55,184 683,677' 807,860 584,492 231,734 104,195 89,183 51,270 678,906 812,984 581,773 231,083 104,566 90,003 51,338 684,071 820,321 586,524 233,863 105,280 89,216 51,526 679,535 832,952 592,376 235,992 106,489 88,429 51,989 672,699 844,105 596,257 236,874 106,896 77,775 51,923 676,621 846,586 593,293 237,518 108,371 78,670 52,053 666,950 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 849,975 311,204 66,307 24,688 n.a. 40,755 11,598 395,423 902,316 327,302 79,874 27,388 n.a. 42,459 7,779 417,514 969,597' 353,446 86,046 31,071 n.a. 44,750 4,245 450,040' 953,675 325,992 83,898 30,752 n.a. 44,844 3,709 464,479 959,348 328,882 84,035 31,275 n.a. 45,863 3,749 465,544 965,152 335,636 83,856 31,600 n.a. 45,898 3,745 464,416 973,339 343,747 83,627 31,987 n.a. 45,934 3,827 464,215 975,335 356,332 83,310 32,109 n.a. 36,076 3,821 463,687 973,966 363,122 82,346 32,047 n.a. 36,870 3,805 455,775 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,463,887 395,835 450,226 203,900 89,822 68,322 47,219 208,564 1,515,946 413,898 454,480 207,144 91,676 53,088 48,978 246,683 1,582,298' 450,650 498,010' 204,629 98,396 46,037 50,939 233,637' 1,593,965 481,868 500,595 200,982 104,195 44,338 47,561 214,427 1,596,470 484,102 497,737 199,808 104,566 44,140 47,589 218,527 1,601,112 484,685 502,667 202,263 105,280 43,317 47,781 215,118 1,607,587 489,205 508,748 204,005 106,489 42,495 48,161 208,484 1,615,117 487,773 512,946 204,765 106,896 41,699 48,102 212,934 1,609,474 483,464 510,946 205,471 108,371 41,800 48,248 211,175 4 Total 5 6 7 8 9 10 11 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 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 2008 Item 2005 2006 2007 Apr. May June July Aug. Sept. Oct. INTEREST RATES Commercial banks2 2 24-month personal 7.08 12.05 7.72 12.41 7.77 12.39 n.a. n.a. 6.84 11.14 n.a. n.a. n.a. n.a. 6.95 11.43 n.a. n.a. n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.51 14.55 13.21 14.73 13.38 14.67 n.a. n.a. 11.87 13.48 n.a. n.a. n.a. n.a. 11.93 13.64 n.a. n.a. n.a. n.a. 6.02 8 81 4.99 9 61 4.87 9 24 4.54 8 34 5.82 8 23 5.49 8 36 3.28 8 43 5.11 8 42 6.24 8 46 6.41 8 52 60.0 58 6 63.0 59 4 62.0 60 7 63.1 60 6 64.0 60 5 63.5 60 2 67.2 60 1 64.6 59 8 64.3 59 4 63.9 88 98 94 99 95 100 94 96 92 97 93 97 95 96 88 97 85 98 86 24,133 16,228 26,620 16,671 28,287 17,095 27,397 17,281 24,579 17,114 24,505 16,163 27,582 16,679 26,920 16,446 25,427 16,296 25,391 n.a. Auto finance companies 5 New car OTHER TERMS3 Maturity (months) 7 New car Loan-to-value ratio 9 New car 10 Used car Amount financed (dollars) 11 New car 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1,398.6 1,667.7 1,957.7 2,247.3 2,332.4 2,029.5 2,308.1 2,307.5 2,101.0 2,742.5 2,315.5 2,036.3 -57.9 257.1 .5 159.4 129.3 -106.6 15.7 893.1 758.6 37.1 90.5 6.9 107.9 -37.3 398.4 -2.4 137.6 150.4 -77.0 5.5 988.2 798.9 71.2 119.4 -1.3 104.4 15.3 362.5 -.6 130.5 74.4 10.8 20.4 1,229.3 1,028.1 48.3 150.2 2.7 115.0 -7.7 307.3 -.4 195.0 53.6 137.6 47.7 1,419.8 1,106.0 71.7 237.5 4.6 94.5 22.4 183.7 -.3 177.3 213.4 173.4 54.8 1,403.2 1,072.3 52.7 270.7 7.5 104.4 -21.5 172.4 -1.0 169.2 133.8 163.1 -36.1 1,330.0 1,006.0 35.9 280.5 7.6 119.7 111.1 135.8 .5 252.8 315.9 223.2 68.5 1,091.5 730.9 68.0 285.0 7.6 108.9 18.9 327.5 -1.3 249.1 282.2 85.2 81.3 1,149.4 846.0 63.1 231.9 8.3 115.1 40.9 -70.7 -.1 246.7 377.5 92.3 79.6 1,197.0 784.8 95.2 308.6 8.4 137.7 -30.6 435.9 -.8 165.5 225.2 420.1 299.1 1,026.1 577.2 104.5 335.8 8.5 202.1 16.0 257.1 .7 198.7 371.6 397.9 3.7 971.4 618.5 129.7 214.7 8.5 98.5 54.6 487.5 1.3 152.8 274.8 257.7 101.7 559.8 313.0 69.0 174.5 3.3 146.1 832.9 164.2 9.1 148.0 7.1 143.9 257.6 981.0 170.4 80.0 92.1 -1.6 120.3 396.0 1,064.0 416.6 165.8 244.7 6.1 115.3 361.9 1,180.9 587.9 243.6 331.6 12.7 171.6 306.9 1,196.9 800.9 433.4 349.1 18.4 151.2 183.4 1,112.8 598.1 248.2 336.1 13.9 147.2 171.4 937.9 1,015.8 634.4 358.8 22.6 218.2 136.3 905.4 851.0 528.0 297.4 25.6 224.9 326.2 942.8 1,016.5 625.5 379.9 11.1 212.4 -70.8 856.2 1,312.7 767.7 532.4 12.6 138.5 435.0 829.9 1,062.8 577.4 461.2 24.2 164.8 257.8 481.0 927.0 575.1 321.5 30.4 139.5 488.8 22 Foreign net borrowing in United States 93.4 42.4 130.7 102.6 254.4 523.0 253.6 136.1 227.4 2.9 21.7 277.1 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 58.8 31.6 5.3 -2.3 18.3 28.7 -2.5 -2.1 68.7 61.8 3.8 -3.6 38.2 54.5 14.5 -4.6 97.1 150.9 13.8 -7.4 362.8 180.2 -12.2 -7.7 8.6 218.0 31.6 -4.6 -19.8 174.8 -16.0 -3.0 22.4 167.3 40.7 -2.9 -193.8 173.2 26.3 -2.9 -78.3 56.1 45.3 -1.3 214.6 39.8 23.8 -1.1 27 Total domestic plus foreign 1,491.9 1,710.1 2,088.5 2,349.9 2,586.8 2,552.6 2,561.7 2,443.6 2,328.4 2,745.3 2,337.2 1 Total net borrowing by domestic nonfinancial sectors 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government Financial sectors 28 Total net borrowing by financial sectors 870.3 1,060.8 968.7 1,064.0 1,287.7 931.3 1,249.0 1,264.2 1,398.0 2,348.0 1,356.3 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages -99.9 219.8 326.8 384.8 21.1 6.8 11.0 -62.9 250.9 330.6 481.4 21.4 31.2 8.2 22.2 75.0 47.9 665.5 58.1 74.1 25.9 214.6 -84.0 167.3 691.0 17.0 44.4 13.9 197.6 35.6 295.4 795.0 -64.1 21.2 7.0 72.2 -83.5 284.4 663.2 -42.8 29.9 7.8 174.3 40.7 278.9 981.5 -216.8 -3.9 -5.8 233.5 66.7 482.5 476.3 51.0 -30.5 -15.2 362.6 161.4 534.9 280.8 48.9 .4 9.0 -689.5 556.6 622.2 997.8 101.6 746.2 12.9 -360.0 344.8 866.3 274.6 27.5 187.0 16.1 -191.4 119.9 534.1 -14.8 176.7 156.4 20.8 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 49.7 -23.4 2.0 2.0 219.8 326.8 212.3 66.2 27.3 -1.7 -10.7 48.5 34.5 2.2 2.9 250.9 330.6 244.2 111 .1 31.5 6.4 -1.9 78.4 89.0 2.3 3.0 75.0 47.9 427.3 134.3 98.3 15.2 -2.2 85.1 23.8 3.3 .4 -84.0 167.3 669.2 33.5 59.8 .1 105.6 177.4 -111.9 4.2 2.7 35.6 295.4 772.0 34.8 41.1 6.4 29.9 51.6 17.1 2.0 2.4 -83.5 284.4 701.1 -36.6 32.8 5.0 -44.9 400.6 -463.3 8.4 4.3 40.7 278.9 910.9 69.0 14.0 -20.9 6.4 90.9 -20.7 -10.5 4.9 66.7 482.5 428.8 13.9 2.2 59.5 146.0 147.1 -24.6 10.6 12.6 161.4 534.9 472.8 9.3 -21.2 39.9 55.3 496.2 363.5 37.9 26.9 556.6 622.2 97.7 122.1 -14.7 -29.4 69.0 318.6 71.1 15.7 13.7 344.8 866.3 -285.2 -45.6 10.4 -85.9 132.4 228.1 67.0 -15.2 9.6 119.9 534.1 -305.0 73.9 -40.3 62.3 -91.7 36 Federal Reserve Bulletin Statistical Supplement • December 2008 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 47 Total net borrowing, all sectors . . . . 48 49 50 51 52 53 54 55 56 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Q3 Q4 Q1 Q2 Q3 Q4 Q1 2^62.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 -99.1 257.1 547.2 159.4 545.7 -80.2 20.2 904.1 107.9 -82.0 398.4 579.1 137.6 660.5 -58.1 34.6 996.4 104.4 106.2 362.5 122.3 130.5 801.8 72.7 90.9 1,255.2 115.0 245.1 307.3 82.8 195.0 799.0 169.1 87.4 1,433.8 94.5 317.1 183.7 330.6 177.3 1,159.3 123.1 68.6 1,410.3 104.4 413.6 172.4 199.9 169.2 977.2 108.1 -13.9 1,337.8 119.7 294.1 135.8 320.1 252.8 1,515.4 38.0 60.0 1,085.7 108.9 232.6 327.5 547.9 249.1 933.4 120.2 47.8 1,134.2 115.1 426.0 -70.7 696.2 246.7 825.6 181.9 77.0 1,206.0 137.7 -913.9 435.9 1,178.0 165.5 1,396.3 548.0 1,042.3 1,039.0 202.1 -422.4 257.1 1,211.9 198.7 702.2 470.7 189.4 987.5 98.5 77.7 487.5 655.2 152.8 299.8 458.3 256.9 580.6 146.1 Funds raised through mutual funds and corporate equities 57 Total net issues . 227.4 427.5 366.0 110.9 -80.4 -274.8 16.6 193.6 -80.6 -207.1 -657.4 131.2 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents 61 Financial corporations 62 Mutual fund shares 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -417.2 -614.1 138.5 58.4 336.8 -512.6 -534.0 41.8 -20.4 237.8 -349.1 -751.2 251.0 151.2 365.6 -315.0 -572.8 174.0 83.8 508.6 -604.5 -814.0 161.5 48.0 523.9 -453.5 -831.2 227.6 150.1 246.4 -840.3 -1,124.8 -39.2 323.6 183.0 -75.3 -562.2 135.2 351.7 206.5 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F.4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 Domestic nonfinancial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered commercial banks 13 Foreign banking offices in United States . . 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Property-casualty insurance companies . . . . 19 Life insurance companies 20 Private pension funds 21 State and local government retirement funds 22 Federal government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Exchange-traded funds 27 Government-sponsored enterprises 28 Agency- and GSE-backed mortgage pools 29 Asset-backed securities issuers (ABSs) 30 Finance companies 31 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,362.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 152.0 35.9 25.8 -.8 86.2 4.9 467.2 1,743.1 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 219.0 103.7 23.8 28.4 -102.1 157.8 103.4 -3.2 1.5 58.3 -2.1 582.8 2,030.2 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 233.2 122.9 25.7 79.6 28.6 291.6 173.9 31.1 11.5 72.4 2.7 854.4 1,911.1 51.2 608.0 571.1 284.5 109.3 42.3 11.4 124.1 -2.7 749.0 2,380.4 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 44.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 167.3 673.6 117.2 66.9 82.3 47.5 293.8 203.7 -10.9 12.3 84.6 4.0 855.0 2,725.7 34.7 761.7 656.3 103.7 3.3 -1.7 -98.1 30.1 47.7 75.6 14.0 76.3 8.4 220.0 184.9 6.7 5.7 46.6 295.4 725.8 89.7 57.5 106.2 36.9 286.6 277.2 -70.5 12.6 81.3 -14.0 724.1 2,473.2 21.4 154.5 57.3 94.0 6.6 -3.3 258.1 7.9 31.8 48.6 38.9 14.4 7.6 362.1 130.8 -4.9 2.8 -30.4 284.4 721.3 158.1 44.5 162.5 58.6 332.8 181.0 7.5 12.5 122.9 8.9 952.2 2,525.8 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 7.7 41.6 43.7 2.5 216.5 232.6 5.5 7.9 51.7 278.9 728.6 -5.8 87.1 218.5 94.1 90.5 -185.6 98.7 12.1 145.0 20.3 1,017.9 2,599.4 13.0 204.1 39.3 188.2 -16.8 -6.5 189.1 39.8 32.8 94.3 30.7 -8.4 14.9 431.1 285.2 -.9 6.8 -86.9 482.5 585.2 56.5 -36.2 279.7 -13.9 189.6 78.6 -62.4 14.0 144.9 14.6 866.5 2,670.3 44.7 678.4 489.7 194.9 -5.3 -.9 67.4 24.6 34.7 99.5 39.6 18.6 3.4 290.4 365.6 13.9 15.6 81.0 534.9 484.0 -34.7 -48.8 -199.0 156.4 645.1 867.6 -195.6 17.3 -40.1 -4.2 587.2 3,861.0 -33.7 963.4 704.5 238.1 21.4 -.7 136.8 40.9 34.0 99.3 50.1 61.3 17.5 444.2 184.4 -18.0 9.6 673.3 622.2 167.1 110.5 -135.8 436.3 -2.5 515.4 631.3 -86.2 16.4 -57.0 11.0 835.2 2,342.8 -177.2 1,157.4 882.2 185.7 93.0 -3.5 -130.6 35.7 4.4 45.5 14.0 49.1 11.1 396.9 249.3 5.9 18.9 288.6 866.3 -242.1 -92.9 8.6 362.0 -528.3 -1,014.9 -921.9 -92.7 11.8 -31.9 19.8 996.0 3,133.9 -430.9 592.5 427.3 160.9 4.0 .3 8.3 45.0 48.3 90.8 31.6 42.9 40.1 1,293.4 252.8 -6.0 17.5 298.0 534.1 -292.3 88.6 -39.4 174.2 344.7 2,362.2 2,770.9 3,707.8 3,726.4 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 86.7 -87.0 60.1 262.9 22.2 -84.1 505.3 -.9 .0 .6 36.0 -14.5 85.0 307.4 55.8 -207.5 218.7 138.9 288.6 22.4 120.0 66.8 258.5 -1.1 45.0 456.9 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -18.0 1,616.0 -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 336.6 .2 16.1 238.3 28.1 -137.8 1,389.1 -2.6 .0 .6 98.8 -11.2 -18.7 347.0 261.2 305.3 496.0 -417.2 336.8 217.4 211.5 65.6 198.2 19.9 -54.0 1,724.0 -4.2 .0 1.0 -38.7 43.9 -73.0 336.8 344.7 418.0 602.2 -512.6 237.8 123.3 173.0 76.3 161.8 21.3 -26.6 2,007.7 -5.9 .0 .0 -64.4 116.5 -75.2 578.7 -3.6 378.8 619.1 -349.1 365.6 211.0 274.2 75.4 216.9 28.4 -62.6 1,538.5 .1 .0 .4 284.6 -487.0 91.9 386.4 276.7 441.4 707.9 -315.0 508.6 295.5 105.5 28.4 136.4 33.1 15.0 1,208.9 -.3 .0 1.3 395.3 22.2 -99.2 205.8 107.4 442.5 116.6 -604.5 523.9 334.0 365.7 36.4 149.2 11.9 -48.4 3,550.3 .1 .0 1.4 185.7 205.5 124.0 329.4 529.0 1,260.4 222.3 -453.5 246.4 283.6 -19.1 28.9 164.4 26.1 -122.0 2,225.8 -.1 .0 -.4 41.3 100.8 .9 223.8 365.3 819.9 -670.4 -840.3 183.0 221.5 653.9 43.1 227.7 25.4 -107.5 1,049.5 .0 -.9 50.0 -231.3 74.8 461.9 320.6 1,549.3 96.3 -75.3 206.5 275.4 313.3 23.4 149.5 25.4 -18.3 1,424.4 3,855.6 4,647.3 6,422.6 6,522.1 7,653.1 7,376.6 7,653.2 7,426.7 9,236.7 10,331.7 6,030.6 7,760.4 -.6 21.5 7.2 36.0 19.7 -23.0 -.3 52.8 -4.3 -33.9 -42.6 -26.2 61.9 14.9 -139.9 -20.2 198.8 .7 40.6 -3.7 134.2 -18.1 177.8 -1.1 114.3 -1.9 297.9 1.9 -201.2 .6 37.0 48.1 144.6 24.1 -123.7 -.5 -138.0 -71.8 601.8 23.7 -44.5 297.0 50.5 -73.6 -29.2 -958.6 .7 377.1 -54.5 -33.9 -23.0 647.3 .9 49.0 -12.6 103.8 -24.3 -172.5 -.6 -59.5 23.7 -814.6 -5.5 934.5 -.9 -11.1 -15.8 -18.9 -69.3 79.2 -1.6 -.7 164.9 -8.9 .0 20.6 27.9 -.8 9.4 -6.6 -.9 -31.7 -3.0 -.5 96.6 16.4 -.9 76.9 -19.1 -.8 140.0 -5.9 -.8 276.7 -.5 -1.3 -54.1 13.5 -.8 -8.5 -2.4 -1.2 8.4 -5.7 -1.0 25.9 6,270.9 6,229.9 7,350.0 7,153.6 7,162.5 7,870.9 8,378.8 10,383.2 5,947.9 7,777.9 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 47.9 416.2 214.9 87.9 -29.2 47.