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Volume2 • Number 2 • February 2005 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Lynn S. Fox, Chair • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman • Richard Spillenkothen • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin. Starting with the winter 2004 issue, the Bulletin is now published on a quarterly basis. Published monthly, the new Statistical Supplement is designed as a compact source of economic and financial data. All tables that appeared in the Federal Reserve Bulletin, including the annual and quarterly special tables, now appear in the Statistical Supplement. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Separate subscriptions for the quarterly Federal Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frbog.frb.gov. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886. Financial and Business Statistics: Table of Contents These tables reflect the data available for publication as of the first week of February 2005. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Reserve Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate 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 Finance 29 New security issues—Tax-exempt state and local governments and U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • February 2005 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 57 GUIDE TO SPECIAL TABLES Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to foreigners 52 Claims on foreigners SPECIAL TABLES 58 Assets and liabilities of commercial banks, September 30, 2004 60 Terms of lending at commercial banks, November 1-5, 2004 66 Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 2004 70 INDEX TO STATISTICAL TABLES Symbols and Abbreviations c e n.a. n.e.c. p r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation G-7 G-10 GDP GNMA GSE HUD IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC TIIS VA Group of Seven Group of Ten Gross domestic product Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International Monetary Fund Interest only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Treasury inflation-indexed securities Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • February 2005 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4' 1 2 3 4 Reserves of depository institutions1 Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 7 M3 Nontransaction components 8 In M2 5 9 In M3 only6 Time and savings deposits Commercial banks Savings, including MMDAs Smalltime7 Large time8'9 Thrift institutions 13 Savings, including MMDAs 14 Smalltime7 15 Large time8 10 11 12 Ql' 11.8 2.2 10.5 2.4 .4 Q2' 5.2 5.7 5.2 4.3 18.5 14.6 18.0 5.6 .7 2.1 7.1 5.9 3.4 5.6 6.1 7.8 9.4 3.6 4.2 1.2 .1 9.5 12.0 3.5 5.7 13.5 4.4 30.7 2.3 5.1 3.8 10.6 2.4 Money market mutual funds 16 Retail10 17 Institution-only 21.6 15.8 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 9.7 18.2 Q37 16.2 3.4 13.2 4.1 26.8 9.5 4.1 14.9 25.2 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 9.2 21.8 7.0 3.2 14.7 7.8 .9 July7 Aug.7 Sept.7 Oct.7 5.3 .7 7.0 10.0 25.7 22.3 2.5 40.2 41.2 38.2 7.2 5.6 9.9 1.6 4.0 2.3 3.9 2.4 6.4 6.4 .5 16.2 3.9 4.2 4.0 6.7 6.2 .1 4.7 .6 13.4 6.9 3.0 2.4 .1 7.4 5.2 6.0 7.9 5.1 5.3 7.5 11.5 7.9 3.3 15.4 2.9 9.5 11.2 7.4 4.6 11.1 .0 4.3 5.8 1.2 .9 30.2 3.6 20.7 4.6 .9 36.0 11.4 6.4 .3 21.6 26.0 4.5 2.7 52.6 38.6 18.0 15.3 12.0 3.8 9.2 5.0 11.7 26.2 9.2 10.3 26.8 27.8 25.4 2.9 33.3 37.9 36.8 17.8 11.3 M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted separately. 7. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 9. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 10. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 5 1.11 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1 Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Sept. Oct. 13 Oct. 20 Oct. 27 Nov. 3 Nov. 10 Nov. 17 Nov. 24 773,351 707,023 707,023 259,320 430,297 15,262 2,144 0 24,286 115 8 0 107 328 41,599 11,043 2,200 36,364 774,767 708,823 708,823 259,638 431,328 15,683 2,174 0 23,643 85 779,870 711,264 711,264 260,864 432,526 15,683 2,191 0 28,607 76 79 66 42,149 11,043 2,200 36,381 778,581 709,268 709,268 259,732 431,670 15,683 2,182 0 27,107 511 431 0 80 751 40,943 11,043 2,200 36,399 SUPPLYING RESERVE FUNDS Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account . . Treasury currency outstanding 766,660 696,587 696,587 255,997 423,501 14,969 2,120 0 30,825 336 96 0 239 201 38,711 11,043 2,200 36,245 769,306 703,153 703,153 259,011 426,741 15,262 2,139 0 25,492 182 16 0 167 19 40,461 11,043 2,200 36,318 778,703 709,943 709,943 260,272 431,847 15,641 2,182 0 27,508 181 105 0 76 337 40,734 11,043 2,200 36,403 768,772 701,602 701,602 258,864 425,339 15,262 2,137 0 27,071 193 5 0 188 139 40,044 11,043 2,200 36,300 770,526 702,661 702,661 259,068 426,191 15,262 2,139 0 26,964 173 168 385 40,343 11,043 2,200 36,321 770,603 705,165 705,165 259,117 428,645 15,262 2,141 0 24,000 198 51 0 147 139 41,101 11,043 2,200 36,342 738,895 24,341 24,341 0 313 740,998 25,572 25,572 0 297 748,709 27,461 27,461 0 296 742,576 24,883 24,883 0 295 741,416 25,431 25,431 0 299 740,707 26,297 26,297 0 301 742,555 26,844 26,844 0 300 745,485 27,110 27,110 0 303 748,462 27,349 27,349 0 300 749,823 27,655 27,655 0 293 16,187 5,608 89 10,213 10,213 0 277 23,235 13,177 16,020 5,024 91 10,596 10,596 0 308 23,795 12,185 15,503 4,921 95 10,177 10,177 0 310 24,764 11,615 15,788 4,682 87 10,721 10,721 0 298 23,650 11,123 16,130 5,232 99 10,490 10,490 0 308 23,880 12,934 15,813 4,948 86 10,487 10,487 0 291 24,102 12,968 16,261 5,275 85 10,571 10,571 0 331 23,879 13,118 15,998 5,012 122 10,571 10,571 0 293 24,079 11,416 15,209 4,824 93 9,962 9,962 0 331 24,542 12,362 14,757 4,419 82 9,961 9,961 0 294 25,367 11,634 71 508 39,414 11,043 2,200 36,417 ABSORBING RESERVE FUNDS Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts . . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . Wednesday figures End-of-month figures Sept. SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 . . . . Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . 0 184 1,681 40,079 11,043 2,200 36,300 765,773 702,813 702,813 259,078 426,333 15,262 2,140 0 21,250 179 24 0 154 952 40,579 11,043 2,200 36,321 772,408 706,730 706,730 259,201 430,125 15,262 2,142 0 23,750 140 0 0 140 432 41,357 11,043 2,200 36,342 770,797 708,130 708,130 259,393 431,328 15,262 2,147 0 20,250 82 0 0 81 668 41,667 11,043 2,200 36,364 781,192 708,909 708,909 259,720 431,328 15,683 2,178 0 29,500 77 1 0 77 486 42,220 11,043 2,200 36,381 774,187 710,134 710,134 259,739 432,526 15,683 2,186 0 24,000 82 5 0 77 953 39,018 11,043 2,200 36,399 790,414 711,595 711,595 261,190 432,526 15,683 2,196 0 39,000 72 1 0 71 89 39,658 11,043 2,200 36,417 754,226 28,201 28,201 0 743,403 24,985 24,985 0 299 741,985 25,843 25,843 0 302 742,43 1 25,761 25,761 0 299 744,898 26,512 26,512 0 303 749,537 27,467 27,467 0 300 748,889 27,729 27,729 0 295 754,296 28,084 28,084 0 14,196 3,759 89 10,023 10,023 0 326 25,627 14,454 16,565 5,466 86 10,721 10,721 0 292 23,479 14,624 15,650 4,785 76 10,490 10,490 0 299 23,765 7,792 15,485 4,582 113 10,487 10,487 0 303 23,608 14,410 15,995 4,971 82 10,571 10,571 0 372 23,626 9,070 15,521 4,565 82 10,571 10,571 0 304 23,771 14,222 15,202 4,851 85 9,962 9,962 0 304 24,907 6,808 14,916 4,575 84 9,961 9,961 0 296 25,191 17,304 771,134 700,341 700,341 258,804 424,141 15,262 2,134 0 29,250 236 5 0 231 1,839 39,468 11,043 2,200 36,279 773,725 706,834 706,834 259,303 430,125 15,262 2,143 0 25,250 121 4 0 116 114 41,635 11,043 2,200 36,364 787,310 712,870 712,870 262,458 432,526 15,683 2,202 0 33,750 77 20 0 57 806 39,807 11,043 2,200 36,435 773,812 701,617 701,617 258,878 425,339 15,262 2,138 0 30,250 186 738,372 25,693 25,693 0 291 741,440 27,037 27,037 0 299 17,076 5,987 128 10,718 10,718 0 243 23,502 15,720 16,088 5,116 92 10,571 10,571 0 310 23,918 14,551 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 NOTE. Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • February 2005 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification May 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment 9,053 43,894 32,005 11,889 41,058 39,408 1,651 67 33 34 9,926 43,363 30,347 13,016 40,272 38,263 2,009 10,858 44,069 32,083 11,986 42,941 41,902 1,039 46 17 0 29 45 35 14,080 43,053 32,255 10,797 46,336 44,693 1,643 112 9 0 103 13,058 43,619 32,507 11,112 45,566 43,678 1,888 180 40 0 140 12,793 44,483 33,399 11,084 46,192 44,481 1,711 245 42 0 203 Aug. Sept. 12,111 45,056 13,037 44,840 33,416 11,424 46,453 44,887 1,566 335 97 0 238 33,386 11,670 45,497 43,946 1,551 251 18 0 233 12,019 46,654 33,660 12,113 45,564 33,467 12,994 45,678 43,961 1,717 179 15 0 164 12,096 45,581 43,808 1,772 183 105 0 78 11,974 46,093 34,081 12,012 46,055 44,385 1,670 294 218 0 12,186 44,909 33,300 11,609 45,486 43,699 1,786 weekly averages of daily figures for two-week periods ending on dates indicated 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment Aug. 4 Aug. 18 Sept. 1 Sept. 15 Sept. 29 13,832 44,517 34,305 10,212 48,136 46,217 1,919 9,861 45,863 32,315 13,549 42,175 40,828 1,347 243 14 0 229 14,005 44,354 34,258 10,096 11,918 44,199 31,935 12,265 43,852 42,243 1,609 14,237 45,333 34,933 10,400 49,169 10,937 47,408 32,089 15,320 47,661 41,364 1,661 197 4 0 194 264 34 0 230 48,263 46,606 1,656 257 19 0 238 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adjusted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 263 26 0 237 1,508 423 181 0 243 43,026 35,391 10,974 48,343 12,953 12,265 45,217 32,709 12,508 44,974 46,628 43,068 1,715 186 1,906 100 7 0 93 46,364 64 76 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Seasona credit3 T7 a|-| pi'n 1 D P CPTVP Bank Boston New York Philadelphia Cleveland Richmond Atlanta On 2/11/05 Effective date Previous rate On 2/11/05 Effective date Previous rate On 2/11/05 Effective date Previous rate 3.50 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 3.25 i 4.00 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 3.75 i 2.50 2/3/05 2.45 i Chicago St. Louis Vlinneapolis Kansas City Dallas San Francisco 2/2/05 2/3/05 2/2/05 2/2/05 2/2/05 2/2/05 3.50 1 3.25 4.00 2/2/05 2/3/05 2/2/05 2/2/05 2/2/05 2/2/05 i 1 3.75 1 2.50 2/3/05 2.45 Range of rates for primary credit Effective date In effect Jan. 9, 2003 (beginning of program) Range (or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 Effective date 2005—Feb. 3 In effect February 11, 2005 . . . . 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 2 Range (or level)—All F.R. Banks F.R. Bank of N.Y. 3.50 3.50 3.50 3.50 Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50^1.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50^1.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages (http://www.federalreserve.gov/releases/H15/data.htm). 8 1.15 Federal Reserve Bulletin Statistical Supplement • February 2005 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirem ent Type of liability Net transaction accounts^ 1 $0 million-$7.0 million2 2 More than $7.0 million-$47.6 million3 . . . . 3 More than $47.6 million Percentage of liabilities 0 3 10 4 Nonpersonal time deposits 0 5 Eurocurrency liabilities 0 NOTE. Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement corporations. 1. Total transaction accounts consists of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. 12/23/04 12/23/04 12/23/04 For a more detailed description of these deposit types, see Form FR 2900 at www. federalres erve. gov/bo arddoc s/reportform s/. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. May July Aug. Sept. U.S. TREASURY SECURITIES 2 Outright transactions Treasury bills Gross purchases . . . . Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases . . . . Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases . . . . Gross sales Maturity shifts Exchanges Five to ten years Gross purchases . . . . Gross sales Maturity shifts Exchanges More than ten years Gross purchases . . . . Gross sales Maturity shifts Exchanges All maturities Gross purchases . . . . Gross sales Redemptions 15,503 0 542,736 542,736 10,095 21,421 0 657,931 657,931 0 18,150 0 738,886 738,886 0 3,516 0 74,959 74,959 0 409 0 66,123 66,123 0 3,831 0 63,302 63,302 0 952 0 78,894 78,894 0 0 66,355 66,355 0 3,473 0 80,572 80,572 0 500 0 59,837 59,837 0 15,663 0 70,336 72,004 16,802 12,720 0 89,108 92,075 0 6,565 0 96,433 103,153 0 0 0 7,293 8,333 0 1,693 0 9,748 8,913 0 0 0 6,998 13,879 0 1,898 0 0 0 0 0 0 17,703 21,489 0 0 0 6,535 7,652 0 1,593 0 0 0 0 22,814 0 45,211 64,519 12,748 0 73,093 88,276 7,814 0 76,364 97,256 0 0 7,293 8,333 783 0 4,066 6,620 1,760 0 6,998 13,879 3,078 0 0 428 0 10,029 19,771 899 0 6,535 7,652 2,765 0 0 6,003 0 21,063 6,063 5,074 0 11,588 3,800 4,107 0 11,131 5,897 713 0 2,520 2,293 275 0 0 0 244 0 568 0 5,051 1,718 695 0 0 0 1,225 0 8,531 0 4,062 1,423 2,280 0 4,427 0 220 0 0 0 0 0 3,163 0 0 0 0 0 29 0 0 0 0 2,624 0 405 0 0 0 0 0 0 68,513 0 26,897 54,242 0 0 36,856 0 0 3,516 0 0 3,681 0 0 5,866 0 0 6,202 0 0 1,078 0 0 5,473 0 0 6,484 0 0 1,522 163,650 165,900 138,500 133,000 138,750 136,000 173,500 182,250 179,500 172,000 180,000 183,000 153,500 157,500 4,942,131 4,946,691 443,463 442,966 392,021 391,293 427,319 426,071 416,602 417,540 465,642 468,417 510,205 512,957 510,553 511,896 4,725 5,752 5,343 5,804 280 1,140 26 Net change in U.S. Treasury securities FEDERAL AGENCY OBLIGATIONS Outright transactions 27 Gross purchases 28 Gross sales 29 Redemptions 0 120 30 Net change in federal agency obligations TEMPORARY TRANSACTIONS Repurchase agreements^ 3 1 Gross purchases 32 Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales 1,497,713 1,490,838 4,722,667 Reverse repurchase agreements4 35 Gross purchases 36 Gross sales 231,272 252,363 37 Net change in temporary transactions 3 8 Total net change in System Open Market Account 1,143,126 46,295 8,653 310 1,752 6,227 3,998 45,589 36,536 1,764 9,908 9,864 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3,487 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 Federal Reserve Bulletin Statistical Supplement • February 2005 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday Sept. Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, and loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans Items in process of collection Bank premises Other assets Denominated in foreign currencies6 All other7 19 Total assets 11,039 2,200 756 734,216 710,134 710,134 259,739 432,526 15,683 2,186 0 24,000 82 8,228 1,747 37,323 20,745 16,579 11,039 2,200 739 750,667 711,595 711,595 261,190 432,526 15,683 2,196 0 39,000 72 7,047 1,753 37,958 20,978 16,980 11,039 2,200 783 729,827 700,341 700,341 258,804 424,141 15,262 2,134 0 29,250 1,748 39,657 20,243 19,415 708,130 708,130 259,393 431,328 15,262 2,147 0 20,250 82 7,714 1,741 39,969 20,343 19,627 11,039 2,200 772 738,487 708,909 708,909 259,720 431,328 15,683 2,178 0 29,500 77 7,071 1,745 40,517 20,413 20,104 4,629 1,736 37,821 19,663 18,158 259,303 430,125 15,262 2,143 0 25,250 121 4,394 1,745 39,936 20,317 19,619 792,661 791,903 801,832 795,509 811,403 788,036 792,311 808,687 707,151 25,761 29,945 24,947 4,582 709,612 26,512 25,109 19,684 4,971 82 372 7,045 2,949 714,224 713,536 27,729 22,065 16,825 4,851 85 304 7,272 2,926 718,896 28,084 32,275 27,320 4,575 84 296 6,957 3,008 703,164 25,693 31,022 706,164 27,037 30,685 25,168 5,116 92 310 4,507 718,779 28,201 28,692 24,518 3,759 89 771,227 780,948 773,529 789,219 767,408 771,231 786,144 10,544 8,847 1,285 10,617 8,847 1,419 11,546 8,847 1,588 11,571 8,847 1,765 10,502 8,847 1,279 10,528 8,847 1,706 11,575 8,847 2,121 20,676 20,883 21,981 22,184 20,628 21,080 22,543 1,304,336 1,057,454 1,308,021 1,060,859 247,162 2,770 1,321,088 1,067,166 253,922 1,408 1,319,141 1,060,830 258,311 457 1,291,525 1,051,563 239,962 2,946 1,299,919 1,050,743 249,177 0 1,328,362 1,067,419 260,943 1,273 11,039 2,200 767 730,620 706,730 706,730 259,201 430,125 15,262 2,142 0 23,750 140 6,630 11,039 2,200 779 728,462 236 11,039 2,200 793 732,204 706,834 706,834 11,039 2,200 709 746,697 712,870 712,870 262,458 432,526 15,683 2,202 0 33,750 77 8,198 1,758 38,086 21,060 17,026 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings . . . . Reverse repurchase agreements8 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 303 6,196 2,849 29 Total liabilities 27,467 29,792 24,842 4,565 82 304 6,579 24,664 5,987 128 243 4,654 2,875 326 7,388 3,084 CAPITAL ACCOUNTS 30 Capital paid in 3 1 Surplus 10,527 8,847 1,385 32 Other capital accounts 33 Total capital MEMO 34 Marketable securities held in custody for foreign offici: and international accounts3'10 35 U.S. Treasury 36 Federal agency 37 Securities lent to dealers 1,298,001 1,049,867 248,134 2,831 246,882 775 Federal Reserve notes and collateral statement 38 Federal Reserve notes outstanding 39 Less: Notes held by F.R. Banks not subject to collateralization 40 Federal Reserve notes to be collateralized 41 Collateral held against Federal Reserve notes 42 Gold certificate account 43 Special drawing rights certificate account 44 U.S. Treasury and agency securities pledged1' 45 Other assets pledged 833,705 836,243 839,330 839,757 841,267 830,481 834,281 841,852 126,554 707,151 707,151 11,039 2,200 693,912 0 126,631 709,612 709,612 11,039 2,200 696,373 0 125,106 714,224 714,224 11,039 2,200 700,985 0 126,221 713,536 713,536 11,039 2,200 700,297 0 122,372 718,896 718,896 11,039 2,200 705,657 0 127,317 703,164 703,164 11,039 2,200 689,925 0 128,117 706,164 706,164 11,039 2,200 692,925 0 123,073 718,779 718,779 11,039 2,200 705,540 0 730,480 728,380 738,409 734,134 750,595 729,591 732,084 746,620 25,774 26,526 27,557 27,746 28,154 25,704 27,139 28,220 704,706 701,854 710,852 706,388 722,441 703,887 704,944 718,399 MEMO 46 Total U.S. Treasury and agency securities" 47 Less: face value of securities under reverse repurchase agreements12 48 U.S. Treasury and agency securities eligible to be pledged 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release, which is available at: www.federalreserve.gov/releases. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Valued daily at market exchange rates. 7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 9. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 11. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 12. Face value of agreements, which are fully collateralized by U.S. Treasury securities. Federal Reserve Banks 1.19 FEDERAL RESERVE BANKS 11 Maturity Distribution of Loans and Securities Millions of dollars Wednesday Type of holding and maturity Sept. 1 Total loans . 2 Within 15 days 16 days to 90 days . 4 91 days to 1 year . . 5 Total U.S. Treasury securities' p Within 15 days 1 16 days to 90 days ! 91 days to 1 year 1 Over 1 year to 5 years I Over 5 years to 10 years Over 10 years 12 Total federal agency securities 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 19 Total repurchase agreements2 . Within 15 days 16 days to 90 days . . 22 Total reverse repurchase agreements2 . . Within 15 days 16 days to 90 days . . 63 15 0 127 14 0 17 65 0 14 63 71 11 66 6 0 189 47 706,730 708,130 708,909 710,134 711,595 700,341 706,834 712,870 35,892 170,306 169,363 203,509 50,942 76,718 56,199 152,081 168,281 203,789 51,060 76,720 41,934 167,164 168,865 203,793 50,330 76,822 51,157 150,923 171,751 206,675 53,998 75,630 51,078 150,884 173,321 206,678 54,001 75,633 30,103 155,392 187,273 200,741 50,517 76,315 36,171 169,601 169,891 203,510 50,942 76,718 30,106 174,822 172,435 205,869 54,003 75,636 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23,750 20,250 29,500 24,000 23,750 0 20,250 0 29,500 0 24,000 0 35,000 4,000 29,250 0 25,250 0 29,750 4,000 25,761 26,512 27,467 27,729 28,084 25,693 27,037 28,201 25,761 26,512 0 27,467 0 27,729 0 28,084 0 25,693 0 27,037 0 28,201 0 Note. Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 25,250 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • February 2005 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec. Apr. May July Aug. Sept. 45.73 45.49 44.02 745.56' 44.75 44.50 43.20 747.15' 46.25 45.92 44.69 751.64' 46.04 45.86 44.32 754.14' 45.95 45.76 44.17 758.18 Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 38.68 38.47 37.25 584.73' 41.41 41.34 39.76 635.32' 40.44 40.36 38.43 681.20' 42.84 42.80 41.80 719.83' 45.69 45.60 43.88 730.89' 45.39 45.28 43.75 734.66' 45.94 45.76 44.05 739.42' Not seasonally adjusted 5 6 7 8 Total reserves Nonborrowed reserves Required reserves7 Monetary base8 38.53 38.32 37.10 590.06 41.18 41.11 39.53 639.91 40.13 40.05 38.12 38.47 38.26 41.06 40.99 39.41 40.27 40.19 648.74 697.15 2.01 686.23 42.45 42.40 41.41 725.20 45.89 45.81 44.09 729.93 46.11 46.00 44.47 733.47 45.30 45.12 43.41 738.79 45.86 45.61 44.15 745.96 45.11 44.85 43.55 746.33 46.02 45.68 44.45 750.52 45.20 45.02 43.48 752.79 45.04 44.85 43.27 758.30 42.94 42.90 41.90 737.61 1.04 .05 46.06 46.34 46.22 45.57 45.39 44.69 743.75 1.64 .11 43.68 46.19 45.95 44.48 756.48 1.71 .25 45.50 45.25 43.95 756.87 1.55 .25 46.45 46.12 44.89 760.99 1.57 .34 45.68 45.50 43.96 45.58 45.40 43.81 768.80 1.77 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" Excess reserves12 Borrowings from the Federal Reserve 37.05 596.98 1.43 .21 1.65 .07 38.26 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves 45.97 44.25 740.31 1.81 .09 749.33 1.89 .18 763.67 1.72 .18 would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). Monetary and Credit Aggregates 1.21 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec.r Aug.7 Sept.7 Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,087.5' 4,934.7' 7,120.3' 1,179.1' 5,452.4' 8,034.8' 1,216.7' 5,803.7' 8,571.5' 1,292.8 6,076.6 8,877.4 1,343.4 6,298.0 9,310.3 1,347.9 6,333.0 9,358.4 1,347.8 6,357.8 9,363.3 1,362.8 6,394.2 9,386.4 531.3' 8.3 309.4' 238.5' 581.4' 8.0 331.7' 258.0' 626.4' 7.8 302.4' 280.2' 662.4 7.7 311.2 311.5 686.6 7.6 321.3 328.0 689.9 7.6 324.5 325.9 692.5 7.6 320.0 327.6 697.2 7.6 326.5 331.4 3,847.2' 2,185.6' 4,273.4' 2,582.4' 4,587.0' 2,767.8' 4,783.8 2,800.8 4,954.6 3,012.3 4,985.0 3,025.4 5,010.1 3,005.5 5,031.4 2,992.3 Commercial banks 10 Savings deposits, including MMDAs . . , 11 Small time deposits9 12 Large time deposits10'" 1,424.0' 699.6' 734.0' 1,739.9' 633.6 686.3' 2,061.9' 589.9' 695.6' 2,340.7 536.2 761.0 2,536.1 532.2 881.5 2,560.4 535.7 883.9 2,593.2 537.0 890.9 2,617.3 540.3 894.3 Thrift institutions 13 Savings deposits, including MMDAs . . , 14 Small time deposits9 15 Large time deposits10 454.7' 344.9' 102.4' 574.2' 339.1 114.2' 719.3' 301.9' 116.9' 835.0 272.5 119.7 885.1 267.9 143.0 893.3 267.9 147.6 890.1 269.2 150.9 889.2 269.4 154.7 Money market mutual funds 16 Retail12 17 institution-only 924.0' 789.9' 986.5' 1,194.3' 914.0' 1,247.1' 799.4 1,117.2 733.3 1,104.7 727.7 1,100.1 720.6 1,076.1 715.1 1,066.9 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 363.8' 195.4' 375.8' 211.8' 476.8' 231.5' 509.3 293.6 540.8 342.3 542.1 351.8 525.0 362.6 517.2 359.2 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 only8 Not seasons lly adjusted Measures2 20 Ml 21 M2 22 M3 1,112.0 4,966.9 7,175.8 1,205.1 5,486.2 8,102.3 1,242.6 5,832.8 8,630.2 1,319.1 6,102.6 8,921.0 1,340.9 6,304.2 9,303.7 1,338.7 6,336.4 9,335.3 1,339.0 6,351.9 9,323.6 1,357.9 6,400.1 9,381.4 535.6 8.1 326.7 241.5 585.5 7.9 350.4 630.6 7.7 319.8 667.0 686.3 7.6 328.4 688.2 7.6 692.1 7.5 697.8 7.5 261.4 284.6 316.1 7.7 319.5 327.3 321.2 321.7 316.8 322.7 326.1 326.5 Nontrans action componen 27 In M27 28 In M3 only8 3,854.9 2,208.9 4,281.1 2,616.1 4,590.2 2,797.4 4,783.5 2,818.4 4,963.3 2,999.5 4,997.7 2,998.9 5,012.8 2,971.7 5,042.2 2,981.3 Commercial banks 29 Savings deposits, including MMDAs 30 Small time deposits9 3 1 Large time deposits10'" 1,427.5 700.5 738.2 1,742.4 634.4 689.6 2,060.9 590.5 697.6 2,337.6 536.7 761.8 2,542.1 531.5 882.4 2,571.1 535.3 883.5 2,598.0 537.0 885.7 2,625.9 540.8 Thrift institutions 32 Savings deposits, including MMDAs . . 33 Small time deposits9 34 Large time deposits10 455.8 345.4 103.0 575.1 339.6 114.7 718.9 302.3 117.3 833.8 272.8 119.8 267.6 143.2 897.0 267.8 147.5 891.7 269.1 150.0 892.2 269.7 153.7 Money market mutual funds 35 Retail12 36 Institution-only 925.6 808.3 989.6 1,225.0 917.7 1,277.3 802.6 1,140.2 734.9 1,098.6 726.5 1,084.0 717.0 1,061.9 713.7 1,069.9 Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars 364.2 195.2 376.5 210.3 507.0 289.5 538.6 336.7 537.2 346.7 513.4 360.6 511.8 357.0 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits Footnotes appear on following page. 13 14 Federal Reserve Bulletin Statistical Supplement • February 2005 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domesticaly chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities1 Billions of dollars Wednesday figures Monthly averages Account Jan. July' Aug.' Sept.' 2005 2005 2004 2004 Oct.' Nov.' Dec' Jan. Jan. 5 Jan. 12 Jan. 19 Jan. 26 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 6,320.8 Bank credit 1,855.1 Securities in bank credit Treasury and Agency securities2 . . 1,105.0' 750.1' Other securities Loans and leases in bank credit3 . . . . 4,465.7 889.0 Commercial and industrial 2,240.9 Real estate 291.2 Revolving home equity 1,949.6 Other 632.2 Consumer 233.7 Security4 469.9 Other loans and leases 317.5 Interbank loans 316.6 Cash assets5 542.5 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 6,601.6 1,907.1 1,180.1 727.0 4,694.5 882.5 2,417.7 346.9 2,070.8 672.4 243.5 478.4 366.9 329.9 622.4 6,631.3 1,913.8 1,182.1 731.8 4,717.5 890.3 2,433.7 357.9 2,075.8 672.7 238.8 482.0 360.3 321.6 624.2 6,697.6 1,923.8 1,177.2 746.6 4,773.8 893.2 2,457.6 369.0 2,088.6 674.2 254.4 494.3 364.3 324.3 631.2 6,709.6 1,917.5 1,148.9 768.7 4,792.0 894.5 2,489.8 382.8 2,107.0 670.9 247.4 489.4 355.7 319.5 617.9 6,749.9 1,923.1 1,146.3 776.9 4,826.8 900.7 2,513.6 392.5 2,121.1 665.7 242.7 504.1 342.7 321.1 632.2 6,773.7 1,929.9 1,149.4 780.5 4,843.8 908.4 2,535.8 397.7 2,138.1 674.3 221.5 503.9 318.4 323.4 637.9 6,835.4 1,960.5 1,179.2 781.3 4,874.9 925.4 2,561.3 404.6 2,156.8 679.5 198.5 510.1 288.1 339.1 639.1 6,774.2 1,930.3 1,166.7 763.6 4,843.9 915.1 2,552.8 402.4 2,150.4 685.0 192.3 498.7 288.2 322.2 640.4 6,807.3 1,941.5 1,160.8 780.7 4,865.8 922.5 2,563.5 404.0 2,159.6 680.5 194.7 504.5 276.8 331.2 638.2 6,842.2 1,971.6 1,187.1 784.5 4,870.6 926.4 2,561.2 404.8 2,156.4 678.7 190.4 514.0 295.3 354.8 635.9 6,853.8 1,971.9 1,186.5 785.4 4,882.0 929.4 2,561.6 405.7 2,155.9 678.7 203.9 508.4 293.8 341.9 637.5 7,423.5 7,849.4 7,865.7 7,945.5 7,930.8 7,974.1 7,981.7 8,030.9 7,953.8 7,982.8 8,057.5 8,056.3 4,804.7 637.3 4,167.4 1,019.2 3,148.2 1,522.2 391.7 1,130.5 130.5 415.3' 5,154.4 657.9 4,496.5 1,150.7 3,345.8 1,591.5 457.8 1,133.7 53.1 474.7 5,173.6 670.0 4,503.6 1,157.7 3,345.9 1,578.9 444.0 1,134.9 38.6 486.6 5,191.3 683.1 4,508.1 1,158.7 3,349.5 1,607.8 458.2 1,149.6 47.3 485.6 5,212.0 666.9 4,545.1 1,171.1 3,374.0 1,588.1 438.9 1,149.2 42.1 476.6 5,267.8 668.0 4,599.7 1,176.7 3,423.0 1,577.2 424.6 1,152.6 24.7 494.7 5,297.1 674.6 4,622.5 1,185.3 3,437.2 1,551.5 391.6 1,159.9 44.9 486.3 5,329.3 663.3 4,666.0 1,211.4 3,454.6 1,486.9 352.4 1,134.5 94.7 481.8 5,321.5 609.6 4,711.9 1,218.4 3,493.6 1,481.2 355.3 1,125.9 62.0 475.6 5,335.4 631.0 4,704.4 1,220.2 3,484.2 1,456.1 337.7 1,118.4 72.8 482.4 5,342.1 682.4 4,659.7 1,206.9 3,452.8 1,480.1 353.0 1,127.1 124.8 482.3 5,314.4 714.1 4,600.3 1,201.0 3,399.3 1,503.4 352.6 1,150.8 112.2 476.7 6,872.7' 7,273.8 7,277.7 7,332.0 7,318.8 7,364.3 7,379.7 7,392.6 7,340.2 7,346.7 7,429.3 7,406.6 550.8' 575.7 588.0 613.5 612.0 609.8 602.0 638.3 613.6 636.1 628.2 649.7 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets 6,334.1 Bank credit 1,858.4 Securities in bank credit Treasury and Agency securities2 . . 