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Total identified to sectors as assets . 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 3,693.5 38 1.59 Federal Reserve Bulletin Statistical Supplement • December 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2003 2004 2005 2007 2008 2006 Q3 Q4 Ql Q2 Q3 Q4 Ql Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 24,299.8 26,547.1 28,876.2 28,268.7 28,876.2 29,463.5 29,956.2 30,622.2 31,249.3 31,763.0 82.5 4,008.2 24.9 1,900.5 2,870.1 1,088.4 955.4 9 293 1 7,230.5 543.6 1.424.8 94.1 2.104.4 97.8 4,370.7 24.3 2,031.0 2,944.5 1,099.2 975.8 10 537 2 8.273.4 591.9 1.575.0 96.9 2.219.4 90.1 4,678.0 23.8 2,225.9 2,998.1 1,236.8 1,023.5 11 957 0 9.379.4 663.6 1.812.5 101.5 2.313.9 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10.451.7 716.3 2.083.2 109.0 2.418.3 110.6 4,803.2 23.4 2,332.7 3,132.5 1,361.6 1,046.2 13 091 5 10.279.0 699.3 2.006.2 107.1 2.367.0 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10.451.7 716.3 2.083.2 109.0 2.418.3 126.2 5,014.3 23.2 2,465.6 3,282.1 1,433.9 1,087.3 13 631 5 10.652.4 732.1 2.135.9 111.1 2.399.5 154.3 4,904.0 23.2 2,533.8 3,376.4 1,466.2 1,118.7 13,946.3 10,862.2 755.8 2.215.0 113.2 2.433.3 131.4 5,010.0 23.0 2,560.8 3,432.7 1,572.7 1,176.0 14,209.5 11,015.8 782.0 2.296.3 115.4 2.506.1 123.8 5,099.2 23.1 2,618.2 3,525.6 1,665.6 1,191.0 14,446.2 11,158.3 814.4 2.356.0 117.5 2.556.6 140.0 5,299.1 23.5 2,656.9 3,594.3 1,727.3 1,208.2 14,570.9 11,226.5 831.7 2.394.4 118.3 2.542.9 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 9.499.5 7,227.2 4,860.3 2,198.8 168.1 1,567.6 4,033.1 10.578.2 7,643.7 5,026.0 2,443.5 174.2 1,682.8 4,395.0 11.759.2 8,231.6 5,269.6 2,775.0 186.9 1,854.4 4,701.9 12.956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 12.715.4 8,781.3 5,548.5 3,033.1 199.7 1,945.4 4,826.6 12.956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 13.129.0 9,234.7 5,829.2 3,198.1 207.4 2,062.4 5,037.4 13.378.2 9,529.6 6,023.3 3,293.4 212.9 2,121.2 4,927.2 13.628.0 9,817.8 6,175.0 3,425.1 217.7 2,143.5 5,032.9 13.839.7 10,096.6 6,331.0 3,541.9 223.7 2,190.7 5,122.3 13.906.7 10,307.2 6,458.6 3,621.8 226.9 2,226.6 5,322.6 22 Foreign credit market debt held in United States 1,258.1 1,445.7 1,528.9 1,785.1 1,716.9 1,785.1 1,799.0 1,848.5 1,849.6 1,862.6 1,926.3 275.5 874.4 66.1 42.2 344.2 993.0 69.9 38.6 382.4 1.028.2 84.4 34.0 479.5 1.180.8 98.3 26.6 474.3 1.124.6 90.4 27.7 479.5 1.180.8 98.3 26.6 474.0 1.224.5 74.7 25.8 472.2 1.266.3 84.9 25.1 424.2 1.309.6 91.5 24.4 412.2 1.323.6 102.8 24.0 460.2 1.333.6 108.8 23.7 23,585.4 25,745.5 28,076.0 30,661.3 29,985.6 30,661.3 31,262.5 31,804.7 32,471.8 33,111.9 33,689.3 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 15 16 17 18 19 20 21 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign 22,327.3 Financial sectors 28 Total credit market debt owed by financial sectors 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Real estate investment trusts (REITs) Funding corporations 29 30 31 10,875.5 11,859.0 12,868.5 14,153.7 13,816.8 14,153.7 14,449.0 14,800.4 15,384.9 15,745.3 15,925.1 935.0 2,601.3 957.1 2,676.3 1,171.7 2,592.2 1.366.0 2,627.8 1.280.5 2,617.6 1.366.0 2,627.8 1.403.5 2,644.5 1.483.3 2,684.8 1.302.0 2,824.0 1.252.6 2,910.2 1.184.4 2,940.2 3 326 7 3 242 1 164.0 501.7 104.7 3,374.6 3,922.5 222.1 575.8 130.6 3,541.9 4,559.0 239.1 620.2 144.5 3,837.3 5,354.8 175.0 641.4 151.5 3,763.1 5,129.9 229.0 643.7 153.0 3,837.3 5,354.8 175.0 641.4 151.5 3,955.7 5,489.9 183.3 624.4 147.7 4,075.8 5,567.8 196.8 642.0 150.0 4,243.2 5,815.5 225.2 821.8 153.2 4,463.7 5,862.1 232.2 867.1 157.2 4,594.6 5,875.3 271.8 896.4 162.4 338.6 321.8 296.8 9.1 8.0 2.601.3 3,326.7 2,181.7 47.0 995.3 230.0 519.3 357.4 381.3 385.8 11.4 11.1 2.676.3 3,374.6 2,609.0 62.2 1.129.6 343.2 517.1 394.3 429.5 409.6 14.7 11.5 2.592.2 3,541.9 3,278.3 62.4 1.108.6 402.9 622.7 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,050.3 68.8 1.144.2 444.0 652.5 424.1 476.2 412.4 16.8 13.1 2.617.6 3,763.1 3,816.8 74.0 1.119.5 440.5 642.6 498.3 499.7 297.8 18.9 14.2 2.627.8 3,837.3 4,050.3 68.8 1.144.2 444.0 652.5 495.3 520.3 288.3 16.2 15.4 2.644.5 3,955.7 4,155.3 83.7 1.133.6 444.6 696.1 511.0 551.5 289.5 18.9 18.6 2.684.8 4,075.8 4,280.5 93.6 1.135.2 439.3 701.8 597.5 586.8 375.9 28.4 25.3 2.824.0 4,243.2 4,294.9 86.3 1.173.3 435.6 713.8 630.1 631.1 395.1 32.3 28.7 2.910.2 4,463.7 4,228.8 64.8 1.169.1 438.2 753.2 647.5 665.4 407.2 28.5 31.1 2.940.2 4,594.6 4,150.9 80.4 1.173.3 428.1 738.1 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 1 292 9 4.008.2 5,952.9 1,900.5 6,986.6 1,318.4 1.499.3 9 397 7 2.104.4 1,399.1 4,370.7 6,075.2 2,031.0 7,860.0 1,391.2 1.590.2 10,667.7 2,219.4 1,644.2 4,678.0 6,158.0 2,225.9 8,585.2 1,560.3 1.677.6 12,101.5 2,313.9 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1.743.0 13,511.7 2,418.3 1,865.3 4,803.2 6,404.1 2,332.7 9,387.0 1,681.0 1.717.6 13,244.5 2,367.0 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1.743.0 13,511.7 2,418.3 2,003.7 5,014.3 6,623.4 2,465.6 9,996.4 1,692.0 1.737.5 13,779.2 2,399.5 2,109.8 4,904.0 6,783.8 2,533.8 10,210.5 1,747.9 1.785.8 14,096.2 2,433.3 1,857.6 5,010.0 7,090.2 2,560.8 10,557.9 1,889.4 2.022.1 14,362.7 2,506.1 1,788.6 5,099.2 7,397.1 2,618.2 10,711.4 2,000.6 2.082.1 14,603.4 2,556.6 1,784.6 5,299.1 7,558.2 2,656.9 10,803.2 2,107.9 2.128.3 14,733.3 2,542.9 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 4,686.6 2,947.1 266.2 73.9 1,125.6 273.8 3,836.1 25,938.1 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 646.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.5 1,204.9 97.5 424.1 152.0 5,085.8 3,228.4 297.4 85.4 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,374.6 2,497.7 1,419.8 200.1 394.9 198.9 5,498.0 3,465.6 339.6 96.8 1,322.2 273.8 5,188.3 30,258.2 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 690.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,541.9 3,171.3 1,537.1 267.0 477.2 246.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,705.4 3,624.3 320.2 106.0 1,376.9 278.0 5,807.5 32,289.5 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 694.2 758.7 83.7 1,461.2 1,874.0 170.4 18.7 2,579.0 3,763.1 3,709.2 1,608.2 302.7 537.3 256.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,891.1 3,721.1 332.0 112.1 1,442.6 283.2 6,292.4 33,528.0 780.9 8,025.9 7,091.0 805.9 31.4 97.6 1,577.5 629.2 821.7 2,831.7 712.3 767.5 88.1 1,649.5 2,005.4 171.6 22.4 2,558.4 3,955.7 4,041.2 1,617.6 315.4 677.2 278.8 5,909.8 3,707.6 317.2 115.6 1,484.9 284.5 6,516.6 34,178.8 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,855.7 722.2 772.2 88.9 1,699.7 2,093.5 175.1 26.3 2,596.7 4,075.8 4,169.2 1,615.8 303.2 583.8 326.4 6,063.7 3,905.1 280.2 119.9 1,470.6 287.9 6,659.3 35,133.7 779.6 8,465.0 7,417.6 914.8 35.4 97.2 1,628.9 652.6 838.9 2,882.2 734.7 787.5 93.3 1,802.7 2,141.6 170.6 28.7 2,758.9 4,243.2 4,201.0 1,637.0 269.3 718.2 299.8 6,192.3 4,057.6 267.4 124.0 1,455.0 288.3 6,867.2 35,797.7 740.6 8,757.0 7,638.7 963.3 58.7 96.4 1,584.3 657.9 840.0 2,890.8 738.2 799.8 96.1 1,951.5 2,203.1 172.0 33.5 2,829.5 4,463.7 4,145.7 1,636.6 271.4 803.1 182.9 5,981.7 3,894.6 219.8 127.0 1,446.8 293.5 7,114.1 36,518.5 631.0 8,875.3 7,718.6 1,000.6 59.7 96.4 1,598.8 665.5 852.0 2,915.5 746.1 810.5 106.1 2,253.4 2,269.2 170.5 37.8 2,893.4 4,594.6 4,071.0 1,634.5 261.6 869.6 262.1 34,460.9 37,604.5 40,944.6 46,605.1 47,856.7 48,857.2 49,614.4 62.3 62.2 2.2 26.7 957.0 212.2 1,521.7 4,284.9 1,505.1 1,879.8 1,647.2 5,436.3 1,038.2 1,060.4 10,632.6 2,659.7 268.9 13,914.7 45.9 2.2 27.5 1,024.7 201.3 1,525.2 4,599.3 1,789.5 2,006.9 1,998.0 6,048.9 1,038.4 1,082.6 11,368.9 2,996.3 297.0 14,897.7 46.1 2.2 28.5 1,293.5 65.6 1,498.5 5,111.9 2,146.5 2,489.7 2,727.8 7,805.2 1,379.5 1,191.1 12,867.6 3,369.8 336.9 16,513.6 48.7 2.2 28.8 1,339.9 112.6 1,499.6 5,165.1 2,282.0 2,801.6 2,789.4 7,989.3 1,374.5 1,199.6 12,980.1 3,441.4 348.2 16,886.6 50.0 2.2 28.7 1,350.3 147.1 1,535.9 5,232.6 2,370.4 3,053.2 2,588.1 7,829.0 1,526.4 1,201.5 12,764.9 3,500.6 341.0 16,815.4 54.8 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,722.4 2,465.3 240.4 12,423.3 28.5 1,362.8 73.0 1,526.5 5,381.0 2,448.9 3,407.8 2,623.4 7,271.7 1,618.1 1,184.0 12,162.6 3,561.1 358.3 17,387.6 52 Total liabilities 77,231.3 84,714.1 91,894.8 100,921.3 97,570.0 100,921.3 102,865.1 105,479.3 108,146.5 109,194.7 110,066.6 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . . 23.7 15,618.5 5,393.3 24.6 17,389.3 5,981.3 19.3 18,512.0 6,641.6 19.9 20,909.3 7,303.7 19.7 19,595.7 7,168.8 19.9 20,909.3 7,303.7 20.0 21,133.9 7,510.3 20.1 22,208.5 7,687.4 20.3 22,429.6 7,810.4 20.5 21,477.2 7,892.1 20.9 19,360.8 7,934.7 -9.5 705.3 12.7 392.7 69.2 -3,471.3 -9.7 767.2 27.3 248.3 97.0 -3,536.2 -9.1 807.9 25.2 382.4 96.7 -3,702.5 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.0 956.7 41.4 374.4 58.8 -4,341.2 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.2 996.4 33.0 475.2 58.8 -4,890.6 -10.0 1,090.7 19.9 479.8 55.3 -5,060.1 -9.8 1,103.0 20.8 527.8 43.7 -5,261.9 -9.9 1,088.1 21.7 269.5 26.3 -5,561.9 -10.2 1,085.3 15.0 287.6 2.9 -5,739.2 -17.9 20.8 23.3 11.2 20.0 32.7 1.8 19.2 .9 .1 11.4 100.8 2.7 10.4 -12.8 .1 11.4 100.8 1.3 10.0 100.5 10.0 58.7 6.4 76.2 2.8 10.3 156.4 8.9 11.2 91.4 Domestic nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies . . . . Life insurance companies Private pension funds State and local government retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 276.5 4,634.7 27,884.0 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 Other liabilities Official foreign exchange Special drawing rights certificates . Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency . Small time and savings deposits . . Large time deposits Money market fund shares Security repurchase agreements . . Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Liabilities not identified as assets ( - ) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets ( - ) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 65 Totals identified to sectors as assets 100,541.3 110,451.6 119,445.1 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.5 2.2 28.1 1,139.6 147.5 1,491.1 4,792.1 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,772.2 3,159.7 323.1 15,320.4 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.6 2.2 28.2 1,194.7 50.5 1,501.4 5,076.1 2,118.9 2,389.7 2,678.4 7,328.7 1,289.0 1,172.7 12,408.3 3,282.2 335.4 16,250.8 134,754.9 138,751.9 141,899.9 142,581.2 141,629.9 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • December 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2008 2007 2008 2008 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 112.2 112.3 111.3 108.8 138.5 139.1 139.7 140.2 81.0 80.7 79.7 77.6 2 Manufacturing 3 Manufacturing (NAICS) 113.7 115.0 113.4 114.8 112.2 113.7 109.7 111.1 143.4 145.1 144.1 145.8 144.8 146.5 145.3 147.1 79.3 79.3 78.7 78.7 77.5 77.6 75.5 75.5 4 5 122.6 111.3 122.5 113.9 120.7 110.3 118.5 109.0 157.6 132.8 158.9 133.2 160.1 133.5 161.2 133.9 77.8 83.8 77.1 85.5 75.4 82.6 73.5 81.4 113.3 115.5 195.7 113.5 115.1 202.3 111.3 112.3 209.3 109.6 111.4 206.5 139.3 149.6 251.4 139.7 150.3 259.7 140.0 150.9 267.1 140.2 151.5 274.0 81.3 77.2 77.8 81.3 76.6 77.9 79.6 74.4 78.4 78.2 73.5 75.4 105.1 95.5 105.5 91.9 106.3 84.5 104.6 83.0 126.0 132.0 126.7 131.7 127.5 131.7 128.2 131.9 83.4 72.3 83.3 69.7 83.4 64.1 81.6 62.9 126.2 106.7 110.2 77.3 125.9 106.3 110.2 75.0 124.7 105.9 110.3 73.0 116.5 103.0 109.0 72.3 157.0 131.8 135.8 112.4 157.6 132.0 136.2 111.5 158.2 132.2 136.5 110.6 159.0 132.4 136.8 109.8 80.4 81.0 81.1 68.8 79.9 80.6 80.9 67.3 78.8 80.1 80.8 66.0 73.3 77.8 79.6 65.8 95.6 108.5 114.6 104.8 91.9 94.9 110.6 113.8 102.6 91.2 94.9 110.5 113.1 101.7 88.7 93.2 105.2 108.5 100.8 86.7 115.7 122.1 145.2 123.9 116.2 115.6 122.1 145.8 124.5 116.3 115.4 122.0 146.2 125.1 116.4 115.3 122.0 146.7 125.7 116.5 82.6 88.8 79.0 84.6 79.1 82.1 90.6 78.1 82.4 78.4 82.2 90.6 77.3 81.3 76.2 80 8 86.3 74.0 80.2 74.4 20 Mining 21 Electric and gas utilities 102.7 108.6 103.6 110.7 104.1 109.4 102.0 106.4 114.2 126.3 114.5 127.1 114.7 127.8 114.9 128.5 89.9 85.9 90.5 87.1 90.8 85.6 88.8 82.8 MEMOS 22 Computers, communications equipment, and semiconductors 247.1 257.7 269.5 264.5 306.7 321.5 335.1 347.8 80.6 80.1 80.4 76.1 23 Total excluding computers, communications equipment, and semiconductors 107.3 107.2 106.0 103.5 132.4 132.7 133.0 133.3 81.0 80.7 79.7 77.7 24 Manufacturing excluding computers, communications equipment, and semiconductors 107.6 107.1 105.6 103.1 135.9 136.2 136.5 136.7 79.2 78.6 77.4 75.4 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 UTILIZATION1—CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 Series Low High Low Nov. June' July' Aug.' Sept.' Oct.' Nov.p Capacity ut lization rate (percent)4 1 Total Industry 88.8 74.0 86.6 70.9 85.0 78.6 81.1 79.6 79.5 78.3 75.0 76.0 75.4 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.5 71.3 86.2 86.2 68.5 67.8 85.4 85.3 77.1 77.0 79.3 79.3 77.3 77.4 77.1 77.2 76.2 76.3 73.1 73.0 73.4 73.4 72.3 72.2 89.4 101.9 69.6 69.8 86.7 90.1 62.9 46.9 84.6 93.8 73.5 75.0 77.9 83.5 75.3 82.2 75.3 83.7 73.9 82.4 71.3 78.1 69.6 71.8 68.5 66.4 91.7 94.6 69.9 74.3 83.1 92.7 61.8 58.0 81.7 85.3 72.7 74.0 81.6 77.1 78.6 74.2 78.3 73.5 78.6 74.6 77.7 72.5 76.3 70.9 74.5 69.2 87.0 66.0 90.0 77.4 81.9 76.7 78.0 77.8 76.9 75.5 73.7 72.4 70.9 99.3 95.8 68.0 54.8 91.9 95.1 64.6 44.9 89.1 89.5 77.0 56.0 83.4 72.6 83.6 65.9 83.2 67.7 82.3 60.2 79.3 60.9 79.3 58.7 77.4 57.0 75.9 87.6 68.1 72.3 87.1 85.8 69.0 75.4 87.4 86.7 81.0 81.4 80.8 80.9 79.2 79.7 78.1 79.4 77.5 78.9 64.1 75.0 62.0 77.6 69.8 76.3 86.3 89.5 77.5 61.8 84.2 89.6 80.4 72.1 86.0 91.1 80.9 77.6 81.0 68.6 80.4 65.6 79.9 65.9 79.7 66.6 79.3 65.0 80.0 64.7 80.0 62.8 96.7 92.1 85.3 96.1 86.2 74.1 80.8 69.1 61.7 75.6 95.4 91.0 83.5 90.1 88.0 81.4 68.8 67.9 71.8 86.7 92.6 88.2 85.0 89.8 91.1 86.1 82.4 79.9 76.4 80.4 82.4 88.5 79.0 85.0 79.0 82.0 90.2 77.0 81.7 76.0 81.3 90.4 76.7 81.8 74.9 82.0 89.0 75.8 80.2 74.4 79.2 79.4 69.5 78.6 74.0 77.7 87.9 73.9 76.7 74.3 76.2 87.9 71.2 74.3 73.8 20 Mining 21 Electric and gas utilities 93.4 96.2 87.6 82.9 93.8 89.0 79.6 77.7 86.3 92.7 83.6 84.1 90.0 86.3 90.9 85.9 92.1 84.9 91.5 80.9 82.8 82.7 88.7 83.1 90.9 84.3 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.3 89.6 75.1 81.7 75.3 80.7 79.4 78.1 76.1 74.0 72.1 69.9 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.8 70.6 85.3 78.7 81.1 79.6 79.5 78.4 75.0 76.2 75.7 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.0 85.8 77.2 79.2 77.2 77.1 76.2 73.0 73.5 72.4 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released on March 28, 2008. The 2008 annual revision is described in an article in the Federal Reserve Bulletin titled "Industrial Production and Capacity Utilization: The 2008 Revision," www.federalreserve.gov/pubs/bulletin/2008/pdf/Industrial08.pdf. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • December 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion 2007 Apr. May 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 112.3 112.4 112.6 112.3 112.0 111.4 111.2 111.3 111.3 109.8 105.2 106.8 58.5 30.8 8.9 4.7 .4 1.4 2.4 21.9 18.1 9.7 .9 5.0 2.0 3.9 111.5 107.5 103.2 100.9 155.8 96.0 104.0 108.8 109.1 109.9 78.0 117.6 96.2 108.4 111.8 07.4 02.9 01.1 67.6 92.9 03.2 08.8 08.8 09.5 76.2 118.0 95.2 09.0 111.9 107.4 102.7 101.6 170.1 91.7 102.3 108.8 109.2 109.6 78.0 118.5 95.9 108.1 112.3 108.0 101.1 99.6 167.7 89.1 101.9 110.1 109.3 109.3 77.2 119.1 96.5 112.6 112.0 107.9 100.0 98.5 168.1 87.3 100.9 110.4 109.1 109.2 76.5 119.0 96.6 113.8 111.4 106.7 97.8 93.8 169.7 87.3 101.4 109.5 109.5 110.2 75.3 118.1 97.2 109.7 110.8 106.2 94.5 87.2 177.4 86.9 100.8 109.8 109.1 109.8 74.8 118.7 94.9 111.7 110.5 105.8 94.9 87.9 179.9 86.3 100.9 109.1 109.2 109.9 73.7 118.7 95.2 109.4 110.7 106.2 96.7 92.3 174.2 85.4 100.8 109.1 109.0 109.2 75.0 119.0 95.8 109.8 110.6 106.2 97.4 93.6 179.4 84.9 100.8 108.9 108.7 108.7 75.6 119.4 94.5 109.6 109.0 103.9 91.3 83.2 175.3 81.5 99.8 107.8 108.6 108.5 76.3 118.9 94.5 106.3 106.1 102.4 90.3 84.4 168.0 78.0 97.6 106.1 108.4 108.2 75.2 119.4 93.8 101.2 106.6 104.0 88.2 81.4 165.9 76.7 96.2 108.8 108.8 109.2 73.1 119.3 94.2 109.0 106.3 103.3 85.5 79.3 163.0 73.7 92.9 108.7 108.6 109.1 73.0 118.9 93.6 109.2 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.2 1.8 3.1 5.3 1.8 128.4 124.2 155.6 115.7 117.1 30.2 23.2 62.7 116.2 20.2 131.2 123.9 164.8 116.7 119.9 131.4 122.5 165.2 117.4 120.9 131.1 121.1 167.5 116.5 119.6 132.3 120.7 169.9 117.6 119.6 130.0 118.1 172.0 113.8 119.5 130.4 118.6 172.8 114.0 119.0 130.4 120.1 172.6 113.5 120.3 129.8 120.6 169.6 113.6 119.0 129.3 115.4 167.8 115.0 119.2 119.9 76.0 166.1 112.6 116.4 116.8 67.7 165.5 110.3 117.8 120.6 95.6 164.3 108.2 21 22 Construction supplies Business supplies 4.3 11.0 106.0 108.7 04.5 09.2 104.2 108.9 103.6 109.3 102.3 109.2 102.3 108.5 101.4 108.6 101.7 107.9 101.3 107.5 101.9 107.4 100.9 106.6 99.0 103.5 97.6 104.4 94.4 103.4 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 41.5 30.5 19.0 4.0 6.6 8.4 11.5 .8 2.7 4.5 11.0 111.3 115.5 123.5 93.7 167.1 109.1 103.5 76.6 97.7 112.4 101.6 113.0 117.2 26.4 92.9 76.5 110.4 03.5 73.1 97.7 112.5 03.3 113.1 116.9 125.8 90.7 176.7 110.0 103.7 72.6 99.3 112.3 104.1 113.0 116.7 126.0 90.1 178.3 109.8 103.1 71.0 97.8 111.9 104.2 112.6 116.0 126.0 89.1 179.9 109.6 101.4 71.0 95.9 109.9 104.5 112.8 116.4 126.4 87.6 182.8 109.5 101.8 69.6 96.6 109.7 104.3 112.3 115.7 125.7 86.0 182.3 109.2 101.1 68.9 95.8 109.4 104.1 112.2 115.4 125.0 85.7 181.6 108.4 101.2 69.2 97.8 109.1 104.2 112.1 115.4 125.4 86.4 182.4 108.4 100.8 67.4 95.1 108.9 104.1 112.2 115.0 125.4 87.0 182.2 108.3 99.9 67.8 94.5 108.0 104.9 110.7 113.8 123.9 81.5 182.8 107.6 99.1 69.6 94.6 106.0 103.1 104.2 107.9 121.3 81.0 178.9 104.9 89.6 67.1 92.5 87.5 95.6 107.0 108.9 118.5 77.8 176.7 102.2 94.8 66.4 91.9 99.5 101.5 106.0 105.4 114.9 75.0 173.2 98.5 91.7 63.6 90.4 94.1 104.4 94.6 92.6 107.0 112.3 07.4 113.4 107.4 113.5 107.6 113.8 107.2 113.5 106.8 113.5 106.1 113.2 105.9 113.0 105.9 112.8 105.9 112.7 104.5 111.7 100.1 106.8 101.7 108.6 101.1 108.1 win SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts .. Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 3,043.1 3,034.7 37 Final products 38 Consumer goods . . . 39 Equipment total 43.1 30.8 40 Nonindustrial supplies . 15.4 12.3 3,026.8 2,998.4 2,892.3 2,953.1 2,311.5 2,318.1 2,321.0 2,337.6 2,330.6 2,310.5 2,288.1 2,283.6 2,292.0 2,296.3 2,244.7 2,167.7 2,205.4 2,204.2 1,606.3 1,606.9 1,605.5 1,621.4 1,616.8 1,593.9 1,581.4 1,576.3 1,583.0 1,588.4 1,544.8 1,507.1 1,551.3 1,537.9 715.4 722.4 724.7 654.4 672.3 728.0 727.2 730.7 719.5 720.8 722.2 720.1 715.2 668.8 724.5 724.7 723.6 726.2 722.4 717.9 718.8 716.1 713.9 716.3 709.4 684.1 688.4 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2007 2008 2007 avg. Nov. Dec. Jan. Feb. Mar. Apr. May June' July' Aug.' 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 83.2 78.5 112.9 114.2 113.8 115.1 113.8 115.1 113.8 115.2 113.1 114.5 113.3 114.6 112.3 113.7 112.3 113.7 112.1 113.5 111.9 113.4 110.8 112.2 106.3 107.6 107.0 108.3 105.5 106.7 321 43.2 1.5 121.0 99.2 122.9 94.2 122.8 94.3 122.9 92.3 122.2 91.0 122.4 91.4 120.7 90.2 120.6 89.6 120.9 89.0 121.1 88.0 119.2 87.3 115.3 84.3 112.7 79.8 111.2 78.1 327 331 332 333 2.3 2.3 5.7 5.3 108.1 110.3 112.0 116.0 109.7 111.0 113.7 115.4 105.9 112.9 113.1 114.6 106.1 115.2 113.4 115.2 104.9 114.1 113.5 114.1 106.5 112.3 113.6 116.0 104.9 111.5 112.4 112.4 105.0 109.5 111.5 112.3 103.8 109.9 110.1 112.1 105.1 112.0 109.7 111.1 104.1 110.3 110.2 112.9 101.4 104.6 108.9 110.0 102.1 96.3 107.0 107.7 98.4 89.1 104.6 105.2 334 8.1 183.4 196.2 198.1 198.5 202.2 206.2 208.9 209.5 209.7 208.9 206.9 203.6 201.5 199.1 335 3361-3 2.2 7.4 104.9 97.2 105.0 95.8 106.1 95.5 106.1 93.9 104.4 93.0 106.0 88.6 105.7 83.1 106.6 83.4 106.7 86.9 106.4 89.2 105.5 79.4 101.8 80.4 102.0 77.5 99.8 75.3 3364-9 3.5 122.3 126.9 126.4 127.4 125.2 125.1 124.4 124.0 125.6 124.0 123.3 102.1 98.9 111.6 337 339 1.8 3.3 102.0 115.9 101.4 116.0 100.1 117.2 98.1 117.8 96.4 115.3 95.9 117.1 94.6 116.3 94.4 116.6 93.7 116.1 92.8 116.6 89.2 118.8 87.6 116.7 84.8 116.0 82.3 114.1 35.3 106.6 106.6 106.8 106.8 106.0 106.2 106.0 106.2 105.5 105.2 104.5 99.3 102.8 101.2 311,2 313,4 315,6 322 323 11.3 1.4 1.0 3.1 2.4 110.1 80.5 78.5 95.8 99.8 110.0 77.1 76.8 95.4 99.4 110.1 77.2 78.7 97.3 99.0 110.0 75.3 77.8 96.0 98.4 109.7 75.2 77.1 93.7 97.3 111.0 74.7 76.0 95.1 98.4 110.6 73.3 75.6 93.8 97.4 110.4 73.4 74.5 96.4 97.0 109.9 72.4 75.9 94.6 94.2 109.3 72.5 76.6 93.8 92.6 109.0 73.2 77.1 94.5 94.0 108.7 71.2 76.1 91.3 93.2 109.7 70.7 73.9 89.5 93.2 109.7 68.4 73.7 87.7 92.3 324 325 1.8 10.7 108.7 114.2 108.1 114.7 108.5 114.6 111.7 114.6 110.6 113.6 109.5 113.2 110.6 113.2 110.9 113.4 110.0 112.7 110.3 112.3 108.6 111.2 96.8 102.1 107.2 108.6 107.1 104.7 326 3.8 103.4 105.4 104.5 103.0 102.8 102.0 101.3 101.5 102.4 102.7 100.9 99.0 96.7 93.8 1133,5111 4.7 92.9 91.7 91.9 91.3 91.2 91.0 89.1 88.5 88.4 87.2 86.6 86.2 86.5 86.0 21 2211,2 2211 2212 7.2 9.6 8.2 1.4 101.4 108.2 110.4 98.2 102.9 109.1 111.1 99.4 103.9 108.2 109.7 101.2 103.2 110.8 112.4 103.2 103.6 112.6 113.5 107.9 103.9 108.7 110.4 101.0 104.0 110.4 111.8 103.4 104.1 108.0 109.2 102.0 104.2 110.0 112.3 99.4 105.7 108.9 111.3 98.1 105.1 103.9 105.7 95.4 95.1 106.4 108.7 95.8 102.0 107.1 109.3 97.2 104.6 108.8 111.0 98.8 77.8 107.6 107.7 107.6 107.6 106.8 106.7 105.6 105.6 105.4 105.3 104.2 99.9 100.7 99.2 75.7 114.3 115.3 115.4 115.5 114.8 115.3 114.7 114.7 114.2 113.8 113.4 108.5 109.5 108.0 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released on March 28, 2008. The 2008 annual revision is described in an article in the Federal Reserve Bulletin titled "Industrial Production and Capacity Utilization: The 2008 Revision," www.federalreserve.gov/pubs/bulletin/2008/pdf/Industrial08.pdf. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • December 2008 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services . . . 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees . . . 10 Unilateral current transfers, net . . . Q3 Q4 Q1 Q2' Q3 -731,214 -700,258 1,645,726 -2,345,984 81,749 88,776 233,861 -145,085 -7,027 -112,705 -172,952 -168,114 424,873 -592,986 22,958 24,729 59,710 -34,981 -1,771 -27,796 -167,241 -173,783 435,465 -609,248 36,327 38,151 74,835 -36,684 -1,824 -29,784 -175,640 -177,110 451,645 -628,756 33,212 35,009 70,261 -35,252 -1,797 -31,742 -180,944 -180,079 475,498 -655,578 28,164 29,945 64,868 -34,923 -1,780 -29,028 -174,091 -176,536 489,053 -665,589 30,835 32,636 65,299 -32,663 -1,800 -28,390 -728,993 -711,567 1,283,753 -1,995,320 72,358 78,758 173,205 -94,447 -6,400 -89,784 -788,116 -753,283 1,457,015 -2,210,298 57,194 63,804 184,146 -120,342 -6,609 -92,027 11 Change in U.S. government assets other than official reserve assets, net (increase, —) 5,539 5,346 12 Change in U.S. official reserve assets (increase, —) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 14,096 0 4,511 10,200 -615 2,374 0 -223 3,331 -734 -122 0 -154 1,021 -989 -54 0 -37 230 -247 -22 0 -35 285 -272 -29 112 -359 -22 -955 -290 -30 256 -405 17 Change in U.S. private assets abroad (increase, —) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net -566,266 -207,625 -71,207 -251,199 -36,235 -1,259,469 -488,424 -164,597 -365,204 -241,244 -1,267,459 -644,751 -706 -288,731 -333,271 -171,045 -88,697 80,012 -100,317 -62,043 -130,990 -115,926 100,043 -4,202 -110,905 -263,634 -221,316 81,848 -35,066 -89,100 145,558 213,859 49,324 -33,576 -84,049 235,678 151,994 53,787 86,768 -56,871 22 Change in foreign official assets in United States (increase, +) 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 259,268 112,841 100,493 -421 26,260 20,095 487,939 208,564 219,837 2,816 22,365 34,357 411,058 58,865 171,465 5,342 108,695 66,691 13,469 -25,810 18,022 913 9,873 10,471 145,497 42,728 12,109 4,132 52,537 33,991 173,533 88,649 79,234 1,645 -26,930 30,935 145,391 58,143 93,145 2,439 -30,055 21,719 117,663 116,479 -8,361 1,714 9,617 -1,786 28 Change in foreign private assets in United States (increase, +) 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net .. 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 988,079 214,736 69,572 132,300 8,447 450,386 112,638 1,573,174 461,100 242,727 -58,204 2,227 683,363 241,961 1,646,645 532,813 156,290 156,825 -10,675 573,850 237,542 253,007 53,925 55,599 67,406 655 -30,486 105,908 234,905 123,987 -111,846 60,059 -3,530 110,489 55,746 285,484 79,088 84,085 63,263 -914 -20,475 80,437 -122,672 -256,616 -54,350 65,692 17,068 105,304 8,029 -147,874 83,598 89,506 5,845 -89,163 66,117 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -4,036 32,313 -3,880 -47,078 -1,843 -41,287 -617 71,627 -21,805 93,431 -571 -45,600 8,892 -54,491 -14,131 9,271 -23,403 -631 58,677 -3,368 62,045 -593 39,487 -33,739 73,226 623 MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 14,096 2,374 -122 -54 -22 -276 -1,267 -179 259,689 485,123 405,716 12,556 141,365 171,888 142,952 115,949 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2008 Asset 2005 2006 2007 Apr. May June July Aug. Sept. Oct. Nov.' 1 Total 65,127 65,895 70,565 74,372 75,170 75,740 74,832 72,560 71,834 69,763 73,378 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,767 11,041 9,771 11,041 9,849 11,041 9,772 11,041 9,494 11,041 9,418 11,041 9,001 11,041 9,023 8,036 37,838 5,040 40,943 4,244 45,804 4,253 49,311 5,111 49,247 5,237 49,613 4,930 49,089 4,774 47,252 4,750 46,626 4,433 45,288 7,344 45,970 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. Excludes outstanding reciprocal currency swaps with foreign central banks. At end-November 2008 swaps outstanding were $506,818 billion: $264,113 billion with the European Central Bank, $20,851 billion with the Swiss National Bank, $54,295 billion with the Bank of England, $96,990 billion with the Bank of Japan, $21,620 billion with the Reserve Bank of Australia, $25 billion with the Bank of Sweden, $15 billion with the National Bank of Denmark, and $8,950 billion with the Bank of Norway. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2008 Asset 2005 2006 2007 Apr. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 June July Aug. Sept. Oct. Nov.' 83 98 96 105 99 211 103 99 121 184 187 1,069,014 8,967 1,133,969 8,967 1,191,706 8,710 1,310,649 8,548 1,315,616 8,534 1,348,988 8,521 1,375,199 8,494 1,397,692 8,487 1,443,421 8,440 1,521,445 8,426 1,555,961 8,412 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 May 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2008 2006 Item 1 Total1 By type 2 Liabilities reported by banks in the United States2 2006 2007 June" June 8 Dec. July Aug. Sept. 3,417,787' 3,418,207 Oct.p 3,437,945' 3,452,305 2,585,038 3,239,548 2,490,430 2,490,430 2,585,038 284,827 176,829 398,233 196,344 308,842 184,847 308,842 184,847 284,827 176,829 364,629' 232,464 362,166 245,562 355,513' 276,781 303,323 360,550 1 271 174 1,026 851,182 1 443 691 1,111 1,200,169 1 211 819 986 783,937 1,211,819 986 783,937 1,271,174 1,026 851,182 1,533,956 1,163 1,285,574 1,538,804 1,171 1,270,503 1,543,748 1,179 1,260,724 1,542,664 1,187 1,244,581 435,062 602,976 7,078 11,370 175,746 267,443 1 915 375 2 292 778 12,422 25,262 39,354 39,719 414,986 7,859 159,444 1,851,832 15,955 40,354 414,986 7,859 159,444 1,851,832 15,955 40,354 435,062 7,078 175,746 1,915,375 12,422 39,354 639,144 646,522' 11,264 11,340 289,799 289,400 2,392,984 2,408,081 31,409 33,968 38,509 43,573 624,139' 11,336 284,757 2,444,758' 32,899 40,056' 592,261 12,942 279,319 2,486,409 36,731 44,643 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2007 Item 2004 2005 2008 2006 Dec' Mar.' June' Sept. 98,349 52,410 45,939 91,693 59,241 32,452 140,873 97,088 43,785 261,508 121,159 140,349 257,938 115,014 142,924 233,449 99,032 134,417 225,859 95,247 130,612 Deposits 129,544 51,029 78,515 100,144 43,942 56,202 131,530 59,152 72,378 170,113 73,629 96,484 184,354 77,098 107,256 160,377 71,748 88,629 142,508 65,882 76,626 Deposits 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 74,693 50,263 24,430 84,299 57,797 26,502 80,663 50,282 30,381 72,395 40,992 31,403 2 3 Deposits Other liabilities 5 8 Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • December 2008 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr. May July Aug. Sept/ BY HOLDER AND TVPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" 3,080,907 4,263,327' 4,248,314 4,456,710 3,851,558 4,426,986 4,455,418 4,397,986 4,245,262 ! ,299,950 2,924,438 3,301,255 3,264,288 3,197,513 3,075,427 3,049,733 3,055,511' 3,027,478 3,143,522 1,315,290 1,609,148 1,028,974 1,541,223 1,760,032 1,107,751 1,125,731 1,507,001 1,757,287 1,092,243 1,191,130 1,447,363 1,750,150 1,088,385 1,200,473 1,464,931 1,610,496 987,456 1,428,346 1,621,387 995,842 1,641,428 1,502,094 752,539 1,169,835 1,185,606 300,130 357,172 368,610 375,094 379,321 504,923 517,824 513,050 477,412 489,478 1,370,019' 1,458,368 1,685,492' 1,569,110 1,026,746' 895,475 1,207,816' 1,220,836 410,908' 501,815 486,532' 432,149 1,043,801 1,256,149 713,327 780,957 259,843 927,120 250,886 371,732 1,313,188 649,175 376,384 53,594 136,783 201,516 66,155 113,865 304,502 97,990 200,312 320,678 126,418 180,566 316,134 133,182 165,199 318,813 89,021 168,155 317,329 107,231 163,923 316,807 115,149' 154,520 310,376 100,729 156,136 286,872 90,717 131,585 287,629 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 800 27,164 22,929 17,784 5,145 4,235 250 24,776 19,105 14,599 4,506 5,671 416 28,075 20,316 13,997 6,319 7,759 2,447 24,398 18,456 13,397 5,059 5,942 1,073 26,158' 19,726' 16,161 3,565' 6,432 547 27,681 21,465 15,892 5,573 6,216 435 23,672 17,809 12,346 5,463 5,863 286 24,183 10,122 6,538 3,584 14,061 7,929 4,096 2,855 3,985 5,255 5,312 4,869 5,885 5,781 5,577 6,132 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,577 216,221 49,204 167,017 567,009 188,201 47,003 141,198 568,467 197,722 46,554 151,168 570,865 191,501 44,817 146,684 597,093' 205,475' 51,079 154,396' 607,728 211,126 50,701 160,425 632,294 212,823 53,973 158,850 663,873 198,526 54,820 143,706 327,526 201,863 282,702 176,829 378,356 196,344 378,808 215,711 370,745 219,976 379,364 226,625 391,618 232,464 396,602 245,562 419,471 276,781 465,347 360,550 152,739 159,154 151,040 142,690 104,797 26 Banks10 27 Banks' own liabilities 28 Deposits2 Other 29 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'' . . . Other ,792,040 ,566,967 841,248 725,719 225,073 23,771 2,258,115 1,917,300 1,025,334 891,966 340,815 31,153 2,491,653 2,149,292 1,174,296 974,996 342,361 38,383 !,426,372 !,063,664 1,127,346 936,318 362,708 49,461 2,337,293 1,969,420 1,068,700 900,720 367,873 43,778 2,277,159 1,939,306 1,073,172 866,134 337,853 44,589 2,228,856 1,893,671 1,023,076 870,595 335,185 44,756 2,232,359' 2,314,288 1,897,551' 1,979,667 971,224' 1,036,052 926,327' 943,615 334,808' 334,621 49,430' 50,151 2,568,881 2,226,189 1,241,327 984,862 342,692 66,714 48,776 152,526 66,378 243,284 64,309 239,669 85,471 227,776 90,848 233,247 63,914 229,350 62,299 228,130 34 Other foreigners" 35 Banks' own liabilities 36 Deposits2 37 Other 769,564 546,387 148,766 397,621 1,102,362 802,414 219,555 582,859 1,313,592 912,813 299,939 612,874 1,437,261 993,318 318,053 675,265 1,464,151 1,010,055 318,112 691,943 1,372,840 926,164 333,545 592,619 1,383,232 930,861 338,030 592,831 38 39 40 223,177 33,124 299,948 42,104 400,779 65,153 443,943 91,584 454,096 102,409 446,676 102,807 452,371 101,554 470,190' 115,481 460,881 174,597 491,088 213,982 142,188 47,865 196,728 61,116 255,618 80,008 265,654 86,705 266,611 85,076 259,058 84,811 265,351 85,466 268,322' 86,387 218,542 67,742 207 599 69,507 43 Total, all foreigners 3,080,907 3,851,558 4,426,986 4,455,418 4,397,986 44 Foreign countries . . 3,060,114 3,822,133 4,399,822 4,430,642 4,369,911 4,220,864 4,209,181' 4,235,646' 4,224,642 4,432,527 ,229,338 3,604 16,022 1,537 3,612 71,486 58,960 1,200 68,660 7,075 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 1,482,788 3,841 14,528 931 3,204 69,078 69,894 1,488 84,085 7,350 73,099 25,309 42,383 2,250 62,711 8,941 3,715 54,622 10,369 888,945 33,360 295 22,389 1,757,775 4,988 18,249 768 1,263 64,697 97,585 1,348 113,306 8,076 106,918 24,857 48,261 2,993 104,709 11,477 7,677 51,914 12,098 1,013,963 25,192 532 36,904 1,734,892 4,409 20,352 1,028 1,284 70,396 93,325 1,530 166,359 8,525 107,775 42,638 29,512 2,916 88,322 12,554 3,606 40,548 16,510 956,957 15,860 530 49,958 1,492,176 3,307 12,963 3,971 1,482 80,869 89,877 2,104 150,098 9,080 96,616 44,111 21,323 1,944 77,254 18,846 5,064 57,846 17,212 745,684 14,297 161 38,068 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'' . . . Other 62,897' 222,481 65,340 219,130 57,859 218,119 1,395,559' 1,278,060 925,369' 817,179 332,202' 355,997 593,167' 461,182 1,199,773 708,685 338,743 369,942 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 Switzerland 63 Turkey 64 United Kingdom 65 Channel Islands and Isle of Man 66 Yugoslavia13 67 Other Europe and other former U.S.S.R.1 Footnotes appear on next page. ,780,836 4,310 24,682 761 1,856 80,926 96,112 1,215 160,903 6,300 112,177 34,725 30,358 2,253 91,502 13,687 6,961 43,105 18,587 979,306 19,374 412 51,326 4,245,262 4,235,339 4,263,327' 4,248,314 4,456,710 1,612,272 5,388 15,628 4,749 1,326 66,476 86,847 1,824 162,424 6,457 103,955 35,769 30,778 3,260 92,667 12,850 4,711 37,438 18,471 859,751 13,745 334 47,424 ,623,128' 1,648,072' 3,893' 5,835 14,276' 12,767 4,774 4,171 1,475' 1,334 62,551' 64,062 90,813' 88,697 2,041' 1,345 171,007' 162,339' 8,394 6,599' 101,251 104,849' 39,464' 39,380' 33,939 36,313 2,361' 2,090 91,490 87,063 13,076' 13,276 2,647 3,166 35,968 38,376' 21,594 22,729 863,338 876,103 15,984 13,639' 303 293 52,952 53,185 ,527,708 3,366 13,895 3,976 1,551 81,814 95,566 1,030 147,128 9,644 97,709 41,504 23,821 2,202 79,154 15,010 12,225 44,355 19,977 778,189 13,298 144 42,150 Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Apr. Aug. Sept. MEMO 68 European Union1- n.a. 69 Canada . 33,552 44,613 59,391 70,047 73,165 75,690 70,679 66,884' 67,864 78,981 133,637 9,674 11,900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 172,931 11,974 24,418 15,539 10,971 3,273 1,816 52,354 6,996 5,168 6,367 23,029 11,026 169,280 12,641 15,220 16,158 10,472 3,702 1,893 52,177 7,667 6,900 6,188 23,607 12,655 180,449 12,176 28,080 13,380 11,001 3,797 1,919 51,791 7,613 6,235 6,362 25,918 12,177 173,464 11,558 24,022 13,953 11,011 3,431 2,005 49,785 7,155 6,564 5,748 25,844 12,388 175,929 11,594 22,681 13,558 10,997 3,437 1,685 54,728 7,400 6,467 5,665 25,219 12,498 180,862' 11,574 24,213' 13,572 11,389' 3,375 1,684 58,553' 6,923' 6,321 5,481 25,966 11,811 176,363 13,305 17,994 14,474 12,197 3,695 1,642 56,128 7,624 5,396 5,583 26,106 12,219 193,908 12,991 20,723 16,643 12,174 3,752 1,744 65,580 8,059 5,896 5,911 27,728 12,707 1,214,058 211,459 52,132 n.a. 907,840 120 916 6,396 2,830 32,365 1,669,856 256,173 55,129 21,493 1,297,459 82 1,023 8,456 3,346 26,695 1,838,464 284,539 48,524 33,579 1,417,794 80 1,323 10,086 3,301 39,238 1,851,603 288,586 44,898 41,082 1,434,281 92 1,100 9,250 2,808 29,506 1,817,175 284,695 46,061 39,140 1,404,289 94 1,092 8,249 2,822 30,733 1,816,528 291,798 49,264 38,805 1,395,234 93 1,458 7,250 3,976 28,650 1,773,526 301,699 50,162 39,892 1,341,814 92 1,413 6,454 2,979 29,021 ,768,378' 1,806,228 280,458' 300,869 45,134 44,705 41,247' 41,915 ,361,148' 1,374,349 94 94 1,312 1,153 5,421 4,717 3,220 3,757 30,344 34,669 1,908,446 408,192 422,744 527,061 494,703 495,419 480,912 500,045 526,972' 599,338 705,227 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,367 44,481 18,213 5,212 7,770 146,350 34,769 4,834 26,056 14,188 80,133 50,688 84,251 42,148 12,226 3,768 9,742 133,294 21,579 3,308 24,254 15,008 93,427 51,698 68,391 46,210 12,930 3,113 11,862 132,369 21,743 2,928 23,990 19,679 105,057 47,147 58,496 40,683 14,805 4,723 12,085 131,453 21,607 3,698 22,159 17,837 105,342 48,024 65,089 40,680 15,644 5,099 10,079 136,027 21,604 3,596 22,712 18,919 112,791 47,805 73,215' 40,579 17,483 6,558' 8,606 142,044 20,155' 3,694 22,502' 18,005' 125,309 48,822' 124,713 52,513 18,201 8,271 11,248 150,036 16,452 4,101 29,912 14,364 121,778 47,749 183,609 61,322 21,461 6,068 14,635 166,695 14,308 6,456 33,750 18,727 125,989 52,207 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 25,816 3,682 180 1,629 6,117 14,208 35,153 4,781 211 2,985 3,727 23,449 36,867 4,035 170 3,384 4,168 25,110 36,984 4,486 274 2,964 4,665 24,595 39,480 5,101 349 2,662 5,405 25,963 21,525 3,855 242 2,991 4,315 10,122 24,787 7,321 532 2,967 3,965 10,002 29,648 10,536 542 3,174 4,351 11,045 112 Other countries 113 Australia 114 New Zealand 115 All other 21,242 17,769 3,007 466 30,620 25,277 4,505 838 18,384 14,130 3,110 1,144 29,020 24,823 3,046 1,151 31,944 27,783 3,175 986 25,014 21,037 3,213 764 26,394 22,220 3,059 1,115 22,953 17,387 4,772 794 22,354 17,681 3,990 683 24,141 18,889 4,540 712 116 International and regional organizations . 117 International15 118 Regional" 20,793 15,684 5,109 29,425 25,202 4,223 27,164 23,107 4,057 24,776 20,413 4,363 28,075 23,771 4,304 24,398 19,704 4,694 26,158' 21,371' 4,787 27,681 23,324 4,357 23,672 18,304 5,368 24,183 20,275 3,908 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean . 84 Bahamas 85 Bermuda 86 British Virgin Islands . 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles . . 91 Trinidad and Tobago . 92 Other Caribbean 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 1,283,018 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory 47 035 40,985 1,485,028 93 1,011 5,118 3,266 37,082 agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe.'' 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • December 2008 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Apr. May July Aug. Sept. 1 Total, all foreigners 1,864,834 2,291,340 2,791,032 2,980,086 2,987,770 2,855,584 2,874,606' 2,887,355' 2,781,644' 2,690,423 2 Foreign countries 1,857,584 2,282,166 2,780,727 2,970,340 2,980,137 2,850,292 2,868,459' 2,881,301' 2,776,233' 2,685,948 918,660 4.139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,587,218 4,055 20,566 2,828 28,445 162,295 33,725 110 45,960 35,870 13,260 52,122 22,684 1,364 1,800 20,448 7,279 191,970 3,426 900,349 24,357 14,306 1,725,855 4,998 40,457 6,451 32,133 201,697 51,589 341 67,368 47,231 9,142 53,152 13,820 1,552 1,797 49,123 9,431 186,320 3,658 911,716 12,201 21,678 1,680,918 5,335 33,888 6,159 27,073 188,786 53,633 347 73,668 49,445 8,366 54,966 15,412 1,626 2,033 55,160 8,576 145,397 3,663 916,714 8,733 21,938 1,593,221 5,416 31,029 4,021 29,854 181,173 57,384 275 68,574 48,224 10,767 59 290 15,073 1,417 2,244 47,496 7,433 116,675 3,675 874,381 6,730 22,090 1,584,310 5,717 26,476 5,804 22,469 190,233 47,686 251 66,092 52,376 9,216 53,642 16,810 1,745 2,667 47,630 7,032 106,351 3,928 890,070 5,110 23,003 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 1,621,268' 8,435' 32,824' 4,188 24,164' 193,272' 47,820' 136' 70,475' 57,180' 8,958' 57,473' 16,413 1,433' 2,455 45,796' 8,132 106,301 3,839 905,899 4,883 21,192 1,607,640' 4,624 21,730 2,321 25,807' 171,946' 49,736 149 63,668 49,844 11,508 46,498 23,912 1,370 2,518 46,326' 7,899 107,312 3,782 947,929 4,356 14,405 1,511,148 4,329 18,653 2,485 22,106 167,166 40,699 378 68,274 40,273 10,660 44,545 14,068 1,359 2,532 40,656 7,139 121,319 3,741 884,646 7,147 8,973 MEMO 1,464,034' 1,447,679 1,503,879 1,341,415 25 European Union3 n.a. 26 Canada 64,104 71,325 85,145 91,367 92,996 88,786 81,114 91,539 94,104' 85,654 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 83,042 3,978 30,340 8,849 3,567 962 1,314 21,783 3,859 2,995 338 2,335 2,722 83,458 4,825 24,761 9,787 3,524 811 1,296 24,906 4,408 3,857 271 1,898 3,114 96,073 3,866 38,626 10,192 3,527 835 1,311 23,752 4,588 4,144 311 1,956 2,965 96,734 4,224 37 796 10,353 3,625 786 1,377 23,902 5,020 4,517 297 1,873 2,964 97,576 4,763 37,280 10,524 3,529 778 1,323 24,757 4,883 4,239 291 1,819 3,390 103,794 5,356 41,787 10,974 3,591 761 1,387 25,298 5,001 4,586 320 1,774 2,959 92,891' 4,816' 31,086' 95,316 4,806 33,830 11,078 3,770 831 1,355 10,021 3,712 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316 120,904 17,777 2,807 572,273 669 2,484 1,055 6,347 801,309 151,187 10,651 3,328 622,637 657 4,114 673 8,062 856,318 147,173 16,110 3,881 669,531 742 4,409 855 13,617 892,761 154,129 17,832 3,905 701,914 769 4,229 766 9,217 865,530 147,091 13,289 3,996 686,156 818 4,053 807 9,320 884,107' 157,522 14,055 4,161 691,654' 811 3,656 755 11,493 869,000' 152,480 11,876 5,705 683,884' 814 3,530 864 9,847 816,595' 14,032 828,655 174,971 9,767 4,776 616,495 836 3,493 671 17,646 190,610 221,858 185,695 169,445 172,807 158,654 171,371 165,375' 138,417' 139,697 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 18,489 8,820 4,385 985 3,724 83,652 27,383 1,207 1,222 5,960 23,160 6,708 15,564 9,269 4,293 1,086 3,387 84,316 22,182 1,133 1,548 4,045 15,596 7,026 23,032 8,945 5,352 1,329 5,419 78,836 21,090 1,028 1,207 3,629 16,109 6,831 19,501 8,886 5,654 1,144 4,109 74,838 19,464 1,448 1,634 1,116 13,265 7,595 21,702 9,481 6,638 1,062 6,618 79,227 18,283 1,214 1,205 2,930 13,670 9,341 23,653 10,056 5,983 1,088 5,564 70,620 17,262' 993 1,165 1,134 17,305 10,552 10,497 13,884 5,882 3,770 11,094 5,146 1,058 1,848 81,667 13,797 850 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 16,679 356 60 562 891 14,810 17,578 367 18 450 608 16,135 18,614 367 30 374 696 17,147 20,297 1,353 11 387 950 17,596 2,838 417 6 532 940 943 3,968 397 8 895 964 10,945 10,226 541 178 14,700 13,195 1,263 242 30,154 28,716 1,122 316 27,218 25,527 1,236 455 27,004 25,159 1,440 405 28,753 27,317 1,012 424 29,684 27,926 1,298 460 27,487 25,799 1,223 465 22,618 21,276 817 525 22,643 7,250 9,174 10,305 9,746 7,633 5,292 6,147 6,054' 5,411 4,475 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries'" 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of 25,444 4,842 4,540 333 1,805 2,991 141,424 13,178 5,324 637,837' 808 3,400 592 2,879 69,402 13,773' 864 1,954 90 10,989 7,092 1,704 826 1,349 25,727 5,395 4,440 342 1,793 3,075 1,135 109 11,234 7,989 2,835 358 519 656 1,299 21,136 921 586 January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean.'' 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2008 Type of claim 2005 2006 2007 Apr. May 2 980 086 92,643 2 234 603 652,840 2 987 770 117,571 2 230 628 639,571 June July' Aug.' 2 874 606 104,736 2 144 305 625,565 2 887 355 109,073 2 166 694 611,588 Sept. Oct.' 1 Total claims reported by banks 2,344,155 2,944,476 3,547,969 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,864,834 72,919 1 391 775 400,140 2 291 340 98,010 1 662 805 530,525 2 791 032 108,326 2 067 163 615,543 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 756,937 394,043' 167,311 173,423 22,160' 748,320 2,414 923,958 6,272 978,182 5,830 1,076,657 2,190 1,106,976 3,277 1,092,847 2,610 1,076,920 2,692 1,072,985 2,653 991,554 2,256 1,021,929 616 7,324 1,106,776 1 304 277 9,236 1,351,874 1 639 474 42,252 1,764,768 1 928 520 42,586 1,858,653 2 070 008 40,321 1,837,196 2 050 758 39,773 1,720,354 1 980 944 45,096 1,749,898 1,948,816 38,085 1,773,632 1,957,281 40,075 1,747,759' 1,952,210' 42,480 1,625,398 1,866,243 482,090 664,373 764,821 814,026 813,211 742,200 795,782 807,559 748,798 672,962 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 3,554,284' 2 855 584 96,578 2 134 480 624,526 3,423,529 698,700' 339,572' 172,688' 171,143 15,297' 2 781 644' 76,817' 2 115 684' 589,143' 2 690 423 58,037 2 087 529 544,857 641,885 308,280 171,364 146,545 15,696 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 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 3.22 Federal Reserve Bulletin Statistical Supplement • December 2008 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept.p Sept. 1 Total 92,009 76,710 89,217 106,508 112,853 103,835' 111,287' 107,533' 103,044 By type 2 Financial liabilities 3 Short-term negotiable securities' 62,847 11,759 39,249 9,050 48,712 11,617 52,649 6,783 55,051 4,663 47,919 4,923 46,175 7,751 39,285 6,374 36,058 6,163 10,120 18,573 12,219 24,908 13,536 15,048 14,130 7,625 15,015 5,027 14,086 4,614 15,269 3,906 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 14 15 16 17 18 19 20 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom n.a. n.a. 29,575 33,272 2,399 9,067 18,337 1,564 