1,101.0' 757.4' Other securities Loans and leases in bank credit3 . . . . 4,475.8 885.1 Commercial and industrial 2,242.2 Real estate 289.9 Revolving home equity 1,952.3 Other 644.3 Consumer 260.4 Credit cards and related plans .. 383.9 Other 4 236.7 Security 467.5 Other loans and leases 312.3 Interbank loans 325.4 Cash assets5 543.2 Other assets6 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)8 Footnotes appear on p. A21. 6,583.5 1,901.8 1,178.5 723.3 4,681.7 881.3 2,413.1 347.6 2,065.5 665.2 286.0 379.3 239.7 482.4 363.4 324.4 623.3 6,616.4 1,911.6 1,178.0 733.6 4,704.8 885.6 2,435.4 359.0 2,076.3 669.5 289.5 379.9 231.0 483.4 360.2 312.1 626.0 6,697.8 1,919.7 1,170.0 749.6 4,778.2 890.2 2,464.9 370.6 2,094.3 675.6 293.5 382.1 249.1 498.4 356.4 326.1 633.5 6,721.7 1,915.4 1,144.0 771.4 4,806.3 893.2 2,497.9 383.8 2,114.2 673.4 290.4 382.9 249.4 492.3 349.8 324.9 621.0 6,785.4 1,931.8 1,154.0 777.8 4,853.6 900.6 2,530.0 392.5 2,137.5 670.3 288.8 381.4 248.0 504.7 346.4 331.2 634.6 6,818.4 1,937.9 1,153.0 784.9 4,880.5 908.7 2,544.7 396.6 2,148.0 685.9 305.7 379.8 231.8 509.3 322.5 342.3 639.3 6,845.7 1,963.3 1,174.6 788.7 4,882.5 921.4 2,560.5 402.7 2,157.8 692.5 n.a. n.a. 200.5 507.6 284.3 348.8 639.7 6,801.7 1,937.0 1,161.2 775.8 4,864.6 915.6 2,551.9 400.1 2,151.8 698.7 320.4 378.2 190.6 507.9 291.0 349.8 647.8 6,824.2 1,946.6 1,157.1 789.6 4,877.6 917.1 2,564.9 401.6 2,163.3 693.5 314.9 378.6 199.2 502.9 274.9 333.8 640.7 6,858.0 1,975.3 1,183.5 791.8 4,882.8 921.8 2,561.2 402.7 2,158.5 692.4 312.1 380.3 194.9 512.5 291.9 385.8 636.0 6,846.0 1,970.2 1,180.0 790.2 4,875.8 923.0 2,558.7 404.1 2,154.6 692.0 309.9 382.1 203.8 498.3 281.2 334.8 631.7 7,441.3 7,823.4 7,842.9 7,941.9 7,946.0 8,025.9 8,050.7 8,047.8 8,019.3 8,003.0 8,101.0 8,023.0 4,806.2 649.5 4,156.7 1,027.9 3,128.8 1,518.5 388.2 1,130.3 135.3 419.9' 5,139.6 655.6 4,484.0 1,147.8 3,336.2 1,592.8 457.7 1,135.1 45.7 466.0 5,152.1 651.4 4,500.6 1,150.1 3,350.5 1,575.2 446.4 1,128.8 38.7 486.4 5,181.8 675.0 4,506.8 1,147.5 3,359.3 1,611.8 458.7 1,153.1 51.1 490.2 5,206.5 665.7 4,540.8 1,155.4 3,385.4 1,585.7 439.0 1,146.7 47.5 483.1 5,278.8 673.9 4,605.0 1,167.1 3,437.8 1,570.1 422.0 1,148.1 34.0 507.3 5,326.0 711.8 4,614.2 1,183.1 3,431.1 1,538.1 389.9 1,148.2 52.4 496.1 5,330.3 675.8 4,654.5 1,222.0 3,432.5 1,483.6 349.4 1,134.2 99.7 487.4 5,364.5 650.1 4,714.4 1,219.6 3,494.9 1,470.7 353.5 1,117.2 64.5 478.4 5,350.8 642.5 4,708.3 1,231.4 3,476.9 1,441.8 333.7 1,108.1 76.2 486.3 5,354.0 708.5 4,645.6 1,217.2 3,428.4 1,484.4 351.3 1,133.1 129.8 487.8 5,261.5 703.5 4,558.0 1,215.2 3,342.8 1,504.0 348.4 1,155.6 121.7 486.3 6,879.9' 7,244.0 7,252.4 7,334.9 7,322.8 7,390.2 7,412.6 7,400.9 7,378.1 7,355.1 7,456.0 7,373.4 561.4' 579.4 590.6 607.0 623.3 635.7 638.2 646.9 641.2 647.9 645.0 649.6 16 Federal Reserve Bulletin Statistical Supplement • February 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Jan. July' Aug.' Sept.' 2005 2005 2004 2004 Oct.' Nov.' Dec' Jan. Jan. 5 Jan. 12 Jan. 19 Jan. 26 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 5,681.4 Bank credit 1,593.4 Securities in bank credit Treasury and Agency securities2 . . 1,006.6' 586.8' Other securities Loans and leases in bank credit3 . . . . 4,087.9 751.6 Commercial and industrial 2,223.7 Real estate 291.2 Revolving home equity 1,932.5 Other 632.2 Consumer 102.2 Security4 378.3 Other loans and leases 282.1 Interbank loans 262.0 Cash assets5 515.4 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 5,946.2 1,647.1 1,088.4 558.7 4,299.0 749.3 2,401.3 346.9 2,054.4 672.4 86.6 389.5 335.1 268.7 583.7 5,982.9 1,652.1 1,089.8 562.3 4,330.8 754.6 2,417.9 357.9 2,060.0 672.7 92.0 393.6 327.9 261.2 587.4 6,040.1 1,661.8 1,086.1 575.7 4,378.3 759.8 2,442.2 369.0 2,073.3 674.2 98.9 403.1 331.7 264.1 590.1 6,044.2 1,646.1 1,056.5 589.6 4,398.1 760.3 2,474.3 382.8 2,091.5 670.9 94.5 398.1 323.5 260.3 581.8 6,065.3 1,641.8 1,056.2 585.7 4,423.4 765.7 2,497.4 392.5 2,104.9 665.7 88.3 406.3 301.9 261.2 596.4 6,130.9 1,661.1 1,066.2 594.9 4,469.8 770.5 2,519.4 397.7 2,121.7 674.3 97.6 408.0 277.3 264.8 600.1 6,197.9 1,680.9 1,093.9 587.0 4,516.9 782.8 2,545.2 404.6 2,140.6 679.5 98.7 410.8 242.1 278.2 609.3 6,157.1 1,655.7 1,083.5 572.2 4,501.5 776.0 2,536.7 402.4 2,134.3 685.0 99.2 404.5 247.3 263.5 605.1 6,170.6 1,661.6 1,076.7 584.9 4,509.1 780.2 2,547.3 404.0 2,143.4 680.5 95.9 405.1 237.6 271.4 610.4 6,197.9 1,690.0 1,101.8 588.2 4,507.9 783.3 2,545.0 404.8 2,140.2 678.7 88.4 412.5 243.5 292.6 604.6 6,216.3 1,694.5 1,101.7 592.8 4,521.8 785.8 2,545.4 405.7 2,139.7 678.7 103.3 408.6 247.1 280.3 608.5 6,667.4 7,062.7 7,088.2 7,154.5 7,138.4 7,153.4 7,201.7 7,257.1 7,202.3 7,219.8 7,268.3 7,281.9 4,349.9 625.3 3,724.6 584.4 3,140.2 1,193.7 351.8 841.9 262.2 314.3' 4,605.9 646.5 3,959.5 631.6 3,327.8 1,260.7 417.3 843.4 235.5 388.3 4,632.7 658.7 3,974.0 639.9 3,334.1 1,258.4 401.5 856.9 213.1 400.2 4,660.1 672.0 3,988.1 648.3 3,339.8 1,276.1 407.9 868.2 209.1 398.4 4,674.9 654.6 4,020.3 651.8 3,368.6 1,252.2 393.0 859.1 203.1 387.9 4,734.1 656.0 4,078.1 657.1 3,421.0 1,215.4 373.4 842.0 190.3 396.1 4,764.9 662.1 4,102.9 667.5 3,435.4 1,217.2 340.8 876.4 215.3 394.6 4,788.5 651.1 4,137.4 684.6 3,452.8 1,182.2 314.3 867.9 261.7 392.6 4,779.3 597.5 4,181.8 690.1 3,491.7 1,181.4 313.9 867.5 239.2 388.7 4,787.2 618.5 4,168.6 686.3 3,482.3 1,156.0 303.8 852.2 252.9 393.0 4,800.5 670.5 4,130.0 678.9 3,451.0 1,175.3 315.5 859.8 276.5 391.2 4,777.3 702.1 4,075.2 677.7 3,397.5 1,201.1 318.6 882.5 278.4 389.4 6,120.0' 6,490.4 6,504.4 6,543.7 6,518.1 6,536.0 6,592.1 6,625.1 6,588.6 6,589.1 6,643.4 6,646.2 547.4' 572.3 583.7 610.9 620.2 617.4 609.6 632.1 613.8 630.7 624.8 635.7 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets 5,691.3 Bank credit 1,596.7 Securities in bank credit Treasury and Agency securities2 . . 1,002.6' 594.1' Other securities Loans and leases in bank credit3 . . . . 4,094.6 747.1 Commercial and industrial 2,225.1 Real estate 289.9 Revolving home equity 1,935.2 Other n.a. Other residential n.a. Commercial 644.3 Consumer 260.4 Credit cards and related plans . . 383.9 Other 4 101.3 Security 376.8 Other loans and leases 276.9 Interbank loans 271.2 Cash assets5 514.3 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)8 Footnotes appear on p. A21. 5,932.0 1,641.8 1,086.8 555.0 4,290.2 748.8 2,396.7 347.6 2,049.1 1,049.7 999.4 665.2 286.0 379.3 87.0 392.4 331.6 263.9 585.7 5,977.1 1,649.9 1,085.7 564.2 4,327.2 751.3 2,419.5 359.0 2,060.5 1,050.5 1,010.0 669.5 289.5 379.9 92.9 394.0 327.9 251.6 589.5 6,047.7 1,657.7 1,079.0 578.7 4,390.0 758.1 2,449.5 370.6 2,078.9 1,058.0 1,020.9 675.6 293.5 382.1 100.3 406.5 323.8 264.8 594.1 6,059.7 1,644.0 1,051.6 592.3 4,415.8 760.6 2,482.4 383.8 2,098.6 1,068.9 1,029.8 673.4 290.4 382.9 97.8 401.5 317.5 264.6 586.0 6,099.1 1,650.5 1,063.9 586.7 4,448.5 766.2 2,513.8 392.5 2,121.3 1,080.7 1,040.6 670.3 288.8 381.4 89.4 408.9 305.6 271.3 599.4 6,169.6 1,669.1 1,069.8 599.2 4,500.5 769.9 2,528.3 396.6 2,131.7 1,083.4 1,048.3 685.9 305.7 379.8 101.9 414.5 281.3 281.6 600.9 6,205.8 1,683.7 1,089.2 594.4 4,522.1 778.1 2,544.3 402.7 2,141.6 n.a. n.a. 692.5 n.a. n.a. 97.7 409.4 238.3 288.3 608.0 6,182.9 1,662.4 1,078.0 584.5 4,520.5 774.9 2,535.8 400.1 2,135.7 1,083.2 1,052.5 698.7 320.4 378.2 97.7 413.5 250.1 290.4 611.3 6,185.6 1,666.7 1,073.0 593.7 4,518.9 774.2 2,548.7 401.6 2,147.1 1,092.4 1,054.7 693.5 314.9 378.6 98.0 404.6 235.6 274.3 610.9 6,209.6 1,693.6 1,098.1 595.5 4,515.9 778.1 2,545.1 402.7 2,142.3 1,084.3 1,058.1 692.4 312.1 380.3 88.3 412.1 240.1 323.9 602.7 6,207.0 1,692.8 1,095.2 597.5 4,514.3 779.4 2,542.6 404.1 2,138.4 1,078.9 1,059.6 692.0 309.9 382.1 99.8 400.5 234.5 274.2 600.4 6,680.3 7,042.4 7,074.8 7,158.8 7,157.0 7,204.1 7,262.1 7,270.1 7,264.2 7,236.2 7,305.9 7,245.9 4,345.5 637.2 3,708.2 587.5 3,120.7 1,190.0 348.3 841.7 266.2 318.2' 4,592.6 644.1 3,948.5 630.1 3,318.4 1,262.0 417.1 844.8 229.6 380.7 4,618.7 640.3 3,978.4 639.5 3,338.9 1,254.8 404.0 850.8 212.7 399.8 4,660.3 663.7 3,996.6 646.7 3,349.9 1,280.0 408.4 871.6 211.3 401.9 4,687.1 653.3 4,033.8 653.6 3,380.1 1,249.8 393.2 856.6 206.0 392.6 4,758.2 662.0 4,096.2 660.3 3,435.9 1,208.4 370.8 837.6 197.0 406.7 4,797.0 698.9 4,098.2 668.9 3,429.3 1,203.8 339.2 864.6 221.4 403.5 4,782.6 663.3 4,119.3 688.6 3,430.7 1,178.9 311.3 867.6 265.9 397.6 4,822.4 637.4 4,185.0 692.0 3,493.0 1,170.9 312.1 858.8 240.7 390.8 4,796.3 629.8 4,166.6 691.5 3,475.0 1,141.7 299.8 841.9 255.6 396.5 4,806.1 696.1 4,110.0 683.4 3,426.6 1,179.6 313.9 865.7 280.9 396.2 4,713.1 691.3 4,021.8 680.8 3,341.0 1,201.6 314.4 887.3 285.7 397.6 6,119.9' 6,464.8 6,486.0 6,553.5 6,535.5 6,570.2 6,625.7 6,625.0 6,624.8 6,590.1 6,662.8 6,598.1 560.4' 577.6 588.8 605.2 621.5 633.9 636.4 645.1 639.4 646.2 643.2 647.8 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Jan. July Aug. Sept. 2005 2005 2004 2004 Oct.' Nov.' Dec' Jan. Jan. 5 Jan. 12 Jan. 19 Jan. 26 Seasonall f adjusted Assets 3,152.6 1 Bank credit 876.9 2 Securities in bank credit 503.8 3 Treasury and Agency securities2 . . 39.2 4 Trading account 464.6 5 Investment account 357.4 6 Mortgage-backed 107.2 7 Other 373.2 8 Other securities 193.4 9 Trading account 179.8 10 Investment account 31.7 11 State and local government . . 148.0 12 Other 13 Loans and leases in bank credit3 . . . . 2,275.7 443.2 14 Commercial and industrial 1,125.8 15 Real estate 197.3 16 Revolving home equity 928.5 17 Other 591.8 18 Other residential 336.7 19 Commercial 335 4 20 Consumer 94.0 21 Security4 22 Federal funds sold to and repurchase agreements 74.7 with broker-dealers 19.2 23 Other 14.4 24 State and local government 8.3 25 Agricultural 26 Federal funds sold to and repurchase agreements with 25.4 others 128.6 27 All other loans 100.6 28 Lease-financing receivables 190.4 29 Interbank loans 30 Federal funds sold to and repurchase agreements with 98.8 commercial banks 91.7 31 Other 147.5 32 Cash assets^ 364.5 33 Other assets6 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)8 Footnotes appear on p. A21. 3,262.3 920.8 569.7 38.1 531.5 421.4 110.1 351.1 189.6 161.5 33.1 128.4 2,341.5 433.7 1,184.7 237.0 947.8' 600.9' 346.9' 357.6 79.6 3,288.1' 929.1 573.1 40.4 532.7 423.5 109.2 356.0 191.8 164.2 32.9 131.3 2,359.0' 435.5' 1,193.4' 244.8' 948.6' 600.6' 348.0' 356.1' 85.0 3,331.7' 944.8 575.1 48.0 527.2 418.3 108.9 369.6 200.9 168.7 33.3 135.3' 2,386.9' 437.6' 1,202.8' 253.2' 949.6' 600.8' 348.8' 357.5' 91.6 3,334.5 942.5 551.7 41.0 510.7 405.8 104.9 390.8 210.6 180.2 33.6 146.6 2,392.0 436.3 1,219.4 263.4 956.0 604.3 351.7 357.3 87.0 3,336.1 931.8 550.0 45.6 504.4 399.5 104.8 381.9 202.1 179.7 33.5 146.3 2,404.2 438.3 1,232.4 270.3 962.0 606.9 355.2 352.9 80.6 3,385.2 952.7 563.8 35.0 528.8 425.7 103.1 388.8 211.0 177.9 33.0 144.9 2,432.5 441.5 1,245.0 275.3 969.8 612.6 357.2 353.9 90.0 3,445.1 969.2 589.1 34.4 554.7 449.9 104.8 380.1 201.1 178.9 33.2 145.8 2,475.9 450.5 1,273.1 280.9 992.2 630.1 362.1 357.5 91.0 3,405.9 945.3 578.5 32.6 545.8 442.1 103.7 366.8 193.1 173.7 32.3 141.5 2,460.6 444.5 1,268.2 278.7 989.5 629.3 360.2 357.5 91.7 3,417.4 949.3 570.5 32.3 538.2 433.5 104.7 378.8 201.6 177.2 32.9 144.3 2,468.1 448.4 1,275.8 280.3 995.5 635.1 360.3 356.5 88.5 3,447.3 978.7 597.8 31.1 566.7 461.4 105.3 380.9 202.1 178.8 33.1 145.8 2,468.7 451.2 1,274.3 281.3 992.9 630.9 362.0 357.6 80.7 3,464.3 983.3 598.8 37.0 561.8 456.5 105.3 384.5 205.7 178.9 33.5 145.4 2,481.0 453.1 1,273.3 282.1 991.2 627.2 364.1 358.8 95.3 59.1 20.5 15.3 9.2 65.3 19.7 15.7 9.2 71.6 19.9' 16.0' 9.3 67.6 19.3 16.6 9.4 59.8 20.7 16.6 9.5 69.7 20.4 16.9 9.6 69.0 22.0 17.0 9.4 69.7 22.0 17.3 9.4 66.6 21.9 17.0 9.4 59.2 21.5 17.0 9.4 72.3 23.1 17.1 9.4 22.2 146.4' 92.9 260.1 23.1 148.5 92.5' 254.3' 29.7 150.6' 92.0' 256.9' 24.6 149.6 91.8 245.5 27.1 154.6 92.3 218.2 27.0 154.2 94.3 197.2 26.8 156.4 94.0 162.7 25.3 153.0 94.0 168.8 21.7 156.8 94.0 161.8 30.1 154.4 94.0 164.0 20.7 159.1 94.2 163.7 143.0 117.1 149.9 406.7 138.8 115.5' 142.0 410.6 140.2 116.7' 144.9 411.2 122.3 123.3 140.4 413.6 121.4 96.8 141.8 427.9 123.4 73.8 146.7 433.1 103.2 59.5 155.2 435.7 111.2 57.6 148.2 430.7 101.7 60.0 149.1 439.0 105.0 59.0 166.3 431.0 102.5 61.2 154.9 439.3 3,813.6' 4,041.0 4,056.9 4,106.8 4,095.8 4,086.0 4,125.0 4,162.2 4,117.0 4,131.0 4,172.1 4,185.7 2,175.5 296.4 1,879.1 252.2 1,626.9 754.7' 190.3 564.4' 238.8 247.5' 2,329.0 303.8 2,025.1 292.2 1,732.9 761.3' 221.6 539.7' 221.4' 312.9 2,338.7 313.4 2,025.3 293.7 1,731.7 770.0' 214.6 555.4' 200.1' 323.4 2,353.9 323.2 2,030.6 297.1 1,733.6 782.8' 216.9 565.9' 198.1' 319.9 2,356.6 311.7 2,044.9 295.1 1,749.8 763.7 215.1 548.6 193.3 313.9 2,398.6 315.8 2,082.8 296.7 1,786.1 726.0 193.0 533.0 183.0 319.6 2,415.6 319.8 2,095.8 305.2 1,790.6 733.9 171.9 562.1 206.6 317.4 2,423.6 309.3 2,114.4 315.5 1,798.9 708.5 160.4 548.0 250.1 313.8 2,420.5 274.4 2,146.1 319.5 1,826.6 714.9 163.7 551.2 227.8 310.6 2,422.2 289.3 2,133.0 313.3 1,819.7 691.5 152.5 539.0 239.9 315.1 2,434.4 329.2 2,105.1 311.2 1,794.0 697.6 160.1 537.5 265.3 312.0 2,409.0 343.6 2,065.5 310.8 1,754.7 720.8 162.1 558.7 267.1 310.5 3,416.5' 3,624.6' 3,632.3' 3,654.7 3,627.4 3,627.2 3,673.5 3,696.0 3,673.9 3,668.8 3,709.3 3,707.5 397.1' 416.4' 424.6' 452.1 468.4 458.8 451.5 466.1 443.2 462.2 462.8 478.2 18 Federal Reserve Bulletin Statistical Supplement • February 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesday figures Monthly averages Account Jan. July Aug. Sept. 2005 2005 2004 2004 Oct.' Nov.' Dec' Jan. Jan. 5 Jan. 12 Jan. 19 Jan. 26 Not seasona lly adjusted Assets 47 Bank credit 48 Securities in bank credit 49 Treasury and Agency securities2 . 50 Trading account 51 Investment account 52 Mortgage-backed 53 Other 54 Other securities 55 Trading account 56 Investment account 57 State and local government . 58 Other 59 Loans and leases in bank credit3 . . . 60 Commercial and industrial 61 Real estate 62 Revolving home equity 63 Other 64 Other residential 65 Commercial 66 Consumer 67 Credit cards and related plans . 68 Other 69 Security4 70 Federal funds sold to and repurchase agreements with broker-dealers 71 Other 72 State and local government 73 Agricultural 74 Federal funds sold to and repurchase agreements with others 75 All other loans 76 Lease-financing receivables 77 Interbank loans 78 Federal funds sold to and repurchase agreements with commercial banks 79 Other 80 Cash assets5 81 Other assets' 82 Total assets7 83 84 85 86 87 88 89 90 91 92 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the US From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)8 Footnotes appear on p. A21. 3,159.3 881.0 500.6 39.0 461.6 355.0 106.6 380.4 197.2 183.3 32.3 150.9 2,278.3 439.3 1,126.4 196.4 930.0 593.3 336.7 341.2 110.1 231.1 93.4 3,257.4' 917.5 570.1 38.0 532.1 422.4 109.8 347.4 187.6 159.8 32.8 127.0 2,339.9' 433.0' 1,184.9 237.5 947.4 600.6' 346.8' 354.4 126.8 227.7 80.0 3,286.8' 930.4 572.5 40.2 532.3 423.5 108.8 357.9 192.8 165.0 33.1 132.0 2,356.4' 434.0' 1,194.7' 245.8' 948.9' 600.8' 348.1' 354.5' 127.1' 227.5' 85.7 3,336.7' 943.9' 571.3 47.4 523.9 416.1 107.8 372.6 202.6 170.0' 33.6 136.4' 2,392.8' 437.7' 1,204.5' 254.1' 950.4' 601.3' 349.1' 358.3' 129.4' 228.9' 93.1 3,341.4 941.6 548.1 40.2 507.8 404.9 102.9 393.5 212.1 181.5 33.8 147.7 2,399.8 437.4 1,220.2 263.7 956.5 604.6 351.9 357.6 130.4 227.4 90.3 3,355.1 942.0 559.1 46.0 513.1 407.2 105.9 382.9 202.7 180.2 33.6 146.6 2,413.1 439.9 1,236.0 270.5 965.5 609.1 356.5 353.6 127.9 225.8 81.5 3,405.6 957.8 564.6 35.0 529.5 426.4 103.2 393.2 213.3 179.9 33.4 146.5 2,447.9 440.8 1,246.8 274.6 972.3 614.2 358.1 357.8 133.9 224.2 94.3 3,449.4 972.8 585.3 34.2 551.1 446.9 104.2 387.4 205.0 182.4 33.8 148.6 2,476.6 446.5 1,271.5 279.5 992.0 629.9 362.0 363.9 n.a. n.a. 90.3 3,427.2 952.5 573.4 32.6 540.9 437.5 103.4 379.1 199.5 179.5 33.3 146.2 2,474.7 443.3 1,268.0 277.4 990.6 630.0 360.6 365.3 143.0 222.2 90.1 3,429.0 955.2 567.5 32.0 535.6 431.9 103.6 387.7 206.3 181.4 33.7 147.7 2,473.8 443.4 1,276.7 278.5 998.2 636.8 361.3 363.1 141.1 222.1 90.6 3,454.7 983.0 594.8 30.9 564.0 459.4 104.5 388.2 205.9 182.3 33.7 148.6 2,471.6 446.9 1,273.2 279.6 993.6 631.3 362.3 364.0 141.1 222.8 80.9 3,451.9 982.6 593.3 36.7 556.6 452.4 104.3 389.3 208.2 181.1 33.9 147.2 2,469.3 447.5 1,268.7 280.6 988.1 625.2 362.9 364.7 140.6 224.1 92.5 74.3 19.1 14.4 8.4 59.4 20.6 15.3 9.3 65.8 19.9 15.7 9.2 72.9 20.3 16.0' 9.3 70.2 20.1 16.6 9.4 60.5 20.9 16.6 9.5 72.9 21.3 16.9 9.7 68.5 21.8 17.0 9.5 68.5 21.6 17.3 9.7 68.2 22.5 17.0 9.5 59.4 21.5 17.0 9.5 70.1 22.4 17.1 9.3 25.4 128.8 101.0 189.8 22.2 148.0' 92.8 259.0 23.1 147.1 92.3' 254.7' 29.7 152.2' 92.0' 250.3' 24.6 151.3 92.4 238.6 27.1 156.3 92.6 220.4 27.0 160.4 94.2 201.5 26.8 156.7 94.4 162.1 25.3 161.1 94.8 171.4 21.7 157.1 94.6 160.3 30.1 155.7 94.4 164.4 20.7 154.5 94.2 159.9 98.5 91.3 155.5 363.4 142.4 116.5' 145.1 408.7 139.0 115.7' 134.3 412.7 136.7 113.7' 144.2 415.1 118.9 119.8 143.2 417.8 122.6 97.8 147.9 431.0 126.1 75.3 158.9 434.0 102.9 59.3 164.1 434.3 113.0 58.5 165.8 436.9 100.8 59.5 153.2 439.4 105.3 59.1 190.9 429.1 100.2 59.8 153.8 431.2 3,826.5 4,032.3 4,050.4 4,108.5 4,103.4 4,116.5 4,162.7 4,173.6 4,165.0 4,145.6 4,202.7 4,160.5 2,175.5 304.6 1,870.9 255.4 1,615.5 750.9' 186.8 564.2' 242.9 251.5' 2,322.0 301.7 2,020.3 290.7 1,729.6 762.6' 221.4 541.2 215.5' 305.3 2,328.7 299.2 2,029.6 293.3 1,736.2 766.4' 217.1 549.3' 199.8' 322.9 2,355.2 316.6 2,038.5 295.5 1,743.0 786.7' 217.4 569.3' 200.4' 323.4 2,366.6 309.1 2,057.5 297.0 1,760.5 761.3 215.2 546.1 196.1 318.6 2,411.4 318.5 2,092.8 299.9 1,792.9 718.9 190.4 528.5 189.6 330.3 2,434.6 343.7 2,090.9 306.6 1,784.3 720.5 170.2 550.3 212.7 326.2 2,422.7 317.7 2,105.0 319.4 1,785.6 705.2 157.4 547.7 254.3 318.9 2,446.7 297.0 2,149.7 321.5 1,828.2 704.3 161.9 542.4 229.4 312.7 2,429.8 296.0 2,133.8 318.5 1,815.3 677.2 148.4 528.8 242.6 318.6 2,442.3 348.3 2,094.0 315.7 1,778.3 701.8 158.4 543.4 269.7 317.1 2,371.6 338.9 2,032.8 313.8 1,718.9 721.4 157.9 563.5 274.5 318.8 3,420.8' 3,605.4' 3,617.8' 3,665.7 3,642.6 3,650.2 3,694.0 3,701.0 3,693.2 3,668.2 3,730.9 3,686.3 405.7' 426.9' 432.6' 442.8 460.8 466.3 468.6 472.6 471.8 477.4 471.8 474.3 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Jan. July' Aug.' Sept.' 2005 2005 2004 2004 Oct.' Nov.' Dec' Jan. Jan. 5 Jan. 12 Jan. 19 Jan. 26 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 2,527.8 Bank credit 715.5 Securities in bank credit 501.9' Treasury and Agency securities2 . . 213.6' Other securities Loans and leases in bank credit3 . . . . 1,812.2 308.4 Commercial and industrial 1,097.9 Real estate 93.9 Revolving home equity 1,004.0 Other 296.8 Consumer 8.2 Security4 101.0 Other loans and leases 91.7 Interbank loans 114.4 Cash assets5 150.9 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 2,684.0 726.4 518.9 207.6 1,957.5 315.7 1,216.5 109.9 1,106.6 314.8 7.0 103.5 74.9 118.8 177.0 2,693.0 721.1 514.8 206.3 1,971.8 319.1 1,224.5 113.1 1,111.4 316.6 7.1 104.6 73.6 119.2 176.8 2,705.4 714.1 508.0 206.1 1,991.3 322.2 1,239.5 115.8 1,123.6 316.8 7.3 105.6 74.8 119.2 179.0 2,709.8 703.7 504.9 198.8 2,006.1 324.0 1,254.9 119.4 1,135.5 313.6 7.5 106.1 78.0 119.9 168.2 2,727.5 708.3 504.5 203.8 2,019.2 327.4 1,265.0 122.1 1,142.9 312.8 7.8 106.2 83.7 119.4 168.5 2,744.6 707.3 501.3 206.0 2,037.3 329.0 1,274.4 122.5 1,151.9 320.4 7.6 106.0 80.0 118.1 166.9 2,751.8 710.8 503.8 207.0 2,041.1 332.3 1,272.1 123.7 1,148.4 322.0 7.7 107.1 79.4 123.0 173.7 2,748.9 708.0 502.6 205.4 2,040.8 331.5 1,268.5 123.7 1,144.8 327.6 7.6 105.7 78.5 115.3 174.4 2,750.7 709.7 503.7 206.0 2,041.0 331.8 1,271.5 123.7 1,147.9 324.0 7.4 106.2 75.8 122.3 171.5 2,749.9 710.6 503.4 207.3 2,039.3 332.1 1,270.7 123.5 1,147.3 321.2 7.7 107.6 79.6 126.3 173.6 2,752.2 711.3 503.1 208.2 2,040.8 332.7 1,272.1 123.7 1,148.5 319.9 7.9 108.2 83.4 125.4 169.2 2,852.9 3,021.8 3,029.4 3,044.8 3,042.7 3,065.7 3,075.7 3,094.0 3,082.9 3,086.3 3,095.5 3,096.4 2,174.4 328.9 1,845.5 332.1 1,513.4 439.1' 161.5 277.5' 23.3 66.7 2,276.9 342.6 1,934.3 339.4 1,594.9 499.4 195.7 303.7 14.1 75.3 2,294.0 345.4 1,948.6 346.2 1,602.4 488.4 186.9 301.5 13.0 76.8 2,306.3 348.8 1,957.5 351.2 1,606.3 493.3 191.0 302.3 10.9 78.5 2,318.4 342.9 1,975.4 356.6 1,618.8 488.5 178.0 310.5 9.9 74.0 2,335.5 340.2 1,995.3 360.4 1,634.9 489.5 180.4 309.0 7.3 76.4 2,349.4 342.3 2,007.1 362.3 1,644.8 483.3 169.0 314.3 8.7 77.2 2,364.9 341.8 2,023.0 369.2 1,653.9 473.7 153.8 319.9 11.6 78.8 2,358.7 323.0 2,035.7 370.5 1,665.2 466.6 150.2 316.4 11.4 78.0 2,364.9 329.3 2,035.6 373.0 1,662.7 464.5 151.3 313.2 12.9 77.9 2,366.1 341.3 2,024.8 367.8 1,657.0 477.7 155.4 322.3 11.2 79.1 2,368.3 358.6 2,009.7 367.0 1,642.8 480.2 156.5 323.7 11.3 78.8 2,703.5' 2,865.8 2,872.2 2,889.0 2,890.7 2,908.8 2,918.6 2,929.1 2,914.7 2,920.3 2,934.2 2,938.7 149.4' 156.0 157.2 155.8 152.0 156.9 157.1 165.0 168.2 166.0 161.4 157.7 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets 2,532.0 Bank credit 715.6 Securities in bank credit 502.0' Treasury and Agency securities2 . . 213.6' Other securities Loans and leases in bank credit3 . . . . 1,816.3' 307.8 Commercial and industrial 1,098.7 Real estate 93.5 Revolving home equity 1,005.2 Other n.a. Other residential n.a. Commercial 303.1 Consumer 150.3 Credit cards and related plans . . 152.8 Other 4 7.9 Security 98.8' Other loans and leases 87.2 Interbank loans 115.7 Cash assets5 150.9 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)8 Footnotes appear on p. A21. 2,674.6 724.3 516.7 207.6 1,950.4 315.8 1,211.8 110.1 1,101.7 449.3 652.4 310.8 159.2 151.6 7.0 104.9 72.6 118.8 177.0 2,690.2 719.5 513.2 206.3 1,970.7 317.3 1,224.8 113.3 1,111.6 449.9 661.6 314.9 162.5 152.5 7.1 106.5 73.2 117.3 176.8 2,711.0 713.7 507.6 206.1 1,997.2 320.3 1,245.0 116.5 1,128.5 456.8 671.7 317.3 164.1 153.2 7.2 107.4 73.4 120.6 179.0 2,718.3 702.3 503.5 198.8 2,016.0 323.2 1,262.3 120.1 1,142.2 464.3 677.9 315.8 160.0 155.6 7.5 107.2 78.9 121.4 168.2 2,743.9 708.5 504.7 203.8 2,035.4 326.3 1,277.7 122.0 1,155.7 471.6 684.2 316.7 160.9 155.6 7.9 106.7 85.2 123.4 168.5 2,763.9 711.3 505.3 206.0 2,052.6 329.1 1,281.5 122.1 1,159.4 469.3 690.2 328.1 171.8 155.7 7.6 106.4 79.8 122.7 166.9 2,756.4 710.9 503.9 207.0 2,045.5 331.6 1,272.9 123.2 1,149.6 n.a. n.a. 328.6 n.a. n.a. 7.4 105.0 76.2 124.2 173.7 2,755.7 709.9 504.5 205.4 2,045.8 331.6 1,267.8 122.7 1,145.1 453.2 691.9 333.4 177.4 156.0 7.6 105.4 78.7 124.6 174.4 2,756.6 711.5 505.4 206.0 2,045.1 330.8 1,272.0 123.0 1,149.0 455.6 693.4 330.3 173.8 156.5 7.4 104.6 75.4 121.1 171.5 2,754.9 710.6 503.3 207.3 2,044.3 331.2 1,271.8 123.1 1,148.7 453.0 695.8 328.5 171.0 157.5 7.4 105.4 75.7 133.0 173.6 2,755.1 710.1 501.9 208.2 2,045.0 331.9 1,273.8 123.5 1,150.3 453.7 696.7 327.3 169.3 158.0 7.3 104.6 74.5 120.4 169.2 2,853.8 3,010.1 3,024.3 3,050.3 3,053.6 3,087.6 3,099.4 3,096.5 3,099.3 3,090.6 3,103.3 3,085.4 2,170.0 332.6 1,837.3 332.1 1,505.2 439.1' 161.5 277.5' 23.3 66.7 2,270.6 342.4 1,928.2 339.4 1 588 8 '499.4 195.7 303.7 14.1 75.3 2,290.0 341.1 1,948.9 346.2 1,602.7 488.4 186.9 301.5 13.0 76.8 2,305.1 347.1 1,958.0 351.2 1,606.8 493.3 191.0 302.3 10.9 78.5 2,320.5 344.2 1,976.3 356.6 1,619.6 488.5 178.0 310.5 9.9 74.0 2,346.8 343.5 2,003.4 360.4 1,643.0 489.5 180.4 309.0 7.3 76.4 2,362.4 355.2 2,007.3 362.3 1,645.0 483.3 169.0 314.3 8.7 77.2 2,359.9 345.6 2,014.3 369.2 1,645.1 473.7 153.8 319.9 11.6 78.8 2,375.7 340.3 2,035.3 370.5 1,664.8 466.6 150.2 316.4 11.4 78.0 2,366.5 333.7 2,032.7 373.0 1,659.8 464.5 151.3 313.2 12.9 77.9 2,363.8 347.8 2,016.0 367.8 1,648.2 477.7 155.4 322.3 11.2 79.1 2,341.5 352.5 1,989.0 367.0 1,622.0 480.2 156.5 323.7 11.3 78.8 2,699.1' 2,859.5 2,868.1 2,887.8 2,892.9 2,920.0 2,931.7 2,924.0 2,931.7 2,921.8 2,931.9 2,911.8 154.7' 150.7 156.2 162.5 160.7 167.6 167.7 172.5 167.6 168.8 171.4 173.5 20 Federal Reserve Bulletin Statistical Supplement • February 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account 2004 2004 Jan. July Aug. Sept. 2005 2005 Oct. Nov. Dec. Jan. Jan. 5 Jan. 12 Jan. 19 Jan. 26 Seasonally adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)8 639.4 261.7 98.4 163.3 377.7 137.4 17.1 131.5 91.7 35.4 54.6 27.1 655.5 260.0 91.7 168.3 395.5 133.2 16.4 156.9 88.9 31.8 61.2 38.7 648.4' 261.7 92.3 169.5 386.7' 135.7 15.8 146.8 88.4' 32.3' 60.4 36.8' 657.6' 262.0 91.1 170.9 395.5' 133.5 15.4 155.5' 91.2' 32.7' 60.1 41.1 665.4 271.4' 92.4 179.0' 394.0' 134.3 15.5 153.0 91.2' 32.2' 59.2' 36.1' 684.7' 281.3' 90.1 191.2' 403.4' 135.0' 16.2 154.3' 97.8' 40.8' 59.9' 35.9' 642.8' 268.8' 83.2 185.6' 374.0' 137.9 16.4 123.8 95.9' 41.2' 58.6 37.8 637.5 279.6 85.4 194.3 357.9 142.7 16.1 99.8 99.3 46.0 60.9 29.7 617.0 274.6 83.2 191.4 342.4 139.1 16.1 93.1 94.2 40.9 58.7 35.3 636.7 280.0 84.1 195.9 356.7 142.3 16.2 98.8 99.4 39.2 59.8 27.7 644.3 281.7 85.3 196.3 362.7 143.1 16.2 102.0 101.5 51.8 62.2 31.3 637.5 277.4 84.8 192.6 360.1 143.5 16.2 100.7 99.8 46.7 61.6 29.0 756.1 786.7 777.5 791.0 792.5' 820.7' 780.0 773.7 751.5 763.0 789.2 774.4 454.8 11.9 442.9 328.5 39.9 288.6 131.7 101.0 548.5 11.5 537.0 330.8 40.5 290.3 182.4 86.5 540.9' 11.2 529.6' 320.4 42.4' 278.0' 174.4' 86.4' 531.1' 11.1 520.0 331.8 50.4 281.4 161.8' 87.2 537.1' 12.3 524.8 335.9 45.8 290.1 161.0' 88.7 533.7 12.0 521.7 361.7 51.2 310.5 165.6' 98.6 532.1 12.5 519.6 334.3 50.7 283.6 170.5 91.7 540.8 12.2 528.6 304.7 38.1 266.5 167.1 89.2 542.2 12.1 530.1 299.8 41.4 258.4 177.3 86.9 548.3 12.5 535.8 300.1 33.9 266.2 180.1 89.4 541.6 11.9 529.7 304.8 37.5 267.3 151.7 91.1 537.1 12.0 525.0 302.3 34.0 268.3 166.2 87.3 752.6 783.3 773.2 788.3 800.6 828.4 787.6 767.5 751.7 757.7 785.9 760.5 3.4 3.4 4.3 2.7 8.2 7.6 7.7 6.2 .2 5.3 3.4 13.9 Not seasonally adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)8 Footnotes appear on p. A21. 