1,905 24,003 15,246 2,354 4,052 3,169 2,018 3,653 35,033 13,679 2,806 4,629 4,024 1,393 827 31,589 21,060 1,328 11,414 4,044 2,397 1,877 29,103 25,948 834 13,006 4,007 3,319 4,782 26,474 21,445 1,193 8,496 3,948 3,536 4,272 23,995 22,180 899 9,968 3,967 3,849 3,497 21,646 17,639 879 8,893 4,319 2 335 1,213 23,021 13,037 870 5,381 3,190 2,694 902 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 30,184 936 995 11,174 1,183 346 14,308 34,443 863 621 6,264 204 313 24,956 35,076 460 1,466 6,164 242 289 23,664 28,175 467 1,453 2,940 256 287 20,230 26,207 225 1,522 1,843 285 90 21,680 22,846 985 485 1,553 284 91 18,638 17,909 701 590 1,739 238 112 13,964 5,955 14,659 8,567 9,496 6,369 3,892 3,588 2,530 3,986 2,361 3,232 2,104 1,964 1,391 1,311 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 12,435 0 0 12,645 0 0 15 14,196 7 n.a. 12,265 30 0 12,388 35 14 13,994 27 16 15,017 0 0 29 n.a. 14,802 28 18 15,106 0 58 26 n.a. 14,833 36 16 13,081 1 93 64 n.a. 12,635 70 13 14,096 0 65 37 n.a. 13,743 77 13 4,724 1,648 36 5,323 1,383 173 1,924 1,346 100 3,106 1,392 1,088 2,445 1,676 56 2,470 1,563 53 2,688 1,864 123 1,694 810 50 2,578 1,640 88 131 94 997 97 31 0 27 0 26 0 31 0 88 0 96 0 103 4 MEMO: 21 22 Euro area3 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries1 34 35 Africa Oil-exporting countries'" 36 All other7 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period 2008 2007 Type of liability, and area or country 38 39 Trade payables Advance payments and other liabilities 40 By currency Payable in U.S. dollars 42 Canadian dollars 44 United Kingdom pounds sterling 46 All other currencies 47 By area or country Commercial liabilities Europe 49 50 France Germany 52 Switzerland 2004 2005 2006 June Sept. Dec. Mar. June Sept.p 29,162 18,181 10,981 37,461 23,050 14,411 40,505 25,673 14,832 53,859 28,237 25,622 57,802 29,322 28,480 55,916' 27,866 28,050' 65,112' 32,272 32,840' 68,248' 37,772 30,476' 66,986 33,416 33,570 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 37,298 3,207 730 610 470 377 1,020 50,440 3,419 707 617 541 381 1,173 54,969 2,833 666 482 300 354 1,031 52,687' 3,229 969 579 319 372 990 61,122' 3,990 1,756 528 294 400 1,012 65,066' 3,182 911 731 270 262 1,008 64,320 2,666 1,025 370 158 254 859 9,030 123 1,019 1,024 305 564 3 407 10,574 109 1,870 1,113 489 1,113 2 882 10,962 222 1,567 1,217 526 724 3 046 14,876 209 1,559 2,201 755 1,370 4 313 15,069 220 1,667 2,161 929 1,291 3 928 15,330' 260 1,712 2,037 938 1,418' 3 328 15,641' 280 1,774 1,284 751 1,937' 3 730 17,781' 377 1,688 1,359 1,133 2,743' 4 425 17,845 537 2,047 1,317 730 2,871 3 696 MEMO 54 Euro area3 3,730 5,405 5,226 6,850 7,279 7,677 7,162 7,114' 8,344 55 Canada 2,145 2,375 3,708 4,737 4,271 5,663 5,365 5,846 5,930 56 Latin America and Caribbean 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 n.a. 76 2,209 680 5,757 70 777 241 n.a. 539 2,120 353 7,817 163 1,008 360 n.a. 647 2,512 663 8,546 122 1,160 425 n.a. 728 2,936 586 8,358 89 707 911 n.a. 1,167 2,820 557 9,671 180 1,264 1,142 n.a. 997 3,076 870 10,767' 162 1,010 1,049 n.a. 859 4,130' 1 174 8,508 108 663 1,070 n.a. 747 2,554 1 325 12,239 4,221 2,910 17,427 5,971 3,986 18,755 5,864 3,855 24,049 5,688 5,803 26,832 5,476 7,324 23,410 5,325 7,105 30,462' 6,166 9,945 30,187 5,564 12,254 31,372 5,888 9,982 58 59 60 61 62 64 66 Bermuda Brazil British West Indies4 Cayman Islands Mexico Asia Middle Eastern oil-exporting countries5 67 Africa 947 424 916 493 849 283 1,267 637 1,453 763 1,458 655 2,141 1 069 1,920 1 108 1,587 739 69 All other7 525 421 474 1,113 1,631 1,697 1,832 1,747 1,744 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • December 2008 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept.p Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits . Negotiable securities Of which: Negotiable CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom 143,232 144,950 126,032 137,231 144,477 136,416' 138,809' 146,367' 118,962 110,517 47,270 9,892 111,394 50,149 13,180 88,646 31,909 2,744 93,794 27,228 2,223 100,784 36,820 1,344 88,031 29,891 1,245 91,838 34,052 1,354 95,287 43,002 1,387 72,572 23,220 950 103 53,355 65 48,065 15 53,993 20 64,343 14 62,620 31 56,895 28 56,432 37 50,898 49 48,402 10,057 17,842 14,268 18,789 14,678 17,506 12,875 10,765 13,083 8,814 10,911' 7,196 11,731 5,836 n.a. n.a. 67,445 43,072 1,329 20,651 9,219 7,345 4,528 75,802 35,592 9,348 9,308 7,635 3,537 5,764 66,871 21,775 8,454 5,843 4,014 746 2,718 66,625 27,169 3,729 15 339 3,850 868 3,383 65,146 35,638 4,387 15,498 3,611 9,113 3,029 66,726 21,305 4,583 8,717 3,461 1,059 3,485 72,084 19,754 4,692 7,791 2,981 886 3,404 75,228 20,059 4,512 8,535 3,486 908 2,618 52,911 19,661 5,122 6,967 3,189 973 3,410 48,714 2,177 1,452 5,386 7,389 978 23,982 42,736 1,743 2,752 2,729 3,033 1,152 22,111 34,070 328 1,310 8,506 2,842 706 13,713 47,629 2,985 3,557 9,058 5,138 806 18,377 44,651 2,270 2,850 7,543 3,690 820 20,467 39,482 1,393 3,841 3,288 3,005 777 19,251 39,429 3,856 3,576 4,132 2,142 882 16,753 43,931 2,951 2,656 6,124 3,592 1,128 18,675 34,678 3,252 1,069 2,862 2,343 756 14,461 MEMO: 23 Euro area3 24 Canada 25 26 27 28 29 30 31 32 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 33 34 35 Asia Japan Middle Eastern oil-exporting countries5 36 37 Africa Oil-exporting countries'" . . 38 All other7 25,150 20,564 18,374 21,581 16,356 6,412 16,702 13,372 14,118 11,312 11,208 11,203 10,747 11,254 10,992 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 30,826 2,466 1,397 1,463 n.a. 23,035 1,217 150 23,481 2,145 568 1,658 n.a. 16,492 1,222 194 35,231 1,862 466 1,695 n.a. 28,028 1,232 195 32,597 1,602 495 1,600 n.a. 26,103 1,419 170 19,771 296 710 1,508 n.a. 14,633 1,267 177 6,840 993 137 7,223 568 242 3,238 882 60 4,745 1,465 1,111 11,738 1,395 111 11,533 1,536 150 3,831 1,352 148 4,525 1,296 166 3,616 1,097 179 306 8 1,291 37 345 34 366 33 368 32 425 36 455 36 520 55 529 66 1,096 Nonbank-Reported Data 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept.p Sept. 39 Commercial claims 40 Trade receivables 41 Advance payments and other claims 42 43 44 45 46 47 48 49 50 51 52 53 54 55 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 32.715 29,229 3,486 33,556 29,231 4,325 37,386 32,802 4,584 43,437 36,001 7,436 43,693 36,520 7,173 48,385 41,792 6,593 46,971 39,536 7,435 51,080 43,775 7,305 46,390 40,290 6,100 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 33,160 4,226 740 1,108 661 281 1,436 39,644 3,793 658 1,233 707 257 938 40,136 3,557 637 1,124 663 285 848 43,344 5,041 788 2,116 749 319 1,069 42,905 4,066 1,059 1,171 631 253 952 47,945 3,135 399 1,311 550 156 719 44,595 1,795 258 540 310 115 572 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,105 443 2,110 1,642 728 718 3,789 16,762 488 1,956 1,780 665 1,087 5,118 16,501 368 1,972 1,713 745 948 5,734 16,667 333 2,220 1,638 984 1,366 4,520 16,800 256 1,970 1,701 630 1,138 5,139 18,819 309 2,625 2,636 1,082 972 5,501 15,388 251 2,213 2,333 396 836 4,804 MEMO 56 10,619 8,229 2,017 7,663 2,750 3,402 4,109 3,595 5,215 4,555 4,803 4,384 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 1,022 8,089 33 1,267 922 n.a. 585 1,952 451 8,747 27 1,528 946 9,172 47 1,310 971 n.a. 335 2,307 500 9,618 57 1,141 1,124 452 2,196 474 8,849 55 1,136 1,024 n.a. 495 2,283 475 10,882 48 1,298 1,223 61 2,089 380 7,146 48 503 945 n.a. 323 2,067 379 639 2,935 501 460 2,708 414 8,943 1,855 1,071 10,073 2,128 1,558 11,011 2,467 1,754 12,507 3,156 1,686 13,027 2,948 2,114 15,687 3,982 2,402 14,315 3,895 1,922 14,486 4,013 1,915 14,969 4,134 2,614 629 154 830 258 982 321 1,007 261 964 314 1,297 316 1,330 341 1,216 313 Euro area3 57 Canada 58 59 60 61 62 63 64 65 66 67 68 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 . 69 70 Africa Oil-exporting countries'" 71 All other7 8,436 1,192 1. Data available beginning March 2003. For data on loans and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • December 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Oct. Apr. May July Aug. Sept. 1,273,558 1,279,336 905,531 906,513 1,168,913 1,157,394 U.S. corporate securities STOCKS 1 Foreign purchases 6,718,156 2 Foreign sales Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 .. 958,436 970,005 997,461 981,481 1,066,125 1,067,942 1,018,229 1,024,350 15,980 -1,817 150,371 5,766 195,562 15,107 30,872 19,094 -11,569 436 15,976 36 -1,820 527 -5,783 1,069 -987 -1,415 11,521 48 -6,120 -135 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 89,259 -1,168 19,521 600 28 -7,143 6,887 -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 -2,232 -1,077 -7,974 -19,184 358 -6,971 -862 3,377 16,769 397 6,622 3,764 -24,382 7,139 43,932 -961 26,712 13,308 -4,597 626 -113 54 -7,604 -5,545 437 -236 3,572 336 6,538 -35 1,370 105 -14,716 95 2,887 -186 1,965 1,131 -1,717 520 4,045 308 2,437 -8,451 744 -60 -403 804 3,946 46 1,571 394 2,601 489 6,167 130 7,670 -33 -32 741 560 -401 -1,711 -2,182 -362 -69 -523 1,148 3,073 224 1,088 437 -9,763 -40 3,979 -213 2,721 817 1,471 448 5,328 -62 3,806 -128 182 -927 -859 -313 2,590 -185 -1,698 970 -4,844 187 -4,995 -736 -127 920 -814 83 5,197 68 -1,161 1,533 210 -317 -1,403 -1,388 5,241 652 1,836 689 -5,212 -396 -1,818 -37 592 132 -920 -363 -2,949 -489 -6,787 -703 -561 -1,365 -856 -673 9,715 745 697 656 13,656 -155 -242 49 1,803 720 -85 -57 -15,788 -46 -2,681 -2,113 -244 -975 -1,586 179 -6,673 -728 -73 -1,181 4,760 -68 7,375 13 2,255 4,617 80 -1,225 44 -40 29 0 -2 -1 1,572,160 1,285,696 2,050,451 1,824,365 2,335,378 2,293,883 259,359 244,088 255,882 227,727 227,298 195,834 173,505 213,612 155,794 179,983' 190,743 184,572 201,719 251,935 286,464 226,086 41,495 15,271 28,155 31,464 -40,107 -24,189' 6,171 -50,216 286,228 92,632 225,707 119,057 42,079 -7,030 15,256 11,012 28,275 11,036 31,415 9,142 -40,049 -16,160 -24,391' -13,146 6,504 -8,677 -50,169 -16,747 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 66,787 -1,275 3,673 -3,080 -558 -22,120 -974 -790 95,574 -1,497 6,192 6,961 -69,474 -13,834 46,142 22,906 23,368 13,782 -1,350 655 10,954 -52 135 294 -379 -3,584 -365 -154 14,168 -12 1,210 3,660 -19,896 -2,100 20,791 11,891 5,332 2,605 149 488 11,893 -130 -677 343 -605 -4,615 110 -158 18,424 -70 2,585 1,468 -9,626 -1,344 23,519 14,859 4,353 4,474 -44 -176 4,190 -58 1,995 -1,273 53 -3,945 88 407 6,713 -20 208 -289 11,884 -480 15,999 9,641 4,567 770 -181 84 -8,580 52 -1,817 726 -754 -3,427 -125 -118 -1,517 -67 156 -2,800 -12,044 -3,371 -12,410 -3,367 1,187 -5,518 -412 -588 -4,827' 41 204 -1,221' -909' -3,444' 210' -58' 2,707' 17' -1,654' 25 -2,131' -3,037' -11,901' -7,154' 138' -2,913' -555' -311' 227 -76 -2,102 -1,159 -859 -1,280 239 176 4,695 -7 -575 3,244 15,664 -1,490 -10,628 -7,730 -195 -1,281 60 -11,537 -70 -1,420 396 -775 -361 39 -364 -5,756 -134 -126 614 -22,466 -552 -15,902 -4,863 -155 -2,136 100 -300 236 379 -584 15 -120 49 -58 202 1,678,464 1,167,658 1,913,307 1,519,952 1,246,078 1,177,408 164,754 139,751 189,665 129,823 124,990 120,305 97,810 101,948 80,587 93,717 93,860' 102,298' 195,522 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 10,443,794 10.776.03C -6,121 3 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 28 Foreign sales 29 Net purchases, or sales (-) 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Foreign countries Of which: by foreign official institutions . . . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 52 International and regional organizations2 .. -47 CORPORATE BONDS3 53 Foreign purchases 54 Foreign sales 90,843 103,947 59,842 4,685 Foreign countries Of which: by foreign official institutions . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 509,783 28,556 392,108 50,566 68,811 32,348 24,887 7,513 59,765 9,088 4,737 4,102 -4,128 172 -13,077 -510 -8,367' -1,150 -13,096 739 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 207,482 -7,413 4,261 5,419 8,658 -14,650 -652 3,581 208,956 -6,717 12,274 5,097 41,694 3,803 116,187 41,675 12,780 39,565 -169 5,740 -17,004 -9,679 -3,527 5,350 -11,095 -7,707 -1,099 607 607 -12,335 5,597 1,916 15,860 4,521 58,316 27,910 5,122 22,988 -190 -205 6,762 -8 -367 246 880 1,219 -38 306 5,435 -734 580 26 7,306 551 9,775 6,947 747 1,107 19 -132 16,149 -926 210 289 444 -1,366 681 678 21,155 -4,757 1,511 262 23,141 654 17,078 9,238 1,642 4,640 -20 990 -2,745 -1,430 -8 6,549 -1,041 -1,702 -9 -264 -3,132 -1,748 1,130 -470 -2,676 1,258 8,228 3,817 640 3,648 -4,567 -130 -353 -120 -2,532 -648 -106 -62 49 -84 16 -3,203 786 4,378 1,567 656 3,573 -48 -1,469 -11,574 -1,361 -1,003 -778 -1,774 -2,863 -349 343 -2,634 -520 236 254 -3,721 628 1,177 -778 199 1,711 -116 39 -4,382' -495 -188 -832 -2,268 -1,621 -385 -455 2,903' -654 77 27 -433 92 -3,645 -2,599 -347 -529 -90 -13 -7,755 -1,714 -583 -506 -2,680 -901 27 -18 -56 -639 750 -165 -4,525 -104 -1,376 1,491 -185 -390 98 -19 78 International and regional organizations3 1,023 1,247 -141 116 77 -10 -53 393,355 55 Net purchases, or sales (-) 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 -13,104 -71 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars 2008 Transaction, and area or country 2006 2008 2007 Jan.Oct. Apr. May June July Aug. Sept. Oct.' 16,894 560,901 544,007 2,851 428,218 425,367 -2,445 482,941 485,386 21,795 458,842 437,047 Foreign securities 79 Stocks, net purchases or sales (-) 4 -106,455 3,636,185 3 742 640 80 Foreign purchases -95,298 -1,225 5,215,765 4,884,940 5 311 063 4 886 165 -245 505.496 505,741 -18,106 494,660 512,766 1,562 499,993 498,431 82 Bonds, net purchases or sales (-) 4 -144,452 -129,015 72,126 10,728 -8,303 -11,517 17,278 17,366' 37,810 14,513 83 Foreign purchases 1,879,713 2 024 165 2,971,803 3,100,818 2,037,257 1,965,131 193,225 182,497 182,056 190,359 188,259 199,776 158,503 141,225 157,238 139,872' 227,068 189,258 177,088 162,575 85 Net purchases, or sales (-) of stocks and bonds4 -250,907 -224,313 70,901 10,483 -26,409 -9,955 34,172 20,217' 35,365 36,308 86 Foreign countries 87 Europe -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -240,242 -218,683 -62,543 -154,906 -10,935 -7,948 -18,442 27,066 4,032 1,112 -12,412 61,457 38,957 22,522 -7,202 -5,108 17,608 -38,107 67,550 11,830 1,264 -20,707 8,529 -5,690 -3,927 -6,145 -2,397 2,899 4,420 10,532 -1,188 -217 -1,018 -26,401 -18,064 -1,544 -19,134 -6,351 -5,117 -2,136 7,726 5,233 -591 -1,868 -9,858 812 -1,739 -856 -2,216 3,603 -7,296 3,663 -1,658 -22 -8,402 34,158 12,103 17,610 -2,470 1,444 477 2,253 16,754 8,144 296 831 17,750' 23,181' 8,768' 11,140' 1,734 -1,133 -13,624 5,977' 591 601 1,014 34,415 33,673 14,325 8,655 2,317 1,019 -8,625 2,861 -1,116 185 2,985 35,930 24,674 -210 19,993 -1,677 3,832 407 6,114 -1,185 697 1,883 5,109 15,929 9,444 1,954 -8 -97 14 950 378 89 United Kingdom 91 Latin America 93 Asia 95 Africa 97 Nonmonetary international and regional organizations2 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 2. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 2,467 3. Includes state and local securities. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investment abroad. 4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign securities. 5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Foreign Transactions1 Millions of dollars; net purchases, or sales (—), during period Area or country Jan.Oct. Apr. July Aug.' Sept. 1 Total reported 195,536 76,958 5,673 32,837 20,737 34,665 2 Foreign countries 3 Of which: by foreign official institutions . . . 194.714 69,639 201,988 2,994 340,215 98,973 76,944 22,298 5,726 -3,724 27,992 1,105 34,658 10,068 33,040 4,848 20,461 4,944 35,185 -1,084 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R Canada 98,982 357 -1,600 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161 178,485 -3,100 -7,827 -3,358 1,734 -28 1,471 -27,339 2,176 -2,560 208,792 -974 9,498 -1,936 192,376 -1,592 -11,920 640 -12,944 -775 -4,293 25,945 -2,276 -470 190,455 1,028 8,577 -1,658 51,683 -56 -2,820 2,539 -327 435 677 770 -26 986 46,640 -123 2,988 4,514 17,160 -289 -6,315 1,675 -5,216 -225 411 1,754 72 -725 24,047 -33 2,003 4,727 3,966 -120 1,038 -3,945 -1,784 -139 -607 -3,636 -812 2,403 9,790 -166 1,945 -2,571 7,487 -146 1,377 -74 -1,677 374 -210 -1,476 -54 -714 9,230 198 660 69 16,842 -192 4,326 251 297 -752 -1,066 -577 374 -1,018 15,558 136 -494 787 29,080 -116 -1,602 -581 -301 -268 -1,983 10,992 -1,095 232 29,576 72 -5,846 -7,447 11,758 -65 1,305 237 -1,685 168 -686 -1,689 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 21,838 23,100 -322 242 -1,182 86,160 77,066 1,735 -196 7,555 5,303 2,605 -3,704 -391 6,793 -602 597 -2,075 24 852 3,683 819 1,401 119 1,344 4,566 1,166 2,541 -16 875 -5,921 -2,751 -4,350 -187 1,367 -5,719 -2,772 -2,098 15 -864 -3,280 -4,705 -93 27 1,491 -9,847 -8,093 -2,028 -68 342 23 Caribbean -9,838 2,380 27,512 5,485 -13,296 20,878 3,910 12,273 10,470 11,601 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,694 40,633 16,257 1,312 6,168 4,548 -224 -67,850 -7,968 2,056 -47,384 -17,874 1,805 1,515 111,160 90,491 11,631 15,462 -6,377 17,738 -17,785 15,011 12,849 2,705 -3,791 -390 1,468 2,170 -10,662 11,692 -92 -13,432 -1,735 817 -7,912 467 -302 -915 4,520 -1,901 1,697 -2,632 27,446 13,665 -485 11,962 -1,111 803 2,612 9,129 18,262 446 -10,263 2,493 1,353 -3,162 -5,771 4,171 968 -7,889 -1,684 6,765 -8,102 26,434 9,981 2,294 12,940 -4,114 4,068 1,265 3,515 2,400 6,127 4,568 8,281 9,527 591 448 4,662 5,297 988 1,736 865 439 1,271 -3,097 -1,951 566 1,842 -2,638 -1,378 -2,759 262 -548 -69 -711 506 -1,166 822 -1,048 -299 14 -53 -368 -203 276 -520 31 Africa 32 African oil exporters3 33 Other countries 34 4 International and regional organizations .. 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 1,745 -302 334 812 16,380 172 -2,970 -4,161 3. Comprises Algeria, Gabon, Libya, and Nigeria. 4. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 56 Federal Reserve Bulletin Statistical Supplement • December 2008 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2008 May July Aug. Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1,023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2.11 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2.14 0.8391 1.9461 1.0734 7.6058 5.4413 1.3711 7.8016 41.18 117.76 3.4354 10.928 0.7365 5.8557 1.5065 7.0477 928.97 110.620 6.7550 1.1999 32.855 32.203 2.0020 2.14 0.9492 1.6585 0.9993 6.9725 4.7963 1.5554 7.7988 42.00 104.36 3.2127 10.438 0.7777 5.0571 1.3659 7.6076 1,034.13 107.771 5.9887 1.0448 30.589 32.026 1.9650 2.14 0.9511 1.6179 1.0166 6.8993 4.7926 1.5562 7.8073 42.76 106.92 3.2568 10.327 0.7616 5.1351 1.3679 7.9367 1,031.49 107.763 6.0249 1.0371 30.371 33.175 1.9664 2.14 0.9620 1.5900 1.0130 6.8355 4.7335 1.5759 7.8001 42.70 106.85 3.2476 10.209 0.7546 5.1058 1.3591 7.6114 1,015.05 107.609 6.0015 1.0283 30.414 33.471 1.9888 2.14 0.8815 1.6127 1.0535 6.8462 4.9894 1.4955 7.8076 42.91 109.36 3.3300 10.115 0.7091 5.3331 1.4052 7.6651 1,046.11 107.718 6.2845 1.0841 31.221 33.820 1.8865 2.14 0.8168 1.8031 1.0582 6.8307 5.2020 1.4342 7.7854 45.53 106.57 3.4405 10.663 0.6739 5.6958 1.4297 8.0753 1,134.87 107.823 6.6816 1.1102 31.992 34.238 1.7973 2.14 0.6870 2.1810 1.1847 6.8358 5.6253 1.3266 7.7588 48.62 99.97 3.5222 12.659 0.6077 6.4973 1.4784 9.7800 1,329.19 108.166 7.4435 1.1429 32.703 34.421 1.6862 2.14 110.71 83.71 108.52 82.46 103.40 77.84 95.83 70.75 96.09 71.42 95.40 70.91 97.93 74.09 100.30 75.51 106.95 80.42 97.98 90.63 96.87 90.55 92.28' 86.40' 85.94' 79.99' 86.55' 81.06' 85.98' 80.66' 87.88' 83.87' NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)'' 26 Other important trading partners (January 1997=100)7 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. dollars per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a 89.73' 85.26' 94.57 90.07 measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 December 31,2007 March 31,2008 June 30, 2008 September 30, 2008 March June September December 2008 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 November 2007 February 2008 May 2008 August 2008 February May August November 2008 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 September 30,2007 December 31,2007 March 31,2008 June 30, 2008 February May August November 2008 2008 2008 2008 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1997-2003 1998-2004 1999-2005 2000-2006 2001-2007 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2003 2004 2005 2006 2007 September September September September September 2004 2005 2006 2007 2008 70 60 60 60 60 Supplement Supplement Supplement Supplement Supplement September September September September September 2004 2005 2006 2007 2008 73 63 63 63 63 Supplement Supplement Supplement Supplement Supplement *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • December 2008 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, September 30, 2008 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 avail able-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 11,942^57 10^99,782 9,207,521 7,664,946 2,734,835 689,458 449,782 n .a. n .a. n .a. n .a. n .a. n .a. 600,657 133,323 n.a. n.a. 69,315 231,948 166,071 360,981 128,219 95,253 32,966 54,798 11,899 166,065 88,801 1,701,785 34,967 n .a. n .a. 1,273,225 25,931 428,560 9,036 145,100 6,058 139,042 136,348 1,029,014 662,225 67,862 580,870 13,493 366,788 142,459 12,464 211,865 210,118 32,713 9,938 12,018 14,646 15,665 124,180 128,759 32,954 95,806 n .a. n .a. n .a. 38,500 106,600 3,341 103,260 2,717 35,782 57,700 830,164 533,433 52,791 468,064 12,578 296,731 89,585 11,366 195,780 205,085 30,575 9,708 11,801 14,461 15,225 123,316 106,130 20,246 85,884 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. 