642.8 261.7 98.4 33.8 64.5 163.3 96.7 66.7 381.1 138.0 17.1 135.4 90.6 35.4 54.2 28.9 651.5 260.0 91.7 34.1 57.6 168.3 103.4 64.9 391.5 132.4 16.4 152.7 90.0 31.8 60.5 37.6 639.3' 261.7 92.3 34.1 58.1 169.5 104.4 65.1 377.6' 134.2 15.8 138.1 89.4' 32.3' 60.5 36.5 650.2' 262.0 91.1 36.1 54.9 170.9 104.0 67.0 388.2' 132.2 15.4 148.8 91.8' 32.7' 61.3 39.4 662.0 271.4' 92.4 34.6 57.8 179.0' 108.6 70.4' 390.5' 132.6 15.5 151.6 90.8' 32.2' 60.3' 35.0' 686.4' 281.3' 90.1 32.4 57.7 191.2' 118.9 72.2' 405.1' 134.4' 16.2 158.6' 95.8' 40.8' 59.9' 35.2 648.8' 268.8' 83.2 27.4 55.8 185.6' 115.5 70.1' 380.0' 138.8' 16.4 130.0 94.8' 41.2' 60.8' 38.4 640.0 279.6 85.4 30.4 55.0 194.3 120.4 73.8 360.3 143.3 16.1 102.8 98.1 46.0 60.5 31.7 618.7 274.6 83.2 27.9 55.4 191.4 117.3 74.0 344.1 140.7 16.1 93.0 94.4 40.9 59.4 36.5 638.6 280.0 84.1 28.5 55.6 195.9 121.1 74.8 358.7 142.9 16.2 101.2 98.4 39.2 59.5 29.8 648.5 281.7 85.3 31.0 54.4 196.3 121.6 74.7 366.8 143.7 16.2 106.6 100.4 51.8 61.9 33.3 639.0 277.4 84.8 30.2 54.6 192.6 120.6 72.0 361.6 143.7 16.2 104.0 97.8 46.7 60.6 31.2 760.9 781.0 768.2 783.1 789.0 821.8 788.7 777.7 755.1 766.8 795.0 777.1 460.8 12.3 448.5 328.5 39.9 288.6 131.0 101.6 547.0 11.4 535.6 330.8 40.5 290.3 183.9 85.3 533.3' 11.1 522.2' 320.4 42.4' 278.0' 174.0' 86.6 521.5' 11.3 510.2' 331.8 50.4 281.4 160.2' 88.3 519.4 12.4 507.0 335.9 45.8 290.1 158.6 90.5 520.7 11.9 508.8 361.7 51.2 310.5 163.0 100.6 529.0 12.9 516.1 334.3 50.7 283.6 169.0 92.6 547.8 12.5 535.3 304.7 38.1 266.5 166.3 89.7 542.1 12.7 529.4 299.8 41.4 258.4 176.2 87.6 554.5 12.8 541.7 300.1 33.9 266.2 179.4 89.9 547.9 12.4 535.6 304.8 37.5 267.3 151.1 91.6 548.4 12.1 536.3 302.3 34.0 268.3 164.1 88.7 759.9 779.2 766.4 781.3 787.3 820.0 786.9 775.9 753.3 765.0 793.2 775.3 1.0 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Commercial Banking Institutions—Assets and Liabilities 1.26 21 Assets and Liabilities1—Continued COMMERCIAL BANKS IN THE UNITED STATES F. Memo items Billions of dollars Wednesday figures Monthly averages Account 2004 Jan. 2004 July Aug. Sept. 2005 2005 Oct. Nov. Dec. Jan. Jan. 5 Jan. 12 Jan.19 Jan. 26 Not seasonally adjusted MEMO 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items 9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 11 12 13 14 Small domestically chartered commercial banks, adjusted for m ergers 10 Mortgage-backed securities12 Securitized consumer loans Credit cards and related plans Other 1 2 3 4 5 6 Foreign-related institutions 15 Revaluation gains on off-balancesheet items 9 16 Revaluation losses on off-balancesheet items 9 17 Securitized business loans12 122.8 105.4 111.3 109.2 107.9 95.7 103.7 93.1 92.1 96.9 92.0 93.1 107.4 412.6 293.7 118.9 94.7 483.0 376.5 106.5 102.0 488.6 378.4 110.2 99.2 486.4 373.4 113.0 96.4 475.5 363.4 112.0 90.5 479.0 366.0 113.0 95.1 495.6 384.3 83.7 517.1 406.4 110.7 83.1 505.3 394.7 110.5 85.9 500.7 390.6 110.2 82.9 529.8 419.0 110.8 84.2 521.0 412.3 108.7 3.7 3.0' 152.1 130.2 21.9 1.1' 153.0' 130.2 22.7' 4.2' 152.4' 129.5 22.9' 2.9' 151.7' 128.0 23.6' 1.7' 153.8 130.3 23.6 1.6' 157.3 132.9 24.3 151.7 132.5 19.2 6.6 1.9 1.8 156.6 132.6 24.0 157.0 133.1 23.9 157.4 133.5 23.8 6.4 6.4 6.4 6.4 343.3 n.a. n.a. n.a. 344.0 220.9 213.6 343.9 221.2 213.9 343.0 223.2 215.9 342.0 224.0 216.7 7.3 7.2 7.3 7.3 6.8 326.9 222.6 214.9 334.1 215.7 208.4 332.1 214.5 207.2 7.6 7.3 7.3 7.3 7.3 7.2 7.3 63.7 58.4 57.3 56.8 59.9 64.5 59.0' 54.5 54.1 55.0 55.8 54.4 68.4 60.5 59.7 59.3 64.1 71.2 64.8 60.3 61.7 62.3 61.1 .8 .3 .3 .3 .3 .3 .3 61.8 n.a. .3 .3 .3 .2 NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and ;„„ .ff—:— i—1~, !,„,,„ i 1 1 u,, i—1 "heet estimates of all foreign-related ta are break-adjusted. i. covers me loiiowmg types oi msiiiuiions m me uiiy states and the District of Columt.~. 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 es International Banking Facilities Data are Wednesday values or pro ; small domestic banks and foreignrelated institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the 337.6' 221.7' 214.4' 6.4 2.1 157.2 133.1 24.1 7.2 330.8 220.5' 213.2' 6.5 2.0 7.6 330.7' 213.9' 206.6 6.5 1.4 n.a. n.a. n.a. n.a. 342.5 222.3' 215.0' 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 • February 2005 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2004 Item 1999 2000 2001 2002 2003 May June July Aug. Sept. Oct. 1 All issuers 1,403,023 1,619,274 1,458,870 1,347,997 1,265,351 1,339,606 1,327,368 1,348,697 1,367,708 1,343,165 1,379,694 3 Nonfinancial companies 1,123,883 279,140 1,275,841 343,433 1,234,023 224,847 1,193,950 154,047 1,160,317 105,034 1,217,653 121,953 1,206,539 120,829 1,218,031 130,666 1,242,937 124,771 1,218,050 125,115 1,237,213 142,481 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change Rate 2001—Jan. Feb. Mar. Apr. May June Aug. Sept. Oct. Nov. Dec. 4 1 21 19 16 28 22 18 3 7 12 9.00 8.50 8.00 7.50 7.00 6.75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 4.25 4.50 4.75 5.00 5.25 30 10 21 10 14 Period Average rate 2001 2002 2003 2004 6.91 4.67 4.12 4.34 2002—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 Period 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 Report. Data in this table also appear in the Board's H.I5 (519) weekly statistical release, available on the Board's website, at www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2004 Item 2001 2002 2004, week ending 2003 Aug. Sept. Oct. Nov. Oct. 29 Nov. 5 Nov. 12 Nov. 19 Nov. 26 MONEY MARKET INSTRUMENTS 1 Federal funds'^ 3 2 Discount window primary credit2'4 3.88 n.a. 1.67 n.a. 1.13 n.a. 1.43 2.43 1.61 2.58 1.76 2.75 1.93 2.93 1.74 2.75 1.78 2.75 1.79 2.79 2.00 3.00 2.00 3.00 3.78 3.68 3.65 1.67 1.67 1.69 1.11 1.11 1.11 1.48 1.53 1.62 1.67 1.71 1.75 1.79 1.86 1.95 2.01 2.09 2.18 1.85 1.93 1.92 2.01 2.00 2.07 2.17 2.02 2.10 2.19 2.07 2.16 2.23 3.80 3.71 3 65 1.68 1.69 1 70 1.12 1.13 1 13 1.49 1.57 1 65 1.69 1.74 1 81 1.80 1.90 1 97 2.03 2.13 2 20 1.87 1.97 2 05 1.94 2.02 2 10 2.01 2.10 2 18 2.04 2.18 2 24 2.08 2.19 2 24 3.84 3.71 3.66 1.72 1.73 1.81 1.15 1.15 1.17 1.55 1.68 1.89 1.73 1.86 2.04 1.86 2.04 2.18 2.09 2.26 2.46 1.93 2.08 2.22 2.01 2.16 2.32 2.06 2.24 2.43 2.09 2.28 2.49 2.15 2.34 2.56 3.70 1.73 1.14 1.66 1.84 2.02 2.23 2.06 2.12 2.21 2.26 2.31 2.43 3.40 3 34 1.60 1.61 1 68 1.00 1.01 1 05 1.35 1.48 1 72 1.52 1.65 1 87 1.60 1.76 2 00 1.88 2.07 2 27 1.72 1.87 2 07 1.80 1.95 2 15 1.85 2.04 2 25 1.87 2.09 2 29 1.95 2.15 2 35 3.49 3.83 4.09 4.56 4.88 5.02 5.63 2.00 2.64 3.10 3.82 4.30 4.61 5.43 1.24 1.65 2.10 2.97 3.52 4.01 4.96 2.02 2.51 2.88 3.47 3.90 4.28 5.07 2.12 2.53 3.36 3.75 4.13 4.89 2.23 2.58 2.85 3.35 3.75 4.10 4.85 2.50 2.85 3.09 3.53 3.88 4.19 4.89 2.27 2.57 2.83 3.30 3.70 4.05 4.79 2.35 2.65 2.91 3.39 3.78 4.12 4.85 2.47 2.82 3.08 3.53 3.89 4.22 4.95 2.53 2.89 3.12 3.52 3.87 4.17 2.60 2.99 3.22 3.60 3.93 4.20 4.86 5.01 5.75 5.15 4.87 5.64 5.04 4.52 5.20 4.75 4.52 5.05 4.70 4.40 4.93 4.56 4.38 4.92 4.49 4.45 4.99 4.52 4.30 4.83 4.44 4.40 4.93 4.45 4.58 5.10 4.58 4.41 4.97 4.52 4.41 4.97 4.53 7.49 7.10 6.24 6.02 5.84 5.81 5.83 5.75 5.80 5.88 5.81 5.79 7.08 7.26 7.67 7.95 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.65 5.87 6.08 6.46 5.46 5.73 5.91 6.27 5.47 5.69 5.86 6.21 5.52 5.72 5.87 6.20 5.42 5.63 5.81 6.15 5.50 5.67 5.84 6.19 5.59 5.75 5.93 6.25 5.48 5.71 5.85 6.18 5.46 5.70 5.83 6.16 1.32 1.61 1.72 1.75 1.73 1.72 1.70 1.70 1.67 1.65 1.74 1.74 356 Commercial paper ' ' Non financial Financial Certificates of deposit, secondary market3'1 12 Eurodollar deposits, 3-month3'8 US Treasury bills Secondary market3'5 13 4-week U.S. TREASURY NOTES AND BONDS Constant maturities^ 18 3-year 20 7-year 22 20-year STATE AND LOCAL NOTES AND BONDS Moody's series^ 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 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly statistical release, available at: www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/ 2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at: http:// www.federalreserve.gov/releases/hl5/data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web pages (http://www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • February 2005 1.36 STOCK MARKET Selected Statistics Apr. May July Aug. Sept. Prices and trading volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 2 Industrial 3 Transportation 4 Utility 5 Finance 5,571.46 656.44 430.63 260.50 554.88 5,456.48 634.11 437.37 238.05 566.74 6,614.10 n.a. n.a. n.a. n.a. 6,600.77 n.a. n.a. n.a. n.a. 6,371.44 n.a. n.a. n.a. n.a. 6,548.06 n.a. n.a. n.a. n.a. 6,443.45 n.a. n.a. n.a. n.a. 6,352.8 6,551.90 n.a. n.a. n.a. n.a. 6,608.98 n.a. n.a. n.a. n.a. 6,933.75 n.a. n.a. n.a. n.a. 7,134.42 n.a. n.a. n.a. n.a. 1,260.02 1,245.60 1,186.63 1,21: 1,248.23 1,222.33 1,251.26 1,291.67 1,353.0 1,410.28 6 Standard & Poor's Corporation (1941-43= 10)1 7 American Stock Exchange (Aug. 31, 1973 = 50)2 Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,403,376 n.a. 1,397,797 n.a. Customer financing (millions of dollars, end-of-period balances) 3 10 Margin credit at broker-dealers . . . . Free credit balances at brokers* 11 Margin accounts5 12 Cash accounts 95,690 73,340 173,220 203,790 92,560 84,920 117,850 93,580 103,670 84,670 106,250 85,060 180,090 177,030 109,820 85,540 114,720 83,530 114,330 110,720 83,400 185,700 196,990 110,870 81,610 110,960 85,740 117,850 93,580 Margin requirements (percent of market value and effective date)6 13 Margin stocks 14 Convertible bonds 15 Short sales Mar. 11, 1968 May 6, 1970 70 50 70 65 50 65 1. In July 1976 a financial group, one made up of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. Dec. 6, 1971 Nov. 24, 1972 Jan. 3,1974 65 50 65 50 50 50 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2002 Sept. 30 Dec. 3 1 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 1 Federal debt outstanding 6,255.4 6,433.0 6,487.7 6,697.1 6,810.3 7,023.4 7,156.2 7,298.6 7,403.2 2 Public debt securities 3 Held by public 4 Held by agencies 6,228.2 3,552.6 2,675.6 6,405.7 3,647.4 2,758.3 6,460.8 3,710.8 2,750.0 6,670.1 3,816.3 2,853.8 6,783.2 3,923.9 2,859.3 6,998.0 4,044.1 2,954.5 7,131.1 4,176.7 2,954.4 7,274.3 4,218.7 3,055.6 7,379.0 4,303.4 3,075.7 27.2 27.2 .0 27.3 27.3 .0 26.9 26.9 .0 27.0 27.0 .0 27.0 27.0 .0 25.4 24.9 .5 25.1 25.1 .0 24.2 24.2 .0 24.2 23.7 6,952.9 7,088.6 7,229.3 7,088.5 .1 7,229.2 .1 5 Agency securities 6 Held by public 7 Held by agencies : Debt subject to statutory limit 9 Public debt securities . . 10 Other debt1 6,161.1 .3 6,359.1 .3 6,399.8 .2 6,625.3 .2 6,737.3 .3 6,952.6 .3 .4 7,333.4 7,333.2 MEMO 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 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' . Nonmarketable2 State and local government series . . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder1 U.S. Treasury and other federal agencies and trust funds Federal Reserve Banks6 Private investors Depository institutions Mutual funds Insurance companies State and local treasuries7 Individuals Savings bonds Pension funds Private State and Local Foreign and international8 Other miscellaneous investors7'9 Q4 Ql Q2 Q3 7,364.2 3,846.0 188.4 3,394.5 155.7 7,259.1 3,755.4 946.8 2,052.2 556.0 200.4 3,503.7 161.5 6.7 6.7 .0 6.4 6.4 .0 193.5 194.1 3,111.7 15.3 5,662.2 5,943.4 6,405.7 6,998.0 5,618.1 2,966.9 1,557.3 5,930.8 2,982.9 811.3 1,413.9 6,982.0 3,575.1 928.8 1,905.7 6,982.0 3,575.1 928.8 1,905.7 7,115.6 3,721.1 985.0 1,983.4 626.5 602.7 140.1 2,947.9 564.3 176.2 3,406.9 564.3 176.2 3,406.9 564.3 121.2 2,651.2 151.0 27.2 27.2 .0 176.9 6,391.4 3,205.1 888.8 1,580.8 588.7 146.9 2,266.1 44.2 15.4 15.4 .0 181.5 2,574.8 12.7 153.4 11.2 11.2 .0 184.8 2,806.9 14.3 149.2 9.7 9.7 .0 192.2 3,007.0 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 16.0 15.4 2,270.1 511.7 2,880.4 201.5 220.7 110.2 297.2 2,572.2 551.7 2,819.5 181.5 257.5 105.7 339.4 2,757.8 629.4 3,018.5 222.8 278.8 139.7 351.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 2,955.9 674.1 3,502.8 165.0 281.3 140.7 372.9 3,057.4 687.4 3,531.5 161.6 258.8 143.6 381.3 3,073.8 700.3 3,607.0 141.1 256.9 145.7 390.7 184.8 291.2' 113.2' 177.9 1,034.2 544.8' 190.3 273.1' 120.6' 152.4 1,051.2 435.7' 194.9 278.8' 134.7' 144.1 1,246.8 323.4' 203.8 203.8 140.8 147.4 1,538.1 140.8 147.4 1,538.1 452.6 452.6 204.4 291.1 142.9 148.2 1,704.8 387.8 204.6 301.6 146.0 155.6 1,799.8 332.2 204.1 306.0 150.0 155.9 1,861.9 n.a. 646.9 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 146.3 3,186.3 3,008.6 961.5 2,109.5 552.0 223.0 3,518.2 158.2 5.9 5.9 .0 194.1 3,130.0 14.9 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 • February 2005 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2004 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-indexed2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate w itn otner U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Aug. Sept. 2004, week ending Oct. Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 Nov. 3 Nov. 10 Nov. 17 Nov. 24 53,544 61,588 52,124 65,586 59,007 54,487 45,711 49,783 55,520 59,458 59,798 63,107 168,154 170,510 157,220 199,865 177,978 145,064 136,710 164,595 172,857 195,399 179,059 214,546 121,852 142,642 128,400 142,365 144,168 129,614 131,732 114,273 121,427 186,871 134,300 107,904 110,692 21,197 5,452 128,750 29,390 6,470 112,341 24,767 11,389 138,591 35,437 8,331 123,041 25,831 8,218 115,063 24,155 12,341 110,439 23,278 5,744 105,752 25,679 18,704 106,726 25,303 11,650 135,429 28,348 6,630 135,826 26,225 5,386 105,609 27,872 7,542 60,041 60,230 55,610 62,665 63,443 59,484 55,801 47,299 52,500 57,954 71,466 65,169 7,422 9,133 9,428 9,464 8,584 12,171 7,125 10,786 7,993 10,385 7,276 8,476 5,433 6,267 8,224 5,996 8,043 8,335 10,089 6,714 7,474 8,252 5,298 6,623 2,806 629 5,816 452 5,565 494 6,636 556 5,517 402 6,406 393 5,768 702 4,858 440 5,243 495 7,670 1,157 5,774 663 3,584 235 192,939 208,021 220,081 175,970 232,337 335,586 199,780 159,723 166,204 392,997 220,569 144,062 119,615 19,645 136,302 21,947 129,390 23,005 149,471 25,755 131,485 20,630 131,778 17,356 132,797 23,744 125,005 29,883 122,868 20,010 137,389 27,140 155,772 22,541 140,646 24,940 210,180 247,860 222,103 268,097 241,572 217,727 213,773 218,835 220,913 258,743 231,075 227,370 6,509 56,362 484 8,437 58,623 686 9,330 65,423 847 9,207 49,126 670 10,386 64,349 761 10,286 92,917 689 9,626 65,640 956 7,623 51,294 947 8,831 47,361 812 9,627 105,783 920 7,460 58,858 660 6,310 35,308 959 270,711 291,491 264,138 322,078 296,671 262,996 239,840 259,952 272,570 353,391 309,519 299,210 69,822 136,578 138,776 73,462 149,398 157,565 69,992 154,658 151,548 76,111 126,844 174,556 75,604 167,988 151,355 76,502 242,668 148,444 69,859 134,141 155,585 62,474 108,429 153,941 64,874 118,843 142,066 75,792 287,213 163,609 83,016 161,711 177,654 77,778 108,754 164,627 W7-it'll -it'll t±r 19 20 21 22 NOTE. Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing1 Millions of dollars 2004 2004, week ending Item, by type of security Aug. Sept. Oct. Sept. 29 Oct. 6 Oct. 13 Oct. 20 Oct. 27 Nov. 3 Nov. 10 Nov. 17 Net outright positions2 18,544 26,888 20,421 3,630 18,264 24,403 19,204 17,936 23,168 29,290 18,813 28,062 30,870 41,490 29,603 45,438 43,528 39,945 38,587 39,782 35,128 39,969 35,709 30,051 35,652 35,351 31,384 37,484 37,228 35,658 36,082 38,294 34,919 22,227 6,719 134 18,795 3,505 1,164 12,927 4,975 1,081 13,719 4,242 2,062 11,756 4,132 2,429 12,946 3,421 999 13,463 6,444 1,214 11,588 6,786 236 16,052 3,221 449 17,045 2,131 442 20,836 2,120 86 54,845 53,556 51,355 49,955 48,239 49,984 50,831 52,536 57,281 56,251 49,699 14,030 21,520 30,011 25,943 25,438 29,831 33,142 32,074 28,095 29,746 27,483 5,072 5,205 6,099 6,250 4,519 4,865 6,870 6,943 7,806 6,214 5,545 4,404 4,185 4,348 4,260 3,396 3,913 5,026 4,245 3,534 4,078 4,533 3,887 2,924 3,918 2,578 3,843 3,459 3,826 4,316 3,393 4,328 3,319 12 Mortgage-backed 15,236 33,662 22,899 40,479 28,450 23,808 17,181 28,475 13,228 9,016 15,602 Corporate securities 13 One year or less 14 More than one year 31,606 95,578 32,315 100,428 35,091 105,298 28,832 105,409 35,133 103,324 39,206 104,413 35,792 107,606 33,606 107,109 29,201 102,600 38,926 105,094 33,394 104,391 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-indexed 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven Financing3 Securities in, US. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 987,657 1,148,696 992,077 1,269,837 979,187 1,149,449 997,527 1,365,420 1,003,449 1,102,030 958,820 1,143,489 976,809 1,122,269 970,838 1,193,726 997,205 1,201,086 1,021,425 1,265,647 1,067,869 1,091,230 185,381 218,460 171,049 215,073 162,822 214,732 172,902 215,927 155,151 201,700 162,745 214,037 157,986 218,068 168,152 224,040 173,602 213,373 178,747 207,268 171,058 193,290 48,368 309,250 50,593 318,391 53,778 339,806 46,076 325,033 49,583 328,637 51,125 331,023 54,106 339,943 58,943 350,362 55,102 353,217 52,337 355,675 60,309 330,951 115,616 57,944 118,403 58,049 120,636 58,495 119,306 59,726 117,304 59,821 121,152 59,985 120,801 58,434 121,684 56,853 122,610 56,879 120,221 58,854 119,051 57,808 641,873 1,492,012 660,191 1,617,458 648,781 1,514,077 700,662 1,714,547 657,787 1,453,339 627,245 1,503,772 639,885 1,492,826 653,761 1,569,646 679,815 1,563,157 665,345 1,654,234 731,626 1,430,325 887,572 1,078,505 913,630 1,184,734 891,138 1,038,288 903,240 1,286,310 896,130 1,006,213 862,821 1,035,566 900,953 1,003,002 887,492 1,078,458 922,408 1,082,615 896,395 1,203,042 1,004,653 988,125 321,662 143,172 311,459 146,831 318,969 140,142 313,595 149,855 314,156 127,370 313,803 142,701 317,298 139,043 329,588 146,428 319,568 145,743 297,139 172,445 309,713 130,002 404,658 180,280 407,812 216,805 419,201 248,838 422,367 236,962 409,968 233,360 409,294 237,619 421,655 256,591 442,795 253,636 404,800 269,721 429,339 239,484 454,580 214,223 184,306 52,388 193,826 50,328 196,363 51,405 196,239 53,253 199,162 50,653 198,630 51,064 196,513 51,880 195,742 51,733 189,024 51 726 197,886 50 865 188,620 49,564 1,545,331 1,381,047 1,586,506 1,523,322 1,580,014 1,406,761 1,594,118 1,647,566 1,578,681 1,343,280 1,538,702 1,397,279 1,589,091 1,377,291 1,607,364 1,457,192 1,590,560 1,481,897 1,577,446 1,592,960 1,713,598 1,313,333 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 3 1 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE. Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for pledged securities. TIIS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • February 2005 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency May 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank2'3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal 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 Banks8 15 Student Loan Marketing Association9 16 Financing Corporation 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 1,851,632 2,121,057 25,666 276 6 n.a. 26,828 n.a. 26,828 n.a. n.a. n.a. n.a. 1,825,966 594,404 426,899 642,700 74,181 45,375 8,170 1,261 29,996 2,120,781 623,740 565,071 763,500 76,673 48,350 8,170 1,261 29,996 40,575 255 n.a. n.a. 25,660 n.a. 2,351,039 July Aug. 2,720,675 2,753,085 2,765,430 2,768,452 25,412 6 n.a. 290 24,875 6 n.a. 162 24,227 6 n.a. 163 24,041 23,801 6 n.a. 196 n.a. n.a. 25,406 n.a. n.a. n.a. 24,869 n.a. n.a. n.a. 24,221 n.a. n.a. n.a. 24,035 n.a. n.a. n.a. 23,795 n.a. 2,351,037 674,841 648,894 851,000 85,088 47,900 8,170 1,261 29,996 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 2,695,800 810,352 736,100 941,824 96,059 68,600 8,170 1,261 29,996 2,728,858 821,470 759,600 939,668 94,883 70,100 8,170 1,261 29,996 2,741,389 818,094 770,200 945,198 96,139 68,627 8,170 1,261 29,996 2,744,651 822,161 764,400 951,583 94,913 68,700 8,170 1,261 29,996 39,096 37,017 30,811 29,124 28,642 28,826 29,145 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. 13,876 25,220 n.a. 14,48' 22,52: n.a. 16,127 14,684 n.a. 16,627 12,497 n.a. 16,765 11,877 n.a. 16,762 12,064 n.a. 16,869 12,276 n.a. Sept. 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 lending14 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 5,275 13,126 22,174 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr. May July Aug. Sept.7 1 All issues, new and refunding1 291,919 363,888 384,272' 31,882 37,939' 34,631 24,755' 27,895 24,996 31,868 24,720 By type of issue 2 General obligation . . . . 3 Revenue 118,554 170,047 145,323 214,788 144,095' 238,126 12,507 19,375 7,929 30,010' 9,938 24,693 8,845 15,910' 11,542 16,353 10,344 14,652 11,776 20,092 7,105 17,615 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 30,099 197,462 61,040 33,931 259,070 67,121 49,795 253,491' 78,969 4,107 22,161 5,614 5,964 21,356' 7,736 20,616 8,050 2,310 16,677' 5,768 1,694 19,224 6,977 3,396 16,007 5,593 4,477 22,434 4,957 912 17,244 6,564 7 Issues for new capital 200,255 242,882 264,615 21,457 24,556' 26,500 16,989' 17,782 18,709 16,074 50,054 21,411 21,917 n.a. 6,607 55,733 57,894 22,093 33,404 n.a. 7,227 73,033 70,305 23,816 10,251 n.a. 22,339 97,736 7,036 2,249 889 n.a. 2,065 5,663 5,267 1,696 397 n.a. 1,324 12,529 6,507 1,977 756 n.a. 1,832 12,015 5,160' 2,200 Til n.a. 1,520 5,320' 5,143 2,946 1,154 n.a. 1,340 5,021 4,787 1,705 3,714 1,358 668 n.a. 2,962 4,549 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes NEW SECURITY ISSUES 2,015 6,917 SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 3,873 1,411 242 n.a. 2,238 3,782 U.S. Corporations Millions of dollars 2004 Type of issue, offering, or issuer 2001 2002 2003 Mar. Apr. May June July Aug. Sept. Oct. 1 All issues' 1,543,981 1,432,548 1,819,401 192,848 141,553 148,070 191,476 158,714 174,460 214,381 158,646 2 Bonds2 1,415,427 1,322,113 1,692,260 175,433 131,339 135,131 183,475 149,980 166,054 204,705 146,254 1,359,039 56,389 1,235,868 86,246 1,579,311 112,949 160,257 15,176 116,406 14,933 119,809 15,322 170,210 13,265 138,152 11,828 152,816 13,239 179,758 24,948 133,354 12,900 24,415 18,870 20,701 1,769' 1,557' 3,160' 1,616' 3,242 1,969 2,146 2,070 459,610 955,817 282,484 1,039,629 362,340 1,329,920 36,881 138,552 21,948 109,391 13,815 121,316 17,940 165,535 11,666 138,314 21,961 144,094 23,136 181,570 17,591 128,663 230,049 170,904 185,964 17,415 10,214 12,939 8,001 8,734 8,406 9,676 12,392 128,554 101,495 110,435 60,469 127,141 58,823 17,415 n.a. 10,214 n.a. 12,939 n.a. 8,001 n.a. 8,734 n.a. 8,406 n.a. 9,676 n.a. 12,392 n.a. 77,577 50,977 62,115 48,320 44,389 82,752 9,368 8,047 4,153 6,061 5,046 7,893 4,711 3,290 5,524 3,210 5,099 3,307 3,423 6,253 4,209 8,183 By type of offering 3 Sold in the United States MEMO 5 Private placements, domestic By industry group 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System. 30 1.47 Federal Reserve Bulletin Statistical Supplement • February 2005 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2004 Item 3 3 Net sales 4 Assets 4 5 Cash5 6 Other 2003 2004 May June Aug. Sept. Oct. Nov.7 Dec. 1,710,931 1,661,541 117,904 124,965 119,990 113,400 117,048 119,589 144,989 162,438 1,495,077 215,854 1,450,638 210,903 131,415 13,511 119,717 5,248 108,796 11,194 105,445 7,955 101,143 15,905 105,371 14,218 117,437 27,552 149,349 13,089 5,362,397 6,189,074 5,536,440 5,636,780 5,489,559 5,526,306 5,658,210 5,759,166 6,003,264 6,189,074 258,594 5,103,803 306,403 5,882,671 259,540 5,276,900 268,651 5,368,129 260,395 5,229,164 279,831 5,246,475 289,846 5,368,364 301,153 5,458,013 328,693 5,674,571 306,403 5,882,671 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 July DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE. Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2003 Ql Q2 2004 Q3 Q4 Ql Q2 Q3 ASSETS 5 LESS: Reserves for unearned income 8 All other 9 Total assets 950.2 341.9 447.0 161.3 951.2 321.4 455.3 174.5 1,022.2 365.8 457.4 198.9 943.2 315.4 453.9 173.9 960.6 321.4 455.8 183.4 1,000.0 359.7 445.6 194.7 1,022.2 365.8 457.4 198.9 1,056.2 374.4 475.6 206.2 1,075.4 390.1 471.3 213.9 1,097.3 416.5 456.3 224.5 60.6 21 0 57.0 23 8 50.6 24 5 53.2 23 6 52.9 24 0 51.8 24 4 50.6 24 5 49.4 24 0 47.1 23 9 46.8 24 3 868.5 524.9 870.3 586.4 947.1 751.8 866.4 604.7 883.7 653.0 923.8 717.2 947.1 751.8 982.8 748.2 1,004.4 730.2 1,026.2 738.3 1,393.4 1,456.8 1,698.9 1,471.1 1,536.8 1,641.0 1,698.9 1,731.1 1,734.6 1,764.5 50.8 158 6 48.0 141 5 56.2 136 3 47.3 127 3 53.2 145 3 57.6 132 9 56.2 136 3 59.8 138 6 52.6 141 4 64.1 150 8 99.2 569.9 326.2 188.8 88.2 631.9 339.8 207.3 99.8 746.2 424.2 236.3 87.2 645.4 343.6 220.3 96.0 672.5 358.2 211.5 95.8 705.8 422.4 226.5 99.8 746.2 424.2 236.3 104.8 759.7 435.1 233.1 108.0 768.2 426.0 238.3 112.4 771.0 423.2 243.0 1,393.4 1,456.8 1,698.9 1,471.1 1,536.8 1,641.0 1,698.9 1,731.1 1,734.6 1,764.5 LIABILITIES AND CAPITAL Debt 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE. Some of the data presented in the table is available in the the Board's monthly G.20 (422) statistical release, which is available at: www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables1 Billions of dollars, amounts outstanding Type of credit July May Aug. Sept. 567.2 261.9 562.0 Seasonally adjusted 1 Total 2 3 4 Consumer . . Real estate . Business . . . r,248.4 r,277.4 r,333.r 515.2 207.7 525.5 519.1 217.4 540.9 542.5 239.6 551.0 553.9 251.0 557.0 r,363.7 r,364.8 554.1 252.1 557.5 555.8 253.9 555.1 559.0 257.6 560.8 r,398.0 569.3 266.9 561.8 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 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 . . r, 284.3 r,340.4 l,362.r r,369.2 r,359.3 1,368.4 519.7 173.9 103.5 31.5 32.7 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 549.7 207.6 65.3 37.7 74.9 551.7 206.3 65.0 39.9 78.5 554.4 209.4 559.4 215.3 63.5 41.3 82.4 568.1 224.0 62.9 45.5 83.2 572.1 131.9 6.8 25.0 14.3 207.7 120.1 41.2 151.9 5.7 31.1 14.0 217.4 135.0 39.5 132.8 5.5 31.6 12.2 239.6 152.2 119.7 5.2 28.4 10.9 251.0 118.3 5.1 25.3 10.5 253.9 169.2 46.7 167.6 46.3 120.4 5.1 25.8 10.7 252.1 167.9 46.0 46.8 116.5 5.0 25.0 10.4 257.6 172.4 47.4 113.5 5.0 24.0 10.1 261.9 176.2 48.3 113.1 4.9 23.1 10.0 266.9 181.6 48.1 40.7 5.7 527.9 54.0 16.1 20.3 17.6 289.4 77.8 211.6 103.5 39.7 3.2 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 36.9 3.8 553.1 74.9 18.2 40.3 16.3 35.6 1.5 561.4 92.6 17.6 50.7 24.3 35.2 2.8 551.0 88.5 18.8 44.8 24.8 266.2 68.6 203.1 105.0 197.6 108.9 192.1 110.2 35.0 2.8 551.4 87.2 19.3 43.0 24.8 259.7 68.2 191.5 110.9 34.8 2.7 555.8 84.1 19.7 38.1 26.2 277.6 74.6 35.4 2.8 565.4 95.4 18.0 52.8 24.6 265.0 68.5 196.4 110.9 50.1 5.1 42.5 2.5 23.2 50.2 2.4 45.9 1.9 20.2 13.0 7.2 17.4 48.4 2.2 44.2 2.1 22.1 12.5 9.6 25.1 47.6 2.2 45.6 2.2 41.3 2.1 43.6 2.2 39.3 2.1 22.3 11.8 10.4 26.0 45.6 2.2 41.4 2.1 22.0 11.6 10.4 25.9 48.4 2.2 44.2 2.1 24.2 11.7 12.5 16.4 6.8 7.7 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 43.3 2.1 20.4 12.1 8.3 25.6 12.2 10.5 25.9 64.2 41.4 80.3 260.5 68.3 r,397.9 260.9 68.6 192.3 111.4 26.8 228.6 62.5 46.4 83.5 34.6 2.7 558.9 86.9 19.7 41.0 26.2 263.0 69.9 193.1 110.4 47.4 2.2 43.2 2.1 24.2 11.7 12.5 26.9 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 1.53 Federal Reserve Bulletin Statistical Supplement • February 2005 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted July Aug. Sept. Terms and yields in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms1 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 7 Effective rate1'3 8 Contract rate (HUD series)4 261.1 197.0 77.8 28.9 .62 272.1 205.3 77.9 28.7 .61 292.0 215.0 76.0 28.8 .51 288.1 213.2 75.8 28.6 .50 214.1 76.2 28.9 .48 297.5 221.8 76.9 29.1 .48 301.5 225.1 77.0 29.2 .57 297.6 218.7 76.0 29.0 .47 304.8 224.3 75.7 29.2 .49 305.5 227.0 76.6 6.35 6.44 n.a. 5.71 5.80 n.a. 5.68 5.75 5.73 5.81 n.a. 5.89 5.96 5.81 5.88 n.a. 5.63 5.72 5.75 5.82 n.a. 5.84 5.91 n.a. 5.94 6.02 n.a. n.a. 5.81 n.a. 5.03 n.a. 5.19 n.a. 5.66 n.a. 5.43 n.a. 5.22 n.a. 5.09 n.a. 5.02 n.a. 5.01 n.a. 5.03 SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203 f 10 GNMA securities6 .. Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 794,253 n.a. n.a. i98,445 n.a. n.a. 904,555 n.a. n.a. 891,210 n.a. n.a. 892,724 n.a. n.a. 895,428 n.a. n.a. 904,543 n.a. n.a. 913,246 n.a. n.a. 912,608 n.a. n.a. 904,555 n.a. n.a. 149,429 8,828 32,084 2,415 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 Mortgage transactions purchased (during period) Mortgage commitments (duringperiod) 15 Issued7 16 To sell8 400,327 12,268 FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)^ 17 Total 18 FHAAA insured 19 Conventional 568,173 4,573 563,600 644,436 n.a. n.a. 653,641 n.a. n.a. 645,185 n.a. n.a. 656,342 n.a. n.a. 661,358 n.a. n.a. 660,713 n.a. n.a. 660,301 n.a. n.a. 656,982 n.a. n.a. 653,641 n.a. n.a. Mortgage transactions (duringperiod) 20 Purchases 21 Sales n.a. 547,046 n.a. 713,260 n.a. 365,148 n.a. 39,022 n.a. 30,709 n.a. 23,461 n.a. 23,586 n.a. 26,541 n.a. 23,207 n.a. 27,953 22 Mortgage commitments contracted (during period)9 620,981 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end often years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued, but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 Q4 Ql Q2 Q3P 6,820,157 7,496,841 8,323,275 9,102,883 9,326,863 9,574,728 9,822,328 10,127,790 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm 5,133,156 405,966 1,170,840 110,195 5,645,188 448,095 1,285,711 117,847 6,322,727 486,124 6,957,691 530,999 1,482,486 131,707 7,119,963 554,281 1,519,036 133,583 7,323,358 559,959 1,556,098 135,313 7,519,299 573,319 1,591,378 138,332 7,770,908 581,562 1,634,834 140,486 By type of holder 6 Major financial institutions Commercial banks2 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 2,618,969 1,660,054 965,635 77,803 582,577 34,039 722,974 594,221 61,258 66,965 529 235,941 4,903 33,681 183,757 13,600 2,791,076 1,789,819 1,023,851 84,851 645,619 35,498 758,236 620,579 64,592 72,534 531 243,021 4,931 35,631 188,376 14,083 3,089,824 2,058,426 1,222,126 94,178 704,097 38,025 781,378 631,392 68,679 80,730 577 250,019 4,657 36,816 195,040 13,506 3,373,051 2,263,725 1,368,832 102,841 751,847 40,205 852,054 690,404 74,928 86,095 3,387,865 2,256,037 1,346,908 104,901 763,579 40,649 870,884 703,374 77,994 3,518,918 2,329,270 1,394,747 107,440 3,666,087 3,792,347 2,517,372 1,522,178 114,986 836,313 43,894 1,009,323 830,379 85,808 92,508 626 632 648 257,272 3,585 38,141 202,253 13,293 260,944 4,403 38,556 203,946 14,039 261,990 4,583 38,685 341,140 6 373,240 433,565 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 0 0 46 7 9 30 0 185,801 172,230 13,571 46,257 2,722 43,535 524,680 52 52 0 69,474 14,127 11,632 40,161 3,554 4,061 1,285 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 543,418 48 48 0 71,271 13,820 11,588 1 All holders . 2 3 4 5 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 Mortgage pools or trusts Government National Mortgage Association One- to four-family Multifamily Federal Home Loan Mortgage Corporation . One- to four-family Multifamily Federal National Mortgage Association . . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family6 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 0 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 0 0 13 2 73,323 16,372 11,733 41,070 4,148 3,507 1,308 2,199 0 0 0 45 7 9 29 0 152,511 144,150 8,361 165,957 155,419 10,538 40,885 36,326 2,137 34,189 59,240 42,871 16,369 30 30 38,479 62,792 40,309 22,483 202 202 3,161,103 611,553 592,624 18,929 822,310 3,616,353 591,368 569,460 21,908 948,409 940,933 816,602 5,708 1,057,750 1,016,398 41,352 0 0 0 0 0 667,859 433,882 47,812 186,165 0 1,631 1,631 2,406 7,476 1,290,351 1,238,125 52,226 0 0 0 0 0 784,569 505,822 53,759 224,988 0 1,656 1,656 698,945 486,109 80,53 1 110,277 22,028 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. 716,172 498,775 80,730 113,221 23,446 1,388,929 125,496 63,887 35,851 28,036 966 966 4,032,546 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 873,942 563,906 59,225 250,811 0 367 367 767,341 549,669 76,732 116,121 24,819 2,776 0 0 0 0 0 24 4 5 15 0 232,415 214,734 17,681 48,852 2,874 45,978 61,080 29,313 31,767 980 980 4,370,787 472,899 444,799 28,100 1,095,873 1,082,144 13,729 1,801,528 1,733,853 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 785,660 41,422 927,658 753,855 81,705 91,449 204,643 14,079 42,476 3,387 4,460 1,315 3,144 0 0 0 0 0 37 6 7 24 0 240,710 220,331 20,379 50,007 2,942 47,065 60,819 32,996 990 990 33^297 980 980 4,547,554 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 1,058,429 696,681 4,636,585 464,306 438,300 26,007 63,861 67,288 278,543 0 1,029 1,029 294,460 0 1,003 1,003 1,166,862 1,150,632 16,230 1,878,030 1,802,301 75,729 0 0 0 0 0 1,126,421 755,294 69,108 302,019 0 966 966 834,365 606,945 77,807 123,571 854,314 623,019 875,807 642,626 77,246 127,624 26,424 76,590 129,826 67,675 0 0 0 0 0 999,458 657,054 26,042 26,766 2,435,903 1,473,532 110,832 808,610 42,928 966,533 789,486 83,952 92,455 639 263,652 4,603 38,933 205,937 14,179 543,990 45 45 0 69,681 13,668 11,581 41,172 3,260 4,550 1,324 3,226 0 0 0 0 0 42 7 8 27 0 241,510 218,845 22,665 51,070 3,005 48,065 60,315 27,294 33,021 944 944 628 265,652 4,653 39,228 207,492 14,279 548,298 45 45 0 69,935 13,557 11,565 41,520 3,294 4,498 1,328 3,169 0 0 0 0 0 23 4 4 15 0 245,183 222,173 23,010 51,849 3,051 48,798 61,307 27,743 33,564 910 910 317,798 0 967 967 4,835,381 452,702 421,511 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,706 75,974 0 0 0 0 0 1,291,623 890,556 71,953 329,114 0 964 964 902,214 673,604 75,881 125,378 27,350 951,763 721,735 74,438 127,872 27,718 4,710,037 458,684 428,103 30,581 1,184,976 1,168,494 16,482 1,879,009 1,803,584 75,425 0 0 0 0 0 1,186,401 797,915 70,688 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 69 from Inside Mortgage Securities and other sources. 34 1.55 Federal Reserve Bulletin Statistical Supplement • February 2005 CONSUMERCREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit May July Aug. Sept. Seasonally adjusted 722,299 1,119,857 2 Revolving . . . . 3 Nonrevolving 2 1,924,184 2,orr,282 2,048,048 2,052,604' 2,064,613' 2,067,516' 2,084,508' 2,098,586 738,323 1,185,861 758,676 1,252,605 763,919 1,284,129 765,206' 1,287,398 773,380' 773,602' 785,068' 1,299,440' 789,014 1,309,572 Not seasonally adjusted 4 Total . . . 5 6 7 8 9 10 11 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . . Savings institutions Nonfinancial business Pools of securitized assets3 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 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 r, 878,569 1,961,771 2,050,142 2,039,145 2,042,174' 2,051,729' 2,068,198' 2,086,247' 2,103,170 571,803 238,133 189,570 119,521 71,100 88,759 599,684 606,372 661,038 295,424 205,877 114,629 77,850 70,339 624,986 659,025 320,116 209,080 99,767 85,917 63,922 601,318 652,683 324,672 211,684 94,830 88,115 62,920 607,269' 656,371 331,033 211,950 93,706 88,466 62,437 607,766' 666,111 338,995 214,203 94,204 88,818 63,540 602,328' 668,771 352,691 215,042 99,185 89,158 59,917 601,483' 668,790 363,794 216,370 99,349 90,325 750,335 766,727 238,260 250,197 38,948 22,228 n.a. 787,670 284,667 37,576 22,410 n.a. 23,848 26,494 392,676 763,195 278,013 37,654 21,385 n.a. 23,931 21,787 764,611' 275,594 39,888 21,606 n.a. 25,132 20,966 381,425' 770,412' 278,869 41,386 21,783 n.a. 25,249 20,392 382,733' 776,509' 286,765 41,322 22,412 n.a. 25,365' 21,069 379,576' 780,085' 287,219 45,466 22,431 n.a. 25,478' 17,606 381,885' 784,411 286,490 47,738 22,409 n.a. 1,262,471 376,371 257,847 183,467 114,629 54,002 43,845 232,310 1,275,949 381,013 1,277,563 377,089 284,784 190,078 94,830 62,983 41,954 225,845 1,281,317 377,501 289,647 190,167 93,706 63,218 42,045 225,033 1,291,689 379,346 297,673 191,791 94,204 63,453' 42,471 222,752 1,306,162' 381,552 307,226 192,611 99,185 63,680' 42,3 11 219,597' 1,318,759 382,300 316,056 193,961 99,349 63,919 42,411 220,764 31,538 22,265 n.a. 17,941 50,595 389,737 1,128,234 333,543 206,595 167,305 119,521 53,159 38,165 209,947 237,790 195,744 129,576 68,705 86,503 637,082 16,260 48,831 390,263 1,195,045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1.56 380,426 282,462 187,695 99,767 61,986 42,135 220,892 60,723 603,820 26,407 18,311 383,056 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2004 Item 2001 2002 2003 Apr. May June July Aug. Sept. Oct. INTEREST RATES Commercial banks1 8.50 13 22 7.62 12 54 6.93 11 95 n.a. 6.43 11.80 n.a. n.a. 6.55 12.02 n.a. 14.87 14.46 13.40 13.11 12.30 12.73 n.a. n.a. 12.68 12.93 n.a. n.a. n.a. n.a. 13.01 13.60 n.a. n.a. 5 65 12.18 4.29 10.74 3.40 9.72 3.60 8.92 3.32 8.80 4.02 8.78 5.25 8.90 5.62 8.96 5.74 8.92 4.42 8.94 55 1 57.5 56.8 57.5 61.4 57.5 59.9 56.8 60.2 56.9 60.6 57.0 60.9 56.9 60.8 57.1 60.9 57.2 63.4 57.1 91 100 94 100 95 100 93 101 92 101 91 101 89 100 84 100 81 99 85 99 22,822 14,416 24,747 14,532 26,295 14,613 25,918 14,829 25,854 14,955 24,804 15,086 23,821 15,361 22,951 15,197 22,765 15,490 24,711 15,547 Credit card plan 4 Accounts assessed interest n.a. n.a. Auto finance companies OTHER TERMS3 Maturity (months) 8 Used car Loan-to-value ratio 10 Used car Amount financed (dollars) 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED INU.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Ql Q2 Q3 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages 1,041.7 1,030.7 837.5 1,118.0 1,317.6 1,482.9 2,297.1 1,514.0 1,345.7 2,024.7 1,592.0 1,710.0 52.6 54.6 2.0 71.2 71.0 •2 295.9 294.9 1.0 5.6 5.1 .5 257.6 257.1 .5 184.0 185.6 1.6 723.0 722.5 .5 317.1 317.0 .1 360.0 368.6 8.6 483.9 482.9 1.1 444.9 448.6 3.6 207.0 208.9 1.9 1,094.4 1,101.9 1,133.3 1,123.6 1,060.1 1,298.9 1,574.0 1,196.9 985.7 1,540.7 1,147.0 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 24.4 84.2 235.2 109.8 68.5 466.8 360.6 25.7 73.9 6.7 105.4 37.4 54.4 221.7 81.4 26.1 568.0 425.3 38.5 97.8 6.5 113.0 48.1 23.6 162.6 97.7 79.6 554.4 410.9 29.4 107.5 6.6 167.4 88.3 122.9 348.5 82.0 8.9 674.1 511.7 41.4 113.4 7.7 139.5 64.2 159.4 132.3 87.2 20.3 816.3 677.7 34.7 96.3 7.6 83.2 9.3 119.9 169.5 84.9 4.2 1,009.7 859.6 39.4 102.4 8.3 89.7 81.4 182.6 297.0 42.1 9.9 1,119.1 907.1 69.9 135.2 6.9 108.8 4.8 130.0 96.1 111.0 22.9 991.0 769.0 64.9 148.6 8.5 108.9 74.3 107.7 70.6 90.8 68.7 857.6 651.1 87.0 110.9 8.6 46.1 34.4 167.5 114.2 46.5 23.2 1,121.1 945.8 15.0 153.4 6.9 126.8 32.9 82.0 5.7 91.7 30.7 918.0 732.8 47.2 127.4 10.6 47.5 23.0 241.4 33.8 12.4 24.0 1,069.8 860.9 29.7 170.2 8.9 123.4 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 438.9 587.8 397.6 179.9 10.3 67.7 493.9 569.5 374.0 190.2 5.3 38.5 559.7 558.2 354.4 192.9 10.9 15.5 622.9 394.9 228.0 156.4 10.5 105.8 734.1 182.0 28.9 145.3 7.8 143.9 918.3 281.0 167.1 107.6 6.3 99.5 988.3 419.6 272.9 143.8 2.9 166.1 835.3 252.6 71.9 168.8 12.0 109.1 620.3 269.1 74.6 184.7 9.8 96.3 1,052.9 339.1 195.8 138.7 4.5 148.8 810.5 273.0 92.4 167.6 12.9 63.5 386.5 194.4 171.5 20.6 31.2 7.8 22.8 6.6 6.0 13.0 16.3 1.9 .5 5.7 57.0 31.7 15.2 11.4 1.3 49.8 14.2 24.5 7.3 3.8 5.6 36.1 33.5 5.3 2.3 17.8 52.0 29.9 4.0 .2 61.8 72.9 100.2 31.4 3.0 64.7 56.0 8.8 5.3 5.3 46.0 20.2 26.5 .7 .0 70.8 100.1 19.6 6.7 2.9 63.8 29.6 39.7 7.0 1.5 9.0 24.9 2.3 9.0 9.3 1,073.0 1,043.7 894.5 1,068.2 1,323.3 1,500.7 2,235.3 1,449.3 1,391.7 2,095.5 1,528.2 1,718.9 5 Nonfederal 23 Foreign net borrowing in United States 24 Commercial paper 25 Bonds 26 Bank loans n.e.c 27 Other loans and advances 28 Total domestic plus foreign Financial sectors 29 Total net borrowing by financial sectors . . . 30 31 32 33 By instrument Federal government-related Government-sponsored enterprise securities Mortgage pool securities Loans from U.S. government 34 Private 35 Open market paper 36 Corporate bonds 37 Bank loans n.e.c 38 Other loans and advances 39 Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) . . . . Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 1,063.8 r,059.5 805.4 903.2 834.7 972.2 857.7 r,053.4 1,073.9 672.0 873.9 471.6 278.9 192.7 .0 593.3 318.8 274.6 .0 434.9 235.2 199.7 .0 642.7 304.1 338.5 .0 546.7 219.8 326.8 .0 498.0 225.8 272.2 .0 459.4 192.4 266.9 .0 767.5 459.9 307.6 .0 572.2 96.9 475.3 .0 98.2 18.2 80.1 .0 308.4 234.4 74.0 .0 167.4 108.0 59.4 592.2 161.0 287.7 28.5 90.2 24.8 466.2 176.2 188.7 12.8 107.1 6.9 370.5 131.7 187.7 3.8 42.5 4.9 260.5 45.3 265.1 13.0 25.5 2.2 288.0 63.5 333.3 1.3 6.8 10.1 474.3 27.7 497.1 38.6 43.9 .4 398.4 50.6 395.6 12.1 38.2 3.1 285.9 62.5 319.9 14.6 .7 13.2 501.6 114.3 562.4 6.5 41.9 18.1 573.8 149.6 295.7 25.3 76.0 27.2 565.5 10.8 407.1 34.4 166.1 15.9 521.0 64.4 555.3 51.2 30.9 72.9 52.2 .6 .7 278.9 192.7 298.9 57.1 .0 62.7 7.2 40.0 67.2 48.0 2.2 .7 318.8 274.6 192.6 70.7 .0 10.4 17.2 91.6 60.0 27.3 .0 .7 235.2 199.7 182.3 81.9 .0 4.5 15.6 .3 52.9 2.0 1.5 .6 304.1 338.5 256.2 1.3 .0 3.2 1.4 54.6 49.7 23.4 2.0 2.0 219.8 326.8 191.6 42.2 .0 26.2 1.7 .5 80.9 18.0 2.8 4.4 225.8 272.2 256.5 45.6 .0 17.5 38.4 46.2 28.0 16.9 1.6 1.5 192.4 266.9 240.1 171.1 .0 12.5 16.2 57.0 2.8 .4 3.3 3.1 459.9 307.6 166.6 104.1 .0 43.7 9.9 48.0 85.2 25.0 1.0 2.5 96.9 475.3 137.4 148.2 .0 55.7 6.6 53.3 187.6 7.0 2.7 .4 18.2 80.1 126.3 134.0 .0 67.8 51.9 16.2 7.1 184.4 4.9 2.7 234.4 74.0 300.6 19.7 .0 43.6 2.5 39.5 60.1 21.0 .9 .1 108.0 59.4 357.0 89.8 .0 84.4 33.2 83.5 36 1.57 Federal Reserve Bulletin Statistical Supplement • February 2005 FUNDS RAISED INU.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 52 Total net borrowing, all sectors 53 54 55 56 57 58 59 60 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds . . . , Bank loans n.e.c Other loans and advances Mortgages Consumer credit Qi Q2 Q3 Q4 Ql Q2 Q3 2,136.7 2,103.2 1,699.9 1,971.4 2,158.0 2,473.0 3,093.0 2,502.7 2,465.6 2,767.5 2,402.1 2,407.2 193.1 419.0 84.2 545.7 145.0 152.7 491.6 105.4 229.9 522.1 54.4 412.4 69.0 127.5 574.9 113.0 211.6 139.0 23.6 365.5 112.8 120.8 559.2 167.4 147.8 637.1 122.9 589.1 76.2 30.6 676.3 139.5 91.5 804.2 159.4 432.1 80.6 24.7 826.5 83.2 15.0 682.0 119.9 636.6 127.5 48.0 1,009.3 89.7 59.2 1,182.4 182.6 592.4 61.4 25.4 1,122.1 108.8 113.7 1,084.5 130.0 407.2 91.1 27.4 1,004.2 108.9 168.5 932.3 107.7 659.6 98.0 110.6 875.8 46.1 284.2 582.1 167.5 390.2 28.0 96.3 1,148.3 126.8 14.2 753.3 82.0 373.0 64.3 133.9 933.9 47.5 16.4 374.4 241.4 591.4 29.8 16.2 1,079.5 123.4 Funds raised through mutual funds and corporate equities 61 Total net issues 166.2 192.7 244.7 300.2 229.4 300.2 472.2 389.7 412.5 547.1 194.8 262.4 62 Corporate equities 63 Nonfinancial corporations 64 Foreign shares purchased by U.S. residents 65 Financial corporations 66 Mutual fund shares 113.3 215.5 01.4 .9 279.5 1.5 110.4 114.3 2.4 191.2 5.3 118.2 106.7 16.8 239.4 99.0 47.4 109.1 37.3 201.2 47.0 41.6 17.6 71.0 182.4 111.0 67.0 136.4 41.6 189.2 106.5 50.2 66.5 90.2 365.7 129.9 44.9 122.0 52.8 259.8 75.1 69.0 76.8 67.3 337.4 116.3 82.6 85.7 113.2 430.7 82.1 159.5 161.0 80.6 112.7 36.7 208.8 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.2 through F4, available at: www.federalreserve.gov/releases. 34.3 137.8 299.1 Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Ql Q2 Q3 NET LENDING IN CREDIT MARKETS 1 Total net lending in credit markets 2,136.7 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered banks Foreign banking offices in United States Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Bank personal trusts and estates Life insurance companies Other insurance companies Private pension funds State and local government retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools Asset-backed securities issuers (ABSs) Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 241.9 132.6 8.9 13.3 104.8 11.6 139.8 1,743.4 21.1 305.6 312.1 11.6 .9 6.0 37.0 18.9 12.8 76.9 5.8 26.1 63.2 244.0 127.3 4.9 317.3 192.7 259.2 77.3 .0 5.1 6.8 26.7 2,136.7 1,699.9 1,971.4 2,158.0 2,473.0 3,093.0 2,502.7 2,465.6 2,767.5 2,402.1 2,407.2 2.9 100.6 6.4 171.2 1,799.8 25.7 312.2 318.6 17.0 6.2 4.4 67.2 27.5 27.8 53.5 3.0 99.3 45.5 182.0 48.4 9.6 287.3 274.6 174.4 97.1 .0 1.0 34.7 103.4 14.4 24.3 25.1 1.3 12.3 11.6 241.9 1,431.9 33.7 357.9 339.5 23.9 12.2 6.7 56.2 28.0 .8 57.9 8.7 96.4 45.8 143.0 20.9 5.6 246.0 199.7 152.5 108.6 .0 4.0 68.9 24.4 20.4 137.1 1.8 7.1 107.8 6.0 305.3 1,680.5 39.9 205.2 191.6 .6 4.2 10.0 44.6 41.5 28.1 130.9 9.0 13.3 41.1 246.0 126.1 3.2 304.7 338.5 230.0 4.8 .0 8.6 92.4 89.2 1.9 46.2 21.6 3.7 22.8 9.6 422.8 1,723.7 77.7 404.4 393.8 6.2 3.1 1.3 33.6 42.7 .9 233.0 39.9 25.7 14.0 25.3 144.2 8.6 224.1 326.8 168.9 21.2 .0 24.8 28.4 58.4 155.3 230.1 64.0 .2 11.0 17.9 402.4 2,243.8 37.3 406.6 384.9 1.6 20.8 .7 186.9 45.0 2.7 283.0 56.2 13.8 43.0 128.4 213.0 26.1 298.5 272.2 232.7 705.6 587.0 24.8 .8 92.9 20.1 321.4 1,455.6 37.6 6.1 100.5 100.0 26.1 19.4 66.4 83.6 2.5 117.1 68.7 42.3 16.4 220.2 14.5 42.5 506.6 307.6 146.6 164.4 .0 28.7 21.1 81.1 288.9 261.1 42.0 .9 69.0 4.3 682.3 1,498.7 33.8 206.1 283.0 85.3 .2 8.1 143.9 5.3 2.0 85.9 93.3 47.1 39.9 262.4 93.9 16.1 34.0 475.3 118.0 107.5 .0 38.2 306.5 68.3 312.3 493.7 90.6 .1 90.7 4.7 952.7 2,122.4 16.2 880.8 849.5 18.3 1.2 11.9 225.3 44.3 12.9 235.1 105.3 45.1 6.6 228.9 209.0 8.7 2.3 80.1 107.5 187.3 .0 95.1 185.3 273.6 112.4 1.3 47.4 1.0 67.2 12.3 769.0 1,533.0 53.0 491.8 491.5 15.9 2.3 18.5 163.3 63.2 3.4 176.0 65.1 6.0 64.7 279.9 75.8 54.3 71.6 4.1 54.4 8.1 746.8 2,278.5 40.3 591.4 524.6 11.6 39.7 15.5 107.9 79.4 2.5 236.4 49.7 18.7 55.4 158.4 258.4 60.1 106.9 266.9 219.5 56.5 .0 34.0 73.8 49.1 59!8 121.9 21.0 20.8 193.7 74.0 282.4 44.8 .0 28.0 177.0 58.6 42.0 27.9 14.8 1.5 86.2 20.9 713.4 1,631.0 74.1 253.4 249.9 10.2 3.0 10.7 152.3 18.5 4.4 162.9 59.9 37.6 15.2 153.1 126.3 1.8 106.9 59.4 339.4 89.3 .0 63.1 372.1 131.6 2,103.2 1,699.9 1,971.4 2,158.0 2,473.0 3,093.0 2,502.7 2,465.6 2,767.5 2,402.1 2,407.2 8.7 3.0 1.0 48.9 15.0 151.2 45.1 131.1 249.1 169.0 1.5 191.2 262.5 104.4 50.8 124.5 22.9 8.1 4.3 .0 1.3 6.8 28.0 204.3 267.2 68.6 428.6 23.7 99.0 201.2 83.4 3.1 77.2 130.5 14.5 59.9 29.9 656.6 9.9 .0 1.0 21.0 17.3 43.5 270.9 50.1 16.8 106.6 47.0 182.4 70.9 87.0 60.1 170.3 28.9 2.4 42.7 483.4 4.9 .0 .6 34.7 4.2 121.2 268.3 161.5 243.8 153.7 111.0 189.2 92.1 196.8 73.8 193.8 21.7 26.6 39.0 816.7 .6 .0 1.6 143.1 190.0 182.0 427.2 45.1 107.4 335.7 106.5 365.7 191.0 720.9 41.1 157.5 31.4 26.4 42.5 475.4 7.1 .0 .1 306.0 80.8 46.1 120.2 23.3 227.3 39.5 129.9 259.8 173.0 109.7 42.2 236.5 3.4 26.4 76.5 1,349.0 8.2 .0 .0 128.1 98.2 186.0 102.1 64.6 467.7 379.9 75.1 337.4 208.7 278.1 110.1 194.4 8.5 25.5 96.1 31.9 2.5 .0 .8 132.4 213.3 172.0 226.2 301.0 122.4 370.8 116.3 430.7 308.3 287.2 70.8 233.6 17.8 29.8 65.1 2,011.9 12.7 .0 1.2 47.2 87.5 134.5 429.9 177.6 .2 176.6 82.1 112.7 218.8 168.0 70.4 198.7 42.3 8.2 34.5 543.6 .4 .0 .7 44.8 231.0 102.7 166.0 203.2 154.3 324.9 36.7 299.1 234.0 20.0 66.6 212.2 3.7 .5 74.2 996.1 4,599.3 6,166.1 4,220.7 3,498.1 7,073.9 4,406.9 4,545.3 286.5 34.2 56.3 30.2 13.0 .7 157.5 31.3 128.1 48.3 735.5 .4 44.4 15.4 10.2 13.6 356.6 .0 149.0 64.4 160.2 47.1 200.5 .3 59.2 44.3 11.6 6.5 70.7 125.9 50.9 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Investment in bank personal trusts Noncorporate proprietors' equity Miscellaneous 55 Total financial sources . 56 57 58 59 60 61 Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements . . . . Taxes payable Miscellaneous Floats not included in assets ( ) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 65 Total identified to sectors as assets .6 9.1 31.8 47.3 152.4 91.8 287.2 91.3 113.3 279.5 115.5 103.2 48.0 207.3 14.7 46.1 90.3 996.8 1,108.4 .4 4.0 2.4 126.9 15.1 71.4 188.8 116.2 233.3 114.5 5.3 239.4 402.3 146.1 50.2 134.2 25.9 56.6 43.9 1,394.3 4,306.6 4,671.1 4,831.6 3,957.0 3,572.4 .1 5.8 3.8 62.1 20.8 195.1 .7 30.5 .1 38.6 10.8 233.8 1.2 66.1 20.4 110.8 32.6 445.1 .1 12.8 17.2 61.2 21.4 319.1 11.0 7.1 22.5 27.8 78.1 422.9 47.3 138.7 .5 208.3 28.2 264.3 3.4 10.7 2.6 3.1 32.5 7.4 .8 15.7 9.0 3.3 5.7 .5 2.9 .1 .7 98.2 21.6 1.1 43.9 3.2 .3 41.7 37.0 .3 36.7 30.4 1.0 45.3 41.2 1.7 7.7 14.8 2.4 61.6 7.1 3.1 26.8 4,454.1 4,849.5 5,036.1 4,303.4 3,485.2 4,948.4 5,759.1 4,620.7 4,042.3 6,631.0 4,478.1 4,599.9 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.I andF.5, available at: www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 38 Federal Reserve Bulletin Statistical Supplement • February 2005 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q3 Q2 Ql Q4 Ql Q2 Q3 Nonfinancial sectors 1 Total credit market debt owed by domestic nonflnancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages 21,387.3 20,554.7 23,048.8 22,261.0 3,681.0 3,652.7 28.3 3,385.1 3,357.8 27.3 3,379.5 3,352.7 3,637.0 3,609.8 27.3 3,700.6 3,673.7 26.8 26.9 3,806.9 3,779.9 27.0 3,914.5 3,887.5 27.0 4,033.1 4,008.2 24.9 4,168.9 4,143.8 25.1 4,209.6 4,185.4 24.2 4,293.0 4,269.2 23.7 13,588.9 14,733.4 15,857.6 16,917.7 17,148.1 17,580.4 17,882.8 18,227.9 18,509.6 18,839.2 19,235.5 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans . . . Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 230.3 1,457.2 2,067.7 1,237.3 852.4 6,183.3 4,723.1 349.1 1,007.5 103.6 1,560.6 278.4 1,480.9 2,230.3 1,335.0 932.1 6,737.6 5,134.0 378.5 1,115.0 110.2 1,739.1 190.1 1,603.7 2,578.8 1,253.6 941.0 7,411.8 5,645.7 419.9 1,228.4 117.8 1,878.6 126.0 1,763.1 2,711.0 1,166.4 961.3 8,228.1 6,323.4 454.5 1,324.7 125.5 1,961.8 127.1 1,791.1 2,753.4 1,141.3 957.2 8,443.6 6,506.6 464.4 1,345.1 127.6 1,934.3 107.5 1,850.7 2,827.7 1,128.4 966.8 8,736.1 6,745.0 481.8 1,379.6 129.7 1,963.2 108.4 1,863.5 2,851.7 1,096.0 958.0 9,003.2 6,957.7 498.1 1,415.8 131.7 2,001.9 85.9 1,898.2 2,869.3 1,130.6 971.3 9,222.4 7,120.1 519.8 1,449.0 133.6 2,050.1 95.5 1,937.2 2,897.9 1,115.4 969.5 9,463.6 7,323.1 523.6 1,481.7 135.3 2,030.5 102.5 1,973.0 2,899.3 1,135.6 976.8 9,707.4 7,519.3 535.4 1,514.4 138.3 2,044.4 109.3 2,012.0 2,907.7 1,128.3 980.4 10,010.3 7,770.9 542.8 1,556.2 140.5 2,087.4 17 18 19 20 21 22 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 6,454.9 5,957.2 4,191.1 1,595.5 170.6 1,176.9 7,025.7 6,515.3 4,545.5 1,788.4 181.5 1,192.3 7,648.6 6,910.8 4,774.1 1,944.7 192.0 1,298.1 8,382.8 7,092.9 4,803.0 2,090.0 199.8 1,442.0 8,527.0 7,155.0 4,839.7 2,117.0 198.3 1,466.1 8,790.8 7,268.6 4,912.4 2,153.3 202.8 1,521.0 9,025.9 7,327.1 4,927.0 2,194.5 205.6 1,529.8 9,246.5 7,421.7 4,972.9 2,241.2 207.6 1,559.7 9,420.5 7,493.7 5,012.1 2,276.0 205.6 1,595.5 9,642.9 7,570.1 5,039.2 2,318.4 212.5 1,626.1 9,907.5 7,664.9 5,087.3 2,360.2 217.4 1,663.2 709.6 659.9 665.5 669.4 653.2 638.7 649.8 666.9 651.8 654.1 120.9 142.8 410.0 155.7 402.5 68.6 173.1 377.5 59.7 42.9 160.4 375.3 61.0 42.0 165.1 381.9 60.9 42.0 190.0 377.0 59.2 40.8 183.4 367.1 60.9 40.4 189.2 367.6 58.7 38.7 22,040.5 22,436.0 22,910.8 23,700.6 24,182.6 11,100.7 11,443.6 5 Nonfederal 23 Foreign credit market debt held in United States 24 25 26 27 Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonflnancial sectors, domestic and foreign 452.8 59.2 51.5 468.0 106.7 443.5 70.5 50.2 63.2 46.4 44.1 67.6 43.7 17,922.5 18,828.1 19,896.9 21,220.2 21,518.1 Financial sectors 29 Total credit market debt owed by financial sectors 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securities . Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 52 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Mortgage companies Real estate investment trusts (REITs) Funding corporations 53 Total credit market debt, domestic and foreign 54 55 56 57 58 59 60 61 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 8,373.5 3,887.7 1,594.2 2,293.5 .0 3,679.3 1,082.9 2,034.7 87.3 395.8 78.5 4,319.7 1,826.4 2,493.2 .0 4,053.8 1,214.7 230.0 219.3 266.7 2,226.4 91.1 438.3 83.4 10,527.2 4,962.3 2,130.6 2,831.8 .0 4,314.3 1,169.4 2,491.5 104.1 463.7 85.6 1,594.2 2,293.5 1,557.9 25.3 696.1 16.0 163.5 504.2 242.5 287.7 3.4 2.5 1,826.4 2,493.2 1,744.2 40.9 778.0 16.0 168.0 503.9 296.0 266.1 285.7 4.9 3.1 2,130.6 2,831.8 2,000.3 42.3 779.2 16.0 171.2 449.3 25,489.5 27,201.5 1,402.4 7,568.7 1,457.2 4,555.2 1,383.8 1,299.7 6,261.8 1,560.6 1,614.0 7,704.8 1,480.9 4,924.7 1,496.6 1,420.5 6,821.0 1,739.1 260.4 3.4 3.2 5,509.0 2,350.4 3,158.6 .0 4,602.3 1,105.9 2,824.9 105.4 470.5 95.7 325.5 5,633.5 2,406.8 3,226.6 .0 4,697.6 1,076.5 2,955.8 93.4 476.3 95.6 286.4 262.3 324.7 302.8 257.2 6.9 5.1 2,350.4 3,158.6 2,191.9 7.6 6.3 2,406.8 3,226.6 2,247.0 40.6 50.2 820.0 16.0 201.8 5,744.1 2,454.9 3,289.1 .0 4,783.1 1,036.5 3,065.1 99.1 486.0 96.4 5,941.2 2,569.9 3,371.3 .0 4,854.1 1,025.7 3,135.4 103.1 490.3 99.7 6,083.3 6,180.9 2,657.3 3,523.6 .0 5,262.7 1,028.2 3,462.1 99.2 558.1 115.0 6,228.0 2,684.3 100.8 501.7 104.2 6,108.8 2,598.7 3,510.2 .0 5,138.0 1,055.0 3,350.6 104.8 516.6 111.0 336.7 302.7 256.7 8.0 6.6 333.8 304.8 262.3 8.8 7.4 339.3 321.8 355.8 347.5 268.3 267.2 8.4 356.7 366.9 308.2 9.9 7.9 2,598.7 3,510.2 2,414.2 358.7 351.5 308.0 9.6 8.6 2,657.3 3,523.6 2,488.9 2,454.9 3,289.1 2,307.2 2,569.9 3,371.3 2,342.9 46.2 48.6 896.3 16.0 215.9 417.2 9.1 8.0 2,594.1 3,489.1 2,392.0 47.0 938.7 16.0 229.8 447.4 60.0 60.6 958.1 16.0 456.1 962.3 16.0 257.6 440.8 3,543.8 2,571.5 68.9 984.8 16.0 293.6 424.8 2,594.1 3,489.1 .0 5,017.4 1,042.1 3,268.6 3,543.8 .0 5,410.0 1,022.0 3,604.0 112.3 554.3 117.4 8.6 2,684.3 821.4 16.0 197.4 448.8 464.0 871.0 16.0 204.9 427.2 29,173.6 31,331.5 31,849.2 32,567.7 33,231.3 34,011.5 34,592.4 35,144.2 35,820.6 1,466.2 8,341.8 1,603.7 5,513.8 1,421.0 1,451.1 7,497.3 1,878.6 1,374.7 9,146.0 1,763.1 5,945.9 1,340.4 1,475.9 8,323.8 1,961.8 1,359.2 9,334.0 1,791.1 6,111.7 1,302.3 1,477.2 8,539.2 1,934.3 1,317.1 9,551.0 1,850.7 6,270.3 1,287.2 1,495.7 8,832.5 1,963.2 1,294.5 9,855.7 1,863.5 6,362.3 1,260.2 1,490.3 9,102.9 2,001.9 1,293.1 10,116.3 1,898.2 6,519.8 1,292.3 1,515.0 9,326.7 2,050.1 1,340.4 10,277.8 1,937.2 6,625.5 1,279.3 1,527.0 9,574.6 2,030.5 1,314.2 10,390.5 1,973.0 6,728.5 1,295.8 1,575.3 9,822.4 2,044.4 1,320.5 10,521.0 2,012.0 6,879.4 1,299.4 1,573.3 10,127.8 2,087.4 1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4, available at: www.federalreserve.gov/releases. 246.7 Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Ql Q2 Q3 Q4 Q2 Ql Q3 CREDIT MARKET DEBT OUTSTANDING 1 Total credit market assets 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered banks 13 Foreign banking offices in United States 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Bank personal trusts and estates 19 Life insurance companies 20 Other insurance companies 21 Private pension funds 22 State and local government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Government-sponsored enterprises 27 Federally related mortgage pools 28 Asset-backed securities (ABSs) issuers 29 Finance companies 30 Mortgage companies 3 1 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 25,489.5 27,201.5 29,173.6 31,331.5 31,849.2 32,567.7 33,231.3 34,011.5 34,592.4 35,144.2 35,820.6 3,510.6 2,404.0 231.7 64.6 810.4 260.9 2,316.0 19,402.0 478.1 4,648.3 4,080.0 487.4 32.7 48.3 1,032.6 351.7 222.0 1,886.0 518.2 720.4 707.0 1,147.8 1,076.8 110.8 1,538.8 2,293.5 1,361.1 742.6 32.1 42.2 154.7 304.3 3,487.1 2,341.8 256.8 65.9 822.6 272.6 2,590.8 20,851.0 511.8 5,006.3 4,419.5 511.3 20.5 55.0 1,088.8 379.7 222.8 1,943.9 509.4 624.0 752.8 1,290.9 1,097.7 105.3 1,794.4 2,493.2 1,517.6 851.2 32.1 38.2 223.6 332.2 3,446.0 2,184.0 258.5 73.0 930.5 278.6 2,916.9 22,532.1 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.4 421.2 194.7 2,074.8 518.4 637.3 711.7 1,536.9 1,223.8 108.5 2,099.1 2,831.8 1,747.6 846.4 32.1 46.7 316.0 244.5 3,392.7 2,082.7 280.1 76.7 953.3 288.2 3,394.8 24,255.8 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,167.0 463.9 195.6 2,307.8 558.3 663.0 697.7 1,511.6 1,368.0 117.1 2,323.2 3,158.6 1,916.5 867.6 32.1 71.6 344.4 186.1 3,318.6 2,013.8 273.7 76.6 954.5 283.7 3,489.7 24,757.2 641.5 5,673.6 5,055.6 519.0 33.0 66.1 1,214.6 473.7 194.9 2,377.0 572.3 659.6 687.0 1,485.5 1,415.6 123.6 3,226.6 1,965.6 861.1 32.1 70.1 390.9 233.8 3,351.9 2,014.0 291.1 77.6 969.2 281.7 3,683.8 25,250.2 652.1 5,831.3 5,200.8 517.6 42.9 70.0 1,239.0 495.3 194.3 2,436.5 584.7 654.9 700.8 1,479.6 1,480.9 138.6 2,419.4 3,289.1 2,020.7 883.5 32.1 78.6 341.1 228.4 3,496.7 2,121.2 308.2 77.8 989.5 286.7 3,772.2 25,675.8 656.1 5,831.8 5,230.3 490.3 36.4 74.9 1,261.5 517.7 193.7 2,471.6 601.9 665.5 696.7 1,436.8 1,478.5 149.3 2,549.7 3,371.3 2,051.5 924.2 32.1 85.8 375.0 255.7 3,621.5 2,223.6 309.7 78.1 1,010.1 285.6 3,933.1 26,171.4 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 193.2 2,488.3 625.2 677.2 706.7 1,398.5 1,505.7 153.3 2,559.7 3,489.1 2,095.7 951.8 32.1 95.3 424.1 271.6 3,483.0 2,065.5 308.6 78.1 1,030.9 286.8 4,163.3 26,659.2 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,370.8 524.2 196.4 2,546.1 651.5 688.5 708.3 1,344.7 1,552.3 155.5 2,552.0 3,510.2 2,113.2 989.2 32.1 119.1 410.6 315.0 3,531.1 2,083.5 321.3 77.8 1,048.5 283.7 4,365.2 26,964.1 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,408.6 541.5 197.3 2,590.5 667.8 694.2 723.3 1,271.3 1,557.7 160.7 2,603.3 3,523.6 2,183.4 1,009.9 32.1 126.1 334.2 308.4 3,522.1 2,047.8 329.5 77.5 1,067.3 288.9 4,552.4 27,457.2 700.3 6,336.9 5,734.3 478.6 36.9 87.2 1,453.0 547.9 198.4 2,637.6 682.8 703.6 719.5 1,247.1 1,590.4 160.2 2,633.5 3,543.8 2,261.5 1,032.9 32.1 156.7 455.8 287.4 25,489.5 27,201.5 29,173.6 31,331.5 31,849.2 32,567.7 33,231.3 34,011.5 34,592.4 35,144.2 35,820.6 50.1 6.2 20.9 676.5 202.4 1,484.5 2,671.6 936.4 1,578.8 1,082.8 4,538.5 676.6 783.9 9,115.6 2,345.4 178.9 1,130.4 9,322.4 46.1 2.2 23.2 803.4 221.2 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3 4,435.3 822.7 819.1 8,833.9 2,747.7 204.8 1,095.8 10,523.4 55.8 2.2 25.5 831.1 205.9 1,646.7 3,398.5 1,171.3 2,223.9 1,340.3 3,638.4 738.8 920.9 7,614.2 2,735.1 248.1 840.9 11,935.8 57.6 2.2 25.6 839.8 175.5 1,645.3 3,502.2 1,208.8 2,156.1 1,361.8 3,587.8 796.6 936.3 7,540.9 2,733.5 260.0 819.6 12,182.1 58.9 2.2 26.0 875.6 123.3 1,712.2 3,575.0 1,222.2 2,120.1 1,444.9 4,071.6 971.9 959.7 8,107.7 2,784.2 264.6 877.0 12,121.9 61.3 2.2 26.0 799.1 163.7 1,707.2 3,600.9 1,221.8 2,057.3 1,452.4 4,242.6 940.2 973.0 8,298.7 2,836.9 271.2 885.0 12,328.0 62.3 2.2 26.0 831.1 203.5 1,780.6 3,627.9 1,233.2 2,016.0 1,567.5 4,653.2 871.3 1,013.2 8,834.8 2,901.3 260.1 932.4 12,489.0 61.5 2.2 26.2 864.2 117.8 1,791.8 3,721.5 1,332.2 1,971.9 1,642.8 4,900.9 953.3 1,034.3 9,007.7 2,953.0 271.1 955.0 12,791.7 58.9 2.2 26.5 852.4 135.9 1,847.9 3,793.9 1,379.3 1,912.3 1,597.4 4,959.5 988.9 1,052.7 9,114.7 3,011.8 278.6 961.9 12,892.2 58.7 2.2 24.5 810.1 191.4 1,603.2 3,127.6 1,121.1 2,240.7 1,233.7 4,135.5 825.9 880.0 8,332.5 2,664.3 219.2 960.7 11,298.2 26.7 863.6 100.5 1,858.1 3,830.7 1,436.2 1,866.3 1,676.2 4,945.7 979.1 1,065.7 9,103.8 3,079.0 285.7 951.0 13,137.9 68,891.2 70,904.9 71,680.8 73,886.7 75,098.9 77,317.2 78,991.4 80,011.2 81,087.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 53 Total liabilities 62,291.4 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 55 Corporate equities 56 Household equity in noncorporate business . . 21.4 19,522.8 4,649.8 21.6 17,627.0 5,056.0 21.8 15,310.6 5,209.7 23.2 11,871.0 5,471.7 22.4 11,425.9 5,544.7 22.8 13,278.7 5,621.9 23.1 13,755.1 5,729.4 23.7 15,497.0 5,866.9 23.7 15,832.8 5,951.2 23.7 15,982.7 6,055.1 23.8 15,627.1 6,200.3 7.1 558.6 28.5 273.6 112.8 2,507.7 624.7 4.3 396.6 120.0 3,623.0 8.6 611.9 11.1 348.1 93.4 3,680.1 9.1 622.9 15.3 370.6 127.3 3,587.0 9.2 633.1 19.3 255.7 107.8 3,495.1 9.1 685.1 6.3 326.8 113.1 3,582.6 9.3 613.5 18.1 314.4 98.2 3,441.7 9.5 652.9 12.6 348.9 9.6 664.0 16.5 336.4 69.3 3,728.1 9.5 626.7 27.5 300.8 90.2 3,588.2 9.6 641.5 20.5 305.3 95.4 3,418.2 9.8 22.3 .4 2.3 22.0 3.7 12.3 21.6 6.6 11.7 20.9 104.8 7.7 16.7 44.9 7.9 20.1 2.2 15.9 12.7 4.8 17.9 20.8 62.9 1.1 17.4 14.3 .1 21.5 32.5 3.1 14.7 26.2 88,070.8 91,291.2 92,041.8 57 58 59 60 61 62 Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets ( ) 63 Federal government checkable deposits 64 Other checkable deposits 65 Trade credit 66 Totals identified to sectors as assets . . . 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.I and L.5, available at: www.federalreserve.gov/releases. 97,011.6 2. Excludes corporate equities and mutual fund shares. 105,312.5 40 Federal Reserve Bulletin Statistical Supplement • February 2005 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2004 2004 2004 Series Ql Q2 Q3 Q4' Ql Q2 Q3 Q4 Capacity (percent of 1997 output) Output (1997=100) Ql Q2 Q3 Q4' Capacity utilization rate (percent)2 1 Total industry 113.9 115.1 115.9 117.0 147.3 147.8 148.2 148.7 77.3 77.9 78.2 78.7 2 Manufacturing 3 Manufacturing (NAICS) 115.1 115.9 116.8 117.6 117.9 118.8 119.2 120.1 152.2 154.4 152.6 154.9 153.1 155.4 153.6 155.9 75.6 75.1 76.5 75.9 77.0 76.4 77.6 77.1 4 5 Durable manufacturing Primary metal 130.2 90.0 132.1 91.0 134.0 93.6 136.0 93.7 178.1 114.9 179.1 114.6 180.1 114.3 181.1 114.0 73.1 78.4 73.8 79.4 74.4 81.9 75.1 82.2 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 95.1 93.3 271.8 96.6 96.0 284.1 97.2 97.7 295.5 97.2 98.6 302.8 138.8 126.0 398.0 138.7 125.9 407.1 138.7 126.0 417.0 138.6 126.1 427.6 68.5 74.1 68.3 69.6 76.3 69.8 70.1 77.5 70.9 70.1 78.3 70.8 92.4 125.8 93.4 123.0 95.9 122.7 95.8 127.3 120.5 152.2 120.1 153.0 119.7 153.7 119.3 154.3 76.7 82.7 77.8 80.4 80.1 79.8 80.3 82.5 98.1 98.7 102.9 76.6 99.5 100.1 104.0 75.3 100.6 100.5 104.5 76.2 102.2 101.2 105.6 75.3 154.5 127.0 129.1 104.0 154.8 126.9 129.1 102.9 155.1 126.9 129.2 101.9 155.5 126.8 129.3 100.9 63.5 77.8 79.7 73.7 64.3 78.9 80.6 73.2 64.9 79.3 80.9 74.8 65.7 79.8 81.7 74.6 93 1 107.7 107.6 102.9 101.8 95 0 108.6 110.2 104.7 103.8 95 7 110.3 111.0 104.2 104.7 95.6 111.7 111.9 104.4 104.7 110.4 121.4 145.8 125.9 119.3 110.3 121.9 146.0 125.6 119.3 110.3 122.3 146.4 125.3 119.4 110.2 122.5 146.7 125.0 119.7 84.3 88.7 73.8 81.7 85.3 86.1 89.1 75.4 83.4 87.0 86.8 90.2 75.9 83.2 87.6 86.7 91.2 76.3 83.5 87.5 20 Mining 21 Electric and gas utilities 92.4 115.5 91.7 114.4 91.2 113.1 90.5 115.1 105.9 133.8 105.8 134.5 105.7 135.1 105.6 135.7 87.3 86.3 86.6 85.1 86.3 83.7 85.7 84.8 MEMOS 22 Computers, communications equipment, and semiconductors 379.2 400.4 415.2 427.2 557.5 574.5 593.8 615.3 68.0 69.7 69.9 69.4 23 Total excluding computers, communications equipment, and semiconductors 102.2 103.1 103.6 104.5 131.1 131.2 131.3 131.4 78.0 78.6 78.9 79.5 24 Manufacturing excluding computers, communications equipment, and semiconductors 101.4 102.6 103.5 104.4 132.9 132.9 133.0 133.0 76.3 77.2 77.8 78.5 10 11 12 13 14 15 16 17 18 19 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 cycle3 Latest cycle4 2004 2004 2005 Series High Low High Low High Low Jan. Aug. 7 Sept. Oct.' Nov. Dec.' JanP Capacity utilization rate (percent)2 1 Total industry 88.7 73.9 86.6 70.8 85.1 78.6 76.9 78.3 78.0 78.5 78.6 79.1 79.0 2 Manufacturing 3 Manufacturing (NAICS) 88.1 88.2 71.4 71.2 86.3 86.4 68.5 67.9 85.6 85.5 77.2 77.0 75.1 74.6 77.2 76.6 76.8 76.3 77.5 77.0 77.5 77.0 77.7 77.2 78.0 77.4 89.1 100.9 69.3 69.2 86.9 91.2 62.9 47.2 84.5 94.3 73.4 74.6 72.6 76.5 74.6 81.6 74.3 82.5 75.1 82.6 75.0 82.6 75.3 81.2 75.3 81.4 4 5 Durable manufacturing Primary metal 6 7 8 91.7 94.3 70.0 73.9 83.1 93.0 62.0 58.6 80.2 84.8 71.6 73.0 68.4 72.6 70.4 76.7 69.8 77.2 70.1 78.2 70.0 78.3 70.1 78.2 70.3 79.5 87.0 66.1 89.3 76.2 81.7 76.6 67.5 70.9 70.9 71.0 70.8 70.6 71.0 99.3 95.4 68.4 54.7 92.0 96.1 64.4 45.2 87.5 90.3 75.1 56.0 76.7 82.4 80.4 81.0 80.4 80.0 79.4 82.6 79.8 82.0 81.7 82.8 81.8 81.1 74.2 87.5 65.3 72.3 84.2 85.7 69.3 75.6 88.7 87.1 82.1 81.7 63.1 77.3 65.0 79.4 64.6 79.0 65.2 79.8 65.9 79.7 66.0 79.8 65.8 80.2 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 . . . . 86.2 89.4 77.6 62.2 84.4 90.4 80.6 72.4 85.6 91.5 81.0 77.2 78.9 75.8 80.8 75.0 80.9 74.3 81.7 75.6 81.5 74.4 81.8 73.9 81.9 75.4 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 97.3 92.6 85.2 96.0 86.0 74.4 81.1 68.9 61.5 75.4 95.4 92.0 83.1 90.2 88.5 81.3 71.0 68.0 70.8 86.1 93.7 88.9 85.7 91.1 90.5 85.2 82.9 80.9 77.1 80.4 84.0 88.3 73.3 81.4 83.7 86.3 91.3 76.4 83.3 88.7 86.4 88.3 75.4 82.5 87.0 86.9 89.9 76.5 83.7 86.8 86.5 91.4 76.4 83.3 87.4 86.7 92.3 76.1 83.6 88.4 88.2 91.9 76.8 83.3 89.6 20 Mining 21 Electric and gas utilities 93.6 96.4 87.6 82.8 94.0 88.2 78.6 77.7 85.8 92.8 83.5 84.2 87.8 86.7 86.9 82.3 84.6 84.8 84.3 84.4 86.0 83.9 86.9 86.2 86.6 83.5 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.5 89.1 74.1 81.0 74.3 67.1 70.0 69.6 69.4 69.6 69.3 69.4 23 Total excluding computers, communications equipment, and semiconductors 89.0 74.2 86.7 70.6 85.5 78.8 77.6 79.0 78.7 79.3 79.4 79.9 79.9 24 Manufacturing excluding computers communications equipment, and semiconductors . 88.2 71.7 86.4 68.2 86.0 77.3 75.7 78.0 77.6 78.4 78.4 78.7 79.0 9 10 11 12 13 NOTE. The statistics in the G.I7 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries— logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2004. The recent annual revision is described in the Winter 2005 issue of the Bulletin. 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 3. Monthly highs, 1978-80; monthly lows, 1982. 4. Monthly highs, 1988-89; monthly lows, 1990-91. 42 Federal Reserve Bulletin Statistical Supplement • February 2005 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion 2004 avg. Apr. July May Aug. Sept. Index (1997=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 113.2 114.4 114.1 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.8 117.6 58.8 30.9 8.9 4.6 0.3 1.5 2.4 22.0 18.1 9.7 1.0 4.9 2.0 3.9 113.1 111.2 124.9 134.8 231.5 113.6 102.7 106.1 104.4 103.6 49.0 125.1 109.2 114.4 110.7 109.9 126.0 137.1 245.4 113.9 101.8 103.9 101.3 100.7 50.0 120.7 104.8 116.6 112.1 111.3 126.8 138.4 255.4 113.8 101.6 105.6 103.1 102.6 50.4 122.0 108.3 117.7 111.6 110.4 125.5 136.3 262.9 111.7 101.4 104.8 103.3 102.6 50.6 123.1 107.7 112.3 112.3 110.7 125.6 135.9 237.8 113.6 102.8 105.1 103.9 102.8 51.1 124.7 108.4 111.2 113.0 111.3 124.8 133.8 236.1 114.5 103.2 106.2 104.7 103.9 50.1 125.1 109.8 113.9 112.5 110.2 123.1 130.6 231.9 113.7 103.5 105.3 104.0 103.3 49.3 124.4 108.9 112.0 113.5 110.8 123.0 130.9 213.7 113.7 104.1 106.1 104.7 104.1 48.1 125.4 109.4 113.3 113.6 111.4 125 A 135.3 225.2 114.4 103.6 106.1 105.1 103.9 47.5 126.9 111.5 111.2 113.3 110.7 123.5 133.1 221.2 112.8 102.3 105.8 104.7 104.0 47.8 125.7 109.7 111.5 114.6 112.3 126.2 137.8 234.9 113.3 102.4 107.0 105.9 104.9 47.6 128.3 110.5 112.7 114.5 112.0 125.6 136.7 225.2 113.9 102.4 106.9 105.7 105.0 48.0 126.5 111.5 112.8 115.3 112.7 126.3 137.8 209.1 114.8 103.3 107.5 105.8 105.4 48.1 125.1 112.7 116.2 115.3 112.3 124.8 134.6 231.3 113.5 103.1 107.5 106.5 105.6 47.5 126.5 114.8 112.6 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.0 5.3 1.8 119.3 90.0 174.7 99.6 113.7 86.3 165.9 95.1 106.0 115.2 87.6 166.9 96.7 107.1 115.3 87.1 166.9 96.9 108.2 116.7 89.0 167.7 98.2 109.9 118.2 88.8 171.0 99.6 111.1 118.7 88.9 172.8 99.7 110.7 121.9 90.7 176.7 103.0 112.8 120.7 90.5 177.7 100.7 112.7 121.1 90.7 179.3 100.9 113.5 122.7 93.5 180.8 101.8 113.8 122.4 94.0 182.4 100.7 114.6 123.5 94.4 184.3 101.7 115.0 124.9 94.6 186.4 103.1 115.0 21 22 Construction supplies Business supplies 4.3 11.2 107.0 114.7 104.6 112.3 104.9 114.1 105.8 113.5 106.5 114.3 107.3 114.9 107.0 114.7 107.9 114.9 108.3 114.8 107.6 114.9 108.3 115.3 107.8 115.5 108.4 116.5 108.7 116.6 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 41.2 30.9 19.3 4.1 6.7 8.5 11.7 0.8 2.8 4.5 10.3 118.7 124.6 142.1 109.6 235.0 98.0 97.4 67.5 93.2 104.3 99.4 116.8 121.1 137.2 110.0 217.7 95.9 95.7 70.0 91.5 100.8 100.9 117.6 122.5 139.4 111.8 223.8 96.7 96.1 67.9 91.7 101.2 100.5 117.6 123.0 140.0 110.5 225.9 97.4 96.4 67.4 92.3 102.4 99.3 118.1 123.6 140.5 109.5 229.3 97.4 97.1 66.4 92.8 103.8 99.8 118.9 124.3 141.5 109.1 233.5 97.9 97.4 66.4 93.0 104.0 100.8 118.8 124.6 141.9 108.0 236.0 98.1 97.6 67.0 93.7 104.7 99.6 119.2 125.2 142.6 106.5 239.6 98.7 98.2 67.7 94.3 105.2 99.6 119.3 125.8 143.6 109.2 240.0 98.9 98.3 68.0 93.5 106.0 98.6 118.9 125.5 143.3 108.5 241.5 98.3 97.8 67.6 94.2 104.9 98.2 119.4 126.4 144.8 110.7 243.9 98.9 98.1 67.1 93.3 105.1 97.6 120.0 126.9 145.4 110.6 246.5 99.1 98.4 66.9 94.1 106.4 98.6 120.8 127.3 145.9 111.1 248.7 99.1 98.7 67.0 94.6 106.9 100.1 120.9 127.9 146.3 110.4 250.2 99.5 99.5 67.6 95.8 107.5 99.0 94.9 92.6 103.4 114.8 101.7 112.3 102.7 113.5 102.3 113.2 102.8 113.9 103.4 114.9 103.0 114.7 103.7 115.6 103.7 115.4 103.4 115.1 104.2 115.8 104.3 116.1 105.0 116.8 105.0 117.1 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts .. Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total 40 Nonindustrial supplies 2,857.7 2,807.7 2,839.9 2,826.0 2,837.4 2,852.7 2,838.3 2,866.8 2,868.5 2,856.4 2,894.8 2,890.7 2,912.9 2,910.4 43.3 30.9 12.4 2,162.9 2,127.1 2,150.5 2,139.4 2,146.0 2,156.6 2,144.0 2,169.2 2,172.6 2,160.7 2,195.3 2,189.9 2,207.1 2,204.2 1,541.8 1,532.6 1,549.0 1,538.2 1,536.3 1,541.3 1,527.2 1,534.7 1,545.1 1,530.2 1,555.1 1,550.4 1,563.4 1,554.4 623.3 594.9 601.9 601.8 611.2 617.0 619.1 638.1 630.2 634.0 643.6 643.2 647.2 654.3 694.9 680.9 689.7 686.8 691.5 696.2 694.4 697.8 696.1 695.8 699.9 701.0 706.1 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2004 2005 2004 avg. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.' Nov.7 Dec.' JanP Index (1997=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 31 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 83.8 79.0 117.2 118.1 114.1 115.1 115.5 116.3 115.6 116.5 116.4 in.2 117.1 117.9 116.9 117.8 117.8 118.7 118.3 119.0 117.7 118.6 119.0 120.0 119.0 120.0 119.5 120.4 120.1 120.9 321 43.7 1.5 133.0 104.8 129.0 104.2 130.7 104.3 130.8 103.5 131.6 105.3 132.4 106.4 132.3 103.8 133.7 106.3 134.4 104.7 134.1 102.8 135.7 106.2 135.8 103.7 136.6 106.6 137.0 108.9 327 331 332 333 2.3 2.4 5.8 5.4 105.7 92.2 96.5 96.4 103.4 87.9 95.0 91.5 103.1 90.7 95.3 94.3 105.5 91.5 95.1 94.1 105.3 90.0 96.2 95.2 104.5 90.8 96.6 96.5 104.7 92.1 96.9 96.4 105.5 93.4 97.1 99.1 106.9 93.2 97.6 96.6 106.4 94.2 96.9 97.3 106.5 94.3 97.2 98.6 106.7 94.2 97.1 98.8 108.8 92.5 97.2 98.6 107.3 92.7 97.5 100.2 334 8.0 288.0 266.9 272.4 276.0 278.5 285.1 288.7 292.9 295.4 298.0 301.0 302.8 304.5 308.8 335 3361 3 2.2 7.4 94.4 124.5 92.5 125.2 92.5 127.0 92.2 125.3 93.3 125.0 92.9 123.1 94.2 121.0 95.4 120.5 96.3 124.5 96.1 123.1 94.9 127.4 95.2 126.6 97.4 128.0 97.5 125.5 3364 9 3.6 100.0 97.5 98.4 98.4 99.4 99.7 99.3 100.8 100.8 100.3 101.3 102.4 102.8 102.5 337 339 1.8 3.3 108.9 121.4 107.6 119.4 107.7 119.6 108.1 119.4 108.7 120.7 110.3 121.8 109.5 121.1 109.6 121.7 109.7 122.1 108.1 120.9 108.7 122.4 108.5 122.9 109.5 124.2 109.0 125.9 35.3 100.1 98.1 98.9 99.1 99.8 100.3 100.2 100.7 100.7 100.2 101.2 101.1 101.2 101.7 311,2 313,4 315,6 322 323 11.3 1.3 1.0 3.2 2.5 104.2 75.9 49.6 94.8 87.8 101.8 79.1 50.5 92.7 87.7 103.5 76.4 50.8 93.2 87.9 103.4 74.4 51.1 93.3 88.2 103.5 74.7 51.5 94.6 87.8 104.6 75.8 50.6 95.2 87.1 103.9 75.3 49.9 95.2 87.9 104.6 76.8 48.8 96.5 87.0 104.4 76.4 48.1 95.2 86.9 104.5 75.5 48.5 95.2 88.8 105.6 76.5 48.2 95.8 87.8 105.4 75.1 48.7 95.3 88.0 105.7 74.3 48.8 95.6 88.0 106.0 75.6 48.1 97.2 88.3 324 325 1.6 10.6 109.7 110.2 107.0 106.8 107.2 107.5 108.7 108.6 107.6 110.0 108.4 110.3 109.7 110.3 111.2 110.9 111.6 111.8 108.0 110.5 110.1 112.1 112.0 112.0 113.2 111.6 112.8 112.7 326 3.8 104.0 102.6 103.1 102.9 104.2 105.0 104.9 105.0 104.4 103.2 104.6 104.1 104.4 104.0 1133,5111 4.8 103.4 99.8 102.9 102.6 103.4 104.5 103.5 104.0 105.9 104.0 103.8 104.6 105.8 107.4 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 91.4 114.8 117.5 97.7 92.9 115.8 117.8 104.3 92.1 117.7 119.2 107.7 92.1 113.1 116.9 93.4 92.2 113.3 116.7 95.3 91.6 116.2 120.3 95.5 91.2 113.8 117.4 95.1 92.3 113.3 116.4 97.1 91.9 111.1 113.4 98.5 89.4 114.8 117.9 98.1 89.0 114.3 118.5 93.4 90.8 113.8 117.1 96.6 91.6 117.1 120.7 98.1 91.3 113.5 118.0 91.3 78.7 102.9 100.7 101.7 101.8 102.4 102.9 102.6 103.4 103.7 103.2 104.3 104.3 104.7 105.1 76.4 116.5 113.1 114.4 114.7 115.6 116.5 116.5 117.6 117.7 117.2 118.2 118.3 118.7 119.5 NOTE. The statistics in the G.I7 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries— logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2004. The recent annual revision is described in the Winter 2005 issue of the Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • February 2005 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net 385,701 362,692 1,006,653 1,369,345 23,572 28,727 115,882 87,155 5,155 46,581 11 Change in U.S. government assets other than official reserve assets, net (increase, ) Q3 Q4 Ql 473,944 421,735 975,940 1,397,675 7,173 12,615 100,831 88,216 5,442 59,382 530,668 496,508 1,020,503 1,517,011 33,279 38,781 118,865 80,084 5,502 67,439 131,628 122,250 255,723 377,973 7,261 8,614 1,353 16,639 126,960 125,494 268,306 393,800 16,151 17,526 38,554 21,028 1,375 17,617 475 97 383 131 28,640 20,026 147,164 138,602 276,076 414,678 12,164 13,564 Q2 Q3 164,391 151,084 284,044 435,128 5,037 6,576 31,264 164,709 155,342 289,619 444,961 5,281 6,700 20,726 1,539 18,344 31,396 24,696 1,419 14,648 97 2,435 117 100 815 158 1,122 0 90 1,345 133 429 0 98 676 149 133,788 60,308 14,986 15,015 43,479 34,766 21,202 1,400 24,688 486 12 Change in U.S. official reserve assets (increase, ) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 4,911 0 681 574 601 1,494 572 361,371 125,858 8,520 285,474 10,406 28,932 72,337 173,799 8,010 29,663 35,845 28,312 45,206 63,559 47,071 31,090 25,835 53,705 308,013 187,120 56,761 16,524 142,349 194,678 30,307 45,425 15,889 134,835 47,608 106,930 36,951 12,122 26,844 55,257 22 Change in foreign official assets in United States (increase, +) . . . , 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 28,059 33,700 20,920 2,309 29,978 5,726 113,990 60,466 28,550 137 21,221 3,616 248,573 169,685 24,883 564 49,420 5,149 50,663 23,953 3,340 41 22,019 1,392 83,679 72,787 8,685 70 524 1,753 127,864 101,692 13,016 140 11,854 1,442 73,349 62,979 2,261 89 6,189 2,009 60,118 45,688 28 Change in foreign private assets in United States (increase, +) . . . , 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 3 1 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 754,800 118,379 66,110 14,378 23,783 393,885 167,021 654,256 96,410 77,990 100,432 21,513 285,500 72,411 580,600 75,643 84,014 113,432 16,640 250,981 83,539 6,280 12,721 46,490 2,768 18,090 2,810 146,632 35,811 4,140 4,714 7,487 83,761 10,719 317,484 140,834 40,723 65,438 1,800 10,225 197,396 41,150 3,603 29,684 8,754 88,843 32,568 226,294 46,561 19,542 14,072 2,560 90,489 53,070 1,083 29,307 1,260 95,028 3,079 12,012 821 6,385 13,418 19,803 300 41,404 5,449 46,853 396 8,941 11,839 2,898 324 220 5,558 5,338 374 11,847 15,068 26,915 630 3,600 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 2,632 84,644 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment 62,064 6,047 515 4,750 3,118 MEMO Changes in official assets 39 U.S. official reserve assets (increase, ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 4,911 3,681 1,523 611 2,221 557 1,122 429 30,368 113,853 249,137 50,704 83,749 128,004 73,438 59,603 1,725 8,132 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38—41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. Reserve Assets Millions of dollars, end of period 2004 Asset 7001 2002 2005 2003 June July Aug. Sept. Oct. Nov. Dec. Jan.P 1 Total 68,654 79,006 85,938 82,652 81,375 82,603 82,578 84,232 86,702 86,822 81,369 2 Gold stock1 3 Special drawing rights2'3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,045 10,774 11,043 12,166 11,043 12,638 11,045 12,659 11,045 12,586 11,044 12,710 11,043 12,782 11,043 13,041 11,043 13,478 11,043 13,582 11,045 13,342 17,854 28,981 21,979 33,818 22,535 39,722 20,076 38,873 19,393 38,352 19,812 39,037 19,433 39,310 19,530 40,618 20,079 42,102 19,479 42,718 15,247 41,735 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 also have been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 Foreign Official Assets Held at Federal Reserve Banks1 Millions of dollars, end of period 2004 Asset 2001 2002 June 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 July Aug. Sept. Oct. Nov. Dec. Jan.P 61 136 162 280 81 157 128 91 88 80 121 592,630 9,099 678,106 9,045 845,080 8,971 991,142 8,971 995,923 8,967 1,026,155 8,967 1,031,322 8,967 1,028,945 8,967 1,044,531 8,967 1,041,215 8,967 1,039,348 8,967 NOTE. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at: www. federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 2005 2003 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 Sept. 1 1 Total 2 3 4 5 6 7 8 9 10 11 12 By type Liabilities reported by banks in the United States U.S. Treasury bills and certificates3 U.S. Treasury bonds and notes Marketable Nonmarketable4 U.S. securities other than U.S. Treasury securities5 By area Europe1 Canada Latin America and Caribbean Asia Africa Other countries 984,713 1,161,907 1,261,131 1,338,672 1,449,153 1,729,819' 1,760,575' 1,775,257 1,799,069 120,571 161,719 144,646 190,444 168,089 211,025 168,089 211,025 189,824 212,032 240,931' 259,473 256,765' 259,507 247,602 255,434 271,976 244,573 454,306 3,411 569,891 2,769 254,157 610,122 269,019 650,336 2,876 306,346 723,591 2,613 321,093 883,060 244,706 1,599 344,756 898,709 1,609 343,985 919,758 1,619 350,844 926,734 1,630 354,156 243,307 13,440 71,103 632,466 15,167 9,228 283,512 5,962 87,261 760,012 9,355 15,835 295,606 4,845 95,110 838,270 9,846 17,484 313,357 5,840 71,936 922,936 9,194 15,396 310,748 5,112 72,869 1,033,872 8,887 17,652 357,595' 6,897 102,803 1,260,925 12,565 19,777 351,667 6,056 104,488 1,281,557 9,730 21,746 356,946 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 2,876 345,444' 7,640 101,876 1,249,515' 11,766 13,565 6,802 106,042 1,291,438 11,141 26,687 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2002 and are comparable to those shown for the following dates. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period Sept. 1 Banks' own liabilities 2 Deposits 3 Other liabilities 77,779 n.a. n.a. 79,363 n.a. n.a. 80,543 n.a. n.a. 63,050 36,435 26,615 64,787 38,819 25,968 61,986 30,883 31,103 64,235 35,905 28,330 4 Banks' own claims 5 Deposits 6 Other claims 56,912 23,315 33,597 74,640 44,094 30,546 71,724 34,287 37,437 38,091 43,312 84,837 37,725 47,112 38,587 51,412 89,485 37,710 51,775 24,411 n.a. n.a. 17,631 n.a. n.a. 35,923 n.a. n.a. 18,327 5,063 13,264 18,409 5,794 12,615 21,464 9,948 11,516 20,593 7,688 12,905 7 Claims of banks' domestic customers 8 Deposits 9 Other claims .. 