15,071 112,806 915 70,057 52,875 1,098 16,085 5,033 2,139 229 217 185 440 864 22,630 12,708 9,922 7,762 9,716 17,479 78,648 198,850 128,792 717,725 219,999 497,726 545,700 219,999 325,701 634,136 172,487 461,650 462,112 172,487 289,625 83,589 47,513 36,076 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 6,875,990 2,645 141,092 6,732,253 135,644 6,596,609 6,359,971 2,341 4,938,216 1,608 107,153 4,829,455 105,664 4,723,790 4,422,197 1,304 n.a. n.a. n.a. n.a. 1,937,774 1,037 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 3,820,356 n.a. n.a. n.a. n.a. 3,752,914 547,285 61,581 2,075,484 576,062 2,406,767 273,914 10,694 1,587,041 492,545 1,346,146 273,371 n.a. n.a. n.a. n.a. 135,613 n.a. n.a. n.a. 59,116 1,423,353 n.a. n.a. 1,307,073 192,348 148,935 919,629 102,459 940,434 366,639 38,287 52,865 480,580 20,762 986,454 371,152 68,247 547,054 849,997 305,773 56,741 487,484 63,822 442,636 52,457 275,371 1,914 273,457 n.a. n.a. 123,271 52,453 209,984 542 209,442 40,889 256,920 1,897 255,023 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 Trading assets Premises and fixed assets (including capitalized leases) Other real estate owned Investments in un con soli dated subsidiaries and associated companies 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 65 898,214 106,111 18,923 20,541 n.a. 451,593 332,538 119,055 600,304 154,061 114,851 47,051 10,281 57,519 58,344 1,220,342 14,519 1,110,010 898,355 211,656 96,070 439,049 81,697 33,939 1,902,799 29,980 1,872,819 50,887 488,443 83,517 46,515 10,278 24,904 13,747 907,000 887,212 19,787 44,597 313,342 681,389 246,008 52,315 383,066 168,608 59,765 4,426 11,568 18,451 17 18,434 108,971 40,885 191,533 525 191,008 38,260 152,748 99,180 863,537 61,339 10,283 20,058 n.a. 405,086 299,349 105,737 508,256 n.a. n.a. n.a. n.a. 20,329 n.a. n.a. n.a. n.a. 34,678 817,846 311,388 104,418 14,299 44,771 8,640 483 n.a. 46,507 33,189 13,318 92,049 Special Tables 4.20 59 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, September 30, 2008 Millions of dollars except as noted Domestic total Banks with foreign offices' Banks with domestic offices only2 81 Total liabilities, minority interest, and equity capital 11,942,357 n.a. 9,207,521 82 Total liabilities 10,770,631 9,228,560 8,325,182 6,783,111 2,445,449 7.711.597 6,961,043 n .a. n .a. 149.428 176.866 6.206.866 5,773,293 5,180 318,059 82,325 22.710 5,720,624 5,135,445 n .a. n .a. 119,971 176,695 4,215,893 3,947,695 4,338 183,161 52,868 22,539 1,990,973 1,825,598 843 134,898 29,457 171 5,300 100,407 83 Total deposits 84 Individuals, partnerships, and corporations (include all certified and official checks) . . . . 85 U.S. government 86 States and political subdivisions in the United States 87 Commercial banks and other depository institutions in the United States 88 Banks in foreign countries 89 Foreign governments and official institutions (including foreign central banks) 90 91 92 93 94 95 96 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) . . . . 97 Total demand deposits 98 99 100 101 102 103 104 Total nontransaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) 5,292 n .a. n .a. n .a. n .a. 722,104 607,499 2,330 69,813 33,313 8,357 792 540,862 374,609 166,253 n .a. n .a. n .a. n .a. n .a. n .a. n .a. 5,484,762 5,165,794 2,850 248,246 49,012 14,352 4,507 3,766,340 3,574,575 2,350 146,559 24,088 14,265 4,504 1,718,422 1,591,219 500 101,686 24,925 711,307 215,581 495,726 356,127 550,282 215,581 334,702 n .a. 144,647 83,259 61,388 539 940,557 n .a. 532,970 n .a. n .a. 266,380 8,204 n.a. 34,705 1,115 855,954 298,839 557,114 356,666 694,929 298,839 396,090 n .a. n .a. n .a. 105 Federal funds purchased and securities sold under agreements to repurchase 106 Federal funds purchased in domestic offices 107 Securities sold under agreements to repurchase 108 Trading liabilities 109 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 110 Subordinated notes and debentures to deposits 111 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs 112 All other liabilities 113 Minority interest in consolidated subsidiaries 1,328,263 173,781 n .a. 344,371 15,744 1,061,882 165,577 n .a. 309,666 14,628 114 Total equity capital 1,155,982 867,711 449,553 373,120 1,988 36,602 28,781 8,274 788 n .a. 272,551 234,379 342 33,211 4,532 83 288,271 MEMO 115 Trading assets at large banks2 116 U.S. Treasury securities (domestic offices) 117 U.S. government agency obligations (excluding MBS) 118 Securities issued by states and political subdivisions in the United States 119 Mortgage-backed securities 120 Other debt securities 121 Other trading assets 122 Trading assets in foreign offices 123 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 124 Total individual retirement (IRA) and Keogh plan accounts 125 Total brokered deposits 126 Fully insured brokered deposits 127 Issued in denominations of less than $100,000 128 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 129 Money market deposit accounts (MMDAs) 130 Other savings deposits (excluding MMDAs) 131 Total time deposits of less than $100,000 132 Total time deposits of $100,000 or more 133 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. 848,183 n .a. n .a. n .a. n .a. n .a. n .a. 273,930 454,184 36,958 8,019 27,426 79,436 80,768 28,418 0 419,574 36,863 6,855 27,340 75,425 55,541 25,629 0 34,610 95 1,164 85 4,011 25,227 2,789 0 313,228 n .a. n .a. n .a. n .a. 193,159 229,487 526,129 384,024 329,715 191,920 125,144 255,915 154,082 135,865 1,239 104,343 270,214 229,941 193,850 54,308 2,471,453 706,606 1,179,200 1,127,502 18,217 1,895,188 463,123 625,075 782,954 36,091 576,266 243,482 554,125 344,549 n .a. n .a. n .a. n .a. n .a. 7,003 Foreign offices include branches in foreign countries, Puerto Rico, and U.S.-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 by 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 securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21, 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 Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21, 58-59 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EXCHANGE rates, foreign, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 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 U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21, 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 by banks, 17, 18 YIELDS (See Interest rates) 61 62 Federal Reserve Bulletin Statistical Supplement • December 2008 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE TO THE FLOW COMPUTERS. CD-ROM; updated monthly. Standalone PC. $300 per year. Network, maximum 1 concurrent user. $300 per year. Network, maximum 10 concurrent users. $750 per year. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover additional airmail costs. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in Lending— Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each volume $5.00. ANNUAL REPORT, 2003. ANNUAL REPORT: BUDGET REVIEW, 2004. ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 1982 December 1983 266 pp. $ 7.50 1983 October 1984 264 pp. $11.50 1984 October 1985 254 pp. $12.50 1985 October 1986 231 pp. $15.00 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 1980-89 March 1991 712 pp. $25.00 1990 November 1991 185 pp. $25.00 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 1994 December 1995 190 pp. $25.00 1990-95 November 1996 404 pp. $25.00 1996-2000 March 2002 352 pp. $25.00 FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $15.00 per year or $3.50 each. FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated monthly. (Requests must be prepaid.) Consumer and Community Affairs Handbook. $75.00 per year. Monetary Policy and Reserve Requirements Handbook. $75.00 per year. Securities Credit Transactions Handbook. $75.00 per year. The Payment System Handbook. $75.00 per year. Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Rates for subscribers outside the United States are as follows and include additional airmail costs: Federal Reserve Regulatory Service, $250.00 per year. Each Handbook, $90.00 per year. OF FUNDS ACCOUNTS. January 2000. 1,186 pp. $20.00 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $35.00 per year or $3.50 each. EDUCATION PAMPHLETS Short pamphlets suitable for classroom use. Multiple copies are available without charge. A Consumer's Guide to Mortgage Lock-Ins A Consumer's Guide to Mortgage Settlement Costs A Consumer's Guide to Mortgage Refinancings A Guide to Business Credit for Women, Minorities, and Small Businesses Choosing a Credit Card Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish) Consumer Handbook to Credit Protection Laws Home Mortgages: Understanding the Process and Your Right to Fair Lending How to File a Consumer Complaint about a Bank (also available in Spanish) In Plain English: Making Sense of the Federal Reserve Keys to Vehicle Leasing (also available in Spanish) Looking for the Best Mortgage (also available in Spanish) Making Sense of Savings Privacy Choices for Your Personal Financial Information Protecting Yourself from Overdraft and Bounced-Check Fees Putting Your Home on the Loan Line Is Risky Business (also available in Spanish) Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System The Federal Open Market Committee Federal Reserve Bank Board of Directors Federal Reserve Banks What You Should Know About Home Equity Lines of Credit (also available in Spanish) When Is Your Check Not a Check? (also available in Spanish) 63 STAFF STUDIES: Only Summaries Printed in the BULLETIN Studies and papers on economic and financial subjects that are of general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff Studies 165-176 are available online at www.federalreserve.gov/ pubs/staffstudies. Requests to obtain single copies of any paper or to be added to the mailing list for the series may be sent to Publications Fulfillment. 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 160. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. 35 pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. THE 1989-92 CREDIT CRUNCH Group on Disclosure, Federal Reserve System. March 2000. 35 pp. STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff, for the Payments System Development Committee, Federal Reserve System. December 2002. 27 pp. 176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994- 2003, by Steven J. Pilloff. May 2004. 23 pp. FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. 64 Federal Reserve Bulletin Statistical Supplement • December 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data refer Corresponding Bulletin or Statistical Supplement table numbers2 Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G. 15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization 3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 65 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases E.2. Survey of Terms of Business Lending 3 E. 11. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks As- 5.00 Midmonth of March, June, September, and December February, May, August, and November 5.00 15th of March, June, September, and December Previous quarter E.16. Country Exposure Lending Survey 3 $ 5.00 January, April, July, and October Previous quarter Z.I. $25.00 Second week of March, June, September, and December Previous quarter Flow of Funds Accounts of the United States: Flows and Outstandings3 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 66 Federal Reserve Bulletin Statistical Supplement • December 2008 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. The Payment System Handbook deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulations CC, J, and EE, related statutes and commentaries, and policy statements on risk reduction in the payment system. For domestic subscribers, the annual rate is $200 for the Federal Reserve Regulatory Service and $75 for each handbook. For subscribers outside the United States, the price, which includes additional airmail costs, is $250 for the service and $90 for each handbook. The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a standalone PC, the annual subscription fee is $300. For network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent users, $2,000 for a maximum of 50 concurrent users, and $3,000 for a maximum of 100 concurrent users. Subscribers outside the United States should add $50 to cover additional airmail costs. For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 67 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve Systern makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
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