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • February 2005 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period July Aug. Sept.7 Oct.7 Nov.7 Dec. BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments6 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 11 Other r,985,588 2,315,606 2,824,471 2,613,814 2,671,340 2,700,431 2,682,207 2,769,906 2,811,248 2,824,471 1,363,270 1,677,193 2,033,024 1,856,509 1,901,894 1,926,391 1,897,373 1,964,602 2,020,463 2,033,024 175,231 246,623 190,134 622,318 852,803 824,390 460,191 638,413 992,016 1,041,008 646,727 902,683 953,826 550,689 757,305 921,031 980,863 586,997 769,446 940,184 986,207 600,077 774,040 897,729 999,644 599,575 784,834 937,849 1,026,753 608,098 970,633 1,049,830 619,144 992,016 1,041,008 646,727 236,796 258,797 304,544 307,838 311,888 318,475 189,573 202,774 260,308 270,011 273,521 278,167 791,447 313,058 310,189 805,304 790,785 791,447 318,735 319,024 313,058 306,843 296,635 310,189 37,761 74,513 195,949 34,394 83,633 176,842 48,312 149,501 168,200 45,363 107,270 192,453 50,3 11 108,994 191,597 51,753 114,634 188,631 52,717 124,011 188,192 138,832 179,726 52,237 133,557 175,126 48,312 149,501 168,200 13,467 12,362 5,769 6,593 1,105 1,089 14,149 12,577 6,134 6,443 1,572 110 12,993 9,507 6,063 3,444 3,486 1,339 15,355 12,737 7,268 5,469 2,618 810 13,794 11,325 5,704 5,621 2,469 770 11,893 9,043 4,909 4,134 2,850 930 12,673 9,530 5,275 4,255 3,143 1,276 15,413 11,821 6,594 5,227 3,592 1,617 13,509 10,248 6,328 3,920 3,261 1,402 12,993 9,507 6,063 3,444 3,486 1,339 16 0 1,462 2,147 0 1,742 66 1,695 4 1,920 0 1,867 1,969 6 1,859 0 2,147 335,090 93,884 20,733 73,151 401,856 117,737 24,208 93,529 516,549 147,117 28,222 118,895 483,495 141,491 28,765 112,726 495,875 146,270 25,747 120,523 133,128 24,207 108,921 500,404 142,900 23,656 119,244 516,272 140,467 24,124 116,343 503,036 136,192 26,302 109,890 516,549 147,117 28,222 118,895 241,206 190,444 284,119 212,032 369,432 244,573 342,004 248,918 349,605 251,305 355,731 253,664 357,504 259,473 375,805 259,507 366,844 255,434 369,432 244,573 50,698 64 69,638 2,449 123,153 1,706 90,586 2,500 98,060 240 100,999 1,068 96,831 1,200 115,332 966 110,753 657 123,153 1,706 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,380,639 1,163,309 706,536 456,773 217,330 18,267 1,515,002 1,300,474 1,480,029 1,533,820 1,245,790 1,295,057 742,23 1 766,710 503,559 528,347 234,239 238,763 22,579 22,134 1,531,794 1,297,475 782,543 514,932 234,319 21,518 1,473,286 1,243,462 736,726 506,736 229,824 20,776 1,529,395 1,305,287 774,560 530,727 20,478 1,542,947 1,325,556 802,385 523,171 217,391 20,826 1,515,002 1,300,474 810,154 490,320 214,528 26,331 57,605 171,888 49,3 11 149,752 51,780 136,417 50,327 161,333 53,453 163,176 54,937 157,864 52,082 156,966 55,147 148,483 52,790 143,775 51,780 136,417 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 325,764 201,166 92,709 108,457 518,962 383,570 115,925 267,645 779,927 575,926 147,577 428,349 634,935 456,491 124,419 332,072 627,851 449,242 122,870 326,372 667,885 486,745 128,525 358,220 695,844 501,481 132,072 369,409 708,826 507,027 132,571 374,456 751,756 548,467 135,618 412,849 779,927 575,926 147,577 428,349 40 41 42 124,598 19,347 135,392 204,001 40,815 178,444 32,237 178,609 33,629 181,140 35,776 194,363 36,950 201,799 37,133 203,289 41,362 204,001 40,815 81,254 23,997 82,363 24,641 133,109 30,077 117,653 28,554 116,803 28,177 115,665 29,699 127,387 30,026 134,395 30,271 131,233 30,694 133,109 30,077 12 Nonmonetary international and regional organizations8 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments6 19 Other 20 Official institutions9 21 Banks' own liabilities 22 Deposits2 23 Other 24 25 26 27 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 28 Banks'" 29 Banks' own liabilities 30 Deposits2 31 Other 32 Banks' custody liabilities4 33 U.S. Treasury bills and certificates5 34 Other negotiable and readily transferable instruments6 Other 35 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 810,154 490,320 214,528 26,33 1 MEMO 44 Own foreign offices'2 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) below. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period July Aug. Sept. Nov. Dec. AREA OR COUNTRY 2,811,248' 2,824,471 45 Total, all foreigners . 1,985,588 2,315,606 2,824,471 2,613,814 2,671,340 2,700,431 2,682,207' 2,769,906' 46 Foreign countries . . . 1,972,121 2,301,457 2,811,478 2,598,459 2,657,546 2,688,538 2,669,534' 2,754,493' 2,797,739' 2,811,478 653,988 2,818 9,536 5,106 1,693 40,399 34,650 2,975 5,568 31,945 10,839 18,879 3,574 23,146 14,039 4,647 132,895 12,131 185,970 47,594 301 65,283 781,550 4,826 9,359 3,631 1,783 40,719 46,806 1,264 6,215 35,855 15,857 22,429 952 41,673 9,902 7,082 110,626 13,748 332,528 20,802 162 55,331 972,956 4,277 13,814 3,200 1,418 57,185 51,003 1,205 7,246 50,539 19,861 32,749 1,607 70,357 8,481 6,581 99,924 5,190 420,045 20,727 110 97,437 938,810 4,389 16,190 1,907 2,379 46,263 55,403 1,742 10,318 52,610 16,649 45,067 1,391 49,784 8,769 6,746 111,417 8,760 396,460 22,502 104 79,960 973,047 4,950 12,232 2,124 2,745 51,071 53,314 1,667 9,221 51,841 15,841 46,970 1,048 51,801 8,878 6,683 140,805 8,888 403,156 24,045 103 75,664 971,977 5,046 11,742 3,083 2,776 47,795 56,448 2,018 7,679 54,360 17,138 23,991 1,301 52,235 11,601 5,240 138,905 9,748 424,952 21,777 112 74,030 988,074' 1,010,218' 1,013,016' 4,999 4,539' 5,430 15,361 13,269 13,355 4,070 3,611 4,505 1,373 1,299 1,220 55,655 57,009 47,696 58,211' 53,225' 55,564' 1,529 1,555 1,527 8,112 8,202 7,693 51,306 51,954 51,933 16,596' 16,602' 13,468' 34,755 25,733 38,714' 1,174 2,028 1,071 64,620 63,858 58,789 8,504 10,012 9,321 6,216 5,945 6,744 120,678 116,084 111,794 9,114 7,978 9,512 438,767' 454,519' 441,129' 22,097 22,024 21,389 141 101 96 86,940' 93,469' 87,124' 972,956 4,277 13,814 3,200 1,418 57,185 51,003 1,205 7,246 50,539 19,861 32,749 1,607 70,357 8,481 6,581 99,924 5,190 420,045 20,727 110 97,437 47 Europe . . . . 48 Austria . . 49 Belgium13 50 Denmark . 51 Finland . . 52 France . . . 53 Germany . 54 Greece .. Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R.1 27,323 35,590 32,856 34,600 33,109 31,898 34,352' 33,986' 33,063' 32,856 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America17 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 110,566 9,758 16,283 4,438 4,235 2,567 1,547 35,389 4,093 1,401 3,670 21,222 5,963 135,775 10,823 15,159 7,248 6,261 2,676 1,526 50,290 4,510 1,968 4,199 24,641 6,474 131,488 11,104 18,762 5,400 5,515 2,425 1,708 46,788 3,663 1,570 3,979 24,549 6,025 134,224 11,044 18,688 6,186 4,919 2,443 1,714 47,922 3,719 1,569 4,138 25,618 6,264 133,142 11,447 17,573 6,036 5,171 2,542 1,781 49,349 3,816 1,459 4,509 23,291 6,168 130,300 11,451 15,781 6,098 5,169 2,597 1,543 48,453 3,855 1,536 3,931 23,543 6,343 133,858 11,905 15,914 8,196 5,370 2,507 1,486 47,363 4,127 1,865 4,076 24,512 6,537 135,462' 10,962 15,356 8,355 5,379 2,600 1,472 50,564 4,294 1,727' 4,187 24,162 6,404 135,775 10,823 15,159 7,248 6,261 2,676 1,526 50,290 4,510 1,968 4,199 24,641 6,474 83 Caribbean . . 84 Bahamas . 85 Bermuda 86 Cayman Islands18 87 Cuba Jamaica Netherlands Antilles . . . 90 Trinidad and Tobago . . . 91 Other Caribbean17 837,666 163,543 24,674 630,446 91 829 5,004 1,405 11,674 969,986 153,554 38,964 739,204 96 669 8,689 1,253 27,557 1,209,130 212,369 93,696 855,042 107 829 5,859 1,624 39,604 1,067,174 155,707 43,843 827,604 95 700 6,614 1,601 31,010 1,068,548 152,485 49,335 829,031 95 698 3,784 1,587 31,533 1,086,947 140,681 65,145 840,224 96 750 3,382 1,238 35,431 319,487 373,024 418,112 393,811 409,278 423,334 416,074' 419,266' 414,697' 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,236 26,808 49,557 14,534 14,373 12,223 162,003 12,647 1,683 7,226 23,626 35,108 53,126 26,568 42,675 11,270 5,931 11,236 163,511 12,489 2,968 11,439 38,475 38,424 34,586 22,605 47,592 10,633 11,103 15,719 169,054 12,774 2,139 6,938 29,124 31,544 40,798 21,692 49,281 10,243 9,998 12,336 175,328 13,276 2,103 9,120 33,973 31,130 52,579 22,888 37,958 11,181 9,433 14,448 182,433 14,298 2,146 10,379 35,245 30,346 57,394 21,984 40,044' 10,958' 8,266 12,992 170,798' 10,918 2,100 9,490 39,090' 32,040 65,639 21,367 36,964' 11,649' 7,662 9,658 171,954' 10,319 2,108 10,498 38,175' 33,273 52,763 24,660 36,429' 11,818' 6,560 11,056 166,234' 12,797' 2,342' 11,415 41,920' 36,703' 53,126 26,568 42,675 11,270 5,931 11,236 163,511 12,489 2,968 11,439 38,475 38,424 105 Africa 106 Egypt 107 Morocco • • 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 . . . . Other 12,251 2,655 306 1,114 2 4,370 3,804 13,828 2,336 376 3,715 18 3,498 3,885 15,608 2,755 169 3,381 4 5,220 4,079 15,967 3,177 109 4,263 44 5,064 3,310 16,644 3,085 153 3,809 4 6,186 3,407 16,926 2,910 103 4,153 4 6,340 3,416 16,558 2,561 95 3,942 4 6,206 3,750 17,687 2,349 99 4,001 6 7,373 3,859 14,260' 2,256 124 3,571 3 4,331 3,975' 15,608 2,755 169 3,381 4 5,220 4,079 112 Other countries . . 113 Australia 114 New Zealand21 115 All other 14,049 11,991 1,796 262 16,913 14,020 2,465 428 27,041 23,099 3,437 505 16,609 14,040 2,150 419 22,696 19,974 2,225 497 24,3 14 21,369 2,484 461 15,704' 12,097' 2,967' 640 22,671' 18,957' 3,035' 679 25,739' 21,462 3,739' 538 27,041 23,099 3,437 505 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 13,467 11,282 507 1,611 14,149 10,500 420 3,166 12,993 10,627 305 1,948 15,355 12,976 444 1,883 13,794 11,569 410 1,739 11,893 9,747 369 1,692 12,673 10,390 343 1,870 15,413 13,254 345 1,731 13,509 11,478 357 1,575 12,993 10,627 305 1,948 69 Canada 92 Asia China 93 Mainland 94 Taiwan 95 Hong Kong India 96 Indonesia 97 Israel 98 Japan 99 100 Korea (South) 101 Philippines pp T hild 102 Thailand 103 Middle Eastern oil-exporting countries19 104 Other 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. Includes the Bank for International Settlements and the European Central Bank. 17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." 18. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 1,068,472' 1,116,807' 1,161,502' 1,209,130 212,369 146,657' 171,286' 144,851' 93,696 68,786' 78,586' 58,046' 855,042 859,987' 863,263' 824,155' 107 107 107 97 829 872 863 5,859 4,556' 4,614' 1,624 1,355' 1,341' 1,383' 39,604 34,487' 41,442' 35,346' 19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 20. Comprises Algeria, Gabon, Libya, and Nigeria. 21. Before January 2001, these data were included in "All other." 22. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. 23. Principally the Inter-American Development Bank. 24. Asian, African, Middle Eastern, and European regional organizations, except the Bank for International Settlements, which is included in "Other Europe." 48 Federal Reserve Bulletin Statistical Supplement • February 2005 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country July Aug. Sept. 1 Total, all foreigners . . U85,445 r,322,363 r,659,r76 1,507,956' 1,564,091' 1,581,325' 1,573,721' 1,625,704' 1,683,443' 1,659,176 2 Foreign countries . . . . U8r,768 1,311,191 1,65 4,342 1,505,370' 1,559,691' 1,577,664' 1,568,956' 1,621,157' 1,677,321' 1,654,342 487,004 3,603 6,044 1,109 8,518 47,705 22,481 477 3,753 3,407 23,133 13,885 2,226 877 5,371 15,889 126,958 2,112 176,953 17,457 0 5,046 591,018 4,819 6,910 2,814 8,160 63,719 25,811 238 7,310 5,512 21,415 17,666 2,106 1,233 2,295 15,269 78,716 2,149 268,822 43,099 0 12,955 784,950 4,573 7,888 909 11,839 90,066 25,836 94 16,903 5,866 20,931 25,514 1,576 1,075 8,451 17,020 114,167 2,512 387,617 26,878 0 15,235 706,794' 4,646 11,219 1,182 10,215 73,114 31,668 256 11,068 4,749 21,744 29,286 1,641 1,099 5,296 17,370 86,638 3,165' 328,780 47,992 0 15,666 733,094' 4,748 11,291 1,816 9,080 71,271 28,523 208 13,204 5,765 17,888 33,353 1,361 1,054 7,239 18,926 104,069 2,792' 338,164 48,778 0 13,564 743,232' 4,915 11,000 2,955 9,056 64,405 29,242 203 11,904 6,411 19,891 19,437 1,547 973 5,108 13,489 118,642 2,359' 365,398 44,660 0 11,637 758,379' 5,023 11,659 2,148 11,280 66,201' 29,219 236 14,454 6,301 22,638 25,271 1,409 953 6,684' 15,008 108,355 2,281' 372,017' 44,692 0 12,550 753,179' 4,743 9,800 3,895 8,458 68,588' 27,503 185 13,771 6,340 20,404' 29,098 1,525 1,168 9,758 15,088 97,682 2,403' 375,625' 44,831 0 12,314' 801,135' 4,713 10,033 2,529 9,772 84,032 33,083 174 14,189 6,300 18,970 18,864 1,395 1,103 9,784 17,588 117,757 2,432' 403,753 29,409 0 15,255 60,521 52,140 50,674 55,978' 55,927' 50,530' 51,192' 46,110' 44,907' 50,674 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,517 3,819 15,825 6,094 2,026 404 781 13,583 1,844 1,370 465 2,911 2,395 49,178 2,275 14,082 6,213 2,648 469 871 13,133 1,934 1,530 403 2,890 2,730 50,154 3,297 16,701 6,162 2,215 434 804 11,474 1,631 1,638 367 2,787 2,644 51,532 2,972 17,578 5,917 2,184 454 809 12,449 1,945 1,644 375 2,737 2,468 49,499 2,631 16,130 5,798 2,357 449 846 12,331 1,730 1,658 424 2,816 2,329 49,058' 2,502 16,061 5,751 2,494 426 749 12,653' 1,482 1,635 364 2,596 2,345 49,257' 2,550 15,781 6,029 2,598' 437 775 12,647' 1,610' 1,568 384' 2,539' 2,339 48,988 2,498 15,182 5,972 2,590 424 765 12,646 1,845 1,563 402 2,600 2,501 49,178 2,275 14,082 6,213 2,648 469 871 13,133 1,934 1,530 403 2,890 2,730 475,896 95,584 9,902 359,259 0 321 6,690 889 3,251 492,705 73,709 14,889 391,524 0 377 6,629 665 4,912 615,571 560,428 76,010 15,617 455,519 0 457 5,274 869 6,682 583,868 74,792 33,295 469,908 0 351 5,494 755 7,680 475^246 0 409 5,013 818 5,427 65,225 31,630 477,078 0 360 5,333 780 8,481 567,697' 66,298 25,338 462,943 0 378 5,222 658 6,860' 643,602' 79,051 30,343 520,323' 0 375 5,179 677 7,654' 641,641 84,806 27,388 514,160 0 335 5,486 714 8,752 615,571 98,088 33,295 469,908 0 351 5,494 755 7,680 93,551 119,562 142,638 121,633' 124,435' 134,475' 132,331' 118,789' 128,130' 142,638 1,057 3,766 7,258 1,235 1,270 4,660 47,600 11,118 2,137 1,167 7,952 4,331 4,134 9,659 7,190 1,588 838 5,122 62,059 11,395 1,693 989 6,782 8,113 9,219 10,613 5,528 2,117 554 1,324 82,280 15,483 973 1,144 7,019 6,384 8,813 11,064 5,183 2,292 716 3,319 60,996 14,296 1,285 495 4,646' 8,528' 10,695 10,157 4,696 2,208 685 3,061 65,250 12,684 1,040 453 5,212' 8,294' 9,835 10,264 4,602 2,321 626 5,483 71,724 12,338 843 648 6,741 9,050' 11,759 9,867 3,785 2,214 604' 3,948 72,518 13,099 905 676 6,413' 6,543' 7,643 9,396 3,833 2,067 545' 1,889 65,974 13,986 848 722 6,210' 5,676' 10,771 10,219 4,759 2,015 549 1,309 74,553 10,203 1,061 987 6,392' 5,312' 9,219 10,613 5,528 2,117 554 1,324 82,280 15,483 973 1,144 7,019 6,384 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) .. 66 Oil-exporting countries9 . . 67 Other 1,977 487 53 617 0 1,258 228 53 314 0 223 430 1,233 199 51 385 0 150 448 1,324 195 42 457 0 152 478 1,124 179 53 296 0 141 455 1,172 174 69 298 0 193 438 1,235 167 59 373 0 188 448 1,386 203 51 396 0 274 462 1,258 228 53 314 0 598 1,453 236 46 453 0 147 571 68 Other countries . . . 69 Australia 70 New Zealand" . 71 All other 6,177 5,566 569 42 8,897 8,037 819 41 10,073 9,389 602 9,150' 8,482' 634 34 9,511' 8,545' 919 47 9,917' 9,113' 746 58 9,127' 8,295' 753 79 8,985' 8,23 1' 656 11,134' 10,389' 650 95 10,073 9,389 602 82 72 Nonmonetary international and regional organizations'' 3,677 5,071 4,834 2,586 4,400 3,661 4,765 4,547 6,122 4,834 Europe Austria Belgium2 Denmark Finland France Germany Greece Italy Luxembourg^ Netherlands Norway Portugal Russia Spain Sweden Switzerland Turkey United Kingdom Channel Islands and Isle of Man3 Yugoslavia4 Other Europe and other former U.S.S.R.5 26 Latin America 27 Argentina 28 Brazil 29 Chile 30 Colombia 31 Ecuador 32 Guatemala 33 Mexico 34 Panama 35 Peru 36 Uruguay 37 Venezuela 38 Other Latin America6 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago . . . . 47 Other Caribbean' 48 Asia China 49 Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Thailand 59 Middle Eastern oil-exporting countries8 60 Other 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 784,950 4,573 7,888 909 11,839 90,066 25,836 94 16,903 5,866 20,93 1 25,514 1,576 1,075 8,451 17,020 114,167 2,512 387,617 26,878 0 15,235 430 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2004 Type of claim 2002 2003 2004 June 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 1,409,095 1,604,253 1,185,445 52,198 970 357 162,890 1,322,363 57,897 980 099 284,367 223,650 80,269 281,890 136,249 72,196 63,107 10,338 137,289 6,092 July Aug. 1,564,091' 75,413 1 170 366 318,312' 1,581,325' 63,004 1 165 847 352,474' 1,810,570' 1,659,176 74,944 1 187 046 397,186 1,507,956' 74,476 1 109 936 323,544' Sept. Oct.' Nov.' DecP 1,625,704 69,579 1 193 297 362,828 1,683,443 62,049 1 240 957 380,437 1,659,176 74,944 1 187 046 397,186 1,863,690' 302,614 137,559 70,917 86,424 7,714 1,573,721' 68,413' 1 158 430' 346,878' 289,969 143,503 63,383 75,166 7,917 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices8 16 Loans collateralized by repurchase agreements9 500,085 376 606,595 3,970 566,830 2,669 585,904 1,233 568,628 2,686 560,898 2,928 614,735 3,110 626,211 2,864 606,595 3,970 n.a. 892,340 5,328 816,574 934,166 4,472 1,044,139 1,150,437 5,318 933,139' 1,043,085' 7,679 969,275' 1,087,435' 5,409 1,004,602' 1,106,019' 5,206 1,004,689' 1,088,830' 6,501 1,001,358 1,116,759 6,173 1,048,195 1,168,364 4,472 1,044,139 1,150,437 161,585 344,753 471,887 378,174 407,594 433,636 439,243 444,240 456,873 471,887 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) below. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 3.22 Federal Reserve Bulletin Statistical Supplement • February 2005 LIABILITIES TO FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. By type '. Financial liabilities Short-term negotiable securities' • Other liabilities' Of which: i Borrowings' p Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling . . Japanese yen All other currencies 14 Financial liabilities to unaffiliated foreigners By area or country 15 Europe 16 Belgium-Luxembourg 17 France 18 Germany 19 Netherlands 20 Switerzerland 21 United Kingdom Sept. ros,r76 73,904 66,679 47,419 n.a. 41,034 n.a. 39,561 n.a. 53,684 18,242 56,330 17,410 53,385 14,002 58,296 9,859 73,034 10,868 74,043 11,415 n.a. n.a. n.a. n.a. n.a. n.a. 5,532 22,397 7,081 21,588 8,498 22,946 8,402 32,449 5,949 45,495 3,558 45,766 25,246 22,173 n.a. n.a. n.a. n.a. n.a. 18,763 22,271 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 n.a. n.a. n.a. n.a. n.a. 29,342 24,342 738 10,019 6,919 2,745 3,921 28,781 27,549 1,266 13,731 7,987 1,945 2,620 25,290 28,095 1,431 10,372 11,425 2,493 2,374 34,150 24,146 1,149 7,147 12,894 1,330 1,626 42,406 30,628 1,730 7,998 17,883 1,660 1,357 43,842 30,201 1,981 7,678 17,420 1,642 1,480 41,034 39,561 42,256 45,364 43,845 45,349 58,319 57,367 31,806 154 2,841 2,344 1,954 94 22,852 34,335 144 5,243 2,923 1,825 61 22,53 1 32,639 546 3,240 2,901 1,790 167 22,903 33,575 675 2,743 3,366 285 17 24,733 34,832 709 3,543 3,531 284 517 45,810 539 2,092 3,699 320 298 28,992 43,134 23,886 30,976 528 2,133 3,015 284 524 22,004 34,172 147 1,480 2,168 2,016 104 26,362 83,956 677 2,290 3,335 340 431 28,166 MEMO: 22 Euro area3 . . . 23 Canada 24 25 26 27 28 29 30 31 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 4,125 6 1,739 148 32 33 34 Asia Japan Middle Eastern oil-exporting countries5 7,965 6,216 12 35 36 Africa Oil-exporting countries6 . . 37 All other7 . . . 406 n.a. 26 2 11,211 9,485 8,496 9,855 7,768 8,554 9,579 955 591 1,012 1,386 1,474 1,542 1,762 2,181 2,858 157 960 35 1,627 n.a. 36 1,504 23 990 65 365 n.a. 31 1 4,495 4 4,244 129 n.a. 37 27 5,579 26 2,862 155 n.a. 2,426 31 4,235 0 711 242 n.a. 3,114 34 3 8,115 0 6,093 0 2,300 200 n.a. 3,483 25 7,297 0 2,382 185 n.a. 4,591 24 22 5,042 3,269 10 2,932 1,832 14 3,417 1,909 32 4,116 2,210 2,547 1,826 67 36 4,519 1,431 29 4,487 1,612 24 4,589 1,664 30 131 91 112 91 119 91 123 92 126 93 118 93 119 93 3,604 291 n.a. 3,910 28 0 Nonbank-Reported Data 3.22 LIABILITIES TO FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 38 Commercial liabilities 39 Trade payables 40 Advance payments and other liabilities 26,485 14,293 12,192 25,645 11,781 13,864 28,103 14,699 13,404 28,177 15 13 27,626 16 11 30,090 17 13 30,432 17 13 32,142 18 14 29,376 18 11 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 23,685 2,800 n.a. n.a. n.a. n.a. n.a. 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 n.a. n.a. n.a. n.a. n.a. 26,055 2,122 137 587 582 238 578 25,615 2,011 165 490 542 154 660 27,632 2,458 199 787 606 209 657 28,178 2,254 196 699 513 223 623 29,663 2,479 183 729 593 255 719 26,080 3,296 241 1,030 600 302 1,123 9,629 293 979 1,047 300 502 2,847 9,219 99 734 905 1,163 790 2,279 8,257 141 765 781 590 433 2,649 9,138 152 931 739 1,337 458 2,822 8,744 178 779 764 1,326 383 2,911 9,821 159 900 855 384 1,367 3,025 8,943 145 1,017 1,018 303 543 3,023 9,719 135 1,092 1,275 289 638 3,035 8,840 133 1,050 1,021 316 616 3,126 3,832 41 42 43 44 45 46 47 48 49 50 51 52 53 54 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom MEMO 55 56 Canada 57 58 59 60 61 62 63 64 65 66 67 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 68 Africa 69 70 5,141 4,200 4,855 4,440 4,156 4,549 1,933 1,622 1,588 1,954 2,032 2,166 2,337 2,533 1,990 2,381 31 281 114 76 n.a. 841 284 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 3,252 15 585 224 n.a. 19 905 457 3,667 25 631 220 n.a. 32 1,274 517 3,406 14 513 233 n.a. 40 1,298 329 3,916 16 647 226 n.a. 77 1,362 389 4,389 39 32 1,755 481 4,317 35 635 98 n.a. 29 1,925 477 10,983 2,757 2,832 10,517 2,581 2,639 13,382 4,292 3,979 12,567 4,127 3,071 11,702 4,175 2,934 13,311 4,370 3,148 13,540 4,973 2,553 13,484 4,755 2,311 12,705 4,288 3,312 948 483 836 436 827 405 575 185 884 373 782 372 1,009 548 1,082 567 1,428 10,966 9,540 Euro area3 Oil-exporting countries6 All other7 MEMO 71 Financial liabilities to foreign affiliates8 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 14,715 16,676 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above. 52 3.23 Federal Reserve Bulletin Statistical Supplement • February 2005 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total . . By type 2 Financial claims Non-negotiable deposits . . Negotiable securities Ofwhich: Negotiable CDs1 Other claims Ofwhich: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg . . . . 19 France 20 Germany 21 Netherlands 22 Switerzerland 23 United Kingdom 90,157 113,082 53,031 23,374 29,657 81,287 29,801 51,486 n.a. 29,657 Sept. 186,182 181,821 71,389 27,064 44,325 153,992 49,933 3,207 150,561 3,174 132,332 35,920 3,211 142,632 45,415 2,502 154,096 42,974 5,468 160,552 50,314 7,595 n.a. 51,486 n.a. n.a. 133 100,852 158 100,645 157 93,201 6 94,715 129 105,654 70 102,643 n.a. n.a. n.a. n.a. n.a. n.a. 71,971 3,010 71,488 4,729 69,208 3,253 67,343 5,602 66,849 19,073 64,968 17,685 46,157 6,874 n.a. n.a. n.a. n.a. n.a. 74,471 6,816 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 n.a. n.a. n.a. n.a. n.a. 146,439 7,553 597 2,383 2,561 875 1,137 140,249 10,312 1,371 122,879 9,453 912 3,677 2,704 2,776 3,242 982 1,578 831 1,692 132,701 9,931 1,254 2,425 3,722 892 1,638 135,909 18,187 1,140 4,452 7,428 3,574 1,593 142,665 17,887 1,160 8,962 3,073 3,515 1,177 83,626 83,450 67,347 80,256 92,499 101,867 23,136 296 1,206 848 1,396 699 15,900 26,118 625 1,450 1,068 2,138 589 16,510 29,018 722 3,247 4,245 3,648 383 10,663 33,440 352 4,445 4,427 3,655 1,196 13,469 36,125 226 3,541 6,061 4,476 1,767 11,660 28,970 391 3,049 2,859 2,789 617 11,438 32,331 1,256 3,113 4,573 2,293 618 13,193 46,343 1,206 4,375 3,151 2,974 453 23,575 47,040 292 8,626 17,281 17,305 20,878 15,067 16,858 17,830 14,965 4,576 6,193 5,013 5,879 4,942 5,311 5,278 4,533 5,825 19,317 1,353 19 1,827 12,596 n.a. 2,448 87 41,201 976 918 2,127 32,965 n.a. 3,075 29,612 1,038 724 33,805 412 533 2,592 n.a. 26,936 2,136 123 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 35,284 21,528 n.a. 2,921 104 37,420 598 699 2,158 n.a. 30,734 1,912 173 1,034 1,967 n.a. 28,577 1,723 174 34,256 801 1,410 1,749 n.a. 27,613 1,706 135 42,091 1,346 1,063 1,833 n.a. 35,188 1,527 139 4,697 1,631 6,430 1,604 135 5,358 1,277 79 5,389 1,246 183 7,017 1,496 275 5,317 1,194 158 5,650 978 138 5,976 1,011 121 5,633 1,050 170 411 57 414 49 395 25 486 35 565 34 419 12 391 13 46,742 S,543 3,620 2,299 3,149 585 26,641 MEMO: 24 Euro area3 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 34 35 36 Asia Japan Middle Eastern oil-exporting countries5 37 38 Africa Oil-exporting countries6 . . 39 All other7 . . . 2,286 646 258 3 International Statistics 3.23 CLAIMS ON 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. 40 Commercial claims 41 Trade receivables 42 Advance payments and other claims 43 44 45 46 47 48 49 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 MEMO 37,126 33,104 4,022 31,795 27,513 4,282 31,177 26,385 4,792 32,190 25,981 6,209 31,260 25,749 5,511 33,602 28,651 4,951 33,841 5,218 34,447 29,921 4,526 31,795 27,357 4,438 33,401 3,725 n.a. 29,393 2,402 n.a. n.a. n.a. n.a. n.a. 26,481 4,696 n.a. n.a. n.a. n.a. n.a. 24,368 7,822 1,279 1,497 1,429 530 3,087 24,327 6,933 1,262 1,216 1,123 547 2,785 25,527 8,075 1,557 1,542 1,187 589 3,200 26,165 7,676 1,518 1,255 1,299 478 3,126 27,417 7,030 649 1,196 1,204 598 3,383 27,919 14,022 14,187 269 3,164 1,202 1,490 503 3,727 15,097 221 2,998 1,184 1,352 537 4,342 14,087 208 3,093 1,196 1,300 652 4,007 14,576 247 2,816 1,284 397 1,921 3,928 14,332 209 2,740 1,494 421 1,248 3,964 13,554 238 1,529 345 1,257 3,903 13,010 298 2,582 1,337 396 1,218 3,819 8,931 8,255 7,359 7,893 7,209 6,839 2,790 2,950 2,673 3,070 3,272 2,293 2,261 4,859 42 369 954 95 n.a. 1,391 288 4,346 4,722 30 353 841 n.a. 16 1,123 236 4,813 25 447 808 n.a. 50 1,181 233 5,153 26 5,516 35 739 1,002 n.a. 5,636 26 690 1,024 n.a. 6,140 61 7,849 7,324 2,341 6,496 1,733 777 6,452 1,734 738 584 95 441 105 548 136 15,938 452 3,095 1,982 1,729 763 4,502 3 Euro area 59 60 61 62 63 64 65 66 70 71 268 2,921 1,658 529 611 3,833 7,961 Canada 3,502 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 5,851 37 376 957 137 n.a. 1,507 Asia Japan Middle Eastern oil-exporting countries5 9,630 2,796 1,024 Africa Oil-exporting countries6 Sept. 2,006 31 287 750 19 n.a. 1,259 850 672 180 460 903 n.a. 52 1,339 230 28,623 2,603 3,876 446 1,026 1,169 191 1,044 766 903 n.a. 124 1,766 261 67 66 1,149 228 1,245 251 7,356 1,761 7,250 1,589 8,166 1,784 1,085 8,602 636 138 621 183 711 224 783 209 64,985 62,376 61,597 58,685 1,847 961 1,533 MEMO Financial claims on foreign affiliates8 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 70,366 67,1 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial claims on foreign affiliates of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other financial intermediaries. These data are included in lines 1-8 above. 54 3.24 Federal Reserve Bulletin Statistical Supplement • February 2005 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Dec. June July Aug. Sept U.S. corporate securities 3,117,710 3,079,829 4,054,576 4,028,761 4,054,576 4,028,761 333,716 331,271 359,103 349,323 284,280 285,446 281,547 284,423 332,878 330,027 368,802 354,320 361,645 354,504 3 Net purchases, or sales ( ) . 37,881 25,815 25,815 2,445 9,780 1,166 2,876 2,851 14,482 7,141 4 Foreign countries 37,914 25,952 25,952 2,400 9,778 1,159 2,756 2,824 14,567 7,144 24,350 6,216 991 70 2,194 851 96 11,697 531 504 2,131 2,230 258 495 19,473 828 2,379 2,228 1,276 15,137 185 433 505 6,473 28 2,837 34 1,006 19,473 828 2,379 2,228 1,276 15,137 185 433 505 6,473 28 2,837 34 1,006 3,544 198 145 269 607 1,682 269 901 335 312 25 153 5,699 2,064 183 193 220 3,368 97 2,394 301 40 1,443 887 10 109 2,911 75 166 413 238 1,646 66 1,627 263 107 316 817 4,620 1,151 232 163 666 3,993 132 326 669 45 1,020 776 1 263 10,495 2,467 340 1,535 978 5,855 1 231 2,743 1,793 303 965 7 63 2,938 6,070 38 603 571 7,911 612 856 4,139 594 700 41 46 2,307 1,411 195 231 764 39 26 104 834 186 546 248 114 15 2,942,805 2,508,736 2,371,112 1,837,850 2,371,112 1,837,850 204,246 163,275 219,419 172,013 174,923 132,954 187,722 135,793 172,539 131,649 198,990 145,619 191,778 124,367 22 Net purchases, or sales ( ) . 434,069 533,262 533,262 40,971 47,406 41,969 51,929 40,890 53,371 67,411 23 Foreign countries 434,324 530,875 530,875 40,343 47,327 41,849 51,609 40,984 53,856 66,296 24 25 26 27 28 29 30 31 32 33 34 35 36 37 210,319 4,735 2,441 2,645 7,628 132,315 20,145 4,564 104,784 3,747 107,431 32,482 2,354 1,125 246,428 7,180 11,615 1,959 7,084 151,163 6,477 12,334 114,740 4,701 149,219 74,882 1,449 2,004 246,428 7,180 11,615 1,959 7,084 151,163 6,477 12,334 114,740 4,701 149,219 74,882 1,449 2,004 19,806 437 574 217 1,751 6,757 1,889 343 8,352 569 12,048 10,723 21 23,129 794 1,852 166 971 15,105 562 269 12,642 466 10,361 5,816 153 307 21,888 795 1,604 155 212 16,617 2,337 1,201 8,825 143 9,509 2,198 0 283 34,315 1,181 3,929 182 586 22,393 1,230 1,041 8,503 134 7,682 142 128 62 18,661 156 1,289 210 333 12,583 370 799 6,433 30 14,708 7,850 86 267 23,315 1,122 820 138 31 16,002 658 575 8,683 630 20,811 11,103 199 41 35,818 1,548 118 169 959 25,050 745 1,958 14,010 72 14,919 10,599 75 412 1 Foreign purchases 2 Foreign sales . . . . Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean . . Middle East2 Other Asia Japan Africa Other countries 368 19 Nonmonetary international and regional organizations 20 Foreign purchases 21 Foreign sales . . . . Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean . . Middle East2 Other Asia Japan Africa Other countries 3 8 Nonmonetary international and regional organizations 2,387 1,115 Foreign securities 82,367 1,332,490 1,414,857 20,061 1,558,558 1,538,497 91,678 1,711,458 1,803,136 2,349 1,466,195 1,468,544 91,678 1,711,458 1,803,136 2,349 1,466,195 1,468,544 5,763 144,147 149,910 2,829 107,714 110,543 10,021 132,127 142,148 1,843 107,608 109,451 190 129,974 129,784 3,153 111,207 114,360 3,738 116,948 120,686 826 125,472 126,298 12,665 133,863 146,528 5,061 119,956 125,017 8,482 150,336 158,818 2,869 118,354 121,223 15,388 141,790 157,178 6,210 117,983 124,193 45 Net purchases, or sales ( ), of stocks and bonds 62,306 94,027 94,027 8,592 11,864 2,963 4,564 17,726 11,351 21,598 46 Foreign countries 61,770 93,172 93,172 8,564 11,767 2,965 4,555 17,635 11,369 21,337 47 48 49 50 51 52 53 7,727 6,302 7,516 51,520 34,021 226 1,535 87,229 1,246 15,478 18,301 25,479 1,585 3,459 87,229 1,246 15,478 18,301 25,479 1,585 3,459 12,836 781 2,302 1,189 2,712 81 8,706 1,264 1,428 3,244 3,410 91 72 10,219 1,063 3,027 2,687 1,443 293 184 2,423 919 4,059 3,794 4,157 42 1,520 16,322 1,407 3,449 3,028 2,099 288 615 8,936 1,568 1,987 3,894 1,655 272 770 10,519 789 3,512 5,965 2,597 55 497 39 Stocks, net purchases, or sales ( ) 40 Foreign purchases 41 Foreign sales 42 Bonds, net purchases, or sales ( ) 43 Foreign purchases 44 Foreign sales Europe Canada Latin America and Caribbean Asia Japan Africa Other countries 54 Nonmonetary international and regional organizations 1. Before January 2001, data included in United Kingdom. 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Securities Holdings and Transactions 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 55 Foreign Transactions1 Millions of dollars; net purchases, or sales ( ) during period Area or country Jan.Dec. July Aug. Sept. 1 Total estimated 273,940 356,758 356,758 46,247 T3,960 T6,663' 20,854' 32,824' 2 Foreign countries 274,655 356,039 356,039 45,957 13,734 13,274 17,427' 20,385' 32,537' 8,512 54,083 1,741 7,890 905 240 407 4,893 36,084 1,670 733 10,318 92,987 118 8,510 575 3,152 3,236 5,516 80,488 1,176 2,330 16,106 92,987 118 8,510 575 3,152 3,236 5,516 80,488 1,176 2,330 16,106 734 538 2,467 139 1,028 1,487 310 4,452 1,647 2,806 2,548 13,025 31 2,137 95 97 284 81 5,028 10 6,264 2,096 5,806 233 1,326 202 7,597 382 186 3,716 81 15,976' 30 1,544 1,075 1,421 995 1,744 5,256 183 6,570' 1,090' 17,671' 192 2,233 35 285 702 310 16,170 33 1,029' 5,322 9,018 236 141 1,120 1,095 1,149 538 4,900 294 2,273 616 3,048 33 365 46 444 191 1,800 11,274 33 4,602 1,108 19,466 312 11,172 7,982 183,484 148,348 57 7,247 33,662 15 22,081 11,596 214,786 166,383 677 2,179 33,662 15 22,081 11,596 214,786 166,383 677 2,179 25,235 13 20,950 4,272 23,115 20,536 32 547 4,850 14 7,819 2,955 3,015 5,422 22 470 783 51 1,250 518 21,368 24,375 39 1,006 3,991' 3 5,261' 1,273 6,730 434 107 101 2,577' 28 4,291' 1,742 5,552 2,051 11 355 19,348' 112 17,715' 1,745 27,187 9,292 10 1,695 8,169 47 8,698 576 6,244 1,482 283 28 715 435 53 719 2 26 719 2 26 290 208 3 384 104 686 638 764 328 0 469 66 0 287' 82' 174 517 274,655 113,486 161,169 356,039 203,143 152,896 356,039 203,143 152,896 45,957 16,757 29,200 13,734 5,634 8,100 13,274 15,515 2,241 17,427' 10,874 6,553' 20,385' 15,649 4,736' 32,537' 21,049 11,488' 8,512 6,976 1,536 7,134 52 9,041 249 9,041 249 1,079 0 170 1 343 0 3,831 0 3 4 5 6 7 8 9 10 11 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R Canada 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional 8,338 MEMO 25 Foreign countries 26 Official institutions 27 Other foreign Oil-exporting countries 28 Middle East* 29 Africa5 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 andnotes held by official institutions of foreign countries. 2. Before January 2001, combined data reported for Belgium and Luxembourg. 510 250 3. Before January 2001, these data were included in the data reported for the United Kingdom. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 5. Comprises Algeria, Gabon, Libya, and Nigeria. 56 Federal Reserve Bulletin Statistical Supplement • February 2005 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2004 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 Malays ia/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/bant United Kingdom/pound2 Venezuela/bolivar 54.37 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 48.63 125.22 3.8000 9.663 46.45 7.9839 1.7908 10.5176 1,250.31 95.773 9.7233 1.5567 34.536 43.019 150.25 1,161.19 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59 115.94 3.8000 10.793 58.22 7.0803 1.7429 7.5550 1,192.08 96.541 8.0787 1.3450 34.405 41.556 163.47 1,613.43 73.65 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 66.43 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 183.30 1,886.13 71.61 3.0384 1.3225 8.2767 6.0631 1.2266 7.8000 46.06 109.49 3.8000 11.468 64.67 6.9126 1.7121 6.1350 1,158.70 102.998 7.5027 1.2452 33.806 40.982 184.38 1,920.00 71.11 3.0018 1.3127 8.2768 6.1007 1.2191 7.7997 46.32 110.23 3.8000 11.395 65.61 6.8369 1.7145 6.4667 1,158.03 103.436 7.5362 1.2623 34.023 41.521 182.03 1,920.00 70.28 2.8914 1.2881 8.2767 6.0866 1.2224 7.7995 46.05 110.09 3.8000 11.487 65.94 6.8416 1.6948 6.5349 1,148.72 103.326 7.4356 1.2629 33.893 41.474 179.37 1,920.00 73.37 2.8520 1.2469 8.2765 5.9486 1.2507 7.7889 45.74 108.78 3.8000 11.404 68.46 6.5809 1.6767 6.3815 1,141.57 103.885 7.2453 1.2330 33.775 41.294 180.77 1,918.08 77.04 2.7877 1.1968 8.2765 5.7178 1.2997 7.7755 45.03 104.70 3.8000 11.371 70.09 6.2700 1.6505 6.0305 1,086.44 104.632 6.9257 1.1711 32.777 40.282 186.07 1,915.20 76.75 2.7150 1.2189 8.2765 5.5449 1.3406 7.7760 43.85 103.81 3.8000 11.201 71.49 6.1355 1.6402 5.7235 1,050.37 104.748 6.6969 1.1465 32.170 39.184 192.86 1,915.20 Indexes4 NOMINAL 24 Broad (January 1997=100)5 25 Major currencies (March 1973=100)6 26 Other important trading partners (January 1997=100)7 126.66 105.98 119.08 93.00 113.55 85.36 114.81' 86.40' 115.00' 86.66' 114.54' 86.19' 112.90' 84.25' 109.97' 81.03' 108.72 80.11 111.26 110.61 104.51 97.60 99.89 90.64 101.34' 91.97' 101.35' 92.23' 100.88' 91.81' 99.51' 89.90' 96.78' 86.42' 95.35 85.11 REAL 27 Broad (March 1973=100)5 28 Major currencies (March 1973=100)6 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at: www.federalreserve.gov/releases. 2. U.S. cents per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 Austrian schillings Belgian francs Finnish markkas French francs German marks Irish pounds 1,936.27 40.3399 2.20371 200.482 166.386 Italian lire Luxembourg francs Netherlands guilders Portuguese escudos Spanish pesetas 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title and Date Issue Page Reference Assets and liabilities of commercial banks December 31,2003 March 31,2004 June 30, 2004 September 30,2004 May August November February 2004 2004 2004 2005 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks February 2004 May 2004 August 2004 November 2004 May August November February 2004 2004 2004 2005 60 60 60 60 Supplement Supplement Supplement Supplement Assets and liabilities of US. branches and agencies of foreign banks December 31,2003 March 31,2004 June 30, 2004 September 30,2004 May August November February 2004 2004 2004 2005 66 66 66 66 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin Residential lending reported under the Home Mortgage Disclosure Act 1989-2001 1990-2002 1991-2003 September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement Disposition of applications for private mortgage insurance 1998-2001 1999-2002 2000-2003 September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Small loans to businesses and farms 1996-2001 1996-2002 1997-2003 September 2002 September 2003 September 2004 A70 A70 70 Bulletin Bulletin Supplement Community development lending reported under the Community Reinvestment Act 2001 2002 2003 September 2002 September 2003 September 2004 A73 A73 73 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services * March31,2001 June 30, 2001 September 30, 2001 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • February 2005 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, September 30, 2004 Millions of dollars except as noted Banks with foreign offices' Domestic total 1 Total assets 2 Cash and balances due from depository institutions 3 Cash items in process of collection, unposted debits, and currency and coin 4 Cash items in process of collection and unposted debits 5 Currency and coin 6 Balances due from depository institutions in the United States 7 Balances due from banks in foreign countries and foreign central banks 8 Balances due from Federal Reserve Banks 9 Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value) 10 U.S. Treasury securities 11 U.S. government agency and corporation obligations (excludes mortgage-backed securities) 12 Issued by U.S. government agencies 13 Issued by U.S. government-sponsored agencies 14 Securities issued by states and political subdivisions in the United States 15 Mortgage-backed securities (MBS) 16 Pass-through securities 17 Guaranteed by GNMA 18 Issued by FNMA and FHLMC 19 Other pass-through securities 20 Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS) 21 Issued or guaranteed by FNMA, FHLMC or GNMA 22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA 23 All other mortgage-backed securities 24 Asset-backed securities 25 Credit card receivables 26 Home equity lines 27 Automobile loans 28 Other consumer loans 29 Commercial and industrial loans 30 Other 3 1 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 412,938 n.a. n.a. n.a. n.a. n.a. n.a. 258,080 n.a. n.a. n.a. n.a. n.a. n.a. 5,514,152 4,645,947 328,294 119,669 n.a. n.a. 173,436 116,392 91,303 25,090 28,999 14,799 13,246 45,096 150,217 13,312 1,455,143 60,922 n.a. n.a. 905,692 41,783 251,681 10,794 240,887 112,273 814,968 556,678 44,972 500,569 11,137 258,291 153,232 5,299 99,760 72,166 13,710 23,573 12,667 2,891 6,572 12,753 128,929 42,077 86,852 n.a. n.a. n.a. n.a. n.a. 93,546 7,439 86,107 38,980 575,243 421,263 29,423 382,549 9,291 153,981 82,222 2,707 69,051 46,955 9,837 14,649 8,777 2,558 5,215 5,919 100,574 21,342 79,232 n.a. n.a. n.a. 84,644 n.a. n.a. n.a. n.a. n.a. n.a. 549,451 19,140 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. 158,135 3,355 154,780 73,293 239,725 135,415 15,549 118,020 1,846 104,310 71,010 2,591 30,708 25,211 3,872 8,925 3,890 333 1,357 6,834 28,356 20,735 7,620 5,592 8,611 14,203 Banks with domestic offices only2 381,730 179,882 201,848 312,704 179,882 132,822 316,090 122,060 194,030 247,064 122,060 125,004 65,640 57,822 7,818 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 4,713,807 3,025 172,704 4,538,078 71,318 4,466,761 4,405,393 2,026 3,021,560 1,879 138,567 2,881,114 45,197 2,835,917 2,713,146 881 n.a. n.a. n.a. n.a. 1,692,247 1,145 34,137 1,656,964 26,121 1,630,843 Total loans and leases, gross, by category 44 Loans secured by real estate 45 Construction and land development 46 Farmland 47 One- to four-family residential properties 48 Revolving, open-end loans, extended under lines of credit 2,517,456 n.a. n.a. n.a. n.a. 2,472,356 271,432 43,890 1,427,382 375,102 1,421,121 n.a. n.a. n.a. n.a. 1,376,022 123,121 7,477 941,290 265,181 1,096,335 148,311 36,413 486,092 109,921 n.a. n.a. n.a. n.a. 186,842 n.a. n.a. n.a. 48,233 881,316 n.a. n.a. 969,508 82,771 85,276 644,377 172,652 n.a. n.a. n.a. 47,637 756,649 n.a. n.a. n.a. n.a. 183,644 117,186 48,930 17,528 11,709 619,518 496,000 123,518 627,105 49,003 40,181 263,953 169,454 115,722 48,929 4,803 11,113 494,850 487,285 7,565 342,403 33,768 45,095 380,424 3,199 n.a. n.a. n.a. 36,523 261,799 n.a. n.a. 747,608 286,783 38,175 422,650 668,777 261,101 25,558 382,117 491,139 176,812 33,307 281,020 412,308 151,130 20,690 240,488 256,469 109,971 4,868 141,630 27,472 168,266 6,352 161,914 n.a. n.a. 136,614 27,471 136,846 3,267 133,579 n.a. n.a. 123,005 17,448 154,916 6,327 148,589 n.a. n.a. 122,066 17,447 123,495 3,241 120,255 23,019 97,236 108,457 10,024 13,350 26 13,324 n.a. n.a. 14,548 448,968 47,626 1,465 8,016 5,468 n.a. 185,910 130,854 55,056 292,139 n.a. n.a. n.a. n.a. n.a. 50,688 n.a. n.a. n.a. n.a. 16,642 36,734 2,546 507 245 n.a. 63,263 48,517 14,746 82,788 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 nonresidential 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-US, addressees (domicile) Loans to individuals for household, family, and other personal expenditures (includes purchased paper) Credit cards Other revolving credit plans Other consumer loans (including single-payment, installment, and all student loans) Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) All other loans Loans to foreign governments and official institutions Other loans Loans for purchasing and carrying securities All other loans (excludes consumer loans) Lease-financing receivables 72 73 74 75 76 77 78 79 80 81 Trading assets Premises and fixed assets (including capitalized leases) Other real estate owned Investments in unconsolidated subsidiaries and associated companies Customers' liability on acceptances outstanding Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs Intangible assets Goodwill Other intangible assets All other assets 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 465,610 84,360 4,010 8,523 5,714 n.a. 249,173 179,371 69,802 374,927 Special Tables 4.20 59 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, September 30, 2004 Millions of dollars except as noted Banks with foreign offices' Domestic total Banks with domestic offices only2 82 Total liabilities, minority interest, and equity capital . . 8,081,593 n.a. 5,514,152 n.a. 2,567,441 83 Total liabilities 7,269,834 6,401,629 4,996,002 4,127,798 2,273,831 84 Total deposits 85 Individuals, partnerships, and corporations (include all certified and official checks) . . . 86 U.S. government 87 States and political subdivisions in the United States 88 Commercial banks and other depository institutions in the United States 89 Banks in foreign countries 90 Foreign governments and official institutions (including foreign central banks) 5,358,620 4,820,092 n.a. n.a. 101,222 157,785 4,539,257 4,233,779 4,145 228,155 56,434 14,484 3,523,439 3,134,965 n.a. n.a. 76,979 157,477 2,704,076 2,548,652 2,768 104,120 32,191 14,176 1,835,181 1,685,127 1,377 124,035 24,243 308 2,190 45,829 91 92 93 94 95 96 97 Total transaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) . . . 98 Total demand deposits 99 100 101 102 103 104 105 Total 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) 45,849 2,169 21 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 365,199 311,725 1,008 24,948 20,774 6,172 571 338,497 296,554 890 34,849 6,118 72 14 509,186 301,508 207,678 3,835,491 3,625,500 2,247 168,358 29,542 8,240 1,605 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,338,877 2,236,927 1,760 79,172 11,417 8,004 1,598 1,496,614 1,388,573 487 89,186 18,125 236 7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 703,696 608,279 1,898 59,797 26,892 6,245 585 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 106 Federal funds purchased and securities sold under agreements to repurchase 107 Federal funds purchased in domestic offices 108 Securities sold under agreements to repurchase 109 Trading liabilities 110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 111 Banks' liability on acceptances executed and outstanding 112 Subordinated notes and debentures to deposits 113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs 114 All other liabilities 115 Minority interest in consolidated subsidiaries 610,285 233,301 376,985 239,636 564,621 233,301 331,321 468,178 169,081 299,097 239,061 422,514 169,081 253,433 n.a. 142,108 64,220 77,887 575 728,453 5,747 103,463 n.a. 223,630 12,434 654,778 3,374 n.a. 481,571 5,502 93,912 n.a. 184,340 10,448 407,897 3,129 n.a. 243,083 n.a. n.a. 246,882 245 9,551 n.a. 39,290 1,986 116 Total equity capital 799,325 507,701 n.a. 291,624 MEMO 117 Trading assets at large banks2 118 U.S. Treasury securities (domestic offices) 119 U.S. government agency obligations (excluding MBS) 120 Securities issued by states and political subdivisions in the United States 121 Mortgage-backed securities 122 Other debt securities 123 Other trading assets 124 Trading assets in foreign offices 125 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 126 Total individual retirement (IRA) andKeogh plan accounts 127 Total brokered deposits 128 Fully insured brokered deposits 129 Issued in denominations ofless than $100,000 130 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 131 Money market deposit accounts (MMDAs) 132 Other savings deposits (excluding MMDAs) 133 Total time deposits ofless than $100,000 134 Total time deposits of $100,000 or more 135 Number of banks . . NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have foreign offices, the inapplicability of certain items to banks that have only domestic offices, or the absence of detail on a fully consolidated basis for banks that have foreign offices. 1. All transactions between domestic and foreign offices of a bank are reported in "net due from" and "net due to" lines. All other lines represent transactions with parties other than the domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities, respectively, of the domestic and foreign offices. 465,544 n.a. n.a. n.a. n.a. n.a. n.a. 147,702 253,687 23,610 11,521 2,482 9,333 63,020 43,583 0 448,959 n.a. n.a. n.a. n.a. n.a. n.a. 147,702 237,102 23,505 11,091 2,180 6,057 51,488 42,746 16,585 105 430 302 3,276 11,532 837 0 164,294 n.a. n.a. n.a. n.a. 100,139 333,191 185,793 102,603 164,190 n.a. n.a. n.a. n.a. 100,035 73,363 166,085 70,347 42,920 104 95,525 167,105 115,446 59,683 27,427 1,261,120 438,254 268,186 371,317 55,763 569,499 252,805 385,839 288,472 n.a. n.a. n.a. n.a. n.a. 7,637 83,190 1,830,618 691,059 654,025 659,788 7,637 n.a. n.a. n.a. n.a. n.a. 116 7,521 Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement corporations wherever located; and international banking facility (IBF). 2. Components of "Trading Assets at Large Banks" are reported only by banks that reported trading assets of $2 million or more any quarter of the preceding calendar year. 60 Federal Reserve Bulletin Statistical Supplement • February 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-5, 2004 A. Commercial and industrial loans made by all commercial banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.08 2.98 3.87 3.77 4.57 86,133 2,552 15,774 30,278 31,712 515 648 776 541 577 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.19 4.05 5.07 4.58 5.64 23,660 450 5,860 4,896 10,354 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.12 2.40 2.64 2.96 3.58 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Average months since loan terms Secured by collateral Subject to prepayment penalty 661 447 907 493 760 40.0 44.6 25.4 42.6 42.6 29.5 2.4 24.9 43.3 16.3 30.1 17.2 19.5 32.7 34.6 79.6 90.4 90.1 82.8 75.7 11.2 4.2 10.7 9.2 14.5 289 243 538 206 398 1295 361 1422 679 1704 46.7 59.4 32.5 57.7 40.8 5.9 .3 3.7 5.4 .9 47.9 47.8 36.9 71.9 43.0 94.7 99.8 95.1 89.8 96.8 7.0 9.2 5.3 10.8 5.6 23,949 691 3,192 8,437 9,538 1,498 1,692 1,836 1,095 2,031 139 48 321 233 17 18.9 34.2 5.8 27.9 16.5 44.9 .3 68.6 38.2 38.1 8.1 12.8 6.7 13.2 4.1 51.5 72.4 72.8 69.1 36.8 15.3 2.0 33.5 11.2 12.5 3.66 2.62 3.34 3.70 4.02 22,194 745 5,027 10,818 5,083 645 1,462 1,828 979 277 469 517 728 312 563 37.3 33.2 23.2 34.7 57.1 40.9 5.6 23.0 61.3 18.8 23.3 2.2 7.5 26.2 35.3 97.5 94.6 88.7 83.4 2.2 7.4 7.7 11.4 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.10 2.96 3.56 3.92 4.49 10,009 525 1,227 3,169 4,587 508 756 377 429 416 610 542 578 244 61.3 53.2 34.1 52.9 77.1 18.5 1.8 22.2 38.0 5.1 35.1 16.7 10.1 16.4 57.6 98.1 92.4 84.9 96.0 21.4 4.4 6.0 9.7 35.2 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.09 4.42 5.24 4.86 5.33 5,928 123 256 2,862 2,135 428 274 204 561 973 47 56 50 50 40 69.1 73.0 53.3 76.2 59.4 38.9 6.1 27.8 62.6 12.3 63.6 24.0 50.3 63.7 79.4 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval 74.7 45.3 25.9 6.5 9.5 21.9 39.6 66.5 70.4 34.0 16.3 Percent made under commitment LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 83.0 79.7 89.1 13.5 6.6 4.4 6.9 24.6 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 . . . 10,000 or more . 5.47 4.97 3.90 3.87 3,103 10,902 24,913 47,215 3.3 3.2 156 133 124 97 85.1 74.3 7.8 10.3 14.0 10.0 92.5 74.0 13 10 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 5.02 3.67 25,900 60,233 3.4 3.2 211 69 66.3 28.7 18.1 34.4 234 1062 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-5, 2004—Continued B. Commercial and industrial loans made by all domestic banks' Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.42 3.39 3.46 4.17 5.20 57,318 1,278 11,163 21,617 19,752 352 356 567 397 372 830 499 633 653 1,170 49.6 65.8 32.3 47.2 55.2 22.4 1.9 25.9 38.3 42.3 34.0 26.3 43.2 50.9 89.6 94.9 14.8 9.5 15.7 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.02 4.00 4.04 4.57 5.64 20,160 429 3,297 4,733 9,602 249 235 304 201 375 625 673 1,758 50.7 61.7 57.0 56.8 37.0 6.8 .4 6.7 5.5 1.0 51.6 50.2 65.2 71.2 38.6 91.3 89.5 96.6 7.9 9.2 9.6 10.5 5.6 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.64 2.44 2.70 3.59 7.00 7,169 276 2,379 3,586 726 498 934 1,474 498 182 475 45 415 566 246 33.6 29.5 6.4 41.2 72.2 63.4 24.2 1.7 23.7 32.1 8.9 25.2 50.8 79.8 30.8 77.3 81.6 96.1 24.1 11.5 42.3 16.9 12.5 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 3.88 2.91 3.40 3.98 4.28 16,658 234 4,385 8,136 3,634 504 573 1,748 769 203 551 866 745 377 703 39.9 87.5 22.6 32.1 72.4 36.0 2.3 21.1 59.8 3.0 29.9 7.0 8.6 33.6 95.1 92.0 95.7 95.9 93.7 7.7 5.7 7.9 6.2 11.2 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.29 3.35 3.63 4.09 4.54 7,167 198 686 2,265 3,641 382 338 225 317 1,137 423 233 428 641 268 66.8 91.8 36.9 53.5 12.2 3.9 28.2 24.0 1.8 46.5 42.2 6.9 21.2 70.8 95.1 86.4 83.4 97.1 28.3 11.8 8.3 11.8 42.4 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.09 4.42 5.35 4.85 5.33 5,814 123 204 2,802 2,134 420 274 163 552 975 47 56 48 50 40 69.5 73.0 67.1 75.8 59.5 37.7 6.1 9.2 61.9 12.3 62.9 24.0 37.5 62.9 79.3 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval 89.1 77.6 59.2 28.5 14.1 34.9 66.6 72.6 45.0 26.3 Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Secured by collateral Subject to prepayment penalty Percent made under commitment Average months since loan terms LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 79.7 86.3 13.8 6.6 5.8 7.0 24.6 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 61 1-99 100-999 1,000-9,999 . . . 10,000 or more . 5.47 5.02 4.25 4.18 3,083 10,262 16,897 27,076 3.3 3.2 157 139 163 165 91.5 91.6 7.8 10.3 16.2 11.9 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 4.99 4.00 24,247 33,071 3.4 3.0 217 118 67.2 36.7 18.1 25.6 222 622 13.7 11.9 62 Federal Reserve Bulletin Statistical Supplement • February 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-5, 2004—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.23 3.08 3.27 4.01 5.15 49,417 1,095 10,348 19,776 15,988 549 597 909 691 455 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 4.94 3.69 3.81 4.35 5.64 17,640 350 2,946 3,936 9,035 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.54 2.35 2.66 3.51 7.26 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms 37.1 28.2 23.6 40.2 42.0 91.9 81.4 90.4 91.3 94.6 12.3 8.6 15.5 9.9 13.7 7.7 .4 7.4 6.2 .9 48.2 41.1 63.2 66.9 35.1 94.3 90.0 96.9 8.1 9.1 10.0 11.5 5.4 31.2 29.4 5.1 39.9 68.1 64.3 25.1 1.6 20.2 30.9 7.7 22.5 39.8 79.1 30.7 77.1 81.2 95.9 25.3 11.5 43.0 17.5 14.8 37.2 86.5 21.5 31.3 69.1 22.0 60.6 2.6 26.5 1.3 6.2 32.9 38.6 95.2 94.6 95.6 96.0 92.6 7.5 5.0 8.1 6.3 10.7 239 470 552 300 55.8 92.5 20.1 44.8 69.6 16.8 4.3 34.3 28.2 2.9 35.1 39.6 3.6 12.5 62.2 92.9 98.6 85.8 91.0 96.8 28.4 11.4 9.4 12.7 46.7 1,597 600 573 2,970 1,377 46 47 39 47 44 56.7 56.6 43.8 72.4 23.5 53.5 1.7 4.0 71.6 21.5 59.3 11.0 38.6 65.3 67.1 86.9 98.1 92.9 92.0 75.7 11.4 7.1 7.5 7.6 22.4 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval 87.8 73.1 54.4 25.5 9.4 10.3 16.2 36.4 65.3 71.8 40.5 23.5 93.7 94.7 91.6 91.3 8.7 11.9 15.4 11.0 94.6 90.4 13 12 Secured by collateral Subject to prepayment penalty 852 435 632 618 1,330 43.1 62.5 28.4 43.5 46.1 25.7 1.6 27.6 41.6 3.0 369 292 400 323 541 1,261 364 610 681 1,841 45.3 57.1 53.0 51.7 33.8 6,853 271 2,347 3,459 593 705 3,027 2,097 659 260 470 42 415 566 165 3.79 2.77 3.32 3.96 4.06 15,570 215 4,194 8,027 2,959 607 746 2,222 925 210 568 897 767 377 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 3.73 3.10 3.03 3.60 4.04 5,013 179 531 1,850 1,746 1,390 1,375 2,050 2,028 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 4.75 3.82 3.95 4.68 5.19 3,993 62 118 2,409 1,098 LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 10,000 or more 4.84 4.69 4.07 4.15 1,810 7,213 14,405 25,990 3.4 3.3 3.1 3.1 36 72 134 161 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 4.76 3.92 18,313 31,104 3.3 3.0 203 96 59.5 33.5 23.5 27.0 302 1,061 Financial Markets 4.23 63 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-5, 2004—Continued D. Commercial and industrial loans made by small domestic banks' Maturity/repricing interval2 and risk of loans3 Weightedaverage maturity5 Percent of amount of loans (percent) Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) Average loan size (thousands of dollars) 5.61 5.27 5.91 5.85 5.44 7,901 182 815 1,841 3,764 109 104 71 210 696 842 649 1,024 511 5.58 5.43 6.01 5.67 5.63 2,520 78 351 797 567 76 126 101 70 63 742 635 389 5.84 315 * 32 127 133 64 65 78 460 559 539 5.33 5.44 191 108 675 308 57 177 285 418 274 47.6 88.2 5.61 5.65 2,155 20 155 415 1,353 136 43 58 67 653 459 196 291 1,036 215 82 92 745 59 67 36 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval Secured by collateral Subject to prepayment penalty Commitment status Percent made under commitment Average months since loan terms LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 11 Daily 12 Minimal risk . . 13 Low risk 14 Moderate risk . 15 Other 16 2 to 30 days 17 Minimal risk . . 18 Low risk 19 Moderate risk . 20 Other 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.26 5.41 87.3 93.9 2.0 3.5 3.7 2.7 1.9 75.1 68.8 60.3 75.3 83.2 77.2 79.6 70.7 95.8 15.2 9.9 4.3 4.0 24.1 88.3 82.4 91.3 82.2 87.6 1.1 .0 .0 2.2 1.8 75.7 91.0 81.4 92.3 93.6 86.1 99.9 66.1 86.9 91.0 6.6 9.4 5.8 5.4 10.0 84.9 99.1 93.0 99.2 74.7 90.7 .0 2.2 100.0 97.9 100.0 93.4 92.6 97.0 3.3 1.4 1.1 2.6 1.9 5.0 60.0 81.5 96.3 84.7 2.9 3.5 13.1 92.4 85.2 94.4 92.1 97.6 1.6 .0 7.3 5.3 .1 72.9 65.6 18.4 59.9 85.5 81.0 62.6 49.3 97.6 27.7 17.6 4.7 3.9 35.2 98.9 96.5 97.6 16.3 2.2 36.0 48.4 92.3 77.3 49.5 94.4 2.9 .6 26.5 2.3 2.7 1.9 68.4 74.6 71.0 94.1 77.0 73.1 91.3 100.0 6.2 5.2 21.3 30.2 90.0 85.6 1,821 7.27 5.90 5.48 393 1,036 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 . . . 10,000 or more . 5.26 5.00 1,273 3,050 2,492 1,086 3.2 3.1 4.2 4.4 323 295 329 274 87.2 100.0 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 5.71 5.32 5,935 1,966 260 450 90.8 87.5 1.4 4.1 122 82 18 7 64 Federal Reserve Bulletin Statistical Supplement • February 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-5, 2004—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Maturity/repricing interval2 and risk of loans3 Weightedaverage maturity5 Percent of amount of loans (percent) Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) Average loan size (thousands of dollars) 3.39 2.56 4.85 2.78 3.53 28,815 1,274 4,611 8,661 11,960 6,054 3,646 7,307 5,630 6,361 337 391 1,523 106 101 20.9 23.4 8.7 31.0 21.9 43.5 3.0 Secured by collateral Commitment status Percent made under commitment Average months since loan terms 55.9 38.7 5.7 .3 3.1 6.5 7.8 57.4 100.0 91.1 66.0 44.0 6.6 .5 1.1 8.4 10.3 Subject to prepayment penalty LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 4.93 5.62 163 752 567 2,084 917 1,044 82.9 88.9 1.7 .5 91.1 100.0 100.0 99.0 17.7 5.1 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 2.38 2.46 2.50 3.30 16,780 415 812 4,852 8,811 0,585 3,681 6,554 9,567 12,476 8 51 68 10 1 12.6 37.4 4.1 18.1 11.9 49.8 .0 83.9 48.6 41.1 1.4 .0 39.4 100.0 59.6 59.8 31.9 7.7 .0 5.5 12.5 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 2.98 2.49 2.89 2.85 3.38 5,535 511 220 373 620 110 200 29.7 8.4 27.4 42.8 18. £ 55.8 7.1 35.9 65.7 58.3 3.6 .0 .0 1,449 3,950 5,039 2,652 5,667 3,227 3.9 6.5 67.6 100.0 87.2 66.7 57.7 10.5 .7 3.9 14.0 12.3 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 3.63 2,842 326 541 904 946 2,904 3,046 2,526 3,647 2,638 396 866 699 415 143 41.1 29.6 30.7 51.5 66.2 34.3 .5 14.7 72.9 17.5 6.5 1.2 14.2 4.3 6.9 100.0 100.0 88.7 91.7 .1 3.4 5.0 5.7 16.0 22.5 15.6 33.2 38.3 46.0 46.2 35.2 10.6 2.8 71.6 51.0 11.2 8.0 5.5 3,499 2.73 3.47 3.50 4.27 643 2,683 Months 26 More than 365 days 27 Minimal risk . . . . 28 Low risk 28 Moderate risk . . . 30 Other Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 10,000 or more 4.66 4.15 3.18 3.45 20 639 8,016 20,139 3.2 3.2 3.0 3.4 48 31 43 6 Average size (thousands of dollars) Footnotes appear at end of table. Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-5, 2004—Continued F. Commercial and industrial loans by date pricing terms were set and commitment status Date pricing terms were set and commitment status Weightedaverage effective loan rate4 (percent) Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weightedaverage risk rating3 Weightedaverage maturity repricing interval Percent of amount of loans Days Secured by collateral Subject to prepayment penalty Prime based All commercial banks 1 During survey week 2 Not under commitment 3 Informal commitment . 4 Formal commitment . . . 4.01 3.41 2.96 5.25 40,193 17,587 7,597 15,009 820 687 542 1,597 3.4 3.7 3.2 3.1 119 102 30 183 28.8 29.5 13.5 35.7 32.5 56.5 14.4 13.5 16.8 11.1 13.5 25.1 Prior to survey week8 Up to 90 days 91 to 365 days More than 365 days . . . 4.27 4.18 3.99 12,874 14,581 18,414 427 231 755 2.9 3.0 3.4 119 79 116 36.3 60.5 50.5 42.1 24.1 18.5 39.9 45.0 40.2 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment . 11 Formal commitment . . . 4.88 4.27 4.83 5.21 16,985 5,312 1,545 10,127 367 217 120 1,131 3.3 2.9 3.5 3.5 266 328 124 255 42.4 47.7 64.6 36.2 13.1 10.0 6.1 15.7 34.4 36.6 55.8 29.9 Prior to survey week8 Up to 90 days 91 to 365 days More than 365 days . . . 4.32 4.26 4.12 11,831 12,896 15,536 397 207 662 2.9 3.0 3.4 117 86 135 33.8 65.3 56.2 40.7 20.8 20.2 41.9 48.9 45.7 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment . 18 Formal commitment . . . 4.63 3.58 3.38 5.15 13,640 3,983 1,489 633 648 4,363 3.4 2.9 2.9 3.6 239 240 56 248 31.9 33.8 35.9 15.6 12.6 8.7 17.3 25.6 24.7 19.6 26.4 Prior to survey week8 Up to 90 days 91 to 365 days More than 365 days . . . 4.25 4.09 3.92 11,177 11,325 13,275 510 272 765 2.9 2.9 3.2 107 73 106 30.7 61.8 49.2 42.9 23.2 23.6 40.5 46.6 37.8 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment . 25 Formal commitment . . . 5.91 6.33 5.52 5.75 3,344 1,329 1,047 968 90 73 87 141 3.3 2.9 3.9 2.9 378 593 157 323 85.3 89.2 78.2 87.6 2.3 4.8 .5 70.0 72.4 73.0 63.5 Prior to survey week8 Up to 90 days 91 to 365 days More than 365 days 5.42 5.53 5.29 654 1,571 2,261 83 76 370 3.1 3.4 4.4 286 173 308 86.3 90.5 97.7 1.8 3.6 .2 66.3 65.1 92.1 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment . 32 Formal commitment . . . 3.38 3.04 2.48 5.34 23,208 12,275 6,052 4,882 8,498 11,021 5,163 10,967 46.7 76.6 16.5 3.9 .1 3.1 2.4 Prior to survey week8 Up to 90 days 91 to 365 days More than 365 days 3.54 3.26 1,043 1,685 3,494 2,136 3,058 2.9 3.5 58.6 49.1 9.4 17.3 15.4 10.5 5 6 7 12 13 14 19 20 21 26 27 28 33 34 35 65 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions made during the first full business week in the mid-month of each quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. The sample data are used to estimate the terms of loans extended during that week at all domestic commercial banks and all U.S. branches and agencies of foreign banks. Note that the terms on loans extended during the survey week may differ from those extended during other weeks of the quarter. The estimates reported here are not intended to measure the average terms on all business loans in bank portfolios. The data in this table also appear in the Board's E.2 statistical release, available on the Board's web site at: www.federalreserve.gov/releases. 1. As ofMarch 31, 2003, assets of the large banks were at least $3.7 billion. Median total assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies averaged $3.3 billion. 2. The "maturity/repricing" interval measures the period from the date the loan is made until it first may be repriced or matures. For floating-rate loans that are subject to repricing at any time—such as many prime-based loans—the maturity/repricing interval is zero. For floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval measures the number of days between the date the loan is made and the date on which it is next scheduled to reprice. For loans having rates that remain fixed until the loan matures (fixed-rate loans), the "maturity/repricing" interval measures the number of days between the date the loan is made and the date on which it matures. Loans that reprice daily mature or reprice on the business day after they are made. Owing to weekends and holidays, such loans may have "maturity/repricing" intervals in excess of one day; such loans are not included in the 2 to 30 day category. 3. A complete description of these risk categories is available at "http:// www.federalreserve.gov/boarddocs/reportforms/ReportDetail.cfm?WhichFormId=FR_2028a/ s." The category "Moderate risk" includes the average loan, under average economic conditions, at the typical lender. The "Other" category includes loans rated "Acceptable" as 21.6 .5 34.5 147 27 12 64.9 23.5 19.8 well as special mention or classified loans. The weighted-average risk rating published for loans in rows 3 1-36 are calculated by assigning a value of " 1" to minimal risk loans; " 2 " to low risk loans; " 3 " to moderate risk loans, " 4 " to acceptable risk loans; and " 5 " to special mention and classified loans. These values are weighted by loan amount and exclude loans with no risk rating. Some of the loans in table rows 1,6, 11, 16, 21, 26, and 3 1-36 are not rated for risk. 4. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan amount. The standard error of the loan rate for all commercial and industrial loans in the current survey (line 1, column 1) is 0.23 percentage point. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a complete survey of the universe of all banks. 5. Average maturities are weighted by loan amount and exclude loans with no stated maturities. 6. For loans made under formal commitments, the average time interval between the date on which the loan pricing was set and the date on which the loan was made, weighted by the loan amount. For loans under informal commitment, the time interval is zero. 7. Prime-based loans are based on the lending bank's own prime rate, any other lender's prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with "other" base rates include loan rates expressed in terms of any other base rate (e.g., the federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan rate. 8. For loans made under formal commitments. * The number of loans was insufficient to provide a meaningful value. 66 Federal Reserve Bulletin Statistical Supplement • February 2005 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20041 Millions of dollars except as noted 1 Total assets4 2 Claims on nonrelated parties 3 Cash and balances due from depository institutions 4 Cash items in process of collection and unposted debits 5 Currency and coin (U.S. and foreign) 6 Balances with depository institutions in United States 7 U.S. branches and agencies of other foreign banks (including their IBFs) 8 Other depository institutions in United States (including their IBFs) 9 Balances with banks in foreign countries and with foreign central banks 10 Foreign branches of U.S. banks 11 Banks in home country and home-country central banks 12 All other banks in foreign countries and foreign central banks . . . 13 Balances with Federal Reserve Banks 14 Total securities and loans . . . 15 Total securities, book value . . . 16 U.S. Treasury 17 Obligations of U.S. government agencies and corporations 18 Other bonds, notes, debentures, and corporate stock (including state and local securities) 19 Securities of foreign governmental units 20 Mortgage-backed securities 21 Issued or guaranteed by U.S. government agencies 22 Other 23 Other asset-backed securities 24 All other 25 Federal funds sold 26 With depository institutions in the U.S. . 27 With others Total including IBFs3 IBFs only3 Total including IBFs IBFs only Total including IBFs IBFs only 1,150,510 138,156 1,007,685 109,937 15,443 806,830 83,677 3,028 10 54,839 24,860 0 n.a. 10,832 725,455 78,456 2,997 6 52,259 23,445 0 n.a. 10,273 13,257 1,106 56,171 46,681 9,490 10,664 168 14,028 92 3,042 10,894 n.a. 52,585 43,654 8,931 Total including IBFs IBFs only 4,922 45,024 1,900 2 799 1,200 611 0 n.a. 333 40,975 949 19 0 311 714 712 0 n.a. 162 10,168 600 283 237 162 105 199 13,172 92 2,917 10,163 n.a. 282 1 125 156 125 153 n.a. 606 0 0 606 12 550 0 0 550 n.a. 22,948 22,105 201 4,913 16,990 764 331,876 21,871 5,422 n.a. n.a. 121,888 10,486 21,834 5,054 n.a. n.a. 1,500 39 207 361 n.a. n.a. 2,173 896 311 92,001 9,282 23,036 20,681 2,355 17,179 42,504 5,422 3,631 5,054 3,571 0 0 0 55 1,427 1,253 125 55 1,736 89,568 8,892 22,546 20,191 2,355 17,179 40,951 361 58 0 0 0 0 303 966 222 300 300 0 0 443 20,087 15,174 4,912 6,573 4,055 2,518 19,091 14,228 4,864 6,537 4,020 2,517 23,555 206 5,040 18,309 912 387,671 125,940 11,462 22,477 1 0 940 35 35 0 190 0 190 29,877 6 29,871 0 0 0 2,987 1,996 488 479 9 0 162 0 162 1,346 0 99 0 0 10 0 10 0 56 12,243 0 0 0 0 1,089 0 1,089 11,153 5,235 4,831 404 91 0 91 16,884 15,462 1,422 0 0 0 238 264 97 0 0 0 95 59 37 7,119 0 7,119 262,137 406 261,731 17,540 14 17,525 210,332 344 209,988 16,831 13 16,818 10,298 15,534 84,259 3,318 2,176 1,141 400 11,925 26 11,899 68,617 66 6,566 600 595 6 0 5,758 3 5,755 208 11,431 68,494 2,175 1,163 1,012 400 10,100 9 10,092 55,819 66 6,088 435 429 6 0 5,446 3 5,443 208 139,859 109,785 30,074 9,555 100 9,455 109,787 83,997 25,791 9,350 100 9,250 8,563 10,468 1,095 216 42 2,490 7,985 9,669 1,072 215 40 44 Commercial and industrial loans 45 U.S. addressees (domicile) 46 Non-US, addressees (domicile) 47 Loans to foreign governments and official institutions (including foreign central banks) 48 Loans for purchasing or carrying securities (secured and unsecured) 49 All other loans 50 Lease financing receivables (net of unearned income) 51 U.S. addressees (domicile) 52 Non-US, addressees (domicile) 572 535 37 0 10,276 476 476 53 Trading assets 54 U.S. Treasury and agency securities 55 Other trading assets 129,481 30,289 99,192 74 0 74 112,754 30,261 82,493 30 0 30 36 0 36 0 0 0 56 All other assets 57 Customers' liabilities on acceptances outstanding 58 U.S. addressees (domicile) 59 Non-US, addressees (domicile) 60 Other assets including other claims on nonrelated parties 61 Net due from related depository institutions5 62 Net due from head office and other related depository institutions5 63 Net due from establishing entity, head office, and other related depository institutions5 32,560 608 333 275 31,952 343,680 375 n.a. n.a. n.a. 375 83,317 n.a. 29,934 508 273 235 29,426 282,230 366 n.a. n.a. n.a. 366 57,678 n.a. 257 48 47 1 210 2,186 2,186 n.a. n.a. n.a. 4 3,721 n.a. 57,678 n.a. 3,721 109,937 15,443 4,922 92,259 10,455 4,802 64 Total liabilities4 65 Liabilities to nonrelated parties Footnotes appear at end of table. 343,680 n.a. 1,150,510 1,057,787 83,317 138,156 119,930 282,230 n.a. 1,007,685 928,990 0 0 0 0 0 0 3 1 Total loans, gross 32 LESS: Unearned income on loans . . Total loans, gross, by category 34 Real estate loans 35 Loans to depository institutions and acceptances of other banks 36 Commercial banks in United States (including their IBFs) U.S. branches and agencies of other foreign banks Other commercial banks in United States Other depository institutions in United States (including their IBFs) . Banks in foreign countries Foreign branches of U.S. banks Other banks in foreign countries 43 Loans to other financial institutions . . 1 1 0 0 0 0 0 10 0 10 153,354 16,218 137,136 EQUALS: Loans, net 1 n.a. n.a. 0 0 0 153,344 16,218 137,126 28 Securities purchased under agreements to resell 29 With depository institutions in the US 30 With others 33 0 853 33 13 20 820 4,049 4,049 n.a. 45,024 43,061 n.a. n.a. n.a. 1 1,186 n.a. 1,186 1,900 1,706 US. Branches and Agencies 4.30 67 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20041—Continued Millions of dollars except as noted 66 Total deposits and credit balances 67 Individuals, partnerships, and corporations (including certified and official checks) 68 U.S. addressees (domicile) 69 Non-U.S. addressees (domicile) 70 Commercial banks in United States (including their IBFs) 71 U.S. branches and agencies of other foreign banks 72 Other commercial banks in United States 73 Banks in foreign countries 74 Foreign branches of U.S. banks 75 Other banks in foreign countries 76 Foreign governments and official institutions (including foreign central banks) 77 All other deposits and credit balances 78 Transaction accounts and credit balances (excluding IBFs) 79 Individuals, partnerships, and corporations (including certified and official checks) 80 U.S. addressees (domicile) 81 Non-U.S. addressees (domicile) 82 Commercial banks in United States (including their IBFs) 83 U.S. branches and agencies of other foreign banks 84 Other commercial banks in United States 85 Banks in foreign countries 86 Foreign branches of U.S. banks 87 Other banks in foreign countries 88 Foreign governments and official institutions (including foreign central banks) 89 All other deposits and credit balances 90 Nontransaction accounts (including MMDAs, excluding IBFs) 91 Individuals, partnerships, and corporations (including certified and official checks) 92 U.S. addressees (domicile) 93 Non-U.S. addressees (domicile) 94 Commercial banks in United States (including their IBFs) 95 U.S. branches and agencies of other foreign banks 96 Other commercial banks in United States 97 Banks in foreign countries 98 Foreign branches of U.S. banks 99 Other banks in foreign countries 100 Foreign governments and official institutions (including foreign central banks) 101 All other deposits and credit balances 102 IBF deposit liabilities 103 Individuals, partnerships, and corporations (including certified and official checks) 104 U.S. addressees (domicile) 105 Non-U.S. addressees (domicile) 106 Commercial banks in United States (including their IBFs) . . . 107 U.S. branches and agencies of other foreign banks 108 Other commercial banks in United States 109 Banks in foreign countries 110 Foreign branches of U.S. banks Other banks in foreign countries Foreign governments and official institutions (including foreign central banks) All other deposits and credit balances Footnotes appear at end of table. Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs 510,030 87,378 457,497 67,977 4,081 3,500 12,356 412,884 395,723 17,160 69,997 24,912 45,086 7,347 1,232 6,115 7,665 269 7,396 14,029 10,780 3,249 41,638 1,515 40,123 365,056 355,433 9,624 66,673 24,359 42,314 7,140 1,232 5,907 4,436 269 4,167 12,993 9,951 3,042 31,111 1,424 29,687 3,007 1,705 1,302 491 181 310 18 0 18 110 0 110 710 633 77 1,745 88 1,657 12,127 11,937 190 160 50 110 69 0 69 35 0 35 10 0 10 223 3 220 23,846 200 3,033 15,595 19,236 200 10 555 936 1 0 55 0 9,350 6,061 3,289 54 5 48 575 3 572 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7,348 5,685 1,663 53 5 48 508 3 504 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 139 103 36 0 0 0 18 0 18 143 140 2 0 0 0 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 261 99 n.a. n.a. 224 n.a. n.a. 1 n.a. n.a. IBFs only 8,227 499,692 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 449,271 0 12,213 403,534 389,663 13,871 69,944 24,906 45,038 6,772 1,229 5,543 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 357,709 349,748 7,961 66,620 24,354 42,266 6,632 1,229 5,403 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,836 16,606 n.a. n.a. 2,809 15,502 n.a. n.a. n.a. n.a. 87,378 67,977 3,500 7,665 269 7,396 14,029 10,780 3,249 41,638 1,515 40,123 4,436 269 4,167 12,993 9,951 3,042 31,111 1,424 29,687 110 0 110 710 633 77 1,745 88 1,657 23,846 200 19,236 200 936 0 1,602 1,266 491 181 310 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11,984 11,797 188 160 50 110 69 0 69 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 35 0 35 10 0 10 223 3 220 68 Federal Reserve Bulletin Statistical Supplement • February 2005 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20041—Continued Millions of dollars except as noted Total including IBFs3 IBFs only3 Total including IBFs 60,616 27,943 32,673 13,613 2,868 10,745 38,920 15,933 22,987 6,954 1,356 5,598 721 680 41 117 Securities sold under agreements to repurchase 118 With depository institutions in the U.S 119 With others 120 Other borrowed money 121 Owed to nonrelated commercial banks in United States (including their IBFs) 122 Owed to U.S. offices of nonrelated U.S. banks 123 Owed to U.S. branches and agencies of nonrelated foreign banks 124 Owed to nonrelated banks in foreign countries 125 Owed to foreign branches of nonrelated U.S. banks 126 Owed to foreign offices of nonrelated foreign banks 127 Owed to others 182,541 14,398 168,143 108,645 2,904 15,469 181,880 14,355 167,525 84,213 2,904 13,885 178 43 135 1,753 11,040 5,700 2,497 322 10,494 5,541 2,250 317 204 52 5,340 12,261 1,031 11,230 85,343 2,175 10,397 861 9,536 2,576 936 10,352 62,43 1 1,933 9,591 821 8,770 2,044 152 556 60 496 993 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 108,576 566 630 81,009 26,937 n.a. 40 526 528 74,080 23,895 n.a. 40 499 48 23 150 92,722 92,722 18,226 n.a. 78,695 78,695 17,678 n.a. 4,988 4,988 114 Federal funds purchased 115 With depository institutions in the U.S 116 With others 132 Net due to related depository institutions5 133 Net due to head office and other related depository institutions5 .. 134 Net due to establishing entity, head office, and other related depository institutions5 IBFs only Total including IBFs Total including IBFs IBFs only 157 116 41 5,316 3,284 2,033 1,064 396 668 0 1,138 224 0 224 19,258 0 319 201 67 100 0 135 259 0 259 18,798 100 219 0 219 0 IBFs only 107 494 40 454 532 5,584 539 4,883 669 119 n.a. 1,963 1,963 195 n.a. MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one year or less (excluding those in nonaccrual status) 137 Predetermined interest rates 138 Floating interest rates 139 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 140 Predetermined interest rates 141 Floating interest rates Footnotes appear at end of table. n.a. n.a 63,395 22,521 40,874 n.a n.a. n.a 44,192 15,758 28,434 2,717 1,108 1,609 71,778 9,397 62.381 n.a n.a n.a 61,727 7,821 53,906 n.a. n.a. n.a. 2,414 249 2,165 12,847 4,069 8,777 n.a. n.a. n.a. 3,705 304 3,401 n.a. n.a. n.a. US. Branches and Agencies 4.30 69 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20041—Continued Millions of dollars except as noted All states2 Item 142 Components of total nontransaction accounts, included in total deposits and credit balances 143 Time deposits of $100,000 or more 144 Time CDs in denominations of $100,000 or more with remaining maturity of more than 12 months Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 555,217 492,002 n.a. n.a. 504,111 442,849 n.a. n.a. 3,787 3,779 n.a. n.a. 11,968 11,965 n.a. n.a. 63,215 n.a. 61,262 n.a. 8 n.a. All states2 145 Immediately available funds with a maturity greater than one day included in other borrowed money 146 Number of reports filed6 Illinois California New York Illinois California New York Total including IBFs3 IBFs only3 Total including IBFs IBFs only Total including IBFs IBFs only 43,318 266 n.a. 0 40,576 141 n.a. 0 1,271 51 n.a. 0 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first used for reporting data as of June 30, 1980, and was revised as of December 3 1, 1985. From November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a monthly FR 886a report. Aggregate data from that report were available through the Federal Reserve monthly statistical release G. 11, last issued on July 10, 1980. Data in this table and in the G. 11 tables are not strictly comparable because of differences in reporting panels and in definitions of balance sheet items. 2. Includes the District of Columbia. 3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to permit banking offices located in the United States to operate international banking facilities (IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column. These data are either included in or excluded from the total columns as indicated in the headings. The notation "n.a." indicates that no IBF data have been reported for that item, n.a. Total including IBFs 191 15 IBFs only n.a. 0 either because the item is not an eligible IBF asset or liability or because that level of detail is not reported for IBFs. From December 1981 through September 1985, IBF data were included in all applicable items reported. 4. Total assets and total liabilities include net balances, if any, due from or owed to related banking institutions in the United States and in foreign countries (see note 5). On the former monthly branch and agency report, available through the G.ll monthly statistical release, gross balances were included in total assets and total liabilities. Therefore, total asset andtotal liability figures in this table are not comparable to those in the G. 11 tables. 5. Related depository institutions includes the foreign head office and other U.S. and foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including subsidiaries owned both directly and indirectly). 6. In some cases, two or more offices of a foreign bank within the same metropolitan area file a consolidated report. 70 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 banks, U.S. branches and agencies, 66-9 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21, 66-9 (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, 66-9 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21, 58-59 Commercial and industrial loans, 15-21, 58-59, 60-5 Consumer loans held, by type and terms, 34, 60-5 Real estate mortgages held, by holder and property, 33 Terms of lending, 60-5 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21, 58-59 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-9 Foreign banks, U.S. branches and agencies, 66-9 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, 45-7, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Commercial banks, 60-5 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22, 60-5 International capital transactions of United States, 44—55 International organizations, 45, 46, 48, 50-3 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21, 60-5 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21, 58-59, 60-5 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Foreign banks, U.S. branches and agencies, 66-9 Insured or guaranteed by United States, 32, 33 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22, 60-5 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit and retail sales, 34 SAVING Flow of funds, 33, 34, 35-9 Saving deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-9 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21, 58-59 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 71
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